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R 2 6 1937
Tin'
V
ommttria
COPYRIGHTED IN 1937 BY WILLIAM B. DANA COMPANY,
VOL. 144.lMU4d
NEW YORK,
w"6'oo3p,?y«r*c°p,_
ENTERED AS SECOND-CLASS
MATTER JUNE 23, 1879, ATTHE POST
OFFIOE AT NEW YORK, NEW YORK, UNDER THE APT OF
NO. 3748.
NEW YORK, APRIL 24,1937
BROOKLYN TRUST
George
NATIONAL BANK
OF
1866
THE
OF
CITY
NEW
YORK
Kidder, Peadody & Go.
V. McLaughlin
NEW
President
BOSTON
YORK
PHILADELPHIA
The
chase is
ditionally
tra-
bankers' bank.
a
BROOKLYN
NEW YORK
Member
CHASE
THE
COMPANY
Charttrtd
MARCH B, 1B79.
For
Deposit Insurance
Corporation
Federal
many
served
it has
years
large number
a
of banks and bankers
as
New York
correspondent
and
depository.
reserve
COMMERCIAL BANKERS SINCE 1852
Member Federal
M^EuroBank
Argentine
®
end
Government
UnionlrustCo.
SAN
Deposit Insurance Corporation
United States
Bonds
FRANCISCO
Government
Corporation
Member Federal Deposit
Securities
RESOURCES OVER $200, lllllllllll
the
FIRST BOSTON
CORPORATION
Hallgarten & Go.
SAN FRANCISCO
Established 1850
Street, New York
Telephone: BOwling Green 9-5000
Boston
CHICAGO
PHILADELPHIA
Incorporated
63 Wall
BOSTON-
NEW YORK
Brown Harriman & Co.
Philadelphia
Chicago
San Francisco
Representatives in other leading Cities
throughout the United States
AND OTHER PRINCIPAL CITIES
NEW YORK
London
Chicago
The
State and
NewTbrkTrust
Municipal Bonds
CARL Ma LOEB & CO.
61
Company
BROADWAY
Barr Brothers & Co.
NEW YORK
Amsterdam
Berlin
London
Paris
Capital Funds
♦
.
$37,500,000
INC.
New York
IOO
Chicago
BROADWAY
57TH ST. & FIFTH AVE.
United States Government
40TH ST. & MADISON
EDWARD B. SMITH & CO.
AVE.
SECURITIES
NEW YORK
State
31 Nassau Street
-
New York
Municipal
Industrial
PHILADELPHIA
CLEVELAND
BOSTON
LONDON
European Representative's Office;
8 KING
Railroad
-
Public Utility
BONDS
WILLIAM STREET
LONDON, E. G 4
R.W.Pressprich&Co.
Correspondent
*
Edward B. Smith & Co., Inc.
Minneapolis
CHICAGO
St. Louis
Members New York Stock Exchange
Member of the Federal Reserve System,
the New York Clearing House Association
and of the Federal Deposit Insurance
Corporation
New York
Chicago
Philadelphia
San Franckc
Financial
n
Chronicle
1937
24
April
BAKER, WEEKS
Becker & Co.
G.
A.
& HARDEN
Incorporated
Established 1893
Philadelphia Stock Exchange
Seligman & Co.
Members
Investment Securities
J. & W.
Investment Securities
New York Stock Exchange
No. 64 Wall Street
New York Curb Exchange
NEW YORK
Chicago Board of Trade
Commercial Paper
52 WALL
STREET, NEW YORK
Graybar Building, New York
New York
London
Commercial Trust Bldg., Philadelphia
Buhl Building, Detroit
Chicago
And Other Cities
6
Correspondent*
SELIGMAN BROTHERS
Lothbury, London, E. C. 2
Building, Amsterdam
Bourse
52, Avenue des Champs-Eiysees, Paris
Foreign
Australasia and New Zealand
BANK OF
NEW SOUTH
WALES
(ESTABLISHED
BANK
NATIONAL
(With
which
the
Wesiern
Australian Bank of
1817)
Australian
Commerce, Ltd.
Paid up Capital
Reserve Fund
.....
Proprietors...
DETROIT
The
6,150,000
8,780,000
£23,710,000
Aggregate
A. C.
Statement of
and
amalgamated)
£$,780,009
Reserve Liability of
OF
Bank
are
Condition, March 31,1937
780
As^a 80th Sept., 1936. £118,150,000
DAVIDSON, General Manager
BRANCHES
AND AGENCIES in the
States, New Zealand, FIJI, Papua.
Mandated Territory of New Guinea, and London.
The Bank transacts every
description of Aus¬
tralasian
Banking Business.
Wool and other
Produce Credits arranged.
Australian
RESOURCES
Cash
on
Hand and Due from
$120,010,767.48
Other Banks
George Street, SYDNEY
London Office's:
29 Threadneedle
gations, direct and/or fully
guaranteed .
.
.
.
.
.
47
198,179,622.60
Other Securities
Street, E.C.2
Berkeley Square, W*1
Agency arrangements with Banks throughout
the U. S
9,948,618.32
Stock in Federal Reserve Bank
A.
675,000.00
.
Loans and Discounts
61,760,987.28
Real Estate Mortgages
8,124,266.15
.
27,460.28
Overdrafts
Real
Head Office:
Government Obli¬
United States
(24
Estate
Branch
NATIONAL BANK OF NEW ZEALAND, Lid.
Bank
785,906.59
Buildings)
Accrued Income Receivable—Net
Customers'
Liability Account
and
Acceptances
974,439.48
Head Office: 8 Moorgate. Loudon, B. C. 2,
Eng.
Subscribed Capital..
....£6,000,000
of
of
Letters
Established 1872
Chief Office in New Zealand: Wellington
Sir James Groae, General Manager
Paid up Capital
2,163,960.50
Credit
£2,000,000
Reserve Fund...
£1,000,000
Currency Reserve
TOTAL RESOURCES
........
$402,651,028.68
The
Bank
conducts
£500,000
....
etery
description of banktnc
business connected with New Zealand.
Correspondents throughout the World
London Manager, A. o. Norwood
LIABILITIES
Deposits:
Commercial, Bank and Savings
U. S. Government
Treasurer
—
State
Other Public
.
of
Deposits
$332,328,451.80
4,272,381.59
..
Michigan
10,509,039.11
24,774,213.88
.
$371,884,086.38
Hong Kong& Shanghai
Capital Account:
Preferred Stock
Common Stock
(Paid in)
.
(Paid in)
.
BANKING
$ 10,000,000.00
Surplus (Paid in $5,000,000.00
—Earned $2,500,000.00
.
Undivided
Profits (Paid in
7,500,000.00
Authorlied Capital (Hongkong
$2,710,122.01)
.
.
.
.
5,210,122.01
27,710,122.01
rency)
Reserve liability of
Our
.
.
887,556.54
.
.
...........
TOTAL LIABILITIES
.
.
.
.
...
Hsio.ooo.oeo
Proprietors (Hong¬
kong Currency)
Liability Account of Acceptances and Letters
of Credit
Currency) HS50.000.000
Paid-up Capital (Hongkong Currency)
H|20,000,000
Sterling
£0,600,000
Reserve Fund In 81lver (Hongkong Cur¬
Reserve Fund in
$2,500,000.00—Earned
Reserves
CORPORATION
Incorporated In the Colony of Hongkong.
The
liability of members is limited to the extent and
in manner prescribed by Ordinance No. 6 of 1929
of the Colony.
5,000,000.00
.
Hf20.000.000
A* G.
2,169,263.75
KELLOGG, Agent
WALL STREET, NEW YORK
72
$402,651,028.68
United States Government Securities carried at $20,300,000.00
in the
foregoing statement
are
pledged to
secure
public and trust
deposits and for other purposes required by law.
NATIONAL BANK OF INDIA, LIMITED
Bankers to the Government in
and
Member Federal Deposit Insurance
Corporation
Head Office: 26,
Kenya Colony
Uganda
Bishopsgate, London, E. C.
Branches in
India, Burma, Ceylon, Kenya
Colony and Aden and Zanzibar
Subscribed
Paid
Capital.
Up Capital
.....
£4,000,000
....£2,000,000
Reserve Fund.......
.£2,200,000
The Bank conducts every description of haniHmr
and exchange business
Trusteeships and Executorships also
undertaken
\
\
•
\
fltwmiW |
Vol. 144
rotucl?
No. 3748,
APRIL 24,1937
CONTENTS
Editorials
PAQE
Financial Situation
2711
Freedom of the Press in
Does Europe Want
Danger
2723
Peace?
2724
Minimum Wages
2726
Legal Requirements to Be Observed by Brokers and
Dealers in Soliciting Business
__2727
_
_
_
Comment and Review
New
Capital Issues in Great Britain
__2730
Book Reviews—
Managing Personal Finances
2730
The Objective Rate Plan for Reducing the Price of
Residential Electricity
;
2730
Week
the
on
European Stock Exchanges
2715
Foreign Political and Economic Situation.
Foreign Exchange Rates and Comment.
__2716
2720 & 2765
Course of the Bond Market
2731
Indications of Business Activity
2732
Week
on
the New York Stock
Week
on
the New York Curb
Exchange.
2713
Exchange.
2764
News
Current Events and Discussions.
2742
Bank and Trust
2763
General
Company Items
Corporation and Investment News
2813
Dry Goods Trade
State and
2861
Municipal Department.
2862
_
Stocks and Bonds
Foreign Stock Exchange Quotations
Dividends Declared
2765
2770
....
Auction Sales
2770
New York Stock Exchange—Stock
New York Stock
New York Curb Exchange—Stock
New York Curb
Quotations..
2778
Exchange—Bond Quotations__2777&2788
Quotations
2794
Exchange—Bond Quotations
2797
Other Exchanges—Stock and Bond
Quotations
2800
Canadian Markets—Stock and Bond Quotations
2805
Over-the-Counter Securities—Stock & Bond Quotations .2808
Reports
Foreign Bank Statements
Course of Bank
2718
Clearings
{
Federal Reserve Bank Statements
General Corporation
2765
2775
and Investment News
2813
Commodities
The Commercial Markets and the
Crops
2852
Cotton
2854
Breadstuffs
2859
Published Every Saturday Morning
by the William B. Dana Company, 25 Spruce Street, New York City
Herbert D. Seibert, Chairman of the Board and Editor; William Dana Selbert. President and Treasurer; William D. Biggs. Business
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. O.
Copyright, 1937 by WiUiam 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 y^ar, $11.50 for 6 months.
Transient display advertising matter, 45 cents
per agate line.
Contract and card rates on request.
Manager.
i.
Financial
This is under
an
no
circumstances to be construed
offer to buy,
The
or as a
solicitation of
Chronicle
as an
an
April 24, 1937
offering of these Bonds for sale,
offer to buy,
any
or as
of such Bonds.
offer is made only by means of the Prospectus.
$35,000,000
Argentine Republic
Sinking Fund External Conversion
Dated
Bonds
Due April 15, 1972
April 15, 1937.
Price 89V2% and Accrued Interest
Copies of the Prospectus
are
obtainable from the undersigned.
0v.;.-'
.'.
MORGAN STANLEY & CO.
Incorporated
THE FIRST BOSTON CORPORATION
BROWN HARRIMAN & CO
Incorporated
EDWARD B. SMITH & CO.
LAZARD FRERES & COMPANY
BLYTH & CO., Inc
[LEE HIGGINSON CORPORATION
Incorporated
KIDDER, PEABODY& CO.
Dated April 28,
1937
WHITE, WELD & CO.
The Financial Situation
quirements of the budget, succeed in their current
QN his long awaited President sent to with the
TUESDAY last the
Congress
dealing
endeavors to increase the amounts carried in budget
budget situation in the light of recent experience.
estimates
There
others.
message
were
either
of
surprises
no
great
importance
in
the
taken
message or the revised estimates, but
conjunction with prior statements of the
in
for
Chief Executive and his later remarks to the
press,
the message seems to
of
ture
the
thought
For
subject.
has
it
reason
naturally been the subject
of close
study and analysis
throughout the larger part
the
of
week.
dent finds
The
that
of receipts
little
estimates
cur¬
made only
three
than
more
ago
prove
likely to
are
than
more
$600,-
He tells
000,000 too high.
Congress of his efforts to
reduce
accord¬
expenses
ingly, and his present
timates of
the
period ending June 30
next
nearly $300,000,-
are
000 lower than
the
at
es¬
expenditures for
they
beginning
were
the
of
year.
The necessity
of
now re¬
of
estimates
ceipts for the current
the
in
than
of
amount
a
re¬
year
more
leads
$600,000,000
him to
reduction in the
estimates
of
receipts
next
of
some
year
sums
for
$387,-
600,000, which with
addition to
net
a
asked of
Congress totaling $1,568,-
($1,500,000,000
000,000
for
work
and $68,-
relief
000,000 in net increases in
other
estimates) replaces
surplus
the
on
estimates last
a
basis
a
of
January by
deficit of $418,000,000.
This deficit the President
expresses
using
the intention of
"every
means"
at
his command to eliminate
by
than
$5,000,000,000."
(1)
withholding from
apportionment for
In
the Secretary of Labor,
Vandenberg cited a number of vary¬
ing
estimates
of
current
unemployment
(among them one of his own which agreed
recent letter to
a
none
of the others
sistedjjthat
strate
our
vital
need
thentic, current
so
that
we
may
for
census
know
our
clearly
penditure in
so
far
executive
achieve
1938," and he definitely ap¬
au¬
peals to members of Con¬
of the unemployed
problem instead of
join
to
gress
guessing at it."
Budgetary
their habitual status."
adequate knowledge of the facts con¬
the matters to which the Senator
refers is indeed greatly to be desired.
It
would be highly encouraging if more men in
public life were as insistent as Senator Van¬
denberg about having facts upon which to
build policies.
Yet it must be obvious to all thoughtful
men that the
type of information demanded
by the Senator is not easily obtained, if in¬
deed it can be obtained at all, by simple
cerning
census
than
enumerations.
is
at
present
Neither this message nor
anything that has occurred
since its
material free from taint of bias
and
or
awaits,
community
the behavior of
as
the government
factual
ket during
deliberate
we
week
of this
a
substantial
emergency
to
large additional
have
not
an
it
is
re-
included
be
will
the
much consideration of the
situation,
the
controlling
and
may
time
easy
sincerely to be
hoped that he is dead in
and
earnest in the matter
ready to make
the ingenuity
use
at his command to
irresponsible
of all
and prestige
prevent
elements
a
budgetary standpoint
last
year
in the form of bonus
legis¬
what
was
done
lation.
There
ber
projects
of
are
a num¬
on
foot
entail
very
which
would
large
appropriations.
These doubtless will draw
amounts
the
in
constant
from
President deserves
have
the
support
in
Congress from doing from
spot-light, but the
members of both houses of Congress that
these hopes of the President
sums unneces¬
He
appropriations.
greatest danger probably lies in tactics among
quickly dashed if the spenders in Congress,
long used to appropriating vast
pass¬
he takes
position of strong oppo¬
additions aggregating a large amount.
liquidation of assets of certain of the
the
which
in
sition
the
functioning of the
President's
in
is
message
the
without
clearly indi¬
ing part of the
a
mar¬
The most hearten¬
cates.
ages
bond
the larger part
We do not have it
proper
about
budgetary matters that the
could have and ought to have.
probably because the poli¬
might not find it well suited to their
purposes at all times.
But no matter what
the wealth of statistical data, there would
always remain the necessity of applying hard
common sense to the problem in hand.
The fact of the matter is that we are today
suffering more from failure on the part of
government to approach the relief problem
in a statesmanlike way than we are from lack
of specific information concerning the unem¬
ployed.
Senator Vandenberg wants to know
why men are unemployed.
It requires no
special acumen to understand that many are
unemployed (that is, in private industry) for
the simple reason that they prefer to pretend
rather mildly that they are working for the
government on relief projects.
A substan¬
tial number of others are unemployed because
they prefer to remain on relief while they
strike for this, that and the other concession
of no particular value to them.
Meanwhile
our
recovery
and relief policies are daily
creating conditions that will be responsible
for large scale unemployment in the future.
More complete facts and more reliable in¬
formation concerning the current state of
unemployment would probably be of most
value in combating the propaganda of those
"pressure groups" which would have the
country continue to squander its way into a
morass
of insolvency in the name of relief.
The really urgent task of the moment is to
make certain that relief policies and programs
do not continue to aggravate the conditions
they are allegedly designed to alleviate.
coloration,
assurance
financial
More factual material
available,
delivery has pro¬
vided the
items
sarily and
Still
Assurance
relatively small
now
5
Lacking
as pos¬
course
a
More
departments and agencies,
Of
"in
about that result."
"We need to know precisely who is unem¬
ployed; where they are; why they are unem¬
ployed, and whether it is their involuntary
(2) to increase the receipts of the Treasury through
will be
him
determined effort to bring
percentage of the funds available for that year, and
agencies.
bal-
a
outgo for the fiscal year of
demon¬
accurate,
an
as
of actual income and
ance
published), and itt~
"these exhibits
should
we
Senator
with
re¬
extremely important that
ex¬
sible, with due regard to
These he is
ject, since he regards "it
ticians
ducing
early expendi¬
government to
Unemployment and Relief jj
or
months
more
being pressed for enactment
now
He then added:
during the
rent fiscal year
a
Presi¬
to add
or
desirous that Congress
President's
the
on
this
purpose
"commit the
of
tures
presented by the President
afford
relatively complete pic¬
a
this
would
as
According tp the President, bills designed
of
to
many
budget,
this
to
all
in his efforts to thwart these
the
point
have
and
the
would add
appropriation
total
of
such
This danger
forward,
and
doubtless
will
public-spirited
"log-rollers."
citizens
Financial
2712
Yet
do not believe that current skepticism re¬
we
garding the budget question is by
any means a
result
solely of doubts of the President's ability to prevent
Congress
will.
do
face,
expenditures against his
from increasing
President's
The
not
present
figures, taken at then-
own
his
picture,
encouraging
an
Chronicle
April 24, 1937
January last the President asked and received an
additional
appropriation to be used for these pur¬
serted,
as
it occasionally is, that the accounts of the
current fiscal year were
accounted for
particularly convincing, and, what
is more, it is not
to
easy
great faith in the
summon
in the circumstances
of expenditures.
estimates
current
and
the
be
should
himself
to
one
is
not
particularly
clear
just been obliged to admit
than
more
the less
so
an
since the latter over-estimate
made
To
the
begin with, there
are some
mysteries about
figures for the current fiscal year.
dent
estimates
now
relief
take
be
The Presi¬
year
at $2,630,000,-
current
year
the press
they have been
are
that
fact
of the
this week that
in immediate
if bonus payments
year
of various
accounts
of well
be
such
$7,000,000,000
over
real health in the
no
^outlays
were
Estimates
averaging $7,800,000
mate the returns of the
for the -fiscal
no very
Progress Administration,
the
recovery
as a
fully
deduction from
no
mat¬
counterbalanced
would
not
be
recovery
same
cal year.
over
during the
year
similar
receipts of $5,828,000,000 for the
That is to say, he then foresaw
$1,466,000,000. Now he estimates total
at $6,906,000,000, indicating an
over
1937 of $1,682,000,000.
will show a $216,000,000 greater im¬
provement than he thought three months ago would
be the case,
cur¬
but the public would be much interested
learning what those
reasons
for it
only by supposing that the Administration is
convinced that
now
improvement in business will
000
haps
day, whereas such outlays are now running at
about
no
basic
$7,950,000 daily and have been
averaging about $7,800,000 since June 30 last.
doubt that the type
of outlays that
We
even
a
smaller figure than that of
much confidence that
they will be—except possibly
the basis of a reporting system which deducts
collections that
as
public debt
expenditures.
This is the
ought to be treated
transactions from current
true when it is recalled that as
recently
as
in
opening of the
The estimates of
in the year
which
year.
was
new
emergency
in the idea.
receipts furnished Congress early
carried
an
item "realization
upon
assets"
expected to amount to slightly under $32,-
060,000 during the current fiscal
under
year,
$31,000,000 during the next
dent leaves the
to
per¬
this
plan for increasing receipts
agencies, there is of course nothing
as
many
con¬
assumption now seems less warranted than it
by liquidation of assets of certain of the
f
President, but it is difficult even to hope with
the current year, or
become accelerated. To a good
As to the President's
are re¬
and Relief" could be reduced and ought to be re¬
even
did at the
ported by the Treasury under the title "For Recov¬
duced in fact to
Either figure
large to most people, and they can account
tinue unabated throughout
of
are.
seems
standing at $1,820,000,000, allows less than $5,000,the rate
The
have good reasons for now believing
that next year
into the next fis¬
ending June 30,1938,
Last January
receipts for the fiscal
President may
The estimate of expenditures for recovery
and relief
of
increase for 1938
in
situation carries
some
those for next year
rent fiscal year.
This
to the
receipts for the current year at $5,224,000,000 and
on
promptly and
and relief during the
access
1938 at $7,294,000,060, against the estimate then
increase of
an
substantially curtailed with his estimates of total
expenditures for
present system of taxation
1938 without full
to the Treasury, but certain facts
current fiscal year.
operations of the Works Prog¬
Administration
Year
estimates of the President are
made
ex¬
it is difficult
Next
serious questions.
year
mind effecting extraor¬
of these agencies. At any rate
for
the President estimated total
and relief, and it may be
President has in
statement that the
more
per annum
situation,
likely to raise
other basis to reconcile the President's reported
upon
So
about the present
by the so-called revolving funds
Treasury
year
and only
ury
dinary and not heretofore planned retrenchment for
the
elimi¬
vast amount of information available to the Treas¬
drastic curtailment
government agencies are treated in the
of the
penditures for
ery
are
One would be rash indeed when undertook to esti¬
prospect. Now it is well known
that net collections
have
for
for the next fiscal
the national government is spending money
During the
through which most of these funds are expended,
a
funds
the
even
asks
now
by taxation.
running at the rate of about
now
of the work of the Works
ress
Meanwhile
1938.
they must be for suitable comparison.
can
if
ter
Yet the President is said to have told
$7,950,000.
any
30,
larger in amount than those he expects to
the rate
at
To keep within these estimates he must
daily and
some
will
daily outlays for recovery and relief to sub¬
stantially less than $5,000,000 per day.
that
as
as
there
ing only $344,000,000 for the remaining weeks of
was
other budgetary items
June
on
President
expended this
long
expenditures actually made up to and in¬
the year.
hand
note
the
nated,
cluding April 10 amounted to $$2,286,000,000, leav¬
reduce
in
year are
expenditures for recovery and
during the current fiscal
Such
000.
occur as
showing another huge deficit when the figures
which
Uncertain
Figures
ask for
course
Should this
thoughtful students of these matters have not failed
to
Year's
that
wide margin avail to prevent the budget
a
all
are
at the middle of the fiscal year.
This
by
from
year—
was
prove
such savings, if any, as he is able
meanwhile to effect in
not
he will of
large appropriations.
it did this year,
over-estimate
$600,000,000 for the current
presently
estimator, and that the
poor
and relief is all or substantially all gone by
further
600,000 from estimates of receipts next year, when
of
a
about the first of the year,
just why he feels warranted in deducting only $387,he has
is
President
covery
to
as
catastrophe
$1,500,000,000 for which he asks in the name of re¬
exceed
he has done in recent years,
as
President
the
It is obvious that if should it
the
It
certainly 'Snot unreasonable to feel uneasy lest the
President
this
that
only $165,000,000 of the enormous ex¬
penditures for recovery and relief during the period.
of current
accuracy
either of receipts or
estimates
is
altogether
said
himself
President
the
set forth
not
thrown badly out of gear
by the drought of last summer, let it be recalled that
expressed intention to curtail expenditures as there
is
If it be as¬
amounting to some $650,000,000'.
poses
public to draw its
just what he
now
and somewhat
year.
own
The Presi¬
conclusions
has in mind when he speaks
Volume 144
of
Financial
"liquidation of the assets of certain of the
gency
agencies." It therefore is left with
doing more than merely
gness
emer¬
no way
of
how much money the
Treasury is likely to obtain in this
President
these
at
would
the
amount
to
the current fiscal year.
total
of
some
the year
about
estimated that
1420,000,000 during
$445,000,000 since June 30 last.
In
the
of
amount
estimates
and
some
his
during the fiscal
$153,000,000.
general
The
outstanding loans of
His revised
discussion
budget problems do not touch
upon
these
1938
year
of
current
these matters.
agencies
remain
week, while total
to
go
standing, deducting,
from
concluded,
or may
conclude,
reducing the amounts of such loans out¬
on
in the past, net collections
as
expenditures for recovery and relief, but he
nowhere says so.
But of
course
such
a
procedure is
reduction in expenditures only because the
chooses for
its accounts.
carried
of its
reasons
own
to treat them
in
so
It is
ilar facts
get
reiterated
promises of
a
constantly receding
in¬
balanced bud¬
date.
Only in
it likely that "pressure groups,"
termed in
now
more
formerly to view all these and other sim¬
some
this way is
are
be much
now seems to
realistically, rather than to take at face
the
at
encouragement to note that the
community
clined than
value
of
a source
as
they
Washington, will develop effec¬
tively enough to influence the politicians not to in¬
crease
outlays for the alleged benefit of this, that
the other element in the
000;
an
increase of foreign bank deposits by $5,612,000
$99,234,000, and
ratio remained
the
$57,000
States
Government
$2,486,583,000.
The New York Stock Market
DULNESS wasmarket this week. Little the New
the prevailing note in business
stock
York
was
done at any
week to
in the
The
open
Treasury securities market during the
was no
net change
holdings of Treasury obligations in the period.
banking statistics indicate, however,
but gratifying reduction of more
in favor of
a
small
distant maturities
larger holdings of discount bills.
It is not
likely that this variation of maturities reflects
trend toward
sounder
a
mitted to
folio,
additions
whenever
Expansion
of
of
money in
authorities
the
now are com¬
already overlarge port¬
weak spells
excess
cessation of open
to
a
policy, for the glaring fact
remains that the monetary
occur
reserves
was
in the
market.
halted
by the
market additions, and by increases
circulation and of Treasury cash.
officially estimated that such
excess reserves
It is
totaled
$1,590,000,000 on April 21, a decrease for the pre¬
ceding weekly period of $40,000,000. The final in¬
crease
of
reserve
political and economic develop¬
ments, and there also was uncertainty as to inter¬
pretation of actual occurrences.
remain
Monetary factors
obscure, with the Administration steadily
denying the persistent rumors of a change in the
Balancing of the national budget again
gold policy.
postponed by President Roosevelt in his mes¬
sage
to Congress on Tuesday.
The Federal Reserve
obsorption of Treasury issues for
Business indices remain
market portfolio.
encouraging, but the commodity markets continued
for resumption of
There
further
await
to
banks halted their
apparently required little inter¬
Wednesday night.
There was an obvious
disposition in all sections of the securities market
sidelines
vention in the
time, but the modest changes were
mostly in favor of holders.
Board
market operations,
decreased
while holdings of United
securities were unchanged at
$3,465,000,
to
to
reason
reserve
$23,084,000.
holdings^ of bankers bills
market
Open
MAINTENANCE ofjorderlythe Federal Reserve
money market con¬
ditions, announced by
the
The
Discounts by
System fell $3,356,000 to $7,692,000, and in¬
the open
as
unchanged at 80.0%.
dustrial advances increased $540,000 to
or
population, but to reduce
Federal Reserve Bank Statement
April 5
of non-member bank
gain
a
by $3,509,000 to $145,780,000.
was
expenditures for the benefit of all.
on
rise in the Treasury
a
general account balance by $6,957,000 to $118,631,-
as
receipts, not reductions of expenditures, which in
fact they certainly are not.
financial
drop of member bank balances by $24,-
a
112,000 to $6,876,640,000;
Obviously, all such income ought to be
public debt transactions, and listed
as
a
Treasury
$7,974,000 to $4,184,068,000.
$7,240,285,000, with the account variations con¬
sisting of
balances
to
vir¬
$9,000 for
advanced $1,762,000
deposits with the 12 Banks dropped $8,034,000
struction
Corporation, and it is possible
reserves
remain
up
Federal Reserve notes in actual
circulation increased
large, much the largest being those of the Recon¬
that the President has
accordingly,
Banks,
$9,135,985,000.
Total
to
impounding in the
tually unchanged at $8,843,903,000,
the
continues
treasury
Gold certificate holdings of the 12
Reserve
to
Finance
The
gold fund, which now has passed the $500,-
Federal
a
January the President expected these agencies to
in
$11,737,000,000.
immobilize the additions through
to
They have already reached
lend additional funds net
to
000,000 mark.
by the revolving funds, the
first of
2713
night being $40,000,000, which raises the aggregate
inactive
manner.
Revolving Fund Collections
As to net collections
Chronicle
requirements is to be effected next
Saturday and it is hardly to be supposed that any
change in the banking position will occur
In these circumstances most traders and
waver.
investors apparently preferred to sit on the
many
clarifies to
until the situation
a
degree.
Offerings usually were scarce, and modest buying
tended to raise stock levels
trend
was
lacking.
slightly.
Trading
on
But
a
decided
the New York Stock
Exchange hovered around the l,000,06(hshare mark
in each of the full sessions.
Activity
the
more
was
at a minimum last Saturday, but
prominent
marked up a
point
speculative
or so on
favorites
were
the modest buying.
A
rally in commodities aided related stocks, but some
also
losses
were
noted.
The week-end
failed
to
bring important developments, and trading on Mon¬
day
was
Further
at the slowest pace since last September.
gains in some commodities again stimu¬
lated copper
and other stocks, while a high rate of
production in the motor industry aided the indus¬
trial list.
Irregularly higher levels were attained in
another
session
dull
Tuesday.
Steel
and
other
manufacturing stocks led the list upward, while
declines appeared in copper and
some
metal stocks
owing to
a
other base
reduction of the price of
The budget message, with its lack
enormous
the red metal.
in the meantime.
of any
Monetary gold stocks of the country continue to
advance, the addition forlthejweek to Wednesday
was
regarded as having inflationary implications,
and
a
definite indication of an eventual balance,
little
buying of stocks
was
done
on
that
ac-
2714
*
count.
There
was
a
more
advance of stock levels
and railroad stocks
attracted
dull.
Trends
the wek
marked
in the
mon
higher, with
while utility stocks
on
A few
Uncertainty
of
Administration
occasioned
ness
mild
day's close
This further
the
listed
diverse, with
J. I. Case
selling of stocks, and small
bond
market
trading
quiet
movements
throughout.
Federal Reserve
support, but the
tional and there was no
changes
Ward &
were
reading of the budget message and the lack
on
65
of
ready distribution.
lative bonds the trend
of
the
Among the
was
more
ties tended
levels
to
reached
swept
for
recover
last
time
a
week,
but
justments.
Copper
cent
a
change
On
touched
New
again
lower.
low
new
stocks touched
at
York
Stock
levels.
Exchange 22 stocks
New
while
touched
low
new
Stock
On
sterling
Exchange 27
year
the
at
new
Call loans
remained
on
session
on
at 114
unchanged
Exchange the sales at the
Saturday last were 444,100
1,202,569 shares.
shares,
and
For the sake of the
record, attena revision made
by the New
Exchange in the sales
week
from
1,057,310 shares
figure of 1,068,110 shares.
Exchange the
shares;
volume for
sales
to
RR. closed
of last
159,130
movements
on
Monday
a
was
were
without
degree, trading volume increased slightly
Wednesday and prices of leading stocks moved
characterized
points
on
the day.
Thursday's session, however, and
was
Anaconda Copper closed yester-
on Friday of last week;
Smelting & Refining at 87% against 91%,
and Phelps Dodge at 50% against 52.
American
Trade and industrial reports
whole.
were
favorable,
Steel ingot production for the week
on
today
up
as a
ending
Institute at 91.3% of capacity,
Recessions
good portion of the previous day's gains
Pacific at 32%
Among the oil stocks, Standard Oil
closed yesterday at 67% against
69% on
day at 55% against 56%
a
four
58% against 57%; Southern Railway at
In the copper group,
On Tuesday prices advanced in
and the budget message delivered on
day proved no revelation in so far as many of
important features had been anticipated by the
financial community.
With the tension lessened to
to
against 39%, and Northern
Friday of last week; Shell Union Oil at 30% against
30%, and Atlantic Refining at 32% against 33%.
mostly
that
one
at
of N. J.
its
from
week; Atchison Topeka & Santa Fe at 84
against 32%.
budget.
moderate way
Pennsylvania
yesterday at 44% against 45% on Friday
cific
irregular, with buying incentive lacking, owing to
the pending
message of the President relative to
the Federal
The railroad shares for the
38%
shares.
Price
Friday of last week; General
against 81%; New York Central at 48% against 49;
Union Pacific at 144 against 145%; Southern Pa-
on
The stock market the
present week
on
most part show recessions this week.
corrected
were
this
at
at 46% against 45%.
Friday
on Tuesday,
Wednesday, 298,875 shares; on
Thursday, 306,900 shares, and on Friday, 322,685
276,920 shares;
color.
stocks tended toward lower levels
Rubber at 62% against 62%, and B. F. Goodrich
On the New York Curb
last
Saturday
Monday, 209,320 shares;
on
a
32%
Goodyear Tire & Rubber closed yesterday at 43%
against 41% on Friday of last week; United States
tion is here called to
York Stock
at
58% against 59%; Chrysler at 115%
against 116, and Hupp Motors, new stock, at 3%
against 2 for the old shares. In the rubber group,
Friday,
on
Distillers
on Friday of last week; Inland Steel
against 115; Bethlehem Steel at 89% against
Motors
Monday, 818,120 shares; on Tuesday,
1,126,460 shares; on Wednesday, 1,247,780
shares;
1,180,020
National
91%; Republic Steel at 40% against 41%, and
Youngstown Sheet & Tube at 90% against 87%. In
the motor group, Auburn Auto closed yesterday at
the
on
Thursday,
38% against 39; Canada Dry
Schenley Distillers at 44%
against 111%
Curb
high levels and 127
levels.
Exchange
York
and
31% against 29%
half-day
of last
46%,
33%;
United States Steel closed yesterday at 111
week.
stocks
On the New York Stock
on
against
against
1%.
shares;
31
against 32%.
ex-
while 180 stocks
New
of last week; Allied
56% against 56%; Eastman Kodak at
Industrial Alcohol at
In
The steel
York
high levels for the
new
touched
continually,
Friday
161; Standard Brands at 14% against
14%; Westinghouse Elec. & Mfg. at 139% against
139%; Lorillard at 22% against 23; United States
strong.
was
the
franc
on
158 against
foreign exchange markets plenty of evidence was
seen of a
flight of capital from France, which dethe
at
70%
nental Can at
the
pressed
against
the lower
uncertainty
marked
was
Co.
at 62% against 63%; National
Dairy Products at
23% against 24%; National Biscuit at 26% against
29; Texas Gulf Sulphur at 38% against 40%; Conti-
specu-
the markets after the early upward ad-
over
at 42% against 44%;
Threshing Machine at 163 against 160%;
Commodi-
from
General Electric
Register at 32% against 34%; International Nickel
upward in the first half
week, but downward thereafter.
mostly lower.
Chemical & Dye at 238 against 240; E. I. du Pont
de Nemours at 156% against 155%; National Cash
sign of panicky liquidation,
High-grade corporate bonds were marked fractionally lower, but new issues that were announced
found
corn-
Friday last, prices at yester-
57% against 60%; Woolworth at
52% against 52%, and American Tel. & Tel. at 167%
against 167%. Western Union closed yesterday at
frac-
were
were
on
turned
As
International Harvester at 106%
against 106;
Sears, Roebuck & Co. at 87 against 90 ; Montgomery
United
States government securities lost their
good tone
the
consequence
14%; Public Service of N. J.
antagonism to busi-
recessions again were noted.
In
a
yesterday at 54 against 55% on Friday of
last week; Consolidated Edison Co. of N. Y. at
38%
against 39; Columbia Gas & Elec. at 14 against
caused
was
as
closed
were com-
Federal suit for dissolu-
a
These fears pervaded
yester-
course.
pared with the close
labor
new
lower, substantial declines being the rule.
specialties remained
tion of the Aluminum Co. of
America.
indication
the market's
day's trading, and prices
were
previous gains of
pointer two
a
general list.
yesterday by the filing of
some
Thursday, and in the
of the
some
canceled.
were
Industrial
A few commodity issues
favor, but recessions of
1937
disputes and opposition to retrenchment in government spending, were important factors in
altering
reversed
were
of the reaction
course
in
support,
April 24,
A lack of demand, coupled with fears of
Wednesday.
on
were
Chronicle
pronounced and general
gains ranging to 4 points.
also
Financial
a
lost,
,
was
estimated by the American Iron and Steel
or the highest level
The figure compares with 90.3%
last week and 76.4% in the corresponding week of
since May, 1929.
last year.
Production of electric energy for the week
Volume
to
Financial
144
April 17
Institute
reported by the Edison Electric
was
at
2,173,223,000 kilowatt hours against
2715
Chronicle
Monday marked
nightly account
trading
and
tation of the
ing period of last
Car loadings of revenue
year.
freight for the week to April 17 amounted to 751,328
the Association of American Railroads reports.
cars,
This
gain of 35,284
was a
and of
As
109,050
indicating the
the previous week
cars over
of the commodity mar¬
course
budget only
Gilt-edged issues
a
day off, the prevailing
firm, and some buying also
were
done in industrial
and
foreign issues
again
was
fort¬
to keep commitments to a minimum.
was
was
There
the similar period of 1936.
cars over
was
tendency
new
a
light in that session. With the presen¬
2,176,368,000 kilowatt hours in the preceding week
1,933,610,000 kilowatt hours in the correspond¬
beginning of
the
the London Stock Exchange, and
on
stocks, but commodity stocks
inclined to seek lower levels.
were
tendency
a
Tuesday to mark
on
time, pending the disclosure of the highly important
British funds
kets, the May option for wheat in Chicago closed
budgetary secrets late in the day.
yesterday at 130%c.
against 129%c. the close on
found
good support, possibly from French sources,
at Chicago closed
while
a
Friday of last week.
May
yesterday at 127*4c.
Friday of last week.
corn
against 122*4c. the close
as
on
May oats at Chicago closed
yesterday at 48%c. against 48c. the close
on
Friday
The spot
price for cotton here in New York closed
yesterday at 13.79c.
against 13.84c. the close
as
Friday of last week.
yesterday
22.93c.
was
Friday of last week.
day at 14%c.
The spot price for rubber
against 22.13c. the close
as
on
Domestic copper closed yester¬
against 15*/kc. the close
as
on
on
Friday
In London the
20
3/16
per ounce on
New
York
the
yesterday at 44%c.
the
of
foreign
London closed
on
was
pence
against $4.92*4 the close
cable transfers
as
on
cable
yesterday at $4.93*4
as
Friday of last week, and
against 4.47%c. the close
on
trial
lain
Stock Exchange was firm in
increased income
but the
trading,
early
nounced
tax
an¬
by Chancellor of the Exchequer Chamber¬
Tuesday, and the new "growth of profits"
on
levy, proved disconcerting thereafter.
Bourse the general
trend
was
declined
On the Paris
downward, owing in
little
a
indications of the
that
a
substantial capital flight from France
in progress,
and the market in Paris reflected
steady liquidation.
and listless
the week
Further
advanced.
in British
developments diminished
as
gold at $35 an ounce dispelled some of the fears
that
prevailed recently of another currency upset.
But
for
a
it
was
attitude still prevailed on this matter,
wary
enormous
considered
obvious that
the impact of
gold offerings might eventually make the
Roosevelt Administration realize that dollar deval¬
uation
was
carried too far.
European political de¬
recorded yesterday
were
were
uncertain.
the Paris Bourse in the initial
trading session of the
Some issues lost sharply,
while others drifted
and industrial
There
was a
securities
also
defense certificates were listed and traded for
first time at
suffered heavy
losses, and declines also were severe
quiet.
equities, while international issues
Another sharp decline developed
Wednesday, with rentes leading the movement.
on
Bank, utility and industrial stocks fell radically, but
sisted the
fears
est
recorded in most
were
copper,
countries
as
Britain and France, where expressions
of discontent
coal
labor unrest in such
still
miners voted
hoped that such
gotiations.
are
on
politically possible.
British
Tuesday to strike/but it is
occurrences can
be avoided by
1
ne¬
re¬
decline, as they usually do in Paris when
prevail regarding currency developments. Mod¬
improvement finally developed on the Bourse,
Thursday, but only a small part of the previous
losses
in
Rentes and French equities
regained.
was
showed
good results, while liquidation was noted
international issues.
tended
Gains in rentes
were
ex¬
yesterday, and equities also improved, but
foreign issues receded.
Trading on the Berlin Boerse was quiet as deal¬
resumed for the week
stocks and
of increasing
rubber and
commodity issues. International securities
that
leading European countries are favorable, save
the
95, against the issue price of 98. Rentes
changes in quotations were small.
for indications
quotations
Tuesday, partly because the new 4%% national
on
they also failed to deepen the distrust and anxiety
Trade and industrial reports from
dull
downward.
were
decided and general slump in
ings
prevails.
were
equities suffered heavily. Movements
international
in
Rentes
materially changed, but some of the bank
velopments of the week were not encouraging, but
the
Commod¬
trading favorites
Irregular downward movements were the rule on
Uncertainty regarding in¬
United States Government to absorb untold amounts
of
gains
improve, while
buyers.
funds, but industrial stocks and interna¬
tional issues
other
monetary
The tone im¬
perturbation caused by the fresh
Anglo-American
stocks and
gains
progressed, for the calm readiness of the
losses
armaments
gold mining issues advanced,
industrial issues failed to attract
The Berlin Boerse was quiet
throughout.
ternational
severe
other
British funds continued to
taxation.
remained
It
occa¬
Thursday, but there were still
on
good part to resumption of the devaluation of the
appears
and
Foreign securities were quiet.
proved
franc within the limits
imposed last September.
taxation
generally, while
aircraft
the
in
in most French
was
new
idly to moderately lower levels.
MOVEMENTSin the uncertainEuropean financial
exchanges were leading this week on stock
The London
The heavy
although other commodity issues remained in sup¬
and not
centers.
budgetary provisions for the current
South African
stocks.
noted in most foreign
buying of gilt-edged issues, but indus¬
stocks
appeared
were
Wednesday reflected disappoint¬
on
fiscal year.
some
week.
EuropeanjStock Markets
the
over
sioned
4.43%c.
Friday of last week.
Dealings
British
ity
exchanges,
Paris closed yesterday at
on
against
Friday of last week.
on
matter
transfers
as
against 20 11/16
Friday of last week, and spot silver in
closed
45*40. the close
In
price of bar silver yesterday
pence per ounce as
prevailed in the industrial
ceded, and losses also
ply.
of last week.
tone
Copper, gold and other mining shares re¬
issues.
ment
of last week.
cheerful
stocks.
were
some
on
Monday, and
Heavy industrial
of the specialties reflected good buy¬
ing, but other issues drifted idly. Fixed-interest se¬
curities
were
Tuesday,
as
firm.
Little
business
was
done
Chancellor Hitler and an official celebration was
dered.
Most
but there
on
the date marked the 48th birthday of
equities
were
a
were
or¬
firm in the small trading,
few weak spots.
The trend
on
Wednesday was downward, but losses were small
2716
in all
Financial
departments. Chemical issues
to the
trend, and small gains also
various fixed-income
ness
the
tion, provided an investigation shows that such a
gathering is likely to succeed, and provided also
that adequate advance
preparation has been made.
scored
in
securities.
Hardly any busi¬
Thursday on the Boerse, and even
ordinarily are active failed to appear
official reports
traded showed
were
exceptions
were
done
was
issues that
in
Chronicle
were
a
of quotations.
fixed-interest issues remained
yesterday
toward
were
Stocks that
moderately weaker tone, but
steady.
Movements
levels,
with losses
lower
severe.
The British
ment
debt to the United States
govern¬
war
of the
ing
Exchequer Chamberlain concluded by repeat¬
phrase from the last British note, to the effect
a
that London
is
willing to
whenever "circumstances
In the
the discussion
resume
are
such
to warrant the
as
satisfactory result might be reached."
a
course
of
a
conference at Washington,
press
Tuesday, President Roosevelt made it
TENTATIVE
conference
tions this
and
a
movesdiscernible in various direc¬
toward a world economic
were
week, with
others
general understanding
tions
as
is
obvious
to whether
luke-warm
some governments
rather cold to the idea.
on currency
The need for
and trade ques¬
1937
brought into the debate, which Chancellor
was
hope that
Trade Discussions
April 24,
has
no
clear that he
present intention of issuing invitations for
world
conference
economics
on
and
a
armaments.
Only mild interest appeared to be taken by United
States
government
officials in
the
European
sug¬
gestions.
enough, but there is uncertainty
suitable arrangement is feasible as
a
President Roosevelt's abrupt and still unex¬
plained cessation of the London conference in 1933
Armaments
L:
■
yet.
still rankles in the minds of
many
tists and extreme caution is
foreign diploma¬
apparent everywhere
PREPARATIONS for
nent and
war have been so promi¬
sustained of late that it is
weary¬
so
ing to note the additions still being made week by
week to
so-called
defense arrangements.
But the
as
regards commitments for participation in any
new
gathering.
There is a tendency at present,
moreover,
to include armaments limitation in the
agenda of
a
doubted
general conference, although it may be
whether
prove
possible in
made
genuine
too broad.
the
initiative in
discussion
also
in
time if the scope were
Great Britain
the
present
and
more
or
France took
less official
of an economic
conference, and in both
qualified willingness to enter a formal
countries
world
accomplishments would
a reasonable
parley
expressed this week.
was
appeared to view the idea with
Washington the attitude
Germany
some
favor, but
rather
was
non-com-
mital.
Premier
Paul Van
ernments to
barriers.
Zeeland
of
Belgium
was
by the British and French
in¬
gov¬
study the possibility of lowering trade
Late last week it
announced in Brus¬
was
sels that Dr.
Van Zeeland would visit the United
States within
a
and
few
months, partly for personal
partly to confer
President Roosevelt.
This
in
a
followed last Satur¬
was
public address by
search
for
efforts to
success
"economic
leaders.
At
Chancellor
many
the
would be achieved in the
disarmament."
bring the Reich into
by George Lansbury,
the
mis¬
French Foreign
Confidence was expressed
Minister, Yvon Delbos.
by M. Delbos that
rea¬
trade matters with
on
day by hopeful references to the Van Zeeland
sion
a
In
parley
Berlin,
were
made
of
a
long
talk
with
Hitler, Mr. Lansbury declared that "Ger¬
will be willing to attend
a
conference and take
part in united effort to establish economic coopera¬
of the
understanding among the nations
world, if President Roosevelt or the head of
other great country
ing such
was
too
conference."
a
will take the lead in call¬
This statement apparently
optimistic for the German Foreign Office,
which issued later last
Monday
statement that the
a
Reich "would not hold herself aloof from
any inter¬
national cooperation which promises to be suc¬
cessful."
leaders
on
the
adopted
an
attitude
question, which
was
Thursday in the House of Commons.
of
great
brought
up
Prime Min¬
ister
Stanley Baldwin remarked that his
ment
might give the proposal favorable considera-
govern¬
general conflict that all
world, while
unremittingly, all
on
endeavors
are sinking
corresponding decay. After a visit to Berlin
by George Lansbury, one of the leaders of the Brit¬
into
ish
Labor
called
party, there
talk this week
of
an
disarmament,
to
be
on
by President Roosevelt.
on
clared
press
in
had
a
on
Such
rumors
conference in Washington that
of
this
sort
in
being.
It
of its
rare
as
insoluble
The Steering Committee of the
League Disarmament Conference
one
mind.
Monday that League of Nations circles
regard the question of disarmament
hold
were
Tuesday by Mr. Roosevelt, who de¬
conference
no
appeared
also
was
conference
discouraged
he
peace
a
international
meetings
was
scheduled to
May 6, but Geneva
on
announced that the session would be
postponed until
League Assembly meets late next month.
problem of naval armaments limitation, either
after the
The
in
a
quantitative
or qualitative basis, still is receiv¬
Sir Samuel Hoare, First Lord of the
ing qttention.
British
week
and
Admiralty, expressed perturbation late last
the
over
prospect of unrestricted competition
unlimited
design in naval building.
actually naming Japan,
Without
Sir Samuel in effect ap¬
pealed to that country to reconsider its recent de¬
cisions to refrain from
any
tion
While
effort
these
futile
were
for
control
being
of
made,
directed toward acceleration of the
was
of
gestures
competition
paredness" programs.
ahead
participation in limita¬
restrictions of any kind.
or
armaments
other
Great Britain
countries
in
this
now
is
the
every
"pre¬
forging
respect, but the
British government is well known to have embarked
such
on
we
plans with the utmost reluctance.
shall
arm
if
never use our arms
we
day, in
A
to make
are
cellor of the
for
sure
of
aggression,
"Though
we must
peace," said Chan¬
Exchequer Neville Chamberlain, Tues¬
address
over the British radio system.
strong Great Britain is the best and surest guar¬
an
antee that peace
the
British
caution
measures for a
profess to abhor go
the
over
of the British labor party
one
conclusion
tion and mutual
some
nations
for the time
vited two weeks ago
sons
preliminary
same
that
day it
Great
program
island,
will be preserved, he added.
was
Britain
had
started
a
comprehensive
for strengthening the fortifications of that
obvious
answer to similar steps by
French defense arrangements
being strengthened continually, and the German
as
an
Japan in Formosa.
are
On
reported from far-off Hongkong
Volume
144
Financial
rearmament program
creased the pace of
is progressing.
preparations,
Italy has in¬
the customary
on
Chronicle
2717
of the matter is
receiving study in London.
is not contraband under the
plea that increases elsewhere necessitate such steps.
the Non-intervention
An
was
interesting sidelight
is afforded by Russia,
now
which is said to have endeavored of late to
in
the
United States the
parts,
huge battleship with 16-inch
purchase
unassembled, of
State De¬
The
guns.
partment in Washington reputedly frowned
procedure, and it
difficult
to
purchase
materials in
that Russia is
seems
steel
and
any market.
"war nerves" that
other
a
this
on
finding it
armaments
Sadly indicative of the
prevail everywhere at this time
are
reports from Norway of mysterious
and
airplanes hovering off the coast of that country.
blockade
of
with food
the
British
of Parliament
Europe
was
involved in
one or
changes, which possibly
standings and
recent
France
reached
text of
an
influential
Western
ex¬
lead to better under¬
Great Britain and
agreement, Wednesday, on the
regarding Belgian
trality in the event of warfare.
be
country in
another of these
developments.
mutual declaration
a
every
various
lessening of the tension that has
a
marked
may
on
between
Virtually
in
neu¬
This statement may
promoting
the
European defense pact.
The
this
were
long-discussed
Edouard
Dala-
peak
the
some
on
general staff problems and other matters of mutual
Venice
at
the
duly
tral
to
a
the
Nazi
Schuschnigg of Austria
that Italy is becoming resigned
regime in Austria, which, in turn, raises
question whether
German-Italian agreement
a
regarding the future of Austria has been reached.
It
indicated in
was
solini
Chancellor
Hitler
tion
as
they recaptured
from Bilbao.
Elsewhere
Madrid-Valencia
were
regime.
The
reported in East Cen¬
was
was
the
important adjacent
Insurgent artillery fire
increased
on
capital.
The rebel shells fell
intervals, but Madrid reported
Thursday that loyalist artillery had found the
the
emplacements and silenced the
being at least.
insurgent
leader,
All rebel
on
range
guns,
for
General Francisco Franco,
announced
authoritarian State in the
control.
coal
Madrid
steadily and immense destruc¬
caused in the
half-minute
at
able to report small
were
away
and
Monday
on
an
large part of Spain under
parties
particular leadership
the
save
under
one
outlawed, and hints
were
given that the monarchy might be restored.
were
Despite the stubborn loyalist resistance and the lack
of rebel progress
in the recent military campaigns,
General Franco expressed the
soon
would be
belief that his forces
completely victorious.
British Budget
Ger¬
in
and General Goering left Berlin for Rome,
many,
in¬
Sharp
Rome, late last week, that Mus¬
would visit
soon
was
sense.
again favored the defenders of
elected
Ceruel
of
itself
his
These talks followed rather cir¬
16 miles
mining region.
his
cumstantial reports
ready
Spain, where the loyalists fought to take the
town
Thursday, and immediately
Benito Mussolini.
military
a
territory,
heaviest engagements
discussions with the Italian Premier,
on
as
reported in the Basque area around
of battle
tide
of the rebel
arrived
week, in
in this
even
the time
entered upon
Thursday
on
ships in order to test the rebel
The loyalists
successes
dier, French Minister of Defense, arrived in London,
Chancellor Kurt
reported
fighting between loyalists and rebels
Wednesday, to confer with British authorities
concern.
submission, and various Members
were
conclusive
a
of statesmen.
some
blockade.
week,
groups
caused in
was
by the efforts of the insurgents to
to sail aboard food
progress.
interviews
rebel
a
Bilbao, where the rebels continued to make modest
were
personal
ran
loyalist port of Bilbao, Tuesday,
starve Bilbao into
UNUSUALLY widespread discussions footEuro¬
of this
diplomatic problems
in
interest
some
vessel
Much resentment
circles
encounters
pean
British
a
supplies for the beleaguered inhabitants
of that town.
warships
Traveling Diplomats
Committee, and
occasioned when
Food
regulations adopted by
Thursday, ostensibly in order to make arrangements
Chancellor of the exchequer Ne¬
chamberlain
his
for the conference.
presentation of the British budget before the House
General Willielm
The
Hungarian War Minister,
Roeder, journeyed to Berlin last
Monday for conferences with German officials.
was
It
indicated at Warsaw that Polish and Rumanian
leaders
soon
would
exchange visits.
tensive
trol of
once
again to
the
basic
London, Tuesday, with
income tax
and
rate
a
an
new
increase
form
of
corporate profits taxation the items of chief inter¬
The
added
though it
even
some
were
war,
of the in¬
of that prolonged struggle.
Ex¬
preparations for the final and complete
shipments to either side in Spain
arms
of
annual
burdens
placed
on
the
already
severely taxed Britons occasioned much grumbling,
FEW military developments ofSpanish civil
significance
reported this week in the
and attention turned
made
of Commons in
est.
Spanish'Rebellion
ternational aspects
ville
con¬
were
berlain that
was
they
explained carefully by Mr. Cham¬
are
for the security of the Empire.
Even
though taxation is increased sharply, more¬
over,
the budget for the fiscal
year
April 1 will remain unbalanced.
The
which began
revenue
expenditure estimates presented would leave
and
a sur¬
plus of £252,000, but the figures did not include the
completed, and the agents of the London Non-inter¬
£80,006,000 expected to be raised this fiscal
vention
borrowing, in order to speed the rearmament pro¬
Committee
Tuesday
men
a
land and
from the outside.
fleets
agents of
to
ments to
a
be
nations
established
on
patrol designed to prevent
leading nation
now
sea
patrol, while
ban
on
war
In defer¬
materials
ship¬
stopped, but those of other nations
of
course,
contraband
cargo.
are
Air ship¬
beyond control, and this aspect
country.
In recent
did example
the
headlong
trend in
is significant to
years
year
by
occasioned by the
British, French, German and
Portugal and France.
for
was
for the budgetary
number of nations joined in the watch
examined
World-wide interest
budget speech,
Spain, ships flying the United States flag
ments are,
gram.
reaching the combatants
cooperated in the
the American
will not be
to
sea
The
at the frontiers of
ence
27
materials from
and
Italian
of
every
Great Britain set
a
every
other
splen¬
by keeping the budget in balance, and
race
toward inflation probably
was
impeded by that circumstance.
After the usual comments
ence
of the year
on
the
budgetary experi¬
ended March 31, Mr. Chamberlain
turned his attention to the need for increased
enue
and the forms of taxation
rev¬
by which he proposed
Financial
2718
to raise
important
increase
3d.
of
the basic
shillings in the pound,
income
restrictions
through
uled
ways,
while
"one-man
com¬
panies" formed to evade the impost
modify it.
or
Final
negotiations for remedying this default were sched¬
Collection of the
on
April 24, mi
gations assembled in Havana, last Monday.
in various
25%.
or
was an
income tax rate to 5
is to be tightened
levy
notably
His chief reliance
sums.
in
Chronicle
to
begin Tuesday, but
members
Cuban
Senate
Cuban
the
held
were
House
and
briefly
up
two
selected
The
each, to take part in the discussions.
government itself previously had named a
Those who have used devices of tax avoidance will
commission of four members to confer with the hold¬
be
ers
punished by
special surtax
a
As his second great revenue-pro¬
past three years.
ducing
income of the
on
Mr. Chamberlain announced
measure,
novel
a
of the external
advisable
held
opinion.
probable
Dubbed by
reached
defense
a
as
"national
contribution," this tax is to be levied
increasing scale
to 33%%
up
corporate profits hereafter.
As
on an
the growth
on
of
standard for the
a
computation, British industry may take either the
profits for the past three
average
of
return
of
6%
£2,000
a
less will be exempted from this levy,
or
while net
else
or
earnings
up
to £12,000 will be taxed mod¬
of
rate
growth of profits, depending
This growth of profits tax
growth.
declared
by Mr. Chamberlain to be
He estimates that the
was
temporary
a
pedient, due to end when the armament
completed.
the
on
ex¬
program
is
levy would
new
Cuban
In this
holders
To the
proper
investigation
neglected
formed
simple
the
the
on
lems.
obligation, which is in complete
He mentioned that the British
and increased
listed in
profit.
a
Exchange
In discussing
taxes, Mr. Chamberlain drily
alphabetical order
as
He expressed
levies,
although he
but
may
the
regret
represent
national
quickening
a
safety.
the advance of
semi-official status.
a
The incident
concern.
the
prices.
of
and grumble at the fresh
consolation
some
additional contributions
approach
to
the
goal
harmful, he stated, while
An optimistic view
business,
Mr.
and
default adjustment prob¬
serious than the American dif¬
more
in
Cuba
that
some
of
of
the general
by
former
report
on
Secretary
Discount Rates of
was
taken
Chamberlain
special and tempo¬
contribulion from the expected advance of busi¬
ness
profits.
1 le estimated ordinary
revenue
for the
at £863,100,000 and expenditures
at
£862,848,000.
Liberal and Labor opponents of
the Conservative Chancellor promptly objected to
various features of
the
the
of
presentation, and
a
even
some
few aspects of the
In British industrial and financial circles
was
noted.
Present
any
the
at
rates
leading centers
are
shown in the table which follows:
RATES OF FOREIGN
DISCOUNT
Rate in
'6\4
Mar.
July
Country
Holland
1 1936
R ite
...
2
Dec.!* 2 1936
4
Aug. 28 1935
3
Nov.29
1935
Ireland
3
June 30
i932
Italy
4M
May 18'1936
2
May 15 1935
6
Aug. 15 1935
2H
Mar. 11 1935
4
Jan.
24 1935
4M
Java
4
July
18 1933
5
Jugoslavl»
Lithuania-
_
vious
Hungary...
Belgium
Colombia.
Date
Established
India
l~
Bulgaria...
Chile
Pre¬
Effect
Apr. 23
Rate
10 1935
1 1935
July
4
Batpvla
Rate in
vious
Established£
Art 23
Argentina..
CENTRAL BANKS
Pre¬
Date **
EJftci
Country
7
Japan
Czechoslo¬
3.29
8-
Apr.
6 1936
3
Jan.
14 1937
5
Feb.
11935
6H
1 1936
6
65
4
Jan.
1 1936
3^
Morocco
5^
6H
July
3
Danzig
4
Jan.
2 1937
5
Norway
4
Dec.
Denmark..
4
Oct.
19 1936
5
Oct.
25 1933
2
June 30 1932
3M
2^
Poland
Eneland
Portugal...
5
Deo.
13 1934
Estonia.—
5
Sept. 25 1934
Rumania
Dec.
7 1934
6
I Inland
4
Dec.
May
15 1933
4
10 1935
5H
vakia
...
4H
4 1934
South Africa
4^
SH
..
May 28 1935
France
4
Jan.
28 1937
2
Spain
5
July
Germany
4
Sept. 30 1932
5
Sweden
6
Jan.
7
Switzerland
2H
1H
5 1936
Dec.
Greece
41937
Bank of
4H
3H
6
5H
1 1933
3
Nov. 25 1936
2
961, and
this
was
attended bya loss of £1,670,000
£1,791,000. The Bank's
gold holdings, at £314,693,350, is]the highest ever
recorded
ON representatives ofof the Cuban government,
THE invitation the three main American
creditor groups
creased
the default
as
circulation,
of
concerned in
England Statement
THE statementTforTthe week endedfApril 21
showedfa gainfinTgold andjbullion of £120,in
Cuban Debt Negotiations
on
that
country's 5%% public works bonds and other obli-
Treasury
Foreign Central Banks
rates
banks.
staunch
growing storm of resentment against the growth
profits tax
the
budget in the debate that
supporters took exception to
report.
Cuban finances,
of
THERE have been no changes duringjthelweekjin
the discount
of
of the foreign central
an
rary
current fiscal year
be
This, in turn, indicates the need for pub¬
Canada
in national defense to make
provision
Wolter del Rio.
taxpayer,
thought it not unreasonable to ask those concerned
a
illustrates,
Treasury, before the external default is
adjusted.
Austria
trend
followed
was
Roosevelt,
the need for in¬
over
increase of indirect taxation would have stimulated
the
President
large total of temporary obligations of
a
the Cuban
A larger increase of the income
taxes would have been
of
of
group
Council
the
an
several
appeared to find this matter of
demands
are
prepared
him, will find
thought that the
ferences
made for
lication
suggested that
groan
demand made upon
in
made
Exchange Commission of its conclu¬
Perhaps
taxes upan bache¬
lors, cats, debutantes, dogs, loud-speakers and other
creased
was
that
invitation
regarding foreign
of the suggestions
some
recently had received, such
items.
fact
indicates at least
Securities and
picture of British finances since 1931 should
new
deposit at the time
on
of these matters
which surely
sions
Equalization Fund shows
he
debt Mr. Chamberlain
war
fleeting reference, by saying that
a
take account of this
the
Bond¬
Unfortunately, the Nye-Wheeler
ago.
years
a
default.
Foreign
however, the advisability of early disclosure by the
question of the
only
the
Nye-Wheeler Committee, which itself held only
small total of the bonds
little immediate
made
creditor
Protective Council, Inc., has been raised by
sums
increasing
and
the
to the propriety of
as
by
representation
but
year
and
the creditors and in Cuban
country a question
bondholder
Cuban authorities
next
tentative
circles.
year,
£25,000,000
be
could
the
Somewhat ironically, however, differences
produce only £2,000,000 in the current fiscal
thereafter.
authorities
have arisen both among
a
of one-third the
of
groups.
the
total
quickly
basis
general
seems
the
the incidence advances
a
adjustment
an
the
and
aid
either side, it
on
between
erately, but from the £12,000 annual figure upward
sharply and reaches
that
on
properly
was
congressional
arrangement made last September, in discussions
Companies with profits
capital.
on
years
solicit
With good will
supertax on the existing corporate income levies.
the Chancellor himself
obligations, but it
to
by the]institution.
bullion
deposits
reserves rose
held
rose
was
£3,214,000
£4,767,957.
accounts,
only
which
A
year
ago
the total
£202,901,361.
and
other
Public
deposits
de¬
The latter consists of bankers'
fell
off
£5,715,609,
and
other
Volume
which increased £947,652.
accounts,
of
tion
Financial
144
31.00%
the
32.87%
a
liabilities
to
reserves
week
previous
Loans
year ago.
The
propor¬
32.50% from
to
rose
curities
discounts and
4,070,832,000 marks last
securities
was
made
which
the
ments, in other daily maturing obligations, and in
other liabilities.
discount rate.
Below
Below
Changes
for Wee*
Assets—
the different items with
comparisons
BANK
for several years:
OF ENGLAND'S COMPARATIVE
STATEMENT
April 25,
April 26,
1936
1935
1934
1933
Reichsmarls
Gold and bullion
+316,000
Of which depos. abr'd
Res've in for'n currency
+ 139,000
.
April 24,
Apr. 15,1937 Apr. 15,1936 Apr. 15.1935
Reichsmarls
66,807,000
19,520.000
5,453,000
81,013,000
21,818,000
4.320,000
—228,198.000 4,500,756,000 3,097,424,000 3,594,035,000
259,853,000
200,450,000
151,165,000
+34,017,000
40.225,000
37,445.000
+8,793,000
40,707,000
721,404,000
444,966,000
628,678.000
—12,247,000
596,013,000
783,164,000
+20,539,000
610,593,000
.
Advances.
Investments
Other assets
Reichsmarls
Reichsmarls
68,018,000
19,078,000
5,957,000
+ 194,000
Bills of exch. and checks
Silver and other coin.
AprU 22,
April 21,
1937
comparison of
a
REICHSBANK'S COMPARATIVE STATEMENT
show
we
furnish
we
the different items for three years:
No change
£1,866,334.
rose
compared
Decreases &lso
year.
appeared in bills of exchange and checks, in invest¬
advances, which decreased £2,311,617,
and
in
with
with
compares
£2^885,000 and those on other se¬
£445,283.
Other securities consists of
of
lowered the total to 4,498,000,000 marks,
Government securi¬
and
on
decreased
ties
2719
Chronicle
....
£
Circulation
464,025,000 415,447,768 393,181,996 373,703,629
Public deposits.
25,586,000
13,231,108
7,624,211 15,829,211
Other deposits
130,050,209 131,133,637 137,733,613 136,461.504
Bankers' accounts.
91,181,522 93,080,518 98,135,805 99,505,115
Other accounts
38,868,687 38,053,119 39,597,808 36,956,389
Govt, securities
94,064,806 93,249,560 87,731,044 75,694,209
Other securities
28,607.932 21,367,436 15,440.454 15,903,054
Disct. & advances.
4,594,387
7,479,056
5,281,998
5,819,849
Securities
24,013,545 13,888,380
9,620,605 10,621,056
Reserve notes & coin 50,669,000
47,453,593 59,884,789 78,387,380
Coin and bullion
314,693,350 202,901,361 193,006,785 192,091,009
Proportion of
to
371,934,552
10,782,030
138,041,048
100,936,137
37,104,911
68,531,127
23,082,981
11,631,385
11,451 596
74,923,799
186,858,351
reserve
liabilities
32.50%
Bank rate
32.87%
2%
2%
50.34%
51.47%
2%
41.19%
2%
2%
Liabilities—
Notes in circulation....
Other dally matur.oblig.
Other liabilities
-148,000,000 4,498,000,000 4,070,832,000 3,488,322,000
775,999,000
-26,406,000
894,314,000
789,239,000
172,294,000
207,308,000
—2,305,000
171,883,000
...
Propor'n of gold & for'n
curr. to note
circul'n.
1.67%
2.44%
1.07%
Foreign Money Rates
IN LONDON open market discount rates9-16%
bills
Friday
9-16%
against for short
on
as
were
on
Friday of last week, and 9-16®^% for three months'
Bank of France Statement
bills
against 9-16@5^%
as
Money
on
call at London
Friday of last week.
on
on
Friday
was
THE weekly statement dated April 16 showed a
601,000,000
Paris the open market tate remains at
francs, which brought the total outstanding down to
Switzerland at
contraction in note
85,696,769,685 francs.
circulation of
Circulation
a
gregated 82,961,877,365 francs and two
82,385,522,825 francs.
at
now
The Bank's
reserve
ag¬
ratio is
year
and
French commercial bills
year.
discounted, bills bought abroad,
advances against
securities, creditor current accounts and temporary
advances to the State registered decreases, namely,
536,000,000
francs,
20,000,000
francs,
72,000,000
francs, 659,000,000 francs and 3,000,000 francs, re¬
spectively.
total
of
Gold holdings remain unchanged, the
57,358,742,140 francs comparing with 62,-
488,413,391
francs
the
francs
last
before.
year
and
year
Below
81,023,533,766
BANK
OF FRANCE'S
COMPARATIVE
reflected
all
Francs
Gold holdings
Cred.
a
bals.
17.
cial paper
in
Bankers' bill dealings remained
The
rate structure.
series of discount
in 148
over
commer¬
is absorbed readily, without affecting the
Treasury sold last Monday two
bills,
one
series of $50,000,000 due
days being awarded at 0.545% average, and
another series of
awarded at
$50,000,000 due in 273 days being
0.701%
average,
discount basis.
on
1%
both computed
Call loans
an
on
were
con¬
19,
1935
the New York Stock Exchange, and
remained available at 1%% for maturi¬
days, and 1 %% for datings from three to
six months.
Francs
Francs
Francs
carried
small, and the slightly increasing total of
time money
1936 Apr.
were
com¬
a
STATEMENT
1937 Apr.
preva¬
departments.
years:
No change *57358742,140 62,488,413,391
No change
12,035,298
9,894,372
abroad,
New York
81,023,533,766
Money Rates
12,925,196
French commercial
bills discounted.,
b Bills
bought abr'd
Adv. against securs.
Note circulation
Credit current accts.
c
16,
no
previously, and rates also
ties to 90
Apr.
Market
CONDITIONS change this week from thosemarket
in the New York money
lent
annual bank
Changes
for Weel
1^%.
New York Money
tinued at
furnish
we
parison of the various items for three
At
ago
years
55.64%, compared with 66.80% last
80.19% the previous
ago
year
A%.
4%, and in
—536,000,000 7,424,854,889 14,005,568,796 4,084,462,058
1,147,323.125
1,307,297,967
—20,000,000
1,094,108,935
—72,000,000 3,729,141,729 3,405,712,571 3,123,692,767
—601,000,000 85,696,769,685 82,961,877,365 82,385,522,825
—659,000,000 17,399,647,218 10,588,410,453 18,656,490,226
Temp. advs. with¬
Propor'n of gold
on
hand to sight llab.
+0.68
55.64%
80.19%
66.80%
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 with 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¬
a
was
ruling quotations all through the week for both
loans and renewals.
—3,000,000 20.000.793,264
out Int. to State—
DEALING in detail with call loan rates on the
the
Stock Exchange from day to day, 1%
Banks" on a subsequent page of this Issue.
Note—"Treasury bills discounted" appeared In blank In the statement of Sept. 25:
all these bills had matured and have since been transferred to the account
"Temporary advances without interest to the State."
unchanged this week,
reported.
90
new
The market for time money is
no
transactions having been
Rates continued nominal at 1K%
up
to
days and \lA% f°r f°ur to six months maturities.
The
market
for
prime commercial
paper
has been
moderately active this week. The demand has been
pean
as
\
Bank of Germany
fair,
but the supply of
decline.
Rates
are
paper
has shown
a
slight
unchanged at 1% for all maturities.
■
Bankers' Acceptances
Statement
for prime bankers' acceptances has
THE statement for the in gold quarter of April THE demandthis week, but the supply of prime
second and bullion of
showed
improved
an
increase
316,000 marks, which brought the total up to 68,018,000 marks.
Gold
807,000 marks and two
a
ago
year
years ago
aggregated 66,-
81,013,000 marks.
1.67%; last year it
bills
still
is
official
spotty.
Rates
are
unchanged.
The
quotations as issued by the Federal Reserve
Bank of New York for bills up to
and including 30
marks, 194,000 marks, 34,017,000 marks, 8,793,000
A% bid and 7-16% asked; for bills running
days, %% bid and 9-16% asked; four
months, %% bid and %% asked; for five and six
months, %% bid and %% asked. The bill-buying
rate of the New York Reserve Bank is A% for bill
marks, and 20,539,000 marks, respectively.
running from 1 to 90 days, %% for 91- to 120-day
The Bank's
was
1.77%.
currency,
other
reserve
traction
in
now
Deposits abroad, reserves in foreign
silver
assets
ratio is
and
recorded
note
other
coin,
increases,
circulation
of
advances,
namely
and
139,000
A
con¬
148,000,000 marks
days
are
for 60 and 90
bills and
1% for 121- to 180-day bills.
The Federal
2720
Financial
Reserve
from
are
Bank's
holdingsjof acceptances decreased
$3,522,001 to $3,465,000.
quoting the
rates
same
Open market dealers
those reported
as
Federal Reserve Bank of New York.
market acceptances
open
—180 Days—
Prime eligible bills..
Bid
y
K
90 Days
Bid
Asked
Prime eligible bills
%
—120 Days—
Asked
Bid
M
Bid
»16
.
H
H
60 Days
80 Days
Bid
Asked
Asked
H
FOR DELIVERY WITHIN
Asked
M
950,000, leaving
taxes
new
£252,000.
% % bid
% % bid
Discount Rates of the Federal Reserve Banks
prospective deficit of £14,898,000.
a
are
expected to create
March 31
announced
was
no changes this week banks.
Reserve in the
following is the schedule of
for
the
various
classes
of
paper
at
now
in effect
the
rates
different
Reserve banks:
Effect
Date
Boston
2
...
Previous
Established
Rate
on
Apr. 23
Feb.
generally
1H
Feb.
21934
2
Jan.
17 1935
Cleveland
1^
May 11 1935
2
2H
2H
2H
2Vx
2Vx
2H
2H
2H
Richmond
2
May
Atlanta
2
Jan
The two
on
Chicago
2
Jan.
19 1935
St. Louis
2
Jan.
31935
Minneapolis
2
Kansas City...
Dallas..
2
May 14 1935
May 10 1935
9 1935
2
May
8 1935
2
—
San Francisco
Feb.
16 1934
the
out
year
$4.94}4,
high for the
a new
The
year.
some
as
range
$4.9434 for bankers' sight bills, compared with a
of between $4.89 11-16 and $4.92 3-16 last
The range for cable transfers has been between
$4.91%
and
$4.9434,0 compared with a
$4.89% and $4.92% a week ago.
between
Several
news
factors
important bearing
rates and
on
the
week
of
have
may
an
the future of foreign exchange
the monetary and fiscal policies of the
budget
to Congress and the British
message
budget presented to the House of Commons.
measures
were
submitted
on
estimates
point to
fiscal year
a
Both
while
$418,000,000 deficit in the 1938
(exclusive of sinking fund charges), he
to reduce expenditures and secure a
would strive
balanced budget.
At the
same
time he predicted a
deficit of $2,557,000,000 for the current fiscal
year,
$309,000,000
more
than originally estimated.
He
asked
for $1,500,000,000 for unemployment relief
postponed the question of tax increases. Presi¬
and
dent RoosSvelt plans to ask Congressional authoriza¬
tion for added power to
curtail expenditures.
Chancellor Chamberlain turned to wartime methods
to
a
help finance the rearmament
program.
Calling it
"growth of profits" tax, the Chancellor revived
wartime
excess-profits levies in
ultimately to produce
The
in the
designated
to £25,000,000 annually.
Other than this there
new
com¬
was no announcement
budget for which the British taxpayer
prepared.
able.
There
Higher taxes
was
no
Chancellor announced
the
move
impost is to expire when rearmament is
pleted.
not
up
a
were
an
was*
considered inevit¬
surprise, therefore,
when the
increase of three pence on
pound in the income tax, bringing the rate to 25%.
The
Chancellorjestimatedlthe expenditures for the
form of official
exchange control operations
was
was
A
done in nearly
reported to be scattered buying
Exchange houses, indicating
in the local stock market.
some
by
selling of
As there has not been
a
corresponding stock business in the foreign exchange
market, it is believed that the foreign liquidation
has not been accompanied
by repatriation of funds
that the proceeds are
but
remaining here in the
form of dollar
The
demand
in part to
was
deposits.
for
sterling
short covering,
was
undoubtedly due
during the
as
recent
gold
considerable short interest in sterling
built up because a reduction in the
price of gold
scare
would
a
result
in
lower
sterling.
Despite
official
denials that the United States intends to make
any
change in its monetary policy, the belief still persists
that the United States will be
compelled to revise its
monetary policies by force of circumstances implicit
in natural economic law.
Tuesday.
President Roosevelt advised Congress that
trace
American securities.
Bankers reported that
foreign
selling in the past few weeks has exceeded buying
price
The most important are President Roose¬
nations.
velt's
on
of
range
to
at work in the
were
trading periods during the week, but commercial
There
range
week.
unable
were
quarters showed little interest.
sterling this week has been between $4.91 11-16
and
and
market.
It seemed beyond
question that sterling
quotations would have ruled very much higher but
all
on
Thursday, April 22, sterling cable transfers sold
as
foreign exchange traders experienced
fairly large amount of business
EVER been firmer than last week sterling exchange
has since Friday of
time this
and
high
week
directed toward restraining the rise in
sterling.
Course of Sterling Exchange
for
measures had practically no effect
foreign exchange market. Through¬
puzzling sessions
Stock
at any
relinquish after
budget
the immediate
2
2H
14 1935
to
the coronation ceremonies.
for
81934
New York
Philadelphia
marked
Chamberlain may have forfeited his
opportunity to
to the
premiership which, it is
clearly the various factors which
Rate in
Federal Reserve Bank
so
expressed in London that Chancellor
are
succeed
most
DISCOUNT RATES OF FEDERAL RESERVE BANKS
closed
year
Disapproval of the proposed budget is
rates of the Federal
The
surplus of
a
£5,597,000.
as
conceded, Mr. Baldwin is anxious
THERE have been
rediscount
On the basis of
is estimated at £847,-
revenue
The final deficit for the fiscal
that fears
Eligible member banks
Eligible non-member banks
at £862,848,000, including £10,000,000
supplementary estimates.
existing tax rates the
7i«
THIRTY DAYS
April 24, 1937
current year
for civil
The
150 Days—
Asked
%
The rates for
follows:
are as
Bid
by the
Chronicle
gold is overvalued.
The
The dollar is
United
undervalued;
States
offers
the
highest price and is practically the world's sole market
for the metal.
According to Paris dispatches of April 16, it is
universally accepted there as true that speculation
played
a
large part in the
recent general rise in
com¬
modity and security prices and that similarly the
recession is attributable
principally to the liquidation
of commitments
rashly made at top prices.
The
conviction now seems to be firm in
Paris that no
alteration will be made in the value of
the dollar in
terms of gold, as the Paris bankers are
accepting at
face value the official denials
orities
on
this
However,
are
still
bankers in Amsterdam and London
uncertain
as
to
the
gold price situation.
still far from reassured
are
possible monetary
or
Washington auth¬
score.
some
These bankers
boom
of
measures for
inflation.
Hence
fighting
Washington
compelled to deny categorically
monetary policy.
rumors
regarding
an
excessive
was
again
of change in
Developments during the week showed that the
gold movement to the United States is
continuing with
unabated vigor.
The inactive gold fund,
counting
Volume
144
Financial
gold already engaged abroad
the
$500,000,000 mark,
policy
States
Government should and
can
fund
reaches
perhaps
or
exceeds
on
Friday £447,000.
Tuesday £350,-
Thursday £174,000,
on
At the Port of New York
gold movement for the week ended April 21, as
reported by the Federal Reserve Bank of New York,
was
follows:
as
,
.
'
..
GOLD MOVEMENT AT NEW YORK, APRIL 15-APRIL
21, INCL.
Imports
change in policy will be made until the in¬
no
Wednesday £550,000,
on
the
perhaps indefinitely its present mechanism
sterilizing gold imports. It is generally believed
active
on
anti
under existing
continue
that
Monday £406,000,
on
Saturday last there was" onT offer
000,
conditions hold its gold price at $35 an ounce. There
seems
to
be a determination in Washington to
for
On
£268,000,
Official
ago.
again taken for unknown
was
destination.
the sterilization
to be that the United
seems
2721
in the London market
route, has passed
or en
although
established only four months
was
opinion in Washington
Chronicle
Exports
$25,510,000 from England
$1,000,-
4,246,000 from Canada
1,133,000 from India
000,000.
None
24,000 from Russia
Sterling exchange was extremely strong in Wednes¬
day's and Thursday's trading, due largely to demand
for sterling with which to buy gold in the London
market for sale in New York.
$30,913,000 total
Net Change in Gold Earmarked for
Foreign Account
Decrease: $1,265,000
Note—We have been notified that
Tourist demand has
approximately $1,852,000
of
gold
was
received at San Francisco from Australia
been stimulated
by the approach of the coronation.
The marked weakness in the French franc
past few weeks indicates
Paris.
In
Wednesday's trading in London francs
on
Despite adverse factors, the general foreign ex¬
change and international trade outlook has developed
Premier Paul
of the
view
fact
that
Zeeland of
Belgium, presumably
the instigation of London and Paris, has under¬
at
calling
van
make
taken to
.
in
aspect
extensive
an
study with
economic conference to
an
a
remove
view to
the
ob¬
metal
>
account.
received
.
and the foreign exchanges.
M. Van Zeeland plans to sail for the United States
It
the
Administration
for such
was
Change
disclosed in Brussels
was
on
April 19 that the President's invitation to M. Van
Zeeland to visit
Following
mier
Washington
Zeeland
van
made
was
a
month ago.
the British-French invitation, Pre¬
up
has
commissioned
M.
Maurice
Frere, former counsel of the Austrian National Bank,
to undertake
preliminary study. M. Frere has visited
London, where he exchanged views with Sir Frederick
day changes
are our own
HELD
IN
Amount
Date
472,741,270
481,446,217
similar conversations.
was
+8,704,947 Apr. 21.
tween
a
hoped for
efforts of Premier
about
world
a
reasonably early
a
van
can
without
conference.
Dr.
be regarded as official,
makes it improbable that he
definite
the
While
not
the nature of his position
spoke
of the
Zeeland of Belgium to bring
economic
Schacht's remarks
publicly that
success
knowledge( of Berlin.
INACTIVE
FUND
Daily Change
+$10,117,018
+13,937,396
505,913,858
+413,272
Wednesday
during the week ranged be¬
premium of 3-32% and
premium of 7-32%.
a
The following tables show the mean London check
rate
on
Paris, the London
the price
open
market gold price, and
paid for gold by the United States:
MEAN LONDON CHECK RATE ON
PARIS
Saturday, April 17
110.03
April 19
110.04
Wednesday, April
Thursday,
April
Tuesday, April 20
110.36
Friday,
Monday,
141s. 2d.
April 19...
141s. Id.
BY
Friday,
THE
RESERVE
Saturday, April 17
$35.00
Monday, April 19
35.00
Tuesday, April 20
35.00
110.44
111.30
111.24
PRICE
Wednesday, April 21...141s. lKd.
Thursday,
April 22... 140s. 7HU.
141s. 2d.
Tuesday, April 20
21
22.
April 23
OPENjjj MARKET GOLD
PRICE PAID FOR GOLD
Brussels last week and stated
in
day-to¬
$40,587,743
Canadian exchange
Hjalmar Schacht, President of the Reichsbank,
he had
TREASURY'S
Increase for the Week Ended
Monday,
Dr.
THE
The
Date
Amount
+$2,109,801 Apr. 19_$491,563,235
+ 5,305,354 Apr. 20. 505,500,631
Saturday, April 17
Paris, engaged in
On
calculations.
Daily Change
Apr. 15_$467,435,916
Board of Trade.
in
Hong Kong.
or
daily Treasury statements, issued during the week
LONDON
now
was
exports of the
ended last Wednesday, was as follows.
Leith-Ross, the Foreign Office, the Treasury, and the
He is
Wed¬
on
gold
Gold held in the inactive fund, as indicated in the
that
ago
from
imports
party to the suggestion
a
study, but it
a
days
were no
of
exports of the metal,
in gold held earmarked for foreign account.
Apr. 17.
denied in Washington some
was
There
Francisco
were no
Apr. 16.
June 10.
on
San
at
Friday there
or
$22,514,700
change in gold held earmarked for foreign
It was reported that $76,000 of
gold was
or
GOLD
stacles restricting trade
Thursday
received from England.
were
March 1.
encouraging
nesday .flOn
demand for sterling in
a
quoted at 111.40 to the pound, against 105.13
an
The above figures are for the week ended
during the
April 23._.140s. 8^d.
UNITED STATES
(FEDERAL
BANK)
Wednesday, April 21
Thursday,
April 22
Friday,
April 23
$35.00
35.00
35.00
Referring to day-to-day rates sterling exchange on
was firm although off from
Friday,
Saturday last
when
sterling touched
Bankers'
sight
cable transfers
were
a
new
high for the
$4.91 11-16@$4.91 13-16
was
$4.91%@$4.91%.
year.
and
On Monday
Meanwhile, Mr. George Lansbury, veteran British
sterling
Labor leader, following an
Hitler, asserted that Hitler had expressed willingness
$4.91%@$4.92 7-16 for bankers' sight and $4.92®
$4.92Yi for cable transfers. On Tuesday sterling con¬
to
tinued
participate in
were
world economic conference, if
summoned by
of any
major
countries,
and
a
President Roosevelt
Holland,
Norway, have been for
to
Denmark,
Sweden,
months actively
trade obstructions
some
remove
steadiness
promote
one
the head
or
It is well known that the Oslo
power.
Belgium,
engaged in endeavors to
and
audience with Chancellor
in
foreign
exchange
quotations.
firm and in demand.
The range was
firm.
Bankers' sight was $4.91
13-16®
$4.92j4; cable transfers $4.91%@$4.92 5-16.
On
Wednesday the pound was again firmer. The range
was
$4.92^ @ $4.9334
for
bankers'
$4.92 ll-16@$4.935/8 for cable transfers.
day exchange
year.
The
on
range
London touched
was
a new
sight
and
On Thurs¬
high for the
$4.93J4@$4.9434 for bankers'
sight and $4.93 7-16@$4.9434 for cable transfers. On
Money rates
in
Lombard
changed from those of
many
Street
are
continue
un¬
weeks past. Call money
•against bills is in supply at %%>
months' bills
was
Two- and three-
9-16%, four-months' bills 19-32%,
and six-months' bills
21-32%.
All the gold
on
offer
Friday the pound continued firm in relatively light
demand.
The
range
•bankers'
sight
and
transfers.
was
$4.92 15-16@$4.9334 for
$4.931-16@$4.93% for cable
Closing quotations on Friday were $4.9334
•for demand and
$4.93J4 for cable transfers.
Com-
Financial
? 2722
mercial
documents for
transfers
sight
$4.93>
closed at 22.87% for checks
at
54.70,
at
exception and has been under severe pressure since
and 25.38;
Checks
against 21.98 and 21.98.
an
and
in*the past two weeks.
24.74.
steady
It would
or
seem
either that the
unable to hold the
that it has been decided in Paris to allow
numerous
been
cents
The
devalued.
was
"The situation is confused
and the issue calls for energetic
worse
handling if it is not
and develop into an economic
political crisis."
and financial and finally into a
The
following table
leading European
shows
the
relation of the
Old Dollar
Italy (lira)
Switzerland (franc)
a
(guilder)
New dollar
at
16.95
4.43% to
16.85
5.2Q% to
8.91
5.26%
sight bills
on
16.89 for cable transfers,
was
gold sterilization policy last
pesos
paper
32.80
closed
Friday, official
on
Friday of last week; cable transfers at 32.88,
on
The unofficial
against 32.80.
was
free market close
Brazilian
or
30.35@30.45, against 30.40@30.50.
The
milreis, official rates, are 8.80, against 8.79.
unofficial
or
free
market in milreis,
is 6.30@6.40,
Chilean exchange is nominally
against 6.30@6.35.
Peru is nominal at
quoted at 5.19, against 5.19.
26.00, against 26.00.
no new
It
understood
is
on
that
the
displayed by sterling.
authorities
Tokio
are
additional 50,000,000 yen of gold to the
The Japanese gold shipments which
22.82% to 22.89
shipping
United States.
Paris closed
on
Friday
In
the French center finished
against 4.47%.
week;
Antwerp
against 16.86% and 16.86%.
quotations for Berlin marks
40.21 for
bankers' sight bills and 40.21 for cable transfers, in
comparison with 40.21 and 40.21. Italian lire closed
at 5.26% for bankers' sight bills and at 5.26% for
cable transfers, against 5.26% and 5.26%. Austrian
schillings closed at 18.73, against 18.70; exchange on
Czechoslovakia at 3.48%, against 3.48%; on Bucha¬
were
0.74, against 0.74; on Poland at 18.98, against
on
Argentine
54.75% to 54.76^
belgas closed at 16.89 for bankers' sight bills and at
19.00; and
Government
Argentine
quotations at 32.88 for bankers' sight bills, against
68.06
4.43%, against 4.46% on Friday of last
rest at
a
November.
32.67
and Oct. 5, 1936.
cable transfers at 4.43%,
Final
the
compelled to initiate
4.47%
to 16.89K
111.12, against 110.05 on Friday of last week.
New York
and
growing
are
of the Central Bank of Argentina
reserves
currencies share the firmness
parity as before devaluation of the European currencies
The London check rate
at
gold
sents
This Week
a
6.63
3.92
13.90
5.26
19.30
40.20
(franc)
Belgium (belga)
between Sept. 25
The
EXCHANGE onfeatures from recent countriesThese
the Far Eastern weeks. pre¬
Range
New Dollar
Parity
Parity
Holland
prevailing prices.
currencies to the United States
dollar:
France
materials and foodstuffs at
attracted by investment opportunities.
Disturbed labor
conditions, rising costs, reduced production, political
uneasiness, and a most unfavorable trade balance are
largely responsible for the French situation. French
funds are again leaving Paris, going chiefly to Bel¬
gium and Switzerland. A highly competent financial
rapidly
the
to
trade of the
Argentina,
originally offered at 98 fell to 95.
to grow
raw
export
movement
4%% defense loan which
observer in Paris said:
of the
the quotation in the
September when the franc was
new
South Americas in
largely
owing
improvement
condition
quoted at 64.20 francs,
were
March, and five francs below the quo¬
tation at the end of
York.
not quoted in New
are
At present there is a considerable
of British and American capital into
nine francs below
of
middle
Norway finished at 24.78%
24.78%, against 24.74 and
EXCHANGEfirm.theThe exchange situation shows
South American countries is
generally on
prosperous
perpetual 3% rentes
on
at
Spanish pesetas
progressive
quoted around 4.44 cents. Securities have been
in the Paris market.
On Wednesday
was
transfers
during the week the franc has
breaking
which
while checks
cable
On
devaluation law of October.
occasions
Sweden closed
25.38
on
franc
the unit to decline to the lower level of 4.35
authorized by the
Copenhagen
and cable transfers at 25.41, against
at 25.41
early in March, which has become greatly aggravated
control has been
and at 22.87% for cable
checks finished at 22.03 and cable transfers at 22.03,
THE Continental The Frenchare firm in sympathy
& with sterling. currencies
franc is, however,
French
Swiss francs
54.70.
against
transfers, against 22.83% and 22.83%.
Exchange
Friday
on
$4.92%.! Cotton and grain for payment closed at
bills
on
Friday of last week; cable
54.76, against 54.76; and commercial
at^54.76, against 54.76
payment at $4.92%, and seven-day grain bills at
Continental and Other Foreign
finished
Bankers' sight on Amsterdam
sight bills finished at $4.93, sixty-day bills at
$4.92)4, ninety-day bills at $4.92,
April 24, 1937
Chronicle
Finland at 2.18%, against 2.17. Greek
have
an
been in- progress
for
some
weeks
are
for the
of strengthening the yen during Japan's
purpose
import season.
yesterday were
Hong¬
kong closed at 30.68@30 13-16, against 30.57@30%;
Shanghai at 29.91@30 1-16, against 29.88@30 1-16;
Closing quotations for yen checks
28.76, against 28.68
on
Friday of last week.
50.20, against 50.15; Singapore at 58.00,
Manila at
and
against 57.75; Bombay at 37.29, against 37.17;
Calcutta at 37.29, against 37.17.
Gold Bullion in
European Banks
THE following table indicates the amounts of gold
bullion (converted into pounds steiling at par
of
exchange) in the principal European banks as of
respective dates of most recent statements, reported
to us by special cable yesterday (Friday); comparisons
are shown for the corresponding dates in the previous
four years:
exchange closed at 0.90%, against 0.90%.
1937
EXCHANGE on the countries neutral during the
generally firm in keeping with the
war
is
firmer
move
of sterling.
range
rencies
in close
Swiss franc is firm as
is
now
strict
The Scandinavian cur¬
sympathy with sterling. The
a great deal of refugee money
seeking domicile in Switzerland.
policy
of the Dutch exchange control1 the
has hardly varied all week from the
Holland guilder
steady level of 54.76 cents.
Due to the
1936
1935
1934
£
Banks of—
£
£
£
England
314,693,350
France
458,869,937
2,447,000
Germany b.
Spain
.
Italy
c87,323,000
a42,575,000
Netherlands
76,626,000
Nat. Belg..
103,723,000
83,537,000
25,655,000
Switzerland
Sweden
Denmark
..
Norway
202,901,361
499,907,307
2,327,250
89,106,000
42,575,000
59,469,000
96,103,000
48,182,000
23,881,000
6,550,000
6,554,000
6,602,000
6,603,000
193,066,785
648,188,267
2,995,700
90,776,000
63,000,000
56,181,000
80,882,000
51,363,000
15,971,000
7,394,000
6,591,000
1933
4..-
£
192,091,009
601,044,466
8,727,750
186,858,351
646.677,142
90,487,000
75,485,000
65,534,000
77,161,000
62,261,000
14,819,000
7,398,000
6,576,000
90,365,000
67,669,000
17,102,500
79,645,000
76,311,000
88,537,000
12,116,000
7,397,000
8,380,000
1,208,601,287 1,077,608,918 1,216,408,752 1,201,584,225 1,281,057,993
Prev. week. 1,209.095,476 1,080,275,825 1,224,063,804 1.201,971,481 1,281,023,509
Total week.
a
Amount held
Oct. 29,
1935, latest figures available,
b Gold holdings of the
the amount of which is now
Bank of Germany are exclusive of gold held abroad,
reported as £953,900.
c
Amount held Aug. 1, 1936; latest figures available.
Volume
144
Financial
Note—The par of exchange of the French franc cannot be exaotly determined, as
yet, since the legislation enacted Sept. 20, 1930, empowers the Government to fix
the franc's gold content somewhere between 43 and 49 milligrams.
However,
calculated on the basis
which the Bank of France has revalued Its gold holdings
francs and pounds sterling Is approximately 105 francs to the
the parity between
on
pound (the old parity was about 125 francs to the pound). It Is on this new basis
that we have here converted the French Bank's gold holdings from francs to pounds.
Chronicle
in
vests
2723
the
Board, applied to the
in contro¬
case
versy.
The Act
further
was
challenged, however,
the
on
ground that it abridged the freedom of speech and
of the press
It is
a
disturbing commentary
upon
of the Administration toward
public enlightenment
that, almost from the inception of the New Deal,
regarded in
newspaper
circles
has been
in danger.
as
emphasized the facts that its
membership "consists of
the attitude
the constitutional guarantee of a free
press
guaranteed by the First Amendment.
The Associated Press
Freedom of the Press in Danger
The
persons
thing
the
which the members
upon
every
conceivable
one
united is that"
are
organization "shall be wholly free from partisan
activity
the expression of opinions, that it shall
or
limit its function to
reporting events without bias
provisions of the National Industrial Recovery Act
did not, perhaps,
contemplate a press censorship,
in order that the citizens of
but
specting them."
only the persistent opposition of the American
of
political, economic and religious view, that the
the
country, if given
our
facts, may be able to form their
own
opinions
It followed that, "whatever
with respect to
re¬
be
may
Newspaper Publishers' Association prevented the in¬
the
clusion in
departments," the Associated Press "must have ab¬
a
code of
newspaper
under which the press
subjected to
orders
and instructions
the various recovery measures,
few
made available to
were
ents
licensing provision
Federal curb. Of the thousands of ad¬
a
ministrative
a
might at any time have been
only
solute and unrestricted freedom
that there must not be the slightest
comparatively
a
opportunity for
any
Washington correspond¬
tertained
distort
Press
by
what
bias
he
writes,
be free to
cannot
partial
termine for itself the
and criticism.
comment
Edi¬
tors and
publishers
or
in discussing matters of merely theoretical
space
little disposed to spend time
are
interest, but the repeated and increasing discussion,
editorials and the proceedings of press associa¬
in
is regarded
as
The recent decision of the
of
case
Associated
the
versus
making the position of the press,
in the
presentation of
The
secure.
National
far
as
as
freedom
any more
complaint by the Ameri¬
Newspaper Guild, a labor organization, against
can
the Associated Press for
its New York staff
his
a
as
is concerned,
news
involved
case
the
hardly be regarded
can
discharging
the ground,
on
membership in the Guild.
that the
denied
of
cause
it
a
alleged, of
The Associated Press
employee had been discharged be¬
membership in the Guild, and declared that
the
discharge
not
being
was
on a
"solely
the grounds of his work
on
basis for which he has shown capabil¬
It further challenged the constitutionality of
ity."
the National Labor Relations Act and the
tion
of the
Board.
The
jurisdic¬
Board, after extended in¬
quiry, overruled the contention that interstate
merce
not
was
evidence
involved, and
decided
that
the
on
im¬
and
partiality
bias of editorial
or
findings of the Board, the Court
The
Act, it pointed
the retention
of
employee who fails to edit
an
impartially. The restoration of the discharged
ued
com¬
the basis of the
employee had not been
discharged for incompetence but because of his
mem¬
employment.
The
for which
one cause
an em¬
ployee may not be discharged is membership in
labor
Press," the Court added, "is not immune from
because
publisher of
from the
In
a
organization. "The business of the Associated
lation
member of
was
unbiased
employee would carry no guarantee of his contin¬
Supreme Court in the
Press
Relations Board
Labor
in danger.
furnish
out, does not compel the employment of any one,
news
dom of the press
to
reports unless it is equally free to de¬
news
view of the
In
or
significant indication that the free¬
en¬
or
that the Associated
and
held this contention irrelevant.
of
a
prejudice personally
employees."
tions, of the right of free publication and expression
opinion is
or
editorial employee to color
an
restive
press
employ and to
discharge those who," like the discharged employee,
while not opposed to the dissemination of news, was
under
to
"edit the news;
early formed that the Administration,
was
employees in its mechanical
under
issued
except under difficult conditions, and the im¬
pression
case
a
is
it
an
agency
a newspaper
has
of the
no
regu¬
The
press.
special immunity
application of general laws."
dissenting opinion, read by Associate Justice
Sutherland and concurred in
of the
by three other members
Court, the majority opinion
was
vigorously
attacked and the freedom of the press as
vigorously
"If freedom of the press," Justice Suther¬
upheld.
land
and
declared, "does not include the right to adopt
pursue a
tion, it is
may
as
a
policy without governmental restric¬
misnomer tom call it freedom.
well deny at
freely to adopt
cede that
we
press
pursue it, as to con¬
right and deny the liberty to exercise
uncensored
and
policy and
a
And
the right of the
once
an
judgment in respect of the employment
discharge of the agents through whom the policy
is to be effectuated."
Accepting the findings of the
"a true statement of the
bership in the Guild, and ordered his reinstatement.
Board
The Board's
discharge" of Watson, the employee concerned, and
findings of fact
the Associated
viewing the
were
not challenged by
the
Act the
re¬
conceding his right to sympathize strongly with the
accepted them and upheld the
or¬
policies of the Guild "whether they clashed with the
policies of petitioner
question of the constitutionality of the
Court, after an extended review of the
or¬
nevertheless
well
ganization and work of the Associated Press, held
ice free from
be
"bore
organization
was
engaged in interstate
com¬
that the services of the discharged employee
a
direct relation" to its interstate
commerce
activities, and that labor disputes between the
or¬
ganization and its employees of the class in question
tended
to
hinder and
Under this
lations Act,
impede interstate
commerce
ruling, the provisions of the Labor Re¬
including the authority which the Act
subverted
has
mined
the
"if
or
not," Justice Sutherland
petitioner
color, bias
by
or
concluded,
preserve
distortion
its
as
it
news serv¬
was
likely to
Watson's retention, what
power
Congress to interfere in the face of the First
Amendment?
to
asked
could, that its policy to
that the
merce,
for the
reason
Press, and the Supreme Court, in
case,
der for reinstatement.
On
as
And that question may not be deter¬
by considering Watson only; for the
power
compel his continuance in the service includes
power
members
that the
to compel the continuance of all Guild
engaged in editorial work, with the result
application of the statute here made, if
car-
2724
Financial
ried to the logical extreme,
for the
Guild
the character of the
over
This
last
clearly
now
of
remark
the
of
would give opportunity
high degree of control
a
service."
news
the
shows
press
is
constitutionality
In sustaining the
Wagner Act in its application to the inter¬
commerce
declared to be
in
which
Associated
the
engaged, and accepting
Press
is
conclusive
as
findings of the National Labor Relations Board
regarding the
yet indirect.
employee in the editorial department of
of
dom
the press
well said
or
other
pertinent to the inquiry.
power
obviously within the
of
a
union of edi¬
employees, in any such case, to insist that
inquiry extend to the attitude of the publisher
toward
editor
or
It is reasonable to
and
since
capacity
Board
such
union
a
and
its
policies.
expect that such a demand would
attitude
be made if the
known to be
were
unfitness, save in the event of
neglect, might be hard to
or
hostile,
in¬
gross
the
prove,
might easily be inclined to give union affilia¬
tion the greater
weight. The
the exercise of strong
union
way
is thus
for
open
editorial
pressure upon
policy, not only in the content and tone of editorial
also in
but
comment
the
presentation of
news
re¬
is, unfortunately, only too much reason for
believing
Mr. Roosevelt would like to curb
that
the freedom of the press.
azine
article
forecasting
Last December, in
of the things that
some
of his intimate advisers, Dr. Stanley
one
High, referring to the alleged distortion by certain
newspapers
of "facts of the campaign," declared
his confidence that the President "will say
thinks
about
newspaper
what he
misrepresentation,"
and
that, failing "constitutional means" of bringing "all
newspapers
which
in
are
within the
other
dent will
"unfair"
many
newspapers
arouse
against unfair journalism."
pub¬
The only
journalism of which Mr. Roosevelt could
was
that which
criticized
his
policies
exposed the methods of the personal government
his
which
Administration
pending in Congress
ington
for
of minimum honesty
help—unofficially at least—to
complain
and
area
enterprises and
required to operate,... it is likely that the Presi¬
lic sentiment
the
a
Central
benefit
a
had
fostered.
proposal to set
up
Information Bureau,
of government
There
is
at Wash¬
ostensibly
departments, but
a
dangerous curb on press freedom if it were to be¬
come
the
would
talk
his
to
only official source of information.
suppose
One
that Mr. Roosevelt, if he chose to
correspondents at all, would wish to have
statements
fully and accurately reported, yet
only by express permission may his words at his
regular
press
The press
and freedom of speech," as was
"means
than freedom from censor¬
more
that freedom of ex¬
means
pression must be jealously protected from
of
governmental control
Does
If the
to
ness
any
form
influence."
or
conferences be quoted directly.
has before it a hard struggle if it is to
maintain its constitutional freedom.
Europe Want Peace?
pean
expressions of peaceful intent and
a
capitals
to be taken at their face value,
were
to think that political leaders in
number of countries
about the imminence
ternational
actually thinking less
were
of
possibility of settling
and
war,
some
All that is needed,
agreement.
appar¬
though it will hardly have escaped notice that the
leader
often
most
is
mentioned
not
European
a
Power, but the United States. A scrutiny of the re¬
ports which might seem to justify hope, however, is
show much
likely to
of generality
more
than
of
positive assurance, while the course of events, from
whatever
angle it
as
may
be viewed, is
to make
so
contradictory
wonder what the lead¬
one
who, presumably, inspired the reports may have
ers
had in mind.
On
April 15, for example,
Italian Ambassador at
Count Dino Grandi,
London, surprised the mem¬
bers of the Non-intervention Committee
by
announc¬
ing that Italy was ready to consider the means by
which all
the
foreign volunteers in Spain should be with¬
The announcement
drawn.
which Count
position
March
discuss
the
was
a
direct reversal of
on
the
question of withdrawal, and expressed
opinion that Italian volunteers would not be
withdrawn until the war was over.
front made such
bassador
an
vaded"
The change of
impression that the Russian Am¬
promptly expressed his willingness to defer
discussion of the Russian
charge that Italy had "in¬
The immediate result was what an
Spain.
American
correspondent described as "the friendli¬
est and most constructive
meeting of the Committee
that has been held in many
to
taken
Grandi had
23, when he declared that he could not even
weeks," and
decision
a
put into effect on Monday the plan, long debated
times
several
and
scrutiny by
sea
postponed, for
an
international
and land of supplies entering Spain.
The Grandi statement seemed the
more
significant
because, in the weeks immediately preceding, the
with
British
course
in
Italian
the
had
France
Spain had been bitterly attacked
press,
been
relations between Italy and
reported
as
near
the
breaking
point, and the Franco Government had claimed tcr
reliable information that French aviation
possess
schools
were
training fliers for the Spanish loyalists.
The international
by the Wagner Act, which invites a labor union to
committee had
interfere with the editorial
of
execution.
supervision which the London
planned did not promise to be
Great
Britain in
personal relations which must exist between a pub¬
strongest naval Power, was in
lisher and his editorial
position.
staff, by the possibility that
about the
more
of their differences by in¬
ently, is for some great Power to take the lead, al¬
It is menaced
policy and the intimate
willing¬
a
cooperate that have been coming from Euro¬
it would be easy
a mag¬
might be expected in Mr. Roosevelt's second admin¬
istration,
it is to be preserved "Free¬
ship by government; it
and confused
lating to union activities.
There
without restraint and
news
upon
by counsel in the brief in the Associated
Press case,
any news¬
and to demand whatever records
It is
the
freely
any
information it may deem
torial
to publish
to comment
for Watson's discharge, the
reasons
inquire into the reasons for the discharge of
paper,
There is need of ceaseless vigilance,
prompt exposure and united resistance if the right
Supreme Court has upheld the right of the Board
to
April 24, 1937
of the press
Sutherland
Justice
of the dangers to which
one
exposed.
state
the
exercise
to
Chronicle
particular,
an
as
easy
the
uncomfortable
The port of Bilbao, the chief point of in¬
government news may be confined to official "hand¬
terest, had been blockaded by the rebels, but neither
outs," and by complaints that valid criticism or
party to the.Spanish war had been accorded belliger¬
intelligent interpretation is "partisan" or "colored."
ent
The
with
danger is the greater because the attacks are as
rights, and
a
vessel
any
forcible interference by the allies
undertaking to enter the port would"
Financial
Volume 144
be
violation of international law.
a
the
On
April 14,
day before Count Grandi made his unexpected
announcement, the
course
of cowardice and
not
improved when,
a
of food
cargo
evasion, and its posi-
April 20,
on
a
British
the Franco blockade,
ran
which the British Government had
regarded
ef-
as
fective, and landed its supplies.
There
plaint that the rebel blockade
interfering with
shipments of Spanish iron
was
ore
coal
was
to
other
warn
vided
question, that Great Brit-
a
ready to participate in a conference "pro-
was
thorough and comprehensive investigation
a
showed that such
conference would be likely to
a
suc-
ceed and provided there had been adequate prepara:
tion."
The reservation
was so
sweeping
to put
as
class of meaningless
nouncements to which Neville Chamberlain's state-
vessels of
vessels laden
com-
ain
and that exports of
being impeded.
were
was
Thursday, in reply to
on
the statement in the
blockading squadrons, exercising
or
one.
urgently needed for
the British armament
program,
could do
similar
or any
Minister Baldwin, who told the House of Commons
vessel with
ish
intimation that he intended to act
violently assailed in the House of Com-
was
as one
Welsh
gave no
the suggestion
upon
The British official attitude was shown by Prime
ment
was
day he
2725
of the Baldwin Govern-
mons
tion
Chronicle
same
If all that the
no
ment on the war debts belongs.
legal lauthority,
tion
danger, and if Brit-
with food
and
seems to
pro-
Mr. Baldwin's posi-
be substantially identical with that of
Mr. Roosevelt. Whoever calls
a
conference must take
perhaps
the responsibility for its success or failure, y The
military supplies nevertheless succeeded in reaching
World Economic Conference of 1933 broke down be-
Bilbao, there
cause
in
was reason to
fear that Italy's interest
supervision might cool and its interest in Franco's
revive, in which
success
be back where it
case
before
was
outlook
for
deal with armaments
is
no more
Conference that shortly followed he has been re-
in Spain, in
peatedly reproached by critics of his monetary pol-
of the
Exchequer and the probable
Prime
as
House of Commons
he
a
thread.
conference
icy.
to
both
or
hopeful. Neville Chamberlain, Chancellor
Baldwin
ley
war
was
economic relations
or
on
April 13 to
Stan-
successor to
Minister,
a
replying in
the
question whether
of
economic
an
wider field and
agreement covering a rather
having
than the currency
permanent nature"
a more
agreement to which Great Brit-
ain, France and the United States
plied that he
re-
"not contemplating this at the
was
time."
present
parties,
are
His
statement
in
House
the
on
Wednesday that the Government "would be ready
to reopen
discussions
of the British
such
suit
on
to warrant the
as
the question of settlement
debt whenever circumstances
war
hope that a satisfactory
might be reached" is only
vious statements
The
none
conversations
are
reiteration of
a
of which
which
has led
Norman
H.
re-
pre-
anywhere,
Davis, Am-
seemed likely to adopt.
He is too good
formed about the
invite further
ence
a
politician, and too well in-
political currents in Europe, to
criticism by
responsibility
a
calling another confer-
whose success appears more than doubtful, and
Mr. Baldwin obviously has
which
no
Mr.
intention of incurring
Roosevelt
carefully
avoids.
"contemplated entering into future negotiations
with the United States and France for the conclusion
For the collapse of the
ence
inau-
international
an
along with
supervision
words, hung, as it still hangs, by
The
go
the controversy would
gurated. Joint action to isolate the
other
of Mr. Roosevelt's refusal to
the plan of currency stabilization which the Confer-
Meantime Europe continues to
other
preparations for
war.
arm
to make
or
On April 10
Italian
an
decree provided for the merger of the land, naval
and air forces in Libya under a single command,
and the construction of
a
naval base at Assab
on
On the 17th the four Scandinavian
the Red Sea.
countries, with Belgium and The Netherlands,
reported to have concluded
an
were
agreement for the
ex-
change of information regarding armament expenditures and the production and sale of arms.
is
planning
near
Poland
naval base at Gdynia, its Baltic port
a
Danzig, the construction of strategic railroads
and the further improvement of its army. The British budget presented to the House of Commons
on
Tuesday, and characterized by a New York "Times"
bassador-at-Large of the United States and head of
correspondent
the American
of Commons had heard since the crisis of 1931,"
delegation at the World Sugar Con-
ference, has engaged in at London were reported by
a
correspondent of the New York "Times" as dis-
appointing "by demonstrating the general unwillingof
ness
the
European Powers to
embark
on
new
disarmament and economic talks at this time."
Some interest
Monday of
resented
The
a
as
was
aroused
by the issuance
as
"the most
statement in which Germany was rep-
willing to take part in a conference,
statement, given out by George Lansbury, a
budget the House
contemplates the continuance of the huge armament
program
already under way, and includes
£80,000,000 in aid of the undertaking.
let-up in Germany's rearmament, and
ized Switzerland is
on
savage
loan of
a
There is
even
no
neutral-
looking to its defenses against
possible air attack.
If Europe wants peace, it obviously does not
ex-
pect to obtain it by means of a general international
agreement for armament reduction. There is
no sug-
prominent member of the British Labor Party, with
gestion of reviving the Disarmament Conference and
what
no
was
said to be Chancellor Hitler's
declared that "Germany
tend
a
will be
conference and take part
to establish
economic
very
approval,
willing to at-
in the united effort
cooperation and mutual un-
derstanding between the nations if President Roosevelt
the head of
or
take the lead
German
press,
in
some
other
calling such
great couiftry will
a
conference."
The
however, failed 'to attach any im-
portance to the statement, and what was described
as
"a seriously watered-down
the
same
Reich.
Mr.
version"
was
issued
day by the official news agency of the
The
statement, apparently, did not impress
Roosevelt, and at his
press
conference on Tues-
interest in initiating another, and the League,
an agency
as
for bringing the nations to agreement, has
ceased to count.
No government
cares to
initiative in summoning an economic
take the
conference,
and so far as peace is to be furthered by improving
international trade or monetary arrangements, that
end is to be looked for through bilateral or regional
agreements.
It is possible that allied navies and
land patrols may succeed in localizing the war in
Spain, but the situation is extremely tenuous, and
success
would have
no
important bearing
upon an
international conflict. The whole trend of European
policy is in the direction of maintaining a highly
2726
Chronicle
unstable
status
by increasing national
quo
arma-
certain
Financial
workers in the District of
women
ments, and until the great Powers, most of all Great
must
Britain, change their
directly affected.
most
course,
armed peace, the
an
precarious form of peace that the world
have, will continue to be the
1
to%, seldom have
day.
Wages
intelligence
they
known, that, independent of restricimposed by the original and fundamental (con-
stitutional) law, most, if not all, of the things thus
prohibited are, in themselves, undesirable and detrimental and, if
attempted, would be dangerous and
the
well-being and the invalu-
legislation that is certain
require the consideration of the
legislative bodies of the Nation and of
How
far, it must
to the
the 48 States,
be inquired, and demonstrated
now
of the
masses
numerous
people if the public welfare is
to be
conserved, is it practicable, desirable or safe
hamper American workers and American indus-
to
try by statutory determinations of the terms
which
they
may enter upon contracts of employEvery such statute, it must be recognized,
ment?
is
a
upon
limitation upon human freedom.
dom should be
so
and to what extent if at all.
Obviously, there is
argument in favor of such
no
legislation to be drawn from the fact
that the final
authority has decided that it is not forbidden, at
regard to women and children, and some
least in
others whose contractual
as
some
capacity is presumptively,
think, limited by their industrial or
may
economic situation.
this
All that
determination
is
that
can
the
be inferred from
problem is
not
a
judicial
one but one for the highest statecraft acting through constituted and competent legislative
bodies.
This is made
perfectly clear by the prevailing majority opinion in the minimum wages
case
which
State of
arose
in connection with
Washington and
by the Supreme Court.
Justice, quoting from
an
earlier opinion, said:
ward
practicability of the law enacted to for-
or
it, the courts
are
both incompetent and
un-
authorized to deal."
And further
".
.
power.
unless
.
.
.
may
palpably in
hold views incon-
law, it
excess
may not be
of
legislative
Even if the policy be regarded
debatable and its effect
ture is entitled to its
So, in each
case,
as
uncertain, still the Legisla-
opinion."
But not without admonition.
light
upon
Cold and aloof
this problem,
or
Even in the Adkins case, now
as
the
series of problems,
expressly overruled,
the late Associate Justice Oliver Wendell
who wrote
the
a
Holmes,
dissenting opinion in agreement with
prevailing opinion in the
with his
quoted
case
decided last week,
customary clarity and vigor took occasion
or
are
immediately affected.
ment of
the
consequence,
blindly, maximum
em-
If the industrial employ-
is anywhere regarded
women
wholly
as
un¬
desirable and repugnant, all the Legislature of that
State
has
do
to
now
in
order
make
to
the
popular opinion effective is to fix minimum wages
(and/or maximum hours) at a level that makes it
economically
satisfactory to employ
more
men—or
boys.
This is likewise true of the much-mooted
of child labor, which
should
can never
question of the
ages
at which young persons
and should be authorized to bear their
and upon terms of their
livelihoods
of
problem
be wholly separated
be regarded as wards of the
cease to
their
own
State,
share, within
election, in earning the
families.
If
State
any
now
wishes to force all males under (say) 18 years of
age onto the streets, or into the schools (which
appears
to be
difficult in many instances), it
more
need only fix minimum wages for this class, under
the
recent
decision,
plainly
level; then such youths
Illustrations
ment.
above
might
economic
the
longer find employ-
can no
multiplied
be
indefi-
nitely.
However, earnest
tions of
concerned with the institu-
men
popular government cannot regard
as an
unmitigated evil the fact that these and other basic
of industrial
plainly back
as
we
too
them somewhat
errors
of
have
control
been
thrust
legislative bodies which
upon
suspect,
long in
the
casually, in the
dealt
past
serene
have,
with
belief that
judgment (or sometimes of partisan
selfishness) could accomplish little,
public mischief, because they merely "put it
up" to the Supreme Court, which, by such decisions
if any,
as
that in the
between
now
overruled Adkins case,
the public
and
can
be
It is well that
no more.
our
wages.
State
This
Legisla-
tures should be serious and
sober, as they have not
always been; that they should be strengthened by
exercise in the control of problems of sufficiently
large import, brought plainly home to the
their daily lives,
by legislation.
makers sent to
gress,
men
now
so
There
our
with
masses
in
comprehensively affected
should
be
far
better
law-
State Legislatures and to Conmuch
public obligation.
court, fixing minimum wages for
has stood
the forcing from employ-
ment of masses economically incompetent to retain
their positions at the lowest
then
in
the other
upon
by direct and inescapable
stronger judgment, and
the
endorsed
class that does not, also,
any
and
frankly to observe that the tendency of the statute
before
and
Succinctly, it presents
statutory
it will be up to the Legislature,
great court must be, it has not omitted to throw
some
earn
recklessness and
sistent with the wisdom of the
annulled
is
prescribe, intentionally
their
:
though the court
.
of
problems
policy adopted, with the
they
ployment for the particular class of workers who
statute of the
In that opinion the Chief
"With the wisdom of the
adequacy
a
decided last month
was
unless
This is no one-way thoroughfare; there can be no
legislation prescribing minimum wages for employ-
from the
-
is
It
.
every Legislature
will have to deal, and should attempt to deal wisely,
whenever it is confronted by any proposed statute
of this character.
Whose free-
impaired, under what conditions,
.
.
exactly the problem with which
hand
to
allowed
wages
The foregoing
ees
soon
lowest
present majority opinion.
precisely this problem in connection with the
vast
requirements.
assume that women will not be employed at
them."
able liberties of the American
people.
It will now become
essentially necessary to meet
flood of minimum wages
;
statute
the
even
have very well
destructive to the future
those
of
He then said:
minimum
undertaken to convince the multitude of what
tions
Columbia, *
employment
does not compel anybody to pay
It simply forbids employment at rates
V;safe to
of first-rate
men
the
anything.
can
—
n/r.
.
1
minimum
Par
"This
diminish
to
below
order of the
—
be
The
larger
with
a
experience,
superior
surest way to
with
sense
of
obtain that
•
Volum*
result is
to
voters to
see
that
Financial
144
make it
increasingly important to all
to it that
they
better represented,
are
they choose legislators, not from the young and
politically-minded who offer themselves at the pri¬
maries,
but from those best qualified
service, who
but to
be
21 and there is doubt whether
over
telling the truth, either
antee of his age
for public
Executors,
dians, whom
quate evidence that there
be
services to
real
are
ciaries,
ized
If the minimum wages
to be
decision of last month does
strong incentive in the direction
a
of
or a guar¬
responsible adult should
some
administrators,
we
and
trustees
refer to collectively
may
guar¬
fidu¬
as
not make any transaction unless author¬
may
by law
which
performed.
from
not he is
or
birth certificate
a
be obtained.
be induced, not to contest for office,
can
accept office when it is tendered with ade¬
not prove
2727
Chronicle
by the will
or
they
trust agreement under
or
In making purchases
appointed.
are
limited to securities which are legal for
they
are
trust
funds, except that executors and trustees may
improving the quality of State legislative bodies,
the capacity of Americans for
self-government must
purchase non-legals if and to the extent that they
be written down
agreement under which they are appointed.
than doubtful.
as more
expressly authorized to do so by the will or trust
are
fore, if
Legal Requirements to be Observed by
Brokers and Dealers in Soliciting
Business
are
highly important from
years
practical stand¬
a
point.
It is
important, in the first place, from the
angle of avoiding financial losses
result of
litigation
otherwise.
or
a
solid foundation
public goodwill, not only toward
The securities
business
being placed in the
utilities
and
those
who
its
nature of
has the
now
company
engaged
are
welfare
most
as a
whole.
distinction
a
it will therefore
in
That cannot be
plished adequately without
of
public interest,
by regarding it in
public calling.
a
particular
of railroads and public
business affected with
as a
enhance
a
dealer, but toward Wall Street
or
the
And in the second
place, it is important in building
broker
very
as
a
the
accom¬
familiarity with the
important if not
an
a
broker's
business, which of
an
or
course
essential activity of his
firm, I shall consider, first, the particular types of
he may
and
soliciting
which
may
deal; second, what
may
not lawfully say to a customer in
third,
orders;
particular
requirements
imposed by the Securities Act in soliciting
are
orders in
tions
whom he
with
customers
new
issues; and fourth, special considera¬
relating to margin accounts and discretionary
accounts.
First,
as to
a
a
corporation, and is of full
broker
deal
or
dealer may, so
with
however,
tract.
him
are
far
age
as
a
prospective
distinguished from
and sound mind,
persons,
limited by law in their capacity to
minors, that is,
persons
con¬
under
of age, executors, administrators, trustees,
guardians
other
and
selling,
fiduciaries,
corporations,
fiduciaries authorized
a
legal investment
a
short sale.
a
the documents which
Any sell¬
not.
or
However, before execut¬
fiduciary in
a
stock
a
are
necessary
to effect
a
or
trans¬
fer and which will be needed in order to make
These documents
delivery.
good
according to the
vary
requirements of the particular transfer agents, but
almost
date
he
always include
appointed by the court,
was
proper
trust
or
executor
certified
of
copy
tax authorities.
its
of
character,
be
not
limited in their power
are
As the scope
stated in
should
a
agreement, and in the case of an
administrator, tax waivers from the
an
or
to contract.
is
court certificate of recent
a
showing the appointment of the fiduciary, if
the will
a
a
corporation's
powers
corporation's account
accepted without first obtaining
a
of its charter, preferably submitting it to an
copy
attorney to ascertain the extent to which the corpo¬
ration may
to go one
trade in securities.
corporation who gives instruc¬
tions has been authorized
by the corporation to do
In order to obtain this
so.
It is then necessary
step farther and be sure that the partic¬
officer of the
ular
there should
assurance
certified copy
a
board of directors of the
of
resolution of the
a
corporation giving the
ticular officer the necessary
par¬
authority.
Banks, like fiduciaries, in making purchases for
a
the law is concerned,
Certain types of
freely.
These include
21 years
If
types of customers.
natural person, as
given
are
registered bond, it is advisable to obtain from him
be obtained
customer is
to
comes
fiduciaries
that
selling order for
a
It is only in
margin.
Corporations likewise
discussing the law relating to
dealer's efforts to obtain
is
on
determine
to
therefore be accepted from him, provided
may
ing
order
anything in the estate which he represents,
that it is not
public's legal rights.
In
instances
whether it is
ing
concrete
of
When it
in
attorney,
purchase is authorized.
rarest
to sell
dealer should examine
or
agreement, preferably showing it
authority to trade
required to observe in solicit¬
ing business from customers has in recent
become
qualified
a
the
knowledge of the principal rules of law which
brokers and dealers
to
trust
or
whether the
By Charles H. Meyer of the New York Bar *
A
legal security, the broker
the will
There¬
executor or a trustee wishes to buy a non-
an
their
own
account, are limited by law to securities
of certain
types, although like fiduciaries they may
sell
anything they
Under national
own
State banks which
serve
if the sale is not
a
short sale.
banking laws, National banks and
are
members of the Federal Re¬
System, in buying for their
own
account,
may
banks, agents, and former customers who have died.
purchase
only
If
which
bonds, notes and debentures of prescribed
a
broker
beyond the
or
dealer deals with any
scope
of his
power
such customer
to contract, the broker
dealer may be compelled to bear any
or
loss which
the customer sustains.
A minor may
no
from
a
a
minor.
If
It is there¬
business whatever be
accepted
prospective customer claims to
*
Mr. Meyer is the author
of "The Law of Stockbrokers and Stock
Exchanges," "The Securities Exchange Act of 1934 Analyzed and Ex¬
plained,"
"Legal Pitfalls of the Stockbrokerage
May Be Avoided," and other authoritative works
banks
of
Business
on
and How They
stockbrokerage law.
are
ever,
Both
received from
in
which
own
to
National
and
quality.
the
a
a
depositor.
State
securities authorized by
and
State
permitted to buy and sell
whatever for
securities,"
"investment
marketability
limited also
are
State law.
repudiate his contracts.
fore essential that
are
standards
so-called
banks, how¬
any
Therefore, if
securities
an
order is
bank for the purchase of a security
bank
is not
permitted to invest its
funds, it is important to ascertain whether the
order
is
for
the bank
itself
or
for
one
of
its
de-
2728
Financial
If the order is for the bank's own account,
positors.
it
should, of
course,
Savings banks
not be accepted.
buy only securities which are legal for savings
may
banks,
and
not permitted to buy
are
sell for
or
depositors.
Agents
ferred
if
a
limited by the authority which is con-
are
them
on
behalf of
by their principals.
gives
person
order
an
Accordingly,
other instructions
or
on
another, it is desirable for the broker or
dealer to obtain
a
power
of attorney
other written
or
Chronicle
April 24, 1937
that the X corporation earned $5 a share in 1936
against $3 a share in 1935.
Suppose that this state-
ment is literally true in accordance with the corpo-
But suppose also that in 1936 the
ration's report.
corporation realized an extraordinary and nonrecurring profit which it did not earn in 1935, or
that in 1936 it charged off substantially less for
In either such case the
literally true, might be re-
depreciation than in 1935.
although
statement,
garded as misleading.
ex-
Suppose that in giving to a customer the book
Written authority, however, is not
value of a stock, a broker or dealer states the book
authorization in which the
pressly stated.
agent's authority is
essential, provided that authority has actually been
value to be the amount shown by the corporation's
given.
report.
If the customer has been dealing through an
agent for
substantial period
a
agent's
of time and has
authority,
broker
the
recognized
the
dealer may
continue to deal with the agent in the
same manner
of the
he has in the past.
as
or
The authority
agent may, of course, be revoked at any time
by the customer
written
on
oral notice, and is
or
joint account is governed by the
principles
account cannot act for the entire account
the extent that he is authorized to do
so
a
other
substantial
The customer is entitled to assume that divi-
by the other
it is
case
a
were
If, in fact, they
were paid is
misleading, unless the customer
the statement that they
not,
regarded in law as
it told also that they were not earned or that the
broker
were
dealer has no knowledge whether they
or
earned or not.
Suppose
participants, unless dealings have been
conducted for
dealer tells 9, customer that
dends at that rate were earned.
joint account, to obtain written authorization from
the
or
rate.
to deal with only one participant in
necessary
misleading.
Suppose a broker
joint
except to
It is therefore desirable, in
participants.
Unless the facts are disclosed to the customer
ties.
the statement to him of the book value might bt
legal
same
One participant in
as an agency.
actual worth, or fails to charge off possible liabili-
the X corporation has paid dividends at a specified
automatically revoked by the principal's death.
A
But suppose it also appears from the report
that the value so fixed includes assets at more than
a
customer asks for a quotation in a
one
stock, and the broker or dealer gives him a quota-
participant and his authority has been recognized by
tion which is merely nominal and which does not
the others
reflect
a
period of time with
A customer who has died
tractual
any con-
capacity, and, accordingly, all orders and
instructions which he has
are
longer has
no
given during his lifetime
automatically canceled and should not be
After
cuted.
executor
an
his estate has been
istrator
or
exe-
administrator of
an
broker
that
we
and
subject, namely, what
may
face
It is at this point
with
face
to
dealer in
of
one
the
we
tunities
service
engage
the
of
a
and
in
a
broker
to
one
of the
dealer to render
or
his
demonstrate
customer
full,
fair,
market
us
oppor-
genuine
and
to
intelligent
which
he may
letter
other
or
consider
what
are
a
broker
or
dealer tells
are
so
a
a
customer that
share last
A half truth is
as
consider
in order to
unlawful
a
a
into
a
as an
corporation
a
a
may
be true
absolute falsehood,
Suppose that
customer to purchase stock
broker
or
store and buys an article the quality of
which has been misrepresented.
Even if the misrepresentation was innocent, he may take the
his
own
care
account, there is no liability for making
dealer tells him
statements if made innocently and if due
guard
to
against
inaccuracies
has
been
exercised.1
If I should be asked what care is sufficient care,
when
misleading impression,
few illustrations.
persuade
year
only $3, that statement is false.
literally but which gives
in the X
The situation is the same as if a person
for his customers and who does not buy or sell for
Next, there is the statement which
us
goes
if he acts promptly, rescind the purchase
may,
sale.
or
communication,
types of statements
corporation earned $5
in fact it earned
Let
tion,
erroneous
If
In such a case, the
customer, as soon as he learns of the misrepresenta-
article back and ask to have his money refunded,
First, there is the statement which is itself is
the X
dealer who in selling to or buying from his customer
is doing so for his own account.
However, in the case of a broker who acts as agent
or
regarded.
untrue.
There is only one situation in
which liability may be imposed notwithstanding the
exercise of the utmost care. That is the case of a
in
made orally
written
However, it is not essential to know
as
prohibits statements which it regards
false, whether the statements
a
are
qualification
complete
circumstances which are very technical and difficult to grasp.
in all instances.
a
trade.
to
The law
Let
a
which
on
public calling—the opportunity to give
information about the securities in
wish
best
care
these technical differences provided due care is used
It is at this point also that
face to face with
come
The amount of
must be exercised depends on a number of extrinsic
most
dealing with his customer, the
misleading.
or
a
not lawfully tell his
obligation to avoid making statements which
untrue
Now, the mere fact that a statement which is
false or misleading has been made does not in itself
subject the broker or dealer making it to liability,
cise of sufficient care.
second
our
soliciting business.
come
or
nominal character was disclosed,
when made either dishonestly or without the exer-
or
important obligations which the law imposes
broker
the
because such statements are unlawful, as a rule, only
dealer may
or
customer in
a case
admin-
reach
now
In such
be dealt with under the limitations
may
appointed, the executor
mentioned above.
We
actual bid and offer.
an
quotation would be considered misleading unless its
I would
on
say
that ordinarily reliance may be placed
information obtained in
a
corporation's report,
in standard investment manuals and services
which are generally regarded as accurate. However,
or
in transmitting information
sources, a
broker
or
dealer
obtained from these
may not
extract a portion
of the data which best serves his purpose, and omit
Volume
other items which
the
particular
to
might qualify, limit or negative
material which
the
information
is true
of his
own
personal
not
responsibility for its
by the
soliciting orders in new issues.
Act in
Securities
discussed, first, statements which
now
Securities Act
Under the
categorically false, and second, those which are
with
filed
be
literally true but actually misleading, and we have
must
considered the effect of the exercise of due
Commission for all
care on
inadvertent inaccuracies.
We shall
third class of statements,
namely, those which are
statements
not
opinion
not
fact
of
regarded in law
therefore
broker
is
goes
rise 30 points
30
points, there is likewise
of
course,
the
on
other, is
the
lose
between
shadowy.
very
If
broker
or
dealer
that would
he says,
be
an
opinion.
"This stock has
would be
a
increase its
corporation will
be
would
merely
should state,
ration is
be the
If he says,
prediction.
a
If,
however,
"I have information that the X
recommendation,
a
going to increase its dividend," that might
equivalent of stating that the directors had
factors in
opinion,
circular
a
or even
the expres¬
the emphasis of favor¬
or
market letter, is re¬
or
solicitation, and should be avoided.
a
as
law prohibits solicitation
the
literally
the mails
registered only if use is made of
of interstate commerce,
or
it would
seem
to contravene the
at that time even
'
spirit of the law to solicit orders
though
state
commerce
After the
he
corpo¬
mere
favorable
before the issue is
"I believe
that
A
Although
says
dividends,"
the registration
commonly been called "beating the
garded
book value of 50," that
statement of fact.
However, until
regarding the issue.
accept an order, if in doing so use is made of the
or interstate commerce.
The solicitation of
able
the
On the other hand, if
a
wishes
registration is effective it is not lawful to solicit
sion of
opinions and prophe¬
a
registration becomes effective it is en¬
gun."
down
on
Even
date.
later
statement has
However, the
customer.
a
still
a
orders before the effective date of
liability, although,
hand, and statements of fact
one
or
he has
goes
until
mails
customer, "I think this stock is cheap at 50,"
a
X
may
of demarcation
cies
to
he
no
the
his
as
down there is no
prediction, and if the stock
a
until 20 days after
tirely lawful to give a customer as much information
a
customer that he thinks a
a
likely to
effective
before
customer that he thinks a
a
If he tells
stock
merely made
line
If
those which
The registration state¬
filed, and if deficient or incomplete, may not
become
prediction is
is not unlawful.
issues except
new
exempted by the Act.
it is
expressions of
or
registration statement
and Exchange
a
Securities
the
ment does not become effective
statement of fact, and
a
and if the stock
liability.
certain
as
a
good stock, he has merely expressed an
a
opinion,
An opinion
erroneous
dealer tells
or
stock is
if
even
but
all
at
predictions.
or
consider
now
are
discus¬
our
imposed
requirements
the
namely,
of
to the third branch
come
now
sion,
We have
are
however, be given if that activity is
manipulative in character.
We
accuracy.
market activity
Information regarding
of others may,
him, whenever possible, to disclose the source of
his information and disclaim
not be given even if
Such information may
it is true.
It is safer for
knowledge unless that is the fact.
information
sell, to give the customer
or
manipulative market operations conducted by
others.
Furthermore, he should not create the impression
that
buy
about
extracted.
has
he
2729
Chronicle
Financial
144
of the mails or inter¬
use
is not made.
registration is effective orders may be
solicited without restriction.
sary
in
However, it is neces¬
to send the customer a copy of the prospectus
letter
any
other communication by mail in
or
order
in
the
security is
sought
the
already decided to do so, and hence a statement of
which
fact.
security is offered for sale, unless one has previously
Moreover,
predictions
is
that
expressions of opinion and
even
unlawful if dishonest.
are
expression of
every
The reason
opinion and
an
every
prediction involves an implied representation that
it is based
the honest belief of the person
on
who
an
been sent
in
used
to
delivering
security
the
it,
bought
If the mails
the customer.
soliciting the customer,
after
prospectus
the
To summarize my
recommendations in conveying
information to customers,
the
must
I
urge
that the following
one.
The
offered to the
be exercised to
the accuracy
pectus is delivered to a customer, to
assure
of information
and complete¬
Completeness as well as
given.
in order that its delivery may be readily
might be literally true.
where the broker
(3) that in making
opinion,
dealer make it
or
(2) That in
dealer has not personal
making
or
recommendation, express¬
a
a
prediction, the broker or
perfectly clear that he is not making
established.
If the order for the new issue is not
statements
are
expressly prohibited by law.
First, it is
a
customer that the Securities
Exchange Commission has approved any issue
transaction.
It is not
the Commission to pass on
one
of the functions of
the merits of a security,
and it is unlawful to state that the
done
so.
The laws of many
Commission has
States, including New
York, contain similar provisions with respect to the
approval
now
opens
particular types
permissible to tell
and
or
of
two
of securities by
State authorities.
Sec¬
ondly, it is unlawful, in order to induce a customer
any
solicited by
given to the customer,
solicitation, for execution on an ex¬
obligation to send a prospectus.
and
are
dealer but is
or
change or an over-the-counter market, there is no
We
statement of fact.
which
receipt
possible, to send the prospectus in a covering
without
not
a
is not
And
There
obtain
admitting its delivery, or, if that
letter,
may
knowledge of the information, he disclose its source.
a
It is advisable, when a pros¬
public.
from the customer
the broker
an
the
render misleading another fact
which in itself
ing
has
is emphasized, because the omission of an
important fact
cases
customer
accompany
duty to send a prospectus continues for a
(1) That all reasonable care
all
not
period of one year after the security has first been
precautions be taken:
accuracy
are
but are used in
security unless the customer has previously received
makes it.
ness
or
come
a
have him
does not
When
a
customer
in
stockbrokerage circles.
The law
require that he sign such an agreement, but
does, the broker will have many legal rights
and much
have
question of margin accounts
accounts.
margin account it is highly advisable to
sign a margin agreement of the kind which
is well known
if he
to the
discretionary
to
points
on
legal protection which otherwise he would
forego.
I
shall mention
two important
which such an agreement will afford pro¬
tection, although there are many more embodied in
the form of agreement
which is in general use.
■
2730
Financial
A broker is not
securities
owes
do
or
a
customer
him, unless the
is not
so
nal
of
permitted to borrow
only
offense.
than
customer
what
a
the
on
the
customer
gives his consent.
civil wrong but
a
When
more
To
serious crimi¬
a
broker borrows from
a
bank
from another
brokerage house he usually borrows
what any single customer owes
him, and in doing so repledges the securities of a
large number of customers in a single loan.
The
much
more
margin agreement gives him the right
this, where otherwise he would not have that
right.
Another right granted
by the margin agreement
the broker is the
right to sell the customer's
securities without
notice, in case that should become
necessary for the broker's protection because of the
fact that the customer's
margin is nearing exhaus¬
tion.
Unless the customer otherwise
agrees,
a
broker, before selling the customer's securities for
insufficiency of margin, must first
for additional
of the sale.
margin and give the
In
much
as
and notice of sale must
make
demand
a
customer notice
the demand for
as
margin
actually be brought to the
customer's
attention, which in
impossible if the customer cannot
many
instances is
be reached
quickly,
it is essential to obtain the
customer's agreement to
dispense with these requirements.
addition
to
a
margin
desirable to obtain from
"loan
as a
change rules
a
paper from the
agreement,
it is also
customer what is known
consent," that is,
of his securities.
a consent to the
Under the New York
loan consent must be in
lending
Stock Ex¬
a
separate
margin agreement, and unless
consent is obtained
to lend
a
a
loan
broker will not be
permitted
customer's securities to other
brokers or
a
to himself.
a
j
^
opening and carrying a margin account it is
important not to make any commitments for a cus¬
In
tomer in
the
violation
Federal
change.
of
Reserve
Moreover,
the
of
broker
is
the
not
arrange for someone else to lend
a
Stock
Ex¬
permitted
customer
to
more
than
the credit the broker himself is
permitted to
extend under Federal Reserve rules.
In case the
broker has
participated in the
distribution of
issue
as
member of
a
a
a
new
selling syndicate, he is for¬
bidden
(with relatively minor exceptions) to
buy
any part of that issue on margin for a customer
for a period of six months.
Discretionary transactions
York Stock
of member
vested in
an
a
counts
or
a
firm may
Men.
a
The
handling of discretionary
involves legal obligations
delicacy.
a
member
be delegated to
employee if approved by the Committee on Cus¬
tomers'
in
not, under New
may
Exchange rules, be handled by employees
firms. However,
discretionary authority
ac¬
of extraordinary
confidence placed
Because of the great
exercising the authority, the law imposes
correspondingly high duty of fidelity. A broker or
person
dealer who is granted
discretionary authority
inform
that
the
customer
tionary accounts also for
he
is
must
handling discre¬
others and is
trading for
himself, if that is the fact, and must obtain
customer's consent to
doing
so.
He should
the
keep.
a
careful record of the account for which
each trade
made immediately
upon making it, and should
The Securities and Exchange Com¬
now
the absence of such rules
that business of that
the utmost
In
the law
character be
urge
requires
conducted with
good faith, integrity and
conclusion, I
their
care.
all brokers and dealers, and
employees, in dealing with customers, to apply
their work
to
a
high order of intelligence and in¬
tegrity, and to place the interests of their customers
ahead
of their
their
long
run
ment of
desire to
own
business.
If
they do
increase
so
the
volume
they will in the
inspire greater confidence not only in them¬
selves but in
a
securities markets
our
as
the instru¬
great and necessary public service.
BOOKjREVIEWS
Managing
Personal
Finances.
How
to
Intelligently.
By David F. Jordan.
New York;
Prentice-Hall, Inc.
$3
Use
426
Money
pages.
Mr. Jordan's book, written primarily for
average people
need practical and specific help in their financial
problems, is an informative discussion of a variety of every¬
who
day subjects. Following introductory chapters on business
cycles and the nature and forms of money, it deals with
various aspects of buying on
of expenses through personal
credit
or on
time, the control
budgets, the establishment of
reserves through
savings banks, credit unions and similar
institutions, the details and risks of investment in securi¬
ties and speculation in stocks, methods and sources of
borrowing money, the purchase of a home, the creation of
estate, life incomes and trust funds, how to obtain a
pension and how to open and maintain a bank account,
personal remittances and the safe-keeping of securities, the
making of a will and the duties of administrators and execu¬
tors, and the procedure of starting a business.
The text is
supplemented by tables and illustrative forms, and the
relative advantages and
disadvantages of certain methods
or
policies—for example, instalment buying—are duly set
out.
The book may be
cordially commended to readers,
especially those with small or moderate resources, who have
only limited experience or training in financial matters and
are in need of
practical advice to guard them against loss.
an
The
Objective
Residential
pages.
Rate
Plan
for
Reducing the Price of
By William F. Kennedy.
New York; Columbia University Press.
Electricity.
$1.25
_
a
in
even
margin requirements of
or
is
considering the promulgation of
applying to discretionary transactions.
But
rules
83
Board
April 24, 1937
negligently.
mission
of
to
In
or
than
usual form of
to do
Chronicle
A technical
study of the objective rate plan, based prim¬
the operating experience and results of the Com¬
monwealth & Southern Corporation, the
originator, but with
arily
upon
some
reference also to the 56 other electrical
companies that
adopted residential schedules based on the plan.
have since
"The purpose of the plan," the author
writes, "is to increase
residential sales and thereby reduce unit costs of
supplying
electricity.
The method is to have two rate schedules effec¬
tive
rate.
simultaneously—the immediate rate and the objective
The objective rate is the lower rate and benefits cus¬
tomers who increase their
consumption sufficiently over that
period, generally taken as the twelve months pre¬
ceding the adoption of the plan." Besides encouraging an
increased consumption by residential
consumers, the plan
of the base
aims "to maintain the total
revenues of the
company by use
during the period when rate reductions
are being made," and also "to increase
consumption so that
at the end of the
three-year period the company will be able
to bill all its customers under the
objective rate without loss."
of the base bill device
The discrimination between consumers which is
inherent
in the plan is discussed at
length, and the policies of various
State commissions are reviewed.
The author concludes that
"there is economic necessity for the
charging of differential
prices for electricity for residential purposes," partly because
of the strong
competition from other services, "particularly
in refrigeration, cooking and water
heating," the business
being obtainable only at low prices, and partly in the fact
that "increased consumption for residential
purposes, partic¬
ularly where it represents the use of additional appliances,
improves the load curve of the plant and results in fuller
utilization."
are
The dangers of the plan which are
emphasized
"that added
which
was
plant might become necessary, the cost of
not covered in the differential
prices," and "that
the
widespread increase in the use of heavy-duty appliances,
as ranges, will necessitate
expensive additions to the
•distribution system."
such
is
preserve
ment
in
these records.
He must
making purchases and
use
his best
sales,
judg¬
and must
neither abuse his discretion for the
purpose of fur¬
thering his
own
interests,
nor exercise it
carelessly
NewlCapital Issues in Great Britain
"The following statistics have been compiled
by the Mid-
land Bank
Limited.
These compilations of issues of new
capital, which are subject to revision, exclude all
borrowings
by the British Government for purely financial
purposes;
Financial
144
Volume
2731
Chronicle
NEW CAPITAL ISSUES IN
allotments arising from the capitali¬
zation of reserve funds and undivided profits; sales of already
issued securities which add nothing to the capital resources
of the company whose securities have been offered; issues
for conversion or redemption of securities previously held in
the United Kingdom; short-dated bills sold in anticipation of
shares issued to vendors;
based
July...
—
August
March
£11,862,000
69,356,000
25,518,000
24,867,000
14,880,000
13,324,000
21,737,000
1936
26,384,000
13,447,000
12,104,000
13,448,000
7,OS1,000
12,386,000
6,961,000
£39,886,000
147,016,000
58,350,000
93,207,000
45,889,000
47,263,000
57.399,000
78,028,000
82,945,000
103,362,000
114,247,000
69,464,000
45,386,000
26,995,000
28,925,000
24,943,000
41,599,000
60,612,000
1937
11,257,000
49,543,000
1924
1925
23,902,000
34,714,000
41,695,000
33,781,000
1926
1927
1928
1929
1930
1931
1932
1933
1934
1935
GEOGRAPHICAL DISTRIBUTION
United,
Kingdom
Brit.
Other
India and
Ceylon
4,706,804
12,543,554
11,217,941
20,939,125
20,211,176
£150,189,757
£182,824,210
£217,221,225
in
957,000
1,202,000
586,000
1,135,000
176,000
4,438,000
1,964,000
41,499,000
3,443.000
660,000
19,728.000
4,108,000
.....
18,788,000
118,000
568.000
5,000
254,000
...
19,571,000
13,000
872,000
154,000
20.610,000
49,999,000
3.622.000
287,000
63,909,000
4,761,000
1,921,000
September..
7,344,000
376,000
October..__
545.000
222,000
November..
3,940,000
9,204,000
15.000
3,136,000
December..
9,686,000
137,000
1,395,000
6,682.000
7,719,000
4,707.000
12,544.000
11.218,000
169134000
828,000 17,210.000
2,852.000 182,824,000
33,109,000
18,602,000
6,877,000
194,000
April
May
June
July
...
August
— .
Year
1986—January
February...
March.....
188,000
33.963.000
751,000
964,000
221,000
84,000
19,687,000
6,961,000
3 months.
58,398,000
194,000
1,715,000
305,000
60,612,000
April......
8,795.000
17,196,000
15,344.000
20,712,000
4,346.000
8,018,000
232,000
1,356.000
27,000
10,456,000
19,605,000
November..
22,730,000
18,271.000
451,000
30,000
2,014.000
2,939,000
3,637,000
1,770,000
1,528.000
3,763,000
2.069.000
73,000
268,000
December..
16,997,000
155,000
1,572,000
May......
June
July
August
September..
October
190808000
1,090,000 22.264,000
24,802.000
Year....
February...
8,043,000
31,000
9,756,000
34,000
64,000
24.403,000
78,000
568,000
1,487.000
3 months.
MOODY'S BOND PRICES
20,939,000
20.211,000
3,060,000 217,221,000
17,000
27,614,000
10,672.000
11,257,000
425,000
49,543,000
407.000
6,453,000
1937—January
6,194,000
9,546,000
26,944,000
1,467,000
42,601,000
18.411.000
153,000
2,405.000
2.581,000
March
128,000
U. S.
AU
(REVISED)
(Based on Individual Closing Prices)
*
AU
120 Domestic
120
by Ratings
Corporate by Groups
Domes-
ticCorp.
120 Domestic
Corporate by Groups*
oy Ratings
120 Domestic Corporate
1937
Daily
1
Domes¬
Daily
;
MOODY'S BOND YIELD AVERAGES
(REVISED)
120 Domestic Corporate
120
Govt.
Bonds
.
railroad bonds
bonds receded.
(Bated on Average Yields)
1937
of eight
of the
have not fluctuated widely
this week.
Chicago Burlington & Quincy 4s, 1958, at 107%
were down 1%; Chesapeake & Ohio "E" 3%s, 1996, lost %
at 96%; Union Pacific 4s, 1947, advanced % to 110%.
Sec¬
ond-grade railroad bonds developed heaviness toward the
end of the week, resulting in net losses.
Atlantic Coast
Line 4%s, 1964, at 92% were off 1%; Lehigh Valley 5s,
2003, showed a loss of 2% at 74.
Sharp declines have
been registered for senior issues of the insolvent Wabash
BR. upon
refusal of the court to authorize payment of
interest due May 1.
The 1st 5s, 1939, declined 6% to 94%.
Utility bonds fluctuated within a fairly narrow range,
although in the latter part of the week there was a tendency
to decline.
High grades, which had formerly shown good
recovery, have been mixed.
Brooklyn Edison 3%s, 1966, at
99% were unchanged; Cleveland Electric Illuminating 3%s,
1965, declined % to 107%; Pacific Tel. & Tel. 3%s, 1966,
closed at 100%, up % for the week.
Lower grades have
been more erratic.
West Penn Traction 5s, 1960, declined
2 to 106%; York Railways 5s, 1937, fell 4% to 86%; Inter¬
national Hydro-Electric 6s, 1944, were off 3% at 77%.
Industrial bonds continued to display a firm undertone,
moves among most groups being fractionally upward.
Nonferrous metals have been steady, General Cable 5%s, 1947,
closing at 104%, up %.
Typical of retail trade issues,
United Drug 5s, 1953, declined 1 to 99.
Among obligations
o* meat packing companies, Swift & Co. 3%s, 1950, rose
% to 105%.
Paper company bonds have been irregular,
American Writing Paper 6s, 1947, breaking 13 points to 59
on the refusal of the New York Stock Exchange to approve
listing of the new securities to be issued in the reorganiza¬
tion.
General advances have been scored in the oil and
rubber sections of the list.
The steels made a good showing,
Bethlehem Steel 4%s, 1960, closing .% higher at 103.
Foreign bonds have been moderately higher.
Fractional
gains have been recorded in Scandinavian, German, Aus¬
tralian and Japanese issues, while some Italian and Polish
16,592.000
12,620,000
12,386,000
35,197,000
bond prices brought the average
issues down within an eighth point
government
year's low.High-grade
Total
2.346.000
March
a
long-term
£
14,443,000
9.688,000
11,076,000
1935—January....
February
continued last week's rise until Wednesday,
reactionary movement set in which canceled the
gains of the earlier part of the week.
The market closed
more or less the same as it was a week ago.
A fresh decline
Foreign
£
£
3 months.
when
201,365,000
206,153,000
Countries
Market
The Course of the Bond
Bond prices
240,526,000
258,183,000
325,131,000
373,404.000
208,967.000
212,081,000
70,275,000
114,969,000
128,886,000
166,846,000
Countries
6,194,413
9,646,101
26,943,859
13,041,644
344,671,000
295,545,000
250,643,000
188,350,000
205,123,000
233,692,000
Llmltedj
[Compiled by the Midland Bank,
10.456.037
19,606,122
18,410,698
24.402,925
13,056,095
.....
£101,073,000
ISSUES IN THE
CAPITAL
OF NEW
-
December
KINGDOM BY MONTHS
UNITED
6,747,671
23,446,272
.
November..
October.,
Year to
March 31
1923
£49,543,248
September
March 31
1922
£60,611,769
4,108,238
19,727,811
20,610,166
53,909,166
6,682,428
7,719,440
May
3 Months to
1921
£41,598,662
9,590,367
22,440,935
12,048,454
14,997.397
9,878,332
3 months
June
Month of
1920
£27,614,265
10,671,858
£11,257,126
April
[Compiled by the Midland Bank, Limited]
1919
£16,592,347
12,620.080
£12,386,235
£33,963.149
19,687,120
£6,961,500
£24.942,690
February
THE UNITED KINGDOM
1937
1936
£10.853.233
7,007,995
£7,081,462
January
March
the prices of issue.
upon
SUMMARY TABLE OF NEW CAPITAL ISSUES IN
MONTHS
Bank Limited]
1935
1934
long-term borrowings; and loans of municipal and county
authorities which are not specifically limited.
In all cases
the figures are
THE UNITED KINGDOM BY
[Complied by the Midland
tic
RR.
P. U.
Indus.
Averages
30
For-
Aaa
Aa
A
Baa
RR.
P. U.
Indus.
A
Baa
86.92
95.29
100.70
106.54
Apr. 23..
3.96
3.40
3.58
4.28
3.96
111.23
99.48
4.83
100.70
107.69
4.03
Apr. 23.. 107.17
95.46
100.70
106.54
22-
3.96
3.40
3.57
3.96
3.64
86.92
4.27
111.23
99.66
4.83
100.70
107.88
4.02
22- 107.45
4.25
3.95
signs
3.62
Aaa
Corp *
Averages
Aa
3.64
111.64
99.83
87.35
95.78
100.88
106.92
3.94
3.38
3.56
4.80
101.06
108.08
4.01
107.68
21—
21-
96.11
101.06
106.73
20-
3.38
3.56
3.94
3.63
87.64
4.23
111.64
99.83
4.78
101.23
108.08
4.01
107.87
3.93
20-
95.95
100.88
106.54
3.95
3.41
3.57
3.95
3.64
87.49
4.24
111.03
99.83
4.79
100.88
107.88
4.01
108.02
19—
19-
95.62
100.70
106.54
17—
3.95
3.40
3.57
4.02
4.81
4.26
3.96
5.31
3.64
---
17- 107.89
100.88
111.23
107.88
99.66
87.21
95.62
100.70
106.54
16—
3.96
3.41
3.96
3.64
87.21
4.26
107.88
99.48
4.81
111.03
4.03
100.70
3.57
16- 107.79
95.46
100.70
106.36
15-
3.96
3.40
3.67
3.96
3.65
86.92
4.27
111.23
99.31
4.83
100.70
107.88
4.04
107.76
14-
3.98
3.42
3.58
4.06
4.86
4.29
3.99
3.66
---
...
15-
14- 107.58
100.35
100.83
107.69
98.97
86.50
95.13
100.18
106.17
99.66
105.98
13—
4.00
3.44
3.58
4.02
3.67
107.69
94.65
4.32
110.43
85.93
4.90
100.00
98.45
4.09
13-. 107.39
12- 107.33
3.47
3.61
3.70
85.52
4.03
4.04
98.28
12-
4.35
107.11
105.41
4.93
109.84
99.31
4.10
99.48
94.17
99.48
109.84
94.33
99.31
105.41
10-
4.03
3.47
4.04
3.70
85.52
4.34
98.28
4.93
107.11
4.10
10- 107.30
9- 107.23
3.61
99.31
105.41
9-
4.03
3.48
3.61
4.09
4.92
4.04
107.11
94.49
3.70
85.65
4.33
98.45
8„
4.02
3.47
3.60
4.10
4.91
4.33
4.04
5.33
3.69
99.48
109.64
---
...
5.33
99.66
109.84
85.79
94.49
99.31
105.60
105.79
7-
4.00
3.45
3.58
4.08
...
99.66
3.68
107.69
94.81
4.02
110.24
85.93
4.31
100.00
98.62
4.90
7- 107.29
105.98
6-
3.99
3.44
3.58
4.07
...
100.00
3.67
107.69
94.97
4.00
110.43
c86.36
4.30
100.18
98.80
4.87
6- 107.51
5-
107.62
100.53
110.83
95.46
100.00
106.36
3.65
86.64
4.00
98.97
4.27
107.88
4.85
3-
107.31
100.35
110.83
107.49
98.80
86.64
95.29
99.83
106.17
2„
107.19
100.18
110.63
107.49
98.80
86.64
95.13
99.83
106.17
2„
107.69
99.14
87.21
95.62
100.35
106.73
1—
8- 107.14
1- 107.01
100.70
111.43
107.30
98.28
5-
3.97
3.42
3.57
4.06
3-
v
3.98
3.42
3.59
4.07
4.85
4.28
4.01
3.66
3.99
3.43
3.59
4.07
4.85
4.29
4.01
3.66
3.96
3.39
3.58
4.05
4.81
4.26
3.98
3.63
4.76
4.23
3.96
3.60
Weekly—
Weelly—
...
«...
5.36
...
5.33
101.23
111.84
108.27
99.48
87.93
96.11
100.70
107.30
Mar.25—
3.93
3.37
3.53
4.03
Mar.25— 108.40
19- 109.32
96.11
100.88
107.30
19-
3.93
3.37
3.54
3.60
5.26
87.93
3.95
99.14
4.23
108.46
4.76
111(84
4.05
101.23
101.76
108.27
12-
3.87
3.32
3.50
3.90
5.30
89.40
97.45
3.55
100.35
4.15
112.86
109.24
4.66
102.30
3.98
12.. 110.76
98.45
103.38
109.44
5„
3.79
3.26
4.55
3.90
4.57
4.09
3.81
3.49
5.24
109.84
Feb. 26..
3.78
3.23
3.42
3.88
4.58
4.08
3.78
4.47
5.13
5.13
5- 111.82
103.74
114.09
110.43
101.76
90.75
Feb. 26- 112.18
103.93
114.72
110.83
102.12
90.59
98.62
103.93
91.05
104.11
109.44
19..
3.77
3.25
3.42
3.77
102.48
4.06
114.30
110.83
4.55
104.11
3.86
19.. 112.12
98.97
3.49
104.30
110.04
11—
3.75
3.22
3.41
3.84
4.52
4.02
3.76
3.46
5.18
3.72
3.43
5.19
11- 112.20
104.48
114.93
111.03
102.84
91.51
99.66
115.78
111.84
91.66
100.00
105.04
110.63
5-
3.72
3.18
3.37
4.51
105.04
3.81
112.34
103.38
4.00
105.04
111.43
Jan. 29..
3.70
3.14
3.35
5.34
100.00
3.39
91.51
3.72
103.56
4.00
112.25
4.52
105.41
116.64
3.80
Jan. 29— 112.21
22- 112.39
105.79
112.05
22-
3.66
5.39
101.23
3.36
92.38
3.68
104.30
3.93
113.27
4.47
117.72
3.30
3.76
106.17
3.09
106.17
112.25
15-
3.65
3.07
3.29
3.75
3.35
5.41
101.23
4.47
118.16
92.28
3.66
104.48
3.93
113.48
112.25
8-
3.65
3.08
3.27
3.75
4.49
3.93
3.66
3.35
5.43
3.66
3.34
5.13
5..
„
15- 112.53
106.36
8~ 112.71
106.36
117.94
113.89
104.48
91.97
101.23
113.89
92.43
101.41
106.17
112.45
Low
1937
3.64
3.08
4.46
118 16
3.74
106.54
3.27
Hlgh 1937 112.78
104.67
3.92
High 1937
4.03
3.47
4.10
4.93
4.35
4.04
3.70
5.43
99.48
105.41
3.61
1937 107.01
99.31
Apr.23'36
3.99
3.31
3.57
4.13
4.95
4.42
3.99
3.57
5.86
4.60
3.65
4.06
4.65
6.04
5.08
4.56
4.16
5.91
Low
1
109.64
107.11
98.28
85.52
94.17
100.19
113.07
107.88
97.78
85.24
93.06
100.18
107.88
90.29
106.36
98.97
89.55
71.89
83.46
90.90
97.28
1
Yr. Ago
Apr.23'36 109.81
*
These prices are
Yr. Ago
2 Yrs.Ago
2 Yrs.Ago
Apr.23'35 108.66
106.17
Apr.23'35
to show either the average
and the relative movement of
computed from average yields on the basis of one "typical" bond (4% ooupon, maturing In 30 years) and do not purport
of actual prloe quotations
They merely serve to Illustrate In a more comprehensive way the relative levels
the truer picture of the bond marketi
level or the average movement
yield averages, the latter being
2732
Financial
Chronicle
April 24, 1937
Indications of Business Activity
THE
STATE
OF
TRADE—COMMERCIAL
EPITOME
Friday Night, April 23, 1937.
Business activity
Car
loadings
and
turned sharply upward the past week.
automobile
activity led the recovery.
Steel production, bituminous coal
output, petroleum runs to
stills and lumber cut also made
appreciable gains.
As a
reflection of
the
these gains the
index advanced
ness
to
"Journal of Commerce" busi¬
103.0, and
1236.
Steel
of
country's capacity,
the
ingot production reached
the week of
1,204,979
a
peak of 92%
new
estimated total
or an
the
to overseas
1929 level
last
15
tion
and
countries
are
the
now
This
electrical
is
in
power
the
increase
an
of
12.4%
week
over
a
States
ended
year
in
the
Produc¬
sources.
United
the
period
any
totaled
April
17.
Electric
ago.
power production is expected to hold near the current output
of almost 2,200,000,000 kilowatt hours
weekly for the next
several weeks.
The high rate of activity in the automobile
and
textile industries appears to
ment,
The first 18 major railroads to report for the week ended
April 17, 1937 loaded a total of 344,618 cars of revenue
freight on their own lines, compared with 338,243 cars in
the preceding week and 304,676 cars in the seven
days ended
April 18,1936.
A comparative table follows:
REVENUE FREIGHT LOADED
according
to
warrant this
observers.
Substantial
FROM CONNECTIONS
AND RECEIVED
Loaded
latter
gains
1937
Atchison Topeka & Santa Fe Ry.
Baltimore & Ohio RR
Lines
Rec'd from Connections
Weeks Ended—
22,161
33,598
22,309
14,544
34,310
22,814
14,175
18,891
Chicago & North Western Ry
Gulf Coast Lines
Norfolk & Western Ry
Pennsylvania RR
69.321
RR
Missouri Pacific RR...
New York Central Lines
New York
Chicago & St. Louis Ry
Pere Marquette Ry
Pittsburgh & Lake Erie RR
Wabash
x
18,701
10,310
16,598
9,509
15,029
20.094
13,969
7,592
8,043
10,262
3.459
1,617
5,251
21,957
69,680
7,101
7,824
29,145
5,238
5,354
8,760
7,487
7,244
9,459
1,481
8,182
8,198
10,059
13,821
41,903
28,711
Total
5 334
28.997
18,250
7,132
Ry
6,162
14,261
7,723
Southern Pacific Lines
1936
>
6,681
18.009
3,738
2,287
4,577
14,265
45,198
5,366
21,908
Missouri-Kansas-Texas
1937
1937
19,153
15,355
3,554
2,253
4,540
15,774
International Great Northern RR.
1936
1937
23,074
Chesapeake & Ohio Ry
Chicago Burlington & Quincy RR.
Chicago Milw. St. Paul & Pac. Ry
the
volume of residential
building contracts awarded during the
quarter promise that home building activity for the
Own
Apr. 17 Apr. 10 Apr. 18 Apr. 17 Apr. 10 Apr. 18
state¬
in
on
Weeks Ended—
current
running well above
highest for
2,173,223,000 kilowatt hours for
.
are
according to authoritative
years,
of
33.2% when comparison is made with the same
It pointed out that the sharpest gain last week
up
steel
rise of
week established
a
district, where operations
12 points to 87%.
The export demand for steel
continues unabated, manufacturers
report, with no material
let-up in foreign sales likely in the near future.
Shipments
of
a
(Number of Cars)
in the Cleveland-Lorain steel
were
and
week of 1935.
output for
May, 1929, according to the "Iron Age" in its
summary.
was
22.1% over those for the correspond¬
ing week of 1935.
Loadings for the week ended April 3,
1937, showed a gain of 18.4% when compared with 1936
tons, which is slightly above the
gross
previous all-time record of 1,193,284 tons
in
with 99.4 for
compares
previous week and 89.0 for the corresponding week of
like week of 1936 and
1,555
2,269
2,626
2,336
2,298
4,534
13.920
3,361
9,642
42,830
10,495
4,427
3,069
2,907
9,878
8,929
39,712
4,482
36,791
9,631
4,028
46.821
43,648
40,255
40,077
4,621
19,433
58,430
6,230
9,853
5,474
5,421
5,447
4,263
X8.824
8,838
5,431
5,718
5,554
6,119
25,429
x9,280
9.229
x7,142
8,251
344.618 338.243 304,676 211.997 202.963 184.763
Excludes
cars
Interchanged between S. P. Co.-Paclfic Lines and Texas & New
Orleans RR. Co.
first
current year will
amounted
for
that
to
exceed the 1930 level.
$707,000,000 in
month
since
1929,
Department of Agriculture.
of
Cash farm
March, and
according
The
to
March
was
a
the
(Number of Cars)
highest
report
income
TOTAL LOADINGS AND RECEIPTS FROM CONNECTIONS
income
of
Weeks Ended—
the
consisted
April 17, 1937
April 10, 1937
April 18. 1936
Chicago Rock Island & Pacific Ry.
Illinois Central System
25,125
30,773
24,549
22.448
13,894
30,486
13,240
28.933
St. Louis-San Francisco Ry
69,792
68,275
64,208
$596,000,000 from farm marketings, plus $111,000,000 in
Agricultural
come
Adjustment
Administration
from farm marketings was
In¬
payments.
$91,000,000 greater than
a
12.827
year ago,
and income from government payments was
$96,000,000 greater than a year ago, the department reported.
In spite of inclement
weather, retail volume this week was
8% to 18% over the corresponding 1936
period, this apply¬
ing to the country as a whole.
Car loadings for the week
were 751,328 cars.
This was an increase of 35,284 cars, or
4.9% compared with the preceding
week, and an increase of
109,050,
or
17.0%
compared with a year ago.
The out¬
standing feature of the week's weather was the very
heavy
rains in the Southwest.
The heaviest rainfall in 11 months
soaked into
thirsty Southwestern soil during the middle of
week, giving thousands of drought-harassed farmers
high hopes of harvesting the biggest crops since 1931.
The
rain, varying up to four inches, was heaviest in Oklahoma.
the
Reports
of
plentiful moisture in many other sections in¬
spired agricultural experts to forecast a
"normal crop
year." K. D. Blood, Federal crop statistician,
predicted that
Oklahoma farmers would harvest a "normal" wheat
in
crop
section
every
planted last
through
April
1
to
December
indicated
has
Panhandle.
enough
a
over
wheat
last
crop
year.
rain
"The
"The
now
wheat
to
government
crop
swing
tures, and there
the
country;
for farm
of 46,000,000 bushels, 20,This rain would indicate
tions
higher tempera¬
ample sunshine in nearly all sections
these conditions were decidedly favorable
was
work and the growth
of vegetation.
Field opera¬
were
pushed, especially the latter part of the week,
in nearly all States, and much of the
tardiness in spring
work was recovered.
In the New York City area it was
cloudy and rainy a good part of the week, with cool tem¬
peratures prevailing.
Today it was cloudy and cool here,
with temperatures
ranging from 38 to 50 degrees. The fore¬
partly cloudy and cool, with frost in nearby
interior tonight.
Overnight at Boston it was 34 to 42
degrees; Baltimore, 46 to 74; Pittsburgh, 38 to 46; Port¬
land, Me., 34 to 40; Chicago, 40 to 52; Cincinnati, 50 to 68;
Cleveland, 40 to 42; Detroit, 40 to 44; Charleston. 66 to 86;
Milwaukee, 36 to 50; Savannah, 64 to 84; Dallas, 64 to
84; Kansas City, 66 to 82; Springfield, Mo., 64 to 84; Okla¬
homa City, 62 to 82; Salt Lake
City, 28 to 46; Seattle.
42 to 56, and Winnipeg, 36 to 44.
cast
was
The Associacion of American Railroads in
week ended
Loading of
for
This
cars.
week in
April 10 reported
revenue
was an
1936 and
as
freight for the week ended April 10 totaled 716,044
increase of 94,201 cars or
an
reviewing the
follows:
15.1% above the corresponding
increase of 129,476 cars
22.1% above the
or
Loading of
10,645
freight for the week of April 10
revenue
cars or
was
a
Freight Car Loadings During Week Ended
April 17, 109,050 Cars Above a Year Ago
Loadings of revenue freight for the week ended April 17,
1937, totaled 751,328 cars.
This is an increase of 35,284 cars,
4.9%, from the preceding week; a gain of 109,050 cars, or
17%, over the total for the like week of 1936, and an in¬
crease of
140,187 cars, or 22.9%, over the total loadings
for the corresponding week of 1935.
For the week ended
April 10, 1937, loadings were 15.1% above those for the
or
decrease of
1.5% below the preceding week.
Miscellaneous freight loading for the week ended April 10 totaled 321,197
cars, a decrease of
57,968
cars
7,677
cars
below the preceding week, but an Increase of
above the corresponding week in 1936, and 81,384 cars above
the corresponding week in 1935.
Loading of merchandise less than
carload
lot
cars, a decrease of 685 cars below the preceding
11,810
the
cars
same
freight
173,385
totaled
week, but
an
increase of
above the corresponding week in 1936 and 12,765 cars above
week in 1935.
Coal loading amounted to 116,085 cars, a decrease of 2,232 cars
below
the preceding week, but an increase of 4,172 cars above the corresponding
week in 1936 and 6,522 cars above the same week in 1935.
Grain and grain products loading totaled 29,645 cars, a decrease of 2,626
cars
below the preceding week, but an increase of 346 cars above the corre¬
sponding week in 1936 and 4,065
the
Western
Districts
alone,
above the
cars
grain
and
grain
same
week in 1935.
products
loading
for
In
the
week ended April 10 totaled 17,782 cars, a decrease of 1.624 cars below the
preceding week, but
in
an increase
of 150
cars
above the corresponding week
1936.
Live stock loading amounted to 11.589 cars, an increase of 783 cars above
the proceeding week, 412 cars above the same week in 1936, but a decrease
of 1,137 cars below the
same
week in 1935.
In the Western Districts alone,
loading of live stock for the week ended April 10 totaled 8,612
increase of 522
cars
cars
above the preceding week and 16 cars above the
an
corre¬
sponding week in 1936.
Forest
products loading totaled
below the preceding week, but
week in
1936, and 11,593
cars
an
35,953
cars,
a
decrease of 2,656
increase of 7,046
above the
same
cars
above the
cars
same
week in 1935.
Ore loading amounted to 17,448 cars, an increase of
4,568 cars above the
preceding
week, 8,656
9,430
above the corresponding week in 1935.
cars
cars
above
the
corresponding week in
1936,
and
Coke loading amounted to 10,742 cars, a decrease of 118 cars below the
preceding week, but
an
increase of 3,791
and 4,854 cars above the
same
cars
above the
same
week in 1936
week in 1935.
All districts reported increases in the number of
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 years
follows-
1937
Revenue
corre¬
sponding week in 1935.
it
forecast
better crop than expected."
The government report states
the week brought a reaction to much
that
of
the
harvest," he said.
000,000 bushels
a
except
Total..
1936
3,316,886
2,974,553
2,512,137
2,415,147
Five weeks in January.
Four weeks in February
2,778,255
Four weeks in March
3,003,498
Week of April
3
Week of April 10
Total..
In the
1935
2,766,107
2,330,492
2,408,319
545,456
726,687
716,044
__
613,581
621,843
586,568
10,541,370
9,137,261
8,630.942
following we undertake to show also the loadings
separate roads and systems for the week ended April 10,
1937.
During this period a total of 103 roads showed
increases when compared with the same week last
year.
for
Volume
2733
Chronicle
Financial
144
REVENUE FREIGHT LOADED AND RECEIVED FROM CONNECTIONS (NUMBER OF CARS)—WEEK
Total Revenue
from Connections
1937
578
518
559
2,270
8,575
I,287
2,079
7,506
1,478
2,124
7,425
22
I,219
7,233
12,007
...—-
Bangor & Aroostook
Boston & Maine
Chicago Indianapolis A Loulsv.
Central Indiana......
Central Vermont
Delaware & Hudson.
Delaware Lackawanna & West.
...
976
17
30
70
I,022
4,122
7,770
1,007
6,334
9,936
2,350
8,124
8,285
1,937
7,052
6,947
Grand Trunk Western
279
148
1,268
1,324
3,296
14,296
7,671
1,808
423
337
2,912
12,675
4,842
15,585
8,554
2,104
1,137
8,840
3,219
204
223
1,017
1,120
II,412
2,919
41,903
II,818
1,751
5,251
7,939
7,101
6,310
2,650
4,060
2,176
40,462
10,242
1,547
4,718
5,783
6,269
8,907
2,523
2,545
1,754
36,956
9,870
2,020
4,241
4,975
5,890
Pittsburgh A Sbawmut
116
330
260
41
22
Pittsburgh Sbawmut A North.
311
393
481
134
259
...
2,957
1,756
Monongahela
Montour....
—
New York Central
Lines......
N. Y. N. H. & Hartford
New York Ontario & Western.,
Chicago A St. Louis
Pittsburgh A Lake Erie
N. Y.
Pere
Marquette..
Belt Ry. of Chicago
920
7,519
2,875
212
293
38
46
39,712
14,128
2,131
9,853
37,025
10,687
1,673
9,222
5,062
5,373
5,332
5,718
604
616
598
5,238
5,415
3,577
3,397
5,124
2,847
1,638
1,193
9,229
3,625
1,190
—
......
165,160
141,398
141,103
171,711
153,152
1,072
Pittsburgh A West Virginia—
Rutland
Wabash
Wheeling A Lake Erie
Total.
854
1,317
998
8,415
3,576
3,569
3,748
12,333
347
334
673
646
154
124
826
700
91,599
86,990
70,057
57,562
1,959
10,262
2,654
8,043
3,471
1,832
9,827
2,797
7,171
3,087
809
704
747
589
17,071
2,464
18,009
3,417
2,388
14,221
2,244
18,458
3,617
13,857
2,070
16,089
3,082
....
Chicago A North Western.....
Chicago Great Western
Chicago MUw. St. P. A Pacific.
Chicago St. P. Minn. A Omaha.
Duluth Mlssabe A Northern...
621
215
242
723
Duluth South Shore A Atlantic.
658
479
417
500
397
Elgin Joliet A Eastern
....
Ft. Dodge Des Moines A South.
Great Northern
I—
8,895
7,122
5,885
7,387
6,571
398
317
327
208
149
9,080
8,546
10,827
3,249
2,735
541
496
661
640
Green Bay A Western
535
309
211
589
84
71
1,686
4,636
1,505
4,271
7,996
1,936
Northern Pacific
1,591
5,274
9,499
1,728
2,348
3,171
Spokane international
Spokane Portland & Seattle..
134
141
86
314
276
1,521
1,435
1,832
1,502
1,222
81,893
73,382
70,806
48,978
44,132
22,161
3,144
19,133
3,006
18,681
2,544
6,162
2,258
5,136
2,258
397
298
215
124
79
14,544
1,425
11,597
2,277
12,631
1,163
10,439
2,278
8,182
7,595
771
846
846
14,222
1,543
10,648
2,750
1,006
7,936
2,249
1,069
2,294
2,456
2,001
9,378
2,615
1,480
2,383
Lake Superior &
Ishpeming
Minneapolis & St. Louis
Minn. St. Paul & S. 9. M
Total.
8,405
2,688
3,839
Central Western District—
Allegheny District—
539
490
624
709
740
33,598
3,200
28,737
3,036
25,360
2,333
16,598
2,281
15,167
2,011
Atch. Top. & Santa Fe System
415
306
280
8
7
1,314
8,688
970
791
8
19
5.043
6,580
12,060
10,662
Akron Canton A Youngstown.
Baltimore & Ohio
Bessemer A Lake Erie
Alton
610
872
579
56
59
Cumberland A Pennsylvania..
235
300
293
34
22
Bingham A Garfield
Chicago Burlington A Qulncy.
Chicago A Illinois Midland—
Chicago Rock Island A Pacific
Chicago A Eastern Illinois—..
Llgonler Valley
180
92
15
46
34
Colorado A Southern
2,412
1,171
38,473
15,652
2,792
Denver A Rio Grande Western
North Western Pacific..——
Buffalo Creek A Gauley
Cambria A Indiana..
Central RR. of New Jersey...
Cornwall
1,145
Northwestern District-
307
Maine Central
513
7,854
17,648
1,539
1,075
4,827
4,319
15,389
Total
2,422
Lehigh A Hudson River
Lehigh A New England
Lehigh Valley
8,031
18,413
Southbound...
Winston-Salem
3,391
II,306
4,841
...
9,725
21,684
Tennessee Central
227
384
...
342
Southern System
3.183
14,530
5,051
Erie
397
334
Richmond Fred. A Potomac...
Seaboard Air Line
385
Detroit & Toledo Shore Line..
1,070
428
414
Piedmont Northern
107
.....
Detroit Toledo & Ironton
908
435
104,370
57
1,112
160
292
9,859
2,230
3,166
Detroit & Mackinac
1936
......
270
11,875
2,370
•
1937
Southern District—(Concl.)
Norfolk Southern..
1,202
1,235
from Connections
1935
1936
1937
Eastern District—
Ann Arbor
Freight Loaded
Railroads
1936
1937
1935
1936
Total Loads Received
Total Revenue
Total Loads Received
Freight Loaded
Railroads
ENDED APRIL 10
...
753
Long Island
875
...
Union (Pittsburgh)
813
3,287
988
1,257
69,680
16,560
16,883
Penn-Reading Seashore Lines,
Pennsylvania System
Reading Co
1,045
54,518
13,887
6,248
1,642
43,648
17,478
3,382
57,040
12,641
10,903
44
43
49
2
0
3,393
3,276
2,999
6,468
5,473
157,349
125,612
116,414
107,707
94,694
West Virginia Northern
Western Maryland
2,754
415
619
510
22
28
1,107
2,017
1,518
1,036
1,973
1,758
1,006
1,106
1,577
1,004
1,309
25
95
60
743
831
677
434
291
90
155
91
41
104
21,599
18,486
4,674
1,189
7,297
Denver A Salt Lake
Fort Worth A Denver City—
Illinois Terminal
Nevada Northern
Peoria A Pekln Union
Southern Pacific (Pacific)
Total
790
1,748
15,860
6,015
283
343
299
13,964
12,222
11,358
1,343
7,478
Toledo Peoria A Western.....
Union Pacific System..
222
458
287
8
7
1,501
1,197
1,096
1,879
1,834
102,144
94,140
83,699
53,351
47,719
4,660
Utah
Western Pacific
Pocahontas District—
Chesapeake A Ohio
22,309
21,957
2,491
3,141
—
Norfolk A Western
Norfolk A Portsmouth Belt Line
Virginian
3,044
2,663
44,494
39,797
8,858
4,074
1,085
14,765
9,509
4,482
1,512
1,002
16,505
18,202
17,346
20,963
19,054
1,433
.
1,586
Total.
748
Southwestern District—
267
155
178
5,028
Burlington-Rock Island
177
138
144
408
Fort Smith & Western
49,898
Total.
140
104
121
250
204
3,554
2,253
3,417
1,934
2,931
1,464
1,993
Alton A Southern
-----
Gulf Coast Lines,.
155
238
253
185
179
182
Atl. & W. P.—W. RR. of Ala..
1,064
723
705
707
659
716
11,323
4,844
8,757
3,775
9,431
3,880
468
331
318
1,374
1,124
4,783
2,913
1,157
1,106
Coast..
1,104
957
980
1,832
1,553
Columbus A Greenville
348
321
157
309
237
Missouri-Kansas-Texas lines..
Durham A Southern.........
152
122
128
337
319
Missouri Pacific
1,389
1,149
1,552
Central of Georgia
...
Charleston A Western Carolina
Cllnchfleld
*
Florida East Coast
Gainesville Midland
Georgia
Georgia A Florida
769
3,855
2,309
880
592
606
Kansas City Soutnern..
Louisiana A Arkansas*
1,542
1,260
*~t
2,027
826
1,795
1,011
205
137
77
493
459
Litchfield A Madison
409
383
482
873
873
Midland Valley..
500
461
442
277
Missouri A Arkansas
241
186
101
307
254
4,540
13,821
4,314
13,662
4,026
3,069
12,811
9,878
2,921
8,714
Louisiana Arkansas & Texas...
53
Natchez A Southern
54
233
16
31
16
44
19
56
149
70
Quanah Acme A Pacific
143
104
82
89
100
1,027
751
769
1,570
1,444
St. Louis-San Francisco
7,362
2,334
7,546
4,925
2,663
7,046
2,337
6,181
4,481
2,898
3,265
4,569
20,792
4,005
4,205
2,432
7,080
1,937
5,674
3,928
2,524
18,055
260
208
194
91
43
44
54
62
38
33
55,230
51,218
47,759
64,775
57,063
——
..........
St. Louis Southwestern
Texas & New Orleans
303
...
324
275
597
361
1,967
19,714
19,929
Gulf Mobile A Northern.
Illinois Central System..
Louisville A Nashville
105
1,869
1,581
Kansas Oklahoma A Gulf—
Alabama Tennessee A Northern
Atlanta Birmingham A
Atlantlo Coast Line
256
1,958
1,680
International-Great Northern..
Southern District—
237
1,555
2,286
1,028
1,965
1,119
1,620
19,162
1,516
16,777
17,212
1,218
11,784
5,963
10,489
4,609
Texas A Pacific........
19,293
986
Terminal RR. Assn. of St. Louts
418
Wichita Falls A Southern
173
159
139
394
324
Weatherford M. W. A N. W_.
Mobile A Ohio...
2,112
2,620
2,286
2,823
4,215
1,823
3,270
1,580
2,729
1,966
Nashville-Chattanooga A St. L.
1,603
2,843
2,129
163
151
Macon Dublin A Savannah
Mississippi Central
.....
*
Note—Previous year's figures revised.
Number of Freight
Class I railroads
Cars
on
534
116
Previous figures.
Order Largest Since 1926
April 1 had 46,439 new freight cars
on order, the Association of American Railroads announced
on April 21.
This was the greatest number on order on any
corresponding date since 1926 when there were 49,524.
On April 1, last year, the railroads had 13,£62 cars on order,
and on the same day two years ago, there were 482.
The
Association further reported:
Of the
cars,
freight
new
23,703; box
2,731; flat
Class
on
cars on
order
on
April 1, this year, coal cars totaled
(including both plain and automobile), 17,404; refrigerator
cars
cars,
926; and stock
cars,
1,300.
Prices of cocoa, rubber, wheat and corn were
were
The movement of the Index
parisons, is
as
16-
Sat.
17-.19
April
April
April
Tues.
April
Wed.
April
Thurs. April
Fri.
April
Mon.
20
21
22
23
during the week, with
com¬
follows:
Fri.
-
-
-
—
213.31
—-213.9
215.3
214.5
214.9
213.9
212.8
2 Weeks Ago, April 9-Month Ago, March 23
Year Ago, April 23
1936 High—Dec. 28
Low—May 12
1937 High—April 5
Low—Jan. 22
221.5
222.2
172.1
—208.7
-162.7
...—228.1
205.0
were
442.
New electric and Diesel locomotives
1930 when
order on April 1,
on
"Annalist"
►»New freight
cars
placed in service in the first three months this year
period
In the first three months last year. 2,984 were put in service,
"Renewed
while two years ago there were only 568.
steam
locomotives
installed in the
first
three
months
this
totaled 42 compared with three in the corresponding period last year
12 in the period two years ago.
in service in the
year
and
New electric and Diesel locomotives put
first quarter of 1937 numbered
seven
compared with one
in the same period last year and 30 in the same period in
1935.
New freight cars and locomotives leased or otherwise acquired are not
included in the above figures.
liquidation in the speculative commodities
Weekly Index of Wholesale Com¬
modity Prices slightly lower last week, the index declining
to 144.2 on April 20 from 144.3 (revised) April 13," said an
announcement issued April 22 by the "Annalist."
The
carried
the
Annalist'
announcement continued:
Wheat and the other grains except corn were lower, as were flour, butter
and eggs, cocoa, pork
and rubber.
Moody's Commodity Index Slightly Lower
Moody's Index of Staple Commodity Prices declined
slightly this week, closing at 212.8 this Friday, as com¬
pared with 213.3 a week ago.
Index
Declined
Prices
numbered 6,831, the greatest number installed in any corresponding
since 1930.
Weekly
of Wholesale Commodity
Slightly During Week Ended
April 20—Sharp Advance Noted in Foreign Prices
During March
1937. totaled 24.
New
higher, while
declines in silk, hides, silver, scrap steel, copper,
cotton, wool and coffee. There was no net change for hogs,
lead and sugar.
there
I railroads had 359 new steam locomotives on order on April 1,
this year, a larger number than on any corresponding date since
there
Total
and lard, cotton and cottonseed oil,
On the other hand, thdre were
a
copper,
tin, zinc,
number of advances, includ¬
ing corn, livestock and beef, coffee, bananas and hay.
The week's liquidation appeared to represent a continuation of the pre¬
vious
week's
rumors
cline
as
readjustment.
There were
some
new,
if vague,
monetary
and some reports of London speculators in difficulty, but the de¬
a
whole probably reflected primarily the further liquidation of
2734
Financial
previously overextended speculative positions.
bottom for the present on
London
INDEX
WEEKLY
PRICES
r
.
Since then the
market
lead, pig zinc
OF
WHOLESALE
index to
vehicles,
April 21, 1936
150.7
-
150.7
117.7
130.5
products
Food products
130.3
123.8
*134.9
X134.8
Fuels
—
176.7
X176.7
—
139.1
141.1
110.7
Chemicals.
and
106.3
'
99.6
—
x99.6
97.6
106.8
85.9 :
remained
144.2
X144.3
due
123.9
85.2
commodities
All
x85.2
to
73.5
Preliminary.
mained
'
the
month.
largely
single month may be considered large.
a
was relatively uniform
where prices
are
world prices, but the
uncertain internal situation as well.
International Composite rose 2.7% to 83.7% of the 1913
in terms
due to the liquidation of some of the excessive speculation of the pre¬
ness,
the weakness
While
months.
be immediately removed,
not
may
there is little reason to suppose the advance will not be resumed, although
doubtless
on
FOREIGN
MONTHLY
WHOLESALE
PRICE
Jan.,
March,
Month's
1937
1937
1936
Change %
143.5
U. S. A
139.4
138.4
124.9
+2.9
84.8
82.3
81.7
73.6
-3.0
129.5
127.0
113.1
-2.2
78.2
76.4
74.9
66.7
Gold basis
127.6
United Kingdom-
123.5
75.7
Gold basis
122.3
73.4
—3.1
538
376
383
376
--3.9
374
379
106.1
105.5
105.3
103.6
-0.6
181.1
173.9
176.1
144.1
--4.1
61.2
58.8
59.5
49.4
+4.1
83.7
Gold basis y---
81.5
81.0
74.3
+2.7
Gold basis
'Annalist" composite, in gold z
Preliminary,
Revised,
x
End of month,
y
6eeds,
--2.4
A
index of wholesale commodity prices
of the Bureau
0.3% during the week ended April 17, due primarily
of agricultural commodities, according to
an
announcement made April 22 by Commissioner Lubin.
"This is the second week in which the index declined," said
falling prices
pork,
above
the
ucts"
of
index
large
ago
prices,
gauged by
8.0%
and
foods,"
above
9.4%,
and
14.5%
index
that
0.2%
rose
of the
a
group
of
year
a
"all
average.
Average prices
0.6% above the level of a
Industrial
ago.
commodities other
during the
market
above
for
the
Compared!
of
for
unchanged
87.3.
at
and 6.6 per
of
March.
corresponding
week
of
April,
is
0.7%
month
a
but
ago
Lubin's
during
the
week
the
past
group
amounted
"other
corn,
cotton,
1936.
live
making
0.7%.
fresh
apples
above
and sweet potatoes.
of
the
April
poultry
in
Chicago
the
sharply.
The
corre¬
22
ago
but 19.4% above
The
result
"other
wholesale
of
foods,"
vegetables,
items
on
a
foods
decreases
3.1%, livestock 0.6%,
of
1.5%
Seattle,
hops,
oranges,
clover
fresh
apples at
New
flour,
hominy
cocoa
cereal products,
1.2% for meats, and 0.7%
Francisco,
pork,
for
beans,
prices
grits,
coffee,
year
ago.
corn
copra,
reported
month
a
meal,
lard,
dried
the
subgroup
the
pepper,
butter,
Fruits and
edible
cheese
at
San
cured
and
fresh
tallow,
and
most
prunes,
Prices of bananas, cured beef, mutton, and veal
a
as
Important individual food
were
were
higher.
month ago but 5.2% above
together
with weakening prices
for scrap
copper
steel,
and
a
year
also
result
of
wheat.
pro¬
Higher
Chicago market, and
0.1% below the
ago.
recorded
pepper,
the
in
foods
group.
raw
edible tallow,
sugar,
Flour, hominy grits, corn meal,
glucose, jelly and corn oil prices
This
week's
March
and
food
7.4%
1936.
the
caused
fall 0.1%.
Prices
The
index
for
the
bituminous
of
increase in
fuel
coal,
and
coke,
the
petroleum products
prices of gasoline from the midcontinent and
Wholesale prices
California gasoline,
of
advances in
goods,
hemp,
rise
to
metals
and
prices
jute,
Japanese
and siBal,
0.5%.
silk,
raw
caused
.Cotton and
metal
for
products
certain
Wholesale
declined.
The
iron
silk
woolen
the
textile
and
yarns
index
group
and
prices of
steel
materials
products
Chinese
advanced
items
electrolytic
Agricultural implements,
building materials
brick and tile, gravel,
declined
slightly.
motor
Cattle
feed
the
prices
and
group
silk
raw
terials,
The
in
fats
drugs
the
group
of
and mixed fertilizers
index
of
the
0.2%.
and
Average prices of
Lumber and paint materials
steel
remained firm.
and
paper
as
drugs
were
and1
oils
pulp
advanced
0.7%.
did not affect
steady.
the
It remained
whole.
a
and
housefurnishing
Bureau
brass
and pig
and plumbing
level.
87.0% of
pharmaceuticals,
+
goods
of
Labor
Statistics
at
includes
index
fertilizer
remained
group
Average wholesale prices of both furniture and furnishings
The
because
and
-i-
prices
Prices
for
of
0.2%
copper
pig lead1,
4.8%.
and
average.
index
advanced
and
and
copper,
vehicles,
higher.
were
3.0%,
rose
fluctuations
chemicals
1926
also
group
and sand
Cement and structural
Crude rubber declined
were
784
at
ma¬
90.3.
stationary.
price
series
weighted according to their relative importance in the country's markets,
is
The
based
the
on
average
for the year
1926
following table shows index
as
100.
numbers for
the
main
groups of commodities for the past five weeks and for
April
18, 1936, April 20, 1935, April 21, 1934, and April 22, 1933:
(1926=100)
Apr.
17
Apr.
10
1937
1937
All commodities
87.6
Farm products
92.4
Commodity Groups
Foods
—
Textile products
Fuel and lighting materials.
Apr. Mar. Mar. Apr.
3
27
20
18
Apr.
20
Apr.
21
Apr.
22
1937
1937
87.9
88.3
87.8
87.6
79.7
80.3
73.3
60.4
93.5
96.0
94.7
94.4
77.4
81.8
59.7
44.6
56.2
1937
1936
1935
1934
1933
copper
pig tin,
pig
_
86.1
85.3
87.9
87.5
87.9
107.2 106.8 106.0 105.7 105.0
78.7
78.6
78.2
78.1
77.6
77.5
77.1
77.2
76.9
76.8
81.1
85.3
66.6
95.2
86.5
89.7
69.9
69.0
75.2
51.4
77.5
74.0
73.1
62.4
86.0
85.1
87.0
76.8
85.4
84.3
86.3
70.2
69.1
Metals and metal products..
Building materials
96.8
96.8
96.6
96.2
96.2
Chemicals and drugs.
86.6
87.0
87.0
87.0
87.3
78.9
80.7
75.5
Housefurnishing goods
90.3
90.3
90.3
90.3
89.8
82.8
81.9
83.1
72.2
81.0
80.1
80.0
79.3
78.8
68.6
68.7
69.3
57.7
88.5
89.2
90.9
90.0
Miscellaneous
.......
Raw materials...
95.8
96.3
96.1
96.0
96.0
90.3
77.3
*
#
71.3
*
Semi-manufactured articles..
89.7
90.3
90.4
90.0
90.3
74.6
*
*
*
Finished products
87.3
87.3
87.1
86.8
86.4
81.9
♦
•
+
86.6
86.6
86.6
86.2
86.1
80.2
79.9
76.2
63.9
86.5
86.3
86.1
85.8
85.6
79.1
77.3
78.8
65.5
All
commodities
other
than
other
than
farm products
commodities
farm products and foods..
*
•
the other
on
prices of most cotton goods, together with higher
rayon,
heating fixtures remained unchanged at last week's
All
'V..:'
Sharp declines in prices of non-ferrous metals including
manufactures,
higher.
were
for dairy products.
increased 1.1%.
were
The current food index—85.3—is 3.0% below
a
due to rising
knit
whole
rising
tin
seed,
lemons,
York,
for
and
the
lambs,
cows,
during the week
1.3%
anthracite
to
Hides & leather products
index declined 0.9%
the
as
rye,
milk in
re¬
ago.
the other hand,
lower
were
index—92.4—is 2.1% below the level of
year
which
for
3.3%
oats,
corn,
for the preceding week.
the correspondent week of
and the sub¬
declines
Average prices for barley,
market,
group
for
vegetable oils.
of
also
The decline
timothy hay, flaxseed, tobacco, and white potatoes at Boston
This week's farm product
poultry.
;.r
'+•;+
largest increase during the week—0.8%—was recorded in the hides
products group.
The advance was a result of higher prices
shoes, hides, skins, and luggage.
Sole leather prices averaged lower.
The
index remained
group
Pronounced price
at
and
leather
a
the
accumulative decline of 3.7% in
an
livestock
in
prices declined.
level
the
in
group
wheat, calves, steers, hogs, live poultry at New
oats, rye,
eggs,
timothy seed
1.2%,
Grains dropped
products"
farm
as
and
fell
again
price series
100.
as
2.1%
advanced
fresh
lard, oleo oil,
below
decline
was
Continued
are
corresponding week of March
announcement
products
farm
to
weeks.
two
ported for
York,
of
prices
for
for
year ago.
a
784
country's markets
The
and
a
noted:
Wholesale
seasonal
subgroup
the
They
below
20.2%
is
products
above the
cent above that of April
Commissioner
prices
The finished
1.0%
is
week
commodity
year.
It
0.8%
hay,
petroleum products advanced.
Minor
corresponding
the
and
ago
of last
with
higher by 1.1%
are
declined
materials
raw
below the
level
week
a
sponding week
prod¬
Grains
barley,
canned pink salmon,
Pennsylvania fields.
hand, declined.
,
semi-manufactured
prevailing
commodity
than farm
week to 86.5.
industrial commodity prices
prices
2.0%
are
prod¬
1926
are
respectively.
Wholesale
week
as
the index for
month ago and a year ago,
and
Com¬
"all commodities other than farm
group
unchanged at 86.6%
month
A
lighting materials
and
manufactures.
the
for
remained
and
The
added:
non-agricultural commodities
ucts
April, 1936."
week of
and
decline—2.0%—was
1.4%
burlap,
corresponding
Frac¬
2.6%, due to declines of 5.1% in
products"
corresponding week of April,
yarns,
0.8% below the level of April 3. However, it is 9.9%
The
the
for
age or
missioner
the
The current farm product index—93.5—is
copra,
January to the year's high point of
It now stands at 87.6% of the 1926 aver¬
April 3.
on
96.8.
at
includes
considerably higher than
prices
advanced
from the latter part of
88.3
prod¬
for cattle, hogs, sheep, live poultry at Chicago,
lemons, fresh milk at New York and San Francisco,
cured pork, veal,
steadily
index
all-commodity
■:
in
1926
year
coconut, cottonseed and soybean oils.
fresh
were
Statistics, United States Department of Labor, de¬
"The
Statistics
products fell
also reported for
pronounced
Includes also Belgium and the
z
Commodity Prices Dropped During Week
April 17 According to Index of United States
Department of Labor
Lubin.
wholesale
Average
index for the textile
importance
level but 21.6% above that of
ago
mutton,
Ended
Mr.
0.4%
advanced
group
harness.
Dairy products decreased 11.2%, and1 fruits and vegetables dropped 2.4%.
Meat prices, on the other hand, rose 1.2% and cereal
products were up
0.4%.
Among the important food items for which lower prices were
reported were butter, cheese, fresh milk,
fresh fruits and vegetables,
Wholesale
clined
Labor
for the
average
farm
apples,
foreign wools.
above
to
the
"other farm
index—86.1—is
of Labor
and
slightly lower.
relative
price increases for
were
month
and
Netherlands; Germany excluded from July, 1934; Italy from November, 1935.
The
products
leather,
were
of
their
onions, and potatoes.
nounced
prices
-3.3
65.7
533
Germany
Japan
Bureau
to
prices of
eggs,
--2.4
109.0
72.9
554
France y
*
Feb.,
132.3
Gold basis
Canada
skins,
hides
Lower prices were reported
1937
x
for
steer
the
on
subgroup
cotton,
*March,
and
of
based
is
the
INDICES
(1913=100.0)
Average prices of anthra¬
advance—0.1%—was recorded in the
index
Market
DOMESTIC
AND
prices
shoes
leather
and
is from the Commissioner's announcement of
April 15:
less exaggerated scale.
a
hides
Commissioner Lubin bad announced on April 15 that dur¬
ing the week preceding, ended April 10, the Bureau's index
of wholesale commodity prices
dropped 0.5%, largely due
to falling prices of farm products and foods.
The following
.
Weekly price indices since the end of March have shown definite weak¬
vious
the fuel
caused
"other
and
The "Annalist"
average
the
weighted according
in
gold and is now the highest since September, 1932.
of
0.1%.
dropped1
gasoline
index to rise 0.5%.
group
feed
;
declines
The
The Japanese advance
considerably greater, apparently reflecting not only the advance
was
cattle
.
and
were shown
in the brick and tile, paint and
paint material,
building material" subgroups, while lumber advanced slightly.
Cement and structural steel prices were
steady.
The housefurnishing goods group
index remained1 unchanged at 90.3.
Average prices of both furniture and furnishings were stationary.
and
and where, under the conditions, the advance of only
pegged,
0.6% in
The advance
Occidental countries, except Germany,
leading
and
coke,
unchanged at last week's level.
building materials group index remained unchanged
The
tional
Reflecting the commodity boom in March, foreign wholesale price indices
advanced sharply during that
bituminous coal,
because of higher prices for clothing and woolen and worsted
Cotton goods and! silk and rayon prices were lower.
Knit goods re¬
goods.
in
level.
group
Revised.
x
The following regarding the trend of foreign prices during
March is also from the announcement issued by the "An¬
nalist" on April 22:
for
for
rising
A minor
ucts
*
week's
last
firm.
index
prices of
All commodities on old dollar basis
at
lighting materials
cite
The
106.2
-
Miscellaneous
unchanged
Higher prices
170.7
Metals
Textile products
metal products
the metals and
caused
Crude
rubber prices decreased 8.3%,
Paper and pulp prices advanced 2.6%.
'
Farm
products,
Weakening prices for chemicals, principally fats and oils, resulted in an
decline for the chemicals and drugs group as a whole. The drugs
and pharmaceuticals,
fertilizer materials, and mixed fertilizer sub-groups
remained
April 13, 1937
brass
decline 0.6%. Average prices of agricultural implements,
and plumbing and heating fixtures were steady.
0.5%
COMMODITY
(1913=100)
April 30, 1937
April 24, 1937
and
group
motor
has shown
stability.
"ANNALIST"
THE
The recession reached its
Friday (April 16), when the reports about the
speculators were circulated.
somewhat greater
Chronicle
Not computed.
/
■
Volume
Financial
144
Wholesale Commodity Prices Further Declined
Slightly
During Week Ended April 17, According to National
2735
Chronicle
for the month of March and the three months ended March
'
31:
'
'
,
.
,
.
Fertilizer Association
For the second consecutive week, the weekly wholesale
commodity price index compiled by the National Fertilizer
Association dropped slightly during the week ended April 17.
Last week the index registered 88.0% of the 1926-28 average
of 100%, as compared with 88.2% in the previous week.
A month ago it stood at 88.6%, and a year ago at 76.8%.
The Association's announcement, under date of April 19,
continued:
Moderate declines occurred
during the week in foods and farm products,
the two most heavily weighted groups.
Meats and butter were somewhat
higher, but all other changes In the food group were downward, with 17
foodstuffs declining and only Ave advancing.
Higher quotations for
livestock were more than offeet by lower quotations for cotton, grains, milk,
and eggs, with the result that the form product index registered it
consecutive weekly decline.
reflected in
a
slight drop in the index of metal prices.
The drop in cotton
fibers, causing a moderate recession in the textile price index.
compared with
a
The
rise of 18% in the farm product index.
Thirty-one price series included in the index declined during the week
27 advanced; in the preceding week there were 28 declines
and
in the
advances;
second preceding week
8
4 apparel chains—
2 drug chains
3 shoe chains
1 auto sup.
chain.
Tot. 26 chains.
8
crease
%
12.78 167,332,692 148,597,771
12.61
13.12
11.57
21,584,452
14,369,653
5,730,000
38.80
69.
14.28
9.18
19,770,146
11,040,869
3,473,000
30.15
65.
13.85
166,198,886 137,921,213
58,809,649
75,106,477
cos....
20.50 440,546,945 386,961,611
27.71 181,147,396 146,359,048
23.77
241,305,363 196,730,862
-
2 mall order cos
Total 28
8
%
1936
25.70 165,776,388 146,544,342
22.30
65,753,760 57,535,484
51,011,460
52,701,427
21,923,532
6,710,841
4,300,953
1,273,000
57,532,810
66,245,538
26,812,426
7,487,579
5,969,533
2,151,000
1937
crease
22.66 621,694,341 533,320,659
16.57
second
index of fertilizer prices was slightly higher; this index is now 9% above a
year ago,
1936
%
6 grocery chains—
10 5 & 10c. chains.
Electric Output for
Week Ended April 17 Totals
2,173,223,000 Kwh.
The first downturn in steel scrap prices since
prices was more than sufficient to balance higher quotations for wool and
coarse
In¬
In¬
November together with declines in certain non -ferrous metals were
last
3 Mos. End. Mar. 31'
March
1937
and 29
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 17, 1937, totaled 2,173,223,000 kwh., or 12.4%
above the 1,933,610,000 kwh. produced in the corresponding
The Institute's statement follows:
week of 1936.
there were 23 declines and 28
PERCENTAGE INCREASE OVER PREVIOUS YEAR
advances.
WEEKLY WHOLESALE
COMMODITY PRICE INDEX
Latest
Bears to the
Total Index
Foods
and
86.4
90.7
103.2
107.0
88.2
80.6
80.4
Fuels
13.2
16.8
24.4
8.0
6.9
11.4
Southern States
16.0
14.5
7.9
18.3
37.5
30.1
32.7
31.5
4.1
5.6
2.0
3.8
12.4
13.6
15.0
18.1
109.1
72.4
80.3
82.9
Total United States.
64.8
117.0
80.7
Livestock
8.7
15.0
74.0
77.0
76.0
87.6
.
Cotton
Grains
11.4
8.0
Pacific Coast
88.8
114.9
Farm products
12.5
15.5
West Central
72.7
99.3
14.4
Rocky Mountain
77.5
93.4
oils
Cottonseed oil
17.3
86.6
88.1
DATA FOR RECENT WEEKS
(THOUSANDS OF KILOWATT-HOURS)
Percent
82.6
82.6
82.4
79.6
Miscellaneous commodities..
90.9
90.6
89.1
72.6
8.2
Textiles-
82.4
83.0
82.1
67.5
7.1
Metals
107.8
107.9
109.9
83.0
from,
6.1
Building materials
94.7
94.7
93.7
79.0
1936
1.3
10.8
27, 1937
18.9
17.4
14.5
Central Industrial
Ago
84.3
Mar.
Middle Atlantic
Year
Aqo
84.0
Fats
23.0
Month
Week
Week Ended
Week Ended
April 3, 1937
April 17, 1937 April 10, 1937
New England
Apr. 17, Apr. 10, Mar. 20, Apr. 18,
1937
1936
1937
1937
Group
25.3
PrecetTg
Week
Per Cera
Each Group
Week Ended
Week Ended
Major Geographic
Regions
1926-1928=100
Compiled by the National Fertilizer Association.
Change
Chemicals and drugs
95.4
95.4
95.3
Fertilizer materials
71.3
71.3
70.8
65.7
Feb.
6
0.3
Fertilizers
77.0
76.9
76.9
70.4
Feb.
13
0.3
Farm machinery.
94.3
93.1
93.1
92.6
Feb. 20-
88.0
88.2
88.6
76 8
1929
1932
1935
I
94.4
0.3
1937
1936
1937
Week Ended
Feb. 27
100.0
All croups combined
_
Mar.
6
Mar. 13
Mar. 20
Mar. 27
Department Store Sales Increased Less Than Seasonally
During March Over February According to Board
of Governors of Federal Reserve
System
3
Apr.
...
Apr. 10
Apr. 17
DATA
During March, department store sales showed less than
the usual seasonal increase over, February when allowance is
made for the early date of Easter this year, it was made
known on April 9 by the Board of Governors of the Federal
Reserve System.
The announcement of the Board con¬
FOR
1,962,827
RECENT
+12.1
1,952,476
1,950,278
1,941.633
1,903,363
1,893,311
1,900,803
2,201.057
2,199,860
2,211,818
2,207,285
2.199,976
2,212,897
2,211,052
2,200,143
2,146,959
2,176,368
2,173,223
--12.7
+ 13.6
+ 12.4
The
--15.6
--16.9
--16.3
1,862,387
+ 18.1
1,867,093
1,916,486
1,933,610
--15.0
MONTHS
(THOUSANDS
s
index
for
the
shown below;
months
three
last
and
for
March,
1936, is
9,791,969
_
February.
May.
1936
Feb.
March
June
July
August..
September
Jan.
92
95
93
76
r72
December
84
90
-
Without seasonal adjustment
+ 13 0
-
9,262,845
9,670,229
9,237,905
9,850,317
November
Adjusted for seasonal variations
1937
8,664,110
8,025.886
8,375,493
8,336,990
8,532,355
8,640,147
.9,103,490
9,276,973
October...
average=100:
1,706,710
1,702,570
1,687,229
1,683,262
1,679,589
1,663,291
1,696,543
KILOWATT-HOURS)
1935
1932
1929
1936
March
Index of department store Rales 1923-1925
1,718,304
1,699,250
from
April
1937
1,728,201
1,726,161
Change
March
'
OF
1,588,853
1,578,817
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
Percent
1936
1937
Month of
January
Board
1,725,352
+ 13.7
,
tinued:
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
--13.4
7,762,513
7,048,495
7,500,566
7,382.224
7,544,845
7,404,174
7,796,665
8,078,461
7,795,422
8,388,495
8,197,215
8,521,201
7,011,736
6.494,091
6,771.684
6,294 302
6.219,554
6,130,077
6,112,175
6,310,667
6,317,733
6 633,865
6,607,804
6,638,424
7,585.334
6,850,855
7,380,263
7,285 359
7,486,635
7,220,279
7,484,727
7,773,878
7,523,395
8.133,485
7,681,822
7,871,121
77
107035740
Total
93,420,266 77.442,112 90.277,153
Revised.
r
Total sales in
year
March
were
20%
larger and in the first
quarter of the
14% larger than in the corresponding periods last year.
REPORT
Canadian Business
BY FEDERAL RESERVE DISTRICTS
—Banks
Reduction
Percentage Change
"While
Stores
from
a
Year Ago
Jan
1 to
March *
Federal Reserve districts;
Boston
+ 14
Reporting
Included
o
March 31
+20
Total
No. of
Cities
No.
507
252
54
33
+ 13
+9
56
30
Philadelphia
+ 17
+ 12
31
Cleveland
+39
+ 22
27
10
Richmond
+ 19
+ 12
54
27
Atlanta-
+24
Chicago
New York
+ 13
...
+ 10
13
Unsettled at End of First Quarter
Cites Rumors of Gold Price
Montreal
of
by United States arid Labor Unrest
marked
activity in industrial and mercantile
operations has continued, the first quarter of the year has
ended with business conditions in some respects unsettled
as a result, first, of a widespread impression that the United
States Government contemplated a reduction in the price
of gold and, second, of labor unrest having spread from the
United States into Canada."
In noting this in its "Busi¬
ness Summary" of April 22,
the Bank of Montreal, head
office Montreal, further said:
+ 13
27
19
+25
+ 19
62
29
Louis
+ 22
+ 14
36
18
Minneapolis
+ 17
+ 11
37
22
action and its consequences, and one
Kansas City
Dallas
+ 15
+9
19
10
substantial decline in the prices of base metals, which has been registering
+ 19
+ 14
20
9
San Francisco
+ 24
+ 14
84
St.
*
As
Of the actual
strikes, the most serious has been among the employees of
the General Motors Corp. of Canada at Oshawa, Ontario, and it is at the
*
time of writing unsettled.
According to
Chain
Store
Sales
Up
of the
22.66%
compilation made by Merrill, Lynch & Co.,
companies including two mail order com¬
panies reported an increase in sales of 22.66% for March,
1937, over March, 1936.
Excluding the two mail order
companies the 26 other companies reported an increase
in sales of 20.5%.
Sales of these 28 companies showed an increase of 16.57%
28
for
chain
the
a
store
three
months
of
1937
over
the
three
months
of
It has resulted in the shutting down not merely
plants of the General Motors Corp. sit Oshawa and Windsor, but in
the complete or partial cessation of work at a number of factories which
produce materials
of
a
or parts
for the automobile firms.
Happily, the threat
general railway strike has been averted, though the cost to both the
railway systems in wage concessions will be heavy.
Meanwhile, the upward swing in industrial operations has been reflected
in
an
expanding volume of business
ated at
the
moment
on
the railways, which is being accentu¬
by the opening of navigation
the St. Lawrence
on
MmH
waterway.
Retail
comes
1936. Excluding the two mail order companies, the'26 chains
reported an increase of 13.85%. The following table shows
the amount of sales and the percentage of increase, by groups,
a
notably in automobile plants and garment factories, have been affected.
business day
this year than last year.
March
any
effect has been to contribute to
In respect to labor unrest, various classes of workers,
sharp advances.
32
March figures preliminary; in most cities the month had one more
regards gold, official denials, repeated from time to time, of
intention to reduce the price have not entirely aUayed the fears of such
trade
is
now
experiencing some of the stimulus which
always
from the advent of spring and the resumption of outdoor activities.
Merchants report both sales and collections to be at a higher level than a
year ago,
recorded.
when
a
considerable improvement
upon
the results of 1935
,
was
2736
Financial
Chronicle
Trend of Business in Hotels
According to Horwath &
Horwath—March Total Sales
13% Above Last Year
April 24, 1937
NEW CONTEMPLATED WORK REPORTED—37
ROCKY
In their monthly
survey of the trend of business in hotels,
Horwath & Horwath, New York, state that "the March in¬
crease in
sales over last year was the same as those of
the last few months.
The total
"was 13%, that in
sales
room
restaurant sales
these being practically the
the
first
14%,
for the
averages
continued:
The
the
'
7%
•■':+ + .+
•
occupancy
increase
68%
at
in
the
is
room
quarter
continues
for
that
city
the
trend
the
sales
same
The
increased
sharply
Projects
a
year
in
Projects
4,418
1,435
$151,920,600
206,665,100
114,028,200
3,821
1,943
$98,812,200
83,834,400
84,029,700
18,197
$472,613,900
14,251
$266,676,300
29.448
11.449
3,336
$423,298,500
475,523,700
373,724,700
18,520
4,523
$236,244,400
290,399,200
267,661,100
44,233
$1,272,546,900
33,143
$794,304,700
Residential building—......
12.344
Public works and utilities
firm
Total construction
the
and
latter
K
ago,
Valuation
Non-residential building
as
++'/'■?"
over
and
the
1930
No. of
Valuation
Month of March—
+:•+
begun
:V:,+ :.■■•
Philadelphia
occupancy at
1937."
?■+'++.V+
part of 1936.
In
of
highest for this month since 1929,
rates
1937
No. of
improvement," the
13%, and that in
average
firm said,
STATES EAST OF THE
MOUNTAINS
8,487
First Three Months—
Residential building
Non-residential building
Public works and utilities
64%, though the lowest among all the
groups, is the highest
in March since 1929.
However, in contrast with increases
Total construction
10,100
of
5% to 10% in rates for all the other
localities, Philadelphia showed a
slight decrease.
The group, All Others, which represents a
large number
of widely-scattered
hotels, fell farther behind the March, 1929, occupancy
than any of the other
groups, eight points, though its average at 67% is
only one point below the total average for the month.
And the 7%
increase in rates for this group is the most marked
gain it has made so far.
In
spite of the fact that hotel business is generally
better, there is still
no return
on
investment, whereas many other industries are
practically
earning
substantial
The decreases
ago are
in
profits.
total
shown in the
from
Oct.
the
corresponding months
seven
years
Nov.
Dec.
Jan.
Feb.
Mar,
Aver.
16%
24%
Chicago
Philadelphia
Washington
24%
22%
11
17%
11
21%
23
19
18
24
18
16
39
44
29
20
17
3
1
12
Cleveland
14
30
31
32
38
27
35
32
Detroit
39
35
38
35
12
8
21
13
Pacific Coast
19
20
22
"9
15
20
18
All others-
13
16
10
14
13
16
14
Total
3x
9
15
14
16
16
15
17
16
27
Same month of last year
24
28
25
24
27
Industrial Conference Board
Industrial production advanced in most of the
major coun¬
tries in February, according to the monthly review of world
economic conditions issued yesterday
(April 23) by the
Denotes increase./- +
leading
issued by Hor¬
Room
Occupancy
Rale
(—)
Percent¬
age of
Same
Total
Rooms
Restaur't
This
Month
New York City
-J-10
Chicago
Philadelphia
+ 15
+ 17
Washington
Cleveland
+ 10
+9
+8
+ 13
+ 15
+ 14
+ 14
+13
+ 17
1-8/
+ 13
72
70
71
66
+8
69
68
69
63
66
(+)
(—)
46
—1X
+5
+6
+6
+ 10
+7
+7
First Quarter
+9
74
+22
+16
71
71
67
64
+ 13
+ 14
68
65
+7
+ 12
All others
+8
+ 17
+7
+ 13
+ 13
Pacific Coast
+ 13
+ 12
69
66
+7
r
South
and
than
more
American
offset
declines
70
countries,
in
of
certain
durable
goods industries
orders have risen
sharply, and considerable
against further price increases has occurred.
Reports
from
Great
industries,
for
lesser
Since
needs.
and
these
and
Canada
some
in Great Britain
Conference Board
degree
in
the
measure
of
France,
the
has
been
relief
Of
further
increases
other
,
was
further
is
of
the
recent
hedge
a
'
expansion
the
in
severely limited by lack
made
demand,
during
output
situation
upward
the
the
Unfilled
as
•
steel,
in
buying
the
cannot
pertains
principal industrial countries,
be obtained through imports.
may
rate
in
depression
keep
that
so
pace
greater
or
only
a
movement
appears to be
have not yet exhausted the
large amount
anticipation of price increases.
The 40-hour week
as
supplies purchased
French
and
provision
capacity levels.
forward
that
Furthermore, this
slackening somewhat,
of
little
prospective
any
growing
indicate
particularly iron
plant capacity.
years
Britain
to
consumers
in
extended
and
embraces
now
close
to
fourth
one
of
all
workers.
the
several
Netherlands
has
countries
shown
that
the
recently
devalued
industrial
greatest
+5
+ 10
64
54; :
Central
expansion
or
Last Year Dec.
+7
+ 18
+ 16
+ 12
+5
•
Inc.
Month
output
One
small
Sales
Decrease
or
in
\
factor
appears
to
be
dominating the business situation in
principal nations, according to the Conference Board's
review, namely,
In
Percentage of Increase (+)
Gains
further reported:
with
+/
Board.
of the less important countries.
Activity
returned to the high December level.
The
of
TREND OF BUSINESS IN HOTELS IN
MARCH, 1937, COMPARED WITH
Conference
Britain, Germany, Franc
Belgium, Aus¬
tralia, The Netherlands, Japan, the United States, and the
metal
MARCH, 1936
Industrial
occurred in Great
26
The following analysis by cities was also
wath & Horwath:
Texas
February in Industrial Production in
Major
Countries: Reported
by
National
advances
20%
Detroit
During
Most
National
sales
following:
New York City
x
Gain
Far
Western
Best
their currencies,
improvement.
The
Business
Continued During March at
1931, Reports Bank of America
Levels Since
(California)
Business in tbe Far Western
at
the best levels since
States in
March
1931, according to the
of the Bank of America
continued
issue
current
(California) business review, whose
preliminary index for the period rose 7.7% above the
figure
corresponding month of last year. The index for last
for the
month
Construction
March
Contracts
construction
in
the
Awarded in
37
Eastern
States
totaled
$231,245,900 according to F. W. Dodge Corp.
In February
the figure was $188,257,300, while for
March, 1936, the
total was only $198,761,900.
Of the March, 1937, figure
$90,167,600 represented residential building; $88,601,500
went for non-residential
building, and $52,476,800 went
into heavy civil engineering projects.
The March residential total
was
about 65%
stood
ahead of the total of $55,-
March
Bank
larger
debits
than
1936, by
last
March,
research
southeast
in the
Wisconsin,
Iowa);
in
southern
Michigan,
Illinois,
in
Indiana,
largely in private
non-residential
as
building
a
year
ago,
where they occurred,
Southeast, southern Michigan, the St. Louis territory, and Texas.
AWARDED—37
STATES
EAST
OF
and
Valuation
9,195
3,361
Total construction"-
41,567,800
$231,245,900
15,604,400
15,047,400
606,100
$55,220,600
81,243,900
62,297,400
10,513
Non-residential building
Public works and utilities
88,601,500
52,476,800
6,080
3,105
1,328
1936—Residential building.
745,100
13,355
Total construction-
24,243,700
16,579,000
799
Non-residential building
31,257,900
Number
trial
1936—Residential building.
Non-residential building
Public works and utilities
Total construction
up
7.1%, and
were
those
19.4%
of
March,
loadings gained 18.8%
car
over
gold,
that
of
of
1935
silver,
in
the
copper,
according
to
value of
lead
a
and
survey
in
its
zinc
by
1936
a
new
77%.
lead,
zinc
high
Silver
and
scored
value
gains
respon¬
output last year
the
analysis
for the recovery of
production
gold
was
non-ferrous metal
bank.
reached
1935
over
Wesi/s mining centers
for
of
and
$97,033,682,
1936
gained
28.6%,
23%
respectively.
of
Unemployed Workers Dropped
2.2% from
to February,
According to National Indus¬
Conference Board
number
of
by
continued:
the
Board
Employment in all types of enterprise in the
United States in
February,
was 43,881,000 workers.
This was an increase of
252,000 workers,
0.6%, over January, 1937, and* an
increase of 2,457,000, or
5.9%, over
1937,
or
The
number
From
60,408,800
41,971,300
1,599,800
$231,578,000
250,197,200
180,556,000
by
31,832
■
exceeded
rising
recovery,
March
was
7.2% below
Total construction
sales
for
unemployed workers in February,
8,914,000, according to estimates of the National
Industrial Conference
Board, made public April 19.
This
is a decrease of
203,000, or 2.2%, from the revised estimate
for January,
1937, and a decrease of
1,865,000, or 17.3%,
from
February, 1936.
An announcement
20,825
8,912
2,095
Public works and utilities
store
cities
February, 1936.
First Three Months—
1937—Residential building
Non residential building.
retail
was
$269,666,343,
total
1937,
$198,761,900
$90,167,600
of
department of the
January
Month oj March—
Public works and utilities
Value
while
The
1937—Residential building
gain of 38.6%
18.7%,
THE
New Floor
Space (Sq. Ft.)
a
increase
an
ROCKY MOUNTAINS
No. of
Projects
production
Copper production
32.4%,
distinguished from public jobs.
Losses in total
from March, 1936, were concentrated in the
CONSTRUCTION CONTRACTS
for
Western
1936.
approximated
New
England;
Southeast; and in the Pittsburgh territory (Ohio, western
Pennsyl¬
vania, Kentucky, West Virginia).
Non-residential building gains over
were
(northern
while
Increased activity in tire Far
increases
territory
representative
year,
Electric power
over
production.
Chicago
in
23%.
sible
the
An announcement in the
building permits reached a new high for the
65.4% above February and 25.6% above
March, 1936.
Residential building gains over March of last year were shown in
each
of the major geographic districts without
exception.
The most important
in
79.4, compared with 73.7 for March,
1936,
matter continued:
220,600 reported in this class for March, 1936.
occurred
at
and 80.7 for the
preceding month.
March
103,979,900
$662,330,200
finance,
13,023
8,221
3,435
35,025,300
42,478,800
1,663,800
$123,835,600
234,334,600
195,803,600
24,679
79,167,900
$553,973,800
of
the
January,
industrial
workers
average
groups,
transportation,
17,000;
employed
of
in February, 1937, was
3,395,000,
47,276,000 workers employed in 1929.
or
1937, to
29,000;
February, 1937, the increases in employment,
were:
Manufacturing, 233,000 ; service, 49,000 ;
construction,
20,000 ;
trade,
distribution
and
mining, 6,000, and public utilities, 1,000.
The only
decrease, amounting to 113,000, was found in
agriculture.
Compared with February, 1936,
employment in February, 1937, increased
13.4% in manufacturing;
7.7% in trade, distribution and finance; 7.5%
in
transportation; 5.7% in the public utilities; 5.4% in
mining; 5.2%
in
the service
industries; 1.7% in forestry and fishing, and
0.9% in
.
Volume
agriculture.
Financial
144
The
only decrease,
amounting to
13.2%,
found
was
in con¬
struction.
ber
ary,
following table, prepared by the Conference Board, shows the num¬
of employed workers in the various industrial
groups in 1929; Febru¬
1936 ; January, 1937, and February, 1937:
NUMBER OF EMPLOYED
Group Division
WORKERS
1929
February*
January*
February a
Average
1936
1937
1937
10,650,000 10,335,000 10.542,000 10,429.000
175,000
172,000
268,000
175,000
Industry—Mining..
764,000
1,087,000
725.000
758,000
Manufacturing
11,073,000 9,518,000 10,565,000 10,798,000
k Construction, public and private... 2.841,000 1,387,000 1,184,000 1,204,000
Transportation.
2,416.000
1,886.000
1,754,000 1,857,000
Public utilities.......
1.167,000
888,000
939,000
938,000
Trade, distribution and finance..
7,323,000 6.751,000 7,251.000 7,268,000
Service Industries
9,070.000
8,620,000 9,'016.000 9,065,000
Miscellaneous Industries and services.
1,381,000
1,273,000 1,345,000
1,352,000
...
...
*
employed
Revised,
a
47,276,000 41,424.000 43,629,000 43.881,000
.....
Preliminary.
of 2)4% Noted in New York State Factory
Employment from Mid-February to Mid-March
Increase
The total number of workers employed in New York State
increased 2.5% from the- middle of February to
the middle of March.
According to a statement issued in
factories
Albany, April 14, by Industrial Commissioner Elmer F. An¬
drews, total payrolls increased 5.8% during the same period.
A year
ago the percentage increase in employment was
exactly the same, whereas the percentage increase in pay¬
rolls
changes
in
to
to
show
an
years
factory
Labor
State
rose
22
89.3, above
March
changes in
increase of 0.9%,
index
that
for
while
employment
the
3.2%.
increase of
an
continued:
factory
high
new
a
since June,
New
York
March,
1937,
The
factory employment for
month since April, 1930.;
The
1930.
the level
ago,
year
March, and the payroll level
factories
was
employ approximately 88% of
all factory
workers in the State.
During March the factories included in the preliminary tabulation employed
workers
433,863
collected
are
weekly payroll of
total
a
on
tabulated
and
the
and
results
$12,028,442.
analyzed in
Statistics and Information, under the direction
Report
All
districts
B.
Division
of
Patton.
Industrial Districts
on
gains
reported
of Dr. E.
These reports
the
both
in
and
from
payrolls
March.
upward movement in some of
January,
reported- the largest percentage increase
Substantial
this month.
rolls
contributed
manufactures
those
for
large
a
comprising
increases
the
to
in
in both forces and pay¬
the textiles and
of
some
has
been
estimated
from
current
and
The
most
level 41% above
reports
the middle of March all manufacturing
about
of
part
iron
equipment.
transportation
and
and
employment gains
was
the
earlier.
year
a
census
that in
data
industries in Pennsylvania employed
980,000 wage earners receiving approximately $24,960,000
a week.
industries producing durable goods
steady upward trend since July
of last year; in
the case of consumers' goods, slight decreases occurred
from February to March.
In durable goods industries March indexes of
employment and payrolls were 82 and 100, respectively; similar indexes
for consumers' goods were 101 and 98% of the base period'.
Working time, as measured by employee-hours actually worked in nearly
90% of the reporting firms, increased over 2% from February to March
and exceeded that of a year ago by 38%.
Reflecting widespread wage
increases, average hourly earnings have risen appreciably since the fall
of last year, reaching 63.9c. in March, a level 10% above a year earlier.
Average weekly earnings rose from $25.40 in February to $25.99, and
Employment and
expanded further
payments in
wage
in March, continuing the
compared with $21.25 in March of last year.
The following, bearing on employment conditions in Dela¬
factories, is also from the Bank's announcement:
ware
In
Delaware,
factory
employment
in
March
increased nearly 4% and
79 manufacturing plants;
working time, as reported by 74 firms, showed a gain of about 5% in this
period.
Compared with a year ago, the number of wage earners was 25%
larger and the amount of wage disbursements was 89% greater.
payrolls
6%,
rose
according
to
from
reports
Employment and Payrolls in Pennsylvania Anthracite
Collieries
Declined from
Mid-February to MidMarch
v'.
"
The number of
employees on the rolls of Pennsylvania
anthracite companies decreased 7% and the amount of wage
disbursements declined 8% from tne middle of February to
the middle of March, according to indexes compiled by the
Federal Reserve Bank of Philadelphia on the basis of reports
to the Anthracite Institute by 26 companies employing some
68,000 workers whose earnings amounted to approximately
$1,540,000 a week.
Working time, as measure by employeehours actually worked in the collieries of 21 companies showed
a reduction of
9% in this period, said the Philadelphia Re¬
serve Bank, which added:
KThe index of employment in March decreased
employment
In Albany-Schenectady-Troy, Syracuse and Utica the
the metals and machinery plants continued
to contribute to the gains in both employment and payrolls.
The Buffalo
district, which showed a slight loss in total payrolls last month over
February to
It
index of
Compared
of employment was 15.6% higher this
27.3% higher.
Index numbers are com¬
puted with averages for the three years 1925-27 as 100.
These statements are based on reports from 1,442 out of a total of
2,052 representative factories throughout New York State which report
each month to the New York State Department of Labor.
The reporting
a
accounted
were
over
corresponding
of
any
85.6,
to
rose
Andrews
March
payrolls show
Department
factory payrolls
with
Commissioner
February
average
last
the
4.2%.
was
The
which
and
metais
97.7, relative to the three-year average, a
Agriculture
Forestry and flslilng..
f 'Total
the general increase in
steel products, non-ferrous
favorable changes in
payrolls in the month occurred in the stone, clay and glass, Iron and steel
and non-ferrous metal groups.
In the case of textiles, decreases in em¬
ployment and in wage payments reflected in part labor disturbances, par¬
ticularly in the hosiery branch.
The preliminary index of
employment in March was 91.4% of the
1923-25 average,
or 17% higher than a year ago; that of payrolls was
Groups
employment
The
2737
Chronicle
average from
52
of the three-year average from 34 in February.
these indexes
were
to 48% of the 1923-1925
month before: that of wage payments receded to 32%
a
Compared with
lower by about 7 and 11%, respectively.
a year ago,
Other details
foUow:
Prepared by the Department of Research and Statistics of Federal Reserve Bank
of Philadelphia.
1923-25 Average=100
wood
Employment
accompanied
by payroll gains in the textile plants but by a loss in wages in the wood
Payrolls
1934
1935
1936
1937
1934
1935
1936
02.3
61.1
57.9
53 2
59.4
48.1
45 8
1937
industries.
Expansion
ment
in
the clay, leather
in
Richester
from
2%
in
March.
increases
in
payrolls,
over
New
York
for
Endicott-Johnson
chemicals,
of
gain
in
especially
forces
was
accompanied#by substantial
the textiles
in
and
in
a
District,
products,
slight
but
net
the
textiles
losses
gain of
the increase.
part of
great
a
City
wood
considerably,
resulting
This
and textiles raised the level of employ¬
almost 1% in February to a gain of
loss
leather
plants.
In
City, seasonal expansion in the clothing and millinery industries
accounted
again
a
In the Binghamtonof
men's
clothing,
felt
in
increased
the
shoe
payrolls
their
and
food
plants,
0.6%.
35.9
61.4
62.7
60.1
51.8
55 2
53.9
64.7
34.5
March---
65.7
50 0
51.5
48.0
69.2
32.7
35 9
31.8
April
56.6
51.5
48.9
43.3
42.0
24.1
May
62.0
February
—
52.4
53.9
53.7
41.8
47.6
June
56.0
55.6
50.3
44.7
55.5
35.3
July
52.2
48.5
47.5
35.4
31.6
31.3
48.2
37.9
40.4
33.3
23.8
26.4
55.4
45.2
46.8
39.4
32.2
29.3
56.9
57.7
August
September
-
October
49.0
40.4
47.1
59.0
45.7
50.6
42.8
23.9
33.8
December
59.8
56.3
53.9
43.9
46.7
46.5
Average
metals
and
were
only
manufacturers
January
58.0
52.0
50.9
46.7
39.9
38.4
November
-—
40.8
February to March, 1937
Employment
City
Buffalo
+3.8%
+ 5.7
+2.5
—-—
Albany-Schenectady-Troy
+8.7%
+2.6
—
Utica
Payrolls
+ 4.3
...
The percentage
last 23 years
are
tional
+ 3.5
changes in employment from February to March of the
given in the following table:
1915
+ 0.1%
1923—
1916
+ 1.1%
+ 1.4%
1924
1917
V./
1929—
1918
+ 1.0%
1926
1920
+ 2.9%
1927—
+2.3%
+0.4%
+ 1.1%
+ 0.3%
+0.6%
1921
+ 0.9%
1928—
+ 0.4%
1922
.
;
+ 1.8%
+ 1.6%
Dec.—Feb. to Mar.
1919
+ 1.2%
*
1925
-1931
1934
1935—
1930—
1937*-
+3.8%
+ 1.5%
+2.5%
+ 2.5%
1930—
Larger-Than-Seasonal Gains Occurred During March
in Pennsylvania Factory Employment and Payrolls
—Increases Also Noted in Delaware Factories
Pennsylvania factories in¬
February to March, ac¬
cording to indexes compiled by the Federal Reserve Bank
of Philadelphia on the basis of reports received from 2,311
companies employing about 544,000 wage earners whose
compensation averaged $14,140,000 a week. This was the
and payrolls in
creased more than seasonally from
third consecutive
month in
which favorable changes were
The number of workers on the rolls about the
1% larger than a month earlier and
middle of March was
wage
disbursements were nearly 4% greater. An announce¬
by the Bank on April 17 also had the following
ment issued
to
Manufacturers
Association
from
regional
April 10 was 5% in excess of production; ship¬
1% above output; in the previous week new
orders were 14% above production; shipments 8% above.
Production in the week ended April 10, 1937, was shown by
mills reporting for both 1937 and 1936,17% above the corre¬
sponding week of 1936; shipments were 16% above ship¬
ments of last year's week; new orders were 17% above
ments
reported.
Lumber
associations covering the operations of important softwood
and hardwood mills.
Reported new business during the
week ended
Preliminary.
Employment
Ended
—4.5%
+0.6
+ 1.4
Increases—February to March':
Week
1933—
+6.4
+ 1.5
-
Lumber Movement,
April 10, 1937
—0.7%
—0.2%
—0.6%
+2.2
Syracuse
of
1932
+ 5.3
Binghamton-Endlcott-Johnson City.
Report
The lumber industry during the week ended April 10,
1937, stood at 71% of the 1929 weekly average of production
and 74% of 1929 shipments.
New orders, though slightly
below those reported for the preceding week, were higher
than in any other preceding week of 1937.
Production was
slightly above the preceding week; shipments,
slightly
below.
National production reported for the week ended
April 10 by about the same number of mills was 4% above
the output of the preceding week; shipments were 3% less
than shipments of that week, and new orders were 4%
under that week's orders, according to reports to the Na¬
Rochester
New York City
Weekly
say:
were
orders of that week.
In
the
The Association further reported:
first quarter
of 1937, reported shipments were 19% above out¬
put; new orders 18% above production.
Production was 1% below that
of the first quarter of 1986 ; shipments were
11% above shipments in
last
year's quarter; orders were 6% above orders of that 1936 period.
During the week ended April 10, 1937, 545 mills produced 251,007,000
feet
of
hardwoods
booked orders of
were:
Mills,
and
softwoods
264,035,000 feet.
548 ;
production,
feet; orders, 275,864,000 feet.
West
combined;
shipped
253,478,000
feet;
Revised figures for the preceding week
242,142,000
feet;
shipments,
262,578,000
CoaBt, Western pine and Northern pine regions reported both orders
and shipments above production in the week ended
April 10, 1937.
Cali-
Financial
2738
fornia
also
redwood
West Coast, Western
orders above those of corre¬
above output.
orders
reported
Northern hemlock reported
pine, redwood and
sponding week of 1936; all but redwood and cypress
that
•
the
of
Lumber
orders
softwood
mills
the
mills.
same
week.
1936
"<>
,
reported
totaled
•
,
254,293,000
Shipments
from
'
year
and
ago
feet
September
419.000
October
420,000
November
417.000
December
406,000
Bureau
Spindles
feet and 7,414,000 feet.
Put
■*
table below of factory sales of automobiles manufactured in
the United States (including foreign assemblies from parts
made in the United States and reported as complete units
March, 1937.
Canadian production figures
supplied by the Dominion Bureau of Statistics.
of vehicles) for
OF VEHICLES (INCLUDING
CHASSIS)
Canada (Production)
United Slates (Factory Sales)
Year and
Total (All
Passenger
Trucks,
Total (All
Pass'ger
Vehicles)
Cars
&c.
Vehicles)
Cars
Trucks
1937—
19,583
15,009
4,574
379,843
309,594
70.249
February_a.
363,833
296,583
67.250
19,707
14,415
494,014
403,773
90,241
*24,701
*19,313
*5,388
1,237,690
1,009,950
227,740
63,991
48,737
15,254
was
Total 3 mos.end.Mar_
up
89,900 Barrels—Texas
Sets
New
Allred—Crude Oil OutStocks Again
High—Petroleum
average
estimated by the Bureau of
The
market demand for Texas next
298,274
224,816
343,523
13,302
11,261
2,041
287,606
420,971
62,790
13,268
10,853
2 415
77,448
18,021
14,488
3,533
1,072,581
866,613
205,968
44,591
36,602
7,989
2,355
364,004
February
w
Total 3 mos.end.Mar_
65,730
was
set at
Oklahoma was given a boost to 622,700 barrels from 609,600
barrels, while California up to 583,300 barrels from 579,900
barrels.
Louisiana's recommended total of 249,400 barrels
compared with 244,800 barrels.
barrels from 183,000 barrels.
9
Kansas jumped to 187,100
The United States Bureau of Mines
tion
recommended produc¬
by States (in barrels) as follows:
May
April
April
May
14.800
15.600
1,297.900 1,340.800 Kentucky
15.200
14.600
609.600
622J00 Montana
14.500
14,000
California
579.900
583,300 New York
12,500
12,800
Louisiana
244.800
249,400 Illinois
10,500
10,500
Kansas
183.000
187,100 West Virginia...
10.300
10.200
New Mexico
91.400
99,800 Ohio
4.800
4.800
Pennsylvania...
49,800
52,600 Colorado
2,100
2,200
Wyoming
44,000
49.000 Indiana
Michigan
30.600
34,900
Total
3,243,000 3,332,900
Arkansas
27,400
28,500
.
...
Oklahoma
March
month
1,340,800 barrels in the estimate, which compared with the
Bureau's recommendation of 1,297,900 barrels for March.
Texas.
1936—
January
24,090,000
April 21 announcement.
5.292
March
January
23,805.000
448,000
market demand for crude oil during May
Mines at 3,332,900! barrels,
up 89,900 barrels from the April recommendation and 309,100
barrels higher than a year ago.
Higher output for all major
producing States was recommended by the Bureau in its
Daily
The Bureau of the Census has issued the figures in the
Month
23.638,000
440,000
Advance
Automobile Production Higher in March
NUMBER
Spindles
23,514,000
431.000
30,038,000
30,135,000
29,649,000
29,069,000
Extension Before Governor
,
V
Active
424,000
Products—May Market Estimate
of Mines
able Set at
9,062,000 feet gnd 8,187,000
feet, and orders, 6,624,000
feet and 8,680,000
8,153,000
shipments,
Active
of
Allow¬
1,411,236 Barrels—Inter-State Compact
Petroleum and Its
and
reported production last week and a year ago
have been
Employees
Employees
mills was 237,411,000
of 450 identical softwood
it was 202,070,000 feet; shipments were, respectively,
204,802,000 feet, and orders received, 253,072,000
214,784,000 feet.
In the case of hardwoods, 74 identical mills
a
240,468,000
1930
1929
hardwood mills
99
Last week's production
feet, and
month of that year.
effected in 1936, wiU probably
reported for the same week were 242,132,000
as
Identical Mill Reports
feet;
remarkable
more
1% above production.
or
Reports
feet
the highest record
to
the
Production was 239,190,000 feet.
give new business as 9,742,000 feet,
or
18% below production.
Shipments as reported for the same week were
11,341,000 feet, or 4% below production.
Production was 11,817,000 feet.
feet,
Recent wage
lift the payroll item
for the 10-year period.
Employment gains are all
when compared with the interim losses in capital
437.000, which was the highest for any
increases on top of those
week ended April 10, 1937, by 460
feet, or 6% above the production of
the
for
reported output above
'
.
April 24, 1937
Chronicle
...
—..
1935—
62,174
10,607
February.
332.231
58,655
March.
425,913
227,554
273,576
359,410
8,252
66,503
18,115
21,981
13,566
17,964
4,017
1,047,872
860,540
187,332
50,703
39,782
10,921
January..
,
4,549
a
Figures for the United States revised as a result of correspondence.
*
Preliminary figures.
Demand
for
Textiles
Cotton
Dominating
Factor
of
1936—Association of Mer¬
chants of New York Notes 25.7% Gain in Domestic
Consumption of Raw Cotton
Industry's
Progress in
in the progress of the cotton
industry in 1936, according to the Association of
Cotton Textile Merchants of New York, "was the continuous
strength of demand forces."
This was noted by the Asso¬
ciation in its sixth annual survey of the industry, issued
recently, and covering the 10 years 1927-1937.
The Asso¬
The dominating influence
textile
ciation added:
In primary
cause
market activity these forces were particularly powerful be¬
the assertion of expanded purchasing power
reserve
stocks and depleted inventories in
To supply these needs coming simultaneously from
distribution channels.
broader public
uncovered shortages of
all the customary reservoirs of
consumption, accelerated industrial activity, and lack of
adequate trade Inventories, cloth production, for the first year since 1929,
was
spurred to
normal volume of yardage.
a
Pdr Cdpita Returns to Normal
Total production of woven cloth
above
the
Per capita yardage available for
domestic consumption, obtained by debiting exports and
to the production figures, furnishes a
tained for each of the years
crediting imports
result practically equal to that ob¬
1922 and 1929.
It was exceeded in 1923 and
1927 when the respective calculations were 71.89 and 71.73 square yards
per capita.
a
Using the four consecutive years of 1926 to 1929 inclusive as
normal base period,
square
there is found an annual per capita average of 66.15
yards compared with the estimate of 66.08 for 1936.
Although these
rough estimates do not give weight to the spectacular yearly increases in
rayon
cloth
consumption or
in transportation facilities
to the advances
they do provide partial explanation for the vigor of last year's buying
activities
when
contrasted
with
the subnormal
takings of the six
years
According to the Association's survey domestic consump¬
tion of raw cotton increased about 25.7% during 1936 over
Except for
of 3,587,733,000 pounds,
the past 15 years.
The
1935, to approximately 3,463,528,000 pounds.
Association stated:
To domestic cotton growers, this performance
in the face of reduced con¬
sumption of American cotton abroad has been most important, not alone
in providing a broad market but in
preserving fair values for their product.
Comparative records of cotton consumption in pounds for the 10 years
are as
1936
1935
1934
1933
follows:
'
3,463,528,000
2,754,702,000
2,655,377,000
..3,052,510.000
1932
1931
1930
2,463,349,000
2,656,603,000
2,610,916,000
1929
1928
1927
3,422,722,000
3,184,168,000
3,587,733,000
Regarding employment, the Association had the following
to say:
Employment records, based on Bureau of Labor statistics, indicate that
the 1929 figures were surpassed during the last
of
employment
show
over
and
hourly
earnings
per
half of 1936 both in volume
employee.
Current statistics
of
450,000 workers employed against the March, 1929 level
the completion of
would be 1,411,236 barrels, which is 62,272
barrels above its April 1 allowable and 70,436 barrels greater
than the May recommendation of the Bureau of Mines.
The
new
quota is 13,120 barrels above actual allowables for
Texas as of April 19, which amounted to 1,398,116 barrels,
due to the completion of new wells since April 1.
The rapid rise in crude oil stocks throughout the nation
resulting from the record production of oil since the first of
the year brought about a reduction of some 50,000 barrels
in
wells,
the
April 1 allowable for Texas fixed by the Railroad
as compared with the March
1 quota. The
completionbf new wells in Texas, however, offset the lowered
output in producing wells and by April 19 most of the 50,000barrel slash had been wiped out.
Oklahoma's May allowable probably will be set by the
Railroad Commission at approximately the same level as
that recommended by the Bureau of Mines.
The Federal
agency's suggested 622,700-barrel total is 13,000 barrels
above the April estimate and slightly above the Commis¬
sion's quota of 620,460 barrels, which has been in effect in
Oklahoma since March 1. An unofficial poll of members of
Commission
Corporation Commission indicated that the new allow¬
able, to be announced shortly, will be at or near the Federal
figure.
Major oil companies operating in Oklahoma have made
no official answer to Governor Marland's threat of enact¬
ment of a severance tax unless crude oil prices are boosted.
Some oil men feel that the Commission's action in cooperating
with the Bureau of Mine's estimates, should it develop,
would do much to aid the fight for higher crude prices. The
bill to raise the gross production tax on crude
the Revenue and Taxation Committee of
House.
taxes
from 1930 to 1935 inclusive.
the record consumption during 1927
the 1936 figure was the highest for
average
the
reached the 1929 level and was 20.7%
corresponding 1935 figure.
daily
exclusive of such increases resulting from
new
•
announced on April 22
crude production for May,
The Texas Railroad Commission
that the maximum
Total 3 mos.end.Mar_
on
oil still is before
the
Oklahoma
Earlier this session, moves to raise gross production
crude oil
were
defeated.
'
>
Early signing of the legislation extending Texas' participa¬
tion in the Interstate Oil Production Compact by Governor
Allred was expected in the trade.
The Senate on April 22
passed the house measure extending the necessary laws for
two years from the expiration date, next Sept. 1, and sent it
to the Governor for his consideration.
Other States partici¬
pating in the compact either have completed the necessary
legislation or currently are taking measures to do so.
A new peak for daily average crude oil production was
reached during the week ended April 17, when output spurted
36,050 barrels to 3,463,550 barrels, according to the American
Petroleum Institute figures.
The new record, incidentally,
is 220,550 barrels in excess of the Bureau of Mines' recom¬
mendation for April and 528,350
barrels above actual
output in the like 1936 week.
California was the only major producing area to report a
dip for the week.
Oklahoma, with an increase of 15,750
barrels, passed both the State allowable of 620,460 barrels
and the Federal quota of 609,600 barrels. - An increase of
13,850 barrels lifted Kansas to 192,600, against the State
Financial
Volume 144
quota of 190,200 barrels and the Bureau of Mines' figure of
183,000 barrels.
Texas rose 2,650 barrels to 1,373,450 barrels, against
1,348,964 and 1,297,900 barrels, respectively.
Louisiana
gained 4,250 barrels to touch 250,600 barrels, against 235,675
barrels and 244,800 barrels, respectively.
A drop of 3,500
it
barrels in California cut output to 623,500 barrels, comparing
with the 580,000 recommended by the Central Committee
of California Oil Producers and the Bureau's recommended
total of 579,900 barrels.
Stocks of domestic and foreign crude oil
mounted 94,000
barrels during the week ended April 10, totaling 297,468,000
barrels, according to the United States Bureau of Mines.
Domestic stocks rose 245,000 barrels, but this was offset
by
a
2739
Chronicle
compared with
and
a
dally average of 11,429 barrels for the week ended April
barrel
estimated
pipe lines
of the end
as
unfinished gasoline and
Bradford, Pa
$2.67
1.26
Lime (Ohio Oil Co.)
Cracked gasoline production
on a
Eldorado, Ark., 40
Rusk, Texas, 40 and
daily during the week.
$1.27
1.27
-
over
1.09
Illinois
1.35
Central Meld, Mich
1.42
Western Kentucky
1.40
Sunburst, Mont
1.20
Huntington, Calif., 30 and over.... 1.22
Kettleman Hills, 39 and over
1.40
Petrolla, Canada
2.10
REFINED
PRODUCTS—MOTOR FUEL
STOCKS
RELS—HIGHER REFINERY RUNS LIFT
—RECORD DEMAND FOR GASOLINE
LUBRICATING
UP
BAR¬
124,000
OPERATING
DAILY AVERAGE
/
B. of
Week
State
Interior
Weeks
April 17, Previous
able
lations
April 1
Week
Ended
Change
from
Ended
Allow¬
Calcu¬
/Ended
April 17, April 18,
Week
1937
1937
609,600
647,050
657,400 + 15,750
192,600 + 13,850 ,/186,800
620,460
183,000
190,200
Panhandle Texas
West Central Texas—-
West Texas
East Central Texas...
East Texas...
Southwest Texas
193,853
Total Texas
—400
33,200
25,050
180,200
51,700
70,750
33,100
199,250
115,800
457,600
222,450
196,450
455,500
209,430
Coastal Texas...
74,950
69,550
61,650
—100
78,050 + 13,250
74,200
65,487
62,891
178,947
108,656
North Texas
569,700
147,750
1,297,900 1,348,964 1,373,450
/ —100
—3,300
conditions
weather
Petroleum
+900
456,250
—3,550
226,450
—4,050
203,900
.
+2,650 1,388,650 1,150,100
'
.
..;
/.
y71,950
178,650
+ 700
71,300
+ 3,550
176,000
66,150
144,750
250,600
.
Coastal Louisiana
244,800
Arkansas
235,675
+4,250
247,300
210,900
27,400
115,000
115,850
42,700
+2,350
27,550
115,300
30,600
+ 1,550
40.800
29,950
105,700
33,900
44.000
Eastern
27,550
54,050
—1,650
52,350
33,350
14,600
15,600
4,300
105,950
+300
15.400
+350
4,250
104,300
11,400
5,950
63,800
Michigan
Wyoming
Montana
....
/
/
Colorado
New
Institute.
daily average runs of crude oil
refinery operating rates 1.4 points to 78.4%
of capacity. Runs of crude oil stood at 3,055,000 barrels on
April 17. Daily average production of cracked gasoline rose
5,000 barrels to 690,000 barrels. Stocks of gas and fuel oils
dipped 109,000 barrels to 94,472,000 barrels.
Domestic demand for gasoline during May was estimated
by the United States Bureau of Mines at 46,650,000 barrels,
which, if realized, would represent a new record high for this
month.
The forecast is for cpnsumption 5,643,000 barrels
above the like month last year, an increase of 13%. Export
demand for motor fuel next month was set at 2,800,000
barrels, up 300,000 barrels from April.
Refined product markets again were featured by a boost
in Pennsylvania neutral oils, used in blending lubricating
oils, which were marked up }/% to 1 cent a gallon. Grade C
bunker fuel oil prices were strong in the New York harbor
market and the trade expected an early boost in prices.
Gasoline, both bulk and retail, generally was steady in major
marketing areas.
Representative price changes follow:
Mexico
^
Total east of Calif..
California
4,800
91,400
106,400
2,663,100
ym
579,900
x
+ 150
2,840,050 +39,550 2,829,750 2,362,500
623,500 —3,500
606,400
572,700
X580.000
Total United States. 3,243,000
3,463,550 +36,050 3,438,150 2,935,200
Recommendation of Central Committee of California OH Producers,
week of April
CRUDE RUNS TO STILLS AND STOCKS OF FINISHED AND UNFINISHED
GASOLINE AND GAS AND FUEL OIL WEEK ENDED APRIL. 10, 1937.
(Figures in thousands of barrels of 42 gallons each)
Crude Runs
Capacity
Stocks of Finished and
to Stills
Daily Refining
Unfinished Gasoline
1
to
cent
Finished
Poten¬
Total
Oper¬
At Re¬
age
ated
fineries
East Coast.-
669
Appalachian.
Ind.. m.,Ky.
Okla., Kan.,
146
467
449
P. C.
129
507
Mo
New York—
Ohter Cities—
Stand. Oil N. J..$.07#
669 100.0
Texas
Tide Water Oil Co
Gulf
.07#
Richfield Oil(Cal.) .07
-
Shell Eastern....
Chicago
$.05
-.05#
.07# New Orleans. .08#-.07
07# Gulf ports...
,
.05#
05
.07# Tulsa
-.05#
&c.
Distil.
514
76.8
88.4
106
82.2
5,939
1,348
92.1
436
93.4
10,477
11,347
1,281
2,847
6,097
2,803
Kerosene, 41-43 Water White, Tank Car, F.O.B. Refinery
I North Texas
New York—
$ 05#
| Los
$.04
Angeles.. .03#-.05
380
84.6
284
74.7
590
2,850
183
54.3
129
70.5
1,801
44
385
757
95.5
660
87.2
8,762
343
1,975
1,320
6,532
La. Gulf
319
1,633
164
158
96.3
127
80.4
722
480
No. La.-Ark.
91
58
63.7
45
77.6
324
54
89
62
69.7
42
67.7
821
746
90.9
488
65.4
1,945
11,348
3,609
88.8
2,831
78.4
48,763
Estd.unrepd.
$.04#
28-30 D
1.20
New York
■
Brooklyn
■
$.185
.185
I Newark
I
Boston..
.17
7,143
91,976
191
2,496
4,217
3,055
3,005
52,980
53,200
22,389
21,941
7,334
7,438
94,472
94,581
y2,818
44,983
21,818
7,131
97,262
xEst.tot.U.S.
Apr. 17 '37
4,066
4,066
4,066
4,066
xApr. 17 '36
xEstimated Bureau of Mines basis,
Soft
Coal
y
April, 1936, dally average.
Output Declines in Week Ended April 10,
....$.175
|Buffalo
(Chicago..
Higher
ESTIMATED UNITED STATES PRODUCTION OF COAL AND BEEHIVE
.177
Not including 2% city sales tax.
Week Ended—
Daily Average Crude Oil Output Rises 36,050 Barrels
in Week Ended April 17
The
American
Petroleum
Institute
estimates
that
the
daily average gross crude oil production for the week ended
April 17, 1937, was 3,463,550 barrels.
This was a gain
of 36,050 barrels from the output of the previous week.
The
current week's figure remained above the 3,243,000 barrels
calculated by the United States Department of the Interior
to be the total of the restrictions imposed by the various
oil-producing States during April.
Daily average pro¬
duction for the four weeks ended April 17, 1937, is estimated
at 3,436,150 barrels.
The daily average output for the week
ended April 18, 1936, totaled 2,935,200 barrels.
Further
details, as reported by the Institute, follow:
Imports of petroleum for domestic use and receipts In bond at principal
United States ports for the week ended April 17 totaled 1,253,000 barrels,
a
21,379
1,010
224
weekly coal report of the United States Bureau
of Mines disclosed the following statistics
regarding the^produetion of coal throughout the United States:
$.053 1
..$.165
68,061
The latest
Gasoline, Service Station, Tax Included
■
727
1,071
457
1937—Anthracite
I
220
2" 180
.95
$
|TulsaUSI..$.02#-. 03
| Chicago,
68
107
♦
I New Orleans C
$1.00-1.25 Phlla., Bunker C
Gas OH, F.O.B. Refinery or Terminal
N. Y. (Bayonne)—
27 plus
513
4,411
793
1.85
Diesel 28-30 D
240
1,130
U.S. B.of M.
| New Orleans.$.05#-.05#
| Tulsa
.03#-.04
California 24 plus D
$1.20
Bunker C
5,709
337
-
Fuel Oil, F.O.B. Refinery or Terminal
N. Y. (Bayonne)—
OU
1,258
Texas Gulf..
Apr. 10 '37
.07
Fuel
Terms., Nap'tha
Inland Texas
Reported
Colonial Beacon..$.07
Socony-Vacuum.. .07#
Gas
and
P. C.
tial
Rate
Unfin'd
in
Daily
Aver¬
Reporting
U. S. Gasoline (Above 65 Octane), Tank Gar Lots, F.O.B. Refinery
New York—
Stocks
of
District
California...
M
Revised
might have been surreptitiously produced.
Rocky Mtn.
April 22—Prices of Pennsylvania neutral oils were lifted
gallon.
y
10.
Note— The figures indicated above do not Include any estimate of any oil which
.
(Bayonne)
446,300
138,950
187,000
have
A 50,000-barrel boost in
Warner-Qulnlan..
59,250
203,750
120,600
OIL PRICES UP
to stills lifted
a
1936
{April)
North Louisiana
delayed the spring
seasonal expansion in demand for motor fuel, inventories of
finished and unfinished gasoline reflecting this condition in
an increase of 124,000 barrels during the week ended April 17
to 82,703,000 barrels, according to data compiled by the
American
Four
M.,
Dept. of
Total Louisiana-
Adverse
CRUDE OIL PRODUCTION
(Figures In Barrels)
RATE
IN MAY FORECAST-
690,000 barrels
^
Kansas
Darst Creek
Mld-Cont't, Okla., 40 and above,. 1.30
Rodessa, Ark., 40 and above...... 1.25
Smackover, Ark., 24 and over..... 0.90
by companies owning 94.7% of the potential
Bureau of Mines basis, produced an average of
Oklahoma.
1.42
82,703,000 barrels of finished and
of the week,
94,472.000 barrels of gas and fuel oil.
charging capacity of all cracking units indicates that the Industry as a
whole,
L
Corning, Pa
bulk terminals, in transit and in
had in storage at refineries,
ported for the week ended April 3," the Bureau pointed out.
There were no crude oil price changes:
degrees are not shown)
Bureau of Mines
basis, 3,055.000 barrels of crude oil daily during the week, and that all
companies
drop of 151,000 barrels in holdings of foreign crude.
Prices of Typical Crudes per Barrel at Wells
refining capacity of the United States
daily poteiuital
indicate that the industry as a whole ran to stills, on a
"The comparatively small net increase in stocks for the
week ended April 10 offset the abnormally large gain re¬
(All gravities where A. P. I
10
12,107 barrels for the four weeks ended April 17.
Reports received from refining companies owning 88.8% of the 4,066.000
daily average
198,571
of 179,000 barrels,
compared with
barrels for the week ended April 10, and
a
dally
average
of
176,500 barrels daily
for the four weeks ended April 17.
Receipts of California oil at Atlantic and Gulf Coast ports for the week
ended April 17
totaled 117,000 barrels, a daily average of 16,714 barrels.
Bituminous coal:
Apr. 10,1937 d Apr. 3, 1937
Total, Including colliery fuel
Dally average..
Pennsylvania anthracite: b
5,865,000
978,000
Total, Including colliery fuel
1,586,000
Daily average..
Commercial production
264,300
1,510,000
63,400
10,567
c
Total for period
average
Calendar Year to Date—
Bituminous coal:
7,392,000
1,232,000
1,101,000
220,200
1.049,000
547,000
91,200
521,000
59,100
9,850
22,100
3,683
1937
1936 f
1929 f
a
Total, including colliery fuel
Dally average
Pennsylvania anthracite: b
Total, including colliery fuel—
140,614,000
1,670,000
120,271,000
1,428,000
150,514,000
1,771,000
production
c
g
g
g
Dally average
Commercial
Apr. 11, 1936
7,090,000
1,363,000
Beehive coke:
Daily
e
a
g
g
g
g
g
g
Beehive coke:
Total for
period
Daily average
a
1,011,800
11,765
429,300
4,992
1,730.300
20,120
Includes lignite, coal made into coke, and local sales,
b Includes washery and
dredge coal, and coal shipped by truck from authorized operations.
Estimates
for current weeks based on railroad carloadings and production reports furnished
through trade association and State sources,
c Excludes colliery fuel,
d Subject
to revision,
e Revised,
f Adjusted to make comparable the number of
working
days in the three years,
g Comparable data not yet available.
Financial Chronicle
2740
WEEKLY
ESTIMATED
PRODUCTION
COAL,
OF
BY STATES
(IN THOUSANDS OF NET TONS)
(The current weekly estimates
ments and are
and State sources or
are
on receipt
Week Ended—
State
Apr.
"
Apr. 3
Mar. 27
1937 p
1937 p
Apr. 4
Apr. 6
1936
1935
r
increased by 720 tons
15% of the current annual
stocks stood at
17,336 tons and their ratio to consumption was 11.6%.
The average
cash price of standard tin in March, 1937, was £283.5.7, as compared with
1937, world visible stocks of tin
During March,
based on railroad carloadlngs and river ship¬
of monthly tonnage reports from district
of final annual returns from the operators.).
subjecc to revision
April 24, 1937
Tin Slocks and Prices
Apr. 6
£233.19.8 in February.
1923
8
At the end of March, 1936, world
consumption.
Aige.
1929
tons,„representing approximately
23,476
to
rate of
8
r
2
4
2
283
204
85
-
Alabama
33
43
19
174
125
1
1
39
73
1
1
Georgia and North Carolina
and Tin Prices Decline
412
343
17
124
Arkansas and Oklahoma
Colorado
70
126
1,459
778
343
779
1,471
480
261
95
237
514
5'»
88
61
19
57
100
Kansas and Missouri
155
205
113
56
78
138
Kentucky—Eastern
651
911
533
350
640
620
201
276
115
85
194
188
49
43
26
24
39
52
4
10
14
8
12
22
49
66
51
48
34
45
26
23
45
59
35
38
46
28
823
816
382
640
343
159
314
1,760
2,870
1,671
1,101
2,292
3,531
112
137
82
-
...
------
'
Western
Maryland
Montana
New
—
-
Mexico
North and South
Dakota
Ohio.
Pennsylvania bituminous
42
38
766
•
23
92
121
14
14
14
12
21
55
80
5°
40
76
—
208
338
158
104
205
31
32
32
3''
35
1,213
2,106
1,222
771
1,425
1,256
428
789
474
236
579
778
Washington
West Virginia—Southern a
Northern b
Western
*
Statesc
116
86
7.781
served
in
Silver
times being well below the import basis.
market declined lc.
The publication
all
quotation at
the
open
further
reported:
Copper
market during the seven-day period ended April 21.
the domestic copper
of
Offerings of
continued
scrap
slackening
some
dealers in scrap virtually directed the destinies
smelters and
The custom
6.538
11,256
3.809
when the domestic copper market was rising.
electrolytic copper reported for the week totaled 6,607
during the period
6ales
Panhandle District and
Grant, Mineral, and Tucker counties,
c
Includes Arizona,
California,
Idaho, Oregon and Nevada,
p Preliminary,
r Revised,
a Alaska,
Georgia, North Carolina, and South Dakota included with "other Western States."
*
Less than 1,000 tons.
March
Under
Exports
International
Tin
Agreement
Totaled 15,236 Tons
According to a communique of the International Tin Com¬
mittee, exports of tin during March under the International
Agreement totaled 15,236 tons, as against 11,535 tons ex¬
ported during February.
The Committee's communqiue,
as issued on April 19 by the New York office of the Inter¬
national Tin Research & Development Council, follows:
of
week holding
The London
market, declining steadily, broke sharply on April 20, when only
£62
was bid for
electrolytic copper.
Prompt response followed in the domestic
market, which declined to 14.275c. f.o.b. refinery for that and the following
day, April 21, although London recovered somewhat on April 21.
A good
part of the week's sales was made on April 20 at the lower price, which
is quoted for that day despite the sale of a moderate tonnage of metal at
14.525c. refinery.
A fair tonnage was sold abroad in the last three days
by the foreign group.
The price of export copper, f.o.b. refinery, declined
through April
The
trade
of
price
added
in
the
been
has
stabilize at
would
and
domestic copper
Tin
March, 1937,
Committee
the
reports
of tin
exports
during
excise
tax
on
industry and
Netherlands East Indies
2,924
1.475
-2,288
-
Bolivia.
Malaya
Demand
6 610
*lam
—
1,377
.
Belgian Congo
562
Increase in World Tin Production
During First Quarter
Compared with Same Period Year Ago
According to figures given in the April bulletin of the
Tin Research & Development Council pub¬
lished by the Hague Statistical Office, the world production
of tin during the first quarter of the current year totaled
43,800 tons, against 39,065 tons in the corresponding quarter
of 1936.
World production for the year ended March,
1937, totaled 177,400 tons, against 147,000 tons in the pre¬
vious 12 months.
World consumption statistics are avail¬
ably only up to the end of February, the total for the year
ended February, 1937, being 160,391 tons, which represents
an increase of about 7H% over the figure for the
previous
International
year.
lead
for
following is also from an announcement issued April 20
by the New York office of the International Tin Research
& Development Council:
show
of America,
States
holding
to
where 78,287 tons
The
industries.
sheet
pipe
and
April
position
The
used in
were
New
6c.,
York.
brands at
own
was
a
slight decrease
United
in
Sales
sumption from 22,113 tons in the year ended February,
tons
In
creased
which
the
year
ended February,
by nearly 8%
consumption
crease,
In
St.
Prime
of
reported
1937.
increased
1937, to 21,627
Consumption in
and in Italy by about 57%.
substantially
are
con¬
Germany de¬
Among countries in
France
with
a
23%
here
Western
of
each
on
the following
countries
for
the
table is shown the tin consumption of the principal
year ended
February, 1937, in comparison with the
consumption for the previous year.
The figures are expressed in tons of
2,240 pounds.
for
London
in
the
Percentage
increase
May
Smelting & Refining Co.
held'
to
business
zinc
four
East
the
its
on
a
7c.
at
per
pound,
East
St.
Louis,
the
seven-day
was
days
beginning Thursday, April 15.
On
fair tonnage was sold at 6.75c., the market
21
steadied
period
the
Shipments
to
consumers
tons,
Some
situation.
domestic
totaled 1,420
most
maintained
Sales
this
of
their
being
satisfac¬
The tin
Tin
1
,
price broke sharply
made for
last week, following the decline in London,
wide 6\vings
influential
consumers
decline
Straits
in
still
tin
in
quotations.
the
of
New
in
opinion
York
Demand
that
April
on
here
prices
20
was
too
are
56.275c.
to
brought out comparatively little business.
countries
are
Exports of tin by the signatory
increasing, and the recent unsettlement in the market is
now
expected further to augment
World
tons,
in
production
according
February
duction
tons
March
December,
tin,
16,
of
April
on
basis
ore
tons and' in
was
not
during
Bureau
of
primary centers.
was
recent
17,664
Statistics.
January 14,832 tons.
to the
up
from
March
Metal
monthly high
long
Production
However,
of
pro¬
18,169
1936.
99%,
was
57.250c.;
55.125c.;
the movement of metal
tin
the American
14,259
was
during
in
to
21,
April
nominally
17,
follows:
as
57.250c.;
April
April
19,
15,
56.125c.;
58.550c.;
April
20,
56.750c.
or
1937
1936
Decrease
DAILY PRICES OF METALS
United States
78,287
67,341
+16.3
United Kingdom
Union of Soviet Socialist Republics
21,627
22.113
Electrolytic Copper
—2.2
10,453
7,564
+382
+23.1
1
in
rate.
Chinese
February
the
and
requirements
producers, and the
Lead reported
April
on
delivery.
prompt
tory
April
Year Ended
according
manufacturers,
Consumers'
following the decline in London below the zinc import point.
reported1 for
in¬
Japan 31%, Czechoslovakia 32%, Belgium 23% and Poland 42%.
the important lead-
among
battery
American
of
Joseph
Tuesday, April 20, however,
the year
Kingdom
a
Zinc
The
There
tons.
March,
for
premium.
a
high.
10.453
which
stocks of refined metal.
58,000 tons
quantities.
covered,
settling basis
of
increase,
Sales
about 65%.
stands at
contract
with
38%
reach
to
makers,
fair
took
fully
nearly
are
quiet,
a
pro¬
basis.
is certain the March statistics
distributed
well
was
Pigment
divisions
country third among tin consuming countries with a record consumption
was
preceding week, but
10,000 tons in
expected
are
buying last week
consuming
liquidation
there
The trade
than
more
consumers
where
Russia
the
in
as
little under 11,000 tons the week before.
a
well.
up
reduction of
places that
In
review.
the
of
that the
urge
high for the movement.
new
at
active
so
4,800 tons, against
a
Shipments
for
not
was
important increase of over 16% is recorded for tin consumption in
under
inventories.
rehabilitation
booked sufficient business to maintain prices on a firm
ducers
amounted to
recovery
The
the United
substantial
the
by retained.
copper
Consumption is
An
in
factor
Tons
will
as
as
up
Lead
Tons
Nigeria
per
Phelps Dodge will continue to
follows:
as
he
15c.
to
import tax, Mr. Cates 6aid that this measure
proficient
INTERNATIONAL TIN COMMITTEE
International
The
have built
believed the
pound.
He
is generally thought,
that
effect
14c.
not as low
are
fabricators
of the copper
effective
an
up.
by Louis S. Cates, President of
the
to
between
stocks
copper
that
fact
the subject
statement
a
to stockholders,
domestic
of
view
On
interested in
made
copper
that
previous
the
of
April 15 to 13.875c. on April 21.
on
was
Dodge,
Phelps
price
refinery
by which time sales had almost dried
19,
15.025c.
from
f.o.b.
15.275c.
the
tons,
Operations on the N. & W., C. & O., Virginian, K. & M., B. C. & G., and on
the B. & O. In Kanawha, Mason, and Clay counties,
b Rest of State, Including the
a
when
until April 21,
be made freely up
to
this situation compensating for the scarcity of
noted,
was
offerings
Domestic
7.090
Total bituminous coal
sharply lower
bring about heavy liquidation and
to
prices abroad. The decline abroad was followed by a drop
of lc. per pound in domestic copper, one-quarter cent in
zinc, and about 3c. in tin.
Lead ruled firm, the domestic
10,836
74
*
*
*
84
84
103
127
71
Wyoming
Other
levels, some fresh
governments to unwarranted higher price
249
24
Virginia
■(
over
nervousness
70
:
Texas
Utah.
continued
gold rumors, and a move to curb wild speculation in com¬
modities in
London by raising margin requirements all
20
—
Tennessee
issue of April 22,
the opposition of
Markets," in its
Mineral
and
that
stated
895
Iowa.
"Metal
184
8
8
301
Illinois
Indiana.,-.-..
Zinc
Domestic Copper to 143ijc.
Break Abroad Lowers
2
230
Alaska
("E. & M. J." QUOTATIONS)
Straits
Dorn.,Refy. Exp., Refy.
Tin
Lead
Zinc
New York
New York
St. Louis
5.85
St. Louis
France
10,269
8,339
Germany-
9,131
30,624
9,902
—7 8
Apr. 15
59.800
34,082
—10.1
6 00
Apr. 16
15.275
14.800
58.500
6.00
5.85
7.00
Apr. 17
15.275
14.800
58.500
6.00
5.85
7.00
Apr. 19
15.275
14.400
57.375
6.00
5.85
7.00
Apr. 20
14.275
13.625
56.375
6.00
5.85
6.75
Apr. 21
14.275
13.875
58.000
6.00
5.85
6.75
14.942
14.404
58.092
6.00
5.85
6.917
Othej countries (including Italy and Spain)
160,391
Apparent consumption total
149,341
+7 4
Tin Consuming Industries
The
tinplate
and
automobile
industries
are
contributing
stantially to the increased tin consumption this year.
February, 1937, 62,700 tons of tin
were
very
sub¬
to have used
and February,
tons,
against
13,500 tons, against 11,900 tons.
In January
1937, world production of tinplate amounted to 662,000
553,000
tons in
January and
February,
1936,
and world
production of automobiles in these periods totaled 982,000 vehicles and
863,0OO_vehicles, respectively.
_
.
15.025
In the year ended
used in the world tinplate industry,
against 52,800 tons in the preceding year, while the world motor industry
is estimated
Average
15.275
7.00
Average
prices for calendar week ended April 17 are: Domestic copper f.o.b.
refinery, 15.275c.; export copper, 14.896c.: Straits tin, 59.733c.; New York lead.
6.00c.; St. Louis lead, 5.85c.; St. Louis zinc, 7.00c.; and silver, 45.700c.
Above quotatons
markets, based
on
are
"M.
& M.
M.'s"
sales reported by
to the basis of cash. New York or St.
appraisal of the major United States
producers and agencies.
They are reduced
Louis, as noted.
All prices are in cents per
pound.
Copper, lead and sine quotations
deliveries; tin quotations
are
are
based
on
sales for both prompt and future
for prompt delivery only.
Volume
Financial
144
Copper
The
Ptlces
Daily London
Copper, Sid.
Electro.
Apr
(Bid)
Svot
3M
Spot
3M
62%
68%
272%
270
25%
25%
265,6
26%
62
21
3M
04%
15
16
19
20
60%
67
265%
263%
26
26
24%
24%
22%
22%
23"f6
23l',6
3M
Spot
65
258
256%
55%
57%
53%
25'i6
24',6
62
249
245%
23
2415,6
2315,6
22%
60%
57%
63
261
256%
24916
247,6
59%
—
of
the official prices for
are
capacity for the wreek beginning April 19 compared with
one week ago, 89.6% one month ago, and 70.4% one
year ago.
This represents an increase of 1.0 points, or
11%, from the estimate for the week of April 12, 1937.
Weekly indicated rates of steel operations since April 6,
1936, follow:
1936—
Apr.
Steel
Ingot Output Hits
The "Iron Age" in its issue of April 22 stated that steel
ingot output has hit a new peak of 92% of the country's
capacity, or an estimated total for this week of 1,204,979
gross tons, which is slightly above the all-time record of
1,193,284 tons per week in May, 1929.
At that time,
however, the capacity of the industry in open-hearth and
bessemer steel was only 60,990,810 tons annually, against
present capacity of 68,290,862 tons.
The sharpest gain was
in the Cleveland-Lorain district, where onerations jumped 12
points to 87% the "Age"' further reported:
Heavy shipments of finished steel are creating an easier situation for the
13
May
11
69
May
18
1
June
8
69.5% Sept.
June
15
that
was
prevalent
dividual steel companies are
like
period
new
sales
if mills
March,
in
March sales
not far below
are
running from 10 to 30% behind those of the
this is
serious falling off,
not a
of the
heaviest
the
were
considering that
Moreover,
post-depression period.
shipments in volume and would be much heavier
willing to accept all of the third-quarter business that Is offered.
were
So far, most of the mills are restricting
and strip.
While orders with in¬
month or so ago.
a
third-quarter reservations to sheets
In sheets it seems quite probable that the mills could sell out
orders have actually been
for the remainder of the year, and, in fact, a few
entered for the fourth quarter.
The delivery situation has
become improved in some products, not so
much because of falling off in new business,
out
and thereby
tonnage
more
schedules.
have
but because mills
Light gage cold-rolled sheets are now obtainable in six to eight
Plates and shapes are sold
weeks, strip steel and bars in four to six weeks.
100%.
Building projects of the smaller type are fairly numerous, but reports
fromcontractors
jobs
indicate that
architects
and
postponed
have been
of large size
or
a
materia] and labor costs, notwithstanding the fact that fabricated structural
reflected the recent $4 a ton advance on plain
steel quotations have not yet
Whatever slackening in demand for plates and shapes may occur
material.
by curtailment of construction work is likely to be offset in part by further
The Baltimore & Ohio will buy 2,000 freight
buying of railroad equipment.
cars
and
the
Brazil calls
2,022
Chesapeake & Ohio 500, while an inquiry from the Central of
for
1,000
in its
cars
locomotives.
shops, and the Burlington will build 2,500 cars and 14
own
The Pennsylvania is also embarking on a large program.
Steel buyers have as yet
action will be taken
belief that
possibly
no
received
no
intimation from the mills
advances
products and
will
67.2% Oct. 19—— .74.2%
74.3%
—69.0% Oct. 26
Jan.
25
Feb.
1
6
While
lighter
of
needs
and
for that period
not
are
and water shipments this month may
Three merchant blast furnaces in the East
operations next month.
Meanwhile, foreign inquiry
Atlantic port, and
a good
lower at Philadelphia and
50 cents lower at
Pittsburgh and Chicago, reducing the "Iron Age" composite price to $20.75,
Recent weakness is believed to
part to efforts of large scrap brokers to depress the
on
Atlantic
350,000 tons they have sold jointly to
ports, for
transaction
to license
was
No.
a
market in
European raw
Prices paid were $22.65, f.
1 steel scrap and $21.65 for No. 2 scrap.
made
in
at
St.
the
This
prices
(Based on steel bars, beams, tank plates,
wire, rails, black pipe, sheets and hot
2.097c.(
rolled strips, These products represent
85% of the United States output.
High
Mar.
Low
2.330c.
9
2.605c.
1937
2.084c.
Mar. 10
2.130c.
Oct.
1
2.124c.
Jan
1934
2.199C.
Apr. 24
2.008c.
Jan.
2.015c.
Oct.
3
1.867c.
Apr.
18
1932
1.977c.
Oct.
4
1.926c.
Feb.
2
8
from
Lake
April 20,
1937, $23.25 a Gross Ton
$23 25
Based on average of basic iron at Valley
furnace and foundry Irons at
23.25
One year ago
Philadelphia,
18.84
One month ago
Buffalo,
Valley,
High
$23.25
1936
19.73
1935
18.84
17.90
16.90
1934
1933
-
-
Chicago,
Southern Iron at Cincinnati.
1937—
14.81
1932
Pennsyl¬
at 100 and
Detroit
steel
third
for
This
developed
that
factor
may
being
is
quarter
quarter
A considerable body
be
will
prices
most
third
cause
perhaps in May.
is usual,
reaffirmed through
Michigan
17,
reached lower Lake ports Saturday, April
ore
This
ports.
unusually early
is
for this movement.
large fleet has been passing into Lake Superior to
continue
Southern
its
Nov.
May
Dec.
Jan.
5
1
5
v
5
than
less
is
desired
within
a
coke
has
find
pressed to
being opened
Settlement
brought
Ford
for
load at the head of
within
May 14
Jan.
27
Jan.
by large
equipment
These
cars
a
orders.
freight cars for its subsidiary,
Chicago Milwaukee St. Paul & Pacific
Louis
St.
San Francisco
&
has
and
cars
awarded
16
orders bring the total for April
car
of the 8,155 bought
in March.
the
.
advanced
50c.
producers
hard
are
years
are
ovens.
strike and partial resumption of production
Chrysler
automobile output to 124,970 units last week, 15,765
week.
General Motors accounted for 52,155,
and Chrysler for 22,200.
London
tell
since
last
a
Britain
of Great
setting
a
all-time high
new
March at 1,109,500 tons.
This is
September that British steel output has been
month.
The daily rate in February and March
production
steel
for
1,000,000 tons
steady at
ton, and
per
Coal mines not worked for
preceding
month
than
weeks.
been
the
the
total
fifth
iron
to supply some rejuvenated
of
from
monthly
pig
in
close to 41,500 tons.
Shipments of finished steel by the Steel Corp. in March reached 1,414,399
March tonnage since 1929.
tons, the largest
shipments
at
in scrap
$40.55
For first-quarter
Corporation
70% heavier than for the corresponding period of 1936.
were
Declines
to
caused the0iron and steel composite to lose 8c., moving
$40.47.
finished
The
steel
composite
is
unchanged
$61.70.
Steel
the week ended April 19,
ingot production for
is
placed at about 91%% of capacity, unchanged from the pre¬
vious week, according to
further
U.
S.
The
with
the "Wall Street Journal" of April
The "Journal"
Two weeks ago the industry was at 91%.
stated:
Steel
is
estimated at 85%%,
86%% two weeks
against
95%
nearest
87%%
comparison of
a
in
are
in the week
credited with
the percentage of production
corresponding week of previous years,
approximate changes,
6
compared with
Leading independents
the two preceding weeks.
in
following table gives
the
ago.
points,
together with
the
from the week immediately preceding:
3
Dec
lakes
lower
6,600
sufficient capacity.
34,850,
Cables
few
gain in
a
than
more
96%%,
Feb. 16
Aug. 11
the
shops and the Pennsylvania 300
own
300
of
consumers
before and
$20.25
18.73
17.83
16.90
13.56
13.56
TexaB.
The
shops.
own
on
continue to look to this country for
additional
tonnage, and total export inquiry is estimated conservatively
at 125,000
tons.
Two inquiries for foundry grades call for 70,000 and
40,000 tons, and there are smaller lots of other grades.
Producers find it
difficult to meet delivery requirements of this business, as much tonnage
Foreign
and
Low
Mar. 9
Nov. 24
&
locomotives.
to
placed
in its
cars
made
support the market
has
Orleans
2,022
electric
be
will
to
Railway
New
build
will
deliveries
and
Railroads
The
23.
Pig Iron
One week ago
finished
on
shipment.
at
of iron
cargoes
2
1933
J
prices
earlier than
has
opinion
First
2
Dec. 28
1935
84, Eastern
Birmingham at 80,
96,
September.
from
Mar.
2.330c.
1936
of
prevailing
PRICES
..2.605c.]
2.605c.
Chicago at
95,
Pittsburgh at
Wheeling at
announcements
of
was
One year ago
scrap
but steelmakers are not ready to commit themselves
so
far ahead, especially with so many uncertain factors existing.
At the
same
time an
increasing tonnage is being booked for that delivery at
more
AGE" COMPOSITE
April 20, 1937, 2.605c. a Lb.
iron
82.
Announcement
Finished Steel
One week ago
One month ago
at
rate
59%,
Louis at
exports of scrap.
"IRON
better order.
in
and
sought by consumers,
a. s.
brought about in anticipation of possible action by Congress
THE
buying is in
not made much
new
have
composite receding last
Beehive
For the third consecutive week scrap prices have declined in all markets.
cover
level,
prices is proceeding in orderly
week to $21, a drop of 60c.
preceding week, the second downward step.
This makes the
composite practically the same as for the second week of March.
European
scrap
consuming countries are forming a cartel to handle purchases of
6crap for import, in an effort to obtain better prices.
Other slight changes in
operating rates at various centers have been
made, the net result not affecting the national rate of production, which
remains at
91%%.
Cleveland increased 2% points to 76%%, Buffalo
two points to 90, and New England two points to 97%.
Cincinnati lost
four points to 8G%, and Youngstown one point to 86%.
No changes were
deal of iron could be sold for shipment abroad if it were available.
material cartel, headed by Great Britain.
high
a
inquiry mills
the
from
to date within
The
second Central furnace at Cleve¬
for pig iron has brought offers up to $28 a ton,
order to
at
smaller
of
Meanwhile an opportunity is afforded to clarify the
steel
of
"Steel's"
fashion,
excepting
land, and Republic Steel Corp. has resumed operation of a rebuilt stack at
be due in
spite
put books
Adjustment
lakes
Price announcements
erasing all of the gains since early March,
and steel
days.
break all April records.
is $1
In
the buyer.
situation
the
Pig iron production is increasing as additional furnaces go into blast.
Heavy melting steel
continues
production
volume.
locomotives
resume
77.9%.
79 6%,
headway in reducing backlogs and continue to restrict bookings to average
has made the earliest start in years,
scheduled to
91.3%
April 19 stated:
on
steel
11
are
89.9%,
90.3%,
April
"Steel" of Cleveland, in its summary of the iron
markets,
Cincinnati
its Corrigan, McKinney plant.
5
April 19.
78.8%
80.6%
18
13-
88.9%
89.6%
90.7%
29
April 12
79.4%
11
July
85.8%
87.3%,
Mar. 22
Mar
28—...77.0%
1937—
4
1
8
Mar.
Mar. 15
Dec
Jau.
Jan.
A
With the arrival of two cargoes of iron ore at Lake Erie ports and the
a
77.0%,
Jan.
dispatch of 22 additional cargoes on Monday night, the 1937 ore season
may
14
Dec. 21
75.3%
few
as to
expected until about May 20.
American Steel & Wire Co. has started
Dec.
76.6%
>79.2%
80.6%
15
81.6%
22—82.5%
Mar
75.9%
7
Feb.
74.3%
Dec.
75.9%
what
made
be
pig iron.
Nov. 23
Nov. 30
5
July
8
Feb.
12
Nevertheless there is growing
third-quarter prices.
further
wire
on
on
74.1%
74.0% Oct.
In addition, the Milwaukee Road will build
cars.
Nov. 16
70.2% Oct.
good many construction
abandoned owing to higher
74.7%
74.0%
Feb.
9
June 30
vania
Tin plate is sold out until October, with production running
into June.
up
getting
are
few open spaces on their June
a
sept
70.0%
2
Nov.
June 22
steel user, causing a relaxing of some of the Intense pressure on the mills for
deliveries
1% Aug.
69.4% Aug.
67.9% Sept.
68.2% Sept.
May 25
June
Nov.
70.9%
71.5%
3
71.4%
10—.*.70.0%
17
72.2%
24
72.5%
31
—71.5%
7—-.68.2%
14
72.5%
21
74.4%
28
75.4%
64.5% July 20
67.9% July 27
Apr. 20—...70.4% Aug.
Apr. 27
71.2% Aug.
May
4
70.1% Aug.
1937—
1936—
1936—
6
Apr,
New Peak of 92%
a
April 19 an¬
on
90.3%
the first session of the London
Metal Exchange; prices for copper and tin are the official closing buyers, prices.
All are In pounds sterling per long ton (2.240 pounds).
Prices tor lead and zinc
and Steel Institute
Iron
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 91.3%
Spot
Apr.
Apr.
Apr
Apr.
American
nounced that
Zinc
Lead
Tin, Std.
2741
Chronicle
1
Industry
U. S. Steel
Independents
Steel Scrap
Based
April 20. 1937, $20.75 a Gross Ton
$21.42
21.75
14.63
One week ago
One month ago
One year ago
on
No.
1
heavy
melting
1936
1935
—
—
$21.92
17.75
13.42
1934
13.00
1933
.12.25
8.50
1932
-
30
21
10
13
8
Jan. 12
Mar.
Dec.
Dec.
Mar.
Aug.
$17.92
85%
91%
—2
1936
70
+4
64
4-2
1935
46%
+ 1
43
4-
%
96%
74%
49%
4-1%
4-5%
4-5
53
+3
42
4-1
62
1933
24%
+ 4%
22
+ 2%
27%
1932
22
1931
49
1930
1934
Low
High
1937—
steel
quotations at Pittsburgh, Philadelphia
and Chicago,
1937
Jan.
4
12.67
June
9
10.33
Apr. 23
9.50
Sept. 25
6.75
Jan.
3
6.43
July
5
_
21
—2
23
-1%
51
1—2
47%
78
+2
81
4-3
75
1929
98
4-2
100
+4
85
4-1
90
4-1
80
1927
84
91%
-1%
77
4-6%
96
1928
4-1.
-2%
4-2
—1%
4-1
—3
2742
Financial
Chronicle
The Week with the Federal Reserve Banks
April 24, 1937
The condition statement
During the week ended April 21 member bank reserve
balances decreased $24,000,000.
Reductions in member,
bank reserves arose from increases of $5,000,000 in money
in circulation, $38,000,000 in
Treasury cash, $7,000,000 in
Treasury deposits with Federal Reserve banks, and $10,000,000 in non-member deposits and other Federal Reserve
accounts, and a decrease of $5,000,000 in Reserve bank
credit, offset in part by an increase of $40,000,000 in gold
stock.
Excess reserves of member banks on April 21 were
estimated to be approximately $1,590,000,000, a decrease
of $40,000,000 for the week.
Inactive gold included in the
gold stock and in Treasury cash amounted to $506,000,000
on April 21, an increase of
$41,000,000 for the week. After
noting these facts, the Board of Governors of the Federal
Reserve System proceeds as follows:
Principal changes in holdings of bills and securities were an increase of
$17,000,000 in United States Treasury bills, and decreases of $16,000,000
of weekly reporting member banks in 101 lead¬
ing cities on April 14 shows
decrease for the week of $63,000,000 in total
a
loans and investments, and increases of $89,000,000 in
demand deposits-
adjusted, $88,000,000 in deposits credited to domestic banks, $44,000,000
in
deposits credited to foreign banks, $94,000,000 in balances with domestic
banks and $205,000,000 in reserve balances with Federal Reserve banks.
Loans
to
and
brokers
dealers
New
in
York City
loans to brokers and dealers outside New York
securities
to others
banks)
(except
declined $5,000,000,
$12,000,000, and loans
$1,000,000.
on
Holdings of acceptances
and commercial paper bought declined $9,000,000 in the New York district
and
$10,000,000 at all reporting member banks, real estate loans declined
$3,000,000, and loans to banks declined $4,000,000.
creased $26,000,000 in
"Other loans"
in¬
the New York district, $8,000,000 in the Chicago
district and $56,000,000 at all reporting member banks.
Holdings of United States Government direct obligations declined $38,clined $38,000,000 in
district
and
the New York district, $23,000,000 In the Chicago
$63,000,000
$7,000,000 each
all
at
obligations fully
guaranteed
member
reporting
in the Boston and
banks,
and
San Francisco districts.
by the United
increased
Holdings of
States Government
declined
,
In United States
$6,000,000.
Treasury notes and $3,000,000 in discounted bills.
(—)
.Since
'
.
(+) or Decrease
April 21,
1937 April 14,1937
$
Bills discounted
8,000.000
3,000,000
Bills bought
U. S, Government securities.
April 22, 1936
$
S
—3,000,000
+3,000,000
—2,000,000
+57,000,000
—1,000,000
2,487,000,000
—
of "other
$28,000,000 in/the San Francisco district,
district,
J
23,000.000
Other Reserve bank credit.._
2,000,000
—3,000,000
Time deposits declined $11,000,000.
trict.
reserve
balances
—5,000,000
+40,000,000
—1,000,000
+48,000,000
+1,528.000,000
+ 39,000,000
6,877,000.000
—24,000,000
+1,435,000,000
Money In circulation...
6,388,000,000
Treasury cash
2,914,000,000
Treasury deposits with F. R. banks.
119,000,000
+ 5,000,000
+ 628,000,000
+38,000,000
+357,000,000
—593,000,000
Non-member deposits and other Fed¬
eral Reserve accounts
Deposits credited to domestic
Chicago district and $88,000,000 at all reporting member banks.
Deposits
credited to foreign banks increased $44,000,000 in the New York district.
A summary of the principal assets and liabilities of the
reporting member banks, together with changes for the week
and year ended April 7, 1937, follows:
Increase
,
'
(+)
April 7, 1937
(—)
April 15, 1936
$
$
Loans and investments—total
Decrease
or
Since
■■■•„■
$
22,293,000,000
—63.000,000
+497,000,000
1.044,000,000
217,000,000
—5,000,000
—12,000,000
+21,000,000
—2,000,000
2.048,000,000
395,000,000
1,153,000,000
74,000,000
4,463,000,000
—1,000,000
—10,000,000
—3.000,000
—4,000,000
+56,000,000
—14,000,000
+13,000,000
+ 8,000,000
+955,000,000
8,457,000,000
—63,000,000
—339.000,000
1,183,000,000
3,259,000,000
—6,000,000
—15,000,000
—93.000,000
—95,000,000
Loans to brokers and dealers:
In New York City
Outside New York
+ 7,000,000
City
securities
on
to
others
(except banks)
Accepts, and com'l paper bought.
Loans
real estate.
on
Loans to banks
Other loans
504,000,000
+43.000,000
—111,000,000
+10,000,000
U. S. Govt, direct obligations
Obligations
Returns of
the Cleveland
In
banks increased $43,000,000 in the New York district, $18,000,000 in the
Loans
Member bank
$12 000 000
.
2,523,000.000
11,737,000,000
2,540,000,000
Monetary Gold stock
Treasury currency.
the
reporting member banks, and declined $60,000,000 in the New York dis¬
—7,000,000
—2,000,000
.
$19,000,000 in
$10,0j00,000 in the Kansas City district and $89,000,000 at all
April 14, 1937
i
Total Reserve bank credit
declined
increased $81,000,000 in the Chicago district,
Industrial
advances
(not including
$18,000,000 commitm'ts—Apr. 21)
securities"
andr $15,000,000 at all reporting member banks.
deposits-adjusted
Demand
The statement in full for the week ended April 21, in com¬
parison with the preceding week and with the corresponding
date last year, will be found on pages 2776 and 2777.
Changes in the amount of Reserve bank credit outstand¬
ing and related items during the week and the year ended
April 21, 1937, were'as follows:
Increase
Holdings
New York district
fully
guaranteed
by
United States Government
Member Banks in New York City and
Other securities
Chicago—Brokers' Loans
Below is the statement of the Board of Governors of the
Federal
Reserve
System for the New York City member
Chicago member banks for the cur¬
Reserve with Fed. Reserve banks..
Cash in vault
banks and also for the
rent
week, issued in advance of full statements of the member
banks, which latter will not be available until the coming
Monday:
Liabilities—
Demand
351,000,000
deposits
(In Millions of Dollars)
*
New York City—
Assets—
$
Loans and Investments—total—
$
Apr. 21
Revised figures
April 7
1937
1937
(Chicago district).
Four Nations
1936
$
Begin Naval Patrol of Spanish Coasts—
Representatives of Non-intervention Committee
|
8,350
8,386
8,561
1,975
1,996
1,011
1,004
969
1
73
72
67
1
40
1,888
Also
City
Outside New
York City
to others
Loans
on
(except banks)
Accpts. and com'l paper bought
Loans
on
real estate...
Loans to banks
>
731
736
740
150
110
112
163
20
129
127
131
15
."
146
20
17
15
16
46
45
28
4
Other loans
1,621
1,622
1,179
409
412
267
U. S. Govt, obligations
3,076
3,106
3,523
954
976
1,033
439
442
549
95
95
89
Other securities
1,114
1,120
1,212
287
284
279
Reserve with F. R. Bank
635
681
571
'4,5
Obligations fully guaranteed by
United States Government
2,579
2,622
2,009
Cash In vault
50
54
51
29
29
35
Balances with domestic banks..
74
77
76
161
161
182
467
469
471
66
67
72
6,311
6,300
5,994
1,477
1,433
1,371
671
671
545
447
447
461
86
124
196
88
96
101
2,138
2,197
2,317
592
594
549
452
443
322
5
5
4
Other assets—net
^
Liabilities—
Demand deposits—adjusted—
Time deposits
United States Govt, deposits...
Inter-bank deposits:
Domestic banks
Foreign banks
Borrowings...
Other liabilities...
Capital account
390
401
326
23
24
32
1,472
1,472
1.468
234
235
230
Complete Returns of the Member Banks of the Federal
Reserve System for the Preceding Week
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 14:
Land
on
Running
Borders—British
Rebel
Blockade
"
Warships of Great Britain, France, Germany and Italy on
April 20 began patrolling the Spanish coasts, while on the
same day foreign observers
representing the 27 nations com¬
posing the Non-intervention Committee established stations
along Spanish land frontiers, in an international effort to
prohibit the entry into Spain of foreign volunteers or war
supplies. The Spanish civil war was last referred to in the
"Chronicle" of April 17, pages 2574-75.
Rebel troops this
week continued their intensive shelling of Madrid, in an
effort to relieve
a
detachment of their comrades which
was
partially surrounded by loyalists.
Meanwhile, the rebels
continued their siege of Bilbao, but on April 20 the British
freighter Seven Seas Spray succeeded in running the blockade
and carrying a cargo of food to besieged
loyalists in Bilbao.
Other British food ships, anchored at French
ports, imme¬
diately prepared for similar action, despite the warning by
the British Government that they would not be
protected by
British warships after reaching three miles from the
Spanish
coast.
A London
dispatch of April 20 to the New York "Times"
correspondent outlined the establishment
of the international patrol as follows:
from its
As
Watch
.
149
#
Ship Succeeds in
of Bilbao
37
40
securities
Establish
Food
Loans to brokers and dealers: v
In New York
+27.000,000
+128,000,000
—1,000,000
+88,000,000
+44,000,000
+3,000,000
5,000,000
Chicago
Apr 14 Apr. 22
|
$
,
5,647,000,000
482,000,000
Foreign banks
Borrowings
IN CENTRAL RESERVE CITIES
Apr. 14 Apr. 22
1937
1936
*+89,000,000 +1,253.000,000
—11,000,000
+175,000,000
—2,000,000
—404,000,000
5,133,000,000
United States Govt,
Inter-bank deposits:
Domestic banks
Apr. 21
1937
+205,000,000 +1,165,000,000
+ 15,000,000
—12,000.000
*+94,000,000
—29S.000.000
•
deposits—adjusted
Time deposits
ASSETS AND LIABILITIES OF WEEKLY REPORTING MEMBER BANKS
6,381,000,000
353,000,000
2,018,000,000
15,249,000,000
Balances with domestic banks
It
was
London
the first
plebiscite in
1935,
experiment In international cooperation since the Saar
when
troops of four armies
danger spots of the Continent.
more
kept peace in
one
of the
This time, however, the cooperation was
far-reaching, for it involved control
over
waters from
the North Sea
to the middle Mediterranean.
On land there
was some
confusion
as
the control scheme went into effect.
Reports from the Pyrenees and Portugal told of
a
muddle along the frontiers
because the observers had not received all their instructions and because
some
did not
even
know when the plan was scheduled to go into force.
Sea Observers
But at
any new
sea
on
Job
the plan went into operation as quietly and as efficiently as
law should.
Captains of freighters guiding their ships down the
North Sea, through the Bay of Biscay or the Mediterranean on their
way
to
Spain had instructions to call
at
the first of 11
control ports to take
aboard observers, who would check and examine their cargoes.
Volume
Financial
144
behind the breakwater at Dove
Here in England a pilot boat huddled
night amid gusts of wind and rain waiting for the
last
midnight from
paid observers
who were ready to
full
the
carrying credentials of the Non-intervention Committee
the ocean in bad
Like Atlantic pilots, who must be ready to cross
"convenient port"
travel on a
made in rusty
Bay of Biscay or heading down the
but more probably their voyages would be
tramp ships butting through the stormy
Portugal toward the Mediterranean.
^ At each of the other control ports similar groups of observers waited to
ships they had never seen and in the face of dangers they
start voyages in
could only imagine.
ship is found to carry war material the observers can
a
report the
If a ship fails
infraction back to the Non-Intervention Committee here.
be reported
to warships steaming back and forth along the coasts of Spain.
As yet the
warships have no power, however, to do more than report the infraction
so that the Non-intervention Committee can, in turn,
report it to the
spite of official instructions she can
to take observers aboard in
specific provisions of this
r "
. '
•
1
government having responsibility for the
offer gives effect to
'
Y
y'
Nye
Committee
*
With luck they might
after their ship had discharged her cargo.
plf
;
Protests Omission of His Bondholders
from Conference on Defaulted Cuban
Loans—Prof. D. G. Munro to Represent Foreign
Bondholders'Protective Council
'
Senator
weather,
they were prepared for a trip to Spain and back to some
coast of
'
i,
board the first vessel that might come.
passenger liner,
of
performance
such'provisions.
Aboard the boat were
ship bound to Spain.
a
first signal after
2743
Chronicle
North Dakota on April 18 formally pro¬
Cuban government against permitting a com¬
Senator Nye of
tested
to the
sponsored by the Chase National Bank to represent
of defaulted Cuban bonds in negotiations for their
settlement.
Senator Nye, acting as Chairman of the Bond¬
holders Committee for Republic Committee bonds, said that
mittee
holders
that
only independent body
"the
was
group
qualified to
speak for the American bondholders," and was recognized
by the Securities and Exchange Commission.
On April 7
it had been announced that Professor D. G. Munro of Prince¬
negotiations in Cuba as repre¬
Bondholders Protective Council,
Associated Press Washington advices of April 18 re¬
ton University would resume
ship.
of
Foreign
flotilla of British destroyers reached Saint-Jean-de-Luz,
France, from England on the way to take up a patrol "beat" along the
sentative
of Italian warships was streak¬
ing through the Western Mediterranean to guard the stretch of coast
ported the protest made by Senator Nye as follows:
Senator Nye said his committee had received no invitation to the con¬
ference, but that a committee formed by the Chase National Bank had
^. Meanwhile,
a
Basque coast of Spain, while a similar group
allocated to Italy.
Units of British
Flotilla
Attache at Washington, were led by the
including the Bilbao territory, where the
the cruiser Shropshire have
asked
been
Admiral Geoffrey Blake,
1,475-ton flotilla
leader Faulknor, of 36 knots speed, and included the destroyers Firedrake,
Fortune. Forester and Fury.
The last-named is the historic little ship that
took former King Edward from England on his way to exile.
Their beat is the entire north coast of Spain from Irun to Cape Busto—
I"1 The British ships, under the command of Vice
former Naval
Inc.
mighty battle cruiser Hood and
been operating during the past
fortnight.
^ From Cape Busto to the Portuguese northern frontier French destroyers
were watching the ship lanes, while from the southern Portuguese frontier
to Cape de Gata destroyers of the British Mediterranean Fleet were operat¬
would
It
to attend.
be
"grossly improper"
Machado
for
the
the
defaulted
regime—since
bonds.
for this committee to serve as
spokes¬
contended, because the bank was fiscal agent
the bondholders, he
for
man
the
overthrown
by
revolution—which floated
-
recognize his committee as
"qualified spokesmen" for the bondholders, and that the bank's committee
be recognized only as a representative of the bank.
v
Senator
President
requested
Nye
Bru
to
.
Offering of $35,000,000 of
Loan
Argentine Republic External
4% Bonds, due April 15, 1972—
6% Issues
ing from their base at Gibraltar.
