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7 X L'^RARy AO COPYRIGHTED IN 1B37 BY WILLIAM B. DANA COMPANY, N JW YORK, VOL. 145.lMU6d w;n'^Y.araCopy~ ENTERED AS SECOND.Ct ASS MATTER JUNE 23, 1879. AT THE POST OFFICE AT NEW TORN, NEW YORK, UNDER THE ACTOF MARCH 9, 1979. NEW YORK, AUGUST 14, 1937 William cor Spruce Sts , NO. 3764 N Y Citv TRUST BROOKLYN CHASE THE COMPANY Chartered NATIONAL 1866 Kidder, Peabody George V. McLaughlin President NEW Federal Member Go. & THE ; OF BANK NEW chase is YORK tra- ditionally a bankers' bank. For Deposit Insurance CITY The BOSTON PHILADELPHIA BROOKLYN NEW YORK YORK OF many years it has Corporation served large number a of banks and bankers as New York White, Weld & Co. correspondent and depository. reserve Exchange Members New York Stock Member Federal Deposit Insurance Corporation Boston New York Amsterdam London The FIRST BOSTON Correspondent Quotations Facilities Corporation CORPORATION BOSTON NEW YORK Paris SAN FRANCISCO CHICAGO United States Government AND OTHER PRINCIPAL CITIES Securities European Correspondents The First British American Hallgarten& Co. Brown Harriman & Co. Corporation, Ltd. 3 Established 1850 Incorporated Lombard Street 63 Wall Street, New York LONDON Telephone: BOwIing Green 9-5000 NEW YORK Av. R. Saenz Peiia 567, Buenos Aires San Francisco Chicago Washington Representatives in other leading Cities London Chicago Philadelphia Boston Argentine Representative wertheim & Co. 120 The Broadway State and New York Amsterdam London CARL M. LOEB & CO. 61 Capital Funds London Berlin Municipal Bonds Company BROADWAY NEW YORK Amsterdam NewTbrkTrust . . $37,500,000 Barr Brothers & Co. INC. New York Paris Chicago ioo broadway 57TH ST. & FIFTH AVE. 40TH EDWARD B. SMITH & CO. 31 Nassau Street \ ST. & MADISON AVE. BOSTON CLEVELAND European Representative's Office: LONDON • ' \ V ' 8 KING WILLIAM STREET CHICAGO Co., Inc. St. Louis 1888 HORNBLOWER & WEEKS 40 Correspondent Minneapolis Banks and Established 1888 LONDON, E. C 4 Edward B. Smith & to Dealers since New York PHILADELPHIA Service NEW YORK * Wall Street NEW YORK Boston, Chicago, Philadelphia and Members New York, Member of the Federal Reserve System, the New York Clearing House Association and ofthe Federal Deposit Insurance Corporation Cleveland, Detroit Stock Exchanges Financial a Chronicle Aug. 1937 14, BAKER, WEEKS A. G. Becker & Co. & HARDEN Incorporated Investment Securities J. & W. Seligman & Co. Members Established 1893 New York Slock Exchange New York Curb Exchange No. 54 Wall Street Philadelphia Stock Exchange Chicago Board of Trade Investment Securities Commercial Paper 52 WALL NEW STREET, NEW YORK Graybar Building, New York New York London Correspondenta Commercial Trust Bldg., Philadelphia Buhl Building, Detroit Chicago SELIGMAN BROTHERS 6 Lothbury, And Other Cities Bourse YORK London, E. C. 2 Building, Amsterdam 52, Avenue des Champs-Elysees, Paris Foreign Leading Out-of- Town Australasia and New Zealand Investment Bankers and Brokers BANK OF NEW/SOUTH WALES (ESTABLISHED 1817) NEWARK BIRMINGHAM which' the Western Australian Bank and Tbe Australian Bank of Commerce Ltd., are amalgamated) (With Paid New Jersey State MARX & CO & Municipal Bonds Capital up £8,780,000 6,150,000 8,780,000 Reserve Fund Reserve/Li ability of Proprietors Newark Bank & Insurance Stocks £23,710,000 BIRMINGHAM, ALABAMA Aggregate Assets 80th Sept., 1936. £115,150,000 fi. C. DAVIDSON, General Manager 780 SOUTHERN MUNICIPAL AND CORPORATION BONDS J. S. RIPPEL & CO. 18 Clinton St. Newark, N. J. BRANCHES AND AGENCIES In the Australian States, New Zealand. Fiji, Papua, Mandated Territory of New Guinea, and London. The Bank Head DETROIT transacts every description of Aus¬ Wool and other tralasian Banking Business. oduce Credits arranged. Office: George Street, London Offices: HARTFORD 29 Threadneedle 47 SYDNEY Street, E.C.2 Berkeley Square, W.l Agency arrangements with Banks throughout the U. S. A. MUNICIPALS MICHIGAN f and Specialists in Connecticut Securities CORPORATION BONDS WAILING, LERCHEN & HAYES PUTNAM & CO. Members Members New York Stock Exchange Curb Assoc. Chicago Stock Exch. New York New York Stock Exch. Detroit Stock Exchange 334 BUHL DETROIT BLDG., Tel. 5-0151. NATIONAL BANK of EGYPT HARTFORD 6 CENTRAL ROW A. T. T. Teletype—Hartford 35 Head Office Cairo . FULLY PAID CAPITAL PALM BfcACH WEST AND PALM RESERVE FUND . £3,000,000 .... /BEACH 3,000,000 LONDON AGENCY INVESTMENT HOLDINGS 6 and 7, King William Street, E. C. 4 Specializing in ANALYZED Branches in all the FLORIDA BONDS principal Towns in EGYPT Charles A. Parcells & Co. Members of Detroit Stock Exchange PENOBSCOT BUILDING, DETROIT, MICH. and the SUDAN CARLBERG & COQK, INC. Palm Beach—West Palm Beach, Bell System Teletype: Fla. W-Palm Beach No. 84 Royal Bank of Scotland Incorporated by Royal Charter 1727 MIAMI ST. Capital (fully paid) LOUIS/ £3,780,192 fund Reserve £3,944,171 ... Deposits We buy and sell for own Florida Municipal Bonds (jomugarMIUSR £(io. — Over our account INC. 200 St/x Co. * Years of Commercial CHIEF FOREIGN 3 SAINT LOUIS -- Ingraham Bldg., £66,800,985 Banking DEPARTMENT Bishopsgate, London, England HEAD OFFICE—Edinburgh 0O9OUVK 51 General Manager MIAMI William Bell System Teletype MMI 80 Whyte Total number of offices, 254 Members St. Louis Stock Exchange Associated Bank, Williams Deacon's Bank, Ltd. MILWAUKEE Hong Kong & Shanghai BANKING Missouri WISCONSIN and Southwestern Stocks/and Bonds CORPORATION SECURITIES Teletype—Milwaukee 92 EDGAR, RICKER&CO. 750 North Water Street, Milwaukee, Wis. 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. Authorized CnpltaHHongkong Currency) H$50,000,000 Smith, Moore & Co. St. Louis The First Boston St. Louis Stock Corp. Wire Exchange Paid-up Capital (Hongkong Currency)...HX20.000.000 Sterling £6,500,000 Reserve lund in Sliver (Hongkong Cur¬ Reserve Fund In rency) Reserve fon* Liability of Proprietors Currency) A. G. 72 WALL HS10 000.000 (Hong..HX20.000.000 KELLOGG, Agent STREET, NEW YORK Tbf rankle ommfttia AUGUST 14, 1937 Vol. 145 No. 3764. CONTENTS Editorials page 989 Financial Situation Playing into the President's Hands. ___ 1002 ... 1003- Tax-Supported Competition in Housing What Is Great Britain's Foreign Policy?- ..1005 Comment and Review Gross in New and Net Earnings of United States Railroads June 1008 __ Capital Issues in Great Britain Week on the __— European Stock Exchanges __1006 — _— _ Foreign Political and Economic Situation- - 993 994 998 & 1041 Foreign Exchange Rates and Comment Course of the Bond Market 1007 Indications of Business Activity 1012 Week on the New York Stock Exchange Week on the New York Curb Exchange — — 992 1041 News Current Events and Discussions 1022 Bank and Trust 1039 General Company Items —1086 Corporation and Investment News Dry Goods Trade State and Municipal Department — -. -1136 1137 Stocks and Bonds 1042, 1044 & 1051 Foreign Stock Exchange Quotations. —1044 Dividends Declared 1085 Auction Sales New York Stock Exchange—Stock New York Stock 1052 Quotations Exchange—Bond Quotations ..1052 & 1062 New York Curb Exchange—Stock Quotations 1068 New York Curb Exchange—Bond Quotations 1072 1074 Other Exchanges—Stock and Bond Quotations Canadian Markets—Stock and Bond Quotations 1079 Over-the-Counter Securities—Stock & Bond Quotations .1082 Reports 997 Foreign Bank Statements Course of Bank -1042 Clearings Federal Reserve Bank Statements 1049 ... General Corporation and Investment 1086 News Commodities The Commercial Markets and the Crops 1123 Cotton Breadstuffs Published Every Saturday Morning by the William B. Dana — - -—1127 1131 Company, 25 Spruce Street, New York City Herbert D. Seibert, Chairman of the Board and Editor; William Dana Seibert, President and Treasurer; William D. Riggs, 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. C. Copyright 1937 by William B. Dana Company. Entered as second-class matter June 23,1879, at the post office at New York. N. Y., under the Act of March 3, 1879. Subscriptions in United States and Possessions, $15.00 per year, $9.00 for 6 months; in Dominion of Canada, $16.50 per year, $9.75 for 6 months; South and Central America, Spain, Mexico and Cuba, $18.50 per year, $10.75 for 6 months; Great Britain. Continental Europe (except Spain) Asia, Australia and Africa, $20.00 per year. $11.50 for 6 months. Transient display advertising matter, 45 cents per agate line Contract and card rates on request. NOTE. On account of the fluctuation in the rates of exchange, remittances for foreign subscriptions and advertisements must be made in New York funds Manager. Financial VI This is not and is under no a solicitation of by and circumstances to be construed as an Aug. ;« .'V • ' '• ' < . 1937 14 offering of these shares for sale, or an offer to buy, or offer to buy, any of such shares. The offering is made only by the Prospectus. an behalf of only such of the undersigned as are registered dealers in securities on ' * t Chronicle v'"- ' .■ >.y . .-/v.; This is published in this State. V':. J, . /' ... J:'-.- ! NEW ISSUE Incorporated Basic Dolomite, 140,000 Common Shares (Par Value $1 Per Share) Price $12.50 Per Share Copies of the Prospectus may be obtained from only as such of the undersigned registered dealers in securities in this State. are Hallgarten & Co. A. G. Becker & Co. Otis & Co. Incorporated Bull & Eldred£e Curtiss, House & Co. August 9, 1937. Notices The "EXPANDIT" BINDER CRANE CO. Earnings Statement for Twelve A Practical and Serviceable Binder for Your Months Ended June 30, 1937 Crane Co. "Chronicles" and i Compendiums and other Wm. B. Dana Co. publications r The structed that expansion, only one Its hack is it than time strings; or turbing ot^er insert their or tha copy remove; waste its exclusive are can any of feature. CO., Michigan Avenu9, Illinois, By Charles B. Nolte, President means of be inserted in less an be issue August 10, 1937. holes, pulling Dividends way. may THE ELECTRIC STORAGE to remain thicic South Chicago, of dis¬ desire the others CRANE 836 The handle only you and other interested persons. space appearance. held in place by and sixe contains, Company's Registration Statement for $12,,000,000 principal amount of its Fifteen-Year 3^% Sinking Fund Debentures, due June 1, 1951, which Registration Statement was filed on May 28, 1936 with the Securities and Exchange Commission pursuant to the Securities Act of 1933, as amended, and became effective on June 17, 1936. Copies of such earnings statement will be mailed on request to holders of the Company's securities if The or Fifty Cents thin on the to "Expandit" thickness. its feature value Binder that and it has It is avoids all adjustable embodies proved of that have every 1937, ($.50) per share the Common Stock and the payable September 30, to stockholders of record of both of these classes of stock at the close of business objec¬ on September 10, 1937. Checks will be tnailed. tionable Walter G. Henderson, Piice CO. declared Stock, Preferred practical are BATTERY Directors from the Accumulated Surplus of the Company a dividend of position. proper Whether issues You issues. particular in the copies the necessity contains the it all to without punching it, it to issues greatly holder, wire about tell intervening or without inserted the to mutilating Successive be takes of an "Chronicles" a adjustable is adding This _ flat, open its capacity of six- whether or eliminating thereby and always to con¬ so issue. number the will it filled whether it be inch is Binder "Expandit" has made generally available to Its security holders an earnings staten ent of the Company and its subsidiaries consolidated for the period July 1, 1936 to June 30, 1937. Such earn¬ ings statement covers the first twelve calendar months beginning after the effective date of the Treasurer. Philadelphia, August 10,1937. $2.00 each Pius Postage SPANG, CHALFANT & CO. INC. A dividend of $1.50 per share on the Preferred The "Expandit" Binder Chalfant & Co. Inc. has been declared payable October 1st, 1937 to Preferred stock of Spang, stockholders 25 Spruce St., New York City of record at close of business Sep¬ tember 20th, 1937. CHAS. A. MEYER, Sec'y & Treas. The Financial Situation grasp PRESIDENT ROOSEVELT, until relatively the cently almost universally considered one of re¬ it. shrewdest and most adroit politicians ever to appear the American upon confirmed bungler. almost hand Italian fine His have changed at all. The President, long a cunning. lost its Messianic a A L. lead him into a strength of his tion in part as duced heighten the efficiency of munications. They should have made position, and to stimulate a to increased meant whose marked desire instead, because of power. In these he stances persuaded, was his attack Court. preme for the upon "Truly, labor His scheme real clever, his too determined familiar know conspicuous. Faced with his first and rected opposition, he check or to even nor that they would inequitable. Those furthermore, enhanced labor costs an¬ attempt "pack" the Court. is always relatively for It easy general to win when a all under" are his banner. The test comes when forces the opposing evenly divided. are more Black the by the of is, course, Nothing outrageous. need not get down to cases to show in record Senator's re¬ motely suggests fitness for the Supreme Court bench. The fact that he is firmed eral" "radical" has with the do nothing to against The nomination. lection "lib¬ emphatic protest that must be made the con¬ a or those of Mr. Lewis absurdity of the reasoning of the leader is popularly known as the C. I. O. movement. His doctrines would require that each new discovery, invention or improve¬ ment in operating technique be employed, disguise had long been but thinly which what not of se¬ individual an general, but to support in partial army of employees no longer to conduct the business. to be well are in general accord with what is of an necessary he views known eupho¬ ophy of the New Deal mankind in idleness whose niously termed the philos¬ reduce expenses or to improve service therefore to enlarge the benefits to to and Confronted with in clever the of and stubbornness that situation one as recognize as too situation, that inevitable But was ness a com¬ application of jiist are primarily responsible for the want of better earnings. di¬ certain traits of vindictive¬ cloaked. the well such ideas longer able to hold in no clest^ly indicate with full made really ably share in the that greater be difficult to imagine course be neither unWelcome and his vindictiveness de¬ cidedly equitable an nonsense company no to ator than is thus put into plausible words. As regards "greater profits," the latest reports of the leading telegraph goal far too evident, too would of It greater which The nomination of Sen¬ state of affairs exists when a sorry denied is Supreme could fail at the battalions employees is thus enhanced. But the absence of a strong equalize the rewards of made possible the laying produced . . ., so profits may be made by the telegraph panies." attaining his objective much pos¬ the wealth Su¬ was other the man to once off of thousands. launch to could which industry, they have easily persuasion necessary, productivity union circum¬ was if more for rewards sharp growth of his already for com¬ sible considerable reduction of working hours without reduction of pay. They should have further bench sensible Senator of to follows: "New devices of all kinds have been intro¬ grave were at the so-called "harmony Court Lewis, offering them the full support of the C. I. O., has set forth his ideas concerning the situa¬ at of the over-estimate appear urging the employees of communications companies to organize and polls last autumn to they as during the past week, and, worst of all, the Philosophy of Decay complex, victory far as Black evidently permitted his extraordinary letter, the failure to dinner" direction nomination John the blunder of not Attest the maladroit "Dear Alben" suf¬ ferer from what is known as determined to defy At any rate he made the serious them in the opposite seems The explanation is probably simple enough, although in some quarters it is evidently not well understood. overnight to the face of over come changing his tactics accordingly, indeed of altering has apparently become a scene, the change that had the political waters or else soon course, was, expected. It would have been quite pos¬ Where in such circumstances would be the President to sible for probably could not with¬ incentive out great then would industry from year to year con¬ self have trive the select jurist to fit this to of the employed tactics effective, the in he unable to impulse attitudes greater the to his control arrogance even of third" have been we He would the have "submerged remain submerged but be able per¬ haps to idle away more of its time. It is a and to philosophy of retrogression and decay. Per¬ haps the most encouraging development of the day is the declining influence such de¬ date earlier an plane of living of which lence. mands upon followers who at How able to boast from generation to generation? Mr. Lewis's philosophy is a creed of indo¬ even greater industry? in progress goods previously was to enlarge and improve the volume of and services it provides for the con¬ suming public? What opportunity would be afforded for a continued improvement in many circumstances assume make hazard to him¬ doctrines had seem to enjoy. a murmur, to description and still make sure that would intellectual of the Court suffer serious not damage through the selec¬ tion. often press We ourselves and Cardozo, but there be held by such no Court Brandeis, Cleverness, of grown Grown too clever, obvious equivocation Mr. Too Stone, a threat than of a sank to the level scenes challenge. soon became The formerly dominating elements in the Democratic Party were already carrying chips on their shoulders, spoiling for of fight that would enable them to rid the party the essentially alien domination of Mr. Roosevelt and a his following. or the philosophical detachment of jurists of this kind. None and lack of forthrightness. Farley's work behind the less of Clever as doubt about the weight of learning, the intellectual honesty, Cleverness ex¬ frankly dissent from the opinions can have had occasion to Justices his dictatorship. the character members of the reluctantly yielded, often without a The President either failed to of them is eminence a special pleader. through a political None of them career came to consisting practi¬ cally in its entirety of demagogic,activity characteristic of the ward politician. None of them had to tactics such as Senate an ever stooped those conspicuous in the so-called lobby investigation of disagreeable memory— investigation conducted, according to the Ameri¬ can Newspaper Publishers Association, "in which is a a manner combination of the tactics of the police Financial Chronicle 990 of a procedure which the District Aug. 14, 1937 Cotton Facts pettifogger with the blustering arrogance court Jeffreys/' and following a of Court United the the for States characterized unanimously Columbia District of "without as As incredible as it would have ago, Washington reports strongly COTTON seems to be the otherof the presentworld ation. Grain in crux parts of the situ¬ crops are particularly promising. not In some important authority of law." instances, as in Canada, they are virtually been to few years a Senator Black will The thoughtful citizen can certain The result is that what is re¬ be very meagre. suggest that the nomination of garded as a threat of price decline is largely con¬ ultimately be confirmed. fined to cotton, or at least cotton seems to be mainly only again offer his thanks to a kind Providence that in the eye the President has not been given look six authority to appoint It would not take Supreme Court justices. new of this sort to make a wreck of the Court. many only thing about the whole affair that might The be called silver lining is the fact that a tion cannot in the possibly fail to raise up this nomina¬ further difficulties path of the New Deal in Congress. Chaos However in all this may Congress, be, the President has cer¬ * Practically all of the impossible of prediction. are remainder of his program appears The so-called House, legislation difficulties, appears to be enmeshed in no one seems of tax what the status the to be in jeopardy. Black-Connery bill is entangled in the sugar numberless to know just legislation is, and there is possibility at least that Congress will adjourn abruptly despite all the pressure that the Adminis¬ tration can bring. If only it would adjourn at once, country would without doubt draw a long sigh the No of relief. thoughtful man could well regret the demise, at least for the present, of the remainder of the New Deal program laid for this session of Congress. The danger that seems to be hourly grow¬ ing greater is that of thoroughly unwise and costly farm at be loggerheads on the subject, but pressure seems to increasing daily for action moreover definite of some sort, and adjournment of Congress would bring no assurance of escape the from agrarians. contrary, it appears almost a certainty that On the if Congress and the President are legislation. Congress adjourns without providing further sub¬ sidy for the farmers of the country, the matter will be the remarkable, but nonetheless a fact, that this been greatly enhanced by our abiding fear of abundance. In other years, we should have been offering thanks of destructive danger to Providence the shine in such cultivating a a has farm legislation which has and rain sent sun¬ happy combination that the farmer given area is apparently assured un¬ usually large yields and the public abundant quan¬ During the past few tities of the necessaries of life. years rest the politicians have been demanding that the of the stricken country liberally to the aid of come agricultural areas prostrate as the result of adverse weather conditions. mence we are the farmer never occur Now with equal vehe¬ apparently called for the either upon to compensate generosity of nature. to the Roosevelt Administration agriculturist that an or Does it to the abundant yield provides the farmer with a proportionately large quantity of goods per unit of outlay in labor and money, and that this enlarged volume of production possible offsets, and often far more than offsets, a decline in unit the cotton cotton he had 197.6 pounds. During the ten year pe¬ 1932 inclusive, a series of years year each excellent crbps, two of them of proportions, he averaged 169.9 pounds for cultivated. Now with cotton at 12 cents record acre pound the farmer with the 10-year average a yield realizes slightly less than $20.40 per acre cultivation. With this year's estimated yield he per acre in would realize $20.10 per acre even than 9 cents a more pound. if he obtained no If the yield this year exceptionally brings, say, 10 cents a pound, he would get $19.76 per acre. The least that the politicians would be satisfied with, appar¬ ently, is a guarantee of 10 cents a pound this year, which, according to the estimates of the Department of Agriculture, would assure the farmer $22.33 per acre. Some growers are demanding a guarantee of to be no better than the rather proves good one of last year and cotton 17 cents pound, which would apparently assure a $37.96 the farmer desires to do per acre. Evidently Washington good deal more than to prevent the a suffering from an abundance of cotton. farmer from fact of the whole matter The there is farmer reason no is, of course, that whatever either to subsidize the members of Congress desire or to as take to control under¬ production as an integral part of the Absolutely year's crops fur¬ slightest argument in favor of either. subsidy plan as the President desires. nothing in the condition of this nishes the Federal Reserve Bank Statement legislature is again assembled in Washington. It is Accord¬ is likely this year to have 223.3 pounds of to sell for each acre that he cultivates. Last grower brought forward with renewed energy as soon as national farmer finds himself. ing to the Department of Agriculture that included several Congress state of affairs the results of which a in which the cotton riod from 1923 to tainly now succeeded in creating a chaotic situation in of the politician at the moment. Let us dispassionately at the facts of the situation prices of farm products? BANKING statistics this week reflect a member in the deposits of modest increase reserve banks with the 12 Federal Reserve reserves excess legal over institutions, and requirements are esti¬ mated officially at $740,000,000 as of night, Wednesday up reverses $40,000,000 for the weekly period. This a rather sharp decline in excess reserves, occasioned in preceding weeks by rapid upbuilding deposits and by increas¬ Although cur¬ rency circulation now is again higher, in accordance with the seasonal trend, sizable disbursements from of Treasury general account ing the use of hand-to-hand currency. Treasury's balance with the Reserve banks made possible the Considered of member bank balances. whole, the excess reserves are more ample, but it so happens that than banks The increase as a were world toward the poorly situated recently in gold movement United States, appears with engagements re¬ ported daily in European centers. that only a metropolitan this respect. to be again It is now clear brief period of hesitancy followed the French devaluation and the States for added taxes on agitation in the United foreign investments here. ' i Volume The Financial 145 $35,000,000 is gold stock is reported monetary higher for the week to Aug. 11, and the aggregate than less no tinues Gold moving quickly is currently $1,300,000,000 mark. The combined condition statement Aug. 11, down $5,406,000 for the on CircuTotal deposits with the 12 banks were $3,628,000 lower at $7,260,933,000, with the account variations consisting of an increase of member bank reserve balances by $45,360,000 to $6,681,124,000; a decrease of the Treasury general account balance by $56,088,000 to $252,690,000; a drop of foreign bank deposits by $1,600,000 to $193,493,000, and an increase of non$6,027,000 in Federal Reserve notes in actual lation, to an aggregate of $4,228,043,000. deposits by $8,700,000 to $133,626,000. member bank The ratio fell to 79.6% from reserve Dis- 79.7%. by the System increased $1,294,000 to $16,- counts 697,000, while industrial advances fell $39,000 to Open market holdings of bankers' bills $21,043,000. down were United but holdings of to $3,072,000, $6,000 States Government securities were entirely motionless at ' $2,526,190,000. ? ' Government's of $9,150,- weekly period. Gold certificate holdings fell $1,001,000, but a larger recession appeared in "other cash." Increased use of currency is reflected in a gain of 085,000 the 10 years preceding those the yield averaged only 169.9 pounds. Since August is the most critical month for the cotton crop, there may be considerable change in the outlook between now and Sept. 1. No one can be too confident of the ultimate result at this time. of the 12 Fed¬ Reserve banks shows total reserves eral Inactive acquisitions in its the which Fund, toward the The Treasury con- $12,497,000,000. absorb to 991 Chronicle . _ Crop Report „ „ , . THE AuS" 1 fol'ecast of this year s C™PS estl" 1 mateso of, a11 wbeat' f1'!^ wlater> at 890,419,000 bushels. Since July 1 the estlraa^ crop has been revised upf bushels and the sP»nS redacad 16>372,000 bushels. Thus the present estimate of the total of both cr0PsAis ®Hght]y higher than the figure a month earller" A croP of the dimensions forecast ]s lar«e comparison with all previous years and has seldom been exceeded 111 Ahe„ Past',the last occa" s'on beinf 932,221,000 bushels were prod,KfL In 1)30 the crop was only 626 461000 basbels> and Atbeo a^af *>'■ the flve years> 1928 to 1932> was 864,532,009 bushels. The American crop report was brought out aImost simultaneously with the Canadian, which rePorted Canada s spring wheat crop the poorest in 30 years, and as a consequence wheat prices soared uPwards ln a11 markets. The loss of the Canadians will> therefore, prove a boon to the American farmer, wbo sbould realize a sllbstantlal Proflt on hls lar-'e output. Government's Cotton Report - The corn crop estimate , at Aug. 1 of 2,658,748,000 THE Aug. 1 report of the United States in 1937 J11 1 an^ compares with a five-year (1928-32) averbushels was 86,897,000 bushels higher than on placing the probable production cotton crop, at bales, 15,593,000 one of the largest in years, in the markets and resulted in sharp price declines demands next by New Dealers and Southern Congressaction for meif year's to protect the price and control crop. Despite the fact that the price of cotton has not approached such a height since the boom days of the commissioners the Senate Agricultural on made Committee for equivalent of a guaranteed price of 17c. a pound demands for general ministration's tion more than two weeks the rather statement of President ference on stabiliza- crop The official crop report follows by legislation. little Roosevelt, at his surprising press con- July 23, that he had been informed that prospects were for a cotton crop of 14,500,000 bales, It was 2,554,772,000 bushels. °f 68.1%. Business Failures in July Meanwhile impetus was lent to the Ad- for cotton. a agricultural Southern 1929, demand Last year's crop of result of the severe drought. Nearly all of the other important crops are calculated to be larger than in 1936. Condition of the corn crop on Aug. 1 was 83.2% normal in comparison with 46.8% in 1936 and a 10-year (1923-32) average of 75.6%. Spring wheat was aa-8% of normal as compared with 32.8% on Aug. 1, 1936, and an average for the same 10 years a£e on^T 1,529,327,000 bushels was the surprising that the President should have offered this information, because the Department of Agriculture is prohibited from estimating the size /COMMERCIAL failures reported to Dun & Rrad- customary seasonal consequently were at the same low level as has prevailed for a number of months. The total for the month of July was 618, and liabilities involved amounted to $7,766,000. In June there were 670 disasters involving $8,191,000 liabilities, and in July last year 639 failures were attended by liabilities of $9,904,000. In addition to v-/ street in July showTed the decline from June, and usually issued around Aug. 9, which was the date being low because of the season, failures and liabilities in July are the lowest of any July since 1919. it As the summer progresses of the prior to |ts Aug. 1 report, which is crop At the time of the Presi- appeared this year. dent's statement the market was just beginning to Directly there- Comparing the failures in the different divisions that the reduction from a year the smaller groups: namely, wholesale trade, commercial service and construction. This is a reversal of trend for the construction industry, for in this division failures were larger in each of the five preceding months than in the corresponding month of 1936. Wholesale failures in July numbered 52 with $1,043,000 liabilities, compared with 67 with $1,173,000 liabiliaies in July, 1936; 31 construction failures had $473,000 liabilities in comparison with 42 failures involving . followed the issuance of the official report when the spot market fell 42 points to 10.82c. per pound in comparison with 13.05c. a month earlier. Tlie present forecast is based on a condition 81.3% of normal, the highest since 1911, when dition at of 89.1%. 223.3 Aug. 1 was one of the highest in many the average was con- at the unusually high figure The expected yield per planted pounds, 25.7% above 1936. 011 failures ordinarily drop reaching a low in September, quite sharply, and a similar sharp drop steady after a prolonged decline. after it fell off, usually acre is years and In the past four years the yield 191.3 pounds per acre, while in of industry discloses ago was wholly in 992 Financial $1,873,000 services liabilities commercial earlier; year a bankruptcies Chronicle situation only 25 in number and were $401,000 in liabilities, while in July, 1936, there 34 was unchanged on Wednesday, when trad- exceptionally sluggish. was Commodity kets showed much uncertainty on official crop estimates, which exceeded the most sanguine private and reports, and the uncertainty was reflected in stock year last, but liabilities concerned amounted to $2,988,000 trading. in era! levels virtually unchanged. July this increase year, an as compared with the $2,347,000 of July, 1936; in the retail trade there 379 were casualties as compared with 365 liabilities of $2,861,000 this ago; smaller than the were Almost More failures, how- Federal Reserve districts in July, 1937, than in that month of 1936. In quite number had of the Reserve failures this year, This districts which however, liabilities were a fewer greater, particularly true of the eastern districts, York being the only one in which both failures was New and liabilities other were reduced from 1936. On the hand, in the San Francisco district liabilities involved this year in volved only half the amount in- were 1936, although there was an industrial all better levels also reported in the Chicago, San Francisco, Dallas again in however, year, $3,197,000 of July, 1936. parts of the Middle West. and irregular evidence, with the buying increasingly impressive, in the East and in Atlanta an was After Thursday, the upward trend on year Examining the failures by geographical location some start Small declines and advances left the gen- a shows fewer failures this year ever, were mar- were manu- bankruptcies with $1,314,000 liabilities; facturing disasters totaled 131 both this ing Aug. 14, 1937 increase of approximately 35% in number of failures. stocks and oil and base The upward movement metal issues. higher, moved attained by were was yesterday, and small gains were general. resumed Industrial shares continued to lead the advance, with modity issues also in demand. stocks were modestly higher. In the listed bond market certainty issues com- Rail and utility prevailed. a United small degree of States firm early in the week, but were a selling movement developed on Wednesday which was conSmall fractional losses tinued thereafter. were re- corded in Treasury bonds, with commercial banks the sellers, possibly in anticipation of September financing. High-grade corporate bonds Speculative carrier and other bonds were were firm, somewhat better than in previous weeks, but a degree of settlement still The New York Stock Market un- Government brought some prevailed. The large crop un- estimates buying of low-priced rail bonds, since SHARE sessionsmoved slowly higher stock series of the movements will increase revenues, but wage conlight prices the New York in a market troversies continue. Foreign dollar bonds were on this week. times The upward trend was interrupted at by small liquidating movements, but the main tendency toward advances quickly was reestablished on all occasions. Almost ticipated, but the tone stocks. all groups of issues par- set mainly by industrial was Reports of excellent grain and cotton crops steady, with the exception of Japanese issues, which drifted lower price levels fighting in China. on were Commodity not much changed for the "week, despite the indications of excellent grain crops and a bumper cotton crop. Cotton dropped rather sharply, but wheat held steady. up fairly well. Base metals were qtiiet, Foreign exchange markets prompted the belief that business in the autumn will were rise with the dollar again sufficiently strong to induce large gold engagements in Europe, On the New York Stock Exchange 22 stocks touched new high levels for the year while 46 stocks touched new low levels. On the New York Curb Exchange 36 stocks touched new high levels and 59 further to stocks shares than heights, and basis this on steel, farm implement and other manufacturing motor, quietly purchased. were in favor at were industrial the Rail times, but to utility and lesser degree a A little profit-taking group. developed early in the week in base metal stocks, but here also an upturn Even the start of major noted in later sessions, was war moves failed to unsettle the market cal position complicated of Senator the stock objections appeared voiced to the naming were market was impressed favorably by the islation and other New Deal was a wages and hour leg- measures may have to Despite the favorable factors, stock postponed. trading more ever Hugo Black to the Supreme Court, but difficulties, which suggest that be The politi- yesterday. in Washington as in the Far East slow and desultory matter through- out, with the daily turnover on the New York Stock Exchange far under the 1,000,000-share mark. The upward movement brief session last shares did well, and in other groups. was Saturday. a little buying appeared also Advancing tendencies quickly established at the start of some for sizable that gains session. in evidence during the Motor, steel and copper were trading on were Monday, and registered in leading stocks There were rumors that higher freight rates might be granted by the Interstate Commerce stocks. A Commission, and this helped the carrier little realization selling developed on Tuesday, but brief rallies also took place, and net changes for the day were more were extremely small. fractional recessions than advances. There The stocks touched new low levels. Call loans on the Ne^ York Stock Exchange remained unchanged at 1%. . On the New York Stock Exchange the sales at the half-day session on Saturday last were 314,863 shqres; on Monday they were 751,190 shares; on Tuesday, 692,380 shares; on Wednesday, 571,880 shares; on Thursday, 793,300 shares, and on Friday, 1,035,630 shares. On the New York Curb Exchange the sales at the half-day session on Saturday last were 68,005 shares; on Monday, 199,880 shares; on Tuesday, 165,695 shares; on Wednesday, 138,460 shares; on Thursday, 170,370 shares, and on Friday, 262,340 shares, There was little in the week's news bearing on the stock market that was likely to inspire activity, Saturday the market improved in light trading over Friday's prices, particularly among steels, motors and coppers. moved up On Monday the market at the outset fairly rapidly, and despite profit-taking the closing was generally higher on the day. Steels and motors showed good strength. Prices of shares moved in hesitant fashion on Tuesday and closed Wednesday's stock trading irregularly lower. the smallest for moving a was full day since June 29, with prices narrowly. The stock market firmed up Volume Financial 145 gradually on Thursday from quiet and irregular a Leading issues of the steel, motor, petro- market. leum and amusement group made the best showing, A better tone characterized yesterday's trading and losses of some As previous sessions were erased. compared with Friday of a week ago, equity values closed closed Electric * General higher. mostly yesterday at 58 against 56% on Friday of last week; Edison Co. Consolidated of N. Y. at 37% against 36%; Columbia Gas & Elec. at 13% against 13% ; Public Service of N. J. at 43 buck & Co. at against 117%; Sears, Roe- 97% against 95%; Montgomery Ward 993 reported by the Edison Electric Institute at 2,261,725,000 kilowatt hours for the week to Aug. 7 against 2,256,335,000 kilowatt hours in the preceding week and 2,079,137,000 kilowatt hours in the corresponding week of 1936. Car loadings of rev- freight for the week to Aug. 7 are reported by the Association of American Railroads at 769,706 enue This is a decrease of 12,954 cars from the a gain of 41,335 cars over the cars. previous week, but week of last year. As indicating the course of the commodity mar- same against 42%; J. I. Case Threshing Machine at 185 against 180%; International Harvester at 120 Chronicle kets, the September option for wheat in Chicago closed yesterday at 112%c., the same as at the close on Friday of last week. September corn at Chicago 65% against 62%; Woolworth at 49 against closed yesterday at 97%c. as against 100%e. the 48%, and American Tel. & Tel. at 170 against 171. close on Friday of last week. September oats at Chicago closed yesterday at 29%c. against 29%c. & Co. at Union Western 46% closed yesterday at 48% against Friday of last week; Allied Chemical & Dye on the close on Friday of last week, 239% against 235; E. I. du Pont de Nemours at The spot price for cotton here in New York closed 163% against 161; National Cash Register at 36% yesterday at 10.70c. as against 11.28c. the close on at against 35%; International Nickel at 66% against 65; National Dairy Products at 21 against 20; NaBiscuit tional at 23% Texas Gulf against 23%; Friday of last week. The spot price for rubber was 18.31c. as against 18.69c. the close on Friday of last week. Domestic copper closed yesteryesterday Sulphur at 39% against 38%; Continental Can at day at 14c., the close on Friday of last week. 60% against 57%; Eastman Kodak at 190% against In London the price of bar silver yesterday was 19% pence per ounce as against 20 pence per ounce on Friday of last week, and spot silver in New York closed yesterday at 44%s., unchanged from the close 180% Brands Standard ; 11% at against 12%; Westinghouse Elec. & Mfg. at 158% against 154; Lorillard at 21% against 21%; United States Indus- trial Alcohol at 34% against 33%; Canada Dry at on Friday of last week. against 25%; Schenley Distillers at 45% against In the matter of the foreign exchanges, cable 42%, and National Distillers at 31% against 29%. transfers on London closed yesterday at |4.98% as against $4.98 9/16 the close on Friday of last week, 26 stocks steel The against 116% at Steel States United showed gains this for closed yesterday week, at 120% as Friday of last week; Inland Steel on 119% against 119%; Bethlehem Steel at 100% and cable transfers on Paris closed yesterday at 3.75%c. as last week. against 3.75%c. the close on Friday of > against 98%, and Youngstown Sheet & Tube at 94% last European Stock Markets In the motor group, Auburn Auto against 89%. closed yesterday at 17 against 20% on Friday of week; General Motors at 59% against 56%; "IRREGULAR upward movements of security quo- 1 tations were noted this week on stock exchanges The Chrysler at 118% against 115%, and Hupp Motors in the foremost European financial centers. at trading was modest, owing to the vacation atmos- In the rubber group, Goodyear 3% against 3%. Tire & Rubber closed yesterday at 43 against 42% Friday of last week; United States Rubber at on 63% against 60, and B. F. Goodrich at 42% against The railroad shares reversed their course and 39%. touched closed last higher levels this week. Pennsylvania RR. yesterday at 37% against 37% on Friday of week; Atchison Topeka & Santa Fe at But the tone nevertheless was optimistic, phere. especially on the London market, where securities of almost all descriptions were in demand. Trends in the French and German markets were more un¬ certain, but here also some gains offset the small Monetary uncertainty was less pronounced losses. 82 than in many weeks, as the French devaluation now against 77%; New York Central at 41% against is held to have reached its limit, while other nations 39%; Union Pacific at 126 against 125; Southern show Pacific at trend. Although the Spanish and Far Eastern wars 48% against 47%; Southern Railway at 31% against 28%, and Northern Pacific at 31% against 28%. of N. J. Among the oil stocks, Standard Oil closed yesterday at 69 against 68% on no disposition to continued to occasion nervousness, fears of a gen- trend of security prices. were the copper Anaconda Copper closed yester- group, American and on Friday of last week; Smelting & Refining at 98% against 95%, in the business believed that crop with it a suggest little change situation, although the backlog of steel orders appears to be diminishing. It is now marketing this autumn will bring general improvement in business. operations for the week ending today were Also highly significant fresh indications of well sustained business activity in the leading European industrial countries. Unemployment statistics for the dom, made available last United King- Monday by the British Ministry of Labor, reflected the modest increase of Phelps Dodge at 53% against 53%. Trade and industrial reports in evidence, and this also contributed to the favorable Friday of last week; Shell Union Oil at 26% against day at 62% against 61% depreciation eral war growing out of those conflicts were less 27%, and Atlantic Refining at 30 against 28%. In follow the Steel estimated 22,861 in the roster of jobless for the preceding monthly period, but the total of 1,379,459 remained 272,613 under the figure for July, 1936. In the German Reich some symptoms of a labor shortage in certain skilled occupations were seen on Wednesday, when official figures of the unemployed dis- by the American Iron and Steel Institute at 84.6% closed only 563,000 jobless, against 649,000 a month of earlier. capacity against 85.5% last week and 70.0% at this time last year. Production of electric power is Both internal and foreign trade reports re- fleet improvement in almost all European countries. 994 Financial The London week and stock Exchange dominated this was by the traditional August holiday atmosphere, trading trend was small scale throughout. was on a firm, however, for the week The dealings were resumed as Monday. Gilt-edged issues improved on fractionally, while larger gains appeared in almost industrial all stocks. Gold-mining and rubber is¬ in favorites the Chronicle lost gains also predominated in the foreign section. An¬ the other cheerful session spite reported was little profit-taking here and there. a issues edged continued gains appeared also in trials. Realization their advance, fresh of the Anglo- some Renewed stocks. buying other issues. and The tone improved liquidation. with The textile group escaped points were registered in Gains of the speculative some The advance variations. scale continued was small offset were initial ad¬ as an by late liquidation. Gilt-edged is¬ showed small net losses for the sues day, and most industrials home taking. while commodity The stocks profit- on uncertain, were but small declines in Chinese and Japa¬ severe loans. The slightly foreign securities reflected the Far Eastern difficulty by nese down were Gilt-edged issues recessions foreign group were firm yesterday, appeared in industrial stocks. unsettled by was drops in new Japanese and Chinese issues. investors French ' NEW arrangements to coverSoviet Russia of trade relations States United the made known last dential and were Saturday, in the form of proclamation making effective by week-end be the would istry. budget primary aim of the Chautemps Min¬ on these assurances, bank, utility and industrial equities. international whirled upward, Further rentes, gains section base reported sponsible for the improvement. Wednesday, rentes small variations in either direction. movement was was re¬ soft, and almost all interna¬ were on sur¬ French equities of tional securities also drifted downward. quiet session were observers some 6,000,000,000 franc fund new descriptions stocks the Paris Bourse in on Tuesday, although on metal In but gold mining securities dropped. were mised that the all balancing good deal of buying interest also appeared a French the that Rentes advanced easily while in declarations Monday continued in In a settlement with the double tion with rentes and moderately and foreign irregular. but Rentes received on est the in of bank stocks gains equities some of to coincide more mergers last were but were owing to the on Mon¬ than losses. diminished, were complicated provision regarding coal United United with respect to States Revenue Act of import tax of 10c. a but maintained. machinery issues. Another dull session on Tuesday, in anticipation of loan. An earlv trend an provisions of the United States otherwise provide." The treaty as to now proclaimed is indicated in given It was Washington, however, that Russia has assurances States drawn so exempt Russian coal from this impost. that exports of coal to the United during the treaty will not exceed the year 400,000 tons sent here in the previous annual period. In an exchange of between letters Ambassador Joseph E. Davies and Foreign Commissar Maxim Litvinoff, extended that Russian were assurances or more was American wares, ous in the Although Russia year. obligated to of the actual purchases in the previ¬ treaty year are reported at $36,000,000. "most-favored-nation made pre¬ purchase $30,000,000 provision now having The been mutual, Russia will enjoy hereafter the lower import rates of the various reciprocal tariff treaties negotiated in recent years. World Peace FAITH in the efficacy the formal declarations in of amicable settlement of and international the State problems events of recent years. last seems to be undiminished in Department at Washington, despite the The Department announced Saturday that 37 nations had responded favor¬ ably to a declaration made last month by Secretary where in the world would have noted the less treaty industrial was year. concerns hundred pounds is levied "un¬ of State Cordell consolidation coal 1932, whereunder Shipping stocks showed better results than heavy or States, Moscow right of cancellation early next provision the one year, were denied, and inter¬ week a exports by Russia to the The preceding accords, favor of peace quiet numerous were Like the pacts. arrangement is to be effective for marked securities support yesterday, these institutions registered Thursday, uncertain. was the Berlin Boerse day, with small gains Rumors while International the tone otherwise Dealings happens French bank higher. previous latest a against the $30,000,000 commitment of the viously on industrial purchases of American products to $40,000,000 year, as 000,000 maintained, few Russia, and Moscow, in turn, agrees to expand its only The tone improved well a ing unconditional most-favored-nation treatment to liquidating holiday occasioned by the Assump¬ Day closing. stocks which Under it step of grant¬ purchases of American goods would amount to $40,- equities, however, largely because of the approaching mid-month Essen¬ widened a basis the treaties of the last two years. the United States takes the additional agree¬ very showed The French on Presi¬ a an completed in Moscow earlier last week. reserves encouraged last were few numerous noted in the commod¬ was Thursday, on a issues. tially, the newest accord continues were modest on a yesterday, with activity concentrated in ment was to 3 up favorites, while most issues showed only fractional only noteworthy exceptions to the upward trend. Changes Thursday, on trading still on a small scale. eign section, with Chinese and Japanese issues the vance modest a were and advances predominated in the for¬ groups, in Fractional declines Russian-American Trade London, Wednesday. British funds iron and steel, textile, motor and brewery among quotations. ground. Little business well maintained and small advances ity and majority of the home .indus¬ a American favorites also lost done at The gilt- selling took place chiefly in the gold and rubber stocks, while was Tuesday, de¬ on irregular an neglected and registered in heavy industrial, chemical, elec¬ were trical commodity on were Wednesday, reflected, was downward drift of and were closed obligations An almost complete absence of public unchanged. interest 1937 14, lignite stocks, but others gains and Fixed-interest group, sues initial the note. in maintained was ness Aug. a toward Reich firm¬ Hull, to the effect that an wars any¬ impact upon other countries, and that treaties therefore must be main¬ tained, barriers to trade lowered and armaments Volume Financial 145 • The list of nations that failed to reduced. of was interest more the than long group of con¬ Germany was included conspicuous omissions. in the group respond Italy, Spain, Japan and China were curring States. the Chronicle 995 ' , of nations that failed to respond, but be afforded the ships. the request of the only full marine insurance for The proposal the cism When Hull made his declaration Mr. held to be of little international the practice of waging tions anti-war and the numerous of the League covenant treaties for amicable settlement of the the nature published replies to the last month by diplomatic representatives. the Mr. Hull, it would that formal answers were solicited by our appear This may not enhance importance of the original declaration, but it certainly provides Russian and created rejoinders favorable a But some ments of of the expressed general and warm approvals met only the bare require¬ Hungary and Bulgaria, as de¬ feated nations in the World sion to express rather Washington. in principles enunciated by Mr. Hull. courtesy. War, utilized the occa¬ keen resentment against the peace In the treaties. quite cordial, which were impression Latin American States adherence to the The British, French aspects. new of Hungary it was asserted case be f European Diplomacy ANGLO-ITALIAN relations appeared to be stead** ily moving toward improvement this week, in of armaments emphatically that violation with accordance while ment, statement made might ;v ... importance, since disputes. From protests, Mr. Hull leasing the that postponed. only result of the Kellogg- agreement, In view of the yesterday without formal declara¬ war the be to seems Briand July 16, it was on indicated of the vessels. use Argentina and Chile, where criti¬ voiced. was the at apparently was not completely under¬ stood at first in cided with those of the German Government. introduced legislation State Department, Brazil will pay had to be placed with the majority on Monday, when Reich indicated that the ideas of Mr. Hull coin¬ opportunity of leasing old war¬ same Under of aims the British the Govern¬ European the in further advance a diplomatic atmosphere is suggested by French re¬ ports of greater Paris. Texts Rome between friendliness the of and personal communications ex¬ changed by Prime Minister Neville Chamberlain and Premier Benito Mussolini have not been made pub¬ lic. But the II Duce last held in is effect apparent in assurances by Tuesday that Italian war games being Sicily do not have anti-British basis. an favorable impression was created in Meanwhile, a the French capital by indications that the Italian dictator desires to Vittorio Cerruti, improve relations with France. held Ambassador, Italian the lengthy conferences with French officials, and it hinted that was recognition Whether Italy's desire for British and French the Ethiopian the of conquest conversations and current is keen. exchanges restriction clauses of the treaties is of very recent will lead to origin, dependent upon the examples set by Ger¬ ter, however, for profound differences must be sur¬ mounted before signatures can espoused by the Union of South Africa, in its view Western European treaty of peace or mutual de¬ Conformity with the views statement. concurrent of Mr. Hull expressed by South Africa "under was present circumstances." of the to But a question was raised sanctity of treaties signed "at the point the horizon Neighbor Policy with officially disclosed, but which are never were rumored to relate ties of the writers. tion toward the Latin American ated Saturday, when it became known in Washing¬ ton that six American old Brazil. leased to destroyers are to be extra-curricular Nazi activi¬ to The German Government retali¬ by expelling the Berlin correspondent of the London "Times." Needless to say, developments of this nature do not improve relations. Secretary of State Cordell Hull Spain requested suitable legislation in a communication to committees concerned with for¬ Senate and House The letter explained that eign and naval affairs. Brazil entertained tendencies of the on apprehensions regarding "certain the world those Brazil, Each side seemed part of some nations for access to the forceful consummate to a own. action taken by these desires have country of vast territory and rela¬ are a remarked. Hull Ships to be leased to Brazil all of the over-age two-fold purpose in the major Both loyalists newer time own is bolstered by the lack of any attempt advantage of the opportunity. Brazil in training personnel construction, while at the same ships would be kept in use. for run¬ Other countries, Mr. Hull stated, would ene¬ mies, and the suspicion that the charges were true would be served by the leasing. over-age American circumstantial cases ning order and available for instant Latin sent to take foreign country, thus would render the vessels under our rebels in both on by and type, and Mr. Hull urged that than desired and it is quite possible that of revolts within the ranks of their accounts tions also aid areas, difficulties of command account for this situation. By means of such steps the United States, rather some con¬ for the time being, of its tively small population, particularly apprehensive," Mr. Military activity tinued, of course, but on a much smaller scale than to be content to rest on its arms nations made situation," and inconclusive this week. in the last two or three months. modest navy a materials, and raw political FIGHTING within Spain and the country alike international developments regarding that were "The desired to build desire The Brit¬ ordered three Ger¬ correspondents to leave London for reasons DISTINCTLY new by the Roosevelt Administra¬ policy pursued aspects of the Good Neighbor republics appeared the reports and correspondents. Government late last week which last any made its appearance respect to activities of newspaper man Good be attached to recently, in the shape of Anglo-Ger¬ difficulties man cloud small Another fense. on ish bayonet." a general understanding is another mat¬ Even more striking is the broad and Austria. many as a the cuted was a reported from Paris having split question of whether the war should be prose¬ desired by One the more extreme Left ele¬ of the Communist leaders in Madrid said last Saturday to have feud Loyalist fac¬ as first, or other aims sacrificed for the social revolution ments. were been assassinated in growing out of this dispute. Insurgent con- Financial 996 of trol taken areas some endangered, according to the loyalists, by volts against the combination of fascists and in This is reported to be the Aug. 14, 1937 Shanghai of 1932 will soon be duplicated, on but it is necessary re¬ the sorry mon¬ In especially case Segovia, northwest of Madrid. truth about these attack by General Franco lias been archists. Chronicle Whatever the area marked out by the next point of conquest, opposition by as has dwindled to mild Chinese the alleged revolts, it remains evident Chinese northern the Japan to note that war failed to follow events of that year. and ineffectual proportions. A Japanese brigade of 3,099 soldiers surgent attacks in the Cuenca region came to a halt marched into Peiping last Sunday and occupied the without accomplishing the aim of cutting communi¬ former cations between that the armies are made of Preparations Valencia. and Santander, on was a similar lack of progress from and but of all also withdrawal. rights upon A little concern was as around tier between that tional aspects of the Spanish war have become difficult, more owing to airplane bombing of moreover, events sense, but also because unfortunate probable in this teeming are more - The situation in the nous and Tuesday, on a to watch an airfield near incident of this Shanghai. differ in the Mediterranean. holding that their nationals some members of the injured. were crews on fatalities, but the merchant vessels airplanes Although the not were that and frenzied were at fault, and stern pro¬ were lodged with General Franco. don Government also The Lon¬ presented to the rebels a note demanding the release of three British ships seized The amiable views entertained by the insurgents. toward cated, rebels the by fascist Germany the other hand, by on less are almost inevitable in the heated atmosphere created by the latest Japa¬ By Thursday importance than the reactions. immense an concentration of Japanese warships reported in the Whangpoo River, off Shanghai, was and the took insurgent Ambassador nese largest international community in China steps to prepare for a repetition of the Japa¬ bombardment tomary Japanese to Berlin. going their way invasion, and the actual circumstances are of nese impressive welcome an accorded late last week to the indi¬ were widely, the Japanese were the aim of the naval officer and his chauffeur. was identified, both Great Britain and France insisted insurgent aircraft detailed As usual, ver¬ peacefully, while the Chinese claim that espionage Such incidents tests a Japanese naval officer killed by Chinese guards a seaman were sions were no of Yangtze Valley became omi¬ when ships of Great Britain, France, Italy and Greece, There area highly patriotic Chinese population. occasioned Thurs¬ The interna¬ modest scale For the time being, Peiping and Tientsin. international the price for country and Spain. on a In the northern area Yangtze Valley are more important, not only in an with¬ day, when the French Government closed the fron- Fighting reported at Tientsin. however, it would seem that the occurrences in the drawn, and the Italian and German spokesmen were equally determined set afire. was was Nanking regime recently concentrated immense the foreign troops were of their positions by out armies, and a first-class war easily may develop Kussia continued the opposition to belligerent rights unless all troops first they were blasted Nankou problem of the British withdrawal for Spain. Japanese in check at Nankou, north of Peiping, Japanese artillery on Wednesday, and the city of in the inter¬ proposal for granting belligerent rights to General Franco Some Chinese troops endeavored to hold the the Bay The London committee of 27 nations met to consider the laconically, Peiping thus became a Jana- city. nese national endeavor to achieve non-intervention in the Spanish civil war. For all without a fight. remarked Biscay, but the fighting was desultory. There Chinese capital practical purposes, an Associated Press dispatch Loyalists pushed by the rebels were offensive against new a Madrid In¬ attempt to resume the offensive around no Madrid. for bogged down everywhere. of the native The city. cus¬ "demands" were presented to the Nanking authorities, because of the killings of the China and Japan naval officer and DEVELOPMENTS in the Far this week, the increasingly aspect East assumed an as graver Japanese invaders of China and the Nanking Na¬ tional Government's defense hastened forces preparations for large-scale warfare. appeared to be under latest the way Japanese to Chinese hastened tionals from all some doubt existed as In the meanwhile, Japa¬ the evacuation of their na¬ Yangtze ports, and in this manner their the stage was prepared rapidly for further acts in Major battles the Sino-Japanese drama. Nor in northern China, where incursions vessels nese sailor, but capitulation. were started July 7 under the pretext of night maneuvers Nipponese serious on by the was action. it necessary to wait long for further Japanese marines and regular troops of the Chinese Nationalist armies engaged in battle yester¬ surrounding the International Set¬ indi¬ day in the area cations that the entire Yangtze Valley, where for¬ tlement at Shanghai, and that important port again eign interests are immense and varied, may be in¬ Avas in volved But army. even more conflict. the Japanese evacuated almost all nationals of that upper dented were naval forces country from Yangtze ports this week, and the unprece¬ step was taken last Saturday of abandoning the Japanese concession in Hankow, 600 miles from the sea. the real These moves are Japanese a sufficient indication of aims and intentions, for it is in a fighting virtual state of was siege, much as in 1932. The intermittent, however, and hopes still prevailed that negotiations might lead to an adjust¬ ment, so far as Shanghai is concerned. Japanese gunboats and shore batteries shelled the native area of Chapei, adjoining the International Settlement, and fires started in also were numerous places. Chinese forts subjected to the bombardment, and to such highly doubtful that such drastic measures would shelling the Chinese replied in kind. be taken if any poured fresh forces of marines into their part of belief existed that justment remains possible. were an amicable ad¬ Diplomatic discussions continued, however, and predictions are futile. There is more than a possibility that the Japanese the The invaders Settlement, while division after division of Chi¬ nese regulars moved toward the city. Tanks were brought into action by the Japanese, and with the Volume aid of Financial 145 these under way machines Meanwhile, reported in the north China making it fairly clear that negotiations must be concluded quickly if The Chinese were old hulks in the that a be to is to be averted. war THE Bank11 from 4Yf/o t° 4%. Present rates on August of Portugal reduced its discount rate at the leading centers DISCOUNT RATES OF FOREIGN CENTRAL BANKS on number of nations were a trapped in the stream. shown in the table which are follows: reported yesterday to have sunk Yangtze to prevent navigation river, and ships of said major 997 Discount Rates of Foreign Central Banks apparent efforts soon were to split the Chinese forces. fresh engagements were area, Chronicle Rate in Country Pre¬ Effect Date Established Rate Argentina.. 3H 4 July July 1 1935 Belgium 2 May 15 1935 6 Aug. 15 1935 7 Canada 2 H Mar. 11 1935 Chile 4 Jan. 24 1935 4 July 3 Jan. 4 Colombia a making remarkable financial conquests in some tour of Europe that admittedly concerns diplo¬ 1 1936 vious Rate 4~ Hungary 4 Aug. 28 1935 4H 10 1935 2 India 3 Nov. 29 1935 Ireland Dec. 2 1936 3 June 30 1932 4H May 3.29 Apr. 6 1936 Jan. 14 1937 Italy Japan 2X 4X 3X 3 X 18 1936 5 Java 18 1933 Feb. 1 1935 6X 5H July 1 1936 6 1 1936 3H Morocco 6H May 28 1935 4H Jan. 2 1937 5 Norway 4 Dec. 5 1936 4 . _ Oct. 19 1936 3H Poland 5 Oct. 3 J4 6 England... 3 Jugoslavia 5 . ... 4 25 1933 well as financial as Tentative matters. arrangements for large British and French credits to China have been similar pates bankers. 2H hVx Portugal... 4 Sept. 25 1934 Rumania 4H Dec. 7 1934 6 4 Dec. 4 1934 4H South Africa 3« May 15 1933 4 4 Aug _ . Aug. 11 1937 4X . . 3 1937 5 Spain 5 July 4 Sept. 30 1932 5 Sweden 3 Jan. 7 Switzerland 2H IX 1 1933 6 Germany Greece Nov. 25 1936 2 4 1937 10 1935 Dec. 5X with independent suggest that the sources Foreign Money Rates European other it INbills Friday market discount rates9-16% LONDON open 9-16% against for short well be surmised that the statements by Dr. Friday of last week, and 9-16% for three months- announced may Kung accords have "very premature," and are political than more financial United States, and the result of his Washington conversations merely agreement for an was United States gold the After Chinese nounced late last week that reached "in Embassy an details some remained to the important item the British was of his admitted be worked out, but by placing These had of foreign cur¬ special credit at the disposal lowered on Aug. 9 from 5^% rate remains at 1%. England Statement up to another with compares As the gain in gold ago. of traction clined £6,117,000. ratio reserve last dropped £631,962 the year con¬ circulation, £1,916,464, rose year Public deposits deposits and accounts a attended by a was £6,010,000 in to high of £327,- new £244,011,248 to £9,227,000 rose £2,548,426. was a loss other The accounts. week ago; a 35.00%. was Of the bankers to 19.90% from 16.60% proportion de¬ reserves Loans on government securities increased £925,000 while those not by taken Chinese the too financiers in the United Minister of literally by informed States, Great Britain and Unsecured loans to China France. 627,813, which amount a Friday of last week. Money was lA%. At Paris the on Friday further a bringing the total other bankers on THE statement forof £106,468 in gold holdings, the week ended Aug. 11 shows gain latter declarations are Bank of while country. Finance the loan of was reserves was as 4% but in Switzerland the given its consent to had on market rate open to against 9-16% as call at London on Proceeding to Paris, Dr. Kung agreed to augment Chinese rencies It Monday that French on an¬ supplied by Dr. Kung that Government flotation. announced there a bills were ex¬ agreement had been principle" for the flotation of on was brief London some £20,000,000 in the British market. a But this variant of the previous agreement to a conversations, such exchange of an for Chinese silver. change the two metals. that signifi¬ The Chinese Minister started his tour in the cance. of June 30 1932 5 Finland announced, and Dr. Kung antici¬ agreements But 2 Estonia France matic - 3.65 4H 5 Lithuania.. . _ Danzig Denmark Dale Established Holland Czechoslo¬ vakia is Pre¬ Effect Aug. 13 Country 2H Bulgaria... dor and Minister of Mar. Batavia TO ALL appearances, China's amiable Ambassa¬ Finance, Dr. H. H. Kung, 3H Austria Loans to China Rate in vious Aug. 13 plainly are out question at the present moment, since the Japanese movement of expansion in Eastern Asia is highly active at this time, with hanging in the balance. a first-class on other securities decreased consists discounts of and £344,761. advances £538,280 and securities which discount rate remains furnish the items The latter which unchanged at 2%. with fell £193,519. rose comparisons off The Below for we preceding years: OF BANK ENGLAND'S COMPARATIVE war In his European declara¬ STATEMENT Aug. 11 Aug. 12 Aug. 14 Aug. 15 Aug. 16 1937 1936 1935 1934 1933 tions, Dr. Kung carefully specified that the loans £ arranged in principle were not to be regarded loans. Rather, he said, as war the funds might be em¬ Dr. reservation Kung no assurances loans of on credit seems sufficiently indicative, for doubt would be able to obtain prompt of willingness to underwrite refunding the usual basis of It may Cther deposits.. heavily the gold resources a complete restoration 29 ,760,000 53,726,359 Other securities 26 ,246,632 Disct & advances- 5 ,907,100 Securities Reserve notes & coin. Coin and bullion 37,020,694 36,725, 279 82,044,999 84.138, 781 28,324,495 15,646, 324 15,170,690 5,506, 820 10.139, 504 68,081, 366 13,153,805 47,824,320 327 ,627,813 244,011,248 193,370,117 192,189, 993 379,442,433 17,256,826 140,437,052 98.168,162 42.268,890 82,255,963 21,542,414 10,100,127 11,442,287 72,076,016 191,518,449 Proportion of reserve 19.90% 35.00% 2% " Rank rate 1_ 2% . 34.15% 2% 45.48% 45,70% 2% 2% support, to be anticipated from the In agreements "in principle" for finan¬ at a Bank of France Statement moment when his country is THE Bank's weekly gain in gold holdings of statement dated Aug. 5 showed a 55,716,635,931 to increase, and may quite possibly stering Chinese morale at a prove important in bol¬ critical period. which brought francs. Gold 54,988,638,915 francs and two 811 by the loss of huge slices of territory foreign invader. The declarations deceive no further 39,464,532 francs, threatened one, 20 ,339,532 37,980,525 89,613,310 28,229,330 8,938,854 19,290,476 111 ,130,000 also be that he emphasized event, Dr. Kung assuredly is entitled to make the most of his a 36 ,362,765 Other accounts Govt, securities to liabilities. gold-silver arrangement with the United States. cial 497 ,867,000 450,284,889 405,545,797 384,108, 627 19 ,036,000 17,418,402 16,717,834 23,495, 660 129 ,936,858 135,970,406 123,295,581 126,183, 219 Bankers' accounts93 ,574,093 97,989,881 86,274,887 940 Public deposits standing and marketability of the flota¬ tions concerned. any Circulation 89,458, ployed to refund old loans at lower interest rates. This £ francs. a the total year ago years ago Notes in circulation also namely 296,000,000 francs, up to stood at 71,582,691,- registered the an total of 89,603,175,325 francs, the highest on which is now record. Circulation last year aggregated 84,907,- Financial 998 086,045 francs and the previous year 81,489,506,975 French commercial bills discounted showed francs. of decrease a abroad of 39,000,000 of francs, 1,284,000,000 bills bought francs, creditor current accounts 1,416,000,000 francs and temporary advances to State of 8,000,000 The francs. reserve ratio rose 52.29%, compared with 59.08% a year ago. advances Below increased abroad balances of securities against furnish we a francs. 