Conversion
French
Government has put at the disposition of the German ships as a port of
call for provisioning.
The pocket battleship Graf Spee, the cruiser Emden
and the submarines U 26 and U 27 were also in the Mediterranean, ready
to guard Germany's strip of coast, from Cape de Gata to Cape Oropesa.
Proceeds to Be Used Retirement of Two
yesterday reached Algiers, which the
The German cruiser Leipzig
Italy's Fleet on Way
f Italy's patrol fleet is not yet in position, but it was last reported speeding
toward the section of Spain's eastern coast between Cape Oropesa and the
French frontier.
It consists of the flotilla leaders Quarto, Aquilla, Mlrabeilo
and Falco and the destroyers
The outlying possessions of
Nullo and Manin.
Spain also have been
four patrolling powers, with Britain
apportioned among the
watching the Canaries; France
Spanish Morocco and the Islands of Iviza and
the coast of the Island of Minorca.
watching
Marjorca and Italy patrolling
L-Each of the four patrol fleets will be shifted and relieved from time to
time, so that it will be impossible for the captain of a merchantman to
know which warships he is likely to encounter along the Spanish coasts.
There is no limit to the number of warships any nation may employ for
patrol duties.
Even the non-intervention authorities in London do not
know and do not care which ships or how many are being used.
The only
condition is that the job of supervision be done thoroughly—and this is a
pledge that each of the four patrolling governments has given.
»
On April 22 public offering was made of $35,000,000 of
Argentine Republic sinking fund external conversion loan 4%
bonds, dated April 15, 1937, and due April 15, 1972, by a
banking syndicate headed by Morgan Stanley & Co., Inc.
According to the prospectus to the offering the bonds were
priced at 89 >2% and accrued interest.. The proceeds re¬
ceived by Argentina from the offering, together with other
funds, will be used toward the retirement of the Republic's
presently outstanding $16,117,500 principal amount of
Government of Argentine Nation external sinking fund 6%
gold bonds, issue of May 1, 1926, due May 1, 1960, and
$17,513,000 principal amount of Argentine Government Loan
1927 external sinking fund 6% gold bonds—public works
issue of May 1, 1927, due May 1, 1961; both issues will be
called for redemption on Nov. 1, 1937.
The net proceeds
to Argentina from the sale of the new 4% bonds, exclusive
of accrued interest and without deduction of the Govern¬
$30,275,000.
Government
obtain the balance of the requirements for the
ment's expenses relating to the sale, amounts to
It was explained in the prospectus that the
expects to
bonds from its current cash resources.
said that the underwriters "may offer not
in excess of $12,000,000 principal amount of the bonds to
certain banks or bankers in England (hereafter referred to
as the 'British Selling Group') at the same public offering
price less a concession of 1 H%-"
The prospectus continued:
retirement of the 6%
toTResume Interest Pay¬
ments
on
Defaulted 6% Bonds—Foreign Bond¬
holders
Protective
Council
Recommends
Ac¬
Government Offers
Chinese
of Proposal
ceptance
Protective Council,
Bondholders
Foreign
The
Inc.,
an¬
April 11 that following almost a year's negotia¬
tions with the Chinese government, the Chinese Ambassador
nounced
on
government's offer for
the resumption of service on the Chinese two-year 6% Treas¬
ury notes of 1919.
This loan, which is one of the earliest
foreign dollar bond defaults, has been in default since 1921.
The Council's announcement stated that, in its opinion, the
has made public his
to Washington
terms offered
the
the best obtainable, and it recommended
are
to the~favorable consideration of the bond¬
The Council on April 5 had announced a similar
proposal
holders.
offer for resumed
payments
on
the Hukuang RR. bonds.
Council said:
In its announcement on April 11 the
during the three-year period com¬
mencing Nov. 1, 1936, shall be paid at the rate of 2%% per annum, and
as from Nov.
1, 1939, at the rate of 5% per annum, payable semi-annually,
This
May
of
difference
Non-interest bearing scrip will be issued in respect
of interest, computed at the contractual rate,
1.
the
arrears
May 1, 1921, to Nov. 1, 1936, and one-fifth of the
the 2%%
interest to be paid for the period from
from
between
1936,
1,
interest
to Nov.
1,
1939, and the 5% to be paid
thereafter.
Payments of principal on the notes and instalments of the scrip are to
made on June 1 of each year beginning in 1942, and the notes and
scrip will
at
of
interest
simple
be
Nov.
1 and
one-fifth
Nov.
provides that
proposal
date
be retired
by 1954.
The notes are to be retired by drawings
by the fiscal agent of the loan in August prior to
which drawn notes are to be paid.
effected
par
on
Payments of interest and principal are to
be made out of salt revenues,
Chinese government has
priority thereon as of April 12, 1937.
The
advised the Council that the total yearly service
with
revenue
service
£912,000
requirements,
and
that
the
collection
amounted to Chinece dollars 205,433,000 (about
The
were
requirements
from salt
having a pledge thereon prior to these Treasury
(about $4,470,000) in 1938, the year of maximum
in respect of loans
is
notes
each
collections in
stated to be: Chinese dollars 155,112,600
145,292,200
$47,774,130)
;
of salt revenue last year
United States $61,629,900).
1935, respectively,
(United States $46,533,780) ;
the years 1931, 1932, 1933, 1934 and
(United States $43,587,660);
159,247,100 (United States
175,950,000 (United States $52,785,000), and 184,209,300
(United States $55,262,790).
The offer also provides that
provisions of the original contract
remain unchanged except in so far as the carrying out of this offer gives
effect to other specific provisions."
The Council has informed the Minister
of Finance of China that it understands this statement to mean that all
provisions
"all
of the original contract remain unchanged except in
so
far as
The prospectus
Members of the British Selling Group
ternal Sinking Fund 6%
1960,
or
will be permitted to accept in pay¬
being offered Government of the Argentine Nation
ment of the bonds
Argentine Government Loan 1927 External
Gold Bonds—Public Works issue of May 1,
Sinking Fund 6%
1927 due May 1, 1961 (bonds
being hereinafter collectively referred to as the
of both such issues
Ex¬
Gold Bonds, issue of May 1, 1926, due May lt
"6%
1937 and subsequently ap¬
of $1,028.68 for each $1,000 principal amount
of 6% Bonds.
In connection with exchanges by holders of such 6% Bonds
for the new bonds, members of the British Selling Group may pay out of the
above-stated concession of 1 M % a brokerage commission not in excess of
Bonds"), with all coupons maturing Nov. 1,
purtenant thereto, at the rate
Members of the British Selling Group in making payment to the
Bonds at the said rate and the under¬
yi%.
several underwriters may use such 6%
writers will use such
Government which
Bonds
so
received by them in making payment to the
has agreed that such bonds are to be
cancellation.
A
surrendered for
/
,
registration statement relating to the new issue of 4%
bonds
was
recently filed with the Securities and Exchange
Commission under the Securities Act of
with Morgan
First Boston
B. Smith &
1933.
Associated
Stanley in underwriting the issue were the
Corp., Brown Harriman & Co., Inc., Edward
Co., Blyth & Co., Inc., Lazard Freres & Co.,
Inc., Lee Higginson Corp., Kidder, Peabod.v & Co., White,
& Co., Bancamerica-Blair Corp., Clark, Dodge &
Weld
Co., Dominick & Dominick, Eastabrook & Co., Glore,
Forgan & Co., Goldman, Sachs & Co., Graham, Parsons &
Co., Hallgarten & Co., Harris, Hall & Co., Chicago, Hayden,
Stone & Co., Hemphill, Noyes & Co., Hornbiower & Weeks,
W. E. Hutton & Co., Ladenburg, Thalmann & Co., FVS.
Moseley & Co., Paine, Webber & Co., E. H. Rollins & Sons,
Inc., Schroeder Rockefeller &
Co., Inc., J. W. Seligman &
Co., Speyer & Co., Stone & Webester & Blodget, Inc., Whit¬
ing, Weeks & Knowles, Inc., Boston, and Dillon, Read &
Co.
The following description of the new 4% bonds is from
the
prospectus:
The
:
-
$35,000,000 Argentine Republic sinking fund external conversion
loan 4%
bonds due April 15, 1972, are to be direct external
the Argentine
Republic.
conformity with Law No.
Republic.
obligations of
The bonds are to be issued pursuant to and in
12,345 of the National Congress of the Argentine
2744
Financial
The bonds
are
to be dated
April 15, 1937, are to mature April 15, 1972
and are to bear interest at the rate of
April 15 and Oct. 15.
on
coin
4% per annum, payable semi-annually
Principal and interest
are to
be payable in such
or
currency of the United States of America as at the time of payment
Is legal tender for public and private debts, in New York
City at the offices
of either J. P. Morgan & Co. or The National
City Bank of New York,
or
in Boston at the office of The First National Bank of Boston
(such bank¬
ing house and banks being the fiscal agents of this loan) .without deduction
from either principal or interest for or on account of
any present or future
taxes
any
duties Imposed or levied by or within the Argentine Republic or
or
political subdivision
or taxing authority thereof.
The bonds of this
loan provide that all bonds and coupons not presented within five
years of
their maturity whether through being called for
redemption
or
otherwise
shall'cease
to be payable in the United States of America and shall be
pay¬
able only by the representatives of the Government in Buenos Aires.
The bonds are to be in the form of coupon bonds in the denominations
of $1,000 and $500,
without privilege of registration.
It is expected that
delivery of bonds in temporary form, exchangeable for definite bonds when
prepared, will be made at the office of J. P. Morgan & Co. on or aboutApril
30,
1937, against payment in New York Clearing House funds for bonds
offered in the United States.
The temporary
bonds will be exchangeable
for definitive bonds, when prepared, at the office of J. P.
The bonds
are
Morgan & Co.
be redeemable at the option of the Argentine Govern¬
to
ment In whole or in part
(but in
of partial redemption only in amounts
case
of not less than $5,000,000 if not for the sinking fund), od
any interest pay¬
ment
at
date,
upon at least
30 and not
more
than 90 days' published notice,
100%.
All bonds of this issue
•inking fund.
The
bonds
.
.
of
means
a
cumulative
of this
Joan
are
secured.
not
In
the
pledge
other lien
or
Exchange members traded for
during the week ended Maroh 27 to the
amount of 647,365 shares,
against total transactions of
1,851,125 shares, a percentage of 17.46%.
In the preceding
week ended March 20 member trading on the Curb Exchange
was 17.88% of total transactions of 2,787,570
shares, the
member trading having amounted to 997,125 shares.
The data issued by the Commission is in the series of
current figures being published weekly in accordance with
its program embodied in its repOTt to Congress last June
on the "Feasibility and Advisability of the
Complete Segre¬
gation of the Functions of Broker and Dealer."
The
figures for the week ended March 20 were given in these
columns of April 17, pages 2575,2576.
The SEC. in making
available the figures for the week ended March 27, said:
for obligations of its
The figures
however,
round-lot
the
the
ended
week
shares,
York Curb Exchange
effected
those
on
reported by the ticker.
March
Curb
27
total
Exchange,
on
any
of its revenues
or assets,
except as security
such mortgage or pledge or other lien.
There is
celeration of the maturity of these bonds if there is
be authenticated
to
a
provision for the
Stock
round-lot
by The National City Bank of New
York
as
authenticating fiscal agent of the loan.
The Government has agreed to make application for the
listing of the
on the New York Stock
Exchange and for the registration under the
Securities Exchange Act of 1934 necessary in connection with such
volume
in
the
On the
same
data published
are
based upon reports filed with the New York
Exchange and the New York Curb
Exchange by their respective
These reports are classified as follows:
N.Y.Curb
Exchange
1,071
Exchange
186
100
869
Reports showing transactions:
As specialists*..
Other than
specialists:
as
Initiated
floor.--
on
290
Initiated off floor
Reports showing
On
no
New
the
94
365
transactions
York
Curb
142
432
557
—
the round-lot
Exchange
transactions
of
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 New York Stock Exchange odd-lot
dealer,
as well as
The
number
those of the specialist.
of
reports
than the number of reports
in
the various
YORK
classifications
received because, at times,
a
EXCHANGE—TRANSACTIONS
STOCK
may
total
FOR ACCOUNT
MEMBERS*
OF
Week Ended March 27,
IN
ALL
Exchange issued on April 15 its
monthly list of companies listed on the Exchange reporting
changes in the reacquired holdings of their own stock.
A previous list was given in our issue of March
20, page
1880.
The list issued April 15 follows:
1937
>
Total for
The following companies have reported
acquired stock held
as
'■;'
of
amount
on
•
1,224
187,842
-
Round-lot
665,998
transactions
of
specialists
in stocks
1,762
38,848
719,450
730,960
-
Total
Total round-lot transactions of members, except transactions
of odd-lot dealers in stocks in which registered—Bought--
Sold.—
-
5,042
None
22,850
2,986,038
In round lots—Bought
Sold
Total
2.
2,000
Bought
1,317,339
NEW
YORK
CURB
FOR
EXCHANGE—TRANSACTIONS
ACCOUNT
35,137
511,067
70
80
Co. preferred
Wheeling Steel Corp. preferred
the
New
Total volume of round-lot sales effected on the
Round-lot
1.
32,618
Stock
Initial report.
of
members,
Initiated on the floor—Bought
Sold
except
transactions
-
2.
107,475
Round-lot
42,550
-
York
Curb
Exchanges
on
the New
88,100
-
transactions
of
specialists
in
stocks
in
2.38
which
registered—Bought
207,450
L-
243,340
—-
York
Total
during the woek
ended March 27, by members for their own account,
except
odd-lot dealers on the Stock Exchange, was lower than in
450,790
preceding week ended March 20, it was announced
yesterday (April 23) by the Securities and Exchange Com¬
mission.
Member trading on the Stock Exchange
during
the week ended March 27, which included the Good
Friday
holiday, when the Exchange was closed, amounted to
2,986,038 shares in 100-share transactions, the Commission
noted, or 20.04% of total transactions on the Exchange of
7,449,440 shares.
This compares with 4,650,200 shares
of stock bought and sold on the Exchange for the account
of members during the previous week, which was
20.43%
of total transactions that week of 11,381,600 shares.
12.18
Total round-lot transactions for'accounts of all members:
Bought
Sold
300,725
.
*
345,640
...
the
2.90
45,550
Sold
percentage o* trading in stocks
47,725
59,750
-
Initiated off the floor—Bought
Sold
-
Trading on New York Stock and New York
Curb Exchanges During Week Ended March 27
ft
of
—
Total
Member
Per
CCYttt
1,851,125
Total
1,486
York
transactions
Exchange
specialists in stocks in which registered:
108
58,665
1,396
on
STOCKS
36,037
511,085
128,787
58,965
29,318
ALL
Total for
Wccfc
630
37,398
IN
(8HARES)
3,166
36,298
OF MEMBERS*
Week Ended March 27, 1937
250
listing
1,196,048
2,513,387
-----
445
400
for
—
Total
None
2,874
,
W. A. Sheaffer Pen Co. common
Shell Union Oil Corp. 5M% preferred
authorized
specialists):
-
Sold
None
6,285
150
-
174,530
431,430
—
In odd lots (including odd-lot transactions of
None
5,500
—
256,900
....
-------
164,427
15,000
United States Gypsum Co. common
United States Leather Cq ,prior preferred
20.04
registered:
1.
14,850
164,421
Tide Water Associated Oil Co. common
1,441,458
1,544,580
-
Transactions for account of odd-lot dealers in stocks in which
679,863
1,945
New
9.73
6,142
131
Sterling Products, Inc., capital
Texas Corp. capital
-
Total..
47,268
670,094
Pittsburgh Steel Co. preferred
Safeway Stores, Inc
6% preferred
and
1,450,410
-
24,773
53,868
Preferred
Stock
4.47
which
in
registered—Bought
Sold
2,761
Park & Tilford, Inc., common
Peoples Drug Stores. Inc., common
The
350,480
-
Total..
35,000
1,502
Maracaibo Oil Exploration Corp. capital..
Mid-Continent Petroleum Corp. capital
not
5.84
315,518
184,663
299,928
50,000
282,313 shares
Sold
None
299,418
common
General Motors Corp. common...
Hudson Motor Car Co. capital.
International Harvester Co. common..
g
869,630
Initiated off the floor—Bought
2
3,960
common..
a
511
1
Federal Mining & Smelting Co. preferred
Florsheim Shoe Co. common A
Exchange,
6,704
488
Electric Auto-Lite Co. common
Electric Boat Co. common
♦Includes
800
6,674
___
Detroit Edison Co. capital
Doehler Die Casting Co. common
Vuican Detinni
406,490
463,140
16,173
100
Century Ribbon Mills, Inc., preferred
Cleveland Electric Illuminating Co. S4.50 preferred
Cluett, Peabody & Co., Inc., preferred
Commercial Investment Trust Corp. common
a
2.
360,200
6% preferred...
Beatrice Creamery Co. $5 preferred
Bucyrus-Erle Co. preferred
Crane Co.
*
17
Armour & Co. (Ill ) common...
Atlas Corp. common
Consolidated Oil Corp.
of
Sold
16,189
Allls-Chalmers Manufacturing Co. common.
American Brake Shoe & Foundry Co. common
a
transactions
except
the floor—Bought
Report
908,175
None
Adams Express Co. common
on
per
22,269
•
*
Initiated
Latest
■
,.
members
of
a
specialists and odd-lot dealers in stocks in which registered:
1.
Shares
20
.
Pre-
905,875
,
transactions
Per
Cent
7,449,440
re¬
Stock List:
Piously
Reported
;.
.
'
Round-lot
the Exchange
on
Total
changes in the
heretofore reported by the Committee
Shares
"
.
Name—
Total volume of round-lot sales effected
STOCKS
(SHARES)
Week
York Stock
more
single report may
classification.
carry entries in more than one
NEW
New
specialists
"In
Changes in Amount of Their Own Stock Reacquired
by Companies Listed on New York Stock Exchange
The
week,
N.Y.StocX
bonds
listing.
7,449,440
on the ticker.
Number of reports received
ac¬
default in this covenant.
of
and warrants).
*
no
volume
distinguished
1,851,125 shares, exceeded by 7.1% the ticker volume (exclusive of rights
own
obligations secured by
as
New York Stock Exchange,
the
on
the
represent
exchanges
The total round-lot volume for
9.0% larger than the volume reported
was
York
New
New
of stock
sales
from the volume
the
of the principal and interest of the bonds of this issue
equally and ratably
with any and all indebtedness, guarantees, or other
are
given for total round-lot volume for the New York Stock
Exchange and
all
maturing not more than one year from the date
thereof, without thereby expressly securing the due and punctual payment
The bonds
account
own
members.
bond,
1937
On the New York Curb
their
The
subject to retirement by
are
April 24,
,
Government covenants that, so long as any of the bonds of this issue shall
be outstanding, it will not create or permit the creation of
any mortgage
or
Chronicle
Total
646,365
17.46
Odd-lot transactions of specialists in stocks in which registered:
Bought
137,684
107,160
Sold...
Total
*
The term
u.
"members"
Includes
partners, including special partners.
all
Exchange members,
<
244,844
their firms and their
i
a Percentage
of members' transactions to total Exchange transactions.
In
calculating these percentages the total of members' transactions is compared with
twice the total Exchange volume for the reason that the total of members' trans¬
actions includes both purchases and sales, while the total
only sales.
Exchange volume includes
Volume
The
tojAsk Congress for Three-Fold Extension of Au^thority—W. O. Douglas Says Agency Sleeks Greater
Power Over Protective Committees, Aid to Reor^ ganization Courts and Trustees Under Indentures
SEC
will ask
Congress
committees,
increase
to
administrative
control
its
he said in
ments,
SEC
protective
These three develop¬
speech before the Graduate School of
a
Public Affairs of the American University
and the Graduate
finance will
abreast of cur¬
problems and provide greater assurance that
effectively
the public interest and interest
serve
of investors."
The
-
address of
Mr.
summarized as follows
United Press Washington advices of April 17:
in
outlined
As
of
ment
Mr.
of
the
fiduciary
capacity
Commission
of
which history shows
"Power
on
the
matters
"develop¬
ask
fields.
prevent
oppressive and unfair."
are
of the Commission
part
to courts
in
acting
from
persons
some
and
cases
duty
a
plans and in acting
on
on
proceedings and
reorganization
Federal
reporting
in
on
other
pertaining to the administration of those estates."
3. "Power
of
the
Commission
condition
to
the contents
that trustees acting thereunder will assume a
so
Mr.
to
in others to intervene in
part
lend its assistance
tures
will
recommendations
in a
committee members (in reorganization) if they have
interest or if
they take unto themselves prescribed
as
conflicts
its
was
three
Douglas, who outlined
assumed
mission
new
change in financial
a
said
powers,
that
an
of
more
active role."
as
the Com¬
was
necessary
practices
ensuing change
inden¬
trust
the legal authorities of the Commission.
in
Reports Sales
on
dollar value
The
National Securities Exchanges
of sales
all registered
on
exchanges in
1937, increased again to the largest total since the
Commission began compiling figures on
this basis in Octo¬
ber, 1934, according to the monthly tabulation of the Se¬
curities and Exchange Commission, issued April 24.
The
dollar value of sales on all registered securities exchanges in
March, 1937, amounted to $3,416,595,823, an increase of
14.7% over the value of sales in February, and an increase
of 23.5% over the value of sales in March, 1936.
The Com¬
mission added:
and
reports
made
an
increase of
960,448,
an
10.2%
over
Bond sales were valued at $438,-
February.
increase of 58.6% over February.
v
,
;
42.9% over
February.
t
The two leading New York Exchanges accounted for 96.3% of the value
on aU registered exchanges, 95.8% of stock sales and 99.9% of
in
general objective of Section II
listed stocks
finance,
while
with
purpose.
To prevent
partners' accounts to be used
at present, the rule relates the aggregate
and' its partners to the firm capital plus
positions
the
of
commitments
in
equities
as
firm
those in Section I,
placed in a separate
account; but the amount necessary to
finance such accounts must be
deducted from capital in determining the capital available for financing
partners'
equities.
provided
are
similar in
Exceptions,
positions
for
general to
particular types when
of
positions in non-exempted accounts.
simplicity in computation, equities and working capital are deemed
For
during such day
that day,
plus actual contributions and* minus actual withdrawals made on such day.
This permits security positions to be valued at the closing prices of the
preceding day and avoids the necessity for recomputation from moment
to moment if security prices fluctuate during the day.
With respect to every non-exempted account, whether of a member or a
partner or a firm, a record of transactions in chronological order must be
maintained.
This record should be legible, complete, and accurate.
The
remain
the
constant
physical form
throughout
and
day,
any
to consist
working capital at the opening of business on
equity or
in addition to the
the Federal Reserve
System, the capital requiremnts of the committee for firms carrying
margin accounts for customers, and the other rules of the Exchange.
As stated above, these rulings will be in force on and after May 17,
1937.
The intervening period may be used by members, partners, and
rulings
Important—These
regulations
margin
familiarize
to
these
and
rulings,
tion
New
Inquiries
must
be
compute
working
objectives
Further
informa¬
from
Business
Exchange,
submitted
intervals
Section II
Street, New York City.
Firms desiring permission to
Wall
11
writing.
in
at
than
longer
(c) of
of
ROBERT L.
STOCK
Request of SEC—Other Exchanges Expected to
Approve Similar Requirements
New York Stock Exchange on April
The Minimum
Business Conduct
on
of
mittee
on
new
and
members
quiring
times
a
firms
to
be fully margined
at all
The new regulations were
request of the Securities and Exchange
Other national securities exchanges are ex¬
the trading
during
formulated
day.
the
at
Commission.
pected to adopt similar rules in the near future.
In a letter
transmitting the new regulations to members, the committee
summarized the rulings.
It was pointed out that the gen¬
account at any moment a position
stocks that would make his equity less than 55% of the
from
in
I.
assuming for his
own
long position, while the general objective of the second sec¬
prohibit a firm registered on the Exchange from
assuming for its own account at any moment a position in
listed stocks which it could not finance in accordance with
tion is to
Federal
Reserve
regulations by the use of working capital
available for the purpose.
letter follows:
No
member
thereon
on
the Members
To
of the Exchange:
The Committee
tained in
effective
These
on
rulings
(of which
17,
1937.
have
been
May
a
copy
adopted the rulings
con¬
is enclosed) which will become
of
•
developed
in
cooperation
with
the
Securities
Exchange
members,
of
this
letter is
to
summarize
in
non-technical
language
objectives of these rulings, and to give certain further informa¬
regard to them.
or
general
to
be
effected
cause
:
in
partner
•,
.
in,
transaction
any
registered
firm
a
with¬
or
from, any account carried with a broker or dealer in which account
a
direct
should
or
interest
that
knowledge
(other than
a
as
result
if he has
firm account)
a
of such
transaction
with¬
or
equity in such account will be less than the sum of
65% of the value of all securities long in the account, plus
(i)
$10
(ii)
of
indirect
or
have
drawal the
share of stock
per
bonds short
the
in
or
right and 10% of the principal amount
such short positions to the
after marking
account,
market;
(i)
Provided, That if at the opening of business on any day the sum of
and
(ii)
said
day shall be deemed a violation of
at
above exceeds 6aid
time
any
Provided
sisting
further, That
the
of
substantially
shall
equity,
sale of securities on
purchase or
no
this section if said excess is not
said' day increased thereby; and
on
no
of
purchase
bona fide substitution
securities
and
a
of commitments
the sale of
value
on
the
violation
of
same
day
for
con¬
securities of
other
investment
this section.
equivalent
be considered
purposes
(b) Maintenance of Required Equity:
member
such
cash
cash
position
in
the
day
or
or
or
partner shall on
securities from
any
such
day withdraw,
an
account,
cause
-or
to be
withdrawal
if such
equity below the maximum amount required at any time
in
such
account
would
securities
not
by paragraph (a) hereof, even
be required in respect of the
though
closing
such account.
Nothing in this section shall
carried
positions
resulting
(i) Transactions
which
(ii)
he
is
apply to
only
from
account in which there arei
any
transactions
of
any
or
all
of
the
(iii)
the
of
member
a
acting
as
a
specialist
in
securities
in
registered;
Transactions
in which he is
firms, and partners.
The purpose
the major
tion with
Exchange
or
following types:
Commission, and are designed to make effective the recent
recommendation of the Commission regarding commitments in listed stocks
and
Firms
Firms.
(c) Exempted Accounts:
Business Conduct has today
Circular C-6189
on
Exchange,
the
drawal
such
April 16, 1937.
of
Partners of Such
he has
withdrawn,
Business Conduct
Members
of
Accounts
.
the
of
effect
shall
during saidi
Committee
in
General Rule:
would' reduce
NEW YORK STOCK EXCHANGE
Day
and Partners' Accounts
Members'
No
The text of the transmitting
"April 16, 1937.
-
Transactions Made During the Course
on
Thereon and General
(a)
objective of the first section is to prohibit any member
eral
Single
a
of Margin
Amount
Registered
19 sent to mem¬
rule adopted on April 16 by the Com¬
Business Conduct and effective on May 17, re¬
copies of
below:
EXCHANGE
New
Adopts
at
The
FISHER, Secretary
The text of the new regulation is given
:
bers
to
pursuant
the committee, together with
$1,503,197, an
Regulation
Requiring Members to Be Fully Margined During
Transactions in Listed Stocks—Rule Formulated
day,
a
the rule, should submit such requests in
the reasons therefor.
paragraph
writing to
NEW YORK
Exchange
of
requirements
and
arrangements.
appropriate
Stock
capital
the
the Secretary of the Committee on
make
York
of
Governors
of
with
themselves
to
be obtained
may
Board
and
of
independent
are
the
of
February.
Stock
York
of the individual or
is left to the judgment
the record
of
firm.
Committee
New
firm registered on
a
the Exchange which it could not
existing Federal Reserve System regulations,
permitting
firm
financing
stock
to prohibit
is
assuming for its own account at any moment a position
of the working capital available for the
use
duplication,
for
must be
through transactions on
accordance
in
by the
bond sales.
increase of 7.4% over
positions not taken on the Ex¬
(Directory and Guide, page G-98.1)
of all sales
K .The dollar value of sales on all exempt exchanges was
or
in securities other
Form BCM
on
the Exchange from
Conduct,
Total sales of stock in March (including sales of 10,480,853 rights and
warrants) were 117,436,404 shares or 9.7% over February's total.
Total
t
principal amount of bonds was $494,965,050, an increase of
separate
a
accordingly.
firms
Stock sales (including rights and warrants) had a value of $2,977,570,498,
l
in
than listed stocks.
When a member or partner maintains both a regulated and an exempted
account, securities or money may be transferred from one account to the
other, subject to the limitations imposed' by the rule; but it must be
remembered that in such a case Regulation T of the Board of Governors
of the Federal Reserve System applies by its terms to the combined account,
to
During March at Highest Level Since Compilation
Began
March,
placed
are
positions,
arbitrage
dealer,
positions
and
of
SEC
they
that
that margin therein is maintained at the rates
odd-lot
as
change,
were:
material
powers
the
in
exempted
already pre¬
by the Exchange for customers' accounts.
Among the security
positions which may be treated in this way are those incurred as specialist
provided'
and
account,
The
"Power
2.
Douglas,
administrative controls"
These
1.
by
Douglas
registered firms.
is
a
any
prohibition,
or
broadened if government is to keep
rent financial
or
scribed
School of the Department of Agriculture, "constitute current
recognition of the fact that the base of administrative action
must be
Section I
objective of
general
general partner of
own account at any moment a position
on the Exchange that would make the
of the long position,
plus the usual
reorganization
to
assistance
courts and trustees under indentures.
of the Exchange
to prohibit any member of the
member, from assuming for his
in listed stocks through transactions
equity in the account less than 55%
margin on any short position.
If
the equity in the account at the opening of business is less than the fore¬
going amount, the deficiency may not be increased.
Various
types of security positions are not covered by this general
The
Exchange,
Securities and
over
divided into two parts.
Section I deals with commit¬
and general partners of firms registered
are
thereon; Section II deals with commitments of
.
William 0. Douglas, Commissioner of the
rulings
ments of members
^
Exchange Commission, announced on April 17 that the
2745
Chronicle
Financial
144
of a member acting as an odd-lot
dealer in securities
registered;
Transactions
in
securities
not classified
for trading as stocks by
Exchange;
(iv) Transactions entered into for bona fide arbitrage;
b(v) Transactions entered into in connection with
distribution;
1
•' '
primary
• "
''
a
'"
•
secondary:
•'>
or
■ ;■
.
v
->
'
Provided,
.
be
will
u
account;
and that
transferred to such
full will be promptly made for securities purchased,
sold
'
■
or
/" ''
(a)
hereof, the minimum margin required by the rules of the Exchange in a
customer's account (Directory and Guide, p. G-93, et seq.) is maintained.
(d) Determination of Security Positions and Equities:
In computing the equity in any account subject to the provisions of
paragraph (a) hereof, or in determining any security position (including a
in
position
but
chased
sold
had
been
The
equity
be
the
plus
and the
in
equity
the
the
treated
be
proceeds
the
account "at
the account;
credited
the
to
account.
shall be deemed to
business on that day,
day
any
opening of
securities transferred to or deposited
any
said day for
deposit in the account, minus any cash and the value of any securities
withdrawn
from
the account on said day.
Securities purchased or sold
the account
in
on
of
the
days
equity
and
in
on
be
day
"Calls,"
valued
"Straddles"
other options or
expiring within 90
and
a national
State securities, shall
to dealings on
admitted
or
which
such
is
reduced
be
preceding
account
by
member
or
(f)
by
if
the
(a)
paragraph
account
the provisions of paragraph
to
is
guaranteed
hereof
(a)
;
(a) hereof, the equity in the guaranteeing account
the
required
sum
offset
reason
firm
provisions of
the
to
increased
the
at
deficiency
business
of
close
the
on
existing in the guaranteed
of the rules of the Exchange, the requirements of the
to
day
be
but
guarantees another account which is not subject to the
provisions of paragraph
shall
subject
to
to be decreased if th'e account guarantees another
nor
subject
account
an
deemed
be
not
any
carrying the account,
member
be
prepared
of all
record
partner who has
or
paragraph
of
provisions
and shall
cause
transactions
the' sequence
(a)
prepare
be preserved' for at least
to
in such account
showing
months,
12
nearly
as
cause
or
ROBERT L.
the
on
Have
stocks
any
securities,
or
of
such
if
the
securities
in
rule,
the
Exchange,
with
accordance
Reserve
System
change on April 14 amended its rules to prohibit any mem¬
ber of a standing committee of the Exchange to vote at any
business
of
of
sale
adopted in accordance with an agreement with the Senate
follow¬
Senator
Wheeler, Chairman of the committee, considered contrary
committee investigating railroad financing methods,
ing disclosures of Stock Exchange practices which
to the
carried
paragraph
by
other
which
provisions
there
securities
which such
of
At
of
such
of
financing;
as
such
a
firm
acting
registered;
(ii)
(a)
effected
on
finance,
use of
of such firm employed in
that
except
(iii)
shall
not
apply
as
bona
no
fide
the
on
same
to
account
any
of
securities
in
which
firm acting as
an
odd-lot
in
he
is
firm
is
vote at any meeting
with
of
such
has
six
within
underwriter
(b)
He
Transactions entered into in
a
purchased
primary
a
secondary
or
(c)
He
of
issuer
the
as
the value
and1
minus
accurately
(d)
He
his
or
Committee
be
of
order
an
months
If
prior
firm
sold
will
be
promptly
such
firm
throughout
(or person
a voting
director
functions)
or
of such
to his
security; or
indirectly
directly or
owns
the
controls
such
of
issuer
thereof
partner
substantial contract,
has
thereto
directly
other privilege
or
within six
his knowledge
indirectly
or
holds
knowledge
his
to
option,
to
or
than
(other
purchased
such security from the issuer
price below the market price.
a
ROBERT L. FISHER,
commenting
the
on
regulation,
new
Secretary.
that
15
Richard
Whitney,
former
President
purchased 1,000 shares of Alleghany Corp.
$20
share
a
was
the
when
market
share,
a
later Mr.
that
and
member of the Governing Committee which passed
a
had
stock from J. P. Morgan &• Co.
$35
was
hearing last
Exchange,
the
of
York
New
the
"Herald Tribune" of April 15 said:
The Senator (Senator Wheeler)
alleged in the committee's
any
the
day
shall
day shall be deemed
on
the preceding day,
contributed thereto
securities
or
to
any
application of
would
and
securities withdrawn therefrom
any
firm
it shall
undue
hardship,
working capital
as
the
securities
any
during said day,
to the
appear
of
commencement
and
during such period and
security
shall
working
position
be
subject
deducted
carried
at
the
close
subject
to
the
provisions
otherwise
of
on
any
of
unavailable
capital
minus
or
amount
on
available
necessary
the
paragraph
for
the
the
on
the
such
on
of
as
of the close of
preceding
(a)
hereof,
financing.
any
day
paragraph
to
finance
day
in
stock
At the
it
cash
and
in
(a)
hereof,
commitments
to
Senator
on
the
protest"
of the
against
dropped from
Wheeler,
application,
time
of
the
which,
under
while
mentioned
creation
of
35^
in
1930
a
memo¬
recommending
not
"possible weaknesses
such
of
considera¬
wrote
type of company and raised the
the
high
a
selling at
to
%
in
in
possibility
Subsequently
concerns.
,
investigation, Senator Wheeler said:
$35
share
a
1932, and the
and
then
pass
"I
the stock
on
don't think
a
share, when
listing appli¬
cation."
Mr. Whitney disagreed with the Senator,
saying
ticularly to the implication of the statement.
it
sound
and
proper
the securities to be listed?"
finance
accounts
by
was
expert,
Exchange stock-list
ought to be put in the position of taking stock at $20
was
"Is
to
addition
action
the
public protested.
you
of
produced
"public
given day
withdrawals
Hoxsey,
financial structure"
of
committee
plus
when the listing application
1930,
B.
M.
randum,
any
period,
J.
14,
Unfavorable
the
such
April
tion,
on
prior to the given day.
to the provisions
business
On
daily computation of working capital
entail
consider
preceding
cash
of
the value of
illiquid assets
or
specified period1 the working capital computed
on
determining the
amount
or
Wheeler-Whitney Tilt Recalled
fixed
(d) Working Capital Available for Financing of Stock Transactions:
there
or
behalf
on
of any class of stock of tire issuer, or
or
any
or
any
underwriter thereof at
an
Whitney
other
the value of
upon
impracticable
permit
securities made
any
thereof
his knowledge
to
or
of any corporation which
or
partner
through the exercise of a right to subscribe)
securities
possible at market values then current, plus
as
any
Business Conduct that
on
contributions
In
security
any
or
which
indirectly
or
at
of the close of business
as
cash and
any
during said day.
a
furniture, and
working capital
cash
during
officer
performing similar
or
knowledge
of an
to his
or
as
or group;
or
directly
payment in full will be promptly
that
or
and the working capital
computed
business
participating
selling syndicate
1% of such security
corporation
any
interest if
issuer is one in the
same
thereto participated,
a
such
firm
his
or
than
more
of
Jan.
determining working capital employed in the business,
be excluded,
may
of
partner of his firm is an
any
the
(c) Determination of Working Capital:
would
prior
member
is
listing of the security.
exchange memberships,
and
his firm
or
knowledge controls or is controlled' by the issuer
In
delivered.
to be
other security of the
any
he
months
a
Without limiting
in such plan.
or
dealer,
error;
customer who has agreed that cash
In
such security
similar status
a
of
trustee
or
which
or
or
occupying
in
of a security to the list or to
with respect to the approval of any plan
if he has directly or indirectly
listed security,
any
member shall be deemed to have such an
a
Such security
of
such committee, or participate
any
the admission
Exchange or
interest
foregoing,
(a)
Chapter XIV
to the Con¬
day,
pursuant
new
(except to the extent of testifying at the request of the
respect to
he
upon
of
a
registered;
(vi) Transactions effected for firm account to enable it to fill
securities
by the addition of
distribution
Transactions entered into for bona fide arbitrage;
for
by the Governing Committee
Section, reading as follows:
No member of the Governing Committee or of any standard
substantial
or
(
which such
distribution;
made
adopted
the distribution
the
in
any
firm effected by or on behalf of a
a
specialist,
a
y
amended
entitling him to purchase such security;
(iv) Transactions entered into in connection with
(v)
a
of securities and
violation of this section.
a
committee)
the Federal
of
resulting only from transactions
Transactions for the account of
in securities in
30.
security;
positions
Secretary
of the Exchange:
deliberations
its
in
general
following types:
thereof
was
dealings
could
substantially equivalent value
(i) Transactions for the account of
partner
Rules
for
Section I of this
firm
purchase
shall be considered
paragraph
STOCK EXCHANGE
of the
meeting of the Governing Committee, held tiiis
a
the
of
of
transactions
the Board of Governors
consisting of the
of
purposes
carried
are
all of the
Members
the
as
for its
it
of
(a)
out
(including partners' equities)
for
Exchange announcement is given
Stock
of the
April 14, 1937. y
To
partner
Exempted Accounts:
The
a
public interest.
The text
below:
trading
for
position
arising
regulations of
commitments
day for investment
(b)
of
participate in any discussion re¬
to
or
garding the listing or plan of distribution of any security in
which the member, the member's firm, or any partner of
that firm has a substantial interest.
The new rule was
or
have knowledge that
total
position
the
exceed
available
and
substitution
the
meeting
committee
direct
a
existing at the date of enactment hereof, by the
the working capital
its
classified,
so
would
the
in all accounts
provisions
classified
should
or
has
the withdrawal by a
withdrawal
or
firm
be effected
to
cause
or
such
securities
in
such firm has
the aggregate position
to
which
shall permit
or
transaction
partners subject
in
transaction
Exchange,
in
account
any
Ex¬
Committee of the New York Stock
Governing
The
stitution
the Exchange shall effect
on
interest,
by the
result
plus
registered
Wheeler After Committee Inquiry
quest by Senator
Sec.
for
indirect
cash
Exchange Adopts Rule Prohibiting
Securities in Which They
Substantial
Interest—Action
Follows Re¬
Members from Voting on
committee shall
Exchange
FISHER, Secretary.
Stock
York
New
a
practicable
as
General Rule:
firm
No
(a) hereof, shall
in which they occurred.
the sequence
ticable
NEW YORK
promptly
the Exchange
on
stocks by the Exchange
provisions of paragraph
to the
account subject
any
be effected
to
cause
or
in securities classified for trading as
promptly prepare and shall cause to be preserved' for at least 12 months
a
record of all transactions in such account, showing as nearly as prac¬
Firm Accounts
(a)
of
for
effect
shall
which
firm
Office
shall
"Puts,"
disregarded,
Record of Sequence of Transactions:
(f)
Each
transactions
interest in any account subject to
an
hereof
result
a
as
expiring within 90 days of issuance shall be given no value.
"Calls," "Straddles" and other options or privileges shall be
otherwise.
which they occurred.
in
day otherwise than
any
on
or
Record of Sequence of Transactions:
Each
II.
purchase
rants
then
or
delivered'
or
sale, and securities contributed or withdrawn on any
day, and security positions carried over from the preceding day, Bhall
during said day be valued at the closing prices of the preceding day.
Securities purchased' and sold during any day shall during said day be
valued at the prices at which so purchased or so sold.
Rights and war¬
of. a
closing prices of
the
received
Securities
delivered shall be treated as
and the proceeds thereof had
account.
the
to
delivered
had been
securities
such
credited
carried over from the
at
and securities sold but not
account;
though
day otherwise than as the
any
rights and warrants
securities not
account
an
other account,
any
account
or
at which eo
prices
value.
by
to
said
"Puts,"
shall
the
to
on
Guarantees:
The
the
the
valued' at
security positions
be disregarded;
hereof
if
in transit
or
exchange, other than Federal, municipal
be given no
(e)
be
day
sale, and
or
day.
shall
issuance,
of
that
shall during
preceding
securities
said day
on
paragraph (a)
be treated as though
been received' and the cost thereof had been debited
but not received shall
purchased
had
securities
such
Securities transferred to, deposited in, in transit for
purchase
preceding day,
privileges
m.
delivered from the account
or
a
p.
during
sold.
or so
deposit in
result
shall
day
any
purchased
prior to 5
securities
and
though such securities
as
been
had
throughout
account
an
debited to
been
had
shall
and the value of
cash
any
delivered'
and
such
in
thereof
cost
but not
delivered
such an account, securities pur¬
be treated as though such securities had
security) in
shall
received
not
been- received
securities
account subject to the provisions of paragraph
"when issued"
a
position in a "when
a
security) in any account subject to the provisions of
been
exempted account or accounts, when considered
such
without reference to any
in
'
'
That in
deposited
promptly
(including
security position
determining any
.
(viii) Transactions effected pursuant to a bona fide agreement that cash
securities
In
hereof,
(Vi) Transactions entered into in error;
(vii) Transactions not effected on the Exchange; '
Determination of Firm Positions:
(e)
„
issued"
'
payment in
April 24. 1937
Financial Chronicle
V
2746,.
"Yes,"
Mr.
Whitney
that
persons
selling securities should
Senator Wheeler
replied,
"I
that he objected'
believe
par¬
pass
on
asked.
a
man
is
honest
until
he is
proved dishonest."
The
Stock
not
and
any
the practice.
tliat
assured
it
was
Exchange,
the
It
however,
committee
was
that
was
not
disposed
regulations
stated1 at the time that
considered
of
little importance.
would
the
to
argue
be framed
situation
the matter,
eliminating
arose
so
seldom
v.
All Banks in France to Be Closed
on
this Company at 4 Place
All banks in France, including the Offices of
de
Havre, will be
closed on Saturdays, beginning April 17, 1937.
Travelers arriving in
France on Friday, too late to transact banking business, should bear the
foregoing in mind and be sure they are provided with sufficient travelers'
Paris,
Concorde,
checks
Strasbourg,
Boulevard de
122
and
cash for their needs until the foUowing banking
or
weekly meeting on April 20.
Chairman of the Federal Reserve Board,
said that general matters before the committee and the
Treasury, such as the open market policy, Government
financing and financial conditions were discussed. On the
same day
(April 20) President; Roosevelt denied at a press
conference that the Administration had any intention either
The committee concluded its
Saturdays
Guaranty Trust Co. of New York announced on
April 19 that it had mailed the following notice to its de¬
positors and customers:
The
la
2747
Financial Chronicle
Volume 144
Marriner S. Eccles,
the Treasury
to put a quota upon gold imports or to cut
purchase price for goid.
'
>
day.
♦
Conference Formulates Code of
Practices—Resembles Old NRA Pact—Will
Investment Bankers
of Issues by Investment Bankers De¬
by E. B. Hall—President of Investment
Bankers
Association
Addresses
Bond
Club of
Underwriting
Fair
fended
Inc.,
representing
approximately 1,700 of the largest investment
banking and
New York
responsibilities of the investment bank¬
The relations and
today more
ing business to industry and to the public are
thoroughly appreciated than ever before, Edward B. Hall,
President of the Investment Bankers Association of Amer¬
ica, said on April 21 in an address before the Bond Club of
New York.
Mr. Hall said that the Securities Exchange
ultimately
come practices of great value to industry and to the public.
The administration of the law by the Securities and Ex¬
change Commission, he said, has been admirable, combining
"a practical appreciation of the importance of keeping the
but added that out of it should
Act is not perfect,
turning."
Mr. Hall defended the practice of underwriting bond and
stock issues by banking houses.
He also decried criticism
of the service of investment bankers as directors of com¬
wheels of finance and industry
Conference,
Bankers
Investment
announced on April 15
over-the-counter firms in the country,
it
that
series of rules of
preparing a comprehensive
was
practice, designed somewhat along the lines of the old
National Recovery Administration code.
The conference
fair
pointed out that that code called upon each member to use
"his best effort to maintain high standards of commercial
and security business and
in the investment banking
honor
promote just and equitable principles of trade and busi¬
ness."
The announcement said that the conference planned
to
far as possible future rules adopted by
to add to its code as
Commission.
in part, as follows in a
the Securities and Exchange
The announcement was reported,
New York "Herald
Washington dispatch of April 15 to the
Tribune":
In that connection he said:
panies.
Adopted by SEC
Incorporate Any Regulations
The
Code
an
outgrowth of the old NRA
all
Inc.,
Conference,
Investment Bankers
The
of large properties in the interest of
but the rightful owners, having at the same time an enlightened1
respect for the interest of employees, customers and the publid.
Of course,
I know that in almost every period of our history since business began
parte
with
No
one
defend
can
the managing
anyone
be
to
done
on
scale in
large
a
there have been cases of
corporate form
for selfish purposes and cases of what has been
"corporate kidnaping."
Any sound measures to discourage
effect today's
in
so
these
by members of the
eyils should have our active support.
my impression, however, from my experience in business, that the
is
It
majority of companies
governed with a conscientious desire to do the
are
best interest.
I know that many business
lawyers on boards testify to the genuine helpfulness of invest¬
ment
bankers
who sit with
them
and share their responsibilities.
I
cannot believe that one or two such men on a board, even if they wanted
right thing for the companies'
and
men
could often
completely dominate it as to dictate to the management
so
policies contrary
the interest of the company.
to
the
With
of
loyalty extends not only to the stockholders, whose servant he is, but also
to its workers and its customers.
With the broadening of ownership by
investors
of
thousands
of
kind
has
keen
increasingly
an
come
sense
of
achieve
men,
in
Often
there
has
different
in
handled
be
must
of
between these groups that
interest
promotion
and in the selection of a man for
and responsible position, no attribute is
reputation for fairness among his fellow
most difficult
to the
sought
eagerly
more
conflicts necessarily
Most companies bring their officers
from the ranks of their employees,
up
These
stock.
of
classes
judicial spirit.
a
manage¬
stockholders, and sometimes
with—customers, employees,
of
holders
between
conflicts
are
deal
to
than
a
workers.
transactions
financial
In
well
is
similar
posted
on
transactions,
entitled
to
head
favorable
more
in
banking
investment
the
business
find
exacting, as it is his duty to be. He
the terms accorded other comparable companies in
and always has good reasons why his company is
typical corporation
the
we
very
selection of
the
In
terms.
underwriters and
that his company's name shall
If he has an established rela¬
usually considers that continuity is of
for the offering, he is concerned
linked with houses of good repuation.
sponsors
be
tionship
with
While
and
and
he
to both.
advantage
the
house
good
a
a
shrewd'
•
bargainer is
insistent
getting value for his money,
on
business leader of today, in dealing with investment bankers
indirectly with investors, as in dealing with employees, suppliers
customers, considers it good business to establish and foster continuing
effort
this
the
on
relationship
rather
than
exact
to
the last nickel
on
each
transaction.
individual
of
standards
bring about general
Federal
of
Committee
Market
Reserve
Board
Policy of Purchasing Government
Bonds—Also Hears Plans for New Federal Financ¬
New
ing
The
new
policy of the Federal Reserve System in increas¬
Reserve banks' holdings of government securities was
discussed at the April 19 meeting of the Open Market Exec¬
utive Committee of the Board of Governors of the Reserve
ing
System, according to Washington reports.
The present pur¬
chasing policy has resulted in the acquisition of $57,000,000
in Federal securities within a fortnight, with total Reserve
bank holdings of
$2,487,000,000
April 15.
on
At the April 19
meeting tlie committee was also said to have discussed gov¬
ernment financing, including the possibility of new issues
before the end of the current fiscal year, in addition to cash
borrowing on Treasury bills.
In
patch of that date to the "Wall Street Journal" said:
Convening of the Executive Committee was
ordinary
which
may
effect.
laid
or
Committee has
full
described by officials
as
an
market operations and one
while the existing policy is in
so
no
authority to change the program
an
emergency,
but the actual
effective work of this character designed
conduct, to achieve self-discipline, and
recognition of
Rules
have
been
the grave responsibilities of those
Bankers
of
methods
Tentatively Approved
rules
complaints
handling
votes,
negative
announcement said,
an
against members, to the
It is planned to reconsider
and'
comment of the membership, and then to
regulations in the light of
approve
between
conference for comment.
of the
membership
finally
fair practice,
of
approved by the Executive Committee of the Invest¬
Conference, Inc.
They are being sent, together wtih tentative
tentatively
basis of
shall go
them, with the membership deciding, on the
whether the Governing Committee's final action
into effect.
Investment Bankers
The
Conference
pointed out that their rules extend
beyond the scope of the present power "exercised" by
lation
of over-the-counter brokers and dealers.
The
fair
firm
or
is
acting as
the
by
a
These fields are to be covered in new
already has registered all over-the-
dealers.
*
Decline in Bank Holdings
Rates Advance
of Federal Securities'Stressed
Also Stressed in Business Review
of -bank
reduction
continued
—
Reserve Bulletin"—Short-Term,Money
in "Federal
A
of
The Commission
SEC.
brokers and
counter
prospective rules
do not cover disclosure • to customers whether a
broker or dealer, operation of discretionary accounts
practices of investment counsel.
rules
the SEC in its regu¬
however,
practice,
holdings of
government
reported by the Federal
Board in the "Federal Reserve Bulletin" for April.
securities
recent
in
article
pointed
weeks
was
out that the decline has occurred at
reporting banks outside as well as at New York, and
that
particularly large during the three weeks
ending March 24.
In reviewing recent business and finan¬
cial trends, the survey notes that money rates on shortterm paper in the open market have continued to advance
in recent
weeks, while offerings of new securities have
reductions
were
declined.
The
analysis
able
were
to
says
that
make the
Federal Reserve member banks
recent
change
in reserve
ments, increasing the reserve proportion on
little
reserves
of
member banks
after
March
1, when the
requirements went into effect, showed smaller changes than
periods
Reserve
new
are
reserve
usual in a
operations.
Usually in quarterly tax-payment
exceed expenditures, Treasury balances at the
banks consequently increase, and the resulting withdrawal of funds
of
period
require¬
March 1, with
The review continued:
borrowing.
Excess
the
fiscal
receipts
Treasury
Treasury
market results
in
decreases
in member
bank
reserves.
In
the
loss of reserves at these periods has been more than
because, in
addition to the customary excess of
disbursements, the Treasury's balance was further augmented
past two years the
usually
open
committee except in
operations is in its hands.
by the
of the
of
during /the
The Executive
down
conduct
conduct
be repeated every week
move
business
banking
investment
The
from
discussing the meeting on April 19, a Washington dis¬
naturally glad to learn
am
follow this phase of
shall
Reserve
Discusses
I
so
in the investment banking and securities business, is extensive, I
the work of the conference with keen interest."
engaged
the
market,
who buy
for investors
greater protection
of the Investment Bankers Conference to demon¬
part
elevate
The
Open
subjects as
prices and as
agency
The field for
its efficacy.
to
typical
satisfactory
fair
as
Landis,
over-the-counter
our
ment
factory public relations.
ment
new type of
selling is done
a
such delicate
service charges,
as
self-regulation
through
sell
and'
M.
public
business leaders are that
but also because of the recognized business value of satis¬
and
country
Chairman of the Securities and Exchange
charged with regulation of the security
business, gave his approval of the general program.
Mr. Landis said:
"The Commission has frequently expressed its sympathy with efforts to
only because the majority of
responsibility—not
practice covering
fair
the Federal
Commission,
to
come
A good portion of all security
securities,
on
James
advertising,
strate
typical company official, as we in the investment banking business
in contact with him, is intensely loyal to his company, and that
The
the
of
organization.
rules
16
recommendations
of
Typical Company Official
The
in
spelled the beginning of
action
the business.
regulation in
termed
aptly
to,
tions,
mismanagement
gross
representatives
with
Committees,
general headquarters here, offers the first purely self-regulation of the
business
throughout
the country.
Unlike security exchange members,
investment bankers and over-the-counter firms have no ironclad' organiza¬
pronounced
receipts
over
of new securities to the public.
This year the
$300,000,000 of bills to mature during the March
tax-payment period, in addition to the regular weekly amount, and the
paying off of these bills out of tax receipts restored to the market reserves
by proceeds from the sale
Treasury
that
arranged for
would otherwise
have been
temporarily withdrawn.
Financial
2748
Chronicle
Transfers
the
of
increase
reserves
in
member banks for the purpose of meeting
among
that became effective March
1 were
distribution of excess reserves.
There was little borrowing by banks and withdrawals of bankers' balances,
which represent in large part idle funds that banks place with city corre¬
spondents, were not unusually large.
Between Feb. 17 and March 10
deposits of other banks with weekly reporting member banks in 101
leading cities declined by about $300,000,000.
This figure includes a sub¬
stantial amount of duplication, however, since reporting banks
outside
not
New
York,
^placed
their
upon
them,
New
York
through
City
banks
replenished their reserves by drawing
other banks.
In addition, some of these
with
their balances
of
part
a
withdrawal of balances that had' been
cases
many
Altogether
requirements.
leading cities.
It would
the increase
meet
to
$130,000,000
their
from
in
withdrawn
was
from reporting banks in other
that during this three-week period there
$170,000,000
and
appear
The Treasury Department at Washington has issued the
dustomary monthly statement showing the stock of money
in the country and the amount in circulation after deducting
the
held in the United States Treasury and by
moneys
Federal Reserve banks and agents.
The figures this time
are for Mar. 31,1937, and show that the money in circulation
at that date
(including, of course, what is held in bank
vaults of member banks of the Federal Reserve
System) was
$6,376,793,762, as against $6,399,007,045 on Feb. 28, 1937,
and $5,876,801,119 on Mar. 31, 1936, and comparing with
$5,698,214,612 on Oct. 31, 1920. Just before the outbreak
of the World War, that is, on June 30, 1914, the total was
only $3,459,434,174. The following is the full statement:
I
partly because these banks
In the week ending
March 24, bankers' balances were again reduced, reflecting in large part
withdrawals to meet a Treasury call fcrr funds from depositary banks and
the payment of Federal taxep by other depositors.
leading
cities,
gaining
were
<'''
There
other
through
frs
i*jisl
I
operations.
in
reduction
continued
in the
weeks
recent
amount
States
in
weeks
three
the
ending
Feb.
maturing
member banks.
January and
March
24,
and
by $120,000,000
$130,000,000 in
part
a
O)
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Holdings of New York City banks declined by $110,000,000
February, and by $240,000,000 in the three weeks ending
those of reporting banks outside New York City declined
in the five weeks ending March 3 and by an additional
the two weeks ending March 24.
bills,
Treasury
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From the end of
December to March 24, United States government securities held by report¬
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in the last three weeks of the period.
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two weeks ending March 24 reflected the net retirement of $200,000,000 of
particularly large in the three weeks ending March
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which occurred only
at member banks in New York City, the decline smcevthe beginning of
this year has been at reporting banks outside as well as in New York.
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in Bank
been
has
country banks,
is, by
that
reserves
Decline
in
the Country
only small withdrawals of bankers' balances by member banks outside
were
the
in
wide
the
owing to
balances
own
withdrew
Ireserve
own
scale
losing funds
with
banks
requirements
reserve
large
a
on
April 24, 1937
Stock of Money in
Withdrawals of Bankers' Balances
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Board has revised
the Federal Reserve
the weekly condition report of those
The
banks.
discounts
and
the
show
to
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changes
the
in
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show
the
(1)
and
(2)
to
amounts
loans
(other
purchasing
or
distinction
between
carrying
t
form
confined
are
classification
to
been
has
and
changed
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for
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primarily
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New
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made
counted"
also
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under
the
loans"
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of
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located
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bank
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New
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Increased
ciations
Almost
An increase of $6,836,046 ill
and
loan
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associations
$7,000,000 During
JM
1936
to
located
in
State
the
during the year 1936 was reported
associations
said.
New
of
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It
is
very
chartered
were
228
Some
by
the
field
are
to
gratifying to
proof
and
shows
helping the
finance,
pression.
League,
funds
ward
to
to
of
our
the
during
associations
the
with
Home Loan
Federal
home
this
own
owners
associations
even
that
greater
we
in
have
this
our
come
builders of
their
anniversary
in
make
trend
and
homes in
fiftieth
help the citizen
an
able to
be
upward
definitely
their
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recently by Zebulon Y.
Mr.
year,"
of
resources
Bank
Board.
Mr. Woodard stated:
conclusive
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announcement,
home-financing
of
out
the
State
recovery
of
New
the
and
for,
and
save
the business de¬
the founding of
York
State
achieve his home-owning ideal,
increase in helpfulness and
in
is
thrift
depression
to
from
it
as
and
our
have
and
we
resources
State
available
look for¬
in 1937.
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Revised figures.
m
a Does not Include
gold other than that held by the Treasury,
b These amounts are not Included In the
total, since the gold or sliver held as
security against gold and silver certificates and Treasury notes of 1890 is Included
under gold, standard sliver dollars, and silver
bullion, respectively.
c
issued
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York
$263,414,498 operate under State charters, he noted, while
58 associations with resources of $99,991,535 operate under
charters
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the resources of the savings
Woodard; Executive Secretary of the New York State
League of Savings and Loan Associations, based upon a
compilation of official reports of those institutions to the
New York State Banking Department and to the Federal
Home Loan Bank Board.
At Dec. 31, 1936, there were 286
such institutions in the State with total resources of $363,406,033, as compared with 289 associations with resources of
$356,569,987 one year previous.
"Absorption of a number of
the smaller units in mergers caused the shrinkage in num¬
ber despite the fact that four new Federal savings and
Woodard
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Provision has
York City.
own
"acceptances and commercial
revised
at
include
to
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securities
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form also eliminates the
dealers
and]
those located outside New
City and
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loans,
purpose
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agricultural
and
dealers)
The revised
brokers
to
I
Jo
classification
the
to
industrial
brokers
securities.
loans
I
§1
commercial,
than
I
April 20 the Federal Reserve Bank
report
loans
I
,1
of New York said, in part:
The
N
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©
CO
1
£'
(other than to brokers and dealers)
©
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of purchasing or carrying securities.
In its announcement of
v-4
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well as
as
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,
industrial
commercial,
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of
amounts
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ts, eo is
form
new
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Tp
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loans
I
12S
©
figures of Wednes¬
day, May 12.
The revision classifies loans according to
purpose, rather than the type of security or form of loan,
as in the past.
Changes in reporting comprise a new classi¬
of
I
I
will become effective beginning with the
fication
I
I
I
I
i
This total Includes credits with the Treasurer of the United States
payable in
gold certificates In
(l)
the Gold
Certificate
Fund-Board
Reserve System, in the amount of $6,028,925,937; and
Federal Reserve notes in the amount of $11,375,751.
of
Governors,
Federal1
(2) the redemption fund for
d Includes
$1,800,000,000 Exchange Stabilization Fund; $342,527,262 inactive
gold, and $140,855,761 balance of increment resulting from reduction in weight of
the gold dollar.
e
Includes $60,800,000 lawful money deposited as a reserve for Postal Savings
' "
■
deposits.
-
f The amount of gold and silver certificates and
Treasury notes of 1890 should be
deducted from this amount before combining with total money held In the Treasury
to arrive at the total amount of money in the United States.
g Includes money held by the Cuban agency " of the Federal
Atlanta.
h The money in circulation includes any
tinental limits of the United States.
Note—'There is maintained in the
notes and Treasury notes of
Reserve Bank of
paper currency held outside the con¬
Treasury—-(1) as a reserve for United States
1890—$156,039,431 in gold bullion; (11) as security for
Volume
2749
Financial Chronicle
144
Treasury notes of 1890—an equal dollar amount In standard sliver dollars (these
notes are being canceled and retired on receipt); (111) as security for outstanding
isllver certificates—silver In bullion and standard silver dollars of a monetary value
Circular No. 418, as amended, and this notice
bills and govern the conditions of their
Treasury Department
prescribe the terms of the Treasury
issue.
•
"/V'1
,
1
:
,
■
.
>
equal to the face amount of such silver certificates; and (lv) as security for gola
certificates—gold bullion of a value at the legal standard equal to the face amount or
States
such gold certificates.
Federal Reserve notes are obligations of the United
and a first lien on all the assets of the Issuing Federal Reserve Bank. Federal Reserve
deposit with Federal Reserve agents
notes are secured by the
of a like amount
ol
gold certificates or of gold certificates and such discounted or purchased paper as is
eligible under the terms of the Federal Reserve Act, or, until June 30, 1939, or
direct obligations of the United States if so authorized by a majority vote of the
Board of Governors of the Federal Reserve System. Federal Reserve banks must
maintain a reserve in gold certificates of at least 40%, including the redemption fund
which must be deposited with the Treasurer of the United States, against Federal
Reserve notes in actual circulation.
"Gold certificates" as herein used Includes
credits with the Treasurer of the United States payable in gold certificates. Federal
Reserve bank notes and National bank notes are In process of retirement.
$288,554,000 Bid to Offering of Two Series of Treasury
Bills Dated April 21—$50,025,000 Accepted to 148Day Bills at Rate of 0.545% and $50,300,000 for
273-Day Bills at Rate of 0.701%
Tenders
of
$288,554,000
and
Banks
Reserve
were
the branches
thereof
up
to 2 p. m.,
April 19, to the offering of $100,000,000, or thereabouts, of two series of Treasury bills, dated
April 21, it was announced on April 19 by Secretary of the
Treasury
Morgenthau.
Of the tenders received, Mr.
Morgenthau said, $100,325,000 were accepted for the two
series.
As noted in our issue of April 17, page 2578, the
tenders to the offering were invited on April 15.
The two series of bills were offered in amount of
each.
000
One
series
securities
148-day
was
follows
148-Day Treasury Bills, Maturing
this series,
For
which
was
for $50,000,000, or
rate Is about 0.545% per annum on a
thereabouts, the
For this
series,
which was for $50,000,000, or
rate of
Whereas the Congress by joint
0.701% per annum on a
United States to issue
Child Health Day; and
safeguarding the health of children is protecting the vitality of
total
The average
be issued is 99 469 and the average
bank discount basis.
Offering of Two Series of Treasury
Bills in Amount
$100,000,000—Both Series to Be Dated April 28—
$50,000,000 of 141-Day Bills and $50,000,000 of 273Day Bills
of
A
new
offering of Treasury bills in two series to a total
$100,000,000, or thereabouts, was anuounced on
April 22 by Secretary of the Treasury Morgenthau.
The
bills, which will be sold on a discount basis to to the highest
bidders, will be dated April 28.
Each series of the bills will
be offered in amount of $50,000,000, or thereabouts; one
series will be 141-day bills, maturing Sept. 16, 1937, and the
other will be 273-day securities, maturing Jan. 26, 1938.
The face amount of the bills of each series will be payable
on their respective maturity dates.
There
maturity of Treasury bills on April 28 in amount of
$50,047,000.
Tenders to the bills announced this week
will be received at the Federal Reserve banks, or the branches
without interest
a
theieof,
up
to 2 P. M., Eastern
Standard time, Monday, April
Department,
Bidders, Secretary Morgenthau said, are re¬
quired to specify the particular series for which each tender
is made.
The following is from the announcement bearing
on the offering issued by Mr. Morgenthau on April 22;
Bids will not be received at the Treasury
26.
Washington.
The bills will be issued in bearer form only, and in amounts or
inations of
denom¬
$1,000, $10,000, $100,000, $500,000, and $1,000,000 (maturity
value).
No tender for an amount less than $1,000 will be
must be in
multiples of $1,000.
basis of 100, with not more
considered.
Each tender
The price offered must be expressed on the
than three decimal places, e. g., 99.125.
Frac¬
twenty-fifth anniversary of the founding of the Child¬
of Labor, do hereby desig¬
ren's Bureau of the United States Department
ment securities.
of 10%
are
from incorporated banks
responsible and recognized dealers in invest¬
Tenders from others must be accompanied by a deposit
of the face amount of Treasury bills applied for, unless the tenders
accompanied by an express guaranty of payment by an incorporated
bank
or
trust company.
the people of the United States on that day to
Immediately after the closing hour for receipt of tenders on
and to allot less than the amount applied for,
and his action in any such
Any tender which does not specifically refer to a
respect shall be final.
particular series will be subject to rejection.
Those submitting tenders
will be advised of the acceptance or rejection thereof.
Payment at the price
offered for Treasury bills allotted
banks in cash or other
The Treasury
bills will be exempt, as to principal and Interest, and any
gain from the sale or other
taxation, except estate
other disposition
must be made at the Federal Reserve
immediately available funds on April 28, 1937.
disposition thereof will also be exempt, from all
No loss from the sale or
and inheritance taxes.
of the Treasury bills shall be allowed as a deduction, or
otherwise recognized, for
the purposes of any tax now or hereafter imposed
by the United States or any
of its possessions
consider and appraise
organization for child health,
the coming year;
made in health
health protection for every child dining
and I call upon the
children to celebrate the gains they have
aid to the community in its year-round
effort to promote the health of the Nation.
In Witness Whereof I have hereunto set my hand and caused the seal of
during the year and to lend their
the United States of America to be
affixed.
Washington this ninth day of
Done at the city of
April in the year of
of
thirty-seven, and of the Independence
Lord nineteen hundred and
our
the one hundred and sixty-first.
1
FRANKLIN D. ROOSEVELT
(SEAL)
By the President:
'
>
Hull, Secretary of Slate.
Cor dell
Instruction of English in
Dr. Gallardo, New Com¬
missioner of Education, He Declares Inhabitants
of Island Should Be Bi-Lingual
Roosevelt Urges
President
Puerto Rico—In Letter to
17 asserted that English
purposefulness and devotion"
in the schools of Puerto Rico as an indispensable part of
American policy.
In a letter to Dr. Jose M. Gallardo, noti¬
fying him of his appointment as Commissioner of Education
for Puerto Rico, the President said that it is regrettable
tbat "today hundreds of thousands of Puerto Ricans have
little and often virtually no knowledge of the English lan¬
guage."
He added that he did not wish to exclude the
instruction of Spanish, but that he did believe residents
of 'Puerto Rico should be bi-lingual.
The text of his letter
Roosevelt
President
April
on
be taugh "with vigor,
should
follows:
I have decided to appoint you Commissioner of
have sent your name to the Senate.
My dear Dr. Gallardo:
for
Education
I
desire
the
on
Puerto Rico
time
to make clear the
under the
extended
attitude
of
Administration
my
teaching English in Puerto Rico.
American flag 38 years ago.
Nearly 20 years
matter of
important
came
Congress
ago
Rico and
Puerto
this
at
extremely
citizenship
American
to
It
Ricana.
Puerto
is
regrettable that today hundreds of thousands of Puerto Ricans have little
and
often
virtually
knowledge of the English language.
no
Moreover, even
those who have had the opportunity to study English in the public
among
schools, mastery of the language is far from satisfactory.
is
in
the
the
indispensable part of American policy that the coming genera¬
citizens in Puerto Rico grow up with complete facility
an
American
of
tion
this
will
be
able
language
American
of
thorough
through
only
of
understanding
to
will Puerto Rican Americans secure a
ideals and principles.
Moreover, it is
familiarity
take
full
with
daughters
perhaps
is
Rico
a
densely
populated1
Many
of
its
sons
and
and
should retain
facility
in
the
For it is obvious that they
tongue
of
their
inherited
Spanish.
Clearly
there
usefulness
Rico
Puerto
will desire to seek economic opportunity on the mainland or
other countries of this hemisphere.
They will be greatly
will
of
is
no
the
desire
should
profit
or
purpose
rich Spanish cultural
What is necessary,
Rico.
the
opportunities
in
culture,
the
that
made American citizens.
island.
handicappd if they have not mastered English.
always
language
our
advantage of the economic
which became available to them when they were
Puerto
Only through
It is the language of our Nation.
English tongue.
acquisition
better
Ricans
April 26,
1937, all tenders received at the Federal Reserve banks or branches thereof
up to the closing hour will be opened and public announcement of the ac¬
ceptable prices for each series will follow as soon as possible thereafter,
probably on the following morning.
The Secretary of the Treasury ex¬
pressly reserves the right to reject any or all tenders or parts of tenders,
.
Child Health Day, and do call
day of May of this year as
nate the first
It
Tenders will be accepted without cash deposit
President of the United States
Therefore, I Franklin D. Roosevelt,
Now,
of America, on the
tions must not be used.
and trust companies and from
in extending and improving
child-health services;
amount of
is
the Federal Government has been cooper¬
Whereas during the past year
the United States of America
New
resolution of May 18, 1928 (45 Stat. 617),
proclamation setting apart May 1 as
a
ating with the State and local governments
price of Treasury bills of this series to
rate is about
United States of America
requested the President of the
has authorized and
and to plan for
thereabouts, the
bank discount basis.
proclamation
a
PROCLAMATION
A
child-health conditions and the community
19,1938
of which $50,300,000 was
about 0.731% per annum, on a
issued
9
HEALTH DAY
By the President of the
upon
accepted.
Except for one bid of $10,000, the accepted bids ranged in price from 99.510,
equivalent to a rate of about 0.646% per annum, to 99.446, equivalent to a
applied for was $134,330,000,
amount
April
-
and to plan for health protection for every child
during the coming year."
The following is the text of the
President's proclamation:
total
bank discount basis.
273-Day Treasury Bills, Maturing Jan.
on
health,
Whereas
accepted.
Except for one bid of $10,000, the accepted bids ranged in price from
99.820, equivalent to a rate of about 0.438% per annum, to 99.765, equiv¬
alent to a rate of about 0.572% per annum, on a bank discount basis.
Only part of the amount bid for at the latter price was accepted.
The
average price of Treasury bills of this series to be issued is 99.776 and the
average
Roosevelt
President
designating May 1 as child health day, and calling upon the
people of the United States "to consider and appraise childhealth conditions and the community organizations for child
the Nation; and
$154,224,000, of which $50,025,000 was
amount applied for was
Day
annually
Sept. 16, 1937
Child Health
Roosevelt Proclaims May 1 as
President
CHILD
April 19 by Secretary Morgenthau:
on
Securities
Secretary of the Treasury, Henry Morgenthau Jr., on
April 20 invitea proposals for furnishing distinctive paper for
printing currency and public debt securities of the United
States during the fiscal year 1938, bids for which will be
opened at the Treasury Department on May 6, 1937.
The
estimated quantity required for currency is 84,165,000
sheets, or about 1,016 tons of paper.
No estimate is made
of the requirements for public debt securities.
The
$50,000,maturing
Sept. 16,1937, and the other 273-day bills, maturing Jan. 19,
1938.
Details of the bids to the two issues were announced
as
Currency and
received at the Federal
Eastern Standard Time,
1,016 Tons of Paper to Print
Treasury Invites Bids for
from
to diminish the enjoyment or
legacy of the people of Puerto
however, is that the American citizens of Puerto
their
unique
geographical
situation
and
the
to them the blessings
of
But bi-lingualism will
be achieved by the forthcoming generations of Puerto Ricans only if the
historical circumstance which has brought
American citizenship by becoming bi-lingual.
unique
teaching
into
at
of English
once
throughout the insular educational system is entered1
purposefulness and devotion, and with the under¬
with vigor,
standing that English is the official language of our country.
2750
Financial
Chronicle
President Roosevelt Asks $1,500,000,000 for Work Relief
in
Next Fiscal Year—Urges Congress to Adhere !
(
v
New
Will
Taxes
sion—Text of
might be
to
Congress
i
•
June 30,
1938, and at the
20,
asked
appropriation
an
recommended.
session of Congress
In referring to
in tax
such levies would be
far
as
as
relief
President
appropriated;
"The
recommended
President
and
the permanent
adjust
within
:
-
of
success
limits
the
of
to
Is
than
lections
fii
penditures.
we
1
mated
~to
rH
estimate.
s
§000000000001
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|IS
•
for
OON
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receipts
regard it
>
I
first
the
of
SoSP
i is
a
v
is*
+?
O
■2
rHCMTOHjtlO
President's
of the
a
a
and
reduction
of
cates
Representatives
President's
the
economy
of
in
Congress
was
1938
drive which has
economy
leaders
relief
think
now
item
it
may
recommended
as
pet
to
projects
seemed
demands joined
pledge
themselves
have
to
with
for
such
One
plan,
gressional
this
to
of
the
largest
tonight and which
the President at
last
all
night,
regular
called
for
a
appropriations
understood
was
his White House
horizontal
voted
to
conference with
cut
between
at
the
now
have
con¬
end
and
of
ad¬
journment.
The
of
the
and
as
strategy
of
the
congressional
Education
Administration's
they involved
for
and
receipts will be $387,-
I
relief.
expenditures for
estimated
of
at
year.
I
deficit
net
expenditures
the
the fiscal
of
year
$418,000,000.
$1,500,000,000 for
command to eliminate this deficit
my
expect
accomplish
to
fiscal
far
so
this
(1)
year
by
taking
withhold
to
possible with
as
Treasury through the liquidation
due regard
of
assets
of
certain
extremely
important
that
should
we
achieve
balance
a
and outgo for the fiscal year 1938, and I
appeal to you
determined effort to bring about that result.
is
predicated1
on
two highly important conditions.
existing taxes which expire this year.
The
of appropriations made at this session within
of
maintenance
the
and
recovery
an
means
extension
nullify
budget
estimates.
An
efforts to prevent
our
recognize
through
many
increase
in
appropriations, would,
deficit in
a
opportunities
Federal action, I
and
program
being
pressed
the permanent
for
to
1938.
improve
convinced
am
security of
last
social
that
our
and
the
eco¬
success
people
demand
budget estimate.
my
January with respect to
almost
said
a
public
enactment
works,
these
I
have set
An
year.
a
up
a
future
our
present
than
more
for
session
would
$5,000,000,000.
the
construction
of
are
existing authorizations
of
the
budget
are
for
the
three
past
for general public works and have often,
should be kept within the limit of $500,000,000
program
program
annual
In
purpose.
the
of
authorization
though there
even
$2,000,000,000 for this
that such
during
to early expenditures
$3,000,000,000 of
additional
of this
program
size
should
meet
normal
needs
for
highway, flood control, rivers and harbors, reclamation, Federal buildings,
other public works.
I
recognize the need
realized
plated
that
by
to
the
for flood
finance Buch
majority
of
prevention and control,
but It
large immediate expenditures
the
flood-control
bills
now
as
should
be
contem¬
are
pending
in
the
impose an unjustifiable burden upon the Federal Treasury.
involving additional authorizations of more than $500,000,000 for
highways have been introduced despite the fact that expenditures for this
purpose during the last four years have exceeded $1,000,000,000 and that
Bills
there
of
Harrison-Black
the
that
January, the
Congress would
gaining strength
leaders
session
last
receipts
emphasize here what I said
About
been
advo¬
possible savings.
been suggested
esti¬
January
and
•
whose
Byrd
an
Some
the
.
retrenchment
Senator
as
January.
the
Future Fiscal Policy
years
force for several weeks.
substantial
believed
now
adjust all expenditures within the limits of
we
Bills
05 O rH CM
message
Capitol Hill
.
Senators
.
Washington dispatch of April 20
today.
stopped by
CON 00
>»
M
"Times":
The message set in motion on
in
last
is therefore
over
,;y.7
beginning of the next
commit the government
follows in
gathering
of
1937
expansion of existing or the creation of new activities. It becomes a matter of sound
policy simultaneously to provide new revenue sufficient to meet the additional cost."
H
3.3
HOw
So2
been
&
o
©S
o?
v
oo^i
Poo
result
estimate
year
$309,000,000
with a view to the national needs: and no expansion
of government activities should be authorized unless the
necessity for such expansion
has been definitely determined and funds are available to
defray the cost.
In other
words, If new legislation imposes any substantial Increase in expenditures either In the
03
to the New York
the
fiscal
of
recommended.
■
I
O
V4
-o
'-■HO
as
to making
view
^"Expenditures must be planned
O
53
«2g if i
Reception
^
S'O
-s
ss :§
described
a
fiscal policy.
18
•*
IS
a
'
of
whole
cj ©
^3
!
expenditure requirements
of the executive departments and agencies a sub¬
the funds available for that year, and (2) to increase
said
the
while
our
that
>
have
nomic conditions
of
'
a
the
is
total
And
in
is
course,
SI*
3
ex¬
government
agencies.
as
me
second
£
the
of
join
The
2-®
03 +*
3
I
functioning
What
•
below
apportionment for expenditure in
actual income
CM >0 00 H<COiOCMN
>0 TO CM "500
00 rH
>
in
reduction
heads of various
their
or
estimates
every
the
at
to
<H
the
of
reduction of $410,income taxes being slightly offset by increases
indicate
coming fiscal
action
of
ofl
1
use
the emergency
I
CO
it is
of
the
hereinafter
the
proper
of
hJ>* © co" o" o* to* o* >d
MtrHM«>ON
in
stantial percentage of
TOH<
Jqoq qqqqo
l
col¬
of
that every effort
a
present fiscal year with
increase
other than
■
is§§
CM O TO O
possible by
as
directed
anticipated
presented
included
relief
during
O
CO lO rH >C
less
$337,000,000
'
year
propose to
from
SOOOO
OOOO
:§8§ OOOOO
ooooo
CO coo
the
an
1938
estimates
here
definite
®
lOOO
00*00*0*
ooo
-3
CM >0 00
be
the obstruction
it became apparent
far
as
deficit for the
estimate of
revised
is
work
o O
£
3" TO o
will
large part to
$295,000,000
was
receipts.
as
There
the
to0.0.0.
TO
^05
05
"cH
.'t■
§oo
__o o
7:^00
~
00
OOOOO
OOOOO
OOOOO
o o
tS o
N O O
$
ej *H
h<" o" o" cd o" o"
_
! **1^©©©.© ©„©.
•
CM*w"»0 o" O* CM* CO* O*
M<©"5 00N
NH< 05»0
rH
CO
T3
O
$267,200,000 less than the former
revenues
\V
than
less
that fiscal
1938
$
£
£
00005 050
!o*
t>.q
ootocm
a
S
s
8OOOC0O
O O O H O
o
i
cqiHqqq
(idd
tax law
new
Fiscal Year 1938
The
CM
I
O
'yy"':--y
:■
Pending the enactment of the 1938 appropriation bills it has been im¬
to make any material revision of the estimates of expenditures
gs2
CM*
1;
y-
possible
I ®H.
fe ^ N
1
o> oo oi co >d o" V o
■^COO-^t^OHl^OOCM-^rl* co
COCOOOOOOCOrHCMOO
q
iqrji CM
co h.
I
do O Q o
HI CD rH
!•
CCjfe,
i
qqqqqqqqqqqo °.
DOO
be
the net
of
the fiscal year
other
®
!?o
oog
8
©
OOOOOOOOOOO ©
g'ddddo'ddpddd
1937
examination
'.v.'y
600,000
_
qqqqqqqqqqqo<
W© ©®
have
of
$2,557,000,000,
000,000 in the
888
lis
©
at
in
a
w
probably
The amount
3d
oo©
ooo
ooo
xj
will
tures
0
HI H< rH 00 oo co co co ncm to HttCOO
CO CO 00 iO>o^eo rHCMOO
HN
U3
loss
by eliminating
savings
^ooooq
rH
previous ex¬
our
deferring all expenditures not abso¬
lutely necessary during this period, the money so saved to revert to the
Treasury.
Information thus far available indicates that the 1937 expendi¬
a *
wq «©oo N«oqq cqqo
©TON00 TJT >O* >O" 00*0
below
Jy
The receipts for the first nine months
revenue
this
the last three months
substantial
-s
rH C5 00N
Year
in
due
careful
a
the present
with the esti¬
compared
as
as
lawsuits against the government.
To this end I
to make
activities
NHO
05*«OCM
is
offset
made to
05C0 05 00 NOHO cooo ooo
00"<1< C5
v.'y\.'\v
1937.
of the reduction in
view
should be
for
situation
receipts and expendi¬
"
For
©
the fiscal
of
statement showing
1938
will produce
year
which
numerous
ooooh
lis
<3 oo
by
work
for
$1,537,000,000 would
altered
so
and
indicate that other
estimate,
odd
!*£
fiscal
year
y.yy
>qq©
our
A glance at this statement will show that
' ^;.y
V
income taxes
the
fiscal
the
In
appropriation
an
less than
message a
1937
years
> ;
that
OOOOO •OOOC >ooo ooo
COOQC lOOO ooo
rH H ©
Tf OOC
Ho'do" NO©* COI^O
>■;
y
.
analysis of returns received in March, 1937, under the
this
>0 05000
iqcqoo
•
■
factor is the decline in tax receipts
principal
CM o CO
11^
have
factors
new
fiscal
the
for
of
-i.V-i;;-''
OOffl
©©>-»
oon
■
for work relief for the fiscal
therefore,
any sum
is attached to this
indicates
Congress the following table:
5
is given
*■■
"
to present revised estimates
budget message.
estimate
In connection with his message Mr. Roosevelt transmitted
:
however,
necessary
for
budget
my
estimates,
1938 of
Fiscal
whole program
our
it
my
The
existing
security of our people demand that
expenditures
all
estimate.,,
of
extension
.y,V-
;
that year a budget in balance.
of
pectations.
appropriations within budget
He added that "the
estimates.
the
then,
in
the
,
taxes and the maintenance of
'y:
these
of
the end
estimates
$418,000,000, but said that he hoped
by reducing expenditures below
by Congress and
by increasing
receipts through the liquidation of assets of some of the
emergency agencies.
:
;
amounts
1
1
r
of the appropriation
fiscal year
There
tures.
deficit
that
eliminate
to
'■
-
President's message
';/•
estimate
basis
left at
mates
pointed out that these reductions must
possible by lower expenditures, and said
net deficit of
of the
text
situation.
the
make
to
expenditures will probably be $295,000,000 below
the January estimate.
He therefore forecast a deficit for
the fiscal year 1937 of $2,557,000,000, or $309,000,000 over
the January prediction.
For the fiscal year 1938 he esti¬
a
seemed
He
estimates
for
have
1937
mated
the housing
start
In connection with this estimate it is desirable to review
the
On
decline
000,000 below the earlier estimate, "due in large part to the
obstruction of collections by numerous lawsuits against the
that
'
budget message of Jan, 5, 1937, I said that I would transmit at
1938.
Since
be met
already made to
'
funds
that
made last December indicated a net deficit for the
current fiscal year of $2,248,000,000.
They also indicated a net surplus
for the fiscal year 1938 of $1,537,000,000, exclusive of any provision for a
work relief appropriation.
;y .';y.'y-: 7
~;'- '"yyt'::y
said, will probably produce $267,200,000 less than his Janu¬
ary estimate, while other revenues will probably be $337,-
He
"■ "
without adding to the budget problem.
Congress of the United States:
Budget
receipts below previous expectations.
government."
1937
24
'
afternoon
'.'V^
;
present fiscal
bis budget message of Jan. 5,
Income taxes during the current fiscal year, the
out of appropriations
this
'
later date an
a
year
implied
revised estimate of receipts and expenditures is the
conference
press
' ; "
Bill
■
In my
1937, Mr. Roosevelt said that the principal factor requiring
a
the
To
The President did not
ask the enactment of new taxes at this time, but he
that at the next
of
ended
year
his
at
programs
complete
below:
time strongly urged greater
same
Federal expenditures.
in
economies
fqund
tenancy
The
$1,500,000,000 for work relief during the fiscal
said
Education
definitely set against the plan for Federal aid to the States for educational
Until Next Ses¬
in a supplementary budget message
April
on
and
purposes."
Message
President Roosevelt,
sent
Recommended
Be
President
The
Rigidly to Budget Estimates—Says He Will Cut
Expenditures Below Appropriations—Indicates No
April
Against
.
new
own
included
for
aid
to
tenant
The
rejection
bill, the Wagner Low-Cost Housing plan,
proposal
appropriations.
leaders themselves
farmers
as
far
are
neany
of
the
existing authorizations for expenditures during the next two
$450,000,000.
<
maintenance
authorizations
proper
as
of
a
well
sound
as
balance between
exercised with
fiscal
policy requires
appropriations.
revenues
and
It
is
the
planning
impossible to
maintain
expenditures
respect to authorizations and
years
careful
unless
appropriations.
restraint
is
Volume
2751
Financial Chronicle
144
•
i
■'
■
.
<r:A
;
working for a
balanced budget that so many special groups exert the strongest pressure
to bring
about increases in government expenditures. ; They pay 'little
attention to the fact that the budget,' as submitted, represents a coordi¬
nated fiscal program and that. material' departures therefrom destroy the
whole purpose of the program.
If we are to avoid a continuation of
deficits, we must resist these importunities or provide the necessary rev¬
is
It
,
matter
a
to me who are
and
1
knowledge
the increasing costs.
to meet
enues
to you
of, concern
that the principal danger to
modem civilization lies in those nations which largely because of an arma¬
ment
race
are
headed directly toward bankruptcy.
In proportion to
is
It
common
behooves
It
therefore,
us,
meet,
economy
our
armaments than the nations to which
to continue our efforts to make both
for
government income
of
far smaller proportion
United States is spending a
the
budgets
national
of
matter
a
-f
.-.
'
"7 ,/
,
' ^
\ Survey of Tax Structure
7.
I refer.
ends of
.
>
.'
r
that there is an
apparent
"T
<
'
\
Work Relief
■.
of $1,500,000,000 be provided for
work relief for the fiscal year 1938, and that it be made available early
in June so that its expenditure can be properly planned prior to July 1.
that
recommend
I
appropriation
an
FRANKLIN D. ROOSEVELT.
,
White House, April
The
Enacted
Recently
of
Text
20, 1937.
Measure
Classification of
1
As
noted in
we
our
to
Provide
for
Cotton
issue of April 17, page
2580, President
April 13 signed the Smith bill, under which
Secretary of Agriculture is authorized "to provide for
Roosevelt
the
on
the classification of cotton, to
furnish information on market
supply, demand, location, condition, and market prices for
cotton, and for other purposes." The following is the text
of the measure as signed by the President:
.
,
; ;.
AN
Costa Rica.
H.
to furnish
'
R.
Henry
Representatives of the United States
of America in Congress assembled. That the Act entitled "An Act authorizing
the Secretary of Agriculture to collect and publish statistics of the grade
approved March 3, 1927, is amended by
following new sections:
d"Sec. 3a. The Secretary of Agriculture, upon request in writing from
any group of producers organized to promote the improvement of cotton
who comply with such regulations as he may prescribe, is authorized and
directed to determine and to make promptly available to such producers,
the (Classification, In accordance with the official cotton standards of the
United States, of any cotton produced by them.
The Secretary of Agri¬
culture is further authorized to pay the transportation charges and to
furnish tags and containers for the samples of cotton submitted for classi¬
fication under this section, and all samples of cotton so classified shall be¬
come
the property of the Government, and the proceeds of any sales
thereof after classification shall be covered into the Treasury of the United
length of cotton,"
and staple
inserting between sections
States
as
3 and 4 thereof the
miscellaneous receipts.
authorized to make
deem necessary to effectuate the
Agriculture is further
regulations as he may
such jrules and
purposes
and staple lengths of cotton.
The Secretary of
3c.
"Sec.
»
.
,1
j
<
i,*-i
■
f
».,■
►'
-•
»
7
:..3
;
V,: -.'■*
.7''7
Anthony J. Drexel Biddle
to Norway,
vice Mr. Biddle.
R. Henry
Herbert Claiborne Pell, of
Caldwell. "*V
7
J
• i." '
•
*
'• •
>
vice Mr.
:
of Texas, now
Granville Caldwell,
Robert
Cudahy;*
of the District of
Florence Jaffray Harriman,
Minister to Bolivia, vice
for
Minister to Norway;
\
'
Columbia, to be Minister
Jr., of Pennsylvania, now
Poland, vice John
to be Ambassador to
.A
'••• •
April 19 President Roosevelt sent to the Senate
confirmation the following nominations as envoys:
.
>
Norweb.
,
r
.
,
\
,
Minister to Portugal, to be
7y ,
YY.
.
. . :
Rhode Island, to be Minister to Portugal,
.V1
'•
":v: •" ' ''Y •' *'7'' •■"'} *
" "I- v-T'*• L\ •';7 .
Appropriations for Departments 6f State,
and Labor—Increases Amount
Over That Approved by House
v
,
i
The 1937-38 supply bill for the Departments of State,
Commerce, Justice and Labor was passed by the Senate on
April 20 with amendments. As voted by the Senate the bill
carries appropriations totaling $125,785,917', it was stated
in Associated Press advices from Washington, April 20,,
which amount is $2,717,617 over that voted by the House
of $123,068,300. In reporting the passing of the bill by the
House in our issue of March 27, page 2048, we had errone¬
ously stated that it carried appropriations of $123,099,000;.
The bill will now go to conference.; 7 "■>
r. i
■
■ >>
During Senate debate on the bill Senator Kenneth McKellar of Tennessee explained that the increase in the ap¬
Senate Votes
Commerce, Justice
,
,
propriations voted by the Senate was due entirely to addi¬
tional estimates for the departments in the sum of $3,486,280^
These estimates, Senator McKellar said, never went before
the House at all, but were
supplemental to the bill after it
passed the House and went to
Y ;d
the Senate.
♦
Votes
for
"■
.
\
V
A
$5,000,000 for Federal Participation in
World's Fair—Resolution Sent to Senate
Approval
authorizing the
resolution
A
•
appropriation of $5,000,000
participation in the New York "World's Fair of
1939 was passed by the House on April 20 following a short
debate and little opposition.
The measure; sponsored by
Federal
for
Representative Matthew J. Merritt of New York, was sent
the Senate for approval.
Under the provisions of the
resolution a Federal Fair Commission of 10 would be set
to
up
to administer the congressional appropriation.
commission would consist of the Secretaries of State,
*
This
Labor,
Commerce and Agriculture, and the Chairmen and ranking
majority and minority members of the Senate and House
Foreign Affairs
Committees.
.
reporting the House action on the resolution, Associ¬
ated Press advices from Washington, April 20, to the New
York "Herald Tribune" of April 21 stated:
In
Representative John J. O'Connor of New York, Chairman of the House
Committee, told the House the Fair "would cause the turnover of
Rules
directed to
collect, authenticate, publish, and distribute, by telegraph, radio, mail, or
otherwise, timely information on the market supply, demand, location,
condition, and market prices for cotton, and to cause to be prepared regu¬
larly and distributed for posting at gins, in post offices, or in other public
or conspicuous places in cotton-growing communities, information on prices
is also authorized and
"Sec. 3b. The Secretary of Agriculture
for the various grades
.
of Columbia, Minister to Dominion
Finland. *•
,
"r, ■ r.. >•„ , < *
Norweb, of Ohio, Minister to Bolivia, to be Minister to Dor
New York
for cotton, and for other purposes.
>'■:
.
.
On
ACT
V Be it enacted by the Senate and House of
V
Tennessee, Minister
minican Republic.
of Agriculture to provide for the classification of
information on market supply, demand, location,
condition, and market prices
'
-
.
Schoenfeld, of the District
F.
Authorizing the Secretary
cotton,
•
77..
v..dr
-I
.-v
l:'«
Republic, to be Minister to
House
s. i500i
-
i
Edward Albright, of
<
immediate need for a careful
survey of the present tax structure.;
The Treasury will be prepared by
November next to present to the appropriate committees of the Congress
information as to such loopholes as may exist in the present revenue laws,
and suggestions for such new or additional taxes as may be necessary to
meet deficiencies, if any, in the revenue-producing power of the present
levies.
This will permit these committees to study such information and
suggestions for the purpose of proposing early in the next session of the
Congress legislation necessary to remedy defects in the present tax laws.
become
has
It
to'Sweden.!
'
i
Minister
w v-f t ? sw?,«.'{.< r.rjtt
to Finland, to be Minister to
Ambassador to Peru, to be
of Missouri,
Fred Morris Dearing,
of this Act."
"New
York alone,"
said
000,000 in taxes from
Representative
measure,
large
before it
'
'
' /
Federal government would receive about $60,-
"
O'Connor
Mr.
"will invest about $125,000,000
he said,
through."
called
the
the Fair.
Carl E. Mapes, Republican
attention to the President's
of Michigan, opposing the
budget message reporting a
Federal deficit.
are
asked here," he said, "to appropriate
"We
President's message to the members
the
»
$1,000,000,000."
about
is
$5,000,000.
of this House."
I commend
v
,v,
for employment
of
'
* "/
7
Representative William Barry, Democrat of Hollis, Queens, New York
City, said the appropriation was justified by the tax revenue which will
accrue to the Federal
government from the Fair.
■';'1
Representative Hamilton Fish, Republican of Garrison, N. Y., said the
Mapes criticized provisions of the bill which caUed
clerical workers without regard to Civil Service.
Mr.
Introduced
Measure
in
Senate to
Curb Products of
Interstate Shipments in
Child Labor—Would Ban
Violation of State Laws
April 20 by Sen¬
Edwin C. Johnson
of Colorado which would prohibit interstate transportation
of goods made by child labor in violation of State laws.
The measure would also make such goods, when entering a
State, subject to the child labor laws of that State. . In
United Press advices from Washington, April 20, it was
A bill
introduced in the Senate on
was
ators Burton K.
goods laws recently held
would ban shipment of goods
by child labor into States which have laws governing child labor.
would apply to children under 16 and would require the labeling of
The
measure
constitutional
It
alt
was
are
going to get back
with the President's budget message
because "we
than we put in."
Mr. Fish said the return
greater than the $5,000,000 advanced by the United States,
did not believe the revenue would be as high as $60,000,000,
more
would be much
but added he
estimated in
Mr.
more
Fish
some
to stimulate
-v
sources.
$1,000,000,000, which will do
employment and trade "than anything else."
Fair
said
visitors
will
spend1
modeled after the prison-made
is
the
by
goods produced
Numerous
way
not inconsistent
bill
stated:
also
made
Wheeler of Montana and
.
to
which
Supreme
has been
It
by child labor.
members
enforce
Court.
of
Congress
have
suggested such a measure as a
laws pending ratification of an
before the State Legislatures for 13 years.
child
labor
amendment
House
The House
the
the
Recent Transfers
in
Corps—President Roosevelt Submits
Approves
Diplomatic
Four More
Nominations for Confirmation
The
recent
shifts
made by President Roosevelt in the
United States diplomatic corps were
approved by the Senate
April 19.
The nominations had been submitted to the
Senate by the President on March 29, as noted in our issue
of April 3, page 2237.
They are:
on
Laurence A.
Steinhardt, of New York, Minister to
bassador to Peru.
Sweden, to be Am¬
$927,398,548 Agricultural De¬
House
a
Agriculture Committee on April
20 reported to
$927,398,548 appropriation bill for the United
of Agriculture for the 1938 fiscal year;
by the committee is $143,402,149 over
amount voted by Congress for the department a year
States Department
the
Senate
Group Approves
partment Appropriation Bill for 1938 Fiscal Year
—Sum Is $143,402,149 Above That Voted Year Ago
ago,
amount approved
but
is
$5,078,407
below
budget estimates.
The bill
appropriates funds for the Agricultural Adjustment Admin¬
istration, Soil Conservation, Weather Bureau, highway and
dozens of other activities, said United Press advices from
Washington, April 20, which continued:
Most of the increase over last year resulted from
a
$178,500,000 appro¬
aid in highways, an increase of $110,500,000 over
year but $3,000,000 below budget estimates.
7 .
'
The bill—eighth major appropriation
measure to be reported by the
House committee this session—makes $624,305,883 in direct appropriations
priation
last
for
Federal
I
2752
Financial
from the
Treasury, an increase of $12,033,277 above last
$105,078,407 below budget estimates.
of
The
of
balance of the bill
funds
The
the
available
chief
benefit
Domestic
in
Allotment
plan
bill
also
Act.
makes
farmers
to
This
$30,000,000 higher than last
The
'
under
corresponds
the
to
Soil
Conservation
budget
estimates
budget estimates
States Treasury.
banks
should
mandate
is
that
year.
available
and
in 1937
follow:
Budget
three-fourths
Soil Conservation Service
to
As to
testimony made public by the House Agricultural
Committee in reporting the bill, a
Washington dispatch of
April 20 to the New York "Times" of April 21 stated:
of
for
11%
ent, to 13
14%, the
or
Other measures,
also,
he
said,
for the last 50
average
including the
to reach
such
normal
ever
goal.
a
value thereof" should be
be required
would
should be
made
for
program
the
the
members
proposal
a
crops similar to the old corn loans by the
Corporation.
Commodity Credit
Adjustment of production through payment of subsidies to farmers
on a percentage
of acreage withdrawn from
cultivation basis under control of the
Secretary of Agri¬
culture.
v.-; v.;::-.
.V.'
A production control
program giving farmers allotments and the
imposition of
heavy taxes above the quotas allowed.
,
Continuation and expansion of existing
powers for the removal of farm surpluses
Federal crop insurance.
and
House Passes Bill
Re-enacting Marketing Provisions of
Agricultural Adjustment Act—Would
Uncertainty Over Status
Invalidated
End
The House
April 19 passed and sent
on
Administration
to the Senate
an
bill
reenacting the marketing agreement
provisions of the Agricultural Adjustment
Act, which was
declared
Court
unconstitutional
last
The
year.
by
being enacted to settle
marketing agreements
the
United
legislation,
new
any question
in
light
of
Supreme
explained, is
is
Supreme
decision.
the
to
New
to
About
of
and
these,
tive
efforts
the
such
80
marketing
marketing
provisions
so
to
as
give added
\
programs have
officials said,
of
agreements
agreements.
been
of
Representatives
Tbe
April
tbe
the
"sit-down"
industrial
but
its
formal
strike
are
tech¬
system
spy
had voted favorably
group
13,
of
and
on tbe
of
resolu¬
majority and minority
The minority report,
condemnation of
a
Representatives
•
Keller
,
.
of
;
Nevada,
of
.
resolution, sponsored by Senator Pittman
passed by the Senate on April 7 by a vote
was
of 75 to 3.
The Senate action
referred to in
was
issue
our
of
April 10 page 2403.
The following bearing on the House
Labor Committee's
majority and minority reports is from
Washington (Associated Press) advices of
April 20;
The
majority, headed by tbe Chairman,
Massachusetts, expressed the
validation
structive
"With
of
the
opportunity for the
Representative
Connery,
Demo¬
belief that the Supreme Court's recent
Wagner-Connery
Labor
elimination
Relations
all
of
Act
"offers
industrial
strife."
a
con¬
.
.
.
the proper
observance of this law (the
Wagner Act) on the part
of employers of labor as well
as
those who have been
duly elected to
represent the workers," the
majority report said, "there should be no
occasion for any sit-down strike on
the part of the workers or the
employ¬
ment of
labor
spies or the further illegal and unlawful
expenditure of
company or corporation funds on the part of the
employers of labor."
The minority report asserted the
workers had "a perfect
right" to act
under the
Wagner-Connery Act.
It termed the sit-down strike as
"the
last answer" to the
problem of the workers to give some additional
force
to the walkout to make a
strike effective.
The minority report said the
development
employee
without
of
machinery had reached
longer a decisive factor
was no
skilled
workers.
-
the
point
where
and- that many
;
the
skill
of
an
plants could operate
/•"
House
Group Agrees on New Sugar Quota Control
Bill—Subcommittee Would Import Less From Off-
Shore
York
Court invalidated that portion of the statute
pertaining to
production adjustment programs, but the House
Agricultural Committee
believes Congress has the
power to regulate commerce in agricultural com¬
modities through
marketing agreements.
Although it was of the opinion
that the law was
separate, the
Department of Agriculture desired the
prestige
strikers
.
Court
The Supreme
reenactment
condemnation
by
Areas
and
Increase
Allotment
Growers
In
House
The concurrent
the status of the
the
V<;V J.;-:
Washington advices, April 19,
"Times" of April 20, it was stated:
the
States
it
over
of
by
com¬
recom¬
on
crat of
on
out.
embodying the above principles.
which held that the resolution would be
al1
strikes, was supported
following steps:
Loans to farmers
to
power
Illinois, Gildea and Dunn of Pennsylvania, and Lesinski of
Michigan.
Eleven members of the committee
signed the
majority report.
'
years.
granary,
Provision
carried
the
that
money;
reports were not filed until April 20.
until
modity loans, with production control in the background so that the Gov¬
ernment would not be left
holding the sack.
H. R. Tolley, Administrator of the
AAA, told the committee that the
department had a five-point program
embracing control features to bring
about price parity and! farm
prosperity more far-reaching than the AAA
Act, declared unconstitutional by the Supreme Court.
The
mended
tion
at pres¬
as
used
employers.
V.-' "'/..A
'
problem
of
group
expressing
nique
reporting the bill, the committee made public
testimony given before
a
subcommittee which revealed that
Secretary Wallace had said the AAA
would require
during the next few years about the same funds as are
be appropriated for it next
year.
Wallace said
that agriculture would be a national
the farmers' share of the national
income increased from
Issuance
of this
On April 20 tbe House Labor Committee
formally reported
tbe House tbe Senate concurrent resolution
congressional
In
Mr.
the
will
banks
Reserve
further belief
Committee
Reports Senate Resolution Con¬
demning "Sit-Down'' Strikers and Labor Spies
$13,330,672
3,873,024
24,869,265
sought to
control
not
the
House
1937
$13,699,672
4,760,885
25,000,000
...$13,690,672
4,158,039
24,440,780
is
Federal
a
ready to vote
■
'
1938
Extension Service-...,.*.
Weather Bureau—....
It
by
providing that "Congress shall have the
and regulate the
for
with
is
owned
step in the direction of preventing booms and depressions and
is in the direction of preventing both inflation and
deflation.
We believe
$5,000,000 in funds previously appropri¬
meeting the emergency in the Dust Bowl area.
Other principal items in the bill for the 1938
fiscal year as contrasted
ated
private
money
This
April 24, 1937
bonds
government
United
the
that
on
constitutional
coin
and
but
interest
to
go
made
the
payment
Chronicle
the
slash
a
up of $175,864,000 in reappropriations
$127,228,665 in permanent appropriations.
bill is $500,000,000 for the AAA to
carry out
and
item
is
but
year
undertaken
by the department,
had proved valuable supplements
to the
coopera¬
producers, particularly of fruits, vegetables and milk.
House Committee of 126 Democrats
Drafts Seven-Point
Program for Federal Reserve Banks—Plan to Be
Incorporated in Legislation for Government Owner¬
ship of 12 Institutions
A committee
consisting of 126 House Democrats approved
April 13 a seven-point program to be embodied in
legis¬
lation proposing government
ownership of the 12 Federal
Reserve banks.
The committee
drafting the legislation,
which is expected to be
submitted to
on
of
Domestic
..
;
A revised
sugar quota control bill which in
effect
/V.;--
would
provide greater allowances for American
producers by re¬
ducing the allotments of Cuba and off-shore and other
foreign countries, was agreed upon by a subcommittee
of
the
House Agriculture Committee on
April 22.
In addi¬
tion, the new bill raises the bhsic quota
slightly to a total of
6,514,000 short tons, raw value, from the
6,452,000 short
tons contained in the
original
Jones-Costigan
bill.
sugar
Adoption of a new quota system was
requested of Congress
by President Roosevelt on March 1 inasmuch as the
quota
provisions of the Jones-Costigan
Sugar Act and Public
Resolution No. 109 of June
19, 1936, expire on Dec. 31,
1937.
The President's message was referred to in our issue
of March 6,
page 1522.
.
-
In reporting the action of the
subcommittee of the House
Agriculture committee on April 22,
Washington advices to
the "Wall Street Journal" of
April 23 said:
'
Disregarding President Roosevelt's
tween
request
that
the
present ratio
be¬
domestic and
foreign producers be maintained, the
subcommittee,
without exception, reduced the
quota for each of. the off-shore areas from
the provisions of the
original Jones bill.
Congress shortly, is
headed by Representative
Wright Patman of Texas.
Repre¬
sentatives from
practically every State of the Union are
included in the
membership of the committee.
The seven
principles to be embodied in its bill were listed as
follows
in an announcement issued
by the committee:
1.
The
member
government
banks
2.
The
3.
Permit
in
to
the
government
the
to
14,000
Corporation,
to
eral
Banking
Reserve
vided
will
of
their
enable
have
Permit
Reserve
permit
as
the
banks
6.
7.
banks
now
The
$132,000,000
of
the
stock
a
with
the
to
7,000
the
Federal
benefit
of
receive
all
requirements
to
benefits
of
the
Reserve
this
great
banks.
system
Fed¬
pro¬
This
instead
privileges and
to
be
raised
or
reserves
benefits
lowered
with
of
for
the
the
Federal
by Federal agencies of the 14,000 banks
purpose
of
Reserve banks to go
is
the
$80,000,000
Federal
belief
of
these
12
and
Reserve
the
members
banks
$100,000,000
banks
will
a
purchase
of
cause
year.
this
a
minimum
Independence Act.
In making its
allotments, the Subcommittee raised the basic quot
vided in the original bill
from 6,542,000 tons to
6,514,000 tons.
amount, the minimum quotas for the
domestic beet and
Philippines
alloted
as
accounted for
cane
pro¬
Of this
growers and
2,946,647, leaving 3,567,335 tons which
were
follows:
Other Allotments
Hawaii,
925,279; Puerto Rico,
787,593; Virgin
1,820,596; and, other foreign countries,
25,325.
Islands.
8,560;
Cuba,
Hawaii, 64,447; Puerto Rico, 55,018;
Virgin Islands, 606; Cuba, 127,495;
and, other foreign countries, 1,640.
Reserve
committee
that
government
government to profit between
These profits will increase as the
bonds,
since
under
our
Provision is made that in the event
consumption requirements fall below
the basic
the
government
given
Its
allotment is fixed at 955,920 tons, the
amount
which may be shipped to the United States
under the
into the Treasury of the
employees except directors and officials of the Federal
be placed under the United States
Civil Service.
ownership of
area
1,550,-
As compared with the
original quotas of the Jones bill these allotments
make the
following reductions:
The committee's announcement said:
It
terms of the
sugar
was set at
be made
to
to the banks.
profits of Federal
duty
System, and
the
deflation.
or
of free
the
their
carry
same figure used in the first
bUl.
Philippine Islands is the only other
quota under the bill.
Insurance
constituted.
banks
while the minimum for the
domestic beet producers
000 short tons, the
supply
Deposit
purchase requirement,
States.
All
the
Federal Reserve banks.
Federal
privileges and other
get
of
same
time, it fixed minimum quotas for domestic
producers which
will not be
changed by any future decrease in
consumption requirements.
The minimum for the
domestic cane growers was fixed at
440,727 short
tons, an increase of 70,727 tons from the
provisions of the original Jones
biU,
The
operate the 12
without
stock
System.
members
carried
are
examinations
without charge
United
System
14,000
and
reserve
All
banks,
14,000 banks to
preventing inflation
5.
and
own
the
Reserve
rediscount
reserves
7,000 of them
4.
purchase
Federal
Domestic Minimum Quotas Set
At the
plan
quota of 6,514,000 tons, the amount of the decrease
shall be pro¬
rated among the off-shore
producing areas, including Cuba, other foreign
countries, Hawaii, Puerto Rico and the
Virgin Islands.
Domestic beet
and cane quotas would not be
affected.
Should consumption
go above the basic quota, the increase Is to be pro¬
rated among domestic beet and
Virgin Islands.
cane
growers,
Hawaii, Puerto Rico and the
Volume
Chronicle
Financial
144
In Line With
Original Bill
s
than
With the exception of Cuba, where the refined quota amounts to a cut
of at least
128,000 tons, the refined quotas
Jones bill.
However, the
cent rate may
the
aid
island
the
in
government
is
priated,"
Mr.
a year,
Mr.
Secretary of War, appeared before the court
50
River,"
the TVA
Mr.
States'
the
constitute
Baker
T.
rights
in
Covington:
beyond the
the utilities,
for
Lawrence
Fly
Texas,
of
branded the suit of the
case,
from
the Ashwander
Judge Gore's injunction enjoined
restriction
lines
on
under
enable their
to
raised'
TVA
by
result
"this
does
benefits
its
tioning
by
to
solicitor,
companies "an awful
power
.
.
He
held
.
that
facilities
injunction
the
loss
the
to
public
power
concerning
Florence
denied
was
the
to
or
in
failing to
the
propaganda
obtain
authority in
made
was
the
under
dis¬
to
to
court
have
man
addition
and'
overrule
been
only
was
Simon.
counsel
Judge Gore's
'
injunction
on
had
announced
Administration
Federal
on
he
had
cut
"rather
was
121
approved
a
a
10
The
case
court
was
No
recessed
days in which to file
until
a
vote
of
to
selves to
answering contentions
:
taken.
floor,
Passed
by House
during the next fiscal
$1,000,000,000, instead of $1,500,000,000
Republican
as
estimated
Senators
promised
to
cooperate in
The text of President Roosevelt's message
seeking economy.
budget is given elsewhere in this issue of the "Chron¬
Immediately after it was read to the Senate, Senator
a group
revenues this year would
prob¬
ably be $604,000,000 less than had been anticipated, and he
declared that it is imperative to close "the
gap which has so
long existed between revenues and expenditures."
Senate
discussion of economy plans was noted as follows in a Wash¬
ington dispatch of April 20 to the New York "Herald
Tribune":
within
if
income
the ends
remarked that the
"so
far
demanded
and
sum,
as
by
it
can
any
appropriations being urged would total
that
the
"It
and' of
tain
is
about time,
part of
the
the
it
seems
he said,
of
to
me,
expenditures
lobbyists, including Governors and
"to
officers,
bring about
a
which
agencies
of
the
on
States
condition which will main¬
our
to increase
Their
of
Oklahoma
government has enjoyed
notice
gave
that
he
the direct
on
On
and
Senators
also
350,000
redoubled
their
down every authorization and
informally pledged them¬
as the
water-pollution measure are stopped in
They attributed its success today in large
that such bills
part to too great a
by Republicans for economy,
particularly their criti¬
Administration's spending policies.
April 22 House Republican leaders called
Democratic
tion bill.
majority to
cut
$144,000,000,
The
bill,
as
or
upon
the
about 15%
Department appropria¬
noted elsewhere in
our issue of
today,
favorably reported to the House by its Com¬
Appropriations.
In United Press advices from
Washington, April 22, the following was stated regarding
the proposal to lower the
appropriation for the Agricultural
Department:
was
this week
mittee
on
Representative John
Taber
(Rep., N. Y.), ranking minority member
of the appropriations committee, submitted the
proposal, apparently with
the backing of party leaders, after subcommittee
chairman Clarence J.
Cannon (Dein., Mo.), asked the House to
fight down any attempts to
increase the authorizations submitted
by the committee.
Cannon said the bill carried
had
estimated
for
1938
$5,000,000 less than the President's budget
activities of the Agriculture
Department, but
Taber asserted that "we should be able to hold to last
year's" farm appro¬
were $144,000,000 less than the current bill
provides.
priations which
Senate Talks Economy Also
There
(Dem.,
was
talk of economy in the
Va.),
charged
that
the
and distribute it
as
widely
Glass is chairman
tioned
that
he
was
as
can
Senator Carter Glass
overestimated
national
get as much money as they can
they can."
of the Senate
not
Senate, also.
Administration
unemployment "so the departments
invited
to
Appropriations Committee.
He
lump sum appropriations", such
as
men¬
President Roosevelt's Monday
night
White House conference at which relief plans were
announced.
he favored "the strictest economy" and that he
Mr.
He said
"always was opposed to
Roosevelt requests for relief, but
he did not say whether he would seek to cut the relief
estimate of
$1,500,-
000,000.
Senator
that there should be cooperation
Federal
high standard of public credit
bringing
-
Federal agencies and
cities,"
of
be accomplished" would not be
encouraged
group
Mayors, should be granted.
the
end1
an effort
wishes," said Chairman Connery
•
enormous
of House "liberals," headed
Representative Connery
explained,
Robinson said that Federal
an
a
10-year
a
expenditures.
Representatives
show of enthusiasm
cisms of the
Pollution
Robinson
econ¬
keep
see
the future.
May 4, after allowing
brief
budget message of April 20, were
begun on that date by Administration leaders in the Senate.
Senators Byrnes and Harrison both suggested this reduc¬
Mr.
to
April 21 by
on
Texas, decided upon
Representative Johnson
Economy-minded
Charles Moor¬
President Roosevelt's
together
down
Pollution Bill.
was
,
Plans to reduce relief expenditures
icle."
while
was
issue of increasing the permanent enlisted
strength of the CCC to
as demanded by Mr. Johnson and his
followers.
,
heard by Judges
Robinson Stress Necessity for
Economy in Federal
Spending—New Bill for Federal Aid in Controlling
the
employees,
to
from the $927,000,000 Agriculture
on
850
work relief appropriation
efforts
power program.
Propose to Cut Relief Expenditures to
$1,000,000,000—Senators
Byrnes,
Harrison
and
and
off
boasting" that it
bill providing for
of the Labor committee.
Senate Leaders
tion,
com¬
present
of
The decision of Judge Davis against the Alabama Power
was referred to in our issue of
April 17, page 2583.
in
Arthur
and
expenditures, the House
of Federal
350,000, and
the
Co.
year to
Senator
expenditures,
would take his fight against the reduction to the
floor.
"We are simply following the President's
"
the complainants.
Water
discuss
reducing the Civilian Conservation Corps by 50,000
members, as formerly
recommended by the President,
Over the protest of a
large group of House
members the Labor committee
unanimously reported favorably a bill
making the CCC permanent with an enrolled
strength of 300,000.
Op¬
ponents of the reduction had sought to maintain the number at
the
ques¬
brought in the Northern Judicial District
Judge Allen, the
Charles
government
of
to
expenditure,
to
In consequence they made a special and
successful effort to provide for
"where TVA is domiciled," rather than in the Eastern District
Tennessee; that there is a misjoinder of plaintiffs in the action, several
of them not having direct interest in the
suit, and that Judge Gore erred
presuming TVA
occasion
to add a little here and there in new
of
In
authorized
as much danger from
the movement for
adding $1,000,000,000 to the relief appropriation as from the
other efforts
Alabama,
in
com¬
view was that economy was not in
the
highest ranking women judge in the
complained of by the private companies.
the Georgia Power Co. several weeks ago,
•
should
the
concern over
Allen,
grounds that:
The suit
if the States and
over the House
group's
counter-movement to the Administration's
economy drive, but they showed
the success in that chamber of the
Water
monetary loss of at least $1,400,000
be continued in force, and observed
specific violations
asked
that
Congressional leaders appeared little concerned
Thursday Federal District Judge David J. Davis at Birmingham
against the Alabama Power Co. in holding that the Ashwander case
valid over Judge Gore's decision.
Fly
him
Concerned Over House Vote
a
on
Mr.
that
thoroughly and had
15,000 people.
or
could
prohibited.
was
ruled
was
appro¬
approve of
for the fiscal year 1938 to
$2,500,000,000,
topping by $1,000,000,000 the figure recommended
yesterday by President
Roosevelt.
They proposed to circulate a petition
among the House mem¬
bers for support and, in line with the
plan, Representative Voorhis of
California introduced a relief bill
carrying the larger amount.
arguing
city, for instance, but that construction of
government-owned
Participation
and
to
took
Before this measure reached the
the
of completed TVA lines, but placed
use
operation
statement
Judge
as
Senator
into the matter
gone
occurred
in
by Representative Maverick
question of
a
organization."
Baker's
country,
the
include
the
of
ruption of
Mr.
should
not
$1,000,000,000 be
"Would the
Economy advocates expressed the belief that the bill either
would be de¬
or vetoed by the
President.
The government brief asserted that
would
than
more
feated in the Senate
which
case," under which the TVA Act
construction.
be completed to the edge of a
substation
the
of
scope
questioning a specific change
$50,000,000 in certificates.
upheld by the United States Supreme Court.
was
no
Act "goes
Agriculture
program
Argu¬
/
in
Jackson, counsel
debris
of
Relief Limit
as
aid
States, municipalities and in¬
dustries for control of water pollution.
This measure, not
included within the President's new
budget estimates, would
authorize an annual expenditure of
$1,000,000 to finance a
study of the problem of pollution of navigable streams.
House action on April 21 was discussed as
follows in a
Washington dispatch of that date to the New York "Times":
busi¬
more
Tennessee.
"gesture toward navigation in the Tennes¬
a
said,
James
as
government's
collection
amended
enabled to issue
was
Earlier, Ray
be
,
The amendments
see
He
might
the
vote of 187 to
reported as follows in Associated
were
to whether the
as
along.
"it
1
$3,500,000
Resettlement
omize
Although the question of constitutionality was not before the court as it
the case under submission,
Mr. Baker observed that there was a
statute."
all
said
Despite the Administration's professed intention
validity of the amended TVA
single utility in the Tennessee
dollar" to improve its plants because
private companies
April 16
the
took
(original)
and
less."
or
administrative depart¬
government would join with Congress in "self-denial."
He
that, following the President's recent economy
letter, the Secre¬
of
tary of
a
Press advices of that date from
"question"
more
as
to
noted
to 14,000
behalf of
on
threats, and he asserted that the TVA did
ar^
had
the
contest
Valley dared "spend a
on
sentiments
liberal,"
Vandenberg said he hoped the executive
ments
on
He declared that not
Urged
conclusion, but it
after,
$5,000,000
Appeals at Cov¬
April 16 postponed until May 4 a decision on
the appeal by the Tennessee Valley Authority from an in¬
junction granted to 19 Southern power companies restrain¬
ing the TVA expansion program. Newton D. Baker, former
than
approved
that not
H.
Vandenberg of Michigan
mending the reduction.
The Sixth United States Circuit Court of
ments
by
though the President's
its sentiments and those
it might be possible to get along on
$500,000,000.
the Senate proceeded to pass a bill by Senator
George W.
Norris, Independent of Nebraska, providing Federal
cooperation with States
in
encouraging
forestation
of
farm
woodlots, with
a
reduction
from
on Ap¬
peal by TVA from Injunction to Halt Expansion
Program—Newton D, Baker, Appearing on Behalf
of 19 Utilities, Expresses Doubt of Validity of Act
Creating Agency
ness
debt
that
Republican
than
public
years."
said
billion dollars
a
to urge
1
no
Soon
Federal Court Postpones Until May 4 Decision
of TVA
on
he
been
"more
McNary said he had not
reached
to
several
the
munities cooperated,
.
utilities
last
McNary
Senator Byrnes.
suggested
action ?"
the agricultural adjustment
♦
Act.
had
figure
my purpose
'
the
the
L.
Billion
"It
it will
The administration has urged
It will amount to about $13,000,000
ington, Ky.,
increased
"belated,"
which
relief
have
-
into the Treasury of the United States.
program.
Robinson,
also made that processing taxes collected on sugar from
was
to
somewhat
was
Mr.
we
during
Charles
possible to get along
be successful in de¬
the Philippines shall be returned only until July 1,1938, after which
the refund
Leader
considered'
does not plan to recommend that this rate be adopted.
group
feating the higher levy.
go
of
K cent per pound processing tax.
This indicates that advocates of the
Provision
message
-
,
The subcommittee's bill retains the
$18,000,000,000
Minority
in line with the original
are
2753
notwithstanding the fact that
,
Robert
F.
Wagner (Dem., N.
that the States be called
Y.), joined
in
with
a
proposal
to assume a greater share of the relief
burden.
"The question of Federal relief, of course, depends on the
need," he said.
"We are not going to let people go hungry.
But the States should be
called
on to assume as
on
much of the relief burden
as
feasible."
2754
Financial
Few
Before
Representatives Present
to
passing
devoted exactly two
bill to appropriate $1,660,000 for Federal agencies
a
which face deficits between
and June 30.
now
Of the 435 members of the House about 20
It
Pointing
taking up the agriculture bill the House
minutes
No record vote
was
taken.
in the chamber at the
were
time.
April 21 that as a
result of President Roosevelt's demand for Federal economies,
the Agricultural Adjustment Administration has been forced
to abandon for the
present its new farm plans based on
Secretary of Agriculture Wallace's "ever-normal granary"
program.
In that connection, a Washington, dispatch of
April 12 to the "Times" said:
A
reported from Washington
was
on
.
Farm
at
administration
being unable to
validated AAA
officials made
of their
secret
no
disappointment
forward their plans for virtual revival of the in¬
carry
through
Chronicle
It had also
ineffective to prevent surpluses.
been relied upon to garner farm support for the proposal to reorganize the
the only guarantee that they would obtain the kind of program
as
not
revised
new
it
planned
was
the
to start
covered in the
farm
conceded that unless more
forthcoming
was
money
•
Gray, PWA Director of Housing, told the
Senate Committee this week that there is an urgent need
for an immediate and extensive public program of slum
clearance and housing for American families of low income.
A
gratified that
beginning might
small
a
He
be made on the tenancy
but said what might be possible under the reduced amount sug¬
program
PWA
outlined his
announcement
in
statement
part as
follows:
gested by the President would amount to
bucket."
nized, Mr. Gray declared that the condition is becoming more acute from
Citing the report of the Committee published last year,
month to month.
Mr. Gray stated that of the 1,300,000 new living units which the
found
"less than half
drop in the
a
The need, he said, is greater than can be
quired for families of low income.
through activities of both public and private
/•..■."v '-T
agencies.
Committee
10 years, at least one-third would be re¬
needed annually for
were
■
.*1
■
Mr. Gray told the Committee that PWA had received more than
States had applied for direct
300 cities in 46
than
more
500 ap¬
projects to be constructed by the Housing Division.
Federal housing
Should the Wagner-
Steagall bill be enacted, he declared, "hundreds of applications from every
them, "the whole thing will go out of the window, of course."
^Neither could he suggest where the needed funds might be found.
seemed
slum-clearance
State
Federal
program,
a
plications from 197 cities for limited dividend housing project loans, and that
Secretary Wallace, although reluctant to discuss the effect of the economy
to finance
undertake such
to
A.
Howard
program
through the legislative mill just behind the judiciary reorganization plan.
drive upon his plans,
of
construction
employment measure and because no
an
as
1933
met within the next few years
they wanted." y
L Until the President ruled out new appropriations
budget figures,
in
existed
Asserting that the seriousness of a housing shortage is generally recog¬
the endorsement of all farm organiza¬
won
depended upon to reinforce the present soil conservation
program, which has proved
judiciary,
direct
the
undertaken
Secretary Ickes
declared that such emergency conditions now are passed.
Twenty-seven
States, he said, now have laws providing for local housing authorities,
and can undertake housing projects themselves.
Such States, however, are
in
need
of
financial assistance from the Federal government, he said.
Federal
assistance, he declared, was justified on the basis of national
welfare.
''.,V
agencies
production control, supplemented by a limited crop insurance program.
was
that
out
projects was
system of commodity loans, surplus storage and
a
i(. The expanded program had
tions and it
April 24, 1937
part of the country would soon be filed with the
United States Housing
which will provide
because of the pressing need for projects
Authority,
housing for families of low income."
Iig
Mr. Gray pointed out that because of economic limitations involved, pri¬
enterprise cannot undertake slum clearance. Private developers, he
vate
•.
said, cannot consider improvement of slum properties
♦
'
-
good investment
a
col¬
because surrounding slum conditions prevent them from charging and
Secretary
Ickes
Endorses jWagner-Steagall
Bill—Advocates
Housing
Permanent
Program
of
Slum
Housing—PWA Housing
Gray Also Supports Measure
Clearance and Low-Rent
Director
Secretary of the Interior Ickes
the Senate Committee
to
April 14 transmitted
on
Education and Labor his
on
recom¬
lecting the higher rentals which are necessary to liquidate their holdings.
Even
rehabilitation
where
tenants cannot afford the
cited
for
as
obstacle to
an
low-rent
housing program.
In a statement supporting the
Wagner-Steagall housing bill, Mr. Ickes asserted that the
Public
Works
Administration
had
developed
the
govern¬
ment's public housing program to a point where "it is now
time for a long-range slum-clearance and low-rent housing
distinct
from
relief measures."
The
proposed legislation would authorize a Federal bond issue
program
of
Mr.
the
Three
major changes
maximum
that
suggested
on
The
of
do
subsidy permitted
need
not
did
not
justify
it could cut down
second
should
by
full
the
the
To prevent
bill being granted
of
measure
aid
major
be
to
subsidy at the fullest
allowed
rate
under
under
evitably"
of
such
divided
to
difficulties,
executive
and
with
Precedent
Waterways
vested
direct
the
as
an
the committee in
his
by
program
responsibility,
board
a
delays,
would
of
agency
the
statement that
lead
"almost
and
inefficiency.
disputes
in¬
advice
a
such
set-up,
he
created
by
a
said,
could
Congress
be
in
found
in
the
Inland
with
1924,
its
powers
the
Secretary of War.
Creation of an independent agency to
housing program, he said, would be contrary to the report of
President's
Committee on Administrative Management, which took a
independent agencies on the basis of inefficient administra¬
tion.
The Department of the Interior, he said, was best
qualified to take
over
the Housing Authority, because through its association with PWA it
stand
had
The
more
experience
with
public
low-rent
housing
than
other
any
third
provided for in the bill, be omitted.
operation
of housing projects
by State and local
government should
longer engage
is
PWA
and
on
most
effectively
he declared that the Federal
decentralization of the housing program, and
in direct construction of projects.
he
said,
by sale
said,
he
solely
technical
program,
practicable,
be carried
now
public housing agencies,
undertaken
financial
Stating that he believed construction
can
encourage
convinced,"
am
it
Myers of FCA That Present
Administration
or
to
lenged
"that the
on
a
assistance."
should
lease
to
will be
program
non-Federal
Present
basis,
projects
successful
more
except
for
erected
Federal
under
be completed and disposed of, as
local authorities, as is provided
increase in farm interest
an
inflationary "land boom"
an
chal¬
were
April 17 by Senators Borah and Wheeler, in dis¬
on
cussing
proposals for
prevent
the previous day
of
testimony
the
Committee
before
House
the
Myers, Governor of the
Farm Credit Administration.
Mr. Myers had suggested that
the emergency 3%% interest rate on Federal Land bank
Agriculture
by
W.
loans be allowed to expire on
the
I.
July 1.
Senator Wheeler said
assertion
by Mr. Myers that the continuation of
this rate might stimulate a harmful land boom was "sheer
nonsense."
Governor
Myers
before
appeared
committee in opposition to a bill sponsored
tive Marvin Jones of Texas, Chairman of
3^6% interest rate
to continue the
for
additional two-year period.
an
marized
follows in
as
Appearing
before
Governor Myers
continue
time,
an
of
have
Agricultural
interest
"far-reaching and
farmers
benefit
a
made
to
in
secret
session,
policy"
over
land
on
matter of
fact
period
of
values"
in
a
less
than
10%
by the low rate.
Cost to
loans
16 to
is "sound
it
which,
undesirable effect
as
was sum¬
of April
Committee
rate
Treasury
Furthermore, he added, during the last two
to
committee,
April 17:
question whether
a
subsidized
attempt to assist the farmers when
the
advices
of Commerce" of
House
declared there is
heavily
a
may
the
the
the Land Bank loans
His testimony
Washington
the New York "Journal
to
on
House
the
by Representa¬
farmers through
the 3%% rate applied
years
Federal Land banks
has
been
in
effect
the
Treasury approximately $66,686,035, while during the prior
two-year period—1934 and 1935—the cost amounted to $22,763,937.
"With
the
continued
values
estate
have
the index of
by
the
the
advance in
the
prices of farm
begun to strengthen," he said.
estimated1
Department
of
value
per
of farm real estate,
acre
Agriculture,
products,
stood
at
82
1936,
1,
reported
as
with
compared
real
farm
"As of March
73
on
March 1, 1933.
"Strengthening of land values has been accompanied by increased activity
in
the
market
Federal
Land
for
farm
banks
real
soon
as
land
for
in
on
boom
and
the whole
ultimately
structure
It
estate.
continue
to
may
have
may
the
purchase
possible
that
farms
of
at
if
an
have the effect of stimulating
a
far-reaching and undesirable effect
a
land values
of
quite
appears
finance
artificially low interest rate that it
in
the
United
States."
bill.
Secretary Ickes
realistic
bility;
housing
(2)
asserted
program
adequate
that
the
should
safeguards
four
be:
to
cardinal
(1)
points essential to
Decentralization
protect
legitimate
of
private
any
responsi¬
enterprise
against governmental competition;
(3) recognition of necessity for Federal
assistance by way of loans and grants to local communities; (4)
appropriate
to
measures
keep
expenditures
of
Federal funds
Reviewing the accomplishments of PWA
low-rent
have been
range
The
Governor
Terms Will Stimulate "Land Boom"
it has cost
major change suggested by the Secretary was that continued
"demonstration projects," as put under way in the PWA
program, and
open
of
diction
against
governmental department.
and
Administration
Plan to Increase Farm Interest Rates—Assail Pre¬
policy matters.
upon
Corporation,
in
administrator
single executive, he said, would overcome such
advisory board could be set up to assist such an
an
for
single
a
He told
a
Vesting responsibility in
,
PWA'S
in
rents
he said, average $10.38 per room per
Wheeler Oppose
Borah and
Senators
that
change recommended
established
administration
the
unsubsidized
While
groups.
he
allowed,
the, amount of the Federal contribution.
Department of the Interior.
"I
housing on the
for
$3.97 to $5.88 per room per month.
rates
by the Secretary was that the
board of three members proposed by the bill to direct the United States
Housing Authority bfe eliminated from the measure and that the Authority
if
low-income
month, the rents on PWA's direct Federal subsidized housing ranges from
com¬
a
project
a
the bill,
no
of
limited dividend housing projects,
27,
provision be included directing the Federal authority to
with the President's approval, varying rates of subsidy to be
varying conditions.
Should the Housing Authority then find
establish,
based
which
recommended by Secretary Ickes.
were
amount
communities
and
■''
;
.
1308.
In summarizing Mr. Ickes's recommendations to the
mittee, a statement issued by the PWA said:
has
■;
emergency
Reference to the legislation appeared in our issue of Feb.
page
the
•'
endorsed granting of Federal subsidies
Gray
reach
$1,000,000,000 and a $50,000,000 subsidy to finance the
The subsidy would cover a four-year period.
that
While
the shoddy stage and dropping labor wages
grounds that it presents the only workable method of getting rentals within
program.
the
widespread private slum reclamation.
private enterprise might develop housing on cheap, outlying land, he said,
permanent long-range slum-clearance and
a
low-income
Inability of private enterprise to
higher rentals.
cheapening construction to
would work harm.
mendation
undertaken,
properties is
domain in obtaining large tracts of slum land for clearance also
use eminent
was
of such
$3.97
average
is
at
a
carrying out
$954
per
income
per
of
year.
room
per
tenants
month
Rentals announced
slum-clearance
to
living in
$5.88
on
the first
nine projects
on
the average,
three
Senator
relieve
he said.
The
the
"It
developments to
Land
/
low
.
.
'
-
to
Borah,
tenancy,
make
it
it."
own
rate
appears
banks
interest
calling attention to the administration
that
said
the
"best
way
handle
to
now
owns
farm
his
farm
bill to
tenancy"
to
con¬
■■
Agriculture
3%%
on the Senate debate of April 17
Washington advices of that date:
possible for the farmer who
statements
two
House
gency
Senator
farm
"to
was
tinue
minimum.
housing projects, Secretary Ickes pointed out that 51 projects
put under way in 36 cities.
from
in
The following bearing
is from Associated Press
for
were
inspired by the testimony of Mr. Myers before
Committee yesterday against
two
years
longer.
continue
rate, it
to
may
finance the
purchase of
continuing the
emer¬
■
quite possible," he told the committee,
"that if the Federal
farms
have the effect of stimulating
at
a
an
artificially
land boom and
Volume
ultimately
Financial
144
have
may
better
loans
in the United States."
in his battle
Asserting that there was
for the government to help farmers than by providing low
the proposal as a new argument
Senator Wheeler seized upon
Roosevelt court reorganization bill.
against the
no
Commissioner for
be used exclusively
in the purchase of farms, according to
Governor W. I.
Myers of the Farm Credit Administration.
This was an
increase of more than 8% over the same period in 1936, said
an announcement issued April 16 by
the FCA, which con¬
way
the Montana Senator said:
interest rates,
tion
in
order
load
of
debt
In
has been carrying."
he
head
k
ganda against the court in order to cover up their own mistakes.
'
"It should be borne in mind that everything that the farmer has to buy
went
result of the price-fixing methods adopted under
and those prices did not come
was abolished, but have continued to increase.
the interest rate on the farmer is unthinkable."
prices
in
up
National
the
down
as
a
Administration;
Recovery
after the NRA
even
"To raise
Redeemed
Myers.
April 15 that about $02,000,000 of the 4%%
May 1 for
The bonds, which are dated May 1, 1927, are
amount of $105,991,600.
Governor Myers
announced that there would be no refunding issue in con¬
nection with the call.
Washington advices of April 15 to
cash payment.
in
"Times" of April 16 reported as follows:
the New York
Mr.
Myers
the decision to redeem
said
resulted
the
with
cash
loans
Payments
from
large proportion of the bonds
a
principal
of
by farmer borrowers.
steady
in
increase
repayment
principal amounted to $32,600,000 in 1936 compared with
on
$27,300,000
In addition,
in 1935.
totaling $18,800,000 were
9,254 loans
paid in full compared with 7,012 loans for $14,700,000 in 1935.
Mr.
Houston and
numbers
ending in
Berkeley would pay all of their
for
demand
issue now because of an active
,■
.
in
Farm Mortgage Financing During 1936
Reported by Governor Myers of FCA—Estimated
at $800,000,000 as Against $1,000,000,000 in 1935
accor&ng
recorded last year,
mortgages
estimates just compiled, were a little less than
to recent
half of those
of
the
interviewed in the course of the investigation,
problem was not particularly difficult.
His remarks were
reported as follows in a Washington dispatch of April 16
to the New York "Herald Tribune":
Attorney General stressed that the anti-trust laws are of rather
The
vintage and that
Sherman
The
sanctioned
recently
more
of
application
It
was
Attorney General
and
NRA
legislation
anti-monopoly
time
now
Act, designed
"whittled down" by court decisions,
the Guffey Coal Act had relaxed the
6aid, had been
the
the
Recovery Administra¬
to curb monopoly,
National
the
under
the Clayton
Act and
Attorney General
and
old
policy not in harmony with the spirit of the anti-trust
a
had been
the
Decrease
Submit
to
April 16 that
of the
anti-trust laws and the court decisions affecting them which
may be the basis for new legislation.
The report is expected
to be completed before the end of April.
The study was
begun after the President had requested an investigation
by the Department of Justice of identical bids on govern¬
ment supplies by producers of steel, cement and other ma¬
terials, following complaints last year by Secretary of the
Interior Ickes.
Mr. Cummings said that although 140 per¬
tion.
,
Prepares
Cummings
submit to President Roosevelt a survey
soon
legislation
loans.
»
Farm
,
operators
Attorney General Cummings announced on
he will
of Springfield and Omaha,
The banks
figure.
odd
an
call their bonds of this
however, will not
farm
as
General
sons were
Columbia, Louis¬
Baltimore,
4^4% bonds
dated May 1, 1927, and the banks of New Orleans, St. Louis,
Spokane would pay their bonds of this series which had serial
the series
of
Land banks of
the Federal
Myers said
St. Paul, Wichita and
ville,
-
ability
Survey of Anti-Trust Laws to President Roosevelt
—Study May Furnish Basis for New Legislation—
140 Persons Were Interviewed
bonds of the Federal Land banks would be called
outstanding
,
and enough money to make the
first down payment are the basis on which farmers obtain these loans.
Small
repayments are made each year, bo that an opportunity for full
ownership is afforded by amortizing the loan over a period of years.
of
Evidence
Governor of the Farm Credit Administration,
on
>,
favorable outlook for agriculture
general has caused a notable increase in the number of young farmers
and
tenants
moving forward to farm ownership," commented Governor
"Higher farm commodity prices and a
in
Attorney
Offered
W. I. Myers,
farm
for
Federal Land Bank 434% Bonds to Be
May
1—No Refunding Issue to Be
$62,000,000 of
announced
$23,000,000
becoming farm owners for the first time.
in carrying their reprehensible propa¬
Land banks
the Federal
of
Commissioner loaned
Bank
Land
and
banks
Land
Federal
the
purchasing and extended additional credit
of
$28,000,000 to finance farmers who bought farms from the Federal
Land
banks.
<
Altogether,
approximately $51,000,000 was extended to
finance
the
purchase of 20,700 farms, most of them bought by men
Department of Agriculture and
demonstrates the insincerity of the
"This
the
:
1936
farmers
the interest move was in conflict with the Administra¬
tion claim that "the only thing standing in the way of assisting the farm¬
ers
was 'nine old
men' on the Supreme Court," he went on:
that
Declaring
approximately $11,000,000, to
of
tinued
from under the
help the farmer of this country get out
to
the Constitu¬
pack the Supreme Court or to change
"It isn't necessary to
Land banks and Land Bank
the Federal
the whole
far-reaching and undesirable effect on
a
land values
structure of
2755
Chronicle
reconsider
to
interest of
the
in
whole
the
of
question
recovery.
the
price-fixing,
''
intimated.
Recently the President voiced alarm over the rapid rise in the prices of
durable
such
goods,
1934, indicating, according to W. I. Myers, Governor of
the Farm Credit Administration, that the country is getting
formly quoted by
back
steel,
as
which
and cement,
copper
uni¬
pretty
are
agreement,
farm
normal
to
nearer
operations so far as the volume of
financing is concerned.
Estimated farm
mortgage
recordings in 1936 amounted to approximately
$800,000,000 compared with $1,000,000,000 the previous year
and $1,700,000,000 in 1934.
In noting this, an announce¬
would
In
issued
ment
April 18 by the FCA also had the following
to say:
Three
sioner
1936
doing
were
the
ago
74%
about
the
of
only about 23%.
was
banks and
Federal Land
farm
the Land
Bank Commis¬
mortgage business,
in
whereas
from
made
was
of
amount
to
by
the
The
banks.
commercial
counties in
volume
in
on
has been reflected
in
an
of
States,
the
increased
from $110,000,000 in 1934
record
23#> of the total.
by
commercial
their
outstanding
recordings
mortgage
increase in
United
the
institutions
These
1936, or from about 6% to
increase
recent
banks
of the
mortgages which they put
$186,000,000 in
the amount
of
loans
secured by farm real estate.
Although year-end data for 1936 are
available/ the Federal Deposit Insurance Corporation report of June 30,
not
1936,
shows
increase in
an
farm real
estate from
June
1936.
30,
banks
commercial
The
is
in
by individuals.
$255,000,000,
little
In
all
from
40%
farm
of the
refinancing of
however,
new
it
in
being
amounted
31.8%
to
real
farm
by
of
loans
estate
the
amount
recorded
existing
the
to
are
made
have
to
be
of
total.
Insurance
mortgages
which
in
1936
the
Land
mortgage
recorded
last
Bank
debt
year,
and
debt.
on
Commissioner
record,
credit
recorded
are
once
when
existing
believed!
is
of
highly
the
on
the life
of the
not
available
through
due within
a
Land
basis
loan, which
the
stress
kind
t)f
of
that
the
what
Administration
inadequacy
the
of
has
now
clear
distinction
laws
anti-trust
present
price-fixing the Administration frowns
drawing some
and
mind
in
is
the
a
upon
to
cope
with
the
and also the necessity
between price-fixing
for
profit
greater
price-fixing to maintain labor standards.
to
years,
cur¬
farmers
few
bank
making
years
loans,
therefore
20
of
aside from
to
30
and
on
are
odd
Robinson
Senator
Warns That
Sharply or New Taxes Enacted—
President Roosevelt Repeats Hope No New Levies
Will
Be
Needed—Representative Snell Attacks
"Reckless Spending"—Relief Message Due April 21
Senator
Robinson
the
Senate
of
Arkansas, Administration leader,
12 that the government had
April
on
already almost exhausted its tax
expenditures are drastically reduced it would be
necessary to enact new tax legislation, which would mean a
search for new sources of revenue.
his press
President Roosevelt, at
April 9, had reiterated his hope that
might be avoided at this session of Congress.
He
conference
taxes
on
added that he will send his relief message to Congress next
It
week.
on
was
21.
April
Snell,
believed
that
Meanwhile
this
the
message
would
government's
be issued
fiscal
policies
Congress on April 11 by Representative
who charged that reckless spending is leading the
assailed
were
in
toward "disastrous inflation."
were
described
as
follows in
a
Washington dispatch of April 12 to the New York "Times":
Senator
by
to
Robinson
another
Committee
Encouraged by the favorable soutlook for farm ownership,
nearly 3,000 farmers in the first quarter of 1937 applied to
and that unless
resources
Federal
way
0
FederalTExpenditures
Cut
Be
Must
new
the
and
is
and
represent
by
lending institutions
Federal
amortized
an
do
recordings
institutional loans,
fall
The
or
renewals
Applications for Loans to Purchase Farms Increased
8% During First Quarter of Year Over Similar
Period YearJAgo, According
to
Governor Myers
is pending,
industry
competitive textile
too, has White House support.
Senator Robinson's remarks
f
thrown its
has
,
hold
♦
FCA
hour
and
wage
corollary
to the legal enactment of wage and hour standards and price-fixing under¬
taken, not for the maintenance of wage and hour standards, but in the
interest of higher profits.
V ■
Although Attorney General Cummings would not intimate in advance
what findings he would submit to the President, it is believed that he will
increased
years.
of
fair
the Administration
drawing of a dividing line between price-fixing undertaken as
a
about $800,000,000
extent
facilities
mortgages
renewed.
always made
during
maintain
to
Dividing Line Is Planned
It
14.4%
now
having
include
mortgage
majority of individual and
by the Federal Land banks,
only
that
to
The
were
these
which various
mortgage
of
unable
competition
supporters say that it,
warned
mortgages,
their
regulation
and its
recorded
they
2.6% to
or
to
companies
1933.
the extent to
renewal
The
other hand,
recorded
farm
outstanding
making
through
loans.
and
12% in
loans
were
this
however,
currently,
$220,000,000, and
to
the
of
$46,000,000 to $115,000,000,
total
do indicate
those
the
increase
Myers points out that although there
mortgage
additions
either
secured
were
fixed by
prices
over
years.
banks
approximately
rently
banks which
of Dec. 31, 1935, to $489,317,000 on
as
first
mortgages
1934
from
Land
Federal
Governor
in
of insured
control
no
for
mcrtgages recorded.
The
about
of
doubled
during this period,
of
recent
12.6%
or
than
more
the
is
volume
greatest
loans
$487,505,000
This
curb
The largest gain in the recording of farm
40%
approximately
more
behind the Guffey Coal Act, which fixes a "floor price" below
producer may sell coal without incurring a heavy tax.
A similar
support
mortgages, according to the estimates made by the FCA, based upon reports
received
producers
To
standards.
bill
government
the producing fields has kept the price so low that the
between
favored
least
which
years
it
the
petition
the
give
particularly in industries where price-fixing is not considered
to protect labor standards from cut-throat competition.
coal industry the complaint of labor has been that keen com¬
necessary
mortgage
to
like
It is believed that the President
the major producers.
make
the
got
outstanding
on
Finance.
his
chance
New
Deal
When
to
preach
spokesman,
economy
Chairman
the Senate convened
through
a
Harrison
Senator Harrison
move
of
the
moved
the $1,000,000,000 bill for Federal aid to education, of which he is
sponsor,
bill would
the unfinished
pass
without
business.
extended
The
debate.
expectation
had been that
the
Financial
2756
Borah
Senator
"I
am
was
of
which
the committee
under consideration
had
the
"I think the
be guided,
position concerning the bill and1 a number of other
bills, largely by what the Senator from Mississippi can tell us as to
whether we are going to have a tax bill at this session and what is really
bill
referred
bill
has
with
by the Senator from Mississippi,"
to
to
our
fiscal outlook.
our
only
can
this
Senator Harrison replied.
interposed.
"So far as
session,"
have
gone," he said,
receipts,
"if
the
of
the state
under
as
that is the
would have an enormously increased deficit, and
we
opposing the request of the Senator from Mississippi.
far as I am informed, we have about exhausted the source of
for my
reason
"In
so
cannot
extending Federal activities into new fields and spheres
on
go
Manifestly,
is willing and able to resort.
taxation to which the government
we
of the subject
studies
my
an appropriation of $1,000,000,000
indicated by the estimates and by the
authorize
we
revenues
increasing expenditures, without making some provision for
of action, and
meeting them.
"If
$1,000,000,000 in this instance and then authorize the
authorize
we
appropriations and expenditures which are expected to follow,
will have a situation in which it will be necessary to increase taxation
additional
we
for some assistance to the States which
been unable in the present conditions to keep open their rural schools,
there
"Undoubtedly
have
of
matter
permanently
aid in
aiding the States, without regard to their need for
promoting education."
policy of
a
the
need!
is
the bill is to commit the Federal government
but the p.an of
to
value
Works
Public
of
the Federal Emergency Administra¬
of securities having par
(including securities
having a par value of $51,294,000 sold to issuers prior to maturity at a
premium of $327,376).
Securities having par value of $12,663,272 pur¬
chased from the PWA were subsequently collected at maturity.
Securities
having par value of $121,622,240 are still held.
In addition, the Corpo¬
ration has agreed to purchase at par, to be held and collected" or sold at a
later date,
such part of securities having an aggregate par value of
$71,056,500 as the PWA is in a position to deliver from time to time.
According
to March
Mr. Jones, disbursements
to
and repayments
31 for all purposes were as follows:
The loans authorized and
for
bursed
to and
authorizations canceled or with¬
with
together
railroad,
each
drawn
the amount
March 31, 1937), contained in the report
table (as of
tive Snell as follows:
;
-
"still is moving
the Nation inexorably along the path toward a disastrous inflation."
The
minority leader presented calculations to show that, while "several devious
operations in blue-sky bookkeeping" were employed by the Treasury to
"conceal the
current budget situation from public discussion,"
official
spending," Representative Snell said,
Federal
"Reckless
Treasury figures,
of April 1, revealed the deficit for the nine months
$1,855,672,763 compared with $1,739,910,472 for the
or an increase of $115,762,291, or a monthly increase
as
this fiscal year at
of
same
of
time last year,
Mr. Snell computed the deficit on the basis of increase in
$12,862,477.
public debt and decrease in the general fund balance.
On the basis of this calculation, of $643,781,124 of increased revenues
the
of increased repayments on govern¬
ment loans, Mr. Snell said that increased expenditures in the nine months
over
the previous year totaled $875,464,048, or an average increase a
month of the 1937 over the 1936 year of $97,273,783.
...
over
the
"Other
expenditure
somewhat smaller increases over
accounts showing
include public building, Panama Canal, railroad retirement fund,
service retirement fund, Rural Electrification Administration, Vet¬
last year
civil
erans'
Housing
Federal
Administration,
and
Administration
Emergency
he said.
Housing,"
"Reviewing these figures, it is not difficult to understand why
President
proposed to abolish the office of Comptroller General, as recom¬
Roosevelt
reorganization of the executive branch."
mended in his January message on
(incl. receivers)-__.1,967,143,130.92
Railroads (Including receivers)-----—-----517,126,239.11
Banks and trust companies
Federal Land banks
387,236,000.00
—
360,666,241.62
173,243,640.72
116,559,180.02
89,675,416.42
Mortgage loan companies
corporations
and loan associations (Incl. receivers).
Regional Agricultural Credit
Building
Insurance companies
——
17,040,960.14
13,101,598.69
Joint Stock Land banks
Livestock Credit corporations
State funds for Insurance of
...
14,718.06
5,562,890.94
654,075.00
Fishing industry....
Credit unions
—--
...
Processors or distributors for
payment of pro¬
cessing tax
3,670,938.818.61 3,002,353,568.75
Total loans under Section 5
Secretary
of Agriculture to purchase
3,300,000.00
cotton
Loans for refinancing
and
68,398,066.47
and
agencies
$886,664,632 to
of
disbursements
$1,799,984,930
other
relief,
for
govern¬
have been
$11,446,908,128, it was announced on April 8 by Jesse H.
Of this sum, $1,379,-
Jones, Chairman of the Corporation.
of teachers' salaries
Loans to aid In financing
to the borrowers and to
stock,
capital
ments
include
banks in the purchase of preferred
The relief disburse¬
and debentures.
notes
$299,984,999 advances directlv to States by
reconstruction of property
damaged by earthquake, fire, tornado, flood
11,560,223.12
2,836,440.15
20,224,586.66
and other catastrophes
Loans to aid 1. financing the sale
15,099,130.97
15,099,130.97
617,716.49
11,054,576.24
of agricultural
surpluses in foreign markets
Loans to Industrial and commercial businesses—
78,592,618.62
2,076,500.00
12,314.381.71
and orderly market¬
ing of agricultural commodities and livestock:
Commodity Credit Corporation for:
Loans
on corn
454,416,755.58
133,804,723.32
on cotton
Loans
-
6,925,985.16
8,364,272.75
Loans to Rural Electrification AdministrationTotal loans, excl. of loans secured by
Purchase of preferred btock, capital
disbursed
$18,148,730
-
-
482,821.30
17,874,794.29
pref.stock.4,810,619,673.34 3,717,782,494.13
notes and
debentureb of banks and trust companies
cluding
(In¬
$5,525,-
and
619.12 repaid on loans secured by pref. stock).. 1,075,302,103.23
Purchase of stock of the RFC Mortgage Co
25,000,000.00
preferred stock of Insurance
companies (including $100,000 disbursed for
the purchase of preferred stock)
secured
445,780,567.01
by
Total
Federal
430,896,811.81
128,459,495.19
6,925,985.16
42,941,045.92
19,288,616.70
598,000.00
Other
Other
Emergency
Administration
of
34,375,000.00
6,019,627.50
1,134,677,103.23
i
451,800,194.51
489,291,555.01
367,669,315.01
Public
Works security transactions
Corporation, $499,999,931 to the States upon certifica¬
tion of the Federal Emergency Relief Administrator, $500,-
54,749,542.84
Belf-llquldatlng construc¬
tion projects
Loans for repair and
Loans
802,167 has been canceled and $748,997,335 remains available
22,300,000.00
public school authorities for payment
Loans to
Loans on tobacco
Reconstruction
653,920.18
22,353,420.47
—
l oans on turpentine
Corporation in the recovery program to March 31,
Finance
including
mental
the
of
commitments
3,300.000.00
drainage, levee and Irriga¬
254,521,658.25
tion districts..
Loans to finance the carrying
Expended for Activities of Corporation
14,718.06
9,250,000.00
-
to
372,718,570.91
234,336,186.52
173,243.640.72
114,462,816.13
85.812.913.22
15.078.214.23
12,776,763.88
600,095.79
13,064,631.18
Loans
Repayments
I
1,788,827,271.49
171,759,016.67
13,064,631.18
9,250,000.00
5,518,618.22
116,363.31
373,844.21
----------—
Federal Intermediate Credit banks-...-.-.-.
Agricultural Credit corporations
moneys
Loanb on assets of closed banks——
Authorizations
issued
deposits of public
Loans to mining businesses
Report of Operations of RFC Feb. 2, 1932 to March 31,
1937—Loans of $11,446,908,128 Authorized During
Period — $1,379,802,167 Canceled — $6,434,688,332
■,
S
Loans under Section 5:
and of $124,920,633
period
dis¬
repaid by each are shown in the following
Disbursements
dispatch
Washington
value of
Of this amount securities having par
$488,197,421.47.
of
blocks (1,506 issues)
2,220
April 8 by Mr. Jones:
of April 10 to the New York
"Herald Tribune" quoted from the speech by Representa¬
A
or
$353,911,909 were sold at a premium of $10,739,083
probably to find some new sources of revenue.
and
has authorized,
to, purchases of participations aggregating $20,191,073 of 369
$7,910,784 of which was withdrawn or canceled andi $5,303,129
Corporation has purchased from
The
tion
Robinson
Senator
Corporation
the
addition,
In
borrowers.
the
to
agreed
withdrawn
was
remains available.
will be no tax bill at
for myself, that I think there
say,
able
to industry aggregating $134,933,958; $36,974,924
or canceled and $26,343,577 remains avail¬
1,959 loans
amount
this
of
businesses,
Tax Bill
Will Be No
There
Thinks
"I
authorized
dis¬
canceled; $5,701,836 was
or
Section 5(d), which was added to the Recon¬
Corporation Act, June 19, 1934, the Corporation has
provisions of
Finance
struction
has
now?"
Senator prepared to make a statement
Is the
the
Under
amount was withdrawn
$2,908,411 has been repaid.
bursed and
he said.
but I should like to say that some of us will
merit,
reference
of this
720,440
immediately.
his feet
on
member
a
April 24,
Chronicle
-—
the
to the Federal Emergency Relief Administrator
provisions of the Emergency Appropriation Act, 1935,
000,000
under
and
$500,000,000 under the provisions of the Emergency Re¬
lief Appropriation Act, 1935.
Of the total disbursements,
$6,434,588,332 was expended for activities of the Corpora¬
tion other than advances to governmental agencies and for
relief, and of this sum $4,537,252,004, or approximately 71%,
has been
Of
538,828.
Chairman Jones continued:
repaid.
authorized
Loans
this
to
7,491 banks and
amount
721,873
remains
available
bursed!.
Of this
latter amount
Authorizations
and
notes
were
debentures
and
$1,283,929,364
to
1,121
was
withdrawn
$2,487,-
canceled,
or
$52,-
borrowers, and $1,979,457,513 was dis¬
$1,799,881,848, or 91%, has been repaid.
the
made for
of
trust companies aggregate
$455,359,442
6,740
the
purchase
banks
and
trust
authorized
loans were
preferred
of
stock,
aggregating
companies
in
the
capital
amount of
$23,-
422,755 to be secured by prefrred stock, a total authorization for preferred
companies
of $1,307,352,119 ; $110,585,786 of this was canceled or withdrawn and
$121,464,230 remains available to the banks when conditions of authoriza¬
stock,
tions
capital
have been
Loans
banks
celed
and
notes
debentures
withdrawn
for distribution
and
irrigation
been
have
$68,398,066
or
trust
to depositors of
2,715 closed
$276,143,829 of this amount was can¬
remains available to the borrowers;
authorized
$842,660,957 has been repaid.
to
refinance
612
drainage,
was
aggregating
and
disbursed.
sixty-three
$130,891,033,
hundred
and
visions of existing statutes:
Secretary of the Treasury to purchase:
Capital stock Home Owners' Loan Corp
Capital stock of Federal Home Loan banks..
Loan (now Land Bank) Commissioner
200,000,000.00
120,006,100.00
Farm
for loans to:
Farmers
Joint Stock Land banks
Federal Farm Mortgage Corp. for loans to farmers
Federal Housing Administrator:
To create mutual mortgage insurance fund
For other purposes
Sec. of Agriculture for crop loans to farmers (net) Governor of the Farm Credit Administration for
revolving fund to provide capita for production
Credit corporations
Stock—Commodity Credit, Corporation
Stock—Disaster Loan Corporation
Regional Agricultural Credit corporations for
purchase of capital stock (incl. $29,500,000
held in revolving fund)
Total allocations to Governmental agencies.
To
States
on
.
directly by Corporation
certification
of
Federal
-
500,000,000.00
--.
—
10,756,788.00
499,999,930.89
500,000,000.00
Act,
Appropriation
1935
Total for relief*
886,664,631.56
299,984,999.00
Under Emergency Appropriation Act—1935..
Relief
40,500,000.00
97,000,000.00
2,000,000.00
Relief
Administrator
Emergency
10,000,000.00
40,000,000.00
115,000,000.00
44,500,000.00
3,108,278.64
11,950,252.92
Expenses—Prior to May 27, 1933
Since May 26, 1933
For relief—To States
145,000,000.00
2,600,000.00
55,000,000.00
.
—
.1,799,984,929.89
-
10,756,788.00-
Interest on notes issued for funds for allocations
$16,422,275 have been
authorized through mortgage loan companies to assist business and industry
in cooperation with the National Recovery Administration program;
$10,One
Allocations to Governmental agencies under pro¬
Under
levee
of which $16,039,664 was
canceled' and $4(^,453,303 remains available to the borrowers;
districts
withdrawn
and
$44,364,679
$936,132,980 was disbursed and
Loans
6,864 banks
met.
have been authorized
aggregating $1,256,641,489 ;
or
in
6,434,588,331.58 4,537,252,003.65
Total
loans
aggregating
and relief advances...
Grand total
21,536,205.82
9,142,774,098.85 4,548,008,791.65
Volume
Financial
144
three-fourths
Authorizations
,
Canceled
or
Disbursed
Repaid
$
Withdrawn
Authorized
Aberdeen & Rockflah RR. Co...
Ala. Tenn. A Northern RR. Corp.
Alton RR. Co
-
(receivers)..
Ann Arbor RR. Co.
Ashley Drew A Northern Ry. Co.
400,000
Baltimore A Ohio RR. Co. (note)
82,125,000
14,600
41,300
Birmingham A So'eastern RR.Co.
Carlton A Coast RR. Co
7,569,437
53,960
549,000
Central of Georgia Ry. Co
3,124,319
Boston & Maine RR._.
Buffalo U Dlon-Carollna RR
400,000
82,110,400
41,300
7,569,437
Chic. Mllw. St. P. A Pac. RR.Co. 15,840,000
500*666
Cincinnati Union Terminal Co
1,150.000
13,718,700
10,398,925
2,098,925
Colorado A Southern Ry. Co
28,925,300
*3*5*702
1.40,000
5,916,500
Chicago & North Western RR.Co 46,589,133
Chicago Great Western RR. Co..
1,439,000
Charles City Western Ry. Co—
Chicago & Eastern 111. RR. Co_._
Chicago R. I. A Pac. Ry. Co....
1,000
28.978,900
53,000
Columbus A Greenville Co
60,000
60,000
Copj>er Range RR. Co
53,500
8,300,000
3,182,150
16,582,000
Eureka-Nevada Ry. Co
3,000
Fla. E. Coast Ry. Co. (receivers)
717.075
Ft. Smith A W. Ry.Co.(receivers)
227,434
Ft. Worth A Den. City Ry. Co..
8,176.000
Fredericksburg A North. Ry. Co.
15,000
Galnsvllle Midland Ry.(receivers)
10,539
Denver A Salt Lake West.RR.Co.
Erie RR. Co
Litchfield A Madison Ry.
Maine Central RR. Co.....
Meridian A Bigbee River Ry.
538
*53*566
500,000
71,300
4,690
627*075
320*,666
354,721
.
6,000.000
9,915
520.000
99,422,400
6,000.000
22,667
520,000
25.290.000
1,000,000
8.500,000
95,000
8,500.000
800.000
800.000
2,550,000
2.550,000
50,000
13,915
197,000
3,000
States Supreme Court
"the
business should
encouraged by the decision because it paved the way for more har¬
Commenting
idea
be
100,000
2,300,000
23,134,800
99,200
"""266
785.000
785,000
Mobile & Ohio RR. Co. (receivers)
99,200
785,000
1,070,599
1.070.599
220,599
Murfreesboro-Nashvllle Ry. Co..
25.000
New York Central RR. Co
27,499.000
18,200,000
N. Y. N. H. A Hartford RR. Co.
7,700,000
Pennsylvania RR. Co
29.500.000
27,449*666
N. Y. Chic. A St. L. RR. Co
18.200.000
18,200,000
7.699,779
28.900.000
34,200
Co
Pioneer A Fayette RR..
Pittsburgh A W. Va. RR. Co
Puget Sound A Cascade Ry. Co..
St. Louis-San Fran. Ry. Co
St. Louis-Southwestern Ry. Co..
Salt Lake A Utah RR. (receivers)
Sand Springs Ry. Co
Southern Pacific Co
.....
Southern Ry. Co
8umpter Valley Ry. Co
Tennessee Central Ry. Co
Texas Okla. A Eastern RR. Co..
Texas A Pacific Ry. Co
Texas Southern-Eastern RR. Co.
Tuckerton RR. Co
Wabash Ry. Co.
6,843,082
921
600,000
3,000,000
17,000
4.475,207
3,000,000
17,000
4,475,207
3O0.000
7,995,175
18,790,000
200,000
162,600
23,200,000
19,610,000
100,000
5,147,700
108,740
700,000
30,000
28.900,000
3,000,000
7,000
750,000
300,000
2,805,175
18,672.250
18,672,250
200,000
162,600
80*600
300,000
22,000,000
19,610,000
22,000,000
100,000
147,700
700,000
30,000
"those
of
6,000
30,000
39,000
15,731,583
39.000
4.366,000
1,4*03^666
400.000
100,000
22,525
22,525
*
trolled
the
In
in
addition to
Corporation has approved,
the above loans authorized, the
loans in the amount of $49,147,310
principle,
he
industrialism,"
behind
in
added,
accidents
airplane
the
1936
of
causes
are
on
development."
mechanical
our
caused the deaths of
which
67
"most unfortunate occurrences," Secretary Roper said
were traceable to bad weather.
Congress had
as
most of them
recently appropriated
department
to make flying 6afer, he said, and
money
more
"the
and
is exercising every ingenuity to remove causes
Commerce)
(of
possibilities of accidents."
V
'
also under the direction of the Department of
Commerce, Secretary Roper said that not a single life had been lost on
Regarding safety at sea,
American
an
the last two
in
ship
years.
Clark, addressing the meeting of the American
Newspaper Publishers Association in New York on April 21,
that the court reorganization plan sponsored by
President Roosevelt would abolish the Supreme Court as it
has existed since the United States established its independ¬
preceding day (April 21) the Board of Directors
re-elected as President Frank B.
On the
ence.
of the Associated Press had
Noyes, publisher of the Washington "Star.7' Robert McLean
publisher of the Philadelphia "Bulletin," was also re-elected
first Vice-President.
In
interview
an
upon
April 20, Elisha Hanson, Counsel to
on
the ANPA, said that publishers would go to jail rather than
to submit to government regulation of their business as a
result of the decisions of the Supreme Court on the Wagner
Labor Relations Act.
Clark, and other speeches before
April 21, were reported as follows in the
York "Times" of the following day:
the ANPA
on
charged
Clark
Senator
the performance of
that "certain
government officials"
New
who con¬
"dragoon" Congress to enact the President's
trolled payrolls Were trying to
ITesident's proposal was
specific purpose" was inescapable.
He declared the conclusion that the
proposal.
designed to "pack the court for a
judgment," he added, "it would be better to have no
"In my
judicial
all than to have a pitiful shadow
branch of the government at
of one, sub¬
the Congress or both of them
combined."
servient to either the Executive or
Predicts Clarified Freedom
the recent
Supreme Court
of Morris Watson against
would result in strengthening the freedom
the Wagner Act in the case
the Associated Press ultimately
of the
view that
concurred in the
Clark
decision upholding
press.
Professor Harold L. Cross of the
Columbia University School of Journal¬
Clark, had expressed such a view. Professor
newspaper lawyer, declared also that criticism of news¬
ism, who spoke before Senator
Cross, who also is a
but that in the aggregate it was
papers was not new,
628,519,795 106,393,556 517,126,239 176,759,017
Totals.
best suited to typify character,
the increase."
Along with "uncon¬
"the morality of the people has lagged
people who
our
integrity and intelligence are not
Senator
108,740
4,366,000
400,000
Wrlghtsvllle A Tennllle RR
the drift
282.672
22,525
Wichita Falls A Southern RR.Co.
that
expressed grave concern at the deterioration of home
of rural population to the cities, and at the
Roper
100,000
700*000
1,200,000
15,731,583
Western Pacific RR. Co
relations.
industrial
America,
The address of Senator
7,995.175
117,750
45,000
...
(receivers)
Secretary Roper said it carried' forward
responsibility of the employee" and held that
the
in
fact
25.000
27,499,000
Pere Marquette Ry.
of
Secretary
life
as
2,300.000
Mobile A Ohio RR. Co
the recent decision of the United
on
upholding the Wagner Act,
985.000
744,252
1,729,252
6,843,082
100,000
Missouri Southern RR. Co
American press,
our
warned
1,061,000
2,300,000
23,134,800
MLssourl Pacific RR. Co
"is
than the possibilities of war."
peace more
Senator
621,153
62,500
Mlssourl-Kansai-Texas RR. Co.
peace," the Secre¬
provided it promotes the virtues of
'
800,000
Mississippi Export RR. Co
v.
•
Characterizing
Co.
(trustee)
Minn. St. P. A SS.Marle Ry. Co.
is flickering, if it has not
greatest agencies today for international
the
of
tary declared,
persons
8,300.000
1,481,000
10,539
2,550.000
200,000
Maryland <& Penna. RR. Co
8,838
15,000
13,915
520,000
Co__.
'
of liberty
lamp
"the
Europe
227,434
25,312,667
9,500,000
Lehigh Valley RR. Co
"One
8,176,000
1,061,000
Georgia Fla. RR. Co. (receivers).
354,721
Great Northern Ry. Co
105,422,400
Illinois Central RR. Co
4,338,000
8,081,000
3,182,150
16,582,000
3,000
90,000
Galv. Houston A Heud. RR. Co.
Gulf, Mobile A Northern RR.Co.
45,503
230,028
464,298
12,000
155,632
of
out."
monious
53*506
2J9~000
Denver A Rio Grande W.RR.Co.
Greene County RR. Co...
234,757
175,000
12,150,477
41,300
535*800
13,200
500,000
Chic. No. Shore A Mllw. RR. Co
6*05*,367
53,960
3,124,319
464,298
140,000
5,916,500
46,588,133
1,439,000
15.340,000
1,150,000
13,718,700
8,300.000
Central RR. Co. of N. J
127,000
127,000
275,000
2,500.000
634,757
127,000
276,000
2,500,000
634,757
gone
$
$
2757
Chronicle
unjustified.
the situation in the public interest demanded "ex¬
of the fundamental causes."
Professor Cross
He suggested that
removal
and
amination
conceded there had been excesses by newspapers,
notably in reporting the
Hauptmann trial.
specified conditions.
Jerome D.
Note—Loans to the Baltimore A Ohio RR.
Co. outstanding, amounting to $69,-
959,923, are evldenoed by collateral notes of the railroad In the total face amount of
$70,094,823.
Part of the outstanding loans was refunded by acceptance of the
railroad's five-year 4M>% secured note, due Aug. 1, 1939, In the amount of $13,490.000 at a discount of 1 %, equivalent to $134,900.
group
N.
Barnum, publisher of The
Syracuse (N. Y.)
Post-Standard,
He explained that a small
50 years ago this spring in Rochester,
"laid the cornerstone" for the American Newspaper Publishers
golden anniversary session.
the
presided at
of newspaper publishers, meeting
Y.,
Association.
-
"The problems that
faced newspapers in 1887," Mr. Barnum said, "are
this golden anniversary.
Pub¬
in the main still before us as we gather at
Roper
Secretary
Asks Publishers to
Cooperate with
National Life—
Attending Associated Press Meet¬
lishers, then
had the ever-present problem of bringing
now,
as
Administration in Creating Better
to a realization of the value
Tells Executives
Commerce Roper, addressing tlie annual
meeting of tlie Associated Press in New York City, on
April 19, asked tlie newspapers of the country to cooperate
with the Administration in creating a
better and more
of
Secretary
Current national problems, he said,
challenge to the press such as it has never
More than 600 publishers, editors and news¬
life.
orderly national
constitute
a
before faced.
meeting.
Secretary
In discussing the
work of the Department of Commerce, he stressed the neces¬
sity of improving safety requirements for sea and air travel.
Mr. Roper's speech was outlined as follows in the New
the
attended
representatives
paper
Roper predicted an era of world peace.
"Herald Tribune" of
York
As
guide
a
the
down
for
successful
April 20:
newspaper
rules:
truth, emphasizing the good
practice,
Secretary
Roper
laid
the public
individual
attacked the judiciary proposals
pressed
the
caliber
that
entering
gossip writers," and ex¬
discouraging men of high
some
newspapers
were
public service.
Sees War Threat Gone
:>i
The threat
believed,
shot at the "malicious per¬
prepared by a modern group of
belief
from
He also took a
veracity.
yet
of
world
in
a
war
review
in the
of
near
successful fight on the con¬
by the late Senator Huey
publishers when he
of the President, whose ideals he said he
did not question.
Only did the publishers interrupt him
"test laboratory for
assassi¬
and added:
and legal professions under
proceeded to jam through legislation
taken steps to bring the medical
"Having
his
with applause when he cited the
dictatorship" in Louisiana that ended with the
nation of Senator Long,
absolute
control,
then
Long
of the press guaranteed by the Con¬
the Constitution and our liberties was
effectually to destroy the freedom
stitution.
This
incursion against
decision of 'nine old men' sitting as the Supreme
thwarted by the unanimous
Court of the United
States."
Senator Clark denied that
to
the
such issue had
President
the elections of last November
constituted a
"for packing the Supreme Court," because no
been submitted to the people by
Postmaster
the Democratic National
member.
future had passed,
Secretary Roper
the international situation he found that in
General
Farley
Says
President
Overcome "Obstacle" Through Enactment
Seeks to
of Court
Reorganization Plan—Attorney General Cummings
Defends Measure—Program Endorsed by Speakers
at
than
Defended
as
admonitory finger at the newspaper of stand¬
ing which lent itself "to giving false impressions" or gave more considera¬
speed
Men"
Louisiana, held the closest attention of the
P. Long of
Secretary Roper shook an
to
Old
who was of counsel in the
Clark,
fiscatory advertising tax imposed on newspapers
progress."
sonality columns
a
Convention of which he was a
following fundamental
the
"Nine
Senator
mandate
well as the bad.
"Present news fully; intelligently, interestingly and constructively.
"Lead and not follow, in public affairs; elevate the thought of readers
and create the desire for the best by stressing the be6t.
"Seek justice for all by coordinating the thinking of agriculture and
labor, commerce and industry for mutual understanding and equitable
"Tell
tion
free press in the maintenance of
iberty and human rights."
ing That War Threats Are Diminishing—Senator
Clark Warns of Court ''Packing"
of
Rallies
Sponsored
by
Labor's
Non-Partisan
League
Postmaster General
Farley, speaking at Norwalk, Conn.,
April 21, said that President Roosevelt, in formulating his
Court reorganization plan,
was seeking to overcome an
obstacle blocking his entire recovery program.
The Supreme
Court as now constituted, Mr. Farley said, "contains at
least four Justices whose vi^ws are so frozen that everybody
knows their decisions will always be against anything new."
on
Financial
.2758
Another Cabinet officer defended the Court
nations
Attorney General Cummings on April 19 in a radio
address urged enactment of the measure because the "bench
still lacks a sufficient number of judges whose self-restraint
predictable."
United Press advices of April
Washington reported this address as follows:
the
of
Wagner Labor Act
"And yet,"
neutral in the last war, that
hitherto practiced is useless as a means of relief for nonagainst economic strain or loss.
Isolationism, now being
advocated, would be even worse than useless."
To maintain freedom of the seas Mr. Mooney advocated developing a
of
construction
William
keep
of
fail to
of State, de¬
former Under-Secretary
Washington,
"our statesmen
that
see
surely keep out of war
can
we
is no war/'
only if there
Twentieth
Recommends
Committee
Fund
Century
Repeal of Tax
Undistributed Corporate Income
on
Capital Gains
—Would Substitute Taxation of
Strong support for the plan to reorganize the judiciary
expressed on April 19 by a number of Senators and
Governors at a series of meetings sponsored by Labor's
exports and;
the flow of imports and
up
Navy to protect the merchantmen.
a
Castle
R.
that
clared
that could
marine
merchant
"the enlightened judgment which
by the narrowest of margins may
it."
over
as a
neutrality as
demontration."
has given us
another "striking
as
he added,
decisions
.
record
own
our
warring nations
be eclipsed to¬
morrow by a return to abstract theories and mistaken assumptions.
The
statutes recently validated may be whittled away in their application
bit by bit until nothing remains but an empty victory.
"Surely this is an unhealthy condition.
The bench still lacks a sufficient
number of judges whose self-restraint is predictable, judges who are willing
to see the facts as they are and to decide under the Constitution and not
these recent
adding:
obvious, from
"It is
plan,
reorganization
Court
the
job of it.
a
doctrine,
ardent Cabinet
commented in his address
on the minimum wage reversal of three weeks ago.
He said that for 20
years the vote of a single judge, holding office for life, had "determined
the social policy of the Nation."
He cited the 5 to 4 decisions upholding
who has been the most
Attorney General Cummings,
advocate
arming for neutrality, just as other
And I would advocate making just as
war.
To be specific, I would advocate the building of a
Navy powerful enough to give us recognized freedom of the seas."
Predicting the most destructive war in the history of the world, accom¬
panied possibly by a universal social upheaval "with bloody class war and
revolution
the only possible outcome," he called isolationism a Utopian
thorough
19 from
is
for
arming
now
are
"is
he said,
advocate,"
I
"What
plan this week,
when
1937
April 24,
Chronicle
on
Accrual Basis
was
Among the speakers were Senators
Guffey, La Follette, Truman and Schwellenbach, as well as
Governor Earle of Pennsylvania.
Senator Guffey, speaking
at Monessen, Pa., said in part:
During
my whole
which has been
important to the country nor one
more
the
and the underprivileged ever
forefathers
Apparently the Supreme Court itself has decided that the Chief
Executive
high
beyond the shadow of
of labor
rights
way
any
gift taxes.
violating the provisions of the
In
Constitution,
It
been
has
well
that
said
If the Justice remains
on
"no
side,
our
The
If he shifts again, we lose.
win.
we
summarizing
the
That kind of business is too uncertain for me."
recommendations of the
present system
changes,
dispatches of April 19 quoted
other speakers at these meetings as follows:
,
A series of Associated Press
Governor Earle asserted tonight that the Supreme
Non-Partisan League and the Pittsburgh Central
"What
country needs, and what it must
our
as
Roberts
Justice
Speaking at
a
has
Labor Union.
The
have, is a Supreme Court
view
of Labor's
be."
to
the
decision of the
Coal Act" to the rulings upholding the
surrender until
this
to
fight for fundamental democratic principle has been
easiest
and
it constitutionally
New
York
Feb.
intended
will
not
to
insist
Addressing
upon
one
"independent"
an
Supreme
Court
such
needed
are
decide.
to
substantial
if
in
increases
not
was
committee
The
does
should
revenue
be
increasing the income tax rates in
net incomes of more than $5,000—and by
on
to
the
is,
report
appreciable
any
the
degree
it
in
induce
in view
run,
far
so
the
as
"a
some
enough
even
the long
in
distributing its
of
heavy
not
may
in
except
"not
says,
be
to
committee
its objectives,
of
any
be distributed;
will
instead
present
tax
doubts.
those
corpo¬
fails in
earnings, the tax
aims
that
with
the
of
purchasing
and
into
which
the
for
expense
tax equality
was
the
of
one
earn¬
"simply
would
increase
confusing
a
the
corporations,
of
of capital funds.
is already
points of view,
several
of
from
away
equipment
look
who
by amendments,
types
Amendments exempting
tax.
plant and
those
"the present act
says,
be steps
proprietors,
from the tax at the
power
increase the
back
the views of
committee
would
partnerships
certain
relieve
to
deficits,
undistributed profits
put
were
to
materially improved
be
can
Exceptions
book
with
promise between
"which
It
aims."
earnings
by
found
is
tax
achieve
to
run
consumer
In short,
enough
com¬
and such amendments would only
confusion."
being a third branch of Congress."
system of judicial
a
tax
♦
of the meetings held by Labor's Non-Partisan League
he said that four members of the Court "persist in their contention
live under
all
stockholders
the
about
Whether
dividend and stock right devices; and
the
contrary"
12.
bring
very
system
aims."
the
as
fails
the tax
pays
ings
Lincoln Day address
Senator Schwellenbach defined President Roosevelt's Court bill tonight
as
the
In
disproportionate
committee
profits
effects
stock
of
of
and that was why Alfred M.
Landon had "nothing to say on the Court issue" in his
that
economic
that
chief
The Senator said that "Abraham Lincoln said more mean things about
in
the
such
He spoke under auspices of Labor's Non-Partisan League.
the Supreme Court than any other Preisdent,"
which
committee
meet a situation where the
Court has assumed legislative powers which in no sense
possesses."
situation.
the
the
revenues.
the
brackets—i.e.,
the
That
that the Roosevelt Court Plan was "the
simplest one so far proposed to
mere
relieve
of
however,
economic
all
won," he said.
Senator Truman said tonight
these
But
make
increased revenue in time of
increase of rates, rather than drastic
produce
meet
additional
undistributed
ration
forward without compromise and without
press
effective."
themselves
"in
they should be obtained' by
insure
of
Wagner Act.
determine
for
middle
degree
Roberts had performed a "flying
Court striking down the Guffey
us
a
then
to
province
compromise
trapeze act," floating "with the greatest of ease from the
"Let
to
designed primarily "to make
are
and more
would
particular, the com¬
burdens on the
which result from "hidden" and1 "indirect" taxes.
recommended by the committee are not suggested with a
raising
the
The
reorganization of the Court.
They disclosed, he added, that Mr,
an
higher death and gift levies.
he said the
Supreme Court's recent decisions upholding the Wagner Labor Act demon¬
strated the need for
today
because
might
changes
to
called
the
Non-Partisan League,
adds,
is
sought
recommend,
the fate of democratic institutions
himself to
demonstrated
meeting
recommendations,
lowest income groups
placed in jeopardy on such a precarious and chnging factor
be
has
within
Senator La Follette said tonight that
it
need,"
reorganization,
mittee
property rights," he said.
"cannot
than
committee
equitable
more
committee
fiscal
great
Court itself was the
least the same authority as
that will recognize human rights as having at
the
able
better
He spoke at a meeting of Labor's
"greatest threat" to the Constitution.
committee's
the
official announcement said:
is now "Roberts's land."
man's land"
profits tax with "high progressive rates" of as much
75% in peace times, and greater reliance on death and
as
doubt that legislation can be enacted to protect
a
without in
accrual basis, the immediate
excess
dry, the Court has proceeded in the last coupie of weeks to prove
the
April
on
of the Committee.
of a constitutional amendment to "insure the
legality" of this form of income tax, preparation for an
Leaving the professional patriots and calamity howlers
right.
as
proposal
devised by man.
was
announced
wras
taxation of capital gains on an
for the defense of the poor
and
and reduction of payroll taxes,
stock tax,
ending of all chain store and most sales taxes,
the
as
Chairman
'
just now beginning to be what the great
The Constitution is
Intended it should be—the greatest instrument
Twentieth Century
the
of
Taxation
on
20 by Thomas I. Parkinson,
In place of the taxes which
the committee believe should be abolished, it suggests the
it
which bore greater
of Amr rican
promise of doing lasting good for the well-being of the great mass
citizens.
capital
well
in public life I have never known a measure
career
Committee
The
Fund, as the result of a two-year survey, has recommended
repeal of the undistributed profits tax, revision of the corpo¬
ration normal income and excess profits taxes, abolition of
Non-Partisan League.
Secretary
that we
Predicts "Economic Democratiza¬
of Corporations—Says Modified Corporate
Is Preferable to Cooperatives in American
Wallace
tion"
oligarchy."
Form
Life
W. R. Castle Attacks President Roosevelt's Neutrality
Modified
corporations
probably
better
adapted
to
Program—Speaks at Annual Meeting of Academy
of Political Science—J. D. Mooney Says Isolation
American needs than the Scandinavian type of cooperatives
Is
now
Impossible in Case of Another World War
Neutrality legislation
tration
was
and Social
criticized
Ethical
Mooney, Vice-President of General Motors Corp., proposed
three-point program to govern American economic policies
in the event of another world war.
Mr. Mooney denounced
Asserting
of American
1.
paid
the only
"armed
an
Drastic
and
economic aims
discouragement
"It
'
Steady maintenance of
Insurance
enable
needed
United:
States could
maintain
of
a
flow
to maintain
payment
of
our
prevention
exports.
will
of
exports
that
will
that will
of
industries
the
and
materials
standards
of
the
of
much
would
Mr.
"It
and
Wallace
is
that
said
living—and
to
in
feeling
a
the
serve
the
also
that
that the psychology and
is
different
so
Northern
that
general
know
-
general
environment of
from the psychology
Europe
that
eventually
welfare
in
and
adaptations
many
modified
the
corporations
United
ductivity.
the
truth
farmers
has
mprease
in
been
the
"I
recent
wage
increases In the
of the steel workers
wage
said.
he
what the
welfare
panying
discussed
the
price of
$300,000,000,"
be
processed
States
people
have
I
to
"Nevertheless,
and
United
have to be made to utilize their methods here.
as
essence
not
on
Society for
States
as
may
coop¬
eratives."
be paid for.
raw
must, however, be realized
people of the
"Somehow
do
not
imports
our
"the
York
Culture.
environment
-
exports
of
as
the
policies for the impending world war."
and
for.
2.
3.
goods
the
neutrality
neutrality," Mr. Mooney advanced these points
the New
before
April 19:
Treaty of Versailles,
repudiation of international obli¬
gations, paper money and inflation, economic nationalism,
the current armaments race, and efforts "to sell without
buying or buy without paying."
Proceedings at the meeting were described as follows in
Associated Press Philadelphia advices of April 17:
be
address
an
Under the present plan of corporate or¬
Mr. Wallace said, both investors and workers
shirk their rights and responsibilities.
Investors, he con¬
tinued, fail to "follow their money through to see how it is
put to work."
He predicted that some day there will come
about the "economic democratization" of corporations.
Mr.
Wallace continued, according to the New York "Times" of
on
a
the
19 in
ganization,
April 17, by William
E. Castle, former Under-Secretary of State, as partly nulli¬
fying the State Department's policy of creating "friendly
international
trade."
At
the
same
meeting, James D.
Science, in Philadelphia,
being studied, Secretary of Agriculture Wallace said
April
sponsored by the present Adminis¬
at the annual meeting of Political
are
product
the
to
public
believe these figures
will
and
was
are
steel
raised
was
industry.
$150,000,000
raised
more
than
questioned and I do
finally disclose.
other
advanced
price of
consumers
if
the
steel
do
will
wage
not
question
increase
result
in
and
whether
the
the
accom¬
increased
pro¬
Volume
"Before
that
are
wages
production, not only in
in
a
and
well."
as
Mr.
it
reached
white-collar
that
'-
the interest derived from lands might be caught
while their income remained the
*
workers
and
'f
•„
;
living
persons
t,
on
with living costs mounting
C.
same.
simplification of the corporate surplus
corporation's
taxable income from the levy.
A "more equitable tax,"
he said, would contribute to greater and more stable revenues.
Mr. Sibley's statement was outlined as follows in a Wash¬
ington dispatch of April 17 to the New York "Herald
Sibley urged
a
tax, with an exemption of at least 30% of a
■'stimulate
may
'•••
•
observed
Wallace
Mr.
to
important
is
prices
2759
Chronicle
remember
increased
particular line of activity but in other activities
conclusions
advance
hasty
balanced
a
Financial
144
Tribune":
Balanced
"The
.
he said,
apparently,"
problem,
balance
between
the
and
farm
Progress Needed
the
"is
stantly increased production on a basis which
without
year
fluctuation
of
fear
in
there
"If
civilization,
rural
simple
itself
concern
sidies and
individuals
as
freely
might
it
greatly about
the
be
after
the
Wallace said:
Mr.
or
its
grants of
to
sub¬
power,
exemptions affect the distribution of the national income."
♦
'•
Chamber
States
for
Plan
of
Revision
Commerce
of
Tax
he argued, the law coerces
business corporations
weakened their financial structure and
He urged as a first step in correcting the defects
that the surtax apply
only to true earnings of corporations as distinguished from taxable income
In the determination
determined by arbitrary provisions of the law.
now
to
added, there should be allowances, not now deductible,
and for reasonable
actually established and essential to the prudent conduct of
Cor¬
for instance,
meet,
business
liabilities, inventory losses and other
contingent
obligations.
Formulates
Also
Undistributed
on
Moreover,
restrict private
but which, in fact, operate to
for losses actually sustained and shown on the books,
Condemns All "Sit-Down" Strikes in
Before Newspaper Editors—Head of United
Address
bound by contracts which do not meet the requirements of
imposed harassing and excessively ambiguous and harsh provisions.
reserves
Sibley
Harper
failed to provide relief
allowance for business expansion,
no
relief provisions
present
of true profits, he
'
-
debts, made
for corporations
other in a
government
for
necessary
in which
He argued it
number of defects in the present law.
a
into doubtful fiscal policies which
subsidies, and if
each
listed
placed exceptional and unfair burdens on corporations with outstanding
payments.
competing with
not
way
to
classes."
corporations, labor unions, tariffs
no
were
bargained
men
con¬
year
without injustice
and
Discussing grants of power from the government,
all
bring about a
be maintained
can
prices
the salaried and the fixed-income
unorganized,
Mr. Sibley
of
that principle
discover
to
factory which will
Ajs
rough measure of the portion of the taxable income that should be
a
exempt from the tax, Mr. Sibley proposed 30%.
porate Surpluses
"Sit-down" strikes
were vigorously opposed on April 17 by
Harper Sibley, President of the Chamber of Commerce of
Senator
Unemployment May Be
Federal Census
Social Security
Data—Secretary Perkins Disputes Figures
of
Newspaper Editors. On the following day, in a letter to
Congressional committees urging modification of the surtax
on undistributed corporate profits, Mr.
Sibley proposed that
30% of the taxable incomes of corporations be exempt from
the
He also suggested
surtax.
justed.
said:
Mr.
Sibley,
his
in
the
of
concern
"Any
the tax
be read¬
base
In reporting Mr. Sibley's remarks on "sit-down"
Associated Press Washington advices of April 17
'"V
" '
strikes,
first
that
discussion
public is
of
in
sit-down
strikes,
contended
"the
that
maintenance of public order."
inciting public riot, of participating in any form of public
employees, or others—should be equally and im¬
person
disturbance—employers,
mediately
1
of
the
amenable
laws
the
to
public peace," he
existing in
States,
all
>
"Certainly public opinion in the United States will
sition
when
impartial
have
and
favorites
no
laws,
Mr.
undeviating,
directed
visions
and
to
bring
any
upon
disorder,
public
He
agencies
that
"should
be
extended
or
include
to
action,
whether
groups,
or
concerted
directed' by individual
authorities—legislative,
or
corporations
will
be
barred
are
recommended
and
contribution
"no
but it is
delay."
mercy,
form of discrimination
any
against
administration,
Its
by
tempered
that
that
permitted
executive
prohibition
from
be
judicial."
political
to
extended
employers'
an
not
or
the public
or
contributing
from
pro¬
Washington
of April
dispatch
"Times"
summarized
taxes
follows:
as
The
chamber
Committee,
that
so
Mr.
wrote
special chamber
New
the
members of
the House
Committee,
and'
to
which pointed out
committee,
York
the
letter
and
was
House
of
report
a
a
imperfections of the
major
as
in the
stated
report,
between
and
State
Federal
Secretary Per¬
follows in a
Washington dispatch of April 18 to the New York 'Times":
The
laws,
country.
It
5,000,000
wide
Isador
Perkins
most
in
apparent
the
case
Tax
on
corporations
on
with
outstand¬
ing debts contracted in good' faith.
"No
for
allowance
other
current
earnings
used
business
for
and
expansion
Miss
the
meet
provide relief for corporations bound by contracts which do
to
requirements of present relief provisions,
operate to restrict
"Establishment
of
weakening their
time of dividend
the
payments at 6uch
date
a
as
to
impossible conditions.
or
corporations
doubtful
into
fiscal
policies
and
generally
restrictive
Discussion of
Mr.
the
March
effects
direct
but
15,
that
since
businesses
individual
upon
date,
said
had
chamber
been
de¬
"We
the
of
unaware
Federal
the paramount importance
budget," said Mr. Sibley's
Asks Cut in Federal
"It
seems
of
Federal
as
would'
to
us,
however,
that
a
a
bal¬
lowering of
the scale
expenditures would permit such changes in the corporate surtax
avoid
the
present
consequences
which
seem
detrimental to both
added
greater and
The
the
most
tax
from
to
that
more
the
more
based
corrective
on
"true
equitable
would
seem
measure,
earnings
of
tax would
contribute to
the law."
"In the determination
of such
true profits," said the report accom¬
panying the letter, "there should1 be allowances, not now deductible, for
losses actually
sustained and shown on the books; and for reasonable
reserves,
actually established and essential to the prudent conduct of
business, to meet, for instance, contingent liabilities, inventory and invest¬
ment
In
taxable
income
now
determined
by arbitrary provisions of
losses, and other obligations."
a
insist that his
not
to
Ways and Means Committee
on
that
urge
February
in
"duplication"
that
Mr.
divergence of
Hie
analysis
own
accurate
an
Van-
correct, but
was
unemployment
of
census
to
answer
need
"We
it,"
Then
know
make rational
Vandenberg based
his
lems
is
our
the registration
studies of
on
their habitual
responsibility."
Security Board.
presents,
session
law
or
much attention to the Social Security Act and the promwith a view to introducing amendments at the present
These amendments will probably seek mainly to
giving
it
plans to deal with
estimates
own
employed workers by the Social
He
why
precisely who is unemployed; where they are;
can
we
Miss Perkins.
to
prerequisite to an intelli¬
unemployment responsibilities.
our
to
he wrote
are
unemployed, and whether it is their involuntary
are
status.
•
vital need for an
so
that we may
our
unemployed
the
of
census
problem instead of guessing at
"Dependable facts instead of liquid estimates
of
Congress.
building
the
up
enormous
accumulate
would
the
in
old-age pension
to
years
which the present
reserve
but
come,
they
other
cover
may
aspects of the legislation as well.
tiie
took
He
figure
of
26,000,000
employed
been
have
who
persons
registered by the Social Security Board, assuming that, under the Board's
announced
To this
under
practically
rules,
those
all of
persons
actually employed.
were
figure he added an estimated 12,145,000 workers employed in non-
the
non-relief pursuits,
Security Act.
and
Social
total
The
ment
the
of
38,145,000,
has
country
the peak of
registration
.
the number of
the
would mark
accurate,
The Labor
seen.
employment in May, 1929,
at
for
.
Employment at Peak
if
ever
ineligible
still
but
saw
greatest employ¬
Department
35,987,000
•
estimated
persons
that
employed.
employables in the country, Mr. Vandenberg
applied to the present ponulation of 128,000,000 the ratio of 41.5%, which
1910
showed
census
10 years or
From
to represent
of
53,120,000
engaged
as
the
of employable persons
proportion
older.
result
the
12,000,000
in
employables
agriculture
arrive
to
deducted
he
his
at
estimated
an
total
of
estimate
41,120,000 employables.
mobiles,
of
and
wrote.
statistics
"I
an
are
believe
constitutes
the
including
from
steel,
their
at
are
recognized
Conference
all
know
which
on
far
from
you
will
an
absence of
of
auto¬
employment," Mr.
the
I
country,
you
such
to
up
agree
employment
a
national
will
an
of skilled labor.
estimates
of
impending
and
have
labor
the
Na¬
shortage,
My only deduction is that
unemployment
are
made
are
in
date.
with
census
census
agree
of
warn
Brookings
as
with
me
that the Social
from
which
there
Security registration
can
be
no
appeal
in
covering the entire field of enterprise.
me
that there is
no
Commit¬
public should be constantly and correctly informed
April 17,
state
of
textiles,
cotton,
peaks in
sections
institutions
Board
actual shortage now
of
the
or
&c.,
"Again,
such
Industrial
and
error
industries,
clothing,
employment at high levels.
"Furthermore,
tional
major
our
food
reports of
"I
statement to members of the Senate Finance
tee and the House
declared
statement,
responsible for
were
current
authentic,
our
Vandenberg
to apply.
said, was to provide that
corporations as distinguished
he
own
that
.
"Many
"a
stable revenues,"
important
be
rule,
Miss
that
his
and
country
suggest that these exhibits clearly demonstrate
know
of
public and private interests."
He
discrepancy
accurate,
the
Outlay
moderate
very
of obtaining
letter.
the
in
employed'
supporting
a
Vandenbei-g did
To arrive
not
are
of
Mr.
to
inaccurate
made.
"I
largely speculative prior to the filing of first
was
on
forwarded
were
Vandenberg
Statistics, reported to
Labor
she
estimates
Puts
the tax
returns
which
persons
"assumption"
the
used
terminable.
ance
in
Perkins,
regulations."
corporation
officials,
33,500,000
agricultural
financial structure.
"Ambiguous and harsh provisions which supply the basis for excessively
the Bureau of
of
Senator's
denberg's figures, from those of the Labor Department.
dividend payments.
of
impose unreasonable
"Coercion
but which, in fact,
be
might
found
mark.
head
the
of
false
avoid
appropriate corporate purposes.
"Failure
of the
Vandenberg
Mr.
substantially correct.
were
of
Assailed
Are
but from
estimates of unemployment
no
which
estimate
memorandum
a
for
estimates
this
was
Lubin,
in
bases
the
makes
Department
compiles estimates of the number of employed persons in the
to time
Mr.
unfair burdens placed
"Exceptional and
exchange of correspondence between
Labor
The
time
impaired capital.
"Burdens"
not
placed at 2,975,000.
He compared that total with other esti¬
mates of between 6,000,000 and 10,000,000 unemployed.
they
corporations with
for
basis
this
held
were
following:
"Conflict
of
of the law,
outstanding defects
be
as
excluding agriculture and relief, at 38,145,000.
Under
of figuring, the total of unemployed persons is
sons,
gent
The
States by as much
computation showing the number of employables, excluding
agriculture, as 41,120,000, with the number of employed per¬
and Means
Ways
Senate
the
surtax.
to
the
overestimate
may
United
publishing correspondence with Secretary of Labor Per¬
Senator Vandenberg pointed out that he had made a
in
be
Accompanying the
Committees.
Appropriations
18 to
Sibley's suggestions on corporate
Finance
Senate
the
work in
of
kins.
and
«
official
the
figures
unemployment
out
5,000,000, Senator Vandenberg of Michigan said on April 18
employees'
or
organization without direct specific assent of each member."
A
Official
number
organizations,
degree of coercion through economic channels upon
cited
campaigns,
victims.
no
be
may
declared,
specifically
accompanied by
or
Sibley
Says
kins and Senator Vandenberg was discussed as
brought into destructive disrepute by
State
support this propo¬
impartially applied.
law should
"The
when
breaches
against
said.
Vandenberg
Overestimated by 5,000,000—Urges
of Jobless—Bases Computations in
the United States, in an address before the American Society
employment and unemployment."
which
the
than that of
the
matter
more
on
2760
Financial
Secretary Perkins, in her statement of comment
assertions, called attention to
estimates of
"To
total
the
number
the
of
number
of
available
persons
not
are
reports
received from
data put
Miss
Labor
in each
"In
week
employment,
and
series of
a
of the
issue
*
Medici family. A Washington dispatch of
New York "Times" quoted her as follows:
estimating the
defining the age at
other
factors
on
"The political majority
which
majorities always have
Bureau of Labor Statistics
employers for
emphasized
covered
that
only
other
words,
a
the
those
minority is just
based
are
reports
received
actually
by
the
Bureau
work
at
during
not
he does not have
job.
a
as
that
mean
was
among
such
a
time she
of
temporarily laid
off
during
is unemployed in the
been
that
others.
that
in
been temporarily out of
work due
breakdown of machinery or any one of a
of about
21/2</0 of the working force of the country
moment, away from work because of illness.
for about 850,000 persons not
was,
a
on
the
"The political
hearing.
the
as
who desires
one
be reconciled with the
as can
complete liberty of
■'"';7:77;.!.'"v '7:
' 7
77
•
•
what
from
away
their
and
social
had
complete
as
that the President's proposal might have done
conservatives
"uncertain
when she
She insisted, under questioning, that she
■,7V/V7V 77:\C<:•
admitted
shocking
was
7-":;7
some
good
views
economic
the future might bring, adding that she. for one,
definition
new
as
of property
may
result" from such
sit-down strikes and other labor demonstrations.
"Even the right to dissent and to criticize
may come to be regarded as
intolerable obstruction," she added.
v„ 777.7.=.'.
N
;
1 '
Dr. William Alfred Eddy, President of Hobart
College, also appeared
at any given
day.
any one
Republican.
phenomena of the day
mini¬
This fact alone would account
being at their work
at
to live in Baltimore 20 years ago until last year,
into discussion of what
number
mum
as a
(
of factors that cause irregularity in
employment."
Secretary said further that reliable estimates showed that
said
she
lifelong liberal, defining that term
a
She
sense
of this country today is just as intolerant as
been,"
much in need of non-political safeguards as were
liberty for the individual
He may have
illness, shortages of materials,
The
came
registered
one
those employed," she said.
person
as
April 20 to the
minorities in seventeenth century and eighteenth century England."
Dr. Gallagher said that she had been a registered Democrat from the
given week in each month and
a
persons
who
person
would not be included
large
department did not
of
Goucher College, compared current political developments
in the United States with
despotism in Florence under the
Yandenberg's
month.
"This does
to
for
April 24, 1937
Catherine D. Gallagher, head of the history department
Senator
on
by trade associations and1 the Bureau of the Census."
out
Perkins
Statistics
week
her
available," she said.
"The employment estimates
011
that
unemployed would involve
become employable,
persons
adequate data
upon
fact
unemployment.
estimate
which
Chronicle
Miss Perkins Explains Data
^
in opposition to the bill.
"To undermine the authority of the elder statesmen would be to take a
Public
Hearings
Court
on
Concluded—Opponents
Reorganization
of
Bill
The
Program
Continue
Plan
on
long step toward the ultimate alternatives of government first by mob and
then by martial law," he said.
'
Attack
Colonel
.7
Senate
Committee completed yesterday
(April 23) its hearings on ^President Roosevelt's court re¬
organization plan.
During the past weeks the Committee
had heard
approximately 75 witnesses, but, according to
United Press advices from
Washington last night, did not
create a definite
majority either for or against the proposal.
The advices quoted said:
Net result of the public
hearings'by'the
"
to be:
1. The votes of two
not
tion said that the program would "establish
a precedent that
threat against the check and balance sys¬
departments of government—legislative,
executive and judicial—which historians and statesmen have
may constitute a
tem of the three
considered
today—as the closing witnesses—Jacob Gould
Schurman, Ambassador
to Germany from 1925 to
Smith, Democratic State chairman for Connecticut.
the most important feature of the American
system of government and the very key to its existence as
democracy in
a
a republic."
Adoption of the resolution was
follows in a Washington dispatch of April 21 to
the New York "Herald Tribune":
1930, and J. Francis
"The President's plan to remake the
Supreme Court is a menace to the
American system," said Mr. Schurman in his
prepared statement.
"It is asserted that this plan is not unconstitutional.
But it certainly
contravenes the spirit of the Constitution and
the fundamental principles
on which it rests."
Only
He said what the President
"does today with the sincere intention of
bringing good things to the American people
may lead in the future to the
establishment of
a
dictatorship."
impropriety," and expressed grave doubts
Constitutionality. His testimony, and that of
its
other witnesses that
day, was decsribed as follows in Wash¬
ington advices, April 21, to the New York "Times" of
April 22:
"It is
question in my mind whether this bill, if passed, could be held
Constitutional, because it partakes of 'if le islation," he testified.
"Some¬
resign.
If
Judge resigns, then the President
no
may
additional
Judge for each Judge over 70 years of age
remaining on the bench. So it
depend upon the Judges themselves whether the law is to
become
will
effective.
This is not how Congress is accustomed to
legislate."
In view of the
circumstances surrounding the President's
proposal, Dean
Lee said that the Supreme Court would
have been justified in announcing
"that it would not decide
any cases involving questions of
Constitutionality,
in which the Administration and
Congress were politically interested, until
public agitation and hostile criticism had abated and reason
had resumed
its
wonted
sway."
Disturbed by Labor Situation
a
judgment of
they
a
more
than
once set
court," he continued,
were rendered in an
aside
a
verdict of
a
jury and
"when the evidence showed that
atmosphere of agitation and terror prejudicial to
a^calm^consideration of the Constitutional rights of the defendant."
Rabbi Rosenblum Is Heard
Rabbi William F.
Rosenblum
told the Committee that
man,
he
of
was
described the Roosevelt bill
an
Temple Israel, New York City, who
attorney before he became a clergy¬
as
importunate and impervious."
i
opposition to the President's
lined
as
follows
in
United
(1)
Agriculture receive its
(2)
So long
(4)
Use
of the
"ever
gauge every matter from the aspect of fundamental law and
of New York,
on
Feb.
a copy
to the
of
expediency
may
be
(5)
as
(6)
77
own
statement
to do with the
Supreme
cation
soil
on
mortgages held
conservation,
crop
rates."
''V
and supply of funds
for extension,
research
work
and
4-H
club
activities.
7".;*,* 7*
7.7 7 '7 ,y
.'777
7 7-77
Defeat of the proposed transfer of the forest service "or any soil use
agency" from the Department of Agriculture; establishment of a bureau
(7)
of poultry
industry in the department; opposition to calling
Department the Department of Conservation.
(8)
Protection of producer and
the
Interior
by "preventing adulteration,
consumer
imitation and substitution of food products."
(9)
Enforcement of anti-trust laws and protection against monopolies.
(10) Defeat of the pending court reorganization bill.
Dr. Nicholas Murray Butler, President of Columbia Uni¬
versity, issued a statement on April 18, describing his reasons
for opposing the court
plan. He said that the Justices of the
Supreme Court were not concerned with the wisdom of any
administrative or legislative action, and that their sole
duty
was to determine whether a law
complied with the Consti¬
tution. The New York "Times" of
April 19 quoted further
from his statement
as
follows:
He declared that to appoint Justices because of their views
views
on
or
questions that might come before them would be
any
additional
and
unnecessary
a
legislative
body,
and
supposed
to create
characterized
the
Justice lost his capacity for public service
Defines Powers of Courts
He urged the Committee to impress on
Congress,
as a much surer method
of accomplishing social and economic reform
than adding to the size of the
Supreme Court, the utilization of its Constitutional
and regulate the value thereof."
Butler said;
"Of
the
the
judicial
power to "coin money
Under this power, he held,
Congress could
country's problems without touching the Constitution
or
three
departments
power,
courts as the
as
or
vested in
branches
one
of
the
Government,
the American
people have to which they may
for the protection of the underlying
principles of their Government.
The Supreme Court has no concern with the wisdom
a
Federal
Supreme Court and in such inferior
Congress may from time to time ordain and establish, is the
only representative which
turn
v
Louis B. Ward, former legislative
agent for the Rev. Charles E. Coughlin,
was the fourth
opposition witness of the day.
He described his present
occupation as "business counsel" and gave his address as Detroit.
plan,
Appropriation of the full $14,000,000 authorized for vocational edu¬
subversive
unanimously adopted by his organi¬
11, opposing all of the bill that has
the Court.
granary"
Repeal of the Pettengill long-short-haul bill passed by the House
"to protect the public against discriminations
rail
Dr.
Committee, in addition to his
a resolution
Court.
solve all of the
urged
and pending in the Senate,
Kinnicutt, President of the Allied Patriotic Societies, Inc.,
presented
was
insurance and enactment of legislation to reduce farm
tenancy.
that of the demagogue and the dictator."
against the bill,
It
with the passing years as "most absurd."
destiny."
He added that "the
tyranny of popular
zation
our
"just share" of national wealth.
normal
President's hypothesis that
as
April 19
proposals.
It was out¬
Washington advices of
Continuance of the present interest rate of 3 H %
by the Federal Land banks.
likely to
Francis H.
on
American market to the extent that he is able to
supply it."
"impractical, imperious, impetuous,
He held that the Supreme Court, because of its members' life
tenure,
"less likely to be influenced
by fad and frenzy and fanaticism and most
force
court
Press
k (3)
an
a
Grange,
the protective system prevails the farmer be "given the
as
was
eternal
advisability of entering into
that imports of pork and canned meat be curbed.
77 77;K\77V777v-f"'.
...
.
"The Supreme Court has
as to the
L. J. Taber, Master of the National
Judges do not
an
disagreement
made public a 10-point program
adopted by the Grange's
executive committee. This declaration of
principles included
in
appoint
raised against the resolution, presented at the
were
some
the court controversy.
a
thing is to happen 'if' something else doesn't
happen first.
"The President can appoint six
additional Judges 'if six
few voices
April 19:
Edward T. Lee, Dean of the John Marshall Law
School,
Chicago, told the Committee on April 21 that the Court
Bill is a "gross
to
a
as
convention after
(
as
Rich¬
President.
was
Daughters of the American
on April 21
adopted a resolution opposing the
Administration's plan for court reorganization. The resolu¬
reported
measures for the
in behalf of the
Revolution
filibuster, according to their presentplans.
night stated:
adoption of
bill
The annual convention of the
18 member committee appeared
Regarding testimony presented at the final session "yes¬
terday the Associated Press dispatch from Washington last
The opposition presented
against the
of which the late Admiral
Opposing Court
Reorganization
Plan — National
Grange
Also
Against Proposal—Nicholas Murray Butler Warns
of Dangers Inherent in Measure
victory.
Opposition leaders will
Allen testified
D.A.R. Convention Adopts Resolution
Senators'as' yet uncommitted
A final vote is likely in June.
H.
mond Pearson Hobson
will decide whether
the bill will be reported favorably or
unfavorably to the Senate.
2. The Senate is so evenly divided that a few
uncommitted Senators
may turn the outcome either way, although both sides claim a
3.
Frederick
Constitutional Democracy Association,
Judiciary
or
unwisdom of either
given administrative policy or of a given legislative act.
"The executive department of the Federal Government
,
rt presents and
reflects the opinions and the emotional state of the
people when last appealed
to for a nation wide expression of
opinion.
The President is justified in
acting
at
or
endeavoring to act in accordance with public opinion
as
expressed
the time of his election, but this is something quite different
from de¬
priving the judicial department of the Government of its
the fundamental principles of the Government
itself.
power
to
interpret
Volume
Financial
144
It too frequently repre¬
represent sober and disinterested public opinion.
organized minorities,
seeking interests.
policy wait for
of
selfmost important matters of public
Congress because they are in the
of districts, of States, of sections,
Time and time again
untouched by the
of the
To select Justices
supposed
Supreme Court of the United States because of their views or
before them
for decision is to destroy the Supreme Court of the United States as a court
and to turn it into an additional and wholly unnecessary legislative body.
class of questions which may come
The proposal that in order to declare a
the votes of more than
a
given policy or Act
unconstitutional
majority of the membership of the
mere
Supreme Court should be required means the
way
Issued
Schedule
Mail
United
frank establishment
New
by
York
Postmaster
Goldman
York has issued an
of New
which is the most
showing at a glance
the time to mail and time due at approximately 300 of the
large cities in the United States and Canada, and is in great
demand tyy business concerns and individuals.
It may be
obtained upon request at the New York Post Office free of
air
mail
for
schedule
reference
quick
comprehensive schedule ever published,
charge.
rule."
minority
this
Postmaster Albert Goldman
mistake about these matters.
no
views upon any question or
States
Air
them.
upon
"Let there be
in
country
changes taking place."
lobby to urge
general public interest only and there Is no special group or
action
He predicted that the business
of lobbies and of special
of pressure groups,
years
could best afford them."
"would continue to serve the
if it kept pace with the progressive
been distributed among those who
Warns of Pressure Croups
V "The legislative department of the Federal Government does not always
sents and reflects the current opinion
2761
Chronicle
United States Foreign
A similar schedule is obtainable for
Indies
Air Mail Service to Central and South America, West
Industrialists and Labor Leaders Meet Under Sponsor¬
ship of Secretary Perkins—Reach Agreement on
Principle
of
Collective
Bargaining—Statement
Say8 Harmony Prevailed-—Two More Conferences
Called
Leaders of labor and industry, and
representatives of the
Government conferred in Washington A pril 20 with Secretary
of Labor Perkins on methods of formulating satisfactory con¬
Wagner Labor Relations Act as approved by
the U. S. Supreme Court.
It was reported that the meeting
was characterized by complete harmony, and at its conclusion
Miss Perkins announced that two more conferences had been
tracts under the
One of those will be held on April 29 and the other
on
May 4.
Among those who attended the meeting on
April 20 were William Green, President of the American
Federation of Labor; John L. Lewis, Chairman of the
Committee for Industrial Organization, and Harper Sibley,
President of the Chamber of Commerce of the United States.
air mail service in Europe, Asia,
Africa, Australia, &c., and Transpacific Air Service.
and
Mexico,
Washington dispatch of April 20 to the New York
'Times," in commenting on the outcome of the conference,
following announcement was issued on April 19 by
Reserve Bank of New York regarding the ob¬
The
Federal
the
2
a.
tomorrow
m.
be set ahead
will
rift
no
was
in
Secretary Perkins
the conference,
summing up the situation at the end of the day.
labor contestants, spokesmen for the American
for
Committee
These
two
and
unions
Industrial
Organization,
a
united in opposing the
groups
other
prevailed.
trade
cooperative spirit
Federal incorporation of
All Banks
To
was
"The pattern of the
explained, experiences were
exchanged and the
atmosphere was most friendly.
sides agreed
"Both
to observe collective
bargaining contracts as
sacred
their asso¬
ciates.
They agreed that labor's success in bettering itself by collective
bargaining should be fitted into the pattern of success for industry."
This latter view, she added, was expressed by Daniel "Willard, President
of the Baltimore & Ohio RR.
She said it was heartily approved by both
and binding
and proposed to recommend the same attitude to
the employers and spokesmen for
the unions.
and
ference almost gingerly by one
This subject was
of the employers, as
be studied.
This approach conincided with
other employer circles
information disclosed at the same time in
that the incorporatini proposal has run
late in the minds of the small, but imoprtant group
downhill of
of men who help fashion
would compel
compulsory incorporation of trade associations, it was indicated.
Secretary Perkins had invited both capital and labor spokesmen into the
same room where, with a small group of public representatives, they could
discuss many of the questions which both sides might wish to take up in
connection with the Supreme Court decisions validating the Wagner Act.
Compulsory incorporation of unions
policy for industrialists.
pointed out that her department was charged
mediation and conciliation of industrial disputes.
The
In introductory remarks she
with the dutires of
conferences
were
parties most concerned, so as to help reduce
outs," she said.
Labor
and
time
hour
experts
of the game
by leaders among the
explained, could stabilize industrial
management, she
rela¬
good offices and the advice of
Out of the conferences she hoped would come
procedures and safeguards that could be
mutually agreed on. in the interest
stabilizing labor relations.
of Brokers as
Problems of Exchange and Members
National
of
Means to Solve
Organization
Suggested by T. R. Benson, President
Stock Exchange
of Chicago
of the St. Louis
and Chicago Stock Exchanges at the Statler Hotel, in St.
Louis, Thaddeus R. Benson, President of the Chicago Ex¬
change, suggested the formation of "a national organization
of brokers as a means of more adequately and more satisfac¬
torily solving the current and future problems of the stock
Addressing approximately 150 members
exchanges and their members."
We
are
Nation.
tremendous business
a
and
a
Mr. Benson stated:
great factor in
the progress of the
through Exchange memberships.
I
suggest we consider an organization of the trade association character,
organized for the purpose of promoting the welfare of the business on
the basis of just and equitable principles of trade and practices.
I am
confident it would be a great factor in helping us as individuals, as firms
and
to
as
We
are
not
Exchanges to
perform
as
our
united
perform
contribution
except
the functions we are earnestly endeavoring
to
the progress of
Mr. Benson urged brokers to
our
will be
New York,
and this Bank will operate
,
L.
HARRISON, President.
13,
annual
its
issued,
York
Daylight
of
survey
will be
New
of
Association
Merchants
The
April
on
Saving, which
17
Brunswick, Nova
Scotia, Labrador and Newfoundland as well as in Ontario
and Quebec, and that during the year it will be observed
in 10 other countries or territories, five of which are in
Europe. The following is also from an announcement by the
the
that
time
extended this year into
New
into
States,
United
the
of
States
Merchants Association bearing on its survey:
will
Saving
Daylight
in
be observed
in Atlanta and certain other points
Georgia, and a campaign for it is being carried on in Spartansburg, S. C.
In New York State observance in
1937 will be the same as in 1936,
will
include practically
of Rochester
exception
all
of the large
with the
towns and cities
Syracuse.
and
will be observed through the States of
Connecticut, Rhode Island, New Jersey and1 Delaware, and
Massachusetts,
Saving
Daylight
will be exten¬
in Maine, Illinois, Pennsylvania and New Hampshire.
A
growth in New England has been shown, since last year—most
sively observed
marked
notably
display
adjust
the
the
over
new
where, despite a State law prohibiting the
Daylight Saving Time, the list of towns which will
of their industrial establishments, stores and offices to
has more than doubled since 1936.
It is estimated that
New Hampshire,
in
public
of
hours
time
90% of the towns in Maine and over
80% of those in New Hampshire
practical purposes, be on Daylight Saving.
Minneapolis, Minn., while there will be no official
will, to all
In
there will
Daylight Saving,
of
time in
adoption
be unofficial observance of the new
business establishments.
President Roosevelt Will Depart
April 28 for Two-Week
Fishing Cruise
April 28, depart for
President Roosevelt will, on
a
two-
vacation in the Gulf of Mexico.
En route, he
will visit New Orleans, Biloxi, Galveston and Fort Worth.
week fishing
Washington advices of April 21 to the New York
of April 22 further reported as follows:
Biloxi next morning and motor to
Davis and
a
now
Roosevelt and his party will reach
Beauvoir, former residence of Jefferson
He will drive on to New
Confederate veterans' home.
Orleans, and after luncheon there
which is already on its way to
The President may
the
"Times"
Gulf of Mexico.
will board the Presidential yacht Potomac,
the Crescent City.
transfer to a naval cruiser or other vessel
At
any
rate, two destroyers will act
and be available for use while the
while in
as a convoy
President hunts for tarpon.
Accompanying the President on the fishing trip
wiU be Colonel Edwin
Paul Bastedo, his naval aide; Dr.
Mclntire, his physician, and possibly his son, Elliott.
the President is fishing, a small White House staff, headed by
M. Watson, his military aide; Captain
Ross T.
While
Marvin H.
Mclntyre, will
be maintained at Galveston.
Under present
whence he will go to Fort Worth
day and two nights, at the home of his son
plans the President will land at Galveston,
to
spend
a
night and day, or a
Elliott Roosevelt.
On his way to
of the Texas
Fort Worth Mr. Roosevelt may stop to review the
cadets
Agricultural and Mechanical CoUege, and also visit the San
Jacinto battlefield.
It is understood that the President
in his itinerary,
has now no plans to include Dallas
although he has been invited to speak there.
country.
exercise a greater influence
to promote a more intelligent use of Stock Exchange facili¬
ties.
He said that "in progress it must be recognized that
there is loss as well as profit."
He said the Stock Ex¬
changes and their members had "provided the best ma¬
chinery yet devised by which the risks of progress have
Buffalo,
and
time.
Leaving on a special train. President
Formation
During this period
Sept. 26, 1937.
York
New
GEORGE
.
..
in labor matters.
of
cities
Sunday,
in advance of Eastern Standard Time,
local
such
on
the
in
m.
a.
be effective in the cities of New York
the period from 2 a. m. on Sunday,
will
during
York,
New
1937, to 2
25,
the number of strikes and lock¬
tions, while the Government could offer its
of
V
.1
of "trying to make some rules
for the purpose
bargaining, mutually agreed upon
under collective
.
the Second Federal Reserve District
Companies in
Time"
Saving
Buffalo,
April
and
proposal
placed before the con¬
something that might
Employers did nots tress what some had been led to expect, a
for incorporation of trade unions.
Trust
and
and Others Concerned:
"Daylight
shows
of the conferees toward
helpful," Miss Perkins said.
most
was
1937]
Daylight Saving Time
Even between the inter-
compulsory arbitration.
collective bargaining
BANK OF NEW YORK
RESERVE
[Circular No. 1749, April 19,
Federation of Labor and the
"The conference was informal and the attitude
each
emphasized in
one
FEDERAL
one
There
Saving Time, which goes into effect
(Sunday), April 25 (when the clocks
hour) :
of Daylight
servance
at
local
said:
as
Daylight Saving Time in Effect 2 a. m. April 25—To Be
Extended This Year into 17 States—Announce¬
ment of New York Federal Reserve Bank
arranged.
A
well
as
Departure of
J.
P.
Morgan for England—To Attend
Coronation
head of the banking firm of J. P. Morgan
& Co., New York, sailed for England on April 21 aboard the
Queen Mary. Mr. Morgan will attend the coronation of
King George VI. and return immediately after.
J. P. Morgan,
2762
Financial
Premier
Van
Zeeland
of
Belgium to Visit President
Expected to Discuss Plans
for Lowering International Trade Barriers
Roosevelt
in
Premier Paul
June—Is
Van
Zeeland
of
in Wash¬
ington about June 12, it was announced on April 16.
The
official purpose of the Premier's visit to the United States is
to receive an honorary degree from Princeton University,
but it was predicted this week that he will discuss with
President Roosevelt methods of lowering world trade bar¬
riers.
Associated Press advices of April 16 from Brussels,
Mr.
Zeeland
Van
known
is
visit to this country, said:
be
to
close
a
the economic
American affaire.
Success
Great
France, officials said,
Britain
and
conference dealing
The
dent
Premier
with
national
He
has
of
Economics
should
Premier
here with Dr.
barriers to inter¬
reduce
President
of
the
government
him
of economic experts, some of
find
to
job,
His
Washington.
to
is
circles,
government
out
interpreted
as
of
Charles
International
in
precisely as possible what
down trade barriers and
as
•
Textile
agreements or
Adjourns—40-Hour
Conference
Delegates Shorter Week
International
Textile
Conference, wTnch
liad
adjourned
marks
Mr.
been
industry
compromise clause that final recommendations
regarding a world-wide 40-hour week be left up to the inter¬
At
national labor conference in Geneva in June.
House reception
the 200 delegates to the conference that adoption
of a 40-
direction
the
con¬
ference appeared in our issue of April 10, page 2400.
The success of the conference, and the speed with which
delegates resolved their conflicting views, were commented
at the closing session April 17 by Secretary of Labor
Perkins, John G. Winant, Chief of the American delegation,
William Green, President of the American Federation of
Labor, Harold Butler, director of the International Labor
Organization, and spokesmen for some of the countries rep¬
resented.
The Washington correspondent of the New York
"Times," in advices from that place April 17, summarized
the session that day as follows:
upon
Governor
Winant,
bringing about the decision
formally,
in
as
time in
and
who
the world's
employees
industry which employs
instrumental
was
hold the technical
to
from
nations had
years
in
ago
pointed out
of govern¬
together in¬
come
meeting, to discuss conditions in
substantial percentage of
a
two
conference,
the
an
industrial
world's
field
of
international
it
too
much
to
the
level
to
Butler
measure
duced
of
the
"The
down
week
would
country
rose
at
than
success
in
of
great
a
approaches
we
have
may
a
trade?"
Secretary Perkins
he had1 thought
the
said
achieving
far greater
a
possible, seemed also to have
ideas
to
seems
Perkins
that
pro¬
social
of
have
progress
proved
with business
fruitful
at
or,
any
Praises
discussions
was
impressed
was
future
"the very
by
the frankness
which
had
appeared
as
controversial
so
Green,
should
he
like
said.
apply
that
make
.
president
to
to
as
meetings.
member of the
of
the
American
governing body,
Federation
said that he
on
was
have
conference
a
"I should
rule
of
like
to
with
get
unanimous
the
men
impressed
the
in
and
with
in the tex¬
unanimity.
responsible for that
their formula,
approval
Labor
of
social problems
tile industry to compose their differences to the point of
could
in her the
result of the frank
a
point where they might well be resolved
a
ability of those who handled the report
result,"
with
heart of the democratic method."
the Secretary added, that
items
certain
William
Workers'
she
industry and that the conference confirmed
agreement unlikely were now at
"I
because
family
I
wish
I
of labor in
America just now."
Edward
that
the
that
it
The
wide
he
be
sought
to
excessively
12%
only
Rieve,
shorter
it
although
representing
hours
when
65-hour
the
British
refute
costly,
week
was
that
contentions
asserting
estimates
prior
labor
had
the
in
this
costs
the
placed
figure
occurred
short
week
decreased
He
the
to
Scholes,
claim
further
extent
national
this
British
employers'
linked and
State
addressed
Hull
that
the
the
of
to
and
wage
level
inter¬
further contended that
He
sales to agricultural
Secretary
12.
April
on
countries.
Agriculture
of
Mr. Hull
barriers, while Mr. Wallace
textile
the
follows
as
hours
essential
it is
conference
welfare
their exports.
upon
argued
industry
the status of the cotton grower.
on
outlined
were
said
and
urged lower tariff and trade
largely
delegate,
before discussing shorter hours.
of
experimental.
is
practice self-sufficiency to
could
country
of shorter hours would reduce
Secretary
it
40-hour week.
that
indissolubly
wages
increased cost
said
that
contentions
employers' delegates, countered with
the fact that United States exports
denying business to nations dependent
were
Wallace
ignored
of the
Ashurst,
questions
British
British
to
Rieve
charged
of
Thomas
disprove
result
a
as
the employers objected
but that nevertheless each time a
States, French and New Zealand experience with
adviser
Mr.
that
the parley that every
workers, told
survived and profited.
industry
Mr. Rieve cited United
the
American
proposed in this country
were
be economically unsound
would
reduction
in
Washington
a
depended
Their addresses
dispatch
of
April 12 to the New York "Herald Tribune":
Henry A.
conference
the
Southeast,
their
"The
he
said,
labor
unless
labor
available
of
the
low
said
that
the
in
area
can
be
has not
made
farm
been
of
them
capacity,
and
to
this
a
government
absorbed,"
population
nationalism
surplus of
policy would
mean
the
he
declared,
will
clear
is
continue
to
"means
be
■
,
virtually to balance
:
kind," he continued.
some
'"To most
idle surplus capital, labor and productive
regimentation
distribution.
supervise
In
States.
the
at comparatively low wages."
economic
produce
the
on
cottpn growers draw
remunerative it
more
production and consumption internally."
"All nations
United
and
manufacturers
income
factory work
Hull
address to
an
supplies of labor.
growing
this
in
industry depended in large part
particularly
textile
same
surplus
from
of the
grower,
both
the
cotton
for
Secretary of Agriculture, said
the welfare
cotton
workers from
"and
that
Wallace,
that
of
status
It
to
limit
would
production,
mean
less
to
peg
prices
consumption,
lower
on an ever increasing scale."
Secretary of State added that "both durable peace and the economic
being
of
among groups
J.
Phelan,
conference
was
a
assistant
has
begun
successful
conference
reduction
of
director
as
an
the
ILO,
but
told
he
the
could
delegates
now
say
April 15 voted to recommend world-,
"unreasonable
following day' adopted
the
trade
statement
international labor conference in
of
experiment,
experiment.
on
National
the
with
whole
world
common
require
interests and
cooperation
common
among
nations,
and
objectives."
Safe
Deposit ,v Association to Hold
in Washington May 6-8
barriers," and
providing that
Geneva
Annual
Convention
May 8, it
was
Washington.
Deposit Asso¬
Washington, D. O., May 6 through
announced this week by Curtis Hodges, Execu¬
the
the
next June should
Capital Committee,
Modern trends in their specialized branch of
banking and methods to
the
Candor
Government, employers and labor delegates approached the prob¬
the textile
She also had observed,
i
produced equal, if not larger,
tive Director of the Greater National
linking the
industry
belief that frank discussion
the
has
than
ciation will be held in
"
at
schedule
The annual convention of the National Safe
Progress
of something new.
germ
Miss
in
Press, in a
Best's re¬
37%.
conference was
rate, potentially very fruitful," he said.
lems
40-hour
40-hour
the tendency which has been all
reverse
world
of the opinion that the conference,
was
experiment
prosperity
which
the
under
reported Mr.
(
American business
said that
United
The
of April 13,
reduction of barriers to increase
these
Social and Business
Mr.
this
attitude of
"The need for protecting 6tandL
a
hope that from
of labor standards and
up
manifest
too
the
that
equally plain.
was
leveling
trade
Mr. Winant.
demonstrated, but the need for
was
"Is
asserted
the summary to show the attitude of
American business.
figures,
well
the
positive, not negative," said
trade
delegate,
the most important matter at the sessions
representing United States employers, told
April 13 that the 40-liour work week has
these
The
Advance in Study Technique
ards
;-V ■"VVe/''
Government
living standards and the dole
workers.
"In
amend¬
If an
said, he would' move to
on
dispatch
follows: v
as
With
Mr.
history, representatives
many
New England town
a
Geneva."
to
prevalent, and that capital available for plant improvement has risen 70%.
had told
April 9, President Roosevelt
on
White
a
hour week for the industry would be a step in the
of better social conditions.
Previous reference to
workers
was
back
go
1
Best,
Best
dividends
April
on
17 after adopting a report on social problems of the
ments,
Thomas Ashurst,
prepared to allow
"not
were
the report, he
^
French
Washington
William
Improve Social Conditions
for the first
to
in
reference to it in
upon
boon to
a
Emil
in session in Washington for two weeks,
that,
Picquenard,
Robert
the
Former
hours
included
they
.
Roosevelt Had Told
a
that
were
the conference
Week Issue Left to Geneva Parley in June—Presi¬
including
said
summary.;
delegates.
that
The
weekly
of
time and adopted
Summary
Vandeputte's proposal.
working
on
kind
insisted
and
in
Mr.
question of the 40-hour week
time
Would
this
Inclusion
on
followed
delegate,
employers'
cutting
agreements must be combined with political
be entered into separately.
dent
debate
suggestion
any
ment
follows:
reduction
for
social aspects of the textile industry.
on
lively
British
and is expected to collect
Reichsbank,
going to Washington.
accompany
trade
of the German
views
government is willing to do toward
whether
need
the
to
by Victor Vandeputte, French workers' delegate,
Clash
A
the
Hjalmar Scliacht, Germany's Minister
Zeeland is assembling a staff
Van
will
French
can
done to
be
received preliminary
and
reference
a
proposed
was
report
been
conversations
data before
each
what
on
already
recent
whom
given to him by
to a world economic
might lead
the
observer of/»
sympathetic
commerce.
in
more
and
"assignment"
include
to
move
hours
when the conference met in general committee for the last
conversations with Presi¬
Hull before he starts sounding out leading Euro¬
and Mr.
governments
The
work
debate the whole
commercial and interrelated problems.
many
York "Times" of April 17, recorded this action as
understood! to desire personal
was
Roosevelt
pean
of
April 24, 1937
•-
decide regarding the need for reducing hours in the textile
industry. A Washington dispatch of April 16, to the New
Belgium will confer witli
President Roosevelt and Secretary of State Hull
after mentioning the proposed
Chronicle
general theme of
cope
with the
new
the convention.
situations will be
Sir Wilmot
Lewis,
correspondent in Washington, will give
the featured address at the banquet and dance on the
closing
London newspaper
night, May 8.
/.
TJie program for the three-day meeting was also announced
this week
by Richard E. Harris, Assistant Treasurer of
the American Security & Trust Co.,
Washington, and
General Chairman of the convention.
Opening the first
day's session (May 6) will be the meeting of the Associa¬
tion's advisory council, reading of reports and election of
officers.
In the afternoon the delegates will visit Mount
Vernon, Arlington National Cemetery ana Fort Myer. At
night there will be an informal get-together dinner. A broad
program in answer to "The Challenge to Association Ex¬
istence" will be given in an address by George J. Keevil of
the Westfield Trust Co., Westfield, N. J.
Other speakers
include the following:
Frederick P. H. Siddons, Secretary, American Security &
Trust Oo.
Washington; Stephen F. Wadsworth, Boston; Martin L. Jensen, the Chase
Safe Deposit Co., New York; Andrew W. Troeger. Safe
Deposit & Trust
Co., Baltimore; Elizabeth A. Wills, First National Bank, Cincinnati; Ralph
D. Slaymaker, Manager, Union Safe Deposit Co.. Kansas
City; and E. D.
Madden, McCann-Erickson. Inc., New York.
\
Volume
ITEMS
Financial
144
ABOUT
BANKS,
COMPANIES,
TRUST
P Arrangements were made April 16 for the transfer
New York Stock Exchange membership at $110,000.
previous transaction
at $106,000, on
was
&c.
of a
The
partner; in March of that same year he was also
admitted to membership in the New York Stock Exchange.
a
♦
;•
George M. Woolsey, a partner in the firm of H. N. "Whit¬
ney & Sons, members of New York Stock Exchange, died on
April 22 in Doctors Hospital, New York City, following an
illness of three weeks.
Mr. Woolsey, who lived in Old
Westbury, L. I., was 65 years of age.
He was President
of the American Society for the Prevention of Cruelty to
Animals since 1932 and was a director of the Suburban
Investment Co., and the New Jersey Suburban Water Co.
•
in E. A. Pierce & Co.,
Edward L. Burrill, a partner
New
York Stock Exchange, died on
April 19 in the|Harkness Pavilion of Columbia-Presbyterian
Medical Center, New York City,
He was 73 years old.
Mr. Burrill graduated from Columbia College in 1885 and
had been in Wall Street since that time.
He was a member
York, members of the New
20 years.
of E. A. Pierce & Co. for over
«
Charles E. Gillespie, who has
been with Harlem
Savings
various positions,
been appointed Assistant Secretary of the institution
placed in charge of the 157th Street and Broadway
has
and
branch.
♦
J.
of
office
The
—
York representative of
New
Fea,
H.
London, on and after Monday next,
April 26, will be located at 55 Cedar Street, this city.
Ltd.,
Bank,
Lloyds
"
♦
The Chase National
that this department will continue, in gen¬
provide the facilities formerly afforded by the
Mortgage Certificate Loan Corp. for obtaining loans secured
by guaranteed mortgage certificates or by the securities
resulting from the reorganization of a guaranteed mortgage.
is planned
It
to
Applications for loans of this type may be made at the
department or at any of the branches of the bank.
The
Chase National Bank has purchased substantially all the
taken
the personnel of that corporation into its new
An announcement in the matter also had the
Mortgage Certificate Loan Corp. and has
assets of the
over
most of
department.
be
and
Certificate Loan
The
dissolved.
corporation
Corp. has discontinued business and1 will
was organized as an emergency measure
opened for business at 165 Broadway
guaranteed mortgage certificates to borrow
enterprise
82
was
financial
Finance
holders of certain types of
against their certificates.
The;
holders in part by some
part by Reconstruction
financed as a service to certificate
institutions in New York,
and in
Corporation.
of
Bank
Savings
Fulton
Kings County, Brooklyn,
the reconstruction period
19 celebrated its seventieth
anniversary.
Its founders were the Hon. Frederick A.
Schroeder, a business man who later became Mayor of
Brooklyn; August Kurth, a prominent civil engineer, and
Dr. Henry Medler, an educator.
From its very beginning
the bank has expanded and prospered, its deposits today
aggregating more than $36,000,000.
Since its opening on
April 19, 1867, the institution has had but five Presidents,
N.
Y., which was established in
following the Civil War, on April
two
of
became
whom
incumbent
is
since
Richard
of Brooklyn.
The present
Wulff, who has held the office
Mayors
J.
1, 1930.
Jan.
Carrick
Carrick
(P.
O.
Pitts¬
the
on
April 13 elected Joseph P. Lewis, heretofore
Vice-President and Cashier, President of the
institution and
Vedder, formerly Assistant Cashier, to
the casliiersliip.
Other changes made in the bank's per¬
sonnel were the election of C. H. Bracken, an attorney, as
advanced
Harry J.
office, and the ap¬
lias been with the
Assistant Cashier.
Chairman of the Board, a newly-created
pointment
of
Harold M.
bank for many years, as
Collins,
who
♦
The annual
will be held
pendent" and formerly a Vice-President of the institution,
elected President, succeeding the late Benjamin F.
was
Williams, while Percy A. Brown was made a Vice-President
of Mr. Heffernan.
At the same meeting Dwight K.
in lieu
Fisher
was
elected
a
director.
»
National Bank of Richmond, Va.,
statement as of March 31, reports total
The First & Merchants
condition
its
in
total assets of $75,100,500, com¬
$81,908,049 on
securities are
shown at $21,731,506 against $19,941,699 at the end of last
year, and loans and discounts, other than call loans, at
$9,414,570 against $9,934,179.
Capital of $3,000,000 is un¬
changed; surplus rose from $2,600,000 to $2,650,000, but
undivided profits dropped to $582,120 from $659,239 on
deposits of $67,986,380 and
pared, 'respectively, with $74,924,017 and
Dec. 31, 1936.
United States government
Dec.
31, 1936.
♦
monthly meeting of the directors
recent
the
At
field day
this year on
of the Bond
Club of Philadelphia
Friday, June 11, at the Pliilmont
Activities of the day will be'
under the direction of Edward Boyd Jr. of Brown Harriman & Co., Inc., Chairman of the Field Day Committee.
Other members of the Field Day Committee are:
Wallace
M. McCurdy, Thayer, Baker & Co.; Clyde L. Paul, Paul &
Co.; Samuel Evans Jr., Joseph W. Gross & Co.; Loring
Dam, Eastman, Dillon & Co.; Thomas S. Gates Jr., Drexel &
Country Club, Philadelphia.
of the
Norfolk, Va., three changes
were
made in the personnel of the institution.
John S.
Alfriend, previously Assistant to the President, was ad¬
vanced to Executive Vice-President; S. T. Northern was
National Bank of Commerce of
Vice-President and Cashier, and
promoted from Cashier to
T.
I.
Jr.
Patten
Van
President to a
was
advanced
Assistant Vice-
from
Robert P. Beamon is Presi¬
Vice-President.
The Norfolk "Virginian" of April 15,
authority for the above, added, in part:
Mr.
Alfriend's
new
position will be virtually the same as that which was
by James B. Dey Jr., who died on March 31.
Mr. Dey had the title
Senior Vice-President.
Mr. Alfriend also was made a member of the
held
of
bank's Board of Directors,
to succeed Mr. Dey.
'
.
——»
of
election
The
Payne,
A.
Andrew
member
a
of
the
Maier &
Vice-President of the Central Trust Co. of
Charleston, W. Va., law firm of Payne, Minor, Ray,
Davis,
a
as
Charleston
officials of the company re¬
announced by
was
cently, according to advices from that city appearing
"Money and Commerce" of April 17, which added:
native
A
of
Charleston,
Mr.
Payne has
been
actively
engaged
in
in the
from Washington and Lee
his connections with the law firm and devote
practice of law in the city since his graduation
his
entire
He will
time to
sever
his
duties
as
of
official
an
the trust company,
it was
announced.
It is learned
advices, appearing in
from Norwalk, Ohio,
"Money and Commerce" of April 17, that C. H. McMann,
heretofore Vice-President of the Wakeman Bank, Wakeman,
Ohio, has been elected Executive Vice-President and Secre¬
the past eight
Assistant Cashier, has been promoted to Cashier and
Treasurer, to succeed the late J. Gail White.
years
*
Effective
14, the American National Bank in
Wetumka, Wetumka, Okla., was moved to Wevoka, Okla.,
and the title of the institution changed to the First National
April
Bank in Wewoka.
*
Arthur L. Chandler has been elected Assistant Vice-President
of the First National Bank of
was
St. Louis, Mo.
Mr. Chandler
recently cost analyst of the Miller's National Federation.
•
*
of March 31, the Barnett
as
shows total resources
(as compared with total assets of $25,579,518
on Dec. 31, 1936) of which the principal items are:
United
States securities $11,073,643 (against $10,429,810 on the
earlier date); cash and due from banks, $6,942,219 (as com¬
pared with $5,767,097) and loans and discounts, $5,417,120
(against $5,245,822).
On the debit side of the report
total deposits are shown at $24,567,251, as compared with
$22,612,567, and combined capital, surplus and undivided
profits at $2,636,447, as against $2,618,943 at the close of
last year.
The Barnett National Bank was established in
1877.
Bion H. Barnett is Chairman of the Board of Di¬
National Bank of Jacksonville, Fla.,
Bank,
of
burgh), Pa.,
♦
made on April 16 in the personnel of
the Wilkes-Barre Deposit & Savings Bank, Wilkes-Barre,
Pa.
Thomas F. Heffernan, publisher of the "Sunday Inde¬
Two changes w7ere
In its condition statement
»
Directors
He was
1930.
Federal Department of Justice for 2% years.
recently been in the legal department of the Philadelphia Co.
tary of the institution, and K. C. Buckley, for
«
The
admitted to the bar in
was
.
.
the
in June, 1935, for the purpose,
of affording an opportunity to
others,
among
He has
.
in
attorney
University.
following to say;
The Mortgage
Macfarlane
Mr.
associate
dent of the institution.
New York has
opened a new department, known as the Mortgage Certifi¬
cate Loan Department, at 52 Cedar Street, seventh floor.
eral,
April 15 by James C. Chaplin,
In noting his appointment, the
Pittsburgh "Post-Gazette" of April 16 further said, in part:
-
Bank of the City of
Assistant Trust
of Pittsburgh,, Pa., accord¬
ing to an announcement on
President of the institution.
several years in
New York for
Corp.; J. Paul
and Samuel Y.
♦
Macfarlane has been elected
F.
Officer of the Colonial Trust Co.
Brooklyn Latin School.
After leaving that institution,
he joined the Guaranty Trust Co. in 1898.
Mr. Wood
became affiliated with Pouch & Co. in 1912, and in 1918
Bank of
Theodore
Barringer,
Malcolm
Edward A. Wood, a member of the New York Stock
Exchange and a partner of Pouch & Co., New York City,
died on April 16 in a New York City Hospital at the age of
57.
Mr. Wood was born in Brooklyn and studied at the
became
S. Mead, the First Boston
Brown Harriman & Co., Inc.,
Gibbon, W. H. Newbold's Son & Co.
Co.;
April 8.
♦
2763
Chronicle
of $27,663,254
rectors; Arthur F. Perry, Vice-Chairman'of
and William R. McQuaid, President.
the
Board,
—
In
its
National
condition
Bank
$40,151,189
1936).
Cash
(as
statement
compared
of
as
of Jacksonville
March 31, the Florida
resources of
reported total
with
$40,906,089
on
Dec.
31,
Included in the items making up the assets were:
on
hand and due from banks, $15,664,643 (against
2764
Financial
$22,033,138
Dec. 31) ;
on
ties, $10,245,006
and
On
shown
$9,600,138
liabilities
at
(as
compared
the
of
side
report,
with
total
$7,185,609).
deposits
but surplus and undivided profits had increased to
from
THE
$731,763.
George J.
Avent
is
President
evidence
were
the
»
special significance.
in¬
981,481
March
National
31, 1937,
of
sources
Dec.
trend.
♦
31,
019,576
of
Jacksonville,
compared with
as
$42,383,718
1936.
the later
Bank
The
statement
items
Cash
were:
and due from
assets
appearance
banks, $18,-
Corp.
on
There
through the list that
the
2
whole
a
an
was
New York Steam
6Hi-point gain of Friday.
Carrier Corp.
note
included
was
another
advance of 4 points.
Alabama
Power
(7 pref.),
24 points to 7724. and Tubize Chatillon A, 724 points to
85.
institution.
as
few strong
trading
the
of the strong stocks and added 4% points to
Other gains of
unchanged at $3,000,000, but surplus and undivided
to $1,053,787 from $893,506.
Edward W. Lane
were a
gave
of steadiness, but the market
was one
some
The daily transfers
evenly balanced during the
Saturday.
active stock and closed at 523^ with an
rose
the
fairly active and in
weak and the turnover far below normal.
on Dec. 31); United States
obligations, $18,205,030 (against $16,761,056) ;
discounts,
$5,205,689
(as
with
compared
$5,268,460), and banking house, furniture and fixtures,
$1,107,154
(against $1,113,050).
The bank's capital re¬
heads
generally quiet and
were
extremely low level.
trading
stocks scattered
in
(as against $16,914,567
mained
an
brief period of
government
loans
and
profits
been
Losses and gains were about
on
the
up
Metal stocks have
continued at
re¬
respectively,
making
Public utilities
instances have registered modest gains.
of
deposits and
total
as
$46,455,081,
and
chief
Fla.,
buying at higher prices, the
oil shares have moved backward and forward without definite
deposits of $45,857,037 and total resources of $49,were
reported in the condition statement of the
Atlantic
some
changes in the general list have been small and without
stitution.
Total
during most of the present week, and while the
specialties have attracted
$773,751
of
CURB EXCHANGE
Quiet trading and irregular price movements have been in
$37,806,558 as compared with $38,524,074 at the
Capital stock remained unchanged at $1,500,000,
year-end.
April 24. 1937
States government securi¬
(as compared with $7,249,000), and loans
discounts,
the
United
Chronicle
The
total transfers
were
approximately 159,000 shares
with 319 issues traded in.
Sale of the controlling interest in the First National Bank
of
Narrow
Arizona, Phoenix, Aliz., to A. P. Giannini of California
and
Transamerica
Corp.
announced
April 12 by
C. H. McKeliips, President of the acquired
institution, it is
market
learned
losses
from
that date.
Phoenix
was
advices
on
by the Associated Press
on
♦
,
Directors
of
the
Francisco, Calif.,
Crocker
First
National
Bank
of
San
April 12 announced the appointment of
Henry L. Kaufmann as Assistant Manager of the foreign
department of the institution, according to the San Fran¬
cisco
on
"Chronicle" of April 13, which went
Mr.
of
Kaufman
six
months,
has
just
returned
which the
hank
to
allows
active
on
service
to say:
following
employees who
have
a
been
vacation
with
Anglo
California
National
Bank
statement
(head
of
as
office
San
March 31,
deposits of $201,447,053 and total resources of
as compared with $207,954,082 and $234,440,542, respectively, on Dec. 31, 1936. The principal items
making up the total assets in the present statement are:
$230,280,678,
discounts, $109,408,997
the end
last
of
$55,063,314
ment
(against $106,679,964 at
year); cash on hand and due from banks,
(against $63,174,828) ; United States Govern¬
securities $31,851,746
(as compared with $31,851,746)
and State, municipal bonds, other securities
$22,894,725 (as
against $22,156,129 on the earlier date). The bank's capital
and
surplus remain unchanged at $15,400,000 and $3,350,000,
respectively, but undivided profits have increased to $1,800,875 from $1,784,208 at the year's end.
—♦—
Right Hon. the Earl of Clarendon has been elected a
director of Barclays Bank (Dominion, Colonial and Over¬
seas).
On April 12 the business of the institution hereto¬
conducted
111
at
W, S. 2, London,
St.
Martin's
Street, S. W. 1.
spur
Lane,
Charing Cross,
transferred to Oceanic House. 1 Cock-
was
1
4
A condensed balance sheet of the Mitsui
Bank, Ltd. (head
office Tokio, Japan), as of Dec.
31, 1936, shows net profits
for the six months ending that date of
14,421,540 yen (in¬
cluding
transfer
cated
balance
from
last
of 9,811,577
60,629 yen), which
account
from pension fund of
yen
and
was
allo¬
follows: 2,400,000 yen to pay a dividend to the
shareholders; 1,000,000 yen added to reserve fund; 410,000
yen contributed to pension fund,
and 230,000 yen to pay
bonus, leaving a balance of 10,381,540 yen to be carried
forward to the current half-year's
profit and loss account.
Total
yen,
yen;
other
as
resources
of which
are
government
bonds
72,851,209
58,449,867
to
shown in the
loans
and
statement
discounts
bonds,
142,124,237
154,706,406
yen;
amount
yen;
1,103,502,564
518,688,998
municipal and
as
to
foreign bills purchased to
yen; cash in hand and at the Bank of
yen, and money
Japan, &c..
at call and short notice, 30,720,000
On the debit side of the statement deposits are given
yen.
The bank's paid-up capital, 60,000,000
yen, and its reserve funds and undivided profits amount to
yen.
as
856,924,636
71,181,540
yen.
The New York agency of the Mitsui Bank,
Ltd., is at 61 Broadway.
4
D. L.
ager
Bank
Ripley has been promoted from teller to bro-Man-
of the Sunset
of
Los
and
Alvarado
office
of
the
California
Angeles, La.
T. E. Ivey, Vice-President,
announced on April 17, following the regular monthly meet¬
ing of the directors.
Prior to entering the employ of the
California Bank in 1922, Mr. Ripley was connected with
the Midland National Bank of Minneapolis/Minn.
were some
gains but the
Transfers
were
at an
specialties
group on
Tuesday, and while
which
,
continued its remarkable
advance and
extended its
top 834 points to 151 at its high for the day. Carrier Corp.
again turned upward and closed at 54 with a net gain of
2 points on the day, and New York Steam Corp. worked
up to a new peak at 32)4- Public utilities made few changes
either way
and mining and metal stocks were fairly steady.
in the day's advances were Brown Co. pref.,
points to 78; Sherwin-Williams, 2)4 points to 140, and
Singer Manufacturing Co., 5 points to 305.
Following an early rise curb stocks eased off Thursday and
with the exception of a few market favorites prices held close
to the quotations of the previous day.
Wayne Pump was one
of the strong stocks and broke into new high ground at 4624
at its top for the day, but feil off as the session progressed
and closed at 4524 with a net gain of 1 point.
New York
Steam Corp. climbed to 33 and registered another new top.
Mining shares were represented on the side of the advance
by Lake Shore Mines vrhich moved ahead 1 point to 51 24
and Bunker Hill-Sullivan which gained 424 points at 12724Royal Typewriter also attracted some buying and advanced
224 points to 10024The transfers were 306,825 shares
Prominent
3
The
fore
There
>
re¬
ports total
Loans and
Monday.
Manufacturing Co. was the strong feature of the day as it
surged forward 10 24 points to 142 24» and American Manu¬
facturing Co. improved 3% points to 4824- Sherwin-Williams
was also active and advanced 2 ]4 points to 137 24
and Todd
Shipyard forged ahead 2)4 points to 6324- Public utilities
were fractionally higher, oil shares were
quiet and mining
and metal issues were generally irregularly lower.
Selected stocks, particularly those in the specialties group,
moved briskly forward on Wednesday and several new tops
were
established before the market closed.
Noteworthy
among these advances was Pepperell Manufacturing Co.,
six months.
•
The
curtailment of
the changes in the general list were usually in minor fractions
there was a slight tendency toward higher levels. Pepperell
Mr. Kaufmann will temporarily take over the duties of
A. R. Angel!, also an Assistant
Manager in the foreign department, who also
has just completed 25
years of service with the bank and has left for a
Francisco) in its condition
farther
in excess of the advances.
active issues in the
the
institution 25 years.
vacation of
on
a
the outstanding features of the curb
volume of sales totalng 209220
shares. New York Steam Corp. continued its steady advance
and climbed upward 234 points to a new peak at 31% at its
top for the day. General Tire & Rubber pref. A was another
strong stock and moved ahead 324 points to 106. Carrier
Corp., which was particularly active on Saturday, reacted
downward, declining 2 points to 5024- Mining shares were
down,, Newmont Mining dipping 224 points to 11624 and
Aluminum Co. of America slipping back 4 points to 154.
Moderate advances were registered by some of the more
deal involving
a
dealings
were
were
unusually low level, the
The Giannini interests, it was stated, purchased
7,501 of the bank's 15,000 shares of stock in
$500,000.
price movements and
trading activity
with 457 issues traded in.
Reactionary tendencies forced several of the regular
trading favorites to lower levels on Friday.
The market
opened fairly steady with little change from Thursday's
closing quotations but the trend turned sharply downward
as the day progressed and losses
ranging from two to six or
more points were apparent as the session came to a close.
There were occasional rallies during the forenoon but these
were not maintained.
Noteworthy among the stocks clos¬
ing on the side of the decline were Aluminum Ltd. 6 points
to 116, Babcock & Wilcox 3 points to 124, Derby Oil
pref.
4 points to 81, Jones & Laughlin Steel 2% points to
115,
Bunker Hill-Sullivan 324 points to 124 and Aluminum Co.
of America 7 points to 150.
As compared with the closing
quotations of Friday a week ago, prices were generally
lower, Aluminum Co. of America closing last night at 150
against 158 on Friday a week ago.
American Cyanamid B
at 2924 against 31,
American Light & Traction at 19 2^
against 20, Canadian Industrial Alcohol (Class A) at 6
against 624, Gulf Oil Corp. at 5724 against 5924, Hudson
Bay Mining & Smelting at 31 against 3124, New York
Telephone pref. (624) at 117 against 118, Niagara Hudson
Power at 1224 against 1324 and United Shoe
Machinery at
8824 against 8924-
Volume
Financial
144
Chronicle
2765
I
DAILY
TRANSACTION'S
THE
AT
YORK
NEW
Stocks
EXCHANGE
CURB
Bonds {Par
Week Ended,
each
of
Shares)
Saturday
Monday
Tuesday
Foreign
Wednesday
Thursday
Friday
Corporate
$33,000
$802,000
1,357,000
57,000
23.000
1,437.000
1,973,000
76,000
35,000
1,630,000
312,000
164,000
33,000
52,000
42,000
2,084,000
1,975,000
1,767.000
1,465,000
306,900
1,589,000
1,371,000
322,685
Apr. 17
Total
$28,000
$741,000
159,130
209,320
276,920
298,875
14,000
Francs
Francs
Banguede Paris et Des Pays Bas
Banque de M'rtlou Partslenne..
Canadian
Canal de
Cle
7,700
1,349
642
*•>
Pacific
-uez
Diatr
New
York
Curb
1936
1937
1936
1937
1,573,830
62,951.622
54,253,116
2,213,675
Bonds
Domestic
$14,208,000
338,000
281,000
Foreign government..
689,000
Foreign corporate
180,000
$9,530,000
Total
$176,080,000
5,540,000
5,092,000
$347,703,000
7,086,000
4,358,000
$14,827,000
$8,661,000
$186,712,000
$359,147,000
615
316
312
316
312
24,000
24,400
24.300
1.035
1,010
1,380
1,013
1,420
67
1,390
Mio
63
66
61
595
576
560
751
738
744
220
220
246
238
237
552
550
550
1,590
...
230
560
1,540
1,360
1,560
1.530
1,380
LyounatMe......
1,350
1,370
346
'
355
340
350
210
,
587
563
540
652
62?
990
970
'950
950
732
730
726
731
Nord
735
727
710
PRINCIPAL
OFFICE
55
BROAD
722
...
Ry
Ry 6%
362
370
375
FOREIGN
AND
377
23
1917
22
23
1.840
1.840
66.30
Pepetual 3%
23
1,850
65.30
64.20
64.50
65.80
65.90
66.75
65.70
64 50
64.90
65.90
64.80
63.60
64.10
70 90
69 70
69.00
69 80
70.75
Rentes 4 4%. 1932 B
Rentes 5%, 1920
sell abroad.
69.80
68 75
67.90
68.80
69.60
91.80
90.80
90.30
91.00
91.80
5,170
A
Royal Dutch
5,200
5,170
1,920
5,210
1,870
5,200
1,935
Schneider A Cle.
1,210
1,160
1,125
DEPARTMENT:
Soclete Geuerale
83
Fonclere
75
1,373
514
514
Tublze Artificial Silk, pref
184
176
174
177
445
422
425
452
Wagon-Llts
Member New York Clearing House Association
120
112
111
111
x
Ex dividend
THE
RATES
requirements of Section 522 of the Tariff
1922, the Federal Reserve Bank is now certifying
daily to the Secretary of the Treasury the buying rate for
cable transfers in the different countries of the world.
BERLIN
STOCK EXCHANGE
Closing prices of representative stocks
Pursuant to the
Act of
78
135
1,350
514
.....
136
1,360
lUnlon d Electrlctle
Member Federal Deposit Insurance Corporation
EXCHANGE
73
143
1,377
...
Soclete Marselliaise.
FOREIGN
83
1,890
145
Soclete Lyonualne
Member Federal Reserve System
65 60
1,165
Soclete Francalse Ford
YORK
NEW
950
1,908
...
Rentes 4%, 1918
Rentes 4>$s, 1932
TRUST COMPANY
STREET,
1,580
1,380
630
Liqulde
Lyon (P L M)
210
555
685
L Air
Balut Gobaln C & C
MANUFACTURERS
7,500
23,800
258
Rentes 4%.
"Foreign Exchange Regulations Af¬
Exports" contains valuable information for
Our booklet
who
605
Francs
1,200
Energle Electric! ue du Nord
HOLIEnergle Electrlque du Littoral.. DAY
Kuhlmann...
Rentes
merchants
1,287
754
.
Franoe
Pechlney
and
7,400
1,315
632
68
Pathe Capital
manufacturers
Francs
7,300
1,470'
Eaux Lyounatae cap
Orleans
fecting
Apr. 22 Apr. 23
Francs
610
Credit Commercial de
Credit
Stocks—No. of shares.
Apr. 21
7,400
320
Courtier's
Er change
Francs
1,475
Coruptolr Natlonale d'Escompte
Coty S A
Jan. 1 to April 23
23
by cable
24,000
cap............
d' Fleotrteltfe
Citroen B
Week Ended April
as received
Apr. 19 Apr. 20
Bank of France
Cle Generate d'Klwtrlcltle.....
Cle Generate Transatlantic! ue._.
Sales at
BOURSE
day of the past week:
Foreign
Gorernm't
Domestic
PARIS
Quotations of representative stocks
Value)
(Number
April 23. 1937
THE
each
as
received by cable
day of the past week:
Apr.
Apr.
17
19
We
Apr.
Apr,
Apr.
Apr.
20
21
22
23
•Per Cent of Par
Allgemelne
CERTIFIED
APRIL
FEDERAL
UNDER TARIFF
17, 1937 TO APRIL 23,
Noon
BY
ACT OF
RESERVE
1930
1937, INCLUSIVE
Buying Rate for CabU Transfers in New York
Value in
Country and Monetary
43
43
43
43
43
130
130
130
130
130
130
Berliner Kraft
166
166
166
166
165
165
Consumerz'und Prlvat-Bank A. G
114
Dessauer Gas (7%)
121
Deutsche Bank und Dlsconto-Gesellschaft..ll7
record for the week just passed:
a
EXCHANGE RATES
BANKS TO TREASURY
FOREIGN
43
113
113
113
113
114
121
120
120
119
119
117
117
117
117
117
Deutsche Erdoel
give below
Elektrlzltaets-Gesellschaft
Berliner Handels-Gesellschaft
(6%)
151
152
150
149
152
150
Rys) pf 7%.127
127
127
327
127
105
105
105
105
105
United States Money
105
169
170
171
171
170
170
151
151
149
150
151
149
146
147
147
148
149
149
Farbenindustrle
Apr. 19
S
$
Europe—
Apr. 20
Apr. 21
S
Apr. 22
S
Austria, schilling
.186785*
.186785*
.186800*
Belgium, belga—
.168496
.168611
.168559
Bulgaria, lev
Czecbosio'kla.
.012875*
.012875*
koruna
.034853
Denmark, krone.....
.219516
England, pound sterl'g4.917500
Apr. 23
S
.186S14*
(8%)
(4%)
Deutsche Relchsbahn (German
Dresdner Bank
Unit
Apr. 17
Llcht
u.
$
.187014*
.187000*
.168707
.168850
.168823
.012875*
.012875*
.012875*
.012875*
.034855
.034852
.034854
.034851
.034847
.219719
.219666
.219929
.220491
.220153
4.923300
.919708
927625
939833
.021625
.021641
.021650
.021731
.021731
.021712
France, franc.
Germany, relchamark
.044680
.044729
.044541
.044369
.044420
.402082
.402053
.402078
.402071
.009001
.009005*
.009005*
.009003*
.009020*
.547535
.547521
.547521
.647539
.197875*
.197875*
.197875*
.197875*
.052606
.052607
.052605
.052605
.052605
.052608
.24708 7
.247292
.247237
.247545
.248162
.247757
.189700
.189700
.189733
.189733
.189433
.189433
.044704*
.044604*
.044639*
.044629*
.044766*
.044700*
Rumania, leu
.007296*
.007296*
.007253*
.007310*
Spain, peseta
Sweden, krona
.058200"
.058500
.056125*
.055500*
.055166*
.253715
.253654
.253958
.254550
.254204
Norddeutscher Lloyd
18
18
18
17
17
123
126
126
126
126
125
18
;
18
18
18
18
18
201
202
200
201
200
Relchsbank (8%)
Rhelnlsche Braunkohle (8%)
Salzdetfurth (7^%)--
201
167
166
167
Siemens & Halske (7 %)
201
202
202
251
.055285*
.253495
127
18
Mannesmann Roehren
.197750*
Italy, lira
Norway, krone
Poland, zloty.
Portugal, escudo
(6%).
Hamburger Elektrlzitaetswerke
Hapag
.547514
.1978 75*
Gesfuerel
.009030*
.547528
(7%)
230
167
168
167
.402046
Greece, drachma
Holland, guilder
Hungary, pengo
G
.044348
.402050
I
Finland, markka.....
..
.931458
.007296*
.007296*
.228242
.228310
.228342
.228489
.228767
.023060*
Switzerland, franc
Yugoslavia, dinar
.228d92
.023060*
.023060*
.023033*
.023050*
.023060*
Asia—
COURSE
Bank
with
a
upon
Chefoo (yuan)
.296875
dolT
.296875
.296875
.297041
.297250
.297250
.297041
.297041
.297041
.297208
.297416
.297416
.297041
.297041
.297041
.297083
.297291
.297291
.297041
.297041
.297041
.297208
.297416
.297416
.305312
.305583
.306000
.305958
.306025
.306187
.371357
.371690
.371690
.372009
.372812
.372486
.286450
.286802
.286711
.287032
.287814
.287460
.576687
Hankow(yuan) dol'r
Shanghai (yuan) dol
Tlentsin(yuan) dol'r
Hongkong, dollar.
India, rupee
Japan, yen
Singapore (S. S.) dol'r
.576687
.577000
.577500
.578937
BANK^CLEARINGS
clearnings this week will show
year ago.
indicate that
which it is
for
the
week
ended
possible to obtain weekly returns will be 0.9%
those
.578375
a
loss for the week ended
Friday of 7.0%
Clearings—Returns by Telegraph
Week Ending April 24
4.880357*
4.867968* 4.874375*4.870625* 4.881071*4.891093
North America—
.001250
1.001538
.999166
.999166
.999166
.277500
.277500
.999166
.277500
.277500
.999166
.277500
Kansas City
St. Louis
San Francisco
.062944
.063214
.063212
.063166
.063300
Baltimore
54 ,818,141
.051725*
.051725*
.051725*
.051725*
New Orleans
38 .899,000
.569631*
.569631*
.569631
.569631*
.569631*
.786000*
.786000*
.786000*
.786000*
.786000*
$4,096,423,095
730,143,945
$4,150,097,398
638,485,830
4,826,567,040
965,313,408
4,788,583,228
948,900,121
+ 0.8
+ 1.7
$5,791,880,448
$5,737,483,349
+ 0.9
.999017
.327860*
.328070*
.328100*
,328420*
.329220*
.328960*
(official) mllrels
(Free) mllrels
Chile, peso
.087122*
.087122*
.087138*
.087122*
.087155*
.086986*
Cleveland
Colombia,
.569631*
.786000"
83 400,000
Detroit
Uruguay,
•
peso
138 725,000
123 204,679
Pittsburgh
America—
peso
...
Twelve cities, five days.
Other cities, five days
Nominal rates; firm rates not available.
Total all cities, five days..
ENGLISH FINANCIAL MAR CET—PER CABLE
closing quotations for securities, &o., at London,
reported by cable, have been as follows the past week:
Sat.,
Mon.,
per oz._
Gold p. fine
oz_
April 19
April 20
20 ll-16d. 20 ll-16d. 20^d.
141s. 2d.
Consols. 2H%- Holiday
British 3H %
War Loan—.
British 4%
1960-90
141s. 2d.
76 11-16
Wed.,
Tues.,
April 17
Sliver,
All cities, one day
Total all cities for week.
The daily
as
+35.1
.051725*
.998750
Brazil
—53.2
7.0
+ 14.7
+ 19.1
.051725
.998571
peso
161,555,000
—
.062988
.998571
South
$2,891,355,631
241,958,923
272,000,000
74,239,822
69,800,000
119,360,000
99,623,763
81,617,056
59,866,672
46,455,531
32,265,000
.999739
Argentina,
Cent
75 608,000
100 298,632
Boston
.998973
.999166
.277700
1.001033
1936
$2,689 839,851
277 519,474
324 000,000
Chicago
Philadelphia
.001445
1.002091
1.001009
compara¬
Per
1937
New York
Africa—
Our
tive summary for the week follows:
3.920535* 3.923541*3 ,920892* 3.924750* 3.939285* 3 929270*
New Zealand, pound. 3.945669* 3.953020*3 .950104* 3.952232* 3.966312* 3 960312*
dollar
today> (Saturday, April
for the
corresponding week last year.
Our
preliminary total stands at $5,791,880,448, against $5,737,483,349 for the same week in 1936.
At this center there is
Australasia—
Canada, dollar
Cuba, peso
Mexico, peso
Newfoundland,
increase compared
24), bank clearnings for all cities of the United States from
Australia, pound
South Africa, pound.
an
Preliminary figures compbed by
us, based
telegraphic advices from the chief cities of the country,
above
China—
OF
199
141s.
Id.
76 11-16
April 21
Thurs.,
April 22
Fri.,
April 23
20Hd.
20 5-16d.
20 3-16d.
141s.l^d. 140s.7^d. 140s.8^d.
77
77%
77%
Holiday
103H
103H
103H
103^
103^
Holiday
1103^
U0H
111 M
111^
The price of silver per ounce tin
on the same days has been:
cents) in the United
furnish
Bar N. Y. (for.)
Closed
45M
44^
44^
44^
44^
U. S. Treasury.
8. Treasury
50.01
50.01
50.01
50.01
50.01
50.01
(newly mined)
77.57
77.57
77.57
77.57
77.57
77.57
--23.7
--26.0
--45.8
--18.0
--20.6
—
1.3
+ 14.4
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 all
cases
has to be estimated.
In the elaborate detailed statement,
however, which
we
present further below,
we are able to give final and compleie
week previous—the week ended
April 17.
For that week there was a decrease of
results
U.
--19.5
--16.2
Complete and exact details for the week covered by the
foregoing will appear in our issue of next week.
We cannot
111^
States
102 847,589
87 262,729
for
bhe
2.8%, the aggregate
clearings for the whole country having amounted to
$6,605,162,310, against $6,795,867,332 in the same weeh
of
Financial
2766
increase of 14.4%,
Outside of this city there was an
in 1936.
recorded a loss
13.1%.
We group the cities according to the Federal
Reserve districts in which they are located, and from this it
appears that in the New York Reserve District (including
this city) the totals record a loss of 12.4% and in the Boston
Reserve District of 0.1% but in the Philadelphia Reserve
Distric the totals register a gain of 10.1%.
The Cleveland
the
bank clearnings
April 24, 1937
Chronicle
at this center having
Week Ended April
Inc.
districts:
or
1936
Dec.
1935
1934
S
1937
%
$
i
Seventh Feder al Reserve D istrlct—Chic ago—
422,821 —14.8
360,358
Mich.—AnnArbor
347,091
309,648
133,910,758
Detroit
109,196,563
+22.6
94,035,569
70,603,551
3,468,522
1,901,482
1,262,024
20,184,000
-f 21 7
2,026,108
1.516,731
South Bend—
1.638,619
Terre Haute—
5,725.186
25,082,290
1,061,313
8,561,165
3,219,807
397,541
358,879.744
2,819,092
1,499.439
1,161,845
15,882,000
1,243,112
4,878,616
19,820 799
990,620
8,163.435
3,614,834
459,833
305,123,317
017,279
813,943
-
4,765,941
1,678,247
1,712,070
Total (18 cities)
its totals by 18.8%,
the Richmond Reserve District by 11.1% and the Atlanta
Reserve District by 26.7%.
In the Chicago Reserve District
the totals show an increase of 19.0%, in the St. Louis Reserve
District of 15.8% and in the Minneapolis Reserve District
of 7.1%.
In the Kansas City Reserve District there is an
improvement of 16.7% in the Dallas Reserve District of
21.2% and in the San Francisco Reserve District of 19.1%.
In the following we furnish a summary by Federal Reserve
Reserve District has managed to enlarge
17
Clearings at-
of
574,726,346
Grand
Rapids.
Lansing
Ind.—Ft.
Wayne
Indianapolis...
Wls.—Milwaukee
Iowa—Ced. Raps
Des Moines..
Sioux
City...
+ 26.8
+ 8.6
+27.1
+ 31 8
1,514.699
721,411
1,100,187
508,769
13,295,000
10,855.000
3,974,331
3,327.526
15,875,509
14,017,666
7,147,924
5,439,247
—10.9
2,776,835
2,313,240
452,878
240,665,869
360.280
234,091,133
4,562,879
+ 17.6
+ 12.7
+4.5
1,114,299
+ 50.6
1,064.443
+60.8
3,095,706
729,719
1,026,788
482,861,890
+ 19.0
383.445,994
Eighth Federa 1 Reserve Dls trict—St. Lo uls—
+ 10 4
93,400,000
103,100,000
+27.3
32,024,038
40,760,125
79,400,000
27,164,128
+22.8
13,717.509
Chicago.-....
Decatur
Peoria
Rock ford
Springfield.—
SUMMARY OF BANK CLEARINGS
327,037
911,995
—13.5
111.—Bloorolngton
832,350
962,585
+ 17.4
+26 5
+ 7.1
+ 4.9
553,251
572,286
2,444.598
875.680
799,952
357,052,821
Inc.Or
19e6
1937
Week End. Apr. 17, 1937
1934
1935
Dec.
Mo.—St. Louis-
Reserve
Federal
%
Dlsts.
298.367,131
12 cities
298,559,754
—
Ky.—Louisville.
0.1
226,387,027
242,464,717
Tenn.—Memphis
111.—Jacksonville.
1st
Boston
2nd
New
York. 13
*
3.821,901,550
4,364,813.254
—12.4
3,372,916,509
4,289,084,094
3rd
Philadelphia 9
1
421,075,627
382,353,590
+10.1
287,193,923
338.781.160
4th
20,649,398
16.813,547
66,500.000
25.077,198
13,380,825
198,664,162
Cleveland..
5
'
359,046,923
302,345,305
+ 18.8
211,792,531
6th
Richmond
6
'
146,583,965
131,988,907
98,092,011
Atlanta....10
'
179,373,023
141,573,985
+ 11.1
+26.7
102,465,823
0th
126.391.043
Chicago ...18
*
574.726.346
482,861,890
383,445,994
8th
St. Louis...
4
•
165,203,523
142,713,585
120,740,637
Minneapolis 7
'
'
111,709,058
104,309,192
159,535,818
136,657,855
+45.8
459,000
b
4
372,000
105,203.523
142,713,585
+15.8
120,740.637
105,330,023
2,890,152
56,159,772
22,538,381
53 123.319
b
b
357,052,821
9th
+ 19.0
+ 15.8
+ 7.1
+ 16.7
+21.2
+19.1
b
476,000
116,143,548
7th
b
694,000
Qulncy
.
Total (4
cities).
105,330.023
Ninth Federal
86,761,553
79,811,309
113,091,315
Reserve Dls trict—Mlnne apolls-
Minn.—Duluth..
127,777,835
Minneapolis...
0
*
75,500,903
62,307,936
Fraa__ll
f
292,138,443
245,382,079
6,605,162,310
6,795,867,332
2,911.521,983
355,220,949
11th Dallas
12th San
.111 cities
Total
Outside N. Y. City
.32 cities
Canada.......
We
now
add
our
52,779,601
45,787,388
214,133,278
192,872,451
2.8
5,312,785.754
6,177,174,999
2,545,932,949
+ 14.4
2,053,543,181
1,978,951,988
265,959,451
+33.6
290,554,648
—
414,800
2,185,828
318,928
2.007,493
304,688,86
86,761,553
79,811,309
detailed statement showing last week's
154,751
82,758
N. Dak —Fargo.
27,111,608
2.497,811
768,337
600,715
Mont.—Billings
705,352
591,909
2,896.904
2,406,682
+27.9
+ 19.2
+20.4
111,709,058
104,309,192
+7.1
St.
Paul
_
Helena
Total (7
cities)
Tenth Federal
Reserve Dls trict—Kans
1936
1937
Reserve Dlst rlct—Boston
First Federal
652,714
Me.—Bangor
546,504
2,178,523
257,729,35S
787,219
519,214
974,273
3,617,706
2,456,2S9
1,936,428
260,615,118
New Haven...
12,788,356
4,616,274
R.I.—Providence
11,503,500
Portland-.,.-.
Mass.—Boston.Fall
River
Lowell
703,313
418,803
Dec.
—7.2
2,833.730
32,231,568
2,962,475
32.861,116
—4.3
—1.9
2,058,119
28.078,336
2,181,208
+22.7
+ 1.8
+25.0
+7.4
3,5.54,312
2,827,167
87,028,758
2,998,888
780,396
1,778,260
3.184,340
91.281,499
3,000,014
567,327
61,686
61,978
2,139,344
27,050,216
1,760,152
2,210,685
76,059,630
2,811,541
1934
+37.6
444,017
453.003
680,954
—1.1
+ 11.9
+24.0
+21 9
+2 6
+49.3
Mo.—Kan
City.
St. Joseph....
Colo.—Col. Spgs.
_%
+19.4
+ 12.5
790,528
—13.9
550.729
471.080
159,535.818
136.657,855
+ 16.7
127.777,835
113,091,315
3,240,981
Wichita...
1935
114,143,876
3,223.304
Pueblo
498,735
1,263,052
198,000,000
416,461
1,482,099
213,773.894
City
—2.3
Omaha
or
Total (10 cities)
651,483
603,103
248,45r
625,199
2,435,942
254,067
Eleventh Fede ral
Reserve
District—Da Has—
Springfield
Worcester
Conn.—Hartford.
799,290
3,527,075
1,645,007
681,495
2,616.996
1,136,434
1,109,317
—2.3
9,146,821
8,876,327
+6.7
3,014,995
3,645,212
+ 9.7
+ 15.6
9,028,000
8,318,500
413,396
21,298,782
7,787,947
+ 9.7
+23.4
1,057,961
959,759
845,609
3,529,177
75,500,903
62,307,936
+21.2
Dallas
Worth-
Fort
Galveston
1,659,404
57,959,428
7,153,784
1,478,777
47,088,237
6,165,136
638,415
2.083,087
40,669,811
4,953,844
2,161,000
1,028,753
1,883,106
2,263,663
52,779,601
45,787,388
36,296.241
4,676,069
1,913,000
242,464,717
—7.5
3,201,000
1,004,168
4,032,119
Texas—Austin..
611,749
226,387,027
3,692,000
La.—Shreveport.
+ 12.2
+23.1
+ 16.0
+ 15.3
+ 18.8
+ 14.3
Total (6 cities).
New Bedford--
460,784
85,208
Kan.—Topeka...
Inc.
as
1,998,727
573.893
147,088
Lincoln
Week Ended April 17
—2.3
19,585,579
1,747.340
83,245
.
Hastings.
Clearings at-
+8.7
—2.0
136,556
Neb.—Fremont
figures for each city separately for the four years:
3,782,640
73.946,406
2,565.860
+55 2
2,437,642
68.037,604
27,678,417
2,556,223
S. D.—Aberdeen.
10th Kansas City 10
N.H.—Manches'r
543,705
13,087,216
4,326,714
10,484,100
470,186
Total (12 cities)
298,367,131
298,559,754
—0.1
Feder al Reserve D istrlct—New
York-
Second
N. Y.—Albany..
8,327,314
Binghamton...
1,193,265
41,100.000
Buffalo..
Elmira
630,584
-
830,294
Jamestown
New York
Rochester
Syracuse
WestchesterCo.
8,998,007
1,087,961
33,300,000
629,980
550,277
3,693,640,327 4,249,934,383
8,611,636
8,116,272
4,792,943
4,194,508
3,169,698
Conn.—Stamford
2,923.138
3,743,466
*420,000
Newark
Northern N. J.
3,283,840
400,000
21,736,574
33,705,449
N. J.—Montclair
21,816,151
29,578,737
+0.1
+50.9
—13.1
+6.1
+ 14.3
+8.4
+ 14.0
+5.0
—0.4
+ 14.0
29,100,000
26,767.706
451,972
503,730
486,463
467,893
3,259,242,573 4,198,223,011
6,417,708
5,690,568
3,739,094
3,880,400
1,354,413
2.506,488
2,981,485
3,053,751
283,500
314,792
16,182,059
15,194,234
29,878,197
Wichita Falls.
Twelfth Feder al Reserve D Istrlct—San
Wash.-—Seattle..
Spokane
Ore.—Portland..
Utah—S. L. City
Calif.—L. Beach.
Pasadena
San
Francisco
cities) 3,821,901,550 4,364,813,254
Federal
Bethlehem
Chester
York
N. J.—Trenton.
404,530
1,587,144
—92
301,358
—6.0
369,000,000
883,544
278,000 000
1,445,705
2,264.884
+ 10.3
+ 13.6
1,153,869
1,907,567
4,110.300
4,028,000
.
+22 4
—9.3
+ 17.6
—2.0
b
b
1,046,646
2,243,915
Wilkes-Barre..
2,741,501
t4.0
1,780,674
2,416,289
1,464,372
2,093,706
+21.6
+ 15.4
292.138,443
245,382,079
+ 19.1
cities)
421,075,627
382,353,590
Ohio—Canton...
b
+ 10.1
b
113,063,923
63,872,765
84,966,883
13,827,400
10,290,700
+ 14.7
+33.1
+34.4
2,299,487
1,515,088
+51.8
73,284,338
Cincinnati
Cleveland.
Columbus
Maasfield.
b
b
1,108,838
2,133,883
1,383,954
981.791
2,845.000
1,117,482
1,896.418
808,467
1,096,719
2,749,000
287,193.923
338.781.160
b
b
b
49,534,205
64.471,590
9,346,100
1,321,959
b
b
87,118,677
86,942,487
Total (5 cities).
359,046,923
302,345,305
+ 18.8
211,792,531
198,664,162
181,729
2,222,000
30,489,547
933,693
51,456,368
17,182,486
140,073
2,074,000
28,322,672
921,021
51,749,424
14,884,821
102,465,823
98,092,011
D.C.—Washing'n
39,349,378
1,421,647
74,126,655
27,998,540
23,669,334
Total (0 cities).
146,583.965
131,988,907
+ 11.1
3,276,000
Richmond
S. C.—Charleston
Md.—Baltimore.
2,865,000
32,028,312
1,207,976
71,941,906
Inc.
Kingston
127,238.510
112.7S0.314
35,331,672
18,336,752
16,245,548
4,341.473
2.201,469
5,350,529
5,500,304
1,707,208
1,724,089
2,830,545
4,218,084
3,774,128
276,042
485,546
1,333,936
657,938
869,254
750,419
639,560
?54,154
601,677
592,607
942,789
2,805,054
288,949
678,183
477,389
Chatham
574,283
Toronto
Winnipeg
Vancouver
--
Halifax
Hamilton
Calgary
St. John
London
Reserve Dlst rlct—Atlant
Nashville
Ga.—Atlanta
...
Augusta.
4,336,729
22,838,514
65,500,000
1,626,723
Fla.—Jacksonville
1,271,164
19,775,000
Ala.—Birm'gham
23,559,339
Macon
Mobile
Miss.—Jackson..
1,668,246
4,069,921
18,754,179
49,700,000
1,183,376
846,359
14,856.000
17,859,590
1,333,699
—
Reglna
a—
+6.6
+21.8
Brandon
Lethbridge
Saskatoon
Moose Jaw
Brantford
■
Fort William—
Medicine Hat
117,26$
717,514
-33 1
-31.9
14,104,000
20,599,803
42,200,000
999,514
552,698
15,749,000
15,944,271
--25.1
1,413,428
1,130,788
La.—New Orleans
38,655,157
32,853,593
Total (10 cities)
179,373,023
141,573,985
+26.7
Prince Albert
--50.2
b
b
142,151
Kitchener
--37.5
--31.8
+21.2
+ 17.7
Vlcksburg
Sherbrooke
2,692,783
12,723,265
2,971,579
12,921,972
45,800,000
1,146,804
.•
b
105,229
25,599,974
116,143,548
1934
$
91,627,543
74,929,325
37,211,774
15,376,172
11,334,080
4,057,874
+38.9
+50.5
1,739,917
3,481,146
4,464,546
1,506,853
1,354,465
2,247,323
2,980,764
2,327,275
249,596
410,654
1,028,420
508,590
677,134
468,326
f-26.5
531,910
319,947
555,340
508,068
860,214
—5.1
+ 19.3
+43.3
+7.0
+53.7
+ 23.2
+ 13.3
+27.3
+26.0
+41.5
+ 62.2
+ 10.6
+ 18.2
+29.7
+29.4
+28.4
+60.2
+ 20.2
—20.G
1-8.3
+ 16.6
+ 9.6
92,513,232
87,589.223
39,240,199
14,536,732
18,290,707
3,755.012
2,600,901
3.617,972
4,835.646
1,718,059
1,504,768
2,251,471
3,717,876
2,041,813
267,553
392,581
1,286,503
455,930
735,574
615,380
448,300
225,687
593,660
476,224
928,398
117,807,099
94,094,102
34,475,742
14,903.893
4,827,580
3,588,728
2,272,707
3.544,028
4,463,120
1,653,309
1,491,514
2,6.54,597
3,765.774
2,823,834
312,840
395,940
1,135,450
470,030
806,936
658,062
470,355
207,815
646,738
541,936
981,780
2,657,207
250,921
636,402
Moncton
Sarnia
Sudbury
2,432,416
239,610
530,140
432,226
397,860
359,465
780,472
+ 15.3
409,198
1,003,340
Windsor
31.9
749,254
421,929
508,897
666,339
355,220,949
265,959,451
+33.6
290,554,648
304,688,862
--20.6
2,265,808
342,206
16.9
633,532
10.4
479,497
44.3
440,415
+ 13.8
404,529
24,046,000
126,391,043
1935
%
553,186
•
b
115,969
or
Dec.
$
Peterborough
Sixth Federal
192.872.451
1936
1937
New Westminster
Tenn.—Knoxville
1,142,231
214.133.278
Week Ended April 15
Edmonton
-Rlchm ond-
+49.0
+ 14.3
+22.9
+ 17.7
+3.0
+18.3
Va.—Norfolk—
1,921,404
1,311,880
1.523,393
Clearings at-
Victoria
276,379
3,140,814
2.933.2S3
119,100,137
—2.8 5,312,785,754 6,177.174,999
Quebec
+ 10.5
411,745
10,083,707
+ 14.4 2,053,543,181 1,978,951,988
Ottawa
141,699,869
Reserve Dlst rlct
6,419,000
361,059
22.006.33S
6,605,162,310 6,795,867,332
59,282,843
8,032,800
1,275,456
156,571,775
Fifth Federal
24,564 796
11,808,973
3,745,757
2,855,927
129.280,440
2,006,765
1,273,89,8
24,452,538
Outside New York 2,911.521.983 2,545,932,949
43,130,576
Youngstown...
Pa.—Pittsburgh.
W.Va.- Hunt'ton
688,138
275,238
774.790
329,000,000
Feder al Reserve D istrlct—Clev eland—
b
28,424,191
9,791,000
(111
tota
Montreal
Fourth
+ 1S.1
+ 15.6
2,851,152
Canada—
Total (9 cities).
142,384,965
+18.2
San Jose
Stockton
cities)
1,642,124
2,771,583
Reading
Soranton
+31.7
+6 1
+24.0
+ 16.5
387,666
340,935
367,282
1,491,475
407,000,000
Lancaster
Philadelphia...
+29.2
—12.4 3,372,916,509 4,289,084,094
delphl
+ 1.0
479,591
+24.2
a600,000
484,602
a745,216
4,925,223
168,168.000
M
24,176.117
Reserve Dls trict— Phila
Pa.—Altoona
.
1,101,999
34,300,782
18,130,430
5,244,357
b
Franc! SCO—
34.002,963
8,762,000
888,536
29.432,298
15,336,973
4,535,825
3.738,940
Santa Barbara.
Grand
Third
43,926,537
9,293,000
Yakima..
Total (11
Total (13
.
Total (32
a
*
cities)
Not Included In totals.
Estimated.
b No clearings available.
Financial
Volume 144
2767
Chronicle
TREASURY STATEMENT SHOWING APPROPRIATIONS AND EXPENDITURES FOR
RECOVERY AND
RELIEF AS OF MARCH 31, 1937
The various agencies of the Federal
of March
Government, it is shown in a tabulation given in the Treasury's "Daily Statement"
31, appropriated $19,768,546,806 for recovery and relief up to the end of March,
which compares with $19,765,-
March 31 does not include amounts advanced under the Kerr-Smith
Tobacco Act, the Bankhead Cotton Control Act and the Potato Control Act of 1935, which laws were repealed by Congress
in February, after the United States Supreme Court had held the Agricultural Adjustment Act unconstitutional. The Treas¬
076,120 appropriated
as
of Feb. 27,1937. The figure for
ury's tabulation for March 31 follows:
FUNDS APPROPRIATED AND ALLOCATED FOR
RECOVERY AND RELIEF, EXPENDITURES THEREFROM, AND UNEXPENDED BALANCES
AS
OF MARCH
31. 1937
Expenditures.
Source* of Funds
Appropriations
Statutory and Executive Allocations
National
Industrial
Specific
Recovery
Approved
Act
16
1934
June 19
Approved
June
c260,000,000
57,635,449
Administration.e
Years b
Approved
April 8 1935
1936
$
297,495,227
99,311,620
60,000.000
106,220,476
676,456,808
616,220,088
233.912.892
390,172.291
200,000,000
234,710,072
176,671,644
61,347,885
23,331,997
24,892,511
123,912,630
106,961,657
48,571,912
2,435.255
38,706,345
8,014,059 2,937,059,721
124,788,689
2,845,288
817,126.351
236,852
61,372,355 1,253.730,688
301,888
83,443,698
10,919,581
3.626.836
12,604.270
314,844
53.289.599
397,507,814
6,563,655
485,434,904
880.334.539
220.294,842
372,693,870
82,902,988
1,419,475
5,186,616
3,231,458,556 1,468,072,222 1,263,661,490
865,973,581
1,384,487,750
286,041,228
182,000,811
493,168,768
316,376,778
200,000,000
17,300,000
Federal Farm Mortgage Corporation
187,461,008
392.166,157
550,623,847
200,000,000
1,202,630,193
1389,166,157
3.813,741
125,000,000
d
37,495,227
3,000,000
Commodity Credit Corporation.e
Prior
1937
$
Agricultural Adjustment Administration
Unexpended
1936 and
Fiscal Year
Total
June 22
1933
Agricultural aid:
Farm Credit
Fiscal Year
Reconstruction
Emergency
Finance
Relief
Emergency
Appropriation Appropriation Corporation
Act 1935,
Acts
Organizations
37,571,909
10.220,284
499,724,843
232,472,940
"i
Federal Land banks:
125.000.000
169,000,000
88,950,000
Capital stock--Paid-in surplus
Reduction in Int. rates on mortgages.
Relief:
169,000,000
88,950,000
Federal Emergency Relief Admin
»—.1
Federal Surplus Commodities Corp
rp—J
h604,918,257
Civil
h332.481.750
480,590.512
152,072,943
399,548,290
317.566,732
Works Administration.-
93,101,630
Emergenoy conservation work-
88,960,000
595,969",951
1,327,707,313
84,060.431
68,432,960
1,047,340,928
15,485,576
Relief):
11,339,960
Loans A grants to States, munio.,
Loans to railroads-®——..
3,000,000
127,289,203
10,000,000
321,822.877
438.041,640
2,239
93,708,085
509,098,096
144,755,732
15,826,376
Ac-el
/
——
River and harbor work
44,093,000
598,228,847
255,488.217
Boulder Canyon project————
Public highways
820,990.040
321,069,000
84,060,431
Department of Agriculture, relief
Publlo Works (Including Work
911,040,000 3,083,627,339
935,005,625
254,704,950
-
Rural Electrification Administration
Works Progress Administration
All other
72,000,000
1,000,000
3,231,458,556
454,101,810
75,128,962
783.256,976
8.579,705
164,398,208
16,826.376
Aid to home owners:
Home-loan system:
Home-loan
bank stock
125,000,000
200,000,000
Home Owners' Loan Corporation
Federal savings and loan associations.
Emergency housing
150,000,000
108,310,483
29.516.260
1,000,000
19.929,621
6,403,484
...
Federal Housing Administration
Resettlement Administration
Subsistence homesteads
d50,000,000
3,389,487
385~,i"92".664
20,664,100
99,342,000
200,000,000
13,751
32.421,389
13.050,588
125,000,000
200,000,000
50,000,000
137,826,743
51,000,000
408,511,773
6,403,484
49.930.642
55" 606
31,755,610
30,468,473
139,669.386
6,142,514
73,649,743
7,480,938
132,763.331
260,953
19,619,285
26,118,573
136,079,055
15
4,993.900
Miscellaneous:
19",338",666
4,992,568
25.000"666
50,000", 660
512,141
150,000,000
10,898
~~
24,240,593
79,077
2,269,915.265 3,215.445.975 1,317,542,111 6,728,842,172 6,044,534,370 19576279,895 2,134,974,534 13119386.142 4,321,919,218
Total
192,226,749
192,266,910
o
Included in this statement for the period prior
Act of 1936, not to exceed $300,000,000 of the proceeds of the sale of such securities.
1934 lnolude only expenditures on account of the Reconstruction
In the discretion of the President, are available for the making of grants.
The
amount of obligations which the Reconstruction Finance Corporation Is authorized
emergency expenditures
Finance Corporation, and subscriptions to
under authority of the Act of Jan. 23 1932.
capital stock of Federal Land banks
Expenditures by the several depart¬
ments and establishments for publlo works under the Emergency Relief and Con¬
struction Act of 1932 were made from general disbursing aocounts, and, therefore,
are not susceptible to segregation from the general
expenditures of such depart¬
ments and establishments on the basis of the dally Treasury statements.
to have outstanding at any one time is Increased by the sums necessary for such
purchases, not to exceed $250,000,000.
The purchase of suoh securities by the
Reconstruction Finance Corporation Is reflected as expenditures of the Recon¬
Finance Corporation and as credits against expenditures of the Federal
Emergenoy Administration of Publlo Works.
The amount by whloh the available
struction
funds
c The sum of $260,000,000 Includes appropriations under the Acts of May 12,
1933, May 25. 1934, and Aug. 24. 1935.
the amounts of funds whloh may be
made available by the Reconstruction Finance Corporation for carrying out the
purposes of Sec. 5 of the Agricultural Adjustment Act, and for the purohase by
the Reconstruction Finance Corporation of preferred stock or capital notes of
banks and trust companies under the Act of March 9 1933.
The Reconstruction
Finance Corporation Is required to make available to the Federal Housing Admin¬
istrator such funds as he may deem necessary for the purposes of carrying out the
provisions of the National Housing Act.
The amounts lnoluded In this column
(or the purposes specified are based upon checks Issued therefor from time to time
by the Reconstruction Finance Corporation.
The authority of the Reconstruction
Finance Corporation to Issue Its bonds, notes, and debentures has been increased
by such amounts as may be required to provide funds for such purposes.
are
192,266,910
2,269,915,265 m3215479 400 nl317548,847 P692106S.921 6,044,534,370 19768 546,8052,134,97 4,534 13119386.1424,514,133.12
Grand total
10 the fiscal year
6,736
33,424
Unallocated funds.--
d There
46,250,000
150,000,000
24,330,568
d3717991,434 3,717,991,434 6334,037,132 2,031,195,725 2,020,832,841
75.000.000
75,000.000
1
...
Tennessee Valley Authority—-
b The
k
150,000,000
Administration for Industrial Reoovery
Reconstruction Finance
Corp.—direct
loans and expenditures.®
45,000,000
1,250,000
Export-Import Banks of Washington.®.
Federal Deposit Insurance Corporation.
no
statutory limitations on
Expenditures are stated on a net basis, i.e., gross expenditures less repayments
and collections, details of whloh are set forth In the supplementary statement below.
e
the
Net. after deduotlng repayments to the Reconstruction Finance Corporation.
g
Excess of credits, deduct.
$950,000,000 provided In the Act of Feb. 15 1934 was
by the President as follows: Federal Emergency Relief Administration,
$605,000,000, of which $81,742.11 has been transferred to the Emergenoy Relief
Appropriation, and Civil Works Administration, $345,000,000, of which amount
$7,300,000 has been transferred to the Emergenoy Relief appropriation and $5,218,250 transferred to the Employees' Compensation Commission.
h The appropriation of
allocated
account of such transactions has been lnoreased
of
the
"Reconstruction
Finance
j Includes $700,000 allooated for savings
by Sec. 11 of the Aot of April 27 1934.
Is, therefore, lnoluded In
Corporation—direct
k Under Sec. 3 of the Aot of June
16
and
loan
loans
promotion
as
and
ex¬
authorized
1934 the Reconstruction Finance Corpo¬
ration Is authorized to purchase at par obligations of the Federal Deposit Insurance
Corporation In a (ace amount of not to exceed $250,000,000, and the amount of
obligations whloh the Reconstruction Finance Corporation Is authorized to have
outstanding at any one time is Increased by $250,000,000.
The amount to be
lnoluded in this column will represent the proceeds deposited with the Treasurer
of the United States on account of the sale of such obligations by the Federal
Deposit Insurance Corporation to the Reconstruction Finance Corporation.
1 The appropriation of $500,000,000 for subscription to capital stock Is lnoluded
in the figures shown in the column for Reconstruction Finance Corporation.
m
Exclusive of the $84,520,600 transfer referred to in note p.
of the $34,119,249.20 and §46,598,714.06 transfers referred to In
and $2,550,000 transferred to salaries and expenses. Farm Credit Adminis¬
tration; and $25,358,189 carried to the surplus fund of the Treasury.
n
f
on
funds
penditures."
Exclusive
note p,
p includes $4,000,000,000 specific appropriation under the Act of April 8, 1935,
$1,425,000,000 specific appropriation under the Act of June 22, 1936, $789,000,000
specific appropriation under Act of Feb. 9, 1937, and transfers of unexpended bal¬
ances as follows: From the Reconstruction Finance Corporation, $500,000,000; from
the appropriation of $3,300,000,000 for National Industrial Recovery, $84,520,600;
from the appropriation of $525,000,000 for relief in stricken agricultural areas pro¬
vided in the Emergency Appropriation Act of 1935, approved June 19, 1934, $34,-
year 1935,
marketable
119,249.20; from the appropriation of $899,675,000 for emergency relief and public
works provided in the Emergency Appropriation Act of 1935, approved June 19,
securities aoqulred by the Federal Emergenoy Administration of Public Works
but the amount which the Reconstruction Finance Corporation may have Invested
1934, $46,598,714.06; from the appropriation of $950,000,000 for emergency relief
15,1934, $7,381,742.11; from unobligated
lift3, $21,527,113.76; and moneys
transferred pursuant to Seo. 15 (f) of the Agricultural Adjustment Act, $12,921,-
1 Under the provisions of the Emergenoy Appropriation Act, fiscal
the Reconstruction Finance Corporation Is authorized to purchase
Moneys paid
(or such securities are available for loans under Title U of the National Industrial
Recovery Act, and, under the provisions of the Emergenoy Relief Appropriation
at any one time In such securities may
not exceed $250,000,000.
and civil works provided In the Aot of Feb.
moneys referred to In Seo. 4 of Act of March 31,
502.64.
DETAILS OF REVOLVING FUNDS INCLUDED IN GOVERNMENT RECEIPTS AND EXPENDITURES
This Month
Fisc I Year 1937
Organizations
Repayments and
Payments
Commodity Credit Corporation
Farm Credit Administration
Loans and grants to
—
—
—
-
States, municipalities, Ac
Loans to railroads
-------------
Export-Import Banks of Washington
Reconstruction Finance Corporation—direct loans A
•
—
expenditures
Excess of repay scents and collections (deduot).
$919,181.62
1,304,767.92
30,980,162.85
296,721.82
2,685,878.12
33,645,821.74
Collections
$44,718,912.98
2.006,206.31
15,261,412.74
14,235.00
2,443,771.10
51,737,578.44
«Net
Expenditures
a$43,799,731.36
a701,438.39
15,718,750.11
282,486.82
242,107.02
al8,091,756.70
Repayments and
Net
Payments
Collections
Expenditure*
$18,177,683.80
23,915,411.90
237,004,932.97
1,557,813.69
9,654,480.76
316,807,722.72
$94,634,491.81
40,135,500.86
69,394.439.98
4,770,097.91
9,142,339.24
650,844,855.32
a$76,456.808.01
al6,220,088.96
167,610.492.99
a3,212,284.22
512,141.52
a334,037,132.60
Financial
2768
Chronicle
AND EXPENDITURES
GOVERNMENT RECEIPTS
Through the courtesy of the Secretary of the Treasury,
are enabled to place before our readers today the details
of Government receipts
and disbursements for March,
1937 and 1936. and the nine months of the fiscal years
or
$
tax
.....—...
Taxes
upon
700.272.831
188,450.707
internal revenue
M Iseell
1936
$
412.452.233
291,218.693
1937
Receipts—
Internal Revenue:
Income
July 1 to March 311936-37
1935-36
s
1,045,679.394
1,503,870.474
1,535,813,164
1,637.057.025
2.299.225
63,268,373
—Month of March
1.245.525
carriers A
Act..
their
50,282,674
-
Miscellaneous
+939,479,329
30,519,660.949
33,778.543,494
28.700,892,624
34,728.244,042
31,459,140,278
34,728,244.042
31,459.140,278
22,848,597
Public debt this date
18,131,368
163,392.257
183,783.079
Increment
Accounts,
Gold, &c
on
Receipts—
Trust
accounts
resulting from reduc¬
Increment
250,329
26,605
2.501
67,284,105
35,341,756
352,137,198
292,196,512
152,544
357,897
315.548
62.971,518
60,886.644
..........
40.217
58,427
1.520.610
545,253
3,872,434
8,383,341
31,664.726
162,159.322
82.011.606
1,250,000
177.6.8.675
6,500,000
108.772.854
27,823,136
374,226,268
352.987,654
dollar
73.103
52,502,628
prod'ts
delgnlorage
Unemployment trust fund
receipts:
Total..
Govt.-owned sees.
Principal—for'n obligations
Interest—for'n obllgations.
Proceeds of
67.449
69.547
6,991,701
2,188.318
Panama Canal tolls, &c
2.214,819
2,302.958
17,892,420
2,340,217
2.681.505
40,624,434
32.537,371
7,412,504
5.287.028
44,648.482
46,062.943
Expenditures—
19,136.709
Seigniorage
All
other
Other miscellaneous
-
Trust
of
C
21.693,747
16,355,920
168,160,330
147.685,498
110.888,670
31,288,349
128,161.829
57,703,763
1,639
412,571
297,473
558,573
accounts..
>
governmental agendas (net)
hargeable agst
Increm on gold
Melting lortties, Ac....
3,099,979.839
3,728,449,453
751,698,138
1,011.740.211
Total receipts
u.
a
Public highways.a.---------
work
River and harbor
Panama Canal a
a._._
-
Act
Railroad Retirement
45.907,388
384,613.825
1,531,268
22.803,377
74,399,378
101.993,770
9,144,959
32.530,412
2.905,287
10,105,166
Social Security Act
265,934.928
46,735,300
5,000,000
300.000
bk
4,914,238
785.143
15,024,207
10,258
2,065,983
(U. S. share)
8,633,811
50,038,862
<
....
I
»ther
5,707,500
b 100.000
277,945,397
48,846,654
48,455,023
433.046,192
430,599 910
104.632,317
Treasury bills
55,951,227
100,000,000
361,654
8,031,475
38.784,485
113,519,641
361,654
220.769.169
88,211,156
8,107,579
200,120,000
....
|.
354,600,000
54,900,000
3,920,150
158,710.089
1,436,904
1,969,233
trust fund series)..
ployment
73,229,000
Treasury notes
368,746,350
595.632.149
537.661,635
8,448,147
45,000,000
43,700,000
Canal
Alaska
retirement
Railroad
retirement
Treasury bonds
b2.964
5,614,121
3,386,007,606
2,906,809,460
661,000
fund
fund series
10,078,522
364,473,578
335,000
500,000
Zone
series
22.218,869
249,867
37,000,000
363,000
series
21,532.436
550,481,113
135,000,000
fund
retirement
Foreign service retlrem't fund
12.183,771
11,825,176
204,425.400
48,082,000
service
6.500.000
2,155.101.650
726,804,400
series
8,383,482
79,172,600
168,354,000
1,250.000
628 625.600
Old-age reserve acct. series...
Civil
221,438.014
3,884,017
31.612.478
670,685
3.455,811
8.204,150
130.519.459
1,055,191
1,559.109
1.842.726
2,994,978
Debt
2,504,735,000
2,553.165.000
fund series)
Exchanges
199,342,696
..........
33,647,274
Tennessee Valley
Justed service ctf
Certificates of Indebtedness (uu-
Soil Conservation & Domestic
Total, general
172,659.908
Public Debt Accounts
Receipts—
2,313.094
4,006,328
Processing tax on farm prod.
36,850,939
Certificates of indebtedness (ad-
344,155,464
Internal revenue
573.756.823
260,727,379
110,034
Refunds—Customs
546.886.176
500.539,000
269.322,164
358,098,940
644,298
Interest
64,674.075
credits.—.
Excess of receipts or
65,054,693
b22,930
Authority a
charges—Retirements..
6,500,000
650,000
213,405,171
Total
26,226,509
Admin, ad._
Agrtcul. Adjust. Admin. (Act
Aug 24, 1935)
Agricultural Contract Adjusts.
—
168,304.000
I
Investments A transfers (net)
29,991,894
41,988,561
12,653
Allotment Act
1,250,000
400.000
...
19,619
Adjusted service ctf. fund..
Emergency Conserv. Work .a._
Farm Credit Administration a
355,684,535
Old-age reserve account:
Excess of expenditures........
Adjust
5.614,453
80,537.544
Unemployment trust fund—In
vmtineuts
55,783,956
National defense.a
Navy
Veterans' pensions A benefits:
Veterans' Administration a c
875.000
15,266,235
73,229.000
note!1
40,662,400
....
(U.S. share)
Army....
100.000
6.892,115
.....
For retlrem't of Nat
5.974,145
4,215,873
11,489,551
1,074.751
10,032,655
653,836
56,642,681
Postal deficiency.
Retirement funds
340.265.832
42,714,795
3,525,340
>epartmental
Public buildings
Agrlcul
Res bank!J
Res. Act a*1
13b, Fed
amended)
Expenditures—
Dlst. of Col
Fed
Payment to
(Sec
General—I
+949,700,548 + 2,758,247,654
+127,463,331
month
tion In the weight of the .gold
employees
Processing tax on farm
Customs
+1.024,778,859
34.600.780.711
begin, of
year..
Trust
$
—855,781,902
decrease (—) In
the public debt
.
Special Funds
Unjust enrichment tax
Taxes under Social Sec
or
*
+287,135.879+1,099,372,944
general fund balauce....
(+)
1936-37
$
(—) In
Increase (+) or decrease
Increase
1936
S
Public debt at
1936-37 and 1935-36:
July 1 to Afar.'31
1935-36
1937
we
General and
April 24, 1937
Month of March
20.000
9,000
3o"oo8,6oo
Postal Savings System series..
727.033,950
1,^1.^13.000
1,630,853.350
483,845.600
496,462,900
1,546,939.100
1,226,819,800
158,956,030
Exchanges
45,382,676
428.103.875
184,582,378
United States savings bonds (in¬
Recovery and relief:
Agricultural aid:
Agrlcul. Adjust. Admin
Commodity Credit Corp...
Farm Credit Admin
Federal Land banks
Fed.
Relief:
Admin
bl4.220,144
598,093
V
3,813,742
b76,456.808
717,117
4,068,080
bi6,220,089
46,876,624
b38,923,744
3,085,335
2,564,308
b43,799,731
b70i,438
6,324,479
60,476,754
10,859.348
488,575,648
182,129,184
40,210,850
cluding unclassified sales) e_.
Adjusted service bonds........
Savings bonds...
Deposits for retirement of
tional bank notes...
Emer.
Relief
(incl. Fed. -Sur¬
294,158
23,674
40,245
236.852
637,722
Emerg. Conserva'n work..
1,591,341
9,102
7,606,913
143,039
61,372,356
301,888
408.488,458
Dept. of Agrlcul.. relief
2,527,040
work rel'f);
Public Work (incl
Treasury bills
Certificates of Indebtedness
Works Progress
Admin
All other
1,805.300.200
974,873.100
15,100,000
14,800,000
20.000
20,000
192.000
ser.
50.000
8,000
Postal Savings System series..
70,000,000
bl27,951,828
14,370.419
10,549.920
215.553
82,902.988
5,186,617
113,630.428
1,074,169
195.250.135
1,468.072,223
729,724,379
Treasury bonds
39,630,025
286,041,228
296,348,775
United States savings bonds
Foreign
179.088,509
632,206
fund series
Canal Zone retlrem't fund
863,437
20.677,852
32,421,390
13.050.589
36,539,166
Treasury savings securities
10,938,548
First Liberty bonds
20,847,358
136,079,056
66,213,711
37
16
428,269
Second
Third
242,107
b747,830
512,142
2,832,390
101
b876
10,898
5,107,938
b334,037,133
b65,453,944
—
bl38,438,266
27,814,668
Total recovery and relief
207,776,497
213,950,390
2,134,974,534
2,430,300,889
Total expenditures
758,257,610
578,423,968
5,520,982,140
173,274,170
Liberty bonds
1,792,532,687
2,237,130,511
(+) or
.......
public debt retirements..
—253,482,600
3,930,150
-173,274,170 +1,792,532,687
8,204,150
79,172,600
+ 2,237,130,511
368,746,350
-181,478,320
104,632,317
36,850,940
—152,780,433
Less nat. bank note
or
of
+1,713,360,087 +1,868,384,161
gold,
Ac., excess expenditures
retire't
6,892,115
172,659,908
220,769,169
...
123,400
199.050
16,056,100
1,263,346,060
4,650
25,350
3,540
1,778.220
1,791.580
9,000
8,600
596,699,150
36,700
74,637,260
..........
...
39.350
610
1,576
3,084
7,474,065
17,744,635
92,070,623
380,811,541
1,137,376,999
bank
1,207,477,797
5,541,346,926
6,344,284,037
127,463,331
939,479,329
949,700,549
2,758,247,654
...
and
notes
expenditures
Fed'l
.....
Additional expenditures on these accounts for the months and the fiscal years
Included
under Recovery
and Relief Expenditures, the classification of which
will be shown in the statement of classified receipts and expenditures
p. 7 of the dally
appearing on
Treasury statement for the 15th of each month,
b Excess of credits (deduct),
Includes administrative expenses.
to be deducted from processing taxes.
e Effective March
29, 1937, unclassified
—144,627,380 +1,886,019,995
+2,089,153.330
80,537,545
355,684,535
15,266,235
deposits of postmasters
on
account of
sales of United States savings bonds are included in dally
public debt receipts.
"Trust
Treasury statements as
Such deposits were previously Included under the caption
accounts, increment on gold,
Ac.—Transactions in
governmental agencies (net)" until they were classified and
Postmaster General's account to the Public Debt account.
checking accounts of
transferred
from the
The figures
in this
statement Include the transfer of the balance of unclassified deposits as of Marcn 27,
expenditures
receipts (—)
14,900
d Payable from processing taxes on farm products or advances from the Treasury
—257,412,750
Trust accts., increment on
131,300
92,250
10,900
6,456,250
4,880
Total
c
(+) or
(excluding pub¬
of expenditures
lic debt retirements)
51,013
96.912.400
1,650
Reserve bank notes
are
-
20.968
11,207,850
18,550
Other debt items
a
Summary
of expenditures
880
11,300
Panama Canal bonds
Excess of
12,499
8,869
1,472
1,416.500
.....
Excess of receipts
expenditures
..........
2,658,900
Victory notes
Postal Savings bonds
5,337,110,349
253,482,600
Excess Of receipts
661,091,650
1,132
Liberty bonds..
National
(+)
1,105
Consols of 1930
bi8,09l,757
1,500
6,296,710
22,481.149
1,234,360
539.850
Fourth Liberty bonds
—direct loans A expend's..
excess
3.971,417
War savings securities
21,826,209
1,284,859
169.000
55,000,000
376,400
13,350,750
1,226,834
166,000
172,000
70.000,000
...
....
38,531
Tennessee Valley Authority..
Total
50 000
retirement
l,061,731
29,884,572
Reconstruction Finance Corp.
(—)
service
4,750,916
Subsistence homesteads
Export-Import Bks. of Wash.
Admin for Indus. Recovery..
3,556.450
258,800,000
2,200,000
64,128,764
b3.212,284
220.291.642
1
Resettlement Administra'n.
2.129,000
137.800.000
544,860,900
167.610,493
Miscellaneous:
receipts
2,615.987,000
492.800
1,500,000
1,800,000
39,779,071
b44,101,773
....
Emergency housing
Federal Housing Admin...
Excess
2,705.224.000
Adjusted service bonds
Home-loan system
Less
631,256,000
3,000,000
485,895,250
8,579,706
730,150
Aid to home-owners:
receipts (—)
549,559,000
Civil service retlrem't fund ser.
bl,801,513
169,612,801
Admin.
9.102,531,691
261.550
21,414,089
Rural Electrlflca'n
6,491,047,475
7,415,113
3,983,216
River and harbor work
2,146,957,126
...
282.487
&C
Public highways
Excess
1,264,840,330
Expenditures Unci. Public Debt
Retirements shown above)—
10,768,740
municipalities.
223.895,115
Adjusted serv. ctf. fund series
Unemployment trust fund ser.
Treasury notes
States,
Loans and grants to
Loans to railroads
Excess of
20,744,000
Na¬
15,718,750
Boulder Canyon project...
134,164,100
.....
Total
Com. Corporation) Civil Works Administration
plus
3,261,700
Postal
-159,672,548
—159,893,615 +1,805,482,450
+1,633,468,795
COMPARATIVE
1937, amounting to $66,565,255.35.
PUBLIC DEBT STATEMENT
(On the basis of daily Treasury statements)
•
March 31, 1917
Pre-War
Aug. 31, 1919
Dec. 31, 1930
'When War Debt
Lowest Post-War
Debt
Was at its Peak
Debt
March
A
31, 1936
Year Ago
Feb. 28, 1937
Last Month
March 31, 1937
$26,596,701,648.01
1,118,109,534.76
$16,026,087,087.07
306,803,319.55
$31,459,140,278.13
2,866,124,398.12
$34,600,780,711.15
1.538,592,422.34
$34,728,244,042.41
74,216,460.05
fund..
$1,207,827,886.23
$25,478,592,113.25
$15,719,283,767.52
$28,593,015,880.01
$33,062,188,288.81
532,902,515,740.64
Gross debt per capita
12.36
250.18
129.66
245.38
268.15
268.98
Computed rate of interest per annum on Inter¬
est-bearing debt outstanding (per cent)
2.395
4.196
3.750
2.566
2.570
Gross debt
Net balance In general
—
fund
Gross debt less net balance In general
$1,282,044,346.28
1.825.728,301.77
2.573 1
Volume
Financial
144
PRELIMINARY DEBT STATEMENT OF THE
COMPLETE PUBLIC DEBT OF THE UNITED STATES
UNITED
The statement of the
public debt and Treasury cash holdings of the United States, as officially issued as of Dec. 31,
1936, delayed in publication, has now been received, and as
interest attaches to the details of available cash and the gross
on that date, we append a summary thereof,
and net debt
making comparison with the
date in 1935:
same
CASH AVAILABLE TO PAY
MATURING
OBLIGATIONS
Dec. 31, 1936
$
Balance end of month by dally statements, Ac
Add or Deduct—Excess or deficiency of reoelpts over
or under disbursements on belated Items
Dec. 31, 1935
1,905,950,813
2,208,733,788
$
—8,021,414
—18,790,521
1,897,929,399
2,189,943,267
.
Deduct outstanding obligations:
,v
Matured Interest obligations
637,733
619,859,339
Disbursing officers' checks
Discount aocrued
Settlement
on
War
on warrant
30,361,933
709,782,629
3,752,785
2,855,419
746,752,766
30,306,946
585,255,340
—
*
_
Savings certificates
3,659,320
checks
Total
Balance, deficit (—) or surplus (+)
-
+1,277,070,060 +1443,190,501
INTEREST-BEARING DEBT OUTSTANDING
Interest Dec.
Title «f Loan—
8s of 1961
Payable
Q.-M.
Q.-J.
8s convertible bonds of 1946-1947
Certificates of Indebtedness
4*s Treasury bonds of 1947-1952
8s Treasury bonds of 1944-1954
8*s Treasury bond* of 1946-1956
A.-O.
J.-D.
M.-S.
8He
3*s
8*8
3*8
Treasury bonds of 1943-1947
Treasury bonds of 1940-1943
Treasury bonds of 1941-1943
Treasury bonds of 1946-1949
3s Treasury bonds of 1951-1955
J.-D.
J.-D.
M.-S.
J.-D.
M.-S.
8*s Treasury bonds of 1941
4*s-3*s Treasury bonds of 1943-1945
3*8 Treasury bonds of 1944-1946
3s Treasury bonds of 1946-1948.,
3*s Treasury bonds of 1949-1952
2*s Treasury
2*s Treasury
2*8 Treasury
2*s Treasury
F.-A.
A.-O.
A.-O.
J.-D.
J.-D.
bonds of 1955-1960
...M.-S.
bonds of 1945-1947
M.-S.
bonds of 1948-1951
M.-S.
bonds of 1951-1954
J.-D.
2*s Treasury bonds of 1956 59
352,993,950
544,870,050
818.627,500
755.476,000
834,463,200
1,400,534,750
1,518,737.650
1,035.874,900
491,375,100
2,611,112,650
1,214.428,950
1,223,496,850
1,626,688,150
1,302,658,450
191,447,189
284,139,807
448.590,500
Interest
J.-J.
.
.
...
—
—
49,800,000
28,894,500
246,800,000
758,955,800
1,036,762,000
489,087,100
454.135,200
352,993.950
544,914,050
818,646,000
755,476,000
834,474,100
1,400,570,500
1,518,858,800
1,035,884,900
491,377,100
2,611,155,700
1,214,453,900
981.848.050
J.-D.
Aggregate of interest-bearing debt
no
$
49,800,000
28,894,500
116,583,000
758,955,800
1,036,702,900
489,080,100
454.135.200
U. S. Savings bonds, series A
U. 8. Savings bonds, series B
3s Adjusted Service bonds of 1945
Bearing
Dec. 31, 1935
$
M.-S.
23^8 Treasury bonds of 1949-1953
2*s Postal Savings bonds
Treasury notes
Treasury bills
31, 1936
-
Matured, interest ceased
153,453,113
119,974,320
121,820,840
10.804,410,050 12,273,599,050
2,202,929,000
2,404,192,000
33,698,828,566 29,596,304,603
554,085,584
736,700,528
152,574,405
224,374,365
2769
Chronicle
STATES
MARCH
Treasury statement, is
as
follows:
Bonds—
3% Panama Canal loan of 1961
3% Conversion bonds of 1946-47
2H % Postal Savings bonds (13th to 49th set.)
$49,800,000.00
28,894,500.00
119,086,360.00— $197,780,860.00
Treasury bonds:
4*% bonds of 1947-52
$758,955,800.00
1,036,702,900.00
489,080,100.00
454,135,200.00
352,993,950 00
544,870,050.00
818,627,500.00
755,476,000.00
834,463,200.00
1,400,534,750.00
1,518,737,650.00
1,035,874,900.00
491,375.100.00
-
4% bonds of 1944-54
3* %
3% %
3H %
3H%
3* %
bonds
bonds
bonds
bonds
of 1946-56
of 1943-47
of 1940-43
—
of 1941-43
bonds of 1946+9
-
-
3% bonds of 1951-55
3H % bonds of 1941
-
3*% bonds Of 1943-45
3* % bonds of 1944-46
3% bonds of 1946+8
3H % bonds of 1949-52
2*% bonds of 1955-60
2%% bonds of 1945+7
2* % bonds of 1948-51
2,611,112,650.00
1,214,428,950.00
1,223,496.850.00
1,626,688.150.00
2* % bonds of 1951-1954
2%% bonds of 1956-59
2>S% bonds of 1949-53
981,848,050.00
1,786,504,050.00
19,935,905.800.00
United States Savings bonds:
Series A
Series B
$189,652,816.00
356.224,711.75
Series C
105,835,837.50
Unclassified sales
70,034,174.76
Deduct Treasury surplus or aid Treasury deficit..
Net debt
a34,405,488,555 30,557,379,496
+1,277,070,060+1,443,190,501
b33,128,418,495 29,114,188,995
-
a Total rross debt Dec.
31, 1936, on the basis of daily Treasury statements, was
334,406,920.971.66, and the net amount of public debt redemption and
receipts
in transit. &c., was $1,432,406.50.
b No reduction is made on account df
obliga¬
tions of foreign governments or other Investments.
v
CONTINGENT LIABILITIES OF THE
Total bonds
$21,273,023,300.01
-
Treasury Notes—
3H %
3%
2^4%
234%
3%
234 %
234 %
154 %
154%
154 %
154 %
154 %
154 %
series A-1937,
series B-1937,
series A-1938,
series B-1938,
series C-1938.
series D-1938,
series A-1939,
series B-1939,
series C-1939,
series A-1940,
series B-1940,
series C-1940,
series A-1941.
1 * % series B-1941,
15i % series C-1941,
maturing Sept. 15,1937—
maturing Apr.
maturing Feb.
$817,483,500.00
18,516,300.00
15,1937—
1,1938—
276,679,600.00
618,056,800.00
455.175,500.00
596,416,100.00
1,293,714,200.00
526,233,000.00
941,613,750.00
1,378,364,200.00
maturing June 15,1938—
maturing Mar. 15.1938—
maturing Sept. 15.1938—
maturing June 15.1939—
maturing Dec. 15,1939—
maturing Mar. 15,1939—
maturing Mar. 15.1940-.
maturing June 15.1940..
738,428,400.00
737,161,600.00
676,707.600.00
maturing Deo. 15.1940—
maturing Mar. 15,1941—
maturing June 15,1941..
503,877,500.00
204,425,400.00
maturing Dec. 15,1941..
$9,782,853,450.00
3% Old-Age Reserve account series, maturing
June 30, 1941
4% Civil Service retirement fund, series 1937
to 1941
4%
Principal
STATES, DEC. 31,
1936
Contingent Liabllitya
Interest
Total
Guaranteed by the United States:
Federal Farm Mortgage Corp.:
3% bonds of 1944-49
862.085,600.00
98.028,600.00
236,482,200.00
22.325.000.00
3*% bonds of 1944-64
3% bonds of 1942-47
1*% bonds of 1937
2*% bonds of 1942-47
1 * % bonds of 1939
103,141,100.00
100.122,000.00
,
135,000,000.00
303,300,000.00
Foreign
Service retirement fund, series
3,055,000.00
4% Canal Zone retirement fund, series 1937
to 1941
3,177,000.00
4% Alaska RR. retirement fund series, ma¬
turing June 30, 1941
2% Postal Savings System series, maturing
June 30, 1940
2% Federal Deposit Insurance Corporation
series, maturing Deo. 1, 1939—
,
20,000.00
30,000,000.00
100,000,000.00
...
$10,357,405,450.00
UNITED
Amount of
Detail—
-
721.747,540.01
417,589,100.00
Adjusted Service Bonds
1937 to 1941
Total debt
31, 1937
The preliminary statement of the public debt of theUnited
States March 31, 1937, as made up on the basis of the daily
3,232.821.00
929.229.44
3,251,630.25
104,648.44
937,581.25
496,438.25
865,318,421.00
98,957,829.44
239,733.830.25
22.429,648.44
104,078,681.25
100,618,438.25
Certificates of Indebtedness—
4% Adjusted Service Certificate Fund series,
maturing Jan. 1, 1938
254 % Unemployment Trust Fund series, ma¬
turing June 30, 1937
$43,900,000.00
187,213,000.00
231,113,000.00
2,202.724.000.00
Treasury bills (maturity value).......—
Total Interest-bearing debt outstanding
$34,064,265,750.01
Matured Debt on Which Interest Has Ceased—
Old debt matured—Issued prior to Apr. 1,1917
$4,722,940.26
3>4 %. 4% and 4* % First Liberty Loan bonds
*1,422,184,500.00
8,952,348.63 1,431,136,848.63
of 1932+7.
32,200,500.00
4% and 4*% Seoond Liberty Loan bonds of
Federal Housing Administration:
1927+2
3% debentures
47,389.88
349.39
47,739.27
1,474,950.00
2,426,950.00
42,157,050.00
709,950.00
17,978,300.00
6,404,100.00
% Third Liberty Loan bonds of 1928
45i % Fourth Liberty Loan bonds of 1933-38.
354 % and 4* % Victory notes of 1922-23
Home Owners' Loan Corporation:
4% bonds of 1933-51
bh2,261.50
h2,261.50
3% bonds, series A, 1944-52
1,051,270,050.00
5.283,377.72 1,056,553,427.72
2*% bonds,seriesB, 1939-49.. 1,235,664,325.00 14,188,859.36
1,249,853,184.36
1 * % bonds, series D, 1937
49,843,000.00
327,095.22
50,170,095.22
2% bonds, series E, 1938
49,532,100.00
371,490.75
49,903,590.75
1 *% bonds, series F, 1939
325.254,750.00
406,579.63
325,661,329.63
2*% bonds, series G. 1942-44.
276,583,475.00
80,769.21
276,664,244.21
.
.
Treasury notes, at various Interest rates
CtfS. of Indebtedness, at various Interest rates
Treasury bills
Treasury savings certificates.
27,324,000.00
270,125.00—
....
...
135,668,865.26
Debt Bearing No Interest—
United States notes
$346,681,016.00
156,039,430.93
.......
Less gold reserve...
...
—
12,988,147,700.00 20,655,910.39 g3008,803,610.39
$190,641,585.07
Deposits for retirement of National bank and
Reconstruction Finance Corp.:
2% notes, series H
1 * % notes, Beries K
Federal Reserve bank notes
.
86,378,000.00
165,346,666.67
863,780.00
115,833.52
87,241,780.00
165,462,500.19
332,369,847.50
2,032,926.28
Old demand notes and fractional currency
Thrift and Treasury savings stamps, unclassi¬
fied sales, &o
251,724,666.67
979,613.52
c252,704,280.19
3,265,068.29—
Total gross debt—.
.....
528,309,427.14
$34,728,244,042.41
—-
Tennessee Valley Authority.
Total, based
upon guarantees..
TREASURY CASH AND CURRENT LIABILITIES
4,692,692,478.48
On Credit of the United States:
Secretary of Agriculture
Postal Savings System:
Funds due depositors
Total, based
1,255,286,101.80 29,890,863.28 dl285,176,965.08
The cash
holdings of the Government as the items stood
March 31, 1937, are set out in the following.
The figures
are taken
entirely from the daily statement of the United
States Treasury of March 31, 1937.
CURRENT ASSETS
upon credit of the
United States
Assets—
Other Obligations:
Fed. Res. notes (face amount)
*
AND
LIABILITIES
GOLD
1,285,176,965.08
Liabilities—
Gold
11,573,731,221.47
e4,270,796,199.15
$
Gold certificates:
Outstanding (outside
Includes only bonds issued and outstanding,
a After
deducting amounts of
funds deposited with the Treasurer of the United
States to meet Interest payments,
b Interest to July 1, 1935, on
$1,746,375 face amount of bonds and interim receipts
outstanding which were called for redemption July 1, 1935.
cDoes not include
$3,685,000,000 face amount of notes and accrued Interest thereon, held by
Treasury
and reflected in the public debt, d
Figures as of Oct. 31, 1936—figures as of Dec. 31,
1936, not available.
Offset by cash In designated depository banks and
accrued
of Treasury)
Gold
ctf.
2,906,334,109.00
fund—Bd.
of
Govs., F. R. Sys 6,028,925,937.68
Redemption
fund—
Fed. Res. notes
11,375,750.85
Gold
156,039.430.93
reserve
Exch. stablllza'n fund.
interest amounting to
$158,919,431.39, which Is secured by the pledge of collateral
as provided in the Regulations of the
Postal Savings System having a face value
of $164,308,538.25 cash in possession of
System amounting to
10,902,675,228.46
$112,389,054.89,
Gold In general fundInactive
circulation, exclusive
$12,741,005.85 redemption fund deposited In the Treasury and
$354,660,660 of
Balance of Increment
and Government and
Government-guaranteed securities with a face value of $1,004,060,270 held as Investments, and other assets,
e In actual
of
1,800,000,000.00
result, from reduc.
their
own Federal Reserve notes beid
by the issuing banks.
The collateral security
for Federal Reserve notes issued are
(1) $4,618,838,000 in gold certificates and credits
with the Treasurer of the United States
payable In gold certificates, (2) United
States Government securities of a face value of
$95,000,000 and (3) commercial
paper of a face amount of $2,237,000.
f Includes only unmatured bonds issued
tlon
In
(deduct).
#
of
the gold dollar
In working balance..
140,845,134.35
187,709,256.85
671,055,993.01
and
outstanding.
Funds have been deposited with the Treasurer of the United
States for payment of matured bonds which have
not been presented for redemption,
g Does not Include $7,000,000 face amount of series H bonds and
accrued interest
thereon, held by Treasury and reflected In the public debt,
h Excess of credits
weight
342,501,601.81
Total
11,573,731,221.47
Note—Reserve
Treasury
notes
Total—
11,573,731.221.47
against $346,681,016 of United States notes and $1,173,572 of
1890 outstanding.
Treasury notes of 1890 are also secured by
of
silver dollars in the Treasury.
2770
Financial
Chronicle
SILVER
Assets-
Liabilities
Silver
Total
$
Total
1,313,718,152.03
1,313,718,152.03
GENERAL FUND
Assets—
Gold
Liabilities—
(as above)
Federal Reserve notes..
Fed. Reserve bant notes
Treasurer's
671,055,993.01
92,126,833.03
3,444,244.00
16,411,272.50
936,648.00
-
Silver (as above)..-,
United States notes—-
National bank notes
Silver bullion (cost val.)
Silver bullion (recoinage
5%
367,462,941.68
Special depos. acct. of
425,754,000.00
other bank
of U. S
Govt,
of
above)
Seigniorage (silver)
note
1,921,286.22
Philippine Treasury:
408,460.09
342,501,601.81
Total
tion dated Aug. 9, 1934.
today
was
the
credit
CdiUcclod
•
i
of
;v
^
disbursing officers and certain agencies
AND
SILVER
MAR KETS
We
reprint the following f;rom the weekly circular of
Montagu & Co. of London, written under date of
April 7, 1937:
:
March 31 showing no change as
daily fixing and
compared with the previous Wednesday.
£2,200,000 of bar gold was available at the
mostly taken for New York,
was
Prices ruled at about
dollar parity and showed a decline during the week owing to the weakness
of the dollar in terms of sterling.
There
was
some
uncertainty in the market early today owing to
rumors
that the United States Treasury contemplated lowering Its price for
gold
In order to check the heavy influx; later, however, the rumors were
offi¬
cially denied. Treasury officials having been reported to have
there had been
no
change
nor any
intimation of
any
$2,000
Jan.
said
that
v.
■■
Per Fine
Equivalent Value
of £ Sterling
Ounce
April 1
April 2
April 3
April 5
April 6
April 7
Average
The
142s.
142s.
-
Id.
lis. 11.5 Qd.
lis. 11.46d.
lHd.
142s.
-
lis.
lis.
12s.
lis.
lis.
141s. lid.
141s.
-
141s.
141s.
following
were
registered from midday
7d.
9d.
10.92d.
Tanganyika Territory
British India___
British Malaya
Soviet Union
—
France
Netherlands
Australia
New Zealand
Other countries
_
TITLE
on
Wednesday
$ per Share
■■
_$4 lot
$1,100 lot
Broadway
1, 1975.
Temple
Building
Trustees
Corp.
2d
mtge.
5%
certificates.—
gold
bonds,
due
$24 lot
-
106
Slocks
•
National Shawmut Bank,
$ per Share
.
Boston, par $12)4---
33)4
64 First National Bank, Boston, par $12 J4
41 North Adams National Bank, par $100
56)4-)4
-■>
125
7 Nashawena Mills
5 Norwich
12 >4
& Worcester RR.
preferred, par $100
11714
2
United States Envelope Co. common, par $100
86
15 Old South Building Assts., par $75, and 1 Select Theatre
Corp. common,
par
10 cents
--.$8.50 lot
42 Central Pennsylvania Gas Co. common
154
314
40 Great Lakes Terminal Warehouse Co. common v. t. c
1
Post
Office Square
Co
10
Bonds—
;■•••.
Per Cent
'•-/
$1,000 Peoples Gas & Fuel Co. income 634s, Oct. 1937, with warrants
25% flat
By Crockett & Co., Boston:
Stocks
$ per Share
39
Berkshire Fine
30
Farr
Spinning Assts.,
Alpaca Co., par $50
5 Dwight Mfg. Co., par $12.50
50 Shoe
Lace
Co.,
par
common
1734
18)4
21)4
——
$10
$6 lot
By Barnes & Lofland, Philadelphia:
Shares
Stocks
$ per
Keystone Macaroni Mfg. Co., par $100---37H Market Street Loan Co., Inc., par $100.
5 at 20 )4; 22)4 at 20; 10
50 Stokes, Packard, Haughton & Smith, Inc., common
60
O.Old.
11.84d.
11.68d.
10 Mono Service
—
Corp. of Newark, N. J.,
15 Philadelphia National Bank, par $20
50 Land Title Bank & Trust Co., par $5
common
100 Sixteenth &
Co., no
45 Alden Park
Exports
£1,936,343
124,073
15,009
170,391
13,462
9,160,222
2,091,980
57,373
8,576
,„•••
33,893
23,142
LOCATION AND
Per Cen
11.58d.
11.67d.
the United Kingdom imports and exports of gold
on March 27 to midday on April 5:
Imports
British South Africa
British West Africa
.
OF
Co., Inc. (N. Y.), common
Corp. capital stock
Fifth Avenue
Shares
are
Quotations:
■,
•
By R. L. Day & Co., Boston:
change in the Govern¬
Large amounts of gold continue to arrive from the Soviet Union and
being reforwarded to New York.
;•
10,000
Bonds—
ment's gold buying policy.
•
(from
Stocks
230 40
Shares
GOLD
The Bank of England gold reserve against notes amounted to
£313,661,924
In the open market about
C.
By Adrian H. Muller & Son, New York:
Samuel
on
N.
-
AUCTION SALES
Shares
GOLD
Oxford,
The following securities were sold at auction
of the current week:
400 Cornell Utilities
ENGLISH
Bank,
April 14—Location of American National Bank in Wetumka, Wetumka,
County of Hughes, Okla., cnanged to Wewoka, County of Seminole,
Okla., and titled changed to "First National Bank in Wewoka."
$2,116,168,608.73.
THE
National
2,010,093,676.30
1
2—The amount to
i
$25,000
1,825,723,301.77
2,010,093,676.301
Total
Sold
CAPITAL STOCK INCREASED
CHANGE
1,581,406.10
STOCK ISSUED
April 13—Bishop National Bank of Hawaii at Honolulu, Hawaii.
Location
of branch:
Village of Hana, Maui County, Territory of Hawaii.
Autnorized by Certificate No. 909A.
Branch was discontinued as of
cue close of business on March 31,1937, and Certificate No. 909A has been
140,845,134.35
347,565,582.38
994,815,983.23
Working balance
U. S
cents
BRANCH ABANDONED
see
1
Note 1—This item represents seigniorage resulting from the issuance of silver
certificates equal to the cost of the silver acquired under the Sliver Purchase Act of
1934 and the amount returned for the silver received under the President's
proclama¬
Note
April 13—The Oxford
$50,000 to $60,000)
15,596,275.96
To credit of Treas¬
urer of
47
April 13—Union National Bank of Laredo, Laredo, Texas.
to Reconstruction Finance Corporation
COMMON
Increment on gold (as
1,320,061.46
other
Govt, officers
46)4 cents
6
Amount 1
ex¬
—
Inact. gold (as above)
of U. S
credit
5---
following information regarding National banks is
from the office of the Comptroller of the Currency,
Treasury
Department:
"
a»U
PREFERRED
73,812,520.71
Balance today:
35,380.961.83
To credit of Treas¬
urer
19,885,611.39
184,365,374.53
officers—
45 34 cennt
highest rate of exchange on New York recorded "during thelperiod
from April 1 to April 7 was $4.91 H and the lowest $4.89Vs.
13,862,501.96
Foreign depositaries:
To
60,800,000.00
,
other
of
credit
lawful
Items,
changes, &c
To credit of Treas¬
urer
reserve,
Uncollected
depositaries:
To
21.125d.
45)4 cents
45 H cetss
-
1
2
3
NATIONAL: BANKS
Postmasters, clerks of
courts,
disbursing
officers, &c
Deposits for:
Redemption of Nat.
bank notes(5% fund
lawful money)
Deposits In:
and
Mar. 31
April
April
April
April
April
The
Other deposits
3,719,917.52
sales of Govt, secur.
20 15-16d.
20 15-16d.
21d.
21 7-16d.
21 )4d.
21 3-16d.
2l.l67d.
21)4d.
21 Hd.
YORK
2,971,381.84
money
Fed. Reserve banks.-
r
21d.
21 Hd.
Trustees.
Savings
System:
Unclassified—
Nat.
of
Postal
880,632.59
Collections, &o
20 m.
20V8d.
1_
2—
April
3
April
5
April
6
April
7
Average
NEW
officers:
Board
361,753,021.12
value)
April
April
IN
(Per Ounce .999 Fine)
The
10,891,124.54
Post Office Dept
7,410.315.95
3,750.998.83
Minor coin
out¬
Deposits of Government
1,320,640.50
Subsidiary silver coin
checks
standing
IN LONDON
-Bar Silver per Oz.Std.Cash
2
Nos.
.
Silver ctfs. outstanding. 1,220,417.747.00
Treasury notes ol 1890
outstanding
1,173,572.00
Sliver in general fund...
92,126,833.03
807,831,044.03
505,887,108.00
Sliver dollars.
April 24, 1937
Quotations during theTweek:
Chestnut Streets Realty
Share
20)4
at 20
15)4
90
-
127)4
1%
-
par
$5 lot
Corp. class A
1
United States of America. £4,923,233
British India
Burma
12,500
CURRENT
5 000
Straits Settlements
I_I
Yugoslavia
Switzerland
Netherlands
Other countries
NOTICES
8^000
45,775
20,000
1,050
3,952
—Hoit, Rose & Troster, 74 Trinity Place, New York, have issued their
current
edition of "Facts and Figures," which contains
a
survey of New
York City bank statements, as of March 31, and data on insurance
company
stocks and other over-the-counter securities.
—Captain "Eddie" Rickenbacker, general
£5,019,510
Gold shipments from Bombay last week amounted to about
£171,000;
Viceroy of India carries £91,500 consigned to London and the SS.
the SS.
President Monroe £79,500 consigned to New York.
readily in the
absence of resistance.
At the level mentioned,
the market proved overstrained and as there
appeared little justification for the sharp advance, the decline today when
prices receded to 21 Md. for cash and 21 3-16d. for two months' delivery
was not unexpected.
The reaction may have been due in some measure
to the report from
Washington that the United States authorities will
probably not work actively for the extension of the London Silver Argeement
of 1933 which expires at the end of the present year,
although in present
circumstances it is unlikely that the termination of the agreement would
In
a
sentimental effect
view of recent
movement
on
at the Bankers Club on
Tuesday, May 4.
the market.
fluctuations the immediate outlook is uncertain, but
a slightly lower level
pending improvement in the
towards
technical position in Bombay, is not unlikely.
His subject wiU be "Air Trans¬
portation and Communication."
—T.
E.
Joiner
&
S.
Co.,
Inc., Chicago,
La Salle St. to
;
A continuation of buying by the Indian bazaars and
speculators carried
prices sharply upward during the week, 21)4d. for both cash and two
months' delivery being reached yesterday.
Offering consisted mainly of
China sales and speculative resales, but the rise was again due
largely to
reluctance on the part of sellers, the price responding more
a
of Eastern Air Lines,
luncheon, to be held
offices from 208
SILVER
have other than
manager
will address the Bond Club of New York at its next
£13,634,464
Building, 135 S. La Salle St.
new
announce
the removal
of their
and larger quarters in the Field
Their telephone number remains the same.
DIVIDENDS
Dividends
first
we
grouped in two separate tables.
In the
bring together all the dividends announced the
burrent week.
are
Then
follow with
a second table in
whiqh
previously announced, but which
have not yet been paid.
Further details and record of past
dividend payments in many cases are given under the com¬
pany name in our " General Corporation and Investment
News Department" in the week when declared:
we
show
the
we
dividends
The dividends announced this week
are:
The
following were the United Kingdom imports and exports of silver
registered from midday on March 27 to midday on April 5:
Imports
Canada
Argentina
Belgium
Netherlands
France
Other countries
--£16,188
7,400
15,041
-
6,094
1,678
159
Portugal
Aden and dependencies
Guatemala
Poland
France
Sweden
Hungary
Irish Free State
New Zealand
Other countries
£46,560
x
Coin at face value.
Per
Name of Company
Exports
-
£45,820
2,000
1,712
3,308
1,700
2,425
1,470
xl ,002
x2,770
2,699
£64,906
Altorfer Bros.
Co., common
American Book Co. (quar.)
Share
-
American Fidelity Co. (quar.)
American Home Products Corp. (monthly)
American Investment Co. oi 111., $2 pref. (quar.)
American News, N. Y. Corp. (bi-monthly)
American Optical Co. (irregular)
American Paper Goods Co. (quar.)
American Re-Insurance
American States Utilities Corp., 5)4% pref
Animal Trap Co. of Amer., Inc., 7% pref
7% preferred (quar.)
25c
$1
50c
20c
50c
50c
25c
50c
40c
25c
t$5>4
87HG
When
Holders*
Payable of Record
May
1 Apr,
Apr. 24 Apr.
Apr. 15 Apr,
June
1 Mas
May
1
May 15
Apr. 10
May
1
May 15
May
1
May
1
May
1
Apr,
Mas
Mar
Apr,
Apr.
Apr.
Apr.
Apr.
Volume
Per
Name of
Share
Company
Appleton Co., preferred
Preferred (quar.)
Armour & Co. (Del.), pref. (quar.)
Armour & Co. (111.)
$6 prior preferred (quar.)
Old 7% preferred (quar.)
-
'f?8
six
.
20c
m
-
Associated Tel. & Tel. Co. 7% Is pref
First $6 preferred
Bankers & Shippers Insurance Co
Beacon Mfg. Co., 6% pref. (quar.)
49c
42c
Holders
When
1 Apr.
1 Apr.
Macy (R. II.) & Co. (quarterly
Managed Investment, Inc. (quarterly)
20
20
1 June
May
May
July
10
$1H
Be
15c
Bond & Share Trust, 6% pref. (quar.)
37 He
Bower Roller Bearing..
Brewer (C.), Ltd. (monthly)
50c
$1
British American Oil Co.. Ltd (quar.)
British Celanese, Ltd., 7% 1st pref. (s.-a.)
J25c
t3H%
Brooklyn Union Gas Co
Bruce (E. L.) new $3H preferred
Covers period from Oct. 1 '36 to Mar. 31 *37.
7% preferred (quar.)
40c
SI X
SIX
Covers period from Jan. 1 to Mar. 31, 1937.
Bu-,k Hill Falls Co. (quar.)
Bunker Hill & Sullivan Mining (quar.)
1
June
1 May 15
5
May 15 May
June
1 May 22
1
May 25 May 20
2 June 16
July
Apr. 30 Apr. 14
1
1 June
July
June
1 May 15
June
Preferred (quar.)
National Electric Welding Machines Co
Nation-Wide Securities Co., series B
June
Campbell, Wyant & Cannon Foundry (quar.)—
Canadian Converters Co., Ltd. (quar.)
Canadian Investors Corp., Ltd. (quar.)
Carman & Co., Inc., class A
Castle (A. M.) & Co., new common (quar.)--—
Caterpillar Tractor (quar.)
Preferred
ilOc
t50c
June
50c
50c
(quar.)
Cedar Rapid Mfg. & Power Co. (quar.)_Central Arizona Light & Power Co. $7 pf. (qu.)-
$6 preferred (quar.)__^
Central Massachusetts Light & Power
6% preferred (quar.)
Central National Corp., class
50c
—
SIX
t75c
A
Central Ohio Steel Products
Chain Belt Co. (quar.)
Charis Corp. (quar.)
25c
62 He
37 He
1
Chile Copper Co
Cincinnati Street Ry. Co
50c
—
15c
pref- _
31Hc
iquar.)
Commercial Acceptance (Pittsburgh) 5%
7% preferred (quar.)
in
(quar.)—
43 He
50c
—
Commercial Discount Co. (Los Angeles)
Extra
Commonwealth International (quar.)
Consolidated Oil Corp. $5 cum. pref.
10c
4c
(quar.)
SIX
Container Corp. of America (quar.)
Continental American Life Insurance (quar.)
37Hc
Corporate Investors, Ltd. (quar.)
Cosmos Imperial Mills (quar.)
5% preferred (quar.)
Cuban American Sugar Co., pref. (resumed)
Dallas Power & Light, 7% pref. (quar.)
6% preferred (quar.)
30c
5Hc
25c
May
May
May
May
May
May
May
May
May
May
May
May
May
May
May
May
May
1
May
May 15
June
May
Apr.
Apr.
May
May
May
May
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
May
Apr.
May
8
30
17
15
30
13
13
15
30
4
_
24
24
24
Derby Oil & Refining preferred
Detroit Gasket & Mfg. preferred (quar.)
De Vilbiss Co., common
7% preferred--.——
Diamond Alkali Co., stock div
Diamond Ice & Coal Co., 7% pref. (quar.)
30c
June
Apr.
Apr.
Mar. 31
May
Mar. 27
25c
May
Sept.
Apr. 25
Aug. 14
25c
Dec.
Noy. 15
50%
SIX
Diamond Match Co
Common
30
17
17
10 .May
3
June 15
^
_
Match
Dow Chemical Co
—
Preferred (quar.)
—-
(qu.)
Eastern Shore Public Service Co., S6H pf«
$6 preferred (quar.)
Eaton Mfg. Co. (quar.)
Elder Mfg.
5% cum.
Co. (special)
participating (special)
Ferro Enamel
—-—
Fiduciary Corp
—-—
Florida Power Corp., 7% pref. A (quar.)
7% preferred (quarterly)
Ford Motor Co., Ltd
Freeport Sulphur Co. common (quar.)
Preferred iquar.)
—
Frost Steel & Wire Co., 7% 1st preferred
(monthly)
6% preferred (monthly)
—
General Baking Co., common.
Gurd (Chas.) & Co., Ltd., pref.
—-—
(quar.)
Hall (O. M.) Lamp Co
Harbison-Walker Refractories Co
Preferred
(quar.)
—-—
Hartford Times, Inc., 5H% pref.
Hawaiian Agricultural (monthly)
(quar.)—
Hearn Dept. Stores, conv. pref. (quar.)-——Heileman (G.) Brewing Co. (quar.)
—
Holt (Henry) Inc.,
participating A
Honomu Sugar Co. (monthly)
Household Finance Corp. (quar.)
Preferred
„
—
—
7% pref. (quar.)-—
$6 preferred (quar.) - -------- - -
-
Inglewood Gasoline Co. (monthly)
Institutional Securities, Ltd.—
Insurance group shares class 2
Interstate Hosiery Mills
Ironrite Ironer Co. 8% preferred
—
—
(quar.)
Kayser (Julius ) & Co.-Kendall
Co
Preferred
(quar.)
Preferred
vparticipating dividend)
Extra
1
June
$1
50c
J25c
t75c
$1H
50c
15c
10c
15
15
19
15
15
1
May
1 Apr. 20
Apr.
37 He
25c
20c
-
Apr.
SIX
62 He
62Hc
Apr. 15 Apr.
Apr. 15 Apr.
Apr. 12 Apr.
7
7
17 Apr. 12
1
15 June
$2
SIX
SIX
15
7 May
May
May
75c
1 0.4269
7 May
3
3
1 May 17
16 Apr.
8
1 Apr. 24
May
May 12 Apr. 18
May 19 Apr. 23
5
May 15 May
1 May 15
June
June 15 May 25
1 May 10
June
May 10 Apr. 30
1 Apr. 24
May
1
May
1
May
May 15 Apr. 20
May 15 Apr. 20
May 15 Apr. 20
June
Apr.
c
50c
Mar. 31 Mar.
20
10c
June
1 May
1 Apr.
May
1 Apr.
May
May 15 Apr.
May
May
June
May
May 14
11
17
17
30
5
SIX
$1H
t9c
12Hc
20c
(interim)—_
5%
xf
10
Apr. 30 Apr. 23
1 Apr. 24
May
May 15 May
1
May 10 Apr. 30
(quar.)—.—-
July
—
May
May
May
May
July
May
Apr.
July
July
July
May
Apr.
Apr.
May
Apr.
May
May
—
Extra
-
7% 2d preferred (quar.)
-—
White (S. S.) Dental Mfg. Co. (quar.)
Williams (R. O.) & Co
Winchendon Electric Light & Power Co
Wood, Alexander & James Ltd., 7% 1st pref
Wrought Iron Co. (initial)
—
Yuba Consolidated Gold Fields
Zellers Ltd., 6% pref. (quar.)
we
1 June
15
15
1 Apr. 20
1 May 20
June
----
Below
1 Tune
July
May
Playing Card Co. (quar.)
5% preferred (quar.)
Virginia Pulp & Paper Co., pref. (quar.)
Weymouth Light & Power Co
Whitaker Paper Co. (quar.)
1 Apr. 20
1 Apr. 20
20 Apr. 30
15 May
5
1 June 21
15 May
30 Apr.
1
15
1 June 21
1 June
2l
1 June 21
5 Apr.
29 Apr.
30 Apr.
20
27
15.
1 Apr.
20
30 Apr.
20
1 Apr. 14
15 Apr. 30
give the dividends announced in previous weeks
The list does not include dividends an¬
these being given in the preceding table.
and not yet paid.
nounced this week,
Per
Share
Name of Company
Adams (J. D.) Mfg. Co. (quar.)
Adams-Millis Corp
Preferred (quarterly)
Alabama Power Oo. $5 preferred (quar.)
Alaska Juneau Gold Mining Co. (quar.)-
Class
A
-
"
$0proforrod
-
~
MaaH
m
Quarterly
Quarterly
7% preferred (quar.)---——
7% preferred (quar.)-—7% preferred (quar.)
("quar.)
—-—-—
-
...
—-
-—-—
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
June
Dec
----—
May
May
May
May
May
May
May
May
May
May
May
May
Sept. 15
Dec. 15
June
Albany & Vermont RR
Allied Chemical & Dye Corp. (quar.)
Allied Kid (initial)
Aluminum Manufacturing, Inc.
Holders
Sept.
Alaska Packers Association (quar.)--—
1
When
Payable of Record
June
—
Extra
3
17
10
10
12
15
26
26
21
21
1 May
50c
West
June
June
Apr.
Apr.
Apr.
Apr.
Apr.
1 May
Western Cartridge, 6% pref. (quar.)
Western Tablet & Stationery Corp. (qu.)
May 10 Apr. 30
May 10 Apr. 30
1 May 18
1 May 18
May 15 May
5
May
1 Apr. 24
1
1
1
1
1
May
Extra
May 20 May
1
May 10 May
1
May
1 Apr. 20
May 29 Apr. 30
June
May
May
May
May
May
June
Valley Mould & Iron Corp. (irregular)
$5H preferred (quarterly)Westchester Fire Insurance (quar.)
1 May 10
1 May 10
May
1
May 31 May
May 15 Apr. 28
June
Twin Coach Co
15 June 30
15 June 30
1
1
May 15 Apr. 30
1 Apr. 16
May
1 Apr. 24
May
June
1 May 19
May 15 Apr. 28
United States
Extra
May
1 Mar. 31
May 15 Apr. 30
May
1 Apr. 20
May
1
Apr. 20
May 15 May 15
May 15 May
1
May
1 Apr. 26
June
15
June
-
May 15
10 June
May
35c
Tokheim Oil Tank & Pump (new initial)
Tradesmen's National Bank & Trust Co.
Trane Co., common
July
May
1 Apr. 15
May
1 Apr. 15
Apr. 10 Apr.
1
June
1
15
30
Less tax.
Aug.
May
May
May
May
Apr. 24
May 15 May
1
May
5 Apr. 30
June
1 May 10
July 20 July
6
May
1 Apr. 15
May 31 May 25
May
1 Apr. 26
May 15 May
1
June
1 May 11
May 10 May
5
June
-—--
(quar.)
Third Canadian General Investment Trust
Apr. 19
May
July
Apr.
Apr.
Apr.
28
40c
Tide Water Associated Oil Co
Tobacco Securities Co., Ltd., ord.
1 May 15
June
Kentucky Utilities, 7% jr.. pref. (quar.)———
Kresge Dept. Stores, Inc., 4% 1st pref. (initial)Lawbeck Corp., 6% pref. A (quarterly)
Lehigh Coal & Navigation (semi-annual)
Lessing's, Xnc
Lexington Utilities, 6~H% preferred
—-6H% preferred (quar.)
——Life Savers Corp. (quar.)---------------Liggett & Myers Tobacco Co. (quar.)
Class B (quarterly)
Little Long Lac Gold Mines
Loew's Boston Theatres (quar.)
Lord & Tavlor, 1st pref. (quar.)
MacMillan Co. (quarterly)
Preferred (quarterly)
June
1
6
6
30
15
1
1
29
27
20
Aprl 26
Apr. 22
May 10
May 15
25c
....
(optional div.)
8% preferred (quar.)
Kable Bros., 6% preferred
1
May 15
May 15
Apr. 24
SIX
SIX
SIX
Thompson (John R.) Co
10
May
Julv
(quar.)
Houston Lighting & Power,
June 21 June
1
5
Apr. 26
Apr. 26
Apr. 15
t$3.60
Syracuse Lighting Co., 8% pref. (quar.)
6H% preferred (quar.)
6% preferred (quar.).
vlo
Taylor-Colquitt Co. (quar.)
Texas Pacific Coal & Oil (quar.)
Texas Power & Light Co., 7% pref
6% preferred (quar.)
May 15 Apr. 30
July 20 June 20
July 20 June 20
Apr. 30 Apr. 22
May 15 Apr. 30
May 15 May
1
May 15 May
1
June
1 May 10
June
1 May 10
May 15 May
1
Apr. 26 Apr. 20
Apr. 26 Apr. 20
June
Gas Securities Co.
_
Trust Shares B
'
Extra
26
May 15
May
May
June 30 June 15
1 Mar. 25
Apr.
—
Pref. stk. div. of l-50th of a sh. of Pat) Am.
Dominguez Oil Fields (monthly)-Dominion Bridge, Ltd. (quar.)
15
17
1
20
26
22
22
June
6I
Pan
Corp. for each sh. of Dia¬
mond Match com. stk. held.
Payable in
three installments, the lsu of 2-50ths; the
Corp. for each sh. of Diamond
Match preferred stock held.
Diem & Wing Paper Co., 5% pref. (quar.)
Dome Mines, Ltd. (quar.)
24
Apr.
Apr.
May
Apr.
Apr.
Apr.
Apr.
Apr.
May
Apr.
Apr.
May
May
Apr.
Apr.
Apr.
1
1
lHc
Simmons Co
Match
2d & 3d of l-50th each,
12
1 Apr.
15
Simpson's, Ltd., pref
SIX
Singer Mfg. Co., Ltd., ord. reg. (interim)
6%
Amer. dep. rec. for ord. reg. (interim)
Stamford Water Co. (quar.)
$1H
Strawbridge & Clothier Co. 6% pref. A (quar.)
Sun Oil Co. (quar.)
25c
Preferred (quar.)
25c
Sterling Aluminum Products
Stouffer Corp., class A (quar.)-56 He
9.9269c
Super-Corp. of Amer., trust shares A
Common stk. div. of 4-50tbs of a sh. of
Amer.
29 May
Security Insurance Co. (New Haven) (quar.)
Security Realty Corp., Ltd., 6% pref. (quar.)
Servel, Inc. (quar.)
Shawinigan Water & Power Co. (quar.)
Sherman Clay & Co., 7% preferred
Signode Steel Strapping (quar.)_
Preferred (quar.)
Simmons Broardman Publishing Corp.—
$3 convertible pieferred (quar.)
Mar. 31
17 He
1
1 Mar. 15
15 June 17
Seaboard Surety Co
May 15
50c
15
May
Apr.
May
May
Apr.
50c
15c
6% preferred C & D (quarterly)
15 June 30
15 May
5
liApr.
II Apr.
1
15
June
31Hc
-
St. Paul Fire & Marine Insurance
Seaboard Oil Co. (Del.) (quar.)
1
June
t$l
Riverside & Dan River Cotton Mills, Inc.—
6% preferred
Rochester Gas & Electric, 5% pref. E. (qu.)
I May 15
May 20 May
5
Apr. 28 Apr. 20
May 15 Apr. 30
1
$3
lc
Extra
June
June
May
May
May
May
Apr.
July
May
May
May
Apr.
Apr. 27
20
May
1
May 20
Apr. 30
May 19
Apr. 24
May
1
Aprl 30
Apr. 24
1 Apr.
75c
—
24
tS2
SI X
SI H
40c
10c
Sulphite & Paper Co., 4% pref
Public Service Corp. of N. J., pref. (monthly)
Quebec Power Co. (quar.)
Quincy Market Cold Storage & Warehouse—
5% preferredRailway & Light Securities, pref. (quar.)
—
Randall Co., class A (quarterly)
Reliance Mfg. Co
1
19
5
2H%
Port Huron
28
25c
—
25c
20c
Extra
21
24
Deisel-Wemmer-Gilbert
$2
75c
20c
Peabody Coal Co., 6% preferred
Pearson Co., Inc., 5% pref. A (quar.)
Peninsular Grinding Wheel Co. (quarterly)
Pennsylvania Sugar
Pepeekeo Sugar (monthly)
Plymouth Fund Inc. A (quar.)
Apr. 15
15 Apr.
25c
37Hc
Debenture (semi- annual)
Owens-Illinois Glass (new initial quar.)
3
15
15
May
July
May
May
May
May
July
SIX
S2H
mx
t30c
Olaa Sugar Co., Ltd. (monthly)
Ontario & Quebec Ry. (semi-ann.)
1 June
July
May
May
June 15
45c
O'Connor Moffatt & Co., class AA (quar.)
7
1
1
50c
25c
Oahu Sugar Co., Ltd. (monthly)
June
1 May
May 15 May
May 15 May
May 15
North American Oil Consolidated
Apr. 24
Apr.
Apr.
Apr.
Apr.
50c
Noyes (Chas. F.) Co., 6% pref. (quar.)
6% preferred
3 Apr. 20
May
May
May
*50c
50c
Payable of Record
SIX
12c
Monthly
25c
75c
$1
$2
-
(Holding), Ltd.—
American deposit receipts, 5H% preferred
Less tax and depositary expenses.
87Hc
SIX
Naumkeag Steam Cotton
Neptune Meter, preferred (quarterly)
New England Fund, ben. int. (quarterly)
1 May 15
May 15 May
1
June
1 May 15
June
1 May 25
5H%
(quar.j
4<TS
Massashusetts Bonding & Insurance Co. (quar.)
Mayfair Investment (Los Angeles) (quar.)
Mclntyre Porcupine Mines (quar.)
.McWilliams Dredging (quar.)
Merchants Stores Co., Inc., 7% pref. (quar.)
Mergenthaler Linotype Co. (quar.)
Minnesota Valley Can Co., 7% preferred
Monolith Portland Cement, 8% pref
Montreal Light, Heat & Power (quarterly)
Mortgage Corp. of Nova Scotia (quar.)
Nanaimo Duncan Utilities, Ltd. (semi-ann.)—
National Biscuit Co. (quar.)
;
May 15 May
12Hc
37 He
SIX
5c
Marconi's Wireless Teleg., Ltd.. ordinary
Marsh (M.) & Sons (quarterly)
June 15 May 25
1 June 10
July
1 June 10
July
1
May 15 May
1
May 15 May
June 25 June
50c
5o
Extra.
Holders1
When
PC
Share
Name of Company
Payable of Record
SI x
Beattie Gold Mines
Belden Mfg. Co. (quar.)
Bunte Bros., 5% pref.
Cable & Wireless
,
2771
Chronicle
Financial
144
June
Sept.
Sept. 15
Dec
Dec.
15
16
16
15
10.
10
Apr. 30
Apr. 30
Apr.
9
Apr, 24
Apr. 24
15
15
15
Financial
2772
Per
Name
Share
of Company
25c
Amalgamated Sugar, 6% pref. (quar.)
Amerada Corp. (quar.)
American Bakeries Corp. 7% pref. (semi-ann.)
$3s1
$1
1
1
1
Apr. 30
July
1
May 15
June
Apr. 23*
June
15 June
1
May
May
Sept.
Apr.
Apr.
May
Aug.
10
15
25
25
Dec.
Nov. 25
(semi-ann.)
(quar.)
7% preferred A (quarterly)
7% preferred A (quarterly)
American Equitable Assurance (quar.)
25c
June
ilg
—
$134
40c
10c
Extra..
American Gas & Electric Co., pref.
(quar.)
American Home Products Co. (monthly)
—
American Light & Traction Co. (quar.)
Preferred (quarterly)
American Machine & Foundry Co
American Paper Goods Co., 7% pref. (quar.)__
7% preferred (quarterly)
7% preferred (quarterly)
American Shipbuilding Co. (quar.)
American Smelting & Refining Co
6% 2d preferred (quar.)
6% 2nd preferred
7% preferred (quar.)
American Thermos Bottle Co. (quar.)
Preferred (quarterly)
Amoskeag Co. preferred (semi ann.)
Anglo-Canadian Teiep. Co., 7% pref
Archer-Daniels-Midland Co. pref. (quar.)
Argo Oil Co. (semi-ann.)
SI 34
20c
30c
'Wo
$134
$134
$134
50c
75c
25c
87 )4c
$2 34
87 34c
$134
10c
pf. (QU.)
$134
3154c
51 34
5
Apr.
May
Apr.
15
7
9
Apr.
9
Apr. 20
June 20
June 19
Apr. 20
Apr. 24
Apr. 24
25 June
1
Dentists Supply Co. of N. Y. (quar.)
25c
Sept
Dec.
25 Sept.
24 Dec.
1
25c
50c
Apr. 30 Apr. 15
Apr. 30 Apr. 15
June 30 June 21
Quarterly
Quarterly
7% preferred (quarterly)
7% preferred (quarterly)
7% preferred (quarterly)
Deposited Insurance Shares A & B (semi-ann.).
Payable In stock.
Detroit River Warehouse, Inc. (initial)
Diamond Match Co.,preferred (sem ann.)
75c
25c
25c
SI 34
15c
8734c
1'referred series A
75c
Bensonhurst National Bank (quar.)__—...
Best & Co. (quar.)
6234c
25c
25c
Jr-
SIX
Preferred
(quar.)
Blauner's. Inc. (quarterly)
Preferred (quarterly)
Blue Ridge Corp
$3 convertible preferred (quar.)
Optional payment 1-32 sh. of com. or cash.
Bon Ami Co., class A (quar.).
Class B (quarterly)
Boston Edison Co. (quarterly)
Bourne Mills of Fall River
Brandywine Shares
Brentano's Book Stores, Inc., class A (quar.)—
Brewers & Distillers of Vancouv
25c
75c
15c
75c
$1
6234c
May
May
May
May
May
May
May
May
May
May
May
May 15 Apr.
Apr.
May
Apr.
May
Apr.
May
May 15 May
May 15,May
June
May
June
May
15
40c
40c
10c
SI 34
pref. (quar.)..
40c
Broadway Department Stores (initial)
Broadway Dept. Store, Inc. (Calif.), 7% 1st pref
Broadway & Newport Bridge (quarterly)
SIX
S234
Preferred (quarterly)
Bronxville Trust (N. Y.)
$1&
$2
.)•
(quar.
Extra
$iy8
SI 34
(quar.)
6% preferred (quar.).
ffal
Buffalo Ankerite Gold Mines, Ltd. (quar.)
Bonus
tl2&c
1st $5 pf. (qu.)
Bullock's, Inc., Ltd., 5% preferred (quar.)
Burroughs Adding Machine Co
SI 34
20c
25c
Byron Jackson Co. (quar.)
40c
Calamba Sugar Estates (quar.)
35c
Preferred (quar.)
$134
Calgary Power preferred (quar.)
California Packing Corp. (quar.)
3734c
5% preferred, new (quar.)
California Water Service, 6% pref. (quar.)
50c
Camden Fire Insurance Assoc. (s.-a.)
Canada Iron Foundries Ltd., 6% pref
t234%
Canada Northern Power Corp., Ltd. (quar.)
130c
Canadian Bronze Co. (quarterly)
Preferred (quarterly)
Canadian Investment Fund ordinary shares—
tic
tic
Special shares
25c
Capital Management Corp
Celanese Corp. of America—
SIX
7% cum. prior preferred (quar.)
S3 34
7% cum. 1st partic. preferred (s.-a.)
Celluloid Corp. 1st partic. preferred
$2
Celotex Corp. 5% pref. (quar.)
$134
25c
Central Cold Storage (quar.)
Central Hudson Gas & Electric (quar.)
20c
Central Illinois Securities, pref. (quar.)
3734c
Central Mississippi Valley Electric Property—
$134
6% preferred (quarterly)
Central Power & Light Co. 7% pref. (quar.)
SIX
SI 34
6% preferred (quar.)
6i®
^
m
Tube Co
5
20
20
20
21
10
10
15
Centrifugal Pipe Corp. (quar.)
1
24
15
15
15
Quarterly
Century Ribbon Mills
7% preferred (quarterly)
Cerro de Pasco Copper
Chain Store Investment (initial)
Preferred (quar.)
5
5
Dixie-Vortex Co.
1
15
15
Apr. 10
Apr. 13
Apr. 15
Apr. 15
May
1
May
1
Domestic Finance Corp. $2 pref. (quar.)
Dow Drug Co
Apr. 20
Champion Paper & Fibre, preferred (quar.)
Cherry-Burrell Corp. (quar.)
Preferred (quar.)
1
Chicago Yellow Cab (quar.)
Cincinnati Sandusky & Cleveland RR.—
6% preferred (semi-ann.)
Cincinnati Union Terminal Co., 6% pref. (qu.)_
Preferred (quarterly)
City Investing Co. common
City Water Co. of Chattanooga, 6% pref. (qu.)_
Cleve. Cin. Chic. & Machuis RR. 5% pref. (qu.)
Cleve. Cincinnati. Chicago & St. Louis, pf. (qu.)
Cliffs Corp. voting trust certificates
Cluett, Peabody & Co., Inc
15 May 28
5
May 15 May
June
May
May
Apr.
May
Apr.
Apr.
May
June
July
Apr. 30 Apr.
Apr. 30 Apr.
June
1 May
7
20
19
15
8
SI 34
20c
75c
Rubber Co.—
American deposit receipts ordinary registeredCash
Oct.
Apr.
May
Apr.
Apr.
Apr.
May
May
May
50c
June
May
Mar. 25
871?
June
Sept. 25
31
20
15
15
20
20
20
1 Apr. 15
1 Sept. 18
1
Mar. 20
27 Apr. 26
1
30
30
30
1
Dec.
24
$1
$1
Sept.
Dec.
Mar. 15
$134
3734c
1234c
June
$134
$154
$134
June
May
Apr.
Apr.
May
Apr.
May
May
20c
May
May
May
May
25c
June
$134
15
15
15
15
15
Mar. 15
Apr.
15
Mar. 15
May 21
5c
Apr.
Mar. 15
75c
May
7®
Apr.
May
May
Apr.
Apr.
Apr.
Apr.
Apr.
May
June
24*
12
23
30
30
10
June 19
June
June
May
May
May
May
May
Apr. 20
Apr. 20
Apr. 17
Apr. 17
Apr. 20
June
June
$2
May
May
May
Apr. 20
Apr. 26
Apr. 20
75c
June
75c
Sept
May 20
Aug. 20
75c
Dec.
Nov. 20
$134
$134
$134
234%
July
Jury
1
Oct.
Oct.
1
2c
20c
4334c
$2
t$234
334%
3%
$134
$134
50c
SI 34
$134
55c
May
May
18
1
Dec. 23 Dec. 23
May
1 Mar. 15
75c
May
Sept.
Marl'38 Feb 15'38
15c
$134
3c
3734c
62 34c
20c
May
May
July
July
Aug. 14
Apr. 23
Apr. 15
June
10
June
10
June
Apr.
20
Apr. 20
Apr. 20
Apr. 20
Apr. 20
Sept.
Dec.
50c
15c
May
May
bonus
8%
1%
Apr. 26 Apr.
Apr. 26 Apr.
Apr. 20
May
4
Apr.
9
Apr. 21
May
7
Aug.
6
Nov.
Nov.
$2
May
May
May
Apr.
50c
Edison Electric Illuminating Co. of Boston
Electric Bond & Share Co., $6 pref. (quar.)
$5 preferred (quarterly)
Electric Products Corp
Williamsport RR. (s.-a.)
Empire & Bay State Teleg. Co., 4% guaranteed.
Emporium Capwell Corp., 7% pref. (s.-a.)
434% cumul. preferred A (quarterly)
434% cumul. preferred A (quarterly)
4 34% cumul. preferred
6
50c
(quar.).
Quarterly
Elmira &
6
Apr.
May
May
Aug.
$134
A (quarterly)
l\%
25c
Apr.
SI.14
$1
$334
5634c
5634c
May
5634c
Erie &
Pittsburgh RR. Co., 7% gtd. (quar.)
7% guaranteed (quar.)
7% guaranteed (quar.)
Guaranteed betterment (quar.)
Guaranteed betterment (quar.)
Guaranteed betterment (quar.)
Ever-Ready Trust Co., Ltd., ordinary
June
Apr.
Apr.
Apr.
Apr.
May
9
10
6
6
16
20
21
11
Sept.
Sept.
July
June 22
Oct.
Sept. 21
Jan.
Dec.
$1
May
8734c
8734c
June
Apr. 15*
May 31
Aug. 31
Eureka Pipe Line Co. (quar.)
87m
Sept.
Dec.
23
Nov. 30
June
Mar. 31
Sept.
Aug. 31
Dec.
Nov. 30
50c
June
$134
$134
"5134
May
May
May 15
Apr. 20
Apr. 20
June
June 15
80c
80c
5%
Deferred
shares
Final div. for year ended
Mar. 31, 1937.
Faber, Coe & Gregg, Inc. (quar.)
7% preferred (quar.).
Fair (The) preferred (quar.)
Fansteel Metallurgical Corp. $5 pref. (quar.)
$5 preferred (quar.).
-
Nov. 15 Nov.
1%
25c
25c
Dunlop
1 June 15
10c
tig
June
1
Mar. 12
Apr. 15
Apr. 14
Apr. 30
Apr. 20
Apr. 20
May 15
20c
Quarterly
May
1 Apr. 21
May
1 Apr. 21
1
May 15 May
1
May 15 May
May
1 Apr. 16
May
1 Apr. 15
May
1 Apr. 15
June
5 May
1
1
May 15 May
July
1 June 15
July
1 June 15
May
1 Apr. 15
May 15 Apr. 30
May 15 Apr. 30
May 15 Apr. 30
May
1 Apr. 15
Apr. 30 Apr. 15
Apr. 26 Mar. 31
May
1 Apr. 20
May
1 Apr. 20
May
1 Apr. 15
May
1 Apr. 15
May
1 Apr. 20
May
July
SI 94
Apr. 24
Apr. 24
10c
$134
June
July
May
May
50c
May
May
Apr.
May
Aug.
50c
June
$2
$134
25c
15
15
15
15
5
5
$134
6834 c
May
May
May
May
May
$134
SI 34
20c
Mar."31"
May
Apr.
1 Apr.
26 Apr.
15 May
16 Aug.
5c
June
Mar. 31
June
SI
Mar. 12
1234c
20c
Apr. 19
May
6
Apr. 20
Apr. 20
Apr. 20
Apr. 20
May
4
Both for year ended Dec. 31, 1936, and less
income tax and depository expenses,
du Pont (E. I. )de Nemours & Co.—
30
30
1
1
24
1
20
20
16
24
5
SI %
SI 34
$1
(quarterly)
Class A (quarterly)
Doctor Pepper Co. (quarterly).
Apr.
Apr.
Apr.
Apr.
May
May
Apr.
May
May
May
May
May
May
May
May
May
May
July
Nov. 10
Dec.
May
75c
(sem-ann.)
Distillers Corp .-Seagrams, preferred (quar.)
Dividend Shares, Inc
Apr. 30 Apr.
May
1 Apr.
May 15 May
May
1 Mar.
May
1 Apr.
SIX
Preferred
1
15
10c
Dennison Mfg. Co. debenture
A div. of $2 a sh. remains inarreas
5
15
June 30 June
3c
Co., preferred (quarterly)
preferred (quar.).
preferred
Cudahy Packing Co., 7% preferred (semi-ann.)_
6% preferred (semi-ann.)
Cumberland Co. Power & Light, 6% pref. (qu.)
534% Preferred (initial, equar.)
Cuneo Press. Inc. (quar.)
Preferred (quar.)
Davenport Water Co., 6% pref. (quar.)
De Mets, Inc., preferred (quar.)
Crum & Forster Co.,
Cuban Tobacco 5%
24
10c
Central
Crown Drug
9
23
June
52
S234
1334c
Extra
Niag. & East. Pow. Corp.
Bullock Fund, Ltd
Dec.
June
$134
$134
—
Buff
5
6
25c
$1
—
Badger Paper Mills, Inc., 6% pref. (quar.)
Bangor Hydro-Electric Co. (quar.)
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
Buckeye Pipe Line Co. common
Buckeye Steel Casting Co., 634% pref.
17
25c
52 34
51
Atlas Powder preferred (quar.)
British Columbia Telep. Co., 6%
15
20
3734c
Birtman Electric Co. (quar.)
Extra
Community Public Service (quar.)
Special
Compania Swift Internaclonal (quar.)
—
Concord Gas, 7% pref. (quarterly).
Confederation Life Assoc. (Ont.) (quarterly)
Quarterly
Quarterly
Connecticut River Power. 6% pref. (quar.)
Consolidated Chem. Industries A & B.
A & B (extra)
;
Consolidated Cigar Corp. 7% pref. (quar.)
634% 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 Can Co., Inc., common (quar.)
Continental Service Co (quarterly)
Corn Exchange Bank Trust (quar.)
Cresson Consol. Gold Mining & Milling (quar.).
Crown Cork & Seal Co. (quar.)
15
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
May
May 15 May
Apr. 30 Mar.
35c
Plywood Corp
(quar.)
Commonwealth Investment (quar.)
Commonwealth Utilities Corp
6 34 % pf« C(qu.)
8
Sept.
May
May
July
May
(quar.)
15
14
Sept.
50c
15
Sept.
Apr.
May
July
July
May
May
50c
Commonwealth Edison Co
Dec.
May
May
Apr.
May 10
Aug. 10
27c
Commercial National Bank & Trust (qu.)
June
Associated Telephone Co., pref. (quar.)
Atlantic City Electric Co., $6 pref. (quar.)——
Atlantic Coast Line RR., 5% pref. (s.-a.)
Preferred
June
!1
10c
ACantic Macaroni, Inc. (quar.)
Atlantic Refinery Co., pref. (quar.)
June
SIX
Extra
Arrow-Hart & Hegeman Elec. Co., 634
Asbestos Mfg. preferred (quar.)
May
May
May
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
May
May
June
—
6% preferred series A (quarterly)
5% preferred (quarterly)
5% cumul. preferred (quarterly)
Columbia Pictures Corp. $234 pref. (quar.)
Common
Nov. 10
Dec.
Ic
8734c
25c
Columbia Gas & Electric Corp., com.
Distilling, pref.
_
Sept.
8734 c
gtd. (quar.)
Special guaranteed (quar.)
Special guaranteed (quar.)
Special guaranteed (quar.)
Coast Breweries, Ltd. (quar.)
Colgate-Palmolive-Peet (quar.)
15
Holders
Payable of Record
Company
Cleveland & Pittsburgh RR. Go.,
Guaranteed (quar.)
Apr. 20
Apr. 15
Apr. 16
Apr. 15
sh. of cl. B
American Envelope Co., 7% pref. A
Atlas
Name oj
Light Corp.—
Conv. A opt. div. series (1-32 of 1
stock or 75c. cash)
American
May
May
50c
American Can Co. (quar.)
American Cnicle Co. (quar.)
American Cities Power &
May
12J4c
_
When
Holders
When
Payable of Record
75c
Aloe (A. S.) Co. (quarterly)
Altorrer Bros, preferred (quar.)—;
April 24, 1937
Chronicle
$5 preferred (quar
\).
Farmers & Traders Life Insurance (N. Y.)
Quarterly
Extra
Extra
Sept.
Dec.
15
$2
July
June
10
$234
Oct.
Sept. 10
50c
50c
July
June 10
Oct.
35c
July
Oct.
35c
Quarterly
Federal Knitting Mills (quar.)
62 34c
May
Federated Department Stores, pref. (quar.)
1.0634c. Apr.
Fibreboard Products, Inn., 6% pref. (quar.)
May
Apr.
Fidelity & Deposit Co. (Md.) (quar.)
25c
May
Fidelity Fund (quar.)
Apr.
Filene's, (Wm.) Sons Co.. 4X% pref. (quar.).S 1.1834
Fire Assoc. of Philadelphia (semi-annual)
$1
May
Firemen's Insurance Co. of Newark (s.-a.)
15c
May
June
First National Bank (Jersey City) (quar.)
$1
First National Bank (N. Y.) (quar.)
$25 July
June
50c
First Security Corp. of Ogden(tJtah). ser A (s-a)
Fishman (M. H.), Inc., 534% preferred (s.-a.)
Sept.
$234
50c
Florsheim Shoe class A (quar.)
July
25c
Class B (quar.)
July
25c
Food Machinery Corp. (quar.)
Apr.
Four Wheel Drive Auto Co. (irergular)
$4 June
25c
Franklin Fire Insurance, (quarterly)
May
10c
Extra
May
May
$134
Freeport Sulphur Co 6% preferred (quar.)
30c
Froedtert Grain & Malt Co., pref. (quar.)
May
Fuller Brush Co. 7% preferred (quar.)
July
Oct.
7% preferred (quar.)
75c May
Gardner-Denver Co., preferred (quar.)
General Cigar Co., Inc. (quar.)
$1
May
June
Preferred (quartrly)
SIX
Federal Insurance (Jersey City) (quar.)
!i£
General Electric Co
Sept. 15
Dec.
40c
Apr.
Sept. 10
June 19
Sept.
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
20
20
20
15
19
20
23
23
20
June 23
June 15
June
1
Aug. 20
June 15
June 15
Apr. 15
May 31
Apr.
Apr.
Apr.
Apr.
20
20
15
15
June 22
Sept.
Apr.
Apr.
May
22
20
15
22
Mar. 19
Volume
Financial
144
General Foods Corp.
Share
of Company
$2H
37Hc
(quar.)
General Metals (quar.)
General Mills, Inc., common
General
Motors Corp.
75c
pref. (quar)
General Public Service Corp.,
$6 pref. (quar.)
$5 H preferred (quarterly)
General Stockyards
..
-—
*25c
1
$6 conv. preferred (quar.)
General Telephone Allied Corp. $6
$13*
$1H
$}$1
preferred
Georgia RR. & Banking Co. (quar.)—
Gillette Safety Razor preferred (quar.)
GImbel Bros., preferred (quar.)
Globe & Republic Insurance (quar.)
Goodyear Tire & Rubber, $7, 2nd preferred
Gotham Silk Hosiery Co., Inc., 7% pref
7% preferred (quar.)
Grea. Lakes Dredge & Dock (quar.)
Great Lakes Engineering Works (quar.)
$13*
$1H
20c
$13*
15 Apr.
1
15 Apr. 30
1 Apr. 10
1 Apr.
5
1 Apr.
1 Apr.
15
15
1 Apr.
1 Apr.
15
1 Apr.
15 July
15
1
1 Apr.
2
25
30
1
1
1
15
1
15
Apr. 10
Apr. 20
40c
June
15 June
4
June
$1._
683*c
June
May
May
Apr.
Apr.
Apr.
Apr.
Apr.
May
May
Apr.
Apr.
Apr.
May
14
15
15
10c
5c
Extra
80c
Green (H. L.) Co. (quar.)
40c
Preferred (quar.)
Greenfield Gas Light Co. 6% pref.
Halifax Fire Insurance Co. (M. S.)
Vd
(quar.)
(s.-a.)
50c
Halle Bros
Watch
Preferred
(quar.)
Hanna (M. A.) Co. preferred (quar.)
Hartford Electric Light Co. (quar.)
Hat Corp. of Amer., class A & B common.
A and B preferred (quar.)
Hawaiian Pineapple Co., Ltd. (quar.)
Hecker Products (quarterly)
Hecla Mining Co
Hercules Powder Co., pref. (quar.)
Hershey Chocolate Corp. (quarterly)
Preferred
15c
May
May
May
Apr. 30
May
1
25c
June
20c
$1 H
50c
—
May 15
May 15
May 15
—
(quarterly)
Apr.
Hibbard, Spencer, Bartlett & Co. (mthly)
Monthly
Monthly
Hollander (A.) & Sons (quar.)
Holly Sugar Corp. preferred (quar.)
Home Insurance Co. (quar.)
—
Horders, Inc. (quarterly)
(Geo. A.) & Co. (quar.)
(quar.)
Home (Joseph) Co. preferred (quar.)
Horn & Hardart Co. (N. Y.) (quar.)
Hotel Barbizon, Inc., vot. tr. ctfs. (quar.)
Voting trust certificates (quarterly)
Voting trust certificates (quarterly)
Humberstone Shoe Co. (quarterly)
Hussman-Ligonier Co. (quar.)
Hydro-Electric Securities Corp
Idaho Power 7% pref. (quar.)
6% preferred (quar.)
—
Illinois Northern Utilities, 6% preferred (quar.)
Imperial Life Assurance of Canada (quar.)
Quarterly
Quarterly
Incorporated Investors
Hormel
Preferred A
Indiana Pipe Line Co__-
15
15
20
10
15
4
24
24
20
18
25 June
15
17 Apr.
1 Apr.
1 Apr.
1 Apr.
26 Apr.
26 Apr.
1 Apr.
15. May
15 May
1 Apr
1 Apr.
5 Apr.
July
30
15
15
15
20
20
20
1
Jan.
(qu.)-
20
20
15
15
1
30
30
Apr.
1
June
June
16
May
$13*
%%ih
June
17
5
1
Sept.
Apr.
May
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
May
Aug.
Dec.
Nov. 10
$13*
May
May
May
$13*
87 He
30c
$3H prior preferred (quar.)
(quar.)
Iron Fireman Mfg. Co.
Quarterly
--
Quarterly
June
20
20
20*
22*
22*
10
10
June
10
10
Apr. 15
May 25
Jewel Tea Co., Inc., (quarterly)
Kable Bros. Co., preferred (quarterly)
June
June
May
Kalamazoo Stove & Furnace Co. (quar.)
May
May.fl 5
Apr. 20
Interstate Dept.
Stores, pref. (quar.)
pref. (s.-a.)__
Jamaica Water Supply Co., 7H%
Jantzen Knitting Mills (quar.)
Preferred
(quar.)
St. Paul & Chicago RR. Co.—
6% preferred guaranteed (quarterly)
—
Department Stores
Kellogg Switchboard & Supply (quar.)
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
—
King Oil Co. (increased)
Kings County Trust Co. (quar.)
Klein (D. Einil) (quar.)
5% preferred (initial, quar.)
Kleinert (I. B.) Rubber Co
Knickerbocker Insurance Co. (N. Y.) (quar.)—
Kokomo Water Works Co., 6% pref. (quar.)
Apr.
Apr.
5
Kansas City
Kaufrnann
$1H
40c
15c
t$13*
May
1
Apr. 28
Apr. 30
May 15
Apr.
Apr.
19
10
Apr.
12
May
5
11%
•IK
May
Apr.
Apr.
Apr.
10
12
15
26
—
tig
July
June
May
7% preferred (quar.)
(quarterly)
Quarterly
Quarterly
7% preferred (quarterly)
7% preferred (quarterly)
7% preferred (quarterly)
Lane Bryant, Inc., 7% preferred (quar.)
Lanston Monotype Machine
Lehigh Portland Cement Co., common (quar.)_
Leonard (C.) Tailors (quar.)
Lerner Stores Corp., 4H% pref. (quar.)
$13*
25c
Aug.
May
Aug.
Apr. 20
July 20
May
5
Aug.
6
25c
Nov.
Nov.
7% preferred (quarterly)
$13*
$13*
$13*
June
June
5
Sept.
Sept.
5
Dec.
Dec.
5
1H&
37 He
May
May
May
10c
May
Quarterly
820
25c
62Hc
30c
20c
SI H
25c
Co. (qu.)
Quarterly
—
Quarterly
Lincoln Printing Co., pref. (quar.) —
—
Link Belt Co. (quar.)
Preferred (quarterly)
Little Miami RR.. special guaranteed (quar.)..
Special guaranteed (quar.)
Special guaranteed (quar.)
Original capital
Original capital
Original capital
—
Lock Joint Pipe Co. 8% preferred (quar.)
8% preferred (quar.)
8% preferred (quar.)
May
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
15
10
15
23
23
20
23
20
June
June
21
May
May
May
Apr.
Apr.
15
15
15
4pr. 15
Apr.
May 15
4
May 20 May
1 Apr. 15
May
1 Apr. 20
May
1
May 15 May
—
pref. (qu.)
June
Oct.
New York Fire Insurance
Sept
Dec.
North American Edison
North Central Texas Oil
May 15
Nov. 15
75c
June
May 28
30c
Apr.
24
30c
May
Aug.
July
27
30c
Nov.
Oct.
26
87 He
May
50c
June
Apr. 20
May 15
Aug. 15
July
June
50c
June
50c
Sept.
May 25
Aug. 25
$13*
15
50c
Dec.
Nav. 26
$1.10
$110
$1.10
$2
82
June
May 25
Aug. 25
$2
Sept.
Dec.
Nov. 26
July
June 28
Oct.
Sept. 28
Jan.
Dec.
31
16
June
Apr.
Apr.
Apr.
May
Apr.
Apr.
Apr,
Apr.
May
26
15
15
20
20
27
22
15
28
May
Apr
16
June
Apr.
26
May
May
May
Mar. 29
June
May
May
May
May
Apr.
Apr.
14
5
June
May
May
Apr.'lS
Mar
30
June
$13*
May
May
May
Apr.
Apr.
Apr.
Apr.
May
Apr.
Apr.
Apr.
Apr.
17
16
16
20
20
7
20
20
20
15
May
May
May
Aug.
Apr. 15
Apr. 15
Apr. 30
July 31
50c
May
May
May
May
June
Apr.
Apr.
$1H
50c
1
Nov.
Nov.
$1
May
$13*
June
Apr. 30
May 15
50c
Co.. pref. (quar.)__ —
Co., Inc. (interim)——
Northern Illinois Finance
17
Sept. 18
Dec.
May
May
May
Ry., preferred (quar.)
15c
July
June
10
25c
June
25c
Corp. (quar.)
May
May
May
May
Apr.
Apr.
Apr.
May
Aug.
28
12
37 He
(quar.)
Gas Co. 6% pref. (qu.)_
—
$1
$13*
6% preferred (quar.)
6% preferred (quar.)
Northern Ontario Power Co.
Dec.
June
Dec.
50c
(quarterly)
(quarterly)
$1 H conv. preferred (quar.)
Northern New York Utilities, pref.
Sert.
Nov. 26
May 15
Sept.
50c
class A (quar.)
17
27
27
June
20c
(quar.)
1
2
20
June
20c
(quar.)
18
25c
Apr.
Apr.
May
Aug.
June
5c
Northern Oklahoma
Jan.
May
May
50c
New York Air Brake
North River Insurance
May
Oct.
Jan.
19
10
June
30|June 15
May 10 Apr. 30
1
May 15 May
1
May 15 May
1
July
July
Forgings (quar.)
Morrell (John) & Co
Morris Plan Insurance Society (quar.)
Quarterly
—
Quarterly
Muskogee Co. 6% cum. pref. (quar.)
Mutual Chemical Co. of Amer., 6% pref. (quar.)
6% pref. (quar.)
6% pref. (quar.)
Nash-Kelvinator (quar.)
Nashua & Lowell RR. (s.-a.)
—
National Automotive Fibres class A
National Bearing Metals Corp. (quar.)
7% preferred (quar.)
National Casket Co. (semi-annual)
National City Lines $3 pref. A (quar.)
National Distillers i'roducts (quar.)-National Lead preferred A (quar.)
Class B preferred (quar.)
National Power & Light Co. common (quar.) - $6 preferred (quarterly)
—
National Tea Co. preferred (quar.)
Nehi Corp.. $8 pref. (quar.)
—
Neiman (Marcus) Co. 7% pref. (quar.)
Neisner Bros, preferred (quar.)
Nevada-Calif. Electric, pref. (quar.)
Newberry (J. J.) Co. 5% pref. (quar.)
—
6H% preferred A (quar.)
6% preferred B (quar.)
New Jersey Zinc Co. (extra)
.New Process Co. (quar.)
Norfolk & Western
$1,125
Ma
June
R.) Dry Goods (quar.)
Apr. 20
15
15
20
19
25c
Lincoln National Life Insurance
May
May
May
May
Apr.
May
Apr.
—
Nineteen Hundred Corp.,
Apr. 15
May 21
Apr. 14
Apr. 15
Apr. 19
-.
Quarterly
Libbey-Owens-Ford Glass (quar.)
Apr
20
Apr. 20
June
Moore Drop
(quar.)
preferred (quarterly)
Nortnern RR. of New Hampshire (quar.)
Northwestern Engineering Co
Nunn-Bush Shoe Co. (quarterly)
...
7% 1st preferred (quarterly)
73*% 2nd preferred (quarterly)
—
Ohio Public Service Co. 7% pref. (monthly)
6% preferred (monthly)
5% preferred (monthly)
Oils & Industries, Inc., preferred
Oliver United Filters class A
Class A (quar.)
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 Gas & Electric 5H% Pref. (quar.)
6% preferred (quar.)
Pacific Lighting Corp. (quar.)
Pacific Power & Light 7% preferred--.
—
6% preferred
6%
15
15
15
31
31
2Hc
Quarterly
Quarterly
Class A
1
Apr.
Apr.
Apr.
May
Aug.
Nov. 30
Preferred
Class A
June
May
May
May
May
Aug.
Nov.
6% preferred (quarterly)
Light, 7% pref. A (quar.)
Moore (Wm.
Apr. 24 Apr
May
May
—
7% preferred
5
50c
Mldco Oil Corp., vot. tr. ctfs. (quar )
Milwaukee Electric Ry. & Light Co.—
June 21
25c
(quar.)
60c
433*c
433*c
43 3* c
$1H
pref
_
Le Tourneau, Inc.
75c
Niagara Hudson Power Corp. pref. B (special) — $25.09
This div, is in accordance with terms of consol.
and is payment in full for arrears of divs.
on Mohawk Hudson Power 2d pref.
$13*
1st preferred (initial)
$13*
2d preferred A & B (initial)
Dec.
June
Landis Machine
$1H
Metal & Thermit Corp
Michigan Public Service Co., 6%
Nov.
Apr. 20
June
Sept.
40c
(quar.)
5%
New York Merchandise, new
15c
10c
40c
Kroger Grocery & Baking
6% preferred (quar.)
7% preferred (quar.)
Nov.
May
June
Apr.
Apr.
Apr.
Apr.
Apr.
May
(S. H.) & Co
Special preferred
fig
Extra
$13*
May
May
May
May
July
May
Apr.
Apr.
May
May
May
Kress
50c
$13*
Montgomery (H
A.) Co- (quar.)
Montgomery & Erie Ry. (semi-ann.)
Moody's Investors Service preferred (quar.)
30c
International Silver Co. 7% preferred
International Utilities Corp. $7 prior pref.
—
Monmouth Consol. Water Co., $7
15
May
M
$1H
Lynch Corp. (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
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
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.)
McGraw Electric Co. common (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 & Manufacturers Fire Ins. (quar.) —
Merchants Refrigerating Co., 7% pref. (qu.) —
24
3 Dec. 31
May
May
May
May
May
May
lii
—
(quar.)
Luther Manufacturing Co
25
30c
(quarterly)
(quar.)
Minneapolis-Honeywell Regulator Co
Mississippi Power & Light $6 preferred
10c
50c
$1H
$1H
Modine Manufacturing Co
50c
2H%
50c
£2
$13*
(s.-a.)
Lumbermen's Insurance Co. (Pnila.)
Lunkenheimer Co.. preferred
Preferred (quar.)
10
1
Apr. 30 Apr.
May 15 Apr. 23
July
1 June 15
Oct.
1 Sept. 15
--
£8
25c
Ludlum Steel Co. common
24
24
Oct.
Nov.
Apr. 15
May
Apr. 15
May
Apr. 30
May
Apr. 15
May
Apr. 16*
May
June 18*
July
May
Apr. 17
Apr. 30
May
Apr. 14
May
May xv.,Apr. 30*
May 15 Apr. 23
1 June 22
July
Oct.
1,Sept. 21
Jan.
1 Dec. 21
1 Apr. 13
May
5
May 15 May
1 June 19
July
5
May 15 May
5
Aug.
Aug.
20c
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.)
Louisiana Power & Light Corp. $6 pref
Milwaukee Gas
Apr.
May
Apr.
May
Apr.
May
Apr.
May
Apr.
May
Apr. 30 Apr.
July
2 June
Oct.
1 Sept.
preferred (quar.) —
6% preferred (quarterly)
_—
—
Institutional Securities—
Insurance Group shares class 2
Insuranshares Certificates
International Cigar Machinery Co
International Harvester preferred (quar.)
International Nickel Co. of Can. pref. (quar.).
International Printing Ink (quar.)
Preferred
1
26
May
May
May
May
Apr.
Apr.
May
May
May
May
May
May
Aug.
Extra
Indiana Security Corp. 6%
30
May 28
10
15
June
Extra
Homestake Mining (monthly)
15
15
Holders
Payable of Record
20c
Locke Steel Chain (quar.)
Extra
Preferred
12
12
3
24
24
5
25c
25c
Great Western Electro-Chemical
Hamilton
Apr.
May
May
May
May
May
May
May
May
July
May
Apr.
Apr.
July
May
May
May
May
May
May
When
Share
Name of Company
Payable of Record
Apr.
Apr.
May
Apr.
1 Apr.
15 May
1 Apr.
May
1 Apr.
May
1 Apr.
May
2 June
July
Apr. 30 Apr.
$I1*1
.
Per
Holders
When
Per
Name
2773
Chronicle
'3K
$1H
$1H
June
Sept.
Dec.
Apr.
Apr.
12
10
17
17
Nov. 16
Mar. 31
Mar. 31
Apr. 12
25c
Apr. 15
May
25c
Apr. 15
Apr.
Apr. 30 Apr. 15
$13*
$1H
Apr. 30 Apr. 15
1 Apr. 15
58 l-3c May
50c
Apr. 15
May
41 2-3 c May
Apr. 15
37 He
Apr. 20
May
Apr. 20
t50c May
50c
Apr. 20
May
May
$2
45c
Apr. 26
May
75c
Apr. 20
May
Apr. 20
May
$13*
Apr. 20
May
$13*
10c
Apr. 15
May
20c
Apr. 15
May
Apr. 15
May
163*c
17 He
Apr. 15
May
Apr. 15
May
$13*
Apr. 30
343*c May
37Hc May 15 Apr. 30
75c
May 15 Apr. 20
l!Apr. 17
May
llApr. 17
$1H May
Apr.
2774
Financial
Per
Name of Company
Share
Pacific Public Service preferred
Preferred (quar.)_
Pacific Truck Service, Inc. (Calif.), 7% pref.—
Package Machinery Co. 7% 1st pref. (quar.) —
Preferred (quar.)
Peninsular Telephone (quar.)
Quarterly
7% preferred (quar.)
7% preferred (quar.)
7% preferred (quar.)
7% preferred (quar.)
Philadelphia Co., common (quar.)
6% preferred (semi-ann.)
Philadelphia Electric Co., $5 pref. (quar.)
Philadelphia Suburban Water pref. (quar.)
Phillips-Jones p/eferred (quar.)
Phoenix Finance Corp., 8% pref. (quar.)——
8% preferred (quarterly)
preferred
Apr. 15
Apr. 15
30
June
Apr. 20
Apr. 20
June
May 15
May 25 May 15
May 15 May
5
May
1 Apr. 21
July
1 June 15
Oct.
1 Sept.15
May 15 May
5
5
Aug. 15 Aug.
Pfeiffer Brewing Co. common
Pen mans, Ltd. (quar.)
Nov. 15 Nov.
Feb. 15 Feb.
5
5
May
July
1
Apr.
1
Apr.
Apr. 10
May 12
Apr. 20
June 30
Oct.
Sept, 30
Jan.
Dec. 31
Apr.
May
May
June
(quarterly)
Pickle Crow Gold increased
Pioneer Mill Co. (monthly)
June 30 June
May
Pittsburgh 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 Youngstown & Ashtabula Ry. Co.—
7% preferred (quar.)
7% preferred (quar.)
7% preferred (quar.)
Potomac Edison Co. 7% preferred (quar.)
6% preferred (quar.)
Princeton Water (N. J.) (quar.)
Procter & Gamble Co. (quar.)
Extra
Public Electric Lignt Co, (quar.)
Public Service Co. of Colorado 7% pref.
(mthly.)
6% preferred (monthly)
5% preferred (monthly)
Public Service Com. (N.J.) 6% pref. (monthly.)
Public Service of Northern Illinois (quar.)
No par (quar.)
6% preferred (quar.).
Oct.
15
June
Oct.
Sept. 10
July
July 10
Sept. 10
Oct.
June
1 May 20
Sept.
1 Aug. 20
Dec.
1 Nov. 20
May
1 Apr. 20
May
1 Apr. 20
May
1 Apr. 20
50c
May 15 Apr. 23
50c
May 15 Apr. 23
25c
May
1 Apr. 24
58 l-3c May
1 Apr. 15
50c
May
Apr. 15
41 2-3 c May
Apr. 15
$14
75c
75c
374c
$14
30c
50c
$14
60c
60c
60c
$24
25c
Extra
25c
Preferred
75c
Reading Co. (quarterly)
1st preferred (quarterly)
Apr. 21
Sept. 15
July
$14
$154
7% preferred (quar.).
Pullman, Inc. (quar.)
Quaker Oats Co., preferred (quar.)
Quarterly Income Shares, Inc
Railway Equipment & Realty Co., common—
Preferred (quarterly)
Rapid Electrotype Co. (quar.)
Quarterly
Quarterly
Rath Packing, 5% preferred (initial, s.-a.)
Raymond Concrete Pile Co., common
15
June
50c
50c
Apr. 30 Apr.
1 Apr.
May
1 Apr.
May
1 Apr.
May
1 Apr.
May
1
Dec.
50c
June
50c
40c
June
40c
Rich's, Inc. (quar.)
*
St. Lawrence Flour Mills
Preferred (quar.)
10
15
15c
June
15c
June
$14
25c
St. Louis Bridge. 6%
1st pref. (s.-a.)_.
3% 2nd preferred (semi-'ann.)
St. Louis Refrigerator & Cold Storage (s.-a.)
6% preferred (semi-ann.)
Savannah Sugar Refining (quar.)
Schlff Co. (stock dividend)
Payable 10 days after registration with SEC
and listing on N. Y. Curb.
Schoellkopf, Hutton & Pomeroy, Inc.—
54 % cum. pref. (quar.)__
Schwitzer-Cummins (quar.)
Scotten-Dillon
May
May
8c
new common
Co
$1li
$134
$3
$3
June
15
25c
May
Apr. 23
May 15 May
6
July
May
Apr'." 15
May
Apr. 15
May
Apr. 15
May
Apr. 15
June 17
July
Oct.
Sept. 17
Simms Petroleum Co.
$3
$14
124c
11
11
$1
Southern Calif. Edison Co., Ltd., com. (quar.)
Southern Canada Power Co.. com. (quar.)
15
June 24 June 15
154
$154
8734c
(liquidation)
Simpson (Robert) Co. pref. (s.-a.)
Skeliy Oil Co., 6% pref. (quar.)
Smith Agricultural Chemical Co. (quar.)
6% preferred (quar.)
Smith (S. Morgan) Co. (quar.)
Quarterly
Quarter'y
Solvay Amer. Investment, 54% pref. (qu.)
June
$14
50c
-
Apr. 15
Apr. 20
Apr. 20
Apr. 20
624c
Servel. Inc., preferred (quarterly)
Preferred (quar.)
Preferred (quar.)
Sharp & Dohme, Inc., pref. (quar.)
Sierra Pacific Electric pref. (quar.)
May
May
May
July
July
Apr. 24
5
50c
118
Seeman Bros., Inc., com. (quar.)
Common textra)
15 June
50%
37 4c
(quar.)
Securities Corp. General $6 pref. (quar.)
$7 preferred (quar.)
Apr. 15
Apr. 20
May 15
Apr. 20
Apr. 24 Apr. 20
May
Apr. 15
30c
Securities Acceptance Corp. 6% pref
374c
20c
Jan.
Dec.
20
May
Apr. 16
May
Apr. 20
Apr. 30 Apr. 23
May
1 Apr. 15
May
Apr.
5
May
Apr. 20
May
Apr. 20
1
May
May
1
Aug.
Nov.
Nov.
1
May 15 Apr. 15
May 15 Apr. 20
May 15 Apr, 30
Southern Indiana Gas & Electric Co.'
4.8% preferred (quarterly)
Spencer Chain Stores, common..
Optional payment 8-100th share of
on common
or
1.2%
75c
May
1 Apr.
Apr. 30 Apr.
15
15
common
75c. cash.
Spiegel, Inc. (quar.)
W Preferred (quarterly)
New $44 preferred (quarterly)
Squibb (E R.) & Sons $6 1st pref. (quar.).
Standard Silver-Lead Mining
25c
$14
-
_
(quarterly)
Universal Insurance (Ne^rk
N
J v''quar >
Universal Leaf Tobacco Co., Inc., com. (qu.)—
Uiica Clinton & Binghamton RR
$154
Stores, new common (quar.)
Roxborough Knitting Mills, Inc., pref. (qu.)
Rudd Mfg. Co. (quar.)
Saguenay Power Co., pref. (quar.)
Common
Nov. 20
penses.
Roos Bros., Inc. (Del.), $6 4 pref. (quar.)
(quarterly).
Dec.
16
$1,125
$14
lc
May
May
June
1 Apr. 16
1 Apr
15
15 June
1
May
l'Apr. 15
Apr. 26 Mar. 31
—
1
15
Apr. 15
May 15
Jan.
3 Dec.
10
May
1
June
1
July
May
1 June
June
1
July
May
1 June
15
1
Apr.
15
June
1
May 15
July
July
1 June
Apr.
Apr. 15
May 15
1
15
Apr. 15
May 15
15
10 June 21
30 Mar. 31
1 Apr. 23
May
1 Apr.
15 June
19
May
June
Sept. 15 Sept.
Dec.
8 Nov. 24
May
1 Apr.
1
1
20
1 Apr. 19
19 May 29*
Sept. 20 Aug. 31*
May
75c
75c
75c
June
$14
75c
25c
75c.
90c
Dec.
Tuly
20 Nov. 30*
15 June 16
1 Apr. 15
June
1 May 16
1 Apr. 16
May
Aug. 10 July 31
May
27 Dec.
16
16
$1
May 15 May
1
$14
June
12
Vapor Car Heating Co. 7% pref. (quar.)
7% preferred (quar.)
7% preferred (quar.)
Virginian Ry. Preferred
Vulcan Detinnlng Co., preferred (quarterly)..
Preferred (quarterly)
Walgreen Co. (quarterly)
Walker & Co., A
Waltham Watch, prior preferred (quar.)
Prior preferred (quar.)
Walton (Chas.) & Co. 8% pref. (quar.)
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)
Quarterly
Quarterly
Went worth Manufacturing (new common) —
—
West Jersey
8eashore RK. Co. (s.-a.)
West Penn Electric, 6% pref. (quar.)
preferred
$14
June 26 June
Debenture (semi-ann.)
Debenture (semi-ann.)
Utica Gas & Electric 7% pref. (quar.)
7%
15
May 15
__
$14
1st preferred
May
14
15
Apr. 15
684c
United States Sugar Corp.. preferred (quar.)
United Steel Corp., 6% preferred A
30
30
10
15
30
15
15
1 June
1 June
50c
—
May 20
Aug. 20
Apr. 20
1 June
50c
Quarterly
Quarterly
Apr. 15
15%
15%
t75c
50c
June
18c
1 June 15
July
May 15 Apr. 30
June
1 May 20
1 Aug. 20
Sept.
May 21 Apr. 21
1 Apr. 15
May
1 Apr. 15
May
1 Apr. 15
May
1 Apr. 19
May
May 10 Apr. 19
June
1 May 14
1 July 15
Aug.
1 Apr. 15
May
May 15 Apr. 30
1 June 10
July
Oct.
1 Sept. 10
90c
15
50c
(quar.)
(quar.)
May
15c
60c
$14
$14
1 Apr.
1 Apr. 20
1 June 15
60c
15c
May
1 Apr.
May
1 Apr.
May
1 Apr.
May
1 Apr.
May 21 Apr.
May
1 Apr.
May 28 Apr.
June
5 Apr.
1
1
$24
United New Jersey RR. & Canal (quar.)..
United Profit Sharing Corp., preferred
United States Fire Insurance Co
United States & Foreign Securities, pref.
1 May 15
May 10 Apr. 20
1
ar. 17
May
1
July
1 June
53c
6.36% preferred (monthly)
$134
$134
$134
$154
1.3134
May
1
15
15
July
May
United Light &
Common
May
15 June
Apr. 26 Apr.
1 Apr.
May
June
50c
53c
53c
15
June
60c
$14
$14
Preferred (quarterly)—
Preferred (quarterly)
United States Pipe & Foundry Co., com. (quar.)
Apr.
Apr.
15
60c
20c
30c
Apr. 24
May
Dec.
1
40c
United Biscuit (quar.)
Preferred (quar.)
July
May
May
May
31
June
412-3c
Union Oil Co. of California
$1M
200%
$1
Dec.
50c
2c
United States Hoffman Machinery, pref
United States & International Securities—
50c
15
Sept. 30 Sept.15
1
58l-3c
10
June 30 June
50c
50c
Nov. 15
Apr.
Apr.
18
Oct.
1
June 21
31 Dec.
May
May
July
July
July
July
May
1
15
Dec.
1 Apr.
7
May
May 14 Apr. 30
1 Apr. 23
May
1 Apr. 23
May
15c
1
20
20
20
20
1
Sept. 30 Sept. 23
20c
274c
$14
$14
$14
$1.80
58 l-3c
Dec.
Sept.
20c
(quar.)
7% pref. (monthly)
6% preferred (monthly)—.
5% preferred (monthly)
Tung-Sol Lamp Works preferred (quar.)
40c
$14
Rose's 5-10-25
(quar.)
Sept.
Is. 6d.
Rolls-Royce, Ltd., ordinary registered
Amer. dep. rec. for ord. reg. (final)
Less tax and deduction for depositary ex¬
Preferred
Toledo Edison Co.,
United States Graphite Co.
7% guaranteed (semi-ann.)
6% guaranteed (semi-ann.)..
Roan Antelope Copper Mines
Rockland Light & Power Co. (quar.)
IVJUcll. wCilJ"
7% preferred (quarterly)
7.2% preferred (quarterly)
6% preferred (monthly)
6% preferred (monthly)
6% preferred (monthly)
7.2% preferred (monthly)
7.2% preferred (monthly)
7.2% preferred (monthly)
Thatcher Mfg. Co con v. preferred (quarterly) —
Timken-Detroit Axle Co. Preferred (quar.).—
Toburn Gold Mines, Ltd.
24
June
35c
$14
50c
Rys. Co., 6% pref. (monthly).
50c
6% preferred (monthly)
50c
6% preferred (monthly)
58 l-3c
7% preferred (monthly)
58 l-3c
7% preferred (monthly)
Richmond Fredericksburg & Potomac RR.
Richmond Insurance Co. of N. Y
Riverside Cement, $6 pref. (quar.)
proioiicu
15
June 30 June
Apr. 26 Mar. 26
May 15 Apr. 25
5c
15
May 15
Aug. 15
50c
--
/o
1 Apr.
May
May 15 May
50c
Sylvania Industrial Corp. (quar.)
Tacony-Palmyra Bridge, preferred (quar.)
Tamblyn (G.) Ltd. (initial, quarterly)
Quarterly
Telautograph Corp. (quar.)_—
Telephone Investment Corp. (monthly)
-Tennessee Electric Power Co., 5% pref. (quar.)_
O
Holders
When
Payable of Record
20c
(quar.)
Swift International Co. (quar.)
$14
lO.May 20
30c
Rich Ice Cream Co. (quar.)
Sunray Oil Corp
Super-Mold Corp.
United Corporations, Ltd., $14 class A
United Dyewood Corp. Preferred (quarterly)..
15
Apr. 26 Apr.
Regent Knitting Mills, Ltd., $1.60 pref. (qu.)
$1.60 preferred (quarterly)
$1.60 preferred (quarterly)
Reliance Mfg Co., preferred (quar.)
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.)
Republic Portland Cement Co. 6% pref. (qu.)__
6% preferred (quar.)
5% preferred (quar.)
Revere Copper & Brass, Inc., 7% cum. pref
534% cum. preferred
Rhode Island Public Service Co., pref. (qu.)
Class A (quarterly)
.
United Biscuit Co. of America, preferred (quar.)
15
15 Dec.
Apr.
Apr.
Apr.
Apr.
Apr.
!li
15
Sept. 15 Sept.
May
May
May
May
May 13
Standard Steel Construction $3 class A pref---t75c
314c
Stanley Works 5% preferred (quarterly)
$14
Stecher-Traung Lithograph 74% pref. (quar.)_
74% preferred (quar.)
74% preferred (quar.)
Steel Co. of Canada, Ltd. (quar.)
J4394c
Stein (A.) & Co. (quar.)
25c
5c
Sterling, Inc. (quar.)
Preferred (quar.)
374c
434c
Stix, Baer & Fuller Co. 7% pref. (quar.)
434c
7% preferred (quar.).
434 c
'.).
7% preferred (quar
Sullivan Consol. Mines (initial)
Sun Ray Drug Co. (quar.)
Preferred (quar.)
374c
15
15 June
Reed (C. A.) Co. $2 preferred A
-
Per
Share
Name of Company
$14
$14
May 15 Apr. 24
1
May 29 May
May
1 Apr. 15
Apr. 25 Mar. 31
Apr. 25 Mar. 31
June
April 24, 1937
Holders
Payable of Record
May
May
July
May
May
Pan American Airways (quar.)
Parker Pen Co. (quar.)
8%
When
Chronicle
$14
$14
$14
14%
14%
50c
t50c
$14
$14
$2
25c
90c
$14
$2 4
10c
10c
10c
15c
$14
$1
■
$1
(quarterly)
Dec.
10 June
1
Sept. 10 Sept.
Dec. 10 Dec.
1
1
10
1 Apr.
May
July 20 July
10
20 Oct.
11
Oct.
15
1 Apr.
May
Apr. 26 Apr.
2 June
July
Oct.
2 Sept.
1 Apr.
May
1 Apr.
May
1 Apr.
May
June
1 May
June
1 May
June
1 May
1 Aug.
Sept.
18
15
15
15
15
15
10
9
Nov.
9
15
19
Dec.
1
June
1 May 20
1 June 15
July
May 15 Apr. 20
May 15 Apr. 20
West Penn Power Co.,
7% preferred (quarterly)6% preferred (quarterly)
Westing house Air Brake (quar.)
Quarterly
Quarterly
Quarterly
Weston Electrical Instrument
$14
_
$lj4
25c
25c
2.5c
25c
May
May
Apr.
July
Sept. 30
May 3
Apr. 20
Weston, (Geo.), Ltd., pref. (quar.)._
Westvaco Chlorine iYoducts pref. (quar.)
Wheeling & Lake Erie $4 prior pref. (quar.).
54% preferred (quar.)
$14
374c
$1
$14
Wilson & Co.
12 4c
June
$14
$14
(quarterly)
Dec
Apr. 10
Apr. 24
May
Apr.
Apr.
Apr.
Apr.
July
July
15
15
24
15
15
15
15
Quarterly
Extra
$14
50c
Quarterly.
$14
Nov.
50c
Nov.
Oct.
Oct.
2%
May
Aug.
Apr.
July
Extra
i
i
(quarterly)
$14
50c
i
Extra
Quarterly plus
Quarterly plus
Quarterly plus
Wisconsin Telep.
extra
extra
....
extra
2%
2%
Co.. 7% pref. (quar.).
WJR, The Goodwill Station (quar.)
Wool worth (F. W.) Co. (quar.)
Worcester Salt Co., 6% pref. (quar.)-.
Wrigley (Wm.) Jr. Co. (monthly)
Special
Monthly
Monthly.
Monthly.
Monthly.
Monthly.
40c
Oct.
Apr.
Apr.
Apr. 20
Apr. 20
Apr. 26
60c
June
May
May
May
25c
June
25c
2.5c
July
Aug.
Sept.
25c
Oct.
25c
15
15
15
15
15
Nov.
$14
25c
50c
31
Apr. 24
May
May
May
May
Aug.
Aug.
Wilson-Jones Co
Winstead Hosiery Co.
5
5
Mar. 31
June 30
Oct.
Jan.
May
May
May
May
May
Preferred (quarterly)
Apr.
Apr.
May
Apr.
Apr.
May
June
July
Aug.
Sept.
5
20
20
20
20
20
20
20
•Transfer books not closed for this dividend,
t On account of accumulated dividends.
t Payable In Oanadian funds, and in
deduction of
a tax
toe case of non-residents of
Canada
of 5% of the amount of such dividend will be made.
Volume
York
Weekly Return of the New
Clearing House
THE
OF
York
New
City
weekly statement issued by the New York
Clearing House is given in full below:
OF MEMBERS
2775
?
Condition of the Federal Reserve Bank of
City
The
STATEMENT
Chronicle
Financial
144
NEWJYORK_CLEARING JFTOUSJE
ASSOCIATION FOR THE WEEK ENDED SATURDAY,
following shows the condition of the Federal Reserve
business April 21, 1937,
The
Bank of New York at the close of
APRIL* 17,
corresponding
comparison with the previous week and the
in
:1937
date last year:
*
Net Demand
Time
Undivided
Deposits,
Deposits,
Profits
*
Clearing House
Average
Average
Surplus and
Capital
Members
Apr. 21, 1937 Apr. 14, 1937 Apr. 22, 1936
$
Bank of N Y A Trust Co.
20,000,000
National City Bank....
Chemical Bank A Tr Co.
Guaranty Trust Co
77,500,000
20,000,000
90,000,000
42,837,000
Manufacturers Trust Co
Cent Hanover Bk A Tr..
Corn Exchange Bk Tr Co
First National Bank....
21,000,000
15,000,000
10,000,000
Irving Trust (Jo.
50,000,000
4,000,000
4,014,700
100,270,000
Fifth Avenue Bank.....
500,000
Bankers Trust Co
Title Guar A Trust Co..
Marine Midland Tr Co..
York Trust Co
New
Com'l Nat Bk A Tr Co..
Public Nat Bk A Tr Co.
Totals
♦
549,489,000
523,607,000
Redemption fund—F. R. notes
47,991.000
94,069,000
50,193,000
23,819,000
3,500,000
760,646,000
261,525,000
Other cash t
480,558,000
Total
2,364,000
82,516,000
Secured
26,482,000
Total
565,000
New
are
of
not
York
48,727,000
are
BUSINESS
NOT
FOR
CLEARING
THE
WEEK
NATIONAL AND
STATE
WITH THE
HOUSE
FRIDAY,
ENDED
Treasury
16,
Banks and
Bank Notes
Elsewhere
Trust Cos.
Deposits
$
$
$
$
9,168,000
299,033
2,004,647
97,876
6.453,226
97,000
662,000
451,000
5,587,000
5,072,951
4,950,000
29,601,000
COMPANIES—AVERAGE
168,862.000
10.088,000
Manhattan—
Dep. Other
Banks and
Trust Cos.
Deposits
%
$
%
$
4,391,984,000 4,457,905,000 4,027.780,000
70.706,000
63,793,800
10,187,923
*5,635,000
190.479.000
127,987,000
51,259.000
51,260.000
50,905.000
51,474,000
7,744,000
9,260,000
1,822.000
51,474.000
50,825.000
11,331,170
21,261,800 *5.909,200
28,951,100 *15,310,400
67,430,039 32,587,838
514,600
400",100
17,551,274
..
United
States
—.....
contingencies
Total liabilities
74,418,600
894,776
*1,005,464
10,595,500
2,065,389
588,755
4,594,900
11.375,166
Lawyers..
215.474,000
160.825,000
Ratio
Fiduciary
Fulton
72.257.000
3,222.861,000 3,256,673,000 2,993,169,000
All other liabilities
Empire
Federation....
183,308
26,738,000
7.744.000
7.744,000
9,260.000
8,849,000
2.546,000
3,665,000
Gross
Elsewhere
$
10,949.000
12,640,000
Surplus (Section 7)
N. Y. and
Cash
10.088,000
12,395,000
Capital paid In
FIGURES
Res. Dep.
Disc, and
7,999.000
136,597,000
Deferred availability Items
Reserve for
Investments
241,000
5,194.000
197.051.000
-
Surplus (Section 13b)
Loans,
741.894,000
88,000
6,845.000
Total deposits...
Brooklyn—
TRUST
723,078,000
88.000
Other deposits....
28,059,700
Trade Bank of N Y.
720,856,000
foreign banks
784.636.000
F. R. notes In actual circulation
888,469,000
886,739,000
Deposits—Member bank reserve acc't.. 3,059,241,000 3,106,805 000 2,420,397.000
325.840,000
U. 8. Treasurer—General account
43.930.000
57.112.000
31.458.000
33.681,000
Foreign bank
35.802,000
S
2,856,800
1,862,000
686,000
People's National...
from
All other assets
Gross
6,56),000
729,383,000
Federal Reserve notes of other banks—
Dep. Other
98,700
709,661,000
Liabilities—
Dep.,
22,479.800
709,661,000
Total assets
N. Y. and
21,506,000
178,150,000
ecurltles
and
bills
Total
Due
1937
Deluding
National...
Sterling
68,473,000
482,760,000
173,127,000
1,752,000
FIGURES
Investments
Grace National
196,815,000
339,719.000
177,978.000
Bank premises
Other Cash.
Manhattan
196,531,000
335,152,000
notes
Total U. S. Government securities.
OF
Loans,
Res.
7,664,000
Uncollected Items
Disc, and
V
1,501,000
5,449,000
Treasury bills
The
CLOSING
APRIL
BANKS—AVERAGE
1,453,000
market
Bonds
"Times" publishes regularly each week
and trust companies which
IN
3,661,000
3,095,000
United States Government securities:
670,225,000
9,671,699,000
Clearing House.
the figures for the week ended April 16:
INSTITUTIONS
1,727,000
6.467,000
Industrial advances
1,421,000
members of the New York
following
658,000
6,081,000
Bills bought In open
number of banks
a
5,809,000
712,000
discounted
bills
1,368,000
2,949,000
3,148,000
30,877,000
National, March 31, 1937; State, March 31, 1937; trust
companies, March 31, 1937.
Includes deposits In foreign branches: a $258,102,000; 6 $75,855,000; c $142,018,000; d $39,063,000.
The
obligations
guaranteed
U. S. Govt,
by
direct and (or) fully
Other bills discounted....
As per official reports:
returns
3,472.850.000 3,509,766,000 3,103,462,000
reserves..
Bills discounted:
350,000
58,340,000
884,780,100
3,386.691,000 3,425,053,000 3,002,225,000
1,802,000
1,243.000
1.061,000
99,435,000
85,098,000
83,470,000
United States Treasury x
26,581,000
125,302,300 cl,934,177,000
52,245,000
3,610,600
d736,372,000
74,400,100
16,562,000
2,727,000
85,173,000
8,831,400
291,036,000
27,781,300
78,622,000
7,932,200
79,099,000
8,324,400
25,000,000
10,000,000
5,000,000
12,500,000
7,000,000
7,000,000
Gold certificates on hand and due from
33,175,000
182,796,000
465,555,000
42,429,000
67,456,800
17,452,000
104.479,100
60,860,400
Continental Rk & Tr Co.
Chase National Bank...
11,651,000
144,139,000
13,010,800
405,174,000
25,666,700
56,699,400 al,417,497,000
472,200,000
54,108,700
179,693,200 61,383,290,000
6,000,000
Bank of Manhattan Co..
F.
total
R. note
4,391,984,000 4,457,905,000 4,027,780,000
to
reserve
deposit
and
liabilities combined...
make
to
Industrial
84.5%
82.1%
7,839.000
10,065.000
ad¬
vances
23,465,200
43,291,400
87,481,117
84,7%
6,302.000
Commitments
10,354,363
958,600
of
t "Other cash" does not Include Federal
Reserve notes
bank's own Federa
or a
Reserve bank notes.
Brooklyn—
x
81,928,000
34,568,440
Brooklyn
Kings County
♦
Includes amount with
45,846,000
11,998,771
3,459,000
2,503,663
Federal Reserve as follows:
50,000 123,227,000
43,354,899
These are certificates given by
over
the United States Treasury for the gold taken
from the Reserve banks when the dollar was on Jan. 31, 1934, devalued from
100 cents to
59.06 cents, these certificates being worth less to the extent
difference, the difference Itself having
Empire, $4,077,600: Fidu¬
been appropriated
as
of the
profit by the Treasury
under the provisions of te Gold Reserve Act of 1934.
ciary, $631,612; Fulton, $5,638,100; Lawyers, $14,490,900.
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.
6, 1935, covers reporting banks In 101 leading cities, as It did prior to tbe banking holiday in 1933 Instead of 91 c'ttes, and bas
The amount of "Loans to banks" was Included heretofore partly In "Loans on securities—to others" and partly
deposits—adjusted" represents the total amount of demand deposits standing to the credit of individuals, partnerships corporations,
associations. States, counties, municipalities. Ac
minus the amount of cash Items reported as on hand or in process of collection.
The method of oomputing tbe item 'Net
demand deposits," furthermore, has been changed In two respects In accordance with provisions of the Banking Act of 1935:
First, It Includes United States Government
depoelts. against which reserves must now be carried, while previously these deposits required no reserves, and. second, amounts duo from banks are now deducted from
gross demand deposits, rather than solely from amounts due to banks, as was required under the old law.
These changes make the figures of "Net demand deposits" not
comparable with those shown prior to Aug 23. 1935.
The Item "Time deposits" differs In that It formerly Included a relatively small amount of time deposits of other banksj
which are now Included In "Inter bank deposits."
The Item "Due to banks" shown heretofore Included only demand balances of domestic banks.
The Item "Borrowings"
The statement beginning with
Nov
show additional Items.
also been revised
further
ln"Other loans."
The Item "Demand
so as to
,
represents funds received, on bills payable
assets—net," and "Other liabilities."
Figures are shown also for "Capita,
and rediscounts, from the Federal Reserve banks and from other sources
By "Other assets—net" la meant the aggregate of all assets now otherwise specified, less cash Items reported as on
account." Otner
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. ON
Atlanta
Chicago
81 .Louis
S
S
$
Federal Reserve Districts—
Total
Boston
New York
Phila.
ASSETS
$
$
%
$
$
1,270
9,285
1,169
1,894
630
571
3,056
1,044
16
1,012
9
217
25
74
17
12
4
7
2,048
140
220
72
Loans and Investments—total
22,293
Cleveland Richmond
S
APR. 14, 1937 (In Millions of Dollars)
Minneap. Kan. City
San Fran.
Sottas
$
S
$
486
2,156
4
3
18
43
683
398
695
45
6
2
•
Loans to brokers and dealers:
In New York City
Outside New York City
Loans
on
securities to others
on
164
Loans to banks
862
135
53
210
71
29
49
83
133
26
17
10
5
42
12
11
23
2
31
84
238
62
178
27
26
76
44
6
19
23
370
74
real estate
395
1,153
banks)
Acceptances and com'l paper bought.
Loans
3
1
3
(except
5
45
2
4
1
7
5
1
-
—
4
Other loans
4,463
336
1,791
198
261
127
180
582
153
118
156
146
415
U. 8. Government direct obligations..
417
3,341
335
868
263
184
1,503
230
168
259
183
706
Obligations fully guar, by U. S. Govt.
8,457
1,183
21
485
92
58
53
36
164
56
12
45
30
131
Otber securities
3,259
143
1,304
293
276
74
79
424
106
52
138
56
314
5,381
257
2,731
307
314
97
772
132
65
Reserve with Federal Reserve Bank..
129
155
106
316
353
74
70
16
38
20
13
62
11
6
13
10
20
Balance with domestic banks
2,018
110
164
147
194
146
127
328
108
79
228
167
220
Other assets—net
1,333
91
546
91
107
42
39
100
24
17
23
28
225
15,249
1,006
6,857
880
1,097
426
337
2,156
415
254
487
394
940
5,133
277
1,071
274
717
198
179
849
181
122
146
120
999
351
3
132
21
18
10
10
106
3
2
5
11
30
817
263
127
384
186
278
6
......
Cash In vault
LIABILITIES
Demand deposits—adjusted
Time deposits
United States Government deposits..
Inter-bank deposits:
d
j
„
4
,
*
Domestic banks
Foreign banks
Borrowings....
Other liabilities..
Capital account.
238
482
5
2,265
•299
8
5,647
...
445
352
213
225
1
1
1
4
5
■
1
14
31
9
4
2
6
"""350
353
87
55
90
79
326
1
......
...
......
.......
930
34
414
25
20
28
7
3,581
236
1,607
227
342
91
88
'
2776
Chronicle
Financial
April 24, 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
showing the condition of the twelve Reserve banks at the close of business
Wednesday.
on
Thursday afternoon, April 22,
on
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
week last year.
The second table shows the resources and liabilities separately for each of the twelve banks.
Reserve note statement
corresponding
The Federal
(third table following) gives details regarding transactions in Federal Reserve notes between the
Reserve Agents and the Federal Reserve banks.
returns
for the latest week
appear
COMBINED RESOURCES
in
AND LIABILITIES OF THE
Three ciphers (000) omitted
Apr. 21,
Apr.
1937
ASSETS
Gold ctfs.
on
The comments of the Board of Governors of the Federal Reserve System upon the
department of" Current Events and Discussions "
our
Afar.
Mar. 17,
1937
24,
1937
$
S
8,843.894
31,
1927
1937
3
8,843,903
9,776
Mar.
Apr. 7,
1937
S
hand and due from U. 8. Treas_x
14,
FEDERAL RESERVE BANKS AT THE CLOSE OF BUSINESS APRIL 21,
$
Mar. 10,
1937
$
Afar.
3,
Feb.
24,
$
$
1
22,
Apr.
1936
1937
1937
$
1937
8,844,417
8,846,407
265.865
11,198
263,025
8,847,402
11,449
260,405
8,847,384
11,475
270,622
7,663,838
12,523
285,028
8,844,385
12,095
270,407
9,140,803
9,126,887
9,122,805
9,120,630
9,125,256
9,129,481
8,019,834
6,650
1,500
10,860
1,147
6,175
1,517
3,170
3,919
1,005
6,572
3,406
1,164
767
701
3,021
2.249
8,844,400
282,306
9,134,223
9,128,812
9,789
1,259
7,692
11,048
8,150
12,007
7,692
4,334
4,924
7,339
4,107
5,270
3,465
3,522
22,544
3,436
3,310
22,666
3,079
3,083
22.653
23,037
3,083
23,106
3,083
22,566
3,347
22,338
4,682
30,039
689,621
1,190,343
606,619
636,890
1,218.843
574,494
533 682
524,282
265.785
1,303,971
1,303,971
567,100
589,725
1,261,343
579,159
533,682
1,190,343
606,619
1,231,343
623.619
592,574
592,574
1,313,371
592,574
1,554,889
609,667
2,486,583
Total reserves
279,673
6,260
1,432
Other cash •
8,843,905
11,149
273,758
9,135,985
Redemption fund (Federal Reserve notes)
2,486,583
2,459,046
2,430,227
2,430.227
2,430,227
2,430,227
2,430,227
2,430,227
2,430,341
..
10.656
11,375
13,741
342,255
Bills discounted:
Secured
by
U. 8.
Government obligations,
direct and (or) fully guaranteed
Other bills discounted
Total bills discounted
Bills bought In open market
Industrial advances
23,084
United States Government securities—Bonds.
688,621
1,174,343
_
Treasury notes
Treasury bills
_•
Total U. 8. Government securities
v
662,084
631,784
23,350
Other securities
Foreign loans
on
181
gold
Total bills and securities...
2,520,824
2,623,697
2,467,919
2,493,198
2,463,895
2,460,293
2,461,271
2,463,755
2,460,767
2,470,513
Gold held abroad
"""230
""633
""227
'""227
""*232
23,904
20.621
21,008
20,740
22,043
22,180
20,260
22,870
780,351
600,029
19,185
622,090
19,810
693,276
618,002
804,811
564,065
649,595
681,605
564,780
45,869
43,944
45,872
45,880
45,973
45,987
46.015
46,020
45,631
45,870
44,129
43,393
42,933
40,858
50,043
48,248
46,152
46,611
48,017
36,731
12,464,032
12,550,625
12,333,273
12,339,497
12,317,732
12,495,724
12,264,292
12,355,279
12,385,101
11,163,378
4,184,068
4,176,094
4,178,661
4,174,231
4,166,726
4,172,763
4,169,467
4,195,436
4,167,930
3,748,576
6,876,640
6,900,752
6,639,080
6,578,279
6,829,578
6,749,105
6,669,j.38
111.674
310,950
278,659
86.538
71,405
102,999
88,588
145,780
93.622
142.271
186,381
79,217
216,471
99,234
164,149
223.223
154.860
159,198
171,342
6,705,293
179,882
122.746
179,263
5,441,618
118,631
6,683,964
274,867
93,463
153,102
7,240,285
7,248,319
7,205,396
7,185,584
7,183,160
7,159,564
7,173,901
7,156,875
7,187,184
6,509,372
691,279
132,186
145,854
27,490
36,142
6,728
776,110
132,168
600.749
619,573
815,722
132.242
145,854
571,707
656.079
132,276
145,854
132 281
682,698
132,249
145,854
560,830
27,490
36.176
5,930
27,490
27,490
36,166
27,490
26 513
36,200
5,923
7,397
27,190
36,200
5,364
27,190
36,200
8,413
132,176
145,854
27,490
36,177
6,770
631,997
132,235
145,854
5,796
7,785
12,464,032
12,550,625
12,333,273
12,339,497
12,317,732
12,495,724
12,264,292
12,355,279
12,385,101
11,163,378
80.0%
80.0%
80.2%
80.5%
80.4%
80.5%
80.4%
80.4%
80.4%
78.2%
17,530
19,211
19,370
18,611
19,135
19,178
19,496
19.537
19,523
25.607
7,14f
10,424
7,487
11,360
6,971
3,611
4,240
6,902
3,841
3,639
253
248
303
88
20
149
157
13
106
59
48
51
287
338
310
95
77
695
355
228
293
82
104
74
65
79
12
276
Due from foreign banks
Federal Reserve notes of other banks
Uncollected Items
Bank premises
All other assets
Total assets
LIABILITIES
Federa Reserve notes In actual circulation
Deposits—Member banks' reserve aocount
United States Treasurer—General account..
Foreign banks
Other deposits
Total deposits
Deferred availability Items..
Capital paid In
;
'
Surplus (Section 7)
Surplus (Section 13-B)
Reserve for contingencies
All other liabilities
Total liabilities
Ratio of total reserves to
"""230
145,854
27,490
36,177
"""230
132.236
145,854
36,176
6,517
"""225
""225
108,924
"""225
145,854
712,424
86.116
269,214
130.697
145 501
34.104
deposits and Federal
Reserve note liabilities combined
Commitments to make industrial advances
Maturity Distribution of Bills and
Short-term Securities—
1-15 days bills discounted
16-30 days bills discounted..
81-60 days bills discounted..
61-90 days bills discounted
•
Over 90 days bills discounted
Tota
84
74
211
242
291
160
106
164
622
11,048
8,150
12,007
7,692
4,334
4,924
7,339
4,107
5,270
171
.
1-15 days bills bought In
16-30 days bills bought In
81-60 days bills bought In
61-90 days bills bought in
Over 90 days bills bought
89
7,692
■
Total bills discounted-
82
1,642
717
762
59
385
"""373
1,934
198
1,642
1,889
380
301
395
414
309
"""566
""441
"""263
263
247
529
open market
2,795
353
2,555
2,665
2,744
996
886
461
185
2,998
3,465
3,522
3,436
3,347
3,310
3,079
3,083
3,083
3,083
4,682
883
781
983
1,285
1,271
1,343
843
876
977
1,676
249
233
294
137
133
177
710
707
197
251
459
446
445
400
433
348
340
363
894
440
620
668
695
553
508
607
496
515
517
581
20,873
20.416
20,239
19,903
20,321
20,178
20,648
20,645
20,765
27,091
23,084
22,544
22,566
22,338
22,666
22,653
23,037
23,106
83,350
30,039
22,277
27,320
12,277
5,000
22,277
61,827
12,250
24,309
25,474
31,959
12,250
28,535
24,309
29,724
21,710
27,106
55,905
45.905
68,778
87,663
open market
■
In open market
1-15 days Industrial advances
16-30 days industrial advances
81-60 days Industrial advances
61-90 days industrial advances
Over 90 days Industrial advances
Tota llndustrlal advances
1-15 days U. 8. Government securities
16-30 days U. 8. Government securities
81-60 days U. 8. Government securities
61-90 days U. 8 Government securities
Over 90 days U. 8. Government secunttes
...
Total U. 8. Government securities.........
23,740
85,527
>
"*
12~277
53,010
48*597
.
35"6l7
i
80,158
52,437
71,271
75,922
2,289,018
78,171
2,291,209
65,827
58,186
2,326,858
84,365
2,285,577
72,437
2,301,301
2,298,464
2,270,771
2,273,292
48,597
2,251,169
2,219,374
2,486,583
2,486.583
2,459,046
2,430,227
2,430,227 1-2,430,227
2,430,227
2,430,227
2,430,227
2,430,341
1-15 days other securities.
16-30 days other securities
81-60 days other securities
'
!*>
sr
61-90 days other securities.
Over 90 days other securities
,
j-.-.;..
'
181
......
181
Federal Reserve Notes—
Issued to Federal Reserve Bank by F. R. Agent
Held by Federal Reserve Bank
Collateral Held by Agent as
Notes Issued to Bant—
Gold otfs. on hand and due from U. 8. Treas..
By eligible paper
4,478,480
299,819
4,480,832
4,473,064
4,464,801
4,474,025
4,476,257
298,417
306,601
306,338
292,038
304,558
280,821
4,472,092
304,162
4,031,692
283,116
4.176.094
4,178,661
4,174,231
4,166,726
4,172,763
4,169,467
4,195,436
4,167,930
3,748,576
4,516,132
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
3,813
72,000
4,158,132
4,045,343
4,518
65,000
4,492,132
7,168
87,000
4,492,132
45,000
3,886
87,000
60,000
4,573,0811
4,561,044
4,582.882
4,578,526
4,586,945
4,587,650
4,586,300
4,583,018
4,109,189
7,472
52,000
4,575,604i
Total collateral
•ents on Jan.
4,474,511
Security for
United States Government securities
are
4,480,484
296,416
4,184,068
In actual circulation
These
not
Include
Federal
Reserve notes,
31. 1934, these certificates being worth less
the provisions of the Gold Resei re Act of 1934.
3,846
t Revised figure.
certificates given by the United States Treasury for the gold taken over from the Reserve banks when
74,488
-—
Total other securities..
x
775
2,715
open market
open market
bills bought In open market.........
•"Other cash" does
38
to the extent of the difference,
the
dollar was devalued from
the difference itself having been appropriated
as
100 cents to 59.00
profits by the Treasury under
Federal Reserve System (Concluded)
Weekly Return of the Board of Governors of the
WEEKLY STATEMENT
certificates
on
and
hand
Atlanta
$
$
$
9,135,985
.....
9
646,520
1,346
753
492
546
1,033
4,999
15,599
5,903
23,805
190,039
283,846
172,211
671.358
60
1,061
403
636
296
85,098
28,156
14,276
18,413
517,399 3,472,850
282,306
565,278
667,920
292,701
261,045 1,756,110
285,228
273,992
165,762
13,162
930
31,217
485,252 3,386,691
8,843,903
9,776
from United States Treasury
Other oash ♦
653,008
267,755
184,287
270,720
248,750 1,724,447
358
1,922
31,305
10,373
536,719
9
9
9
S
San Fran.
Dallas
Louis Minneap. Kan. City
St.
Chicago
due
Redemption fund—Fed. Res. notes..
Total reserves
5
S
$
$
S
RESOURCES
Gold
Cleveland Richmond
Phila.
New Yort
Boston
Total
i
21 1937
OF EACH OF THE 13 FEDERAL RESERVE BANKS AT CLOSE OF BUSINESS APRIL
OF RESOURCES AND LIABILITIES
Three Ciphers (000) Omitted
Federal Reserve Bant of—
2777
Chronicle
Financial
Volume 144
V
Bills discounted:
Secured by U. S. Govt,
obligations,
direct and(or) fully guaranteed..
747
2,949
1,018
128
305
250
30
175
5
50
543
257
6,260
1,432
Other bills discounted
712
74
18
9
7
34
31
5
79
142
64
1,092
146
314
257
64
206
10
129
685
124
7,692
1,004
3,661
3,465
23,084
688,621
223
1,453
6,081
196,531
Total bills discounted
•
Bills bought In open market
1,053
2,192
269
1,006
339
787
704
1,235
1,912
67,039
30,376
76,055
51,800
38,397
59,818
102,010
177,978
52,579
60,713
33,007
27,508
129,704
68,877
34,046
58,061
26,997
114,329
30,529
52,061
22,516
335,152
36,447
62,155
27,646
20,391
30,832
24,449
54,171
181,296
709,661
209,652
242,081
131,609
109,684
274,636
110,236
81,304
122,939
97,486
215,999
2,520,824
185,801
720,856
215,290
243,572
134,234
110,317
276,090
110,867
82,161
123,859
99,493
218,284
230
17
88
23
21
10
8
27
4
3
7
6
352
6,845
168,862
1,466
65,573
3,278
1,174,343
623,619
U. S. Government securities:
50,207
85,621
45,468
2,486,583
Bonds-
Treasury notes
Treasury bills
Total U. S. Govt, securities....
Total bills and securities.
Due from foreign banks
Uncollected Items
Bank premises
All other resouroee
...
1,398
320
2,662
36,756
29,210
39.785
1,500
3,243
1,255
3.423
1,556
1,950
1,711
3,266
434,705
292,019
451,059
304,206
938,794
2,446
93,490
6,332
2,782
2,224
4,682
4,720
2,719
1,772
4,033
2,471
32,076
2,377
1,682
490,618
402,462 2,136,878
10,088
12,395
787,371 4,391,984
844,332
989,604
LIABILITIES
4,184,068
321,649
886,739
308,678
427,951
195,160
184,597
963,546
179,179
139,470
159,970
90,182
326,947
6,876,640
V. R. notes In aotual circulation
348,611 3,059,241
57,112
4,564
35,802
7,266
429,296
425,355
3,922
214,636
170,818 1,019,206
2,117
3,176
189,138
117,507
228,808
2,329
10,061
9,157
4,280
12,015
2,986
163,039
1,964
2,886
2,720
Deposits:
reserve account
99,234
Foreign bank
7,240,285
Total deposits
Capital paid In
Surplus (Section 7)
Surplus (Section 13-B)
Reserve for contingencies
All other liabilities
52,207
68,615
56,259
6,881
2,818
4,528
211,020
126,819
244,573
172,251
548,855
93,559
34,006
16,320
36,552
30,737
3,810
2,898
3,993
4,655
3,613
1,142
11,545
3,733
3,422
754
545
3,116
1,003
1,522
1,690
12,587
21,504
1,416
7,888
1,197
2,069
941
3,862
3,851
1,262
1,847
378
257
1,263
293
324
275
214
38,734
10.115
9,645
1.996
2.037
^65
402,462 2,136,878
434,705
292,019
451,059
304,206
938,794
10
1,004
66
136
411
9,378
51,259
12,241
12,855
4,857
24,007
4,331
51,474
13,362
5,616
7,744
9,260
1,822
4,325
3,000
14,323
1,007
3,121
4,869
2,874
575
517
787,371 4,391,984
844,332
989,604
490,618
6,302
174
1,570
345
2,397
17,530
Commitments to make Indus.advances
160,825
2,247
181,210 1,035,115
224,151
510.985
17.438
7.066
13,366
3,594
461,215
2,289
4,694
3,483
9,826
12,464,032
Total liabilities
22,781
449,944
79,458
691,279
132,186
145,854
27,490
36,142
6,728
Deferred availability Items
70,706
1,830
145,780
Other deposits
1,641
2,292
9,754
8,602
362,271 3,222,861
118,631
U. 8. Treasurer—General account.
*
358
2,191
1,175
,
3,3
n
Federal Reserve notes.
"Other oash" does not Include
STATEMENT
FEDERAL RESERVE NOTE
Three Ciphers (000) Omitted
5
$
$
S
Federal Reserve notes:
s
St.
s
$
$
9
S
9
$
San Fran.
Dallas
Louis Minneap. Kan. City
451,546
205,941
204,882
990,433
170,810
98,214
20,285
26,887
187,128
7,949
143,298
10,781
3,828
10,840
8,032
370.017
43,070
184,597
963,546
179,179
139,470
159,970
90,182
326,947
180,000 1,000,000
174,632
296,416
16,207
17,789
23,595
4,184,068
321,649
886,739
308,678
427,951
195,160
4,516,132
7,472
371,000 1,000,000
332,000
453,000
207,000
1,037
128
305
Held by Federal Reserve Bank
In aotual olroulatlon
Chicago
326.467
993,892
107,153
337,856
4,480,484
Issued to F. R. Bank by F. R. Agent
Atlanta
$
Cleveland Richmond
Phila.
Neto Yort
Boston
Total
Federal Reserve Agent at—
Collateral held
16
868
2,227
24,869
3,043
46,040
15,892
1,833
56,339
1,016
52,331
4,920
5,474
78,093
12,464,032
resouroee...
.
2,666
23,904
693,276
45,869
43,944
Fed. Res. notes of other banks
Member bank
249
87
87
60
86
384
107
119
4,228
58,060
99,013
Industrial advances
Total
292
318
,
V
by Agent as security
for notes Issued to banks:
Gold certificates
on
hand and due
from United States Treasury
Eligible paper
990
3,581
333,037
371,990 1,003,581
4,575,604
Total collateral
453,128
United States Government Securities
Below
we
furnish
a
on
| High
114.18
114.26
114.25
114.19
114.16
..." Low.
114.18
114.15
114.20
114.16
114.10
114.10
114.18
114.26
114.25
114.18
114.16
105.10
105.12
105.10
105.3
Close
105.10
105.12
105.10
105.3
10
76
126
mmmm
110.13
110.6
110.8
110.6
110.8
110.6
110.8
F*
High
4s, 1944-54
Low-
m
m
110.9
Close
mmmm
110.9
1» Total sales in S1.000 units...
108.8
108 16
108.8
llll
108.16
108.8
17
12
105~23
105.30
105.26
....
T /iw
(Close
Total sales In S1.000 units...
High
104.18
104.18
Close
100.12
100.12
100.7
17
Total sales in SI.000 units...
43
109.29
High
99.31
109.18
Low.
99.26
99.28
101
*
2^s, 1948-51
2X8. 1951-64-.
109.18
Close
56
30
Total sales in SI.000 units...
107.28
High
99.30
mm m
107.16
Low.
99.26
mi
99.30
2^8,1956-59
105.19
97.16
97.14
97.3
96.28
102.23
102.16
102.9
101.30
Close
102.23
102.28
102.19
102.9
102.1
Total sales in SI.000 units...
125
32
110
2^8.1949-53
101.24
.
.
97.20
59
636
52
94
126
102.24
102.26
102.10
101.30
101.24
Low.
102.18
102.24
102.10
101.30
101.15
•
-
C1086
102.18
102.26
102.10
101.30
101.15
3JisM&44-64
>
101.24
52
■
102.29
•
103.12
103.11
103.4
103.7
103.10
103.1
102.26
102.24
103.12
103.11
103.1
102.29
.
59
40
10
19
12
High
105.21
105.22
105.17
105.12
105.13
105.11
• Low.
105.18
105.
105.14
105.9
Close
105.21
105.15
105.17
105.12
24
39
2
6
12
105.27
105.26
105.20
105.16
105.24
105.24
105.20
105.16
105.26
105.26
105.20
12
19
1
105.26
Low-
105.26
Close
105.26
Total sales In $1,000 units—
1
'mmmm
High
103.24
103~.29
104
103.23
103.10
103.10
Low-
103.24
103.23
103.25
103.20
103.8
103.8
Close
103.24
103.29
103.25
103.20
Low.
....
Close
3^8. 1949-52
—.—.
Total sales in SI.000 units...
....
....
103.28
103.28
103.28
....
103.8
m
m
mmmm
mm
mm
103.16
Close
....
__
101.7
101.21
101.30
101.29
101.23
101.19
101.7
28
73
102.5
102.7
102.3
102.2
101.30
101.18
102.2
102.7
102
101.28
101.30
101.18
Close
102.5
102.7
101.28
101.30
101.18
7
3s. 1942-47
102.2
High
Low-
2X8. 1942-47
mmmm
Close
60
9
10
3
100.20
100.18
100.17
100.16
100.20
100.14
100.16
100.14
100.20
100.16
100.17
1
14
Total sales In SI.000 units...
Federal Farm Mortgage
63
95
41
.mmmm
100.16
24
11
High
101.14
101.22
101.10
101.9
100.31
100.23
Low.
101.12
101.17
101.6
101
100.22
100.16
101.10
101
100.30
100.16
25
Total sales in $1,000 units...
Home Owners' Loan
101.14
101.21
9
169
Total sales In $1,000 units...
High
100.4
100.6
Low.
Home Owners' Loan
100.1
100.4
100.4
100.6
14
28
123
58
99.27
99.20
99.16
99.27
99.19
99.8
99.3
99.30
99.23
99.18
99.3
130
100
85
110
281
130
84
87
99.28
99.28
99.17
99.10
99.3
Low.
99.23
99.24
99.12
99.11
99.2
98.30
105.21
Close
99.23
99.28
99.20
99.11
99.8
98.30
4
Total sales in SI,000 units...
1
62
39
29
includes
only
sales
105.24
105.21
105.18
105.21
105.21
105.25
10
14
105.6
105.10
105.10
105.3
104.26
105.8
105.2
105
104.24
104.18
Close
105.6
105.10
105.4
105.
104.26
104.18
Home Owners' Loan
2X8. 1942-44
•
75
127
104.26
105.6
4
[High
100.31
10
101.3
47
2
55
100.30
100.26
100.11
18
100.7
Low.
100.26
100.31
100.21
100.13
100.3
99.26
Close
100.31
101.1
100.25
100.13
100.11
99.26
911
166
706
264
Total sales in SI.000 units
101.12
99.23
105.25
Low-
Total sales in SI.000 un Its...
2^8,1955-60
101.22
Close
105.25
High
3^8, 1944-46
101.22
High
105I27
'
Total sales in $1,000 units...
101.27
Total sales in $1,000 units...
60
105.26
....
101.12
101.19
Low.
103.6
10
Low-
101.19
Close
2X8. series B, 1939-49..
103.6
103.17
40
101.27
Close
13
103.15
27
11
2
101.29
High
103.8
6
103.17
19
mm
1
101.30
Total sales in $1,000 units...
Federal Farm Mortgage
3s, series A. 1944-52
105.26
High
3X8. 1941
5
4
33
101.21
Low.
3s. 1944-49
105.16
290
High
3
High
105.11
Total sales in S1.000 units...
-
97.25
Total sales in $1,000 units...
Federal Farm Mortgage
102.24
to Total sales in SI.000 units...
96 28
97.8
97.29
163
High
Close
97.15
178
26
Total sales In $1,000 units...
Federal Farm Mortgage
41
102.30
....
98.29
97.28
102.21
22
99.8
97.20
Low-
....
99.12
99.28
100
Low-
101.30
High
98.27
97.8
102.4
.
99
97.9
102.16
Total sales In SI,000 units...
99.10
68
102.26
3Hs. 1946-49
132
99.6
99.18
97.23
102.28
mm
99.30
196
102.23
mm
98.28
53
99.12
97.27
[High
3^8,1941-43
99.11
146
99.22
58
2
rnrnmm
99.19
62
99.30
63
100
97.30
105.19
m
100
119
87
6
mm
98.28
97.27
105.9
m
99.2
High
105.16
3«s. 1940-43
99.18
Close
2
mmm
99.8
99.22
99.22
99.30
Total sales In $1,000 units...
105.16
m
68
99.11
82
105.16
Close
19
99.25
107.16
2
mm
99.14
67
105.19
105.20
mmm
99.14
99.26
100
99.19
8
105.26
44
22
99.24
100
99.31
105.19
107.28
mmmm
105.16
.Y
.
100.4
106
99.31
6
100.1
38
107.28
15
m
22
100.7
105.30
m-m
90
100.5
105.30
Low-
7
100.10
1
High
101
100.12
105.23
3s. 1946-48
101
101.9
100.10
105.23
*
101.6
101.16
100.12
Close
3S. 1951-55
101.14
101.14
101.22
Low.
Low.
1
101.21
101.22
101.28
High
SLTotal sales in SI.000 units...
3Ha. 1943-47
101.25
101.28
107.28
108.0
High
101.28
101.21
101.21
Total sales in SI,000 units...
7
53
3
mmmm
2%s. 1945-47
40
2
101.4
101.25
Low.
High
Treasury
109.30
Low.
Total sales in SI.000 units...
*
and Federal Farm Mortgage
104.30
37
105
389,13
week.
109.29
105.12
>
99,177
15
36
105.12
w.
174,124
110.
19
105.15
.
144,005
105
2
105.13
ZXs. 1946-56
189,832
104.24
2
1 High
-■
134
the New York Stock Exchange
114.10
Total sales in S1.000 units...
&HB, 1943-45
389,000
677
Close
114.12
Close
98,500
124
Daily Record of U. S. Bond Prices Apr. 17 Apr. 19 Apr. 20 Apr. 21 Apr. 22 Apr. 23
Daily Record of U. S. Bond Prices Apr. 17 Apr. 19 Apr. 20 Apr. 21 Apr. 22 Apr. 23
Treasury
174,000
5
7,000
daily record of the transactions in Treasury, Home Owners' Loan
Corporation bonds on the New York Stock Exchange during the current
Quotations after decimal point represent one or more 32ds of a point.
4tfs, 1947-52
210,250 1,000,041
207,305
137,000
200
15,000
41
250
30,000
52,000
U. 8. Government securities
156
43
Note—The
bonds.
above
table
Transactions in
3Xb 1943-45...105.8
registered bonds
to 105.8
1 Treas. 3s 1951-55
102.7 to 102.7
3 Treas. 3%s 1940-43—105.10 to 105.10
2 Treas. 3%s,1941-43-106.15 to 105.15
1 Treas.
3 Treas.
9 Treas.
4 Treas.
of
coupon
were
3X.8 1944-46— 104.14
2%s 1955-60— 99.23
2%a 1945-47— 100.29
to 105
to 100.21
to 101.20
2778
April 24, 1937
United States Government
York
Stock
Securities
Exchange—See previous
the
on
Transactions
New
■
United States
Rates
quoted
are
Week
Treasury Bills—Friday, April 23
Stocks,
Railroad A
State,
United
Total
Mis cell.
Municipal A
States
Bond
Bonds
For'n Bonds
Bonds
Saturday
Wednesday
Thursday
444,100
818,120
1,126,460
1,247,780
1,180,020
Friday
Monday
Apr. 28 1937
Asked
May 26 1937
0.50%
0.50%
0.50%
0.50%
0.60%
June
Bid
0.60%
May
5 1937
May
12 1937
May
19 1937
21937
Sept. 15 1937
Sept. 22 1937
Sept. 29 1937
«
1
1
•
•
Oct.
1
1
1
1
1
Oct.
20 1937
6 1937
27 1937
June
91937
0.60%
Oct.
June
16 1937
0.60%
0.60%
0.60%
Nov.
3 1937
Nov.
10 1937
June 23 1937
June 30 1937
July
7 1937
8 1937
Deo.
15 1937
Dec.
22 1937
Deo.
29 1937
0.60%
0.60%
0.70%
0.70%
Deo
Aug. 25 1937
0.70%
0.70%
Jan.
12 1938
1 1937
0.70%
Jan.
19 1938
Sept.
8 1937
1
1
1
1
28 1937
4 1937
Aug.
Aug. 11 1937
Aug. 18 1937..
Deo.
1 1937
Jan.
5 1938
$47,700,000
$7,325,000
§9,396,000
1937
*183,628,895
209,552,113
*
$3,283,000
$223,051,000
5,541,000
43,807,000
921,115,000
$111,601,000
119,281,000
1,091,242,000
$64,421,000
$52,631,000
$1,283,147,000
$1,322,124,000
$9,396,000
7,325,000
32ds of
Below
as
138,981,000
Volume of transactions for Friday, April 16, should have been 1,068,110
the
are
and
Bond
daily closing
Averages
averages
compiled by Dow, Jones & Co.:
Bonds
10
Int.
Rate
Maturity
Bid
Asked
of representative
the New York Stock Exchange
on
Stock*
Int
instead
This difference of 10,800 shares has been added to the grand total.
stocks and bonds listed
more
1936
9,269,360
47,700,000
Total
Indebtedness, &c.—Friday, April 23
or
1937
Bonds
State and foreign
Railroad and Industrial
Stock
one
Jan. 1 to April 23
1936
6,019,049
Government
of 1,057,310.
Figures after decimal point represent
point.
1,332,000
Week Ended April 23
Stocks—No. of shares.
Quotations for United States Treasury Certificates of
a
$64,421,000
1,161,000
1
0.70%
21 1937
July
10,047,000
15,711,000
11,572.000
11,706,000
10,039.000
1,384,000
•11 •1
0.80%
14 1937
July
913,000
3,228,000
859,000
1,811,000
1,608,000
Exchange
0.80%
0.80%
Sept.
July
1,219,000
1,563,000
7,915,000
10,920,000
9,329,000
8,563,000
7,270,000
Sales at
0.80%
0.80%
Nov. 24 1937
$5,346,000
New York Stock
0.80%
Nov. 17 1937
Sales
$977,000
$666,000
6,019,049
Total
0.80%
0.80%
0.80%
0.80%
0.80%
0.60%
0.60%
$3,703,000
1,202,569
Tuesday
Asked
0.70%
0.70%
0.70%
0.80%
0.80%
0.80%
0.80%
0.80%
13 1937
Oct.
New York Stock Exchange,
Number of
Shares
Ended
April 23 1937
for discount at purchase.
Bid
at the
Daily, Weekly and Yearly
page.
Dec
15
1941...
Deo.
15
1939...
June
16
1941...
IX %
1M%
1 H%
l X%
IX %
98.12
98.16
100.9
100.11
Bid
Asked
10
Mar. 15
1940.
100.15
1939.
101.27
20
20
Total
10
First
Second
10
Rail¬
Utili¬
70
Indus¬
Orade
Orade
Utili¬
40
trials
roads
ties
Stocks
trials
Rails
Rails
ties
Bonds
Date
100.17
June
30
Indus¬
Rate
Maturity
Total
101.29
99.5
99.7
100.23
100.25
Feb.
99.22
99.24
June
15
1939...
Mar. 15
1941...
June
15
1940...
Dec.
16 1940...
IX %
IX %
100.2
178.54
60.24
30.17
64.34
105.71
107.24
88.93
104.08
101.18
101.21
Apr. 22.
181.70
60.95
30 53
65.33
105.53
107.49
89.08
104.11
101.55
102.14
102.16
Afr. 21.
183.60
61.53
31.14
66.08
105.66
107.84
89.74
103.80
101.76
102.8
102.10
Air. 20.
181.44
60.95
31.03
65.42
105.50
107.94
90.23
103.58
101.81
101.7
101.9
Air. 19.
180.82
60.52
31.07
65.17
105.34
107.86
89.85
103.54
101.65
180.51
60.02
31.13
64.98
105.44
107.93
89.63
103.39
101.60
Sept. 15 1938.
100.4
99.29
Arr. 23.
1938.
15 1938.
Arr. 17.
Mar. 15
1
102.8
Mar. 15 1938.
99.31
Sept. 15 1937-
3X%
102.10
101.49
New York Stock Record
LOW
AND
HIGH
SALE
PRICES—PER
SHARE.
NOT PER
STOCKS
Sales
CENT
Range Since Jan. 1
Range for Previous
.
NEW
for
Saturday
Monday
Apr. 17
Apr
$ per share
*49i2
51
Tuesday
19
$ per sha~°
Apr
$ per share
*49i2
*58»4
5H2
76
79
8014
83l2
8234
1838
185s
18l2
2612
32i4
234
1858
1812
*5834
67l2
*26
26l2
*3214
3278
27«
278
7514
35S
74*2
*338
*98
1338
13'8
43g
51
*50
53
*50
5312
44l4
*50i2
*5884
51i2
66i2
325s
3212
8412
19ig
26i2
3278
234
212
234
74i4
7578
*338
26i2
*26
35g
101
1338
*98
76
358
100
127S
*180
13lS
414
5034
418
5018
414
5178
*50
53
50
50
50
50
*180
51
*4318
38i2
358
*98
1338
*180
4U
74
67
20
418
5034
Wednesday
1 nursuav
Apr. 21
$ per share
*50i2
*5834
8278
51i2
Apr
$
r
22
ver share
per
share
104
130
104
105
*151
*15H2 154
59
60
60U
94
94
*91
94
9458
145l4
143
*138
*10134 103
*26
35
*19i2
2012
9558
138
10514
154
*130
105
76
4,600
*97
100
13
1338
75
3i2
*97
1314
77
73U
312
100
1314
*180
33g
*97
1314
*180
*47
50
48
51
*47
50
*46
*13014 138
4
48i2
4
418
50
*131
138
104
1047S xlOl
47l2
160
130
105
154l2 *152
6034
61i2
*90
94
9514
9734
14618
148
145
14512
*100l2 10H2
100
100i2
100
100
*24
35
*24
35
1978
19l4
1914
2712
5934
99U
*151
60l2
100
57
4i8
4884
48
28
*27
28
2734
28i4
27i2
28i4
29
29
28i4
29U
28&S
29
97
97
97
97
*97
9712
97l2
97l2
*1012
11
1034
11
1034
1078
11
11
14i4
1014
10i4
*1334
*156
10l4
14
14
14
14
14
300
*156
300
*156
300
105s
IOI4
1034
60
6OI4
5934
60'4
59i2
59l2
28
18
28
28
*4918
19*8
50
*49
4978
20
*193s
20
*
27l2
50
*1938
28i2
5012
20
10l8
60U
100i2 Jan 22
16»4 Feb 25
37g
Jan 29
53s Feb 18
Jan
2
Jan
5
59
Jan
4
2 X % prior conv pref.JVo par
Allegheny Steel Co
No par
41
Apr 23
58i2 Feb 17
62ig Feb 18
36*1
Alleg A West Ry 6% gtd.,100
104
Jan 12
Apr 10
1,000
«.
„
««.*•
-
Industries Inc
1,300
Allen
3,700
7,200
Allied Chemical A Dye. No par
Allied Mills Co Inc.
No par
27,100
200
Allied Stores
6%
1
Corp
2234 Apr 20
Feb 11
45&8 Mar 15
110
100
6
217g Mar
6
85
9
Mar
Dec
245
Aug
34
Nov
Jan
20i8 Nov
69
Jan
90
Nov
353s
Jan
81
Deo
34U
Jan
5
52i4Mar 15
98i4 Apr
9
11478Mar 11
75
Jan
83
6
10112 Jan 22
49
July
1,000
150
American
10
25ia Apr 12
41*8 Jan 16
36
Dec
66i2
Apr
60
59
Apr
8
76i8 Feb
65
Jan
73
Nov
5,100
Am Brake Shoe A Fdy.No par
58
Apr
7
40
Apr
70U
124
May
1,900
20
4,400
200
4,800
Bank Note
Preferred.
5h% oonv pref
Rights
American
Jan
Mar 25
125
100
84 Apr
Can
9
110
Dec
Jan
9
162
May
174
4
30^
104ii Feb
4
67
Apr
Apr
100
Dec
99i2 Apr 20
31
Jan
Dec
111
Nov
78»4
120*4
87b» May
ll3ig
Oct
35>4
Deo
Jan
116
6
Jan 25
148
Apr 20
105i8 Jan 22
2,000
Am Com ml Alcohol
263g
Jan
6
3,500
American Crystal
273g Apr 13
3034Mar 31
33^8 Jan 21
94i2 Apr
2
99i4Mar
1078
2,800
4
13i* Jan 28
1384
400
300
10
7,700
59
2914
2712
28l2
27l2
51
51
51
51
51
51
1,000
*19
20
19l2
1912
1834
19
1,800
Def. delivery,
Corp..20
Sugar
10
100
Amer Encaustic
8ig
Preferred
$6
preferred
preferred
n New stock,
r
Jan
6
17
4
225
Jan
2
13>4 Jan 22
Mar 30
No par
10
x
2
Mar
..No par
Cash sale,
3
13
..No par
Amer Hawaiian SS Co
Jan
Jan 25
226
Amer A For'n Power...No par
2d
Dec
Deo
Jan
2714
28i2
97i2
Tiling new..]
Amer European Seos
No par
Amer Express Co
100
141
Nov
Feb
72
100
6% 1st pref
89
71
4
2634
30
Dec
3914 Deo
125i2 Mar
174
Jan
9284 Mar 30
Amer ChainACabCoInoNe par
Chicle
31«4 Nov
684
li2Mar 31
23s« Mar
35
Oct
121
56
100
5% pref
Feb 18
4
34i2 Nov
99l4 Apr23
100
No par
Preferred
160
19>4 May
162i2 Apr 12
26]
Preferred
American Car A Fdy
7
4
80«4 Feb 18
29
a
lllif
6% corn preferred..
60
Amerada Corp
..No par
Am AgrioChem (Del)..No par
2,500
7
59
Oct
Feb
87g Mar 13
8
60U
Nov
403s
5
8
6OI4
60
5412 Nov
Jan
3,700
400
Jan
6OI4
Apr
267| July
834 Jan 22
3984 Jan 28
13s*
934
Jan
7
9978 Apr
IOI4
Mar
Jan
27U Apr
10i8
Nov
171* Sept
195
63'4 Mar 22
No par
1334
103
3012
478
(Alleg Co)..26
Colortype Co
..10
*156
Jan
Apr
Alpha Portland Cem
No par
Amalgam Leath Cos Ino new 1
Am Coal of N J
10l2
618
Allls-Chalmers Mfg....No par
American
2778
Oct
86i2 Nov
100
Amer
*96
Feb
61ia Nov
60ij Nov
Jan
27
684
2D2
Jan
Jan
334 Jan 16
Feb
6if Nov
Aug
1
35»4
3714
Apr
23
2
80U Apr
2i2
123s
12>4
121*
167
Jan
Jan 13
Aug
98
25i2 Apr
16ig
July
Jan 26
237g Apr 12
2584 Mar 9
225
No par
preferred
6934 Feb 11
Mar
13
Nov
1634 Nov
21,500
160
5812
..No par
91
178
800
10l2
% In receivership,
Mar 11
127g Apr 20
10
43
1,500
1,600
*28'4
Jan
600
1378
300
2
4312
4334
26
Bid and asked prices; no sales on this day.
1378
*156
5»4 Jan 25
19i2
*24
III4
1078
58
1914
20
27i2
7
80U Jan
100
2,200
130
103
Allegheny Corp
Pre! A with $30
22ig
xli8
Jan
Jan
Apr
100
900
28
97
Vlcksburg RR Co.. 100
Alaska Juneau Gold Mln
Jan
43g Jan 26
100
145
147i8 147i8 *135
*10158 102
100i2 102
97
Air Reduction Ino new.No par
Air Way El Applianoe..No par
212 Apr 20
68i2 Apr 9
3»s Apr 9
warr
12,100
35
30'2 Apr 12
Pref A without warr
96
*19i2
10
No par
Pref A with $40 warr
91
*24
Corp
9
600
99
1934
25
200
2,700
49
96
2814
300
23,300
300
35
Straus
Albany A Susque RR Co.. 100
93
28
*1334
8~66o
*90
*96
*156
~
1312
94
1934
dc
Ala &
400
338
*90
*27l2
28
9
Advance Rumely
154
19lS
36
Address M ultlgr
1,400
148
*26
3
2,100
50
99i2
283g Feb
32l2
25g
105
95l2
2
M 1111a
*15212 154
9812
247g Mar
Adams
50
94
No par
93s Apr
177s June
300
*49
93
74*4
22*8 Mar 11
26l2
3278
50
95
70
Apr
4
*26
50
61l2
Mar
Jan
Express
414
5012
60
42
69
16
Adams
418
4912
5934
6
No par
18,400
*180
138
8
"4", 600
*4318
3812
*130
Mar
Mar
19i8
26l2
513g
67
*103
130
65
69
84i2 Apr 20
8D2
77U
3i2
Highest
$ per share $ per share
share
6
183g
25g
per
Jan
8U2
32
$
Feb 10
19l2
3234
212
share
49i2 Apr
187g
26i8
3212
212
234
iter
63*4
19i2
2l2
7614
312
S
58
19
3212
IQ.Irt
No par
Acme Steel Co
*26
Year
Lowest
Highest
No par
83i2
26ig
Tjitm
Abbott Laboratories
83
5078
*5834
1 l\fi~ Khnr*
nf
Abraham
300
*51i8
*5834
4414
*4318
4414
41
4212 43
4U2
4H2
4158
39
3884
39i2
39
3918 39i8
3958
3634
3834
IO6I2 *103i4 107
*103l4 IO6I4 *103
105U *103
10434 *103
10484
23
23
*2212 23
23
*2234
2234
2234
2278
2314
2278
227g
240
239
242
240
243
23,9
2447s 245
242U 245
238
24412
26
26
2578
2578
25l2
2512
2558 2634
2658
26i4
2614
2634
18
18
177S
177g
1778
1858
18
1878
1812
18i2
19i8
1878
*81
*81
*81
82l2
82l2
82
82l2
*81
8114
8114
8134
8I84
68
68
70
68I4
67l2
6712
68
67 Is
6918
70i2
6978
68i2
*3D2 33
*3H2
3212
32i2
*32
34
3212
*32
*32l2 34
33i2
7
634
678
*634
678
634
634
658
684
634
6l2
684
*41
43
*41
42
*4H2 4378
42
*41
41
4214
4214
42l2
*104
106
106
1057fi
102
104i2 105
99
104
106U 107
10712
91
*88
91
91
*9014
95
90i4
9014
93
90
9012
9314
27
27
*27
27
27
2714
27
27U
2712
2714
2714
2714
61
*61
65
65
*6012 65
*61
61i8
6H2
6H2
615s
6184
60
60
61
64
60'4
62
6212
63i2
6478
647g
e438
63i8
39
Par
Shares
67l2
5134
fin tit
Lowest
8312
67
Hn
STOCK
Week
Apr. 23
$
YORK
EXCHANGE
the
riaay
Ex-dlv.
7U
Jan 18
Mar
4
27
Nov
7if July
20is July
16U Jan
89
Apr
3i« Apr
934 Jan
176
Oct
Apr
687, Jan 18
6i2
29>4
38i| Jan 22
587S Jan 22
12
46'4 Mar 30
25
Apr
Apr
18
21
13
Jan
64
2014
y
Jan
Jan
2
4
Ex-rights.
Feb
6
Jan
Called for redemption.
137i2 July
6018
Dee
Deo
Deo
16U Dec
35«s Nov
32
Aug
101
Sept
83s
Deo
14&8
Feb
175
Oct
9»4 Mar
60*8 Deo
22ts Dec
50i8 Dec
2UX July
Proctor
Abbott,
Members New York Stock
Paine
&
Exchange and other leading exchanges
Commission orders executed in
and individuals
Stocks, Bonds, Commodities for institutions
New York
Volume
LOW
Chicago
•
AND
•
Boston
•
Buffalo
Montreal
•
•
Toronto
Apr
SALE PRICES—PER
HIGH
$ per share
9ia
Monday
Apr. 19
Tuesday
$ per share
$ per share
17
9%
♦47
9%
49
♦40%
384
48
2412
1584
6012
♦113
♦47%
*4034
384
24%
384
Apr
87ft
9%
50%
48
334
SHARE,
46
60%
Wednesday
20
Apr
NOT PER CENT
STOCKS
Sales
$ per share
9%
9%
46%
4784
47%
Apr
$ per share
9%
46%
48
37ft
4784
37ft
♦2484
247ft
2434
247ft
15%
15%
15%
49% 50%
113% 113%
2334
24%
5084
51
9ift
113
113
51
50%
112% 11234
49%
11
11
11%
11
23%
11%
23
11
56
57
56
56%
54%
55
54
55
55
♦111
122
♦111
120
*114
120
♦114
67
07
11
68%
11%
67%
2384
♦153
56
56%
24
156
37
11
*65%
2334
♦153
67%
11%
67%
5684
68%
11%
66%
56%
24
2334
153
156
68
67%
*6434
13.100
1,100
300
1,000
7
4
4
Preferred
100
5,500
Amer Metal Co Ltd....No par
68
*65
68
11
11%
6684
—-
220
57%
23%
24%
1,300
2,600
237ft
57%
57%
32,100
80
155
155
154
-
10,900
67
23%
17i8 Jan
135s Jan
42
55%
120
31,300
1.200
6% oonv preferred
100
Amer News N Y Corp..No par
Amer Power A Light...No par
$6
preferred
$5 preferred
...No par
No par
Am Rad A Stand San'y .No par
Preferred
100
American Rolling Mill
307ft
37%
307ft
38%
37%
38%
37%
3834
36»2
37%
30%
30%
31
30%
30%
*30%
307ft
31
31
24%
23%
23%
2334
24
24
24
24
24
800
American
49
49
50
49
49
4 8'4
48»4
48%
48%
220
Amer Shipbuilding
89
89
91
90%
91%
91%
9034
87%
90%
90%
91
89%
141
♦140
♦140
141%
141%
141% 141% *139% 141% ♦1397ft Hl% *140
105»32105*532 105'8,6105«16 105'3|6105»16 105'316105",6 105'3,«105'316 105»,6105»I6
60
60
60
60
60
60
59%
60%
59%
00%
*59%
60%
24,000
♦24
24%
♦48
50
49
•
140
"573ft
♦110
*
57%
3%
83%
133
83
55%
110% 110%
234
3%
20%
84
8384
*131% 1327ft *128
15%
21%
140
54%
48
83%
15
3%
20%
81%
133
1107ft
3%
♦
56%
24
23
20% 22
487ft
*48%
487ft
4834
48%
132
*131
133
♦130
132% 132%
2234
2234
23% 23%
*23% 23*4
108% 169%
167% 168
168% 16 884
82
82
82
817ft
8134
8134
20%
♦132% 133
24
237ft
167% 10734
81%
140
"55%
3
3%
49
♦48
*
57%
110% 110% ♦110
1107ft
3%
2012
140
56%
21%
15%
*
21%
♦977ft
99
♦11
11%
11%
69
69%
*68%
*9734
157ft
84
1327ft
16%
83
8334
132% 132%
*_
140
"54%
*
100
2.100
1,100
5484
1107ft
18,000
180
110% 110% *110
27ft 108,700
254
234
3%
24
24
3,500
2334
24%
600
48%
48%
48%
48%
200
13184
1317ft 1317ft *130
1,000
22%
22%
*22%
2234
11.500
167% 168%
168% 1097ft
81
81
1,600
80%
80%
83
83
6,400
82%
82%
132
132
131
*128
400
15%
15%
5.600
2084
21%
13,600
16%
103ft
15%
16%
21%
21%
100%
11%
21%
2134
99
99
11
11%
10%
10%
2,400
70
69%
70
69%
70
1,500
15%
21%
21%
21%
99
99
99
11%
69%
11%
11%
11%
69
69
70
♦99
*93%
25
Amer Safety
Raior new.18.50
Seating Co..No par
Co.No par
Amer Smelting A Refg.No par
100
Preferred
U2d preferred 0% cum
200
99
15
♦140
15%
15%
190
♦140
175
♦61
65
62%
56%
*77%
*20%
83
♦20%
20%
15%
1534
15%
157ft
190
*140
190
*140
1^0
*140
*61
65
*64
65
63
5584
5734
8634
20%
5634
56%
*77
207ft
2034
58%
8434
57%
♦77
2178
21%
*77
85
8484
------
*109
110
*109
110
♦109
110
*109
110
*109
110
*109
*27
30
*27
30
*27
30
*27
30
*27
30
*27
3,100
110
30
8%
8%
8%
*8%
834
*8%
8%
8%
*8%
♦8%
8%
8%
42
42
42
42
42%
42%
42%
42%
42%
♦41%
*41% 42%
*11684 120
*11634 120
*11984 120
*11634 120
*118% 120
♦118% 120
110
110
110
♦110
1097ft 1097ft
110% 110% 110%
1107ft *110
1107ft
12
12
11%
12%
12%
11%
12%
12%
12%
12%
12%
1134
96
95
95
95
90
*93
*93%
9534
*94%
94%
*94% 95%
101
♦100
*100% 10034 100
100S4 *101
101% ♦IOO84 101%
*100% 101
64
64
63
6334
62%
63%
64%
6234
63%
6234
625ft
627ft
*
14
14
14
14
14
13%
1384
137ft
137ft
14%
135ft
13%
13
13
13
13
13
1284
1234
127ft
*1284
127ft
13
*12*4
*96
*96
105
1834
1834
I884
*96
97
*96
♦115
117
*96
100
19%
1834
*96
*115
♦51%
53%
*98
101
*98
81%
♦25
26
40
33
102
8134
82%
*99% IOO84
47%
48%
*24% 26
817ft
997ft 101
48
48%
*38%
97.
120% *115
51%
53%
53%
38%
33
33%
87
82
120
16
53%
*5134
*98
19%
19%
*96
100
97
*115
120
58
54
56
101
*98
102
97%
100
19
18%
19%
*96
120
*96%
97%
*115
120
5584
*51%
*98
83
85
83%
847ft
1003ft 1003ft *100
100%
50
49%
50%
51%
Preferred
8534
100
491*
51%
200
36
300
*51
*82%
*115
51
51%
83
78
80
79
80
*115
120
120
120
16
33
*1534
10
400
81
800
7934
120
*15%
40
16
*115
15»4
500
33%
31S4
31%
32%
8
*7%
77ft
*7%
8
*41%
4234
8%
41%
8%
41%
8%
*41%
4234
*41%
4234
*41%
42S4
41%
8%
8%
83ft
8%
81*
8%
834
8%
8%
8
8%
8%
734
6%
4118
8%
87ft
8%
7%
109
105
*..
109
7%
7%
113% 117
110
115
*41%
*
7%
37%
*37%
30
*29
*38%
40%
315ft
32
*38%
31S4
*1084
17
17
3534
307ft
40%
36%
4134
41%
*41%
43
105
"37%
♦29
117
*
105
"37%
38
*29
39
42
105
*_
*417ft
*_
42
105
4134
4I84
*
105
"37%
*86
90%
24
24%
*86
90%
*86
2234
21%
2234
213ft
90%
23%
*8534
90%
*8584
2234
23%
22%
21%
2184
21
X56%
92%
56%
*55
92%
92%
19
19
19
19%
19
120% 121%
121
*31
57%
32%
*119% 1197ft
*56%
58
32%
32%
21%
57
119% 120
*56
947ft
19%
121%
90%
23%
21%
56%
93%
89%
19%
19%
1207ft 1207ft
45ift
105*4 Mar 11
154 , Jan 28
6684
Jan
103
136it
Jan
152*4 Mar
1071ft Apr
104
Jan
1081ft May
875ft Apr 23
13812 Apr 14
Jan 15
105
5418 Apr 21
109i2 Apr
7
284 Apr 21
20
Apr 9
475ft Mar 29
130
Mar 23
14«4 Apr
8
2084 Apr 23
2,100
50
1.400
------
900
1,200
58
58
59
59
59
60
58%
58%
1,100
33%
33%
327ft
33
32
32
31%
31%
1,100
1491ft
87
Apr
203ft Jan
1901ft Nov
1021ft
100
100
Baltimore A Ohio.....
Preferred
100
.......
50
100
Bangor A Aroostook...
Conv 5%
preferred
10
No par
5\i% preferred......—50
Barnsdall Oil Co
5
No par
preferred...........100
Bayuk Cigars Ino
Beatrice
26
Creamery
No par
$6 pref w w
Beldlng Hemlnway Co.No par
Belgian Nat Rys part pref
Bendlx Aviation
6
Beneficial Indus Loan..No par
Best A Co
No par
Beth Steel new
Feb
150
Mar
87ft June
3
294 Jan 13
20is Feb
18
Deo
1918
Apr
9284
1
Jan
148ft jan 18
75ft Sept
64
4
79
Jan 12
5284 Sept
984 Jan 22
84 May
4ift Apr
2
20
Fob 23
3ift July
Jan 22
Jan 13
185
2784
(Del)...No par
Oct
10984 Sept
Ilia
70*4
Feb
Feb
2
Feb
10
Jan
784 Mar
Feb 23
44
Jan
78
Deo
441ft Jan 7
521ft Jan 29
798ft Feb 23
24
May
50
Deo
69ift Mar 10
28
Jan
558ft Nov
79
97
Feb 23
35
Jan
891ft
100
Apr 10
28
Apr 12
51ft Jan
41
119
Jan
8
7
Mar 29
111
371* Jan 12
9
June
43
Nov
10U Feb 10
3
July
7
Nov
37
Apr
50
Jan
8
118
May
122
Jan
111
6
105U
1101ft
7*8
Jan
40
Feb 18
Mar
1384
8I84 Jan
2
991ft Mar
90
4
131ft Apr 23
125ft Apr 8
126
Feb 27
Jan
66I4
104
6
18i2 Apr
8
2484 Mar
9012 Apr 14
114
Jan
9
495ft Mar 24
99
Apr
2
091ft Jan
4
997ft Apr 17
44% Jan 26
101
125
7ift
Jan
Jan
Jan
025ft Mar
185ft Nov
221ft
May
277g Nov
Jan 28
95
Dec
112
Oot
9
98
Feb
124
Oot
Mar
100
Feb 18
59
875ft Mar u
Jan
88ift Aug
9
9084
Jan
107
Oct
65ift Mar 17
215ft
Apr
Apr
Apr
49
Dec
104
29
Feb
Mar 13
Apr
7
44
4
37
11
Jan 18
Jan
Mar 11
0»4
Apr
Jan
4
75ft Apr 22
6i2 Apr 12
80*4 Jan 0
88ift Jan 21
205ft Jan 4
338ft jan 4
41
Jan
4
10484 Apr 15
357g Jan
2584 Jan
38
4
4
Feb 17
201ft Jan 5
16ift Mar 31
11134 Apr 19
13ift
205ft June
109
Sept
1161ft Feb 6
18ift Ma: 6
52 ig Mar 10
311ft
118ift
Mar 11
48
Jan
84
Nov
Jan 13
H12
Jan
131
Nov
14
June
9U
11U
Jan 12
Jan 29
9ift Jan 30
42
35U Feb
20%
114
Jan
4
52
30
Apr
8
Mar 23
Oct
491s
Feb
248g Nov
38ift
Dec
43U
I684
87
2
Jan
10«4 June
110
May
18
Jan
Aug
Feb
Mar 30
288, NOV
28U
Dec
22U Nov
115
Deo
28*8 Nov
July
106
427a
Oot
Deo
85
Feb
o
13
Dec
1014 Mar
Mar 17
83
June
891ft May
Feb
2384
Jan
62*4
Jan
5
8
105ift Mar 11
20
14is
Jan
35
304 Feb 11
ii9>ft
13U
100
112
185ft Jan 27
41%
Dec
9
7
73
Apr
39
8
5
119l2 Apr 10
275ft Nov
21
Feb 19
Feb
28»4
1
Jan 16
Feb
1284 Apr
20
Dee
Deo
Jan 21
Feb
6
9
Jan 21
10684 Mar
Feb
Deo
Apr
8
32
9
56
97|
947ft
947ft
33»4 July
157ft Apr
110l» Fib
438ft Mar
Jan
2*8 July
29'2
5
Feb 11
Jan
7»4 Mar
Deo
5
45
Feb
54% Mar
11*4
Feb
40ift Mar 17
4784 Mar 17
301ft
2ift July
Feb
6
6
Jan 16
Apr
120
Jan
223ft Apr 19
205ft Mar 18
3
120
Apr
84
Apr
Deo
94
24
106
Oct
54*4 Nov
351ft
133
101*4
40ift Jan
Feb
108
67ift Feb 18
35
Maris
Deo
Apr
301ft
173ft Apr 12
128
125ft
Apr 14
51
Jan
Aug
Feb
95
5
23
111
84
8ift
16U Feb 27
178ft Jan 21
97U Feb 18
Jan
Jan
4714
70lft Mar 13
2
Jan
45ft June
1
Mar
95
Jan
121U Feb
4
591ft Jan 18
Dec
26*4 Mar
May
Jan
Feb
jan
97
Feb 13
2
7
15it
245s Jan 16
111
Jan
1078i
7% preferred
100
Blgelow-Sanf Carp Inc.No par
Black A Deoker Mfg Co No par
preferred..
Feb
104
Jan
136
40ift
....
Sept
Mar
88ia Mar
997ft Feb
150ift Jan 26
I84
Jan
03*8 Aug
29is June
Corp of Del(The)new.3
(Baldwin Looo Works.No par
6%
145
52ift Mar 25
A
Prior
Avla'n
20
35,200
Jan
Jan 28
Feb
36
Jan
205ft Mar
257ft jan 26
107
Dec
Apr
10i8
Beech-Nut Paoklng Co
400
48%
129
Jan 13
63ft June
500
4,900
241ft
20i* Jan 20
567ft Jan 11
14384
1
100
1,000
Deo
1451> NOV
9ift Feb
60
23,800
Jan
Deo
37b Apr 14
4
08ft Jan
Nov
64
7ift Jan 6
39U Jan 13
Beech Creek RR Co
------
107*4
Oot
Deo
73ift
145U
No par
No par
Austin N'chols
1st
Jan 20
Apr
Jan
265ft June
Pref assented
15,700
20ift
2
Preferred
190
1338ft
3084 Feb
Assented
------
115
5
Jan 21
Feb
28% Mar 20
1,700
300
7314
9712 Apr
95ft Jan
Jan
2
67ift Mar
jan
68ia Jan 29
148
9
39
*86
jan
jan
39
23%
258s
181ft
39
90%
Mar 19
14iftMar 16
3834
31%
39
39
58
Automobile...No par
Auburn
Nov
28*4 Nov
100
Preferred
Atlas Taok Corp
1,400
3.900
165is Aug
No par
No par
Atlas Powder.
12,500
44,600
74ift Sept
jan
"273ft
7
72U Jan 8
120
Apr 22
Barber Co Ino
90%
57%
100
1
60
preferred
0%
Barker Brothers
19%
*118% 120
4% conv pref ser A
Corp
2,600
90%
*19
25
Atlas
5,100
90%
19%
100
Preferred
38
56%
9034
Atl G A W I 88 Lines..No par
30%
217ft
56%
9334
50%
40
16,500
29,100
100
Atlantic Refining
29%
21
567ft
895ft
100
Atlantlo Coast Line RR
2934
20%
*1834
11,100
100
Preferred
29%
207ft
*56
100
100
Santa Fe..l00
Atob Topeka A
"37%
207ft
56%
6% 1st preferred
1% 2d preferred..
2934
3884
32%
32%
23%
1
Assoc Investment Co..No par
39%
17
22%
Associated Dry Goods
29%
3834
317ft
30%
31%
32%
327ft
16%
16%
I684
1678
1634
107ft
163ft
16%
*111% 113
*11134 113
112
112
*111% 115
IIIS4 11134 *111% 115
26
20
25
20
26
2534
2584
*26
2584
26%
20%
26%
106% *103
106% *103% 106% *103% 1063ft
♦103% 106% *103% 106% *103
42
42
*41
43
*41
*41
43
41%
♦40
41%
*40%
43
108
108
109
*107
10734 109
1083ft 109
*107
109
*107
109
13%
*13%
13%
13%
13%
13%
13%
13%
13%
13%
13%
13%
323ft
100
"38%
29%
40%
8
634
7%
7%
6%
7%
*107
115
114% 115
111% 114
*107
111
114%
114% *10./
37
35%
36%
3634
371ft
37%
42
41
40%
40%
41%
40%
4334
38%
29%
8
114
42
200
14,000
51
*7%
110
12,700
17%
51
51%
120
*15%
16%
51
51%
33%
112
17%
327ft
44
8,100
25
734
*41
1,200
36
32%
No par
Corp
Preferred
5% pref with warrants.. 100
24,5O6
*237ft
*7%
35%
*41%
600
38
31%
41
1,900
——————
mmrnmmm
24
8
36%
—
24
31%
111
—
*36
31%
*784
41
-
37
7%
3534
-
25
30%
110
Art loom
—
♦36
75ft
7%
1,300
—
♦24
2984
7%
7%
114
♦111
1,700
Armstrong Cork Co
No par
Arnold Constable Corp
5
5,100
25
I584
31%
8%
85ft
100
100
Jan
4
4
Preferred
Apr
Jan 23
41
7
6
Feb
18*4
23is Jan
Jan
No par
305ft
157
Jan 21
3984
Jan
Armour of Illinois new
87ift Sept
37
18
Mining
20
Co
No par
Aroher Daniels Mldl'd.No par
7% preferred
100
ArmourACo(Del)pf 7% gtdlOO
Nov
148s July
Feb
Deo
Apr
100
A P W Paper
09
Feb
i
No par
$6 conv pref
37
112
Anaconda W A Cable..No par
Jan
7ift
43
-i
808ft Mar 10
25
July
547ft NOV
18
128i2 Mar 18
Mining..50
134
31
«8 Apr 10
...
Dec
z35%
Feb 15
Apr
23% July
35ft Apr 10
$5 prior pref..
Feb
Apr
3
99
1
25
15
10
27
118
l
Feb 20
1
Amer Zlno Lead A Smelt
Jan
161ft Nov
488ft Dec
122ij Nov
297ft Jan
Feb
No par
Paper
24
Jan
30
187
No par
No par
100
Woolen
101ft Sept
95ft Apr
231ft Apr
60
Apr
21
May
10i2 Jan 13
87is Jan 18
721* Jan 12
29% Feb 3
170
617ft Nov
65g Jan
29
25
preferred
400
102
8234
100
33
33%
33%
33%
3384
33%
*112
111% 111% *11034 114
112%
17%
1734
1734
1734
1734
1734
82
*115
15%
15%
19%
*96
*115
*96
51,500
37
33%
120
19%
97
100
700
*23%
*111% 112% *111% 112%
17%
17%
17%
175ft
*51
51
51
51%
*79
*96
120
*98% 102
847ft
82%
100% 100%
48%
4934
38%
*110
100
900
----
75
78% Mar 10
Andee Copper
200
129ia Feb
46
Jan
2ift Sept
135ft Jan 20
6884 Mar 10
211* Mar 23
1071ft Apr.17
Am Type Founders fne
10
Am Water Wks A Elec.No par
Anchor Cap
8
Oot
45U Mar 11
100
Preferred
Anaconda Copper
6
Oct
37
33% Jan 6
3014 Apr 21
$6.60 conv preferred.No par
21
20%
21%
500
79,200
Feb
293| Mar
125
25
Tobacco
Writing
17«4 Mar
587ft Feb
83ft Mar
45ft
311ft
3
10
15
11
4
4*4 Mar
275ft Feb
Highest
$ per share $ per share
11% Mar 13
5584 Mar 13
62*8 Mar
100
Telep A Teleg Co
Preferred
64
58%
13,300
190
65
*77
57%
8434
21
♦77
1534
♦62%
55%
*140
62%
56
55%
153ft
1534
Apr 16
8
100
Preferred....
15%
55% Mar 12
23
Apr 8
153
9
100
Common class B
1st
10-* Apr 12
6584 Apr 17
Apr
Am Sumatra Tohacoo..No par
American
Mar 11
02
Apr
No par
Stores
Sugar Refining
Preferred
Amer
7
60% Jan 2
120
Apr 12
59
Rights
American
10*4 Apr
133
..100
Preferred
Amer
Apr23
22% Apr 23
112
25
Amer Steel Foundries..No par
American
Jan
100
Snuff
American
Am
147ft
100
Preferred
140
"54%
56%
Jan 2
Jan 6
Apr 16
Jan 6
American Locomotive..No par
54
*114
Year 1936
Lowest
$ per share
share
6% non-cum pref...
100
Amer Internat Corp
No par
700
Amer Macb A Fdy Co..No par
Amer Macb A Metals..No par
120
Ranae for Previous
1
Hiohesi
7.700
31
30%
24%
Norfolk, Va.
•
100-Share Lou
3.400
800
II84
57
.—No par
1,700
67
154
Ice
3,900
11%
57%
2434
American
11
67
154
6%
37%
45*4
2ij
6% oonv pref
.....50
Amer Home Products.
1
23
11%
57%
1
Amer Hide A Leather...
112
07%
24%
$ per
107ft
11%
*153
Par
22%
112
23%
11%
55%
67%
11%
68%
577ft
24%
153
07%
11
37ft
Raw Since Jan
Lowest
37%
♦30%
Richmond, Va.
2779
On Basis of
STOCK
Shares
37ft
24%
147ft
50%
1434
107ft
0534
6534
•
EXCHANGE
Week
47
*384
24%
16%
114%
23%
*114
9ift
46%
*46
25
15
107ft
122
87ft
45%
47%
37ft
*24%
23
$ per share
47
47
233ft
23%
Apr
9%
47
16
4
22
YORK
NEW
the
Friday
Thursday
21
*4634
*37g
24% 2434
15% 1534
49% 49%
114% 114%
23% 24
1584
Indianapolis
•
New York Stock Record—Continued—Page 2
144
jor
Saturday
Cleveland
•
Jan 18
Feb 16
32*8
215ft
jan
20
Jan
25U
48
Jan
72
4684
10ift
Apr
Apr
Oct
Oct
Nov
7784
Deo
20
Dec
107ij July
1351, Nov
Deo
z34i] Dee
69*4 Feb 10
23
Jan
38
28*4
Deo
Jan 21
112
65ift
f
♦
Bid and asked prices; no sales on
this day.t In receivership.
a Def
delivery,
n New
stock,
r Cash sale,
z Ex-dlv.
y Ex-rlghta. H
Called
forj-edemptlon.
|
New York Stock Record—Continued—Page 3
2780
LOW
AND HIGH
SALE PRICES—PER
NEW YORK
for
Saturday
Apr. 17
Tuesday
Wednesday
Thursday
Friday
the
19
Apr. 20
Apr. 21
Apr, 22
Apr. 23
Week
$ per share
$ per share
$ per share
$ per share
$ per share
$ per share
On Basis of
STOCK
Shares
Apr
*2584
26
32
25%
*304
26%
♦314
254
*30%
25%
32
32
♦87
924
♦87
92%
*87
92%
40%
45%
40
41
40%
45
46
89
89
89
.45
45
45%
40
40
*434
*864
444
44
41
3934
434
*864
444
394
44%
25%
26
264
2638
*30%
32
*30%
32
*87
92%
*87
46
92%
4112
46%
90
90
45
79
80
26
25%
26
25%
26
444
25%
25%
794
12%
80
80
80
81
81
82
M41
12%
13%
*2%
3%
124
2%
12%
*2%
13%
3%
17%
13%
3%
174
17%
17%
17
916
89
*864
45
44%
*24
4
46
46
45%
916
46%
46
47%
48
916
49%
504
504
49
49
49
49
484
49
716
49%
48%
*42
43
42
43
414
414
41
4%
24%
5%
24%
36%
4%
*22%
4%
24%
35
92
92%
*90%
39
39%
43
5
54
25
354
254
3638
3534
89
89
914
40
40
39
564
*374
*2938
*94
*31
204
194
"I64
35
*16
164
324
64
27
*394
*504
42
42
*700
23
104
10%
57
38
29%
30
33%
354
*31%
9%
334
38%
94
58%
37%
30%
29%
9%
334
*324
59
574
*38
36
35
10%
*72
9%
9%
334
36%
58%
38
9
11%
84
9%
294
60
9
*108
11%
83%
12,600
600
30%
9%
33%
294
8%
29%
5,300
8%
2,600
32
32
*34
37
210
37
37
37
16
16
16%
32%
324
16%
32%
32%
6
6
6
6
6
26%
6%
274
27%
*75%
31%
274
42
274
76
76
76
274
764
31
30%
404
314
31%
31%
41%
41%
51%
4%
*414
*504
14%
31%
33%
14%
30%
4034
41
44
44
4034
*504
4%
144
*304
3234
1434
31%
334
14%
3034
3234
*57
60
144
*494
144
14
*164
514
164
*51
53
*504
*504
_
4
4%
14%
314
32%
60
*57
404
_
4
4%
14%
30%
33%
27%
*57
14%
314
334
14%
31%
32%
*57
60
*49%
14%
49%
13%
49
14%
49%
164
164
16%
16%
*51
53
103
103
8
9
9
158
31%
13%
*57
14
14%
514
*484
*16%
494
164
16%
158
preferred new
Budd (E G) Mfg
7% preferred
No par
Budd Wheel
Bulova Watch
No par
Bullard
No par
100
100
Co
Burroughs Add Maoh._No par
JBush Terminal
No par
Debentures
100
JBush Term Bldg gu pf otfslOO
Butler Bros
74
74
*155
160
158
*123
1234
1234 1234
894
374
894
1104 1104
91
37%
904
3734
38%
46
46
110% 111%
44%
4434
76
764
354
*34%
*3484
9%
76%
9%
774
35%
94
9%
18
*124
*104
13
105
13
7158
204
714
754
1084 1084 *107
'
h 5934
594
38
*34
594
36
854
8538
*834
61
61%
604
95
95
343gMar
414
51%
4%
1,200
*50%
,4
21,600
15
14%
14%
8,400
30%
32%
304
304
30%
1,000
15,500
60
57
57
10
14%
494
13%
14
18,000
50%
16%
50%
500
Cannon Mills
16%
500
Capital Admin class A
51%
438
16%
31%
5%
95
*1034
11
11
11
11
3
3
3
3
3
*144
94
*2734
24
54
3%
144
*84
14%
14%
10%
2834
„*27%
24
2%
284
2%
54
4%
144
8%
27%
2%
5%
54
264
*62
264
*234
*624
3*
758
"*204
24
74
*64
*204
734
64
214
184
144
*18
144
*
70
204
100
.No par
No par
preferred
50
Callahan Zlno-Lead
100
25
No par
1
Preferred A
in
1034 104
29%
304
154
16
87
3
15%
*14%
10%
284
2%
5%
4%
14%
284
*8%
28%
28%
24
*2%
234
10%
5%
3
15
10%
*2%
144
*8%
28%
2%
54
434
1,000
500
3
2%
2%
8
7%
8
64
64
64
214
184
214
*204
214
18%
18
18%
14%
14'
18%
14%
72
*61
72
64
64
118%
118
121%
119
122
20
20%
20
20%
20
20%
87
87
864
87
87
87
1154 120%
19% 20%
86% 86%
*614
70
9
354
354
36
*97
*97
107% 107%
41%
*86
8%
43%
-
-
-
*86
36%
*97
*
103
44%
107% 107%
43% 4434
88
*86
88
91
♦127
129
*127
129
*127
129
*127
129
*127
129
*127
*157
1594
1594 1624
160
161
162
*58
*58
110
45
41
40
*194
*224
*234
22
*204
*214
*117
*34
*41
234
25
119
5934
105
105
*674
♦107
68
108
1634
17
22
25
*234
35
*414
X144
44%
14%
*93
34%
95
*
*414
14%
94%
40
•
1604 161
*58%
58%
22%
23%
604
1044 1044 *1034 105
68
674
66% 67%
108
*1074 108
164
2%
16%
56
16
16
16
16%
2%
56%
154
40
404
40
3
Bid and asked
prices;
no
334
414
43
43%
92
17
2%
105
63
...
2,500
106
2,800
160
14%
95%
92
91
91
62%
63%
104
57
55
57
55
15%
40%
15%
39%
154
41%
15%
404
154
15%
414
39
J In receivership,
10
25
Corp
6
No par
Preferred
5734 Mar 27
Apr 7
284 Jan
,91
5
Equipment
104
8,500
1,200
6,800
200
10,500
43,200
41
2,100
1,700
3,700
a Def.
delivery,
55%
154
July
Nov
48% Mar
19
Apr
8212 Jan
39U Jan 12
12% Jan 28
64
May
10714 Jan 26
4134 Jan 15
2434 Jan 11
254
35
Jan 14
Feb 10
82
Apr
64 Apr
1412 Mar
115
Jan
64 Nov
974 May
47«4 Jan
84 June
574 Sept
101
Feb
x604 Apr 13
Feb 13
Mar
19
Aug
224 Jan
6
59
Jan
4
Mar 11
51
Jan
6878Mar
100
434 Mar 16
4
Mar
8
1312 Apr
8U Jan 13
I8I4 Mar
6
4
Jan
113s
Jan 22
0
May
2734 Apr 20
32
Jan 20
23s Jan
Jan
4
63s Mar
Jan
9
Feb
704 Jan 25
6D2 Jan
2is Feb 16
684 Feb 2
0
534 Feb
2114 Apr 16
18
Apr 15
12U Apr 12
46*2 Jan 22
1107s Jan 4
1884 Jan
8I4 Apr
32U Apr
4
4
6
34 Mar 17
104 Feb 19
834
274
224
1578
Mar 8
Jan 14
Jan 29
Mar 3
80
Mar 11
1354 Feb 11
213s Feb 18
254 May
14
24
24
684
124
40 84
Apr
Apr
Apr
May
Apr
May
14 Apr
34 Apr
34 Apr
19>4 Jan
174 Sept
7
Jan
25
Jan
Jan
92
Feb 18
854
154
724
70
Feb 23
45
Jan
Jan
Mar
2
104 Mar
1
434
Jan
7
384 Jan 18
2334
Jan
100
Mar 25
1034 Apr
5
90
105
Marl9
113
7
1074
35
Jan
Jan
324
Jan
110
Deo
394
Deo
Sept
80
374 Deo
94 Deo
67
Feb
12
Nov
1084
74
Oct
Nov
194 Mar
724 Deo
111
38*4
094
100
Deo
Deo
Apr
Nov
774 Nov
14 May
24 Jan
14 Apr
C C C A St Louis Ry Co pf 100
Clev El Ilium Co pref__No par
34
84
Jan
Deo
24
Feb
144
Deo
12
Jan
334 Nov
24
Feb
64
44
124
Feb
Feb
Oct
244 Deo
654 Deo
3
Feb
8
Jan
8
July
324 Oot
304 Jan
14*4 Deo
61
Dec
138*4 Nov
23
Nov
89*4 Nov
50
Nov
134 Nov
464 Mar
Feb
98
Oct
Jan
111*4
Deo
July
474
Oct
5
4434 Apr 22
33
86
Apr 23
4718 Mar 31
90
Jan 14
82
Feb
90
504 Feb 26
48
Mar
61
78
Jan
2
984 Feb 11
48
Apr
126
Jan
4
1304 Feb 18
124
Jan
129
12212 Jan
6
1704 Apr 2
584 Apr 7
2534 Mat 19
Jan
134
Nov
58
Nov
1918 Feb 11
Collins A Alkman
100 zl02%Mar 4
No par
53
Apr 12
1044 Jan 6
6234 Feb 13
5% conv preferred
Colonial Beacon Oil
No par
50
Cluett Peabody A Co ..No par
Preferred
100
Coca-Cola Co (The)
No par
Class
A
...
No par
Colgate-Palmolive-Peet No
0%
preferred
par
100
57
Jan
6
108i2Mar 29
26
Jan 18
par
39
Apr
Colorado A Southern
100
4% 1st preferred
4% 2d preferred
2012 Apr 12
22
Apr 20
100
Colo Fuel A Iron
Corp .No
Columbian Carbon
100
v
Col Plot Corp v t o
t o No par
25
Feb
8
4
112U Mar 12
323s Apr
No par
No par
41
Columbia Gas A Eleo..No par
0% preferred series A... 100
94
$2.75
600
20
June
143
Dec
13i2Mar 17
678 Jan
186
*91
21>4 May
Clev Graph Bronze Co (The) .1
Clev A Pitts RR Co 7% gtd.50
80
22,200
1,200
14
95
64%
1064 107
68% 69%
10
No par
City Ice A Fuel
200
1,900
14%
56%
this day.
Chrysler
100
11,500
34%
43%
68
67
68%
68%
1074 1074 *107
1074 *106
107%
16%
164
16%
16%
16%
16%
2%
2%
2%
2%
2%
2%
on
120
1,300
700
954
~63%
Co
Chile Copper Co
25
14%
*
56%
sales
150
9,600
1204
95%
14%
96
"61%
*107
55
34
144
61
'
34
42
*
92
60
"594
92
34
95
95
92
23% 23%
*234 25
1204 1204 *118
121
414
444
14%
Chlokasha Cotton Oil
Chllds
Special
129
34
344
No par
Nov
Jan
100
9012 Mar
No par
30
25
100
63
Jan
110
5484
3914 Apr 15
113i2Mar
7834 Mar 30
Clark
95%
121
Feb
48
3,000
224
23%
21
100
Feb
Oct
313s Apr 21
Jan
2,800
21
4
Feb 16
40%
23%
7% preferred
6% preferred
Chloago Yellow Cab
Feb
184
Feb
111
35iz Jan
85
40%
*204
23%
*234
22
6
1081a Apr
00
42
21
6
1100
*35
414
*23%
*234
tChlo Rook Isl A Paolflo... 100
140
40
40%
25
2,500
40
42
234
47,100
45
41%
1184 120%
5634
3
58%
23%
22
*21
40
24
*554
154
1624 163
*58
584
23%
23%
1624
41%
23
35
15
"594
22
*40
43
41
119
95
9234
*39
40%
*234
444
144
944
*
43
*117
344
58%
22%
10i8 Feb 23
...100
103
103
104% *103
104% *103
104% *103
104%
59
58
58%
594
58%
59%
58%
58% 584
110
110
1104 1104 *1104 112
110%
1104 1104
*40
*40
59
1512 Apr 23
City Investing Co
City Stores
86
91
23%
50
50
86
*89
Mar 22
33U Mar 9
83s Jan 4
101
Apr 14
2958 Apr 23
1,200
107% 107%
434 43%
91
110
700
8,300
par
No par
123< May
4534 Jan
Aug
10
Deo
100
9
*97
*89
Jan
Mar 24
36
36
91
22%
14%
72
84
91
*40
......
Conv preferred
*484
*484
*484
4.---
8%
36%
36%
106% 106%
43
88
*48%
9
91
110
600
*614
*61%
-
—
13%
x91
*10234 1044 *103
58
58
584
1,100
1,500
Chicago Pneumat Tool.No
37
9*4
33
27
64
30»4 Deo
0®4 May
924 Jan
912 Apr 20
1761 j Feb
129>4 Jan 22
23
26%
64
*60
6
191* Feb 17
64%
Jan
104 Apr
103*4
434 Jan
lOCf
Nov
164 Nov
404 Apr
Jan
312 Jan
lli2 Jan
Preferred
Preferred
1,200
3
Jan
Jan
Jan xlOO
100
4%
144
4
6
91
^Chicago A North Western 100
64
18
Jan
26% Jan 6
IO6I2 Jan 6
3612 Jan 13
2
Deo
87
4,800
5,400
5%
18%
13%
100
Oct
48*4
Jan 18
5%
10
4%
14%
27%
3
9
Preferred
1,200
5%
214
100
3384
Feb
314 Mar 18
714 Mar 17
6%
*20%
9
Preferred series A
294 Deo
884 Dec
106
23*8 Feb 10
JChlo A East 111 Ry Co
100
0% preferred
100
JChlcago Great Western.. 100
16»4 Nov
334 Nov
04 Mar
102
Jan
Mar 19
16U Jan
077s Jan
No par
i
25
Chesapeake A Ohio
600
200
634
14
Chesapeake Corp
Mar
60
1,100
8
117"
59
19,000
Cab
Oot
9
334 Deo
31«4 Nov
68«4 Nov
863s Mar 10
......No par
5
24 Jan
84 Jan
144 Apr
J 34 Dec
294 Dec
24 Jan
164 Apr
544 June
22
Apr
304 Apr
Jan
Apr
1,100
*2%
13%
Common
Deo
344
104
17i2Mar
01i2 Jan
18i2Marll
52U Jan
2%
6%
224
1,300
6
594
354 Deo
Jan
0714 Jan 28
6% prior pref
100
ChampPap A Fib Co 0% pf 100
25
Mar
Jan
Apr
Apr
54
10514 Mar 30
1
114
20«4
154 May
1154 Sept
14
Apr
30
par
Certain-Teed Products
Checker
Feb
Jan
84
Jan 14
61
100
Copper.No
85
Jan
224 Deo
21«4 Deo
115
Sept
654
20i8 Jan 12
373s Feb 13
3814 Mar 19
tChlo Ind A Louisv pref
100
Chicago Mall Order Co
5
JChlo Mil St P A Pao__No par
84
*614
22
700
4%
91
59
80
Jan
8512 Jan
76
Jan 11
10%
284
6%
*20%
*
100
970
1,300
3
*18
Preferred
1,400
*8
35
224
Century Ribbon Mills..No par
14%
26%
27%
No par
....
Cerro de Pasco
4%
*90
22
Celotex Co
1,200
14%
27%
634
14
116
Caterpillar Tractor
No par
Celanese Corp of Amer .No par
7% preferred
100
3,500
3%
15
138
100
Preferred certificates
7
Central RR of New Jersey.100
Central Violeta Sugar Co...19
10%
10
8
8%
35
3
6%
87
*714
8%
11
11
1
100
Carriers A General Corp
Case (J I) Co
1,400
99
100
1,300
1,100
12,900
50
100
Stamped
84 May
87s Jan
1074 Sept
94 Jan
6is Feb 25
9
9
2912 Apr
27% Jan
57
Apr 23
1384 Apr 23
49
Apr 20
15
Feb 25
Sept
50'4 Mar 31
23s Jan
6% preferred
100
Central Agulrre Assoc..No par
Central Foundry Co
1
Central 111 Lt 4^% pref.. 100
5,700
*20%
*1074 108
*107.% 108
41
414
4134
40%
*85
88
*85%
*484
*484
*58
530
1,200
9%
Mar 22
14U Apr
Canada South Ry Co
Canadian Paolflo
Mar
48% Feb
38i4 Apr
50
1
60
76%
Jan
Calumet A Hecla Cons Cop..5
Campbell W A C Fdy_.No par
Canada Dry Ginger Ale
5
130
5,300
38,500
1,200
2,000
35%
9
*
3
204
xlOO
*97
43
7%
14%
72
204
84
354
76%
34%
34%
9%
94
103% 103%
30%
30%
17
17%
424
76%
34%
6%
1164 1174
87
354
3
18
14
*65
x76%
*8%
634
214
18
204
87
27%
*62%
4%
14
2%
74
6%
*
1154 U74
834
27
44
144
*264
64
43
15%
15%
8%
28%
2%
5%
4%
144
27%
64
5%
434
7,700
3
3%
144
15
28,400
11
11
*8
64
44
*14
9%
8%
9%
.
4
Feb
Mar
91
72%
*334
45U
I8I4
36U
9U
3334 Mai'
13
13
13
13%
13%
13%
13%
105
*103
*103
105
105
104% *103
73
73
73
734
73%
72%
734
20
20
204
194
19% 20%
19%
19%
19%
74
75
73
73
73
75
74%
734
74%
110
*108
110
108% 108% *107
109%
*108% 110
58
59
58
57%
594
59%
*584 59
574
32
36
32
32
37
31% 314
*34%
344
86
85
85
86
*83
95
86
85%
■85%
61
61%
61%
61%
61%
60%
614
61%
59%
95
95
95
95
954
*93%
*934
95%
954
4
4
4
*312
3%
3%
*34
*34
*34
194
734
Feb
27
163
168
166% 170%
120% 1204 *1204 1354
92
93
924
944
38
37%
38%
36%
112
112
*1114 112
174
39
75is Apr 16
9
30%
174
11»4 Jan 29
7i8 Jan
2534 Apr
24U Jan
2534 Apr
Preferred
Byron Jackson Co
California Packing
*103
73
714
'& 184
30
18
28% Apr 19
2
4514 Jan 18
3 5 >8 Feb
..No par
*12
105
*124
*103
71
*
30%
6514 Mar
6018 Apr
3484 Jan
Byers Co (A M)
60
50
16%
7
45
Feb 15
2,400
20
31
Jan
13
2,500
52
f174
98
314
76
29%
41%
102
174
Feb 23
914 Apr 23
75
27%
77%
77
314
102
304
7
24i2 Jan 11
2514 Feb 3
11718 Mar 12
143s Jan 11
53s Jan
*51
174
Oot
5
52
32
174
103%
57
Jan
Copper A Zinc
104
*31
*101
Oct
444 May
5234 Jan 14
60
Butte
*51
102
lots Apr
106
4,400
*102
102
Apr 15
Feb
6
51
43
18% Apr
514 Mar
684 Sept
Jan
97%
1312 Jan
2914 Jan
104
166
166
169%
124
1234 1234 *119
91
92%
92% 9334
38
37%
38%
38%
112
112
1114 112
44
44%
44%
444
*76
76%
76%
76%
35
344
*34%
35%
9%
94
9%
9%
+
103
103
103%
20% Jan
108
Jan
Dec
2
102U Jan
30
51
9%
45i2Mar30
44
33
644 Mar
69
Apr
504 July
124 Mar
404
oonv preferred
*102
9%
Apr 23
434 Apr
Jan 12
6%
53
94
Jan 13
2,400
6%
114 Jan
64 Nor
184 Feb
8
2,900
10
Apr
Jan
34
Nov
0
14 July
yl2% July
Deo
34i8 Apr 23
88I2 Apr 16
47
324 Aug
47
53
634 Mat
1004 Apr
904 Nov
41
38i2 Jan 14
ov
Oct
Deo
Jan
Jan 23
412 Apr 23
Apr 23
374
Deo
Jan
47
23
384
64
5312 Feb 13
Apr 22
244
120
254
41
16
15%
31%
5%
26%
Carolina CUnoh A Ohio Ry.100
1014 1014
Jan 18
s16 Apr 23
45i4Mar22
4378 Mar 30
No par
7%
300
*101% 104
*51
6
Jan 22
93
32
164
4%
60
_
6,500
37%
32%
80
7,600
9%
58%
15%
304
11
36
32
*264
10
57
16
*72
Bruns-Balke-Collender.No par
Buoyrus-Erle Co
83%
9%
No par
6,200
59
32%
80
10%
400
Shoe Co
Brown
3,500
38
16
304
48%
21%
18%
110
*70
934
3134
6
Brooklyn Union Gas...No par]
18%
*71
No par
5,700
20%
10%
84%
9%
94
Preferred
35
484
10l2 Apr 23
Brooklyn A Queens Tr.No par
34
19
110
par
No par
5
$6 preferred series A .No par
22
*108
Briggs A Stratton
Bristol-Myers Co
Bklyn Manh Transit...No par
214
19%
110
Briggs Manufacturing_No
1,200
18%
*108
412 Jan 11
23U Feb 23
13,6 Apr 13
5978 Feb 11
16,700
21
110
234 Apr 15
No par
904
394
48%
June
83ia Feb 11
1534 Mar 23
100
Bridgeport Brass Co
Rights
1,000
39
28
34%
344
*47%
214
18%
5,800
May
July
Apr
Dec
June
72J4 Jan 5
8U Jan 28
34%
904
394
27
*744
304
2,000
39%
47%
33%
354
94
48
90%
284
938
30
4634
904
394
29%
9%
59
*3734
394
49
4%
-
Highest
share $ per share
per
184
774
164
404
8O4
2512 Apr 23
f Botany Cons Mills class A.50
500
F
144 July
15
10
Corp
17%
91S
50%
23
Apr 10
share
4612 Apr 13
Boston A Maine
44
87
per
2978 Mar 10
3212 Jan 7
9412 Jan 16
4934 Mar 3
4818 Feb 13
■
413s Mar 12
6
Borden Co (The)
2,600
27,200
98,900
11,600
Feb 26
No par
Class B
14,400
4
2284 Jan
28
No par
Bon Ami class A
430
$
share
$ per
33% Jan 4
4078 Apr 8
85% Mar 22
Bohn Aluminum A Brass
40
444
25%
2,500
92
48
914
434
21
*71
9%
35%
4%
*22%
34%
6,600
4,400
46
12%
12%
3
2%
17%
164
S16
4
49
50%
2%
20%
110
85
9%
35
Bloomlngdale Brothers.No par
Blumenthal A Co pref
100
Boeing Airplane Co
6
m
Borg-Warner
48%
20%
19%
10%
*70
94
584
%
*47
110
104
*33
6
20
86
33
324
36%
914
39%
484
20%
*
110
94
25
*47
195S
4
5%
54
24
474
204
17%
32
No par
24%
35%
12%
34
174
916
174
4
Par
Blaw-Knox Co
4,100
Lowest
Highest
Lowest
414
4%
1234
*24
174
104
*704
41
Year 1936
100-Share Lots
EXCHANGE
92%
39%
45%
*90%
444
254
45%
*124
*105
*87
79
25*4
474
204
194
26%
2534
89
444
254
*42
25%
*30%
1937
24
Range for Previous
Range Since Jan. 1
BTOCK8
Sales
SHARE, NOT PER CENT
Monday
April
conv
pref
5%
preferred
Commercial Credit
100
10
4 M% conv pref
100
Comm'l Invest Trust..No par
$4.25 conv pf ser '35.No par
Commercial
Solvents..No par
Commonw'lth A Sou
No par
$0 preferred series...No par
Conde Nast Pub Ino_..No par
Congoleum-Nairn Inc..No
n
New stock,
r Cash sale,
par
x
Apr
1378 Apr
9
7
8
Apr 13
90i2Mar 9
6634 Apr
100
64
104
8
Maris
Apr
9
Mar 27
16U Apr 7
234 Apr 19
55
Apr 19
1312 Apr
3684 Jan
Ex-div.
y
9
2
84
654
13
Jan
June
100
Aug
391s Apr
774
214
Deo
Oot
Deo
July
Deo
1004 Feb
60*4 Nov
11234 Mar 11
45
Apr 12
514 Feb 10
Jan
30
Oct
284 Sept
48
Deo
274 Mar
19
Dec
304 Feb
374 Mar
5
30
Jan 14
29
Jan 25
84
394 Jan 20
464 Jan 20
204 Jan 14
194
Jan
10
Jan
94
12584 Apr
Jan
31
May
394 Dec
14
Jan
108
Jan
8
904
101
Jan 14
80*4
Jan
Jan
44
Jan
694 Jan
114
8
Jan 12
1004 July
804 Jan 26
55
Jan
Jan 25
97
Jan
120
214 Jan 21
44 Jan 13
754 Jan 13
194 Feb 11
454 Mar 11
Ex-rlghts.
144 June
24 Apr
30
Mar
1364 Aug
*454 Jan
514 Jan
234 July
108*4 Oct
103
Aug
844 Pipt
128
Nov
91*4 Nov
130
244
54
Nov
Feb
Feb
594
Apr
82
7
July
154 Deo
444 Jan
304 Aug
Tf Called for redemption.
Feb
Volume
LOW
AND
New York Stock Record—Continued—Page 4
144
HIGH
SALE PRICES—PER
SHARE,
NEW YORK
Apr
17
19
*164
144
984
9078
*85
*90
44
*154
154
*90
*90
44
44
15
154
394
39
394
1054 10578
*86
110
44
154
3S78
11
14
984
9078
*90
110
*4
164
*164
144
184
14
*86
*90
394
106
106
106
11
11
7«
114
47
347g
29
37g
*304
*694
11
11
6684
224
3
174
*1334
144
14
984
*85
984
*85
984
1064
11
704
484 48*4
*1134 1154
324 324
*214 224
774 78
48
*40
24
48
42
244
1084 1084
70
694
*119
125
*24
124
104
111
*393s
*694
*118
124
1034
64
194
"79"
*144
*194
127
*294
13
13
107g
104
564
57
8,800
22
214
394
3834
2,200
5,400
278
234
24
2178
394
278
474
464
47
4578
4634
20,100
33
334
344
324
334
4,900
694
674
6078
68
70
*68
234
*14
13
1034
111
123
*119
2
125
*134
124
1078
13
11
118
114
1234
3,200
2,100
1534
*15
54
*
54
~7834
7834
7
634
2034
*784
794
*
54
*80
*
54
*79"
794
18
1534
1534
*154
1534
*20
204
204
204
204
10234 *100
10234 *100
10234
128
135
13534
1344 1374
*30
30
30
304
304
304
234
234
234 234
234
234
50
484
484 494
474 494
20
204
1934
2034
204
204
9
9
9
*84
*84
*884
1534
30
30
*294
*234
24
4734
9
484
194
194
878
*74
*1204 122
*1214 122
114
*94
274
*204 274
*94
*204
274
*244
*66
69
67
67
66
114
38
91
*
40
"374
114
664
*454
494
32
3278
*314
33
*24
24
*54
6
*154
16
1
*78
24
534
154
*109
24
534
154
120
15478
3234
144
144
384
384
114
54
114
54
214
*774
224
794
73
73
394
14
*54
3934
14
6
25
25
1
164
154
154
*154
164
*109
117
161
74
204
294
30
*29
2978
*214
2378
814
*23
24
*73
124
3034
*124
814
124
*73
124
3038
*54
*37g
*22
6
5734
----
*56
564
♦22
22
674
58
564
214
564
9634
94
94
*93
150
*125
150
*125
150
*944 100
*95
98
97
97
*133
*84
9
84
214
878
564
214
84
84
434
404
Oct
43
Jan
Aug
Distil
Corp-Seagr's Ltd No par
5% pref with warrants..100
Dixie-Vortex
100
Preferred
100
Du P de
100
100
5
100
Eitlngon Schlld
Co
No
(The)
4
par
5
3
2234
574
$6
$0
*12
124
*12
124
304
400
3,300
54
200
44
2,710
147
128
128
*125
154
100
*96
100
*95
100
98
98
8
8
*8
5
44
364
37
*984 101
394
*354
394
40
*100
394
*354
9
84
478
37
101
404
40
257g
3234 Jan
29ij Jan
393g Dec
i2 Jan
li2 Jan
2284 Nov
63i2 July
110
Aug
7ij Jan
45i2 Jan
944
554
Feb
Deo
Deo
Deo
Jan
15g
64
Feb
Deo
874
294 Deo
09
Feb
110
July
164
Deo
97
Apr
Apr
10
Apr
107g Dec
184 Sept
344 Oot
5U
844
June
29
Oot
Jan
69
Jan
Jan
157g Aug
5
5
2
100
Preferred
No par
Federal Mln A Smelt Co
100
100
Preferred
5314 Mar
21
Apr
Federal Water Serv A..No par
Federated Dept Stores.No par
6i2 Jan
43g Jan
30i4 Apr
i-100
94U Apr
50
364 Apr
3914 Apr
Cash sale,
x
70
150
Ex-dlv.
y
4
4
2
23
23
23
23
Jan 28
Jan 11
293g Jan 18
00i2 Jan 27
94U Apr 9
Federal Screw Works—No par
Fidel Phen Fire Ins N Y
28
717| Jan 15
2104 Jan 14
103
1,100
Filene's (Wm) Sons Co No par
5
8
684 Jan 21
5«g Jan 28
Mar 29
93
1,400
r
7»4
Jan
jan
6
New stook.
Feb
Deo
12
4i2 Apr
3i2 Jan
2084 Apr
n
173g
5
63s
144 Jan 21
344 Mar 3
1,300
Def. delivery,
157g Nov
474 Nov
Apr 12
84
a
304 Apr
10
Apr
404 Nov
12
44
44
364 364
974 100
394 404
*354 40
t In receivership,
281* Jan
684 Apr
Deo
5
284 Jan
preferred
Deo
124
II84
8i2 Jan
100
Deo
116
68
Federal Motor Truck..No par
3,400
1304
5if July
Jan 14
—.5
800
18484 Nov
Feb
80
2,200
*8
Apr
129
11
284 Mar 17
834
84
133
zlllU June
Oot
894 June
8
Preferred
120
Jan
2
Exchange Buffet Corp .No par
Fairbanks Co
25
30
Feb
Jan 14
Eureka Vacuum Cleaner
200
96s4
Oct
Deo
114
80
800
*125
21
*93
Jan
Jan
Jan
2118 Apr
3,000
9634
Jan
55
264 Jan
22
57
5734
Aug
884
184
60
Mar 31
564
*214
13 ig
3
48
100
Mar 20
*93
li8 Jan
47g July
Feb 19
——100
Second preferred
Erie A Pitts RR Co
56
93
8
137g Jan
150
564
Jan
44i2 Jan 16
80i| Feb 10
9S4 Jan 15
234 Mar 17
353s Mar 17
6% conv preferred
100
Fajardo Sug Co of Pr RIco.20
Federal Light A Traction...15
214
*478
81
Fairbanks Morse A Co-No par
564
37
784 Jan 30
Mar 23
880
-
Feb 23
Mar 31
3,500
-
454 Feb 11
76
Evans Products Co
Deo
Mar
Mar 17
100
First preferred
Oot
Deo
364
1«4
Jan
% May
5i2
Aug
68
034 Apr 21
4
Deo
824
61
160
63
9
123g
Jan
185
No par
Apr
Apr
Jan
29
Apr
714 Feb 6
205s Jan 14
92i4 Jan 7
14 Jan
5*8 Jan
2358 Apr
Deo
614 June
July
16
Mar 30
Jan
152
7
59
•.
16
41i2
7i|
SO5!!
156
374 Feb 11
4
8
Nov
3
163
11U Apr
54 Jan
1978 Apr
25
407g
Jan 11
175U Feb
Apr
2
344 Jan
954 Deo
5
Apr 23
3134 Apr 12
1178 Jan 29
3758 Apr 23
Oot
Jan
Mar
158
57
56
17
150
26
2o4
*135
93
84
2
No par
preferred
preferred
preferred
304
-
lli2 Jan
Feb 11
2834
1,400
135i2 Feb 19
115if Jan 22
1784 Jan 10
234
2,600
180^8 Jan 18
2
60
284
"
M. m -
9
Mar 13
115i2 Jan 19
244
m
Apr
13 li2 Feb
112
Mar 22
50
100
1
30
81
Jan 19
11
Corp
234
*76
34 Feb 19
814 Jan 16
17ij Jan 19
Jan 18
294
81
7
5
29
3
-
Erie
*76
39U Jan
13g Jan
Jan 18
Equitable Office Bldg—N# par
214
834
conv
Jan 16
8
5% preferred
Engineers Publlo 8erv__
$5
s4 Jan 12
24 Jan 8
128s Mar 8
77U Jan 25
No par
Endlcott-Johnson
$5H
9634
84
55
Jan 28
Jan 19
6,600
22
51
2
El Paso Nat Gas Co
300
Apr
5414 Apr
Feb
4634 Feb 17
9
7
8
2
4
2
654 Jan 14
IO884 Mar 20
2,800
5778
Aug
87
7
26
40
674 Apr 12
394 Apr 12
204
57
4II4 Jan 25
75
194
244
8
No par
*678
*135
Jan
No par
preferred—
preferred
7
4
57
$7
2034
2934
54
22
Oct
154
Nemours(EI)<k Co.20
204
54
19
122
6% cum preferred
78
44
Dec
9
116i2 Mar 30
6% non-voting deb
Duquesne Light 1st pref
1,400
300
304
93
Feb
100
Electric Power A Light. No par
2,300
54
Apr
9
25
-No par
14,100
244
4
18U
Mar
4
5J2 Apr 22
1514 Jan 11
.1
Elec A Mus Ind Am shares...
24»2
*574
304
Mar 17
96
Jan
3034 Apr 10
Electric Boat
254
37g
29
Feb 11
4134 Apr
Eleo Auto-Lite
244
574
6
Apr 20
Dome Mines Ltd
153
Apr 10
90
Doehler Die Casting CoNo par
IDuluth 8 S A Atlantio
23
23
39
No par
1464 Jan
20 84
No par
Class A
4,500
600
124
3078
122
No par
8,200
214
84
Co
11,400
534
Bid and asked prices; no sales on this day.
Oct
374
Eaton Manufacturing
574
*8
*8
84
84
84
5
434
*44
44
44
37
374
374 *374 3S34
374
1024 1024 21014 1014 *1004 1014
39
39
384 39
394
394
*35
40
*36
40
394 394
*
304
..No par
Eastman Kodak (N J)-No par
*54
*135
22
214
*94
Deo
80
54
304
*54
334
22
03
3,300
10,600
54
378
*135
Jan
2,300
534
3078
---
42
Eastern Rolling Mills
534
*54
378
58
-
70i8 Feb 19
3612 Feb 2
4018 Feb 4
t Elk Horn Coal Corp-No par
6% part preferred
50
304
24
5734
*135
2
1,400
2,900
124
6
Jan
Preferred
14
Jan
H7g
Duplan Silk
14
438
213g
300
14
1078 Feb 18
June
154
*138
124
7?s Jan
Apr 14
Jan
13
Elec Storage Battery.-No par
124
Apr
8
1,800
24
Apr
147g
Jan
1,300
wmmmm
19i|
3684
26
Dunhlll International
14
334 Nov
5484 Oct
234 Feb
93g Feb
Jan
683s Mar 17
6
100
*138
29
204 Apr
900
160
Deo
3238 Nov
Apr
24
60
Dee
10884
May
478
600
1084
Jan
Jan
244 Mar 17
Apr 17
17,000
Dec
52
27
4
72
2334
Jan
197g nov
3134Mar
Jan
17iS
32
100
107
Apr
424 Jan
Convertible class B..No par
1
7H
128
41
2978
Jan
Deo
7
72
♦77
90
704
8884
2
404
54
378
378
23
*57
*135
234
94 Mar
217g Deo
Jan
74
3034
304
*54
4
304
234
Deo
12
900
20
304
Jaa
Apr
9
41
a7
444
244
938 Apr
74
74
2034
304
Deo
100
40»4
684
De
144 Mar
100
41
20
19»4 Apr
Apr 23
Mar 15
200
*77
100
154 Apr 16
10
*11
74
204
Jan
Sept
Oct
Deo
Deo
Det A Maoklnac Ry Co
60
110
74
1978
5
49
*73
*74
194
301s May
43U Jan
Dominion Stores Ltd—No par
73
74
Feb 27
lOij
9078 Mar 10
18i2 Jan 16
Douglas Aircr Co Inc. .No par
Dresser(SR)Mfg conv ANo par
78
194
59
Deo
Detroit Edison
117
*72
Jan
Jan 14
2,300
*73
194
4
83s Mar
62
74
78
20
114
86
16,800
155
1544 1514 *151
35
35
354
3434
144
1334
144
1378
3834
3978
374 394
1234
124
124
1178
54
54
53s
54
22
21
2278
224
79
78
804 *764
*73
3»g
129
2384 Mar
Jan
79
78
Jan
Jan
Apr 10
74
*72
Mar
49
404
*564
Sept
125
63i2 Jan
35i2 May
1678 June
0i2 Jan
1178
*78
24
158
0i8
194
5684
99ij Mar
Jan 11
76
79
25
143s Jan 12
Apr
Apr
1U Sept
9
173s Jan
127
Dec
18i2 Apr
614
*704
*74
Diesel-Wemmer-Gllb
100
100
494
324
578
154
*109
10,000
-
1554 161
15878 1634
1324 1324
13178 132
11334 11334 *11338 1134
14
134
1378
1378
160
95i|
par
No
Ino
354 Sept
914 Nov
Jan
28
No par
preferred
Cutler-Hammer
154 Mar
80
304 Mar 23
3618 Apr 7
214 Apr 23
♦154
78
1
Participating preferred...25
78
674
1
Class A
Cusbman'B Sons 7% pref..100
Deo
Nov
377g Nov
5814 Nov
109i2 jan
Diamond T Motor Car Co..2
73
114
Curtlss-Wrlght.
140
493g Nov
204 Feb 11
154 Apr
9212 Apr
Deo
74 Mar
504
714 May
43
393g Jan
No par
No par
Diamond Match
65
5734
114
50
Curtis Pub Co (The)
Preferred
Jan 30
300
65
*564
*110
Cudahy Packing
10
110
1,800
54
25
lli8 Apr 12
Mar
10
170
44
Jan 11
100
694 Oct
824 June
46U July
MarlO
4,700
24
Mar
W2 Jan
47U Jan 28
3
214
234
1
4
434
10078 Feb
135
36s4
*704
*754
1134
100
Sugar
Preferred
Mar
Apr
134 Apr 23
32
57
58
57
574
5734
*1104 1114 *1104 HI
1104 ♦1104 114
12
114
114
*114
114
114
114
*64
*644
674
*644 674
*644
674
674
/3
*704 73
*704
*704 73
*704 73
5634
114
*114
Cuban-American
Nov
35
120
Mar 30
3134
*114
*644
5634
*110
100
No par
130
Jan
Jan
214
54
25
Preferred
Oct
Jan 16
51
99
July
Jan 28
25U Apr 13
10834 Apr 15
8184 Mar
17
3634
*7g
*24
25
No par
4
41
2834 Jan 15
Apr
37
534
1594 160
1544 1544
334 35
144
1334
384 394
12
124
54
54
224 224
Pref ex-warrants
Crown Zellerbaoh Corp
5
$5 conv pref
No par
Crucible Steel of America..100
21
704 Apr
474 Apr 10
41
Apr 16
214
24
144
par
w..No par
55U
37
344
54
*14
pref
No par
w
conv
Dec
121
11534 Apr
294 Apr
3334
*24
16434
100
No par
61
2,150
1324
preferred
Cream of Wheat ctfs
Devoe A Raynolds A..No par
12,300
114
50i2 Feb
500
434
1584 159
1584 1594
1544 1544 *154
15578
317S 324
324 324
14
144
144
144
3778
384
384 3834
114
1134
114
1134
54
54
54
54
22
224
224
2284
784
787g 787S
784
*72
73
72
7334
*40
40
3934
404
14
14
14
14
54
534
54
54
25
10
424
132
Jan
JDenv A Rio Gr West pref .100
200
44
159
40
Mar 23
414
114
lOU Mar 16
22
4478
124
156
157
158
1564 158
1604
*132
1334 *1324 133
1324 1324
*1134 114
*1134 114
*1134 114
14
1334
134
144
144
134
Jan
63
24
578
171i2 Jan 14
0
Corp. 10
404
117
Crane Co
$2.25
6034 Apr 20
Apr 14
153
63
*24
534
Feb
Jan 15
25
.100
No par
25
Coty Ino.
65
32
46
7D4
Com Products Refining
Preferred
65
3234
Jan
2438 Mar
Dec
258 Apr 19
5% non-cum preferred. .100
3234
87U
Apr
9
33
Apr
Apr
Apr
634 Aug
158
Aug
*84
494
17ij June
Feb 13
Delaware A Hudson
4334
*109
35i2
77
Delaware Lack A Western..60
394
120
0384
4284 Jan 23
63'4 Apr 16
900
40
*109
6918 Jan
2534 Jan 23
40
7,100
*38
*78
554 Apr
204 Jan
37
Apr
447g
4,900
40
1
Nov
25
234
39
33
Nov
109
Jan
40
33
4
Jan
Deo
24
28<g June
2034
IIS4
594
Jan
378 Feb 11
4738 Apr 20
354 Mar
48s4
*454
15g
914 Deo
3778 Dec
2014 Mar
353g Nov
40*4 Mar
194
494
Deo
203s Jan
1
47
6O84
1714
106ig June
12«4 Nov
10934 Feb 17
Apr 13
*39
1178
5834
*454
Oct
95a Nov
Apr
100
29
40
594
494
Feb
July
Jan
20
91
*114
5034
*454
*324
*7g
1134
564
494
109
Feb
Jan
Preferred
23
114
574
*114
564
*454
20i8
48«s
6
Motors
Continental Oil of Del
23
404
424
*114
584
*454
Nov
7*8
Feb
30
424
454
124
614
Nov
94
14
24
*224
394
434
lis4
95
103g
2
109
*89
4134
Nov
07U
Jan
1374 Apr 21
91
"384
15'4 May
June
Jan
Dec
85
3734 Jan 14
5U Jan 15
3
1043s Jan
22
434
4438
373s Apr 13
204 Jan 4
274 Apr 23
2
No par
22
384
43
424
Jan
5i2 Sept
3g May
1214 June
Deere A Co
12,300
2,200
*89
♦
101
13U Apr
100
1314
23
Apr
lli2 Apr
37g
52a4 Apr
Conv 5% pref
25
Dayton Pow A Lt 4H % Pf.100
128
30
Jan
Feb 24
10
23»8
15g Feb 27
102
7g Jan 2
84 Jan 20
33
Davega Stores Corp
20
91
23
1778 Apr
104 Jan
300
100
2234
♦21
105'g Jan 23
13l2 Feb 26
164
100
*22
224
10434 Apr 9
7
Apr 12
25
214
234
Jan 12
108
25
*36
497j Jan 2 3
1044 Mar 30
94 Jan 4
15-^ Feb 20
274
*25
1834 Jan
204
*154
*20
*904
24
1434 Apr 23
384 Apr 7
684 Jan 20
200
234
244
Apr 23
65>4 June
724 Jan
734 Feb
4i8 Sept
15U Apr
27U Apr
share
2584 Mar
33i|
19»4
Continental Steel Corp .No par
Corn Exch Bank Trust Co..20
8%
91
24
214
234
4
Mar
500
91
214
Continental
$2.50
80
79
23
3278
*3578
214
*36"
274
Continental Insurance
54
"77"
3334
3678
3678
*21
*
334
3078
214
33
3678
2134
92
60
334
3634
214
234
33
37
224
27,200
1224 1244 *1204 125
*1204 1244
*10
*10
114
114
94
94
*204
20
Continental Diamond Fibre. .6
27,400
8178
65
324
*214
634
21
65
*214
*904
64
204
*80
66
*357g
214
2334
*904
*39»2
8178
20
*20
204
204
10234 *100
10234 *100
133
1284 12834 133
16078
300
40
164
8178
100
Cuba RR 6% pref
97
214
Preferred.
Continental Can Ino
670
164
634
No par
380
9634
2034
Class B
3,800
1634
794
154
Consol Coal Co (Del) v t 0..25
1034
99t4
678
214
*80
No par
124
164
67g
No par
1104
984
*784
Consol Oil Corp
Preferred
Consol RR of Cuba pref...100
^Consolidated Textile.-No par
100
*394
40
No par
Consol Ed Co of N Y-.No par
$5 preferred
No par
Consol Laundries Corp
5
800
164
9934
*
Preferred
Crown Cork & Seal
394
79
Mar 11
Mar
Crosley Radio Corp...No
164
June
92
Cuba Co (The)
104
8
187g Jan 15
95
800
1134
116
Aug
9
2
500
2,100
Jan
15
904 Feb
2,200
4,200
16
834 Apr
3,700
31,000
135s Mar 22
19U Jan 23
Jan 14
HigJiest
$ per share $ per
22
100
Prior preferred
7%
500
974
80
*32
100
7,700
9,700
14
134
1164 118
8,100
394
214
*153
240
125
*120
2
8,800
164
114
*244
5634
2178
394
x56
154 Apr 13
164 Apr 6
$ per share
Prior pref ex-warrants..100
Consol Film Industries
1
Continental Bak class A No par
*984 1004
*984 1004
share
87
3,600
--
per
7
11,000
-
$
Jan
28,800
9634
64
Congress Cigar
No par
Connecticut Ry «fc Ltg pf--100
Consolidated Cigar
No par
Preferred
-.-100
5% preferred v t o
100
Container Corp of America.20
394
123
40
634
*159
4,500
4,900
1,140
96
80
120
2,200
*16
*94
*109
61,200
1534
2084
1
1,000
954
678
40
15,000
1,100
22
234
4634
324
6934
1034
40
40
1,100
1,200
44
2178
111
817g
*1214 122
4
44
Par
40
90
110
44
1534
484
194
1
90
*90
500
------
9434
234
*
90
110
50
384
13
111
2034
48
32
90
*90
44
*984 1004
5634
574
2
20
23 4
194
*84
90
Year 1930
Lowest
Highest
Lowest
'
123
2
*80
54
♦100
*118
112
*394
80
*
19
15
15
1434
1434
1478
3834
384
394 3934
384
394
107
107
1064 107
10634 107
11
11
*11
114
114
114
17
17
164
174
1634
174
*10434 105
*10434 105
*10434 105
734
77g
734
84
778
778
1
1
78
78
78
78
12
12
1178
1234
124
1284
48
50
484
484
514
5034
35
3638
>344
334 35
3378
284
274
284
284
2878
2878
34
34
334
334
334
34
70
24
1234
107g
*111
40
80
944
174
*174
15
574
124
24
154
944
64
194
154
*15
110
44
2178
384
278
474
324
70
174
184
63
6134
634
614
6178
6034 634
614 624
155
*153
155
*151
156
*151
156
156
*1524 156
84
84
84
84
84
84
84
84
84
84
48
48
48
50
50
504
504
504
504
5138
*11334 11534 *11134 11534 *11334 11534 *11334 1154 *11334 1154
36
32
32
324 324
*324
*324
3578
324 324
22
2234
2134
224
2234
2134
2134 2134
224
224
77
78
79
78
784
774
7634
794
*784
794
*48
484
484
484 484
484 484
4878
484
*484
42
42
42
*42
43
*40
42
414 414
*414
214
224
2334 244
224
2278
234 23 78
224 234
107
107
1064 1074 *1054 106
1074
1074
1064 107
69
71
73
70
69
71
70
7134
7134
704
24
111
57
384
284
4634
324
184
90
44
154
3978
*15
*90
110
2178
474
100
144
*85
1438
984
9078
7038
32
84
Shares
184
144
*984 10034
384
278
24
464
314
63
$ per share
*164
*1334
32
38
474
156
84
*984 1014
66% 574
2178 22
377S
63
$ per share
*15
164
1678
174
174
*10434 105
*10434 105
778
778
74
778
1
1
7s
78
12
1H4 *114
124
1134
48
47
47
474 484
354
3478 354
344 354
294
284 29
284 294
37g
334
378
378
334
*150
$ per share
164
84
78
*984 102
564
224
374
24
464
Week
19
17
164
*10434 106
84
Apr. 23
$ per share
*14
*90
Apr. 21
Apr. 20
$ per share
*10
164
$ per share
*164
the
Wednesday
Apr. 19
17
*154
Friday
Tuesday
100-Share Lota
On BasU of
STOCK
EXCHANGE
Thursday
Apr 22
Monday
Range for Previous
Range Since Jan. 1
STOCKS
Sales
NOT PER CENT
for
Saturday
2781
129
Jan
4
Mar 11
Apr
2
114 Feb 19
lli2 Feb 25
6
Jan 14
4384 Mar
4
10878 Mar 9
454 Jan 18
3984 Feb 19
Ex-rights.
23 ig July
407g
Jan
24 June
84 Mar
54 Mar
8i2 Apr
3484 Jan
122i2 Jan
315s Feb
1884 Apr
2104 Deo
614 Deo
274 Dee
4^8
84
Jan
Jan
37
Aug
697g Mar
73g
Jan
3
Apr
2*1
20ig
Jan
Jan
105
Dec
38
Apr
204
Jan
25
Deo
714
Deo
1014 Deo
92
Mar
1234 Nov
124 Mar
0
Deo
0
Oot
404 Nov
1154 Nov
494 Nov
404 Sept
H Called for redemption.
New York Stock Record—Continued—Page 5
2782
LOW
HIGH
AND
PRICES—PER
SALE
YORK
NEW
Saturday
Monday
Apr. 17
Apr. 19
Apr. 20
$ per share
$ per share
share
36
37
3638
3634
304
364
10434
10434 *103
1044 1044 *103
48
*474 484
474
*474 484
394
394
383s 38*4
384 384
48
50
484
484
♦474 60
*35
*364 3934
*364 374
3934
74
74
74
74
74
*74
67
604
554 66
654 56
127
484
*125
484
484
120
120
*113
*119
1254
13
13
*12
75
*67
28
28
116
117
13
75
284
117
*116
*604
60
*504
60
*51
*35
37
*354
40
*54
*110
534
64
64
26
*25
*102
115
*102
105
102
15
15
15
15
*25
*254
264
144
*101
144
1438
105
714 714
15
134
14634 146*4
72
*71
154
•
154
148
1434
127
*116
*116
117
544
354
6
14
*
*25
26-4
*24*8
26
1434
144
72
1434
*134
14
14l2
*
147
274
1,200
26
"104
1014
"104
284
284
284
*554
564
*564
57
"io"
104
284
147
57
*136
55
5434
140
*136
654
5534
414
414
24
584
238
584
*684
60
67
*62
664
*62
6684
78
*68
78
*68
78
*62
*68
42
414
24
24
58
1204 1204
*136
140
104
2834
2884
57
564
1204 1204
554
414
504
45
140
5334
424
2*8
59
*62
6634
*62
66*4
*62
78
*68
78
*68
24
24
65
654
120
5934
1164 1164
1164 1164
116
60
65
1194
65
116
48
*464
1034
114
1034
1034
*11
17
17
1634
17
♦108
*464
60
*464
44
50
♦
114
"4"
*
114
*
*61
72
"34
*61
614
614
*70
72
70
*28
42
164
174
844
844
2534
864
454
*554
64
*634
2884
414
16*4
174
164
844
*834
254
*85
26
26
*85
874
454
*55
44
454
*554
56
54
54
54
634
7
7
*1104 119
*111
54
64
*1104 119
29
*834
•
454
56
*40
414
284
*41
26
864
4
41
41
294
*414
113s
17
17
17
17
114
"34
44
414
6U2
72
*414
114
*108
108
108
108*4 *108
4
44
44
44
*44
50
49
49
49
494
10834
*4
♦49
1634
46
464
*
108*4 *108
624
72U
72
724
28
274
40
40
*854
444
554
8684
8634
♦84
87
300
454
45
454
2,800
*55
444
♦554
45
554
56
100
54
54
♦111
84
*834
42l8
424
42l2 434
1274 129
12
114
♦92
934
33s
934
34
938
934
'
16
34
12
4
4
44
4
94
116
94
94
4z
'16
94
13*
34
224
3S4
214
3934
*414
244
1384 1384 *135
*504
3434
594
*504
3434
3458
*76
85
104
34
*76
144
IO84
*3*8
1438
104
34
*45
49
*12*4
524
*96
134
1384
*51
524
*95
100
114
*92
34
*224
224
404
394
414
434
•
244
5238
3534
24
1384
5934
138
524
3584
♦504
394
414
2584
5334
634
354
364
138
*135
*504
5934
35
35
85
*76
85
35
35
144
143g
104
11
*338
34
60
*48
134
134
624
524
*76
144
144
11
544
364
6934
*55
354
35
*76
85
384
2134
424
25
138
50
134
134
134
11
604
1334
834
500
45-4
77.500
135
1134
934
324
324
204
*174
*284
284
27
2938
30
18
1784
184
18
31,700
34
800
214
1,100
*76
144
*11
338
358
50
61
*30*4
29
324
"1434
*14
106
""♦54
♦105
6
106*4
134
♦111
313s
314
*1554 160
*129
105
132
149
284
149
138
114
1,300
34
600
50
100
32
32
♦174
174
29
29
32
17*4
29
*128
14*4
1054
64
*14
*
1434
1054 *103
~T
111
149
*_
111
1124
*
*
149
*00
01
60
60
*59
~32~
*109
110
109
377
344
mmrnmrn,
380
454
344
*1114
*376
*454
109
284
284
34*4
344
454
1094
29
344
10634 10 684
1384
144
381
454
34
383
381
*37
115
600
♦
149
40
32
"314
157
*152
130
132
*584
454
1094 1094
28
28«4
344
60
108
44
45
374
584
108
434
28
334
♦1114
284
3334
....
384
3778
374
23
2338
375
234
61
61
*61
65
*914
144
924
*914
924
144
15
153s
*924
1478
95
144
774
924
154
9212
144
704
924
144
153s
804
834
824
8434
84
86
44
34
384
44
124
♦11
•11
204
204
2
24
324
324
204
14
324
*51
57
*51
05
*61
•20"
21
*
*
20»4
*4
124
♦11
204
24
324
554
2
124
204
24
324
334
55
65
204
64
0334
64
21
204
204
Bid and asked prices; no sales on
*11
4
3*4
384
No par
64
300
924
400
14*4
164
814
854
26,700
13,000
34
1,700
*614
924
*534
*614
204
214
63
04
64
214
21
21
this day.
100
Jan 27
194
Jan 18
7s
71
77
81
Oct
68
Jan
July
704
Jan
1
116
Oct
123
Aug
70i8 Feb 11
2
60»2 Jan 9
77
Nov
118
124
1514
Feb
•
Feb
1
19
110
Jan 19
637a
Jan
594
5*4
Jan
15*4
5*8
65 ia
Jan 13
Feb
4
11712 Jan 22
5*4 Jan 20
4878 Jan 7
7014 Feb 4
6
88.
Jan
33*4
Jan 25
105
34
324
3
40
Gulf Mobile A Northern. .100
Jan
2
Apr
264 May
33U Apr
324
17
Apr
July
4378 Feb 11
304 July
F eb 1
88ia Feb 23
70
29*8 Mar
9
90U Mar
9
6U2 Jan
58*8 Jan
67a Feb
8U Feb
28
18
25
19
115
Feb 17
134 June
6*4
84
47*8 Mar 11
141
Mar 11
13*2 Jan 18
Aug
Jan
Feb
Jan
Sept
1
8
6
8
10
2
2
*254 Nov
34
10
244 Aug
284 Jan
224
464
Oct
Jan
424
Dec
06
Apr
394 Nov
8
05
May
Jan
Mar
5
Feb 27
7
3
107a Feb 8
114 Mar 18
434
Jan 11
14*4
14 July
24
Jan
9
174 Mar
6
94
694 Mar
6
59
Dec
July
30
7
33
June
108
Mar 11
Jan
Jan
205s Feb 10
6
31
Feb 10
14
Jan
104i2 Apr
10112 Jan
108
Feb 18
*104
Deo
105
Jan 22
100
June
2
1
7
Apr 23
Apr 13
135s Apr
3
10278 Apr
9
8
558 Apr
Jan 13
684 Mar
6
120
Jan
12
Jan
104
Nov
107
Feb 26
8
Jan 14
109*4 Mar
101
Hecker Prod Corp v t e.No par
zl3
26
111
Apr 20
126
149
Mar 13
166
Jan
3
Feb
100
Hercules Motors
No par
Powder
No par
$7 cum preferred
100
Hershey Chocolate
No par
No par
8
2834 Apr 13
15012 Jan
6
12818 Mar 22
68I4 Apr 23
Jan
Feb 20
25
Apr
304
Jan
17*4 Jan 11
140
157a
Jan 25
9
Oct
Jan
174 Nov
4*4
00
Deo
Deo
624
Jan
6
95
194 Mar
Jan
Jan
1494 Aug
Jan
30
4912 Apr 12
45
Preferred
Oct
22
Mar
25*2 Apr
Helme (G W)
624 Nov
Jan
604 Mar
128
preferred
Jan
Dec
16
26i2 Apr 17
13*2 Jan 4
Hazel-Atlas Glass Co
64
44
98
100
Hayes Body Corp
Dec
324
304
284
A....1
100
2
Oct
394 Mar 10
Harbison-Walk Refrac.No par
Hat Corp of America cl
Feb
354 Dec
864 Nov
6
Jan 22
8
Hanna (M A) Co 15 pf.No par
118
Apr
Apr
June
100
Preferred
Feb
14 July
2
34*4 Feb
10
Dec
74
104
Deo
9
25
Printing
Jan
60
964 July
44 Feb
114 Mar
No par
7% preferred class A
Hamilton Watch Co
654
8
1212 Apr
55*2
Jan
Nov
Apr
32i2 Mar 24
No par
Water
90
144
4*4 Feb
Jan
Deo
444 Nov
194 Oct
314
1064
Jan
28*2 Mar
6514 Mar
Deo
31*4
Apr
84
77
Jan 12
~
Dec
89
Dec
214 July
*100
6
732 Apr
Deo
71
92
Jan
5*8
484
274 Nov
0»4 Nov
116
Feb
Deo
Oct
374 Dec
52U Sept
37a
04
57
1184 Mar
44 Dec
Jan
26
100
Preferred
Deo
June
Jan
10
100
Apr
Apr
106
110
130
101* Apr 15
No par
Jan
8
Jan 13
Apr
135s Apr 13
5M% preferred
Deo
Jan
Greyhound Corp (The).No par
Preferred
1234 Nov
184
31
3214 Apr
73
Jan
Oct
4212 Jan
145*2 Mar
64i4 M ar 10
Mar 16
60
100
Jan
Oct
Mar 20
15
Green (H L) Co Inc
1
Feb
Jan
4
4
4*8
Jan
612 Jan
4058 Jan
Deo
19
Jan
138
Guantanamo Sugar
Jan
594 June
14
96
100
Preferred
Oct
Aug
Deo
37
Aug
164 Deo
63
344
32
Nov
1254 Nov
1054 Mar
65
Deo
1354 Deo
184 Nov
115
Jan
Apr
9
Mar
994 Dec
124 Aug
133
Mar
44
214
Jan
May
141
Jan
6
1504 July
165
Dea
394 Feb 11
254 Apr
41
117
Oct
3
84
Jan
150
Deo
1354 Feb 2
07*4 Jan 21
120
Aug
135
Apr
102
587i Sept
Sept
119
185
Feb
80
Jan
Feb
No par
10212 Mar 12
43i2 Apr 23
111
Holland Furnace...
52*4 Feb
5
preferred
No par
105*4 Apr
1204 Jan
30*4 Mar
June
9
Jan
194
Jan
100
434 Jan
114*4 Mar
4
9
7
3
108
Jan 27
3H*Mar 4
IUI4 Apr 23
108
Feb
115
Oot
100
355
Mar 29
407
Dec
544
Feb
Houdallle-Hershey cl A .No par
37
Conv
$5
preferred
conv
7%
preferred
Homestake Mining
Class
6
No par
B
Household Fin
com
stk No par
5% preferred—
100
Houston Oil of Tex v t c new 25
5
Howe Sound Co
Hudson A Manhattan
Preferred
Illinois Central
554
O03
Nov
5
2
35
13,600
67
4
Great Western Sugar..No par
Hudson Motor Car
r34
Deo
44
47*8
200
334
65
Feb
4H2 Apr 20
19
Feb 3
13,900
17,500
*54
Apr
344
33*8
27*4 Feb
104
14
152
48 ia Feb
214
334
34*4
57
Jan
38*2 Mar 22
*84
35
Dec
21i8 Apr 23
204
33*4
Jan
49
1
Granite City Steel
11
2
Nov
704
140
Conv pref series.....No par
Grand Union Co tr ctfs.
214
56
128*4
Oct
Jan 13
*32 Apr 21
334 Apr 21
Rights
10*8
344
4
Jan
10*4 Mar 29
3
12
14
27>4 Jan
100
1
Gr'by Con M S A P 2d stpd..6
Motors
2158
334
6
.Mar
Holly Sugar Corp.....No par
540
Deo
74
Hollander A Sons (A)
40
604
17
87*4 Mar 11
2,300
380
64 Feb 25
92
Hercules
Jan
4
7912 Jan
3,400
2078
1*4
204
220
Mar
134
28
200
224
61
4
700
5,200
224
604
84
1,200
44
3734
384
22
61
4
400
108
234
*37
224
*4
584
30
224
384
*604
704
400
132
3784
*364
224
61
*92
15934
334
1114 1114
224
384
224
1,100
Dec
50*2 Mar 11
3334
274
*00
*36
324
109l2 1094 ♦1074 1094
381
381
12,200
*110
8
6*8 Apr 23
100
6H%
400
115
£108
*1114
*1114
389
1,500
Jan
28
Jan
Preferred
Hall
11*4
Jan
Jan
No par
Preferred
1054
1054 *103
534
54
64
157
109
4.800
----
100
130
61
109
20
100
149
*110
111
700
144
♦14
1478
*1054 1004 ♦1065s 10634
*10534 108
14
1334
135s
144
134
1384
324
"32i2
3138
*314
318s
161
*150
161
1654 1554 *160
132
132
*129
♦129
132
283s
04
64
*129
1094 1094
*128
*128
*14
520
3,700
Oct
No par
preferred....
$6 preferred
Gotham Silk Hose
Hackensack
7
5*4
4
31
Goodyear Tire A Rubb.No par
Graham-Paige
Deo
155
Feb 11
207a
Apr
Apr
Jan
111
Greene Cananea Copper...
16,300
100
174
33
454
3,000
85
15
15*4 Jan
83
Apr 12
2018 Jan
8338 Jan 29
43
Apr 8
Green Bay A West RR Co. 100
30
5984
3458
700
29
109
29
$6
Jan 26
54
14*8 Nov
1044
Nov
No par
Goodrich Co (B F)
1,500
324
32
01
46
1
Goebel Brewing Co
1
Gold A Stock Telegraph Co 100
354
5334
184
60
Gobel (Adolf)
Great Northern pref
1,000
*32
324
29
109
284
344
♦1114
No par
preferred
35,800
♦514
324
*60
*40
conv
5338
600
32i4
184
109
*1074 1094
4H%
1,200
1384
*3184
I884
"584
*
54
105
No par
preferred
Glldden Co (The)
10,400
*134
324
29
*144
144
106
"54
144
1384
134
1134 *1124 1134
149
*130
1458
*
$0
No par
No par
Brothers...
244
524X624
64
Conv preferred
Glmbel
394
414
1384
.*314
32
*128
*128
♦
6,700
Razor..No par
Gillette Safety
No par
Grant (W T)
.No par
Gt Nor Iron Ore Prop.No par
*284
107
107
108
*1054 107
108
*106
*106
*1064 108
*106
108
103
103
*1024 103
1024 103
*1024 103
*1024 103
*1024 103
45
47
48
485g
4784
48
484
*51
474 484
50*4
514
*128
2,500
......
$6 preferred
Gulf States Steel
324
*284
5,300
100
*32*8
294
17,700
'32
344
1538
358
334
474
44
93s
*55
85
11
11
*34
50
3,300
119
53.800
*135
5934
35
145s
154
104
34
*524
363s
*135
138
50
63
6438
36
2484
3934
53
40
424
74
2,800
214
384
414
234
514
354
'32
384
2188
394
424
244
384
224
6*8
34
94
'32
34
94
'|6
3534
364
434
130
44
94
514
404
434
464
*834
1134
934
334
34
23
*111
443s
116
34
51
49
84
1324
94
16
51
144
1138
♦92
484
334
'
2438
364
12
934
434
130
7
74
119
94
1
234
*43
11*4
*92
84
474
*834
34
116
34
224
3934
4134
244
*224
*404
1264 1274
7
74
474
834
934
6,800
254
8634
424
12
37
500
83
*92
Gen Time Instru Corp .No par
7,800
4184
114
200
17
119
35s Apr 23
1,200
26
7
1
No par
Gen Realty A Utilities
414
84
54
Jan 14
27*8
164
5*8
Apr 23
114
Gen Theat Equip Corp.No par
84
56
46
.100
Apr
27*4 Apr 22
254
174
Railway Signal ...No par
70
84
83
*92
*38
No par
107I2 Jan 4
4
Apr 12
Gen Steel Castings pf..No par
264
46*4
preferred
260
73
16*4
*111
$6
General Refractories...No par
84
74
1
No par
General Printing Ink
1,300
624
174
464
1034 Apr 17
15*8 Apr 13
3734 Apr 23
60
Apr 10
600
844
4158
*114
624
724
274
17,200
2634
834
126
34
38*4
3734
2734
42
54
...No par
Common
Aug
177i Nov
141
122*8 Feb
45*2 Apr 15
Preferred
114
"34
6284
414
126
34
575« Apr 12
114*2 Apr
No par
Gen
114
10
117'2 Mar 23
No par
Gen Public Service
46
*
6412 Apr
preferred
$6
1,000
62
*824
1264
3,200
264
45
Mar 22
2,500
40
454
♦120
900
844
564
638
60
44
4734
724
89
No par
4
4
40
28
17
Apr 16
General Motors Corp
1054
20
657a
Apr
Gen Outdoor Adv A
1,100
Nov
70
77
2
2U Apr 17
100
30
Apr
10*4 Apr
644 Jan 21
4414 Feb 9
3*4 Jan 18
64i2 Jan 29
70*8 Feb 17
5178 Apr 12
69
Preferred
Jan
Feb
7*8 Aug
52U Jan 23
No par
10
41
*414
164
190
4
152
67
10834
614
294
414
174
844
264
2,600
Feb
84 May
424
1205s Mar 31
No par
No par
General Mills
Deo'
97
65
39>s Jan
No par
Conv pref series A
IO884 *108
41
454
45
17
100
Nnv
154
1
9
5
17
14
14
Apr 13
..No par
100
Jan2«
32i2 Mar
Apr 19
...No par
114 May
Jan 16
1912 Jan
$8 pref class A
48
114
114
164
1138
504
"34
4
*464
43
136
preferred
534
Jan
153
4
No par
General Electric
78
Apr
3*4
15i2 Mar
Jan
80i2 freb
$7 pref class A
80
604 133,900
11534 11584
48
4
*
654
120
584
614
116
4984
4
504
114
"34
4
414
614
724
119
*464
50
♦J!
124
*464
5934
116
116
100
7% cum preferred
General Cigar Inc
7%
40.500
78
654
50
600
800
6684
*68
1164
1,300
Bronze
Cable........No par
Class A
...No par
Jan
314
1054
94 Apr 12
25«2 Apr 9
625s Apr 9
114 >2 feb 15
6
General
Gen'l Gas A Elec A
*58
24
119
69
General
6,900
58
6534
65
654
1,600
4,400
Jan
145
47*8
8
3
1912 Feb
7
134 Apr 19
Baking—
6
preferred........No par
Deo
4
1084
12ia Jan 4
Mar 13
General
24
58
2-4
1184 1184 *1184 1194
59 4
614
59-4
58*4
644
654
7.600
9
6934 Apr
5
Apr
Jan
33
101
No par
Preferred
Gen Am Trans Corp
354
Nov *135
108
Jan
71* Mur
145s Apr 23
3
Gen Amer Investors—No par
2,000
8,000
41*4
58
No par
Industries Inc
General Foods...
414
24
414
1004 Apr
23
Oct
Feb
97*4
73
Apr
4">s Jan
Deo
Feb
July
48*2
7
6
8
34^4 Apr
Gannet Co conv $0 pf..No par
414
41
59
55*4
Gabriel Co
46«s
234 July
Jan 13
Mar 25
117
10912 Jan 7
53
Apr 22
100
pref.No par
...No par
(Tbe) CI A ..No par
127
03
Deo
120
Jan
32U
26*8 Mar 22
preferred
Aug
Apr
95*4 July
Jan 12
9
18*8
83
Dee
344 Deo
11*4 Mar
484 Deo
Jan 14
244
6412 Feb
135
Apr 16
Preferred
$8
June
100
Apr 22
2,600
10
32
Apr
12
Fuller (G A) prior
34 Aug
Apr
68
10
Deo
58
Co
No par
Lno7%pfl00
Sulphur Co
Apr
128
4
Mar22
Gar Wood
••••••
66*4
254 Mar
118
3,400
140
*136
6684
1184 1184
6938
58*4
*644
*1184 1194
-
44
*434
20
684 Nov
424 Dec
45
No par
Francisco Sugar
$6 2d
40
304 Sept
3912 Mar
97a Feb
47*2 Jan 25
II6I2 Jan 19
Jan
11
9
464 Feb
58i2 Feb
Apr 12
Jan 4
43
Highest
share % per share
364 Dec
*244 Jan
105*4 Nov
1004 Feb
per
6214 Mar
6*4 Jan 14
.
Preferred
Free port
41 •>$ M ar
107i2 Feb
Jan
%
share
per
4
34
4H% conv preferred... 100
Foster-Wheeler
10
.
share
per
46
1 Follansbee Bros
No par
Food Machinery Corp new.. 10
GamewellCo (The)
...
0
144
13*4
14*8
•
104
140
26
*243s
*1004 115
1478
284
544
414
24
50
6
28
*130
117
6
"16"
554
3,800
40
1038
140
284
30
6
First National
F'k'n Simon & Co
35
147
4334
1,500
73
*67
534
284
a
50
*314
104
57
574
56*4
564
564
0121
121
121
12134 12134 fll21
45
45
43
4334
4384
434
7,100
*504
284
64
350
494
514
1244 1244
124
124
117
104
*136
2,200
63
2838
*1214 124
4334
*434
10,000
35
284
*16"
9
56
*101
724
*
3,600
1334
144
1034
1034 *101
72
714
724
72*4
14
134
1334
*1334
144
104
*101
724
144
144
700
126
84
554
125
*1004 115
*1004 115
15
147
Florebelm Shoe class A .No par
117
6
54
6
14
71*4
100
574
*314
104
1,500
127
53
35
14
51
36
614
5038
514 5134
1294
1254 1254 *125
12
124
124
124
73
*684
*6734 73
28
28
284
284
♦52
102
51
*36
38
37
9
84
56
574
127
354
*101
144
104
*101
8
8
100
Preferred series A
$
103*4 M*r 27
46U Apr 7
37
Apr 23
x32*4
Rubber... 10
Firestone Tire A
50
494
I
Stores..No par
Fllntkote Co (The)
No par
Florence 8tove Co. .—No par
394
*35
544
354
54
36
364
36
384
494
564
284
117
364
394
126
13
284
200
49
75
284
4,800
36
127
*67
134
*67
Shares
3684
3634
384
614
494
1254 1254
494
129
37
1034 1034 *1034 104*4 *1034 104*4
48
4838
484
484
*474 484
3638
Par
Lowest
Highest
Lowest
Week
$ per share
$ per share
$ per share
S per
♦123
Apr. 22
Year 1930
100-Share Lou
On Basis of
STOCK
EXCHANGE
the
Friday
Apr. 23
Thursday
Wednesday
Apr. 21
Tuesday
Range for Previous
Range Since Jan. 1
STOCKS
Sales
NOT PER CENT
SHARE,
April 24, 1937
6% pref series A...
64
140
Leased
214
390
RR Sec otfs series A
| In receivership, a Deferred delivery, n New
lines
2
4
431
Mar 18
41
Mar
2114 Apr 9
67*8 Mar 25
885s Apr 9
12
Apr 8
62*4 Jan
4
100
3*4 Apr 21
100
103s Apr 22
No par
Hupp Motor Car Corp
300
21
10
18*8 Jan
4
1*4 Apr
7
100
22i2 Jan 28
100
46
Jan
...100
63
Apr 14
100
stock, r Cash sale.
14*4 Jan
* Ex-dlv. y
4
4
Jan 19
304
Jan
277i Feb 11
397i June
224 July
73
Jan 11
54*4 June
94
49*4
124
33*4
424
444
Deo
Des
Oct
Deo
Feb
Mar 20
Jan
5
174 Jan 22
904 Mar 10
678 Jan 21
167s Jan 21
234 Feb 17
24 Jan 16
38
Mar 17
64 Jan
Jan
34 June
84 Apr
134 May
48*4
1
184
Jan
Apr
074 Mar 11
30
Jan 20
58
Jan
254 Mar 11
11
May
72
June
33
Mar
*784 Nov
"l34
65
54
Deo
Deo
Jan
174 Feb
224 Nov
34
Feb
294 Oot
544 Sept
734 Oot
20
Ex-rlghts. f Called tor redemption.
Oot
Volume
LOW
144
AND
New York Stock Record—Continued—Page 6
HIGH
SALE
PRICES—PER
SHARE,
NOT PER
Sales
CENT
Monday
Apr. 17
$ per share
*16
18
44
Wednesday
Apr. 19
Tuesday
Apr. 20
$ per share
$ per share
Friday
the
Apr. 21
Thursday
Apr. 22
Apr. 23
$ per share
$ per share
$ per share
17*2
17
17
17
17
165s
4578
4534
47*2
46*2
47
45
130
130
116
116
116*4 116*4
24*4
25
5*8
5*4
♦9*8
9*2
8*2
8*4
*127
130
130
Ranye Since Jan. 1
16
*127
130
130
117
117
115*4 1167s
25
2538
130
4534
16,500
*127
130
300
114
114
1,000
17,000
Lowest
Par
Indian Refining
Industrial Rayon
2378
24i4
5%
8%
8^8
6%
22U
2278
22*4
2234
8%
6938
8*4
60*2
8*8
59*2
5934
9is
8%
834
22
87s
245s
25*4
5
5
9*8
9*4
23
*8*2
2134
2278
6112
8*s
60*2
5
.
6134
9
834
8%
2034
24
5
25*2
12984 Apr 13
100
No par
Inspiration Cons Copper...20
Insuranshares Ctfs I no
5
9
223s
8i2
2034
834
2134
1,800
31,000
Interlace Iron
8*4
6034
8
59
11,400
Internet
57*4
165
500
1,400
1,900
1
t Interboro Rap Tr v t C..100
Interoont'l
Rubber
164
164
*162
105*2 106
*150U 158
106
13
*150*4
12 >8
6038
164
162
162
*162
10634
107
108*2
158
151
151
13*4
123s
12*2
13*8
12%
13
1338
13
13*4
6234
6338
623s
6334
126
*125*2 125%
127% 127%
*39
40*2
118
♦116
25*2
39%
25*2
39%
•30% 31%
24*2
24%
*98% 110
18
*17%
*14%
*102
*125
76*2
77%
131
131
130
127s
13*4
12*2
12%
6I84
1278
12%
123s
625s
*116
25*2
*37%
*30%
*24%
♦98%
18
15
15
57%
*18*2
18%
57%
18%
£46*2
m s%
*67%
46*2
46
8%
*8%
25
67*2
25*8
67
♦10%
10%
♦10
♦102
♦65s
1334
63%
4
50
13,000
47*2
46
*95%
99
99
99
98
126
126
*125
76%
126
76%
133% 135%
*124
125%
59
18%
58%
18%
46%
46
17,600
1,700
50
500
4,400
137% *_
*38"
39%
23
22%
6934
25*4
137%
39%
137*2
39%
23
*20
2134
29%
29%
22
21%
21%
29
27%
27%
21%
21%
41%
*
2*8
11%
41%
41%
*
189
"l9_
"20%
2%
*2%
17
12
128
16%
61
51%
52
69
14
68%
14%
♦27
28
♦97%
99*2
28
27
*97
99%
98
98*2
154% *160
98%
98%
98%
154% *150
22%
22%
69
69
69
69
*53%
65
51
*54*8
5078
55
*50
22%
69%
*54%
52
51%
82%
84%
84*2
83%
83%
109% *107%
*107% 109% *107
3
3*8
60
15%
3
68
*14
24
24
41
41%
189
19%
11%
126*4
21%
20%
2134
*13%
25*2
40*4
16
24%
41%
189
*-
"20%
2%
3%
59%
3
3
3
3
+
22%
4%
11%
2*8
13%
*29
*484
*42
22%
4%
11%
11%
11%
5
2%
2%
2%
14%
29%
13%
28%
13%
29%
5%
44
*4
*43
5%
44
*22%
*4%
11%
2%
*13%
28%
*4
44
23%
*21%
5
434
11%
2*8
1334
*28%
2%
13%
29
6%
44
26
Jan 12
Jan
6
6% Jan 26
48
Jan 13
Oct
31% Jan
52
Mar 11
15
Apr
35
NOT
110
Feb 19
50
June
93
Nov
7%
100
preferred
Inter Telep A Tel eg
No
par
Interstate Dept Stores.No par
Preferred
100
.......
No par
Island Creek Coal
..1
Preferred..........
Jewel
Tea
..1
Ino
No par
90
Jan
11% Jan
Apr 23
103% Feb 8
28
19% Jan
5
25% Jan 26
121
Jan 16
•
76% Apr 20
Apr 10
Kansas City
120
Mar 18
115% Apr
2IS4
4%
11%
*4
22%
434
1134
2%
1334
29%
434
44
Jan
Nov
Mar 17
13
iJan
20
Jan
4
29
100
Preferred
38
Apr
8
44% Jan 16
Class
5
1
B
Kendall Co pt pf ser A .No par
Kennecott Copper
No par
103
Mar
17
Apr
14% Apr
Apr
65% Apr
2,900
2,300
~2".700
Jan
Dec
80
Jan
19%
Dec
Oot
Deo
Jan
30
Jan 25
71
Feb 30
29% Jan 2
15% Jan 16
147
Apr
Apr
Apr
Cl
4%
74%
•
20%
Deo
Nov
Jan
6
33%
Jan
26% Apr 12
41% Jan 14
32
18% Jan
2
24
15% July
No par
13% Apr
8
17
Jan
4
38% Jan
4
17% Mar 1
27% Mar 11
61% Feb 1
5
25
4% conv preferred—
Lehigh Valley RR
100
160
Jan
6
Mar
Lehigh Valley Coal
60
203
Feb
No par
Preferred
16
Apr 23
Jan
4
Apr 19
137
6
1
Apr
20%
June
7%
12
16% Apr
94% Apr
Preferred
100
Lily Tulip Cup Corp...No
par
65
47%
80% Nov
7
May
28% Jan 18
113% Feb 4
25
May
97
Mar
114
Jan 28
97% Mar
Apr 10
175
Jan 13
21% Jan 21
23
98
Apr 13
97*2 Apr 22
156
43% Jan
4
53% Mar
No par
4
84% Apr 19
No par
64% Jan
106% Jan
No par
2% Jan
4
9,500
Lone Star Cement Corp No par
1,500
Long Bell Lumber A
No par
62
56
Jan
4
Mar 24
Jan
5
4
6% Jan
26
preferred...
(P) Co
Lorillard
35
100
Loose-Wiles Blsoult
4
Apr 22
106
Mar 31
22%
138%
19%
87%
29%
Apr 21
Mar 30
Mar 25
Apr 8
Jan 4
10
7% preferred
100
Louisville Gas A El A..No par
Louisville A Nashville..—100
Ludlum Steel
MacAndrews A Forbes
83% Feb 15
61
110
57% Jan
22% July
2,700
Macy (R H) Co Inc
No par
49% Apr 17
1,900
Madison Sq Gard v t 0.No par
11% Mar 19
52
Apr 8
22%
23%
15%
28%
"""16
11%
900
8,700
100
50
Preferred
100
20
Mar
Pref ctfs of deposit
9
5
Jan
67
Jan
9
7%
Jan
30
Jan 11
Apr 20
10% Apr 17
16% Jan 20
Manhattan Shirt
21% Apr 22
4% Mar 24
10% Jan 2
29% Jan 30
39
Preferred
100
13% Apr 23
20
200
39
5
130
100
100
28% Apr 20
5
Prior preferred
2d preferred
44
44
500
Marlln-Rockwell
4% Mar 12
7,800
Marshall Field A Co
2,200
1,000
3,900
Martin-Parry Corp
No par
9
Feb 15
Masonite Corp
No par
Mathleson Alkali Wks.No par
68
Apr 12
74
36
Mar 22
T066
7% preferred
..100
May Department Stores...10
100
jlnrecelvershlp. a Def. delivery,
Maytag Co......
Preferred
155
Feb 25
Dee
18
Nov
32
Dec
57%
Jan
12%
Dec
23%
Feb
24%
Deo
Jan 21
17*2 May
2% Jan
8% Apr
1% Jan
6% July
23
Nov
Jan 20
18%
45
Nov
Jan 14
Mar 27
Mar 4
Mar 10
Jan
2% July
41
May
11% Jan
6% Mar
12% Aug
3% Mar
7% Deo
56% Nov
25*8 Nov
6%
Apr
12
8
27%
Apr
42% Nov
Jan 25
153%
Jan
163
Deo
70
Nov
Jan 10
Feb
41% Jan
Mar
6
165
69% Jan 22
66% Mar 11
12
15% Jan 11
No par
40
Preferred ex-warr'ts.No par
Prior preferred
No par
Deo
35%
June
No par
Apr
8
44
Jan 13
43% May
13% Apr
43% Dec
43% Feb
106% Jan
5
45
Jan 13
44
Nov
7
111
Jan 22
103
Jan
Mar 23
Nov
7
6% Feb 17
No par
No par
8
4
49%
6
14% Feb 13
3% Mar 29
6%
51%
30%
13%
43% Apr
18% Jan
Jan
1%
27
9
42
134% Nov
34*2
t Manhattan Ry 7% guar. 100
Modified 5% guar
100
Jan
Feb
Mar 30
16% Jan 11
2
Oot
Oot
35
MarlO
7
21% Apr
100
Jan
7% Jan 12
63
Feb
Market Street Ry
Jan
30%
102%
Oot
65% Nov
15% Dec
Apr 20
25
151
Jan
14
Maracaibo OH Exploration..l
Marine Midland Corp (Del).5
Jan
Sept
26%
Apr
21
5
45
113
8%
220
300
Mar
Jan
3% Feb
61% Deo
8% Mar
40%
30
330
Jan
100
Bros
Oct
127%
27%
Deo
46*2 Deo
67% Deo
108% July
8
13%
700
9
33
8
55
Jan 20
29
1,200
Feb 11
Feb
Mar
No par
Mandel
21% Apr
99
36
Mar
Oct
May
Dec
132%
62%
68%
15%
6% Mar 24
Jan
Jan
May
Apr 20
5
Apr
20
Mar 31
10
2
35%
3%
140
42% Jan
100
July
28% Jan 13
32
100
63% Nov
36
147% Jan 20
130
Jan
Jan
25%
32% June
43
Apr
104% Feb
107
—10
Jan
Apr
*38%
41% Mar 11
Jan
116%
19
8
Mar 17
Nov
115
170% Deo
23% Feb
2
8
31%
Nov
Oct
43% Jan
No par
Certificates ol deposit
Jan 23
13
160
109% Jan
28% Feb
No par
Magma Copper
t Manatl Sugar
3
10% Jan 26
6% preferred
5
Jan 14
3% Feb 2
75% Mar 11
Mack Trucks Ind
600
3
59
Preferred
7
Mar
.—.No par
Loft Inc
Jan
2
Liquid Carbonic
8,600
Oct
38% May
9
Jan 16
Lima Locomot Works..No par
Link Belt Co
No par
.....
19
21% Nov
15% Mar
25
Feb
Apr
123% Nov
79
Series B
Oot
4
Jan
58% Jan
25% Feb 25
Nov
22
May
9
6
180
Jan
July
12
2
Life 8avers Corp
Feb
18% Nov
18% Deo
45% Nov
89
8
Liggett A Myers Tobacco...25
8%
26%
8
Mar
9% Jan
No par
Jan
July
50% July
21% Feb 11
48% Apr
66% Apr
7*2
18% Nov
28
Llbbey Ownes Ford G1 No par
"6" 900
Nov
32% Nov
61
Llbby McNeill A Llbby No par
50
Oot
63% Nov
135
Apr
Jan 13
107
Feb
Lehigh Portland Cement
5%
Jan
7%
Lerner Stores Corp
80
Jan
24%
46%
1,500
900
Feb
Nov
28%
18% Jan
3% May
9% Mar 30
3,600
4,500
33%
19% June
..—100
(The)
Inc
36% Nov
110
46% Apr 14
3,500
16,200
Apr
26
Apr
4812 Aug
35% Aug
Lee Rubber A Tire
Loew's
Deo
121
24%
118
800
Deo
60%
17% June
Lehman Corp (The)...No par
Lehn A Fink Prod Corp
5
1,600
Deo
133
8
2,800
4,200
Deo
126%
20% Mar
Jan
9%
""766
Sept
93% Nov
152
Jan
18% Jan 18
4,100
126
28%
11
500
Oct
Apr
69% Mar 10
60
1,000
22%
31% Nov
Feb
2
1,000
107
Dec
24% Mar 17
3% Jan 18
2,100
19% Feb
37% Nov
17%
4
17% Jan 27
2
Apr 22
10,900
Feb
No par
preferred
Lambert Co
Jan
17
Oct
63%
47% Jan 23
24% Jan 14
27% Jan 14
Lane Bryant
"3" 400
19%
23%
30
87
109% Feb
No par
5%
Jan 14
19*2 Jan 14
102
100 *127
6
23% Feb 11
Preferred
Preferred
Mar
110
5% Jan
47% Jan 12
Kresge (S 8) Co
Feb
116
2134
4%
11%
258
14
*2
121%
Mar 17
38*2 Apr
1,100
4,900
1,500
52
2
Jan
May
121
No par
1,300
53*2
51%
1334
88
8
No par
91
3234
58*2
8
75% May
Kimberly-Clark
20
36%
5
Jan
39% July
Kinney Co
17%
3
5934
8%
36*2
107%
22%
143
Jan
155
100
Southern
Jan
6
1,300
189
2%
87%
Jan
16
24% Aug
113
Apr
46
20
58
126% Mar 29
82
Mar 22
Laclede Gas Lt Co St Louis 100
20%
2%
11%
Apr 15
Jan
Jan 27
4034
30
Feb 15
Apr 23
"19%
6
26% Jan 30
126
22
1
107% Apr
11% Sept
10% Apr
136
39
26
15% Feb 19
36*g Jan lx
Apr
4
Jan
2,700
10
Jan
Sept
11% Oot
10% Oot
61% Nov
47
No par
21%
19%
112
23
17%
70
Jan
Deo
Deo
8*8 Deo
98% Deo
48% Nov
4
Keystone 8teel A W Co No par
2184
Jan
23%
14%
49% Jan
i".306
30
Apr
3
8% Jan 30
67*2 Feb 16
Keltb-Albee-Orpheum pf_.100
Kelsey Hayes Wheel oonv cl A1
3,500
May
3%
Nov
136
28% Jan 25
Kroger Groc A Bak
25%
4034
Feb 16
66% Nov
25% Apr
Kress (S H) A Co new..No par
21%
10
20% Apr
37
107
Deo
45% Apr
""506
39
121% Apr
64% Apr 20
111% Jan 6
Jan
10%
No par
Apr 14
26%
26% 26%
25% 26%
26% 26%
26%
26%
253s 26%
11
10%
10%
10%
10%
10% 10%
10*2
10%
10%
9%
10%
64
62
62
63
64
64
65
62%
61% 61%
*64%
65%
38
38
37
37%
37% 38
38%
36% 36%
38%
37%
383a
*150% 154% *139% 154% *139% 154% *139% 154% *13934 154
*13934 154
61
61
60
*61
60%
61%
6034
*60% 61%
6034
60*8
603s
13
13
13
*12%
*12% 13%
13%
*12% 12%
*12%
12%
12%
*40
43
40
40
40
43%
*39%
*39% 42% ♦40
*39% 40
♦
♦
*
*
44%
44%
44%
44% *...
44%
44%
*11II 107 *1111 107 *1111 106% *11II 106%
106% *
106%
Bid and asked prices; no sales on this day,
Jan
24% Apr 10
44
11%
Apr
2%
1%
27% Jan 18
mwimm
22%
*4%
Feb
3%
10
I
22
125%
24% Apr
18
Apr
9% Apr
Kresge Dept. Stores...No par
69%
60*2
60%
60*2
9
9
8%
8%
*8%
8%
8%
8%
37
*36
35
r*36% 37
*36%
37%
35% 36
35%
35*2
*107% 108
*107% 109
*107*2 109
*107% 108
*107% 108
107%
22% 22%
22% 23
22% 23
22% 23
2234
22%
2284
141
*141
141
*141
143
143
141% 143
*141% 143
*141%
21
20
20% 20%
20% 20% *20% 21
*20%
20% 2034
89
89
90
*91
91
90*2
90% 90%
9134
90% 91
35
36
35*4
36%
35% 35%
3534 37%
35%
|*35% 36
4*32
32
*31
33
33%
32% 32%
32%
32% 32*2
32%
*130
*130
♦130
*130
*130
13134 *130
54
53%
52% 52%
53%
54%
53%
54%
54l4
53*2
52%
50%
50%
51%
50%
51%
51% 51*2
£4912 50*4 49*2 50
14
14
14
14
$14% 14%
14% *14%
14%
14%
1334
*52
54
54
53
*53
54
52
£54
*52% 53%
53%
7%
7%
7%
*6*2
*6%
7%
*6%
7*4
*6%
*6%
*L*6%
*6
*6
*6
*6
*6
7%
7%
7%
|K*6
7%
7%
*22
24
21% 23
*21% 24
*22% 23% *22% 2334
22%
*
*
21
21
23
23% ♦21
23%
23%
|*21
15
*14
15
15
15
*14"
15
*14
*14%
1*14
*14%
27
*22
27
29%
30%
L*27
29% ♦27
28*2 *23%
11
11
11
*10
*10%
10%
10%
a. 10% 11
*10*4
10%
+,mm
135% Jan
200
$%
*•»*»«•
7
Feb 24
1,260
2234
43% May
35
137%
Apr
Feb 23
128%
16*2
10%
5%
90*4
3,200
*14
40*2
59
Apr
73% Mar 10
11%
2
2%
2%
12
11
12%
11*8
128
*126% 128
*128% 129
128% 129
16%
17
16%
16%
16%
1634
17%
52
52
51
52%
51*4
52%
51%
69
69%
69%
69% 6934
6734
6934
14
14%
14%
14%
14%
13%
14%
27%
27%
26%
*2634
27%
*2634 27
98
*98
100
98
98
98%
98%
98
98
98%
98%
97*2
98%
9734
154% ♦151% 154% *151% 153
*151% 153
22% *22% 22%
22*4
22% *22% 22%
70
70
70
68
6934
70*2
69%
55
55
55
56
65
5534
5534
52
52%
51%
62%
52%
51% 52%
83
84%
83%
82%
8334
80*2 82
109% *107% 109%
07*2 109% *107% 109%
2%
12
Feb
Dec
Jan
23% Apr
*24
17
26
20*2
2*8
1134
8
18%
Jan 29
28% Jan 13
*20
2134
189
20
20%
Jan
Dec
70
22%
Deo
4>t
25%
"39"
7% Deo
105% Deo
160
Apr
13%
68
39%
22%
23
5% Mar
194
7
25
*
Jan
Jan
9
*10
11
Jan
148%
2%
Jan 18
Kayser (J) A Co
8
*10
56%
Kaufmann Dept Stores.$12.50
46
7%
2% July
22% July
Apr
160
4
1,100
46
Jan
Dec
Deo
2*2 Jan
9% July
8boe_._.No par
International Silver
100
Kan City P A L pf ser B No par
42.000
7%
18%
5%
18%
15% Apr
38
20
Deo
Oct
Dec
16%
Kalamazoo St & Furn Co... 10
1.200
24%
5
10%
18%
500
"
Feb
4
123
45
8*4
70*4
25*4
8% Jan
Jan
Jan
147
6*2 Jan 4
12% Apr 20
61% Apr 20
Jones & Laugh Steel pref..l00
600
6%
Jan 18
162
Mar 18
280
200
Dec
Nov
146
220
"2" 500
140
122
189
127
3,200
8
100
...
Aug
88% July
111% Jan 22
Johns-Man vllle.......No par
Preferred
100
18
45
Preferred
.No par
Intertype Corp
"3466
18
11%
68%
13%
♦
90
*20
19%
25%
51
44
110
12%
19%
69%
69
*42
1,800
59*8
8%
.
International
57%
46%
Certificates
International 8alt
59%
8%
8%
100
400
58%
18%
21%
41%
5%
70
Preferred
May
125
169% Mar 31
99% Apr 7
Int Printing Ink Corp..No par
41
Jan 21
Preferred
100 xl08% Apr 19
Internat Rys of Cent Am.. 100
7% Apr 23
300
28%
104*2 104%
20%
29%
29%
125
125
*118*2 126
*76%
76*2
7638
7638
133% 135
13134 134
125l2 126
*124% 126
21
29%
25
13%
27%
♦14%
29%
*4%
70
98
69%
13%
P*2%
150
28
12%
29%
10434 10434
*20
20*2
29
29*4
*10
23%
5
90
*12
12%
29
10%
21%
11%
2%
16%
29%
5,700
46
28%
100
110
112%
63
6334
*107% IO8I0
734
73g
7%
6%
*6%
6%
51
50
*46*2
27
26%
25%
109
48
*20
Preferred
Inter Pap & Pow cl A..No par
No par
44
25%
♦1378
23%
100
8,400
Class O
43%
10%
69
*22%
*4%
11%
Int Nickel of Canada..No par
45%
*20
16
t o85«
41.000
17.400
45*2
21
4
Int Hydro-El Sys cl A
25
Int Mercantile Marlne.No par
Internet Mining Corp
1
106
% Mar 25
9*8 Apr 14
63% Apr 14
2
Jan
7%
46
29
Jan
42
No par
*45*4
46*2
12%
12%
12%
29% *29%
29%
106% *104% 107
5
100
Class B
*26
100
No par
6,500
11.500
4,500
'32 Apr 12
Agrlcul
100
5
11% Mar 16
28*2 Mar 11
Prior preferred
Preferred
share
Jan 21
6
16% Jan
5,300
45%
*26
25
15%
3%
61%
734
♦27
125
3%
64
27
18
61
115%
68%
23%
22%
1234
14%
7%
8*4
109*2 113*4
6334
63%
69
21%
22%
500
per
15% Nov
41% Nov
Feb
13% Jan 20
No par
Int Business Machines.No par
Internet Harvester....No par
Jan
137
131% Mar 6
33% Feb 23
5
...
4%
25% May
144
133% Mar 27
Apr 12
22% Apr 8
5
Apr 9
834 Apr 16
434 Feb
15%
15%
734
22*2
129
*150
12%
13*4
62%
27
8%
23
18
98
11%
12
45%
45*2
♦38"
128
•50%
8%
27
8%
♦23%
2%
11%
63%
18,100
151% 152
46
18%
♦13
2%
11%
114
15
109
18%
46*2
16
19%
8%
58%
23%
189
16%
27
21%
"l9%
22%
16
*107% 109
7%
7%
7%
6%
6%
*6%
*42
51%
56%
67%
23
*21
22*2
29
•
22
106*4 108%
2,800
'128l2 132
*128% 132
21
20
20*4
2134
129% 129%
109
68%
22%
22%
21%
*13%
♦23*2
41%
8%
116%
64%
6378
*163
128
127% 127%
128
127% 127%
128
128%
40
40
39
39
39% 39%
38%
38%
120
*116% 120
*116% 120
*116t2 120
*116*2 120
26
25*2
25% 26%
25
26%
25*2
25% 25*2
40
40%
39%
*39% 39%
39*2 39*2 *36
40%
*31
31%
31%
30% 31
♦30*2 3034 *30*2 31*2
25
25
25
25
25
24%
25%
24%
24%
110
*98% 110
*98% 110
*98i4 110
*98% 110
18
18
18
18
18%
18%
18%
1834
183s
15
15
15
15
15
15%
15%
14%
15*4
102
102
*100
102
103%
*100
102
102
102
"39%
40
*28
16%
76%
76%
132% 135
68%
25%
11%
137*2
39%
25
13712 *-
22%
S*20
3
129*2
22%
13*8
7*2
127% 127%
*39%
39%
103*2 ♦102
fit 40
6258
164
106*2 109
150*4 151
12*2
12%
123s
12%
13*4
13*2
63%
64%
13
125% 125*2 *124
66%
i
76*2
163
1278
13*4
*125
126
132%
164
12 >8
*128*2 129% *128% 129% *128%
23
22%
22%
*22%
22*2
16%
16%
16*2
16%
16*2
81»
8%
8*2
8%
8%
115
116' 115
115% 115%
63
63%
58%
x6l%
61*8
109*2 109% *108% 108*2 *107%
7%
♦7%
7*2
♦7%
7%
6 >8
6%
6%
6%
*6%
*47
*47
49%
50% *47
*26
*26
27
27
*26%
46
46
*45%
♦4.5%
*45%
44
43
♦42%
42*2 43%
*104
105
100
*98% 101%
12%
12*2
12%
12%
12%
29% 29%
29% 29%
29*2
105
105
*104
107
*104%
21
*20
*20%
♦20% 20%
29
29
29%
29%
29%
*76%
734
59
10778 109*2
*150*4 152
12U
*125
83s
Highest
i per share $
22% Jan 20
47% Apr 20
112
No par
Rights
8
8*4
% per share
No par
Inland 8teel
5
share
per
1234 Jan 4
36% Jan 26
10
Ingersoll Rand......
*8%
938
87g
$
Lowest
Highest
No par
.
6% preferred
115*2 117
2412 25*8
*5
5*8
9*4
9*4
Year 1936
EXCHANGE
700
16
4334
16>8
4678
Range for Previous
On Basis of 100-Share Lots
8TOCK
Shares
44*2
*128
YORK
Weet
*16*2
44*8
STOCKS
NEW
for
Saturday
2783
21%
Feb
55
Feb
50% Apr
110% Oot
n New stock, r Cash sale, x Ex-dlv. y Ex-rlghts. \ CaUed for redemption
New York Stock Record—Continued—Page 7
2784
LOW
AND
HIGHgSALE PRICES—PER SHARE, NOT PER CENT
Monday
Apr 19
Tuesday
$ per share
$ per share
32
*30
$ per share
30
30
31
31
♦19%
197b
♦90
98
*95
98
£2
52
*51*4
51%
22%
22%
36%
34%
14%
37
*45
*16
14
44
45
97%
52
*20%
3534
20
19%
98
5234
22%
3684
3534
1434
Apr
21
$ per share
3084
19%
*85
53
3084
19%
98
Friday
Apr 23
Week
$ per share
$ per share
Shares
30%
30%
18%
I884
*95
97
53%
36
53%
22
*21
45%
22
37%
3784
38
29%
18
30
1,100
5,500
5334
21%
3684
34%
-
5334
22
MoCall Corp..
.-No par
McCrory Stores Corp new
1
6% conv preferred......100
3684
6584
I884
6514
18%
22
-
45
4
15% Apr 8
Apr 14
2584 Jan 6
112% Jan 14
3484 Apr 19
*95
*95
Melville Shoe
MoGraw-Hlil Pub Co ..No par
Molntyre Porcupine Mines..6
McKeesport Tin Plate.....10
McKesson A Bobbins
6
600
1,100
24,800
MoLellan
32
Mengel Co (The).
1
6% oonv 1st pref-...—100
60
36
36%
67
65
36%
65%
1.400
Meroh A Mln Trans Co.JVo par
Mesta Machine Co
6
18%
18%
18
I8S4
18%
1834
6534
1834
19%
18%
19%
9,200
Miami Copper..—...—5
32%
9,800
Mld-Con*inent Petrol
43
33
31%
43
118
118
118
118
114
114
114
114
14%
*90
42%
42%
1438
*115
118
1438
14%
*91
93
.
14%
15%
94
94
95
115
115
14%
115
15%
Midland Steel Prod—. .No par
310
100% 100%
108% 108%
400
8% cum 1st pref
100
Mllw El Ry A Lt 6% pf—100
Minn-Honeywell Regu.No par
4% oonv pref ser B
100
Minn Mollne Pow Impl No par
60
140
*113% 115
14%
14%
96
95
95
16,000
300
4
4%
32%
4%
3234
8%
30%
5%
10%
31%
8%
29%
*5%
36
36
5%
32%
8%
30%
5%
10%
36%
90
91
91
5834
*39%
*6034
42
*41
42
100
61%
*60%
63
20
Mont Ward A Co Inc..No par
Morrel (J) A Co
—No par
Morris A Essex
50
2
24,400
Mother Lode Coalition. No par
37%
8,300
Motor Produots Corp..No par
2,400
2,200
2,400
Motor Wheel
32%
8%
28%
6%
934
35
60%
31
31
8%
8%
28
*5%
9%
34%
89%
60
29%
5%
9%
357b
8934
61
32
8%
2884
5%
9%
35%
90
60%
3234
8%
2934
5%
10
3534
90
61%
8%
29%
*5%
10%
35%
89%
5934
6O84
*40
42
*60%
63
*39%
42%
*397b
42%
41
41
*62
63
*62
03
62
62
2
2
2
2
2
2
2
*31%
32%
32%
32%
32%
32%
32%
22
22
22%
22%
22%
22%
46
22%
46%
45
46
31%
32
32
96
97
96%
31%
84%
31%
3234
96%
31%
84%
2%
32%
47
47
*44
30%
31%
*31%
22%
46%
32%
95
95
96%
95%
*30
32
*80%
83%
*3078
*81%
31%
83%
*104
*104
106
2%a
2132
16%
16%
65
"16
157b
106
"l6
16%
07%
66
*05
21%
2I84
40
40
21%
*39%
2078
20%
*14
15
*20%
*14%
2034
15%
22
40
*30%
*81%
*104
106
34
34
16
16%
66
66
16%
66%
21%
1634
66%
21%
3934
20%
*14%
28%
21 s4
40
8
32%
*33
3434
3584 36
*155% 156%
*
145
60
50
10%
*1%
10%
I84
°8
%
*128
129
*9%
11
9%
11%
52
*50
778
32
*33
20%
20%
15
15
*7%
32%
32%
35
33
33
58
*56
58
105
*103
105
*24%
31
*28
33
33
32
*81%
4834
84
*82%
48%
716
28%
18%
9%
30
31%
32
33
*82%
49%
83
83
49%
,s32
69
92%
28%
*28%
*18%
9%
57
31
92
91
91
*28%
18%
9%
56
*103% 105
3234
68%
70
*68
60%
2
4%
100
*434
5
120
———
31
30
8%
28
*5%
93s
3538
90%
3,500
8%
2984
5%
4,900
5,500
200
3,500
3,300
90%
1,900
59%
57
10
36%
33,100
22%
41%
20%
15%
1%
34%
35%
1%
3534
22%
44%
33%
22%
44%
33%
22%
4334
32%
2234
96%
97
96
96
140
*2934
32
3034
3084
200
83
83
82
82
300
106
104
104
2532
16
*65%
21%
84
16%
66%
22%
40
40
20
20%
*14%
27%
15
"l«
15%
65%
20%
39%
1934
*14%
4334
33%
10
*33%
34
34
7%
32%
*33
19
"32
69%
92%
28%
*18%
9%
*56
58
*103% 105
30
30
32%
57
57
20
1,900
15
300
18,300
------
4,700
14,900
180
210
3,300
580
7%
32%
18,700
34
100
50%
%
70%
92%
28%
18%
70
71
70%
9134
27%
18%
93
93
70%
94%
2884
28%
2884
51%
%
100
------
4,700
6,400
100
900
6,000
5,500
1,200
400
4,700
28%
2,200
2,500
3,200
18%
400
9%
20%
1034
21%
610
94
18%
*18%
18%
10
*10
10%
20
20
20
*1934
2034
9%
19%
20%
*130
134
*130
134
*130
134
130
130
*130
134
*130
134
*131
160
*131
160
*131
160
*131
160
*131
160
*131
160
*5
5%
11%
11%
69
*97
99
109
109%
12
67
65
99
7%
20%
20%
1%
7%
20%
5%
11%
67
1%
*1%
7%
99
1%
7%
19%
*5%
*11%
3
*250
256
255
*103
110
103
13
13%
W4 100%
99
*98
3234
61%
5%
32%
*31%
2134
68%
19%
36%
*90
52%
5%
22
69
19%
26
53%
13
97%
32%
52%
5%
*32%
21%
68%
19
*99
53%
13%
*53
*133
5%
11%
65%
100
54
13%
13%
*9934 100%
98
*97
98
33%
33%
*52%
5%
34%
52%
5%
*1%
7%
22%
5%
11%
1%
838
23%
5%
12%
*65
67
100
102
110
110
3
3%
1%
7
20
5%
11%
*64
53
5%
*53
13%
53%
14%
1%
7%
22%
5%
12%
67
*101
io284
*110% 111%
3
234
53
13%
11%
64
110
20
5
234
700
1,300
50
410
230
5.200
2%
250
*245
250
106
*104
106
26%
53
14%
26
13
53
100
1
N Y Air Brake
No par
No par
New York Central
Rights
——
Preferred series A
100
N Y A Harlem
60
50
t N Y Investors Inc
No par
IN Y N H A Hartford
100
Conv preferred
——100
N Y Ontario A Western... 100
N Y Shlpbldg
Corp partstk—l
7% preferred
100
N Y Steam $6 pref
No par
97 1st preferred.....No par
t Norfolk Southern.......100
...
19,200
1334
North Amer Aviation
1
100
100
1,000
No Amer Edison pref—No par
98
90
34
34%
33%
52%
34%
52%
*52%
Northern Central Ry Co...60
Northern Pacific
-.100
Northwestern Telegraph—.50
5%
31%
534
5%
*52%
5%
53
5%
32%
33%
35,200
53
50
5%
2,400
Norwalk Tire A Rubb—No par
Preferred
50
32
32
32
33
33
22
21%
68%
33,100
Ohio Oil Co
70
22%
72%
22%
71%
2238
7234
22
73
71
Oliver Farm Ea new...No par
19%
19
19
19
20
19%
20
19%
19%
12,200
2,300
*90
110
*100
110
*100
17
16
110
135
*133
16%
40%
135
*16%
3734
*133
39%
135
3734
*133
110
16%
39%
135
*100
110
130
'
------
300
16
*15
3734
3834
8,900
135
*133
a90
90
*23%
24%
*66
70
*66
------
........
180
1934
1134
3234
19%
68
60
17984 17934
19%
IIS4
33
33
1934
19%
179% 179%
1934
19%
1134
*11%
32% 33%
20
21
Bid and asked prices; no sales on this day.
66
*114
*114
*11234
19%
*1034
66
179
19%
11%
*32%
20%
66
----
179%
19%
11%
35
20% 1
11,300
------
200
800
66
70
179
66
19%
1,600
2,500
IIS4
32%
90
*114
176
19%
*1084
32%
21
21
X In receivership,
a
10
i
290
Def. delivery,
No par
OmnibusCorp(The)v t cNo
Preferred
A
par
100
,
Oppenheim Coll A Co..No par
Otis Elevator...
Preferred
Otis Steel
..No par
100
.......No par
Prior preferred
$5.50
conv
100
1st pref. .No par
n New stock,
6
10
No par
No par
r Cash sale.