65,000,000 OF FRANCE'S COMPARATIVE Aug. 5, 1937 Aug. 7, 1936 Aug. 9, 1935 Francs a months' 90 to again 1%% for were for four to six days and 1%% datings. New York Money Rates DEALING in detail with call loan rates was the on the Stock Exchange from day to day, 1% Francs Francs reported quiet no transactions having been continues Changes , Francs + 39,464,532 55,716,635,931 54,988,638,915 71,582,691,811 Credit bals. abroad, time loans while actions, maturities loans STATEMENT for Week Gold holdings. Exchange held to 1% for all trans¬ ruling quotation all through the week for both new and renewals. The market for time money for three years: BANK Call loans on the changed, with business quiet. New York Stock and comparison of the different items 1937 14, Bankers' bill and commercial paper rates were un¬ Credit francs 1,000,000 to Aug. Chronicle days and V/2% for four to six months' maturities. 90 7,733,122 16,027,652 15,598,744 + 1,000,000 demand for prime The French commercial 6,281,528,530 6,602,063,059 —1,284,000,000 8,930,095,931 1,247,894,348 1,229,322,000 897,099,826 —39,000,000 3,515,199,548 3,199,362,022 + 65,000,000 4,129,552,061 Adv. against secure. Note circulation +296,000,000 89,603,175,325 84,907,086,045 81,489,506,975 Credit, current acc-ts —1,416,000,000 16,959,255,580 8,166,999,299 13,672,282.392 Rates continued nominal at 1 %% up to this week. commercial paper has been bills discounted., b Bills bought abr'd. c Temp. advs. with¬ out Int. to State.. Propor'n of gold Rates strong. —8,000,000 23,878,809,745 14,333,423,448 b Includes bills discounted abroad, c Rep¬ resenting drafts on Treasury on 10-billion-franc credit opened at Bank. Since the statement of June 29, 1937, gold valuation has been at rate of 43 mg. gold, 0.9 fine, per franc; previous to that time and subsequent to Sept. 26, 1936, gold valuation was 49 mg. per franc; prior to Sept. 26, 1936, there were 65.6 mg. are unchanged at 1% for all maturities. Bankers' Acceptances 75.22% 59.08% 52.29% +0.59% good supply of available, the buying has been steady and on hand to sight llab. a quite brisk this week, and with a paper Includes bills purchased In France, of gold to the franc. Bank of THE demand throughout bankers' acceptanceshave good for prime the week, but there has been high class bills available and the market been few continued quiet. Germany Statement The rates. THE statement for theincreasequarter and August first in gold of bullion showed another small There has been official quotations no as change in the issued by the Federal Reserve Bank of New York for bills up to ' of 32,000 marks, the total of which is now 69,143,000 marks, compared with 72,092,000 marks the same period Reserves in foreign currency rose a year ago. 61,000 marks, silver and other coin of 33,205,000 circulation fell off 245,000,000 the total to 4,866,000,000 Notes in marks. marks and investments of 35,000 marks, which reduced Circulation marks. a year ago aggregated 4,309,955,000 marks and two years ago 3,740,266,000 marks. corded in bills of Decreases were also re¬ exchange and checks of 353,797,000 marks, in advances of 27,049,000 marks, in other assets of including 90 days bilities of 135,000 1.5%, marks. asked; for five and six months, %% bid and 9-16% asked. The bill-buying rate compares with 1.8% last year. Below %% for 91- to 120-day bills and 1% for 121- to 180day bills. The Federal Reserve Bank's holdings of acceptances decreased from $3,078,000 to $3,072,000. Open market dealers those we ceding pre¬ quoting the same rates as are reported by the Federal Reserve Bank of NewThe rates for York. open market acceptances follows: as are . SPOT DELIVERY 180 Days Bid Prime eligible bills. Asked Bid H »is *i« »,« Bid Asked Bid h* H 7t• X H DELIVERY Eligible member banks X Asked Bid Asked 30 Days- 60 Days 90 Days Prime eligible bills 120 Days 150 Days Bid Asted H FOR for of the New York Reserve Yi% for bills running from 1 to 90 days, Bank is The Bank's reserve ratio, furnish the various items with comparisons lA% bid and 7-16% asked; are running for four months, 9-16% bid and lA% for bills 36,827,000 marks, in other daily maturing obligations of 139,190,000 marks and in other lia¬ at and Asked Ji« WITHIN THIRTY DAYS Vt% bid H% bid ._ Eligible non-member banks - years: REICHSBANK'S COMPARATIVE STATEMENT Discount Rates of the Federal Reserve Banks] Changes for Week Aug. 7, 1937 Aug. 7, 1936 Aug. 7, 1935 Beichsmarks Assets— Reichsmarks Reichsmarks Reichsmarks 104,636,000 72,092.000 69,143,000 30,136,000 24,524,000 No change 19,359,000 5,296,000 5,158,000 + 61,000 5,905,000 4,991,192,000 4,514,266,000 3,646,170,000 —353,797,000 183,434,000 155,734,000 159,172,000 + 33,205,000 38,469,000 43,640,000 25,207,000 —27,049,000 661,560,000 529,393,000 + 35,000 403,386,000 670,900,000 526,893,000 697,391,000 —36,727,000 + 32,000 Gold and bullion Of which depos. abr'd Res've in for'n currency Bills of exch. and checks Silver and other coin— Aavances Investments Other assets THERE have beenofno changes this week banks. rediscount the Federal Reserve in the rates The following is the schedule of rates now in effect the for various classes of at paper the different Reserve banks: DISCOUNT RATES OF FEDERAL RESERVE BANKS Liabilities— Notes in circulation Oth. dally matur. oblig. Other liabilities —245,000,000 4,866.000,000 4,309,955,000 3,740,266,000 730,790,000 708,551,000 592,966,000 —139,190,000 227,206,000 214,109,000 248,838,000 —135,000 Rate in Effect on Date Previous Aug. 13 Federal Reserve Bank Established Rate Propor'n of gold & for'n curr. 1.50% to note circul'n. 1.8% 2 93% 2 Boston Feb. 8 1934 2H 2 New York... York money carried over market. New York City somewhat demand crease unchanged in all departments of the Cleveland 1H May 11 1935 Richmond 2 May 2 Jan. 14 1935 2X Chicago 2 Jan. 19 1935 2H St. Louis 2 Jan. 3 1935 2H Minneapolis 2 May 14 1935 2H 2 May 10 1935 2X Dallas 2 May 8 1935 2H 2 Feb. 16 1934 2H 2H 2 9 1935 2H banks found their reserves Course of Sterling augmented, but it is now believed that commercial accommodation will in¬ Exchange for in the autumn, owing to large crops and an The Treasury sold two issues of discount bills on Mon¬ day. One series of $50,000,000 due in 129 days went at 0.211% average, while another series of $50,000,000 due in 273 days went at 0.478% average, both computed on an annual bank discount basis. expected 17 1935 gan Francisco DULL conditions again prevailedand rates were in the New market this week, 2 1934 Jan. Kansas City Market Feb. 2 Atlanta New York Money 1^ Philadelphia general improvement in business. STERLING exchange continues to is the awhole firm undertone, although the market display on extremely dull. few weeks On several occasions during the past sterling reached new highs for the In this connection it should be recalled that a new high for the year was cable transfers sold at $4.98^. surpassed on Saturday last, on year. Aug. 6 touched when sterling This figure was again when cable transfers Volume touched Financial 145 $4.99%. Thereafter the trading limited throughout. sterling is firm. A quite was Nevertheless the up, undertone of further recession in rates may be expected under as ordinary circumstances the tourist demand for change in the European countries on August, and at the same commercial account on work to an end comes time seasonal requirements begin to favor the dollar and adversely to sterling and the European units. The sight this week has been for bankers' range between $4.98 1-16 and $4.99 3-16, The compared with a of between $4.97% and $4.98 9-16 last week. range for range cable between compared with $4.97% and $4.98% a week Aside from the fact that tourist change ceased, several other factors and will tend London. For to the United here, before some now ex¬ practically long to equalize the rate weeks Japanese on gold shipments States, which established dollar credits build balances in London. this side still to demand for favoring the dollar are The Japanese gold and it is continues fully $100,000,000 more in 1935. to On Jan. 2 international banking assets foreigners by move¬ expected of Japanese gold will be the $614,000,000 and Dec. 31, 1935. due the to from United increased During the United to $1,220,000,000 from include deposits, acceptance short-term credits, foreigners declined end the ness during the past American banks and year assert that these items are now larger. It is also impracticable an by the Treasury. course firmly believed in banking circles that the United States will not finally impose harshly restric¬ tive measures Were such a against foreign funds invested to be course market would be before such a could become outward movement would not restore to of sources of the movement of ties. For side were weeks some being favored by renewal a foreign funds into dollar securi¬ foreign funds invested this on moving out, being transferred chiefly to London and Amsterdam, in the fear that the United here. undertaken, the American rapidly depleted of foreign funds measure origin but would law, and the foreign money their retransfer to cause London, Amsterdam, and Switzerland, where they would at least find safety, if not completely satis¬ Buenos and And doubtless, foreign funds would be forced into other many markets, such practically ceased. corre¬ spondents of the improbability of the ultimate adop¬ also, least, 1935, assuring their foreign are of these dollar credits to The dollar is likewise of half, it is safe to a much factory investment opportunities. at investments, owing to the great expansion in international busi¬ sold to the Federal Reserve Bank, but the retransfer sterling has, for the present These assets loans, Since &c. on period such assets same States due amounted to States $1,217,000,000 to $853,000,000. tion of such largely turned into pounds in order to were ment of ago. the European countries has on a range shownjin the report of the United States balance of payments between been has transfers $4.98 3-16 and $4.99%, that ex¬ 999 The extent of these banking assets was gradually rate softened; in other words, dollars gradually firmed though chronicle Montreal, as de Rio Janeiro, and Aires, where they would find both safety permanent investment possibilities. It would unlikely that the Administration would finally seem have to recourse dollar and an action detrimental so to the utterly at variance with the preeminent so States Government would impose restrictive taxes on attitude of London toward foreign money which has foreign funds invested here. Governed by these made the con¬ siderations and by the further fear that the United Government would enter into States with the French Government to information the to as deposits and investments of nationals in the respective their volume of French money countries, had been moving These outward Government States to this on It is known that the Administration plans the revise banking laws in the next session of Congress and to compel banks to hold cash of < reserves 80% to 100% against foreign deposits. plans here, who assert that such tive in These being strongly opposed by leading bankers are a London amounts of subject, will be deferred until the next session of Congress. renewal of the States, which a the * have a thought likely to be reversed. New York have may time there is same the United to from ceased with the recognition that whatever plans United the movements from at the great a away the United States to the London market. now Hoarding of gold is being resumed in London, and agreement an exchange reciprocal sterling bill of exchange the world's inter¬ national currency. policy would be ineffec¬ handling the "hot money" situation. The bullion gold on market, At the present time was on offer, However, fixing by the offer at the time of price fixing, For instance, at the Saturday last, only £17,000 on record low volume. a the amounts bullion market have not import indicated as is duller than in many years. hour of price gold flow few weeks ago was of gold on offer in the fully reflected the real gold and export situation in London, since the establishment of the British exchange equalization fund, particularly since the recent great increase in fund's the credit resources. London "Gazette's" report United Kingdom For example, the of gold movements of the during four days ended Aug. 9 net effect would be to penalize banks heavily in their showed imports of gold to a total of £8,406,094, while conduct banking operations connected exports for the same period totaled only £389,315, of essential of which with international trade. Owing to the outstanding position of the United States in international commercial reserves or of other interests trade, are hand, American course of banks business to Department comes are have and banks carry to in the ready When the Treasury to present such a penal measure, believed that the American bankers^will have difficulty in demonstrating the complete im¬ practicability of such a course. were shipped to the United States. implication is that the great balance of gold arriving in London is being absorbed by the British can equalization fund, to the relief of the Ameri¬ fund's sterilization program. The On the obliged access large deposits quick realizable investment assets. normal little to in this market either in the form of funds in the London market. it is foreign obliged £282,738 clear The Federal Bulletin than released Reserve on Aug. Board, 10, in its Monthly estimates that less $500,000,000 of gold remains in hoarding in London. The Board also estimates that private gold hoardings in the entire world total $1,000,000,000, and that of more than $1,000,000,000 has been disposed by private holders since September, 1936, and has found its way into central bank reserves. Financial 1000 There sold be can no question that gold hoarders have great deal of metal since September, 1936, but a nonetheless the private of the Reserve Board estimates to the real volume of estimates hoarding of authorities competent most as considerably below are whose business it has been to be in close touch with bullion movements for many years. the official estimates of the world's gold 1913, published by the United States Treasury resources as Department were Francisco of which Gold held in the inactive day changes are our own A mount +4,619,662 Aug. 7 1,244,536,033 activity of the exchange equalization Aug. 9 Aug. 10. Aug. II the renewal of foreign hoarding of a The bank notes. 4 reached Aug. on Bank of England's £49,470,603 higher than was Aug. 9, 1933. — over the statement $34,323,659 Canadian exchange 1-32% to a The and the price during the British bank notes by Continental hoarders. If the note circulation the Bank would (which expand, have to increase its gold holdings at all-time high of £327,627,813) are now the to continue to were fiduciary issue. 7 Monday, Aug. 9 -.132.84 Aug. 10 132.82 that the in the decline with there is no bullion holdings. increased weeks circulation holiday waning season, should the gold holdings arise, there the that that need be can for no ques¬ exchange equalization fund has ex¬ cessively large supplies. and cheap. abundant market open Call continues against bills is money 139s. 5d. Wednesday, Aug. 11 Thursday, Aug. 12_„__ 139s. 6d. Friday, Aug. 13 supply at %%, two- and three-months' bills are amounts absorbed quietly by Monday £75,000, on on Wednesday £137,000, on on the exchange On Saturday last equalization fund, were as follows: £17,000, open day and not accounting Tuesday £243,000, Thursday £162,000, and Friday £134,000. on Aug. 11, Reserve Bank of New as York, gold movement for reported by the Federal was as follows: GOLD MOVEMENT AT NEW YORK, AUG. 5-AUG. 11, 35.00 Tuesday, Aug. 10 35.00 Friday, 1,047,000 from India Saturday last Bankers' sight year. transfers bankers' for Change Note—We have been notified that approximately.$22,085,000 of gold was received at San Francisco, of which $21,234,000, from Japan, $795,000 from gold $795,000 figures are for the week ended on On Thursday $1,140,100 of gold was Wednesday. of England. There were no exports of the change in gold held ear-marked for foreign It was was reported received at came Hongkong. On from on Thursday that $850,500 San Francisco of which Australia Friday and $55,500 from $2,612,700 of received of which $2,069,600 came from The On Monday sterl¬ range was $4.98%@$4.99% Tuesday the pound eased off but the remained Bankers' firm. $4.98 1-16@$4.98 9-16; cable transfers On $4.98 11-16. On was range and $4.98 5-16@$4.98% pound for sight steady. was for bankers' cable transfers. continued steady. The $4.98%@$4.98 7-16 for bankers' sight and $4.98%@$4.98 9-16 for cable transfers. the undertone of sterling was was $4.98 3-16@ Wednesday sterling $4.98 3-16@$4.98% Thursday the range was on high for the a new sight and $4.98%@$4.99% for cable On undertone continued firm. On Friday The range $4.98%@$4.98% f°r bankers' sight and $4.98% Friday cable were Closing quotations on $4.98% for demand and $4.98% for transfers. at $4.96 Commercial sight bills finished at 60-day bills at $4.97 5-16, 90-day bills 15-16, documents for payment (60 days) at and seven-day grain bills at $4.97%. closed at $4.98 3-16. Foreign Exchange FRENCH francs are relatively steady so farfeature as the spot rate is concerned. This has been a of Australia, and $56,000 from Hong Kong. received from 35.00 $4.98%@$4.99 3-16; cable Continental and Other above 35.00 13- Gold Earmarked for Foreign Account No account. was $4.98 13-16@$4.99%. ing continued firm. $2,150,000 total or firm, reaching was Cotton and grain for payment Net Change in Aug. $35.00 Referring to day-to-day rates sterling exchange $4.92 15-16, None $1,103,000 from England The BANK) 9 $4.98 3-16, INCLUSIVE (FEDERAL Aug. Exports Imports 139s. 5d. STATES Wednesday, Aug. 11 Thursday, Aug. 12—, @$4.98% for cable transfers. At the Port of New York the the week ended UNITED $35.00 sight offer in the London on BY THE RESERVE bills Gold FOR GOLD PAID 7 The 23-32%. 10_______ 139s. 5d. 139s. 6d. Saturday, Aug. 9-16%, four-months' bills 19-32%, and six-months' market at fixing hour each 132.84 139s. 4d. Aug. transfers. London the in Money — 9__ PRICE immediate need for greatly expanding its However, Aug. 13 7 will so 132.83 132.84 Monday, Certainly it will not in¬ few ... Aug. 12. Saturday, Aug. Tuesday, Aug. The Bank evidently takes the next Thursday, Friday, LONDON OPEN MARKET GOLD PRICE Monday, purely inflationary. Wednesday, Aug. 11 132.86 or the fiduciary issue because such a move would crease market gold price, open CHECK RATE ON PARIS Saturday, Aug. Tuesday, must be attributed to acquisition of r London check mean paid for gold by the United States: MEAN LONDON large proportion of the increase a years Paris, the London on relatively discount of a premium of 1-64%. following tables show the rate nevertheless was Montreal funds ranged from and employment years, during the week steady. greater degree to the steady expansion of business throughout the past several -^4,242,221 Increase for the Week Ended Wednesday on This rise in circulation +7,855,885 1,265,090,635 —„— — +8,456,496 1,260,848,414 all-time high of on +686,950 1,252,992,529 - note due in part to August holiday demand, and in metal Daily Change 4-$8,462,445 Aug. 5, 1936, and £118,902,488 for calculations: IN THE TREASURY'S INACTIVE FUND GOLD HELD 1,243,849,083 of the bank for in indicated in the as 6 £503,877,000, which tion fund, daily Treasury statements issued during the week ended last Wednesday, was as follows. The day-to¬ Aug. circulation view came $2,689,600 from Australia. $1,239,229,421 British be on received at San from Japan and 5 fund, but there is raise $5,082,000 reported was was Aug. despite but It Friday that $7,771,600 of gold Date— London. ex¬ no were only is gold hoarding being resumed in London Not was decreased $1,125,300. account generally around $3,000,000,000 under the expert estimates of There $543,100 came from England. 1937 14, Aug. ports of the metal, but gold earmarked for foreign Long before the organization of the Federal Reserve banking system in Chronicle gold was Canada and exchange ever since the tripartite currency agree¬ ment become effective in the autumn of 1936. steadiness is exchange due equalization weeks there has been of forward adopted by francs, the an funds. For rency discounts for a very the due entirely to the French which past few improvement in the position authorities forward francs in order to arrest the severe The entirely to the cooperation of the has long time. of new policy supporting tendency to very characterized the cur¬ The French position is Volume also Financial 145 The recent currently improved tone of the franc is due in by industrialists part to sales of foreign exchange had who franc purchased it previously in expectation of The franc is also being supported depreciation. Both these by purchases made by foreign visitors, outside factors unrelated official operations are to There be can M. Bonnet, attaining his ends through forceful decrees, have inspired confidence in the doubtedly there is market, but money French fiscal to regulate financial power by decrees terminates conceded that, It is M. Bonnet's program apart from inauspicious ex¬ has slightly that say in the few weeks past favorable views have prevailed regard¬ more ing the French financial outlook, as the Government shows an of the funds lous earnest desire not only to refill the also manently place French economic life to on a France reduced its rate Treasury more per¬ on Aug. 3 the of rediscount Bank of 4%. It is firmly believed in Paris that M. Bonnet to will, if possible, make a further reduction in the rate. However, informed banking opinion regards further reduction impossible under the extreme difficulties as now attending the French position. new 4% bonds one-year The fact that offered last week to were the banks and the public in exchange for the 4%% 1934 which mature in October Treasury bonds of would preclude the possibility of to seem reduction in the bank rate. eligible at the at These new a further bonds are time as collateral for 30-day advances any of Bank advances is the France. same as Since the rate of such the interest rate borne by the bonds, the Minister of Finance hopes that banks will the invest these new major part of their available funds in bonds, funds loss when discounting them at the Bank of France. situation, however strenuously coped with, continues largely on wishful thinking. possible that there has been French funds from the occurred, are which class repatriation of the amount and repatriation The French may have price level has risen 8% since the franc went off gold The so, It is barely too inconsiderable to have any bearing the situation. on abroad, but if from sources some on July 1. quarterly cost of living index for a family in Paris stood at 606 for the second a year ago, an increase over the past year of 22%. When parliament reassembles it is doubtful if improvement any financial situation. the gains a can be brought about in the Labor will not surrender any which it forced year ago. upon at the end of the Blum Government At the end of June the French industrial production index stood at 102, of as compared with 104 May and 105 at the end of April. The Belgian of the French is exceptionally steady and currency belga the to of any belief probable devaluation of the altered status of as a consequence the Franch franc. Financial opinion strongly inclines that Belgium will adhere closely to policies endorsed by Holland, and the Scandinavian German marks and Italian lire countries. steady are and Rome. The following table shows the relation of the lead¬ ing European currencies to the United Sttes dollar: Old Dollar New Dollar Parity b France (franc) Parity Range This Week a 3.92 6.63 13.90 16.95 5.26 8.91 Switzerland (franc) 19.30 32.67 22.96K to 22.98 Holland 40.20 68.06 55.13^ to 55.17 __ Belclum (belga) Italy (lira) a (guilder) on 132.85, sight bills Paris closed on against 132.88 Friday of last week. on on the French center finished Friday of last week; cable 3.75%, against 3.7534. Antwerp beliras closed at 16.8334 for bankers' sight and at cable for Final transfers, against 16.83% quotations for Berlin marks bankers' sight bills and comparison with closed at Friday on on 3.75%, against 3.75 transfers at in 5.26 June 30. In New York at 5.26H to before devaluation of the European currencies Sept. 25 and Oct. 5, 1936. b The franc cut from gold and allowed The London check rate at 3.75 to 3.75% 16.83K to 16.84 New dollar parity as to "float" 5.2634 and were 40.22% for 40.22% for cable transfers, 40.23 and 40.23. for 16.83% 16.83%. bankers' sight Italian bills and building trades have been especially depressed, being 35% and 42%, below 1913. lire and at 5.2614 for cable transfers, against 5.2634 and 5.26%. Austrian schillings exchange 3.48%; on closed at 18.88, Czechoslovakia Bucharest on Poland at at at 0.74, against 3.48%, against 18.93, against 18.93; and 2.20%, against 2.20%* 18.86; against 0.74; on Finland at on Greek exchange closed at 0.91%, against 0.91%. *— EXCHANGE on the countries neutral during the presents features from weeks. The recent no new Scandinavian currencies move in sympathy with sterling exchange, with which they are closely allied. The Dutch guilder, during as many weeks, continues Trade of Holland is progressing exceptionally firm. rapidly and its economic position is greatly strength¬ ened by the almost boom proportions of the exports of the Dutch East Indies. of this year Dutch imports aggregated 893,000,000 For the first months seven same period of 1936, while exports totaled 634,000,000 guilders, against 378,000,000 guilders. of The Netherlands Bank are Gold reserves equivalent to 1,265,- 000,000 guilders, against 669,000,000 guilders at the time of devaluation, while the holdings of the Dutch fund equalization guilders. estimated at 200,000,000 on a large scale is expected in view Washington's postponement of taxation of foreign investments. fallen to Money virtually Bankers' at are Resumption of Dutch purchases of United States securities of Textile of more guilders, against 546,000,000 guilders in the working quarter, compared with 581 for the first quarter and 497 serious repatriation or clearing of the extremely troublesome political throughout all Europe. war The truth of the matter is that the entire French to be based com¬ domiciled abroad would lie in the miracu¬ it will be possible for them to get as without any francs the market is hearing less paying basis by reducing the interest It will be recalled that standard. on The Govern¬ much further, if at all, in increasing only hope for 60,000,000,000 now between but The Banking circles in London proving partly successful. Amsterdam ment cannot go taxation. disturbances arise, chance of ultimately some improvement in owing to the stringent controls exercised in Berlin Aug. 31. on ternal conditions, if no internal and Un¬ the Paris in great deal still remains to be a accomplished before the measures degree some situation. improvement an some unfavorable balance the mercial account continues to mount. question that the policies of the no finance minister, months, unrest manifest likely to terminate almost immediately. new 1001 Although business has shown improved by the recent erection of a special fund to support French Government issues. of Chronicle sight rates in Amsterdam have zero. on Amsterdam finished 55.14, against 55.15 on on Friday Friday of last week; cable Financial 1002 Chronicle 14, 1937 Aug. the franc as compared with approximately 125 francs equalled when the gold was given a value of 49 milligrams to transfers at 55.14, against bills sight closed at 22.96% f°r checks Swiss francs 55.10. against 55.09, at 55.15%; and commercial 65.5 mgs. previously. On the basis of 65.5 mgs., £1 sterling at par; on basis of 49 mgs. about 165 43 mgs. there are about 190 francs to Copenhagen Playing Into the President's Hands checks finished at 22.26 and cable transfers at 22.26, Checks and 25.70; while checks on Norway finished at 25.06 and cable transfers at 25.06, against 25.05 Spanish pesetas and 25.05. of important measures without sufficient considera¬ tion of either their merits the end of EXCHANGEexceptionally steady for on the South American countries has been weeks, firm undertone. a The firmer tone is due in part to the relative steadiness of the sterling-dollar Nevertheless rate. South the in great part of the improvement a American marked expansion in units derived from the is the exports of South America during the past few and from years justifiable a expectation that the export situation of these republic will be closed pesos paper Friday, official on quotations, at 33.23 for bankers' sight bills, against 33.23 on Friday of last week; cable transfers at 33.23, The unofficial against 33.23. or free market close 30.15@30.26, against 30.20@30.30. was milreis, official rates, unofficial or free were market Brazilian The 8.90, against 8.90. milreis in is 6.55@6.60, Chilean exchange is nominally against 6.70@6.72. quoted at 5.19, against 5.19. Peru is nominal at legislative pressure is always great at session, especially when the session has a than ordinarily great this year, partly because of long preoccupation with the court packing bill, but quite as much because of the unconscionable waste of time before the court bill sessions of accomplish little. so likely to take on Mr. play into Thus far at least the Sino-Japanese conflict has had important bearing on the exchanges. no Eastern countries held in are sterling, either by legal action Indian rupee, as in the in the case 29.37, against 29,05 closed kong at on yen of the case vered into of the Japanese per yen. Friday of last week. 31.00@313-16, against were Hong¬ 31.00@ 1-16; Shanghai at 29.60@30.00, against 29.60@ 29%; Manila at 50.25, against 50.25; Singapore at gener¬ or seems actually^ may Roosevelt's hands in position spite of the\ that has developed to where, whether advantage from the outcome and can certain is example it to strengthen the Black-Connery in its was that, in the amended form it, it is less dangerous original form. Neither the amendments recommended when Labor American anything less than industry. The a hours for minimum the 011 Monday, serious menace bill saddles industry Federal administrative board a only to establish numer¬ nor the Committee presented the bill to the House make the bill 011 The b,est that changes made in the Senate, however, with are use before the House. now be said for the bill is than it to bills and hours bill, which passed in the Senate in which the Senate voted for 59 maneu¬ against the opposition. conspicuous ous of some not, Mr. Roosevelt may be able to claim or himself on checks yesterday so itself, and has allowed itself to be maneuvered, a passed per rupee, or which is stabilized at the rate of Is. 3d. Closing quotations for 31 as All the Far relationship to which is fixed at Is. 6d. by exchange controls, yen, close What has not been policies. By various steps Congress has July 31 and is recent many much time to so number of bills, a strong opposition his wages new No! appeared. Congress have taken ally noticed, on the other hand, is the danger that A EXCHANGE on the Far Eastern countries presents features from those of weeks. pass prolonged well into the summer, but it is more 26.00, against 26.00. no form, and account to become law Congress, in the action which it has taken greatly improved in the next few months. Argentine their or on any been many with ought not The all. at ♦— Congress, in its to adjourn, will hurriedly pass a number eagerness others that not quoted in New York. are There is still reason to fear that Sweden closed on and cable transfers at 25.71, against 25.70 at 25.71 £1. and at 22.96% for cable transfers, against 22.97% and 22.97%. against 22.26 and 22.26. francs equaled £1 sterling,^and at wages impowered not and maximum particular industries, but also to fix them for particular localities one locality regions, thereby pitting or region against another in or an unequal 58.55, against 58 9-16; Bombay at 37.64%, against competition 37.65; and Calcutta at 37.64, against 37.65. pointed out, the discrimination between localities which Gold Bullion in European Banks the tariff THE following table indicates the amounts of gold bullion (converted into pounds sterling at par for bill trade. authorized Lippman amounts to a has kind of protection, extended to industries in regions where money wages are other Walter As regions where high against industries in money wages are low. The bill increases the power of labor unions which respective dates of most recent statements, reported to bargaining agreements, and it to openly of exchange) in the principal European banks us are as of by special cable yesterday (Friday); comparisons shown for the corresponding dates in the previous States F. 1937 1936 1935 1934 £ £ £ £ "*1933 of England France Germany b. Spain. Italy _ Netherlands Nat. Belg.. Switzerland. Sweden... Denmark _ _ . Norway Total week. Prev. week. collective invades 327,627,813 293,245,452 2,489,200 c87,323,000 a25,232,000 105,490,000 75,498,000 83,427,000 25,897,000 6,549,000 6,602,000 244,011,248 439,909,111 2,378,400 88,092,000 42,575,000 54,269,000 106,746,000 49,804,000 24,070,000 6,553,000 6,604,000 193,370,117 572,661,614 3,724,000 90,775,000 59,741,000 46,472,000 100,965,000 45,433,000 19,805,000 7,394,000 6,602,000 192,189,993 646,509,833 2,905,800 90,559,000 69,609,000 71,950,000 75,151,000 61,498,000 £ 191,518,449 656,664,172 11,851,050 90,390,000 73,416,000 65,439,000 76,818,000 15,335,000 61,461,000 13,894,000 7,397,000 6,577,000 7,397,000 6,569,000 1,039,380,465 1,065,011,759 1,146,942,731 1,239,681,626 1,255,417,671 1,067,464,689 1,063,901,734 1,158,334,502 1,236,575,786 1,254,276,947 a Amount held Dec. 31, 1936, latest figure available, b Gold holdings of the Bank of Germany are exclusive of gold held abroad, the amount of which Is now reported at £967,950. c Amount held Aug. 1, 1936, latest figure available. \ j 4 The gold of the Bank of France was revalued on July 23, 1937, at 43 milligrams o gold, 0.9 fine, equal to one franc; this was the second change In the gold's value within less than a year; the previous revaluation took place on Sept. 26, 1936, Roos, a rights of the curtail opinion of Dr. Charles Recovery Administration, the bill employment, lower the average sumption of and raise In the statistician formerly attached to the staff the National would constitutional the able by permitting the Federal board to deal with intrastate business. four years: Banks of— extort are raw decrease production, standard of living, lower the con¬ materials, including farm products, production costs for farmers. There is at least reasonable doubt that the bill is constitutional. Yet the bill is stands Mr. an Administration measure, high in the list of Roosevelt desires. of any amendments to seem likely to agree, a measures If it is whose and passage passed, irrespective which the Senate and House long step will have been taken Volume toward industry and cotton planters having at last begun to see that which Mr. Roosevelt's heart is set, and National Industrial Recovery Act production have not increased the foreign demand of domination Federal the trade upon which old the For any lim- sought unsuccessfully to accomplish. itations of Federal power the was measure that might develop when applied, Congress could be held which the meas- responsible to the precise extent to enacted as ure cratic than it test were case in its original was brought, as one certainly would be, Supreme Court was adverse, another argument as form, while if a unquestionably be used by Mr. decision would Roosevelt comprehensive and auto- less was and the decision of the the in favor of packing bill is so em- Unless the Black-Connery the Court. phatically rejected as to mark for defeat any lar measure that may country as an obstacle to the rescue of the "forgotten members who voted against the bill killing it by entangling it in the rules for man" by an Administration, beneficent and all-wise simi- be introduced later, Congress find itself arraigned before the may or and the assisted in will be marked Mr. Roosevelt, it should be remem- reprisals. bered, has never been discouraged by failure to get once all that he asked for. He has been satisfied at if he could drive the A wedge blow by blow. similar situation exists regarding the compro- bill, the conference report on which was inise court accepted by the houses on Wednesday. In the form in which the bill was sent to the President, it contains no trace of the Roosevelt Mr. which court-packing proposal with threatened the integrity of artificially high prices and enforced limitation of for American cotton. Now come official forecasts of large crops of cotton and wheat to confuse the opposition in both the South and the West. Unmindful, apparently, of the fact that large crops mean more employment for labor in harvesting and handling, and that lower prices would increase domestic consumption and foreign demand, the cotton growers are demanding government support for prices and large benefit payments or credits, while the wheat growers are lioping that the United States may again become an exporter of wheat. If Mr. Roosevelt stands firm he may see the situation play into his hands. If he can get crop control, which is the thing he principally wants, he can concede the benefits and credits, large or moderate according to political and other circumstances, and trust to the ever-normal granary plan to take care of the surplus. The Federal control of agriculture, however, will be strengthened, an economy of scarcity will continue to dominate policy, and prices will be kept high on the specious theory that high prices are a good thing for the country. It will require courage for Congress to resist the demand for crop control if the alternative appears to be the disappearance, or even the curtailment, of crop benefits, but if it yields the President will again have his way and economic and political centralization will be still more firmly with judicial procedure. Some of the system. It deals exclusively the constitutional certain matters of grounded. The situation is much the same is debatable. after its great to If Congress had not faltered other matters, but he is committed to the initial victory; if, having done its best had not surrendered weakly to the demand to "do lions, an almost negligible amount in these days of unbridled expenditure, would constitute another something" about judicial procedure, it would have buried the whole and least, subject for the present session at Federal invasion of private industry and State authority. The so-called tax "reforms" that are before Congress will bring in only unimportant revenue if they are made, but they will help on the drive against wealth which is an essential part of the Ad- deferred judicial reforms, if any are of the court-packing proposal had somewhat disappeared. As it is, it has given Mr. Roosevelt something. He has not been given power to pack the Supreme Court, but he has received, in the compromise measure, some of the other things he demanded. Another wedge has been handed to him, anfd few doubt that he will use it. The country has not seen the last of Mr. Roosevelt's needed, until the nauseous taste program for controlling the Federal courts, as his of the conspicuously unfit Senator nomination Black as an Associate Justice clearly shows. \ Still another field of striking illustration is found in the agriculture, that inviting domain for the exploitation of economic vagaries, for financial extravagance and waste, tion. and for political manipula- By and large, the farmers of the country ap- accept Treasury benefits, but considerable opposition has developed to the Administration's program of crop control. Mr. Roosevelt, with pear to be as willing as ever to largesse in the shape of crop a wisdom that could be used as unless a commended if it were not device, is opposed to benefit payments accompanied by crop control, rightly holding production, with benefit payments, the Treasury with a financial obliga- that unrestricted would saddle tion indefinitely large. The opposition to crop con- trol has been particularly strong in the South, the contention that better housing on a large scale is a national need, and an appropriation of a few hundred mil- independence of the Supreme Court, it insure regarding hous- ing, tax reform and the reorganization of the executive departments. Mr. Roosevelt has seemed to be less insistent upon Federal housing than upon facilitate the adjudication of controversies, while the wisdom of proposed changes would undoubtedly others 1003 Financial Chronicle 145 . ministration's program, and help the Treasury to put on a bold front in the face of valid criticism of its negligence in the past. As for the reorganization project, it is possible that nothing more will be done than to give the President his six assistants, but a House committee has reported a bill which, while falling considerably short of the wholesale reorganization which Mr. Roosevelt has called for, nevertheless inaugurates a substantial part of the program. There is still great danger that, in all these matters, compromise may break down opposition, and that the end of the session may find the Roosevelt policies still firmly entrenched because the great victory in the Supreme Court fight has not been vigorously and consistently followed up. ======= _ « . » n .... u . Tax-Supported Competition in Housing Senator Wagner's measure for Federal aid in the creation of improved housing conditions throughout .the United States has finally passed the Senate, but in a form so different from the original proposal that its author declares that, unless the Senate 1004 Financial amendments The eliminated, it will are amendments, for the bill and lish limitations and other property included of $38,150,000,000. The foregoing data do not principal cities, estabconstructed per room shall undertaking; both exclusive, however, of the cost of the land located. It is which the structures on declared these limitations that tainly chief cities of the be No and, secondly, that it is objectionable standards of housing of conditions in and to are The hue and be expected to speedily in vituperation. and vehemence quarters. huge relief expenditures and which had such bear upon to tions and they are give pause to to bring once, wide the door to consideration of im- the any mind in which a must measure is not sub- reason merged by enthusiasm and purpose surcharged with capable of assembling emotion. Congress to strike out these limita- to Nevertheless, without so injustice in other gross and inevitable reactions of such Progress Admin- be expected, almost at all the forces that lack mediate obstacles and the intrinsic economic aspects large share of complicity in the a extreme wastefulness of the Works istration may effective in Nor individual full extent that it is practicable to do con- which have been villages, even equipment. constituted equivalent hardships and pressure groups have properly any The nection with the so smaller cities and many large extent in strictly rural communities sympathetic desire to relieve such conditions to the increase and a of lamentably poor quality and could has begun and cry spread rapidly inescapable, and upon farms, many Americans live in dwellings improvement exactly those localities in which it is most necessary. may the are cer- few of the a will deny that, in and out of the great one adjacent to found; therefore, that the limitations consti- tute insurmountable obstacles to of its expense cities, in city slums and in sub-standard regions precise centers of population that the low- est and most to Nation the yet unmeasured, extent, and as difficulties that are prohibitively low in New York City and in other in these at to suggest its almost measureless, and serve to be are finance and assume already heavily burdened taxpayers, but they do part as the task, pro- measure posed by the Wagner bill, that the United States (1) of $4,000 per family provided for, and (2) of $1,000 14, 1937 Aug. cate a total value for all rented and leased property sponsor apparently to the housing authori- ties of New York and other of any worthless, prove obnoxious to the chief so Chronicle At the very outset, it is evident that the proposed superior living conditions must, for a long time at least, be restricted to unrestricted City but wherever allotments from the appropriated a selected few, and that their enjoyment of these benefits must regularly be subsidized out of increased taxation laid largely funds upon open expenditures and subsidies, not only in New York be made available. may United The States 000,000 families, those approximately equally almost divided occupying detached there being space in apartment houses dwellings for which they a relatively few by inexorable conditions that restrict the capacity of the most generously disposed government, must pay living rental, pay Something less than three-fifths of the whole ber of families are classified urban, which as only that they reside in communities increased taxes group may means villages or rural. The farms upon ranches, or proportion of are is, tenants classed of extreme and proposed that course, very comparatively modern preference for the conveniences and relative ease of apartment • or promised. of all families is tenant families, and the propor- Borough is 96.8%, while in St. Louis it is 67.0%. A simple computation discloses that if the families,of the all housed at the minimum of United States were some need and to whom any proponent are are un- Economic demand being pay. shall be favored at the expense, largely, of others who residences; for example, in New York City 78.6% tion in Manhattan con- lacking—that is, desire for better housing coupled with willingness and ability to meet its cost—it is as largest in the greater cities, owing principally to the their already over-taxed receive benefits for which they able adequately to or while the other two-fifths, residing in smaller over, upon sumption, in order that the small and preferred num- of 2,500 who must be excluded from similar only to the few, and limited to slight preponderance of rented homes, a masses In other words, those less well provided for and necessarily excluded from the benefits extended between or the relief. 32,- owning the homes in which they reside and those in contains no relief at least equally in presently be offered These conditions not denied are of the proposed enactment. plainly topsy-turvy economics; soundly-considered charity as are can ; it by But this is not even philanthropy rejects it partial, oppressive for the majority, improvident, and destructive of its declared purposes, $4,000 each provided for Despite the reaction of urban protest to the Sen- by the Senate amendment—a minimum, it should be ate limitations, New York and other municipalities remarked which pied by again; that is exclusive of the land government-aided any under the is be to alone in real Bureau because it be $128,000,000,000. ever officially assigned to all the estate, including land the country. Census would compared with $155,908,625,000, the highest valuation taxable occu- erected proposed law—the amount represented in. improvements This dwellings was and buildings, That figure was reported by the as of the year 1922 and, perhaps thought undesirable to record retro- now consider themselves aggrieved if they find themselves actually excluded yet, may as certain local authorities and Senator Wagner declare that they will be, rejoice at their exclusion. assistance is often worse than no Inadequate assistance at all; in affairs partaking of the financial, it is to be merely self-defeating meddling. tion under consideration, the whole very likely In the situa- resources of the admittedly insufficient for the task government are envisaged. It is plain that when any government gression, there has been no subsequent revaluation invokes its taxing of this kind of of economic endeavor it must be prepared, eventu- 1935, the property. However, as Department of Commerce of the year officially re- ported the aggregate of all net rents and royalties in the United States, obviously representing much power in order to enter ally and without great lapse of time, to any field occupy the whole of that field, or, failing to do so, to see the portion which it does not occupy fail of cultivation property other than apartments and dwellings, as and be reduced to sterility. Private capital will not $1,526,000,000, which, capitalized at 4%, would indi- long compete in housing in or any other field with 1 Volume Financial 145 Chronicle The capital contributed out of taxation and controlled by politicians who interest and even, to may at any time prefer to forego in search of popularity, be willing dip further into the public till for running ex¬ Private capital always takes flight from penses. such field, however promising and attractive it a in all other respects, and the entire his¬ may seem 1005 rapprochement, if such it should be called, surprising when may seem relations which for support, albeit of conclusion of in New York City elsewhere, or partial supply of a of the it must be willing to or suffer actual impairment of conditions and group progressive injury. Government eral tially to let it part of the see and impar¬ ranean Therefore, it should of exercising helpful influence without ' The prietor. suffice fairly find or some means adventuring as welfare average a lender or pro¬ who those of all has status quo of consolidation cannot understanding for the maintenance carried has of the Fed¬ this great field. cover alone, Britain side of of Italy in the both Sea. efforts great group as the but cisely all that any government, even the most pow¬ of government on earth, can do in these premises. The truth of the unanswerable and noble declara¬ tion Grover of though becomes apparent: Al¬ government that can support its people. no The report on British Prime July 31 that Neville Chamberlain, Minister, letter to Premier a written friendly a Mussolini, followed shortly by the that announcement had Italian the Premier had sent friendly reply, has naturally aroused much inter¬ in est diplomatic and political circles and stirred speculation about the meaning of what be a new tions departure. to The exchange of communica¬ by heads of States is not, of course, unknown, but it is very his for appears unusual except where the writer speaks Government, and personal correspondence is in general regarded of Government desires to communicate with a precluded. When as one head an¬ If now, remove informal, and pression of a to have felt that as unofficial made have or political reason circumstances, and of Premier Mussolini's public, the presum¬ but Mr. relations on ered, it Avorth announced the two which has countries that the exclusion from Italy of certain British journalists, in effect since early in May, would shortly be rescinded and that Italian Abrupt having. journalists would return to England, sup¬ British Britain, even Empire, has always been flexible—so flexible, in¬ deed, as to have provoked serious tion to support any cause after it had become reason¬ strongly ably clear that the cause Avas lost, hoAvever it may in have championed it Avhile the outcome hung always • planned It has balance. to be on the Consis¬ Avinning side Avhen the race was finished. laying doAA7n a course of action sticking to it through thick and thin, has never tency, in the sense of regarded by the British as a desirable virtue. international relations are al- To the British mind, in Avays wise a state of change, and Avhat seems like a course today may be rendered perilous by the changes of tomorroAv. sible among if peace can over a To steer as skilfully as pos¬ conflicting ambitions and rivalries, to national Aveight or international inter¬ upon one and the imperialist a the other political France mind of pre-Avar Germany found policy hard to understand, but to British statesmen it has seemed to hold, at least for Great Britain, the essentials of The or in that way be maintained, have been, directing principles of British foreign policy. The logical mind of such side long period, practical wisdom. Chamberlain-Mussolini interchange may, ac¬ cordingly, be taken as significant of a new are agreed. question about its sincerity. Great Britain has never felt under obliga¬ Chamberlain were The foreign policy of Great policy. ported the view that, in the matter of which Mr. the two leaders the change of front ap¬ in matters affecting the safety of the tion of British wrote, as develop¬ particularly friendship to be, there is nothing about it inconsistent pears Avith Italian make reply have not been which Premier Mussolini's reply was deliv¬ was suspicion and cultivate more cor¬ mutual harmonize divergent ought to be removed. The fact that on August 2, the day serious crisis, the tAvo dictator¬ any ests, and to throAv Chamberlain is thought to between in The contents of his urged that the mutual suspicion clouded ex¬ to believe that an unconventional approach would be acceptable. letter any Prime Minister can be, was both proper and desirable under the ably he had as something Spain. concerned, Avith this long record of divergence, Mr. that ments been seems in relations, it is obviously because of be made lain, however, are Chamberlain has concluded that the time has come and Mr. Chamber¬ actual events as understanding between Italy and Germany, and other, custom dictates that the communication shall through the Foreign Office. get some action from the non-intervention political thought, has been the apparent groAvth dial is\Great Britain's Foreign Policy? the eastern on participation of ships Avould be found cooperating. to What on far as the fear that, people must support its government, every there is Cleveland PoAver active long absent from the background of Brit¬ neA7er ish erful Mediter¬ in potent force in defeating the a committee London at the expense And to do that is pre¬ The of the British to recipients of its tax-supplied bounty and aids them many. rearrangement and position anxiety and resentment, and Italian op¬ More remote of the a in Spain has occasioned in Eng¬ war position has been a great any Bed the from this date if favored few from naval lately announced its firm opposition to the es¬ tablishment located, will be far better at the end of a decade a in the Mediterranean Avaters, and through Foreign Secretary Eden land it selects through its actually need improved housing, wherever they are government does nothing, than if agreement Avith a return of friendly relations, but Great a resources even The Mediterranean and the subsequent conclusion with Italy of or territorial suggested the kind of defensive a The agreement to include the entire group faction, than half-hearted, Mediterranean PoAvers added to the re¬ of sentment. an in vessels Avar number adequate and improved housing, it must be prepared in its tax-supported bene¬ British Governments. more deep offense to Italy, and the massing of gave dom of such withdrawal. of urban residents, in fact never recalls the strained League sanctions against Italy in the Ethiopian Avar British Government offers to any group one time have existed between the two countries and their tory of tax-supported production supports the wis¬ Therefore, if the Federal some foreign policy. not obscure. orienta¬ The primary reasons Great Britain is preparing for war. Financial 1006 It is not yet ready for war, and it will not, the utmost It two. or it The of its ambitions for cause year while to cultivate as Germany be¬ political and cultural heg¬ in Eastern Europe, Italy because of its emony po¬ litical ambitions in Africa and the Mediterranean, and because of their both Bolshevism. The part opposition to of wisdom, then, is to cultivate relations with good relentless Italy, and, perhaps It is far from certain that be a course war can avoided, but it will be easier to bring British influ¬ to bear if there ence neither Italian are nor German substantial than more and departure, however, looks to anything new an exchange of compliments good wishes and a general willingness to talk matters over, a number of obstacles will have to be Now that the nature and extent of Rus¬ overcome. sian influence in the Madrid Government than known they to was On the other war. are earlier, British were obviously less anxious than it ists win the better opinion see is the loyal¬ hand, with Italy ac¬ tively supporting General Franco and with the out¬ look his for ultimate brighter, Great Britain to doing business with is not apparently may a 1937 thinks it particularly worth good relations with Italy and Ger¬ it is obviously because, in the present uncer¬ in outlook countries is Europe, friendship the thought to be of those important than a more The traditional predominant friendship for France. Anglo-French friendship is still an active force in both countries, but there is accumulating evidence, both sides of the on Channel, that it has been ap¬ preciably impaired. Recent reports from London suggest that the ulti¬ objective of the Chamberlain Government is a mate four-Power entente is Great embracing Such France, Germany and Italy. Britain, agreement, it an pointed out, might do much to moderate the polit¬ ambitions of Chancellor Mussolini, give France the that it Hitler and Premier of security assurance desires, and allow Spain to pass without protest into the hands of whatever regime is able It would curb the to control it. facilitate and it could the spread of Bolshevism international trade. Whether keep Europe at peace, however, is quite an¬ Great Britain is respected other matter. on freer and feared Continent, but it is not loved, and the diver¬ gent interests of France with its financial weakness and dependence and its unstable Popular Front, of Italy with its ambitions in the Mediterranean and have to reconcile itself Africa, and of Germany with its hopes of eastward Spanish Government which influence will necessary to obtain satisfactory guarantees about Gibraltar. Moreover, if Italy intends to ask British strong. now 14, much success only essentially Fascist, but in which Italian be tain ical grievances in the way. If the many, through Italy and perhaps independently, with Germany. by such Great Britain If great sources of danger, them, are Germany and Italy: sees Aug. with must, if possible, avoid being drawn into in the interval. war even effort, be ready for at least another Chronicle It will be particularly expansion, will be hard to reconcile. be can deferred and that, when be somewhat restricted. aim is peace, highest practicable action of the kind is believed to be planned by Pre¬ are mier Mussolini—British not which to likely to be war comes, A war may its be range may diplomacy whose nominal and national policies whose aim is the approval for territorial expansion in Africa—some assent is The most that hoped for, apparently, is that measure of preparation for war, not, it must be admitted, well matched tools with carve a prosperous international future. given unless the freedom of the Mediterranean and Sea Red the is assured. New Germany presents different problems. ter of It is mat¬ general knowledge that financial and business opinion in England has for some time been favorably disposed toward Germany, and this feeling has been reflected in Government excited policy. The refusal to get German rearmament over or the military oc¬ cupation of the Rhineland, and the conclusion of independent naval agreement with an been have ment's other any significant indications attitude. Pronounced of Govern¬ opposition, hand, has been expressed to the the on recovery of the former German colonies that British the Reich, 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; shares issued to vendors; allotments arising from the capital¬ ization 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 an¬ ticipation of long-term borrowings; and loans of municipal and county authorities which are not specifically limited. In all cases the figures are based upon the prices of issue. SUMMARY TABLE OF NEW CAPITAL ISSUES IN THE UNITED KINGDOM of are now Capital Issues in Great Britain The in fCompiled by the Midland Bank Limited) Month of and. nominal journalists in England have been ir¬ 1924 ritating. The exact relations between Germany and July 31 16,536,000 26,729,000 34,894,000 41,820,000 ■ 1927 1928 in doubt. much 1929 thinking that the British rearmament 1931 moreover, are There seems 22,211,000 16,432,000 5,185,000 3,313,000 1930. reason Year to July 31 £21,352,000 1925.. 1926 Italy, 7 Months to July hands, and the activities of German agents for 1932 program is inspired apprehension from by fear of Italy than by 1933 1934 14,998,000 other quarter, but whether 1935 53,909,000 24,403,000 more any Italy and Germany would join hands in anywhere is as yet pure any war speculation. 6,002.000 1936 1937 NEW 20,305,000 CAPITAL ISSUES IN THE UNITED £127,568,000 140,890,000 158,365,000 194,588,000 244,436,000 217,754,000 158,292,000 76,100,000 78,084,000 75,330,000 84,020,000 139,954.000 133,387,000 117,721,000 KINGDOM BY £186,944,000 236,869,000 237,371,000 289,490,000 364,562,000 335,837,000 194,287,000 153,968,000 90,651,000 110,284,000 141,559,000 206,124,000 176,257,000 201,556,000 MONTHS [Compiled by the Midland Bank Limited] There remains the question of France. The de¬ 1934 cline most ade. of French influence in long and persistent harping and the need of collective France meantime and one of the striking political phenomena of the past dec¬ The man menace in Europe is upon the Ger¬ security, with elaborately fortifying its frontiers maintaining the largest military establishment Europe, has done much to alienate sympathy, and 1935 1936 £10,853,233 7,007,995 7,081,462 9,590,367 22,440,935 £16,592,347 12,620,080 12,386,235 4,108,238 19,727,811 £33,963,149 June.. 12.048.454 20.610.166 July 14.997,397 53,909,166 19,687,120 6,961,500 10,456,037 19,505,122 18,410,698 24,402,925 £84.019,843 £139,954,043 £133,386,551 9,878,332 6,682,428 7,719,440 4,706,804 January February March April May 7 months August September October November the League of Nations has become too weak and important to be longer useful for French un¬ purposes. December.. Year . 6,747,571 23,446,272 13,056,095 13.041,644 12,543,554 11,217,941 £150,189,757 £182,824,210 6,194,413 9,546.101 26,943,859 20,939.125 20,211,176 £217,221,225 1937 £27,614,265 10,671,858 11,257,125 11,947,382 11,410,592 24.514.648 20,305,459 £117,721,329 Volume Financial 145 DISTRIBUTION GEOGRAPHICAL CAPITAL ISSUES NEW OF Chronicle IN THE The Course of the Bond Market BY MONTHS UNITED KINGDOM Limited) iCompiled by the Midland Bank ■* fluctuations week United Kingdom Brit. Other India and Ceylon Foreign Countries £ £ 957,000 February.. March April May 586,000 1,135,000 I 660,000 568,000 118,000 13,000 1,202,000 2,346,000 14,433,000 9,688,000 11,076,000 3,443,000 18.788,000 1935—January 176,000 5,000 254,000 16,592,000 12,620,000 12,386,000 4,108,000 19,728,000 154,000 20,610,000 287,000 and 53,909,000 June 19.571,000 July 49,999,000 872,000 3,622,000 126,998,000 130,000 10,161,000 6,682,000 7,719,000 4,707,000 12.544,000 11,218,000 prices week a been have on Friday industrials Friday. moderately States this virtually un¬ Slight advances have ruled ago. were United narrow so were strong Government in Lower-grade rails Thursday and on turned bonds reactionary in the latter part of the week, mildly small volume. on 2,664,000 139,954,000 1,921,000 bond classifications and losses in others. some £ in that the closing prices changed from Total Countries 1007 7 months — 4,761,000 August ..... November December 1936—January April -. May June July 828,000 17,210,000 2,852,000 182,824.000 194,000 751,000 964,000 33.963,000 232,000 27,000 i,35e;666 quiet week, and Oregon. Washington RR. & Nav. 4s, 1961, were off % at Buffalo Rochester & railroad bonds has advanced of those week a been irregular. 1957, advanced to St. Paul mtge. 5s, 1975, while Denver & Rio Grande (assented bonds), lost % point at 14%. The utility bond market has characteristic was New York 1% points to 85%; The price movement of defaulted 2% points to 25%, Western 5s, 1955 up 4%s, Pittsburgh 79%, gaining 4% points. 6,961,000 10,456,000 19,505,000 920,000 133,387,000 453,000 11,562,000 from Chicago & St. Louis 4%s, 1978, moved 19,687,000 18.411,000 24,403,000 much 107; Union Pacific 4s, 2008, advanced % point to 108%. 84,000 73,000 268,000 128,000 153,000 2,014,000 varied Second-grade rails have moved to higher levels. 221,000 2,939,000 3,537,000 120,446,000 7 months 188,000 3,136,000 1,395,000 137,000 33,019,000 18,502,000 6,877,000 8,795,000 17,196,000 15,344,000 20,712,000 ... February March 222,000 545,000 15,000 161,934,000 Year. a prices have not ago. 375,000 7,344,000 3,940,000 9,204,000 9,686,000 September October High-grade railroad bonds have enjoyed final both of proved generally firm. high-grade and This second-grade t 8,018,000 September November December 3,763,000 451,000 30,000 155,000 22,730,000 18,271,000 16,997,000 October 78,000 1,770,000 1,528,000 4,346,000 August 2,069,000 568,000 1,572,000 1,487,000 6,194,000 9,546,000 26,944,000 20.939,000 20,211,000 bonds such with Bell few of 2,581,000 9,756,000 7,135,000 34,000 8,313,000 22.611,000 14,558,000 February. 31,000 1,000,000 396,000 1,467,000 4,792,000 2,097,000 830,000 678:600 ,614,000 ,672,000 ,257,000 ,947,000 ,411,000 ,515,000 141,000 4,481,000 1,125,000 ,305,000 95,218,000 ..... 1,602,000 18,654,000 March.. April May June July.... 7 months 407,000 17,000 2,405,000 24,802,000 8,043,000 1937—January Missouri 1st mtge. 3%s, the 3.060,000 217,221,000 20",666 year & further pronounced 208.1 of week ago. a The for cotton and hogsj also prices were hides, rubber, wheat, and coffee for copper, lead, silver, steel were and corn advances for silk, cocoa were and FrL, Sat., Mon., Aug. Aug. Aug. Tues., Aug. Wed.. Aug. Thurs.. Aug. Fri., Aug. as 6 7 9 10 11 12. 13- sugar, scrap The movement of the Index parisons, is net changes and wool. firm, There Govt Bonds Daily All 208.1 2 weeks ago, July 30 No Index Month ago, July 13 206.9 Year ago, Aug. 13 206.8 1936 High—Dec. 28 Low—May 12_ -.205.7 204.7 1937 High—April 5 Low—June 14 --204.8 120 com¬ PRICES —205.5 208.1 185.4 208.7 162.7 228.1 ; 198.2 have Aug. 13— 109.12 12— 109.23 fractional been advances closing at 83%, off 1%. 5%s, 1948, interest, as progress on except that ing of little on Otherwise, prices Shanghai. showed^ comparative1^ change. bond prices and bond yield averages given in the following tables: BOND YIELD AVERAGES (REVISED) AU Daily RR. P. ■ ) 20 Domestic 120 Domestic Corporate 120 1937 tic Japanese Friday with announcement of the shell¬ Moody's computed are Brazilian issues displayed some liquidation of speculative accounts (Based on Individual Closing P*ic Baa Obligations the new debt settlement slowed up. declined 120 Domestic A oils. Developments in the foreign bond market attracted little new Corporate by Groups* Aa the among companies have been irregular. paper MOODY'S by Ratings Aaa Steels convertible issues scoring fair-sized of (REVISED) 120 Domestic Corporate * Domes Corp.* Averages some Building supply company issues have been soft, Certain-teed (Based on Average Yields) U. S. The possibility of several very large variations, most of which have been advances. been issues MOODY'S BOND 1937 strength, adding a 7%-point gain to a weakness when meeting during the week, with 5s, 1957, enjoyed Industrial bonds have been dull, with prices showing only There lower. no follows: — & ref. Products largest declines The 104%, respectively. and Co. 1st gains; at 178%, Republic Steel conv. 4%s, 1950, were up 6%. Commodity Prices declined sharply this week, closing at 204.8 on Friday, as compared Staple of RR. Manhattan offerings for early fall has been indicated. have Index offerings, 1962, attained their best prices 100% 6-point rise last week. 2,247.000 117,721,000 Moody's Commodity Index Declines Sharply at 104%, Hudson minor Moody's recent Telephone Co. deb. 3%s, 1962, and Union Electric Co. of 1,090,000 22,264,000 190,808,000 Year Relatively exceptions. Philadelphia Electric Co. 1st 3%s, 1967, Southern as by Ratings 30 Corporate by Groups For Domes- U. Indus. Averages icCorp! Aaa A Aa Baa RR. P. U. Indus. 101.76 114.93 110.63 100.88 84.83 94.01 102.30 110.24 Aug. 13— 3.90 3.22 3.43 3.95 4.98 4.36 3.S7 3.45 101.94 114.93 110.83 100.88 84.83 94.01 102.12 110.24 12— 3.89 3.22 3.42 3.95 4.98 4.36 3.88 5.00 4.37 3.88 3.44 5.08 3.45 3.95 eigns- — 109.44 101.76 114.93 111.03 100.88 84.55 93.85 102.12 110.43 11 3.90 3.22 3.41 10— 109.57 101.76 114.93 110.83 110.88 84.55 93.85 102.12 110.24 10— 3.90 3.22 3.42 3.95 5.00 4.37 3.88 3.45 93.85 102.12 110.04 9.. 3.90 3.23 3.42 3.96 5.00 4.37 3.88 3.46 7— 3.90 3.23 3.42 3.96 5.00 4.37 3.88 3.46 6- 3.45 11 — --- «... 9„ 109.55 101.76 114.72 110.83 100.70 84.55 7— 109.53 101.76 114.72 110.83 100.70 84.55 93.85 102.12 110.04 6„ 109.49 101.76 114.72 111.03 100.88 84.55 93.85 102.12 110.24 3.90 3.23 3.41 3.95 5.00 4.37 3.88 5„ 109.50 101.76 114.72 110.83 100.70 84.55 94.01 102.12 110.04 5— 3.90 3.23 3.42 3.96 5.00 4.36 3.88 3.46 109.50 101.76 114.93 110.83 100.70 84.41 93.69 102.12 110.04 4„ 3.90 3.22 3.42 3.96 5.01 4.38 3.88 3.46 3-. 109.49 101.58 114.93 110.63 100.53 84.41 93.53 102.12 110.04 3- 3.91 3.22 3.43 3.97 5.01 4.39 3.88 3.46 mmm 2 109.48 101.58 114.51 110.83 100.70 84.41 93.69 102.12 109.84 2„ 3.91 3.24 3.42 3.96 5.01 4.38 3.88 3.47 mmm WeeUy— July 30— 109.52 101.58 114.72 110.63 100.70 84.28 93.85 iqj.94 109.84 July 30— 3.91 3.23 3.96 5.02 4.37 3.89 3.47 5.13 109.22 101.76 114.09 110.63 100.88 85.10 94.97 101.76 109.24 23- 3.90 3.26 3.43 3.95 4.96 4.30 3.90 3.50 5.13 3.45 3.97 4.95 4.30 3.91 3.52 5.20 4__ — 23— 5.09 --- Weekly— 3.43 16— 108.90 101.58 113.89 110.24 100.53 85.24 94.97 101.58 108.85 16- 3.91 3.27 9„ 108.59 101.58 113 89 110 24 100 53 85.24 95.13 101.06 109.24 9- 3.91 3.27 3.45 3.97 4.95 4.29 3.94 3.50 5.15 94.33 100.18 108.66 2- 3.95 3.28 3.47 4.00 5.05 4.34 3.99 3.53 5.17 June 25— 3.96 3.29 3.48 4.01 5.05 4.34 4.01 3.53 6.12 3.98 4.96 4.29 3.96 3.50 2— 108.39 100.38 113.68 109.84 100.00 83.87 June 25— 108.36 100.70 113.48 109.64 99.83 93.87 94.33 99.83 18— 108.44 101.41 113.89 110.24 100.35 85.10 95.13 100.70 109.24 1S- 3.92 3.27 3.45 11— 108.53 101.76 113.89 110.43 100.70 85.65 95.95 100.88 109.24 11— 3.90 3.27 3.44 3.96 4.92 4.24 3.95 3.50 5.11 4— 108.59 101 58 113 48 110 24 100.35 85.65 95.46 100.70 109.05 4— 3.91 3.29 3.45 3.98 4.92 4.27 3.96 3.51 5.19 3.46 3.98 4.92 4.26 3.97 3.52 108.66 1 110.04 100.35 100.53 108.85 May 28- 3.92 3.30 108.22 101.58 113.07 109.84 100.35 86.07 95.46 100.88 108.66 21.. 3.91 14— 107.97 101.23 112.25 109.44 99.83 86.21 95.13 100.88 108.27 14— May 28- 108.73 101.41 113.27 85.65 95.62 i 5.13 *--- 3.31 3.47 3.98 4.89 4.27 3.95 3.53 5.27 3.93 3.35 3.49 4.01 4.88 4.29 3.95 3.55 5.33 7- 108.03 101.58 112.45 109.05 100.18 87.21 95.78 101.23 108.08 7— 3.91 3.34 3.51 3.99 4.81 4.25 3.93 3.56 5.37 Apr. 30— 107.59 100.70 111.43 108.27 99.48 86 50 94.97 100.70 106.92 Apr. 30.. 3.96 3.39 3.55 4.03 4.86 4.30 3.96 3.62 23— 107.17 100.70 111.23 107.69 99.48 86.92 95.29 100.70 106.54 23- 3.96 3.40 3.58 4.03 4.83 4.28 3.96 3.64 5.31 16— 107.79 100.70 111.03 107.88 99.48 87.21 95.62 100.70 106.54 16- 3.96 3.41 3.57 4.03 4.81 4.26 3.96 3.64 5.33 85.65 94.49 3.70 5.33 21 — 5.41 109.64 107.11 98.45 99.31 105.41 9- 4.03 3.48 3.61 4.09 4.92 4.33 4.04 2— 107.19 100.18 110.63 107.49 98.80 86.64 95.13 99.83 106.17 2- 3.99 3.43 3.59 4.07 4.85 4.29 4.01 3.66 5.36 Mar 25— 108.40 101.23 111.84 108.27 99.48 87.93 96.11 100.70 107.30 Mar.25— 3.93 3.37 3.53 4.03 4.76 4.23 3.96 3.60 5.33 19.. 109.32 101.23 111.84 108.46 99.14 87.93 96.11 100.88 107.30 19- 3.93 3.37 3.54 4 05 4.76 4.23 3.95 3.60 5.26 12.. 110.76 102.30 112.86 109.24 100.35 89.40 97.45 101.76 108.27 12„ 3.87 3.32 3.50 3.98 4.66 4.15 3.90 3.55 4.55 3.90 4.57 4.09 3.81 3.49 5.24 9— 107.23 99.48 5.30 5.. 111.82 103.74 114.09 110.43 101.76 90.75 98.45 103.38 109.44 5- 3.79 3.26 Feb. 26— 112.18 103.93 114.72 110.83 102 12 90.59 98.62 103.93 109.84 Feb. 26- 3.78 3.23 3.42 3.88 4.58 4.08 3.78 4.47 5.13 110.83 102.48 91 05 98.97 104.11 109 44 19— 3.77 3 25 3.42 3.86 4.55 4.06 3.77 3.49 5 13 lO- 112.12 104.11 114.30 ll— 112.20 104.48 114.93 111.03 102.84 91.51 99.66 104.30 110.04 11— 3.75 3.22 3.41 3.84 4.52 4.02 3.76 3.46 5.18 5— 112.34 105.04 115.78 111.84 103.38 91 66 1C0.00 105.04 110.63 5- 3.72 3.18 3.37 3.81 4.51 4.00 3.72 3.43 5.19 3.80 4.52 4.00 3.72 3.39 5.34 29— 112.21 105.41 116.64 112.25 103.56 91.51 100 00 105.04 111.43 29.. 3.70 3.14 22.. Jan. 3.35 112.39 106.17 117.72 113.27 104 30 92.38 101.23 105.79 112.05 22— 3.66 3.09 3.30 3 76 4.47 3.93 3.68 3.36 92 28 101.23 106.17 3.65 3.07 3.29 3.75 4.47 3.93 3.66 3 35 5.41 Jan. 5.39 15.. 112 53 106.36 118.16 113.48 104.48 112.25 15- 8.. 