*
Feb
Nov
Deo
4
384 Jan
2
4
2
Jan
_
16% Mar 11
101
Mar 10
2% Jan 23
5% Mar 4
6% Jan 8
34
Apr 5
934 Mar 17
34% Mar 17
3
Jan
2
6% Mar 17
7
Jan
4
30% Jan
4
12% Mar 17
40% Jan 23
Jan
6% Jan
67% Jan
1% July
2% Aug
2*4 Jan
16*4 June
5%
14%
2
3%
Jan
Jan
Sept
Jan
197s Aug
12% Mar
94
Dec
2%
Feb
6%
6%
Feb
Feb
297b Deo
Feb
Oct
9%
33%
4
7%
Feb
Feb
33% Deo
101
Jan 18
63% Jan 27
69
Mar 10
41
Apr 7
Apr 14
1% Jan 6
31% Mar 23
46
Feb 17
62
00% Jan 18
3% Feb 26
60%
*4
Jan
Jan
38% Jan l5
28%
Apr
21% Mar 23
45
Apr 21
30% Apr 17
91% Mar 12
2784 Jan
26
Feb 13
16%
Jan
27
Nov
51
Mar 15
39%
101%
36%
79%
Nov
Mar 22
89
Jan 27
70
102
Apr
_
9j6 Apr
8
15% Mar 22
58% Jan 23
178s
38%
18%
13%
26%
14834
2684
93%
29%
_
39% Mar 20
99% Mar 19
36% Feb 11
90
Mar 13
108% Jan28
X5j2 Apr 20
2034 Feb 11
71
Jan
24
Jan
Jan
Mar
18% Jan 21
Apr 23
Apr 10
Apr 12
Apr
Jan
23% Jan
108
5
Apr 13
Mar 11
17% Jan 27
79
May
35«4 Jan
41% Deo
11
Apr
70
May
21
Jan
447* May
102% July
33% Mar
14
Apr
43
Mar
*24% Jan 28
47% Mar 11
Jan
107
Jan
Nov
Feb
71
Feb
2% Nov
43%
108
Oct
Nov
Dec
Aug
Deo
22% Mar
62% Nov
107%
Apr
Oct
Dec
112
10
Apr
24% Nov
25% June
33% Mar
3778 Apr
36% Nov
153
100
Dec
21
Apr
21
26% Feb
68
69%
107
Jan 18
112% Mar 11
109% Jan 14
24% Mar 9
Mar
47%
19%
15%
38%
164%
37%
107%
32%
28%
112%
20% May
12% Apr
9% Apr
28% Oct
3384 Jan 13
103% Feb
38% Feb 25
167
103
Jan
307b
Dec
Oot
Deo
Mar
Jan
Deo
Deo
Deo
Nov
July
Mar
June
10% Jan 28
734 Apr
35
Mar 17
Jan 14
38
Mar
3384 Jan 27
44
Mar 11
1558g Apr 16
171
Jan 22
155
Oct
171
Deo
150
Jan 29
137%
Jan
147
Nov
54
Deo
27% Feb
30
__
70
Jan
62
Jan 26
1034 Apr 20
47% Apr 8
54% Feb
100
Apr
19
Jan
61% Jan 22
1434 Jan 14
2% Jan 18
1
4
"a Apr 15
5
10234 Apr 19
130
Apr 19
12% Jan 15
13% Feb 25
57% Feb 13
6434 Mar 10
109
Jan 11
Mar 17
41*4 Jan 18
98% Feb 10
55% Mar 17
9j6 Apr
Jan
4
72
Mar 17
100
Jan 22
8
Apr
Mar 23
17% Apr
129% Jan
130
Apr
1% Apr
5% Jan
16% Jan
5
Jan
8
5
8
7
2
2
4
11% Apr 7
Apr 23
64
95
Mar 23
31% Mar
21% Mar
12% Jan
25% Jan
Oct
9% May
Jan
Jan
3
Feb
57% Apr
19% Jan
74% Jan
78
Dec
7b
%
77* July
10% June
32% Apr
41
Apr
104% Apr
10% Feb
9
Apr
32% Jan
2734 Jan
17%
36%
20
22
22
Jan
Jan
3% July
10% May
Jan 20
119
137
Mar 12
Jan
125
Jan
7
1
Jan
934 Mar 8
26% Feb 25
6% Feb 11
19% Feb 11
3
Apt
76% Jan 22
102
Apr 21
57
Jan
7% Apr
July
4
9% Apr
May
83
Mar
107
Apr
9
2
Jan
4
Apr
Apr
Apr
8
272
Jan 14
210
Jan
8
7
114
Jan
8
105
May
Jan
2
4*4 Mar
3
110
34% Jan 14
57% Feb 3
17% Jan 21
5188 Apr 6
12% Apr 9
97% Mar 10
104% Jan
93
105
Mar 23
27% Jan
51% Jan
3% Jan
4
8
4
28% Feb 23
17% Jan 4
53% Jan 4
18% Apr 12
110% Feb 25
13% Jan 14
35
Apr 12
127% Mar 18
16% Jan 4
112% Jan 23
75
Jan 26
8
Jan 28
36% Mar 11
53% Jan 22
678Mar
40
3
Jan 18
227s Apr
73
5
Apr 20
26% Feb 16
114
Feb 13
19% Mar 1
45% Jan 21
93% Apr
1% Aug
23% Apr
52% Feb
6% Jan
98
Jan
97% Apr
237* July
50
Aug
2
Jan
19
Aug
12% Aug
24% Jan
17
July
107
Jan
8
Jan
24% Apr
Feb
3
24% Mar
8
12% July
6
70
79
140
Feb
75% Nov
133
Deo
12% Nov
13% Jan
60
Nov
64% NOV
110
Nov
43
40
Apr
83
Deo
49%
Oct
53%
95
Oct
Sept
15
Nov
Deo
19
135
2
61% Deo
147« Feb
9
Jan 14
7
7
28
26% June
Jan 18
37
Jan
31% Apr
78% Jan 18
40
3
94% Mar
121% Feb 26
9% Apr 16
114
1st preferred...
2d preferred
Apr
110
120
Jan
150
Pacific Amer Fisheries Inc
*17%
21%
112
Owens-Illinois Glass Co
Pacific Coast
Nov
16% Deo
Deo
Outboard Marine A Mfg
5
Outlet Co
No par
Preferred
100
25
Oct
65
Jan
Apr
11
25
*97
45
5*4
Mar
102
98
107% Deo
Jan
88
248
100
May
Jan
119
Adjust 4% pref..—....100
100
Deo
*65
Norfolk A Western— ...100
*97
Oct
12
Jan 22
17
100
Preferred
Nov
91
Mar 10
27% Apr
Purchase warrants
Nov
Deo
Deo
Mar 17
122
83
100
NYC Omnibus Corp..No par
New York Dock
31%
40%
41
N Y Chlo A St Louis Co—.100
97
70
*
t New Orl Tex A Mex
Newport Industries.—
33
*133
19%
*10%
32%
19%
...100
Dec
55% Jan
6% May
Nov
120
North Amerioan Co.—No par
Preferred
50
200
20
19%
19% 20
13484 *129
13434 *129
1934
II84
32%
19%
..No par
Bros
6% pref series A.
100
24
19%
*10%
*31%
19%
....No par
Deo
Jan
124
10% Apr
1% Jan
% Mar 25
NatomasCo
12*4
Jan
Apr
106
National Power A Lt—.No par
—No par
Nov
4
Jan
Jan
National Tea Co
14%
49%
21%
108%
28%
122
113% Apr 15
102
Apr
National Supply of Del
25
Preferred
.—....100
Apr
807* Nov
48% Sept
131% Mar
109
Sept
Jan 4
Jan 5
Mar 29
Apr 23
48
Nat Rys of Mex 1st 4% pf.100
2d preferred
...100
National Steel Corp.......25
Jan
8%
87*4
11%
30
358s Mar 10
48% Mar 5
"
29%
38%
116%
100%
144
22%
39
178
B
70
*16%
*112%
100
100
A
Preferred
21%
17
~
Preferred
Nov
49%
Jan 16
26% Feb 23
Nat Mall A St Cast's CoNo par
33
40
178
No par
97
24
178
Nat Distil Prod
Nat Enam A Stamping.No par
National Lead
—.10
69
37
*114
preferred...———10
36%
*1578
8934
6%
100
*66
"89%
7% pref class A...
100
7% pref class B
100
Nat Depart Stores . ...No par
46
24% Deo
June
Oct
Feb 10
2
20
200
19
20%
20%
20% 20%
19% 2034
13434
13434 *128
13434 *12834 13434 *128
91
*89
*89
91
*89
91
90% *88%
24
23
24
£22%
24% 24% *23% 25
19%
#_
5% pref ser A
——100
Nat Cash Register.....No par
Nat Dairy Prod
No par
23% Nov
101% Deo
16
41
16% Jan
16,600
26%
*51%
..10
7% cum pref
.....100
Nat Bond A Invest Co -No par
10% pref
3,100
10,300
11,100
101
110
30
64
101
890
1%
7%
21%
5%
1134
1%
7%
No par
22
37
1584
8%
23
109% 109%
3
3%
135
1584
*3 684
1%
*244
255
*250 ' 255
255% *250
103
*104% 100
104% 104% *104
26
26%
2534 26%
26% 20%
100% 100%
*100
110
7%
20%
5%
109% 109%
*27s
3%
3
26%
54%
1%
1
Acme
Nelsner
71
20
National
Nat Aviation Corp
National Biscuit
Newberry Co (J J)—.No par
70
20
10
Munsingwear Inc.....No par
Murphy Co (G C)
No par
6% preferred
......100
100
9384
2734
18%
20
9%
Mull Ins Mfg Co class B
1
Preferred
No par
500
300
103% 103% *103% 108
33
*26
34
50
*28%
33
32%
32%
3184
5,000
200
82%
*82% 83
82%
48%
50% 148,800
4984 51%
,s32 304,900
1532
%
%6
32%
*82%
50%
is32
83
8,300
56
56
Mueller Brass Co—.....
Nashv Chat A St Louis... 100
500
7%
33%
5
1
110
600
300
7%
32%
*3334
36%
10
16,700
29
7%
3234
preferred..
3934
6,600
150
7%
32%
Conv
June
38%
147
72% Mar
100
100
20
t Missouri Pacific
2% May
92
40% Nov
4784 Mar
8
6% Jan
24% Jan
Mohawk Carpet Mills
Monsanto Chemloal Co
1688 Feb
Jan
59
Preferred series A——.100
Rights
j
Murray Corp of America.. 100
Myers F A E Bros
No par
Nash-Kelvinator Corp
5
6,000
29
28%
26% 27%
150
150
150%
15034 *150
29
28%
28% *28%
29%
*97% 99% *97% 99%
*97% 99%
34
3284
33%
33%
3334 34
24
24
24%
2334
24% 24%
110
111%
110% 110%
111% 111%
*108% 109
*108% 109
IO884 109
19
20%
19%
19%
1934
1934
28
100
100
"16
16%
65%
2i84
36
36% 3634
35% 36%
37%
37%
35% 36%
*154% 157
156% 156% *15484 157
*154% 157
*154% 157
*
♦
*
*
*
144
143%
143%
143%
143%
"54% 55%
~50% 52% "54" 55
"50% 51
"50% 51
11
11
11
11
11
10%
£10%
10%
10%
10%
134
184
1%
*1%
1«4
*1%
1%
*1%
*1%
1%
%
%
%
%
%
*%
%
*%
%
%
88
8884
8984
88%
86*2
89%
88% 89
87% 88%
98
99
102
99%
99% 101%
9684
10234
10034 101%
128
130
128
128
*127% 130
al28% 128% al28% 129
9%
9%
9%
9%
9%
9%
9%
*9% 10
9%
11
11
11
11
11%
11%
1078
1034 10%
10%
50
50
*50
*50
*48% 49%
50%
51%
51% *50
*56
49%
8
7%
32%
♦103
716
*40
10%
2
*158
*3%
*104
106
*104
2532
"us
29
28%
287s 29%
28%
*145
150
♦149% 153% *140% 151
28% 2834
2884 2884
*28s4 29
*97% 99% *97% 99% *97% 99%
34
34%
*337b 34%
33% 34
24%
24%
24% 24%
24% 24%
112
112
*110
111% 111% 112%
*108% 10834 *107% 108% 10834 10884
*19
20
18%
19%
*19% 20
*7%
32%
*82
2
Jan 13
No par
2
4
5
438
Feb 16
86
No par
*1%
4
*4%
*434
101
7
Mo-Kan-Texas RR
2
*3%
*1%
*3%
Jan 12
Apr
11% Jan 2
41
Apr 9
106% Jan 2
30
Apr 22
7
4% Apr 15
26% Jan 14
*1%
4
4%
8
Jan
95
7% preferred
4% leased line otfs
Mission Corp
2
*3%
4%
19
72
88% Jan 7
1% Apr 16
*1%
5
Jan
No par
Minn St Paul ASS Marle.100
Preferred
2
>
26%
*53%
10
1,200
118%
14%
14%
*90
97
*94
115
32
4212
118
4
*1%
*3%
*4%
*30%
8%
28%
5%
9%
*34%
*67
100
preferred
36
66
32% 33%
3234 33%
32% 3338
42% 4234
42% 42%
4234 43%
119
117% 118
117% 117% *118
*100% 102
*10012 105% *100% 105% 10034 10034 *100% 102
110
110
♦105
109% *107% 10934 10934 110
10984 *105
31%
No par
7,500
2,950
3 684
*42
:
103
500
6,500
5,900
8,600
37%
66
*36
Jan
6% oonv preferred
100
Mead Corp
......No par
$6 pref series A
No par
..5
06
3684
36
$3 oonv preferred....No par
Stores
1
1,600
McGraw Eleo Co....
66
*36%
£29% Apr 14
18
Apr 23
98% Jan 25
408s Jan 12
208| Apr 8
3584 Apr 20
3384 Apr 10
6
-
Highest
9 per share $ per share
87
Deo
29
Feb
12% Jan
-
65
36%
$ per share
24% Feb 11
106% Mar
54% Mar 12
28% Jan 19
421s Jan 14
42% Mar 24
16% Mar 17
47% Jan 12
-
65
*36
9 per share
900
97
53
Par
Year 1936
Lowest
Highest
340
18%
*90
Range for Previous
lWbShare Lots
Lowest
7%
*36
On Basis of
NEW YORK STOCK
EXCHANGE
the
Thursday
Apr 22
35
36
36
35%
36%
35%
14%
14%
14%
1484
14%
14% 14%
14%
46
46
46
46
46%
45%
45%
45% 45%
15%
16
15%
16%
16%
16%
16%
16%
1534
*103% 106
106
*103% 106
*103% 106
*103% 106
34%
3234 34%
3134 33
31%
32%
30%
31%
97
96
97
97
96
97
97%
97%
97%
76
£76
76
77
75%
75%
7584
7538
*75%
14
14%
14%
1384
14% 1484
14%
14%
13%
44
45%
45% 46%
45% 46%
45% 45%
45%
*103%
337b
34*8
97%
9712
—
75%
14%
14%
*75
19%
*90
35
♦103j8 100
31 %
Apr
Wednesday
Range Since Jan. 1
STOCKS
Sales
JVI
Saturday
Apr. 17
April 24, 1937
134
Mar
97
Mar
8
123
22% Apr
28
75
Jan 12
47
Dec
Oot
Sept
2% Feb
6% Deo
18% Deo
7% Feb
15% Mar
Sept
99
104
Nov
109% Aug
27b Jan
310% Oot
115
Oot
35% July
59
June
14% Deo
106% July
103
36%
67
Nov
Feb
Mar
4% Mar
32
Nov
18
Dec
59%
25%
115%
19%
39%
Deo
Mar
136
Feb
Nov
Nov
June
20% Mar
120% Nov
83% Deo
Jan 26
66
Jan
July
29% Nov
150
138
7
Apr 21
Jan
70
Nov
4
114
Mar
4
114
July
114
July
Jan 13
200
MarlO
128
Jan
7
13
July
Mar
19% Apr 21
9
23
10% Apr
25% Jan
15% Feb
1
3%
40
Mar
3
18
4
Apr 12
27% Feb
2
8% July
4% Jan
Ex-dlv.
y
Jan
Jan
104% Mar
22
Deo
15
Dee
32% Deo
297b Deo
Ex-rlghts. H Called for redemption.
Volume
LOW
AND
New York Stock Record—Continued—Page 8
144
HIGH
SALE PRICES—PER
Sales
SHARE, NOT PER CENT
STOCKS
NEW
for
Saturday
Friday
the
Apr. 21
Thursday
Apr. 22
Apr. 23
$ per share
$ per share
$ per share
Shares
3 per share
$ per share
$ per share
24%
32%
24%
32%
48
48
*37% 38%
*141% 144
*134% 138%
28
27%
10%
10%
15
*12%
4%
3%
95
99%
*80%
81%
*90
105
25
24%
174% 174%
*22% 22%
*30
30%
5%
5%
39% 39%
26% 26%
5%
8%
17*4
*6%
49*4
9784
*5
884
*63
25%
45
5%
8%
1784
6%
4934
98
5%
8*4
64%
25%
45%
57%
*90
25%
*90
105
26%
22%
23%
30
30
5%
39%
26%
39%
26%
5%
8%
1734
6%
49*4
97*g
*5
8%
64%
25%
45
105
25% 26*8
179*4 184
22% 23%
29% 29%
5*8
5%
39% 39%
26% 26%
5*8
5%
8%
17%
6%
534
8%
1784
4934
60
50
98
97%
98
5»4
83s
18
6%
5
5%
8%
6434
8%
6%
5%
834
65
25
25%
46%
>
65
25%
46%
4584
*90
115
*90
24% 25%
175% 175%
22%
2284
*29
*29
30
5%
173%
21% 22%
51
*50%
51
*87
96
*86
95
*534
*10%
1%
72*4
*13%
*75%
56%
*7%
6
12%
1»4
73%
14*4
83
*86
6
39
3984
*26*4
27%
5%
8%
17%
6%
49%
97%
5%
8%
18%
5%
8%
17%
558
8%
17%
6%
60%
49%
50
48%
98
97%
4%
8%
*6412
4*4
8%
834
66%
25
25
45%
46
95%
73%
14
14
84
*75%
84
57
57*8
73s
58%
57%
7%
58%
*18
19
18%
18%
30%
30
30
55
*51
*89
73%
*6%
*51
1%
58%
7%
58%
18%
30
53
,
17«4
29»4
63
6% preferred
Pao Western Oil
5%
*9%
5%
10%
1%
1%
74%
74
*13%
*75%
58%
*0%
*51
1484
84
5884
7%
58%
18%
29%
I884
29%
53
53
8
6%
434
8%
6«>8
*63
65
*61
*23%
45%
25
46
*23%
44%
56
55
12
45
Peoria A Eastern
400
100
*53
58%
7%
58%
18%
17%
29%
53
14
*12
14
*13%
14
14
15
*13%
*58
65
*58
73
*60
65
*58
65
17%
104
104
*2%
*22
3
24%
5%
5%
123
*110
40%
40%
*2
7%
2%
10%
*25%
2*4
28%
21%
25%
7%
2%
1034
25%
25%
25%
1684
33%
17
1634
17
16%
33%
34
35
104% 105
3
*2%
*103% 104%
3
*2%
*20
*18
24
23
6
6%
6%
*534
*112% 123
♦112% 123
42
42
42
42
*160
28
*20
25%
*66
68
*2
27%
*20
25%
7%
*2
*10l4
25
25%
67*4
152
♦111% 112
60
60
21%
213s
*140
*19%
41
28*4
28%
20*4
26%
19%
25%
*6*4
2%
10%
25*4
26
68
*140
41
m
•
«. -
m M
17
17
*34%
35
103
*2%
*20
104
3
23
*2
26
41
41
*160
*160
"2%
*20
2*8
10%
25%
25%
67*4
23
m
6
6
534
5%
*112% 123
*113% 123
*2
21%
25%
7%
152
35%
103% 105
2%
2%
28
234
28
63
63
61%
63% 63%
116
*115
117
*114% 117
44
42% 43%
43%
44%
103%
*10284 10384 103% 104
*118
119% *118
118% *118
128
*127
128
128
128%
*140
17
35
55
*2
"2%
29%
20*4
26%
29%
*20%
29%
21
26%
7
7
7
2%
10%
*2%
10%
26%
2%
IO84
26%
10%
2%
10%
26
26%
27
26
26
71%
71
26*4
26%
71%
62%
117
*25%
71
62%
115
63
115
634
*2
684
71%
261% 62%
115% 115%
42*4 43%
103% 103%
152
*140
152
*140
151
*111% 112
*111% 112
*111% 112
61
63
61%
62%
64% 262% 64
*111% 112
60%
.
2%
*20
41
40
40
47
♦45
47
*45
47
*45
47
*40
42
41
41
*40
44
40
40
*38
19%
10%
1034
*97%
*73%
934
*32
*10
17
109
109
110
102
102
102
*101
19
19
16%
10%
*98
74%
9%
32%
*74
9%
*25
16%
10%
10%
65
20*4
33%
23%
*25
20%
33%
23%
*58%
*3
3%
3%
*32%
9%
40%
*60
10
33
40
10%
*10%
3%
19
16%
10%
*98*4
72%
9%
73*4
32
40%
1634
10%
*98
75
32
19%
21%
33
10*4
63
31
20%
19%
16*4
10%
----
10%
62*4
*3%
22
21%
10934
102
213s
31
*25
21%
33%
2334
*33
20%
73*4
22%
110%
103
19%
16%
10%
73%
984
33%
40
10%
10
10%
65
64
64
3%
30
20%
33
*3
*25
20%
*32
3%
31
9%
*62
*3
40
984
65
3%
27
29
21
19%
33%
2534
33
20%
33%
*38
9*4
41%
*116
4158
119%
*107
108*4 *105
119
45
42
4I84
43%
119
119
107% *105
108
119
45%
*88
90
88
90
90
90%
137
137
139
137
*137% 139
94
*92
94
94
94
*92
2434 2434
*24% 25
24% 24%
*
♦
*
107
107%
1073a
"25" 25
"25% 25% "2434 25
51
51
50% 51%
51%
51%
44%
45%
45%
44%
.
.
42
4338
43%
11834 119%
II934 122%
106% 106% *107% 1088s
44% 45%
44% 46%
90
90
90% 90%
4284
984
180
80
2484
25
25
25%
24%
24%
1,300
107
*103
107% *107% 108*4
26
26%
26%
50
50%
50%
2,200
65
*60
*12
61%
13%
*60
13
*23%
*70%
25
25
*24
25
25
*24
25
*24
71
*23%
68%
*66% 70*4
68%
131
12934 12984 *125
*7
*7
7%
7%
56% 57%
57% 58%
4
4
384
3%
884
8%
884
8%
*15% 16%
16%
16%
*68%
70
3%
8%
*15%
16%
*15%
*31
37
♦
130
*7
31
8
57
3%
8*8
16%
31%
32
Bid and asked prices; no
32
11,200
1,100
*60
55%
*3%
8*8
600
94
*12
130
2,200
89
13
8%
16.600
103,500^
137
67
*31
36
sales on this day,
131
7
56*4
3*4
131
7
58
3%
12%
65%
*128
*684
56
*3%
8%
8%
*15%
16%
*16
*31
37
*31
884
{ In receivership,
100
14,000
61%
"
300
12%
25
60
—
.
.
Preferred
............100
Rels (Robt) A
1st preferred
Reliable Stores
Co .....No
par
...100
Corp...No par
Reliance Mfg Co........-.10
Remington-Rand
....I
Preferred with warrants..25
100
Beo Motor Car
...6
6% conv preferred...... 100
6 % conv prior pref ser A. 100
Revere Copper A Brass..
5
10
Class A
100
Preferred
5H% preferred........ 100
Reynolds Metals Co...No par
5H% conv pref
....100
Reynolds Spring new
.1
Reynolds (R J) Tob class B.10
Reynolds (R J) Tob class A.10
Rhine Westphalia El A Pow..
Rltter Dental Mfg
Ncf par
Roan Antelope Copper Mines
300
Ruber*dCo(Tbe)capbtkNo
8
100
Rutland RR 7% pref
.100
St Joseph Lead
.......10
par
57
11,900
4
2,400
2,400
{ St Louis-San Francisco.. 100
10
delivery,
7% Apr
13%
Deo
8
23% Dec
29
Deo
Jan
110
3% Jan
122
•
Oct
Feb 11
57%
Feb
8
Jan 21
Jan 20
Jan 25
113% Jan 25
72% Feb 4
Jan
6
24% Feb 3
II284 Feb 27
Jan
7
107
7
103
72% Apr 22
7% Mar 22
31
Apr 2
80
39% Apr
47
40% May
115*4 Dec
56
Dee
122%
4%
Jan
Jan
Jan
684 May
17% Oct
1%
39
Apr
103% Feb
113% Apr
128
Apr
146
Apr
112
36%
Jan
Jan
16
Aug
103
May
May
May
Oct
91%
9%
16%
9%
83%
68%
7
May
Jan
Apr
10% Apr 19
5
Jan
3684 Jan 11
28%
Jan
8
9% Jan
65% Oot
1% Apr
12% May
16
Aug
5
17% Aug
6
110
2
Jan
2
33% Jan 19
71
Jan 21
128% Jan
91
Apr
4
8
2484 Apr 19
107
Mar
1
Ma
Apr
Mar
Nov
Oot
14% Jan
108% June
80
July
10% Nov
38*8 Nov
Oot
Deo
81
99
24%
133*4
117%
20%
19%
Nov
94% Jan 30
4
Jan 19
Apr
47
30
4
109
July
09% Deo
50*4
8
4'
144% July
164
114
50
5
Jan
130
July
July
Jan
Mar
5
113
Jan
35% Mar 31
29% Mar 9
27% Jan
Feb
50% Nov
Jan
4% Mar
2
Jan
Deo'
Deo
Deo
39
35%
22% Feb
21% Jan
80% Jan
Deo"
37
18% Mar 25
100
Dec!
Jan 11
49
31% Apr 13
Feb
Deo,
Dec'
4384 Jan 8
13% Jan 16
83
Jan 20
2
Apr 6
Apr 14
9% Apr 22
6234 Apr 17
2% Feb 19
23
9% At>r
112% Nov
41% Apr
167
July
Oct
12
Jan 15
Mar
Deo
Feb
Deo
Mar
Feb 15
Jan
Deo
48$ Dee
30%
384
27*4
26%
29%
11%
3*4
13%
28%
28%
73%
1% Apr
11% Jan
20
May
2334 Feb 25
18% Jan 21
1284 Mar 6
18% Jan 2
16
Apr 8
10
Apr 23
Feb 18
9% Feb 18
^
^
47% Mar
11*
124
Apr 23
110% Mar 10
49% Apr 14
98
Apr 14
139
Apr 17
9584 Jan 26
30% Jan 14
112
Jan
8
Deo
99% Sept
4% July
18% Apt
May
78% May
10
Apr
77
24% June
Apr
16*4
100
Jan
Deo
4% Deo
31
Deo
24% Nov
25
Nov
90% Nov
Apr
8% Mar
114
29% Dec
128
Deo
104%
Ott
39*4 Deo
79% Deo
138
Oct
Deo
98
Nov
22% May
105
Apr
34
Feb
117
Jan
90
92
24% Mar 19
50
Apr 22
34% Jan 22
25
July
36% Nov
58
60
67
Jan 26
80% Nov
65% Feb
14
Feb 23
Apr
58% Sept
8*4 Nov
19% Feb
32
75*4 Deo
12
24
Apr 7
Apr 17
Apr 8
65% Apr 23
140
65
9% Jan
4
3
11
x Ex-dlv.
Jan 27
4
8
4
86% Mar 10
4
Jan
Jan
31% Feb
6% Apr 3
43% Jan 29
117
28% Jan
r Cash sale,
17*4
112%
128%
140%
162%
19% Feb 26
..100
New stock,
Feb 10
99
{ St LouIbSouthwestern... 100
Preferred
—.100
n
July
Apr 14
Feb 4
Jan 22
Jan 22
Jan 20
Feb 11
108
2
preferred..—
167
Jan 12
65% Jan 15
7
Jan
ist
Jan
Apr 22
118% Jan 4
5284 Jan 21
MarlO
Jan
Oct
Jan
21
86
Mar 24
103
2%
58%
31
114% Mar 25
42% Apr 23
100% Mar 23
118% Apr 21
12734 Apr 2
Apr
Feb 16
June
3
Apr 14
55% Jan 4
58
1% May
14
29%
21%
33%
11%
3%
15%
31%
66
111
Jan 12
167
17
22
5
9
22
20
8
9
9
152
49
Jan 12
8% Feb 1
137% Jan 30
47% Mar 5
2
107% Jan 4
31% Jan 7
167
Feb 16
2% Feb
24% Mar
18% Feb
24% Apr
G34 Apr
2% Apr
10
Apr
23% Apr
24
Apr
Mar 10
4
28
'
Republio Steel Corp._.No par
136*4
g Def.
8
Mar
40
""566
30
Mar
43
45
60
........50
Real Silk Hosiery
5
65%
8%
16%
37
20
13% Jan
preferred
1st
Oct
2
2434 Jan 27
100
Apr 15
2% Apr 21
20% Feb 8
2d preferred
Rensselaer A Bar RR Co
94
*12%
55%
4%
8%
600
89
*60
130
17,400
137
13
*7
700
94
67
65
200
2,800
19%
32%
137
*60
*120
1,000
29
*12%
*23%
*68%
50
No par
Reading
-
*27
12
72
600
40
67
5
33.50 conv 1st pref..No par
400
12
..1
1st pref
(The)....
No par
8% conv preferred......100
6% preferred..........100
Purity Bakeries
...No par
Quaker State Oil Ret Corp..10
Radio Corp of Amer...No par
200
3
*62
No par
{ Radio-Keith-Orph ...No par
*92
50
No par
Raybestos Manhattan.No par
137
26%
100
700
94
51
25
...
Preferred B
137
26
.1
100
1,600
49,000
94
25%
50%
100
«»
Pure Oil
1,900
62,600
137
107
Deo
May
Pullman Ino......—No par
400
65
4084 42%
123% 124
107% 108
43% 44%
77
No par
6% preferred..........100
7% preferred..
....100
8% preferred
....100
Pub Ser El A Gas pf 15.N# par
1,200
3,400
7% June
35% Apr
160
$5 preferred
40,500
56
18% Jan 2
76% Jan 22
187
5% pf (ser of Feb 1 *20).100
9,200
27% Dec
49*4 Deo
Deo
18% Deo
37% Jan
62% Aug
18% Deo
Feb
Pub Serv Corp of N J—No par
300
9
2
Jan
Mar
160
300
Feb 17
Jab
Feb
8
Jan 18
1334 Apr
50
Deo
84
176
7,000
700
4
Jan 20
Jan 13
Apr 5
7
Procter A Gamble.—-No par
6,700
4
Nov
Mar
52%
11%
Jan
6% conv 2d pref...
1,800
9%
74%
2084
33%
Mar 13
16
88
38% Jan
6% July
70
July
59% Apr
4
6% Mar 20
Mar
7*4 Apr
May
190
{Postal Tel A Cable 7% pf. 100
conv
49% Jan
66
68
174% Apr 23
100
Pressed Steel Car Co Ino
6%
Jan
155
Class B__
1,100
87%
Mar
16% Mar
3% Jan
IOI84 July
Jan 18
Poor & Co class B
10,600
2,200
6
Mar
Oct
12
175
Porto Rio-Am Tob cl a .No par
200
Jan 1»
75
54% Aug
102%
Apr 12
Preferred
—
3% Feb
84% Feb'25
20
56*4 Deo
Jan
165
1,300
1,400
—
25%
45% Jan
81% Jan
3% Jan
8% Jan
1% July
Deo
Chicago.—100
Pond Creek Pocahon..No par
—
7
4
19% Mar
Feb 16
400
-
Apr
18%
10% June
Jan 12
13% Jan
Nov
12% June
11
19
15
10
54% Jan 14
100% Jan
7% Feb
14
112
60
19,500
3
19%
100
8
46% Aug
...100
Pittsburgh United
—
*62
32
16% Jan
28% Jan
Pittsburgh A West Va
100
Pitts Young A Ash 7% pf-100
Pittston Co (The)
No par
Plymouth Oil Co
5
40
33%
24% 25
2484 2534
24%
22%
24% 25
*83
85
*83
84
84
84
85
*84%
84% 85
*83% 85
105
*103
105
*103
105% *100
105
105% *103
*103% 105% *100
7%
7%
7%
7%
7%
7%
7%
734
7%
7%
73$
7%
41%
—
250
63
*40
*45
18%
*16%
21%
109
100
25
Corp
6% preferred mm*"*** 'm
152
21
21% 22%
21%
109% 110
109% 109%
102
102% *101
102%
18*4 19%
18%
18%
17
17%
1784
17%
10
10% 10«4
10%
*98%
*98%
72% 73
72% 72%
8%
9%
8%
9%
32
32% 32%
32%
40
40%
40% 40%
*45
47
46% *45
110% 110%
102
102
58
7% cum pref
Pitts Term Coal
*111% 112
61
100
No par
Pittsburgh Steel Co—.No par
1,900
40
*2% "2%
28% 29%
*1984 2084
25%
25*4
684
6%
*2%
2%
10%
10%
2484 26
24% 24%
69% 69%
6134
62%
*115% 117
*140
70
50
Plttsb Screw A Bolt—No par
-—.—
5%
5%
*113% 123
40
Apr 12
Apr 15
Apr 2
Feb 27
Preferred
200
2%
23
10% Apr
ij6 Apr 23
47% Apr 8
88%
5%
9%
1%
Preferred
440
102*4 105
21% Mar
13% Feb
% Apr
59% Mar
17U Jan
Apr
Pirelli.Co of Italy "Am shares'
4,800
1,200
35
43% 4384
42% 43
102
103% *103% 104
103%
119
119
118% 118% 118%
118% 118%
128% 128% 128% *126% 128% *126% 128%
43%
par
Pittsburgh Coal of Pa
*160
"¥%
26
34
Oot
Feb
Deo
Plllsbury Flour Mills
50
7%
Nov
5
50
Pitts Ft W a
174% 174%
16%
1634
58
90
Pierce Oil Corp pref
*160
Mar
31
Jan
10
Phillips Jones Corp
No par
7% preferred
.—..100
Phillips Petroleum.....No par
Phoenix Hosiery—.........5
MM
6
48% Mar
Jan
140
—
17
4
Jan
100
14%
65
Jan
5
16
Phillip Morris A Co Ltd
53
*13
Apr
4
4
34
66
Preferred
29%
38
65% Feb
4812 Jan
418 Jan
Oot
69% Nov
II684 June
Jan 11
Phlla A Read O AI
2,600
1,100
Feb
Mar
Deo
Jan
1,900
100
30
110
45
Jan
3,000
20,900
9
74
27*4 July
25
7% preferred
84
June
Feb
87
95
200
17
28% Apr
73
112% Nov
6% Jan
10% Mar
91
*89%
*5%
9%
1%
74%
14%
*75%
5634
*6%
210
Mar
3% June
4% Jan
28*4 Jan
Apr 22
Philadelphia Co 6% pref...50
*6 preferred...
No par
{ Phi la Rapid Tran Co.. —50
984
1%
69
Apr 19
Mar 25
Rights--
200
9
10
Apr
11% Apr
17% Nov
3*4 Deo
76
Corp of Am
Pfelffer Brewing Co...No
•
Jan
81
Phelps-Dodge Corp........25
6
4%
6% June
10% May
1% Jan
60
Aug
21
Petroleum
3,600
Mar
5% Jan
47% Mar
32% Nov
100
Pet Milk
100
63
Deo
2% July
40*4 May
Apr
11684 Jan 27
4934 Jan 14
Deo
22*4 Deo
37% Deo
23
10384 Mar 8
638 Jan 23
12% Feb 2
76% Feb 1
2934 Feb 10
50% Mar 17
11212 Apr 12
25
174
8% Aug
17% Jan
No par
Preferred
100
Jan
June
Deo
July
23% Deo
13% Oot
20% Jan
4% Apr
74% Apr
97% Feb
109% Deo
25% Apr
64% Jan
300
*53
34
....100
Pere Marquette..........100
Prior preferred
....100
20,300
*60
17%
...100
People's G L A O (Chlo)...100
1,600
64
Jan
488 Mar 25
7h Jan
Jan 13
Peoples Drug Stores ...No par
July
7% Aug
59
7% Jan 14
10% Jan 5
23% Mar 11
7% Feb 18
Jan
51*4
*51
103
34% Jan 5
8% Feb 25
4434 Feb 3
29% Feb 3
3984 Jan
Preferred
75%
14%
109% Mar 18
2884 Jan 28
200% Jan 28
26% Jan 28
4812 Apr 23
22
Jan
Jan
Apr
5
2
64
50
152
18%
4
100
Preferred series A
200
»
3% Jan
Jan
Apr
6% .Jan
12% Aug
1%
58*4 July
47% Deo
153
67
53$ Mar 24
9
97
11*4
39% Nov
41
July
Jan
MarlO
Mar 13
Pennsylvania RR_...
50%
14%
66%
*33
No par
*50
5838
7%
58%
18%
29%
38
247$ Jan
Penn G1 Sand Corp v t o No par
300
1,300
21,300
55
*174
Corp..............3
Penney (J C)
No par
Penn Coal A Coke Corp
10
Penn-Dlxle Cement...No par
18,600
79
*13
*174
No par
2.50
Parmelee Transporta'n.No par
2,400
332
84
18%
29%
*171
Parker Rust Proof Co
1,000
10%
1*4
57%
*6%
*168
1
Parke Davis & Co
95
*51
*169
......1
Park Utah C M
2,600
14%
140
90
2012 Apr 23
2812 Mar 22
414 Jan 6
Penlck A Ford
19%
10%
74
2
17% Jan 20
4% Jan 25
102% Apr 20
Jan 25
Peerless
19
1%
*160
Ino
50%
74
Jan
2984 Apr 6
12% Feb 18
Mar 22
1,300
4,000
1034
*13%
*75%
118
149
Mar 30
2,100
83
53%
4
784 Apr
21
9%
*160
Park-Tilford
22 >4
161
141$ Feb
21
9%
*159
105
1
No par
*73%
6
*158
100
Jan
6
1st preferred........... 100
2d preferred
..10
14% May
162
6
Jan
Paramount Pictures ino
12
*53
*60
Jan
76
Patbe Film Corp
*80
6
*158
60
30
30*4 Jan
44*4 Dec
Jan 12
53% Jan 14
44% Jan 9
2*4 Jan 12
No par
Dec
3284 Jan 14
22U Jan
10% Jan
113* Mar 22
Highest
$ per share $ per share
38
Apr 16
30*2 Apr 23
4312 Mar 24
3434 Mar 22
140
Apr 8
13812 Apr
Patina. Mines A EnterprNo Par
20
50%
*89%
24
Paratfine Co Ino
2,600
45
%«
50%
S per share
5,800
76
hi
$ per share
3,100
83
22%
No par
4% conv preferred.
51
*9%
100
Corp......10
Highest
{Panhandle Prod A ReWo par
8% cony preferred
100
114%
*43
100
Packard Motor Car
200
55
114% *113
50
51%
No par
Pan-Amer Petrol A Transp—5
17,500
1,870
434
8%
63%
2434
45%
95
15
10
5%
8%
17%
6%
5%
17%
No par
Paoifio Telep & Teleg
5.30Q
38.300
98%
5
98%
4%
8%
6%
Paolflo Ltg Corp
Pacific Mills
100
49
98
51
73
12%
1*4
*50
30%
700
24% 127,700
2.800
170*4
20% 2134 15,400
*29
600
2984
8,900
5%
5%
2,300
38*4 38*4
26
1,100
26%
40
*50%
5%
10%
53$
Paolflo Finance Corn (Cal).lO
Paoifio Gas a Electric
25
2,100
1,800
2234
26%
5%
Par
162
5%
39%
60%
5%
9%
1%
*5%
*10%
1%
72*4
*13%
*75%
56%
7%
50%
30
Year 1936
Lowest
Lowest
115
*90
26%
*113
*50%
25
24%
56
55
55
*53
56
*55
*54%
114% *113
114% *113
114% *113
114% *113
52
52
51
51% 52%
51%
51%
*51% 52%
12
13
*10
*10
*11
12%
*9% 12% *10%
45
*43
45
45
45
45
45% 45% *43
*
75
76 '
76
*60
77
*72% 77
*75%
83
*81
~81~ 81
*81
*81
84
*81
83%
*21
*21
*21
*21
*21
22%
22%
22%
22%
20
20
20
19%
20%
19%
19%
19% 19*8
11
11
11
11
10%
10*4
10%
10*4
11%
3
S32
32
%
332
*32
%
%
%
%
51% 52%
51%
51*4 52%
52% 53%
51%
51*4
*55
115
170
Range for Previous
1
EXCHANGE
6,900
25
25
26%
*2384 2684 *23% 25
26%
20% 26%
32
32%
31% 31*4
30% 31%
30% 30%
30*4 31%
48
ar47% 47%
47*8 47%
48%
4734 48%
46% 47%
*3784 39
*37% 39
38% 39%
37% 38%
38% 39
*142
144
144
142
*141*4 144
*141% 144
144% 142
*134% 138% *134% 138% 138% 138% *134% 138% *134% 138%
26
2684 27%
25% 26%
27% 27%
273a 2784
27%
10%
10%
10%
10%
IO84
10% 10%
10% 10*8
10%
14
13
15
*12%
♦12% 15
*12%
*123$ 14%
*12%
334
3%
3%
3%
3%
3%
3%
3%
3%
3%
97
97
95
93
96%
97*4 100
99*4 102%
101%
81
82
80
80
*80
*80
7984 7934
*7934 81
175% 183%
Range Since Jan
On Basis of 100-Share Lots
YORK STOCK
Week
Tuesday
Apr. 20
Wednesday
Apr. 17
Monday
Apr. 19
2785
Mar 19
934 Feb 19
Mar 11
48i Mar 17
11% Feb 25
20*4 Mar 5
37% Mar 11
y Ex-rights.
50
Jan
74*4 Apr
6% June
22
July
1%. Jan
13%
35
119
10%
Jan
Mar
Dee
Feb
Deo
3% Mar
50%
6*4 Deo
2%
Jan
7%
Jan
15
Oct
Jan
37
Oot
18
H Called for redemption.
New York Stock Record—Continued—Page 9
2786
SALE PRICES—PER
AND HIGH
SHARE,
Range Since Jan.
Sales
NOT PER CENT
STOCKS
for
LOW
NEW YORK STOCK
EXCHANGE
Monday
Tuesday
Wednesday
the
Apr. 17
Apr. 19
Apr. 21
Thursday
Apr. 22
Friday
Apr. 20
Apr. 23
I per share
$ per share
I per share
$ per share
9 per share
$ per share
Shares
39%
102
395g
39>2
*100
102
3938
3984
102
102
*108*4
*108*4 111
110i2 ♦1103s 11058 *110%
*23
24
♦2378
24
45%
455s
4634
47
97*2
*96*2
97*2
97%
2*4
2*4
2*4
214
19
18*2
*1834
1984
41
41
40%
41*2
*108% 110
110>2
*22U
*4684
*96i2
2 >4
19
41
3,200
39*4
39*2
39*4
40
39*4
39*2
102
102l2 102*2
*102*8 104
102*8 102*8
110
*108*4 110
*108*4 110
*108*4 110
1103s 1103s
110*2 1105s
11058
1103s 1105s
*22
22
22
24
2334
2334
23%
45
46
45*4
44%
4584
4534
4538
*96
97
97
9634
97
9734
97*2
2*4
2*4
2*8
2*8
' 2*4
2*8
2*4
*18
18
18
2038
19*4
19*4
18*2
41
41
41
40*2 41
4058 41*4
393s
170
"""150
400
4,800
1.300
2,800
400
460
Safeway Stores..---..No par
5% preferred...
6% preferred
7% preferred
Savage Arras Corp
No
Schenley Distillers Corp...
6H% preferred
fSohuIte Ketall Stores
100
100
100
pa.
.5
100
1
49U
*8%
89i4
89%
29
29
147s
1478
1434
36%
36'4
36
*104
1%
6%
6034
9%
*104
109
10%
10*8
*58i2
40
*58%
40
40
31
31%
61
62
4*
4I8
57% 58
♦99% 100*
♦168
175
*105
100
106*
170
303s
30
15
14%
15
1478
3738
6*4
49*2
884
89*2
90«a
29
15
36*4
109
134
7
50%
60*4
834
834
6*4
49
9*8
89
36*4
37*8
37*2
3758
*108
115
*104-% 112
11
10*2
*58*2
60%
40
40
3034
31*2
10%
10%
1034
10*2
60%
60
31
31%
104*4 104%
15
14%
31*4
14%
100*4 *100
171
170
1434
51%
50
4
4*8
59
5934
100
100%
170
170
52
4*4
60*2
100
170
170
170
♦110
*147
149
27
27
*147
149
*147
*147
149
*147
149
149
28
4
34
9
Jan
5
17% Feb 10
42% Mar 10
*106*2 109
100
...No par
102
Jan
5
120
Jan
4
14
59% Apr 10
37% Mar 12
26% Jan 29
61
*40
a
40%
31
30%
103*4 104
14*2
14%
61*4
50%
334
334
56
100
170
3,600
1034
10*2
*59%
68*4
100
170,
147
147*2
26%
,
100
50
6,300
2,600
5,500
2,800
simms
8,000
900
390
100
*9%
70
101% *100
al00% 100*2 *100
7
7
6%
6%
7*4
♦100
7
10
74%
7
*24*2
*82
*24*2
*82
89%
*31%
19%
32
19%
19%
19%
*32
32%
32%
32%
32
32*4
*9%
10
""260
74%
20
101% *100*2 101*2 *100% 101%
7
7%
7*4
7%
7*4
3,500
*70
210
300
25
24
92
*83
90
*83
90
34%
*33
34
33
33
""260
20
19%
31*2
48*2
19%
10,300
31%
1,200
48%
70
16,800
20%
2334
2334
*48
49
*48
24%
24l2
*41
42i4
14%
143g
126
126
126
'
"»
46*2
4634
*
47*
46*2
46%
4678
31*8
69
*41
42
3%
*
*3*4
47
46%
46%
"68%
"68%
69*2
41
41
41
68
68
19%
ii? 16*4
*70*2
25%
6884
19%
♦15*4
2538
16%
*15*4
*25
19%
*15%
25*2
67*8
183s
16%
16%
*71
*122*4
*47*2
6*4
50
*40
41
63
6%
26
10%
26%
53%
53%
*53
60%
60*2
33g
60
934
10%
3%
*3*4
47%
4634
7134
6%
15%
*15*4
20%
15*2
15%
2634
2534
16%
16%
1784
17
71
41%
39*4
17%
26
40*2
*37%
*17%
25%
33
1938
1438
19%
14%
14*2
14%
1434
12%
12%
53*2
12%
12%
14%
*12%
42*
65
5334
13%
6334
44
834
39%
15%
3934
3934
15%
15*4
*62*2
*10%
♦87%
19%
25*2
6%
*2634
1834
23%
23%
7
28%
*105
106*
11
11*
*21%
23
105
1034
*21%
39%
49%
*1134
*4
80
4*8
*88
86
99
99*2
2638
26*4
*14484 14578
9234
9284
a28*4 28*4
283s 28*2
*
65%
64
8%
8*4
834
*78
21%
86
85%
99%
9834
26%
26%
14534 146*2
0234
9234
89
10%
26*4
6%
18%
23%
62%
63
15%
1534
26%
*78
79*2
22%
21%
4
4
19
24%
10%
*5
*10%
2534
6%
*26%
1834
23*2
.62%
*.15%
88
8634
87*4
11*4
""306
884 Jan
No par
pref..—No par
—No par
The Fair
24% Apr
Jan
Jan
30% Deo
15% Oot
91
Mar
9%
118
Jan
125
Nov
27
Jan
60
Dec
4% Jan
5
7% Mar
47% Mar 11
3
Jan
Jan 27
Jan
25*8 Jan 5
30*2 Feb 26
I884 Jan 4
14
Apr 7
12% Apr 19
6384 Apr 16
6% Apr 21
11% Jan
2
50% Jan 18
125
39%
20*s
28%
33%
2384
Jan 25
8% Jan 12
15% Mar 3
65% Apr 22
16% Deo
6*4 May
6
Nov
Mar 30
33
Jan
8% Dec
44>4 Nov
16% Feb
16% Jan 22
15% Jan 28
6
7*2 Jan
9% June
28
Apr
48% Nov
64
Jan 13
59
Mar
63%
13%
8%
15%
28%
10%
40>4
21%
Feb
Jan
Mar
Feb
Jan
Jan
16
Nov
Oot
110
Feb
8% May
3% Jan
8% Jan
24% Jan
4%
26
Jan
27%
11
Jan
Apr
Apr
Jan 11
Jan 22
14%
Jan
27% Apr
22% Deo
8
7%
15%
18,200
TransamerlcaCorp....No par
15% Apr
17% Feb
3
4,500
Transcont A West'n Air Ino. 5
900
Transue A Williams St'f No par
16% Apr 23
19% Jan 13
8% Apr 23
12
32% July
8% Mar
39% Feb
21% Deo
12%
15%
7
Jan
Apr
12% Mar
9*2 Feb
13% Nov
14>4
Feb
28% Feb 11
22%
27%
11%
109%
Oot
884 June
85
1534
8% Jan 11
21% Feb 27
July
33%
56
104% Apr
14% Mar
49
Feb 19
4
3
Jan
48
Feb
4
Deo
Apr 10
79
Jan
Jan
9% Mar 15
61% Apr 23
22
9%
13
1
18% Apr 18
12% Nov
65% Deo
4
3
13
5
11
25
25
4
Apr 21
Nov
Jan
13% Mar
Apr 21
Apr
Apr
15
Apr
93% Jan
Mar 23
Deo
Oot
6%
28%
85
5
37%
Jan
8
54% Mar
10
Jan
3
44
10
42%
28%
20%
1584 Jan
67% Feb
684 Mar
13*2 Nov
26% Nov
35% Jan
20% Dec
8
Mar 31
Jan 20
17% Jan 21
Mar
44
6
23
6%
38% Apr 23
13% Jan 4
11% Jan 4
43% Jan 28
37% Jan 4
62
?eb 9
10% Apr 13
Apr
9% July
Jan 20
43*2 Apr 16
7% Jan 15
Mar
Jan 21
Mar
3
18,100
4,500
20th Cen Fox Film CorpN# par
33% Feb 24
8
40% Mar 13
No par
42% Jan 13
50
400
Twin City Rap Trans..No par
Preferred
100
11% Apr
9
17% Jan 22
74
8
94
Jan 20
25
60
Truscon Steel
Preferred
Apr
Under Elliott Fisher Co No par
86%
1,700
Union Bag A Pap Corp No par
63
97
99%
25%
26
147*2
10,000
9,800
4,300
93
93*2
91*4
93%
91%
91%
1,400
28
28
28
29%
28%
28%
1,100
14,800
t In receivership, a Def. delivery,
1
Twin Coach Co
UlenACo..
.No par
Union Carbide A Carb.No par
Union Oil California...
100
Union Pacific
100
Preferred
Union Tank Car
United Aircraft Corp
n New stock, r
25
No par
—.5
Feb 17
97
Apr 23
24% Mar 22
126% Jan 4
91% Apr 22
26% Jan 5
27% Apr 9
26% Mar
10% May
93
4%
Jan
12
Jan
110
Jan
7% Apr
22% June
Deo
74% Nov
18% Nov
Feb
Oct
9% Nov
28
Dec
Mar 29
100
1,800
this day,
Oct
Apr
Dec
14%
Timken Roller Bearing.No par
144
Dec
78*| Nov
70
Feb 17
Tidewater Assoc Oil...——10
148
70%
40»4
Jan
77% Jan 11
20
27,900
10,200
4,800
26*4
Deo
4
1,600
28%
56% Jan
24'4 May
Feb
48% Dec
31
3
2
3%
2f
17% Jan 20
33% Jan 9
Jan
Mar
Jan
87
29%
47%
25
61% Feb
8884
28%
Aug
9
19*2
100
Deo
Jan
384
23%
6234
2,700
72%
Feb
18%
No par
No par
10
Dec
2
23%
61*4
6% preferred
62
26%
7
Feb
27% Deo
Jan 11
72% Jan
19
Truax Traer Coal
Jan
9%
Apr
Apr
Jan 12
Feb
13% Mar
Apr
8
86
28
65
6%
9*2
2484
Apr
3%
87%
28%
129
9*2 July
63*4
3%
28
Jan
120%
16%
8684
28
109% Nov
43*4 Nov
18% Nov
Feb 11
88
28
Apr
Apr
21
85
28
Mar
21%
14%
24%
100
Nov
99
4
15% Apr 22
8734
2834
Jan 22
48% Mar 8
16% Jan 20
128*2 Feb 8
12% Jan 22
14% Mar 8
32% Mar 8
65
Apr 23
Apr 23
Trl-Contlnental Corp.-No par
24% Aug
37
28% Feb 11
112
9
Mar 22
11,700
Oot
Jan
53% Mar
5
6
10
Oot
92%
3684
Jao
Jan 29
23
Tlmken Detroit Axle..
984 Mar
27
44
Mar
88*4
28%
73% June
2984 May
16% Apr
13% Jan
Mar
20% Apr 23
3% Apr 23
85% Mar 23
147
Jan
75
24
4,200
148
Apr
48
Thompson Prods Ino..No par
Thompson-Starrett Co-No par
S3.50 cum pref......No par
76
26%
114% Nov
684
6%
76
25
21%
3%
101% Mar
67% Apr 23
Thompson (J R)
76
4
Oct
63% June
11% Nov
82
Oot
34*2 Jan 2
Mar 15
Third Avenue..
300
69
65
400
6,500
Dec
Jan
684 July
32%
1,400
3,800
54%
34
35
10,100
25
26% Dec
Jan
Jan 25
5%
6
Apr
19
Feb 19
10%
26%
6%
24
Mar
32*2 July
47% Oct
Feb
10%
634
160
Jan
32
7
4
July
7% Feb
35% Aug
Feb
60
17*4 Jan
114
25
50
*10%
25%
Thermold Co—
Jan 18
Apr
23*2
12>4
2
11*4
26%
Preferred
Mar
3% July
Jan 11
31
Sept
12*2 May
443s Mar 24
43*4 Jan
8934
20*4
28
Mar 22
8% Mar 23
5%
78
28
Bid and asked prices; no sales on
124
10*2
22%
99
147
Jan 14
40*8 Apr 22
14
Apr 21
*87*4
2134
25%
.
xl06
10%
584
78
26
26%
50
100
1
....100
27%
2384 Jan 12
5
34% Apr
90
80
9934 100*2
148
Texas
S3.60 conv
65
22%
26
93
Co No par
Gulf Sulphur...No par
Pacific Coal A Oil—10
Pacific Land Trust—.1
A Pacific Ry Co
100
Thatcher Mfg....
28*2
93
receipts
Texas
6%
146
1st paid
Texas Gulf Produc g
500
*26*4
89%
85
12,500
5
25
Texas Corp (The)
700
9934101
>
Tennessee Corp
*403s
*62%
28*2
4
Telautograph Corp—......6
*46
11*4
88*4
4
90
1,500
6,300
72.000
4184
10
7
-9
50
preferred
49
17%
78
6H%
41
*10%
9
4
2
22% Jan 26
13*4 Jan
25
49
11*4
8934
Apr
22% Apr
No par
Ltd
Texas
65
19
28*2 Jan
4634 Apr
8
Texas
11*4
2
2
8,500
89
Jan
13
11,600
8,500
*62%
36
32% Jan
15%
11*4
31*2 Mar 10
Sweets Co of Amer (The)—.60
3834
65
2
300
14%
12%
13*2
Feb
Feb 10
38*4
49*4
42*2
94
46
15%
1334
Jan 27
119
39*2
i
92
2,700
500
*4184
9
♦21
2234
4
7
13%
16%
17*4
17%
17%
17%
17*4
1784
2034
20%
21%
2134
*20%
2184
2I84
9
8%
9%
9*2
9%
9*8
9%
9*4
105
♦104*4 106% *104% 106% ♦104*4 106% *104*4 106
11
11
1034
IO84
10%
1034
10%
10%
10%
22
*18
22
23
23
*21%
21*4 *21%
21*4
39%
38*4
39%
39
39%
3834
40%
39*4
40%
4834
*47%
49%
49*2
50
49% 49%
4934
49*2
13
1134
11%
1234
13
*1184
13
*1184
*1134
78
88%
7
1234
61%
Feb 26
37
3,000
Mar 6
Jan 20
Mar 16
Mar 17
104% Jan 7
9% Jan 28
31
Superior Oil
—
1
Superior Steel
—...100
Sutherland Paper Co
10
13,500
60%
66*8
11%
77%
8
1
Without warrants
13%
*43%
Jan
Jan
100
Preferred
Talcott Inc (James)
6%
13*2
Mar 22
6% Apr 19
Superheater Co (The)—No par
110
64
jt
155
23
Mar 23
1,200
65
5
68
3,900
9%
22*2
,*76*2
700
58% Feb
No par
Sun Oil
14%
5334
12*4
15%
17%
200
2
No par
Studebaker Corp (The)
13%
13%
5*4
19*4
23%
62%
20%
400
1
Stokely Bros A Co Ino
Stone A Webster
5484
5334
5
15%
33,900
10
5
Stewart-Warner
15*4
13*4
10%
62%
Standard Oil of New Jersey.25
Swift A Co
5%
26
10
Sterling Products Inc..
38*2
10%
16
Indiana...25
1534
8934
6234
Oil of Calif.. -No par
Standard OH of
40
*62%
11*4
*87*4
11*4
1584
Standard
Symington-Gould Corp ww-.l
9
20% Apr 21
4
Starrett Co (The) L S..No par
400
6
Feb
100
64
Jan
55it Jan
9
97%
8
113% Feb
2% Feb 26
Swift Internet
45*8
30*2 Dec
17% Nov
6784 Apr 23
5,100
7%
21
No par
$7 cum prior pref
2,000
7
Jan
29% Feb 15
Stand Investing Corp. .No par
4,400
14%
72
684
47%
150
Apr 23
19%
12%
Nov
40% June
48%
2
53
33
*50
85
54*2 Jan 11
40% Feb 16
Mar
Jan
26
24
19%
13
132
120
1934
14%
*3% June
19*2 Jan
42% Jan 12
No par
Prefer red
300
2,100
8,000
1434
Dec
Mar 16
4% Apr 21
4
47% Jan 29
Dec
127% Nov
Sept
68
110
Mar 29
Jan
Dec
884 July
6
6% Feb 26
$6 cum prior pref....No par
15%
65
1
No par
32"000
21,800
13
Jan
102
28%
Jan
Oot
Jan
Dec
Apr
17% Mar 11
4
4
Apr 23
39%
40%
1534
61%
Comm Tobacco
Stand Ga» A El Co
32*2
1334
25%
No par
Preferred
Stand
20*4
43
5%
♦11*4
No par
Standard Brands
33
49
89
Spang Chalfant A Co Inc pf 100
Spark* Withlngton
No par
Spear A Co..
.....——1
$5 60 preferred
No par
Spencer Kellogg A 8ons No par
Sperry Corp (The) v t e
1
Splcer Mfg Co
...No par
Conv preferred A
No par
Spiegel Ino
2
preferred—....100
Square D Co class B———-1
19*4
13
*62%
*10%
*87*4
10%
Spalding (A G) A Broa.No par
1st preferred
IOC
Standard 011 of Kansas
20*8
15*2
2634
...100
Preferred
33
49
11*4
141
100
25%
14%
4% Jan
...100
Preferred
25%
*42
65
67*4
600
25%
25*4
17%
16%
17%
71
71%
*69%
124% *122% 124
47%
48*2 *45
6
6*4
6%
38
40
41%
37
38
37%
18
*17%
17%
26
2534
25%
19*4
Apr
37*2 Apr 8
30% Apr 10
21% Apr 8
16U Jan 15
110
Mar 18
34
33%
19%
14%
12%
53%
42
12*4
9%
*17%
13%
*11%
25%
6%
♦26*2
18%
22%
17%
18
49
12
25*
20*2
37%
37%
42
*11*4
*2434
9*
40
13
5%
22
6%
41
49
10%
♦208s
9*8
48*2
13
5*2
63
64*4
*44%
834
9
122%
49*2
43%
10%
62*4
6%
64%
44
834
53
7
53%
7*4
13*4
44
534
67a
5334
7
13%
63%
8%
43%
20
19%
15%
25*2
19%
42*4
*62*2
31%
15%
33
13
*
25%
19%
*46
10,000
43
33
49
18,600
46%
31%
69%
19%
*45
46*2
66*2
33
40
45%
46%
"67%
2534
63
47%
47*4
*40
19%
*43*2
46%
46*2
6834
2034
33
83
59*4
3*4
70%
25*2
884
3934
5784
3*4
1,300
3*4
19%
13*4
60%
200
3*4
41%
38
7%
53
68
3234
*7
25%
53
41%
2534
*13%
24
55
"68%
17%
25%
C53*2
600
11,200
5,800
68%
41
240
9%
43
68*4
32,200
10*4
"68%
1734
55
9*4
125
*40
69
17%
*7
*9
41
38
13
125
69%
*
17*2
*12*2
*5384
125%
9%
14
47%
47%
31%
70%
47*2
47%
4034
3834
*36*8
900
40*2
14
14%
125*4 126%
934
934
10*4
10%
25%
26%
40%
*71
7134
71%
7134
125
123% 123*2 *124
48
48
47*4
48*2
6%
6*4
6*2
6%
15%
122% 123%
50
♦47*2
40
350
40*8
14%
125
31%
31%
25%
95*2
14
,
46%'
24%
*39%
14%
60
6034
*3U
2534
41%
14%
60
60%
m
25*4
2534
41
55
9%
1034
48
25%
*53
31,
"6834
126
33
48
41
26
628^
3*4
14%
19%
31%
49
25%
*53*2
56
*61
40%
14%
4134
55
10*2
*53*a
25%
*48
48*2
25*2
*9%
26
—LI
48*2
24%
12584 12534
9%
9%
10%
10%
26
26%
*9
10*2
255s
49
33
94
32i2
19%
32*4
24%
105
So Porto Rloo Sugar...No par
Mobile A Ohio atk tr ctfslOO
*32
32%
25
89*
10
74%
Sooony Vacuum Oil Co Inc. 16
Solvay Am Invt Tr pref... 100
South Am Gold A Platinum 1
Nov
43% Mar 17
*24%
89*2
*24%
*78%
*3U2
195a
*9*2
*70
Snider Packing Csrp...No par
Deo
45
4
5,100
*83
25
25
9%
70
Smith A Cor Typewr.-No par
64
24
3,600
61
*958
preferred-.......No par
Smith (A O) Corp
10
Jan
Apr
Apr
Southern Railway—.....100
*55
*71
$6
Deo
Deo
43%
30%
1484
8
60% Apr 22
2
2
1984 Nov
32%
104*2
Jan 21
102% Feb
4
197
Mar 10
Jan
31% Nov
Feb
34% Feb 19
105% Feb 2
Jan 27
85*4
July
Deo
7% Nov
101% Nov
44
9884 Apr 13
42
89
Jan
Jan
44
65
27,700
53
10*4
...100
Sloes 8heff Steefl A Iron... 100
....
Mar 20
I2*f Jan 26
4412 Jan 4
3*2 Jan 5
3*2 July
69% Jan
15% Jan
11%
20>4
2% Deo
8% Dee
Jao
Apr
11% Deo
40%
51
74%
25
Skelly Oil Co
Preferred
102
%
2
30*2 Aug
Jan
32*2 J»D 13
65% Mar 11
5334
9%
...10
Petroleum...
Feb
Feb
4%
4
41
♦70
.....No par
Simmons Co
55% Nov
1
Feb
42% Jan
52%
10
No par
Con v
Mar 10
25% Apr 23
40%
*984
Shell Union OH
preferred...
100
Silver King Coalition Mines. 5
3.200
4
Southern Pacific Co
54
*70
Sharpe A Don me
A • par
Conv preferred ser A.No par
Sheaffer (W A) Pen Co-No par
10*8
Fob
Southern Calif Edison......25
41%
61
No par
26,300
53%
*55
..........
60
40%
60
11% Mar
95% Mar 10
Jan
53%
*55
2
4
14*2 Apr
40%
61
I
7*8 Jan
29
52*4
*52
2
5
Shattuck (F O)
3984
50
8*2 Jan
54% Apr
Sharon Steel Corp.....No par
62
*52
Jan 26
1.100
39%
60
4%
20%
2,900
57*2
*51
1% May
7% June
37
50%
6034
17% Nov
101*4 M»r
11
84 Mar 15
2% Jan 2
Jan
$6 conv pref
Nov
June
i2Mar 17
1% Jan 29
81
17,000
Dec
114
114% Mar
37% July
93
Dec
6
8eagra*e Corp
..No par
Sears, Roebuck A Co..No par
Serve! Ino
1
38*2
26%
59*4
27*2
60%
2
share
49% Nov
99
51% Mar 17
98% Mar 15
3% Feb 9
23% Feb 10
800
67%
2634
59%
27% Mar
Highest
per
45% Jan 14
9
50>4
26%
5934
2
40U Fob 24
38i2
26%
Aug
110% Bept
Jan 21
Seaboard OH Co of Del-No par
25%
58%
38*2
26%
58*4
Jan
5,000
26%
58%
*26%
108
3
Jan 11
14,600
....
412
38l2
6
Feb
17
6*2
40
105
106%
106%
106*2 *105
106*2 *105
106*2 *105
41
41
41
41
1,300
41
4334
40%
40%
*38*4
*37%
800
34
34
34
34
34
33*4
33% *31
33%
33%
900
24
23%
*23%
23%
23%
23%
23%
23%
23%
23%
20
20
20% 142,600
19%
20%
19%
20*4
19%
1934
19%
*110
113%
113% *110
113% *110
*110
111% *110
4% "~5~566
4%
43g
4%
4%
4%
4*2
4%
4*2
4%
38
5,300
38%
3834
37%
38%
38*4
3884
38*4
38% 38*2
*33l2
23%
1988
Jan
113
37
60
40*4
3034
31%
10334 10434
14%
14%
51
51%
4
*334
60%
58*2
100
100%
113
89%
30
1434
40%
40*4
Dec
8684
29*2
1434
1034
*58*2
*3934
July
96
*38
49l2
13,600
27
100
9
90%
30%
14%
38
108
2
share
6
Mar 18
14*8 Jan 4
42*2 Jan 20
9434 Jan 2
per
Jan 13
97*2 Jan 5
109*4 Mar 24
110
S
share
Mar
46
103
6*4
12,000
158
per
38*4 Apr 13
4734
9*8
60*8
40
103*2 10334
50*4
4%
57%
108
$
share
t Seaboard Air Line...No par
Preferred
100
1*2
158
678
50%
*105
41
♦37
29*4
15
6*2
5038
8%
10334 104
*15
15*4
61
51%
♦4
4*4
58*2
56*2
IO384
14%
90*2
29*2
90
2834
1*2
1%
67s
1*2
184
7*8
61
9*8
9038
1%
per
No par
Preferred
Scott Paper Co
Rights...*
H2
63s
49*8
87s
89*4
28*2
1*2
6%
$
Year 193s
Lowest
Highest
Lowest
Par
Range for Precious
1
100-Share Lots
On Basis of
Week
Saturday
April 24, 1937
Mar 13
31%
Apr
884 May
66% Jan
6% Jan 20
2% June
8
91% Mar 27
74% June
38% May
71% Jan
20>4 Aug
108% Jan
90% Jan
22% Jan
20% Apr
100% Jan
111
Feb 20
28% Feb
4
14834 Mar 16
99*4 Jan 13
31% Feb
35% Mar
4
5
38% Nov
47% Nov
17%
109
Dec
Dec
8% Jan
102% Dec
70
Deo
105% Nov
28*2 Feb
149% Aug
100
June
31%
Feb
32%
Feb
Cash sale, x Ex-dlv. y Ex-rlghts. t railed for redemption.
Volume
LOW
AND
HIGH
SALE
PRICES—PER
NOT PER CENT
SHARE,
17
Apr
$ per share
19
1834
*23*2
♦27*4
24*2
28
Monday
Tuesday
Wednesday
Apr. 19
Apr. 20
Apr. 21
$ per share
$ per share
$ per share
18*2
23*2
27*4
1884
I884
19*4
23*2
*23*8
27*4
24i2
27*4
2784
*115
117
*115
117
81
81
80
*0
*33
*116
116
80
82
32*4
43
33*4
43
43
1358
1334
43*2
137s
1334
14
25
26
2534
2634
25*2
26*2
*98
102
7*4
7*4
1*8
1*4
*98
7*4
1*8
*51%
6
102
*98
73s
7*4
1*4
1
6
*15*4
23*2
116
16%
23*2
116*2
*2*8
15*4
23*2
25s
15*4
2312
11678 117
*156% 16178
*166% f62
22*2 2212
22*4 22U
68
*66
*65
67*2
39*8
407g
3934
405s
10*8
10*8
1034
1034
18
18*4
18*8
18*4
108
108
*108
111
*2*8
15
23*2
6
4284
7%
102
1*4
258
15*8
2378
117*2 118*8
6%
7*4
%
*525s
8434
54*2
85*4
81*4
6
42%
100
100
2%
15*4
15*4
24
24%
117*4 118
*2*8
79%
31%
80%
5*2
41%
13*2
24%
5%
41%
*99
32
13%
25%
102
111
*108
111
61*2
6134
62*2
1478
14*4
14%
62*2
63
64
1478
63*2
65%
64
9934
99*4
100*2 10178
91*2
92l2
101
70
70
77*2
*75
78
78
78
75
74
74
71
*2%
15
24
116
2%
15%
24%
116
*108
6134
13*2
111
6234
*70*4
84%
73
54®4
2
2%
15
15
23%
23%
113% 115
72
111
♦108
6134
13%
13%
6234 65%
99% 101%
61
700
1,800
♦77*4
3
15,500
2,400
200
300
320
1,400
3,100
30
1,800
400
7.600
2,800
3,100
200
4.800
7.900
17,700
6.000
90
92
2,400
*70%
71
200
99,500
1,100
100
10
10.400
5,100
178
60*2
3212
83
90
3
5,400
2%
2%
2
2
2
54
50
50
2%
1%
2
5,800
50
50
140
5U2
*51%
'
33
33
32%
32%
33%
32*4
33*2
33%
32*4 33
4278
42*2 42*2
42*2 42*2 *41% 4234
42*8
4234
43*2
427g
*111% 114
*111*4 114
*111*4 114
*111*4 114
*111*4 114
*111*4 114
44
*43
43% 43*2
4334 43%
43*4
433g 4334
43*2 43*2
*43*4
*83
*83
85
♦83
*83
♦83
8434
*83
8434
84*4
8434
84*4
*85
♦85
*85
'mmmm
86
86
*85*2
*85*2
10
10
9*2
10*2
1034
10*2
10*8
105g
10*2
10*4
10*8
10*8
65
66
65
63*2
65*2
67®4
67%
65*2
66*2
65%
65*2
64*2
112
III84 112
112%
112*4 112*2 112*2 112*2 *112*4 115
112*4 112*4
*9
*10
984
*9
*9
*9%
10*2
10*4
10*2
9*2
9%
10*4
*26
30
30
♦26
27
2734
29*2
27%
*2758 29*2
*27*2 30
33*4
4278
♦124
128
*83
85
*119
122
*124
*83*2
*119
3484
*784
1478
*60
%
103s
*27*2
40*2
30*2
*678
♦80
1%
92
*80
*80
£91
978
1934
334
*112
9*2
18
358
834
70*8
4634
*25*4
26
26
*38
39
*38
227g
3138
115
*120
22*2
"184
95*2
50*2
82r8
105*8
91
116
984
18
358
834
71*4
48*4
"67*4
26
39
23
*30
313s
♦105
mmmm
*10858
13*4
1434
10%
155s
10%
1534
30%
mmmrn
*11%
5034
*82
95*2
105
91
mmm
m
*80
mmmm
1%
51
*158
51*2
52
83
82
82
95*2
95*2
95*2
1»4
105*2
91
105
105
92
92
28
16%
578
37
*112
9*2
18*2
358
9*2
6934
46
141
114
978
1878
384
95s
7158
47%
143
14934 14934
26*4
26«4
*38*4 39
22i2 22*2
*31
*105
♦1085s
31*2
115
mmmm
114
114
9%
9*2
♦1834
334
1934
334
9%
70*2
46%
9%
6958
46
14234 144%
151
151
26%
26*2
♦38*4
39
23
23
31%
31*4
115
*105
*120
5784
57*2
57*2
57*4
56*2
107*4
107*4 ♦103
107*2 ♦102
29
28
28%
2734 28*4
16
16
*16
16*2
16*4
16%
5%
534
5*2
*55s
578
5%
5684
38
35
36
512
10*4
*35
36*2
5*2
5*2
9%
10
♦83%
85
85
85
62
52i2
978
8484
625s
39*2
.
6*2
10*4
84
52*4
39
*538
10*8
5*2
10*8
*38
39
39
39*4
40
40*4
108
108
109
111*2
109
109*2
91
91*2
*90
91
110
113
684
109
*102
69*4
90*2
*91
11378
90*2
110
70
*69*2
91*2
110
70*4
*106
69*2
85
533s
110
69*2
54
31
51*2
51*2
52
52
313s
*50
31
31*2
31*4
32
*130*8 13078 *130*8 1307s
41*2
41*4
41®4
41*8
8678
8784
8678
8784
*96*2 100
35*8
36*4
»678
7
»
*99
100
1%
5%
pref
non-cum
Va-Carollna
100
Chem
No par
6% preferred
100
Virginia Iron Coal 4 Coke. 100
5% preferred
100
Virginia Ry Co pref
100
Vulcan Detlnnlng
....100
10
100
Preferred..
mmmm
1%
130
130
40®4
87*4
41
9984
9934
95*4
37*4
38*2
375s
3834
684
684
684
678
53
70*4
*69*2
54
*51*2
81*4 32%
129*2 130
41%
4138
93*2 94%
99*% 9934
3784
6%
Bid and asked prices; no sales on this
63*4
38%
7
*11
*80
14,900
2,200
300
700
5,300
22~700
200
2,200
10.400
800
500
1,000
51%
82%
94*2
95%
95%
70
*112
*9%
*18
114
984
1934
9
900
156
36%
*69%
52*2
31%
128
4138
92%
1 00
37%
634
95
100
38
6%
Jan
35%
5*8
Mar 22
9
Aug
Jan
9
Feb 18
Mar 11
Jan 18
Oot
5
Apr
84*2 Jan 11
86
Jan 21
164
Jan 19
153
Apr 19
108
Jan 18
50
Jan
9
2
48
Jan
4
28%
Jan
4
9
27s Apr
I84
398s Apr
lllU Mar 27
42% Jan
5
47s
Jan 13
2"a Jan 20
5812 Jan 20
393a Mar 11
4458 Jan 20
115
Mar
5
46i2 Jan 15
June
16*4
2834
Apr
May
Sept
Mar 27
72
Feb26
84
54>8 Feb 24
Mar 18
108
884 Mar
1
26ii Feb 27
12778 Jan 19
70
Feb 17
3 >8
Jan
2
5
9
Jan
4
11734 Feb
115
6
Feb 15
Jan
Feb
40
80
6
Apr
*110*4
88
1284 Apr
743s Apr
Jan
30
Mar 18
4
Jan
July
Mar 27
7«8 Jan
Mar
1
85
4*8 Jan
2834 Aug
109
Mar
1234 Jan
7
4
Apr
37
Jan
5
14
May
135
Mar
4
Jan
Aug
Aug
2*4 Aug
*114*8
Mar 12
70
122*2 Jan 11
10's Mar 16
18*8 Mar 16
120
98
16
Mar 17
19*8 Feb 11
Feb
8
Jan 28
5
Jan
4if June
9ig Jan
30
Apr
114
Dec
4
1834 Mar 11
5*8
Jan
Apr 21
49*4 Mar 16
1978 Jan 8
26*8
1778
Apr
Apr
50*8 Feb 1
IO84 Feb 26
99*8 Mar 2
1078 Jan
2*8 Apr
473s Jan
11U Jan
44
1914 Mar 20
34i2 Apr 21
6>4 Jan 26
92
Apr 7
13»4 Mar 22
18
Jan
5
Mar 22
69*2 Jan 23
78 Mar 31
1*4 Feb 17
68s Feb
1
Feb
2
12*4 Jan 25
35*4 Jan 16
4
2912 Apr 19
684 Mar 11
38*4 Feb 19
934 Feb 1
61
24
35i8 Jan
46
Mar 10
9*4
44
Apr
Apr
% June
4% Jan
157g Jan
21
Apr
19*t Apr
6*8 June
83
li2 Jan
46
Fob
4
5
2*4 Jan
56
84*2 Feb
102
Mar 17 $109
Mar 24 *100*2
6
Mar 17
Jan
May
1
Aug
335s June
4
78
9
91*4
Feb
Jan
Feb 11
96
Jan
110
Jan 19
87
Feb
102
115*2 Jan
8
ID4 Mar
5
6
434 Mar 17
178 Nov
100
2
1712 Jan 8
2i* Jan 2
7U Jan 13
100
64% Apr 23
Westlngh'se Air Brake.No par
Westlngbouse EI 4 Mfg... .60
45i2 Apr 23
83*2 Jan 22
57«4 Mar 6
130% Apr 12
1675* Jan 22
.50
14934 Apr 2Q
170
100
2d preferred
100
100
Western Pacific
Preferred
Western Union Telegraph
Apr 10
IIOI2 Apr
878 Jan
1st
preferred
7
7
9
9
123*2 Mar
23*2 Mar
9
11*4 Mar 17
Jan 22
308s Jan 22
90
Jan 18
377s Jan 23
27*4 Feb 23
3478 Jan 7
115
Apr 13
5)4% conv preferred... 100
Wheeling Steel Cor p.. .No par
114
Jan 18
122
Apr 12
38
Jan
4
65
Mar 11
100
103
....No par
5% preferred
35%
600
Conv preferred.....No par
5%
Preferred
.....
6
Wilson 4 Co Inc
No par
£52%
53
9,300
$6 preferred
Wool worth (F W)
Co..
100
10
700
WorthlngtonPAM UDe&,)tfopar
Preferred A 7%
100
Preferred B 6%
100
Wright Aeronautical—.No par
Wrigley (Wm) Jr (Del) .No par
Yale A Towne Mfg Co
25
44,000
Yellow Truck 4 Coach ol B..1
Def. delivery,
3*8
80
3338 Feb 16
1878 Jan 25
6%
6784 May
57&8 Apr
77i2 Apr 17
69
Apr 8
Apr 21
51* Mar
300
Jan
Jan
9
5
Si2 Apr 23
White Sewing Mach...No par
13,700
4,300
Jan
72*4 July
68*2
Jan
1,200
28,500
47
Apr
110*8 Mar 17
93%
Apr
Jan
468s
4
4
2
*99% 101
36
37%
Jan
168s
115*2
4
1,700
21*8
7*8
Jan 22
151* Jan
41%
Oct
10
71
White Rk Mln Sprctf.. No par
190
4*2
Jan
Aug
Aug
Mar 30
1,200
125
87s
49
31*4
15% Mar 13
223s Mar 17
112
Jan
500
80*4 May
May
9
100
Wilcox Oil A Gas
a
23l2 Mar 22
24*4 June
160
Jan
III34 Jan
8*8 Apr
15
Apr
500
dayi? t In receivership,
Feb 10
9U Feb
8*8 Feb
Mar 24
7
118
13,000
6%
3
Feb
172
160
100
*1,700
41%
90*2
20*2 Jan 19
3478 Jan 13
137
131
pref.... 100
10
125
Jan
Apr
2314 Jan
40
Jan
2
.50
1,600
1,100
Jan
Apr
5
90
6% preferred
Preferred
...
Young Spring 4 Wire..No
Youngstown S 4 T
No
5)4% preferred
Zenith Radio Corp
No
Zonite Products Corp
n New
35
Apr 20
4if Jan 4
884 Jan 2
79*4 Jan 6
51»4 Mar 18
34% Jan
4
65*8 Jan 20
47
Jan 22
4
1121* Mar 25
100
MarlO
128
Mar
76
Jan
par
40
Mar 24
1
Jan 4
Jan 25
Feb 27
Mar 2
4
8
125
par
46*8
6*4
12*4
9134
Jan
100
par
684 Mar 22
77«4 Jan
100
Apr
81
6
2
4
Apr 23
100
June
8*4
Jan
9
103
Western Maryland
29*t Aug
105
14*8 Nov
10
Wheeling A L Erie Ry Co.. 100
1,400
66*8
109
Jan
100
West Penn Power
487g Aug
16*8 Feb
June
91
White Motor..
39
32*8
126*2 Mar 11
Mar 22
84
38
July
3
6,600
107% 108*8
90
89%
Jan
4
35s Jan 28
150
93
84
934
93
Mar
31%
100
Jan
15
136
303s Apr
4,500
Apr
Apr
Apr
40*4
IO84
169
.30
"*T~40
538
35*8 Nov
9*4 Feb
13
753s
West Penn El class A ..No par
Class A
120
Jan
9
105
Mar 13
....
96*4 Nov
22&8
8
118
80
.....
Jan
Jau
16% Feb
72% Mar
No par
Conv preferred
335s Nov
117
Oct
68
12978 Feb
700
122
Jan 14
25*2 Sept
37*4 Nov
111
15112 Apr 23
Westvaco Chlor Prod..No par
120
Jan 14
193s Jan 12
72*8 Mar 31
13984 Jan
"""900
*105
4
59% Apr
13% Apr
22*2
*105% 113
70
70*4
6934
52*2 52%
52*2
32
30%
32%
4134
—1
Wesson Oil A Snowdrift No par
6% preferred
17
43*8 Feb
2418 Apr
3612 Jan
22
Apr
113
130
-6
No par
100
Preferred...
86*4 Mar 19
70
89
2
1 137b
7
2
13is Apr 23
Weston Eleo Instrum't.No par
39
___.
No par
pref....Ao par
No par
Waukesha Motor Co
Mar
535s Jau 11
1,200
*38%
*22%
30%
4
37i2 Jan
6% Jan
90
47
39
31%
Jan
153% 155
66%
26
120
17
14,200
9,100
11,100
64%
45*2
*25%
23
Apr 12
138% 142
26%
5%
5*4
10
9%
85
*8334
53%
53%
39% 40*4
108% 109
91
90%
*108
600
*8*2
57
55%
57*2 59
108%
107*4 107*4 *103
29
27%
28%
28%
16
16"
15%
15%
5%
5*2
534
*5%
*36
40
1,600
9%
47%
31%
18
18
40
400
70
*105
9%
190
384
46%
*38*4
22*2
114
9%
180
*3%
141*2 144%
26
93
120% 120%
300
4
*334
9%
67*4
155
105
*112
Bros
Warren Fdy 4 Pipe
Preferred
50%
93
-6
$3.85 conv pref
No par
t Warner Qulnlan—..No par
Wells Fargo 4 Co.
82%
par
—.No par
100
Warner Bros Pictures
Convertible
63
IOOI2 Feb
15
8
Apr 19
leb26
Mar 11
Apr 13
26*4
106U
9i?
13s
49
Ward Baking class A...No par
Class B
Mar
118
par
No par
110
83
93
Preferred
j Warren
16
7*4 Jan 5
15
r23
29
Mar 22
No par
.
1%
51%
93
.
Walk(H)Good 4 W Ltd No
Mar 17
6
2318 Apr 16
Apr 8
156% Apr 13
3
8i2 Jan 14
467s Jan 14
100 xll2%Mar 18
Webster Elsenlohr
*82*2
94*2
105
Walworth Co
600
2,600
103% 103%
.....100
....
Preferred
....
1%
X Wabash
U0H% preferred
52
*120
28
*35
*80
1195s 1195s *11958 120*4 *119% 120%
108*2 *102
108
5
No
13734 140*4
14984
14934 *145
52
Vlck Chemical Co
No par
485«
*512
100
Walgreen Co
70*2
10
Vanadium Corp of Am.No par
Van Raalte Co Inc
I
Waldorf System
48*2
*8234
100
1,800
*107s
8
♦145s
155s
138*4 139*8
*35
91
No par
Preferred
35
Apr 21
79
Vadsco Sales
Feb
Apr 23
111
Jan
13
16*i Apr
24*4 Mar
91
Highest
share $ per share
248s Jan 12
2
Jan
per
31U Feb 10
30% Jao 11
117«4 Feb 6
96
17
1
share
per
2484 Mar
Universal Piotureo 1st pref. 100
futilities Pow 4 Light A
1
Va El A Pow $6 pref...No par
125
110% Mur 24
6»as Jan 4
149
1,700
12
8
8
15
3034
834
70*2
*5*2
*83*2
*119
46% Jan 7
80i| Jan 4
13% Apr 12
100
Preferred........
1584
15»4
155s
15&8
155s
1534
15%
*30
30
30
30*2
30*2 305s
30*8
3034
*113% 114
*113% 114
*11312 114
*113*2 114
*113*2 114
114
16%
17
17
15%
1678
16%
165s
16%
16*8
16*8
16*4
44
45
45
45%
44%
4534
45*2
44%
*44%
4534
46*8
1934
*19%
1934
1934
1934
19%
1934
19%
*1912
1958
*19*2
*33
*33
35
34%
35
34i2 34*2
35*4
35%
34*4
35*4
7
7%
8
7*2
7%
734
75s
7*8
7*4
7*4
7*2
85
*75
84
85
*75
♦75
85
*75
♦75
89*2
89*2
15
1434
15
14%
15
15*4
15
14%
15*2
15*2
15*8
61
61
61%
*61
61%
*61
63*4
63*2 *61
63*2
63*2
%
%
%
%
78
7s
%
%
78
78
78
11
9%
11
10%
IO84
105s
10%
10*2
10% 11
1034
30
*29
30
*27%
31*2
30*4
*27% 30%
29*2 30*4
29l2
42
41
41
41
*41
*40
*40*8
41%
41*4
4134
40*2
31%
31%
♦30*4 31*2
30*2 31*2
32% 32%
29*2 30
30*2
7
7
7
634
7
6%
6%
*67s
*634
*67s
7*8
1558
31*8
116
*16
United Stockyards Corp..
1
United Stores class A..No par
100
734
14*8
8
14*2
119*4 119*4 *11958 121
57*4
100
Preferred B
106*4 10634 £105
28
Preferred
20
*93*8
♦105
US Tobacco..........No par
12*2
95*2
*30
91
125
634 Apr 23
Jan
100
60
40
13% Apr 23
18i8 Jan 4
96J4 Jan 26
75
100
11
*93
♦105
U 8 Steel Corp.......
Preferred..........
240
127
*124
5% Apr 23
Mar
11
50*4
*22*2
*83%
*119
128
4,000
4
41 >8 M ar 18
69
Vlcks Shr A Pac Ry Co oomlOO
10
11,400
2978 Jan
50
..100
7% 1st pref
"l'ooo
7
113%Mar 16
78
Apr 7
50
1st preferred
U 8 Smelting Ref 4 Mln
Preferred
100
83*2
*145
*124
4,800
1,400
175s Apr 9
Apr 23
23
4414 Jan
921* Jan
8314 Jan
Preferred A
*82
*9*2
*18*2
*358
884
No par
No par
3,500
*5038
♦112
U S Realty & Impt
U S Rubber
~2~600
*15s
4978
825s
91*4
125
No par
7%
mm-mm.
♦15s
89
♦83*2
*119
No par
t o
v
t c
1434
*1058
*75
84
125
v
Prior preferred v i C.....100
U S Pipe A Foundry
20
7%
133s'
*19*2
84
*119
Class A
14%
♦1034
16
91
125
128
U S Leather
7%
778
14*4
46
*124
128
5)4% conv pref
50
U S Industrial Alcohol-No par
15%
778
14*4
♦113*2
----
...»
*124
Corp...5
734
1434
778
14*4
15%
30s4
128
U S Hoffman Maoh
No par
149
mmmm
100
No par
84
50*2
7% preferred
Preferred class A
*145
2
...20
...
Universal Leaf Tob
84
2
-No par
U S Gypsum
40
149
55
100
...
U S Freight
400
84
178
...No par
200
*145
*50
....
U S Dlstrlb Corp
Preferred
72
84
2
United Paperboard new
10
U & & Foreign Secur...No par
Preferred
100
80
150
2
..No par
*70%
♦82
50
1
—
*78
149
2
United Eng & Fdy
United Fruit
71
82
$
share
84 Apr 23
83
151
per
Rights
71
82
3*8
5
*78
*150
2%
United Electric Coal Cos
No par
79
3*8
United Dyewood Corp..... 10
Preferred
100
Preferred
151
3
United Drug Ine—......5
100
79
3*8
Unlted-Carr Fast Corp No par
United Corp...
..No par
Preferred
No par
Improve...No par
*150
*3
No par
United Gas
82
3*8
100
-
$
2584 Apr
20,300
151
*150
I
20
%
145
♦78
*73
6,600
20,400
112% 11534
78
7712
♦73
4,300
6,800
1
71*2
145
31,600
S4
110% 114%
11334 116%
144% 144%
144% 145*4
130
*121
130
130
*115
130% *121
*145
♦145
150
155
*145
*145
155
155
151% 151*2
♦145
155
8%
784
8*8
8%
75g
734
778
734
8%
758
7*2
7*2
6
534
6
6
5*2
6
6*8
678
534
6
578
6*8
llOSg 112*4
1105s 113*8
144
14434
143*2 143*4
130
130*2 *120
130*2 *120
11034 III78
14384 14384
800
1
54*2
No par
..No pai
Preferred
7.400
54
Corp...5
United Carbon
7
92%
92%
71*2
"l'eoo
634
54
Un Air Lines Transp
United Amer Bosch
United Biscuit
7
14%
64% 6 5®4
100% 102
92
93%
65*4
101%
200
6%
161%
161% *157
161% *157
1565s 1565s *157
22%
21*2
22*4
22%
22*4
21%
22*2 2258
67
*65
*65
66*2
6734
67*2 67*2
67*4
J
39%
40
39
40
38*8
39%
3934
3984
11
10%
10%
11*4
♦1034
10%
10%
IO84
18*2
18%
18%
18*4
19%
1834
18*2
18*2
*108
6.300
Par
Lowest
Highest
Lowest
2,000
116
*115
85
84
84%
85*4
14
13%
1334
13%
111
111
*110% 111*4 ♦110% 111%
15%
1434
15*4
1534
14%
15%
20
19%
20
19%
1934
1934
96%
96
96
*96%
96*4
96%
61
70
116
14
13%
1434
91
26%
26*2
32
684
1
61*8
90
19
23
13%
14*8
9934 101*2
32
42
Shares
18%
25
6034
*695s
8U4
$ per share
26%
13%
14*2
70
26%
*115
the
Week
23
Year 1936
lOO-Share Lots
EXCHANGE
Friday
Apr. 23
19%
24%
2434
61*4
92
18%
*23
13%
14%
6l78
*695s
$ per share
25*2
61
•90*2
22
*25*4
*98
102
137s
25g
33
Apr
1334
84
*2*8
*32
5%
42*4
64
54*2
53*2
54*8
833s
8334 8334
8434
84*4
14
14
1334
1378
1378
*110*2 111
*1107s 111
*11058 111
15
16*8
15*8
15*2
15*2
15*8
19*4
1934
*19*4
19*4
1934
19*4
*95
*95
*95
96*2
96*2
9612
53*2
26%
*115
80
33*4
578
6
24%
27*4
116
7978
32*4
5*8
43*4
1384
3334
57a
43*4
19
18%
*23
Thursday
On Basis of
STOCK
NEW YORK
Range for Previous
Range Since Jan. 1
STOCKS
Sales
for
Saturday
2787
New York Stock Record—Concluded—Page 10
144
88I2 Mar
49i8 Jan
2018 Jan
751* Jan
991* Apr
Jan 23
465* Feb 15
5
10178 Mar
9
115
6
Jan 27
8
40*4 Feb 17
61* Apr 23
9*4 Jan 16
£31
Apr
5*8 Aug
72*8
3484
94*2
123*8
22%
35*8
1934
3H4
34
May
Jan
Jan
Jan
June
Oot
June
Nov
Jan
124*2
II684
12*8
23*4
4
97g
96*8
*5078
153*2
160
3384
39
32
35*4
91
July *120
397s
21*f July
84
109*4
July
99
Feb
283g
1334 July
17%
3*4 Apr
684
183s
16
Apr
284 Jan
65s June
70
June
4484 Apr
23*8 Apr
56
Apr
47
Jan
62%
7
62*8 Jao 27
378s Feb 16
142
116*2
Jan
63
Aug
333s Apr
8*4 Jan
83*2 Jan
42*4 July
41*4 Jan
105
Jan
11*8 Jan
584 July
stock, r Cash sale. * Ex-dlv. y Ex-rigtts. H Called for redemption.
Deo
2788
April 24, 1937
YORK
STOCKNEW
EXCHANGE
Record,Bond
Friday, Weekly and Yearly
On Jan. 1. 1909, the
Exchange method of quoting bonds teas changed and prices
NOTICE—Cash and deferred delivery sales
are
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
No account Is taken of such sales in computing the range for
outside of the regular weekly range are shown in a footnote in the week in which they occur.
the year.
Friday
Y
STOCK
Week Ended April 23
Nl,
Range or
Range
Sale
EXCHANGE
Week's
Last
bonds
N.
Friday
Since
Price
Bid
A
Low
(J.
S.
Friday
Asked
High
Jan. 1
No.
Low
15 1947-1952 A
o
114.10 114.10
114.26
136
113.10 121.14
O
104.18 104.18
105.15
332
104.2
d
109.18 109.18
110.13
149
109.12 115.20
Treasury 3?**—.Mar 15 1940-1956 M S 107.16 107.16
Treasury 3?*B—-June 15 1943-1947 J D 105.19 105.9
Treasury 3s
Sept 15 1951-1955 M S 101.24 101.24
108.16
119
107.12 114.9
105.30
28
102.28
404
June 15 1940-1948 J
102.24 102.24
103.12
3?*8—-June 15 1940-1943 J D 105.11 105.9
3?*s—-Mar 15 1941-1943 M 8 105.16 105.16
3?*S—-June 15 1940-1949 J D 103.8
103.8
105.22
83
104.20 107.27
105.27
323
104.24 108.24
103.29
69
102.20 108.24
103.28
98
102.24 108.18
38
104.24 108.24
Treasury
Treasury
Treasury
Treasury
Treasury
Treasury
Treasury
3s
D
3^s
Deo 15 1949-1952 J D 103.6 103.6
3?*s—
Aug 10 1941 F A 105.21 105.12
3?*s—-Apr
15 1944-1940 A O 104.18 104.18
2?*s-—Mar 15 1955-1960 M S 99.26 99.26
101
2?*b.—Sept 15 1945-1947 M 8 101
2?*s—.Sept 15 1948-1951 M s 99.14 99.14
98.28
98.28
2?*s
1951-1954 J D
98.29
2MB-—Sept 15 1950-1959 M s
98.27
Treasury
Treasury
Treasury
Treasury
Treasury
Treasury 2?*s
Dec 15 1949-1953 J
d
96.28
96.28
140
105.27
105.10
101.3
101.28
136
2246
262
109.26
104.28 110.18
101
106.28
102.10 107.30
104
109.25
99
104.30
100.18 100.16
—..Mar
15 1944-1964 M
S
101.15 101.15
3s
May 15 1944-1949 M N 101.7
3s
Jan
2MB
Mar
15 1942-1947 J
1 1942-1947 M
J
Home Owners' Mtge Corp—
3s series A
May
1 1944-1952 M N
2Mb series B—Aug
1 1939-1949
2Mb series G
F
101.7
101.18 101.18
S 100.16 100.14
a
100.16 100.16
99.3
99.3
98.30
1942-1944
98.30
fe
Week Ended April 23
Range or
Sale
Friday
Price
Low
Colombia
A
O
J
A
O
♦Sinking fund 7a of 1927
Copenhagen (City) 5s
25year gold 4MB-Cordoba (City) 7s
f
A
J
D
98 3*
nl N
94%
M n
-
Mot
25
'
_
.1948
a
♦External
J
90
18
90
99
♦7« Nov i, 1930 coupon on..1951
M
Cuba (Republic) 5s of 1904
External 6s of 1914
ser
♦Public wks 5Ma...June 30
a
J
J
103
104?*
9
1033* 105M
5
103?* 105 M
104M
100?*
105
53
104?* 105 M
101M
44
100 3*
983*
96
97 M
J
J
105
105.23
F
a
101
104.10
a
o
100.11105.17
101.22
517
99.24 105.3
100.6
677
98.28103.2
ivi
s
333
98.16 102.31
A
97M
^♦Stamped extd
to Sept 1
1935
28
25
30
J
J
J
13M
13M
16
16
15M
16M
38
♦External
s f
1957 A
14M
15
15
♦External
sec s I
♦External
sec s
f External
s
1
1960 M N
102
8 f external 4Mb
Australia 30-year 6s
A
101M
101' 32
1901 M N
102
1962 F
101
a
....—1971 M n
15
4
15
13
100M
101M
100*32
1901 f
1
133*
f 6s (State Ry)__1960 M s
IFExtl 6s Sanitary Works
Extl 6s pub wks May 1927
IF Public Works extl 5 Ms
17
16
101
16
101 %
101M
100*32 199%
1012*32 101?*
101*32 101M
100*32 100M
102
102M
101M
1002*32 101M
102
102M
1003* 101
101*16
83
190
101
♦Bavaria (Free State) 6 Ma
Belgium 25-yr extl 0 Ms
43
1C03* 103M
1015,6 102M
1052*32102 M
30
21
101
23
100?* 103
96M 100
104 M 110M
138
J
105M
105?*
106
39
105M
106
19
1013*
105M
100M
101?*
64
100M
101
F
103
217
1950 M N
J
1957 J
External g 4Mb of 1928
Austrian (Govt) sf 7s
983* 101
1013* 102?*
100*32 102
101*32 1025*
100*32 102
72
1957 M s
External 5s of 1927
16M
80
96 M
1955 J
13
48
97 M
99M
12%
12M
20 M
20
20
20 M
17%
16M
14 M
13M
5
74M
82 M
0
72
82
793*
«
79M
793*
29%
2
73
82
*81
82
80
78
80
13
78
81?*
81?*
78
79
79
8
78
81
20M
203*
2
20M
20
102?*
104?* no
99M 102M
98
102M
1945
1949 M
a
s
108 M
108M
109
18
108
1955 J
J
108 M
108M
109M
39
118M
118
H8M
12
115M hsm
100M
100M
100M
4
99
19M
19M
4
18
25
20
19%
20M
20M
51%
4
18M
24 M
52
40 M
122
47 %
39
47%
40M
61
38 M
47
41
54
40 %
47 %
100
107?*
nl N
French Republic 7 Mb stamped.1941 J
7Ms unstamped
1941
External 7s stamped
.—1949 J
7s unstamped
D
1173*
♦7s unstamped
1949
German Prov & Communal Bks
♦(Cons Agrlc Loan) 0Mfl
1958 J D
♦Greek Government s f ser 71—1964 M n
♦7 Mb unmatured coup on.—1945 J
♦7s unmatured coupon on
1940 J
5
*193*
1173*
105?* 107 %
173* 24?*
118?*
11
1163* 1243*
115M 119M
119?*
1173*
253*
23?*
20?*
28%
29M
233*
25%
243*
21
„„
115M
123
1173*
26
07 M
98
76
1003*
11
119?* 130
1
1173* 124
315
20 M
23 M
24
18?*
28?*
60
27 3*
27
24
333*
28M
4
233*
11
23J*
35?*
253*
35?*
33
41
28?*
303*
59
27?*
35
98
A
Halt! (Republic) s f 0s ser A
1952 A O
♦Hamburg (State) 6s
1940 A O
J
♦Heidelberg (German) extl 7 Ms *50 J
Helslngfors (City) ext ©Ms
I960 a o
Hungarian Cons Municipal Loan—
♦Hungarian Land M Inst 7 Ms. 1961
♦SlnklDg fund 7Mb ser B
1901
♦Hungary (Kingdom of) 7 Ma—1944
1173*
d oU9?*
1949
1908 f
1
4
*111
German Govt International—
♦5 Ma of 1930 stamped
1905 J D
♦5 Ms unstamped
1905
♦German Rep extl 7a stamped. 1949 A O
♦Sink fund secured 6s.
76
100
1073*
99M
98M
12
903* 100
24
1
18M
18M
18M
1
173*
17
17?*
4
105?*
2
1053*
1053*
J
*25
263*
J
*25
283*
27?*
M n
27?*
17
25
15M
19M
105 M 107
213*
....
2
32
21M
21?*
21?*
303*
303*
303*
105 M 109M
External 30-year s f 7s
1955 J D
Bergen (Norway) ext s f 5s
1960 M s
♦Berlin (Germany) s f 6 Ms— .1950 a O
M S
1073*
76
J
97M 100
1945 J
603*
5
79
30
28
22 M
45
81
*453*
81
s
s
102
1003*
78 M
M s
O
97M
81
O
99.28
24
10 12532
68
104
16
1958 J
99
56 M
103?*
99.6
1945 J
1957 M
98
1023* 1043*
103?*
101.8
f 7s series D
a f 0s series A
HExternal 6s series B..
Extl s f 6s of May 1926
487
----
103?*
74
f 7s series C
i External
9
68
104?*
98?*
101^32
100*32
103
102 M
o
97
f 7s series B
tArgentine 6s of June 1925
1959 J
If External s f 6s of Oct 1925-.1959 A
100
64
27
o
102.7
s
If Argentine Govt Pub Wks 08—1960 A
101
a
15
13M
1023* 105 %
5
a
Czechoslovakia (Rep of) 8s
Sinking fund 8fl ser B
97 M
13?*
7
64?*
100.20
*25
1958 J
23
106.10
s
7s 2d Mrlefl-1957 A
33
104
102M
D
15
f 7s 3d series-1957 A
363*
32 M
102M
102M
1023*
A
F
——
*98
32M
S
f
A
Sinking fund 5M«—-Jan 15 1953 J
s
Antwerp (City) external 5s
993*
99
External loan 4 %n
♦External
7a 1st series
933*
97?*
104 10
29
15
96 M 101
J
98 %
15M
18
31
80
103.18
♦External
1945 J
54
303*
303*
20,
77
103.17
♦25
o
1945 j
94?*
20
70?*
M n
1963 MN
983*
——
38
38
20
M s
♦Sink fund 6s Apr coup on
5
25
25
293*
293*
203*
80
M
♦Antloqula (Dept) coll 7s A
94
107
78
A
Akershus (Dept) Ext 5s
♦22M
973*
129
——
a
M
a
25%
J
Cordoba (Prov) Argentina 7l—
Costa Rica (Republic of)—
Foreign Govt. & MunicipalsAgricultural Mtge Bank (Colombia)
♦Sink fund 0s Feb coupon on. 1947 F
32%
32%
F
7s stamped
98.4
307
31M
*
99
99.2
101.30
High
Low
*85
98
101.22
No.
a
613
96.6
High
Since
Jan. 1
F
322
101.7
Range
lo
31M
31M
313*
J
♦Colombia Mtge Bank 6Ms—
♦Sinking fund 7s of 1926
494
79
•3
Asked
(Republic of)
♦0s Apr 1 1935 coup on—Oct
♦6s July 1 1935 coup on _Jan
100
97.30 1130
dc
.
100.12
102.26
Bid
•
100.1
Federal Farm Mortgage Corp—
33*8
a
Foreign Govt. A Mun. (Concl.)
15 1943-1945 A
Dec 15 1944-1954 J
Treasury 4s
STOCK EXCHANGE
High
Government
Treasury 4 ?*8—Oct
Treasury 3kb...Oct
Y.
Week's
Last
bonds
N.
External sf 6s
♦External sinking fund 6s
♦Brazil (U 8 of) external 8s
s
D
1941 J
D
50 M
50
1957 A
o
39M
f 0Ms of 1927—1957 A
O
39M
D
41
39M
39?*
40 M
♦Externals! 0Ms of 1920
♦External
1958 J
♦7s (Central Ry)
Brisbane (City) s f 5s__
..1952 J
1957 M S
...1958 f A
Sinking fund gold 5s
20-year s f 6s
Budapest (City of)—
1950 J
♦6s July 1 1935 coupon on
1962
Buenos Aires (City) 6Ms B-2..1955
External
s
19%
f 6s ser C-2
100?*
100 M
D
1960 A
10
20
101M
83 M
84
84
S
76 M
76 M
110
77 M
20
76 M
77
1
77%
80 M
77%
78 M
23
80
80 M
27
57
57
58 %
8
82 M
of)—
♦Sink fund 7s July coup off.-1907 J
J
♦Sink fund 7Ms May coup off 1968 M n
10-year 2MB—
25-year 3Ms
♦Carlsbad (City)
o
1952 M N
Aug 15 1945 F
s f
8s
♦Farm Loan 6s
106M
111 %
a
98
J
98 M
1954 J
J
ser
A Apr 15 1938 a
O
♦Chile (Rep)—Extl s f 7s
1942 M n
♦External sinking fund 0s.—1960 a O
♦Extl sinking fund 0s.—Feb 1961 f
♦Ry ref extl s f 6s
Jan 1981 J
24 M
6
27
27M
11
106
106M
112M
98M
49
24M
1961 J
♦Cent Agrlc Bank (Ger) 7s
1950 M S
♦Farm Loan s f 6a_.July 15 1960 J
J
♦Farm Loan s f 6s...Oct 15 1960 A o
111?*
97%
98M
99
62
21M
22
97
56
90 % 193%
58
50
50
35
50
31?*
32M
50
20 M
37M
30 M
30 M
31
15
26%
41
41
21%
42M
22M
13
22M
38
21M
22 M
89
22M
59%
5
953*
110
93
993*
803*
803*
41
79M
85?*
3D
39
39M
20 M
12
29?*
40?*
1
19?*
25
2
95
98
28
12 M
17
1
5?*
7%
7%
15
73*
7%
5
7?*
♦7s with all unmat coup
1957 a
♦Leipzig (Germany) « f 7s
1947 f
Lower Austria (Province of)—
♦7Ms June 1 1935 coup on—1950 J
o
20M
d
98
14
58
42
22 M
50
19%
32
19%
7
185*
18%
18%
185*
18M
155*
15%
~223*
21%
19M
193*
19M
20
43
15M
1962 M N
19%
19?*
15
155*
...I960 M s
18%
67%
18M
D
19M
D
19 M
o
19%
D
19M
7
15
67 M
3
53 M
19M
7
18M
25
25
24%
24M
245*
24 M
21%
21%
21%
22
215*
675*
26M
5%
J
7M
7M
d
s
f 6Ms--
♦09 series A
1958 ivi
1959 M
1952 J
New So Wales (State) extl 5a__1957 f
External s 1 5e_.
—Apr 1958 a
Oriental Devel guar 6s
Extl deb 5 Ms
Oslo (City) s f 4Mb
Panama (Rep) extl 5 Ms—
♦Extl s f 5s ser A
♦Stamped
Pernambuco (State of)—♦7s Sept coupon off
♦Peru (Rep of) external 7s
s
o
s
*6
7
9
63*
6%
3
6
9?*
6M
63*
6%
15
0
6%
9
9M
9
9%
28 M
9%
73%
9%
9%
753*
16
8M
6
83*
13
50
703*
82
283*
28?*
12
203*
34
283*
29?*
17
263*
67
67
2
653*
33
68 M
603*
64
s
28%
S
283*
73?*
613*
1
A
102M
613*
1023*
102M
29
o
102M
1023*
102M
24
613*
106
1053*
1063*
S
1063*
106
107
1950 nl
S
102?*
1023*
1905 a
o
100?*
99?*
A
95?*
103?*
100?*
95?*
1023*
1943 f
J
F
A
D
a
953*
1023*
19
19
11
V
02
65
58
4
19
3
27
79M
73?*
80
73%
73?*
3
1955 a
o
98
98
983*
17
1953 J
D
107
1953 nl S
—1958 M n
1903 nl N
1947 ni
a
1959 M S
d
f 0s 2d ser—1961 A
O
106M
*74?*
65?*
107
11
79
——
5%
83*
133*
101?* 105M
101?* 105
104 3* 107?*
105?* 109
101M 1043*
993* 102
953*
95?*
1023* 103
17
243*
753* 813*
71M
70M
97% 1003*
105?* 107
74?*
85
66M
4
643*
76
26
26
273*
17
23 M
30?*
22?*
22?*
20M
49
203*
212
183*
28
20
20
20
233*
213*
21?*
111
19
49
483*
49
32
47
62M
64M
17
60
80
47?*
49?*
12
46
04
203*
a
O
A
o
062?*
J
For footnotes see page 2793
8M
8
11?*
11?*
11
6%
D
f 6s 1st ser__1960 J
♦Poland (Rep of) gold 6s
♦Stabilization loan s f 7s
5?*
7?*
—1944 nl
Municipal Bank extl« f 5s-—1970
♦Nuremburg (City) extl 0s
1952
♦Nat Loan extl
♦Nat Loan extl
J
J
1959 M n
Norway 20-year extl 6s
20-year external 6s.—.
7M
16
933*
6%
Milan (City, Italy) extl 6 Ms—1952 a
Minas Geraes (State)—
♦Sec extl
73*
98
80
7M
1954 J
♦Sec extl s f 0Ms
♦Montevideo (City) 7s
5%
*7
J
d
1963 f
54
10
57
87
A
1954 J
4s s f ext loan.—
22M
22
.-.1945 Q
48 M
22M
22M
S
95
80?*
25%
22%
1951 J
823*
18%
185*
21?*
♦Chinese (Hukuang Ry) 5s
71M
30 M
21M
♦Cologne (City) Germany 5MS.1950 M
23
38
21M
♦Guar 816s
77
Japanese Govt 30-yr • f 6Ms—1954 f A
Extl sinking fund 5 Ms
1905 ivi N
Jugoslavia State Mtge Bank—
743*
94?*
External Hlnk fund 4Mb
External s f 4?*s
22M
♦Chilean Cons Munlo 7s
101M
*54
31 %
22M
..1961 A
27 M
45
22 M
6s
25 M
104 M 110M
111
J14?*
J
s f
76M
♦{Treas 6s of *13 assent(large) '33 J
J
♦} Small
56
A
♦Chile Mtge Bank 0 Ms
1957 J
♦Sink fund 6M» Of 1926——1961 J
94
J
♦Assenting 4s of 1904
♦Assenting 4s of 1910 large
♦Assenting 4s of 1910 small
77%
78%
♦Extl sinking fund 08—Sept 1961 M s
♦External sinking fund 6s...1962 M S
♦External slnkli g fund 6s
1963 M N
80 %
♦4s of 1904
83M
75M
75M
(Kingdom
A
1
♦Assenting 5s of 1899
♦Assenting 5s large
♦Assenting 5s small
100
'""9
82 M
1960
25
853*
101
S
115
883*
♦Mexico (US) extl 5s of 1899 £.1945 Q
a
111
27?*
51
853*
100
1977 M
473*
86M
100
995*
8
C853*
2
2
51
S
d
4
26 M
263*
....
*112?*
n
101M
101M
1901 F
Canada (Dom of) 30-yr 4s
6s
Irish Free State extl ■ f 5s
1960 M
Italy (Kingdom of) extl 7s
1951 J
Italian Cred Consortium B
1947 M
Italian Public Utility extl 78—1952 J
503*
A
101
1961 M
♦Guar
105M
f
101M
101M
Extlsf
Bulgaria
59%
*25
M N
♦Medellln (Colombia) 0Ms
d
1954 J
♦Mexican Irrlg assenting 4 Ms—1943 M n
28M
♦6 Mb stamped
J
102M
99% 103M
99% 103
101
5
25 M
110M
*96
S
43*8-4 ?*s
Refunding s f 43*s-4Ms
1976
Extl re-adj 4Ms-4Ma
1976
Extl S f 4MB-4M8
—.1975
3% external s f $ bonds
1984 J
18M
100
O
1961 M
100 M
28M
J
o
100M
%
100M
100M
*102
D
1960 a
External s f 0s ser C-3
♦Buenos Aires (Prov) extl 6s
♦6s stamped
,
19%
8
J
47?*
20
•
02
Volume
144
New York Bond Record—Continued—Page 2
BONDS
N. Y. STOCK EXCHANGE
Ranoe or
Last
Sate
Week Ended April 23
Nft,
Friday
Price
Foreign Govt. & Munlc. (Conct.)
Porto Ajegre (City of)—
Bid
Asked
A
Low
High
Low
30
..1966 j
j
27*
29*
Prague (Greater City) 7*s
1982 mn
♦Prussia (Free State) extl 6MB-1961 m s
97
97
9
92
19M
20
6
17*
20
19
o
31
♦0Ms Aug coupon off
1953 F a
Rio Grande do Bui (State of)—
♦8s April coupon off
1946 a o
♦6s Judo coupon off..
.1968 J d
♦7s May coupon oft
1966 mn
33
1946 a
♦8s April coupon off
1967 J
♦7s June coupon of#
Rome (City) extl 0 Ms
1962
A
19M
111
27 M
20
26M
12
5
31
Atl Coast Line 1st
100
16 M
23M
1
21M
27
25
27 *
34M
27
28M
58
20
33
32 *
33
27*
29
29*
24
33
Baldwin Loco Works 1st 5s
20
32 M
32 M
76M
30
72 M
83M
5s assented
...1940
Bait Ac Ohio 1st g 4s
July 1948 a" o
D
Refund 4 gen 5t series A
1995 j
100*
1
36M
30
100* 108
.
30
25 M
6Mis
92 M
19M
22
25
Belvldere Delaware
29*
24
31M
31M
M
44*
40 M
36 M
30
39M
90M
73M
1962 m 8
103*
74
8
14
75M
75 *
1957 M N
♦Uruguay (RepubJo) extl 8s..1946 f A
100M
100M
~75 * "*18
100*
4
42
67 M
68M
67 M
69
164
64
68*
124
64 X
94
80
83M
Vienna (City of)—
6s Nov coupon on
1952 mn
RAILROAD
1958 F
..1981 j
95
44 M
D
83
95*
92 M
44 M
39 X
64
83
77M
Coll trust 4s of 1907
10-year deb 4 Ms
1947 j
1st
d
1946 f
Adriatic Elec Co extl 7s.
Ala Gt Sou 1st cods A 5s..
104M
100M
'161M
101
A
89
1943
♦70
♦Albany Perfor Wrap Pap 6S..1948
♦6a with
warr
Alb A Susq 1st guar
8Ms
1946 A O
Alleghany Corp coll
tr 6s
1944 F
Coll A
conv
♦Coll A
6a
♦5s stamped
89
89
♦
1950
93 *
A
1951
Ms debentures
108M
O
1950
4M>
fja
99*
97M
97M
100
Am A
*99
1955 M
2030 M
Foreign Pow deb 5s
3
100
105
11
100
103
14
79
107M "1
"~3
103
32
98*
90*
49
87*
69
93 X
102 M
107 M
112M
13
98
24
60 M
99
97 M
102
34
93
76
M
j
6s stamped
1947
AnacoDda Cop Mir st deb 4Mb 1950
♦Anglo Chilean Nitrate—
86
111M 114
104M
104*
76
97 M
97*
105M
98*
98M
104* 113
96H 102M
6
248
136
3
7
59
50
75
85
50
70 X
49
0
105"
104*
163*
~82
.....1967
1
37 *
37 M
38M
21
{♦Ann Arbor let g 4a
1996
Ark A Mem Bridge A Term 5s 19«4
If Armour A Co (111) 1st 4MS-.-1939
j
68 M
70
24
1st M
t
< 4s ser B
*102
96 M
d 1022532
104
102«32l022732
~44
67
95
103
Conv g 4s Issue of 1910
Corr deb 4 Ms
103M
104M
29
107 M
108M
184
104*
105
106
108M
1
1960 i
2
30
Rocky Mtn Dlv 1st 4s
1966 J
♦105M
105M
109*
107M
Trans-Con Short L 1st 4i
1958 J
111 M
Cal-Arli 1st A ref 4 Ms A
1962 M
111M
11 M
"~8
111M
1948 J
109
U1M
A
j
83
93
79*
81
31
30*
34
32
11
30*
92*
14
28
92
99*
92*
92*
*65
♦
J
IVI N
IVI N
D
1957 IVI N
104
112*
7
48
392
93*
69*
----
115* 121*
120
131
33
113*
20
120
120
120
100
100
101*
106*
105*
106
106*
20
28
18M
25
18*
24 M
20
24*
101
100*
92 M
99 M
82
112
90
82*
91M
78
85*
28*
34*
30
41*
29 M
41*
92
101*
97* 105*
92
73
104
83
----
106*
i f deb
1950 f
3*a
~21
....
6
63
49
103
112
115M
122*
119M 132*
100
100
106
109
108*
100",6
A
101* 102
3
86
87*
75
25*
25*
25*
27
14
O
25*
25*
15
O
85
85
1
j
68
70
14
1960 A O
1945 MN
1937 M N
62
62*
1940 J
..1952 A
1955 J
101*
104*
O
26*
O
deb 5s.-
1942 A
5s A......1962 A
cons gu
6
101*
2
104*
mm
J
conv
7
103
105
8
103
m*S+ a..
26*
114
108* 110
100* 101*'j2
83*
93
25
32
25i
31
85
88
68
83
60*
102*
73:
103*
101* 103*
103
105
28*
64
114*
6
113* 119*
Oct 1909 a
19
109* 116
113
118*
114* 121
114* 121
112* 118*
110* 110*
1970 F
J
110*
111
J
113*
o
115*
114*
116*
Dec 1 1954 J
cons g
A
HI *
111*
S
no*
123*
95*
110*
104
104
112*
108*
111*
102
101*
J
ser
D
.....1960 J
J
1949 J
1938 J
D
95*
108
d
A.Dec 15 1952 J
123
J
guar g
6a
115*
113*
a
d
4s
76*
104
116
113*
111*
111*
123*
>
10
10
3
3
15
26
21
96*
190
104*
112*
108*
102*
20
26*
42
18
111
104
106*
87*
99 M
102* 104*
107* 110*
66
3
110*
128*
89*
110
104
105
116
120*
36
10
no*
110*
26
78
102
d
110
108
------
99*
115*
105*
83*
72*
103* 105*
108*
111
104
106*
19*
35
35
1
24
24
24
1
*19*
*25*
♦
22*
40
205
172
244
105
125*
102
109
101*
101*
102
37
102*
102*
102*
A
O
F
a
Vilas & Hickey
Members— New York Curb Exchange
-
NEW YORK
Private Wires to Chicago, Indianapolis and St. Louis
34
2
.
....
7
99* 104*
99* 108*
71*
15
03
75*
70*
74*
57
65
88*
62
62
1
67
78*
66*
113
-
23*
6
—
70*
-
31
19*
30
104
— —
71
A. T. & T. Teletype NY 1-917
....
109*
------
s
J
—
....
23*
40
24
104
S
J
Telephone HAnover 2-7900
133
109
------
M
IVI
J
—
23*
O
.1901 J
-
18*
18*
29*
22
{♦Cert New Engl 1st
Exchange
38
20*
Central N J gen g 5«..........1987 J
General 4s
—1987 J
111
81
30*
21
22*
40
30
22
J
93
47
O
d
89*
30
78*
....
32*
108M 111
4s
13
-----
31
1959 A
gu
34
18
----
32*
105 M 107
113
32*
*79*
——————
a
1945 M N
Gen mortgage 5a_.
..1941
Cent Hud G 4 E 1st 4 ref 3*8-1966
Cent 111 Elec 4 Gas 1st 5s
..1951
Cent Illinois Light 3 Ms
..I960
109M
106
f
♦Mid Ga 4 Atl Dlv pur m 5s. 1947 J
j
♦Mobile Dfv 1st g 68
j
1946 J
Central Foundry mtge 6a_..._.194i M S
112
106 M
1948 J
g 5«_.Nov 1945
*
------
Railroad, Public Utility and Industrial Bonds
49 WALL STREET
14
109*
00"16
86
1957 IVI N
4 Ms
103* 100*
♦101*
j
.1938 J
1981 F a
5S...1P37 M s
gen g
1959 A
♦Chatt Dlv pur money g 4s.. 1951 i
♦Mac A Nor Dlv 1st g5s -...1940 J
107 M 116
102
112
110
8
*105
a
BOND BROKERS
54
100
90
103
112*
e
2793
New York Stock
70
78*
102* 103*
107
-----
86*
87*
99*
..1950 J
104
85*
M N
a
1
84
MN
F
—
84
M N
j
— — —
95
93*
j
♦Ref 4 gen 5Ms series B
♦Ref 4 gen 5s series C
99 M
108
105
106*
106
103*
*107*
♦Consoi gold 58
1022*32104M
94 M 100*
94
97
.
94
3
20*
.
3
102*
20*
103
21
30
{♦Central of Qa 1st
67 M
103
105
97 M
104 M
103 M
6
20*
20*
29*
1st 4
42M
74
30M
96 M
103 *
24
20*
------
Carriers A Gen Corp deb 5s w w 1950 M N
Cart 4 Ad 1st gu g 4s
D
1981 J
104M 107
96 M
Stamped 4s
1995 M n
Conv gold 4s of 1909....... 1955 J
D
Conv 4s of 1905
1965 J
Adjustment gold 4s...
110
110*
116M
94*
91
96 M
107 M
102 *
see page
95 M
j
J
For footnotes
50
50
84 M
a
O
1995
1995 Nov
110
21*
29*
Caro Clinch 4 O 1st 6s
110M
1950
Armstrong Cork deb 4s
Atch Top A 8 Fe—Gen g 4s
93 M
111
*20*
20*
30
Coll trust gold 5s
Collateral trust 4Mb
102*
105
1956
96 M
104 M
93 M
82 M
103
....
117
J
Canadian Pao tty 4% deb stk perpei J
Coll trust 4 Ma —
..1946 M S
5s equip trust ctfs
i
....1944 J
200
151
1957
(Dei)
1st M s f 4s ser C (Del)
84 X
9
123
1934
♦Cent Branch U P 1st g 4s
s
116*
Guar gold 4Ms
Jure 15 1955 J
Guaranteed cold 4 Ms..
1956 F
Guaranteed gold 4M«--Sept 1951 M
Canadian Northern deb 6 Ms
1940 J
97
113
j
8 f income deb
75
17
....
....
122*
A
Guaranteed gold 5s
Guaranteed gold 5s
87M
87
105*
59
{♦Am Writing Paper 1st g 6s.. 1947 J
♦Certificates of deposit
♦101*
117
Canadian Nat guar 4Mb
1957 J
Guaranteed gold 5s....July 1969 J
105* 109
103 M 100
112*
106
*
Canada Sou
100*
105
155
110
110*
D
O
♦Camaguey Sugar 7s ctfs
93* 100
105
105
-----
104*
110*
75*
84 M
105
101M
113
106
103
O
{♦Car Cent 1st
....1975 mn
*111*
104
Cai Pack
93 M
Amer Water Works dc Electric—
Deb g 6s senes A..
------
If By-Prod Coke 1st 5 Ms A
Cal G 4 E Corp unlf 4 ref 5s
96 M
85
101M
1
79*
95M
107M
97M
155
148
28
♦Certificates of deposit
{♦Bush Terminal 1st 4s
♦Consoi 5s
{♦Bush Term Bldgs 6s gu
107
95 X.
14
78
97 *
141
87*
122*
|{*Burl C R 4 Nor 1st 4 coll 5s 1934
74
64
101
95
108M
106
155
77*
85*
O
Consoi
Am
Tejep A Teleg—
20-year sinking fund 6M«—1943 mn
Convertible debenture 4 Ms.. 1939 j
J
3Ms debentures
1961
3 Ms debentures
1906
♦Am Type Founders conv deb.I960
76
85*
79*
Brurs 4 West is# gu g 4s
107 M 110
70
70
45
100
95
85
Buffalo Gen Elec 4 Ms ser B
114M 116
"~78
"~78*
a f deb 5s
1953 J d
Amer I G Chem conv 5 Ms
1949 IVI N
Am Interest Corp conv 5Ms.. 1949 J
j
112
85
76*
1907 M S
1055 M N
IfBuff Roch 4 Pitts
99M
65
"107M
American Ice
20
85*
1948
5s series II
Brown Shoe
109 M
I
♦Aiptne-MontanTSteel 7s
j
92
_
106
87
"el"
1998 AO
..19«2 M 8
Allegh A West 1st gu 4s
Allegb Val gen guar g 4s
Allied Stores Corp deb
97 *
~6l"
84
2
66
102*
98*
1949 J d
1950 A O
6s
conv
103
a
119
76
66
1948
assented
89
*114*
107*
107M
1943
107M
100M
six
100
100
"89
1952
cons 4s series B
106
S
102
102 M 107 M
88
99*
97*
I960
1st lien 4 ref 5s series B
d
70
99
78
1906
Debenture gold 6s
J
70
112*
105M 106 M
108 M
94 M
86
110
116M
97 M 103 M
105
cons
stamped
1941
Bklyn Union El 1st g 5s
1950
Bklyn Un Gas 1st cons g 5a
1945
1st lien 4 ref 0s series A...-.1947
AND ''INDUSTRIAL
M
184
103*
93*
87*
J
1st 5s
84
COMPANIES
♦itAbltfM Pow A Paper 1st 58.1953
Adams Express coll tr g 4s
1048
105* 100 M
63
103
S
Brooklyn City RR 1st 5s
1941
Bklyn Edison cons mtge 3MS..1900
Bklyn Man hat Transit 4 Ms.-.1966
Bklyn Qu Co 4 Sub con gtd 5s. 1941
98
44 M
81*
a
112
112*
I {♦Botany Cons Mills 0 mb
♦Certltlcates of deposit
69 M
Warsaw (City) external 7s
Yokohama (City) extl 6s
8
....
89
87
1st t 4*.s seriea JJ
1901 A
{♦Boston 4 N Y Air Line 1st 4s 1955 F
70
67 M
♦78
♦104*
105*
87
1944
1st M
99 X 103
65
70
68*
s f 6s
—
103
Bosron 4 Maine 1st 6s A C
78
~68*
s f 6s
—
J
Big Sandy 1st 4s
76 X
69
72 M
71*
1964 M N
Venetian Prov Mtge Bank 7s.. 1952 a o
♦External
—
63
1951 j
Cons mtge 3*s ser E
101M 105M
...I960 M N
♦External
—
—
105*
103*
♦Debenture 6s
1955
♦Berltr Elec E! A Undergr 6 Ms I960
Beth Steel cons M 4*s -*er D..1960
93 M
65
♦73 M
o
1961 a
75
85*
105M 107 M
102
3 Ms..1943
♦Berlin City Elec Co deb 6 M«—1951
♦Deb sinking fuDd 6 Mb
1959
64
36M
1971 J
2
98
1996 M
1943 J
Bell Telep of Pa 5s ser.es B
1st A ret 5s series C
25M
102*
83 M
100®32 102
24
29
103*
54
74 M
102
4b stamped
1951
Battle Creek A Stur 1st gu 3a..l989 j
Beech Creek ext 1st g 3 Ms
1951 A
29*
44
7s Feb coupon off..........1946 F
Sydney (City) s f 5 Ms
1985 F
5M* guar
Trondhjem (City) 1st 6M«
98
*29
..1946
s f
91
*18 H
♦17
♦Silesia (Pror of) extl 7s
1968 J
♦Hliesian Landowners Assn 6s.. 1947 F
Styria (Provlnoe of)—
External
26
"
Serbs Croats A Slovenes (Kingdom)
♦8s Nov 1 1936 ooupon on...1962 M N
♦7s Nov 1 1935 coupon on
1962 M N
s 1 5 Ms
Tokyo City 5s loan of 19 i2
28
43 M
35*
34 M
93
28M
92 M
29M
29
28M
1945
Taiwan Elec Pow
29*
29*
Ref A gen M 6s ser F
Bangor A Aroostook 1st 5s
Con ref 4s
4a
31M
O
—
J
To! A Cm Dlv 1st ref 4s A...1959 j
Ref A gen 5s series D
2000 IVI S
Conv 4 Ms
1960 F a
34M
40
1940
42
D
1941
Southwest Dlv 1st 3M-5S...1950 j
35*
28*
Secured sf 7s
99 M
m n
..1995 j
PLE&WVaBys ret 4s.
36M
27
25M
21M
32
34M
91
102 M 100 M
49 M
60 M
V
75
1940 M N
July 1048 a
1st gold 5s
Ref A gen 0s series Ct.
32M
High
118M 1185*
111*
110* 110
99
105 X
88 M
99 M
108
5
107*
105*
106*
107*
Low
7
43*
105*
Since
Jan. 1
40
20
38
10
76
75
53
33
30
53*
*105*
46
40
24
94*
104
100®32 100»16
40
31*
28*
114
76
1959
30 M
24M
11
201
42
1948
H Atlantic Refining deb 5e
1937
Auburn Auto conv deb 4MS—.1939
Austin A N W 1st ju g 5s
1941
30*
♦21
93
62*
35*
36M
93
103*
100*
j
110*
101*
92
53*
5
>95
100
92*
103*
75*
76 ""
O
No.
108
110*
110*
100*
J
29
29M
108
M N
1948 J
Range
Bonds Sold
High
A
......
D
28*
28 M
d
§♦88 July coupon off
1936
♦External 8s July coupon off. 1950
♦External 7s Sept coupon off 1956
♦Externa! fls July coupon off. 1968
g
May 11946
Atl Oulf A W 188 coll tr 5s
♦8s May coupon off-.
1952 M N
♦Extl 0M» May coupon off.. 1957 M N
San Pauio (State of)—
♦Sinking fund
1964 J
or
Asked
Friday
Bid
J
Oct 1952 MN
10-yr coll tr 5a
At! A Dan 1st g 4s
2d 4s
113
D
J
1944 J
July 1962 M 8
cons as
L4N coll gold 4s
24
110M 113M
109
1940 J
1944 J
General unified 4mb A
24
31*
3
Ranoe
Sale
Price
Low
Sao Paulo (City of Brasll)—
♦Saxon State Mtge inst 7s
Last
EXCHANGE
Atl Knox A Nor 1st g 5s
Atl A Charl a L 1st 4 Ms A
1st 39-year 5s series B
33*
23M
1964 MN
Koum&nla (Kingdom of) Monopolies
♦7s August coupon off.
1959 F a
1953 J
6
110
STOCK
Week Ended April 23
31
T Rotterdam (City) extl 6s
♦Saarbruecken (City) 6s..
111*
109*
Y.
High
29*
110
N
Since
Jan. 1
aqcQ
No.
BONDS
Range
1»
d
♦External s f 6s
1952 A O
Queensland (State) extl s f 7s_.194l a o
25-year external 6s
1947 F a
♦Rhine-Main- Danube 7« A
1950 m s
Rio de Janeiro (City of)—
Week's
Friday
.1961 j
♦8s June coupon off
♦7 Ms July coupon off
2789
Week's
Friday
April 24, 1937
New York Bond Record—Continued—Page 3
2790
Friday
Hewlett Hros. &
*
e,*
tAlembers
STOCK
Y. STOCK
EXCHANGE
:
Bid
A
Guaranteed g 5a
1960 F A
Cent RR A Bkg of Ga coll 5s.. 1937 M N
Central Steel 1st g s f 8a
1941 M N
Certaln-teed Prod 6 Ha A
1948 M S
1944 J
D
1939 IVI N
1992 IVI s
Ref A lmpt mtge 3 Ha aer D1996 IVI N
Ref A lmpt M 3 Ha aer E
1996 F A
May 1940 J
No.
High
32
112H
11
100
51
108 H
104 M
88H
123?*
92
57
95 H
124
2
125 H
56
96?*
119
"l36H
119
122
,-T
107 H
*107
'U.7H
"368
156
187
137
109
"15
117 K
96
95 H
96 M
54
96 H
95?*
96 H
4a
2d conaol gold 4s
Warm Spring V 1st g 5a
101H
99?*
105 H
51
102
96
96 H
92
101H
42
105
47
I28H
102?*
102 H
111
lilH
*109?*
117?*
lllH
120?*
D
104 H
10
100 H
103?*
104 H
57
J02H
102 H
102?*
95
101
107 H
102
107?*
107 H
49
101?*
36 H
102 H
286
37 H
7
21
D
J
*36
J
*
1135*
115
S
*l07~~
(♦1st lien A ref 6s
108
*36
IVI N
ser
'166ji
J
.1936 J
1936
B
j
57 H
J
104H
105?*
11
...
1949 J
i
109 H
110
14
...
1958 M
S
107 H
107 H
108H
35
1st A ret 4 Ha aer B
1977 F A
let A ref 5s ser A
1971 F A
If ♦Chicago A East 111 1st 6s_. 1934 A O
{♦C A E III Ry (new Co) gen 5s. 1951 M N
♦Certificates of deposit
107 M
107 H
114H
109
115?*
"39~"
*101H
38 H
Chic A Alton RR ref g 3a
1949
Chic Burl A Q—111 Dlv 3 Ha—. 1949
Illinois Division 4s...
General 4s
57
56
36 H
41
Ch G L A Coke 1st gu g 5s
1982 M N
J
1937 J
{♦Chicago Great West 1st 4s..
1959 M S
{♦Chic Ind A Louisv ref 6s
1947 J
J
35
37
1947 J
J
*10
'I04H
1947 J
J
*32
♦Refunding g 5s ser B
♦Refunding 4s aer C
♦1st A gen 5s series A
♦1st A gen 6s aeries B.May
Chic Ind A Sou 50-year 4a
Chic LSi East 1st 4 Ha
*
.118
100*4
46 H
43 H
1966 M N
1966 J
1956 J
1969 J
♦Chic M A St P gen 4a aer A..1989
♦Gen g 3 Ha ser B__May 1 1989
J
100?*
47?*
15i
""52?*
J
J
68 X
J
52 H
57
71
....
56
65?*
36
66
55
52 H
57?*
69H
64 J*
69?*
Detroit Term A Tunnel 4Ha.. 1961 M N
64
Dul A Iron Range 1st 5s
28 H
71H
36 H
♦Conv adj 5s
...Jan 1 2000 A O
{♦Chic A No West gen g 3Ha.. 1987 M N
♦General 4s
1987 M N
10H
10H
11H
385
9?*
12H
♦1st ref g 5s
May 1 2037 J
♦1st A ref 4Ha stpd.May I 2037 J
♦1st A ref 4Ha ser C.May I 2037 J
♦Conv 4Hs series A
1949 M
1952
gu
Dec I 1960 M
5s
Chllds Co deb 5s
{♦Choc Okla A Gulf cons 5s
Cincinnati Gas A Elec 3?*a
Elgin Jollet A East 1st
38
36H
36H
24H
El Paso Nat Gas 4Hs aer A
Conv deb 4?*s....
1946 J
D
*140
1965 A
O
*105
108
*105
110
14
34
234
74 H
101
l'
29
28?*
16H
70
83 H
246
35?*
37
39 H
36
38
11
35H
22 H
22 K
182
19H
43 H
42H
26?*
19H
18M
23H
20 H
23 J*
20 H
14 J*
124
19
19
13
125*
*
93
18?*
10?*
22 H
Ref A lmpt 5s of 1927
Ref A lmpt 6s of 1930
Erie A Jersey 1st s f 6s..!
91
99 H
82
83?*
81H
24
12
106H
104H 113
103?*
105H
107 H
104?*
94
103
102
102 H
28
101?* 108 H
100 H 108?*
107 H
102 H
100 X
HRef A lmpt 6s ser C__
U Ref A lmpt 6s ser D
Series C 3Ha guar....
Series D 3 Ha guar
108
102
94
38
40 H
34
5
28
107
108""
101?*
108?*
102 J*
97 H
107
"27
107
29
104?*
108?*
H 109?*
101
110H
104H 104H
16
97
118
1
118
118
103?*
103?*
3
103 H
105 H
105i932
95
105'932 105?*
94 H
97
121
98 H
98
*103?*
""94
91
104?*
"19
94
94 H
98 H
99
11
*102 H
102
102
""2
99
107?*
107 H
107 H
2
106H
107 H
10
107?*
1970
...1980 M N'
101H
85 H
"l3
I
87
*
1967 IVI N
1975 A
O
1955 J
81H
81H
1
117H
117H
Genessee River 1st s f 6s
J
1957 J
N Y A Erie RR ext 1st 4s... 1947 IVI N
3d mtge 4 Ha
1938 IVI s
36
88 H
Tin
82
13
152
19
87
85H
j
86
1953
98 H
85H
83
176
83
154
117H
2
117H
5
1954 F
..1956 J
Federal Light A Tr 1st 5s
5s International series
1st lies
8 f
S
102
1942 IVI
S
*102
*57
1954
*
1946
15
102 H
103?*
100
92
H
*78H
{♦Fla Cent A Penln 5s
1943
{♦Florida East Coast 1st 4H8--1959
1974 M
S
♦Certificates of deposit
8
75
15H
15
15H
115
14 H
♦1st A ref 5s series A
75
14 H
15?*
26
78
Fonda Johns A GIov 4 Ha.-—-1952
({♦Proof of claim filed by
(Amended) 1st cons 2-4s
owner
.
M N
no
rlO
M N
5
5
1982
owner
*4
♦Certificates of deposit..
Fort St U D Co 1st g 4 Ha
1941 j"
Framerican Ind Dev 20-yr 7 ?*s 1942 J
J
J
*107 H
5H
*104?*
108
75
96
96
103
Gas A El of Berg Co cons g 5a.. 1949 J
Gen Amer Investors deb 5s A.. 1952 F
Gen Cable 1st s f 5 Ha A
1947 J
♦Gen Elec (Germany) 7s Jan 15 1945 J
D
95
104?*
102"
103~"
107
108
105?*
111H
♦Sinking fund deb 6Ha
1940 J
A
101H
J
104 H
112
106
106H
1HH
104 »*
116?*
113
101
102?*
*
109
111H
99H 105H
110H 112H
106~"
106
106
108
83
82 H
96
67?*
64
77 H
101H
104H
*30
J
D
♦20-year s f deb 6s
1948 IVI N
Gen Motors Accept Corp deb 3sl946 F A
15-year 3?*s deb
...1951 F A
Gen Pub Serv deb 5H8
1939
"36""
30
34
34
24
104?*
43
31H
30
1
34
100 H
101H
100
99 H
100 H
100 H
102
*102
102 H
91
IVI
IVI
N
99?*
104?*
D
J
J
1
106
29
100
98
99H
104 H
100 H
s
J
11
23
105
106
10
44
23
Goodrich (B F) conv deb 6s.-.1945
1st mtge 4?*s
.1956
91 Vs
42
44 H
91?*
{♦Ga A Ala Ry 1st cons 5s
1945
{{♦Ga Ca«*o A Nor 1st ext 6s.. 1934
♦Good Hnpe Steel A Ir sec 7s.. 1945
Goodyear Tire A Rub 1st 5s.. .1957
Gotham Silk Hosiery deb 5s w W1946
Gouv A Oswegatchle 1st 5s
1942
Gr R A I ext 1st gu g 4Ha..._-1941
101H
40
Gen Steel Cast 6 Ha with warr. 1949
116?*
111H
H
8
1942 IVI
...
s
1942 IVI
3
72
101?*
74
109?*
110?*
82
72
101H
*102H
*101H
O
109?*
65?*
A
D
1942 IVI
5s stamped
1st Hen 6s stamped
30-year deb 6s series B
Flat deb a f g 7s
*1)0
Francisco Sugar coll trust 68—1956 IVI N
109?*
106
98
83
Galv Hous A Hend 1st 5Ha A..1938 A
110?* 113
1973
1st s f 4 Ha series C
1977
Coal River Ry ist gu 4a
1945
Colo Fuel A Ir Co gen s f 5s... 1943
I
83 H
106 H
110
1115*
112
102?*
103 H
93
O
1972
115
*103H
*103?*
1953
4s series D
121
110
101H 105?*
98 H
91H
O
J
1942 J
1948 M N
1950 A F
For footnotes see page 2793.
85?*
91
105?*
118
Gen 4H8 ser A
1977
Gen A ref mtge 4H8 ser B...1981
Cleve Short Line lBt gu 4 Ha...1961
Cleve Union Term gu 5 Ha,
1st a f 6s series B guar
99 H
*104?*
98J*
W W Val Dlv 1st g 4s
J
1940 J
Cleve-Cllffs Iron 1st mtge 4 Ha. 1950 M N
Cleve Elec Ilium 1st M 3?*s.--1965 J
J
conv
({♦Proof of claim filed by
1963
1942 A
90
40
*
1941
Cleve A Pgh gen gu 4 Ha ser B.1942 A
100?*
99
N
111?*
87
40
A
104
103?*
89
89 H
Ref A lmpt 4 Ha ser E
1977
Cairo Dlv 1st gold 4s
1939
Cln Wabash A M Dlv 1st 4s. 1991
St L Dlv 1st coll tr g 4s
1990 M N
Spr A Col Dlv 1st g 4a:
..1940 M S
Series B 3Hs guar
Series A 4 Ha guar
102H
99 5*
1952 IVI N
1966
4s... 1942 M
D
91
105
Series B
135?*
*109H
I 101H
1953
Gen
93 J*
93 H
102
Cleve Cln Chi A St L gen 4s... 1993
General 5s ser B
1993
♦5 income mtge
Conv 4s series A
106
109
109
...
25 H
98H
S
Cln Un Term 1st gu 6s ser C..1957 IVI N
1st mtge guar 3H8 series D..1971 IVI N
Clearfield A Mah 1st gu 4s.... 1943 J
J
Colo A South 4Hs ser A
1951 J
Erie RR 1st cons g 4s prior.... 1996
1st consol gen lien g 4s
1996
22
"9l"
A
5s stamped
1965
Erie A Pitts g gu 3Ha aer B... 1940
Series C 3Hs
1940
19H
16
108J* 113H
F
*104H
,*125
5s.... 1941 IVI N
18
""93"
92
g
72
.110
D
conv 4s.... ,1952
29
H
112?*
East T Va A Ga Dlv 1st 5s_... 1956 M N
Ed El 111 Bklyn 1st cons 4s
J
1939 J
Ed Elec (N Y) 1st cons g 5s
J
1995 J
140
*86~"
loi"
91
154
El Paso A S W 1st 5s
32 H
20 H
1951 M
F
104?*
61
31H
..1943 A
103 H
103 ?*
50?*
30?*
"54" •"l4
31H
1963 J
1
O
J
Electric Auto Lite
1
32H
105
21
7
57
52
75
19 ?*
1962 M
101?*
55 H
46
48?*
30 H
1952 J
101?*
"57
113J*
66
*53 H ""5§""
1963
con gu
East Ry Minn Nor Dlv 1st 4a.. 1948 A
Fairbanks Morse deb 4s
1st mtge 4s series D
Cln Leb A Nor 1st
J
60 ""
50
113
O
{(♦Dul Sou Shore A Atl g 6s.. 1937 J
Duquesne Light 1st M 3Ha._. 1965 J
Ernesto Breda 7a
1st mtge 3?*s series E.
3 Ha guaranteed
Chic A West Indiana con 4s...
1st A ref M 4Ha ser D
*41
45
45 H
30 X
1944
*45
113?*
45?*
45
Chicago Union Station—
Guaranteed 4s
*55
49 H
46
D
lno
17
1
85
52 H
62 H
54 H
20
D
18
103H
*55
43 H
*30 H
D
1960 J
103 H
102?*
42 H
30 M
1951 J
26
40
"3l""
1960 M N
17
107 H
1
N
3Hs
...June 15 1951 J
Memphis Dlv 1st g 4a
1951 J
57 H
112?*
16
20 X
Gold
24
431
57
D
m"s
26
11?*
58
19H
41H
38
♦Certificates of deposit
(♦Secured 4 Ha series A
29?*
51
33?*
19H
44 H
D
O
7
153
107?*
1995
1937 A
18
33
43 H
38H
1934 A
♦2d 4a assented
ios""
43 H
74 H
♦Certificates of deposit
(♦Refunding gold 4s_.
5
108
42 H
40 H
*44* ~
D
({♦Chicago Railways 1st 5s stpd
Aug 1 1936 25% part pd
{♦Chlo R 1 A P Ry gen 4s
1988
Chlo T H A So East 1st 5s
1965 A O
1966 M >-
112?*
107?*
107?*
102?*
♦Detroit A Mac 1st lien g 4a... 1995 J D
♦1st 4a assented.
1995
♦Second gold 4s
1995 j"~D
63
585
Ch St L A New Orleans 5s
G-.
O
15
32 H
♦Certificates of deposit..
♦Conv g 4 Ha
F
J
53
1936 IVI N
133
107 ?*
18?*
8
A
49
30 H
6Hs
92
112H
18
52 H
31H
g
"30
67 H
A
67 H
I ♦Secured
59
31?*
31?*
18H
17H
26?*
31
67 H
♦Stpd 4a non-p Fed lnc tax 1987 M N
♦Gen 4?*s stpd Fed lno tax..1987 M N
1
55
104
10H
J
52 H
♦4 H» stamped
91
31?*
64
1987 M N
1987 M N
103 H
107 H
107 H
J
64H
67?*
A
♦Gen 6s stpd Fed lnc tax
ser
Gen A ref mtge 3Ha ser
56 H
10
....
*104?*
Gen A ref M 4s
11
70
J
{♦De8 M A Ft Dodge 4s ctfs... 1935 J
{♦Des Plains Val 1st gu 4Ha.« 1947 IVI
Detroit Edison Co 4 Ha ser D.. 1961 F
Gen A ref 5a aer E...
1952 A
101?*
69
56?*
29
-.66
*56
103 H
91
26
5
55?*
J
1969
J
J
34
7
104
66
D
J
♦Gen 4 Ha series C..May 1 1989
♦Gen 4H8 series E_.May 1 1989
♦Gen 4?*s series F—May 1 1989
{♦Chic Mllw St P A Pac 5s A-1975
99?*
104?*
*63
"66"
♦Assented (subj to plan)..
♦Ref A lmpt 5s ser B...Apr 1978 AO
289
122
10
J
...
61H
100 H
9915,6 9915,6
107
*105H
*102
102 H
(♦Den A R G 1st cons g 4s..
1936 J
(♦Consol gold 4 Ha
1936 J
{♦Den A R G West gen 5s. Aug 1955 F
20
101H
*110H
D
24
J
1st mortgage4Ha._
20 H
18H
19H
101?*
52?*
Den Gas A El 1st A ref a f 5s... 1951 IVI N
Stamped as to Penna tax
1951 IVI N
190
35
20 H
18
103
104 H
104
1937 IVI N
TGold 5 Ha
36
Chicago A Erie 1st gold 5s
76
98
Del Power A Light 1st 4Ha—1971 J
1st A ref 4?* a
1969 J
115H
"415*
37
101?*
100 H
98 H
lOlH
D
♦Certificates of deposit
Dayton Pow A Lt 1st A ref 3 Ha 1960 AO
Del A Hudson 1st A ref 4a..
1943 IVI N
43
101
A
.1952 J
45
97?*
102 %
D
F
68 H
104?*
100 H
M N
J
"39""
102
67
M N
D
40
103?*
101?*
68 H
103?*
—
21
0
1
21
*36
Crown Cork A Seal a f 4s
1950 M N
J
Crown Willamette Paper 6s—1951 J
Cuba Nor Ry 1st 5 Ha
1942 J D
♦Cuba RR 1st 5s g
(♦ 1st ref 7 Ha series A
♦Certificates of deposit
105H
1
103?*
J
D
1943 J
Copenhagen Telep 5s.Feb 15 1954
Crane Co a f deb 3 Ha
-.1951
}
99?*
102?*
♦Debenture 4a
1955
O
♦Debenture 4s
1958
J
♦Consolidation Coal s f 6s
1960
D
Consumers Power 3?*s.May 1 1965
1st mtge 3 Ha
May 1 1965 IVI N
Container Corp 1st 6s
15-year deb 5s with warr
94
104 H
105?*
J
1970
1968
1946
lllH
104
1955
1st mtge 3 Ha
1st mtge 3?*s
109
103
...
108
117?*
J
1989 J
1941 M
136?*
106 H
139
*106
J
1989 J
88?*
87
58
103?*
f 3?*s A
.......
High
102?*
""87""
s
♦Debenture 4a
108 H
J
Potts Creek Branch 1st 4s... 1946 J
1
99 H
91
M S
IVI N
Jan.
107 H
'"mi
con g
A
—1951
1961
Consol Edison (N Y) deb 3?*a_1946
3 Ha debentures
1956
♦Consolidated Hydro-Elec Works
of Upper Wuertemberg7s---1956
Consol Gas (N Y) deb 4Ha
1951
Consol Oil conv deb 3 Ha
1951
{♦Consol Ry non-conv deb 4a. .1954
102 H
Low
Champion Pap A Fibre deb 4?* 81960
TJChesap Corp conv 6s
1947
Asked
102 H
*107?*
*106 H
104?*
95?*
100?*
O
1948
Stamped guar 4 Ha
Conn River Pow
Since
Friday
Sale
108?*
R A A Dlv 1st
A
1955 F
Conn Ry A L 1st A ref 4Ha..-1951
Range
102
20
101H
135 So. La Salle St.
Week's
1949 F A
Through Short L 1st gu 4s.. 1954 A O
Craig Valley 1st 6s
J
101
Range or
Pries
-
Cent Pac 1st ref gu g 4s
If 10-year oonv coll 5s
Che8 A Ohio 1st con g 5a
General gold 4 Ha
1961 J
Commercial Invest Tr deb 3 Ha 1951
Conn A Passum Rlv 1st 4s
1943
Last
Week Ended April 23
15
105?*
Friday
BONDS
j
Jan
Chicago, III.
'Private Wire
43
*105 H
105 J*
1952
Columbus Ry Pow A Lt'4s
SDlgby 4-5200
Connections
Randolph 7711
"bi. Y. 1-761 H* 'Bell System Teletype •>- Cgo. 543
103
102 H
*101
15
Col A H V 1st ext g 4a
Col A Tol 1st ext 4a
Low
101H
101H
101H
102
Apr
1965 M N
Commercial Credit deb 3?*s..-1951 A O
Y,
One Wall Street
N.
High
Low
103
O
A
Debenture 5s
%A]U{OAD'BONDS
,
is
No.
Columbia G A E deb 6a—May 1952 M N
( "blew York Stock Exchange
<sp^eW York Curb Exchange
{
Debenture 5a
York,
Friday
Bid
A
Asked
Price
Week Ended April 23
Johnson
Ranoe or
Sale
EXCHANGE
Week's
Last
BONDS
.
N. Y.
*
H
2
104 H
145
100 H
1
104H
108 H
Volume
New York Bond Record—Continued—Page 4
144
Friday
BONDS
Y
STOCK
Last
EXCHANGE
-
Bid
D
Gt Cons El Pow (Japan) 7s
A
1944 f
A
97 H
1950 J
J
93 H
J
Hioh
Low
97 %
*97% "31
41
93 %
93
112
111
22
35
98%
84H 93%
110H 116H
114H 119H
108% 115%
iioH
H6H
117H
109
109 H
17
j
102%
102
102 H
51
100 H
j
101%
102 H
72
j
130 H
101%
129 H
135%
757
1946 j
j
107
106 %
108
478
1967 j
J
93
92 H
94
94
100% 108H
118H 140
106
111H
92 H
94
Gen mtge 3%s ser 1
♦Green Bay A West deb ctfa A
♦Debentures ctfs B
Feb
Greenbrier Ry 1st gu 4s
1940
Gull Mob & Nor 1st 6%s B—1950
1st mtge 6s series C
1950
Gulf A 8 I 1st re! A ter 6s Feb 1952
10 H
"74
12%
M N
....
104"
104"
98 H
99 %
A
O
A
O
j
j
j
*91H
96 %
4%s__._.1961 A
98 H
O
~io*%
106
104
56
O
100%
10-year deb 4%s
Hackensack Water 1st 4s
1946 A
1952 j
O
103
j
*106 H
♦Harpen Mining 6s
Hocking Val 1st cons
1949 J
j
97 H
~90*
g 4 %s
1999
1944
1937
Houston A Texas Cent 5s gu.-1937
is"
103%
A
O
24
96 H
5
99 H
102 %
J
A.1957 F
ser
♦Adjustment Income 5s.Feb 1957
A
100 H
♦100H
100%
A
117%
94 H
O
49
34
73
29 H
O
014 H
j
1st gold 3 Hs
1951 j
j
32
Extended 1st gold 3Hs
1st gold 38 sterling
Collateral trust gold 4a
1951 A
O
...1951 m
8
..1952 a
103 H
*110H
H
"*61
128
32
104 H
1*101
102%
10
102%
93
*89
61%
68%
67%
74
74
77
101% 102%
100% 101%
101
44 %
103%
57%
73
85%
29%
36%
101% 110
110
110%
102% 107%
102% 107%
92%
General
cons
Leh Val Term Ry 1st gu
g 5s
1941 A
Lex A East 1st 60-yr 5s gu
1965 A
Liggett A Myers Tobacco 7s... 1944 A
5s
Uniried gold 4a
20-year
"42
85%
88 %
150
86
96
83%
90%
Louisiana A Ark 1st 5s
79%
90
Louis A Jeff Bdge Co gu 4s
Louisville A Nashville 5a
1955 M N
1966 f
A
1950 j
Omaha Dlv 1st gold 3s
1951 F
St Louis Dlv A Term g 3s...1951 j
3Hs
95
99
97
102%
85
85
89%
92 %
90
92%
*94%
95%
A
J
J
94
D
84 H
84 H
*94*
81
D
O
106 H
106 H
1950 J
1956 J
J
1965 J
J
Ref A Imp mtge 3
Hs ser B..1986 IW 8
Inland 8teel 3%s series D
1961 F A
{Interboro Rap Tran 1st 5s...1966 J
J
B
195t M N
A._July 1952 A
♦1st 68 series B
s
ser
*
5
103 H
106% 108
43
103% 105%
98% 105%
"OO
101
108
517
75
97
34
75
95%
75
78
75
76 %
35
30 H
107
36
103
75
83
O
30%
56
30 H
2
30
76
76
78 H
71
76
52%
91%
75 %
77 H
50
75%
91
30
100 H
102
68
100% 102%
103
70
100% 103
100 H
37
100 %
39 H
252
34
42%
13 H
36
37 H
14
1941 A
A A B...1947 J
15%
109
11
.17%
37 H
77 H
100%
81
1955 M
100
99
Int Rys Cent Amer 1st 5s B...1972 IW N
list coll trust 6% g notes...
98 H
88
*102
1941;M N
1st lien A ref 6 Hs
H
100 %
100 H
1956
f 6s series A
2
24
38
20
HO
84 Hi
18
100%
46
99 H
37
81%
88
1
102%
96 %
98
I
6
J
66 H
66 H
1939 J
J
83 %
83 H
68%'
85 H
A
70 H
70 %
72%
8
7%
7%
8H
123
185
175
230
Debenture 5s
..1955
F
{♦Iowa Central Ry 1st A ref 4s. 1951 IW
A
100% 102
32
40%
33
76%
40%
90
72
89%
99
102%
97% 101%
88
95
102
|
4HS-1952'j
1947 iF
g
91%
87%
102
1
104
102%
77 H
Telep A Teleg deb
Conv deb 4Ha
37
38
103 H
1944 A
Int
107 H
102
38
1956
♦1st g 5s series C
Internet Hydro El deb 6a
Int Merc Marine s f 6s
Ref
77%
76
O
1932 M S
Conv deb 4s
1947 A O
Int Agrlc Corp 5s
stamped 1942
M N
{♦Int-Grt Nor 1st 6s ser A
1952 J
J
Internet Paper 5s
82%
50
30
♦Certificates of deposit
conv 7% notes
♦Certificates of deposit
{♦10-year
ser
64
75
♦Certificates of deposit
♦Adjustment 68
87 H
83
101%
104% 104%
J
{♦Ind A Louisville 1st gu 4a
TInd Union Ry 5s series B
f Interlake Iron 1st 5a
94
O
lnd III A Iowa 1st g 4a
...1932 A
98%
100% 100%
94%
*100
94
{♦10-year 6a
98
*97 H
j
Illinois Steel deb 4Hs
1940 A
Ind Bloom A West 1st ext 4a—1940
A
109
*90
A
1963 J
96% 104%
80
73%
J
1951 J
1st A ref 4 Hs series C
59
107
Western Lines 1st g 4s
1951 F
III Cent and Chic StLAN O—
Joint 1st ref 5s series A
1963 J
g
34
j
1951 J
Springfield Dlv 1st
99 H
76 H
H
75
D
Litchfield Div 1st gold 3a... 1951 J
Loulsv Dlv A Term g 3H«—1953 J
Gold 3Hs
98
75%
103
95% 102
65
75
80%
89%
68%
80%
3
9%
Lorillard (P) Co deb 7s
5a
4Hs A..1961
IV!
D
6
95
95
101%
101H
*93 H
1990
w
w
w
♦Ctfs with
106
103 H
104
108
4s.1936
"59 H
59
60
55
57 H
87%
86 H
88
239
Q**
93
94
86
Apr 1950
104
18
102% 104
40
4
40
41
19
18
25
27
31
25
35
96%
99
*27 H
e
97 H
j
17
98 %
108
110
*107
*
98%—~
j
*101"
#
*166"
107%
109% 109%
109%
j
107%
101H
A
O
A
O
F
A
J
D
Uniform ctfs of deposit
1959
Laclede Gas Light ref A ext 58.1939 A
Coll A ref 6Hs Berles C
1953 F
J
102%
102 %
113H
U2H
102
105%
112H
102
104H
105 %
--
2
111%
O
94
48 H
94
49
30
95
26
60
61
54
60
61
14
1942 F
A
Coll tr 6s series B
1942 F
A
1941 J
J
1997 J
D
♦Lautaro Nitrate Co Ltd 6s...1954 J
♦Certificates of deposit
J
4 Ha A
1954 J
C...1954 J
1st A ref s f 5s
!
For footnotes see page 2793
101%
2003 A
96%
90%
""I
1945 J
D
1960 J
D
f 7%s... 1942 A
♦Certificates of deposit
{♦Manhat Ry (N Y) cons g 4s.1990 AO
♦Certificates of deposit
♦Second 4a
2013 i" d
Manila Elec RR A Lt s f 5a...1953 IVI s
1st ext
ext
M 8t P A 83 M
1st cons 5s
.....
86%
90
53
33%
38%
91
66%
38%
31%
21%
30
20%
66%
70
6
38%
34%
43
100
20%
92%
*83%
1
92%
93%
2
41%
101%
3
101%
95
10
101
101
1
93%
92%
90%
57%
92%
82%
84%
75
78%
37
....
76
*37
105%
79%
68
41
97%
101%
93% 100
101
103
103%
106%
107%
109%
A
O,
a'
102%
102
12
100%
7
12%
....
3%
104%
10%
5%
24%
26%
f
102%
13%
13%
*2%
.....
*2%
■
*
D
24%
103
70
D
J
j
D
4%s(1880)1934
102%
102
104% 110%
103%
102
103%
-
41
102% 105
*85
95
*90
98%
*82
85
1962 Q
40%
*57
68%
19%
19%
8
6%
7
*5%
38%
F
108
70
59
1939
S
103
103%
1939
1949 IW
2
9
70
102
102
103% 105%
105"" "24
*104%
J
O
5
104
104
J
*
g
4s int gu.1938 J
j
1938 J
con
j
1938 J
j
1946 J
1949 IW
S
1978 J
j
Mo Kan A Tex 1st gold 4s
Mo-K-T RR pr lien 5s ser A
1990 j
d
1962 j
J
.1978 j
Jan 1967 A
{♦Mo Pac 1st A ref 5s ser A
♦Certificates of deposit
*19*
1965 F
18%
83%
28%
.
23%
19
84%
*95%
90%
105
....
....
....
19
....
17
54
95*"
99%
85
91%
36%
40%
57
57
11%
21%
5
10
3%
8%
43
24%
5
24%
37%
32
60
60
87%
81%
87%
80%
68%
71%
88%
82%
*71%
19
....
2
0
27%
22%
17
82%
41%
30
28%
95%
....
60
J
J
24%
27%
*22
M N
...1962 j
27%
24%
*28*
j
1959 j
Prior Hen 4%s series D
25
26
j
1941
69
72%
O
69
69
70
A
44%
45%
3
48
43
86
96%
49
79%
88%
1
68%
70
7
61%
71%
79%
47
69
80
196
39
iw's
20%
41%
39%
19%
.....1977 M S
♦Certificates of deposit
1978 M N
♦Certificates of deposit
43%
41%
45
42
39%
42%
39%
42
49
45
134
38%
48%
41
16
30%
45%
18%
48%
46%
♦General 4s
42
1975
♦1st A ref 5s series F
♦Conv gold 5%8
♦1st A ref g 6s series H
1949 IWN
1980 A
O
44%
*16%
♦1st A ref 5s series I
{♦Mobile A Ohio
10
39%
48%
45%
21%
515
15%
24
589
39
49
42
17%
45
1981 F
A
13
180
39
43
42
45
155
38
43
56
43%
43
*
gen gold 4s...1938 M
1977
♦Secured 5% notes
1938
Mohawk A Malone 1st gu g 4s. 1991
Monongahela Ry 1st M 4s ser A '60
s
A
30%
39
37%
32%
47
49%
47
99
....
100
93
97
54%
39%
47%
32%
49
32
34%
44
43%
30%
33
49
M s
M
84%
....
98
*
4% July 1938 MN
37
315
*41
♦Certificates of deposit
♦Mo Pac 3d 7s ext at
16%
41%
43
♦Certificates of deposit
35
40
31
39%
10
89
98%
105%
106%
21
105
111%
101%
100
108%
110%
89
8
iw N
90
Monongahela West Penn Pub Serv
*7
1
1st mtge 4 %s
6s debentures
61
63
8
^Mont Cent 1st
63
102% 104%
100
39
32
1st Chicago Term 8 f 4s
{♦Mo-Ill RR 1st 5s series A
97 %
QQ
71
22
82%
73%
1971 j
25-year 5%s
1st ref 5%s series B
67 %
103%
97%
106
103%
1961 j
1st cons 5s gu as to int
1st A ref 6s series A
97 H
99
103
102%
81%
76
{♦Mil Spar A N W 1st gu 4a... 1947 IW S
{♦Mllw A State Line 1st 3 %s._ 1941 j
J
{♦Minn A St Louis 5a ctfs
1934 M N
67 H
62
109% 115
93
17
90%
47
96
102 %
5
ft
112% 115
94% 100%
103
F
102%
30
105%
M s
1974
_
98
111%
107%
♦Ref A Impt 4%s
61
87
104%
♦Montgomery Dlv lstg 58..1947
6
105%
107%
14
87
90%
4
S
18
100%
117
80%
103%
36
20%
108%
96% 103%
102
1979 J
♦1st A refundlug gold 4s
♦Ref A ext 50-yr 5s ser A
101%
92%
106%
104
1940 A
4 %b
111
78
8
103%
40%
1951 M s
1952 IVI N
Con ext 4%s
106%
97%
1977 M s
Mid of N J 1st ext 5s
Mllw El Ry A Lt 1st 5a B
1st Mtge 5s
101%
109%
30
104
1977 M s
Impt 4 %s aeries C
105%
IW
♦Mlag Mill Mach 1st s f 7s
1956 I
Michigan Central Detroit A Bay
City Air Line 4s
1940 j
Ref A
112%
100%
96
"68
Nj 105
Metrop Ed 1st 4 %s aer D
1968
Metrop Wat Sew A D 5%s
1950
{{♦Met West Side El (Chic) 4s.1938
Jack Lans A Sug 3%s
1st gold 3 %a
106
....
107%
*66
A I Namm A Son 1st 6a
1943 j D
Marlon 8team Shovel s f 6s
1947 A O
Market 8t Ry 7s ser A...April 1940 Q J
Mead Corp 1st 6a with warr..1945 IW
64
93
103%
103%
102%
81%
Manila RR (South Lines) 4s
1939 IVI N
1st ext 4s
...1959 IVI Nj
{♦Man G B A N W let 3%s...l941 j
J
Mfrs Tr Co ctfa of partlc In
♦Mex Internet 1st 4s asatd
♦4s (Sept 1914 coupon)
13
27
*93%
O
21
100 H
*86
107
109%
96 %
93
116% 124%
90% 100%
107
109%
40%
H
127% 135
7
103
110%
40 %
93
1
96%
a95
s f deb 5s 1951 IVI N
McKesaon A Bobbins deb 5 %s. 1950 IVI N
106%
104%
127%
117%
*
40
18
100
a95
39 %
101
100
56
1945 M S
j
1952 J
McCrory Stores Corp
79%
101% 103%
104% 108
100' 16 101%
127%
117%
95%
106%
109%
106%
21
*86
Atl Knoxv A Cln Dlv 4s
1955 IVI N
♦Lower Austria Hydro El 6%s.l944 f A
101%
106%
103
S
39%
93 H
1938
1964
1
62
100 %
106
2003 A
100 %
100
1954
Secured 6% gold notes
56
56
*56
95%
j
100 %
100
Lehigh A New Eng RR 4a A... 1965 A O
Lehigh ANY 1st gu g 4a
1945 M S
Lehigh Val Coal 1st A ref s f 5s. 1944 F A
Leh Val Harbor Term gu 5s
A
♦1st A ref 5s series G
61
1964
112% 119%
102
60 H
f 5a
102% 108%
111% 114
100
A
s
O
f
....
...
101%
96%
90%
♦Cum adjust 6s ser A
104
A
Is A ref s f 5s
102%
....
.
97%
69%
103%
107
108%
101% 102%
1
1960 F
1st A ref
s
106
.
*99",6
101%
102%
2003 A
40-year 4s series B
22
Coll A ref 5 Hs series D
Coll tr 6s series A._
Cons sink fund 4Hs ser
101%
2
102%
1st A ref 5a series B
1st A ref 4 %s series C
1st A ref 4a series D
148% 161
1
6
....
104
106%
107%
155
1
J
Kinney (G R) 5 Hs ext to
1941 J
Kresge Foundation coll tr 4a.. 1945 J
{♦Kreuger A Toll secured 5s
102%
J
.1954 J
101%
*145
115%
97% 101%
102
j
1961
4
105
*101
s
S
108
108
74
102%
j
116
129%
129% 136
117
126%
109%
25
1961
s f
89% 100
106
4 Hs unguaranteed
Lehigh C A Nav
95
39
Plain
Lake Erie A West 2d g 5s
Lake Sh A Mich 8o g 3Hs
64
107%
40
Kentucky A Ind Term 4HS...1961 j
First and ref 6%s..
66%
86%
*21
(par $925)..1943
Keith (B F) Corp 1st 6a
1946 IVI
Kentucky Central gold 4s
1987 j
Kings County EI L A P 6a
1937
Purchase money 6s
1997
Kings County Elev 1st g 4s... 1949
Kings Co Lighting 1st 5a
1954
58%
55
*12
warr
.1961
74
103%
stmp (par $645)..1943
atmp (par $925)..1943
Stamped
111
106 %
106 %
♦Karstadt (Rudolph) 1st 6s...1943 M N
w
93% 102%
100
55
g
Kansas City Term 1st 4s
1960
Kansas Gas A Electric 4H8...1980
♦Ctfs
H
1950
{{♦K C Ft S A M Ry ref
♦Certificates of deposit
Kan City Sou 1st gold 3s
Ref A impt 5s
♦Ctfs
96
102
16
69
105%
{♦Mllw A No 1st
James Frank A Clear 1st 4s...l959 J
Jones A Laughlln Steel
Kan A M 1st gu g 4s
119%
*99", 6
s
109
_
2
"98%
1940 J
{{♦Manatl 8ugar 1st
105
__
118%
1937 IVI N
Maine Central RR 4s ser A
Gen mtge 4%s ser A
86
119%
Unified gold 4s
Mob A Montg 1st g 4 %s
South Ry Joint Monon 4s
76%
130
*101%
1st A ref 3%s series E
2003 A
Paducab A Mem Dlv 4s....1946 F
St Louis Dlv 2d gold 3a
1980 IVI
67%
74
"98% "98~"
O
...1945 IVI
.
_
72
59
.119
74
1969 J
Hioh
103%
100
20
N
A
Low
60%.
129%
D
.1951
ser A
77
107%
*
1944 A
88%
87
1
A
19
63
129%
1949 IVI
4a stamped
86
40-year 4Hs
Aug
Cairo Bridge gold 4a
O
102
*107
O
1949 IVI
87
135
O
1937 IVI N
p m deb 5s
Guar ref gold 4s
86
85
101%
1938 j D
...1949 IVI 3
gold 4s
gen
O
83
f
1951
Little Miami gen 4s series A... 1962 M
Loews Inc a f deb 3%s
1946 F
Lombard Elec 7s ser A
1952 J
Long Dock Co 3%s ext to
1950 A
j
93
95
5a
1955 M N
84 H
No.
68%
2003 IVI N
97%
86%
1952 j
*83"
Since
Jan. 1
High
101%
61%
Purchased lines 3 Hs
Collateral trust gold 4a
Refunding 5a
1953 M N
Ranoe
is
Asked
*
Low
Refunding 4a.
j
Bid
2003 IW N
2003 IW N
Long Island
Illinois Bell Telep 3%s ser B...1970 A
Illinois Central 1st gold 4a
1951 j
Price
1940 J
116% 124
76
Week Ended April 23
Lehigh Val (Pa) cons g 4a
General cons 4%s..
80
5
100%
119
29 H
Friday
Leh Val N Y 1st gu g 4%a
84
47 H
'*73%
Range or
Sale
114H 126%
*117%
101%
Week's
Last
EXCHANGE
105%
13
48
STOCK
105% 108
107H
102
101%
Y.
105 %
23
N.
99 H
80
*76
M N
J
Houston Belt A Term 1st 5s...1937 J
J
Houston Oil sink fund 5%s A..1940 M N
Hudson Coal 1st s f 5s ser A...1962 j d
Hudson Co Gas 1st g 5s
1949 M N
Hudson A Manhat 1st 6s
92
92 %
Friday
BONDS
91%
97
103 H
110%
j
j
♦Hoe (R) A Co lBt mtge
{♦Housa tonic Ry cons g 5s
AT. Tele. N. Y. 1-1598
A. T
106 H
106 H
♦23 H
103
NEW YORK
Telephone Whitehall 4-2900
101
100
1966 a
ser
Members New York Stock Exchange
Wall St.
63
♦91%
j
__
C
"l0%
D* H. SlLBERBERG & Co.
109 %
71
♦65
Feb
BANKS AND DEALERS
FOR
~90"
109
Gen mtge 4s series H
Stamped
BROKERS IN BONDS,
High
j
1976 j
1977 j
1946 j
Gulf States Utll 4s
No
j
General 4Ha series D._
General 4 %a series E
General mtge 4s series G
Gulf States Steel s f
Jan. 1
Asked
♦95
Great Northern 4%s series A..1961 J
General 6Ha series B__
1952 j
General 5s sorles C
1973 J
lst&gensf 0%s.__
Since
Friday
Lore
Grays Point Term 1st gu 58—1947 J
Rang*
Range or
Sale
Price
Week Ended April 23
2791
Week's
2
1
23
.....1960 A
1965 A
guar 6s
Hist guar gold 5s
...1937 J
1937 J
102%
102%
103%
53
100",6 100",6
2
100%
2
103%
100%
12
100%
100",s 102%
100% 102%
Friday
Friday
Last
Range or
Sale
M
Friday
It
EXCHANGE
Week Ended April 23
Price
Bid
D
3M8-1966
s
s
85%
O
86 M
86 M
C...1955
o
80
86 M
80
Gen A ref
s
f 4 Ms series
1955
o
84
84
2000
D
85%
97%
Gen A ret s f 5s series D
82 M
1955 M N
M N
Constr M 5s series A
Constr M4HsseriesB
Nash Flo <fe S 1st gu g 5s
1937
1951
1946
w—1951
Nassau Elec gu g 4s stpd
Nat Acme 4Ms extend to
Nat Dairy Prod deb 3M® w
♦4Mb July 1914 coup on
♦4Mb July 1914 coup off
56
106 M
106M
106 M 111
*91M
93 M
*100M
A
J
101 %
50
51
D
94%
98%
100% 102 M
50
63M
16
55
95
*100M
M N
105
*3M
*3M
*3M
J
J
4
4
A rets No 4 on '57
*4
*4
4
A rets No 5 on '77
4
"6M
4M
♦4s April 1914 coupon on...1977
♦4s April 1914 coupon off
1977
♦Assent
♦Assent
warr
warr
*2%
Nat RR of Mex prior lien 4 Ms—
♦Assert warr A rets No 4 on. 1926
♦4s April 1914 coupon on
♦4s April 1914 coupon off
♦Assent
Nat'Steel 1st coll
1951
1951
s
1954
4s
g
D
4s.—1986
1960
D
F
A
76
82
66 M
68%
74 M
118M 127%
116M 125%
105%
I07M
35
93
94 M
35
79 %
96
79 %
11
79
97 M
64
96
"96
100 M 100 M
104M 107 M
;
F
♦Certificates of deposit-_.
1998
46 %
55%
Guar 3 Ms coll trust ser
62
54
51%
62 %
56
13
51M
57 '
Guar 3 Ms trust ctfs
110
Oj
101M
113%
127 M 1796
117
97%
96 M
100%
106 M 135M
106 %
95
226
99M 103 M
202
86 M
101%
92
90
96 %
98%
270
557
96%
71
106
5
2013 A O
89%
89 M
92
163
F A
F A
1937 A O
1974 A O
1978 M S
90 M
90
90 %
64
88 M
98%
89 M
37
88
97 M
3-year 6s
Oct 1 1938 A
_
1946 F
4s collateral trust
NY Connect 1st gu 4 Ms A
106
89 M
1953
Serial 5% notes
N Y Edison 3 Ms ser D
1st Hen & ref 3Ms ser E
N Y A Erie—£tee Erie RR
90%
290
100
100 %
82
102 M
103%
67
100
105M
107%
108
9
106
109
109
A
A
109
1949j F A
1946 M N
.
N Y A Long Branch gen 4s....1941 M
99%
99 M
39
97% 105 M
120
112%
23
116% 125 M
109% H7M
1st g 4 Ms series
105 M
99 M
98 M
105M
106
105%
*102M
*105%
98M 105M
105
109M
98 M
105 M
106
106%
10
"41M
41
38 M
37M
38M
40 M
42
1956 IVI N
♦Conv debenture 3Ms
♦Conv debenture 6s
1956 J
J
37
37
1948 J
J
48
48
51%
1940 A O
..1957 IVI N
62
61
62
43
M
5
35M
6
36
40
49
47
46M
44 M
{♦N Y Provide
...1955 J
ice A Boston
4s 1942 A
D
*99
O
1951 IVI N
107 %
1st mortgage 5s
1956 M N
1C7%
{♦N Y Susq A West 1st ref 6s.. 1937
{♦2d gold 4 Ms
1937
F
A
6s stamped
1946
{♦N Y Westch A Bost 1st 4 Ms. 1946 J
Niagara Falls Power 3 Ms
1966 M
Nlag Lock A O Pow 1st 5s A...1955 A
Niagara Share (Mo) deb 5 M8..1950 IVI
Nord Ry ext sink fund 6 Ms
1950 A
{{♦Norfolk South 1st A ref 5S..1961
F
F
1961
No Am Edison deb 6s ser A
"92
107"
N
101
Deb 5s series C
~28M
A
O
IVI N
1974
1974
102%
107%
101%
107 M
29 M
%
81%
104 M
103
IVI
S
*115
s
*115M
98 %
98 M
99%
110
F
A
117M
U7 M
118M
22
J
D
107 M
107M
109
D
115M
115
100M
136
115M
51
99M
101M
161
105M
69
105
104 M
J
104 %
104M
105M
111
A
O
107%
709
O
106M
117M
108M
A
113M
114
"ni"
M S
A
118M
93
O
J
93
93 M
20
20
21
*109M
103
103
6
97
103M
115M 128
106 M 115M
113M 123
98 M 107
103 M 111M
103M 111M
105M 111M
117M 121M
15
112
8
93
28
117M
109
M"
105M|
58
110
99
26 M
17M
113
100M 106
92
94%
97%
96M
32
s
99
47
M N
109M
109 M
1
120
121 %
5
101
107
J
IVI
95M 103 M
113M
1974
A
116
129
J
114%
115
119
D
113M
111M 117
102
106M
121%
105M
104%
104M
J
33 %
32 M
8
15
15
15 M
25M
25M
143
34
27 M
1967
D
M N
1971
A
{♦Phila A Reading C A I ref 5s. 1973
Phila Co
sec
5s series A
1st A ref 4s
1949 IVI
♦Conv deb 6s
10l«32l05M
102»k103M
Phllllppine Ry 1st s f 4s
1937
Plllsbury Flour Mills 20-yr 6s..1943 A O
Pirelli Co (Italy) conv 7s
1952 IVI N
18 M
106
108
107
108
32 M
15
85 M
99
*90
50M
26M
30
108
98
1949
D
1953
1957 M N
F A
1960
1963 F A
37M
55
Series F 4s guar
90M
99M
Series G 4s guar
29
29%
gold
gold
21
46%
Series I cons 4 Ms
42M
Series J
~~7
95
%
107%
25
106
107 M
92 M
1st M 4 Ms series C.
91
1st gen 5s
69 M
106M 109 M
94 M
87
series B
series C
D
Gen Elec 1st 4 Ms
1st 4 Ms series
Port
ser
C
98
22%
109 M
M
19
100% 104
21
102 M
109%
75
23 M
22
32 M
31
4
69
82
112
122
55
103
106M
6
101
105 %
18
101% 106 M
20
99% 107
124
125%
Pressed Steel Car deb 5s
107 M
112 M
113
116M
10
107M
107
107 M
27
*87""
Pure OUCosf4Msww
% s without warrants
Purity Bakeries s f deb 5s
91M
96M
89
89
96
89M
61M
29
89 M
89
97M
109
109
110M
120
119M
124M
"92
63 %
98
106
61M
75M
105M 108M
79
80
28K
88M
45M
28%
"96"
IVI N
J
31M
267
101 %
10
100
106
96%
39
92
100
109
117
90
131M
102 %
105
96
20
28
24
85 M
*85
IVI
1950 J
1948 J
61M
r80
101%
122M
1950 J
{♦Radlo-Kelth-Orph pt pd ctfs
for deb 6s A com stk (65% pd)._
{♦Debenture gold 6s
1941
Reading Co Jersey Cent coll 4s. 1951
Gen A ref 4 Ms series A
1997
Gen A ref 4 Ms series B
1997
123 M
89
105M
1951 J
{♦Providence Sec guar deb 4s__1957
{♦Providence Term 1st 4s
1956
4
121
113M
104 %
115
"so"
{♦Postal Teleg A Cable coll 5s 1953 J
Potomac Elec Pow 1st M 3Ms 1966 J
106 % 107
113M
115
J
15M
100
124 M
8
120
90
23
125M
111
*110
Porto Rlcan Am Tob conv 6s..1942 J
37
114M
113
1
120
*
1960 M S
1st 5s 1935 extended to 1950
114M
109
115M
115M
115M rll7M
*112
1962
1974
1977
1st gen 5s
106 %
111
109
...
110M
1948
Pitts Y A Ash 1st 4s ser A
112M
111
*107 M
1958 A O
1960 A O
1st M 4Mb series B
111M
108
D
1975 A O
J
1977
1943 M N
D
1958
Pitts A W Va 1st 4 Ms ser A
102%
124%
120
1970
General 4 Ms series C
107 %
108 M
A
General M 5s series A
4 Ms
106% 108%
106% 108%
106 M
17
N
1964
guar
Pitts Va A Char 1st 4s guar
12
32
F
IVI N
cons
105 M
76 M
A
108M
O
General mtge 5s series B
101M 101M
104
..
111M 116M
O
1977
1981
44%
8
103%
IVI
112
A
General 5s series B
25M
101
28
102
HI%
HIM 116M
*110
IVI N
J
106M
112M
108
General g 4 Ms series C
General 4 Ms series D
24
2
114
,104
102M
104 M
109
113M
16
.
105
*109""
*106
79M
51M
113M
104 M
"I05M
M
1945 M
110
81 %
153
109M
IVI N
1980
1943
Series E 3 Ms guar
%
107 M
28
105M
J
Series D 4s guar
85
103
A
Aug 15 1963 F A
Nov 15 1969 M N
For footdc tee see page 2793.
J
103M 106M
109
109M
71
18M
28 M
103 M 105
61
92 %
100%
99M 102
7
25
113M
16%
107
O
25
105M
113M H3M
90
107
100M
103M
106M
103M
109
45
87
102
S
O
1957 IVI
North Cent gem A ref 5s
Gen A ref 4 Ms series A
106 %
100
105%
109
101
♦Certificates of deposit
{{♦Norfolk A South lstg 5s...1941 IVI N
N A W Ry 1st cons g 4s
1996 O A
North Amer Co deb 6s
84
87
17%
A
10SM
107 %
107 M
—
107 M
100
O
*109
""I
*11—1
*111
A
1940 F
Terminal 1st gold 6s
1943 IVI N
N Y Telep 1st A gen s f 4Ms...1939 M N
N Y Trap Rock lst6s—
.1946 J D
Deb 5Ms series B
A
99% 106M
*109
108
107
60
O
22%
101%
89 M
*
J
101M
M N
105
108%
107M
104M
101M
1942
1942
101% 109 M
1st mortgage 5s
104M
101M
1940
32
*107
107 M
104 M 110
Series C 4Mb guar
20
105M
107
104
Series B 4 Ms guar
103 M
1951 IVI N
1947 IVI N
106%
106 %
Pitts C C A St L 4 Ms A
105%
General gold 6s
1981
106
105
104
102M
60
105M
N Y A Richm Gas 1st 6s A
95
*85
45
102 %
4s...1993 A
N Y Steam 6s series A
•
*100M
45
NY Queens El Lt A Pow 3 Ms.-1965 M N
J
{♦N Y Rys prior lien 6s stamp. 1958 J
con gu
S
1942 M S|
50M
77 M
116M 122 M
90 M
85
101M HUM
69M
54
35
O
1st
1949 M
103
39 M
26
40
89 M
N Y A Putnam
73 M
122
69M
69 %
113
97
32
21
21
75%
105M
99 M
100
A
93%
29%
10
*116
1956
C
110
31M
45 M
30
63
100 M
48
48
1956
1st ser A 5s
Series H cons guar 4s
1992 M S
♦N Y Ont A West ref g 4s
General 4s..
73 M
100 M
100%
100M
47 M
47
3
29M
*92
39
72 M
73 M
100 %
F
Apr
1974 F At
Peoria A Pekin Un 1st 5Ms
104M
1
♦Non-conv debenture 4s
"46*
108 M
98
98 M
14
1955 J
40
106
43
38 M
J
"6
40
J
106 M
98
*98
100M
D
IfPhllaElec Co 1st A ref 4 Ms...1967
105
♦Non-conv debenture 4s
D
♦1st A ref 4Mb ser of 1927... 1967 J
♦Harlem R A Pt Ches 1st 4s.l954 IVI N
99% 101%
107
99%
102
99%
102M
100
100M 102 M
99
105M
51
J
April 1990
♦Income 4s
Pblla Bait A Wash lstg 4s
99%
19
"5l"M
Peoria A Eastern 1st cons 4s... 1940
Pere Marquette
*99
12
100M
100 M
1984
1952
1943
1947
1st 4s series B
80
{♦N Y A N End (Bost Term) 4s 1939 A O
IVI
s
{♦N Y N H A H n-c deb 4s
1947
♦Non-conv debenture 3 Ms—1947 IVI s
♦Non-conv debenture 3Ms—1954 A O
♦Debenture 4s
D
3%nPeop Gas LAC 1st cons 6s
Refunding gold 5s.
97
111
7
101
1970 A O
1981 A O
Gen mtge 4Mb series E
59
99
97
101
.1968 J
Debenture g 4 Ms
Conv deb
72 M
72
56
95M
82
111
99M 107M
94 M lOOM
83
99%
1981
1943
Consol gold 4s
1948
4s sterl stpd dollar May 1 1948
Gen mtge 3Ms ser C
1970
Consol sinking fund 4MS----1960
General 4 Ms series A
1965
General 4Ms series
74 M
103
114
100M
Pennsylvania RR cons g 4s
41
118%
100
99% 102M
7
100M
A. 1977
4 Ms series B
Pennsylvania P A L 1st 4 Ms
65
99M
104M
1952 M N
Pa Ohio A Det 1st A ref 4 Ms
61M
99?*
74 M
105M
101M
1963.F
64 M
1973
♦Collateral trust 6s
98 M 100 %
41
D
28-year 4s
61%
56%
2000 Wl N
102
Penn-DIxle Cement 1st 6s A...1941, M S
Penn-Glass Sand IstM 4 Ms
I960 J
63 M
112M
107 M
42
104K
M S
F
1942 J
1944 J
E trust ctfs
61%
D
J
123
103 M
95M
.
M N
4 Ms series B
1973 M N
N Y L E A W Coal A RR 6MS-1942 M N
N Y L E A W Dock A lmpt 58.1943 J
.
95%
86
ser
63M
99 M
117
B... 1941
General 5s series B__
97 M 105
88
_
N Y Greenwood L gu g 5a
101% 102 M
9
98
100 %
O
O
1966 A O
N Y Gas El Lt H A Pow g 5s. —1948
Purchase moDey gold 4s
N Y A Harlem gold 3 Ms
N Y Lack A West 4s ser A
105% 108%
96%
86%
90
101
108 M
105
102 M
1938 A
1965 A
1951 F
94
88
O
A
F
1st guar 5s series B
N Y Dock 1st gold 4s—
101 %
101 %
94 M 103
106 %
98
F A
1953
121M
6
102
1955 J
Guar 3 Ms trust ctfs C
121M
101M
114
116
117
104M
PennCogu 3Ms colltr A..—..1937
107%
C
106
1
100
Pat APassalcG AEconsSs...
95%
Ref 4 Ms sjerlos
110M H5
2
*72 M
♦Paullsta Ry 1st ref s f 7s
2
96 H
JN Y Chic A St L 1st g 4s
Refunding 5 Ms series A
7
107 M
118
102
54%
11
96 H
J
110M
104M
59%
55%
122 %
1998
1998
110M 112M
110M 115
117
60
"26
10
N
A
1942 J
111
3
J
106%
A
liiM 113""
4
118
1944 A O
95%
ser
~~3
110M
110M
1953
96M
4 Ms
liiM
107M
1968
106 M
Lake Shore coll gold 3 Ms
Mich Cent coll gold 3 Ms
"64
110%
{♦Park-Lexington 6 Ms ctfs
O
O
Conv secured 3Ms w 1
.1952 MiN
NY Cent & Hud River M 3 Ms-1997 J
\
Ref A lmpt
103M
110M
Parmelee Trans deb 6s
54%
58 %
24M
33 M
109M 109M
101M 106M
108
102 M
iiiM
100M
51%
58%
90 M
46
I
47
51 %
*110
M
F
1946 A
2013 A
2013 A
1944
100"~ 104M
24M
103
103
Guar 4s
19*5 J
32
24M
IVI
54 M
O
103""
24%
107
104
1955
3s loan ctfs
57 M
55
102%
102M
109M
11
*107M
Paris-Orleans RR ext 5 Ms
60 %
56
A
1956
♦1st 6 Ms series A
Debenture 4g
1st M s f g
Paramount Pictures deb 6s
58%
1954 A
1st 4 Ms eerres D
112
102M 110
102M 109 M
102
118
103
Corp—
85%
103%
1015* 112M
69 M
82 M
97 % 106
121
7
111%
*104M
48M
93
'57 M
Broadway
81M
%
110%
102 M
92
42
95
f"
47
102 %
95M
97%
93 %
*50
1940
6s stamped
54 %
1956
99
99
ni"%
44 M
95M
94
O
♦Certificates of deposit
75 M
98 %
♦Certificates of deposit
Paramount
98
93
95M
1954 A
♦1st 6s series B
♦1st 6s series C
10-year 3%n sec s f
Ref A lmpt 4 Ms Berles A
Ref A lmpt B s series C
'75%
119%
117%
106 M
93 M
104%
74
1946
1964
1st A ref mtge 3 Ms ser H
1961
1st A ref mtge 3 Ms ser I
1966
Pac RR of Mo 1st ext g 4s.....1938
♦2d extended gold 5s
1938
Pacific Tel A Tel 3 Ms ser B
1966
Ref mtge 3Ms ser C
1966
Paducah A 111 1st s f g 4 Ms
1955
{{♦Pan-Am Pet Co (Cal) conv 6s '40
121M 122 M
117M
*100M
A
79
87
79
7
80
103
Pacific Gas A El 4s series G
102 M 107 %
93 M
77
86
119
O
-
124
104%
87
82
74
Pacific Coast Co 1st g 5s
66 M
lnc 5S..1935 A
Consol 4s series A
"e""
*72
119M
First A ref 5s series B
1955 J
New Orleans Term 1st gu 4s_. .1953 J
N A C Bdge gen guar 4Mb
N Y Cent RR conr 6s
3M
86
*100M
1983 J
NO A N E 1st ref A imp 4 Mb A1952 J
New Orl Pub Serv 1st 5s ser A—1952 A
n-c
7M
,
New Orl Great Nor 6s A
{{♦N O Tex A Mex
5M
"3%
104
104 %
IVI N
{♦New England RR guar 5s—1945 J
♦Consol guar 4s
1945 J
New England Tel A Tel 6s A...1952 J D
1st g 4Mb series B
1961 IVI N
N J Junction RR guar 1st
N J Pow A Light 1st 4 Ms
5M
3%
1948 J
Newark Consol Gas cons 5s
~6M
*3
1965 J
f 4s
{♦Naugatuck RR 1st
4"
~~4
*5%
*3%
A rets No 4 on *51
warr
4
83
80'
79
1943 M S
1965 MN
Ohio Indiana A West 6s_ -Apr 11938 Q
Ohio Public Service 7 Ms A
1946 A
F A
1st A ref 7s series B
1947
F A
Ontario Power N F 1st g 5s
1943
IVI N
Ontario Transmission 1st 5s.„1945
J D
Oregon RR A Nav com g~ 4s
1946
Ore Short Line 1st cons g 5s
1946 J J
Guar stpd cons 5s
1946 J J
Ore-Wash RR A Nav 4s
1961 J
Oslo Gas A El Wks extl 5s
1963 IVI
4
11
103
J
J
High
Low
No.
80%
*80 %
Ohio Edison 1st mtge 4s
106 M
103
1948
♦Og A L Cham 1st gu g 4s
Ohio Connecting Ry 1st 4s
100%
102 M 107"
68
103M
105
251
104 M
103 M
104M
J
J
93 M
97 M 102
97
88 M
112% 119
A
1957
1957
1957
1957
♦4 Ma Jan 1914 coup on
27
114
*113
Nat Distillers Prod deb 4Ms.—1945 M N
Nat Ry of Mex pr lien 4 Ms
108
99 M
99 M
92 M
99%
92 M
1955
Mutual Fuel Gas 1st gu g 5s
1947 M N
Mut Un Tel gtd 6s ext at 6%._ 1941 IVI N
Namm (A I) A SonASee Mfrs Tr—
Nash Chatt A St L 4s ser A
1978
"89
86%
Since
High
80
80%
Range
Jan. 1
Askea
A
Bid.
Low
101M 104 M
83
Morris A Essex 1st gu 3 Ms
Price
{Northern Ohio Ry 1st guar 5s—
♦April 1 1934 A sub coupons. 1945
♦Oct 1935 and sub coupons. .1945
♦Stpd as to sale of April 1 *33 to
April 1 1935 lncl coupons..1945
North Paclflo prior lien 4s
1997 Q J
Gen lien ry A Id g 3s Jan
2047 Q F
Ref A lmpt 4 Ms series A
2047
Ref A lmpt 6s series B
2047
Ref A lmpt 6s series C
2047
Ref A lmpt 5s series D
2047
A O
Nor Ry of Calif guar g 5s
1938
Northwestern Teleg 4 Ms ext
1944 J J
MN
Norweg Hydro-El Nit 5 Ms
1957
99%
86 M
f 6s series B
Friday
«
High
92
102
101H
102
Low
94 M
O
f 5s series A
Gen A ref
J
Jan. 1
1941
1955
1955
Montreal Tram 1st A ref 5s
Gen & ref
Si
Range or
Sale
sf
£
STOCK EXCHANGE
Week Ended April 23
N. Y.
Since
High
93
93%
BONDS
Range
■»
Asked
A
Low
Montana Power let A ref
13
Week's
Last
Week's
BONDS
N. Y. STOCK
♦
April 24, 1937
New York Bond Record—Continued—Page 5
2792
J
121M
124M
103 %
98 M
104
~98M
119
119
124
27
106 M
99 M
107 M
107 M
24
107
98
M
106 M
37
34
27
28M
98M 101
112 M 126M
98 M 104 M
105
108M
105% 108
Volume
New York Bond
144
Week's
Friday
BONDS1*
Last
N. Y. STOCK EXCHANGE
Price
Friday
A
Asked
Bid
High
Low
Remington Rand deb 4%s
w
Rensselaer A Saratoga 6s gu
w.1966
1941
M
S
1956 M N
J
4Kb. 1956 J
s f 7s
1946 J
♦Rhlne-Rubr Water series 68->1953 J
♦Rhelnelbe Union
184
195
184
95
108
83
96
103%
31
3
24
19
20%
21
137
20H
21
8
*21
20%
21
54%
54%
M N
55%
54%
5
15
4
M
108%
22
1
—1996 J
1996 A
27%
100%
*
-
"99"
"99%
27%
101%
*95
O
"45
100
101%
J
7
17
108%
99%
34%
J
Toronto Ham A Buff 1st g 4s„ 1946 J D
Trenton G A El 1st g 5s
1949 Ml S
J
Tri-Cont Corp 5s conv deb A—1953 J
*99
77%
101%
*97
*97%
*116
101%
♦Guar
1952 F
f 7s__
103%
*97%
♦Certificates of deposit
5s
1948 J
1955 J
J
{♦St L-San Fran pr Hen 4s A--1950 J
♦Certificates of deposit
J
42
J
St L Rocky Mt A P 5s stpd
{♦S L Peor A N W 1st
gu
A
S
34-year 3%s deb
1970 A
35-year 3%s debenture
1971 Ml N
United Biscuit of Am deb 5s„ 1950 A O
United Drug Co (Del) 5s
1953 Ml S
"93%
19%
20%
24%
28%
27%
34%
104%
25%
32%
108% 112%
99
101»a
103%
104%
93%
U S Rubber 1st A ref 6s ser A„ 1947 J
♦Un Steel Works Corp 6%s A. 1951
s
f 6 %s series C
J
con g
1990 J
J
4s. .1968 J
28%
7
29
174
24%
31%
27%
91%
90%
92
98
68%
71
17
61
30
48%
46
60
57
46 H
45
D
*♦81 Paul E Gr Trk 1st 4%S—1947 J
A
fMont ext 1st gold 4s
1937 J
tPacific ext gu 4s (large)—1940 J
St Paul Un Dep 5s guar
1972 J
J
1947
cons
106%
*3%
26%
3%
57
1949 Ml S
2003 J
J
1958 A O
5s
Virginian Ry 3%s series A
1966 Ml
{Wabash RR 1st gold 5s
S
♦2d gold 5s
1st Hen g term 4s
1954 J
118% I
Det A Chic Ext 1st 5s
Des Moines Dlv 1st g 4s
1941 J
*103
94%
103%
J
101%
14
107%
108%
25
S
110
110
J
*32%
*32%
O
34%
34%
2
36
3
114
114
3
86
166""
Omaha Dlv 1st g 3%a
64%
2
36%
35
12
96
Warren RR 1st ref gu g
11
11%
25
Washington Cent 1st gold 4s„ 1948 Q Ml
1965
102%
1947
104%
19
95
117%
95% 102
81
89%
11
1
100
50%
73
18%
24%
82%
19
22
68
98%
99%
44
97% 102%
87
129
101
118
105%
"26
105
105%
19
102%
104%
103%
74
80%
95%
79
95%
97%
94% 100%
1939 Ml
S
48%
48%
50
48%
S
71
1941 Ml
3%8—2000 F
Wash Term 1st gu 3%s
1st 40-year guar 4s
1945 F
1945
Wash Water Power s f 5s
1939
1961 J
1st mtge 4s ser H
1st mtge 3%s series I
con
4
105
102%
103%
106%
106
107
130
107
101% 105%
106%
West N Y A Pa gen gold
{♦Western Pao 1st 5s
ser
108%
108%
36%
4s—1943 A
O
1946 Ml
S
A
♦5s assented-
Western Union coll trust 5s
y
j
103%
35
102
102%
104%
103
103
103
102
1938
J
109%
92%
48
2361 J
86%
87
58
96
87%
91%
216
87%
91%
128
87
99
99%
81
*106%
1994 J
1956 A
80'
1956 A
1956 A
101%
102%
Mem Dlv 1st g 5s
1996 J
St Louis Dlv 1st g 4s
-.1951 J
East Tenn reor Hen g 6s.-—-1938 M
S
Mobile A Ohio coll tr 4s
S
1938 M
106
Registered
80
101
102%
*101%
98
S'western Bell Tel 3Hs ser B..1964 J
D
S'western Gas A Elec 4s ser D.1960 M N
83
""SO
234
102%
85
105%
220
103%
98%
103
*102
108%
100% 100%
106
112%
77%
85%
98% 105%
101% 110%
102
19
97H
101%
105%
103
ser
D
RR 1st consol 4s
101%
"94""
5
92
95%
103%
104%
14
102
109%
31
99
106%
40
31%
101% 106%
101%
102%
{♦Spokane Internat 1st g 5s.—1955 J
Staley (A E) Mfg 1st M 4s
1946 F
J
31%
31%
32%
21
A
103%
103%
104%
42
Standard Oil N J deb 3s
1961 J
D
95%
96%
131
J
105
105%
106%
106%
1
106% 113%
98%
99%
91
97% 103%
Wheeling Steel 4%s series A
1966 F
1940 M N
A
99
106%
105
{♦Wlckwlre Spencer St't 1st 7s. 1935
♦Ctf dep Chase Nat Bank
J
♦Ctfs for col A ref
conv
*103
42
34%
47
40%
40%
47
37%
42%
39
35
39
-40%
7s A-1935 MN
WIlkes-Barre A East gu 5s
WUmar A Sioux Falls 5s
1942 J
D
1938 J
D
Wilson A Co 1st M 48 series A-1955 J
J
Winston-Salem S B 1st 4s
*103%
"166%
J
{♦Wis Cent 50-yr 1st
1960 J
J
4s.—1949 J
♦Certificates of deposit
{♦Sup A Dul dlv A term 1st 4s '36 MN
gen
♦Certificates of deposit
j"
37% 62
103% 103%
QQ
103%
105
101
45
"28%
26%
29
"67
26%
25%
25%
25%
19
24%
19
19%
21
18
35%
32%
25%
16%
16%
28
16%
24
*22 %
100
106% 115
*105%
16%
{♦Wor A Conn East 1st 4%s—1943
103% 105
103%
40
J
J
Youngstown Sheet A Tube—
Conv
deb
A
148%
139%
151%
145
1961 M N
101%
100%
101%
155
1951 F
3%s
123% 162%
D
*136
13
1966 M
1949 M S
Wheeling A L E Ry 4s
105
93%
104%
86%
25%
90% 100%
96
86%
106% 109%
102% 103%
107%
61
92%
89%
75
40
34%
101% 104%
104
111%
17
92%
89
106%
20
2361 J
90
97%
96% 102%
102%
105%
104%
103%
107%
89%
98
97%
104
19
89%
104%
108% 111%
34% 40%
102
West Shore 1st 4s guar
104%
2
58
104
36
103
92% 100%
J
1955 J
109%
99% 106%
105% 107%
13
174
1955
102
19
71
90
1937 J
106% 108%
201
21
96%
91%
47
123%
20%
30-year 5s
1960 Ml
♦Westphalia Un El Power 6s„ 1953 J
108
127%
117
20%
1951 J
97% 101%
91%
99%
107%
Devel A gen 6s
Devel A gen 6Hs
35%
Funding A real est g 4%s—1950 Ml N
17
*101%
Southern Ry 1st cons g 6s.
Devel A gen is series A
35%
35
1946
39
O
108%
116
3
""60
103%
—1977
1st A ref 5%s series A
104%
108%
103%
95
1950 A
1st 4s stamped
*108
10
1
103%
98%
gu g 58—1937 M N
So Pac Coast 1st gu g 4s
So Pac RR 1st ref guar 4s
117%
1952
White Sew Mach deb 6s
So Pac of Cal 1st
117
117%
J
110%
112% 112%
107""
117
S
76
80
101% 102%
106%
-06%
1966
1st 4s
93%
95%
J
—
109
77
*110%
107
Westchester Ltg 5s stpd gtd—1950
West Penn Power 1st 5s ser E.1963 Ml
Western Maryland
*105%
A
65%
72%
101%
I
99%
55%
77
70%
*166""
A
94
107%
105% 108
105
80
95%
95%
94
S
98
1946 J
10-year secured 3%s_
San Fran Term 1st 4s—
112
90
80
O
95%
1969 M N
1981 M N
40
109%
O
25-year gold 5s
—1968
Gold 4Hs
104
51
1955 A
Plct deb 6s
93%
Lines) A—1977
44
35
105%
1939 Ml
6s debentures
70%
105
44
1955 A
Walworth Co 1st M 4s
100
104
44%
37
61
9
19
103
41%
40
98
1st mtge pipe line 4Hs—_—1951
So Pac coll 4s (Cent Pac coll) .1949
Gold 4Hs
♦Certificates of deposit.
Walker (Hiram) GAW deb 4%s 1945
69%
1st mtge A ref 4s
Southern Colo Power 6s A
Southern Natural Gas—
1st 4Kb (Oregon
Gold 4Kb
14
175
*98%
*119%
105%
99%
41%
104%
32%
103
71%
38
133
43
105
10%
105%
105%
81
64%
97%
43%
39%
11
1950 A
,
37
35%
South A North Ala RR gu 5s„ 1963 A
86
106%
78%
42
{♦Warner-Qulnlan Co deb 6s
{♦Warner Bros Co deb 6s
8outb Bell Tel A Tel 1st s f 5s. 1941
Southern Calif Gas 4%s
1961
100
40%
176
"98%
"16
27
67
103%
98%
82%
41
22
"66""
85
1980 AO
19%
65
102%
79%
94
28
♦Ref A gen 5s series D
20 %
19
93%
84%
101
41
Warner Bros
1951 M
101
83
186
103%
101%
107%
35%
595
1941 F
67
110
94
33%
22%
*85
57
110
8
"II
96
41%
32
19%
1935 J
26%
104% 109%
30
37%
20 %
97%
87%
~70
41
40
113
28%
107%
60%
109%
39
116
97
4
4
—
36
18%
112%
110% 110%
110% 113%
3%
5%
39%
17%
1951 J
10
37
10%
16%
16%
Skelly Oil deb 4s
Bocony-Vacuum Oil 3 Ha
4
67%
40%
17
1946 F
98% 111
O
10%
f 8Kb
58
41
1978 A
♦Certificates of deposit
O
b
89
107
58%
♦Ref A gen 4%s series C
♦Certificates of deposit
----
A
♦Debenture
28
60
40%
1949 F
♦Silesia Elec Corp 6%s
Slleslan-Am Corp coll tr 7s
59
41%
1959 A
f 7s
97% 105%
100% 106%
69
58%
57
103%
A
32%
s
32%
100%
-1976 F
♦Ref A gen 5s series B
35
♦{Siemens A Halske
33%
32%
22
34%
31
97%
"41%
42
34
1951 Ml N
S
24%
97%
31
12
85
I
Toledo A Chic Dlv g 4s
39
35%
94
*72
-1939 J
1941 A
1941. Ml
{♦Wabash Ry ref A gen 5 %s A. 1975 Ml
♦Certificates of deposit
57
109%
A
103%
J
34%
4Kb
22
1
25
*110
106%
O
deb
113
*110
26%
O
conv
58
106%
1942 J
101%,—
109
Shell Union Oil deb 3%s_—1951 M
Shlnyetsu El Pow 1st 6%s
1952 J
25%
99%
26
102%
58%
170%
105% 107%
6
26
1955 M N
1950 A
Sharon Steel
106%
25%
J
J
*>
103%'
118""
J
1933 M S
1935 A O
36%
106%
58%
*
J
100
1935 F
114%
59%
1959
1950 A
♦Series B certificates
65
30
103
{{♦Seaboard Air Line 1st g 4s.
I ♦Gold 4s stamped--.
♦Adjustment 5s
-—Oct
!♦ Refunding 4s
{♦Seaboard All Fla 6s A Cta
100%
148
100
1989 M N
♦Certificates of deposit..
•♦Alt A Blrm 1st g 4s
57
113
106%
1944
*100%
D
1945 M S
93% 101%
92% 101%
105% 107%
99
103%
116
25%
Scioto V A N E 1st gu 4s
♦Certificates of deposit
♦1st A cons 6s series A
45
95
106%
25%
1939 Ml N
1939 F A
36
s f 6Kb series B
♦Stamped
6
150
*
1944
Va Iron Coal A Coke 1st g 5s
Va A Southwest 1st gu 4s_.
35% —
23% i
58
102*32
~
22
102*32
1946 A
♦Guar
110% 116%
103% 109%
111% 115%
115%
30
1947
1st
1946 J
{♦Schulco Co guar 6Kb
♦Stamped
110% 114%
89
272
112
1951
♦Vertlentes Sugar 7s ctfs
Virginia El A Pow 4s ser A
106
*28%
23
102*32
al00
8 A A Ar Pass 1st gu g 4s
1943 J
8an Antonio Pub Serv 1st 6s_. 1952 J
San Diego Consol G A E 4s
1965 M N
Santa Fe Pres A Phen 1st 5a. .1942 M
99
12
100
6
20
116%
111%
111%
104%
30
♦Sink fund deb 6 %s ser A
Utah Lt A Trac 1st A ref 5s
{♦Vera Cruz A P 1st gu 4%s„ 1934 J
{♦July coupon off
J
176
106
J
{♦St Paul A K C Sh L gu 4Kb. 1941 F
1943 J
*88t Paul Minn A Man 5s
95%
85%
95%
105% 107%
104
106%
23
19%
116% 121%
6
*109
Vanadium Corp of Am conv 5s. 1941 A O
Vandalia cons g 4s series A
1955 F A
Cons's f 4s series B
1957 M N
20
27%
29%
25 K
♦Gen A ref g 5s series A
St Paul A Duluth 1st
87
*27%
{St L SW 1st 4s bond ctfs
1989 MN
♦2d g 4s lnc bond ctfs.-.Nov 1989 J
J
J
5* 1st terminal A unifying 5s. 1952 J
89%
88%
93%
105%
"99"
1944 Ml S
J
{{♦United Rys St L 1st g 4s
1934 J
U S Pipe A Fdy conv deb 3 %s_1946 Ml N
U N J RR A Can gen 4s
♦Debenture 5s
32%
90
5
{♦Util Power A Light 5%s
32
100
90
147
J
1978 Ml
♦Certificates of deposit
♦Con M 4Kb series A
♦Ctfs of deposit stamped
118
123
101% 103%
4
110%
103%
115%
93%
83%
28%
116
118
117%
118%
103%
98%
107
110%
45
26%
104% 107%
103%
105%
Union Pac RR 1st A id gr 4s__ 1947 J
1st Hen A ref 4s
June 2008 Ml
1st Hen A ref 5s
June 2008 Ml
98% 102
32%
108%
100% 103
106%
105%
19%
111
81%
83
101
98%
Union Elec Lt A Pr (Mo) 5s.-1957 A
Un E L A P (111) 1st g 5%s A—1954 J
116%
82
73
78%
95%
111
79%
30
73%
32%
46%
100% 101%
102
95%
f 7s
s
116%
100
100%
1945 Ml
UJlgawa Elec Power
{{♦Union Elev Ry (Chic) 6s—1945 A
83
27 H
1950 J
♦Prior Hen 5s series B
*82%
High
-
60
95%
Union Oil of Calif 6s series A—1942 F
3%s debentures
1952 J
100
31 %
Low
113
95
sec s
Utah Power A Light 1st 5s
♦{Rlv A G Dlv 1st g 4s
81%
80%
118
118%
fTruax-Traer Coal conv 6%s.l943 M N
♦Tyrol Hydro-Elec Pow 7%s„ 1955 Ml N
♦Sec
81X
77%
101
91%
Louis Iron Mt A Southern—
1933 M N
66
32%
84
96
4
Jan. 1
82
61%
32%
56%
"13
21
High No.
65
72
108%
25
-
60
44%| 62%
21
Since
83
66
116% 116%
107% 108%
24%
27 K
66
26%
25
47%
1949 J
100%
63%
48%
26%
♦AdJ lnc 5s
91
1948 A
1941 J
4%sl966 A
26
53%
1
73
*115
J
St Joe A Grand Island 1st 4s_.1947 J
ITSt Jos Ry Lt Ht A Pr 1st 58—1937 M N
19%
19%
19%
23%
44%
22 %
{{♦R I Ark & Louis 1st 4KB—1934
26
103% 103%
89%
^73~"
46 K
103%
57%
*50
"lOSH
f 6s
24
,
60%
20 %
RocbG A E4%sseries D—1977 M
Gen mtge 5b series E
1962 M
♦Rut-Canadian 1st gu g 4s
♦Rutland RR 1st con 4Kb
32
18
1949 A
& coll trust 4s A
100
100% 106
22%
*
St
103%
26
26
{♦Rio Grande June 1st gu 5S-.1939 J
♦Rio Grande West 1st gold 4s. 1939 J
St Lawr A Adlr 1st g 6s
2d gold 6a.
D
1st 6s dollar series
1953
D
Tol A Ohio Cent ref A Imp 3%s 1960
Tol St L A W 1st 4s
—.1950 A O
Tol W V A Ohio 4s ser C
1942 M S
69
80
98
Asked
Tokyo Elec Light Co Ltd—
130%
97%
122%
M N
m
100
96 %
1944 Ml N
Saguenay Power Ltd 1st
Third Ave RR 1st g 5s
40
O
J
O
212
♦19%
—1955 A
1960 j
Jan 1960 A
1937 J
127
119%
97 K
A
Range
Is
Friday
,
Bid
Low
Third Ave Ry 1st ref 4s
112
96 %
*103%
s
280
Range or
Sale
Price
High
105% 115%
119%
J
1952 M N
1953 F A
-
♦Ruhr Chemical
Low
93
Last
EXCHANGE
Week Ended April 23
112
Rlchm Term Ry 1st gen 5s.—1952 J
♦Rlma Steel 1st s f 7s
1955 F
con
No.
*20%
♦Certificates of deposit
♦1st
106 %
J
{♦Richfield Oil of Calif 68—1944
6s stamped
105H
BONDS
N. Y. STOCK
Since
Jan. 1
1950 M N
♦Rhine-Westphalia El Pr 7s
♦Direct mtge 6s
♦Cons mtge 6s of 1928
♦Cons mtge 6s of 1930
Range
la
M N
Republic Steel Corp 4Kb ser A. 1950 M S
Gen mtge 4Kb series B
1961 F A
Purch money 1st M conv 5 %s '64 M N
Gen mtge 4Kb series C
Revere Cop A Br 1st mtge
106%
2793
Week's
Friday
Rangt or
Sale
$4
Week Ended April 23
Record—Concluded—Page 6
\
Staten Island Ry 1st
4H8-—.1943
♦Studebaker Corp conv deb 6s. 1945 J
Swift A Co 1st M 3%s
1950 M
♦Symington-Gould
conv
ino wwl956 F
96
J
136""
133""
S
105%
104%
141%
105%
160
160
3
A
15
95
1st mtge s f 4s ser C
112% 159
102% 107%
157
195
10
1956 F
A
122
124
121
143
Tenn Coal Iron A RR gen 5s..1951 J
Tenn Cop A Chem deb 6s B„_1944 M
J
117
117
1
117
S
103%
103%
4
103
105
e
126
Without warrants
Tennessee Corp deb 6s ser C—1944 IVI S
Tenn Elec Pow 1st 6s ser A
1947 J D
Term Assn of St L 1st g
1st cons gold 5s
4 Hfl—1939
Gen refund s f g 4s
A
Gen A ref 6s series B
Gen A ref 5s series C——1979 A
"98"" ""40
107%
115
96% 104
106
""5
23
109%
115
118%
108
105%
101%
108%
105%
101%
105%
13
105% 111%
103% 108%
102
93
100
105%
106
110
*104
105
119%
2000 J
Gen A ref 5s series D
1980 J
Tex Pao Mo Pac Ter 5H8 A—1964 M S
115
1943 J
1977 A
"97""
*106
1963 J
Texarkana A Ft S gu 5%s A—1950 F
Texas Corp deb 3Hs
1951 J
Tex A N O con gold 5s
Texas A Pac 1st gold 5s
97
O
-1944 F
102%
102
102%
120
*"~5
118
128%
102
102%
14
101
102
103
30
101
108
102%
103
38
100% 108%
107% 109%
Cash sales transacted during the ourrent week and not included In the yearly
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
ourrent
week,
x
Ex-Interest.
{ Negotiability Impaired
by
maturity,
t Aocrued
Interest payable at exchange rate of $4.8484.
t Bonds called for redemption or nearing maturity.
{ Companies reported as being In bankruptcy, receivership, or reorganized under
Section 77 of the Bankruptcy Act, or securities assumed by such companies.
*
Friday's bid and asked price.
♦
Bonds seUing
t
Deferred delivery sales transacted during the current week and
106%
*108%
98% 105
102
No sales transacted during current week.
flat.
not
Included
in the yearly range:
Mexico 6s large, April 21 at
7%.
Porto Rican Am. Tob. 6s 1942, April 17 at 78%.
/
New York Curb Exchange
2794
—Weekly and Yearly Record
April 24, 1937
and when selling
of such sales in computing the range for the year.
NOTICE—Cashanddeferreddellvery sales are disregarded in the week's range, unless they are the only transactions of the week,
No account Is taken
regular weekly range are shown in a footnote In the week In whloh they occur.
outside of the
»
following extensive list we furnish a complete record of the transactions on the New York Curb Exchange for the
beginning on Saturday last (April 17 , 1937) and ending the present Friday (April 23, 1937).
It is compiled entirely
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
week
from the
Week's Range
far
Sale
Par
of Prices
Week
Price
High
Low
275
5
2~666
4%
30%
500
14%
17
17
600
17
A.*
1
Agfa Ansoo Corp com
45%
21
*
Class B
Alnsworth Mfg common..5
Air Investors common
*
3%
28%
3%
400
Jan
56%
24
Jan
Feb
30%
Apr
22
Feb
Brlllo Mfg Co common
Class A
5%
34%
Jan
British
Mar
3%
Jan
28%
300
Jan
Alabama Gt Southern..60
lJi«
72%
Jan
79
Mar
Ala Power $7
75%
77%
150
74
Apr
87
Jan
68%
70
150
67
Apr
77
Jan
*
*
Allegheny Steel 7% pref 100
pre!
preferred
$0
125
Apr
3
10
125
125
Alles & Fisher Inc com...*
Mar
3%
2
Alliance Invest common..♦
Jan
Jan
1%
125
Jan
Jan
Apr
Jan
in
Mar
2%
Jan
*
100
23
20%
Feb
100%
1,350
146
Buff
400
115
Jan
win
Mar
118!%
Mar
17%
100
17
Feb
17%
Jan
100
128 %
American Airlines Inc... 10
24%
preferred
American Beverage com..l
2%
17%
9%
9%
122
115
128%
128
24%
2%
100
1,500
27
600
1,400
2%
500
30
100
07
67
68
Amer Box Board Co com.l
22
22
24%
American Book Co
6,400
9%
98%
Jan
Jan
Jan
121
24%
2%
Apr
Apr
10c
25
A
35%
Class A with warrants 25
Class B
275
30
"29%
29%
"l'lOO
100
16,000
31
126
7% conv preferred...100
1
Amer Equities Co com
4%
Amer Foreign Pow warr...
Amer Fork & Hoe Co com *
3 %■
*
"36%
*
109%
American General Corp 10c
1
10%
33%
1
38%
Amer Gas & Elec com
Preferred
preferred
preferred
25
preferred
Pre/erred
19%
"51%
1%
44%
Jan
Jan
Mar
Apr
Am Superpower
.*
Corp
Feb
Jan
Feb
30%
Mar
89%
Mar
Calamba Sugar Estate. .20
Canadian Canners com
*
Canadian Car A Fdy pfd 25
Canadian Dredge A Dock*
Canadian
Hydro-Elec—
"40~"
1%
94
*
Preferred
*
Thread
*
7
Wupperman.,1
35%
Jan
Mar
125
Mar
126
Apr
136
Jan
1
1%
8%
Arkansas Nat Gas com...*
*
8%
Arkansas P A L $7 pref..*
Art Metal Works com
5
34%
150
Jan
24
Feb
48%
112%
12
Jan
Jan
Mar
30%
Feb
Feb
Jan
Carrier
31
31%
24 %
Jan
38
Feb
19%
20%
2,100
19%
Apr
26%
Mar
28 %
45
54%
'2~ 550
27%
32%
Jan
Jan
Carter (J W) Co
Casco Products
Jan
54%
Apr
Mar
6,400
43%
1,100
42
48
50
38
1%
Jan
Mar
Mar
82
Mar
2%
59
Mar
Jan
2%
Jan
Jan
Apr
Apr
3
Jan
Mar
1%
88
53
99
Jan
1
*
preferred
3%
Atlas Corp warrants..
Atlas Plywood Corp
4%
Jan
5%
Jan
Cent. States Elec com..
6%
Apr
8%
42%
Feb
110%
Jan
1%
8%
2
6,200
1%
Jan
3
Feb
8%
9%
700
31
Feb
2%
.*
13%
7%
1%
3%
25%
1%
3%
25%
S32
%
"2%
..6
2%
2%
7%
*10%
10%
33%
*
124
warr
2%
Bardstown Distill Inc....l
3%
Barium Stainless Steel
1
12%
13%
Feb
Centrifugal
Jan
Feb
Charls Corp
Apr
10%
Jan
Seellg Mfg A...6
(L) & Co com..*
7% 1st pref.
100
96
Jan
Chesebrough Mfg
25
Chicago Flexible Shaft Co 5
86
Apr
200
13
2,500
Apr
15% Feb
6%
Jan
8%
Jan
Jan
13%
Mar
Mar
3
Jan
6%
1
7.000
Mar
5%
Jan
Preferred
Mar
39%
Jan
Preferred
100
25
1,400
20
4,700
1,000
8,600
8,500
1,600
2%
3%
5%
3%
4%
5%
Feb
%
Feb
Jan
47
2%
Apr
7
13%
57%
4
Mar
*
18%
1
*
47
com
1st preferred
3
Jan
17%
31
100
26
2
com.
7% 1st preferred
preferred
Brazilian Tr Lt & Pow...*
Apr
Apr
26
175
24%
Apr
31%
40
40
25
40
Apr
45
75%
78
150
73
Mar
82%
Apr
8%
Feb
7%
6%
500
5%
100
10
158
2
3,300
800
2%
18,300
26%
500
30%
2%
600
31
2%
1,700
10
94%
94%
84
85
53
49
54%
11%
11
Mar
Apr
4%
Mar
600
3%
Apr
5
Mar
2,700
28
Bridgeport
19%
Machine.....*
*
see page
Jan
Jan
3%
16%
Jan
8
100
Apr
21
Feb
100
8%
Mar
10
Mar
Apr
103
Jan
14
14
100
12%
5%
Jan
18
Mar
6%
7%
2,400
Jan
8%
Feb
Mar
20
100
2%
2%
6,600
1%
900
36%
"~25
18%
20%
3,800
3%
1,800
Feb
169
121%
Jan
125%
Mar
4%
Feb
5%
Mar
3
45%
47
1,500
32
400
7%
42%
17%
42%
20
17%
200
Jan
19
Feb
2%
Jan
4
Jan
art
2%
Feb
wn
Apr
15%
Mar
36
Jan
37%
Feb
Jan
J
150
31
11%
11%
11%
30
30%
%
Adr
29
1%
32%
2
2,500
2,300
26%
5%
100
1,100
1,700
26
1
2799
25%
11
11%
31%
19
20%
1
1
100
Jan
Feb
1%
23%
6%
Mar
Jan
28
%
7%
35%
Feb
Apr
2%
Jan
32%
Jan
Apr
Feb
8
Jan
97 %
Jan
Jan
51%
Apr
10%
Jan
14%
Feb
700
28
Mar
38%
Feb
39%
Mar
"7% ""8%
6,800
38%
7%
Apr
""7%
Apr
10%
Jan
116%
116% 117%
12%
12%
55
53%
75
108%
Jan
119%
Apr
100
10%
Jan
125
39%
Jan
103
104
140
93%
Jan
16
1,500
15%
Apr
19
200
15
Apr
22%
Feb
90%
150
85
Jan
91%
Apr
3,200
16,000
3%
Apr
6%
Jan
1%
1%
Apr
2%
15%
17%
300
15%
Apr
27 %
Jan
Jan
17%
17%
25
5%
14%
5%
3,500
14%
100
30
"
"53%
103
15%
xl7
17%
-
88%
3%
3%
1%
1%
16
Mar
Mar
Columbia Gas A Eleo—
Conv 5% preferred.. 100
Columbia OH A Gas
1
Columbia Pictures com..*
Apr
51%
Jan
Mar
33%
16
Apr
26%
Jan
Jan
5%
122%
"""250
122% 123
"1%
07
69%
16%
69%
17
1%
89
89
3%
52
3%
50%
4%
47%
1%
92%
4
110%
800
52%
1,100
2,800
Jan
Jan
7
10%
82%
123
70
70%
Mar
17%
Mar
Feb
Apr
2%
Apr
92%
5%
Apr
00
52
39,500
7,100
5
400
46%
4%
50
100
42
Mar
4%
Feb
5%
New
v t
c ext to
1940...
5% pref class A
Consol Gas Utilities
Warrants
1
preferred
"T%
Jan
Feb
Feb
Mar
14 %
Mar
36%
Jan
16
Mar
21%
Jan
Cook Paint A Vara com..*
Feb
3%
Feb
Feb
Mar
10%
48%
Jan
Jan
15%
Apr
13%
Feb
"l% "1%
T,406
1%
Apr
Jan
Apr
Jan
9
2%
22
Jan
Apr
Mar
Mar
9%
8%
18%
5%
6%
5,300
3%
4%
4%
600
4%
Jan
4%
4
5%
.....
4%
1,300
3%
Jan
19%
70
2,500
1,000
18%
Apr
4%
24%
56
Feb
74%
Apr
75
Apr
104%
Jan
18%
67%
67%
77%
8%
*75%
78
475
8%
9
7,300
111
112%
%
1,500
S16
35,400
7%
Feb
10%
Jan
35%
Jan
39
Jan
Apr
139
Jan
111
%
1%
Mar
Apr
2%
1%
100
47
47
49%
275
45%
Apr
04
29
29
29%
350
20%
Mar
34
1%
1%
1%
16
2%
1%
400
1%
Jan
16%
500
15%
Mar
300
15%
Jan
17%
33%
17
16%
16%
16%
27%
26%
7%
28%
2,800
22%
Jan
7%
700
6%
Apr
8%
9%
75%
16,200
7%
Jan
11%
Apr
89%
Apr
114%
75%
75
113
"2%
2%
113
1,700
73
2%
30
113
600
82%
750
8%
9
127% 127%
2%
2%
13%
14%
900
76%
30
2%
Apr
Mar
75
8%
113
Jan
Jan
Feb
11
i8
100
10%
500
5,100
135
2%
Apr
6
Feb
17%
95
14
Mar
102%
5,400
"17%
21%
23%
11
22
11
100
17%
18
600
3%
Jan
2%
17%
Jan
20%
11
Apr
15
1%
Continental Secur Corp.
5,500
3%
Feb
Apr
Jan
7%
..100
30%
4%
40
Apr
1%
1
Apr
preferred..
Jan
Jan
58
10
16
100
Consol Royalty OH
10
Consol Steel Corp com
Cont G A E 7 % prior pf 100
Continental OU of Mex.-.l
Cont Roll A Steel Fdy
•
$4
%
Jan
Jan
4
13%
Consol Min A Smelt Ltd..6
Consol Retail Stores.....6
8%
Jan
Apr
8%
%
1
37
Apr
41
Warrants
Community P A L $6 prel *
Community Pub Service 25
Community Water 8erv..l
Compo Shoe Mach v t o..l
Apr
Jan
Jan
1%
3%
4,700
Mar
Feb
Mar
Mar
10
150
Jan
Mar
13
71%
Commonwealth Edison 100
Commonwealth A Southern
Commonw Distribut
Jan
20
£1
Colorado Fuel A Iron warr.
Colt's Patent Fire Arms.25
Mar
38
Cockshutt Plow Co com..*
Apr
%
15
57
105%
14%
£1
Jan
Apr
30
1,800
6% Income stock A
6% conv pref
Jan
84
Cleveland
*
Jan
Feb
30
2%
11
200
102%
Claude Neon Lights Ino-.l
Clayton A Lambert Mfg__»
31
Jan
Mar
""300
25
18%
93
39%
3%
Jan
15%
3%
38%
43%
Jan
35
Apr
1
Consol Biscuit Co
1
Consol Copper Mines
6
Consol GELP Bait com *
Jan
Apr
15%
Consolidated Aircraft
Feb
29%
2%
79%
Jan
11
Anr
7%
76
Jan
19
20%
Mar
Jan
Jan
56%
Jan
Mar
Apr
.
Jan
Feb
24
Apr
Rosenberger Inc.*
Colon Development
1 sh
Jan
Jan
2%
11%
4%
.lan
3%
23
60%
Club Alum Utensil Co
Jan
Apr
1%
67%
48%
Apr
Jan
Jan
Feb
Mar
Apr
25
24%
Apr
7%
1%
15
161
100
Mar
40
Apr
1,500
Apr
3
42%
158
Feb
Apr
11%
Apr
18%
900
8%
Feb
5%
5%
7
19,900
.1,700
Cllnchfleld Coal Corp. .100
10
24%
11
29
67%
Feb
17
31%
Breeze Corp
1
Bridgeport Gas Light Co.*
For footnotes
100
67
9
43
5%
...100
Bright Star Elec clB
30%
11%
3%
Jan
Jan
Feb
32%
30%
67
Feb
Apr
Mar
%
5%
67%
7
7
1%
Jan
Feb
11%
2%
5
6
Bearing
100
67
Elec Blum
*
Cleveland Tractor com...*
156
»
Bowman-Blltmore
5,.
1%
Jan
67%
Mar
10
{Botany Congol Mills Co
Bower Roller
BB
Mar
Apr
%
100
Borne Scrymser Co.....26
Bourjols Inc
300
94%
I*
I*
B
29%
Jan
Apr
32
•
*
Bohaok (H C) Co com
*
Feb
19
Mar
36%
*
Bliss (E W) & Co com
2d
Apr
2%
*
Blue Ridge
7%
Apr
9%
123%
10
1%
2%
warrants
Corp
*
common
Clark Controller Co
Jan
1%
Jan
18
$3 opt conv pref
Blumentbal (S) & Co
2%
5%
Feb
7JZ
Jan
3,300
Preferred
$2.60 conv pref..
31
14%
Apr
Mar
1,050
33%
123% 129
124% 124%
4%
4%
Benson & Hedges com....*
common
400
1%
20%
»
Cities Serv P A L $7 pref.*
$6 preferred
*
City Auto Stamping
»
City A Suburban Homes 10
%
8,500
159
6%% pf.100
Berkev & Gay Furniture. 1
Purchase
1%
1%
5
2%
1.10
Preferred
Tel of Canada.... 100
Blckfords Inc
Pipe
Chica Rivet A Mach new.4
Chief Consol Mining
1
Chllds Co preferred
100
1,300
84
"16"
14
Corp com__.l
Bell Tel of Pa
8
Cherry-Burrell Corp com.*
Jan
17
5%
Barlow &
Baumann
Bellanca Aircraft com
5%
100
Cohn A
10
common
900
5%
..100
8%
10
10
4%
158
preferred
100
Conv pref opt ser *29.100
7%
5
Babcock & Wilcox Co
Bell
52%
9%
52%
2%
25%
2%
8%
38%
Conv
7%
20
86
6%
24%
Mines*.._.l
1
100
2,200
7
52%
warr
12,900
Tobacco—
Bell Aircraft
0% pref without
7% preferred
21,800
9%
50
5%
5%
1
Jan
2,000
.....
*
Apr
Mar
9%
Automatic Voting Mach._ *
Class A
Cent Hud G A E com
Cent Ohio Steel Prod
Mar
%
Cp..60
*
4%
4%
400
%
Atlantic Coast Fisheries..*
*
1,500
*
5Baldwin Locomotive
$7 dlv preferred
1st preferred
Cent PA L 7% pref... 100
Cent A South West UtU.50c
Assoc Tel & Tel Co Cl A
Avery (BF)
Axton-Flsher
Celanese Corp of America
7% 1st partlo pref...100
Celluloid Corp common.15
Jan
105%
"%
warrants
._*
59 %
Assoc Laundries of Amer.*
t r common
!
Castle (A M) com new__10
Catalln Corp of Amer
1
Apr
12%
1
common. 1
38%
100
13%
6%
*
700
107
7
Corp.....
Cities Service
$5
1
com
32
£1
Class A
*
common
Carnegie Metals
42
•
Products
Carnation Co
Apr
4%
7%
33%
37%
»
Apr
2
47
tin
7
*
B
22
86
1
Common
Automatic
Class
38%
39%
4%
100%
145
2
100
300
100
750
22
100
1%
200
1%
38%
94
24%
24%
101% 102
122% 127%
20%
24
1%
100
2
25c
38%
94
50%
22
Syndicate
Carman A Co class A
Carolina P A L $7 pref...*
$6 preferred
II.*
Jan
12%
70
10
50%
*
Carlb
24,700
800
...1
Capital City Products
Jan
Associated Elec Industries
Sliver
Marconi
Jan
8%
10
Atlantic Coast Line
Canadian
5%
4%
Apr
1%
8%
70
24%
non-voting
*
Canadian Indust7% pf.100
Jan
1,100
12%
5%
100
Apr
10%
33%
33
Elec—
preferred
2%
108
9%
82%
xl5%
3,000
300
S16
B
4%
825
106
Amer deposit rets
6%
1%
Canadian Indus Alcohol A *
100
2,300
33
Ashland Oil & Ref Co
Jan
Feb
Apr
107
Common class A
8
Apr
Appalachian El Pow pref.*
Preferred
Jan
30
35
Apex Elec Mfg Co com..*
Arcturus Radio Tube
Jan
47
Jan
20
38%
4%
4%
pref...5
Anchor Post Fence
41%
Apr
500
33%
81
Amer dep rets pref shs £1
5,200
Feb
1
Cable Elec Prod v t c
*
Cables A Wireless Ltd—
Mar
21%
32
%
1%
42
35% 37
109% 112%
10%
10%
Jan
Feb
5%
11
Apr
33
4%
Jan
5
Mar
5
Jan
33%
29%
Mar
x30%
37%
Vu
1%
*
com
1st preferred
Austin
124~~
Burma Corp Am dep rcts..
Burry Biscuit Corp.. 12 %e
700
Amer Pneumatic Service.*
Amer Potash & Chemical.*
V
Nlag A East Pr pref 25
50%
24%
dep rets A ord sh__£l
Am dep rets B ord shs.£l
48
1
Amer Meter Co
Option
50
3%
100
Assoc C.as &
Pipe Line
3%
24%
Apr
Mar
70
32%
75
Mar
12%
28%
*
4%
25
Amer Maracalbo Co
Angostura
12%
8%
82
"31%
Amer Mfg Co common 100
American
12%
130%
Jan
34
Feb
Warrants
Feb
Feb
Mar
31
Jan
*
24
Amer Laundry Mach___20
6%
4%
3%
21
Amer Hard Rubber com.60
Amer Lt & Trac com
150
128
126
600
31%
74
$3 convertible pref....*
125
Amer Dlst Tel N J com..*
31
76
100
com.i
Feb
17%
36%
35
~~5%
35%
~~5~
..10
n-v
35%
.....
1
Amer Cyanamld class A.10
$2 60
6% pref
Mar
02
80
$5.60 prior pref
77
2%
36%
300
7%
16%
Jan
Jan
39
8
10c
common
Jan
Mar
10
32
Mar
14%
140
Am Cities Power <k Lt—
$2
100
31%
Am
preferred
Class B
11
2%
6%
53%
29%
$5 1st preferred
*
Bunker Hill A Sullivan..10
Burco Inc common
__*
Capital—
Common class B
Class
Buckeye
118
17%
11
300
£1
$6 preferred
150
"lie"
150
Brown Forman Distillery. 1
118
Aluminum Industries com *
Class A
Brown Co
150
Aluminium Ltd common.. *
60%
High
Low
*
Brown Fence <fe Wire
100
Jan
5%
13%
200
13
60%
5%
*
Class B
23
preference
S3
Jan
* 5%
Shares
Am dep rets ord reg_.10s
British Col Power class A.*
Co common._*
Aluminium
American
22
Jan
High
13
*
Amer dep rets reg
British Celanese Ltd—
23
com
Aluminum Goods Mfg..
6%
Jan
Low
Amer Tobacco—
Am dep rets ord bearer £1
25
Allied Products cl A
6%
21%
24
*
S3 conv pref
*
..100
Class A pref
Allied Internat Investment
Common
A
preferred
Price
60%
*
Class
7%
200
1
Corp class B
Apr
Mar
225
29%
Brill
1937
Week
6%
78%
1
for
of Prices
Apr
77
*
preferred
Warrants
Week's Range
Sale
Par
Jan
Conv
Last
High
Jan
50
4%
25%
..20
Aeme Wire v t
Low
Shares
48%
o com.
Aero Supply Mfg class
Range Since Jan. i
STOCKS
(Continued)
Range Since Jan. 1, 1937
Last
Sales
Friday
Sales
Friday
STOCKS
17%
Mar
21%
61 %
Mar
61 %
Volume
144
Sales
Friday
STOCKS
Last
(Continued)
Sale
Par
Cooper Bessemer
Price
27
Ranoe
Low
for
High
29*
*
prior preference
56
4*
4*
4*
1
6*
91*
2*
100
32*
6*
91*
2*
32*
13*
6*
91*
2*
33*
13*
12*
Common..
1
$6 preferred A
*
com.
Preferred
Courtaulds Ltd
£1
34
32*
34*
15
16
1
64*
Jan
62 *
Jan
18*
Jan
5,100
4*
Mar
5*
Jan
UHLMANN
2,100
6*
Apr
7*
Jan
Members New
Feb
94*
Mar
100
2*
ADr
4*
28*
Feb
39*
12*
Mar
14*
2*
13*
3*
23*
25
Crystal Oil Refcom
Cuban Tobacco com v to.*
Cuneo Press Inc
15,700
2,000
*
'*16
2
13*
3*
STOCKS
Last
Week's Range
for
28*
Jan
(1Continued0
Sale
Week
14*
Jan
20
Jan
of Prices
Low
High
H
Jan
Jan
2
Jan
Feb
2*
Jan
12*
Jan
16
Feb
3*
2,900
3*
Apr
5
Jan
Apr]
25
Feb
23*
25
Mar
9
9
100
45
45
45
100
9
45
Apr
Apr
106*
Jan
-2*
Jan
15
Jan
60*
Feb
Glen Alden Coal
108*
16*
Feb
Godchaux
Feb
Class B
*16
Mar
Feb
15*
Apr
Feb
Goldfleld Consol Mines..-1
81
7*
7*
8*
81
86
18*
17*
18*
Detroit Paper Prod
1
Detroit Steel Products—*
Diamond Shoe Corp com
54*
Distilled Liquors Corp...6
Dominion Steel A Coal B 25
Domln Tar A Chem com.*
~20*
6 *% preferred
100
Douglas (W L) Shoe Co—
7% preferred
100
Dow Chemical.....——*
Draper Corp
*
37*
3*
72
Durham Hosiery cl B com*
Duro-Teet Corp oom
1
Duval Texas Sulphur
3*
8*
—
10
21
Aprj
10*
Jan
Gulf Oil
21*
3,600
12
Jan
Mar
Mar
28*
17*
110*
Mar
Jan
45
142*
300
30
Jan
600
135
Jan
81*
39
60
57*
57*
59*
S6 preferred
Jan
II art man Tobacco Co
*
30
Jan
42*
Mar
"SB
Jan
Hazeltlne Corp
Feb
Hearn Dept Store com...6
16*
18*
8*
$7 preferred series A—*!
$6 preferred series B._
10
Jan
27
Feb
Heller Co
Apr
Apr
Mar
24*
200
5*
1,200
Easy Washing Mach "B"-*
70*
71*
79
1*
7*
Mar
Mar
21
4*
Jan
Apr
Apr
Apr
Mar
17
68*
21*
2*
20*
68*
22
3
21*
69
76
.
Elec Bond A Share com..6
15 preferred
*
75
76
"20*
preferred
com...
7*
1
6*
7*
6*
64
64
9
•
9
*
warrants
Electric ShareholdingCommon
4*
4*
300
Mar
65
Mar
11*
7*
7
67*
9*
4*
2*
800
Jan
3*
2*
3*
2*
3,600
Apr
4
Jan
12*
12*
500
12
Jan
15
Feb
16*
600
15*
Jan
Feb
15*
Mar
18*
17*
50
Mar
1,100
16*
16*
50*
300
18
18*
5.400
9*
4,900
7*
Apr
4*
28*
Jan
19*
Jan
68
Apr
80
Feb
75
Apr
87*
Jan
300
7
Mar
11*
Jan
9*
Jan
Apr
80
Jan
Apr
14
Jan
*
*
Common
7% pref stamped
100
7% pref unstamped. .100
Hydro Electric Securities.*
Hygrade Food Prod..
-6
Hygrade Sylvanla Corp..*
Illinois PA L$6 pref
Jan
22*
17*
Feb
7
Mar
9*
Apr
10*
100
10
Mar
Mar
10*
24*
50
23
Mar
28*
42*
Jan
41*
42*
900
Jan
42*
Apr
12*
39*
Feb
Jan
13*
Mar
Electrol Inc v t cElgin Nat Watch Co
3*
35*
4*
1,900
3*
5*
Mar
35*
225
40*
Mar
60
Jan
35*
Apr
Apr
Empire Dlst El 6% pref 100
Empire Gas A Fuel Co—
45
Apr
6% preferred
100
6*% preferred—..100
7% preferred
100
8% preferred
100
Empire Power Part Stk._*
68
Jan
72*
67*
Jan
74
Feb
68
Jan
77
Mar
Feb
Jan
Feb
77
77
50
72*
Jan
81
30*
31
700
29*
Apr
31*
Feb
17*
17*
700
16* 'Mar
19*
Mar
2*
2*
16,300
2*
47*
Jan
Feb
Feb
Feb
Mar
Mar
12*
4,000
8*
20
37*
37*
38*
106* 106*
"3l
82*
30*
81*
21
1*
325
20
32*
83*
21*
16,300
4,500
1*
100
200
4,200
30
30
30
150
21 *
23*
24*
2,300
18*
Jan
1
23*
6*
1*
3*
45*
27*
800
6*
Apr
8*
Feb
1
9*
6*
10
2,000
8
Jan
11*
Mar
22*
14*
22*
15
100
22
Feb
24
600
12*
Jan
17*
*
Feb
*
Feb
14*
15*
47*
Mar
Feb
*
1
100
3
Fanny Farmer Candy
1
Fansteel Metallurgical—*
14*
1*
2
*
5
14*
39*
14*
38*
"is
73*
6% preferred
100
Am dep rets ord reg—£1
Imperial Oil (Can) coup..*
*
75*
100
Jan
Jan
Registered
20
300
22
37*
Fldelio Brewery
1
Fire Association (Phila).lO
First National Stores—
4*
Britain
and
Ireland. .£1
Feb
Feb
Jan
42
Feb
77*
Jan
87
Feb
17
Jan
23
Mar
Jan
2
1*
Jan
27*
Feb
Feb
26
Apr
"""loo
9*
4*
Jan
13
1,200
Apr
200
45*
Jan
5*
53*
52
Feb
54
Feb
55
58
4,950
56
58
700
83
100
*
dep rets ord reg..£l
7*
24*
58
Mar
Jan
9*
Mar
Mar
21*
21*
22*
22
21
Jan
24*
200
21
Jan
24
Feb
Jan
15
Mar
38
100
14
900
36*
7*
Mar
13*
Jan
15
Mar
27
32*
170
23
Mar
36
Jan
27
32
60
24
Apr
Mar
39*
Jan
98*
105
Feb
Feb
4*
4*
Jan
Jan
2*
22*
Feb
Feb
38
38
1
1*
V t 0 common
7% preferred
100
Insurance Co of No AmerlO
International Cigar Mach *
Internat Holding A lnv—*
Internat Hydro-Elec—
Ford Motor of Can cl A.-*
Pref $3.50 series
50
A stock purch warr
60
72*
Apr
82*
Jan
Mar
114*
Mar
10*
Jan
18*
Mar
81
85
275
72 *
Jan
92
47
500
41*
Apr
65
3.000
7*
Aprj
2,900
22*
Jan
25*
23*
Class B
Amer dep rets
lOOfrcs
Fox (Peter) Brewing
5
Jan
-
*
Mar
Class B
1
Mar
""2*
29*
31*
Jan
Feb
200
2*
3*
Interstate Power $7 pref-*
Investors Royalty
1
Apr
Irving Air Chute
"18*
12
14*
4,700
8*
Jan
14*
Feb
"4*
13*
200
12*
Feb
14*
Jan
18*
50
17*
Feb
19
Jan
Jacobs (F L) Co
Jeannette Glass Co
Jan
98
Mar
"4* "4*
T066
3
Jan
Amer dep rets ord reg-£l
Gen F1 reproofing com
*
21*
Mar
"I*
20*
20*
"T* "T*
6,900
Jan
2,100
Gen Outdoor Adv 6% pflOO
Gen Pub Serv 36 pref..—*
89*
89*
25
89*
Apr
79
76*
79
20
76
Apr
Gen Rayon Co A stock... *
2*
2*
General Telephone com.20
19*
19*
Jan
28*
4*
Feb
31
Feb
Apr
44
*
Jan
50
14*
Apr
Mar
36*
3,600
33*
Jan
2*
18*
39*
Feb
38
Mar
8*
8,600
6
Feb
35*
Jan
8*
Jan
Mar
Apr
100
Jan
1
Apr
1*
16*
""466
Apr
21*
Feb
1*
'is
Apr
3*
Feb
Jan
*
Jan
Jan
*
7*
Mar
42*
Mar
103
Mar
Feb
2*
1 *
6
"23*
5,000
300
*
5*
34*
320
13
*
700
6*
1,100
*
6
39*
13*
2*
39*
39*
13
14
*
23*
14*
1
750
23
Jan
Apr
Jan
Apr
300
14
Mar
7ie
2,200
24*
14*
*
100
1
Feb
Jan
24*
"is
27J
185
2*
Feb
Jan
Jan
Feb
Jan
Feb
'16
100
*16
Jan
*
Feb
17*
7,800
13*
Jan
18*
Feb
9*
100
9*
Apr
14
Jan
80*
80*
50
78
Apr
89
Jan
86
87
40
86
Mar
96*
Jan
10
96*
6*
'l6
'16
16
Jersey Central Pow A Lt—
5*%
preferred
100
6% preferred
100
7% preferred
100
Jonas A Naumburg...2.60
86
96*
96*
6*
6*
115
117*
400
Apr
100
Apr
9*
126*
Jan
Jan
5 KansasClty Pub Service—
*
2*
19*
Feb
Feb
*
89*
*
Jan
2*
9*
Jan
1*
83
74*
Jan
5.300
....
16*
Jones A Laughlln Steel .100
Julian A Kokenge com.
92
*
400
Apr
92
*
Warrants
92
500
19
56
20*
6*
Apr!
400
1
15
7*
Italian Superpower A..—*
Warrants
12*
18*
*
Apr
64
35
"36*
—1
75
13*
1
Jan
24*
600
33
1
14*
*
International Vitamin...
Interstate Hosiery Mills..*
Iron Fireman Mfg v 10—10
9*
Jan
1,150
1,300
70
25
31
31
Old warrants
New warrants
Feb
Jan
International Utility—
Jan
Feb
Jan
200
*
8*
44*
14*
67*
100
5*
10*
2*
Franklin Rayon Corp com 1
Gen G A E 36 conv pf B..*
Gen Investment com
1
6% preferred
-
Class A
Froedtert Grain A Malt-
*
3*
24
68*
1
International Petroleum..*
Registered
*
Ford Motor of France—
15
3*
Internat Metal Indus A..*
International Products.
112*
Feb
5,700
*
Jan
10
7*
25*
Feb
14
21*
*
Feb
6,900
7*
Jan
73*
72*
62*
9* Mar
"57*
Non-voting class A
1*
17
15*
Feb
Mar
Industrial Finance—
18*
45
15*
Feb
17*
3*
3*
Mar
113
113
1
Jan
112
4*
50
Internat Safety Razor B_*
100
41*
Jan
Mar
Indian Ter Ilium Oil—
*
361
Apr
Jan
I eb
Apr
Apr
~Io"~
50
Indiana Pipe Line
10
Indiana Service 6% pref 100
7% preferred
.100
Indpls P A L 6 * % Pref 100
1,300
2,300
Jan
30*
105
60
"16"
4*
*
Apr
Apr
Apr
Flat Amer dep rots
Apr
24
20*
Imperial Tobacco of Can.5
Imperial Tobacco of Great
16*
1
14*
41
Jan
Apr
Apr
Class B
European Electric Corp7t«
*
11
Imperial Chem Indust—
Apr'
15
*
11
Illuminating Shares cl A..*
88
2,400
Feb
Mar
7
1
7*
98*
125
*
Feb
25*
10*
Hussman-Llgonler Co
*
JHuylers of Delaware Ino—
100
®16
62
Feb
17*
Jan
82*
82*
13*
Jan
400
warrants
Jan
Apr
400
Mar
Jan
Anr
Jan
Jan
Humble Oil A Ref
37
Apr
19
Feb
15*
14*
Flak Rubber Corp
24
17*
1*
2*
Holllnger Consol G M...
Holophane Co com
Holt (Henry) & Co cl A..*
Hormel (Geo A) Co com..*
26*
6*
5% preferred
100
H(id Bay Mln A Smelt-.-*
Jan
17*
7*
Apr
5*
100
Mar
Horn & Hardart
2*
Jan
Apr
""600
18*
15*
33*
11*
22*
89
"2*
95
42
14
31
Apr
35
15*
Emsco Derrick A Equip. .5
Equity Corp com.
10c
Eureka Pipe Line com...50
90
Apr
Jan
Jan
88
16
Jan
92
Apr
$6 conv pref w w
♦
Elec Shovel Coal $4 pref..*
1
Jan
Feb
Apr
Jan
Apr
Jan
1*
11
Jan
4*
6
63*
31*
Mar
1,500
7,900
36
23
Apr
Apr
Mar
Hires (C E) Co cl A
Hoe (R) & Co class A—.10
24
Apr
Jan
*
53*
Jan
Apr
9
16*
4*
Jan
10*
Apr
6*
62*
Jan
Apr
Mar
80
Apr
90
Feb
47
71
10
10*
700
128
Jan
Hey den Chemical
17
600
Apr
38
24*
*
...—25
21
2 *
Jan
122*
8*
2
w w
1,100
1,300
37,800
300
117*
Jan
Electrographlc Corp com.l
—
--*
1,600
10*
17
hiioiiih .rocer y Stores.*
Edison Bros Stores new
EiBler Electric Corp
1
....
45*
22*
Aprl
100
50
50
25c
150
10*
"21*
E
Elec P A L 2d pref A
6*
64
65
70*
*
Jan
400
Apr|
16
2*
2*
12*
Feb
Jan
1,200
Jan
18*
Harvard Brewing Co
Hat Corp of Am cl B com.l
6*
1,100
Feb
Apr
104
6,100
1,000
25
92
""B* "B*
*
5
Feb
96
Jan
Lamp Co
Jan
159*
50
250
Gypsum Lime & Alabas..*
Haloid Co
20*
7*
38
14*
92
92
400
47
33 conv pref
25
Gulf States Util $5.60 pref
Corp
3,800
66
36 preferred
5*
*
8*
45*
Gamewell Co 36 pref
General Alloys Co—i
Gen Electric Co Ltd—
*
22*
64
Con v preferred
16*
5*
*
Apr
50
Apr
x7
3,600
87*
14*
5*
1
6% preferred
Hecla Mining Co
Helena Rubensteln
Class A
900
4*
15*
9
1 *
21
"45*
100
7*
8*
25
Guardian Investors
Anr
105*
100
Greenfield Tap & Die...*
Grocery Sts Prod com..25c
7
Common
7% 1st preferred
Gt Northern Paper
Jan
46*
24*
4*
Am
Jan
Apr
65
$6 preferred
Florida PA LI7 pref
Ford Motor Co Ltd—
300
280
stock-.--*
Feb
7
21
com
10*
4 * % prior preferred. 100
6% preferred
100
Eastern Malleable lron_25
Eastern States Corp
*
1st preferred
Non-vot
64
7
7%
16*
3,6
16
Great Atl & Pac Tea—
30
*
FED Corp
Fedders Mfg Co new
Ferro Enamel Corp
16
105* 106
123
123*
44*
45*
Gray Telep Pay Station.10
Preferred
Common
preferred
Jan
Jan
East Gas A Fuel Assoc—
7%
Jan
Jan
Jan
1*
"ill
Feb
4*
Feb
1*
107
18*
7*
3*
Jan
27*
25*
68
Feb
Jan
62*
100
Feb
39*
16*
100
100
Mar
51
Mar
100
1,800
100
15
Jan
Jan
Mar
200
3*
30
102*
*
Apr
2*
7*
54*
30
9*
72
28
12*
15*
Feb
Apr
70
200
3,100
21*
Feb
Feb
1,200
100
30
400
19
Feb
37*
12*
45
29
1,300
3,300
20
88
107
10
preferred
100
Dubllier Condenser Corp.l
Duke Power Co
100|
Feb
2*
Jan
Apr
11
7%
Feb
25*
Mar
17*
81*
16
45*
2*
15*
V t c agreement extended
Grand National Films Inc 1
Grand Rapids Varnish...*
Jan
81*
Jan
Jan
24*
Apr
Apr
Apr
40*
100
2*
15*
16*
Jan
86
6*
141
Jan
12
25
16
Apr
Hall
40*
95*
Jan
Mar
108
141
Apr
77*
8*
40*
11*
41*
33*
14
16*
300
150
69
13*
7
79*
38
40
600
6*
7*
54*
29*
9*
18*
77*
38
Apr
"Is* "IB* ""BOO
Det Mich Stove Co com__l
*
*
33
15*
Apr
*
Mar
76
*
*
$3 preferred
Gorbam Mfg Co—
17
Apr
100
7*
Jan
1,000
Feb
Apr
*
Jan
Apr
425
81
Mar
11*
Feb
15*
8*
107
Apr
*
5*
28*
Jan
Jan
11*
300
Jan
5*
100
100
6
Jan
15,900
270
38*
6
100
80
31*
*
High
Jan
*
101
19*
29*
100
105* 107
11*
11*
18*
11*
$7 preferred
Gorham Inc class A._
1,300
5,700
35
45
12
"29"
1,200
8
Preferred
Ex-cell O Air & Tool
Falrchlld Aviation
Falstaff Brewing—
—*
Sugars class A.*
26,300
27*
31*
14*
33*
*
*
26*
Low
Shares
12
•
Preferred
16*
14
Evans Wallower Lead
Georgia Power $0 pref
Gilbert (A C) com
15
Detroit Gasket & Mfg coml
6% pref ww—
20
Detroit Gray Iron Fdy—6
Optlon
*
*
77*
Warrants
S16
Dejay Stores
Option
"II*
15*
26*
7% pref-100
Derby Oil A Ref Corp com*
33*
1
com
13*
Dennlson Mfg
Price
preferred A__—100
*
Dayton Rubber Mfg com
Class A
35
Class A
6%
Gen Water G & E
Mar
Davenport Hosiery Mills
Elec Power Assoc
General Tire & Rubber..-6
15*
Cusl Mexican Mining..50c
Darby Petroleum com—5
16
Par
Mar
800
5
23*
1*
12
8,900
6
Eagle Plcher Lead
Range Since Jan. 1 1937
Feb
38
2*
13*
100
Driver Harris Co
Sales
Apr
Mar
6,600
9
*
6 * % preferred
Curtis Mfg Co
Tel. HAnover 2-5370
St., New York City
Jan
1*
COMPANY &
York Curb Exchange
Mar
100
25 Broad
Jan
700
10
Crown Cent Petroleum—1
Crown Cork Internat A.
Crown Drug Co com__25c
Preferred
86
2,000
*
*
K
Banks, Brokers and Dealers
Apr
; Friday
15
Crowley, Mliner <fe Co
56
Apr
1*
6
Crocker Wheeler Eleo—
Croft Brewing Co
35
Apr
""766
Cramp (Wm) & Sons Ship
& Eng Bldg Corp...100
Creole Petroluem
Apr
25*
Specialized Service in
Exchange Securities for
New York Curb
Mar
100
"l3~"
*
6
Cord Corp
Corroon & Reynolds—
A
High
Low
12*
56
12*
Copper Range Co
1 Range Since Jan. 1 1937
Shares
2,500
2795
I
Week
of Prices
26*
*
S3
Week's
39
*
com
J3 preferred A
ICosden Oil
i
New York Curb Exchange—Continued—Page 2
Jan
Common vtc
*
V t c preferred A
115
*
S16
2*
1*
Jan
2,400
18*
Mar
Kingsbury
49
Mar
Kingston
Breweries
Products
1
90*
25*
400
*
2*
Jan
Apr
Apr
30
Mar
Jan
*
3
200
Jan
22*
22*
300
2*
2*
2*
100
6
6
6*
12,400
Apr
4*
xll2
Kansas G A E 7% pref-100
Ken-Rad Tube A Lamp A *
100
*
700
Mar
114*
Jan
19
Jan
28*
Feb
Jan
3*
Jan
Mar
8*
Feb
2*
5*
jan
West's Ran ye
for
Sals
of Prices
Week
Kirby Petroleum
Price
1
6%
Klrkld Lake G M Co Ltd .1
Low
1%
High
6%
1%
0%
1%
Low
Shares
*
10
Knott Corp common
1
Koppers Co 6% pref—100
Kress (8 H) & Co pref—10
Kreuger Brewing
1
'u% "ii% ~ii%
1,200
1,400
175
Apr
10 %
51%
Lakey Foundry & Mach__l
6%
2%
2%
100
9H
10%
9,700
1%
1%
7,000
100
pref—100
1
Lehigh Coal & Nav
*
Leonard OH Develop
25
Lefcourt Realty com
Lion Ol lReflnlng
»
--*
*
Lit Brothers com
23%
23%
24%
5%
5%
Apr
106%
Jan
12%
Jan
Feb
59
Feb
30 %
26%
Feb
Mar
Corp
7
13%
500
8%
100
17,500
17
Mar
625
118
115
Jan
4%
5
Locke Steel Chain
5
Lockheed Aircraft
1
13%
12%
Lone Star Gas Corp
*
11%
10%
Long Island Ltg—
Common
*
Common
5% 1st pref new
Apr
65
7,400
12 %
225
87%
Apr
Apr
106
93
10
12%
100
100
100
87%
new
Apr
5% 2d pref cl A
Feb
Feb
Mar
5% 2d pref cl B
4%
Loudon Packing
13%
12%
87%
90
Feb
94
Feb
115
98
%
13 %
-
4%
13%
13%
1,600
45
1,000
41%
Jan
N1 pissing Mines
5
2%
3,900
1
42%
2%
6%
2%
6%
Apr
4%
6%
Jan
84
340
82
Apr
93
Mar
71
73%
150
71
Apr
80
Jan
4%
4%
1,800
4%
Apr
12%
12%
8,400
11%
Apr
95
Apr
"l% "l%
"700
4%
12 %
*
1%
6%
15%
100
Jan
Jan
Feb
2%
Apr
Mar
Jan
42
Jan
Class B common
Class A pref
96%
...
Common
1
3%
36 preferred..
*
54%
47%
Margay OH Corp
28
30%
900
17
Jan
33 %
*
17
18
600
16
Jan
22%
Mass Utll Assoc v t c
1
3
3
Apr
8%
Feb
Jan
3%
10%
25%
Mar
18%
Apr
55
Jan
55%
Apr
Ohio Brass Co cl B com
95
Mar
8%
T266
3%
07
210
63
23%
23%
100
20%
Feb
Jan
23%
Mar
Apr
Apr
03
28
5%
10%
82
Jan
7%
700
Apr
Mar
Mar
Jan
4%
3%
3,200
55%
3%
700
Master Electric Co
May Hosiery Mills pref.
McColl-Frontenac Ltd—
13%
25
1
*
3%
11%
14%
24%
25%
8,700
2,000
55%
Massey-Harris common..*
55%
100
100
6% preferred
McCord Rad & Mfg B
*
McWtlllams
*
Dredging
Mead Johnson & Co
9
*
30
200
33
8%
30
5,600
®t6
%
2~66O
80
84
90
90
26
80
Merritt Chapman A
'L800
11%
27%
1,400
32%
59
100
400
13%
2,600
10%
73
50%
52%
500
39
Jan
5%
~~5%
""266
5
13%
13%
13%
Oklahoma Nat Gas com. 15
12%
12
13
27
27
27%
com
33 preferred
50
100
104%
"600
01%
1%
3%
125
Feb
5%
Apr
Jan
6% conv pref
100
Oidetyme Distillers
..1
Overseas Securities......*
'""4%
31%
"7% "~7~% ~~7%
Co
00%
1
1
3%
4,100
100
6%
Jan
Pacific G & E 6%
"30%
Jan
Mar
71«
3%
0%
2%
2%
10
14%
1%
0%
5%
1%
5%
1%
2%
2%
2%
9%
9%
14%
1%
Michigan Sugar Co......*
10
600
5,700
1,700
100
1,200
200
Midland Oil
5%
.*
t c
v
conv
Pacific Tin spec stock
2%
2%
Apr
Mar
Pantepec OH of Venes
2%
14%
Jan
Pan
0%
Mar
1%
Jqn
22
Apr
24
Mar
80%
25
71
Jan
90
Mar
3%
U%
400
1,100
3%
11%
4%
14$*
3%
1,300
Apr
Apr
Apr
5
Feb
35%
Apr
43
Jan
98
Jan
98
Jan
114
Mar
118
Feb
22
22
*
80%
3%
11%
Mid-West Abrasive com60c
Midwest OH Co
3%
10
U%
Mining Corp of Can
*
Minnesota Mining A Mfg.*
35%
3%
Minn P A L 7% pref.. .100
Miss River Pow pref
100
Mock, Jud, Voehrlnger Co
Common
2.60
3
35%
'114%
350
36
114%
60
U%
1
Monroe Loan Society A__*
9%
14%
9%
3%
15%
10%
3%
1,700
13 %
Jan
5,100
8%
500
*
Montreal Lt Ht A Pow..
Moody Investors pref
__*
Moore
35
100
(Tom) Distillery.. 1
'l42~
30%
35
143%
30%
30%
75
Corp Ltd com
Class A 7% pref
4%
4%
0%
0%
6%
3,100
Murray Ohio Mfg Co
Muskogee Co com
"22"
*
"22"
'"366
100
National P A L $6 pref..
National Refining Co
25
Nat Rubber Mach
*
Nebel (Oscarl Co
%
550
36%
Jan
43
12%
7
900
29%
100
Jan
12%
28
Feb
110
Apr
41
Mar
100
Feb
42%
69%
5%
Apr
72
30%
32.80 preferred.......*
35 preferred
*
5%
4%
14%
10,200
4%
Jan
8%
5%
100
Apr
17%
105
104% 105%
450
14%
103%
170%
170% 170%
Penn Mex Fuel Co
1
5%
Pennroad Corp vto
Pa Gas & Elec class A
1
4%
*
Pa Pr & Lt 37 pref
*
*
50
2%
36 preferred
Penn Bait Mfg Co..
Penn Traffic Co
110
5%
4%
14%
101
Apr
•
10
101
3
3
100
3%
98
Apr
Apr
75
162
Jan
3
Mar
300
113
112
175%
4%
*
81
80
81
600
80
Apr
95
135
151
2,425
121
Mar
161
34
34
50
Feb
Pepperell Mfg Co..
100
147
Perfect Circle Co
*
34
*
Feb
Philadelphia Co
17
Jan
157
Feb
Jan
Phillips Packing Co
44
Jan
Mar
15
Phlla Elec Co 35 pref
*
Phila El Power 8% pref-25
37
31%
Apr
114
Mar
37
20
Phoenix Securities—
com
m
m
114% 114%
1
10
10
10%
37
30%
3%
5%
2,500
8%
42%
37
9%
36%
30%
29
Jan
Pines Wlnterfront
Feb
Pioneer Gold Mines Ltd_.l
""4%
Feb
Pitney-Bowes
44
Mar
184
Apr
4%
Apr
Apr
8
Feb
Conv pref ser A
Pierce Governor com
5
5%
Mar
Jan
Apr
7%
155%
22
Apr
28%
Apr
20
Mar
97 %
Mar
75
33%
12%
*
1
Common
Mar
100
33%
12%
♦
Mar
Mar
-
3%
4%
300
33%
12%
6
116%
Apr
34
Apr
15%
Jan
11%
Mar
900
36%
Apr
40
Mar
1,100
19%
Jan
Feb
200
2%
Jan
33%
3%
4,400
4%
Apr
6%
Jan
1,900
7%
Apr
9%
Jan
25
41%
18%
Apr
42%
27%
88%
Jan
Feb
Postage
M6t6r
8
8
Pitts Bessemer & L
Erie RR
Common
50
42%
Feb
Pittsburgh Forglngs
1
23
23
14%
Jan
107
108%
150
44%
Feb
133
Jan
14%
Mar
4,400
0%
2%
132% 135
1%
1%
16%
19
1,300
500
Pittsburgh & Lake Erie.50
Pittsburgh Plate Glass.-25
Pleasant Valley Wine Co.l
Plough Inc
_*
Pneumatic Scale Corp.. 10
107
Jan
2,400
Potrero Sugar com
5
"3%
"3% "3%
"i.oo'o
Powdrell & Alexander
6
10%
10%
11%
4,900
22%
24%
125
22%
Apr
4%
12%
33%
1
35%
36
2%
300
34%
2 %
Jan
41
45
Feb
45
Feb
31%
'is
Apr
Mar
35%
Feb
2%
Apr
23
3%
390
51H
Jan
59
17%
17,300
15%
Apr
74%
1%
8%
200
04%
Jan
19%
89%
55
2,200
-
Jan
Mar
Jan
Mar
Power Corp of Can
Mar
2%
Jan
Apr
13%
Feb
Jan
47
Feb
77
77
78%
600
77
Apr
Premier Gold Mining
10%
300
8
Jan
91%
12%
Jan
10
Feb
Prentice-Hall
10%
18%
3,800
11%
Jan
19
Apr
Pressed Metals of Amer..*
Mar
0% 1st pref
Pratt & Lambert Co
com
1
....
3,100
%
Jan
400
3%
52%
Jan
%
7%
Mar
Jan
57%
Jan
Prosperity Co class B
*
28
"i"666
900
25
9%
26
26
10%
2%
20%
51%
50%
53
700
114% 115
200
2,800
400
10
1%
31%
%
Jan
Providence Gas
*
9%
Jan
Prudential Investors
11%
3%
28%
Jan
Apr
2%
112%
59%
Mar
15
*
Jan
Jan
26
Apr
1
Mar
Mar
32
Jan
80
Jan
80%
Feb
Jan
Feb
36 preferred
7,800
31%
9%
32%
125
716
9%
13
900
Jan
Jan
1% Mar
16%* Feb
Feb
3%
Mar
Mar
10
Apr
116%
147%
2%
19
8
Jan
4%
•is
Jan
Jan
%
400
%
Mar
H
Feb
15%
1,400
13%
Apr
Apr
Jan
17%
Mar
11%
Jan
14%
Jan
716
15
200
10
700
13%
400
9%
12%
102
*
Mar
103
Jan
102
Apr
105
F<
Jan
109
Ji
Pub Service Co of Colo—
100
100
6% 1st preferred
7%
1st pref
102
102
102
10
108%
Public Service of Indiana—
$6 preferred
15
15
16
900
14
Jan
Neptune Meter class A
15
15
15
300
13%
Apr
1%
12%
100
1%
Mar
Apr
Jan
Jan
6%
Apr
30%
Mar
35
Mar
6% prior lien pref
7% prior lien pref
200
79
Mar
88
Mar
Pub Utll Secur 37 pt pf
130
Apr
140%
Mar
30%
94%
Mar
59
33%
57
Apr
68%
180
31%
Feb
41
Apr
98
Jan
Mar
Puget Sound P & L—
Jan
57%
32%
Pub Service of Okla—
100
10%
4%
2%
23%
Jan
300
57%
32%
480
85
*
*
$7 prior pref
»
Nelsner Bros 7% pref.. 100
Nelson (Herman) Corp.^
*
Nestle-Le Mur Co cl A_.
Nev-Callf Elec
com
1%
100
New Bradford OH
New Engl Pow Assoc
"l0%
10%
6
*
6% preferred
100
New England Tel A TellOO
New Haven Clock Co
New Jersey Zinc
New Mex A Ariz Land
Newmont
*
25
common
24%
84
*
81
"126"
35
N Y A Honduras RosarlolO
For footnotes
*ee page
2799.
19%
19%
Mar
6% preferred
7% preferred..
20
500
78
Feb
3
Mar
5
Jan
800
116
Apr
135%
Mar
500
26
Jan
37
Apr
36
Mar
0%
Feb
Jan
15
15
100
15
Apr
16
Mar
30%
31
100
29%
Jan
34
Feb
93
Jan
Feb
60
90%
Jan
..100
100
117%
Feb
119%
Mar
117%
Apr
117%
Apr
95%
Apr
103
Feb
100%
Apr
106%
Jan
2%
Apr
4%
Jan
Common
Jan
1,000
35
Pub Serv of Nor 111 com.
Feb
""300
4%
15
116
3%
110% 120
83
N Y Auction Co com....*
N Y City Omnibus—
Warrants
Jan
85%
"24k ~24%
3
1
Mining Corp.10
New Process
80%
110%
Apr
2%
%
§Propper McCallumHos'y
Mar
Mar
112
Nebraska Pow 7% pref.100
2%
1
Producers Corp
716
0%
20%
100
*
%
10%
2%
1,200
6
*
5%
25%
17
com..*
..100
1
8
%
1%
24
_
33
8
*
com
41
10%
*
Nehl Corp common
1st preferred
39
29%
400
2%
53
12
300
Nat Union Radio Corp...l
Navarro Oil Co
*
Apr
29%
41
10%
Jan
35
*
39%
12.50
25
140
*
41
National Sugar Refining..*
National Tea 5%% pref. 10
.150
41
41
1
common
Conv part preferred
National Steel Car Ltd..
Transit
18
73%
"l0%
30
25%
35
Jan
10%
8
$
25
35%
Mar
National Fuel Gas.
"l%
75%
Feb
11
13
10
Jan
Mar
18
12%
2%
54%
10%
Nat Mfg A Stores com...*
National Oil Products
59%
5%
32%
12%
5
6%
300
National Baking Co com
Nat Bellas Hess com
1
Nat Bond A Share Corp..*
National Gypsum cl A
Nat Leather common
Feb
1,000
12
34
2%
40%
24%
54%
1,200
12%
35
65
8%
Apr
400
12%
18
*
_•
89
Apr
650
6%
13%
*
...
6%
35%
Nachman-S pringf Hied
Natcon Corp
Nat Auto Fibre A
v t o
Apr
6%
4%
Feb
97%
Mar
Apr
78
1,100
Mar
18
6% preferred
Jan
147
Mountain Sts Tel A Tel 100
104
10
8,500
4%
4%
"266
78
6%
42%
10
104% 105%
32%
29%
107%
66%
6%
Mar
34%
Mar
65
180%
1,600
Mtge Bk of Col Am shs..
Mountain Producers
10%
Apr
130 xl38%
200
30%
*
Moore
143%
30%
28
65
1
Mar
3%
12
400
Amer Air ways.... .10
Apr
Mar
Montana Dakota Utll...10
30%
45
Pa Water & Power Co
Molybdenum Corp
Montgomery Ward A
3
10%
30
Penn Central Lt & Pow Co
10
100
*
shs
Jan
43
Peninsular Telep com
Preferred...
Feb
2
900
8
Apr
9
44
Feb
7
1,000
106
4%
4,600
*
Patchogue-PlymouthMUls*
Pender (D) Grocery A
*
Feb
14%
1$
22
Paramount Motors Corp.l
Parker Pen Co.
10
Mar
104%
100
4%
*
Jan
*
pref
Mid vale Co
Nat Service
""0%
Mar
Apr
111%
10
4%
78
*
31 30 1st preferred
Midland Steel Products—
non-cum dlv
"104%
Class B
*
t c
100
Apr
112
26%
1st pf.25
Pacific Public Service
Mar
Middle States Petrolv
27
75
102
400
5%% 1st preferred...25
Jan
1
400
10
Pacific Ltg 36 pref
*
Pacific P & L7% pref..100
32
*
Preferred
60
103
Michigan Bumper Corp..l
Michigan Gas A OH
1
Michigan Steel Tube..2.50
111%
93
25
100
110%
Apr
Apr
Apr
Apr
Apr
Feb
105
1st preferred
67
Jan
Mar
10
6%
35%
43 %
70
Ollstocks Ltd
37
75
102
100
*
100
6%
Jan
Apr
25
60
102
59
*
25%
30%
600
1,000
93
"~5%
Scott*
Mexico-Ohio OH
National
33
31%
105
73
Corp com..*
*
Metropolitan Edison pref.*
$2
31
11%
41
Jan
93
Jan
Part preferred....
Class B
31
32%
Engineering..*
*
Ohio Edison 36 pref
Ohio Oil 6% pref
Apr
Apr
Metal TextUe
Class A
SNor Texas Elec 6% pf.100
Jan
Apr
105
5%
Warrants
6%% A preferred
108
7%
24
3
11
Ohio Power 6% pref-—100
101%
.
96%
103%
Jan
Ohio P S 7% 1st pref—100
"EI"
100
A...1
Apr
107
Jan
50
Participating preferred.*
Jan
Apr
89%
20
Nor Sts Pow com cl A..100
%
80
130
7% preferred
100
Nor N Y Utll 7% 1st pf 100
Northern Pipe Line
10
%
7% preferred
Merchants & Mfg cl
60%
4%
Apr
Apr
8%
30
73
Memphis P&L$1 pref...*
Mercantile Stores com
*
50%
Jan
Mar
101%
108%
109%
900
5%
Jan
2%
5
Nor European Oil com
1
Nor Ind Pub Ser 6 % pf. 100
Northwest
50%
108% 109%
110% 111
6
118% 118%
"~5%
Memphis Nat Gas com...5
Jan
77
Jan
35
500
'
900
7%
Apr
35%
1,300
3%
Jan
3%
11%
53
750
49%
49%
Apr
98
61
49%
Novadel-Agene Corp
Mapea Consol Mfg Co
8
3%
47%
48%
3%
*
com
800
7
54
6% prior preferred—60
No Am Utility Securities.*
Nor Cent Texas OH
5
Class B
2%
48%
North Amer Rayon cl A__*
Marlon Steam Shovel.
$5 conv preferred
38%
"3% "4%
10
Nor Amer Lt & Pow—
Feb
10%
1,300
13%
44%
Jan
6
1
1
*
*
*
Corp common
Majestic Radio A Tel
Mangel Stores
Iron
Apr
Apr
Mar
Apr
Niagara Share—
*
14%
9%
Jan
82
Lucky Tiger Comb g m._10
Mesabl
Apr
5
Apr
Jan
16%
Mar
1%
4,000
Class A opt warr new
Class B opt warr new
Nil es- Bemen t- Pond.
Jan
23%
18%
10%
*13%
71
Louisiana Land & Explor.l
Louisiana P & L $6 pref.
4%
1,200
3,500
3,600
82
100
--100
*
7% preferred
6% pref class B
17%
13%
11%
10%
33
u$
47
60
48
47
of. 100
Nema Electric
Loblaw Groceterias A
Mar
115%
Niagara Hudson Power—
Jan
Mar
24%
117
117
pref.. 100
N Y Water Serv 0%
10%
33
10%
32%
*
com
13%
13%
1
Founders shares
Feb
13%
2%
Jan
6
Mar
4%
Apr
Jan
16%
%
110
Mar
23
Jan
9%
Apr
,5u
200
100
New York Transit Co
8%
7,600
5%
107%
20
N Y Telep 6%%
20%
1%
20
101
N Y Steam
2%
Line Material Co
110
101
pref..100
»
N Y Shipbuilding Corp—
Jan
Jan
Lane Bryant 7%
110
36 preferred
Feb
6
6,900
2,000
N Y Pr & Lt 7%
12%
21%
49
0%
Jan
Feb
Jan
52%
15
Apr
10
13%
17%
~17%
High
Low
Apr
Apr
Y Merchandise
111%
16 %
Price
Shares
N
Jan
"600
6%
Par
21
Apr
Mar
Apr
49
Week
Jan
Apr
11%
106
11%
Lake Shores Mines Ltd—1
for
of Prices
Low
High
1%
Feb
300
'"l7~
Week's Range
Sale
8%
Jan
5%
"200
12
107 % 108
11%
Last
High
19
Klein (D Emll) Co com
Klelnert (I B) Rubber
Range Since Jan. 1 1937
STOCKS
(Continued)
Range Since Jan. 11937
Last
Par
Sales
Friday
Sales
Friday
STOCKS
(Continued)
Lynch
April 24, 1937
New York Curb Exchange—Continued—Page 3
2796
100
100
97
97
30
*
35 preferred
$6 preferred
Pyle National Co com..
*
*
79
*
100
*
*
1
79%
200
69%
Apr
39%
40%
575
35%
Apr
90%
60%
20
40%
Jan
25
"11% "12
Pyrene Manufacturing.. 10
Quaker Oats com
6% preferred
Quebec Power Co
Ry & Light Secur com
Ry & UtU Invest cl A
97
114
126
115%
126
126
18%
22%
19"%
23%
Jan
Jan
Apr
"SOO
8
Jan
114
Apr
14%
124%
Feb
100
10
126
Apr
150
Jan
100
20
Apr
25%
Jan
175
21
Feb
28%
Jan
Jan
1%
Jan
1%
Jan
New York Curb Exchange—Continued—Page 4
Volume 144
Sales
Friday
STOCKS
Last
Week's Range
for
{Continued)
Sale
of Prices
Low
High
Price
.
Rainbow Luminous ProdClass A.
54
Rath Packing Co
54
S3
conv
K
Jan
2
Jan
500
H
Jan
H
*38)4
Feb
Mar
32
.__*
Jan
38
preferred
50 K
6
Reed Roller Bit Co.....
40)4
Reeves (Daniel) com....*
Reiter-Foster Oil
—*
44)4
2454
Jan
49
Mar
50 K
51
150
41
Jan
BK
1354
40)4
6
15
42
300
4
Jan
6354
7)4
1,800
10
Jan
Mar
Feb
Mar
700
33
Jan
"in
"in "IK
5
Reynolds Investing
1
Rice Stlx Dry Goods.....*
IK
1054
1
6K
IK
1054
6K
17)4
4654
8)4
54
Jan
154
Mar
Feb
Apr
32)4
Mar
IK
554
254
Jan
1,200
800
10)4
5)4
Apr
Apr
Apr
Feb
Jan
19",800
25
25
Reybarn Co Inc.—....
Richmond Rad com..
1,000
6)4
Reliance Eleo A Englng..5
200
25
5)4
2
11
OK
500
5
200
Mar
1354
7)4
Feb
Mar
Feb
Rochester Gas A Electric—
6% preferred cl D...100
Roosevelt Held Inc....—6
Root Petroleum Co
100)4
1
7K
2)4
754
2K
7K
2 54
100
854
3,500
K
16
1,100
25
40
K
1,100
90
51.20 conv pref._..._20
Rossia International.....
Royallte OH Co Ltd
-
-
-
-
100 K
Russeks Fifth Ave new. 2)4
Rustless Iron A Steel...
Ryan Consol Petrol.
Ryerson A Haynes com_.l
Safety Car Heat & Lt.100
St Anthony Gold Mines. 1
St Lawrence Corp Ltd.—*
52 conv pref A-.___.50
St Regis Paper com......6
7% preferred—....100
Sanford Mills com
Savoy OH Co..
Schlff Co common
16)4
554
BK
140
40
96
100
14
155$
454
BK
1
139
13 K
-----
9
K
no
54
554
4
39 K
54)4
354
39 K
48 K
100
._*
2K
*
com
8K
Selby Shoe Co
Selected Industries Ino—
354
45K
2K
8
27
Common....
:
Conv stock.
5
55.60 prior stock.....26
Allotment certificates..
3)4
98
3)4
26)4
9654
09
101
Jan
Apr
8
141
Mar
Apr
H
Jan
8H
Mar
15)4
38)4
1154
Mar
117)4
Jan
69
Jan
Apr
Apr
Apr
454
13754
Feb
Jan
Jan
42
Mar
55
Mar
4)4
Apr
78)4
Jan
354
100
354
Jan
United
100
45)4
Apr
Apr
5)4
45H
5054
3H
8)4
28
Jan
Feb
Warrants
United Chemicals
3,300
27
Apr
354
27
98
101)4
Jan
Feb
4)4
9)4
30
26
Apr
94)4
Jan
4)4
28)4
101)4
96
Jan
103
3)4
6,500
300
1,000
500
10
400
5
2,000
6.700
900
135
141
1,350
Mar
Jan
United Elastic Corp.
United Gas Corp com
Mar
Option warrants.
United G A E 7% pref. 100
Anr
Jan
Apr
254
1)4
Feb
Jan
12 H
305
654
6)4
28)4
3354
Feb
133
Jan
154)4
Mar
Mar
Feb
United Shipyards
*16
Jan
28)4
Apr
Apr
1
Jan
85
Jan
295
Apr
Apr
370
Jan
Apr
100
1,000
554
•
5H
6
154
154
154
7
7
Jan
55a
1,800
154
6)4
100
37
2754
27)4
26)4
27H
27
1,100
200
7H
654
Feb
6
6
10)4
6
354
10)4
100
4
1,100
19,200
4254
"3l"
11)4
43)4
31
31
26)4
26)4
6)4
2954
Mar
Apr
7
Mar
Apr
254
8)4
Feb
41H
Jan
29)4
Mar
Mar
Jan
Apr
Mar
Apr
Jan
28
8)4
K
4)4
1254
454
13
2
2
454
13)4
2
29
29
80)4
754
79)4
754
1154
4J4
K
Feb
69
Apr
20
101
Mar
105
20
109
Apr
115
1,200
200
1054
114 M
254
92)4
7
8,000
3,000
2,500
..1
U S and Int'l Securities—*
*
7)4
Mar
1054
4)4
4)4
Mar
Apr
Mar
llK
1354
9)4
6K
"*254
'"700
254
Apr
4)4
14)4
700
Jan
Mar
114)4
1854
Apr
K
Jan
Apr
U S Rubber Reclaiming. _*
U S Stores Corp com.
*
17 conv 1st pref....—.*
United Stores v t o
*
United Verde Exten
60c
United Wall Paper.
Universal Consol Oil—10
Universal Corp v t c
1
3
K
4
354
4
454
4H
8,800
300
18&
19 K
1,100
K
916
9,000
654
400
32
30
6)4
32
900
8)4
2,700
48
Jan
42
Jan
Utility Equities Corp—..*
Priority stock-....
*
Utility A Ind Corp oom..5
Apr
Mar
1
Mar
-----
-----
Stetson (j B) Co com...
Stlnnes (Hugo) Corp
.5
21K
10
3154
13 K
10 54
38
13
900
7K
7
6
6
OK
21
21K
254
*
54
Machinery
*
Sunray Drug Co
—1
Sunray Oil
........1
21K
-----
254
2654
54
21K
17
Class B.........
4K
47 K
1854
18 )4
1854
18 K
For footnotes see page 2799
3
Mar
Jan
5 )4
19
Jan
Jan
Waco Aircraft Co..—*
53
Mar
63 )4
Jan
Jan
20)4
1354
Mar
Wagner Baking v t e
—*
Wahl (The) Co common..*
45
Mar
11)4
33)4
Jan
Jan
Apr
Mar
105H
Jan
4
Apr
Apr
7)4
7)4
Jan
Apr
104
354
1854 Mar
7i« Jan
30
Apr
6)4 Apr
Jan
69)4
Jan
25
Feb
"it
Jan
36
Jan
8
Mar
16)4
7)4
Feb
Jan
25
10
Feb
Feb
93
Feb
Jan
Feb
9)4
20)4
107
Jan
1354
Mar
Mar
Feb
Feb
Jan
3954
Jan
Jan
15)4
Mar
13 M
Feb
Jan
7)4
654
27)4
5)4
33)4
254
Mar
6
4)4
2054
2
Jan
Jan
Jan
26 K
400
25)4
Jan
K
2154
4,300
H
21)4
Apr
Apr
17
500
1254
100
454
47)4
6,700
20
7,200
19
400
13
113 K 11354
100
""300
200
Apr
Waitt A Bond class A.—*
Class B.
_*
Walker Mining Co.—1
Wayne Knit Mills.
6
Wayne Pump common
1
Weisbaum Bros-Brower__l
Wellington Oil Co
1
Wentworth Mfg new.1.25
Western Air Express
1
Western Auto Sup com—10
50
5154
30
50
9,900
16
28
Feb
60
Apr
11)4
75)4
25
28
Jan
45
8 54
Jan
75
BK
Jan
Feb
400
14
3,200
Apr
6
Jan
1)4
18)4
8
8
1
1
3)4
454
354
454
17)4
"*754
754
17 K
4
4K
1754
8K
17 K
UK
2)4
Apr
100
300
87
Apr
3,400
80
2,000
2,900
6,800
3K
1®
1,100
754
17 K
10
Apr
Apr
18K
3
9354
34$
16
Jan
Jan
Jan
Jan
ipr
Apr
Mar
4)4
6
1754
8K
22)4
19
25)4
70
50
Jan
3554
66 K
Jan
80 K
254
9954
6)4
5
6)4
83
84
7)4
»16
354
2054
7)4
60)4
54
IK
3)4
H
3K
19 K
754
30
IK
4
Apr
325
80
Mar
IK
400
3K
2,600
700
"SS
62
150
55
400
28)4
7K
600
5,200
6
154
92
92
10
92
14
"ok
14
200
14
6
6
8954
Jan
2
Apr
6K
IK
3K
Jan
200
900
454
103)4
Mar
700
2)4
654
Ap
4
31)4
2
Feb
2,900
6K
Apr
Apr
Mar
Apr
Apr
Jan
Apr
Jan
28 K
10)4
73
31K
9)4
354
19
6K
19
10
10
100
100
600
18 H
""166
3)4
754
45)4
854
3)4
7)4
4254
854
3)4
1,500
754
4654
10,500
12
12
13
7
1054
2854
8 54
6)4
754
10 K
1054
28K 28K
102)4 10254
600
300
900
Apr
10
19
Jan
2254
8
19
K
Apr
Mar
JB.
?*
34
8)4
10
Feb
Jan
Mar
Jan
Apr
Mar
Apr
900
6)4
854
2,600
28)4
Apr
Feb
5,000
125
101
16)4
Jan
Feb
UK
2K
5
854
4654
10)4
13)4
7K
13
2954
10254
21)4
117
28
28
200
*32
Feb
62
Apr
Mar
West Texas Utl! $6 pref—*
West Vu Coal A Coke
.*
Williams (R C) A Co.—*
Williams Oil-O-Mat Ht—*
Wil-low Cafeterias Inc
Conv
preferred
....
1
*
Wise Pr A Lt 7% pret-100
Wolverine Portl Cement. 10
Wolverine Tube
Jan
1954
4)4
50
18
17)4
Apr
Apr
22)4
22)4
Apr
46
1254
Apr
17
Feb
6% preferred
*
£1
Wrtght-Hargreaves Ltd..*
Youngs town Steel Door..*
98
Jan
114
Apr
Yukon Gold Co
Feb
Apr
,sis
200
900
Jan
Jan
600
89)4
5)4
8)4
~89_
'"l40
554
8)4
9
54
4)4
55)4
2,600
Apr
700
45 K
Jan
60
Feb
K
14 K
200
13K
Mar
1554
Jan
BK
5)4
900
5
8K
"k
com
....2
54
K
3
200
200
2,800
1,200
3
6
Jan
10
88
Mar
95
954
9)4
4,100
1,300
5)4
13M
8h
1954
1654
Woodley Petroleum
1
Woolworth (F W) Ltd—
Amer dep rets (new)
5
5
62
13
5)4
1954
100
18 K
"OK "lK
"16,900
6K
Mar
Apr
Apr
600
64)4
Jan
3,300
2)4
Jan
16
17
6
6)4
71H
3)4
Mar
95)4
554
854
12 K
1)4
9)4
854
354
16"
*
Mar
454
Western Tab A Sta..
*
West N J A Seashore RR 50
Winnipeg Electric cl B
Jan
Jan
854
1)4
12
716
854
IK
1
Jan
Jan
80
Wilson-Jones Co..———*
Mar
1154
110
Jan
Mar
Apr
354
94
107
45)4
4
Apr,
100
Wlllson Products
Jan
Mar
2,500
Grocery Co.—20
7% 1st preferred
Feb
Feb
854
754
Western Maryland Ry—
Feb
Mar
91
1354
54
------
Cartridge 6% pf 100
Western
Jan
124
Jan
Vogt Manufacturing. ....*
Apr
150
2K
7H
54
"30"
10)4
300
4,600
12 K
Van Norman Mach Tool.6
10
8,000
Apr
28;
Jan
36
1,000
*11
Jan
112 H
150
1
46
454
47 K
$3.30 class A particlpat.*
Swan Finch Oil Corp... 15
Swiss Am Elec pref—.. 100
7)4
Mar
954
1,300
300
Jan
100
2,500
2,000
17,400
1,200
20 K
50
K
11
IK
1054 1154
114K 116
2 K
254
92)4 92)4
654
7K
9K
7% preferred...
100
Valspar Corp v t o com._l
v t c conv pref
.5
4)4
15)4
18
10
Feb
2
13 K
Conv preferred
7
lUtU Pow A Lt common..1
1)4
12)4
47)4
4)4
107
10
13)4
Mar
Utlca Gas A Elec 7 % pf 100
Apr
93
754
Apr
IK
70
Feb
West
754
9K
954
29
7
25
100
IK
8K
92
100
Mar
1254
Venezuela Mex Oil Co..10
1,100
30 K
28 K
854
Venezuelan Petrol
—1
Va Pub Serv 7% pref..100
13 K
85
Jan
13
Apr
41K
Jan
29
Utah Pow A Lt S7 pref..
Utah Radio Products....
Mar
Mar
Feb
19 K
*
7)4
Feb
Feb
Jan
200
22
14)4
2)4
..8
Universal Products
5)4
11)4
"he
13)4
K
8754
354
Apr
40
40
Mar
400
1454
27
104 K 104 K
-----
104 K
85
"88)4
------
Insurance
Jan
19)4
8154
Jan
39)4
1BK
2)4
88 K
3K
22
2,300
9K
Jan
Mar
Apr
20
Apr
Mar
Apr
1954
13 K
854
1554
60
38
26
1954
Mar
£*
21
400
17
110
100
55
Jan
Mar
350
200
54
Feb
Apr
3
900
26
54
BK
13K
Apr
354
54
1,500
Apr
89 K
Jan
Mar
Apr
Apr
2
.ilB
600
19
Jan
Feb
66 K
54
21)4
18 K
Jan
2
200
854
26
-----
Apif
UK
6
30
51)4
Feb
Jan
2,000
Feb
Mar
*ic
5,900
1,500
1,500
954
3)4
554
4)4
12)4
Jan
85
Jan
K
K
IK
31K
85
754
22
22
Feb
4
Jan
8
Jan
113 K
21
4)4
18 K
13)4
""*3)4 "*354 """266
21
Jan
Mar
Jan
254
854
54
Jan
4
Feb
Pictures com—1
54
54
1,300
66
Apr
3)4
Jan
6
Apr
39
Unlversa
Jan
2
Apr
6OK
3)4
88 H
Universal
160
8)4
Jan
51
250
*
3654
1054
125
400
3K
Jan
Jan
31
""954 "1054 ~lM
10
Sterling Aluminum Prod.l
Sterling Brewers ino....
Sterling Ino
conv pref-....60
Sunshine Mining Co.—10c
Superior Ptld Cement B_.*
Mar
754
1854
10)4
88 K
Feb
Mar
42
—100
6)4%
Jan
900
39
U 8 Playing Card
—10
U S Radiator eom (new)—1
Jan
83
100
20
Sullivan
Mar
25
Apr
Mar
1,300
Steel Co of Canada ord
Stein (A) A Co common._*
„
B
com
Jan
159
Starrett (The) Corp v t e .1
Stroock (S) A Co—
SStutx Motor Car
73
25
com
Preferred
1st pref with warr
U S Lines pref
....
Feb
83
Standard Wholesale Phosp
60
Jan
United Profit Sharing...
Preferred
10
114
5
K
20
154
Am dep rets ord reg—..
Jan
55
preferred....
$6 1st preferred..
.*
Milk Products—*
$3 preferred
*
United Molasses Co-
Jan
1,500
19 K
Sterchf Bros Stores......*
43)4
12)4
Common clasa B.„....*
Apr
500
6
Lead..
Standard Steel Spring com*
Standard Tube cl B.
1
110)4
H
154
154
K
United
18
800
Preferred
Standard Products Co
1st
A.*
26)4
2054
...._.*
2d preferred.......
com
Mar
Jan
Feb
98
Conv preferred....
10
Standard Dredging Co—
25
275
*11
Mar
Mar
200
554
6
Am dep rets ord reg
£1
Am dep rots ord bearer £1
Standard Oil (Ohio) com 25
5% preferred...
100
Standard P A L.
.1
Common class B...
*
101
109
1)4
1
1st 37 pref non-voting.*
154
31
4
Conv preferred
Standard Invest 55 K pref*
Standard Oil (Ky)
10
3)4
63)4
101
_.*
com
$3 cum A part pref
United Corp w_rrants—
U S Foil Co class B
Southern Union Gas
6)4% pref
......
United Shoe Mach
K
Jan
Jan
A.rcraft Transport
Jan
Mar
54
954
4)4
24)4
K
Jan
*
6)4
8
61
7% preferred. .....100
Union Gas of Canada.
*
500
6)4
77 K
112
500
Union OH of Calif deb rts.
Union Stockyards..
100
5,800
Apr
Mar
Apr
Union Elec Light A Pow-
Jan
Apr
28)4
K
7% preferred
100
South New Engl Tel.. 100
Southern Pipe Line.....10
A Acid Works com
Tung-Sol Lamp Works..1
48)4
Southern Colo Pow ol A.25
Silver
_.l
....
Spencer Chain Stores
*
Square D class A pref....*
Stahl-Meyer Ino com....*
Standard Brewing Co
*
Standard Cap A Seal com.l
105
Jan
Apr
Feb
17)4
80c dlv preferred*
Ulen & Co 7)4% prtf-25
6% preferred.
2
Unexcelled Mfg Co
10
Southern Calif Edison—
Standard
Class A—
38
20)4
300
(Neb)
Truni Pork Store#
_*
Tublse ChatUlon Corp.—1
900
18
Singer Mfg Co
..100
Singer Mfg Co Ltd—
Amer dep rec ord reg.£l
Sioux City G A E 7% pflOO
Smith (H) Paper Mill
*
Solar Mfg Co..........
Sonotone Corp.........
Boss Mfg com
1
South Penn Oil
..26
So West Pa Pipe Line..60
Spanish & Gen Corp—
5
20
Jan
Mar
18)4
400
27
5
Southland Royalty Co...6
7,000
rets for ord...
108
4K
18
Simmons Hard're A Paint *
Standard Oil
dep
5454
•
Shreveport El Dorado Pipe
Line stamped..
25
Slmmons-Broadman Pub—
Conv pref
♦
Common
Am
4]
5% cum pref ser AAA 100
Sherwln-WUllams of Can
6% original preferred.25
6% preferred B......25
6)4% pref series C
25
24 %
Feb
Tripiex Safety Glass Co—
Jan
10
Trt-Continentai warrants..
Jan
700
m
Seversky Aircraft Corp.. 1
Shattuck Denn Mining.
Shawlnlgan Wat A Pow..*
Sherwin-Williams com. .25
Trans western Oil Co
United Lt A Pow
__*
com
Feb
Apr
Apr
Selfrldge Prov Stores—
Amer dep reo
..£1
Sentry Safety Control...
Seton Leather
.1
Mar
Jan
54
45 H
Segal Lock A H'ware...
Seiberling Rubber
Common.
6554
105)4
Mar
Apr
110
Feb
1854
8
3)4
—
3
K
Jan
-
Securities Corp general...*
Inc.
..
7,200
4
4
2H
654
Trans Lux Plct Screen—
9)4
27)4
75
Apr
Apr
41
IK
64)4
Am dep rets def reg.—£1
Todd Shipyards Corp
*
Toledo Edison 6% pref. 100
Jan
114
27,900
36K
£1
Jan
6)4
1054
Am dep rets ord reg
1
Jan
14 K
600
4,400
Tobacco Securities Trust
18
Mar
32 K
.1
Tlshman Realty & Const.*
Tobacco and Allied Stocks*
Tobaoco Prod Exports-.-*
1654
34,600
"60)4 62"
*
Jan
24K
5)4
"62"
Thew Shove iCoal Co
Tllo Roofing Inc
s.
1154
400
654
62)4
16)4
5
High
2,800
4)4
Texon Oil A Land Co.—.2
7% preferred A
.100
Tonopah Belmont Devel 1
Tonoptvh Mining of Nev.l
4
12
23)4
Low
Shares
14)4
37
1)4
105)4 106
6)4
054
62)4 65
16 )4
1754
Jan
K
13)4
30)4
1)4
4)4
22)4
13)4
5)4
Apr
5)4
Price
Teck Hughes Mines
1
Tenn El Pow 7% 1st pf.100
Texas P A L 7% pref.. 100
Jan
12
31K
9K
Tastyeast Ino class A....1
Taylor Distilling Co.——1
Technicolor Inc common.*
Feb
Feb
2,900
3,300
1,700
Taggart Corp common...*
Tampa Electric Co com..*
66
6
*
Bros
Week
4)|
11,100
1,700
K
11254
for
of Prices
Low
High
1354
1454
1754
Scranton Spring Brook—
Water Serv 56 pref
1
8eeman
104)4
760
OK
OK
140
110
Apr
13)4
100
K
-----
Manufacturing_25
Scovllie
40
14
-----
*
Royal Typewriter...