112 71 106 36 117 94 113.89 104.48 91.97 101 23 106.17 112.25 8- 3.65 3.08 3.27 3.75 4.49 3.93 3.66 3.35 5.43 High 1937 112.78 106.54 118 16 113.89 104.67 92.43 101.41 106.17 112.45 Low 1937 3.64 3.07 3.27 3.74 4.46 3.92 3.66 3.34 5.09 1937 107.01 99.48 109.64 107.11 98 28 82 66 93.06 99.31 105.41 High 1937 4.03 3.48 3.61 4.10 5.14 4.42 4.04 3.70 5.43 88.22 96.44 102.66 3.85 3.21 3.44 3.99 4.74 4.21 3.85 3.49 5.75 77.60 85.65 95.62 4.37 3.58 3.88 4.48 5.54 4.92 4.26 3.93 Low 1 Aug. 13*36 110.56 2 1 Yr. Ago 102.66 115.14 110.43 100.18 93.86 107.69 102.12 92.12 109.44 Aug.13*36 1 Yrs.Ago Aug. 13'35 108.62 Yr. Ago i 2 Yrs.Ago j 101.23 Aug. 13*35 6.16 yields on tne basts of one "typical" bond (4% coupon, maturing In 30 years) and do not purport to show either the average level or the average movement of actual price quotations. They merely serve to Illustrate In a more comprehensive way the relative levels and the relative movement, of yield averages, the latter being the truer picture of the bond market. * These prices are computed trom average 1008 Financial Gross and Financial are railroad operations beginning to reveal In tabulation of the our in the portant in view of the turn unfavor- some trends, despite the generally upward business. regarding course of the of month of same earnings of the operating quirements not only absorbed all the gain but besides, that so net earnings actually The seriousness of this situation is dent and its causes difficult more to also are find. wages to against as annual re- This of the 20c. to hour in an hour increases an additional non¬ 750,000 increase of 5c. charge will de- entail making demands for large are despite the fact that levels creases, est an number an Moreover, the operating unions of railroad employees are the Board Aug. 4, that on outlay for the railroads of close to $100,- 000,000. more decreased, plain, but remedies workers manded. sufficiently evi- Higher costs Washington, 800,000 would receive 1936, but the increased costs taxes, wages, pensions, materials and other in taken by the dispute now The National Mediation wages. announced leading carriers for the month of June, presented herewith, the gross revenues show a material gain over 1937 Aug. 14, Earnings of United States Railroads for the Month of June of results United States able Net Chronicle figures cutting need for heavily into the net earnings of all railroads, of but for some roads this aspect is aggravated, known. ever in- wage at the high- are These events emphasize the the ICC. are course, since also be Apart from these considerations, it is to be noted long deferred maintenance and improvement expenditures the are added, being made in now are many that strikes in important industries and other diffi- instances, culties interfered only a little with the advance of charges higher. were The deferments, it may matter of necessity and not of a gross gross the railroads among estly in the improvement But the extent of their deal to be desired. In of business earnings gross $351,047,025 against $330,095,850 in the of last year, But the figure now 000,000 for the The of of adjustment which now largely responsible belated start toward a made was is is Commission. membered, however, roads unable to were the Motor that It the reduce this necessary Act, be over-regulated as re- rail- wages, degree commensurate with the depression quirements, and the highest re- in history again wages being paid in this branch of the transportation industry. For these and other reasons, already mentioned, added operating charges absorbed than the increase earnings in June of gross were more and the net only $86,067,895 against $88,- 850,296 in June, 1936, 3.13%. revenues, decrease of $2,782,401, or a In com- for also costs, such Mileage of 137 roads Gross earnings Operating 1936 235,744 inc. $351,047,025 264,979,130 75.49% $86,067,895 expenses 236,281 $330,095,850 241,245,554 Ratio of expenses to earning.. V Net earnings I— Great efforts regain revenues modes of are (+) or Dec. —537 (—) —0.22 +$2o,95i,i75 +6.34 +23,733,576 +2.4o% +9.83 73.09% $88,850,296 —$2,782,401 —3.13 being made by the railroads to as a promise of a store-door delivery of is as the as begins days of rapidly advancing costs, however, it seem be that extended more direct and immediate commodities, as This on basic requested by the roads in lieu of surcharges which they continue. aid by the ICC through quickened granting of applications for higher rates the In would were appear not permitted to to be especially im- the railroad reason business the activity, automobile one industry. Bureau of the Census, not only was there a gratify- ing increase in the output of motor vehicles as corn- pared with June was a year ago, but production largest for the month since June, 1929. that reports 497,298 automobiles the The Bureau manufac- were tured in the United States in June the present year as against but 452,968 cars in Junq, 1936; 356,340 in 1935; 306,477 in 1934; 249,727 in 1933; 183,106 in 1932; 250,640 in 1931, and 334,506 in 1930. in June, 1929, however, automobile Back production aggregated 545,932 cars. The iron and steel indus- tries, likewise, showed substantial increase. the of the case a In latter, while steel ingot production in June dropped off sharply because of strike con- ditions .and tons failed by nearly 1,000,000 (according to Steel gross report issued by the American Iron a Institute) equal the to output previous month, the output, nevertheless, ... ,. . higher than , ° , . m , _ for ■ the of the was 5% was A the i ' n , recorded statistics -no/» June, 1936, and, moreover, . month „ since 1929. The compiled by the American Iron and Steel Institute show that production of steel ingots in June the current tons as aggregated 4,183,762 year against 3,975,569 in June ing testify. of with 2,258,664 in June, 1935. could For the first normal agricul- a practice, the leading trade our measure freight, stream-lined trains, speeded freight sched- would the temporary halt in the light of ules and air-conditioned passenger cars these because Here, according to the statistics compiled by the largest lost to motor and other competitive transportation, taking, naturally and 1937 to freight traffic, and for this indices We present the results below, in tabular form: Month of June— also picture cannot be considered wholly unfortunate. Carrier must but tnral slowly being implemented by the Inter- state Commerce a in a came time in years there is than $500,- more mood, month competition of motor carriers and other forms situation, and are or from 1923 to 1929, inclusive, years transportation to revenues benevolent the great droughts of recent years. were attained does not begin to with the average pare year 6.34%. same advance of $20,951,175, an crop not only because nature appeared to be in more istration great a the present egregious plow-under plans of the Roosevelt Admin- conditions, participation leaves June, the a sharing mod- are Moreover, revenues. cessors, depression at long last is being sur- mounted, railroads of the country The promises to be greatly better than its several prede- by the depression. Now that the of the railroads during June. revenues upturn in general business is reflected in the higher policy, for the struggle to survive is well attested by the financial wreckage left liberal treatment of the carriers by more year gross tons gross ago, and Comparisons with preced- back to and including June, 1929, years, 3,059,483 a in 1934; 2,564,420 in are: 1933; 912,757 in 1932; 2,127,762 in 1931; 3,418,535 in 1930, and 4,902,955 in 1929. In the case of pig iron, the current year's June output, according to the figures compiled by the "Iron Age," totaled 3,107,506 tons (the largest June total since 1929) as with June, only 2,586,240 gross tons in gross compared 1936; Financial Volume 145 1,552,514 in 1935; 1,930,138 in 1934; 1,265,007 in 1933; 628,064 in 1932; 2,934,191 in 1930. tion reached Turning the 1,638,627 1931, in and Back in 1929, however, produc- 3,717,225 It is, however, when mining of coal—we find that both the bitumi- nous and anthracite was much United quantity of present output, particularly the former, larger than in June States Bureau bituminous coal against 29,217,000 tons last 1935; 25,877,000 in reports that the mined year; June in the tons net as 30,117,000 tons in 1934; 25,320,000 in 1933; 17,- 749,000 in 1932, and 29,185,000 in 1931, but ing with 33,714,000 in 1930 and with 38,580,000 in 1929. The ago. year 31,560,000 aggregated year a Mines of In the compar- less than no of Pennsylvania case anthracite, the quantity mined in June the present reached 4,471,000 net tons in June, 1937, year against 4,306,000 in June last with 5,642,000 in 1935. and including as but comparing year, June the totaled output tion, the number of The also showed very back to 1929. construction east of the ent year we marked improvement with June last year as compared contracts Dodge Corp. reports that awarded in 37 the involved a money of about pres- outlay of $318,137,160 37%). as (an year In preceding years the valuation of building contracts awarded in money June States Rocky Mountains during June the against only $232,664,700 in the previous increase turn, now and, in fact, all previous years The F. W. loaded with cars revenue 2,976,522 cars the as against only 2,786,742 four weeks of same 1932, and 2,991,950 in 1931, but comparing with 3,718,983 in 1930 and no less than 4,291,881 cars in 1929. What has been said above applies exclusively to the railroads of the country attention as find the exhibits in we Turning whole. a to the separate roads and sys- now consonance with the compila- our tions giving the increases and decreases in and net earnings in standing feature is the heavy shrinkage in the of the net. While but eight roads show a earnings, above the amount mentioned, gross than 26 roads report a Joss in the case Several large roads and systems, too, of the substantial im- might be expected, likewise showed as crease. National Manufacturers 530 identical mills July 3 reported lumber the Lumber of average ended as same a Association, stantial gains in the category are 1936, or an five increase of 14%. same feet 1,272,298,000 1,175,636,000 feet in the previous received of the New are case of the In this latter gross. year, a only gain of 8%, gross gross and loss of $126,779 a earnings and cover a a gain decrease of the operations York Central and its leased lines; in- an a increase of $1,642,976 in the case of the gross and Other loss of $583,959 in the case of the net). are the Union Pacific, with $980,366 gain in and $(>44,951 loss in net, and the Louisville & Nashville, Reporting an increase of $429,850 in accompanied by a loss in net of $124,478. gross Among the roads/ which have suffered losses in both gross and net earnings alike, we find the Chicago & North with Westerp, $561,511 decrease in gross and below those in the $1,062,^95 in net; the Chesapeake & Ohio, $967,178 corresponding period of 1936, reaching only 1,066,977,000 feet as compared with 1,101,532,000 feet in gross and $356,108 in net, and the Minneapolis & St. Lduis, with $214,627 loss in gross and $204,181 in 1936. decrease in net. Lack of On the other roads was present on year were 3% five weeks of against obliged eluding the Pittsburgh & Lake Erie, the result is roads Shipments of lumber, too, in the aggregated of $1,415,917 in gross the less to be found the Pennsylvania RR., with $3,650,741 increase in weeks in Compared with only 1,207,617,000 feet in five weeks of orders an no to reveal decreases in/net earnings, following sub- cut of 1,382,357,000 feet of 1937 but large in- a According to the figures compiled by the case loss in of the net. $576,871 in net (these figures In view gross of $100,000, the out- excess 891,100 in 1929. in 2,504,974 in 1934; 2,265,379 in 1933; 1,966,488 in in net, and the New York Central, reporting provement in the building trade, lumber production, cars 2,465,735 in 1935; 1936; $148,005,200 in 1935; $127,055,400 in 1934; $102,341,900 in 1933; $113,075,000 in 1932; $316,147,000 in 1931; $600,573,000 in 1930, and $529,was freight (the largest number recorded for the month since 1931) showing for the roads collectively.' In building industry, to which Car the railroads of the United States aggregated on terns, ' During the four weeks of June the current Service Division of the American Railroad Associa- in ' statistics year, according to the figures compiled by the our 1932; 4,544,000 in 1931; 5,152,000 in 1930, and to the turn of all that has been said above is most clearly manifested. 4,184,000 tons in 1934; 3,928,000 in 1933; 2,550,000 5,069,000 in 1929. we showing the loading of revenue freight on all the railroads of the country that the composite result In previous years, back to 1929, 1009 121,000 bushels in 1934; 79,206,000 bushels in 1933; 21,438,000 in 1932; 45,104,000 in 1931; 45,232,000 in 1930, and 57,019,000 bushels in 1929. tons. gross to another large basic industry— now Chronicle hand, the grain traffic a over Western greatly reduced scale in June the compared with the month as a year The falling off, moreover, except in the case wheat—the movement of which was slightly separately space prevents our naming their increases) the roads dis- (with tinhuislied for ghins in both gross and net earnings alike, so we shall confine ourselves to mentioning few of the most conspicuous. The Duluth ago. only of Missabe & Northern (which heads the list in the case of the net) reports $1,922,668 increase in gross hnd $1,604,371 increase in net; the Atchison To- larger—extended in greater the different cereals. grain traffic in a lesser degree to all separate paragraph further along in this article and need four weeks ended June Western or We discuss the details of the only note here that for the 26, 1937, the receipts at the primary markets of wheat, corn, oats, bar- ley and rye, combined/ were only 30,665,000 bushels as against 49,732,000 bushels in the a peka & $313,674 Santa Fe, $1,986,928 gain in gross and increase in net; the Great Northern, $817,627 gain in gross and $328,640 gain in net; the Bessemer $640,125 in & Lake gross Erie, showing an increase of and $545,278 in net; the St. Louis¬ period of San Francisco, with $564,710 increase in gross and 1936, but comparing with only 23,809,000 bushels $347,035 gain in net, and the Reading, with a gain in same 1935. In the years immediately preceding, receipts in the corresponding four weeks were 44,- of $521,772 in the case of the gross and $226,579 in the case of the net. In the subjoined table we bring Financial 1010 -Net Earnings- District and Region together all changes for the separate roads and sys¬ Month in amounts for tems of fl00,000, excess whether decreases, and in both gross and net: or PRINCIPAL CHANGES IN JUNE, 7,045 26,540 24,862 3,088,498 15,445,473 20,329,221 17,065,862 -1,620,389 9.49 20,367,446 —38,225 0.18 58,447 38,863,192 40,107,207 —1,244,015 3.10 Increase Western Pacific Southern Pacific (2rds.)_ 2,329,711 1,986,928 $266,787 238,758 238,536 227,059 208,322 193,368 190,275 183,141 170,359 146,961 Boston & Maine Atch. Top. & Santa Fe. . Dul. Missabe & Northern Central of N. J 1,922,668 Pittsburgh & Lake Erie. al,415,917 Denv. & Rio Gr. Western _ Great Northern Bessemer & Lake Erie.. Hartford- Reading Northern Pacific rds.) Colo. & Southern (2 Louisville & Nashville— Virginian Elgin Joliet & East Atlantic Coast Line Seaboard Air Line Isl. Rock Chic. (2 rds ) Southern Texas & Decrease $967,178 561,511 214,627 197,101 190,761 167,032 M. St. P. & S. S. M_ Chic. St. P. M. & O 149.679 Illinois Central 117,150 296,835 Mo. Kansas Texas. Total (8 roads) 267,770 $2,565,039 the operations of the New York Central and the leased lines—Cleveland Cincinnati Chicago & St. Louis, Michigan Central, Cincinnati Northern, and Evansville Indianapolis & Terre Haute. Includ¬ ing Pittsburgh & Lake Erie, the result is an increase of $1,642,976. a IN CHANGES OF NET EARNINGS JUNE, 1937 FOR THE Colo. & Southern (2 rds.) Great Northern 8,550,421 8,794,075 8,776,439 9,442,154 —226,018 2.57 —648,079 6.86 44,780 Total 38,925 6,010 44,935 17,344,496 18,218,593 -874,097 4.79 11,219,183 Western District— Atch. Illinois Central Lehigh Valley Del. Lack. & Western __ Reading Elgin Joliet & East M.St.P.&S.S.M 227,940 Virginian Chic. Burlington & Quincy Chic. St. P. M. & O 241,131 Kansas-Texas Mo. New York Central 307,922 Top. & Santa Fe_. Missouri Pacific St. Louis Southwestern 226,579 195,144 _ Erie (2 roads) Chic. Great Western New Orleans Tex. & Mex. & Mexico 188,357 Texas & Pacific Minn. & St. Louis 204,181 184,698 184.618 (3 roads) Central of N. J Long Island.. 191,688 163,056 150,815 150,319 147,629 146,391 126,779 124,478 111,667 105,429 Denv. & Rio Gr West 177,362 Boston & Maine & Pac. St. P. Chic. Mil. 153,838 Atlantic Coast Line Norfolk & Southera N. Y. Chic. & St. Louis.. 119,572 117,401 Pacific Pere Marquette 141,620 Seaboard Air Line Western $767,276 644,951 619,358 a576,871 518,352 487,827 408,445 301,106 297,592 248,475 234,801 207,316 Union Pacific 313,674 (2 rds.) New York Ontario & W__ Pennsylvania Louisville & Nashville Total (23 D&CT6QS6 Chic. & North West So. Sh. & Atl Duluth $5,935,845 roads) Grand Trunk West $1,062,795 Chesapeake & Ohio # Total (26 956,108 roads) $8,953,705 These figures cover the operations Cincinnati Chicago of the New York Central and leased & St. Louis, Michigan Central, Northern, and Evansville Indianapolis & Terre Haute. In¬ cluding the Pittsburgh & Lake Erie the result is a decrease of $583,959. a lines—Cleveland Cincinnati It will be extent and view of the general character of the shrinkage in net earnings—that groups or surprise to hear—in no the when roads are arranged in geographical divisions, according to their location, that all the eight regions comprising the three the great districts (the Eastern, the Southern, and Western) show increases in the gross earnings, with single exception of the Pocahontas region in the Southern in the the District, which reports of the net case a small loss, while earnings, every region, with exception of the New England in the Eastern District and the Southwestern in the Western Dis¬ trict, is obliged to report a loss—in several instances Onr large amount. below. As by summary previously explained, 56,815 10,717,820 12,865,082 13,502,575 —501,363 —637,493 4.72 Southwestern region 29,763 29,867 6,277,305 5,802,738 + 474,567 8.17 .132,747 132,899 29,860,207 30,524,496 —664,289 2.17 Total, all districts... 235,744 236,281 86,067,895 88,850,296 —2,782,401 3.13 Total _ the roads conforms to the classification of the Interstate Commission, and the following indicates the confines of the different Commerce and regions: groups EASTERN New England a ferent groups note to groups we group is and the westerly shore of Lake Michigan to Pittsburgh to New York. are the roads indicated in the foot¬ Region—Comprises the section south of the Great Lakes Region Central Eastern Chicago through Peoria to St. Louis and the Mississippi River Ohio River, and north of the Ohio River to Parkereburg, W. to the mouth of the southwestern corner of Maryland and by the Potomac Va., and a line thence to the River .to Its mouth. SOUTHERN DISTRICT Region—Comprises the section east of the Mississippi River and south W. Va., and a line thence following the of Kentucky and the southern boundary of Virginia to the Atlantic. Southern of the Ohio River to a point near Kenova, eastern boundary of the southern boundary of and the Ohio River north to Parkereburg. W. Va.. the southwestern corner of Maryland and by the Potomac River to Its mouth. Region—Comprises the section north Pocahontas and south of a line from Parkersburg to thence WESTERN* DISTRICT < Great Lakes Region, north of Central Western Region—Comprises the section south of the Northwestern Region and thence to St. Louis, and north of a line west of a line from Chicago to Peoria from St. Louis to Kansas City and thence to El Paso and by the Mexican between the Mississippi River line from St. Louis to Kansas City and thence to El Paso Southwestern Region—Comprises the section lying ■outh of St. Louis and a and by the Rio Grande to the The grain movement over Western roads in June the present year, as we have already pointed out, fell very at even much below that of last year, although, that, it was -Gross Earnings1937 $ Eastern District— roads) Great Lakes region (24 roads) Central Eastern region (18 roads). __ _ 13,638,945 1936 than last year, the $ 12,641,753 $ + 997,192 much larger than in in kets save contributed to the shrinkage. Thus weeks four the ended June 26 reached 14,161,000 bushels against only 13,059,000 bushels the similar in but weeks of 10,410,000 bushels 1936; the receipts of corn compared with 22,871,000 as bushels, and of oats but 2,945,000 bushels against Adding barley and rye—the receipts of 6,004,000. which were spectively, only 2,439,000 and 710,000 bushels, re¬ compared with 5,942,000 and 1,856,000 as bushels, respectively—receipts at the Western pri¬ markets of the five staples, wheat, corn, oats, mary barley and totaled rye, only 30,665,000 bushels against 49,732,000 bushels in the same four weeks of 1936, but comparing with only 23,809,000 bushels 1935. Going further back, comparison is with 44,121,000 bushels in 1934; 79,206,000 in 1933; 21,- 438,000 in 1932; 45,104,000 in 1931; 45,232,000 in 1930, and 57,019,000 in Western (—) % 1937 1929. The details of the grain movement, in our usual form, are set subjoined table: FLOUR AND (bbls.) Wheat (.bush.) GRAIN RECEIPTS Corn Oats Barley Rye (bush.) (bush.) (bush.) (bush.) 5,222,000 6,970,000 754,000 812,000 149,000 1,406,000 875,000 416,000 Chicago— 7.88 1936 ... 650,000 597,000 ... 824,000 787,000 Minneapolis- 65,222,008 63,530,572 + 1,691,436 2.66 69,607,459 + 5,992,373 8.60 1937 .154,460,785 145,779,784 + 8,681,001 5.95 Duluth— . 1936 1,807,000 ... 364,000 565,000 672,000 282,000 2,678,000 ... 2,377,000 1,863,000 2,714,000 529,000 187,000 15,000 231,000 367,000 1937 + 2,495,726 6.48 40,964,036 roads).. Pocahontas region (4 roads) 38,468,310 20,166,777 20,266,464 —99,687 0.49 61,130,813 58,734,774 +2,396,039 4.07 ... 283,000 101,000 1936 Southern District— Southern region (28 too, cereals, receipts of wheat at the Western primary mar¬ June 26 Inc. (+) or Dec. very different wheat, the receipts of which were slightly larger 75,599,832 .. Total (52 roads) still the All 1935. June, 4 Weeks Ended Flour New England region (10 Gulf of Mexico. GROUPS District and Region boundary to the Pacific. WESTERN Month of June a and by the Columbia River to , BY Canada lying west of the line from Chicago to Omaha and thence to Portland the Pacific. Northwestern Region—Comprises the section adjoining out in the the table: SUMMARY Chicago, and north of line from Chicago via as The boundaries of the dif¬ and regions DISTRICT Region—Comprises the New England States. Region—Comprises the section on the Canadian boundary between Lakes Great New England in to conform with the classification of the Interstate Commerce Commission. 4.46 46,084 56,900 46,217 Cent. West, region.. Northwestern region. Virginia, east of Kentucky Baltimore & Ohio 347,035 330,665 328,640 St. L.-San Fran. MONTH Decrease Increase Dul. Missabe & Northern.$1,604,371 Bessemer & Lake Erie 545,278 : 38,735 6,045 __ These figures cover PRINCIPAL of ; Southern region Pocahontas region east of a line from Mex. (3 roads) - NOTE—Our grouping of Chic. Mil. St. P. & Pac__ 390,709 353,190 351,564 350,751 — Norfolk & Western Orl. $22,467,314 N. Y. Ont. & Western Pac. & Texas & Pacific New Norfolk & Southern 640,125 Mobile & Ohio 564,710 Baltimore & Ohio 526,254 Western Maryland 521,772 Total (39 roads).. 511,673 446,499 429,850 425,650 418,544 Chesapeake & Ohio 402,346 Chic. & North West 401,548 Minn. & St. Louis _ St. L.-San Fran. (2rds.)_ N. Y. N. H. & Del. Lack. & Western 980,366 817,627 Union Pacific 6,982 __ Southern District— 1937 Tyi rrpft qp $3,650,741 New York Central 15.50 GROSS EARNINGS FOR THE MONTH OF Pennsylvania % + 414,599 58,217 Central Eastern Total (—) $ 2,673,899 26,446 reg'n 24,789 New England region. Great Lakes region increases Inc. ( + ) or Dec $ $ 1936 1937 1936 1937 Mileage of June Eastern District— 1937 14, Aug. Chronicle ... 1,125,000 1,321,000 494,000 Milwaukee— . 1937 ... 52,000 58,000 77,000 22,000 296,000 37,000 1936 _ Total (32 roads).. ... 56,000 229,000 615,000 59,000 1,524,000 40,000 155,000 186,000 408,000 1,000 9,000 323,000 270,000 281,000 98,000 18,000 76,666 Toledo— 1937 Western District— 1936 Northwestern region (15 roads) Central Western region (16 roads) Southwestern region (22 roads) Total (53 roads) _ _ . + 1,849,347 + 6,164,925 10.46 26,922,952 25,063,089 + 1,859,863 7.42 43,450,234 .135,455,427 125,581,292 + 9,874,135 Detroit— 1 Q**7 lilOl 1936 7.86 .351,047,025 330,095,850 + 20,951,175 6.34 - _ _ 8+000 ~~9~666 36",000 ... 881,000 1,569,000 598,000 ... 510,000 4,106,000 596,000 ... ;;;;;; 4O"O66 Indianapolis & Omaha— 1937 Total all districts (137 roads) ... 4.44 65,082,241 41,600,887 58,917,316 ... 1936 — ^ „ 51,000 121,000 Financial Volumt 145 1 W ks. End. Flour (bbls.) June 26 Wheat (.bush.) Chronicle with 1929 June, St. Louis— 1011 not comparing we are (bush.) (bush.) (bush.) (bush.) Rye Barley Oats Corn 1929, unquestionably was with totals of unusual size. a period of very excep¬ tional activity in trade and industry, yet we were led at the 1937 ... 370,000 308,000 823,000 262,000 168,000 23,000 1936 ... 487,000 840,000 1,793,000 448,000 96,000 128,000 65,000 1,168,000 149,000 278,000 143,000 revenues 306,000 182,000 tively time to comment Peoria— 1937 ... 129,000 1936 ... 128,000 56,000 2,326,000 164,000 ... 45,000 3,879,000 749,000 48,000 ... 61,000 Kansas City— 1937 1936 3,424,000 2,401,000 522,000 ... 102,000 68,000 ... 106,000 372,000 58,000 111,000 St. Joseph— 1937 1936 •••"•I# 6,000,000 4,000 ... 2,865,000 11,000 a mi ... 26,000 79,000 78,000 25,000 1,000 ... 35,000 300,000 24,000 22,000 15,000 Total all— 1937 ... 1,246,000 14.161,000 10,410,000 2,945,000 2,439,000 710,000 1936 ... 1,556,000 13,059,000 22,871,000 6,004,000 5,942,000 1.856,000 in June the a to have been considerably larger than While at Chicago and Omaha receipts comprised only 7,126 and 1,601 carloads, compared with 7,555 and 1,706 cars, as that so In June, 1928, the falling off five the traffic cotton ordinarily,of against 1,996 cars. far overland as Southern roads— great consequence in June, it being no tail end of the crop the over season—the movement, so shipments concerned, are was con¬ (in fact, the siderably larger than in June, 1936 largest for the month in all recent years), but fell much below a very of the in regard to receipts year ago Gross ship¬ staple at the Southern outports. overland ments totaled 47,466 bales in June the present year as compared with only 45,795 bales in June, 1936; 39,651 bales in 1935; 17,722 bales in 1934; 39,310 bales in 1933; 14,575 in 1932; 42,610 in 1931; 34,131 in 1930, and 22,761 bales in 1929. ceipts of the staple at the Southern June the present 74,833 bales only were year Re¬ outports in as against 137,946 in June, 1936, but comparing with was not itself of very great 1927, registered Our tables for June, Sundays). 2.88%, and $1,827,387 de¬ crease in net, or 1.41%. The decrease, though not very large, was disappointing, because the revival in trade and industry, which subsequently became so pronounced, was then already under way, and because it came after really quite heavy losses in June, 1927. In this latter year our compilations registered a falling off of $23,774,774 in the $14,871,440 decrease in gross to constituted especially the net earnings. As improvement considering that June of that year had one less working day than June, 1927 (it having con¬ tained five Sundays, whereas June, 1927, had only four, and it might be added that June, 1929, and June, 1930, likewise magnitude, braced as 1929 the merely of what had been lost in 1928 and 1927. respectively, in June, 1936, at Kansas City they em¬ 3,712 carloads the been rela¬ after losses in June of each of the two pre¬ came years, recovery had hand, the Western livestock move¬ year ago. respectively, alike, ceding 3,000 • 1936 ment appears the improvement in ■ Sioux City- On the other that fact very small, the increase in the gross then having been only $28,577,315, or but 5.68%, and even the increase in the net, while much larger in ratio, owing to the greater net ... 1936 the efficiency of operations, being only $22,659,557, or 17.77%. Moreover, these increases in 1929. in the matter of gross and Wichita— 1937 on of these rail carriers in that month had earnings, result of a gross, or 4.40%, and of $20,897,156, or over or 14%, in These large losses in June, 1927, were the unfavorable special of variety influences and conditions, the more important of which at least were not repeated in June, 1928, hence the disappointment at the lack of recovery in the latter year. June, 1927, there was, in the first place, the strike at the unionized bituminous coal mines in various parts of In the country. still in* force This strike began on April 1, 1927, and was in June of that year. It involved a sub¬ coal the in reduction stantial tonnage of railroads the particularly those in Illinois, true that the strike benefited the traversing the Central West, Indiana and Ohio. roads serving It is non-union mines, and yet some of these latter, nevertheless, failed their production of the equal to year conspicuous instance beiiu? the rail¬ roads in the Pocahontas region, like the Chesapeake & Ohio, the Norfolk & Western, and the Virginian Ry., the explana¬ tion of this being found in the fact that these same roads had had their tonnage and revenues greatly swollen in 1926, owing to the large foreign demand for coal, which then developed because of the coal miners' strike in Great Britain. This latter began on May 1 of that year and did not terminate until towards the close of November in the (1926), preceding same year. one But though in 1928 there was no repetition of happened that bituminous* this coal miners' strike of 1927, it In previous years the only 57,218 bales in 1935. June 183,553 comprised receipts bales in 1934; 328,202 in 1933; 174,056 in 1932; 81,651 in 1931; 138,761 in 1930, but only 69,458 in 1929. In the fol¬ lowing table we give the details of the port move¬ coal stocking up past three years: accumulations 1936 1934 1935 1933 matter The 1932 back 4,126 — 10,554 38,693 58,268 21,485 14,054 10,275 33,078 100,800 20.486 138 Houston, &c 19,088 8,365 Galveston 692 281 5,012 438 Corpus Christi 1,357 ' Beaumont • - ... - 844 24,621 1,031 66,328 78,864 67,814 17,736 22,167 26,783 5,334 6,659 8,642 4,816 1,315 9,585 12,476 10.797 10 23 13,435 2,345 4.813 4,922 24,921 25 59 850 10,173 170 422 1,861 815 813 2,311 2,268 3,964 4,026 1,095 3.265 2,975 682 25 257 726 425 57,218 183,553 328,202 174,056 New Orleans 29,079 80,932 Mobile 16,887 9,714 8,307 2,208 3,001 Pensacola Savannah Brunswick - 3,216 Charleston Lake Charles Wilmington — Norfolk - ~ - 329 Jacksonville 137.946 74,833 Total.. 5,457 Returning has to a already been comparison of the general laid on stress the fact that the present year's railroads of $20,by a loss in net earnings of $2,782,401 (or 3.13%). In June a year ago there had been substantial gains in both gross and net earnings: namely,. $49,244,6&4 (or 17.53%) in the former and $24,046,259 (or 37.09%) in the latter, but these increases fol¬ lowed losses of $1,431,003 in gross and of $9,608,823 in net in June, 1935, which, in turn, came after a gain of $4,482,585 and a decrease of $18,438,598 in net in June. gain in gross 951,175 1934. earnings recorded by the (or 6.34%).was attended In the (1933) there had been an increase of $35,484,283 in gross earnings and a gain of $47,429,940 in net earnings, but these gains came after heavy cumulative losses in the three years immediately preceding. In June, in 1932, previous our year tabulations showed losses of $123,273,269 and this came on top of $75,062,549 loss in gross and $20,387,220 in net in June, 1931, and of $87,518,847 loss in gross and $39,954,902 in net n gross and of $42,680,821 in net, June, 1930. it is In extending our comparisons further back, important first of all to point out that in comparing had yet not in the production of bituminous been found and a de¬ coal. however, one serious draw¬ 1928 which they had encountered in June of the railroads in were spared, In June, 1927, many of the roads in the Valley and the Southwest still suffered from disastrous overflow of the Mississippi River and its Mississippi the tributaries for which that year was noteworthy. In fact, portion of the afflicted area in that month of 1927 had to contend with a second overflow, caused by spring freshets. a As nothing of the kind was experienced in 1928, some of in 1927 had had their earnings heavily re¬ the roads which duced, by reason of the circumstance mentioned, were able to show substantial gains in earnings, representing a re¬ covery of what had been lost in that way in in such instances the proportion totals, it previous year. even Results for Earlier Years which appeared on top of the big decrease in 1927. j As a of fact, the shrinkage in the anthracite output con¬ even into June of the next year, though there was a recovery 1937 coal pronounced than in the case of soft coal, tinued 1934, 1933 AND 1932 of , crease RECEIPTS OF COTTON AT SOUTHERN PORTS IN JUNE, 1937, 1936, 1935, June, 1928, actually fell below that in possible to work off in 1928. In the antthracite field, too, the further slump in production in June, 1928, proved even more ment of cotton for the of being that in anticipation of the strike had led to heavy production June, 1927, when the strike prevailed, the reason 1927. And yet 1928 gains were by no means in to the previous years' losses. As against any advantages to the roads on that account, however, the South was still suffering from trade depression due to the collapse Florida had many troubles of in addition to the collapse in land values, and, accordingly, the roads traversing Florida, or estate real of its own booms, while to contend against connecting with the same, suffered very traffic and earnings on top of the losses heavy losses in of the previous year. On the other hand, in the two years immediately preced¬ ing, the exhibits were quite favorable. In June, tabulations showed $32,634,035 gain in gross 1926, our and $18,- net, and in like manner the figures for June, 1925, registered $41,227,707vincrease in gross and $29,350,006 increase in net. However, the gains in these two years to a very large extent, at least as far as the gross earnings are concerned, were simply a recovery of the losses sustained by the railway transportation lines of the country in 1924. This last-mentioned year was the time of the Presidential election, when a tremendous slump in busi¬ ness occurred, which was reflected in sharply declining railroad revenues. Our table for June, 1924, showed a fall571,582 gain in 1012 Financial ing off in the with of no less than gross decrease in the net of a $75,442,339, $22,846,602, or 13.97%, or 18.37%. But it should also be borne in mind that these losses, in turn, lowed heavy gains in 1923. This last-mentioned fol¬ year was in respects the best in railroad many the case big manufacturing history, particularly in East-and-West trunk lines serving the of the great Middle West. sections of The Middle States and the improvement in earnings in June of that amounted to $66,903,501 year the in the gross, 14.14%, and or to $14,427,896 in the net, or 13.16%. carrying our comparisons back beyond 1923, to 1922 and 1921, a fact which must not be overlooked, especially In in the of the is that in these roads made very notable of trol of the net, case the of expenses the years the managers headway in regaining roads after the con¬ unfortunate period of government operation. While the improvement in the net in June, 1923, was relatively small and fell below expectations, it came on top of improvement in gross and net alike in 1922 and the case for in striking improvement in 1921 very of the net, though not in the gross. in Our statement June, 1922, though recording only *12,376,822 increase or 2.69%, showed $28,989,678 increase in net, or gross, 36.03^, because of That expenses. an concurrent reduction of a reduction in expenses, $16,612,856 in turn, followed m greater reduction in 1921, when our tables recorded $65,390,662 gain in net in face of a loss of $33,582,095 in the even earnings, indicating that operating expenses for the month in that year were reduced no less than $98,972,757, or gross 20%; the loss in the over larger except for the the then would have been much the Commerce Commission gross fact that previous July had authorized advances in freight and rates which it was computed at the time would passenger add $125,000,000 month to the gross earnings of the volume of traffic had remained a riers—supposing car¬ the un¬ changed instead of undergoing an enormous shrinkage. In like manner, the $98,972,757 saving in expenses would have reached still higher figures except that wage schedules the previous July had been raised 20%—which advance would have the added $50,000,000 carriers ployees month to the annual a if the volume of been maintained had traffic and the at payrolls the force high level of of em¬ existing when the wrage award was made. Previous mounting to 1921, in the on perfectly a point was reached when aged properties other hand, expenses frightful the even way, until strongest' had in and been 1920 best a man¬ barely able to meet ordinary running were expenses, not to mention taxes and fixed chancres. And it is these prodigiously inflated expense accounts that furnished the basis for the savings and economies that were effected 1921 in and 1922. In June, 1920, particularly, expenses exceptionally heavy and the net correspondingly low. At that time, in 1920, railroad managers had very distressing were conditions of operations to contend with, the troubles ex¬ perienced in that respect in April and May having extended into June. What with ^ outlaw labor strikes the on troubles at car shortages, railroads freight congestion, themselves and additional terminal points by reason of strikes of teamsters and draymen and the like, which interfered with unloading and removal of freight—intensifying the conges¬ existing—and with wages high, it was impossible to avoid heavy increases in expenses, even though comparisons tion with totals were of expenses in themselves large the year before. In speaking of expenses in the year before (1919) as having large, a word of explanation is necessary. Actually, tables recorded $78,763,342 reduction in expenses coinci¬ been our dent with gain of $30,769,974 in gross revenues, yielding, therefore, an addition to net in the huge sum of $109,533,316. But this followed entirely from the exceptional nature of the result in a June of the year preceding. In this preceding (1918) there was included in the expenses one item of huge magnitude and wholly abnormal in character. Wilyear THE STATE OF TRADE—COMMERCIAL EPITOME Business activity to the dropped "Journal activity and petroleum runs off of slightly the Commerce." past McAdoo G. liam week, Automotive to stills dropped sharply. Car loadings and bituminous coal production also declined. As an offset, however, electric output was the highest since July 17, when the year's peak was reached, and steel Aug. 14, 1937 then was Director-General of Railroads, and after granting a big increase in wages to railroad em¬ ployees, that of retroactive the compensation in returns included in creases the at wages other numerous for that he directed for six the the the whole should months month of be The in¬ June. stage (subsequently there were added, it was estimated, some¬ increases) between where 111999207633485720856 20 to Jan. 1, extra $300,000,000 and $350,000,000 to the annual roads. Accordingly, the June expenses in included $150,000,000 to $175,000,000, represent¬ payrolls of the that year ing the result of increases for the six months to June 30. wage that with was gain in a $40,002,412, there was less than $182,340,983, augmentation in an 11199930368742564 2 of meeting their bare running expenses—from which that reduction The time. elimination of the fore, in in expenses 1919, with subjoined table furnish we the June comparisons 1909: back to Gross Earnings Mileage Month of Year Year June Given Preceding Inc. (+) Per Year Year Cent Given Preced'g or Dec. (—) $210,356, 964 $184, 047,216 + $26,309,748 + 27,805,640 237,988, 124 210 182,484 231,980, 259 238 499,885 —6,519,626 + 14,579,115 243,226, 498 228, 647,383 259,703, 994 242, 830,546 + 16,873,448 1914....... 230,751, 850 241, 107,727 —10,355,877 + 1,313,837 248,849, 716 247 535,879 + 47,536,779 285,149, 746 237, 612.967 351.001, 045 301, 304,803 + 46,696,242 323 163,116 + 40,002,412 363,565, 528 424,035, 872 393, 265,898 + 30,769,974 420 586.968 486,209, 842 + 65,622,874 494 164,607 1921....... 460,582, 512 —33,582,095 472,383, 903 460, 007,881 + 12,376,822 540,054, 165 473 150,664 + 66,903,501 540 ,202,295 464,759, 956 —75,442,339 464 774,329 506.002, 036 + 41,227,707 506 ,124,762 538,758, 797 + 32,634,035 15.38 194,689 204,596 222,825 218,379 3.20 6.38 200,901 189,863 193,886 6.95 212,989 210,288 4.67 209,764 207,414 0.53 240,219 235,828 20.01 226,752 225,803 16.49 242,111 241,550 12.38 220,303 219,294 232,169 232.682 7.83 ... 16.99 213,525 6.79 235,208 235,059 2.69 235,310 14.14 ... 516,023, 039 197,648 12.21 ~ 236,739 234,568 236.683 13.97 208,598 236,001 235,691 8.87 236,779 236,357 6.44 236,510 236,243 539 ,797,813 —23,774,774 4.40 238,405 237,243 501,576, 771 516 ,448,211 —14,871,440 2.88 240,302 239,066 198 +28,577,315 —87,518,847 5.68 241,608 241,243 444,171, 625 502 ,455,883 531 ,690,472 16.36 242,320 241,349 369,212, 042 444 16.89 242,968 242,494 33.39 242,527 14.43 242,179 241,455 1.61 239,107 0.5+ 237,800 239,020 17.53 236,814 238,019 6.34 235,744 236,281 531,033, 1932... ,274,591 —75,062,549 369 ,133,884 —123,273,269 245 ,869,626 + 35,484,283 277 ,923,922 +4,482,585 282 ,406,506 —1,431,003 280 ,967,649 + 49,244,684 330 ,095,850 + 20,951,175 245,860, 615 281,353, 909 282,406 ,507 280,975, 503 330,212, 333 351,047 025 1935. Net Earnings Inc. (+) or Dec. 242,333 240,932 (—) Month of Year June Year Given Preceding $74. 196,190 $59,838,655 74.043,999 77,237,252 +$14,357,535 + 3,129,346 0.95 —4,443,183 3.84 71,689,581 76,232,017 70,880,934 69,481,653 76,639,703 103,341,815 106,181,619 40,136,575 68,876,652 15,131,337 80,455,435 109,618,682 124,374,592 101,487,318 130,920,896 148,646,848 129,111,754 127,514,775 + 4,534,151 6.37 77, 173,345 72, 794,069 76, 223,732 * 75, 093,045 66, 202,410 81, 649,636 97, 636,815 1917...- 113, 816,026 36, 156,952 69, 396,741 21 410,927 80, 521,999 109, 445,113 124 046,578 101 527,990 130 ,837,324 149 ,492,478 127 ,749,692 127 ,284,367 150 ,174,332 110 ,244,607 89 ,667,807 74 ,529,256 1937 86 ,067,895 stated further has that not orders have been orders are automobile yet into run 0.23 17.51 + 20,943,112 27.31 6.46 + 10,474,211 —142,338,571 + 109,533,316 —47,465,725 + 65,390,662 10.13 134.06 72.90 62.51 432.15 36.03 + 28,989,678 + 14,427,896 13.16 18.37 —22,846,602 + 29,350,006 28.91 + 18,571,582 14.18 —20,897,156 14.07 1.41 —1,827,387 + 22,659,557 17.77 26.59 —39,954,902 —20,587,220 —42,680,821 + 47,429,940 100.87 —18,438,598 —9,608,823 + 24,046,259 37.09 —2,782,401 47,018,729 92,967,854 74,529,254 64,826,419 88,850,296 88 ,872,678 27.14 + 12,167,983 110,264,613 89,688,856 64 ,920,431 8.13 buying large of 18.73 47.58 19.83 12.89 steel for but tonnages, business, given and only says in continue excess of the of new Chicago has any indication been of the downward trend, "Iron Age" its current summary of the steel to volume at of the reversal logs in considerably in decline, with a Back¬ improvement industry. consequent deliveries, the review adds, in estimating that production further this month prior to resumption of buying may ease on a larger scale for early autumn requirements. It is new some placed for initial production, and larger expected before the end of the month. With resumption of work at the Ford assembly plants a three models weeks' will be 110,000 shutdown, turned before out to following of the 1937 150,000 production is started to run Cent Per —138,972 —4,678.524 150,199,509 47 ,008,035 94 ,448,669 1936.. Amount of this to the special item referred to, followed, there¬ matter of course. as a In the 193245807 idea an be gained of the abnormal character of the exhibit at may activity showed tinue of expenses over or the 1938 models in early September. Reliable sources that retail sales of new automobiles this month are a decrease of 0.9 points. The weekly index authority declined to 100.0 as compared with a re¬ vised figure of 101.7 for the week ended July 31, and 91.8 for the corresponding week of 1936. Steel shipments con¬ The earnings for the month gross 84%, leaving, therefore, a diminution in the net of $142,338,571. With that large item included, the railroads actually fell $40,136,575 short no models Friday Niglit, Aug. 13, 1937. according Chronicle on state expected reflect a good increase earlier introduction of over new and the cars the 1936 rate, despite the models scheduled for this year, has resulted in the recent The rise in the price of booking of large orders with those concerns who have not as yet raised prices. Moreover, distributors of models on which price advances already are effective old accepted prices, which that there is this price advances. a a are considerable volume carryover spring also will of orders to be delivered this mo-tli. of demand caused contribute despite the factors, which, on to hold up at the The fact by the strikes retail demand the surface, appear to make Volume for of contraction a United in purchasing at this time. by the electricity the Financial 14S St electric the for tes and power week Production light industry ended Aug. Saturday, of 7, totaled 2,261,725,000 kilowatt hours, a gain of 8.8% over according to the Edison Electric Institute. This figure is the highest since the record July 17 the similar week last year, mark. Department store sales for the country a as whole July registered an increase of 4% over the 1936 month, the Federal Reserve Board reported. This was the smallest Chronicle increase of 1013 187,629 32.2% over the total loadings corresponding week of 1935. For the week ended July 31, 1937, loadings were 4.7% above those for the like week of 1936, and 31.5% over those for the corresponding week of 1935. Loadings for the week ended July 24, 1937, showed a gain of 5.5% when compared with 1936 and a rise of 29.5% when comparison is made with the same week of cars, or for the in of rate than a year and pulled down the cumulative increase for the first seven months to 10%. It is reported that the enthusiastic reception accorded August promotional events this week lifted retail sales 1% to 3% over the previous week and 6% to 18% ahead of the like period of last year, according to Dun & Bradstreet. Bumper brops of grain and cotton this year are expected to add more than $60,000,000 to the revenue railroads derive from transportation of these two reported by the large stores in more gain The first 18 major railroads to report for the week ended Aug. 7, 1937, loaded a total of 360,603 cars of revenue freight on their own lines, compared with 366,166 cars in the pre¬ ceding week and 345,867 cars in the seven days ended Aug. 8, 1936. A comparative table follows: , REVENUE FREIGHT LOADED AND RECEIVED FROM vf!."::Vi(Number of Loaded on v Own Lines Received from Connections Weeks Ended— Weeks Ended— important commodities, it was estimated today in railroad circles. It is expected that this year's grain crop CONNECTIONS Cars) vitally will bring the roads around $54,500,000 more than in 1936, $6,500,000 more. Car loadings of revenue freight for the "week ended Aug. 7 totaled 769,706 cars, a decrease of 12,954 cars from the previous week, but an increase of 41,335 over the com¬ parative period of 1936. The week's weather was charac¬ terized by relatively high temperatures in practically all parts of the country, mostly fair weather over the western half, and rather frequent local showers east of the Missis¬ sippi Valley. Temperatures were especially high in most and cotton tures 100 were Plains, above well Plains degrees in except the and sections interior will produce shipments in 100 throughout higher or few a Maximum Northeast. the Great They were the central northern localities. places, especially in many tempera¬ States, the highest reported in this area being 106 degrees at Hurton, S. Dak., Topeka and Dodge City, Kan., Cit^. Oklahoma ferent Okla., and Abilene, Tex, occurring Aug. 7 Central the out States, 25,109 33,729 Chesapeake & Ohio Ry Chicago Burlington & Qulncy RR. Chicago Milw St Paul & Pac Ry_. Chlcago & North Western Ry 23,125 34,290 24,242 in the 90's low over the eastern absence of effective tinued northern seriously Texas droughty third of rainfall northward conditions the 3,185 2,169 5,181 17,280 has over resulted practically In the New York City area five persons area. ^f result a first storm, electrical storms during the in rather the entire were killed week. The early Wednesday afternoon, caused two deaths from at 17,340 16,129 10,979 10,104 8,346 8,880 11,142 8,352 10,705 8,061 8,928 11,411 1,515 1,655 2,916 2,163 5,116 RR Missouri Pacific RR New York Central Lines 16,784 42,243 NewYork Chicago «fc St Louis Ry_ Norfolk & Western Ry 5,639 24,181 71,622 _ Pennsylvania RR Pere Marquette Ry 6,094 Pittsburgh & Lake Erie RR 6,039 Southern Pacific Lines 31,406 ... Wabash Ry 5,569 Total x 2,712 2,268 66,144 9,110 40,086 10,257 4,383 45,247 5,021 5,306 1,659 40,510 5,415 22,491 6,870 cars 2,965 8,952 39,921 10,279 4,678 46,171 5,096 7,280 x8,815 7,422 x8,114 5,957 1,603 2,086 6,765 30,216 5,499 8,755 3,119 16,101 45,067 5,859 24,468 72,300 6,215 7,924 30,755 5,921 6,467 2,054 4,637 7,845 3fiQ,603 366,166 345,867 206,954 Excludes 1936 6,166 18,051 10,424 3,074 International Great Northern RR 8,192 39,954 10,091 4,457 44,397 4,996 6,048 X8.138 7,596 207.866l200.087 interchanged between 8. P. Co-Pacific Lines and Orleans RR. Co. TOTAL LOADINGS AND Texas & New RECEIPTS FROM£,CONNECTIONS (Number of Cars) Weeks Ended— Eastern over country, the con¬ the Great Plains over 16,707 Gulf Coast Lines Aug. 8 21,158 31,724 24,127 16,717 23,175 20,624 18,067 21,634 20,650 Missouri-Kansas-Texaa at and 17,071 21,703 July 31 1937 dif¬ on in Appalachian Mountain sections. While fairly well-distributed showers were decidedly and beneficial as Valleys 1937 except timely from degrees Aug. 7 1936 24,278 The week. the 112 was Aug. 8| 1937 Atchison Topeka & Santa Fe Ry_ Baltimore & Ohio RR ; highest reported for the Phoenix, Ariz., on Aug. 3. Maxima of 90 degrees to 96 degrees were general through¬ of days country July 31 1937 lightning, and destruction of the tower being erected Menlo Park, N. J., as a memorial to Thomas A. Edison. Aug. 7, 1937 July 31, 1937 Aug. 8, 1936 Chicago Rock Island & Pacific Ry. 27,497 26,995 Illinois 31,147 14,890 32,506 14,968 25,045 31,445 13,290 73,534 74,469 69,780 Central System St. Louis-San Francisco Ry Total The Association of American Railroads in week ended Loading of July 31 reported reviewing the follows: as freight for the week ended July 31 totaled 782 660 35,131 cars, or 4.7% above the corresponding cars, or 31.5% above the corre¬ sponding week in 1935. This cars. revenue increase of was an week in 1936 and increase of 187,363 an - Nineteen persons were killed, four were iniured and two the result of the collapse on Wednesday night attached two-family houses at New Brighton, are missing of three as Staten Island, which were undermined by the rush of water resulting from the second of two sharp electrical storms which swept the metropolitan area. today it is clear and warm, area from 68 to 80 much not degrees. change in In the New York City with temperatures ranging The forecast was for partly cloudy, tonight and Saturday. temperature Overnight at Boston it was 72 to 96; Baltitmore, 70 to 96; Pittsburgh, 66 to 82; Portland, Me., 66 to 80; Chicago, 62 to 74; Cincinnati, 64 to 82; Cleveland, 68 to 78; Detroit, 60 to 78; Charleston, 76 to 88; Milwaukee, 64 to 76; Sa¬ Loading of 11,680 freight for the week of July 31, was 2-10ths of 1% above the preceding week. revenue cars, or 1936, and 80,348 corresponding week in above the corresponding week in 1935. cars corresponding week in 1936 and 9,345 cars above the same week in 1935. Coal loading amounted to 118,622 cars, an increase of 9,856 cars above the preceding week, but a decrease of 6,049 week in 1936. below the corresponding cars It was, however, an increase of 26,637 Grain and grain products loading totaled cars the Western districts alone, grain and grain products Lake ended July 31, totaled 32,098 cars, a decrease of 108 ♦ v'. Operation June 30, 1937, air-conditioned passenger cars in operation, J. J. Pelley, President of the Association of American Railroads announced on Aug. 12. The number of passenger cars that are being air-conditioned is constantly increasing, the railroads and the the Pullman Co. in the past year having installed air-conditioning devices on approximately 1,700 passenger cars. Of the total number of passenger cars which have been air-conditioned, the railroads on June 30, this year, had This included coaches, dining cars and other types of passenger equipment. The Pullman Co. the same date had 4,560 air-conditioned passenger cars on in service, including sleeping cars, lounging cars, and other passenger equipment. New Passengers cars on order on July 1, this year, totaled 424, compared with 177 on Jan. 1, this year, and 139 on July 1, 1936. The Pullman Co. on July 1, this year, had 161 new passenger cars on order. Car Loadings Drop Aug. 7 12,954 Cars in Week Ending Loadings of revenue freight for the week ended Aug. 7, 1937, totaled 769^706 cars. This is a drop of 12,954 cars or 1.7% from the preceding week; an increase of 41,335 cars, or 5.7%, from the total for the like week of 1936, and an cars above the corre¬ week in 1935. same In loading for the week cars but to a 11,288 cars, an below the preceding increase of 1,887 decrease of 4,135 cars It was, however, an increase of 1,757 cars below the same above the same cars In the Western districts alone, loading of live stock for the week ended July 31 totaled 8,090 cars, an increase of 1,265 cars above the preceding week, but a decrease of 3,994 cars below the corresponding week in 1936. Forest products loading totaled 42,770 cars, an increase of 871 the preceding cars above the week, 7,045 same cars above the same week in cars above 1936, and 13,514 week in 1935. Ore loading amounted to 73,653 cars, a decrease of 3,817 cars below the preceding week, but an increase of 20,095 cars above the corresponding week in 1936, and 40,745 cars above the corresponding week in 1935. Coke loading amounted to 10,245 cars, a decrease of 228 cars below the preceding week, but and 5,120 cars an increase of 1,403 above the same cars above the week in 1935. t same week in 1936 / All districts, except the Eastern, reported increases in the number of loaded with revenue cars freight, compared with the corresponding week in 1936. All districts reported increases compared with the corresponding week in 1935. Loading of revenue freight in 1937 compared with the two previous years follows: 1937 Five weeks in January Four weeks in February Four weeks in April Freight above the below the corresponding week in 1936. Four weeks in March Revenue cars week in 1935. on had 9,311 4,751 in service. cars loading amounted Live stock week in 1936. on June 30 Class I railroads and the Pullman Co. week, and 273 above the preceding week, Number of Air Conditioned Cars in same 51,632 cars, a decrease of 16 below the preceding week, but an increase of 668 Springfield, Mo., 62 to 84; Oklahoma City, 76 to 100; Salt and above the cars week in 1935. sponding week in 1936 and 9,897 Seattle, 62 to 80; Montreal, 62 to 84, Winnipeg, 52 to 78. increase of Loading of merchandise less than carload lot freight totaled 166,817 cars, an increase of 1,208 cars above the preceding week, 2,859 cars above the vannah, 74 to 88; Dallas, 78 to 100; Kansas City, 70 to 88; City, 62 to 96; an Miscellaneous freight loading totaled 307,633 cars, an increase of 1,919 cars above the preceding week, 13,245 cars above the Five weeks in May........ Four weeks in June. Week of July 3 Week of July 10 Week of July 17 Week of July 24 Week of July 31 Total. 1936 1935 3,316,886 2,778,255 3,003,498 2,955,241 3,897,704 2,976,522 806,168 682,205 770,075 770,980 782,660 2,512,137 2,415,147 2,543,651 3,351,564 2,786,742 649,703 724,277 720,359 730,981 747,529 2,766,107 2,330,492 2,408,319 2,302,101 2,887,975 2,465,735 471,126 565,502 592,672 595,572 595,297 22,740,194 20,156,643 17,980,898 2,974,553 1014 Financial Chronicle In the following we undertake to show also the loadings for separate roads and systems for the week ended During this period a total of 100 roads showed increases compared with the same week last year: July 31. REVENUE FREIGHT LOADED AND RECEIVED Total Revenue Railroads when CONNECTIONS from Connections 1936 1935 1937 Maine Chicago Indianapolis & Loulsv Central Indiana 615 1,084 1,234 914 778 371 8,183 7,587 1,363 9,086 2,268 JULY 31 Total Loads Received from Connections 1936 1935 1937 1936 District—(Concl.) Norfolk Southern ,1,227 1,130 9,313 2,174 1,367 951 Piedmont Northern 385 427 378 Richmond Fred. & Potomac. 258 8,493 1,772 1,785 1937 i 873 Bangor & Aroostook.. & 513 ENDED Freight Loaded Railroads 1936 Southern 582 CARS)—WEEK OF Total Revenue Eastern District— Ann Arbor Boston (NUMBER Total Loads Received Freight Loaded 1937 FROM Aug. 14, 1937 464 329 326 8,093 21,992 7,424 21,408 6,335 1,019 3,261 3,844 18,462 14,543 3,572 3,410 14,778 422 459 342 727 655 182 161 129 769 766 102,152 98,327 80,371 61,844 60,839 676 2,582 10,705 2,673 8,755 3,766 2,794 11,071 ..... Seaboard Air Line.... .... 40 43 40 89 88 Central Vermont 1,154 2,203 2,124 Tennessee Central 4,856 7,134 Delaware Lackawanna & West 4,872 9,280 1,067 6,143 10,950 983 Delaware & Hudson 6,827 Winston-Salem 8,640 6,158 409 214 129 148 915 6,786 416 1,029 Detroit & Mackinac Detroit Toledo & Ironton 1,534 2,529 1,698 1,188 375 313 13,765 4,760 12,102 4,181 Lehigh & Hudson River 176 186 61 1,800 Lehigh & New England Lehigh Valley 1,174 2,925 3,817 2,537 45,067 10,577 1,026 5,859 8,002 6,215 2,861 3,652 2,379 41,974 10,545 1,681 5,890 7,504 5,820 1,538 7,677 2,851 ,3,149 2,005 34,745 9,480 1,645 5,028 5,331 5,076 958 8,309 1,961 10,182 Maine Central Monongahela Montour New York Central Lines N. Y. N. H. & Hartford New York Ontario & Western. N. Y. Chicago & St. Louis.... Pittsburgh & Lake Erie Pere Marquette Pittsburgh & Shawmut Pittsburgh Shawmut & North.. Pittsburgh & West Virginia Total. 14,666 2,754 14,617 7,147 Grand Trunk Western 308 2,429 6,404 1,774 1,312 7,438 1,730 7,665 1,681 279 263 ! 29 9Q 39,921 11,416 39,512 11,434 1,634 1,988 9,547 6,194 5,045 10,279 7,202 5,096 193 128 311 396 211 244 260 1,199 1,145 818 1,534 7,698 .44 40 621 645 6,232 5,151 Wheeling & Lake Erie....... 5,921 5,473 2,154 1,017 7,422 4,461 3,113 3,470 3,330 Total................ 158,063 159,150 131,945 156,539 Northwestern District— Wabash 568 976 Chicago Chicago Chicago Chicago 480 637 Duluth South Shore & Atlantic. Elgin Joliet & Eastern. Ft. Dodge Des Moines & South. Great Northern 17,340 3,135 15,605 3,588 2,620 Cumberland & 7 8 17 99 5,678 10,640 10,702 724 555 48 32 250 Pennsylvania 159 1,158 7,284 906 6,089 __ 313 985 570 Central RR. of New Jersey 305 Penn-Reading Seashore Lines 273 32 25 124 99 26 12 41 769 LIgonier Valley Long Island 704 683 1,993 1,325 46,171 2,439 1,264 43,313 16,371 15,919 5,240 1,194 72,300 Pennsylvania System Reading Co 1,118 West Virginia Northern 915 68,546 14,384 13,911 13,274 17,499 (Pittsburgh) 55,363 10,898 5,799 7,271 25 31 38 1 1 3,793 3,147 2,993 5,964 5,831 158,857 Western Maryland 149,884 113,659 110,964 103,687 24,242 24,468 22,698 18,183 16,807 927 631 10,979 4,678 1,113 3,667 3,251 855 313 272 118 22,619 16,012 3,654 3,573 579 510 568 617 301 132,155 122,458 90,375 53,205 48,938 Top & Sante Fe System. 25,019 3,477 21,643 19,044 3,320 3,072 6,467 2,345 5,285 2,558 Bingham <fc Garfield Chicago Burlington & Qulncy. Chicago & Illinois Midland... Chicago Rock Island & Pacific 630 366 243 113 72 18,067 1,719 13,894 2,661 18,033 15,012 8,352 7,856 1,544 13,400 3,067 1,252 742 813 11,006 2,125 8,262 2,619 890 976 753 2,781 2,484 2,035 1,726 2,912 Total Atch. Alton Chicago & Eastern Illinois Colorado & Southern Denver & Rio Grande Western Nevada 49,707 38,872 17,625 16,891 420 644 441 18 1,079 1,293 1,066 1,794 966 854 1,553 1,311 1,890 1,924 1,013 Northern (Pacific) 1,361 1,190 69 76 84 923 713 558 164 154 53 119 23,750 Peoria & Pekln Union 23,646 19,397 5,733 1,398 8,594 5,583 1,205 407 462 262 14,660 Toledo Peoria & Western 14;il8 11,756 231 197 8 7 1,767 1,399 2,264 2,446 Total. . 116,776 A:AA---A A--A- 110,788 92,000 54,914 52,649 4,447 912 District— 217 Alton & Southern International-Great Northern.. Kansas Oklahoma & Gulf 186 208 5,471 158 ..... 184 133 492 240 137 140 283 292 3,074 2,163 2,628 2,128 2,269 1,603 1,286 1,682 1,157 206 1,288 1,142 647 582 6,468 3,417 3,951 2,612 4,180 4,279 1,119 7,358 3,905 614 7,459 2,276 485 433 388 887 973 1,422 1,385 922 1,809 1,554 380 290 202 435 256 Missouri-Kansas-Texas Lines 158 185 137 184 346 Missouri Pacific 470 1,925 2,086 193 191 2,190 1,428 1,764 1,052 2,231 1,129 1,104 142 178 68 496 412 273 189 171 1,028 1,010 876 188 650 712 582 260 253 Natchez & Southern 742 425 Midland.. 438 359 520 Kansas 176 2,046 1,430 184 962 Gainesville 8,944 304 1,841 ........* 246 Greenville 25 233 North Western Pacific 774 & 8,306 2,282 1,339 3,002 1,196 Denver & Salt Lake Fort Worth & Denver Clty... Illinois Terminal 228 Durham & Southern 3,505 1,683 Atl. & W. P.—W. RR. of Ala.. Columbus 4,039 357 Alabama Tennessee & Northern Florida East Coast 8,342 1,729 Atlanta Birmingham & Coast.. Atlantic Coast Line Clinchfield 94 1,752 2,456 4,585 Southern District— Georgia 72 1,818 2,808 294 Gulf Coast Lines Charleston & Western Carolina 2,091 1,413 5,355 1,562 Fort Smith & Western of 2,591 2,326 7,257 10,196 339 Burlington-Rock Island Central - 220 765 54,679 ........... 477 333 9,429 1,766 Southwestern Total 556 2,988 8,135 4,091 246 10,629 22,415 942 5,027 Virginian 5,015 ■ 1,758 Spokane International Spokane Portland & Seattle Utah.. Chesapeake & Ohio 525 8,615 7,464 10,346 Northern Pacific Western Pacific Pocahontas District— Norfolk & Western 459 5,095 2,794 2,024 Lake Superior & Ishpeming Minneapolis & St. Louis Minn. St. Paul k S. S. M Union Pacific System Norfolk & Portsmouth Belt Line 594 7,453 718 Green Bay & Western Southern Pacific Total 16,325 1,973 17,102 3,289 625 25,305 439 Cornwall Union 492 31,872 5,796 6,680 Buffalo Creek & Gauley Cambria & Indiana St. P. Minn. & Omaha 20,982 2,767 23,099 4,362 13,585 1,263 Central Western District- 576 34,290 Bessemer & Lake Erie Milw. St. P. & Pacific. 797 19,245 2,924 21,153 4,092 23,516 1,733 9,032 23,815 & Northern Western.. Great Western Duluth Mlssabe & Northern... Allegheny District— Akron Canton & Youngstown Baltimore & Ohio 739 Belt Ry. of Chicago 154,012 Rutland Southbound 1,447 382 13,780 5,375 Detroit & Toledo Shore Line. Erle__ Southern System City Southern Louisiana & Arkansas Louisiana Arkansas & Texas... Litchfield & Madison Midland Valley Missouri & Arkansas 241 ? 1,933 1,029 215 . . 175 116 290 5,181 17,280 4,753 17,204 4,543 2,965 2,921 13,079 8,952 8,817 48 65 31 237 14 17 39 Georgia & Florida 41 33 119 73 Quanah Acme & Pacific 100 103 76 1,047 Georgia 806 128 756 119 1,420 1,598 St. Louis-San Francisco 9,104 2,616 8,416 7,441 2,554 2,017 7,005 4,567 2,691 6,077 4,298 3,155 4,992 4,220 1,965 2,633 2,394 4,186 2,395 3,082 3,793 19,642 3,631 18,367 267 214 207 58 61 44 48 49 38 59,978 57,215 48,075 61,649 393 310 371 341 St. 1,738 22,213 1,271 1,098 956 Texas & New Orleans 17,315 15,916 Macon Dublin & Savannah 11,145 5,142 10,770 22,189 1,713 22,133 20,705 231 219 118 308 265 Mississippi Central Terminal RR. Assn. of St. Louis Wichita Falls & Southern 204 166 160 374 320 Mobile & Ohio Wetherford M.W.&N.W.... 2,082 1,740 2,899 2,012 2,146 1,693 Nashville-Chattanooga & St. L. 1,477 2,274 Gulf Mobile & Northern Illinois Central System Louisville & Nashville 2,835 Note—Previous year's figures revised. * Previous 445 5,162 2,551 Weekly Index of Wholesale Commodity Slightly During Week Ended Aug. 10— Foreign Prices Showed Little Trend During June A mixed commodity trend again marked the week ended Aug. 10, and the "Annalist" Index of Wholesale Commodity Aug. 3, said an announcement Aug. 10 from 94.9 on by the "Annalist" Aug. 12 on which also noted: 33 56,698 Foreign wholesale prices have shown little trend during the past month o The Annalist's international composite for June stood at 79.8% of th 1913 average (on a gold basis), as against 79.8 in May and 79.6 in April Trends of individual countries were mixed, the German, French and Italiai so. indices series advancing, and the British, Japanese, Canadian and United State declining. Recent weekly index numbers for Italy and France sho\ gains, the latter, of course, due to the latest devaluation, but in Germany England, Canada and the United States there has been no clear-cut tren< since the The grains, hogs, steers, pork, poultry, cocoa, silk, rubber and the nonferrous metals were higher. Losses were recorded, however, by beef and lamb, cotton and cotton textiles, eggs and apples. THE 3,920 figures. Prices Down point to 94.8 Southwestern Total "Annalist" Prices declined 0.1 Louis Texas & Pacific "ANNALIST of 22 bursting of the speculative boom last Spring. The weekly inde: primary commodities, in gold, is slightly higher than at the end o June, but the been halted, MONTHLY WEEKLY INDEX OF most that may be said of it is that the April-June decline ha for the present at least. FOREIGN AND WHOLESALE DOMESTIC WHOLESALE PRICE INDICE! (1913=100.0) COMMODITY PRICES (1926=100) Aug. 10, 1937 Aug. 3, 1937 *June, 1937 xMay, Aug. 11,1936 U. S. A 124.9 Farm products Food products 102.6 102.4 88.6 Gold basis 85.3 85.9 81.6 Textile Canada *75.7 x76.3 70.9 Gold basis *90.7 x90.9 89.0 products Fuels Chge. from 1937 April, 125.3 1937 June, 1936 May, 1937 113.5 —0.3 126.2 73.8 74.0 74.5 67.0 132.1 132.9 134.5 112.9 —0.6 77.9 78.7 79.5 66.9 —1.0 131.6 129.5 110.1 —0.1 67.5 —0.3 —0.3 109.2 108.9 88.9 Building materials. United Kingdom Gold basis 70.4 X70.4 66.5 Chemicals Francey__ 89.8 557 89.8 550 552 85.9 378 Miscellaneous. Gold basis= 79.5 374 371 374 Germany 378 106.3 + 0.8 106.1 105.9 Italy 104.0 437.7 +0.2 427.4 418.6 Gold basis 364.7 258.5 252.5 247.3 Japan 323.9 179.9 + 2.4 182.0 187.3 146.4 61.2 —1.2 62.1 63.5 51.2 —1.4 79.8 79.8 79.6 73.5 0.0 Metals All commodities * Preliminary, 94.8 x 79.4 68.1 94.9 84.8 Revised. Gold basis. The "Annalist" also made available on Aug. 12 its indices of foreign and domestic wholesale prices. the indices the "Annalist" said: monthly .. 131.5 78.8 79.0 77.3 "ANNALIST" comp. In issuing ingoldv * J>r®llmiinary. x Revised, y End of month, v Includes Netherlands; Germany excluded from July, 1934. ■nt + 1.3 +2.4 also Belgium and the Volume Financial 145 Commodity Prices Declined During Week Aug. 7 According to Index of United States Department of Labor Wholesale Retail sharp drop in average prices of and slightly lower prices for foods a cattle feed and chemicals Declined Food of 13, According partment of Labor July During Month United States De¬ 0.4% to The average cost of foods declined 0.4% during prices of farm "Continued decreases in wholesale market Costs Ended Ended products, together with 1015 Chronicle ended July the month 13, Commissioner Lubin of the Bureau of Labor Statistics, United States Department of Labor, announced 12.8% caused the index of wholesale com¬ modity prices of the Bureau of Labor Statistics, United States Department of Labor, to decline 0.1 % during the week ended Aug. 7, ti was announced on Aug. 12 by^Commissioner Lubin. Aug. 4. The Commission stated: stood at 106.5. In¬ fruits and vegetables are now higher than a year ago, with meats showing the greatest advance. A slight advance of 0.1% was repox-tedi between June 15 and July 13 for cereals and bakery products. Relatively small price increases were reported for all items in the group except white bread and whole wheat bread, for which the average price remained unchanged. The cost of meats rose 5.4%. The advance was general throughout the and textile products," The decrease 87.4% of the 1926 below the corresponding week The general price level is 0.3% average. of last month and 7.8% above that for last year. fuel and lighting ma¬ for the hides and leather products, The indexes terials, and housefurnishing goods commodity groups the preceding remained unchanged at last week's levels. groups commodity prices, the raw 2.3% below a month Largely due to the influence of agricultural materials group declined 0.5% during the week and is The price level The index for the group is 4.8% above a year ago. ago. below No change was recorded for the finished products group, the above the corresponding week of The current index is 0.6% 1930. last"month and 8.4% higher than a year ago. and 8.6% above that of last year. The price level for "all commodities other than farm products and foods", reflecting the prices in industrial commodities, de¬ clined 0.2% and 0.1% below the corresponding week of last month and week's above a month ago 0.5% The index—87.5—is level. food index cost dexes for all country and 6.5%, the 1.9% major In prices by the Department of Labor higher. advance than offset Sharp and and pulp, and crude rubber the beef much as were including products, cotton, lemons, apples, oranges, yarns. of 0.2% 0.1%. Average prices for oatmeal, rye and wheat flour, hominy grits, corn meal, canned fruits, raisins, cocoa beans, lard, and prunes were lower than last week. Higher prices were reported for dried peaches, crackers, butter, cheese (San Francisco market) fresh beef, fresh mutton, fresh and cured pork, and for the foods group showed an average decrease declined 7%, and cereal products were down Butter, cheese, and milk advanced week's This 0.3%, and meats rose 1.8%. index—86.3—is food below the corresponding 0.6% week for last month and 4.1% above a year ago. The index for the housefurnishing goods group advanced 0.1%, both contributing to the increase. furniture and furnishings products remained unchanged. Further advances in together with continued prices of hides and skins, rising prices for leather, caused group to the index for the hides and leather products The level for this group is the highest since rise 0.6%. No changes were reported in average prices 1929. The index for the metals and metal Minor price changes Building material lc. as a Butter showed a seasonal increase cities seasonal rise of 8.7%. a in included and is the index evaporatd milk declined The price rose in each of the 51 the level of a year ago. at INDEX NUMBERS OF RETAIL COSTS OF FOOD BY COMMODITY GROUPS July 14, July 15, July 15, 1937 1937 1936 1933 1929 95.5 95.4 95.2 90.7 77.8 97.9 June July 13, Commodity Group Cereals & bakery products- 15, May 18, 107.6 102.1 99.7 94.9 66.0 125.9 Dairy products 81.1 79.8 80.1 79.6 67.4 101.6 Eggs 68.0 Fruits and vegetables Meats. 62.5 61.8 67.8 51.5 91.3 68.9 79.0 83.1 80.7 87.3 107.2 66.8 78.3 83.0 81.9 92.0 108.3 Canned 83.5 83.4 83.2 78.8 67.0 98.5 Dried 76.3 76.5 76.6 59.3 54.1 103.5 70.4 70.0 69.7 67.0 67.4 110.6 93.3 Beverages and chocolate. . Fats and oils 79.5 79.5 78.9 73.0 51.4 65.1 65.7 66.1 64.9 62.8 72.6 85.9 86.2 86.5 84.0 71.0 106.5 All foods ♦Preliminary. The of shoes. products group remained stationary. did not effect the indexes for any prices remained October of the sub-groups. unchanged from last week's level. movement which declined 12.8%, a continuation of the This decline was due reported for June. for the apples, which has moved steadily upward for almost a year, declined 17.3%. Both lemons and' oranges advanced in price. Lemons are 11.4% lower than a year ago. The price of oranges has increased 20.7% during the same period. Prices of the staple vegetables continued to decline—potatoes, 18.2%; cabbage, 23.7%; onions, 5.6%; green beans, 24.9%. The price of carrots, which has risen steadily since March, decreased 33.7%. Beverages and chocolate increased 0.5%, with slightly higher prices item in the group. reported for each The index for oils remained and fats No significant price unchanged. this group. and sweets decreased 0.9%. changes were reported for items in The cost of sugar The price of sugar was Corn syrup declined 0.4%. Molasses and strawberry preserves were slightly higher. The composite index for 51 cities combined showed a decrease of 0.4%. Lower foodi costs reported from the six Central and Western areas were 1.3% last month. lower than by increases in the New England and Atlantic areas. reported the greatest decrease, 4.4%. For offset Louisville decrease was 4.1%. and cities combined. declined more combined. In Of In each of than the 20.0% Indianapolis Peoria, the these cities did the rise in the cost of shown for the 51 the cost of fruits and vegetables compared with 12.8% for all of the citie6 in which costs advanced, the increase was these cities as cities 17 greatest in Jacksonville, these cities the cost of prevailing of none dairy products approach the average increase meats 2.3% ; fruits Mobile, 2.0%, and Charleston, 1.8%. In and vegetables advanced contrary to the movement for that group. RETAIL COSTS OF FOOD BY REGIONAL AREAS INDEX NUMBERS OF (Three-year average 1923-25=100) building and sand lime brick, red lead, litharge, and sand and gravel. Price declines were shown for yellow pine lath, china wood oil, rosin, and turpentine. The index of the Bureau of Labor Statistics includes 784 price series, the country's markets and is based on the average for the year 1926 as 100. The following table shows index numbers for the main groups of commodi¬ ties for the past five weeks and for Aug. 8, 1936, Aug. 10, 1935, Aug. 11, was price decreases for certain of the fresh items. Changes canned and dried items were relatively unimportant. The price of marked to Slightly higher prices were reported for common weighted according to their relative importance in and vegetables fruits cost of downward and resulted in a fractionally for the fuel and lighting materials group. Coke and petroleum Higher prices for anthracite and bituminous coal higher level increase Milk prices rose in seven cities, with quart reported from Boston and New York. reported in three cities. Eggs showed hops, Important farm product items cows, steers, hogs, sheep, live poultry, This week's farm prod¬ ucts index—86.&—is 4% below a month ago but 4.4% above a year ago. The index for the textile products group declined 0.3% because of further reductions in average prices of cotton goods and silk and rayon items. Clothing and woolen and worsted textiles showed no change in average prices The textile items showing marked price declines were drillings, print cloth, muslin, brown sheeting, tire fabric, cotton yarns, Japanese silk, and silk veal. 8.6%, showed the greatest price chops and loin roast, with an pork and slightly. white potatoes. price advances were The price level increasing items, The price of cheese was unchanged and 0.8%. poultry was more by the 1.5% decline in the index for grains and 3.3% drop for Fruits and vegetables the and 10.5% each, led the increase for pork. of increases of advance in average prices for livestock and fresh milk (Chicago market), and flaxseed. eggs, but except meats. The beef items increased lamb 2.5%. Roasting chickens were all of steak, Round among groups Sugar and sweets '•} peanut, alfalfa hay, and registering average. 2.0% in the price of fresh milk. 17% during the week. of bran, cottonseed meal, Automobile tires and tubes, paper farm other of the 1923-25 Fresh... shown for average prices remained unchanged. The 2.3% 85.9% was corresponding period of a year ago, 1937* subgroup largely accounted for Wholesale prices of cattle feed dropped middlings. IB Dairy products increased 1.6%, due in large part to an average of tallow, and vegetable oils. were July 6.0%, items said: the decrease in the index for the chemicals and drugs group. Average for fertilizer materials and mixed fertilizers were steady. Important recording price declines were copra, sodium compounds, inedible reductions for shared by was pork increase of Lubin reporting the foregoing remarks of Commissioner The decline of 2.1% for the chemicals items Lubin (Three-year average 1923-25=100) announcement 1.4% Mr. vegetables," : commodity 8.0% above last year. an and fruits of cost 2.2% higher than for the was Decreases the index for the group, farm products" remained unchanged from last Non-agricultural commodity prices, measured by "all commodities other than the He continued The It index remaining reached since May high for the year and the highest point the 14.4% above last year. index for this group is The month. last 0.2% and is 0.3% commodity group declined semi manufactured of the at averaged higher than building materials The metals and metal products, and week. said. in 19.4% below the level of July, 1929, when the index the all-commodity index to brought "This slight decrease was primarily due to a decline 7 July 14, July 15, 1937* 1937 1937 1936 1933 1929 New England 84.5 84.0 83.4 82.9 71.6 106.4 Middle Atlantic Regional Area July 13, June 15, May 18, July 15, Aug. July July July July Aug. Aug. Aug. Aug. 7 31 24 17 10 8 10 11 12 1937 1937 1937 1937 1936 1935 1934 1933 71.0 106.2 85.4 72.2 109.2 92.2 88.2 73.2 108.3 85.0 84.7 85.5 83.4 68.5 104.9 82.9 83.8 83.6 81.0 67.9 104.7 West South Central. 1937 84.2 88.2 91.4 82.1 82.4 82.9 80.9 67.3 103.4 Mountain.. Commodity Croups 86.3 88.5 East South Central (1926=100) 85.9 87.1 89.7 South Atlantic 1934, and Aug. 12, 1933: 86.2 East North Central West North Central 88.9 91.3 92.5 88.7 73.8 108.2 Pacific 82.3 83.6 85.4 79.6 69.0 102.5 85.9 86.2 86.5 84.0 71.0 106.5 United States.. * 87.4 Foods 87.5 87.5 87.8 87.7 81.1 80.1 75.4 69.4 86.9 ALL COMMODITIES Farm products 87.7 88.4 91.1 90.5 83.2 79.7 67.3 58.5 86.5 86.0 86.1 86.3 Hides and leather products. _ Preliminary. 109.1 86.8 82.9 84.2 72.2 64.9 108.4 107.6 107.6 106.4 94.4 90.1 84.6 91.4 Wholesale Commodity Prices Declined Further During Ended Aug. products Fuel and lighting materials.. 77.4 77.6 77.9 77.7 77.9 70.5 70.1 70.8 72.9 Week 78.9 78.8 78.6 78.4 78.3 77.0 75.4 75.3 66.8 Metals and metal products. 95.4 95.4 95.4 95.3 95.3 86.3 85.8 85.9 85.0 According to National Fer¬ 80.8 86.9 7 tilizer Association Textile _ 96.7 96.7 96.8 96.8 96.9 86.5 80.7 Chemicals and drugs 82.4 83.6 83.8 83.4 83.0 78.8 78.5 75.5 73.1 Housefurnishing goods 92.8 92.7 91.6 91.6 91.3 82.4 81.7 82.8 76.0 67.5 70.1 65.2 Building materials 77.4 Semi-manufactured articles. _ Finished products All commodities farm All 79.2 78.9 71.3 85.7 87.3 86.9 81.0 * '* 86.7 86.9 87.0 86.8 75.6 * * * 88.6 82.2 # * * other 89.1 88.9 88.6 * than than 87.5 farm products and foods. ♦ 79.2 85.3 86.5 89.1 other products commodities 78.2 84.9 Miscellaneous Raw materials. Not computed. . 87.5 87.4 87.2 87.1 80.6 80.2 77.1 71.7 86.0 86.2 86.3 86.2 86.1 79.6 78.0 78.4 74.1 Continuing the downward trend of the two preceding weeks, wholesale commodity prices again declined slightly during the week ended Aug. 7, according to the index com¬ piled by the National Fertilizer Association. Based on the 1926-28 average of 100%, the index last week registered 88.2% as compared with 88.3% in the previous week. A month ago it stood at 88.6% and a year ago at 79.9%. The Association's announcement, under date of Aug. 9, went on to say: 1016 Financial Although meat prices were generally higher, quotations for eggs, flour, potatoes, lard and cottonseed oil caused turn in the food group lower Change index showed further recession last week of cotton metal goods, hemp, and silk. has advanced index the prices of hides miscellaneous the result of higher to commodity index. Southern for quotations and rubber, thereby causing a pine more steel than offset sharp decline in and oak flooring quotations took the building material index to the lowest level recorded this A small decrease in the price of cottonseed meal caused year. slight a decline in the fertilizer material index. The fuel and chemical and drug indexes week. remained unchanged during the from 1936 drop in the prices a For the eighth consecutive week the primarily 1929 1932 1935 1937 The textile price A sharp drop in cattle feed prices scrap, tin, and lead. rises in due as 1936 1937 Week Ended the price of eggs, the farm product group index rose slightly due to sharp advances in the prices of cotton, corn, alfalfa and wool. Cent Per down¬ a Despite declines in most grain prices and in index. (THOUSANDS OF KILOWATT-HOURS) FOR RECENT WEEKS DATA Five of the 11 principal group indexes declined during the week while only two advanced. Aug. 14, 1937 Chronicle 5 2,131,092 2,214,166 1,922,108 1,945,018 + 10.9 June 12 + 13.8 1.989,798 2,005,243 + 11.3 + 11.6 1,742,506 June 26 2,213,783 2,238,332 1,774,654 3 10 17 2,238,268 2,096,266 2,298,005 +10.3 1,772,138 +7.2 1,655,420 July 24 2,258,776 2,029,639 1,956,230 2,029.704 2,099,712 +7.6 1,807,037 31 2,256,335 2,088,284 +8.0 7 2.261,725 2,079,137 2,079,149 +8.8 1.823.521 1,821,398 July July July July Aug. Aug. 14 1.628.520 + 13.2 1,615.085 1.689.925 1,381,452 1.435,471 1,441,532 1.440.541 1,456,961 1,724.491 19 June June 1.699.227 1,702.501 1,723.428 1,692.075. 1,711,625 1,727.225 1,723.031 1,724,728 1,729.667 1,341,730 1.415,704 1,433,993 1.440.386 1,426,986 1,415,122 1,766,010 1.819,371 Twenty-nine price series included in the index declined during the week and 21 the preceding week there advanced; in advances; the second in preceding week 31 were declines and 19 25 were there declines and 23 Construction Contracts Awarded in With the advances. WHOLESALE WEEKLY COMMODITY PRICE Compiled by The National Fertilizer Association. lished INDEX a July record, high new level for of construction amounted to Per Cent Latest Preced'g Month Year Week Week Ago Ago July 31 July 10 Aug. 8 1937 1937 1937 1936 86.9 87.3 85.9 82.6 the to Group Aug. Total Index 25.3 Foods. 23.0 Farm 7 Fats and oils 75.9 76.7 77.8 80.2 83.6 90.3 85.5 87.8 86.9 90.3 78.4 62.8 62.2 70.7 70.0 Cotton Grains. 94.5 93.0 110.2 Livestock.. 92.0 91.5 89.4 72.9 86.5 86.5 86.1 79.3 86.7 87.2 87.3 17.3 Fuels 10.8 ■ Miscellaneous commodities.. 8.2 Textiles 7.1 Metals 6.1 1.3 102.2 76.8 78.7 70.2 84.5 Building materials 86.1 88.8 87.7 81.7 year Chemicals 95.6 95.6 94.6 94.6 for 72.3 72.4 71.7 78.6 78.6 77.3 Farm machinery.. 96.4 96.4 96.1 92.6 88.2 88.3 88.6 77.9 and this of in undertaken of Increase in Index of Department Stores Sales Board of of Governors of Federal Reserve months 37 19% building, residential for was and $102,493,200 for civil 1937 of the total Eastern States reached the total over last of building amounted . $81,046,000 public works and public utilities. $71,993,700 for July, 1936, and seven the months seven residential Slight volume, year. first the increase All groups combined 100.0 the recovery of materially below the figure of $126,615,600 shown for a were only little better than the total of $99,927,000 shown fell ago June For i.e., with compares July 73.1 .3 in 66.9 Fertilizers figure engi¬ The residential $93,078,100 for June of this year. The July, 1937, non-residential total was about 44% greater than the total for July of last year and exceeded the June, 1937, total of $124,837,000 by about 10%. Civil engineering projects started total 105.4 Fertilizer materials 1937, July, projects, neering 76.5 .3 the Of 105.7 .3 high $138,063,500 for non-residential building, 76.4 drugs to reported in June of this year in the amount of $317,842,100 and representing an increase of 8% over the total of $204,734,500 reported in July, 1936. 106.1 and According recovery. $321,602,700 in the 37 Eastern the previous topping States, 79.0 Cottonseed oil products the figures of F. W. Dodge Corp., the July total for all classes (1926-1928=100) Each Group Bears July again construction has estab¬ once Of year. $1,532,075,300 of 1937 the $597,452,500; to construction of volume this $1,815,253,9 00; cumulative was an the corresponding for residential volume for the corresponding period of 1936 building totaled $406,838,300. CONTRACTS CONSTRUCTION AWARDED—37 ROCKY System EAST STATES THE OF MOUNTAINS P"1*" from June to July In the of adjusted index of department store sales for July was approxi¬ same level as for the preceding eight months, reflecting the usual summer decline in the volume of sales." three and months for July, 1936, 1937—Residential building 8,014 20.579,600 Non-residential building.. 3,729 Public works and utilities. 1,496 24,511,500 721,500 $81,046,000 138,063,500 102,493,200 13,239 45,812,600 $321,602,700 8,253 $71,993,700 2,011 20,501,200 17.543,200 718,100 13,890 38,762,500 $294,734,500 58,020 23,170 157,262,600 123,284,400 $597,452,500 702,400,200 7,680 4,067,200 515,460,800 88,870 284,614,200 $1,815,313,500 46,481 116,433,800 406,838,300 22,485 9,533 108.886,800 585,858,500 539,378,500 78,499 228,642,400 Total construction. 1936—Residential building is shown below: Non-residential building. 3,626 __ Public works and Utilities July, 1937 Index June, 1937 May, 1937 Total construction. July, 1936 of department stores sales, 1923-1925 average=100: 1937—Residential building 94 93 93 91 Non-residential building 65 Adjusted for seasonal variation.. se sonal adjustment... 90 95 63 Public works and utilities months of this year sales seven 10% larger than for the corresponding period of last year. "The midwestern industrial districts showed the largest increases over last year," according to the Board, which presented the following compilation: REPORT BY 96,125,200 126,615,600 First Seven Months— Without For the first Valuation Space (Sq. Ft. Month of July— mately at the The index for the last New Floor No. of Projects announcement issuedlAng. lOJthe BoardTrfGovernors Federal Reserve System states that its "seasonally an FEDERAL RESERVE Total construction. were DISTRICTS 1936—Residential building Non-residential building Public works and utilities Total construction NEW CONTEMPLATED WORK REPORTED—37 ROCKY P. C. Change from Year Ago Number $1,532,075,300 EAST OF THE STATES MOUNTAINS Number of of Seven Stores Reporting Included 53 32 1937 1936 Cities Months July* 3,321,800 No. of No. of Valuation Projects Valuation Projects Federal Reserve Districts—2 Boston New York— Philadelphia +5 +7 +1 — —2 — Atlanta +5 + 10 —- Chicago.. +8 St. Louis Public works and utilities 1,532 182,538,200 9,268 3,023 1,525 $109,698,400 98,484,100 12 25 21 14,156 $435,937,900 13,816 $315,511,800 71,794 27,307 9,354 $936,441,200 57,568 $672,403,400 1,028,753,300 905,085,000 24,465 10,436 705,851,400 700,305,800 108,455 $2,870,279,500 92,469 $2,078,560,600 62 Kansas City_.^-_-.---_- 1-7 Dallas +2 San Francisco..—...—^ +4 +4 + 10 +9 ; Non-residential building 8,828 3,796 $95,830,200 16 52 +12 +6 +6 + 10 +9 Minneapolis 27 31 + —3 Richmond.. 52 35 29 +7 17 +5 + 10 + 14 + 11 Cleveland Month of July— Residential building Total construction * 18 27 Residential building 29 19 Non-residential building 19 8 98 38 541 ness as July figures preliminary; in most cities the month had the 277 same days this year and last year, but in July this year there First Seven Months— Public works and utilities number of busi¬ were five Saturdays Canadian Industrial Activity During July Increased 20% Above Same Month Year Ago, According to A. E. Arscott, General Manager of Canadian Bank compared with four a year ago. Electric Output for of Commerce Week Ended Aug. 7 Totals 2,261,725,000 Kwh. The Institute, in its weekly statement, production of electricity by the electric light and power industry of the United States for the week ended Aug. 7, 1937, totaled 2,261,725,000 kwh., or 8.8% above the 2,079,137,000 kwh. produced in the corresponding that the week of 1936. The Institute's statement follows: 9, A. E. Arscott, Week Ended Week Ended Week Ended Aug. 7, 1937 July 31, 1937 July 24, 1937 July 17, 1937 8.5 5.8 Week Ended steel, and .... Central Industrial West Central 6.5 10.1 7.4 8.2 7.4 10.0 12.0 10.1 9.8 12.9 7.1 2.8 1.9 tion. 2.3 Southern States 12.7 11.4 12.1 10.7 Rocky Mountain 12.9 13.5 15.2 7.4 7.0 9.3 8.8 8.0 7.6 13.2 labor There industries generally, foundries and plants reporting a rise of 20^ in opera¬ Mr. Arscott continued: July." unrest been are continues indications, falling off in in retard for demand a few to not to on a case great be in seriously to certain expected the set of industries one as branches and accelerated of this may pace to an¬ disrupt produc¬ trade make which has that indus¬ so long evidence. much of from pass so however, is months Among- the primary industries months Total United States. Bank heavy metal last over trialists 19.1 7.9 Pacific Coast the other, the resultant tension is some New England issued Aug. of the Canadian Commerce, Toronto, said that "as against recessions in a secondarv industries, there is continued and even greater activity in lumbering, pulp and paper, iron and While Regions Manager few tions Major Geographic General Canadian business, of non-ferrous PERCENTAGE INCREASE OVER PREVIOUS YEAR Middle Atlantic . In his monthly review of Edison Electric disclosed 107,329,300 34 34 47 Total construction... Total. 157,569,500 higher level of copper, of the respectively. nickel, gold current year other than production than and over asbestos, those of agriculture, mining continues a the year ago, increases 1936 being 15, especially in for 32, the 12 first the five and 68% Volume The high exceeded Financial 145 figure by highest for for 15% total for the in British June, Columbia which at lumber production million 362 over month since 1928 and approaches any half-year is thus made to May, in B.M. feet was is duction, of Unemployed Workers During June De¬ creased from May by More Than 100,000, According The Board's announcement Total advance the over ployed in for total non-agricultural month and 46,910,000 aggregated 35,300,000 Agricultural employment increased by month, but in The last force. The of labor total in May. the a the same estimated was in the interim. persons - of of 1% Noted in New York State Factory Employment from Mid-June to Mid-July—Payrolls Down 1.5% Employment in York New State factories down about 1% from June, and payrolls were July in was July 31, 1937, took place products food several among industries. Sea¬ and mil¬ sonal reductions continued in the women's clothing linery July on New State The 88.5. was Department payroll the average of the years lation New based was York Statistics This month's total weekly reports were of week reporting payroll factories Mills, were: the of and analyzed direction employing were recorded Utica for industrial losses. New due partly to seasonal partly railroad though there steel losses the in plant shop equipment reported areas Patton. on metal and Northern and and corresponding all week the other machinery additional workers, reported firms the Buffalo metal sharp of some the district, higher industries. decreases bakeries a There and and few more workers but a had their increased forces on and industries. One One locomotive and employment payrolls. or had lowered apparatus firms a as group were lower payrolls. were paying firms rise little in more wages. There was employment and a decrease in payrolls. Several larger the metal and chemical industries reported, fairly large increases net in a Shoe factories and out Rochester, also, gains and losses nearly offset each other. small in the rise in employment was payroll. Textile firms had reduced both employment and payrolls since June and one cannery which was operating then was closed in July. The highest employment and payroll gains in July occurred in the Bingin although employment, accompanied by in hamton-Endicott-Johnson appliances some increases in district. City responsible largely were instance one sharp reduction in a furniture ported reduced payrolls, and with a Manufacturers of for those chemical cypress All production. reported hardwoods Southern and but all pine, Southern above similar production reported for the week ended July 31, 1937, by 439 237,731,000 feet, or 6% below the production of Shipments from as reported for the same week were 255,428,000 hardwood 99 1% below production. 11,307,000 feet, or Production mills give Shipments as week's and a 253,457,000 and ago Production 12,425,000 feet, as for the week were 12,610,000 feet. same was Reports softwood mills was 251,526,000 it was 225,982,000 feet; shipments were, respectively, feet, 211,100,000 and feet 220,865,000 253,431,000 feet. business reported identical of 426 production year was new 10% below production. Identical Mill feet and week, year's below reported orders above those of cypress but hardwoods 1% above production. or Reports feet, All but Southern pine, West totaled. In feet. the case orders and received, 236,247,000 86 identical mills hardwoods, of 10,443,000 11,667,000 feet; shipments, 10,318,000 feet and 10,139,000 feet, and orders, feet and 10,264,000 feet. and Production . Shipments Weeks Ended We give herewith data gains, plants. instruments although Shoe Four of Lumber During July 31, 1937 identical mills for four weeks on ended July 31, 1937 as reported by the National Lumber Manufacturers Association on Aug. 10: average of 537 mills reported as follows to the National Lumber July 31, 1937: there and manufacturers 841,760 40,652 36.S44 37,692 843,234 40,574 977,735 985,867 878,604 898,432 883,808 937,083 1,090,517 Hardwoods Production during the these mills, was 1936 1937 950,454 35,413 1,045,831 44,686 Softwoods 1936 1937 1936 1937 860,740 four weeks ended July 31, 1937, as reported by 12% above that of corresponding weeks of 1936. Softwood production in 1937 was 12% above that of the same weeks of 1936 and 45% above the record of comparable mills during the same period of 1935. 10% above production of the 1936 period. Shipments during the four weeks ended those of July 31, 1937 were 12% above 13% and corresponding weeks of 1936, softwoods showing gain of hardwoods, loss of 4%. Orders received above those of during the four weeks of 1935. ended July 31, corresponding weeks of 1936. 2% above those of similar weeks 1937, were 2% Softwood orders in 1937 were of 1936 and 29% above the same weeki as compared with corres¬ Hardwood orders showed loss of 7% ponding weeks of 1936. On July 31, 1937, gross stocks as reported by 463 softwood mills were 3,593,211,000 feet, the equivalent of 116 days' average production (three 1934-5-6), as compared with 3,573,702,000 feet on Aug. 1, 1936, the equivalent of 116 days' average production. On July 31, 1937, unfilled orders as reported by 460 softwood mills were years average, 811,088,000 feet, the equivalent of 27 days' average production compared Aug. 1, 1936, the equivalent of 24 days' production. with 712,961,000 feet on July Factory Shipments of United States Estimated at 445,550 Units were Car-Makers July shipments from automobile factories in the United amounted to 445,550 units—a decrease re¬ slight increase in the number of workers. Orders Received. Shipments Production (In 1,000 Feet) in payroll net no was orders mills mills. same Last 257,- shipments, reported orders below 1936. the or last Northern Hardwood output was in payrolls for the metal industries in June. of LumlW softwood Total lumber change in employment in these The clay products and men's clothing industries reported net in both employment and payrolls while chemical firms were employing In that so than week above ; al¬ payrolls, the iron and steel and 6heet metal industries reported even greater increases pine and fewer but the repair shops reduced electrical machinery and shipments An cuts, industries and printing change net no reported 1936 of feet; cypress shipments reported Trade Barometer for the four weeks ended , Syracuse hardwoods regions but California redwood reported thousand especially closed due to lack of orders. on a \ industries several In metals. reported of some 286,344,000 feet; for the preceding feet. production in the week ended' July 31, 1937. Coast figures in Jooth reductions Albany-Sckenectady-Troy employment was took in the in production, orders, 236,736,000 266,735,000 shipped Revised regions but Southern pine and Southern The largest net decreases employing shops operations. While Division B. workers 411,415 textile and metal were repair the of occurred and iron and were Most E. reductions in the women's clothing industries activity lessened to firms City equipment printing. losses York both where workers and in the Dr. \ employment and payrolls between June and July. were of Confined to Four Industrial Areas larger seven combined; 250,156,000 feet. 561; 519 mills produced 266,041,000 31, 1937, softwoods and of orders to the New York State Depart¬ of $11,623,529. Major Recessions Four the shown by mills reporting for both 1937 and was ended July hardwoods new 463,000 feet; feet, the in Production 7% above orders of the 1936 week. During the week feet based are representative factories throughout collected under employment for These indexes covering the mills. softwood and This July's preliminary tabu¬ 100. 1,844 are Information, index of 85.1. was as report each month These and Labor's of index 1925-27 reports from on State which Labor. of ment of York the National reports reported production last week and a year ago 11,319,000 feet and Mr. Andrews's statement continued: concerns. The from 11% above output in the corresponding week of 1936; shipments 19% above last year's shipments of the same week, and new orders were approximately 1%% lower, according to a statement issued in Albany, Aug. 11, by Industrial Commissioner Elmer F. Andrews. These changes, the Commissioner pointed out, are in line with the usual seasonal declines from June to July as shown by reports covering the last 22 years. Seasonal expansion hardwood to regional associations according to orders, Association leading Northern Decline week's that of the preceding than shipments of that week; new orders more as All Board estimates the Nation's employed labor to have increased by 592,000 into 1936 booked months the Conference persons force em¬ during persons less than in 2,251,000 was above 1937, by 7% reported for the week ended July 31, 4% were Manufacturers operations during construction and, to for the downturn. agriculture and in June 2,843,000 259,000 than compensated more During the 12 year. reabsorption a primarily in other fields unemployment total month persons persons than 160,000 persons. more declined manufacturing advances lesser extent, in of number The permanent practically unchanged in relation to the total was Employment in in June showed a net persons 167,000. May of activities 6% were orders new The Association further 7% less than the output (revised figures) week; shipments Lumber last year's shipments; over last year's orders. Production fewer mills, was week ended enterprise and private 12% over : National continued: fields of bureaus aggregating government the in all employment gained reported below production. In this period, 9% above that of same weeks of 1936; ship¬ was gained 6% National Industrial Conference Board to Unemployment in the United States declined between May and June by more than 100,000 persons to a total in the latter month of 6,082,000, according to the latest report of the National Industrial Conference Board, issued Aug. 9. orders 4% new production ments Number In the first 30 weeks shipments were 3% above pro¬ The elightly that of a year ago. surpass 1017 than in corresponding week of 193C. of 1937 reported aggregate the all-time record. an Chronicle States and Canada 1% under the same month last year—the Automobile Manufacturers Association disclosed Aug. 10 in its prelim¬ of June to July, 1937 CUV Employment _ _ Payrolls —5.8% _ New York City.. —8.2% —3.1 Utica —1.6 Buffalo.- —2.6 Albany-Schnectady-Troy —1.9 —5.0 No change No change +0.6 +0.7 —0.8 Syracuse _ Rochester _ Binghamton-Endicott-Johnson City —2.8 + 1.1 inary estimate of the industry's operations for the in 1929. Report of Lumber Movement—Week Ended July 31, 1937 78% of the 1929 weekly average of production and 80% of 1929 was 6% shipments. The as recession ness and shipments were heavier All items were - 1936 General 7 months 1937 7 months 1936 .445,550 521,139 451,206 heavier Motors, 3,362,970 3,045,714 Ford and Other Automobile Manufacturers week's reported production than new business booked and about the reported shipments. Reported production showed' from the preceding two weeks. New busi¬ same some 1937 June, 1937 FOR ENTIRE INDUSTRY ♦ 31,1937, stood at greater July, July, The lumber industry during the week ended July is summarized below: The Association's estimate SHIPMENTS Weekly month. industry's shipments for the first seven months of placed at 3,362,970. This was 10% above the corresponding period last year and was the largest volume for the period ever reported by the industry except The the current year were Raise Car Prices Aug. 5 announced that it plans to increase the retail price on its entire line of 1937 model automobiles. The company's statement listed the following General Motors Corp. on increases: 1018 t ' 1 , ' . Financial • • '' ■ . . Chronicle -J • * Chevrolet Motor Co. raised the list price $30 on both passenger cars and trucks effective Aug. During Second Quarter of 1937 Record, According to "Rayon Organon"—Output Aggregated 78,450,000 Pounds Reaches effective Aug. 6 advanced prices of its 40 Special and Series 60 Century models by $45 master and series 90 Limited series and its series 80 Road- Production by $100, delivered. The Pontiac Division effective Aug. 9 increased the prices of all its cars An increase of $45 in the price of all Oldsmobile models, effective Aug. 9 announced by D. E. Ralston, general sales manager. Mr. Ralston, stated that: "The increase in Oldsmobile prices at this time production was partially reflects the rise in costs of labor and material that has been experienced during the past six months." The Cadillac-La Salle unit of General Motors advanced prices of its cars of Aug. 14. Cadillacs were marked up $100 and the La Salle automobiles $60 higher than before the general prices increase went into effect. The company on $35 on several Aug. 2. cars and all trucks and commercial prices. cars The increase, according to the an Gains 11 dealers joined other automobile manufacturers in of increases in retail $200 effective Aug. 16 while prices on Nash effective Aug. 1936 Terraplane Prices Will Increase Aug. 23 made announcement an on Aug. on Aug. 23, accord¬ 10 by William R. Acetate product entering into the manufacture of every our Crops by Bank of Montreal— Started in Prairie Provinces Cutting weekly report the crops of Canada, issued Aug. 12, the Bank of Montreal states that "grain cutting is now general throughout the Prairie Provinces, and threshing has on commenced in some districts. In Alberta general showers, except in the Peace River district," the bank said, "have benefited late—sown crops and pastures, but are too late to affect materially the main crops and returns will vary widely in the different parts of the province." The bank added: In those portions of Saskatchewan where a will be harvested early crop returns indicate that the yields will be low. In Manitoba, on the whole, favorable, although rust has lowered the yield and grade prospects continue in some districts. In Quebec Province crop prospects generally remain satisfactory, under favorable weather conditions, and in Ontario the condition of the crops as a whole continues very satisfactory. In the Maritime Provinces good crops of the main staples are looked for, with above-normal yields of apples. In British Columbia prospects are good in respect to grain, hay and roots, and very promising for tree fruits. ♦ Stodks of old crop wheat farms on and in interior ele¬ elevators cultural ture. bushels The this, it old was States estimated was wheat stocks Department of harvester in 1936 with Agricul¬ 91,113,000 approximately prior or years. 113,518,000 bushels for the five-year 1924-28 period and are the smallest since 1919, said an announcement issued by the Department of Agriculture, bearing on the Bureau's re¬ compare an of average marks, which continued: Wheat stocks began to accumulate in 1929 and reached the record peak 377,942,000 bushels in 1933. Four small wheat crops since that time, however, reduced' them to 142,256,000 bushels on July 1, 1936, and to 103,288,000 bushels this year. of The estimated stocks on July 1 compiled were as follows: Bushels farms on 21,880,000 12,312,000 Old wheat In interior mills and elevators.. Commercial stocks 16,197,000 52,899.000 Stocks In merchant mills and elevators Total United States stocks, July 1 103,288,000 Reports to the Bureau indicate that there «bushels this new The July 1 July is stocks estimated wheat new vators. are These partment of merchant the estimate attributed by the included This Bureau in the of that approximately indicate approximately 7,175,000 stocks figure commercial amount of as of July 1 included stocks new early harvest this wheat crop year and to wheat. bushels of figure for merchant mills and ele¬ approximately reported adjusted are The the to stocks originally would for wheat. new were commercial early shipments Commerce, was in 1936, of is stocks, mills. July 1 1, bushels unusually heavy It on wheat crop 4,581,000 the the . year. about in of pounds in cupra yarns and amounted yarn cupra the first quarter to and a of*53,700,000 pounds. for production the pounds second quarter totaled1 in the first quarter and a 18,700,000 pounds 1936 quarterly aver¬ reduced for in increases 6mall rayon production into operation slowly," very production, yarn due labor to new rayon states the after even troubles, possible out bear our producing capacity is coming "Organon." "Thus, with the with little possibility of apparently will continue to an be increased production, the rayon very strong for time some to come." of Deliveries the ing, rayon yarn especially in were during July, slightly lower according to This slight reaction is seasonal and is not surpris¬ "Organon's" index. light of the extra-seasonal activity of recent months Its Products—Daily Average Crude Sets New High—Lower Texas Allowable Seen in September—Crude Oil Stocks Advance— President Signs Oil Compact Extension Bill Petroleum by upward that the 5.000,000 Bureau to represent the carryover of Census, stocks of De¬ in old all wheat 91,113,000 bushels. Total mated world stocks of old grain on about July 1 were tentatively esti¬ by the Bureau in the July issue of its Wheat Situation Report at about 515,000,000 bushels, or about 245,000,000 bushels less than last year. World stocks for the 1924-28 periodi, before large surpluses accumu¬ lated, averaged about greatly reduced, an 675,000,000 bushels. increase in have been world wheat crop While these stocks the prospective 1937-38 will partly offset the decrease in world stocks compared with last year, was stated. and Output Substantial increases in daily average in crude oil production Oklahoma and California contributed to the 59,250-barrel spurt in the national total to a new all-time record high at 3,651,150 barrels for the first week of August, Texas, the third consecutive period in which a new peak has been established, statistics compiled by the American Petroleum Institute disclosed. : ; The ; record outturn of 3,651,150 barrels daily is 188,250 barrels in excess of the August allowable recommended new for the oil-producing States by the United States Bureau of The total, compared with production of 2,963,800 Mines. barrels in-the like 1936 week, shows an increase over the 1936 week of 687,350 barrels daily. An increase of 46,050 barrels in the Texas production for the week ended Aug. 7 lifted the aggregate to 1,479,050 barrels, compared with the State quota of 1,510,317 barrels and the Federal recommendation of 1,395,200 barrels. Okla¬ homa producers increased their production by 16,450 barrels, 654,100-barrel aggregate comparing with the joint Fed¬ eral State quota of 633,400 barrels daily. Oil producers in California pushed production up barrels during the Aug. 7 period to 670,500 barrels, 10,900 which compared with the 612,800-barrel figure recommended both by the United output by 12,100 barrels daily, the 195,050-barrel total con¬ trasting with a joint Federal-State allowable of 200,500 new estimated was estimated Old wheat 58,950,000 viscose and plus States Bureau of Mines and the Central Committee of California Oil Producers. Kansas lowered its Economics, United Of viscose approximately 103,288,000 bushels on on Aug. 6 by the Bureau of Agri¬ totaled July 1, it of and and mills, and total wheat stocks, both old and wheat, in commercial centers and merchant mills crop the heavy fall business ahead, with producers' stocks practically at the vanish¬ the United States Wheat Stocks July 1 Smallest Since 1919, According to United States Department of Agri¬ culture vators against 17,800,000 "These Canadian on Grain1 wheat by announcement an cars, wages, has risen substantially in price, Mr. Tracy stated. "Nat¬ urally this affects the price of 010: own products. The present prices are effective up to midnight Aug. 22." of said do not include rayon of 15,700,000 pounds. correction Tracy, Vice- including In its the up to $45 on the Hudson cars. "Practically Report pounds average picture President in charge of sales of the Hudson Motor Car Co. The increases, Mr. Tracy stated, will range from $35 above the present list price on the Terraplanes Production ing point, and Hudson and ing to raised $36 to $85 14. Prices of Hudsons and Terraplanes will be increased by 1936 quarterly aver¬ a The totals previous remarks to the effect that prices ranging from $65 cars were compiled figures to reported in the output of both were yarns. 59,750,000 age increase in the retail prices of their products. Packard notified to Aug. on according production, fiber acetate The Packard Motor Car Co. and the Nash Motors Division of the Nash- Corp. records, of 69,400,000 pounds. age against Packard and Nash Lift Auto Prices Kelvinator States Organon," materials. announcing filament yarn in the United during the first quarter of 1937 aud Ford announcement, was made necessary by the rising costs of labor and new rayon Bureau, Aug. 6, which continued: The higher prices went into effect cars. not included in the advance in are . July 30 announced price increases ranging from $15 to of its 1937 line of Five types of passenger of published by the Textile Economics Bureau, Inc., New York. Output for the entire industry aggregated 78,450,000 pounds for the second quarter of the year. This compares with production of 76,700,000 pounds "Rayon staple Ford Motor Co. Raises Price of 1937 Model Cars New during the quarter ended June 30, 1937, broke all quarterly by $45. will sell for Production Rayon 9. The Buick Motor Division as Aug..14, 1937. it barrels. Louisiana also curtailed production, the 1,850paring output to 262,200 barrels, against the State quota of 262,200 barrels and the Federal recommenda¬ barrel cut tion of 253,900 barrels. Changes in production totals of other oil producing States insignificant and the net increase for all areas east of the Rocky Mountains w^s 48,350 barrels. The 10,900barrel jump in the California production lifted the net gain for the nation during the week ended Aug. 7 to 59,250 were barrels. Coincident with the scoring of a new tion of domestic crude oil, imports of record high in produc¬ petroleum recorded a slump. Total imports for the week under review were off to 133,571 barrels, the smallest total since the third week last May when daily imports reached an aggregate of 104,429 barrels. Two members of the Texas Railroad Commission—C. V. Terrell, chairman, and E. O. Thompson—agreed that the Texas September allowable may be pared as much as 100,000 barrels from the current record high of 1,510,317 barrels daily.;. The possibility that the cut may be made before Sept. 1 if the replies to a Commission questionaire sent to the nation's refiners to ascertain the status of their stocks so justifies was advanced. Commissioner Thompson pointed out that there were nothing in the law requiring the Railroad Commission to hold a State-wide hearing before it issued a production curtailment order despite the fact that this had been the custom in the past. Should conditions justify any reduction, he indicated, it would be posted as soon as was necessary. With gasoline consumption already tapering off from its seasonal mid-summer highs, he pointed out, the period when disappearance starts to sag will begin early in September, following the Labor Day holiday—traditional peak of gasoline consumption. "What we are trying to do," he explained, "is to assure every refiner, no matter how small, of an adequate suppfy of crude oil at the prevailing market prices; and price 1019 Financial Chronicle Volume 145 for gasoline." a fair , Stocks of domestic and foreign crude oil continued their upward swing during the final week of July after the tem¬ porary decline during the middle of the month. The Bureau of Mines reported on Aug. 11 that stocks during the week ended July 31 gained 699,000 barrels, barrels. The increase was comprised totaling 308,250,000 of a gain of 312,000 barrels in domestic, and 387,000 barrels in stocks of foreign crude. .' J ;-t ■ '+ .:■//, ■ Stocks of all oils rose 1,990,000 barrels during June, while stocks of gasoline, including finished, unfinished and natural, were off 4,357,000 barrels, according to a Bureau of Mines report issued on Aug. 12. Daily average crude oil output during the month of 3,527,100 barrels was about 50,000 bar¬ rels under the record high set in the previous month. The gasoline yield of 43.5% represented a decline of 0.4% from the May average and 0.9% from the average in June a year earlier. A 9% jump in domestic demand for gasoline lifted the total to 48,580,000 barrels. Export demand for gasoline rose to 3,085,000 barrels from 2,291,000 barrels in the like 1936 period. President Roosevelt on Aug. 11 signed a joint resolution of the Congress giving consent to the extension for two years of the Interstate Oil Compact. The compact, which otherwise would expire Sept. 1, next, is designed to aid oil-producing States in preventing waste of oil and natural gas. There were no price changes. Daily average produc¬ 1937, is estimated at 3,594,350 barrels. The daily average output for the week ended Aug. 8, 1936, totaled 2,963,800 barrels. Further details, as reported by the Institute, follow; oil-producing States during August. tion for the four weeks ended Aug. 7, principal 935,000 barrels, a daily average of 133,571 barrels, compared with a daily average of 200,714 barrels for the week ended July 31 andl 168,214 barrels daily for the four Imports of petroleum for domestic use and receipts in bond at United States weeks ended ports Aug. 7. Receipts of California oil at Atlantic and Gulf Coast ports for the week ended Aug. 7 totaled 52,000 barrels, (All gravities where A. P. I. degrees $2.82 1.25 Corning, Pa 1.42 Illinois 1.35 Western Kentucky 1.40 indicate that the industry as a whole ran to stills, on a Bureau of Mines basis, 3,340,000 barrels of crude oil daily during the week, and that all bulk terminals, in transit and in companies had in storage at refineries, pipe lines of the as 69,216,000 barrels of finished and of the week, end unfinished gasoline and 108,597,000 barrels of gas and fuel oil. 94.8% of the potential Cracked gasoline production by companies owning charging capacity of all cracking units indicates that the industry as a whole, on a Bureau of Mines basis, produced an average REFINED PRODUCTION DAILY AVERAGE CRUDE OIL (Figures in Barrels) Four B. of M., Dept. of State Week Change Weeks Interior Allowable Ended from Ended Ended Calcu¬ Aug. 1 Aug. 7 Previous Aug. 7 Aug. 8 1937 1936 Week 1937 lations 654,100 + 16,450 195,050 —12,100 532,300 33,700 200.500 640,000 201,000 66,500 —14,450 633,400 633,400 200,500 Kansas 1.09 Panhandle Texas 1.42 1.22 Central Field, Mich Sunburst, Mont.. Huntington, CalJf, 30 and FINERY OPERATIONS EASE STOCKS FROM 77,300 73,500 33,750 North Texas-- 55,800 60,600 26.650 81,400 64,440 West Central Texas 71.302 74,500 1,300 + + 100 AGAIN RECORD 208,600 179,450 124,150 —200 470,000 59,550 430,150 266,600 +27,900 243,100 206,800 157,150 183,800 213.498 East Central Texas East Texas 124,842 470,734 261,652 Coastal Texas 222,449 217,250 +12,750 1.21 DIP—RE HIGH—GAS 470,600 1,395,200 1,510,317 1.479,050 +46,050 1,437,200 1,153,150 Total Texas PRODUCT 88,500 —3.350 89,300 85,100 173.700 +1,500 171,900 151.900 262,200 —1,850 261,200 237.000 32,350 119,600 +3,650 29,300 121,550 44,600 55,150 17,900 5,050 114,350 29,200 108,850 31,850 40,750 17,000 4,900 78,050 North Louisiana HOLD FIRM Coastal Louisiana Seasonal contraction of stocks of finished and unfinished motor fuel continued during the initial week of August, a 7 to decline of 1,656,000 barrels paring the total on Aug. 29,216,000 barrels, more than 10,000,000 barrels below the high established last spring, according to figures made public by the American Petroleum Institute. Refinery holdings slumped nearly 2,000,000 barrels, total¬ ing 37,656,000 barrels; while, in contrast, bulk terminal stocks rose 404,000 barrels to total 24,009,000 barrels. Stocks of unfinished gasoline, as shown in the report, were off 100,000 barrels to total 7,551,000 barrels on Aug. 7. Refinery operations showed a sharp slump from the alltime record high of 86% of capacity scored in the final week of July. The 2.9-point decline carried operations off to 83.1 % of capacity. Daily average runs of crude oil to stills of 3,340,000 barrels represented a decline of 85,000 barrels from the previous week's record high. As gasoline inventories contract in keeping with the alltime record high rate of consumption, stocks of gas and fuel record oils climb refiners as stock their tanks in New York— Richfield Oil(Cal.) Warner-Qulnlan.. Total Louisiana 264,550 253,900 29,100 121,900 39,900 52,800 17,700 4,900 100.800 Eastern Michigan Wyoming Montana Colorado New Mexico 44,000 56,500 18,450 Total United States • ♦612,800 612,800 Chicago .$.075* Gulf . Shell Eastern. - $.05 New Orleans. Gulf .08 X .07 H Tulsa .07 H -.05)4 ports .06 34-.07 .0514 05H-.05 H I North Texas $.055* $.04 3,651,150 +59,250 3,462,900 Gas Oil, F.O.B. Refinery IChicago— $.045*1 28-30 D Note—The figures Indicated above do not include any New York x Brooklyn z I Newark $.19 |Boston .19 Not including estimate of any oil which CRUDE RUNS TO STILLS AND STOCKS OF FINISHED AND UNFINISHED 1937 GASOLINE AND GAS AND FUEL OIL, WEEK ENDED JULY 31. (Figures in Thousands of Barrels of 42 Gallons Each) Crude Runs Stocks of Finished and to Stills Daily Refining Capacity Unfinished Gasoline Stocks of Unfin'd C Daily Reporting tial Total Rate P. C. P. Aver¬ Poten¬ Oper¬ At Re¬ age ated fineries 548 669 Appalachian. Ind.,111., Ky 146 129 88.4 102 79.1 525 485 92.4 429 88.5 84.6 Okla., 669 100.0 81.9 East Coast-. Gas in District and Terms., Nap'tha &c.. Fuel Oil Distil. 1,286 4,746 1,080 7,420 12,406 1,394 3,367 3,828 1,404 5,536 2,478 120 365 364 1,921 306 11,984 254 875 886 6,593 530 3,319 1,646 9,030 2,412 Kan., 449 380 294 77.4 Inland Texas 355 201 56.6 123 61.2 Texas Gulf— 793 757 95.5 719 95.0 La. Gulf 174 Mo 168 96.6 160 95.2 820 694 No.La.-Ark. 91 58 63.7 35 60.3 242 119 108 Rocky Mtn. 89 62 69.7 58 93.5 94 791 California— 821 746 90.9 569 76.3 1,407 8,483 2", 337 1,481 68,709 3,655 88.9 3,037 83.1 408 34,966 23,279 457 303 2,690 730 7,231 105,767 320 2,830 4,112 4,102 3,340 3,425 37,656 39,616 24,009 23,605 7,551 108,597 7,651 Z108209 y3,014 34,691 20,581 6,508 109,653 xEst.tot.U.S. Aug. 7'37 July 31 '37 4,112 .4,102 U. S.B.of M. or 1.35 Terminal ITulsa $.053 _..._$. 165 .18 [ I $.Q2J*-03 I Buffalo Chicago August, 1936, daily average, z The estimated unreported stocks for the week ended July 31 remain unchanged from those previously reported. Estimated Bureau of Mines basis, y July Anthracite Shipments Off 40.07% $.105 Gasoline, Service Station, Tax Included z 3,594,350'2,963,800 - New Orleans C_. Phila., Bunker C I California 24 plus D $1.00-1.25 2.201 N. Y. (Bayonne)— 27plus I Tulsa........ .03K-.04 Terminal $1.351 Diesel 28-30 D 2,980,650 +48,350 2,927,300 2,372,700 591,100 667,050 670.500 + 10.900 might have been surreptitiously produced. x |New Orleans.$.05J*-.05)* | Los Angeles.. .03)*-.05 Fuel Oil, F.O.B. Refinery or N. Y. (Bayonne)— Bunker C +150 + 150 —250 Recommendation of Central Commltteeof California Oil Producers. xAug. 7 '36. Kerosene, 41-43 Water White, Tank Car, F.O.B. Refinery (Bayonne) —200 Other Cities— Texas .07 H New York —2,600 —1,100 5,150 114,200 114,000 Total East of Calif._ 2,850,100 California Reported... Est. Unreptd U. S. Gasoline (Above 65 Octane), Tank Car Lots, F.O.B. Refinery Stand. Oil N. J..$0.7H Socony-Vacuum.. .08 Tide Water Oil Co .08 M .... Arkansas advance of the anticipated heavy demand during the 1937-38 winter season. An increase of 388,000 barrels lifted the total to 108,597,000 barrels. Daily average production of cracked gasoline sagged 30,000 barrels to 745,000 barrels. Gasoline and other refined product prices continued to hold static, and little change, save strictly local corrective adjustments, are seen likely over the nearby future. With the exception of the Mid-West area and the Pacific Coast, all markets recently were advanced and the price increases are being well maintained. New York— 139,650 224,300 +18,350 125,600 +300 Wast Texas 1 30 210 over over AND FUEL OIL INVENTORIES SPURT—REFINED PRICES Week 1.35 Rusk, Texas, 40 and over Darst Creek PRODUCTS—GASOLINE of 745,000 barrels daily during the week. Oklahoma $1.27 Eldorado, Ark., 40 Kettleman Hills, 39 and Petrolia, Canada 4,112,000- United States, dally potential refining capacity of the estimated Southwest Texas Mld-Cont't, Okla., 40 and above.. 1.30 1.25 Rodessa, Ark., 40 and above Smackover, Ark.. 24 and over 0.90 7. Reports received from refining companies owning 88.9% of the barrel (August) not shown) are daily average of 7,429 barrels, com¬ a pared with 25,321 barrels for the four weeks ended Aug. Prices of Typical Crudes per Barrel at Wells Bradford, Pa... Lime (Ohio Oil Co.) for the week ended Aug. 7 totaled $1.75 ... .177 2% city sales tax. Shipments of anthracite for the month of July, 1937, as reported to the Anthracite Institute, amounted to 2,421,504 net tons. This is a decrease, as compared with shipments during the preceding month of June, of 1,618,859 net tons, or 40.07%, and when compared with July, 1936, shows a decrease of 923,805 net tons, or 27.61 %. Shipments by originating carriers (in net tons) are as follows: Daily Average Crude Oil Output Reaches The American Petroleum Institute estimates Reading Co that the daily average gross crude oil production for the week ended Aug. 7, 1937, was 3,651,150 barrels. This was a gain of 59,250 barrels from the output of the previous week. The current week's figures remained above the 3,462,900 barrels calculated by the United States Department of the Interior to be the total of the restrictions imposed by the various July, 1937 3,651,150 Barrels in Week Ended Aug. 7 Lehigh Valley RR Central RR. of New Jersey Del. Lackawanna & Western RR. Delaware & Hudson RR. Corp Pennsylvania RR Erie RR - New York Ontario & Western Ry_ Lehigh & New England RR Total — June, 1937 July, 1936 June, 1936 673,378 749,544 287,135 451,865 3.515,878 221,180 297,098 306,468 58,826 69,774 559,965 402,712 454,818 355,926 105,619 134,838 769,783 745,044 263,020 409,545 319,415 305,575 246,004 203,476 83,447 2,421,504 4,040,363 3,345,309 475,289 511,065 175,488 306,316 923;214 782,186 321,085 404,656 335,687 272,336 195,656 145,621 1020 Financial Aug. 14, 1937 Chronicle Weekly Coal Production Statistics Total Number for of Working The National Bituminous Coal Commission of the United Month States Department of the Interior in its current weekly coa report stated that the total production of soft coal for the week ended July 31 is estimated at 7,700,000 net tons. This is increase of 410,000 tons, or an the preceding week. minous coal 5.6%, the output in The accumulative production of bitu¬ date is 261,114,000 to oyer ahead of 1936, but is far tons. behind the active run 18.2% ahead of 1936. COKE UNITED STATES PRODUCTION OF COAL AND BEEHIVE (IN NET TONS) WITH DATA ON PRODUCTION OF CRUDE 31,726,000 4,475,000 274,300 26 26 10,550 32.005,000 26 3,925,000 104,200 a 26 1,231,000 151,000 232,836.000 33,494,000 26 4,008 738,100 Week Ended— July 31,1937 d July 24,1937 e a. Anthracite coal b Beehive coke c Includes for purposes end of the calendar year. July Production and Shipments of Slab Zinc Aug. 1, 1936 The American Zinc Institute 7,700,000 1,283,000 7,290,000 1,215,000 7,386,000 1,231,000 473,000 78,800 on Aug. 5 released the follow¬ gl,145,000 190,800 ing tabulation of slab zinc statistics: GRADES)—1929-1937 SLAB ZINC STATISTICS (ALL X 450,000 Beehive coke: / • , ' 7 ■ . \ 1 67,200 11.200 Daily average 5,754,000 Period 5,729,000 > 1937 Period Period 631,601 504,463 300,738 213,531 324,705 602,601 436,275 314,514 4,722,000 1936 Year 1929 Year 1931 1929 Retorts (a) Shipped Operating End of for 129.842 x Year 1930 Calendar year to date f— Stock at During Shipped During Produced _ United States total Crude petroleum: c Coal equivalent of weekly output- 1,220.000 172,100 of historical comparison and statistical convenience, the production of lignite and of anthracite and semi-anthracite outside of Pennsylvania, b Total production, Including colliery fuel, washery and dredge coal, and coal shipped by truck from authorized operations, c Final figures Note—All current estimates will later be adjusted to agree with the results of the a Total, including mine fuel Daily average Pennsylvania anthracite: b Total, including mine fuelDaily average. Commercial production, i 1,216,000 103,700 10,977 26 complete canvass of production made at the PETROLEUM Bituminous coal: 26 June, 1937 (Revised)— Bituminous coal a about End of 75.430 6,352 143,618 196 57,999 31,240 68,491 47,769 18,585 26,651 41 19,875 23.099 18,560 23,653 28,887 32,341 18,273 8,478 15,978 30,786 51,186 35,872 42,219 34,334 36,189 37,778 37,888 38,176 *36,972 38,135 *36,734 38,358 *37,006 38,326 *36,897 39,157 *37,893 40,125 *38,588 40,642 *38,538 56,829 170 21,023 239 27,190 148 124,856 105,560 119,830 83,758 32,944 38,329 366.933 431,499 465,746 41,642 46,341 79,059 36,156 42,411 0 79,693 0 38,205 38,004 37.922 43,180 44,833 44,875 39,846 38,087 42.239 43,905 41.582 75,369 80,634 81,562 0 41,400 0 June. 45.481 41,819 88,517 August 43.542 46,013 86,046 0 September 42,211 51,775 76,482 0 October 46,225 53,963 68,744 0 November 45,670 56,887 57,527 0 December 261,114,000 1,431,000 305,148,000 1,663,000 h32,991,000 188,000 h39,801,000 226,800 Daily average weekly output X 46,940 59,512 44,955 0 41,048 40,700 ♦36,934 41,308 ♦37,350 41,308 *36,418 40,672 *36,843 41,733 *38,052 43,103 *38,607 42,965 *38,461 169,493,000 523,166 561,969 46,831 April May X * 143,350,000 59 1936 January February March l United States total Crude petroleum: c Coal equivalent of 1,297.000 h30,442,000 173,500 Beehive coke: 236,723,000 0 o/ 84,855 0 134,399,000 Includes for purposes of historical comparison and statistical convenience the production of lignite and anthracite and semi-anthracite outside of Pennsylvania, b Includes washery and dredge coal and coal shipped by truck from authorized operations, c Total barrels produced during the week converted to equivalent coal assuming 6,000,000 B.t.u. per barrel of oil and 13,100 B.t.u. per pound of coal, a d Subject to revision, e Revised, f Sum of 31 full weeks ending July 31, 1937, and corresponding 31 weeks of 1936 and 1929. Note that method of computing the cumulation differs slightly from that used in previous reports of this series h Sum of 28 weeks ending July 24. 6 Estimated, i Excludes mine fuel, x Figures not reported. ESTIMATED WEEKLY PRODUCTION OF COAL, [In Thousands Net of Total for yr. Tons] and State sources or of final annual returns from the operators.) Monthly 43,597 aver. 40.047 51,227 33,775 0 40,285 37,794 46,953 24,616 0 *35,719 42,786 *38,289 March 53.202 59,635 18,183 0 April Avge. 1923 52,009 56,229 13,963 0, May 55,012 55,201 13,774 2 2 2 3 234 202 164 322 389 38 26 30 31 80 74 65 71 1 - 43,635 *38,979 43,660 *39,019 Of 43,724 1 *43,270 0 44,186 e 229 1 Georgia and North Carolina 74 * s 122 76 * s 8 165 June 50,526 50,219 July 49,181 49,701 14,081 I *43,007 8 Illinois 651 640 719 547 914 1,261 Indiana 231 221 234 212 273 14 42 37 57 87 of 13,561 451 17 Iowa Kansas and Missouri 85 Western 79 90 85 98 134 667 Kentucky—Eastern 54,064 60,513 75.891 78,626 37",915 July July 24 July 17 July 25 July 27 July 27 1937 p 1937 p 1936 r 1935 1929 Colorado 65,173 1937 February..... Stale Arkansas and Oklahoma 44,458 0 0 January Week Ended— Alabama 41.638 35.968 28,370 27,090 BY STATES (The current weekly estimates are based on railroad carloadings and river ship¬ ments and are subject to revision on receipt of monthly tonnage reports from district Alaska of Period July Total, including mine fuel Daily average Pennsylvania anthracite: b Total, including mine fuel Daily average Commercial production.! Orders End Period Year 1934 Year 1933 Unfilled Retorts During Period Year 1935 a Average Export 218,517 344,001 352,663 Year 1932 Bituminous coal: 253.721,000 30,289,000 2,109,800 26 26 285,400 July, 1936 (Revised)— to End of July (Net Tons) 2,697,000 Beehive coke Bituminous coal Crude oil production in 1937, which is shown below for ESTIMATED Days 31,610,000 a. Anthracite coal b 10.3% 1929. comparison in terms of equivalent coal, continues „ Year to July, 1937 (.Preliminary) Bituminous coal Anthracite coal b__ This is year (Net Tons) Calendar Average Working Day (Net Tons) per 698 635 552 906 \ ♦ Equivalent retorts computed included in total shipments. 24-hour on 46,199 *45,175 basis, a 40,613 *38,447 39,948 *37,851 40,588 *38,417 41,177 *38,936 43,429 *42,519 43.205 76,544 77,969 ,89,846 / J81.448 i67,143 I 59,209 *42.186 46,171 *45,147 Export 82,596 shipments are 735 131 113 134 100 217 202 Maryland Michigan 27 23 27 24 44 42 4 2 4 1 14 17 Montana 40 40 44 40 51 41 New Mexico 33 32 25 20 47 52 North and South Dakota 15 15 13 12 810 sl4 23 35 39 24 33 53 87 the domestic market for non-ferrous metals in the last week. 250 245 205 160 230 239 30 31 26 21 33 37 1,614 1,549 1,662 1,492 481 524 499 2,052 704 1,519 532 Tennessee Texas 60 89 63 79 115 1 1 s4 s4 7,288 6,358 9,654 11,208 385 332 316 460 854 2,019 2,055 1,783 2,762 3,680 95 Pennsylvania bituminous 97 81 73 96 113 15 Utah Virginia Washington West Virginia—Southern, a Northern. b_ 15 70 Wyoming. * 1 Other Western States .c Total bituminous coal. 14 13 26 866 7,290 473 Grand total 7,132 575 819 881 1,242 1,950 7,763 Pennsylvania anthracite, d a Speculative Advance in Copper Opposed Here —Lead and Zinc Prices Up "Metal and Mineral Markets" in its issue of Aug. 12, reported that what was generally accepted as an ill-timed speculative flurry in London caused no end of excitement in 382 2,030 Ohio and London 7,707 8,107 7,239 10,896 13,158 Offerings of copper, lead, and zinc were quite liberal, and the steady flow of metal tempered the buying mood toward the close of the week. Several important producers of copper strongly opposed the bull movement. Both lead and zinc advanced one-quarter cent per pound. Tin prices averaged somewhat higher for the week, on the uplift in London. Antimony and quicksilver declined. The publication further said: Includes operations on the N. & W., C. & O., Virginian, K. & M., B. C. & G., on the B. & O. in Kanawha, Mason, and Clay counties, b Rest of State, including the Panhandle District and Grant, Mineral, and Tucker counties, c In¬ cludes Arizona, California, Nevada, and Oregon, d Data for Pennsylvania anthra¬ cite from weekly anthracite and beehive coke report of the Bureau of Mines, e Average weekly rate for the month, p Preliminary, r Revised, s Alaska, Georgia, North Carolina, and South Dakota Included with "other Western States." Lead Continued demand for lead in ened the market price of offerings by producers strength¬ beginning of the week, and producers raised the Aug. 5, one-quarter cent to 6.50c., New York, and 6.35c., St. Louis. on Buying tons ♦Less than 1,000 tons. at the excess was in in the good volume, involving 11,515 tons, compared with 11,057 Cable makers were substantial purchasers, previous week. along with battery makers and pigment manufacturers. that Preliminary Estimates of Production of Coal for Month of requirements are about 65% covered. The quotation is firm at 6.50c., New York, the contract settling basis July, 1937 of the American According to preliminary estimates made by the United Smelting & Refining Co., and at 6.35c., St. Louis. Joseph Lead Co. received a Commission, bituminous coal output during the month of amounted to 31,610,000 net tons, compared with 32,005,000 net tons in the corresponding month last year 1937, and 31,726,000 tons in June, 1937. duction during July 3,925,000 tons The a year ago consolidated as of the two Copper The foreign copper market became excited on rumors of an advance in price here, and domestic trend pro¬ against aforementioned abroad. Both abroad, paying on and 4,475,000 tons in June, 1937. statement organizations follows: Anthracite totaled 2,697,000 net tons, St. premium on sales of lead in the East. States Bureau of Mines and the National Bituminous Coal July, The trade believes buying for August has been practically completed and that September Aug. as 10 and producers and high on some consumers consumers as bought heavily because of the upward and speculators came into the market 15c. c.i.f. European ports for a fair quantity some carry-over business on Aug. 11. As domestic foreign interests resisted the advance by selling freely, the buying movement ended with the price here unchanged at 14c., Valley, and sellers 32,726 as low tons, yesterday was as 14.50c., c.i.f. against light. Domestic sales for the last week totaled 29,063 in the preceding seven-day period. Just as Inquiry the market reached the boiling point, several lots of domestic copper actually sold at 14 Kc., Valley, but the tonnage Volume was Financial 145 the total volume of business booked. figures are now available on world insignificant contrasted with Fairly comprehensive preliminary The half of 1937. basis for the first production of copper on a smelter 1936, comparable figures for of 1937, and record for the first six months in short tons, follows: January-June 1 Foreign b 917,398 b American Bureau Totals a Copper Institute, mine and custom tistics. Production intake, Statistics estimates Bureau of Metal 1937, by months, in short tons: September, 1936 October, 1936 November, 1936 February, 1937... March, 1937 April. 1937 May, 1937 110,100 ..112,200 December, 1936 June, 1937 _JH Zinc of the July statistics, Number of Weeks in Month *Per Cent Tons of Capacity (Gross Tons) 81.43 1,066,578 1,103,458 1,177,577 4.43 < 1937— 4,724,939 4,413,832 5,216,666 January February March 84,25 89.91 4.00 4.43 14,355,437 85,23 1,116,286 12.86 90.27 1,182,255 4.29 88.82 1,163,332 4.43 June. 5,071,875 5,153,559 4,183,762 74.46 975,236 4.29 July 4,556,596 78.49 1,030,904 4.42 13.01 First quarter April May 14,409,196 84.89 1,111,891 25.87 3,039,804 2,956,891 3,333,853 52.39 686,186 714,225 752,563 4.43 54,53 57,46 9,330,548 ' 84.56 28,764,633 Second quarter 1,107,548 54.80 717,734 13.00 1936— January February March First quarter 4.14 4.43 market for domestic consumption in a large the quantity at 15,000 3,932,605 69.99 914,593 4.29 4,037,375 3,975,569 3,914,370 69.58 911,371 4.43 May 70.75 926,706 885,604 4.42 Second quarter 11,945,549 70.10 918,182 13.01 First six months 21,276,097 62.45 817,997 26.01 4,184,287 4,151,388 72.11 944,534 969,950 4.43 74.05 12,250,045 71.23 932,981 13.13 33,526,142 65.40 856,570 39.14 4,534,246 4,323.025 4,424,367 78.15 1,023,532 4.43 76.94 1,007,698 4.29 76.42 1,000,988 4.42 13,281,638 77.17 1,010,779 13.14 Total sold on an average price April. Fourth quarter A large tonnage was December forward delivery. Weekly Production Calculated Production Gross First six months which showed that stocks had again declined in an already bare market, demand became quite active. This buying resulted in some business at 7%c., St. Louis, on Aug. 6, but sales at the 7c. level continued so large that the higher price was snowed under in establishing the market. The situation was much the same on Aug. 7. But by Aug. 9 virtually all sellers accepted the7%c basis, though most of them did so reluctantly. Sales for the calendar week ended Aug. 7, amounted to 23,616 tons, of which more than 14,000 tons was sold for Following publication Calculated Monthly ended June, .—126,400 —..130,600 139,.500 141,300 141,100 147,900 1937 January, 96,000 99,100 98,200 106,800 July, 1936 August, 1936. OF OPEN HEARTH AND INGOTS—JANUARY, 1936 TO JULY , PRODUCTION . smelter output of for the twelve months '■ ; ■ ■' ■ " ■ outside of the United States copper figure of 33,886,857 BESSEMER STEEL 1937 (Calculations based on reports of companies which in 1936 made 98.29% of the open hearth and 100% of the Bessemer Ingot production) MONTHLY _ _ The American only 1.7% less than the 1929 1,337,119 of Metal Sta¬ monthly by the Copper United States as reported 85% of the total for that territory. outside of the Institute covers only was gross tons. 610,319 826,800 346,698 570,700 a of 1937 1937 1936 United States 1021 Chronicle 46,807,780 68.36 895,329 52.28 June July 67.61 4.29 basis. Foreign zinc sold in this weeks, some estimates placing in the last three way tons or more. Production of zinc in how erratic operations in High owing chiefly to the power shortage in the Northwest: been, 21,263 March 31,229 April 30,676 31,459 28,044 23,944 May ........ ... July Totals ... 37,794 53,202 August September Third quarter. 40,047 19,703 21,973 21,333 23,553 22,482 18,784 18,091 June.-,.- Totals Common (a) Hiyh Grade February January 1937, by Grade have first seven months of this country in the grades, in short tons, shows Nine months October December 25,237 50,526 49,181 155,544 182,227 52,009 55,012 337,771 (a) Mostly Prime Western. November Note—The percentages Tin of 1,309,760 gross tons Domestic trade in tin was fairly active during the first part of the week, of tin is calculated on weekly capacities annual capacities as of Deo. 31, 1935 as follows: of capacity operated are based on Open hearth and Bessemer ingots, Exchange reflected a firmer market sup¬ ported by speculative interests. During the latter part of the period prices eased abroad and consumers here became less interested. About 930 tons when prices on Chinese tin, 99%, was quoted nominally as follows: 6th, 59.150c.; 7th, 59.175c.; DAILY PRICES OF Aug. 5th, 59.125c.; 58.500c. 9th, 59.150c.; 10th, 58.750c.; 11th, METALS ("E. & M. J." Electrolytic Copper Dom.,Refy. Exp., Refy. Straits QUOTATIONS) Zinc Lead Tin New York New York St. Louis St. Louis Aug. 5 13.775 14.250 60.375 6.50 6.35 7.00 13.775 14.325 60.400 6.50 6.35 7.00 Aug. 6 Aug. 7 13.775 14.350 60.425 6.50 6.35 7.00 Aug. 9 13.775 14.450 60.400 6.50 6.35 7.25 Aug. 10 13.775 14.500 60.000 6.50 6.35 7.25 Aug. 11 13.775 14.350 59.750 6.50 6.35 13.775 14.371 60.225 6.50 6.35 Steel Shipments During 7.125 1933: TONNAGE Year 1933 February March 3M Aug. Aug. Aug. Aug. Aug. 58 % 5 6 9 10 11 Lead Tin. Std. prices. Spot 3M Spot 3M 65 287% 265 % 23 2215,6 65% 270 267% 24 23% 24% 239,6 60% 66 H 270% 268% 24 59 % 597,6 66 268 266% 58% 58>5,6 65 % 266 H 264 235,6 22% 23 Spot 335.321 643,009 591,728 598,916 979,907 745.064 603,937 985,337 578,108 886.065 July 701.322 547,794 624.497 950.851 2313,6 251,6 25'5,6 August 668,155 575,161 370,306 614,933 572,897 430,358 343,962 686,741 366,119 681,820 600,639 418,630 661,515 923.703 961,803 1,007,417 882,643 1,067,365 + (44.283) —(19,907) —(23,750) —(40,859) 5.805,235 5,905,966 7,347,549 25% 25% 25% 263,6 25% 25% 10,784,273 of 9% Over June production in July was 9 % higher than in June, reach¬ total of 4,556,596 gross tons compared with 4,183,762 in the preceding month, according to a report issued Aug. 6 by the American Iron and Steel Institute. Because of the three-day Independence Day holiday ob¬ served in many plants early in the month, the increase over June, when production was the lowest of any month this year because of strike conditions, does not represent the full extent of the increase in output following resumption of Steel a operations. total of 3,914,370 gross tons 33,321,299 Total for year total for gross produced in July, 1936, and the the first seven period of 1936. months of this year, the total for the same Total production in the first seven months tons, was 32% above - - ■ I » Steel Operations Off Half Point—Backlogs Declining, Deliveries Better issue of the "Iron Age" stated that as steel shipments are running considerably in excess of the volume of new business, backlogs continue to decline, with conse¬ The Aug. 12 quent improvement in Steel ingot output for the deliveries. is estimated for this week at 843^%, only a half point down from last week, but further slight adjust¬ ment downward is a possibility this month prior to the re¬ sumption of buying on a larger scale for early autumn re¬ quirements. The "Age" further stated: country as a whole Only at Chicago have there been any indications of a reversal of the but even there the change for the better has not downward trend of new business, has been moderate, yet appeared. a while elsewhere the end of the summer slump Two Chicago mills have increased their operations, bringing At Pittsburgh there has been a In the Cleveland-Lorain dis¬ drop to 81% has occurred. In other districts there has half-point rise for the district to 85 % decline of a % - full point to an 83% operation. trict a two-point July operations in the industry averaged 83% of capacity, whereas the average for the entire month was only 78.49% of capacity. By comparison, opera¬ tions in June were 74.46% and in May, 88.82%. The July output was more than 16% greater than the cumulative - - Yearly adjustment 241,6 prices for the first session of the Metal Exchange; prices for copper and tin are the official closing buyers' All are In pounds sterling per long ton (2,240 lb.). In the last three weeks in 984.097 369,938 378,023 3M and zinc are the official buyers July Steel Output Shows Increase ing 783,552 455,302 December Zinc 1,149,918 1,133,724 1,414.399 1,343.644 1,304.039 1,268,550 1,186,752 676,315 668.056 October only. 60 % Prices for lead London 585,6 59716 59 % tBid) 583,137 588,209 May Electro. Spot 385,500 September sales for both prompt and future Year 1937 721,414 April November Copper, Std. 534.055 331,777 285,138 275,929 256,793 January Year 1935 Year 1934 i Year 1936 June Dally London Prices Copper PRODUCTS BY MONTHS FOR YEARS INDICATED prices for calendar week pound. Copper, lead and zinc quotations are based on deliveries; tin quotations are for prompt delivery OF STEEL OF SHIPMENTS Month ended Aug. 7 are: Domestic copper f.o.b. refinery, 13.775c.; export copper, 14.217c.; Straits tin, 59.638c.; New York lead, 6.292c.; St. Louis lead, 6.142c.; St. Louis zinc, 7.00c.; and silver, 44.750c. The above quotations are "M. & M. M.'s" appraisal of the major United States markets, based on sales reported by producers and agencies. They are reduced to the basis of cash, New York or St. Louis, as noted. All prices are in cents per July Below Previous Month During July shipments of finished steel products by sub¬ sidiary companies of the United States Steel Corp. totaled 1,186,752 tons, a decrease of 81,798 tons from June, but were higher than in July, 1936, by 235,901 tons. The shipments during July, this year, are the highest for any July since 1929 when they amounted to 1,338,944 tons. During the first seven months of 1937 shipments increased 2,818,825 tons, or 47%, over the comparable 1936 period. Following is a tabulation of the monthly shipments since 7.25 Average 68,475,509 gross tons. the London Metal expected to arrive today. Average 4.28 been no important change. The continuance of high operating rates in the face of the year's low in automobile industry and a relatively small volume of steel consumption for building construction points to an active fall trade, in the shipments to the While total production in the the steel com¬ panies will be greater because of a higher average level of billing prices. Prospects for a renewal of railroad equipment purchases are improving, although it may be next winter or spring before a buying movement equal opinion of steel industry sales last half may to departments. fall below that of the first half, the net return to that of early 1937 is reached. At Chicago there are reports that several Financial 1022 roads will shortly inquire for a Chronicle "Steel" total of 8,000 to 10,000 freight cars, of which Lettings of steel for building purposes have taken a slight spurt, with a steelmakers Huron, Mich., and 2,100 tons for anchorages for the Bronx-Whitestone bridge, New 9,800 tons Awards of reinforcing bars were the previous week. There has been a Lake has been placed for a line in Louisiana for the Standard Oil for a Superior fields to tide over the months when navigation is closed. are much The pipe that will require 15,000 tons of skelp, but are some week following Ford assembly plants this The Ford vacation together with September. early of farm machinery and continue tractors to pressure 100%, with can for fall rolling. for fourth quarter to be announced at the end of this pend on prospects. opposed to any change in price, but much will de¬ Pig iron production in July regained most of the ground lost in June, the extent of the upward movement in scrap prices. tons, grade having been sold at $24, but at Chicago there has been a decline of market. The Philadelphia price is than the rate of 103,843 tons in Finished One week ago Steel 2.605c. rolled strips. 