Mar
Jan
Apr
Mar
15
—
Week'e Range
Sale
Par
Raymond Concrete Pile—
Common
Last
High
Low
Shares
.10
Raytheon Mfg com....60c
Red Bank Oil Co
*
Range Since Jan. 11987
STOCKS
(Concluded)
Range Since Jan. 11937
400
Class B
Sales
Friday
Week
Par
2797
7154
3K
72
3)4
Jan
Jan
Jan
Mar
Feb
Feb
Jan
Jan
Jan
Jan
8K
Feb
1854
12)4
Feb
23 K
Jan
Apr
80 K
45a
654
8)4
Jan
Jan
Mar
Mar
i
Friday
Sales
Friday
BONDS
Last
Week's Ranye
for
(Continued)
Sale
of Prices
Low
High
Price
Low
Ercole Marelll
1946
1st A ref 6s
99 %
1st A ref 5a-__..__.1951
1st A ref 6s
1966
1st A ref 5s
$3,000
103% 104%
1968
97%
93
1st A ref 4 V^s
1967
Aluminum Co s f deb 5s '62
85%
106%
Aluminium Ltd deb 5s 1948
Amer O A El deb 5s.-2028
"Io6%
Am Pow A Lt deb 68.-2016
95%
Am Roll Mill deb 5S-. 1948
102 X
Amer Beating 6s stp,.1946
mx
Appalachian El Pr 5s. 1956
Appalachian Power 5s. 1941
Debenture 6s
...2024
Ark-Loulslana Gas 4s 1951
Arkansas Pr A Lt 5s.. 1956
98%
Associated Elec 4 %s.. 1953
56
103
Mar
99
Apr
4,000
97
Apr
6,000
94
54,000
90
Apr
86%
89,000
82%
Apr
32,000
105% 106%
23,000
104% 104%
106% 107% 107,000
95% 96% 127,000
104
Amer Radiator 4 His..1947
JaD
19,000
103% 103%
99% 99%
97
97%
92%
85%
102
2,000
104%
102% 102%
105% 105%
37,000
6,000
106% 106%
56,000
11,000
107% 107%
111% 112
98% 100
97% 98%
55% 58
108%
Jan
105
Jan
Finland
105%
99%
Jan
Jan
Firestone Cot Mills 6s. 1948
72 X
Apr
100%
Jan
104%
105%
92%
103%
102%
104%
Apr
107
Jan
Florida Power A Lt 5s
Jan
Jan
6s ex-warr stamped .1944
105%
Mar
Gatlneau Power 1st 5s. 1956
Deb gold 6s. June 16 1941
Mar
104%
Jan
Apr
108%
Mar
Jan
1977
Assoc TAT deb 5%8 A '55
86
71
106%
Apr
General Bronze 6s
Mar
108
Jan
Mar
119%
Jan
Gen
98%
Apr
102%
Jan
93%
Mar
104%
Jan
58,000
55%
Apr
67%
Jan
Apr
82
Jan
Georgia Pow A Lt 5s.. 1978
♦Geefurel 6s
1953
65%
65%
Jan
Jan
Gobel
Apr
69
Jan
Grand Trunk West 48-1950
55% 124,000
40,000
52%
53
Mar
51
51
59
5,000
58
♦Canadian Pac Ry 6s. 1942
109%
31,000
158
Jan
240
Mar
Hackensack Water 5s. 1938
146%
Jan
225
Feb
143
Jan
227
Mar
113
32.000
110
Mar
115%
113
Mar
124
Jan
114%
Mar
125
Jan
Apr
145
JaD
4,000
18,000
87%
89
75
76%
92% 93%
106% 106%
105
105%
103% 103%
109% 110
101
130
9,000
135
74
85%
Apr
Mar
Jan
1st A ref 4 %s ser F.1967
97
102%
95%
.1968
103% 106%
96% 97%
101% 102%
"83%
D..1957
Cent Pow A Lt 1st 58-1956
92%
Cent States Elec 5s
1948
59%
5%s ex-warrants—1954
60%
Cent States P A L 5%8 *53
Chlo Dlst Elec Gen 4%s'70
104%
59%
95
95%
98%
4 %s series H
1981
Cent Ohio Lt A Pr 5s.. 1950
Jan
88%
Jan
91%
Mar
101%
105%
Apr
107%
Jan
5,000
105
Jan
100%
Apr
Idaho Power 5s
47,000
101
Mar
104
Jan
Illinois Central RR 0s. 1937
15.000
108%
Apr
114%
Jan
Apr
105%
Jan
111 Pow A L 1st 6s ser A *53
Feb
113
Mar
1st A ref 5 %8 ser B -1954
8,000
99
111%
85
Mar
106%
Apr
94%
Mar
104%
Jan
30,000
5,000
98
Mar
104%
Jan
95
Jan
95
Midland Ry 4%s A 1956
Indiana Gen Serv 6s__1948
93
57,000
89
Mar
99
Jan
60%
22,000
58
Apr
72%
Jan
Indiana Hydra Eleo 5s '58
Indiana A Mich Elec 5s '55
62%
37,000
00
Apr
Jan
64%
67,000
59%
72%
75%
103% 104%
14,000
103%
Apr
106
Jan
104%
Mar
105
Feb
Ind'polls P L 5s ser A. 1957
(♦Intercontln'ts Pow 6s *48
2,000
Apr
Jan
94
Indiana 8ervlce 5s
1950
1st lien A ref 5s
1963
5,000
92
Apr
100
Jan
5,000
10,000
43,000
108
Mar
110
Jan
0%s series C
101%
95
Chlo Pneu Tools 5%s-1942
102
(♦Chic Rys5sctfs
73%
$95
98%
72%
71%
1927
Cincinnati St Ry 5%s A '52
..1955
1966
1950
71%
Cities Service Gas 5 %s '42
Cities
Service
Gaa
Pipe
100%
100
102%
74%
98
Jan
Jan
Jan
Mar
20
Feb
79%
Mar
83
"71",600
88
Mar
97%
Mar
89%
Jan
89%
Feb
105
Jan
Jan
Jan
106%
87
Apr
94%
55
Mar
60
Apr
2,000
108
Mar
7,000
102
"2",000
Jan
62
Jan
75%
Jan
38,000
109%
Jan
3,000
7,000
Apr
100
Jan
98%
Apr
102%
Feb
Jan
20%
Mar
97
Mar
26
Mar
Feb
9,000
Mar
12,000
Jan
105
98
Mar
102
31%
9,000
Mar
33%
76%
Mar
77
Mar
88%
80%
102%
Jan
26%
104%
Jan
Apr
Feb
Feb
Mar
Mar
101%
Jan
6,000
100
Jan
107%
Feb
'104%
103% 104%
66, 00
102
Mar
106%
Feb
102%
101% 103
97%
98%
13,000
100%
Mar
106%
Jan
88,000
96
Mar
104%
Jan
25,000
90
Apr
99%
98%
94
91%
95
80%
106"
3,000
15,000
4,000
99%
102%
Apr
89%
Apr
109
105
106%
Jan
Jan
Jan
Jan
~i3~666
Apr
99
Jan
107
15,000
Feb
107
Feb
90
Apr
101
Jan
2,000
!°5%
Mar
Feb
106%
110%
Jan
Feb
2l".666
109%
68%
Mar
79%
Jan
12,000
68%
Mar
78
74
Mar
73
$72
106%
43",066
9%
82%
100%
13%
Jan
Jan
103%
Mar
7,000
8
Apr
71% 1 3,000
10,000
78%
10,000
73%
65
Apr
77
Jan
73%
68%
Apr
Apr
83
Feb
81
Feb
100
8%
1955
6%S-1949
♦Commers APrlvat 5%s'37
Commonwealth Edison—
69
68
104
Jan
78 series E
1957
75
75
Mar
84
Jan
7s series F
..1952
72
70
97
~
Mar
Mar
101%
Apr
105%
Feb
Jan
Interstate Power 5s.
107
International Salt 5S..1951
Jan
2~66o
98%
73
2,000
71
Mar
69%
Mar
83
Jan
Apr
103
Jan
Apr
Jan
1956
83%
Jan
104
Feb
4 %s series F__
1958
Iowa-Neb L A P 6s.—1957
102%
2,000
105
7,000
100%
Jan
107%
102%
59% 108,000
20,000
46%
58%
Apr
76%
Jan
41
Apr
69%
Jan
90
Jan
107
Mar
Jan
Mar
Interstate Public Service—
73% 136,000
101%
61,000
100
69%
69%
6,000
36,000
17,000
102%
67
67%
Apr
51%
Apr
Mar
1st M 5s series A—1953
112
112%
6,000
110%
Jan
1st M 6s series B
1954
112
112%
110%
1st
4%s series O
1956
1st 4 %s series D
1st M 4s series P
1957
109% 110
109% 109%
3,000
5,000
107%
107%
102%
100%
68%
$50
69%
69
82
79%
Jan
80
Jan
101»J2 101%
International Sec 68.1947
Debenture 6s
1957
1952
5s series D...
68
71
98%
103% 104
1943
Cities Serv PAL 5%s.l952
5s series B
58%
45%
79
1961
58%
45%
83% 83%
78%
80%
102% 103%
$102% 104%
$105
81%
Apr
Apr
Apr
88%
105%
Jan
Feb
Mar
104%
11,000
78%
101%
2,000
42,000
Apr
Mar
104%
105%
Feb
Jan
102
105%
103%
1981
102%
77%
Community Pr A Lt 5s '57
Community P S 5s
1960
Conn Light A Pow 7s A '61
98%
53
2,000
104% 105% 132.000
102% 103%
102% 103%
77% 79
97
98%
$126
40,000
14,000
16,000
27,000
131
50
Feb
Apr
Jan
112%
112%
Apr
111
Feb
111%
Jan
Apr
Mar
Apr
101
101%
20,000
1958
1957
103
103%
9,000
99%
Isarco Hydro Eleo 78-1952
Isotta Fraschlnl 78—1942
71
71%
5,000
66
Jan
79%
Feb
75
75
3,000
72
Jan
80
Feb
60
59
61
47,000
55
Jan
71
Feb
50%
50%
50%
7,000
46
Mar
50%
Jan
104% 105%
103% 104%
$93%
90%
11,000
103
Mar
105%
Apr
50,000
102%
Apr
Mar
105%
97%
Mar
119
T.666
117%
Apr
121%
Jan
Italian Superpower 6s. 1963
Jacksonville Gas 5s... 1942
Stamped
106%
Jan
Mar
106%
Jan
Mar
104
Jan
Apr
Apr
Apr
Jan
4 %s series C
96%
126%
101
Jan
Kansas Elec Pow
130
Jan
98%
Apr
104%
Feb
118%
5s series B
1947
1961
8,000
107%
Feb
109%
Jan
6%s series D
118%
Apr
125%
Jan
5%s series F
80%
Apr
Apr
93%
Mar
Lake
102
Feb
98%
103%
Jan
103%
18,000
93,000
19,000
Jan
Lehigh Pow Secur 0S..2O26
99%
11,000
97
Jan
100%
Mar
73
Mar
Jan
Jan
Lone Star Gas 5s
Mar
Long Island Ltg 6s.. .1945
Jan
Jan
Louisiana Pow A Lt 5s *57
♦Manitoba Power 5%sl951
Mansfield Min A Smelt—
Jan
♦7s without warr'ts.1941
1943
80%
80%
83%
1958
90
90
91
Crucible Steel 6s
1940
103%
Cuban Telephone 7 %sl941
Cuban Tobacco 5s
1944
99%
5s series I____
104"
Delaware El Pow 5 %s. 1959
Denver Gas A Elec 58-1949
98%
$65%
73
104
104%
$107% 108%
106% 106%
104% 105%
105%
"106%
1950
85%
80
13",000
102%
Feb
105 %
106
Jan
109%
i7\666
105%
Feb
107
37,000
103
Mar
106
•
Detroit Internat Bridge—
Aug 1 1952
♦Certificates of deposit
Aug 1 1952
♦Certificates of deposit
Dixie Gulf Gas 0%s..l937
8%
3%
101
9%
8%
2%
2%
101
Eastern Gas A Fuel 4s. 1956
87%
87
Edison El Ul(Bost)3%8 *65
Elec Power A Light 58-2030
103%
103
84%
103
1950
Empire Dlst El 5s
1952
Empire Oil A Ref 5%s. 1942
83%
$106
Elmlra Wat Lt A RR 5s '56
9%
3,000
9%
8
8%
1,000
3%
14,000
2%
2%
1,000
7,000
88,000
32,000
59,000
2%
100%
101
88
103%
85
82 %
106
107%
103
85%
100%
~I~666
102%
97%
97%
98%
51,000
96%
90
89%
91
79,000
88
1969
Kimberly-Clark 5s... 1943
Sup Dlst Pow 3 %s '66
"99"
92
"94"
109
1942
105%
13%
12%
Jan
(♦McCallum Hos'y 0%s *41
4%
Mar
McCord Rad A Mfg 6s *43
100
4%
Mar
Memphis P A L 5s A..1948
Men gel Co conv 4 %s.. 1947
Metropolitan Ed 4s E.1971
102
Mar
Mar
Apr
Mar
95%
109
90%
115
Apr
Apr
104%
103%
Mar
93%
Jan
Jan
Jan
Jan
Feb
Mar
Jan
Jan
Middle States Pet 6%s '45
Midland Valley 5s
1943
Milw Gas Light 4 %s_.1967
Minn PAL 4%s
1978
5s
113
1957
93%
94
102%
97
100
Mar
104%
Jan
89%
Mar
1.000
102%
Apr
Apr
Mar
Apr
99%
107%
Jan
103%
Jan
7,000
8,000
76,000
2,000
91,000
99
89%
103%
93
Mar
Jan
99%
Jan
104%
101%
111%
Jan
Jan
Jan
85,000
106%
Mar
16,000
6,000
100%
103%
103%
Mar
Mar
Feb
13,000
104%
Feb
106
104% 105%
35.000
103%
Apr
Apr
106%
97%
20
Feb
11,000
99
50
65
99% 100
102%
113
117%
104% 105%
102
91%
101% 102%
97
98%
103% 104
105
Jan
106
Feb
105%
Apr
Jan
Mar
105
Jan
100%
Feb
Fob
Apr
101
Mar
49,000
105
Mar
56,000
102
Mar
90%
93
91
99%
22,000
34,000
24",000
20,000
52,000
90
101%
95
100%
87
91
Jan
32,000
107% 109%
103
103%
104% 105
105% 105%
105% 106
$90%
91
1955
Miss Pow A Lt 5s
99
92
90%
103% 103%
$55
1955
Mississippi Pow 5s
93
95
$20%
Apr
Apr
Feb
102
99
$96%
Mar
Jan
91
102% 102%
1948
...1955
119
101% 101%
92%
Lexington Utilities 58-1952
Llbby McN A Libby 6s '42
6s ser A stamped
Cont'l Gas A El 5s
103
104%
3%s. 1966
2,000
108% 108%
118% 118%
1954
J &n
Jersey Central Pow A Lt—
1st mtge 6s ser H...1961
Gen mtge 4%s
Consol Gas Utll Co—
105%
Kentucky Utilities Co—
90%
Consol Gas (Bait Clty)1939
75
Kansas Gas A Elec 6s.2022
Kansas Power 5s
1947
102%
77%
Consol Gas El Lt A Power-
(Balt) 3%sser N...1971
Iowa Pow A Lt 4%s
Iowa Pub Serv 5s
3%s series H
1965
Com'we<h Subsld 5%s '48
Det City Gas 6s ser A. 1947
105%
Apr
International Power Sec—
106% 106%
El Paso Elec 6s A
1957
Feb
97
Jan
Mar
106% 106%
♦Indianapolis Gaa 5s A1952
105
6s
Feb
25%
21%
77
100
102% 102%
89%
91%
$106%
92% "93"
"92%
106% 106%
$110%
71%
70%
71%
70
70
70%
Feb
20
106%
1953
94
Jan
Apr
Apr
19,000
100
1951
104%
99%
70%
18,000
100
5s series C
103%
Apr
Apr
92%
59%
60%
59%
83
6 %s series B
Apr
98
Apr
21%
50
99% 100%
80
Jan
99
.....1947
6s series A
9,000
Chic Jet Ry A Union Stock
Yards 5s
1940
♦Deb 7s
8 f deb 5%s
May 1957
Indiana Electric Corp—
26,000
105
1961
100
94,000
99%
80
30,000
101%
104%
Feb
86
100
1947
C...1956
Apr
Jan
Jan
Jan
Jan
Jan
82
82%
108% 108%
...1949
ser
22%
101% 102
111 Northern Utll 6s.. -1957
6s series B
99%
22
81
101%
23
103
$33%
Feb
101
100%
104% 104%
♦Hungarian Ital Bk7%s '03
Hygrade Food 6s A...1949
91%
Jan
104%
102%
21,000
"b'ooo
61%
98%
$27
98%
101%
Mar
10,666
QQ
22%
6%s with warrants-1943
Chicago A Illinois
♦6%s.
♦A St. Ry. 6%s
1938
Heller (W E) 4s w w.,1946
Houston Gulf Gas 6s.. 1943
7,000
23,000
Apr
Apr
Mar
95%
61
103
98%
♦Hamburg Elec 7s.
Hamburg El Underground
1st A ref 5s
105
1947
1935
99
70
98%
108% 108%
1977
3,000
112% 112%
1956
6s 1st series B
5s series A
Hall Print 6s stpd
99
Jan
Jan
69,000
"89""
93.000
112
100%
Mar
83
61
100
1956
Cedar Rapids M A P 5s '53
Central III Public Service—
6s
80%
97%
$55
88
Line 6s
97%
Guardian Investors 58-1948
Birmingham Eleo4%s 1968
Birmingham Gas 5s
1959
Conv deb 5s
80
$78
(Adolf) 4%s...l94l
Mar
2.000
0s series B
77
240
608,000
Mar
Mar
88
26
Jan
10,000
Cities Service 5s
75
$23
75
158
116%
6s series B
98
7,000
218
90%
21
97%
87
130
103X
1,000
25
$100%
119% 119%
ser
97%
Grocery Store Prod 6s. 1945
116
Canada Northern Pr 5s "53
33",000
12,000
Gt Nor Pow 5s stpd..l950
119%
1956
9*000
91
"f,66o
Jan
220
Broad River Pow 5S..1954
2,000
90%
Feb
211
Buffalo Gen Elec 5s—1939
16,000
21%
91%
209%
75
Jan
90
105%
198
X
Jan
96
1,000
75
75
$21
21%
Jan
130
Cent Power 5s
104%
89%
Apr
1998
6s series G
$103
90
98
1960
68 series E
100% 100%
90%
96%
80
192
1st M 5s series B—1957
105
Jan
100%
13,000
196
112%
Jan
94
97%
20,000
197
Bell Telep of Canada—
1st M 5s series A—1955
103%
100%
87%
203"
♦6s stamped x W..1938
103%
7,000
45,000
100%
a210
♦8s stamped w w.1938
Feb
25,000
Glen Alden Coal 4s.._1905
Apr
Apr
Jan
102%
105%
100% 101
Guantanamo A West 6s '68
♦0s without warrants 1938
Carolina Pr A Lt 5s
Georgia Power ref 6s.. 1967
Jan
Mar
51
93%
Jan
Mar
97%
98%
100% 101
98
deposit.
Jan
64
153,000
Mar
101%
100%
86
warrants-.1938 a210
Gen A ref 5s
of
61
2,000
53
(Baldwin Locotn Works—
5s series C
♦Certificates
62%
55
51
83%
3,000
18,000
59,000
(♦Gen Vending Corp 0s.'37
68
13.000
92%
1940
56,000
8,000
85
90%
91
General Pub Serv 6s. .1953
109
80,000
73
Mar
94
1941
106
104%
Feb
108%
94
100
Lt 4%s.l955
Bethlehem Steel 6s
Deb 6s series B
Pub Utll 6%s A. 1956
♦General Rayon 6s A. 1948
4,000
73%
Jan
63
Gary Electric A Gas—
107%
106%
Jan
58
"51"
59
♦6s with
1954
.
Apr
53%
1968
Gas
83%
101% 101%
104% 104%
104% 104%
Firestone Tire A Rub 5s '42
105
Mar
Jan
105%
8,000
Mtge
First Bohemian Glass 7s *57
55
"si""
1950
Conv deb 5%s
Residential
Jan
95
High
Low
50
$32
Geo Wat Wks A El 5s. 1943
Conv deb 6%s
1938
Conv deb 4%s C...1948
Conv deb 4 Ha
1949
Debenture 5s
$61% 68
106% 106%
Banks 0s 5s stpd...l961
Apr
1 1937
Range Since Jan
%
Eleo Mfg-
6 %s series A
..1953
Erie Lighting 5s
1907
♦Farmers Nat Mtge 7s 1963
Federal Water Serv 5 %s '54
104%
Associated Gas A El Co—
Conv deb 5s
of Prices
5
Low
High
Price
High
BONDS
Abbott's Dairy As....1942
Alabama Power Co—
Sales
for
Week
Week's
Sale
(Continued)
S
I
Range\
Last
BONDS
Range Since Jan, 1 1937
Week
Atlanta
April 24, 1937
New York Curb Exchange—Continued—Page 5
2798
88%
3,100
11,000
90%
91%
26,000
88
86
Apr
Apr
Apr
Apr
Mar
Mar
Apr
M iss River Pow 1st 5s. 1951
108
109%
11,000
107
Feb
(♦Missouri Pub Serv5sl947
74
74%
2,000
74
Mar
96
97
8,000
94%
Montana Dakota Power—
5%s
For footnotes see page 2799
1944
96%
Apr
SHE
Volume
New York Curb Exchange—Concluded—Page 6
144
Sales
Friday
BONDS'
Last
Sale
(Continued)
Price
♦Munson 98 6 %s ctfs.1937
Weet's Range
of Prices
High
Low
7%
8%
105% 105%
Nassau & Suffolk Ltg 6s '45
"96%
94
96%
87%
85%
87%
46%
46
47%
Nebraska Power 4Hs 1981
68 series A
2022
108% 109%
*119
121
106
"91
N E Gas & El Assu 58.1947
"73%
106
91
91%
113% 114
72
73%
Friday
Range Since Jan. 1 1937
for
BONDS
Low
S
11,000
16,000
16,000
24,000
7%
105%
Last
WeeVs Range
for
(.Concluded)
Weet
4,000
Sale
of Prices
Low
High
Apr
14%
Price
Jan
Jan
107
Jan
94
Apr
Feb
81%
Apr
107%
97%
46
Apr
Mar
10,000
107%
116%
2,000
48,000
106
Apr
89
Apr
18.000
113
Apr
30.000
72
Apr
Mar
51
Jan
{♦Stand Gas A Elec 6s 1935
♦Certificates of deposit
♦Convertible 6s
1935
♦Certificates of deposit
Debenturp Hs
1951
Debentutefls.Deo 1
Jan
1966
109%
126%
Apr
Jan
Standard lnvestg-5Hs 1939
110
Jan
{Standard Pow
Jan
♦Starrett Corp Inc 5s. 1950
Jan
{Stlnnes (Hugo) Corp—
99%
121
84%
Jan
A Lt 6sl957
♦7-4% 8tamped
1940
71%
72%
71%
Apr
85
Jan
2d stamped
71
73
47,000
71
Apr
84%
Jan
♦7-4% stamped
94
94
Apr
96%
96%
Mar
101%
102%
Jan
97%
70,000
95%
98% 102,000
84
86%
81H
97
85%
97%
"80 H
80 H
85%
34 H
Jan
89
87
89
21,000
86
Mar
95%
Jan
let 4 Ha
Syracuse Ltg 5H8
79%
102%
Mar
92
Jan
Debenture 6%s-.--1964
New Orleans Pub Serv—
♦Income 6s series A. 1941
82%
1970
Central
Elec 5Hs '5(
81% 83
*100
103%
15,000
Jan
104%
Feb
Tennessee Elec Pow 5s 1956
Mar
109%
Jan
Tenn Public Service 5s 1970
Tern! Hydro-El 6Ha.. 1953
75
103
105% 106%
101
101%
102
102%
110% 111%
*85
86%
64.000
105
Apr
106%
Jan
Texas Elec Service 58.1960
N Y State E A O 4 Ha
101
102
Apr
Jan
84
40,000
Mar
86%
Feb
{♦Texas Gas Utll 6s.. 1945
Texas Power A Lt 5s..1956
6s
2022
Tide Water Power 5s.. 1979
91
Apr
Jan
♦Tletz (Leonard) 7 Hs.1946
Toledo Edison 5s
1962
55
Mar
100%
69%
107%
100
5,000
100
Apr
104%
103%
Jan
8,000
110%
Apr
112
Jan
No Amer Lt A Pow-
93%
Nor Cont l Utll 5Ha_.l
No Indiana G A E 6s. 1
Northern
93%
94
59%
*57%
*107% 108
1957
32,000
m-----
106%
Jan
Jan
Twin
Apr
Ulen Co—
Indiana P 8-
City Rap Tr 5 Ha *52
6s 3d
103
102% 103
102%
102
98
103%
98
106%
105%
98
103%
96%
106%
105%
105%
102%
99
103%
98%
107%
106
44,000
100
Mar
107
15,000
100%
Mar
105%
Jan
Apr
104%
stamped
1944
Certificates of deposit
Jan
30,000
96
Jan
5s series A
1954
Feb
105%
Jan
6a series B
Apr
105
Jan
4Hs
106%
Apr
Jan
104%
Jan
111%
106%
Mar
United Eleo N J 4s...1949
United El Serv 7s ex-w 1956
103
Feb
105%
Apr
United Lt A Pow 6s...1975
102%
7,000
8 000
95
1967
...1957
105%
24,000
109% 109%
104% 105
106
106%
97%
98
7,000
108%
Mar
110%
Feb
8,000
103%
Mar
Feb
6 Ha
1974
Mar
5Hs
90
......
100% 101%
88%
90
21,000
27,000
105
Jan
106%
106%
96
Apr
100%
Jan
40,000
98
Apr
108%
Jan
27,000
88%
Apr
100
105%
Jan
108
Jan
*106% 106%
1st 68 series B
IS
115% 115%
"98%
98
99
8.000
46,000
Penn Cent L A P 4 Ha. 197
5a
197
Penn Electric 4s F
197
*113% 114%
79
"79%
80%
100% 100%
98%
97%
99
101% 103
93%
93%
95%
115
94%
113
.
32,000
4,000
70,000
7,000
38,000
79
Mar
119
Jan
Mar
102%
Jan
Mar
117
107
97 H
Mar
93%
102%
Jan
99%
96%
Apr
Apr
105%
Jan
105%
Jan
Apr
103
Jan
195
102%
9,000
Apr
95
Mar
1,000
106
Jan
1,000
109
109
4,000
104%
107%
Apr
Mar
106
109
101
27,000
104% 104%
99%
106
2,000
105
102% 103
99% 100%
109
109
106
21
110%
98
91%
91%
21
22
110% 110%
97
98
"70% "70"
"7l"
107
102% 103%
♦Pomeranian
23,000
18,000
24,000
6,000
19
81
19
57
Jan
Apr
Mar
38
Apr
14,000
39,000
102
Mar
102%
Mar
1,000
107
Jan
106%
Mar
49%
105%
105%
109%
Jan
Jan
Jan
Jan
Jan
Mar
"sloco
86%
Apr
107%
98%
7,000
18,000
73%
Apr
85%
Jan
66
Jan
80
Feb
100
Apr
106
Jan
35
Apr
40%
Apr
Jan
Feb
104%
Apr
106
Feb
107
Apr
Apr
113
Feb
95
18%
Mar
107% 108%
107%
83 %
50%
54
106%
Jan
25
83%
84%
45,000
82%
Mar
51
51
53
19,000
47%
Jan
51
50
52
8,000
50
Apr
104%
Jan
19%
Apr
Apr
109
94%
Jan
60
Feb
*107%
*107%
106H
106% 106%
*112% 114
53%
Mar
*70
106%
104%
107
Mar
104%
Mar
107%
106%
111
Mar
117%
66%
7,000
Mar
Mar
79%
Feb
20%
19%
Mar
24
Feb
72
1,000
Mar
Apr
Apr
Jan
5,000
Mar
24%
Mar
20,000
79
Apr
1,000
83
Mar
89%
94%
Jan
83
1959
105
105
105
4,000
102%
Apr
Un Lt A Rys (Del) 5 Ha *52
United Lt A Rys (Me)—
88
88
89%
33.000
84%
Mar
111% 111%
22,000
111%
79%
Apr
Apr
115
103
95%
Apr
Apr
104%
105%
Jan
106
Feb
Mar
106%
Feb
6s series A
1962
111H
6s series A
1973
Utah Pow A Lt 6s A..2022
4 Ha
1944
Utlca Gas A Elec 5s D 1956
5s
series
E
*78
*106
1937
Vamma Water Pow 5%s'57
08
1946
_
81
96%
~2~666
98%
5,000
94
109
*106% 109
Valvollne Oil 7s
Va Pub Serv 5 Ha A.. 1946
1st ref 5s series B...1950
96%
98%
"~98%
1952
Jan
109
Apr
106%
Jan
♦7s with warrants.. 1954
Ward Baking 6s
1937
Wash Gas Light 6s
195S
Wash Ry A Elec 4s...1951
111%
Jan
100
100
*102% 103
100% 101%
101%
94
94
95%
93
93
95%
Wash Water Power 6s. 1960
Mar
106%
Jan
Mar
100
Jan
West Penn Elec 5s
2030
West Penn Traction 6s '60
West Texas Utll 6s A 1957
Mar
88%
21
108%
93%
Jan
37%
112
Feb
West United G A E 5H8 *55
Mar
99
Mar
Wheeling Elec Co 5s__1941
Apr
30%
Mar
106
Jan
62%
Jan
77
Feb
Yadkin River Power 5s '41
Jan
108
Jan
York Rys Co 5s
102%
18%
Apr
107
98
2,000
Jan
102%
Feb
107
96%
89%
102
Jan
Jan
Jan
Jan
Jan
Jan
Jan
101
Apr
103
Mar
29~666
98
Mar
9,000
21,000
92%
Mar
102%
Jan
90
Mar
101
Jan
104%
Jan
23
7.000
20,000
12,000
100%
Electric 6s. 195<
100
105%
78%
100
100% 100%
20
20
5.000
6,000
2,000
Jan
130
130
Jan
107%
Feb
Apr
109
Jan
104%
102
198
1st A ref 4Haser F.198
76
Mar
Jan
85
80%
Mar
Mar
104
Feb
13,000
100
Feb
102
Feb
1,000
18
Mar
99%
21%
Feb
17,000
129
Mar
105%
Apr
♦7 Hs stamped
1947
♦Cauca Valley 7a
1948
Cent Bk of German State A
101
Mar
103%
Jan
3,000
55,000
101
Mar
103%
Jan
Apr
103%
Jan
7,000
102
Mar
105%
Jan
99
Mar
105%
Jan
100%
88
89
84%
86%
71,000
33,000
81
82%
39,000
83%
79%
Mar
82
103% 104%
4,000
103%
Jan
87
Apr
Apr
98%
96
Jan
Jan
92%
104%
15%
128
♦Saxon Pub Wks 6s..
♦Schulte Real Est 6s..
103
1,000
18
9,000
"35%
*105%
102% 102%
102% 102%
"102%
102% 102%
71%
72
7i%
92
~~99~"
"l66%
Ref M 3%s B.July 1
1st A ref mtge 4s...11
100%
106%
103%
"97%
"94%
104
108
Apr
128
Apr
132
Jan
107%
Feb
110
Mar
29
Mar
47
Mar
-
-
9,000
7,000
22
Mar
30
Mar
102
Jan
107
Mar
105
Jan
106%
97
Jan
Feb
Apr
105%
101%
Apr
114%
Jan
91%
Apr
99%
Jan
62
Jan
Apr
79%
105%
15,000
103%
Mar
107%
2,000
71,000
67,000
105%
105%
Feb
105%
107%
Jan
107
Apr
Apr
Apr
102%
Jan
6.000
106%
Feb
107%
100%
Jan
64
3,000
37,000
5,000
105
18,000
70,000
101
26,000
106%
22,000
103%
4,000
77%
79
97%
98
101% 102%
94%
95%
104
104%
27,000
26,000
9,000
5,000
8,000
93
107
96
106% 106%
86
91%
15,000
Feb
Jan
93
81,000
86
Apr
Jan
99%
99%
102%
77%
96%
99%
94%
104
22
Apr
Apr
29
Feb
18%
Jan
25
Mar
84%
Apr
Mar
105
Feb
Mar
104%
Mar
105
Jan
Feb
72
Mar
Apr
Apr
101
Jan
109%
Jan
Mar
107
23%
20
3,000
47,000
20
20
96
96
22%
23%
19%
*15
84%
14%
19%
Feb
91
Feb
91%
Feb
Apr
21
Feb
Apr
27%
Jan
Mar
Jan
20
Mar
26%
99
Apr
102%
97
Apr
100%
56
5,000
56
18%
1931
Mar
18%
96
♦Issue of Oct 1927
6s stamped
86
86
16
19%
25%
27%
18%
♦Mtge Bk of Chile 68.1931
♦Russian Govt 6 Hs
Mar
Feb
77
Feb
Jan
25
Mar
4,000
17
Jan
25
Mar
1,000
11,000
10,000
17
Mar
23
17
1,000
9.000
97,000
Feb
17%
Apr
23*
Mar
18
Jan
Mar
Jan
29>s
siy
15
Apr
21
Feb
91%
Jan
96%
Apr
24%
Feb
3,000
22
2.000
21%
Apr
Feb
27%
23%
27%
Feb
19%
12,000
15%
Jan
21%
Mar
1,000
13,000
23%
Feb
22
Jan
68%
104
22%
1,000
3,000
18%
25%
27%
16%
Mtge Bk of Bogota 78.1947
♦Issueof May 1927
Jan
101%
103
5,000
19%
*19%
19%
20
Mtge Bk of Denmark 5s '72
♦Parana (State) 7a
1958
♦Rio de Janeiro 6 Ha.-1959
101%
101%
98%
Mar
♦Medellln 7s series E.1951
♦Mendoza4s stamped. 1951
Jan
Apr
91%
18%
30
26
26
*52
♦German Con Munlc 7s '47
♦Secured 6s
1947
103%
106%
105%
19,000
1953
Jan
Feb
Jan
11,000
74,000
101
Jan
5s
Danzig Port A Waterways
External 6 Ha
1952
Mar
107
101
100%
100%
106%
103%
Apr
2,000
1,000
80,000
*20
24
21% 21%
*99% 100
*96% 99
1955
27
21%
Feb
99
92%
98%
94%
86
1952
107
Apr
104
Southeast PA L 6s..
Sou Calif Edison Ltd-
Apr
15%
....
"102%
104%
Apr
Mar
100%
14,000
36
3.000
106%
*84
18
♦Lima (City) Peru 6%s-'58
♦Maranhao 7s
1958
2,000
3,000
35
22%
♦6s series A
Danish 5Ha
Apr
24,000
129
102% 102%
1st 4Hs series D..
16,000
2,000
109% 110
*23%
27
Sauda Falls 5a
Jan
105%
Jan
19%
...1952
♦Hanover (City) 7a
1939
♦Hanover (Prov) 6HS.1949
Jan
Queens Boro Gas A Eleo—
"107%
108
25%
♦Prov Banks 6s B..1951
3,000
10,000
85%
{♦St L Gas A Coke 6s..
♦7s stamped
Jan
16,000
104% 104%
22%
22%
19%
19%
107% 108
15%
16%
102% 103
101%
Jan
(Province)—
Jan
103% 104%
104%
22%
44%
Apr
26
1951
112
101% 101%
1961
"86 %
..1947
147
101%
88
1st A ref 4 H« aer D-1951
♦20-year 7s
♦Baden 7s
Apr
108%
103%
101% 102%
Hs series I
196
Pub Serv of Oklahoma—
-.196
102
106 H
93 %
Agricultural Mtge Bk (Col)
♦20 year
7a
1946
Mar
8.000
102%
4
33
AND MUNICIPALITIES—
76
Pub Serv of Nor Illinois—
5s series C.
Mar
105%
FOREIGN GOVERNMENT
106%
Buenos Aires
109% 109%
104% 105%
102
103%
..1937
104
Public Service of N J—
6% perpetual certificate
3,000
14,000
5,000
Feb
20
81
79%
106%
92%
62%
104%
107%
106%
'
100%
4,000
Jan
Apr
37% 38
100% 100%
106% 106%
105% 106
105% 105%
98
93
West Newspaper Un 6s '44
Mar
106%
105
78%
1941
Quebec Power 5s
Jan
Jan
81%
4,000
9,000
106% 107
""II
4s8ertes A
44%
21%
16,000
105
series E
Mar
32%
83
1945
Wlso-Mlnn Lt A Pow 5s '44
Wise Pow A Lt 4s
1966
107
4 Ha
Jan
96
79
f 6s
105%
Hydro El 6Ha
107
•
102
Apr
Apr
34"O6O
*20
•
91%
♦Prussian
Mar
Mar
21
s
105%
Peoples Gas L A Coke—
Power Securities 6s
98
96
96%
80%
83
Jan
101%
91%
Apr
81%
{Waldorf-Astoria Corp—
109
Pledm't
97%
Mar
21H
79 %
Jan
Penn Ohio Edison—
6s series A x-w
105%
Mar
96
38
1,000
69,000
4,000
30,000
35
105
107
95%
48
35
35
105H
Mar
Apr
Apr
Apr
83
15,000
102,000
107
Mar
95
21%
Jan
Pacific Gas A Elec Co—
70%
95
Apr
21%
♦1st
"win
69 H
77
Mar
Apr
"l.ooo
100% 102
♦United Industrial 6Hs-'41
1,000
12,000
38%
38
95
Union Elec Lt A Power—
Ohlo Public Service Co—
6 Ha series E
75
101H
83
50
103% 104%
107% 107%
*107% 108%
86% 87%
87
5,000
New York Penn A Ohio—
"l05%
38H
*42
103 % 104%
104
84
50
38
1954
5s series B
36
*41
38 H
1946
106% 106%
N Y
34 H
Apr
83
33,000
1,000
5,000
46,000
35,000
4,000
76,000
36,000
83 %
81 H
2d stamped 4s...l946
Super Power of 111 4 Hs '68
4s
84%
84
83 %
High
82
63
84%
83
82
83 %
Low
S
19,000
84
82
.1936
94
9,000
Range Since Jan. 1 1937
WeeI
High
"72%
Conv deb 5s.
2799
Sales
Mar
Apr
Mar
Jan
Apr
Feb
108
Jan
Jan
1H
♦6 Ha certificates... 1919
1H
♦5H«
1921
1%
♦5 Ha certificates
1921
♦Santa Fe 7s stamped. 1945
75 H
♦Santiago 7s
1%
.1949
♦7a
1961
28%
29
1919
98
27
30
1%
1%
1%
1%
75%
*18%
*18%
100
95%
25%
Apr
Jan
34
4,000
153,000
27
35%
1%
Apr
Jan
1% 192.000
39.000
1%
1
Jan
1%
2
1%
75%
18%
50,000
12,000
19
•
2
Feb
Jan
Jan
1%
Jan
1%
62%
Jan
81%
Apr
Apr
Apr
Apr
Mar
16
Jan
20%
Mar
16
Jan
20%
Mar
1%
Jan
1%
Jan
108
110%
104%
98
87
Mar
.
Jan
Mar
103%
Jan
Mar
104
Jan
Apr
104%
Jan
Apr
106
Jan
*
No par value,
Deferred delivery sales not included in year's range,
n Under
in year's range,
r Cash sales not included In year's
y Ex-interest.
a
the rule sales not Included
range,
x
Ex-dlvldend.
* Friday's bid and asked price.
*
No sales
were transacted
during current week.
Bonds being traded flat.
{ Reported In receivership.
\ Called for redemption
e
Cash sales transacted during the ourrent 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 Included
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 stock
"v t o," voting trust certificates; "w 1," when Issued; "w w," with warrants;
"x-w";
without warrants.
-ifi
St
*
'/
;
.
2800
Financial
April 24, 1937
Chronicle
Other Stock Exchanges
Sales
Friday
Stocks (Concluded)
Week's Range
for
Sale
Exchange
Closing bid and asked quotations, Friday, April 23
of Prices
Low
High
Shares
Price
Par
1656
Gillette Safety Razor....*
Ask
Bid
Unlisted Bond*
Unlisted Stocks
Ask
Bid
,
67
Lefcourt Manb Bldg 4s '48
6956
Park
Place
6956
4
City & Suburban Homes..
Lincoln Bldg Corp v t c—
45*
456
Dodge Corp—
income bonds
10
t c
v
Pennsylvania Bldg ctfs
2956
61 B'way
58
Bldg 5 56s-. .1950
•>>
---
'
60
Helvetia Oil Co.....
65c
5% cum pref
Mass Utilities v t
stein bros. &> boyce
'""456
1295*
756
156
4 So Calvert St.
Old Colony RR
Old Dominion Co
39 Broadway
New
York
and
Stock
Baltimore
Exchanges
Chicago Board of Trade and Commodity Exchange,
Chicago Stock Exchange
Associate
Members
Curb
York
New
Baltimore Stock
Exchange
Range Since Jan. 1, 1937
Par
for
Sale
Stocks—
Week's Range
of Prices
Week
1st
Low
Price
Arundel Corp
*
Atlantic Coast L (Conn).60
Bait Transit Co com v t c. *
2256
53
256
*
*
3156
7556
5%
preferred
Eastern Sugar Assn
Preferred
32
Deposit
Fidelity & Guar Fire
Guilford Realty com
*
._*
Preferred—
Houston Oil pref
100
Mfrs. Finance 1st pref..25
2d pref
Mar Tex Oil
—..25
--
-
-
-
-
1
456
Transp..*
456
3556
Common class A
Merch & Miners
2256
Apr
47
46
Jan
54
Mar
215
2
Jan
3
Jan
65*
Jan
779
5
Apr
9
70
30
Mar
38
Jan
75 56
168
7356
8956
Jan
1135*
30
3356
4256
489
Apr
Apr
Apr
112
3156
427
83
62
2056
125*
25*
35*
35*
3556
2256
125*
25*
2656
Jan
48
Jan
4
Jan
62
25
------
------
100
------
7%
preferred
Apr
285*
105*
Feb
1256
25*
Feb
35*
Mar
456
Jan
456
U S Fidelity & Guar
2
365*
101
27
150
32
Apr
41
Feb
Feb
2756
756
A
(flat) '75
Apr
33?*
Jan
' 2
50
Feb
"89"
3856
156
3856
156
15*
130
1,820
30c
25 X
564
84
79
38 X
156
5,805
1X
Jan
2
813
1X
5
Apr
Apr
55c
32
1948
85
85
85
915*
915*
150
445
Apr
1.00
Feb
895*
116X
Jan
162
130
45c
315*
8856
Feb
56
Jan
90
Feb
3X
Jan
100
Jan
Mar
Mar
Mar
98
Jan
Mar
128
33
46 H
2 H
Jan
2X
Mar
Jan
130
Apr
15)*
Apr
6X
Feb
Feb
19X
12)* «Uan
Jan
46
Feb
85
Apr
89
Feb
91
Feb
95
Jan
335
35
$1,000
250
Eastern Mass St. Ry—
Series A 456s
Series B 5s
—1948
securities
chicago
Listed and Unlisted
Paaf HJtavls &6&
Members
Chicago Stock Exchange
New York Stock Exchange
Mar
Jan
82
15 ?6
Jan
1856
Chicago Curb Exchange
56
156
Feb
81
81
10
80
Apr
Apr
111
2
111
Apr
3,609
25
Mar
10 So. La Salle
St., CHICAGO
Feb
325
,S16
170
2656
2756
70
95
Feb
Chicago Stock Exchange
11156
29J6
Mar
April 17 to April 23, both inclusive, compiled from official sales lists
>
Jan
3256
3456
44,000
32
Apr
Last
4156
4156
13,100
3756
Apr
48
99
99
99
Apr
Sales
Friday
■
375*
345*
Feb
Bonds—
Jan
1,084
765*
1756
56
1975
Jan
16?*
364
New York Curb (Associate)
■■
5s flat
Mar
3X
51
1556
1056
415*
Mar
Bonds—
Bait Transit Co 4s
Mar
11?*
116
1556
95*
Jan
1
75
165*
265*
■r
50
25X
Mar
22 X
100
Jan
H
Feb
14
605
44
Jan
2%
728
Jan
Jan
IX
Jan
T%
100
Mar
29H
Apr
39 X
113
40
Apr
7
1656
Preferred-
2556
256
256
165*
2656
256
Mar
Jan
111
Preferred
New Amsterdam Casualty5
O wings Mills Distlllery._.l
Penna Water & Pow com.*
Feb
23
58
1556
95*
Jan
3,230
17,437
256
45*
2656
456
620
885
24
40
Jan
13
7
22
Mar
*
Monon-W Penn P S—
Mt V-Wdb Mills com..100
Mar
95*
2X
Jan
Jan
1956
60
35
142
Jan
34 J*
♦
Apr
3
Apr
5X
68c
167
15
Corp..*
Feb
55
4,627
456
129
3956
4656
85*
Warren Bros Co
Jan
3
10
>
266
270
4,866
190
Warren (SD) Co.—
Apr
4856
50
35*
Mar
Jan
136
Feb
4156
x6
Jan
Apr
50c
1
Mar
Apr
X
51
Corp.25
Apr
%
4
60c
256
116
nx
Mar
X
Feb
Jan
505*
Jan
122
42
40
115
Apr
40
188
4156
35*
62
405*
2356
33 56
3156
755*
3156
------
High
Jan
85*
156
6
Jan
Mar
56
4,863
1.000
1,900
96
26
25
Venezuela Holding
%
61o
15
Vermont & Mass Ry ColOO
Waldorf System Inc.....*
2 56
1305* 133
1
20
10
Fidelity &
18
53
2
113
100
com.. 1
3,972
2356
5
6
pref vtc
Black 4 Decker com
Consol Gas E L & Pow.__*
Low
Shares
High
2156
5156
United Shoe Mach
Utah Metal & Tunnel
1156
27
856
"256
*
Preferred
Last
Apr
23
Union Twist Drill Co.—6
Sales
Friday
Mar
3
3856
4456
'"856
3X
1.00
Jan
5c
26
Suburban Elec Securities.*
April 17 to April 23, both inclusive, compiled from official sales lists
36
Mar
61c
2d preferred
._.._*
Torrington Co
*
Union Copper Land & M 25
Exchange
Mar
64
45?*
47
656
156
"3856
Stone & Webster
24X
115
...25
Reece Folding Machine. 10
Shawmut Assn tr ctfs
*
Inc.
Jan
Jan
266
456
1295* 13156
Reece Button Hole MaehlO
Members
Jan
10?*
470
4
26
100
Pennsylvania RR
50
Quincy Mining Co.-_-.25
Yori^Pa
Louisville, Ky.
Hagerstown, Md.
*
Pacific Mills Co..
NEW
BALTIMORE, MD.
6X
43c
956
%
95*
.1
-
Mar
2
356
4556
Jan
Jan
2X
3
"47"
Jan
Apr
650
50
62
60
Feb
50
26o
*
North Butte.
35
1,645
1,205
New England Tel & Tel 100
N Y N H & H RR(The) 100
Baltimore Stock Exchange
■
82c
456
2456
3
...1
Inc.-
Established 1853
65c
45*
215*
"eo"
100
c—
Mayflower-Old Col Cop 25
Mergentholer Linotype..*
Narragansett Racing Ass'n
Nat'l Tunnel & Mines.
on
40
456
Feb
Apr
1%
50
20 H
2
Jan
15X
756
-..
National Service Co
Orders Executed
2
40
High
Low
226
2
...
Isle Royal Copper Co...25
Maine Central com....100
.
175*
Wees
39
Hathaway Bakeries el B__*
Preferred-
Harrlman Bldg 6s....1951
Range Since Jan, 1, 1937
Last
New York Real Estate Securities
99
Sale
Jan
Jan
,
Stocks—
Par
Price
Week's
Range
of Prices
Low
High
for
Range Since Jan. 1, 1937
Week
Low
Shares
High
interstate Bond Co coll tr—
5% series BBB..1944 51
99
2,000
Apr
Abbott Laboratories—
Common (new)
BOX
*
Established
New York Curb Exchange (Asso.)
30 State St., Boston
10J*
9?*
19
19)*
73
74
11X
12)*
m
11?*
2?*
53)*
12?*
,_10
Athey Truss Wheel cap.
4
Automatic Products com.5
Automatic Wash oonv
Backstay Welt Co
Lewlston
------
55
------
..
------
pref*
------
*
------
com
Barber Co (WH)com
Barlow & Seellg Mfg A—
N. Y. Tel. CAnal 6 1541
Portland
1
iex
6
Common
------
April 17 to April 23, both inclusive, compiled from official sales lists
Sales
Friday
Last
Stocks—
Par
Week's Range
for
Sale
of Prices
Low
High
Week
Price
Range Since Jan. 1,1937
Low
Shares
,
6% non-cum pref
1st preferred
50
50
Amer Tel & Tel—.>—100
Boston & Albany
Boston
100
Elevated—...100
4
191
20
21
56
20
167
170
1,960
167
356
20
1675*
13856
66
179
137X
131
64?*
2656
35
25X
135*
95*
245
8X
50
621
175*
1556
634
13856 14056
65 5*
66
2656
Boston Herald Traveler._*
3?*
1256
95*
48?*
Apr
Apr
Apr
Apr
Apr
Apr
6X
30
187X
147
Jan
Jan
Jan
Jan
6956
3056
Mar
Jan
-Jan
145*
Mar
105*
Mar
36
Jan
565*
Mar
11
Jan
20
Mar
Jan
Jan
Common. ..........100
Preferred stpd
100
Prior pref erred. .....100
Class A 1st pref stpd. 100
1256
------
49
165*
155*
Class A 1st pref
100
Class B 1st pref stpd. 100
Class B 1st pref.:
100
------
Class C 1st pref std-.lOO
------
Class D 1st pref stpd. 100
Class D 1st pref
100
Boston Personal Prop Tr.*
*
Brown Durrell Co
Calumet & Hecla..
165*
235*
155*
2156
1756
2056
235*
23
22
18
------
5
25
1456
5
1456
Cliff Mining Co——25
------
Copper Range—.—..25
1256
156
1256
5
20
5X
95
2156
10
12
Jan
18X
245*
Mar
Mar
18
41
14 X
Feb
21
Mar
15
14
2056
120
26
41
2356
1456
30
200
5
Jan
23
Mar
14)*
Jan
29
Mar
16
Feb
2456 Mar
1354
4
Mar
18
Jan
Jan
7}*
Apr
Aor
Apr
205*
256
1756
Jan
105*
Jan
163
81
Jan
251
69
Jan
1556
156
159
14 H
20
13
671
1X
12X
28
6%
Feb
Jan
Jan
Jan
East Gas & Fuel Assn—
Common
7
4X% prior pref
100
6% cum pref——100
65
64
756
6556
46
455*
4656
Jan
12?*
Mar
Jan
23?*
Jan
84 X
Jan
Jan
13X
4H
Feb
100
18
370
70«
7
2X
450
48X
Apr
Mar
57 X
17
Mar
3X
Jan
9
Mar
400
14 X
Feb
16)*
16)*
50
10%
Mar
19
17
17 X
400
17
Mar
20 X
Feb
21X
23X
Jan
23 X
Feb
Apr
30X
14X
Feb
Feb
50
600
19
900
22?*
12
1,000
14
300
Mar
11
9X
32 X
Jan
19J*
79 X
50
73
Jan
14X
43 X
83?*
40
43X
4,300
40
22
100
20X
Apr
Apr
43)*
22?*
12
13
400
12
Apr
40 X
2,250
Jan
.1
12
*
28
28
28
100
27
Jan
Bruce Co (E L) com.....*
Butler Brothers
....10
25
25
26 X
250
Jan
16
15?* .16?*
32 X
31?*
2,300
21?*
13 X
Jan
16X
28 X
3QX
18X
650
29 X
Jan
36 X
50
2X
Jan
.....
31)*
5% conv preferred....30
conv pf—*
Canal Constr Co
Castle (A M)—
Common
(new)...
Feb
9
22
42)*
Mar
Apr
21?*
------
Feb
Apr
22?*
11)*
13)*
39)*
79X
Bliss & Laughlln Inc cap.5
Feb
7
11)*
13)*
39)*
.—100
Preferred B
Jan
Mar
Jan
Feb
Mar
Mar
Apr
Feb
Feb
Feb
Mar
Mar
Mar
2X
2%
2%
38)*
10
*
Edison Eleo Ilium.....100
Employers Group..
*
Georgian Inc(The)clA pf 20
Gilchrist Co
conv
pref
38 X
39?*
900
a30X
Mar
39X
Mar
2X
1BX
70X
2X
650
IX
Jan
3X
Feb
------
15)*
71)*
*
Cent 111 Pub Serv pref
Central S W—
Common
*
..1
Prior lien preferred
3X
.*
105 X
Preferred*
Cen States Pow & Lt pref.*
Chain Belt Co common..*
Cherry Burrell Corp com.*
Chic-City & Con Ry com.*
Chicago Corp common...*
3% £Jan
-
-
-
—
Jan
Mar
1,200
53
Jan
77
Mar
100
3X
Jan
6X
Mar
17
50
Apr
17X
Mar
106?* 107
20)* 21
4
3?*
10 x
100
350
Apr
27 X
5,300
20)*
3?*
Apr
5X
350
IX
Apr
2X
New
capital
4
Chtcago Towel conv. pfd.*
Chicago Yellow Cab Co..*
Jan
Consolidated Biscuit
1
607
1355*
Apr
125
225*
156
Jan
Jan
25s
Apr
Continental Steel pref. .100
Cord Corp cap stock.... 5
11
Apr
1456
Jan
Cudahy Packing Co pfd 100
305
X
6X
Jan
4X
160
256
H
69?*
------
5
5
------
------
21
Compressed Ind Gases cap*
12
Feb
67
Commonwealth Edison. 100
11
Mai
85
69?*
Jan
2804
73
Jan
------
Jan
Mar
Feb
Chicago Flex Shaft com..5
Chtcago & N W Ry com 100
Chicago Rivet & Mach—
Mar
2656
Apr
72
Feb
12
15
12)*
64
20
48
Apr
23
10
40
84
Jan
Apr
225*
256
12?*
67
Apr
Mar
------
Jan
12?*
84
4X
10
------
20 X
Feb
44X
13
136
Mar
77
100
42
139
Jan
110)*
350
50
1556
6?*
Jan
Jan
8,250
130
51
Apr
98 X
61)*
50
X
260
Mar
3X
170
B%
1356
35*
2,900
67
Jan
Feb
44 J*
105*
14056
46
Apr
4
3X
105)* 107
x81X
X
1356
2X
Apr
44?*
105*
10
Jan
66
44 X
43
256
15
350
65
12?*
_v-
250
66
66
19
16 X
72
*
Preferred
105*
256
*
see page
$1X
._l
43
'
100
Eastern SS Lines com
>
Common...
Cities Service Co com
.*
Club Aluminum Uten Co *
Coleman L P & Stove com *
Eastern Mass St Ry—
Common
100
For footnotes
Jan
SX
Feb
Central Illinois Sec-
Boston & Maine-
1st preferred
12 X
55 X
12
215*
Common
Class A
Amer Pneumatic Service—
17?*
Jan
11,350
3,650
Jan
50
22 H
Brach & Sons (E J) com..*
Brown Fence & Wiie—
High
Mar
ox
650
*
Borg Warner Corp com. 10
(New) com
5
49 X
12 X
7X
7X
19)*
Berghoff Brewing C0....I
Binks Mfg Co capital
.1
com
55
100
12?*
Bastian-Blesslng Co com.*
Exchange
2X
730
1,400
5,250
7)*
7X
18?*
Bendlx Aviation
Boston Stock
11)*
Asbestos Mfg Co com
1
Associates Invest Co com.*
Private Wire System
Bangor
12)*
73)*
Common
UNLISTED TRADING DEPARTMENT
Boston Tel. LAF 7010
14
12
Amer Pub Serv Co pref-100
Armour & Co common...5
1887
Member* :
New York Stock Exchange
Boston Stock Exchange
BIX
14
12
Advance Alum Castings..5
Allied Products Corp—
townsend, anthony and tyson
BOX
------
Adams (J D) Mfg com
*
Adams Royalty Co com..*
com.
3?*
-
— -
—
—
—
45*
17
ix
35 H
IX
40
Jan
108
—
—
7X
105
4?*
40
34
Jan
36
112 X
44 X
800
112
Apr
Mar
139
43)*
—
-
—
7X
7X
1,300
112
104
36
105
4X
4?*
104X 109)*
500
41%
7
Apr
48 X
11
Feb
Jan
Jan
Mar
Apr
Jan
Feb
Jan
8,250
98 X
4X
Mar
BX
Feb
100
104)*
Apr
110?*
Mar
90
Jan
105
Apr
Volume
Financial
144
Friday
Week's Ranoe
for
Sale
of Prices
Low
High
Range Since Jan. 1, 1937
Shares
Low
Stocks
High
(Concluded)
5
6% prior pref A
7% curaul. pref
100
100
%
-
-
-
Cunningham Drug Sts.2 %
Curtis Lighting Inc com..*
Dayton Rubber Mfg com *
Class A
-
5
-
22%
7%
26%
20%
31
31
—
-
-
-
320
31%
10
%
7
Apr
H
12
Jan
Range Since Jan. 1 1937
Week
Low
1%
IK
500
1%
Convertible pref
Viking Pump Co—
7
4
4%
550
4
110
Jan
6%
Feb
20
Apr
20%
Feb
50
5
Jan
10%
Feb
Wahl Co
27
250
19%
Jan
28%
Apr
Walgreen Co common....*
30%
150
26%
Apr
32
Apr
80
13%
Apr
17%
Jan
Wleboldt Stores Inc com.*
Williams Oll-O-Mat com.*
"m
8%
8%
150
20%
Jan
25
Feb
Wisconsin Bankshs com..*
9%
9K
9%
500
Jan
Jan
Woodall Lndust com
Zenith Radio Corp com
32
13%
150
39
31%
8%
35%
4%
39
22%
5,800
36
250
8
41
Feb
34
Apr
Mar
100
550
34
10%
12%
Mar
35%
Apr
40%
15
15%
150
15
Apr
20
57%
59%
590
57
Feb
61%
16
16
100
15
Apr
19
General Candy Corp A...5
16
General Finance Corp com 1
Household Utll—
Common
5%
4%
5%
13,500
7
6%
7,150
Common
*
Jan
Mar
5%
Mar
10%
650
Apr
42%
21
Apr
29%
Jan
240
14
Jan
20
39
21
15
15
16%
10
9%
10%
10
11%
25
25
25
70
22
Mar
25
52
52
10
45
Jan
52
20%
150
20
Jan
23
350
21%
3%
Apr
27%
Illinois Brick Co cap
111 North Utll pref
22%
3%
-
-
-
106%
*
41%
Interstate Pow. Co.$0 pf_*
Iron Fireman
Mfg
Co
v
Jefferson Electric
1,800
1,100
250
20
250
41%
9%
47%
*
4
10
9%
24%
23%
47%
24%
com
23%
24
------
1
250
2
40
9%
tc-._*
cap
2,100
15
15%
106% 107
15
10
100
com v t c
Jarvla (W B)
2
-- -
25
200
2,450
160
47%
9%
10%
Mar
Common
1
com
13%
13%
*
10%
9%
11
1,200
2,400
150
.
Ken Rad T A Lamp comA *
Ky Utll Jr cum pref
50
*
15
4
19%
Apr
110
49
Mar
9
Apr
21
Cumulative pref
*
Lib by MoNelll A Llbby.10
Apr
27
Jan
29%
41
61
Jan
13
Apr
9%
16%
12%
Jan
80
80
80
40
78
7
Mar
7
7
7%
6,600
2%
2%
2%
800
13%
Feb
200
10
200
31%
14%
110
800
2%
Feb
Mar
28%
43%
Feb
89
Jan
7%
3%
Jan
Jan
Jan
Mar
Jan
28
9%
3%
13%
Feb
Jan
Jan
1%
7%
34%
Mar
Jan
15%
Mar
Feb
Co*
11%
*
44
10
$3% preferred
Lindsay Light com
4
Lion Oil Refining Co com.*
Loudon Packing com
*
Lynch Corp. com
..5
.
*
24
4%
19%
Apr
12%
140
42
Jan
45
250
4
Jan
850
24%
4%
40
------
3,650
11%
44
4
4
------
McCord Rad A Mfg A...*
McGraw Electric com...5
McQuay-Norris M fg com
9%
43%
350
4%
Apr
41
Jan
33%
34%
53%
52
53%
550
Marshall Field common..*
Mer A Mfrs Sec cl A com.l
54
3%
25%
3%
25%
5%
Jan
42
48%
64
Jan
Feb
Mar
'
54
------
Mar
6%
Apr
38%
33
Jan
Mar
26%
Mar
200
200
Jan
4%
Jan
16%
4%
40
33%
Manhatt-Dearbom com..*
3%
26%
5%
6
50
350
1,450
62
Jan
2%
19
57%
4%
Jan
Mar
30%
Jan
Mar
Jan
Middle West Corp cap...5
Stock purchase warrants
4
4
Conv preferred A
6% prior lien
...100
6% preferred A.....100
7% preferred A
100
conv
8%
650
7%.] Apr
7
160
6%
5%
10
5%
3%
30
3
20
2%
2%
Apr
Mar
7,550
pref..*
M odlne Mfg com
*
Monroe Chemical Co com *
Montgomery Ward cl A..*
Mountain States Pow pf 100
Nachman Springfld com..*
National Leather com.. 10
National Pressure Cooker 2
39%
9%
------
5%
40%
9%
142% 142%
------
40
------
18%
40
210
200
400
10
10
1
750
17
600
7
------
Nat Rep Inv Tr conv pfd.*
250
17
1
19
1
18%
7
50
Amer. Ldry Mach
BLDG.
CO.
&
CINCINNATI
4
Apr
15%
.7%
Apr
Jan
%
4%
38%
7%
142%
40
18%
1
14%
7
Jan
Jan
Jan
9%
Mar
Apr
9%
8%
Feb
5
Feb
Jan
Apr
8%
Jan
Mar
46%
Jan
10
Jan
Jan
Apr
156
Feb
Apr
40
Apr
22
Feb
2%
for
Week
Price
9%
30%
2%
*
Baldwin
8
9%
30%
2%
7
*
Churngold
Low
7
10
High
Range Since Jan. 1, 1937
9
9%
31
50
7
5
105
105
105%
224
.100
C N O & T P
5
10%
5%
261
*
114%
8%
91%
4%
114% 114%
9
8%
92
91%
4%
4%
107
107
107
170
170'
170
Cincinnati Street Ry. ..50
Cincinnati Telephone- ..50
.
Cincinnati Tobacco Ware25
Cln Union Term pref-. .100
*
Cocoa Cola A
*
Cohen (Dan)
9%
Jan
Jan
Jan
17
Apr
Apr
12%
Feb
Feb
9
Apr
19
Jan
5
Apr
108
Jan
Apr
114%
8
58
Feb
Feb
101
396
Feb
Apr
Mar
7%
115
Feb
13%
36%
2%
8%
13%
Apr
Mar
90%
120
Jan
Jan
10%
100
Jan
23
2
Mar
5
Feb
44
107
Mar
108%
Feb
10
103
170
Apr
14%
22%
7%
39%
14%
21%
7%
39%
14%
22%
55
7%
6
Jan
89
14%
21%
7%
39%
Apr
41
99
99
99
30
99
Apr
99
Apr
*
8
8
8
20
8
Jan
9
Mar
.100
115
115
115
3
110
Feb
115
*
Crosley Radio
Crystal Tissue
*
Dayton Mich
Preferred
Dow Drug
Early & Daniel pref.
30
40%
Apr
16
Jan
Apr
28
Jan
Apr
9%
Jan
Apr
Jan
*
19
19
19%
44
19
Apr
25
Jan
Fyr-Fyter A
*
17
17
17
37
16
Jan
17
Mar
Gibson Art..
♦
34
33%
5%
34
53
32
Jan
36
Jan
Formica Insulation
Kahn
12
5%
.100
51
5%
5
Jan
Jan
5%
11
*
11
66
10
Apr
16
Jan
30
30
40
46%
25
30%
49%
Apr
46%
29%
45%
9%
22%
Apr
46%
»
11
30
11
11
*
23
22%
23
30
Luckenhelmer
*
33
33
33
220
Moores Coney A
Nash
♦
com
5%
25
37
5%
37
11
37
.
5%
37
*
10%
10%
11
120
*
62
62
63%
328
.100
213
213
8% pref.
*
Randall B
8%
8%
213
Preferred
Jan
Jan
37
Mar
Feb
16%
65%
Jan
Apr
11%
Jan
Feb
38
Feb
Feb
34%
220
29%
204
29%
28%
Mar
215
Mar
4
4
14%
9%
22%
134
.100
Mar
Feb
8%
8
29
100
Wurlitzer
Jan
Apr
250
33
50
Mar
8%
29
..10
,
Jan
37
Feb
33
*
Preferred
Western Bank
24
211
*
..
12
Jan
50
10
Rapid
U S Playing Card
U S Printing
Feb
43%
29%
10%
55%
40
National Pumps
Feb
Feb
31
65
P & G
Jan
4
511
4
Apr
34%
6%
14
15
24
14
Apr
21
9%
22%
9%
24%
15
9
Jan
12%
1,000
16
Mar
25
Apr
117
92
Jan
134
Apr
128
134
Feb
Jan
Mar
Jan
Jan
Jan
Apr
7
7
High
Jan
9%
32%
2%
30
2%
.100
Cln Ball Crank pfd
Cln Gas & Elec pfd
Low
Shares
Kroger
Jan
Jan
1%
12%
Apr
Sales
of Prices
20
Amer Products
3%
9%
900
5
------
Unlisted Securities
Week's Range
*
Aluminum Industries.
Hatfield Prior pfd
Part pref
2%
*
Midland Utll 7% prlien 100
Trading Markets in
TRUST
Hilton Davis pref
Hobart A
250
%
Apr
Par
Jan
5%
2%
%
8%
Stocks—
Feb
1
4%
------
_*
13%
Sale
5
Midland United Co-
Common
Apr
Last
7
4%
10%
13%
Friday
Apr
2,900
8
10%
2,000
Cincinnati Stock Exchange
Mar
4%
11%
7
.1
13%
April 17 to April 23, both inclusive, compiled from official sales lists
6%
1,150
M lckel berry g Food Prod—
Common
13%
Feb
Jan
14
Feb
Feb
Feb
21
Apr
Apr
------
15%
40%
Jan
23%
19
2%
Apr
Apr
Phone Cherry 6711—First Boston Wire—Bell Sys. Tel. Cln. 291
Jan
Mar
35%
9%
30%
11%
31%
l/NION
Jan
Apr
39
106%
50
2%
1,800
7,100
Apr
36%
2%
12
38%
Apr
2
23
------
11%
BALLINGER
Feb
Apr
36
La Salle Ext Univ com...5
Mar
35%
Cincinnati and Ohio Listed and
Mar
Apr
2
22%
-
Mar
Feb
12
Jan
13%
Apr
------
0% preferred
....100
Kerlyn Oil Co cl A com..5
Kingsbury Brew cap
1
Leath A Co com
13%
26%
12%
Jan
8
Feb
11%
Mar
11%
Katz Drug Co—
Kellogg Switchboard
Feb
Apr
20%
8%
49%
36 %
Active
Jan
Houdaille Hershey B..__*
Hupp Motor com (new).10
Common (old)
10
100
Jan
Jan
Mar
*
1927
Apr
20%
22%
3%
------
23
5
Member• Cincinnati Stock Exchange
Jan
------
Heller Wat E 7 % pfd w w25
Hlbbard Spencer Bart cm25
Hormel A Co A com
*
23
629
1,200
Feb
40
Mar
1,500
39
------
30%
2%
2
Jan
4%
22
Heln Werner Mot Parts. .3
30
24%
Jan
Apr
39
400
Apr
22 %
40
3
Bonds—
Chic Rys 5s B
Apr
,6
39
Great Lakes DAD
Harnlschfeger Corp com. 10
Ueileman Brew Co G cap. 1
90
40
3
Feb
Feb
Goldblatt Bros Inc com..*
*
22%
40
Jan
6%
Mar
7%
40%
22%
.
22%
40
_*
com
Gen
com.
22%
*
Preferred
High
2
Apr
Apr
Jan
Gardner Denver Co com.*
------
Jan
Feb
5
100
Fltz Simmons A C DAD cm
Miller A Hart
Shares
Price
Par
22%
7%
22
39
_*
Elgin National Watch... 15
16,900
13%
-
Eddy Paper Corp (The)..*
%
9%
22
------
-
Elec Household Utll cap .5
Lincoln Printing
Common
for
of Prices
Low
High
5%
22%
25
pref
Dexter Co (The) com....5
Dixie Vortex Co com
5
-
%
9%
------
_
Indep Pneu Tool
Week's Range
Utll &, Ind Corp
Common
cum
Last
Sale
Consumers Co—
Class A
Sales
Friday
Week
Price
Par
2801
Sales
Last
Stocks (Concluded)
Chronicle
National-Standard Co—
Capital stock
10
Natl Union Radio com.._l
30
Nohlltt-Sparks Ind com..5
46%
North Amer Car com...20
Northwest Bancorp com.. *
Northwest Eng Co com..*
Northwest Utll—
Prior Hen pref
Ontario Mfg. Co. com...*
Oshkosh B Gosh—
Common
Parker Pen
1,300
32
32%
100
68
68
36%
36%
106
106
20%
------
69
38%
300
30
170
106
10
21
180
29%
1%
39%
6%
11%
25%
58
Feb
Jan
Feb
Apr
9%
10%
Jan
37
64
Jan
Apr
116
Jan
15
50
13
25%
150
25
1%
2,900
Jan
21%
Feb
15%
Feb
Apr
29%
Jan
Apr
Jan
Penn Eleo Switch conv A 10
------
20%
20%
200
20
Apr
Penn Gas A Elec A com..*
13%
13%
14
400
13%
17%
7%
Feb
Potter Co (The)
Prima Co com
1
com
6%
6%
6%
1,100
6
Apr
Feb
3%
3%
4%
1%
3%
700
2%
Jan
4%
650
3%
Jan
1%
------
*
1%
Public Service of Nor IllCommon
»
78%
Common
1%
7% preferred
Quaker Oats Co
1%
1,100
Apr
100
78
Apr
99%
Jan
78%
Apr
Apr
99
Jan
80
150
------
111
112
40
111
100
------
114
115
40
114
113
115
620
121
125
30
23
100
*
------
125
100
Rath Packing Co com...10
Feb
v
22%
------
6
50c
t e
5
Reliance Mfg Co com...10
5%
2%
------
6% prefvtc
Preferred.
Rollins Hos Mills
100
— —
—
2%
33%
111
— — -
27%
Jan
Akron Brass
113
125%
Jan
City Ice & Fuel
121
Apr
150
Jan
22%
Apr
37%
Mar
1,000
4
Jan
7%
Feb
2%
1,100
2
Jan
3%
Feb
33%
50
Mar
30%
Jan
30%
d41%
21%
83%
12%
16%
Apr
42
Apr
28%
Feb
Jan
95
Mar
Apr
14%
Mar
Jan
40
Apr
88%
88%
50
13%
40
12%
37%
88%
13%
33
33
33
170
31
Jan
35
23
24%
390
22
Apr
26
24%
22%
25
1,000
19%
Jan
27%
93
93
93
50
92%
Jan
Apr
4%
4%
18%
18%
5%
19%
20
*
Convertible preferred..*
Stein A Co (A) com
*
Apr
20
12%
32%
13
13
Storkllne Furn Corp com 10
Swift International
15
33
21
Feb
Apr
21
Feb
40%
Feb
32
Jan
4
Feb
86%
106%
Mar
Jan
31
56
Mar
8
Mar
Mar
90
%
33%
Jan
45
2%
43%
51%
49
""2%
Mar
Interlake
1111 11
2,108
Feb
101%
112
Feb
Harbauer
Jan
Jan
Jan
Mar
Jan
50
177
30
Jan
51%
80
68
Feb
95
15
25
Feb
30
Jan
73%
15
57%
73%
Apr
58
85
56
Mar
60
101% 101%
Feb
Mar
Apr
Mar
Jan
Steamship
5
101
Jan
104
Jan
*
16
22
14
Jan
18
Apr
*
68
71
56%
Jan
Jaeger Machine
Jan
Kelley Island Lime & Tran*
Apr
Lamson & Sessions
*
50
IS
Jan
20%
Mar
Leland Electric
11
Jan
15%
Mar
33%
Mar
McKee A G class B
Jan
1
1
1
t
f
McKay Mach
Feb
1
*
400
*
Feb
73%
37%
Mar
25%
850
Medusa Portland Cement.*
450
24
Apr
28%
28%
Mar
25
Mar
Metropolitan Pav Brick._*
10%
11%
950
10%
Apr
15%
Mar
Miller Wholesale Drug
*
4%
4%
4%
10,100
2%
Feb
4%
Apr
Monarch Mach Tool
*
*
47%
......
33%
26%
290
24
Jan
10
25
Apr
30
13%
780
9
Jan
14
19
33%
26%
13%
13%
19
25
19
Jan
27
26
24%
Apr
53
Mar
10%
2804
19%
19%
95
Mar
24%
*
10
14%
60
55
------
com
High
Apr
58
73%
25
see page
Low
12
63%
63%
4%
Great Lakes Towing pfdlOO
Thompson (J R) com...25
For footnotes
1
Grelf Bros Cooperage A._*
Hanna M A $5 cum pref..*
Sundstrand Mach Tool Co*
Utah Radio Products
100
490
26
30%
25%
.
19
4
26
33%
25%
Swift A Co
106
95
*
5%
19%
2,300
97
94
107% 107%
60
60%
90
95
>
19%
39%
*
Elec Controller & Mfg
Faultless Rubber
Jan
4
20
2%
46
51%
90%
15%
1,450
3,100
Range Since Jan. 1,1937
Shares
4
"94"
Cliffs Corp vtc
*
Commercial Bookbinding.*
Apr
300
Standard Dredge com
*
12%
19%
39%
*
Apr
300
High
20
Cleve Elec 111 $4.50 pref..*
Cleveland Railway
100
30%
1,050
Low
12
1
Cleve Builders Realty
Cleve Cliffs Iron pref
Feb
450
So Bend Lathe Wks cap..5
Southwest Lt A Pow pfd--*
Clark Controller
15
42
------
12
*
1.270
23%
30
Price
100
Ctfs of dep
100
Cleve & Buffalo Transit-_*
111
41%
40
Preferred
Jan
22%
Serrick Corp cl B com
1
Slgnode Steel Strap com..*
for
Week
_*
108
z23%
42
Par
10
(New) common
*
Schwitzer-Cummlns cap.,1
Sears Roebuck A Co cap.*
30%
•
of Prices
Jan
6
111
Stocks—
122
Sangamo Electric Co—
Preferred
Sales
Week's Range
Sale
120
28%
SIvyer Steel Castings com. *
Friday
Apr
Apr
pf.*
conv
Exchange
April 17 to April 23, both inclusive, compiled from official sales lists
Jan
Raytheon Mfg—
Common
A. T. A T. GLEV. 6654 666
Cleveland Stock
Mar
79%
------
com
Jan
Last
78%
78%
100
Preferred
Union Trust Building, Cleveland
Telephone GHerry 5050
Mar
3%
5%
3%
60
0% preferred..
GILLI Sl°*v jWOODcia
Jan
Mar
2%
24%
Pictorial Paper Pkgecom.5
Pines Wlnterfront corn
1
Members Cleveland Stock Exchange
Mar
Apr
18%
81
Ohio Listed and Unlisted Securities
Jan
Apr
1%
1%
30%
3%
35%
25%
10
Pea body Coal Co B com..6
Feb
Jan
Jan
68
106
15
*
com
7%
12%
7
------
100
500
200
1,600
11%
7
7% pref. 100
31
2%
47%
45
11%
100
7% preferred
Okla Gas A El
29%
2%
2%
26
25
26
Apr
47%
48%
47%
10
42
Jan
26%
58%
90
40
Jan
60
220
7
Feb
11%
9%
Jan
15
Jan
Jan
35
Mar
—.
26
8
50
8%
13
"25%
13
2
25%
26
1,155
22
Mar
Feb
Jan
Jan
Mar
Mar
Feb
Mar
t
2802
Financial
Friday
Week's Range
for
Sale
Par
of Prices
Low
High
Price
Range Since Jan. 1 1937
25
National Tool
50
3
3
10
100
20
20
10
*
30
30
.*
60
60
17**
17%
Low
10
cum
10
10%
*
pref
Nineteen Hun Corp clA
Ohio Brass B_
.
.
Ohio Confection clA
7%
*
7%
Jan
380
7
Apr
1%
Jan
12%
10%
4%
11
Jan
20
30
29%
Feb
30**
20
44
Jan
67
6
Feb
7%
20%
Packer Corp
*
17
17
650
16
Patterson-Sargent.
Peerless Corp
*
25%
6%
26
130
6%
51%
8%
620
55
25**
3%
50%
6%
30
3
Richman
*
_
Seiberling Rubber
8%
100
cum pref
S M A
Corp
50
50
*
8%
"59"
58
Troxel Mfg
1
10
10
10
*
10**
Week's Range
for
of Prices
Week
Price
Par
Bolsa ChicaOil A.
Low
5
10
4%
Low
Shares
High
High
5%
2%
2,100
4%
Apr
300
Jan
7%
3%
Jan
56
56%
350
2%
43%
Jan
56%
Jan
69**
Mar
Central Investment —100
38
37
38%
264
29
Jan
43
Citizens Natl T & S Bk_.20
37
37
Berkey Gay
2%
Feb
California Bank
Feb
25
2%
Feb
37
100
35?*
Jan
44**
Feb
Mar
Consolidated Oil Corp—.*
17**
17
17%
400
15**
Mar
17?*
Mar
Apr
Consolidated Steel pref... *
Emsco Derrick & Equip.-5
19**
19**
20
300
19
Jan
24**
Feb
17**
17
17**
500
16**
Apr
19**
Mar
Exeter Oil Co A
1.20
1.15
1.30
11,200
60c
Jan
1**
Mar
200
Feb
Mar
34
Feb
1
7%
57%.
Mar
Farmers & Mer Natl BklOO
440
Mar
Gladding McBean & Co..*
25
24**
25
300
Jan
30J*
9*1
Globe Grain & Mill
25
10**
10
10**
800
447**
18**
8%
Mar
Apr
Mar
Mar
11**
Jan
*
132**
132** 132**
50
132%
Apr
139**
Mar
*
22**
22**
22**
Holly Development Co__.l
1.20
1.15
1.25
1,200
85c
Jan
1.50
Mar
14c
14c
15c
6,800
8c
Jan
18c
Mar
48c
7,800
41c
Apr
40c
7,600
27c
Jan
72 **c
60c
Feb
13?*
200
Jan
16**
Feb
Jan
39
Jan
64
15%
Apr
19
195
10
Apr
Jan
10%
13%
Jan
14
440
440
Jan
460
Mar
Jan
700
8%
9%
140
Vichek Tool...-
*
Warren Refining
2
5
Weinberger Drug Inc
*
22
23
105
West Res In Cor 6% pflOO
100
100
50
13
Mar
135
15%
10%
10%
10%
10
Upson Walton
Van Dorn Iron
Jan
Mar
Feb
Apr
Apr
59
15%
1
__
50
Stocks (Concluded)
High
580
10**
7%
Range Since Jan. 11937
Lasi
Sale
Shares
1937
Sales
Friday
Week
National Refining
National Tile
7%
April 24,
Sales
Last
Stocks (Concluded)
Chronicle
13
Apr
Mar
Goodyr Tr & R $5 pref.
-
-
Hancock Oil A com..:
Feb
Jade Oil Co
Jan
Kinner Airpl & Mot Corp. 1
10c
25
13
Apr
85
5%
5
Feb
15**
5%
Jan
Lincoln Petroleum Corp.-l
38c
17%
Feb
24
Mar
13**
90
Jan
100
Apr
Lockheed Aircraft Corp.-l
Los Ang G & E 6 % pref 100
45c
45c
38c
13
114
114
4?*
4%
Los Ang Investment Co.10
8
8
Mascot Oil Co
Jan
4%
8%
1,800
600
9%
106%
4%
7%
38
114
Los Ang Industries Inc.-.2
21
100
Feb
24
Feb
Jan
Mar
119
Apr
Feb
6**
Jan
Feb
10
1
1.10
1.10
1.15
2,800
80c
Jan
1.45
1
Merchants Petroleum Co.l
3**
62**c
3%
3%
1,600
3%
Apr
4%
Jan
62**c 62**c
100
40c
Jan
80c
Mar
1.50
100
1.25
Apr
2.25
Mar
Apr
Menasco Mfg Co
Watling, Lerchen & Hayes
Mills Alloys Inc A
Mt Diablo Oil M & Dev.
Members
*
1.50
1.50
Mar
Exchange
87 **c
80c
90c
2,500
70c
Jan
97 **c
5
21c
19c
21c
16.90C
18c
Jan
45c
Occidental Pet Corp
Oceanic Oil Co
1
55c
50c
55c
1,20C
45c
Jan
80c
Feb
1
1.40
1.25
1.50
5,100
70c
Jan
2.00
Mar
1
40c
Mar
Pacific Clay Products
New York Curb Associate
Exchange
Buhl
1
Nordon Corp
Ollnda Land Co
New York Stock
Detroit Stock
Building
.
«
Chicago Stock Exchange
DETROIT
29c
Feb
Rauuo.ph 6530
Detroit Stock
Exchange
April 17 to April 23, both inclusive, compiled from official sales lists
Friday
Last
Stocks—
Par
Range
Low
price
Range Since Jan. 1, 1937
for
WppY
rr Ctfc
of Prices
High
32c
900
14 J*
14**
Jan
7
Feb
24**
14**
26**
12
26**
1,000
24**
Apr
32
Jan
32
32
32
100
31**
Mar
37**
6% 1st preferred.
25
Pacific Indemnity Co
10
Republic Petroleum Co..l
30%
30%
8**c
7%
30 J*
30**
30**
8**c
100
29**
Mar
32**
Jan
100
29
Jan
35
Feb
8**o
17**c
9**
Jan
3%
Feb
Roberts Markets
Sales
Week's
Sale
29c
*
Pacific Finance Corp
10
Pacific Gas & Elec Co.-.25
Telephone
Shares
Low
Ryau Aero
1
Samson 6% pref ann
10
Secur Co units of ben int. *
High
1,300
14 %
1%
13%
1%
1
15%
9,801
Briggs Mfg com
*
Burroughs Adding Mach_*
Burry Biscuit com
12 %c
Capital City Prod com
*
Chamberln M W Strp com 5
50%
49
50%
343
29
210
Chrysler Corp com
Consolidated Paper
Det & Cleve Nav
Detroit
5
29
5%
Eaton Mfg com
1
_
com
Jan
23
Feb
15**
Jan
20
Mar
117
_
_
Hurd Lock & Mfg com
Kingston Products
%
7%
255
35
191
Jan
19
19%
310
Apr
Apr
35
10
Jan
28
Jan
Apr
35%
Feb
Jan
18**
1%
Mar
Jan
2%
Feb
14%
6H
3%
15
2,248
14%
Apr
19%
Feb
6%
3%
1%
4%
5%
19%
21%
1%
5%
%
Jan
"5%
_
1%
-
-
com.
com.
1%
1%
4%
5%
19**
21**
1%
6%
%
27%
1%
"16
16
1%
1%
com
1
com
Mid-West Abrasive com50c
Murray Corp com
10
Muskgn Pist Rng com 2.50
com.
*
_
*
com
14%
1%
7%
4
730
1,580
1%
5%
5%
20
200
1,690
250
784
23
330
1%
6**
8,275
"16
1,215
895
3%
16
Feb
Feb
Mar
Apr
Apr
Apr
Mar
Mar
Apr
27 %
100
2%
2%
5,640
1%
Apr
200
2%
1**
1%
14%
1%
6,306
%
100
1%
100
14%
Apr
Apr
Apr
Apr
22
Feb
1
Feb
7
Mar
3%
3%
200
3
16%
945
Apr
Apr
Apr
Apr
17%
"id%
10%
2,245
40
1,631
26**
"4%
4%
5%
5%
7%
"4%
4%
6%
_
_
_
_
com..
River Raisin Paper com
_
_
2
*
26**
18
10
com
1
com
Stearns&Co (Fred'k) pref 100
Timken-Det Axle com.-10
Tivoli Brewing com
.1
Tom Moore Dlst com..
.1
.*
10
8**
4%
8%
18
37
36
*
*
1%
-4
5%
.1
16%
16
10%
37%
Jan
Mar
Apr
Jan
Apr
27%
1%
Feb
Feb
Feb
8%
1%
Jan
28
Apr
Feb
2%
Jan
4%
1%
Jan
2%
Jan
18
Feb
Mar
1%
7%
Mar
Jan
4%
4%
20%
21%
12%
44**
Jan
Feb
Mar
Feb
Feb
290
25
Jan
28
13**
3**
Jan
19
Jan
5
5
5%
Apr
6%
237
1,625
1,485
150
2,074
20
Feb
200
3
Jan
45
156
43
Apr
56
56
57
1,000
53
Jan
60
5
5
25c
4c
4c
4c
5,000
2c
Jan
4c
25
26 J*
26**
26**
1,200
Jan
25
38**
38**
38**
15
Apr
Apr
32**
Orig preferred
41
Feb
6% preferred
25
28
27**
28
46**
46**
47**
500
4%
47%
4%
400
47%
4%
49%
*
21%
21%
21%
100
Transamerica Corp
*
Union Bank & Tr Co-.-50
15%
15%
15%
7,300
26**
38**
27%
43%
4%
43%
21%
15%
Standard Oil of Calif
*
Sun Ray Oil
Superior Oil of Calif
Taylor Milling Corp
Union Oil of Calif
151
300
Jan
9%
25**
25%
26**
Universal Consol Oil Co. 10
17**
17%
18
Van de Kamps Bakeries.
5%
6%
Jan
29
Apr
100
35
Apr
6%
10**
Barker Bros pref
100
Jan
103
Barnhart-Morrow Cons--l
For footnotes
see
page
67 **c
70c
18**
Mar
42
Apr
13**
Apr
25c
25c
26c
4,800
20c
Jan
38c
50c
50c
55c
1,000
50c
Apr
82 **c
Feb
1%
7**c
1%
1%
100
15*
Apr
2%
Mar
6c
8c
23,000
l**c
Jan
9c
Feb
.
Imperial Development.25c
Mar
Feb
Oatman Rainbow Gd MIOc
15c
lie
15c
68,000
lc
Jan
15c
Apr
Tom Reed Gold Mines—1
42c
42 c
42c
1,300
38c
Feb
48c
Jan
Zenda Gold Mining Co
1
12c
lie
12c
4,400
9c
Feb
15c
Jan
100
167**
210
57%
57**
57**
100
167**
54**
Apr
Anaconda Copper Min__50
Aviation Corp (Del)
5
Jan
187**
68**
Mar
8%
3%
16%
8%
3%
16%
2%
8**
500
Jan
9%
Jan
3%
16%
200
Apr
5%
20**
Jan
Unlisted—
Amer Tel & Tel
Cities Service Co
Commercial Solvents
Commonwealth & Southern
Cord Corp
1
2%
4%
100
4%
100
6%
3%
16%
2%
4%
6%
2%
4%
6%
5
Curtiss-Wright Corp
167** 169
6%
100
6%
100
Apr
Apr
Apr
Jan
Jan
Jan
Apr
Apr
4%
5%
8%
Mar
62%
Feb
Jan
15%
Feb
Feb
54**
Mar
Apr
Feb
Feb
General Electric Co
55%
55%
55%
100
54%
InteratI Tel & Tel Corp...
NY Central RR
12**
50**
12%
50%
100
North Amer Aviation Inc.l
13**
13%
100
12%
43%
12%
Packard Motor Car Co
10**
10%
12%
50%
13%
10%
200
10%
Jan
17**
12**
Radio Corp of America
10**
10**
100
10%
Apr
12**
Jan
10
Apr
100
Jan
10
10%
9%
10
200
8%
Jan
14**
14%
14**
100
14%
Apr
16
Jan
011-
19**
19%
19**
100
Apr
21**
Feb
Warner Bros Pictures Inc. 5
14**
14%
15
600
19%
14%
Mar
17**
Feb
Radio-Keith-Orpheum
Standard Brands Inc
Tide Water Associated
Established 1874
DeHaven & Townsend
Members
New Fort Stock Exchange
Philadelphia Stock Exchange
Apr
Apr
8
Feb
1513 Walnut Street
11
Feb
185
500
35
Jan
8%
6%
1%
5%
Apr
Jan
Mar
Jan
%
38**
9%
8%
Mar
1%
7%
Feb
NEW
250
Apr
13
Jan
YORK
30 Broad Street
Feb
Feb
Jan
Philadelphia Stock Exchange
April 17 to April 23, both inclusive, compiled from official sales lists
Feb
Friday
Feb
"16
18
Last
Week's
of Prices
Low
High
Par
Price
*
100
23%
168%
*
American Tel & Tel
7%
Baldwin Locomotive
Barber Co
__-10
Bell Tel Co of Pa pref. .100
Budd (E G) Mfg Co
Teletype L.A. 290
*
Budd Wheel Co
5
Curtis Pub Co
20%
24%
167
169**
8%
37%
37%
7%
124 J*
124**
10**
11%
Range Since Jan. 1, 1937
for
•
Week
Shares
Low
20
1,926
1,054
167
90
20
221
High
Apr
Apr
26%
187%
Feb
Jan
6%
.
Apr
11
Jan
35%
Jan
43
Mar
121%
Jan
Apr
Apr
14%
Jan
134?*
Mar
127 J*
Mar
165
10%
QV
50
116% 120**
16**
16%
352
9%
110**
50
16**
Api*
20%
Feb
39**
41%
373
39**
----
58**
61%
1,350
57%
44**
70**
Feb
37**
37**
75
37%
41
Feb
------
—
—
--
— —
*
com
Electric Storage BatterylOO
General Motors
10
Sales
Range
9V.
124**
*
Chrysler Corp
41**
Jan
1 3
*
------
9%
38%
10%
737
8%
Apr
Apr
Apr
Apr
13**
Jan
...50
------
19%
20%
40
17%
Jan
24**
Mar
3%
284
2%
Jan
4**
Apr
597
2%
10**
Feb
5%
14%
Feb
Apr
Jan
5%
Mar
50%
Mar
Y) com.
_
Lehigh Coal & Nav
Lehigh Valley.
--
*
Mitten Bank Sec Corp. .25
Preferred..
25
------
National Power & Light. _*
10**
Pennroad
Week
70c
Jan
Cardinal Gold Mining....1
1
Cons Chollar G & S Min_
PHILADELPHIA
Sales
39
Feb
BlkMammoth Cons M.10c
Mar
San Francisco Stock Exch.
39
Jan
28**
Feb
500
Mar
24%
U%
Mining—
Feb
of Prices
Low
High
39
Jan
155
10%
Feb
880
6
Jan
39
Jan
Chicago Board of Trade
5
Mar
17**
100
10
for
5%
Mar
25**
900
28%
Week's Range
Price
55
Jan
12**
Jan
Sale
1
Jan
Apr
42
Mar
Angeles Stock Exchange
Par
Feb
11%
Mar
Last
Stocks—
Feb
5
42
Jan
April 17 to April 23, both inclusive, compiled from official sales list8
Bandlnl Petroleum Co
49**
11**
7%
4%
8%
2,191
Friday
Jan
Jan
Jan
42
Horn & Hard (N
Los
29**
*
22%
1%
Los Angeles
Feb
1
-
Wellington Oil Co
Feb
MEMBERS
Angeles Stock Exch.
1,500
Feb
Mar
150
10
Feb
Feb
Apr
Wm.Cav\lier & Co.
523 W. 6th St.
800
151
151
25
American Stores
Los
Feb
6%
Sierra Trading Corp
Sou Calif-Edison..
Stocks—
Exchange
Jan
44**
Sale
New York Stock
2%
44**
56**
360
200
16%
6**
1,000
Jan
5
4%
5%
1,400
16%
2,300
;
Feb
Security-First Natl Bk._20
2,370
1,534
200
6
7%
2%
Apr
Apr
Jan
Apr
734
6%
2%
1,300
Jan
Feb
2,935
8%
7%
%
.2
8%
37
8%
7%
1%
7%
.1
4%
5%
7%
4%
6%
29% 29%
6%
6%
100% 100**
23% 24 J*
8%
8%
5
4%
8%
3%
16
5%
7
20
458
26**
5
com
315
18
10%
39
39
2.60
com
450
Feb
2%
200
3%
8
4%
400
16
Jan
Jan
3%
3%
23
Mar
7
com
*
Pfeiffer Brewing com
*
Prudential Investing com.l
Standard Tube B
Jan
Jan
Mar
7
Scotten-Dillon
%
145%
1,150
Preferred--
Parker Rust Proof
Parker Wolverine
Feb
Mar
3%
2
2%
Packard M otor Car
22
1%
com
Micromatic Hone
Mar
132%
1**
Mich Steel Tube com__2
W)
50
24%
McAleer Mfg com
Rickel (H
516
123
7%
McClanahan Refining co
Reo Motor
Feb
2%
%
122**
7%
18%
35
Klnsel Drug com
Mahon (R C) A pref
Parke-Davis
Apr
20
1,650
2,300
24%
Housaille-Hershey B
Michigan Sugar
117
300
3%
24**
Hall Lamp com.-
Hosklns Mfg com
McClanahan Oil
811
20**
600
3%
com
Screw Prod
15
'"7%
7
Grand Valley Brew cornGeneral Finance com
Masco
140
14%
com.
Goebel Brewing com
Graham-Paige
Jan
Mar
7%
115
123
*
Frankenmuth Brew
Gar Wood Ind
35
Apr
18
%
4
Federal Mogul com
5%
Jan
22
20**
2**
100
Detroit Paper Prod com__l
Detroit Steel Corp com
5
Apr
29
Feb
117
117
.10
com
Apr
Feb
2%
15%
56%
Jan
18
Cripple Crk Gold. 1
Detroit Edison
250
Apr
22
com. 10
com..
5%
1%
9%
49
8**c
2%
_
Auto City Brew com
Baldwin Rubber com
30**
18c
100
4%
45%
------
3
3%
10%
4
11
236
Jan
Jan
Range Since Jan. 1, 1937
Shares
6,000
Low
5
Corp vtc
1
Pennsylvania RR
High
Apr
9**
Jan
60
38**
Feb
41**
Mar
500
45o
Jan
90c
Apr
Penna Salt Mfg
Penn Traffic com
50
—50
2 **
Phila Elec of Pa $5 pref
Phila Elec Pow pref
*
25
-
------
4%
46%
1,561
4%
39%
170%
2%
56
164?*
Jan
3,500
2%
Jan
3**
Feb
113% 115%
92
113%
Mar
660
32%
Apr
117**
35**
Mar
44%
170
2%
------
-
—
-
-
-
4%
33%
34
5,144
Jan
175
Feb
Feb
2804
BBk
Volume 144
Financial
Phila Insulated Wire
Phila Rapid Transit
Veek's Range
for
Sale
of Prices
jOW
High
Week
Price
*
50
7% preferred
34
6
50
*
Phila & Rd Coal & Iron
Philadelphia Traction
50
Reo Motor Car Co
Salt Dome Oil Corp
__5
Scott Paper.
Tacony-Palmyra BridgeUnion Traction
14%
29%
50
United Corp com.
6%
*
5%
_
Preferred
6%
5%
*
United Gas Imp com.
Preferred....
43
*
_
_
Westmoreland Inc.—.
Westmoreland Coal
Apr
9%
1%
12%
Apr
Apr
4%
13%
Jan
1%
75
15%
153
100
438
14|%
41%
30%
55
50
Feb
Apr
20
Mar
Jan
7%
8%
Feb
Mar
46%
Jan
Apr
Mar
17%
114%
Jan
14%
12%
Jan
Jan
41%
13%
12%
69
12%
150
110%
12%
9%
Feb
Mar
*
Jan
$5,000
11%
16%
Jan
Nat Candy com.
Second preferred
Ma.
53%
20%
20
21
294
56
56
5
135
*
10%
90
482
100
37
11
200
115
3
10%
115
55
10%
10%
100
St L Bk Bldg Equip com. *
St Louis Public Serv com.*
pref
300
5%
5%
5%
40c
40c
20
"28""
_.___*
26%
28%
126
126%
10%
11
628
126
100
Sterling Aluminum Prod.l
fScullln Steel 6s
100
Last
Week's Range
for
Sale
of Prices
Low
High
Price
9
"44%
1941
*
100
..10
112
23
15
26%
2,H
5%
14%
22
22
.
7%
8%
60%
8K
64
25%
2%
5%
14%
22%
2%
Low
25
64
Clark (D L) Candy Co...*
Columbia Gas & Elec.
*
Devonian OH
210
5
Electric Products
*
13%
38%
Follansbee Bros pref
100
Fort Pittsburgh Brewing.]
22
12%
San Francisco
Oakland
10%
70%
29%
Mar
Jan
Jan
Jan
Apr
13%
38%
1%
94%
11X
5
Mountain Fuel Supply Co.
10%
Nat'l Fireprooflng Corp.. *
7%
Penn Federal Corp pref 100
Phoenix Oil com
..25c
Feb
Tacoma
Stockton
Stocks-
Jan
Par
Beverly Hills
..1
Price
13%
Feb
Feb
875
Jan
1%
58%
Jan
Atlas Imp Diesel Eng
5
Bank of California N A.80
Apr
Bishop OH Co
99
Jan
1
329
47%
11%
3,508
7%
1,639
50
27
27
10c
10c
5%
24%
Apr
Jan
Jan
Jan
111%
14%
4%
71%
12%
Apr
Apr
7c
203
37
Jan
8c
Apr
3%
Jan
Feb
Jan
Calaveras Cem 7% pref 100
Feb
Calif-Engels Min
Calif Cotton Mills
206
9
31%
21%
100%
X
5%
18%
206
208
8%
9%
31%
21%
100% 100%
%
%
118
42
42
42
Jan
Calif Packing Corp com..*
Preferred.
50
41
41
42
10
Mar
104
29
Jan
Jan
Calif Water Serv pref. .100
Claude Neon Elec Prods. *
Cons Chem Indus A
*
Jan
Creameries of Amer Inc..*
6
Jan
Crown Zeller Corp com..5
21%
105%
25c
50c
8%
50
25
18%
Jan
17
110
13%
Jan
115
16%
1%
Feb
100
17
Preferred
4
Jan
Apr
Jan
50%
11%
42
51%
106%
11% 11%
42
42%
6
6%
21% 24%
105% 107%
50%
104
950
229
30
980
676
460
25
735
1,361
101
Mar
10
Jan
550
35
Jan
735
5%
19%
Jan
Mar
99
Mar
*
32 X
12
13
852
17%
Mar
43%
45
275
42
Jan
59
Mar
23
400
22
Jan
27
22
22
22
445
Jan
44%
44%
44%
190
21%
40%
270
24%
47%
19%
60%
12
of Prices
High
17
17
Mar
55
10
55
Mar
39
30
39
Jan
Jan
Feb
84%
Apr
210
45
Jan
52
Apr
560
47%
Jan
96%
57%
Jan
7.
95c
Jan
166
42%
Feb
31
133%
Apr
43
on
Food Mach Corp com
Foster & Kleiser com.
Feb
1%
56%
164%
4%
Apr
Jan
.2%
General Paint Corp com..*
Gladding McBeah & Co..*
Golden State Co Ltd
._*
Mar
5%
10
A preferred
25
Galland Merc Laundry...*
General Motors com
10
Feb
Pineapple..
87%
56%
5%
19%
37%
61%
16%
85%
56%
5%
19%
37%
59%
16%
89
57
495
5%
20
37%
61%
16%
172
25
25
25
7%
10
Honolulu Oil Corp Ltd...*
Honolulu Plantation
20
Hunt Bros pref
10
39
50
31
31
390
31
31
31
Leslie-Salt Co..-
38%
41
41
LeTouraeau (R G) Inc.-.l
Lockheed Aircraft
1
L A Gas & Elec pref
6%
22%
13%
13
6%
22%
15
38%
41%
13%
35
100
20
1,100
243
1,080
1,060
Board
of
100
114
113
114
30
*
7
7
7
150
*
1%
IX
1%
150
3%
20%
925
20%
25
3%
20%
24%
25
993
Market St Ry pr pref. .100
Nat Automotive Fibres. _*
28
28
28
35%
35%
830
Natomas Co
11
34%
10%
1,855
31%
30
14%
99%
14%
30
30
11%
33%
99%
14%
30%
26%
25
27
10%
3.633
Lyons-Magnus Inc A
Trade
B
Louis, Mo.
Magnavox Co Ltd..
(I) Magnin & Co com
No Amer Inv
2%
*
100
com.
Week
Low
Shares
6% preferred..
Nortn Amer Oil Cons
100
Occidental Ins Co.
Range Since Jan. 1, 1937
for
.10
10
Oliver United Filters A..*
High
32%
20%
46
34 X
230
31
35
4
Jan
27
113
Jan
214
125
325
121% 121%
40 X
Preferred
~52%
100
"46" "
com—
see
page
50
10
1,175
37
40%
408
Feb
37
.
32%
iMar
5%
Apr
Apr
1606
Jan
48
Feb
32
Feb
2804
53%
Jan
44%
36%
32%
Mar
Jan
Mar
Mar
8
Feb
Jan
25
Mar
Apr
16%
Jan
Jan
42
Feb
Jan
45%
Feb
Jan
16%
Feb
Feb
Mar
Apr
114%
7%
2%
Jan
5
Mar
Jan
Jan
Jan
28
Apr
38%
Jan
Jan
44%
13%
33%
Feb
Apr
80
34%
10%
23%
50
102%
16%
Mar
20
Jan
98
Jan
770
13%
Jan
445
30
1,400
24
15
16
180
19
19%
14%
255
13%
575
2,278
1,095
9%
Feb
Apr
Mar
Feb
32
Jan
Jan
28
Mar
Apr
11%
Mar
17%
22%
18%
Apr
Apr
Apr
38
Jan
Apr
Apr
32%
29%
53%
Jan
15
Apr
19
Apr
13%
30%
29%
26%
Jan
Feb
Pacific G & E
25
8
Jan
(Non-vot)
30%
25
30
30
32%
30%
25
com
26%
46%
26%
27
*
*
com.
*
105
30%
1,038
105
105
44
Mar
180
105
Apr
1,213
6%
*
preferred
231
22
22
22%
6%
Apr
486
22
Apr
107
8%
24
Jan
Jan
Jan
Jan
Jan
Jan
121%
Pac Tel & Tel
100
143
142
143
75
141
Mar
142%
Jan
106
6% preferred
100
Pig'n Whistle pref
*
Ry Equip & Realty com..*
137
137
137
20
134%
Mar
150
4
4
200
4
Apr
5%
Jan
14
14
4%
15%
631
14
Apr
80
80
83
50
80
Apr
79
75
79
50
Jan
Feb
77
75
77
1,514
1,010
18%
89%
79%
Jan
46
Jan
78
Feb
8%
48%
28%
8%
48%
28%
8%
48%
27%
Apr
28%
Jan
Apr
Apr
11% Mar
40% Apr
170
3%
Jan
6
Feb
16%
Jan
23
Mar
51%
52%
125
50
Jan
55
Mar
17%
1,344
13
Jan
90
5
85
Mar
45%
46
385
45
Apr
14%
Jan
Apr
Jan
13%
6% preferred
PacPub Ser (non-vot)
Jan
32
12%
38%
33%
9%
106%
6%
1%
Apr
Apr
Apr
Jan
Feb
Feb
19
Mar
325
4%
22
Apr
Feb
28
16
6% 1st preferred
5%% preferred
Pac Light Corp com
21
4%
39
30%
29%
6%
Jan
23%
O'ConnorMoffatt&CoAA*
5
Jan
Jan
Pacific Amer Fisheries
——*
Mar
Mar
70%
18%
31%
8%
Apr
166
10
Pacific Can Co..
22
40
Jan
27%
118%
99%
25
90
17
5
com
Preferred
106
3%
Apr
Apr
Feb
49%
20
4%
...50
International Shoe
10
106
_
22 %
205
31
9%
32%
Apr
Apr
Apr
Feb
5
41%
10
31%
Apr
160
30
Hussmann-Ligonler com.*
For footnotes
175
390
40
Gresedieck-Western Br. *
Hamilton-Brown Shoe com *
Huttig S & D
5
32 X
48 X
Mar
2%
20%
22%
*
9%
Jan
Mar
-
Jan
47%
48%
39
Jan
Feb
Feb
528
47%
Mar
Apr
17%
18%
6%
31
Mar
58%
14%
3,355
6%
22%
13%
38%
-.10
938
437
Mar
36
8%
15
15
20
4
7%
Langendorf Utd Bak A—*
Hutcn Sugar Plant
490
1,330
39
5
Home F & M Ins Co
all
31
1
Jan
42
21
5X
Apr
17
47 X
32
32 X
Jan
39
Sales
Low
9%
55
40
com
Apr
Apr
17
.25
100
25
Feb
108%
39
...*
Second preferred.... 100
Feb
Apr
7%
55
4%
Week's Range
5
Apr
46
450
Chicago
32 X
5
Apr
23
Emsco Derrick & Equip. .5
20
New York Curb (Associate)
159
52
Fireman's Fund Indem__10
Fireman's Fund Insur
25
20%
5
Jan
Feb
106%
12%
Ewa Plantation Co
32 X
Coca-Cola Bottling com._l
Columbia Brew com
5
Jan
Apr
23
B.
Preferred..
Central Brew com
Mar
1%
46%
48%
Jan
IX
47 H
144%
Friday
*
Mar
60
176
Feb
Mar
105
Jan
April 23, both inclusive, compiled from official sales lists
Burkart Mfg com new
Jan
Feb
St. Louis Stock Exchange
48%
34 %
Apr
Apr
Apr
707
Feb
34%
23%
39
*
Marchant Cal Mach com.5
*
Feb
Jan
2,679
Feb
10
35
50%
Feb
213
4c
Telephone Central 3350
20
Jan
Jan
235
85
Feb
Mar
25
7%
15%
6%
.
Sale
Apr
Apr
Jan
300
315 North Fourth St., St
Price
Jan
15%
31%
7%
Jan
MEMBERS
Last
23%
5%
17%
194%
6%
27%
21%
97%
%
High
Apr
Apr
4
New York 8tock Exchange
St. Louls Stock Exchange
Low
13
2c
Mid'Western and Southern Securities
Falstaff Brew
Long Beach
6%
13%
2%
45
52
Enquiries invited
First preferred
Los Angeles
Pasadena
1,085
Business Established 1874
com.
& Co.
Emporium CapweU Corp.*
4% % cm pref w w
50
I. M. SIMON & CO.
Ely & Walker D G
101% Mar
34%
Jan
43%
Eldorado Oil Works
Hawaiian
Dr Pepper com.
27%
*
$3 preferred——100
Apr
Mar
19
*
Di Giorgio Fruit com...10
Mar
ST. LOUIS MARKETS
,
Mar
Apr
Apr
Feb
17%
49%
2,000
3c
52
17
50
7
4
*
11%
Feb
29%
2X
26%
19%
29%
2%
com.
_
Feb
13%
4X
1
5%
18%
100
Mar
Jan
52
*
10
——.5
Byron Jackson Co....
*
Galamba Sugar 7% pref.20
35
174
6%
13%
IX
45%
10%
1%
58%
7%
8,700
1,000
37
Apr
Apr
Apr
7
143
847
50
3c
6%
26%
5%
18%
Jan
10
7
26
Jan
145
17
1
com...
37
Range Since Jan. 1,1937
26
10
4,251
.1
com
10%
Mar
Week
735
31
3%
2%
..5
com
128
Sales
13
Unlisted—
Amer Inv
Jan
Exchange
13
385
24%
16 X
28%
Westinghse Elec & Mfg. 50
A S Aloe Co
122 %
NewYork Honolulu
Portland
Fresno
13
300
11%
10c
Westinghouse Air Brake.*
Brown Shoe
Jan
Mar
Private Leased Wires
Alaska Juneau Gold Min 10
13%
64 X
5H
37
Par
Feb
70c
29%
Jan
Apr
94% $14,000
8,000'
28%
Francisco Stock
San
42
10H
8c
1
Stocks-
8%
Jan
Jan
25c
April 17 to April 23, both inclusive, compiled from official sales lists
Assoc Insur Fund Inc
10%
.
27
Preferred.
to
13%
Feb
24%
3%
64%
..*
April 17
Jan
5
19
88
92
for
26
104
Pennroad Corp vtc
117% Mar
Jan
Shares
Jan
198
Victor Brewing Co..
Apr
10%
115
39
of Prices
Low
High
Jan
108
United States Glass Co..26
Vanadium Alloy Steel
*
Mar
Apr
Mar
330
Week's Range
18
107
.*
13%
101
44%
Sale
100
80
San Toy Mining Co
Shamrock OH & Gas
Apr
Apr
Feb
43%
Last
270
20
Renner Co
Ruud Mfg Co
Mar
10%
100
Apr
Apr
Apr
Friday
Apr
82
Pittsburgh Brewing Co
*
Preferred...
*
Pittsburgh Forging Co
1
Pittsburgh Screw & Bolt..*
Plymouth Oil Co
....5
70
17%
Feb
14%
18%
88
80
Glass
.....
22%
26%
35
Feb
8%
20%
Jeannette
Preferred.
Mar
Mar
Jan
Feb
10
Mar
4
Apr
IX
50X
McKlnney Mfg Co
Feb
17%
(AssoJ, San Francisco Curb Exchange Honolulu Stock Exchange
Seattle
Sacramento
Feb
Apr
5
200
47%
Mesta Machine Co
15
49
High
Jan
2%
1,275
Harb—Walker Refrac .._*
pref
Hoppers G & Coke pref. 100
Lone Star Gas Co.
_*
Mar
90
Anglo Cal Nat Bk of S F.20
Duquesne Brewing Co
58
17%
27%
New York Curb Exchange
Range Since Jan. 1,1937
Shares
9
m
*
.
Apr
Week
Arkansas Nat Gas Corp. _*
Preferred..
100
.
Feb
53
Members: NewYork Stock Exchange, SanFranctscoStock Exchange, Chicago BoardofTrade
Sales
Friday
1
Mar
22
37
Dean Witter
Pittsburgh Stock Exchange
Carnegie Metals Co
32%
Jan
PITTSBURGH, PA.
April 17 to April 23, both inclusive, compiled from official sales lists
Blaw-Knox Co.
Jan
35
MUNICIPAL AND CORPORATION BONDS
Armstrong Cork Co
Apr
Apr
Mar
A. T. & T. Tel. Pitb-391
BROADWAY, NEW YORK
Par
36
22
17%
"37"
Corp com...25
United Ry 4s c-d's
New York Curb Exchange (Associate)
Specialists in Pittsburgh Listed and Unlisted Stocks and Bonds
Stocks-
39%
Bonds—
f Pittsburgh Stock Exchange
120
5
100
Wagner Electric com...15
Tel. CJourt-6800
18%
70
19
56
.
Apr
H. S. EDWARDS & CO.
UNION BANK BLDG.,
24
28
19
21
Rice-Stix Dry Goods com. *
First preferred.
100
Title Insur
1
33%
14%
36
21%
53%
20%
Scruggs Inc pref
Mnmhflm
5
Jan
Jan
Jan
28
Mo Portl Cement com. .25
Nat Bearing Metals com.*
Southw Bell Tel pref
15%
High
23 %
19%
19
Low
160
39
39
Range Since Jan. 1 1937
for
Week
Shares
Jan
Bonds—■
15%
of Prices
High
Low
36
McQuay-Norris com
*
Meyer Blanke com. _._._*
Scullin Steel
Elec & Peoples tr ctfs 4s '45
Week's Range
Feb
Jan
Apr
39
Laclede Steel com
20
Landls Machine com—. .25
Feb
Feb
5%
Preferred
Feb
32%
4%
*
com
Lacl-Chrlsty Clay Pr com*
45%
459
Price
Par
Jan
Jan
28%
Knapp Monarch
Feb
Mar
*38
1,262
35
Stocks (Concluded)
35%
7%
13%
3%
16%
9%
Jan
6
121
12%
11%
24
7
4,945
*
...
5%
193
43%
14%
13%
*
___
100
110% 111%
13%
111%
*
_
High
50
8
*
...
Low
Shares
10%
Last
Sale
6
8
1
Range Since Jan. 11937
34
9%
1%
14%
Sales
Friday
Last
Par
2803
Sales
Friday
Stocks (Concluded)
Chronicle
20%
90
49%
Feb
Apr
Jan
com
6%
—.100
Rainier Pulp & Paper A.
B
Republic Petroleum
1
Preferred
Roos Bros
com
1
8%
50
626
30
165
13%
Jan
Jan
Jan
Feb
Apr
50
Apr
Jan
33
Mar
2804
Financial
Last
S J L & Pwr 7% pr
114
pref. 100
Shell Union Oil pref
100
Signal Oil & Gas Co A-..*
Soundvlew Pulp Co
Southern Pacific Co
Standard Oil Co of Calif..*
Super Mold Corp of Calif 10
Telephone Inv Corp
*
*
Tide Water Ass'd Oil
*
com.
Transamerica Corp
877
415
20
43
43
45%
5954
477
5,178
60
1
830
43
3%
18%
15%
3%
19%
25%
19%
1654
15%
25%
25
200
45%
16%
3%
Union Sugar Co com
Universal Consol Oil
900
%
47%
16%
26%
H
19
*
1%
43
25
Feb
Apr
Apr
103
43
Union Oil Co of Calif
120
12
43
*
Thomas-Allec Corp A
6%
4,898
Stocks (Concluded)
High
Apr
114
12%
10354 10354
5%
59%
1%
%
45%
16%
100
10
12
44
So Pac Golden Gate A...*
B
114
43
.5
Low
Jan
754
12%
10534
36%
Jan
48%
Feb
47%
20
10
17
335
5
Preferred
Jan
Series
%
43%
5
Feb
West Coast Life Insur
5
1
Jan
49%
High
Low
624
9,748
4,062
934
1834
Apr
Apr
18
Feb
2134
Jan
Jan
15
Jan
Jan
15
Jan
20
42
Jan
46
70
17
Mar
Mar
York Stock Exchange
Members New
Jan
10
1334
1534
350
Schwabacher 8k Co.
Jan
Feb
Feb
120
3
Jan
5
111
Broadway,
Feb
Mar
28%
New York
7-4150
Oortlandt
Feb
Apr
2154
17%
Feb
Apr
32,538
18%
15%
1,063
24%
1,017
Jan
20
550
18
1,260
15
312
Jan
18
Apr
11%
Jan
24
1854
350
Private wire to own offices In San Francisco
Barbara
—
Del
Monte
—
—
Hollywood
Los Angeles
—
—
Hills
Beverly
Feb
Mar
•
No par value,
Feb
34
34
35
678
34
Apr
4054
51
51
54
110
51
Apr
64
Jan
50
II
18
Warner Bros Pictures
154
Apr
1
65%
Apr
43%
z
Apr
50
Yel Checker Cab A
934
1834
1 534
724
1624
1424
1634
824
Shares
Mar
Apr
339
335
Price
1
Equipment
Santa
Wells Fargo Bk & U T.100
Western Pipe & Steel...10
Week
Mar
5%
470
16
Victor
for
of Prices
Low
High
Mar
40
z
Par
Week's Range
Sale
Range Since Jan. 1 1937
Shares
High
114
5%
12%
103%
100
new
Low
Range Since Jan. 1 1937
Last
Week
1937
Sales
Friday
for
of Prices
Price
Schles'r <fc Sons (BF) cm new*
Preferred
Week's Range
Sale
Par
April 24,
Sales
Friday
Stocks (Concluded)
Chronicle
52
52
52
80
50
Mar
59
Jan
Mar
a A. M.
Cash sale,
c
t.wo-for-one basis on
March 9,
Castle & Co. split Its common stock on a
1937.
6 Ex-stock dividend.
d Stock split up on a two-for-one basis.
1, 1936,
Stock dividend of 100% paid Sept.
0
rCash
included
sale—Not
In
for
range
year,
Ex-dlvldend.
z
v
Ex rights.
t In default
Listed,
«
t Company In bankruptcy, receivership or reorganisation.
STRASSBURGER &C0.
133
MONTGOMERY
SAN
Provincial and Municipal Issues
STREET
FRANCISCO
Exchange—San
Exchange—San Francisco Stock
Francisco
Curb
Exchange—Chicago
1 1948
f63
65
5s
Oct
Oct
1 1956
m
63
6s
Sept
15 1943
5s
-May
1 1959
11534 11634
4s
..June
1962
102 34 104
109
11034
Prov of British Columbia—
July
4%r
Direct Private Wire
Oct
12 1949
1 1953
to
Last
Week's
Sale
Far
StocksAlaska-Mexican
of P rices
Price Low
100
American Toll Bridge
Low
400
10c
1,270
1,200
4%
1—4
168 %
1
Anglo National Corp
Argonaut Mining
Shares
1.65
1.
434
com
American Tel & Tel
Week
20c
1.60
5
100
©
87c
45c
Jan
2.50
6c
Jan
50c
Atlas Corp com
Jan
16734
Apr
5,500
78c
Jan
97c
2234
724 c
724
16%
50%
624
2734
1134c
3,570
21
5%
180
4
20
93
50%
8
_,.3
Bancamerlca-Blalr
1
Bendlx Aviation
5
Bolsa-Chlca Oil A
ii y8
22%
10
Bunker Hill & Sullivan.
120%
21%
zB
Cal-Ore Pw 6% pref '27 100
Calif Pac Trading pref
z
Cardinal Gold
z
Central Eureka
Preferred
1
7%
1~20
1
Cities Service
1
3H
Claude Neon Lights
3%
2%
Coen Co'slnc A
Curtls8-Wrlght Corp
24
148
20
10
934
22%
5%
Jan
13
Jan
1834
5234
934
Apr
Jan
1960
Jan
Apr
Mar
1334
2434
Gundy
Jan
New York
Apr
Jan
Apr
8
50c
Apr
82c
Feb
5,600
40c
Jan
1.90
Mar
200
40c
Jan
1.90
Mar
4
1.616
324
Apr
534
Jan
3
600
70c
Jan
324
Mar
100
1.05
Apr
2.50
Mar
Mar
120
102
1934
3
Jan
Apr
Jan
z
Feb
Feb
Mar
Railway Bonds
Feb
Bid
Canadian
Pacific
Canadian
4s perpetual debentures.
6s
534
1734
Jan
8%
75c
350
50c
1.03
21%
56%
2334
2024
5224
2234
6934
2134
2834
6434
2434
Feb
1
z
21%
54%
22%
74
43%
5%
4%
203
40
Apr
Apr
Jan
Dominion
1
1.30
6
Kinner Airpl & Motor..]
Kleiber Motors
10
10
Apr
Feb
Mar
76
2334
Canadian Northern
July
1 1969
Mar
5s
Oct
1954
101 % 102
Bonds
Mar
5s
Feb
1
Feb
Apr
62
2.15
Jan
1.15
1.20
2,900
80c
Jan
1.60
1 1946
100
1534
Jan
Ask
123
123%
105%
3,820
4.00
Apr
1734
734
1.45
2,900
1.10
Jan
1 85
Mar
1234
250
1124
Apr
1524
Feb
95c
3,283
51c
Jan
134
Mar
634
1,921
4.35
Jan
724
Mar
48c
3,090
42c
Apr
72c
Apr
50c
Mar
4s
Jan
1 1962
104
3s
Jan
1 1962
93
94
Feb
30c
Grand Trunk Paclflo Ry—
Mar
4.50
July
Mar
1734
034s
Ry—
1 1969
Feb
Mar
4324
1.3
92c
1
z
90
100
17
1.20
1
.
1 1960
Bid
Caitadlan National Ry—
Sept
1 1951
June 16 1955
Feb
1 1956
July
1 1957
20
12
Preferred....
1
July
11234 11334
Government Guaranteed
4%a
4%a
4%a
4348
4354
534
"4.10
International Tel & Tel
Italo Petroleum
2134
43%
1
...
74
21%
20
International Cinema
Dec
4%b.
103% 104%
108
108%
1 1946
6s
10134 10234
Sept
Jan
100
Apr
Apr
15 1944
1 1944
110
15 1942 /109
Dec
July
Pacific Ry—
4%a
Mar
50c
Sept
4%a
9524
Mar
Jan
'
Holly Development
9534
Ask
Bid
Ask
Ry—
5s
1524
634
..20
Idaho-Maryland Min
Inc.
Private wires to Toronto and Montreal
Mar
300
com..
Honokaa Sugar Co
Co
&
Jan
734
150
100
Bonds
14 Wall St.
75c
Hawaiian Sugar Co._-__20
Hobbs Battery Co A
9034
Wood,
Jan
454
1734
634
5
Preferred
93
89 34
Canadian
Feb
0%
4%
17
.
General Metals
Great West El Chem
9134
91
11234 11334
1
5s
z
90
15 1940
1 1951
Jan
150
8
15 1943
Nov
Oct
Mar
Feb
3,200
9354
June
5348
434s
105 34 10634
Mar
6%
__
1
1C
Dumbarton Bridge
ElectricBond & Share
General Electric Co
102
Apr
724
14634
2534
634
9524
1.25
Columbia River Packer.
Consolidated Oil
29
1.25
93%
7%
1
5s.
10534 106 34
Sept 15 1952
Jan
1.25
zCal Art Tile A...
106 34
10724 10824
10834 10934
Feb
50c
10
_
10%
22%
5%
122%
15 1960
15 1961
105 34
Feb
U%
22%
5%
126%
2154
50
Pre/erred
Aviation Corp
Apr
Apr
1958
Prov of Saskatchewan—
4%a
Feb
Jan
980
17H
4%a
4%a
Feb
382
534
18624
8%C
9%
17%
50%
8%
5
1 1961
—
Feb
4
565
8%c
8 34
1
May
10724 10824
2 1950
Feb
434s.
Feb
50c
5
6
Mar
4s
116
115
High
Jan
24
Arkansas Nat'l Gas A
4%a
93
93 34
5s
Range Since Jan. 1, 1937
for
20c
25
Alaska United Gold.
z
High
5
Alaska-Tread wel
Allegheny Corp
Range
92
92
90
Province of Nova Scotia—
Sales
of
91
1 1941
Dec
Prov of New Brunswick—
April 23, both inclusive, compiled from official sales lists
Friday
Province
1
10934 11034
Jan
15 1965
Quebec—
2 1959
June
5s
Exchange
4348
1 1942
15 1954
.Aug
5s
April 17
99% 10034
95
9634
Province of Manitoba—
4%a
Francisco Curb
Ask
Bid
Jan
4%a
5s
Board of Trade—New York Curb Exchange (Associate)
San
Province of Ontario—
Ask
5s.
(Since 1880)
Members: New York Stock
Rid
Province of Alberta—
5%
45c
30c
4824
7
1970
Jan
1,100
20c
3234
35
2824
Jan
1
3.50
100
3.30
Apr
4.80
Jan
1
54c
9,363
43c
Jan
63c
Feb
60
5434
Jan
2,670
lie
Jan
1934
Jan
6824
1734c
2834
1,000
30c
Apr
53c
12%
Apr
1734
•
Private wire connection between New York,
Feb
210
Municipal
•
Jan
CorporatioM
Montreal and Toronto
Mar
30c
1354
Government
Mar
Mountain City Copper..5c
Nash-Kelvinator
...5
60%
1354c
2134
SECURITIES
CANADIAN
Marine
Bancorporation...
Nenasco Mfg Co
MJ&M&M Consol
z
3234
31%
Montgomery Ward & Co.
z
Nevada Porph
21%
5
North Amer Aviation
1
13
60
34
Feb
Royal Securities Corporation
30 Broad Street
New York
•
Bell System Tele.
Industrial and Public
Bid
Oahu Sugar Co
z
20
Occidental Pete
Olaa
37
37
43c
Jan
82c
Feb
Abltlbl P & Pap ctfs 6s *53 f 106
Alberta Pac Grain 6s. 1946
97
100
1424
Mar
1734
Jan
Beauharnols Pr Corp 6s '73
6234
63
Mar
Bell Tel Co. of Can 5s. 1955
11234
113
2%a to '38—5%a to '49
Massey-Harrls Co 6s_ -1947
83
McColl Frontenac Oil 6s '49
9624
Minn A Ont Paper 6s.
1434
20
46
46
10
Pacific Clay Products
z Pacific Coast Aggreg__10
14
14
170
Pioneer Mill Co
...20
3.05
.
3.C
3.20
53
54
54
30
1034
3054
1,765
37
Apr
44
46
Jan
50
1224
Jan
1834
3.05
Apr
4.15
Jan
Feb
Burns & Co
5^8-3^8-1948
10%
Shasta Water Co
com
Silver King Coal
8o Calif Edison
...5
25
534% pref..
6% pref
25
25
27%
Standard Brands Inc
Jan
Calgary Power Co 5s. .1960
Canada Bread 6s
Feb
Canada North Pow 5s. 1953
235
30
Jan
Canadian
331
Apr
Jan
Canadian Vlckers Co 6s '47
Jan
Cedar Rapids M & P 5s '53
112 34 113 34
Montrea
Consol Pap Corp
/9634
9734
New Brunswick Pr 5s.
/66
6624
Northwestern Pow 6s. 1900
93 34
Certificates of deposit...
85
6)48.1955
Ottawa Valley Pow 5%a '70
Power Corp of Can 4%a '59
101
Mar
1941
1054
934
Inter Pap 6s *49
208
18
100
7
Jan
20
18
Jan
27
41
30
39
Apr
145.
2634
26%
27%
14%
2634
2634
2834
1324
2534
2634
2724
Feb
4134
1634
3224
2834
2934
100
288
20
241
Jan
Jan
Apr
Mar
Apr
Mar
Feb
Mar
Jan
Feb
Jan
Mar
Jan
5%B 1961
534 s ex-stock
Dom Gas & Elec
1961
034s.1945
Stearman-Hammond 1.25
2.20
10
2534
14%
10
2534
1434
96
108
Montreal Island Pr
109
103 34 103 %
102 24
10?
99
9234
4s
1956
East Kootenay Pow 7s 1942
Eastern Darles 6s
1949
1950
10234
1956
101
85
100
Fraser Co 6s...Jan
8534
Apr
44
Jan
General Steelwares 6s. 1952
Apr
1634
Jan
/95
2.70
Mar
Gt Lakes Pap Co 1st 5s '55
6s
1950
103
-
2.15
2.30
1,065
2034
15
20
Mar
24
Feb
Int Pr & Pap
Superior Ptld Cement A
45
45
97
45
Apr
49
Feb
18
5
18
Apr
21
Feb
3.75
Feb
B
Texas Consol Oil
1
3%
United Corp of Del
U S Petroleum
1
2.05
z
U
8 Steel
com
2:
Jan
113
1.55
Jan
534
100
534
Apr
834
Jan
2.05
5%
.100
1.90
2,900
1.25
Jan
2.90
10134
_
_
9524
7724
Jan
12634
Mar
115
3.65
113
2,425
5%a
1961
10334
5s
1961
83 34
*
No par value.
Tramway 5e 1941
102
1937
99
5s
Dec
1
9834
/ Flat price.
1957
84
99)4
5034
97
98
90 34
9134
10224
85
103
100
10434
5%a '47
Quebec Power 5s
1968
8aguenay Power 4% a. 1966
Shawlnlgan W & P 4348 '67
Smith H Pa Mills 4% a '51
103
6s *40
112
1948
94
Steel of Canada Ltd
United Secure Ltd
10134
MacLaren-Que Pr 534s '01
50
United Grain Grow 6s
Feb
10
of Nfld 5s *68
1939
1956
1973
value) 3s
Provincial Pap Ltd
Lake 8t John Pr & Pap Co
18
-
86 34
104
20%
par
3 34s
100
Ottawa Traction
84
1
1945
5%a'57
Montreal L H & P ($50
3%b
10034 101
Donnaconna Paper Co—
Sunset McKee A
z
86
Feb
50
25%
14%
9924
1224
3734
Gatlneau Power 6s
S P Gold Gt Fer 6% pf 100
99
10234 10334
/79
7934
10334 10434
60
2534
7
Preferred
98
Apr
1224
934
2024
934
18
Schumacher Wall Board..
Ask
90 34
Apr
40
Riverside Cement A..
534 8-1951
Leaf Milling—
Maple
1034
1034
834
1634
334
9%
Manitoba Power
53
35
253
Radio-Kelt h-Orpheum
81
106 34
98
175
Canadian Lt & Pow 5s 1949
Radio Corp of America
Bid
185
1,400
14%
Pacific Ptld Cement pf 100
Packard Motors
Utility Bonds
Ask
3834
20
Onomea Sugar Co
HAnover 2-6363
53c
1
Sugar Co
•
NY 1-208
Mar
5%a '52
Winnipeg Elec 6s.Oct 2
'54
10324 104 34
100 34 101
10224 102 34
102
-
98
103
•m
96
-
-
79
-
+
m
members
Telephone
new
2-0980
HAnover
SPECIALIZING
IN
52
AND
NEW
PRIVATE
WIRES
dealers
association
Teletype NY 1-395
WILLIAM
MONTREAL
Volume
security
UTILITY
CANADIAN
BUILDING
ALDRED
york
Bell System
Hartwal
Cable Address
STOCKS
INDUSTRIAL
STREET
AND
ROYAL
BONDS
BANK
BUILDING
TORONTO
YORK
CONNECT
OFFICES
144
2805
Canadian Markets
LISTED
'
'
*
For miscellaneous Canadian
this section,
AND
UNLISTED
tables, usually found in
Montreal Stock
2804.
see page
Exchange
Sales
Friday
Last
Montreal Stock
Stocks (Concluded)
Exchange
April 17 to April 23, both inclusive, compiled from official sales lists
Regent
Par
Week's Range
for
Sale
Stocks—
of Prices
Low
High
Week
Price
Range Since Jan. 1, 1937
Shares
10
106
Alberta Pacific Grain A._»
Preferred
45*
100
Low
High
106
55*
.Jan
36
100
Bell
Telephone
100
Brazilian Tr Lt A Power.. *
24)*
British Col Power Corp A
36 )4
36
65
*
30)*
473
35)*
Mar
39)*
Jan
1,780
8)4
Apr
Jan
7
Apr
11)4
11)4
7
7
8
*
64
62
64
18)4
16)4
100
106)4
Canada Forglngs cl A
*
Canada Iron Foundries. 100
195*
106)4 107)4
22
X
"0%
Jan
111
Jan
Mar
Apr
Feb
10
16M
20?*
31
Apr
31
17
66)4
Apr
66)4
Apr
Apr
22)4
23
485
22)4
2)4
Apr
29)4
3)4
385
6H
6)4
630
7H
7 H
430
27)4
17)4
27)4
17)4
27)4
51
50
51
Canadian Canners Ltd
*
8%
"17 X
Canadian Car A Foundry.*
Preferred
25
26 X
*
14)4
854
17)4
24
27
255* 27)4
121)4 121)4
100
22
*
22
50
6
6H
W
Mar
Jan
Canadian Cotton* pref. 100
Canadian Foreign Invest.*
76
..
6
*
5
Canadian Locomotive
Canadian Pacific Ry
Cookshutt Plow
*
16
25
14
Con Mln A Smelt
25
*
"81~
Feb
26)4
26
26)4
515
24)4
Jan
30
Apr
14)4
15
50
14
Feb
16
13)4
14
205
Jan
18 H
Feb
82 H
86
968
14)4
80)4
Jan
Mar
77
80
140
74
Jan
96)4
88)*
io)4
10)4
10
16
9%
6,815
11)4
7Vs
Apr
7K
Jan
11)4
*
5
5
100
54
*
25
85
*
854
Preferred
Wabasso Cotton
131
54
25
25
150
*
Preferred
70
70
1
117
117
20
Jan
Mar
Jan
Mar
Jan
7
Jan
50
Jan
60
Apr
22
Feb
25
70
Feb
115)4
70
Mar
Jan
120
Feb
.
Jan
30
Winnipeg Electric A
B
31)4
251
5
Apr
5
6)4
1,599
5
Apr
10
Jan
5
5%
782
30
Apr
43
Jan
75
61
78
Jan
82)*
Jan
130
57
Jan
59
Jan
110
143
Jan
158
Apr
48
183
Jan
211
m
5)4
100
Preferred
Woods Mfg pref
|
5
100
Western Grocers Ltd
26
75
..100
Jan
10)4
Mar
Jan
Apr
Banks—
Canadlenne
100
59
58)4
157)4 158
Jan
Commerce
100
200
200
6?*
Apr
Montreal
100
229
229
72
217)4
Jan
241
Feb
Jan
Nova Scotia..
100
333
333
26
314
Jan
340
Mar
Apr
Royal
100
214
216)4
214
201
Jan
226
Feb
10
18)4
5
25
Feb
30
510
50
Apr
Canada
50
Jan
m
14)4
Apr
Apr
21)4
1,713
1,066
24
Apr
32
Feb
24 M
Jan
31
Mar
148
121
Mar
126
Mar
Mar
25
6.888
214
Apr
Feb
100
21
Jan
22
28
70
28
Apr
30
80
115
75
Feb
80
7
105
Apr
26
290
77
1,070
5)4
5
654
6
16
106
Apr
33
Feb
72
Jan
83)4
8)*
7)4
23)4
17)4
Jan
3,005
5H
950
5H
15)4
13)*
14)*
74)4
15)4
135*
15)4
14)4
4,948
19)4
2,575
75
84
9,468
155
ESTABLISHED
Mar
25)4
Apr
Feb
Apr
Apr
Jan
Jan
22)4
100)4
Canadian Govirnment
Municipal
INCORPORATED
Apr
105
HANSON BROS
Feb
80
75
Jan
Mar
61)4
8%
25)4
Can Hydro-Elec pref
100
Canadian Indus Alcohol..*
Apr
33)4
8,525
Jan
105
80
Apr
94)*
35)4
4
28
Canadian Converters. .100
Canadian Cotton*
100
24
Apr
30
Jan
16
*
new
22)4
72
*
B
73
Jan
17)4
Canadian Bronze
-
104
Jan
31
3
Canada Steamship pref 100
Rights
257
66)4
16)*
72
New
Preferred 7%
305
17)4
Can North Power Corp..*
Canada 8teamshlp.
*
Canadian Celanese
495
9,179
Feb
Mar
31
100
.
170
Jan
*
.
Jan
18)4
159
39)*
Apr
Apr
29 H
United Steel Corp
Viau Biscuit
Jan
Apr
15
26)4
Twin City
Jan
38
33
Jan
28
*
—.25
Apr
5H
Jan
Apr
8)4
Jan
*
Preferred
23)4
428
*
.
Mar
Feb
24,652
160)4
2554
36)*
36)4
8)4
m
Building Products A
New preferred
Can Wire A Cable cl B
26)4
16
25
17,013
Feb
Steel Co of Canada
Mar
24
Canada Cement
Preferred
3
160
B
Preferred
17)4
516
14
Mar
Simon (H) & Sons
*
Southern Canada Power.. *
11
780
30)4
11)*
22
*84"
Sherwin Williams of Can.*
405
6,199
5
Jan
29
Feb
68
Jan
15
4
29
25
Jan
20)*
17
Jan
5
7
Mar
Jan
29
2,302
3,188
110
7
19
10
23
JaD
Jan
Jan
1,020
89
.100
Apr
42)4
High
Apr
30
1,020
83
50
new.
Shawinigan W A Pow
Jan
Low
8)4
23
8H
23
A preferred
Jan
Jan
19)4
1354
34)4
12
5
"13"
Silk Mill*
4)4
28)*
*30)4
Jan
5
*
Preferred
106
*
St Lawrence Paper pref 100
6
(N) Grain
23
...»
Voting trust
St Lawrence Corp
Jan
6
15
Class
5
765
Range Since Jan. 1, 1937
Shares
30
25
19)4
180
*
Brock
190
High
10)4
23 H
8)4
Apr
35
*
Bathurst Pow & Paper A
10)4
9)4
8)4
34
Associated
Bawlf
50
34 J4
Amalgamated Electric
Breweries
9)4
Low
22
Knitting
St Lawr Flour M
9)4
Agnew-Surpaes Shoe
*
Agnew-Surpass Shoe pref. *
Week
Rolland Paper com
Last
Acme Glove Works Ltd..*
for
of Prices
Price
Par
Preferred
Friday
Week's Range
Sale
255 St. James
56
Jan
Public Utility and
1883
St., Montreal
Industrial Bonds
330 Bay St., Terento
Sparks St., Ottawa
Feb
Jan
Montreal Curb Market
Mar
Mar
Mar
Crown Cork A Seal Co.—*
20
20
205*
135
18
Jan
22
Jan
Distill
23
23
23 54
810
Apr
29
Mar
925*
925*
5
23)*
92)4
Feb
54)4
52
55
Mar
21
20
21
94)4
58)4
23)4
April 17 to April 23, both inclusive, compiled from official sales lists
Corp Seagrams
Preferred
Dominion Bridge
Dominion Coal pref
Dominion Glass
*
100
-.100
lie?*
Dominion Steel A Coal B 25
20 %
Dominion
Textile
Preferred
Dry den
*
80)4
149
-.100
Paper
17
*
Dom Tar A Chemical
16
Preferred
Eastern
Dairies
Electrolux
Corp
19)4
Enamel A Heating Prod..*
English Electric A
*
B
Apr
19)*
Jan
95
110
Jan
30,567
13
Jan
360
73
Jan
85
Apr
20
145
Feb
145
Feb
20
Apr
18)4
Apr
19)4
754
175*
3,180
13)4
Jan
16)*
1,830
14)4
Apr
112
25*
20
754
265
120
565
5
Jan
Jan
10
34
Jan
1,910
3,665
67
11)4
305
28
16)4
.....
11
100
100
14
Gypsum Lime & Alabaster*
100
1654
25
17
100
13)4
17
4,427
1,830
86
*
86
86
30
Holllnger Gold Mines
5
12)*
11)4
125*
Howard Smith Paper
Preferred
*
30
27)4
30)*
100
102
Imperial Tobacco of Can.5
14)4
101
14
7)*
£1
~36
100
35)4
102
94
Power pf. 100
Jamaica Pub Serv Ltd
*
255
3,735
7)*
90
36
40
615*
64)4
90
94
36)4
3,515
3,225
14)4
40
"62)4
International
36)4
5,685
15
12,690
2,217
65
Jamaica P S Ltd pref
Land JonnaCo
100
130"
130
130
35
21)4
20
22
Lake of the Woods
100
34 X
31)4
35)4
8,453
1,025
145
100
"13 k"
145
10
24)*
8)4
54
7)4
100
Jan
90
Apr
Apr
18)4
Jan
15)4
34)*
Apr
100
13)4
7
33)4
40
Feb
Apr
Mar
103
Mar
15)4
7%
38)4
Mar
Jan
Jan
40
Mar
Apr
73)*
Mar
90
Jan
98
Jan
36)4
Feb
34)4
130
Mar
Apr
103
Apr
15)4
Jan
22
Mar
31)4
Apr
43)4
148
100
86
55
85
39
40)4
1,896
40
41
55
2,910
1,132
10,245
42
40
47
Jan
Jan
Jan
61)*
58
44)4
Apr
11)4
17
42
Feb
100
Apr
6,022
40
15 M
Jan
Apr
Mar
31
44)4
66)4
Jan
18)*
62
"46"
Mar
18)4
30
39 )*
Apr
18
56
Jan
Jan
62
*
31
Jan
Mar
Jan
85
25
Jan
14)4
12)4
63)4
40
National Steel Car Corp..*
Niagara Wire new
Mar
16 H
34
54)*
Preferred
8)4
37
17)4
Montreal Tramways
Breweries
Jan
Jan
Apr
295*
National
24
Apr
15
*
Apr
11)4
54)*
Telegraph
Jan
31
*
M assey-Harrls
Apr
5
75
*
Goodyear T pfd inc '27.100
Gurd, Charles..
*
Montreal
5)4
115
Apr
85
General Steel Wares
Preferred
19
Apr
13
25
*
2)4
31
30
Intl Nickel of Canada
109
11)4
30
Industrial Acceptance
Intercolonial Coal
Mar
81
*
Preferred
Mar
149
Famous Players vot tr
Foundation Co of Can
Hamilton Bridge...
Preferred
28 H
Mar
31
*
Preferred
118
Jan
79
2)4
1
1,985
1,310
52
145
109
*
8)*
Apr
Feb
156
16)4
Jan
Mar
Mar
Mar
65
Feb
Apr
Apr
100
Mar
39
39
Mar
Feb
Apr
42)4
43)4
57)4
Apr
54
Feb
Feb
Jan
Noranda Mines Ltd
*
Apr
83
Feb
Ogllvle Flour Mills
*
255
241)4 255)4
145
241)4
Apr
300
Mar
100
150
150
110
168
Feb
168
Feb
Preferred
Ontario Steel Products
Ottawa Traction
Penmans.
Power.
63
150
62
*
16
16
5
15
Jan
18)*
•Tan
100
22
22
55
20
Jan
22
Apr
155
60
Mar
03)4
Jan
2,997
21
Apr
Apr
33)*
Feb
62
*
Power Corp of Canada...*
Quebec
62
*
24
6354
21
25
18)4
Range Since Jan. 1, 1937
Last
1165* 1165*
18
21)4
14)4
14)4
Sales
Friday
195*
550
18)4
25)*
Jan
Stocks—
Par
Week's Range
or
Sale
of Prices
Week
Abltlbi Pow <fc Paper Co..*
6% cum pref
Pref ctfs of deposit
Low
Price
Apr
Jan
80
Apr
1,326
41
Jan
79)4
95
31
60
Mar
97
Apr
119
50
Apr
135
Mar
Feb
122)4
Feb
12)4
76)4
70
72
95
119
—
7% cum preferred.-.100
*
119
Asbestos Corp voting tr..*
Bathurst Pr & Pap class B *
97
11)4
Beauharnols Power Corp.*
Brewers & Dist of Vane..*
15)4
67
-
93)4 110
9
U)*
39,250
6,995
4,097
1,407
Brewing Corp of Canada.*
$3 cum pref
*
7H
8)4
8)4
58
3
7%
------
3)*
2,285
9
18
1,682
431
Brit Amer Oil Co Ltd
*
23)*
17)4
6)4
22)4
24
3,780
B C Packers Ltd
*
21
20)*
22
4,670
Canada & Dom Sugar Ltd *
Canada Malting Co Ltd..*
39
Bright & Co Ltd (T G) —*
Can Nor Pow Ltd pref. 100
Can Starch Co 7% pref. 100
Canada Vinegars Ltd
*
Can Dredge & Dock Ltd—*
Cndn Gen Invests Ltd—*
Can Int'l Inv Trust Ltd..*
.18
~
-
—
-
Claude Neon Gen Adv
«...
-
W
M
M
«-
-
98
21)4
6
Jan
Jan
Jan
26)4
Mar
Feb
22
Mar
66
Apr
73
Mar
Jan
112
Feb
105
105
10
105
Mar
105
Mar
19
Jan
20
Jan
40)4
914
Apr
47
Mar
Jan
U)*
19
75
40)4
41
200
10 J*
4
11
250
99
4
25
3
15
93
575
«.
_
_
*.«.
-
1.00
1)*
4)4
2)4
4)4
8
20
11
11
15
1.00
50c
2
38)4
Apr
Feb
Jan
5
Jan
Jan
18
94
Feb
ion
Jan
24)4
163*
14)*
17
*
15
14
16)4
16
17
24)*
23
1.00
Fraser Cos Ltd
*
"44"
*
43
48)4
105
37)*
35)*
48 M
101
9
Mar
29,148
*
*
2.50
Jan
Mar
Donnacona'Paper A
*
Apr
40c
1 85
69
Foreign Pow Sec Ltd
Jan
Feb
Jan
11)4
11H
625
12%
9 J*
8)*
7k
Jan
4,645
40
9)4
10
1.00
Jan
Mar
2,150
11)4
11
6)*
3)4
65c
64
5
3
Apr
2)4
20)4
40
Eastn Dairies 7% cu pf.10
390
1.75
1.25
11)*
No par value.
Jan
Apr
8
4)4
64
*
Jan
22)*
16)4
34
*
Hydro-Elec Sees Corp...*
Imperial Oil Ltd
*
Inter-City Baking Co.. 100
Jan
109
*
Voting trust ctfs
4
83
*
Frelman (A J) 6% cum pflOO
Gen StI Wares 7% cu pf 100
Jan
125
Dora Eng Works Ltd
.
Apr
1,465
Dominion Stores Ltd
Ford Motor Co of Can A.
Jan
9
39
Dom Oilcloth & Lino
Fairchild Aircraft Ltd
9%
*
2
Consolidated Paper Corp.*
European Elec Corp Ltd 10
6
Apr
Jan
Feb
68
98
»
2)*
19)4
B
7
6)*
7)4
2M
14 yi
Apr
110
66
19
19
«.
*
Commercial Alcohols Ltd *
10
93
Apr
37
......---
Can Pow & Pap Inv Ltd..*
Catelll Food Prod Ltd
*
City Gas & Electric Corp.*
6)4
119)4
110
__
Cndn Int InvTr5%cmpfl00
Candlan Marconi Co-.1.00
Catellt Fd Pr 5% cum pf_15
m.
High
Feb
10)4
69
100
Low
Shares
6)*
41)*
1134
12
100
Aluminium Ltd
High
80c
4
Jan
Jan
Jan
Apr
220
62
Jan
73
55
40
Apr
41K
Feb
Apr
12%
Apr
13 H
Feb
19)4
Apr
13 H
Feb
19
Apr
17)4
Jan
30
Jan
Feb
16,960
5,730
1,356
9%
15
Apr
400
9H
Feb
10)*
5,965
8H
Apr
13
Jan
24 H
873
22%
Jan
85
1.25
Jan
29 %
2.50
Feb
1.35
9)4
11
44
1,607
13,784
30
44)4
48)4
165
48
107
420
76
9
30
21)4
21)4
22 H
36
38
38
9,936
50
29)4
8:H
21
37 H
Feb
Feb
50
Apr
Feb
50
Apr
Mar
49
Jan
Jan
110
Mar
Jan
13)4
Feb
Jan
24%
Mar
Mar
39)4
Jan
APril 24>
Financial Chronicle
2806
Curb
Montreal
Intl Paints
Week's Ranoe
of Prices
Low
High
Week
Price
Par
83*
(Can) Ltd A..*
5% cum ref _20
MacLaren Pow A
Paper--*
Massey-Harr 5% cu pf.100
McColl-F OH 6% cu pf.100
Preferred
<m
*
pref_100
~
20
m m
Page-Hersey Tubes Ltd.."
Price Bros A Co Ltd
100
63*%
cum pref
100
Power of Can cum pref. 100
Quebec Tel & Pow A
mmm.
United Distillers of Can..*
Jan
Apr
1009*
Mar
Bank of Canada
9
Feb
Bagamac Mines
Apr
99*
Jan
105
Mar
75
99
Jan
4,985
43
Apr
489*
689*
Jan
79
Mar
1043* 1043*
35
Apr
107
Feb
49*
"429*
49*
13
12
1049*
110
m
m
49*
Mar
149*
Feb
35
Apr
44
2,265
15
100
13
Jan
208
Jan
108
Mar
22
104
108
90c
m
599*
Bank of Montreal
Bankfield Cons
~589*
31c
.1
2
45
45
46
193*
193*
23*
*
36c
Bathurst Power A
*
199*
*
10
B
Beattle Gold
Beatty Bros A
Beatty Bros pref
Beauharnols
Feb
9c
5834
2,000
89*0
579*
Apr
12o
Apr
37c
25,400
23c
Apr
58
23c
230
8034c
Aldermac Copper Corp
Alexandria Gold Mines
*
1.30
1
29*c
29*c
3c
Arno
*
4c
4c
4c
Mines
1
43c
33c
48c
Big Missouri Mines Corp.l
Bobjo Mines
1
50c
45c
50c
Beaufort Gold
Feb
38,250
17 34
100
15
Apr
Apr
40
102
Mar
1,808
6
Jan
215
1589*
Jan
1.03 122,675
76c
Apr
Apr
Apr
400
1134
12 34
351
119*
Big Missouri
1
1,140
♦
45
Apr
499*
Jan
Blue Ribbon
199*
Jan
20
Feb
16c
1
16c
7.20
♦
7.50
1.90
Feb
Brazilian
*
249*
49*c
Jan
Brew Jir Distillers--.
*
89*
9c
Jan
Brewing Corp
*
3
65c
Feb
Preferred
*
2%
179*
72c
Feb
B A OH
*
B C Power A
*
183* c 183*c
183*c
40c
65c
6c
83*c
53*c
259*c
27c
60c
BouscadUlac Gold Mines. 1
Brazil Gold A Diamond Ml
m
mm
m
m
m
7c
45c
Jan
209* c
Mar
40c
1,000
58,150
4,000
16,100
1,434
Apr
Apr
Apr
Apr
Apr
1.15
Feb
15c
Jan
15c
Mar
6c
59*c
6.40
Feb
Apr
2.48
Mar
Apr
47 9*0
Jan
Dalhousle OH Co
*
East Malar tic
Eldorado Gold M Ltd
Faleonbrldge Nickel M_.*
Grabam-Bousauet Gold.
Granada Gold
Oil
Klrkland Lake Gd Mining 1
Feb
Jan
1.75
Mar
1.25
Apr
3.60
115
43
Apr
509*
Feb
11c
76,750
59* c
Jan
15c
Mar
1.25
90c
1.36
31,500
74,980
2,080
90c
Apr
2.03
Jan
Lake Shore Mines
1
7.40
Apr
12 9*
Feb
21c
Apr
55c
Jan
Apr
1.58
Feb
18c
Jan
60c
Feb
34
30c
Apr
39c
Jan
303*
2.480
1.35
Apr
4.10
Apr
1.35
32 3*
2.20
419*
Feb
1st preferred
2nd preferred
31c
45c
48,080
31c
Apr
57c
Feb
1.55
5,100
979*c
Mar
1.64
Apr
500
369*
Jan
11c
Apr
15c
3c
1.50
4,600
3,100
3,000
18,880
2,950
369*c 379*c
70
mm
50
52
52
11c 133*c
15c
20c
133*c
19c
3c
43*c
4.90
6.30
mmmmmm
6.15
1.15
1.50
369*c
39c
39c
80c
,
4.90
1.15
Moffatt-Hall Mines
4c
26c
4c
5c
4,000
6c
6c
3,000
5c
9.75
6.50
103*
61,145
6.50
mm
4c
1
Newbec Mines
3c
19c
mm
l
Montague
Murphy
mm
1,500
26,100
3,800
43*c
Ltd..*
*
Parkhlll Gd M Ltd
158
103
Jan
110
Feb
86
Jan
98
Feb
54
145
JaD
156
Feb
Feb
*
Jan
8c
Jan
Apr
45c
Mar
Apr
10c
Feb
Jan
11c
Feb
Apr
139*
Jan
73
210
17
*
100
25
Canadian Wineries
27
6
4034
634
41
1.55
13 9*
Mar
123*
Jan
Apr
Apr
Apr
213*
Feb
32
Jan
403*
Jan
445
705
403*
634
2,780
60
1.58
57,025
344
11
36
115
120
1334
1434
6,082
2
2
50
165
3,650
102
102
135
100
102
10
143*
243*
147
1
100
203*
1134
1.10
115
116
Mar
634
5
"
93*
130
Jan
1.10
Jan
135*
2
Apr
89*
Mar
594
5
73*
JaD
Apr
Apr
Apr
Apr
2.30
Feb
Mar
1.47
102
Apr
Mar
1 00
19,695
89,000
2 60
25c 174,300
14c
Jan
19
Jan
135
173*
4
Mar
Jan
1.75
Jan
Feb
107
1.00
Jan
5.25
Feb
3.00
900
2.78
Apr
4.05
Jan
60c
79C
Mar
Chemical Research......*
85
101
59,485
60c
1.44
Jan
Apr
1.10
60
50,700
13,899
55,825
60c
25c
Feb
Commonwealth Pete
32
25
34
24c
Jan
95c
19
15
1934
15,800
4,300
Feb
Apr
42c
14
Feb
22 3*
Mar
2.75
2.85
800
2.75
1.20
1.55
12,103
Jan
2134
1,229
Apr
Apr
Apr
2.14
2034
23
Feb
1.45
34,638
84 34
8,300
22c
2.20
Apr
3.80
Feb
3.85
9,050
2.75
Apr
6.50
Feb
Conlagas Mines
1.50
17,700
1.05
Apr
2.51
Jan
............
5.00
5.05
700
5.00
Apr
6.75
Feb
Quebec Gold Mln Corp..-l
~60c
65c
65c
700
65c
Apr
85c
Feb
Read-Authler Mine Ltd_.l
4.70
3.90
4.80
9,725
3.90
Apr
6.85
Feb
Red Crest
1.25
1.00
1.30
1.00
Apr
2 00
Feb
63*c
79*c
99*0
Apr
22c
Feb
69*c
Apr
16c
Feb
1
72c
57c
75c
23,900
8,300
46,200
26,050
57c
Apr
1.13
Feb
.1
2.70
1.80
2.80
55,550
1.80
Apr
4.00
Feb
Slscoe Gold Mines Ltd---1
4.50
3.70
4.75
Jan
Siaden Mai
Reward
93*c 129*c
129*c
1
Apr
6.65
__1
1.45
1.10
1.55
23,080
43,400
3.70
1.10
Apr
2.50
Jan
Stadacona-Rouyn
*
1.79
1.25
1.99 635,430
94c
Jan
2.90
Mar
Sudbury Basin
*
100
Mar
4.30
Sullivan Cons Mines Ltd.l
1
1,705
Jan
Apr
22c
2.78
2.50
_
925
1734
Jan
Feb
73*
183*
75c
1.05
Exploration
"38 9*
♦
Cariboo Gold
Carnation Co pref
CastJe Trethewey
Central Patricia
Central Porcupine....
130
1034
11
C P R
1,030
14 34
::i 10
10
Canadian Oil..
Preferred
834
1934
2434
*
2.20
Ltd
1934
100
*
4
8
*
Canad Car A Foundry...*
Preferred
25
2.75
Towagamac
Mar
5
Jan
1.48
1
6
4
Apr
3.50 V
Teck-Hughes G M Ltd... 1
Thompson Cad
1
Apr
Apr
2.50
Sylvanite Gold M Ltd
Mar
31
4
Pend-OrelUe
Sherrltt-Gordon
75
Jan
03
Perron Gold Mines Ltd... 1
Shawkey
Jan
19
183
Pato Gold
Ritchie Gold
50
45
65
1
1
3.45
2.60
1
21c
14c
*
Cockshutt Plow..
1
60
28
40
Canadian Malartlo.
Jan
70
Apr
Apr
Apr
Apr
mmmmmm
new.. 1
Pioner Gold of B C
99*
60
Apr
3c
Jan
203
Can Indust Alchol B
4c
69*
64
Canadian Dredge
..*
Canadian Ind Alcohol A._*
17c
20
199
Jan
Feb
4
Can Bank of Commerce 100
Jan
Feb
Jan
25
*
Jan
55c
23*
100
Preferred
30c
1.19
30
65
8.50
Jan
7
334
734
334
*
7 9*c
Apr
Apr
235
Apr
1.40
Feb
23
91
Apr
42
Jan
593*
Jan
108
Jan
Apr
103*
Jan
Mar
23c
O'Brien Gold Mines Ltd.. 1
Pamour Porcupine M Ltd *
Pandora Cad
Jan
59
153*
152
27 9*C
389* Apr
309*c Feb
739*c Mar
500
76c
Mines. 1
M
Apr
1.40
41c
m
309*
«7a
86
106
100
Canadian Canners
28,250
35
1,746
150
*
Canadian Bakeries
30c
m'm
Mclntyre-Porcup M Ltd.5
Gd
Canada Steamships
Can Steamships pref
26c
75c
1934
*
26c
Mackenzie (R L)
McWatters
Apr
56
1634
100
Can Permanent
Can Wlre& Cable A
Can Wire A Cable B
j
McVittie-Graham
3.60
8
56
19
100
Preferred
Canada Packers
4,100
88,700
1,100
1
Lee Gold Mines Ltd
Apr
734
»
B preferred
50
Canada Cement-.---.-..*
2.00
1
Lebel-Oro Mines
2.10
Feb
F N
313*
Lamaque Contact G M..*
Macassa Mines
55c
32,550
Burt
30c
•
Jan
0 55
439*
Hudson Bay Mln A Smelt *
J-M Consol G M Ltd
1
Feb
Mar
Apr
8c
*
18
443*
Apr
Feb
26c
Apr
Apr
41c
Apr
1.10
163*
403*
2.00
22c
1
Apr
144
86,500
1,200
2.70
1
_
50c
345
60,765
2.03
*
Francoeur Gold M Ltd
25
1634
42
75c
Apr
8.80
60c
50c
16
3.55
Apr
22c 229*c
1.25
65c
Feb
40c
Apr
7.40
Mar
23c
2.60
18c
22c
Jan
743*
Jan
66c
1.20
m^mmmm
69*c
Jan
12Hc
3.35
1.08
Federal Klrkland
Apr
51
Jan
*
200
3.10
Feb
1
12,000
2.10
Feb
12 3*
25
25,260
2.80
1.10
Apr
Calmont Oils
Canada Bread
55c
1
Jan
83*
39*c
Calgary A Edm
439*
1
39
Feb
20c
mmm
Apr
Mar
1.45
1.10
Jan
209*
30 3*
25c
65c
1.28
«.
Jan
Mar
Jan
5.15
103*c
..*
Dome Mines Ltd
Duparquet Mining Co_._l
33*
21
Apr
18c
m
Jan
Jan
Apr
1.28
m
"16 9*
165
9,314
Jan
Jan
29c
4034
50c
50c
16c
79*
29*
14J*
223*
Mar
40
36c
1.05
m
Burry Biscuit
Burlington Steel
14c
Jan
2.75
13,700
5,800
18c
mmm
145
5,700
Feb
40 9*
1.28
1
3734
9,500
Apr
*
37
434c
18c
Consol Chlbougamau
37 9*
63
1.10
Coulson Consol
239*
22 34
334c
2.40
Conlaurum Mines Ltd
330
62
800
50c
1,571
49*0
14,250
5,000
3.60
Mar
517
334
*
30c
36c
93*
834
8
*
1.55
2.75
Mar
*
3.40
47c
Feb
303*
Bunker Hill
18c
mmmrnmm
9.00
Jan
Building Prod
1.10
1
Apr
8,188
2.40
Central Patricia Gold
7.20
2,700
28c
Jan
10
35c
1.55
63*
22,794
1034
3.40
Feb
8.00
30c
*
Central-Cadillac
24
8.25
Cartler-Malartlc G M Ltd 1
163*
Apr
35c
Cndn Malartic Gold
Feb
15c
18 34
24
14c
Jan
72c
4
Feb
30
1.70
35
9.95
Calgary A Edmonton.....
259*
Jan
Jan
170
10
1
7c
Jan
20
1
26c
99*
30,600
10,940
Br Dom Oil
1
Brownlee Mines (1936)
Feb
Apr
112
19c
434
Buffalo Ankerite
Buffalo Canadian
Bulolo Gold Dredging Ltd 5
213*
2554
37
..50
1.75
3734
4 34
*
Preferred...
Apr
Mar
1.00
1.50
24,700
Jan
Mar
Apr
Feb
79*
43c
1.85
340
10
17 H
111
834
15934 161
Apr
Feb
249*
25c
1,437
112
490
245
Feb
1.00
9*
Jan
60
65c
35,090
40c
Feb
Jan
10
40c
Biltmore Hats
20c
Jan
50c
Jan
33c
Apr
76c
Jan
Apr
Apr
Apr
Apr
809*0
312
98c
39*
4c
7
Jan
160 9*
1.15
2 J*c
54,785
Jan
221
1
Bidgood Klrkland
Jan
56,850
2,500
3,200
58,250
5,350
40
100
Bell Telephone
Apr
75c
47
20
30c
17
Braiorne Mines
1.42
75c
1.18
336
103
*
Jan
Mines—
Ventures
25c
79*
*
2
100
15o
Jan
16
17
100
85c
100
Apr
9o
834
1.35
*
..
Feb
Apr
8c
333
Base Metals Mln
Bobjo Mines
Home
"Too
100
1.15
55c
230
100
'
Bank of Nova Scotia
High
Low
13,932
6,900
70c
99*c
89*c
1
1 1937
Week
11c 163^c 171,950
55c
8c
619*c
'""15c
60
40
90c
2
*
Apr
Jan
35
108
mm
Mar
Mar
49*
10
90
110
15
m
Feb
30
Feb
Shares
Price
60c
Mar
463*
733*
375
Aztec Mining
Mar
Apr
for
of Prices
Low
High
1
I..1
739*
979*
60
101
713*
"49*
WaikervlUe Brewery Ltd.*
Walker-Good & Worts (H) *
Preferred
Astoria Rouyn
20
1,625
1
Ashley Gold
Jan
Par
Arntfield Gold
Jan
379*
69*
570
7
253*
43
*
Royallte Oil Co Ltd
*
Sarnla Bridge Co Ltd A__*
Southern Can P pref. .100
39*
105
mm mmm
'
mmm
Jan
20
Mar
909*
1
105
"~44
«•
*
Reliance Grain Co Ltd
33
4
101
mm
11
Apr
18
27 9*
1,545
92
63*
69*
m
High
Jan
69*
52 9*
4
..
25
Mitchell & Co (Robt) Ltd *
cum
m
10
765
713*
91
""91
m m
18
323*
60
_
Low
/Shares
35
18
29
......
Melchers Distillers Ltd..*
NSL<feP6%
83*
Stocks (Continued)
Week's Ranoe
Sale
for
Sale
Range Since Jan.
Last
Range Since Jan. 1, 1937
Last
Stocks (Concluded)
Sales
Friday
Friday
Int Paints
Exchange
Toronto Stock
Market
4.30
4.30
Apr
6.50
1.09
1.55
1.70 .114,995
1.09
Arp
2.25
Jan
3.50
Feb
mm
3.55
3.55
Apr
4.70
mmm
5.00
5.25
500
5.00
Apr
6.10
Feb
1.11
mm
100
1.67
1.22 244,810
67c
Apr
2.15
Jan
mm
mmm
1.06
•mmm--
2.10
*
1.70
60c
Wright Hargreaves M Ltd*
40c
6.95
Wood Cad
6.35
1.36
1.06
Apr
1.95
Feb
2.20
1.70
Apr
3.30
Feb
2,200
5,010
60c 119,650
7.15
1,550
40c
6.35
Apr
739*c
Apr
Apr
8.10
Jan
.....5
1.51
Coniauruin Mines;
Cons Bakeries
Cons Chlbougamau
Cons Smelters
1.30
5
100
Crow's Nest
100
Darkwater Mines
..1
Dist Seagrams
Dome Mines.
_.*
23
*
42
24c
Dominion Bank
%
Dom Steel Coal B
Dom Stores.
25
*
...
Dorval SJscoe.
1
East Steel Prod
East Malartic.
-
Feb
1003*
Mar
211
Mar
Apr
Apr
27 3*
Jan
50
Jan
85,400
70C
Apr
2.95
Jan
3,955
229*
Apr
283*
Mar
16,901
42 3*
Apr
51
25
233*
41
Jan
58
234
Jan
250
Jan
2134
145
20
Jan
24
Mar
1,500
60
15c
Apr
Jan
5
4
Mar
5
Mar
60
42
Apr
44
Apr
209*
1834
22
12 34
Apr
289*
123*
Mar
1134
123*
99*
Jan
12
59c
80c
40c
Jan
1.22
Feb
75c
20
21
90c
634
Easy Washing..
2.75
2.10
30
634
25
*
8.50
*
7.15
3.10
93,285
65
634
45
8.80
12,794
2034
22
2,440
20c
10c
249*
22 34
39c
*
200
20
1
100
634
29
*
Francoeur
165
29
"219*
Frost Steel pref
General Steel Wares..
21,800
5,320
63,500
1.38 183,251
33
Federal Klrkland
Inc.
2.68
Jan
Feb
743*
201
434
1.25
-
Famous Play voting
Fanny Farmer
Exchange
Apr
Jan
4334
434
*
Foundation Pete
Toronto Stock
4534
115
1.00
3.50
Jan
634
Ford A
Commodity Exchange,
24
58
1.20
20
43c
42
1
Preferred
Eldorado Mines
STOCK BROKERS
1.35
240
6
Dom Explorers
Dom Scottish Inv
Faleonbrldge
Members
22 34
42 f
2034
25
25c
44
70c
238
..100
Dominion Coal pref..
Equitable Life
Canadian
20434 206
41
1.18
Eng Electric A.
Duncanson, White & Co.
1.00
74
81
2049*
Consumers Gas
Cosmos
3.70
1.12
105
25c
72c
24c 195,275
25
40c
4,753
30,600
1.24 110,445
105
105
15
17
10
19
Jan
90c
Apr
436
Jan
24
Mar
Jan
2.05
Jan
93*
Jan
2.10
Apr
3 65
Apr
30
Apr
369*
Jan
53*
Jan
Feb
7
7.15
Apr
123*
Feb
29
29
Apr
213*
Apr
Apr
24 3*
Feb
10c
Apr
54c
Jan
22 3*
Jan
293*
Jan
25c
Apr
1.25
58
72c
Apr
1
1003*
Jan
107
8
Jan
Feb
Feb
Mar
York
Curb
16 King Street West, Toronto.
April 17 to April 23, both inclusive, compiled from official sales lists
Sales
Last
Par
for
Sale
Stocks—
Week's Range
of Prices
Low
Hioh
Shares
30c
Apr
15c
10c
17c 111,200
10c
Apr
30c
*
60c
50c
65c
67,723
50c
Apr
1.02
Jan
1
8c
934c
6,300
80
30c
Feb
"Tic
26c
32c
28,480
26c
Apr
Apr
25c
20c
25c
5,000
63c
45c
68c
37,700
10c 1934c
83,350
Gold Eagle
1
Goodflsh Mining
1 1937
Low
Preferred
Graham BousquetGranada Mines
High
Grandoro Mines
*
Abltibl
6% preferred
119*
100
67 9*
*
14 9*c
12
10
76
67
16,595
25,910
6 9*
Jan
419*
Mar
He
.
1
17c
30c
159*
Apr
80
Apr
Great Lakes Paper
Preferred
Jan
Apr
Apr
60o
Mar
Jan
49o
Jan
280
Apr
63
Apr
Apr
22c
Apr
84
Apr
92 3*
Feb
188
53
Mar
16c
28c
43,400
16c
Apr
63o
Feb
25c
30c
30,650
2,500
23 3*C
Jan
67o
Feb
54
1
27c
1
28c
6 34c
834c
.._*
21
1934
2134
*
44
40
46
*
12o
45
183*
135
8434
549*
*
1,405
59c 147,300
86
5434
85
50
Goodyear Tire
Range Since Jan.
Week
Price
57c
1
Goldale Mines......
1
Gold Belt Mining......50c
Toronto Stock Exchange
Friday
1
God's Lake Mines
WA. 3401-8
16 9*
Gillies Lake Gold.
Glenora
(Associate)
*
Golconda
New
10c
63*c
Apr
995
133*
Apr
1,939
33 3*
M ar
57
18o
269*
61
Jan
Jan
Apr
Apr
Apr
20c
Jan
Grull Wihksne
234
20
23*
Apr
A ft on Mines Ltd
1
59*c
5c
59*
9,300
5c
Apr
109*c
Jan
Gunnar Gold
i
92 c
69c
98c
Apr
1.26
Jan
1
35C
29c
35c
4,600
29c
Apr
57c
Jan
Gypsum Lime A Alab
*
1534'
1434
16 34
45,000
2,430
69c
AJax Oil & Gas
139*
Feb
183*
Apr
Alberta Pac Grain
*
49*
59*
235
4 9*
Feb
69*
Jan
Halcrow Swayze
1
Hamilton United Theatre25
Acme Gas A Oil
Preferred_
_
A P Cons Oils
_
100
_
„
35
32
40c
29c
*
1.30
88c
---1
Jmmmmm
*
1
...
Aidermac Copper
Alexandria Gold
_
12c 149*c
Anglo Huronlan Ltd..
Argosy Gold Mines.-.
1
36
13,900
28
234
__1
3
3
Jan
439*
Jan
29c
Apr
95c
Feb
Preferred..
86c
Apr
1.89
F-eb
Harding Carpets
*
59*
434
29*c
Apr
49*c
Jan
Hard Rock
1
1.87
1.39
3,219
6.00
Apr
8.75
Feb
28,889
60c
Apr
1 42
Fen
275
40c
29*c
8,150
1.40 128,065
29*c 22,560
6.50
6.00
7.00
87c
60c
87c
*No
par
value.
234
59
..100
3
234
3,500
25
75
3
Apr
2
Apr
3%
7
33*
Feb
Jan
Jan
Apr
09
Jan
1,100
589*
43*
Apr
7
Jan
2.10 121,945
1.39
Apr
60
534
3.44
Jan
Volume
Financial
144
r
2807
Chronicle
Canadian Markets —Listed and Unlisted
Toronto Stock Exchange
F. O'HEARN & CO.
STOCKS
11 KING ST. W.
Stocks (Concluded)
Par
Week's Range
for
Sale
of Prices
Week
Low
Price
Royal Bank
OFFICES
Toronto
*
Montreal
Noranda
The Toronto Stock Exchange
Ottawa
Sudbury
Winnipeg Grain Exchange
St Lawrence Corp
Montreal Curb Market
Saguenay Power pref. .100
Hamilton
Klrkland Lake
Sarnia
North Bay
18 %c
Chicago Board of Trade
Shawkey Gold
Week's Range
Last
Sale
Stocks (Continued)—Par
High
Range Since Jan. 1, 1937
for
Low
High wood Sarcee.
-
18**c
25c
Hlode & Dauch
*
15c 19**c
17c
20
21
30c
57,700
52,650
21
Hoillnger Cons
lis
12%c
Homestead Oil
1
48c
32c
Howey Gold
1
45**c
33**c
Hunts A_
*
400
1
*
,
Apr
103
Mar
1.25
1.85
74c
70c
Apr
Apr
Apr
Apr
54c
2.65
28
101
100
Sladen Malartic
Slave Lake
...1
10%
70c
53c
2.10
425,625
90 %c
15%c
Jan
Preferred.
87c
Jan
Stuart Oil pref
*
Jan
Sudbury Basin
»
19
Mar
18
Mar
Sullivan Cons
85
85
53
72
Jan
90
Mar
Sylvan 1 te Gold
100
14%
15
52
11
Feb
15**
Mar
14**
14
100
100
22%
14%
15
40,500
15%
12c
4.90
5.50
54,010
4.90
Apr
Apr
Mar
Texas Canadian
*
1.75
1.50
1.81
21,900
1.50
Apr
2.35
Jan
Feb
12%
13
200
10
Feb
14
Apr
Jan
Tip Top Tailors
Preferred
109
20
104
Mar
110
Apr
Feb
Toburn Cold
12%
Jan
99**
Feb
105
3%
Feb
1.61
Mar
53o
Mar
90C
Apr
Apr
2.15
Feb
Union Gas
♦
14
13%
14%
59c
Feb
United Oils
*
26
17
26
Jan
39
Jan
United Steel
*
8%
Mar
108
Mar
Ventures
*
2.10
70
Jan
34c
19%
73%
39%
Mar
Jan
21%
Feb
3.30
Apr
7,550
2.65
Feb
1.50
1.04
1.57 476,595
90c
Feb
1.70
Apr
—l
60c
11,600
60c
Apr
1.10
Feb
24
20
52
14,805
21%
10c 13%C
86c
90c
75
Mar
21%
Mar
Lebel Oro
19c
Lee Gold.
78c
6.40
Apr
68%
Apr
79c
Feb
1.05
Apr
15%c 20%c
59,754
14,100
18%c
Jan
30c
Jan
4c
7%c
Jan
1.35
Feb
4c
60c
5.00
11%
60
21
90
1.75
Apr
4.85
Jan
65C
Apr
1.20
Mar
3c
Apr
16c
Feb
36c
1.03
7%
14%
71%
14c
17c
9%
10%
62,400
47,100
87,820
1,410
216
8.40
8.60
40,100
4,353
12c
Apr
Apr
44o
Jan
9%
14%
Mar
1,500
1,62
180,128
35%
1.04
2%c
Feb
Jan
57c
60c
Apr
1.18
Jan
26o
Apr
63c
Mar
10c
39c
Feb
2.80
Apr
Apr
5.00
20c
Jan
290
45c
Jan
1.15
17c
1.05
43
Apr
1.98
Feb
4o
12o
Feb
18,225
4,500
16,471
75c
Apr
Apr
1.49
Jan
3.60
Feb
8
8,200
18,752
49,100
10% 116,738
1.70 29,995
6%
7,500
1.75
85
205,700
2.40
61%
6%c
1.20
70c
6.50
1.05
4**c
45o
Apr
Jan
4.10
Feb
12c
Jan
1.28
Jan
112
23
106
*
2
3%
133
2
Preferred
Oro Plata Min....
*
7
7
120
5**
Mar
100
149
1.00
Apr
2.20
10c
Apr
43%C
Feb
118
135
18
......
w
*
III
-.1
2.51
10
18
35,200
79,300
100
102
296
2.00
3.00
45,255
2.00
5%
6%
22**c
6
6%
560
20c
24c
—1
31c
20c
34c
-.1
22c
18c
23o
..I
73o
55c
77c
*
1.45
......
6.65
—1
l%c
2c
5.20
6.75
4.85
5.15
6,531
53,200
15,910
259,830
53,393
7,000
116,539
3,490
99% 100%
46
1.00
98
1.55
20o
20c
18c
55o
1.00
l%o
5.20
Jan
Apr
Apr
Apr
Apr
Apr
Apr
Apr
Apr
Apr
Apr
3%
10
Mar
Mar
Jan
Mar
4.00
Jan
9%
Jan
40
Feb
41
84c
Feb
III
4.60
Relnhardt Brew
III
Riverside Silk A.
48
Jan
44,000
15,000
3 80
50c
Apr
Apr
Apr
6.85
70c 108,620
340
3%
2%
4.95
1.30
23c
95c
Feb
1.95
Feb
1.78
Feb
Apr
3%
Apr
1.35
Jan
90C
1.05
23,150
90c
Apr
31%
31 %
80
30**
Feb
28cl99,370
15c
Apr
15c
Jan
Mar
95c
......
III
Jan
1.55
13%
52c
1.02
Feb
1.47
Jan
3.80
3
36
Mir
85
65c
,11*
6.85
102
Apr
1.29
2%c
27c
41c
*
30**
3.35
Feb
Jan
18%
Apr
Jan
90%
Apr
Apr
4.05
60c
Jan
1%
865
30,500
20,600
15,400
15
Apr
30%
13**
90%
Apr
Apr
Jan
41%
Feb
23c
Jan
2%c
27c
720
41%
3c
.5
16,000
33,900
15c
2%
4%
5J*c
4**c
2%
4%
5%c
1,600
7>*
62
16c
2o
33
48 %o
Rogers Majestic
Shawlnigan W&P
Stand Paving
Preferred
2%
4%
Temiskaming Mines
Thayers pref
Apr
6c
Jan
3.15
Jan
6.65
Feb
4**c
11c
Feb
260
2%
Apr
Apr
53,300
7%c 145,300
4c
1
4**c
4**c
Waterloo Mfg A
*
♦
No par value.
30C
Jan
16c
Feb
Feb
105
109
Apr
6
100
6
Apr
8%
30
Too
2c
1.00
28%
7**
44
1.00
195
1,985
35
50
"36"
46c
l**c
2**C 102,100
83
83
5
36
36
4. it
31c
20%
55
2%
2
2%
25%
5 J*
Jan
Jan
Feb
34
30
Apr
Feb
Apr
1
Apr
3%
Apr
4c
9%
56
Mar
Jan
Jan
Jan
1 **o
80
Feb
83
Apr
33%
Jan
37
Apr
20c
Jan
52c 116,700
25
19
68**
680
51
2%
550
2
3**
1,131
20%
Jan
3%
113
26
Jan
Apr
12 %c
122
6
7
100
Jan
Fe b
28%
*
*
Apr
Apr
71
6
..100
Walkervllle Brew
5c
7%
111
111
*
Jan
2%c
4.00
1
Jan
12c
19,820
73,225
38,500
3c
3.20
United Fuel pref
Jan
4%
Apr
Apr
Apr
Apr
2**c
Stop & Shop
*
Sudbury Mines
1
Supersilk Hosiery pref. 100
Supertest ordinary
*
4
Mar
15c
3c
.*
Feb
15
3.35
!..*
Apr
2,200
1
100
Jan
6c
49c
16**c
..1
.
57%
Apr
Apr
4%c
4%
69**
71
70
16**c
Jan
Apr
Apr
30
7
Feb
69c
Jan
535
22c
*
4%C
Apr
30%
46%
130
Apr
37%
30
160
Jan
Mar
55C
Apr
Mar
2c
*
18%
108
40
20
15c
1
Apr
140
22c
*
Apr
35
41%
Jan
Jan
V**c
__*
Jan
12
....l
100
Oslsko Lake Mines
Apr
30
100
1
Frb
1.10
21*
2%c
*
90c
12%
1.40
10,463
Apr
Apr
63
7c
32%
Red Crest Gold
1
5c
245
16c
37c
18%
33
30,660
75
105
26c
4c
Jan
14c
101
2%
Feb
.....
2.20
*
4.50
55
1.40
6C
1
2.20
65c
833
Ritchie Gold.
Apr
Apr
Apr
55c
1.41
16**
86
90c
Robb Montbray
Robert Simpson pref
Apr
III
Feb
32,900
16,850
Prairie Cities Oil
1.10
4,000
2,600
2,500
45c
21c
10c
Jan
2.50
33c
Preferred
Jan
19,055
1.10 132,650
Jan
51%
30
Feb
34,950
1.48
10c
15%
795
981
9.20
2.50
1.48
32c
58%
15
56
33 J*
3%c
3.00
84c
Jan
Apr
Apr
18**
55o
51%
5%c
2%
1.10
1.35
Ontario Silknit
Porcupine Crown
2.50
95c
....
Jan
1.44
1.45
Feb
Apr
Apr
32**
16**
"~37c
Jan
Feb
30%
13**
1
3%c
3.60
5
$5
1.38
2.85
......
Nordon Corp
North Star Oil
Pawnee Klrkland
..1
*
National Steel Car
Night Hawk....
Pend Oreille
-.1
III
Montreal LH&P
Jan
Premier
Jan
Mandy
Mercury Mills pref
Jan
Fob
Apr
Apr
10
15
14**
Mar
22%
15
*
-
6c
Jan
400
100
,
Apr
-.1
4.85
Preferred
31c
10
Feb
90
31
Jan
4
60
*
Jan
15
14
Too
Jan
3%
25
10
83
1.20
17
Jan
80
1.20
*
46o
100
96
17
"i8c
Feb
20
32
54 %
*
*
l%c
21c
8
55c
8
100
Hudson Bay M&S
Inter Metals A
Oil Selections
Jan
Feb
*
Preferred
Pioneer Gold
4.95
*
Preferred..
Feb
1.60
22%
10
18**
....*
Honey Dew
Mar
Porto Rico pref.
Powell Rouyn
......
Tog
*
Klrkland Townslte.
Malroblc
18%
170
l**o
*
Hamilton Bridge
Preferred
Home Oil
13.25
21
100
7,185
2 J*c
Foothills Oil
Apa
Apr
Apr
Apr
Jan
2%
Apr
Apr
Jan
Jan
Feb
8%
34
Apr
Apr
Apr
Apr
38%
660
6c
*
Apr
10%
Jan
790
9%
38**
19**
5.00
East Crest Oil
95c
12
3**c
Feb
1.75
Jan
Jan
2,195
9,000
64,690
10c
16%c
Apr
7%
24
1.75
23
6
7
*
Apr
8c
95
26,700
Dom Found & Steel
Feb
46,800
11c
117,600
Feb
Apr
Apr
Jan
19
19
Jan
Apr
6.00
88c
83
37
10
4%
5
4%C
Disher Steel pref
Dominion Bridge
Jan
45
Orange Crush...
21*
II*
High
Low
Shares
4c
Apr
Mar
1.05
4C
Apr
Apr
38**
*
11
107% 107%
Jan
Feb
5.00
DIsher Steel
21%
78c
Feb
52c
Range Since Jan. 1 1937
for
Week
4%
8
8%
*
Jan
68
28c
77c
8.10
4C
DeHaviiland
Apr
61%
Feb
Apr
5.60
1
Feb
Feb
......
Jan
5c
Apr
Apr
34c
5
Feb
490
66
53
6.10
...1
Churchill Mining
Coast Copper
Feb
8%
Feb
33c
*
*
-
8c
7
1
19%
45c
Red Lake G Shore
7
Cobalt Contact
Dalhousie Oil
145
75c
Read Authler
11c
*
2.00
910
4%
Quemont Mining.
1
23**
32,900
26,000
1.05
_*
Brett Trethewey
Brack Silk
*
59 c
2.70
13,600
2%c
Sales
m
Canadian WIrebound
Central Manitoba
8%
19%
6.50
Prospectors Air
Quebec Gold
*
1
49c
5**
Preston E Dome
Beath & Son A
Canadian Marconi
8%
19%
2.40
Price
Jan
26,200
1.55
Jan
Exchange—Curb Section
Jan
5c
90c
35
28
30
Jan
4c
75c
70,735
87,498
2.03
42%
4,251
18,230
6**c
62c
7.15
19%c
45c
45
5
34c
6.10
Canada Malting
Canada Vinegars
33c
9.95
70
11,300
6.85
*
45c
2.65
Ti
Par
Mar
30c
...*
75
3%c
29
Mar
4.00
!IIi
Pressed Metals.
Stocks—
16%
45c
Okalta Oils.....
Jan
2%C
70
3c
Jan
74
23c
85c
17%
O'Brien Gold..
Jan
12%
Jan
2.80
40c
10
6%
44
32
Apr
38
1.20
Jan
Apr
Apr
165
30
7
35%
70
10
of Prices
Low
High
Canada Bud
35%
1.60
10
Jan
Week'e Range
Mar
26
82
Jan
4%
Friday
Mar
4%c
*
4%
25
Sale
4**C
9**
Norgold Mines
:ii
Normetal Mining Corp Ltd
Jan
963
5%
Last
44c
*
Feb
5%c
7
Jan
Jan
45c
,--5
17c
20,500
Jan
6%
Mar
25
1.56
.......
Jan
Mar
5
11
101
4**c
"~55c
18%
106%
30c
Apr
4%
Jan
8%
3.65
—1
Mar
Mar
12c
Apr
Apr
Apr
Apr
Apr
1.05
16
99
36,350
14c
Mar
43
Apr
90
20c
6%
89
1.04
1.51
Jan
Feb
7%c
122
6
Toronto Stock
22
3%c
45
Apr
1,135
17
102
12c
58c
52%
27 **c
....
16
120
April 17 to April 23, both inclusive, compiled from official sales lists
247
17%
Moneta Porcupine........1
*
Moore Corp
Morris Klrkland
—1
11
7
100
10,090
2,240
1,600
10,856
98,275
75,060
115,200
98,825
12,850
11,750
35,111
30,300
33
III
Jan
92
4c
...1
13,030
6%
*
White Eagle
Wood Alex pref
23
60c
4%c
122
Feb
4.90
Apr
Apr
19%
859
100
16%
32
1,000
6.35 100,452
2.60 109,253
4c
122
18 %c
1
*
19%
4c
♦
91
25c
19%
122
*
Ymlr Yankee Girl
1.46
Mining Corp
Apr
1
Wiitsey Coghlan
Winnipeg Elec A
23
--*
4c
Feb
9
70c
19%
23
20c
39o
Mar
20
Jan
14c
Mercury Oils
49%
Feb
21
8%
115 "37"
Apr
793
4
McKenzie Red Lake- .-1
McMillan Gold
—1
McVIttfe Graham
—1
McWatters Gold
43%
*
3
91%
2,913
Wood Cadillac
3
*
46
Wright Hargreaves
65c
9%
43%
Jan
1.75
May Spiers Gold
-1
*
McColl Frontenac.....
Preferred
loo
Feb
44%
Feb
4.90
13%
Feb
Mar
25
99c
69%
15**c
Mar
4.65
Jan
2.21
100
11%
3.80
Apr
"Tic
Massey Harris
Jan
2.25
60c
21
7
7%
Apr
Apr
5.00
21%
9
Jan
Feb
Apr
23%
21%
19**c
Jan
70o
1.00
1,454
21
Maple Leaf Milling..:.
Preferred
19
Apr
1.60
88,875
33,875
82c
6.25
24
21%
Manitoba A East
Malargo Mines
Apr
17c
2.35
Apr
Apr
4%c
23
Lowery Petroleum
Jan
»"%
26,305
5,150
34,359
Preferred
1.33
77
5,463
Feb
3.40
100
B
23%
B
Jan
63c
35
17,050
18
2.35
-50c
Preferred
63,850
87c
2.00
Apr
*
Whitewater Mines
90c
88c
4c
I.I
28c
Apr
11%
3.10
*
Preferred.
69%
63c
69
Cap Gold
Peterson Cobalt
Pickle Crow
Feb
Jan
Jan
88c
25
10,169
Wayside Cons
10c
47,775
71,315
Western Canada pref. .100
*
Westons
15%
Jan
Mar
1.40
11%
101
9%
Jan
55**
110
86%
88c
1.50
Feb
10
Jan
2.24
69%
805
Apr
52
7%
42
84,215
46
Apr
11%
99
1.25
Jan
4.65
Jan
28%
1.60
Apr
Apr
70
Apr
37
71
515
1.00
Apr
21
2.25
Jan
6.00
1.35
49%
19
8,230
Feb
28%c
*
Vulcan
24
70
13c
-.1
100
1,570
15
43
48%
*
Walkers
72c
49%
2.90
40
48%
...1
Waite Amulet
Lava
Roche Long Lac
Towagmac Expl
Twin City
Apr
Apr
24
2.25
41%
48%
Toronto General Trust .100
1 40
75c
2.60
*
.100
2.20
La pa Cadillac
Laura Secord
Reno Gold.
...1
Preferred
—1
Penmans
109
Toronto Elevators
5
«.
Jan
16%
12
Jau
«.
Jan
Jan
5.20
Apr
.
Feb
14
Apr
52
4.80
*
Tasbota
1.90
•
Apr
Teck Hughes
57,670
1.38 180,260
44c
84,992
32
31%
106% 106%
III
Jan
2.70
Jan
2.95 194,179
Paymaster Cons..
16%
3.25
Mar
1.40
Partanen Malartic
Paulore Gold
3.75
40 %c
Apr
24%
15%
2.20
Park dill
2.70
Apr
Apr
251**
1.80
Pamour Porcupine
Pan tepee Oil
3.50
23c
1.08
Jan
2.80
«•
Feb
1.65
Jan
—1
Page Hersey...
6.90
1.08
36c
100
Paoalta Oils
3 75
1.58
Feb
21
30%
106%
.100
12,985
21,000
82,344
51,500
28
16
—1
......
5.10
3.75
23
1%
36c
Olga Oil & Gas
Omega Gold
Feb
1 00
90c
North Can Min
17
3,650
22,930
41c
Noranda Minos
15%
Apr
Apr
1.25
NIpissing
16%
150
15%
..1
III
Mar
34
-.1
New Golden Rose.....
88
61%
J M Consolidated
'
Jan
150
Jellicoe Cons
National Grocers
._.*
National Sewer pipe A...._*
Naybob Gold
;il*
*
Newbec Mines....
73
235
50c
Murphy Mines..
35
31,269
8,589
2%
Minto Gold
Model Oils
Feb
76%
17
1.18
Merland Oil
96
64%
36%
1%
Mclntyre Mines
Jan
16
36c
McDougall Segur
80
61%
35%
1.00
Preferred
765
17
47c
Macassa Mlnee.
MacLeod Cockshutt—.
Madsen Red Lake
86
62%
35%
2%
Leltch Gold
Little Long Lac
Loblaw A
49%
Apr
1.18
Lamaque Contact
Landed Banking.
Lang A Sons
Apr
Apr
12%
—1
♦
Feb
2.85
45
190
III
Lake of the Woods.....
Lake Shore
2.00
Jan
25
12%
♦
Jan
45
60c
1.25
12%
Jacola Mines...
Kelvlnator
Feb
45
16**
4.80
26%
1
Jan
2 50
12,378
1,105
10
100
II *
Laguoa Gold
86
25
,
2.49
5%c
78
238
Internat'l Utility A
Internet Util B
Jack Walte Mines
Kirk. Hud Bay..
Klrkland Lake
—
Tarnblyns
_
Preferred
Kerr Addison
—
Sudbury Contact
Mar
International Mining. -.1
International Nickel—
International Pete
II*
Ontario Loan
1.80
*
*
Jan
76%
70c
*
Standard Steel pref
Steel of CaDada
Feb
Apr
Apr
6.65
82
*
Stadacona
Mar
lis
Feb
3c
12
Internatl Milling pref.. 100
Jan
110
1.25
12**
21%
17
Jan
Apr
Apr
Apr
1.00
33%c
235
Apr
9,100
1,400
22**
Feb
3.60
26,950
Jan
Feb
10%
1.55 218,755
Feb
Jan
3.95
38
09%
1.70
Mar
Feb
80C
100
3%c
90c
Jan
1.10
49,444
3C
10
2l%
4.70
1.25
33c
2.40
308
11%
101
1.00
20
"
J an
3c
16
*
1.90
20
1.30
15
100
Imperial Oil
Imperial Tobacco
20
1.46
16
•
57c
*
100
Huron & Erie
Huron & Erie 20%
Imperial Bank
54c
—1
Jan
72c
1.25
61,351
12,800
2.85 147.862
30
3.60
15
Hunts B_
1.90
28
28,315
75c
75c
South Tlblemont
High
Jan
Apr
98%
4.50
Jan
32o
Mar
320
10
—-1
15o
10%c
60
Apr
98%
*
Apr
Apr
Apr
18,480
48c 38,950
50c 139,225
10%c 12 %c
Apr
13c
15
.100
15c
20
35
Jan
Southwest Pete
*
II*
Harker
Mar
2,129
53,550
9%
Slscoe Gold
Shares
227
20
_
Preferred
Week
of Prices
Low
Price
Jan
14
_
Simpsons B
Sales
Friday
.60c
—
Simpsons A
Exchange
200
98%
_
1
_
Sherrltt Gordon
Toronto Stock
18%c
High
42
1.80
„
Sheep Creek
Timmlnt
43
13c
Low
Shares
14
*
San Antonio
Canadian Commodity Exchange (Inc.)
Bourlamaque
216%
35
43
st Anthony
Owen Sound
High
216
Royallte Oil
MEMBERS
Cobalt
Range Since Jan. 1 1937
Last
TORONTO
WAverley 7881
Sales
Friday
GRAIN
BONDS
58o
Jan
J*
2%
25
Jan
Apr
Feb
62%
Mar
Feb
Jan
3%
Jan
5
Feb
11199977756
Quotations
a8s
a3%«
a3%s
«3%s
a3%s
1960
Nov
-
1 1964
Mar
1 1960
Jan 15
a4s
a4s
Nov
•48
048
May
May
a4S
1975
July
May
Oct
1968.
1959
1980
04%S Mar
o4%s Mar 11964
...
e»4%s Apr 11966
o4%s Apr 151972
a4%s June 11974
«4%s Feb 161976
11977
...
Nov 15 1978
...
fl4%s Jan
04^8
....
04%sMar 11981...
«4%s May 1 A Nov 11957
a4%s Mar 11963
o4%s June 11965
112
111
a4%8 July 11967..
111% 113
a4>%s Deo 151971
112
113% a4%8 Dec 11979
1957
04%S Sept
Bid
97%
101
102%
102% 104%
103
104%
103
104%
103
104%
105
106%
108
109%
108% 110
108% 110
110% 111%
96%
a3%s July 1
dSH s May 1 1954
New York Trust Companies
City Bonds
Ask
Bid
1 1977
Jan
Over-the-Counter Securities—Friday April 23
on
New York
1962
April 24, 1937
Chronicle
Financial
2808
115
477
Fulton
70%
10
13%
7
Bronx County
Brooklyn
136
100
72%
14%
141
Chemical Bank A Trust. 10
Colonial Trust
|117%
95
60
Clinton Trust
16%
25
18%
20
67%
Corn Exoh Bk A Tr
Title Guarantee A Tr—.20
100
94
100 1845
Bid
Par
|
Ask
62.80 less 1
62.90 less 1
3a 1981
6s Jan A Mar 1946 to '71
War Bonus—
110%
113%
Barge C T 4%s Jan 11945
Bid
Atk
Holland Tunnel
4%8
103% 104%
1937-1941
ser E
MAS
Gen A ref 2d ser 3%s '66
Gen A ref 3d ser 3%s '76
102% 103%
100% 101%
98
96%
1942-1960
MAS
Gen A ref 4th ser 3s. 1976
JAJ
1939-53
3
Inland Terminal
112
1937-1941
PUTNAM 6k CO.
2.00
61.00
Members New York Stock Exchange
113
111
4s serial revenue_1942-68
2.50
61.50
MAS
107
■
HARTFORD
CENTRAL ROW
6
MA8
Triborough Bridge—
4s s f revenue--1977AAO
104% 105%
Ask
4%R ser D
1942-1960
110
840
BOUGHT—SOLD — Q VOTED
Bid
Gen A ref 48 Mar 11975.
George Washington Bridge
4%S ser B 1940-53.MAN
Bayonne Bridge 4s series C
800
100
Hartford Insurance Stocks
Port of New York Authority Bonds
Port of New York—
510
120
Barge G T 4s Jan '42 to '46
330
485
120
Canal Imp 4a JAJ'60 to '67
63.05
127%
127%
124%
325
Northern Trust Co
310
146% 150%
-.—33 1-3
Trust
62.25
4%B April 1940 to 1949.
Highway Improvement—
4s Mar A Sept 1958 to '67
Canal A Highway—
Highway Imp 4%s Sept '63
Canal Imp 4%s Jan 1964..
Can A Imp High 4%s 1965
World
A. T. T. Teletype
Tel. 5-0151
99%
62.65 3.90%
Par
Bid
Par
Ask
Bid
Aetna Casualty A Surety 10
98% 102%
Home..
10
43%
Home Fire Security
10
29%
89%
23%
41%
15%
Bid
101%
Honolulu 5s
102
104
U S Panama 3s June 11961
102
104
Ask
Aetna Life
63.50
Ask
100
1959
1952
3.00
Agricultural
Govt of Puerto Rloo—
.25
American Alliance
115% 117%
American
...10
Equitable
5
American Home
10
58
April 1955
101
103
4%s July 1958
d3.75
58
Feb
108
111
5s July 1948
111
112%
108
110
108
111
American of Newark...2%
American Re-insurance. 10
115
116%
109
111
American Reserve
American Surety
Automobile
1952.
5%8 Aug
1941
Hawaii 4%s Oot 1956
U 8 conversion 3s 1946
Conversion 3s 1947
3.50
Federal Land Bank Bonds
JAJ
Ask
Bid
99% 100 %
99% 100%
99% 100%
101% 101%
108
108%
48 1957 opt 1937
Ask
|
101%!101%
102% |103
4%8 1957 opt. 1937. .MAN
4%s 1958 opt 1938..MAN
101% 101%
103% 104%
6
67
69
Knickerbocker
5
17
19
17
Lincoln Fire..
5
4%
5%
6%
x60%
7%
63%
JAJ
MAN
3%s 1955 opt 1945..MAN
48 1946 opt 1944....-JAJ
Joint Stock
Bid
Atlanta 5s...
100
Atlantic 5s
100
Burlington 5a.
50
California 5s.,
100
43%
29%
45%
31%
Maryland Casualty .....I
Mass Bonding A Ins..12%
53%
55%
Meroh Fire Assur com
29%
31%
8
9
104
107%
100
682
692
......
-
-
Lincoln 5s
New York 5s
92%
98
5
11
208
11%
13%
8eaboard
32
34
37%
39%
65
100
100
*•
-
100
Greenbrier 5s
100
102
Greensboro 5s
100
102
—
2d preferred
m
_
Southern Minnesota 5s
••
84%
/23
.10
Hartford Fire
100
Tennessee 5s.
Hanover Fire
/27
Southwest 5s
100
5
Great Amer Indemnity.
1
Halifax
Fire
......10
106% 109
St Louis 5s.
100
15
Great American
—
102
..
San Antonio 5s
86%
6
Globe A Republic.......5
Globe A Rutgers Fire...15
100
80
...10
Revere
Par
100
Atlanta
Bid
32
213
92
28%
9
10
10
Sun Life Assurance
100
700
750
23%
25
Travelers...
100
475
485
9
122
119
34
36
69%
U S Fidelity A Guar Oo..2
US Fire
4
26%
67%
53
55
62
64
U S Guarantee
10
69
62
2.50
34
36
27%
100
Union of Detroit 6s
30
Hartford Steam Boiler. .10
86%
Westchester Fire
24
99% 100%
Surety Guaranteed Mortgage Bonds and Debentures
100
Virginia-Carolina 5s
99% 101
Virginian 6s
101
;
Bid
Land
Par
Lincoln.
38
100
83
Arundel Bond Corp 2-5s '53
82
Arundel Deb Corp 3-6s '63
Associated Mtge Cos Ino—
Bank Stocks
Ask
1953
55
All series 2-5s
Bid
4
Atk
Ask
£<4
5
-
-
-
—
-
1953
48
40
45
New York
..100
10
15
-
....
North Carolina..
Oont'I Inv Bd Corp 2-5s '53
80
80
100
27
30
50
Denver
12
14
Pennsylvania
100
20
24
Contl InvDeb Corp 3-6s'53
100
65
75
Potomac
100
53
57
100
8
10
San Antonio
.....100
54
58
1
3
Virginia..
.....5
Virginia-Carolina
100
75c
47
Debenture 3-6s
50
—
—
52
1945
48
39
82
1954
Corp
■
(all
80
1953
48
50
48
60
48
50
42
2-3s
Mortgage Bond Co of Md
Inc 2-5s
1953
3-6s
.1953
Potomac Maryland Deben¬
83
_
-
ture Corp 3-6s
_
Potomac
Nat Bondholders part ctfs
(Central Funding series)
/42
Nat Cons Bd Corp 2-5s '53
Nat Deben Corp 3-68.1953
Federal Intermediate Credit Bank Debentures
Bond
Potomac Cons Deb Corp—
3-68
1953
51
Interstate Deb Corp 2-5s'55
55
8erle9 B 2-5s
Potomac
Ask
57
Potomac Deb Corp 3-6s '53
Potomac Franklin Deb Co
Empire Properties Corp...
1.00
Nat Union Mtge Corp—
Series A 3-6s
1954
tsauea) 2-5s_
75
.....
28%
12%
89
Dallas
First Carollnas
10
Fire
26%
Atlantic
Des Moines
(Paul)
Surety
10
Security New Haven.__ 10
Springfield Fire A Mar. .25
Stuyvesant
5
64
Allied Mtge Cos Ino—
Joint Stock
9%
Rossla
103
99
27
Seaboard Fire A Marine..5
75
.....
Reinsurance Corp (N Y)_2
(Texas)
.10
St Paul Fire A Marine-25
101
La Fayette 5s
8%
25%
26%
QQ
29
100
«•
27
89
20%
35%
29
Potomac 58
97
10
85
18%
33%
43%
23%
67%
Phoenix 5s
100
46
5
11
27
101
Kentucky of Lexington 5s.
44
25
Phoenix......
.....10
Preferred Accident.
5
Pro vldenoe-Washington. 10
Republic
100
Iowa of Sioux City 4%s...
Corp5
National. 25
Pacific Fire
41%
20%
100
Illinois of Montloello 4%s.
31%
..2.60
Northwestern
0»7
29%
21%
101
12.50
Glens Falls Fire
Pennsylvania 5s
83%
£7
52%
24%
104%
25%
27%
131% 135%
136% 140%
50
2
Northern...
Gibraltar Fire A Marine. 10
Pac Coast of San Fran 5s_.
Illinois Midwest 5s..
46
Georgia Home
96
........
74%
12%
Franklin Fire
-
37
44
99% 100%
99%
100%
Fremont 5s
133
72%
Fireman's Fd of San Fran26
-
35
North River.
6%
Fire Aaen of PhUadelphlalO
Firemen's of Newark
6
96
61
99% 101
First Trust of Chicago 4%s
Fletcher 3%s
129
17
10
New Hampehlre Fire... 10
New Jersey
„».„..-20
New Brunswick Fire
99% 100%
Flret of Fort Wayne 4%s._
99
44%
9
134
2
New York Fire
5%
2
20
16%
New Amsterdam Cas
Ohio-Pennsylvania 5s
Oregon-Washington 5s
Pacific Coast of Los Ang 5s
Pao Coast of Salt Lake 5s..
First Texas of Houston 5s.
48
10
National Liberty.....
National Union Fire
14%
19%
63%
10%
137%
General Reinsurance
96
94
46
5%
42%
5
........
10
99% 100%
First Carollnas 5s
97%
30
4%
100
Pacific Coast of Portland 5s
First of New Orleans 5s...
28
19%
12%
17%
61%
10
North Carolina 5s
---
7
First of Montgomery 5s...
5
Eagle Fire
2%
Employers Re-Insuraaoe 10
Ask
100
_
37%
Continental Casualty
Fidelity A Dep of Md...20
93
Maryland-Virginia 5s
Mississippi-Tennessee 5s.
102
91%
Denver 5s
«
27
Federal..
Bid
60
26
City of New York
...10
Connecticut Gen life... 10
Bonds
Ask
/6
Dallas 6s
Bank
10
21%
27%
28%
38%
5
59
56
6
Merch A Mfrs Fire New'kS
National Casualty
National Fire
2%
25
Carolina
17%
13%
Camden Fire
i
Land
100
Chicago 58
4s 1958 opt 1938
Fire
12
Exoess
3s 1956 opt 1946
88 1956 opt 1946
5
Ins Co of North Amer..10
Homestead
10
Shippers
36%
6%
19%
8%
34%
Importers A Exporters...5
10
Boston
MAN
MAN
Atk
Bid
5
10
..10
45%
31%
91%
25%
44%
25
Baltimore Amer
Bankers A
Bid
3s 1965 opt 1945.
Hartford 35
Insurance Companies
Aetna Fire
4s 1946
—
109
United States Insular Bonds
Phllllpplne Government—
Ask
100
Harris Trust A Savings. 100
First National
300
100
Continental Illinois Bank A
Trust
Ask
Bid
Bid
Par
Atk
American National Bank A
38 1974
Fremont
17
104
1895
Chicago Bank Stocks
New York State Bonds
Bid
4%s Oct
4%s July
138
16
Underwriters
United States
Continental Bank A Tr. 10
116% 118
117
118%
118
119%
119% 121
53%
51%
135
.25
New York
59%
57%
20
20
Manufacturers
Preferred
18%
20%
68%
355
100
18
17
10
1980
.100 1780
47% 50%
...26
Guaranty
Irving
Kings County
102
32
276
350
......
Lawyers
131% 124%
67%
69%
...20
Central Hanover
117
31
260
10
100
Empire
467
Bankers
114% 116
116
105
Bk of New York A Tr.-100
Ask
Bid
Par
Atk
Banoa Comm Itallana.100
112% 114%
113% 115
114
115%
114% 115%
114% 116
114% 116%
116
Bid
Par
Ait
112% 114
80
48
45
-
Realty
1953
71%
Atlantic
48
Debenture Corp 3-6s '53
-
-
Realty
£0
Bond
A
50
Mortgage
deb 3-68
F IC
l%s...May 15 1937 6 .75%
F IC 1 %s
FIO
July 15
FIC 1 %s_
1937 6 .90%
1937 61.00%
16
1937 61.00%
June 15
1%8
_
.Aug
Ask
1
*
II
1
F I C 1 %s... Sept 15
1
•
1
1
Bid
F IC 1 %s
1
FICl%s...Nov
1
FIO l%s_..Deo
—
15 1937 61.10%
15 1937 61.10%
Telephone and Telegraph Stocks
Bell Telep of Canada.. 100
Bell Telep of Pa pref-.lOO
New York Bank Stocks
Bank
oi
Manhattan Co. 10
Bank of Yorktown..66 2 3
Bensonhurst
National..60
Chase
City (National)
.13.55
Ask
35
37
67
72
88
125
56%
58%
49
51
Commercial National.. 100 204
Fifth Avenue
100 1000
210
1050
First National of N Y..100 2230
2270
12%
Flatbush National
100
37
Klngsboro National
100
65
.
Par
Merchants Bank.
Bid
National Bronx Bank...50
50
National Safety Bank.
19
21
14%
16%
12%
10
Peoples National
50
25
48
Sterling Nat Bank A Tr.25
40%
42%
30
37
..12%
161
123% 125%
91
*
100
42
99
145%! 147%
New England Tel A TellOO
129% 132
Footnote
see
page
Pao A Atl Telegraph
25
Peninsular Telephone oom*
Preferred A
10w
25
Ask
19
29%
110
28
21
30%
113
Rochester Telephone—
$6.50 1st pref
So
98% 101%
42
For
Bid
54
Mtn States Tel A Tel..100
1
New York Mutual Tel. 100
94
63
$6 preferred
Int Ocean Telegraph
50
Trade Bank
159
Par
130
Gen Telep Allied Corp—
74
Public National
Ask
128
128
Emp A Bay State Tel.. 100
Franklin Telegraph
100
115
100
Bid
126
Clnoln A Sub Bell Telep. 50
Cuban Telep 7% pref-.lOO
Ask
100
Penn Exchange
40
1937 61.05%
Oct 15 1937 61.10%
Par
Bid
52
38
Atk
Am Diet Teleg (N J) com. *
Preferred
100
Par
50
Unified Deben Corp 5s '55
Bid
1953
2310.
A Atl
100; 111%
Telegraph.....25
22%
115
24%
Sou New Engl Telep... 100
8'western Bell Tel pref. 100
159
161
125
126%
Wisconsin Telep 7% pf. 100
115%
Volume
Chronicle
Financial
144
Quotations
Over-the-Counter Securities—Friday April 23—Continued
on
RAILROAD BONDS.
Guaranteed Railroad Stocks
BOUGHT
Members hlew York Stock
Exchange
Dealers in
St., N. Y.
2-6600
STOCKS
New
Members
41 Broad
.
QUOTED
.
Monthly
Bulletin
e. sloane & co.
john
Tel* RE c tor
guaranteed;
NEW YORK
SOLD
.
Earnings and Special Studies
on
Request
3o$cpb Walkers Sons
120 Broadway
2809
-
York Security
HAnover 2-2466
Dealers
-
Association
Bell SyBt. Teletype NY 1-624
Since 1855
Railroad
Bonds
Guaranteed Railroad Stocks
DiHdend
75
Bid
Asked
68.
1945
Augusta Union Station 1st 4s.
-.100
6.00
97
100
100
10.60
180
185
102
105
Boston & Maine 3s.
.100
6.00
50
2.00
40
..100
8.76
138
140
-.100
8.60
137
142
100
2.85
57
4.00
99
99
98
106
-.
60
Carolina Cllnchfield A Ohio (L A N-A C L) 4%.. ..100
Common 6% stamped
100
-
96
105
Birmingham Terminal 1st 4s, 1957.
1st 4Hs. April 1, 1943
43
Boston A Albany (New York Central)...
Boston A Providence (New Haven)
77
97
1953
Boston A Albany
Allegheny A Western (Buff Roch A Pitts)
Beech Creek (New York Central)
76H
75 H
Akron Canton A Youngstown 5 Hs. 1946
Par in Dollars
Alabama A VlckBburg (Illinois Central)
/lbany A Susquehaua (Delaware A Hudson)
Asked
Bid
(Guarantor in Parenthesis)
66
Convertible 58. 1940-45
90
94
...
81
88
.
70
77
1960
Prior Hen 4s. 1942
Prior lien 4 Ho. 1944
97
Buffalo Creek 1st ref 6s. 1961
Canada Southern (New
York
Central)
Better man stock
101H
100
85
88
Cleveland Terminal A Valley 1st 4s,
49
51
Georgia Southern A Florida 1st 5s. 1945
2.00
43
46
Goshen A Deckertown 1st 5 Ho, 1978
103H
5.50
91
193
199
4.00
68
72
60.00
1000
65H
69
98 H
92
1995
101
93
Ho bo ken Ferry
91
1st 6s, 1946
101
103
.
...50
(Pennsylvania)
Northern RR of N J (Erie)
..
3.875
60
63
Little Rock A Hot Springs Western 1st 4s,
500
92
96
Long Island refunding mtge. 4s. 1949
4.00
96
100
4.00
__
Central
..100
64
69
Macon Terminal 1st 5s.
4.60
69
72
Maryland A Pennsylvania 1st 4s. 1951
71
Meridian Terminal 1st 4s.
Northern
92 H
98
100
Kanawha A West Virginia 1st 5s. 1955
Kansas Oklahoma A Gulf 1st 6s. 1978
...50
Lack A Western)....
New York Lackawanna A Western (D LA W)
94
68
66
...
95
10.00
Central)
Morris A Essex (Del
92
2.00
...50
York
89
5.00
......
(New
99
Cbateaugay Ore A Iron 1st ref 4s, 1942...
Choctaw & Memphis 1st 5s, 1952
Cincinnati Indianapolis A Western 1st 5s. 1965
5.00
Fort Wayne A Jackson pref (N Y Central)
..100
..100
Georgia RR A Banking (L A N-A C L)
Lackawanna RR or N J (Del Lack A Western).. ..100
Mlohigan Central
m'tmnmnm
3.50
Cleve Clnn Chicago A St Louis pref (N Y Central) 100
50
Cleveland A Pittsburgh (Pennsylvania)..
Delaware (Pennsylvania)
..
97
90
......
60
Oswego A Syracuse (Del Lack A Western)
...60
1 50
41
43
50
3.00
82
86
Pittsburgh Fort Wayne A Chicago (Pennsylvania) ..100
7.00
160
/30
1939.
103
1966.
102 H
100
--
1955
75
_
m
165
Pittsburgh Bessemer A Lake Erie (U S Steel)
Preferred
7.00
173
Rensselaer A Saratoga (Delaware A Hudson).... --100
Preferred
6 82
102
106
St. Louis Bridge 1st pref (Terminal RR)
6.00
138
143
3 00
67
Minneapolis St Paul A Sault Ste Marie 2d 4s.
Montgomery A Erie 1st 6s. 1950
71
.
*
Second preferred
RR St Louis (Terminal RR)
8 00
138
143
10 00
238
600
87
92
-.100
Western)
100
vtcksburg Shreveport A Paoiflc (Illinois Central).
500
New York A Hoboken Ferry general 5s,
1948
54
92
77
73
—
90
92
66
67
84
8G
Rock Island Frisco Terminal 4 Ho. 1957
90
94
St Clair Madison A St Louis 1st 4s,
95
Piedmont and Northern Ry. 1st mtge. 3Ha. 1966.
Portland RR 1st 3H». 1951
Consolidated 5s, 1945
244
-.100
"
52
1949
Tunne
United New Jersey RR A Canal (Pennsylvania).. -.100
Utloa Chenango A Susquehanna (D L A W)
Valley (Delaware Lackawanna A
100
104
500
83
86
-.100
500
85
90
...50
3 50
49
54
50
300
61
.
Preferred
Warren RR of N J (Del Lac
West Jersey
A Sea Shore
A Western)..
(Pennsylvania)
8hreveport Bridge A Terminal 1st
1951...
90
1955
os,
Toronto Hamilton A Buffalo 4 Ha.
73
67
Somerset Ry 1st ref 4s, 1955
Southern Illinois A Missouri Bridge lBt 4s, 1951..
Toledo Terminal RR 4Hs, 1957..
88
91
109
111H
95
98
68
1966
Washington County Ry 1st 3 Ho. 1954
71
EQUIPMENT TRUST CERTIFICATES
INDIANAPOLIS POWER & LIGHT COMPANY
Quotationa'AppraisaU Upon Rsqueet
6V%% PREFERRED
Stroud & Company Inc.
Bmtell Brothers
Philadelphia, Pa.
Private Wires to New York
stock
and n. y. curb
Railroad
Bid
Atlantic Coast
Line 4 Mis.
Baltimore A Ohio 4Hs
Ask
61.85
1.25
63.25
2.25
2.00
63.25
68
2.25
x&3.00
3Ms Deo. 1 1936-1944..
2.25
63.25
2.25
Bid
Missouri
Pacific 4Hs
National
Canadian
63.10
2.30
63.10
4an..
6s...
2.30
63.00
2.00
Par
5H«
63.00
2.00
63.75
2.50
Alabama Power $7 pref.
Arkansas Pr A Lt $7 pref. *
63.00
2.25
Assoc Gas A Elee orig
New Orl Tex A Mex 4 Hs~
New York Central 4Ha.~
6s..
Chesapeake A Ohio 6Ha..
6H«
4 Ho
61.50
1.00
Pennsylvania RR 4 Ha
5s
61.50
1.00
5s
62.65
2.00
1.25
63.90
3.10
63.90
3.10
64.85
4.50
65.10
4.75
82
86
82
68
86
64.00
2.75
64.00
2.75
64.00
2.75
62.50
1.50
62.50
1.50
A Ho
63.10
2.25
68
62.50
1.75
62.00
1.25
62.00
1.25
61.75
1.25
68
6 Ho
Erie RR 6 Ho
68
.
Great Northern 4 Ho
68
Hocking Valley 6s
Jan A July 1937-49
2 Ha
aeries
Deo.
Pere
G
non
63.10
2.25
6s
62.00
1.25
5 H«
62.00
1.25
Internat Great Nor 4H8..
63.90
2.75
Long island 4 Ho
63.00
2.00
Atlantic City El 36 pref..*
111
3.00
62.00
1.25
Bangor Hydro-El 7 % pf 100
Birmingham Elee 37 pref.*
Buff Nlag A E pr pref...25
131
1 25
1.00
Carolina Pr A Lt 37
63.00
2.00
62.95
2.00
Marquette 4 Ha
63.00
2.25
Reading Co 4 Hs
5S
St. Louis-San Fran 4s
7%
58
St Louis Southwestern 5s..
6H8-Southern Paolflo 4 Ha
62.00
2.25
1.10
97
99
98
100
pref..*
preferred
»
45
46
80
80 H
New Eng Pub Serv Co—
37 prior Uen pref.
New Orl Pub Serv 37 pf. .*
N Y Pow A Lt 36 oum pf. *
69
70
62 H
64
109
Consumers Pow 36 pref..*
63.00
2.00
(N J). 100
2.35
6s
63.00
2.10
Essex-Hudson
5
62.25
1.50
16H
19 H
64
67
62.90
Union Paolflo 4Hs
5s
5s
wabash Ry 4 Ha
7%
preferred
Dallas Pr A Lt 7%
Gas....100
2.10
36 cum preferred..
43 H
62.90
2.10
44H
45H
1.50
36.50 oum preferred....
37 oum preferred
44
62.25
45 H
47
61.60
1.10
1.10
Gas A Elee of Bergen. .100
Hudson County Gas...100
116
61.60
61.75
1.00
Idaho Power 36 pref
*
108
109 H
100
109
111
61.75
1.00
100
7%
preferred
102
100 H
6 Hs
101
102 H
103
Interstate Power 37 pref..*
61.90
1.25
6s.
100
101 H
Jamaica Water
Maine Central 6s
63.25
2.25
6 Ho
Minn St P A 83 M 4s
63.25
2.25
Western Maryland 4Hs--_
5s
63.75
3.00
Western Paolflo 5s
2.50
62.75
2.00
63.75
2.75
63.75
2.75
-
-
37
Sup pref.60
Jer Gent P A L 7% pf-100
Kan Gas A El 7% pref.100
Kings Co Ltg 7% pref..100
Long Island Ltg 6% pf-100
7% preferred
100
Memphis Pi A Lt 37 pref.*
57 H
31
12H
53 H
95 H
13H
-
preferred...
6% pref..
-
-
m:
e
ipi
.
100
preferred
101 % 103
107 X 109
109 H 111H
95
93
100
Okla G A E 7% pref...100
104
106
107
109 H
Pacific Pow A Lt 7% pf 100
Penn Pow A Lt 37 pref
76
.
Philadelphia Go 35 pref. .*
Pub Serv of Colo 7 % pf 100
Queens Borough G A E—
6% preferred
100
Republic Natural Gas
1
Rochester Gas A
78
105 H 106 H
83 H
108
86 H
110H
74 H
77 H
6H
7H
Eleo—
1.00
Sioux City G A E 37 pf-100
Sou Calif Edison pref B.25
South Jersey Gas A El. 100
Tenn Elee Pow 6% pref 100
27
28
182
58 H
59H
71
73
82
83 H
Utah Pow A Lt 37 pref...*
72
74 H
Utioa Gas A El 7% pf..l00
100
101H
100
168
175
79
97
114
82
7%
preferred
101H 102 H
98 H
97
100
7% pf .100
Toledo Edison 7 % pf A 100
United G A E(Conn)7% pf
112
Texas Pow A Lt
Virginia
For footnotes see page 2810.
*
Ohio Pub Serv 8% p!._100
6% preferred O
28
6s
1.25
63.00
-
182
56H
1.50
5Hs
96 H
95 H
HOH 113
68 H
72 H
182
88
85
.
Ohio Power
102 H 103 H
Federal Water Serv Oorp—
Virginian Ry 4Hs
99H 101H
108
109 H
*■"
7%
63.20
Hs
7% oum preferred... 100
Nor States Pr 37 pref.. 100
Ohio Edison 36 pref
Continental Gas A El—
Consol Traction
62.50
68
New EngO A E5H% Pf-*
N E Pow Assn 6% pref. 100
109 H
2.50
.
86
107
100 H
'
120"
97
108
98 H
37
25 H
preferred A...100
63.50
43
83 H
36.60 preferred B
100
Consol Elee A Gas 36 pref.
1st 36
6
39H
34 X
111H
94
92 %
100
pref 100
Derby Gas A El 37 pref..*
4
79
4
116
81H
88 H
1.75
H®
77
114H 116H
100
90H
2.50
Texas Pacific 4s
73
Newark Consol Gas
79 H
86 X
63 CO
Southern Ry 4 Hs
65
69
80
100
62.50
58
100
Ask
61
78 H
24 H
36 preferred
100
Cent Pr A Lt 7% pref-.100
Columbus Ry Pr A Lt—
preferred
preferred..
Bid
Nassau A Suff Ltg pref 100
Nebraska Pow 7% pref. 100
Central Maine Power.
37
63.00
preferred
61.90
6a
Loulsv A Nash 4 Ho
Mountain States Pr oom.. *
3.00
call
1 1937-50
6s
Illinois Central 4 Ho
21
76 H
88
2.00
6%
4 Ha
Denver A R G West 4 Ho..
13
21
63.75
4s series E due
62.00
68
10 H
37
61.50
Northern Pacific 4 Ha
Par
19
38.60 preferred.
2.25
62.00
1.50
Ask
18H
1.50
63.25
63.75
AHartf4Hs
2.25
Chicago R I A Pao4Ha..
Utility Stocks
Mississippi Power 36 pref..
37 preferred
Mississippi P AL36 pf...*
Miss Riv Pow 6% pref.100
75 H
86
62.60
58-.'......
N Y N H
62.50
Ohio Mllw A St Paul 4 Hs_.
pref *
—*
♦
Bid
62.25
L4H8
63.00
6s
Public
3.00
Paoiflc 4 Ha
Chicago A Nor West 4 Ho..
Atk
6s
Cent RR New Jer 4 Ha
6s
Y.
Teletype N. Y. 1-1146
exchange
63.75
N YChloASt.
Canadian
ONE WALL ST., N.
exchange
Equipment Bonds
62.50
6s
Boston A Maine 4 Ms
Tel. DIgby 4-2800
EST. 1908
n. y.
members
Ry
66
67 H
104 H 106 H
109
110H
92
68 H
94
70
Financial
2810
April 24, 1937
Chronicle
Quotations on Over-the-Counter Securities—Friday April 23—Continued
Securities of the
Associated Gas & Electric
System
& CO.
Members Neto York Curb
150 BROADWAY, NEW
Public
Bid
<1
Est. 1854
Utility Bonds
Specialists in —
Bid
Ask
6s *64
81%
Amer Wat WkB & El 5s 75
95 %
97
Amer Utility Service
Ariz Edison 1st 6a
1948
83
85
1945
87
90
Iowa Sou Utll 5%s
75
Water Works Securities
77
102
66
Houston Lt A Pow 3%s
1st 6s series A
Ask
101% 101%
Dallas Pow A
Kan City Pub
Tel. 2-3761
PORTLAND, MAINE
Lt3%s--1967
Federated Util 5%s...l957
Green Mountain Pow 5s '48
/86
Inc.
(Maine)
H. M. PAYSON & CO.
between New York and Boston
Teletype—N.Y. 1-1074
88
83 %
Amer States P 8 5%s_1948
Co.,
Electric
Exchange
Direct Private Telephone
Bell System
Subsidiaries
Consumers Water Co.
75 FEDERAL ST., BOSTON
HANcoek 8920
YORK
COrtlandt 7-1868
&
Works
Water
American
8. A. O'BKIRY
WANTED
OFFERINGS
First Mortgage Bonds of
InvUeii
Complete Statistical Information—Inquiries
103%
100% 101
100
1950
45
Serv 38.1951
'65
Swart, Brent & Co.
102
47
Ark Missouri Pow 1st 6s *53
90
92
Kan Pow A Lt 1st 4 %s
106% 107
Associated Eleotrio 68.1961
63 %
64%
Keystone Telep 5%s_1955
101
3%s.__1978
3%s...1978
37%
38%
LoulBvllle Gas A El 3 %s '66
99% 100
103% 104
1978
42%
Metrop Edison 4s ser G '65
Missouri Pow A Lt 3%s 66
%8-.-1978
46%
38%
39
43%
47%
INCORPORATED
102%
40 EXCHANGE
Assoc Gas & Eleo Corp—
income deb
Income deb
Income deb 4s
Income deb 4
Tel. HAnover 2-0510
96%
97%
94
Mtn States Pow 1st 6s 1938
96
Conv deb 4s
1973
75
1973
76%
78
Narragansett Eleo 3 %s *66
100% 101%
Conv deb 5b
1973
85
86%
105
Conv deb 5 %s
1973
1940
93
94%
100
Newport N A Ham 5s .1944
N. Y. State E A G Corp.
Water Bonds
17
Conv deb 4 %8
PLACE, NEW YORK
Teletype: New York 1-1073
8 years
8s
98
,
97
96
Wks 6s '68
Ashtabula Wat
102%
Atlantic County Wat 5s '68
100%
104%'
...
102
104
Sink fund Income 4s 1983
40
45
Northn States Pow 3%s '67
Sink fund lno 4 %8.
.1983
45
50
Ohio Edison
Sink fund Income 5s 1983
50
55
Okla Gas A Elec 3%s.l966
55
46
3%s
50
95%
95%
1946
69
Old Dom Pr 5s May 15 '51
Birmingham
1957
104
58 series B
1954
1954
5%s series A
71
Butler Water Co 5s...1957
48
50
53
Parr Shoals Power 5s. 1952
98
100
Calif Water Service 4s 1961
Sink fund lnc 5 %-6 %s 86
55
60
97
Pennsylvania Eleo 5s 1962
104
105
Chester
105%
Penn Telep Corp
103
1st 4s '65
Bellows Falls Hy El 5s 1958
100 % 102
Phlla Electric
Blacketone V G & E 4s '65
106%
Public Serv of Colo 6s. 1961
3%s...l967
96
74%
89
Colorado
/6%
Power 5s.-.1953
102% 103%
New York Wat Serv 6s '61
92%
105
Newport Water Co 5s 1953
Ohio Cities Water 6 %s '63
98
1941
Peoria
1950
100
1948
103
Commonwealth
Phlla Suburb Wat 4S..1965
99
101% 102%
105
106%
104%'106
Pinellas Water Co 5%s '69
97
98%
1947
102% 103%
Pittsburgh 8ub Wat 5s '58
102
Plainfleld Union Wat 6s '61
105
Richmond W W Co 6s. 1957
105
(N J)
Community Water Service
5%sserie8 B
1946
1946
76%l
79%
81%
78%
100
102
Cou8ol Water of Utica—
4 %s
100%
1958
92%
94%
1st mtge 5s
1958
97
Roanoke W W 5s
105%
1958
102
103%
1961
96
4 %s
1942
5s series D
1960
102
Shenango Val 4s ser B 1961
Sou Pittsburgh
6s series B
South Bay Cons Wat 5s '60
6s series A
Reports
99
99
101
102
1977
1960
5s series B
101
1952
1960
65
Spgfleld City Wat 4s A1953
97
103
INCORPORATED
BArclay 7
150 Broadway,
2360
Texarkana Wat 1st 58.1958
103
103
Union
Water Serv 5 %s '51
100
1962
103
Water
Serv Cos lno 5s '42
97
101
Indianapolis Water—
1st mtge 3%s
.1966
Indianapolis W W Secure—
Bell System Tel.
NY 1-588
N.Y.
100
1954
Illinois Water Serv 5s A "62
& CO.
102
Alden 1st 6s
Jan 1 1941
Broadmoor (The) 1st 6s '41
B'way Barclay 1st 2s. 1956
B'way A 41st Street—
1st leasehold
6%s..l944
Bid
Ask
/46
/53%
49%
33%
36%
57%
..1948
Chanln Bldg lno 4s... 1945
/31
33%
/43%
-
-
1957
103
Kokomo W W Co 58..1958
92
1945
73
Munson Bldg 1st 0%s. 1939
/35
53%
Dorset (The) 1st 6s...1941
/34%
37
/9
/86
11
6%8serle8 BK
/59%
62
88
/46
/59
49
/48
51
1947
reg'55
/32
/32
N Y Eve Journal
0%s. 1937
100
102
Legended..
82
85
/55
58
5%s series Q..
6%s unstamped
1949
52d A Madison Off Bldg—
43
Nov 1947
6s
Film Center Bldg 1st 6s '43
40 Wall St Corp 6s
1958
4*
hway 1st 6s
1939
140o Broadway Bldg—
1st 6%s stamped
1948
M
«.
/51
«.
«
-
-
—
71
86
—
70
16
-
-
97%
98%
.
Stores
51
54%
73%
..
—
-
«
«.
-
-
22
24
104%
(Daniel)
6% pref otfs
New common
...
•
17
1%
;
91
*
56
110%
34
33%
2'if
60
24
.100
7% preferred
106
31%
96
Pari
25%
Savannah Sag Ref com._.l
31
33
West Indies
/56
58
Haytlan
/31
55%
38%
39%
/59
61
-
-
Associates Invest 3s.. 1946
50%
1958
-
*
97
66
68%
1
Walbrldge Bldg (Buffalo)—
1938
1st fee A leasehold 4s '48
/
/23%
/77
1953
Sept 1
1939
104%
...
100% 100%
52%
94
.1939
93%
No
/Flat
par
value,
price,
w
25%
t Now listed
t Quotations
a
Interchangeable,
< When
Curb Exchange,
z
Issued,
per 100
1
x
b Basis
Ex-dlvldend.
price,
y
Now
Ask
Corp
1937
2s
Aug 15 1938
l%s
June
1 1939
Journal of Comm 6%s 1937
Reynolds Investing 5s 1948
Aug
15
d Coupon.
selling
on
100% 100%
101', 6 1015,6
100.5
87%
90
0
100.9
•
—
92%
Ex-rights.
New
York
Now selling ex-coupons,
New York Stock
on
Home Owners' Loan
l%s
-
l%s
Bid
Ask
93
Federal Farm Mtge Corp—
•
Trinity Bldgs Corp—
2 Park Ave Bldg 1st 4s 1941
10
1%
Bear Mountain-Hudson
River Bridge 7s
Syracuse Hotel (Syracuse)
/74
9
43
%'
Bid
49%
/36%
.Oct 19
Westlnghouse Bldg—
Ask
37
Sugar Corp..l
Miscellaneous Bonds
33
(Newark) 6s '37
Oct 23 1940
41
♦1
Corp Amer..
!
30
616 Madison Av 1st 6 %s'38
1st 3-5s (w s)
Bid
30
55
1st 0%8
Par
23%|
Eastern Sugar Assoc.. —1
Preferred
...1
1945
0%s
Ask
,
Cuban Atlantic Sugar. -10
1956
1st
Bid
63
.
73%
*
Reeves
Schlff Co preferred
/61
/28
/28
lst5%s
1942
1936
...
Sugar Stocks
Textile Bldg—
Ludwlg Bhuman—
32
Bros pref
1943
6s Income
01 Bway Bldg 1st 5 %s 1950
-
78%
105
0%% preferred
8
45
72%
60 Park PI
75%
pref. .100
100
7
41
Kobacker Stores
13%
69%
1961
3-5%sdeb lnc (w s).1956
«
116
74
3s with stock
«
114
104
Sherneth Corp—
89%
44
106
100
55
6s
66
58
39
103
Nelsner
New preferred
Roxy Theatre—
56
100
Murphy (G C) $5 pref. 100
4%
90%
1st fee A l'hold 6%s.l940
Savoy Plaza Corp—
Realty ext 1st 6%s.l945
92%
18
15%
30
70
78%
90%
/63
4f*
11%
13
36%
3%
100
_
Flshman (M H)
53
54
/54%
(Bklyn)
1st 6%S (L I)
1951
mtge 6s
69%
Lewis Morris Apt Bldg—
1st 6%s
Apr 16 1937
1st 6a
/9%
*
14%
62
165 Bway Bldg 1st 5%s '51
Prudence Co
76%
70%
London Terraoe Apts 6s '40
1939
67
J51
1st 4-5s extended to 1948
1947
15
pref
Bid
11
Par
Kress (S H) 0%
Miller (I) Sons 00m
36
-
.100
7% preferred
Realty Assoc Sec Corp—
72%
Lefcourt Manhattan Bldg
1st 6s
Nov
...
Park Avenue—
5%s double stpd
/14
Uncoln Bldg lno 5%s.l963
Loew s Theatre Realt Corp
0s
conv
Diamond Shoe pref
103 E 67th St 1st 6s... 1941
/44
1944
5%s unstamped
1949
Graybar Bldg 6s
1946
Harrlman Bldg 1st 6s 1951
Hearst Brisbane Prop 6s '42
Hotel Lexington 1st 6s '43
Hotel St George 4s...1950
Keith-Albee Bldg (New
Rocbelle) 1st 6s
1936
Oot 1
1st
1
2nd
73
83%
1941
1st 6 %s
/28
16
*
-
pref
Bohack (H C) common..*
G'lver Cromwell (The)—
Fox Theatre A Off Bldg—
Fuller Bldg deb 6s
52.60
Preferred
19th A Walnut Sts (Phlla)
1st 6s
July 7 1939
«.
/53 %
_
102% ,104
•
•
Biokfords lno
N Y Title A Mtge Co—
50 Bway Bldg 1st 3s lno '46
500 Fifth Avenue—
1952
103%
W'msport Water 5s...1952
United Cigar 8ts 0% pf.100
34
1st A gen 6s
13
100
B/G Foods lno com...
34
1946
1st mtge 2s stmp A
5%s series C-2
5 %s series F-l
Deb 5s
103%
1949
Ask
Bid
*
.100
Borland Shoe Stores..
7% preferred
68%
1st Aref 5%s
101
1960
08 series A
Chain Store Stocks
N Y Athletic Club—
63%
Eqult Off Bldg deb 5s 1952
99
102% 104
104% 106
Par
36%
/50%
East Ambassador Hotels—
100
58 series C
Middlesex Wat Co 6%s *67
75
1947
Sf deb 6s
Court A Remsen St Off Bid
1st 6s
97
1950
Wichita Water Co 6s B '60
103% 105
102
6s
Apr 28 1940
Cbesebrougb Bldg 1st 6s '48
1951
Westmoreland Water 5s '62
98%
Lexington Wat Co 5 %s '40
Long Island Wat 5%s.l955
Metropol Playhouses lnc—
68%
98% 100
1950
95
99
1948
68
74
64%
97%
Co—
1st mtge 6%s
104
101%
Metropolitan Chain Prop—
-
72
Water
5s series B
98
104
Metropolitan Corp (Can)—
Broadway Motors Bldg—
6s stamped
Majestic Apts 1st 6S..1948
Ask
N Y
96%
1st mtge 5s
95
102
Joplin W W Co 5s
Bid
Va Water Serv 4a.. 1901
Western
1968
5s
Mortgage Certificates
W
99% 100%
Interstate Water 6s A. 1940
Real Estate Bonds and Title Co.
99
101
1949
6o series A
5s
BAKER
69
102%
102%
104%
6s
AMOTT,
97
96
97%
100% 102
Terre Haute Water 5s B '56
108
Huntington Water 5s B '54
Markets
-
1952
5s series B
5%s series B
Wat 5s '65
68 ser lee A
Hackensack Wat Co 6s '77
Issues
1907
1st A ref 5s A
99% 101
100
101%
Greenwich Water A Gas
Estate
Spring Brook
Water Serv 5s
E St L A Interurb Water—
1942
85
102
104
105
5s series A
83
100
St Joseph Wat 4s ser 19A'66
So ran ton Gas A Water Co
Scran ton
59
95%
1960
Roch A L Ont Wat 58.1938
99
Davenport Water Co 5s '61
100
...
103
1957
Wat
68 series A
Pub 8er
..1961
98%;
58 series C
Connellsvllle Water 58.1939
100%
3%s—1961
101%
6 %s series A
52
88
Real
98% 100%
1948
84%
1st mtge 4s
Co—
1st A ref 5s.
96%
83
Wisconsin
Works
Water
100% 102
96%
98%
56
4%s. .I960
1948
86
54
96
1st coll trust
Prior lien 5s
Wisconsin G A El 3%s 1966
5/
94 %
90
95
103
1st consol 5s
50
52
6% secured notes..1937
Cumberl'd Co PAL 3%s'66
99%
88
1st consol 48
Western Pub Serv 5%s '60
1962
6s series B
1951
98
Penna State Water—
101
City of New Castle Water
5s
107
Ohio Valley Water 5s.
105
Western Mass Co 3%s 1946
Congo] E A G 6s A...1962
1951
1954
Ore-Wash Wat Serv fis 1957
(Wash)
5%s series A
93%
Ohio Water Service 6s. 1958
99% 100%
102
100
117
Wise Mich Pow
'58
79
101
88
101
100% 100%
102% 103%
1966
Pr3%s A. 1961
3%s series G
Conn River
80
76
1957
103% 103%
1966
103
75
1951
Clinton W Wks Co 5s. 1939
105%
101
101 %
Conn Lt A Power 3 %s 1956
3 %s series F
7%
105
New Rochelle Wat 5s B '51
City W (Chat) 6s B..1954
Utica Gas A El Co 58.1957
101 % 102%
Central Public Utility—
Income 5 %s with stk 1952
Co
Water
6s
1st 68 series C
Sioux City Gas A El 4s 1966
Sou Cities Util 5s A... 1958
Tel Bond A Share 5S..1968
Cent Maine Pr 4s ser G *60
104
77
76%
82
100
75
1948
Pub Utll Cons 6%s
94
Wat Serv 4%s
Citizens
105% 106%
101% 102%
Pub Serv of N H 3%s D '60
Central G & E 5%s... 1946
1st lien coll tr 6s
1946
104
98
/96
101% 102%
Peoples LAP 6%s.__1941
Cent Ark Pub Serv 5s 1948
96
101
6%s
52
Sink fund lnc 5-6S.-1986
96%
1950
6%s
Morgantown Water 5s 1905
100
Sink fund lno 4 %-5 %s 86
Atlantic City Elec 3%sl964
Ask
95
New Jersey Water 5s. 1950
Water Workfi
6s series C
98
97%
98
97%
102% 103
1972
Debenture 4s
60
Sink fund lnc 4-5s—1986
66
Monongahela Valley Water
101% 103%
47%
Sink fund lno5%s..l983
Monmouth Consol W 6s
M uncle Water Works 6s '65
46%
4%s_.1958
Cons ref deb
Bid
A sk
I
99
Alabama Water Serv 5s '57
Alton Water Co 6s.__.1956
1965
4s
Northern N Y Utll 5s .1955
Assoc Gas & Elec Co—
Bid
Exchange.
gold rouble bond equivalent to 77.4234 grams of pure gold
^wmmmmmmetSSSSSSSSSSSSSSSSSSSSSSSSSSSSISSBSSt
Volume
Financial
144
Quotations
•
2811
Chronicle
Over-the-Counter Securities—Friday April 23- Continued
on
Industrial Stocks and Bonds—Continued
Federal
Climax
Par
Co.
Insurance
4 5*
55*
York Ice Machinery
*
165*
175*
7% preferred
Young (J 8) Co com
100
100
97
100
com
46
305
310
Standard Screw
Com. & Pfd.
e45
Singer Manufacturing.. 100
Singer Mfg Ltd
Lawrence Portland Cement Co.
153
6
100
Strom berg-Carlson Tel Mfg
•
Trico Products Corp
*
Tubixe Chatlllon cum pf.10
United Cigar Stores—
395*
American Tobacco 4s. 1951
106
Am Wire Fabrics 78^.1942
com..
99
101
18
195*
Chicago Stock Yds 58.1961
99
1005*
41
43
Cont'l Roll A Steel Fdy
100
104
1920
Established
Members New
115
York
1st
Bell System
$3
Bid
♦
445*
225*
preferred
100
American Book
lair (Robert) Co com
66
70
100
103
108
25
38
39 5*
len Fire
American Hard Robber—
8% oum preferred
American
Hardware
Bid
Ask
155*
415*
265*
165*
435*
275*
35
107
39
*
Extinguisher—*
10
1
Golden Cycle Corp
107
/845*
86 5*
/30
325*
■
-
-
95
1951
101
-
1939
2515* 258
72
/69
6s__.
Nat Radiator 5a
1946
N Y Shipbuilding 58..1946
Otis Steel 45*s
1962
t o 1
4
*
33
35
Scovlll Mfg
White (S S) Dental Mfg.20
W hlte Rock Mia Spring—
24
255*
90
925*
99
1015*
96
935*
Standard Textile Products
cum
com v
preferred
$7 1st preferred
215*
23 5*
15
Woodward Iron
American Mfg 6% pref.100
82
85
71
75
16 5*
Great Lakes 88 Co com..*
485*
65*
1943
Tide Wat Assoc Oil 3 5*s '52
115*
125*
Witherbee Sherman 6a '44
29
Woodward Iron
345*
365*
1st 5s_
63
66
2d
55*
Great Northern
44
46
25 5*
ICUdun Mining Corp
10
107
/245*
109
99
65*s
255*
985*
/63
102
985*
67
1952
1962
101
1962
140
1025*
1455*
505*
485*
1942
27
10
Worcester Salt
155*
475*
235*
1946
1st 65*s assented
WJR The Goodwill Station
American Republics com.*
55*8
Struthers Wells Titusvllle
30
27
Willys Overland Motors. .1
6% preferred
55*
995* 103 5*
100
Wlloox-Glbbs common..60
10
85*
Good Humor Corp
conv
41
105
38
*
Preferred
995* 1015*
1015* 1015*
985*
995*
1948
Kopper Co 4s ser A
Martin (Glenn L)
-
245*
100
7% preferred
$3
Par
Ask
47 5*
445*
1938
Conv deb 6s
•
conv
West Dairies Inc
Par
Haytlan Corp 8s
109
Kelsey Hayes Wheel Co—
West Va Pulp A Pap com.»
Preferred
100
Teletype NY 1-1493
Industrial Stocks and Bonds
American Arch
Deep Rock Oil 7s
^..1955
1937
205*
35*
25*
19
Welch Grape Juice com..6
Tel. BArclay 7-0700
Broadway, N. Y.
35*8
21
195*
100
Warren Northam—
Security Dealers Association
1940
1st conv 8 I 6s
Cudahy Pack conv 4s. 1950
United Merch A Mfg oom •
United Piece Dye Works.*
Preferred
265*
975*
107
Bonds—
See Chain Store stocks—
Bristol & Willett
preferred
95
16 5*
155*
375*
Steel
7%
245*
65*
158
*
Sylvanla Indus Corp
Taylor Wharton Iron A
Bought—Sold—Quoted
Ask
126
Remington Arms
Molybdenum Co.
Amer. Dist. Tel. Co.,
Bid
Par
Ask
Bid
•
Rome Cable Corp com...5
Scovlll Mfg...
25
♦
Amer Malae Products
*
Andlan National Corp
Art Metal Construction. 10
Bankers
6
Serv cl A*
Indust
Beneficial Indus Loan pf.*
1st preferred
Burdlnee
Climax
..*
Columbia Broadcasting A *
Class
♦
B
S7 preferred
Maytag warrants
56
Merck & Co Inc oom
M
*
67
70
100
120
5%
70 5*
Douglas Shoe preferred-100
*
38
415*
80
83
*
-
-
m
—
m
Incorporated
17
44
47
110
113
Pharmacal
6
*
com
82
42
23 5*
Ohio Match Co
♦
105*
125*
35
40
*
95
98
*
shares
35*
35*
65*
*
75*
Publication Corp oom
York
Teletype NY 1»2075
1
15*
OLD
15*
Co.
NEW—ALL ISSUES
and
M. S. Wien & Co.
50
48
IN
United Cigar Stores
26
22
Foundation Co. For shs..*
American
TRADING MARKETS
85
•39 5*
24
100
Pathe Film 7% pref
Petroleum Conversion
Bell System
Telephone DIgby 4-6600
95*
315*
955* 102
...30
Preferred
Follansbee Bros pref
New
Broadway
85*
295*
oom...♦
100
100
Yeast...100
Northwestern
42
18 5*
New Haven Clock pf
Norwich
'■
♦
Ohio Leather
75*
65*
-
*
preferred
Cigar Stores
Morton Lachenbruch & Co.
'
100
100
Nat Paper A Type
-
66 5*
Federal Bake Shops
United
15*
Bros.
37
35
114
Preferred
Dixon (Jos) Crucible...100
Draper Corp
1
..100
National Casket
63
..
31
Muskegon Piston Ring
55*
60
Dictaphone Corp
Follansbee
66 5*
30
5*
preferred
Iron
m-m
115*
635*
1
Woodward
m-m
120
...»
Preferred
—
66 5*
Devoe A Raynolds B com *
For footnotes see page 2810.
Mock Judson A Voehringer
—
635*
Supply Co of N V
Preferred
6%
52
5
10
Preferred
555*
108
100
Dennlson Mfg class A
Dentists'
Martin (Glen L) com
645*
535*
495*
*
Crowell Pub Co com
10 5*
20
54
preferred
cum
10
17
*
Molybdenum
Columbia Baking com...*
$1
100
100
Vf acfadden Publloa'n com •
30
85*
inc 6s
49
110
1st 6% preferred
2d 8% preferred
28
255*
75*
535*
85*
*
conv
260
Lord & Taylor com
10
com
100
100
25*
47
Lawrence Portl Cement 100
52
com
3
25*
25*
1
26
100
Inc com
Paper..25
Lawyers Mortgage Co..20
75*
505*
13
•
.100
Preferred
Hotels
Bowman-Blltmore
Chilton Co
Graton & Knight com
Established 1919
Members of the New York Security
25
Tennessee Products Common
S.
H.
I
^ew York
Exchange (Associate)
120 Broadway,
Earnings
New York
year
share
pfa.
per
Teletype N. Y. 1-869
Tel. REctor 2-7890
Teletype N Y 1-1397
ALLENDALE CORP.
Pittsburgh Stock Exchange
j
Dealers Assn.
ST., N. Y.
Tel. HAnover 2-8780
& CO
EDWARDS
Mtmoers
BROAD
ending Feb. 28, 1937 $9.64
and $3.£9 per com. share
Approx. Mkt. $3.50 Pfd. 36-37
"
"
Union Bank Building, Pittsburgh
26-27
Common
LANCASTER & NORVIN GREENE
Incorporated
Diamond T Motor Car Co.
Prospectus
PENNSYLVANIA
Members New York Curb Exchange
Broad St.,
Bell Tele.
HAnover 2-0077
N. Y.
1-1786
upon request
QUAW & FOLEY
30
STREET
30 BROAD
Bought, Sold & Quoted
N. Y.
INDUSTRIES, Inc.
Units
Hanover 2-9030
ROBINSON, MILLER & CO.
INO.
HAno'vePrb2T282 52 William Street, N.Y.
CLIMAX MOLYBDENUM COMPANY
C.
E.
UNTERBERG
AfTomiuw.
Aiemoera
& CO.
WICKWIRE SPENCER STEEL
f New York Security Dealers Association
j Commodity Exchange,
61 Broadway, New
Inc.
BOwllng Green 9-3565
York
CURRENT
New
Teletype N. Y. 1-1666
lished by the American Metal Market.
Besides
a
52 Wall
collection of useful and
informative data on economic subjects, this handy,
furnishes in its usual complete and compact form,
imports,
exports,
W.
I.
Warrants
W.
I.
NOTICES
—The thirtieth annual edition of "Metal Statistics" has just been pub¬
consumption,
Common
stocks,
New York City
Street,
A. T. & T. Teletype N.
HAnover 2-3080
Y. 1-1642
coat-pocket size book
a
record of production,
price fluctuations
and
CURRENT
averages
NOTICES
(monthly and annually), data on various brands, analyses, trade terms,
duties,
custom
The book is moderately
a
letter entitled "Oil in the Machine
Broadway,
Age," J. S. Bache & Co., 42
New York, members of the New York Stock Exchange and
other principal
exchanges, discuss demand, profits, unsettling factors and
stabilizing policies.
The letter, which specifically
covers
L.
Graham,
Jr., has been appointed
manager
of the Chicago
office of Graham & Co., it was announced by Byron G. Webster, resident
partner.
priced at $2 per copy.
—In
—Wm.
applying to finished and semi-finished ferrous and
etc.,
non-ferrous metal products as well as raw materials.
Mr. Graham, after his graduation from Yale in 1928, came to
Chicago from his home in Pittsburgh and in
1930 joined the old firm of
From there he went to Shields & Co. whom he left
Clark, Childs & Co.
in 1935 to form his present
connection.
—Announcement is made today of the formation of Astor & Ross, mem¬
crude, fuel oil and
Stock
Exchange.
Members of the
firm are Morris
bers
with industrials for the years
Astor, member of the New York Stock and formerly associated with D. M.
1924 through 1936.
New
York
gasoline, also contains indexes of net income of oil companies as compared
new
J
—Greene
Security
&
Co.,
37 Wall St., New York, members of the New York
Dealers Association, have issued for free
containing
"Over-the-Counter"
real estate, foreign dollar
quotations
on
a
booklet
and investment trust bonds and industrial, public
utility and brewery common and preferred stocks.
distribution
industrial, public utility,
Minto & Co., and
Hyman J. Ross, formerly a member of Fisher & Ross,
recently dissolved.
The new firm will make their offices at 39 Broadway,
New York City.
,
—Charles H. Newton is now associated with Coffin & Burr Inc. in their
New York
office.
2812
Financial
Quotations
Chronicle
April 24, 1937
Over-the-Counter Securities—Friday April 23—Concluded
on
Investing Companies
Pat
Ma
Par
Ask
Administered Fund
18.79
19.99
Incorporated Investors..*
Affiliated Fund Ino
10.77
11.72
Invest Co of Amer com. 10
Amertx Holding Corp...*
Amer Business Shares... 1
30
Amer A Continental Corp.
Amer General Equities Inc
12
31*
1.25
1.37
13
1.12
1.25
Investors Fund C
BiA
Ask
48
50
15.75
Keystone Cust Fd Inc B-3.
Major Shares Corp
Maryland Fund Ino
22.54
24.68
*
3*
9.98
10.93
28.73
30.48
16.78
18.33
4*
National Investors Corp..
Nation Wide Securities. .1
7.35
7.59
4.57
4.67
.62
".82
Voting trust certificates.
2.09
2.29
35.89
38.39
18.83
20.25
22*
23 *
5*
7*
Bankers Nat Invest Corp *
Basle Industry Shares...*
3*
5.15
1
Bullock Fund Ltd
Inactive Exchanges
16.72
1
Am Insurance Stock Corp *
Assoc Stand Oil Shares..2
British Type Invest A
Broad St Invest Co Inc
Foreign Stocks, Bonds and Coupons
25.81
1
6
Mass
com..
Trust..1
Investors
Mutual Invest Fund
New England Fund
N Y Bank Trust Shares...
N.Y.StocksInc., Bank stks
WALTER E.
82 William
Tel. HAnover 2-5422
Foreign Unlisted Dollar Bonds
4*
12.19
13.16
12.24
13.22
12.74
13.75
Anhalt 7b to
1946
10.81
11.68
1946
Canadian Inv Fund Ltd.l
4.55
4.95
Central Nat Corp ol A...*
Class B
♦
46 *
7
49 *
10
Century Trust Shares...*
26.22
28.26
13.79
14.80
1972
88
Commonwealth Invest-..1
Oonsol. Funds Corp cl A.
5.91
6.32
Machinery stocks
Railroad equipments...
Antloqula 8%
Argentine 4s
15.07
16.26
Bank of Colombia 7
12 X
133*
Steel stocks
15.92
17.17
Bank of Colombia 7 %
/22
/22
Continental Shares pref
19*
20 *
No Amer Bond Trust ctfs
59*
63*
% 1947
1948
Barranquilla 8s'35-40-46-48
Corporate Trust Shares
2.99
No Amer Tr Shares 1953..
2.76
Bavaria 6 *s to
/22
/18*
Building supplys
Electrical equipment
Insurance stocks
...
Series A A
2.84
Series 1955
3.53
Accumulative series....
2.84
Series 1956
3.46
Series A A
mod
3.57
Series ACC mod
Series 1958
3.57
Crura A Forster com
10
8% preferred
100
Northern
28 *
117
10
7% preferred
100
Cumulative Trust Shares. *
100
Class B
36
66
8s
72
41
43
6.48
1945
19
4*
.95
1.06
18.02
19.74
new.
1958
7s
4*
Quarterly Ino Shares
8s. 1947
78
17
»
Plymouth Fund Ino A. 10c
112*
Bavarian
Bolivia (Republio)
Pacific Southern Inv pref.*
Class A
*
34
1945
Palatinate Cons
1945
Bogota (Colombia) 6 Ma '47
3.26
Securities
RiA
Clt 7% to
30*
Crum A Forster Insurance
Common B shares
.....
1969
-
1940
6a
Brandenburg Eleo 6s. -1953
Brazil funding 5% .1931-51
Brazil rundlng swtlp
Deposited Bank Shs
A.
2.56
Deposited Insur Shs A
Deposited Insur Sh
Representative Trust Shs.
3.45
ser
Republic Investors Fund—
B__
3.25
Diversified Trustee Shs B.
11*
ser
ex
5.10
D
7.30
8.16
1.99
2.14
25c
1*
Fidelity Fund Inc
Selected Amer Shs
.*
34.25
36.81
38
41
27.52
29.65
#3.79
4.13
F3.88
4.23
Fiscal Fund Inc—
Bank stock series
Insurance stock series..
Fixed Trust Shares A
4.15
Selected Cumulative Sha_.
*
10.61
4.95
Fundamental Investors Inc
£24.47
5.55
1.11
1.22
21.64
22.31
Standard Am Trust Shares
*
Super Corp of Am Tr Shs A
25.84
6.30
7.00
B
4.15
4.40
.93
119
j.00
4.22
BB
2.79
O
General Investors Trust..
6.97
7.59
Group Seour., Agrlcult shs
1.92
2.08
Series C
1.47
11.60
Series D
Building shares
2.19
2.37
1.59
£1.73
shares
Food shares
Investing shares
1.77
Merchandise shares
1.47
Mining Shares
Trustee Stand Invest't Shs
Trustee Stand Oil Shs A..
Series B
Dortmund Mun Utll 6s '48
18*
B
2.74
Voting trust ctfs
£1.60
2.12
1.06
«
1.74
12.29
which
Dulsburg 7 % to
1945
1.08
East Prussian Pow 6s. 1953
3*
1*
4*
1*
22.07
Un N Y Tr Shs ser F
Wellington Fund
20.13
1~25
1.88
2.03
1.62
10*
First Boston
35
Corp
Schoelkopf, Hutton A
4.1.75
Pomeroy Inc
11*
36*
4*
com
5*
NOTICES
Edward
L.
6*8
1953
European Mortgage A In¬
will
Tuesday, April 27,
Bernays speak
on
formerly in the Municipal bond business in Roanoke, Va., is now associated
with them with headquarters at the Phoenix Hotel at
Lexington, Ey.
He will specialize in Kentucky, West Virginia and Virginia bonds,
of their Toronto office to the Canadian Pacific
Railway Building.
—Amott, Baker & Co., Inc., 150 Broadway, New York, have prepared
operating reports on Fuller Building Corp.
Operating Co., Inc., in Albany.
—L. G. Smith & Co., Inc., of New York, announces the association with
as
syndicate manager, Rufus
J. Taylor as metropolitan sales manager and E. Graham
Boyd.
|g
—Bond & Goodwin, Inc. of Illinois, announce that John Allen Collins
formerly of Hammons & Co., Inc. and Roland B. Douglass have become
associated with the firm in their sales department.
—Harder & Co., 50 Broad St., New York, have available
a
circular
on
the
common
53
55
63
55
change Bank 78—..1936
Ilseder Steel 6s
Coupons—
Nov 1932 to May 1935
Nov 1935 to Nov 1936
25*
25
Kohoiyt 6*s
12*
11*
Land M Bk Warsaw 8s '41
11*
Leipzig O'land Pr 6*a
15
Leipzig Trade Fair 7s 1953
21
Luneberg
Water
83*
/21*
/19
/13*
/21 *
/8*
/18*
/17*
/17 *
/72
/18*
1937
Munich 7s to
62
114
Funding 3s
1946
July to Dec 1934
Jan to June 1935
July to Dec 1935
Jan to June 1936
...
Jan to Mar 1937
German scrip
German Dawes Coupons
Dec 1934 stamped
Apr 15 '35 to Oct 15 '36.
German Young Coupons
Deo 1 '34 stamped
June 1 *35 to Deo. 1 '36
Graz (Austria) 8s
1954
Gt Brit A Ireland
4s
1960-1990
Guatemala 8s 1948
Hanover Hari Water Wks
6%
1957
Haiti 6%
1963
Hansa 88 6s stamped. 1939
6s unstamped
1939
/19
/19*
81
79
1946
/18*
/18*
20*
20*
/19
/21
(A A B)
1946-1947
/86
92
(CAD)
22*
1948-1949
/84
91
20
Nat Central Savings Bk of
15
Hungary 7*s
1962
National Hungarian A Ind
Mtge 7%
1946
North German Lloyd 6s '47
22*
4s.________
/33
/33
97*
48
..1947
...
Oberptais
Eleo 7%
1946
Oldenburg-Free State 7%
74
to
82
60
35"
1945
/18*
20*
/55
60
/26
27*
/17*
/20*
/22*
/18
/28
/18
/25
/18
/17*
19
5s
1941
Rhine Westph Eleo 7% '36
19*
20*
20*
20*
21
6s
1941
Rio de Janeiro 6%.—1933
Rom Catb Church 6*8 '46
R O Cburoh Welfare 7s '46
26*
20
19
165
Royal Dutob 4s
1945
Saarbrueoken M Bk 6s '47 -/17
21
21
Salvador 7%
7b ctfs of dep
1957
1967
4s scrip...
8s
1948
8s ctfs of dep
Santa
Gatharina
20*
134
124
(Ger
many) 7s
1946
Prov Bk Westphalia 6s *33
Prov Bk Westphalia 6s '36
31
37
50
/18*
1966
Porto Alegre 7%
Protestant
Chnroh
127"
/70
/50
1948
/21*
Scrip
6*s
1961
Saxon State Mtge 6a. 1947
Serbian 5s
1956
/19
/28*
28*
2d series 5s
/90
95
/38
/33*
/ll*
/71
/60
34*
/27*
28*
/81 *
/80
/17 *
/26
/20
/19
/20
27
13*
(Brazil)
8%
1947
Santa Fe 7s stamped. 1942
Santander (Colom) 7a. 1948
Sao Paulo (Brazil) 6s. 1943
Saxon Pub Works 78.1945
German Conversion Offioe
Int. ctfs of dep July 1'37
German defaulted coupons
4
1948
Meridionals Eleo 7s..1957
/28
1946
German Atl Cable 7a. -1945
German Building A Landbank 6*%
1948
7%
46
Panama 5% scrip
/33
/80
/59
/82
/33
/28
/35
/18*
/18*
/18*
/18*
/19
/19
/19
1967
Income
Light
Mannheim A Palat 78.1941
f33
7s
Power
Municipal Gas A Elec Corp
1967
French Govt 5*s
1937
French Nat Mall S3 6i '62
/56
/41
/18*
/50
/26 "
/18*
1943
Recklinghausen 7s
1947
Nassau Landbank 6*s '38
Natl Bank Panama 6*%
7s
Frankiurt 7s to
/17
/33
/33
18*
21*
20*
53
55"
61*
53*
Coupons—
/58
/40
/35
/33*
/32*
/31
/29*
/20
rm
/8*
/16*
/ll
/13
97
Nov 1932 to May 1935
Nov 1935 to Nov 1936
/56
/41
Stem A Halake deb 6s. 2930 /295
7s
1940
/98
State
Mtge Bk Jugoslavia
5s
1956
54
57
2d series 5s
1956
52*
55*
Coupons—
Oct 1932 to April 1936
Oct 1935 to Oct 1936.
/56
Stettin Pub Utll 7s„.1946
Stlnnes 7s unstamped. 1936
21
1946
/19
/51
/39
/49
/37
1955
92
93
6*
9
17*
Certificates 4s
1936
7s unstamped
Certificates 4s
Tobo Eleotric 7s
..1946
11*
13*
101
/41
Tollma 7s
1947
/17 *
18&
Tucuman City 7s
100
1951
Union of Soviet Soc Repub
7% gold ruble
1943 186 .54 91.14
United Steamship 6s. 1937
100
Unterelbe Electric 6s_1953
2l"
/19
109* 111
/48
/17*
96
1956
99
Vesten Eleo Ry 7s
/56
1947
Wurtemberg 7a to...1945
/17*
/19
19
21
/69*
on
Utica & Mohawk Cotton Mills, Inc. with special reference to the dividend
record
/33
/2 3
Jugoslavia 5s Fundlngl956
Jugoslavia 2d ser 5s...1956
/28
July to Deo 1936.
—Abbott, Proctor & Paine, members of the New York Stock Exchange
and other leading stock and commodity exchanges, announce the
removal
department of Mack W. Beeks
1948
20*
/22
/59
1966
Jan to June 1934.
—Charles A. Hinsch & Co. of Cincinnati, announce that Stafford
Martin,
its investment
Hungarian Ital Bk 7*8 '32
Hungarian Discount A Ex¬
/36
7*a income
July^to Deo 1933
Association.
for distribution statistical and
89"
/33
6s
"Winning Public Good Will for Financial Institutions," it was announced
by Harvey Weeks of Central Hanover Bank & Trust Co., President of the
In New York and Ten Broeck
A»\
Housing A Real Imp 7s '46
Hungarian Cent Mut 7s '37
Munlo Bk Hess en 7s to '45
..196^
7*s
Gelsenkirohen Mln 6s. 1934
Advertisers Association of New York
time it will hear
Electric Pr (Germ) 6 Mb '50
vestment
Bancamerlca-Blalr Corp..
hold its April luncheon meeting at the Lawyers Club on
12:15 p.m., at
2.84
Inveatm't Banking Corps
CURRENT
at
1945
1.00
a-16
'
6*a..l959
Duesaeldorf 7 s to
Un N Y Bank Trust C3..
ii*
York Financial
--••-1949
.
.
1.68
Steel shares __i
Institu.Secs.LtdBkGrpShs
Insurance Group Shares
5s--
1.04
Tobacco shares
.88
•••'
•
1.52
1:1.66
—The New
7.69
17*
1.63
Huron Holding Corp
8.16
Trusteed Industry Shares.
U 8 El Lt A Pr Shares A..
1.60
24
.
11.13
RR Equipment shares..
Preferred
Cordoba 7s stamped
1937
Costa Rioa funding 5% '51
Costa Rica Pac Ry 7 Mb '49
fl.92
51.88
Guardian Inv Trust com.*
1968
pest, 7s
1963
Colombia scrip Issue of '33
Isaueof 1934 4%...1946
Cundinamarca
1.73
shares
..
.94
...
Petroleum
1934
Trusteed Amer Bank Shs B
1.03
/14
/24
/23*
/ll*
/10*
f 10*
/12
/19
82 *
/93
/22*
/18*
Ask
20*
City Savings Bank. Buda
3.05
Chemical
Callao (Peru) 7*%-1941
Cauca Valley 7 Mb
1946
Chilean Nitrate 5s
15.99
3.11
Automobile shares
Caldaa (Colombia) 7 Mb 46
Call (Colombia) 7%.. 1947
7s assented
8.06
14.71
/ 18*
/22
Buenos Aires scrip
V
Burmelster A Wain 6a. 1940 /110
Chile Govt 6a assented
8.06
D
Supervised Shares
Bank
1962
Brown Coal Ind Corp—
6*8
1963
Magdeburg 6s
2.79
B
1940
British Hungarian
7 Mb
Ceara (Brazil) 8%
1947
Central German Power
122
4.05
AA
5.77
....
•
State Street Inv Corp
5.25
16.67
com.
Spencer Trask Fund
111.02
Foundation Trust Shares A
1*
15.30
13.31
Fundamental Tr Shares A
1
new...
Selected American Shares.
Sovereign Invest Inc
Bremen (Germany) 7s 1935
6b.
Standard Utilities Inc...*
*
B
1 *
200% stock div
Selected Inoome Shares...
Eqult Inv Corp (Mass)..5
Equity Corp conv pref.__l
14.47
Royalties Management...
C
Dividend Shares
13.97
BRAUNL
St., N. Y.
For footnotes see page 2810.
stock.
—James Talcott, Inc. has been appointed factor for Max
Drucker
Silk
Co. and Fashions Fabric Mills, New York City, distributors of
rayons.
—Peter P. McDermott & Co., 39 Broadway, New York, have
prepared
an
analysis of Mercantile Stores Co., Inc. $1 par common stock.
—Campbell, Phelps & Co., Inc., 70 Pine St., New York, has prepared
list of New Jersey municipal bonds yielding from 1.50 to
4.15%.
$?A. O. Corbin & Co., Inc., 135 Broadway, New York, has prepared
pamphlet
on
—Homer
the raising of
&
Co.,
new
rTDMAAI
ULKMAn
a
a
capital under present conditions.
40 Exchange Place, New York, has issued its
quarterly review of the high-grade railroad bond market.
—Burr &
STOCKS
BONDS
Inc.,
Internal
—
COUPONS
SCRIP
External
ROBERT E. HAUTZ & CO., INC.
50 Broad Street
160 No.
NEW YORK
LaSalle St.
CHICAGO
Co., Inc., 57 William St., New York, has prepared comparative
25 leading chain store companies.
sales figures on
—Mackubin, Legg & Co., 14 Wall St., New York,
are
issuing
a
detailed
CURRENT
analysis on American Re-Insurance Co,
—Bristol
current
&
Willett,
115 Broadway, New
York,
are
distributing their
offering list of baby bonds.
Hoit, Rose & Troster, 74 Trinity Place, New York, have prepared
analysis of Long Bell Lumber Co,
—J. T.
Connor & Co.,
NOTICES
2 Broadway, New York, have issued
a
special
report on Bank of Manhattan.
an
—E. P. Frazee & Co. of New York, announce that Leland E. Burrell has
become associated with them.
Volume
Financial
144
General
Chronicle
2813
Corporation and Investment News
UTILITY—INDUSTRIAL—MISCELLANEOUS
RAILROAD—PUBLIC
We
RIGHTS-SCRIP
Specialize in Wisconsin
Unlisted Stocks and Bonds
Specialists since 1917
a®swa & @®<
Phone
Daly 5392
Teletype Milw. 488
McDonnell &fo.
„
Member*
.
New York Stock Exchange
180
Advance Bag & Paper Co., Inc. (&
New York Curb Exchange
Broadway, New York
MILWAUKEE, WIS.
Talepbona REctor 8-7815-80
Subs.)—Earningi
Income Account for Year Ended Dec. 31, 1936
Ball Telatypa [NY 11640
[Not includin
Net
Southern Advance Bag & Paper Co., Inc.]
'
profit from manufacturing before depreciation.
$3,724
282,450
207,500
Other income.
Dividends received from subsidiary..
Abraham & Straus, Inc.—New President—
Walter
N. Rothschild was elected on April 21 Presidents of the corporation,
succeeding Edward O. Blum, who will continue as Chairman of the Board.
—V. 144, p. 2462.
Acme Steel
Total income
fiscal years)
;
46,309
Depreciation
3 Mos. End. Mar. 31—
1936
on
bonds
115,802
Interest
1934
1935
153,607
Interest
Co.—Earnings—
1937
profit
after
int.,
deprec. & Fed. taxes._x$l,094,941
Earns, per sh. on cap.
stock (par $25)
$3.33
$493,675
Charges against income (incl. net losses of subsidiaries for respective
on
scrip
7,720
j,
Net
$601,990
Balance before Federal income tax
$286,408
$1.83
$391,853
$0.86
Note—Above balance does not reflect loss
plant which was charged directly to surplus.
•
$1.19
Also after undistributed profits taxes.
The net profit for the 12-month period ended March
31,1937, was $2,858,583, to $8.71 per share.—V. 144, p. 2637.
x
Adams
on
sale of
Middletown, Ohio
Income Account for Year Ended Dec. 31, 1936
Southern Advance Bag & Paper Co., Inc.
Net profit from manufacturing before depreciation.
Other income
Express Co.—Earnings—
Dividend received from subsidiary
Earnings for 3 Months Ended March 31, 1937
Income: Dividends on securities
Interest on securities
$352,595
8,312
Miscellaneous income..
180
$752,959
194,802
13,500
.'
Total income
Charges against income (cash discount, &c.)
Depreciation
Interest
Total income
$170,235
—
bonds
on
$961,261
143,888
185,121
141,401
$361,087
__
General expenses
Interest.
Balance available for dividends before Federal income tax
56,061
...
122,469
x8,710
Provision for taxes
Balance before Federal income tax...
Net income..
$490,851
266,628
Dividends paid during year
$173,847
.$224,223
....
Balance Sheet Dec. 31
No allowance has been made for possible Federal surtaxes on undistrib¬
uted profits.
x
Mar.31,'37
Assets—
Dec. 31, '36
$
Cash
4.410,295
3,891,783
177,228
98,633
Accrd. int. & dive.
Amt. due for
sold—not delvd.
56,066
Invests, at cost...51.849,382
Prop. & equip.—
Jess
depreciation
43,138
109,698
113,278
498,871
496,380
tingencies, &c--
10.682
due
notes,
1939-1941
10,870
2,400,000
4,000,000
Coll. trust4% bds.
due June 1,1947 4,714,500
Coll. trust 4% bds.
4,714,500
x
...56,503,653 57,880,998'
^^Represented by 1,590,900
4.393,500
Note—The
of cost
excess
56,503,653 57,880,998
no par shares in 1937 and 1,639,600 shares in
over
market value of the company's investments
at March 31,1937 was $3,130,622, as
compared with
Henry
K.
Smith,
President
of
the
Marlin
Rockwell
Corp.,
to the Board of Managers of this
company to fill the
created by the death of William M. Barrett.—V.
144, p. 2637.
Adams-Millis Corp.
Calendar Years—
has
been
vacancy
(& Subs.)—Earning
1936
1935
1934
1933
Other income
Federal taxes, &c
Net income
Preferred dividends
common
on
66,147
$7,080,227'
$6,992,451 $7,080,227
Total
for depreciation of $1,491,184 in 1936 and $1,504,388 in
Aircraft
Plywood Corp.—To Merge—
$840,300
220,313
$622,802
72,003
$749,460
67,483
$619,987
60,800
$636,608
7,253
yl29,100
$694,805
12,926
125,015
$816,943
23,706
144,284
$680,787
36,340
117,000
Arrangements have been made for listing the stock
Curb, it was announced.—V. 129, p. 2684.
new
'
common.
corporation will be known as the United States Plywood Corp.
an authorized capital stock of $1,750,000 dividend into 70,000
shares of convertible preferred stock and 350,000 shares of common stock.of
new
It will have
nominal value of $1
a
share.
Alaska Juneau Gold Mining Co.-
$556,864
108,673
312,000
$648,953
116,434
273,000
$527,447
122,500
156,000
Calendar Year
Gross recovered
$136,191
$259,519
$248,947
Other income.
$2.55
$2.87
$3.41
$2.59
After deducting $202,685 provision for
depreciation in 1936, $179,212
1933.
y Includes $5,200 esti¬
1936
1935
equip...$2,110,530 $2,034,063
Cash
secur.
666,460
458,020
868,763
912,065
Notes rec. for mach
sold
Accts. receivable..
372,544
Inventory-
669,954
16,839
Other assets
Deferred charges..
20,333
1,325
363,246
1st pref. stock
y
Amt.
to
be
614,004
35,915
209,498
39,262
192,676
1, '37 for
5,000 shares 1st
iciqq
2,409,047
$3,960,165
2,179,547
$2,549,896
90,189
Operating profit.
Total income
icuq
$4,582,559
$1,837,566
99,187
$2,173,512
68,251
$1,780,618
71,652
$1,936,753
88,114
135,440
$2,241,763
20,448
99,243
$1,852,270
6,164
207,400
149,406
199,306
141,452
Exp. on outside prospects
Depreciation
Depletion
Common dividends
1,800,000
Balance, deficit
outstand-
$80,510
y$l,563,799 y$l,922,765 y$l,497,253
1,800,000
1,760,549
1,101,750
$236,201 sur$162,216 sur$395.503
Shs. cap. stk.
ing (par $10)
Earnings
After
per
.
1,500,000
depletion,
y
1,500,000
$1.15
share.
550,000
Res. forconting...
59,000
2,346,264
$1.04
1,500,000
$1.28
1,491,700
$1.00
Before depletion.
1936
59,000
2,067,679
.$4,314,682 $4,722,620
$1,574,658
in 1936 and $1,449,173
shares.—V. 144, p. 2115.
Akron Canton & Youngstown Ry.—Interest
in
1925.
ASSetS
$
Capital assets
24,183,001
Cash
436,183
Receivables
488,871
Notes receivable..
639,451
Supplies
523,833
Deferred charges.. 1,634,590
1935
$
18,226,412
275,443
202,500
450,762
552.132
1,059,474
1936
1935
$
Liabilities—
$
Capital stock
Accts.
15,000,000 15,000.000
patable,&c.
220,491
194,516
Declared divs.
un¬
paid
450,000
Accrued taxes
260,933
149,400
2,528,587
reserve.
3,202,681
3,876,864
Capital surplus...
Surplus
Payment—
John E. Sloane & Co. announced April 21 that the Federal Court in
Akron, Ohio, had authorized the payment of the coupons defaulted on
April i, 1934, on Akron Canton & Youngstown Ry. 53^ and 6% bonds
of 1945 and the coupon defaulted on the same date on Northern Ohio Ry.
5% bonds of 1945.—V. 144, p. 2638.
[
103,946
555,715
260,933
Balance Sheet Dec. 31
pref. stk. called.
Total
Earnings—
icjq^
$4,281,110
2,443.544
$2,640,085
Oper. & marketing costs.
x
Feb.
$4,314,682 $4,722,620 I
no par
614,004
paid
Earned surplus
x After
depreciation of
Represented by 156,000
1935
$500,000 $1,750,000
Common stock..
Accounts payable.
Accrd. labor & tax
502,987
14,991
25,180
1936
the New York
$5,400,621
2,850,724
Profit before deplet'n.ySl,719,490
Liabilities—
on
1936
values.
Federal taxes
Consolidated Balance Sheet Dec. 31
Assets—
y
97,036
3,490,525
64,583
$959,034
209,574
in 1935, $182,855 in 1934 and $202,120 in
mated provision for Federal surtax.
622 759
2,731
$828,812
206,010
156,-
shares
664,720
1,827,200
Negotiations by stockholders for a merger of this company with the
United States Plywood Co. of New York are reported under way.
Air¬
craft Plywood, which, it is said, produces about 12% of the output of
Douglas Fir Plywood on the West Coast, has been under contract to the
New York company for several years' to furnish it its entire production.
Three conversion plans are said to have been proposed to holders of
Aircraft units, consisting of one share of $100 par 7% preferred stock and
one share of common stock.
They are said to have the option of exchanging
units for two shares of new $2 par convertible stock and three shares of
common or three shares of new common and $50 in cash or six shares of
$86,550
Balance
Earns, per share
Total....
664,720
1.827,200
524,035
Surplus
'
reserve
$500,255
101,705
312,000
Common dividends
Plant &
N. P. V
2,647,521
4,389
company accounts.—Y. 142, p. 3494.
a
Total income
Miscellaneous deduct'ns
Marketable
$6 Preferred stock
Common stock
Note—The above balance sheet is not consolidated and does not show
either the assets or liabilities of any subsidiary except as to certain inter¬
The
x
1,731,990
$534,922
101,685
Operating profit
x
106,623
3,042,554
$6,992,451
a After
1935.
3,249
2,184,756
$756,830
221,907
Expenses.
000
3,075
150,162
Deferred charges..
$6,045,079 at Dec., 31
New Board Member—
665,611
2,639,152
Treasury securities
Sink'g fund deposit
Special
fund
for
Total
2,310
2,174,362
8% stock 1,731,990
Prior lien
6,790
3,429
178,916
391,811
138,684
contingencies
19~558
Res. for Fed. taxes
Funded debt
_
Fixed assets
1935
$25,995
25,179
17,270
Accrued items
6,075
1,416
Investments
1936.
elected
66,189
Inventories
a
663,000
Com. stk. & cap¬
ital surplus
39,665,271
Total
73,862
cos.
1936
$25,383
Notes payable
(less
reserve);
Notes receivable-
39,658,511
Earned surplus... 4,015,676
3,841,829
Total..
rec.
Due from affU.
due Mar. 1,1948 4,393,500
10-yr. 4M% debs.
dueAug. 1,1946
663,000
$124,740
Cash surr. value of
Accounts
Res. for taxes, con¬
Coll.
Liabilities—
$100,652
life ins. policies.
purch.—not reed
33,944
53,845,768
1935
Accounts payable.
offices
Amt. due for sees.
Accrued Interest..
sees.
1936
Cash In banks and
Mar. 31, '37 Dec. 31,'36
$
S
Liabilities—
|
Advance Bag & Paper Co. only[
Assc/s—
Comparative Consolidated Balance Sheet
261.571
261,571
4,633,390
2,632,649
Deprec.
reserve
Depletion
Total
27,905,930 20,766,724
-V. 144, p. 2463,
Total
27.905,930 20.766 724
Financial
2814
Alabama Great Southern RR.—Issue Placed
Allen
Privately—
syndicate headed by Salomon Bros. & Hutzler and includ¬
ing Dick & Merle-Smith and Stroud & Co., obtained on
April 21 the award of an issue of $3,825,000 1- to 15-year
2%% certificates on a bid of 97.628.
The issue has been
placed privately.
A'
Freeman & Co. submitted a price of 97.4722 and Halsey, Stuart & Co..
bid 95.786.
The low bid of 95-759 was made by Brown Harriman &
Inc.,
Co.,
Aluminum Co. of America
Cost.oper.. &c.t
exp
Operating profit
$2,723,204
$1,714,092
$1,570,831
46,142
52.092
81,831
$2,818,453
$1,760,234
430,162
$1,622,923
4,017,019
770.616
769,533
16~380
25.491
$6,466,149
2,567,876
$1,664,547
2.203,329
2,500,000
3,500,000
5,522.416
5,520,662
$20,866,936
zl7,463,175
$9,571,206
3
Cr42,134
pref. stock
Net income
Preferred dividends
Res. for decrease in value
$1,087,041
178"618
5,684,242
$7,447,469
5.825.056
$1,005,210
95,249
1933
1934
exp--y$26,389,352x$15,091,868x$12,150,391
after
of securities & invest-.
Other income (net)
Years
1935
1936
Allegheny Steel Co.—Earnings—
Gross sales
(& Subs.)—Earnings—
Consolidated Income Account for Calendar
earns,
stock, $1 par,
registration.—V. 144, p. 2638.
Res. for deprec.,depl.,&c
Gain from purch. & re¬
1933
$11,853,200
10,847.990
and
Listing
from
The New York Curb Exchange has removed the common
from listing and
tirement of
1936
1935
1934
$31,528,219 $22,130,343 $17,258,657
15,687,826
28,805,015 20,416,251
Inc.—Removed
Industries,
Registration—
Gross
Inc.—V. 144, p. 2115.
Calendar Years—
Apr1! 24, 1937
Chronicle
i
.
Deprec. & depletion
Interest
income
547.165
2,604
paid
Federal
421/236
18,311
taxes
Federal surtax
$1,829,137
ning of period,.
.
Reserve restored to surp
.
$1,151,454
$835,928
$292,017
7,245.041
xl67,716
7,250.561
8,067,524
7.980.009
,
•
■
$8,402,015
$8,903,451
$8,298,836
232,568
232.050
231,313
Common dividends
1,167,215
.
608,918
prior years
Condensed Consolidated Balance Sheet Dec.
x
income
$336,964
Federal surtax
on
$324,145
$293,954
612.685
$0.45
x$551,054
752,285
$0.65
610,695
$0.43
610.695
$0.38
earnings.
undistributed
$
U. S. Govt, securs.
253,838
253.838
Treasury stock--
42,559
49,420
152,483
1,875,165
Demand note pay-
12,997,394
&
secur.
3,126,504
x
Accts.
Workmen's
Other assets
.
139,935
20,532
1.601,562
3,307,695
80,163
Earned surplus...
9,087,609
1
100,723
7,245"04i
1
90,539
113.587
154,864
470,018
36,559
386.941
58,662
397.123
x
No provision made for surtax on
controlled]
1937^
$1,316,396
Dividends received from subs, not
44,145
(no prov. for
150,005
84,472
$505,446
Preferred dividends.
113.601
165.559
Common dividends
313.258
183,508
$415,574
9.476.738
$156,380
9,403,677
$9,892,312
1,031,111
$9,560,057
undistributed earnings)
_
Total.
160,881
1
Alpha Portland Cement Co.—Earnings—
1937
Surplus March 31
1934
1935
1936
$4,815,998
$4,186,566
3.715.411
1,454,227
3.422.322
1,421,100
1,201,967
$4,976,859
4,031,140
1,251,896
Operating profit
Other income (net)
$1,036,535
153,525
x$306,177
79.494
x$353,640
184,971
x$656,856
121,179
Total profit
Provision
for
$1,190,060
x$226,683
x$168,669
x$535,677
$810,869
220,951
$842,433
on
Chargeable to earned surplus.-
5,132.852
29,980
$1,360,540
368,103
consolidated—
x
$7,371,354
1936_
$780,889
„
Earnings before depreciation & income taxes
surtax
Represented by 750,692 shares, no par, including 37 shares reserved
for exchange for shares of West lJenn Steel Co., in 1936 (611,132, including
37 shares reserved in 1935).
y Represented by 126 shares of preferred
stock at cost of $13,097 in 1936 (192 shares at $19,957 in 1935), and 1,489
shares of common stock at cost of $29,462 in 1935 and
1936.
z After
reserve for depreciation of $10,559,470 in 1936 and $7,122,268 in 1935.
Note—The reserve for depreication of $7,122,268 in 1935 was shown among
the liabilities, this item was deducted from the assets for comparative
purposes with the statement of 1936.—V. 144, p. 1265.
Co.—Earnings—
[Including subsidiaries 95% or more
3 Mos. Ended March 31—
22,973,010 17,030.042
Total., j.
92.989
$214,264
$396,261
$26,487
undistributed profits.—V. 144, p. 1585 *
Provision for depreciation
Prov. for U. S. & foreign inc. taxes
138,274
22,973,010 17,030,042
Total
103,745
American Brake Shoe & Foundry
17.696
Pald-in surplus...
.
$1,993,072
577,317
sales on shipm'ts made
during period
Deprec. of plants & de¬
pletion of mines
com¬
contr-
14,422
Patents,
patterns
and goodwill.__
Deferred charges
Gen. oper. & admin, exps.
Prov. for loss on time
Subs.)
Apr. 2, '36 Mar. 28.'35 Mar. 29/34
$1,523,304
$1.2(56.068
$1,391,015
594.606
567,854
579,634
Apr. 1/37
$665,421
5,060,068
90,441
Inventories
Agricultural Chemical Co. (Del.) (&
Net profit credited to
earned surplus acct.
2,462,360
14,318
notes & accts. rec
American
X180.000
3,342,600
3,819,575
pensation lnsur.
Employees'
emply.
$87,686,589 in 1936
1,472.625 no par shares.
of March 1,1936.—V. 144,
2638.
p.
Res've for self-insurance
& ac¬
pay.
304,050
223.043.521 222.980,846
Total
$85,119,179 in 1935.
y Represented by
Inc. $6,081,000 bonds called for redemption as
Prov. for Fed. inc. tax-.
120,323
crued expenses..
market,
z
$
3,911,393
200,000
Common stock—
9,428,123
1,730.458
Officers
1.277.832
18,626,077
and
1935
3,342,600
4,691,825
Preferred stock
1,287,163
Oth.
2,181,334
22.029,838
bonds
on
depreciation and depletion of
$
Liabilities—
Real estate, plant
Notes A accts. rec.
6,000,000
investment...
223.043.521 222,980,846
1936
1935
$
—
y
6,000,000
A
val. of seas
36,006.283
2,841,158
443.247
23.343
Comparative Balance Sheet Dec. 31
1936
& equipment
3,225,754
9 Months EndedGross profit from oper.
share
possible
Cash
35,961,718
.
After amortization,
x
1934
1935
1936
1937
par).
Assets—
x
1,858,535
for deer. In
Res
not
Total
Steel Co.
taxes
per
2,616,386
2,086,876
A
reserves
March 1,1936
& est. Fed. & State in¬
Before
6,335,970
Mlsecll. oper.
other
1,736.476
Fed'l
Reserve for
taxes. &c
151
Pref. div. pay--
$7,245,041
$1.50
$2.12
3 Mos. End. Afar. 31Net profit after all chargs
x
8.270.000
1,858,064
Surplus
$7,250,561
$8,067,524
$0.99
$0.10
x Reserve heretofore provided to reduce marketable securities to market
value now restored to surplus as the same is no longer required,
y Earned
surplus recorded on books of West JLeechburg Steel Co. at date of merger
Earnings
2,487,807
772.433
17.793
272.839
$9,087,609
stk. (no
2.511,270
16,625.000
ltabil..
Accrued
Prem.
Earned surplus at end
com.
16,832,770
31,417,341
payable.
called for red.
8,568
of period
Earns, per share
come
18.118,996
151,797
plant charged off
Sundry deductions
Shs.
20,000,000 z27,033.000
Bills payable.—
Deferred charges
42,649
prior years
Flood loss
Dismantled & abandoned
into Allegheny
Funded debt---
Inv.in subs, and
cos.
$
7.363.125
Common stock
Accts.
551
consolidated
"
7,363.125
y
4,114,747
2,515,567
-
affil.
1935
,
146.037.300
Accts. and notes
308,789
Fed.
133,567,678 131,768,395
bonds
other securities
$
Liabilities—
Preferred stock. 135.422,300
Inventory
29,653,256
Sinking funds for
139,422
...
$
Land, plants A
Cash
31
1936
1935
$
Assets—
market.sees--
Res. to red. market sec.
to market value & for
tax
an.
182,402
collectible accounts of
Additional
J 12 per share declared on $6 preferred stock which includes $1.50 paid
1,1937.
receivable and
for un
pro v.
$15,173,617
Nil
gain from purchase and retirement of preferred stock of
$152,087 in 1935 and $91,436 in 1934.
y After deducting loss from pur¬
chase and retirement of preferred stock of $1,228,313.
z Dividends or
Includes
x
facilities
233,046
$398,273 def$538.782
15.173.617
15.712.399
Surplus Dec. 31
$22,029,838 $18,6l.„u77 $15,571,890
Earns.per sh. on com.stk
$8.65
$0.55
Nil
'
26,810
.$10,648,236
Additional
'
yl,406,341
Miscellenous adjust
Preferred dividends....
...
-
$3,054,188
15,571,890
$3,403,761
18,626,077
1936
.
.
Surplus
Previous surplus
Net inc. applic. to
end of each period
—~
common
$8,700,320
$9,560,057
shs. outstanding at
$1.06
$0.56
Note—Ramapo Ajax Corp. by the retirement of its preferred stock on
April 1, 1937 becomes a wholly owned subsidiary (formerly less than 95%
controlled).
Effect has been given In the balance sheet at March 31,
-
-
1937 to this retirement and to payment on April 1, 1937 of certain loans in
The accounts of this company have been included
connection therewith.
Mar.31/'37 Dec
"2,895
interest.
$1,020,993
"8,519
11475
y$223,793
y$160,650
y$524,507
140.000
644,655
644",555
322,300
$376,393
Common dividends.
y$868,393
y$611,284
$1.58
xLoss.
Nil
Nil
y$664,507
Nil
^
Property accountl3,898,082
15,104,667
Cash
1,488,803
U. S. Govt, secur.
3,211,936
1,497,724
2,070,037
474,866
578,116
175,237
168,744
Other
vances, Ac
Liabilities—
b Common
Wages
payablepayable
taxes
receivable
366,231
68,622
80,233
-
154,454
42.581
138,573
161,150
628,150
50,473
3,194,983 c2,887,777
items---
21,127,371 20,822,758
Total
c
receivable-
Mtges
Accrued accountsNotes
21.127,371 20,822,758
2,624,172
4,302,210
11,050
•Sub.
38,032
33,234
cos.
cost)
Land,
jldgs.
1,361,271
con¬
121,338
114,843
5,519.800
9,395.500
Common stock--11,522,850
7,647,150
Capital surplus.... 4,017,208
Earned surplus-— 4,653,112
4,398,419
cum.
37,544
1,574,344
in
z
pref.
5)4%
(SlOOpar)
6,078.319
not
consolidated
Other
Int.
solidated subs—
Conv.
49.929
cos.
Mln.
em¬
ployees
265,237
Reserves
12.050
3,533.463
985,531
pay.—not
current
Investments—
1,697,381
4,812,796
2,328,206
x
2,357,439
(at
&
(less
depreciation)
13,270.412
Patents & good will 1,366,131
Ins. A other prepd.
equipment
9 568.215
1,370,596
456,353
183.092
32,332,818 29,607,9021
Total
32,332.818 29,607.902
companies not consolidated are carried at
1936 the investment in one subsidiary (con¬
solidated at Jan. 1, 1937) includes appreciation from revaluation in 1925,
the appreciation being included in capital surplus.
The equity in such
subsidiaries had increased since acquisition, as a result of profits, losses and
distributions, $343,432 at March 31, 1937 and $302,744 Dec. 31, 1936.
yAs of April 15, 1937 notes amounting to $2,391,570 were paid out of
receipts from the sale of additional common stock,
z Represented by
689,226 no par shares in 1937 and 611,712 shares in 1936.—V. 144, p. 2287.
x
Total
922,580
593,481
633,481
advances
&
—officers &
Total
depreciation and depletion,
b Represented by 644,600 no par
After crediting the account with $995,055 excess of stated value
overfcost of 66,400 shares of treasury common stock retired and after
charging the account with $331,573 loss on deposition of fixed property
(net)
and $65,000 provision for additional taxes—prior years—V. 144,
p. 2638.
f a*After
689.820
3,079.055
704,326
5,809,318
(less reserve)-Inventories-
cost
shares,
secur.
Items
60,647
91,378
Deferred
Marketable
Dec. 31/"36
Notes payable
y2.6?3,652
Accounts payable. 1,019.745
3,068,705
hand.
U. S. Govt, secur,
16,759,600
865,253
Investments
255,426
67,115
216,740
386,192
1,363,361
$
633,507
Minority Interest
Surplus
Inventories-
$
Com. dlv. payable
Reserves..-
Accounts and notes
1936
stock.16,759,600
Accounts
Accrued
marketable
securities
Working funds, ad¬
1937
1936
dep. & on
Misc. other assets.
Consolidated Balance Sheet March 31
1937
on
$
Liabilities—
Assets—
Cash
Loans
y
I
1937.
Mar.31/37
31/36
Notes A accts. rec.
Deficit.
Note—No provision has been made for surtax on undistributed profits.
a
statements since Jan. 1,
Consolidated Balance Sheet
34,716
134.351
128.334
Minority
the consolidated financeial
doubtfi
&c
accounts,
in
Investments
in subsidiary
except that at Dec. 31,
Volume
American
'
Financial
144
Chronicle
American-Hawaiian Steamship Co.
Centrifugal Corp.—Listing Approved—
The New York Curb Exchange has approved for
listing 400,000
ng shares of capital
stock, $1 par.—V. 144,
p.
American Chain & Cable Co.,
Period End. Mar. 31—
outstand-
American Cyanamid
Divs., int. & discount
on foreign exch
$7,738,826
421,983
340,681
Total income
362,00.1
43,199
342,372
$9,786,780
$8,539,697
$6,480,290
$298,191 prof$345,298
15,465
16,503
$30,008 prof $127,327
65,704
58,189
$282,726prof$361,801
prof $69,137
$474,336prof$190,815
5,701
3,385
$95,477 prof$69,137
$468,635prof $194,200
1 .542,076
2 ,285,728
xl (109,281
622,201
1,201,416
390,164
1,885,998
403,143
302,521
1.609,631
171,196
*bW3
113,722
103,926
Profit
Net income.
$4,454,930
$4,062,160
2,520,368
1,134,166
,234
secur.-
38,466
income taxes
—V.
$133,943
Surplus
Earnings
x
$2,927,994
$1,934,562
2,520,368
$1.77
per share
Including $52,050
$0.99
2,490,373
$0.99
Mar. 31,'37
1936
>
$343,316
51,497
1935
1936
ac-
ceptancesreceiv.
Cash
b
1935
$
S
7,666,000
8,333,000
Min.int.in.sub.cos
1,118,996
1,448,635
Tr. accept. & pur.
175,500
119,163
8,465,730
Accts. pay., accrd.
secur.
99,873
9,650,221
174,612
Other lnv.& adv..
878,330
660,253
4,312,000
3,724,000
Marketable
Inv.
in
Stock
4,354,529
Notes pay. banks.
purch.
667,000
667,000
Accrued
Goodwill
Total.....
62.858,018
Earned
5,000,000
111,461
112,914
2,375,918
2,193,526
632,872
10,562,823
6.645,994
996,412
surplus... 12,497,385
Capital surplus...
762,688
6,524,076
i
60,435,7421
Total
.....62,858,018 60,435,742
After depreciation and depletion of $35,404,027 in 1936 and
$34,126,639
1935.
b Represented
by 65,943 shares of class A common ($10 par)
and 2,454,425 shares of class B common
($10 par), including shares reserved
for stocks not
yet presented for exchange but excluding 157,674 shares in
B
stock held
by subsidiary companies,
c Includes
unamortized
debt
discount and expenses.—V. 144, p. 2116.
1
American Forging & Socket Co.—Stock
Offered—Public
offering of 53,500 shares common stock ($1 par) at $13.50
per share was made April 15 by Van Alstvne, Noel & Co.,
New York.
The company will receive the
proceeds from the sale of 40,000 shares,
remaining 13,500 shares representing stock being sold by present holders
does not involve any corporate
financing.
Funds derived from the financing will be used to retire bank loans and
and
to
provide
.Company
additional
1915.
effect
40,000
of
sale
to
shares,
capitalization
Authorized
_
Common stock ($1 par)
Outstanding
231,400 shs.
350,000 shs.
finance
1936
1935
Gross sales, less returns, &c_
v
$2,460,245
Cost and expenses, incl. depreciation.?J\S9,245
.
,
$1,004,234
976,390
;
,
Operating profit
excess
$367,387
2,275
$27,843
1,399
$369,663
$29,243
1,134
54,386
9,514
3,639
64,434
4,024
3,017
$311,831
A
$371,000
5,866
$376,867
-
$301,589
$22,200
pfots taxes
Provision for surtax
Net income
-
Alstyne, Noel
&
American General Corp. (&
Co.,
New
York,
and
Fenner
...
.
American
1937
expenses.
debentures.
Taxes pd. at source & taxes refund, to deb. holders.
3,798
.
$241,887
138,835
183,083
3,946
$333,082
156,257
5,344
1,412
$496,097
147,955
255,648
4,841
Gross sales
total,
2.950
1936
the
Sanitary
mere
Corp.—
Subsidiary and Affiliated
1935
1934
Cos.)
1933
Operating profit-...-$16,840,873 $11,620,673
$9,055,971
received
254,970
352,011
296,359
income.685,006
x646,562
xl,784,948
$6,729,399
430,836
348,437
$7,508,672
847,973
4,121,154
214,595
1,546,180
Interest
Interest paid
Depreciation & depletion
Miscellaneous charges
__
Reserve for Govt, taxes
losses
for
in
closed banks
375,000
Reserve
for
650,000
800,000
500,000
250,000
325,684
334,995
493,391
778,784
318,275
1,431,974
investment
in Spanish company.
Minority interest
Idle plant expense
.
Consol. net profits— $7,344,514
Pref. dividends of sub.
cos. not owned.
$2,489,927
$2,463,812
$1,120,851 df$1361,423
10,039,719
10,041,086
Incl.
x
$465,960
transferred
334", 376
stock
common
($1,432,037 in
$0.24
1934)
$
profit realized
10,037,506
.11
on
Nil
foreign funds
dividends.
as
Consolidated Balance Sheet Dec. 31
1936
Assets—
1935
S
$
Cash
14,235,898
18,066,396
Govt, and muni¬
Notes and
Cash
in
&
Notes payable-.
Notes
pay.
to
367,778
1,124,208
$
660,739
Accts.
30.694,395
Res. for Govt.tax
banks
closed
3,307,580
payable-
5,152,683
Res. for lnsur._
2,272,830
4,732,886
1,981,247
233,907
Pens. & benefits
221,397
172,097
376,712
585,334
4,871,915
3,911,079
400,000
400,000
Preferred stock.
4,786,400
6,763,285
4,786,400
1,725,299
1,659,945
b Common stock
90,702,953
90,700,653
Paid.-in surplus.
8,393,227
8,393,227
87,960,363
items
Plants,
88,881,662
60,671,160
32,998,905
60,671,160
.
0
580,675
2,948,926
Long-term oblig 11,680,000
Minority int.
5,724,439
10,900,000
exch'ge
valuation
res.
..
_
prop¬
erty, &c
558,614
1,694,891
Foreign
vestments
c
558,741
14,079,129
Pension fund in¬
Excess
1935
752,897
196,717
employees.
Deferred
1936
wages.
Liabilities—
Accrued
16,018,500
37,293,654
_
ac¬
counts receiv.
banks
on
145,696
334,152
outstanding (no par)
10,045,087
Earnings per share on
avge. amount outst'g.
$0.70
Earned
surp.
of
subs, and affil.
March 31,
nvestment
$1,455,227 loss$881,575
335",048
dividends
dividends
Advs. to officers
in the Fifty
J)rovision for reserve forPine St. Corp., $289,050; dividend
deferred charges, $10,148; write-down of net
preferred
$2,798,860
89,969
1,195,376
335,048
4,519,539
Preferred
Common
of operating expenses over
1937, $83,977; provision for
Federal normal income tax—1937, $339,202; balance, $4,963,465.
Addi¬
tional expenses of redemption of 5% debentures assumed by the corporation
on Nov. 23, 1935, and redeemed on Feb. 1, 1937, $3,992;
premium of
%
arid expenses of redemption on $12,986,000 principal amount of Interna¬
tional Securities Corp. of America, 5% debentures assumed by the corpora¬
tion on Nov. 23, 1935, and called for redemption on June 1, 1937, $204,489;
ended
.
for surtax
$17,780,849 $12,619,245 $11,137,278
728,063
737,352
767,135
4,431,948
4,361,229
4,291,545
262,325
371,873
237,507
3,325,343
2,387,304
2,135,615
18,426
Res. for reval. of profits
in restricted countries
2,825
$124
$5,386,645.
months
cos. at
date of
acquisition
Deficit
Total
a
After
163,300,456 159,110,776
reserve
Total.
35,030,633
163,300,456 159,110,776
for doubtful accounts of $1,432,608 in 1936 and $1,675,772
in 1935.
b Represented by 10,158,378 (10,158,370 in 1935) no par shares,
After depreciation reserve of $41,854,200 ($38,86^,482 in 1935) and in
1936 reserve for revaluation of $5,923,926 ($6,855,961 in 1935).
d Includ¬
c
stock paid March 1, 1937, $109,122; balance, March 31, 1937, $4,346,664.
Note—No provision has been made for possible surtax on undistributed
ing 113,651
profits realized for the period.—V. 144, p. 2464.
1428.
{Including
Miscellaneous
d Investments.
3
that
—
Inventories
Consolidated Statement of Undistributed Surplus 3 Months Ended March
31,
1937—Surplus from undistributed profits and income Dec. 31, 1936,
$2,975,354; net profit on sales of securities for the 3 months ended March 31,
the
believe
$128,532,678 $103797,203 $81,737,999 $67,972,625
Returns, allowances, discounts, freight.
12,954.639
11,045,420
8,427,278
7,215,849
Inter-co. items elimin.. 14,439,483
9,353,837
5,830,747
4,937,439
Cost of sales
66,229,517
55,558,132
43,229,504
35,371,864
Sell. & admin. expense— 18,068,166
16,219,141
15,194,500
13,718,074
a
Net, credited to surplus
$2,411,291;
Standard
&
Statement
Calendar Years—
$83,977 prof$87,651
Fifty Pine
St. Corp. (100% owned but not consolidated)__
Prov. for res. for net reduction in surplus of Fifty
Pine St. Corp. during the three months ended
March 31,1936
1937,
Radiator
Income
_
1st mtge. & other inc. from the
income for
We
smelter.
Optical Co.—25-Cent Dividend—
American
cipal bonds.
Excess of oper. exps. over income (without giving
effect to net profit on security transactions)
on
and
paid a dividend of 25 cents per share on the common stock,
value, on April 10 to holders of record March 31.
A dividend of
$2 was paid on Dec. 10. last; 50 cents was paid on Oct. 1, 1936, and on
Oct. 15, 1935; $1.50 per share was paid on Dec. 11, 1934 qnd 50 cents was
paid on July 2, 1934 and on Dec. 19, 1931.—V. 144, 0. 443.
Shares of
1936
on
Total income.
Int.
mill
par
Surplus
$228,829
9,260
intermediate credits
Miscellaneous income
on
a
&
Subs.)—Earnings—
3 Months Ended March 31—
Income: Dividends on stocks
Interest earned on bonds
Interest
of
The company
Beane Corp. are the principal underwriters.—V.
134, p. 1026.