2 Mar. 9 2.330c. Dec. 28 2.084c. Mar. 10 2.130c. Oct. 2.124c. Jan. 1 Mar. One month ago One year ago Steel year Philadelphia, Buffalo, Steel Nov. 16 Aug. 11 17.83 May 14 on No. 1 heavy melting For iron June, in exports excluding scrap, were 306.237 gross For six months this by 51% the total in June 1929. the total was 2.3% larger than in the corresponding period of 1929. For six months they to 520.297 tons. which is about 200,000 tons more than total scrap 2,172,660 tons, the preceding week. General week to 79.736 units from 86,448 Motors 38,925 mnde to rate, brought new models. increase of 33 an cents in East continue to while advance little though at slightly a the composite for scrap, Prices at Pittsburgh and in $20.33, close to the level of the end of April. 14.92 the Chrysler cars, Production is holding up wtll in the face of close approach to introduction of slower steel and Chicago. 18.50 and 21,900 and Ford 650. quotations at Pittsburgh, Philadelphia $20.42 One year ago 18.73 5 July moved to lower lake ports was 34,726.751 tons, ore Continued advance in prices of steelmaking scrap, Based One month ago 1 Automobile production declined last in Feb. Scrap Aug. 10, 1937, $20.50 a Gross Ton One week ago 9 Nov. 24 18.84 - $20.25 Mar. the Great Lakes makes probable exports in all of 1936. Low 19.73 - 1935 and Valley, High 1936 Aug. Scrap exports in June amounted were Southern iron at Cincinnati. $23.25 1929. compared with 32,910,820 tons in 1929 to the same date. furnace and foundry irons at Chicago, 18.84 1937 to season tons, which exceeded Based on average of basic Iron at Valley $23.25 23.25 largest number since October, season's record, exceeding the 1929 total of 65,204,600 tons. 8 Pig Iron Aug. 10, 1937, $23.25 a Gross Ton One week ago new the Low 2.605c. - 16,175,793 tons made over shipments were 10,704,457 tons, an excess of 596,574 tons over June. 2.330c. 1937 1936 a These products represent High 1935 Seven months production this year June. increase of 43.8% an The present rate of ore movement on 85% of the United States output. 2.159c. with period of 1936. 192 stacks were active, July This May, when 203 were operating. tank plates wire, rails, black pipe, sheets and hot 1.2.605c. One year ago In Based on steel bars, beams, Aug. 10, 1937, 2.605c. a Lb. One month ago in the corresponding COMPOSITE PRICES "IRON AGE" 23,271.694 tons, totals the 3,115,302 tons made in June. over month this year, being exceeded only by The daily average in July was 112.947 tons. 8.8% higher 3,545,180 tons. unchanged, but advances have occurred The "Iron Age" scrap composite price has ad¬ vanced to $20.50 from $20.42 last week. THE increase of 12.4% an is the second highest 50c., the recent rapid advance bringing at least a temporary surplus to at Buffalo and Cleveland. In July production totaled 3,501,359 when labor trouble reduced output. Pittsburgh, with the railroad Steel scrap at $22 a ton is 75c. higher at A line in Louisiana, 141 miles 15,000 to 20,000 tons. long, of 6 and 8-inch pipe, and a 95-mile gas line in West Virginia are also month, the situation is not yet clear as to whether there will be an advance. Some large producers are substantial tonnages of plates A 250-mile 8-inch line from southern Illinois to Indianapolis will require between With pig iron prices on This clears base price for fourth quarter. Revival of pipeline inquiry promises some tin plate this year. deductions quantity and allowances by a southren producer recently, has been the end of the year, with the exception of pig iron. the price situation to companies putting on Indications point to a record-breaking output of for shipments. 65%. followed by reaffirmation of the demand for steel at Chicago. Tin plate mills are operating at Chicago gained Buffalo declined 93, and Cleveland, 3 to 85. of revised adoption galvanized sheets announced operate virtually at capacity and account in considerable measure for such improve¬ ment as has occurred in Pittsburgh, 83%, eastern made in the rates at was and New England, 25 to General of capacity, 86: Detroit. 2 to 90; Cincinnati, 4 to 89; St. Louis, 3 to 77. 2 points to the 100,000 is expected by next week. Manufacturers change 1 point to 86%: Wheeling, 1 to Plymouth strike carried last week's assemblies down to 79.736 cars, but a recovery to No Pennsylvania, 71: Youngstown. 80, and Birmingham, 86. 150,000 of the 1937 models will be turned out before production is started on 1938 models in week stood at 84 43% production rate last Necessity for repairs to open hearths in a number of centers below the level it would have reached to meet market require¬ held the rate three-week shutdown, 110,000 to a being replenished, even at rapidly increasing prices. national ments. With resumption of work at the Stocks possible of present bookings before new begins to appear. point. 43 up large tonnages, production and larger orders orders have been placed for initial expected before the end of the month. being operated, for the most part, at practical capacity to clear as of scrap are 250-mile line of 8-in. Automobile buying for new models has not yet run into sufficient to meet needs. Mills Sewer projects in Detroit call for 5,700 tons. An order for 9,400 tons renewal of interest in pipe lines. Co. of Louisiana, and Shell Oil Corp. is inquiring the general on Every effort is being made to bring down sufficient iron ore from the as of seamless pipe acting are their ability to produce of 14,000 tons on top buying for the remaining months of 1937 and belief that requirements will tax All signs point to heavy steel of which 8,870 tons is for a Government printing plant in Washington. 7,350 tons for an international bridge at Port York. Cleveland, in its summary of the iron and Aug. 9, stated: of steel markets; on 5,000 to 7,000 will be required by two roads. total of about 27,000 tons, Aug. 14, 1937 change is noted at Chicago. Scrap advance has raised the iron and steel composite 5 cents to $40.32. High • Low $17.08 June 15 $21.92 Dec. 21 12.67 June 9 13.42 — Mar. 30 17.75 1937. Dec. 10.33 Apr. 23 1936 1935. - American The nounced that Iron and Steel 10 Institute on Aug. 9 1936— 1936— Nov. 16 Aug. 3 71.4% Aug. 10 70.0% Nov. 23 Aug. 17 72.2% Aug. 24..—72.5% Aug. 31. 71.5% Nov. 30 68.2% 72.5% 74.4% 75.4% 75.3% 5 Oct. 75.9% 74.2% 74.3% 74.7% 74.0% 12 Oct. 19 Oct. 26 Nov. 2 Nov. 9 Dec. 7 Dec. 14 Dec. 21 Dec. 28 1937 74.1% 74.3% 75.9% 76.6% 79.2% 77.0% 77.0% 1937— Jan. 4 Jan. 11 Jan. 18 Jan. 25 Feb. 1 Feb. 8 Feb. 15 79.4% 78.8% 80.6% 77.9% 79.6% 80.6% 81.6% Feb. Mar. 1 Mar. 8 Mar. 15 Mar. 22 Mar. 29 Apr. Apr. Apr. 5 12 19 Apr. 26 May 3 May May 10 17 May 24 May 31 82.5% 85.8% 87.3% 88.9% 89.6% 90.7% 89.9% 90.3% 91.3% 92.3% 91.0% 91.2% 90.0% 91.0% 77.4% June 7 June Aug. 12. 14 June 21 June 28 U. S. 78% July 5 12 19 pre¬ Steel is estimated at 83%, against 83 43% in the week before and weeks two ago. Leading independents The following table gives a comparison with the nearest corresponding 82.7% 82.5% 84.3% 85.5% 84.6% 9 ; ' credited are 8443%, with -» 4 of the percentage of production week of previous yearsv together with the U. S. Steel Industry 1937 Independents 84 43—143 7143— 44 +1 83—43 6743+ 43 75 —1 47 40—43 52 43+2 1934 26 25 26—43 1933 55 51 14—43 +1 34 -t-1 67.3% July 26 Aug. 2 Aug. with 85% in the The "Journal" further ago. compared with 86% in the preceding week and 84% two weeks ago. 75.0% July compares weeks reported: 76.2% 76.6% 75.9% July This vious week and 82% two approximate changes, in points, from the week immediately preceding: 1937- 22 ingot production for the week ended August 9, is Journal" of telegraphic reports which it has received indi¬ city for the week beginning Aug. 9, compared with 85.5% one week ago, 82.7% one month ago, and 70.0% one year ago. This represents a decrease of 0.9 point, or 1.0% from the estimate for the week ended Aug. 2, 1937. Weekly indicated rates of steel operations since Aug. 3, 1936, follow: Oct. Steel $61.70. placed at 84% of capacity, according to the "Wall Street an¬ cated that the operating rate of steel companies having 98 % of the steel capacity of the industry will be 84.6% of capa¬ Sept. 7 Sept. 14 Sept. 21 Sept. 28 The finished steel composite is steady at 84 1936 _ 1935 _ 1932. —1 +1 58 13 1443—1 1931 32 30 +1 1930. 56 —2 62 43—2 51 —2 1929 93 —1 97 —1 90 —1 1928. 75 -t-3 80 +3 66+43 +4 +1 72 1927 63 69 Increase The Week with the Federal Reserve Banks (+) or Decrease (—) Since During the week ended Aug. balances increased $45,000,000. 11 member bank reserve Additions to member bank arose from a decrease of $56,000,000 in Treasury deposits with Federal Reserve banks and an increase of $11,000,000 in Reserve bank credit, offset in part by in¬ creases of $14,000,000 in money in circulation and $8,000,000 in non-member deposits and other Federal Reserve accounts. Excess reserves on Aug. 11 were estimated to be approxi¬ mately $740,000,000, an increase of $40,000,000 for the week. Inactive gold included in the gold stock and in Treasury cash amounted to $1,265,000,000 on Aug. 11, an increase of $34,000,000 for the week. The statement in full for the week ended Aug. 11 in com¬ parison with the preceding week and with the corresponding date last year, will be found on pages 1050 and 1051. Changes in the amount of Reserve bank credit outstand¬ ing and related items during the week and the year ended Aug. 11, 1937, were as follows: reserves Aug. 4. 1937 Aug. 11, 1937 $ $ Bills discounted 17,000,000 3,000,000 2,526,000,000 Bills bought U. S. Government securities Industrial aovances mot Other Reserve bank credit Total Reserve bank credit 21,000,000 +96,000,000 — —8,000,000 - 5,000,000 Gold stock balances + 9,000,000 —2,000,000 2,572,000,000 12,497,000,000 2,573,000,000 6,681,000,000 Treasury currency reserve $ +9,000,000 including $15,000,000 commitm'ts—Aug. 11) Member bank + 2,000,000 Aug. 12, 1936 + 11,000.000 +95,000,000 + 35,000,000 +1,836,000,000 + 1,000,000 + 45,000,000 +75,000,000 +565,000,000 Money in circulation Treasury cash Treasury deposits with F. R. bank., 6,482,000,000 3,640,000,000 253,000,000 —56,000,000 +312,000,000 +1,219,000,000 —85,000,000 Non-member deposits and other Fed¬ eral Reserve accounts 586,000,000 + 8,000,000 —6,000,000 Returns of Member Banks in + 14,000,000 + 35,000,000 New York City and Chicago—Brokers' Loans / Below is the statement of the Board of Governors of the Federal Reserve System for the New York City member Financial Volume 145 1023 Chronicle Increase banks and also for the Chicago member banks for the cur¬ week, issued in advance of full statements of the member banks, which latter will Monday: coming not be available until the IN BANKS CENTRAL RESERVE CITIES Assets— Chicago Aug. 12 Aug. 11 Aug. 4 Aug. 12 1936 1937 1937 1936 Aug. 4 1937 1937 $ $ —142,000,000 —24,000,000 —62,000,000 5,089,000,000 287,000,000 1,691,000,000 Balances with domestic banks... +303,000,000 —81,000.000 —752,000,000 LialtUUies— New York City Aug. 11 (—) Aug. 5, 1936 $ Reserve with Fed. Res. banks... Demand deposits—adjusted Time deposits (In Millions of Dollars) Assets— Decrease or July 28, 1937 Aug. 4, 1937 Cash in vault ASSETS AND LIABILITIES OF WEEKLY REPORTING MEMBER (+) Since rent $ $ % $ Domestic banks 8,323 8,428 8,621 2,033 2,016 2,078 Loans—total 3,996 •4,031 3,160 722 715 33 —978,000,000 + 184,000,000 +43,000,000 +iT,boo",000 566 32 + 196,000,000 +229,000,000 —359,000,000 + 3,000,000 463,000,000 5,023,000,000 601,000,000 43,000,000 Foreign banks Loans and Investments—total— —156,000,000 —24,000,000 + 33,000,000 14,877,000,000 5,244,000,000 United States Government deposits Inter-bank deposits: * Commercial, Industrial, Borrowings * and Comparable figures not available. agricultural loans: On securities 239 Loans to brokers 1,503 * 445 444 * 162 160 * 30 29 * 1,175 53 52 1,520 a and 238 1,143 Otherwise secured & unsec'd Open market paper, * dealers 943 Statement * banks 75 75 135 134 133 14 14 15 99 carrying securities 124 33 2 2 5 46 42 3,853 V' 920 907 271 Real estate loans Loans to * __ 272 Other loans: On securities 229 Otherwise secured & unsec'd * 228 198 2,978 * 25 24 * 197 2,921 U. S. Govt, direct obligations. * 1,120 Obligations fully guaranteed by 446 488 99 100 91 974 973 294 301 2,311 1,120 2,355 292 2,342 563 561 567 United States Government-— 432 Other securities Reserve with Fed. Res. banks._ 54 27 27 32 66 67 75 136 137 445 459 62 62 Other assets—net.. ... of as Demand deposits—adjusted 5,978 6,229 1,514 1,508 1,497 719 732 571 453 454 444 258 239 191 55 42 101 534 651 Rediscountable bills and acceptances: 1. Commercial bills and bankers' acceptances 1,897 2,425 555 376 28 29 Other liabilities 375 388 345 17 17 1,483 1,482 1,427 241 241 223 — 21.141,060.41 22 Capital account 36,435,802.61 Cash: Sight funds at interest 543 25,222,901.95 28,553,166.27 34,631,227.61 On hand and on current account with banks 532 1,858 June 30 July 31 9,844,143.88 Gold In bars 5,968 Domestic banks International Assets 1 iabilities— Time deposits United States Govt, deposits Inter-bank deposits: for July 31 Assets of the Bank for International Settlements, Basle, Switzerland, totaled 695,137,277 Swiss francs on July 31, a decrease of 8,717,584 Swiss francs from the June 30 resources of 703,854>861 Swiss francs, due to substantial declines in total cash items and holdings of gold in bars. The following is the statement for July 31, as compared with June 30, as contained in Associated Press advices from Basle Aug. 4 (figures in Swiss francs at par): 70 49 52 Balances with domestic banks- Bank of Settlements 197 449 Cash In vault. Condition of 37 Other loans for purchasing or v Foreign banks... - Borrowings 6 7 7 v . mm — m 2 • mm.--' 2. 133,200,655.61 138,075,601.85 Total 136,066.297.99 271,276,257.46 Treasury bills 276,620,832.38 140,554,534.39 Time funds at interest: Not exceeding three months Complete Returns of the Member Banks of the Federal Reserve ~ System^for the Preceding Week 11,529,195.57 26,275,637.97 12,807,088.76 Total Comparable figures not available. 34,486,580.81 Between three and six months * 46,015,776.38 39,082,726.73 10,369,278.41 85,926,964.43 105,855,112.75 44,946,309.47 66,164,667.04 38,196,663.75 78,743,134.58 58,289,340.52 37,502,626.01 65,819,933.54 303,199,185.88 302,606,033.69 1,095,224.00 522,245.51 1,316,507.24 1,428,995.85 Sundry bills and Investments: 1. Maturing within three months: 2. Between three and six months: 3. Over Rix months: (a) (b) ■ 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 As (a) (b) (a) (b) Treasury bills Sundry investments Treasury bills Sundry Investments Treasury bills Sundry investments Total The condition 1. Guaranty of central banks 2. Sundry Items bills sold— on 1,617,469.61 weekly reporting the following principal member changes banks in 101 for the week ended 125,000,000.00 Capital paid up erves * 4,237,607.60 An increase of $124,000,000 in loans and a decrease of $38,000,000 Legal reserve fund 2. Dividend holdings of United States Government obligations; decreases of $156,- 2. General reserve fund 000,000 in and demand increase of an deposits-adjusted and decrease of a Commercial, industrial, and agricultural loans increased in nearly every district following the recent sale of collateral trust notes by the Commodity Credit Corporation, the principal increases being $22,000,000 in the Chicago district. Loans to brokers at reporting banks in New City and declined $10,000,000 at. other reporting banks. United of 1. Between three and six months (b) (c) Not exceeding three months Sight obligations declined 2. declined $95,000,000 $156,000,000 at all reporting member banks. in banks. Government deposits New York 3. in New York Time deposits declined increased $15,000,000 at banks in New York Deposits credited to domestic banks Not exceeding three months Sight- member banks showing a net Aug. 4, an 1,513.468.58 - 1. Dividend to shareholders at rate of 6% annually as determined in national currency 2. Participation of long-term Article 53 (E) of statutes Total depositors - - - 7,480,242.04 per 445,629.57 7,925,871.61 - Miscellaneous: Guaranty on commercial bills sold 2. Sundry Items increase of $5,000,000 being reported by member banks in — Total liabilities-- A summary 1,367,586.28 35,648,731.22 1,382,695.51 33,298,538.02 37,016,317.50 Total— New York City. of the principal assets and liabilities of the member banks, together with changes for the and year ended July 28, 1937, follows: 539,479.26 8,265,246.18 1, 1937: 1. Borrowings of weekly reporting member banks amounted to $43,000,000 28,410.75 8,815,707.73 Total Sight deposits (gold).. declined $21,000,000 $3,000,000 for the week. - Profits allocated for distribution July City and $10,000,000 in the Chicago district, and Increased somewhat in the other districts, all reporting increase of 12,846,020.24 Other depositors: (b) City, City, $12,000,000 in the Chicago district and $33,000,000 at all reporting member banks. — Sight— (a) in New York City and $24,000,000 at all reporting member $27,000,000 ----- Central banks for account of others: $30,000,000 in the Chicago district, $12,000,000 in the Kansas City district and 511,068.51 Central banks for their own account: (a) Holdings of "Other securities" increased $10,000,000. Demand-deposits-adjusted 2,905,756.90 1,010,095.12 503,373.46 76,395,000.00 1,362,300.00 41,550,039.11 Short-term and sight deposits (various currencies): Total. direct $26,000,000 in New York City and $38,000,000 at all reporting member banks. 229,256,412.50 4,247,806.55 Total 167,960,289.77 48,450,102.49 229,480,821.12 (Saar) 272,097,339.11 12,938,155.20 169,575,416.68 46,967,249.24 French Government guarantee fund 152,790.000.00 265,879,781.84 French Government deposit 4. 23,183,521.77 153,218,750.00 76,609,375.00 1,144,500.00 34,907,156.84 Chicago district and $14,000,000 at all Government States 6,315,304.73 12,630,609.44 23,183,521.77 3. "Other reporting member banks. Holdings 4,237,607.60 6,315,304.73 12,630,609.44 Total.. Loans to banks increased $14,000,000 at reporting banks in New York City. loans" increased $8,000,000 in the fund Long-term commitments: 1. Annuity trust account deposits 2. German Government deposit $13,000,000 in the Cleveland district and $11,000,000 in the St. Louis district and the total increase being $74,000,000. and dealers in securities increased $34,000,000 York reserve $24,000,000 in time deposits, $33,000,000 in Government deposits; and $142,000,000 in reserve balances with Federal Reserve banks. on 703,854,860.86 125,000,000.00 Total assets 1. Aug. 4: in 2,745,503.09 —695,137,277.09 Total. Liabilities of statement 4,664,197.97 Other assets: close of business Aug. 4: leading cities shows 9,326,991.10 - 34,681,233.53 695,137,227.09 703,854.860.86 reporting week Increase *,+) Decrease or (—) Since Aug. 4,1937 * ASSCW— $ July 28, 1937 $ 22,378,000,000 + 95,000,000 9,908,000,000 Loans and investments—total +124,000,000 584,000.000 3,915,000,000 Aug 5,1936 $ + 3,000,000 Loans—total +33,000,000 +1,592,000,000 Commercial, Industrial, and agri¬ On securities Otherwise secured and unsec'd Loans to —2,000,000 +24,000,000 + 1,000,000 1,162,000,000 —1,000,000 +15,000,000 164,000,000 + 14,000,000 + 105,000,000 714,000,000 —7,000,000 * +21,000,000 * —38,000,000 —1,197,000,000 brokers and dealers In securities Cther +71,000,000 702,000,000 .... 462,000,000 1,387,000,000 Open market paper loans for purchasing +258,000,000 or carrying securities Real estate loans Loans to banks Other loans: On securities - Otherwise secured and unsec'd U. 8. Govt, direct obligations Obligations fully guaranteed United States Government Other securities 818,000,000 8,245,000,000 by 1,187,000,000 3,038,000,000 —1,000,000 + 10,000,000 Britain and France Protest to Spanish Insur¬ gents Against Bombing of Vessels—British Also Seek Immediate Release of Three Ships SeizedJby Rebels Further international complications arising out of the Spanish civil war were recorded this week, as Great Britain and France on Aug. 9 protested to General Franco, com¬ mander of the Spanish rebel forces, against bombing attacks on the British tanker British Corporal and the French cultural loans: I Great —84,000.000 -278,000,000 freighter Djebel Amour off the coast of Algeria on Aug. 6. At the same time and place the Italian freighter Mongolia and the Greek steamer K. Ktistakis were also attacked, ap¬ parently by the same squadron of three planes. On Aug. 10 Great Britain presented to the Spanish insurgent authorities a formal demand that they immediately release three British ships—the Molton, the Candelston Castle and the Mirupanu hold. —which they Financial 1024 Our most recent reference to the Spanish civil Associated Press the British advices of Aug. 9 from London, commenting on and French protests to the insurgents, said: i ■ Reichs war was con¬ tained in the "Chronicle'' of Aug. 7, page 847. There was a lull in fighting this week, although apparently the rebel troops made several important advances. Chronicle attack although British supplemented an officials said they were "not sure." It earlier protest by British naval officials to insurgent au¬ thorities at Palma, today Goering issued a drastically decree Under the new statute, imported goods must be sold at a price not exceeding the purchase price plus "a profit justified from the viewpoint of national economy." that imported goods must be sold at a price fixed basis of the actual purchase price, even if the foreign price is rising The new regulation means the on that the same goods cannot be reimported at the same price. Since such The British protest was based on the presumption that insurgent planes made the Hermann Minister limiting the prices of commodities of foreign origin. so _ Aug. 14, 1937 admittedly might lead to serious difficulties In situation a replenishing exhausted supplies, the decree authorizes the price commissar specify groups of commodities where sale at a higher price is permitted to if the foreign market price rises. Majorca. France, besides protesting, warned Franco that French planes and gun¬ boats would guard her Mediterranean shipping lanes henceforth. Paris declared that investigation definitely proved insurgent responsibility for the attacks. The first British protest caused an uneasy moment in lations because it Anglo-Italian because the British blamed "anti-government" planes, not specifically Gen¬ eral Franco's. Suspicion that the Italians were involved was dismissed later, when the Mongolia was attacked. however, The British then demanded explanations directly from Franco. A suggestion danger British that zones was not shore stations in be convoyed ships through Mediterranean approved, but the Admiralty ordered warships and such areas to maintain close radio contact with British merchantmen. Collection, credit and exchange conditions in Central and South America reveal general improvement during the first half of this Japan!Extends Area of Conquest in|North China— k. Japanese Warships Menace Shanghai—Senator ^ Pittman Warns of Danger to Americans Now in u. Chinese War Zone warships threatened an attack on Shanghai. Chinese troops entered Shanghai for the first time since 1932, and late in the week a battle between Japanese and Chinese forces appeared imminent. Japan has already seized Peiping, and controls the former Chinese capital. It was reported in early advices (by the United Press) from Shanghai yesterday (Aug. 13) that fighting between Chinese and Japanese soldiers had begun north of the city. The irregular warfare in North China was referred to in the "Chronicle" of Aug. 7, page 848. On Aug. 6 Secretary of State Hull warned that the United States will apply con¬ Japanese sistently the law which forbids enlistments of persons residing States for military service abroad in a war against a power with which this country is at peace. His statement followed reports that many aviators were being in the United Chairman of the Senate Foreign Rela¬ Senator Pittman, situation" existed in regard to American citizens now in the Chinese war zone. United Press Washington advices of Aug. 7 reported his remarks as follows: Vainly urging Senate approval of a bill banning pickets with banners that "our Government has been striving and Chinese governments to give our of danger in the war zone. collections concerned, are first during the months six of have An substantial declines. experienced announcement by the Association added: Markets given "prompt" rating in the collection Rico, Puerto Colombia, Salvador, Peru, survey Rica, Costa Venezuela, Uruguay, Argentina, are Brazil, Panama, Republic, Dominican Honduras. and Haiti a Cuba, Guatemala, "prompt," and Paraguay Chile, formerly rated as are classed "fairly as prompt," with Ecuador, Nicaragua andi Bolivia rated "very slow." the matter In the in first credit of conditions, the survey reveals that grains made quarter have been maintained in most of the markets, where substantial business is being transacted. The index for nine of the countries covered in the survey shows improve¬ these of two of volume the As conditions instances: been has ment in credit in ment during the second quarter substantial. very is transactions technical The countries generally carried delays, seldom exceeding Colombia in been have tances the and in year, with which largest the all classified are on exchange conditions, protracted delays of two months to Small the "good" as index. being experienced in only three markets: tered of namely, Puerto Rico and Guatemala, the improve¬ Costa and reported Rica. or more are Bolivia, Ecuador and Nicaragua. 15 to 30 days, are being Isolated from Venezuela, instances Uruguay, of encoun¬ delayed Paraguay remit¬ and Chile, added. report French Banking Extends Consortium Credits of 400,000,000 Francs to Bank of China In United Press advices from Paris, Aug. 9, it was stated amounting to more than 400,000,000 about $15,000,000, have been extended to the that the French credits francs, or Bank of China. The advices state that the arrangement was facilitated between Dr. H. H. Kung, the Chinese Minister for a month with both the Japanese of nationals safe conduct" from places ' Finance, and French banking consortium. a The advices continued: both govern¬ Dr, aid, but that the exigencies of war made the problem China "We have not accomplished much, "he said, explaining that ments had lent every Kung explained that there would draw to the upon be immediate necessity for no but said he credits, "delighted" to have was French money available, since it diversified foreign credits already available difficult. Robert Senator M. La was Follette Jr., Progressive of Wisconsin, asking had been any danger to life in connection or with picketing of "I do," Senator Pittman replied, and introduced into the record a letter Hull, Secretary of State, to support his statement. because of their compounds, but that there danger in Peiping, Tientisin, Hankow and elsewhere that murderers and looters who hang on the outskirts of the scene Rome, where Kung visits Prague. he expects to Dr. Kung also will visit Berlin receive assurances that the two great Fascist powers, Germany and Italy, are not backing the Japanese in current of warfare might "sweep Dr. told Kung left for Berlin tonight after concluding the agreement. newspapermen by French He banks to help "because the banks are convinced it will help trade." Dr. |k "If they did," he said, "the Marines might be swept off the face of the the credits were arrnaged Chinese monetary reform of those compounds." one understood Czechoslovakia also is anxious to extend large credits was China when Dr. Sino-Japanese disputes. Senator Pittman said that American nationals in such cities as Peiping had certain degree of protection Kung's immediate itinerary will include Berlin, Prague and Rome, after which he probably will return to China. mob and women and children would go with them. a "When It to and embassies in Washington. from Cordell to China. further study asked Senator Pittman If he believed that the bill go over for by the Washington, Senator Pittman said from approaching foreign embassies in earth by The Association reports that as far as tion of Credit Men. tions Committee, said on Aug. 7 that a "desperate across survey 2 Aug. released here for service with the Chinese forces. recruited was markets, Foreign Credit Interchange Bureau of the National Associa¬ Mexico, Japanese soldiers extended the scope of their conquest of North China this week, while sailors and marines on 33 a the 35th consecutive quarterly in year Latin-American 21 of 1937, 10 nations show a moderate improvement, eight show moderate declines, and three—Chile, Ecuador and Bolivia— +. there Credit Men Association of re¬ lodged at Palma, where Italian forces are based, and was Improvement in Latin-American Credits and Collections During First Half of 1937, Reported by National we are of protections our appealing to the nationals," he humanity added, of other governments 'we at least must for show some Ecuador Repeals Control of Exchange and Exports— Requirement for Prior Permits on Im¬ Continues tendency to protect their embassies and consulates here." ports Government of El Salvador Advises League of of Nations Withdrawal—Gives Customary Two-Year Notice effective immediately, of Intention}] ports, On Aug. 10, the League of Nations, at Geneva, Switzer¬ land, published a letter from the Government of El Salvador notifying the League of its intention to withdraw from that body, it is learned from a Geneva wireless dispatch of Aug. 10 to the New York "Times" of Aug. 11, which went on to say: "In acceding to the League covenant," wrote Foreign Minister Miguel Angel Araujo, "the Republic of El Salvador was actuated solely by a gen¬ erous desire to cooperate in promoting the ideals of universal peace con¬ stituting the objects for which that international organization was created. "Nevertheless, reasons of an economic nature now compel my Govern¬ ment to withdraw from the League, in the manner provided in the last paragraph of the covenant's Article I, in order to give effect to the financial plan it has undertaken to carry out in the course of the next few years." El Salvador reportedly still owes the League 32,603 Swiss francs, rep¬ resenting this year's assessment, and a balance of 33,431 from former years, totaling 66,034 Swiss francs. El Salvador is the seventh withdrawal have left, from the League. and Guatemala, Latin-American country to serve notice of Brazil, Costa Rica and Paraguay already Honduras and Nicaragua served notice last An all in Ecuadoran decree, dated July 31 and reported to be repeals control of exchange and ex¬ but continues the requirement for prior permits on imports except on those specifically named as exceptions the decree, according to cablegram advices dated Aug. 1, 1937, from American Minister Antonio C. Gonzales, Quito, Consul and General The decree imports the customs this Further charges old official at the provision by the obtained in the Important decree as motor trucks, machinery, plate, free sucres to of import duties and shipments on arriving from of Finance, but the dollars to are be market. products exempt from of dollars the rate of conversion of these charges to be Ministry Ecuadoran exchange rate of 10.50 requires the payment States United in country after ten days, fixed and irrevocable credits and guarantee deposits for provides that be paid will dollar. Guayaquil, the Commerce announced on Aug. Dayle C. McDonough, United States Department of 5. The announcement added: various American of the automotive with trade Ecuador listed requirement for prior import permits parts and spare kinds, steel electric motors, machetes, tires, pipe and axes, refrigerators, fittings, structural the in include iron wire, steel, tin rubber hose, medicinal preparations pharmaceutical specialties, and cotton piece goods and canvas. year. Calgary Brokers, Ltd., Calgary, Altai, to Discontinue German Decree Limits Prices of Foreign Business Commodities That United Press advices from Berlin, Germany, Aug. 12, had the following to say regarding a decree of the German Calgary Brokers, Ltd., Calgary, Alta., operating in that city since 1911, and one of the largest brokerage firms Government affecting prices of in Western foreign commodities: Canada, would close its boardroom services and Volume Financial Chronicle 145 discontinue its private wire service, was announced on Aug. 7, according to advices by the Canadian Press from Calgary on that date. We quote the dispatch further: "This Robert is due Wilkinson, "business of a action most effect Brokers, ments, will retain be will the business on Calgary on reflect little interest offices period declaring "recent legislation in Alberta haB had the on the part on in STOCKS 1937 Per 1 Total Jor Week Total volume of round-lot sales effected on the Exchange Round-lot 1. added, Wilkinson Mr. Exchange, 1025 EXCHANGE—TRANSACTIONS IN ALL FOR ACCOUNT OF MEMBERS* (SHARES) CURB Week Ended July 17, Calgary." Stock transactions of members, except specialists In stocks In which registered: Initiated on the floor—Bought Cent a 1,132,045 transactions of 39,750 42,950 Sold in the develop¬ Valley oil field Turner premises where a 2. 3.66 82,700 Total but downtown small staff will be the Calgary Stock Exchange smaller for He forecasts a organization. YORK of the public in stock trading. Ltd., active its seats vacated Alberta," said1 present political situation in President of stagnation," adverse Transactions Calgary to the NEW 34,890 34,720 Initiated off the floor—Bought. Sold retained. Member Trading on New York Stock and New York Exchanges During Week Ended July 17 The percentage of trading in stocks on the New that week of 5,412,820 shares. On the New York Curb Exchange, members traded for their own account during the week ended July 17, according of specialists in stocks which in 125,095 Sold 161,985 York Stock Exchange during the week ended July 17 by all members, except odd-lot dealers, was higher than in the preceding week, while member trading on the New York Curb Exchange was lower, it was announced by the Securities and Exchange Commission yesterday (Aug. 13). Member trading on the Stock Exchange during tne latest week amounted to 2,047,668 shares, the Commission noted, or 20.80% of total trans¬ actions on the Exchange of 4,921,500 shares. This com¬ pares with 2,246,525 shares of stock bought and sold on the Exchange for the account of members during the previous week ended July 10, which was 20.75% of total transactions transactions registered—Bought Curb 3.08 69,610 Total Round-lot 12.69 287,080 Total Total round-lot transactions for accounts of all members: Bought 199,735 239,655 _ Sold 19.43 439,390 Total. Odd-lot transactions of specialists in stocks in which registered: Bought 94,980 75,078 . Sold Total. * The term _ 170,058 ; ------ "members" includes"all Exchange-member87their firms-and their ttNl partners, Including special partners. 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 actions includes both purchases and sales, while the Exchange members' trans¬ volume includes only sales. to the SEC, to the amount of 439,390 shares, against total 1,132,045 shares, a percentage of 19.43%. preceding week (ended July 10) member trading on the Curb Exchange was 20.54% of total transactions of 1,191,590 shares, the member trading having been reported by the Commission at 489,570 shares. The data issued by the Commission is in the series of current figures being published weekly in accordance with its program embodies in its report to Congress last June on the "Feasibility and Advisability of the Complete Segregation of the Functions of Broker and Dealer." The figures for the week ended July 10 were given in these columns of Aug. 7, page 849. In making available the date for the week ended July 17 the Commission stated: transactions of Odd-Lot Trading In the The figures round-lot all New the sales York of stock Curb effocted Commission made public on Aug. 12 a summary for the week ended Aug. 7, 1937 of the daily corrected figures on odd-lot transactions of odd-lot dealers and specialists in stocks, rights and warrants on the New York Stock Exchange, continuing a series of current figures being published weekly by the Commission. The figures for the week ended July 31 appeared in the "Chron¬ icle" of Aug. 7, page 849. The data published are based upon reports filed daily with the Commission by odd-lot dealers and specialists. The following are the figures for the week ended Aug. 7: ODD-LOT TRANSACTIONS IN STOCKS, Sales Trade Date On the New York Curb Exchange, total round-lot volume in the same week, 1,132,045 by 5.7% the ticker volume of (exclusive The published based are with the New York reports filed upon Exchange and the New York Curb Exchange by their respective members. These reports are classified as follows: York Ord. Shares Value Value $7,057,040 5,948 139,653 $6,625,415 166,888 5,610 6,502 5,996 6,739 143,619 143,927 127,451 166,037 6,282,655 6,219,406 5,543,480 6,978,381 29,477 720,687 $31,849,337 5,954 5,563 7,116 Aug. 4 Aug. 5 New 152,233 183,239 7,689,330 7,099,815 6,595,364 8,183,489 30,745 Aug. 3i- Aug. 6 and 7 New No. Shares 149,233 No. Ord. Aug. 2 data Purchases (Customers' Orders to Sell) and rights warrants). Stock SPECIALISTS STOCK (1Customers' Orders to Buy) 4,921.500 shares, 7.0% larger than the volume reported on the ticker. exceeded ODD-LOT DEALERS AND The total round-lot volume for the week ended July 17 on the New York Stock Exchange, shares OF RIGHTS AND WARRANTS ON THE NEW YORK EXCHANGE—WEEK ENDED AUG. 7, 1937. exchanges as distinguished those Aug. 7 According to SEC The Securities and Exchange of the volume Exchange represent on from the volume reported by the ticker. was Stock given for total round-lot volume for the New York Exchange and New York Stock Exchange During on Week Ended 795,141 $36,625,038 143,548 5,706 5,088 York Stock Curb Exchange Exchange Number ol reports received 102 , 866 Reports showing transactions, As specialists * Total for week New Other than as specialists Initiated 136 Initiated off floor 586 508 Reports showing no transactions The New York Curb *Note—On the New York Curb Exchange the round-lot transactions of specialists "in stocks in which registered" are not strictly comparable with data similarly desig¬ nated 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 those of the specialist. The number of reports in the various the number carry of reports received classifications because, at times, may a total more than single report may entries in more than one classification. YORK NEW STOCK FOR EXCHANGE—TRANSACTIONS ACCOUNT OF MEMBERS * IN ALL (SHARES) STOCKS Week Ended July 17, 1937 Total Jot Week Total volume of round-lot sales effected on the Exchange Round-lot transactions of members except transactions Per Cent a 4,921,500 of Sold dealt in on 685,560 Initiated off the floor—Bought 6.93 that the order may transactions 395,068 of specialists In stocks in 4.01 487,920 Sold 970,040 13. Tf a member, member firm or partner of a member firm, dealing for his or its own account or a 9.86 bid or or offer Total.. shall be for not less than the unit of trading: if than the unit of trading, 1,007,860 1,039,808 2,047,668 such bid or offer on the Exchange shall be actual amount bid for or Total round-lot transactions of members, except transactions Sold ♦ 20.80 Transactions for account of odd-lot dealers in stocks in which and registered: In round lots—Bought Total 2. „ In odd lots (including odd-lot transactions of specialists): Bought Sold Total "Best 247,130 119,050 Sold 366,180 on Bids Quotations—Aside from Established"—Regulations Seek to Conform 1,651,901 Exchange Adopts New Rules Offers—Prohibits with Actual Floor Practice The New, York Stock its 722,499 829,402 for less for the offered off the Exchange. New York Stock 1. for an account in which he or his firm or a interest, makes a bid or offer off the Exchange for a Exchange, he or it shall maintain on the Exchange offer similar to the bid or offer made off the Exchange. If such bid off the Exchange is for more than the unit of trading, such bid or offer on the Exchange of odd-lot dealers in stocks in which registered—Bought._ off the security dealt in on the 482,120 Total of reasonable diligence, the member is satisfied be executed at a better price elsewhere or unless the specifically directed the member co execute the order partner therein has an which registered—Bought sale of securities floor of the Exchange Exchange. Sec Total Round-lot July 29 announced the the Exchange shall be executed on the customer has 185,420 209,648 SoId.._ on Orders received by members for the purchase or unless, after the exercise Total 2. Exchange provided that if the bid or offer off the exchange is for more than the exchange's trading unit the bid or offer on the ex¬ change does not have to be for more than the trading unit. The new rules governing these matters read as follows: Sec. 12. 334,520 348,040 Initiated on the floor—Bought Rules Regarding adoption of four amendments to its rules, effective Aug. 12. The new regulations provide that orders received by mem¬ bers must be executed on the floor "unless after the exercise of reasonable diligence, the member is satisfied that the order may be executed at a better price elsewhere or unless the customer has specifically directed the member to execute the order off the exchange." The rules also provide that for their own accounts members must maintain the same bids and offers on the exchange as they make over-the-counter, specialists and odd-lot dealers in stocks in which registered: 1. Exchange Changes Curb York Filling Orders for Listed Securities Off Exchange— New Regulations Effective Aug. 12 64 on floor Exchange announced on July 28 that Governing Committee had adopted amendments clari¬ fying existing rules and making them conform to actual prac¬ tice in the matter of precedence in bids and offers made on the Exchange. The amendments, which became effective 1026 Financial Aug. 2, did not alter existing floor practice except to prohibit bids or offers at prices below the price of the best established bid or above the price of the best established offer. The regulations provide that the highest bid and the lowest offer shall have precedence in all cases. The new regulations on bids read in part as follows: Rule 1. When bid is clearly established as the first made at a a Chronicle be or reported of stock Form bid entitled to priority or precedence has been filled and a balance of the a offer remains unfilled) all bids for a number of shares of stock or principal of bonds equaling: or amount exceeding the number of shares of stock principal amount of bonds in the offer balance, shall be or or parity and on a entitled to precedence o\ or bids for less than the number of shares of stock or principal of bonds in such offer amount balance, subject to the or con¬ entitled to precedence were made, such bids shall be filled in that so order. When bid is entitled to priority under Rule 1 hereof (or when no principal amount of bonds equaling or shares of stock or exceeding the number of principal amount of bonds in the offer or for the largest number of shares of stock bonds shall havo precedence, or balance, the bid subject to the condition that if two falls below the amount Section each time in which they were made, such bids shall be filled in that order. code made simultaneously, or when it is impossible to determine clearly the order of time in which they were made, all such bids shall be on parity subject only to the precedence of the size of the bid a 203, Form or code number. upon application in advance, to assign to such In all reports on Form 203 filed1 thereafter, such number shall be used instead Section 214 controlling or in denoting the procedure for the 202 instructs the CEA, upon receipt of the first report from any 213 on a are to Section required to be made on Form 203 excepting that the not be filed later than 9 o'clock a. m. on the next following day. Section person When bids Form 203 covering reports reports may business is similar 212 of on controls open contracts exceed the amount fixed in Section 221 or ' rules. Section filing future which equal or one any of these fixed in Sec. 221 hereof. in which the person reporting has grain person 4. 221 hereof) for reporting purposes under Act shall report to the CEA on form 203. requires the filing of separate reports 211 of bonds, have been made, and it is possible to determine clearly the order of Jfc Rule contract; market which equal or exceed the amount fixed of such person In any such grain, the last shall be considered as his report on open contracts days. Such person shall also make a report on form 203 covering the day on which the amount of his open contracts in such future or more such bids for tne same number of shares of stock or principal amount whether detailed report of such person in such grain on all intervening greatest principal amount of or i.e., has been no change in the open contracts offor remains unfilled) and no bid has been made for a number of shares of stock Form 202 the person Such report shall be made daily: Provided, That if on any day such persons has no trades or transactions in any future of a grain previously reported and there in Rule 3. on " ' by the Secretary of Agriculture (in Sec. Sec. 4 1 (2) of the Commodity Exchange bid entitled to priority or precedence has been filled and a balance of the a over account Every person who holds or controls open contracts In any one future Sec. 210. dition that it it is possible to determine clearly the order of time in which the bids any 203 reads: 210 Section of any grain on any one bid is entitled to priority under Rule 1 hereof (of when no that in identifying accounts shall indicate the character of such accounts, hedging, spreading, speculative, or commission house. reporting specified in the bid. Irrespective of the number of shares When interest in Form 202. on particular principal amount of bonds specified in such bid. or Rule 2. financial participating a 1937 14, has control one person Form 201, the names and addresses of all such persons shall on Section 209 explains price, the maker shall be entitled to priority and shall have precedence on the next sale at that price, up to the number of shares of stock or principal amount of bonds have to known be shown Aug. requires that where more than 208 Section of the name of such person. requires the keeping of books and records by persons having open contracts in future of any grain on any equal to or in excess of the amount fixed in Section market under the provisions of Rules 2 and 3. rules to Rule contract any 221 of these actions. A sale shall 5. number of shares or precedence, or bids from the floor except that if the remove all number of shares of stock principal amount of bonds offered exceeds the or principal amount specified in the bid having priority sale of the unfilled balance to other bidders shall be gov¬ a erned by the provisions of these rules as though no sales had been made to showing the details concerning such contracts and Section ship, the requires that persons reporting 215 Rule 6. Form After bids have been removed from the floor under the provisions Sections 216 to 219 determined, in accordance with these rules, by subsequent bids. 203, if a partner¬ Form corporation, an association, or a trust, shall, upon call, the names and addresses of persons involved. a furnish to CEA the bidders having priority or precedence. of Rule 5, priority and precedence shall be on all related trans¬ 204 quoted below, in part: are Every person who Is engaged in merchandising, processing, or dealing Sec. 216. in, grain or grain products and who holds or controls open contracts in any one future of any grain on any contract market which equal or exceed the amount fixed in Sec. 221 hereof shall report to the CEA on form 204, which report shall be rendered Special Regulations Issued Under Commodity Exchange Act Applicable to Grains and Flaxseed—Summary of Rules We and giving Ibelow are regulations a of the of Article II of the rules summary Secretary of Agriculture providing for government control over futures cipal Exchange Act. applicable to Article grains II and trading in the 13 prin¬ by the (Commodity forth sets special flaxseed, including oats, barley, rye, rice and grain sorghums. Article I the given in was of our rules, provisions wheat, corn, A summary of which became effective Aug. on 2, II—SPECIAL PROVISIONS APPLICABLE TO GRAINS AND Reporting Requirements Section defines 200 barley, oats, the rye, word rice, "grain" flaxseed (1) The amount of stocks of such grain or products or by-products thereof, (2) The amount of purchase commitments open in such grain or products or by-products thereof, and (3) The amount of sale commitments open in such grain or products or by¬ products thereof; and (c) The amount of open contracts held by such person in all futures of such grain on all boards of trade in the United States and elsewhere. Sec. 218. In determining the cash-grain position of any person reporting on form 204, such person shall use such standards and conversion factors applying products and by-products as are usual and common to the business in is engaged. If, in determining the cash-grain position of such person for hedging purposes, it be his practice regularly to exclude certain products or by-products, such products or by-products shall be excluded in reporting such cash-grain position on form 204. Sec. 219. Unless otherwise authorized in writing by the CEA upon good cause to grain he meaning and including wheat, as and grain Amounts Fixed Section report appearing one on contract the form. market Persons who shall report the CEA is located, as market the soon city where as the next on Section if with respect to error shall be the not on Form following business day." that furnished next as 204 and 217 of the Secretary writing by the on 201 is Forms 201, 203 and 204 204 and 205 of specified for reporting of sections but such specified amount shall 200,000 bushels, Article of II these of Agriculture, rules and regulations, the amount fixed by authority under hereof. of Sections 210, 211, 214, 216 of Section 4i(2) of the Form 203 and1 Form 204 is 200,000 bushels, but such specified amount shall not apply to special calls under authority of Act, for Section reporting on 223. Where there is reports is Form on discovered soon 200 in possible. as any no office of accordance with be prepared with care, report Minor a 201 and, Special Calls each busi¬ memorandum corrections may be succeeding report. 205 on purpose apply to special calls issued under authority of Section 222 and by the CEA. omission or for the Section 221 explains that for the purpose each minutes before the official opening of the Forms Sections in possible after the close of the market cautions 203 in accounts more form 200 shall be filed in the office on that the contract market covered by the report city, the reports shall be transmitted in furnished any thereof shown such in instructions and: clearing members of requires that unless otherwise authorized in day and not later than 30 the CEA explains Commodity Exchange 202 CEA, "reports required to be made ness are separately market. Section of contract market the CEA each business day on Form 200 applicable to such market, such report to be prepared in accordance with the instruc¬ than 220 Affticle II of these rules and regulations, the amount 201 requires that each clearing member of each tions such 200 to contract for Reporting sorghums. Section Form cash-grain position of such person or net short The make-up of the cash-grain position of such person In such grain showing: shown, reports on form 204 shall be mailed to the Chief of the CEA, United States Department of Agriculture, Washington, D. C., not later than the next business day following the day covered by the report. Such reports should be mailed preferably in a plain envelope marked "Confidential." FLAXSEED corn, in excess of the amount fixed in Sec. 221 hereof: (a) The amount of the net long in such grain; which issue of July 31, page 683. The following is the summary of Article II: ARTICLE or (b) agricultural commodities covered week unless otherwise authorized In of the close of business on Friday of each as writing by the CEA upon good cause shown. Sec. 217. Such report shall contain the following Information with respect to each grain in which the person reporting holds or controls open contracts In any one future thereof on or subject to the rules of any contract market equal to 202 Sections 222 and 223 state, in part: Sec. 222. Whenever in the judgment of the Chief or Acting Chief of the CEA, there is danger of congestion In any delivery month, each member of a contract market and each futures commission merchant shall, upon call, report all accounts carried by him which show open contracts in any designated grain future equal to or in excess of the amount CEA specified in the call. Such report shall be made to the and filed Ip accordance with instructions form 201, and shall be prepared on contained in the call. 1 Sec. 223. Whenever in the judgment of the Chief or Acting Chief of the CEA there is danger of congestion in any delivery month, each member of a contract market who holds or controls open contracts in any grain future shall upon call, report all open contracts In grain futures held or controled by him if the amount thereof be equal to or In excess of the amount specified in the call. Such reports on form 203 and shall be prepared and filed in accordance state: shall be made to the CEA Sec. 204. Each futures commission merchant and each member of a contract market, who shall carry for another person any account in any future of any grain, resulting from any transaction made on or subject to the rules of a contract market, which shall show open contracts in any one future equal to or in excess of the amount specified in Sec. 220 hereof, shall report such account daily to the CEA on form 201 applicable to such contract market. "House accounts" carried by a member of on a contract market or by a with the instructions contained in the call. Market Value futures commission shall likewise be reported form 201. For the purpose of reporting on form 201, all accounts which belong to or are controlled by the same persons shall be considered as one account. open contracts equal to or in excess of such specified amount. Sec. 205. The report for the first day that a "special account" shows open contracts in any one future equal to or in excess of the amount specified in Sec. 220 hereof shall show also the net position of such account in such future as of the close of the market on the last preceding business day. Such account shall also be reported on the first day that the net position thereof in such future falls below such specified amount after having been reported as a "special account." 206 is similar to Section filing of reports required to be made Section accordance 207 with explains that instructions 202 on reports in denoting the procedure for the Form thereon. 201 shall be Listed on New York Stock On Aug. 6 the New York Stock Exchange issued the following announcement showing the total market value of listed bonds As of prepared in on the Exchange on Aug. 1: Aug. 1, 1937, there were 1,381 bond issues aggregating $47,158,- 995,201 par value listed on the New York Stock Exchange, with a total market value of $44,296,135,580. On July 1 there 321,130,777 Form 201. on appearing Bonds All accounts required to be reported on form 201 shall be known as "special accounts" and the report thereon shall show the net position, as of the close of the market on the day covered by the report, of each such account in each future in which there are Section of Exchange Aug. 1 Above July 1 value of bonds are par were 1,397 bond issues aggregating $47,- value listed $44,001,162,031. classified by on the Exchange, with In the following governmental and industrial with the aggregate market value and average a table, total listed groups price for each: V Volume Financial 145 1027 Chronicle DOLLAR ACCEPTANCES BANKERS' Market Acer. Market Price Value Price 1. &c.).'„ 25,813,588,808 104.61 25,570,309,134 2,350,284,894 69.34 2,331,400.421 Foreign government 19,706,017 Autos and accessories 20,341,382 103.32 204,888.588 Financial 210,791,248 101.57 99,715,862 Chemical 100,061,797 101.59 31,930,401 31,928,245 8S.66 Building 12,165,795 Electrical equipment manufacturing.. 12,340,215 106.13 234,263,346 Food 236,465,164 102.50 157.418,248 Rubber and tires 157,908,975 104.44 85,579,211 Amusements 86,536,590 96.51 13,323,563 Land and realty 12,477,239 56.74 47.241,391 47,771,202 99.08 Machinery and metals 70.98 136,338,088 161,303,406 Mining (excluding iron) 467,632,707 Petroleum 423,954,484 97.61 103.63 2. New York 68.57 3. Philadelphia. 64.715.616 99.33 $ U. S. Govt. (lncl. States, cities, 65,832,753 101.05 96.23 21,656,593 Textile Gas and electric (operating) Gas and electric (holding) 2,466,981,645 103.27 88.62 173,873,934 Communication (cable, tel. & radio).. Miscellaneous utilities 1,003,228,166 302,229,140 21,475,000 18,447,188 16,965,420 4,553,118 43,386,403 202,276.484 Business and office equipment Shipping services Shipbuilding and operating.. Leather and boots..: Tobacco U. 8. companies operating abroad Foreign 101.61 60.61 107.38 60.02 Richmond Atlanta 88.55 7. Chicago 104.63 8. St. Louis 9. Minneapolis 101.32 73.88 53.77 Grand total 63.71 96.02 Average Price Value Price $364,203,843 $315,528,440 BILLS HELD BY ACCEPTING of others .... ..... $265,445,525 Decrease for month, CURRENT $7,258,338. RATES MARKET Dealers' Selling Rate 120 7ts 180 of the volume of acceptances Mar. 31.. .$359, ,004,507 Aug. 31 321,807,411 Apr. 30.. . Sept. 30 327,834,317 362,984,286 387,373,711 May 30.. . June 30.. . 31.. . . 31 July Sept. 1 396,957,504 Aug. 31.. Oct. 1... 43.305,464,747 95.79 Nov. 1... 95.92 Jan. 31 384,146,874 Sept. 30.. Oct. 31.. Nov. 1 38,170,537,291 90.24 43,179,898.054 43,679,640,206 97.01 Feb. 29 376,804,749 Nov. 30.. Dec. 38,464,704,863 91.08 31..... 1936— 45,053,593.776 l.__. 45,113,047,758 45,007.329,915 93.88 93.59 Mar. l-._. 40.624,571.422 94.44 Apr. Apr. 1 41,807,142,328 94.47 May 1 1 May 1 41,524,856,027 93.90 June June 1 39 648 252.468 93.83 July 1 Aug. 1 41.618,750,056 41.685,172.818 94.24 96 64 44.170,837.675 Aug. 1 1 93.89 92.98 93.93 "With Paper Outstanding as Reported Federal Reserve Bank—Total of July Compares 31 $284,600,000 with 30 The Federal Reserve Bank of New York issued mercial paper outstanding on Aug. 13 showing the total value of com¬ July 31: on Nov. 30 June 30 284,600,000 Oct. 31..... May 31 286.900,000 285,000,000 Aug. 31 Apr. 30 Mar. 31.... Jan. Nov. 30 July 31 June 30 168,700,000 Oct. 31 May 31 184,300,000 173,700,000 180,200,000 Aug. 31 176,800,000 July 31 163,600,000 Apr. 30 Mar. 31 215,200,000 has now passed and such occasion Sept. 30 The have been for this no longer exists." Federal expenditures have gotten out of hand, par¬ relief and inexplicably Executive direction under the guise of those under As recovery has progressed these expenditures have recovery. increased. , For several years to 171,500,000 178,400,000 180,400,000 183,100,000 290.400,000 267,600,000 Dec. 31 may the meanwhile ticularly 177,721,250 31 Dec. 31 the bank also declares: numb 1935— 197,300,000 205,200,000 187,600,000 Sept. 30 1936— of the purse strings of the its Congress surrendered substantial control of Federal expendi¬ The emergency there 175,600,000 Feb. 20 31...243,800,000 Feb. 28 Jan. 191,300,000 198,800,000 the now can "During the emergency Executive tures. er ' the Federal Government has rim two budgets, one expenditures ordinary 1936— 1935 $324,700,000 Congress be hoped that Congress wil independence as a separate branch of own says: the to In figure for July 31 compares with $284,600,000 out¬ standing on June 30 and with $187,600,000 at the close of July, 1936. Below we furnish a two-year compilation of the figures: 1937— Need for Govern¬ market paper outstanding on July 31, 1937. This July 31 31 Nation," says the First National Bank of Boston in ''New England Letter." issued July 30. Continuing, as Reports received by this Bank from commercial paper dealers show a total of $324,700,000 of open July government and resume control bank the following announcement 349 ,053,490 . May 29 June 30 collapse of the proposal with regard to the its reassert Commercial June 330 ,205,152 395.031.279 385.795.967 364.203.843 351,556,950 Apr. 30 315 ,000,590 Emergency Spending Is Over—Urges Resume Control of Federal Expenditures Supreme Court, it $324,700,000 308 ,112,141 ment 94.78 York Mar. 31 First National Bank of Boston Says 93.33 44,001,162,031 44,296,135,580 July 1 New Feb. 27 315 ,528,440 . 387,227,280 401,107,760 396.471,668 30 316 ,531,732 . $372,816,963 31 1937— Jan. 96.83 44,115.628,647 43.920.389.575 40,347.862,478 by 330, ,531,460 97.35 Feb. 91.85 1 Mar. 1 Value of Dec. 343, ,694,299 1937— Jan. 1936— 39,398,759,628 Dec. outstanding at the 1936— $320,890,746 31 90.54 1 *16 record July 31, 1935: 91.71 1 *16 % 1936— 1935— Nov. 30 95.39 bankers' close of each month since 89.93 Feb. - following table, compiled by us, furnishes a 39,457,462.834 39,061.593,570 Jan. Dealers' Selling Rate Rale 916 150-. 716 X Buying Days— 716 30 60 38,374,693,665 1 193^ Dealers' Dealers' Buying Rate Days— ACCEPTANCES BANKERS PRIME ON AUG. 12, 1 Dec. $144,488,595 120,956,930 Total Sept. 1 1 BANKS - ... Oct. Aug. 1 $36,028,510. Increase for year, Own bills Bills Oct. $ 1936— 42,235,760.556 $351,556,950 ; 92.98 93.93 44,001,162,031 Average $ 18,098,076 Decrease for month, $12,646,893. 4.543,868 104.87 Market $ 21,606.018 2,515,648 97.07 July 1935— 654,138 21,302,997 San Francisco The following table, compiled by us, gives a two-year comparison of the total market value and the total average price of bonds listed on the Exchange: Value "521", 871 942,746 9,312 12. The Market 641,618 17,707,722 307,131 Dallas 43,157,837 124.59 194,504,049 64.04 1,161,009.297 70.21 10,068,125 100.68 44.296,135,580 768,094 1,735,244 12,548,126 318,221 1,438,920 Kansas City 11. 90 All listed bonds 1,799,052 "435" 888 10. 95.45 125.83 66.60 $30,884,662 228,989,993 11,283,794 3,493,600 555,424 1,658,514 12,649,569 313,962 2,468,506 103.98 105.09 1,170,132,577 70.76 10,238,750 102.39 (lncl. Cuba <fc Canada).. cos. Miscellaneous business Cleveland 5 6. 21,605,284 96.00 8,567,947,819 79.24 533,822,704 99.14 3,341,297 36.74 2,461,528,753 101.65 168,727,896 86.00 998,308,612 100.89 299,952,225 60.04 21,150,000 105.75 18,446,429 59.86 16,419,450 71.50 8,563,627,694 79.74 541,805,971 102.12 40.37 3,671,095 Railway and equipment Steel, Iron and coke 4 100.37 100.95 100.09 July 31, 1936 1937 $39,476,584 267,766,349 16,225,364 $36,499,151 260,110,533 13,396,406 2,166,000 Boston 30, June July 31, 1937 Federal Reserve District $ Paper and publishing Retail merchandising DISTRICTS Aver. Value OUTSTANDING—UNITED STATES FEDERAL RESERVE —BY July 1, 1937 Aug. 1, 1937 and one for relief and recovery expenditures. of items formerly listed for relief and recovery for A have been transferred We have taken from both agencies) for new types of Federal expenditures—expenditures for purposes which, prior to the present Administration, were either non-existent or were the recognized responsi¬ bilities of State and local governments. The spending agencies referred to, with the amounts for the fiscal year ended June 30, 1937, are as follows: budget the for expenditures. ordinary budgets the items (omitting the loaning FEDERAL EXPENDITURES UNDER EXECUTIVE CONTROL General: Bankers' Acceptances Outstanding Decreased $12,646,893 During July—Total July 31 Reported at $351,556,950—$36,028,510 Above Year Ago The volume of July 31, outstanding bankers' dollar acceptances 1937, amounted to $351,556,950, a $12,646,893 from the June figure of $364,203,843, it announced on on decrease of Amounts Agricultural Adjustment Administration Agricultural Adjustment Adm. (Act Aug. 24, 1935) Agricultural Contract Adjustment Soil Conservation and Domestic Allotment Act Emergency Conservation Work Tennessee Valley Authority Recovery and Relief: Agricultural Aid *$21,506 42,317,929 116,799,599 was - Aid to Home Owners 2,863,853,817 260.429,988 outstanding were month. Although decreasing during July, the acceptances on July 31 were $36,028,510 above those outstanding on July 31, 1936. During July this year decreases occurred in credits drawn for imports, exports, domestic shipments and for those based on goods stored in or shipped between foreign countries. In the year-to-year comparisons only credits created for dollar exchange and based on foods stored in or shipped between foreign countries were below July 31 last year. The following is the report for July 31, 1937 as issued by the New York Reserve Bank, Aug. 12: * Excess of credits The previous ACCORDING TO aggregate of these expenditures 949,661,073. year 30, 1937 total of these expenditures for the fiscal ending June 30, 1937, would be about $3,600,000,000. As a matter they totaled $4,092,321,233, or six times the aggregate of all of record Federal expenditures in Federal expenditures in 1913, exceeding by nearly $800,000,000 all regular 1929 when the national income was more than one-fourth larger, and absorbing for the year just closed. approximately 75% of all Federal receipts This sum of more than $4,000,000,000 was expended by Washington bureaus under July 31, 1936 $142,787,372 . _ Domestic shipments Domestic warehouse credits Dollar exchange Based on goods stored In or shipped between foreign countries $157,034,526 70,777,197 11,381,319 53,805,407 76,988,528 42,035,052 $104,720,895 68,127,602 9,644,915 47,488,986 1,599,322 1,484,389 1,714,538 71,206,333 74,022,521 83,831.504 12,638,827 Presidential direction. These vast outlays place a terrific tax burden on the workers who produce the national income for out of national income these outlays must even¬ tually be met. But over and above this enormous burden is the potential the method by which these expendi¬ be made. for local purposes These great sums are being disbursed from Washington by bureaucrats unfamiliar with local needs, subject to political pressure and even personal Imports Exports for the fiscal year 1936 was $3,- In January of this year the President in his budget message Congress estimated that the to tures may June (deduct). threat to our form of government in NATURE OF CREDIT July 31, 1937 $4,092,321,233 Total This is the fifth consecutive month in which acceptances the 10,765,452 77,851,019 Relief Public Works Aug. 12 by the Acceptance Analysis Unit of the Federal Reserve Bank of New York. below 357,199.796 321,130,998 41,994,141 whim and caprice and with no re¬ Along this road sponsibility to local authorities chosen by the elctorate. lies dictatorship. Let Congress take back unto itself its own responsibilities for federal States and local governments the responsibilities for public expenditures which under our democratic form of representative government are properly theirs. expenditures and let it restore to the I Financial 1028 Refinancing by Pennsylvania Joint Stock Land Bank Effects Net Saving of $12,525 The Pennsylvania Joint Stock Land Bank of Philadelphia on Sept 1, 1937, this week that it will redeem announced $460,500 principal amount of its 5% coupon regis¬ bonds, $60,500 of which are being retired out of cash at par, tered on Simultaneously, announcement was made by It. K. hand., aggregating $400,000 of refunding coupon bonds, consisting that $200,000 of 2%% bonds and $200,000 of 2%% bonds. 2%% bonds mature Sept. 1, 1939, optional Sept 1, 1938, and are priced at 100% to yield 2%.> The 2%% bonds ma¬ ture Sept. 1, 1940, optional March 1, 1939, and are priced at 100% to yield 2.50%. This refinancing, according to the bankers, effects a net saving of $12,525 and a total saving per annum of $43,488 on the refunding completed to date. Board Federal Governors of of Reserve^ System Moves jHttjlnto Own Building^* ^ The Board of Governors of the Federal I Reserve System building on Constitution Ave., between 20th and 21st Sts., in Washington, on Aug." 9. Heretofore the Board, since its organization in 1914, had occupied quar¬ ters in the Treasury Building and/various privately-owned office buildings. In June, 1934, Congress authorized the moved into its Board new erect to a suitable building and construction was started in February, 1936. The building was constructed by the George A. Fuller Co., which had been awarded the con¬ tract for $3,484,000. ♦ from investments in Federal Savings and and other qualified thrift institutions members of the Federal Home Loan Bank System, Associations are in 1935, and $3,876,262 received authorized by Congress as by the United States Treasury from investments in Federal 1933, said the Savings and Loan associations, authorized in FHLBB, which continued: announcement by the dividends Additional the total lative associations from of that have reported for yet not will increase these totals, it was stated. six months of this year first Loan associations have paid the government a cumu¬ Federal Savings and of The Aug. 14, 1937 Loan Corporation Loan Co., Inc., of the formal offering of two issues & Webster Chronicle For the 1937 January-to-June forwarded $3,102,877 to the HOLC Their current dividend rate is approximately 3.7%. dividends. in $8,092,808 period, Federal associations alone have and the Treasury. HOLC invested, were sums paid earning of 3.6%. excess investments The lesser aggregate of more than $423,842 for the half-year, at an an in rate which in associations, State-chartered Federal Sav¬ enable State-chartered and made to were quickly to meet their local demands for long-term loans for the purchase, construction, repair and refinancing of homes, largely before the present tide of recovery had set in. The recent revival of home building in many parts of the country has coincided with the expanded activity of these associations. At the same time, more ample funds are being received from private ings and Loan associations wore investors, making further investment by the government unnecessary. From 1933 to 1935 the Treasury invested $49,300,000 in shares in some $1,116,300 associations, Federal 650 which of has been since retired. September, 1935, to June 30 of this year, HOLC invested $150,368,400 associations, some of which had previously obtained Treasury From in 940 Federal in 203 State-chartered thrift associations. The and HOLC funds invested in savings, building and $32,664,600 and capital, aggregate of Treasury loan associations $231,216,700 was June 30. on provides for the gradual retirement of these government invest¬ The law beginning within five years through repurchase by the associations, ments from the dates which the subscriptions were made. on Leo T. Crowley Outlines Plans to Eliminate"* Unsound Banks—FDIC Chairman Says 300 or 400 Should Be Mortgage Loans by Savings, Building and Loan Asso¬ Weeded Out Annually for Next Six or Seven Years •-—Corporation Reports $20,918,907 Gain in Surplus in Six Months, Period Leo T. Crowley, Chairman of the Federal Deposit Insur¬ Corporation, in making public that organization's six report on Aug. 2, declared that between 300 and ance months' 400 banks should be eliminated next six in order to put the Nation's banking sound basis and insure profitable operation for seven years or system on the a remaining 12,000 banks. Banks which insist upon sound practices or maintain an must be 124 eliminated, he said. banks merged annually for the or un¬ unsound financial structure The FDIC report revealed that closed, merged or lost their insured status during the first half of this year. The Corporation also reported were that its income amounted to earned while losses, from and assessments &c., expenses, aggregated $2,855,909, resulting in a net increase in surplus of $20,918,907. Surplus on June 30 totaled $74,850,141 and total assets were $368,521,361. Mr. Crowley's remarks were reported as follows in a Washington dispatch of Aug. 2 to the New "Herald York Tribune": five to We money. future would been have closed because the aid of June 30, Of the months, a year for the could make left that could withstand of loans the making a total of insolvency in the first half-year, that had been placed in receivership or merged deposits Eight, tors, all but from loss. 137 with insolvency suspended $4,341,000, of the aid of and or whom in the suspended banks first six the placed in were and merged were loans in con¬ of assets purchases had 32,020 deposi¬ were protected fully suspended banks, $4,077,000 of deposits out of a total protected was of The suspended and merged banks of In the 21 $4,214,000 deposits banks, by the Corporation. because $4,214,000, of with other with closed by insurance, offset, pledge of security These figures, League, in set s.ud June, 4S2,700, 19% greater than for like period of 1936. or and is 14% greater than June a year ago. the League's announcement: were also from Loans have for for building reached since $37,671,300, to mid-year much as in months of 1936. is being borne out by the loan figures last year Vice-Presidnet Executive Chicago, in April, it six noted $187,162,300, totaled loans building and loan associations this year, it is shown by Morton of savings, up dollar out of each $3.34 paid out. one first trend beginning of deposit insurance to June 30, 1937," the FDIC insolvent insured banks were placed in receivership or "132 those banks of extent offset, pledge assets by having total deposits of $47,598,000, the or of security, Corporation. more than preferment, All or were were or protected to the their claims, through loans but 488, depositors in the suspended banks of 179,601 depositors The $51,755,000 90% less insurance, by down in May, and and purchases of of 1% of the that expenses and losses in the first half-year amounted $2,855,909, of which $1,333,863 represented administrative expenses and Total income from the beginning of deposit insurance amounted to $95,280,762, of which $66,379,511 was derived from assessments paid by insured banks and $28,901,251 represented earnings and profits of securities, after making real estate values is the out¬ during the first half of the year, Mr. Bodfish suggests. The most conspicuous gain in savings and loan financing, analyzed according to purpose, has been in these loans consummated to transfer existing properties. During April, May and because Encouraging June and they effect nearly twice as were upon of homes for purchase voluminous as during January, February March. Mr. Bodfish said that altogether the first home construction, new the its of $215,570,000 pouring of average weighted by loan half purchase, has been about 265,000 separate loans have been year for the combined purposes of refinancing, and modernization. Thus of the $2,500 per family. less than Earned by United States Government in Investments in Savings, Building and Loan Associations, Reports FHLBB jggj on _ The lative United total of States more Government than has been $8,827,000 in paid a dividends cumu¬ on its investments in savings, building and loan associations, the Federal Home Loan Bank Board announced in Washing¬ ton, Aug. 7, after receipt of dends This from sum these includes a associations The average is 5.7% of the volume of loans which went into some moderniza¬ in small amounts. Nevertheless, the League executive said the averages broken down for construction and pur¬ chase loans show how conspicuously the savings and loan institutions are tion and repair, andi serving the buyer The for or were builder of unpretentious properties. of June loans, analysis lent hence each purpose, according to purpose and per cent, follows: of the , Associations in United States $37,671,300 7,666,300 Purpose of Loan— New construction Repair and modernization 43,903,400 26,326,800 10,528,000 Home purchase Refinancing Other purposes f - $126,095,800 Total, ♦ Liquidation of 26 Receiverships of National 2Banks Completed During July »• expenses. provision for amortization of premiums. Dividends League. Loans were for the year in June, fully protected against loss." $1,522,046 represented deposit insurance losses and $8,827,000 the of to a new peak up happened last year the same way. % than The report stated to began, accounting From January half again as building revival of semblance construction the A seasonal Bodfish, or the in June were at the highest point they houses new any Estimated June Loans Made by Al merged with the aid of loans by the Corporation. in Com¬ increase, The following pared with May, the June loans showed a 2.4% total the issued by the League, announcement an brought the total of loans for the first six months to $637,- " "From released in estimate based o™ reports from associations in the business. The record are an Depositor Protection Cited reported, month recorded in June by the savings, with about half of the assets or preferment. was of home owners. disposal granted during banks began June in loans than in any Chicago on Aug. 7 by the United States Building and Loan by this corporation in the period from Jan. 1, 1934, insured with 21, solidated insured banks had 1937. 29 receivership. of 400 were disclosed in his report the fact that 29 132 insolvent insured banks to that banking system sound a "those depressions." Mr. Crowley with be reduced by 300 to years," he declared, seven Record of mortgage building and loan associations which placed $126,095,800 at and "If the number of banks could next larger volume since recovery interest $23,774,816 in the six months' period, administrative Reached ciations A report of divi¬ for the first half of 1937. preliminary $4,995,472 received by the Home Owners' J. F. nounced T. O'Connor r Comptroller of "the Currency, an¬ Aug. 10 the completion of the* liquidation {of 26 receiverships of National banks during July, making fa total of 735 receiverships finally closed or restored to sol¬ vency since the banking holiday of March, L1933.^The on Comptroller's announcement continued: ^ Totafdisbursements, including^ffsets allowed, to depositors and other creditors of these 735 receiverships, exclusive aggregated $249,982,631, or an average of the 42 restored to solvency, return of 79.11% of total liabilities, while unsecured creditors received dividends 66.39% of their claims. Total dividends amounting to an average of Dividends distributed to creditors of all active receiverships during the month of July, 1937, amounted to $6,339,402. paid and distributions to depositors from March 16, 1933, to July 31. of all receiverships 1937, amounted to $869,226,221. The following are the 26 National banks liquidated and finally closed or restored to solvency during July: Volume Financial 145 INSOLVENT NATIONAL BANKS LIQUIDATED AND FINALLY CLOS 1 OR RESTORED TO SOLVENCY DURING THE MONTH OF JULY, 1937 1029 Chronicle Oold > This of movement funds associated was dishoarding of gold in London. P.C. Total Per Cent Date bursements Disburse¬ Dividend ing which has occurred in less than of Including ments to Declared of Failure Offsets Total to All Liabilities Claimants Allowed 6-18-34 Mills County Nat'l Bank, Glenwood, Iowa 12-27-32 Citizens Nat. Bank, W. Alexander, Pa.x. 7-16-34 Citizens National Bank, Prosperity, S. C_ 10-22-31 104.5 $2,000,000,000 107.7 While from the United States of Soviet Russia 106.77 1,956,281 87.50 79.13 79.07 55.38 74.47 68.23 10- First National Bank in Fresno, 7-31 7- Calif 89. 92.09 118.17 100.89 101.22 374,788 261,249 95,737 202,773 226,711 2-31 104. 99.317 110.4 108.5 43.62 18.85 97.13 49.8 43.43 14.7 6,396 2-27-33 31,723 36.77 36.81 6-29-32 Ohlo.y. y value of assets table Some¬ Straits Settlements, for industrial regularly reported) statistics, in part in part on and estimates. with starts the 1936, gold to the amount of $3,450,- 1,076,473 86.29 85.2628 Europe. into private hoards, The amount of gold in stabilization funds and other holdings of 000,000 into went central unreported was Accepted for 129-Pay Bills at Rate of 0.211% and $50,057,000 for 273-Day Bills at Rate of 0.478% than England. SOURCES AND USES OF GOLD, Reserve banks and the branches thereof up to 2 p. m., Eastern Standard Time, Aug. 9. Each series of the bills was offered in amount of $50,000,000, or thereabouts; one serie January, 1931, to September, 1936 Oct., 1936 to Total v 129-day bills, maturing Dec. 18, 1937, and the othe 273-day securities, maturing May 11, 1938. Sources of gold: Mine output 129-Day Treasury Bills, Maturing Dec. 18. 1937 ' " High « $50^057.000 Total accepted, bid of $50,000) t ; High 99.674—Equivalent rate approximately 0.430%. Low 99.625—Equivalent rate approximately 0.495%. Average price 99.638—Equivalent rate approximately 0 478%. (4% of the amount bid for at the low price was accepted]) one Since Total Less Than $1,000,000,000— discussion of the world movement of gold, the Board of Governors of the Federal Reserve System, in its August that more than $1,000,000,000 tral gold $500,000,000." pointed out that the movement of gold from Europe to the United States, which had been in large volume in the spring, declined sharply early in July, and then virtu¬ ally ceased. The Board also had the following to say in "Bulletin": The dollar price of in gold in London throughout the spring had been such shipments to the United States unusually profitable; but a point at which gold purchased in London no longer render gold July yielded it rose to profit when sold in New York, a imports continued to arrive, however, The Japanese $14,000,000 Minister of Finance after deduction from Canada and had announced of in March that gold would be exported and that more would be shipped By the end of July $130,000,000 of Japanese gold had been shipped to this country. Late in July a plan was announced for revaluing the gold reserves of the Bank of Japan on the basis of a gold content for of if necessary. the yen about 13% higher The rate. about than the gold equivalent of the current exchange proposed revaluation will increase the Bank's gold reserves by 160% and will yield the government yen ($250,000,000), will be utilized to of which repay lishment was profit of about 800,000,000 some the Bank of 200,000,000 Japan, exchange stabilization fund. July 20 the Treasury's inactive gold account showed $42,000,000. by an a is reported that advances from mainder will be allocated to On it the on This Dec. Treasury was 24, . the yen re¬ . 51 98 65 110 144 146 162 "105 1,023 7,599 899 1,245 1,362 1,409 1,554 1,129 5,822 2,177 3,645 136 500 63 532 1,532 66 78 964 502 87 132 2,240 4,147 199 610 1,598 57 1,051 633 701 635 504 496 63 566 6,387 -236 1,352 dishoarding movement occurred substantial At the last fall. of this the heavy movement of funds to the United States and the United States. Belgium, the Nether¬ subsequently announced their adherence to this currency arrangement was followed Switzerland and The international new by increased activity in the capital markets of all the participating coun¬ tries. Stock prices in France, Switzerland, and1, the Netherlands rose at a In advance. with this expansion of stock market activity capital the former gold bloc countries as well as to the United States— conjunction flowed to of gold and other resources previously held idle and the first half of November, while Euro¬ October During reduced their deposits in this country, they greatly increased peans investment their of from coming it London. in in the United States, and in England there was a rapid rate than more moderate occurred in the rate American securities. in that was in indicate developments These fall the the substantial response to an dishoarding of gold increased feeling of regard to currency relationships and to a belief that opportunities were exceptionally attractive. ment in invest¬ Spring Dishoarding Movement The dishoarding movement occurred It at a of this spring was of quite a different charac¬ of time most of the weakness or uncertainty in markets of the world. Proceeds of the sales of dishoarded gold, in so far as they came to the United States, were apparently not invested, but were largely held idle on deposit with American banks. The movement was accompanied by rumors of impending reductions in the American gold price, and at the cIobc of the movement the French franc, which had suffered a sharp decline in April, underwent a more severe leading stock crisis, was This sequence in the receded to more fall, ties the exchange basis determined upon last fall with the result that abandoned. events began with a decline in the American stock of March. Foreign buying interest, which had) moderate levels since the first wave of dishoarding in the of middle disappeared altogether, and in April foreigners sold American securi¬ balance. Meanwhile, however, a gold scare had occurred, accom¬ on panied by American dishoarding bank and deposits. a heavy movement of European funds into This movement was accelerated the market did not regard consequent increase in the discount on sterling for increased the inducement to move bank funds to New forward discount a better return could be realized by sterling to levels which by a rise in and a future delivery which as permanent, York. At the greater London banks through placing funds in New York and buying future sterling back at a discount made by lending the same funds in the London open market. than could be to a 73 35 66 by England, France, chart during the spring. 114 1 733 been subjected in connection with the defense of their existing gold1 parities ended with major readjustments downward in the exchange rates of these countries. At the same time the Tripartite Declaration, indicating a common policy of maintaining stability on the new exchange basis, subject to the requirements of internal prosperity, was was decline the gold held inactive Nearly two-thirds 68 52 29 18 250 September, 1936, the series of crises to which France, the Nether¬ of The a 355 Fall Dishoarding Movement reduction of Prior to this 12 ""66 (ex¬ reserves first the first reduction in this account since its estab¬ 1936. amounted to $1,213,000,000. acquired through and . 100 Preliminary. market from Japan. early 82 ported official holdings & Gold costs. 68 consumption. countries.. ter. The Board to 86 private hoards in western security its 25 Indicated increase In unre¬ which than 11 8,622 Total of gold have come out of private holdings since Septem¬ "leaving a remainder probably considerably less than $1,000,000,000." The Board said that in as much as the dishoarding movement has been chiefly concentrated in London, "the amount of hoarded gold still held in that mar¬ less 373 367 cluding U. S. S. R.)_. ber, 1936, be 129 149 Settle¬ • Industrial appears to now 1,176 355 2,235 -1,217 3,452 Total much a reveals 776 234 799 declaration. Half Concentrated in London "Bulletin," 794 206 250 issued September—-Board of Governors of System Discloses That Private Now 823 163 Reported uses of gold: Increase in reported cen¬ Reserve Holdings 883 88 Return of scrap lands, Estimates $1,000,000,000 of Gold Released from Hoard¬ Federal 715 lands, and Switzerland had 273-Day Treasury Bills, Maturing May 11, 1938 IE (Excepting 722 4,713 ments, and Egypt.. end Total applied for, 8146,268,000' 1931 522 Straits China, The 99.918—Equivalent rate approximately 0.229" Average price 99.924—Equivalent rate approximately 0.211%! ( 56 % .'of the amount bid for at the low price was accepted) 1932 1,224 holdings ~"t$a A ***% 100 1933 49 Return of coin . Low 1934 748 U. S. S. R a^Total accepted, $50,086,000 ... JM H 1935 5,460 Indian private p Range: (9 mos.) (excluding U. S. 8. R.) Treasury Magill :j Total applied for, $148,448,000 Total Receipts from: Details of the bids to the two issues of bills were made available as follows on Aug. 9 by Acting Secretary of the * 1936 . 1937 v was as JANUARY, 1931, TO JUNE, 1937 (In Millions of Dollars at $35 an Ounce) totaling $294,716,000 received to the offering of $100,000,000, or thereabouts, of two series of Treasury bills, dated Aug. 11, 1937, Acting Secretary of the Treasury Magill announced on Aug. 9 that $100,143,000 were ac¬ cepted. The tenders to the offering, which was referred to in^our issue of Aug. 7, page 852, were received at the Federal must September can Jimits, but it is believed that the amount was neighborhood of $1,700,000,000. Of the $1,500,000,000 to $2,000,000,000 accumulated in private holdings in Europe, perhaps two-thirds was in the London market, much of it held by nationals of countries other Of tenders ket banks in the liquidation of National banks completed made in these columns of July 24, page 531. Received to Offering of $100,000,000 of Two Series of Treasury Bills—$50,086,000 In or known only within broad in holdings and central governments be Tenders of $294,716,000 ing It indicates that in large scale began. a June, BL in which the international crisis 1931, year on Reference to the , and scrap and sold, or to complete unfinished liquidation. during June Range: reported by other countries. employed for China, period 1931 through September, Formerly in conservatorship. Receiver appointed to levy and collect stock assessment covering deficiency in x Soviet Russia States of mainly in 90.7 92.29 officially reported, figures for are unreported 95.918 97.16 99.3 First National Bank, Willoughby, based are scattered data The been 86.75 189,136 166,426 232,891 37,027 6-27-31 consumption upon have 88.04 101.5 Some of error. the United from for the return of coin developed and gold hoarding 108,602 8-12-36 methods Figures the 169,569 Citizens Nat'l Bank, Washington, Ga_y._ First Nat'l Bank, Avon-by-the-Sea, N. J.y similar Egypt. 12.23 3,729,686 Citizens National Bank, Jenklntown, Pa.. and 75.25 7-30 Jackson National Bank, Jackson, Minn.y 11-16-33 what 80.25 1-30-33 Estimates of this the basic Europe. of the absence of Soviet figures, aggregates of net gold imports 37.92 First National Bank, Woodstock, Mlnn.x 10-26-33 First National Bank, Monroeton, Pa.x... 11- 8-33 Rosedale Nat'l Bank, Rosedale, Ind.x 10- 3-33 First National Bank, Manilla, Iowa table the represent, in 7-18-32 1-30-33 in 64.9 2-16-31 6- data 76.28 lO- 2-33 12- 3-30 of the 59.51 Citizens National Bank, Brazil, Ind.x First National Bank, Fowler, Ind First National Bank, Rector, Ark most gold reaching the outside world 102.9 in wide margin 18.9 347,061 206,398 103,712 506,054 with Last September, on the eve year. hoarded was a 68.8 12-19-32 First National Bank, Steelvllle, Mo First National Bank, Smithville, Tex a 89.37 First National Bank, Fort Gaines, Ga First National Bank, Jackson, Miss. First National Bank, Artesla, Calif gold have 110.42 106.82 of necessarily extent it is estimated that from $1,500,000,000 arrangement, currency considerable a information is shown in the table. 118.9 539,176 60,419 258,781 278.924 6-26-34 First National Bank, Stone Lake, Wls.x.. 12-12-33 First National Bank, Sandersville, Ga 3-14-29 new character 50.7 64.11 $169,797 94,885 6-29-31 the to to It reflected the second wave of dishoard¬ Total Dis¬ First National Bank, Morrisonville, 111 First National Bank, Millen, Ga.x First National Bank, Howell, Mlch.x Hoards of [this we omit.—Ed.] shows the rise in sterling in April, which extent the result of the heavy American purchases considerable gold in London. The rise in sterling was dishoarding continued and the gold flow but sustained. in halted at the end of April, to the United States was Toward the end of the movement funds began to leave France large volume, and while most of these funds went in the first instance 1030 to Financial Chronicle London movement From gold end of gold. this of was contributed the to added and the to the volume period Treasury's of gold stock produced comparable magnitude. 14, 1937 Of humor which enables him to distinguish between the ridiculous and the serious. of dis' or Aug. unduly magnified and the larger things of life are not minimized, and a sense through the first week of July, $775,000,000 of abroad from During abroad they States. March received was hoarded indirectly centers, nearby United the to the inactive other andi Any who, man when the discussion of some picayune subject a positive genius. waxes place and sing "Wagon Wheels." serious and acrimonious, can rise in his is He knows by sound instinct that on accasion party harmony is aided and abetted by close harmony. Very sincerely yours, New Offering of Two Series of Treasury Bills in Amount $100,000,000—To Be Dated Aug. 18—$50,000,000 of 122-Day Bills and $50,000,000 of 273>-Day Bills FRANKLIN of A offering of $100,000,000, thereabouts, of Treasury on Aug. 12 by Acting Secretary of the Treasury Roswell Magill, the tenders to which will be received at the Federal Reserve banks, or the branches thereof, up to 2 p.m., Eastern Standard Time, Monday, Aug. 16. Bids will not be received at the Treasury Department, Washington. The new bills, which will be sola on a discount basis to the highest bidders, will be dated Aug. 18, 1937. They will, as stated be issued in two series, each in amount of $50,000,000, or thereabouts,, One series will be 122-day securities, maturing Dec. 18, 1937, and the other 273-day bills, maturing May 18, 1938. The face amount of the bills of each series will be payable without interest Tin their respective maturity dates. The bidders are required, said Acting Secretary Magill, to specify the particular series for which each tender is made. There is a maturity of similar securities on Aug. 18 in amount of $50,083,000. The following is from Acting Secretary Magill's an¬ new bills in series two nouncement of was • The bills will be issued in bearer form only, and in amounts or denomina¬ tions of $1,000, $10,000, $100,000, $500,000, and $1,000,000 (maturity value). No tender for amount an than less tender must be in multiples of $1,000. $1,000 will be considered. Each The price offered must be expressed the basis of 100, with not more than three decimal places, e.g., 99.125. on Fractions must not be used. Tenders will be accepted without cash deposit from incorporated banks and trust companies and from responsible and recognized dealers in invest¬ ment securities. of accompanied by an express guaranty of payment by an incorporated bank trust company. or Immediately after the closing hour for receipt of tenders 1937, all tenders received at the Federal Reserve Banks to the closing hour will be up reserves on or Aug. on 16, the following morning. as soon as possible thereafter, The Secretary of the Treasury expressly the right to reject any or all tenders or parts of tenders, and to allot less than the amount applied shall be final. series will be for, and his action in such respect any Any tender which does not specifically refer to subject to rejection. a particular Those submitting tenders will be advised of the acceptance or rejection thereof. Payment at the price offered for Treasury bills allotted must be made at the Federal Reserve Banks in cash other immediately available funds on Aug. 18, 1937, provided, however, or any qualified depositary will be permitted to make payment by credit for Treasury bills maturing Dec. 18, 1937, allotted to it for itself and its cus¬ tomers up to any amount deposits when so United for which it shall be qualified in excess of existing notified by the Federal Reserve bank of its district. The Treasury bills will be exempt, as to principal and interest, and any gain from the sale other disposition thereof will also be exempt, from all or taxation, except estate and inheritance taxes. States and 12 Months A new extends commercial agreement whereby the United Russia unconditional and unrestricted to in¬ guaranteed purchases from the United States to $40,000,000 in the next 12 months, was reached on Aug. 4 and proclaimed by President Roosevelt on Aug. 6. The agreement was negotiated to replace a previous pact which expired on July 12. It is pointed out that this is the first time that the most-favored-nation clause has been extended Under the new agreement the Soviet Union will permitted to send to the United States coal free of the special excise tax of 10 cents per 100 pounds imposed by the Revenue Act of 1932. The Soviet Government has agreed that it will limit its export of coal to less than 400,000 tons during the next 12 months. It was explained by the State Department that the present agreement, like the preceding one, does not involve any new concessions with respect to tariff rates and is not a trade agreement of the kind negoti¬ ated with 16 other countries under the authority of the Trade Agreement Act of 1934; this was noted in a Washington dis¬ patch, Aug. 6, to the New York "Journal of Commerce" of Aug. 8, which added: to Russia. be Under the agreement, it was stated Russia will continue to receive the benefits of concessions granted by the United States in trade agreements with other countries which "is in accordance with the policy laid down in the Trade Agreements Act." Under this policy tariff concessions granted under trade agreements are applicable to imports from third countries which do not discriminate against American commerce or to defeat the purposes otherwise pursue policies or take actions which said, "is evidence of the intention of the Soviet Government with respect to trade with the United States to continue to pursue policies and take actions in harmony with the purpose of the Trade Agreements Act." We also take the following from the advices quoted above appearing in the "Journal of Commerce": The agreement, which replaces a previous pact that expired July sents an increase in 000,000 in comparison with the old agreement. old agreement prescribe the of the terms amended, as bills and Treasury govern and this notice conditions the of their issue. piration purchased $6,000,000 more than was required. Reservation It was Leader to Barkley—Sends Letter Extolling Floor Leader is levied coal is similar to that included in the most- provisions of the trade agreement with the Netherlands. on coal pounds imported into the United States from countries to which Senate on Aug. 10 gave a Barkley, the new majority leader. Although the affair had been widely discussed in advance as a function designed to restore "harmony" among various Democratic factions, it was not attended by Presi¬ in year honor dent Roosevelt. letter of Senator Instead the President sent to Vice-President praising Senator Barkley and his services to the imports of coal therefrom, "unless treaty provisions of the United States otherwise provide." "The reservation with respect to coal in Government states in effect treatment in the agreement and Democratic members of the a Explained explained by the State Department in promulgating the pact that Under the 1932 Revenue Act, it was continued, a tax of 10c. per 100 dar Attend "Harmony" Dinner of Democratic Senators in Honor of New Majority Garner During the first year of the Russia actually purchased $7,000,000 more of goods than bargained for, and dining the twelve months' period just preceding its ex¬ exports of coal from the United States did not exceed in the previous calen¬ President Roosevelt Fails dinner 12, repre" expected purchases by Russia from this country of $10,- favored-nation 418, tend of the Trade Agreements Act. "The agreement proclaimed to-day by the President," the department by the United States of its possessions. most- her crease the reservation with respect to or any States favored-nation treatment and Russia in return agrees to otherwise recognized, for the purposes of any tax now or hereafter imposed Treasury Department Circular No. Tax Excise Imports Lifted—Soviet Agrees to Purchase $40,000,000 of American Goods in Next No loss from the sale or other disposition of the Treasury bills shall be allowed as a deduction, or Russia—American Russian Coal on branches thereof opened and public announcement of the acceptable prices for each series will follow probably President Roosevelt Proclaims New Trade Pact Between Tenders from others must be accompanied by a deposit 10% of the face amount of Treasury bills applied for, unless the tenders are ROOSEVELT, The Vice President. or announced Aug. 12: D. Honorable John N. Garner, only so far as that the agreement with the Soviet the provisions for most-favored-nation shall operate in respect of coal only as long as the existing law of the United States permits," it was stated. "By virtue of similar most-favored-nation reservation in respect of coal in the provisions and a corresponding trade agreement with the Netherlands, imports of coal from the Netherlands into the United States are at present time being admitted exempt from tax. However, with respect to imports of coal from the Soviet Union, the Government been informed by the Soviet Government, ment of the United States has in connection with the new agree ¬ that exports of coal from the Soviet Union to the United States in the , the country and to the Democratic party. It was reported that Mr. Roosevelt's absence from the dinner was due to slightly less than the quantity of Soviet coal imported into the United the fact that several matters States during the last calendar year." are White House and the Senate. in controversy between the course of the next twelve months will not The text of his letter to Vice- President Garner follows: exceed 400,000 tons. This is Protest Voiced A sharp protest against the agreement was voiced, however, by Louis C. The White House, Madeira, executive director of the Anthracite Institute, on the grounds that Washington, D. C. the importation of 400,000 tons of coal quality of a character, and in the it is as an man's case friendship is always a safe barometer of his of Alben Barkley this is particularly true. And old friend that I write this note, that I embrace the opportunity add my to testimony to the wcrds of his other old friends and colleagues who will speak tonight in token of their appreciation and affection for this man. Alben is not only a political friend but is a friend in deep personal sense. Our associations cover the exultation of victory and we have long and real and very delightful years. been together in times of mutual commiseration. Barkley is greatly distinguished for the things he does not for the things he does say. Whether he this marvelous restraint through a years was born that say way or as well as has acquired of self-discipline, I do not know. truly grateful—a sense of perspective whereby little things are not approximately $1,200.000 per year or 180,000 days of work," Mr. Madeira said. "As far as producers J are concerned sizes, will amount to approximately $2,300,000." David A. Rosoff, Chairman on Aug. 10 that the new of the Amtorg Trading Corp., treaty creates "a sounder basis for Soviet-American trade than the former agreement in 1935 and renewed in 1936." He stated: This agreement puts the Soviet imports made into the United States on a basis from all other countries. It guarantees that Soviet imports in the United States will be subject to no higher duties or any other imposts, or to any more burdensome customs rules or formalities than the imports from any other country. The lifting of the discriminatory excise tax from Soviet anthracite, levied exclusively on Soviet coal, not only has a certain great asset. He has two great gifts for which he ought to be thankful and for which are "staggering the loss due to the fact that the Russian imported coal is largely domestic of equality with the imports I know that every one present this evening Will agree with me that Alben But I do know that it is cite miners of Pennsylvania of man said a very We have traveled together; we have barnstormed together; we have known we a "Four hundred thousand tons of coal means a loss in, wages to the anthra¬ Dear Jack: The from Russia would be blow" to the industry in Pennsylvania. Aug. 10,1937. but is of importance since it against a Soviet product. a tax practical significance, does away with an obvious discrimination w Volume Financial 145 The text of President Roosevelt's trade treaty follows: Chronicle proclamation of the new trol my Huge Crops Will Not Depress Prices authority, the Ambassador Extraordinary and Plenipo¬ tentiary of the United States of America Republics exchanged at Moscow on President Roosevelt, discussing proposed crop control legislation at his press conference on Aug. 10, asserted that he would not approve a renewal of commodity loans to protect farmers against price declines unless Congress at the present session passed farm legislation formulated to prevent a re¬ currence of huge crop surpluses that automatically depressed prices. He qualified this assertion, however, by indicating that if Congressional leaders could assure him that such legislation would be passed early in January he might agree to continuance of Federal loans on crops. Our most recent reference to proposed farm legislation was contained in the "Chronicle" of Aug. 7, page 853. A Washington dispatch of Aug. 10 to the New York "Times" discussed the Congres¬ of Soviet Socialist to the Union Aug. 4, 1937, with the authorized repre¬ sentative of the Union of Soviet Socialist Republics identic notes, constitut¬ between the United States of ing an agreement in regard to commerce America and the Union of Soviet Socialist Republics and the continuance of favorable commercial relations between the two Governments, the texts of which notes are word for word as follows: "With reference to recent conversations which have taken place in regard to between commerce Union the of Soviet Republics Socialist and the United States of America, 1 have the honor to confirm and to make of record by this note the Governments of following agreement which has been reached between the our "1. The United Socialist respective countries: States Republics of America unconditional treatment in all matters will and grant the Union of Soviet to most-favored-nation unrestricted concerning customs duties and charges of every sional reaction to such plans as follows: kind and in the method of levying duties and, further, in all matters concern¬ ing the rules, formalities, charges imposed in connection with the clearing of goods through the customs, and with respect to all laws or regulations affecting the sale or use or to any to which rules and manufactured products having their origin in to or above, to be subject, in regard no case duties, taxes any formalities other noted charges other or or .'V subject. or of the Union subject, with respect to taxes, and in regard charges other or or burdensome, than those a corn loggerheads over of 2,658,748,000 bushels crop to the above-mentioned higher, or to any matters, to are or may "Any advantage, favor, privilege or ex¬ duties, any rules or formalities other or more to which the like products when territory of any third country ' • \ Activity in Both Branches In the House, Representative Wearin, Democrat, of Iowa, tion Federation. or may on until after In the a by the American Farm Bureau The Democratic steering committee voted privilege status to farm legislation brought to the floor. farm bill was Threats were made by Wages and Horns Bill passed. Senate, the Agriculture Committee hearings throughout the country on was authorized to hold in¬ comprehensive farm bill and a instructed to report back a bill not later than the first week of the next ses¬ sion, whether it be any third country or tion calling for mandatory loans of 10 cents a pound on cotton consigned to the territory of any third country shall be accorded immediately and without compensation to the like product origi¬ final action. nating in missioners of consigned to the territory of the Union of Soviet Socialist Re¬ a regular session Or one especially called by the President. The Senate committee sat throughout the afternoon product originating in circulated a Agriculture from further considera¬ sponsored measure Southern delegations to try to hold up action on the terim immunity which has been general farm a any general consigned to the hereafter be subject. of hereafter be granted by the United States of America in regard to the abovementioned matters, to a natural or manufactured or Representa¬ result of the forecast of a 15,593,000-bale cotton crop. as a •" petition to discharge the Committee manufactured products exported from the territory of the United States of America and consigned to the territory of Soviet Socialist Republics shall in no case be portation yesterday ■ burdensome, than those or more . "Similarly, natural official forecast of an new activity. The bumper crops of wheat, corn and oats were all above the July 1 estimates, and increased the apprehension in Congress well the like products having their origin in any third country are or may hereafter be issue, wheat crop of 890,419,000 bushels stirred Senators and a tives to or the Union of Soviet Socialist Republics shall in higher, As the executive and legislative branches continued at the loan of imported goods within the country. "Accordingly, natural to the matters referred Roosevelt Insists on Passage of Crop Con¬ Legislation Before Extending Federal Loans on Commodities—Says Assurance Must Be Given that A Proclamation Whereas, by 1031 President considering a resolu¬ but took no Earlier in the day,/It received an amended request by Com¬ Agriculture of thirteen Southern States that the 10 cent loans publics, be authorized. "It is understood that so long as and in so far as existing law of the United States of America may otherwise require, the foregoing provisions, in so far subsidy payments to cotton farmers to bring their price up to the parity as they would otherwise relate to duties, taxes factured therefrom, or coal or or charges on coal, coke If the law of the United States of America shall not permit the complete operation of the foregoing provisions with respect to the above-mentioned products, the Union of Soviet Socialist Republics reserves the right within fifteen days after Jan. 1, 1938, to terminate this agreement in its entirety on thirty dayB' written notice. understood, furthermore, that the advantages now accorded or which may hereafter be accorded by the United States of America, its terri¬ one a or possessions, the Philippine Islands, another or to or the Panama Canal Zone to the Republic of Cuba shall be excepted from the operation of this agreement. was giving up or silver, or to prevent the adoption of such measures as the Government of the United States of America may see fit with respect to the control of the export or sale for export of arms, ammunition, or amplements of war, and, in exceptional cases, all other military supplies. It is understood that any action which may demand for additional Emphatic the "whip hand" he now holds over Congress on the commodity More pointedly than at his last press conference, he making it possible for him to extend the loans, that course was its own re¬ / sponsibility. \ . as contravening any of the provisions of this agreement relating to the exportation of natural manufactured products from the territory of the United States of "Subject to the requirement that no arbitrary discrimination shall be by the United States of America against importations from the effected Union of Soviet Socialist Republics and in favor of those from any third country, the foregoing provisions shall not extend to prohibitions or re¬ strictions dent Roosevelt the responsibility His position, as (1) imposed on moral or humanitarian grounds, protect human, animal, or plant life, (2) designed to (3) relating to prison-made goods, (4) relating to the enforcement of police or or revenue laws. could be repaid. The reasonable cluding / substantially the amount of purchases in the United States of America for export to the Union of Soviet Socialist Repub¬ lics of articles the growth, produce or manufacture of the United States of America. assurance was come into force on the day of proclamation thereof by the President of the United States of America and of approval thereof by the Soviet of People's Commissars of the Union of Soviet Socialist The President said he had made his position clear to Secretary Wallace and Representative Jones, and would do the same when Senator Black of Alabama called Insists a banker from whom reporter Suppose the period during which the present agreement shall continue in force. And whereas, it is provided in the said agreement that the agreement shall force on the day of proclamation thereof by the President of the of America and of approval thereof by the Soviet of the People's Commissars of the Union of Soviet Socialist Republics and that such same day. Now, therefore, be it known that I, Franklin D. Roosevelt, President of the United States of America, do hereby make known and proclaim the said agreement and, having been notified that the same has been approved on this day by the Soviet of People's Commissars of the Union of Soviet Socialist Republics, direct that it be observed and fulfilled with good faith by the United States of America on and from the date of this my procla¬ mation. The lender would say that was fine, but $10,000 salary he did not know whether the borrower was good for a on a But $100,000 loan suppose $25,000 job in January. the borrower had a good prospect of getting a Then the lender would ask if the borrower had Suppose* he said he had hopes. contract. he could not advaricc $100,000 on a Done at the city of Washington this sixth day of August in the year of our thousand nine hundred and thirty-seven and of the Independence of the United States of America the one hundred and one sixty-second. FRANKLIN D. As well as the lender loved him, hope regard as adequate assurance that Congress would pass general farm legislation the first thing next session, Mr. Roosevelt pajrried the question by saying he was in the position of the lender, and perhaps it was up to the other fellow—the borrower—to suggest that J assurance. blank whether he meant there would be no crop loans until Congress passed jcrop control legislation, President Roosevelt said he would prefer to say there would be no loans until he had been given the legislative He did not know if it were possible to equivalent of a banker's acceptance. ber of At this point he asked how any individual mem¬ Congressf could guarantee what Congress would or would not do in ] A subcommittee of the Senate Agriculture Committee on 11 recommended a bill providing for price-pegging loans on five major crops, while a similar proposal was placed before the Souse Agriculture Committee by Commissioners of Agriculture from 13 States. These plans would authorize loans of 10; cents a pound on cotton, 70 cents a bushel on wheat, 50 bents a bushel on corn, eight cents a pound on tobacco and 65 cents a bushel ROOSEVELT. By the President: CORDELL HULL, Secretary of State. on rice. Secretary of Agriculture Wallace on Aug. 11 expressed regret thalj. Congress had apparently decided to postpone new farm legislation until its next session. His remarks were reported as follows in a Washington dispatch of Aug. 11 to the New York "Journal of In witness whereof, I hav6 hereunto set my hand and caused the Seal of the United States of America to be affixed. to him, said he was making $10,000 a year, came and wanted to borrow $100,000. Aug. [etc.]. come into He singled for the role of a prospective borrower. the future* thirty days prior to the expiration of the aforesaid period ot proclamation and approval shall take place on the him later in the day.' Security for Loans applicant had sought a $100,000 loan. an out a newspaper reporter not less than States on on He had illustrated his position, he said, by placing himself in the capacity of grant him such assurance. "Accept the passage of general farm legislation, in¬ and resulting market prices below the loan rate governing advances on year this year's crops. Republics, which proclamation and approval shall take place on the same day. It shall continue in effect for twelve months. Both parties agree that twelve months they shall start negotiations regarding the extension of the that the \ control, to prevent the production of more surplus crops next, crop Asked point "3. This agreement shall . When he was asked what he would "2. On its part the Government of the Union of Soviet Socialist Repub¬ lics will take steps to increase for his refusal to revive the loan program. reiterate^, was that he was not justified in lending public funds to prevent losses on Crops unless he had a reasonable assurance or America. been ap¬ parent that House and Senate leaders have been trying to attach to Presi¬ Neutrality Act of 1937 in regard to the passage of title to goods shall not be considered indicated Congress wanted to go home and face its constituents without first be taken by the President of the United States of America under the authority of Section 2(b) of the Lord a President's remarks that he had no intention of clear from the loan issue. that if was pound. President Is It money "Nothing in this agreement shall be construed to prevent the adoption of measures prohibiting or restricting the exportation or importation of gold United the proposal Since he first discussed the subject openly last Friday, it has "It is tories price of 17 cents from manu¬ coke briquettes, shall not apply to such prod¬ ucts imported into the United States of America. Deleted He enact was Commerce": of the opinion that it is "absolutely necessary" for Congress to farm legislation before next January, "suggestions." October. He declined to comment oh but a was unable to offer any possible special session in J The Secretary indicated his belief that there is imminent danger of a farm price collapse, due to the large crops this year, unless an ever normal granary program is passed in time to become effective for next year's crops. "I wish to see the present situation of abundant crops turned into a bless¬ ing instead of a curse," he declared. , Financial 1032 legislation now before "in principle only" farm Wallace indorsed Mr. sored by the Flannagan bill, spon¬ American Farm Bureau Federation, should be strengthened considerably. Asked to comment on the two individual measures spon¬ He thought that penalty sections of the Congress. Representative Jones (Dem., Tex.) and sored by Senator Magill (Dem., Kan.), respectively, he declared: fch "I think work out a bill that could take the two bills, study them, and we would be better than either of them." ♦ President Roosevelt Signs $132,732,000 Interior Depart¬ Bill—Issues Appropriation ment Statement De¬ ploring Increase of $10,000,000 in Federal Aid for Vocational Training Roosevelt President much reluctance" he had 10 announced that "with Aug. on signed the ^132,732,000 Interior He said that his principal Department Appropriation Bill. objection to the measure ^>14,500,000 for the development of vocational education, or $10,000,000 than the estimate of the Budget Bureau more which he had sent to Congress. He declared that an appro¬ priation of that size was unsound in view of the fact that a special committee is now studying the subject with plans for formulating a long-range program. Until this survey is completed, the President added, the appropriation cannot be efficiently spent. The President, in conclusion, said that he will "carry out what is obviously the intention of Congress," and will expend during the current fiscal year as much of the sum "as can properly and usefully be spent—no more and economically sound programs Much of The following is the text of the President's statement announcing that he had signed the bill: I have, with much reluctance, affixed my signature to H. R. $14,500,000 for $10,000,000 more further the development than the estimate of vocational of the Bureau of education— Budget which the I presented to Congress. significance that in the course of the debates on this appropriation, members of both Houses of the Congress referred to the pressure exerted upon them by groups actively lobbying in behalf of the full appropriation. Evidence read into the records of the debates in both Houses indicating that was recognize that a sound program of vocational education is amount authorized under the Act greatly of the full of June 8, 1936, known as the George- Deen Act, is not the way to meet this need. On Sept. 19 I appointed under the an advisory committee to study the experience existing program of Federal aid for vocational education, the of such training to other forms of education, and to prevailing economic and social conditions, and the extent of the need for an expanded program. At that time I called the attention of the committee specifically H. 12120, the George-Deen Act, and requested the committee to to R. study and report the present need for on an enlarged program as provided for in that Act. The committee has since been at work in accordance with those instruc¬ tions. was The necessary studies were planned and a staff of qualified employed. Information was ested source. A considerable and several Federal agencies. Further information secured from officials administering vocational was education and other forms of education in the several States and in many localities, and from of a number of educators interested in sound a program large body of citizens interested in the development and a large group of employers are pro¬ the results of vocational education under the existing set-up, and have repeatedly urged that there be no further expansion of vocational education pending the report of the committee on the whole representatives of organized labor, with foundly dissatisfied Federal program of participation in education. recommendation that financial support types of vocational a education now receiving support should be continued coming fiscal year. It is not in favor of the of vocational education until enlargement of Federal support consideration State and local the whole subject of Federal relations to has been given to conduct of education of all types. In view of the above, it is clear that I would be subject to censure $14,483,000 appropriated in this Act for of the if any vocational training were inadvisedly. The Congress having appropriated the money to the extent of $10,000,000 more than was recommended, I will, therefore, carry out what is obviously the intention of the Congress—that as much of the total sum shall be expended during the current fiscal year as spent inefficiently or can properly and usefully be spent—no more and no less. Sent Measure the views obtained of were administrators, a public At these conferences large number of educational research workers officials, agriculturists, industrialists, econ¬ other citizens. The present session of Congress has witnessed the introduction number of bills concerned with educational matters which increase the I more on of a large The Senate the prob¬ public education. extended consideration to the whole subject of Federal rela¬ tionship to State and local conduct of education. Bankruptcy Bill— Designed to Over¬ on In¬ Aug. 9 passed, and sent to the White House designed 'to the new validated a municipal bank¬ t£e meet the objections voiced by United States Supreme Court on May 26, 1936, when it inThe similar law enacted in 1934. measure was approved by the Senate in exactly the same form in which it was adopted by the House on June 24; the House approval of the bill was noted in these columns of July 3, page 41. Under the bill, municipalities are authorized to enter into bankruptcy proceedings in a Federal District Court, and the court is permitted to make effective any plan agreed upon by two-thirds of the municipality's creditors. In a Washing¬ ton dispatch to the "Wall Street Journal" of Aug. 10 it was ' stated: approvable only when the districts or agencies file voluntary proceedings in courts of bankruptcy ac¬ companied by plans approved by 51 % of all creditors of the taxing district. The plan of composition can not be confined unless accepted in writing by creditors holding at least 66 2-3% of the aggregate amount of indebtedness of the petitioning district and unless the judge is satisfied that the taxing The bill provides that compositions are new ■ 1 j- The enlarged assignment be completed in time for consideration early next the plan. —r~—— r~ •• -^ The committee's report stated that it was not invalid or contrary to the reasoning of the four decision. The new - . -mc arans State Rights Considered character of the Court's decision, but that it powers April 19 I requested the committee that I had appointed of the committee will House for President Roosevelt's ^signature, unmindful of the sweeping believes the new bill is not majority opinion in the five-tointerfered with The decision was said to hold that the law the States in the control of their fiscal Government. me that careful study should be given lems involved in these and other proposals with respect to Accordingly, White Objections Voiced by Supreme Court in come would greatly permanent financial obligations of the Federal 5It seemed highly desirable to to validating Previous Law of conferences at Nashville, omists, merchants, personnel directors, representatives of labor and interested Municipal New Passes Senate ■■1 total of 19 days New Orleans, Chicago, New York and Washington. give by the Federal Government without curtailment during the _ to the for the that it is unanimous in committee on education reports The advisory district is authorized by law to carry out of education. The committee conducted and general education, many personnel obtained from the United States Office of Education, the Federal Committee on Apprentice Training other from a single, inter¬ behind this movement emanated much of the impetus ruptcy bill, needed in the United States, but an appropriation at this time k have under the George-Deen Act appears to of vocational teachers, supervisors and administrative officers in the field of vocational education, who are inter¬ ested in the emoluments paid in part from Federal funds. It is not without 6958, the The principal item of difficulty was the appropriation of nearly relation program stimulated by active lobby been appropriation bill for the Department of the Interior for the fiscal year I education tional less." no 1938. time the necessary statistical studies for planning of vocational education do not exist. the apparent demand for the immediate extension of the voca¬ findings, for at the present the appropriation of almost was 14, 1937 Aug. Chronicle affairs. the exercise of their bill, it is contended, expressly avoids any restrictions on of the States or their arms of government in the sovereign rights and duties. The taxing agency itself is the only instrumentality which can benefits of the proposed legislation. able and no seek the No involuntary proceedings are allow¬ control of jurisdiction over of the governmental purposes is con¬ the property and revenues petitioning agency necessary for essential ferred by the biU. ^ winter. The committee points out that the training of the personnel necessary for extension and improvement of vocational education is a problem of the first It also finds that readjustments to make possible a importance. Code—One considerable Supervise Corporate Reorganizations—Other expansion and improvement in the training of teachers can be made in most to of the States under current appropriations. The fact cannot be overlooked, however, that the teacher personnel is not now available in most of the States to staff tional education unless certification standards teachers are employed who are not well enlarged programs of voca¬ are qualified. materially reduced and In many instances voca¬ tional education is already suffering from poorly equipped would be a teachers, and it grave mistake to dilute the standards of teaching still further. The committee has pointed out that the basis for the distribution among the States provided for as many of funds education statutes, in the vocational including the George-Deen Act, tends in cases to increase rather than to decrease inequalities in educational opportunity. These increased inequalities arise from the operation of the State minimum allotments and from the matching provisions. countered in attempts high schools. The They arise also from the difficulties en¬ to administer a vocational program in areas most in need of aid are small rural frequently the ones least able to meet the matching and other qualifying provisions. It should be pointed out that Federal funds spent for the promotion of vocational education under the Smith-Hughes and related statutes are no means the only Federal appropriations to provide the youth of the Nation. dealt with in many ways. Progress Administration among the newer by vocational training for During the past four years the problem has been The Civilian Conservation Corps, the and the National Youth Works Administration agencies which have been concerned with are problems of already ap¬ propriated substantial amounts to these agencies for activities designed to train youth for useful employment. The educational programs of these vocational training. The Congress of the United States had and other Federal agencies, old and new, are now being studied. in certain fields of vocational education before the report and recommendations of the committee studying these problems are available for consideration. It is, in fact, of the utmost importance that action should await the committee's It would be premature to launch a greatly expanded program Designed to Revise Bankruptcy Measure Would Authorize SEC to House Passes Two Bills Seeks Modernize Act of 1898 The House on Aug. 10 without a record vote approved intended to modernize exist¬ and sent to the Senate two bills ing bankruptcy laws. The more important measure, intro¬ duced by Representative Chandler, of Tennessee, is a general revision of the Bankruptcy Act of 1898, and covers every phase of bankruptcy proceedings except railroad reorganiza¬ tions. This bill, which was recommended by President Roosevelt, would authorize the Securities and Exchange Commission to intervene in corporate reorganization pro¬ ceedings to protect the interests of individual investors. The second measure, introduced by Representative Sabath, of Illinois, would deal more specifically with corporate re¬ organizations. A Washington dispatch of Aug. 10 to the New York "Times" gave the following additional details regarding the two measures: Explanations of the Chandler bill by its sponsors lines of the Judiciary followed the general Committee's report on the proposal, which stated its aims as follows: definitions and to add desirable new defini¬ of the Acts of Bankruptcy in order to third and fourth acts; and to enlarge the fifth act the better to cover and curb equity receiverships. 2. To increase efficiency in administration. 3. To make clearer the provisions relating to the jurisdiction ef the bank¬ 1. To clarify certain of the tions; to straighten out the statement avoid the present overlapping of the . ruptcy courts. 4. To improve the procedural sections of the act5. To tighten up the provisions for the enforcemo visions of the law. t of the criminal pro¬ Volume , Financial 145 6. To minimize evasions by bankrupts and to grant certain new privileges inj favor of bankrupts. 7. To make effective the discharge provisions more 8. To perfect the sections relative to of the act. preferences, liens and fraudulent 1033 Chronicle Senate on Aug. 7. Approval followed a motion by Senator McCarran, and there was no debate. In its initial discussion in the Senate, the bill was consid¬ sponsorship of Vice Presi¬ present. Several and the title of the trustee. workable partnership section. 10. To prescribe an improved composition procedure, including certain of the so-called "relief provisions" of the act for individual compositions and extensions and a carefully prepared plan for corporate reorganizations, re¬ taining the desirable permanent provisions of the new legislation and elimi¬ nating cumbersome, overlapping and inconsistent provisions; also providing for wage-earner amortizations and real-property arrangements by unin¬ corporated persons. In general, to modernize and bring up to date the Bankruptcy Law of our ered in less than country. "Chronicle" of July 31, page 689. Approval of the described as follows in a Washington dispatch of Aug. conveyances, 9. To provide a more ' : . Sabath Measure Explained The Sabath bill follows the lines of Section 77b of the existing Bankruptcy Exchange Commission cer¬ tain advisory powers in overseeing corporate reorganizations comparable to those exercised by the Interstate Commerce Commission in connection with railroad reorganizations. It would provide that no court could conform any reorganization, composition or extension until after the SEC had had reason¬ able time to study the plan and to determine whether it was equitable. This proviso is intended to check the existing practice of busy courts in confirming agreed-upon reorganizations with only perfunctory investiga¬ tions. The commission would be charged with making known to all stock¬ holders and creditors the terms of any assent, before it made its finding. Oppressive deposit agreement would be attacked by requiring approval Law, and is designed to give the Securities and by the SEC of all agreements by protective committees and of the composi¬ tion of th«. committees themselves. V Passes Senate Disputes"—State Department Sponsored Legislation, Which Has Been Approved by House Foreign Affairs Committee / record vote approved a bill prohibiting picketing of Ambassies and Legations in Washington, except in conditions involving a "bona fide labor dispute." The bill was introduced in Congress at the request of the State Department. It has already received the approval of the House Foreign Affairs Committee which favorably reported the measure on Aug. 3. In a letter sup¬ porting the measure, Secretary of State Hull explained that it had been "embarrassing" to his department to "be re¬ minded by representatives of foreign Governments that their missions are being interfered with by individuals or groups." United Press Washington advices of Aug. 10 reported Senate approval of the bill as follows: The legislation was Aug. 10 without a of State, after recent Embassies. It now goes to the House, Some members of the House interpret it as an in prospect. penalty of 60 days in jail and a $100 makes it unlawful to display banners or placards "designed or The resolution carries a maximum It organization or any of the officers thereof" nation's embassy. Except under specific police adapted to intimidate party or within 500 feet of that it was amended to except passage labor disputes, provided repair of embassy properties. sponsored by Senator Key Pittman, Democrat of they involve the construction or The measure was Foreign Relations Committee, who argued that picketing near an embassy "not only threatens the men, women and children in the building, but threatens the peace of the country." Senator Robert M. LaFollette. Progressive of Wisconsin, objected to the resolution as being "too sweeping." Mr. Pittman held that it was Nevada, Chairman necessary to of them. session, was something as follows: McCarran had completed the calendar of noncalled up the judiciary compromise. Explains Bill As chairman of the subcommittee which drafted it and as author of the McCarran spent a few minutes explaining the designed to enable the Attorney constitutional cases in the lower courts to speed report in its favor, Senator He recited its four main provisions bill. General to intervene in Court, to permit the within the Federal circuits in appeals of such cases to the Supreme temporary re¬ assignment of district judges order to clear by requiring limit lower court injunctive powers congested dockets, and to member of the Federal Court of Ap¬ peals—to hear and pass upon applications for injunctions. After praising the new bill as one that would "speed up the wheels of jus¬ a three-judge tribunal—one judge a tice" and announcing that he would offer certain amendments to make it General become a party to lower court cases of Acts of Congress, Mr. McCarran yielded to Senator Austin, Republican member of the Judiciary Committee. Senator Austin spent a few minutes in technical explanation of the bill. Meanwhile Senator Barkley, the majority leader, and Vice President Garner mandatory that the Attorney involving the constitutionality were busy about the chamber, dicated that they either speeches on who had in¬ make extended conferring with various Senators would attempt to amend the bill or its terms. Lewis Starts An Attack As Senator Austin attack the measure, on Lewis launched into an requiring a three-judge againstActs of Congress violates the Constitution" completed his remarks Senator insisting that the provision "lay injunctions and denies to citizens their rudimentary rights. Senator Lewis was about to When it was obvious that Vice-President Garner went by had been filled a complete his speech, the chair, which back to his desk and resumed substitute while he was wandering about the chamber Mr. Lewis continued for a few minutes, however, upon Senator McCarran, and also Senator O'Mahoney, whom he the Wyoming wizard and the Count of Cheyenne, to defend the German and Italian Embassies. when the war in Spain termed three-judge injunction provisions Hardly twenty Senators were or more Reports Resolution Calling for Investition of FCC and Radio Broadcasting Industry The Senate Interstate Commerce Committee on Aug. 11 reported to the Senate a resolution authorizing the Committee to conduct a thorough investigation of the Federal Com¬ munications Commission and the radio broadcasting in¬ dustry. The resolution was introduced about a month ago by Senator Wallace H. White Jr., Republican, of Maine. It authorizes the Senate Committee to determine, among other , finished his speech and slowly, Vice-President Garner broke in. "Are there amendments to the committee amendment?" shouted the the bill itself, inasmuch bill.) (The committee amendment was the whole measure was as Senate Group this part of the pro¬ the galleries, where 1,000 ceremoniously resumed Senator McCarran arose to answer. He had just started with the "In reply to the able and eloquent Senator from Illinois," when As Senator Lewis his seat, Vice-President. broke out. of the bill. in the chamber during Not more than 150 spectators were in usually crowded in. ceedings. remark, organizations have picketed the The Spanish Embassy also was picketed anti-Fascist and calling Senate the supplement existing law. anti-Nazi Various bill were not offered. conferring with Senators.. department permits. Just before Senators And again Vice President Garner took the spotlight in bringing the issue to a conslusion. The permanent record will show that the measure was approved by "unanimous consent." Subsequent lines in the same record may set forth, however, that Senator Guffey, Senator Lewis, Senator Minton and others would have voted against the compromise, interpreted by them as an ignoble defeat for the Administration, had they been permitted to vote. Mr. Garner airily informed them of their right to extend their remarks in the Congressional Record if they objected to what happened to-day. The furious last act in the Court Bill drama in the Senate, at least for this Controversial amendments planned for the primed with speeches never got a chance to deliver court to abridgement of freedom of speech. fine. reported in the bill was 7 to the New York "Times": asked by Cordell Hull, Secretary picketing of the Italian and German where a fight is Senate consideration of the measure was Picketing of Foreign Except in "Bona Fide Labor on opposed as Record. Forbidding Bill record bill, but Mr. Garner reminded them that they might place any objections to the procedure in the Congressional to the controversial bills, Senator McCarran Embassies and Legations The Senate hour under the At 1:27 o'clock, just after the Senate ♦ . an dent Garner, with less than 30 Senators Senators insisted that they be placed on in the nature of a substitute for a House Question Put on 4 Amendments "Yes," replied Senator McCarran, up a few papers from his suddenly stopping his speech, desk and sending them by page picking to the reading clerk. In less time than on it would take to relate the Attorney such, making it, Mr. Garner put the question mandatory the intervention of General in constitutional cases in the lower courts, and, as the measure more acceptable to the Department of Justice four amendments, and more in line each designed to make with the House bill. have been influenced by things, whether the acts of the FCC in broadcasting cases matters "not apparent in the public the amendment is agreed to; without objection the to—" With these words, shouted to the constant banging of his gavel, VicePresident Garner wrote the amendments into the bill. Then out of the con¬ records." fusion of shouts came one , "Without objection amendment is agreed "Without objection House and Senate Approve Compromise Bill for Re¬ of Lower Federal Courts—Measure, of Provision Changing Supreme Court organization Devoid Personnel, Sent to White House for President reorganization bill, shorn of all in the Supreme Court and dealing only with the reform of procedure in the lower Federal courts, was approved by Congress on Aug. 11 and sent to President Roosevelt for his signature. A conference report on the bill, which makes four minor changes in existing law covering reference to changes court procedure, was approved by the House on day after it had been accepted by the Senate. vote was Aug. 11, a No record taken. Aug. 7 without a record vote and without debate approved the compromise bill for procedural reform in the lower courts, including some of the provisions of Presi¬ dent Roosevelt's original court reorganization program but not containing any reference to the United States Supreme The Senate Court. on The bill had previously been approved by the House. Aug. 10, the Senate approved the conference report on the bill, which was in the same form as that passed by the On Senate Committee amended is passed." Modifies Restrictions in Sugar Con¬ Hawaii and Puerto Rico to Avoid trol Bill Against Veto—Senate Adopts Amendments— Wallace Says Measure Would Promote Monopoly for Refiners—House Had Passed Bill With Provisions Opposed by President Presidential Secretary Roosevelt's Signature The Administration's court loud and clear: the bill as The avoid Senate Finance a Committee on threat of a Presidential veto, Aug. 10, seeking to voted a favorable re¬ Jones sugar control bill with amendments pro¬ viding for percentage quotas on refined sugar output in the Continental United States, Hawaii and Puerto Rico. The Senate approved the amendments on Aug. 12. The com¬ port on the mittee had amended the measure as a compromise settlement dispute over the limitation contained in the bill as passed by the House of refined sugar shipments from Hawaii, Puerto Rico and the Virgin Islands. The House had passed the measure on Aug. 6 by an unrecorded vote of 165 to 55. Secretary of Agriculture Wallace made public on Aug. 11 a statement in which he declared that the compromise of the Senate Finance Committee "incorrectly claims to eliminate the discrimination against Hawaii and Puerto Rico." He of the 1034 Financial said that the amendment "would legislate the sugar companies into refining legalized air-tight monopoly." At the Washington that President Roosevelt, in a letter to Senator Harrison, of Mississippi, Chairman of the Senate Finance Committee, reaffirmed his opposition to pending sugar legislation. A week ago the President had informed Representative Marvin Jones, of Texas, Chairman of the House Agricultural Committee, that he would veto the Jones sugar bill if it were adopted in the a time it became known in same form placing restrictions imports of refined sugar from Despite this earlier assertion by the Chief Executive, the House passed the bill on Aug. 6 with the controversial provisions. In commenting on Presi¬ dent Roosevelt's letter to Senator Harrison, a Washington dispatch of Aug. 11, to the New York "Journal of Com¬ merce" of Aug. 12, stated: Chronicle I 462,573 tons to the United States; the Jones bill would reduce this to 375,000 While the Mississippi Senator refused to divulge the contents of the com¬ Cuban imports sources was that the "com¬ promise" bill reported by the Finance Committee yesterday did not the President's objections to "discrimination" against meet Hawaii and Puerto As to mainland sugar of protection" to them draft of the legislation expressed by Secretary of Agriculture Wallace at his conference earlier in the day. press submitted the to Senate Finance Committee. the discrimination against Hawaii and Puerto Rico. producing may increase its area The proposal is that Since the American sugar refining industry ment if fictitious rectification of the discrimination against Hawaii and Puerto Rico. small increase in It means the a a new For the third time this session the House leadership tasted defeat yester¬ mercy of those middlemen who happen at products. It puts a premium on inefficiency and denies the right of any area to de¬ advantages. provision would legislate the sugar refining companies into ized air-tight monopoly. It would reward an legal¬ a industry for having heretofore flagrantly violated the anti-trust laws. Legally such provision will prove dangerous and embarrassing. a of the national general welfare, restriction of production justified if the facts warrant it. In aid by legislation is And the Congressional determination that legislation will aid the national general welfare will be given weight by the courts. But where, as here, the facts undeniably demonstrate that the national general welfare not only will not be aided but will be thwarted by legislation, it is inconceivable that the courts will sustain such legislation. Regarding the action of the Senate Finance Committee of Aug. 10 in voting a favorable report on the sugar control bill, which is to supplant the Jones-Costigan Act due to expire Dee. 31, next, we take the ,following from Washington advices of Aug. 10 appearing in the New York "Journal of Commerce" of Aug. 11: the percentages provided, now the mainland no permitted. well as basis for as same The theory of the compromise is that by placing the Territories under a man Two other amendments eliminated. were "compromise" amendment, sponsored (Dem., Wyo.) and Adams (Dem., Colo.) in consumers was Senators making adopted by an O'Mahoney overwhelming the section that formerly limited refined shipments from out Hawaii, Puerto Rico, and the Virgin Islands, Section 207, and gives the wording: "Quotas for direct consumption sugar in interstate or sec¬ foreign commerce in the continental United States for each calendar year are hereby estab¬ follows: "For the Commonwealth of the short tons, raw value; the question. on the voteless but tax-paying Puerto The Administration position throughout unfair discrimination against American citizens of the Territories. The Congressional sugar bloc declared that lifted restrictions would make of off-shore production, anyway, and that the Territories are really "colo¬ nies," and only technically under the American flag. Previous reference to July 17, the bill was made in issue of our 364. page ♦ House Committee Hearings on Bill Designed to Loopholes—Treasury Officials Predict Tax General Ends Tax Revision the requirements Philippine Islands, not to exceed 80,214 for Cuba, not to exceed 375,000 short tons, of consumption as determined raw value. by the Secretary and Means Committee on Aug. 10 ended days of public hearings on a bill designed to close the loopholes in existing income tax legislation. Aside from representatives of the Treasury, only three other witnesses appeared before the Committee. Representative Dough ton, Chairman of the Committee, said later that the measure might possibly be ready for consideration of the Houss today (Aug. 14) or Monday. It was revealed on Aug. 9 by Treasury officials who ap¬ peared before the Committee that the Treasury Department will make recommendations for general revision of the tax structure now later than November. Roswell Magill, Under-Secretary of the Treasury, said that revisions in the present law would be suggested which "will represent the best present thought as to a permanent system for the Federal Government." A Washington dispatch of Aug. 9 to the New York "Times" discussed the testimony before the Committee that day as follows: As the that chief witness for the recommendations to submit in Mr. Magill said November would be V- 1. Speedy and accruate determination of Prompt disposition of 3. More equitable distribution of the tax burden among taxpayers. Further changes to close loopholes. tax liability. tax litigation. 