Operating
Coppermines Option Opposed
.
construction
Reserve
1934
$2,040,334
1,672,947
' -
Other income
Interest received
Co., Lt
publication of such a ridiculous and fantastic proposition was detrimental
to your interest and that its acceptance would be harmful in the extreme."
—V. 143, p. 2638.
Reserve
.earnings Years Ended Dec. 31
Underwriters—Van
profits.
Total income—
Capitalization—Giving
will be:
Income deductions
Prov. for Fed. inc. &
undistributed
on
"American Metal waited until Feb. 15, 1937 to extend to Consolidated
Coppermines an option to issue 510,000 shares of additional stock in
exchange for American Metal common stock.
Exercise of this option would
give American Metal working control without providing adequate funds to
current purchase orders.
Total
surtax
any
"When the American Metal acquired a 10% interest in company in
Nov., 1935, we were deeply gratified at the prospect of a more vigorous
policy of development of the property.
In the ensuing 17 months, however,
no steps which were effective have been taken by American Metal, so far
as we have been able to ascertain, to improve the situation and prospects
of Consolidated Coppermines.
American Metal has, however, secured
for itself a five-year contract for refining Coppermines' output.
Consolidated
Company is engaged in the manufacture and sale of automobile body
hardware which it now sells
entirely to automobile manufacturers.
Approx¬
imately 62.39% of its net sales for the calendar year ended Dec. 31, 1936
were to two of the
leading automobile manufacturers. Ford Motor Co. and
Chrysler Corp., the former taking 36.74% of such net sales and the latter
25.65% of such net sales.
In addition, approximately 22% of such net
sales were made to three other customers for use in
products made by such
two automobile manufacturers.
Such other customers were the Briggs
Manufacturing Co., Detroit, 16.78% of such net saies; Briggs Indiana
Corp., of Evansville, Ind., 5.10% of such net sales, and Murray Body Corp.
of America, Detroit,
.11% of such net salas.
Company has no written
contracts with any of its customers, all of its businesss
being handled on
T
93,500
The letter states in part:
,
"Consolidated Coppermines owns a property of great present and greater
working capital.
was incorp. in Mich. May 29,
been made for
future value.
no
the
;
$549,339
—
Opposing the company, with regard to the affairs of the Consolidated
Coppermines Corp., and supporting a group of nine directors of the latter
corporation, including the president and two vice-presidents, in urging
stockholders at their annual meeting on May 4 to reject the stock option
proposal recently made to Consolidated Coppermines by the American
Metal Co., the firm of Carret, Gammons & Co., investment dealers of
New York, on April 21 mailed a letter to Consolidated Coppermines stock¬
holders, attacking the position of the American Metal Co.
on
Res. for conting...
Prov.for Fed.tax.
400,429
l
int.
funded debt
con¬
85,027
License, pats., Ac 5,000,000
c Deferred
charges
720,686
a
5,363,094
13,383,063 12,555,446
tract
in
280,770
wages and taxes.
Alkali
So.
Corp
Inventories
obligat'ns
333,994
money
has
American Metal
Capital stock...25,203,680 25,203,680
Funded debt.....
.
x$517,119 loss$278,739
77,568
—V. 144, p. 761.
Liabilities—
Notes & trade
No provision
y
Land, bldgs..&c.24,100,933 2,2,737,616
Accts.receivable.. 5.636,873
4,651,313
Co.—Earnings—
Mar. 31,'36 Mar. 30,'35 Mar. 31,'34
Net profit
y$291,818
$439,550 loss$278,739
$455,839
x Includes $72,924 of
non-recurring income of which $20,391 was reported
but not segregated in the report for the first six months of the fiscal year,
surtax.
Consolidated Balance Sheet Dec. 31
a
$589,067prof$194,200
$2,467,682
2,520,370
$1.61
prof$69,137
Operating prof, after re¬
pairs, deprec.& res.for
expenses
$1,621,018
2,520,368
120,432
American Hide & Leather
Reserved for inc. taxes..
Shs. combined class A &
B stock outstanding..
170,986
144, p. 2287.
9 Months Ended—
$2,467,682
5,495.644
874,626
191,609
Net loss before Federal
int.
Dividends
sale of
time strike
89,373
stockhldrs'
in net inc. of subs
on
$95,711
Balance, loss
Exps. incident to mari¬
1,053,932
Int. & discount paid
Deprec. and depletion..
Prov. for income tax
1,186,538
437,061
2,118,016
Balance, loss
$5,694,335
Research, process & mar¬
ket development exp__
Minor,
$3,712,362
3,367,064
$38,265 prof$120,913
8,257
6,413
""
$4,849,612
336,280
386,106
122,338
5,732,718
378,888
407,790
$1,651,061
1,949,253
Total loss bef. deprec.
Prov. for depreciation..
1933
1934
Profit
Other income (net)
1937—3 Mos.—1936
$1,284,522
1,163,608
Net loss from oper
Other income
Subs.)—Earnings—
1935
$8,827,967
618,132
$977,553
1,015,818
Inc.—-May Split Stock—
Co. (&
1936
f&Sub.)—Earnings
1937—Month—1936
Operating earnings
Operating expenses
1427.
Directors of the company on April 22 voted to recommend a three-for-one
split-up in the common stock to the stockholders, at a meeting which prob¬
ably will be called for May 20—V. 144, p. 1585.
Calendar Years—
Net operating profit
2815
(118,651 in 1935) shares
common
stock, at cost.—V.
144,
p.
Consolidated Income Account for
American Re-Insurance Co.—iO-Cent Dividend—
The directors have declared
a
dividend of 40 cents per share on the
(American
capital
Co.—Stock Issue Voted—
on
368,234
1,366.135
193,743
373,644
$288,008
$235,351
$80,414
3,875
32,468
29,115
33,699
$291,883
$267 819
$109,529
$401,310
Operating profit
Total income
550,267
1,284,335
622.872
,
338,276
$367,611
157.806
102,936
155,349
140,139
309,210
309,210
309,210
Depreciation
Non-recur. charge
153,425
177,003
158,216
164,389
170,262
$450,690
$354,955
$504,210
$235,984
and
Net loss
x Cash discount allowed was deducted in former years
(In 1936 cash discount allowed was $168,335, less cash
$31,569, leaving net as above of $136,766).—V. 144, p.
Animal Trap Co. of
be
from gross sales
discount taken,
2287.
America—Accumulated Dividend—
$5.25 per share on account of
cumulative preferred stock, par $100, payable
May 1 to holders of record April 17.
This payment will clear up all accumu¬
lations on the issue.—V. 144, p. 1773.
announced soon.
The directors have declared a dividend of
accumulations
$9,000,000 Expansion Project Revealed—Registration State¬
ment Filed—
Plans for plant improvement and expansion
involving at least $9,000,000
on
the 7%
dividend of $5.25 per share on account of
7% cum. preferred stock, par $100, payable May 1
to-holders of record April 20. A similar payment was made on Feb. 1, last,
and compares with a dividend of $10.50 paid on Dec. 21,1936 and dividends
of $5.25 paid on Nov. 2 and on Aug. 1,1936. Accumulations after the above
payments will amount to $12.25 per share.—Y. 144, p. 444.
The directors have declared a
accumulations on the
and an undetermined amount of
$25 par value common stock to be reserved for the conversion of the pref.
The remainder of the net proceeds would be used for the retirement of out¬
standing debentures and preferred stock and for other purposes.
W. B. Hutton & Co. and Edward B. Smith & Co., both of New York,
are the principal underwriters.
The offering price and the dividend on the
preferred stock will be furnished in an amendment to the registration
tive convertible preferred stock ($100 par),
(111.)—Larger Common Dividend—
Armour & Co.
The directors on April 16 declared a dividend of 20 cents per share on
the common stock, par $5, payable June 15 to holders of record May 25.
A dividend of 15 cents was paid on March 15, last, this latter being the
statement.
said that approximately $7,500,000 would be used for
improvements to existing plant facilities and plant equipment.
Such
expenditures include $4,650,000 at the Middletown division, $2,380,000 in
the Butler division and $470,000 at the Zanesville division.
Another $1,500,000 would be applied to the construction in Australia of
a plant for the manufacture of iron and steel specialty sheets.
In refunding operations approximately $22,165,625 would be used for the
redemption on July 1 of $21,625,000 of 5% sinking fund gold debentures,
due July 1, 1948, at 102^ plus accrued interest and $2,028,495 to repay
bank loans which were expended toward the redemption on Apri 15 of ail
outstanding $1,931,900 cumulative preferred stock, 6% series B, at $105
per share, plus accrued dividends.
Additional proceeds of $3,260,000 will be used to reimburse the company's
treasury for advances to subsidiaries and $4,571,505 to repay or reduce
balances due on unsecured bank loans obtained by the company within the
period of one year, the proceeds of such loans having been used to augment
working capital.—Y. 144, p. 2464.
company
first dividend
paid on the
common
paid
on
common
the present common stock. The last preceding div.
shares was the $1 dividend paid on the old class A
stock in 1926.
Con¬
buying power has been steadily improving under the impetus of
increasing employment and higher wages. Our stocks are adequate even in
the face of less than normal hog production. The outlook is for better prices
as summer comes on and livestock receipts decline, but there is no reason to
sumer
expect that
144,
Corp.—Initial Pref. Div.—
p.
prices will become burdensome to
May 1 to holders of record April 20.—
American Stores Co.—Sales—
of the Post-Index Division.
Associated Gas & Electric Co.—Weekly
2 Mos. Ended
Feb. 28, '37 Feb. 29, '36
$8,757,754
44,246
Operating revenues... $8,713,508
Operating expenses
6,121,348
Output—•
16, Associated Gas & Electric System reports
of 86,614,211 units (kwh). This is 10,265,659 units, or
13.4% above the output reported for the corresponding week a year ago.
Gross output, including sales to other utilities, amounted to 92,203,898
For the week ended April
$8,552,672 $17,964,539 $17,095,698
5,827,286
12,480,470
12,105,581
Uncollectible oper. rev._
and
net electric output
$8,578,078 $18,055,956 $17,171,116
25,406
91,417
75,418
Operating revenues
Co.—Changes in Personnel—
The Executive Committee comprises Henry K. Smith, A. C. Davis,
Algot J. E. Larson—V. 144, p. 2117.
Telephone & Telegraph Co.—Earnings—
Month Ended
Feb. 28. '37 Feb. 29, *36
the consuming public.—V.
1589.
At the recent organization meeting Henry K. Smith, who has been Presi¬
dent, was elected Chairman of the Board and Chairman of the Executive
Committee.
Algot J. E. Larson, who has been Vice-President and General
Manager, was elected President and General Manager, and H.T. Swanson
was re-elected Secretary and Treasurer.
Edward A. Kioling was elected Vice-President in charge of the Wholesale
Division; Carl L. Elofson was elected Vice-President in charge of the
Retail Division; Roscoe W. Clark was elected Vice-President of the Con¬
tract Division, and Charles E. Atwood was elected Vice-President in charge
Month of—
1937
1936
1935
1934
January
$9,440,019 $10,193,697 $10,630,723 $10,602,865
February
9,036,674
9,078,407
9,418,804
9,074,434
x.March..
11,665,791
11,123,953
9,048,869
9,234,926
w x Five weeks ended April 3.—V.
144, p. 2117.
Period—
„
President Robert H. Cabell
"The first half of the fiscal year is about over and our business during this
first half has been encouraging. We are just coming into what is usually the
best part of the packing house year and prospects are satisfactory.
The directors have declared an initial dividend of 25 cents per share on
the 5H% preferred stock, payable
V. 144, p. 1097.
.
^
„
Regarding the current dividend payment.
said:
Art Metal Construction
American States Utilities
C.)—-Accumulated Dividend
Appleton Co. (Anderson, S.
were presented April 16 by the company in a registration statement filed
under the Securities Act of 1933 for issuance of 450,000 shares of cumula¬
American
$4,776,638
301,765
1,762,135
Other expense
Interest on bond
of this program of refinancing with the accompanying
improvement of production facilities should enable the
earnings materially Mr. Hook said.
The dividend rate, redemption price, liquidation price and the provision
in respect to conversion of the new preferred stock into common stock will
be fixed by the board of directors, which is authorized to issue the preferred
stock in such series as it deems advisable.
It is expected that details con¬
The
1933_o
1934
$5,022,885
340.473
2,045.605
company to increase its
cerning the first series of the stock proposed to be issued probably will
Inc.)
Co.,
1935
Other income
Consummation
expansion
Paper
$5,783,905
362,213
2,378,751
737.420
1,530,012
171,924
1936
Gross sales.
April 15 authorized the issuance of $60,000,000 of
preferred stock, of which $45,000,000 cum. conv. pref. stock is proposed
to be issued to retire present outstanding indebtedness, increase production
facilities, and enlarge working capital.
In outlining the proposed issue of preferred stock. President Charles R.
Hook said that nearly $25,000,000 of the proceeds will be used to retire
the outstanding $21,625,000 principal amount of 5% capital sinking fund
gold debentures due 1948, and to reimburse the treasury for funds extended
in the retire nent on April 15, of $1,931,900 par value of cum. pref. stock,
series B.
About $12,260,000 is expected to be applied to an improvement
and expansion program and the balance to the payment of bank loans and
other current liabilities and otherwise to increase working capital.
The stockholders
Writing
Calendar Years
$6,602,057
Returns, allow. & disc255,705
Raw materials consumed
2,877,969
Direct labor
823,897
Manufacturing expenses
1,658,777
Administrative expenses
142,653
Selling expenses
405,474
xCash disc, allowed (net)
136.765
Prov. for bad debts
12,809
stock, payable May 15 to holders of record April 30.
A 100% stock dividend was paid on April 1 last, and prior thereto regular
quarterly cash dividends of 75 cents per share were distributed.—V. 144,
P. 1947.
American Rolling Mill
April 24, 1937
Chronicle
Financial
2816
units for the week under review.
System Eliminates Two More Units—
merged into New York State
April 21.
The elimination of this
New York Central Electric Corp. has been
$2,592,160
785,387
Operating taxes
Net oper. income
Taxes Rise to $9
a
$2,725,386
737,637
$5,484,069
1,654,276
$4,990,117
1,453,671
$1,806,773
Net oper. revenues
$1,987,749
$3,829,793
$3,536,446
Electric & Gas Corp. it was announced on
important operating company marks a further step in the simplification of
the corporate structure of Associated Gas & Electric System.
This brings to 344 the number of companies of the Associated Gas & Elec¬
tric System which have been dissolved, merged or otherwise disposed of
since 1922.
This program of integration has been pursued persistently
Telephone—
Walter S. Gifford, President, in addressing about 250 shareholders at
meeting on April 21 indicated that telephone rates must ul¬
timately follow the rising spiral of prices unless the increase in prices, in¬
cluding wages and taxes, be so gradual and within such limits that inventions
and improvements in operating technique can be made fast enough to
create offsetting economies.
► Commenting on the recent rapid recovery of the Bell System, Mr. Gifford
remarked that it would not be long before the previous high record of 15,200,000 telephones in service would be exceeded.
"During the depression," he said,' 'the number of instruments receded by
approximately 2,500,000, but some 2,100,000 of the telephones lost have
been regained, and the present rate of growth is between 90,000 and 100,000
for many years
the annual
units
a
Associated Telephone
& Telegraph Co.—Pref. Divs.—
20, authorized dividend pay¬
pref. stock and 42 cents per
pref. stock.
The dividends will be paid on May 15 to
holders of record May 1.
Similar payments were made on Feb. 15, last.
Dividends of 28 cents and 24 cents per share respectively were paid on
The directors, at their meeting held April
of 49 cents per share on the 7% 1st
share
on
the $6 1st
Dec. 15, 1936 and the company paid
the respective issues on Aug. 10,
on
these shares
was on
States have more Bell telephones now
Atlantic Refining Co.
any previous date.
The Bell System's taxes—Federal, State and local were $83,476,000 in
the boom year of 1929.
In 1936 they totaled $116,300,000, and at present
are running at the rate of about $135,000,000 annually, an increase of more
than $50,000,000 since 1929, Mr. Gifford said.
In 1929, he pointed out, taxes equaled $5.60 for each telephone in service,
compared with more than $9 a telephone at the present time.
"In spite of increased payrolls and taxes, and contrary to the general
price trend, telephone rates have been reduced in the past 15 months about
$43,000,000 annually," he added.—V. 144, p. 2638.
dividends of 49 and 42 cents per share
1936. The previous dividend paid on
r
April 1, 1932.—V. 144, p. 604.
(& Subs.)—Earnings—
on
Quar. End. Mar. 31—
1937
x Net profits
$1,993,000
Earns, per sh. on com.
stock after pref. divs_
$0.69
►
_
x
Water
Works & Electric
Net
Output—
Week Ended—
1937
1 936
March 27
51,680,000 x36228,000
of 46,512,000 kilowatt
1935
1 934
1 933
40,214,000 36,673,000 27.161,000
48,157,000 x39040,000 39,960.000 36,460,000 27,484,000
49,946,000 45,072,000 37,670,000 32,857,000 27,314,000
49,814,000 46,512,000 39,135,000 35,004,000 27,681,000
April 3
April 10
April 17-.,
Output was curtailed due to flood conditions.—V. 144, p. 2639.
1
Writing Paper Corp.—Stock Exchange Dis¬
Application for Listing—
American
approves
The Committee on Stock List of the
New York Stock Exchange has dis¬
approved the application of the corporation for listing its general mortgage
convertible bonds, due Jan. 1, 1961, and its common stock.
►
Announcement of the committee's action was made April 20 by J. H.
Blodgett, Chairman of the corporation's board who said:
"The reasons given were the poor earnings record of predecessor companies
and lack of seasoning.
The corporation has withdrawn its application and
it when earnings records are available."
Corporation is successor company to the American Writing Paper Co.
a reorganization
plan confirmed by the U. S. District Court for
may renew
under
Massachusetts on Jan. 28 last.
For
the
year
ended Dec. 31, 1936, the predecessor company's net loss
after taxes, depreciation and idle property expenses was
compared with $3<>4,995 a year earlier.
reported as $450,690
1
$0.23
Nil
&c.
(& Subs.)—Earnings—
1937
1936
1935
1934
after
Earns.persh.oncom.stk.
—V. 144, p. 1948.
Output of electric energy of the electric properties of American Water
kilowatt hours, an increase of 7.1% over the output
hours for the corresponding period of 1936.
inc.
deprec'n.
Federal taxes, &c
Works & Electric Co. for the week ended April 17, 1937 totaled 49,814,000
$0.74
1934
$613,000
been made for any surtax on undistributed profits.
Atlas Powder Co.
Co., Inc.— Weekly
1936
1935
$1,983,000 def$129,000
After interest, depreciation, depletion, taxes, costs,
Note—No provision has
—V. 144, p. 1589.
3 Mos. End. Mar. 31—
American
x
regulatory
ments
month."
He announced that 20 of the 48
than
and has progressed as rapidly as State and Federal
complied with.—V. 144, p. 2639.
and legal requirements can be
$361,081
$1.10
$355,136
$1.01
$245,336
$0.48
$354,635
$0.92
Atlas Press Co.—Stock Offered—Public offering was made
April 22 by Sadler & Co. of 71,496 shares of common stock
(par $1) at the initial offering price of $6 per share.
Of the
shares offered, 18,300 shares are being offered by the com¬
pany and the balance is being offered by shareholders.
Proceeds to the company will be used to pay off a bank loan, and inven¬
tories and receivables will be enlarged to provide for increased volume of
business.
The company, located at Kalamazoo, Mich., was originally incorporated
in Michigan on Sept. 27, 1911.
The company manufacturers and
butes wood and metal bench lathes and lathe parts; drill presses;
distri¬
bench
mechanical and hydraulic arbor presses and precision automotive
servicing equipment.
The company's products are used mainly by machine
shops, wood working shops and home work shops.
Its products are sold
to a large mail order house, to jobbers for resale and directly to consumers
through solicitation by mail.
The company's capitalization consists solely of an authorized 500,000 shs.
common stock ($1 par), of which 125,316 shares are outstanding exclusive
of 10,820 shares held in the treasury.
The net earnings for the past three years after all deductions and pro¬
vision for Federal income taxes were as follows:
1934, $19,679; 1935,
saws;
$63,596; 1936, $64,046.
Federal income taxes for the year 1936 are esti¬
mated at $14,006 and for the same year provision was made for surtax on
undistributed profits in the amount of $17,850
Volume
144
Financial
Chronicle
2817
r
The company "reports"net
profit
quarter of 1937 ended March 31.
Atlantic Coast Line
■
before
of $62,726 for
taxes
the first
RR.—Earnings—
Income Account for Calendar Years
Operating Revenues—
1936
Freight..
Passenger
Mail
Express
Other transportation...
Incidental & joint facil..
595,495
1934
485,723
1.261,845
1,397,142
1933
492,809
1.225.552
332,163
1,055,404
$43,593,213 $39,032,882 $39,533,827 $37,908,943
4,647,281
8,490,686
1,589,857
17,040,412
462,712
Transportation
Miscell. operations
General
Trans, for inv .—Cr
4,677,569
8,233,649
1,433,722
15.751,476
387,129
1,614,162
34,033
1,646,720
105,879
expenses._
4,893,110
7,871,134
1,378,234
14.879,800
343,209
1,550,276
18,228
4,544,777
7,749,821
1,305,719
13.764,828
.$33,771,789 $32,063,675 $30,897,535 $29,127,630
9,821,423
6,969,207
8,636,293
8,781,313
4,465,000
3,630,000
3,555,000
3,617.000
12,878
12,264
Uncoil ectibles
oper. income.
$5,356,423
$5,068,415
$381,191
1,911,902
$384,089
2,164,189
$385,371
370,354
27,746
313,396
240,875
30,436
254,190
248.463
17,556
345,305
259,836
36,880
401,705
268,054
-$10,573,244
$6,165,391
$8,239,392
$6,614,412
90,425
775,260
366.375
410,115
89.914
795.345
367,601
455,175
89,465
876,843
360,765
411,111
3 72,061
securities & accounts.
Income from fund. sees.
Miscell. & other income-
Rent for leased roads...
Hire for equipment.....
86,373
961,540
363,521
522,415
Joint facility rents
Miscellaneous
Separately
rents
oper. proper
ties (loss)
Int.
Int.
$173,019
4,331
Fixed
$85,799
8,357
$83,966
10,507
$196,583
25,130
$177,350
31,807
$77,441
2.821,646
$73,459
2,818,017
10,880,635
82.60%
$171,453
8,086,406
32,257,432
83.78%
$145,543
8,268,561
32,214,749
85.31%
charges
Net
Miles
income
Revenue passengers
11,582,065
81.98%
Operating ratio
Note—No deduction is made for interest
on
tures.
series A 4%
The approximate interest for the three
months,
of the stipulated rates, is
$176,544.—V. 144, p. 1948.
and 5% deben¬
three-fourths
at
Bangor & Aroostook RR.—Earnings—
Period End. March 31—
Gross oper. revenues
1937—Month—1936
$742,860
$688,542
1937—3 Mos.—1936
$1,996,680
$2,028,681
Oper. exps. (incl. maint.
depreciation)
$5,152,049
409,862
Other
Net income
—Y. 144, p. 2468.
$852,691
202,877
$220,614
13,603
$669,751
42,399
$649,814
42,832
$207,011
59,284
2,526
$627,352
177,322
5,303
$606,982
177,887
5,645
$177,187
deductions
$872,628.
202,877
$238,410
60,111
1,112
income—Dr
Gross income
Int. on funded debt
$304,095
83,481
$260,159
21,749
Operating income
Other
384,447
$332,998
72,839
Net rev. from oper
Tax accruals
$145,201
$444,727
$423,450
1,124,052
1,175,990
Barley-Earhart Corp., Detroit—Stock Offered—Public
offering of 20,000 shares of class A stock and 20,000 shares of
common stock is
being made in units of 1 share of class A
and 1 share of common at $5
per unit by Tunney & Hodge,
New York, by means of a
prospectus.
269,838
272,561
6,008,617
81,769
6,282,787
683,765
294,344
486.250
297,865
177,154
298,663
234.725
290,674
$2,529,455
Company has been formed for the purpose of acquiring and continu ng
the businesses of
Barley Industries, Inc.; The Concealed Door Check Co.,
and The Earhart Door Check
$495,478
$2,385,788
29.843
31,876
31,103
of years principally in the manufacture and sale of
automobile parts and
friction preventitive fabrics.
Proceeds of this
financing will provide a portion of the funds necessary
for the acquisition of the businesses of the
$2,559,298
$527,355
83,202.597
36,356
$2,416,891
86.070,646
275,201
on
equip
...
to
...
sinking
fund, Ac., funds
33,617
i...
78,479.873
109,658
Miscellaneous credit
Total surplus
81,782.550
90.197
Co., which have been engaged for
—$80,471,070 $79,313,450 $82,711,597
$83,928,956
«Jf. dividends
(5%)9.835
823.427
^Oinmon dividends
Debt disct.
extinguished
(5%)9.835(2H%)4,918
lacing and fender welts.
ofS.O
165,338
481,507
128,414
92.436
50,922
762,092
48,396
648,170
292,516
,,1ft
309,753
47,106
35.192
102,252
8,863
part, on 30 days',
plus accumulated dividends.
After giving effect to this financing,
outstanding capitalization will consist of 35,000 shares of class A stock
($1 par) of a total of 75,000 shares authorized, and
200,000 shares of
common stock,
12)^c. par value, of a total authorized of 250,000 shares.
Combined net earnings of the three predecessor
companies for the past
four calendar years have
averaged $55,864, before income taxes and
amortization of patents.
For 1936 such earnings amounted to $62,406,
equivalent after dividend requirements on the 35,000 shares of class A
to about 25c. per share on the
200,000 shares of common to be outstanding.
26.300
3.493
Bal. credit Dec. 31...
$78,554,030 $78,479,873 $81,782,550
-V. 144. p. 2468.
$83,202,597
on
retired road and
equipment
Miscellaneous debits
1936
$3,294,783
Net prof, after
exps. and
other charges
<*^1935
$1,638,311
$2,161,846
1934
.,203,128
65,216
26,252
20,426
4,342
$0.20
$1.40
$0.99
Nil
per share on com.
stock outstanding
Balance Sheet March 31, 1937
Assets—
funded debt.
no
Bayuk Cigars, Inc.—Earnings—
3 Mos End. Mar. 31—
Net after Fed. taxes, &c_
Other income
1937
1936
1935
1934
$213,682
36,888
97,704
$216,074
38,670
100,741
$227,269
39,448
115,331
$196,462
30,732
$152,866
33,250
73,700
$154,002
38,139
73,697
$151,385
43,103
$114,761
47,190
$45,915
Net income
Preferred dividends
Common dividends
$42,165
98,263
$1.18
$108,283
98,262
$1.10
$67,571
90,851
$0.73
Surplus
Shs.com.stk.out.(no par)
393,060
$0.30
Earnings per share
—V. 144, p. 1430.
112,433
Liabilities—
Cash,
on hand & on deposit...
Notes & acceptances receivable
Automobiles (on hand)
Cash surr. val. of life Insurance
Permanent assets (at cost)
Prepaid interest, ins. and
$798,285
4,712,587
12,696
26.863
xl79,601
taxes
32,609
Notes payable
.$3,425,200
Accounts payable.
Accrued liabilities.
Reserves
Total
reserve
for
.
.
.
Total
$5,762,641
depreciation of $42,115.—V. 144
(B. F.) Avery
Registration—
&
Sons
409,355
976,450
501,605
301,858
.
Preferred stocks...
Common stock
$5,762,6411
106,087
42,087
.
Earned surplus
After
per share
Reserves—Dr..
Automobile Finance Co.-Earnings—
3 Mos. End. Mar.
31—/"*1937
Volume
The major portion
its
•
physical property
Delayed income debits..
the
of the manufacturing
operations of the new company are to be continued
in the plant now
occupied by Barley Industries, Inc., in Detroit.
The class A stock is entitled to cumulative dividends at
the annual
rate of 35c.
per share, and is redeemable in whole or in
The corporation has
355,256
Surplus appropriated for
number
products of which are well established and are
supplied to leading manu¬
facturers in the automobile and truck
industry, as well as to manu acturers
of agricultural
machinery.
Products include door checks, rubber and
fabric anti-squeak shims, hood
notice, at $5.50
through surplus
Uncollectible bal.due by
Northwestern RR. Co.
a
predecessor companies,
^educt—*
p.
Co .—Admitted
2640.
to
Baldwin Locomotive Works-
Listing
and
Balance, deficit
com.
Months
1937
Sales
Costs and expenses
Depreciation
Operating "profit
Other income
Ended
March
1936
31
1935
1934
$9,254,843
10,335,179
1,850,854
$1,141,185 x$l,263,682 x$l,928,016
x$2,931,190
584,081
634,713
330,512
748,422
Profit
$1,725,266
1,752,869
y607,200
Midvale minority int—
562,898
$1,197,701
$2,334,375
$3,226,187
Federal^surtax on undistributed profits
$3,769,587
of $14,700 for
year
Baltimore & Ohio RR.—New
Royal Blue Special—
The company will put into service on
April 25, the day of the inaugura¬
tion of spring schedules, an
improved eight-car streamlined train. It will
take the name of the famous
Royal
Blue, and will operate on the same
schedule, leaving New York in the morning, for early afternoon
arrival in
Washington, and starting the return run from Washington at 3:45.
combination smoker-baggage,
four coaches, a
diner, chair car and observation.
Before the new Royal Blue,
embodying many improvements, goes into
service, it will have a short exhibition tour.—V. 144, p. 2468.
$382,611
334,766
1935
1934
$11,663
$119,991
$139,501
sur$47,845
437,524
437,524
$1.27
$0.98
437,524
$0.93
437,524
$0.87
1937
1936
ings, &c
Mtges. and
loans
on
1937
$
Liabilities—
Real estate, build¬
4,380,822
4,167,037
secured
_
$
8,925,000
8,925,000
Pref. stock class A
4,500
165,916
4,500
Accounts payable.
real est.
.
1936
$
!
Common stock
48,165
4,972,268
Pat'ts, tr.-marks-.
39,599
Securities owned
631,329
Cash
3,924,363
Securities
774,428
Accts. receivable-. 1,393,058
Inventories (cost). 5,096,245
Deferred assets...
181,806
Total
x$628,970 x$l,597,504 x$2,182,768
1,381,156
1,373,855
1,481,762
94.568
50,548
229,682
204,280
105,057
x Loss,
y Includes Federal and Pennsylvania income taxes of
subsidiary
companies; also
The eight cars include a
$407,483
546,984
1936
out¬
U. S. Govt, secur.
(Incl. Subs.)
$25,561,619 $17,322,524 $17,557,658
22,573,138
16,735,363
17,630,596
1.847,296
1,850,844
1,855,078
Int. & miscell. deduc'ns.
Federal taxes
$426,993
546,984
sur
stock
standing vpar $20)
Earnings per share
-Brady Interests Sell Baldwin
matter.
12
1937
$558,647
546,984
Balance Sheet March 31
Brady Enterprises, Inc., and William A.
Brady, it is announced, have
disposed of their common stock holdings in the
company and have instructed
their attorneys to withdraw from
further litigation in the
loss
Beech-Nut Packing Co. (&
Subs.)— Earnings—
Assets—
Account
Inc.—Listing Approved—
3 Mos. End. Mar. 31—
Net profits after taxes..
Shares
Stock—
Income
Beaunit Mills,
The New York Curb
Exchange has approved for listing 23,094 out¬
standing shares of $1.50 cumulative convertible preferred stock, $20
par,
and 165,109
outstanding shares of common stock, $10 par, with authority
to add to the
list, upon official notice of issuance, 34,841 additional shares
of common
stock, $10 par.—V. 144, p. 923.
Dividends
The New York Curb
Exchange has admitted to listing and registration the
common stock, $5 par.—V.
144, p. 2640.
Net
$192,327
4,255
256,244
„
r.D^ef/^n8-t0TP-&L,-8ur$1>881'538
Credit balance Jan.
'
$82,504
1,462
190.395
5,821,917
applic.
f
$84,086
1,712
Operating income
deficit for year.inc$l.915,155
£ Net
Inc.
x
$444,227
271,207
98,164
Miscellaneous
Earns,
$476,272
283,944
26,360
unfunded debt..
funded debt
trust notes, &c
Loss
$177,556
95,051
5,621,607
on
on
Int. and divs.
^
$189,948
105,861
Non-operating income--
and
$3,339,207
$384,392
4,214,357
Non-operating Income—
Joint facility rent income
Dividend income
Income from unfunded
Gross income
Deduct—
Net oper. revenues
Taxes
254.378
1,510,991
2,884
Net from
railway oper..
Tax accruals
Railway
Co.—Earnings—
[And Baltimore Coach Co.—Inter-company items eliminated]
Period End. Mar. 31—
1937—Month—1936
1937—3 Mos.—1936
Operating revenues
$1,053,857
$1,020,461
$2,936,867
$3,023,685
Operating expenses
863,910
842,905
2,460,595
2,579,458
Gross income
Railway oper. rev
Operating Expenses—
Maint. of way & struct—
Maint. of equipment..
Traffic
Operating
1935
-
$31,638,449 $28,674,586 $29,791,282 $29,660,525
6,762,960
5,561.343
5.035,918
4,223,523
1,657,553
1,580,534
1,512,091
1,470,880
1,541,613
1,468,849
1,476,175
1,166,448
Baltimore Transit
152,633
52,616 Dividends payable
546,984
546,984
4,848,812 Expenses and taxes
473,168
672,478
43,762 Reserve for conting
400,000
400,000
744,673 Res. for ins., &c_.
771,195
696,943
4,508,686 Other reserves
476,576
297,570
774,212 Surplus paid-in
1 453,390
1,453,390
1,135,209 Earned surplus
8,290.858
8,473,900
4,379,805 Treasury stock
Dr447,857 Dr447,857
138,378
21,442,083 20,793,1891
Total.
.21,442,083 20,793,189
—V. 144, p. 1591.
Belding-Heminway Co.—Earnings—
3 Months Ended March 31—
Net prdfit after deprec.& misc.
1937
1936
1935
chges.
x$191,156
per share on 465,032 shares
common stock (no par)
$174,713
$165,094
$0.41
$0.37
$0.35
Earnings
x
Before provision for
—V. 144, p. 1948.
Federal income and undistributed
profits taxes.
Beneficial Industrial Loan
Corp.—Earnings
Earnings for Three Months Ended March 31
1937
1936
1935
1934
$1,670,977
2,314,989
$1,388,183
2,314,989
$1,276,706
2.092,444
$0.64
$0.51
$0.52
$1,236,088
2,092,444
$0.50
Oonsol. net earnings after
all int., amort., chgs.,
& prov. for minor, int.
& Federal income tax.
Shares
com. stk. outst'g.
Earnings per share
i.
Financial
2818
1936
Furn. & fixtures.
570,146
4,862,533
530,599
Cash..—
4,440.865
d Instal.notesrec.58,542,118 49,989,329
d Miscel. notes and
accts. receivable
Investments
31,185
15,478
28,800
-
Real estate...
Unamortized dlsc't
&
1
miscell.
exp.,
def.
charges, &c.
Other
assets,
149,532
1935
$
Liabilities—
$
b Pref. $3.50 cum.
series A stock
10,770,650 10,770,650
a Common stock—16,585,168 15,523,205
Notes payable-... 18,450,000 13,675,000
1,245,652
778,940
67,265 Federal tax
251,862
293,283
18,810 Other cur. llabils..
Due to affll. cos—.
28,497
25,687
Employees'
thrift
accounts-2,150,458
2,421,149
384,880
161,743 Deferred inc.
Reserve for taxes,
less
reserve
1936
1936
$
c
Insurance,
39,343
_
431,628
&c._
416,931
Outside Interests in
64,239,136 55,208,611
12,500
5,213,890
6,389,487
12,500
6,983,828
6,631,901
cap.stk. of sub.
Paid-in surplus--.
Earned surplus---
Total...
April 24, 1937
Chronicle
in the company to waive their preemptive rights
to subscribe to the 12,000 shares of stock and to authorize the allocation or
all or any part of such shares for purchase from time to time upon sucn
terms and conditions as to price, time and manner of payment as the board
may determine, but at not less than the offering price of the stock to tne
stockholders, by such of the officers or employees of the company or its
subsidiaries and in such amounts as may be determined by a committee
to be appointed by the board.
in the number of shares
Balance Sheet Dec. 31
...64,239,136 55,208,611
Total..
Consolidated Profit and Loss Statement for Stated Periods
Year 1936
Year 1935
4 Mos. *34
Period Ended Dec. 31—
Gross
discounts,
less
sales,
returns
$2,292,772
1,664,473
$1,236,517
1,213.382
$1,116,627
32,681
277.192
35,279
249,213
3,600
86,153
74,923
111,704
prof. $232,923
26,034
$351,010
$235,746
20,649
23,751
prof.$258,957
and allowances
$330,361
$211,995
—
—
Cost of sales.
—
Engineering and development exp...
Selling, gen. & admin, expenses
Provision for doubtful accounts
2,000
83,501
DepreciationOperating loss
Other income—
Represented by 2,314,989 no-par shares in 1936 and 2,173,394 in 1935.
b Represented by 215,413 no-par shares,
c Alter depreciation,
d Alter
Loss
--
Organization
reserves.
a
Note—The income account lor calendar years was given in "Chronicle"
ol March 27, page 2118.—Y. 144, p. 2289.
Calendar Years—
1936
1934
$4,654,488
2.767,366
460,408
$4,565,384
2.719,879
355,490
$1,587,528
870,773
$1,426,714
819,741
$1,490,015
803,540
$997,213
1,036,169
$2,458,301
310,371
1,687.079
$2,246,455
263,714
1,714,908
$2,293,555
112,728
1,765,177
$2,033,383
90,883
1,758,550
Other rents and interest
on funded debt
Int. on unfunded debt..
115,793
79,083
116,289
1,840
108
Miscellaneous charges,.
1,043
7,014
614
97
129,258
5,372
480
$342,175
$181,626
$298,649
income-
oper.
Non-operating income..
Gross income........
Hire of freight cars.....
Rent for leased road
Net
income-
....
1
Comparative Balance Sheet Dec. 31
Assets—
1936
1935
Investments
474
.
payable
14,731
512,644i
426,234
79,789
436,763
Int. & divs. receiv.
Deferred assets...
806
19,452
1,209,706
debits..
301,908
11,249
20,908
168,538
189,614
13,072
78,714
1,882,207
Unadjust. credits.
Approp. surp. not
specifically inv.
Other curr. llabil—
conductors
67,778
231,779
91,021
196,888
17,332
Miscell. accts. pay
Deferred liabilities
from agents and
85,607
13,322
10,671
—undiv. surplus
Deficit
10,050
5,619
1,567,453
34,405
1,171,130
Note payable
Acer
Notes & accts. rec.
(non-current)..Invest* ts
Prov.
Fixed assets
$104,181
3,038
6,000
201,820
70,287
39,054
110,566
267,865
66,671
2,609,415
1,111,020
Cap. stk. (par $5). 2,610,937
Capital surplus..i; 1,114,654
Earned surp. (def)
345,757
Total
$4,155,806 $3,535,825
Total
-
Adv. on sales contr
40,417
38,810
&C--
23,873
for taxes...
Reserves-
Deferred charges—
Insurance,
$173,071
wages, taxes,
<fec
other
&
assets
39*055
514,121
.$4,155,800 $3,535,825
Co.—First
Borden
Quarter
92,609
Sales
and Income
Ahead of
1936— To Earn 1937 Dividend—
*
.
the first quarter of 1937 has shown "gratify¬
ing improvement over the corresponding period of 1936, both as to volume
of sales and net income," with the expectation that the dividend at its
current rate will be earned in 1937, Arthur W. Milburn, President, told
stockholders who attended the annual meeting April 21:
1,623,263
sur1,625
200,399
9,188
Inventories
Accounts payableBank overdrafts..
$714,419
215,131
1,350,273
1935
1936
Liabilities—
$300,887
579,777
1,594,071
Notes & accts. rec.
The company's business in
payable-_
314,976
Miscell. accts. rec.
Material & supplies
Inadjust.
Traffic & car serv.
wages
bal. receivable..
Net balance recelv.
Nil
Nil
$0.32
1935
1936
Assets—
Cash..
Audited accts. and
rec.
$225,977
—V. 144, p. 1949.
Loans & bills
car serv.
8,895
$333.800
Consolidated Balance Sheet Dec. 31
Common stock...$3,120,000 $3,120,000
Traffic &
3,438
-prof.$168,364
1935 V"
1936
Liabilities—
$2,545,507 $3,382,655
Cash....
464,089
346,814
Special deposits...
117,841
238,676
balance
-
—
Earnings per share on capital stock—
531,813
'
5,086
18,526
39,010
31.277
1,780
Net loss
$48,840
Railway
~31~937
------
Sundry
1933
$4,027,327
2,498,301
1935
Railway oper. revenues. $5,372,633
Railway oper. expenses.
3,070,143
Railway tax accruals, &c
714,963
expenses.----------.mtge. on plane aband. 1930--
on
Provision for Federal normal tax
Provision for Federal surtax
Belt Ry. Co. of Chicago— -Earnings—
•->'
Net loss—
1,133.809
"Anticipating the stockholders'
question," Mr. Milburn said, '"Under
the conditions raced in 1937, and from present indications, do you believe
the Borden dividend at tis current rate will be earned?'
the answer is
•Yes.*
"Since April first, the fluid milk operations in the New York Metropolitan
have oeen needlessly chaotic and the results unfavorably affected
area
short-sighted milk buying and selling
policies by some distributors operating in the market," Mr. Milburn
declared, "To this chaos, your company has not contributed."—Y. 144,
p. 1775.
because of the pursuit of selfish and
Total
$5,626,461 $5,187,701
Total
——
$5,626,461 $5,187,701
-V. 142, p.3156.
Bower Roller-Bearer Co.—To
fBond Stores, Inc.—Stock Offered—Lehman Brothers and
Wertheim & Co.
April 21 offered 125,000 shares of com¬
mon stock at $25.25 a share.
Of the offering 50,000 shares
represent new financing by the company and 75,000 shares
represent holdings of shareholders.
on
After the issue by the corporation of the 50,000 shares of common stock
by it, the number of outstanding common shares will be increased
701,497 of an authorized issue of 1,000,000 shares.
Brewing Corp. of Canada, Ltd.—Name Changed—-
t° be sold
to
Company
organized on March 19, 1937, by the consolidation of
Bond Clothing Co. and its subsidiary, Bond Stores, Inc. (a Maryland
corporation).
Business consists principally of the retail sale of men's
clothing at 38 stores located in 30 cities and the manufacture^ substantially
all of the clothing sold at such stores.
Of the net proceeds of $1,020,445 to be received by company from the
sale of its 50,000 shares, $439,000 will be used to
defray the cost of an
addition to a plant at Rochester and the remainder for other expansions.
The underwriters have an option for 30,000 common shares from
Benjamin
an'» tester Osterman and Barney Ruben.
The option applies to
15,000 shares held by Mr. Friedman and to 7,500 shares each held by
was
,
Mr. Osterman and Mr. Ruben.
Boeing
Airplane Co .—-Stockholders
Adjourned—
Meeting
to
Vote
meeting of stockholders, called to vote on an increase in au¬
thorized capital from 600,000 to 800,000 shares, was
adjourned from
April 20 to May 7 because of lack of a quorum.
A letter sent to stockholders on March
16, advising them of the special
meeting, read in part as follows:
At the special meeting there will be submitted to stockholders for action
a Proposed increase in the authorized
capital stock from 600,000 shares to
800,000 shares, the proposed offer and sale of stock to stockholders, and
the proposed setting aside of 12,000 shares for sale to officers or
employees.
Company has an authorized capital of 600,000 shares (par $5). Of this
amount, 521,883 shares were required for distribution to shareholders of
united Aircraft & Transport
Corp. and 28,946% shares were required to
be set aside for distribution upon the exercise of stock
purchase warrants
of United Aircraft & Transport
Corp.
Consequently, of the authorized
capital of 600,000 shares there remains available for issuance and sale
49,170% shares.
During 1936 the plant facilities of Boeing Aircraft Co., a wholly owned
subsidiary, were expanded by the acquisition of a new plant site of approxi¬
mately 28 acres, adjacent to Boeing Field, and the construction upon such
plant site of a modern assembly building.
This building was completed
during October of 1936 and is now in use.
In 1936 and the early part of 1937 contracts were entered into
by Boeing
Aircraft Co. for the construction of certain large commercial
flying boats
and four-engine transports. This additional business, totaling over
$5,000,000, together with other business on hand, again calls for immediate ex¬
pansion of the plant facilities of Boeing Aircraft Co. The Stearman Aircraft
Co., also a wholly owned subsidiary of Boeing Airplane Co., has also secured
during the past year a substantial amount of new business. However, any
expansion in the plant buildings or facilities of company's subsidiaries will
only be made as the business of such subsidiaries requires.
The additional business referred to will further necessitate the
acquisition
of manufacturing machinery, tools and
equipment.
The directors have concluded that it is advisable for the
company to
provide itself with additional funds in order that its subsidiaries may have
adequate working capital,
as well as acquire the necessary additional plant
Inasmuch as the stock available for issuance at the present time
would be insufficient to produce the desired funds, the directors recommend
that the authorized capital stock be increased to provide such funds.
The
facilities.
stock so issued will be, with the exception of the stock to be set aside for
officers or employees, offered to stockholders for subscription, pro rata,
to their
respective stock holdings.
It is contemplated that not
exceed 175,000 shares will be offered to stockholders. The offering price
of the stock and the number of shares to be offered will be announced as
to
soon
as necessary details and terms of the
offering can be worked out.
Stock offered to stockholders but not subscribed by them will be sold to
third parties or to the public at not less than the offering price of the stock
to
stockholders.
The directors are of the opinion that in order to further develop and
retain the interest of certain of the officers and employees of the company
or its subsidiaries in the affairs of the company, that not more than 12,000
shares of stock should be set aside available for purchase by such officers
and employees at a price not less than the price of the offering to stock¬
holders. Stockholders are requested at the time of authorizing the increase
Ltd.—V.
Bridgeport Brass Co. (& Siibs.)3 Mos. End. Mar. 31
Net income after taxes,
•
deprec., and all other
charges
Shares cap. stk. (no par)
Earnings per share—__
A.
x
or
xl937
Earnings—
1935
xl936
y$410,413
741,592
$0.35
$194,343
650,304
$0.30
Excluding unconsolidated subsidiaries,
y
1934
$186,906
520,992
$0.36
$ 94,168
520,992
$0.18
Before provision for surtaxes
undistributed profits.—V. 144, p. 2641.
British American Oil Co.,
A special
according
change in the name of this company to Canadian
144, p. *2119.
Stockholders approved a
Breweries,
on
Stock Increase
Pay 50-Cent Dividend—
The directors have declared a dividend of 50 cents per share on the capital
stock, par $5, payable June 25 to holders of record June 1. A similar pay¬
ment was made on March 25, last and compares with $1 paid on Dec.j.19,
1936, 75 cents on Oct. 24, 1936 and previously regular quarterly dividends
of 25 cents per share were distributed.
In addition, a stock dividentLof
20% was paid on Dec. 20, 1935.—V. 144, p. 273.
The
directors
have
declared
a
Ltd.—2h-Cent Dividend—-
dividend of 25 cents
per
share
on
the
capital stock, no par value, payable in Canadian funds on July 2 to holders
of record June 16.
A like payment was made on April 1, last, and an
extra dividend of 20 cents in addition to a regular quarterly dividend of
20 cents per share was paid on Jan, 2, 1936.—V. 144, p. 1949.
.
Brooklyn-Manhattan Transit System—Earnings—
[And Brooklyn & Queens Transit System]
1937—Month—1936
1937—9 Mos.—1936
$4,577,239
$4,631,718 $38,740,791 $39,202,719
3,002,911
2,929,555
25,461,223
25,369,372
Period End. Mar. 31—
Total operating revenues
Total operating expenses
Net rev. from oper-.-
Taxes
on
oper.
properties
$1,574,328
520,689
$1,702,163 $13,279,568 $13,833,347
425,928
4,361,687
3,683,133
Operating income—. $1,053,639
non-oper. income—
72,397
$1,276,235
74,029
$8,917,881 $10,150,214
804,948
552.307
$1,126,036
683,557
$1,350,264
771,981
£9,722,829 $10,702,521
5,963,070
6,921,675
$442,479
$578,283
$3,759,759
$3,780,846
25,394
70,194
217,616
406,136
$417,085
$508,089
$3,542,143
$3,374,710
55,000
b50,833
483,000
b457,500
Net
Gross income
a
Total
income
deduct-
Current inc. carried to
surplus
—
Acer, to minority int. of
B. & Q. T. Corp
Balance
to
B.-M.
T.
System
a
Includes
reserve
for
leasehold
of
amort,
invest, under contract
No.
4
b 1936 Fifugres revised for comparative purposes.
Note—The above is without provision for tax on undistributed profits.
—V. 144, p. 2119.
Brooklyn & Queens Transit System—Earnings—
Period End. Mar. 31—•
Total
oper.
revenues—
Total
oper.
expenses—
Net
Taxes
rev.
on
from oper—
oper.
properties
Operating income
Net non-oper.
income.
_
Gross income
Total income deductions
1937—Month—1936
1937—9 Mos.—1936
$1,836,460 $15,748,589 $15,499,627
$1,885,224
1,413,611
12,697,984
12,334.883
1,520,279
$364,945
192,299
$422,849
159,283
$3,050,605
1,587,784
$3,164,744
1,299,864
$172,646
14,727
$263,566
13,879
$1,462,821
161,948
$1,864,880
137.537
$187,373
132,305
$277,445
119,414
$1,624,769
1,152,861
$2,002,417
1,121,695
$55,068
$158,031
$471,908
$880,722
Current inc. craried to
surplus
Note—The above is without provision for tax on undistributed profits.V. 144, p. 1949.
Volume
Financial
144
Chronicle
Brooklyn Union Gas Co.—Reduces Common Dividend—
The directors
on April 22 declared a dividend of 40 cents
per share on the
stock, payable July 1 to holders of record June 1. This compares
with dividends of 75 cents
paid in each of the six preceding quarters, and
prior to then regular dividends of $1.25 per share were paid each three
months from July 1, 1927 to and Including Oct.
1, 1935.
common
pref.stock,
cumulative from Oct. 1, 1936 (par $100). *
The underwriter named is G. H. Walker & Co.
Rising operating costs, higher taxes, rate reductions, combined with
abnormally warm weather during the past winter were cited as reasons for
Admitted to Unlisted Trading—
the reduction.
ib "In the last
The New York Curb Exchange has admitted to unlisted
trading privi¬
leges the new common stock, $5 par, in lieu of old common stock, no par.
—V. 144, p. 445.
two
years," the directors said, "the real estate tax mvied
upon the company by New York Oity has reached a point where the increase
in this tax alone is $700,000
annually. The 3% emergency relief tax levied
against utilities, which is 30 times the tax levied on other businesses for
this purpose, has increased the total of the
company's taxes by over $600,000
Bullock Fund, Ltd.—30-Cent Dividend—
The directors have declared
a dividend of 30 cents per share on the capital
$1, payable May 1 to holders of record April 15.
A similar pay¬
1 last, and compares with 25 cents paid on Nov. 1,
Aug. 1 and May 1, 1936; 15 cents paid on Feb. 1, 1936: 8 cents paid on
Nov. 1, Aug. 1 and May 1, 1935; 10 cents on Feb. 1, 1935: 7.5 cents
per
share paid on Nov. 1, Aug. 1 and May 1, 1934; 12 cents paid on Feb.
1,
1934; 10 cents on Nov. 1, 1933; 13 cents on Aug. 1, 1933; 15 cents on May 1,
1933; 18 cents on Feb. 1, 1933, and dividends of 20 cents per share paid in
each of the three
preceding quarters.—V. 144, p. 925.
a year.
"These
taxes,
stock,
together
with the social security taxes of the Federal
and
State Governments, which will progressively increase in amount,
represent an increase in operating expenses of nearly $2 a share."—V. 144,
P.2290,
Brown Co.
i
preceding fiscal year.
During 1936 approximately $470,000 was expended for additions and
replacements to the Brown Co. properties and approximately $195,000 for
additions and replacements to Brown Corp. properties, wit
the expectation
that tnese expenditures would more than pay for themselves in a com¬
paratively short time through increased economy of operation. As resources
will permit the trustees have in mind, subject to the approval of the
Court,
to spend additional sums for additions and replacements,
believing that this
is one of tne soundest methods of bringing the company into profitable
operation. The trustees have been advised that an expenditure somewhat
in excess of $1,000,000 on plant replacements and modernization will
pay
for Itself within a period of two years tnrougli reduction of
operating costs.
A new contract has been made with the Commercial Credit
Corp. for
loans on inventory and receivables wnicn is beneficial to the
company. This
resulted in some saving of charges and enabled the company to liquidate the
loan from the Federal Reserve Bank of Boston amounting at tne date of
payment to $618,390.
Tne conditions governing that loan required in¬
ventory to be set aside as security and me new loan from Commercial
Credit Corp. provides a financing arrangement more suitable to the com¬
pany's increasing business.
par
ment was made on Feb.
(of Maine)—Second Report of Trustees—
The trustees have presented to the Court their second report upon
business operations of the company.
This report consists of a condensed
review of tne business operations of the company and its subsidiaries from
March 21,1936 (the end of the period covered by the first
report) to Feb. 20,
1937 (the end or the third period of the current fiscal year), income state¬
ments and balance sheets for the last fiscal
year with parallel columns for
the preceding year for comparison.
y Tne statement of income shows an improvement for the company for
1936 over 1935 of $462,096 before depreciation, depletion and deferred
interest and for the consolidated companies an improvement of $595,132
before tne same charges.
The cnaracter of the company's business produces considerable fluctuation
in the volume and dollar value of sales for the several periods in
any fiscal
year so that the result for any limited term may not be a true index for the
year.
It is a fact, however, that there was a very definite upward trend
during the latter part of 1936 wnich resulted in an increase or $1,724,257
in the net dollar value of sales of the consolidated
companies over the
Bunker Hill & Sullivan Mining &
Concentrating Co.
on New Stock—
—Initial Dividend
The directors have declared
the
new common
P.2290.
Burlington Mills Corp.—Warrant Agent—
The Guaranty Trust Co. of New York has been
appointed warrant agent
common stock purchase warrants when presented for exercise,
accompanied by funds at the rate of $18 per share of common stock evi¬
denced by the warrants surrendered.
The privilege of exercising common
to accept
stock
purchase warrants expires at the close of business
Bush Terminal
Randall, reorganization trustee, of the suit he has pending, which seeks
recover for the company from its former directors
$3,000,000 paid as
dividends on the common stock prior to April, 1933, allegedly from
capital.
The Court handed down a separate order for payment of the $50
to
per
bond arrearages on the Bush Terminal consol. 5s of 1955.
The plan leaves the liens and interest rates of the bonds of the two
undisturbed, and creates a new preferred stock for the Bush
to exchange for the present Bush Terminal Buildings Co.
when the companies are merged.
The debenture and
stocks of the Terminal company are combined in an issue of new
stock, for which debenture holders exchange, at the rate of four
Co.
stock
$1,713,713
-
Other expenses and charges
Depreciation and depletion
bonds and
on
on
deferred accounts
955,050
1,246,268
1,242,099
(net)--
Net loss for year
Surplus
$790,475
38,545
at
beginning of
$1,729,704
def672,988
year
Transfer from capital stock
Deficit at end of year-
new
for each debenture
share-for-share basis.
common
on
a
intercompany debts and
$2,402,692
—
$8293)20
665,489
1,213,679
1,196,274
JVop.28,'36
Not*.30,'35
$
$
Assets—
perm.
Cash...
7,508
7,505
1,835,331
4,287,152
Notes A accts.
settled
stock Is
common
and
the
companies
Buildings Co.—V. 144, p. 2642.
Canada
2,206.636
4,848,127
988,957
313,378
Long-term
$
302,635
Deferred charges..
707.305
$
note
Operating
2,930,803
roll
on
Depreciation, &c
922,894
700,103
Profit
172,859
152,522
court
Net
order
3,581,130
2,609,646
21,415,500 21,415,500
27,359
22,152
Reserves—Plant ..24,320,539 23,806,817
Timberlands
4,456,701
4,137,223
Other
21,000
26.000
Preferred stock...10,000,000 10,000,000
Common stock
8,000,000
8,000,000
Cr75,645
Divs.
on
on
Divs.
on
2,402,692
Balance, surplus
Total....
75,967,561 76,427,196
-V. 143, p. 2991.
1,500,000
500,000
$1,380,191
1936
Assets
l
Cash in
>•
pr.
escrow
develop, rights,
(E. L.) Bruce Co., Memphis, Tenn.—Plan Operative—
operative (and effective)
$
&c..l31,368,678
for construction
Securities and investments
2,488,541
1,224.661
149,250
753,606
133,318
15,000
7% pref.
stock, and
(or) cash, in lieu of a fraction of a share, less than one-half
3M% cumulative pref. stock, to an amount, which added to
value of full shares and H shares of 3H% cumulative pref.
stock,
will equal $35 per share of
7% pref. stock held by such stockholder, the
share of the
par
accrued
and
in
to
on deposit with trustee
Deferred assets and charges applicable
to future operations
215,556
Accounts receivable (non-current)53,043
Prepaid insurance and taxes
102,915
"
1935
1934
$
$
131,265.165 131,216,119
62,540
62.540
2,488,506
2,488,506
1,767,594
1,527,278
148,350
148,350
813,940
874,288
121,369
123,297
35,727
35,727
45,910
268,032
6,053,144
268,032
6,416,162
268,032
6,769,981
144,012,245
144.086.419
83,801.444
36,337
32,619
413,139
expense
431,610
39,571
42,182
58,938
142,871,655
Organization
Preferred stock of company held
416,490
56,992
98,867
52,510
86,516,856
87,529.767
296,490
296,604
25,956
438,867
60,980
70.092
by
sub. for customers' subscriptions,Unamortized discount and expense..
b In accordance with the resolution of the board at its
meeting on Dec. 21,
Total-.
Liabilities
Funded debt
Accounts payable
Customers' deposits
—.
Accrued interest
Accrued dividendsAccrued payrolls and other
86,138
Provision for taxes
150,159
Dividends payable on common stock.
Property purch. oblig. due in one year
8,055
Serial obligation due in one year
34,556
Reserve for depreciation
12,554,038
Other
reserves
Difference between cost and par value
of reacquired bonds and debentures
held in treasury for sinking fund..
9,856
13,190
12,801
11,122
35,513
35,180
12,500,000
25,000,000
5,000,000
3,576,275
12,500,000
25,000,000
5,000,000
4,693,193
x
c Also declared a dividend at the rate of
$1.75 per share in cash on the
7% cumulative pref. stock, for the quarter Jan. 1 to March 31, 1937, '
payable June 1, 1937, to stockholders of record on May 15, 1937.
Surplus
Total—
x
stock
289,162
375,000
34,556
7.751,264
directed that said dividend be paid June 1,
stockholders of record May 15, 1937.
Common
82,843
331,173
34,556
10,152,330
6% cumulative 1st preferred stock... 12,500,000
6% non-cumulative 2d pref. stock
25,000,000
1937, to 7% cumulative pref.
28,960
434,923
9,856
1936, declaring a dividend at the rate of $1.75 per share in cash on the 7%
cumulative pref. stock for the period from Oct. 1, 1936, to Dec. 31, 1936
■
Oct.
1, 1936, thereon.
There are 14,162 shares of pref. stock
(par $100) outstanding and accumu¬
lated unpaid dividends thereon to Oct.
1,1936 of $495,670 (or $35 per share).
Under the directors' resolution each
pref. stockholder desiring to make
such exchange should, on or before
May 15, deliver his present certificate
for pref stock, together with letter of transmittal attached hereto to
St. Louis
Union Trust Co., agent for the
company, St. Louis Union Trust Co. will
deliver certificates for new 7 % cumulative
pref. stock and also certificates
for new 3 M% cumulative pref. stock, and will make
payment in cash for
fractions less than one-half share of 3H
% cumulative pref. stock if any.
The directors also took the
following further action:
a Declared a
dividend on the new 3 H % cumulative pref. stock at the
rate of $1.75 per share (at the same rate for one-half
share) for the period
from Oct. 1. 1936, to March 31,
1937, payable June 1, to holders of record
May 15, 1937.
Only those preferred stockholders who make the exchange will receive
the 3%% cumulative pref. stock upon which this dividend is
payable.
arrears
Marketable securities
Accounts receivable
Inventories
Cash
There will be issued to each 7%
pref. stock in exchange for his present
holdings the following:
a New 7% cumulative pref. stock, share for share,
b One-half share of new
3H% cumulative prer. stock (par $100) foreaebfull $50 of dividends in arrears to Oct.
1, 1936, upon the present
$2,471,968
731,760
1,500,000
500,000
$633,082 def$352,314 def$259,792
Balance Sheet Dec. 31
Cash
The directors have declared the
plan of exchange
of the close of business
April 14.
dividends
1,125,000
9
672 988
352,000
648,861
367,195
4,533
Cr89.140
$2,379,446
731,760
2d pref. stock
common stock-
Properties,
of
CV75.637
$2,428,862
670,780
1st pref. stock-
Divs.
75,967.561 76,427,196
354,173
650,321
347,049
4,533
$1,380,191
revenue
Suspense..*
Deficit..
1933
bonds & debs,
on
redeemed--
Bonds
Total...
349,616
654,150
323,983
1934
Divs.onpref. stk. of sub.
523,138
taxes, &c
the
'
funded debt
Taxes
""
to
$9,360,974
$9,533,083
601,683555,858
213,419
179,736
13,115
299,570
324,807
4,586,804
4.628.124
Amortization of discount
912,738
under
4,441,701
592,433
216,266
4,932
325,115
4,529,390
345,010
654,791
352,873
3,069,401
1935
$9,349,113
545,711
243,813
6,495
347,846
Maintenance
Pulp wood
Def.
1936
$8,242,786
expenses
Admin. & gen. expensesInterest
1,626,524
added
Hydro-Electric Corp., Ltd. (& Subs.)—
Calendar Years—
Gross rev., incl.oth. inc.
$750,000
purch.
acct. (sec'd)
1,869,888
Accts. pay. & pay¬
been
See Brewing Corp. of Canada, Ltd. above.
.—...
Taxes payable
Accrued gen. int.,
have
Canadian Breweries, Ltd.—New Name—
Prov. for doubtful accts.
(secured).-...*
(secured)
Prepayments
Steamship Lines, Ltd.—New Directors—
Bradshaw and J.
W. McConnell
directorate of this company.—V. 144, p. 1593.
Canadian
Notes & loans pay.
rec
less reserve
Inventories
amount
The
held.
are
returned to private management.
Preferred stockholders of the Bush Terminal Building Co. will elect
board of directors until the companies are merged.
It is contemplated
that E. T. Bradford II will be elected President of the Bush Terminal
$672,988
NOV. 28.'36 Nov. 30/35
ssi
Liabilities—
inv_. 68,234,094 68,114,568
301,141
240.420
Securities, other..
the
suits
Thomas
$2,246,422
573,434
1,000,000
(Brown Co. and Subsidiary Companies)
as
law
are
Balance Sheet, Nov, 28, 1936 and Nov. 30, 1935
Total
of
exchangeable
a
Total
Interest
common
shares
All
$1,697,639
16,074
Co.—Reorganization Plan Confirmed—
Judge Robert A. Inch in the U. S. District Court. Brooklyn, on April 21
an order confirming the plan of reorganization of BuRh Terminal
Co. and Bush Terminal Building Co., and ordered the
property returned
to the companies midnight April 30.
The Judge handed down a memorandum directing that the order con¬
firming the reorganization of the Bush Terminal Co. shall provide for
continuation to a court judgment or a compromise settlement by C. Walter
signed
common
-
April 1, 1939.
on
—V. 144, p. 2642.
Terminal
1936
1935
$17,961,628 $16,237,371
16,263,989
15,446,896
-
a quarterly dividend of 37 H cents per share on
outstanding payable June 1 to holders of record
The old common stock was recently split on a four-for-one basis.
A dividend of $1 per share was
paid on the old common stock on March 1,
last, and prior thereto regular quarterly dividends of 50 cents per share
were distributed.
See V. 144, p. 765 for detailed dividend record.—V. 144,
preferred
(Brown Co. and Subsidiary Companies)
Profit on sales
Other income
now
companies
Statement of Income and Surplus for Fiscal Years 1936 and 1935
Net sales
stock
May 15.
-
Cost of product sold
2819
The holder of each 130,000 issued shares of no par common stock
wU|
receive in exchange therefor one share of new common stock
(par $5).
Company registered with the Securities and Exchange Commission
130,000 shares common stock, (par $5), 14,162 shares 7% pref. stock,
cumulative from Oct. 1, 1936 (par $100), and 4,957 shares 334 %
5,000.000
3,206,466
142,871,655
144,012,245 144.086,419
Represented by 1,000,000 (no par) shares.—V. 143,
p.
3992.
■
;
Financial
2820
Consolidated Balance Sheet Dec. 31
Canadian National Ry.—Earnings—
1937
$678,519
$3,203,752
$3,882,271
—V. 144, p. 2642, 2684.
Canadian Pacific
Earnings of System for Week Ended April 14
Increase
1936
1937
$240,000
$2,474,000
$2,714,000
—V. 144, p. 2643.
84,572
Special deposits
Debt discount & expense in process of amort
Prepaid accounts and deferred charges—
8,878,745
5,882,322
5,934,917
Working funds
United States Treasury bonds
Bonds of affiliated and other companies
Cash on deposit for payment of dividends
Notes, accounts and warrants receivable
Materials and supplies
-
2,679,896
29,379
162,656
3,546,2 91
1,375,668
2.700,000
Syndicate, Ltd.-—-Columbian Holdings Sold—
48,568
Socony-Vacuum Oil Co., Inc. and The Texas Corp. on April 20,
completed negotiations for the purchase from Carib Syndicate, Ltd., of the
latter's holdings in Colombian Petroleum Co.
Tne price paid for tne purcnase was $2,050,000.
Tnese holdings, in addition to those acquired last
year through the purchase of South American Gulf Oil Co., give SoconyVacuum and Texas practically 100% ownership of Colombian Petroleum
Co.—V. 144, p. 2471.
Liabilities—
April 14 declared
y
(A.
M.) Castle & Co.—Dividend on New Stock—
The directors have declared an initial dividend of 50 cents per share on
the new common stock, payable May 10 to holders of record May 3.
The
old common stock was recently split on a 2-for-l basis.
See V. 143, p.
4146, for detailed record of dividend payments on old common stock.—
V* 144, p. 2643.
46,029,024
22,044
Minority int. in common stock & surplus of subs.
101,453,800
2,063,771
Funded debt
Deferred liabilities
220,000
Notes payable
Current maturities of serial debentures & under¬
lying bonds
Accounts payable.—.
475,260
Federal income taxes
1,668,630
468,589
136,424
payable
or
Miscellaneous current liabilities
—
14,786,168
Total----
Depreciation
—$12,471,289
$7,742,805
519.987
462,254
Interest earned
Interest paid
8,348
3,779
$12,982,928
$8,201,280
;
Net profit before Federal taxes
Provision for Federal taxes
2,296,745
1.399,971
_x$10,686,182
Net profit
x
$196,569,667 $197,143,049
—
See note O above,
Celotex
z
See note D above.—V. 144, p. 1269.
Corp.—Organizes English Unit—
rigid insulating board and other
Due to the sharply increased demand for
Balance
_
y
$6,801,309
Before deducting provision for any amount which may become due for
surtaxes on undistributed
earnings
Balance Sheet
Mar. 31 '37 Dec. 31 '36
Dec. 31 *36
Mar. 31 '37
471,000
711,883
1,224,079
2,354.585
1,615,847
208,096
149,393
9,423,520
1,203,554
Accrued interest
Preferred stock dividends accrued
<
27,506
104,793,200
1,936,043
220,000
674,500
915,200
:
Accrued State and local taxes
Cost of sales, operating exp., &c., less misc. income 45,065,467
66,785
21,362,620
46,412,132
22,507,716
Preferred stock of subsidiary
Caterpillar Tractor Co.—Earnings—
?
'
1937
1936
$59,501,461 $40,937,398
31,377,105
1,964,706
1,817,488
1,058,000
66,785
;—
—
-
Reserves
12 Mos. End March 31—
Net sales
12,240,182
24,225,889
24,227,923
Common stock
Deficit
a
11,367,526
12,240,182
preferred stock:
$7 dividend series, stated value
Capital surplus
dividend of 50 cents per share on
account of accumulations on the $2 cum. conv. class A stock, par $100,
payable June 1 to holders of record May 15.
A like payment was made
on March 1, last and compares with $1.50
paid on Dec. 18, 1936, and divi¬
dends of 50 cents paid on Dec. 1, Sept. 1, June 1 and March 7, 1936.
A
dividend of $1 was paid on Dec. 1, 1935—V. 144, p. 1101.
on
11,367,526
1,058,000
$7 div. series, 117,400 shares, stated value—
$6 div. series, 11,500 shares, stated value
Cumulative
z
The directors
179,084
3,475,122
1,169,792
Cumulative prior-ien preferred stock:
-
Co., Inc.—Accumulated Dividend—
>
$196,569,667 $197,143,049
Total
The
Carman &
251,684
174,923
-
—
Carib
1,232,026
110,188
8,612,195
1,211,595
Miscellaneous investments
Cash
Ry.—Earnings—
Gross earnings
$172,543,619 $173,429,470
Plant, property, rights, franchises, &c
Increase
1936
1935
1936
Assets—
Earnings of System for Week Ended April 14
Gross earnings
April 24, 1937
Chronicle
building products by the building industries in the British Isles, this com¬
pany, has organized Celotex, Ltd., of London.
B. G. Dahlberg, President of this company, said that underwriting arrange¬
ments have been completed for the erection in the Wembley District of
London, at an estimated cost of $1,250,000, the first plant in England to
manufacture Celotex products.
The plant which will be completed late
this year, will have a capacity of 45,000,000 feet of Celotex.
The American factories of the company, he reports, are running at full
capacity, on a three shift basis due to the heavy demand for their products.
The board of directors of the new company Celotex, Ltd., includes, Gerald
Wellesley, Chairman of Ault & Wiborg, Ltd., Grant MacLean, Wadhurst
Park, Ronald B. Gray, chairman of Aire Wool, Ltd., and G. &. Waddington as managing director.
The underwriting will be done by Robert Benson, Ltd., and Cohen,
Laming & Hoare.—V. 144, p. 1777.
_
Assets—
:
$
Cash
$
2,612,556
Notes & accts.
rec.
lessreserves
14,898,781 11,576,037
14,990,943 16,670,371
Inventories
Pats.,
trade-mks.
and goodwill
x
Liabilities—
2,309,929
Land,
l
i
buildings,
equipment, &c„ 18,785,776 18,845,241
properties
197,040
201,970
Prepaid insurance,
taxes, .fee
32,700
Total—
*
,
235,836
1,983,931
expenses
—
Common stock.
J
$85,551
45,413
7,675
$389,060
193,840
32,469
$348,585
182,326
27,635
7,237
12,383
6,686
9.413
27,958
44,580
26.253
39,975
$17,594
$16,365
863
278
$90,212
5,161
$72,397
1,581
Gross income of subs.
$18,457
$16,642
229
$95,374
$73,977
390
851
775
1,378
7,701
52,749
$12,752
Gross
y
Operating
expenses
Maintenance
13,733,577 13,733,577
16,788,543 15,029,104
Net oper. income.
Non-oper. income
*
Taxes
51,517,798 49,638,669
—
Total
Representated by 1,882,240
Catalin
no par
(other than Fed¬
eral income)
Depreciation
shares.—V. 144, p. 2290.
Corp. of America—Earnings—
Quarter End. Mar. 31—
Net profit after deprec.,
int. & other charges,
1937
Expenses after deducting
1936
1935
1934
$82,159
'*' ■
$97,402
$49,243
Int.
$85,012
—V. 144, p. 926.
of record
on
April 21.
A like payment was made on Feb. 1, last,
being the first payment made since July 1, 1930 when a regular
quarterly dividend of 75 cents per share was distributed.—V. 144, p. 927,607.
Central & South West Utilities Co.—Annual
Report—
Consolidated Earnings Statement of the Subsidiaries
Calendar Years—
1936
1935
1934
Gross earnings—
$24,471,158 $24,765,755 $24,829,873
Power and gas purchased
for resale
1,516,576
Oper. exps., incl. taxes.. 10,334,473
Maint. expenditures
1,709,917
Prov. for storm damage200,000
Retirement appropriate
3,210,585
Interest charges
4,946,627
Amort.of disc.on sec.,&c
534,775
Prov. for divs. on pref.
by public
Int. charged to
$35,896
cos.
1,393,209
9,976,906
1,477,310
3',097~,5l7
5,459,665
378,092
1935
1934
$1,713,928
$1,695,453
119,488
119,249
118,840
1,996,414
519,052
274,109
7,705
104,794
214,632
al86,071
$1,833,177
479,451
162,414
$1,814,294
448,850
187,830
117", 524
175,784
221,793
114*335
$690,050
$676,210
3,324
$712,839
3,665
$693,714
283,940
3,810
1,977
67,975
$679,535
304,714
1,962
1,025
12,043
$713,743
305,843
2,163
1,320
11,516
$339,965
227,136
$361,840
198,718
$395,539
227,108
150,000
Gas___
Total revenue
.
Oper. (less exps. allocated to const.)..
purchased
Power
Provision for retirements
Taxes (incl. Federal
11,461",934
1,142,571
5,673,765
416,959
income)
Net operating income
Non-operating income (net)
-
Gross income
2,783",082
Interest
on
funded debt
Other interest
Int. allocated to construction
(credit)
Other deductions
held
3,132,001
2,042,332
Net income
Cr621
Dividends paid on preferred stock
243,437
426,636
Common dividends
a
$1,886,203
$940,721
139,666
210,773
903
1,989,071
1,559,857
construe,
Balance of 1934 earns,
b Earns, of sub. cos
a
Net income
1936
$1,876,926
Calendar Years—
Operating revenues—Electric—
Flood expense
Maintenance
1933
$23,834,885
11,716,147
1,341,492
104,330
3,065,432
5,653,228
358,267
Public Service Corp.—Earningi
Central Vermont
a dividend of 75 cents per share on account
the $3 cumulative, class A stock, payable May 1 to
this latter
stks. of subs.
$2,013
—V. 144, p. 2644.
The directors have declared
holders
13,022
6,608
52,019
$3,742
coll. trust bonds.
on
Net income
Central National Corp.—Accumulation Dividend—
of accumulations
1,489
12,836
miscellaneous income.
■
^efore taxes-
""
$95,913
50,405
8,295
revenues
After reserve for depreciation of $10,999,210 in 1937 and $11,615,154
in 1936.
■
1937—12 Mos .—1936
1937—3 Mos. —1936
Period End. Mar. 31—
Interest charges of subs.
6,014,776
9,411,200
35,121
51,517,798 49,638,669
Central States Edison, Inc.—Earnings—
500,000
9,411,200
_
Capital surplus
Earned surplus
*
,
*
383,934
Notes payable-___ 1,250,000
Res. for Fed. taxes 2,129,441
Pref. stk.(par$100) 6,014,776
y
Mlscell.
2,582,147
1,954,42 5
_
V
$
$
Accounts payable
Accrued payroll &
$361,049
No provision for Federal income tax.
$368,126
Available for payment of cum. pref. stock dividends in the case of sub.
companies having dividends in arrears,
b During 1934 prior to dates of
recapitalization used for recapitalization adjustments.
Balance Sheet Dec. 31
a
Earnings for Calendar Years (Company Only)
;
Calendar Years—
Total income
1936
.
Administrative expense.
Interest.
Provision for taxes.
$527,655
28,312
65,354
16,238
1935
$140,102
25,451
91,574
1,650
1934
hand
1933
$128,392
49,923
99,971
16,259
a
$417,751
222,700
rec.
Notes
1936
Assets—
Accts. receivable.
1935
$
$
57,337
34,249
62
3,650
117,467
117,468
def$37,760
Organlz. expense-
Special deposit for
Total
a
28,739,194 28,186,2721
1936
1935
34,443
1,255
payable to
subsidiary eos_.
Accounts payable-
775,000
Fed. income taxes
696,164
-
Total
107,169
87,753
76,000
76.000
82,842
15,871
113,803
58,756
54,574
267,960
2,353,717
3,542,860
2,500,000
2,210,121
3,542,860
2,500,000
130,328
12,634
Federal
income tax
for oper. & cons.
Consum's' deps. &
int. thereon
Mat'd bond int. &
with
dep.
for
102,083
13,386
24,947
c74,687
Other accrued 1 lab.
Prov.
$
6,083,000
on
Accrued taxes
sup.
1935
7,000,000
140,083
divs.
& fiscal
unclaimed
4,793
624
1,650
14,500
275,373
11,367,526
1,058.000
12,240,182
24,225,889
66,786
22,535,422
28,739,194 28,186,272
b Represented by
agents (contra).
Special deposits
267,960
4,793
6,690
Other assets
Liabilities—
Represented by 117,400 shares of no par value,
&
int.
Accrued
funded debt
Mdse. for resale
trustees
11,500 shares of no par value,
c Represented by 133,250 shares of no par
d Represented by 3,372,481 shares in 1936 and 3,373,351 shares
in 1935 (including scrip) of $1 par value.
value,
195,851
50,086
rec
Cash
Notes
775,000
3,294
10,786
payment of divs.
8,394 Taxes accrued
8,050
2,952
Investments
13,948
28,399,735 27.742.S91 Misc. curr. li&b—_
Other investments
1,480,513
156,543
279,619 Reserves
a $7 pr. lien pref-11,367,526
b $6 pr. Hen pref— 1,058,000
c Cum. pref. stk—12,240,182
d Common stock.24,227,923
Capital surplus
66,786
Deficit..
.22,507,716
_
60,141
210,909
2,091
and
mdse.instal. con.
$
Funded debt
Accounts payable-
Unbilled inc. (net)
$21,426 def$100,195
Comparative Balance Sheet Dec. 31. (Company Only)
Cash
14,564,069
251,468
—
—
Accts.
Materials
Net income
Prior lien stock dividend
Liabilities—
$
14,823,965
Fixed capital
1936
1935
$
"
Cash in banks and
$33,834
36,967
94,931
2,130
"
1936
A sscts
142,016
12,414
118,436
d $6 pref. stock
652,658
240,860
Capital surplus
156,031
155,881
Earned surplus.—
356,795
489,606
__
Prepay. & deferred
charges
bReacquir.
e
securs.
295
16,591,308
15,396,314
Common stock_
.
295
(at cost)
Total..
(contra)
Reserves...
Total..
16,591,308 15,396,314
a After reserves of $25,270 in 1936 and $33,581 in 1935.
b Four shares $6
preferred stock, market value $408 in 1936 and $388 in 1935.
c For prior
years,
d 37,860 no-par shares, e 50,000 no-par shares.—V. 144, p. 1594.
Central Steel & Wire
Co., Chicago—Pref. Stock Offered
Whipple & Co. made
public offering April 21 of 24,000 shares of 6% cumulative
($50 par) preferred stock at $50 per share.
—Paul H. Davis & Co. and Bacon,
The
kinds.
company
is a leading distributor of steel and other metals of all
cover practically all metals used in bar, sheet, wire
Its products
Volume
and
tubular
Financial
144
form.
The
company's executive offices
at 4545
are
Chronicle
2821
Income Account for Years Ended Dec. 31
South
Western Boulevard in Chicago.
Operating Revenues—
used for
constructing and equipping a new plant on real estate owned by the com¬
pany on 51st Street in Chicago and the balance for additional working
capital.
The company has built two warehouses and office buildings in
Detroit since 1920 and one in Dayton.
Some of the company's lines are
sold over the entire country, and its own salesmen cover about 14 Middle
Western States.
1936
$8,671,123
598,655
359,531
Freight
Passenger
Other operating revs
Around $800,000 of the net proceeds of the financing are to be
completion of the present financing capitalization will consist of
500,000 shares ($5 par) common with 300,000 shares outstanding, and
30,000 shares of preferred with 24,000 shares outstanding.
Net last year after all charges and taxes, including Federal, excess profits
and undistributed profits taxes, was $454,858, equivalent to more than
six times dividend requirements on the preferred stock, as against $261,667
in 1935 and $223,304 in 1934.
inr current
assets.
the sale
from
last were $3,617,024, of which $2,570,413 was
These will be increased by the net proceeds resulting
Dec. 31
on
preferred stock to replace a plant now occupied on
of the
1934
$5,950,919
577,245
1933
$5,722,358
40,946
299,841
129,582
43,951
504,993
54,706
427,669
52,956
373.004
641,363
292,691
126,999
38,480
57,455
349,370
$10,403,998
$8,254,852
$7,427,499
$7,228,716
$958,098
2,445,619
340,489
3,986,209
92,722
336,955
9,671
$791,023
1,797,491
313,190
3,404,362
81,161
245,934
4,131
$676,841
1,687,002
$593,558
1,620,410
299,891
273,899
2,942,904
64.190
260,289
10,193
$8,150,421
2,253,577
514,818
$6,629,031
1,625,820
266,548
$6,168,313
1,259,185
7,752
1,912
$5,745,056
1,483,660
428,456
income-
$1,738,759
$1,359,271
$1,250,242
$1,054,535
Hire of frt. cars, Dr. bal.
Rent from equip, (net)
Net joint facil. rents-Dr
$428,689
Dr56,384
753,245
$420,739
Dr25,967
701,862
$428,528
Dr7,636
694,279
$374,627
Drl5,318
685,675
Net ry. oper. income—
Non-operating income-
$500,440
106,549
$210,703
20,988
$119,800
25,678
def$21,083
104,798
$606,989
$231,691
$145,478
$83,715
38,080
5,738
1,360,203
134,942
35,911
1,368,361
136,707
35,911
5,190
1,380,380
139,977
Mail
—
Express
141,980
43,994
Misc. pass, train rev
Other transport rev
On
Total assets
yl935
$6,745,563
526,818
337,451
121,697
83,721
Total-
Operating Expenses—
Maint. of way of structMaint. of equipment
Traffic expenses
Transportation expenses
Miscell. operations-.
General expenses
Transp. for invest.—Cr_
3,071,906
69,235
363,108
Dr331
Western Ave.
Total
Central Vermont Ry.,
1937—3 Mos.—1936
1937—Monlh—1936
Period End. Mar. 31—
Net
Inc.—Earnings—
$596,111
494,147
Railway oper. expenses.
Net rev. from ry. op._
Railway tax accruals—
$368,546
454,906
$1,700,494
1,410,750
def$86,360
22,707
$289,744
74,354
def$7,296
51,041
1,279,026
Railway
oper.
Deduct—
—
$76,536 def$109,067
39,854
4,225
Net ry. oper. income.
Other income
$99,685
7,233
def$49,858
5,986
Gross income
Deduct—
charges
charges
def$43,871
325,486
$106,918
323,292
$38,963 def$lll,142
107,960
106,500
fixed
Fixed
def$58,337
Cr8,480
for
available
Income
$215,389
115,704
$36,682 def$113,292
2,280
2,150
Railway oper. income.
Hire of equip., rents, &c.
Rent for leased roads
balance.
$369,357
$216,374
$217,642
$68,997
on
Int.
on
Net deficit
Century Ribbon Mills, Inc. (& Subs.)—Earnings—
1936
1935
1934
$47,467
Net income after deprec.
and Federal taxes
$36,092
$42,249
After allowing for dividends on
$0.25
$0.47
$0.30
Inv.
Plant, eq't, &c.$l,513,474 $1,544,281
383,662
447,511
28,100
40,597
receivable. 2,615,045
2,243,474
1937
$630,400
2,000,000
2,000,000
1,600,000
1,125,000
Notes payable
1,473,424
Deferred assets...
51,200
Treas.stk.(at cost)
1,190,902
19,533
18,977
908,493
1,078,471
745,463
965,634
payable
Surplus
39,700
10,505
53,050
47,955
32,355
...$6,236,898
$5,485,475
Prepaid expenses.
1 234,672
26,713
26,721
phys. prop.
174,937
177,700
Impr. leased prop.
3,082
20,962
Misc.
investments
6,570
5,570
811,795
Material & supplies
779,093
632,675
259,732
6,265
12,449
21,812
247,227
Traffic, &c., bals.
Ml8cell.
accounts.
287,754
x Represented
by 100,000 shares of no par value,
y After deducting
$1,240,128 reserve for depreciation in 1937 and 1,161,481 in 1936.—V. 144,
p. 2472.
Other curr. assets.
Deferred assets.
Other
162,471
136,438
35,596
35,596
3,079
5,823
160,385
33,372
747,C53
—
.
Miscell.
306,188
167,818
5,009,242
73,664
3,532,772
Funded
Chesapeake & Ohio Ry.—Earnings—
1937
March—
..$13,099,285
6,337.510
Gross from railway
Net from railway
Net
..
5,061,494
after rents
From Jan.
1936
1935
1934
$9,607,898 $10,011,890 $10,146,138
3,868,077
4,550,132
4,667,054
3,129,382
3,681,402
3,805,905
1—
Deferred
Net from railway
Net after rents
31,307,848
13,834.518
11,609,595
27,406,693
11,694,831
9,231,754
27,249,417
11,932,264
9,275,124
1935
$1,360
1,220
258,142
360,000
1936
$520
1,174
258,290
Int. on notes payable
360,000
Acer. int. on deb. bonds.
$
in
rora
Chic.
$618,883
Co.
(in
Liabilities—
ership)
Miscell. investm'ts
interest
Acer,
1935
$
debenture bonds
Notes
payable
affiliated
Accrued interest
re¬
217
notes
$338,902 loss$401,789
75,701
59,638
$733,161
3,162
$414,603 def$342,151
1,980
Cr5,204
$729,999
$0.48
$412,623 def$336,947
13,919,032
13,902,6861
$2.58
4,590,000
1936
Liabilities—
$
Nil
(trade)
rec.
(misc.)
Inventories
receiv.
1,920,506
19,927
6,907,092
2,048,106
32,920
6,799,709
Bond int., accrued
Installments
due
140",665
15-year 8)4% gold
107,423
68,368
10,160,708
.
28,875
100,000
102,737
2,000,000
2,100,000
31,924
^
117,789
Mtge.
payable—
foreign subsid'y.
28,924
Reserve for ins.,&c
Minority interest—
38,285
44,943
341,652
359,550
Insur., taxes, duty
& develop, exp.
933,454
30,250
debentures.
buildings,
expenses—debs
1,168,152
within one year.
32,390
151,613
mach., eqpt., &c 9,989,085
4,290.000
foreign subsid'y.
Cap. stock—pref.
20,243
23,747
9,056,750
z Common stock.
1,994,690
Capital surplus—
224,675
Earned surplus... 4,574,866
9,055,500
1,994,690
224,675
y
on
stock
_
1,049,755
225
Capital stock...
3,749,025
6,018,263
5,416,319
$
842,468
liabilities & taxes 1,201,259
Misc. investments,
Land,
1935
$
Notes payable
Accts. pay. & accr.
527,165
Notes & accts. rec.
4,230,000
4,290,000
225
4,401,556
3,749,025
Total
x
13,919,032 13,902,686
Total
Nil
1935
S
Unamort. disct. &
1,308,045
Deficit
Total
72,841
567,777
advances, &c
payable..
x
243,266
$660,320
-
Assets—
x
Misc. current liab.
217
ceivable
1933
$1,354,951
1,328,846
Before minority interest.
Cash
6,000,000
to
cos....
1934
$2,764,844
1,959,503
293,735
$1,076,364
72,449
Earns, per sh. on com.-
$
6,000,000
Accrued interest on
13,840,100 13,840,100
5,298
15,798
57,071
0.2,917
1935
$3,600,822
2,408,132
336,894
_.x$l, 148.813
Net profit
Minority interest
Long-term
gold bonds
receiv¬
Cash
31
Debenture 50-year
Au¬
& Elgin RR.
3,963.865
55,876,020 59,961,888
$511,606 loss$217,161
172,704
184,628
1936
$1,395
2,136
258,142
360,000
1936
$
Assets—
Inv.
Dec.
18,596
1,028,890
591,794
not
$855,796
174,286
21,190
Profit from operations
1933
$617,996
It 35
surp.
$1,365,597
162,233
127,000
Prov. for Fed. inc. taxes
Market securities.
Shoe'
Balance
230,113
18,596
Total
1936
Profit from operations
Other income charges—
Accts.
1936
238,029
funded
Consolidated Balance Sheet Dec. 31
1934
$1,360
1,214
258,142
360,000
$618,001
$618,944
Deficit
on
debt
Chicago Pneumatic Tool Co. (& Subs.)—Earnings—
Calendar Years—
Manufacturing profits-- $4,455,714
Admin., sell. & gen. exp.
2,702,063
Depreciation
388,054
x
expenses.
678,210
6,610,531
Add'ns to property
thru inc. &sur._
-V. 144, p. 2293.
Chicago Aurora & Elgin Corp.—Earnings—
Miscellaneous
793,305
deprec'n. 5,709,413
Other unadj. items
55,876,020 59,961,888
Balance-
Calendar Years—
2,247
103,823
527,766
Deficit
-V. 144, p. 2292.
Total income
2,247
130,844
446,239
curr. liab...
Accrued
2,000
131,482
un¬
spec, invested
New Director—
Stockholders on April 20 added to the board of directors Frank B. Bernard
1,000
122,326
paid
Other
75,116
ma¬
liabilities
Divs. matured
Approp.
Income credits
32,625,661
14,285,328
10,286,770
Gross from railway—
debt
tured unpaid...
Co. of N. Y., as trustee for the Chesapeake Corp.
Total
3,570,273
347,445
1,150,243
accounts.
Prem.
The New York Stock Exchange has been
26,888",056
Int. mat. unpaid..
559,357
unadjusted
debts
notified by the Guaranty Trust
20-year 5% convertible
collateral trust bonds, due May 15, 1947, that $534,000 principal amount
of said bonds has been surrendered to it for conversion and as a result
thereof 12,145 shares of the Chesapeake & Ohio Ry. Co. common stock
have been withdrawn from the collateral pledged with it as trustee.
Notice was also received from the Guaranty Trust Co. of N. Y., as trustee
for the Chesapeake Corp. 10-year 5% convertible collateral trust bonds,
due Dec. 1, 1944, that $418,000 principal amount of said bonds has been
surrendered to it for conversion, and as a result thereof 8,360 shares of the
Chesapeake & Ohio Ry. Co. common stock have been withdrawn from the
collateral pledged with it as trustee under the indenture.—V. 144, p. 2292.
.
Taxes accrued
-
Int. & div. receiv.
Chesapeake Corp.—Changes in Collateral—
1,463
26,713,401
3,498,258
Traffic, &c., bal.
439,843
Accounts & wages
847,524
Loans & bills pay.
494,872
property sold.
Cash
Bal. rec. from agts.
and conductors.
Total
10,497,000 10,497,000
Preferred stock... 4,991,300
4,991,300
Unmatured int
Dep.ln lieu of mtg.
$6,236,898 $5,485,475
Total
716,700
88,968
88,968
102,206
Other
$
Govt, grants
Funded debt
unpledged
Special deposits
Accounts
7,139
insurance.-
Inventories
$630,400
Accept, against letter
of credit
716,700
co.—
pledged.
1935
$
r
Common stock
2,566,858
1,414,029
1936
1936
Liabilities—
260,020 52,773,686
Notes pledged..
Advances
Common stock.
val. of
affii.
Stks.
Preferred stock...
x
&
Stocks
Liabilities—
1936
1937
Notes rec,—cust'er
1935
$
Road equipment-.50,
preferred stock.
Cash
life
$1,514,467
Revised figures.
1936
Consolidated Balance Sheet March 31
Cash surr.
334
$1,416,314
x4,951
Balance Sheet Dec. 31
$0.36
Accts.
225
$1,314,465
Assets—
Par)
y
y
$60,218
Earns, per sh. on 100,000 shs. com. stk. (no
/Ijsds—
Net figure,
x
1937
3 Mos. End. Mar. 31—
x
unfunded debt—
Miscell. income charges-
-V. 144, p. 1951.
x
220
funded debt.
35,911
5,438
1,392.369
157,136
7,327
$932,194
Misc. rents & tax accr'ls
Int.
Deficit
668
$1,271,730
$101,963
25,427
Kail way oper. revenues.
from ry. oper—
rev.
Railway tax accruals
Uncoil. railway revenue-
Represented by 27,491 no par shares after deducting nine shares held
treasury.—V. 142, p. 2661.
20,075,750 20,181,474
After
Total
20,075,750 20,181,474
depreciation of $4,369,009 in 1936 and $4,076,201 in
by 181,135 no-par shares in 1936 and 181,110 in
y
Represented
z
1935.
1935.
Represented by 199,469 shares (no par).
x
n
Chicago, Indianapolis & Louisville Ry.—Earnings—
General Statistics Calendar Years
1936
572.35
Average miles operated.
yl935
Note—The above balance sheet includes the assets and liabilities of Con¬
solidated Pneumatic Tool Co., Ltd., and certain of its subsidiary compa¬
nies and branches as of Nov. 30, and of its remaining subsidiary companies
and branches
1934
1933
646.84
644.59
218,689
32,168,177
1.794 cts.
4,214,953
216,628
34,282,355
Operations—
226,556
Rev.
freight
ried
1
(tons)
4,141,959
949,936,937 755,424,208 652,275,842 609,896,469
0.913 cts.
538
A v. per ton per mile
Av. train load (tons)
Earns, per
4,521,756
1.871 cts.
car¬
mile.
Earn, per pass,
Earns, per frt.
28,113,211
1.874 cts.
5,815,523
Aver, per pass, per mile.
Rev. frt. (tons) carried-
197,349
31,726,729
1.887 cts.
Passengers carried
Pass, carried 1 mile
train mile
traip mile
mile of road-
-
as
of various
dates from
Sept. 30 to Oct. 31, inclusive.—
V. 144, p. 1951.
646.84
0.893 cts.
523
0.912 cts.
489
$1.24
$4.91
$18,178
$1.12
$1.15
$4.46
$11,523
$4.67
$12,762
0.983 cts
509
$1.16
$4.77
$11,175
Chile Copper Co.—Dividend
Doubled—
have declared a dividend of 50 cents per share on the
stock, par $25, payable May 27 to holders of record May 4. This
compares with dividends of 25 cents paid in each quarter since and including
Nov. 29, 1935, prior to which no dividends were disbursed since Sept. 30,
1931 when a quarterly payment of 37 )i cents per share was made.—V. 144,
The
directors
common
p.
2472.
Cincinnati Gas & Electric Co.—New
Directors
on
April 9 elected
H. Edwin Olson,
succeeding F. B. Flahive.—V. 144, p. 2645.
Official—
as
Assistant Treasurer,
Financial
2822
Chicago Union Station Co.—Balance Sheet Dec. 31—
1936
f
1935
*
$
Assets—
Invest, in road
~
equipment
83,839,224
Other in vestments
83.806,906
351,800
475,068
Cash...
i
568,134
Special deposits.— 2,078,608
1,502,416
2,164,625
Traffic A car serv,
balances recelv.
Net bal
29
44
1,084,830
Mat'ls A supplies.
Rents recelvahle..
29.318
150
150
55,773
Working fund adv.
In8ur.,&c fundR..
2,000
Rents A Insurance
advance...
Dlsct.
3,040
funded
on
Mlse. accis
360.712
debt
OtberunadJ. debits 1,302,557
1.363,541
1,009,658
728
1,548
15,872
securities & accounts-
earnings-
19,799
$5,024,746
180.307
3,226,450
3,259,638
Int. on funded debt
1,494,125
1,415,000
71,725
605,000
60,500
Tax accruals
accrd
99.666
50.166
1.560
Funded debt mat'd
unpaid
Other ourr. llabll..
Tax liability
Other unadj
1,644*307
2,462,008
cred.
189,931
Inc.
632,713
40.514
84,189
49,937
26,423
50.163
Miscellaneous
31,972
49.980
39,036
$4,544,896
479,850
$4,198 256
$4,575,139
$4,398,760
433.428
191.671
427,764
9.60%
8.$7%
3.83%
expenses-
re¬
Total.
225,000
90,275,260 91.375.728
Pacific Ry.—Issue
April 21 the award of an issue of $6,800,000 1- to 15-year
2^% equipment trust certificates on a bid of 96.678.
Tho
issue has been placed privately.
Other bidders included First Boston Corp., with a price of 96.0378;
Brown Harriman & Co., Inc., offering 94.795, and Halsey, Stuart & Co.,
bid of 94.582.
Evans, Stillman & Co., Clark Dodge & Co..,
Harris Hall & Co. and Dominick & Dominick Jointly bid 94.178.—V. 144,
2122.
1936
337
385.108
1935
337
318.442
Pass, carried 1 mile
66.534.575
46,625.637
1934
337
329.039
*
46,354.918
Rev. pass, per mile
1.80 cts.
1.78 cts.
1.74 cts.
Tons of rev. freight carr.
6.363.614
5.089.513
4,703.131
Tonsfrt. carried I mile-1422821,611 1138137.407 1047115.632
Rev. per ton per mile—
1.02 cts.
1.05 cts.
fc.1.02 cts.
Av. train load (rev.) tons
Earns, per pss. train m_
Gross earns, per mile—
1933
337
249.838
40,877.869
1.73 cts.
4.383.191
974,302.149
fe.1.05 cts.
574
544
532
537
$1.64
$1.36
$40,256
$1.35
$36,461
$1.19
$34,499
$49,631
Income Account for Calendar Years
1936
1935
1934
1933
$14,548,728 $11,914,418 $10,716,653 $10,243,492
1,195.515
828.692
807.370
705.748
786.394
690.029
643.749
570.600
174,046
116,131
104;229
102.888
Operating Revenues—
Freight
Passenger
Mall, express, &c
Incidental, &c
Total oper.
revenue-.$16,704,683 $13,549,270 $12,272,002 $11,622,730
Operation of Expenses—
Maint. of equipment
Traffic expenses
2,037.713
3,172,219
316,756
Transportation
3,945.273
Maintenance of way, &c.
Miscellaneous operations
General expenses
99.153
487.428
Cr467
1.968.303
2,474.256
301,795
3,456.305
57,091
454,828
1,598,479
2,256,821
1,184,450
2,133.539
289.950
279.437
3,209.658
2.965.887
48.813
438,104
53,661
428.360
C/723
Cr 82
Cr85
$7,836,848
4,435.154
731,995
$7,050,143
4,572,587
786
67,812
311,491
18.711.856
4,837,414
913.347
1.617
178,386
160,754
289,827
155.238
2,474
192,567
125,575
$4,936,368
$3,583,309
$3,257,307
$3,354,223
Transports for invest-_ ~
1.330,937
Taxes
Uncollectible revenues__
Hire of equipment
Joint facility rents
Operating income
897.747
Cash in sink. fund.
2,898,919
775,978
Traffic
Deposits in lieu of
114,234
mtgd. prop, sold
Misc. phys. prop— 1,915.323
Inv. in affll. cos—
9,468
Other
Audited
278*,925
1,587,696
—
Income from lease of road
Mi see II
Misc. non-oper. physcial
property
Dividend income
Inc. from funded secur.
Income from
unfunded
1.419
13,918
1,419
18,003
745
814
808
35,684
88,656
35,684
65,692
35,684
70,569
1,284
30,526
172,525
274
4,644
5,196
Unmat. int. accr'd
ceivable
Traffic
A
Net bal.
rec.
37,417
232
21,666 Other defd Iiabils.
22,941
31,104
39,568
liability
1,422,640
Accrued deprec.—
1,425,146
equipment
Oth. unadj. credits
463,387
1,174,732
878
fi44
385,429
489,420
Mat'ls A supplies.
Int. A divs. recelv.
367,543
313,282
182
200
Rents receivable-
3,333
13.590
192,868
74.693
3,797
2,217
_.
through
on
come
90,917,968 90.472,871'
Total
Int.
on
Western
RR.,
was
President of this company at the annual
eiected
meeting held April 18, to succeed C. D. Brooke.
O.
Vice-President and R. P. Jones, Assistant
Treasurer, was elected Assistant Secretary.
They succeed J. B. Munson
and B. Q. Dasner, respectively.
W. E. Smith was elected a director to
succeed T. E. Brooks.—V. 144, p. 2294.
;
W. Galloway was elected
City Auto Stamping Co.—Earnings—
1937
charges
Earnings per share on 375,000 shares
common stock (no par)
1935
$116,646
$108,425
$0.12
taxes and other
1936
x$44,242
3 Months Ended March 31—
Net profit after depreciation. Federal
x
After provision for surtax on
$0 31
$0.29
(& Subs.)—Earnings—
Operating
expenses
Rentals, interest & sundry receipts.
DrZ7,672
82,655
504,057
$8,577,480
3,027,852
18,685
$8,069,367
2,754,944
2,229,888
$8,274,783
3,136,043
8.179
182,100
2,125,593
14.926
Depl. & deprec.
11,450
124
4,299
212
55,066
12,042
237
Previous surplus
1
$1,863,173
122.670
(8)717,600
on
$2,958,955
9,531.437
*
int. coupons
$2,822,868
9,181,269
$2,850,701
9,607,372
a342,100
Provision for Federal & State inc. tax
as approp.
by cos—
Net income for year.—
-
-
Total surplus
7,375,000
Cr27.300
2,500,000
Dr276,805
3,000,000
$5,115,392
$9,531,437
$9,181,269
credit
$867,252
of profit and loss
of common out¬
$523,909
$1,022,903
89.700
$16.84
standing (par $100)-Earns. per sh. on com__
Surplus, Nov. 30
89,700
$19.40
Shares
a
89,700
$20.67
89*700
$35.77
Federal tax only, surtax not assessable.
Balance Sheet Nov.
1936
General Balance Sheet
1936
31
Assets—
1935
$
$
Dec.
1936
Liabilities—
Common stock...
Preferred stock—
2,438,263
2,403,840
inequip.18,911,808 19,170,864
Improve, on leased
railway prop
24,626.370 24,461,933
Misc. phys. prop.,
206,080
202,260
Equipment
Inv. in affll. cos.—
Traffic A
Stocks
-
Advances
Other investments
Cash..
due
agents & conduc.
Misc. accts. recelv.
Materials A supp.
Int. A divs recelv.
Other
792,350
594,372
curr
assets.
Deferred assets
Unadjusted
debits
66,824
765,643
65,215
1,016,385
payable.
302,751
116,662
Int. mat'd unpaid
Divs. mat'd unp'd
33
33
155,472
33,454
10,223
113,529
663,558
19,330
134,188
536,423
1,446,429
90,491
680.769
94,565
equipment.. 5,272,218
Other unadj. cred.
521,515
668.240
24,959
11,331
50,180
415,082
8,527
600,655
658,239
30.782
8.554
23,326
395,126
1,762
2,360
1,044,826
532,201
1,454,387
888,441
4,961,347
485,717
car serv.
Miscellaneous
counts
Unmat. int. accr'd
Other curr. llablls.
Defferred liabilities
Taxes
_.—
Operating
Accr'd
reserves
cos.
current
accounts
ac¬
Unmat. rents accr.
405
Special cash deps.
Affll.
Other
-
10,223
99,281
14,651
15,077
on
10,604
Mat'ls A supplies.
596,276
Prepd. Ins., int. A
other expenses—
19,770
(non-
current)
count A expense
Oth. deferred chgs.
gold bonds
7,870,700
7,870.700
5,900,000
6,393,445
G.
Interest accrued
5,300
2,111,038
411,981
Customers'
—_
A
Reserves
Surplus
136,092
350,198
y471,171
346,302
193,035
19,031
line
extension deps--
29,747,912 29,390,251
11,096,063
901,012
345,914
2,533,247 Prov. for Federal A
State Inc. taxes.
234,679
Accts. payable (not
current)
991,000
1,000,000
on
funded debt
Income
and surplus
Gas
Pipeline Co. 1st
M. pipeline 6%
Co
991,000
3,568 Notes pay. (banks) 1,000,000
421,130 Accts. payable A •
accrued exp
1,014,049
35,615 Accts. payable (af¬
filiated cos.)...
221,345
Add'ns to property
through
pipeline
Serv.
438,355 Indebt. Cities Serv
Unamort. bond dis¬
depreelat'n
M.
—
receivable
rec.
1st
BM% Sold bds..32,541,100 33,475,800
Cities
A Fuel Co. (Del)
Oth. notes A accts.
Notes
1935
$
$
Common stock..30,000,000 25,000,000
Cities Serv.Gas Co.
Indebt.Emplre
customers'
accts. A unbilled
revenue
103,750
1936
Liabilities—
x
Cash
Unmat. divs.'decl.
642,392
$
A gas trans, sys.
1,100
30
1935
(incl. lntang.). .90,280,413 92,010,585
Misc. investments
1,614
1,622
540,000
balances payable
from
8,970,000
2,453.400
668
Audited accounts.
148,686
$
8,970,000
2,453,400
360,000
243,507
car serv.
balances recelv.
Balance
obligations
Goveramt. grants.
$
Natural gas props.
trust
1,650,355
2,972.844
116,214
7,106,697
36,987
116,214
9,382,208
Special deposits—
Traffic &
1,650,355
243,507
1,360,130
1935
$
Investm't in road.
Investm't
Bonds
256*146
2,207,581
$12,490,392 $12,004,137 $12,458,074
Sundry cred. & chgs. (net) relating to
prior years
Dividends paid
-
Assets—
35,608
13,494
Total operating revenue
Interest charges.
42,237
$1,633,279
122,670
•
$7,529,702
Excess of par over book value of Cities
Service Gas Co. and Cities Service
Gas Pipeline Co. bonds purchased
14,910
(11)986,700
to
$8,138,062
40,571
$8,566,863
48,289
_
(disposed
during year).
29,409
122.670
carried
1934
$14,195,518 $12,673,921 $12,074,448
5,628,655
4,535,858
4,544,746
-
Profit from former subs. co.
1,645,948
$1,976,622
Bal.
1935
1936
Gross operating revenue
$3,591,392
(11)986,700
(5%)---
Gas Co.
Cities Service
1,689,949
14,926
$3,331,340
122,670
Net income
undistributed profits.—V. 143, p. 3836.
Years Ended Nov. 30—
$3,384,902
Common dividends.(35^)3,184,350
Preferred divs.
.90.917.968 90,472,871
Total.
Cincinnati Union Terminal Co.—New President—
E. Crawford, Vice-President in charge of operations of tne Norfolk
1,673,499
unfunded debt._
54.582
4.156
1,386.701
J.
&
$3,706,016
Miscell. income charges-
54,582
8,082
551,451
A surplus.
—V. 143, p. 2202.
1,700,561
14,311
20,250
13,970
101
equip, obligat'ns
re¬
1,065,366 Sink, fund reserves
2,219,489 Profit A loss—bal.
378,926
1,141,613
1,236,943
debt
tired through In¬
funded
debt
Oth. unadj. debits 2,510,498
375.846
Income
and surplus
Funded
paid in advance.
1,523.532
Additions to prop,
Rents A Ins. prems.
Disc't
curr.
Tax
from
Deferred assets.
511*874
3,333
3.333
llablls-
Other
ser¬
vice bal. recelv.
322,773
Unmat. rents accr.
1,024
car
Federal & State taxes
on
28.212
1,016,421
Int.matur'd.unpd. 1,020,302
Divs. mat'd, unpd.
739,000
Loans and bills re¬
$5,080,533
Int.
3,201
180,287
13,411
Deductions—
Miscellaneous
5,215
172,650
75,604
A
payable.-
Misc. accts. pay—
152,506
1.718,823
for retirement through sinking funds
Rent for leased roads.--
ser¬
-
of
securities & accounts.
Gross income
528
15,344
1,363
17,443
rent income
car
accts.
wages
10
Investments
Cash In treasury—
Special deposits.
A
vice bal. payable
73.115
1,915,323
10,480
Net operating revenue
Non-Operating Income—
$
Cap. stock—com. 5,000,000
5,000,000
Funded debt
72,759,000 72,663,000
Non-negot. debt to
affiliated cos—
5.335,486
5,580,589
9,499
30,091
8,750
3,373 Loans A bills pay.
Equipment
2,707,281
Impts. on leased
ry. property
9,499
-
Total oper. expenses—$10,058,075
Net revenue from oper.6,646,608
$
Liabilities—
§
$
1935
Investm'ts: Road.79,652,145 79,490,357
agents A cond'rs
Misc. accts. recelv.
Traffic Statistics for Calendar Years
1936
1935
1936
a
Operations—
Miles operated
No. of pass, carried
8.55%
Comparative General Balance Sheet Dec. 31
on
p.
198.454
Amortization of discount
on funded debt------
Total
Placed Privately—A syndicate composed of Salomon Brothers
& Hutzler, Dick & Merle-Smith and Stroud & Co. obtained
Inc., with
130.977
5.974
1,183
731,619
3,241,532
7,810
6,783
"
Net income
Earned per sh. on com--
130.000
& Texas
48.458
5,857
1,660
673,684
998,843
Equipment rents
i4.5
New Orleans
$4,826,525
74,218
A
300.000
fund
$4,766,810
459,521
3,303.823
167,695
48,718
7,390
5,742
debt retire,
through
-
Rent for leased road
Joint facility rents——
-V. 144. p. 928.
Cincinnati
21,545
$4,631,686
Operating expenses——
1,160,388
62,189
unfunded
from
Income
Total
148,968
169.720
serves
...90,275.260 91,375.728
2,117
20,809
2,354.174
36,297
36,381
and
surplus
Total
2.555
2,753.106
48,616
43,122
Equipment rents
Int. mat'd unpaid.
Sinking
$105,902
2.122.670
2,464.020
48.818
Joint facil. rent incomeMiscell. rent income
28,266
Fund,
1933
$95,253
2,133.598
2.428.376
45.227
40,256
$103,743
2,083,670
pay..
Unmatd. Int
premiums p d In
1934
$123,446
2,035,929
Operating revenues—
Defd. liabilities...
3,871
1.014,309
29,914
3,871
1935
12,646,995 15,173,442
payable..
waves
1936
Inc. from lease of road—
Miscellaneous
cos.,
Audited accts.
199
237
Mlec accts. recelv.
t
affiliated
advances
receivable
from agents and
conductors
:
>
$
S
2.800,000
2,800.000
lstmtge bonds...60,000,000 60.000.000
Guar 6% gold bds
7,000,000
Guar 4% bonds.. 1,800,000
2.100,000
Guar 3&% bonds 7,000,000
Non negot. debt to
Liabilities—
Capital stock
ano
Earnings—
Chicago & Western Indiana RR.Calendar Years—
1935
1936
-
April 24, 1937
Chronicle
5,022
15.488
10,308,524 11,071,299
5,115,392
9,531,437
Profit A loss, bal—10,694,376
Total
Total
-.61,688,560 60.585,086
-V. 144, p. 2122.
Total
—.61,688,660 60,585.086
90,037,254 97,101,806
Total---
—
96,037,254 97,101.806
Represented by 250,000 no par shares in 1935 and 300,000 shares in
1936. y Federal income tax only.—V. 142, p. 2493.
x
Volume
Financial
144
Clark Controller Co.—Admitted to Listing
and Registration
The New York Curb
to
Exchange has admitted the common stock. $1 par,
listing and registration.—V. 144, p. 1778.
Clear Springs
Water Service Co.—Earnings—
Calendar Years
1936
$97,481
34.200
Cr362
Cr569
1,260
7,275
852
1,770
7,955
1,234
Gen. expenses charged to construction
Prov. for uncollectible accounts
Maintenance
shares sold to and
paid for by Chrysler Corp.
c Earnings per share on
1,841,567 shares common stock In 1937 and 1,166,932 shares in 1936.
Note—No provision made for surtax on undistributed profits.
Gross volume of all receivables purchased during the first quarter ended
March 31, 1937 was $236,727,678.06 compared with $164,562,680.19 for
the first quarter of 1936, or an increase of 43.8%.—V. 144. p. 1778.
1934
$94,013
31,696
Cr495
revenues
1935
$97,529
33,645
Operating
Operation
1,800
7,007
1,429
-
General taxes.
"
Net earnings.
$54,142
$53,290
14
3
37
Commercial Discount Co. (Los
mon stock, both payable
May 1 to holders of record April 24.
An extra
dividend of $1 per share was paid on Dec. 26 last.—V. 144, p. 1953.
Community Power & Light Co. (& Subs.)—Earnings—
Month Ended
Period
$54,156
34,800
$53,294
34,800
$52,928
34,800
110
319
179
319
600
800
791
319
800
5,000
5,000
2,000
$13,328
6,600
$12,196
6,600
Miscellaneous interest
Amortization of debt disc. & expenseProvision for Federal income tax
Prov. for retirements & replacements.
Net income
Preferred dividends
$14,218
13,200
.
Note—No provision has been made in 1936 for Federal surtax on undis¬
tributed profits as it is believed that all taxable income has been distributed
during the year.—V. 143, p. 915.
Cleveland
Cincinnati
&
Chicago
St.
Louis
Ry.—
a
revenues
These amounts
include
pany's investment in the
Note—No
dividend
a
common
Connecticut River Power
outstanding refunding and improvement mortgage bonds,
series D, 5% due July 1, 1963 have been called for redemption on July 1,
of
Payment of both above issues will be made at the company's office, 466
Lexington Ave., New York City.—V. 143, p. 2832.
Cleveland-Cliffs Iron Co.—Earnings—
1936
1937
3 Months Ended March 31—
Net profit after chgs. & taxes, lncl.
Fed. inc. taxes.
x$108,499
loss$72,180
x Before deducting surtax on undistributed profits.
Note—Net profit figure for 1937 includes a small undisclosed profit from
securities transactions, while the loss for 1936 is revised to allow credit for
Cleveland Electric Illuminating Co.
Calendar Years—
1936
Gross earnings
1935
300,000
500,657
Net operating income
Miscellaneous non-operating income..
1934
1933
$11,056,567 $10,282,816 $10,195,958
5,011,487
5,283,796
$6,919,555
6,377,554
Net income
pref. & com. stk
$6,283,558
5.909,357
$5,271,329
6,022,609
$4,912,162
5,004,054
def $751,280
def$91,S92
Balance
$542,001
$374,201
Includes non-operating revenues of $109,802 in 1936: $105,502 in 1935
$266,232 in
1934.
y
Includes $301
provision for
Federal
surtax
Total
Balance of earned surplus at Feb. 28, 1937
$
$
Assets—
Liabilities—
plant &
1st mtge. bonds, ser.
equip., inch
intangioles, at cost
Construction work orders in
1961
5,236
Securities owned
from an affil. co..
146,177
291,604
Accts. receivable, other cust.
56,047
Accts. receivable, other
Materials & supplies, at cost.
21,750
Prepd. insur., taxes & rentals
14,174
11,502
rec.
for
red.
of
1st
mtge.
(no par)
Common
secur.
deposit with
167,467
45,010
trustees
166,153
298,986
286,870
1,795,953
Accts. payable.
Pay roll accrued
450.000
Taxes accrued..
U. S. Govt.
1,000,000
2,016,250
Interest accrued
Pref. divs. decl.
286,869
3,391,095
3.438.102
sec.
receivable
Called
notes receiv..
Deposit for
15.234
of
tured
for
in
closed
contra)
Consumers' dep.
3,365,113
Deferred charges
661,584
53,164
68,083
24,728,473
294,950
11,880,545
21,994,091
149.770.468
146,008,591
pre'atlon & re-
275,932
tirem. of prop¬
erty and plant
reserves..
Earned surplus.
Total
526,900
48,290
649,507
Reserves for de-
522,813
Other
149,770,468 146,008,591
Total
300,867
11,434,556
a After reserve for doubtful accounts and notes of $330,328 in 1936 and
$330,332 in 1935.—V. 143, p. 3836.
Colonial Utilities
Corp,—Reorganization—
Colonial
Utilities, Inc. and Colonial Utilities Corp. (30-85 and 30-86
respectively) have filed notifications of registration under the Holding
Company Act.
A plan of reorganization for both companies is being
prepared under Section 77B of the Bankruptcy Act, which may result in
the formation of a new company which will succeed to the business of the
two registrants.—V. 141, p. 3687.
Colorado Fuel & Iron
,
Corp. (& Subs.)—Earnings—
Period Ended March 31, 1937—
3 Months
9 Months
$7,570,049 $18,285,966
5,433,743
13,377,836
Net sales
Cost of sales, bad accounts, &c
751,261
Depreciation, depletion, &C-Ordinary taxes...
Expenses
...
....
30,390
31,719
taxes
on
9,610
bonds—_
on
(incl.
Federal taxes
$44,540,508
$38,836
126,482
income)..
2,161
3,407.926
1,200,000
...
Total
15,086,000
419,408
$44,540,508
144. p. 2474.
The New York Curb Exchange has approved for listing 69,000 additional
shares of common stock, $1 par, upon official notice of issuance.—V.
144,
2294.
Ltd., above.—V. 144,
(see
accrued liabil.
518,610
255,562
than parent company
Other accounts payable
Consolidated Coppermines Corp.—Opposition to Ameri¬
Metal Co.*s Option Proposal—See American Metal Co.,
Other current &
under
Accts. pay. to affil. cos., other
can
premium
thereon
100,000
Consolidated Aircraft Corp.—Listing Approved—
on
526,900
restruction...
-V.
fe
p.
1935,
48,290
3,259,661
banks
or
1.
750,000
re-
Inventories
Bals.
and
27,500
setts Lighting Co
re-
750,975
(contra)
Total
1923,ser. 1923,
Dec.
ma¬
tirem'tof pref.
stock
for
tirement
interest
Deposit
45,961
pay¬
ment
40,000,000
485,149
244,724
2,749,109
885,555
Pref .stock ,auth.
Other accts. and
3,799,333
$2,500
6% cum. pref. stk, (par $100)
Common stock (par $25)
Surplus earned
25,499,580
3,000,000
Accts. & notes
payable
expenses
40,871,520
2,356,204
hand «fc
In banks
acct.,
Reserves & deferred credits..
25,499,500
debt...
pay.
annually (not secured)
Note payable to Massachu¬
2,000,900
$
Time deposits-.
Funded
acct.
Acer, insur., rentals & other
40,871,520
40,000,000
653,551
500,954
3,417,904
879,240
Investments
Def.
Acer,
5%
stock
(no par)
&
Accrued interest
Deferred engineering charges
Unamort. disc., exps. & prem.
on
notes
to parent company
31,418
Acct.
—$20,300,000
Demand
28,927
Serial pref. stock
Cash and
A., sink¬
ing fund, 3Ji % due Feb. 15,
$41,932,774
1935
$
Liabilities—
$419,408
...
Balance Sheet Feb. 28, 1937
Assets—-
gold bonds
1936
Property Aplantl 34,962,358 132,356,426
$1,849,148
72.000
1,357.740
Common dividends
Consolidated Balance Sheet Dec. 31
1935
23,648
$1,472,886
376,262
6% cumulative preferred dividends
undistributed profits.
1936
135,215
Net income
Balance of earned surplus at March 1, 1936-.
Cash in banks
4,773,009
$2,574,112
836,250
106,112
....
Amort, of bond discount & expense...
Interest on indebtedness to parent company
Other interest charges
Prop.,
5,146,042
depreciation reserve..
on
$2,561,682
12,430
...
Total income...
Interest on funded debt.
progress
Net oper. revenue
$12,065,598
Int. & amort, of dis. and
a
s
$3,993,609
414,926
216 344
(& Subs.)—Earns,
x$27,193,695x$24,701,794x$23,508,977 $22,009,425
yl5.128.097
13,645,227
13,226,161
11,813,467
Operating expenses
on
,
Maintenance
profit of $108,479 on security transactions, credited to surplus.—V. 144,
p. 1778.
Diva,
com¬
.
the
next at 105 and accrued interest.
Cash
Co.—Earnings—
of the
All
on
the
on
Taxes...
next at 103 and accrued interest.
and
received
Earnings for the 12 Months Ended Feb. 28, 1937
Gross operating revenue
Operating expenses..
outstanding refunding and improvement mortgage, bonds,
series O 6%. due Jan. 1, 1941, have been called for redemption on July 1,
x
of $73,117
stock of General Public Utilities, Inc.
provision has been made for the Federal surtax on undis¬
tributed net income for the year 1937 since any
liability for such tax cannot
be determined until the end of the
year.—V. 144, p. 2647.
Depreciation
Bonds Called—
All
12 Mos. Ended—
Feb. 28,
'37 Feb. 29, '36
Feb. 28,'37 Feb. 29, '36
$319,909
$306,184
$4,076,740
$3,784,970
Gross income after depr.
89,718
73,201 al,339,777
1,059,876
Net income after pref. divs. of sub. companies-..
a379,030
84,462
Operating
Gross corporate income
Interest on funded debt
Angeles)—Extra Div.—
The directors have declared an extra dividend of 10 cents per share in
addition to the regular quarterly dividend of 50 cents per share on the com¬
$52,890
Other Income..
2823
Chronicle
.....
247,267
333,356
p.
2647.
Consolidated Edison Co. of N. Y., Inc.—Seeks to Pur¬
chase New York Steam Corp. Stock—
Purchases of common stock of the New York Steam Corp. in the open
market by the Consolidated Edison Co. in the last few weeks were indicated
this week by D. O. Johnson, President of the former concern.
He also
said that minority holders vof common shares of his company had been
approached by Consolidated Edison in an effort to acquire their stock. It
was said several of them had agreed to sell their stock at $33 a share.
^ Negotiations for the acquisition of New York Steam common have been
under way some time, and recently the Consolidated Edison offered one
share of its common stock for two shares of the other.
The minority interests
did not accept the, offer, and New York Steam common ran above $30 a
share soon after the proposed exchange.
Officials of Consolidated Edison indicated on April 22 that they had
abandoned the offer of an exchange and would continue to deal with the
minority-interests in order to ^obtain more than 95% of the outstanding
stock.
With this accomplished. Consolidated Edison would further simplify
its corporate structure by merging New York Steam, this to be followed by
a refunding program of the outstanding bonds of the latter company, which
now total $27,196,000 of 5% and 6% first-mortgage securities.
There are
39,881 shares^of $7 preferred and 58,070 shares or $6 preferred stock also
outstanding.
There are 360,000Ucommon shares of New York Steam outstanding, of
which, following recent market purchases and dealings with minority
interests, Consolidated Edison
now owns approximately
90% (N. Y.
"Times," April 23).
1,764,527
574,686
937,175
Appeals Court Upholds Dismissal of Suit—
The U. S. Circuit Court of Appeals has sustained Federal Judge Francis
Caffey's order dismissing a suit brought by Norman C. Norman to
ithe company from complying with the provisions of the Social
Security Act.—V. 144, p. 2474
G.
Profit
$804,422
36,393
Interest C. F. &. I. Corp. bonds.........
Federal income taxes
.....
Net income
Earnings
per
share
on
552,650
shs.
cap.
$840,815
56,037
138,165
114,330
$1,748,261
168,111
414,495
186,451
$979,204
$0.96
Total income
Interest C. F. & I. Co. bonds
$1,631,742
116,519
$532,283
Other income
$1.77
(no par)
basis.—V. 144, p. 2294.
Commercial Credit Co. (&
3 Mos. End. Mar. 31—
Consol. net inc. after all
1937
1936
1936
[Incl. former subsidiaries for month of November, 1935]
Operating revenues
$2,134,587
Less amount of rate reduction (order appealed to Fed. Court—
46,958
Balance.
$2,087,629
_.
813,846
Operation
68.138
Maintenance
Taxes.....-—————-————————-——
Other income
1935
Corp.—Earnings—
Income Account Year Ended Oct. 31,
Net earnings from
Subs.)—Earnings—
......$1,084,319
operations
——
.....—.—.—
Total
depletion
Lossloniexpired leases and retirement of capital assets
Provision for depreciation and
$3,313,295
$2,181,919
121,326
........
3,052
1934
charges & res. for Fed.
taxes
Consolidated Gas Utilities
stock
Note—No provision was made for Federal surtax on undistributed profits,
except in the amount of $928 for subsidiary companies filing on a calendar
year
restrain
$1,455,142
$1,085,986
b$1.10
a$0.75
$1,087,371
—....
582,958
....
13.020
Earnings per sh. applic.
to common stock.....
c$1.72
c$1.64
a On actual shares outstanding, but including 15,000 shares in treasury,
b On all shares outstanding with the public at the end of the period, but
notAincl.
15,000 shares in treasury and under option, but incl.
50,000
**
Balance..
Interest
>
deductions
Net deficit
........—............................
—
...
$491,393
542,064
.......————$50,671
2824
Financial
Balance Sheet Oct. 31,
}:
Assets—.
*
..
Impounded funds
148,678
Cash held by trustee
Cash deposited In escrow
Deferred charges
58,376
accrued
87,422
—
accrued
212,581
11,250
Payroll accrued
Common stock ($1 par)
851,776
3,277,397
Paid-in surplus
Deficit
Total
178
67,289
Total-
...$13,521,903
142,
Consolidated
Launderies
Sheet—
Corp.
(&
Subs.)—Balance
•
1
Assets—
Mar.27,'37 Mar.21'36
$393,257
$579,493
Cash
Liabilities—
Accounts payable.
Notes and accts.
a
receivable
194,312
1,287,314
Inventories
Notes payable
Accruals----
188,868
1st
1,155,637
Mortgages & longterm
notes
bonds due in
and
accts. receivable
209,551
of
one
74,000
75,000
232,070
Conv. 6H% 10-yr.
Labor
notes current
199,000
84,573
56,377
Treasury stock
(cost)
Land, buildings,
Pref. stk. dlv. pay.
Fed. Income tax-
77,762
77,762
Salesmen's & other
machinery & de¬
livery equipment 4,418,998
Deferred charges.138,240
4,585,246
146,387
b
c
Purchase
46,155
803,500
1,107,000
150,000
224,000
mtges. payable.
Res. for workmen's
300,000
1
1
Goodwill—
51,665
436,500
$21,583,213 $15,056,176
17,605,459
13,119,211
1,961,094
1,197,098
Cost of goods sold
Profit from operation
Other income
$2,016,660
258,319
12,000
3,964
36,044
Ins., &c—
87,200
63,531
A
Amortization of patent rights---.
Interest paid
Prov. for undetermined liabilities
Pur chase
co.
Preferred stock
348,600
2,000,000
1,154,401
1,180,845
-
Capital surplus
Earned surplus—.
Net profit........
Previousnet worth..
..—ii,. ...........
i-urplus adjustments—net....-....—.-.--....--
469,100
3,154,401
TotalDividends paid..
976",086
Total
$7,104,007 $7,340,246
reserve for doubtful accounts of
$46,439 in 1937 and $79,190 in
b 7,832 shares of common stock,
c After reserve for
depreciation
of $4,860,697 in 1937 and $4,725,955 in 1936.
d Represented
par
by 400,000
shares.
V■
■
,
The earnings for the three months
V.
ended
March
27
-L-~:
published in
was
144, p. 2647.
Consolidated
i
Oil
while the consolidated gross revenues of the
applicant exceeded
in 1935, the aggregate revenue of its
utility subsidiaries
was
100.000.—V. 144, p. 2647.
$187,700,000
common
Cash
Co.—Refunds Old Issue—
The bond issue of 1926 ($1,700,000) was called for
redemption on Nov, 1,
1936.
A new issue dated Nov. 1, 1936 for
$2,000,000 1st mtge. 4^%
bonds, was put out in two series, series A due Nov. 1, 1961, and series
due serially Nov. 1, 1938 to Nov. 1, 1960.—Y.
143, p. 426.
Consumers Co.—New Securities
Ready-—
participation shares
on
the Chicago Stock
new
pref., class A
Exchange.—V. 143,
p.2518.
13 Weeks Ended—
Net earnings
Other income
Subs.)—Earnings—
$1,094,642
3,448
$1,063,406
$1,098,090
Depreciation
$1,067,447
454,604
3,328
89,200
547,740
Interest
1,255
84,220
Estimated Federal income tax
Minority interest—
—
Net income
-
$464,875
4,041
J.c
Mar.30,*35
$729,059
79,173
Continental Can Co.,
$808,232
437,912
24,589
42,560
';
164
$520,315
Inc.—Earnings—
12 Mos. End. Mar. 31—
1937
Net income
$13,594,092
Deprec. & Federal taxes. x4,513,776
Includes surtax
1936
2,665,191
Corn Products Refining Co. (&
Total income
Fed. & State taxes
Interest & depreciation.
Net income
Deficit
*
000
shs.
on
com.
$7,942,941
1,754.124
$4.53
Subs.)—Earnings—
1935
1934
$2,649,409
600,581
$1,562,053
1,067,400
$1,635,507
1,184,829
$3,225,149
599,649
$3,249,990
$2,629,453
$2,820,336
x420,000
x4_5b",666
X495.666
521,925
$2,205,500
430,041
1,897.500
$2,799,990
430,041
$2,134,453
428,292
1,897,500
1,897,500
$2,298,411
426,543
1,896,301
$122,041 sur$472,449
$191,338
a
After
72,754
108,595
Accrued royalties
Accrued taxes
ma-
103,106
Sundry accruals.—
Accrd.
commissions
52,912
&
selling
expense.
3,343
947,035
3,000,000
3,188,913
ReservesCommon capital
Surplus earned
c
$8,142,0881
reserve
p.
Total.—
-.58,142,088
' b After reserve for de¬
Represented by 545,800 no par shares.—V. 144,
for loss in collection of $93,082.
2123.
Cuba
RR.—Plan
c
Operative—
^
The plan of the company to extend the
maturity of the series
B 6% first lien and
A7K%
refunding mortgage gold bonds to Dec. 1,
1946, subject to redemption in the interim, such bonds
during the extended
period to continue to bear annual interest of
7^% on the series A bonds
and 6% on the series B bonds,
payable semi-annually on June 1 and Dec.
1,
has been approved and confirmed
by an order of the U. S. District Court
for the District of New Jersey, which order made the
plan judicially binding
and series
on
all holders of series A and series B
bonds.
fully
operative.
Cbmpany has declared
the
The order of the court directs all holders of
the above mentioned securi¬
ties who have not heretofore done so to
deposit their bonds with the com¬
pany or its agents for stamping of the statement provided
for in the agree¬
ment of Oct. 19, 1936, and for
affixing of the new coupons.
The order
further provides that although interest shall be
deposited in trust, no further
interest shall be paid to any holder of either the series A
bonds or the series
B bonds unless and until such holder
shall have surrendered such
bonds to
be stamped with the statement and for
affixing the coupons.
It is expected that the coupons will be
ready to be affixed to the bonds
prior to June 1, when the next interest payment falls due.
Accordingly,
bondholders should promptly forward their bonds
accompanied by letter
of transmittal to City Bank Farmers Trust
Co., 22 William St., New York,
as agent for the
company.—V. 144, p. 2649.
Pref. Dividend—
have declared a dividend of $2.50
per share on account
on the 7% preferred
stock, par $100, payable May 15 to
holders of record May 5.
This will be the first dividend phid
by the com¬
pany on the preferred stock since Jan. 2, 1929, when a
regular quarterly
dividend of $1.75 per share was distributed.—V.
144, p. 276.
200,000 shares of $1
$0.67
$0.74
Offered—Offering- of
par common stock was made
by Baker, Simonds & Co. at $5
April 21
per share.
Proceeds, estimated at $830,353 after deduction of
underwriting com¬
missions and other charges, will be used
by the company, which operates
11 general department and apparel stores in
the Detroit area, to
carry
increased inventories necessitated by recent addition
of two stores, general
expansion of its business, and to provide additional cash.
Company earned $212,094 in period between Aug. 1, 1936 and
Jan. 2,
1937 and $144,303 in year ended July 31, 1936.
Upon completion of
financing company will have outstanding 850.000 shares of
common stock.
Deisel-Wemmer-Gilbert
Corp.—Regular Dividend—
The directors have declared a dividend of
25c. per share on the common
stock, par $10, payable May 10 to holders of record
May 3.
S. H. Rootes, Secretary of the
company, stated that this is the
regular
quarterly dividend ordinarily paid on March 25.
The last previous dividend was the 50c.
extra and 25c.
regular paid
Dec. 24 last.
See V. 143, p. 4152, for detail
dividend record.—V. 144,
p. 1276.
on
Derby Oil & Refining Corp. (&
Sub.)—Earnings—
3 Months Ended March 31—
1937
Net profit before
1936
deprec., deple., & non-productive V.
development$255,721
Non-productive develop., deprec. & deple
115,137
Net
profit
—
$138,264
99,837
$140,584
$38,426
Accumulated Dividend—
accumulation
have declared a dividend of $2
per share
the $4 preferred stock, no
on
holders of record June
Arrearages
after
Y. 143, P. 3463.
the
15.
on
account
of
phr value, payable July 1 to
15, last.
A dividend of $4 was
paid on Dec.
current payment will amount to
$47 per
share.—
Diamond Match Co.—Stock and Cash Dividends—
stock
Depreciation only.
$665,430
mdse.
-
$24,433
2,530,-
'(par $25)
x
5,092
preciation of $1,683,358,
1934
1936
-
sh.
in transit
2,535,971
The directors
Pref. divs. (19*%).
Com. divs. (quar.)
per
2,665,191
$3.18
$4.22
$4.01
undistributed profits.—V. 144, p. 1275.
3 Mos. End. Mar. 31—
1937
♦Net earnings
$2,210,160
Other income
1,014,990
Earns,
1935
$15,829,206 $15,603,677 $11,770,762
4,583,808
4,916,617
3,827,821
9,080,316 $11,245,398 $10,687,060
2,853,971
on
Accts. payable
(trade)
Accts. pay.—mat'ls &
959
-
Davidson Bros., Inc.—Common Stock
$303,007
x Before provision for Federal surtax on
undistributed profits.
Refundfc of processing taxes received during the 13 weeks of
1937 are not
reflected in the above earnings.—V. 144,
p. 1779.
x
pis
of accumulations
Mar. 27, '37 Mar. 28, '36
Total income
(p,ar $20)
Earnings per share
em
The directors
Continental Baking Corp. (&
$5,613,585
Cuban American Sugar Co.—Resumes
Co. above.
Net profit--com. stk. outstand.
.$1,735,517
(custs.)— 1,508,992
2,226,530
Securities—Argentine Repub85,756
Sees.—cap. stk. of inact. subs.
2,500
Sundry deferred assets
24,559
Patent rights-.—16,210
Consumers Co. of Illinois—Successor—-
Shs.
rec.
estate &
bldgs.,
chinary & equipment
plan
Halsey, Stuart & Co., Inc. as agent for the exchange of securities under
the substitute plan of reorganization for Consumers
Co. and its subsidiaries,
is notifying holders that the securities of the new
corporation, Consumers,
Co. of Illinois (a Delaware corporation) are now
ready for delivery at their
Chicago office and may be obtained by presenting the old securities accom¬
panied by properly executed letter of transmittal.
Securities affected in¬
clude the 1st mtge. sink, fund bonds, unsecured
notes, 6% prior pref. stock,
7% cum. pref. stock and common stock, all of Consumers Co., 1st
mtge.
serial 6% bonds of Wisconsin Lime & Cement Co. and
1st mtge. serial 6%
See Consumers
——
Accts. & notes
a
stock, $5
with authority to add to the list, upon official notice of
issuance,
65,594 additional shares of common stock, $1 par.—V. 144,
p. 2648.
.
$6,188,913
Liabilities—
Accts. receiv.—of fic. &
Advances to salesmen
par,
bonds of North Shore Material Co.
It is understood that application will be made to list the
$5,750,035
136,450
Consolidated Balance Sheet Dec. 31, 1936
Total
The New York Curb Exchange has approved for
listing 298,432 shares
of common stock, $1 par, upon official notice of
issuance in exchange, share
for share, for presently outstanding and listed shares of
and class B
82,597
less than $2,-
Stores, Inc.—Listing Approved—
Consolidated Water Power
2,806
682 250
Assets—
b Real
Application by the corporation for exemption from provisions of the
Public Utility Holding Company Act of 1935 has been
granted by the
Securities and Exchange Commission on the
ground that the company is
primarily engaged in tne oil business. The Commission pointed out that
79,103
20,521
... ...........
Inventories
Corp.-—Exempted—
Consolidated Retail
$469,675
5.259,631
20,729
123,438
1,871.163
Net worth at Dec. 31
1936.
no
$1,237,056
5,613,585
..................
After
a
218",021
Federal taxes
money
d Common stock.
$7,104,007 $7,340,2461
"lY.ioo
Depreciation
—
comp.
Total
$863,304
310,738
504,097
Total income
Cash discount on sales
Loss on bad accounts
$739,865
$2,274,979
114,676
56,402
-
452,320
lstm.6% ser.gold
notes of sub.
300,000
~4~, 200
55,432
6M%
10gold notes.
year
route ser¬
vice
Year End. 9 Mos. End.
Dec. 31,'36 Dec. 31, '35
.
6,537
deposits
Conv.
(& Subs.)—Earnings—
,
Expenses
payable In 1 year
—cost
Crosley Radio Corp.
274,613
Pur. money mtges.
250.475
Option Exercised—
The company has notified the New York Stock
Exchange that under the
option granted Charles B. Nolto for the purchase of 50,000 common shares
of the company at $10 per share at
any time prior to March 1, 1940, the
option has been exercised on an additional 10,000 of such shares, leaving
35,000 shares available under the option.—V. 144, p. 2294.
Period—
Net sales
year
U. 8. & municipal
bonds dep. with
Dept.
Mar.27,'47 .War .21,'36
$227,649
$127,192
100,000
201,118
162,135
6% ser.gold
m.
capital and to make possible resumption of common dividends as earnings
may permit.
Issuance is proposed of about 190,000 shares of new $100 par
pref. stock with a dividend rate not in excess of 5%, with a conversion feature
to be determined by directors at the time of issuance.
$13,521,903
1286.
p.
new
148,678
...
Stock—
Stockholders of the company will vote on May 3 on a plan to create a
lower-rate issue of convertible preferred stock to permit the retirement
at $110 a share of 145.889 shares of 7%
pref. stock, to increase working
150,436
Reserve for rate reduction
Capital surplus at organlzat'n
10,684
Crane Co.—To Increase
5,908
Consumers' deposits
824,460
8,485
Prepaid Insurance
Accounts payable
Interest
The New York Curb Exchange has approved for listing 214,241 outstand¬
ing shares of common stock, $10 par, with authority to add to the list,
upon official notice of issuance, 2,022 additional shares of common stock,
$10 par.—V. 144, p. 769.
$8,785,189
M iscellaneous accruals
9,926
4,000
Current assets-
Funded debt
Taxes
April 24, 1937
Copperweld Steel Co.—Approved for Listing—
Liabilities—
Property, plant and equip.-.$12,390,633
Investments
6,269
Deposit with trustee of bonds
26,617
Cash In Improvement
fund
93,249
—V.
Chronicle
1936
$0.70
$0.94
♦ Net earnings from operations, after
deducting
repairs and estimated amount of Federal
charges for maintenance and
taxes, &c.—Y. 144, p. 1779.
The directors on April 22 declared a
dividend of 4-50ths of a share'of
Pan-American Match Corp .stock, par $25, on this
company's common stock
in addition to two cash dividends of 25
cents a share each.
A dividend
of l-50th of a share of Pan-American
Match stock was also declared on
Diamond's preferred stock.
Volume
Financial
144
The stock dividend
on
the
is payable in three parts,
common
being
2-50ths and the second and third l-50th each.
June 1 to stock of record May 15.
The stock dividend on the preferred stock of l-50th of a
All
are
Assets—
Cash
payable June 1 to stock of record May 15.
The cash dividends are payable Sept. 1 and Dec. 1 to holders of record
Aug. 14 and Nov. 15, respectively.
The capital stock of Pan-American Match Corp., the company states,
has a par value and a present actual value of $25 a share.
Diamond
Match owns 68,000 shares of Pan-American Match and these are now being
Prepaid
$500,000
collateral
53^s,
20-year
due
2,490,000
25,000
$6 cum. pf. stk.
Common stock--
.
$1,995,706 $2,119,978
Represented by 5,000
no par
970,021
$1,995,706 $2,119,978
Total
shares,
75,000
594,294
Deficit
x
25,000
75,000
Represented by 75,000 no par
y
shares.—V. 144, p. 770.
Inc.—Earning t
Douglas Aircraft Co.,
1936
$7,867,790
6,089,433
507,760
IQI'l
10^4-
1Q33
$7,391,896
5,474,267
329,543
$5,294,691
4,858,875
$2,191,402
1,985.584
202,257
180,152
$1,270,598
Dr64,064
$1,588,086
45,898
$233,559
5,421
$25,666
45,156
$1,206,533
Prov. for Fed. inc. tax-166,879
Other deductions63,312
are
Detroit & Toledo Shore Line RR.-
by
y
$1,633,984
$392,701
22,845
331,103
$70,822
6,917
18,792
$976,342
$1,262,967
350,552
$38,753
$46,112
$976,342
$912,415
560,880
$1.74
467,403
$2.70
Years End. Nov. 30—
as an
Directors of Diamond Match
Loans pay., secur.
Aug. 1, 1947-.$2,490,000
ocai
Aanericas.
The cor¬
operating company.
of the opinion that there is a useful field
in which Pan-American can operate and that, unless unduly handicapped
by taxation, general manufacturing and business conditions and specifically
by the unsatisfactory conditions at present existing in the match and allied
indsutry, it has an opportunity to show reasonable earnings and pay satis¬
factory dividends when conditions again become normal.
*
■
.
A detailed record of previous dividend payments is given in V. 144, p. 770.
—V. 144, p. 1597.
also function
may
354
interest
1936
1937
Liabilities—
1936
$36,673
2,082,951
x
its field of possible operations is not restricted to the
poration
1937
$236,683
1,759,023
deposit-..
on
Investments
distributed to stockholders.
President W. A. Fairburn stated that Pan-American Match Corp. (of
Delaware) was organized with powers appropriate to the investment of its
capital in companies engaged not only in the match business but in associated
and somewhat kindred industries in various American countries, although
Sheet April 3
Balance
the first
payable
share is likewise
2825
Chronicle
Net sales
-
Cost of sales
Gen. and adminis. exps.
Operating profit
Other income (net)
License rights sold, less
development costs
.
Gross income
-Earnings-
1936
1935
1934
1933
Operating revenues
Operating expenses
$3,967,609
1,755,642
$3,554,326
1,591,027
$2,952,066
1,399,495
$2,562,417
1,263.655
$1,963,299
323,121
$1,552,571
281,896
157
854
238,781
2,764
249,249
121,769
$1,298,762
Railway tax accruals
$2,211,967
397,944
153,721
-
Calendar Years—
Dividends paid.
Uncollectible ry. rev
Ry. operating income
-
Rent from locomotives--
$1,814 023
20,148
$1,640,021
19,782
$1,269,821
18,795
$1,057,217
17.226
308
102
148
355
92
92
$1,660,043
$1,289,062
499,816
25,196
429.257
22.619
376,135
16,502
330,434
16,238
485
287
225
64
177,547
170.218
165,131
157,321
$1,131,537
$1,037,662
2,157
10,187
10,583
$731,070
1,881
12,607
$570,755
2,547
119,484
j
balance)
Rent for work equip't--
Joint facility rents
Misc. rent income
Inc. from funded sees
Income from unfunded
2,038
1,712
1,435
53
36,097
1,254
57
-
Accts. receivable--
2,260,644
6,392,142
1,304,280
Land, bldgs., &c. 1,907,856
Inventories
Subsidiaries
x
37
affil.
$1,051,771
$746,849
85
85
Miscel. rents—income.-
297
471
Int.
on
122,087
24
201
124.092
1,346
638
617
441
13,027,312
6,033,190
Miscel. income charges-
467,403 no par
,
$930,665
900,000
$623,564
540.000
$503,599
360,000
Goodwill
$30,665
$83,564
$143,599
Accts. receivable-
a
Plant & fixtures.
Inventories
Assets—
$
%
Investm't In road,
equipment, &c— 9,284,755
Cash
931,188
9,343,968
818,342
Time drafts & deps
135,000
110,000
Special deposits-..
84,777
60,120
237,897
179,311
Traffic &
116,876
37,652
106,650
Mlsc.accts.receiv.
138,452
73,895
35,977
divi¬
dends receivable
Unadjusted
3,397
3,613
231
241
200,156
235,117
30,436
curr. assets.
Deferred assets
17,930
debits
insurance
3,000,000
3,000,000
3,000,000
of
Com.
stk.
acquired
26,782
36,760
4,878
631,464
504,853
155,873
223,899
Misc. accts. pay..
32,379
4,702
Int. matured unpd
60,020
60,120
bal.
payable
payable.
.
5,743
liablls.
5,346
Deferred liabilities
67
143
1,579,874
curr.
Addition
to
through
prop,
income
1,856
1,856
2,621,761
_
Mines,
surplus
Profit & loss credit
—
-.11,156,725 11,029,256
Total
Ltd.—Earnings—
3 Mos. End. Mar. 31—
Total
recovery
Devel., oper. & gen. costs
Taxes-.-.
a
After reserves for
Dow Chemical
$1,897,141
524,752
195,488
1,251
2,490
2,734
844
$4,443,881 $4,287,203
Total
depreciation.—V. 144, p. 2124.
*
Co.—Larger Dividend—
have declared a dividend of 75 cents per share on the
stock, no par value, payable May 15 to holders of record May 1.
with 60 cents paid on Feb. 15, last, Nov. 16 and on Aug. 15,
1936 and prior thereto regular quarterly dividends of 50 cents per share
were distributed.
In addition a stock dividend of 50% was paid on July 2.
1934—V. 144, p. 1437.
The
directors
common
This compares
(S. R.) Dresser Mfg. Co. (& Subs.)—Earnings—
1937
1935
1934
$80,725
$32,994
$0.95
1936
$0.39
•
Net
profit after taxes &
charges
x$346,550
Earns, per sh. on 84,500
shs. cl. A stk. (no par)
$3.18
x
1934
1937
1936
1935
$1,901,614 y$l,738,097 x$l,586,113
713,532
601,033
529,754
182,026
172,917
97,800
Outside exploration written off...
36,760
715,929
5,000
25,876
$4,443,881 $4,287,2031
Total
2,648,066
and
-V. 144, p. 2296.
Dome
36,760
624,195
—
under
12 Mos. End. Mar. 31
11,156,725 11,029,256
fund
be
to
Prepaid expense.
Audited accts. and
balance
Total
Reserve for sinking
23,737
36,760
contract
construction
$3,747,700 $3,747,700
430,551
435,551
Current liabilities.
853,066
"783,122
Common stock
Deficit
22,876
policy
Sinking fund..;
3,000,000
Unadjusted credits 1,643,081
plies-
Other
$
376,794
2,327,148
1935
Preferred stock
$588,061
933,033
42,022
325,059
2,307,654
val. life
surr.
1936
Traffic & car serv¬
Other
Materials and sup¬
and
aid
in
wages
from agents
Interest
Grants
1935
$
Liabilities—
Liabilities—
Capital stock
Long-term debt
ice
car serv-
ive bal. recelv..
Net bal. receivable
Cash
1936
1935
1936
$48,358
:
Liabilities—
1935
$619,884
933,033
100,604
Cash
Comparative General Balance Sheet Dec. 31
1935
$94,233
Balance Sheet Dec. 31
1936
def$28,882
Balance.
1936
Federal income taxes
$1,021,118
1,050,000
Net income
6,033,190
y
Calendar Years—
Net profit after
Assets—
Dividends
13,027,312
Total
Represented by 560,880 no par shares in 1936
shares in lt35.—V. 144, p. 2124.
After depreciation,
516
365
120,000
funded debt-
unfunded debt
on
134",401
(W. L.) Douglas Shoe Co.—Earnings—
556
120,083
3,444
Miscel. tax accruals
Interest
271,193
30,862
1,079,814
1,262,912
1
1
Total
85
404,105
4,697
421,593
Deferred charges..
x
$
2,984,303
$630,195
85
21,964
89,496
cos
Patents
37
$1,145,650
to
Goodwill
and
Gross income
& adv.
Other assets
1,274
Miscellaneous income
in
1935
$
Capital stock.-y— 3,919,103
695.784
184,100 Accounts payable.
699,955 Notes to banks.-. 1,390,000
187,672
2,066,737 Accrued payroll.—
Accrued, &c. taxes
295,323
141,430
948",967 Reserves.
Capital surplus
4,156,985
379,872 Profit & loss surp. 2,241,013
80,759
1,538,399
597,543
27,094
secur-
Liabilities—
$
$
Marketable
1936
1935
1936
Cash
Inv.
funds
467.403
$0.10
467,403
$0.08
Comparative Balance Sheet Nov. 30
Income from sinking and
reserve
308,936
$38,753 def$262,824
out¬
Assets—
$1,074,811
Rent for locomotives
other
stock
com.
100
$1,834,581
securities & accounts
Shares
standing (no par)
Earnings per share
267
Rent from work equip't-
Joint facility rent inc
Netry.oper.income--
Balance
loss$43,033
Nil
Federal surtax on undistributed profits.
consolidated balance sheet as of March 31, 1937 showed total
assets of $1,957,682 and total current liabilities of $409,559, a
ratio of 4.8 to 1.—Y. 144, p. 1598.
After deducting
The
current
current
Driver-Harris Co.—To Call Bonds—
company has notified the Fidelity Union Trust Co. of Newark,
trustees, of its intention to call for redemption June 1, 1937,
6% first
mortgage
bonds in the amount of $200,000 par value, in
The
N. J.,
106,114
$961,413
106,897
$957,307
112,839
$1,174,411
110,374
$1,111,326
$1,068,310
$1,070,147
$1,284,785
$1,005,212
Net income
Miscellaneous
earnings.
Total income
x After deducting gold bullion tax and mint charges of $182,470.
y After
deducting minority charges of $18,608.
Note—In the above figures no allowance is made for depreciation, deple¬
tion, and adjustment of surplus or contingent reserve accounts.
$38,500 bonds for sinking fund purposes.
Taking into con¬
the company's treasury,
and making a net reduc¬
tion from Dec. 31, 1936, of $266,500.
The company also will retire on or before July 1, 1937, 169 shares of 7%
preferred stock for sinking fund purposes, leaving 9,949 shares outstanding.
—V. 144, p. 2475.
addition
to
sideration the $28,000 par value of bonds held in
this will leave outstanding as of June 1, $401,000,
Dunlop Rubber Co., Ltd.—Final Dividend—
Extra Dividend—New Director—
of $2 per share in addition
to the regular quarterly dividend of 50 cents per share on the common stock,
no par value, both payable July 20 to holders of record June 20.
Similar
extra dividends were paid on July 20, 1936, and July 20, 1935.
President Jules Bache stated at the stockholders' meeting that the mine
never looked better than at the present time.
John C. Baragwanath of
New York was added to the board, succeeding Frederick Burnett, Toronto,
retired.—V. 144, p. 1780.
The directors have declared an extra dividend
dividend of 32 7-10 cents per share
the American depository receipts for ordinary registered stock, payable
April 26 to holders of record April 6.—V. 143, p. 1074.
The directors have declared a final
on
(E. I.) du Pont de Nemours & Co.—Earnings—
Ebasco Services
Domestic & Foreign
Investors Corp.—Earnings—
1937
General
expenses
Interest paid on loans
Net
Profit
$43,557
2,827
5,369
$51,342
61,106
$35,360
198,429
—
securities sold
res. pro v. at June 30,1936 on sec. held at
that date & sold during period end. Apr. 3,1937-
securities
market
1935, or cost if subsequently
Net unrealized appreciation on
June 30,
Itigtccisc
acquired
$458,145
1,052,439
$720,445
1,690,466
$594,294
$970,021
has been made in the above statement
for accrued
Total
-
Deficit June 30
Electric Power & Light Corp—
Total revenue
Operation expenditure.-
Operation surplus
Fixed charges
Balance, being deficit at April 3
N0te—No
to April 3,
charge
1937.
5h% debentures for the period from Aug. 1, 1931
1936
48,854,000
80,909,000
Amount
95,527,000
40,007,000
80,105,000
16,948,000
8,847,000
804,000
%
17.7
22.1
1.0;
2650.
Period End. Mar. 31—
486,656
- —
interest on the 20-year
1937
American Power & Light Co—112,475,000
Edmonton Street
Increase in market value of securities over
on
Inc.—Weekly Input—
April 15, 1937, the kilowatt-hour system input of
operating companies which are subsidiaries of American Power &
Light Co., Electric Power & Light Corp. and National Power & Light Co.,
as compared with the corresponding week during 1936, was as follows:
For the week ended
—V. 144, p.
185,849
159,849
share earned on its common stock for
Earnings for the first quarter in 1936 were
a
the
National Power & Light Co—.
Excess of
value
1937.
1781.
Operating Subsidiaries of—
profit
on
1936
$58,422
3,769
3,311
9 Months Ended April 3—
Dividends and interest received
$1.34
The company reports
quarter ending March 31,
$1.21 a share.—V. 144, p.
Renewals
Total surplus
-Y. 144, p. 2125.
Ry.—Earnings—
1937—3 Mos.—193ft
1937—Month—1936
$64,513
$64,562
43,649
45,897
$190,091
135,264
$197,2911
142,987
$20,863
5,776
10,000
$18,664
5,776
10,000
$54,827
17,329
27,000
$54,303
17,329
27,000
$5,087
' $2,888
$10,498
$9,974
"
2826
Financial
Chronicle
Elder Manufacturing Co.—Special Dividend—
The directors have declared a special dividend of $1 per share on the 5%
cumulative class A stock and on the common Btock, both payable April 26
tojiolders of record April 20.—V. 139,|p. 114.
Electric Bond & Share Co.—Earnings—
$2,180,936
2,108,483
$9,619,534
8,433,930
$9,267,264
8,433,930
$351,566
__
$2,460,049
2,108,483
$72,453
$1,185,604
$833,334
Surplus income
Note—Net excess of sales price over ledger value of investment securities
sold during the 12 months ended March 31, 1937 ($10,426) and the three
months ended March 31, 1936 ($26.23) , and excess of ledger value over
sales price of investment securities sold during the three months ended
March 31, 1937 ($222.03), and the 12 months ended March 31, 1936
($1,133,258), have been applied to capital surplus.
The interest rate on Cuban Electric Co. 6% debentures was reduced,
by agreement, for the six months ended April 30, 1935, to a rate of IM%
per annum and for the period from May 1, 1935 to Oct. 31, 1937, to a rate
of 4% per annum, and interest has been accrued in the income account
these rates.
at
Includes
provision of $68,000 for Federal surtax on undistributed
profits for the year 1936.
No provision has been made for Federal surtax
undistributed profits for the three months ended March 31, 1937.
x
The
on
have declared a dividend of 50 cents per share on the
stock, no par value, payable June 21 to holders of record June 10.
This compares with 25 cents paid on March 31, last; $2 paid on Dec. 11,
1936; 55 cents paid on Sept. 21, 1936; 25 cents on June 20, 1936; 20 cents
?er share distributed on March 20, 1936; Dec. 20 and Sept. 25, 1935;
5 cents per share paid in the two previous quarters, and dividends of 10
cents per share distributed each three months previously.
In addition,
extra dividends of five cents per
ters of 1934..
Liabilities—
Accts.
Cash. in banks—
On demand..
8,894,342
Time deposits
2,275~666
0". S.Govt. sec.
Misc. short-term
x
2,694,486
securities
payable
$
$
78,002
19,596
.
2,108,483
1,789,646
Capital stock-171,901,234 171,901,234
pref. stocksTaxes accruedRes.
2,976,342
2,108,483
i;918,781
_
(appropr.
4,803,302
4,803,302
864.622 Capital surplus.314,135,086 313,842,911
Acer. int. receiv.
1,191,667
Earned surplus. 58,609,676
57,399,167
Invests. (Ledger
value)-537,634,986 514,236,082
Deferred charges
805,575
821,811
102
Accounts receiv.
582
from cap. surp)
553,496,158 551,922,744
Total
..553,496,158 551,922,744
Total
*—r,Shares Outstanding-
Mar. 1936
Represented by:
Mar. 1937
$5 pref. stock ( (No par, stated value $100 a(
300,000
$6 pref. stockj
sh.; entitled upon liquidation^
1.155,655
\
to $100 a sh. and accum divs.) [
5.267,147
Common stock and scrip ($5 par)—
—y. 144, P. 2650.
t x
300,000
1,155,655
5.267,147
Equity Corp.—Earnings—
'
Income Statement, 3 Months
Ended March 31,1937
Total income
$132,141
50,583
41,875
—
Operating expenses
Interest on debentures
—-
Taxes refunded to debenture holders and taxes
R. A. Weaver, President of the company stated that 46,287 shares
of
have
been
purchased by the underwriters, who are Laurence M. Marks & Co., Stark¬
weather & Co., Inc., and Throckmorton & Gillen.-—V, 144, p. 2125.
stock of the company out of 46,950 shares recently offered
been subscribed for by shareholders.
The balance of 663 shares have
Fidelity Fund, Inc.-—Value Up—
The company reports a net asset value of $29.31 per share for the 165,424
outstanding at March 31, 1937, Compared with a value of $28.61
on Dec. 31,
1936.
As of March 31, 1936, net asset value was $26.23
on the 133,"962 shares then outstanding before the
special dividend of $2.50
shares
per share paid on Dec. 10, 1936.
As of March 31, 1937, securities with a
market value of $4,663,787 had a book value of $3,672,305, showing
unrealized appreciation of $991,482.
The balance sheet at the end of the
first quarter snows undistributed net gain from sale of securities of $67,501.79
and undistributed income of $22,174.86.—V. 144, p. 773.
At meetings of boards of directors of this company and the Reliance
Insurance Co., George H. Pabst Jr. was elected a director of the two. com¬
panies. Mr. Pabst is Treasurer of the Pennsylvania RR.—V. 143, p. 3998.
768
paid at source--
Fiscal
■Makes Initial
Fund, Inc.-
Report of Underlying
Assels—
Company in its first statement of underlying assets made since beginning
15, 1937 there
outstanding 247,578 shares of the Bank Stock Series and 280,037
of operations in January of this year, shows that as of April
were
shares of the Insurance Stock Series.
Underlying assets of the Bank Stock Series amounted to $968,820, at
value on that date, comprising stocks of 21 banks and trust com¬
Of these, 16 are in New York and the remainder in Chicago,
Philadelphia, Boston, San Francisco, and Los Angeles.
The New York
City institution® include Chase National, Guaranty Trust, and National
City, the country's three largest bank®.
The average age of the 21 banks
and trust companies comprised in the investments of the fund is 82 years,
the two oldest having been established In 1784.
Investments of the fund
are limited to thpse 21 Institutions.
Not less than 2% or more than 7H%
of underlying assets may be represented by the securities of any one
market
panies.
institution.
\ Underlying assets of the Insurance Stock Series amounted to $1,098,922,
comprising stocks of 24 fire insurance companies.
The average age of these
companies is 89 years.
The oldest company in the list was established in
1792.
Investments are limited to these 24 companies, with restrictions
similar to those applying to investments under the Bank Stock Series.-—V.
144, p. 104.
Flintkote Co. (&
Subs.)—Earnings—
£12 Weeks Ended—
of income over
Excess
operating expenses (without giving
carried to surplus
effects to result of security transactions),
Statement of
$38,914
.'•/
'
;.
'
,
Cash in banks and on hand
—-
Accounts and dividends receivable—
General market securities.
_
—
Investments in securities of associated and subsidiary
$2,337,180
--
lg»lfJ>|
companies lo»9Io«5oo
Total.
..
——$32,410,046
Liabilities—
$53,265
Accounts payable for securities purchased—not received
293,299
Other accounts payable, accrued expenses and taxes
27.917
Accrued interest on debentures outstanding—
—----.
.
Reserve for Federal normal income tax—-1937 (without provision
for possible surtax on undistributed profit® realized for period)
304,000
unrealized appro¬
Net income..
Earnings
per
Corp. preferred and common stocks are carried over book
cost, without provision for any Federal taxes if realized——
Unrealized appreciation (net) of general market securities owned,
federal normal income tax of $485,000
$3 convertible preferred stock-—
Common stock (10c. par)—.———
—-—
Surplus—
—
—
—
$35,298
$0.29
Federal surtax
on
$0.05
undstributed
Ford Motor Co., Ltd.
(England)—Common Dividend—
The directors have declared a dividend of 6% (less tax) on the common
stock for the year 1936.
A dividend of 5% was paid in the
preceding
year.—V. 142, p. 4177.
Fort Worth & Denver City
Calendar Years—
Freight
Ry,—Earnings—
1936
Passenger revenueMail, express, &c
1935
1934
1933
$5,464,428
revenue
$4,244,121
449.831
779,974
$4,510,505
416,808
723.032
$4,497,680
$5,473,927
628,435
888,993
198,132
1,881,004
346,948
48,344
7,162
$5,650,343
427.644
823,287
193,204
1,796.456
417,445
30.832
3,742
$5,633,368
605.024
8,773
—
Total oper. revenue.- $6,078,225
Maint. of way & struct—
530,552
Mamt. of equipment
989.673
Traffic
223,002
Transportation
356,792
778,896
372,603
802,046
183.599
Transp. for invest.—Cr.
8,801,731
$4,074,311
$3,884,695
$3,685,126
$3,359,207
2,799,842
269,478
&C-V—--I
$2,003,914
408.949
$1,589,232
28,585
$1,965,217
341,856
$2,274,161
370,489
Operating income
$1,594,965
Hire of equip, (net)—Dr
150,882
Jt. facil. rent (net)—Dr.
232,511
$1,560,647
149.721
230.287
$1,623,361
131.301
252,704
$1,903,673
92,206
244,184
$1,180,639
$1,239,356
$1,567,283
668
668
668
668
9,578
2,096
48,118
11,020
11,992
13,053
72,208
493,819
15.487.221
General
Miscellaneous.
Tax accruals,
1937
3 Months Ended March 31—
■
Operating profit after charging mfg., selling, admin.
& idle plant exps. & prov. for bad debt®, but
before charging deprec. of plant & equipment-Depreciation of plant and equipment
——
interest on serial gold notes—
—
Miscellaneous credits (net)..————
Estimated Federal income taxes——————
1936
$14,376
11,613
4,781
1 oq
$60,292
loss$l,925
Net oper. revenues—
Balance.
Retirement reserve accr.
Gross income
Interest charges
«
«
i «
a13,627
13,726
al52,792
158,197
$16,655
$14,675
$181,663
$192,026
36
193
191
$181,856
60,000
$192,217
60,000
$121,856
11,133
$132,217
$16,655
6,000
$14,711
$11,655
1,008
$9,711
1,014
5,000
curities
97~284
83,424
303
541
437
11,797
3.233
932
27,647
1,898
$1,268,559
$1,362,029
$1,693,973
726,379
725,545
456,181
777,807
479.246
$412,812
&faccounts
Miscellaneous income
Deductions—
Rent for leased road
Int. on*funded debt
Int. on unfunded debt-
3,760
80,742
121.691
724,756
465,279
7,259
218.632
$25,851
def$38,412
def$53,798
436.144
Amortization, &c_.
Mar.31
End.
Non-oper. income (net).
353
93
Fall River Gas Works Co.—Earnings—
»
Inc. from lease of road—
Miscell. rent income
Misc. non-op. phys. prop
Inc. from funded securs.
Inc. from unfunded se¬
xl0,300
profit.———-——---———--————*
No deduction for surtax.—V. 144, p. 1957.
—
18.193
5,947
$1,272,876
$92,969
18.122
4,378
Net
Operating revenues
Operation.—
1,610.513
378,199
Non-Oper. Income—
Fairbanks Co. (& Subs.)—Earnings—
Maintenance—
raxes-.--
——
made"for
profits.—V. 144, p. 2478.
—V, 144, p. 772.
Period
$193,585
-
share....
Note—-No provision has been
$66,437
Crl ,176
32.315
1.898,994
380.469
55,863
4,242
485,000
44,485
3,350,000
—$32,410,046
Total————————————————————————————
x
...
$1,211,572
bation of general market securities
—----Reserve for contingencies—-----——————————
Debentures assumed by the corporation—————-----—Excess of amounts at which investment in American General
less provision for
-
$2,560,719
66,437
ol,90o
i
Provision for Federal normal income tax on net
Total income.
Other charges (net)
Federal, State and foreign taxes
$3,313,068
247,219
7,208
$254,427
21,726
39,116
——
—
Operating profit
Amount received in settlements of patents, &c
Balance, deficit, Dec. 31,1936, $11,278: net profit on sales of securities for
the three months ended March 31, 1937. computed on average cost basis,
$1,557,054; excess of income over operating expenses for the three months
ended karch 31. 1937, $38,914, total, $1,595,968.
Provision for Federal
normal income tax, 1937, $304,000; dividend on preferred stock paid
March 1, 1937, $202,100; provision for reserve for deferred charges,
$21,712, balance Marck 31, 1937, carried to balance sheet, $1,056,876.
Total capita] surplus March 31 amounted to $4,430,344.
No provision has been made for possible surtax on undistributed profits
realized for the period.
Balance Sheet March 31,1937
.•
Mar. 27 *37 Mar. 28 '36
Net sales..-
Earned Surplus, 3 Months Ended March 31,1937
A.SS€tSmmmfm
quar¬
.
common
Divs. declared on
12,963,982
17,932,775
2,126,548
paid/ in each of the four
were
Fire Association of Philadelphia-—-New Director—
1936
1937
1936
$ :•
share
Shares Subscribed—
Comparative Balance Sheet March, 31
1937
Assets-
Corp>—Dividend Doubled—
directors
common
•
Period End. Mar. 31— 1937—3 Mos.—1936
1937—12 Mos.—1936
Gross income..—
$2,891,413
$2,561,916 $11,431,590 $12,867,822
Expenses, incl. taxes...
431,364
380,980
xl,812,056
3,600,558
.Net income
Pref. stock dividends.
April 24, 1937
Ferro Enamel
12.374
Net prof.
—V. 144, p. 2300.
Frost Steel & Wire
3,553
6,078
18.030
Co., Ltd.—Accumulated Dividend—
The directors have declared a dividend of $1.75 per share on account
of accumulations on the 7% cum. red. sinking fund 1st pref.
stock, par
$100, payable May 1 to holders of record April 19.
The amount will be
paid in Canadian funds, subject to a tax of 5% in the case of non-residents.
A similar payment was made on Feb. 1, last, Nov. 1,
Aug. 1, May 1 and Feb.
L,1936.
Nov. 1, June 15 and March 15, 1935; and on Dec.
17, 1934.
The last regular quarterly distribution of $1.75 per share was made on the
above issue on Feb. 1, 1932.
Accruals after the May 1 payment will
amount to $19.25 per share.—V. 144, p. 279.
————
*119,843
Dividends declared
I
125,744
a No provision has been made for the FMeral surtax oh undistributed net
income for 1937 since any liability for such tax cannot be determined until
Net income.
*10.647
*8.697
-----
the end of the
year.—V. 144, p. 2299.
Federated Department Store®,
a
mortgage
Inc.-—Special Meeting—
meeting of preferred stockholders will be held on May 7, to
proposed guarantee by the F. & R. Lazarus & Co. of a bond and
to be executed by the John Shillito Oo.—-V. 144, p. 2650.
A special
consider
*110.724
105,889
(George A.) Fuller Co. (& Subs.)—-Earnings—
3 Months Ended March 31—
Net loss after taxes
and.charges—
1937
x$13,862
1936
prof$l,673
1935
y$51,484
Before provision for surtax on undistributed profits,
y After giving
effect to depreciation adjustment made at end of the year.—v. 144,
p. 613.
x
Fyr-Fyter Co.—Extra Dividend—
The directors have declared
common class
an extra dividend of 15 cents per share on the
A preference stock, no par value, payable April 15 to holders
This compares with an extra dividend of 5 cents in
of record March 31.
Financial
Volume 144
2827
Chronicle
Consolidated Balance Sheet Dec. 31
addition to
a dividend of 25 cents paid on Dec. 24 last; a dividend of 30
paid on Oct. 15, 1936, and prior thereto regular dividends of 25 cents
cents
Assets—
Gandy Bridge Co., Fla.—Bonds Offered—Public offering
was made April 22 by Coffin & Burr, Inc., at 100 and int.,
of a new issue of $1,500,000 1st (closed) mtge. 5K% sinking
fund
bonds, due April 1,1957.
Cash
Dated April 1, 1937; due April 1, 1957.
for construct'n
Interest payable A.-0.1 in N. Y.
Red. at option of company or by operation of the sinking fund as a
in part by lot on the first day of any month at the principal amount
and a premium of 5% if red. on or before April 1, 1941, of 4% thereafter and
on or before April 1, 1945, of 3% thereafter and on or before April 1, 1949,
of 2% thereafter and on or before April 1, 1953, and of 1% thereafter prior
to maturity, in each case with accrued interest.
Coupon bonds in denoms.
of SI,000 and S500 interchangeable and registerable as to principal only.
New York Trust Co. and Augustus C. Downing, trustees. Mass. income or
corporation taxes not exceeding 6% per annum of interest, Conn, or Penna.
taxes (other than transfer, gift, estate, succession or inheritance taxes) not
exceeding 4 mills per dollar per annum, Conn, or Vermont income or cor¬
poration taxes not exceeding 4% per annum of interest, or New Hampshire
income or corporation taxes not exceeding 4 mills per dollar per annum,
refundable upon proper application.
1935
1936
$340,694
$356,135
2,607
1,852
Depreciation
61.827
3,540
60,500
Taxes (other thaninc. tax)
Other expenses
8,228
45,228
8.426
44,866
60.762
8,961
45,981
1,817
60,762
9,157
46,558
Net operating incomeOther income
$189,433
$223,362
$238,579
$245,088
444
1,108
566
579
Accrd. int. pay-
6,342.069
28,959
418,642
5,764,220
285.623
103.531
119,167
Property purch.
obllgat'ns due
assets
in
81,641
285,554
434,923
83,594
8,055
8,055
34,556
34,556
one year
Serial
obilgafns
due In
one
yr.
Due to Canad'n
Hydro-El. Cp.
5,187,786
5,208,674
12,513.868
4,075
10,120,126
3,716
Ltd
Res. for deprec.
A amortization
Other
reserves.-
Difference
tween
be¬
cost
par val.
&
of re¬
bds,
acquired
& debs, held In
22,605
35,180
25.000.000
25,000.000
treas.for sk.fd
6%
x
pref.
cum.
stock
y
Total
2.500.000
9,406,484
10.081.443
140.621.508
stk.
—
Total
139,664,423 140,621,508
x Represented by shares of $100
par.
-V. 143, p. 1228.
2,500.000
139.664.423
Common
Surplus
Represented by shares of $5 par.
y
Gar Wood
Stockholders
$224,470
108.434
21,870
14,921
$239,145
98.250
12,324
39,853
$245,668
97,070
12,073
43,109
Industries, Inc.—Stock Increase Voted—
on
AprO
15 have approved increase in authorized capital
stock to 1,000.000 shares of $5 par value from 800,000 shares of the same par.
Garfield A. Wood, President, stated that it is the management's in¬
tention to sell only a part of the Increased stock In the near future, the amount
to
be determined by requirements for additional working capital
and
plant expansion.
If and
when
stock
new
is
sold
it
will
be
offered
to
shareholders.
Mr.
Pro v. for income taxes-_
Prov. for taxes.-
131,263
<fc expense
$363,383
Maintenance & repairs--
$189,877
117,917
16,607
18,235
708,919
receivable
Deferred
Feb. 28. '37
$307,322
Gross income
Accrued payrolls
<fc other
44,175
624,490
774,759
86,513.056
Year Ended
Calendar Years
Operating rev.—tolls—
Interest on funded debtOther deductions
62,640
44.211
Inventories
Comparative Income Statements
—
$
84,319,944
Accts. payable..
28,662
Customers' deps
32,619
288,088
Cash
Company—Company owns and operates a toll bridge known as "Gandy
Bridge extending across Tampa Bay or Old Tampa Bay for a distance of
approximately 53^ miles, which, together with certain road properties and
buildings used in connection with this bridge, constitute its principal pro¬
perties. During each of the last five years more than 99% of the revenues
of the company have been derived from tolls charged for use of its bridge by
vehicles.
Operating revenues of the company for 1936 were 37% greater
than such revenues for 1933. Company was incorp. in Delaware on Jan. 5,
1921, and its principal executive office is located at Gandy Bridge, St.
Petersburg, Fla.
1934
1935
$
Funded debt...
escrow
Investments
or
Liabilities—
$
$
property132,727,722 132,654.306
in
Accts
City.
whole
Plant &
1936
1935
1936
per share were distributed each three months.—V. 144, p. 2651.
stated
Wood
ahead of
a
year ago,
General
that sales
during the first three months were 28%
with all divisions showing gains.—V. 144, p. 2479.
American
Transportation Corp.—Equipment
Trusts—•
$37,117
$79,243
$88,716
$93,414
The annual interest requirement on the $1,500,000 first closed mortgage
5H % sinking fund bonds is $82,500. The gross income of $245,668 for the
year ended Feb. 28, 1937, is 2.97 times such interest.
If the depreciation
of $60,762 was included as an income deduction rather than as an operating
expense, the gross income would become $306,429, or 3.71 times the annual
Net income..
-
The corporation on Jan. 3, last, sold $2,958,300 of 2V£% equip, trust cer¬
cover the cost of construction of 1.000 refrigerator cars, accord¬
tificates to
ing
statement filed with the Securities and Exchange Commission.
500 already had been built and 500 were in course of con¬
to
Or these cars,
struction.—V. 144 ,p. 2652.
interest.
Interest and Sinking
Fund—Company will agree in the proposed indenture
fund which it is estimated will retire practically all of
before their
maturity.
Company,
so
long as any
of
the bonds are outstanding, will pay to the corporate trustee the following
sums to be applied as far as required to payment, of Interest, the balance to
constitute a sinking fund for the retirement of the bonds: $41,250 on or
before Oct. 1, 1937; $50,000 on or before April 1, 1938; $50,000 on or before
Oct. 1,1938; $90,000 on or before April 1,1939, and on or before each April I
thereafter to and incl. April 1, 1956; $40,000 on or before Oct. 1,1939, and
on or before each Oct. 1 thereafter to and incl. Oct. 1, 1956.
General Cable
to create a sinking
these
Corp.—Earnings—
bonds
Company may, in lieu of any part of such payment required for the sink¬
ing fund, deliver to the corporate trustee for cancellation bonds at the
principal amount thereof, with all unmatured interest coupons attached.
The corporate trustee shall, upon receipt of each such payment to it for
the sinking fund, apply it to the purchase of bonds, at the lowest price or
prices at which it shall deem such bonds reasonably obtainable, or if directed
by the company in writing, after advertisement for tenders, at the lowest
prices asked therefor; but at prices not exceeding in any case the then
redemption price thereof.
If in any calendar year the company 6hall pay cash dividends on its
capital stock aggregating in excess of $100,000. it will pay to the corporate
trustee, prior to the payment of any such cash dividend, an additional
amount in cash for the sinking fund equal to the amount of such excess.
Such additional payments shall be applied in the same manner as regular
payments to the sinking fund and may be credited against the sinking fund
requirement on any subsequent April 1, but only to the extent that net
earnings of the company for the next preceding calendar year shall have
been less than such sinking fund requirement. Any other payments made
to the sinking fund in excess of current requirements shall be similarly
applied, but may be credited to any subsequent sinking fund requirement at
tne option of the company.
12 Mos.—
1937
3 Months
Period Ended March 31—
Gross profit on sales, before
1937
1936
deprec.- $1,996,321
Selling, admin. & general expense
413,183
Deprec. on permanent plant, mach. &
equipment
205,686
Other operating charges—net
2.007
-
$1,003,797
363,882
$6,152,380
1,609,904
202,668
9,113
818.328
43.013
$428,134
$3,681,136
Net profit from oper., before metal
profit
Profit
on
sales
$1,375,445
& lead content of
through increases in
copper
realized
market prices
i
190,231
37.823
284,840
$1,565,675
$465,957
$3,965,976
156.871
4.092
161.802
633.969
4,185
2.500
22
inc.
Cr4,547
59.405
Cr3.551
71,625
16.281
2.714
Cr25.362
268,715
Prov. for normal Federal income tax_
269,471
Total
Interest on first mortgage bonds
Fed. & State taxes paid on bond int.Other interest paid
_
& divs.
Int
rec.
& other non-oper.
Other charges—net-Prov. for taxes & cont.
Metal profit
as curr. set
added to invent,
20,433
up-
190,231
reserve-
Net Income-
,
x
x$887,652
After deducting
$211,440
the quarterly requirements of $1.75
per
"
549.038
190.231
$2,330,390
share of 7%
cumulative preferred stock and $1 per share of class A stock, these earnings
are
equivalent to approximately 47 cents per share of common stock.
—V. 144, p. 2127.
Capitalization diving Effect to Present Financing
Amount
to
Authorized
Outstanding
250,000 shs.
$1,500,000
$1,500,000
Purpose—Net proceeds ($1,393,500) will be applied towards the payment
on June 1, 1937. of all of the outstanding first mortgage sinking fund gold
bonds, series A 6%.
The estimated amount required is approximately
$1,591,000. The balance ($197,500) will be provided out of general funds
of the company.—V. 123, p. 212.
Common stock (no par)
First mortgage 5Ms, 1957
250.000 shs.
-
Gardner Motor Co.,
'
1
"
g
1
;
1
Inc.—Liquidated—Assets Transferred
It is announced that this company has been liquidated, has given up its
charter, and is not out of business, all assets remaining having been trans¬
ferred under Court order to the Rutger Street Warehouse, Inc., St. Louis,
Mo.—V. 133, p. 3974.
Gary Electric & Gas Co. (& Subs.)—Earnings—
r
Period End. Mar. 31—
5,643
$2,556,933
1,876.520
15,031
373,162
6,202
69,000
276,000
276,000
$95,250
$67,560
$305,744
$205,573
expense
Net income for divs—
—V. 144, p. 1784.
Gatineau Power Co. (&
'
poses.
The company proposes to use
common
the proceeds from the public sale of the
stock for retirement of 1,900 shares of $6 2nd pref stock, retire¬
ment of notes and accounts
payable, payment of current debts, increase of
purchase of new equipment and for working capital.
Corporation was organized in Pennsylvania in 1929 as Parker-Wylle
Carpet Mfg. Co, to succeed to the business of the Overbrook Carpet Mills,
Inc. Effective Dec. 31, 1936, the Alva Carpet & Rug Co was merged Into
the Parker-Wylie Co., the name-of the latter being changed in the course
of the merger to the present title. The corporation is engaged in the manu¬
facture and distribution of various types of rugs and carpets.
The corporation reported earnings of approximately $30,000 for the first
three months of 1937, as against a loss of $17,000 for the same period in 1936.
Inventories
1,695.995
365.136
919
69,000
unfunded debt
Retirement
$2,838,431
479,631
91,788
2.667
Bond interest
on
$708,898
Philadelphia—Files with SEC—
Corporation has announced the filing with the Securities and Exchange
of a registration statement covering 375.600 shares ($1 par)
common
stock and 3,560 shares $6.50 first preferred cumulative stock
(no par).
Of the common shares registered, 300,000 are to be offered to the public
through B. E. Burkman & Co. of Madison, Wis,, as principal underwriters,
40.000 are to be Issued to Madison Spinning Co for 1,900 shares of $6 2nd
pref. stock, and the remaining 35,000 shares, with the 3.560 shares of first
preferred stock, are to be reserved for bond and certificate conversion pur¬
Commission
maintenance
and taxes.
Int.
1937—12 Mos.—1936
$2,795,784
$2,530,133
42,647
26,800
480,165
90,352
Total income
exps.
$702,106
6,792
$737,434
revenue
Other income
Oper.
1937—3 Mos.—1936
$731,791
Operating
General Carpet Corp.,
Be
Calendar Years—
1934
$9,233,477
560,494
204,701
293,262
991
4,941
348,252
4,843,065
$9,219,872
564,858
197,831
265,243
$9,353,888
518,950
340,810
646,825
345,439
648,552
349,995
643,746
redeemed..
—
$9,375,421
$5,339,391
$3,530,239
2,250.987
1.747,439
1.860.691
1,453,284
divs._$11,626,408
special stk.
$7,086,830
$5,390,930
$4,565 727
643,766
$11,626,408
$7,086,830
$5,390,930
$3,921,961
$0.40
$0.25
$0.19
$0.14
36,105
36,105
90
12,760
209.514
4,863,433
174,172
4,931,077
Profit
on
on
avail,
com
for
Orders received during the first quarter of 1937 amounted to $105,747,,030, compared with $59,569,879 for the same quarter of 1936, an Increase
of 78%.—V. 144, p. 2652.
General
r
Finance
Period End. Mar. 31—
Net
after
pref.
dividends & all charges
Cr75,645
Cr75,637
Cr89,140
$1,075,042
$2,059,416
$2,165,436
$2,238,892
1,500,000
2,500,000
2,125,000
Gatineau Power Co. pref.
dividends
divs.
stock
Earns, per sh. on 28,845,927 shs. of com. stock-
641,443
A
•
Cash divs.
Corp.—Earnings—
1937—Month—1936
earns,
Earns.per sh.on
Net revenue—
$3,112,443
352,000
6,470
166,440
294,809
Amortiz. of discount on
funded debt.--
Net Inc. from sales-.Oth. Inc., less int. paid &
1933
300,834
4,754,586
Depreciation, &c
Dividends
on
preferred
stock of subsidiary—
Profi t on bonds and debs.
1937
1936
1935
1934
$73,412,420 $51,423,071 $40,393,537 $34,935,550
64,036,999
46,083,680
36,863.298
31,823.106
Profit avail, for
1935
-
Interest
Co.—Earnings—
Subs.)—Earnings—
Grossrev., incl. oth.inc. $8,115,564
Operating-expenses——
516,045
Maintenance
231,768
Adminis. & gen. exps—
316,580
Directors'fees
2,250
Taxes
Costs, exps. & oth. chgs-
sundry charges
1936
Prov. for dountful accts_
General Electric
3 Mos. End. March 31
Net sales billed
com
.stk.
1937—4 Mos.—1936
*
$58,161
$0.07
$17,980
$0.03
$187,033
$0.24
$91,210
$0.14
Volume of business done by the corporation in the first four months this
nearly doubled, totaling $11,042,597
2300.
year
p.
as
against $6,349.797.—V. 144,
2828
Financial
General Foods
Chronicle
Corp. (& Subs.)—Earnings—
3 Mos. End. Mar. 31—
1937
1936
April 24, 1937
Georgia Southern & Florida Ryv —.Earnings—
1935
1934
Traffic Statistics for Calendar Years
Gross profit
$12,501,997 $11,792,233 $10,214,455 $12,718,908
Exp. & other charges—
7,854,550
7.115,443
6,376,692
8,034,316
x
Operating profit
$4,647,447
244,389
$4,676,790
137,242
$3,837,763
$4,684,592
97,856
195.595
$4,891,836
$4,814,032
$3,935,619
$4,880,187
Other income
Total income
—
Depreciation
See
Federal taxes.
See
a
See y
z
486,322
801,848
Net profit
Shares
common
746,882
574,280
714,215
$4,089,988
$4,067,150
$3,361,339
5,251,440
5,251,440
5,251,440
5,251,462
$0.78
$0.77
$0.64
$0.70
Includes
x
proportionate share in results of operations of controlled
Depreciation provided during the quarter aggregated $429,of which $46,177 has been included in selling, administrative and
399,
y
1936
$1,570,839
195,878
49,949
3,509
$2,301,547
377,668
497,998
21,514
970,993
Incidental
Joint
facility
general expenses,
a Depreciation provided during the three months aggre¬
gated $384,367, of which $124,673 has been included in selling, adminis¬
trative and general expenses.
Note—No provision has been made for surtax on undistributed profits
Maint. of way & struct-Maint. of equipment
under the Revenue Act of 1936.
Transportation
Earnings for the 12 months ended March 31, 1937, were $14,263,795,
against $12,436,579 for the 12 months ended March 31, 1936.
First
quarter earnings were the most favorable of any three months' period
since thp first quarter of 1932, when 84c. per share were earned.
According to a statement by C. M. Chester, and Clarence Francis,
President, the company in the first quarter of 1937 established a new record
for sales volume, but profit margins were narrower than they were last year.
General Foods stockholders now total, 65,279, average holdings being
80 shares per stockholder.—V. 144, p. 2652.
Miscellaneous operations
Genera]
The
preferred stock is convertible into common stock on a share for
share basis if converted on or before July 31, 1940.
~"-c net proceeds of this financing will become general funds of the
marked
for any specific purpose;
however, $250,000
will be set aside for payment of accounts payable and approximately $120,000 will be used in the purchase of raw materials for manufacture of radios
and refrigerators.
Company is a combination of a number of radio and electric manu¬
facturing companies and represents a consolidation with the Grunow
Corp., which consolidation took place May 1, 1933.
On Nov. 19, 1935,
the company filed a voluntary petition in bankruptcy under Section 77-B
of the Bankruptcy Act as amended.
The plan of reorganization was
consummated on July 31, 1936, and by final decree entered on Dec. 1,
1936, the trustees were discharged, the Court reserving jurisdiction only
for the disposition of two claims not then disposed of.
The company manufactures a complete line of electric household re¬
frigerators and a comprehensive line of household and automobile radio
receiving sets nationally advertised under the trade name Grunow.
Its
products are sold to approximately 70 distributors, who, in turn, make
distribution through approximately 9,000 dealers in every section of the
United States,
Since reorganization the company showed a loss of $39,228 for the
period Aug. 1 to Dec. 31, 1936.
During this time substantial sums were
spent for the purpose of reestablishing dealer and consumer acceptance
for the company's products.—V. 144, p. 2300.
General Motors
Alfred H.
Traffic
Corp.—Obituary—
Swayne, Vice-President and a director of this company died
He
was
Board
also
General
Motors
Acceptance Corp.—
General Public Service
Corp.—To Retire Pref. Stock—
until April 30, 1937, it will
of shares of its two series
stock and $5.50 dividend
preferred stock, at a price not in excess of $78 per share flat.
Proposals
should be addressed to General Public Service Corp., 1 Exchange Place,
Jersey City, N. J., and should specify the series of preferred stock tendered,
the number of shares and the price at which it is tendered.
|M'A dividend of $1.50 per share on the $6 dividend preferred stock and
S1.37H per share on the $5.50 dividend preferred stock has been declared,
payable May 1 to holders of record April 15.—V. 144, p. 2652.
The company on April 19 announced that
receive proposals for the sale to it, for retirement,
of preferred stock, namely, $6 dividend preferred
—Earning s-
Total oper. expenses.
Net
$3,908,172
3,020,556
Sale of marketable securities.
$472,997
21,812
$368,622
18,646
$1,057,426
Other income-
552,325,456
1,852,459
$887,616
72,230
97,580
Net sales.
1936
$494,809
119,527
$387,268
73,444
53,798
revenue
from oper.
Uncollectible
revenues.
Depreciation and depletion
&c
Interest, discount, &c_
120,896
200,714
34,917
Extraordinary expense
$700,899
454,281
$1.54
Shares capital stock (no par)
Earnings per share
$230,583
454,281
$0.51
8
12
$1,655,554
$1,442,247
352,433
127,529
252,902
138,612
185.452
141.493
192,199
143,420
338
462
541
Hire of equipment
68,166
19,214
234
Cr73,060
9,202
1,313
7,347
2,452
$137,524
$104,514
$115,244
$38,440
5,063
1,146
1,767
72
4,193
3.535
4,419
2,463
1,767
1,148
1,767
2,609
100
134
246
$145,572
$113,037
$121,827
$48,192
Joint facility rents
Operating income
Non-Oper. Income—
Miscell. rent income
Misc. non-op. phys. prop.
Dividend income
Miscellaneous income
pross incomeDeductions—
Miscellaneous rents
Int. on unfunded debt..
Misc. income charges
Int. on funded debt
Int. on equip, obligations
President of the
144, p. 105
as
General Stockyards
company.
2.477
240
240
2,765
2,090
293,625
17,632
3,185
293,525
13,777
2,132
295,534
21.458
2,036
295,915
$160,333
Deficit
240
Cr3,965
2,328
$203,316
$200,722
$277,286
315
1,914
25,298
General Balance Sheet Dec. 31
1936
Assets—
1935
$
Sinking
fund
1936
Liabilities—
$
Invest, in road.-.12 ,634,414
Invest, in equip
2 ,694,575
12.709.731
2,785,625
174,043
15,872
16,478
Stocks
73.865
19,090
investments
73,865
32,992
3-
l
•:
69.764
bals.,
car
97,865
128,312
Special deposits...
104,802
service
receivable
57,398
55,007
1,154
149,379
1,873
153,529
Mat'ls & supplies.
Int. and dividends
115,690
107,941
625
625
1,863
1,132
Deferred assets5,884
5,519
Balances due from
curr. assets.
Unadjusted
debits
684.000
684,000
1,084.000
pref. stock
1 .OS4.000
6,419.699
6,419,699
256,000
342,000
Loans & bills pay.
1,300,000
1,300,000
car
service
bals. payable.
83,270
52,711
669,140
617,713
53.212
24,752
544,510
463,947
Audited accts. and
wages payable.
Misc. accts. pay..
_
Int. mat'd unpaid,
incl.
int.
due
Jan. 1
Divs. mat'd unpd.
Unmat. int. accr'd
Other curr. liabils.
830,914
736,416
678
678
7,922
13.494
11,173
-742,915
7,342
665,541
Taxes accrued
receivable
Other
2,000,000
Equip, trust oblig,
Traffic <fc
Advances
Traffic &
$
2,000,000
Funded debt-..-.
188,693
Misc. phys. prop..
Inv. in affil. eos.:
Other
1935
$
stock.
1st pref. stock
2d
for
retirement of de¬
bentures
Common
40,074
40,068
Operating
41,588
51,444
1,015,983
1,012,758
127,513
Deferred liabilities
reserves
Accrued deprec. on
equipment
Other unadj. cred.
145,678
Add'n to prop, since
June
30,
1907,
thro.inc. &surp.
16,987,492 17,057,445
144.
58,525
Profit and loss--..
1,859,125
58,479
2,091,304
16,987.492
17.057,445
Total
2128.
p.
Gillette
of N.
Y., below.
Safety Razor Co. (& Subs.)- —Earnings—
1937
$1,693,554
$1,588,787
114,052
324,782
98,219
263,202
$1,254,720
$1,227,366
$1,198,663
$902,202
$0.44
$0.42
$0.40
$0.26
1936
1935
Interest
Depreciation
Federal taxes
1934
$1,577,066 x$l,259,570
53,356
58,498
104,699
yll7,948
220,348
180.922
62,224
Net
$197,802
394,255
$0.50
New President—
Greene
6
Gibralter Fire & Marine Insurance Co.—New Name—
At a meeting of the board of directors held April 16, S. M. D. Clapper
asked the board to permit him to become Chairman of the Board and to
Floyd L.
829,320
26,177
29,879
$1,685,096
See Southern Fire Insurance Co.
Note—No provision was made for Federal surtax on undistributed profits.
taken by the board.—V.
19.680
1935.
For 12 months ended March 31, 1937, net income was $2,046,571 after
charges and Federal income taxes, equal to $4.51 a share, comparing with
$687,638 or $1.51 a share for the 12 months ended March 31,1936.
elect
431,994
57
_
Quar. End. Mar. 31—
77,206
38,284
29,209
284.210
400.687
20,702
686.278
22,938
27,445
_
Operating profit
Federal income tax,
$1,634,447
318.511
$1,949,114
_
Taxes
-V.
1937
$1,841,006
350.474
397,946
30,554
Transp. for invest.—Cr_
Total.
General Refractories Co.
3 Months Ended March 31—
$1,937,997
50.457
Misc. accts. receiv.
of
232,246
183,386
18,703
3,598
190,953
20,743
858,394
26,988
agents &conduc.
Chairman
V. 144, p. 2653.
1933
$1 ,196,512
26,972
3,176
30,541
—
Cash
April 16.
1934
$1,298,517
321,388
Operating Expenses—
,
on
398
398
1935
$1,407,616
314,687
186,253
26,344
3,096
481,372
Total oper. revenues-_
General Household Utilities Co.—Pref. Stock Offered—
George McGliie & Co. offered publicly April 20 50,000 shares
of 5% convertible preference stock (with stock purchase
warrants) at .$10 per share.
1933
1934
398
Income Statement for Calendar Years
Operating Revenue—
Freight
Passenger
Mail, express, &c
feneral expenses., $96,827 has been includedduring the quarter aggregated
431,547, of which z Depreciation provided
in selling, administrative and
as
1935
398
Passengers carried
201,953
154,594
72,139
151,075
11 ,224,071
Passengers carr. 1 mile-- 27,008,282
17,868,010
18,028,558
1.761 cts.
Receipts per pass. per m.
1.783 cts.
2 .069 cts.
1.782 cts.
Tons freight carried
1,059,544
880,673
719,738
736,663
Tons freight carr. 1 m._152,019,115 123,779,331 113,531,327 106 ,581.304
Rates per ton per mile._
1.033 cts.
1.137 cts.
1.144 cts.
- .123 cts.
Gross earns, per mile
$5,784
$4,109
$4,870
$4,626
$3,679,650
stock
outstanding (no par).
Earnings per share
companies,
1936
Miles operated
This action
was
profit
Earns, per sh. on 1,998,769 shs.com.stk.(no par)
x Includes $68,059 realized on sale of securities,
y Includes obsolescence.
Note—No provision has been made for Federal surtax on undistributed
profits accruing after Jan. 1, 1937.
At the annual meeting of shareholders stockholders approved a reduction
in capital from $17,465,767 to $17,240,767, this reduction
representing the
10,000 shares of convertible preference and 20,000 shares of common stock
held in the treasury of the corporation.
With this reduction in effect,
authorized capital will consist of 300,000 shares of $5 dividend convertible
preference stock and 2,781,269 shares of common stock.—V. 144, p. 1785.
Hackensack Water Co. (&
Calendar Years—
Corp.—Dissolution Approved—
1936
Gross operating revenueOther income
Subs.)—Earnings—
1935
1934
1933
$3,848,554
12,411
$3,744,787
11,950
$3,739,563
14,194
16,295
$3,860,965
Net after expenses
2,049,960
Interest (net)
721,063
Depreciation
288,031
Federal tax
115,890
Surtax on undist. profits
9,394
$3,756,737
2,046,680
727,726
95,154
$3,753,757
2,013,360
721,574
279,952
85,621
$3,665,481
1,952,898
742,963
275,387
120,750
$940,805
$926,213
$813,798
$3,649,186
The Boston Stock Exchange has been informed that the stockholders of
this corporation at a meeting held on April 9, 1937, voted to dissolve the
General Stockyards Corp. when the proposed purchase of the company's
assets
by the United Stockyards Corp. has been completed.—V. 144, p.1785.
General Telephone
Corp.—Gain in Phones—
Tne
corporation reports for its subsidiaries a gain of 2,326 companyowned telephones for the month of March, 1937, as compared with a gain
of 1,983 telephones for the month of March,
1936.
The gain for tne first
1.93%, as compared with
a gain of 4,973 telephones, or 1.59% for the corresponding period of 1936.
The subsidiaries now have in operation a total of 341,186 company-owned
telephones.—V. 144, p. 2652.
three months of 1937 totals 6,470 telephones, or
General Water, Gas & Electric Co.—Admitted to
Listing
Net profit
$915,581
282,995
To Reduce Stock—
Stockholders at their annual meeting on May 10 will consider
amending
the certificate of incorporation so as to eliminate
20,000 shares of the pre¬
ferred stock and 160,000 shares of the 7% preferred stock which
have been
authorized but not issued.—Y. 144, p. 2303.
(C. M.) Hall Lamp Co.—Smaller Dividend—
and Registration—
The New York Curb Exchange has admitted to listing
and registration
stock, $1 par; $3 preferred stock, no par, and the warrants
to purchase common stock, $1 par, of the company at any time on or before
Sept. 30, 1937, at the price of $12.50 per share.—V. 144, p. 2653.
the
Total income
common
The
directors
have
declared
a
dividend
of
10
cents
per
share
on
per
Georgia & Florida RR.—Earnings—
—Second Week
1937
Gross
—V.
earnings
144, p. 2654.
$20,975
of April
1936
$17,975
were
'
Jan. 1 to April 14
1937
1936
$386,739
$309,273
the
stock, no par value, payable May 5 to holders of record
April 30.
This compares with 20 cents paid on Dec. 15, last; 10 cents
paid on June 30.
and March 31, 1936, Dec. 10 and July 15, 1935, Dec.
28, Sept. 15 and
June 15, 1934, and on July 20, 1933.
Dividends of 5 cents
common
paid
on
Dec. 23, 1932 and
on
Harmonia Fire Insurance Co.—Name
Stockholders at
name
to
share
July 1, 1932.—Y. 143, p. 3633.
Changed—
a meeting held March 5 voted to
change this company's
(The) Paul Revere Fire Insurance Co.—V. 144, p. 774.
Volume
Financial
144
Haverhill Gas Light
Period End. Mar. 31—
Maintenance
Taxes
Net oper. revenues
1936
1937
Value of metals produced
1934
1935
$2,742,321
2,298.172
$2,191,028
1,876,990
$4,369
$104,313
Drl
1
45
$4,369
2,916
$104,358
Other income
$1,938,734
27,949
$426,183
176,554
$314,038 1
140,068
$444,149
124,076
$1,966,683
84,583
$602,737
73,719
$454,106
64,347
$568,224
79,671
$1,882,100
$529,018
$389,759
x$488,554
$3.97
$1.12
$0.82
Operating income
$95,848
35,000
35,000
$3,529
$1,453
$69,358
185
accruals
Gross income.,
$2,951,145
2,524,962
expenses
81
$6,446
2,916
Balance
$6,141,3 86
4,202,652
Operating
$95,767
$6,447
313
2,717
$60,848
2,456
Non-oper. income (net).
Interest
1937—12 Mos —1936
$563,211
$562,555
354,022
352,385
23,521
23,405
89,899
a82,452
Depreciation
Operation
res.
2829
Earnings for 3 Months Ended March 31
Co.—Earnings-
1937—Month—1936
$48,806
$43,589
33,586
30,885
1,737
1,448
a7,036
6,886
Operating revenues.
Retirement
Chronicle
charges.
Earns,
per
sh.
on
cap.
stock
x
$1.03
After providing for additional taxes contemplated in Revenue
Bill
now
pending.
Net income
$3,344
$58,392
58,968
$66,641
58,968
$1,139
Dividends declared..
Note—No provision has been made for surtax on undistributed earnings.—
V. 144, p. 1787.
has been made for the Federal surtax on undistributed
1937 since any liability for such tax cannot be determined
No provision
a
net income for
until the end of the year.—V.
144, p. 2129.
Hawaii Consolidated
Calendar Years
$654,419
189,078
Net inc. from oper-__
Other income credits
$2,103,714
4,289
$1,796,055
5,520
$7,611,453
34,818
$5,889,973
55,407
$759,335
$764,644
132,998
74.918
170,910
89,359
$843,496
185,080
85,258
$1,801,575
50,493
$7,646,271
257,182
$5,945,380
202,394
314,750
1,179,225
843,341
226,564
89,413
42,361
208,470
113,468
65,145
227,265
92,916
73,888
Gross income
$2,108,003
Interest paid
46,016
Prov. for Fed. & Dom.
income taxes (normal)
351,250
Prov. for Fed. surtax on
$216,620
of equipment
$616,864
147,780
258,235
149,766
19,323
revenue
Maint. of way & struct.
$193,081
$117,295
$179,089
Traffic, transportation—
general expenses
Taxes
Int. & miscell. rents
Balance, surplus
—V. 144, p. 281.
undistributed
share on common stock outstanding
Thomas Robins, Jr., President, states that although the comparative
figures for the previous year are not available, due to recent changes in the
capital structure, the 1937 first quarter earnings represent a substantial
increase over those in the like period of the previous year.
Mr. Robins also reported that the corporation had sold 52,000 shares of
common stock dui ing the quarter and from the proceeds thereof retired all
of the corporation's funded debt.
All preferred stock was retired prior to
Dec. 31, 1936, so that the company now has no funded or bonded debt and
no preferred stock.
Curb
Exchange has approved for listing 168,188 out¬
standing shares of common stock, $5 par.—V. 144, p. 1960.
The
York
New
1,761
4.140
3,205
$1,314,435
$5,486,217
$4,483,802
224,904
845,486
2,740,980
1,005,012
2.389,874
Hiram Walker-Gooderham &
Period End. Feb. 28—
$2,137,711
$1,458,673
129,431
90,543
$2,267,142
161,418
107,623
x339.523
$1,549,216
150,585
$1,658,578
115,205
Operating profit
Other income..
1937—6 Mos.—1936
$4,671,855
$3,002,157
195.134
180.038
..
Depreciation
Interest, &c
Income taxes
..
$1,118,662
115,204
$3,546,548
230,409
standing March 31, 1937, equivalent to $1.87 per share.
The change in
the capitalization prevents an exact comparison of earnings per share with
that of former periods.
For the first quarter of 1936, after substracting
dividends at the maximum rate on the participating preference stock,
$1,048,559 of net income was available for the 595,865 shares of common
stocks outstanding
March 31, 1936, equivalent to $1.76 per share.
Consolidated Balance Sheet March 31
1936
1937
1937
Liabilities—
$
s
Install't notes rec_51 ,788,759
Cash & Govt. sec. 6 ,810,415
41,014,737
6,010,829
S
officers <fc others
13,350,000
284,120
210,520
& officers pursu¬
Fed. & Dom. taxes el,736,752
948,914
ant to stk.owner¬
Dividends payable
922,097
633,012
35,395
25,905
476,790
38,946
338,584
42,368
ship plan
Other receiv., &c.
Miscellaneous
Res. for Canadian
Office equipment
a
exch'ge fluctuat.
469,527
437,547
78,681
64,660
Res. for contingen.
500,000
575,053
23,509
19,255
Min. int.
295,913
in
subs.
company
148,377
415,159
Pref.
stock
($100
18,000,000
par)
Partic.
Net profit
dividends
1936
S
Notes pay., banks. 14,840,000
Notes pay., einpl.,
Loans to Employ's
$2,322,746
230,409
90,564
186,113
446,899
After subtracting dividends paid on the 5% preferred stock, $1,307,463
of net income was available for the 697,389 shares of common stock out¬
$3,182,195
189,405
$4,866,989
322,163
280,619
x717,659
'
679,193
<
& improvements
Total income
\
-
Commonstocks
Worts, Ltd. (& Subs.)—
1937-3 .4/05.-^1936
'
224,904
Assets—
Listing A pproved—
400,000
12,638
2.432
Parti, pref. stock—
$103,553
$0.61
135
$1,532,367
5% preierredstock
profits
170,000
3,008
120,000
937
of
earns,
Dividends—Cash—
1
546,500
175,000
Net income
Earnings for 3 Months Ended March 31,1937
per
Other charges
Min.
int.
in
Corp. (& Subs.)—Earnings—
Net profit after all charges, including depreciation and normal
Federal income tax, but without provision for possible surtax
Earnings
distributed profits
Prov. for contingencies-
subsidiary company.-
Hewitt Rubber
on
expenses
$612,619
146,716
$848,183
131,852
72,386
Non-operating income..
Total
Operating
1933
1934
1935
Subs.)—Earnings—
1937—3 Mos.—1936
1937—12 Mos.—1936
$4,119,016
$3,430,662 $15,344,983 $12,923,307
2,015.303
1,634,607
7,733,530
7,033,334
$691,276
156,907
Rev. from operations—
Maint.
Ry., Ltd.—Earnings—
1936
Household Finance Corp. (&
Period End. Mar. 31—
Gross inc. from oper
preference
Surplus for common.. $1,543,373
com. stk. outstdg..
722,304
er share
$2.14
$1,003,458
660,000
$1.52
Shs.
Earnings
No
provision has been
profits.—V. 144, p. 2327.
x
$3,316,139
722,304
$4.59
y
Capital
$14,345
$9,735
1936
$12,583
$12,438
assets.. $1,361,403 $1,320,066
276,250
286,150
21,378
10,981
4,384
947
Marketable secur.
142,094
12,500
118,175
Deferred charges..
199
241
Inventory
Cash
stock
Capital surplus-
114,780
5 594,364
6,505,075
Capital stock
Fed.
z
47,978,8491
Total
59,449,654 47,978,849
Hudson & Manhattan
Period End. Mar. 31—
Gross operating revenue
RR.—Earnings—
1937—Month—1936
1937—3 Mos.—1936
Oper. exps. & taxes
x$694,422
437.808
$681,032 x$l,972,095
403,852
1,265,560
Operating income
Non-oper. income
$256,614
12,223
$277,179
23,482
$706,535
36,779
$794,654
70,756
$268,838
$300,661
$743,314
$865,410
293,592
315,477
879,596
945,693
$14,816
$136,282
$80,283
$1,996,965
1,202,312
inc.
tax
48,840
$900,000
9,000
4,243
2,500
$900,000
9,000
26,170
3,145
Accounts payableTaxes accrued
for
1936
1937
Dividends payable
Res.
59,449,654
a After reserve for depreciation and amortization of $376,429 in 1937 and
$333,371 in 1936.
b Represented by 697,389 shares of no par value,
c Represented by 183,864 no par shares,
d Represented by 412,001 no par
shares,
e Includes an estimated amount for Federal surtax on undistributed
profits.—V. 144, p. 1441.
Liabilities—
Investm*ts A ad vs.
Accts. receivable--
com.
c4,596,600
dl0300,025
Earned surplus
Total
Balance Sheet March 31
1937
stock
made in respect of surtax on undistributed
3 Mos. End. Mar. 31—
Assets—
10,635,050
com.
Class B
$2,092,337
660,000
$3.17
Holly Development Co.—Earnings—
Net inc. after all charges
stock (par $50) Common stock. _bl7 434,736
Class A
Preferred
1,283
Res. fordepl. and
786,459
deprec
Earned surplus
778,225
92,152
91.433
Gross income
Income charges (inc. int.
Total....
y ueserve ior
balance sheet,
in
uepieuon
ana
on
$1,818,208 $1,785,401
aepreciacion snown
on naDuities
siae ot
x
(Henry) Holt & Co., Inc.—Class A Dividend—
The directors have declared a dividend of 10 cents per share on account
partic. class A stock, no par value,
of accumulations on the $1.80 cum.
payable June 1 to holders of record May 11.
A like payment was made
on March 1, last, and compares with 30 cents paid on Dec. 1,
1936, and
dividends of 10 cents per share paid on Sept. 1, June and March 2, 1936,
and on Dec. 2, 1935, this latter being the first payment made on the issue
since June 1, 1933, when 15 cents was paid.
22H cents per share were
distributed each three months from June 1, 1932, to March 1, 1933, incl.
Prior to then regular quarterly dividends of 45 cents per share were dis¬
bursed.—V. 144, p. 938.
Hotel Waldorf-Astoria
New
York
Curb
Corp.—Listing Approved—
Exchange
has
approved
for listing $10,985,000
outstanding
principal amount 5% sinking fund income debentures, due
Sept. 1, 1954.—V. 144, p. 1602.
Houdaille-Hershey Corp. (& Subs.)—Earnings—
3 Mos. End. Mar. 31—
Gross profit from sales.-
Expenses
1937
1936
1935
$1,240,684
239,541
$1,156,281
227,275
$1,450,630
189,732
$1,001,143
Operating profit--
1934
$660,040
152,155
8,151
$929,006
3,539
$1,260,898
5,604
$507,885
7,422
$1,009,294
$932,545
$1,266,502
$515,307
37,648
124,410
137,222
34,612
161,913
147,989
39,565
173,408
44,000
82,900
21,784
159,634
110,781
37,163
19,119
8,088
x$627,114
$603,183
$902,869
$250,246
784,956
783,756
$0.63
$1.01
144, p. 2483.
783,596
Other income
Total income
Provision for uncollecti¬
ble accounts, &c
Depreciation
Federal taxes
Minority interests
Net profit
Shares class B stock out¬
784,956
$0.66
standing (no par)
Earnings per share
_
.
Subject to adjustment when effect of reduced fares from joint service
RR. between New York and Newark is determined.—
with Pennsylvania
Y.
x
$24,755
z
614.
The
adj. inc. bds. at 5%)
Deficit
After deducting distributions to stockholders in prior years
of earned surplus at dates of distribution of $503,542.—V. 144,
excess
p.
Total
$1,818,208 $1,785,401
_
$0.18
Before surtax on undistributed profits.—V.
Howe Sound
The results
operations of the properties for the quarter ended
sold, are:
March 31, 1937, based on metals
Ounces
Metals Sold—
1st quar., 1937
4th quar., 1936
Cold
3,332
3,662
Ounces
Pounds
Pounds
Silver
Copper
Lead
Hupp Motor Car Corp.—Recapitalization Voted—
Stockholders at a special meeting held on April 17 by a vote of more than
two-thirds of the total outstanding stock, approved the plan of recapitaliza¬
tion submitted by the board of directors.
The plan will become effectual
on
completion of pending proceedings before the Securities and Exchange
Commission, and other regulatory bodies.
The plan provides for a change
to
$1
par
value.
Pounds
Zinc
1,103,424 15,810,994 30,680,324 23.792,996
1,101,660
9,013,197 31,094,600 26,272,837
of the present $10 par value common stock
Each share of the present stock is changed to one-half
share of the new $1 par value common stock.
The total authorized capital
at two million shares.
Immediately preceding the filing of the
amendment, there are outstanding 1,318,628 shares and 193,463 shares in
the treasury of the corporation.
After the change of the number of shares
in the hands of the stockholders, the corporation will, after the completion
remains
of the proceedings before the SEC and other regulatory bodies, offer to the
stockholders the right to subscribe for 988,971 shares of the new $1 par value
common stock, each share outstanding having the right to subscribe for 1H
shares of the new stock.
The offering to the stockholders has been underwritten by responsible
the plan is completed, provide the cor¬
poration, after payment of expenses, with between $2,500,000 and $2,600,000 of cash.
The underwriters have taken options on 245,983 shares of the
stock, which can be exercised up to June 1, 1940, and which, if exercised,
will provide substantial additional funds to the corporation.
Thomas Bradley, President, says that such funds will be ample to at once
resume production on a satisfactory scale.
The engineering of the product
has been maintained during the past year and the company expects to be in
production in the early summer.
investment houses and will, when
New Stock Listed—
Trading in the new stock of the corporation began Tuesday on the Chicago
Stock Exchange and started April 23, on the New York Stock Exchange.
The opening sale of the new stock in Cuicago was 4.
recapitalization approved by the stockholders on April 17,
1,318,628 shares of old stock are exchanged for 659,314
stock.
Present stockholders will be given the right to sub¬
scribe for 1H additional shares for each new share held at $3 per share.
The record date for such offering to stockholders is April 29.
The rights
will expire on May 24.
The exercise of subscription rights will provide
net proceeds of approximately $2,560,000 and furnish adequate working
capital to put the company's plant in production witn a capacity of 37,500
automobiles annually based on one shift of eight nours per day.
After
financing there will be outstanding with the public 1,648,285 shares.
—V. 144, p. 2483.
Under
the
the outstanding
shares of new
Co.—Report for Quarter—
of the
144, p. 2655.
Financial Chronicle
2830
Illinois Central RR.—Seeks $7,050,000 Equipments—
International Paper Co,
The company has applied to the Interstate Commerce Commission for
permission to issue $7,050,000 of 3% equipment trust certificates to mature
semi-annually in 20 instalments. The proceeds are to be used to help pay
new equipment to cost $9,410,487.
Bids for the purchase of the issue will be received until April 28 at the
office of R. E. Oonnally, Treas., 26 Liberty St.,
P..2304.
■■■■"■
.
Calendar Years—
Gross sales, less returns,
Outward freight and delivery exps._
Maintenance and repairs..........
Taxes (other than income taxes)
Net operating income
Indianapolis Water Co.—Earnings—
!
Earnings for 12 Months Ended March 31,1937
$2,644,611
808.473
—
-
Operation, maintenance and retirement
depreciation.
or
Federal and local taxes
...
472.724
....—....
.......
on
Depreciation
Depletion
.—....
...
Provision for doubtful accounts.....
Provision for income taxes
Prov. for Fed. undist. profs, tax.
Divs. being currently paid on pref.
stock of sub
....
Net income
Interest charges....
■
....
Other deductions
Balance available for dividends..........................
$1,363,414
679.758
111.524
Di
vs.
$572,131
12,330
preference shares of subs..
on
Net profit for year
on bonds redeemed......
Calendar Years—
Profit from operations._
General and salas exp. &
1936
50,829
1933
x$26.514
$102,660
53.957
43~520
Shut-down expenses....
36^054
$12,648
3,028
$15,675
19,662,507
Int. earned & sundry inc.
48,602
Deficit Dec. 31
d Loss,
e Deficit.
$26,863,914 $19,662,507 $17,900,109
..■■'/•i.
1936
JJ. sects
loss$45,522
Provision for U.
S.
and
V,-
15,377
91,089
foreign taxes
Depreciation
Net income
$19,667
$0.03
Earns.persh.oncap.stk.
74 £76
,
loss$92,543 loss$110,063 loss$172.453
IS LI
Nil
Nil
receivable
15,759,660
26,499,121
802,176
Due from af.
Deferred
cos.
and expenses
7,280,343
.
to
payrolls,
Accounts, trade ac¬
ceptances & notes
receivable
Rubber
Drafts
804,318
935,164
Serial oblig. pay.
Due to Internat.
378,936
376,294
6.768,674
3,549,957
6,077.139
12,833.505
12,330.805
96,084,558
1.827.970
97,178
;
43,529
29,426
22,445
4,459
Minority
100,741
81,337
75,899
68,204
3,363,368
I^nd & Improve¬
ments, &c
c
7.200
2,980.020
1,139,171
92,543
b
3.605,909
a
b
b
Capital stock... 2,980,020
Capital surplus... 1,003,313
Deficit
76,172
hand
on
audio transit...
stocks of subs.
interest
7,200
4,109,821
Pref. & common
$7,800
18,328
in sub.co
Mat'ls & supplies.
Reserves..
1935
$5,314
payable...
Accounts payable.
Sundry reserves..
$184,402
4,047,434
&c.,
Pap. & Pr. Co.
1936
Liabilities—
1935
$254,428
5,091,198
15,659
expenses
Consolidated Balance Sheet Dec. 31
1936'
Assets—
4,946,130
Accrued interest
the parent company.
Cash..
4,880,455
Accts. payable..
Accrued
taxes,
1,677,193
tration requirements of the
assets
15,924,000
payable
(unsecured)..
assets
After credits from prior year's inventory reserves,
674,000
Notes
13,129.552
y Caused by regis¬
Securities and Exchange Commission and by
reorganization through dissolution of three subsidiaries and transfer of their
x
68,130,546
Notes payable to
f banks
(see'd).
27.675.826
7,538,290
Inventories
$
81,049,296
Funded debt..
Accts. and notes
1267930
125,738
1935
$
Liabilities—
$
Capital assets-183,862.54S 194,786,596
Cash..
5,116,158
3,093,501
....
'
_v;
1936
1935
(§
.
-,-V'
Dec. 31
Sheet
Balance
a
Profit
Cr658.139Drl2.37l.792
..Drl2,811.834
Consolidated
Profit
506.116
$5,610,427 e$2.420,537 e$2,413.866
17.900.109
3,114.450
Balance, surplus.........
Deficit Jan. 1
Net adjustments
loss$54.948
9,425
loss$17,666
Profit
32*861
loss$17,666
$126,134
Special expenses
50,723
7.384
58.482
$126,134
miscellaneous taxes
y
1934
1935
$98,922
$220,483
-Earnings—
12,500
504,400
$5,159,696 d$2,840.898 d$3,009,717
450.732
420,361
>
595,850
....
Intercontinental Rubber Co. (& Subs.)-
12,415
504,400
accrued but not being currently
paid
—V. 144, p. 1111.
$9,802,026
4,055,576
932.799
373,447
4,946.284
748,531
1,049,626
186,864
$17,898,233 $10,104,222
3,938,809
3,922,764
514,936
1,019,224
420,324
364,839
4,878,457
5,057,505
792.973
723.016
648,477
995,773
1,023,522
345,184
4,308
—
funded debt
unfunded debt
Amort, of debt discount and expense
on
Interest
12,929,259
6,029,840
1,974,672
6,516.468
14,728,148
6,791,198
2,259,517
5,650,369
Selling, general and admin, expenses
Interest
Gross revenues
$87,302,382
52,879,661
10,853,825
5,372.320
2,056,853
6,337,697
Gross income.—....
$113,481,347 $95,601,634
Cost of sales and expenses..........
66,153,882
58,047,172
N. Y. City.—Y. 144,
■■11
accrued-interest.—V. 144, p. 2656.
par and
1935
1936
......—
Indianapolis Union Ry.—Bonds Called—
103% of
(& Subs.)-^-Earnings—
'
allow. & dis.$112,000,844 $94,563,322 $86,207,527
Other income (net)....
1,480,503
1,038,312
1,094,855
This company's general and refunding mortgage 5% gold bonds, series B,
due 1965, were called oh April 1, 1937, for redemption on July 1, 1937
at
April 24, 1937
7% cum.pf.stk 96,084.558
6% cum.pf.stk
1,826.970
Deficit
Total...
247,643.012'
239,577,953
52,500,000
19,662,507
Common stock 52.500.000
26,863.914
239,577,953 247.643.012
Total
After deducting depreciation reserve of $49,681,785 in 1936 and $59,327,067 in 1935.
b Represented by shares of $100 par.
c Represented by
a
Pats., tradenames,
'
&o
1
—
Advances, claims &
deposits
Prep'd & def. chgs.
Treasury stock...
Total
a
16,718
1,000,000
66,914
20,035
65,694
860
860
International
$3,971,546 $4,064,4351
$3,971,546 $4,064,435
Total
After depreciation and amortization of $1,795,987 in 1936 and $1,471,-
b Authorized 604,000 shares, no par; issued to Dec. 31, 1936,
595,576 shares; remaining to be issued to complete exchanges under 1926
reorganization plan, 428 shares; total, 596,004 shares stated at $5 per share.
—V. 144, p. 2131.
Corp.—$10,000,000 Debentures Offered—
An offering of $10,000,000 10ryear sinking fund 4% converti¬
ble debentures to stockholders and to the public was com¬
pleted April 19, when an underwriting group headed by
Hay den, Stone & Co. offered publicly the debentures not
subscribed for through the exercise of warrants previously
granted to common stockholders.
Associated with Hayden, Stone & Co. *n the public offering are Edward B.
Smith & Co.; Lee Higginson Corp.; G. M.-P. Murphy & Co.; Blair, Bonner
Stockholders at
Co.; Hallgarten & Co.; Hemphill, Noyes & Co.; R. W. Pressprich &
Co., and White, Weld & Co.
The debentures are convertible until Jan. 15, 1947, or until prior re¬
demption, into common stock of the company at the following conversion
prices per share:
$25 through April 15, 1939; $27 thereafter through
April 15,1941: $29 thereafter through April 15, 1943; $31 thereafter through
April 15, 1945, and $33 thereafter through Jan. 15, 1947.
Provision is
made for adjustment of the conversion price in the event of the issuance
of additional common stock and certain other instances.
1
Net proceeds from the sale will be applied by the company to the re¬
demption of an issue of $4,600,000 1st mtge. 5Yi% bonds due 1945: to the
redemption of an issue of $4,129,500 1st mtge. 5% bonds due 1951, and to
reimburse the treasury for moneys applied to the previous redemption
of $2,370,000 1st mtge. 5H% bonds of Zenith Furnace Co.
With the
retirement of these bonds, the debentures will constitute the company's
only funded debt.
Sinking fund provisions of the new debentures provide for the retirement
on or before Oct. 15, 1938, and annually thereafter through Oct. 15, 1946,
of $550,000 principal amount of debentures, with the right of the company
to receive credit for debentures redeemed and paid or converted into common
stock and to deliver debentures for the sinking fund in lieu of cash.
This
sinking fund is calculated to retire approximately 50% of the entire issue
by maturity.
Corporation, originally incorporated in 1905 as By-Products Coke
Corp., is engaged in the manufacture and sale of pig iron, coke and various
coke
by-products.
Its principal plants are located at Chicago, 111.;
Toledo, Ohio; Duluth, Minn., and Erie, Pa.
Since Feb. 22, 1937, the
a
jmg f floss
,L
_r V'*1-.
The board of drectors was reduced to 11 members with John M. Tuttle,
H. McLeod, N. Baxter Jackson and Charles F. Clarkson retiring.
Earl
Reelected to the board were:
Bromwell Ault, Karl H. Bebr, A. W. Chaun-
D. R. Goldthwaite, M. F. Holt, E. W.
Hobart Rawson and Philip Ruxton.—V. 144,
tey. J. It. Esposito, F. B. Gleason,
Pittman,
P. 2658.
J. M.
■
Hutton,
."SV/V C-
/V
;
International Radio Corp.—Listing
The
New
York
Curb
,
Iowa-Illinois Telephone Co, (& Subs.)—Earnings—
Consolidated Income Account Year Ended Dec. 31, 1936
Operating revenues
Operating expenses
Pro vision for doubtful accounts receivable
11,692
3,720
........
Rents
.
$466,653
$1,144,320
116.735
10,811
3.416
506,910
12,581
$613,608
168,610
Profit
Other income
Total
Interest
on
funded debt.
Amortization of bond discount & expense.........
Interest on promissory note
........
......
Depreciation
Expenses in connection with iron paving tile......
Charges or credits in respect of cash advances & in¬
79,500
Interest received on such advances............
Estimated normal Federal income tax
20.900
63,065
in
.....
Net profit
Note—No provision has been made for surtax on
and proper
146,955
$26,671
388,696
15
Consolidated
Balance
$372,202
Sheet
a
Dec.
31,
1936
Liabilities—
Assets—
Property, plant & equipment $1,228,035
Special deposits
532
Prepaid acc. & def. charges-1,569
Cash
24,011
Common stock (par $10)
$300,000
704,000
78,093
Funded debt-
Deferred liabilities.-Accounts
..
payable—
7,756
3,726
Acc. uncond. int. on fund, dbt
6,370
Notes and acc'ts receivable.
Materials and supplies
Accrued State & local taxes. 1
5,280
8,362
Federal Income taxes
231
—
Mis cell, current liabilities
—
Reserves
3.040
171,430
13,948
—
Deficit (date of reorganlz.)..
—
After
Iowa
^
reserve
$1,264,2451
$1,264,244
Total
of $3,895 for doubtfu ]receivables.—Y. 136, p. 2422.
Power &
Light Co. (& Subs.)—Earnings—
1936
Year Ended Dec. 31—
1935
operating revenues...................... $2,849,289
Operating expenses
.
....
...
855,940
Maintenance
74,839
Taxes
200.068
Provision for income taxes............
149.035
Provision for surtax..
8,665
$2,815,853
855,113
$1,560,743
79,584
$1,557,511
65.901
$1,640,327
$1,623,412
370,175
371,350
Total
——...
....
...
.....................
&
....
Non-operating revenues (net)—
income
on
.......................
funded debt..............
......
Amortization of bond discount and expense
Other interest charges
.......
18,283
Interest during construct—Cr—
Dividends on preferred stocks of subsidiary......
1,296
34,629
2,898
61,276
199.853
142,100
......
18.283
2,585
300,861
292
34,629
298,377
Net income................................
$914,776
$898,479*
Dividends paid—.........-.....-...—..——-
681,955
Appropriations for retirement reserves
.
$17,301
undistributed profits
adjustment if any will be made in annual figures.144 p. 2131
1,883
—
$13,948
Gross
Interest
39,000
71,180
38,720
...
payable to Central Elec. & Tele. Co
note
on
Net operating revenues-
Dalton
Ore Co.—
Provision for amortization of investment......
vestment
—
...—......
G eneral interest
a
6,149
33,330
10,118
300
...
...
Interest
1936
.
30,295
.......
.
Net earnings
Interest on funded debt
$4,662,190
4,183,707
5,581
5,175
•
$156,942
56.228
—
—
Total..
$965,683
178,637
Provision for Federal capital stock tax
—
———
-
...
Maintenance
Provision for depreciation
State, local & miscellaneous Federal ta.es
Federal income tax of subsidiary company
Quarter Ended March 31
1 1937
$6,862,072
5,875,802
157,000 out¬
official notice of issuance, 31,400 additional shares of capital stock.
$1 par.—V. 144, p. 1282.
#
upon
several years.
3 Mos. End March 31—
Gross sales, less commissions, discounts, &c
Cost of goods sold & expenses
Approved—
Exchange has approved for listing
standing shares of capital stock, $1 par, with authority to add to the list
company has been operating all its blast furnaces at 100% of capacity and
has been receiving the highest prices for pig iron which have prevailed for
Income Statement for
Changed-
,
meeting held April 19 approved a change in the name
of the corporation to Interchemical Corp.
y
A. W. Ohauncey, Vice-President and Treasurer, said the old name
would be continued in connection with the printing ink division of the
&
■
Ink Corp.- •Name
Printing
Directorate Reduced—
129 in 1935.
Interlake Iron
shares.—V. 144, p. 2131.
no-par
^
Volume
Financial
144
(Julius) Kayser & Co. (& Subs.)—Earnings—
Consolidated Balance Sheet Dec. 31, 1936
T A fl hi lit 4
Assets—
Property
and
$18, 524,951
13,947
deposit with trustees
franchises,
Cash
on
&c.
Pref. stocks of sub. company.
Cash
a
430,253
Fund, debt of Des M. Gas
110,433
191,552
121,544
i
-
on
Accounts
pref. stocks
Accts. and notes receivable.
Materials and supplies
Balances
In
...
closed
banks
under restriction
Co
Pref. stock dlvs. payable
deposit for payment
of dlvs. on
6,000,000
1,995,500
Fd. debt of Iowa P. & L. Co.
1, 200,000
Light Co
Cash
2,500,000
456,750
Common stock ($10 par)
Advance to Des Moines Elec.
i
$2,472,900
3,900,000
7% cum. pf. stk. ($100 par).
6% cum. pf. stk. ($100 par).
rights,
plant,
Accrued
110,433
354,643
137,404
taxes
Interest
52,771
15,141
Consumers' deposits
or
Sundry curr. & def'd liablls..
374
...
Unamort. bond disct. & exp.
Contributions
380,996
consumers
177,085
2.263,544
for construction of property
404
Other deferred charges
by
Reserves.....
Surplus
Total
>
a
After
reserves
—
•—..."
of $59,169 for uncollectible
.
433,195
$20,980,454
Total-.;.-
$20,980,454
_
accounts.—V. 126, p. 2644.
(John) Irving Shoe Corp.—Sales—
Month
Gross
sales for the
$323,120
283,637
March.
690,751
ended April 30,
quarter
108%'
144%
1788.
p.
Reserve for taxes
1,402
29,390
1,293
13,650
585
6,667
938
Cr309
63,073
72,274
74,218
73,070
Net profit
$181,305
$80,083
Jersey Central Power & Light Co.—Balance Sheet—
Kendall Co.—Participating
$
76,379,911
Fixed capital
1936
1,340,511
29,084
Accts. receivable..
1,701,222
1,733,822
778,192
73,789
717,875
99,514
8,461
7,100,000
7,030.300
7% preferred Rtock 7,100,000
77,431.407
1,013,943
52,090
6.160
6% preferred stock 7,030,300
5H% pref. stock. 7,910,800
7,910,800
x Common stock.. 10,537,700
10,537,700
Funded debt
42,225,000 42,225,000
Materials and sup-
plies
$
Liabilities—
Notes receivable..
Cash
1935
$
1935
(t
250,000
Bank loan
37,856
232.945
Dividends declared
3,106,878
3,336,890
Accrued liabilities.
420,314
295,436
591,280
338,472
606,193
liabs..
58,205
Prepayments—...
Advs, by banks—
Accounts payable-
Miscellaneous cur-
brent assets
Miscell. assets
Deferred debits...
Consumers'
Misc.
Reacquired capital
322,897
601,094
338,472
564,288
5,167~238
4,193,733
169,529
769,338
Capital surplus...
Earned surplus... 1,357,219
Reserves
124,607
124,607
stock
curr.
depos.
191,122
785,769
Misc. unadj. cred.
...83,603,520 84,726,248
Total..
1
* Represented by 1,053,770 shares common stock (no par).
Note—The income account for calendar years was given in
distributed
June 1,
on
1934.
The directors also declared a dividend of 25c. per share on the common
Kentucky Utilities Co.—Preferred Dividend—
share on account
junior pref. stock, par $50, payable May 20
The directors have declared a dividend of 87 K cents per
on
the 7% cum.
to holders of record
May 1.
Dividends of $1.25 per share were paid on
Feb. 20, last, Nov. 20, Aug. 20, May 20 and Feb. 27, 1936, and compares
with 87H cents paid on Nov. 20 and on Aug. 20, 1935, and with 50 cents
paid on May 29, 1935, and 25 cents on May 29, 1934.—V. 144, p. 2659.
(& Subs.)—Earnings—
Kimberly-Clark Corp.
1936
1935
1934
1933
$22,863,864 $20,246,139 $16,529,315 $13,804,355
Sell., gen.&adm.exps._
1,818,483
1,629,191
1,361,239
1,205,752
Depreciation
1,175,131
1,161,487
1,150,583
1,141,565
Cost of sales
17,293,782
15,630.991
13,010,967
10,550,450
Calendar Years—
Net sales
$2,576,468
$1,824,470
$1,006,526
199,792
149,634
218,223
292,646
$2,776,260
Federal income taxes
y522,500
Int., amortization, &c..
377,154
$1,974,104
*192,500
399,459
$1,224,749
x90,000
412,347
102,172
$1,199,235
82,500
431,545
105,530
287,576
42,175
222,871
prof .40,699
149,556
prof.13,914
$1,052,395
597,780
$438,056
597,780
$444,018
597.780
Operating profit
Other income
Total income
Prov. for doubtful accts
.
on
395,994
23,348
sales, &c
Net loss of subsidiary
Net profit
$1,457,265
597,780
548,076
Preferred dividends
Common stock
182,696
"Chronicle"
x
1936
per
share
Estimated,
y Includes
profits.
undistributed
$145,000
7,681,281
Assets—
Dep. for retire, of
years
sec-
18,788
Notes & accts.
rec.
2,105,448
4,095,703
Other assets
414,118
Due from affil.
Invest.
In
sec.
cos.
202,024
co.
pay. Jan.
149,445
149,445
121,793
60,898
404,000
approved by order of the Court entered that day.
By its further order of the same, the Court temporarily continued the
company in possession of its property.
The Court has directed that all parties holding bonds and stock (voting
trust certificates) of the company file
of the Court on or before April 30.
proofs of their claims, with the Clerk
The company has been authorized by the Court to file
on behalf or all security holders depositing under the plan,
proofs of claim
and this will be
done.
The present status
tabulation below:
Status
of the securities dealt with in the plan is shown in the
of Securities Dealt with in Plan
Amount
1st mtge. bds. publicly held.
lst mtge. bonds pledged
Outstanding
$12,400,000
2,100,600
(at March 10, 1937)
Amount
Percentage
Subject to Plan Subject to Plan
Pf.stk.(vtc's) v
publicly held.
82,682 shs.
Com.stk(vtc's)publicly held 181,728.4 shs.
$7,897,200
2,100,600
5,116,000
for
23.73%
46,528 shs.
25.60%
(par
1937—Month—1936
Period End. Mar. 31—
1937—3 Mos.—1936
$1,209,326
776,408
$1,035,017
670,655
$3,417,447
2,262,625
$2,947,485
1,945,908
-$432,918
110,000
$364,362
88,000
$1,154,822
330,000
$1,001,577
Railway tax accruals—,
Railway oper. income.
Equip't rents, net debit.
Jt. facil. rents, net debit.
$322,918
41,622
8,556
$276,362
46,634
9,006
$272,739
$220,722
Railway oper. expenses.
fea
Net
rev.
from ry. oper.
Net ry. oper.
,
Income.
45.787,945 40,238,100
Total
x
After
reserves
and $12,696,032 in
for
|
Total
--—45,787.945 46.238,100
depreciation and depletion of $13,657,110 in 1936
y Represented by 489,173 no par shares.—V.144,
1935.
2659.
Kresge Department Stores, Inc.—Initial Pref. Div.—
special meeting of the board of directors held on April 14, the initial
the period from Jan. 1, 1937 to March 31,
1937, incl., was declared on the new 4% cumulative convertible first
pref. stock payable on May 10 to holders of record May 1.—V. 144, p. 2659.
At
a
dividend of $1 per share, for
Kreuger & Toll Co.—Swedish Liquidators Expect to Pay
26%
on
Allowed Claims—
The Marine Midland Trust Co. of New York has received word from
Stockholm
that the liquidators
in the Swedish bankruptcy of Kreuger &
Toll Co. expect to pay a dividend of 26% on claims allowed in that bank¬
ruptcy. Several years ago the Marine Midland as trustee for the secured
debenture holders of Kreuger & Toll filed a claim In Sweden in respect of ad
outstanding secured debentures, and since then has participated in pro¬
ceedings in the Swedish bankruptcy in the interest of the secured debentureholders. The Marine Midland understands that the claim of the secured
will probably be reduced by distribu¬
already made to them out of the American bankruptcy of the com¬
It is understood that there will be a waiting period of at least six
before any dividend from the Swedish bankruptcy can be paid.
—V. 144, p. 9^1.
tions
pany.
weeks
Lambert Co. (&
Subs.)—Earnings—
Quar. End. Mar. 31—
1937
1936
1935
1934
Net profits after taxes—
$447,378
$380,885
$567,552
$732,621
Shares capital stbek out¬
standing (no par)
746,371
746,371
746,371
746,371
Earnings per share
$0.60
$0.51
$0.76
' $0.98
Note—No provision made for Federal surtax on undistributed profits.
—V. 144, p. 1965.
Lehigh Portland Cement Co.—Earning
1936
1937
Net profit after deprec.,
Federal taxes, &c
$2,318,054
xEarns.pershs.oncom.
$2.67
$626,701
$0.28
1935
1934
$663,590 loss$434,407
$0.36
Nil
capital set up.
Note—No deduction or allowance was made for surtax on undistributed
income.—V. 144, p. 1790.
'
x
Based
on new
„
238,000
Lexington Utilities Co.—Preferred Dividend—
Note—Railway tax accruals Includes no charge
distributed surplus.—V. 144, p. 2484.
,
,
$100)
9,963,000
9,963,000
y Common stock—19,494.667 19,494,667
Surplus
7,174,438 7,363,028
12 Mos. End. Mar. 31
City Southern Ry.—Earnings—
Railway oper. revenues.
438.270
cence
6% cum. pref. stk.
payable to these debenture-holders
that it will not be consummated unless accepted In
writing by (a) not less than two-thirds of all first mortgage bonds publicly
held, (b) not less than two-thirds of all first mortgage bonds pledged, and
(c) not less than a majority of each class of stock (voting trust certificates)
publicly held, provided, that the consent of the stockholders shall not be
required if the Court shall find that the company is insolvent or that the
interests of the stockholders will not be adversely affected by the plan.
If a majority of each such class of stock does not accept the plan, It is
contemplated that the matter will be submitted to the court to determine
whether the interests of the stockholders are adversely affected by the
plan, or that a modification of the plan will be proposed the Court and to the
bondholders for approval, whereby the bondholders will receive a preferred
position for the interest given up, leaving the present stock as it now is
and its acquiescence in the plan unnecessary.
(See also V. 143, p. 3845.)
—V. 144, p. 2306.
The plan provides
Kansas
7,330,000
extraor¬
obsoles¬
debentures for principal and interest has been tentatively fixed in Swedish
kronor on a basis which, at current rates of exchange, would equal from
about $975 to $990 in respect of each $1,000 debentures, but the amount
64.41%
100%
19,622shs.
stock
bonds
p.
filed a petition in the U. S. District Court
for the Western District of Missouri, Western Division, seeking reorganiza¬
tion under Section 77-B of the Bankruptcy Act; and said petition was
183,250
761,503
1st mtge. 5% gold
bonds (curr.)--_
share.
Public Service Co.—Seeks to Reorganize—
138,000
1,108,131
1st mtge. 5% g old
cross-arms,
Kansas City
1st
2, 1937
on com.
pay. Jan.
Res.
This will be the initial public offering of the stock of the company which
was founded in 1902 to manufacture pole line equipment, including poles,
On March 6 last, the company
49,628
2,1937
Div.
(cost)-
Joslyn Mfg. & Supply Co.—Stock Offered—The Central
Republic Co. of Chicago offered on April 2o 30,000 shares of
guy wire and insulators.
Application will be made to list the stock on the Chicago Stock Exchange.
$
821,137
Div. on pref. stock
of
dinary
a
on
mtge. bonds.—
order to afford a proper comparison with the first
quarter of 1937.—V. 144, p. 1964.
stock at $45
1935
61,541
Acer, taxes, sal'Jes
and wages
2,484,918
3,715,464
593,692
235,696
8.721,191
8,721,191
xProperty28,246,386 28,492,049
Deferred charges.538,580
568,642
affil.
88,820
(est.)
int.
Acer.
486,452
35,109
486,452
secure.
Other market
Inventories
1,191,381
Fed. inc. tax prior
205,030
re-stated accordingly in
common
on
400,000
Due to affil. co—
183,250
138,000
bonds
U. 8. Govt,
$
Notes payable
of bond Interest-
$0.05
of 1937, nor does it include profits of $37,494 earned during
of 1936 by Johns-Manville Credit Corp., a wholly-owned
subsidiary.
No provision has been made for surtax on undistributed net income.
The method of compiling the consolidated profit and loss account has
been changed beginning witn the first quarter of 1937, in that the respective
sales, manufacturing cost and expenses of certain foreign and minor domestic
subsidiaries have been included in the consolidation, whereas heretofore
the net result of the operations of those subsidiaries was applied to the
item of manufacturing cost, selling and administrative expenses.
The
statement for the first quarter of 1936, as previously issued, has been
surtax
1936
Accounts payable.
721,632
550,225
$176,765
Note—This statement does not include profits of $62,625 earned during
first quarter
first quarter
Federal
Liabilities—
$
$
Cash
$1.05
(850,000)
for
1935
1936
478,799
$1,021,919
Profit after income tax
provision
Condensed Consolidated Balance Sheet Dec. 31
$8,410,866
74,022
$271,919 def$159,724 def$153,363
487,173
487,173
487.177
$0.93
Nil
Nil
$311,409
487,173
$1.76
Surplus
Shs.com .stk.out. (no par)
Deposit for paym't
Profit per common share
$906,588
Other int., cash discount
Johns-Manville Corp. (& Subs.)—Earnings—
Sales, net of returns and allowances
Manufacturing cost, selling & adminis. expenses.. 11,147,449
Depreciation & depletion
586,123
Provision for inc. & excess profits taxes
246,175
share
stock, payable May 1 to holders of record April 26.
This compares with
30c. paid on Oct. 16 last, and 20c. paid on May 13, 1936.—V. 144, p. 941.
Earnings
1937
$13,001,665
per
of $1.50 per share on the
& partic. pref. stock, series A, no par
cum.
_
of March 27, page 2132.
3 Months Ended March 31—
dividend of 89c.
value, payable June 1 to
holders of record May 10.
A participating dividend of lOe. was paid on
June 1, 1936; one of 38c. paid on June 1, 1935, and one of 92c. per share
$6
1,701,565
83,603,520 84,726,24S
Total....
Pref. Div.—Common Division—•
The directors have declared a participating
in addition to the regular
quarterly dividend
Consolidated Balance Sheet Dec. 31
1936
4 ft ?/»/?---■■
$57,401 loss$97,089
undistributed
Note—No provision is made in above figures for taxes on
profits.—V. 144, p. 615.
accumulations
1936, $877,051.—V. 144,
1937
$275,169
Depreciation
Increase
1937
1936
$155,480
of—
February
(Australia) Ptg., Ltd.]
1934
1936
1935
$167,301 ,
$138,871 loss$23,390
[Excludes earnings of Julius Kayser
Quar. End. Mar. 31—
Income from operationsInterest
111,088
payable
Accrued
2831
Chronicle
$824,822
145,005
19,284
$763,577
126,982
23,741
$660,532
$612,854
for Federal tax on
un¬
The
6H%
directors have declared a dividend of $2.12H per share on the
preferred stock, par $100, payable May 10 to holders of record
April 30.
A similar payment was made on Feb. 10, last, and compares
with $5.f~
'
May 11 anc
10, 1935, P
preferred stock was made on Dec. 15, 1933.—V. 144, p. 2134.
2832
Financial
(F. & R.) Lazarus & Co. (& Subs.)—Earnings—
_
«
15,124.699
13,923.603
102,468
133,300
122.018
137,537
11,991,301
89,510
98,050
Prov. for Fed. surtax on
undist. profits.
Interest paid
Goodwill,
trade
marks & patents
$214,990
Mtge. pay. curr__
5,000
Res. for Fed. tax..
X14.339
5,000
*19,601
80,000
Bank loans
600,000
600,000
25,390
Mortgage payable.
75,000
"l",382
264
Surplus
33,666
34,104
$974,414
$955,443
Total
$974,414
$955,443
Inventories
18,462
91,229
1,000
Investment
Total
Includes
razed
$225,490
600,000
15,000
5,918
7% pref. stock
600,000
5,678
24,271
120,698
Accts. receivable..
9,073
1935
1936
Liabilities—
$219,098
Common stock
Cash
5,940
on
1935
1936
$222,384
Unexpired insur_.
66,000
11,195
...
securities, &c
Loss on bldgs. improve.
accruals.—V.
144,
Accounts payable.
"l"747
779.
p.
41,211
Net profit
Dividends
$1,219,314
$832,788
pref. stock
on
of subs,
fc
25,850
co
$830,242
$775,831
26,731
26,930
26,001
Portion of net profit ap¬
plicable
to
minority
t
int, in common stock
of subs, companies...
3,113
6,664
1,415
1,957
Surplus for year
Previous surplus, Jan. 31
Disc, on pref. stk.purch.
$1,190,350
3,876,249
$800,123
3,549,052
$802,096
3,140,542
3,201
$746,944
2.722,377
17,294
Total surplus..
6H % pref. divs
$5,066,600
"$4,349,175
37,235
116,280
$3,945,839
169,539
$3,486,615
346,074
44,819
629,000
222",555
222',555
120,000
134,645
5,248
>
Assets—
Real estate & bldg.
_
adm.
exps., net other
Income. &c
18,024,649
Prov. for depreciation..
128,117
Prov. for Fed. inc. tax..
239,000
Loss
April 24, 1937
Balance Sheet Dec. 31
Years Ended Jan. 31—
1937
1936
1935
1934
Net sales_
x$19,729,485x$16,222,982x$14.989,613x$12.963.766
Cost of sales, oper. &
_
Chronicle
-
4 %% pref. divs
Common dividends
Prem.
Dated April 1, 1937; due April 1, 1952: interest
payable A. & O. Con¬
common stock at $25 per share until March 31, 1940, and at
$28 4-7 per share thereafter and until March 31, 1942, subject to adjust¬
ment; the conversion privilege to continue only until the redemption date,
vertible into
stock
pref.
on
purchased
Lion Oil Refining I Co.—Debentures Sold—An issue of
$4,000,000 4K% sinking fund debentures, due 1952, has
been fujly subscribed, according to Blyth & Co., Inc., who
underwrote the issue.
An initial offering of the debentures
was made to stockholders in the form of
rights to subsoribe
for $500 for each 50 shares of common stock.
Upon expira¬
tion of these rights on April 15, debentures hot subscribed
for by the stockholders were purchased and
disposed of
by Blyth & Co., Inc.
if earlier called
for redemption through operation of the sinking fund or
Chase National Bank, New York, trustee.
Company—Is engaged in the production, purchase, sale, transportation
and refining of crude oil and its products.
Its crude oil production is in
the States of Arkansas, Texas and Louisiana.
Company proposes to acquire at least 84%, and, so far as obtainable on
satisfactory terms, the remaining 16% of the outstanding capital stock of
E. L. Smith Oil Co., Inc., which is engaged in the production of oil and
gas and in the acquisition of producing and non-producing oil and gas
leases, principally in Texas.
Holders of slightly over 84% of the outstanding capital stock of E. L.
Smith Oil Co., Inc., as of March 9, 1937, had deposited such shares for
purchase by the company.
Company will derive from the sale of these debentures more than suffi¬
cient funds to purchase all the outstanding shares of
capital stock of E. L.
Smith Oil Co., Inc., if the shares not so
deposited are tendered to the
company at the price at which the deposited shares are available to the
company.
Company expects within a reasonable time either to acquire
substantially all of such non-deposited shares, in which case E. L. Smith
Oil Co., Inc. may be liquidated, or to
merge that corporation into the
otherwise.
Consol. earned sdrplus
Jan. 31
$4,235,546
Earns, per sh. on 370,000
shs.
$3,876,249
$3,549,051
$3,140,542
$1.85
$1.72
$1.54
$3.00
Includes other income of $148,929 in 1937; $168,904 in 1936; $120,989
x
n
(nopar).
common
1935. and $151,691 in 1934.
v
Consolidated Balance Sheet Jan. 31
•
1937
Assets—7777Cash
hand
on
1936
$".
1937
Liabilities—
$
&
Notes
deposit—...
1,507,028
U. S. Treas. bonds
20,648
on
Customers'
2,912,618
Merch. inventories 2,711,810
Other assets
211,047
...
for
for
883,347
445,160
725,822
228,805
814,000
300,000
92,336
89,670
517,000
517,000
Reserves
Pref. stock of sub.
bldg 1,000,000
Mln.
170,638
146,638
Property & equip. 2,561,303 *2,456,808
of
sub.
1
co.
1
in excess
date
of
cum.
367,303
124,691
8,436,340
24,399
24,492
pref.
1,200,000
pref.
Common stock._
3,000,000
1,374,300
4,235,546
1,374,300
3,876,249
367,303
123,519
11,587,087
After
$1,824,252 in 1936.
1789.
y
x
.11,587,087
Total.
8,436,340
in 1937
Represented by 370,000 no par shares.—V. 144,
Lessings, Inc.—Earnings—
Quar. End. Mar. 31—
1937
Sales
1936
1935
1934
$157,561
$104,426
$146,897
$147,341
general expenses
145,703
90,552
144,306
141,276
Profit from operations
$11,857
$13,873
$2,591
$6,064
460
Drl67
726
426
of sales,
oper.
and
Other income
'
Total income
$12,317
Smith
Oil
for
$6,491
2,700
585
1,200
$9,867
4,500
$11,007
4,578
$2,522
$5,291
$6,429
$0.36
$2,522
$0. 8
$2,138
$0.11
Net income.........
Balance
per
$3,317
210
mm
mm
.
mm
mm
mm
mm
mm
mm
mm
mm
and
Dividends paid
Earnings
$13,707
$5,367
Federal
State taxes.
share
3,153
$0.17
1937
Casn
$462,929
320,512
Loss.
or losses from the sale of
capital assets included in profit and loss
but eliminated above, were as follows:
Lion Oil Refining Co.
subs., profits, 1934, $214,700; 1935, $4,574; 1936, $223,594:
E. L.
Smith Oil Co., Inc., 1934, profit $8,605; 1935, loss,
$1,282; 1936, profit,
$31,167. The excess of cost over book value at date of acquisition of capital
stock of subsidiaries liquidated into the
company during 1934 in the amount
of $109,756 was charged against consolidated
surplus.
Additional losses
in the same connection in the amount of
$12,118 were charged against
statements
and
consolidated surplus in 1935.
There were, at March 9, 1937, on deposit under escrow
agreement
336,475 shares of E, L. Smith Oil Co., Inc. common stock, which, together
with 1,000 shares owned
by Lion Oil Refining Co. at Dec. 31, 1936, com¬
prises 84.368% of the total shares issued and outstanding.
Application of Proceeds—Net proceeds ($3,738,680) are to be used, as
as determinable, as follows:
(a) to the extent necessary (estimated at
$2,932,500), to reimburse the company for expenditures heretofore
made or hereafter to be made to acquire on or before
April 1, 1937, about
85% of the outstanding capital stock of E. L. Smith Oil Co., Inc., and
(b) to provide, in whole or in part, the further funds necessary to
acquire
the remaining outstanding interests in E. L. Smith Oil
Co., Inc., which
at the same price would cost
approximately $517,500.
Capitalization—-The funded debt and capitalization of the company and
its subsidiary, adjusted to reflect ownership of 337,475 shares
(84.368%)
of capital stock of E. L. Smith Oil
Co., Inc., and the issuance of the 4H%
sinking fund debentures due 1952 being offered, is shown below.
far
Accrued interest..
6,910
81
Inventories
Prepaid insurance.
/
Investments
Land, bldgs., fix¬
tures, auto, de¬
livery equ pm't.
612
12,092
2,252
20,612
1.949
39,325
98,490
Total
$15,671
.
1,384
_
$14,934
1,090
Res. for Federal &
State taxes
z
Capital 8ioek._.
Earned surplus
5,615
90,000
60,547
3.450
91,557
63,285
$173,217
v
$173,217
1937
1936
1935
1934
$3,475,381
677,182
$3,456,669
605,801
$2,462,609
541,964
171,379
$2,798,199
202,380
$2,850,868
206,426
$1,920,645
141,382
$3,243,997
$3,000,580
$3,057,294
$2,062,027
...
Other income
Total income
Selling,
adv.,
admin.,
experimental & devel.
exp., prov. for doubt¬
ful accts., conting., &c.
748,961
474,050
651,113
352,500
484,327
353,200
472,009
219,020
$2,020,985
$0.80
Net profit
Earnings per share
—V. 144, p. 1285.
$1,996,967
$0.79
$2,219,767
$0.88
$1,370,998
$0.54
1936
Selling, administrative & shipping expense
Balance
Non-operating expense (net)
Prov. for Federal income & capital stock tax
Net profit for year
.
Common dividends
on
60,000 shares
Loft, Inc.
(& Subs.)—Earnings—
Consolidated Income Account for the
Year Ended Dec. 31, 1936
Candy, soda and restaurant operations—Sales
$11,168,153
Cost of sales
5,872,914
Balance.
$5,295,239
Salaries, rent expense, property taxes, maintenance, &c., less
$374,918 rents received from subtenants
4,726,249
Advertising
.■
274,725
Gross profit from operations, before
deprec. & amortiz
General and administrative
expenses, &c__
Corporate and excise taxes on payrolls, receipts, &c
Special repair and reconditioning of stores in addition to charges
to
operations.
$89,707
common stock.
47,506
$112,705
43,782
630
$42,159
11,757
3,592
$68,293
6,934
9,270
$26,809
15,663
$52,089
14,444
24,000
$0.63
12,000
$0.18
Loss
Net loss from operations, before
depreciation,
and other items listed below
$359,91068,897
amortization
Depreciation, $550,941, and amortiz. of leaseholds, $28,559..
as
reported,
Dec. 31, 1935
— -
Increase in provision for prior year's
depreciation
Addition to reserve for general
contingencies
Settlement of contractual relation with 21 West 34th St.
Corp.
Write-off of obsolete and discarded
equipment and fixtures
Amounts paid by subsidiaries for cancellation of leases and as
commissions for rent reductions
Payment to
an officer of prior year's
salary and expense
Settlement of claims for prior year
rent, taxes, &c., less $30,000
received from tenant for cancellation of
long-term lease....
Reductions of reserve accounts and
liability balances set up
in prior years, &c
Consolidated
deficit', Dec. 31,
1936
$294,264
487,500
73,144
49,535
43,995
&c._
Discounts earned and other income
Consolidated deficit,
1935
42
...
Bad debts expense
Earnings per share
224,369
1,214
416,935 shs.
—V. 144, p. 2660.
Net loss from operations, before items below
Lindsay Light & Chemical Co.—Earnings—
Calendar Years—
Gross profit on sales
Preferred dividends
322,415
Capital stock and deficit of E. L. Smith Oil Co.,
represented by 62,525 shares
Capital stock of Lion Oil Co. at Mississippi
Common stock (no par)
1,000,000 shs
Interest expense, discounts allowed,
Federal taxes
Outstanding
$4,000,000
:
$174,317
Libbey-Owens-Ford Glass Co.—Earnings—
profit.. $3,072,618
:
caused by death last year of Mrs. J. W. Herold, of New
York.—V. 144, p. 616.
Total
$174,317
x After reserve for
depreciation of $123,940 in 1937 and $114,181 in 1936.
Accounts receivable only, z Par $1 in 1937 and $3 par in 1936.—V. 144,
1284.
Net manufac.
$4,000,000
Lit Brothers Co.—New Director—
p.
3 Mos.End. Mar. 31—
...
to fill vacancy
553
Mfg. prof, after deduct¬
ing mat'ls used, labor
and mfg. expenses
$3,610,018
Less depreciation
537,399
......
Other funded debt
At the recent annual meeting, Maurice L. Wurzel was elected a director
1
1,313
...
1936
90,581
1
charges.
1937
Accounts payable
Accrued payroll.
10,409
Goodw.ll
Deferred
$23,975
Authorized
4H% sinking fund debentures......
Liabi Uics—
1936
$33,050
y5,327
Accts. & notes rec.
y
1936
x$15,678
188,779
176,989
*
Balance Sheet March 31
Assets—
*
1935
x$14'5,531
Co.. Inc
about
2,450
Loss from sale of bonds.
Prov.
1934
Lion Oil Refining Co. and subs
E. L.
for depreciation and revaluation of $1,722,743
reserve
and
Cost
The consolidated income of Lion Oil
Refining Co. and subsidiary com¬
panies, and the income of E. L. Smith Oil Co., Inc., ,for the years 1934,
1935 and 1936, after eliminating profits or losses from the sale of
capital
assets, but before deducting interest, amortization of debt discount and
expense, and income taxes, were as follows:
Profits
Total
.
"
Income of Company and of E. L. Smith Oil Co., Inc.
(par $100)
Earned surplus
ac¬
company under the laws of Delaware.
com¬
stock
y
Deferred assets.
p.
cum.
4% %
quisition
x
in
plus of sub.co_.
stock
its net assets
at
by
stock & sur¬
6)^%
of the book val.
of
int.
mon
in
invest,
owned
other interests..
/
repur¬
chase of real est.
Cost
100,000
Long-term indebt.
co.
Goodwill
$
201,000
Accounts payable.
Accrued liabilities.
2,225,858
2,144,486
241,601
constr.
of new store
Fund
1936
7*7
for
money borrowed
accts.
receivable
Fund,
730,123
payable
$291,014
579,500.
$870,514
257,567
241,108.
140,000
110,234
71,012.
17,993
3,105.
12,677
Cr30,711
$1,693,501
Volume
144
Financial
Consolidated Balance Sheet Dec. 31, 1936
<4 sscts
^
Cash in banks and
a
Liabilities—
268,389
eral loan payable to bank—
Accounts payable
Accrued salaries and wages—
bIndemnity deposit (contra).
Note rec., matures after 1937.
9,000
...
Deposit with surety company
5,000
Unremitted N. Y. City sales
tax collections
(contra)
21,871
Balances in closed banks
5,644
d Receivable
23,158
Sundry investments.
e
or
Two 1937 instalm'ts on collat¬
74,622
501,103
30,000
c
1936, this latter being the first dividend paid on the common
8
*°£, since Aug. 1, 1934, when $1 per share was also distributed.
Dividends
hand..,
Inventories..
2,439
6,068,768
Fixed assets
Leasehold
Improvements, Ac.
297,253
G oodwill, trade-marks ,&c
3,015,311
Patents..;
6,584
Unexp. insur., prep'drents, Ac.
Special packing & adv. supplies
64,375
18,458
50,000
507,071
.
Instalments
payable
to
ployees for patents
117,758
Accrued N. Y. C., Federal and
State taxes (est.)
23,433
Accrued Int., insurance, &c—
End. Mar. 31—
inc.
after expenses
and Federal taxes_„.
license fee
1938 &
Shs.
22,205
on
collat¬
eral loan payable to bank..
Unsecured note payable
x
5,000
4,566
10 ,329,652
1 ,693,501
Total
10,411,877
After allowances for doubtful accounts of $17,292.
b Pending settle¬
ment of New York State license fee.
c Regarding
sequestration bond in
pending litigation,
d From Pepsi-Cola Co., the Grace Co., Inc., of Del.,
(or) Charles G. Guth, at ledger amounts,
e After
depreciation,
f Represented by 1,073,259 no-par shares.—V. 144,
p. 2134.
(& Subs.)—Earnings—
Mar. 11,'37 Mar. 12,'36 Mar. 14,*35
$12,390,097
3,783,967
Mar. 15/34
$7,878,998
2,845,960
$7,015,676
2,670,339
$6,680,713
2,707,241
$5,033,038
$4,345,337
$3.04
$2.64
$3,973,472
$2.38
Net profit before sub¬
sidiaries dividends_x$8,606,130
Earns.per sh.on com.stk.
$5.26
x
1936
1935
1934
1933
oper. (pass, ser.)
360
360
363
364
No. of pass, carried
82,278,859
77,671,201
79,134,435
79,947,258
No. of pass. carr. 1 mile. 1393139428 1276963,243 1293325,006 1304203,606
Av. rev. from each pass.
21.6 cts.
21.8 cts.
21.8 cts.
21.4 cts.
Mileage
revenue per
Av.
rev.
Av.
rev. per
per ton
_
ton p. mile.
1.275 cts.
5,235,131
93,312,995
$1.26
7.051 cts.
1.327 cts.
1.322 cts.
4,742,151
4,847,940
88,971,326 101,580,802
$1.21
6.444 cts.
$1.19
5.661 cts.
1.315 cts.
4,499,684
96,622,478
$1.27
5.908 cts.
Operating Results for Calendar Years
Revenues—
1936
1935
$6,579,309
17,765,082
1,180,987
Freight
Passenger
Mail, expenses, &c
$5,733,730
16,950,650
1,122,031
Total oper. revenues.$25,525,378
yl934
$5,750,729
17,230,719
1,246,033
Transportation
Miscell. operations
General
Transp. for invest.—-Cr.
11,622,915
3,037
789,517
1,655
$23,806,411 $24,227,481 $24,068,582
$2,042,089
4,259,159
242,961
11,175,593
709,113
$2,013,387
3,734,513
172,054
10,412,005
3,637
662,578
$1,683,285
3,299,329
153,893
9,606,256
2,347
640,925
409
829
48
2,851
.$19,616,192 $18,431,359 $16,997,345 $15,385,988
Net earnings
5,909,185
5,375,052
7,230,136
8,682,593
Uncollectible revenue..
11,585
9,570
8,624
3,139,196
Railway tax accruals.
2,751,458
2,595,547
2,350,155
Operating
expenses.
.
.
__
Operating income—_ $2,769,989
Joint facil. rents (net)--
361,210
1,611,328
$2,612,008
474,456
1,596,866
Netry oper.income..
Non-oper. income
$797,451
372,698
$540,686
374,026
Hire of equipment
Gross income
$6,323,815
454,242
1,638,915
$2,522,159
505,220
$4,230,658
553,619
$3,027,379
$4,784,277
$60,000
$60,000
171,342
54,301
2,026,030
1,893
$60,000
164,596
62,282
2,060,386
192,714
9,640
$60,000
158,149
51,282
2,165,767
61,321
44,500
"
Deduct—
170,328
63,111
Misceh. tax accruals
Int.
on
funded debt
Int.
on
unfunded debt..
Miscellaneous
2,017,209
9,131
8,400
charges..
Net loss
$1,158,031
Dividend appropriation.
Approp. for ins. fd., &c.
...
8,986
$1,407,841 prof $477,760 pf$2243,258
1,099,827
Balance, deficit
$1,158,031
$1,407,841 sur$477,760 sur$l 142522
For the purpose of comparison the amounts charged to
operating
beginning August, 1934, account of the Railroad
Retirement
Act, later declared unconstitutional, have been omitted.
y
General Balance Sheet Dec. 31
1936
1935
$
Road &
mtg. prop, sold
on
hold
Liabilities—
519,440
least
property
Misc. phys. prop
Inv. inaffil. cos.:
Advances
101,207
1,305,789
101,207
1,181,593
Cash
Special deposits.
Loans & bills
Traf., Ac., bals.
608,653
367,787
740,828
Accts. A wages.
55,282
Advances
Mat'd interest..
Fund, debt ma¬
453,050
119,859
77,765
rec
16
598
Traf., &c., bals.
135,342
712,703
936,433
105,590
790,543
819,986
Agts. & cond'rs.
Mat'ls & suppl's
Int., dlvs.,
Ac.,
receivable
rec.
27,395
1,305,659
cur. assets
4-^9
Misc. accts.
Other
UnadJ. debits..
Deferred assets.
923,203
2,521,468
tured,
$
3,519,863
5,500,000
966,765
1,409,892
25,954
26,861
unpaid
and rents
1,736
6,736
876,705
1,182,971
525,223
509,362
3,773,106
1,101
Tax liability...
370,511
44,484 Ins., Ac., res've.
1,588,631
1,218,883 Acer, deprec'n.. 18,954,578
Oth. unadJ.accts
1,527,706
840,860 Deferred liabil..
338,455
1,816,205 Add'ns to prop,
3,990,497
Misc. accts. pay.
Other cur. liabs.
surplus
..151,008,532 148,439,820
Total
144, p. 2308.
1,564,647
12,626,875
1,127,404
16,497,433
151,008,532 148.439.820
dividend of $1.50 per share on the common
stock, par $100, payable May 1 to holders of record
April 13.
A similar
payment was made on Feb. 1, last, and
compares with a dividend of $1 paid
a
$1,398,723
264,452
$1,134,271
—
$757,102
130,529
$626,573
Macmillan
Co.—Pays Extra Dividend—
The company paid an extra dividend
of 40 cents per share in addition
the regular quarterly dividend of
25 cents per share on the common
stock, no par value, on April 15 to holders of record
April 10.
An extra
dividend of 40 cents was paid on Dec.
10, last, and an extra of 25 cents per
share was distributed on Jan.
2, 1936.—V. 144, p. 284.
to
Magma Copper Co.—Earnings—
1937
6.172c. per lb.
Net
income
after
1936
8,402,424 lbs.
9.025c. per lb.
5.346c. per lb.
$312,696
Copper produced
Average selling price.
Average production cost
$346,876
8,891,466 lbs.
9.591c. per lb.
deducting est. Federal
income tax
—V. 144, p. 2134.
Managed Investments, Inc.—Extra Dividend—
The directors have declared
addition to the regular
an extra dividend of five cents
per share in
quarterly dividend of like amount on the common
value, both payable May 15 to holders of record
May 1.
A similar extra was paid on Feb.
15, last, an extra dividend of 25 cents
was paid on Dec. 24,
1936, and extra dividends of five cents per share were
distributed on Nov. 16, Aug. 15, and
May 15, 1936 and on Dec. 23, 1935
and Feb. 15, 1934.—V. 144,
p. 942.
stock,
no par
Marconi International Marine Communications
Ltd.—Final Dividend—
Co.,
The directors have declared a final dividend of
17 9-10 cents per share
the American Depositary Receipts for
on
to holders of record
ordinary shares payable April 24
April 16.—V. 143, p. 2685.
Marion-Reserve Power Co.—Bonds
new issue of
$4,500,000 1st
Offered—Offering of
a
mtge. bonds, 4J^% series due
1952, was made April 22 by White, Weld & Co., A. C.
Allyn
& Co., Inc., Kidder,
Peabody & Co. and Coffin & Burr,
Inc.
The bonds, which are
being offered by means of a pros¬
pectus, are priced at 98% plus accrued int. from
April 1,
1937, to date of delivery.
Dated April 1, 1937; due April
1, 1952.
Interest payable (A. & O.
in N. Y. City.
Commercial National/iBank & Trust Co. of New
1)
York,
Coupon bonds in denom. of $1,000 registerable as to
principal.
Registered bonds in denom. of $1,000, $5,000, and
multiples of $5,000 as
authorized from time to time.
Couponjbonds/and registered bonds, and
the several denominations,
interchangeable.
Legal investment, in the
opinion of Ropes, Gray, Boyden & Perkins, Boston,
Mass., for savings
banks
in
Massachusetts.
Company—Organized, with the approval of P. U. Commission of
Ohio,
Dec. 31, 1936 by the consolidation of
Columbus,! Delaware & Marion
Electric Co. (incorp. in Ohio on June
13, 1917), that company's two
wholly-owned subsidiaries: Mt. Gilead Water, Light, Heat &
Power Co.
(incorp. in Ohio on Nov. 6, 1900) and Morrow Public Service Co.
(incorp.
in Ohio on June 22, 1922)—and Reserve
Power & Light Co. (incorp. in
Ohio on Nov. 9, 1928), pursuant to an
agreement of consolidation, dated
Dec. 31, 1936.
Company acquired the assets and assumed the liabilities
of the constituent corporations.
Purpose—Net proceeds to be received by the company will be
applied:
1. To secure the release and satisfaction of the
1st &
refunding
mtge., dated July 2, 1917, of Columbus, Delaware & Marion
Electric Co., by deposit in trust with the trustee of an
amount
in
cash
equal
to
the principal of and
interest
to
maturity,
July 1,1937, on all bonds outstanding thereunder
(less $65,401
held by the trustee)...
-.$3,300,418
2. To payment and discharge of a
judgment owned by Manufac¬
turers Trust Co., against Reserve Power &
Light Co. in the
amount of $621,916 and interest thereon
from April 1,1937
623,989
3. To payment and discharge of
$271,010 of a $1,021,010 5%
promissory note of Columbus, Delaware & Marion Electric Co.
owned
by Manufacturers Trust Co. and interest on said
note from April 1,1937, such
$271,010 being the balance of note
remaining after the satisfaction of $750,000 thereof
by the issu¬
ance of $750,000 10-year serial notes
of the company—
4. To payment and discharge of
$58 principal amount of a
5.
$490,058 5% promissory note of Columbus .Delaware & Marion
Electric Co. owned by Utility Service
Co.,'such $58 being the
balance of note remaining after satisfaction of
$490,000 thereof
by the issuancejof 4,900 shares of $5 pref.
stock(of the company
To payment and discharge of a
$207,76416%lpromissoryinote
of Columbus, Delaware & Marion
ElectriclCo. payable to the
Western Reserve Power & Light Co. and
interest thereon from
273,846
58
208,447
The balance required for the
purpose of the discharge and satisfaction
of the indebtedness will be obtained from
company's current cash.
Business—Company is engaged chiefly in the production, purchase,
transmission, distribution and sale of electric
energy in central and north¬
eastern
238" 873
1,250,285
14,643.305
1,184,403
87,258
Luther Mfg. Co.—$1.50 Dividend—
The directors have declared
...
_
April 1,1937
through Inc. A
-V.
$704,619
30,283
22,200
per share
$4.79
$2.65
Note—No provision has been made for
Federal taxes on excess profits
and (or) undistributed
earnings, if any, as the amount cannot be deter¬
mined until the close of the calendar
year.—V. 144, p. 1966.
4,500,000
Accrued interest
P. A L. balance.
Total
in prior years
Net profits
3,272,239
Due Pa. RR. for
2
Other investm'ts
1935
54,991,386
39,801,100
4,253,000
from
N. Y. State..
advances
Notes
$1,356,360
42,363
set up
1936
$3,937,520
3,232,902
.
$
Capital stock
54.991.3S6
Funded debt...
39,801,100
54,282 Eq. trust oblig.
3,521,000
Depos. in lieu of
Impt.
1936
*S>
equip..141,290,969 140,270,837
1937
$5,894,469
4,538,110
Earnings
909
expenses,
jA,
Co.—Earnings—
on
$914,712
Miscellaneous rents
on
trustee.
$4,625,018
486,844
1,616,015
$1,170,149
Rents for leased roads..
Before Federal surtax
303,894
- 303,894
303,894
$0.56
$0.56/
$0.70
undistributed profits.—V. 144, p. 110.
Net profits before provision for
income taxes...
Provision for income taxes
1933
$5,709,175
17,145.203
1,214,204
Operating Expenses—
Mamt. of way & struc— $2,247,709
Maint. of equipment—
4,707,444
Traffic expenses
247,226
$61,869
Adj ust. of reserves & accruals
pass.
per mile
Rev. tons carried
Rev. tons carr. 1 mile._
$17,732
303,894
$0.63
3 Months Ended March 31—
Traffic Statistics—Years Ended Dec. 31
Avge.
$17,963
stock out¬
Net profits from
operations
Before provision for surtaxes on undistributed profits.—V. 144, p. 941.
Long Island RR.-—Earnings—
1934
$243,672
29,856
151,947
Other income
a
and
1935
$199,535
29,856
151,947
12 Months Ended March 31—
Net sales, after
deducting disc'ts, returns & allow.
Cost of goods sold,
general, admin. & selling exp_.
21.437
150,000
■—
f Capital stock
Deficit
common
McGraw Electric
21,871
1936
$199,766
29,856
151,947
29.856
standing (par $10)
Earnings per share
350,000
400,000
(contra)
1937
x$220,134
$38,331
Preferred dividends
Common dividends
Surplus
(contra)
1939 Instal
$2 per
942.
p.
151,947
27,599
Amt. paid In 1937 in settlement
of N, Y. State additional
Res. for general contingencies.
Deferred profit on lease
Loew's, Inc.
paid each quarter from Nov. 2, 1931, to and
including
Prior to Nov.
2, 1931 regular quarterly dividends of
Net
34,321
Deposits by employees and ten¬
ants, &c
28 Weeks Ended—
were
distributed.—V. 144,
MacAndrews & Forbes
Co.—Earnings—
3 Mos.
5,000
Rents & property taxes pay..
Acer, unempl. insur. taxes—
tax collections
Operating profit
Deprec., taxes, &c
were
35,462
em¬
employees for patents
Unremitted N. Y. City sales
10,411,877
$1 per share
May 2, 1932.
share
Instalments payable In 1938 to
Total
2833
Nov. 2,
on
Accounts and notes recelv..
on
Chronicle
Ohio.
Water service is supplied in
village of Mt.
1936 such service constituted less than
1% of the
constituent corporations.
Electricity is furnished to
total
Gilead, but in
business of the
over 19,000 domestic,
commercial, industrial, municipal and other customers in and
around
Marion, Crestline, Rittman, Mt. Gilead, Richwood,
Cardington and 57
other communities.
In addition, electric
energy is sold to unaffiliated
public utility companies, to wit:
Union Power Co.,* Ohio Power
Co.,
Prospect Light & Power Co., SoutherniOhio ElectriciCo., and Western
Reserve Power & Light Co.
Fifteen communities are served in this'manner.
Electricity is also transmitted over the facilities of the
company|for retail
distribution by two unaffiliated public
utility companies inA20 communities
and adjacent territory.
Capitalization After Issuance of the 1952 Series Bonds
First mtge. bonds, 4K % series due 1952
10-year serial notes (interest rate 3%-5%)
$5 preferred stock (cumulative,
Common stock (no par)
no
—
par)
Outstanding
$4,500,000
750,000
18,884 shs
20,000 shs
•
Financial
2834
Earnings of
Cohstitueftl Companies Years
Ended Dec. 31
1934
Total
gross
earnings
Operating expenses and taxes
Maintenance and repairs
Provision for retirement reserve
General taxes
Provision for Fed. income tax
—
—
1935
1936
SI ,325.185
571,221
68,992
85,479
99,145
7,740
$1,432,913
$1,554,608
658,854
72,212
111,064
103,184
8,589
604,109
107,819
100,175
109,481
25,690
26,533
$492,606
$479,006
$580,726
Prov, for Fed. undistrib. profits tax.a
Net earnings..
—-
a After
provision for retirement reserve and Federal taxes but before
Interest on funded debt, general interest, &c.
The annual interest requirements on the $4,500,0001952 series bonds and
$750,000 10-year serial notes will be $202,500 and $30,000, respectively.
On April 1, 1937, the company paid an initial quarterly dividend of
$1.25 per share on its outstanding $5 pref. stock.
Principal Underwriters—The names of the principal underwriters and the
respective principal amount of the 1952 series bonds to be severally pur¬
chased by each are as follows:
v,' ''-'.J";,
.
,
Name—•
..."
•''/Amount \
v-
■.
White, Weld & Co., New York
A. C. Allyn & Co., Inc., New York
Kidder, Peabody & Co., New York
Coffin & Burr, Inc., New York
...
Granbery, Safford & Co., New York
Minsch, Monell & Co., Inc., New York
Van Alstyne, Noel & Co., New York.—
$1,500,000
1,500,000
700,000
500,000
100,000
100,000
100,000
—-—
...—...
....
—
1937
24
April
Chronicle
Information, supplemental to the prospectus, referring to
tion's capitalization, history and operations is contained in
which the firm has prepared.—V. 144, p. 2487.
Massachusetts Bonding
the corpora¬
a pamphlet
&lnsurance Co.—Dividend—•
The directors have declared a dividend of 87)4 cents per share on the
capital stock, payable May 5 to holders of record April 27
A like payment
was made on Feb. 5, last, and compares with 75 cents paid on Nov. 5, 1936,
62)4 cents paid on Aug. 5, 1936, and 50 cents per share paid on May 5
and Feb. 5, 1936, this latter being the first dividend paid since April 15,
1932, when a dividend of 50 cents jier share was also distributed.—V. 144.
p. 1286. '
U"/'■ /
Massachusetts Utilities Associates—Annual ReportIncome Account
for Calendar Years (Company Only)
1936
Interest
........
1935
1934
1933
$1,721,275
18,627
$1,728,889
28,694
$1,841,927
$1,862,393
13,704
1,872
48,956
$1,739,902
b29,500
$1,757,584
5,647
$1,857,503
6,307
$1,911,349
198,346
195,967
200,327
205,099
8,095
83,830
Dividends-.-
8,414
54,910
43*838
48,402
Miscellaneous income...
Total income
Taxes
...
—
amortization of
debt disc. & expense..
Net premium on debs.
5,388
&
Int.
reacquired....
General expense.
.
Divs.
Feb., 1935 &
inc. in 1934...
rec. m
accr. as
29,889
Earnings for 3 Months Ended March 31
3 Mos. Ended March 31—
$396,759
2,901
397
...
$382,835
141,680
50,961
30,439
Non-operating
Operation.
Maintenance and depreciation
y General taxes
$1,462,755
$1,607,030
$1,652,459
1,447,631
1,447,609
1,447,599
1,447,517
a$27,501
$15,146
$159,431
$204,942
Pref. divs. of Mass. Util.
•"i
Assoc.
paid
declared
or
229
Balance for
surplus
b Including surtax of $2,600.
Deficit,
a
Total............................
$1,420,130
Net Income—
4,588
$404,296
142,318
59,949
31,309
»
$375,294
2,724
4,238
—.
Water
Merchandise (net before taxes)—
j
al936
*1937^
Revenues—Electric
Balance Sheet Dec. 31
1936
,
Assets—
,
'
Shs.of vot.tr .Hold¬
$170,719
$159,756
x Preliminary,
y Includes bondholders'
tax refunds,
z Available for
bond interest before provision for Federal income and corporate withholding
Net earnings
•
taxes,
a
ing shs. of subs. 19,090,650
—.....
Sbs. of subsidlariesl6,851,229
Notes & accts. rec.
a
Of constituent corporations consolidated.—V. 114, p. 2660.
,
820,574
6% pref. shs. of
New Engl Pow.
Association
1936
1935
1934
1933
$450,363
363.343
33,324
$430,567
356,822
Other oper. charges—.
$561,664
446,728
45,944
$422,333
343,480
32,670
Netry. oper. income..
Non-operating income..
$68,992
12,657
$53,696
6,385
$67,046
9,208
$46,183
$81,649
$60,081
$76,254
$61,006
Calendar Years—
Total oper. revenue
Total oper. expenses
Gross income
Rentals, interest & mis¬
cellaneous inc. charges
6.699
14,823
77,766
76.217
76,317
80,028
prof$3,883
Balance, deficit...
$16,136
$64
1935
1936
Cash...
—
_
Traffic &
car serv.
balances..
5,419
9,890
192,500
1,287
Int. receivable-...
ors'
Traffic &
Disc,
balances...
24,589
16,020
59,625
31,069
9,027
51,436
rec.
Mat'l & supplies..
Int. & divs. rec...
98,795
payable..
26,858
16,409
Mlscell. accts. pay.
Int. mat'd unpaid.
62
514
1,271
1,796
and
808
19.506
curr.
19,924
4,016
19,655
7,109
Deferred liabilities
301,508
2,754 Approp. surplus.. 1,168,951
21,012 Profit and loss
167,824
6,326
Freight in transit.
Unadjusted debits
int.
rentals..
liabs..
$5,247,298 $5,159,049
Total
299,902
1,168,575
171,564
Comparative Statement of Income (Company Only)
—
Total income
General expenses
...
Taxes (incl. Federal income taxes)
1936
$779,111
35,690
7,626
15,495
a$764,259
32,000
12,385
17,958
$837,921
8,883
21,368
$826,602
9,561
4,518
$807,670
Other
Interest income—Subsidiaries
Other
1935
acquisition surplus.
1936
$4,352,921
108,834
$4,461,755
2,474,234
255,444
expenses...
....
Depreciation
...
Taxes
....
Consolidated net income
Preferred dividends.
Common dividends
306,704
585,130
10,836
.....
Interest charges..
$829,406
554,138
275,754
....
...
Deficit
a
13,500
9,426,271
43,656
23,675
7,150
9,4264271
790.940
858,484
Total
45,232,013 43,791,116
1935
1934
1933
$8,167,338
2,196,016
92,931
$7,828,112
2,194,498
$7,518,922
2,279.911
$7,155,854
2,348,607
—
30,591
411,350
43,048
397.061
56,333
433,517
$10,464,552 $10,238,942
$9,994,311
5,442,683
Non-operating revenue—
Interest
Other
Total oper. revenue..$10,944,283
General expenses
—
2.719.128
3.512.271
631,424
811,011
1,322,796
2,632,158
3.308,418
510,099
815,909
1,273.346
2,583,236
3,012,952
803.195
1,252,984
304,798
855.535
1,151,363
& dividends
Int. & amort, of bds. disc
Other Interest
$1,947,653
$1,924,620
202,362
28,725
211,078
21,283
$2,145,747
221,653
26,569
$2,239,933
229,528
20.432
Other charges.........
Minority pref. divs., Ac.
8,916
236,909
32,814
217,580
255,397
278,385
Net consol. earnings.. $1,470,741
$1,441,865
$1,642,127
$1,711,589
Operating expenses
Purchased power &
gas..
Maintenance.—
Depreciation
-
earns,
440.828
before Int.
Pref. divs. of Mass. Util.
Assoc. paid or declared
1,447,631
1,447,609
1,447,599
1.447.517
Bal. for consol. surpl.
$23,109
def$5,744
$194,528
$264,072
♦Excluding inter-company
revenue.
,■
1935
$4,198,734
101,093
....
...
$486
Investment
16.040
848,648
progress
Notes receivable from subs..
Note recelv. from affil.
co...
Cash
250,000
30,000
Deposits and time deposits..
765,740
248,324
Notes recelv. from subs
690,000
Accounts receivable
449,181
Declared dividend receivable.
Prepaid insur., &c., charges..
.
56,032
7,386,342
.
191,919
6.883.498
Association
rec.
105,706
from
485,000
.
985,000
1.827,386
Cash
248,324
554.138
275,754
Decl. divs.
$40,126
Materials & suppls
Sink, fund deposits
& others
Prepaid
Disc,
.....
on
316,687
1,275,371
53,744
395,924
50,937
466,658
273,311
79.900
405,000
487,884
470,713
361,908
361.906
15,818
16,546
505,247
Mass.
Associates
preferred shares
Divs. declared on
minority shs. of
subsidiaries....
of
a
sub.
to be retired....
147,000
106,300
548,694 Res. & susp. cred.17,034,640 16,833,178
Cap. surp. of subs.
66,081
66,919
Consol. earn. surp. 1,989,006
1,965,896
36,716
1,161,235
Total.........59,234,456 57,445,6391
a
3,642,500
105,374
Eng. Pow. Assoc
Consumers' depos.
Bonds
24,471
Util. Assoc. pref
shares.—
3,589,196
Notes pay. to New
Util.
43,679
Unadjusted debits
Capital....
$11,368,266
Accounts payable.
79,148
Accts. pay. to subs.........
89,521
Accrued taxes..
156,845
Other accrued expenses
21,142
Dividends declared
138.534
Consumers' deposits
225,620
Reserves & def. credits
3,000,958
Capital surplus of subs......
84,531
Consolidated earned surplus.
1,398,934
held by publlo— 3,621,974
Long-term debt—. 3,420,000
Accounts payable.
511,184
c Accrued taxes—.
333,838
2,537",907
insurance
& other exps
shs.,
vot. tr.
subs,
of
Div. decl.on Mass.
1,372,772
62,858
395,059
rec
$
com.
Accruals
Depos. in savings
accounts....
Pref. &
shares
affil. utility cos.,
not subsidiaries
1935
$
LiabUUies—
Conv. 5% cum. &
partic. pref. stk.28,954,500 27,793.265
Com. stk. ($1 par) 1,780,249
1,780,249
or resp.
pref. sbs. of
New Eng. Pow.
Accts. & notes rec.
from
customers
9,230
160,058
Inventories
-. _
securs.
1936
1935
a6%
$789,766
UabUUies—
Investment securities
1936
$
$
Plants & propertles45,060.345 44,669.240
Construction work
b Notes receivable
Consolidated Balance Sheet Dec. 31,1936
Assets—
V
$4,299,827
2,426,531
218.609
306,704
547.558
10,657
Including Federal income taxes.
Plants and properties
$13,086,866
Construction work orders in
.
A.8SCt$m~mm
Notes
Gross income.
a
Other accrued exps
Investments res..
revenue—
Miscellaneous
In progress
Consolidated Income Account (Company and Subsidiaries)
Calendar Years—
Gross operating revenue
Other income
Maintenance
Provision for taxes
Accrued Interest..
23.362
465,635
oper.
Electric.
$812,523
Dividends included in income of Massachusetts Lighting Cos. exceeded
the aggregate net income of subs, for 1935 by $22,756, none of which was
a
Operating
3,960
405,000
42,750
25,982
Consolidated Balance Sheet Dec. 31
Net income
out of
Eng. Pow. Assoc
1936
Gross
Net
Companies—Earnings—
Calendar Years—
Diva, on com. stocks—Subsidiaries
361,905
[Company and Underlying Companies and Associations]
..$5,247,298 $5,159,049
-V. 142, p. 3514.
Massachusetts Lighting
3,492,500
45,232,013 43,791,116
Taxes
Total
1,7804249
par)
Surplus
50
Unmat'd
1,780,249
Sinking fund debs,
ser. A, 5%, due
April 1, 1949— 3,420,000
Pref. div. declared
361,908
Accounts payable.
10,913
1,000 shares.
Gas.
Funded debt mat'd
Other
41,440
Total
*
129,558
...
*
Consolidated Statement of Earnings Years Ended Dec. 31
Aud. vouchers and
wages
on
v>:
243,537
& expense
1935
1936
car serv.
balances
43,556
220,483
pref. shs. 1,161,235
-
Unamort.debt disc.
$1,979,500 $1,976,500
1,445,000
1,401,000
debt
unpaid
Agents & conduct¬
Mlscell. accts.
UabUUies—
Funded
100,000
356,344
191,618
1,371
215,143
Divs. receivable..
Sinking fund dep.
$
1
Oonv. 5% cum. &
parttc. pref. stk.28,954,500 27,793,265
Common stock ($1
Notes pay. to New
pany, not a sub.
a
Capital stock
6.119,053
affil. utility com¬
General Balance Sheet Dec. 31
Assets—
105,706
Other Investments 6,529,647
Note rec, from an
$19,022
Road and equipt..$4,608,715 $4,714,892
Impt. on leased ry.
23,157
28,173
property
Mlscell. phys. prop
5,876
5,877
Inv. in affil. cos..
172,194
265,397
Cash.
;
159,737
71,263
42,243
Special deposits..
51,334
19,087,151
16,101,106
1,549,494
1935
1936
LiabUUies—
$
'
z
0Company Only)
1935
$
1,000 shares,
Total
59,234,456 57,445,639
b Including $295,000 notes receivable from New Eng¬
land Power Association and $690,000 current notes,
c Including provision
for $7,303 Federal surtaxes on undistributed income.—V. 144, p. 2135.
Massachusetts Investors Trust—Asset Value— trustees
Review Investment Policy—
Aggregate net assets of this company, based on market quotations of
9,414
$16,563,501
securities held, increased by $11,000,000 during the first three months of
this year and amounted to $30.04 per share on March 31.
Net asset value
per share at the close of 1936 was $28.87.
A distribution totaling $1,018,389,
at the rate of 22 cents per share, was paid on April 20 to holders of record
Corp.—Stock Sold—A block of approxi¬
mately 30,000 shares of capital stock issued by the corporation
in connection with its recent bank acquisitions has been
placed privately by Robinson, Miller & Co., Inc.
In response to shareholders' inquiries, the trustees outline certain aspects
of general management policy in their current report.
Emphasizing that
they are prepared to take appropriate steps to conserve principal in the
event of a recurrence of deflationary trends, either by Increasing cash,
Total
$16,563,501
Total.....
—V. 138, p. 4303.
Marine Midland
March 31.
buying bonds
or
otherwise, they comment that:
Volume
144
Financial
Chronicle
2835
*
For the present trustees are of the
opinion that common stocks represent
the most profitable, and In
many respects the most satisfactory medium of
investment, for in spite of the present confusion caused
by uncertainty as
the effects of governmental
policies and by widespread labor disturbances.
It is felt that the cycle of business
recovery is broadening and has not yet
run its course, and
inflationary Influences exist which seem to favor the
investment position of common stocks."
The trustees also expressed their
intention to limit the ultimate size of
the Trust, as indicated by the
following statement: "The present authorized
capital is 6,000.000 shares.
It is the intention of the Trustees to limit the
number of shares outstanding in the future to this
to
figure.
taining
the
ratio of
.
.
.
By main¬
operating
Trust
at
the
size indicated it is believed that the
very low
expenses to income as well as the advantages of adequate
research facilities can be maintained."—V.
144, p. 2309.
Mead
headed
an
Corp.—Pref.
Stock
Offered—Lehman
Brothers
underwriting syndicate which offered on April 23
50,000 shares of $5.50 cumulative preferred stock, series B
(no par), with warrants attached for the purchase of common
stock.
The stock was priced at $99 a
share, plus accrued
dividends from March 1 to date of
delivery.
Cumulative
dividends from March 1, 1937,
payable June 1, 1937 and
quarterly thereafter, in priority over the common stock and on a
parity
with $6 cumulative preferred stock, senes A.
Redeemable in whole or in
part on any dividend date at $105 and accrued divs. upon 30
days' notice.
Preferred over the common stock and on a
parity with the $6 cumulative
preferred stock, series A. on involuntary liquidation up to $100
per share
and on voluntary liquidation
up to $105 per share, whether from assets or
earnings, in each case plus accrued dividends.
10% of the net income
of
the company after the payment of dividends on the
preferred stock, but in
no event more than a sum
equal to $5 multiplied by the number of shares of
preferred stock at any one time outstanding, is required to be set aside each
sinking fund to be applied to the purchase or
redemption of the
preferred stock irrespective of series.
Listing—Company has agreed to make application in due course for the
listing of the $5.50 cumulative preferred stock, series B, on the New York
Stock Exchange.
History A Business—Company, incorp. in Ohio in 1930, is the
outgrowth
of a paper manufacturing business founded in
1846 by Daniel E. Mead.
year as a
The present business in which the
company and its subsidiaries are engaged
consists of the manufacture and sale of
products falling into three main
groups, namely, white papers, chestnut and other
paperboards, and wood
extracts for tanning.
The three main groups now represent
approximately
72%, 18% and 10% of consolidated net sales, respectively,
computed on the
present basis of consolidation.
"White paper are manufactured at the
company's plants at Chillicothe,
Ohio: Kingsport, Tenn., and North Leominster,
Mass., and at the plant
of a subsidiary at Philadelphia. Pa.
The four plants have a combined
annual capacity of approximately 150.000 tons of
finished paper.
Approximately 47% of the white paper produced is
regularly sold to the
publishers of nationally-known magazines.
Other white paper products
of the company and its subsidiaries include book
and lithographic grades
of paper used in the printing and
publishing field, bond and writing
papers,
{Hinting bristol boards used for general advertising
ists. calendars, &c.
purposes, menus, price
4
The paporboard plants of the
company and its consolidated subs., located
in North Carolina, Virginia and Tennessee, have a
combined annual capacity
of approximately 120.000 tons of chestnut
corrugating board and liner
boards, used in the manufacture of boxes and
containers, and laminated and
other specialty boards used in the manufacture of
cigar boxes, packing
and book covers.
be supplied
equal amounts by the present owners.
In order
to complete the construction of the mill and
supply itself with working
capital, Brunswick Pulp & Paper Co. has sold to Scott
Paper Co. $3,000,000
15-year first mortgage bonds.
Company and Scott Paper Co. have con¬
tracted to purchase the output of them mill, each
having agreed to purchase
the output during allotted periods
aggregating 26 weeks in each year for a
period of 15 years.
Company's ownership of 50% of the capital stock of
Brunswick Pulp & Paper Co. will give to it a source of
supply which the
company contemplates utilizing to replace a portion of the
purchased pulps
now largely imported from Canada and tht
Scandinavian countries
St. Joe Paper Co.. organized
jointly by the
company and Almours
Securities Inc. has under construction a mill with an
initial capacity of 300
tons per day at Port St. Joe, Fla
for the production of Kraft liner board.
,
Company and Almours Securities Inc. each own half of the
capital stock
of St. Joe Paper Co.; the present
paid-in capital stock amounts to $500,000.
and it is contemplated that this will be increased to
$2,000,000 during 1937,
such increase to be supplied in
equal amounts by the present owners
In
order to complete the construction of the mill and
supply itself with
working
capital, St. Joe Paper Co. has arranged through Almours Securities
Inc. to
a
$4,250,000 5-year first
mortgage.
Company has arranged to
reserve not more than $250,000 for
investment in or advances to St. Joe
Paper Co. in excess of the investment of $1,000,000 now
contracted for,
should St. Joe Paper Co. require additional
working capital upon com¬
pletion of construction of its mill, provided Almours Securities
Inc. makes a
proportionate investment or advances.
CanU:ili:ntion—Common stock authorized as of Dec.
26, 1936, consisted
of 1,000,000 shares (no par) of which
619,374 shares were outstanding
(ex¬
clusive of 5,819 shares in treasury). There are
presently outstanding 12,712
stock purchase warrants dated
May 1, 1930, expiring May 1, 1940, (in¬
cluding 291 of such warrants held in the treasury)
evidencing the right to
purchase until May 1, 1937, a total of 131,544 shares of common
stock at
$38.65473 per share, and after May 1,1937,
evidencing the right to purchase
sell
total of 132,095 shares of common stock
at $48.11662 per share.
Upon
the exercise of the warrants for the
purchase of common stock (series of
1937) attached to the $5.50 cumulative preferred
stock, series B, hereby
offered, an additional 150.000 shares of common stock are
issuable.
On
March 9 and 18, 1937, directors reserved
150,000 shares of common stock
for issuance in satisfaction of the
50,000 warrants for the purchase of com.
stock (series of 1937).
a
Cumulative
preferred stock (all series) authorized as of Dec.
26, 1936,
consisted of 498,905 shares, (no
par) of which 38,905 shares were designated
as $6 cumulative preferred
stock, series A. and of which series A, 33,145
shares were outstanding (exclusive of
497 shares held in the
treasury). By a
certificate of reduction of stated
capital, filed Dec. 29, 1936, 281 shares of
$6 cumulative preferred stock, series A, were
canceled, reducing the number
of such shares held in the
treasury to 216 shares and the amount of such
authorized to 38,624 shares and the total
amount of cumulative
preferred stock (all series) authorized to 498,624 shares.
By amendments
to the articles of
incorporation, filed March 10, 1937 and March 22, 1937,
50,000 shares of the authorized, but unissued cumulative
preferred stock
^all series) were designated $5.50 cumulative
preferred stock, series B.
Company will submit to its shareholders at the time of its
shares
annual
meeting
which is to be held on April
27,1937, a proposal to reduce the authorized
cumulative preferred stock (all series) to
100,000 shares.
As of Dec. 26, 1936, there were
authorized $15,000,000 1st mortgage
gold
bonds vall series) of which
$9,500,000 were authorized and designated first
mortgage 6% gold bonds, series A, due May 1,
1945. nad of which series
A,
$7,421,000 were outstanding (exclusive of $82,000 held in the
treasury).
Company is obligated to pay the unpaid instalments of the
purchase
price of a plant at Nashville, Tenn., being acquired
by it under the contract.
The amount of these unpaid
instalments, remaining unpaid as of Dec. 26,
1936. was $87,500.
Since Dec. 26. 1936, $25,000 thereof has been
paid.
The remainder i$62,500) is due in five
quarterly instalments of $12,500
each, from July 1, 1937, to July 1, 1938, Inclusive.
Company has the
option of canceling the contract without liability other than
forfeiture of
the property, at the end of 1937. but is
obligated to pay $25,000 during the
remainder of 1937.
Use of Proceeds—Company intends to use the
estimated net proceeds
follows.
To increase to $500,000 its investment in the capital stock of
Brunswick Pulp & Paper Co
(b) To increase to $1,000,000 its investment in the capita]
r"
$500,000
stock of St. Joe Paper Co
1,000.000
(c) For additional machinery, equipment, improvements and ex¬
tensions to plant at Chillicothe, O
341,000
(5) For additional machinery, equipment, betterments & exten¬
sions to plant at
Kingsport. Tenn
2,304,475
(e) For modernization of plant and equipment at plant of Dill &
Collins, Inc
51,600
(f) Remainder to be used by or advanced to any one or more of
its subs
535,150
Underwriting—By an agreement dated as of April 17, 1937 between the
company and the several underwriters it is provided in substance that
on such date as Lehman Brothers
shall designate, company will sell and the
underwriters
will
severally
preferred stock, series B,
purchase
follows:
as
50,000 shares
$5.50
of
cumulative
.
Lehman Brothers. New York,
New York, 6.000 shs.;
10,000 shs.; A. G. Becker & Co., Inc.,
Graham, Parsons & Co., New York, 5,000 shs.;
Baker, Young & Co., Inc., Boston, 4,000 shs.; Hallgarten & Co., New
York,
4.000 shs.; Otis & Co.,
Cleveland, 3,000 shs.; Wertheim & Co.. New York,
3,000 shs.; Bancamerica-Blair Corp., New York. 2,500
shs.; First of
Michigan Corp., Detroit, 2,500 shs.; Field, Ridhards & Shepard, Inc.,
Cincinnati, 2,000 shs.; The First Cleveland Corp., Cleveland, 2,000 shs.;
Laurence M. Marks & Co., New York, 2,000
shs.; Kidder, Peabody
&
Co., New York, 4,000 shs.
Income Account Years Ended
Dec. 30. '34
Dec. 29, '35 Dec. 26. *36
$7,570,934
5,638,136
$8,568,024 $11,356,915
6,298.430
8,505.914
559,118
810,573
347,393
394,869
824,383
832.399
Total net sales
Cost of sales
Selling and administrative expenses..
Maintenance and repairs
Depreciation
508,004
391.665
897.647
Amortization
1.640
Taxes—other than income
Rents
1,640
136,707
14.138
130,753
11,906
Royalties
1.651
133.637
11.423
50,329
51,471
55,196
loss$59,146
282.001
$334,741
961.791
$611,249
930.674
$222,854
$1,296,533
$1,541,923
579.173
Profit
526.899
507,620
73.117
Other income.
Profit—Before other charges
Int., amort, of def. exps., prov. for
contingencies. &c.
Prov. for Federal income tax
Net profit
12,315
loss$356,318
.
$757,318
49,968
Preferred dividends
Common dividends
$961,186
349.776
499,680
—V. 144, p. 2309.
Mengel Co. (& Subs.)—EarningsEarnings
for
the
3
Months
Ended
March
31,
1937
Net sales
..$2,594,403
Cost of sales, selling, shipping and administrative
expenses..... 2,208,140
Depreciation
Depletion
76,267
21.891
_
Net operating profit
$288,105
5,272
Other inceme
cases
The company and its consolidated subsidiaries
are the largest
manu¬
facturers in the United States of chestnut-wood
extracts and bark
extracts,
used for tanning leather.
The extract manufacturing plants are
located in
North Carolina. Virginia and Tennessee and
have a combined annual
capacity of approximately 280,000 barrels.
Approximately one-half of the
annual sales of extract are made under
contracts to cover the requirements of
certain leading tanners of leather.