5. Possible taxation of income from community property under residents of eight States now obtain tax advantages. which Sees $100,000,000 Saving Congress improvement in the general tax structure, on Magill said the department would give particular attention "to the country." a From legislation to close existing loopholes, as recommended in by report hoped to In a the save Joint Congressional Committee, he said the Treasury between $100,000,000 and $200,000,000 a year. summary of work of the Treasury and of the Joint Investigating Committee in its study of avoidance and evasion, Mr. Magill predicted future, due to the complex nature of the modern business world and because of interpretations of revenue laws by the courts. Of the latter, he said: "In construing legislation, courts adopt a point of view somewhat different from that which they followed in determining legal questions not covered by specific legislation. "Courts, in general, are reluctant to to new situations which are not interpret revenue laws year: applying as explicitly mentioned, but which are similar to those specifically covered by the statute. Rather the tendency has fre¬ quently been to hold that unless the particular transaction is covered by the letter of the law, the tax is inapplicable, however, spirit of the law the case apparently within the be. may Contrasts Common-Law Stand "This attitude is in interesting contrast with the customary judicial attitude toward common law or constitutional questions. common law, or of the constitutional provision, mined "To the mainland, 97,2004 per centum. situations In such cases deter¬ as by the court, is customarily applied to new situations, though these were not dreamed of when the doctrine or provision was originally worked out." had concluded public hearings on the measure on Aug. 9 after receiving a warning from Secretary of State Cordell Hull against the restrictions also contained in the bill on imports of refined sugar from Cuba. A Washington dispatch of Aug. 9 to the New York "Times" of Aug. 10 summarized the Secretary's remarks as follows: Discussing the situation of exemption for State, Federal a constitutional amendment and municipal securities, abolishing tax Mr. Magill said there was a "good chance" that States would accept such a proposal. He suggested that the amendment be drafted to affect only future issu¬ ances as and said the amount of has been revenue from such sources estimated fact that many are held character. "is not as great estimated." If all present State and municipal securities were Government, he Secretary Hull backed the position taken by Secretary Wallace in respect to importations of refined sugar from Cuba. Last year Cuba shipped Treasury Department, hoped 2. "To Puerto Rico, 2.024 per centum. Committee the he designed to permit: (Agri¬ .4756 per centum. Finance No¬ The House Ways the spirit of the the following basis for each calendar Senate by two culture) pursuant to the provisions of Section 201 shall be allocated by the "To Hawaii, Recommendations vember "The remainder of the amount of direct consumption sugar needed to meet The of refined and Members broke party lines and other commitments to vote according to has been that limits on these quotas represents tion the following on Virgin Islands that simple tax laws would be out of the question for the by vote of 15 to 2. Secretary Chair¬ V regional feeling A change was also made in the provisions providing au¬ estimates of consumption requirements each year. as members effect of the present forms of taxes upon the business and social life of the attached to the bill before it left the com¬ thority for the Secretary of Agriculture to protect lished off-shore producers—Hawaii, the In the report to The so-called Lucas amendment providing for a tax of slightly over It strikes the afternoon, when 135 the Jones amendment. Rico. areas. 3c. per gallon on blackstrap molasses going into the distillation of alcohol The from sugar Mr. was on Marvin Jones (Democrat), Texas, of the House Agriculture Committee, percentage quota there can charge of "discrimination" against the offshore a re¬ amount of sugar as Adopt Other Amendments mittee. "aye" line 4. the Territories and the mainland finers would be allowed to refine just about the be nonrecord vote of 165-55. a of the bitterest behind-the-scenes struggles This amendment, offered at the Administration's suggestion by specifically limiting refined shipments from Cuba and the Philippines. they are one members trudged past the tellers counting the "noes" and but 92 filed through in the quotas on refined sugar from the continent and the Territories after Under been in Congress in many years, was really over earlier in The compromise adopted by the committee provides for placing percent¬ age amendment by The battle, which has any It would velop new and modern plants or to avail itself of its natural geographical a bill in its present form, the House passed the measure without significant principle—that agricultural producers prevent agricultural producers from themselves building plants to process Such passage day, when in the face of a direct warning by President Roosevelt that he will veto the sugar Plug by law be put at the own "Washington Post" of Aug. 7, in reporting by the House on Aug. 6, stated: of the bill refining. adoption of given moment to own plants which process agricultural products. their imports of Cuban refined sugar were cut. The Its practical consequence is substantially the same as in the present bill, for it leaves those areas exactly where they now are, except for shall employed only about 14,000 Mr. Hull said, there would be no appreciable increase in employ¬ persons, refining capacity except to the small degree resulting from proportionate shares of increased consumption. a record repeatedly indicates that it monopolistic practices and conspire to restrain trade in to violation of the anti-trust laws," the Secretary said. American refinery workers jobless, that the quotas represent the peak limit A compromise has been suggested which incorrectly claims to eliminate This is of protection to a group whose measure would resort The statement follows: no would foster monopolistic tendencies. would have lifted the present bill's sharp restrictions on imports Secretary Wallace's statement of Aug. 11 had been pre¬ pared by Dr. Joshua Bernhardt, head of the Sugar Section of the Agricultural Adjustment Administration. The Secretary said that he was in complete accord with the views of Mr. Bernhardt and explained that the statement had been corresponding drop in sales of United a refiners, Mr. Hull wrote that "any further measure be against the public interest to grant any further believed to "It is The letter is also reported to contain other objections to the present Rico. would result in States goods in Cuba. munication from the Chief Executive, although admitting that he was in receipt of it, information available in authentic of both Cabinet members that restrictions of It is the contention tons. on Hawaii and Puerto Rico. 1937 14, Aug. an annual taxed by the Federal yield of $70,000,000, based on the by colleges and similar institutions of non-taxable Financial Volume 145 The committee recessed at until 2.30 p. m., when noon Assistant General Counsel of the Treasury, was to detail the joint committee's recommendations. In the original reorganization Arthur M. Kent, testify, explaining in 1035 Chronicle the President 10 to the New York the testimony at Washington dispatch of Aug. Tribune" the final public hearing: Ellsworth C. described as follows Alvord, former Treasury tax expert, appeared today in R. C. similar representations behalf of in the table before on the House and Senate for sixty days. :.V..• Words Minces No while Harry J. Gurity Even Association of National the Robinson, of Arkansas, the President is merely given T. transfer "routine administrative functions" of the independent to establishments, and his orders for transfers must lie and Fullbright protested the applicability of the proposed higher taxation reduced exemptions to mineral royalty companies, otherwise take them apart and put them or In the present bill, sponsored in the Senate by the late Senator Joseph power behalf of the American Association of Personal Finance companies. made together again. it issued from the White House as the I. C. O. and F. O. C., including power to abolish as them, transfer their functions A "Herald bill given power to do anything he wanted to such inde¬ was pendent agencies He Commissioner so, pointed that out in minced Eastman establishing the words no his in criticisms. had the Congress commission Building Owners and Managers. ■'/':V, fP'Py,,!>:■ ■;P,.PP .V."' vMr. Alvord said that it was an "inadvertence" which made Section 351 given the I. C. C. great powers, the bulk of which were "legislative" or of quasi-legislative," such the law, licensed applicable to 3,500 the personal holding company section, and bonded lending offices representing small loan companies, organized and regulated under the uniform small loan law, in effect in 27 States. gress organized under the New York uniform small-loan law, signed by President Roosevelt Governor. Mr. "serious" A Alvord said the situation of small companies loan He contended that their lot would be of taxation A full public hearings PP. ;/'■ .'' • President to gain domination of the com¬ any one ■■■'■P' Approves Bill Reorganization visions—Government A Senate Plan President Pro¬ Attack Bill Commissioners Unlikely on Roosevelt extensive to Government Reorganiza¬ bill giving passage a powers and the Tariff Commission. follows: as The Brownlow submitted reorganization, on that the President be permitted by the special reorganize the independent to agencies, but the House committee went directly counter to those recom¬ mendations. The bill approved today would cover the second of the four points into which the reorganization plan was divided. six executive assistants to the sent to the Senate. The first was the creation of President, which the House has adopted and The other two will accounting office and the civil service. projects. concern themselves with the general general reorganization, reported today, said that of the House Under on who Subcommittees are at work on those will lead the floor measure plans, the Wages and Hours Bill to was have been debated that day, but Mr. Warren said that his bill would have privileged status and would_get the right of way. said that the had take effect until that so a no accomplish any to this orders issued under its authority could a year, and will inevitably we come back simple, straightforward proposition," Mr. Warren said. Congress accorded to President Hoover in 1932, except for the independent agencies, under which Mr. Hoover abolished the Shipping Board. the delay Congressional action until the next session would President would get and that any in an no authority before May or mean June of next that year, changes ho might try to make would have to be carried out election year, with resulting political repercussions, Mr. Warren added. Accordingly, the committee decided that the best thing to do was to ignore any further expert advice and try to get its proposal through in the closing days of this session. a power bill the President be January. If Would Forbid Changes enacted, Roosevelt to have it met next drastic. should any some he continued, ■ a Carolina, chairman of the committee. of it?" asked Senator "I such "If it does really independent out Harry F. Byrd, Democrat, of Virginia. only say that there was no purpose to give the President any can power over commission's internal machinery," replied Senator Byrnes. a "I would favor any change which Mr. Eastman would prevent what Mr. Eastman fears." argued that the power to transfer "routine administrative functions" might well be held to control reports filed with the commission, adjustment of rates, the settlement of complaints, and the filing of the data—in fact the great bulk Although these of the commission's work. functions could be called administrative he remarked, they are not "prop¬ erly part of the executive branch of the Government." a commission might even be forced to based on make decisions reports by administrative personnel neither independent nor political in "The bill gives the President power origin," said Commissioner Eastman. appoint all policy determining personnel. There's no definition of policy It could be extended indefinitely and the President would determining. PPrP be the sole judge." Senator Byrnes, who is Chairman of the Special Senate Committee handling the reorganization bill, said on Aug. 11 after a conference with President Roosevelt, that the Senate will not act upon the reorganization bill unless the current session of Congress is prolonged beyond present expectations. The announcement was described as follows in a Washington dispatch of Aug. 11 to the New York "Herald Tribune": not on for enactment of press would the premise that His qualification rested bill in the Senate. a Congress kept to its schedule and adjourned in the Private advices to the leadership presumably August 21. near future, that the reorganization program would not be enacted during this ses¬ sion, although it was expected that the House will pass one and three bills to complete its work. bill reorganization possibly The Senate is not expected to touch the which the Byrnes y committee will report fry'yi.Py'p Adjourment Comes First "The to be President realizes," an Senator Byrnes said, early adjournment, the legislation "that if there is going cannot be enacted." Senator added that no attempt would be made to keep Congress in to the pass reorganization government bill. He emphasized The session that the President appreciated the position of the Senate committee. This means, according to the statement of Senator Byrnes, will not House recently even have the that the get the six Administrative assistants which the voted him. The bill authorized the appointment of six assistants at salaries of $10,000 a year. "passion for anonymity." These are the persons who are to Creation of these positions was pro¬ posed in the report the President sent to Congress. Senator Byrnes was accompanied by Representative John J. Cochran, Democrat, of Missouri, Chairman of the House Committee on Reorgani¬ zation, and Representative Lindsey C. Warren, Democrat lina, chairman of the House Accounting Committee. that he revamp expected the second , of North Caro¬ Mr. Cochran said House bill, giving the President power to and consolidate Federal agencies except twelve independent com¬ missions, would be considered on Friday or Saturday. that two other bills, rounding out the Congress would House program, He was also hopeful would be ready and The bills cover the General Accounting Office expect House law forbidding the change; this law ' • "dangerous and ill-advised" recommendations affecting the Commerce Commission, Joseph B. Eastman, C. Commissioner and former Federal Co-ordinator Transportation, on Aug. 9 told a Senate Committee which is conducting hearings on the measure. He said that the bill would threaten the safeguards which Congress has thrown around the Commission. Eugene O. Sykes, acting Chairman of the Federal Communications Commission, told the Committee on the same day that the bill would weaken the operation of the competitive civil service rules. A Washing¬ ton dispatch of Aug. 9 to the New York "Herald Tribune" described the testimony as follows: Labor Hours Committee Formally Reports Wages and Bill—Makes 69 Changes in Senate Version, Principally Imports 7V' Inter-State of granting orders awaiting its consideration when . I.-S. C. ' ■, "Is it the purpose to amend the bill so as to leave the Robinson Government Reorganization Bill contains of '' intention no grant it, steps will be taken to remedy the situation." would be subject to Presidential veto. The had and extension of civil service. of the proposed changes were considered too Congress could then pass change the number of com¬ :v Robinson when he prepared the bill," said Senator James F. Byrnes, Demo¬ of South crat, Senator passed during this session. Congress If even °y"y:; :r-')',y.piyy: . that sure President or He explained that the committee had carefully copied the powers that To "I'm reorganization of after Congress had been in session for sixty legislative bill annulling the changes could be enacted if Congress sit for six months can greatly softened version of the original, but he stated that he a today in the fit. "We and un- He admitted that the Robinson early next week. conclusion he ought to be permitted to get started during the coming I* The bill would provide that saw to its of Congress. recess days, reached was committee thought that, if the President consequence, was "omnibus" Copied After 1932 Measure He bill chinery of the commission and perhaps were Friday. tentative "dangerous and ill-advised" recom¬ handicapped by shortness of time was Senator Byrnes put a qualification on his announcement that he fight for the effort would be made to bring it to the floor an it thought it would give the President power "to reorganize the internal ma¬ ■A'-P'P'PiP, '-P'^\y;-'y: Representative Warren of North Carolina, chairman of the subcommittee on because familiarity with the commission's work. to report committee President Roosevelt appointed to look into the subject, recom¬ mended mendations "The Washington dispatch of Aug. 10 to the New York outlined the bill approved by the House Com¬ "Times" mittee A- Com¬ m for two years to abolish, consolidate or readjust regular Government depart¬ ments. The Committee nevertheless exempted from the provisions of the reorganization measure the Inter-State Commerce Commission, the Federal Trade Commission, Federal Power Commission, Securities and Exchange Commission, Federal Communications Commission, National Labor Relations Board, National Bituminous Coal Com¬ mission, Maritime Commission, the Corps of Engineers of the Army, the Coast Guard, the General Accounting Office A his opinion, only blundered into such missioners." _THis Session Aug. 10 voted to recommend for on Measure's in Committee—Senate special House Committee tion Giving President Two Years—Many Potoers for Bureaus Are Excluded Consider PP:''i, .v'\ y,p. He explained that the President's committee on reorganization had, in i Before yPp'f "All three of these safeguards are threatened by the bill," said Committee Federal They were: finding by the any <V' ■■fy/PPy.p membership is appointed for long, staggered terms, mission. missioner Eastman. House precede .yA bi-partisan commission. making it impossible for applied. were that A commission whose was made. "impossible" if the 65 and 75% rates requirement commission. when he was before the recommendations of the joint committee were of the inherent dangers of such a delegation of power, aware said the Commissioner, three main safeguards were established. 'yPpP-P:yy.P' / ''<P:':'''.'y:P":f:y> Mr. Alvord particularly mentioned companies was Because the Con¬ the setting of railroad rates. as Affecting Child Labor and Ban on The House Labor Committee on Aug. 9 formally reported and hours bill, with 59 proposed modifications in the Senate version. Passage of the bill by the Senate was described in the "Chronicle" of Aug. 7, page 855 and 856. The most important changes proposed by the the Black-Connery wages House Labor Committee would include the child labor pro¬ visions of the original Black-Connery bill and would change stipulation so that imports could be prohibited unless the importer could prove that they were produced under standard labor conditions, as set forth by the proposed Labor Standards Board. Another section, proposed by Secretary of State Hull would specify that no operation of the the Senate Financial 1036 treaties of the United States. reported to the House was described as follows Washington dispatch of Aug. 9 to the New York "Herald law could interfere with existing The bill in a as Tribune": the difficulties to be encountered by the measure, the report attacked "chiseling employers," and As if anticipating House warned "there is no panacea" for solution of the basic problems involved. providing for a minimum wage up to 40 cents an hour and a described by the Labor Committee as maximum work week of 40 hours, was dent Roosevelt. that is gathering in the form of amendments providing exemption for this or that Caucus Plans Not Debate Mr. Hull urged Congress to approve and Majority Leader Sam Ray- burn said that the Rtiles Committee would not meet until O'Connor, and that the return of Chairman John J. no Wednesday, Democratic upon Wednesday, as if to confute the Senate assertion of Majority Barkley today that Congress might be able to quit by Leader Alben W. In addition, there were reports that the 14 members of the House Rules by dominated southern States, are a of Democratic bloc Representatives White House or House leadership pressure. the latter quarter was not apparent been from split on the wages and hours bill and a right-of-way consideration would not be forthcoming except under rule for its Evidence of today. direct Speaker Bankhead said that be no attempt to apply Committee and one of the outspoken opponents of the bill, today made letter from Dr. Charles F. Roos. an economist formerly associated with the planning The President, 2. The result, he continued, Mr. Hull said, was supported by the Navy and State In addition to a desire that the aid come from "the United States rather by some other foreign Government," Mr. Hull said that the decom¬ than missioned would be kept in running order and "available for destroyers Otherwise, he said, much work would be required to press instant use." service. them into emergency Lower Under the terms of the resolution all American republics would be eligible and the geographical realignment of industry; has made Brazil, a country Referring to the weight of the evidence obtained by a study of the opera¬ NRA to support the belief that this law will obtain the objectives set and on the contrary, it checks the as production of wealth, it must adversely affect the Even those obtaining sub-standard wages now a check on the increase in total employment." Despite the favorable report by the House Labor Com¬ mittee, consideration of the bill by the House was delayed when the Rules Committee failed to agree on bringing the measure to the floor. the Secretary wrote. therefore, Government, has thought it the part of prudence to its relatively modest national defense, but being deficient in trained improve military or naval personnel and equipment, finds its task considerable a one." Mr. Hull addressed similar letters to the chairman of the House Com¬ Foreign Affairs, the Senate Committee on Foreign Relations and on ferring with the chairmen of these other committees, and, if his views, to arrange for immediate consideration by the you concur Congress of adopted at this session Congress." The announcement of the United States plan received a reception in South America, with approval being expressed in Brazil and dissatisfaction outspoken in Argentine newspaper editorials. Chilean comment was generally favorable. Sumner Welles, Under-Secretary of State, on Aug. 11 orally explained the plan to Felipe A. Espil, Argen¬ tine Ambassador to Washington, and Manuel Trucco, the mixed "There is nothing in our experience with the operation of standard of living. of vast territory and relatively small population, particularly apprehensive," of tion of NRA, Dr. Roos said: will not benefit if there is forceful action taken by those nations to consummate these desires, the attached resolution, which it is hoped may be Increase the production cost to farmers. a Walsh. "The desire on the part of some nations for access to raw materials and in Bring about The Brazilian Government, however, was the only one cited in Secretary Hull's letter to Senator He wrote to Senator Walsh that "the President would appreciate con¬ of them; 5. from this Government. to borrow destroyers the House Committee on naval affairs. consumption of raw materials including fever products 4. this^hemisphere," Mr. Hull stated. countries of Decrease production and the average standard of living; 3. far the Adminis¬ years Departments in the view that there were "two weighty reasons" which mittee Curtail employment by 500,000 in the first year's operation; lower the prices so the last four and one-half "extremely gratifying. been had and research division of National Recovery Administra¬ tion, who warned that enactment of the bill would: average of vessels which the United States with the other American republics on a solid basis of friend¬ "The Representative E. E. Cox, Democrat, of Georgia, a member of the Rules in Hull explained that Brazil had asked to to train men in the operation ship, mutual respect and fruitful cooperation." "gag" rule to rush the bill through the House. 1. destroyers Mr. Hull said that during from any pressure objection to Chairman O'Connor's temporary absence no from Congress and Mr. Rayburn added there would a six "Of course, this Government would not proceed to make available any Committee, public letter of transmittal, Mr. a lease of its naval vessels to Brazil without making a similar offer to the other Measure Criticised a from making its navy republic is now building. August 17. there had that those nations measure so discarded ships available to any other nation by sale, lease, gift or otherwise. Wagner housing bill still mired in the House Banking and Currency Committee in a manner which will prevent consideration in the House before next week House members will mark time on minor bills In the existing law prohibited the Brazil's request should be granted. Thursday under a special rule for its consideration. tomorrow and Walsh said Senator caucus plans had been discussed to hold the Administration forces in line if the bill the It provides tration had been making a "determined effort to place the relations of the situation and its relation to adjournment was made plain The legislative today when Speaker "William B. Bankhead With destroyers to American republics. over-age that those countries would pay marine insurance as rent. M group, j is called up which would authorize the President to lease Hull, by Mr. decommissioned "tremendous number of injustices" will be cured, the Labor argued, reflecting its members' sensing of the storm Committee Chairman Walsh of the Senate Naval Committee introduced a resolution suggested would not turn to other countries for such aid. American economic life causes a few to suffer temporary financial loss and a 1937 thought it "the part of prudence improve its relatively modest national defense." Mr. Hull's statement, and introduction of the resolution in Congress, were described as follows in Associated Press Washington advices of Aug. 7: "to meet and not avoid" important problems in Even if this attempt inconvenience 14, the Brazilian Government approach" to the objective set forth by Presi¬ "a modest and conservative Aug. to Committee's Labor The measure, Chronicle Meanwhile the Labor Committee on Aug. 11 voted to eliminate from the bill several of its most controversial provisions. Changes decided upon were de¬ scribed in the following Washington dispatch of Aug. 11 to Chilean Ambassador. Congressional plans for expediting were described as follows in passage of the resolution Associated Press Washington dispatch of Aug. 11: Senator Key of Pittman Relations Committee, tomorrow the New York "Journal of Commerce": an to consider said Nevada, today legislation he chairman would of the call a authorizing leasing Senate special Foreign meeting of decommissioned destroyers to American republics. First, an agreement was reached by the group to return to the language of the Senate bill and provide that the employees of in local retail activities shall not be covered establishments engaged by its provisions. Cordell Hull, Secretary of State, has asked Congress to enact such legisla¬ tion that the proposed law shall not apply to workers engaged by cooperative associations in the manufacture, shipment, and processing of milk, or cream any more fundamental principle of establishing a maximum work level of not other said that the changes were made as a result of "a great many requests proposed resolution would Pittman Senator added, purposes. require a "recapture would emphasized that Brazil wanted the warcraft only for "training The proposed action, he said, was intended only as was "no "a friendly justification" expressed in Argentine newspapers. concern Senator Hiram Johnson of California, denounced the proposal as a "huge joke." "It is essentially 'good neighbor' justice to furnish one of make any government. for the bill last Monday. She added that the suggestion also was made that it might be well to not WOpld prohibit their employment for combat whereby the destroyers would be reclaimed if used against purposes." from House members and numerous telegrams" received since the report of the of six over-age destroyers, terms which the government would insert in gesture" to all American republics, and he felt there Representative Norton (Dem., N. J.), Chairman of the Labor Committee, use be met. of the The Senator week of not than 40 cents an more hour and elimination of child labor. request by the Brazilian Government for President, clause" Other changes were made in an attempt to limit the bill's application to a can use lease The Seek to Limit Application less than 40 hours and a minimum wage that Senator Pittman said that although the restrict butterfat. the so destroyers Second, the Committee eliminated the Borah amendment which provided the South with some our destroyers that will enable them to blow the changes in the bill in order to put it in a "more favorable position before friends out of the water the Rules Committee." friends in of their some sarcastically. The in the Chairman day when a had reference to a situation which developed earlier scheduled meeting of the Rules Committee for this morn¬ ing was suddenly called off without explanation from the leadership. was said in some quarters that opposition to the bill was so It strong in the Committee that it would have been impossible at this time to report out a rule which would tomorrow as have enabled the legislation to come up on the floor planned. or prepare their young men "It is in of keeping with the policy preached so 'peace.' We'll our have the means preserve it by letting one of to prepare Ambassador Felipe Espil for war, he commented long, so loudly and so often South American neighbors for war. of Argentina said today he was investigating and reporting to his government all phases of the proposed lease to Brazil. but Captain Saba H. Sueyro asserted that the Argentine Embassy had received no instructions from its government and had made no official inquiries. State Department Asks Congress to Authorize Leasing Warships to Other American Republics—Secretary Hull Specifically Seeks Power to Loan Six Old Destroyers to Brazil of Unused United States Secretary of State Hull on Aug. 7 recommended to Conthat it aid the national defense of other American republics by leasing to them warships which the navy of this country no longer uses. Senator Walsh, acting on the request of the State Department, introduced a joint rseolution which gress would authorize President Roosevelt to lease to Brazil six destroyers of the American fleet. Mr. Hull, who said that he was acting at President Roosevelt's request, asserted that Brazil is concerned with political situation" and "certain tendencies of the world "forceful action" nations to obtain "access to raw materials." taken by some He added that Chicago Court Enjoins E. L. Cord and Morris Markin for Alleged Manipulation of Automotive Securities —Both Consent to Ban But Deny SEC Charges— Mr. Cord Resigns as Chairman of Cord Corp. E. L. Cord on Aug. 7 resigned as Chairman of the Cord Corp. shortly after the United States District Court at Chicago, at the petition of the Securities and Exchange Commission, had permanently enjoined him and Morris Markin, President of the Checker Cab Manufacturing Corp., Chicago, from further alleged violations of the anti-manipulative sections of the Securities Exchange Act of 1934. Issuance of the injunction had been announced by the SEC on Aug. 7. Both Mr. Cord and Mr. Markin consented to the entry of the decree, but denied the Com- Volume mission's Financial 145 charges against manipulative alleged of them activities in the securities of the Checker Cab Manufacturing Corp., the Parmelee Transportation Co., New York, and the Chicago Yellow Cab Co., Inc., Chicago. The SEC had also accused Mr. Cord of manipulating stocks of the Auburn Automobile Co., Auburn, Ind. All of the stocks are listed on the New York Stock Exchange and, in addition, those of the Chicago Yellow Cab Co. are listed on the Chicago Stock Exchange. The following is from the announcement issued Aug. 7 by the SEC: the Checker manipulation covered two periods, the 1935, to July 21, 1936, during which the of which the stock rose from 36, where it had dropped after the first period, to a high on Oct. 22, 1936, of 62, after which "in a thin and disorderly market, on infrequent sales, the price spiralled downward to 43 per share on Dec, stock 31, 1936, and to 14H on June 16, 1937." of Cord bill The high a activity in the Auburn stock was from Dec. s 26; 1936, during which the stock rose from 38M at the 1935, to March 23, beginning to charged that Cord said, had been acquired at 1935, The great bulk of this stock, it was and Markin. price of $7 per share, and during the an average of $50 In describing the methods employed in share. per the defendants effected a series of transactions raising the price of the stock for the purpose to purchase. This of defendants accomplished, the bill said, by the market activity was aqd their associates and by outside purchases induced "by the wide dissemination of information profits of the cpmpany for the of Checker stock action exploiting a proposed manufacturing of Checker Co., including favorable statements as to the prospec¬ program tive of inducing others incident by activity in the market by defendants and their associates."" The bill alleged that the second manipulation in the Checker stock was accomplished by purchases made by the defendants and their associates, and for public buying induced "by the wide dissemination split-up of Checker stock and one Checker a as to a proposed five proposed declaration of dividends by Co., and otherwise, all of which done in furtherance was of The bill alleged that the defendants also stimulated at that time the to similar was means manipulation and "throughout charged to Cord. others the It induced were United statements concerning States and market to in action public demand for the of new stock of accepted should, there treaties Great of it as seems appeared Britain, to the statements made the governments in the be attached to Russia and France, resulting from anticipated and economic field." Hull's the and in this dom," which ever-increasing are the in Minister, in subscribing to the realm internal the in obligations in other of which agreements; armaments impose. Russian Approval The Russian Foreign Minister found; that the Secretary'6 statement wag general position of the Soviet Government with respect to the questions touched upon. Tension, conflicts and frictions in inter¬ national relations, although at first affecting only two or a few Powers, in accord with the he agreed, Soviet abstinence of all nations from use of force in pursuit of from interference in the internal affairs of other with the ing likely eventually to affect the rights and interests of all Government underscored the Secretary's points deal¬ are The abstinence adjustment of international nations; problems exclusively by processes of and agreements; the faithful observance of interna¬ tional agreements; the modification of the conditions of treaties only by amicable agreements of the interested Powers; equality of all nations, and peaceful negotiations the Among with view a the in of the ends statement as attainment the described projected by Mr. due to established rights and worthy of that name to new forces Sweden and Switzerland likewise happy medium between the respect a heed to be paid by any statesman Denmark, field," international the to cooperate Hull, and the "particularly valuable because it expressed full agreement, in more or less Other written comments along similar Cuba, Hungary, Honduras, Haiti, Guatemala, lines have Latvia, New Zealand, Nicaragua, Turkey, Uruguay, Venezuela and Luxembourg. Merchants' Association of New York and Hours Bill Policies—Italy, Spain, China and Japan Among Nations Which Have Not Yet Replied to Peace Plea Department 40 over in Washington announced nations, 37 of them in on writing, have already agreed with the statement of July 16 of Secretary of State Cordell ican Hull foreign policy. setting forth the principles of Amer¬ The Secretary at that that armed hostilities anywhere in the world the time rights and interests of all nations and international treaties he must faithfully had said seriously affect that therefore observed, The New York State wages and hours bill. objectionable features of the original Black-Cbnnery measure have been corrected by amendments," the letter said, "the bill even as amended is of a character that should be vigorously opposed by all who have the best interests of the Nation at heart." The "While advices Government that Secretary's disputes. cided from day plea for It Berlin, expressed peaceful was are reported in Associ¬ Aug. 9, that the general accord settlement of German with the international The advices held that the Secretary's ideas coin¬ of the German Government. with those When Secretary Hull made public the statement inferred that it it was apparently issued because of the Japansituation, although Mr. Hull refrained from mention¬ ing any particular nation, intending his statement for uni¬ was China versal our application. The Secretary's statement issue of July 24, pages 537-538. was of intolerably it exists, of exploiting workers through the excessive hours of work and inhumanly low wages eliminated at should cated Hull by outline of the cumulative strengthen As of desirable ment officials was underlying bases for international relations United effect States standards of issued plainly approval with would the hope help international conduct, to as advo¬ that revitalize and State the and Depart¬ viewed the response as encouraging. expected, pressed adherence to the Latin the same Britain, France and Russia, however, was world-wide have expressed as their American principles. well views as The foreign those of in in governments more a or general Ministers number less have ex¬ of Graet of other nations, detail. tained of most in South forms striking reservation in the comments with the of approval was con¬ of Prime Minister J. B. M. Hertzog of the Union Asserting that the Hull statement "in every respect con¬ views" of his government the earliest result that deserves "under present possible moment. Any workable universal support. However, to of such an effort (as apparently would the Blackexperiment on the fallacious theory that additional employment and payrolls will be created merely by universally regulating hours of work and establishing minimum wages is to deliberately impose harmfully upon excessive operating costs upon employers and reduced real wages Such a result would be inimical to workers. the best interests of all, concerned. place such an experiment in the hands of an agency like the proposed Labor Standards Board, vested with wide discretionary powers and subject To to the influence not itself, of only additional groups that are existing pressure groups but of the many certain to spring up as a result of the legislation but increases the menace. Labor Strikes at Started During First Half JofJThisJ Year Record Number, According to of Commerce of State circumstances," Study of Chamber of New of 1937 comparable period in the history of American industry as far back as records are available, it was pointed out Aug. 9 by the Chamber of Commerce of the State of New York, which made public a study of labor disputes by its Special Committee on Indus¬ trial Problems and Relations, which said: The number of labor established a new strikes begun in the first half high record for any a total of 2,512 strikes were begun, periods in 1936 and 2,048 in the record year of 1917. The number of man-days pf work lost, 17,934,596, exceeded the full year 1936, and the number of workers involved in the first five months alone of 1937—987,644—was more than the full number of all the first six months of 1937 compared with 1,077 in the same the statement Africa. achieve attempt, under the guise In South African Statement , The to Connery bill), again to was discussed in the following Washington dispatch Aug. 7 to the New York "Herald Tribune" of Aug. 8: The wherever practice, given in Response to the state¬ ment of in part: be The method tlius^ far failed to reply to Mr. Hull's statement Black-Connery the of the highly many letter continued, have Press of enactment medium Italy, Spain, Japan and China. members of tlie House of Representa¬ urged on Aug. 7, in a letter from the Merchants' Association of New York to use their efforts to prevent respected, excessive barriers in international trade lowered, and armaments reduced. Among the nations which ated Opposed to Wages tives were obliga¬ tions been received from Austria, Bolivia, Brazil, Bulgaria, Chile, Czechoslovakia, Dominican Republic, Ecuador, Estonia, Australia, Argentina, Albania, detail. Over Forty Nations Approve Secretary of State Hull's readiness expressed Belgium group," "Oslo to Paraguay, Peru, Portugal, State non-interference of differences by of justice, the restoration of economic burdens affairs; the settlement nations; the carrying out of international mutual helpfulness and reconciliation; stability in the world; and a lightening of the peaceful spirit a principles of the Secretary's between all nations; modera¬ national and international of affairs and negotiations the United King¬ said. message statement, emphasized the need for solidarity tion for the preservation of need international cooperation in every sphere, recommended for obtaining these objectives of by his Majesty's Government in common French The the on importance methods shared are views the vital peace, Colombia, Although defendants consented to entry of the decree, they denied the The Europe. Minister Foreign charges contained in the bill. Aug. 7 that international expressed to the American Ambassador "full agreement with the expression of opinion" contained in the Hull statement "on international problems and) situations both in the political British The strikes dissemination defendant Cord and his associates." Statement of International violating the group" that has already worked out an economic accord in "Oslo Netherlands the and coincident activity in the market by car behalf on made by Cord and his and concerning the likelihood new car be agreement can an significance by were purchase foreign countries of extravagant Auburn of disarmament. said that in order to stimulate was a manner dictates the to contrary or Great Britain in "Full" Accord Greatest the employment of the prospects for sensational profits by Auburn Co. from the manufacture and sale of its favorable of the activity which they of Auburn stock, public interest, timely and significant purchases of ac¬ creating in Checker stock.f alleged means associates, increase in an of the dissemination of information regarding means improved future prospects, and also by As such sanctity policy; "sympathetic" advance of prices of the stock of Parmelee and Chicago Yellow Cab by were war, enjoying the principle to me, first be an equitable measure of redress purifying it of the excesses resulting there¬ from. In other words, a revision of the provisions of such an agreement could well be insisted upon by the State wronged prior to its approval of the principle of the sanctity of treaties." the nations. Checker stock at the increased market price thus to be attained." a agreement had been obtained in of usage "Before of a contemplated over-the-counter distribution to the public of the new spiit-up tivity and the 1936 and the probable market year at the point of the bayonet such perpetuated by agreement or when none established of the manufacturing program and co¬ reason by force. consciences," Mr. Hertzog suggested; alleged manipulation the syndicate disposed of 6,000 shares at an average the first operation, the bill alleged that the principle of the sanctity of of application obtained pacts confirmed to "Mr. shares of 70,000 controlled Markin and syndicate agreement entered into on Aug. 10, a between Cord Corp. excess to of question agreements could have little claim to any degree of sanctity, and certainly March 23, 1936, of 51. on Checker held under price in the Expressing the feeling that in the case of "a state laboring under wrongs April; and the second from Sept. 14, 1936, to Nov. 19, 1936, during The period raised treaties high of 69^6 during the month from 7 at the beginning to a rose he price of the The charges as to first from Nov. 7, 1037 Chronicle workers who went on strike last year. Financial 1038 The study of the committee, of which Lewis R. Gwyn is Chronicle period of 1936 continued, the total this year would be greater than that of the all-time high year 1917, when America Manual labor total disputes nevertheless, plunged for the is into Unless that in was than greater now the peak it is was number of in year Today, however, States. depression the from This 4,438. United the Recovery peace. of the Nation is at well under way. Labor strife, in 1917 when the country was war. there is decided a change chiefly the conditions in responsible present epidemic of labor unrest, it is not unreasonable to anticipate latter half of 1937 will witness a continuation of increases in the number the If the total of year, or strikes of increase of rate same should year. of strikes which has committee attributed the wave The a during the present than occurred during the record war-year, 1917. . . . more swept the country chiefly to the following causes: First, Second, that the fact to substantial recovery the depression from sion of A. B. A. Recognizing the need and desirability of uniformity and standardization in bank accounting, particularly in bank Association made public in New general ledger accounts could be set up with a definition the items which each account should include; then to of of these accounts in a sequence which would facilitate arrange preparation of the various statements required by bank the is assuming more of condition statement finally to set up a suggested balance sheet, and an operating or Co., Elmira, N. Y., Chairman First National Bank & Trust Commission, says in the of committee a President Griswold, statement," H. II. and loss profit or view legislation Congress of giving labor Relations Act; notably the National Labor power, Commission Management With this end in foreword. a appointed to study these points, and was resulting principles are set forth in the present study. items covered in the manual are: "Chart of Ac¬ the The the enactment by to and profit and loss statements, the of the American Bankers York, on Aug. 9, a manual covering this phase of banking. "It was felt that much would be contributed to bank accounting if a suggested list Bank proportions; authority and Suggested in Bank Management Commis¬ by supervising authorities, and indicate that it would continue, would be begun strikes 5,060 approximately 622 last with compared Prepared statements of condition when America entered the World War, strikes reached ago, tremendous The committee stated: world War. entered the Twenty years the ~ Rules of Procedure for Bank Accounting Chairman, indicated that if the 133% increase in the num¬ ber of strikes during the first six months of 1937 over the same Aug. 14, 1937 new form"; "Manual for Chart counts" ; "Statement of Condition formidable Accounts," and "Suggested form of Profit and Loss State¬ ment." The study, which can be secured for a nominal cost at the offices of the A. B. A. in New York was prepared by capitalizing the pronounced labor leanings of the Administration; E. of Third;, to the intensive unionizing activities of the Committee for Indus¬ Organization, which was formed in November, 1935, and has attained size and force in the enrollment of unskilled workers through trial Fourth, to the insistence of labor that the Nation's unemployment prob¬ lem can be most quickly work-week shorter with effectively solved by industry instituting a wage reduction. and no 30,000 Silk and Rayon Workers on Strike Sponsored by C.I.O.—Walkout Is Organization's First in Textile Trust Co., San Fran¬ Vice-President Stephens National Bank, Fremont, Neb., and Ben E. Young, Vice-President National Bank of Detroit, Detroit, Mich. sylvania and New Jersey were silk and reported strike this week, on after the Committee for Industrial Organization had called the walkout, which the in is the firststrike sponsored by the C.I.O. textile industry. Committee, The Textile Workers Organizing C. I. O. affiliate, announced a Aug. 11 that on result of settlements based upon the union's demands for wage increases, shorter hours, and recognition as bargaining agent. The beginning of the textile strike was described as follows in the New York "Times" of Aug. 10: Approximately 30,000 of the 58,000 workers in the silk and rayon in¬ strike call dustries scattered over several States responded yesterday to the of the Textile Workers Organizing Committee, C. I. O. affiliate, in its to efforts was the first big strike since the T. W. O. C. took over the task of organizing the textile industry from the United Textile Workers, formerly affiliated with the A. F. of L. and now in the C. I. O. Northern New Jersey Pennsylvania, New England and New York were the regions affected. Spokesmen for the Textile Workers Organizing Committee in New York declared that the strike movement was "extremely successful." They ex¬ concrete Public on Relations for by A. B. A. which in ways number of a of their public relations problems, the American Bankers Association has issued' the second study in its newly-established series on "Public Rela¬ tions for Banks." The various cases presented, says the study, "compositely suggest how all the major aspects of a bank's activity may be made to play a part better public relations for The approach to be met one times In the duty and make loaning popularity manifest: the the for namely, tude It real make money for the publicity departments to of purpose was not fully officers to and identity for the bank a solely thought that it was to be investing the advertising Their it. to gain place in the goodwill of sound Now, however, functions has any effective scheme for developing a better public atti¬ toward the bank individually or toward banking andi bankers. is felt that the strongest defense of banking as a whole against attacks encroachments is the establishment by banks generally of confidence, role and esteem people by community clearly more active an and of sole duty people of its is manifold problem, not a particular device for creating popular appeared sometimes it the of for banks is or bank out of hand. a past bank, single method a in bringing about The study ndds: it." to public relations by goodwill toward and pected that "a considerable portion of the industry will be signed up before Studies banks have met particular phases it organize the two industries. This of Series Banks Issued 8,000 strikers in Pennsylvania had returned to their jobs as a of Sorensen, Dealing with the mills of Penn¬ rayon M. J. Second Industry—Some Settlements Concluded More than 30,000 workers in V. Krick, Vice-President American cisco; that seen useful business service. a almost every one of a bank's in loyalty toward them life of the the institutions among local as their own its place popular understanding of of good banking and means and1 value in as community. ? . the week is out." The booklet stresses Directing the organization drive from this city is Sidney Hillman, presi¬ dent of the Almagamated Clothing Workers and chairman of the Union leaders, it considerable was extent on learned, place hope for success T. W. O. C. of the strike to a the fact that it has the sympathy of many em¬ ployers who wish to see the silk and rayon industries organized as a means of stabilizing operating conditions. Only few of the 500 shops in that a region were reported at work. Hyman Bloomberg, New England director of the T. W. O. C., reported that 95% of the 10,000 New England silk workers would not be called upon to join the strike for the reason that all large plants and most of the small units were already under contracts. union leaders declared that 17,000 of the 23,000 "A New tising." "Bringing All Factors Into Ac¬ are: area held a picketing throughout the day. emergency, but no large mass Police the was disorders were reported. picketed. announced that all shops were no the supervision of the Publicity Committee of Copies may be obtained at 25c. from the under Reference to the preceding number in our issue of June 12, page 3940. effort to reopen, but operate would be ♦ O. C. in Paterson, was gratified last night over what he termed "a practically 100% shutdown." He reported that the response of the Paterson workers was being duplicted elsewhere in the industry. "The strike," support and confidence of the workers. industry." but only one call went to Police officials characterized the strike as the "quietest" in the city's tempestuous history of industrial warfare. Eighteen policemen armed with nightsticks answered the single call when about strikers began a mass 1,000 picketing parade at the plant of E. A. Reilly, Inc., which continued to operate. The plant employs about eighty workers. strikers were led by a man carrying an American flag. The cleared the way for the demonstration as it circled City Hall. evidenced by the statement of a sympathetic eye spokesman for the Silk and Rayon Manufacturers Association, a new organization of the larger mills, who said bis group was waiting to see what strength the union was able to muster. "If they are able to stop the industry completely we will negotiate for a standard contract," he added. of be willing to Into Consumer the a a entitled brochure Customer," prepared of Chamber International the to according production, Make Commerce by Lloyd R. Coleman, Managing Director of J. Walter Thomp¬ Co. son (France), Coleman's remarks The lasted be of era until able with if to live. the Economic to was according the era was constructed. little of reduced, production Capital Mr. was to can Mr. set for such a thing, Coleman. The whole of be frantic effort to produce enough to a saw production as the necessary thing. itself. human that were of writers care simple solution price of things During take limit time a War, history before that had been Distribution the World summarized York New in follows: as production, the received in this country. recently and issued announcement but Motor cycle police¬ That employers were inclined to regard the strike with a of to human canceled all leaves, headquarters during the day. world has period in which the chief problem is distribution a behalf on must adjust their conception men goods industries to the fact that the consumer entered The T. W. O. C. has developed a disciplined organization, which has made this strike the most peaceful Paterson police officials of An he said, "has shown that the T. W. O. C. has the fullest in the history of the of International Chamber of Commerce "How "Disciplined Organization" as Bankers and business instead tie-up was fairly complete. Carl Holderman, regional director of the T. W. York. in the series was made Major Problem of Bankers and Business Men Instead of Production Stressed in Brochure ready for any A check of the plants in Paterson and vicinity disclosed that the A Adver¬ Bank department at the Association's headquarters in New Most manufacturers, including attempting to in Approach prepared by the publicity depart¬ Association. ment meeting and conducted reserves family shop operators, indicated they would make strike leaders Changes in Loaning Methods," Relations Public Public Relations"; for Better Personnel study The Distribution Workers in the Paterson mass men "Training subjects The banking. toward workers were out. was tion"; the study public understanding promoting in attitudes Pennsylvania, where 40% of the employees of the two industries are concentrated, well treated in and strike About 4,000 broadsilk workers and 2,000 throwsters answered the call in Paterson, N. J.f and vicinity. In favorable "Public Relations and Some Few Work in Patcrson From Boston advertising newspaper and particularly the value of informative Economists desires were contented themselves unlimited and1 that, would buy everything. entire present conception of if everyone our easily finance fo nd with which to build factories, product. In fact, respectable economic writers asserted that any capital stock which was issued for property not tangible could be considered as "water." The was available tendency to write another Now today would the promotion down the value of feature of the it for seem is distribution. same economic of the sale of a goodwill and trade-marks to zero was thinking. unescapable that the most expensive part of It is useless to build factories and then industry begrudge Volume the money only be in Financial 145 necessary made to to turn make by the the wheels And turn. advertising and sales wheels those bring which efforts can orders. Chronicle man, Washington dispatch of Aug. 11 to the New York a "Times" of Aug. 12 said: In letter to Representative a acterized Death of W. L. Edison, Son of Late Thomas A. Edison, [ William Leslie Edison, son of the late Thomas A. Edison, inventor, died on Aug. 10 at his home in Westover Hills, Wilmington, Del., after a six weeks' illness. He was 58 years old. Mr. Edison specialized in the radio field and held patents on many basic radio principles discovered during many years of experimenting. Born at Menlo Park, N. J., on Oct. 3,1878, Mr. Edison was graduated from the Sheffield Scientific School at Yale in 1900. studied with his father and later was After graduating he associated with the de¬ sign and manufacture of automobiles in New York City. At the outbreak of the World War, he enlisted as a private and later was assigned as an ignition expert in a special unit with the British Royal Tank Corps. After returning to this country, Mr. Edison began his experimenting in radio in his own laboratory, working toward the perfection of a onetube radio receiving set. He retired from active work two years ago. Death He United States of Representative T. New A. Peyser years old. Mr. Peyser was Congress in 1933 and re-elected in 1934 and 1936. He had been in ill health for several months and had been under constant medical care since returning to New York from Washington two weeks ago. A native of Charleston, New York in 1900, after working at various occupations, and entered the insurance business. Several years later, he became special agent of the North¬ western Mutual Life Insurance Co., in which position he continued until 1933 when he entered politics. During his three years in Congress he served on the Military Affairs Committee and the Interstate Commerce and Foreign Affairs Committee. he accepted the Snell, the minority leader, flouting the "rights of as did think not other Republican any appointment and it understood was appoint two Democrats and The House Republican Fish char¬ Representative "under the circumstances." members of Congress, that the Senate be should and House appointed each conference Mr. instructed Snell the to submit minority his socialism and dictatorial The Fair of other methods members Commission Tennessee Democrats. reprisals of the New Deal." House named to the World's Representatives Sam D. McReynolds are and and the of Matthew J. Merritt New of York, both The Senators appointed to the Commission by Garner are Royal S. Copeland and Robert Vice-President F. Wagner, both New York Democrats, and Frederic Hale Maine, Republican. E. L. Jahncke Appointed Secretary of Newly-Created State Department of Commerce and Industry Ernest Lee Jahncke, Assistant Secretary of the Navy President Hoover's cabinet, has assumed his duties in as* Secretary of the newly created Louisiana State Department Industry, undertaking work in connection with the program inaugurated by Governor Richard W. Leche which already has resulted in attracting more than $25,000,000 in new industry to Louisiana. Mr. Jahncke, who is also a member of the National Foreign Trade Council, announced recently that he expects to make a complete survey of the various problems now confronting Northern and Eastern industry. He had come to New York on July 29 of Commerce and to confer with financial and industrial leaders. A. Brennan Resigns President as of The Corp. of New York—To Continue Director—Succeeded by Peter E. Bennett Strauss, Senior Partner of J. & W. tions to mem¬ letter Mr. Fish assailed Mr. Wadsworth as reactionary and pledged himself to fight for "liberalization" of his party's policies, although promising not to abate in the slightest his opposition to the "class hatred, Mortgage Seligman & Co.—Had Aided in Many Reorganiza¬ would Republican. one Speaker Bankhead the name of Representative Fish as ber, but Monday the Speaker named Mr. Wadsworth. In Mr. the minority party." House, it, Richard Death of Frederick that Louisiana elected to came to have upon York Theodore A. Peyser, Democratic Representative from the Seventeenth District of New York, died on Aug. 8 at his home in New York. He was 64 W. Va., Mr. Peyser appointment The bill creating the Commission specified that six three from the Senate and three from the of of the asserted would Inventor 1039 as Superintendent of Insurance Louis H. Pink on Aug. 12 resignation of Richard A. Brennan as Presi¬ dent of The Mortgage Corp. of New York to become Executive Vice-President of the Brevoort Savings Bank. Mr. announced the Frederick Strauss, senior Partner of the banking firm of J. & W. Seligman & Co., New York, died in the Harkness Pavilion of the Columbia-Presbyterian Medical Center, in Aug. 11, his seventy-second birthday. Mr. City in 1865 and attended the College of the City of New York for three years. Some years later the colkege conferred upon him the degree of Bachelor of Science. After leaving college he worked for four years with a small export firm and in May, 1886 became a junior clerk in the office of the banking firm of J. & W. Seligman & Co. He gradually rose to a confidential position and power of attorney, and on July 1, 1901, became a partner of the firm. A summary of Mr. Strauss' career also said: New York, on Strauss born in New York was In 1910 and 1911 Mr. Strauss served as a member and vice chairman of the Railroad Securities Commission, of which the late President Arthur T. Hadley of Yale was chairman and which had been appointed by Taft to report to Congress its recommendations desirable in respect of the railroads. and vice chairman created to control During the as to what war President legislation he servid as a was member and Rockefeller Foundation license the issue of securities He was for elected the a New York on active part in the reorganization or readjustment of many companies, including the following: has served returning to the banking field from which by former Superintendent of Insurance George S. Van Schaick in April, 1931, to serve as a Special Deputy Superintendent of Insurance. At that time he was a Special Deputy Superintendent of Banks. During his tenure with the Insurance Department, Mr. Brennan directed the reorganization plans for Globe and Rutgers and the National Surety Co., two of the most involved insurance company problems in the history of the Department. ITEMS University ton a trial director in many At the time of his James as third term as Chair¬ Housing, which he 1926. Mr. James, who President was Manufacturing Co. American the of the responsible the East for Italian 1915 he became In Chicle the Co., and in 1922 River Savings Bank. merger of Savings Bank the and East the was Mr. River Maiden Lane Savings Bank in 1932. Republican minority the New York World's Fair Commission. Choice member of Mr. Fish had been the Republican choice for the post. In commenting 011 the resignation of Representative Fish from the House Repub¬ lican Policy Committee, of which Mr. Wadsworth is Chair- of He initiated, the proposal made Savings Bank Trust Co. of which he later be¬ Director. He was also the Chairman of its Examin¬ in 1925 for Representative Hamilton Fisli Jr., Republican of New York, resigned on Aug. 14 from tbe House Republican Policy Com¬ mittee in protest, it is staged, against the appointment of Representative James W. Wadsworth, Republican, also of Speaker Bankhead in Immediately following his graduation from University, he joined the Van Duzer Extract Co., Savings Bank, came by a Board of Before entering the banking busi¬ associated with commercial and indus¬ was the Pyrene of elected Vice-President). Representative Fish of New York Resigns from House Republican Policy Committee Due to Appointment of Representative Wadsworth to New York World's York, State formation remaining with that firm until 1912 when lie became Presi¬ dent Broadcasting Co. The Omnibus Corporation (voting trustee). Radio Corp. of America. RCA Manufacturing Co., Inc. Tri-Continental Corp. (Exec. Committee). New its concerns. President Been &c. in 1895. Mr. James Princeton was director of the following companies: Commission—Had appointed for York since headed ness, recapitalization) 1 railroad, utility and industrial companies and banks. Electric Bond & Share Co. Fifth Avenue Coach Co. Manati Sugar Co. (Exec. Committee; COMPANIES, was Radio-Victor merger. At various times during his lifetime Mr. Strauss TRUST 64 years old, was a native of Brooklyn. He had gradu¬ ated from the Adelphi Academy in 1891 and from Prince¬ Brooklyn-Manhattan Transit Corp. Rock Island (holding company). Interborough Metropolitan (holding company). Manhattan-Interborough Settlement. New York Ry. Corp. (motorization and Colorado Fuel & Iron Co. was the New of had Fair BANKS, James, President of the East River Savings Bank, New York, died Aug. 7 at the home of a friend in Riverliead, L. I. Active in relief and housing projects, Mr. Missouri-Kansas-Texas RR. Co. International & Great Northern RR. Co. National ABOUT Darwin Rush James last March San Frencisco RR. Co. a its Executive Vice-President for the past three drafted was man was as Mr. Brennan is he Pere Marquette RR. Co. death he Director of the mortgage a years. trustee of the Feb. 26, 1916, and retired April 15, 1931, having become ineligible for re-election by reason of age limit. Mr. Strauss took St. Louis & serve as (Pierre Jay, chairman) of the Capital Issues Committee, Federal Reserve District in that district. an Brennan will continue to corporation. He will be succeeded as President of The Mortgage Corp. by Peter E. Bennett, who has been as¬ sociated with the corporation ever since its organization and a a ing Committee, Securities Committee on the State, as Corp. Dwelling Director a been of the member Institutional of the Banking Governor F. D. Roosevelt, served revise a the .Government of New York appointed to Governor Smith's Multiple Law Commission. He hgd 'been a Civil Service was Commissioner for Mitchell; served as Public Library of the to as had appointed by Committee and well He four a from years under Mayor John Purroy member of the Board of the Brooklyn 1913 to 1937, and had been Chairman Brooklyn School Board from 1904 to 1913. • Sidney J White, special partner in the New York Exchange firm of E. A. Pierce & Co., died on Stock Aug. 9 in New Financial 1040 Orleans White the at had 64. of age in Jackson, Born Tenn., Mr. with the cotton business since associated been member of the New Orleans Cotton Exchange since 1904. He was senior partner of the cotton brokerage firm of S. J. White & Co. from 1921 to 1926, when the firm 1896, and a White then became connected with Mr. discontinued. was A. Houseman- Gwathney & Co., and A. in 1927 'became a • Percy Trust Chairman of the Chemical Bank & sailed on Aug. 10 aboard the liner business trip to Europe. Mr. Johnston H. Johnston, New Co. York, Queen Mary for a expects to return to New York the latter part of September. President of the bank at the monthly meeting named was the unexpired term of of the directors to serve out appearing in "Money & Commerce" of Aug. 7. Other ap¬ pointments at the meeting were the election of B. Stiles Duncan as Vice-President and of Lynn J. McMillen as Sec¬ retary, succeed Mr. Garber. to • Waddell, Wirt William West Rutland and bury Academy in 1887. B.A. Four years later he received his degree from Dartmouth College. duties # graduated from St. Johns- was the at Marble Savings In addition his to Mr., Smith was a director of the Rutland County National Bank, the Union Mutual Fire Insurance Co., and the Food Credit Corp. His political career began in 1927 when he was elected to the Vermont State Senate, where he served until 1931, in which he year was elected to Bank, the Lower House of the Legislature. From 1932 to 1934 he served Lieutenant-Governor of the as State, and during 1935 and 1936 Holders of certificates of Governor. as indebtedness of the which was largely attended by local and out-of-town bankers of the State. Charlottesville advices appearing in the Richmond "Dispatch," in noting this, added, in .part: cers, . Dundee Depositors' Corp., it is learned from Dundee advices that date, printed in the Toledo "Blade," which supplied on On « follows: as reopening, two the bank paid 50% to all depositors, and 30% of the moratorium fund of 50%. The to $19,000. The ability to pay another dividend years ago, this week's payment will make payment within will six amount months of the last points to one a Waddell Mr. of by Major John much better financial on has held the office of Cashier since State, died banker, who health for educated in American the 56 was than more two public National years old, Mr. summer The de¬ at had been in John personnel of the institution is now as follows: Harvey E. Keiss, President; T. M. Kennedy, First Vice-President, and J. Gerald Schieber, Assistant Cashier. From in as a "runner" ers was Mr. and larged In that year the American National absorbed by the Phoenix 'State Bank & Tro^ Co. Johnson continued institution, Four vanced 1922 elected later (1916) he the was en¬ ad¬ to Assistant and discount clerk with as years his death. Cashier; promoted to Cashier in 1920, Vice-President, the office he held at Among many other interests, Mr. Johnson was Treasurer of in Auditor of the the a Metropolitan Connecticut District Mutual Commission, Life Insurance of Aug. 11 it is learned that receiver of the defunct Found¬ Security Trust Co. of Boston, Mass., has been empowered by Judge Elisha H. Brewer of the Federal Court to dis¬ tribute to general creditors $100,000 in a 0.13% dividend. Some time ago secured full payments were made to preferred and creditors. 