The Brunswick Pulp & Paper Co.,
organized jointly by the company and
Scott Paper Co., has under construction at
Brunswick, Ga.t a mill with an
initial capacity of 150 tons of bleached
sulphate pulp per day. Company and
Scott Paper Co. each own half of the
capital stock of Brunswick Pulp &
Paper Co.; the present paid-in capital stocks amounts to
$314,000, and it is
contemplated that this will be increased to $1,000,000
during 1937, such
increase
in
to
(a)
as
Total income
$293,378
Interest charges, &c
Flood loss, incl. shut down loss due to floods
Prov. for Federal & State income taxes
47.097
127.173
12.081
....
-"$107,027
Net profit
Note—The provision for Federal and State income taxes does not include
a
provision for Federal surtax
Middle West
on
undistributed profits.—V. 144, p. 2488.
Corp.—To Acquire Pref. Stock of Subs.—
The corporation, a registered
holding
company
has filed
application
an
0.000 under of
546-40) shares the preferred Company Central approvalPublic Service Co. of
Holding stock of Act for Illinois of the acquisition
a
subsidiary.
In
accordance
with
the
Illinois
statutes,
both
preferred and common
stocks of this subsidiary have equal voting power.
The applicant now owns
193.321 shares of common stock and, directly or indirectly, 4,520 shares of
the preferred stock of this subsidiary.
By the acquisition the applicant
will increase its voting Control from 36.273% to 38.107%.—Y.
144, p. 1607.
Minnesota
Valley Canning Co.—Accumulated Dividends
The company paid a dividend of $5.25 per share on account of accumula¬
on the $7 cumulative preferred stock, par $100, on March
29, last.
The directors also declared a dividend of $1.75 per share on account of
accumulations on the above issue payable May 1 to holders of record
tions
April 24.
781.
For detailed record of previous dividend payments
see
V. 144,
p.
Mission
Corp.—Report for
1936—May
Distribute
Tide
Water Slock—
Edward L. Shea, President, says in substance:
Corporation's
earnings
for
1936
were
derived
solely
from
dividends
received
on its holdings of Tide Water Associated Oil Co. common
stock.
Net income, after all charges including provision for Federal taxes, amounted
to $677,833, equal to 48c. per share on the 1,399.345 shares of
capital
stock
outstanding at Dec. 31, 1936.
A dividend of 45c. per share, equal
$629,705, was paid on Dec. 18,1936, leaving an earned surplus at Dec. 31,
1936, amounting to $11,744.
Corporation held on Dec. 31, 1936, In
addition to $43,147 cash, 1,128,123 shares of common stock of Tide Water
Associated Oil Co., 250,000 of which were subject to option, and 557,557
shares of common stock of Skelly Oil Co.
Since that date, the corporation
to
has received
a
dividend
on
the Tide Water Associated
shares of
and the option
$169,218,
has been exercised by the payment of $3,575,000 in cash
corporation against delivery by it of the 250,000 Tide Water Asso¬
ciated shares.
Accordingly, on April 15, the corporation has approxi¬
mately $3,735,000 in cash, 878,123 shares of Tide Water Associated common
stock, and 557,557 shares of Skelly common stock.
On March 23, 1937, after a careful review of the situation of the cor¬
poration, directors determined that the 878,123 Tide Water Associated
to the
shares
had a value to the corporation of at least $14 per
share, and that
557,557 Skelly shares had a value to the corporation of at least $26
and revalued these assets on such basis, with a resulting credit
of $15,127,520.
Directors thereupon resolved to distribute on June 15, 1937, to stock¬
holders of record on June 1. 1937, % of a share of common stock of Tide
Water Associated (calling for an aggregate of 874,590%
shares), and in
addition a cash dividend of $2.50 per share; in each case
subject to the
the
per share;
to surplus
condition that such distribution should not become effective unless
approved
by the holders of at least a majority of the stock of the corporation at a
meeting to be held on May 13.
Assuming such distributions
557,557 shares of Skelly
made, the corporation will thereafter
stock, being approximately 55%
now outstanding, and having a
value on the basis of present market prices of approximately
$32,000,000,
besides sufficient cash to cover expenses of maintaining the
corporation.
hold
of
the
common
stock
of that
are
common
company
Earnings for Year Ended Dec. 31, 1936
Divs.
rec. on common
stock of Tide Water Associated Oil Co..
Expenses
Prov. for estimated normal Federal tax on 1936 income
Prov. for estimated Federal surtax on 1936 undistributed
$789,686
105,933
1,920
profits
Balance added to surplus
Deficit at Jan. 1,1936
Total
Dividend paid
Earned surplus at Dec. 31, 1936
Earnings per share on 1,399.345 shares capital stock (no par)..
4,000
$677,834
36,383
$641,450
629,705
$11,745
$0.48
2836
Financial
Chronicle
Balance Sheet Dec, 31, 1936
April 24, 1937
Comparative Income Account for Calendar Years
Liabilities—
Cash in banks.
Investment in
of Skelly
10,495,000
V—
common
1936
payable..
$15,483
Acer. Fed. cap. stock tax
Prov for est. Federal tax
stock
of Tide Water
Investment in
Accounts
$43,148
common
5,000
1,920
Prov. for est. Federal surtax.
3,493,450
Capital stock
Earned
Total
x
$14,031,598
Represented by 1,399,345
surplus
...
Total
no-par
1933
$7,741,631
321.126
100,788
395,972
86.098
$7,438,544
262,439
395.577
65,436
Total oper. revenues. ,$10.847,701
$8,850,693
$8,544,827
$8,161,996
$1,321,655
2,196,513
$1,379,759
1,971,500
$1,213,737
2,028,755
$1,034,886
469,434
478,592
Trans, for invest.—Cr,_
496,639
3,854,835
18,742
477,508
2,357
Total oper. expenses..
Net rev. from oper
Taxes
Incid'l & joint fac. (net).
4,000
*13,993,450
11,745
$14,031,598
shares.
Note—In addition to cash in banks amounting to $43,147, a balance of
$139,198 was held by the transfer agent at Dec. 31,1936, for the redemption
of scrip certificates for common stock which expired on March 31, 1936.
—V. 144, p. 2137, 111; V. 143, p. 3472.
Minneapolis & St. Louis RR.—To Issue Certificates—
The receivers have asked the Interstate Commerce Commission for
*
au¬
thority to issue $1,007,250 of receivers' certificates of indebtedness in renewal
of obligations of a similar amount.—V. 144, p. 2309.
Mississippi Power Co.—Annual Report—
1934
$7,935,431
332,126
427,677
155,459
Mail, express, &c
on
1936 Income
stock
..
al935
$9,899,345
378,032
469,535
Freight
Passenger
Operating Expenses—
,
Mamt. of way & struc,.
Maint, of equipment
Traffic
Transportation
Miscell. operations
21,225
1,994
503.159
1,455
1,711
2,501
$8,363,535
2,484,166
596,925
$7,730,345
1,120,348
369,459
$7,434,093
1,110.734
$6,828,676
1,333,320
259,284
365,251
302,349
376.409
336.430
5.574
419.317
379.461
407.484
4,365
378,428
365,456
$1,221,460
1,262,706
$1,048,217
I 72,131
$1,140,782
def30,048
$1,155,733
177,587
Uncollectible revenues..
<m
Hire of equipment
Joint facility rents.
Total other expenses..
Operating income
Barney E. Eaton, President, says in part:
1,869,916
457,938
3,029,286
4,587
434,564
3,209.567
b394,639
General
■'
The statement of income for the year includes deduction for a full year's
interest of $150,000 on $3,000,000 first & refunding 5% bonds due 1955
3,495,243
<mmrn
mm
«•
«■» '
Non-Oper. Income—
Inc. from lease of road..
Miscell. rent income
Miscellaneous non-oper.
137
137
82
57
by Commonwealth & Southern Corp. (Del.).
Under an agreement
between these two corporations dated June 29,1934, this interest was not
26,305
29,643
29,722
29,679
paid as the company's net earnings applicable to the payment of dividends
on its preferred stock did not exceed two times the preferred stock dividend
requirements and in Dec., 1936, a credit of a corresponding amount of
$150,000 was made in the surplus account of the company.
The coupons
physical property—.
Dividend income
21,340
1,724
12,449
6,658
209
16,900
1,724
7.341
16,860
3,781
Income from funded sees
Income from unfunded
7,197
480
securities & accounts.
Income from sinking &
52
9.475
199
35,663
owned
representing this interest have been canceled and such interest does not
remain as a deferred charge, but is included in the statement of income in
order that the ratios of earnings to possible charges may not be misunder¬
stood.
yy-;
other reserve funds
Miscellaneous income
4,484
328
"""257
$1,317,287
$137,608
"""277
1,248
$28,071
$263,821
9,245
9,025
115,181
1,813
The contract executed in
Jan., 1934 between the Tennessee Valley Au¬
thority and Mississippi Power Co. in conjunction with certain of its affil¬
iated southern companies expired on Nov. 3, 1936 and was extended by
agreement to Feb. 3, 1937.
This agreement has now been terminated, and
all efforts to reach a mutaully satisfactory new agreement or a power pooling
arrangement have failed through no lack of sincerity or desire on the part
of the company's representatives.
Earnings for
■
Calendar
reserve
General taxes
Federal and State income taxes
$2,636,418
27,423
10,417
34,260
22,389
$2,773,989
1,359,643
168,586
85,000
331,758
9,000
$2,693,067
1,291.857
182.064
73,200
355.065
$959,212
539,130
56,533
13,456
Cr6,203
$820,002
543,197
$790,880
452,372
45.729
41,891
13,456
Cr4,769
16,642
02,988
$356,296
253,062
Operation
Maintenance
Provision for retirement
$2,736,149
Interest
on
$222,389
253,092
$282,962
unfunded debt
Amortization of debt discount & exp.
Interest charged to construction
Preferred dividends
a
No provision made for Federa. surtax on undistributed profits.
v,'
.
.
1936
Assets—
Fixed capital (lncl.
intangibles)
.^.v:
$6
other secure,
20,367,080 20,242,441
(at
cost)
76,967
126,379
89,886
119,571
Debt. disc. & exp.
251,173
264,628
prepaid accounts
127,051
161,635
106,874
826,308
749,230
3,849
2,967
157,799
Cash
Accounts
rec
<fe
Sou.
2,440
Interest receivable
740,521
60,055
1936
ej£
in
lieu
of
mtge. prop, sold
Misc. phys. prop..
Invest, in affil. cos:
213,630
Stocks
145,104
138,104
Bonds..
603,000
178,171
13,705
5,926
603,000
178,172
12,709
6,126
Audited
1,318,773
669,547
1,171,149
12,849
Interest
382,842
226,436
64,837
319,099
69,111
266,204
751,530
167,087
4,422.400
and
bills
receivable
Traffic &
100
car serv.
balances
receiv.
Balances due from
int.
&
254*881
175,327
22,651
604,916
40,371
254,881
,081,112
836,009
current liab.
Earned surplus
a
After
22,129,645
reserve
by 450,000
no par
21,893,846'
Total.
..22,129,645 21,893,846
of $62,926 in 1936 and
shares.—V. 144,
Missouri Pacific RR.-
p.
$54,862 in 1935.
2309.
■Trustee
b Represented
Charges Securities Manipu-
lation—
been filed by the road through Guy A.
Thompson, trustee in
bankruptcy, charging co-executors of the estate of the late O. P. Van
Sweringen and five MOP directors with illegal manipulation of the com¬
pany's securities and misuse of funds.
The suit, which was filed in Common Pleas
Court, Cleveland, charges
that in 1930 $2,817,805 was expended by the road in purchase of its own
common and preferred stocks and the securities
placed in a safe deposit
vault.
It is charged that the money thus spent was entered on the books
as a loan to the Missouri Pacific Transportation
Co., a wholly owned sub.,
which in turn entered in its books
a
loan for the same amount to
a
wholly
subsidiary, the Missouri Improvement Co.
Accounting and equitable relief is asked of the defendants who are: J. P.
Murphy, J. J. Anzalone, John D. Fackler, Leonard P. Ayres, Darwin S.
Barret, Alva Bradley, John Sherwin Jr., and George A. Tomlinson.
[A Cleveland dispatch adds that total claims against the estates of the
Van Sweringen brothers were raised to more than $70,000,000 with dis¬
closure that the banking syndicate headed by J, P. Morgan & Co. have
entered a deficiency claim of $48,346,961 against the personal estate of
O. R. Van Sweringen.
The claim is dated March 23, 1937, and was filed
shortly after. Amount named includes interest on loans signed by the two
brothers up to Nov. 23, 1936.
Claim for about $25,000,000 was filed by
liquidators for three Cleveland banks, April 19, although those claims were
filed against the joint estate of the two brothers.]—V. 144, p. 2489.
Misc. accts. receiv
Material & suppl..
907,049
Deferred assets._.
145,506
debits 5,866,675
Missouri Power &
Chase
balances payable
accts.
78,835
74,510
1,061.240
786,031
&
wages payable..
Misc. accts. pay..
1,806,213
matured
unpaid
Funded debt
1,667,813
*
unpaid
6,345,343
Dividends matured
4,944,300
268,677
268,677
ma¬
tured unpaid
117,500
>
5,500
interest
accrued..
532,569
548,109
246,512
354,470
260,274
5,641,913
OtherpmadJ. credits 6,174,442
Special appro, for
5,277,588
4,790,732
Deferred liabilities
Taxes
89,822
Accrued deprec. on
equipment
additions to prop¬
erty since June 30
1907
Profit & loss
Total..i..
n
67,096,210 64,820,558'
Total
472,830
4,484
804,513
489,507
1,271,005
67,096,210 64,820,558
Note—For comparative purposes, balances at Dec. 31, 1935 have been
stated to conform to reclassification of balances in 1936.—V. 144, p. 2310.
Co.—Listing Approved—
The New York Curb Exchange has
approved for listing 120,000 out¬
standing shares of common stock, no par, with authority to add to the
list, upon official notice of issuance, 36,000 additional shares of common
stock, no par.—Y. 144, p. 2662.
Monolith Portland Cement Co.—Accumulated Dividend
a dividend of 25 cents per share on account
on the 8%
cumulative preferred stock, par $10 payable
May 15 to holders of record May 1.
A dividend of 50 cents was paid on
Dec. 15, last, and dividends of 25 cents per share were paid on Aug. 12 and
May 9, 1936, Dec. 10, 1935, Dec. 10, June 10 and March 10, 1934, and on
Sept. 28, 1933.
The last regular semi-annual payment of 40 cents per
of accumulations
share
was
made in January, 1930.—Y. 143, p. 3639.
Montour
RR.—Earnings—
March—
Gross from railway
1937
$217,917
99,351
National
announced
that
definitive
first
mortgage
bonds, 3H% series due Dec. 1, 1966, are available for delivery in exchange
for the temporary bonds at its corporate trust department, 11 Broad
St.,
and at the offices of the Harris Trust & Savings Bank, Chicago, 111.—V.
143,
p. 4007.
Mobile & Ohio RR.—Annual
Report-
1936
Operations—
Passengers carried
.
1,202
357,400
Pass, carried one mile.._ 22,917,322
Aver, rate per pass, mile
1.650 cts
Revenue tons moved
al935
1,202
322,979
19,319,956
1.719 cts
1934
1,202
302,924
17,844.705
1.800
cts
1933
1,216
211,354
16,374,217
1.603 cts
3,921,638
3,062,818
3,001,414
2,932,738
Tons moved one mile__l,130,511,307 879,459,275 868,613,163 840,138,952
Aver, rate per ton per m.
0.876 cts
0.902 cts
0.891 cts
0.885 cts
Gross earnings per mile.
$9,025
$7,364
$7,109
$6,712
1934
91,266
From Jan. 1—
Gross from railway
Net from railway
Net after rents
466,613
169,624
174,050
452,510
188,712
193,977
82,5,13
79,174
—V. 144, p. 1968.
Monongahela
Ry.-
Calendar Years—
$191,139
70,943
77,722
428,180
125,031
153,872
Earnings—
1936
1935
1934
$4,676,597
10,740
29,053
$3,810,952
8,924
24,926
$3,784,584
26,436
21,926
1,716,390
804,769
974,051
43,228
$3,844,803
685,132
812,997
46,482
$3,820,584
730,529
780,594
60,152
$3,584,698
557,258
699,889
75,578
2,894,341
441,628
$2,300,191
192,970
$2,249,308
229,411
$2,251,971
224,246
5
141
511
$2,452,713
12,763
$2,107,216
13,956
$2,019,756
12,617
$2,027,213
50,243
Gross income
Hire of equip.—Dr
$2,465,476
950,683
$2,121,172
961,041
31,804
554,176
$2,032,373
923,478
29,735
673,954
$2,077,456
826,655
34,557
676,716
Freight revenues
Passenger revenues
All other
Maintenance
Transportation
All other oper. exps
Net
rev.
from ry. oper.
Railway tax accruals
Uncollec. ry. revenues..
Railway
Traffic Statistics for Calendar Years
Average miles operated
1935
$177,472
Non-oper. income
Light Co.—Definitive Bonds Ready—
Bank
1936
$121,650
30,916
37,986
550,878
213,157
198,658
Net from railway
Net after rents
Total
The
18,386
689,293
The directors have declared
Suit has
owned
26,314
688,343
car serv.
"
Monarch Machine Tool
Total...
grantsLoans & bills pay.
Traffic &
Misc. fund res'ves
141,422
19,470
538,263
Misc.
6,007,200
Govt,
Unmatd.
agents & conduct
pref.
divs. payable..^
$
6,007,200
Funded debt
31,872.740 31.900,339
Notes & advances. 2,200,068
2,113,470
Equip, tr. oblig... 2,392,000
3,618,000
194,048
736,653
Advances.
1935
$
Liabilities—
Common stock
750,732
253,215
Acer.
209,525
1936
39,784,754 39,830,629
Invest, in equip...15,726,958 16,034,250
51,749
293,774
Accrued taxes
Reserves
190,612
1935
$
AS86tS
521,100
82,116
55.689
Contrib. for exten.
Capital surplus
Materials & supp.
$1,549,892
Corp.—
Demand notes._
Due from affil.cos.
$1,704,221
Invest. In road
Unadjusted
Accounts payable.
Due to affil. cos...
156,599
$1,583,767
General Balance Sheet Dec. 31 (Corporate and Receivers Accounts Combined)
cum.
Due to Commonw.
in proc.of amort.
Deferred chags. &
a
$
pref. stk_. 1 ,927.161
1,927,161
$7 cum. pref. stock 1 ,595.931
1,595,931
b Common stock.. 4 ,500,000
4,500,000
Funded debt
10 ,699,500 10,829,700
Consum.securlty &
ext. dep
221,864
198,716
Inv. in munic. and
Special deposits...
$
1,478*169
a
1935
1936
Liabilities—
$
140
>
1,437,419
178,268
Figures for 1935 have been restated for comparable purposes,
b In¬
$74,616 credited to general expenses in 1935 covering amount accrued
in 1934 under the Railroad Retirement Act.
Loans
1935
i
$
y
169,145
cludes
Special deposits...
Balance Sheet Dec. 31
105.389
1,831
1,523,937
Net loss
Other investments
Cash
'
4,559
equip, obligations
Notes
Net income
7,047
17.173
1,247
2,825
1,523,561
138,279
funded debt
on
Deps.
Net earnings
on funded debt
Interest
6,505
19,903
2,122
y:
$377,645
on
1934
$3,103,243
1,445,031
185,140
108,000
371,289
a34,570
Total gross earnings
1935
$3,059,442
29,398
14,402
>
Transportation
Non-operating revenues,.
Deductions—
Miscellaneous rents
Int. on unfunded debt..
Misc. income charges
Misc. tax accruals
Int.
Int.
Years
1936
Gross earnings: Electric
Total gross income
oper. income.
Joint facility rents—Dr.
Int. on funded debt
Misc.
gross
Net
deductions
173,649
res.
fds.
174.464
$832,745
income
Dividends
476,907
1933
$3,554,775
7,995
from
income
Sinking & other
31,492
9,564
$399,688
121,371
312,250
120,000
811,850
172,003
$233,203,
32,899
250,000
221,197
$318,331
54,948
300,000
Volume
Financial
144
248,999
S
5
Traffic & car serv
943,915
Audited accts. and
178,962
143,918
payable..
131,576
123,928
56,919
Misc. accts. pay--
94,579
91,155
350
Int. mat'd unpaid.
780
1,880
80.000
bal. payable
520
Sinking funds
Misc. phys. prop..
Inv. in affll. cos,:
943,814
waves
Advances..
Other
1935
.
6,245,000
25,605,207 Cap. stk.(par 550) 6,245,000
Fund, debt unmat.11,884,000 12,000,000
238,281
prop
1936
$
Liabilities—
$
leased
on
railway
31
•
$
Inv. in rd. & eq—25, 526,297
Impts.
Balance Sheet Dec.
1935
General
1930
Assets—
30,357
investments
.
Cash
437" 183
420,774
Time drafts <fc dep.
Loans <fc bills rec__
150,000
150,000
Unmat'd int. accr.
Unmat.rents accr.
79,226
2,404
212
Other curr. liabil--
652
35,894
327,742
34,622
Traffic &
Other def'd liabil--
car serv.
bals. receivable-
Net bal.
434,290
Tax
232,601
Railroad retire, tax
from
rec.
liability
9,327
13,471
16,696
207,618
Other unadj.cred's
19
64
95,718
Insur.
64,684
3,727
39,383
Other def'd assets.
thru.inc. & surp.
7,535
392
thru.inc
574 533
694,013
120,520
Montreal
$345,694
14,547
$250,729
14,528
Retirement accruals.
$360,241
112,702
$265,258
101,908
Other interest
$247,539
73,661
1,246
$163,349
76,563
1,215
$172,631
110,131
$85,571
$62,500
$0.63
$85,571
$0.31
-
Taxes—incl. Federal income tax.
par, upon
Telegraph Co.—New Director—
been elected a director to succeed
C, F. Sise will be Vice-President in place
Co.—Listing Approved—
The New York Curb Exchange has
approved for listing 2,371,427 out¬
standing shares of capital stock, 5c par.
Interest
Balance
—V. 143, p. 3153.
per
share
opinion that they have no liability for Federal
The operating results of sub¬
eliminated entirely from this
statement, and other adjustments have been made to place all prior figures
on a basis comparable to the operating results of the system as constituted
a
15, Frank M. Archer Jr.,
General Manager, whicn
latter position was held for 37 years by
is father, the late Frank M. Archer.
Benjamin B. Avery was elected First Vice-President of the corporation.
meeting of tne board directors held April
elected Chairman of tne Board of Directors &
bonds.
on
Earnings
Moxie Co.—New Chairman—
a
Non-operating income (net)
a
Mountain City Copper
At
$879,068
513,044
56,102
59,193
Operation
Maintenance
James B. Patterson, resigned.
of Mr. Patterson.—V. 144, p. 2137.
was
578,951
57,294
79,568
Dividends paid
28,089,899 27,965,297
Thomas Ahearn of Ottawa has
Hon.
The companies are of the
surtax on
undistributed profits for 1936.
b
since Jan. 1, 1935 have been
sidiaries sold
on
Dec. 31, 1936.
Consolidated Balance Sheet Dec. 31, 1936
Mullins Manufacturing
Corp.—Earnings
Liabilities—
Assets—
,12
,3 Mos.,
1936
1937
$397,936
216,517
1936
$322,659
168,920
$1,542,135
855.407
$1,200,861
611,184
$153,739
5,785
$686,728
75,022
$589,677
22,564
$190,799
$159,524
4,777
21,409
15,501
$761,750
23,119
$612,241
59,026
78,610
50,050
$5,401,258
Materials and supplies
Other income.
$181,419
9,380
Prepayments
1937
Total income
445
Inventory ad j., &c
Depr. & amortz
28,111
18,676
Federal Inc. tax
97,301
76,289
Notes receivable
22,739
208,414
95,808
Consumers' deposits
Appliances
on
rental
rentals collected)
Miscellaneous
—V.
"I
Munson
At
a
Steamship Line—Court Favors Plan—
hearing April
14,
Federal Judge Alfred C. Coxe aaid he would
approve a plan to reorganize the company under the
the United States Maritime Commission considered it
of its
$1.29
$2.12
$0.39
$0.54
The
provisions.
case was
and signified approval
144,
p.
2137.
Co.—Stock
Offered—Public offering by means of a prospectus was made
April 20 of 9,500 shares of common stock by a syndicate
headed by Estabrook & Co. at a price of $78.50 per share.
Burr, Gannett & Co., Paine, Webber & Co. and Putnam &
Nashua
Co.
(N. H.) Gummed & Coated Paper
Hartford
of
are
other
members
of
underwriting
the
group.
Retirement reserve
Res. for uncollectible notes &
extensions
for
66,063
1,764
361,069
127,300
accounts, «fec
Unadjusted credits
c
Capital surplus
Earned surplus
$6,200,668
$6,200,668
Total
Capital surplus was charged with $238,930.63, of which $234,059.66
represents the book loss on securities of subsidiaries sold during 1936.
d Represents undistributed earnings from May 1, 1935.—V. 144, p. 2663.
c
National Malleable & Steel
Castings Co.—Earnings—
Ended April 3, 1937
profit from operations (after deducting provision for depre¬
Earnings for 3 Months
Net
$883,907
16,836
434,849
ciation of $105,035)
Interest, dividends, rents and miscellaneous-.-
Profit on sale of securities
Net profit
before other deductions and Fed. income taxes..
$1,335,592
4,199
183,000
Other deductions
Provision for Federal normal income taxes
$1,148,393
Net profit
Note—The company reports for Federal income
dar-year basis and no provision has been made in
tax purposes on a calen¬
the above statement for
undistributed earnings.—V. 144, p. 2490.
Federal surtax on
offered, 6,500 have been sold to the
The additional 3,000 shares were acquired from
under the wiU of James Richard Carter, and do not represent
Interest accrued
Contributions
169,298
9,400
62,000
-
74,123
32,945
6,042
1,185,086
3,136
Taxes accrued..--
20,000
investment
Unadjusted debits
Bankruptcy Act after
adjourned to May 5.—V.
-
2,556
14,703
-
Total
(par $11)
144, p. 2310.
payable
Miscellaneous liabilities
(less
Special deposits
1,517,250
50,876
21,729
...
Accounts
$424,555
$565,041
$117,837
$143,567
Earns, per sh. onrl70,525
shares
class
B
com
(5s, 1953)
194,490
Reacquired securities.
Net profit
Bonds
Cash
Accounts receivable
$2,753,283
Common stock ($10 par)
(incl.
Prop., plan & equip.,
intangibles)
Mos.
profit
Expenses
Period End. Mar. 31—
Gross
stock
bl935
1936
$1,061,508
listing 321,157 shares
official notice of issuance, in exchange
share, for presently outstanding and listed shares of common A
par.—Y. 143, p. 3325.
stock, no
♦
Corp.—Earnings—
Years Ended Dec. 31—
Society—Listing Approved—
A stock, $1
cents per
of record
'
National Gas & Electric
120,000
5,270,768
The New York Curb Exchange has approved for
share for
Machine Co.—Initial Div.—
The directors have declared an initial quarterly dividend of 2M
on the capital stock, par $1, payable May
1 to holders
share
'
Monroe Loan
common
approved for listing 600,000 addi¬
official notice of issuance—
April 24.—V. 144, p. 944.
-V. 144, p. 2489.
of
Inc.—Listing Approved—
National Electric Welding
15,645
5,122,791
Total
—28,089,899 27,905,297
Total
National Bellas Hess,
V. 144, p. 1792.
1,780,289
«fesurp.
of March
as
The New York Curb Exchange has
1,360,379
Sinking fund res—
Profit and loss
31, 1937, amounted to $24,925,090 and
current liabilities were $7,571,092. comparing with $20,347.760 and $4,020,275 respectively, on March 31, 1936.—V. 144, p. 2489.
assets
tional shares of common stock, $1 par, upon
Fund, debt retired
paid
prem
In advance
Other unadj. debits
■
a year ago.
Current
599
Add'ns to property
10,639
$45,056,384 against $35,929,465 in like
Net sales for the 12 months were
period
435
1,780,289
Accr. decree.—eq.
166,197
agtB. & conduct.
Mlscell. accts.
For 12 months ended March 31, 1937, net profit was $3,341,475 after
charges and Federal income taxes, equal to $2.05 a share, comparing with
$1,665,385, or $1.02 a share, in 12 months ended March 31,1936.
x
Equal to 17 cents a share on 1,628,000 shares of stock to be outstanding
after complete exchange of class B for class C stock and reclassification of
latter and class A shares for one class of common stock.
Net sales for quarter were $10,455,912 as compared with $8,376,865
in March quarter of 1936.
154,366
11,990
1,329,409
15,546
Unempl. ins. tax..
rec.
Materlal & suppl's
Other curr. assets-
2,398
2837
Chronicle
Of the total number of shares being
bankers
by the company.
the trustees
financing by the company.
Upon completion of the transaction, the company will have outstanding
46,058 shares of common stock.
It has no funded debt and the only other
capital issue is the 7% preferred stock ($100 par) of which 3,957 shares are
outstanding with the public.
Of the proceeds to the company of the present offering, approximately
$350,000 is to be used for constructing an addition to the company's principal
plant in Nashua, N. H.
Any balance is to be added to the company's
working c&pit^&l
Besides the plant in Nashua, the company has manufacturing facilities
in Holyoke, Mass. and through subsidiaries, operates a plant in Peter¬
borough, Ontario, Canada.
Sales offices are located in New York, Phila¬
delphia, Baltimore, Pittsburgh, Detroit, Chicago, San Francisco and Los
Angeles; the Canadian subsidiaries have sales offices in Montreal and
new
Toronto.
National Pressure Cooker Co.—Earnings—
3 Months Ended March
Underwriters—The underwriters are severally but not jointly obligated
for the respective amounts underwritten, to an aggregate amount of $484,250
and $223,500 to the trustees of the Will of James Richard
date on or before April 30, 1937, as follows:
Carter payable on the closing
4,500
2,000
2,000
1,000
Estabrook & Co., Boston
Burr, Gannett & Co., Boston
Paine, Weboer & Co., Boston
Putman & Co., Hartford
Consolidated Sales and Earnings for the Calendar
1936
shs
shs
shs
shs
1934
1935
Provision for income taxes
$7,393,597
444,430
$6,420,341
388.395
$5,751,857
329,402
86,198
Gross sales, less discounts, & returns.
Net income before provision for in. tax
54,657
47,238
Net income to earned surplus
Preferred dividends paid
Based
on
$333,738
36,292
Nevada-California Electric Corp. (&
$297,446
$6.46
National Dairy
$242,169
$5.26
with the
financing.—V. 139, p. 3160.
Products Corp.—Stock Increase Voted—
April 15 approved a proposed increase in
of common stock to 8,000,000 from 7,000,000 shares.
—V. 144, p. 2489.
National Cash Register
3 Mos. End. Mar. 31—
$5,312,970
2,563,114
$5,209,151
2,852,777
$2,851,663
70,740
$2,749,856
86,450
$2,356,373
99,431
$2,542,693
$2,455,805
1,485,243
611,812
102,925
$2,608,439
1,576,970
596,444
106,453 f
Operating profits
Non-oper. earns, (net)-Total income
Interest
Depreciation
Disc. & exp. on sec.
Net profit after deprec..
Federal taxes, &c
Earns, per sh. on
additions
1936
1935
$2,836,306
1,420,921
620,130
101,133
2,239,916
65,746
and
held
Balance, deficit
177,816
133,407
193,373
$831,897
1,050,230
$871,938
733,667
$389,230
734,661
$521,945
422,585
57
Surplus earned
Divs. on pref. stock
Divs. on stock of subs.
Dr47,195
171
128
141
$218,390 sur$138,100
deductions (net credit)
$345,559
sur$99,219
1936
$817,884
$341,750
$196,775
$0.50
$0.21
$0.12
47,216,036 47,930.084
Common
3,978
for red. of bonds
Fds.
with
2,343
inventories
Prepaid Ins., taxes,
expenses, &c
Deferred debits...
Sub.
cos.
rec.
on
preferred stock.
1,513,500
1,892,272
2,822,937
3,012,098
Current assets and
Dlsct.
on
1,588,086
17,374
17,374
stock of
corporation—Dr 1,126,291
1,115,464
Bonds and debs...26,311,100 20,790,700
Current liabilities.
134,731
$
10,480,600
stock— 8,468,300
8,468,300
stock
605
2,360
Premiums
trustees
for construc'n of
,
Preferred stock... 10,502,300
153,167 Def. credit Items..
2,136,823 Suspenaed credits
1,059,700
179,109
897,585
110,342
270,756
270,756
Reserves
6,451,615
6,112,094
Surplus—
1,144,701
3,092,139
to
$280,817
See
$
Liabilities—
Funds with trustee
1935
1936
1935
1934
1,628,-
000 no-par shs .cap .stk.
$2,922,403
1,345,872
606,251
91,188
sold.
Co. (&Subs.)—Earnings—
1937
1933
$4,782,608
earnings $5,803,552
Oper. & gen.exps.& taxes
2,951,889
add'l property-_
Stockholders at a meeting held
authorized shares
Subs.)— •Earnings
1934
1935
1936
Calendar Years—
Consolidated Balance Sheet Dec. 31
46.058 shares of common stock to be outstanding
public upon completion of this
$24,330
143, p. 3327.
$282,164
39,995
$328,644
$7.14
Earnings per share on common
x
$282,164
1936
1937
$570
Net loss after all charges
—V.
Investments
Balance
x
$333,738
$356,343
27,699
Net income app. to minority interests
$358,232
1,889
8,099
$0.08
$0.63
National Tile Co.—Earnings—
not
Net income
63,021
stk_
3 Months Ended March 31—
Miscell.
Years
$337,870
taxes,
Earnings per share on 100,000 shares common
—V. 144, p. 1794.
Gross operating
to the company
1936
1937
$624,392
31—
Gross sales
Net profit after expenses, deprec. & ordinary
but before reserves for income taxas
x
Total
53,279,269 55,126,787
-V. 144, p. 2311.
property
Total
1
53,279,269 55,126,787
2838
Financial
Chronicle
special meeting of stockholders has been called for
May 21 for the purvoting on a proposal to reduce the par value of the
common stock to
The present par value is $25.
Pose of
#10.
is planned to
split the present common stock on a 3-for-l basis.
This
will make
necessary transfer of $5 a share from capital
surplus, which had
been created
previously when the par value of the present common stock
was reduced to
$25.
While the present plan does not
provide for payment of arrearages in
dividends on the preferred stock, which on
April 1 amounted to $35 a share.
It is believed that by
splitting the present common stock it will be easier to
work out a plan later to
provide for clearing off the preferred arrears.—
V. 143, p. 4010.
•
'
New
Idea,
Inc.—Stock
Offered—Ail issue of 68,000
(no par) was offered April 21 at $18 per
share by a syndicate
consisting; of Shields & Co., McDonaldCoolidge & Co., First Cleveland Corp., Mitchell, Herrick
& Co. and Stevenson,
Vercoe, Fuller & Lorenz..
shares
common
Listing—Company has agreed to use its best efforts when requested by
the underwriters to cause its
outstanding shares to be listed on the New
York Curb Exchange.
Company—lncorp. in Ohio
on April 29, 1920. The business now being
on by the
company actually dates from 1899 when it was started
unincorporated enterprise.
The principal executive offices of the
company are located at .Coldwater, Ohio.
The original name was New
Idea Spreader Co., which name„was
changed June 15, 1935.
h'1 Company is now engaged in the business of
manufacturing and selling
farm implements and equipment,
consisting principally of manure spread¬
ers, hay rakes, hay .loaders, transplanters, steel farm
wagons, two-row corn
pickers, corn hU3kers and shredders, corn shelters, portable grain
elevators,
and mowers. Company sells its
products through retail implement dealers
throughout the Central and Eastern 8tates. it makes some sales in Southern
carried
an
States and Pacific Coast States
through a few large distributors.
tains branch warehouses at
Harrisburg, Pa.,
Minn., and Omaha, Neb., and
the
agricultural
numerous
sections.
It main¬
Circuit
Judge George T. Hartrick of Pontiac, Mich., has granted a decree
the Central National Bank of
Cleveland foreclosing a mortgage for
$4,000,000 on the company's property at
Monroe, Mich.
The Court
stipulated that if the mortgage is not paid within
20 days the plant win be
sold by a court's
commissioner.
to
The Central National
Bank, which is acting as trustee for the Republic
Co., also purchased the Newton Falls, Ohio,
plant of the Newton
a similar foreclosure
several weeks ago.—V. 144, p. 2140.
Steel
Steel Co. under
New
Principal Underwriters—Each underwriter agrees, subject to the condi¬
tions specified in the agreements, to take
up and pay for the percentage
of the shares set opposite its
respective name below:
£5
n w
Passengers carried
L
First Cleveland Corp., Cleveland, Ohio
Mitchell, Herrick & Co., Cleveland, Ohio
Stevenson, Vercoe, Fuller & Lorenz, Columbus, Ohio
Bawson Lizars & Co., Chicago, 111
Whitaker & Co., St. Louis, Mo
33.75%
22.50%
;
11.25%
7.50%
5.00%
5.00%
15.00%
Shields & Co., New York
Sale
of Shares by Shareholders—Included in the 68,000
common
Capitalization—By virtue of amended articles of incorporation filed in
office of Secretary of State of Ohio on March
29, 1937, the number of
shares which company is authorized to have
outstanding was increased to
272,000 common snares, and the 15,000 shares (par $100) were
changed
into 225,000 common shares (no
par).
As a result of the foregoing
changes and upon completion of the sale by
the company of 47,000 snares included in the
68,000 shares offered, com¬
pany will have the following capitalization:
►
Authorized
Common shares (no par)
Outstanding
272,000 shs.
272,000 shs.
The company has no funded debt.
is contemplated that approximately $375,000 of the net
proceeds to be received by company from the sale of 47,000 common shares
will be used to retire bank indebtedness of tne
company incurred since
Dec. 31, 1936 ($125,000 of which is owing to Chase National
Bank. New
York, $125,000 to Cleveland Trust Co., and $125,000 to Continental Illinois
;;
,
Purpose—It
National Bank & Trust Co., Chicago), the proceeds of all of
which bank
loans were used for working capital.
Approximately $50,000 will be used for
the purchase and installation of
power-generating equipment and ma¬
chinery for the manufacturing plants of the company.
*
.
\
,
Income Statement Years Ended Dec. 31
1934
1935
$2,452,775
1,426,362
$3,660,685
2,108,262
604,188
808,199
loss$20,304
27,016
$422,225
18,159
$744,223
22.804
$6,711
18,707
$440,384
24,788
65.000
$767,028
34.147
175,132
Net sales
Cost of goods sold
Selling, admin. 6c general expenses—
$967,257
606,553
381,008
1936
L.
Other income
.
.
[~ Net profit
Other charges
Provision for Fed. taxes on income..
Recovery of provision for loss on Amtorg acceptances
1936
,
1935
188.523
50,189,644
37,919,302
Results for Calendar Years
Operating Income—
1936
1935
1934
1933
.$39,332,694 $32,221,852 $31,087,824 $28,541,586
969,176
800.3 1 5
909,186
938.311
482,889
447,387
438,382
410.529
928,192
773,959
708,472
757,080
Freight
Passenger..
Mail and express
Miscellaneous
^
$350,595
Northeastern
Ready for Delivery—
Net
rev.
1934
1 Q33
$2,349,430
1.718,888
$2,195,949
1,654,778
$1,949,880
1,580,276
$948,279
542,177
$630,541
436,030
$541,171
459,562
$369,603
552,218
from oper
Taxes, uncoil,
-Earnings—
1935
$2,780,119
1,831,840
Total oper. expenses
i
RR.
1936
revenues
rev., &c_.
Jl*
■
WOperating income.
$406,102
on-operating income25,849
$194,511
27,181
$81,609 loss$182,615
27,976
36,538
t Total
$221,692
$109,585 loss$146,077
397,292
398,442
gross income
Deduct,
$431,951
386,984
from gross inc__
Net loss
400.,>67
prof$44,967
General
1936
Assets—
$178,474
Balance
.
Ma int. of way & struc..
Maint. of equipment...
Traffic expenses
4,119,980
Transportation expenses„13.598,522
Miscell. operations.....
21,201
Total ry. oper.
Net
rev.
Inv.
Traffic &
affil.
cos.:
Stocks
20,800
23,244
Advances
20,800
20,641
I
255,293
162,912
balances payable
Audited accts. and
68,314
58,836
346,525
274,246
102,216
113,013
163,078
162,912
26,823
24,911
1,874
17,138
50,356
66,536
balances receiv.
97,895
and conductors.
1,475.838
17,204
12,161
79,086
856
assets.
Divs. mat'd unpd.
Unmat. int. accr'd
26,823
14,911
Other
Unadjusted debits
166,465
Deferred liabilities
10,577
12.5S5
260,064
190,804
Taxes
37,212
5,638
26,990
151,109
82,856
142,897
5,813
curr.
Operating
liabil..
65,974
reserves
Accrued deprec. on
equipment
801,325
344,333
768,869
143 338
3,133,449
143,338
3,168,706
19,857,301
19,811,649
Oth. unadj. credits
Special appropria'n
Profit and loss
Total.
19,857,301
19,811,649
69.326
$23,107,185 $22,692,256 $20,734,958
15.075,778
11,136,328
10.451.608
9.912.548
2,599,763
1.334.324
1,676.057
1,641.606
8,063
4.767
6,294
from ry. oper..
Railway tax accruals...
Uncollect, ry. revenue..
.*(3
Railway oper. income.$12,476,015
Equip, rents (net deb.).
2,852.916
Jt. facil. rents (net deb.)
485,376
oper?income.
Net ry.
Total non-oper. income.
Gross
income?^rltl?.-$14^956l239
Total deductions
7,575,757
$8,770,784
2,779.655
481,702
$8,264,649
2,612.692
435.069
$6,759,546
1,890,945
$5,509,427
2,079,549
$5,216,887
1,421,961
$8,650,491
7,534,562
$9,137,723
5.818,516
$9,793,941
2.574,692
459,703
$7,588,976
7.530,342
$6,638,849
7,844.485
^
Net income
—-it
Inc. applied to sink, fd
"i
_
$7,380,482
I 'Hi
'
Balance, surplus
$1,115,929
99,000
'
1
$7,380,482
■
.
$58.63 Uoss$ 1205636
99,875
98,779
-L-
.
'i-
-
$1,016,929
'
def$41,241 df$l,304,415
General Balance Sheet Dec. 31
.
1936
a
1935
1934
$
-a
$
$
Assets—
Investment in road & equipment
237,669.786 234,553.275 235,203,394
73,172 •
92,756
92.445
90,045
83,983
74,483
1,365,076
1,351,851
1.366,103
9,269,277
10,023.468
10,071,284
Improvements on leased ry. prop
Deposits in lieu of mtgd. prop, sold
Miscell.physical property
Investments in affiliated .companies
Other investments
29.104,428
7,211,591
345,420
...
Cash in treasury.
Cash in transit
...
Scrip certificates & tax warrants
Cash deposits for account of RFO
Cash deposits to pay int. & divs
Cash deposits to retire funded debt
Cash deposits—miscellaneous
Securs. deposited as bond in appealed
judgments
29.968,576
29,968.576
2,395,696
237,145
1,895,079
213,464
106
------
331,383
7,000
409,992
997,939
330,458
3,000
42,006
10,000
45,000
62,000
-
233,649
4,000
Undistributed Chesapeake Corp. stk_
13,424
Loans and bills receivable
Traffic & car service bals. receivable.
Net bal. receiv. from agts. & conds—
Miscell. accounts receivable
Material and supplies
Interest & dividends receivable
Other current assets
51,432
?0.691
9,043
£o'roZ
15,357
525,608
706,115
768,225
1,016,800
1,443,106
139,694
-
------
°?o.705
1,380,624
1,112,039
346,707
18,583
553,161
567,185
1,569,974
1,370.897
361,707
5,215
4.319
5.936
679,002
534,567
8,307
1.457,987
9.092
2,260,038
1,006.731
7,221
_
Deferred assets
Rents,& insur.prems. paid in advance
Other unadjusted debits.
2,164,186
.292,033,354 286,942,900 287,018,960
New York Central Electric
33,742,734
33,742,734
33,742,734
6% cumulative pref. stock, series A-_ 36,054,026
36,053,726
36,053,726
Stock liability for conversions
33,800
34,100
34,100
Pretn. on 6% cum. pref. stock, ser. A200,724
200,724
200.724
Governmental grants in aid of constr'n
786,835
14,333
15,822
Funded debt
-159,768,849 158,566,587 159,694,587
Non-negotiable debt to affil. cos
500
1,216,477
6,335.000
Loans and bills payable
575.052
4,008.371
4,194,082
Traffic and car service balances pay-.
2,184,575
1,686,106
1,618,584
Audited accounts and wages payable.
1,510,964
1-300,894
Miscellaneous accounts payable
536,746
40.442
131,041
Interest matured unpaid
229,189
432,230
326,441
Dividends matured unpaid
18.911
36,178
36,177
Funded debt matured unpaid
6,000
5,250
10,750
Unmatured interest accrued
2,090,409
2,128,062
1,819,369
Other current liabilities
119,563
82,174
53.958
Deferred liabilities
48,270
77,901
275,252
Unadjusted credits
22,747,763
20.492,591
20,115,990
Addns. to prop. through inc. & surplus
259,534
260,452
252,901
Funded debt retired through inc. &
surplus
!
1,183,038
1,183.039
1,084,038
Profit and loss
29,935,872
25,380.529
19,770,129
...
jj? Total
..—292,033,354 286,942,900 287,018,960
New York Fire Insurance Co.—Extra Dividend—
The directors have "declared an extra dividend of 5 cents per share In
addition to a quarterly dividend of 20 cents per share on the common stock,
$5, both payable April 30 to holders of record April 20.
Similar payments were made on Jan. 30 last, and previously regular
quarterly dividends of 15 cents per share were distributed.
In addition, an extra dividend of 10 cents was paid on Oct. 30, 1936;
par
extra dividends of 5 cents were
paid on July 30 and April 30, 1936, and a
special dividend of Scents per share was paid on Oct. 31, 1935.—V. 144,
P.
*
782^
356,015
Howard
that
the
S.
Palmer~told
trustees
of the
stockholders
road
expect
at
the
by June 1
annual
to present
a
meeting April 20,
reorganization plan by
June
1.
Mr. Palmer said:
"We realize that aur stockholders
are vitally interested in the progress
our plan for reorganization.
We expect that this plan will be
ready for filing with the Court (U.S. District Court) by June 1,1937v
"It is impossible to forecast the treatment of the capital stock or other
outstanding'securities of the company in whatever plan of reorganization
may finally be approved by the Interstate Commerce Commission and the
Federal Court.
It is also impossible at this time to forecast when the final
reorganization will be consummated."—V. 144, p. 2665.
of
.
.
.
.
New York & Richmond Gas Co.—Earninas-—
Total
-V. 144, p. 2139.
3 Mos. End. Mar. 31—
Gross
Corp.—Merged—
See Associated Gas & Electric
Co., above.—V.
2,999.054
4,652.729
1,144.768
10,581,804
71,885
1,354,044
e£ps—$26,637,173
New York New Haven & Hartford RR.—Plan
5,635
207,959
rec
Materials & suppl's
Oth. current assets
Deferred
Int. mat'd unpaid,
incl. interest due
Jan. 1
Bals. due fr. agts.
Misc. accts.
car serv.
Misc. accts. pay..
-
287,719
161,591
Special deposits
Traffic & car serv.
12,072
Gov'tal grants
Other investments:
Stocks
Cash..
$
6,000,000
8,566.000
wages payable.-
43,753
3,511.252
4,899.700
1,205,126
11,636,920
23,867
1,474.322
58.931
19,038
1,595,395
General expenses
Transp. for invest.—Cr_
1935
$
6,000,000
8,566,000
Capital stock
Funded debt
in
3.557,669
4,999,433
1.271,760
11,797.651
5,930,637
1,382,599
—V. 144, p. 2140.
Liabilities—
$
equipment
18,602,938 18,620,664
Misc. phys. prop..
5,719
39,446
$544,519
31
1936
Invest, in road and
)
$287,707,
Shee: Dec.
1935
$
$34,243,513 $33,143,864 $30,647,506
$557,748
P All first mortgage 3M% bonds deposited pursuant to plan, dated Dec.
23,
1936, are now ready for delivery upon presentation and surrender of the
respective deposit receipts issued therefor, together with
re-delivery receipt
thereto attached, properly signed, to
City Bank Farmers Trust Co., 22
William Street, N. Y. City.V. 144, p. 619.
&
—
.
Total ry. oper. rev...$41,712,951
Operating Expenses—
Common stock
New Niquero Sugar Co.—Bonds
Years—
1933
201.839
50,961,281
1.93 cts.
2.11 cts.
1.90 cts.
1.84 cts.
20,854.468
1 7,446,892
1 6,073,564
14,385,629
mile-4415S43,049 3596485.000 3459867,000 3126113,000
.......-.--
$42,359
Orleans
202,131
47,739.896
54,354
|< Net profit
—V. 144,. p 2311.
New
'
1934
*"" 248,104
Total..
Calendar
Total oper.
no port—
Revenue freight (tons)..
Rev. frgt. (tons) 1
shares
to which this prospectus
relates, are 21,000 outstanding shares of the com¬
pany to be sold to the underwriters by certain shareholders.
^
Pass, carried one mile-.Rate per pass, per mile..
,
McDonald-Coolidge & Co., Cleveland, Ohio
YorkChicago &St. Louis RR.—Annual
General Statistics for Calendar Years
Syracuse, N. Y., Minneapolis,
transfer warehouses
throughout
1
.
Newton Steel Co.—Foreclosure—
t
as
April 24, mi
*
National Supply Co.—May
Split Stock—
A
■
144,
p.
1969.
-
1937
1936
$281,908
revenues--
Net inc. after taxes, de¬
preciation & charges.
—Y. 144, p. 2491.
$296,929
23,660
27,842
1935
<
1934
$276,033
$308,287
15,475
54,726
Volume
Financial
144
2839
Chronicle
Consolidated
Long Branch RR.—Earnings—
New York &
1936
Calendar Years—
$320,065
150
698
128,820
1
395
Miscellaneous income charges
Net income
Dividends
128,820
128.820
476
'"264
$280,225
280,000
$280,000
280,000
$225
52,689
52,643
548
46
$53,462
$52,689
$53,237
loss
Previous surplus
Sundry net credits
Debt disct. extinguished thru
owned
8,709
8,709
168,851
505
86
dep. int. fd
385
60
107,422
advance.
95,036
165,795
adv. for construe
120,316
25,273
894,250
39,899
922,312
1,448,019
Salaries & wages
Accrued taxes.-
322,250
4,498,060
1,443,276
282,607
Divs.
346,112
265,986
425,240
1,267,212
debt
'
77,372
62,665
Audited accounts A
154,181
Int. matured unpd
120,041
51,034
13,955
Unmat'dlnt.accr'd
33,973
Indebtedness
55,089
Mat'l A supplies..
of
N.J.—rental...
127,049
97,072
Pa. RR.—rental..
127,049
505,950
7.002,470
cos.
696,732
7,414,529
183,101
2,788,759
1,638,682
1,634,829
of real estate.._
5,004
100
ages
Tax
retirem't
taxes
taxes(employees)
'
15,160
«
Other def'd assets.
2,814
9,553
28,435
780
due contr's
314,866
362,443
3.442,966
cur.
276,880,959 271,134,658
Total
276,880,959 271,134,658
Total
recapitalization and other transactions o*
x Represented by 729,166 shares of
no par value,
y After deducting reserve for doubtful accounts and notes
of $386,762 in 1935 and $534,418 in 1936.
z Includes $8,402,791 arising
from appraisal of properties.—V. 144, p. 2493.
;
Before
effect
giving
to
Northern Indiana Public Service
Co.—Earnings—
V
,
Feb. 28, '37
,
.
Operating revenue—electric
Operating revenue—gas
Operating revenue—water
Miscellaneous revenues and other income
Feb. 29, '36
$1,806,411
939,878
12,089
$1,365,853
$2,780,291
1,258,761
;
$2,295,317
1,009,921
—-
-
earnings
138,023
233,333
254,893
450,480
70,000
Maintenance
Provision for retirements
5,465
surance taxes...
37,777
18,833
Other unadj .credits
Taxes.
Bond and other interest
17,189
17,189
53,240
Provision for Federal income taxes
53,237
$7,785,6391
..$7,925,773 $7,785,639
Total.
Full
in
New York State Electric &
Future of
Northern Ohio Ry
1292.
Ry.—Public to Decide
Road—
by the company is now on the spot and virtually must
decide whether they will nave a railroad with no taxes, or no railroad and
trustee, which continues:
will probably be decided
at a court hearing before Federal Judge Hincks at New Haven on April 26.
This hearing will be for the purpose of enabling any party at interest to
show cause why reorganization proceedings should not be dismissed.
If
these proceedings are dismissed, receivership and liquidation seem the
taxes, says a statement issued by C. R. Bardo,
The future of tne company as a going railway
no
only alternative.
Despite the most strenuous efforts to keep expense at the barest mini¬
mum consistent with \ roper service, the property has continued
to lose
heavily.
Including non-operating income of every description, the road
failed by about $400,000 to earn enough last year to pay its taxes and full
rentals on leased property, before any provision
The tax bill of the Westchester, including all
for interest on indebtedness.
items for which it is directly
indirectly liable, was approximately $382,000 last year.
During the first three months of this year gross revenues decreased by
$52,000 compared with the same period of 1936.
By careful control over
expenses, the decrease in net revenue from railway operations was held at
$23,000 below tne figure for tne first quarter of last year.
On the basis of tnese results, however, the trustees of the New York
New Haven & Hartford cannot bo expected to view favorably any propo¬
sition which would call for additional contributions from that road.
On
or
they might very well be considered remiss in their duties if
they failed to take tne proper legal steps to recover property now used by
the Westcnester which actually belongs to the New Haven estate and on
the contrary,
been made since Jan. 1, 1936.
Unfortunately, the Westchester is between two horns of a serious dilemma.
Experience shows that if rates of fare are raised, traffic moves to other
available transportation lines. In other words, rates have to be substantially
below those on competing lines or people will not patronize the Westcnester.
On the otner hand, a recent experiment in lowering rates on one type of
ticket, which resulted in the sale of 23,000 more such tickets during tne
month of March, actually increased Westcnester revenue by less than $500.
Under these conditions it seems apparent that prompt and substantial
relief must be afforded in taxes as well as in other items, if the Westchester
s to continue its service to the public.—V. 144, p. 2492.
which
no
rental payments have
Northern States Power Co. of
Del. (& Subs.)—Earnings
Calendar
Years
an
increase
1936
1935
1934
1933
__.$29,765,927a$27,745,066 $27,152,439 $25,969,950
4,066,242
4,056,271
3,967,567
4,012,505
Steam department
692,363
670,538
641,645
689,268
Transportation dept
211,363
193,644
185,848
162,926
Telep.& water depts
122,072
121,747
117,240
114,606
Gross Earnings—
earnings.>$34,857,967 $32,787,267 $32,064,740
Operating expenses
10,915,727
9,407,996
9,141,172
Maintenance
1,473,866
1,395,711
1,356,297
Taxes
b5,039,679
4,557,147
4,514.037
Management fee
259,646
649,073
736,633
Gen. & admin, expenses2,373,387
2,246,187
2,078,735
Prov. for doubtful acc.._
201,760
188,649
181,491
$30,949,256
$14,056,375
$14,624,431
106,683
Total gross
Other income
11,248,329
1,269,630
3,806,866
106,316
Co.—Earnings—
$663,877
2,900,000
Approp. for retire, res
Approp. for amortiz. of
2,900,000
_
Net income
Pref. stock divs
Net earnings before
562,346
230,573
206,571
$4,933,765
5,068,848
$5,175,603
5,068,848
207,229
$5,787,623
5,080,990
1,243,321
32,247
...
13,667
divs
Pr.(Wis.)
Accum. unpaid pref.
Balance, surplus.
....
Net earnings
convertible bonds
Interest on convertible income debentures
Interest on unfunded debt
Amortization of debt discount and expense
Loss on property sold or retired
Loss on liquidation of subsidiary companies
Surplus direct items
(net)
$5,520,437
$5,806,078
Dec. 31- $1,577,989
$5,349,608
Revised figures.
b Including $8,913
for surtax on undistributed profits.
...
$300,080
40,000
$268,845
170,587
54,631
1,313
$260,080
115,940
'i'303
1,579
2,475
1,225
2,501
24
Net income
1935 earnings include the earnings of the
a
reorganization.
Balance Sheet Dec.
4,330,000
232,662
18,000
Earned surplus—
101,646
4,429,000
300,908
237,275
Funded debt
756
1,324
Invs. In A ad vs. to
104,141
Current liabilities.
31,500
Reserves
/
371,489
328,690
1,328
12,368
1,675
20,278
....$5,249,008
$5,166,001
34,661
1,328
1,675
co
Investments
Treasury stock
Deferred debits...
Total
$566,700
Capital stock
Special deposits...
Other
1935
1936
$.566,700
$4,560,484 $4,575,432
Current assets
affiliated
predecessor company before
31
Liabilities—
1935
1936
Assets—
Fixed capital
$137,533
$39,813
Total
.$5,249,008 $5,166,001
—V. 140, p. 3224.
(Charles F.) Noyes Co.,
Inc.—Accumulated Dividend—
a dividend of 75 cents per share on
cumulative preferred stock, par $30,
declared
account
payable
cents was paid on
and Aug. 1, 1936.
current payment will amount to 90 cents per share.—;
April 26 to holders of record April 22.
A dividend of 60
Feb. 1 last and dividends of 45 cents were paid on Nov. 2
Arrearages after the
V. 144, p. 114.
Otis Elevator Co.
1936
1937
$5,822,188
2,568,378
192,581
Depreciation
Expenses
622,987
....
$1,748,148
x356,000
85,155
Profit
Miscellaneous deductions
profit..
Earns.per sh .on 2,000,000 shs.com .stk
Ohio Edison
1,380,532
$1,125,161
profit
Includes surtax
$3,927,331
2,077,338
189,129
1,746,939
Cost of sales
Maintenance and repairs
Net
Earnings—
(& Subs.)
3 Months Ended March 31—
Net sales
on
$1,306,993
$0.60
undistributed profits.—V.
107,596
189,730
1935
1
$2,938,811
1,474,596
100,935
186,108
1,347,338
$172,135 loss$170,166
354,828
306,947
$136,781
$526,963
21,600
82,872
83",243
$53,538
$422,491
$0.16
144,
p.
Nil
2314.
Co.—Earnings—
1936
Years Ended Dec. 31—
Gross earnings
$17,785,487
1935
1933
1934
$15,942,175x$15,345,735x$14,490,00b
Oper. exp., incl. mainte¬
8,588,476
1,500,000
3,511,429
7,090,473
1,350.000
x6,931,700
1,200,000
3.944,201
x6,123,378
1,200,000
4,049,650
$4,185,582
Pref. divs. (all issues)..
1,866,923
Common dividends.....
287,384
$3,452,051
1,866,882
718,400
$3,269,833
1,866,880
1,149,536
$3,189,714
1,866,956
1,580,612
nance
and taxes.
Fixed charges
def$568,935
6,426,995
51,982
$580,708
280,628
Provisions for Federal taxes
Prov. for retirem't res..
$121,968 def$135,083 def$114,140
5,773,462
5,520,437
5,806,078
4,317,440
35,746
171,500
355,032
$308,845
40,000
depreciation.
depreciation
Interest on 1st mtge.
x
565,570
Common stock divs
a
2,900",666
$5,190,816
5,068,848
debt disc. & expenses
Total surplus
2,900,000
and taxes).
Operating expenses (incl. maintenance
Provision for
«1935__
1936
Year Ended Dec. 31—
Gross earnings
Federal taxes
$14,695,820 $14,443,827 $14,162,691 $14,731,114
5,836,920
Interest charges, &c (net)
5,986,669
5,998,312
5,797,741
Miscell. inc. deduct
52,765
49,404
58,773
year.
j
Northern Utilities
Net operating
Total income
Surplus, Jan. 1
(Minn.)—Weekly Output—kwh.,
—V. 144, p. 2666.
Other income.
$14,593,901 $14,342,501
101,919
101,326
Net earnings
of No.States
above.—Y. 143, p. 3851.
ended April 17,1937 totaled 24,587,875
compared witn the corresponding week last
of 11.6%
of accumulations on the 6%
Electric departments
Gas department
28,500
$222,723
—Interest Payment—
Youngstown Ry.
Northern States Power Co.
The directors have
Income Account for
450,339
period..
229,578
229,578
1936, have been restated
in December, 1936,
2312.
Electric output for the week
Tne public served
115,132
233,333
235,369
pref. stk. div.requirem'ts for 2-montn
See Akron Canton &
New York Westchester & Boston
17,325
The figures for tne two montns ended Feb. 29,
tne above statement to reflect adjustments made
applicable to that year.—V. 144, p.
Gas Corp.—Merger—
Electric Co., above.—V. 144, p.
11,401
$374,800
Net income
—V. 142, p. 3355.
900,738
21,913
Operating expenses
15,960
(company)
income A surplus
See Associated Gas &
1,577,989
Northern States Power Co. (Minn.),
Total gross
Profit and loss
$7,925,773
656,607
5,773,462
3,375,383
Other
retirem't
Add'nto prop.thru
Total
405,710
9,059,398.
Capital surplus
Earned surplus.
z
151,082
189,877
Unemployment in¬
2,814
Other unadj .debits
assets
Mat'l & supplies
403,411
449,454
784,211
tensions
Res. for contlng.
Two Months Ended—
percent¬
liability
Railroad
cash
7,565
15,960
taxes (employees)
18,700
100
Contrlb'n for ex¬
electricity
13,835
Railroadretlrement
Retained
Wkg.fundadvanc.
Unadj. credits113,785
183,077
2,760,031
16,041,799
352,654
63,566
16,624,949
418,091
reserve
Miscell. reserve.
depos. for
30,210
55,892
32,026
69,930
affiliated
Unbilled gas and
1,653
payable--
Misc. accts. pay..
97,072
purchase
to
Sundry cur. liab.
n_:
4,107,020
1,279,324
Deprec. (retire.)
in proc.
receivable
33,973
Other current liabs
37,193
57,236
55,409
41,127
32,186
payable--
6,451,715
10,831,944
Notes & accts.
a
Traffic A car-serv.
from
agents
RR.
payable..
Notes payable..
Cent. RR. of N.J.,
wages
Misc. accts. rec...
1,119,962
1.122,632
debt...118,017,000 118,038,340
684,540
722,365
Accrued Interest
Accts.
disc, and exp.
Cash
7,291,663
of public
Funded
tire. in process
exps.
34,155,100
Capital stock of
subs. in hands
12,858
11,893
Unamort.
'
7,291,663
CI. B com.stk.
x
Extraordin'y re¬
y
1935
1936
balances payable
balances rec
rec.
Class A com.stk. 34,155,100
Def. liabilities..
of amortlza'n.
$52,689
Dec. 31
Pa. RR.,
Traffic A car-serv.
Railroad
81,953
Prepaid Insur'ce
Other prepaid
Other def. chgs.
Cap.st.(par $100)-$4, 000,000 $4,000,000
192,000
192,000
Gen. mtge. 5s, '41.
2,308,000
Gen.mtge.4s,'41. 2, 308,000
538,000
538,000
Cons. mtge. 5s, '79
126,229
N. Y. Trust Co.
for
154,865
Investments
bond Interest,
(bk. A tr. cos.).
Adv.
345,193
213,484
83,991
2,197
accounts
Liabilities—
$7,297,907 57,230,562
7,989
7,989
Gen. expenditures.
17,671
Misc. phys. prop..
26,591
Cash
39,026,300
239,538,900 237,873,930
9,688,475
9,383,058
deposits
Cash
1935
1936
Road
Central
other
225
General Balance Sheet
Net bal.
430
surplus.
Surplus, Dec. 31
Assets—
39,026,300
6% cum. pf.stk.
rights, f ranch.,
Ac...
$
38,961,000
New bus. promo,
Total surplus
spec.
263,685
1935
$
Liabilities—
7% cum. pf.stk. 38,961,000
Plant, property,
of amortlza'n.
Bal. transferred to credit of prof.&
Securities
$
Sinking funds &
$53,240
Interest on unfunded debt
150
768
3
Interest on funded debt
150
671
$53,240
Miscellaneous tax accruals
Stock disc. exps.
63~237
Miscellaneous rents
$410,002
190.000
income
$410,772
$190,000
Railway tax accruals
$672,086
261,315
$673,687
al936
1935
$
Assets—
$590,000
269,935
Joint facility rent income
Gross
al936
1934
1935
31
Dec.
Sheet,
Balance
General
Net
x
income
After giving effect to
3,976,916
settlement in August, 1934, of a rate case
1933.
involving
refunds retroactive to May 1,
Note—No provision for surtax on
undistributed profits.
x
2840
Financial
Balance Sheet
1936
$
Assets—
1936
Liabilities—
Fixed capital,lncl.
panies,
&c._.
467,087
al68,579
4,676,673
Debt disc. &exp.
Def'd charges &
prepaid accts.
Cash & working
Accounts,
&int
Due
recelv..
from
409,600
161,566
14,499.200
70,797,500
20,739,300
I
976,871
...
Com. stk. (1,-
Fund, debt called
Def'd liabilities.
902,617
1,500,000
payable
Accts. payable—
3,186,475
affil.
1,447,460
1,402,463
855.170
1,240,064
divs. payable.
41,132
6,229,000
351,618
2,700,078
Cash
ex¬
tensions
148,995,796|
Total..
Includes sinking fund,
b Cash only,
d Accounts payable
only.—V. 144, p. 2142.
a
Ohio Water Service
c
without
par
Operating
Operating
1936
........
$533,912
263,349
1936
1935
10,648
908
11,650
214,918
sec...
66,389
Int.
on
18,828
42,548
40,901
39,655
79,584
3,550
79,583
3,640
funded
141,116
154,957
16,024
16.8S7
32,909
28,845
235,145
Debt discount and
a
224,497
32,724
451,009
15,243
13,281
3,155,898
3,157,818
surp.
213,900
210,305
213,900
187,849
arising
from revalua. of
of property
Earned surplus...
Total...
$8,023,014 $8,040,870
Total
$8,023,014 $8,040,870
After reserve for uncollectible accounts
of $24,931 in 1936 and
$20,388
In 1935.
b Represented
by 40,522 no-par shares.—V.
143, p. 3008.
a
Overseas Securities Co.,
Inc.—Earnings—
Earnings for the 3 Months Ended March
31, 1937
Income from operations—Dividends
Interest.
$11,849
1,099
Miscellaneous
31
85
Total
$13,033
4,550
13,013
..
_
debentures
;
Balance net profit
Pacific Can
233',65 5
Pacific
was
and
a
int.)
Due for sec.
$315,392
Accrued int. & divs. receivable
8,572
Investment securities
3,219,174
expenses
1,305
bought but
Earnings
received
Sundry accounts payable
Accrued interest on debs.
Reserve for estimated Federal
taxes.
Paid-in surplus
Profit & loss deficit
Net unrealized
apprec. of inv.
securities
$3,544,443
$55,365
20,156
9,500
z95,300
1,041,000
y750,000
2,149,687
744,778
xl68,212
Total
$3,544,443
Without deducting possible Federal taxes
and other
charges, payable
only if the appreciation is realized,
y Represented by 147,172 no
par
shares after deducting
2,828 shares in treasury, z Includes
$43,464 accrued
surtax on undistributed
profits.—V. 144, p. 1119.
x
Owens-Illinois Glass Co.—Stock
Split-Up Voted—•
Stockholders
on April 21 voted an
increase in the number of authorized
shares from 1,500,000 shares of the
par value of $25 each, to
3,000,000
shares of the par value of $12.50 each.
This action increases the
number
of shares
outstanding from 1,330,602 shares of the par value of
$25 each,
to 2,661,204 shares of the
par value of $12.50 each.
Initial Dividend
on
New Common Stock—
The directors on April 21
share on the new common
declared an initial dividend of 75 cents
per
stock, par $12.50, payable May 15 to holders
1935
$249,446
$0.79
$0.41
430,956 shares
stock (par $10)
Before provision for Federal surtax
1294.
■
■
"V.
x
p.
on
,
undistributed profits.—V. 144,
;
.
:
;
y
"
.
,.
.y^yyyyy
Lighting Corp. (& Subs.)—Earnings—
12 Mos.End.Mar. 31—
a
1936
$412,463
$0.70
—
per share on
1937
1936
1935
Gross revenue.
1934
$53,138,288 $50,204,418 $45,612,558 $43,851,229
23,589.578
21,449,315
19,663.226
18,673.781
Taxes
7,906,936
6,541,238
6,168,929
5.932,110
Bond & other interest...
3,554,042
5,096,218
4,986,864
5,264,290
Int. charged to construe.
Crl4,262
Cr3,370
Cr31,087
Cr83,030
Depreciation
6,938,933
6,971,165
6,583,486
6,860,789
Amort, of bd. disc. &exp
900,408
668,438
276,113
267,126
Operating
expenses
Net profit
$10,262,653
Div. on pref. stks.of subs
1,510.635
Div.on com.stk.of subs.
264
Div. on pref. stock of
$9,481,415
1,513.655
$7,965,027
1,525,658
231
165
1,179,990
1,179,990
1,121,127
4,825,893
3,860,714
4,584,598
4,825,893
Remainder to surplus. $2,745,871
Shs. of com. stock out¬
$2,926,824
Pacific Lighting Corp.
Cash div. on com. stock
of Pac. Lighting Corp;
$6,936,163
1,565,601
572
;
1,179,990
standing (no par)....
Earnings per share
1,608,631
$674,615 def$577,029
1,608,631
1.608,631
1,608,631
$4.71
$4.22
$3.27
$2.64
Includes other income of $543,007 in
1937, $245,260 in 1936, $343,604
in 1935 and $381,577 in 1934.—V.
144, p. 2667.
a
Pacific
Telephone & Telegraph Co.
—
Month Ended
Feb. 28 '37
Operating
revenues
Feb. 29 '36
-Earnings—
2 Months Ended
Feb. 28 '37
Feb. 29 *36
Net operating
$4,864,691 $10,552,540
18,000
39,300
$9,849,161
33,992
$4,846,691 $10,513,240
3,372,137
7,139,397
$9,815,169
6,801,438
$1,672,651
$1,474,554
$3,013,731
70
expenses
$5,236,049
22,700
$5,213,349
rev..
70
624,687
3,540,698
revs
Rent from lease of oper.
prop
Operating
taxes
—V. 144, p. 2142.
.
not
5% gold debentures
Capital stock
Total
1937
x$392,789
taxes
other deductions
716,030
Net operating income.
;:
Liabilities—
deposit
par.—V. 143, p. 3329.
no
Corp. of Calif. (& Subs.)—Earnings—
3 Months Ended March 31—
Net profit after interest, Federal
Operating
--.$184,974
decrease of $165,091 in the'net
Balance Sheet March 31, 1937
Assets—
for matured debenture
stock,
Finance
Uncollectible oper.
3
there
Co.—Listing Approved—
common
$229,125
44,152
.
unrealized appreciation of securities
held, based on market quotations at
Dec. 31, 1936, and March
31, 1937.
Profits and losses from
sales of se¬
curities have been
computed uniformerly by the
company since its inception
on the
first-in-first-out cost basis.
Cash (incl. $15,825 on
ing shares of
$4,530
,
Notes—During the period
undistributed
1, 1936.-*V; 144, p. 2667.
Period—
Net loss from operations
Net profit from sales of securities
Net profit for the
period
Distribution paid to shareholders.
$899,227
on
97,853
the fiscal year beginning Dec.
1, 1936, since any liability
for such tax cannot be determined
until the end of the fiscal year.
Under
the law, the tax is not
applicable to the companies' earnings prior to Dec.
12,758
419,130
extensions
Cap.
Prepaid
$1,018,337
No provision has been made for the
Federal surtax
_
b Class A common
stock
$2,622,302
1,723,075
net income for
Pacific
15,537
Contributions for
29,382
$3,977,884
1,355,582
$2,613,091
1,594.755
Net income
$3,880,030
$3,851,076
1,237,985
Interest and amortization, &c
common
Miscellaneous..
Consumers' depos.
and
prepaid accounts
.
$3,805,113
45,963
Balance
Retirement accruals
and accrued int.
thereon
Res.: retirements &
replacements
Acer, unbilled rev.
Materials & sup..
expenses in pro¬
cess of amort
6,008
debt
receivable
1935
42,958
Fed.Inc. tax...
Accts. and notes
on
-
The New York Curb
Exchange has approved for listing 195,000 outstand¬
1936
Accounts payable
Accrued items—
General taxes..
1,650
145,970
working funds..
Interest
....
Net operating revenues
bonds, series A.$3,820,000 $3,820,000
&
Feb. 29 '36
$7,464,129
2,806,784
151,666
625.648
$7,560,549
2,873.318
219,161
a662,956
20,500
...
Liabilities—
1st mtge. 5% gold
(at
banks
$5.36
Feb. 28 '37
....
26,
Plant, prop., rights
franchises, <fec..$7,355,076 $7,355,743
Expenses..
1,200.000
Non-operating income—(net)
Consolidated Balance Sheet Dec. 31
„
$6,427,074
1,267,600
$6.25
549
year.
charges
$7,923,152
Gross income
Assets—
Def.
$7,475,059
1,047,984
12 Months Ended—
Operati ng revenues
Operation
Maintenance
$271,757
191,000
No provision has been made in
1936 for the Federal surtax on
undis¬
tributed profits as it is believed that all
taxable income has been
distributed
a
830,000
$9,320,485
1,397,332
Oklahoma Natural Gas Co. (&
Subs.)—Earnings—
$377,664
191,000
Lakes Recreation Co.
The operations of this
subsidiary company for the
year 1935 and the period Jan. 1,
1936, to Feb. 26, 1936, have been con¬
solidated with Ohio Water Service Co. in
the above statement of income
for the respective periods.
U. S. Govt.
1,065,000
Taxes
$140,008
$48,152
1936, the Ohio Water Service Co. acquired
the
(subject to liabilities) of its wholly owned
subsidiary company, Ohio
in
$6,945,294
529.765
2667.
10,648
8,855
26.500
;
Note—As of Feb.
Cash
p.
$270,564
1,193
deprec
Net income
Misc.' invest,
cost).
$7,731,382
759,102
per share
Revised.—V. 144,
653
...
.....
Miscellaneous interest
Amort, of debt discount & expense
Provision for Federal income tax
Prov. for retire. & replace, in lieu of
33.120
74,604
1,330,602
$8.30
$375,294
2,370
Gross corporate income..Interest on funded debt
during the
x
1935
$629,138
253,844
-
expenses & general taxes
Net earnings
Other income—net
assets
Earnings
Reorganization.)
revenues
44",745
Net income for period
$11,046,985
Number of shares
outstanding at end
of period
Co.—Earnings—
(The income of Ohio Water Service Co. for the full
calendar year 1935
set forth below, includes income
for the period from
May 3, 1935, date of
approval of filing of petition under Section 7715
of the Bankruptcy
Act, to
Nov. 26, 1935, date of approval
by Court of Plan of
Calendar Years—
$13,954,421 $12,023,116
5,182,213
4,132.191
223,000
348,910
614.905
647,170
$13,902,531
2,855,546
Total income
Provision for Federal taxes
value,
39,788,054
245,290
proceeds received from sale of
patent rights and licenses
130,846,145 148,995,796
Stock
6,581,036
526,958
777,116
46,824,834
$11,865,205
972,327
Profit
Other income
3,427",330
Contribs. for
net oper.rev.$19,995,605
Sell., gen. & administrative expenses.
114,388
19?5
„.
64,924,671
Prov. for management bonus
Disc, on sales & prov. for bad debts..
Prov. for loss on dep. in closed banks.
Sundry expenses and losses
8,141,580
Surplus
130,846,145
Manufacturing & prof. &
xl936
$84,920,276 $60,779,255 $51,811,171
de-
velop. & other oper. expenses
61.347
.
Misc. curr. liab.
Reserves
Total
1937
pat.,
286,019
1,668.809
sub., &c
202,689 Accrued taxes.
843,710 Acer. Int. & pref.
170,456
803",324
d877,644
.....
...
Earnings for 12 Months Ended March 31 (Incl. Subs.)
Net sales, roy. & oth. oper. revs
Cost of sales, roy. paid,
Accts. & payroll
1,353,942
2,900,000
?aid in each three months from Nov. 15, 1934
5 cents paid on Aug. 15,
to and incl. cents 15, 1935;
May 15 and Feb. 15, 1934, and 50 Nov. per share
paid each quarter from May 19, 1931 to and incl. Nov.
15, 1933.
In
addition an extra dividend of 25 cents
per share was paid on Nov.
15
and Aug. 15, 1933.
409,600
14,499,200
Funded debt...
70,797,500
c
notes
companies
Mat'ls & suppl.
6,900,400
136,700
436,920 shs.).
b766,615
sees.
$7.20 series
19,874,700
2,349,800
6,900,400
$6.60 series
$7 series
2,631,232
22,471,066
4,881,018
550,223
funds
Marketable
136,700
19,874,700
2,349,800
$6 series
Special deposits.
1935
$
$5 series
sees.
of various com¬
April 24, 1937
of record April 29.
The last previous payment before the stock
split-up
was the $1.50 dividend
paid on the old $25 par stock, on Feb. 15, last.
This compares with $2.25
paid on Nov. 15, 1936, dividends of $1.25 per
share
distributed in each of the three
preceding quarters: $1 per share
Pref. stock:
c
intangibles—116,612,576 114,047,955
Invests, in
Chronicle
Dec. 31
1935
$
as at
$956,691
$849,937
$3,373,843
141
162
1.436,685
1,256,715
$1,937,299
$1,757,178
Park-Lexington Corp.—Reorganization Halted—
A
stay granted by Harlan F. Stone, Associate Justice of
the U. S. Supreme
Court and filed in the Federal District
Court for the Southern District of
New York on April 21
by August Heckscher, as President of the Anahma
Realty Corp., halted reorganization
proceedings of the Park-Lexington
Corp. until the case is presented to the Supreme
Court.
The Anahma
corporation owns a $2,000,000 mortgage on the
debtor's
property.
Mr. Heckscher contended that his
corporation was not con¬
sulted
when a lease was modified to
increase rentals from
$40,000 to
$109,545 a year at a time when the income of the debtor
had fallen 50%.
The reorganization
proceeding was started after the Appellate Division of
the State Supreme Court had
upheld Mr. Heckscher's charge in a foreclosure
proceeding that the mortgage security had been
impaired.
The debtor operates the Grand
Central Palace and a building at 247 Park
Avenue.—V. 141, p. 2444.
Parkersburg Rig & Reel Co.—Stock Offered—Public
offering of 100,000 shares of common stock ($1 par) was
made April 15 by a
group headed by H. M. Byllesby & Co.,
Inc.; Hay den, Stone & Co.; Hallgarten &
Co.; Paul H.
Davis & Co.; Emanuel &
Co.; Kalman & Co., and William
Cavalier & Co.
of $25 per share.
The stock
was
offered at the initial
price
The stock does not
represent new financing but the distribution of
shares
sold by various holders.
The Chicago Corp. is
selling 40,625 out of hold¬
ings of 73,125; the Adams Express Co., 25,000 out of
45,000; Tri-Continental
Volume
Financial
144
Corp., 12,500 oat of 22,500; Selected Industries, Inc., 12,500 out of 22,500;
the Pepsodent Co., 1,667 out of 3,000; M.E.P Corp. 3,819 out of 6,875,
and Advertisers Finance Corp., 3,889 out of 7,000.
Transfer agent. Bankers Trust Co., New York.
Registrar, Bank of The
.mi
Manhattan Co., New York.
„
„
Income Account
has agreed that upon the written request of H. M. Byllesby
A Co., Inc., it will make application to list its common stock on the New
York Curb Exchange.
or.
History and Business—Company was incorp. in West Virginia on April 30,
1897, and since its inception has been engaged in the manufacture and sale
of equipment used in the production of oil and natural gas.
The main
plant and principal executive offices are located at 620 Depot St., Parkersburg, W. Va.
Company also owns and operates a foundry in Pomeroy,
Ohio, wbich normally supplies the demands of the company for castings,
and which in addition makes sales of castings in relatively unimportant
amounts to outside customers.
,
.
„
1934
1935
$3,328,769
$3,921,453
2,366,926
$3,433,825
2,201,152
185,822
188,256
110,870
153,720
219,600
147,447
38,051
$3,351,369
2,066,911
140,247
211,200
$673,855
349,578
6,923
9,003
348,900
7,182
8,941
Cr6,779
$749,588
348.900
6.468
8,941
Cr5,471
$491,394
-
$3,419,441
14,384
$849,978
earnings—Electric
Non-operating revenues
The company
„
.
for Calendar Years
1936
Gross
$315,611
$390,750
$3,898,352
23,100
22,600
.
„
_
2841
Chronicle
■
.
Company's products are sold principally in the United States, but sales
also made in substantially all parts of the world where oil and gas are
produced.
Products accounting for over 90% of the total sales volume in
1936 consisted of structural steel derricks and parts, steel tanks and parts,
stairways and runways, self-contained pumping units, steel substructures,
Total gross earnings
Operation
-----——
---------
Maintenance
Provision for retirement reserve
General taxes
Federal and State income taxes
-----
219,600
-
Net earnings
on funded debt
Interest
Interest
unfunded debt
on
Amortization of debt discount and exp
Interest charged to construction.Cr6,921
142.899
40,524
are
Net income
Balance Sheet Dec. 31
fas tight andbrakes, pressure wood tanks wrought iron tanks, band wheeis,
vapor steel crown blocks, and parts, rig iron sets anc parts,
[ydromatic
bull and
calf wheels, and
nanufactured.
also
are
Other related products
steel walking beams.
Authorized
Outstanding
25,000 shs.
25,000 shs.
y200,000 shs. 182,000 shs.
Wihtout par or stated value per sh., aggregate stated value $1,952,000.
Includes 8,000 shares reserved for sale to the managing officer and other
Capitalization—
1936
x
y
from time to time as
authorized by the board of directors.
By action of the board, taken Jan. 29,
1937, 10,000 shs. (incl. the 8,000 shs. above mentioned) were so reserved,
and on Feb. 5, 1937, 2,000 shs. thereof (incl. in amount shown as out¬
standing) were issued and sold pursuant to such authority.
477,582
551,574
629,563
$151,734
16,641
$332,534
10,484
$748,400
16,801
$135,092
21,865
$322,049
46,453
$731,599
115,639
$113,226
Selling, warehouse, gen.
$1,377,964
$275,596
$615,960
& adminis¬
expense
Profit from operations
Other charges, less other income..—
Prov. for income A
Liabilities—
a
After
and
maintenance
depreciation,
repairs,
and rents and
taxes
2,500,000
2,500,000
6,978,000
pref. stock
the 25,000 shares of preferred stock
The annual dividend requirement on
outstanding is $137,500.
Underwriting—Each of the principal underwriters has agreed, severally
and not Jointly, to purchase at $22.25 per share, the number of shares of
common stock of the company set opposite the name of each underwriter.
now
Principal Underwriter and Address—
Chicago
Hayden, Stone & Co., New York
Hallgarten A Co., New York
■
50,000 shares
15,000 shares
H. M. Byiiesby & Co., Inc.,
10,000 shares
10,000 shares
5,000 shares
5,000 shares
5,000 shares
Paul H. Davis & Co., Chicago
Emanuel A Co., New York
Kalman A Co., St. Paul, Minn
Cavalier A Co., San Francisco,
Wm.
—
Calif
(The) Paul Revere Fire Insurance Co.—New Name—
(at cost)
52,545
49,464
Consumers'
deps.,
96,985
80.711
147,615
208,811
134,094
29,085
29,084
—
471,981
183,296
Accounts payable.
prepaid accounts
Cash
52,289
104,238
Accrued taxes..__
U. S. Govt,
545,000
71,135
86,180
750,000
Duetoaffil.
charges and
Accts.
securs.
&
receivable.:
532,516
8,154
2,163
143,729
672,060
cos.
5,863
receivable
2,328
Mat'ls A supplies.
181,883
Interest
15,211,012 14,736,041
Total
x
After
cos...
Divs. pay. on pref.
stock
have declared
a
no par
Reserves
Co.—Earnings-
Miscell. rent income
Inc. from fund, secur...
1933
2,829
178,629
3,906
119,135
$7,744,509
4,443
77,234
unfunded
from
Income
1934
$7,877,775
1935
$8,982,571
4,293
200,285
282
38
825
309
185
14,621
41
$9,187,470
$8,143,015
$8,001,310
$7,841,157
755,751
733,988
482.998
91,261
1,994,607
16,971
4,439
500,000
2,599,702
2,403,830
13.076
12,596
7,156
$5,915,702
59,626,985
$4,791,952
58,637,102
$5,094,730
54,784,500
249,286
Gross income
334,069
15,642
350
Int.
-
_
Sink. fd. appropriations-
4,296
$5,867,337
5,506,853
$227,097
$360,484
985,290
credit of prof. A loss
Profit on sale of securs.
$5,363,114
49,847,510
856,405
-
24,482
$65,816,455 $63,763,123 $59,894,872 $56,067,029
Total surplus
Less div. approp
4,136,138
Sundry debits
(1%)1246,250
11,519
(1)1,246,250
36,279
,816,455 $59,626,985 $58,637,102 $54,784,500
Balance Sheet Dec. 31
1936
A 3$Ct3
Real est. owned.
Securs.
1936
1935
$
1
$
4,699,962
Liabilities—
4,713,779
Stocks
Bonds
Cash...
Misc. accts. rec.
Int. & dlvs. rec.
220,498,156 220,963,593
5,551,925
5,960,356
4,590,857
10.023,610
9,903
3,086
1,759,214
966,051
Deterred charges
65,500
89.201
1935
$
$
Common stock .124,625,000
28 yr.
ownea:
4%
124,625,000
sec.
bds., due Aug.
49,500,000
1,1963
Misc. accts. pay.
Int.
bonds
Accrued
Sk.
Id.
78,698
84,670
1,583,739
825,000
835,297
854,684
921,938
Int.
taxes..
approp.
500,000
accrued
profit
50,000,000
17,728
ma-
tured unpd...
Unmatured
accrued
and
loss
65,816,455
balance
-V. 144, p.
51,527,125
1,095,919
$1,566,534
1,195,767
$2,152,695
$2,623,044
$2,762,302
and
1936
1935
$
Liabilities—
$
equipment. 13,263,917
15,247,944
1,061,024
300
300
Miscell. phys. prop
Invests.in affll.
oos
111,000
Other investments
4,592
2,623,600
1,400
4,498,800
2,623,600
1,400
4.498,800
Non-negot. debt to
affiliated cos—10,710,000
8,415,000
Common
Funded
stock
debt
Traf. A car-service
709,489
balances rec'le..
37,226
52,945
agts. and cond..
Misc. accts. rec...
207,360
309,384
150,227
266,576
Mat'l A supplies..
Int. A divs. rec...
176,573
2,257
187,739
259
626,462
Au dited accts. and
West Jersey A Sea¬
shore
Net bal. rec'le from
573,598
603,222
balances payable
wages payable-
Traffic A car-serv.
<
$
1,000,000
Stock liability
1,790
469,772
134,572
2,176
607,001
1,790
507,388
1935
1,000,000
Preferred stock...
Deps. in lieu of
mtgd. prop.sold
RR.
con¬
struction
Misc. accts. pay'le
Int. matured unpd
Funded
debt
1,340,128 Drll06,298
860,234
531,929
39,400
39.4J0
ma¬
curr. assets.
1,189
816
tured unpaid—.
1,200
1,200
Other def. assets..
160,983
7,036
Unmat. int. accrd.
322,269
464,993
Unmat. rents accrd
22,993
520
22,993
Oth. unadj. debits
206,204
Profit and loss
7,543,449
Other curr. liabs..
29,327
Other def. liabils-
94,189
16,357
10,771
707,386
Unadjusted credits 1,013,427
23,547,929 17,963,129
Total
520
23,547,929 17,963,129
Pennsylvania RR.—Proposes $7,740,000 Equipments—
The company has applied to the Interstate Commerce Commission for
authority to issue and sell $7,740,000 equipment trust certificates in con¬
nection with construction of 2,650 freight cars and 11 electric locomotives
at a total estimated cost of $10,320,000.
The carrier proposed to ask bids of a number of banking firms, insurance
companies and savings funds on two or more bases differing only in respect
to annual rate of dividend not to exceed 3 %.
When bids are received the
road will decide on the dividend rate and award the certificates accordingly.
—V. 144, p. 2495.
Petroleum
59,626,985
Pharis Tire & Rubber Co.—New Director—
Carl Pharis, President of the company, announced the
board of directors of H. N. Mallon, President of the S. R.
Pittsburgh Steel Co.—To Recapitalize—
The company has notified the New York Stock Exchange of a proposed
change in capital stock from 105,000 shares 7% preferred stock, par value
$100, and 1,000,000 shares common stock, of no par value, to 250,000
shares prior preferred stock,
par value $100;
105,000 shares preferred
stock, par value $100, and 1,000,000 shares common stock, of no par
value.
The prior preferred stock to be issuable in series, the first series
to consist of 50,000 shares and designated prior preferred stock, first series.
5 Yi % (convertible), and the preferred stock to be issuable in two classes
and designated class A 5% preferred stock and class B 7% preferred stock.
Stockholders will vote on the above proposal on June 15.—V. 144, p. 2144.
Operating Co.—Earnings—
3 Months Ended March 31—
116.
Netincome
x
Pennsylvania-Dixie Cement Corp.—New Director—
the cpmpany on April 20,
V. 143, p. 3329.
election to the
Dresser Manu¬
facturing Co.—Y. 144, p. 1796.
242,223,538 237.671,658
Total
Corp. of America—Transfer Agent—
has notified the New York Stock Exchange that on and
stock transfer office of the corporation will be
Liberty St., New York City.—V. 144, p. 2496.
after April 26, 1937, the
located at Room 1901, 55
Plaza
242,223,538 237,671,658
Total
$1,817,395
250,860
General Balance Sheet Dec. 31
The company
Profit and loss surplus
Dec. 31
$1,697,564
170.439
1,092,031
Net deficit
777,901
236,465
$624,942
958,663
233,789
$1,060,663
Gross deficit
135
$683,198
-V. 144, p. 2316.
Adjust, of Pennsylvania
cap. stk. tax for years
1921 to 1931, incl
Sundry net credits
909,950
$1,232,478
171,814
Deductions from gross income
Total
Balance transferred to
Previous surplus
1934
1935
$5,686,966
5,459,868
$76,695
914,942
240,840
bonds and other
on
indebtedness
Maint. of invest, organ.
Miscell. income charges.
Represented
346
Net railway operating deficit
Non-operating income
Other
Deductions—
Tax accruals
y
$949,232
1,025,927
2,375,246
11,535
securities A accounts.
Miscellaneous income
547,342
15,211,012 14,736,041
Total
1936
Railway operating deficit.
Hire of equipment (debit)..
Joint facility rents (.debit)..
Loans and bills rec.
',960,691
1936
Calendar Years—
Dividend$income
52,617
866,825
Surplus
$6,488,041
5,538,809
Net revenue from railway opers
Railway tax accruals
Uncollectible railway revenues
Cash
Pennsylvania
53,052
Contrlbs. for exten
Pennsylvania-Reading Seashore Lines—Earnings—
Operating income._Railway operating expenses
Assets—
dividend of $1 per share on account of
10,027
1,201,456
pay..
1936 and $61,460 in 1935.
shares.—V. 144, p. 116.
1936
The directors
30,380
1,298,698
dividends
of $89,083 in
reserve
Investment In road
accumulations on the 6% cumulative preferred stock, par $100, payable
April 28 to holders of record April 27.
Dividends of $2 were paid on March
10 last and on May 25, 1936, this latter being the first dividend paid since
Nov. 2, 1931, when a regular quarterly dividend of $1.50 per share was dis¬
tributed.—V. 144, p. 2316.
192,831
Accrd. int. A other
notes
Due from affll.
213,133
196,524
8,294
Ac
ortization
Defd.
996,217
Misc. defd. liablls.
exp.
In process of am¬
See Harmonia Fire Insurance Co. above.
Peabody Coal Co.—Accumulated Dividend—
_
6,978,000
royalties.
t
.
Funded debt
Years Ended Dec. 31—
Net income
1,800,525
cum.
yCommon stock
cos.
&
1,800,525
$6.60 cum.pref.stk
996,217
$6
securs.
by 100,000
profits taxes
excess
1936
in
various
Debt disc.
x
Years Ended Dec. 31
1934
1935
$629,316
$884,109
,
trative
ol
in the management of the company
persons active
$
13,125,904 12,906,320
intangibles)
Invests,
1935
1936
1935
$
Assets—
Fixed capital (Incl.
$5.50 cumulative preferred stock
Common stock f$l par)
x
undistributed profits.
Note—No provision ha- been made for surtax on
Company and subsidiary,
uted
profits.—V.
143,
p.
y
1937
1936
1935
y$ 11,602 loss$36,872xloss$138,766
Before provision for surtax on undistrib¬
440.
N. Baxter Jackson was elected a director of
succeeding Percy Johnston.—V. 144, p. 1612;
Pennsylvania Power Co.—Annual Report—
On Doc.
30, 1936 the company, upon authorization by the P. S. Com¬
sold privately to two institutional investors for their
mission of Pennsylvania
investment
1961.
were
portfolios $6,978,000 1st mtge. bonds, 3>S% series of 1936 due
funds in the treasury of company,
outstanding 1st mtge. gold bonds
The entire proceeds, together with
used to redeem all of the company's
5% series of 1956 called Dec. 29,
1936.
Public Gas & Coke
Co.—Reorganization—
Security holders of Public Gas A Coke Co., debtor, and Michigan Fuel
Co., subsidiary debtor, have been notified that Charles B. Blair,
special master, on March 9 filed his report with the Court, recommending
that the amended plan of reorganization dated March 10, 1936, is fair,
equitable and feasible and conforms to the statute and should be confirmed
The plan has been accepted by the necessary and required amount of
creditors and stockholders of both Public Gas A Coke Co. and Michigan
Fuel A Light Co.
A Light
2842
Financial
Chronicle
Consolidated Income Statement Year Ended Dec. 31,1936
Gross operating revenues
Net operating income
Non-operating income
Gross income
.
Deductions from
The directors have
declared an extra dividend of 1 cent per share in
regular quarterly dividend of 1H cents per share on the class A
1 to holders of record
May 15 and the special dividend on June 30 to holders of record June 15.
A similar extra dividend was paid on March 31, last.
Dividends amounting to 11 cents per share were paid during the year
1936.—V. 144, p. 1296.,.
;'
; !' „.•••
addition to
$185,622
169,944
35,077
7,999
----
income
gross
-
Amortization of debt discount and expense
—
Deficit
Procter & Gamble Co.
Period End. Mar. 31—
Net profit after nterest
$27,398
Assets
Cash
,
Notes
Shares
Liabilities—
receivable
Accounts
Preferred
stock
241
Materials and supplies
Prepayments,
stock
No. Ind. F. & Lt. Co. com.stk.
203,724
receivable
Miscellaneous
Common
$5,069,280
124,658
Subsidiary cos.' preferred stock
91,252
2,832
investments..-
Special deposits.
Unadjusted debits..
Unamort, debt disc. &
.
exp...
Public Gas & Coke, funded dt.
34,191
29,003
1,768
62,803
j
Wis. Fuel & Lt. Co. bonds
Mlcb. Fuel & Lt. Co. 6s
Nor. Ind. Fuel & Lt. Co. 5s..
Other liabilities..
Capital surplus..
Earned
surplus
Minority int. in surplus
Total
-V.
$5,619,751
143,
p.
Total
$613,707
143,240
2,719
120,460
2,837,700
81,500
377,500
91,100
714,532
664,473
def61,528
34,347
.....$5,619,751
2382.
Portland Gas & Coke Co.
com.
stock
out-
.
standing (no par)
6,325,087
6,325,087
6,325,087
6,325,087
Earnings per share
$1.26
;>
$0.59
$3.29
$1.75
x After
setting aside $4,700,000 for materials and products price equali¬
zation.
y After provision of $600,000 for possible Federal surtax on un¬
distributed earnings and excess profits tax.—V. 144, p. 2671.
Public Electric Light
Co., St. Albans, Vt.-
Years Ended Dec. 31—
1935
1934
1933
$3,191,942
2,401,890
$3,017,649
2,139,439
2,191,112
$916,740
Dr4,488
$790,052
Dr2,295
$878,210
Drl0,307
$1,141,829
8,781
Gross corporate inc
Int. on mtge. bonds
$912,252
487,250
51,232
$787,757
487,250
48,427
$867,903
250,000
250,000
250",000
....
$123,770
$2,333
$81,492
46,967
6,534
$364,835
283,421
39,101
487,250
49,161
Cr253
res. approp.
Dr35
Preferred dividends—Cash
Common dividends—Cash
66,180
3,200
Surplus at Dec. 31.
$123,770
Assets—
1936
1935
Liabilities—
Plant acct. & cost
$2,333
Note—No provision for Federal surtax
$27,991
of acquir'g
and
Common
1st
84,953
1st mtge. bds. 4)4s
28,143
25,239
5,245
5,944
Accounts payableNotes payable
Prepaid items
count..
Accrued
161,275
37,244
8,197
1936
1935
$
$
Assets—
1936
$
cum. pref. stk.
($100 par)
5,458,000
5,458,000
6% cum. pref. stk
($100 par)
871,200
871,200
x Common stock..
6,,000,000
6,000,000
Long-term debt.
10 ,045,000 10,045,000
Accounts payable.
196,826
253,905
Customers' dep...
42,811
41,622
290,416
208,095
113
623
1,056,553
1,100,962
295,458
21,237
13,425
310,840
284,097
5,919
18,191
315,683
(contra)2,161
730
181,027
Def. credits to inc.
Oth. sundry credits
curr. assets.
Misc. assets
Accrued accounts.
440,674
474,516
792
1,094
long-term debt
239,672
237,100
Consign, (contra).
2,161
2,789
3,494
2,,184,536
730
Misc.
curr.
Mat.
&
on
137,006
llab...
int.
accr.
Reserves.
Earned surplus
661,132
501
1,318
2,064,318
625,017
Total.........26,149,088 26,074,3231
Total.......__26,149,088 26,074,323
x
Represented by 330,000 no par shares.—V. 144, p. 2144.
Subs.)—Earnings—
Calendar Years—
1936
Operating Revenues—
Electric light and power
Electric railway
1935
$5,467,981
Total
v.- - 66,844
36,575
$5,977,578
50,409
...
66,564
35,305
$6,505,700
...
Other
_
32,236
....
.Totalearnings______
Operating expenses
$6,556,110
Taxes
Reserved for renewals and retirements
1,536,190
124,087
750,362
65,934
37,589
$5,514,163
24,491
notes
tax covenants,
7%
6%
on
Public Service Co. of New Hampshire
Calendar Years—
stock
$1,840,725 x$l ,839,984
38,063
x42,757
$1,855,545
10,642
$1,878,788
706,612
4,947
,882,742
737,055
$1,866,187
715,701
6,087
J30,848
100,282
Crl,831
79,324
70,627
122,000
9,127
92,030
16,449
24,548
25,665
$1,012,522
60,000
$979,676
544,312
250,000
$1,044,424
544,565
300,000
$1,020,675
545,242
300,000
,245
$185,364
$199,859
$175,433
Other operating expenses
1,915,672
Gross income
$1,847,344
Non-operating income._
37,884
Total income
$1,885,228
618,814
24,313
funded debt.
on
on notes
1
payable
/
\ 3,449
'
count and expense
Additions
to
general
for investmentsMiscellaneous
Property,
plant
equipment
31,004,344 30,253,886
Mlscell. invest, (at
12,732
Edison Co.,
carried
at
par
value
Cash
on
a
in
121,550
Notes
&
121,550
298,446
banks
375,048
&
hand
204,277
207,612
354,000
552,277
25,054
Inventories
308,562
Other assets
207,066
3,059,599
138,000
Accounts payableDue to affil. cos
300,821
45,505
307,769
156,158
._
Taxes accrued..__
Interest accrued..
on pref. stock
Div.on pref.sub.co.
1,034,458
14,824
281,801
164,068
3,295.705
e
curr.
liabil
Customers'
180,414
68,648
6,534
17,600
246,357
Other def. liabil &c.
Reserves
c
7%
cum.
pf. stk.
6%
cum.
pf. stk.
1936
Liabilities—
.
Cash in banks and
on
hand
Accts. rec.,
Funded
&c...
40,602
204,326
156,195
68,648
5,445
14,900
20,558
4,821.405
3,000,000
3,500,000
189,003
19,115
4,229,941
3,625,450
1,040,752
Surplus approp.
121,550
Unapprop. surplus 1,401,714
36,267,036 35,554,073
25,278
121,550
1,447,514
stock.
.....
Total.
7
for doubtful accounts and notes of
36,267,036 35,554,073
$57,079 in 1936 and
b Represented by 120,000 no par shares,
c Par value
$100 per share,
d To cover the acquisition of 817
H shares of 7% and
398 shares of 6% preferred stocks held in treasury,
e Including accrued
$65,350 in 1935.
thereon.-—-V. 143,
p.
2382.
1935
i:
$
debt.18,179,000
Note pay. (bank).
Accounts payable.
Accrued interest
382,160
—
218,171
852,592
715,015
15,779,000
;•
375,000
351,098
186,281
167,619
funded debt—-
149,243
21,064
on
Notes receivable-.
16,212
2,029
Accrued taxes—-
17,215
Mat'ls & supplies.
479,107
329,012
Other
accr.
liabil..
11,161
15,114
114,749
114,749
Prov.
for
Federal
170,837
179,896
115,361
102,196
Cash
with
trustee
income tax.
and fiscal agents
(contra)
;±__
Special deposits
Misc.
investments
Other assets
—
..
Consumers',
32,266
26,797
&c.,
deposits and In¬
10,841,061
37,189
245,559
906
108,875
14,105
charges.. 2 ,153,959
thereon._
terest
Mat'd bds.. Int. &
2,206,649
Prepayments & de¬
divs. unclaimed.
Bds. called for
32,266
red.,
mat'd bd. int. &
unclaimed
.
(contra)
10,841,061
Reserves..$6
cum.
.4,615,379
pref. stk. 8,277,700
$5
cum.
pref. stk. 2,538,024
3,849,900
8,277,700
953,000
Common stock..
5,277,459
Capital surplus...
260,564
4,777,459
250,423
1,354,270
1,207,640
x
138,000
304,978
16,574
3,000,000
3,500,000
3,625,450
1,040.752
d
nterest
$
17,188.000
217,800
sec.
& constr. dep
capital
reserve
1935
$
$
Promissory notes.
Capital surplus.__
Surp. inv. in fixed
After
1936
Assets—
Fixed capital
36 866,211 32,180,592
Other land & prop.
197,434
197,531
1935
Long-term debt ..17,050,000
Pref.8tk. of sub.co.
217,800
b Common
a
Consolidated Balance Sheet Dec. 31
divs.
$
c
Total.....
Revised figures.
ferred
1936
Misc.
1,205,255
Deferred charges..
$787,521
187,254
190,311
348,000
Div.
accts.
receivable
Due from affil. cos.
$781,935
Payrolls accrued
37,159
Pref. stock of Poto¬
mac
26,421
13,709
Liabilities—
&
cost)
27,948
13,068
1935
$
69,848
Cr251
res.
Net inc. for the year
Preferred stock
Common stock
x
1Q33
$4,673,095
269,658
371,016
786,844
1,390,032
Taxes
Interest
1 QO4,
$5,032,275
330,545
433,284
846,018
xl ,582,444
374,981
441,246
871,241
Depreciation
Int.
(& Subs.) Earns.
QQK
$4,966,736
337,450
419,634
786,679
1,582,24 8
$5,450,485
Maintenance expenses._
surtax on undistributed profits.
1936
Assefs—
1
1936
Consolidated Balance Sheet Dec. 31
v
$3,472,245
Unbilled income..
65,026
$791,390
204,277
207,612
420,000
pref. stock
cum. pref. stock...
Including $7,844 for
a
20,305
29,805
14,157
cum.
on common
9,355
69,272
187,995
_
Net income
on
$1,759,630
825,276
21,370
paying
agents, fees and other bond expenses
Preferred dividends of subsidiary
Dividends
Dividends
Dividends
$1,751,285
824,050
25,656
8,645
8,801
_
Amortiz. of debt discount & expense.
Payments under
631,029
770,530
$1,864,843
824,050
funded debt.
Interest—other.".
20,929
$3,776,905
Total.-
$3,776,905 $3,472,245
Amortization of debt dis-
$5,538,655
2,193,893
460,479
559,370
565,283
757,772
Gross income..
on
$6,009,814
2,360,558
496,411'
2,553,831
612,436
a767,227
Maintenance
on
*5*5,948
Surplus
1,240
Balance, surplus.
Interest
Interest
22*358
144, p. 2671.
Operating income
1934
$4,966,245
120,722
788,742
130,538
803,762
Gas
Total operating revenues
5,515
17*666
Contingency—
19,102
Int. chgd. to construct'n
Bus
Non-operating income_
434,155
Pref. div. acct_.
value
surr.
Other interest
Potomac Edison Co. (&
497,405
35.880
4,288
Miscellaneous.-
insurance.2,078
—V.
11,438
:
_.
Consign, materials
Deferred charges..
life
deposit.
officers
rec.
Cash
..
Cash in banks (on
1,856
20,676
125,000
23,826
Res.—Retirement.
flood
suspense.
and directors—
7%
Prepayments
Notes
$
Liabilities—
property,
franchises, &c..24,016,970 23,954,290
Investments (sec.)
4,906
4,703
Misc.
1935
1,300,000
32,145
items
Consum.
65,951
34,380
...
damage
Mlscell.
1.200,000
61,483
Unamortiz.
undistributed profits.
on
bonds
mtge.
5Hs.
notes
Inventories
1935
1936
pref. stock.-.$1,103,000 $1,103,000
stock
618,292
618,292
6%
cap.$3,449,125 $3,238,642
4,832
14,218
receivable
$42,312
Balance Sheet Dec. 31
$20,929
$55,948
Balance Sheet Dec. 31, 1935
Unamort. bond dis¬
M aterials &
suppl.
$83,554
Or3,555
66,180
m:'i
Adjustment of plant accounts
Accts.
Balance, surplus
_
$73,909
9,645
35,913
-
Surplus at Jan. 1.
Cash.
Bal. carried to earned
surplus
Divs. on 7% pref. stock.
Divs. on 6% pref. stock.
demand)
—
Amort, of bond discount and expense
Miscellaneous interest charges
Other charges against income
250*666
Int. charged to construe.
Notes receivable..
Accts. receivable.
57,938
5,782
398
22,252
49,927
$407,835
131,192
...—
Operating expenses
Taxes (incl. provision for Fed. income taxes)
Interest on long-term debt
$1,150,611
487,250
48,525
Other int. & deductions.
1935
$125,363
.
$369,683
119,419
49,181
66,000
3,178
1,145
6,775
50,075
$104,433
20,929
.
$3,332,941
Net revs, from oper__
Other income (net)
Earnings—
1936
Gross operating revenue
-Earnings—
1936
$3,266,799
2,350,059
Plant,
1937—9 Afos.—1936
Depreciation
Calendar Years—
Prop, retir.
(& Subs.)—Earnings—
1937—3 Mos.—1936
deprec. & Fed. taxes..y$8,198,490 x$4,010,510 y$21558,256 $11,893,873
Consolidated Balance Sheet Dec. 31, 1936
Property, plant and equip
a
The regular dividend will be paid on June
stock.
$178,831
6,790
Depreciation of plant and equipment
1937
Plymouth Fund, Inc.—Extra Dividend—
$666,526
487,695
Total operating expense, maintenance and taxes
April 24,
Earned surplus...
Total
41,367,952 46,964,980
Represented by 130,000
1935.—V. 144. p. 117.
x
in
no-par
Total
shares
41,367,952 46,964,980
in
1936
Public Service Corp. of New Jersey (&
Period End. Mar. 31— 1937—Month—1936
Gross earnings.
$10,537,649
and
120,000
share8
Subs.)—Earn'gs
1937—12 Mos.—1936
*
$10,035,008 $123,693,098 $119,236,618
Oper.
exp.,
mainten¬
dep. & taxes..
7,566,261
7,014,073
85,128,667
81,431,426
Net inc. from oper..
Bal. for divs. & surp..
$2,971,388
1,892,545
$3,020,935
1,864,889
$38,564,430
24,938,589
$37,805,192
23,220,608
ance,
—V. 144, p. 1974.
Prudence-Bonds Corp.—Court
Confirms Master's Report
Judge Robert A. Inch in the Federal Court in Brooklyn confirmed on
April 21 a report of James G. Moore, special master, who on March 11 had
said a plan of reorganization for the
corporation was not fair and equitable
and that the corporation was insolvent.
Mr. Moore found that the present fair market value of all assets under¬
lying the $52,000,000 of bonds issued by the corporation in various series
was insufficient to
pay the corporation's obligations for principal and inter¬
est, so that
no equity in the collateral remained for either New York In¬
vestors, Inc., owner of the Prudence-Bonds Corp., or the general creditors
Volume
of the latter.
He'suggested'the'formation'of a'new corporation to be
owned
by the holders of bonds issued by Prudence-Bonds Corp.
U> In confirming the report Judge Inch said: "This motion
to confirm*the report, which_aIsorecommends a plan which in
will be duly open
for discussion on proper
PUBLIC GAS & COKE CO.
is simply one
turn must and
notice."—V. 144, p. 2497,.
First Lien Coll. ffs,
Gross revenue
TRADING DEPARTMENT
$254,926
inc. tax
707,115
t
$265.108
$217,173
$265,707
Eastman, Dillon 6 Co.
New York
15 Broad Street
ColdJiStorage J&^Warehouse
Accumulated Dividend—V
A. T. & T. Teletype N. Y.
Co.
A
Railway Equipment* & Realty Co.,
Ltd.—Bonds Offered
made April 21 of $5,000,000 first mort¬
gage bonds, 43^% sinking fund series due 1949, by a syndi¬
cate headed by Blyth & Co., Inc., and including Dean Witter
& Co., Weeden & Co., Wm. Cavalier & Co., Schwabacher
& Co., Brush, Slocumb & Co., Mitchum, Tully & Co., Elworthy & Co. and Bankamerica Co.
The offering price is
and accrued int.
According to the prospectus, the
bonds, under present law, will be exempt from
all personal
California/
financing are to
be used to redeem
[Including wholly owned subsidiaries]
Gross sales
646.216
$2,243,602
567.889
$906,841
$797,720
77,198
$2,289,305
132.728
2,950
Cash discounts, &c
bonds purchased.
43.817
39,652
45,703
Other income.
on
4.800.397
$758,068
Operating expenses.
Loss
$6,275,127
$7,252,286
x5,848.002
-.
sold-.
Cost of goods
1935 ^
1936
1937
$950,658
69.714
$880,944
125,985
$2,153,627
$720,522
Interest
95.210
Amortization, discount, &c.
Depreciation
16,949
100.921
13,125
326,756
300,000
3«
302.717
62.000
$1,414,712
$234,769
$390,242
Federal income taxes
Nil
Nil
$1.98
shs.com.stk.
$55,194 credited to metal stock reserve.
provision has been made for Federal surtax on undistributed
Earns, per sh. on 513,260
Includes
x
Note—No
profits.—V. 144, p. 2145.
$3,500,000 4H%
equipment mortgage bonds, due 1946; to retire a bank loan of $100,000;
for the purchase of new equipment and to provide working capital,
f tCompany owns and operates the Key System of interurban trains and
ferry boats on San Francisco Bay and the East Bay Transit Co. system of
street railway and motor coaches.
k-After giving effect to this financing, the capitalization of the company
will consist of the $5,000,UOO of the present issue and a mortgage of $150,818
on specific
property, comprising the entire funded debt, and $4,098,632 of
$6 preferred stock and $2,957,224 of common stock.
k *The prospectus shows earnings of the company available for interest
on these
bonds of $614,958 in 1934; $674,644 in 1935, and $601,049 in
1936, equivalent to more than
times annual interest charges in any
March 31
Earnings for 3 Months Ended
—Public offering was
Proceeds of this
1-752
f
"
fc;The directors have declaredVdlvldend of 75 cents per share on account of
accumulations on the 5% cumulative preferred stock, par $100, payable
May 1 to holders of record April 15.
A dividend of $5.45 was paid on
March 26 last; $2.75 paid on Feb. 1 last, and dividends of 75 cents per share
were paid
in each of the 12 preceding quarters.
In addition, a special
dividend of $1.25 per share was paid on May 1, 1934.
A distribution of
25 cents was made on Feb. 1, 1933, and 50 cents per share was disbursed
in the three preceding quarters, prior to which regular quarterly dividends
of $1.25 per share were paid.
_r on
M Effective with the current payment, a-cruals will amount to $5.3U per
share.—V. 144, p.2145,
• a
,-■■**<
property taxes in
EXCHANGE
MEMBERS NEW YORK STOCK
P.1297.1i
QuincyfMarket
f
701.278
*
Surplus before deprec.
-V- 144.
685,771
729,754
fixed charges
B*
S. F. "A" Ss due 1953
$972,823
$918,452
exp., taxes, exch.
int.
payments &
on
k
20-yr. First Lien Coll.
1934
19351
1937!* W^19361
$984,680
$950,879
—
due 1952
NATIONAL GAS & ELECTRIC CORP.
Quebec Power Co.—Earnings—
V3 Mos. End. Mar. 31—
Oper.
2843
Financial Chronicle
144
Reynolds Spring Co.—Transfer Agent—
Hanover
Central
The
agent
appointed transfer
value $1 of this company.
Bank & Trust Co. has been
for 355,132 shares common stock par
—V. 144, p. 2673.
Richmond Fredericksburg & Potomac
RR.- -Earnings
1933
1934
1936
1935
$7,638,029
5.754,395
$6,128,701
5,012.368
291.337
Calendar Years—
$5,885,276
4,652,535
414,665
535.542
J6.507.415
5,407,515
308,453
120
360
Equip. & jt. facil. rents-
501,709
415,589
380,888
424,495
Net ry. oper. income.
Non-operating income. _
$846,382
$375,857
194,982
$443,987
$393,220
253,420
Ry. oper. revenues
Ry. oper. expenses
Ry. tax accruals
Uncollectible ry. revs
year.
fco-The bonds will be secured by a mortgage lien upon all properties of the
company, carried in the balance sheet of Dec. 31, last, at $12,545,502, as
well as a lien upon all of the capital stock of the subsidiary companies now
issued and outstanding.—V. 144, p. 2318.
flMPf
-4 -*■-
1
• tr* iJkjjT MWHai
1
tiiifa II
1
—'l||| li
'J
shares of capital stock, no par, upon
p.
285.
1
.»*—■———
A *'•"**"■-
The New York Curb Exchange nas approved for listing 300,000
official notice of issuance.—V. 143.
.
W Addition of four men from New York to the board of the company was
authorized by stockholders at their annual meeting held on April 20.
The
enlarged directorate, meeting immediately after the stockholders' session,
continued the present management in charge of the company with the re¬
election of all officers.
(Fin enlarging the board from five to nine members Frank A. Vanderiip
Jr., Rowland Campbell, Charles G. Sinclair and William Loeb, all of
New York, were added.
Mr. Vanderiip spoke briefly of the harmony in
the new board and introduced the new directors.
•
It? By an approved change in the bylaws, directors were elected for three,
two and one year terms.
The three directors named for the three-year
terms were D. E. Bates, George E. Smith and Mr. Vanderiip.
Directors
named for two years are Walter S. Foster, Mr. Campbell and Mr. Sinclair.
Those named for one year are Ray Potter, Carlton Higbie and Mr. Loeb.
Messrs. Bates, Smith, Foster and Potter are of Lansing.
Mr. Higbie is
of Detroit.
Approximately 700,000 shares of common stock were repre¬
322.613
31,707
$244,806
573,376
$324,271
573,376
$292,320
573,376
sur$130,784
Deficit
$328,570
$249,105
$281,056
General
sented.
Officers re-elected are Mr. Bates, President & General Manager; Mr.
Smith, Vice-President & Assistant General Manager; George L. Brown,
Secretary-Treasurer; Dean Parsons, Assistant Secretary-Treasurer.—V.
144, p. 2673.
Republic Petroleum Co.—Listing—
a
of common stock.
Stockholders of the company in February,
total of 383,486 shares
1937 amended the articles of
Incorporation to provide for the creation of 25,000 shares of new preferred
stock, ($50 par).
Under the plan, common shareholders were offered the
preferential right to purchase the stock in the ratio of one preferred share
at $50 for each 25 shares of common held.—V. 144, p. 2318.
Revere Copper
& Brass, Inc.—To Offer Class A Stock—
Dallas, President, has announced that the company has filed
a registration statement covering a proposed public offering
through underwriters of class A stock, including 46,000 shares of the com¬
pany's unissued class A stock and 102,797 shares of class A stock, of which
54,653 shares are owned by General Cable Corp. and 48.144 shares are
owned by American Smelting & Refining Co.
These latter represent total
class A holdings by General Cable and American Smelting.
It is expected, Mr. Dallas, said, that the underwriters will include
Kidder. Peabody & Co.; Charles D. Barney & Co.; Fuller Rodney & Co.,
O.
D.
with the SEC
and others.
The sale is dependent upon a
entered into which
satisfactory underwriting agreement being
equip—Road. 25 404,482 25,327,131
8,604,591
8 267,229
182.563
182,528
t
$
1,316,900
Guaranteed stock.
500.400
500,400
Div. oblig. stock..
9,017,500
9,017.500
4,000,000
Non-voting 6%stk 4,000.000
847,818
I 113.607
1,069,478
Cash
927.022
Special deposits.—
126,248
236,096
274,020
Audited
Loans & bills rec—
485
485
wages
117,494
64,756
that it is contemplated that at some
A stock, Mr. Dallas declared
time in the near future General Cable
Corp. may enter into arrangements for the marketing of 86,709 shares of
Revere Copper & Brass common stock held by it andthat American Smelting
& Refining Co. may also market up to approximately 68,900 shares out of
Its holdings of common stock of Revere Copper & Brass, Inc.
The above arrangements Mr. Dallas concluded do not affect the 28,523
shares of 5H % cumulative preferred stock of Revere Copper & Brass, Inc.,
or the additional 135,476 shares of common stock of the company held by
American Smelting &
Refining Co.
•
7,180,000
156 5f5
164,978
payable-.
376,685
Misc. accts. pay..
316,899
298,402
89,943
balances payable
Traffic & car serv.
accts.
&
48
70
Net bal. rec. from
Dlvs. mat'd unpd.
14,575
273,811
agents & conduo
Misc. accts. rec.--
48,214
628,670
48,214
39,683
Materials & supp.
673,896
58,836
394,800
765,301
Unmat. int. accrd-
Int. & dlvs. rec
7,547
5,383
Other
assets.
4,764
Working fund adv.
3,329
balances receiv.
Rents
curr.
&
ins.
66,884
Int. matured unpd
curr.
liabll—
150,317
326,985
63.235
5,186,770
6,178,808
Accrd. depreclat'n
—equipment.
_
-
15,008
9,377
-
Other def. assets—
283,773
455,417
1,022,618
9,310,969
9.194.048
Profit and loss
1,022,618
2,414
340,037
Other unadj. cred.
Approp. surplus-
"2,117
paid
in advance
Other
Tax liability
478",369
39,244,876 38,879,655
Total
Total
.39,244,876 38,879.655
-V. 144. P. 2146.
Riverside & Dan River Cotton
Mills, Inc.—Dividend—
dividend of $3.60 per share on account of
accumulations on the 6% cumulative preferred stock, par $100, payable
May 1 to holders of record April 20.
A dividend of $3 was paid on Feb. 15,
last and compares with $6 paid on Dec. 21, 1936, and dividends of $3 per
share paid on Sept. 1. July 1 and Jan. 2, 1936, July 1, 1935, and on Nov. 2,
1934, this latter being the first dividend paid since Jan. 1, 1931, when a
regular semi-annual dividend of $3 per share was distributed.—V. 144,
The directors have declared a
p.
1452.
Rochester
1936
$543,237
Operating revenues
General operation.
Rate
Water
Ontario
Lake
&
Calendar Years—
case expense---
Other regulatory commission expense
General exps. transferred to constr—
189,033
15,543
477
Cr3,628
855
38,053
Provision for uncollectible accounts—
Maintenance
Real
59,663
2,710
956
1,083
taxes
property
Excise taxes
Social security taxes
172,931
26.650
2,431
Cr2,467
1,440
19,795
51,296
2,584
1,315
$272,007
203
417
$241,878
$272,424
118,564
1,533
Prov. for retire, and replacements
Federal income tax
Prov. for surtax on undist.
profits
115,422
49
Crl75
construction
Miscellaneous
.*
Cr487
CV452
28,037
269
25,420
2,717
4,295
29,777
29,495
25,420
7.735
25,420
10,850
Prov. for int. on Fed. income tax on
Net income.
2,335
4,007
Cr3,562
2,520
25,186
44,321
2,603
"l~,533
Amortization of debt extension exp__
prior years
$528,579
177.845
$238,662
110,837
58
Total income
Interest on funded debt
Miscellaneous interest
Provision for
Corp.-—
1934
1935
$517,869
$238,487
174
Other income
Interest charged to
Service
$241,675
Corporate taxes
stock
verted 7% cumulative preferred stock.
In addition to the above offering of class
35,625
7,180,000
Long-term debt
Traffic & car serv.
Net earnings
Company expects to use the proceeds of this sale of the unissued class A
for current improvements and additional working capital and in
the event this stock is sold the company expects to pay after June 30, 1937
out of its then available cash resources, the accruals on its then uncon¬
35,625
Govt, grants
521,173
879,581
521,005
Misc. phys. prop—
Inv. inaflil. cos
1935
1936
1,316,900
Common stock
Equipment
Gen. expend—
Investments
31
Liabilities-
$
will fix the price of the stock to the sellers and to the
public.
Dec.
1935
$
Assets—
Other unadj. debs.
Listing of 12,500 shares of the company's 5H% cumulative convertible
preferred stock, series A ($50 par), effective April 19, has been announced
by the listing committee of the San Francisco Stock Exchange.
An ad¬
ditional 56,819 shares of common stock, ($1 par) of the company was also
admitted to the list on April 19.
Original listing of 326,667 shares of com¬
mon stock of the company was made in June, 1936 and with the addition
of these 56,819 shares reserved for the conversion of the cumulative con¬
vertible preferred stock there will be outstanding on the list of the Exchange
Balance Sheet
Invest, in road and
Other
$646,640
$655,390
316,991
14,127
Net income-,
Cash dividends.
143, p. 3331.
Co.—Directorate—Personnel—
;
14,664
311.135
13,401
-
1936
Reo Motor Car
$570,839
311,369
$1,028,696
211,403
$704,160
573,376
funded debt
Other deductions
Philadelphia—New Directors
See Fire Association of Philadelphia, above.—V.
on
additional
"
Reliance Insurance Co. of
Gross income
Int.
Reiter-Foster-Oil.Corp.—Listing Approved—
182.314
w
1,362
1,363
3,082
$65,841
$62,598
$83,932
2844
Financial
Chronicle
consist
SCOTT PAPER COMPANY
Debenture
334% Bonds
March
Due
Convertible up to March
1, 1952
1942 into Common Stock at
1,
Income Account Years Ended Dec. 31
Prospectus upon request
1936
-$13,039,729 $11,753,032 $10,970,996
8,295,378
7,460,085
6,828.082
Maintenance and repairs
14,119
18,580
13,393
Taxes (other than Federal inc. taxes)
74.464
81,367
73.026
Rents..
871,807
999,888
944.894
Other selling and admin, expenses—
2,580,283
2,946,962
2,733,783
Bad debts written-off
1,725
1,671
1,934
Cost of sales
A. T. & T. Teletype—Phila. 22
1528 Walnut Street
.\
Philadelphia
Balance Sheet Dec. 31
Assets—
1936
1935
Liabilities—
1936
1935
$2 200,000
$2,303,000
84,500
16,564
75,500
90
Service Corp...
Accounts payable
3,000
Due to parent co__
Accrued liabilities.
70,111
5,767
2,717
68,977
26,665
Provision for Fed.
income tax..
45,736
40,873
Property, plant &
Funded
$5, 265,274 $5,232,303
deposits
90
.
Cash held by trus¬
In banks
y
39,647
Accts. <fe notes
67,816
rec
Due from affil.cos.
614
20,550
20,467
Materials A suppl.
20,123
19,344
Unearned
&c
Deferred
charges
n
After
1935.
5,619
6,019
32,370
_
Total...
y
z
'
1,513
revenue
64,167
&
533,797
50,000
507,875
50,000
Total
1
,777,893
629,089
$628,195
29,739
$660,290
125,343
$527,633
108,729
56,623
$598,456
87,748
68,529
$362,281
54,446
195,000
$442,178
Provision for deprec. and amort.
Provision for Federal income tax
Prov. for surtax
Avenue, Inc.—New Vice-President—
the annual meeting of directors held
April 15 Walter H. Weinstein
and Harold Russek were both elected Vice-Presidents
of the corporation.
—V. 144, p. 1975.
Scranton Lace
Corp.—Listing Approved—
ing shares of
Seaboard Surety
The
have declared a dividend of 40 cents per share on the
stock, par $10, payable May 15 to holders of record April 30.
This compares with 25 cents paid on Dec. 30 last; 50 cents paid on Nov. 10,
1936; 25 cents paid on May 15, 1936 and on Dec. 30, 1935, and 12 H cents
per share distributed on Feb. 15, 1932 and on Nov. 16, 1931.—V. 143, p.
4167.
.v.."'--... '' •-
Seagrave Corp. (& Subs.)--EarningsNet
Ry.- -Protective Group Presents
April 21.
public hearings on
April 20 in connection with the reorganization proceeding.
The protective committee plan, differing in
many respects from the two
other plans now pending, provides for fixed
charges of $1,868,912 annually.
Commission
This amount compares with fixed interest of
$1,243,070 called for in the
Terminal firsts.
Under the plan, new securities to be issued include:
$24,929,175 series A
4% mortgage bonds; $3,042,500 15-year 4% notes; 477,520 shares of
$4
preferred stock, and 284,287 shares of common stock.
Holder of each $1,000 principal amount of the
$3,042,500 presently held
second
mortgage certificates would receive like principal amount of new
15-year notes, with accrued interest to be paid in cash.
The notes are to
be secured by a like amount of the new bonds.
For the $1,500,000 Railroad Credit
Corp. notes outstanding, there would
be exchanged a like amount of the new
mortgage bonds, with interest to
be paid in cash.
First terminal and unifying mortgage bonds, of which
there are $8,063,000
outstanding, would be exchanged for like amount of new mortgage
bonds,
plus 10 shares of new preferred stock for $1,000 bond held.
General and refunding mortgage bonds, of which
there
outstanding, would be exchanged on the following basis:
$1,000 bond would receive $300 principal amount of new
and 12 shares of
new
are
mortgage bonds
preferred stock.
1936
1935
$1.24
$1.46
share
Before Federal surtax
on
the
holder
to
purchase
on
or
before May
1,
1942,
one
common
share for each preferred share held at $28 per share if exercised on
or before
Nov. 1, 1939, and at $32 per share thereafter to the expiration date.
These
prices are based upon the number of common shares to be
outstanding
after payment of 50% stock dividend declared on March
2, 1937.
Proceeds from the sale of the preferred stock will be used
by the company
for working capital for corporate purposes, including
possible acquisition
or
establishment of additional stores and
departments, increased in¬
ventories and other requirements incidental to its
business.
It is anticiank
Eatedloans. this working capital will enable the
that
company to reduce its
Company
was organized under Ohio laws in 1920 by Robert W.
Schiff,
chief executive.
From one retail unit in 1920 the company's
business has expanded under unchanged management until
today it operates
265 units.
The company sells at wholesale and retail a
general line of
men's, women's, and children's shoes, slippers, rubber footwear and hosiery,
in 29 States and the District of Columbia.
Capitalization, after giving effect to the present financing, the retirement
present
of certain outstanding 7 % cumulative preferred shares, and the distribution
of a 50% common stock dividend to holders of record
April 20, 1937, will
zx$12.242
for
Federal
the
period
income
tax.
amounting to
z Loss.—Y.
Corporation General—Preferred Stock Retired
Selected
Industries, Inc.
at
their
Income—Interest
1936
1935
1934
$27,731
398,135
6,574
$42,650
350,498
$96,857
313,600
$79,239
$432,440
51,759
67,609
13,902
$393,148
48,456
56,327
16,051
$410,457
24,498
40,315
6,092
$378,649
27,818
44,572
5,773
$299,169
20,635,249
$272,315
20,607,681
$339,552
22,529,499
$300,484
24,527,254
Dividends
Comm.
underwrit
on
General expenses..
fee
Service
Taxes
Net
Inc. & prof. & loss acct.
from Jan. 1, 1936
Simp, arising from
of
-Earnings—
1937
3 Mos. End. Mar. 31-
299,409
2,394,498
conv.
stk. into
stock
cum. conv.
common
Sale of securities
42
Cr2,086,465 Crl ,850,600 Dr\,013,837
Total surplus
$25,415,381
Prov. for Fed. inc. tax._
250,000
Divs.
on
$5.50
440,763
on conv.
acct. of
Dec.
351,905
552,989
159,119
arrears)
$24,565,499 $21,676,900 $21,503,351 $23,693,820
unrealized appreciation
on
1,053,695
stock (on
Balance March 31
The
Dr580,933
$22,730,595 $21,855,256 $24,246,809
pref.
cum.
stock
Divs.
of investments
on
March 31, 1937,
was $84,475
Federal income tax thereon,
after
more
31,1936.
Balance Sheet March 31
1936
Liabilities—
$
1,706,798
2,871,134
6,617
5,838
divs. payable...
rec
199,918
215,304
sold-.
69,647
616,167
91,238
1,061,167
Accrued interest &
dividends
sec.
1936
.$
Interest accrued &
Deps. in for. curr_
Spec. dep. for divs.
a
1937
%
$
Cash
Rec. for
The preferred shares are redeemable in whole or in
part at any time on
30 days' notice at $110 and accumulative
dividends.
Provision is made
for the annual retirement through a
sinking fund of at least 3% of the
largest number of the 7% cumulative preferred shares and
5H% cumu¬
lative preferred shares which shall have been
issued.
Common share purchase warrants attached to the
preferred shares
z$10,847
z$27,072
burden
for
outstanding 2,090.05 shares of the $7 series preferred and 6,753 shares
Both are no par issues.—V. 143, p.- 1572.
were
undistributed profits.—V. 144, p. 2146.
Co.—Pref. Stock Offered—Public offering was made
April 21 by Wertkeim & Co. of $1,250,000 5cumulative
preferred stock ($100 par), with common stock purchase
warrants attached, at $100 per share and accrued
dividend,
by means of a prospectus.
z$17,824
5,582
Of the $6 series preferred.
Assets——
$3,214,338
1,050,000
$3.06
z$15,943
5,096
approved retirement of treasury preferred stock
1934
$1,587,622
1,050,000
$1.51
6,027
annual meeting, held April 15.
Preferred stock retired consisted of 989 shares of the $6 series preferred
and 200.05 shares of the $7 series preferred.
At the close of 1936 there
than
Schiff
entitle
Securities
Stockholders
unabsorbed
provision
1934
$123,064
138,134
2,754
z$31,212
4,140
$21,334
include
not
1937
$1,739,199
1,050,000
per
Does
profit taxes
and other charges
x$l,813,272
Shs. cap. stk.
(par $5)..
1,260,000
Earnings
Net profit
$11,465.
y Includes
143, p. 3011.
1935
$194,852
206,395
4,400
188,801
5,228
deduction of the normal
Schenley Distillers Corp. (& Subs.)—-Earnings—
1937
Other income
x
1936
$163,616
$16,105
Holder of each
The 198,936 shares of old preferred would be
exchanged for like number
new common.
The old common would be turned in on the
basis of one share of new for each three shares of old.
Southern Pacific would receive for its
$17,882,250 note and accrued
interest $7,170,900 new mortgage bonds and
220,277 shares of new pref.
stock.
Chase National Bank note for $3,500,000 and accrued
interest
would be exchanged for $1,476,450 new
mortgage bonds and 42,080 shares
of new preferred stock.
Mississippi Valley Trust Co. would receive $421,650
new mortgage bonds and
12,079 shares of new preferred stock for its $1,000,000 note and interest.
Holders of each $1,000 principal amount of
Stephenville North & South
Texas Ry. mortgage bonds and Central Arkansas Eastern
RR. mortgage
bonds would receive three shares of new preferred stock
and eight shares of
new common.—V.
144, p. 2498.
excess
1937
$394,625
372,226
y6,293
.
Operating profit
$9,327,500
of shares of
3 Mos. End. Mar. 31—
Net profit after int., Fed.
sales
Costs and expenses
Interest & other charges.
resumed
management's plan, and $1,769,000 in the plan submitted
by Chase Na¬
tional Bank and the Mississippi
Valley Trust Co.
Current charges are
around $3,119,800.
A total of $22,363,000 of obligations would remain
undisturbed under the
committee plan.
These consist of the $20,000,000 first mortgage certifi¬
cates, $1,413,000 of equipment trust obligations, $500,000
Gray's Point
Terminal Ry. first mortgage bonds, and
$450,000 Shreveport Bridge &
x
Co.—40-Cent Dividend—
directors
.
A third plan of reorganization for the
road, prepared by the protective
the first terminal and unifying
mortgage bonds, was pre¬
sented to the Interstate Commerce Commission on
and
Co.—Listing Approved—
common
committee for
Commerce
55.013
195,000
Exchange has approved for listing 107,803 outstand¬
stock, no par.—V. 143, p. 3648.
common
3 Mos. End. Mar. 31—
Interstate
10,000
$443,947
54,446
316,875
The New York Curb
p.2674.
The
undistrib. profits
on
Common dividends
The New York Curb Exchange has
approved for listing 25,000 outstanding
shares of $2.50 cumulative convertible
preferred stock, no par.—V. 144,
Plan—
81,000
7% preferred dividends
565,853
$5,452,348 $5,427,809
At
St. Louis Southwestern
27,681
1,777,893
for uncollectible accounts of $4,460 in 1936 and $4,971
Represented by 2,000 no par shares.—V. 143, p. 3010.
Rustless Iron & Steel
$550,751
23,117
—V. 144, p. 2675.
reserve
z
Other deductions.
$727,632
67,341
27,469
paid-in
surplusEarned surplus.._
$5,452,348 $5,427,809
Russek's Fifth
$525,914
24,836
405
38,869
Common stock..
Capital
1,477
393
Extension deposits
Revenues
Prepaid tax, insur.,
•
3,881
Consumers' depos.
55,140
859
rev.
Acer, unbilled
$695,879
31,752
$600,513
Other income.
Due to N. Y.Wat.
and
tee, &c
Cash on hand and
debt
1934
1935
Net sales
YARNALL & CO.
equipment
Misc. Invest,
1937
7,500 shares of 7% cumulative preferred shares ($100 par),
authorized and outstanding: 20,000 shares of 5M % cumulative preferred
stock ($100 par), of which 12,500 shares will be outstanding; ana 200,000
shares (no par) common stock, of which 148,500 shares will be outstanding
and 30,000 shares reserved for exercise of common stock purchase warrants.
Balance sheet at Dec. 31, 1936, showed total current assets of $3,580,947,
including cash of $346,002, as against current liabilities of $1,134,535.
Total assets were $4,377,461.
Deal in
We
April 24,
of
Due for sec.
Invests, at cost.37,980,807
purch.
Bank loans secur..
Bank l'n
due
1939.
Reserve
for
<fcc
140,569
2,884,440
1,068,916
104,202
3,776,149
exps.,
taxes,
628,282
35,210,470
c
4,000,000
635,175
Cum. pr. pf. stk.
230,561
9,475,000
9,475,000
d Cum. conv. pref.
stock
e
b Treas
Total
40,579,954 39,455,140
Investments owned
2,121,585
2,121,585
2,093,334
2,120,902
24,565,499 21,676,900
stk-Dr.. 5,963,930
1,119,076
Common stock.
Surplus
Total
.
40,579,954 39,455,140
March
31, 1931, are carried at the lower of
cost or market at that date.
Subsequent purchases are carried at cost,
b 36,394 (6,850 in 1936) units allotment certificates and 26,456
(13,411
in 1936) shares $5.50 cum. prior stock,
c Par value $25.
d Shares of
$5 par value,
e Shares of $1 par value.—V. 144, p. 2675.
a
on
Servus Rubber Co.—Annual
Max Kalter,
1936
as
Report—
President of the company, stated in its annual report for
follows:
While the company shows a profit on its operations for 1936. we are
facing the year 1937 with a situation that is very much clouded by the fact
that notwithstanding higher costs of materials and everything else con¬
nected with the operation of this business, we are forced,
through com¬
petition, to sell our merchandise at lower prices than in previous years.
4
The management hopes, however, through larger volume and
greater
efficiency, to overcome these low prices and make a fair showing for the
coming year.
It is important that stockholders who have not yet sent in the old
stock
for exchange should do so at once on March 9, 1937, there were still out¬
standing 343 shares of the old preferred stock and 3,885 shares of uncon¬
verted common stock.
In order to insure receiving future dividends, if
declared, it is advisable that stockholders convert this stock at once.
Volume
Financial
144
Chronicle
2845
Consolidated Balance Sheet Dec. 31
Earnings for Calendar Years
1936
Sell., shipping, admin., credit & collection
exps
1935
$493,490
257,945
Gross profits on sales
$325,353
276,669
1936
Assets-—
$48,683
Accts.
&
$56,266
109,185
$248,984
112,559
Cash discounts
on sales, interest
paid, &c.
Provision for Federal income taxes
10,808
$125,618
property
res.
is lower
within 1 year.
Investments _..el6,096,214
Prop., plant &
al5,620,341
Wages, int. and
c
equipment-
loss$52,919
sundry deps..
2
',645,221
Pref. dlv. pay..
Notes payable &
2,819,977
Deferred charges
8
1,389,485
472,315
5,472,335
prop,
purchase
1935
Funded
$95,000
383,953
Notes pay., others
Accts. pay. & ac¬
117,500
297,500
132,959
82,130
309,790
1,209
21,007
Long
-
250,000
125,000
141,205
725,550
£>r210
Dr2,100
344,210
621,180
673,939
652,011
Common stock.,.
1
1
Less in treasury—
Deferred charges..
5,059
Surplus.....
10,202
—141,675
exps.
Total.........$1,568,604 $1,571,182
Dr 32
Dr3,240
632,971 def494,838
—
$1,568,604 $1,571,182
Total.
Note—At the date of the balance sheet, 859.5 shares of preferred stock and
common stock had not been converted in accordance
10,303 shares of old
with the reorganization plan, but the balance sheet has been prepared on the
assumption that such conversion will be effected.—V. 143, p. 3648.
Sharon Steel
3 Months Ended March 31—
Gross sales, less discounts, returns & allowances..
Provision for service contract fee
1936
1937
1,502,237
\ ,825,513
214,228
251,054
14,048
3,125
18,000
218,200
275,260
17,729
3,125
12,000
Selling, general & administrative expenses
Taxes, other than property and income
-
Provision for doubtful accounts
$573,540
31,623
Amortization of bond discount & expense
Other interest
Provision for Federal & State income taxes
profit
$295,657
76,260
3,279
$475,778
bonds
$176,267
$605,163
22,500
1,046
1,439
104,400
Other income.
.373,641,403 358,057,793
.373,641,403 358,057,793
Total..
a Consists of:
Capital stocks of subsidiary and affiliated companies, not
consolidated, at cost $8,981,461 plus indebtedness of affiliated companies,«.
not consolidated, of
$2,857,850, giving a total of $11,839,312, less reserve
of $758,776,
leaving a net of $11,080,536; plus Shell Union Oil Corp., 5H% 1
cumulative convertible preferred stock, 17,366 shares, at cost of $466,60i,
and other investments
including securities at cost, less reserve, of $115,679,
$4,073,204: giving a grand total of investments of $15,620,341.
b Prop¬
erty purchase obligations only,
c After reserve for depreciation, of deple¬
tion, intangible development expenditures and amortization of $332,922,079
in 1936 and $310,336,671 in 1935.
d Represented by 13,070,625 no-par
e
Consists of: Investments in and advances to affiliated companies
at cost (lass reserve of
$159,812), $9,359,826; other investments, including
securities, at cost (less reserve of $79,851), $3,690,978, and 5H% cumu¬
$6,408,379
5,308,526
Manufacturing costs
Provision for depreciation
Total.
shares,
Corp. (& Subs.)—Earnings—
(Formerly Sharon Steel Hoop Co.)
on
$212,615
lative convertible preferred stock
$3,045,409.—V. 144,
772
p.
of this
company,
Sierra Pacific Electric Co. (&
Subs.)—Earnings—
1936
1935
$1,725,829
597,225
87,330
245,195
$1,607,037
678,468
83,922
198,859
Non-operating income, net
$796,077
4,400
$645,786
4,339
Retirement
$800,478
100,000
$650,125
100,000
$700,478
112,515
4,150
9,675
$550,125
$574,136
1,139,704
1,226
$423,253
1,142,146
Drl0,469
$1,715,067
209,226
257,500
$1,554,930
209,226
206,000
Operation
Maintenance
r.
Taxes, incl. Federal income
tax
Net operating revenues
accruals.
2,729
been made for Federal surtax on undistributed
profits since it is not possible to determine the amount of such tax until
the financial policies for the balance of the fiscal year have been formulated.
Interest
on
bonds
Other interest
....
Current amortization of debt discount and expense
—V. 144, p. 2147.
Net direct credits.
Shawinigan Water & Power Co.—Earnings—
3 Mos. End. March 31
1937
revenue
Gen. oper. & maint. exps
Power purchased
Water rentals
Taxes and insurance
Exchange on fixed chgs.
Res. for exchange
Net operating rev
Fixed charges
1936
$3,677,092
799,244
428,499
108,316
220,538
1935
$3,290,847
720,021
1934
$3,118,975
653,113
399,910
97,230
bl97,560
449,424
101,463
203,402
6,000
25,566
$2,114,496
c997,896
.
.
25.600
$1,791,537
1,010,504
$1,746,160
1.Q23.474
$2,916,779
558,032
389,859
87,642
163,040
42,892
$1,116,601
tion tax.
c
$781,034
$722,686
$641,016
per annum for additional Provincial corpora¬
Including $39,784 amortization of bond discount and premium.—
V. 144, p. 951.
Corp.—Earnings—
$7,683
3,224
...
expenses.
Statement of Surplus for
Jan. 1, 1937
$4,459
the 3 Months Ended March 31, 1937
Paid-in surplus
x$548,907
Excess of proceeds from sales of 6,449 shares of
issued stock over par value thereof
previously
surplus,
1937
$565,253
3,215
Earned surplus—balance Jan. 1, 1937
Dividend
income—less
expenses
surplus,
Total surplus,
March 31,
March 31,
4,459
1937.
7,673
$572,926
Consisting of surplus arising from reduction of capital and portion of
proceeds from sale of capital stock, less revaluation of securities, net losses
on securities sold,
Federal income taxes applicable to profits on sales of
securities, cost of treasury shares acquired and dividends paid.
x
Balance Sheet March 31, 1937
Assets—
Liabilities—
$630,023
Cash in banks..
127,941
Dividends receivable
3,918
Deferred charge—Fed. cap. stk.
tax
375
Fed. & State taxes, pay. & accr.
Management fee accrued
Common stock
$5,909
2,469
(par $1)._
140,756
Portion of legal capital under laws
of Delaware in excess of par
value of
outstanding stock...
1936
on
$762,257
7,674
$762,257
Gross income.
Deprec., depletion, &c._
Federal taxes...
Minority
interest
Net profit
$59,643,305
45,793,568
1936
$3,674,479
1935
1934
$49,950,191 $45,761,003 $45,400,621
38,863,360
37,813,024
36,997,808
$13,849,737 $11,086,831
8,904,791
8,336,695
577,926
761,437
673,377
290,110
19,163
16,603
.681,984
$7,947,979
8,154,400
646,356
255,210
13,053
$8,402,813
7,456,993
980,823
x$l,121,040
x$41,091
6,089
The income statement for the calendar year was
for
3,500,000
8,931,350
2.173,000
Common stock._
8,931,350
Bonds
2,173,000
Accounts payable.
57,378
Consumers'deposits
33,386
x
371,240
3,235
6,360
Taxes accrued....
184,235
184,862
Interest accrued..
39,017
71,059
2,993
5,108
64,019
158,488
77,764
848
849
Retirement
Operating
714
reserve
1,499,745
1,492,240
reserve.
57,132
Unadjusted credits
18,892
58,595
15,284
1,248,341
1,139,704
17,717,444
17,562,266
Earned surplus
211,176
220,851
Unadjusted
debits
3,511
25,808
Reacquired
secur.
12,104
33,200
114,052
38,995
1,826
Miscell. liabilities.
.
count & expense
$
3,500,000
375,571
-.
receiv..
1935
$
Pref. stock 6%...
Total
x
.17,717,444
12,104
17,562,2661
Represented by 103,000
no par
Total
shares.—V. 144,
p.
2499.
Signode Steel Strapping Co.—Larger Dividend—
The directors have declared
a dividend of 62 He. per share on the common
stock, payable May 7 to holders of record May 3.
This compares with
50c. paid on Feb. 5 last; 25c. paid on Nov. 15 last, and 12 He. paid in each
of the three preceding quarters, the Feb. 4, 1936, dividend being the first
made
on
the
common
stock since Jan.
ment was made.
15, 1931, when
a
similar disburse¬
,
1
Net profit after interest, depreciation and normal Federal
income tax, but before prov. for undistributed profits taxes..
Earnings per share on 129,208 shares common stock
—V. 144, p. 2148.
$185,220
$1.28
Simmons Co.—Bond Issue to Be 4s—
Company has filed an amendment with Securities and Exchange Com.
mission stating that the interest rate on $10,000,000 convertible debentures
will be 4%. The debentures will be convertible in common stock at $60 per
share on or after June 1, 1937, to and including March 31, 1938; at $62.50
per share thereafter and to and including March 31, 1939; at $66 2-3 per
share thereafter and to and including March 31, 1941, and at $71 3-7
per
share thereafter and to and including March 31, 1942.
The debentures
are to be offered pro rata to stockholders at par.—V. 144,
p. 2320.
Simpsons, Ltd .—Initial Preferred Dividend—
The
directors have declared
an initial
quarterly dividend of $1.25 per
pref. stock, par $100, payable May 1 to holders of
The company recently put into effect a plan that cleared
all accumulations on preferred stock.—V. 144. p. 2499.
on
the 5%
cum.
record April 24.
At a special meeting held April 19 shareholders unanimously approved a
by-law providing for an increase in the authorized common share capital
from 300,000 no-par shares to 400,000 of no par.
The purpose of the
increased capital is to purchase minority shareholders' interests in sub.
companies.—V. 144, p. 466.
Socony-Vacuum Oil Co., Inc.—Purchase of Carih—
See Carib Syndicate,
Ltd., above.—V. 144,
p.
951.
Solvay American Investment Corp.—To Chanqe Name—
Stockholders at their annual meeting on May 15 will consider changing
the name of the corporation to Solvay American
Corp.—V. 144,
p.
466.
South Bend Lathe Works—New Directors—
Loss.
icle" of April 3, page 2320.
$1,139,704
liability
(Howard) Smith Paper Mills, Ltd.—Stock Increase Voted
Earnings—Quarter Ended March 31
1937
Gross oper. earnings
Expenses
no
1936
Materials & sup pi.,
up
Corp. (& Subs.)—Earnings—
Consolidated Statement of
x
Total.
144, p. 1976.
Interest
hand
Accounts
share
Shell Union Oil
have
Liabilities—
$
Cash in banks and
565,253
Earned surplus
-V.
they
1936.
1935
$
Notes receivable
40,198
Paid-in surplus
Total..
that
Earnings for the 3 Months Ended March 31, 1937
1937
Investments—stocks
$1,248,341
opinion
Property, plant &
equip., inclj in¬
tangibles—..... 16,846,008 16,664,024
55,152
$604,059
38,807
shares acquired (net)
March 31,
4,681
9,675
un¬
Total
Cost of 4,026 treasury
of the
Unamort. debt dis¬
Income—dividends..
income—less
are
undistributed profits for
Assets—
Special deposits.
Expenses
Earned
on
Prepaid insurance.
Earnings for the 3 Months Ended March 31, 1937
Paid-in
Note—Companies
at cost
Shareholders
Dividend
Earned surplus end of period
Federal surtax
112,515
Comparative Consolidated Balance Sheet Dec. 31
a Published figures for the three-month
period for 1934 included deduc¬
tion of $75,000 for interest on capital cost of work under
construction, which
deduction was canceled as explained in the 1934 annual report, b Includes
provision at rate of $120,000
Preferred dividends.
Common dividends.
$1,675,313
al,034,296
Surplus bef. deprec. &
incometax
36,298 shares at cost,
2320.
Years Ended Dec. 31—
Total operating revenues
119,389
Note—No provision has
Gross
686,282
5H%cum.conv.
38,816,600
pref. stock... 37,979,800
d Com. stock...233,672,821 233,672,821
3,419,589
Surplus
---11,579,155
term notes
payable
Less in treasury...
Patents
165,606
187,061
company.
Res. for conting.
expenses-
Preferred stock
Fixed
debt
3,037,479
47,116,500
Min. int. in sub.
22,500
Organization
bl4,853
58,764,000
obligations—
1936
372,023
Net
10,029,770
$75,000
Liabilities—
receive.
Interest
3,022,334
11,829,726
Taxes, lncl. pro v.
.
&
rec.
■
3,422,549
for Inc. taxes.
.262,438,076 261,648,294
.
-
accruals
misc.
Bank loans..
Investm'ts at cost-
assets, less
depreciation
7,131,971
obligs.matur'g
1935
crued
________
3,045,834
14,942,496
35,134,884
$52,542
Invent., at cost or
mkt., whichever
Non-curr.
10,958,840
pur.
17
',494,680
1936
ReceiVies, less
$
12,673,288
Notes payable &
$74,671
419,201
Cash
1935
.
$
payable.
38
1,758,070
Other notes and
Comparative Condensed Balance Sheet Dec. 31
Assets—
13,222,422
Accts.
notes
Inventories
accts.
Net profit for year.
9,197,043
17 969,594
r,
receivable
7,583
Liabilities—
$
9
1,850,063
U.S.Govt.secur.
$235,545
1936
1935
$
Cash..
published in the "Chron¬
Arthur W.
Wakeley and James C. Ames have been elected directors of
this company.—V. 143, p. 3858.
Financial
2846
South
Carolina Power
Co .—Earnings—
1936
1935
1934
$2,303,054
$2,177,188
$2,080,011
379,531
161,409
3,709
371,610
149,699
2,914
364,136
161,629
4,345
$2,847,703
1,165,412
$2,701,411
961,063
137,890
184,000
339,304
57,100
$2,610,121
958,138
132,417
156,241
369,873
31,997
Cr8,896
$1,022,054
616,170
19,344
21,928
Cr6,371
$961,454
626,813
4,480
21,885
Cr2,662
$279,528
171,438
30,000
$370,982
171,438
150,000
$310,938
171,438
Calendar Years—
Gross earnings—Electric .........
■"
TransportationlV. rr I————
Non-operating revenues
...
...
.....
Total gross earnings.*.........
Operation
...
..... ...
Maintenance....
Provision for retirement
137,813
216,000
369.281
...............
reserve...
General taxes......
Federal & State Income taxes......
...
......,
a37,814
...
Net earnings....................
Interest on funded debt............
Interest on unfunded debt
$921,383
600,088
28,605
Amortiz. of debt discount & expense..
Interest charged to construction.....
22.059
Net income
Dividends on preferred stock
Dividends on common stock...
a
No provision has been made for surtax on
1936
$
of
various
cos.
32,917
wealth & South.
441,172
463,231
Corp.
(demand
notes).
;
Accounts payable.
157,745
14,813
80,539
47,530
591,660
prepaid accounts
Cash............
Accts.
&
Common¬
45.936
520,801
Defd. charges and
a
to
109,013
-
Misc. curr. liablls.
Reserves
219,121
280,359
plies
460,000
38.439
28,892
9,513
1,277,531
Accrd. int. & pref
dividends
notes
receivable
cos...
Accrued taxes
Materials and sup¬
34,676
8,779
1,077,022
47,102
785.408
5,843
274.019
Constrlbui[ons for
extensions
Surplus
25,538,603 24,986,9961
Total..
a
25,538,603 24,986,996
Total
After reserve of $59,453 in 1936 and $49,268 in 1935.
by 600,000 no
par
shares.—V. 144,
b Represented
2321.
p.
Southern Fire Insurance Co. of N. Y.—Name
Changed
Stockholders at a meeting held March 10 approved a change in this
company's name to the Gibraltar Fire & Marine Insurance Co.—V. 144,
P. 790.
■
Southern Indiana Gas & Electric Co.—Report-—
W. H. Barthold, President, says in part:
Aug. 31, 1936, upon authorization by the P. S. Commis¬
issued and sold to two institutional investors, for their
Company, on
sion of Indiana,
investment portfolios, $5,500,000 first mortgage bonds, 3.35% series of
1936, due 1961, and on Oct. 1, 1936. redeemed a like principal amount
first mortgage 5>£% gold bonds due April 1, 1957, at 105%. Company,
having thus completed the refunding of its bonds, registered under the
Securities Act of 1933, 85,895 shares of 4.8% preferred stock ($100 par),
which was sold to the public through underwriters. The net proceeds from
the sale of the preferred stock, together with other treasury funds, were
used to redeem all of company's outstanding 6%, 6.6% and 7% preferred
stock on Jan. 1, 1937, at $10o per share plus dividends.
During
the year company received from Commonwealth & Southern
Corp. (Del.), parent, the sum of $1,200,000 as a contribution to its com¬
mon stock capital without the issue of additional shares of common stock,
thereby increasing the investment of Commonwealth & Southern Corp.
(Del.) in the
common
stock by that amount.
Earnings for Calendar Years
Cross Earnings—
Electric...
1936
$2,345,981
1935
1934
$2,045,034
715,297
443,639
91,627
12,777
640,673
377,051
81,221
1 6,420
$1,921,589
541,711
365,552
79,320
20,858
$3,609,321
1,267,634
243,916
311,992
435,771
a21,700
$3,160,399
$2,929,031
1,137,460
203,672
277,700
399,063
81,903
981.161
199,614
277,700
402,927
$1,328,308
277,674
14,762
'
——
$982,739
302,500
5,919
25,664
Cr2,082
$650,738
542,349
Gas....
Transportation
Heating and water
Non-operating revenues
....
Total gross earnings
Operation
Maintenance
Provision
.....
—
for retirement
reserve
General taxes
Federal Income taxes..
....
Net earnings__ I
Interest on funded debt
Interest on unfunded debt-
Amortiz. of debt discount & exp., &c.
54,227
Interest charged to construction....
Cr21,189
$1,060,600
302,500
5,312
25,664
Crl6,103
$1,002,834
566,074
120,000
$743,227
542,477
140,000
...
Net income
Preferred dividends
Common dividends
a
Assets—
1935
$
1936
Liabilities—
$
Fixed capital (lncl.
intangibles)..
various
cos.
„
.20,826,095 20,284,558
(at
4.8%
15,398
791,614
524,123
discount A exp.
643,069
Debt disct. A exp.
Divs.
107,053
293,900
Cash
U. S. Govt,
......
39,839
215,200
payable
692,548
228,000
Mat'ls A supplies.
394,863
Ry,
Ry.
oper.
1937—3 Mas.—1936
1937—Month—1936
revenues.....$19,560,188 $15,059,400 $56,172,549
14,849,223
11,317,678 42,387,491
$42,270,806
33,268,727
oper. expenses.....
$4,710,964
1,463,478
794,351
64,183
$3,741,722 $13,785,057
1,301,002
4,057,036
680,349
2,342,312
57,872
182,306
$9,002,079
Ry. tax accruals
Equip, rents (net)-Dr...
Joint fac. rents (net) -Dr
Net ry. oper. income:
After depreciation..
$2,388,952
$1,702,498
2,358,003
$7,203,403
$3,687,974
5,659.854
Net rev. fromry. oper.
Before depreciation.
—V. 144, p. 2321.
3,053,086
9,186,088
3,348,612
1,778,070
187,421
Southwest Gas Utilities Corp.
The directors at a
of Okla.—Merger, &c.—
meeting held March 22, 1937 approved an agreement
of merger, dated March 22, 1937, between company and Southwest Gas
Co. of Oklahoma, providing for the merger of company with Southwest
Gas Co. of Oklahoma.
The merged company is to be known as Southwest
Natural Gas Co. such change in name having been authorized by stock¬
holders at a special meeting held April 22, 1937.
Directors believe that the merger is in the interest of the company for
the following reasons:
1. The properties and business of both
,
companies are of the same general
character, namely, the production, purchase and sale and distribution of
natural gas.
■
■
■
- a* •
2. The properties of both companies are located in the same> general
territory, all of said properties being situated in the States of Oklahoma
and Texas.
■
3. Such merger will tend to unify operations and effect economies.
4. The common stock of both companies are now held, according to
the stock records, by substantially the same stockholders, in substantially
the same relative amounts.
5. Company is advised that interest on the new 6% cumulative income
debentures, series A, of the merged company (which under the agreement
of merger are to be issued to holders of $6 cumulative preferred stock)
can under present laws be deducted,.by the merged company in arriving
at taxable Income for purposes of Federal income tax, thereby reducing
such tax to the merged company and increasing the earnings applicable to
the stock of the merged company.
Under present law, dividends received
by stockholders are fully taxable to the same extent as interest, and there¬
fore the issuance of such income debentures will not increase the individual
Federal income tax of the security holders in respect of the income received
therefrom.
w*
The following table sets
forth the treatment of the holders of each class
of securities of each of the two companies under the agreement of merger.
Each holder of one share of $6 cumulative preferred stock of Southwest
Gas Utilities Oorp. of Oklahoma will receive:
■
<
series A, of the merged com¬
(interest cumulative from Jan. 1, 1937), and
H of one share of $6 dividend, cumulative preferred stock, series A, of
the merged company, entitled to dividends at the rate of $6 per share per
$50 of 6% cumulative income debentures,
pany
(cumulative from Jan. 1, 1937).
Each holder of one share of common stock of Southwest
annum
Corp. of Oklahoma will receive:
74 shares of the common stock of the merged
Each holder of
one
share of 7 % cumulative
Gas Co. of Oklahoma will
Gas Utilities
company.
preferred stock of Southwest
receive:
series A, of the merged com¬
pany (interest cumulative from Oct. 1, 1936), and
H of one share of $6 dividend, cumulative preferred stock, series A, of
the merged company entitled to dividends at the rate of $6 per share per
$50 of 6% cumulative income debentures,
(cumulative from Jan. 1,1937).
Each holder of one share of common stock of Southwest Gas Co.
Oklahoma will receive:
"
10 shares of common stock of the merged company.
annum
of
There are presently outstanding 36,900 common shares of Southwest
Go. of Oklahoma and only 5,000 common shares of Southwest Gas
Utilities Corp. of Oklahoma.
Therefore, in order that the common stock¬
holders, as a class, of each of these two companies may have substantially
Gas
an equal interest in the common stock of the merged company, it is necessary
that the shares of common stock of the merged company be issued in the
proportions stated above.
The $1,126,400 of first mortgage 6% bonds of Southwest Gas Co. of
Oklahoma now outstanding and the $950,000 of first mortgage 5% bonds
of Southwest Gas Utilities Corp. of Oklahoma now outstanding will upon
the merger constitute obligations of the merged company.
Until the
retirement of the first mortgage 6% bonds of Southwest Gas Co. of Okla¬
homa, by virtue of a restriction in the indenture securing these bonds, no
dividends will be payable upon the common stock of the merged company.
The new 6% cumulative income debentures issuable in exchange for the
$6 cumulative pref. stock will be designated as series A, will be dated
Oct. 1, 1936, will mature Oct. 1, 1966, and will be redeemable at any time
on 30 days' notice at par and interest.
i
m:' ■■ '
^
Pro Forma Earnings Statement of
""[Giving
Merged Company Based
on
Calendar Yr. 1936
effect to proposed merger of SouthwesT'GasCo.
Utilities Corp. of Oklahoma.]
oif Oklahoma" and
Southwest Gas
Operating revenues,.
Operating deductions
.
^
.$872,628
484,026
...
....
Net operating revenue
Non-operating revenue
$388,602
21,178
...
—
4,000,000
5,500,000
156,995
115,033
417,340
Gross corporate income
Retirement
reserve....
-—
—
Balance
Interest charges
68,716
75,625
8,963
—
——$258,679
115,084
61,800
~
on first mortgage "bonds".
income debentures
——
145,205
funded debt....
46,062
508,808 Misc. current llab.
10,679
164,853 Reserves
2,121,118
Contrib. for ext.
89,373
—
——$409,780
151,101
...
——————
—
—
Deduct annual
Annual interest charges on 6%
pref. stock
Accrued
int.
on
on
pref stk.
Acquired surplus..
Earned surplus...
....23,597,679 22,130,587
Total.
Balance before income taxes
Estimated State and Federal income taxes
_
..
Prem.
Total
5,610,700
670,300
2,308,500
on
376.000
secur.
Accts. receivable
Lines—Earnings—
cum. pf. stk.
Accrued taxes
Deferred charges A
prepaid accounts
$
8,589,500
b Common stock.
5,200,000
Funded debt..... 5,500,000
Consum'B dep., Ac.
170,305
Accounts payable162,311
17,203
inproc.ofamort.
Pref. stock prem.,
cost)..
1935
$
6% cum. pref. stk.
6.6% cum. pf. stk.
7% cum. pref.stk.
Invests. In secur. of
a
84,890
No provision has been made for surtax on undistributed
profits.
Balance Sheet Dec. 31
7
1936
T.
.
970,000
52,665
15,791
119,144
860,280
Duetoaffil.
.
$
.......
Due
Southern Pacific
Period End. Mar. 31—
2,857,300
7,278,620
$6 cum. pref. stock
2,857,300
b Common stock.
7,278,620
Funded debt11,949,000 12,011,000
Consumers' deps.,
Ac...
32,517
119,867
108,786
Invests, in securs.
(at cost).......
Sinking funds &
special deposits.
Debt disc. & exp. In
process of amort
1935
$
Liabilities—
(lncl.
intangibles). ...23,910,923 23,577,320
cap.
and property
and liabilities
(B) The manner and basis of converting the shares of stock or Los
Angeles Gas & Electric Corp. into shares or stock of Southern California
Gas Co. are as follows:
Each share of preferred stock of Los Angeles lias
& Electric Corp. (par $100) shall be converted into four fully paid shares
of preferred stock, series A, of Southern California Gas Co. (par $25).
Each share of common stock of Los Angeles Gas A Electric Corp. (par $1UU)
shall be converted intojfour fully paid shares of common stock of Southern
California Gas Co. (par $25).—V. 144, p. 2676.
60,000
1936
1935
$
Assets—
Fixed
Gas Co. shall succeed without other transfer to all of the rights
of each of the corporations and shall be subject to all the debts
of each of the corporations.
■
undistributed profits.
Balance Sheet Dec. 31
April 24, 1937
Chronicle
...
96,906
1,147,844
2,076,181
84,864
32,890
96,906
831,083
23,597,679 22,130,587
a After reserve of $65,906 in 1936 and $42,450 in 1935.
by 400,000 no-par shares.—V# 144, p, 2321.
.
b Represented
—
—
$81,795
11,790
Balance available for dividends.
Annual div. require, on 10,300 shs. of $6 div. cum. pref. stock...
$70,005
61,800
preferred stock dividend requirements....
$8,205
Balance after annual
Note—The balance of $258,678, shown above as available for bond
interest, represents actual income of the two companies for the calendar
year 1936, per their books after adjustment for non-recurring income and
deduction items.
Pro Forma Balance Sheet as at Dec. 31, 1936
Southern
Terms
Gas &
California
Gas
Co.—Statement
General
of Proposed Agreement of Merger Between Los Angeles
Electric Corp. and Southern California Gas Co.—
of
O. L. Whitehill, Secretary, in a letter addressed to stockholders, outlines
the proposed agreement of merger, dated April 13,
1937, between Los
Angeles Gas & Electric Corp. and Southern California Gas Co.
The
general terms of the proposed agreement follow:
1
The corporations have agreed to merge into Southern California Gas Co.
Liabilities—
Fixed capital
Cash.
assets (net) —-$3,470,290
Accounts receivable (net)
Materials and supplies..—
Prepayments
-
*
Accrued int. receivable...
Investments
-
Other assets.
62,299
153,118
19,380
5,936
7,600
180,130
51,343
The terms and conditions of the merger and the mode of
carrying the
into effect and the manner and basis
pf converting the shares of stock
of Los Angeles Gas & Electric Corp. into shares of stock of Southern
$6 div. cum. pref. stock
Common stock (10c. par).
Capital surplus
Earned surplus...
6%
1,030^000
cum. Income debs
Secured funded debt.....
2,076,400
Accounts payable..
96,976
Acer, taxes (lncl. inc.)35,120
Accrued int.
on
funded debt..
same
Dividends declared
California Gas Co.
Consumers' deposits
Reserves
are
in substance
as
follows:
•
(A) On the effective date of the agreement the two corporations shall
be merged into Southern California Gas Co. and the separate existence
of Los Angeles Gas & Electric Corp. shall cease, and Southern California
Total—
-V. 138, p. 4477.
-
.-.$3,950,095
$103,000
73,900
229,253
101,717
Total
....
.....
49,317
15,000
95,282
4^,128
...—$3,950,095
Volume
Financial
144
Southern
Ry.—Earnings—
(est.)--
.
$2,599,125
2847
Weekly Output Shows Increase of 15.5%—
—Second Week of April
1937
1936
Period—
Gross earnings
Chronicle
Electric output of the public utility operating companies in the Standard
Gas & Electric Co. system for the week ended April 17, 1937 totaled 105,438,143 kilowatt hours, an increase of 15.5% compared with the corre¬
Jan. 1 to April
1937
1936
$1,292,788 $39,911,699 $34,191,724
sponding week last
—V. 144, p. 2676.
of Consolidated
Income
[Exclusive of Deep Rock Oil Corp. and Beaver Valley Traction Oo.
in receivership, and subsidiaries of such cos.1
Southwest Gas Co. of Oklahoma—Merger—
Month
See Southwest Gas Utilities Corp. of Oklahoma.—V. 140, p. 4415.
Period Ended—
Subs. pub. util cos.:
Feb.
28
'37
12 Months
Feb.
29
'36 Feb.
28
'37 Feb.
29
'36
Operating revenues— $8,306,103
Oper. exps., maint. &
taxes.
4,639,808
Exchange has approved for listing 20,000 additional
144,
$3,666,295
7,421
$4,267,155 $45,872,456 $44,245,796
14,779
214,739
289,271
$3,673,716
$4,281,934 $46,087,195 $44,535,067
.
2676.
Standard Investing
$8,669,236 $97,440,397 $91,112,648
Net oper. revenue
Other income—net
Spencer Chain Stores, Inc.—Listing Approved—
The New York Curb
shares of common stock, no par, upon official notice of issuance .-^-V.
p.
year.
Statement
Corp.—-Not Assets—
Total
depletion
reserves.
1,092,768
1.079,450
12.496,551
11,861,825
3,083
_
3,083
37.000
37,000
Amort, of contractual
capital expenditures
$1,000 of debt.
The report shows realized gains from sales of securities during the quarter
of $510,655.
Reported asset values are after provision for normal Federal
taxes on such gains, but before provision for any taxes on approximately
March 31, or possible taxes
on
on
51,567,941 a46,866,852
Approp. for retire, and
The company reports net assets, based on March 31 market prices, equal
to $90.23 per share of preferred stock.
Indicated net asset coverage for
debentures and bank debt combined was at the rate of $2,216.34
per
$2,221,000 of unrealized profits
4,402,081
$2,577,865
Rents for lease of prop.
102,291
Int. on funded debt..
970.504
undis¬
tributed earnings.
In connection with the issuing of the quarterly figures, the corporation
annoujces that it has recently acquired close to 80%
of both classes of
Amort,
stock
Divs.
of debt disct.
and expense
106,125
12,644
1,373,352
133,489
5,766
41,667
5*766
41,667
69,192
500,000
69,192
500,000
29,553
8,621
Crl3,098
30,105
3,986
Cr3,009
382,785
59,361
Cr85,705
404,196
8,272
Cr47,431
pref. capital
stock gtd. bysuo...
Approp. for special res.
Equities Corp., which company has a controlling
interest in
General Investment Corp.
The company's investment in
Internationa] Equities Corp. and the latter's holdings of General Invest¬
ment Corp. are .calcinated at their indicated values based on market
prices
of underlying securities.
In a letter to stockholders, E. P. Henderson, President, and R. L.
Moore,
Treasurer, of Standard Investing Corp., call attention to the change in
management on March 2, following acquisition by the firm of Henderson
Brothers of Boston and associated interests of a controlling number of
common shares, as well as a large holding of preferred stock.
Comment¬
ing upon the record of the new management in connection with other similar
enterprises, they point out that when this group assumed control of Atlantic
Securities Co., its senior securities had an asset coverage of only 38%, while
the situation of Beacon Participations, Inc., is said to have been even less
satisfactory when control was assumed.
Notwithstanding the large im¬
provement which was subsequently effected, the statement continues; no
salaries or fees were received during the time that the companies were
148,724
on
Fed. & State tax
on
int.
funded debt
on
l,235,4?f
110,347
10,558
Other interest
of International
$3,199,401 $33,553,644 $32,636,242
102,480
1,228,554
1,229,350
1,083,405
12,320,182
13,435.093
Other inc. deductions.
Int. chgd to construct.
$1,311,656
Divs.
$1,816,232 $17,572,434 $15,653,368
capital stks.
on
held by public
in
149,915
$729,287
ints.
711,727
Cr104,556
Min.
686,925
$954,590
8,843,528
8,538,408
580,343
628,453
$8,148,563
$6,486,507
undis.
Bal. of inc. of subs,
pub .utii .cos .appl.
Stand G. & E.
to
Co
under their present management,
"The officers of this company, in view of the fact that they have a
very
substantial interest in the common add preferred stock of your
company/'
Inc. of non-util. subsid.
the letter states, "intend to contribute their services without salaries.
Although we find that the operating expenses of Standard In¬
vesting Corp. have been very moderate in the past,
it is our in¬
Other
..
.
.
.
tention to further
.
applic. to Stand. G. &
Electric Co
424,318
income of Stand.
Gas & Elec. Co.:
.
Divs.
materially reduce these expenses."—Y. 144, p. 1978.
from
non-affil.
33,706
25,658
343,595
302,143
32,663
33,672
420,380
424,339
$795,656
$1,013,920
$8,912,538
$7,638,173
companies
Standard Products Co.,
Period End. Mar. 31—
Net inc. after expenses,
deprec.
&
prov.
Fed. income taxes
Earnings
per
Int.
Inc.—Earnings—
1937—3 Mos.—1936
affiliates
Other interest
1937—9 Mos.—1936
$245,679
share
$0.81
Gas
&
866
Total
for
$264,806
$0.88
$572,576
$1.91
$601,943
$2.00
Note—No provision has been made in the above figures for surtax
distributed profits.—V. 144, p. 624.
Standard
indebtedness of
on
Exps. & taxes of Stand.
Gas & Elec. Co
on un¬
Co.—Proposal to Settle Suit
for $1,000,000—End of Litigation to Facilitate Reorganization—
Int.
proposal to compromise and settle for the sum of $1,000,000 the
alleged claims existing in favor of Standard Gas & Electric Co. against
certain of its offcers, directors and otners nas been submitted in benalf of
itself and other parties, by Standard Power & Light Corp. wnich owns a
majority of tne company's common stock.
The proposal nas been filed
Wilmington.
The acceptance of this offer has been recommended by Simon H. Rifkind
of tne law firm of Wagner, Quillinan & Rifkind, attorneys for Dele van
Corp.
and Emma A. Granam, the stockholders of the company, who in
April.
1936, instituted the proceedings, in the nature of a minority stocknoiders
recover on these claims; and by J. K. Javits of the law firm of Javits
& Javits, attorneys for the protective committee for notes and debentures
suit to
of tne company.
In view of these recommendations for acceptance of the offer, it
appears
that the first step has been taken looking to the proposal of a plan of re¬
organization of the company.
All liability on trie part of the persons and corporations included in the
proposed compromise nas been disclaimed and the proposal is stated to be
made for- tne purpose of facilitating reorganization and avoiding the ex¬
pense of litigation.
The proposal is conditioned upon the confirmation of a
plan of reorganization of Standard Gas & Electric Co. prior to Jan. 1, 1938.
It has been evident all along that a reorganization of the
company was not
possible without disposition of the issues raised in the litigation.
Tne
present offer will, if approved by the court, dispose of these issues insofar
as tnose now interested in Standard Gas & Electric Co. in a
major way are
concerned.
Tnese include H. M. Byilesby & Co. and interests affiliated
with A. C. Allyn & Co. and Emanuel & Co., W. O. Langley, E. C. Granbery and various other individuals.
No claims have been asserted against Standard Power &
Light Corp.,
Bancamerica-Blatr, Inc. and Hydro-Electric Securities, Inc., which are
said to be contributing very substantially to the
settlement, but their
contributions are stated to be made in order to bring about a plan of re¬
Ladenburg, Tnalmann & Co. is not one of the offerers and the rights of
Standard Gas & Electric Co. against that firm are being expressly reserved.
Commenting upon the proposal, Mr. Rifkind said:
"The offer of compromise and settlement is tne culmination of
many
negotiations and litigation which
stockholders
of
Standard
Gas
&
we
Electric
have instituted in behalf of
Co.
If the
settlement
is
approved by the court, it will free the company from the burden of pro¬
longed and expensive litigation.
The claims against some the persons who
are no longer identified witn the company are not
being compromised, and
it is proposed that tne company shall undertake to prosecute those claims
througn independent counsel having no connection with the matters out of
which the claims
arose.
"We shall advocate the confirmation of the settlement In the U.
S.
District Court for the District of Delaware."
J. K. Javits of Javits & Javits, stated that a plan of reorganization for
company was now imminent, the last obstacle being finally cleared away
by the making of this offer.
The protective committee for notes and deben¬
tures he. said "has been
constantly engaged in develooing with the officials
of the company and with representatives of security holders
changes and
modifications in the company's original 5-year extension plan side
by side
witn the negotiations culminating in the offer of Standard Power &
Lignt
Corp.
The committee believes that sufficient progress has been made so
that the proposal of an amended plan of reorganization which should have
the substantial concurrence of all interests may reasonably be
expected
within the next 30 to 60 days."
Tais is the first intimation from security
holders' representatives tnat an amended plan of reorganization is to be
filed within
a
definite time.
Bernard W.
Lynch, President, declined to make any comment at this
time, except to say: "Action upon the proposal rests entirely with tne U. S.
District Court for the District of Delaware."
The offers are the outgrowth of application made by Delevan
Corp. and
Emma A. Graham, holders of prior pref. stock of Standard Gas & Electric
Co., seeking the court's permission to institute suit against directors and
officers of Standard Gas & Electric Co. and against certain
banking firms
claimed to nave been responsible for heavy losses suffered by Standard Gas
&
Electric
Co.
and
to
have
made
large profits through dealing with it.
Judge Nields of the U. S. District Court for the District of Delaware
denied such leave but appointed William G. Mahaffey of
Wilmington and
William H. Button of New York, special counsel to investigate these
claims.
The Circuit Court of Appeals at Pniladelpuia subsequently upheld Judge
Nields' action.
On Feb. 18, 1937, the special counsel appointed by tne court
reported that
suit should be smarted on these claims.
238,497
$7,399,676
368,247
6,633
368,247
10,133
4,418,970
76,296
4,418,970
123,736
funded debt..
on
Fed.
&
int.
State
on
tax
on
4,649
4,169
63,481
59,484
17,806
17,767
213,543
177,016
funded debt,
bAmort, of debt disct.
and expense
Consol. net income-
$376,550
$592,382 c$3.869,945
$2,620,470
Including $166,668 for amortization of extraordinary operating
deferred in 1931.
b Including amortization of expenses in con¬
nection with proposed extension of notes due Oct. 1, 1935.
c Includes
approximately $1,791,000 of undistributed earnings of subsidiary com¬
panies applicable to capital stocks held by Standard Gas & Electric Co.
Of this amount approximately $1,096,000 is not available for distribution to
a
expenses
Standard Gas &
of certain
dividends
Electric Co. in the form of dividends on common stocks
of the
on
subsidiary companies due principally to accumulation of
preferred stocks in prior periods and to the retention of surplus
for other purposes.
Statement of Income (Company Only)
-MonlhPeriod Ended—
-12 Months-
Feb. 29, '36
Feb. 28, '37
Feb. 29, '36
$466,217
$492,809
$6,190,942
$5,777,749
33,706
25.658
343,595
503,343
302,143
.Feb. 28. '37
Income from divs. & int.,
Divs. from p. u. affils.
Divs. from engineering
& management affil.
Divs. from others
Int.
funded debt of
affiliate
on
Int.
10,885
Int.
on
Profit
by
red. of
866
28,125
$543,471
21,771
on
count &
of
debt
$6,850,717
4,418,970
$6,943,409
76.296
123,736
4,169
63,481
59,484
17,767
213,543
177,016
4,418.970
dis¬
expense
Net income
$544,667
368,247
10,133
21,222
int.
funded debt
Amortiz.
$7,181,906
238,497
17,806
on
$7,121,020
270,303
4,649
funded debt.
Fed. & State tax
$565,889
$521,700
368,247
6,633
Gross income
a
432,805
sees,
Other interest
a
165,000
420,380
affiliate
Expenses and taxes
on
137,978
33,672
bank balances.
on
an
Interest
13,750
32,663
indebtedness of
on
affiliates
organization.
the
270,303
$8,642,235
Other interest
A
months of
21,222
$992,698
Income charges of Stand.
Gas & Electric Co.:
Electric
with the U. 8. District Court for tne District of Delaware at
21,771
$773,885
Consol. net income—
$124,365
$144,351
$2,078,427
$2,164,203
Including amortization of expenses in connection with proposed ex¬
1,1935.—V. 144, p. 2677.
—
tension of notes due Oct.
Sterling Aluminum Products, Inc.—25-Cent Dividend—
The directors have declared
stock,
par
$1, payable May
a
dividend of 25 cents per share on the capital
10 to holders of record April 30.
An initial
dividend of 75 cents was paid on Dec. 22 last.
The directors stated that the current dividend was declared out of
earn¬
ings for the first quarter of 1937 and that they deemed it inadvisable to.
declare the dividend until this time due to the unsettled condition in the
industry.—V. 144,
p.
1619.
Syracuse Lighting Co., Inc.—Earnings—
Calendar Years—
Operating revenues
Operating expenses
Retirement
expenses
Taxes
1936
1935
$11,013,151 $10,282,817
6,787,556
6,300,313
1,080,000
1,041,558
960,000
870,296
$2,104,037
Int.
on
funded debt
Miscell. deductions
Preferred dividends
Common dividends
Balance, surplus.....
$2,152,208
Drl,247
1,243
$2,102,789
Non-oper. income (net).
$2,153,451
845,338
236,295
850,151
294,717
$1,021,156
530,013
$491,143
1934
$9,656,910
5,703,932
821,459
918,393
1933
$7,931,612
4,474,229
482,901
636,625
$2,213,125
1,236
$2,337,858
$2,214,361
851,566
331,059
$2,339,451
854,372
386,617
$1,008,583
530,013
$1,031,736
530,013
224,537
$1,098,461
530,013
$478,570
$277,186
$418,448
1,594
150,000
2848
Financial
Chronicle
1936
1935
$
%
Assets—
Fixed assets
Investments
36
cost)
Sinking funds and
14,342
special depositsCash
39,920
320,014
922,289
426,513
11,868
672,798
Accts. receivable.«
Mat'ls & supplies-
Prepaid Insurance-
8%
1935
$
$
Dlvs
accrued
Res.
for
88,333
88,333
60,811
of fixed assets.-
67,993
2,182,534
406,701
2,699,538
38,833,442 38,677,188
Total
Represented by 1,069,224 no-par shares.
347,772
2,361,722
1,335,099
....-.-.38,833,442 38,677,188
-V. 144, p. 1455.
.
Studebaker Corp.—Sales—
Sales of 3,770 passenger cars and trucks
during the first 10 days of
April were reported on April 17 by George D. Keller, Vice-President in
Charge of Sales.
This is an increase of 22% over the same period of April,
1936, when 3,088 units were sold.
Mr. Keller stated that the total sales for the year to date are 30,118
units, as compared with 24,290 to date last year, an increase of 24%.
—V. 144, p. 2322.
Consolidated Income Account for Calendar Years
Sutherland Paper Co.—Earnings—
Quarter Ended March 31—
Net profit after deprec. & Fed. taxes.
Earn, per sh. on 287,000 shs cap. stk.
1936
1936
Sales & other oper. rev_$124,584,176$107,950,085
Cost and selling expense- 90.646,105
78,010,088
1935
$152,127
$0.75
$133,826
$0.46
$0.53
1937,
Balance..,.
$792,229,
was
Total
-
$177,407
share on 71,000 shares
—V. 144, p. 2501.
common
no
$132,556
$1.76
stock outstanding-
Texas
Corp.—Completes Purchase of
Holdings—
i:yf; ■:r':
1,092,862
13,268,806
353,951
668,818
12,636,582
262,022
$11,556,430
1,210,519
1,600
$9,375,654
680,000
$7,324,119
448,500
$9,010,205
635.000
Net inc. from opers._.$10,344,311
$8,695,654
$6,875,619
Insurance
Earnings for 6 Months Ended March 31, 1937
per
2,618,099
3,122,671
983,638
x506,955
Carih
Profit
Texas Gulf Producing Co.—Stock Issue Voted—
Stockholders on April 20 approved an amendment to
charter to provide for the issuance, at the discretion of
the
are
company's
empowered
dividend rights,
liquidation and convertible terms, and other restrictions as to
any series,
they may determine from time to time.
The authorized common stock
remains unchanged at 2,000,000 shares.—V.
144, p. 2150.
Texas Gulf Sulphur
Co., Inc.—Earnings—
1937
amort., conting. & Fed.
income taxes
$2,100,050
Shs. cap. stk. (no par)—
Earnings pfer share
3,840,000
$0.55
1936
1935
1934
!
$2,149,018
3,840,000
$0.56
$1,540,869
3,840,000
$0.40
$1,427,778
2,540,000
$0.56
For
the 12 months ended March 31,
1937, net income was $9,804,047,
$2.55 a share.
As it is expected that noFederal surtax on the
company's undistributed
profits will be due, no deductions therefore are reflected in the first
quarter's
figures, according to H. F. J. Knoblock, treasurer.
As of March 31, 1937, current
assets, including cash and U. S.
treasury
notes of $10,584,731, amounted to
$12,844,601.
This does not include
inventories of sulphur above ground or materials and
supplies.
Current
liabilities, including provision for current taxes of $1,735,502, amounted to
$2,231,892.
Reserve for contingencies amounted to
$1,244,999.—V. 143,
p. 3485.
or
Texas Pacific Coal
126,383
829,953
1,064,962
$7,865,701
5,029,768
1,410,586
$5,810,657
5,407,878
$7,265,301
966,931
3 Mos. End. Mar. 31—
Gross earnings
(&Subs.)—Earnings—
.
1937
1936
1935
com.
$3,836,702
x
$791,074
535,209
$699,818
593,281
$896,079
765,269
$255,865
$106,537
$130,809
$1,425,347
$402,779
$6,298,370
6,288,511
5,642,342
$1.11
$0.73
5,631,341
$0.35
5,618,672
$0.61
stk. outstand¬
ing (no par)-........
Earnings per share
Interest only,
y
Includes dry hole losses.
Surplus Account—Net income from operations for year 1936, $10,217,927;
profit on sale or redemption of securities and reduction in reserve therefor,
$322,883; total, $10,540,811.
Deduct—Loss on sale of undeveloped oil
property, $1,297,996; payments of additional Federal income taxes for
prior years and interest thereon, $882,045; provision for additional Federal
income taxes for prior years, $1,350,000; costs and settlement of litigation
(net) and additional reserve for investments, $225,000; balance added to
surplus, $6,785,769; surplus at Jan. 1, 1936, $21,336,760.
Add—Excess of
value assigned by directors to investment in capital stock of
company
acquired (and subsequently liquidated) over stated value of common stock
issued therefor, $1,610,000; amount received from sale of treasury common
stock in excess of stated value, $1,235,297; discount on treasury pref. and
common stock sold or canceled
during the year, $522,671; equity of minority
interests acquired in excess of cash paid or par value of common stock issued
therefor, $525,172; total, $32,015,670; preferred dividend, $3,757,326;
common stock dividends, $2,623,900; surplus at Dec.
31,1936, $25,634,444.
Consolidated Balance Sheet Dec. SI
1936
Assets—
a
1935
$
6,972,348
1936
Liabilities—
$
10,709,246
U. S. Govt. &
able securs—
b Accts.
recelv.
income
and
non¬
recurring income
__
Deductions
Res. for depr., depl., &c.
10,608
7,223
5,218
5,917
$364,876
31,919
112,457
$263,088
27,351
97,237
$111,755
49,345
118,216
$136,726
51,383
124,908
Profit
y$220,500
x$138,500
def$55,806
def$39,566
x Before Federal
income tax.
y Before Federal income and undistributed
profits taxes.—V. 144, p. 2323.
Texas & Pacific
Period End. Mar. 31—
Operating revenues
Operating expenses
Railway tax accruals—.
Equipment rents (net)..
Joint facil. rents (net)..
accept, recelv.
Due from empl.
Inventories
Mat'ls & supplies
Cash deps. In
curr...
161,374
Accts. payable._
6,458,932
1,324,302
4,980,913
Purchase money
oblig.
589,308
10,204,802
2,786,259
9,242,832
713,955
5,336
661,552
6,867
28,786,146
3,072,392
23,518,199
3,177,287
Wages & mlscell.
Miscell. deductions
Income
available
Fixed
Net
charges
charges
income
—V. 144, p. 2501.
1937—Month—1936
$2,649,220
$2,201,184
1,772,496
1,498,865
203,632
146,665
115,017
96,276
7,670
4,639
1,495,216
207,258
3,375,904
2,349,917
est.
Fed.
tax
1,016,012
750,000
1,071,753
Invest. & adv.. 17.492,146
12,269,596 Due to affil. and
d Prop. &
associated cos.
equipl20,062,336 117,833,437
2,029,418
Defd. charges..
1,878,531
2,047,503 Deferred liabiL. 15,925,173
g Reserves
3,216,619
escrow......
710.354
126,414
1,879,042
19,774,435
1,658,197
673,810
6% pref. stock 62,622,100
2,188,464
62,622,100
Deferred
credits
of public
1937—3 Mos.—1936
$7,310,247
1,216,152
4,974,513
4,356,093
553,746
353,651
359,022
318,048
23,626
18,309
$550,405
$454,739
31,610
$1,399,340
36,884
112,648
101,860
$486,349
4,033
$1,511,988
23,075
$1,271,911
$579,251
332,618
$482,316
343,581
$1,488,913
994,074
$1,257,915
1,019,258
$246,633
$138,735
$494,839
$238,657
$1,170,051
13,996
h
I Common stock
Surplus
Total
.190,793,313
183,002,782
Total
62,885,115
25,634,444
56,423,420
21,338,448
190,793.313 183,002,782
After
reserve for reduction to market
quotations of $101,742 in 1936,
$214,943 in 1935.
b After reserve for doubtful accounts of $524,662
in 1936, and $456,075 in 1935.
c Against
judgments on appeal for which
no liability is included herein,
d After reserves for depletion, depreciation
and amortization of
$162,752,832 in 1936, and $153,403,137 in 1935.
f On income of current period,
g For repairs on marine equipment. Fed¬
eral taxes in process of adjustment, &c.
h Represented by shares of $100
par.
i Represented by shares of $10 par value in 1936 and no
par in 1935
and
Organization Changes—
Stockholders at their annual meeting on May 6 will consider
amending
the certificate of incorporation with
respect to the purchase by the company
of its own capital stock when such
purchase would cause impairment of its
capital, except to the extent permitted by law, also, to eliminate therefrom
all reference to the authorized preferred stock of
$100 par value.
Report—
"During the period covered by all prior annual reports,
company
holding company, deriving its income chiefly from dividends
To
was a
paid by its sub¬
sidiaries, Tide Water Oil Co. and Associated Oil Co.
On Nov. 30, 1936
these subsidiaries were merged into the
company.
Accordingly, this report
relates to its activities as a
holding company for 11 months and as an
operating company for one month.
"Following the merger, the refinancing program of
company and its
subsidiaries, initiated in August, 1935, was completed.
This program
embraced the refunding and
refinancing of all funded debts and preferred
Pay Larger Common Dividend—
The directors
on April 22 declared a dividend of
20 cents per share on the
stock, no par value, payable June 1 to holders of record May 10.
This compares with dividends of 15 cents
paid each three months from June
1, 1936 to and including March 1, 1937, and a special dividend of 25 cents
paid on Jan. 15, 1936, this latter payment being the first made since
Feb.
16, 1931, when 30 cents per share was distributed.
In announcing the dividend on the common
stock, William F. Humphrey,
President, stated that the increase in the rate was justified not only by the
improvement in earnings during the first quarter, but also
common
The immediate benefits that will flow from the
merger and refin¬
in
advantages
in
ancing program will be reflected in the company's operations
during the
year 1937, but all of the permanent and
continuing savigs and
for
normal
150,708
subs, in hands
Tide Water Associated Oil Co.—Annual
William F. Humphrey, President, says in part:
stock.
Divs. payable..
f Prov.
1,926,726
3,845,206
939,332
taxes..
Capital stocks of
for
fixed
accts. payable
Accrued interest
Accrued
Ry.—Earnings—
$587,289
8,038
Total income
$
2,000,000
c
a
Net ry. oper. income..
Other income
1935
3,800,000
Notes and trade
Operating profit
Other
$
Notes pay. curr.
other market¬
1934
$895,872
541,604
$354,268
Expenses
l___
Surplus
Shs.
Cash..—
& Oil Co.
;
Net income
$10,217,928
Preferred dividends
3,757,326
Common dividends2,623,900
directors, of 50,000
shares of preferred stock without
par value.
The directors
issue the new stock in one or more series with such
to
1,019,104
540,053
$8,375,205
1,109,904
Minority interest
,
3,074,7581
un¬
Federal taxes
Surtax on undistr. profs.
Columbian
See Carib Syndicate above.—V.
144, p. 2323.
3 Mos. End. Mar. 31—
Net income after deprec.,
.
Interest and discount
Amortiz. of rentals of
$126,469
.
Taylor-Colquitt Co.—Earnings—
Earnings
2,554,627 [comparable
3,168,412
3,949,371
857,416
x817,445
Ordinary taxes
1935
Br
$158,749
Net profit after deprec., Fed. & State inc.
taxes, but with
prov. for Federal taxes on undistributed
property
Not
income...-....$35,433,979 $31,322,636 $28,080,083
developed leases
1,131,934
Depreciation & depletion 12,579,959
Prop, retirements (net), yl,123,010
Prov. for contingencies..
250,000
19361 ~ W
*>'*■
but before reserve
—V. 144, p. 2501.
.
Gen. & adminis. exps
1937
after all expenses & taxes,
earns
1933
$95,666,7251
68,640,117
.$33,938,071 $29,939,998 $27,026,608
1,495,908
1,382,638
1,053.475
Other income
(James) Talcott, Inc.—Earnings—
3 Months Ended March 31—
1934
1935
,
1937
$215,270 -V.
Net profit for the 12 months ended March
31,
compared with $636,699 for 1936—V. 144, p. 1124.
Net
■
"During the past five years this company has reported increases in annual
earnings.
Its consolidated net income of $10,217,928 for the past calendar
year, after allowing $1,212,119 for Federal income tax, is by far the largest
net income reflected in the nnual reports since 1929, and is $2,352,227 more
than the net income for 1935.
This net income of $10,217,928 for 1936
compares with $7,865,700 for 1935; $5,810,700 for 1934; $7,265,300 for 1933,
and $4,718,700 for 1932.
The net income for the five years, according to
the annual reports issued for those years aggregated $35,878,300.
"In the same period company paid in dividends a total of $23,213,665,
of which $19,179,179 were paid to its stockholders owning pref. stock, and
only $4,034,486 to its stockholders owning common stock.
The holders of
pref. stock received approximately 83 % of the total dividends paid, although
the par value of their shares of stock amounted to less than one-half of the
company's total capitalization and surplus.
J
"The disadvantage to common stockholders resutling from the company's
capital structure and the increasing tax burdens imposed ojHVbecause of its
'holding company' character are thus apparent.
"Accordingly, the directors sought to eliminate the disadvantages attend¬
ing company's previous capital structure and the increasing tax burdens
imposed on it because of its 'holding company' character by merging the
subsidiaries into company and by refinancing the 626,221 shares of its 6%
preferred stock and other funded indebtedness in order that the charges
ahead of the common stock equity might be reduced and the holders of
common stock enjoy a higher percentage of company's total earnings without
in any way whatsoever
trespassing on the rights and privileges of the holders
of its preferred stock."
'
retirem't
Earned surplus—
y
estimated at this time.
on
Mlscell. reserves—
Total
standing shares of the 6% pref. stock were redeemed.
It is estimated that
on the basis of existing tax laws a direct
saving in taxes of approximately
$600,000 annually will be one of the permanent benefits from the merger
and refinancing and that, in addition, dividends on
pref. stock and annual
interest charges will be reduced approximately $1,115,000, resulting in an
aggregate annual saving of $1,715,000.
Additional benefits expected from
consolidating the operations of the subsidiaries in one company may not be
cum.
preferred stocks
Other liabilities—
1937
thereafter,
April 1, 1937, when the then out¬
pref. stk.
($100 par)..-.. 2,000,000
2,000,000
14,552 6K % cum. pf. stk.
($100 par)
2,000,000
2,000,000
39,640 6% cum. pref. stk.
387,044
($100 par).
4,000,000
4,000,000
834,961 y Common stock-- 5,539,654
5,539,654
478,363 Funded debt
16,259,500 16,318,000
17,507 Adv. from Mohawk
HudsonPr. Corp. 2,525,000
842,612
3,500,000
Accounts payable665,909
499,337
Consumers' depos.
123,536
133,641
Taxes accrued
158,239
269,360
Interest accrued-170,930
169,032
(at
Deferred charges.
1936
Liabilities—
,425,696 36,062,508
April 24,
will not be reflected as a whole until the calendar
year 1938 and
as the financing was not
completed until
Balance Sheet Dec. 31
by the reduction
charges resulting from the financial reorganization of the company re¬
cently successfully accomplished, though the full benefit of such reduction
charges will not be effective until after April 1.
Volume
144
Financial
Chronicle
Earnings for 3 Months Ended March 31
Month of
■
1937
1936
1935
$3,328,303
6,319,258
$2,707,703
5,642,342
$0.31
$1,220,991
5,631,437
$0.05
$1,430,962
5,618,672
$0.08
t
other taxes
Shs.
com.
stk.
(nopar)..
Period Jan. 1 to March
1934
$0.39
n
,
Net profit after all chgs.,
incl. Federal income &
Earnings per share
2849
March—approximately
$194,000
576,000
31, 1937—approximately
—V. 144, p. 2679.
Union Carbide & Carbon
Corp. (& Subs.)- -Earnings—
Quar. End. Mar. 31—
1937
Earnings (after prov. for
income & other taxes)$12,539,524
No estimated provision for surtax on undistributed
profits is included.
Net crude oil production for the first three months of 1937 was
5,095,197
barrels, as compared to 5,025,180 barrels for the similar period of 1936
and crude run to stills for the first three months of 1937 was
9,855,643 bar¬
rels as compared to 9,408,483 barrels for the first three months of 1936.
Int.
on
on
Balance
Gross sales volume for the first three months of 1937 was
$32,806,200,
against $26,221,160 for the first three months of 1936, an increase of
25.1%.—V. 144, p. 2678.
1935
1934
$7,608,235
$6,489,630
fund, debt & divs.
pref. stk. of subs
197,508
2,394,304
Deprec., &c., chgs. (est.)
No. shs.
com.
Earnings
as
1936
$9,807,647
per
outst'g-.
share
293,703
2,020,903
x209,512
2,095,742
298,225
1,853,466
59,947,712
9,000,743
$7,502,393
9,000,743
$5,293,629
9,000,743
$4,337,939
9,000,743
$1.10
$0.83
$0.59
$0.48
Does not include subsidiary preferred dividends.
Note—No mention was made of Federal surtax an undistributed profits.
Net profit for 12 months ended March 31, 1937 was $39,297,527, equal
to $4.37 a share comparing with $29,463,013 or $3.27 a share for the 12
months ended March 31, 1936.—V. 144, p. 2323.
x
Tokheim Oil Tank & Pump Co.—Initial Dividend—
Directors have declared
new
initial dividend of 25 cents per
an
share
on
the
common
stock, payable April 30 to holders of record April 23.
The
recently split up on a 40-for.l-basis in con¬
nection with a public offering of debentures and common stock.
company's
common stock was
3 Months Ended March 31—
Net profit after all charges incl. Federal income tax
Earns, per share
on
171,520 shs.
common
$20,287
$0.11
stk. out'g
$0.78
Tuckerton RR.—Dissolution
The stockholders
•
The
Approved—
on
common
common
Other
1936
1935
$2,304,045
1,656,141
$589,553
2,998
$647,904
3,548
$592,551
209,173
$651,452
235,321
55.276
Cr968
33,229
25,342
34,000
4,227
5.342
2,166
Dividends
on
$267,561
171,850
19,406
on cum.
prior lien stock
pref. stock
Common dividends
«
-
$347,989
171,850
77,625
35,858
«
Note—For comparative purposes, figures shown for 1935 reflect
transfer
of rentals amounting to $17,831 from purchased power to
operation.
United Shipyards,
a
Accounts
United Specialties
—V.
a
Notes receivable.
590
-
83,480
► & fiscal agent (contra)
Mis cell, investments
Other assets
c
Guy Cary, General Counsel for the company, was elected to the board.
144, p. 2326.
Common stock
c
c
pre¬
1937—12 Mos.—1936
$336,298
This amount has been credited to
Instalments in
reserve
for expenses
arrears.
for Federal
144, p. 2151%
Elliott Fisher
3 Mos. End. Mar. 31—
Co.
1937
(& Subs.)- •Earnings—
1936
1935
1934
after de¬
ducting mfg., sell, and
general expenses
Other net income
-
Total income
Depreciation
Res. for Fed. inc. taxes.
Combined net income-
$1,799,913
$1,046,055
11,130
$913,880
34,268
$1,834,181
120,912
x307,837
$1,057,185
118,738
109,786
$958,747
119,704
44,867
$918,944
22,218
120,000
$941,162
116,381
118,500
$1,405,432
$828,661
stk. outst'g..
733,084
666,448
$719,043
666,448
$706,281
666,448
Earnings per share.....
$1.92
$1.17
$1.01
$0.99
x
com.
Does not include Federal surtax
on
undistributed profits.
Above earnings exclude equity in net income of non-consolidated affiliated
and subsidiary companies.—V. 144, p. 1457; V. 143, p. 3337.
Union Pacific
Period
Railway
Railway
oper.
oper.
1937—Month—1936
1937—3 Mos.—1936
revenues_$13,623,962 $11,296,102 $37,671,539 $31,827,939
expenses. 10,046,720
8,775,209
29,006,669
25,107,596
Net rev. fromry. oper.
Railway tax accruals—
$3,577,242
1,251,651
$2,520,893
1,103,557
$8,664,870
3,751,450
Railway oper. incomeEquipment rents
Joint facility rents
$2,325,591
490,954
2,521
$1,417,336
479,771
20,625
$4,913,420
1,379,660
139,164
53,747,118
1,297.804
107,113
$1,832,116
$916,940
$3,394,596
$2,342,201
Net of items
$6,720,343
2,973,225
Note—Under the provisions of an Act of Congress approved
Aug. 29,
1935, railroads are required to pay an excise tax of 3H % of the compensa¬
in excess of $300 per month) paid to their employees after March 1,
1936.
The railroads recently agreed with representatives of employees to a
new Act providing for
a lower tax rate, repeal of the present Act, and
dismissal of pending litigation, but until the enactment of a new Act and
tion (not
repeal
Before provision for surtax on
of the present Act, charges to "Railway Tax Accruals" are being
prescribed in the present Act.
Such charges made to date
Howard, William
M.
Stevens and Samuel C.
March
31,
stock
of
the
as
follows:
Wood
were
April 20,
Corp.—Holders of Stock—
United
1937,
amounted to
amounted to 3,602,811 shares.
Of the
common
of 24.81%,
shares
1936.
shares,
were
States
Steel
8,703,252
Corp. outstanding
shares while preferred
stock outstanding on March
in
brokers'
names,
of
stock
as
31, 1937, 2,159,294 shares,
an
increase of 77,135
representing
the 2,082,159 shares, or 23.92%, held by brokers on Dec. 31,
Investors common stock holdings on March 31, 1937 were
6,543,958
over
or
75.19%,
as
compared with
6,621,093 shares,
or
76.08%,
on
Dec. 31, 1936.
Of the preferred stock outstanding 402,844 shares, or 11.18%, were in
brokers' names on March 31, 1937, a decrease of 4,970 shares from the
407,814 shares, or 11.32%, so held on Dec. 31, 1936.
Investors' holdings
of preferred amounted to 3,199,967 shares, or 88.82% of the outstanding
on March 31, 1937, as compared with
3,194,997 shares, or 88.68%,
held by them on Dec. 31,1936.
New York State Brokers' holdings of common stock as of March 31,1937,
were 1,848,144 shares, or
21.24%, as against 1,795,735, or 20.63%, on
Dec. 31, 1936.
On the preferred stock their holdings were 362,844 shares,
or
10.07%, on March 31, 1937, compared with 367,933, or 10.21%, on
Dec. 31
1936.
issue
New York State Investors' holdings of common stock on March
were
31, 1937,
1,307,928,
or 15.03%, as compared with 1,313,361, or 15.09%, on
On the preferred stock their holdings on March 31, 1937,
1,312,828 shares, or 36.44%, as asgainst 1,317,570 shares, or 36.57%,
Dec. 31, 1936.
were
Dec. 31, 1936.
Foreign holdings of Steel common on March 31, 1937, amounted to
726,217 shares, or 8.34% of the issue, as compared with 604,587 shares, or
6.95% so held on Dec. 31, 1936. Of the preferred stock 74,804 shares, or
2.08%, were owned abroad on March 31, 1937, as against 74,539 shares,
or 2.07% so held Dec. 31, last.—V. 144, p. 2680.
on
Calendar Years—
1936
(& Subs.)—Earnings—
1935
1934
1933
$5,240,516
1,997,220
Maintenance expenses..
284,339
Retirement provision—
612,000
Taxes
649,267
$4,974,451
1,994,727
$4,852,987
485,963
515,297
352.074
$4,841,893
1,819,780
214,428
339,605
558,812
518,390
Operating income
$1,697,689
5.365
Non-oper. income, net..
$1,678,815
$1,828,472
3,332
$1,949,691
2,989
$1,831,805
899,845
28,032
2,291
37,815
4,082
$1,952,679
903,969
45,471
3,776
38,863
$963,849
$143,848
Operating revenues
Operating expenses
Gross income.
299,649
.3,613
1,827,536
286,092
$1,703,054
Interest on funded debt J
891,572
Int. on unfunded debt..
35,894
r
Int .charged to constr—Ci
1,447
Amort.of debt disc.&exp»
38,249
Miscellaneous
3,541
$1,682,428
895,850
33,941
$735,244
660,000
$712,469
660,000
$864,319
660,000
72,000
$75,244
$52,469
$132,319
Preferred dividends
Common
2,242
38.272
4,137
dividends
made at the rate
are
1935
increasing the number of directors from 12 to 15.—V. 144, p. 1806.
Utica Gas & Electric Co.
RR.—Earnings—
End. Mar. 31—
1936
elected directors of this company at the annual meeting held on
$254,940
of principal pending collection of sinking
1937
x$118,197
$100,367
$77,600
undistributed profits.—V. 144, p. 628.
United States Rubber Co.—New Director—
Common
Note—Since the company had no taxable income no provision
surtax on undistributed profits is considered
necessary.—V.
Shs.
x
United States Steel
contingencies against loss
Combined inc.
3 Months Ended March 31—
loss after deprec., int., Federal
taxes, &c
Samuel B.
$14,098,153
1937—3 Mos.—1936
Subs.)—
Net
661,699
Total
$86,031 prof$65,738
Underwood
_
United States Realty & Improvement Co. (&
(& Subs.)—Earnings—
surplus
fund
par
and Jan.
1,792,900
Earned surplus
by 639 shares of 7% prior lien
Represented by shares of $100 par.—V. 144, p. 2679.
Poland bonds.
and
stock,
similar extra
153,667
1,721,578
Loss after surplus adjust.
86,540
4,216
x507,740
42,532
x The income and surplus statement for the
12 months ended March 31,
1937 does not include an amount of $366,075 received in respect of interest
on
that basis.—V. 144, p. 295.
—Y.
2,518,900
1,552,500
b Represented
**Period End. March 31—
Loss before adjustments
on
U. S. Industrial Alcohol Co.—New Director—
[Exclusive of George A. Fuller Co. & Subs, and Plaza Operating Co. & Subs.]
7% priorlien cum. pref. stk.
5% cum. pref stock
$14,098,153 I
Ulen & Co.
to
Reserves
c
37,854
500,529
63,900
Prepayments & defd. charges
b Reacquired securs. (at par)
ferred stock,
willing to exchange his shares
was
87,399
Matured bonds, int. & divs.
unclaimed (contra)
153,667
8,615
22,700
Special deposits
reserves,
share of the preferred stocks of the company for seven shares of com¬
Mr. Mitchell said he was one of the largest holders of pref. stock and
one
mon.
$10, both payable July 1, to holders of lecord June 15.
A
was paid on April 1 and on Jan.
1, last, Oct. 1, July 1, April 1
1, 1936. Oct. 1, July 1 and April, 1935, and compares with an
extra dividend of 50 cents paid on Jan. 2, 1935, and an extra of 25 cents
paid on Oct. 1, 1934.—V. 144, p. 2153.
pay..
Accruals
104,806
Unbilled income (estd.)
Cash deposited with trustees
After
Co.—May Trade Stock—
Sidney Mitchell, President of the company, says in a letter to stock¬
holders that directors have had under consideration a plan for exchanging
2,755,250
195,158
42,962
92,661
87,276
payable
7% priorlien prcf. div.
for resale & materials &
supplies
a
1980.
Consumers' deposits and int.
thereon
272,992
Total.
p.
United States Playing Card Co.—Extra Dividend—
Accounts payable
installment contracts
Mdse
144,
United Paperboard
The directors have declared an extra dividend of 25 cents per share in
addition to the regular quarterly dividend of like amount on the common
Notes
133,058
mdse
&
Co.—Listing Approved—
The New York Curb Exchange has approved for listing 143,000 outstand¬
ing shares of common stock, $1 par, with authority to add to the list, upon
official notice of issuance, 42,625 additional shares of common stock, $1 par.
Prov.for Federal income taxes
hand
on
receiv.
Inc.—Listing Approved—
The New York Curb Exchange has approved for listing 411,714.645 out¬
standing shares of class A stock, $1 par, with authority to add to the list,
upon official notice of issuance, 344,318.5 additional shares of class A stock
$1 par.—V. 144, p. 955.
$2,436,200
Liabilities—
Funded debt
$12,715,960
Cash In banks &
Apr. 17, '37 Ayr. 10, '37 Apr. 18, '36
90,120,601
92,297,861
79,846,855
United Light & Power Co.—Director Retires—
Consolidated Balance Sheet Dec. 31, 1936
Assets^"
Fixed capital
Improvement Co.—Weekly Output—
Week Ended—
Electric output of system (kwh.).„
—V. 144, p. 2679.
25,342
deductions
Dividends
are: Newton McGovern, Edward J. Hud¬
Maynard Miller, Albert Lautman (Sec.), 1410 Broadway, New York,
144, p. 2679.
N. Y.—V.
the
$2,407,087
1,817,534
Interest allocated to construction
Amortiz. of debt discount & expense
Acceleration of amortiz. of debt discount & expense
Amortization of abandoned property
to
The members of the committee
son,
[Including Berwick & Salmon Falls Electric Co.];
Gross income
Interest on funded debt
Other interest
letter
a
At the recent annual meeting of stockholders H. B. Munsell retired from
board.—Y. 144, p. 468.
Co.—Earnings—
Non-operating income (net).
addressed
stockholders does not represent a fair distribution of the new
stock to the common stockholders. (7M shares for each 100 shares
United Gas
Calendar Years—
has
held.)
directors
have declared a dividend of 15 cents per share on the
stock, no par value, payable May 10 to holders of record April 30.
A special dividend of $1 was paid on Dec.
16, last.
A regular quarterly
dividend of 10 cents per share was paid on Oct. 15, 1936.
An extra divi¬
dend of 10 cents was paid on Nov. 14, 1936.—V. 144,
p. 2501.
:
committee
protesting against the proposed plan of reorganiza¬
The committee in its letter states that "it is the belief of the committee
that the provision in the plan of reorganization fixing the rights of the
Twin Coach Co.—1 It-Cent Dividend—
common
Twin State Gas & Electric
stockholders
tion.
Feb. 18, 1937, approved the dissolution of the com¬
pany, no remaining assets existing.
All personal property was sold at
sheriff's sale on Oct. 9, 1936, and all of the real estate was sold on Nov.
17,
1936, both to satisfy a judgment. A certificate of dissolution will be filed
with the Secretary of State of New
Jersey at an early date, it is said.—
V. 143, p. 3014.
The
independent
common stockholders
No provision made for surtaxes.—V.
144, p. 1455.
x
United
Cigar Stores Co. of America—Independent
Committee Protests Reorganization Plan—
1936
1937
x$134,471
Balance
4,304
660,000
160,000
2850
Financial
Chronicle
Consolidated Balance Sheet Dec. 31
A. ssctS'r"
$
Fixed assets
Investments
The sinking fund for the new 1st mtge. bonds provides for the setting
a certain proportion of net earnings for the preceding calendar
1936
Liabilities—
(at
26,966
special deposits.
28,701
$
$
($100 par)
6,000,000
6,000,000
4,000,597
4,000,597
Com. stk. (400,000
shares no par).. 4,000,000
Prem. on cap. stk.
95,604
4,000,000
95,604
289,710
173,936
$6 cum.
173,784
Accts. receivable..
560,793
127,701
588,365
par)
Materials & suppi.
Prepald Insurance.
Deferred cl arges..
348,990
370,838
13,961
668,979
21.304
701,805
1935
7% sum. pref. stk.
Cash
pref. stk.
(40,000
shs.
no
Funded debt
17,534,500 17,560.500
Adv. from Mohawk
Hudson Pr. Co.
521,000
97,307
66,423
109,080
115,312
Taxes accrued
Interest
Divs.
accrued..
accrued
pref.
522,000
110,000
Accounts payableConsumers' depos.
110,000
239.308
66,864
62.435
118,197
on
stocks
Other liabilities
2,655
1,869
1,258,089
145,546
2,751,072
978,086
135,837
Res. for retirement
of fixed assets.-
Mlscell.
reserves.
Earned surplus.
Total
36,807,187 36,562.302
Total..
2,671,003
..30,807,187 36,562,302
-V. 144, p. 1458.
Utilities Power & Lifrht
1937
24
aside of
$
34,724,004 34,549,651
cost)
Sinking funds and
April
Corp.—Group Seeks Proxies—
Proxies to be voted at the forthcoming annual meeting of the corpora¬
tion under reorganization proceedings
before Federal Judge Holly in
Chicago, are being solicited by a new protective committee for preferred
stockholders.
The committee is headed by Paul V. Shields of Shields & Co.
The annual meeting is to be held in Richmond, Va„ on April 28.
The
Shields committee hopes to elect two directors to represent the preferred
shareholders.
In its letter asking for proxies, it says it believes "it is to
the interest of the preferred shareholders to be represented on the board
by directors elected specifically for that purpose and having
no
conflicting
interests."
The letter adds that it is the intention of the committee to vote for M. L.
Sindeband and Richard B. Scandrett.
Mr. Sindeband is a public utilities
operator, and, according to the letter, "is not now connected with any
utility interests."
Mr. Scandrett is a partner in the law firm which is
July 1asof each yearthe indenture, for retirement of The instalment due
ear,
defined in from 1938 to 1951 inclusive. bonds on or before
July 1, 1938, will be at the rate of 16 2-3%, and instalments due there¬
25% of such net earnings.
Both the 1st mtge.
bonds and the convertible debentures are callable, on 30 days' notice, at
104 and accrued interest if called on or before May 1,1938, and at gradually
declining prices thereafter.
The new convertible debentures will be convertible into common stock
of the company at various rates from May 1, 1937, to April 30, 1947.
During the first year of this period the conversion price or the common
sto^k will be $40 a share, or at the rate of 25 shares of common for each
$1000 debenture.
Thereafter conveision price of the com. is as follows:
$46 the second year, $50 for the third and fourth years, $55 for the fifth
and sixth years, $65 for the seventh and eighth years, and $75 for the
after will be at the rate of
,
ninth and tenth years.
Company,
a
Masschusetts corporation, together with subsidiaries,
produces magazine, book and other distinctive papers, including coated
papers, bible and light weight plain papers, post cards and bristols.
It
also produces a by-product used in the paint and rubber industries, and
a patented accessory device for paper coating machines.
Principal proper¬
ties of the corporation, all in Maine, include a paper mill plant in Westbrook, Cumberland County; other mills at Gardiner, one in Kennebec
County; hydro-electric properties having a total capacity of 11,385 h.p.
on
the Presumpscot River between Sebago Lake and Casco Bay; and
woodlands located in Somerset and Franklin counties.
of
Sales
the
corporation
its
wholly-owned
subsidiaries
for 1936
aggregated $617,384 for the last year, compared with $418,975 for 1935.
After fixed charges and miscellaneous deductions, including provision for
Federal income tax and $4,608 in surtax on undistributed profits, con¬
solidated net income for 1936 was $277,625.
The only outstanding share
capital is the common stock, of which 101,415 shares are outstanding, and
75,000 shares are reserved for conversions under provisions of the new
convertible debenture issue.
A dividend of $1 per share was paid on
the stock during 1936.
The corporation's (non-consolidated)
year showed current
at the lower of cost or
to
$807,799.
Depreciated
—V. 144, p.
balance sheet at the close of last
assets of $3,072,285, including inventories valued
market, of $1,766,046.
Current liabilities amounted
book
of fixed assets
value
was
$5,671,484.
1459.
Water Service Cos,,, Inc.—-Earnings—
1936
$60,542
Vice-Pres., New York Trust Co., and Carlton B. Hibbard, New York
City.
Scandrett, Tuttle & Chalarie of New York City and Chapman &
Cutler of Chicago are counsel, with Ford Kennedy of New York City
1934
1933
$59,984
$69,681
4
6
$59,546
$59,990
5.293
6.639
39,671
4.135
al ,529
Income from investm'ts.
$59,542
4,406
$11,106
The committee, in addition to Mr. Shields, consists of Joseph S. Maxwell,
1935
$60,542
5,624
34,761
3,387
Calendar Years—
counsel for the committee.
and
totaled $8,287,670, against $7,620,091 in the preceding year and $6,565,339
in 1934.
Profit from operations, together with other income of $91,161,
$7,931
Inc. from sale of securi¬
The directors have declared a dividend of $1 per share on the common
stock, payable May 1 to holders of record April 20.
An initial dividend of
$2 per share was paid on Dec. 19 last.—V. 143, p. 4171.
Inc.—Earnings—
Quarter Ended March 31—
1937
common
x
stock
Before surtax
x$258,868
&
& miscel. ded'ns.
exps.
Prov. for Fed. inc. tax..
Net
$223,350
$170,473
income
Including surtax
$1.49
$1.08
Assets—
Cash
Veeder-Root, Inc.—Stock Increase Voted—
April 15 voted to increase the company's capital by
$1,000,000 through issue of 25,000 additional shares at $40 a share.
This
will make the number of shares 100,000.
Stock is of no par value.
The
sum of $25 of the subscription will be regarded as capital and $15 will be
treated as capital surplus.—V. 144, p. 2326.
on
Wabash
Ry.—Court
Within 60 Days—
Reorganization
Plan
Filed
loss of income to the first mortgage bondholders and other bondholders
that have received Interest throughout the recei vership will be only temporary.
He said: "Some arrangement will in ail probability be made by the approp¬
riate! committee to advance interest to the holders of first mortgage bonds
and underlying bonds during the progress of the reorganization, which,
with reasonable co-operation oetween the various security holders or their
representatives, could be completed in time for the reorganized company
to commence operations on Jan. 1, 1938."—V. 144, p. 2503.
Co.—Independent
Committee
Holds
Bondholders1 Representative Should Be Free of Banking Affil¬
The fact that negotiations are about to start between the Cuban Govern¬
ment, the Chase bank, holders of Public Works bonds and Warren Brothers
Co. is cited by the independent committee for the holders of the 5H%
sinking fund gold notes, due 1937 and the convertible sinking fund de¬
benture gold 6s, due 1941 as justification for their stand that bondholders'
representatives should be free of banking affiliations.
The chairman of
the committee is Cecil P. Stewart, President of Frank B. Hall & Co., Inc.
Other members are Hamilton Pell, partner of Pell & Co., members of the
New York Stock Exchange; William Rosenblatt; Hubert F. Young, Comp¬
troller of Fidelity Investment Association, and J. G. White, President of
the J. G. White Realty Co.
Alfred Turner of 40 Wall St. is secretary,
while counsel are Katz & Sommerich
and
Macpherson,
Auerbach &
Farnum.—V. 144, p. 2154.
D.)
Warren
Co .—Bonds Offered—Burr,
Gannett &
April 21, by means of a
prospectus, $2,500,000 first (closed) mortgage 15-year 4L£%
sinking fund bonds due May 1, 1952, and $2,500,000 of con¬
vertible 434% debentures due May 1, 1952.
The first
mortgage issue was priced at 993^ and accrued interest, to
yield about 4.54%.
The convertible debentures yield 43^%
at the offering price of 100 and accrued int.
Other members
of the banking group are Lee, Higginson Corp., Stone &
Webster and Blodget, Inc., and Kidder, Peabody & Co.
Co. and Estabrook & Co. offered
on
From the proceeds of these offerings the company will redeem the entire
$3,734,000 of 1st mtge. 6s due 1945 currently in the hands of the public
through call for payment on Aug. 1 at 104 and accrued interest, whereupon
the
$2,500,000 of 1st mtge. bonds now offered will become a closed first
lien upon substantially all of the company's present fixed assets in the
State of Maine.
Proceeds of this financing will also be applied to the
elimination of other liabilities and for additional working capital.
$361
in
$4,578
disct.
of
18.019
17,800
22,281
Fed.
17,707
17,273
58,500
58,500
water
Service Corp
4%
note payable
to
Fed.
Water
ex¬
in process
pense
$714,000
pref. cap. stocks
14,597
cos.
&
1935
$680,000
Liability to deliver
&
working fund
Debt
1936
Coll. trust 5s
$1,140,137 $1,152,608
banks
Liabilities—
1935
affil.
Due from affil.
22,881
1,230
100
Serv. Corp
28,344
125
of amortization.
Organization exp_.
1,230
Accounts payable.
General taxes
expense..
241
1,472
993
5,209
11,333
4,109
11,900
Miscell. accruals..
Prepaid
534
773
305,000
305,000
14,609
12,215
102,164
97,667
Fed. Income tax..
Unreal.discount
x
on
150
reacquired bds..
Common stock..
Capital surplus
Earned
Total
...$1,196,770 $1,222,583
West Penn Rys.
surplus...
Total.......__$!,190,770 $1,222,583
Co. (& Subs.)—Earnings—
[Excluding Pan Handle Traction Co.]
1936—3 Mos.—1935
Period End. Dec. 31—
Gross earnings
Oper.exp.,maint.& taxes
Reserved for R. & R—
Gross income
Interest
on
funded debt.
Interest—Other
Net
$1,625,560
1,252,228
$1,468,451
1,883,549
1,114
386,774
21.001
$1,245,756
327,468
20,085
$2,877,788
1,520.299
77,861
$3,352,000
1,356.994
$898,203
70,862
$1,279,629
283,450
$1,917,837
283,450
447
70.862
134
703,
77,169
income
...
2,699
29.391
4,273
13,359
$79,989
$823,938
$966,341
$1,616,754
143, p. 2387.
West Virginia
Water Service Co —Earnings—
1936
revenues
Operating expenses
General expenses charged
construction
Pro v. for uncollec. accts.
Net
taxes
Gross
$1,011,805
354,292
Crl8,361
2,750
4,720
50,850
147,665
Crl5.529
9,820
50,660
03,168
19,650
48,846
122,623
20,000
Sub. company divs
Miscellaneous income—
Interest
1933
$1,000,977
342,551
$539,926
earnings
corporate inc..
funded debt-
on
Miscellaneous
1934
$1,031,976
325,532
81,038
154,014
Maintenance
General
1935
$1,118,664
368,293
Cr27,357
Calendar Years—
to
$378,521
867,234
7,353
Miscellaneous.
—V.
1936—12 Mos.—1935
$426,703
139,410
$158,338
Operating revenue
Non-operating income..
Total
iations—
(S.
5,506
Int.on funded debt
Orders
plan of reorganization within 60 days.
This decision was made upon an
application of Norman B. Pitcairn and Frank C. Nicodemus Jr., receivers,
for authority to pay interest due on May 1, 1937, on first mortgage bonds of
the Wabash RR. and a subsidiary, Columbia & St. Louis RR.
The court
denied the application of the receivers to pay this interest and directed that
current revenues be applied in the elimination of accrued undermaintenace.
The receivers are directed so far as they consistently may to aid the
security holders in the preparation of a reorganization plan, but are required
themselves to prepare and file such a plan if the security holders fail to do
so within the 60-day period.
The receivers declined to comment on the court's decision, but referred
to a statement in a circular issued by the stockholders' protective committee
on April 7, 1937 (for details see V. 144, p. 2503).
N. 8. Brown, General Counsel for the receivers, called attention to the
opinion of U. S. Supreme Court in the Rock Island case, which places a
definite duty upon the courts and the Interstate Commerce Commission
to speed railroad reorganizations.
Mr. Brown expressed the belief that
Judge Davis' decision would tend to accomplish this result and that the
Brothers
637
undistributed profits of $1,306.
Under a decision of Judge Davis filed on April 19 in the U. S. District
Court at St. Louis, the security holders through their respective trsutees,
committees or other representatives are required to formulate and file a
Warren
5,873
•
1936
In
Invests.
undistributed profits.—V. 144. p. 1621.
& other cos
Stockholders
on
$69,681
5,896
46,445
7,256
4,831
2,615
transfer¬
able of surplus
a
37,118
4,160
Balance Sheet Dec. 31
$1.76
_
on
Miscell. int. charges
Amortiz. debt, disct.
1935
1936
Net profit after deprec., taxes, profit
sharing & inventory res. & charges.
Earnings per share on 129,281 shares
sources.
Adminis. exps. & taxes..
Int. on long-term debt..
Valley Mould & Iron Corp.—To Pay $1 Dividend—
Van Raalte Co.,
ties and other
Total income
acting as Secretary.—V. 144, p. 2680.
interest.
_
$521,569
12,000
3,996
2.997
$563,921
245,809
$536,566
263,745
4.674
7,715
155,367
$458,108
34,500
4,800
$469,563
4,500
1,470
$497,409
258,000
8,213
$475,533
258,000
6,161
26,331
Cr736
26,324
Cr 1,075
13,500
7,469
10,857
Amort, of debt discount
and expense
35,093
Int. charged to constr'n.
Prov. for Fed. inc. tax..
Cr704
26,456
Cr281
Prov. for retirements and
78,500
replacement
Net
income
.
$6 preferred dividends..
77,750
80,050
51,100
$200,550
86,250
$148,473
57,500
$118,081
$123,373
Note—No provision was made for Federal income tax for the year 1936,
due to the deduction, allowable under the U.S. Treasury Department regu¬
lations, of the amount of premium and unamortized debt discount and
pense
applicable to bonds called for redemption during the
year.
ex¬
Without
such non-recurring deduction, the provision for Federal income taxes for
the year would have been approximately $23,000.
No provision has been
made in 1936 for the Federal surtax on undistributed profits as it is believed
that all taxable income has been distributed during the year.
The operating results for the year 1935 are not strictly comparable
with those for the previous years, as the West Virginia Water Service Co.
sold its electric property as of Aug. 31, 1934 and acquired five water prop¬
erties as of Oct. 1. 1934 and two water properties as of Nov. 1, 1934 (oper¬
ating results included above from March 1, 1935—date of merger).
Financial
Volumt
Balance Sheet Dec.
1036
Assets—
1936
$
Assets—
Investments, Ac—
Cash in hanks and
116,878
working funds.,
89,386
5,260,000
bonds, series A.
177,153
1st
mtge.
Notes A trade
bonds,
receivable
130,229
152,229
Acer, unbilled rev.
41,767
Mat'Is A supplies
97,747
3,126
38,381
80,244
Due from sub. and
601,657
56,272
59,789
44,951
48,329
Misc. notes & accts
Int. onfund.debt.
20,516
109,583
7,808
90,344
112,799
Fed'l Income tax..
154,000
154,000
Debt dlsc.Aexp. in
process of amort.
741,337
415,553
7,034
accr.mt. thereon
obsoles.Cr
10,581,148
63,888
-
130,094
127,332
12,679,000 12,679,000
Bonded debts, int.
11,685,882 11,316,447
cum. pref. stock 1,114,000
cum. 2d pf.stk.
365,000
552,000
Common stock..
1,464,241
Capital surplus
Earned surplus—
610,511
Prop. acct. dep— Dr209.821 Dr209,364
Class A notes
2,515,000 2,515,000
816,128
1,114,000
$6
365,000
y
ClassB notes
552,000
$6
Class A notes, Int.
10,754,053 10,496,130
1,716,488
1,672,475
2,129,014
2,074,424
198,452
Class B notes, Int.
Res. for contlng..
10,754,053 10,496,130
Total
3,639,340
3,639,340
accrued
1,458,360
494,862
accrued
Total
195,792
interest accrued-
Bonded debts
10,461,937
60,798
accrued
703,071
184,150
bonds
Chase Nat .Bk.note
machinery, Ac.-28,027,135 27,995,524
Res. for deprec. A
25.660
obligations, Ao-
mtge.
rics Corp
receivable, Ac..
Deferred charges-
Reserves
799,400
184,150
-
Steel Corp
1st
Real estate, build.,
Property purchase
deferred charges
cos
County Trust Co
48,067
Consumers' dep. A
4,684
Prepaid accounts A
799,400
195.792
Accounts payableChase Nat.Bk.note
71,918
Misc. current liab.
.
pref.
capital stock...
674,475
Amer. Wire Fab¬
Stock of Worcester
10,000
25,210
73,775
43,725
56,000
13,000
674,475
601,657
10,000
13,104
mortgage
10-yr.7H% notes
WickwlreSpencer
Invest. In sub. and
affiliated
W. Va.Prod.Co.
Accounts payable.
General taxes
Comm'ns on
13,000
demand
est.
4,439,931
1,220,860
4,475,494
Dem'd note pay. to
cos—
Real
260,238
250,101
1,631,496
62.500
bds., series A.
g.
Receivership allow.
ac¬
Inventory
Co.1st mtg. 6%
498,105
194,762
32,273
536,119
.
ceptances rec—
Accts. rec. less res.
5,600,000
4% series
Kanawha Val.Wat.
Accts. and notes
236,053
Accounts payable
Accrued accounts-
991,384
12,335
5
I
Liabilities—
$
1,011,158
12,335
Marketable securs.
Afar. 31 *37 Dec. 31 '36
Dec. 31 '36
$
Cash
1st mtge. 5% gold
9,423,908
44,500
affiliated
Mar.mi
21935
$
Liabilities—
Plant,prop.,rights,
franchises, Ac._ 0,378,025
x
Consolidated Balance Sheet
31
z!935
$
2851
Chronicle
198,452
Cap.A surplus-Dr.11,564,662 11,340,589
* After reserve for uncollectible accounts and notes of $18,348 in 1936 and
$23,589 in 1935.
y Represented by 12,000 no par shares,
z Consolidated.
—V. 144, p. 1127.
_
The directors have declared an extra dividend of 10 cents per share in
addition to the regular quarterly dividend of 30 cents per share on the com¬
stock, par $10, both payable May 1 to holders of record April 20.
Similar payments were made on Feb. 1 last and prior thereto regular quar¬
terly dividends of 25 cents and extra dividends of 10 cents per share were
paid in each of the 12 preceding quarters.—V. 144, p. 629.
mon
Western Maryland Ry.—Earnings—
—First
_
Period—
1937
Gross earnings (est.)
Week of April
1956
$292,350
$334,076
Jan.
Period—
Gross^earnhi^est.)...
7—
1936
Western Pacific RR. Corp.—Meeting Again
special meeting of the stockholders of this corporation, holding
for the Western Pacific RR. Co., was adjourned sine die on
April 15.
It had been adjourned previously from Feb. 15 to April 15 to
plan of the operating subsidiary, which is under
Section 77 of the Bankruptcy Act.—V. 144, p. 1303.
1937
3 Mos. End. Mar. 31—
1937
1936
1935
Orders received
$74,242,584 $42,515,469 $30,762,901
inc.
after
33,981,280
46,673.300
26,212,802
1934
$20,237,588
17,994,045
3,732,454
y2,326,496
2,582,181 shs.
xl,776,152
12 Months Ended March 31—
1936
1937
Orders received
Sales billed
Net inc. after deprec.. Fed. taxes, Ac.
Earnings
x
per share
Loss,
y
$
Cash
dep.
on
a
z
74,831,758
12,915
2,947,797
c
5,000,000
Common stock-13,754,521 13,754,521
Funded
debt
36,946,200 36,341,200
lncl.
pay.,
Consumers'
and
772,332
643,649
$
5,000,000
741,008
623,718
76,689
wages A salaries
834,822
1935
$
b Preferred stock-
Accts.
to
liabils
Consumers'
1936
Liabilities—
^
2,396,882
Funds
87,580
secur.
deposits
„
Scrip ctfs. (North¬
Ids. A dep.
3,067
10,000
808,141
1,382,979
western)
42,887
50,995
494,236
577,527
409,747
Comp. Bd., AcMat'ls A supplies.
214.248,419 135,381,901 116.998,539
167.161,051 130,375,033 100,377.650
16,708,349
13,389,338
4,292,210
z$6.27
z$5.03
a$1.55
(net).
1935
1936
Assets-—*
Phys. properties-.75,039,361
Sundry Invest'ts-13,415
with Workmen's
$
Includes approximately $900,000 non-recurring income,
60,799
$385,354
(After giving effect to the provisions of the general plan of consolidation
and readjustment)
1935
$
54,340
Consolidated Balance Sheet Dec. 31
Wkg.
Nil
z$0.87
z$l,40
z$2.00
1,000,000
4,940
$440,568
series B bonds
xIncludes $1,373 for miscellaneous income
other accts. rec.
com.
502,334
1,018,601
5.884
Depreciation
com
bined 79,974 shs. pref.
&
1,242,598
66.201
538,504
meet spec,
5,341,512
$3,262,226
1,255.348
51.780
Taxes
deprec.,
Fed. taxes, &c
Earn, per sh. on
$6,352,338
3,090,111
$3,365,024
-
-
—
Westinghouse Electric & Mfg. Co. (& Subs.)—Earnings
Net
Other interest
Net income before prov. for int. on
Net loss after deprecia¬
tion, taxes, &c
x$2,639,354
$513,613
$174,250
$271,723
Earnings per share on
capital stock (no par).
$0.85
$0.16^
Nil
Nil
x Includes
$1,546,248 profit from sale of stock in foreign company but
before Federal surtax on undistributed profits.—V. 144, p. 2162.
Net sales billed
Net operating income-.———--——-—-—on funded debt
Interest
1934
1935
1936
-——x$6.639,869
3.274.845
expenses
Amortization of bond discount and expense
Other income deductions
Westinghouse Airbrake Co. (8c Subs.)—Earnings—
3 Mos. End. Mar. 31—
_
Operating
1935
1936
Calendar Years—
Gross earnings from operation
Adjourned—
The
company
vote on a reorganization
the^od from August, 1934, to March, 1937, at the hearing.—V. 144,
Winnipeg Electric Co. (& Subs.)—Earnings—
1936
1937
$292,350 $5,658,353 $4,631,973
$368,584
25,557,775 25.264,472
Total
Assurance that the voting trust agreement, under which company is now
operating, will be terminated at the end of five years was sought April 19
by Henry Kelley, attorney for the reorganization committee, at a hearing
in Buffalo before Federal Judge Knight.
A plan is expected to be consummated by May 1, whereby the reorganiza¬
tion agreement will be modified to permit its expiration after a Reconstruc¬
tion Finance Corp. loan is paid off.
The plan will be offered by David
Paley, bondholders representative.
Banks, attorneys, and other partici¬
pants in the reorganization proceedings presented claims for fees covering
Jan. 1 to April 14
1936
1937
April
25,557,775 25.264,472
Hearing Held at Buffalo—
$4,339,623
$5,289,769
—Second Week of April
„
lo
1
1937
Total
Plan
Westchester Fire Insurance Co.—To Pay Extra Div.—
242,429
Deferred charges to
operation
Bond Interest
30-yr. 1st ref. 5%
s. f. gold bondsSpecial bank loan.
Other Interest
Other liabilities.—
23,614
1,025,000
52,333
51,539
242,954
197,027
Prov. of Manitoba
On
120,000
—water pr.rent.
combined preferred and common shares under the participating provisions
of the shares,
a On common stock after preferred dividend requirements.
and
The orders booked amounting for the three months period ending March
31, 1937 were the highest for any quarter on record and unfilled orders of
for inj.
damages,
leased
premises,
consol
A
$73,735,326 for the same period were the highest since 1923.
Directors David K. E. Bruce, Paul D. Cravath and Marshall Field
contlng., Ac
were
reelected
as
director
members of the
was
board
election of G.
and the
announced at the annual
meeting.—V. 144,
H.
p.
Bucher
Misc.
The
New
a
2504.
Property reserve.-
Surplus
has approved for listing 300,000 out¬
stock, $1 par.—V. 144, p. 2504.
The directors have declared an extra dividend of 50 cents per share In
addition to the regular quarterly dividend of $1 per share on the common
Wieboldt Stores,
The
Stock Exchange has
list 17,500 shares of $5
no
a
After
for
reserve
1,825,230
7,290,947
585,922
7,290,947
385,354
-79,883,108 79,427,647
Total
doubtful accounts,
resented
by shares of no par
shares of class B.—V. 144, p.
See also Y. 143, p.2703.
b 50,000 shares of $100 each,
c Rep¬
value, 281,712 shares class A and 283,277
2328.
Wood, Alexander & James, Ltd.—Preferred Dividend—
The directors have declared a dividend of $1.75 per share on account of
approved the
application of the
cumulative prior preferred stock,
to
This stock will be admitted to trading on notice of registration
under the Securities Exchange Act of 1934.—V. 144, p. 631.
company
79,883,108 79,427,647'
Total
Inc.—Listing—
Chicago
998,360
558,329
non-cumulative; dividend rates 4% to Jan. 2, 1942; thereafter 5%.
Whitaker Paper Co .—Extra Dividend—
stock, payable July 1 to holders of record June 21.
626,962
Deprec. reserve.—12,147,420 11,359,188
York Curb Exchange
common
read].
Deferred liabilities
Weyenberg Shoe Mfg. Co.—Listing Approved—
standing shares of
res.
accumulations
the 7% first preferred stock, par $100, payable May 1
April 20.—V. 139, p. 949.
on
to holders of record
par.
Wil-low Cafeterias,
Inc.—Bankruptcy Proceedings—
A
voluntary petition for reorganization under 77-B of the Bankruptcy Act
has been filed by the company.
This action was taken because the company
lacked funds for current operations.—V. 144, p. 958.
Willson
Net prof, before prov. for Fed. & State income taxes
Earnings per share on common stock outstanding.
—V. 144, p. 2505.
Wickwire Spencer Steel Co. (&
Quarter Ended—
$350,359
73,288
1936
$289,890
$0.57
-—
155,516
146,787
178,189
169.240
297,844
305,903
323,534
"$1,781,166
$1,541,164
$1,786,095
$1,875,957
1,959.467
$0.90
1,959,467
$0.78
1,952,041
2,000,000
but before provision for depletion-
$363,786
$54,472
17,519
40.631
13,233
$452,751
income, interest earned, disc,
taken, dock operations, Ac
standing (no par)
Earnings per share
$404,417
$0.91
Note—No provision has been made for surtax on
—V. 144, p. 2163.
$0.9
undistributed profits.
Wrought Iron Co.—Initial Dividend—
The directors have declared an initial dividend of 50 cents per share on
the
$435,232
profit
Shares capital stock out¬
Mar. 31 *36
p.
common stock, payable April 30 to holders of record April 20.—V. 135,
4050, 3871.
$67,705
Other
1934
$4,422,489
2,053,758
359,792
Subs.)—Earnings—
Mar. 31 '37 Dec. 31 '36
Profit from operations, after deduct'n
for selling, admin. A gen. expenses
1935
$4,737,088
2,466,901
Depreciation
Net
1937
..
1936
$4,694,650
2,708,855
Federal taxes (est.)
Products, Inc.—Earnings—
3 Months Ended March 31—
Gross sales
(William) Wrigley Jr. Co. (& Subs.)—Earnings—
Quar. End. Mar. 31—
1937
Operating profits
$4,530,142
Expenses
2,233.668
Youngstown Sheet &Tube Co. (& Subs.)—Earnings—
Consolidated Income Account Quar. Ended March 31
Other deductions, interest allowed on
discounts allowed,
debts and franchise taxes, &c
Provision for depreciation
Legal & other professional services for
trustees, Ac
Interest, American Wire Fabrics Corp.
prepaid accts.,
bonds
Interest, 10-year 7Yi% conv. gold
notes Wickwire Spencer Steel Corp.
at 6%
Net profit...-
63,037
113,318
1623.
48,249
113,689
47,047
113,689
5,563
11,624
4,513
13,990
13,989
13,989
10,117
9,690
10,117
1935
1934
$4,586,432
1,436,639
1,080,018
172.476
$2,109,389
1,340.957
1,070.332
293,869
$1,721,139
1.404.644
1,087,586
652,378
Net profit
Shares com. stk. (no par)
Earnings per share—.
$1,897,299 def$595,769def$1423.469
1,200,000
1,200,000
1,200,000
$1 40
Nil
Nil
1937
Deprec. and depletion.Interest,
Ac
$4,886,019
1,534,848
$3.05
Note—No deduction has been made for any Federal surtax on undistrib
$246,727
The income statement for the calendar years was
p.
1936
$7,974,362
1,771,416
758,295
Miscellaneous charges.558,632
Total income.
$207,175 loss$121,651
published in.V. 144.
uted profits.—V.
144. p. 1818.
(L. A.) Young Spring & Wire Corp.—New Directors—
Stockholders
directors
was
to
on
April 20 elected T. D. Stewart and Alan McHenry
Lloyd H. Diehl and Charles Miller.
Mr. Stewart
143, p. 3167.
succeed
elected Secretary.—V.
Financial
2852
Chronicle
1937
April 24,
7 he Commercial Markets and the
Crops
COTTON—SUGAR—COFFEE—GRAIN
GOODS—WOOL—ETC.
PROVISIONS—RUBBER—HIDES—METALS—DRY
later
COMMERCIAL EPITOME
Friday Night, April 23, 1937
with 6i lots traded.
The
points lower, with sales of
contract,
Santos
for the
lower
Rio contract closed 5 to 10
The heaviest liquidation in the
29 lots.
Santos contract was
10 to 11 points above the previous close.
liquidation was encountered, which
point
a
level
heavy
prices to break 20 to 14 points, the market finally
caused
Coffee—On the 17th inst. futures closed 2 to 10 points
new
to
this
At
closing with qet losses of 18
totaled 678 lots, or 9,085 tons.
Transactions
to 19 points.
London came in Is. lower
on the Terminal
7%d. lower
the outside and Is. 3d. to Is.
on
1,370 tons changing hands there. Local
9.25; July, 9.37; Sept., 9.51; Oct., 9.56;
Cocoa Market, with
The Rio bolsa was 25 to 75 reis higher
today (Saturday) and unchanged to 375 off for the week.
The Santos terme market was unchanged to 25 reis higher
closing:
the week. The
open market dollar rate weakened 20 reis to 15.790 milreis
to the dollar.
The Rio terme market closed at 17.900 milreis
for April and 17.450 milreis for June.
Havre futures were
The opening range was
10 to 3 points higher.
The strength of the market during
this session was attributed largely to short covering.
Lon¬
don came in 3d. easier on the outside, while futures ruled
the
at
for
opening.
day and 150 up to 100 reis off for
the
_
7.25 to 5.25 francs lower.
19th
On the
for
The new Rio
sales of 56 lots.
The bulk of the selling came from European sources, and
was centered largely in the Rio contract.
The Santos bolsa
was
unchanged to 25 reis higher.
Rio futures were un¬
changed to 50 reis up, at 17.900 for April and 17.500 for
June.
The Santos and Rio spot quotations held firmly at
22.500 and 18.000, respectively.
The open market dollar
with
Santos, contracts,
contract
closed 1
firmed 20
rate
futures
112
of
lots.
Havre
to 15.770 milreis to the dollar.
reis
0.50 to 2.50 francs lower.
were
the 20th
On
sales
10 points lower, with
to
with sales of 344 lots. The new Rio
contract closed 19 to 24 points lower, with sales of 121 lots.
European liquidation, uncovering stop-loss orders, threw
Santos contract,
the
Rio
coffee
futures
contract
in the Santos contract for heavy
and
the
farther positions
The Rio spot quotation held
at 18.000 and the open market dollar rate was steady at
15.770 milreis to the dollar.
Today (Tuesday) is a holiday
April and 17.550 for June.
in Brazil.
On
Santos
the
There
ure
were
with sales of 69 lots.
contract,
The new
in
Rio
closed 4 to 16 points higher, with sales of 55 lots.
was
holiday in Brazil, which accounted in
a
for the small volume of business.
a
meas¬
The Santos, contract
the opening was
first
10 to 3 points higher.
Monday will be
day for the May contract.
The new Rio
delivery
contract
opened
gradually,
futures
points
7
closing
off to
point higher, and rose
of the day.
Havre
1
the top
prices
1 to 3.25 francs higher.
were
at
Rio
de
Janeiro
futures
unchanged to 75
reis lower, while Santos cables were not received, due a
change in arrangements which provide for cables only when
the change exceeds 100 reis. Actual prices were unchanged
and the tone quiet.
Havre futures were 2% to 5francs
higher. To-day futures closed 2 pohus down to 5 points up
in the Santos contract, with sales of 133 contracts.
The
new
Rio contract closed unchanged to 3 points up, with
sales of 55 contracts.
Rio de Janeiro futures were 50 to 100
reis higher.
Business in actuals, especially milds, was re¬
ported good yesterday, with Manizales steady ai> ll}4c.
Brazilian dost and freight offers were unchanged.
Havre
futures were unchanged to 234 francs lower.
Rio coffee
prices closed
December
as
were
September
6.65 March
6.72
Santos coffee
prices closed
March
as
9.96
May
July—
higher.
the
17th
Transactions
attributed
buying
turers
December
__9.99
inst.
futures
totaled
to
short
covering
10.09
4,422 tons.
over
The
7
to
At
10
points
the opening
improvement
the week-end
and
was
some
the assumption that the commodity was due for
strength after its recent drastic break.
Manufac¬
were
again in evidence
Local
closing:
as
buyers, but not
May, 9.43;
Sept., 9.72;
on
a
Oct.,
large
9.75;
price movements irregular. During the early
trading prices were 8 co 10 points higher in sympathy with
firmness in London, but softened later on slight pressure.
Warehouse stocks showed a further increase of 650 bags.
Local closing: May,9.37; July,9.50; Sept., 9.61; Oct.,
Dec., 9.75; Jan., 9.78; March, 9.89.
S
On the 19th inst. futures closed 1 point higher to 3
points
lots, or 6,673 tons.
Open¬
at gains of 12 to 19 points.
London came
Transactions totaled 497
ing sales were
strong,
the outside market
closing Is. 9d. higher,
and futures on the Terminal Cocoa Market finishing 2s.
l%d. to 2s. 6d. stronger, with 1,590 tons trading.
Local
closing: May, 9.44; July, 9.56; Oct., 9.74; Dec., 9.82.
very
On
the
20th
inst.
futures
closed
20
to
14
points down.
The market opened with losses of 14 to 6 points, but rallied
3
9.65;
trade
to
Business was light and confined largely
There was very little of importance in
houses.
the
news
the
market
for
attention of refiners appeared to
raws
The market
nil.
be
steady, with holders asking 3.50c. for
was
quantities
In
the Exchange.
day's developments on
the
or
inst. futures closed 1 point lower to
the 17th
—On
points higher.
Cubas,
of
Philip¬
and
Ricos
Puerto
the latter for April-May arrival.
The world sugar
market was in sharp contrast to the action of the domestic
pines,
selling forced wrorld
Trading for the twohour session was exceptional, totaling 1,005 lots, or 50,250
tons.
The initial liquidation -was said to be stop-loss selling
in the May position for local account.
This was believed to
Heavy
market.
due
been
have
which
advance
the
to
made
was
in the
of
announcement
notices
previous session and adversely in¬
the list.
19th
the
On
and local
European
prices off 4y2 to 8 points.
contract
inst.
closed
futures
1
to
2
higher.
points
for raw
A^broader demand
Transactions totaled 242 lots.
accompanying reports that a strong effort would be
have the proposed sugar tax reduced from %c. to
sugar,
made to
%c. when the bill reaches the joint committee of the House
had
Senate,
and
a
steadying effect
domestic prices
on
In the market for
the local contract market.
raws
a
in
better
Arbuckle bought
buying interest at 3.50c. was in evidence.
25,000 bags of Cubas, prompt loading, and 5,000 bags, clear¬
ing x\pril 24. at 2.60c., ex-duty, while an operator purchased
two lots of Puerto Ricos, totaling 20,000 bags,
clearing
3.50c., delivered.... The world sugar contract
1 y2 points up.
Initial advances
ranged from 2 to 5% points, these gains being lost in the
April
29,
at
market closed unchanged to
later trading.
•
Although 123 notices
held fairly steady.
f.o.b.
May
the
on
United
were
issued, the market
The market for actuals in London
shipments
basis
of
sold
25s.
was
3d., equal to l.OO^c.
freight from Cuba to the
at
for
6s.
Kingdom.
r
actions totaled 720 lots.
The broad demand for
Trans¬
raw
sugar
by refiners and operators served to broaden the volume of
market.
The
early improvement
against actual sales, but
as
was
based
on
hedge lifting
the market advanced there
was
hedge selling against the actual buying, and some new sell¬
ing. Also there was long liquidation of the May and Septem¬
ber
positions, the May selling being in anticipation of first
day on Friday.
In the market for raws refiners
notice
bought approximately 30,000 tons of
ment and arrival
nositions
at
duty, and at the close about
Dec., 9.83; Jan., 9.87.
lower:
of the
The market was quiet throughout most
contracts.
trading considerably and gave much strength to the futures
closed
on
scale.
in
early trading, but sold off later and closed at the lows
day.
Warehouse stocks increased 2,100 bags to a
Local closing: May 9.37; July 9.50;
Sept. 9.62; Oct. 9.65; Dec. 9.75. To-day futures closed
unchanged to 1 point down.
Transactions totaled 214
the
On the ?°th inst. futures closed 2 to 5 points up.
follows:
prices were 5 to 10 points lower.
some
6.74
___6.81
10.58 September
10.41
Cocoa—On
on
total of 1,052,378 bags.
easier.
follows:
6.75
May....
July
lower
the
of
fluenced
On the 22d inst. futures closed unchanged to 11 points up
for the Santos contract, with sales of 110 contracts.
The
new Rio contract closed 6 to 9 points
up, with sales of 82
contracts.
to 17 points higher.
23
tons.
the Terminal Cocoa Market, with
Local closing:
May, 9.47; July, 9.60;
Oct., 9.74; Dec., 9.83.
On the 22d inst. futures closed 10 to 8 points down.
Transactions totaled 234 contracts.
Prices were bid up in
4%d.
to
moderate
1.75 to 3 francs lower.
the 21st inst. futures closed 10 to 15 points higher
contract
at
Havre futures
5,775
(Tuesday) in
losses today
The Santos bolsa was 25 reis lower
to 25 reis higher, and the spot price held unchanged at
22.500 milreis.
Rio futures were 25 to 50 reis up at 17.925
for
totaled
.1,160 tons trading.
active trading.
very
futures closed
21st inst.
the
On
Transactions
session with
to 21 points lower for
futures closed 7
inst.
the
Dec., 9.63.
1 y2
\
futures closed 3 to 8 points lower
inst.
May,
as
far ahead
The
buying
have
been
passage
closed
of
1
as
was
August
by
were
the
legislation.
in various ship¬
or
2.60c.
ex-
equal quantity for arrival
in sight at the same price.
an
the heaviest in months,
prompted
sugar
raws
3.50c„ delivered,
prospect
of
and
a
said
to
delay
in
was
long
The world contract
market
4 points up, with sales totaling 737 lots.
At
during the session prices registered gains of 4%
to 7 points above the previous close.
one
to
time
On the 21st inst. futures closed 2 to 5 points down.
This
was somewhat puzzling in view of the steadiness
weakness
Volume
Financial
144
2853
Chronicle
processing tax.
Trading was
fairly heavy at 414 lots, the major portion of the business
being done in the September position, in which sales were
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
of the
actual
the amount
and the increasing uncertainty as to
market
of the proposed
232 lots.
Substantial
cline,
one
firm taking about 70 lots and another about 100
lots.
In
volume
the
at
interested
session
market
3.50c.,
for
but
better
at
short
covering
and
operators
they paid 3.50c. for about 33,000 tons.
contract market closed %
sales
of
303
prices
lots,
The world
to 2 y2 points higher, with
15,150 tons.
or
were steady,
not
were
3.48c., although in the previous
sugar
terme
the de¬
on
offerings were, in moderate
raws
refiners
than
noted
was
In the
and actuals
On the 22d inst. futures closed 1
London
market
unchanged.
were
3 points lower.
The
but lost its gain when
raws developed an easier tone,
with September ao 2.52c.,
off 1 poinc.
The marker for raws was off 3 points when
1,500 tons of Philippines due April 26th sold for 3.47c.,
compared with 3.50c. the previous day.
Transaction in
futures totaled 387 contracts.
The world sugar contract
market closed 1)4 to 1 point off as a result of continued
pressure from Cuban producers.
London futures were 24
to J4d. higher, while Cuban raws were raised 124d.
Trans¬
actions in the world sugar contract market on this side
totaled 381 contracts.
Today futures closed unchanged to
1 point down for the domestic contract, with sales of 146
10
market started 1 to 2 points higher,
contracts.
The domestic market
market
raws
for
there
was
offers
were
Tn the
firm at times.
at
3.45c.
and
that
on
India
Cut
nominal.
mess
Prices
follows:
were as
2.51 December
2.52
March
2.47
September
2.52 January
2.50
2.41
July..
Lard—On
the
17th
inst.
May
futures
closed
unchanged to 7
Trading was comparatively light and without
special feature.
Hog prices closed quite steady.
The top
price on Saturday was nominally $10.30.
Western receipts
were fairly heavy and totaled 9,800 head against 11,400 for
the same day last year.
Liverpool lard futures were 3d. to
points up.
6d.
lower, while the spot position
On
the
19th
inst.
was
closed
futures
Is. lower.
12 to
15
Oils—Linseed
crushers
oil
The
opening range was 17 to 22 points up, the improvement
holding fairly well throughout the session in spite of rather
substantial
profit-taking, especially towards the close.
Hog
10c. higher.
The top price was $10.35, and most
of the sales reported ranged from $9.85 to $10.30.
Receipts
at the leading Western packing centers were quite
heavy
and totaled 70,000 head against 70,700 for the same day
prices
last
year.
Lard clearances from the
24,920 pounds
were
and
were
Southampton.
over
Port
of
New
York
the week-end, destination London
Liverpool lard prices were 6 to 9
pence
higher.
On
the 20th
lower.
Trading
noteworthy
inst.
was
feature.
futures closed unchanged to 2 points
moderately active, though without any
Heavy hog
receipts,
with
its
conse¬
quent accumulation of lard stocks, already excessively large,
appeared to be the principal depressing influence.
Total
receipts
against
of hogs for the Western
55,700 for the same day
run
last
were
64,300
head
Prices
year.
at
Chicago closed unchanged to 10c. lower, the top price regis¬
tering $10.30, with the bulk of sales ranging from $9.75
to $10.20.
Export shipments of lard from the Port of New
York
today
(Tuesday) were
Liverpool and Rotterdam.
103,970 pounds
destined
On the 21st inst. futures closed 12 to 15 points
up.
for
The
market opened strong, with prices advancing sharply 12 to
20 points.
In spite of considerable realizing the gains held
fairly well.
The cash
demand for lard
continues
slow in
the domestic market.
Export shipments of lard as reported
today totaled 159,650 pounds, destined for London and
Glasgow.
Hog prices at Chicago were mostly 10c. higher.
Total receipts of hogs at the Western markets Avere
44,770
head against
price for the
prices
were
51,300 for the
day
same
at Chicago
was
day last
$10.40.
year,
The top
Liverpool lard
3 to 6d. higher.
On the 22d inst. futures dosed
The improvement was attributed
10 to 17 pomts higher.
largely to shorfs covering
following the recent severe break of 300 points from the highs
of the season.
During the past few days values have gained
about 50 points from the lows.
However, packing interests
continue to sell on all h,ard spois in view of the very
large
supplies on hand and the very slow cash demand.
Hog
prices at Chicago were 10c. higher, the top price registering
$10.50, with the bulk of sales reported ranging from $9.85
to 1$ 10.35.
Total receipts at the leading Western packing
centers amounted to 55,500 head, against
51,100 for the
same day last year.
Liverpool lard futures were 1 to 6d.
higher.
Export shipments of lard from the Port of New
York totaled 55,500 head, against 51,100 for the same
day
last year.
Today futures closed unchanged to 5 points
down.
The market proved a dull listless affair
throughout
most of the session.
DAILY CLOSING PRICES OP LARD FUTURES IN
CHICAGO
Sat.
Mon.
Tues.
Wed.
Thurs.
Fri.
May.
11.40
11.52
11.50
11.62
12.72
11.67
July
11.70
11.80
11.77
11.90
12.00
12.00
September
12.00
12.10
12.07
12.20
12.30
12.27
October
—12.02
12.17
12.17
12.32
12.40
12.35
steady
holding
are
their
to
price. Quotations: China Wood: Tanks, May for'd
14c. to 14.2c.; Drms, spot 15c.
Coconut: Manila, tanks,
Apr .-June 724c. to 724c.; July-Dec. 7 24c.; Coast, July-Dec.
7c.
Corn: Crude, tanks, outside, 10c.
Olive: Denatured,
Nearby—African $1.45; Greek $1.50. Soy Bean—Tanks,
mills, futures 824c. to 9c.; L.C.L. 11.8c. to 12.0c. Edible:
76 degrees, 14)4c. Lard: Prime, 14c.; Extra winter strained,
13c.
Cod: Crude, Japanese 5634c. Turpentine: 40)4c. to
4434c. Rosins: $8.25 to $10.10.
Cottonseed Oil, sales, including switches, 257 contracts.
Crude, S. E., 934c.
Prices c osed as follows:
September
10.18@
October
9.99@10.01
May
10.06to)
9 95@10.05
9.85© 10.05
10 05@
July
August--;
10.12@10.15 November
December
10.20@
----
Rubber—On the 17th inst. futures closed 32 to 44 points
higher.; The
decline
prolonged
the rubber market
in
ap¬
peared to be checked during this session, as prices enjoyed
a sharp rally.
Futures opened 5 to 13 points higher, increas¬
ing in strength as the session progressed.
Transactions
totaled 2,780 tons for the short Saturday trading session.
The outside market followed the futures market upward,
but
Outside prices were quoted on a
relatively quiet.
was
spot basis of 22%c. for standard sheets.
London and Singa¬
closed steady, prices unchanged to ll/32d. lower.
Local closing:
April, 22.51; May, 22.53; July, 22.72; Sept.,
pore
22.83; Oct., 22.83; Dec., 22.86; Jan., 22.84.
On
points higher.
Hams,
10.7c.
June
prompt sugars only.
The London market closed % to
l^d. lower on futures, while raws declined to 1.10c. for
Cubas f.o.b. Cuba.
The world sugar contract closed un¬
changed to
point lower, with sales of 381 contracts.
Pickled
Meats:
Picnic, Loose, c.a.f.—4 to 6 lbs., 13%c.; 6 to 8 lbs., 1324c.;
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., 20c.; 8 to 10 lbs., 20c.; 10 to 12 lbs.,
19j24c. Bellies, Clear, Dry Salted, Boxed, N. Y.—16 to 18
lbs., 1724c.; 18 to 20 lbs., 17fie.; 20 to 25 lbs., 1724c.; 25 to
30 lbs., 17 %e.
Butter: Creamery, Firsts to Higher than
Extra and Premium Marks: 30 to 3234c.
Cheese: State,
Held, '36, 22Hc. to 23c. Eggs: Mixed Colors, Checks to
Special Packs: 2024c. to 24c.
19th
the
Trading
outside market
of
amount
futures
inst.
43 to 45
closed
points higher.
active, transactions totaling 5,790 tons.
was
relatively quiet, with only
was
factory
buying
Outside
reported.
prices
quoted on a spot basis of 23c. for standard sheets.
and
closed
Singapore
Local
ll/32d.
closing:
The
moderate
a
were
London
firm, prices advancing 5/16d. to
April, 22.94; May, 22.96; June,
23.06; July, 23.17; Sept., 23.28; Oct., 23.28; Dec., 23.29.
On
20t.h
the
inst. futures closed 37 to 47 points lower.
another drop in London, rubber lost about half
Caused by
of
its
recent
rally today (Tuesday).
The market opened
points down from the previous close.
Transactions
31 to 48
totaled
basis
3,290 tons.
Outside prices were quoted on a spot
for standard sheets, but showed some signs
of 2234c.
of firming up
after the close of the futures market.
Singa¬
closed higher overnight, but London failed to follow,
closing dull and 24d. lower.
Local closing:
April, 22.52;
-May, 22.54; June, 22.67; July, 22.74; Sept., 22.84; Oct.,
22.84; Dec., 22.82; Jan., 22.80; March, 22.75.
pore
the 21st inst. futures closed 65 to 70 points higher.
upward movement in this commodity continued, with
prices starting 36 to 61 points higher, and closing at the
highs of the day.
Trading, however, was comparatively
quiet, with transactions totaling only 3,340 tons.
Outside
prices were quoted on a spot basis of 23)4c. per pound for
On
The
standard
sheets.
London and Singapore closed
quiet and
respectively, London advancing 34 to 5/16d., while
Singapore closed unchanged.
Local closing:
April, 23.22;
May, 23.24; July, 23.43; Sept., 23.50; Oct., 23.49; Dec., 23.48.
firm,
On
the
22d
inst.
futures
closed
20
to
9
points down.
opened
sharply higher, with gains ranging from 30 to 41 points in
response to a firm London market.
In the afternoon, how¬
ever, prices broke more than 50 points from the early highs
when longs started to take profits and shorts ceased their
covering operations. The break put the New York market
under parity with London.
London closed 24 to 9-16d
higher. Singapore also closed higher. Local closing: May
23.13; July 23.23; Sept. 23.35; Oct. 23.36; Dec. 23.35;
Jan. 23.35; Mar. 23.31.
To-day futures closed 12 to 16
points down.
Transactions totaled 360 contracts.
The
market was weak early on selling in
sympathy with lower
prices quoted in both London and Singapore. However, on
the decline trade buying in good volume was in
evidence,
with the result that a good portion of the
early losses were
recovered. Fresh selling set in later, however, and sent
prices
off again. It was estimated that United Kingdom stocks had
decreased 1,400 tons this week. Local closing:
May 23.00;
July 23.10; Sept. 23.23; Dec. 23.21; Jan. 23.19; Mar. 23.16.
Transactions
totaled
Hides—On
down.
market
ruled
the
There
588
17th
was
within
to
a
licensed
total
reported
in
of
a
Local closing:
very
The
market
futures closed
heavy
narrow
2
trading,
range.
to
7
points
though the
Transactions
Stocks of certificated hides in
ware¬
by the Exchange increased
770,016
the
inst.
unusually
totaled 5,960,000 pounds.
houses
contracts.
hides.
domestic
spot
No
new
hide
by 1,000 hides
developments were
market
on
Saturday.
June, 16.30; Sept., 16.65; Dec., 16.95.
Financial
2854
On
the 19th Inst,
futures closed
15 to 17 points higher.
opened firm and from 11 to 20 points over last
Saturday's closing prices.
Transactions totaled 2,520,000
pounds.
Stocks of certificated hides in warehouses licensed
hy the Exchange increased by 3,637 hides to a total of
733,G53 hides.
No new developments were reported in the
domestic or Argentine spot hide markets during the day.
Local closing:
June, 16.43; Sept., 16.80; Dec., 17.10.
On the 20th inst. futures closed 2 to 8 points up.
This
The market
represented
10
18
to
quite an improvement in view of declines of
points at the opening.
Transactions totaled
Stocks of certificated hides in warehouses
licensed by the Exchange remained unchanged at 770,010
hides.
No business reported from the domestic or Argentine
spot markets.
Local closing:
June, 16.45; Sept., 16.85;
Dec., 17.18.
1,720,000 pounds.
1937
24
April
Chronicle
to lc. up.
Silk—On the 19th inst. futures closed lc. down
The
was
opening range was %c. higher to lc. lower.
Trading
fairly active, but without special feature. Transactions
22 y2 yen
20 yen lower, with the price at
both centers 860 yen.
Bourse prices at Yokohama were 15
to 23 yen lower, and at Kobe 13 to 22 yen lower.
Sales of
cash silk at both markets totaled 825 bales, while transac¬
tions in futures totaled 4,650 bales.
Local closing: April,
1.92; May, 1.91; July, 1.90%; Aug., 1.85%; Oct., 1.84;
totaled
At Yokohama Grade D was
2,760 bales.
lower, while at Kobe it was
Nov., 1.83%.
On
%c.
closed
futures
inst.
20th
the
lower
2%c.
to
The opening range was unchanged to %c. down.
The market showed steady improvement from then on, the
stronger.
deliveries
later
Transactions
strength.
the most
showing
Grade D at Yokohama rose 5 yen, with
the price at 865 yen, the same price prevailing at Kobe.
On the 21st inst. futures closed 27 to 30 points net higher.
Bourse quotations ruled 4 to 8 yen up at Yokohama and
At the start of the session prices ranged 5 to 32 points over
unchanged to 9 yen higher at Kobe.
Sales of cash silk at
the previous close.
Transactions totaled 3,040,000 pounds.
centers
totaled 1,100 bales, while transactions
in
Stocks of certificated hides in warehouses licensed by the ' both
futures at both Japanese markets totaled 5,125 bales.
Local
Exchange increased to 755.,613 hides.
No new business was
closing:
April, '1.91%; May, 1.90%; July, 1.91%; Aug.,
reported in the domestic or Argentine spot hide markets.
1.87%; Sept., 1.85%; Nov., 1.85%.
Local closing:
June, 16.74; Sept., 17.15; Dec., 17.45.
On
the
22d
inst.
futures closed
12
to
15
points down.
opened
unchanged to 6 points higher, with the exception of June,
which was off 2 points.
Stocks in licensed warehouses in¬
Transactions
creased
totaled
1>794 hides.
42
contracts.
They
The
market
total 777,407 hides. No
or Argentine
markets. Local closing: June 16.62; Sept. 17.00; Dec. 17.32.
Today futures closed 1 to 6 points up. The market advanced
sharply in the early trading despite reports of somewhat
easier spot prices.
During the afternoon the June position
was selling at 16.85 cents, up 23 points.
At this level con¬
siderable selling developed and as a result most of the early
gains were wiped out. Certificated stocks of hides increased
2,677 pieces. The total now is 760,084 hides. Local closing:
June 16.67; Sept. 17.05; Dec. 17.33; Mar. 17.68.
now
spot sales were reported either in the domestic
Ocean
Freights—The market for charters was fairly
with rates tending higher.
Charters included:
Grain:
Plate loading, 7,000 tons, maize, to N. H., 38s.
Pendeen, before but not named, took 2s. ll%d. for St. Law¬
rence June
to picked ports U. K. and A. R.
Montreal
May-June picked United Kingdom—Antwerp-Rotterdam
3s., original rate 2s. 9d.
Grain booked: This included 4
loads red winter wheat, Baltimore, August, to Rotterdam,
14c.; 13 loads Marseilles, May, 18c.; 30 loads, April-May
Antwerp-Rotterdam, 14e.; French Atlantic June, 4 loads,
18c.; Scandinavia, 5 loads June, basis Copenhagen, 20c.
In
active,
all 15 loads of red winter wheat have been booked from Balti¬
This included 15 loads
Rotterdam, April-May, 14c.;
April-May-June, 17c.; some to
besides
100,000 bushels of domestic rye sold out of New York to
Germany, second half May; 40 loads Baltimore American
heavy to Antwerp-Rotterdam 14c.; 5 loads New York May
Antwerp 5c., 4 to Sweden, 22c.
more.
5
loads
totaled 2,390 bales.
2%c. lower.
On the 21st inst. futures closed %c. higher to
totaled
Transactions
Japanese cables came in
2,990 bales.
apparently because of the good
Grade D sold at 867% yen in Yokohama
and 870 yen at Kobe, which represented advances gf 2%
to 5 yen.
Cash silk sales, 1,425 bales.
Bourse prices in
steadier
on
sales of spot
the
these centers
yen
kets
outside,
silk.
2 to 5 yen lower at Yokohama and 2 to 6
were
Transactions in futures at these
lower at Kobe.
totaled 4,000 bales.
mar¬
April, 1.92; May,
1.89%; July, 1.89%; Sept., 1.85; Oct., 1.84; Nov., 1.83%.
Local closing:
On the 22d inst. futures closed
unchanged to 2c. lower.
Cables indicated a gain
of 2% yen for Grade D at Yokohama and no change in
Kobe, putting the price at these centers at 870 yen. Bourse
quotations showed gains of 3 to 8 yen at Yokohama and
3 to 7 yen at Kobe.
Sales of actual silk were 925 bales,
Transactions
while
totaled
transactions
1,930 bales.
in
futures
for
Yokohama
and
Kobe
totaled 3,575 bales.
Yen exchange rose another %c., the
price going to 28 %c. Local closing: April 1.90; May 1.88%;
.June 1.89%; August 1.85; Sept. 1.84%; Oct. 1.83%; Nov.
1.83%.
Today futures closed 4%c. to 2%c. down. Trans¬
actions totaled 501 contracts.
The market was lower in
sympathy with lower Japanese markets. Thirty bales were
tendered on May contracts, this also proving a factor in the
day's declines. The price of crack double extra silk in the
New York spot market declined 1% cents to $1.96 a bale.
Yokohama closed 8 to 18 yen lower. Grade D silk was 5 yen
lower at 865 yen a bale. Local closing: May 1.84%; July 1.85;
Aug. 1.81%; Sept. 1.81%; Oct. 1.81; May 1.80; Nov. 1.80.
Havre-Dunkirk,
Marseilles at 18c.; and a few to Scandinavian ports,
Coal—The seasonal slump is reported to be well under way,
with spot or cash prices easy.
be consuming freely out of coal
Industries are reported to
stocks;on hand.
Cutting
down production of domestic bituminous sizes continues.
Retailers are taking less coal.
On the other hand there is
a demand for the many stoker
sizes of coal in the West.
Further, there is a good current position of the Atlantic
seaboard trade in domestic anthracite.
Buying by the home
against a possible May 1st increase, and buying on the basis
of the lowest price since April 1st, has almost doubled up¬
ward the sales volume.
Bituminous dumpings at New
York on Monday were about 490 cars of soft coal.
■'
Friday Night, April 23, 1937
The
Movement of
of Copper, Tin, Lead, Zinc, Steel
appearing here, will be found in the
the end of the department headed;
"Indications of Business Activity," where they are covered
more fully.
market could hardly be called vigorous or
As a matter of fact the spot wool situation is
described as dull, with an unusually small turnover in the
Boston area.
Demand is light from mill sources, the dis¬
position being quite general to just cover immediate require¬
ments, this demand being confined chiefly to original and
bag territory and Texas, with a leisurely interest in Ohio
and similar bag material covering three eighths and quarterblood combing and clothing wool combined.
Foreign wool
is on the wane as a market influence, and although imports
continue to arrive they are no longer the disturbing factor
they were some time back. The current situation in domestic
and prospects for the near future, at which time the major
part of the 1937 clip will have left the growers' hands, are
the chief considerations of the trade just now. Meanwhile
the market is without positive tone. Mills are reported to
be practically out of the market. They are said to have good
sized stocks and inclined to hold off or buy sparingly pending
further developments. It is stated by observers that while
wool is in good, sound position and statistically very promis¬
ing, there are no sure indications that manufacturers will be
able to pass over higher wool costs to the public in the form
of advanced clothing rates.
Wool—The
buoyant.
the Crop, as indicated by our tele¬
from the South tonight, is given below.
For the
ending this evening the total receipts have reached
40,673 bales, against 42,828 bales last week and 50,142
bales the previous week, making the total receipts since
Aug. 1, 1936, 5,970,791 bales, against 6,318,772 bales for
the same period of 1935-36, showing a decrease since Aug. 1,
1936 of 347,981 bales.
grams
week
Receipts at—
Mon.
Sat.
Galveston
706
Houston
523
Wed.
Tues.
2,015
859
-
-
^
-
3,318
4,269
3,501
457
New Orleans
739
131
67
144
Mobile
181
477
Charleston
Lake Charles
-
«.
«.
6
Wilmington
Norfolk
-
«.
M
-
_
2,086
3,496
2,081
2,508
182
307
17,597
9,028
1,127
12
739
..-
-
4
166
46
5,205
8,923
5,575
-
«
4
13
-
15
75
9
34
310
-
-
14
-
2,217
Baltimore
Totals this week-
The
5,731
3,619
976
267
182
250
---
Total
258
-
2,342
1,761
.......
-
Fri.
732
67
576
618
•
Thurs.
821
1,199
267
Corpus Christi--
Savannah
Metals—The report
and Pig Iron, usually
articles appearing at
COTTON
5,932
6,651
2,217
8,387
40,673
following table shows the week's total receipts, the
1, 1936 and the stocks tonight, compared
total since Aug.
with last year:
1936-37
Receipts to
Apr. 23
Since
This
1 1936
Week
5,731 1,672,865
Galveston
Texas City
Houston
Corpus Christ!-.
Beaumont-New Orleans
Mobile
Pensacola,
&c_.
Jacksonville
Savannah
Slock
1935-36
Aug
3,619 1,264,403
267
283,693
23,046
17", 597 1,897,288
271,993
9,028
93,215
3,826
128,380
1,127
This
Week
Since Aug
1 1935
1937
443,326
1936
1,634,979
368,441
157,441
3,693
3,586
301,534
319,090
36,276
18,645
436,081
73,016
4,735
1,727
148,204
552,158
3,790
392,102
41,034
30,240
406,981
127,773
9,161
3,672
184,190
3,469 1,485,915
44,479
4",720 1,665,599
24
269,965
38,030
8",883
2,080
9,326
Brunswick
Cnarleston
Lake Cnarles
Wilmington
Norfolk
"739
160", 757
"406
208*099
27,261
43* 160
4
22
310
55,982
24,340
36,814
1,514
55,812
21,182
38,052
7,685
18,894
27,168
16,067
21,311
32,626
""loo
3,986
2,217
54,189
720
25,551
4,436
1,275
1,825
34
21
Newport NewsNew York
Boston
Baltimore
257
Philadelphia
Totals.
40,673 5,970,791
34,771 6,318,772 1.567,919 1,870,333
Volume
Financial
144
In order that
comparison may be made with other years,
give below the totals at leading ports for six seasons:
we
Chronicle
2855
the English
market was regarded as natural and develop¬
ing out of the oversold conditions created by recent heavy
liquidation.
Receipts at—
1936-37
Galveston
5,731
3.619
17,597
9,028
1,127
Houston
New
OrleansMobile
1935-36
\
Savannah
1934-35
3,469
2,706
5,350
10,923
4,720
8,883
22,790
26.473
25,516
4,433
1,945
31,180
6.586
135
32,098
2,207
190
2,080
3,586
684
Brunswick
1931-32
1932-33
1933-34
13,627
10,595
43,332
6,540
3,664
2,742
739
34
""406
692
"3",2 97
1,378
Wilmington
21
18
111
Norfolk
310
1,514
386
350
276
743
465
448
Charleston
""429
N'port News.
"
All others
"2",488
Total this wk.
40,673
Since Aug.
The
~
lb", 092
1,114
2,524
"6",913
"6",575
34,771
•
21,251
79,174
92,386
86,624
1. 5,970,791 6.318.772 3,840.406 6,821,263 7,699,764 9,186.604
exports
the week ending
for
this evening reach a
total of 48,491 bales, of which 8,863 were to Great Britain,
616 to France, 17,166 to Germany, 4,647 to Italy, 3,700
to
Japan, and 13,499 to other destinations.
In the corre¬
sponding week last year total exports were 77,860 bales.
For the season to date aggregate exports have been 4.694,751
bales, against 5,142,613 bales in the same period of the
previous season.
Below are the exports for the week:
the
The first
Dallas
condition
cotton
"News" attracted
report
considerable
of 1937
attention.
by
The
latter declared that farmers' intentions are to increase Texas
cotton acreage around
had
10%
last
over
little influence in
While the report
year.
market way,
still there were
interpreted it bullishly in that the indicated in¬
crease of 10% was below recent unofficial forecasts.
South¬
ern
spot markets, as officially reported, were 14 to 16
points higher, ranging from 13.25 to 14.07c.
very
a
many who
On
the
19tb
inst. prices closed 5 to 14 points lower.
active, with May liquidation the feature.
In¬
creased liquidation in this delivery was the forerunner of
first notice day, April 27.
The market opened steady at
11 to 19 points higher and showed early
gains of 17 to 20
points.
Strong Liverpool cables, together with advancing
Trading
was
commodity markets abroad generally, had
strength¬
very
a
ening effect
on the local market in the early trading, and
considerable buying by the trade and commission
At the advance the market showed gains of 39 to
induced
houses.
47
points from the low of the recent decline made last
Friday.
Most of the active buying came early, while late
the session selling orders predominated.
Towards the
close prices broke
sharply, with renewed liquidation from
in
Apr 23, 1937
Exports from—
Great
"16
New Orleans
Mobile
5,495
2,726
3,974
3,158
2", 469
Charleston
Norfolk
----
.843
450
158
166
166
2",776
Total
3~400
l'ooo
450
San Francisco.--
300
486
7,176
1,236
8,863
Total
Total
1935
616
17,166
4,647
3,700
13,499
48,491
16,888
1936.
8,994
11,064
10,499
3,351
7,824
5,100
23,056
10,599
16,518
70,657
6,800
From
7~ 566
20,258
Great
Exports from—
Britain
Galveston
France
Corpus Christl.
Beaumont
9.538!
Orleans.
Lake Charles.
913
369.463 259,895
10,424 20,458
_
-
90,168
...
Jacksonville
Pensacola, Ac.
China
97,562
573,091!
18,339212,305 1396,615
1,717135,313 874,651
355, 24,932 206,865
150
15,934
780149,188 1164,142
17,294
52,908
20,710 234,801
155,842
111,354
9,903
5,333
87.171| 265,817;
8,045
66,045
131,017
93~284
160,515
4,522
210
65,467
1,551
29,186
40,047
16,859
1,730
1,791
Total
Japan
"5",845
Other
3,131
4~836
"2",850
Charleston.
"263!
Wilmington
York
3,698
638
275
1,004
100
500
3,950
10
2,628
166
3,177
3,313
"62
—
417
Los Angeles—
26,008
19",488
29,865
San
10,582
684
4,428
Philadelphia
Francisco
1,009
100
4
Baltimore...
9,596
11,770
ll"l98
222
Boston
18,000
60
6
Gulfport
2,400
11,033
3,222
372
1,204
54.982
1,200
1,937
3,638
Norfolk
3,157
269
63,614
.
85,052
99,775
139,818
1,200
19,461
4,502
5,471
3,635
3,486
10,282
277,017
95,995
10
Savannah
760
189,026
75,851
Seattle
Total
1056,616677,287
1935-36. 1192.743639.193
1934-35. 643,847 335.191
655,859313,6401357,412
21,791612,1464694,751
757,578324,4281366,206
36,122826,3435142,613
340.385410.7291332.017 100.074 691,409 3853,652
lit 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
returns concerning
the same from week to week, while reports from the customs
on the Canadian border are always very slow in coming to nand
Tn view,
however, of the numerous Inquiries we are receiving regarding the matter, we will
say that for the month of March the exports to the Dominion the present season
districts
have been
15,020 bales.
In the corresponding month of the preceding season the
exports were 20.612 bales.
For the eight months ended March 31, 1937, there were
206,942 bales exported, as against 173,222 bales for the eight montns of 1935-36.
In addition to above exports,
give
us
our telegrams tonight also
the following amounts of cotton on shipboard, not
On
Shipboard Not Cleared for—
April 23 at—
Leaving
Great
Britain
malveston
Houston
New
Orleans--
Ger¬
France
3,300
1,743
3,005
2,500
2,319
Coast¬
3,000
1,010
3,337
Stock
Total
wise
Foreign
many
"450
201
4,980
16,500
4,513
11,471
4,000
1,359
29,300
8,826
414,026
310,264
413,288
148,204
27,261
66,667
27,168
93,773
22,793
Savannah
Charleston
Mobile
3",570
6",339
Norfolk
Other
ports
|
Total 1937-.
t.
Total 1936--
r
Total 1935--
10,367
5,935
17,381
Speculation in
8,131
2,911
5.864
cotton
7,347
8,083
7,185
for
36,054
44,501
50,179
future
5,359
1,769
1,240
seemed to dominate the market
67.258 1,500,661
63,199 1,807,134
81,849 1,906,795
delivery
ately active, with price trend irregular.
news
was
moder¬
Weather and
more
than
crop
they have
at any
time heretofore this season, these developments gen¬
erally being bearishly construed.
Recent developments at
Washington also had a dampening effect on bullish senti¬
ment, especially the announcement from Washington that
the budget would not permit the Agriculture Department
to
of
as
proceed with the ever normal
granary
and with crop
insurance.
well
middling
selling by New Orleans.
as
at
the
10
designated
Average
spot
markets
13.53c.
was
On
the
*
20th
inst.
prices
closed
9
12
to
points
higher.
moderately active, with prices moving within
$1 a bale.
In the early dealings the market
dropped 6 to 11 points, placing the active months only 2 to 7
Trading
was
a
of
range
points above the lows of the downward movement reached
last Friday.
This was followed by a rally which brought
prices 12 to 16 points net higher.
Liverpool cables were
3 to 13 points
higher, the best advances being in the near
months, but the list here opened unchanged to 5 points down.
There was selling here from
Liverpool and Europe, Southern
and
Italy
many
35,752
1,580
44,050
45,328
Street,
price
New
Orleans
liquidation.
Ger¬
165.456174,020
162,011111,268
50,970. 48,615
Houston
Total
77,860
Exported to—
Aug. 1, 1936, to
Apr. 23, 1937
Total
8,506
4,295
12,994
6,727
4,424
2,967
4,041
2,972
3,549
340
—
Angeles
New
3,342
Total
Other
1~305
598
Savannah
Mobile
China
Japan
4,465
"l8
Houston
New
Italy
many
Galveston
Los
Wall
Ger¬
Britain France
offerings, and further commission house
Contracts
were taken on the setback
by trade
prices placed slightly above the recent low
levels.
Liquidation of the May position continued,
largely
in anticipation of first notice
day, April 27.
Good rains in
orders
fix
to
Oklahoma and West Texas
favorable for the
were
new
Average price of middling at the 10 designated
spot
kets
crop.
mar¬
13.64c.
was
On the
21st
inst. prices closed
9 to
14 points
up.
The
at 2 to 4 points lower in response
There was considerable
selling at the start, coming from local and
foreign sources,
especially from the Far East.
The session hadn't been
long
under way when it was discovered
that contracts were
market
to
opened steady
disappointing Liverpool cables.
scarce
and
Street
shorts
broader
the
market
began to
demand, caused
quite
sensitive
and
cover,
prices
to
to
this,
move
demand.
together
Wall
with
forward
a
rapidly.
The market appeared to have
little cotton in the form of
a sold-out
condition, and with
hedges, all offerings were readily
absorbed.
The weekly weather and
crop bulletin was favor¬
able except for
complaints of need of rain for germination
in Texas, but this lack of
moisture was supplied by gen¬
erous rains overnight
over a large part of that
State as
well as in Oklahoma and the
lower Mississippi
Valley. On
the whole, the new
crop outlook was considered favorable.
May liquidation in preparation for first notice
day, next
Tuesday, was in progress, and the May and
sold
July positions
practically
on an even basis.
Average price of mid¬
at seven designated spot
markets, with Galveston,
Houston and Dallas
missing, was 13.82c.
On the 22nd inst.
prices closed 17 to 20 points off.
Heavi¬
ness prevailed
throughout most of the session, due to
May
liquidation, which weakened old crop positions. An added
bearish influence was favorable
weather together with re¬
ports from Washington that the Agricultural
Adjustment
Administration had virtually abandoned
dling
out
some
Weather
hope of carrying
important features in its crop control program.
reports showed welcome rains in the cotton belt
of the Mississippi River
following drought, relieving
precipitation in the West the previous day, which led
many
east
believe
to
best
that
start
West
and
in
the
new
several
New
season
years.
was
Wall
getting
Street
away
well
as
to the
as
the
Orleans
were
active sellers, while
May
cotton continued to come out in
preparation for first notice
day next Tuesday.
Demand for spot cotton
quiet.
Southern spot markets, as officially
6
27 points lower.
to
was
reported
reported, were
Average price of middling at the 10
designated
spot markets was 13.57c.
Today prices closed 5 to 8 points down.
dipped lower and prices went into further
for
the current
movement.
The list again
new
low ground
By mid-afternoon prices
were
10 to 14
points net lower, with the nearby months showing
losses.
The opening of the market was
barely
steady, 8 to 10 points lower, on poorer cables from
Liverpool
the
widest
and
On the 17th inst. prices closed 15 to 19 points up.
Trad¬
of
as a result of local and
foreign selling.
Liquidation
May contracts continued, and that position went to a
ing was fairly active, with the trend steadily higher during
new
low
most of the session.
This
new
crop
mar¬
of
was
Prices started 4 to 13 points up.
regarded a rather weak response to the Liverpool
ket, which closed 21 to 25 points better than due in Amer¬
ican
points.
Private cables indicated that the upturn in
a
for
the
current movement.
Other
sellir"
of
the
months was due partly to reported fears abroad
larger Southern acreage, although private estimates
have not
as yet been available here.
Wall Street interests
appeared both buying and selling, while trade shorts were
Financial
2856
fair
purchasers
particularly
October and
of
interested
December,
Traders
were
yesterday's Washington indica¬
tions that the plans for the farm program might be cur¬
tailed by the economy drive.
Staple Premiums
60% of average ol
six markets quoting
for deliveries
Differences between grades established
for deliveries
April 22, 1937
are
1 lnoh St
inch
longer
.38
.76
.38
.76
.38
.76
.38
.76
.38
.75
.36
the
on
average
Strict Good Middling.
Good Middling
Strict Middling
Middling
.50
do
._
do
,
54
..........
do
35
do
_
Mid
on
63
do
_
do
do
__
Strict Low MiddUng..
Low
72
.White
Middling Fair
!
.70
.23
contract to
April 22,1937
quotations of the ten
markets designated by the Secretary of
Agriculture.
on
15-16
in
69 off
do
_
Middling
Mid
do
—.1 51
do
do
.
2.20
April 24, 1937
The Visible Supply of
Cotton tonight, as made up by
follows.
Foreign stocks as well
as afloat are this week's returns, and
consequently all foreign
figures are brought down to Thursday evening.
To make
the total show the complete figures for tonight (Friday) we
add the item of exports from the United States, for Friday
N
■■
only. .■
cable and
telegraph, is
as
,
Apr. 23—
1937
Stock at Liverpool
Stock at Manchester
bales.
Total Great Britain
Stock at Rotterdam
.38
"
.76
.38
.
Stock at Venice and Mestre..
do
_
.38
.75
Middling
.70
Strict Low Middling._
.23
.50
Low
.67
.67
.25
.48
.25
.51
.26
.51
Strict MiddUng
•Low
.27
.50
do
Middling
do
Total visible supply..
do
Of the above, totals of American and
.72
do
do
Liverpool
do
Bremen
Other Continental stock
do
American afloat for Europe
U. S. port stock
1 82
do
2.46
.58 off
do
do
.83
do
—
do
U. S. exports
today
Total American
quotation for middling upland cotton in the
day for the past week has been:
—13.99
.
U. S. interior stock
-1.46
....
do
New York market each
Sat.
stock
Havre stock
do
do
future contract.
April 17 to April 23—
Middling upland
bales.
do
do
_
stock
1.23 off
-Gray
.
Mon.
Wed.
Tues.
13.79
13.85
14 06
Thura.
13.86
Fri.
13.79
The total sales of cotton
For
the
closed
the spot each
.
i-
„
other descriptions are as follows:
3,973,280 4,694,346 4,292,474 6,092,851
East Indian, Brazil, &c.—
487,000
Manchester stock
stock
Bremen
Havre stock
day during the
Indian afloat for Europe
Egypt. Brazil, &c.. afloat
Stock in Alexandria, Egypt
Stock in Bombay. India
indicated in the following statement.
of the reader, we also add columns
...
336,000
63,000
46,000
35,000
32,000
239,000
92,000
255,000
1,178,000
43,000
44,000
24,000
445,000
488,000
56,000
60,000
57,000
22,000
59,000
136,000
150,000
113,000
118,000
90,000
267,000
372,000
817,000 1,214,000
71,000
164,000
78,000
291,000
837,000
are
convenience
which show at
on
.
364,000
295,000
227,000
442,000
65,000
44,000
42,000
51,000
138,000
165,000
190,000
216,000
158,000
118,000
24,000
119,000
84,000
942.000
206,000
220,000
196,000
195,000
1,567,919 1;870,333 1,988,644 2,933,740
1,387,245 1,814,475 1,423,178 1.506,117
5,116
8,538
23,652
22,994
Liverpool stock
Other Continental stock
Market and Sales at New York
week at New York
-
530,000 1,078,000
6,400,280 6,582,346 6,283,474 8,565,851
Manchester stock
do
....2.79
do
_
„
do
1.57
....2.30
....
....
,
581,000
Total European stocks
1,470,000 1,299,000 1,300,000 2,119,000
India cotton afloat for Europe
239,000
1 64,000
150,000
113,000
American cotton afloat for Europe
206,000
220,000
195,000
195,000
Egypt, Brazil,&c.,afl't for Europe
92,000
78,000
118,000
90,000
Stock in Alexandria, Egypt
255,000
291,000
267,000
372,000
Stock in Bombay, India
1,178,000
837,000
817,000 1,214,000
Stock in U. S. ports
1,567,919 1,870,333 1,988,644 2,933,740
Stock in U. S. interior towns
1,387,245 1,814,475 1,423,178 1,506,117
U. S. exports today
5,116
8,538
23,652
22,994
do
do
_
.
♦Middling
on
t
.
1.54
.Yellow Stained...
MiddUng
btrlct MiddUng
i
.2.24
do
_
Good
The official
do
do
do
_
770,000 2,052.000
247,000
611,000
140,000
281,000
23,000
22,000
75,000
85,000
37,000
68,000
4,000
4,000
4,000
7,000
21,000
80,000
76,000
9,000
4,000
491,000
do
•MiddUng
•Not deliverable
on
71 off
Total Continental stocks
do
.
_
Good MiddUng
.50
.14
.08 off
.Tinged
♦Strict Middling..
.27
do
do
.
•Strict Low Middling..
50
do
do
2.75
•
do
.
♦Middling
'
do
1.49
do
.Spotted
♦Low Middling
Good Middling
do
.68 off
do
do
do
.
♦Strict Low Middling..
.25
do
.
do
even
do
do
_
Ordinary
Good Middling
Strict Middling
Middling
do
on
35
....
do
do
_
Middling
♦Strict Good Ordinary.
.34
.64
do
do
•Good
.34
—
-Extra White.....
.36
930,000
111,000
182,000
22,000
11,000
8,000
Stock at Trieste
do
do
_
Good MiddUng
Strict Middling
.76
.
1934
672,000
98,000
209,000
Stock at Barcelona
Stock at Genoa
1935.
718,000
979,000
184,000
251,000
15,000
Stock at Bremen
Stock at Havre
11
♦Strict Good Ordinary
♦Good Ordinary
1 936
631,000
87,000
851,000
128,000
do
.2.78
Chronicle
glance how the market for spot and futures
days.
Total East India, &c
2,427,000 1,888,000 1,991,000 2,473,000
3,973,280 4,694,346 4,292,474 6,092,851
Total American
a
on same
Futures
Spot Market
SALES
Market
Closed
Closed
Spot
Contr'ct
Total
Total visible supply
6,400,280 6,582,346 6,283,474 8,565,851
Middling uplands, Liverpool
7.49d.
6.62d.
6.78d.
5.88d.
Middling uplands. New York
13.79c.
11.80c.
12.25c.
11.15c.
Egypt, good Sakel, Liverpool.
12.95d.
9.60d.
8.85d.
8.67d.
Broach, fine, Liverpool
6.20d.
5.57d.
6.03d.
4.62d.
Peruvian Tanguis, g'd fair,L'pool
9.04d.
O.P.Oomra No.l staple,s'fine,Liv
6.10d.
...
Saturday
Monday
Tuesday
Wednesday.
Thursday
Friday
Steady, 15 pts. adv.
Quiet, 14 pts. dec
Steady, 12 pts. adv.
Steady, 9 pts. adv..
Steady
Barely steady.
Steady
Very steady
Steady
Steady
Continental imports for past week have been 100,000 bales.
T.he above figures for 1936 show a decrease from last
_
"300
...
"355
.
350
350
"300
"355
Total week.
950
950
Since Aug. 1
68,322
._
Quiet. 20 pts. dec
Steady, 7 pts. dec.
_
—
week
of
increase
129,325 bales, a
116,806 bales
loss of 182,066
of
a
an
of
2,165,571 bales from 1933.
Futures—The
highest,
lowest
and
104:655
closing
172,922
prices
at
New York for the past week have been as follows:
At the Interior Towns the movement—that is, the
receipts for the week and since Aug. 1, the shipments for
the week and the stocks tonight, and the same items for the
corresponding period of the previous year—is set out in
detail below:
Saturday
Monday
Tuesday
Wednesday
Apr. 17
Apr. 19
Apr. 20
Apr. 21
Thursday
Apr, 22
:
/;
Friday
Apr. 23
Movement to Apr. 23, 1937
Jfai/(1937)
Range.. 13.34-13.44 13.24-13.56 13.19-13.39 13.30-13.49 13.25-13.48 13.08-13.22
Closing. 13.39
June—
1935,
decrease
over
and
1934,
over
13.25-13.26 13.37
Towns
Movement to Apr.
Ship¬
13.46-13.47 13.26-13.27 13.19
Week
.
Season
Stocks
ments
Receipts
April
Receipts
Stocks
ments
23
Week
24, 1936
Ship-
Week
I
Week
Season
I
Apr.
24
Range..
Closing. 13.30n
13.24a
13.467!
13.367!
13.2771
13.2071
July—
Aug.—
Range.
.
50
Montgomery.
136
Selma
166
Ark., Blythville
Forest City..
_
Closing
13.24n
13.157!
13.277!
13.3871
13.2071
13.1371
Sept.—
12
2
Helena
40
Hope
Range..
Closing. 13.16n
13.077!
13.3071
13.1971
13.1171
13.0571
Oct.—
2
Jonesboro...
Little Rock..
5
827
Newport
12.96-13.09 13.00-13.27 12.89-13.16 13.06-13.26 13.02-13.23 12.87-12.99
Closing. 13.07-13.08 13.00-13.01 13.11-13.12 13.22
13.03-13.04 12.98
Range.
.
Nor.—
Pine Bluff.
27
896
__
Walnut Ridge
Closing. 13.04n
12.9671
13.1971
13.0871
13.0071
12.9671
Range.. 12.89-13.01 12.92-13.20 12.83-13.07 12.98-13.19 12.97-13.16 12.81-12.95
13.16
Closing. 13.00-13.01 12.92-12.93 13.04 —
12.97 — 12.93-12.95
Jan.(1938)
Range.. 12.91-13.03 12.97-13.21 12.87-13.09 13.03-13.21 13.00-13.21 12.83-12.97
3,686
187,520
27,790
138,576
46,183
29,300
3,741
Atlanta,.
Augusta
Columbus
13,409
345,068
189,437
16,325
2,315
900
Macon
—
13.20-13.21 13.01-13.02 12.96-12.97
13.087!
13.2171
13.0271
12.9771
Range.. 12.95-13.08 12.98-13.24 12.90-13.11 13.07-13.23 13.03-13.23 12.92-12.98
12.98
13.10
13.23
Closing. 13.07
13.04
12.98
April—
Range
Closing.
._
10
109,305
1,340
6
27,088
163
36,560
31,822
9,976
160,038
31,098
112,475
34,443
24,335
35
5
94
1
450
135
"21
675
1,517
61,002
15,292
1,206
49,813
89
12,936
17,248
56,988
11
65,970
600
35,500
1,000
288,513
179,444
40,439
28,664
26
53,136
27,467
25
15,128
"372
120,429
36
41,151
172,280
56,025
8,789
43,670
2,053
21,158
100,146
"413
101
163,049
270
69
3,134
533
11,198
63,164
58,809
81,267
17,508
13,445
16,324
3,951 157,192
2,945 129,303
400 30,600
809 39,370
250
Yazoo City..
2
39,084
51,379
5,524
293,277
5,376
10,870
1,871
2,472
2,768
3,736
4,850
37,737
184,417
3,179
24,689
22,945
21,233
25,192
27,672
16,951
2,962
6,948
10,466
2,331
205
9,258
273
2,598
277
7,273
282
3.654
175,732
209,458
4,908
21,285 2,457,861
3,305
67,201
4,053 86,946
34,747 434,825
29
2,382
1,059
1,912
975
494
38,725
259,756
1,947
Jackson
196
61,613
673
43
20,608
186
163
.
Vicksburg...
15 towns *__
Nominal.
Range for future prices at New York for week ending
Apr. 23, 1937, and since trading began on each option:
S. C.,Greenville
Tenn., Memphis
Texas, Abilene.
416
44
Austin
Brenham
2
DaUas
Range for Weet
Option for—
Range Since Beginning of Option
144
Paris
214
Robstown,.
13.08 Apr.
23 13.56 Apr.
13.08 Apr.
23 13.52 Apr.
19 11.51 Nov. 21 1936 14.50 Apr.
6 1937
10.48 June
1 1936 12.78 July 10 1936
19 11.41 Nov. 12 1936 14.59 Mar. 30 1937
11.50 Aug. 29 1936 12.85 Mar.
8 1937
11.52 Nov.
4 1936 13.95 Mar. 17 1937
12.87 Apr.
23 13.27 Apr.
19 11.05 Nov. 12 1936 13.98 Apr.
1937.
Sept. 1937.
Nov. 1937.
11.93
Dec.
1937.
12.81
Apr.
23 13.20
Jan.
1938.
12.83
Apr.
23 13.21 Apr.
Feb.
1938.
Mar. 1938.
959
84
6,524
7,802
26,453
15,871
11,405
283
2
"987
599
1,369
84
37
3
30,581
122
9
189
Oklahoma—
.
1937.
"414
85,544
10
632
La., Shreveport
Mlss.Clarksdale
Columbus...
Greenwood.
12.977!
March—
May 1937
80,410
9
5,277
7,609
459
7,335
288
8,951
4,740 47,674
630
9,545
3,637 21,549
764 12,854
67 15,528
735 24,947
12,003 184,416
2,690 93,752
37,077
i
15,400
119
41,206
48,217
590
Natchez
Range..
Closing. 13.04n
July 1937.
Aug. 1937.
247
295
"~33
Rome
58,083
N. C. Gr'nsboro
13.06
Feb.—
Oct.
167,903
32,495
59,967
54,338
19,573
372
3,067
3,624
44
30,281
8,555
41,311
Mo., St. Louls.
Closing. 13.02-13.03 12.97
June
2,600
19
Athens
Dec.—
75,880
9,238
50,889
55,214
"~3
Ga., Albany
Range..
7i
416
Eufaula
Range.. 13.25-13.37 13.23-13 52 13.14-13.39 13.30-13.49 13.29-13.48 13.08-13.22
Closing. 13.32-13.33 13.23-13.25 13.35
13.46-13.47 13.29-13.30 13.31
*
Ala., Birming'm
12.90 Apr.
Apr.
20 13.24 Apr.
Jan.
19 11.56 Dec.
19 11.70 Feb.
19 1937 11.93 Jan.
5 1937
1 1937
17 1936 13.93 Apr.
5 1937
3 1937 13.94 Apr.
5 1937
12.10 Mar.
1 1937 13,85 Mar. 31 1937
19 12.90 Apr. 20 1937 13.97 Apr.
5 1937
....
San Antonio
Texarkana
43
-
21
Waco
Total, 56 towns
*
38,905
16,244
6,398
81,690
71,164
432
384,952
147,747
17,958 1,873,638
33
54,647
9
18,434
"67
1,488
19
12,048
325
6,016
422
9,263
957
12
203
10,510
2
48
1
52,773
34,143
10,525
728
432
"*62
629
"476
10,847
8,035
13,701
8,950
34,893
33
175
52
5,132
341
4,319
29
79,483
268
853
36
24,663
79,599
43,9353,815,307
2,763 106,132
3,685 55,901
22,850 569,960
124
1,406
9
2,311
13
3,876
96,8621387245 32,880 4,887,595
1,350
52,2181814475
Includes the combined totals of 15 towns In Oklahoma.
The
above
decreased
totals
show
that
the
interior
during the week 52,927 bales and
427,230 bales less than at the same period last
stocks
have
tonight
year.
The
are
,
Volume
Financial
144
receipts of all the towns have been 11,055 bales
the
same
New York
The
1937
1936
1935
1934
1933
1932
1931
—
1921
.20.65c.
1920
1927
.15.25c.
1919
-11.65c.
...
.19.85c.
1928
..11.80c.
...
1929
..11.88c.
—
1926
-18.90c.
1918
7.60c.
1925
1924
.24.40c.
1917
..
6.10c.
—
..
—
1930
-10.05c.
1923
1922
-16.30c.
...
-29.35c.
....
1916
-28.00c.
1915
-18.05c.
....
....
1914
12.00c.
12.00c.
15.10c.
15.15c.
10.45c.
1913
12.25c.
41.65c.
28.80c.
30.40c.
20.10c.
-12.10c.
1912
1911
1910
1909
10.60c.
-13.25c.
1908 ...--10.05c.
1907 -—-11.15c.
11.65c.
1906
Overland Movement for the Week and Since Aug. 1
Aug. 1
Week
Aug. 1
5,376
1,575
291,823
142,692
3,179
108
4,424
8,529
"500
5,404
4,236
184,394
616,544
3,720
14,818
182,219
67,829
2,828
10,619
160,892
576,991
.-16,699
:1,248,406
2,217
54,189
456
Mounds, &c
Via Rock Island
Via Louisville
Via
Virginia pointsVia other routes, &c_
Total gross overland
Deduct
Since
Week
Via St. Louis
Via
-1935-36
-1936-37Since
Apr. 23—
Shipped—
Shipments—
Y,, Boston, &c_.
Overland to N.
.-
Bewtween interior towns
780
22,997 ]1,001,378
5,478
25,609
8,971
246,750
478,857
6,406
281,330
769,549
16,591
720,048
Inland, &c., from South.
.-12,180
Total to be deducted
--14,853
1,846
720
208
11,174
413,494
^
Leaving total net overland
*
„
Including movement by rail to Canada.
The
foregoing shows the week's
has been 1,846 bales,
the week last year, and that for
aggregate net overland exhibits an
this
year
net overland movement
against 16,591 bales for
the season to date the
increase
Keiffer, Bernard_J. Conlin, and Charles
Requests for Release of Loan Cotton—The Commodity
middling upland at New York on
32 years have been as follows:
for each of the past
..13.79c.
...
B. Rich, Leslie E.
8. Montgomery.
Quotations for 32 Years
quotations for
Apr. 23
than
more
week last year.
2857
Chronicle
Credit
Corporation announced
on
April 16 that requests for
release totaling 1,209,958 bales of cotton had been received
at the Loan Agencies of the) Reconstruction Finance Corpo¬
ration
through April 15, 1937.
Activity in the Cotton Spinning Industry for March,
1937—The Bureau of the Census announced on April 20
that, according to preliminary figures, 27,024,970 cotton
spinning spindles were in place in the United States on
March 31, 1937, of which 24,638,578 were operated at some
time during the month,
compared with 24,536,254 for
February; 24,364,802 for January; 24,090,204 for December;
23,805,520 for November; 23,638,270 for October, and 23,181,668 for March, 1936.
The hours of employment and
of productive machinery are affected generally by organized
short time.
However, in order that the statistics may be
comparable with those for earlier months and years, the
same method of
computing the percentage of activity has
been used.
Computed on this basis the cotton spindles in
the United States were operated during March, 1937, at
148.3% capacity.
This percentage compares with 144.8 for
February; 137.7 for January; 134.5 for December; 129.9
for November; 123.3 for October, and 107.9 for March, 1936.
The average number of active spindle hours per spindle in
place for the month was 359.
The total number of cotton
spinning spindles in place, the number active, the number of
active spindle hours, and the average hours per spindle in
place, by States, are shown in the following statement:
over a year ago
of 49,501 bales.
Active Spindle Hours
1935-36
1936-37
In Sight and
Spinners'
Takings
Since
Aug. 1
Week
Receipts at ports to April 23
Net overland to April 23
40,673
1,846
Southern consumption to April 23-160,000
Week
5,970,791
769,549
5,225,000
.202,519 11,965,340
Interior stocks in excess
*52.927
203,182
Excess of Southern mill takings
over consumption to April 1
1,082,395
Came into sight during week.-.149,592
Total in sight April 23--North, spinn's'takings to April 23
6,318,772
620,048
4,015,000
34,771
16,591
115,000
Total marketed
Spinning Spindles
116,362 11,053,820
*19,438
694,137
568,360
18,405
12,316,317
1,509,904
In Place
Active Dur¬
March 31
ing March
Total
United States
27,024,970
24,638,578
9,698,368,366
359
Cotton growing States
New England States-
18,908,102
7,155,182
961,686
17,760,552
7,323,292,352
2.149,284,244
225,791,770
387
1,891,490
663,890
3,304.208
708,440
4,011,264
206,564
598,036
1,761,230
All other States
Alabama
Connecticut
146,924
13,250.917
22,268
51,939
Georgia
Maine
Massachusetts
Mississippi
*
New Hampshire
New York
Decrease.
Movement into sight in previous years:
Week—
Bales
1935—April 26
1934—April 27
1933—April 28
86,770
155,293
170,173
North Carolina
Since Aug. 1—
Bales
1934
8,253,344
11,611,503
-12,327,363
1933
1932
Quotations for Middling Cotton at Other Markets
Closing Quotations for Middling Cotton on-
Saturday Monday
Galveston
13.53
Tuesday
Friday
13.55
H'day
13.48
13.50
13.63
13.62
13.72
13.52
13.50
13.71
13.51
13.44
13.93
14.05
14.17
13.90
13.81
14.00
14.10
13.95
13.65
13.63
Savannah
14.02
Norfolk
14.00
13.90
Rhode Island
Tennessee
Texas
659,122
3,354,432
180,040
558,592
312,486
491,526
5,703,792
851,744
5,497,764
570,224
Virginia.
652,304
All other States.
818,384
693,186
13.40
13.51
belt is
evenmg
13.57
13.68
13.79
13.62
13.99
14.10
14.21
14.04
13.30
13.25
13.35
13.45
13.30
13.20
Texas—Gal veston
Houston
Little Rock
13.55
13.46
13.57
H'day
13.51
13.42
Amarillo
13.25
13.10
13.20
13.30
13.20
13.29
13.15
13.27
13.29
13.15
13.27
H'day
H'day
13.16
13.10
13.09
Austin
Dallas
13.16
13 09
Rain
closing quotations
leading contracts in the New Orleans cotton market for
Wednesday
Apr. 21
Thursday
Apr. 22
-
Brenham
i
13.13
Friday
Apr. 23
13.25-13.26 13.15-13.16 13.26-13.28 13.37
13.17
13.01
13.00-13.01 12.97-12.98
13.11-13.12
August...
September
October
12.96
13.10
13.22
Dallas
Lampasas
Luling
Nacogdoches
Palestine
December. 13.07
13.02
13.16
13.25-13.26 13.05
13.04
13.19
13.28
Louisiana—Alexandria
13.03
Jan.(1938) 13.10
13.06
13.08
Amite
New Orleans
.
March
13.14
13.08
——
13.22
—
13.31
13.14
Steady,
Steady.
Options...
Quiet.
Barely stdy
Steady.
Steady.
Steady.
Steady.
Steady.
Steady.
Steady.
Steady.
Nominations for Officers and Managers of New York
Cotton Exchange—John C. Botts has been renominated
Treasurer
Two
new
,
Exchange, Alpheus
for Vice President, and
Clayton B. Jones for
it was announced by the Exchange on
April 22.
members have been nominated for the Board of
Managers, Thomas F. Cahill and John H. McFadden, Jr.
The full list of nominations for
Managers follows:
Eric Alliot, Thomas F.
Cahill, James Coker, Richard T. Harriss, William
J. Jung, Frank J. Knell, Jerome Lowine, George F. Mahe, John H. McFad¬
den, Jr., Perry E. Moore, Robert J. Murray, Joseph A. Russell, P. Manfred
Schwarz, Alvin L. Wachsman, and Philip B. Weld.
George M. Shutt has been nominated for re-electioD to the
Gratuity Fund, for a period of three
years.
E. Malcolm Deacon, James B. Irwin, and Byrd
W. Wenman have been nominated for Inspectors of Election.
The annual election of the Exchange is to be held on June
7,
office of Trustee of the
and the
new
officers will
assume
office
on
June
10.
The
nominating Committee consisted of Adolf G. Hagedorn,
Chairman, William Wieck, D. Henry Cardozo, Jr., Clayton
263
62
1
0.28
94
44
69
88
52
1
0.62
0.43
96
54
70
75
-
1
0.98
90
60
75
84
68
76
86
0.60
88
60
58
-
94
52
73
73
73
2
dry
Vicksburg
Birmingham
Decatur
Montgomery
Miami
Pensacola
Tampa
Georgia—Savannah
Atlanta
Augusta
-
-
-
-
-
-
90
38
2
0.26
92
52
64
72
1
1.04
0.58
0.56
2.34
0.66
0.68
0.48
2.26
0.43
88
56
72
82
52
84
60
86
56
90
58
67
72
71
74
69
71
69
70
71
70
73
74
67
75
1
1
1
1
1
-
2
-
2
-
-
-
-
-
1
1
1
1
-
Carolina—Charleston.
2
-
-
-
-
-
-
-
-
-
-
62
83
50
86
64
87
61
54
86
84
58
61
54
1
0.04
0.06
90
50
88
58
0.02
0.04
82
62
72
86
64
75
84
62
91
53
73
72
0.30
1
1
1
2
0.60
1
0 02
0.30
0.30
0.04
0.46
0.02
0.42
0.08
0.28
0.35
0.30
0.16
1
1
1
2
3
86
60
54
88
44
90
50
90
50
85
50
86
42
86
46
87
40
84
32
88
42
84
42
90
42
90
37
0.64
80
2
0.18
89
1
-
0.66
0.32
88
44
50
44
88
48
2
Wilmington
Nashville
85
\
86
Raleigh
Tennessee—Memphis
Chattanooga
56
56
57
86
Conway
Weldon
89
84
0.47
1
Nebern
54
86
0.40
1
..
86
1
Greenwood
-
48
1
2
dry
-
50
54
90
74
73
72
72
73
70
70
70
73
dry
-
88
91
dry
dry
Columbia
North Carolina—Asheville
Charlotte
0.02
0.57
0.64
1.20
2
-
88
1.61
0.46
0.57
2
Macon
South
72
0.04
-
Meridian
Alabama—Mobile
-Thermometer
Low
Mean
1
Florida—Jacksonville
for President of the New York Cotton
Beane
335
82
Shreveport
Mississippi—Columbus
13.12
Tone—
Spot
C.
Oklahoma—Oklahoma City._
Arkansas—Eldorado
Fort Smith
Little Rock
Pine Bluff
November
February
358
High
El Paso
Taylor
Weatherford
13.04
June
July
399
91,365,550
0.42
Corpus Christi
San Antonio
13.11-13.12 13.21-13.23 13.30
423
0.02
0.02
-
-
Abilene
Paris
Apr. (1937)
May
13.25
363
320
218,576,542
215,541.187
Rainfall
1
Kerrville
the past week have been as follows:
Apr. 20
306
206
Inches
Days
-
Brownsville
New Orleans Contract Market—The
Tuesday
277
363
by Telegraph—Reports to us by tele¬
indicate that no portion of the cotton
13.96
Apr. 19
302
395
plaining for sometime of insufficient moisture.
13.65
14.07
Monday
390
392
need of moisture and most sections
will be better off with dry weather than with wet weather.
The northwest quarter of the belt has had a good soaking
rain the past week and covered areas that have been com¬
Augusta
Memphis
Saturday
Apr. 17
235
in immediate
Montgomery..
for
300
737,388,341
200,242,806
1,296,332,719
279,999,133
1,111,990,505
74,893,088
183,131,968
101,378,147
2,195,528,029
343,541,336
2,391,341,525
257,117,490
210,292
603,568
13.85 J
13.51
Fort Worth
637,314
3,044,792
6,055,660
1,075,040
5,648,504
644,386
255,274
South Carolina
graph this
Wed'day Thursday
13.44
New Orleans-.
Mobile
6,134,100
743,926
Average per
Spindle in Place
Weather Reports
Week Ended
April 23
for March
State
Since
Aug. 1
-
-
1
66
70
70
41
64
66
64
58
65
63
66
64
62
71
66
68
The following statement has also been received by tele¬
graph, showing the height of rivers at the points named at
8 a. m. of the dates given:
2858
Financial
Apr. 23, 1937
Above
zero
Memphis—
Above
zero
Above
zero
Above
zero
Above
zero
Nashville
Shreveport
Vicksburg
...
—
Receipts from
the
of gaugeof gauge-
Feet
7.5
This
13.5
38.9
11.2
16.8
11.4
of gaugeof gaugeof gauge-
April 24, 1937
Apr. 24, 1936
Feet
New Orleans
-i
Chronicle
10.8
Exports (bales)—
following
Aug.
This
Liverpool
To Manchester, &c
9",666 611,308
Week
1
37,675
126,851
540,379
32,881
11,000 596,197
33,868
12,000 999,103
7,000 874,257
21,000 869,133
176,893
7", 006
6.000 124,320
Note—A cantar is 99 lbs.
Southern
This statement shows that the receipts for the week ended
consumption; they
simply
are
statement of the
a
movement from the plantations of that part of the
crop which finally reaches the market through the outports.
Week
Receipts at Ports
Stocks at Interior Towns
Receipts from Plantations
Ended
1936
1935
|
1934
1936
1935
Jan.
1934
1936
1935
1934
I
29..
61,831
86,523
44,884 2.046.4132.249,736 1,767,312
17,573
60.871
54,614 2,001.8962,196.2651.740,457
40,896 1.952.548 2.158.658 1,708,04f
10,309
17.101
Egyptian bales weigh about 750 lbs.
57,820
19..
1937
82,2571
63,630
8,472 26.023
8,480
56,534 25,018 1.926,804 2,124,6671,680,359 56.613 22.643
Nil
20.. 261,440271,993 133,526 2,373,757 2,321,538| 1,983.174 282,311 276.748 153.406
26.,
66.019 64,035 45,509 1.880,4552,103,575,1.639,950 19,670 42,943
8,103
Mar.
I
6-
48,205'
64,149
28,622 1,810,7712,057,0371,603,937
Nil
67,954' 38,439' 24,287 1,744,8602,012,824 1,587,972
19..
54,793
26..
61,190
47,370
48,797
Apr.
2.,
59,427
35.770
9..
50,142
35,607
■
were
Manchester Market—Our report received by cable to¬
night from Manchester states that the market in both yarns
and cloths is steady.
Merchants are not willing to pay
present prices.
We give prices today below and leave those
for previous weeks of this and last year for comparison:
27.769
11..
12..
April 21
40,000 cantars and the foreign shipments 12,000 bales.
11,172
54.826! 70,572
Total exports
Feb.
6..
25,927
25,529
16..
42,828
34.922
15,829
40,673
34.771
21,251
Nil
1,667
Nil
2,043
30,138 1,685.484 1,967.16711,559,937
24,491 1.622,6111,940.895,1,535.485
23..
2,109
d.
5—
Nil
(1) That the total receipts
from the plantations since Aug. 1, 1936, are 6,216,627 bales;
in 1935-36 were 6,986,346 bales and in 1934-35 were 4,139,457
bales.
C2) That, although the receipts at the outports the
past week were 40,673 bales, the actual movement from
plantations was nil bales, stock at interior towns having
decreased 52,927 bales during the week.
World's Supply and Takings of Cotton—The follow¬
ing brief but comprehensive statement indicates at a glance
the world's supply of cotton for the week and since
Aug. 1
for the last two
seasons
from all
sources
obtainable; also the takings
sight for the like period:
are
Cotton
Takings,
from which statistics
amounts gone out of
or
1936-37
1935-36
Week and Season
Week
Season
Week
Season
9
9
1234 @1334
d.
i.
32a Cop
Twist
d.
Cotton
Lbs. Shirt¬
Common
Middl'g
Upl'ds
ings,
to Finest
d.
».
9
@10
0
7.34
934@1134
7.30
954@ll)4
954@ll34
954@11J4
954@11
9
@10
@10
0
9
0
7.30
9
6
@
9
9
7.22
9
9
@10
0
7.41
0
@10
3
1234 @ 1334
26- 1254 @13 54
d.
9
d
1.
9
6
@
3
9
d.
6.14
9
6.07
@
9
6
9
3
@
9
6
6 21
9
3
@
9
6
6 17
9
3
@
9
6
6.04
Mar.—
Nil
15,333
9
19—
6,763
Nil
Nil
d.
s.
1234 @1334
11.. 1234@1334
Nil
4,617
Upl'ds
Jan.—
32
Nil
Middl'g
to Finest
834
Feb.—
1,713
22,525
Nil
1936
Cotton
Lbs. Shirt¬
ings, Common
Ttoist
29..
Nil
6.060
V.:v'k:
32a Cop
8,323
Nil
I
1,569,2441.902,4721,492,794
1,503,3101,871,482 1,474,028
1,440,172 1,833,913 1,451,845
1,387,2451,814,4751,423,178
■
834
5- 13
@1454
10
7.70
9
134® 9
734
7.94
954@11V4
9
3
@
9
6
6 30
19— 14
@ 15 34 10
7 34® 10 104
7.85
954@ 1134
9
134®
9
434
6
25-
@1534
10
734@ 10 1034
7.95
9K@113*
9
3
9
6
6.44
2- 1434 @15*4
9— 1434@1534
10
12—
The above statement shows:
10
1354 @16
14
4 34 @10
934@ll
@
6.12
434
34
Apr.—
734 @10 1034
7.97
10
9
@11
0
7.87
954 @11^4
954 @1134
9
134® 9
134® 9
434
434
6 57
16- 1434 @1534 10
9
@11
0
7.47
9H@ 1134
9
134@
9
434
6 58
23..
6
@10
9
7.49
954@1134
9
134®
9
434
6.62
14J4@1534
Shipping
10
News—As
shown
on
9
previous
a
6.50
the
page,
exports of cotton from the United States the past week have
reached 48,491 bales.
The shipments in detail, as made
up
from mail and telegraphic reports,
are as
follows:
Bales
GALVESTON—To Bremen—April 15—Schwanheim, 4,445
To Hamburg—April 15—Schwanheim, 20
4,445
20
To
Copenhagen—April 17—Stureholm, 770To Oslo—April 17—Stureholm, 200
To Gdynia—April 17—Stureholm. 1,167: Alssund, 545
To Gothenburg—April 17—Stureholm, 860
To Puerto Colombia—April l7—Tillie Lykes, 499
HOUSTON—To Copenhagen—April 16—Ivar, 166
April 15—
Stureholm, 559
To Oslo—April 15—Stureholm, 33
To Gdynia—April 16—Alssund, 405
April 15—Stureholm,
770
200
1,712
860
499
725
-
Visible supply April 16
Visible supply Aug. 1
American in sight to April 23
Bombay receipts to April 22__
Other India ship'ts to April 22
6,529,605
6,691,499
4,899",258
149,592 13,250,917
66,000
2.576,000
39,000
883,000
8,000
1,802,200
13,000
455,000
-
Alexandria receipts to
April 21
Other supply to April 21 *&_Total supply
Deduct—
6,805,197 23,866,375
Visible supply April 23
6,400,280
Total takings to April 23-o>Of which American
6,400,286
4,295,259
12,316,317
2,312,000
717,000
1,579,600
407,000
146,924
120,000
V. 2.000
20,000
15,000
6,995,423 21,627.176
6,582,346
404,917 17,466,095
276,917 12,368,895
128,000
5,097,200
Of which other
6,582.346
413,077 15,044,830
246,077 10,409,230
167.000 4,635,600
*
Embraces receipts in Europe from Brazil, Smyrna, West
Indies, &c.
This total embraces since Aug. 1 the total estimated
consumption by
Southern mills, 5,225,000 bales in 1936-37 and
4,015.000 bales in 1935-36
—takings not being available—and the aggregate amount taken by North¬
a
and
ern
bales in
foreign spinners, 12,241,095 bales in 1936-37 and 11,029,830
1935-36, of which 7,143,895 bales and 6,394,230 bales American.
b Estimated.
293
33
698
-
To Gothenburg—April 15—Stureholm, 95
To Ghent—April 17—Leerdam, 428
April
95
20—Meanticut,
337
765
To Rotterdam—April
17—Leerdam, 456
April 20—Meanti¬
cut, 185
To Tallin—April 17—Leerdam, 15
641
-
15
To Havre—April
20—Meanticut, 18
To Genoa—April 23—Ida Zoe, 1,305
NEW ORLEANS—To Liverpool—April 13—Daytonian, 10
To Copenhagen—April 20—Toronto, 250
To Oslo—April 20—Toronto, 100
To Gdynia—April
20—Toronto, 600
April 15—Rynhildsholm, 600.-.April 19—Ivar, 50
To Gothenburg—April 20—Toronto,
200
April 15—Rynhildsholm, 450
To Tallin—April 20—Toronto, 50To Havana—April 17—Santa Marta, 225
To Bremen—April 14—Frankfurt, 5,161
To Hamburg—April 14—Frankfurt, 334
To Rotterdam—April 17—Cranford, 300
To Antwerp—April 20—Vermont, 165
To Aalborg—April 19—Ivar, 334
To Vejle—April 19—Ivar, 125
To Varborg—April 19—Ivar, 100
To Havre—April 20—Vermont, 50
To Bordeaux—April 20—Vermont, 548
To Genoa—April 17—Ida Zoe, 2,842
To Naples—April 17—Ida Zoe, 500
MOBILE—To Manchester—April 13—Gateway City, 3,158
To Antwerp—April 13—Gateway City, 93
To Bremen—April 13—Gateway City, 1,792
April 14—City
of Alma, 300
18
-
1,305
10
250
100
--
-
1,250
650
50
225
-
5,161
334
300
165
-
India Cotton Movement from All Ports—The
receipts
of Indian cotton at Bombay and the
shipments from all India
ports for the week and for the
for three years,
have been
as
from Aug. 1 as cabled,
season
1935-36
1934-35
April 22
Receipts—
Since
Week
Bombay..
Aug. 1
334
125
100
50
548
-
-
follows:
1936-37
Since
Week
Aug.
Since
Week
1
66,000 2,576,000 120,000 2,312,000
-
Aug. 1
69,000 1,905,000
To
2,842
500
3,158
93
2,092
Hamburg—April 14—City of Alma, 634
634
To Rotterdam—April 14—City of Alma, 750
SAVANNAH—To Antwerp—April 20—Tulsa, 50
750
50
To
For the Week
Ghent—April 20—Tulsa, 200
i
To Hamburg—April 20—Tulsa, 675—April 17—Flint, 730--
Since August 1
Eiports
From—
Great
Contt-
Jap'ndk,
Britain
nent
China
Great
Total
Conti¬
Britain
nent
\Japan
&
China
Total
Bombay—
1936-37..
1935-36-.
1934-35..
5,000
3,000
8,000
14,000
11,000
4,000
1
17,000
68,000
303,000 1,149,000 1,520,000
50,000
67,000
85,000
17,000
28,000
51,000
310,000
259,000
946,0001,341,000
936,0001,246,000
39,000
2,000
32,000
345,000
276,000
538,000
441,000
172,000
460,000
883,000
717,000
632,000
Other India-
1936-37-
29,000
1935-36.
1934-35-
lo'ooo
10,000
2,000,
22,000
To Bremen—April 17—Flint, 2,569
To Rotterdam—April 17—Flint, 200
CHARLESTON—To Liverpool—April 8—Sacarrappa, 525-To Manchester—April 8—Sacarrappa, 1,944
To Antwerp—April 13—Tulsa, 75-.
To Denmark—April 13—Tulsa, 12
To Hamburg—April 13—Tulsa, 340
To Denmark—April 20—Schoharie, 71
NORFOLK—To Hamburg—April 19—City of Norfolk, 166
SAN FRANCISCO—To Great Britain—,?)—450
200
1,405
2,569
200
525
1,944
75
12
-
340
71
166
450
To Belgium—(?)—50
To Japan—(?)—300
50
300
To India—(?)—436
ANGELES—To Liverpool—April
436
...
Total
1
4,000 114,748
indicates the actual movement each week from the
planta¬
tions.
The figures do not include overland receipts nor
weekly
Aug.
174,146
To America
table
Since
This
Aug.
3.000 173,227
To Continent & India
Since
Week
1
To
3.3
41.2
18.0
Plantations—The
Since
Week
all—
1936-37..
1935-36-
1934-35-
LOS
34,000
3,000
21,000
18,000
16,000
22,000
4,000
50,000
17,000
56,000
69,000
60,000
413,000
361,000
223,000
Alexandria
Receipts and Shipments—We now re¬
cable of the movements of cotton at Alexan¬
The following are the receipts and shipments
for the past week and for the
corresponding week of the
previous two years:
ceive
weekly
dria, Egypt.
a
1936-37
1935-36
1934-35
This week
Since Aug. 1
100,000
7,947,904
90,000
7.046,073
3,400
500
300
48,491
Cotton
Freights—Current rates for cotton from New
York, as furnished by Lambert & Barrows, Inc., are as
follows, quotations being in cents per pound:
Stand¬
High
High
ard
Density
Density
Stand-
High
Stand-
,42c.
,57c.
Trieste
d.45c.
ard
.60o.
Piraeus
.85o.
1.00
Manchester ,42c.
,57c.
Flume
d.45c.
.60c.
Salontca
.85c.
1.00
Liverpool
Density
ard
,5434c. Barcelona
*
*
Havre
,36c.
,51c.
*
*
Copenhag'n.52c.
.60c.
.67c.
Rotterdam
,3934<5.
.54)^0. Shanghai
*
*
Naples
d.45o.
.60o.
d.45o.
,60c.
.52c.
.67c.
Genoa
40,000
9,002,783
100
200
(?),
Vito, 3,200.
,3934 c.
d 45c.
Oslo
Receipts (cantars)—
2,676
To Gdynia—April 19—Annis Johnson, 500
To India—April 19—President Van Buren, 300
Antwerp
Alexandria, Egypt,
Apr. h
1,269...
To Manchester—April 19—Pacific Exporter, 100
To Rotterdam—April 16—Drechtdijk, 200
To Japan—April 19—President Van Buren, 200.-.April
According to the foregoing, Bombay appears to show a
decrease compared with last year in the week's
receipts of
54,000 bales.
Exports from all India ports record a decrease
of 13,000 bales during the week, and since
Aug. 1 show an
increase of 345,000 bales.
16—Drechtdijk,
April 19—Pacific Exporter, 1,407
841,0001.149,0002,403,000
751,000
946,0002,058,000
719,000
936,0001,878,000
,52c.
*
Rate Is
open,
Venice
,60c.
*
Bombay
.65c.
Leghorn
,68c.
,53c.
Stockholm
Japan
Bremen
.37c.
.53c.
Gothenb'g
,67c.
Hamburg
.37c.
.53c.
x
x
Only small lots,
.50c./
d Direct steamer.
d.45c.
Volume
Financial
144
Liverpool—By cable from Liverpool, we have the follow¬
ing statement of the week's imports, stocks, &c., at that port:
April 16
72,000
Total stocks
Of which American.....
Total imports
107,000
979,000
429,000
42,000
16,000
202,000
52,000
64,000
41,000
164,000
Of which American
Amount afloat
April 23
54.000
993,000
438,000
62,000
25,000
186,000
58,000
April 2
April 9
53,000
74,000
1,021,000 1,006,000
443,000
439,000
Forwarded
23,000
176,000
59,000
Of which American
76,000
Liverpool market for spots and futures
day of the past week and the daily closing prices of
spot cotton have been as follows:
The tone of the
each
Spot
12:15
P. M.
Quiet.
demand.
Moderate
doing.
demand.
7.49d.
7.50d.
7
pts. 7 to 9 pts. 7 tp 10 pts.
decline.
advance.
(
advance.
decline.
advance.
(
Market,
advance.
Steady,
Quiet but
Steady,
Quiet, 1
Q't but st'y
Steady,
5 to 8 pts. stay., 10 to 12 to 13 pts 1 to 3 pts. 4 to 9 pts. 12 to 13 pts
decline.
advance.
advance.
decline.
11 pts. adv.
advance.
(
P. M.
Liverpool for each day are given below:
Close Noon Close Noon Close Noon Close Noon Close Noon Close
April 23
d.
d.
d.
New Contract
d.
d.
d.
tf.
d.
d.
d.
d.
May (1937)
7.30
7.41
7.41
7.32
7.29
7.29
7,30
7.37
7.39
7.29
7.26
July
7.35
7.46
7.46
7.37
7.33
7.33
7.35
7.42
7.43
7.33
7.30
October
7.29
7.38
7.39
7.31
7.26
7.27
7.29
7.35
7.23
7.21
December
7.23
January (1938)-.
7.25
7.34
7.35
7.26
7.22
7.22
7.24
7.30
7.28
7.18
7.16
March...
7.25
7.34
7.35
7.26
7.22
7.22
7.24
7.30
7.28
7.18
7.16
May...
7.25
«•
7.20
7.33
—
—
-
7.23
_
-
7.33
7.15
7.27
7.16
7.28
7.24
7.22
7.35
-
BREADSTUFFS
Friday Night, April 23, 1937
Flour—The buying flurry
and
week has subsided,
even
that
evident earlier in the
Most mills cut their ideas
in wheat recently.
setback
was
odd carlot orders are running
Flour prices weakened in sympathy with
light currently.
the
had
suddenly
5c.
about
grades
bakery
per
barrel.
family brands and semolina held steady at
which
inst.
weakness
prices
prices closed %
4c. a bushel in
slumped
for
rise of
the
influences in
The remarkable strength
wheat.
of domestic wheat market in the face of extreme weakness
displayed in the wheat markets abroad caused much com¬
ment and action on the part of the trade and the specu¬
Liverpool wheat dropped 4 to 6c. at times,
lative element.
extending losses there in 10 days to approximately 25c., but
rallied
then
moderately
expectations
on
of smaller world
shipments.
On the 19th inst. prices closed
1 to 2%c. net higher. The
substantial upward sweep of
prices today were reports of big export buying of Canadian
wheat and sharply reduced estimates of available supplies
in Argentina.
Speculative traders, who last week were
anxious
to
the
factors in
contributing
throw
price,
rushed
result
prices
wheat
their
rocketing of prices was
pool,
world-wide, jumps of 7c.
quotations
Estimates current
of wheat today
and that the
reduced
stated,
to
at
any
or
more
being registered at Buenos Aires and Liver¬
Rotterdam
with
overboard
in excitedly today to repurchase, and as a
soared a maximum of 4%c. a bushel.
Sky¬
in wheat values
more.
holdings
were
shooting upward
9c.
or
that transatlantic purchases
in Canada totaled 2,250,000 bushels
or more,
aggregate of wheat left in Argentina had been
34,903,000 bushels, the bulk
has
already
been
of
for.
contracted
which,
it
Heavy
profit-
weakness
near
On the 20th inst. prices closed %c. lower to l%c. higher.
Transactions in May wheat were the chief feature of the
trading.
Scarcity of offerings characterized dealings in this
delivery and led at times to upturns of 2V2c. a bushel. On
the other hand, July and September, which stand for wheat
buying by traders who
in
some
cases
l^c.
A rush
are
Meanwhile, increased selling pressure developed whenever
July
and
September
wheat
scored
gains.
Beneficial
in the
west
in
sections of the domestic
winter crop territory
Southwest and in spring wheat
areas
in the North¬
largely responsible for this increased selling.
influence on the side of higher prices for May wheat
was
talk
that
tion
had
On
factor
the
behavior
run
its
21st
of all
An
was
prices closed % to l^ic. down.
The
operating against values today was the report that
with Eastern
earlier in the week
880,000 bushels a year ago.
Today prices closed % to 2*4c. down.
much as Sy2c. a bushel took place on the
Declines of as
Chicago Board
today.
In addition to severe breaks in Liverpool wheat
values, bearish sentiment among Chicago traders influenced
by beneficial rains and snows in the Canadian prairie prov¬
inces, contributed considerably to the declines in domestic
wheat prices.
Much needed moisture was also received in
winter
domestic
well
Southwest and West, as
territory,
wheat
in domestic spring wheat
as
interest in wheat,
areas
Northwest.
Open
103,413,000 bushels.
DAILY CLOSING
OF WHEAT IN NEW YORK
Mon. Tues.
Wed. Thurs. Fri.
15134 153
152H 15054 14854
PRICES
Sat.
■
->149
No. 2 red
CLOSING
PRICES
OF
-
----
Mon.
Tues.
Wed.
13054 13354 135
13454 13254 13034
11954 121H 12134 12054 11854 118
>>11734 11854 11834 11734 11634 11554
Made
I
Season's Low and When Made
5, 19371 May
10534
Sept. 2, 1936
5. 1937 July
9634 Oct. 2. 1936
29, 19371 September---.10734
Jan. 28,1937
-
-
and
When
14534
13054
12754
Apr.
Apr.
Mar.
High
Season's
May
July.
September
IN CHICAGO
Thurs. Fri.
WHEAT FUTURES
Sat.
May
July
September.
DAILY CLOSING PRICES OF
BONDED WHEAT AT
Sat.
pppi
Mon.
Tues.
WINNIPEG
Thurs. Fri.
Wed.
133
13634 13654 13654113334 13234
-12954 13334 13234 13234 12934 12854
11834 12134 11934 11854111654 117
May
July.
October
closed 1 to 3%c. up. Last
Receipts at terminals increased in
six days 644,000 bushels.
Today's (Saturday's) rally car¬
ried up future contracts substantially, old July advancing
le and new May 3%c.
Last week Buenos Aires May corn
lost 3%c.
Its exportable surplus is now 287,000,000 bush¬
els, according to reliable advices.
On the 19th inst. prices closed % to l%c. higher.
While
wheat appears to have the spotlight, corn also showed con¬
siderable activity and strength, no further large shipments
from the Argentine being in immediate prospect, apparently.
Furthermore, the weather and crop advices have not been
altogether favorable.
Corn was found readily responsive
to the vigor and strength of the wheat markets.
On the 20th inst. prices closed unchanged to l%c. up.
There was very little of interest in the trading or in the
news concerning corn.
On the 21st inst. prices closed l^c.
lower to %c. higher.
In spite of partial gains, a heavy
undertone prevailed in this grain, due to a large extent to
Corn—On the 17th inst. prices
week cash corn lost 9c.
the late
depression in wheat.
Arrivals of domestic corn at
Chicago from the East were noted, and more are expected
between
On
now
wheat
and Monday.
22nd inst.
the
weakness
was
prices closed
% to l*4c.
This
of
Trading
down.
largely in sympathy with the heaviness
Today prices closed %c. down to %c.
up.
comparatively light and without any significant feature.
Open interest in corn, 32,660,000 bushels.
was
!
m
DAILY CLOSING PRICES OF CORN IN NEW YORK
Sat.
No. 2 yellow
DAILY
.14354
Sat.
Sept. (new)—11554
Oats—On
in
14634
was
wheat
not
Mon.
12334 12554
11334
Ji&iyS
1255< 127^4
11654 11754
10754 10834
Season's HiQh and
May
13034
July
122
May (new)
13334
July (new)—-.125
This
Mon.
Tues.
148
Wed.
148
Thurs.
147
Fri.
14654
CLOSING PRICES OF CORN FUTURES IN CHICAGO
May
July
May (new)
may uiew;
July (new)
September (new)
world markets suggested liquida¬
course.
inst.
had a
The fact that direct
to go from
Chicago to Europe in competition with Canadian wheat were
confirmed today, was in
some quarters associated with
price breaks at Winnipeg.
Contributing to the late, down¬
ward swing of wheat values were forecasts of big ship¬
ments from Argentina this week, 6,245,000 bushels, against
of
short of wheat to fulfill require¬
ments next month accompanied the rise of May quotations.
moisture
some cases,
Houses
close.
the
connections that were prominent buyers
was
taking towards the close caused prices to react sharply on
the Chicago Board.
yet to be harvested, fell
The
market, in
lower.
liquidating sales of May wheat tended almost from the
outset to drag Chicago prices down, but the offerings were
well absorbed until the Canadian market developed pro¬
DAILY
% to 2%c. higher.
foreign account continued during this
session, but it was more than offset by heavy local demand
and covering by shorts.
A strong influence on wheat prices
upward tendency was the pronounced strength in corn, the
May delivery bounding upward 3%c. just before the close.
This was within %c. of the maximum gain permitted in
one day.
The improved demand for Canadian wheat and
scattered unfavorable domestic crop reports contributed as
selling
Heavy
2^c.
to
unsettling effect on the Chicago market late today,
with 2*4c. losses registered on the Chicago Board.
Heavy
M
Wheat -On the 17th inst. prices closed
at 1,500,000 bushels.
Winnipeg
by the
displayed
in
business
Export
volume.
in
very
Advertised
previous levels.
declined 5 to 10c.
l!ye flour recently
broadened
22nd
the
purchases of United States hard winter wheat
to
on
practically certain.
At Liverpool gains of 5c. or more
were registered.
There was no explanation given for this
sensational rise outside of the fact that European buying
appeared to be principal sellers today.
Fri.
Thurs.
Wed.
Tues.
Mon.
Sat.
April 17
the
is
nounced
Prices of futures at
large wheat crop in Oklahoma
result of plentiful moisture a
On
Barely st'y;
bushels
to bring 2,000,000
to
extreme
Steady,
Steady,
pts. 12 to 13 pts 5 to
to 8
grain
demand.
7.58d.
7.53d.
chartered
been
has
Chicago from Duluth.
The effect was that
earlier upturns of wheat values, amounting to 2c. a bushel
in some cases, were more than wiped out and losses ex¬
tended throughout the list instead of gains.
Contributing
to the late reaction were rains in parts of Canada and in
general throughout domestic winter wheat areas, especially
the Southwest.
Oklahoma advices indicated that as the
of
Good
Steady,
Steady,
7 to 11 pts. 6
\
business
7.59d.
7.48d.
Firm,
vessel-room
Canadian wheat today was estimated
Moderate
demand.
Moderate
Futures, f
opened
Friday
A fair
Mld.Upl'ds
Market
Thursday
Wednesday
Tuesday
Monday
Saturday
/
{
[
Market,
2859
Chronicle
the
Tues.
12734
11634
12854
11834
109
Wed.
Thurs.
Fri.
12734
11554
AZO
12854 12754 1275
11734 11634 116*
10834 10834 10854
-
Season's Low and When Made
When Made
8534
July 29, 1936
Apr.
5, 1937 May
July
85
Oct.
1, 1936
Apr.
6, 1937
8954
Nov. 2, 1936
Apr.
5, 1937 May (new)
8654
Nov. 2,1936
Apr.
6, 1937 July (new)
Feb.
2,1937
Apr.
5,1937 Sept. (new)— 9334
17th
inst.
prices
closed
%
to
l%c.
up.
surprising in view of the substantial advances
and
corn,
which apparently caused heavy short
covering all along the line.
'On the 19th inst. prices closed
2860
le.
off
were
Chronicle
April 24,
1937
%c. higher.
The poor response of this market
grain markets was rather a surprise.
Prices
irregular throughout the session, with a heavy under¬
to the
tone
Financial
to
other
evident
in
the
distant
deliveries.
On
1v,
On the 22nd inst. prices closed
inst.
PRICES
OP
OATS
New York..
113,000
31,000
13,000
22,000
522,000
St. John, W__
Boston!
4O"666
NEW
IN
Oats
Rye
Barley
bush 32 lbs bush 56 lbs bush 48 lbs
285,000
41.000
PhiladelphiaBaltimore.
New
__
Orleans*
160,000
90,000
92,000
330,000.
15,000
Galveston. _L_
15,000
8,000!
19,000
1,000
2,000
5,000
14,000
12,000
,12,000,
.
32,000
18,000
.•
348,000
2,COO,
Trading
largely routine, with the trend lower in sympathy with
declines in the other grains.
Today prices closed ^c. down
to %c. up.
No noteworthy feature to the trading.
CLOSING
Corn
bush 56 lbs
_
/
% to %c. down.
was
DAILY
Wheat
bush 60 lbs
Halifax
20th
the
prices closed %c. down to %c. up.
Trading was light, with
I>rices very irregular.
On the 21st inst. prices closed un¬
changed to y2c. lower.
Trading was light and without
feature.
Flour
bbls 196 lbs
Receipts at-
Total week '37
Since Jan 1*36
YORK
854,000
1,020,000
22,000
13,234.000
49,000
759,000
19,000
9,519,000
313,000
227,000
314,000
4,675.000
Since Jan. 1'37
Week 1936...
278,000
4,199,000
662,0001
57,000
990,000
57,000
1,093,000
58,000
4.000
17,879,000'
717.000
290,000
■
No. 2 white—
—
Sat,
63
-
Mon.
Tues.
63%
Wed.
63%
Thurs,
63%
64
Fri.
63%
DAILY CLOSING PRICES OP OATS FUTURES IN CHICAGO
Sat. Mon.
Tues.
Wed.
Thurs. Fri.
May
49
49%
50
49%
49
48%
July—
September
45%
42%
Season's High
May
July
September
and
54%
50%
47%
When Made
Jan. 14, 1937
Apr.
5, 1937
Apr.
6, 1937
I
45%
41%
45
41%
Season's
Low
44%
40%
44%
40%
When
and
May
40%
July...
37%
September.— 39%
44
40%
*
on
Receipts do not include grain passing through New Orleans for foreign ports
through bills of lading.
The exports from the several seaboard
ports for the week
ended
Saturday, April 17, 1937,
statement:
July 29, 1936
Oct.
1, 1936
Mar. 4, 1937
Exports from—
New York
Wheat
Corn
Flour
Oats
Rye
Bushels
Bushels
Barrels
Bushels
Bushels
988,000
58%
55
58
57%
53%
54%
55%
51%
55%
51%
Rye—On the 17th inst. prices closed % to l%c. up.
It
would have been surprising if rye had not
responded to
the rebound of" grain prices all
along the line after the
extensive
There
liquidation
and
declines
of
the
previous
days.
considerable short covering in rye.
On the 19th
inst. prices closed % to l%c. up.
A bulge of 5c. in rye
values at Winnipeg was reported,
St
John
-
40.000
41,000
.
Total week
Same week
1937—
1,273.000
118,448
1,371.000
1936
168.676
"Tooo
The destination of these exports for the week and since
July 1, 1936, is
below:
as
was
together
with
Flour
purchases of eight loads of Canadian rye, presumed to be
Germany.
On the 20th inst. prices closed %c. down to
iy8c. up. Trading was comparatively light and without
Wheat
Corn
Exports for Week
and Since
Week
Since
Week
July 1 to—
Apr. 17
July 1
Apr. 17
1937
1936
1937
Barrels
,
export
Barrels
Bushels
A- Since
Week
Since
July 1
Apr. 17
Juy 1
1936
1937
1936
Bushels
Bushels
Bushels
for
any
spectacular
feature.
down to
%c.
news
On
the
21st
inst.
prices. closed
%c.
trading.
or
There
up.
nothing of importance in the
was
United Kingdom.
Continent..
So. & Cent. Amer.
65,948
2,006,220
5,500
602 177
265,000
997,000
54,237,000
38,262,000
11,500
522,000
11,000
430,000
West Indies
1,000
32,500
1,133,000
25,000
5,000
Brit.No.Am. Co's.
On the 22nd inst. prices closed
% to l^c. down.
The
bearish weather and crop
reports, together with the bearish
developments in wheat and corn, naturally affected
25.000
3~O6O
112.853
Total 1937
118,448
Total 1936
168.676
4,401.250
3,498,966
Other countries...
2,204:666
1,273.000
95,158,000
6,000
1,371.000
72,301.000
88,000
rye.
Today prices closed % to l%c. down.
This heaviness and
decline was naturally influenced
by the declines in wheat
and
corn.
DAILY
v''Vv"V:YVf\
CLOSING
PRICES
OF
RYE
Sat.
May
July
September..
112
103%
DAILY
When
Made
I
CLOSING PRICES
OF
CLOSING
PRICES
OF
-
75%
71
87%
FUTURES IN WINNIPEG
Mon. Tues.
Wed. Thurs. Fri.
111%
113%
106
108
113%
108%
110%
105%
112%
107%
BARLEY
FUTURES IN CHICAGO
Mon. Tues.
Wed. Thurs. Fri.
Sat.
May
77%
76%
DAILY CLOSING PRICES OF BARLEY
FUTURES IN WINNIPEG
Sat. Mon.
Tues.
Wed. Thurs. Fri.
May
July
68%
65
Closing quotations
were as
71
67%
70%
66%
65%
68%
63%
70%
64%
Soft winter straights
Hard winter straights
follows:
Boston.
A
„
Cornflour
5.95@6.25
Wheat, New York—
No. 2 red, c.i.f., domestic...148%
Manitoba No. 1, f.o.b.
N.Y_139%
Corn, New York—
No. 2 yellow, all rail
3.70
Coarse
4.75
Fancy pearl,Nos.2.4&7 6.90@7.25
146%
J
:vY"
Oats, New York—
No.
2 white
63%
Rye. No. 2, f.o.b. bond N. Y-124%
Barley, New York—
47% lbs. malting
107%
Chicago, cash
100 @130
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
Wheat
bush 60 lbs
209,000
Milwaukee.
.
19,000
Toledo
St. Louis
City.
200,000
80,000
20,000
89,000
13,000
38,000
187,000
19,000
1,000
Total week '37
409,000
Same week *36
374,000
314,000
1934
~3~2~666
461,000
Sioux City...
1935
471,000
103,000
9,000
Buffalo
Since Aug. 1—
1936
bush 56 lbs
45,000
92,000
14,000
St. Joseph...
Wichita
Same week '35
336,000
2,000
75,000
Corn
128,000
44,000
Omaha
1,821.000
1,658,000
2,187,000
Oats
bush 32 lbs
218,000
68,000
2,000
9l"000
168,000
192,000
72,000
Rye
bush 56 lbs bush 48 lbs
65,000
New Orleans
140.000
206.000
14,000
169,000
2,000
1,000
7,000
530,000
...
Galveston
211,000
140,000
379,000
14,000
1237600
1,000
6,000
2,000
8.000
Fort Worth
1 491,000
Wichita
164,COO
1,302,000
641,000
Hutchinson
St. Joseph
_
Kansas City
Omaha
1187666
294,000
207,000
82,000
244,000
102,000
98,000
7,000
2,000
12,000
77,000
1,160,000
4,2877666
725,000
1,025,000
1877666
139.000
24,000
25,000
121,000
5,000
33,000
4,571,000
3,386,000
3,000
686,000
166,000
50,000
2,631,000
598,000
794,000
2,000
146,000
3,163.000
2.768,000
2,888,000
8,454,000
9,000
336.000
833.000
.
afloat
1917600
88,000
138,COO
5,879,000
;
1,710,000
Sioux City
246,000
St. Louis.—.————A*- 1,448,000
Indianapolis
471,000
Peoria
5,000
Chicago
3,769,000
"
8.896.000
3,059,000
190,000
2,919,000
Detroit..
Buffalo
2,000
13.000
66.000
227,000
...
16,COO
30,000
32,000
209.000
Duluth. x
4,000
345,000
On Canal
Total, April 17,1937—28.741,000
Total, April 10, 1937—29,888,000
8,055.000 14,655,000
9,710,000 16,272.000
Baltimore also has
146.000 bushels Argentine
includes 78,000 bushels feed wheat.
Note—Bonded
Duluth,
against
1,532
none in
827,000
230,000
431.000
grain
not
Chicago,
1936.
included
120,000;
above.
on
Lakes,
corn
in bond,
x
9.185 000
Duluth wheat
Barley—Buffalo,
387,000;
total,
328,000 bushels:
2,367,000 bushels,
Wheat—New York, 3,874,000 bushels; N. Y.
afloat, 245,000;
Albany, 1,953,000: Erie, 100,000; Buffalo, 2,686,000; Duluth,
1,881,000; Detroit
af'oat, 120,000; Toledo afloat, 111,000; Chicago, 55,000; Canal
(Erie), 1,247,000;
on
Lakes, 821,000; total, 13,093,000 bushels, against 13,347,000 bushels in 1936.
Wheat
board
Corn
Bushels
Canadian—
Lake, bay, river and
Bushels
—11,754,000
elevator stocks..
Oats
Bushels.
Rye
Barley
Bushels
Bushels
110,000
1,000,000
889.000
3,442,000
sea¬
367,000
1,137,000
Ft. William & Pt. Arthur.
14,608,000
Other Canadian and other
..38,479,000
7.886,000
492,000
3,589,000
9,390,000
10,440,000
1,602,000
1,641,000
7,920,000
8,377,000
28,741,000
64,841,000
8,055,000 14,655,000
9,390.000
93,000
46,000
18,000
3,000
4,000
10,000
36,000
231,000
31,000
98,000
2,768,000
1,602,000
8,454,000
7.920.000
Total, April 17,1937— 93,582,000
Total, April 10,1937— 97,186,000
8,055,000 24,045,000
9,710,000 26,712,000
4,370,000 16,374,000
4,529,000 71,562,000
54.000
57,000
54,000
187.000
American
Canadian
The world's shipment of wheat and
corn, as furnished by
Broomhall to the New York Produce
Exchange, for the week
ended April 16, and since
shown in the following:
July 1, 1936, and July 1, 1935,
are
10,000
19,000
~2~9~666
1,000
120,000
3,000
4,474.000
2,696.000
Summary—
1,211,000
1,263.000
601,000
Wheat
1,000
11.000
279,000
Since
July 1,
1937
1936
1935
1937
Bushels
Bushels
Bushels
Bushels
1,414,000
721,000
receipts of flour and grain at the seaboard ports for
the week ended
Saturday, April 17, 1937, follow:
Corn
Week
Apr. 16,
694.000
357,000
58,000
Exports
North Amer.
"167666
34,000
211,000
291.000
2,412,000
Barley
15,518,000178,546,000 125,719,000 62.693,00013,944,000 71,044,000
13,805,000 271,052,000 135,679,000 111,263,00019,291,000
76,337,000
13,371,000158,097,000 145,757,000' 39,960,00010,410,00049.998,000
Total
22,000
1,425.000
2T660
Total, April 17,1937—64,841,000
Total, April 10,1937—67,298,000
25,000
185,000
459,000
420,000
Indlanapotis.
Peoria
156,000
400,000
Duluth
Bushels
191,000
332,000
afloat
Philade phia__
Baltimore *
of the last three years:
bbls 196 lbs
Barley
Bushels
1,000
Barley goods—
grain
Chicago
Minneapolis.
Rye
Bushels
663,000
1,598,000
.
Minneapolis
6.00@6.25
Flour
Oats
Bushels
__
New York
*
Receipts at-
Corn
Bushels
Milwaukee
Rye flour patents
5.85@ 6.05
Seminola,bbl., Nos.1-3 -11.60 @ 11.65
Oats, good
3.20
6 55 @6 75
6 75 @6 95
Hard winter patents
Hard winter clears
GRAIN STOCKS
Wheat
On Lakes
FLOUR
Spring oats, high protein.7.70@8.10
Spring patents
7 20 @7.55
Clears, first spring.
6 30 @6.50
supply of grain, comprising the stocks in
principal points of accumulation at lake and
Saturday, April 17, were as follows:
United States—
When Made
Aug. 11. 1936
Oct.
3, 1936
Feb. 25, 1937
RYE
Sat.
at
granary
seaboard ports
IN CHICAGO
Wed. Thurs.
FH.
111% 111% 110% 109%
105
104% 103% 102%
95%
95
94%
93%
Season's Low and
.107%
101%
visible
Tues.
Dec. 28, 1936 May...
Dec. 28,
1936[July_.
Dec. 29, 1936[September
May
July
DAILY
'•
The
FUTURES
Mon.
108% 110%
103% 104%
95%
96%
-
Season's High and
119%
May
July
September
Kansas
Barley
Bushels
3.000
W
Halifax
A.
34,448
285~666
_
New Orleans
•'
56%
53%
.
Made
DAILY CLOSING PRICES OF OATS FUTURES IN WINNIPEG
Sat. Mon. Tues.
Wed.
Thurs. Fri.
May
July....
are shown in the annexed
yA-Y:0:'-'A V"'.-A! A,■
\aa;.,:! •:
\'.'Y
vy-
Black Sea
Argent'na
Australia
India
Oth. countr's
Total...
Since
July
1,
I
2,590,000 156,662,000 137,307,000!
1,392,000 50,584,000
5,499,000 141,997.000
2,043,000 76,563,000
176,000
8,624,000
640,000 22,264,000
35,482,000
Week
Apr
16,
255~006
Since
Since
July 1,
July
1936
Bushels
6,000
20,206,000
1,
1935
|
Bushels
43,000
7,338,000
67,529,000, 5,071,000 314,482,000241,133.000
93,317.000
256,000
32,521,000!
12,340,000456,694,000 366,412,000
170,000
17,454,000
36,825,000
5,496.000352,148.000285,339.000
Volume
Financial
144
Weather
Report for the Week Ended April 21—The
of the weather bulletin issued by the
Department of Agriculture, indicating the influence of the
weather for the week ended April 21, follows:
general
summary
During the first two days of the week
moderate depression passed from
region to tne northeastern coast, attended by rather general
precipitation in central and nortnern States east of the Mississippi River,
and followed by a sharp drop in temperature.
Thereafter, the weather
was mostlj'- fair, with increasing warmth, so that
by tne 18th abnormally
hign temperatures prevailed in the Eastern States.
Precipitation was
rather frequent in the far Northwest, with some neavy falls in north Pacific
the
a
Lake
districts flooding lowlands and interrupting traffic.
In contrast with preceding conditions, Chart I shows that temperatures
for the week averaged above normal in nearly all sections of the country.
Near-normal warmth prevailed in the Lake region and the Southeast, and
temperaturas were somewhat subnormal in the far Northwest.
Otherwise,
tne
weekly means were well above the seasonal average, being especially
high in the trans-Mississippi area from the Canadian border to the Rio
Grande and west Gulf districts.
In some interior sections, the week was
as much as 10 deg. warmer than normal.
In Atlantic districts freezing did not occur south of central New England,
but in Appalachian sections temperatures as low as 32 deg. were reported
from as far south as western North Carolina.
Elkins, W. Va., had 8 deg.
below freezing.
West of the Appalachians freezing temperatures confined
to the more northern localities, but in the higher districts of the West a
considerable area had freezing weather.
The lowest temperature reported
was 20 deg. at Yellowstone Park, Wyo., on the 17th.
Chart II snows that lignt to moderate rainfall was general in the contral
valleys and tne more eastern States; the Onio Valley received from about
half an inch to an incn and a half, while heavy falls occurred in the southern
Lake region.
At the close of the week some good rains were reported in
central and western Oklahoma, western and northwestern Texas, and locally
in eastern New Mexico.
In the far West substantial to heavy falls occurred
in nortnern districts, extending as far south as northern California, but a
large far southwestern area had a rainless week.
Tnere was practically
no rain in Gulf sections nor in the lower Mississippi Valley.
The week brought a reaction to mucn nigher temperatures and there
was ample sunshine in nearly all sections of the country; these were decidedly
favorable for farm work and the growth of vegetation.
Field operations
were pushed, especially the latter part of the week, in nearly all States and
much of the tradiness in spring work was recovered.
The planting of spring
crops was active generally well into northern districts, and tne response of
vegetation to warmer weather was decidedly marked.
The soil-moisture situation continues favorable fairly generally from
the Rocky Mountains westward and from the central Plains eastward.
It continues too wet for active field operations in the Lake region and
there was some delay by rain in north Pacific districts.
Additional mois¬
ture would now help locally in parts of tne Southeast and a good general
rain is still needed in the Southwest, including western Nebraska, tne
western third of Kansas, southeastern Colorado, eastern New Mexico, and
most of Oklanoma and Texas.
Early in the week frost occurred in the
Appalachian Mountains and some adjoining sections, but no serious harm
resulted.
Grains—In tne Ohio Valley winter wneat responded favorably
weather conditions, and rather general advancement is
However, in tne western portion of the Valley there is condiderable poor wneat, while in soutneastern Iowa damage by heaving is now
shown to be greater than previously indicated.
In Missouri progress of
wheat was fair to good and in the eastern Great Plains it was generally
satisfactory.
In the eastern half of Kansas wheat covers the ground and is jointing
in extreme southern counties; the western third continues too dry with
further duststorms.
In Nebraska, good progress was reported from the
eastern third of the State, but the western portion continues too dry and
wheat is mostly poor.
In Oklahoma progress was fair to good, except in
the extreme west, where there were additional severe duststorms.
In
Texas a good general rain would be beneficial.
Wheat is doing well in
Small
to
the improved
noted.
Pacific
and soil moisture
is
generally ample, and it
States.
Spring Wneat Belt and
Sowing is becoming general in
southern and western Minnesota and made good progress in eastern South
Dakota.
In North Dakota seeding made excellent progress, except in
some eastern districts where the soil continues too wet.
A good rain is
needed in eastern Montana.
Oat seeding made excellent advance during
the week, and is now well along or completed in many places.
In Iowa
tne warm, dry weather was especially favorable, with seeding completed
in many southern and western counties, but not half done as yet in the
nortneast.
In the Plains States sowing is nearly done as far north as
the
north
area
now
continues satisfactory development in the more eastern
The
weather
decidedly favorable
seeding made unusually rapid progress.
was
in the
Nebraska.
Corn—Preparation of seed beds for corn planting made satisfactory
progress tnroughout the belt and much land has been prepared.
In Iowa
plowing has become general in southern and western districts, while in
the Plains States seeding has begun in the southeastern quarter of Kansas.
East of the Mississippi planting is progressing north to Virginia and south¬
ern Kentucky.
Cotton—Except for need of rain for germination in Texas, the week
decidedly favorable in the Cotton Belt.
With generally warm and
weather, preparation of soil in northern districts made rapid prog¬
ress and planting was active in other parts of the belt.
In Texas mucn cotton land has been prepared and planting made good
was
sunny
{jrogress, but stand ingeneralsouthernneeded for germination; the early crop
rain is districts. In Oklahoma much ground
up to good a good
more
s
is ready, but no planting has as yet
In the Mississippi Valley sections
been accomplished.
planting was active, with some put in
the northern limits of the belt.
In the East seeding
made fair to excellent progress under good working conditions as far north
as
southeastern
North Carolina.
Some replanting is necessary in the
Southeast because of preceding low temperatures.
locally nearly to
The
Weather Bureau furnished
the following resume of
conditions in the different States:
Virginia—Richmond: Temperature averaged above normal; iight pre¬
Excellent for farm work; topsoil getting dry.
Truck excellent,
some complaints of seed rotting in ground due to cool weather.
Po¬
tatoes
looking good.
Preparing beds for sweet potato plants.
Corn
planting begun.
Tobacco-plant beds good condition; plants fiar to good.
but
Strawberries blooming; apple buds coloring.
North Carolina—Raleigh: Some frost damage to beans and strawberries
beginning of week; much warmer later in week favorable for crop growth.
Farm work active.
Cotton planting made fair progress in southeast and
transplanting tobacco started.
Considerable corn planted; some small
grins doing well.
Pastures good.
Carolina—Columbia: Fair, war n weather last half of weok fa¬
for general planting and germination.
Cotton planting made
good advance in south; some replanting account cold of last week; plant¬
ing has begun in north.
Truck improving.
Tobacco plants for trans¬
vorable
planting scarce locally.
Pastures and meadows excellent growth.
Georgia—Atlanta: Light rains and mostly moderate warmth.
Cotton
planting fair progress in middle and south and some coming up; considerable
replanting necessary.
Corn rather late, Dut planting well under way in
middle and south; some replanting necessary in south.
Weather favorable
for wheat and oats; latter heading in a few places.
Beginning to trans'astures fair to good.
flant sweet potatoes and tobacco, but marked shortage tobaccodown by
plants.
Apples good outlook.
Peaches badly cut
late frost; some
hail damage Thursday.
Florida—Jacksonville:
Normal temperatures
and light rains.
Cotton
planting made fair progress.
Corn planting nearly completed; much up
and looking good.
Potato digging continues in north.
Sweet potato and
tobacco plants still being set out.
Truck fair to good growth generally.
Peanuts being planted; coming up well.
Citrus still blooming; needs
rain locally; other fruits growing well; some avocadoes shedding fruit in
south account dry weather.
Alabama—Montgomery: Rather warm, with mostly light rains and
sunshine.
Favorable for cotton planting which made good
abundant
Pastures and hay crops beginning to need rain.
Corn planting
progressing well.
Oats fair to good; vegetables doing well.
progress.
Mississippi—Vicksburg: Generally warm and dry; abundant sunshine,
with rain needed in some upland localities.
Much cotton planted in south
and
2861
central, with
progress
of preparation
and
planting excellent.
Con¬
siderable replanting of corn necessary account previous cold nights, with
present progress of preparation and planting fair to very good.
Progress
of gardens and truck good to excellent.
Louisiana—New Orleans: Warm, dry weather very favorable.
Excel¬
progress in planting cotton, corn, and rice; stands of early planted
only fair to poor and some replanting.
Cotton and corn planting about
two weeks late.
Potatoes, truck, and pastures generally good.
Oats fair
to good; beginning to head.
lent
„
Texas—Houston: Considerable warmer than normal; light to moderate
rains, except in extreme east, extreme west, and central portions.
Progress
of winter wheat mostly fair, though rather poor in dry sections, particularly
in west-central; greening in northwest, but rain would be beneficial.
Corn
generally backward, but progress fair in north.
Much land prepared for
cotton planting which made good progress during week, but ground too
dry for proper germination and general rain needed.
Early cotton up to
good stands in extreme south, however.
Ranges dry, but cattle continue
generally good.
Rice land being prepared and much planting done.
Arkansas—Little Rock:
Cotton planting made good progress in south
and some central, but slow in northern counties; large portion of crop
planted in southeast.
Planting corn made excellent advance in south and
central, and fair in north; early corn up and being cultivated; some poor
wnere planted before recent cold, good stands elsewnere.
Weather
very favorable for wheat, oats, meadows, pastimes, potatoes, truck, fruit,
stands
and
berries.
Some rice
sown.
THE DRY GOODS TRADE
New York,
Friday Night, April 23, 1937
during part of thtf week
served to retard retail trade.
The postponement of postEaster clearance sales, generally practised by merchants
during the current season, also exerted a slackening influence
on the volume of
trading as many consumers preferred to
wait for these sales events.
Home furnishing departments
gave a relatively satisfactory account, but apparel lines con¬
tinued to be neglected.
Department store sales in the
metropolitan area for the first half of April, according to the
unusual survey of the Federal Reserve Bank of New York,
showed a loss of 1.7% against the corresponding period of
1936.
Stores in New York and Brooklyn reported a decline
in sales of 2.4%, while New Jersey firms gained an average
Less favorable weather conditions
of
2%.
Trading in the wholesale dry goods markets continued
seasonally dull.
The slow movement of goods in retail chan¬
nels is causing merchants to refrain from new commitments,
inasmuch as stocks of merchandise are generally reported to
be ample for nearby requirements.
Wholesalers on their
part, are also observing a waiting attitude reflecting the
dearth
of retail
orders
and
the unsettled condition of the
Scattered buying interest existed for
wash fabrics as well as synthetic sports fabrics and sheers
for May promotions.
Business in silks continued dull with
prices showing few changes.
Trading in rayon yarns, while
still farily active, reflected to some extent
the dulness in
other textile markets.
Further upward price adjustments
to meet the recent advances of the chief producers, were an¬
nounced by several companies, and the sound statistical
position of the market was said to be unchanged.
primary
markets.
Domestic
Cotton Goods—Trading in the gray cloths
during the earlier part of the week continued ex¬
tremely dull, "with prices showing progressive recessions.
Main causes of the persistent unwillingness of buyers to re¬
enter the market, were the further decline in raw cotton prices
and reports about the disappointing movement of finished
goods in distributive channels.
Offerings by second hands
again appeared in substantial volume.
Later in the week
trading revived moderately as mills assumed a more concilia¬
tory attitude regarding price concessions demanded by
buyers.
A mild rally in the raw cotton market also served
to improve sentiment.
Business in fine goods again bore a
spotty character.
While inquiries increased somewhat, mills
showed little inclination to concede the lower price demands.
A moderate number of sampling orders on fancy fabrics for
next Spring came into the market.
Closing prices in print
cloths were as follows: 39-inch, 80's, 9h£c., 39-inch, 68-72's,
8h£c., 383^-inch, 64-60's, 7^ to 7%'c., 38^-inch, 60-48's,
6^c.
markets
Woolen
Goods—Trading in men's wear fabrics continued
quiet, although a few scattered concellations by over¬
extended buyers were reported.
Mills operations generally
remained at previous active levels, because of the still exist¬
ing large backlogs of unfilled business.
Few new orders
"were received from clothing manufacturers.
The latter are
believed to have covered most of their nearby requirements,
and, with reports from retail clothing centers continuing
rather aisappointing, little disposition exists to enter the
market for additional supplies.
A moderate spot demand
continued to be noted in fabrics used for summer apparel,
such as iight gray suRings, tropical worsteds and gabardines.
Business in women's wear goods received some impetus
through openings of the new fall lines showing price advances
amounting to 12j^%.
The total volume of sales, however,
remained limited, as cutters preferred to await a better move¬
ment of their spring and summer lines
before entering the
very
cipitation.
South
Chronicle
market for fall materials.
Foreign Dry Goods—Trading in iinens continued moder¬
ately active, with interest centering in dress goods and uuitings.
Prices remained steady, in sympathy with the firm
attitude of the foreign primary markets.
Business in builap
expanded perceptibly, chiefly under the influence of reports
from Calcutta concerning the spreading labor difficulties in
the Indian miiis.
While domestic users were disposed to
moderate amount of both spot and
consummated.
Domestically light¬
quoted at 4.55c., heavies at 5.85c.
proceed cautiously,
afloat
weights
business
were
a
was
2862
Financial
Chronicle
April 24, 1937
but lower court
judges do not participate in the higher court
appeals from their decisions.
Road Interest Payment Bill Signed—The Governor is re¬
ported to have also signed a bill authorizing paymentlof
interest on highway improvement bonds and State aid road
bonds from the State Highway Fund.
on
Specialists in
Illinois & Missouri Bonds
Florida—Debt Moratorium Act
STIFEL, NICOLAUS & CO., Inc.
106 W. Adams St.
DIRECT
CHICAGO
WIRE
•
314 N. Broadway
ST. LOUIS
FINANCE CORPORATION
RECONSTRUCTION
Report on Loans Made to Districts—The following
text of a press release (P-1331) made publio by the
is the
above
named Federal agency on April 21:
Loans for refinancing two drainage districts in Florida, one water im¬
provement district in Texas, for the purchase of facilities and additional
construction work for one water control and improvement district in
Texas, and for lining the canals of another, aggregating $4,781,500, have
been authorized by the Reconstruction Finance Corporation.
This makes
a
total to date of $118,680,870.31 authorized under the provisions of
Section 36, Emergency Farm Mortgage Act of 1933, as amended.
The districts are:
Melbourne-Tillman Drainage District, Melbourne, Fla
$291,500.00
Everglades Drainage District, Miami, Fla-.-..
3,729,000.00
Cameron County Water Impt. Dist. No. 1, Harlingen, Texas.
540,000.00
Fort Bend County Water Control and Improvement District
No. 1, Sugar Land, Texas:
Purchase of facilities
$150,000.00
Additional construction
50,000.00
200,000.00
Cameron County Water Control and Improvement District
No. 6, Los Fresnos, Texas (in addition to refunding loan
previously authorized)
21,000.00
A loan for $153,000 has been authorized for refinancing one
district in Arkansas under the provisions of Public
No. 325
74 Congress (S.3123).
under this Act.
This makes
a
school
^
Morrilton Sch. Dist. No. 32, Conway Co., Morrilton, Ark__
April 16
on a
motion of indefinite postponement, according
Tallahassee advices.
to
Another vetoed bill killed by indefinite postponement was:
Amending House Bill No. 42, Acts of 1925, relating to the
extension of time for payment of maturities in interest and
principal or other forms of indebtedness for which any
county, political subdivision, municipality or taxing district
is liable.
Maine—House Passes New Taxes—The House of Repre¬
sentatives, by a vote of 97 to 26, on April 21 passed a bill,
providing for a 1 % sales tax and a 2% income tax, according
to a United Press dispatch from Augusta.
A selective luxury
tax bill passed on April 20 was killed on reconsideration, it
is said.
Substitution of the sales and income taxes is
re¬
ported to have followed a conference between the Legislative
Steering Committee and Governor Lewis O. Barrows.
Maryland—Bills Signed and Vetoed by Governor—Governor
on April 15 the following measures which were
passed by the State Legislature at the regular biennial ses¬
sion which ended on April 6, as noted in these columns at
the time—V. 144, p. 2517:
Nice signed
An administration bill autnorizing the flotation of a $9,052,000 State
bond issue, proceeds of whicn will provide $700,000 as the State's share
funding tne accrued liability of the Teachers' Retirement Fund per¬
mitting the use of that amount in other revenue for restoration of salaries.
The measure also restores to the State Roads Commission $3,300,000 of
the hignway revenues diverted to the general fund budget, the remainder
of the issue being allocated for various building constructions. It is believed
in
total to date of $1,529,500 authorized
The district is:
Finally Killed-—A 1935 Act,
vetoed by Governor Sholtz, which proposed a two-year mora¬
torium on public indebtedness, was killed in the House on
$153,000.00
that
a
portion of the bond issue will be offered for sale by the State some
time in June.
A measure
setting up a Bridge Supervisory Committee of seven unpaid
members to study all proposed bridge and possibly tunnel projects sub¬
mitted by the State Roads Commission or other groups. The bill inaugu¬
WE OFFER SUBJECT
$15,000 SEMINOLE COUNTY 51/4% Bonds
Due
Price
—
—
1966
proposed project approved by tne Bridge Supervisory Committee,
which would be retired from tolls.
A companion bill is expected to be
approved soon.
A bill authorizing the State Roads Commission to refund certain road
bonds outstanding, which were issued in 1935.
The measure setting the State tax rate on real estate at 23 cents on each
assessed $100 for 1938 and 23# cents for 1939.
The present tax rate is
22# cents.
Bills authorizing a $200,000 Somerset Obunty school bond issue, a $66,000
Centreville electric plant issue, a $45,000 lateral road bond sale by Calvert
99# and Interest
Harvey Building
BEACH, FLORIDA
WEST PALM
County and
News Items
California—Governor Signs Revenue Bond Bill for Munici¬
palities—As he protested that he still seriously objected to
an important feature of the measure, Governor Merriam on
April 16 signed Senate Bill No. 200, authorizing the issu¬
ance of revenue bonds for a great variety of public projects,
according to Sacramento advices. The important feature he
objected to, according to report, was failure to require that
such bonds be approved by a two-thirds vote of the people
before they could be issued.
The measure signed by the
Governor permits the issuance of revenue bonds not only
for water and power but for projects that might be launched
by municipalities or districts, such as for transportation
systems, sewers, lighting districts or refuse disposal plant.
The bill provides for the creation of districts to launch projects desired.
Under the Act, any municipality or district may, by ordinance, resolution,
or order as permitted by the organic act of the local agency, avail itself
of any provision of the Act, if such order or resolution is referred to the
voters.
It also appears that where a public utilities commission already
exists under the Act, it is not necessary to refer such ordinance or order to
vote of the
a long-range plan for bridging the
State's waterways.
Tne State
Roads Commission is authorized to issue its own bonds for construction of
any
Thomas M. Cook & Company
a
rates
a
New
The commission will have the power to
They can purchase public utilities or any part of them.
Connecticut—Bill
«■■■■
Passed
Creating Governor's Cabinet—
Representatives on April 20 passed a bill
creating a Governor's cabinet and increasing the Governor's
salary. The proposal to revamp the State's executive offices,
third of the major measures in a reorganization program
approved by the House, was passed unanimously, according
to an Associated Press dispatch from Hartford on April 20,
House
which went
of
on
Jersey—Railroads Renew Fight for Relief on Taxation—
following is the text of a special dispatch from Trenton
the New York "Herald Tribune" of April 20:
The
to
A permanent injunction restraining New Jersey from attempting to
enforce payment of 100% assessment of railroad property will besought
tomorrow before Judge Phillip Forman in United States District Court here.
Five carriers which have instituted the action—the Lehigh Valley, the
Delaware, Lackawanna & Western, the Erie, New York Central and Central
RR. of New Jersey—take the position that they should pay only what they
concede to be due on proper valuation.
Taxes for 1934, 1935 and 1936
are in dispute.
The State has levied taxes aggregating $37,500,000 against the five
railroads and their subsidiaries for those three years.
The railroads have
paid $22,500,000 by order of the Federal Court, leaving about $15,000,000
in litigation.
It is the contention of the railroads they should be called
on to pay no more than 50% of the taxes levied, whereas they paid 60%, or
about $22,500,000, when the court so ordered, pending final decision.
Besides the three years involved, taxes for 1932 and 1933 are in litigation
before the United States Circuit Court of Appeals.
The railroads have paid
approximately $10,000,000 of th $19,000,000 levy for those two years.
The first case to come up before Judge Forman tomorrow morning
Involves the Lehigh Valley RR.
people.
public utilities commission.
borrow money from the Federal Government, State, or any other agency.
The
$45,000 sewer bond issue by Brunswick, in Frederick County.
minimum requirements of the State.
At the election the voters will baUot on candidates for permanent members
of
a
Governor Nice vetoed the relief tax measure passed at the recent session,
which was estimated to produce about $5,000,000 a year for social security
programs and direct relief in Maryland. This amount was $1,400,000 below
the $6,400,000 figure set by the State Board of Aid and Charities as the
to say:
Previously, the House had approved measures establisning civil service
for State employees and creating a Legislative Council, a research body.
The bill would increase the Governor's salary from $5,000 to $12,000 a
year and would create a Cabinet of 11 of tne administrative department
heads named by him. The Governor would be empowered to suspend any
officer whom he believes to be guilty cf misconduct, neglect of duty or in¬
He would then be required to report his information to the
Attorney General, and the suspended person would be forced to submit
evidence as to why he should not be removed.
Earlier, another measure, establishing an Executive budget, was ap¬
proved by the Legislative Committee on Reorganization.
competence.
New York
City—Comptroller Reports on Improvement in
Four-Year
Period—Comptroller Frank J.
Taylor made public on April 19 a four-year cash summary
showing what the city received and what it paid out between
the years 1933 to 1936 inclusive.
The pamphlet containing
figures, which indicate that 1935 marked the turn in the
tide of the city's fight to restore its financial credit, also
contains an outline of the total amount of the city's funded
debt as of Jan. 1, 1929, and the yearly reports showing how
it was mounting steadily until the end of 1935, when $60,682,247 was lopped off, causing a drop of more than $10,000,000 in the annual debt service with a corresponding
six-point fall in the basic tax rate.
Finances
Over
New Debt of
$93,618,000
corresponding
in debt service—and all of which was accomplished by
securing better interest rates in sales of bonds, as well as the retiring of
higher priced issues—might have been progressively sustained, for the
year 1936, but, for the fact that the city contracted $93,618,000 of new
This record decrease in the funded debt, reflected by the
lower percentage
debt.
_
$93,618,000 of new debt—principally for rapid transit, schools and
improvements—when compared with $38,644,000 of new debt in
1935, has helped to cause an increase of $41,572,826 in funded debt over
last year's record.
Despite this fact, however, the outstanding debt of Dec. 31, 1936,
amounting to $2,354,197,896 is less than that for 1933 and 1934., and
compares favorably with that for 1932.
Eight Years Review
This
Change Bill Signed by Governor—Gov¬
ernor Richard
C. McMullen signed a bill on April 16 to
create a State Supreme Court separate from the judiciary of
other State courts, according to Dover dispatches on that
date. It is said that the bill must be resubmitted to the 1939
General Assembly before it becomes effective. At the present
time the State Judges and Chancellor sit as a Supreme Court,
Delaware—Court
other
"
In reviewing the eight years, from 1929 to 1936, inclusive, Comptroller
Taylor shows there was $912,322,000 of new bonds issued, of which $426,-
Volume
144
Financial
709,000 was for subways; $83,516,000 for extension of the City's water
supply; $33,162,000 for dock improvements; $132,650,000 for school con¬
struction and acquisition of land for such
purposes; $77,081,000 for "various
municipal purposes," such as hospitals, the Brooklyn Municipal Building,
&c.: Triborough Bridge, $5,160,000; construction of sewers and
highways
and acquisition of
property for such, $35,200,000; Home and Emergency
Relief, $86,000,000; refinancing of revenue notes into five-year serial
bonds, $30,000,000; and $2,844,000 for sundry other purposes.
During these past eight years there was $416,672,053.22 of the City's
funded debt redeemed, thus making a net increase of
$495,649,946.78 in the
City's funded debt from Jan. 1, 1929 to Jan. 1,1937.
,
Chronicle
2863
,
Paring Down the Debt
''An examination of the
pamphlet just issued," says Comptroller Taylor,
will show how we were advancing with the
progressive diminution of this
funded debt. until forced to make new and added
commitments, during 1936.
"From 1929, onward, there were net increases in the funded
debt, which
called for annual increases in the debt
service, shown in the annual budgets
until 1935.
In that year, there was a net decrease of $60,682,247, there
having been redemptions of $99,326,247,
"I
understand, this
there had been
no
was
a
decrease in
record
in the
as
against new debt of
Finance Department,
because
outstanding debt since 1898—the year of
our
consolidation."
Big Savings in Reissue
One thing that helped to
bring about the tremendous drop in the funded
debt, in 1935, was the sale of $50,000,000 of bonds, on April 9. of that
year, when by use of some $16,000,000 of sinking fund securities, and an
extra issue of $34,000,000,
Comptroller Taylor was able to sell at a much
less rate of interest and save
nearly $9,000,000 in this one item alone, over
a period of 25 years which the old bonds at
higher rates, still had to run.
"This," explained Taylor, "coupled with a considerable reduction in
interest rates, on short term
borrowing throughout the year, and borrowing
only when needed, and paying back immediately as soon as collections
came in, helped to make a record in
redemptions, which brought down the
debt, and lopped off $10,000,000 in the budget, under the item of debt
service."
A Glance at
Receipts
A glance at the receipt-side of the four-year cash
summary, will
show a
$100,000,000—as compared with 1935, in the monies
received from the state for unemployment aid.
This is due to the fact that
the Federal Government has since taken over such work,
through the
Works Progress Administration.
There is, however, an increase of $1,142,000 in income tax receipts; about $583,000 in mortgage tax receipts;
about $242,000 increase in motor
vehicle returns; $50,900 in gasoline
payments, and a Jump of $363,879 in money from alcoholic beverages—all
big
drop—over
received from the state.
The actual receipts, from
all sources, except borrowing and sales of
securities, were $798,655,734 for 1936, as against $882,949,808 in 1935,
principally caused by the withdrawal of over $100,000,000 in State un¬
employment aid.
New
York
State—New
Minimum Wage Bill Passed by
completed legislative action on
the Administration's new minimum wage bill for women and
minors on April 21 and sent it to Governor Lehman for signa¬
Legislature—The Assembly
The vote is said to have been 147 to 3
ture.
on
the
measure.
Sponsored by Senator Leon A. Fischel, New York Democrat,
the bill, which was drafted by a special committee of em¬
ployers, labor representatives and State officials, is designed
to fall within the recent decision of the United States
Supreme
Court
upholding the Washington State law.
The bill is
expected to receive Mr. Lehman's immediate approval.
Three-Point Tax Bill Introduced in Assembly—A three-point
tax program,
providing for
increase in the inheritance and
imposition of a new State
gift tax, was introduced in the Assembly on April 21 shortly
after Republican members had overwhemingly
agreed at a
oarty conference to support the plan.
The gift and inleritance taxes would be permanent and not emergency
an
stock transfer tax rates and
the
levies.
Tennessee—Debt
Readjustment Plan—Rearrangement of
structure, involving some $128,900,000 of obligations, is contemplated in a fiscal plan which
will be presented to the State Legislature when it convenes
in special session May 4. Completion of details of the pro¬
gram was announced on April 15 by Governor Gordon
Browning.
Tennessee's
entire
Tennessee's debt
has
debt
caused
some
concern
to
State
officials in
recent
months, principally because of poorly planned maturities and maldistribu¬
tion of revenues for bond service.
Income nas been sufficiently hign to meet annual requirements, if pro¬
rated over the various outstanding obligations, but
pledges of certain
have raised sinking funds for part of the debt to
unnecessarily
high proportions, while requirements on other obligations are insufficient.
The State has not defaulted on any of its securities, but tne pledge of
specific
revenues nas tnreatened to cause
refunding of a large part of the debt in
coming years.
The plan wnich the Legislature will be asked to
approve will make possible
tne legal reallocation of income to meet all
obligations as they come due
revenues
without the removal of pledges to specific bonds.
In outlining tne plan Governor
Browning listed seven anticipated favor¬
developments as follows:
"(1) Reduction in tne present interest requirements to less tnan $3,000,000 by 1944 and to less tnan $1,000,000 by 1951 and subsequent years.
"(2) Rearrangement of the present indebtedness in such a manner that
it can be met, both interest and principal in full, each year as the bonds
mature. This rearrangement will reduce the now
existing principal indebted¬
ness of the State of $129,000,000 to
approximately $71,000,000 by the end
of 1944 and to approximately $22,000,000
by the end of 1951.
'(3) Elimination of necessity of refunding any maturing bonds in the
future.
"(4) Leveling out of the annual total debt service to cover both prin¬
cipal and interest requirements on all indebtedness so that it will be approx¬
imately $10,000,000 per annum for tne next eight years and steadily re¬
ducing from that amount thereafter.
"(5) Payment of the entire annual debt service from the equivalent of
the bridge tolls, tne 4.1 cents of the gas tax and $307,500 of the tobacco
tax,
are
now
specifically pledged and allocated to only
a
portion
State's indebtedness.
"(6) After
1944 there will be released annually increasing ^mounts of
the gas tax which can be devoted to other uses or will permit a reduction
in the gas tax. This result may be possible
prior to 1944 if the gas tax con¬
tinues to yield the present high returns.
"(7) Continuation of the present contractual arrangements which the
State has made witn existing bondholders and a strengthening of the entire
structure of the State."
These results,
revenues
Governor said,
devoted to debt
the
public.
The certificates will mature prior
Vermont—State Institutional Bond Bill
Approved—We
are
informed by Rawson C. Myrick, Secretary of State, in a
letter dated April 19, that the bill providing for the issuance
of
$500,000 in State Institutional bonds passed both Houses
was signed by the Governor.
He states that no further
been taken on the bill and that it is not likely
anything further will be done until late in the summer or
early in the fall.
The following is the official text of the bill as amended:
and
action has yet
AN ACT Making an Appropriation to Purchase Real Estate and for Con¬
struction
or
Providing for
Repair of Buildings for Certain State institutions, and
a Bond Issue
It is hereby enacted by the General
The
sum
Assembly of the State of Vermont:
of five hundred thousand dollars,
or so
much thereof
may be necessary, is hereby appropriated for the purpose of the purchase
of certain parcels of real estate required by state institutions and for the
as
of any building or buildings at or in connection with the
hospital for the insane at Water bury and the Brandon state school at
Brandon, at or in connection with any other state institution owned and
operated by the state, also for the purpose of making extensions and repairs
or the alteration of any building or buildings now owned and used by the
state in connection with any of the above institutions and to purchase any
equipment or furnishings necessary for the proper use of the buildings at
said institutions made necessary by reason of such constructions, extensions
and repairs.
Sec. 2. The governor is hereby authorized and empowered to determine
the extent of such construction, extensions, repairs and purchases, provided
that he shall give consideration and be guided by the findings and recom¬
mendations made by a commission under the provisions of House 378—
entitled "An act to provide for the appointment of a commission to in¬
vestigate and study the needs of the state institutions, defining the duties
of such commission and making an appropriation for expenses incurred
thereunder"—in determining the extent of such construction, extensions,
repairs and purchases and in determining whether or not such expense shall
be incurred, and if so, to what extent the same shall be made.
Sec. 3. In case the governor determines prior to Jan. 1, 1939, that the
provisions of this act shall be carried out as above provided, the governor,
commissioner of public welfare and the purchasing agent are hereby con¬
stituted a committee to supervise the construction, extensions, repairs and
purchases provided for herein.
Said committee shall have authoiity to
make constracts, purchase material, supplies and furnisaings, employ all
necessary labor and technical assistance and to do and perform all acts
necessary to make effective the purpose of this act.
Said committee may
appoint and employ a state architect and engineer who shall devote his
full time to the duties of his office, including the preparation of plans for
and supervision of this act and similar work in connection with other state
construction
activities in which his services will be of value.
Said state architect and
engineer shall receive a salary at the rate of three thousand dollars per
and his expenses, to be paid out of the moneys appropriated under
section
1
of this act.
Sec. 4. The funds required to meet the appropriation herein made shall
be made available by a bond issue as hereinafter provided.
Sec. 5. The governor and the state treasurer are hereby authorized to
prepare and issue in the name and in behalf of the state, negotiable bonds
to an amount not to exceed five hundred thousand dollars to defray the
incurred in carrying out the provisions of this act.
Sec. 6. Such bonds shall be designated as the Vermont Public Welfare
bonds; shall be issued in coupon form, payable to the bearer in denomination
of one thousand dollars each; shall be payable serially in substantially equal
amounts annually, the first of such annual payments to be made not later
than five years after the date of such bonds and the last of said payments
to be made not later than forty years after said date.
The principal and
interest of such bonds shall be payable in lawful money of the United States,
and for such payments the full faith and credit of the state is hereby pledged.
Such bonds shall be signed by the treasurer and countersigned by the sec¬
retary of state, and shall bear the seal of the state and the interest coupons
thereon shall bear the facsimile signature of the treasurer.
Said bonds
shall be registered in the office of the secretary of state in compliance with
section 487 of the Public Laws.
The date of issue, place of payment, rate
of interest, time of maturity and other particulars as to the form of such
bonds, within the limitations mentioned heroin, shall be determined by the
governor and state treasurer as they may deem for the best interest of the
state.
Such bonds shall contain on the face thereof the statement that they
expenses
issued for the purposes mentioned in, under the authority of, and in
this act, and that the form and other particulars and
duly determined by the governor and treasurer
and such statement shall be conclusive evidence of the liability of the state
are
conformity with
be accomplisned, providing the
service, amounting to $11,000,000
can
annually, can be lumped together in one sinking fund and used to retire
bonds currently maturing.
To avoid any possibility of disturbing con¬
tractual relations arising from specific allocation of revenues, the
plan
the
present bonds.
year
able
all of wnich
the
to
Section 1.
$20,000,000 lost through defeat in the Assembly of his additional onecent-a-gallon gasoline tax proposal, according to Assemblyman Abbott Low
Moffat, Chairman of the Ways and Means Committee.
Capable of raising more than $20,000,000 during the fiscal year 19371938, Mr. Moffat predicted the taxes would bring Tn $19,000,000 more in
the subsequent fiscal year.
This, he felt, would assure abolition of the
emergency 1 % personal income tax and open the way to repeal of other
levies, including the capital gains and losses provision.
present
outstanding in the hands of
►»>The effect of this action will be to release all cash existing in the sinking
funds and some $11,000,000 a year now pledged for the payment of only a
portion of the State's debt.
The State then will pledge as collateral for the payment of the State's
debt some $17,600,000 a year which is obtained from the five cents of
gasoline tax, $307,500 of the tobacco tax, the bridge tolls, one-naif of the
proceeds from the automobile registration fees, tne franchise tax, and the
annual proceeds of all fees for tne inspection of volatile substances.
Actu¬
ally, the State will need to set aside for debt service less than is now being
spent, or a maximum of only $10,300,000 annually, which will decrease
each year, it is said.
With the $10,300,000 a year, the State would pay off all investments as
they come due, which, in turn, will provide cash for the payment of all
outstanding bonds and interest promptly, according to the plan.
The "investments" of certificates issued to fill up the several sinking funds
will be held by a State board of liquidation.
Being non-negotiable, they
cannot be sold to tne public, and will cause no additional cost to the State.
Tney will not increase the State's indebtedness but will ratner act as double
security for the payment of bonds at maturity.
According to State officials, the plan has the endorsement of large insti¬
tutional investors who hold the State's obligations, including those bonds
backed by specific revenue pledges.
In discussing the need for a rearrangement of the State's debt structure
and revenues Governor Browning said:
"Unless something is done to simplify and rectify our debt structure it
will be impossible to provide for the payment of $13,850,000 bridge bonds
and $20,000,000 county reimbursement debt.
This will mean probable
future refunding of some $60,000,000 and will result in additional interest
payments of from $20,000,000 to $30,000,000.
There will be future deficit fundings with resultant additional interest
costs, or there must be a drastic curtailment of services in order to balance
the budget.
There will be an improper yearly retirement of debt, and there
will be millions of dollars in cash accumulating in the sinking funds which
cannot be invested at rates whicn will lighten the interest burden suffi¬
ciently.
The present high gasoline taxes probably will have to be main¬
tained for at least 20 years."
The debt readjustment plan was worked out by Norman S. Taber & Co.
consultants on State and municipal finance. It has been approved by Thom¬
son,
Wood & Hoffman, municipal bond attorneys, and by the State's
Attorney General.
<
The program, If adopted, would more than meet Governor Herbert H.
Lehman's demand that Republicans supply a substitute tax to cover the
of the
provides for tne issuance of sinking fund investments.
These will be nonnegotiable State obligations to be known as sinking fund retirement certifi¬
cates, and will be issued in an amount equal to the aggregate of bonds now
details thereof have been
to any bona fide holder thereof, and the bonds so issued shall be the lawful
obligation of the state.
Said bonds shall not be sold or the proceeds thereof
used except for the purpose herein stated.
2864
Financial
Chronicle
Sec. 7. The governor and state treasurer are
hereby authorized to sell
such bonds at such prices, in such amounts and at such times and in such
manner, with or without advertising the same, as they shall determine to
be for the best interests of the state, either at
public or private sale.
The
DONNELLAN
premiums from the sale thereof shall be applied to the purposes hereto
named, but no purchasers of such bonds shall be in any way bound to see
application of the proceeds thereof.
proper
24
California Municipals
treasurer
shall keep an accurate record of each and every
bond, when issued,
the number and denomination of each
bond, when issued, when and where
payable, to whom sold, and the rate of interest thereon, and shall keep an
accurate record of all payments of interest and
principal, and when coupons
or bonds are paid shall deface and
cancel the same.
Such bonds shall be
exempt from taxation in this state.
Sec. 8. The proceeds arising from the sale of such bonds
including any
to the
April
111 Sutter St.
San
& CO.
Francisco, Calif.
Telephone Exbrook 7067
The payment of the
Teletype-S F 396
interest thereon and of the principal thereof as they fall due shall be a first
and prior charge upon the revenues of the
state, and such payments shall
be made by the state treasurer as the same fall due without further order
or authority.
The amount necessary each year to pay the maturing prin¬
cipal and interest of all such bonds then outstanding shall be included in
and made a part of the annual
appropriation bill for the expenses of the
state government, and the interest on such bonds as
may be issued while
the legislature is not in session until provision for the
payment thereof shall
have been made as hereinabove provided, shall be
paid out of the moneys
appropriated for the payment of interest or out of any other funds available
therefor.
v.;~
'
.■:Y Sec. 9, This act shall take effect from its passage.
CALIFORNIA
Approved April 10, 1937.
''
'
MEMBERS:
650 So.
Public
sewer
CALIFORNIA
building bonds will be voted
KERN
COUNTY
O.
upon.
Bakersfield, Calif.—PENDHAM UNION
issuing $25,000
aggregating
$28,000 refunding public impt. bonds.
20,000 refunding public impt. bonds.
school building bonds
building bonds.
KERN COUNTY (P. O. Bakersfield), Calif.—MAPLE SCHOOL DIS¬
TRICT BONDS VOTED—At a recent election a
proposal to issue $65,000
Due from May 1, 1939 to 1952.
Due from May 1, 1939 to 1951.
KING
CITY,
was
approved by the voters.
Calif.—BONDS
DEFEATED—An election held on
April 13 on the question of issuing $85,000 city park acquisition and muni¬
cipal buildings construction bonds resulted in rejection of the proposal.
LAWRENCE COUNTY (P. O. Moulton), Ala.—BOND OFFERING—
Probate Judge Chas E. Bragg announces that on April 26 at 11 a. m. the
Board of County Revenues will sell dt public auction an issue of
$30,000
4M% courthouse bonds.
Dated April 1, 1936.
Interest payable April 1
and Oct. 1.
Due $10,000 on April 1 in each of the years
1951, 1952 and
1953.
Certified check for $600, required.
Purchaser will be furnished
the opinion of Reed, Hoyt & Washburn of New York that the
bonds are
valid and binding obligations of the county.
KINGS
COUNTY
(P.
O.
Hanford),
Calif.—CORCORAN
HIGH
SCHOOL DISTRICT BONDS OFFERED—'The
County Supervisors will
receive bids until 2 p. m. May 4 for the purchase of an issue of
$15,000
bonds of Corcoran High School District.
LOS ANGELES COUNTY (P. O. Los
Angeles), Calif.—SAN MA¬
RINO SCHOOL BONDS SOLD—The $150,000 bonds of San Marino
City
School District offered on April 20—V. 144, p. 2519—were awarded to
Dean Witter & Co. of San Francisco, as 3s, at
par plus a premium of $401.05,
equal to 100.267, a basis of about 2.97%.
The William R. Staats Co. of
LEIGHTON, Ala.—BONDS SOLD TO PWA—The Public Works
Administration is said to have purchased at par an $18,000 issue of
4%
works
(P.
SCHOOL DISTRICT BOND ELECTION—An election will beheld in the
District on May 8 for the purpose of voting on the question of
school
water
a
District will be submitted to a vote.
BEARDSLEY SCHOOL DISTRICT BOND ELECTION—A special elec¬
tion has been called for April 29 at which a proposal to issue $140,000 school
$48,000, offered for sale on April 20—V. 144, p. 2519—were awarded to
Marx & Co. of Birmingham, as 4Ms, at a price of
95.85, a basis of about
4.78%.
The issues are divided as follows:
semi-ann.
SANTA ANA
posal to issue $40,000 school building bonds of Arvin Grammar School
SOLD TO PWA—It is reported that $21,000
bonds have been purchased at par by the
two issues of bonds
Teletype: LA 477
SAN FRANCISCO
Works Administration.
GADSDEN, Ala.—BOND SALE—The
Los Angeles
•
,
ALABAMA
CORDOVA, Ala.—BONDS
Los Angeles Stock Exchange
Spring Street
Telephone: VAndike 2201
Bond Proposals and Negotiations
4% semi-ann. sanitary
BONDS
Revel Miller & Co.
,
.
MUNICIPAL
bonds.
San Francisco was second
high bidder, offering a premium of $1,929 for
3Ms.
Dated April 1, 1937.
Due yearly on April 1 as follows: $3,000,
ARKANSAS
1938 and 1939 and $8,000, 1940 to 1957.
LOS NIETOS SCHOOL BONDS SOLD—The
$7,000 Los Nietos School
District bonds offered on April 20—V. 144, p. 2519—were awarded to Redfield, Royce & Co. of Los Angeles as 4s, at par plus a premium of $40,
equal to 100.571, a basis of about 3.91%.
Dated April 1, 1937.
Due
$500 yearly on April 1 from 1938 to 1951, incl.
BONDS
Largest Retail Distributors
MADERA COUNTY (P. O. Madera), Calif.—CHOWCHILLA SCHOOL
BOND ELECTION—On April 27 Chowchilla School District will ballot on
WALTON, SULLIVAN A CO.
the
LITTLE ROCK, ARK.
ARKANSAS
BATESVILLE, Ark.—
Longley, City Recorder, that
BONDS
It is
ST.
FRANCIS
LEVEE
DE
by N. A.
April 20 the voters
REDONDO BEACH, Calif.—BONDS DEFEATED—A proposal to issue
$150,000 civic auditorium bonds was defeated at a recent election, failing
to
DISTRICT
(P. O. West Memphis), Ark.—
by W. M. Smith, President of the Board of
District Directors, that the said Board is calling for
payment as of July 1,
at the National Bank of Commerce in
Memphis, the total issue of $500,000
6% series D bonds, issued as of July 1, 1907.
Payment will be made in
cash or New York exchange at par, as
preferred, on July 1, 1937.
(The above notice first appeared in these columns last December and
is repeated at this time merely as a
reminder.)
CALL—It is
not as yet
paid,
you receive—
Old bonds exchanged for (new)
$5,000.00
_
137.50
137.50
103.05
4%
Accrued interest
,..
on new
100.00
bonds at 4%
11.66
$5,489.71
.
"You may say that the $137.50 representing the Feb. 15, 1936 coupons
should not be included.
We must include it because Nogales wants to
pay every dollar it owes and we feel almost certain the new city administra¬
tion will include in its budget a levy to meet past due interest.
"You can readily see that you are the only one that is not
receiving the
full benefit of your own investment.
The sooner you decide to forward
your bonds, providing you have not done so already, the better off you
will be and it hurries along the final completion of this
refunding proposition.
"Send your bonds to the First National Bank, Nogales, Arizona, with
instructions to exchange the bonds."
CALIFORNIA
"
GLENDALE, Calif.—BONDS DEFEATED—A. proposal
o
JOAQUIN COUNTY (P. O. Stockton). Calif.—LODI SCHOOL
DISTRICT BONDS SOLD—The issue of $135,000 Lodi School District
bonds offered on April 19—V. 144, p. 2520—was awarded to
Kaiser &
Co. of San Francisco.
The successful bid provided that $23,000 bonds
maturing from 1938 to 1941 bear interest at 5%, that $112,000 bonds run¬
ning from 1942 to 1957 bear 2M% interest, ana that the price be
par plus
$226, equal to 100.167.
Blytn & Co., Inc., of San Francisco, submitted
the second high bid.
Dated May 1, 1937.
Due on May 1 as follows:
$2,000 in 1938; and $7,000, 1939 to 1957.
SAN DIEGO COUNTY (P. O. San
Diego), Calif.—SWEETWATER
UNION HIGH SCHOOL DISTRICT BOND SALE DETAILS— It is now
reported that C. W. McNear & Co. of Chicago, were associated with
A. S. Huyck & Co. of Chicago, in the purchase of the
$175,000 school bonds
on April 12, as
4Ms, at a price of 100.56, a basis of about 4.185%, as noted
in these columns recently—V.
144, p. 2700.
SAN
MATEO COUNTY
(P. O. Redwood City), Calif.—LAS LOMI-
TAS SCHOOL BOND ELECTION—A bond issue of
$40,000 for school con¬
struction will be submitted to the voters of Las Lomitas School
District
at an election scheduled for
May 11.
SHASTA COUNTY (P. O. Redding), Calif.—OLINDA SCHOOL
DIS¬
TRICT BOND OFFERING—On
May 5 at 10 a. m. the County Supervisors
an issue of $3,300 school
building bonds of Olinda School
will offer for sale
District.
SOLANO AND
YOLO
COUNTIES
RECLAMATION DISTRICT
NO. 2068 (P. O.
Woodland), Calif.—RFC RE-FINANCING LOAN—It is
stated that the Reconstruction Finance
of $352,500 for refinancing.
Corporation has approved
SUTTER COUNTY (P. O. Yuba City),
DISTRICT BOND ELECTION— On May 18
a
loan
Calif.—SUTTER
Sutter
Water
WATER
District will
vote on
a bond issue of
$95,000.
VENTURA COUNTY (P. O.
UNION HIGH SCHOOL BONDS
Ventura),
Calif.-—SANTA PAULA
E. Hallowell, County
OFFERED—L.
Clerk, will receive bids until 10 a. m. May 3 for the purchase at not less
than par of $115,000 2M% school
building bonds of Santa Paula Union
High School District.
Denom. $1,000.
Dated May 1, 1937.
Prin. and
semi-ann. int. (M. & N. 1) payable at the office of the
County Treasurer.
Due yearly on May 1 as follows: $12,000 from 1938 to
1946, and $7,000
in 1947.
Certified check for 2% of amount of bid, required.
issue $125,-
Rocky Mountain Municipals
GOLDEN GATE BRIDGE AND HIGHWAY DISTRICT (P. O. San
Francisco), Calif.—BOND SALE—A $3,300,000 block of 3%% bridge,
series C bonds is said to have been taken on April 21 by a syndicate com¬
posed of Blyth & Co., the Bancamerica-Blair Corp., Dean Witter & Co.,
ARIZONA—COLORADO—IDAHO—MONTANA
f
NEW
MEXICO—WYOMING
Dated July 1,
DONALD F. BROWN & COMPANY
$205000, 1947;
$45,000, 1948 to 1951; $65,000, 1952 to 1956; $105,000, 1957 to 1961;
$165,000, 1962 to 1966, and $270,000,1967 to 1971.
Prin.andint. (J. & J.)
payable in lawful money at the Bank of America, National Trust & Savings
Assn., San Francisco, and at the Manufacturers Trust Co., New York.
Legality to be approved by Orrick, Palmer & Dahlquist, of San Francisco,
and Masslich & Mitchell, of New York.
These bonds are part of a $35,000,000 issued authorized at the general election on Nov. 4, 1930.
KERN COUNTY (P. O. Bakersfield), Calif.—ARVIN SCHOOL DIS¬
TRICT BOND ELECTION—At an election scheduled for April 27 a
pro-
1949, incl.
SAN
000 library bonds was rejected by the voters recently.
and Weeden & Co., all of San Francisco.
Denom. $1,000.
1935.
Due on July 1 as follows: $15,000, 1942 to 1946;
vote.
$1,000 from May 1,
1940 to
Ariz.—OUTLINE OF PROPOSED PROGRAM— Kirby L
Five coupons due Aug. 15, 1935
Feb. 15, 1936 coupons, retained by owner
Interest from Feb. 15, 1936 to July 1, 1936-Interest from July 1, 1936 to Jan. 1, 1937 at
favorable two-thirds
on April 19—V.
144, p. 2520—was awarded to the Wm. R. Staats
Co. of Los Angeles, as 4Ms, paying a premium of $11.11, equal to
100.11,
a basis of about
4.23%.
Dated May 1, 1937.
Due
Vidrine & Co., of Phoenix, refunding agents for the above
city, are sending
following letter to holders of defaulted bonds:
"Out record indicates that you are the holder of Nogales, Arizona bonds
which have as yet not been exchanged.
We merely wish to state that the
are
a
sale
out the
longer you hold out the more it will cost you in the loss of interest.
"Suppose you are the holder of $5,000 Nogales, Arizona Water Works
5M's due 1940. By exchanging your bonds under the Refunding program,
the City of Nogales, Arizona will pay the
Aug. 15, 1935 coupons; and in
addition thereto the City of Nogales will pay the accrued interest on
your
old bonds from Feb. 15, 1936, to July
1, 1936 at the rate of 5H% per
annum.
In forwarding you new refunding bonds there are now attached
coupons, which came due Jan. 1, 1937 for $20 on each bond.
"Let us see what you receive when you
exchange your bonds; you get
$5,000 new bonds; your principal is yet intact; if your Aug. 15,1935 coupons
receive
RIVERSIDE COUNTY (P. O. Riverside), Calif.—CABAZON SCHOOL
DISTRICT BOND SALE—The $10,000 issue of school bonds offered for
stated
ARIZONA
NOG ALES,
District, and $30,000 High
School District bonds.
stated
at the election held on
defeated the issuance of the $20,000 in auditorium bonds.
BOND
question of issuing $35,000 school building bonds.
ORANGE COUNTY (P. O. Santa Ana), Calif.—ELAGUNA BEACH
SCHOOL DISTRICTS BOND ELECTIONS—It is
reported that an election
will be held on May 14 in order to vote on the issuance of
$100,000 in bonds
divided as follows: $70,000 Elementary School
DENVER
Telephone: Keystone 2395
—
Teletype: Dnvr 580
COLORADO
a
BRIGHTON, Colo.—BONDS VOTED—The voters recently approved
proposition to issue $50,000 highway re-routing bonds.
144
Financial
CITY,
Colo.—BONDS DEFEATED—A recent election re¬
a proposition to issue $40,000 sewage disposal plant
Volume
f
CANON
sulted in defeat
of
Chronicle
936,000 Special Tax School District No. 3 general refunding bonds. Due
on May 1 as follows: $20,000, 1938 to 1941: $25,000, 1942 to
1946: $30,000, 1947 to 1951: $35,000,1952 to 160; $40,000,1961
to 1966; and $26,000, 1967.
10,000 Special Tax School District No. 3 refunding series L bonds.
Due May 1,1967.
701,000 Special Tax School District No. 5 general refunding bonds. Due
on May 1 as follows: $15,000, 1938 to 1942; $20,000, 1943 to
1947; $25,000, 1948 to 1959; $30,000, 1960 to 1966; and $16,000
bonds.
DENVER, Colo.—ISSUANCE OF REFUNDING BONDS PROPOSED—
Approval has been given by Mayor Stapleton for the refunding of impt.
bonds of the city.
The Mayor has ordered John F. McGuire, Manager of
Revenue, to prepare the necessary data and advertise for bids on the new
bonds, according to a Denver report to the "Wall Street Journal" of April 20,
which goes on to say:
"It is expected the refunding bonds, amounting to approximately $5,226,000 as of April 1, will be offered at not exceeding 4%.
Int. rates on
the issues to be refunded range from 4 to 614%.
"Mr. McGuire has been studying the
legal aspects of the refunding move
with City Attorney Malcolm Lindsey and Assistant City Attorney Glenn G.
Saunders.
"
'We do
not
in 1967.
on
13-year period,
a
or
approximately $27,000
LARIMER COUNTY SCHOOL DISTRICT NO. 5 (P. O. Fort Collins), Colo.—BOND ELECTION—The District will hold an election on
May 10 to vote on a proposal to issue $29,000 refunding bonds.
PUEBLO, Colo.—PRICE PAID—In connection with the sale of the
$280,000 sewage disposal plant bonds to Boettcher & Co. of Denver, as
3Hs, as noted in these columns recently—V. 144, p. 2520—it is stated that
the^bonds were sold at par. Due on April 1, 1952 and optional on April 1,
SCHOOL DISTRICT,
Colo.—BONDS VOTED—
on Apr 112 voted approval of a bond ssue of
like amount of high school building bonds.
The residents of the district
a
,
^
JUNCTION, Colo.—BONDS VOTED—The taxpayers have
voted favorably on the question of issuing $50,000 ibrafy bonds.
FORD
Due
Ma^r 1 as follows: $7,000, 1938 to 1957; and $8,000, 1958
to 1967.
1967.
_
44,000 Special Tax School District No. 6 general refunding bonds. Due
on May 1 as follows: $1,000,
1938 to 1953; and $2,000. 1954
GRAND
ROCKY
Due
91,000 Special Tax School District No. 13 general refunding bonds.
Due on May 1 as follows: $2,000, 1938 to 1947; $3,000, 1948 to
1956; and $4,000, 1957 to 1967.
67,000 Special Tax School District No. 9 general refunding bonds. Due
on May 1 as follows: $2,000,
1938 to 1960; and $3,000, 1961
to
$92,000 to refund
:■
123,000 Special Tax School District No. 7 general refunding bonds. Due
on May 1 as follows: $2,000, 1938 to 1942;
$3,000,1943 to 1952;
$4,000, 1953 and 1954; $5,000, 1955 to 1957; and $6,000,1958
definitely know that such a refunding would be legal,'
'We are making a thorough study of such a move,
and expect to reach a decision soon.
At that time, if it is legal to undertake
the refunding, we will advertise for bids.'
"If the bonds could be sold at 4%, the city would save slightly more than
over
-
35,000 Special Tax School District No. 5 refunding series L bonds.
$5,000 on May 1 from 1953 to 1959.
220,000 Special Tax School District No. 4 general refunding bonds.
Mr. McGuire said.
aTquarter-million dollars
per year."
v
2865
to
1967
Bidders are to name rate of interest, uniform for each issue, in multiples
H%, but not to exceed 4J4%. Denom. $1,000. Dated May 1, 1937.
Principal and semi-annual interest (May 1 and Nov. 1) payable at New
York. Certified check for 1% of amount of bonds bid for, payable to the
Board of Public Instruction, requred.
Approving opinion of Masslich &
Mitchell of New York will be furnished to the purchasers.
Delivery to be
made in instalments between May 31, 1937, and Nov. 1, 1937. Bonds are
general obligations, payable from taxes levied on property in the districts.
Taxes levied for the*general refunding bonds are unlimited as to rate or
amount; for the series L bonds they will te limited as prescribed by Section
17 of Article XII of the Florida Constitution prior to its amendment in
November, 1924.
of
JACKSONVILLE, Fla.—CERTIFICATE OFFERING—Sealed bids will
of the
an issue of $1,250,000 electric revenue
certificates.
Interest rate is not to exceed 6%
payable M. & N. Denom.
$1,000.
Dated May 1, 1937.
Due on May 1 as follows: $100,000, 1938
to 1948, and $150,000,1949.
Prin. and int. payable at the City Treasurer's
office, or at the Manufacturers Trust Co., New York.
The legality of
the certificates will be approved by Thomson, Wood & Hoffman of New
York, to be furnished free of charge to the purchaser.
No bids for less
than the par value of the certificates will be considered.
A certified check
for 2% of the par value of the certificates bid for, payable to the City
be received until 2.30 p. m. on May 12, by M. W. Bishop, Secretary
CONNECTICUT
City Commission, for the purchase of
,
HARTFORD COUNTY METROPOLITAN DISTRICT (P. O. Hartford), Conn.—BOND SALE—The $2,000,000 2%% coupon, registerable
to'both principal and interest, East Branch additional water supply
bonds offered on April 20—V. 144, p. 2520—were awarded to a syndicate
composed of Lazara Freres & Co..Inc.; Goldman .Sachs & Co., both of
New York; Mercantile Commerce Bank & Trust Co., St. Louis; Dick &
Merle-Smith* B. J. Van Ingen & Co., Inc.; Eldredge & Co.; George B.
Gibbons & Co., Inc., all of New York, and Washburn & Co., Inc. of
Boston, at a price of 101.133, a basis of about 2.68%.
Dated May 1,
1937 and due $50,000 annually on May 1 from 1938 to 1977, inclusive.
as
KILLINGLY, Conn .—BOND OFFERING—The Town Treasurer will
April 27 for the purchase of $230,000
bonds, to mature $11,000 annually from 1938 to 1947, incl.
and $12,000 in each year from 1948 to 1957, incl.
Bidder to name the
receive sealed bids until 3 p. m. on
refunding
rate of interest.
RIDGEFIELD, Conn.—BONDS VOTED—The voters of the town
recently gave their consent to the issuance of $250,000 school building
bonds..
FLORIDA
BONDS
Clyde C. Pierce Corporation
Barnett National Bank
JACKSONVILLE.
-
First National
Bank
Building
Building
-
Branch Office:
T.
•
FLORIDA
TAMPA
8.
Pierce, Resident Manager
Treasurer, is required.
These certificates are issued for the purpose of providing for the con¬
struction of extensions and improvements to the Municipal Electric Plant of
the City of Jacksonville, Fla., so as to increase the appliances for the
manufacture and distribution of electricity as may be necessary to furnish
the same to those taking and using such electricity, and shall be payable
solely from the revenues derived from the operation of said Electric Plant,
and are registerable as to principal.
Said certificates are authorized by Ordinance No. X-118 of the City
Council of the City of Jacksonville, Fla., entitled "An Ordinance Providing
for the Construction of Extensions and Improvements to the Municipal
Electric Plant of the City of Jacksonville, Fla., so as to Increase the Ap¬
pliances for the manufacture and distribution of electricity as may be
necessary to furnish same to those taking and using such electricity; and
for the issuance of $1,250,000 Revenue Certificates of the City of Jack¬
sonville, Fla., payable solely from the revenues derived from the operation
of said e'ectric p ant to finance the cost of such construction, ' which
ordinance was passed by the City Council Jan. 12, 1937, approved by the
Mayor of said City on Jan. 13, 1937, and duly approved and concurred
in by the City Commission of said City on Jan. 13, 1937, and published in
the Jacksonville Journal on Jan. 14, 1937;"" and said certificates have been
validated and confirmed by a decree of the Circuit Court of Duval County,
Fla., which decree was affirmed by the Supreme Court of Florida on the
27th day of March, A. D. 1937.
LAKE WORTH
—REPORT
Florida
Municipals
LEEDY. WHEELER & CO.
Orlando,
Fla.■^■Jacksonville, Fla.
Bell
Orlando
System
10
Teletype
Jacksonville
No.
96
ON
DRAINAGE DISTRICT (P. O. Lake Worth), Fla.
FOR
BOND
SETTLEMENT PLAN— The
DEPOSITS
following letter was sent out to bondholders on April 21 by Humphrey,
Jaques & Co. of St. Louis, Mo., representing the bondholders' committee:
Sometime ago, we sent you a copy of our letter of Jan. 2, 1937, concern¬
ing the proposed settlement for bonds of the above district to be provided
by a Reconstruction Finance Corporation loan.
When we sent you that
letter, we had not yet had time to hear from a sufficient number of bond¬
holders to indicate definitely whether the settlement plan could be con¬
summated or not.
We have now received replies from a large number of bondholders and
for your information, those representing approximately 90% of all out¬
standing bonds have indicated their acceptance of the settlement proposed.
Not all holders have yet been heard from and while additional bonds may
be required to complete the plan, it appears evident that it is meeting with
the approval of practically all of those who have received our communication.
Holders of undepositea bonds who have not received information con¬
cerning this settlement may obtain it by writing Humphrey, Jaques & Co.,
1963 Railway Exchange Building, St. Louis, Missouri.
FLORIDA
ALACHUA COUNTY SPECIAL
Very truly
NO. 1 (P. O. Gainesville), Fla.—REPORT ON PROGRESS OF REFUND¬
ING PLAN—It is reported by the above District,
through its refunding
agent, Ed. C. Wright & Co., that the holders of approximately 95% of
the outstanding road and bridge bonds have agreed to the plan of refunding
and have exchanged their bonds.
Bonds are being exchanged by Empire
Trust Co., as exchange agent, 120 Broadway, New York City.
All interest in default to Jan. 1, 1937 is being paid by the exchange agent
at the time of exchange and the new bonds carry an approving opinion|of
Thomson, Wood & Hoffman.
Following are the issues affected by the refunding:
$226,000 5p£s, dated Jan. 1,1920, due serially 1936-1950.
295,000 6s, dated Jan. 1, 1921, due serially 1935-1945.
535,000 6s, dated July 1, 1923, due serially 1935-1951.
1,076,000 5Ks, dated July 1, 1925, due serially 1935-1951.
118,000 6s, dated Jan. 1, 1926, due serially 1935-1940.
770,000 5s, dated Jan. 1, 1926, due serially 1941-1954.
The maturity dates of all outstanding bonds have been extended for a
period of seven years.
No reduction in rates of interest has been made.
Rates remaining the
same
as
when contracted when bonds were issued.
A modified callable clause provides for call of bonds on any interest date,
prior to maturity, however, bonds must be called in the order of their
maturities and no call may be made for bonds of any issue if bonds of
earlier maturities of other issues remain outstanding or uncalled.
COLUMBIA
COUNTY
O.
Lake
City),
5% semi-ann. road improvement bonds numbered 191 to 195; 201 to 209;
230 to 234: 239, 245 to 252; 263 to 272; 274 to 294; 296 to 300;
306 to 311; 317 to 320; 327 to 331; 335 to 350; 355 to 400; 421 to 431; 442
to 475; 477 to 485, and 489 to 500, aggregating $212,000, are being called
for redemption at par and accrued interest, plus a premium of 1% of the
principal amount, on June 1,
these
bonds
Denom. $1,000.
constitute
on
all
which date interest shall cease. It is said
of the original issue now outstanding.
Due on Dec. 1, 1947.
Dated Dec. 1, 1917-
DADE COUNTY (P. O. Miami), Fla.—OFFERING OF SCHOOL DIS¬
BONDS—James T. Wilson, Secretary of the County Board of
TRICT
Public Instruction, will receive bids until 3 p. m. April 27 for the purchase
of the following school district refunding bonds:
$5,018,000 Special Tax School District No. 2 general refunding bonds.
Due on May 1 as follows: $95,000,1938 to 1942; $120,000,1943
and 1944; $116,000, 1945, 1946 and 1947; $140,000, 1948 to
1952; $190,000, 1953 and 1954, $185,000, 1955, 1956 and 1957:
$235,000, 19o8 to 1966; and $208,000 n 1967.
329,000 Special Tax School District No. 2 refunding series L bonds.
Due on May 1 as follows: $5,000, 1938 to 1944; $10,000, 1945
to 1954; $15,000, 1955 to 1966; and $14,000 in 1967.
COUNTY (P. O. Stuart),
Fla .—REFUNDING BONDS OF
refunding bonds provided for exchange for outstanding original bonds of
Martin County and Martin County Road and Bridge Districts Nos. 4,
12, 16 and 18, originally issued as bonds of Palm Beach County and Road
and Bridge Districts.
The new bonds have been executed by the proper officials and are on
deposit with the exchange agent, the First National Bank of Chicago.
The refunding program is now being declared operative and all bondholders
desiring to participate in the first exchange are urged immediately to for¬
ward their bonds to the exchange agent, accompanied by properly executed
deposit agreement, as it is planned to clear the first instalment in the im¬
mediate future.
TALLAHASSEE, Fla.—BOND CALL—The following described bonds
have been called for retirement at par as of May 1 next:
$5,000 5% waterworks, electric ana gas plants improvement bonds, dated
May 1, 1910 and payable May 1, 1960, numbered from 11 to 15.
15,000 5% judgment funding bonds, dated May 1, 1910 and payable
May 1. 1960, numbered from 1 to 15.
30,000 5% street paving bonds, dated Jan. 1, 1912 and payable Jan. 1,
1962, numbered from 1 to 30.
The bonds are to be presented for payment at the Chemical Bank &
Co.
in
New
York.
Fla.—BOND CALL—
220 to 224;
that
MARTIN
COUNTY AND ROAD AND BRIDGE DISTRICTS VALIDATED—The
Florida Supreme Court has recently sustained the decree validating the
Trust
(P.
H. B. Summers, Clerk of the Board of County Commissioners, states that
yours,
HUMPHREY, JAQUES & COMPANY
ROAD AND BRIDGE DISTRICT
^
TAMPA, Fla.—BOND OFFERING—It is stated by P. R. Bourquardez,
Clerk,, that the Board of Representatives of the city will receive
sealed bids at his office until 8:30 p. m. on April 27, for the purchase of
City
of coupon or registered general refunding bonds aggregating
$5,201,000, divided as follows:
$283,000 Series A bonds.
Due on May 1 as follows:
$10,000, 1938 and
1939; $5,000,1940 to 1943; $10,000, 1944 to 1949; $11,000, 1950;
$10,000, 1951; $5,000, 1952; $10,000, 1953 to 1956; $15,000,
1957 to 1962; $10,000,1963 and 1964, and $7,000 in 1965.
These
bonds are payable from an unlimited tax to be levied on ail
taxable property (including homesteads) within the corporate
limits of the city, as they existed prior to the extension of the
three issues
limits in 1911.
1,614,000 Series B bonds.
Due on May 1 as follows:
$65,000, 1938;
$60,000, 1939; $30,000, 1940 and 1941; $40,000, 1942; $55,000,
1943 and 1944; $50,000, 1945 to 1949: $40,000, 1950 and 1951;
$39,000, 1952; $40,000, 1953; $55,000, 1954: $60,000, 1955;
$70,000, 1956; $80,000, 1957 to 1960; $75,000, 1961 to 1964,
and $65,000 in 1965.
These bonds are payable from an unlimited
tax to be levied on all taxable property (including homesteads)
within the corporate limits of the city as they existed after the
extension of the limits in 1911 and before the extension in 1923.
2866
Financial
3,304,000 Series EC bonds.
Due on May 1 as follows:
$135,000 in 1938;
$115,000,1939; $65,000,1940 and 1941: $80,000, 1942; $100,000,
1943 to 1948; $105,000, 1949 to 1953; $107,000, 1954; $110,000,
1955; $140,000, 1956; $150,000, 1957 to 1959; $145,000, 1960 to
1962; $155,000. 1963 and 1964, and $137,000 in 1965.
These
bonds are payable from an unlimited tax upon all taxable property
(including homesteads) within the present corporate limits of
the city.
Interest rate is not to exceed 4%, payable M. & N.
Denora. $1,000.
Dated May 1, 1937.
The rate of interest to be stated in multiples of )4 of
1 %,
The award of the bonds will be made by the Board of Representatives
to the bidder
making the most advantageous bid which will be determined
by the board in its absolute and uncontrolled discretion.
The approving
opinion of Masslich & Mitchell of New York, will be furnished.
A certified
check for 2% of the amount of bonds bid for, payable to the Board of
of Representatives, is required.
TAMPA, Fla.—LEGISLATURE PASSES BUDGET BILL— R. E. L.
Chancey, \1ayor of Tampa, has announced that the Florida Legislature
has passed a new budget bill for the city, now awaiting the signature of
Governor Cone, which would place the city's fiscal affairs on a strictly cash
Chronicle
of the
program, and will supplement
callable term bonds
bonds,
on
the completion of the refunding of the city's
April 27, through the sale of $5,201,000 of new serial
Mr. Taber added the
was
following
held
strict cash basis.
It is similar to the budget making methods recently
adopted in the State of New Jersey, which have operated successfully in
restoring the credit of many important cities in that State.
Such legislation
requires pay-as-you-go operations and the making up of future budgets
and tax levies upon the basis of actual collections.
"The financing program now provided for the City of Tampa will elimi¬
nate peaks in the annual debt service, and assure a considerable saving in
annual interest charges.
These factors
ill act immediately to reduce
the annual debt service requirements from over $1,000,000 to about $670,000, a figure well within the city's demonstrated capacity to meet.
"Tampa has maintained its credit standing unimpaired throughout the
depression.
All payments upon its debt have been promptly met.
The
fundamental stability of Tampa from an industrial and economic standpoint
has long been recognized.
The bill is a further safeguard in the interest
of the city's creditors as well as its tax payers.
on a
the ordinance valid.
The
is considered of State-wide importance as for the first time it
case
brought
interpretation
an
of
the Municipal Ownership Act under which
it is possible for cities to build and operate municipal light and power plants.
JONESBORO,
water
111.—PWA
works construction
BUYS
bonds has
ISSUE—Ail
Issue
$27,000
of
4%
been sold to the Public Works Ad¬
ministration.
LEWISTOWN,
ministration has
111.—PWA BUYS ISSUE—The Public Works Ad¬
purchased an issue of $28,000 4% water works improve¬
ment bonds at par.
LYONS TOWNSHIP SCHOOL DISTRICT NO. 4 (P. O. LaGrange),
BIDS—The $45,000 refunding bonds awarded April 14 to
111.—OTHER
the Harris Trust & Savings Bank of Chicago, as 2%s, at par plus a premium
of $85, equal to 100.188, a basis of about 2.70%, as previously reported
—V. 144, p. 2701—were also bid for as follows:
statement:
bill represents the first step of its kind by any city in Florida.
drafted by Masslich & Mitchell, and places the city's fiscal affairs
<
in a suit filed by the late William N.
Hairgrove. but the judges of tne Circuit Court, sitting en banc, denied the
power company the right
to intervene.
By a unanimous decision the
Circuit Judges L. E. Stone, Walter W. Wright, and Victor Hemphill had
Bidder—
"This
It
utility certficates and $189,000 a direct grant.
The application was
1934.
The city later, Jan. 21, 1936, at a special election, voted
made in
3 to 1 in favor of the proposition.
The ordinance was challenged
basis.
According to Norman S. Taber & Co. of New York, fiscal agents for
the city, this legislation represents an important part of Tampa's financial
April 24, 1937
The city applied for a Public Works Administration grant and loan of
$420,000.
Of that total $231,000 was to be a loan repayable to the holders
Int. Rate
3%
3%
Paine, Webber & Co
Channer Securities
Corp..
Northern Trust Co
$134.59
127 50
3)4%
Co., Inc
Burr & Co., Inc
Seipp, Princell & Co
246.00
3H%
3)4 %
4%
4)4 Vo
Central Republic Co
Brown Harrlman &
Premium
18 00
36.00
125.00
76.50
MARTINSVILLE, 111.—BOND SALE—Henry Huffman, Commissioner
of Highways, informs us that an issue of $30,000 road bonds has been sold
to Barcus & Kindred of Chicago, and the Martinsville State Bank, jointly,
OAKLAND, 111.—BOND SALE—The city recently sold an issue of $11,4% water supply bonds.
Dated March 15, 1937.
Denoms. $1,000
000
and $500.
Due as follows: $500 from 1939 to 1954, incl., and $1,000 from
1955 to 1957, incl.
Principal and interest (J. & J.) payable at the Harris
Trust & Savings Bank, Chicago.
Legal opinion of Chapman & Cutler of
Chicago.
VOLUSIA
COUNTY
(P.
O.
De
Fla.—SEALED
Land),
TENDERS
INVITED—Tt is stated by J. J. Crume, Chairman of the Board of County
Commissioners, that on May 6, at 10 a. m., he will open and consider
sealed offerings of road and bridge refunding bonds of the following special
road
and
bridge districts:
Orange City-Enterprise; Orange City-Lake
Helen;
De Land-Lake Helen;
Commissioners' Districts No. 2 and 3;
De Land Spring3-Glenwood;
De Leon Springs-Seville;
Daytona Beach;
Halifax; New Smyrna; Turnbull.
The amount of bonds of each issue to be
purchased will be determined by the chairman and offerings must be firm
for at least 10 days in order to be considered.
ROCKFORD, III.—BOND OFFERING—miner O. Strand, City Clerk,
will receive sealed bids until 2 p. m. on
3%
hall construction
city
May 6 for the purchase of $125,000
Dated June 1, 1937.
Denom. $.500.
bonds.
Due $6,250 annually from 1938 to 1957 incl.
Prin. and int. J. & D. payable
at the City Treasurer's office.
Bidder to furnish blank bonds and legal
A certified check for 2%, payable to the order of the City Clerk,
each proposal.
Issue was approved at the April 6 election.
Opinion.
must accompany
TAMPICO, 111.—BOND SALE—The Town Clerk informs
issue of
$15,000 3)4% road graveling bonds has been sold.
April 6 election.
us that an
The issue was
voted at the
GEORGIA
INDIANA
CRISP
COUNTY (P. O. Cordele), Ga.—BOND ELECTION—It is
by the County Clerk that an election will be held on June 8, to vote
the issuance of $72,000 in 4% refinancing bonds.
stated
on
IDAHO
ADA
COUNTY
informed
(P. O. Boise), Idaho—BOND ELECTION—We are
by the County Clerk that an election will be held on May 6 to
the issuance of $195,000 in court house building bonds.
Rate of
interest and maturity not determined.
He states that if the bonds carry,
vote
on
they will be sold to the highest bidder.
HEYBURN RURAL HIGH SCHOOL DISTRICT NO. 1
(P. O. Hey-
burn), Idaho—BOND SALE CONTEMPLATED—In connection with the
$28,900 school building bonds approved by the voters on March 31—
V. 144, p. 2701—it is stated by J. W. Anderson, Clerk of the Board of
Education, that the bonds are to be offered for sale as soon as a Public
Works Administration grant is approved.
IDAHO, State of—BOND SALE A UTHORIZED—It is reported that the
State
Board
has
of Examiners
to sell to the State
decided
authorize
to
the
Department of Finance, at 3H%.
a
State
Treasurer
$250,000 not to exceed 4% interest coupon, registerable as to principal
only, electric utility revenue bonds.
Dated May 1, 1937.
Denom. $1,000.
Due as follows: $10,000, July 1, 1938; $10,000, Jan. 1 and July 1 from 1939
to 1941, incl. and $15,000, Jan. 1 and July 1 from 1942 to 1947, incl.
Bidder to bid for the entire issue and name one rate of interest, expressed
in a multiple of )4 of 1%.
Principal and interest (J. & J.) payable at the
Anderson Banking Co., Anderson, or at the Citizens Banking Co., Ander¬
son.
No additional bids will be considered and all proposals must be ac¬
companied by a certified check for $5,000, payable to the order of the city.
Successful bidder will be furnished with the approving legal opinion of
Matson, Ross, McCord & Clifford of Indianapolis.
Proceeds will be used
to improve and extend the municipally-owned electric utility system.
The
bonds will constitute a first charge against 20% of the gross revenues of
the utility system, as more particularly stated in an ordinance adopted by
the Common Council on April 13, 1937.
The system and its revenues are
now
net
total of $502,000
State Institutional bonds.
unemcumbered.
Gross
revenues
for
1936
were
profit of $424,902.26.
ELKHART
COUNTY
$1,009,738.47, with
*
(P.
O.
Goshen),
Ind.—BOND OFFERING—
Auditor, will receive sealed bids until 10 a. m. on
May 7 for the purchase of $22,300 not to exceed 4% interest refunding
bonds.
The bonds to be refunded mature May 15, 1937.
The new issue
will be dated May 15, 1937.
Denoms. $750 and $365. Due $2,230 on May
15 and Nov. 15 from 1941 to 1945, incl.
Bidder to name one rate of interest,
expressed in a multiple of )4 of 1%.
Principal and interest (M. & N., 15)
payable at the County Treasurer's office.
A certified check for 3% of the
issue, payable to the order of the Board of County Commissioners, must
accompany each proposal.
County will furnish the approving legal opinion
of Matson, Ross, McCord & Clifford of Indianapolis, and no conditional
bids will be considered.
Bonds will be ready for delivery on May 15, 1937.
F. C. Mishler, County
RUPERT, Idaho—BONDS VOTED—The voters have approved
posal to issue $30,000 municipal building bonds.
a pro¬
Municipal Bonds of
ILLINOIS
ANDERSON, Ind.—BOND OFFERING—J. J. Netterville, City Comp¬
troller, will receive sealed bids until 2 p. m. on April 30 for the purchase of
MICHIGAN
INDIANA
IOWA
WISCONSIN
Bought—Sold—Quoted
FORT
WAYNE, Ind.—OTHER BIDS—The issue of $90,000 refunding
bonds sold April 15 to DeWees & Ehrman of Fort "Wayne, as 3s, at par plus
premium of $310, equal to 100.344,
2701, was also bid for as follows:
a
MUNICIPAL BOND DEALERS
13$ So. La Salle St., Chicago
State 0810
Teletype CGO. 437
Bancohio
BEMENT, 111.—BONDS SOLD—The Municipal Bond Corp. of Chicago
and Negley, Jens & Rowe of Peoria, jointly, purchased $16,275 3)4% well
and water tank bonds at a price of 104.18.
CALHOUN
an
election
COUNTY
on
basis of about 2.96%—V. 144, p.
Int. Rate
Securities
Co., Columbus
Fort "Wayne National Bank
Harris Trust & Savings Bank,
ILLINOIS
At
a
Bidder—
(P. O. Hardin), 111.—BONDS DEFEATED—
April 13 the voters rejected the proposal to issue $45,000
court house construction bonds.
Chicago
Indianapolis Bond & Share Corp., Indianapolis
Wefel & Maxfield, Fort Wayne
Central Securities Corp., Fort Wayne
Wheelock & Cummins, Des Moines
McNurlem & Huncilman, Indianapolis
Seasongood & Mayer, Cincinnati
:
3%
3%
3%
3)4 %
3)4%
3)4%
3)4%
3)4%
3)4%
Premium
$245.70
237.00
177.00
1,151,00
1.129.00
1,000.00
692.40
591.50
325.85
TOWNSHIP SCHOOL TOWNSHIP (P. O. New Castle),
Ind.-—BOND SALE—The $16,500 3)4% school bonds offered on April
17—V. 144, p. 2350—were awarded to the City Securities Corp. of In¬
HENRY
COOK
COUNTY
(P.
O.
Chicago),
111.—PERSONAL
PROPERTY
VALUATION CUT 11.75%—Personal property assessed valuation in the
reduced 11.75% from the 1935 figure to $496,789,729 for 1936,
according to a report by County Assessor John S. Clark.
A major factor
county was
in the decrease
was
the removal from the rolls of all items of $400 or
accounting for $44,000,000.
Most of the rest of the reduction
justments to corporations or unincorporated businesses.
CRESTON
SCHOOL
DISTRICT,
was
less,
read¬
111.—BOND
SALE—An issue of
$20,000 school bonds has been sold to Yieth, Duncan, Worley & Wood of
Davenport.
ELGIN SCHOOL DISTRICT NO.
U-46
(P. O. Elgin), 111.—BONDS
VOTED—At an election held on April 10 a proposition to issue $350,000
school addition construction bonds received the approval of the voters.
ELIZABETH, III.—BOND SALE—An issue of $12,000 4% road bonds
has been sold to the
EVANSTON,
White-Phillips Corp. of Davenport.
111.—WARRANT
OFFERINGS. G. Ingraham, City
noon (Central Standard Time) on
April 26 for the purchase of $150,000 tax anticipation warrants, this amount
being within 75% of the legal tax levy for general corporate fund purposes.
Bids must be for the entire offering, state the rate of interest and name a
price of at least par, according to report. Offers to be made on the basis of
delivery of the instruments on May 1.
Successful bidder will be furnished
with the approving legal opinion of Chapman & Cutler of Chicago, or of
other suitable authority.
Warrants will be dated as of the date of delivery
and proposals must be accompanied by a certified check for $1,500.
Treasurer, will receive sealed bids until
EVANSTON, 111.—BONDS VOTED—On April 6 the voters of the city
approved a proposition to issue $45,000 fire apparatus bonds.
Pi GAL ATI A. 111.—PWA BUYS ISSUE—An issue of $39,000 4% water
works bonds has been sold to the Public Works Adminsitration.
JACKSONVILLE,
111.—STATE
SUPREME
COURT
UPHOLDS
MUNICIPAL LIGHT PLANT—By a decision of the Illinois Supreme Court
on April 16 the ordinance under which the city proposed tc build and operate
a municipal light plant was declared valid and that the certificates, under
which the city proposes to pay off the indebtedness, are not a direct obliga¬
tion of the dty.
dianapolis, at par plus a premium of $343, equal to 102.07, a basis of about
2.92%.
Dated May 1, 1937, and due as follows: $500, July 1, 1938;
$1,500, Jan. 1 and July 1 from 1939 to 1943, incl., and $1,000, Jan. 1, 1944.
LEBANON. Ind.—BOND OFFERING—William J. Stewart, City
Clerk;
Treasurer, will receive sealed bids until 2 p.m. on May 3 for the purchase o*
$27,000 not to exceed 6% interest, registerable as to principal, swimming
bonds.
Dated May 1, 1937.
Denom. $500.
Due Nov. 1 as
$1,000, 1938 to 1940 incl.; $1,500, 1941 to 1943 incl.; $2,000, 1944
incl.; $2,500 from 1947 to 1949 incl. and $3,000 in 1950 and 1951.
Bidder to name one rate of interest in a multiple of )4 of 1 %.
If a rate of
6% is named, the price bid must be not less than par and accrued interest.
In the case of a lower rate, a discount offer may be named.
In any event,
the interest cost of the loan shall not exceed 6%.
Principal and interest
(M. & N.) payable at the Clerk-Treasurer's office.
A certified check for
$500, payable to the order of the city, must accompany each proposal.
The
approving opinion of Matson, Ross, McCord & Clifford of Indianapolis,
together with a copy of the transcript examined, will be furnished the
pool
revenue
follows:
to 1946
successful
Said
bidder
bonds
without cost.
are not
a
No conditional
bids
general obligation of the City.
will
be
considered.
The Works Progress
Administration is cooperating in the construction of said swimming pool,
and the same is now in course of construction.
Further details relative to
the character and size of the pool and appurtenances thereto, the income
estimated to be available for tne servicing of the bonds, and the provisions
of the ordinance authorizing
the issuance of the bonds
may
be obtained by
inquiry at the office of the Clerk-Treasurer.
MUNCIE, Ind.—BOND SALE—The $85,000 special taxing district
"improvement district bonds" offered on April 23—V. 144, p. 2701—were
Bond & Share Corp. of Indianapolis, as 3s,
at par plus a premium of $536, equal to 100.63, a basis of about 2.88%.
McNurlen & Huncilman of Indianapolis submitted the second best bid,
offering a premium of $766.50 for 3Ks.
Dated May 1, 1937.
Due as
follows: $4,000, July 1, 1938; $4,000, Jan. 1 and July 1 in 1939 and 1940;
awarded to the Indianapolis
$5,000, Jan. 1 and July 1 from 1941 to 1946, and $5,000, Jan. 1, 1947.
PLEASANT
TOWNSHIP
SALE—The issue of $9,000
SCHOOL (P. O. Kouta), Ind.—BOND
4% school bonds offered on March 27—V.
Volume
a
Financial
144
1833—was awarded to A. 8. Huyck <fc Oo. of Chicago, at par plus
premium of $293,equal to 103.259.
Dated March 15,1937.
H--rir~~ i
144,
F PRINCETON, Ind.—BOND SALE—The $25,000 coupon bond issue
offered on April 19—V. 144, p. 2701—was awarded to the Farmers Na¬
tional Bank of Princeton, as 3s, at par plus a premium of $20, equal to
100.08, a basis of about 2.99%.
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, incl.
TIPTON, Ind.—BOND OFFERING— Besse B. Byersdorfer, City Clerksealed bids until noon on May 3 for the purchase of
swimming pool construction bonds.
Dated Dec. 1,
Due annually beginning on Dec. 1, 1938.
Interest
certified check for $170 must accompany each pro¬
Treasurer, will receive
$17,000 4% municipal
1936.
Denom. $500.
payable annually.
A
posal.
2867
Chronicle
GREAT BEND, Kan.—BONDS VOTED—The voters at a
p.
voted approval of $125,000
vonds for a
GREAT BEND SCHOOL DISTRICT,
ance
of $60,000 school building
<
•
HAYS, Kan.—BONDS SOLD—It is stated by Emily C. Johnson, City
Treasurer, that $35,000 water works system bonds were pur¬
chased on April 16 at par, by the Columbian Securities Corp., and Beecroft,
Cole & Co., both of Topeka, jointly.
Clerk and
Kan.—BONDS VOTED—The voters have approved a
a new national guard armory.
•
> •
HIAWATHA,
$35,000 bond issue for
JUNCTION CITY, Kan.—BONDS
Trust & Savings
Bank of Chicago.
KINGMAN, Kan.—BONDS VOTED—The voters recently approved the
hospital wing construction bonds.
Polk-Peterson Corporation
issuance of $20,000 armory and $15,000
LAWRENCE, Kan.—BONDS SOLD—The City Clerk states that $19,200
library addition bonds were purchased by Estes, Payne & Co. of Topeka.
Dos Moines Building
DES MOINES
A.
SALE—An issue of $51,113 2^% fire
department equipment bonds has been sold to the Harris
Iowa Municipals
Ottumwa
VOTED—A $40,000 bond issue for
swimming pool was approved at a recent election.
KANSAS CITY, Kan.—BOND
Sioux City
Davenport
Cedar Rapids
Kan .—BONDS VOTED—Issu¬
bonds has been approved by the voters or
the District.
a
Waterloo
recent election
city building and auditorium.
Kan.—BONDS VOTED—A
MARION,
Sioux Falls, S. D.
Iowa City
T. A T. Teletype: DESM
struction of
31
a
$15,000
bond issue for con¬
city building has been approved by the voters.
Kan.—BONDS VOTED—
recently authorized the issuance of $40,000 poor
MARSHALL COUNTY (P. O. Marysville),
The voters of the county
relief bonds.
IOWA
FALLERTON,
CALLED—On April 8 a
defeated by the voters.
proposition will again be voted upon.
F
to!
AUDUBON,
Iowa—BOND SALE—The
for sale on April 19—V. 144,
bonds offered
NEWTON
DEFEATED—NEW
ELECTION
proposal to issue $26,000 waterworks bonds was
A new election is to be held on May 4 when the
I owa—BONDS
towed
Kan.—BONDS VOTED—A bond
school buildings has been approved
DISTRICT,
by the voters.
PAOLA, Kan.—BONDS VOTED—At the election held on April
approved the issuance of $225,000 in lighting
voters are said to have
of refunding
p. 2701—was awarded to the
$33,000
SCHOOL
issue of $225,000 for constructing new
issue
6 the
plant
bonds.—V. 144, p. 2351.
PRATT SCHOOL DISTRICT, Kan .—BONDS
Iowa-Des Moines National Bank & Trust Co. of Des Moines, according to
of $160,000 for a new high
the City Clerk.
VOTED—A bond issue
the voters recently.
ARNOLDS
Due from Nov. 1, 1938 to 1942 incl.
PARK
SCHOOL
Iowa—BONDS VOTED—
DISTRICT,
The voters of the district have approved a proposal to issue $25,000 school
READING,
school-junior college building
DES
RUSSELL,
MOINES,
Iowa—OPINION ON LEGALITY
OF
BONDS
RE¬
informed by Vernon R. Seeburger, City Solicitor, that
by the City Council to render an opinion as to the
legality and advisabilityof issuing $855,000 bonds as a contribution toward
a
$5,000,000 Federal Works program, which matter is now under con¬
sideration but as yet has not been released by his department.
approved by
for a
Kan.—BONDS VOTED—A bond issue of $18,700
approved by the voters at a recent election.
waterworks system was
building bonds.
QUESTED—We
was
Kan.—BONDS
VOTED—A
extension of the waterworks system
are
bond
issue
of $127,700 for
has been approved.
Kan.—BONDS VOTED—At an election held on April 6
approved the issuance of the $49,000 in electric light improve¬
bonds by a count of 112 to 36, to be used in conjunction with a Public
ST. FRANCIS,
he has been requested
the voters
ment
Works Administration grant.
______
FUNDING BOND SALE—The City Council is said to have negotiated
sale with the Carleton D. Beh Co. of Des Moines, holders of judgment
a
bonds against
the city, for $117,422 funding bonds to take up the judgment,
3% for bonds maturing in the first 10 years, and 3K% for the last 10
at
maturities.
FUNDING BOND OFFERING
UNSUCCESSFUL—In
connection
the above report, we give the following supplementary item which
in the Chicago "Journal of Commerce" of April 20:
with
judgment funding bonds at public auction, following the collapse of nego¬
tiations to sell the bonds at private sale to the Carleton D. Beh Co. of
Des Moines.
The bond house declined the offer of the city to pay interest
on 20-year maturity bonds at the rate of
3%_for the first 10-year maturities
and 3$i% for the last 10-year maturities.
The firm also withdrew its offer
to buy the entire issue at 2J4% interest on the basis of retirement of the
bonds by 1943.
At the last attempted public sale of the bonds, the Council
rejected all bids.
The best offer at that time was a premium of $1,500
for 3J£s maturing over a short time period."
FORT
DODGE
SCHOOL
DISTRICT,
LITTLE
ROCK
INDEPENDENT
SCHOOL
DISTRICT,
high
Iowa—
BOND ELECTION—The district will hold as pecial election on May 10 at
which a proposal to issue $25,000 school addition construction bonds will
be voted upon.
LOST NATION SCHOOL
DISTRICT, Iowa—BONDS VOTED—On
April 8 the voters of the district gave their approval to a proposition to
issue $13,000 school building bonds.
JORDAN CONSOLIDATED SCHOOL DISTRICT (P. O. Jordan)
Iowa—BOND SALE POSTPONED—It is stated by Arthur Nelson, District
Secretary, that a sale of $40,000 refunding bonds, originally scheduled for
April 26, has been postponed indefinitely.
MAPLETON, Iowa—BOND SALE—An issue of $8,000 4% coupon
municipal light plant revenue bonds offered on April 20 was awarded to the
Mapleton Trust & Savings Bank and the First State Bank, both of Mapleton, at par plus a premium of $40, equal to 100.50.
Denom. $500.
Dated
April 20, 1937.
Interest payable quarterly in January, April, July and
October.
Due in quarterly instalments.
MASON CITY INDEPENDENT SCHOOL DISTRICT (P. O. Mason
Iowa—BOND SALE—The $138,000 issue of refunding bonds
City),
offered for sale
on
April 19—V. 144, p. 2521—was awarded to the First
Dated May 1,
National Co. of Mason City, and associates, as 2%s, at par.
1937.
Due from May 1, 1938 to 1957 incl.
„
NEW SHARON INDEPENDENT SCHOOL DISTRICT, Iowa—BOND
ELECTION—The question of issuing $25,000 schoolhouse addition con¬
bonds will be submitted to the voters at an election to be held
May 13.
Iowa—BOND
SALE—The
$5,033.55
street
impt.
bonds offered for sale on March 24—V. 144, p. 2006—was purchased by
the local contractor, according to the Town Clerk.
Dated Nov. 24, 1936.
Due $500 from May 1, 1938 to 1946 and $533.55 on May 1, 1947.
TIFFIN
INDEPENDENT SCHOOL DISTRICT
(P; O. Tiffin),
I°wa—BOND OFFERING—Bids will be received until 7.30 p. m. on April 29
by Viva Bigelow, District Secretary, for the purchase of $8,000 4H % semiann.
building bonds.
Denoms. $700 and $200.
Dated May 1, 1937.
Du0 In not to exceed 15 years.
Prin. and int. (M. & N.) payable at the
office of the District Treasurer.
A certified check for 10% of the bid,
payable to the District Treasurer, is required.
WEBSTER COUNTY (P. O. Fort Dodge),
I owa—BONDS AU¬
THORIZED—The County Board of Supervisors recently adopted a resolu¬
tion providing
VERMILION, Kan.—BOND SALE DETAILS—It is now
reported by
par by
the City Clerk that the $21,000 water works bonds purchased at
the State School Commission, as noted here recently—V. 144, p.
were
a
sold
as
3H®. ar0 dated Jan. 15,1937, and mature
2702—
in from 1 to 20 years.
WAKEENEY, Kan .—BONDS VOTED—The voters
proposal to issue $15,000 municipal building bonds.
WICHITA SCHOOL DISTRICT,
recently approved
Kan.—BONDS VOTED—The voters
their approval to a proposal to issue
of the District at a recent election gave
$381,000 school bonds.
;
KENTUCKY
CAMBELLSVILLE SCHOOL DISTRICT (P. O. Cambellsville), Ky.
—BONDS SOLD TO PWA—The Public Works Administration is reported
to have
purchased at par a $21,000 issue of 4% semi-ann.
school bonds.
CATLETTSBURG, Ky.—BONDS SOLD TO PWA—It is stated by the
Superintendent of Schools that $24,000 4% semi-ann. auditorium and
gymnasium bonds were purchased at par by the Public Works Administra¬
tion.
DAYTON, Ky.—BONDS SOLD—It is stated by Alfred
Holman, At¬
torney for the city, that $35,000 funding bonds were purchased jointly by
Magnus & Co., and Walter, Woody & Heimerdinger, both of Cincinnati, as
5)^8, at a price of 100.12.
Due on May 1 as follows: $2,000, 1942 to 1953;
$3,000, 1954 and 1955, and $5,000 in 1956, giving a basis of about 5.24%.
(This report supersedes the sale notice given in our columns recently.
V. 144, p. 2702.)
GREENVILLE., Ky .—PRICE PAID— It is stated by the City Clerk
that the $20,848 refunding bonds purchased by the Bankers Bond Co. of
Louisville, as noted here recently—V. 144, p. 2702—were sold as 4^8,
at
par.
HARTFORD, Ky.—BONDS SOLD TO PWA—A $38,000 issue of 4%
semi-ann. water works improvement bonds is said to have been purchased
at par by the Public Works Administration.
HENDERSON, Ky .—BONDS SOLD—It is reported that $25,000 water
bonds were purchased recently by J. J. B. Hilllard & Co. of Louis¬
revenue
ville.
struction
SPRINGVILLE,
May 10 to vote
last fall will not
be issued.
Iowa—BOND ELECTION—
election set for April 26 a proposition to issue $125,000 junior
school addition construction bonds will be submitted to a vote.
an
DISTRICT (P. O. Stafford), Kan.—BOND
L. Irwin, Superintendent of Schools,
SCHOOL
being made to call an election before
on the issuance of $70,000 in school bonds.
It is said that the $60,000 issue approved at the election
appeared
"The City Counch of Des Moines will again seek to dispose of $177,000
At
STAFFORD
ELECTION CONTEMPLATED—F.
states that efforts are
KENTUCKY, State of—ANALYSIS PREPARED ON WARRANTS—
The Bankers Bond Co., Fourth and Market Sts., Louisville, has prepared a
pamphlet on the history and analysis of the Commonwealth's institutional
and general expenditure 3% warrants, which is now available on request,
according to Thomas Graham, Vice-President.
It is stated in the pamphlet
that for the first time in many years the budget of the State has been
balanced and since the present administration has been in office the warrant
debt has been steadily reduced, in accordance with the revenue policy now
being executed by Government officials.
In a letter accompanying the 15-page pamphlet it is pointed out by Mr.
Graham that the State Treasurer on April 17 called $2,017,000 of warrants
as of May 1, which he says will bring the gross debt down to about $15,000,000 and the net debt to approximately $14,000,000 when it is completed.
NEWPORT, Ky.—BONDS SOLD—The City Clerk states that $250,000
4% semi-ann. funding bonds were purchased jointly by Chas. A. Hinsch
& Co. and Walter, Woody & Heimerdinger, both of Cincinnati, paying a
premium of $150, equal to 100.06, a basis of about 3.99%. Dated April 1,
1936. Due from April 1, 1937 to 1956 incl.
authority for the issuance of $119,000 funding bonds.
LOUISIANA
KANSAS
ATCHISON, Kan.—PRICE PAID—It is reported by the City Clerk
that the $29,000 2}4% semi-ann. funding bonds purchased by the SmallMiiburn Co. of Wichita, as noted here recently—V. 144, p. 2522—were
sold
at
par.
AUGUSTA
SCHOOL DISTRICT (P. O. Augusta), Kan.—BONDS
an election held on April
6, the voters approved the issuance of
$61,270 in building bonds, according to the Clerk of the Board of Education.
VOTED—At
BUHLER,
Kan.—BONDS
extension bond issue
was
VOTED—A proposed $19,250 waterworks
approved by the voters at a recent election.
CLIFTON, Kan.—BONDS SOLD—The City Clerk states that $9,500 3%
semi-ann.
water
works
Fund Commission.
bonds
have been purchased by the State School
a like amount has been approved by the
(A loan in
Public Works Administration.)
COFFEYVILLE SCHOOL
residents of the District at
a
BEAUREGARD PARISH (P. O. De Ridder), La .—CORRECTION—
It is stated by the President of the Parish School Board that the report
given in these columns recently that the State Bond and Tax Board had
approved a $14,000 issue of school bonds—V. 144, p. 2522—was incorrect.
CALDWELL PARISH SCHOOL DISTRICT No. 18 (P. O. Colum¬
bia), La.—BOND OFFERING—Sealed bids will be received until 10 a.m.
May 12, by E. B. Cottingham, Secretary of the School Board, for the
purchase of an $18,000 issue of school bonds. Interest rate is not to exceed
6%, payable M. & N.
Denom. $500.
Dated May 15, 1937. Due from
May 15, 1938 to 1956 incl.
The approving opinion of a nationally known
bond attorney will be furnished the purchaser.
A $500 certified check,
payable to the Treasurer of the School Board, must accompany bid.
on
DISTRICT, Kan.—BONDS VOTED—The
recent election voted
approval of the issuance
of $55,000 school bonds.
EFFINGHAM, Kan.—BONDS AUTHORIZED—The City authorities
passed an ordinance authorizing the issuance of $64,500 refunding
have
bonds.
(P. O. Lake Providence), La.—BONDS
issuance
4% court house bonds by a wide margin, according to the
Secretary of the Police Jury.
Due in 30 years.
EAST
CARROLL PARISH
VOTED—At the election held on April 13 the voters approved the
GENESEO, Kan.—BONDS VOTED—At
approved
La— BOND OFFERING—Sealed bids will be received until
10 a.m. on April 30, by C. W. Evans, Village Clerk, for the purchase of a
$5,000 issue of public improvement bonds.
Interest rate is not to exceed
6%, payable M. & N.
Denom. $500.
Dated May 1, 1937. Due $500
from May 1, 1938 to 1947 incl.
A certified check for $250, payable to the
Mayor, must accompany the bid.
(This report supplements the offering notice given in these columns
recently.—V. 144, p. 2522).
BASILE,
a
election the voters
proposal to issue $16,000 municipal gas plant construction bonds.
a
recent
of $55,000 in
.
2868
Financial
EVANGELINE PARISH SCHOOL DISTRICTS (P. O. Ville Platte),
La.—BOND ELECTIONS—It is reported that elections will be held on
May 12, to vote on the following bonds aggregating $85,000:
*
$65,000 Ville Platte School District, and $20,000 Pine Prairie School Dis¬
trict
bonds.
Chronicle
April 24, 1937
Merchants National Bank of Boston, at 0.74% discount.
1937 and due Dec. 3, 1937.
Other bids were as follows:
Bidder—
Dated April 21,
Discount
Lexington Trust Co
-0.76%
Second National Bank of Boston
-
FRANKLIN, La.—BONDS A UTHORIZED—It is expected that the city
will advertise shortly for the sale of $90,000 in school bonds
recently au¬
thorized.
0.783%
Whiting, Weeks & Knowles
R. L. Day & Co
__0.79%
0.84%
0.845%
0.87%
First National Bank of Boston
.
Faxon, Gade & Co
FRANKLINTON, La.—BONDS SOLD
$21,000 4% serai-ann. water works and
Public Works Administration.
TO
sewer
PWA—It
bonds
were
is reported that
sold at par to the
JONESBORO, La .—BOND OFFERING— Sealed bids will be received
5 p.m. on April 30, by Mayor A. C. Holly, for the
purchase of a
$10,000 issue of public improvement bonds.
Interest rate is not to exceed
6%, payable M.&N.
Denom. $1,000.
Dated May 1, 1937.
Due $1,000
from May 1, 1938 to 1947 incl.
The bonds are issued under authority of
Article XIV, Section 14 (e) of the Louisiana Constitution of
1921, as
amended, and Act 40 of the 1922 State Legislature.
The bonds have been
authorized by resolution adopted by the governing authority of the Town
on March 30, 1937.
A $250 certified check, payable to the Mayor, must
accompany the bid.
until
OAK
GROVE, La.—BIDS REJECTED—It is stated by the Town Clerk
'
LYNN, Mass.—BOND SALE—The $450,000
described
below, which
were
offered
on
registered bonds
144, p. 2702—were
coupon or
April 22—V.
awarded to the First Boston Corp. and
Brown Harriman & Co., both of
Boston, jointly, at a price of 100.17, the $200,000 street and sidewalk bonds
to bear interest at 2% and the other $250,000 2
Yt %:
$200,000 street and sidewalk loan bonds of 1937.
Due $40,000 on May 1,
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 from 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.
Principal
(M. & N) payable at the First National Bank of Boston or
option, at the City Treasurer's office.
and interest
at holder's
that all the bids received for the purchase of the $30,000 not to exceed
6%
semi-ann. public improvement bonds scheduled for sale on
MASSACHUSETTS (State of)—NOTE SALE—The $1,799,400 notes,
issued in anticipation of assessments against certain cities and towns in the
144,
Metropolitan District for (he payment of the Boston Elevated Railway Co.
deficiency, which were offered on April 20—V. 144, p. 2703—were awarded
the Bankers Trust Co., New York, the National Shawmut Bank of
Boston and the Day Trust Co. of Boston, jointly, on a .63% interest basis.
The next best bid was submitted by the First Boston Corp. and the North¬
ern Trust Co. of Chicago,
jointly, offering to take the notes on 1 .64%
interest basis, plus a premium of $36.
Notes are dated April 23, 1937,
and will mature Nov. 23, 1937.
p.
2351—were rejected.
Dated April
1,
April 20—V.
1,
1937.
Due from April
1939 to 1957 incl.
RODESSA
SEWER
DISTRICT NO. 1 (P. O. Shreveport ,
La.—
BOND SALE DETAILS—The $10,000
sewerage bonds sold on April 8 to
Barrow, Leary & Co. of Shreveport—V. 144, p. 2702—were sold at par and
will bear interest at 5%.
They will mature $1,800 in 1937, $1,900 in 1938,
$2,000 in 1939, $2,100 in 1940, and $2,200 in 1941.
SHREVEPORT, La.—BOND OFFERING CONTEMPLATED—We are
by J. T. Tanner, Secretary-Treasurer of the Department of
Finance, that the $300,000 4% semi-ann. public improvement bonds of
1937, authorized recently by the City Council, as noted here—V. 144,
p. 2702—will probably be offered for sale about June 29.
Denom. $1,000.
Dated June 1, 1937.
Due on June 1 as follows:
$25,000, 1938; $26,000,
1939; $27,000, 1940; $28,000, 1941; $29,000, 1942; $30,000, 1943; $32,000,
1944; $33,000, 1945; $34,000, 1946, and $36,000 in 1947.
Prin. and int.
(J. & D.) payable in lawful money of the United States at the Chase
National Bank, New York City.
\
<
informed
.
TERREBONNE PARISH (P. O. Houma) La.—BOND SALE—The
$150,000 issue of public improvement bonds offered for sale on Ap"il 22—
V. 144, p. 2522—was awarded jointly to the Bank of Terrebonne &
Trust
Co., of Houma, and the Ernest M. Loeb Co., of New Orleans, as 4s. paying
premium of $1,502.00, equal to 101.00, a basis of about 3 .,895%, subject to
approval by Campbell & Holmes, of New Orleans. Due from Feb.
1,
1938
a
to 1957.
VILLE
PLATTE
HIGH
SCHOOL
DISTRICT, Evangeline Parish,
La.—BOND ELECTION—The Parish School Board has called an election
for May 12 at which a proposal to issue
$65,000 school building bonds is
to be submitted to a vote.
to
METHUEN, Mass.—NOTE SALE—The issue of $75,000
on
notes offered
April 23 was awarded to Faxon, Gade & Co. of Boston at 0.873% dis¬
They mature Dec. 20, 1937.
Other bids were as follows:
count.
Bidder—
MASSACHUSETTS
AMESBURY, Mass.—BOND OFFERING—Sealed
water extension
a. m. on
bonds of 1937.
bids
will be received
April 24 for the purchase of $12,000
Dated May 1, 1937 and due
serially from
Bidder to name the rate of interest.
1938 to 1943 incl.
ATHOL, Mass.—BOND OFFERING—C.
W. Faulkner, Town 6reasurer,
will receive bids until 12:30 p. m.
April 27 for the purchase at not less than
par of $170,000 coupon school bonds.
Bidders are to name rate of interest,
in
multiple of H%. Denom. $1,000. Dated Nov. 1, 1936. Principal and
semi-annual interest payable at the Merchants National Bank
of Boston.
Due on Nov. 1 as follows:
$10,000, 1937 to 1952; $3,000, 1953 and 1954;
and $2,000, 1955 and 1956.
The bonds will be prepared under the
super¬
vision of and certified as to genuineness
by the Merchants National Bank of
a
Boston, and their legality approved by Ropes, Gray, Boyden & Perkins of
Boston, whose opinion will be furnished to the purchaser.
incident to
the issue will
Boston, where they may
Boston for Boston funds.
be
Legal
filed
with
be inspected.
the
Merchants
National
Delivery of bonds will be
papers
Bank
of
made in
"
;
BOSTON, Mass.—NOTE SALE—The issue of $5,000,000 notes offered
April 21 was awarded to a syndicate composed of Edward B. Smith &
Co.,
Goldman, Sachs & Co., Lazard Freres & Co., Inc., all of New York, Wash¬
burn & Co., Inc.,
Boston, and R. W. Pressprich & Co., New York, at
1.22% int., at par plus a premium of $133.
Dated April 26, 1937 and pay¬
able Nov. 8, 1937.
Second high bid of 1.22% int.,
plus $58, was sub¬
mitted by Halsey, Stuart &
Co., Inc. of New York and associates.
on
BROCKTON, Mass.—BOND OFFERING—Bids
will be received until
(Daylight Saving Time) April 27 by Leo V.
Clancy, City Treasurer,
purchase at not less than par of $180,000 coupon, fully
registerable,
noon
for the
macadam
bonds.
Bidders are to name rate of
interest, in a
Denom. $1,000.
Dated May 1, 1937.
Prin. and semiCity Treasurer's office, or at the National
Boston, at holders' option.
Due $36,000
Mav 1 from 1938 to 1942, incl.
pavement
multiple of M%.
int. M. & N. 1 payable at the
Shawmut Bank of Boston, in
ann.
yearly
on
Bonds will be engraved under the
supervision of and certified as to their
genuineness by the National Shawmut Bank of Boston.
The favorable
opinion of Ropes, Gray, Boyden & Perkins of
Boston, as to the validity of
this issue will be furnished without
charge to the purchaser.
All
legal
papers incident to this issue will be filed with the National Shawmut Bank
of Boston where they
may be
inspected.
Financial Statement, April 1, 1937
Net valuation for year 1936 less abatements.
Total debt (present loan
included)
Water debt (included in total
debt)
_
Sinking funds (water)
Population, 63,132.
Whiting, Weeks &
Knowles
-
QUINCY, Mass.—NOTE OFFERING—Harold
P. Newell, City Treas¬
will receive bids until 11 a. m. (Daylight Saving Time) April 26 for
the purchase at discount of $500,000 revenue anticipation
temporary loan
notes, dated April 26, 1937, and payable $250,000 on each of the dates
Nov. 23 and Dec. 23, 1937, at the National Shawmut Bank of Boston,
in Boston.
Delivery to be made at that bank on or about April 26. Denoms.
12 for $25,000, 16 for $10,000 and eight for $5,000.
Said notes will be authenticated as to
genuineness and validity by the
National Shawmut Bank of Boston, under advice of Storey, Thorndike,
Palmer & Dodge, and all legal papers incident to this issue will be filed
with said bank, where they may be inspected.
1934
1935
1936
Tax levy
.$3,832,817.90 $4,332,270.76 $4,220,080.84
Apr. 17, 1937
8,684.62
13,213.43
1,018,908.69
Gross debt as of April 17, 1937, including tax title loans
$4,884,000.00
Net debt as of April 17, 1937
4,525.000.00
taxes as
of
Tax titles held
450,387.18
380,000.00
.
Loan against tax titles
WAKEFIELD, Mass.—NQTE SALE— The
notes
issue
of
$150,000
revenue
offered
on April 20 was awarded to
the Second National Bank of
0.789% discount.
Due $50,000 each on Nov. 5, Nov. 10 and
Dec. 10, 1937.
Other bids were as follows:
Boston
at
Bidder—
Discount
Chace, Whiteside &
Faxon, Gade & Co
Co
First National Bank of Boston
Merchants
National
0.82%
0.874%
0.885%
0.93%
0.97%
0.987 %
*
Bank
Jackson & Curtis
First Boston Corp
WELLESLEY, Mass.—NOTE SALE— The $300,000 revenue anticipa¬
tion notes offered on April 20—V. 144, p. 2703—were awarded to the Wellesley Trust Co. on a 0.82% discount basis.
The notes are dated April 20,
1937, and will mature $100,000 Dec. 31, 1937 and $200,000 March 1, 1938
The First National Bank of Boston was the next high bidder, at
0.76%
discount for the Dec. 31 maturity and 0.89% discount for the March 1
maturity.
WELLESLEY, Mass.—BOND SALE—The $100,000
scribed
below
which
were
offered
on
awarded to Tyler & Co. of Boston on
about 2.08%:
a
April
22—V.
bonds de¬
2703—were
coupon
144,
p.
bid of 101.1533 for 2J^s, a basis of
$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.
30,000 sewer extension bonds.
Due $2,000 on March 1 from 1938 to
1952, inclusive.
All of the bonds will be dated March 1, 1937.
Newton, Abbe & Co. of Boston were second
high
bidders,
offering
101.067 for 2 Ms.
WORCESTER COUNTY (P. O. Worcester), Mass.—NOTE SALE—
The $201,000 notes described below, offered on April 20—V. 144,
p. 2703—
were
awarded to the Merchants National Bank of Boston
on
a
0.83% dis¬
count basis:
$175,000 tuberculosis hospital maintenance notes.
Dated April 20, 1937,
and payable April 20, 1938.
26,000 hospital funding loan Act of 1932 notes.
Dated April 20, 1937,
and payable April 20, 1938.
Whiting Weeks & Knowles of Boston were the next beet bidders at 0.85%
discount.
We
Board of Aldermen
Buy for Our Own Account
authorizing the issuance of $200, 00 street construction
ESSEX COUNTY (P. O.
MICHIGAN MUNICIPALS
Salem), Mass.—NOTE OFFERING—Harold
E. Thurston, County
Treasurer, will receive bids until 11 a. m. (Daylight
Saving Time) April 27 for the purchase on a discount basis of
$25,000 in¬
dustrial farm loan notes, issued under
authority of General Laws, Chapter
126, as amended.
Notes will be in d'enoms. of $5,000
each, dated May 1,
1937, and payable May 1, 1938 at the Merchants National Bank in
Salem,
or at holder's
option at the National Shawmut Bank of Boston, in Boston.
Delivery will be made on or about May 3, at the National Shawmut Bank
of
0.894%
0.93 %
0.938%
0.95%
30 000 00
BROCKTON, Mass.—BONDS AUTHORIZED—'The
has passed an order
bonds.
$74,977,939.73
2,149.100.00
779,600.00
Discount
;
urer,
Uncoil,
by the Town Treasurer until 11
V
Second National Bank of Boston
National
Bank
First National Bank of Boston
Shawmut
Cray, McFawn & Company
DETROIT
Telephone CHterry 6828
A.
T. T.
Tel.
DET
347
B9ston, in Boston.
Said notes will be certified as to
genuineness and validity by the National
Shawmut Bank of Boston, under advice of
and all
they
legal
may
Ropes, Gray, Boyden & Perkins,
bank, where
papers incident to this issue will be filed with said
be inspected at any time.
EVERETT, Mass.—NOTE
SALE—The issue of $500,000
Sation notes offered on of Everett, at144, p. 2702—was
Iverett National Bank Feb. 21—V.
0.838% discount.
1937 and due $250,000
follows:
Dec.
1
and $250,000
Dec. 15,
revenue antici-
awarded to the
Dated
1937.
April 21,
Other bids
were as
Bidder—
Discount
,
Jackson & Curtis (.plus $6
premium)
First National Bank of Boston
Shawmut National Bank
E. H. Rollins & Sons, Inc
First Boston Corn.
:
;
.
Bank of the Manhattan Co
Faxon, Gade & Co
Merchants National Bank
Middlesex County National Bank
Whiting, Weeks & Knowles
...0.84%
0.924 %
0.93%
0.935%
0.94%
0.945%
0.96%
0.96%
0.96%
0.98%
LAWRENCE, Mass.—BONDS AUTHORIZED—On April 15 the City
Council voted authorization of a
$130,000 bond issue to complete the
municipal water supply filtration project.
LEXINGTON, Mass.—NOTE
pation
notes
offered
on
SALE—The issue of $100,000 tax antici¬
p. 2702—was awarded to the
April 20—V. 144,
MICHIGAN
EAST GRAND RAPIDS, Mich.—BOND OFFERING—Louis F.
Battjes,
City Clerk, will receive sealed bids until 7 p. m. (Eastern Standard Time)
April 26 for the purchase of $49,957.89 bonds, divided as follows:
$18,000.00 special assessment refunding bonds.
Dated May 1,
1937.
Due July 1 as follows: $2,000 from 1940 to 1945, incl., and
$3,000 in 1946 and 1947.
16,957.89 special assessment refunding bonds.
Dated
May 1, 1937.
Due May 1 as follows: $2,957.89 in 1940, and $2,000 from 1941
to 1947, incl.
10,000.00 refunding bonds.
Dated May 1, 1937.
Due May 1 as follows:
$1,000 from 1940 to 1945 incl. 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 named by the bidder, in a multiple of \i of 1
%.
Interest payable semi-annually.
A certified check for 2% of the bonds,
payable to the order of the city, must accompany each proposal.
(These are the bonds previously offered on April 19, the sale of which was
postponed.)
GRAND
BLANC,
Mich.—PWA
BUYS
ISSUE—'The
Administration has purchased an issue of $30,000 4%
GRASS
Public
Works
water works bonds.
LAKE, Mich.—BOND ELECTION—The residents of the village
will vote May 12 on a proposition to issue $55,000 waterworks construction
bonds.
Financial
Volume 144
HURON AND TUSCOLA COUNTIES (P. O. Caro), Mich.—SEBEWAINQ RIVER AND BRANCHES DRAINAGE DISTRICT BONDS
SOLD—The $50,000 Sebewaing River and Branches Drainage District
bonds offered on April 13—V, 144, p. 2523—were awarded to the Hubbard
State Bank of Bad Axe
April 15, 1940; callable
bid of par
on a
Dated Oct. 15, 1936.
for 3 Ms.
Due
May 3 at which
on
be submitted to
a proposal to issue
vote of the taxpayers.
a
$150,000 waterworks bonds will
$161,000 Road Assessment District No. 473, Wayne County portion bonds.
Dated May 1, 1937 and due May 1, 1941.
157,000 Road Assessemnt District No. 471, Wayne County portion bonds.
Dated May 1, 1937 and due May 1, 1941.
82,000 Road Assessment District No. 481, Wayne County portion
bonds.
Dated May 1, 1937 and due May 1, 1941.
Proposals must be for all of the bonds and delivered to Russell A. Ander¬
son, Director of Finance, 332 Administration Bldg., Michigan State High¬
way Dept., Lansing.
Bids must be accompanied by a certified check for
$8,000.
Printed bonds and approving legal opinion of Miller, Canfield,
Paddock & Stone of Detroit will be furnished the successful bidder.
r
■,
PARIS-WYOMING
FRACTIONAL
SCHOOL
DISTRICT
NO.
—
8. L. Minn. 1929)
Series
--------
—
Dist. No.—
10
..$44,000
24,000
7,000
11,000
20,000
8,000
-
2-----5—
—
7---9
Ami, of Bonds
$6,000
11--.-
-------
12----.13--
—
-
14
-
—
45,000
8,000
6,000
31,000
All of the bonds will be payable at the National Bank of Detroit, Detroit.
Printed bonds and approving opinion of Miller, Canfield, Paddock & Stone
furnished to the purchaser witout cost.
oe
WI LLI AMSTON,Mi<^h—BOND SALE—The issue of $46,000 water works
bonds offered on April 7—V. 144, p. 2352—was awarded to Martin, Smith
& Co. of Detroit, at a discount price of 98, for $26,000
3Ms and $20,000 4s,
or
net interest cost
a
$2,000
on
April 1
April 1 from 1953
Total
—
Tax
value.
the village of about
to
from
1940
to
to 1962, incl.
4.052%.
—
due $2,000
Dated April 1,
are
a
DANUBE, Minn.—BONDS SOLD—The Village Clerk states that $8,000
community hall bonds have been sold.
May 3, by E, J. Bestick, City Clerk, for
the purchase of an $8,000 issue of 2% semi-annual certificates of indebted¬
ness.
Denom. $800.
Dated April 1, 1937.
Due $800 from April 1,1939
to 1948 inclusive.
HOPKINS, Minn.—BOND ELECTION—The village will hold
purpose
of voting
on
April 26 to vote
on
school addition bonds.
an
elec¬
91
the issuance of $38,000 in not to exceed 3%
be offered for sale when a
If approved the issue will
Public Works Administration grant is received
LEWISTON,
that
Minn.—BONDS SOLD—It is reported by the Village
sewer system bonds were purchased by the State of
$15,000
as
3s
at
par.
Due $1,000 annually
on
July 1 from 1942 to
1956 inclusive.
bonds.
Bidder to name the rate of interest.
Dated May 1, 1937.
Due
Dec. 1 as follows: $1,000, 1938, and $1,500,1939 to 1942.
The approv¬
ing opinion of Duxbury & Roerkohl of Caledonia, will be furnished.
A $200
certified check, payable to the town, must accompany the bid.
(This report supplements the offering notice given in our issue of Aptil 17
—V. 144, p. 2704.)
MILACA
SCHOOL
Bond Department
NEW
Bell Teletype N
,.
„
NATIONAL BANK
WHITNEY
BOLIVAR
ORLEANS, LA.
Raymond 5409
O. 182
COUNTY
DISTRICT,
Minn.—BOND ELECTION—At
MINNESOTA LAKE INDEPENDENT SCHOOL DISTRICT NO.
(P. O. Minnesota Lake),
Miss.—SKENE SCHOOL
CLEVELAND, Miss.—BONDS DEFEATED—At the election held on
April 13—V. 144, p. 2523—the voters defeated the proposal to issue $32,000
building bonds, it is stated.
in industrial
COLLINSVILLE SCHOOL DISTRICT
(P. O. Collinsville), Miss.—
BONDS SOLD TO PWA—The Public Works Administration is reported
to have purchased at par $10,000 4% semi-ann. school bonds.
SEPARATE SCHOOL DISTRICT (P. O. Columbus),
$25,000 issue of refunding bonds offered for
April 20—V. 144, p. 2180—was awarded to the First-Oolumbus
National Bank, a local bank, as 3Ms, paying a premium of $100.00, equal
to 100.40, a basis of about 3.16%. Dated May 1, 1937.
Due from May 1,
1938 to 1946.
COLUMBUS
Miss.—BOND SALE—The
on
COXBURG SCHOOL DISTRICT (P. O. Coxburg), Miss.—BONDS
TO PWA—The Public Works Administration is reported to have
purchased at par a $20,000 issue of 4% semi-ann. school bonds.
SOLD
CRYSTAL
SPRINGS, Miss.—BONDS SOLD TO PWA—The Public
has purchased $12,000 4% semi-ann. sewer bonds
according to report.
Works Administration
at
par,
DISTRICT (P.
O. Eden), Miss.—BONDS SOLD
have
ELLISVILLE,
Reconstruction Finance Corporation.
Miss .—BONDS SOLD
TO PWA—The
Public
Works
Administration is said to have purchased at par $4,500 4% semi-ann. water
works improvement
bonds.
ELLISVILLE SCHOOL DISTRICT (P. O. Ellisville), Miss.—BONDS
SOLD TO PWA—It is reported that an issue of $145,000 4% semi-ann.
school bonds was purchased at par by the Public Works Administration.
INDIANOLA SEPARATE SCHOOL DISTRICT (P. O. Indianola),
Miss.—BOND LEGALITY APPROVED—An issue of $128,500 4M% re¬
funding bonds is reported to have been approved as to legality by Charles
& Trauernicht of St. Louis, Mo.
I
SOLA, Miss.—BONDS SOLD TO PWA—A $3,000 issue of 4% esmi-
annual well bonds is reported to have been purchased at par by
Works Administration.
the Public
ISOLA CONSOLIDATED SCHOOL DISTRICT {P. O. Isola), Miss.
—BOND ELECTION—A proposal to issue $27,500 school building bonds
will be submitted to a vote at an election set for April 30,
COUNTY
JACKSON
(P.
Pascagoula),
O.
Miss.—BOND
ELEC¬
TION—A special election is to be held in Supervisors' Districts Nos. 1, 2
and 3 on May 1 for the purpose of voting on a proposition to issue $150,000
industrial plant bonds.
MISSISSIPPI
COLLEGE
STATE
(P.
O.
Jackson)
Miss.—BOND
SALE—We are informed by J. A. Ellard, Executive Secretary of the Board
of
$150,000 issue of coupon dormitory and stadium
bonds offered for sale on April 17—V. 144, p. 2524—was purchased by the
Weil, Roth & Irving Co. of Cincinnati, as 4Ms at par. Dated April 1, 1936.
Due from April 1, 1939 to 1956 incl.
Trustees,
OCEAN
that
the
SPRINGS, Miss.—BONDS SOLD—It is reported that $23,000
bonds
have
been purchased
by
Dane & Weil, Inc., of
New Orleans.
,
SENATOBIA
SCHOOL
DISTRICT
(P.
O.
Senatobia),
Miss.—
BOND ELECTION— It is stated by H, E. Dean, Secretary of the Board of
Education, that an election will be held on May 10 in order to vote on the
issuance of $65,000 in grammar school bond*.
MISSOURI
an
or
not the district is to issue
Markets in all State,
BONDS
County & Town Issues
22
$35,000
school building bonds to the State of Minnesota.
SCHERCK, RICHTER COMPANY
(State of)—BOND OFFERING—The State Investment
LANDRETH
Board is calling for bids to be received on April 26 for an issue of $2,000,000
bonds authorized by the State Legislature to finance deficiency relief
BUILDING, ST. LOUIS, MO.
~
OTTER
TAIL COUNTY INDEPENDENT
SCHOOL
DISTRICT
NO. 44 (P. O. Perham), Minn.—BOND OFFERING— C. W. Lotterer,
Clerk of the School Board, will receive bids until 8p.m. April 30 for the
purchase of $30,000 school bonds which are to bear interest at no more than
3%.
Denom. $1,000. .Dated May 1, 1937.
Interest payable semi¬
annually.
Due on May 1 as follows: $2,000, 1938 and 1939; $3,000, 1940
to 1945; and $4,000, 1946 and 1947.
Principal and interest payable at the
Perham State Bank in Perham.
Cert, check for $150 required.
F RAMSEY COUNTY (P. O. St. Paul), Minn.—FINANCIAL STATEMENT—The following information is furnished in connection with the offer¬
ing scheduled for 2 p. m. on May 3, of the $400,000 not to exceed 6%
semi-ann. public welfare, series I bonds, described in our issue of April 17.
—V. 144, p. 2704:
Cleveland),
Supervisors, will receive bids until 10 a.m. May 3 for the purchase of $5,000
refunding bonds of Skene Consolidated School District.
Minn.—BOND ELECTION—On May 4 the
voters of the district will decide whether
requirements.
O.
(P.
DISTRICT BONDS OFFERED—E. B. Nelson, Clerk of the Board of County
election to be held April 29 the residents will be asked to vote on a proposed
$41,000 school addition construction bond issue.
MINNESOTA
Wanted:
MUNICIPALS
refunding
M AYVILLE (P. C. Caledonia, R. F. D.), Minn.—BOND OFFERING—
Sealed bids will be received until 1:30 p. m. on May 8, by M. M. Sullivan,
Town Clerk, for the purchase of a $7,000 issue of coupon road and bridge
on
Miss.—BONDS SOLD
purchased at par by the Public Works Administration.
Offerings
the question of issuing $28,000
(P. O. Le Center), Minn.—BOND ELECTION—The Clerk of the Board of
Education confirms the report given here recently that an election will be
Clerk
actual
actual
LOUISIANA & MISSISSPIPI
bonds.
LE SUEUR COUNTY INDEPENDENT SCHOOL DISTRICT NO.
Minnesota,
$94.00
Minn.—BONDS AUTHORIZED—The City Council recently
CANTON SCHOOL DISTRICT (P. O. Canton),
DETROIT LAKES, Minn.—CERTIFICATE OFFERING—Sealed bids
will be received until 8 p. m. on
on
$12,152,000
_
TO RFC—A $43,500 issue of 4% semi-ann. refunding bonds is said to
%.
Denoms. 2 for $500, 5 for $1,000 and 1 for $775.
Dated
July 1,1937.
Principal and annual interest (July 1) payable at the People's
State Bank, Comfrey.
Due yearly on July 1 as follows: $500 in 1938 and
1939; $1,000 from 1940 to 1944, and $775 in 1945.
The Village will furnish
the blank bonds and the legal opinion of the Village attorney.
held
2,725,000
TOPWA—An $80,000 issue of 4% semi-ann. school bonds is said to have
been
not to exceed 3
April 27 for the
1,632,000
-
resolution authorizing the issuance of $200,000 public relief bonds.
been pin-chased by the
COMFREY, Minn.—BOND OFFERING—Martin Windschitl, Village
Recorder, will receive bids until 7.30 p. m., May 3, for the purchase of
$6,775 memorial building bonds.
Bidders are to name rate of interest,
sewer
^—
—
EDEN DRAINAGE
on
-
----------
money and
on
ST. PAUL,
passed
The 3 Ms mature
1952, incl.
and the 4s
Callable on any int. date.
MINNESOTA
storm
-
credits is $3 on $1,000 actual value.
Population, 1930 Census, 286,721.
1937.
tion
-
—
Taxable value of real property is 20%, 25%, 33 1-3% and 40%
Value.
Taxable value of personal property is 10% to 40% of the
sale
—
of Detroit will
—
MISSISSIPPI
Amt. of Bonds
1
—
Average tax rate for 1936 for $1,000 taxable value
of
Dist. No.
4,781,000
137,000
16,000
—
— —
—-----
COUNTY
(P. O. Detroit), Mich.—BOND OFFERING—
County Road Commissioners will receive sealed bids until
11 a. m. (Eastern standard Time) on April 26 for the purchase of $210,000
3% Covert Road highway refunding bonds, all Wayne County portion,
dated May 1, 1937 and due May 1, 1939.
Bids must be for all of the bonds
and accompanied by a certified check for $2,000.
The various road assess¬
ment districts and the amount of the bonds in each instance making up the
offering are as follows:
4
——
,
Board
—
A,B,C,D,E,F,G and H public welfare bonds (Chapter
S.L.lviinn. 1933)--
120,
SPRING LAKE, Mich.—BOND SALE—An issue of $18,000 sewage dis¬
posal plant bonds has been sold in blocks of $6,000 to each of the following:
Spring Lake State Bank, Spring Lake; Peoples Savings Bank, Grand
Haven, and Grand Haven State Bank, Grand Haven.
Tne bonds are part
of the total of $40,000 offered Feb. 1.
At that time the-$22,000 village hall
loan was sold to the Channer Securities Co. of Chicago as 3Ms, at a price of
102, a basis of about 3.30%.
No bid was submitted for the $18,000 sewage
WAYNE
2,772,000
_
S.) payable at the Old Kent
Bank, Grand Rapids.
A certified
check for 5% of the bonds bid for, payable to the order of the District Treas¬
urer, must accompany each proposal. The District will furnish the approv¬
ing legal opinion of Miller, Canfield, Paddock & Stone of Detroit.
The
$89,000
388, S. L.
-
&
■»
149,339
bonds (Chapter 116, S. L.
Minn. 1929).
Hospital bonds, (Chapter 398 S. L. Minn. 1923)
Hospitai and almshouse bonds, (Chapter 70 S. L. Minn. 1927)
Series A, B and C court house and city hall bonds (Chapter 397,
Jay E. Dotator is President and Frank Rackett, Secretary, will receive
sealed bids until 8 p. m. (Eastern Standard Time) on April 23 for the pur¬
chase of $150,000 not to exceed 5% int. school bonds.
Dated March 1,
1937.
Due $5,000 on March 1 from 1938 to 1967, incl.
Prin. and int.
issue.
24,640,327
139,990,467
Trunk highway reimbursement bonds
Series A to F incl., road and bridge bonds (Chapter
Minn. 1923)------
6,
PARIS-WYOMING TOWNSHIP (P. O. Paris Township, Grand
Rapids), Mich.—BOND OFFERING—The Board of Education, of which
(M.
$116,294,387
Total Bonded Indebtedness of Ramsey County on April 1, 1937
follows:
as
$281,074,520;
-
Series G to M incl., road and bridge
MICHIGAN (State of)—OFFERING OF STATE HIGHWAY DEPART¬
MENT BONDS—Murray D. Van Wagoner, State Highway Commissioner,
will receive sealed bids until 11 a. m. (Eastern Standard Time) on April 26
for the purchase of $400,000 3% Covert Road highway refunding bonds,
described
1936-
Assessed value of personal property
Assessed value of money, and credits
Assessed value of electric light and power cos
-
♦
.
2869
Assessed value of taxable property,
Assessed value of real estate
provided in Act No. 13 of the Public Acts of 1932.
as
MARYSVILLE, Mich.—BOND ELECTION—A special election is to be
held
Chronicle
MISSOURI
BEE
BRANCH
DRAINAGE
DISTRICT (P. O. Salisbury), Mo.—
by the District Secretary that
RFC REFINANCING LOAN—It is stated
the Reconstruction Finance Corporation has advanced a $24,000 4% loan
for refinancing.
NEW MADRID COUNTY DRAINAGE DISTRICT NO. 34 (P. O.
New Madrid), Mo.—BONDS SOLD TO RFC—It is reported that $7,000
4% semi-ann. refunding bonds were purchased by the Reconstruction Fi¬
nance Corporation.
.
OAKLAND.
Mo .—BOND OFFERING—E.
W.
Rinfling, Village Clerk,
will receive bias until 8 p. m. April 23 for the purchase at not less than par
of $40,000 public sewer bonds. Bidders are to name rate of interest. In av
2870
Financial
multiple of M%.
Denom. $500. Dated May 1,1937. Principal and semi¬
annual interest (May 1 and Nov.
1) payable at a place designated by the
purchaser and acceptable to the Board of Trustees. Due on May 1 as
follows: $1,500, 1939 to 1942;
$2,000, 1943 to 1947; $2,500, 1948 to 1953;
and $3,000,1954 to 1956. Certified
check for $1,000, payable to the village,
required. Approving opinion of Charles & Trauernicnt of St. Louis will be
furnished by the village.
PEMISCOT COUNTY
DRAINAGE DISTRICT
NO.
3
(P. O. Caby the SecretaryTreasurer of the District that $178,000
4% semi-ann. refunding bonds have
been purchased by the Reconstruction Finance
Corporation.
ruthersville). Mo.—BONDS
„
SOLD TO RFC—It is stated
POPLAR BLUFF SCHOOL
DISTRICT (P. O.
Poplar Bluff). Mo.—
BOND OFFERING—Sealed bids will be received until
8 p. m. on April 26
by C. E. Richardson,
Secretary of the Board of Education, for the purchase
of an issue of $120,000 school bonds.
Bidders to name the rate of interest,
in multiples of
of 1 %, which must be ihe same for all the bonds.
Denom.
$1,000.
Dated May 1, 1937.
Due on Feb. 1 as follows: $2,000, 1940 and
1941; $3,000. 1942 and 1943; $1,000, 1944 to 1948;
$12,000, 1949 to 1955;
$11,000, 1956, and $10,000 in 1957.
Prin. and int. payable at the Bank of
Poplar Bluff.
The bonds will not be sold for less than
par and accrued
interest.
These are the bonds that were
approved by the voters at the
election on April 6, as noted here—V.
144, p. 2704.
All bids must be on
forms furnished by the
Secretary.
An approving opinion of Charles &
Trauernicht of St. Louis will be furnished.
A certified check for $2,500,
payable to the district, must accompany the bid.
Chronicle
years,
April 24, 1937
subject to call after five
below par.
nor
and be sold at
years,
price not above 101
a
.
NORTH PLATTE. Neb.—BONDS DEFEATED—At a recent election
proposal to issue $35,000 park improvement bonds was rejected by the
a
voters.
RED
CLOUD, Neb.—BONDS DEFEATED—The
recent election defeated
a
bonds.
ST.
voters of the city at a
proposal to issue $25,000 municipal auditorium
•'
'"V,'.
-
PAUL,
struction;) of
Neb.—BONDS VOTED—A $25,000 bond issue~for con¬
municipal hospital building was approved by the voters at
a
recent election.
a
NEVADA
LAS VEGAS, Nev.—BOND OFFERING—It is stated
by Viola Burns,
City Clerk, that she will receive bids until 2 p. m. on May 6, for the pur¬
chase of a $16,597.95 issue of Improvement District No. 3 bonds.
Interest
rate is not to exceed
7_%, payable J. & J. Dated Jan. 1. 1937. Prin. and int.
payable at the City Treasurer's office.
The bonds will not be sold at less
than par and accrued interest.
isrequired.
>
■;
-
NEW
A certified check for 5% of the amount bid
v.
i
HAMPSHIRE
CONCORD, N. H.—NOTE SALE—The
issue of $200,000 revenue antici¬
on April 23 was awarded to the First
Corp. on a 0.798% discount basis.
Mansfield & Co. of Boston
bid 0.83% discount.
Notes are dated April 26, 1937 and will mature
$100,000 on Dec. 14 and $100,000 on Dec. 27,1937.
pation temporary loan notes offered
OFFERINGS
Boston
WANTED|
UTAH—IDAHO—NEVADA—MONTANA
WYOMING
CONWAY, N. H.—BOND SALE— Mansfield & Co. of Hartford have
purchased and are now making public offering of a new issue of $33,000
3% refunding bonds. Dated April 15, 1937, and due serially on April 15.
Principal and interest (A. & O. 15) payable at the Carroll County Trust
Co., Conway, or at the First National Bank of Boston.
Legality to be
approved by Storey, Thorndike, Palmer & Dodge of Boston.
MUNICIPALS
FIRST SECURITY TRUST CO.
SALT LAKE CITY
Phone WMatch 3221
Bell
Financial Statement {as
Taxable property (1936)
Teletype: SL K-372
of Jan. 31, 1937)
$3,011,950
Basis of assessment
MONTANA
GLENDIVE, Mont.—BOND OFFERING—Sealed
bids will be received
until 7:30 p. m. on
May 17 by August Colin, City Clerk, for the purchase
of three issues of bonds
aggregating $54,600, di.ided as
$2,600 Special Improvement,
36,000 Special Improvement,
16,000 Special Improvement,
Interest rate is not to exceed
Due
follows:
Oil Paving District No. 11-A bonds.
Oil Paving District No. 12 bonds.
Oil Paving District No. 14 bonds.
6%, payable J. & D. Dated June 1,1937.
Jan. 1, 1945, but redeemab.e at the
option of the city at any time
funds to the credit of the district's
funds for the redemption
thereof.
Principal and interest payable at the City Treasurer's
office.
A
check for 5% of the bid,
payable to the City Treasurer, is required,
on
there
v
are
144eP°r27ofPlementS the offering notice Biven in our issue of April
1
HARLEM. Mont.—BOND OFFERING—R.
J. Gwaltney, Town Clerk,
will receive bids until 8
p. m., May 18, for the purchase of an issue of
$40,000 refunding bonds.
Amortization bonds will be the first choice and
second choice of the Town
serial bonds will be the
Council.
ft* If amortization bonds are sold the
entire issue may be put into one
single
bond or divided into several
bonds, as the Council may determine upon
at the time of
sale, both principal and interest to be payable in semi-annual
instalments during a period of 20 years from
the date of issue.
If serial bonds are issued
they will be in the amount of $1,000 each; $1,000
will become payable on Jan.
1, 1938, and a like amount on the same
day
each year thereafter.
The bonds, whether amortization
or serial bonds, will bear date of
July 1,
1937, will bear interest at a rate not
exceeding 6%, payable semi-annually
on July 1, and Jan.
1, and will be redeemable 10 years after date at the
of the
option
town.
Bonds will be sold for not less than
par; all bidders must state the lowest
rate of interest at which
they will purchase the bonds at par.
All bids other than
by or on behalf of the State Board of Land Commis¬
sioners of the State of Montana must
be accompanied by a certified check
In the sum of $1,000
payable to the order of the Town Clerk.
HAVRE,
Mont.—BONDS
semi-ann. gas
SOLD
TO
About 80%
Tax-exempt property
Total property value
PWA—A
$90,000
issue
of
4%
distribution bonds is reported to have been
purchased at par
by the Public Works Administration.
SILVER BOW
COUNTY SCHOOL DISTRICT NO. 1
(P. O. Butte),
Mont.—BOND OFFERING— It is stated
by Margaret A. Leary, District
Clerk, that she will receive sealed bids until 8 p. m. on
May 17 for the pur¬
chase of $150,000 high school
bonds.
Interest rate is not to exceed
6%,
payable J. & J.
Dated July 1, 1937.
Amortization bonds will be the first
choice and serial bonds will be the
second choice of the School Board.
The
bonds, whether amortization or serial in form, will be redeemable in
full
on any interest
payment date from and after five years from the date of
issue.
A certified check for
$7,500, payable to the Clerk, must accompany
the bid.
-
-
Jr
..''"7"
Year—
1936
1935
1934
x
/v
$106,391.30
100,653.38
100,175.42
x34 mills
-----
'"-i1■
Uncollected Jan. 31, 1937
$5,340.72
x32 mills
x32 mills
164.00
10.00
Including Conway Village Fire District and North Conway Lighting
Precinct
tax rates.
MANCHESTER,
N.
bonds described below,
H.—BOND SALE—The $160,000 3% coupon
which were offered on April 23, were awarded to
Halsey, Stuart &
Cojof Boston, on at bid of 102.352, a basis of about 2.74%:
$100,000 municipal improvement bonds* "Due $5,000 yearly onMarch "l
from 1938 to 1957, inclusive.
60,000 municipal improvement and equipment bonds.
Due $3,000
yearly on March 1 from 1938 to 1957, incl.
Denom. $1,000.
Dated March 1, 1937.
Principal and semi-annual
Interest (March 1 and Sept. 1) payable at the First National Bank of
Boston.
Goldman, Sachs & Co. and Kidder, Peabody & Co., jointly,
were second high, offering 101.713.
^
Financial Statement April 19, 1937
Assessed valuation for year 1936
Debt limit (5%)
-
-
-
——
Total bonded debt, not including present loans
Serial notes (not tax anticipation
notes)
Water bonds (included in total debt)
Net debt
.
——
-
$85,038,060.00
4,251,903.00
3,595,500.00
42,962.00
167,000.00
3,471,462.00
Population, 76,834.
„
„
1934
Tax levy.
$2,823,931.00
Uncollected to date
6,910.41
Tax anticipation notes of 1936
outstanding
Tax anticipation notes of 1937 outstanding.
1935
$3,061,541.00
12,399.90
1936
$3,580,174.00
374.171.43
$250,000.00
1,000,000.00
NASHUA, N. H.—BOND OFFERING— Sealed bids will be received by
City Treasurer until 10 a. m. (Eastern Standard Time) on April 29
for the purchase of $100,000 3% new high school
equipment bonds.
Dated
the
May 1, 1937 and due serially from 1938 to 1957, mcl.
Tenders must be
or none and the
price named must be not less than par and accrued
for all
interest.
•
•••
•
NASHUA, N. H.—LOAN OFFERING—Sealed bids will be received by
City Treasurer until 10 a. m. on April 27 for the purchase at discount of
the
$100,000 notes, dated April 28, 1937 and payable March 30, 1938.
NEW
HAMPSHIRE.
FAVORABLY—We
MUNICIPAL
1.28%
-'V1"'
Tax Rate
747.495
3,759,545
60,500
22,000
48,500
fox CollCCtiOTlS
Total Tax Levy
are
State
of—CATTLE
informed by Enoch
in
NEBRASKA
—
Total bonded debt (including this issue)
Water works bonds of Conway Village Fire District
Net direct debt of Town of Conway
Debt ratio
BOND
_
BILL~~VIEWED
D. Fuller, Secretary of State,
a letter dated
April 19, that Senate Bill No. 66, an Act which provides
for the issuance of not to exceed $700,000 in general
obligation bonds of the
state, for the eradication of disease among cattle, passed the Senate on
March 31 and the House Journal of April 13
reported the bill "ought to
BONDS
pass."
■
OMAHA, DOUGLAS COUNTY, LINCOLN
AND
OTHER NEBRASKA ISSUES
NEW
The national company
Administration
OF OMAHA
First National Bank Bldsr.
Teletype OMA 81
on
first
measure
building bonds.
BEAVER
CROSSING.
Neb.—BOND SALE DETAILS—It
reported by the Village Clerk that the
$19,600 water bonds sold
is
now
recently,
144, p. 2705—were purchased by Steinauer & Schweser
of Lincoln, as
3>^s at par, contingent upon a grant from the Public Works
Administration.
Due in 20 years, optional in five
years.
GRAND ISLAND, Neb.—BONDS
DEFEATED—The proposal to issue
$26,000 property purchase bonds was defeated at an election held on
April 6.
GREELEY
COUNTY
the recent election the
(P.
O.
voters
Greeley),
of the
Neb.—BONDS VOTED—At
county approved the proposition to
issue $52,000 warrant funding bonds.
Contract for the sale of the bonds
has been made with Steinauer & Schweser
of Lincoln at 3
%
•
HAZARD SCHOOL
DISTRICT, Neb.—BONDS VOTED—A proposed
$19,000 bond issue for school building construction was
approved by the
voters at an election held on
March 30.
KEARNEY,
Neb.—BONDS DEFEATED—A
proposition
to
issue
$100,000 city hall bonds was rejected by the voters at an election held
early in April.
McCOOK, Neb.—BONDS
VOTED—On April 6 the voters of the
city
ath their bonds.
gave house approval to a proposal to issue $20,000 swimmipg pool and
NEBRASKA
braska's
(State
Unicameral
of)—BOND CONTROL BILL DEFEATED—Ne¬
Legislature on April 15 rejected a bill designed to
control the issuance of municipal bonds in the State.
Senator L. C. Nuern-
berger, author of the bill, claimed the measure was a "business-like
setup
retiring governmental debts," but the opposition charged it would
disrupt the Nebraska bond market. The proposal, if enacted, would have
required that bonds of Nebraska subdivisions mature serially, within 25
for
.
reading
on
April
final consideration
14.
on
The Borough
April 27.
Commission
BROOKLAWN, N. J .—BONDS PASSED ON
Neb.—BOND ELECTION—
A special election will be held on
May 4, at which time the voters will pass
on the question of
issuing $23,500 school
noted here—V.
par.
READING—An ordinance
providing for the issuance of $50,000 jetty reconstruction bonds was passed
NEBRASKA
as
at
AVON, N. J.—BONDS PASSED ON FIRST
A. T. & T.
AXTELL SCHOOL DISTRICT NO.
57,
JERSEY
ATLANTIC HIGHLAND, N. J.—PWA BUYS ISSUE—An issue of
$17,000 4% filter plant bonds has been purchased by the Public Works
will
give
the
FIRST READING—An
ordinance authorizing issuance of $39,000 water
refunding bonds was passed
on first reading on April 14.
The Borough Council will give the measure final
consideration on April 28.
CALDWELL, N. J .—PWA BUYS ISSUE— The
tration has
purchased
an
Public Works Adminis¬
issue of $14,000 4% town hall building bonds at
par.
.
COLLI
NGSWOOD,
sewer
refunding bonds
Philadelphia.
The bonds
N.
was
J .—BOND SALE—An issue of $135,000 4%
sold recently to Graham, Parsons & Sons of
dated
March 15, 1937, in $1,000 denoms. and mature
as follows: $5,000, 1938 to 1945 incl., $10,000, 1946 to
1948 incl.,
$5,000 in 1949 and 1950, $10,000, 1951, $5,000, 1952, $10,000,
1953,
$5,000, 1954, $10,000, 1955, $5,000 in 1956, and $10,000 in 1957. Interest
payable M. & S.
Legality approved by Hawkins, Delafield & Longfellow
are
March 15
of New York
City.
CAMDEN, N. J—MUNICIPAL LIGHT PLANT BILL DEFEATED—
The bill which would authorize the city to issue bonds in excess
of the legal
debt limit to finance construction of a municipal
light plant failed of passage
in the Assembly on April 20, in its first roll call test in the
present session
of the Legislature.
Proponents of the plan will move for
re-consideration
of the
measure at a
latter date.
FORT LEE, N. J .—DEBT TO BE REFUNDED—'The
Municipal Finance
Commission has adopted a resolution providing for the sale or
exchange by
the Borough of an aggregate of
$3,584,000 refunding bonds in connection
with the projected refinancing of all of the
Borough's past due and un¬
matured bonds and notes presently
outstanding.
The new bonds will be
dated April 1, 1937, bear interest
3^% up to and including April 1, 1942,
and 4% thereafter to maturity.
They will mature April 1, 1977, and will
be redeemable as a whole or in part by lot on
any interest-payment date
at par and accrued interest.
The refunding bonds will be direct unlimited
obligations of the Borough, payable from unlimited ad valorem taxes on
all of its taxable property.
A complete record of the various items of in-
Volume
Financial
144
NEW
New Jersey Ammpipal
Bonds
Telephoilft^feffor 2-7333
A. T. & T.
S|e
100 Broadway
N. Y. 1-528
New York
*
MUNICIPAL
New
57
BONDS
BONDS
WILLIAM STREET,
A. T. & T.: N.
Y.
Telephone: John
Newark
1-730
INVESTMENT—'The
FOR
awarded
4-6864
on
Treasurer that the $20,000 coupon school bonds
April 15 to the State of New Mexico, as noted in these columns—
Due $2,000 from May 1, 1938 to
V. 144, p. 2705—were sold as 4s at par.
1947 incl.
Tel.: Market 3-3124
(P. O. Belmont), N. Y.—BOND SALE—
The $225,000 coupon, fully registerable, county building and court house
bonds offered on April 23 were awarded to Geo. B. Gibbons & Co. of New
York on a bid of 100.4774 for 2.40s, a basis of about 2.43%.
Second high
bid came from the Bancamerica-Blair Corp. and Goldman, Sachs & Co.,
jointly, offering 100.31 for 2.40s.
Dated April 1. 1937.
Due $15,000
yearly on April 1 from 1938 to 1952 incl.
Principal and semi-annual
interest (April 1 and Oct. 1) payable at the Manufacturers & Traders Trust
Co., Buffalo, with New York exchange.
Colyer, Robinson $ Company
INCORPORATED
New
York
REctor
Wire:
MArket 3-1718
NWRK
NEW
debtedness to be refunded
BINGHAMTON, N. Y.—BOND SALE— The $425,000 series A of 1937
offered on April 21—V. 144, p. 2525—were awarded to an
composed of the Manufacturers & Traders Trust Co., Buffalo;
Kean, Taylor & Co., Inc., Adams, McEntee & Co., Inc., Paine, Webber &
Co., all of New York, and George D. B, Ponbright & Co., Rochester, as
2s, at a price of 100.199, a basis of about 1.96%.
Dated April 1, 1937 and
due April 1 as follows:
$40,000 from 1938 to 1942 incl. and $45,000 from
A. T. & T. Teletype
2-2055
relief bonds
24
account
JERSEY
included in the minutes of the April 2 meeting
Finance Commission.
The terms and provisions of the
of the Municipal
was
refunding operation, according to the Commission, require a course of con¬
duct on the part of the Borough which will tend to improve its credit stand¬
ing and eliminate the possibility of further default.
*
FORT LEE SCHOOL DISTRICT, N. J.—DEBT TO BE REFUNDED
—According
to tne findings of the Municipal Finance Commission, in¬
cluded in tne record of its meeting of April 2, the projected refunding of the
indebtedness of the school district will involve
a total of $606,000 bonds.
determined that $732,000 bonds are presently outstanding,
will be paid off from funds to be received from
the Borough on account of past-due taxes owed to the District.
The
$606,000 refunding bonds to be sold or exchanged with the holders of debt
now outstanding will be dated April 1, 1937, bear 3^% interest up to and
including April 1, 1942, and 4% thereafter until maturity.
Date of ma¬
turity is April 1, 1977, although it is provided that the bonds will be re¬
deemed in whole or in part by lot on any interest date at par and accrued
Although it
the
was
balance of $126,000
interest on 30
days' published notice.
HACKENSACK,
N. J.—BONDS AUTHORIZED—On April 19 the
City Council passed on final reading an ordinance authorizing the issuance
of $580,000 refunding Donds.
HAMMONTON,
N. J.—PLANS REFUNDING—According to the
Funding Commission meeting of April 9, the town proposes
$176,000 funding bonds.
In postponing consideration of the
matter, the commission directed its secretary to contact the town officials
with respect to the acceptance of a cash basis provision as a condition to
minutes of the
issue
to
approval.
LONG
BRANCH,
N. J.—NOTES SOLD—The Sinking Fund Com¬
purchased an issue of $290,000 tax revenue notes
mission of the city has
at
3% interest, at
MANTUA
due May 15, 1937.
par.
TOWNSHIP,
Gloucester County,
N.
J.—BONDS
AU¬
THORIZED—On April 14 the Township Committee gave final passage to
ordinance
providing
refunding Donds.
an
MOORESTOWN
authority
for
the issuance of
$124,000
general
TOWNSHIP, N. J.—BOND CALL—It is announced
that pursuant to the terms of the indenture
ail of the presently outstanding
4% % refunding assessment bonds, dated Dec. 30, 1934, have been called
for payment on June 30,1937, at the Burlington County Trust Co., Moorestown, at par and accrued interest.
Interest on the bonds will cease to be
paid after the call date.
NEW
State of—MUNICIPAL FINANCE COMMISSION
stewardship
to the Legislature, the State Municipal Finance Commission on April 19,
saw a "stabilizing influence" on the finances of municipalities in its six years
of operation.
Exercising control over 13 municipalities, the Commission
said that it had been informed its existence has "improved the credit of
New Jersey municipalities in general."
The Commission came into being
in 1931 after numerous defaults had resulted from wide-spread local im¬
JERSEY,
REPORTS ON OPERATIONS—Making the first report of its
provements that
boosted the gross debt of municipalities and counties from
to $1,000,000,000 at the end of 1930.
municipalities taken over by the Commission has been
$400,000,000 in 1922
"None
of the
turned back rehabilitated but," the report said, "we do feel that the Com¬
mission has served as a stabilizing influence on New Jersey municipal
finances
with
a
corresponding favorable influence on municipal credit."
NORTH ARLINGTON, N. J.—BOND SALE—The Borough
issue of $60,000 water bonds to Schlater, Noyes & Gardner
an
has sold
of New
York at par.
NORTH
BERGEN
REFINANCING
TOWNSHIP,
PROGRAM—The
N.
J .—APPROVES DETAILS
Township
Commission
has
OF
passed
than $15,000,000 new refunding bonds to be issued pursuant to the terms of the
refinancing program which has already been declzred effective.
As pro¬
vided in the program, the resolution designated tne Hudson County Na¬
tional Bank of Jersey City, as fiscal agent.
In announcing in March its
determination to proceed with the refunding of the defaulted bonds and
notes of the township, the Committe of Refunding Managers declared that
the plan had been approved by holders of 96% of the original indebtedness.
resolutions outlining tne form and condition of sale of the more
SUMMIT, N. J.—BONDS PASSED ON FIRST READING—On April
13 an ordinance authorizing the issuance of $550,000 school bonds was
passed on first reading by the Common Council.
The measure will receive
final consideration on April 27.
TEANECK TOWNSHIP
POSTPONED—Because of a
(P. O. Teaneck), N. J.—BOND SALE
technicality, tne township was obliged to
postpone the sale which was scheduled to be held on April 20 of an issue of
$52,000 not to exceed 434 % interest street paving assessment bonds.—V.
144, p. 2705.
WOODLAND TOWNSHIP, N. J.—PLANS FUNDING ISSUE—'The
Funding Commission deferred consideration on April 14 of the township's
Jilan to issue the municipality didbonds on the cash collections ininformation
urnished by $16,500 refunding
not indicate ground that the a sufficient
amount to
satisfy the cash requirements of the township.
1943
to
1947 incl.
BUFFALO,* N.
MEXICO
CHAVES COUNTY (P. O. Roswell), N. M.—BOND SALE—The
$75,000 Roswell Municipal School District No. 1 bonds which were offered
April 19—V. 144, p. 2354—were awarded to the State of New Mexico
at a price of par for 3 3^s.
The J. K. Mullen Investment Co. of Denver
offered a premium of $213.75 for 3% % bonds. Dated May 1, 1937. Due
$5,000 yearly on May 1 from 1940 to 1954, incl.
RATE—$4,700,000
BOND
REFUNDING
193-4657.
payroll.
COLDEN
N.
COMMON
SCHOOL DISTRICT No. 10 (P. O. Colden).
OFFERING—Walter
Wohlheuter,
District Clerk,
will
Y.—BOND
the purchase at not less than par
unlimited tax, general obligation,
receive bids until 3:30 p. m. April 30 for
of
$17,000
coupon,
fully registerable,
school building bonds.
Bidders are to name rate of interest, in a multiple
of H% or 1-10%, but not to exceed 5%.
Denom. $500.
Dated April 1,
1937.
Principal and semi-annual interest (April 1 and Oct. 1) payable at
York exchange.
Due $1,500 yearly
April 1 from 1938 to 1948; and $500 April 1,1949.
Cert, check for $400,
payable to Helen Bangert, Collector of the District, required.
Approving
opinion of Clay, Dillon & Vandewater of New York will be furnished to the
purchaser.
the Farmers Bank, Springville, in New
on
CROTON-ON-HUDSON,
N. Y.—SALE CORRECTION—The amount
purchased by the Marine Midland Trust Co. of New York was
$25,000, not $35,000 as originally reported.—V. 144, p. 2706.
They bear
interest, were sold at par and mature Aug. 9, 1937.
of notes
GRAND
ISLAND, N. Y.—BOND SALE—The issue of $19,000 coupon
or registered water bonds offered on April
19 was awarded to the Manu¬
facturers & Traders Trust Co. of Buffalo, as 3.40s, at a price of 100.299, a
basis of about 3.36%. Dated May 1,1937 and due May 1 as follows: $1,000,
from 1938 to 1944
incl. and $1,500 from 1945 to 1952 incl.
HARRISON (P. O. Harrison), N. Y.—BOND OFFERING DETAILS—
As reported previously in these columns, the town is making an offering of
$82,000 not to exceed 4% interest coupon or registered water bonds. Sealed
bids will be received by William A. Wilding, Town Clerk, until 9 a. m.
(Eastern Standard Time) on April 29.
The bonds will be dated April 1,
1937. Denom. $1,000.
Due April 1 as follows: $3,000 from 1938 to 1943
incl. and $2,000 from 1944 to 1975 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 (A. & O.) payable at the Guaranty Trust Co., New
The bonds are general obligations of the Town, payable from
Proceeds of the issue will be used to pay the town's portion
of the cost of extending and improving the joint water works system which
York City.
unlimited taxes.
supplies the municipality's water requirements.
A certified check for
$1,700, payable to the order of the town, must accompany each proposal.
The approving legal opinion of Clay, Dillon & Vandewater of New York
City will be furnished the successful bidder.
FREE SCHOOL DISTRICT NO. 1 (P. O.
N. Y.—BOND OFFERING—Samuel E. Bennett, District
HAVERSTRAW UNION
Haverstraw),
Clerk, will receive bids until 2 p. m. (Eastern Standard Time) April 28 for
the purchase at not less than par of $255,000 coupon, fully registerable,
general obligation, unlimited tax, school building bonds.
Bidders are to
name rate of interest, in a multiple of H % or 1-10%, but not to exceed 4%.
Denom. $1,000.
Eated May 1, 1937. Principal and semi-annual interest
(May 1 and Nov. 1) payable at the District Treasurer's office, or at the
Irving Trust Co. in New York, at option of holder. E ue on May 1 as follows:
$14,000, 1953, $16,000, 1954, 1955 and 1956, $21,000, 1957 to 1961, and
$22,000, 1962 to 1965.
Certified check for $5,000, payable to C. Ben
Brooks, District Treasurer, required.
Approving opinion of Clay. Dillon
& Vandewater of New York will be furnished to the purchaser.
UNION FREE SCHOOL DISTRICT NO. 19 (P. O.
Rockaway), N. Y —BOND OFFERING—Neil C. Steiger, District
will receive sealed bids until 4 p. m. (Daylight Saving Time) on
April 30, for the purchase of $30,000 not to exceed 6% interest coupon or
registered school construction bonds.
Dated May 1,1937. Denom. $1,000.
Due May 1 as follows:
$2,000 from 1939 to 1953, incl.
Bidder to name
one rate of interest, expressed in a multiple of K or 1-10th of 1 %.
Principal
and interest (M. & N.) payable at the East Rockaway National Bank &
Trust Co., East Rockaway.
A certified check for 2% must accompany
each proposal.
The approving legal opinion of Hawkins, Delafield & Long¬
fellow of New York will be furnished the successful bidder.
HEMPSTEAD
East
Clerk,
Financial Statement
Assessed valuation (incl. real estate and
special franchises)
Total bonded debt (incl. present issue)
Population,
estimated,
—
_
$8,698,684
657,100
5,250.
Tax Collection
Report
Uncollected ori
Fiscal Year
April 1,1937
None
None
None
None
None
None
Ends June 30,1937
$61,151.44
Uncollected End
Levy
Year—
-
-
$129,257.50
145,572.00
121,243.50
122,651.44
CITY,
N.
Y.—BOND OFFERING—C. R. Nimmons,
until noon (Eastern Standard Time)
Village Clerk, will receive sealed bids
May 3 for the purchase of $53,000 not to exceed 5% interest coupon or
registered North Side trunk sewer bonds.
Dated Jan. 1, 1937.
Denom.
$1,000.
Due July 1 as follows: $3,000 in 1938, and $5,000 from 1939 to
1948 incl. Bidder to name a single interest rate on ail of the bonds, expressed
in a multiple of K or l-10th of 1%. Principal and interest (J. & J.) payable
at the Workers Trust Co., Johnson City, with New York exchange.
The
bonds are general obligations of the village, payable from unlimited taxes.
on
on
Y.—TAX
Common Council has formally adopted the 1937-1938
budget calling for a tax rate of $30.05 per $1,000 of assessed valuation, an
increase of $3.33 over the current rate, but $1.91 less than the figure recom¬
mended by the Mayor in his budget estimates.
The latter reduction re¬
sulted from an increase in the Mayor's refunding program from $2,500,000
to $4,700,000.
The budget, as approved by council, provides for the
restoration of salaries of all municipal employees to the 1930 level, increases
in other salary brackets, also a 5-day week for all employees on the daily
PLANNED—The
JOHNSON
NEW
YORK
COUNTY
ALLEGANY
MUNICIPAL BONDS
Raymond Blvd., Newark
re-
OTERO
COUNTY
MUNICIPAL
SCHOOL
DISTRICT
No.
4
"Tularosa" (P. O. Alamogordo), N. Max.-PRICE PAID—We are now
OFFERINGS WANTED
1180
bidders
informed by the County
NEW
NEW JERSEY
successful
subscription priced to yield as follows:
3.30% for the 1946 maturities and 3.35% for 1947 maturities, with the
3X% bonds due in 1948 and 1949 to yield 3.25%.
Ingen & Co. Inc.
N. Y.
OFFERED
offered the above bonds for general
Jersey and General Market Issues
B. J. Van
MEXICO
(State of)—BOND SALE—A syndicate headed by
Phelps, Fenn & Co., New York, and including Stone & Webster and Blodget,
New York; the Mercantile Commerce Bank & Trust Co., St. Louis; Eldredge
& Co., New York; Illinois Co, of Chicago; Sidlo, Simons, Roberts & Co.,
Denver; Mackey, Dunn & Co., New York; Jackley & Co., Des Moines;
Harold B. Wood & Co., St. Paul; Peters, Writer & Christensen of Denver,
Walter, Woody & Heimerdinger, Cincinnati; and J. K. Mullen Investment
Co., Denver, was awarded the $2,000,000 State highway debentures
offered on April 20—V. 144, p. 2525.
The successful bid stipulated that
$1,000,000 bonds maturing from May 1, 1946 to Nov. 1, 1947 bear interest
at 3 % %, and that the other $1,000,000, running from May 1,1948 to Nov. 1
1949, bear 334 % interest, a basis of about 3.47%.
The price is par plus a
premium of $1,000, equal to 100.05.
Second high bid was submitted by
John Nuveen & Co., Kelley, Richardson & Co., and O. W. McNear & Co.,
all of Chicago, and associates, who offered a premium of $1,400 for $1,250,000 3^s and $750,000 334s.
Blyth & Co., representing a syndicate, bid a
premium of $3,412 for 3%b.
Dated May 1, 1937.
Due $250,000 yearly
on Nov. 1 from 1946 to 1949, incl.
AlleI & Company
H. L.
2871
Chronicle
2872
A
Financial
certified
check
for
$1,060, payable to the order of the village, must
accompany each proposal.
The approving legal opinion of Clay, Dillon &
Vande water of New York City will be furnished the successful
bidder.
LARCHMONT, N. Y.—NOTE SALE—An
been sold
to
the
0.89% interest.
Central
Hanover Bank &
issue
Trust
of $50,000 notes has
Co. of N. Y. City, at
Dated April 21. 1937 and due July 21, 1937.
MADISON COUNTY (P. O.
Wampsville), N. Y.—BOND SALE—The
issue of $100,000 coupon or registered general bonds offered on
April 19—
Y. 144, p. 2525—was awarded to Sherwood & Co. and Brown &
Groll, both
of New York City, jointly, as 2s, at a
price of 100.159, a basis of about
1.95%.
Dated April 1
1937 and due April 1 as follows: $15,000 in 1938
and 1939, $20,000 from 1940 to 1942, incl. and
$10,000 in 1943.
Among
the other bids were the following:
Bidder—
Int.
George B. Gibbons & Co., Inc
Francis I. DuPont & Co
Salomon Bros. & Hutzler
Rate
2%
2%
2%
-
Rate Bid
100.154
100.096
100.07
MAMARONECK (P. O. Mamaroneck), N. Y.—BOND OFFERING—
Walter R. Marvin, Town Clerk, will receive sealed bids until 3
p. m. (day¬
light saving time) on April 30 for the purchase of $69,000 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 1938 to 1971, incl. and $1,000
in 1972.
Bidder to name a single interest rate on all of the
bonds, expressed
in a multiple of H of l-10th of
1%.
Principal and interest (M. & N.)
payable at the National City Bank, New York City. The bonds are general
obligations of the town, payable from unlimited taxes. A certified check
for $1,400, payable to the order of the
town, must accompany each proposal.
The approving opinion of Clay, Dillon &
Vandewater of New York City
will be furnished the successful bidder.
JF MONROE COUNTY (P. O. Rochester), N. Y.—RELIEF EXPENDI¬
TURES DURING 1936—It cost the county, including the
City of Rochester,
$8,557,773 for relief in 1936, according to a table of statistics prepared by
the Municipal Bureau of Research.
Of this amount city taxpayers con¬
tributed $7,482,149 and town taxpayers $1,075,623.
The grand total for
relief, including Works Progress Administration, during the
year was
$18,581,286.
Revenue from Federal and State governments amounted to
$7,850,244, while revenues and donations, other than the tax levy, reached
$2,173,269.
YORK,
N.
Y.—$118,000,000 CORPORATE STOCK AUTH¬
ORIZED—The Board of Estimate on April 23 authorized the issuance of
$118,000,000 50-year corporate stock to finance the development of the
Delaware water supply project.
No more than $25,000,000 will be used in
any one year,
it is planned.
ROCHESTER, N. Y.—$800,000 WELFARE
BONDS ON MARKET—
Barr Borthers & Co.,
Inc.; Geo. B. Gibbons & Co., Inc.* and Roosevelt &
Weigold, Inc., all of New York, are offering $800,000 2M % bonds issued for
welfare purposes.
The bonds mature $400,000 on March 1,1943 and $400,000 on March 1, 1944 and are priced to yield
2%.
193645
ROME,
N.
Y.—BOND
OFFERING—Lynn C. Butts, City Treasurer,
(Daylight Saving Time), April 28 for the pur¬
following coupon, fully registerable, general
will receive bids until 2p.m.
chase at not less than par of the
obligations, unlimited tax, bonds:
$25,000 emergency relief bonds.
Dated May 1, 1937.
Due on May 1
as follows:
$3,000, 1938 to 1942; and $2,000. 1943 to 1947.
In¬
terest May 1 and Nov. 1.
47,000 public works bonds.
Dated May 1, 1937.
Due on May 1 as
follows:
$4,000, 1938, 1939 and 1940; and $5,000, 1941 to 1947.
Interest May 1 and Nov. 1.
4,000 paving assessment bonds.
Dated April 1, 1937.
Due $1,000 on
April 1 in each of the years from 1938 to 1941.
Interest annually
on
April 1.
Bidders are to name a single rate of interest on all the
bonds, in a multiple
of a% or 1-10%, but not to exceed
6%.
Denom. $1,000.
Prin. and int.
payable at the Chase National Bank of New York.
Cert, check for $1,500,
payable to the city, required,
Approving opinion of Clay, Dillon & Vande¬
water of New York will be furnished
by the city.
Financial Statement
:
;
The
assessed valuation of the property
subject to the taxing power of the
city is $29,124,252.
The total bonded debt of the city including the abovementioned bonds, is $1,868,800.03.
The population of the city (1930 census)
32,496.
The bonded debt above stated 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 city.
The fiscal year commences
Jan.
1.
The amount of taxes levied for the fiscal
years commencing
Jan. 1, 1934, Jan. 1,1935, and Jan. 1,1936,
was, respectively, $632,843.48,
$699,007.13 and $732,978.85.
The amount of such taxes uncollected at
the end of each of said fiscal years was,
respectively, $70,487.60, $65,876.43
and $56,012.87.
The amount of such taxes remaining uncollected as of
April 19, 1937 is, respectively, nil, $13,081.78 and $38,478.30.
The taxes
of the fiscal year commencing Jan.
1, 1937 amount to
$775,752.73, of which
$251,591.25 has been collected.
SANDS
POINT,
N.
Y —BOND OFFERING—Clifton
S.
Thomson.
Village Clerk, will receive sealed bids until 4 p. m. (Eastern Standard
Time) on April 30 for the purchase of $110,000 not to exceed
6% interest
coupon or registered water works system bonds.
Dated May 1, 1937.
Denom. $1,000. Due Nov. 1 as follows:
$3,000 from 1938 to 1943 incl. and
$4,000 from 1944 to 1966 incl. Redeemable on and after May
1, 1952, at
the village's option, at par and accrued
interest, on any interest payment
date.
Bidder to name one rate of
interest, expressed in a multiple of
l-10th of 1%. Principal and interest (M. & N.)
payable at the principal
office of the Guaranty Trust Co. in New York
City. Delivery of the bonds
will be made at that office on or about
May 1. All of the village's taxable
property will oe subject to the levy of unlimited ad valorem taxes in order
or
to
provide for payment of principal and-interest.
A certified check for
$2,500, payable to the order of the village, must accompany each
proposal.
The approving legal opinion of Reed,
Hoyt & Washburn of New York City
will be furnished the successful bidder.
SCARSDALE, N. Y.—BOND SALE—The $28,000 coupon or registered
village highway improvement bonds, series of 1937, offered on
April 13—V.
144, p. 2525—were awarded to the Scarsdale National Bank & Trust
Co.,
New York, as 1.70s, at a price of
100.051, a basis of about 1.685%.
Dated
April 1, 1937, and due April 1 as follows: $10,000 in 1938 and 1939, and
$8,000 in 1940.
Financial Statement
Assessed valuation of the property subject to the
taxing power
of the Village of Scarsdale as shown
upon
the last completed
assessment roll of the said village for the
year 1936
.._$69,689,937
Total bonded debt of said village, incl. the amount of this
issue.
2,393,450
Population of the said village, according to the United States
census of 1930, 9,664.
Bonded indebtedness of the said village as stated above 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 said village.
Tax collection record of the said
village for the preceding three fiscal
was as follows:
Total Ad
Valorem
or
General Property
Taxes, Including
Water District and
Sewer District Taxes and Assessments
Fiscal Year Commencing
March I—
Uncollected at
End of Fiscal
Total Levy
$546,000
537,600
535,600
Uncollected
Year
$52,380
34,000
22,000
April 1, 1937
$2,296
2,299
19,690
*
SMITHTOWN UNION FREE SCHOOOL DISTRICT NO. 1
(P.O.
Smithtown
Branch!, N. Y.—BOND OFFERING—Frank E. Brush,
District Clerk, will receive sealed bids until 1p.m. (eastern standard
time)
on|April 29 for the purchase of $24,000 not to exceed 5% interest coupon or
registered school addition bonds.
Dated May 1, 1937.
Denom. $1,000.
Due $3,000 on May 1 from 1938 to 1945, incl.
Bidder to name one rate of
interest, expressed in a multiple of y. or l-10th of 1%.
Principal and
interest1 (M. & N.) payable at the Bank of Smithtown, Smithtown Branch.
A certified check for 2% must
accompany each proposal.
The approving
opinion of Hawkins, Delafield & Longfellow of N. Y. City will be furnished
the successful bidder.
«
Financial Statement
Assessed valuation (incl. real estate and
special franchises)
Total bonded debt (incl. present issue)
Population, estimated,
2,000.
,..$2,807,555
237,000
April
Tax
Collection
1937
24
Report
Uncollected
Year-
Levy
$44,559.21
Uncollected
End Fiscal Yr.
None
Apr. 17, 1937
41,656.05
35,070.44
37,059.73
—
None
None
None
None
None
None
None
THOUSAND ISLANDS BRIDGE AUTHORITY, Watertown, Jef¬
ferson County, N. Y.—NEW ISSUE OFFERING—A syndciate composed
of B. J. Van
Ingen & Co., Inc.; Stranahan, Harris & Co., Inc.; E. H. Rollins
Sons, Inc.; Eldredge & Co., Inc.; and A. C. Allyn & Co., Inc., all of
&
New York, also B. E. Daley & Co., Inc. and Roberts, Morgan & Moran,
both of Watertown, is making public offering of a new issue of $2,800,000
4 H% coupon, registerable as to prin. only, bridge revenue bonds at a price of
Sar and1, 1967. interest. in whole or, are dated March 1, 1937 part,mature
larch
accrued Callable The bonds when selected by lot, in and at the
Authority's option on any interest date after March 1, 1939 on 30 days'
published notice at 105 if called on or before March 1, 1944; thereafter at
104 up to and including March 1,1949; thereafter at 103 up to and including
March 1, 1954; thereafter at 102 up to and including March 1, 1959; there¬
after at 101 up to and including March 1, 1964; and therefter at 100 to
maturity, plus accrued interest in each case.
Denom. $1,000.
Principal
(M. & S.) payable at the Marine Midland Trust Co., New
City, this institution being the paying agent.
The trustee is the
Jefferson County National Bank, Watertown.
The offering is being made
subject to all legal proceedings by Masslich & Mitchell of New Y9rk, for the
bankers, and Cosgrove, Harter, Scanlon & Wright of Watertown, for the
and interest
York
Authority.
*
In accordance with the
ruling of the Bureau of Internal Revenue dated
Jan. 12, 1937, the interest on these bonds is exempt from prasent Federal
income tax.
The bonds are exempt from taxation except for transfer and
inheritance taxes.
The Acts of NewYork creating the Authority make its
bonds legal investments for all public officers and bodies of the State, and
all
municipalities, insurance companies, savings banks, administrators,
guardians, executors, trustees and other fiduciaries therein.
These bonds
are issued to provide funds to construct a series of three bridges across the
St. Lawrence River between New York and Ontario and the approaches
and roads thereto, and incidental costs.
Thousand Islands
Bridge Authority is authorized to construct, maintain
the following bridges and roads and approaches thereto: A
the American channel of the river from the town of Orleans
in Jefferson County to Wells Island; a bridge across the Canadian channel
of the river from Ivy Lea in Ontario to Hill Island; a bridge across the
International rift from Wells Island to Hill Island; two roads connecting
the American and Canadian Bridges with the International Bridge; and
the approach roads to connect the bridges with the New York State Highway
system and the nearest Ontario highway.
-
and
NEW
was
119933654--1199337645
Chronicle
operate
bridge
across
These bonds are, in the opinion of counsel, obligations of the Authority,
bridge tolls and other revenues of the project are
pledged under the indenture.
They do not constitute a lien upon the
project or any part of it except the net tolls, after maintenance, operation
and repair.
The bonds are not a debt of Jefferson County or of New York
for payment of which all
State.
•
-
■
"■
1
The estimated average annual net earnings of the project, based on
estimated passenger car traffic alone, will be $271,400 for the entire period
of the loan, which is equivalent to over 2.28 times maximum interest re¬
quirements and over 1.56 times average annual debt service for such
period.
The amortization table based on the estimated figures providing
for constant retirement of bonds from surplus indicates the entire issue
should be retired within 18 years.
(These are the bonds referred to in our columns
in February—V.
144,
978—when we reported that the Authority had negotiated with B.J.
Van Ingen & Co. and Stranahan, Harris & Co. for the sale of $2,500,000
bonds.)
o.
TRIBOROUGH
BRIDGE
AUTHORITY,
N.
Y.—FIRST
PUBLIC
FINANCING UNDERTAKEN—The first public offering of securities
of the
Triborougb Bridge Authority took place on April 21, when a group headed by
Dillon, Read & Co. and incl., among others, The First Boston Corp.; Blyth &
Co., Inc.; Lazard Freres & Co., Inc.; Bancamerica-Blair Corp.; White, Weld
& Co.; Ladenburg, Thalmann & Co.; Speyer & Co.; J. & W. Seligman & Co.;
Stranahan, Harris & Co., Inc.; Stone & Webster and Blodget, Inc.; Shields
& Co.; Graham, Parsons & Co.; B. J. Van Ingen & Co., Inc.; Hallgarten
& Co.; Otis & Co., Inc.; L. F. Rothschild & Co.; A. C. Allyn and Co., Inc.;
F. S. Moseley & Co.; Riter & Co.; and Schoellkopf, Hutton & Pomeroy,
Inc. offered $25,000,000 of the Authority's 4% revenue bonds to the public.
Other members of the underwriting group are:
Eastman, Dillon & Co., New York
Hemphill, Noyes & Co., New York
E. H. Rollins & Sons, Inc., New York
Stifel, Nicolaus & Co., Inc., St. Louis
Newton, Abbe & Co., Boston
Reynolds & Co., New York
A. G. Becker &
Bacon, Stevenson & Co., New York
James H. Causey & Co., Inc., New York
Wm. R. Compton & Co., Inc., N. Y.
Francis I. Du Pont & Co., New York
Dyer, Hudson & Co., New York
Co., Inc., Chicago
Hannahs, Ballin & Lee, New York
Phelps, Fenn & Co., New York
Bond & Goodwin, Inc., New York
Estabrook & Co., New York
Tobey & Kirk, New York
C. D. Barney & Co., New York
Eldredge & Co., Inc., New York
Equitable Securities Corp., Nashville
Kelley, Richardson & Co., Chicago
Lobdell & Co., New York
Morris Mather & Co., Inc., Chicago
Roosevelt & Weigold, Inc., New York
Whiting, Weeks & Knowles, Inc., Boston
Ilarriman & Keech, New York
Kean, Taylor & Co., New York
Minsch, Monell & Co., New York
„
Schwabacher & Co., San Francisco
Stern Brothers &Co.,K.C.,Mo.
Edward Lowber Stokes &
Co., Phila.
Wheelock & Cummins, Inc., Des Moines
The offering consists of $16,500,000 of 4% Sinking Fund Revenue bonds,
due April 1, 1977, and $8,500,000 of 4% Serial Revenue bonds, maturing
April 1 from 1942 to 1968 in the following amounts: $100,000 in 1942;
$150,000 in 1943, 1944 and 1945; $200,000 in 1946 and 1947; $250,000 in
1948 and 1949; $300,000 in 1950, 1951 and 1952; $350,000 from 1953 to
1957; and $400,000 from 1958 to 1968.
The Sinking Fund bonds are priced
at 99% % and accrued interest, and the Serial bonds at
prices to yield from
2,65 to 3.90%, according to maturity.
The offering prospectus reveals that arrangements have been made for
the retirement of the $35,000,000 of outstanding 4% serial bonds now held
by the Reconstruction Finance Corporation. The RFC is to receive $18,500,000 of sinking fund revenue bonds and $9,500,000 serial revenue bonds,
and the underwriters are to purchase $16,500,000 of sinking fund revenue
bonds and $8,500,000 of Serial Revenue bonds which are being offered to
the public.
These bonds will constitute a single issue of $53,000,000 of
Revenue bonds representing the funded debt of the Triborough Bridge
Authority to be authorized and presently outstanding.
From the proceeds of the additional bonds, the Authority is to set aside
funds in the name of the Comptroller of the City of New York, as agent of
the Authority, to be applied by the Authority from time to time to the
cost of construction of the Bronx-Whitestone Bridge project,
including
interest during construction.
It is expected that this bridge will be opened
to traffic about July 1, 1939.
Service Of the entire issue of $53,000,000 of bonds will be provided by
the pledge of all revenues to be received from the Triborough Bridge, now
in operation, and the proposed Bronx-Whitestone Bridge, after
withholding
amounts for necessary expenses and subject to the withdrawal of amounts
for any necessary reconstruction or, in the event of default, for any neces¬
sary expenses to protect the interest of bondholders.
The pledged revenues
will be the sole income of the Authority applicable to the service of the
bonds and the Authority will covenant not to issue any other debt
payable
therefrom.
Operation of the sinking fund is calculated to retire all of the Sinking
Fund Revenue bonds by their maturity.
For this purpose, minimum sink¬
ing fund payments will commence Oct. 1, 1941 and increase semi-annually
on a graduated scale.
Additional sinking fund payments may be made
from time to time out of funds remaining after provision for
operating
expenses, interest, principal and minimum sinking fund payments.
No
minimum sinking fund payments are provided for the Serial Revenue bonds
but, should the sinking fund bonds be retired in advance of maturity, any
additional sinking fund payments are to be applied to the redemption of
any remaining Serial Revenue bonds in the inverse order of their maturities.
The new bonds are "legal investments, in the opinion of counsel, under
the laws of the State of New York, for all public officers and bodies and
municipalities of the State and all insurance companies and associations,
banks and trust companies, savings banks and associations,
administrators,
guardians, executors, trustees and other fiduciaries therein; and are eligible
in the opinion of counsel, for deposit with all public officers and bodies and
municipalities of the State for any purpose for which the deposit of the
State's obligations is or may be authorized; all within such limitations as
Volume
may
Financial
144
be imposed by any governing instruments or otherwise in
particular
circumstances f *
The proposed
Bronx-Whitestone Bridge connecting the Bronx and Long
Island Is to be operated at the same toll rates as those prevailing on the
Triborough Bridge which was opened for service on July 11, 1936. Between
July 11 and Dec. 31, 1936, the Triborough Bridge produced net operating
revenues, after expenses, but before interest and depreciation, of $1,074,153.
COUNTY
WESCHESTER
SALE—The
$387,000
coupon
O.
(P.
or
Plains),
White
registered
on
MITCHELL, HERRICK & CO.
April 20—
700 CUYAHOGA
144, p. 2706—were awarded to Brown Harriman & Co., Inc. of New
York, as 2Hs, at a price of 100.6099, a basis of about 2.355%.
The sale
V.
$250,000 highway acquisition bonds.
Due $25,000 on May 1 from 1938
to 1947, incl.
75,000 general bonds of 1937, series 3.
Due $25,000 on May 1 from
1938 to 1940, incl.
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.
OHIO
JAMESTOWN, Ohio—BONDS VOTED—The voters of the Village have
bonds.
MARION TOWNSHIP SCHOOL DISTRICT (P. O. Hamler), Ohio—
$55,000 school enlargement bonds.
LYME TOWNSHIP
NEW
Ohio—BONDS VOTED—At
100.22
100.15
Halsey, Stuart & Co., Inc
2J^%
Blyth & Co., Inc
2}4%
Graham, Parsons & Co.; Stranahan, Harris & Co.,
Inc., and Morse Bros. & Co., Inc
2)4%
bond issue
$40,000
Ohio—BOND OFFERING—A.
City
Richmond, Va.
A. T. T. Tel. Rich. Va. 83
Approving opinion of Peck,
by the city.
required.
Treasurer,
Shaffer &
SALE—The $48,500 sewage plant bonds
144, p. 2527—were awarded to Granberry & Co.
Due Nov. 1 as follows; $2,000 from
1938 to 1960, incl., and $2,500 in 1961.
Granberry & Co. in securing the award bid $48,870 for 3
% bonds, equal
to 100.762, a basis of about 3.18%.
OSBORN,
Ohio—BOND
April 17—V.
on
Dated Nov. 1, 1936.
of Cincinnati.
F. W. CRAIGIE & COMPANY
City
Williams of Concinnati, will be furnished
offered
1, 1960-61 at 97l/t and interest
Schoneberger,
M.
Auditor, will receive bids until noon May 10, for the purchase at not less
than par of $24,000 4% coupon water works real estate bonds.
Denom.
$1,000.
Dated April 1, 1937.
Principal and semi-annual interest payable
at the First National Bank, Norwood.
Due $1,000 yearly on Oct. 1 from
1938 to 1961.
Certified check for 5% of par value of bonds, payable to
the
23/4s
SCHOOL DISTRICT (P. O. Jefferson),
recent election a $25,000 school building
a
approved by the voters.
was
NORWOOD,
100.10
MECKLENBURG COUNTY, N.C. School
Phone 3-9137
sition to issue
100.425
2H%
due Aug.
BOND ELECTION—Voters of the District will ballot on May 11 on a propo¬
Rate Bid
Int. Rate
Bidder—
Lehman Bros
SPRINGFIELD
COLUMBUS
authorized the issuance of $30,000 sewer
•
other bids were the following.
BUILDING, CLEVELAND
CINCINNATI
AKRON
CANTON
consisted of:
Each issue is dated May 1,1937. Among the
MUNICIPALS
OHIO
Y.—BOND
N.
bonds offered
2873
Chronicle
Ohio—BOND SALE—The $9,600 4% coupon sanitary
disposal plant bonds offered on April 10—Vi 144, p. 2183—were
Seasongood & Mayer of Cincinnati at par plus a premium of
$41.85, equal to 100.435, a basis of aobut 3.97%.
Dated Dec. 1, 1935.
Due $800 yearly on Oct. 1 from 1950 to 1961, incl.
Other bidders were*
RICH WOOD,
sewage
awarded to
NORTH
CAROLINA
SCIOTO
BURGAW, N. C —BONDS SOLD TO PWA-'The Public Works Ad¬
ministration is reported to have purchased $31,000 4% semi-ann. sanitary
bonds at par.
sewer
WCABARRUS COUNTY (P. O. Concord), N. C.—BOND ELECTION—
The Board of County Commissioners has set May 18 as the date of a special
election at which a proposal to issue $300,000 school bonds will be voted
O. Portsmouth), Ohio—BOND SALE DE¬
deficiency bonds sold privately to Seasongood
(P.
Pohl & Co., Inc. and Assel, Goetz & Moerlein, Inc., all
cinnati, as previously reported—V. 144, p. 2707—mature Oct. 15,
WAUSEON EXEMPTED VILLAGE SCHOOL DISTRICT,
BOND ELECTION—At a special election on May 11 the voters will
to approve an
upon.
DARE COUNTY (P. O. Manteo), N.
Ohio—
be asked
DISTRICT, Butler County,
a special scheduled for May 4 the voters
proposition to sisue $32,000 school building
Ohio—BOND ELECTION—At
of the district will
ballot
on a
addition construction bonds.
C.—BONDS SOLD TO PWA—A
$36,000 issue of 4% semi-ann. school improvement bonds is said to have
been purchased at par by the Public Works Administation.
DAVIDSON COUNTY
of Cin¬
1946.
issue of $82,500 school construction bonds.
WAYNE TOWNSHIP RURAL SCHOOL
CHARLOTTE, N. C.—NOTE OFFERING— Sealed bids will be received
by W. E. Easterling, Secretary of the Local Government
Commission, at his office in Raleigh, for the purchase of a $200,000 issue of
bond anticipation notes.
Dated May 1, 1937. Due on Aug. 2, 1937. The
approving opinion of Masslich & Mitchell of New York, will be furnished.
until April 27,
R. J.
EDWARDS, Inc.
(P. O. Lexington), N. C.—BOND ELECTION
—The $150,000 county building bonds recently
Commissioners will be submitted to the voters
for
COUNTY
TAILS—The $188,397 4% tax
& Mayer,
approved by the County
Municipal Bonds Since 1892
at an election scheduled
May 18.
FRANKLINTON,
have
been passed
N.
C.—BONDS
AUTHORIZED—1Two
Oklahoma City,
ordinances
by the Town Commissioners authorizing the issuance
$34,407.25 funding bonds.
of $214,950 refunding bonds and
GASTON COUNTY (P. O. Gastonia),
AT&T
Ok Cy
Oklahoma
1 Long Distance 158
19
N. C.—BONDS AUTHORIZED
—The
County Commissioners recently adopted an ordinance authorizing
the issuance of $35,000 school building bonds.
MOUNT
AIRY, N. C —NOTE SALE—The $12,500 issue of water bond
anticipation notes offered for sale on April 20—V. 144, p. 2707—was
awarded to the Surry County Loan and Trust Co. of Mount Airy, at 3.45%,
paying par.
Dated April 13, 1937.
Due $4,000 on April 13 in 1938 and
1939, and $4,500 in 1940.
The Citizens Bank & Trust Co. of Southern
Pines bid 4.25%, plus a premium of $31.25.
DAKOTA
NORTH
BENEDICT, N. Dak.—BOND OFFERING—J. J. Larsen, Village Clerk,
will receive bids until 2 p. m. May 3 for the purchase of $1,700 5% general
obligation bonds.
Denom. $100.
Certified check for 2%, required.
CAVALIER
COUNTY
(P.
Langdon),
O.
N.
Dak.—BONDS SOLD
have purchased
$66,000 4% semi-annual court house bonds at par.
OFFERING NOT SCHEDULED—In con¬
that a $75,000 issue
would be offered for
sale on April 20—V. 144, p. 2707—it is stated by W. E. Easterling, sec¬
retary of the local government commission, that no date of sale has been
N.
C.—BOND
nection with the report given in these columns recently,
of not to exceed 6% semi-ann. electric light plant bonds
fixed
as
yet.
LEAKSVILLE, N.
C —BONDS SOLD TO PWA—The PubUc Works
Administration is reported to have purchased recently $12,500 4% semi-ann.
water bonds at par.
NEW
HANOVER
.
LEXINGTON, Okla.—BOND OFFERING—Bernice Black, City Clerk,
will receive bids until 3 p.m. April 27 for the purchase at not less than par
of $11,000 sewer bonds, to bear interest at rate determined upon at time of
sale.
Due $1,000 yearly beginning three years after date of issue.
Cert,
check for 2% of amount of bid, required.
OKLAHOMA, State of—HOUSE PASSES BILL ON GASOLINE TAX
April 14 the House voted to
ANTICIPATION NOTES—At a session on
the bill to authorize the issuance of $35,000,000 gasoline tax
anticipation notes for highway construction, it is reported.
The emer¬
gency clause on the bill is said to have been voted down and if this action
is allowed to stand those who favor submission of the proposal to a popular
vote will have 90 days in which to file a petition, after the Governor has
signed the measure.
Of the 4-cent gasoline tax, a fund of 1.4 cents would
be pledged for the payment of these notes.
approve
TO PWA—The public Works Administration is reported to
KINSTON,
OKLAHOMA
EUFAULA, Okla.—BOND OFFERING—Eloise G. Smock, City Clerk*
will receive bids until 8 p. m. April 30 for the purchase of $5,000 fire equip¬
ment bonds.
Int. rate is to be determined by the bidding.
Due $1,000
yearly, beginning five years after date of issue.
Certified check for 2%
of amount of bid, required.
;
COUNTY
(P.
O.
Wilmington),
N.
C.—BONDS
AUTHORIZED—The County Commissioners are said to have authorized
STILLWATER,
Okla.—BOND OFFERING—C. E. Donart, Clerk of
will receive bids until 7:30 p.m. April 27 for the
the Board of Education,
purchase at not less than par of $92,000 building, repair and equipment
bonds.
Bidders are to name rate of interest.
Due $5,400 yearly beginning
of issue, except that the last instalment is to amount
Cert, check for 2% of amount of bid, required.
four years after date
to
$5,600.
TISHOMINGO, Okla.—BONDS VOTED—A $30,000 bond issue for a
apporved by the voters recently.
waterworks system was
recently the issuance of $46,000 in school bonds.
ROCKY
$30,000
SPINDALE, N. C.—BOND SALE—The $35,000 coupon sewer bonds
were offered unsuccessfully on March 30—V.
144 p. 2526—have
been sold to R. S. Dickson & Co. of Charlotte at par, $30,000 bonds running
from 1939 to 1955 to bear 6% int., and the remainder maturing from 1955
which
to
1957
$1,000,
5)4% int.
1939.
Dated March 1, 1937.
Due on March
1941; $2,000. 1942 to 1957.
1
as
follows:
1940 and
STEELE COUNTY (P. O. Finley), N. Dak .—BOND
SALE DEFERRED
—It is stated by J.
G. Mustad, County Auditor, that final action on the
$48,000 funding bonds scheduled for sale on April 8, as noted here—V.
144, p. 2355—was deferred until May as the bids received were not satis¬
factory.
STUTSMAN COUNTY (P. O. Jamestown), N. Dak.—MATURITY—
The
OREGON
MOUNT, N. C.—BONDS AUTHORIZED—The Local Govern¬
ment Commission is said to have approved the issuance of the
gymnasium bonds mentioned in these columns in Feoruary.
County Auditor reports that the $180,000 refunding bonds sold to
144, p. 2707—are
Jamestown purchasers, as 4s at par, as noted here—V.
due from 1939 to 1950.
WILLOW VALE
SCHOOL
DISTRICT
NO.
9,
Bottineiu County,
N. Dak.—CERTIFICATE SALE—The $10,000 certificates of indebtedness
on March 2—V. 144, p. 1477—have been disposed of to T. M. Street.
Dated March 5, 1937.
Due $5,000 on March 5 in each of the years 1938
offered
COUNTY SCHOOL DISTRICT NO. 150 (P. O.
Eugene.
Route No. 2) Ore.—BOND SALE—The $10,000 issue of coupon school
bonds offered for sale on April 16—V. 144, p. 2526—was awarded to
Tripp & McClearey, of Portland, as 4}^s. at a pice of 100.41. a basis of
about 4.19%. Dated April 1, 1937. Due $1,000 from April 1,1941 to 1950
incl.
The second best bid was submitted by the Baker, Fordyce Co. of
Portland, offering 100.30.
LANE
PENDLETON, Ore.— WATER DEBT TO BE PAID OFF—It is stated by
and Accountant, that at the election held on
17, a charter amendment to permit the Water Commission to pay
off its bonded indebtedness at its discretion, was approved.
O. E. Burnett, City Recorder
March
WESTON, Ore.—BONDS REFINANCED—It is stated by S. A. Barnes,
Acting City Secretary, that the three issues of 3% semi-annual bonds
aggregating $65,000, offered on March 3, as noted in these columns—V.
144, p. 1478—were refinanced by the State Bond Commission.
The issues
are
divided as follows:
$23,000 refunding water bonds.
Due from July 1, 1941 to 1960.
18,000 refunding and funding bonds.
Due $1,000 from July 1, 1943 to
1960, inclusive.
14,000 refunding improvement bonds.
Due $1,000 from July 1, 1947 to
I960, inclusive.
and 1939.
PENNSYLVANIA
OHIO
DELPHOS, Ohio—BOND ELECTION—At
voters will be asked to
struction
of
a
approve an
election on June 22 the
issue of $300,000 to finance the con¬
an
municipal electric light plant.
ARNOLD, Pa.—BONDS AUTHORIZED—The Bourough Council
passed an ordinance authorizing the issue of $70,000 bonds.
GIRARDVILLE, Pa.—BONDS AUTHORIZED—'The Borough Council
April 12 enacted an ordinance providing authority
$44,000 bonds.
on
EDGERTON, Ohio—NOTE OFFERING—Earl Dunlap, Village Clerk,
will receive sealed bids until noon on May 11 for the purchase of $2,500 fire
department apparatus notes.
Denom. $500.
Bidder to name the rate of
bonds offered on April
interest.
Sherrerd of Philadelphia as
has
for the issuance of
GLENOLDEN, Pa.—BOND SALE—The issue of $25,000 improvement
15—V. 144, p. 2184—was awarded to Butcher &
3s. at 100.189, a basis of about 2.985%. Dated
2874
Financial
Chronicle
April 24, 1927
SOUDERTON,
STATE
City of Philadelphia
Pa —BOND SALE—The $70,000 coupon sewer
April 19—V. 144, p. 2357—were awarded to the Bancof Philadelphia on a bid of 100.584 for 254s, a basis
of about 2.69%.
Due as follows: $2,000, 1938; $3,000, 1939 to 1946;
$4,000, 1947; $3,000, 1948; $4,000, 1949 and 1950; $3,000, 1951 to 1954;
$5,000, 1955; $4,000, 1956, and $5,000, 1957.
Moncure Biddle & Co.
1520 Locust Street
TEMPLE, Pa.—BOND SALE—The $20,000
May 1 from 1938 to 1947 inclusive.
COLUMBIA, Pa—FINANCIAL STATEMENT—The following is given
in connection with the offering on April 26 of $92,000 not to
interest funding bonds, described fully in a previous issue.
exceed 4%
WASHINGTON,
bonds offered
of Feb. 1, 1937
1938 to
as
1943
follows:
150,500.00
92,000.00
Gross debt
$242,500.00
7,946.56
Net funded debt
$234,553.44
Deductions—
(a) Prior years outstanding taxes (75% of actual) $32,812.62
(b) Liened taxes (75% of actual)
18,200.25
51,012.87
183,540.57
4.60%
Net debt
Net debt ratio
indebtedness
bank loans
other
or
evidences
92,000.00
15
duplicate (levy) 1936
66,448.25
49,449.97
(74.4%)
$3,500.00
10,237.00
Interest and tax
13,737.00
Assessed value per capita
Actual value per
350.96
capita,
1,052.88
Assess.
Net direct debt burden
Net direct and indirect debt
Borough of Columbia
Val.
Actual
Vol.
4.60%
Per
1.53%
5.67%
bujrden__
per capita net
1.89%
Capita
101.04
101.03
100.89
-
Financial Statement
....
Total
Collected
Outstanding
Levy
in Levy Year Feb. 1. 1937
%
$67,406.62
None
$42,636.30
67,554.75
None
40.576.65
66,527.17
40,881.57
$11,948.64
17.9%
66,750.20
39.854.66
14,803.24
22.1%
1936..
66,448.25
41,693.59
16,998.28
25.5%
Tax Rate: Usually set by January of year of levy.
Duplicate is delivered
x$787,000.00
10,308.30
Net debt before other deductions
Other deductions:
proposal to issue $55,000 schoo*
LANSDOWNE
SCHOOL
DISTRICT, Pa.—BOND OFFERING—
Young, District Secretary, will receive sealed bids until 7
p. m. (Eastern Standard Time) on May 12 for the purchase of
$75,000
25*f25*,3,or35*% coupon, registerable as to principal only, building and
improvement bonds. Dated May 15, 1937. Denom. $1,000. Due May 15
as follows;
$5,000 from 1946 to 1950 incl. and $10,000 from 1951 to 1955
W.
of interest
on
all
of the
bonds.
Interest
payable M. & N.
A certified check for 2%, payable to the order of the
District Treasurer, must accompany each proposal.
Bonds will be issued
subject to approval of the Pennsylvania Department of Internal Affairs,
and the favorable opinion of Frank A.
Moorshead, Lansdowne, Solicitor
for the
District.
Successful
bidder will
$776,691.70
Outstanding taxes 1936 and prior years.
Municipal liens
$222,462.29
67,499.28
Balance of debt
$486,730.13
$289,961.57
Since
Jan.
April 1, 1937:
1, 1937, the following items have been paid on or before
bond principal, $29,000.00; interest coupons, $6,536,25.
*
Comparative Assessed Valuations
1935
Real estate
1936
1937
$23,419,535 $23,420,935 $23,497,450
1,033,475
1,430,275
1,347,300
Occupations.
Tax Collection Record (Fiscal Year Begins First Monday in January)
Collected End
Year—
Total Levy
$297,630.12
301,223,91
271,774,20
272,890.36
273,223.07
1935...
1936
Collected to
P.C.
P.C.
Jan.
of Year of Levy
$209
—1,564.23
203,776,74
187,486.26
198,911.99
207,964.88
4,1937
$268,226.83
265,623.22
224,750.82
224,391.63
207,964.88
70
68
69
73
76
90
88
83
83
76
Comparative Tax Levies {Mills)
1932
be furnished with
the
approving
1933
1936
1934
10
1935
County.
City-
11
11
11
11
11
School.
a
HIGHSPIRE
SCHOOL
DISTRICT,
Pa.—BOND
ELECTION—A
special election has been called for May 11 at which a proposal to issue
$45,000 school building improvement bonds will be voted upon.
rate
$697,000.00
90,000.00
Total gross debt
Monday
DISTRICT, Pa.—BOND ELECTION—A special
one
$24,844,750.00
$300,000.00
397,000.00
Cash in sinking funds
__
name
$23,497,450.00
1,347,300.00
Year—
Bidder to
_
Floating debt (to be paid out of present issue)
1932...
incl.
-
Bonded debt (incl. present issue): by electoral vote.
By councilmanic issue
2.15
$19.91
Rebekah
100.64
16.17
Special assessment bonded debt
$52,500.00
(a) School—Bonded debt, $83,400; sinking fund, $7,098.41; 75% of
outstanding taxes, $58,189.59.
(b) County—Bonded debt $1,350,000; sinking fund, $288,697; net debt,
$1,061,303.
Tax Collections (Rate 15 Mills in Each Year)
Fiscal year starts first
100.69
100.53
101.53
101.39
100.35
of Jan. 4, 1937
Occupations
x
election is set for May 15 at which time
building bonds will be voted upon.
as
Assessed valuation of taxable property for 1937: real estate-
1.59
per
were
Rate Bid
101.20
19.91
....
|a) School district per capita net debt burden. burden.
County of Lancaster
capita net debt
HAWLEY SCHOOL
Other bids
Int. Rale
2)4%
$16.17
debt burden
to collectors for collection about March 15.
in January.
1954 incl.
Total
None
i
1936 tax collected to Feb. 1, 1937
Debt service charge (1936)—Principal
1944 to
254%
Schmidt, Poole & Co
254%
E. H. Rollins & Sons, Inc___
254%
Singer, Deane & Scribner, Inc., and Dougherty, Corkran
& Co., jointly.
254%
C. C. Collings & Co. and C. D. Barney & Co., jointly.. 254%
Brown Harriman & Co., Inc
254%
Glover & MacGregor
3%
Mackey, Dunn & Co
3%
Leach Bros., Inc
354%
of
Bonds authorized but unissued—this issue
Tax rate (mills)
Amount of tax
incl. and $10,000 from
Edward Lowber Stokes & Co
Chandler & Co., Inc
19354 19342
$3,983,083.00
Sinking fund_
Pa.—BOND SALE—The issue of $140,000 coupon
April 21—V. 144, p. 2527—was awarded to the Banc-
on
america-Blair Corp. of New York as 2%s, at a price of 101.39, a basis of
about 2.59%.
Dated May 1, 1937, and due May 1 as follows: $5,000 from
Bidder—
Floating debt___
notes,
refunding bonds
coupon
on April 12—V.
144, p. 2527—were awarded to the Berks County
Trust Co. of Reading, as 3s, at par plus a premium of $154.10, equal to
100.77, a basis of about 2.85%.
Dated May 1, 1937 and due $2,000 on
PENNSYLVANIA
anticipation
on
offered
Philadelphia
April 15. 1937. and due $5,000 on April 15 in 1942, 1947, 1952, 1957 and
1962. Re-offering is being made by the bankers at prices to yield from
2.50%
to 2.95%, according to maturity.
Tax
COLLEGE,
bonds offered
america-Blair Corp.
Commonwealth of Pennsylvania
as
AUTHORIZED—An
ordinance author
izing the issuance of $123,000 sewage system and improvement bonds has
been passed by the Borough Council.
Loans of the
Financial Statement
Assessed valuation 1936
Gross bonded debt
Pa.—BONDS
15
15
15
*5
15
345*
345*
36
35
8)4
.
Total.
85*
BONDS
PUBLICLY OFFERED—Butcher & Sherrerd
associated with the Bancamerica-Blair Corp. in the
were
issue.
9
9
Reoffering is being made by the bankers priced
35
of Philadelphia
purchase of the
from 101.75 to
102.50 and interest.
WEST FAIRVIEW SCHOOL DISTRICT, Pa .—BOND SALE DE¬
TAILS—The $15,000 refunding bonds reported sold in these columns—
144, p. 2708—were accepted by the Public School Employees Retire¬
ment Board, Harrisburg, in excnange for a like amount of old bonds.
The
new bonds bear 3 5* % interest and mature serially on March 1 from 1938
to 1957, incl.
Denom. $500.
Interest payable M. & S.
Coupon in form.
V.
WEST MIDDLESEX, Pa.—NO BIDS—The $12,000 not to exceed 35*%
interest bonds offered on April 8—V. 144, p. 2357—were not sold, due to
the absence of bids.
Dated Marcn 1, 1937.
legal opinion of Townsend, Elliott & Munson of Philadelphia.
LEET TOWNSHIP *.P. O. Fair Oaks), Pa.—BOND SALE—'The issue
of $15,000 coupon bonds offered on April 15—V.
144, p. 2356—was awarded
to Singer, Deane & Scribner, Inc. of
Pittsburgh, as 4H"s, at par plus a pre¬
mium of $107, equal to 100.71, a basis of about
1937 and due $1,000
on
4.14%,
May 1 from 1938 to 1952 incl.
Dated March 1,
MARS SCHOOL DISTRICT, Pa.—BOND OFFERING—E. L.
Knaell.
District Secretary, will receive bids until 8 p. m. (Eastern Standard
Time)
April 26 for the purchase of an issue of $36,000 coupon bonds.
Due $1,500
yearly on May 1 from 1939 to 1962, incl. Cert, check for $1,000, required.
The $36,000 coupon, registerable as to
principal only, high school building
being offered for sale on April 26 will bear interest at a rate of not
than 314 %, to be expressed by the bidder in a
bonds
PUERTO
multiple of 5* of 1 %
incidentally, was previously reported as being proposed for sale
on May 1.
The bonds will be dated May 1, 1937.
Denoms. $1,000 and
$500.
Due $1,500 on May 1 from 1939 to 1962, incl.
Interest payable
M. & N.
District will apply the proceeds in the construction of a new
school building.
A certified check for $1,000, payable to the order of the
District Treasurer, must accompany each proposal.
The bonds will be
sold subject to approval of the Pennsylvania
Department of Internal
Affairs.
works
water
$75,000
April 23
incl.
Other bids
Bidder—
were
as
Int. Rate
Leach Bros., Inc
3%%
3 Y\ %
4%
4%
Rate Bid
101.539
101.02
ISLAND
awarded to Brown, Lisle & Marshall of Providence
on a bid of 100.59 for 25*s, a basis of about 2.63%.
Dated May 1, 1937.
Due from 1938 to 1947.
Kennedy, Spence & Co. of Boston were second high
bidders, offering,
a
premium of $270 for 25*% bonds.
'
WARWICK, R. I.—NOTE SALE—The issue of $100,000 notes'offered
April 21—V. 144,
of Boston at 0.945%
on
2709—was awarded to the Second National Bank
discount. Due Nov. 18, 1937.
Other bids were as
p.
follows:
Bidder—
'
Discount
Brown Harriman & Co., Inc
First National Bank of Boston
E. H. Rollins & Sons, Inc
1.18%
1.21%
PENNSYLVANIA. State of—LEGISLATURE VOTES PERMANENT
REGISTRATION—The permanent registration of Pennsylvania's voters
advices.
,
--
1.31%
1.50%
Offerings Wanted
SOUTH
CAROLINA MUNICIPALS
on
McALISTER, SMITH & PATE, Inc.
(7 BROAD
STREET
101.92
100.80
NORTHAMPTON, Pa—BOND OFFERING—Claude C. Fogelman,
Borougn Secretary, will receive sealed bids until 7 p. m. (Eastern Standard
Time) on May 11 for the purchase of $35,000 2, 2Si, 2)4, 2%, 3, 3)4, 3)4,
3H or 4% coupon, registerable as to principal only, refunding bonds.
Dated May 1, 1937.
Denom. $1,000.
Due May 1 as follows: $5,000 from
1938 to 1942, incl., and $10,000 from 1943 to 1953, incl.
Bidder to name a
single interest rate on all of tne bonds.
Interest payable M. & N.
A
certified check for 2%, payable to the order of tne Borough
Treasurer,
must accompany each proposal.
The bonds will be issued subject to ap¬
proving legal opinion of Townsend, Elliott & Munson of Philadelphia.
the Legislature
semi-annual
follows:
,
S. K. Cunningham & Co. and Glover & MacGregor.
Chandler & Co..
made State-wide by
4%
was
Stephen W. Tourtellot, Providence
Stroud & Co
was
reported to have purchased
improvement bonds, paying par.
RHODE
on
McCANDLESS TOWNSHIP SCHOOL DISTRICT (P. O. Box
63,
R. D. 7, Bellevue), Pa.—BOND SALE—The issue of
$30,000 coupon
school bonds offered on April 15—V. 144, p. 2184—was awarded to E. H.
Rollins & Sons, Inc. and Singer, Deane & Scribner,
Inc., Pittsburgh, jointly,
as 35*s, at a price of 100.92, a basis of about
3.38%.
Dated April 1, 1937
and due April 1 as follows: $2,000 from 1941 to 1943 incl. and
$3,000 from
1944 to 1951
is
CRANSTON, R. I .—BOND SALE—An issue of $60,000 welfare bonds
offered
more
This issue,
RICO
FAJARDO, Puerto Rico—BONDS SOLD TO PWA—The Public Works
Administration
April 21, according to Harrisburg
NEW YORK
Telephone WHitehall 4-6765
GREENVILLE, S
C.
SOUTH
CHARLESTON, S. C.
CAROLINA
CHARLESTON, S. C.—BONDS AWARDED—The bid submitted
on
April 16 by Lehmah Bros, of New York and associates, including the Banoamerica-Blair Corp., Eastman, Dillon & Co., Pnelps, Fenn & Co., R. S.
Dickson & Co., Lobdell & Co., all of New York, and the G. H. Crawford
Co.,
Inc., of Columbia, S.O. for the $1,000,000 water bonds—V. 144, p. 2709—has
been accepted by the city.
Tne bid was 96.90 for 3 54s, a basis of about
3.48%. Dated April 1, 1937. Due $20,000 yearly
on
April
1 from 1938 to 1987,
inclusive.
The bankers reoffered tne securities to Investors at
1.50% to 3.40%, according to maturity.
prices to yield from
Financial
Volume 144
The new water works bonds are to be issued for the purpose of refunding
like amount of 4J4 % water works bonds now outstanding.
For the year
a
1936 the Charleston Water Department reported profit or $263,633 before
interest amounting to $73,031, leaving net Income of $190,602.
Tnis com¬
with net income of $176,610 for 1935.
The City of Charleston had total bonded and note debt as of April 9,
1937, including this issue, after giving effect to refunding, of $10,200,516,
and net debt of $6,982,248.
,
pares
CHARLESTON COUNTY ,P. O.
Charleston), S. C.—NOTE SALE—
On April 13 the county sold $25,000 notes to the Citizens & Southern Bank
of Charleston on a 1 % interest basis, plus $2.50 premium.
Dated April 15
1937 and payable June 15, 1937.
COLUMBIA SCHOOL DISTRICT NO. 1 (P. O. Columbia), S. C.—
on May 18 on
BOND ELECTION—The residents of the District will vote
the issuance of $500,000 school building bonds.
FAIRFAX, S. C.—BONDS SOLD TO PWA—A $23,000 issue of 4%
semi-annual water works bonds is reported to have been purchased at par
by the Public Works Administration.
_
ANAHUAC INDEPENDENT SCHOOL DISTRICT (P. O. Anahuac),
Texas—PRICE PAID—We
S. C.—BOND ELECTION—It is said that an election will be held on May
18 to vote on the issuance of $500,000 in high and elementary school bonds.
ROCKMART SCHOOL DISTRICT (P. O. Rockmart), S. C.—BOND
OFFERING—E. W.
Carlton, Secretary and Treasurer to the School
Trustees, will receive bids until 3 p.m. April 27 for the purchase of $20,000
school bonds.
Denom. $1,000. *A 5% deposit will be required of the
purchasers.
UNION
has sold
COUNTY
an
(P. O. Union), S. C.—BOND SALE—Tne county
issue of $150,000 4% de,bt funding bonds.
SOUTH
EUREKA
INDEPENDENT
DAKOTA
SCHOOL
DISTRICT (P. O. Eureka),
S. Dak.—BOND OFFERING—Sealed bids will be received until 8 p. m. on
April 26, by H. J. Liedle, District Clerk, for the purchase of a $25,000 issue
of school bonds.
Interest rate is not to exceed 4%, payable (J. & D).
Denom. $500.
Dated March 1, 1937.
Due on Dec. 1 as follows: $1,000,
1939 to 1949, and $2,000, 1950 to 1956, all incl.
Bids to be made for all or
any part of the bonds, with the understanding that the average maturity
shall be unchanged.
The Board of Education will furnish the blank bonds
and the legal opinion of a competent attorney upon request.
Prin. and int.
payable at the Eureka State Bank.
A certified check for 10% of the
amount of bonds bid for, is required.
(A like amount of bonds was sold
on Jan. 11, as noted in these columns at that time),
FLANDREAU. S. Dak.—BOND ELECTION—On April 14 an ordinance
passed providing that a special election be held on May 3 for the pur¬
pose of voting on a proposition to issue $169,000 municipal electric light
and power plant revenue bonds.
was
GETTYSBURG, S. Dak.—BONDS SOLD TO PWA—The Public Works
Administration is said to
purchased at par $22,000 4% semi-annual
have
hospital bonds.
s
LEBANON,
S.
SALE
DETAILS—The
Town
Clerk
reports that the $5,500 5% semi-annual gymnasium auditorium bonds purcnased
par
by a local investor, as noted here—Y. 144, p. 2526—were sold at
and mature from 1939 to 1949.
MARSHALL COUNTY (P. O. Britton), S. Dak.—BOND SALE—
The County Commission has sold an issue of $7o,000 4% debt funding bonds
Kalman & Co. of St. Paul at par.
Denom. $1,000.
Interest payable
semi-annually. Due as follows: $8,000 in 1939; $9,000 in 1940; $10,000 in
1941; $12,000 in 1942, 1943 and 1944; and $13,000 in 1945.
to
„
ONAKA
INDEPENDENT
SCHOOL
DISTRICT
(P.
O.
On^EST,
S. Dak.—BONDS SOLD—It is stated by Carl Penry, District Clerk, that
the $8,500 4% semi-annual refunding bonds offered for sale on Marcn 1
without success, as noted here at the time—V. 144, p. 1841—have been
sold.
Due $500 from Jan. 1, 1940 to 1956; optional on any interest pay¬
ment date before
r
maturity.
HURON, S. Dak.—BONDS VOTED—At the election held
V.
144,
p.
2709—the
approved
voters
the issuance
of the
on April 27)
$200,000 in
auditorium bonds by a majority of 54 votes over the required 60% of the
total vote cast.
We are informed by Dow I. Sears, City Manager, that
as soon as
the
project receives the approval of the Public Works Administra¬
are authorized, they will be advertised for sale'
tion officials and the bonds
PARKER, S. Dak.—BONDS AUTHORIZED—An ordinance has been
passed authorizing tne issuance of $23,000 electric light and power plant
bonds.
revenue
WAUBAY INDEPENDENT SCHOOL DISTRICT NO. 184, S. Dak.—
BOND ELECTION—The Board of Education has called a special election
for April 27 for tne purpose of voting on the question of issuing $18,000
school
building bonds.
BRISTOL, Tenn.—BIDS REJECTED—Four bids received for the
$44,000 funding bonds offered on April 20—V. 144, p. 2709—were rejected.
are dated April 1,
1937, and mature $4,000 yearly from 1938
to 1948.
CAMPBELL COUNTY (P. O. Jacksboro), Tenn.—BONDS AUTHOR¬
IZED—On April 15 the County Court voted approval of an issue of $150,000
school
on
Marshall that
election will be held
May 7 to vote on the issuance of
$30,000 in not to exceed 5% water works system bonds.
It is said that
tney will be offered for sale as soon as possible.
Denom. $1,000.
Dated
June 1, 1937.
Due $1,000 from June 1, 1938 to 1967, inclusive.
an
on
COWAN, Tenn —BOND LEGALITY APPROVED—A
$30,000
issue
of 5% municipal building bonds is said to have been approved as to legality
by Charles & Trauernicht, of St. Louis.
Dated Jan. 1, 1937.
HENRY
COUNTY
Paris), Tenn.—INTEREST RATE—The
(P. O.
$40,000 bonds sold recently to the Cumberland Securities Corp. of Nashville
at a premium of $75, equal to 100.18, bear interest at 3%.
HUMBOLDT
DISTRICT
SCHOOL
(P. O. Humboldt), Tenn.—
BONDS VOTED—The election held on April 14 resulted in approval of the
proposed $40,000 bond issue for erection of a school building.
MEMPHIS, Tenn .— UTILITY BOND SALE CONTEMPLATED—
City Commission will offer, probably in May, $3,000,000 of the $9,000,000
construction, the Commission will have $2,200,000 to apply on further
expenditures.
Cost of the system,
which would distribute Tennessee
Valley Authority current in Memphis, is estimated at $7,000,000.
Two
preliminary contracts have been awarded and bids on the general contract
probably will be asked soon.
Unless hindered by litigation the Com¬
mission hopes to inaugurate service over the new system in November.
SULLIVAN
COUNTY
(P.
O.
Blountsvil'e), Ttnn.—BONDS AU¬
tne issuance of $300,000
school bonds, part of tne $500,000 issue approved by
the year.
TRENTON, Tenn.—BOND ELECTION—At
for
May 17 the
building bonds.
will vote
city
WASHINGTON
AUTHORIZED—On
on
a
a
as
1938; $25,000 in 1939; and $35,000 in 1940.
Estimated present population of Anahuac, 1,000; of Anahuac Independent
School District, 2,000.
DISTRICT
COUNTY
NO.
6
(P.
WATER
O.
AND IMPROVEMENT
Tex**—REPORT ON BONDS
CONTROL
Los Fresnos)
PURCHASED BY RFC—J. W. Stephenson, Assessor and Collector, states
that the Reconstruction Finance Corporation has purchased $405,000 of the
6%
bonds,
paying
the voters earlier in
special election scheduled
proposition to issue $60,000 school
original loan to the
out of an
$168,424.24
district of $202,500.
COLEMAN, Texas—BOND OFFERING—The City Clerk will receive
bids until April 26 for the purchase of $114,000 4% sewer revenue bonds.
Interest payable
semi-annually.
Texas—BOND SALE NOT SCHEDULED—It is now re¬
ported by Stuart Bailey, City Auditor, that the $2,350,000 (not $2,000,000)
school improvement bonds approved by the voters on April &—V. 144,
p. 2527—will not be offered for sale at any one time, although it is probable
that some portion of the total will be sold later on in this year.
He states
that it is uncertain at this time when the first lots will be offered or what the
amount of the offering wid total.
The $40,000 library bonds mentioned
in connection with the above school bonds will be offered for sale along with
the first lot of the larger issue, in all probability, according to Mr. Bailey.
DALLAS,
ELLIS COUNTY ROAD DISTRICT NO. 2 (P. O. Waxahachie) Texas
SALE DETAILS—It is stated by the County Judge that the
$50,000 road bonds purchased by Underwood, Edwards & Co. of Fort
Worth, as noted in these columns recently—V. 144, p. 2357—were sold as
4j4s, paying a premium of $1,777.11, equal to 103.55, a basis of about
3.65%.
Due as follows: $1,000, 1938 to 1947, and $2,00, 1948 to 1967,
—BOND
all incl.
GALENA PARK, Texas—BOND
ELECTION—It is reported that an
of
on May 1 to have the voters pass on the issuance
$80,000 in Light & Power Co. purchase bonds.
election will be held
(P.
O.
April 10
of
GLADEWATER
INDEPENDENT
SCHOOL
DISTRICT
Glade water), Texas—BONDS VOTED—At the election held on
144, p. 2357—the voters are said to have approved the issuance
the $195,000 in school building bonds.
—Y.
GRANDFALLS SCHOOL DISTRICT (P. O. Grandfalls), Texas—
an election held on April 10 the voters are said to have
approved the issuance of the $100,000 in building bonds.
BONDS VOTED—At
INDEPENDENT
DISTRICT.
Texas—
$75,000 bond
SCHOOL
BONDS VOTED—A recent election resulted in approval of a
issue for school buildings
and
a
stadium
HIDALGO COUNTY WATER IMPROVEMENT DISTRICT NO. 2
(P. O. San Juan), Texas—REPORT ON RFC REFINANCING LOAN— It
by C. B. Cramer, District Manager, that a loan was authorized
by the Reconstruction Finance Corporation to the district in the amount of
$1,342,500 for refinancing its outstanding bonds as of July, 1934, originally
totaling $2,561,000.
He says that this has been reduced to the present
total of $24,000 bonds outstanding.
We understand that the money is
available to pay off the remaining bonds at any time.
is stated
LIBERTY, Texas—BONDS SOLD—It
by the Mayor that
have been sold.
is stated
$25,000 paving bonds approved recently by the voters,
MAGNOLIA
DISTRICT,
Tex.—BONDS
VOTED—The
the issuance of $25,000 school building
SCHOOL
District voted recently in favor of
bonds.
INDEPENDENT
O'DONNELL
DISTRICT,
Texas—
has agreed to refund
SCHOOL
BONDS REFUNDED—'The State Board of Education
$90,000 bonds of the district, the new bonds to bear interest at
mature over a period not to exceed 30 years.
4% and
IMPROVEMENT DISTRICT NO. 1
(P. O. Clarksville), Tex.—RFC REFINANCING LOAN—It is stated that
a loan of $41,000 for refinancing has been advanced by the Reconstruction
RED RIVER COUNTY LEVEE
Finance Corporation.
SULPHUR SPRINGS, Tex.—PRICE PAID—It is now reported by the
City Secretary that tine $240,000 5% semi-ann. municipal light plant revenue
bonds purchased by Brown & Root, Inc. of Houston, contractors, as noted
here recently—V. 144, p. 2710—were sold at par.
Due from July 15, 1940,
to Jan. 15, 1947.
for
a new
ORANGE
INDEPENDENT
DISTRICT, Texas—
a $25,000 bond issue
SCHOOL
of
school building.
WHARTON, Texas—BOND ELECTION—It is reported that an elec¬
of $200,000 in bonds,
tion will be held on May 1 to vote on the issuance
divided as follows: $90,000 jail; $85,000 hospital and
ance
$25,000 old-age assist¬
bonds.
VERMONT
BURLINGTON, Vt.—BOND SALE—The Merchants National Bank
of
Burlington purchased on April 6 an issue of $12,000 2.20% registered
airport improvement bonds at a price of par.
Dated April 15, 1937. Due
July 1, 1937.
One bond for $12,000.
Interest payable at maturity.
HARTFORD
(P. O.
The $45,000 refunding
White River Junction), Vt .—OTHER BIDS—bonds awarded April 9 to L. S. Carter & Co. of
Boston, as 3s, at a price of 100.691, a basis of about
2.90%, as previously
reported, were also bid for as follows:
3%
Vermont Securities, Inc
E. H. Rollins & Sons, Inc
First Boston Corp
3%
3%
Coffin & Burr
3%
3%
3%
-
Ross & Co
_
_
Int. Rate
Bidder—
— -
--
National Life Insurance Co
3M%
3M%
Halsey, Stuart & Co., Inc
Ballou, Adams & Whittemore, Inc
issue authorized in 1934 for municipal electric system construction.
After
payment of $800,000 of short-term notes sold in 1936 to finance preliminary
THORIZED—The County Court has authorized
(2) $110,000 dated June 1, 1936,
follows: $25,000 in 1937; $25,000 In
hand in sinking fund to retire them.
bearing 2% interest and maturing
bonds.
FRANKLIN, Tenn.—BOND ELECTION—It is stated by Mayor Park
of the
President
$25,000,000.
Assessed valua¬
property, $8,229,405; personal
BONDS VOTED—The district has voted approval
The bonds
the
property, $212,655; total, $8,442,060.
Outstanding bonds, exclusive of
this issue: (1) $15,000, dated May 15, 1921, and due 40 uears from date.
These bonds have been called for redemption May 15, 1937, and cash is
WEST
TENNESSEE
by
Financial Statement
Estimated actual value of all property,
of taxable property for 1936: Real
tions
HENDERSON
Dak.—BOND
informed
now
$1,000.
Dated April 1, 1937.
Due on March 1 as follows: $10,000,
1938; $15,000, 1939; $10,000, 1940; $35,000, 1941 and $30,000, 1942.
district's
RICHLAND COUNTY SCHOOL DISTRICT NO. 1 (P. O. Columbia),
„
are
School Board that the $100,000 coupon semi-annual school bonds pur¬
chased by R. A. W. Barrett & Co., Inc., of Houston, as noted here recently
V. 144, p. 2709—were sold as 2%a, at par, less a fee of $700.
Denom.
CAMERON
LEXINGTON, S. C.—BONDS SOLD TO PWA—Ar$207000 issue of
4% semi-annual water works improvement bonds is reported to have been
purchased at par by the Public Works Administration.
&
2875
Chronicle
.
Rate Bid
100.33
100.183
100.16
100.062
100.061
100.279
100.39
VIRGINIA
CHARLOTTE COUNTY (P. O. Charlotte,
C. H.) Va.—BOND
SALE—'The $34,000 issue of coupon refunding bonds offered for sale on
April 19—V. 144, p. 2527—was awarded to Scott, Horner & Mason, of
Lynchburg, as 4s, paying a premium of $3.00< equal to 100.008, a basis of
about 3.997%. Dated May 1, 1937. Due $2,000 from May 1, 1938 to 1954
incl.
COLONIAL BEACH, Va .—BOND SALE—Tne
Town Council recently
disposed of an issue of $37,000 4H% water and sewer system
bonds at a premium of $715, equal to 101.662.
refunding
OFFERING—The
following
RICHMOND,
Va .—PROPOSED
BOND
report was carried under a Richmond caption in the "Wall Street Journal"
of April 21:
An ordinance authorizing sale of $1,500,000 funding bonds and providing
,.
COUNTY
(P.
O.
Joneaboro), Tenn.—BONDS
5 the County Court voted to issue $450,000
April
school building uonds.
'
,
Q66(ls
TEXAS
The
ALAMO HEIGHTS, Texas—BONDS VOTED—The residents of Alamo
Heights on April 6 voted favorably on the issuance of
extension ^onds.
like amount of city obligations is expected to be
passed this week by the City Finance Committee of the City Council.
Passage of the measure is a routine matter, the bonds being merely for
redemption of temporary loans authorized last year to meet a variety of
for the redemption of a
$24,000 sewage system
interest and would mature in annual
from 1938-57.
bonds would bear 3 %
ments of $75,000
"Included in the ordinance is a list of the projects
will
pay.
The principal items include
instal¬
for which these bonds
$152,500 for the John Marshall
2876
Financial
high school athletic field; $200,000 for curbing,' guttering, grading and
graveling streets; $255,000 for a new school; $200,000 for improvements to
the James River intermediate terminal • $195,000 for improved street
paving;
$72,730 for the new fire station; $100,000 for improvements at the gas works,
Including elevating the equipment above flood level, and $120,000 for a
sanitary sewer in Gillies' Creek bottom."
NORTHWESTERN MUNICIPALS
Washington—Oregon—Idaho—Montana
Chronicle
SEATTLE
SAN
Due on May 1 as follows: $3,000. 1938 to 1956,
Prin. and int. (M. & N.) payable at the County
bonds are said to be direct general county
obligations, payable from ad valorem taxes without limit against all taxable
property therein.
In addition, provision enabling the county to call in
thp bonds in whole or in part before maturity on the payment of a M %
premium of the face thereof.
Bidders must supply blank bonds, free or
expense to the county.
The county will furnish the legal opinion of the
State's Attorney-General, and complete legal proceedings covering this
bond issue.
If the bidder desires the legal opinion of other attorneys he
shall pay all of his legal expenses in this connection.
A certified check for
$1,000 must accompany the bid.
May 1, 1937.
$18,000 in 1957.
and
Treasurer's
Teletypes SEAT 187. SEAT 188
Teletype SF 296
WASHINGTON
COLVILLE, Wash.—BOND SALE—The $12,000 issue of general build¬
ing bonds offered for sale on April 20—V. 144, p. 2710—was purchased
by the Colville Valley National Bank, paying a premium of $120, equal to
101.00.
Dated April 1, 1937.
Due from 1939 to 1948.
KITTITAS COUNTY SCHOOL DISTRICT NO. 8 (P. O. E
llensburg),
Wash.—BOND SALE—The $3,000 issue of school bonds offered fbr sale
on
as
April 17—V. 144, p. 2358—was purchased by tne State of Washington,
4£as, at par.
Due in from 2 to 20 years, optional after 10 years.
No
other bid
was
These
office.
SCHOOL
DISTRICT,
Wis.—BONDS VOTED—At the
that the district issue
April 6 election approval was given to the proposal
$120,000 school building bonds.
COUNTY
RACINE
Sealed
FRANCISCO
bids
(P.
O.
Wit.—BOND
Racine),
be received until
will
10
a.
m.
(Central
OFFERING—
Standard Time)
on
May 3, by Lennie Hardie, County Clerk, for the purchase of a $225,000
issue of 2M%
highway improvement bonds.
Denom. SI.000.
Dated
April 1, 1937.
Due on April 1 as follows: $30,000, 1938; $125,000, 1939,
and $70,000 in 1940.
The bonds will be sold to the highest responsible
bidder at not less than par and accrued interest to date of delivery.
Prin.
and int. A. & O. payable at the County Treasurer's office.
It is said that
tnese bonds are issued to provide funds to improve portions of the pro¬
State highway
spective
The approving opinion of Cnapman &
A certified check for not less than 2%
bonds, payable to the County Treasurer, must
system.
Cutler of Cnicago, will be furnished.
of the
value of the
the bid.
par
accompany
RACINE, Wis.—BONDS DEFEATED—At the election held on April
building bonds, the
being 7,059 "for" and 16,453 "against".
6 the voters defeated the proposal to issue .140,000 in
count
received.
RIPON SCHOOL DISTRICT, Wis .—BONDS
PIERCE
1937
Dated
PORTAGE
^rumhrikr, Ebrlichman & IDhib
April 24,
COUNTY
SCHOOL
DISTRICT
NO.
33
(P. O. Tacoma),
by the County
Treasurer that the $7,300 school bonds offered on April 10—-V.
144, p.
2013—were not sold as the only bid received, an offer of par on 4s, was not
accepted.
He states that the Federal allotment on the project is still
pending.
(We had previously reported that the bonds were sold on the said date—
V. 144, p. 2710.)
Wash.—BONDS
NOT
SOLD—We
are
now
informed
PORT
OF
BELLI NGHAM
(P.
O.
Bellingham), Wash.—BOND
OFFERING—It is reported that sealed bids will be received at the
CountyTreasurer's office until May 21, for the purchase of a $75,000 issue of
port
development bonds.
TACOMA, Wash.—BONDS CALLED—C. V. Fawcett, City Treasurer,
have called for payment the following bonds;
April 7—Nos. 147 to 186, of Local Improvement District No. 4279.
On April 8—Nos. 3 to 6, of Local Improvement District No. 2000.
No. 7
of Local Improvement District No. 4324.
On April 9—Nos. 107 to 120, of Local Improvement District No. 4246.
posal to issue $175,000 school bui.ding bonds was
early in April.
DEFEATED—'The pro¬
defeated by the voters
at the elction held
'
COUNTY
VILAS
(P.
O.
Wis.—BOND OFFERING—
Thomas, County
4% semi-annual war memorial,
Dated Dec. 1, 1936.
Due on
Eagle River),
Sealed bids will be received until noon on May 1, by Mary
Clerk for the purchase of a $15,000 issue of
Denom. $500.
general obligation bonds.
Dec. 1 from 1937 to 1956.
WAUPACA SCHOOL DISTRICT (P. O. Waupaca), Wis.—BONDS
VOTED—At the election held on April 6—V. 1 4, p. 2358—the voters ap¬
proved the issuance proved the issuance of the $68,000 in school construction
bonds by a wide margin.
WYOMING
is said to
On
VANCOUNVER, Wash.—BONDS SOLD—We now learn that tne
$850,000 water revenue bonds approved by the voters on March 30 and
sold to a syndicate on April 5, as noted in tnese columns—V.
144, p. 2710—
will be revoted in order to correct certain
readvertised
C.
W.
as
legal technicalities but will not be
been confirmed to tne syndicate headed by
It is said that the syndicate bid as
97.08 for bonds maturing from 1939 to 1948, as 3%"s;
tne award
McNear
&
Co.
follows for the bonds:
has
of
Chicago.
Wyo.—BOND OFFERING— Sealed bids will be
received until 7.30 p. m. on May 3, by Lawrence G. Sturholm, City Clerk,
for the purchase of two issues of coupon general obligation bonds aggregating
$50,000, divided as follows:
$40,000 4% semi-ann. sewer bonds.
10,000 3% semi-ann. fire department bonds.
Denom. $500.
Dated June 1, 1937.
Due in 30 years, optional after
10 years.
These bonds were approved by the voters on April 6, as noted
here—V. 144, p. 2710.
Prin. and int. pyable at the office of the City
SPRINGS,
ROCK
Treasurer.
from 1949 to 1977, as 4J4s, while a price of 98.07 was bid for bonds
maturing
from 1943 to 1953, as 3Ms, from 1954 to 1967, as
4Ms.
The members of
the syndicate are as follows;
C. W. McNear & Co. of Chicago; E. M.
Adams & Co. of Portland; Wells-Dickey Co. of Minneapolis; Harold H.
Huston & Co. of Seattle;
both of Spokane.
Canadian Municipals
Paine-Rice & Co., and Richards & Blum, Inc.,
Information
YAKIMA COUNTY
(P. O. Yakima),
Wash.—BOND SALE—The
$145,000 refunding bonds offered on April 19—V. 144, p. 2358—were award¬
ed to William P. Harper & Sons & Co. of Seattle. Of the
issue, $63,000 will
bear interest at SH% and $82,000 at 3M%.
The next best bid was sub¬
mitted by Harold H. Huston & Co. of Seattle, who offered to take
$119,000
3Ms and $26,000 3Ks.
Dated May 1, 1937.
Due on May 1 as follows:
$8,000, 1939 and 1940, $9,000, 1941, 1942 and 1943, $10,000, 1944, 1945
and 1946, $11,000, 1947 and 1948, $12,000, 1949 and 1950. and
$13,000 in
ST.
WEST,
BARRON JOINT SCHOOL DISTRICT No. 1 (P. O.
Barron), Wis.—
OFFERING—C. C. Morrison, Clerk of the Board of Education
receive bids until 8 p. m., April 23 for the purchase of an issue of
BOND
will
$50,000 3% school building bonds.
BOND SALE CANCELED—It is stated that the sale on Feb. 16, of the
$50,000 high school bonds to Harold E. Wood & Co. of St. Paul, as 3s,
at a price of 101.60, a basis of about
2.78%, as noted in these columns at
that time, was canceled.
CLINTONVILLE,
Wis.—BOND
OFFERING— It
is
stated
by
S.
J.
Tilleson, City Clerk, that he will offer for sale at public auction on April 30,
at 7:30 p. m. (C. S. T.)
a $50,000 issue of sewage disposal plant bonds.
Interest rate is not to exceed 3%, payable J. & J.
The rate is to be stated
in multiples of M of 1%.
All bids submitted must designate one rate of
interest for all maturities. Denom. $1,000.
Dated Jan. 1,1937.
Due$2,000
from 1938 to 1947, and $3,000 from 1948 to 1957, all incl. Prin. and int.
pay¬
able at the office of the City Treasurer.
The award will be determined on
the basis of lowest interest rate bid and lowest interest cost to the
city.
Bids must specify at least par and accrued interest on desired
interest rate.
Bonds are to be issued subject to the favorable opinion of
Lines, Spooner &
Quanes, of Milwaukee, and the cost of such opinion and the cost of printing
the bonds are to be paid by the successful bidder, and all bids shall be so
conditioned.
Bids must be accompanied by a certified check for not less
than 2% of the par value of the bonds, payable to the
city.
DODGE COUNTY (P. O.Juneau), Wis.—BOND SALE—The
$196,000
issue of 3 % annuai county court house bonds offered for sale on
April 22—
V. 144, p. 2710—was awarded jointly to Brown Harriman &
Co., Inc., the
Milwaukee Co. of Milwaukee, and the Wells-Dickey Co. of
Minneapolis,
paying a premium of $4,018, equal to 102.05, a basis of about 2.70%.
Due $14,000 annually from April 1, 1938 to 1951 incl.
The Securities Co.
is
said
to
have entered
the second
high
bid.
an
offer
by J. J. Williams,
Clerk of the Board of Education, that he will receive sealed bids until
May 17, for the purchase of a $39,000 issue of 3% semi-ann. school bonds.
Denom. $1,000.
Dated April 1, 1937.
Due on April 1 as follows. $1,000,
1938 to 1940, and $3,000, 1941 to 1952.
These bonds were approved by
an
election held
any and
on
March
13.
The School Board
all bids made for lss than
par
reserves
the
and accrued interest.
HUSTISFORD, Wis.—BOND SALE POSTPONED—It is stated by
Erven P. Dornfeld, Village Clerk, that because of a legal
question arising
at this time the sale of the
$38,000 no to exceed 4% semi-ann. general ob¬
ligation light and power plant purchase bonds, scheduled for April 19, as
noted here recently—V. 144, p. 2710—has been
postponed indefinitely.
Dated April 1, 1937.
Due from April 1, 1942 to 1955, incl.
LA
CROSSE
COUNTY
(P.
O. La Crosse),
THORISED—A resolution authorizing the issuance
improvement bonds
was
Wis.—BONDS AU¬
of $255,000 highway
passed recently Dy the Boarcf of County Super-
\isors.
(
CROSSE
COUNTY
(P.O. LaCrosse),
Wis.—BONDS AUTHOR¬
IZED—On
April 15 the Board of Supervisors approved
$406,000 for financing a highway construction program.
a
bond issue
of
EDMONTON, Alta.—UTILITIES SHOW$944,093 PROFIT FOR 1936—
city reports that its public utilities had a net profit of $944,093 in
after all charges incl. bond interest and provision for reserve for
improvements and extensions.
The full amount of $944,093 was trans¬
ferred to the city's general revenue account for relief of taxation in 1937.
It is noted that four of the city utilities have had net surpluses totaling
$10,167,348 since the commencement of operations.
The street railway,
though it is now on a paying basis, did not always show a profit.
The
accumulated deficit of the railway is $1,424,266.
The city's sinking fund reports total assets as at Dec. 31, 1936, of $12,275,399, which includes real estate holdings and accrued interest but does
not include interest due but unpaid on bonds in default.
During the year
the sinking fund purchased $1,253,648 of Edmonton bonds to bring the
total amount held to $6,191,203.
Of this amount $3,200,000 mature before
1945 and $1,200,000 in 1946. 1947 and 1948.
The fund holds $2,100,000 of bonds which are in default of which the
amount of principal past due is $870,381.
Included in defaulted bonds are
$756,500 of Alberta bonds and $1,032,145 of Ontario municipal bonds.
jt
1936
MONTREAL, Que.—BANKS REDUCE LOAN INTEREST CHARGE—
banks have agreed to lower the interest rate on municipal borrow¬
to 2 % %.
The new rate
will apply to the approximately $18,000,000 which the city will borrow soon#
The city's
ings in anticipation of tax collections from 3 %
MONTREAL
REFUND
MAY
PROTESTANT SCHOOL COMMISSION, Que.—TO
1 MATURITY—The Commission plans to refund the
bonds which mature on May 1 of this year, according
$1,750,000 of 6%
to report.
OTTAWA, Ont.—FIRST QUARTER TAX COLLECTIONS HIGHER—
approved the
issuance of $560,000 in water system bonds by a county of 1,480 to 793.
RDVILLE, Wis.—BONDS VOTED—A proposition to issue $20,000
water and sewage system bonds carried at an election held
April 6.
OUTAGAMIE COUNTY (P. O. Appleton), Wis.—BOND OFFERING
is stated by John E. Hantschel,
County Clerk that he will receive
a. m. on May 10, for the purchase of a
$75,000 issue of
3% county asylum addition, series H-3 coupon bonds.
Denom. $1,000.
—It
sealed bids until 10
$77,999
higner than in 1935, amounting to $1,468,219.
Water rate collections were
$52,598, a decrease of $445.
Collections of arrears increased $25,238 to
$338,023.
Prepayments increased by $53,206 to $1,077,596.
SHERBROOKE, Que.—REPORTS SURPLUS FOR 1936—City reports
surplus in 1936 of $94,273, compared with a suplus of $35,712 in 1935.
Capital account shows assets exceeding liabilities by $3,700,000.
Current
assets amount to $650,737 as against current liabilities of $494,014.
The
electric light department showed a net profit for tne year of $61,691 after
a
all
charges.
ST.
Que.—BOND SALE—A group composed of Banque
Rene T. Leclerc, Inc. and Credit Anglo-Francais
awarded two issues of 4% bonds at a price of 99.05 and accrued
interest.
The sale consisted of $378,000 bonds, maturing serially from
1938 to 1962 incl., and $60,500 due annually from 1937 to 1951 inclusive.
JOHNS,
Canadienne Nationale,
recently
was
WINDSOR, Ont.—REFUNDING DISPUTE SETTLED—The dispute
the bondholder's committee and the Ontario Municipal Board
the provisions of the debt refunding plan drafted by the provincial
agency has been settled, it was announced April 15 by Chairman Eric
Cross.
The municipal board, a statement by Mr. Cross said, has agreed
between
over
revise
the
interest rate schedule to meet the objections of the bond¬
The plan involves the refunding of approximately $34,000,000
four municipalities which have been consolidated
as one unit.
The present municipality of Windsor is made up t>f the former
city of that name, also the sub-divisions of Sandwich, East Windsor and
Walkerville.
The greater city's financial affairs have improved con¬
to
holders.
LAKE (P. O. Milwaukee), Wis .—BONDS VOTED—It is stated
by the
Town Clerk that at an election held on April 6—the voters
ORF ^
6438
The
Tax collections in the first three months of the current year were
GLENWOOD CITY JOINT SCHOOL DISTRICT NO. 1
(P. O. Glenwood City), Wis.—BOND OFFERING—It is stated
LA
ELGIN
CHATHAM, Ont.—UTILITY REVENUES FOR 1936 AT NEW HIGH
—Municipality reports that revenue of its public utility commission in 1936
was the highest in history, amounting to $245,777.
Net surplus after ail
charges was $4,471.
of
$396 premium.
right to reject
TORONTO
CANADA
WISCONSIN
the voters at
Markets
BRAWLEY, GATHERS & CO.
KING
25
1951 and 1952.
of Milwaukee
and
of debt incurred by the
siderably in recent months, according to report.
1936 exceeded anticipated receipts by $500,000.
Tax collections during
WINNIPEG, Man .—TAXPAYERS THREATEN STRIKE— Tue city
be faced with a taxpayers' strike, according to report.
At a recent
meeting 400 taxpayers decided to refuse payment of their tax bills if taxes
and expenditures are not reduced by the City Council, the repor, said.
may
@FedFRASER