4 of $30,000 to 1,100 holders of certifi¬ an Co.; member of the Stockholders Advisory Council of the Federal Reserve Bank (Boston); member of the National Associa¬ tion of Credit Men; a director of the Hartford Gas Co.; Tracy, Robinson & Williams Co., and E. W. Twichell & Co. of Philadelphia. ' of indebtedness of the Big Rapids Depositors Corp., Big Rapids, Mich., was being made by J. J. Henderson, the liquidator, was reported in a dispatch from that place, ap¬ pearing in the "Michigan Investor" of Aug. 7, which added: The corporation was formed following reorganization of the Big Rapids Savings Bank several years ago. The disbursement represents 10% of the total amount of the indebted¬ and is the first payment. ness, \ in 1899, and by 1912, after several promotions, held the posi¬ tion of discount clerk. Bank the Boston "Herald" General Daniel Needham, as pool- Hartford and Johns^ joined the Hertford of his Aug. 6. on Born years. schools, Bank suddenly Conn., the opening of the bank succeeds George W. Miller, who died recently. Wyer was elected Cashier in lieu of Mr. Keiss. The 3 years ago, con¬ Arthur D. Johnson, a Vice-President of the Phoenix State Bank & Trust Co. of Hartford, Conn., and one of the lead¬ Grove Beach, Clinton, institution by the direc¬ Aug. 4, as indicated in a dispatch from Bucyrus to the Cleveland "Plain Dealer" on that date. Mr. Keiss, who tors That disbursement ing bankers of that and O. W. Watts, Vice-President and advanced to the Presidency of the cates ceased S. Graves, director, Harvey E. Keiss, Vice-President and Cashier of the Farm¬ ers' & Citizens' Bank & Savings Co. of Bucyrus, Ohio, was dition in the community. home in presented) with a handsome silver service, the gift of was employees of the Peoples National Bank, while from the Board Directors he received a set of golf clubs. The presentations were made officers and Monroe County Bank of Dundee, Mich., on Aug. 11 received a 10% dividend (the second payment within six months) from the further details the Club by the bank's offi¬ night at the Farmington Country of born in of Peoples National Bank of Charlottesville, Va., completed 50 years of service with the institution on July 31. In honor of the occasion, a dinner was tendered Mr. Waddell that Trust Officer. Smith, President of the Marble Savings Rutland, Vt., for many years and a former Gov¬ ernor of Vermont, died at his Rutland home on Aug. 12 after a long illness. He was 69 years old. Mr. Smith was Vice-President Active Charles Manley Bank the late learned from a Loysville dispatch, T. Morrow, it is Dr. W. partner in the successor firm of E. A. 'Pierce & Co. From 1919 until 1922 he was Vice-President of the New Orleans Cotton Exchange. Aug. 14, 1937 Chronicle . 4 Concerning the affairs of the defunct Ecrose State Bank Ecorse, Mich., the "Michigan Investor" of Aug. 7 carried dispatch from that place; The liquidator of the Ecorse State Bank reported that 10% will be paid on certificates by the Ecorse Depositors' Corporation. He stated that there was $44,180 to be distributed among the holders of certificates, which amounts to 10% of the amount of the certificates. This dividend brings the total paid to former depositors to 75%. of the following In regard to the affairs of the defunct Capital National Bank of Investor" Lansing, Mich., it is learned from the "Michigan of Aug. 7 that a 15% dividend, calling for $1,667,034, was to be paid receiver, beginning Aug. 9, by to Joseph W. Gleason, 21,604 depositors of the the institution. 4 York, Pa., recently pro¬ HOLDINGS TREASURY MONEY Charles H. Moore, formerly Vice-President and Trust Of¬ ficer of the York Trust Co. of Presidency of the institution to succeed Ellis S. Lewis, who resigned because of poor health and later was elected Chairman of the Board of Directors. In noting these following compilation, made up from the daily Gov¬ ernment statements, shows the money holdings of the Treasury at the beginning^ of business on the first of May, June, July and August, 1937: changes, advices from York, appearing in "Money & Com¬ merce" of Aug. 7, outlined the banking careers of Mr. Lewis Holdings in U. S. Treasury May 1,1937 was moted to the Mr. and Mr. Moore, in part, as The follows; $ Lewis has been active in the affairs of the York Trust Co. for more Net gold coin and bullion. having been elected teller Aug. 19, 1894, and serving in that capacity until November 1, 1899, when he became Treasurer. In August, 1910, he was elected a Director, being one of the oldest Directors Net silver coin and bullion in years Net Fed. Res. bank notes. than forty-two years, of service. Vice-President President. Charles In January, 1911, he became Vice-President, serving as and Treasurer until March, 1917, H. President and a he was elected 1,1937 I 446,245.853 3,418,653 436,417,326 2,704.566 409,038,517 2,840,293 Net National bank notes. 833.745 Net Federal Reserve notes 14,889,858 258,946 7.263,299 7,297,831 606,816 15.038.980 208,240 6.230,799 7,286.797 13,755,310 565,578 5,202,106 6,457,577 Net United States notes.. Net subsidiary silver Minor coin, Ac the newly-elected President, has been identified with Moore, Trust Officer number of years of a of the company he served as He has served as Vice- since 1929, previous to which Vice-President and Treasurer. meeting of the directors of the Miners National Bank Aug. 4, N. J. Beisel, formerly Executive Vice-President of the institution, was elected President to succeed the late Colonel James Archbald, it is learned from Pottsville, Pa., on Pottsville advices printed in 7. Mr. would Aug. 1 ,1937 S 1,056,215,603 1,250,329,931 1.583,626,713 1,714,186,143 Total cash In TreasuryLess gold reserve fund 467.026 434,846,105 2,032,709 591,671 14,285.830 257,048 5,633,665 7,028,891 Cash balance In Treas.. 1.536,423,688 1,718,723,455 2,021,953,120 ♦2178862,062 156,039,431 156.039,431 156,039,431 156.039,431 1.380.384.257 1.562.684.024 1.865,913,689 2,022.822.631 Dep. in spec'l depositories account Treas'y bonds, Treasury notes and cer¬ • tificates of Indebtedness At July 1, 1937 $ ... the York Trust Co. in various capacities since 1905. for when June Beisel's "Money & Commerce" of Aug. Vice-President, it was stated, later meeting. successor be named at a as 317.931,000 Dep. In Fed. Res. banks-Dep. In National banks— 131,641.764 192,119.000 111.304,127 12,315.231 32,829,146 1,884,406 2,933,043 13,228,804 31,751,502 1,962,484 2,761,559 To credit Treas. U. S To credit dlsb. officers. Cash in Philippine Islands Deposits In foreign depta. Net cash In 649,462,000 141,337.926 500,915,000 247.092,155 19,114,610 12,397,045 30,695,986 1,964,788 2,837,021 29,202.614 . 1,657,514 2,605.799 Treasury and In banks Deduct current 'labilities. 1.879,918.847 1,915,811,500 2,709,294,152 2,818,724,626 162,264,140 155,820,254 179,820,241 178,406,033 1,701.512.814 1.753.547.360 2.553.473.898 2,638,904,385 J. E. Garber, heretofore Vice-President, Assistant Cashier and Secretary of the First National Bank of Loysville, Pa., * Includes on Aug. 1 $390,245,613 silver bullion not Included In statement "Stock of Money." and $3,556,371 minor, Ac., coin Financial Volume 145 ComparativefFiguresrof Condition of Canadian k Banks of the Canadian 30, 1937, with the figures for May 31, 1937, In*the following we compare the condition banks for June and June 30, 1936: STATEMENT OF CONDITION OF THE BANKS OF THE*f)OMINION OF CANADA shares changing hands at 4% to 5. Thisjwas due in part the announcement of the sale of E. L. Cord's holdings June June 30,1936 30, 1937 May 31, 1937 S Current gold and subsidiary coin— i 4,930,518 4,582,704 ...... Total. 5,108,825 4,826,999 5,309,562 11,395,440 9,513,222 In Canada...... Elsewhere i 9,995,824 16,705,002 43,418,059 189,835,053 0,309,229 22,055,059 137,057,440 43,685,170 190,604,549 7,563,240 20,180,229 106,170,497 34.934,408 189,463,016 8,110,906 25,061,442 129,713,230 day were 201,000 shares, off slightly from Friday's turnover. Notes of Bank of Canada ....... Deposits with Bank of Canada Notes of other banks United States & other foreign currencies . Cheques on other banks Loans to other banks In Canada, secured. Including bills redlscounted Deposits with made and balance due 4,433,479 4,850,781 3,733,100 22,599,920 24,109,707 25,538,964 89,909,340 from other banks In Canada 87,867,025 67,615,122 Due from banks and banking correspond¬ ents In the United Kingdom.. Due from banks and banking correspond¬ ents elsewhere than In Canada and the United Kingdom Dominion Government and Provincial 1,130,723,189 1,131,995,947 1,084,144,988 Government securities Canadian municipal securities and Brlt- lsh, foreign and colonial public securi- ► " 180,437,247 124,799,059 182,377,283 123,612,910 173,894,819 110,117,918 Other current loans & dlso'ts in Canada. 110,120,870 70,484,840 728,290,407 64,422,u09 657,429,289 P» Elsewhere. 158,001,750 116,950,529 76,979,435 727,880,132 160,544,766 17,040^928 15,649,880 16*,2*35*660 107,532,972 108,864,005 103,786,022 11,793,125 8,074,538 4,238,171 12,182,634 8,649,331 4,230,696 13,494,887 8,872,566 4,632,758 74,602,851 74,786,567 75,410,341 72,765,631 73,889,086 62,165,272 7,137,377 7,061,990 7,057,299 11,253" 925 11,408*599 9*,355*647 2,214,536 2,137,479 2,136,318 ties other than Canadian Hallway and other bonds, debs. & stocks Call and short (not exceeding 30 days) loans In Canada on stocks, deben¬ tures, bonds and other securities of a sufficient marketable value to cover Elsewhere than In Canada 90,917,719 150,026,473 Loans to the Government of Canada Loans to Provincial governments Loans to cities, towns, municipalities and school districts Non-current loans, estimated loss pro- P vlded for.. Real estate other than bank premises Mortgages Bank bank.. on real estate sold by premises at not than cost more ► less amounts (If any) written off Liabilities of customers under letters of credit as steady but generally unchanged and only were apparent in the public utility stocks. Among the changes on the side of the advance were Aluminum Co. of America, 2% points to 154; Montgomery Ward A., 1% points to 145; Royal Typewriter, 2% points to 94%, and Thew Shovel, 2 points to 61. were minor movements generally irregular on Tuesday and evenly balanced. Selected in¬ public utilities moved to higher levels and Brown Co. pref. again reached its 1937 high at 85, but following the publication of the plan of reorganization slipped back to 82 with a loss of 3 points. Metal stocks were firm, Bunker Hill-Sullivan breaking into new high ground at 30%, and Carrier Corp. reached a new top at 62%. Other gains included Alabama Power pref. (7), 3% points to 76; Bell Telephone of Pa., 5 points to 121; Sherwin-Williams, 1% points to 134%; Tenn. Electric Power 1st pref., 2% points to 68%; American Airlines, 1% points to 24% and General Tire & Rubber A, pref., 1% points to 99. Price fluctuations Dominion notes per contra Deposit with the Minister of Flnanoe P for the security of note circulation Deposit In the central gold reserves Shares of and loans to controlled cos Other assets not included under the fore¬ going heads to in the corporation. Fractional improvement was apparent in the mining and metal stocks and some of the chain store shares registered moderate advances. The transfers for the Oil stocks Assets 1041 Chronicle were losses and gains were about dustrials and some registered all along the line on Wednes¬ few issues were able to hold their gains and in some instances add a point or more these were in the minority. Carrier Corp. continued to advance and raised its top to a new high level at 63, due in a large measure to the rapidly increasing volume of business the air conditioning industry is receiving. Public utilities moved within a narrow range but mining and metal shares displayed little change either way. Oil stocks were moderately active, Gulf Oil Corp. moving up 1% points to 59, and smaller gains were registered by Creole Petroleum, Lion Oil, and International Petroleum. Advances also recorded by Aluminium, Ltd., Lower prices day, and while were a point to 111 and 3% points to 121. Ohio Power pref., 1 Pittsburgh Plate Glass, 1% points to 122. Industrial specialties and oil stocks were in demand on Thursday and while the gains were not particularly note¬ worthy there were a number of stocks in these groups that registered advances of a point or more. Creole Petroleum moved ahead 1% points to 38%, Carrier Corp. advanced points to 65, and Elgin National Watch climbed upward 3% points to 37. Mining & Metal issues were represented on the side of the advance by New Jersey Zinc which forged ahead 1% points to 83%. Newmont Mining improved 1% points to 109% and Lynch Corporation 1% points to 50%. Public utilities were generally firm though the changes were extremely small. The transfers were 170,970 shares against 139,560 on Wednesday. 2 3,358,508,958 3,334,228,395 3,134,974,694 Total assets.. IAdbUUies Notes in circulation 123,245,784 112,992,378 110,177,504 48,618,689 53,563,584 40,113,035 47,575*616 45,455*485 40*.2*44*252 699,566,400 621,702,828 Balance due to Dominion Govt, after de¬ ducting adv. for credits, pay-lists, <tc_ Advances under the Finance Act Balance due to Provincial governments. Deposits by the publlo, payable on de¥ mand In Canada 713,177,394 Deposits by the public, payable after fixed day In Canada.._ 1,569,815,485 Deposits elsewhere other than In Canada 425,279,262 notice or Loans ,573,466,165 1,504,792,542 389,256,139 420,124,173 on a from other banks In Canada, secured. Including bills redlscounted.. Deposits made by and balances due to other banks In Canada Due to banks and ► W Msewbere than Canada In and P United Kingdom Bills payable Acceptances and letters of credit ... or reserve 15,437,036 11,648,240 42,931,567 906,575 35,050,042 545,744 32,858,378 1,012,563 72,765,631 2,900,556 809,387 133,750,000 145,500,000 73,889,086 2,785,979 2,949,208 62,165,272 2,637,713 133,750,000 145,500,000 132,750,000 145,500,000 out- Liabilities not lncl. under foregoing heads Dividends declared and unpaid Capital paid 11,665,189 the ... ► standing Rest 15,692,592 17,281,613 12,212,823 ..... banking correspond- > ents In the United Kingdom fund up Total liabilities 792,661 3,346,516,419 3,323,925,645 3,124,412,050 Note— Owing to the omission of the cents in the official reports, the footings in the above do not exactly agree THE Curb market with the totals given. CURB trading was EXCHANGE fairly active during the fore part number of the popular trading stocks on Friday. As the day progressed the improvement extended to other parts of the list and fairly large groups closed on the side of the advance. Public utilities were in good demand, and the specialties and Mining & Metal issues attracted some buying. Oil shares were also active at higher prices. Outstanding among the advances were Aluminum Co. of America 3% points to 159%, Carrier Corp. 2 points to 67, Nebraska Power pref. (7) 3 points to 106, Utility Power & Light pref., 2 points to 21, and American Cyanamid B 1% points to 37. As compared with Friday of last week prices were generally higher, Aluminum Co. of America closing last night at 159% against 151% on Friday a week ago, American Cyanamid B at 37 against 34%, Carrier Corporation at 67 against 61, Com¬ monwealth Edison at 120% against 118%, Creole Petroleum at 38% against 36%, Gulf Oil Corp. at 60 against 57%, Humble Oil at 84 against 83, New Jersey Zinc at 84 against 81% and Sherwin-Williams at 134% against 132. Initial prices were of the week and industrials, movement substantia^ gains were registered among the mining~shares and "specialties, but the buying was not maintained'and the advance, centering around Mining and metal shares attracted moderate a on the side some attention and there a CURB EXCHANGE TRANSACTIONS AT THE NEW YORK (Number Foreign Foreign Week Ended 0/ Aug. 13, 1937 o Shares) few "selected stocks. speculative interest apparent among themore active of the oil stocks, but the public utilities showed little activity until Wednesday when prices in this group moved briskly upward. The daily volume of transfers has been comparatively light, the turnover on Saturday dropping to approximately 68,000 shares, the lowest since June 15. Trading was dull and many usually active stocks lagged behind during the brief session on Saturday, due largely to the absence of many prominent traders who were away on week-end vacations. Mining and metal shares attracted the most attention though the dealings were generally confined to a few selected stocks. Hudson Bay developed a fair amount of buying and advanced 1% points to 34, and Newmont Mining moved up 1% points to 109%. Other gains in this group were generally in small fractions. In the specialties group Brown Co. 6% pref. was the strong stock and closed with a gain of 1 % points at 83%. Bower Roller Bearing was moderately active and climbed up 1% points to 33%. The outstanding feature of the trading on Monday was the large volume of transfers in Cord Corp., more than 26,000 was DAILY the week advanced as prices turned irregular with most of the activity, of of somewhat firmer Domestic Government Total Corporate 68,005 $422,000 $12,000 $8,000 $442,000 199,880 1,017,000 834,000 25,000 25,000 18,000 38,000 1,060,000 897,000 138,460 170,370 262,340 1,031,000 1,017,000 17,000 17,000 26,000 23,000 22,000 1,278,000 18,000 1,065,000 1,065,000 1,319,000 1,004,750 $5,599,000 $128,000 $121,000 $5,848,000 Saturday Monday .... Tuesday 165,695 Wednesday.. Thursday Friday Total Week Ended Aug. 13 Sales at New York Curb 1937 Exchange 1936 Jan. 1 to Aug. 13 1937 1936 1.004,750 1,572,319 72,960.957 $5,599,000 $11,944,000 $284,848,000 128,000 204,000 121,000 296,000 8,596,000 7,047,000 $545,145,000 11,903,000 8,548,000 $5,848,000 Stocks—No. of shares. 86,577,141 $12,444,000 $300,491,000 $565,596,000 Bonds Domestic government.. Foreign corporate Foreign Total.. FOREIGN EXCHANGE RATES requirements of Section 522 of the Tariff Bank is now certifying daily to the Secretary of the Treasury the buying rate for cable transfers in the different countries of the world. We give below a record for the week just passed: Pursuant to the Act of 1930, the Federal Reserve 1042 Financial Chronicle Aug. Quotations:. | Per Fine Equivalent Value of £ Sterling Ounce Bankers, manufacturers, merchants and July 22 July 23 July 24 July 26 July 27 July 28 Average others interested in trade abroad will find it advanta¬ geous to use our world-wide banking facilities. 139s. "i. 139s 140s. 139s. 139s. 139s. - 1937 14 12s. 2.lid. 12s. 1.81d. 6^d. 10a. 034d. 12s. 1.59d. 9d. 12s. 1.90d. 6^d. 12s. 2.lid. 9d. 12s. 1.90d. 139s. 8.92d. 12s. 1.90d. A MANUFACTURERS TRUST PRINCIPAL OFFICE 55 BROAD AND report from Washington indicated that the inactive gold fund on July 20 for the first time declined by $41,800,000 to $1,170,822,000. This decline was at first attributed to the effect of the sale of gold to China COMPANY FOREIGN DEPARTMENT: doubt upon nature and to Member Federal Reserve System Member New York Clearing House Association Member Federal Deposit Insurance Corporation FOREIGN EXCHANGE RATES CERTIFIED BY BANKS TO TREASURY UNDER TARIFF AUG. 7, 1937, TO AUG. 13, 1937, FEDERAL ACT OF RESERVE 1930 INCLUSIVE Noon Buying Rate for Cable Transfers in New York Value in United States Money Country and Monetary under the recent agreement. Later views appear to cast whether the whole decline results from an operation of this suggest that some part of the reduction may represent gold released under the tripartite agreement against dollars acquired by certain control funds in the course of stemming the depreciation of the dollar vis-a-vis their own particular currencies. Since to the amount of the actual decline must presumably De added an amount of gold received from Japan, it is probable that in actual fact gold has gone out in both of these ways, but no figures are available to indicate definitely the respective amounts. Outstanding features of the United Kingdom imports and exports of gold published below are the import of £6,128,350 from France and of £1,689,058 from Russia, the net import for the period being £12,453,533. The following were the United Kingdom imports and exports of gold, registered from mid-day on the 19th inst. to mid-day on the 26th inst.: against silver STREET, NEW YORK Unit Imports Aug. 7 Aug. 9 Aug. 10 Aug. 11 Aug. 12 Aug. 13 Exports British South Africa £4,422,791 177,629 British West Africa Europe— $ Austria, schilling Belgium, belga Bulgaria, lev $ $ $ $ Tanganyika Territory $ .188428* .188514* .188485* .188542* .188542* .188528* .168350 .168317 .168323 .168307 .168326 Australia .012825* .012825* 9,452 British India .168350 .012825* .012825* .012825* .012825* .034851 .034870 .034872 .034866 .034873 .034864 .222690 .222607 .222458 .222373 .222404 .222487 Trinidad & Tobago. France .983166 -.983375 .985458 Soviet Union Finland, markka France, franc.. .021937 .021956 .021950 .021943 .021956 .021956 Belgium .037554 .037549 .037532 .037506 595,632 112,104 19,197 25,502 6,128,350 1,689,058 22,743 721,875 34,047 New Zealand. Czechoslo'kia, koruna Denmark, krone England, pound sterl'g Germany, relcksmark Greece, drachma Holland, guilder Hungary, pengo .991125 .987041 .984208 .037520 China .402303 .402296 .402246 .402217 .402203 .402165 Other countries .009115* .009120* .009121* .009118* .009114* .009120* .551507 .551507 .551267 .551321 .551328 .551325 .037507 .197725* .197600* .197725* .197725* .197725* Italy, lira .197725* .052602 .052604 .052603 .052604 .052604 Norway, krone Poland, zloty Portugal, escudo Rumania, leu .052602 .250727 .250584 .250408 .250326 .189140 .189050 .189037 .189075 .189050 .189025 .045060* .045093* .045075* .045066* .045057* .045083* .007239* .007253* .007285* .007253* .007282* .053250* .060900* .066928* .066500* .067285* .257270 .257119 .256945 .256838 .256870 .256962 .229733 .229658 .229662 .229653 .229644 .229617 .023050* .023080* .023083* .023083* .023083* .023100* Chefoo (yuan) dol'r .294166 .294375 .294270 .294270 .293895 Hankow(yuan) dol'r .294625 .294333 .294541 .294437 .294437 Shanghai (yuan) dol .294062 .294791 .294333 .294541 .294437 .294437 Tientsin (yuan) dol'r Hongkong, dollar.. .294062 .294791 .294333 .294541 .294437 .294437 £13,958,380 .007282* .051750* Spain, peseta Sweden, krona Switzerland, franc... Yugoslavia, dinar United States of America. £1,241,090 Finland 48,443 Yugoslavia 198,316 France 5,238 Other countries 11,760 Asia— .250341 .250441 £1,504,847 ' The SS. Carthage which sailed from Bombay on the 24th inst. carries gold to the value of about £208.000. The Southern Rhodesian gold output for May, 1937, amounted to 68,448 fine ounces as compared with 68,059 fine ounces for April, 1937, and 68,331 fine ounces for May, 1936. SILVER Some revival of Indian demand manifested itself early in the period China—1 offerings being small, imparted an upward tendency. Aided by the sharp appreciation of the dollar, quotations reached 20d. for both deliveries on Saturday and, although the dollar reacted on Monday, silver prices on that day advanced further to 20 l-16d. for cash and 20J4d. for forward. At this higher level the market appeared overstrained and in face of China and Continental sales and speculative resales prices reacted yesterday deliveries, at which they remain unchanged today. With the dollar-sterling exchange at its present level, there would appear to 20d. for both .294791 .308531 .308968 .309484 .309765 .376450 .376318 .376069 .376119 .376209 .290335 Singapore (S, S.) dol'r .294062 .307781 .376300 India, rupee Japan, yen .290460 .290453 .290340 .290432 .290475 .585000 .584750 tions .584187 .584187 .584750 responds to even a moderate revival of demand. The following were the United Kingdom imports and exports of silver registered from mid-day on the 19th inst. to mid-day on the 26th inst.: .308281 .584125 Australasia— Australia, pound New Zealand, pound. to be little likelihood of any sustained improvement in prices, but sellers would probably once again show reluctance at lower levels. The fluctua¬ of the past week have served to illustrate how readily the market 974583* 3.972604* 3.970468* 3.970104* 3.970312*3.972250* 008020* Africa— 4.005000*|4.003541* 4.002708* 4.002916* 4.003854* South Africa, pound._ 4.944375* 4.941041* 4.939062* 4.933482* 4.935625* 4.941375* North America— Canada, dollar .999927 . .999879 .999867 .999831 .999783 .999687 Imports Exports Japan. Belgium. Germany £55,514 14,488 12,297 3,905 British India. £17,500 9,699 26,877 23,345 13,900 13,125 11,212 7,077 7,210 7,229 Northern Rodesia Southern Rhodesia Cuba, peso Mexico, peso .999166 .999166 .999166 .999166 .999166 .999166 .277500 .277500 .277500 Newfoundland, dollar .277500 .277500 .277500 .997455 .997410 .997410 .997291 .997187 .997187 .331983* .332133* .332200* France Italy South America— Argentina, unde? review and, Other countries. N yasaland Protectorate. Aden & Dependencies. Arabia _ __ Canada peso .332440* .332333* .332180* (official) mllrels (Free) mllrels.. Chile, peso .087321* .087322* .087322* .087322* .087305* .087322* .066700 .066712 .066587 .066500 .066150 .065787 .051700* .051700* Colombia, peso.. Uruguay, peso... .051700* .051700* .051700* .051700* .569905* .569905* .569905* .569905* .569905* .569905* .792833* .792833* .794166* .794166* .794166* .794166* Brazil Other countries IN Aug. 7 British Amer Tobacco. . Al 124/6 8/6 267/6 Co.Ill 78 /lH 262/6 54/3 £193^ 111/23/3 29/3 6/- 54/3 De Beers £20 Distillers Co Electric & Musical Tues., Aug. 10 80?" Crown Mines Ind" Finance of Australia. Hudson Bay Min & Sm IMP S Lake View South Gold Holiday Fr Est Gold Rand Mines Roan Cop'M. Royal Dutch Co Shell Transport Kalgurli Gold M... ... So Sub Nigel Mines 76/10 265/55/3 455/76/3 81/3 18/50 /7H £7X 77/6 £A7% £5% ... Areas the 81/9 18/- 17/6 w £473I6 £4734 £5«932 20d. July 27- £5^32 8/8/203/9 205/205?" 70/6 72/3 71/9 42/9 42/9 42/9 170/170/167/6 32/9 33/33/31/10 >4 31/10X 20^d. 45 45 45 45 45 - cents cents cents cents cents 45 cents - 19.979d. BANK CLEARINGS same week in 1936. ended At this center there is Friday of 2.0%. a loss for the Our comparative summary for the week follows: Clearings—Returns by Telegraph Week Ending Aug. 14 £734" 73/9 £47 H £51*32 New York Per 1937 1936 Cent $2,450, 664,270 274, 111,053 $2,501 422,528 252 126,714 Philadelphia., 286, 000,000 279 000,000 + 2.5 Boston 166, 401,000 174 152,000 83 865,552 —4.5 Chicago 72/6 42/9 Kansas City.. 88, 863,211 St. Louis —2.0 + 8.7 + 6.0 £9716 £8H £8 J* £9H £3% 73 200,000 —0.4 119 323,000 121 840,000 —2.1 115, 038,914 107 828,173 + 6.7 Detroit 165/33/- 72, 900,000 San Francisco. Pittsburgh 88, 636,370 Cleveland 33/3" 32/6 35/9" 154/6 82/- £475|V 20d. 20d. clearings this week will show an increase compared with a year ago. Preliminary figures compiled by us, based upon telegraphic advices from the chief cities of the country, indicate that for the week ended today (Saturday, Aug. 14) bank clearings from all cities of the United States from which it is possible to obtain wdekly returns will be 0.2% above those for the corresponding week last year. Our preliminary total stands at $5,570,998,131, against $5,559,949,057 for week 19/3 82/18/3 50/- £5% .... United Molasses West Rand Consol M.. West Wltwatersrand 36/6 July July July July Bank 178/9 155/155/- YORK NEW 21 22 23 24 July 26 COURSE OF 55/3" 5/36/6 153/9 149/4H 3/r IN (Per Ounce .999 Fine) 19 13-16d. 19 15-16d. The highest rate of exchange on New York recorded during the period from the 22d to the 28th July was $4.98K and the lowest $4.96%, ~8?3~ £1934 17/9 51/3 72/3 43/- Unilever Ltd Corp < 111/22/6 29/6/3/- 80/3" 207/6" Triplex Safety Glass Union Aug. 13 125/8/3 £1934 £7H Antelope Aug. 12 125/8/445/77/6 262/6 55/- 111/22/6 29/3 6/- Mines of Kalgoorlle. Palmietkull Gold M.__ Aug. 11 £19^ 2/- 36/153/9 153/9 Imp Tob of G B «fc I.. Rand Fri., 110/9 22/3 29/6/2/177/6 165/- (E) Geduld Prop Mines..! Gold Exploration <fc Box Thurs., 36/6 153/9 154 /4X 111/3 23/6 29/3 6/3 2/3 Ford Ltd Metal Wed., 170?" II Gaumont Pictures ordl Gaumont Pictures A. Geduld Aug. 9 125/8/3 Canadian Marconi. Central Min & Invest" Cons Goldfields of S Courtaulds S & Mon., July 22...19 13-16d July 23 19T^d. July 24 20d. July 26...20 l-16d. July 27___20d. July 28 20d. Average... 19.958d. — by cable day of the past week: Sat., LONDON -Bar Silver per Oz. Std.Cash 2 Mos. LONDON STOCK EXCHANGE Quotations of representative stocks as received each £137,174 Quotations during the week: ♦Nominal rates; firm rates not available. THE .... £86,204 81 330,352 83 500,625 72 284,184 + 12.5 + 6.2 We ENGLISH reprint Samuel the GOLD AND SILVER Baltimore MARKETS following from the weekly circular of Montagu & Co. of London, written under date of July 28, 1937: 54 ,296,889 54 367,051 —0.1 New Orleans.. THE 33 ,735,000 29 ,513,000 + 14.3 $3,831,300,059 727,865,050 $3,833,099,827 720,769,420 —O.l $4,559,165,109 1,011,833,022 $4,553,869,247 1,006,079,810 + 0.6 $5,570,998,131 $5,559,949,057 +0.2 Twelve cities, five days. Other cities, five days Total all cities, five days. All cities, one day + 1.0 + 0.1 GOLD The Bank 406,625 on of England gold reserve against notes amounted to £326," the 21st inst., showing no change as compared with the previous Wednesday. The market has passed through another quiet week during which a total of £1,230,000 has been dealt in at the daily fixing at prices which, except on Friday when there was a 2d premium, have represented parity with the current dollar rates. Demand has to some extent, it is thought, represented the replacement of m etal previously dishoarded. A mom entary hardening of the dollar led to the quotation of 140.0^ on Saturday but quotations have since once again slipped away: Total all cities for week Complete and exact details for the week covered by the foregoing will appear in our issue of next week. We cannot furnish them today, inasmuch as the week ends today (Saturday) and the Saturday figures will not be available until noon today. Accordingly, in the above the last day of the week in all cases has to be estimated. Financial Chronicle Volume 145 1043 In the elaborate detailed statement, however, which we able to give final and complete for the week previous—the week ended Aug. 7. For that week there was an increase of 15.7%, the aggregate of clearings for the whole country having amounted to $6,081,482,244, against $5,254,176,100 in the same week in 1936. Outside of this city there was an increase of 12.2%, the bank clearings at this center having recorded a gain of 18.6%. We group the cities according to the Federal Re¬ present further below, we are results serve districts in which appears they are located, and from this it that in the New York Reserve District (including Week Ended Aug. 7 Clearings aiInc. or 1937 s Seventh Feder alReserve D istrict—Chi cago— —1.6 427,927 423,046 Detroit Chicago 119,639,021 3,534,963 1,744,715 1,134,956 17,889,000 1,679,341 4,728,112 21,025,265 1,233,892 8,339,851 3,406,403 373,458 329,739,846 | Decatur 901,969 Peoria 3,846,079 Rockford 1,562,398 1,617,545 104,448,943 3,177,361 1,531,450 1,194,729 17,920,000 1,146,808 4,771,961 20,285,317 1,237,319 8,668,879 3,879,338 486,838 299,181,405 891,521 4,418,219 982,344 1,353,999 522,819,860 Rapids. Lansing Ind.—Ft. Wayne Indianapolis... South Bend... Terre Haute... Iowa—Ced. Rap. is 111.—Bloomlngton expansion of 21.3%, in the Richmond Reserve District 15.0% and in the Atlanta Reserve District of 18.9%. The Chicago Reserve District registers an increase of 9.8% and the St. Louis Reserve District of 14.4%, but the St. Louis Reserve District records a decrease of 2.1%. In the Kansas City Reserve District the totals are larger by 8.2%, in the Dallas Reserve District by 16.8%, and in the San Francisco Reserve District by 14.2%. In the following we furnish a summary by Federal Reserve an districts: Wis.—Milwaukee Des Moines Sioux City Springfield Total (18 cities) Eighth Federa 1 Reserve Dis trict—St. Lo 81,000,000 91,700,000 27,004,168 32,190,176 Mo.—St. Louis.. Ky.—Louisville. Tenn.—Memphis 14,965,228 1934 —23.3 316,213 +10.2 +1.2 +59.0 +19.5 231,314,203 583,346 2,636,323 772,661 1,117,904 331,798 59,210.449 1,674,225 985,285 526,004 11,052,000 641,004 3,369,796 12,391,247 651,311 4,487,009 2,867,421 534,274 212,627,011 636,566 2,131,025 564,012 994,148 +9.8 353,003,000 316,674,585 69,900,000 22,158,650 10,673,482 57,000,000 19,592,817 10,174,089 +14.5 +11.3 +13.9 476,004,358 Grand 1935 % Mich .-Ann Arbor this city) the totals show a gain of 18.2%, in the Boston Reserve District of 3.6% and in the Philadelphia ^Reserve District of 16.2%. In the Cleveland Reserve District there of Dec. 1936 13,341,417 —5.0 —0.2 350,165 67,410,662 2,141,788 944,900 680,122 12,676,000 +46.4 737,063 —0.9 3,582,213 16,015,394 +3.6 —0.3 888,871 —3.8 8,163,401 2,771,771 —12.2 —12.9 uis— +13.2 +19.2 +12.2 111—Jacksonville. SUMMARY OF BANK CLEARINGS 680,000 641,000 +6.1 428,000 449,000 139,535,404 121,986,585 + 14.4 103,160,132 87,215,906 Reserve DIs trict—Minn Qulncy eapolls +31.4 2,890,706 52,380,444 17,793,543 1,651,171 571,136 lnc.ot Week Ended Aug. 7, 1937 1937 Federal Reserve Dlsts. 1st Boston .12 cities 2nd 1936 $ S 252,287,762 New York. 13 " 3,552,030,780 3rd Phlladel phla 10 4th Cleveland.. 5 " 399,128,080 " 329,860,260 6th 1935 Dec. % S 182,680,023 3,147,049,974 289,454,213 2,516,621,528 242,778,732 198,860,335 167,165,826 +21.3 123,894,487 + 150 272,018,803 6th " 144,121,536 121,225,325 7th Chicago ...18 " 522,819,860 476,004,358 " 142,498,691 101,157,038 Total (4 cities). S 209,318,565 +3.6 3,004,641,218 +18.2 343,604,508 + 16.2 243,558,305 Richmond .6 Atlanta 10 1934 79,839,341 + 18.9 101,528,761 90,596,875 353,003,000 316,674,585 103,160,132 87,215,906 Ninth Federal Minn.—Duluth. —1.9 2,560,174 57,342,038 20,908,405 1,848,529 2,733,269 +25.3 +11.8 +1.9 577,174 2,481,570 415,590 450,421 1,929,850 110,513,091 —2.1 86,289,026 77,511,725 1,712,209 26,182,683 1,628,356 2,354,974 72,351,000 2,924,642 4,246,994 71,159,265 26,189,528 2,204,594 775,381 811,443 2,78 ,431 3,231,671 73,677,282 27,242,193 2,283,951 (7cities). 108,209,636 trict—Kans 100,463 183,029 . Minneapolis St. Paul N. D.—Fargo... S. D.—Aberdeen. 4 " 139,525,404 + 9.8 121,986,585 + 14.4 Minneapolis 7 10th KansasClty 10 11th Dallas 6 " 108,209,636 110,513,091 —21 83,289,026 77,511,725 " 165,459,703 152,877,358 108,321,142 62,801,933 63,789,351 44,955,222 37,353,067 12th San " 262,728,599 230,064,711 +8.2 +16.8 +14.2 135,324,737 " 192,216,552 169,603,314 6,081,482,244 5,254,176,100 +15.7 4,962,317,555 4,076,362,064 Tenth Federal Reserve Dis 2,647,252,426 2,359,680,392 + 12.2 1,910,111,446 1,644,875,737 Neb.—Fremont.. 140,761 618,723 726,002 —3.4 —3.9 8th St. Louis.. 9th Fran_.ll Total 112 cities Outside N. Y. City Canada. 32 cities Mont.—Billings - Helena Total 374.733,069 —0.3 375,680,474 343,833,522 270,684,687 We now add our detailed statement showing last week's figures for each city separately for the four years: Omaha — Kan.—Topeka Inc. 1936 ._ Wichita Federal Reserve Dist rict—Boston Me.—Bangor 709,198 2,278,618 215,273,905 673,555 386,842 612,355 3,098,228 2,155,169 724,492 2,166,978 209,974,545 604,709 297,665 —2.1 4,282,292 9,772,500 -T-13.3 1-28.5 + 11.7 + 1.6 + 12.3 488,608 +3.7 Total (12 cities) 252,287,762 243,558.305 Second Feder al Reserve D (strict—New 1-3.6 434,927 1,481,729 160,007,564 558,566 212,709 495,532 2,158,656 963,909 6,345,081 2,484,188 7,178,000 358,362 York- Fall River Lowell New Bedford.. Springfield.... Worcester Conn.—Hartford New Haven R. I.—Providence N.H.—Manches'r 11,267,774 4,350,649 10,974,900 506,569 742,829 2,735,245 1,677,345 10,091,097 N. Y.—Albany.. 7,463,640 6,685,203 Blnghamton 1,749,767 1,758,935 Buffalo. 35,800,000 32,300,000 Elmira 693,850 635,556 Jamestown.... 704,956 546,683 New York 3,434,229,818 2,894,495,708 Rochester. 7,668,022 8,188,979 Syracuse 4,540,329 3,708,240 Westchester Co 3,086,560 2,515,699 Conn.—Stamford 4,426,026 3,735,470 N. J.—Montclatr 571,633 534,815 Newark 21,003,380 19,107,018 Northern N. J. 30,092,799 30,428,912 +5.2 +2.5 + 11.4 +30.0 —17.6 209,318,565 182,680,023 + 11.6 8,888,320 —0.5 865,341 13,187,189 825,665 23,201,329 383,120 Bethlehem Chester Lancaster Philadelphia Reading.. Scranton Wilkes-Barre.. York N. J.—Trenton.. 698,946 788,526 369,233 1,373,376 379,000,000 2,207,297 2,460,990 1,331,955 2,250,757 8,647,000 +10.8 24,200,000 +9.2 483,890 +29.0 481,430 469,676 +18.6 3,052,206,109 2,431,486,327 —6.4 5,435,925 4,824,091 +22.4 3,056,669 2,784.062 +22.7 2,035,238 1,769,399 + 18.5 3,341,610 2.407,287 +6.9 313,932 240,627 +9.9 13,486,796 13,325,786 —1.1 32,254,714 21,716,970 671,319 +4.1 *280,000 1-181.6 316,606 +16.6 1,179,890 +16.4 331,000,000 + 14.5 1,459,663 +51.2 2,374,864 +3.6 —9.5 1,471,690 1,959,476 +14.9 2,891,000 +199.1 Total (10 cities) Fourth 375,065 260,171 240,169 923,467 279,000,000 976,173 343,604,508 2,011,179 909,626 963,363 3,795,000 199,730 831,104 235,000,000 798,362 1,817,414 844,898 937,497 2,076,000 +16.2 SS,467,598 95,780,103 Cleveland Columbus 10,630,700 Mansfield 1,896,164 242,778,732 +14.9 +24.0 —9.7 +55.2 40,016,909 57,698,258 9,522,600 1,139,763 31,750,956 49,964,141 8,762,800 919,301 . Wichita Falls.. 828,952 La.—Shreveport. 3,380,958 cities). 62,801,933 53,789,351 Ft. Worth Galveston Total (6 Twelfth Feder al Reserve D istrict—San Ore.—Portland.. Utah—S. L. City Calif.—L'g Beach Pasadena Francisco . San Jose Santa Barbara. Stockton Total (11 Grand cities) (112 Fifth Federal W.Va.—Hunt'ton 162,085,695 130,031,611 +24.7 90,482,805 75,768,628 329.860,260 272,018,803 +21.3 198,860,335 167,165,826 Richmond Reserve Dist rict—Richm ond— ; _ S. C.—Charleston Md.—Baltimore . D.C.—Washlng'n 416,850 273,984 2,692,000 Va.—Norfolk 2,487,000 29,803,084 973,301 69,306,317 21,050,801 36,323,836 1,186,910 78,141,212 23,737,883 Total (6 cities). 142,498,691 123,894,487 Sixth Federal Reserve Dist rict—Atlant Tenn.—Knoxvllle Nashville Ga.—Atlanta Augusta Macon Fla.—Jack'nville. Ala.—Blrm'ham. Mobile 3,838,397 15,762,447 51,500,000 1,064,036 899,220 16.012,000 3,419,135 12,939,474 44,000,000 1,038,175 17,720,595 1,832,073 14,700,989 1,363,028 +52.1 +8.2 +21.9 134,122 2,648,000 28,860,090 +21.9 +12.7 +12.8 *700,000 51,309,765 17,505,061 26,040,622 600,319 37,964,846 13,015,419 +15.0 101,157,038 79,839,341 2,024,794 10,168,889 32,700,000 l+12.3 +2.5 2,340,829 11,924,086 36,500,000 800,036 1,018,815 —11.7 *800,000 13,000,000 +23.2 +20.5 +34.4 11,663,000 13,900,162 1,034,741 +21.8 +17.0 149,135 2,069,000 879,989 699,092 9,889,000 12,348,654 945,012 188,739 35,304,029 144,779 29,600,930 +30.4 La.—NewOrleans +19.3 112,070 22,453.837 88,052 20,853,393 Total (10 cities) 144,121,536 121,225,325 +18.9 101,528.761 90,596,875 +42.8 +3.8 +26.2 +16.8 Francl 780,736 933,834 x 1,890,711 1,644,066 44,955,222 37,353,067 SCO— 21,292,782 7,251,030 +7.0 25,454,405 7,790,000 +18.7 585,871 639,971 +22.4 22,492,541 9,231,957 2,334,531 2,074,428 99,804,000 2,045,827 +7.3 22,656,683 11,789,157 3,285,738 2,698,822 112,687,305 2,500,346 1,164,026 1,604,199 +14.2 192,216,552 196,603,314 + 19.9 +11.4 +9.7 +23.9 +12.4 + 14.7 —10.6 926,734 1,509,543 6,081,482,244 5,254,176,100 +15.7 4,962,317,555 4,076,362,064 Outside New York 2,647,252,426 2,359,680,392 +12.2 1,910,111,446 1,644,875,737 Week Ended Aug. 5 Clearings aiInc. or 1937 1936 Montreal. —.- 116,030,765 137,100,471 Winnipeg.. 33,138,661 20,173,169 21,222,677 5,702,375 2,857,970 4,853,378 5,205,780 2,647,360 1,937,083 2,556,706 3,695,019 Quebec..; Halifax Hamilton Calgary Victoria Edmonton.—_. 3,360,701 361,217 Reglna Brandon 416,589 Lethbrldge Saskatoon— 1,244,654 Moose Jaw 573,029 1,031,086 769,200 731,712 243,278 564,100 781,805 959,725 3,100,627 397,447 826,112 615,428 367,381 396,703 870,861 Brantford Fort William New Westminster Medicine HatPeterborough Shrebrooke Kitchener... Windsor Prince Albert— Moncton Kingston Chatham Sarnla Total * Dec. 1935 1934 % Canada— Toronto." Sudbury Miss.—Jackson.. Vlcksburg 230,064,711 +62.0 -rll.5 +35.2 total cities) London Total (5 cities). 25,100,759 14,668,382 3,741,924 2,998,571 133,948,915 2,973,566 1,834,340 2,282,650 262,728,599 Spokane Yakima San 32,850,436 8,784,000 881,168 39.394,245 9,402,000 1,046,220 30,610,799 16,339,164 4,106,472 3,714,897 150,614,000 3,410,706 1,640,490 2,449,606 St. John Youngstown... Pa.—Pittsburgh 28,510,783 4,937,384 1,327,000 1,860,715 46,387,064 8,189,244 2,155,000 . Ottawa 51,772,202 77,220,844 11,772,100 1,222,046 985,727 34,231,900 5,706,148 1,360,000 540,642 474,258 District—Da lias— 1,148,498 41,596,295 6,058,603 1,509,000 798,956 2,677,999 . Dallas Vancouver—— 289,454,213 jc- Cincinnati 108,321,142 —5.4 273,727 Feder al Reserve D istrict—Clev eland- Ohio—Canton 399,128,080 135,324,737 Eleventh Fede ral Reserve Texas—Austin. Wash.—Seattle- Total (13 cities) 3,552,030,780 3,004,641,218 +18.2 3,147,049,974 2,516,621,528 Third Federal Reserve Dist rict—Philad elphia Pa.—Altoona +8.2 —2.4 +12.8 +0.6 +12.8 +13.5 _% 585,158 1,591,088 180,900,619 542,532 275,642 548,234 2,358,143 1,154,697 9,089,307 3,133,646 8,188,000 951,499 Portland.. Mass.—Boston.. 152,877,358 —1.0 1934 Total (10 cities) First —27.6 873,137 Pueblo 1935 102,710 171,672 2,334,676 28,865,109 2,420,441 3,548,657 93,190,920 3,408,913 743,248 538,391 116,536,553 3,952,016 St. Joseph or Dec. —14.1 165,459,703 Lincoln....... Colo.—Col. Spgs. 1937 98,568 53,810 3,546,868 33,719,631 2,915,639 3,898,029 103,267,157 3,481,841 923,035 841,666 181,214 3,046,671 32,909,529 3,289,416 3,921,063 Mo.—Kan. City. Week. Ended Aug. 7 Clearings at- City +40.1 as 609,343 Hastings (32 cities) Estimated, x 374,733,069 105,527,958 100,549,945 77,618,703 20,579,070 23,366,128 5,272,894 2,617,935 4,498,510 6,172,844 1,857,457 1,979,672 2,779,190 3,834,348 5,262,538 352,081 437,587 1,679,745 563,207 839,203 894,870 682,849 252,068 613,493 646,499 1,191,362 2,320,064 376.627 698,325 547.628 419,096 +10.0 +36.4 —57.3 —2.0 —9.2 +8.1 +9.2 +7.9 89,273,763 79,326,249 95,099,639 16,400,559 22,042,477 4,934,901 2,298,075 3,755,128 4,892,258 1,733,391 1,666,307 78,476,275 76,097,319 60,635,288 17,029,334 3,790,355 3,835,528 2,036,823 3,228,958 379,081 869,497 +4.6 +0.2 483,730 550,329 4,134,150 1,546,508 1,469,335 1,882,687 3,089,425 2,879,861 300,603 372,069 1,240,618 416,841 667,131 582,254 475,646 213,912 506,190 533,329 745/ 81 1,811,525 269,871 609,124 485,761 337,820 386,743 578,023 375,680,474 —0.3 343,833,522 270,664,687 Figures not available. —15.7 +42.5 —2.2 —8.0 —3.6 —36.1 +2.6 —4.8 —25.9 +1.7 +22.9 —14.0 +7.2 —3.5 —8.1 +20.9 —19.4 +33.6 +5.5 +18.3 +12.4 —12.3 2,304,852 3,389,863 4,722,480 291,684 538.645 1,601,940 655,525 773,548 700,786 500,736 256,468 532,222 597,832 924,121 1,712,063 355,471 626,756 556,898 334,826 Financial 1044 CHANGE CABLE ENGLISH FINANCIAL MARKET—PER daily closing quotations for securities, &c., at London, The Sat., Mon., Tues., Wed., Aug. 7 Aug. 9 Aug. 10 Aug. 11 British 19 15-16d. 19%d. 20d. 139s.4d. 74% Silver, per oz._ 20d. Gold, p. fine oz. 1398.5d. Consols, 2%% Holiday 74 11-16 Aug. 13 19%d. 19 15-16d. 139s.6d. 139s.5d. Fri., Thurs., Aug. 12 Holiday Holiday 110% 100 100 The price of silver 111 States on the 111 110% 110% (in cents) in the United ounce per days has been: same Bar N. Y. (for¬ eign) Close— 44% 44% 44% 44% 44% S. 50.00 50.00 50.00 50.00 50.00 50.00 77.57 77.57 77.57 77.57 77.57 77.57 U. Treasury U. 8. Treasury (newly mined) Reno, Reno, of Increase Neva., from DIVIDENDS grouped in two separate tables. In the first we bring together all the dividends announced the current week. Then we follow with a second table in which show the dividends previously announced, but Which we 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 Dividends British 4%— 1960-90 in $100,000 74% 74% 74% Amt. Bank July 30—First National $500,000 to $600,000 139s.5d. 139s.6d. 100% 100% 100% Brownsville, Texas, CAPITAL STOCK INCREASED COMMON 3%%— W. L OF TITLE Aug. 2—State National Bank of Brownsville, to "First National Bank at Brownsville." reported by cable, have been as follows the past week: as Aug. 14, 1937 Chronicle are Department" in the week when declared. this week are: News The dividends announced Per EXCHANGE THE BERLIN STOCK Name of Closing prices of representative stocks as received by cable each day of the past week: Aug. 9 Aug. Aug. 10 Aug. 7 11 Aug. 12 13 131 Allgemetne Elektrlzitaets-Gesellschaft 131 131 131 Berliner Handels-Gesellschalt (6%). Berliner Kraft u. Llcht (8%) 136 170 118 136 170 118 136 136 136 136 169 168 168 168 118 118 118 118 119 168 155 158 119 125 151 128 105 168 155 158 89 89 89 125 125 126 Commerz-und Privat-Bank A. G. (5%) Dessauer Gas (7%) (5%).125 Deutsche Erdoel (5%) 151 Deutsche Relchsbahn (German Rys) pf 7%-128 Dresdner Bank (4%) 105 Farbenlndustrle I. G. (7%)-Gesfuerel (6%) Hamburger Elektrlzltaetswerke (8%) Hapag Mannesmann Roehren (3%) Norddeutscher Lloyd 131 131 119 118 119 119 125 125 125 125 151 151 151 151 128 128 128 128 105 105 * 105 105 168 168 168 168 155 155 155 154 157 157 "88 125 92 94 214 214 214 95 215 126 215 125 93 215 — 94 232 __ 163 162 Siemens & Halske (8%) 219 218 219 164 % Preferred (quarterly) Avery (B. F.) & Sons Co. (interim) Bankers National Investors Class A and B Preferred (quar.) Bayuk Cigars, Inc Preferred (quarterly) Berghoff Brewing (quarterly) Biltmore Hats, Ltd., 7% pref. (quar.) Birmingham Water Works Co., 6% pref. (quar.) Boston Elevated Ry. (quarterly) Bower Roller Bearing Bridgeport Gas Light Co. (quar.) (semi-ann.) Tel. BLDG., Oourt-6800 120 Campe Corp. (quar.) PITTSBURGH, PA. Canadian Industries, Ltd., class A. T. & T. Tel. Pitb-391 Class A Specialists in Pittsburgh Listed and Unlisted Stocks and Bonds Case (J. Sales Stocks— Par Week's Range for of Prices Low High Week Price Arkansas Nat Has pref.100 10% Jan 54% July 70% Mar 24 24 20 21% Apr 20% 2% 10 17% June 29% 21% Mar 20% 2% 1,647 1% June 13% 14 271 10% June 3 251 62% Blaw-Knox Co * 1 2% Columbia Gas & Electric. * Consolidated Ice Co pre! 50 10 Devonian Oil 3 10 Lone Star Gas Co * 5 25c Jan Apr 32% June 30% July 432 18% Jan 26 100 23 Jan 27 Feb 20 21 2,929 18 Jan 24% Feb 35% 37% 522 95c 1.00 800 85c June 1.25 Jan 60 40% June 104 Apr 58% 111% 14% 4% 72% 12% Mar 44% 109% 108 109% 100 ...... 912 11 2% 63% 2% 220 1% June 65% 40 58% June 8% 8 4% 4% 27% ""5c 986 4% 599 27% 20 5c 5c June 10 7% 4% Jan Aug Apr 27 Feb Feb 50 25% June 11 "2% Corp preflOO Phoenix Oil com 5 25% 95c Mountain Fuel Supply.... Natl Flreproofing com...* Penn Federal Feb 20% Feb July 31% 24% * McKinney Mfg Co 1% 4 31% 24% 25% * Mesta Machine Co 100 8% May 36 Duquesne Brewing Co...5 Follansbee Bros pref__.100 Fcrt Pitt Brewing 1 Koppers Gas & C pref._100 25 24% 25% 20% Duff Norton Mfg Co Harb-Walker Refrac 9% Feb Jan Feb Mar Jan 10 Mar 29 Jan 25c Jan 10c 10c 4,800 1,800 5c June ...1 Apr 50c Jan Pittsburgh Screw & Bolt..* 14% 15% 265 12% June 19% Mar Plymouth Oil Co 29% 2% Mar Preferred 8c 5 26% 26% 140 1 1% 200 RuudMfg 5 1% 16% 16% 1% Feb Renner Co 18% 225 15% July 6% 1,000 Shamrock Oil & Gas ► Preferred * 6% 10 Victor Brewing Co 1 6% 12% Westing house Air Brake..* Weetinghouse Elec & M.50 100 22 52% 76 46% 85c 90c 650 85c 42% 155% 110 110 Apr Jan 19 7% Aug Jan 15% Jan 12 % 127 42% "~90c 12% 32% 152 32 32 52% Standard Steel Spring * United Engine & Fdry.— 5 Jan Feb Jan June 35 July Aug 61% Mar 1.25 Feb 15 40% June 132% May 56% 163% Feb 15 108% 111 Jan Bonds— Pittsburgh Brewing 6s 1949 * ......I $2,000 Jan Mar No par value. NATIONAL BANKS The Chicago Corp., pref. (quar.) Chicago Rivet & Machine City of New Castle Water Co., 6% pref. (quar.)City Ice & Fuel (quar.) Preferred following information regarding National banks is from the office of the Comptroller of the Currency, Treasury Department: Collins & Aikman Corp., common Preferred (quarterly) Columbia Pictures Corp., com. (quar.) Columbus & Xenla RR. Co Columbus Auto Parts, preferred Compo Shoe Machinery (quar.) Continental Steel Corp. (quarterly) Preferred (quarterly) Cook Paint & Varnish Co. (quar.) $4 preferred (quarterly) Common (extra) Creameries of Amer., Inc., pref. (quar.) Dayton Power & Light Co., 4%% pref. (quar.)_ Driver-Harris Co., 7% pref. (quar.)-----Duquesne Light Co., 5% pref. (quar.) Duro-Test Corp. (interim) Eastman Kodak Co. (quar.) Preferred (quarterly) Amount $25,000 total Preferred (quarterly) Electrolux Corp. (quarterly) Extra Ely & Walker Dry Goods Co Equity Fund, Inc. (quar.)__ Equity Corp., $3 pref. (quar.) Falconhridge Nickel Mines, (quar.) Federated Publications, voting trust ctfs First Holding Corp. (Calif.), 6% pref. (quarO-Finance Co. of Amer. (Bait.), common A & B__ 7% pref. and 7% pref. class A Fiscal Fund, Inc. (bank stock series) Insurance stock series Florida Power Corp., 7% Globe-Wernicke Co Preferred (quar.) Godman (H. C.) 6% preferred Goodyear Tire & Rubber 550 Montgomery St., San Francisco, Calif. Absorbed by Francisco, Calif., Charter No. 13044. ' (quar.). (quarterly) Gosnold Mills Corp. (resumed) 6% preferred (quar.) Great Atlantic & Pacific Tea (quar.) 14 : Preferred (quar.) Great Northern Paper Co. Extra Common B (quar.)-- (qu.)- - (quar.) 7% preferred (quar.) Hires (Chas. E.) Aug. 20 Aug. 20 30 Sept. 10 30 Sept. 10 15 Aug. 16 15 Aug. 16 Aug. 21 7 Aug. 16 Aug. Sept. Aug. 20 Sept. 30 Sept. 8 July 13 July 3 Aug. 20 Sept. Sept. 30 Sept. 20 Sept. 30 Sept. 20 Sept. 15 Aug. 16 Sept. 15 Aug. 16 Aug. 14 Sept. Aug. 14 Sept. Sept. Aug. 27* Sept. Aug. 14 Sept. 15 Aug. 31 Oct. Sept. 20 Sept. Aug. 24 Sept. 15 Aug. 19 Sept.15 Aug. 19 Sept. Aug. 10 Aug. 16 Aug. 10 Aug. 16 Sept. Sept. Aug. 16 Aug. 16 Sept. Sept. Aug. 20 Sept. Aug. 20 Oct. Sept. 20 Aug. 15 July 29 Sept. Aug. 16 Sept. Aug. 16 Sept. Aug. 20 Sept. Aug. 20 Sept. Aug. 20 Sept. Aug. 20 Oct. Sept. 20 Sept. Aug. 16 Sept. Aug. 16 _ Extra 50,000 28 Feb. _ Preferred Extra 200,000 Liquidating agent W. C. Marshall, San Francisco, Calif. Absorbed by Bank of America National Trust & Savings Association, San Francisco, Calif., Charter No. 13044. , Bank of America National Trust & Savings Association, San (monthly) Guggenheim Co. 7% preferred (quar.)_ 16, 1937. 550 Montgomery St., - pref. A (quar.) 7% preferred (quar.) Franklin Rayon Corp., common Gas Securities Co. 6% preferred Hancock Oil of Calif., A. & B. (quar.)-Class A & B (extra) Hanes (P. H.) Knitting Co. (quar.) Effective July Aug. 5—The First National Bank of Glendora, Calif Effective July 23, 1937. Liquidating agent, W. O. Marshall, Sept. Sept. Sept. Sept. Sept. Sept. Sept. 7% preferred (quarterly) 6% preferred (quarterly) Electric Storage Battery (quar.) Great Western Electro Chemical preferred Aug. 2—The First Central National Bank of Calexico, Calif.: Common stock, $110,000; preferred stock (RFC), $90,000; Sept. 11 Aug. 27 Sept. 1 Aug. 20 Sept. 4 Aug. 20 Oct. 1 Sept. 17 1 Aug. 14 Aug. Aug. 31 Aug. 15 Sept. 1 Aug. 18 Sept. 1 Aug. 18 Sept. 1 Aug. 18 Sept. 30 Aug. 27 Sept. 1 Aug. 24 Sept. 1 Aug. 25 Aug. 25 Aug. 13 Aug. 25 Aug. 13 Aug. 25 Aug. 13 Sept. 15 Aug. 31 Oct. 15 Sept. 30 Sept. 15 Sept. 4 Sept. 15 Aug. 15 Sept. 15 Sept. 1 Oct. 1 Sept. 10 Sept. 25 Sept. 1 Sept. 30 Sept. 16 Aug. 31 Aug. 16 Aug. 31 Aug. 16 East St. Louis & Interurban Water Co.— Extra VOLUNTARY LIQUIDATIONS July 29—The First National Bank of Ravena, Ravena, N. Y Effective at the close of business July 22, 1937. Liquidating agent, John H. Suderley, Coeymans, N. Y. Absorbed by the National Commercial Bank & Trust Co. of Albany of Albany, N. Y., Charter No. 1301. (quar.) Clark Equipment Co Preferred (quarterly High 128 * Copperweld Steel Low 63 9% Armstrong Cork Co Byers (A M) com Carnegie Metals Range Since Jan. 1, 1937 Shares I.), preferred (quar.) Central Tube Co Aug. 7 to Aug. 13, both inclusive, compiled from official sales lists Sale (quarterly) Canfield Oil Co., 7% pref. (quar.) Common (quarterly) Pittsburgh Stock Exchange Last A & B 7% preferred (quar.) Cabot Mfg. Co. (quarterly) Carlow & Se6lig Manufacturing BROADWAY, NEW YORK Friday — Burd Piston Ring Co. (quar.) ]nj6W York Curb Exchange (Associate) Holders Sept. 15 Sept. 1 Sept. 15 Sept. 1 Oct. 1 Sept. 20 Sept. 1 Aug. 15 Sept. 15 Sept. 1 Sept . 1 Aug. 24 Sept. 1 Aug. 14 Oct. 30 Sept. 30 Oct. 15 Sept. 30 5 Aug. 14 Aug. Sept. 1 Aug. 19 Sept. 1 Aug. 19 Sept. 30 Sept. 20 Sept. 30 Sept. 20 Oct. 1 Sept. 12 Aug. 25 Aug. 14 Sept. 1 Aug. 15 Sent. 15 Aug. 27 Sept. 1 Aug. 20 Sept. 30 Sept. 15 Sept. 1 Aug. 23 Sept. 15 Aug. 30 Sept. 15 Aug. 30 Sept. 1 Aug. 20 Sept. 1 Aug. 20 Oct. 1 Sept. 17 Sept. 10 Aug. 25 Sept. 1 Aug. 18 Sept. 15 Sept. 4 Oct. Sept. 15 Oct. Sept. 15 Aug. 20 Sept. Aug. 20 Sept. Aug. 20 Sept. Aug. 10 Sept. Sept. Aug. 20 Oct. Sept. 20 Oct. Sept. 15 Sept. 25 Sept. 15 Oct. Sept. 6 Oct. Sept. 6 Inc., com. (quar.) Butler Water Co., 7% pref. (quarterly) California Art Tile, preferred A f Pittsburgh Stock Exchange j BANK When Payable of Record Feb. (semi-ann.) Bucyrus-Monighan, class A (quar.) H. S. EDWARDS & CO, Members 18%c si I*" Fence & Wire Co Preferred A Brown Rubber Co., Extra lUnmhAn (quar.) $2% preferred (quarterly) $2 preferred (quarterly) Amer. Radiator & Standard Sanitary (quar.)--- Brown 218 218 8% preferred (quar.) American General Corp., $3 pref. Preferred A UNION - 6% pref. (quar.) Allen Industries, Inc. (quarterly)-Amalgamated Leather Cos., pref. (quar.) American Dock Co ■Per Cent of Par Relcbsbank (8%) Rhelnlsche Braunkohle (8%) Salzdetfurtb (7%%) (quar.) Alabama Water Service, Aug. Deutsche Bank und Dlsconto-Gesell. Acme Steel Co. Share Company Co., class B common Management stock Class A common (quarterly) Hoe (R.) & Co.,6%% prior preferred 7% cumulative preferredHuntington Water Corp., 7% pref. (quar.) 6% preferred (quarterly) — — $2 50c m2t! $1% Dec. Nov. 15 Sept. Sept. Sept. Sept. Aug. Aug. Aug. Aug. 25 28 20 20 Volume Per Name Share of Company Indiana Water Co. 5% Oct. Sept. Sept. Sept. Sept. Sept. Aug. Mining (quar.) pref. (quar.) Interstate Home Equipment Kaufmann Dept. Stores, When Kayser (Julius) & Co Kellogg (S.) & Sons (quar.) Keystone Custodian Funds ser. K-l (special) — Series K-l (semi-ann.) Kingston Products Corp. (quar.) Preferred (quar.) Laura Secord Candy (quar.) Le Tourneau (R. G.), Inc. (quar.) Lexington Water Co. 7% preferred (quar.) Life & Casualty Insurance of Term Louisville Gas & Electric, class A & B (quai.) Ludlow Mfg. AssocMartin Custom Made Tires, 8% pref. (quar.)— Matson Navigation Co. (quar.) May Dept. Stores (quar.) May Hosiery Mills class A (quar.) Class A (extra) $4 preferred (quar.) Meteor Motor Car Co Micromatic Hone Corp Middlesex Water Co. (quarterly) Milnor, Inc Aug. Aug. Aug. Sept. Sept. Sept. Sept. Sept. Aug. 20 Oct. Sept. 15 Aug. 16 Aug. 20 Sept. 1 Sept. Sept. Aug. Sept. 44 ^c 35c 40c $2 90c 25c lXc SIX Sept. Sept. Sept. Sept. Sept. Aug. Oct. Sept. Oct. New Jersey Zinc North Pennsylvania RR. Co. $1X SIX Sept. Sept. Sept. Sept. Aug. Aug. Aug. Aug. Aug. Aug. Sept. Sept. July Sept. Aug. Aug. Aug. Oct. Sept. Oct. Sept. Aug. Aug. Sept. Aug. Sept. Aug. Aug. Aug. Aug. Aug. Sept. Sept. 58 l-3c. Sept. Sept. 50c 41 2-3c. Sept. 70c $2 — 17ffi $1X Penn State Water Corp., $7 pref. (quar.) Pennsylvania Gas & Electric, class a (quar.) 37 Xc 30c Pfeiffer Brewing Co six SIX six Philadelphia Co. $6 preferred (quar.) $5 preferred (quar.) Philadelphia & Norristown RR. (quar.) 50c Photo Engravers & Electrotypers (s.-a.) Pioneer Gold Mines of B. C. (quar.) JlOc 5c Pleasant Valley Wine 20c Powdrell & Alexander, Inc six Procter & Gamble Co., 5% pref. (quar.) Public Service Co. of Colorado, 7% pfd. (mo.).. 58 l-3c 50c 6% preferred (monthly) 41 2-3c 5% preferred (monthly) SIX Public Elec. Ltg. Co., 6% pref. (quar.) 2% Pyrene Mfg. Co. common SIX Reeves (Daniel) pref. (quar.) ,• Common (quar.) 12Xc Payable in cash or pref. stock. 35c Remington Rand, Inc 68 Xc Republic Petroleum Co., 5X% pref. A (quar.)— 25c Rex Hide, Inc. (quar.) 62 Xc Risdon Mfg. Co. (irregular) 25c Ritter Dental Mfg. (quar.) $7 preferred (quar.) Ruud Mfg. Co. (quar.) Sept. Oct. Aug. Sept. Sept. Oct. Sept. Sept. Sept. Sept. Sept. Sept. Sept. Sept. Aug. Sept. Aug. Aug. Sept. Oct. Aug. Sept. Aug. Oct. Oct. Extra 10c Sept. Sept. Quarterly. 15c Extra 10c 62 Xc 30c Seeman Bros., Inc., common Sharon Steel Corp. (quar.) Preferred (quar.) Shattuck (Frank G.) (quar.) $1M Dec. 6 Dec. Dec. 6 Sept. Aug. 25 Sept. 15 Sept. 15 Sept. 3 Aug. 16 Aug. 16 Sept. 1 Sept. 1 Aug. 15 Aug. 15 Aug. 16 Sept. 20 Sept. 20 Sept. 15 Aug. 19 Aug. 10 Aug. 16 Aug. 21 Aug. 20 Aug. 15 Sept. 3 Sept. 11 Sept.11 Aug. 17 Sept. 15 Sept. 15 Sept. 15 Sept. 15 Sept. 15 Aug. 18 Aug. 18 Aug. 31 Aug. 20 Aug. 18 Aug. 14 Aug. 19 Aug. 7 Aug. 14 Sept. 15 Aug. 20 Aug. 31 Aug. 31 Aug. 23 Oct. Oct. Sept. 50c 10c 25c Southwestern Consol. Gas Utilities Corp Southwest Natural Gas Co., $6 pref. A (qu.) Spang, Chalfant & Co., Inc., pref Spencer Kellogg & Sons, Inc. (quar.) Storkline Furniture Corp. (quar.) Superior Oil Co. (Calif.) Sylvanite Gold Mines, Ltd. (quar.) Telephone Investment Corp. (monthly) Terre Haute Water Works, 7% Pref. (quar.) Tex-O-Kan. Flour Mills Co., 7% pref. (quar.) Thermoid Co., $3 pref (quar.) SIX SIX 40c 12 Xc 75c Oct. Oct. Sept. Aug. Aug. (quar.) Preferred (quarterly) United States Playing Card Co. (quar.) - Vagabond Coach Co. (monthly) Van Raalte Co., Inc 1st preferred (quarterly) Virginia Electric & Power, pref. (quar.) Virginia Fire & Marine Insurance (s.-a.) Vcgt Mfg. Corp Wesson Oil & Snowdrift (extra) Western Auto Supply Co. (quar.) West Point Mfg. Co. (new, special) — Sept. Sept. Sept. Sept. Sept. Sept. Sept. Aug. 50c Oct. SIX Oct. 25c Oct. 25c Special Union Bag & Paper Corp United States Gypsum Co. 5c 27Xc SIX $1 50c 50c Underwood Elliott Fisher Oct. 10c 75c Sept. Sept. Sept. Sept. Sept. Sept. Aug. Sept. Aug. Sept. SIX 75c SIX 50c 40c 87$ SI White Villa Grocers (s.-a.) 6% preferred (quar.) Oct. Sept. Williamsport Water Co. (quar.) Willson Products, Inc. (quar.) Special Wolverine Tube, pref. (quar.) Sept.10 5 Aug. Aug. 31 Aug. 5 Sept. 15 Sept. 15 Sept. 6 Dec. 50c 2c (Wm.) Breweries (extra) Skelly Oil Co Sonotone Corp Soundview Pulp Co. 6% preferred (quar.) 16 20 31 14 14 14 15 15 31 1 20 20 31 1 1 20 14 1 20 1 25 14 14 14 20 31 31 31 6 Sept. Sept. Aug. Sept. Sept. Sept. Aug. 75c (quar.). 21 31 31 20 10 16 Sept. SIX Simmons-Boardman Publishers Aug. Aug. July Sept. Aug. Sept. Sept. Sept. Sept. give the dividends announced in previous weeks and not yet paid. The list does not include dividends an¬ nounced this week, these being given in the preceding table. we Per Name of Company Abbotts Dairies, Inc. (quarterly) Acme Wire Co Addressograph-Multigraph Corp Agnew-Surpass Shoe Stores (s.-a.)-. Extra 7% preferred (quarterly) Ahlberg Bearing Co. class B (quar.) Alabama Great Southern RR., preferred Share 25c $1 35c 130c 130c ttl.75 5c 3% Share Name of Company Alabama Mills, Inc., common Common Allegheny Steel Co. jt Preferred (quarterly) Alexander & Baldwin, Ltd. (quar.) Allied Laboratories, Inc Allied Products Corp., class A (quar.) — Alpha Portland Cement Allied Stores 5% preferred (quar.) Aluminium, Ltd., 6% preferred 6% preferred (quarterly)----——-— Aluminum Manufacturing. Inc. (quar.) — Quarterly ——— 7% preferred (quar.) Oct. Sept. 25 Sept. Oct. 1 Sept. Sept. 1 Aug. Sept. 1 Aug. Sept. 30 Sept. Dee. Sept. -— Oct. Oct. (quarterly) American Business Shares (quar.) (quar.) American Electric Securities Corp., partic. prefAmerican Envelope Co., 7% pref. A (quar.)— 7% preferred A (quarterly! Dec. ——— (Newark, N. J.) (s.-a.) Extra Investment Co. of Illinois (quar.)—- American Laundry Machinery Extra (quar.) American Metal Co Extra. Preferred (quar.) - American Paper Goods, 7% preferred When Holders Payable of Record Sept. 1 Aug. 14 Sept. 22 Sept. 1 Sept. 1 Aug. July Sept. Aug. Aug. Oct. 1 Sept. Sept. 1 Aug. Aug. 16 July 16 31 American (quarterly) American Sugar Refining Preferred (quarterly Dec. (quarterly) American Toll Bridge Co. (quar.) Quarterly American Water Works & Electric Co American Window Glass 7 % preferred American Woolen Co. preferred Anaconda Wire & Cable Co Archer-Daniels-Midland Armour & Co. (111.) $6 preferred (quar.) 7% preferred (quar.)—; (Del.) preferred (quar.) Armstrong Cork Co. (interim) Artloom Corp. 7% preferred Asbestos Mfg. Co., $1.40 pref. (quar.) Associated Dry Goods Corp. 1st preferred Armour & Co. 2nd proforrBd 7 % 1st pref Atchison Topeka & Santa Fe Atlanta & Charlotte Air Line Ry. (s.-a.) Atlantic Refining Co., common Atlas Corp., 6% preferred (quarterly) Atlas Plywood Corp— Atlas Powder Co Atlas Tack Corp Baltimore American Insurance Co. (s.-a.) Extra Baltimore Radio Show, Inc. (quar.) 6% preferred (quarterly) Bandini Petroleum Co. (quar.) Extra Bangor & Aroostook RR. Co., common Cumulative convertible preferred Bank of Toronto (quar.) Barber (W. H.) Co. (quar.) Bath Iron Works Corp., payable In stock..—. Baton Rouge Electric Co. $6 pref. (quar.) Baumann (Ludwig) & Co. 7% preferred Beacon Mfg. Co., 6% pref. (quar.) Beaumont Mills. Inc., SIX cum. preferred Beaunit Mills, Inc Belden Mfg. Co. (quarterly) Bellows & Co..class A (quar.) Class A (quar.) Bendix Aviation Corp Berkshire Fine Spinning Assn.— Dec. 30 Dec. — Common Bigelow-Sanford Carpet Co. (interim) Preferred (quar.) Black Clawson Co. (quar.) 6% preferred Blauner's Inc. common (quar.) $3 preferred (quar.)— Ridge Corp. $3 conv. pref. (quar.) Payable at rate of 1-32 sh. of com. or cash. 6% pref (quar.)— Border City Mfg. Co Borden Co. (quarterly) Boss Manufacturing Co. (quar.)_ Boston Fund. Inc Boston Woven Hose & Rubber Co. common.., Bourjols, Inc.. $25* pref. (quar.) Brach (E. J.) & Sons (quar.) Brillo Mfg. Co., Inc.. common (quar.) Class A (quarterly) Bristol-Myers Co. (quar.) Brooklyn Edison Co. (quarterly) Brooklyn-Manhattan Transit— Preferred (quar.)———— ——-—-, Blue Bond & Share Trading Corp Preferred (quar.)—— Preferred (quar.) — Brooklyn Teleg. & Messenger Co. (quar.) Brooklyn Union Gas———— Brown Shoe Co. (quar.) — — Bruce (E. L.) Co. 7% cum. pref. (quar.) 3X% cum. pref. (quar.) Buckeye Pipe Line Co— - Buckeye Steel Casting 6X% preferred (quar )-——-.————.-. Buck Hill Falls Co. (quar.) Buffalo Ankerite Gold Mines (quar.) Bonus Bullock's — — Inc. Bunker Hill 16 16 15 20 Bunte Bros, Burlington &~Sulfivan~Ming. & Cone. Co—. preferred (quar.) Mills Burroughs Adding Machine Butler Bros, (quarterly) Preferred (quarterly) — — —- — 5 15 Aug. 13 Aug. 10 July 31 Aug. 16 Aug. 16 Aug. 5 Sept. 1 1 14 16 1 1 16 15 Dec. 18 Dec. 1 Sept. 13 Aug. 20 $5 preferred (adjustment) 7% old preferred (resumed) Best & Co., dommon (quar.) Bethlehem Steel Corp. 7% preferred (quar.) 5% preferred (quar.) 15 Dec. Sept. Aug. Aug. Sept. Sept. Aug. Sept. — 2 12 (quar.) American Tobacco Co. (quarterly) Common B (quarterly) Associated Telep. & Tel eg., 1st $6 preferred 1 Nov. 25 Aug. 16 July 30 6 Aug. 31 Aug. Sept. 30 Sept. 15 Oct. 2 Sept. 7 Oct. 2 Sept. 7 Sept. 1 Aug. 10 Sept. 1 Aug. 10 Sept.15 Sept. 1 Dec. 15 Dec. 1 Sept. 15 Aug. 20 Aug. 20 Aug. 9 Sept. 15 Sept. 1* Sept. 13 Aug. 13 Sept. 1 Aug. 21 Sept.15 Aug. 25 Oct. 1 Sept. 10 Oct. Sept. 10 Oct. Sept. 10 Aug. 10 Sept. Aug. 16 Sept. Oct. 20 Nov. Aug. 13 Sept. Aug. 13 Sept. 2 Aug. 16 Aug. 2 Aug. 16 Aug. Sept. 1 July 39 Sept. 1 Aug. 20 Sept. 15 Aug. 20 Sept. 1 Aug. 10 Aug. 16 July 22 Sept. 10 Aug. 31 Aug. 30 Aug. 16 Aug. 16 July 31 Aug. 16 July 31 Sept. 1 Aug. 16 Sept. 1 Aug. 16 4 Aug. 20 Aug. 4 Aug. 20 Aug. Oct. 1 Aug. 31 Oct. 1 Aug. 31 Sept. 1 Aug. 14 Aug. 31 Aug. 16 Re-Insurance American Smelting & Refining Co. American Steel Foundries 1 Aug. 20 1 Sept. 13 1 Sept. 13 Aug. 24 Aug. 20 Sept. 30 Sept. 22 Aug. 14* Sept. Oct. Sept. 1 Oct. Sept. 7 Oct. Sept. 7 Aug. 10 Sept. Aug. 20 Sept. Aug. 20 Sept. Aug. 20 Sept. Aug. 20 Sept. Aug. 20 Sept. Sept. 15 Sept. 5 American Forging & Socket Co American Hide & Leather preferred (quar.) American Home Products Corp., (monthly) American 15 Sept. 1 Aug. 16 Aug. 16 July 26* Sept. 1 Aug. 14 Sept. 15 Sept. 1 Sept. 1 Aug. 20* Sept. 1 Aug. 26 — American Can Co. (quar.) American Capital Corp. $5M prior pref. American Chicle Co. (quar.) American Indemnity Co American Insurance Co. 31 Dec. 1 21 14 14 15 Sept. 30 Sept. 15 Dec. 31 Dec. 15 7% preferred (quar.) Preferred 29 16 8 31 1 18 6 Sept.15 Sept. 10 Oct. —— American Arch Co. (increased)--American Bank Note Co.- Holders When Payable of Record Aug. 16 July Nov. 1 Oct. Oct. 1 Sept. Aug. 16 July Sept. 16.Sept. Sept. l|Aug. Sept. 15 Sept. - Alabama & Vlcksburg Ry. Co. (s.-a.)--—-— Albers Bros. Milling, 7% preferred-——-—- 7% preferred (quarterly) Aug. (quar.) Ogilvie Flour Mills, pref. (quar.) Ohio Oil Co.. pref. (quar.) Ohio Public Service Co., 7% pref. (mo.) 6% preferred (monthly) 5% preferred (monthly) Ohio Water Service, series A (increased) Omnibus Corp., pref. (quar.) Peerless Casualty Co. (N. H.) (quar.) Penick & Ford. Ltd Nov. 15 Aug. Sept. 60c Cordage Co. (quar.) Newberry (J. J.) Co. (quar.) Below 1 18 14 14 20 9 31 14 1 10 16 20 20 20 20 4 21 15 Sept. Aug. Aug. Aug. Aug. Aug. Aug. Aug. Sept. Aug. Aug. Aug. Aug. Aug. Aug. Sept. Aug. Aug. Sept. Sept. Sept. Sept. Sept. 50c Near Bedford Extra 16 11 31 16 10 20 15 Dec. Minneapolis-Honeywell Regulator, pref. (quar.)_ Monogahela West Penn Public Service— Preferred (quarterly) Moran Towing Corp., 7% pref. (quar.) Motor Wheel Corp., common (quar.) Muncie Water Works Co. 8% pref. (quar.) Murphy (G. C.) Co National Casualty Co. (Detroit) (quar.) National Credit Co., A (quar.) National Supply Co., preferred Simon Aug. Sept. Aug. Aug. Sept. Aug. Sept. Aug. Increased Per Holders Payable of Record Sept. 6% preferred (qu.)._ preferred A (quar.) Illinois Water Service Co. Internationa] 1045 Financial Chronicle 145 62 Xc Sept. 1 Aug. 25 Sept. 1 Aug. 20 Aug. 16 July 26 Oct. 1 Sept. 3 Oct. 1 Sept. 3 Sept.15 Aug. 27 Sept. 1 Aug. 15 Sept. 1 Aug. 15 Sept. 1 Sept. 1 Aug. 16 Aug. Aug. 16 Aug. Sept. 1 Aug. Sept. Aug. Sept. Aug. Aug. Aug. Aug. Sept. Oct. Oct: 1 14 1 16 20 20 16 1 1 1 Sept. 1 Aug. 31 2 2 5 Aug. 21 Aug. 4 Aug. 14 July 31 July 30 Aug. 10 Aug. 2 Aug. 14 Sept. 15 Sept. 15 Aug. 16 Aug. 6 1 Oct. 15 Oct. 1-15-38 Dec. 31 4-15-38 Apr. 1 Sept. I Aug. 21 Oct. 1 Sept. 1 Sept. 1 Aug. 20 Oct. 1 Sept. 25 Oct. 1 Sept. 30 Sept. 15 Aug. 27 Aug. 15 July 20 Aug. 15 July 20 1 Aug. 15 Aug. 2 Aug. 16 Aug. 2 Aug. 16 Aug. Sept. 1 Aug. 11 Sept. 1 Aug. 14 Sept. 1 Aug. 25 5 Aug. 15 Aug. Sept. 7 July 31 Sept. 1 Aug. 13 Sept. 1 Aug. 13 1046 Financial Per Share Name of Company 50c Byroa. Jackson Co Oalamba Sugar Estate Preferred (quar.) (quar.) 40c .... California Packing Corp. (quar.) Preferred 35c — 37 He 62 He (quar.) California Water Service preferred (quar.)..... Campbell. Wyant & Cannon Foundry... Canada Wire & Cable, preferred Canadian Oil Cos., Ltd. (quarterly) Carbons Consolidated, Inc. (resumed) Carman & Co. class A Carolina Telep. & Teleg. (quar.) Carter (Wm.) Co. preferred (quar.) Caterpillar Tractor Co. (quar.) Preferred (quar.) Cedar Rapids Mfg. & Power Co. (quar.).. Celluloid Corp. participating preferred .— Celotex Corp., common (quar.) Central Arkansas Public Service 7 % pref Central Illinois Public Service $6 preferred 6% preferred- - Central Massachusetts Light & Power (quar.).. 6% preferred (quarterly) Central Mississippi Valley Electric Prop.— 6% preferred (quar.) Central Surety & Insurance Corp. (s.-a.) Central Vermont Public Service $6 pref. (qu.) Centrifugal Pipe Corp. (quar.) Quarterly Century Ribbon Mills Preferred (quar.) ......—Chain Belt Co (quar.) Champion Paper & Fibre (quar.) Preferred (quar.) Chartered Investors $5 pref. (quar ) Chester Water Service $5H pref. (quar.) Chicago District Electric Generating, $6 pfd Chicago Mail Order Co. (quar.) Chicago Venetian Blind (quar.) Chicago Yellow Cab Chile Copper Co Chrysler Corp., common Cincinnati Union Terminal Co.. 5% pref (qu.)_ City of Paris Dry Goods Co. 7% 1st pref. (qu.). 7% 1st pref. (quar.) Clear Spring Water Service preferred Cleveland & Pittsburgh RR. Co. gtd. (quar.).. Guaranteed (quar.) Special guaranteed (quar.) Special guaranteed (quar.) Coca-Cola Co. (quar.) Coca-Cola International Corp. (quar.) Colgate-Palmolive-Peet, pref. (quar.) — Common (quarterly) Colt's Patent Fire Arms Mfg. (quar.) Columbia Breweries, Inc., ser. B (stock div.).. Class B Columbia Broadcasting class A & B (quar.) Columbian Carbon Co. (special) Columbia Gas & Elec. Corp., 6% ser. A (quar.)_ 5% preferred series No. 33 (quar.) 6% preferred series No. 22 (quar.) Columbia Pictures Corp. com. v. t. c., stk. div.. $2.75 conv. prefferred (quar.) Commonwealth Internat. Corp., Ltd. (quar.) Commonwealth Utilities Corp. 6H% P*• O (QU.) Compania Swift Internacional Compressed Industrial Gases (quar.)__ Concord Gas Co. 7% preferred Confederation Life Assoc. (Ont.) (quarterly) Quarterly Congoleum-Nairn. Inc. (quarterly) Connecticut Light & Power Co 5 H % pref Connecticut River Power Co. 6% pref. (quar.).. Consolidated Cigar Corp. 7% pref. (quar.) Consolidated Edison Co. of N. Y. (quar.) Consol. Gas Elec. Light & Power Co. of Bait.— Common (quarterly) Series A 5% preferred (quarterly) Consolidated Oil Corp. (quar.) 10c $3H Aug. 16 Aug. 7 Sept. 1 Aug. 20 Aug. 16 Aug. 2 Aug. 16 July 31 Oct. 1 Sept. 15 Sept 1 Aug. 1 Aug. 16 Aug. 5 Sept. 1 Aug. 14 Sept. l'Aug. 10 Sept. 30 Sept. 20 Sept. llAug. 20 Aug. 28 Aug. 6 Sept. 10 Aug. 10 88 Aug. 16 Aug. 10 S1H 62Hc 50c $1H 37 He 15c 25c 50c $1H t$lH 87 He 87 He 50c 50c 75c $5.85 $1H 12 He 37Hc $2 $1 75c $1 $1H $1H $1H $1H 50c 90c $1H 20c 10c $1H (quar.) 25c t50c $2 Consumers Glalfes Co. (quar.) 25c HIM Container Corp. of America (quar.) Continental Can Co., Inc. (quar.) 30c 75c (quar.) Special Copper weld Steel Co. (quar.) Corporate Investors. Ltd. (quar.) Corrugated Paper Box Co., 7% pref. (qu.) Cosmos Imperial Mills (quar.) 5% preferred (quar.) Courtaulds, Ltd., Amer. dep. rec. ord. reg Less British income tax of 25% and deduction for expenses of depositary. Crane Co., 7% preferred New 5% pref.(initial, quar.) ...... Crown Cork & Seal Co.— $2H preferred (quar.) Crown Cork & Seal, Ltd. (quar.) Publishing Co. $7 preferred 50c 6Hc 25c SI H 3H% $7 S1H til Preferred Dentists Supply Co. of N. Y. (quar.) Quarterly 7% preferred (quarterly) 7% preferred (quarterly) Denver Union Stockyards, 5H% pref. (quar.)__ Detroit Gasket & Mfg., pref. (quar.) Detroit Hillsdale & Southwestern RR. (s.-a.) Diamond Match Co Common Common stk. dW. of 4-50ths of Amer. Match a Oct. Oct. 1 Sept. 15 1 Sept.15 Aug. 14 July 15 Aug. 14 July 15 Sept. 1 Aug. 16 Sept. 1 Aug. 21 5 Aug. 20 Aug. Oct. 1 Sept. 17 Sept.15 Aug. 31 Sept. 1 Aug. 20 Aug." 5 Aug. 14 July 24 Sept. 1 Aug. 16 Aug. 15 Ju.y 31 Sept. 30 Sept. 8 Sept.30 Sept. 8 Aug. 31 Aug. 14 Aug. 15 July 31 Sept. 1 Aug. 16 Aug. 14 July 31 Oct. 15 Sept 30 Aug. 24 July 20 Sept.15 Sept. 15 Sept. Sept. Sept. Sept. Sept. Sept. Sept 15 Aug. 31* 15 July 31 7 Aug. 20* 16 Aug. 2 1 Aug. 13 30, Sept. 16 31 Aug. 21 3l'Aug. 21 30 Sept. 20 16 Aug. 5 15 Sept. 1 l!Aug. 31 l Aug. 16 l'Aug. 16 l'Aug. 14 1 Aug. 14 1 Aug. 14 1 Aug. 20 35c 75c 75c SI H $1H $1H Dec. 1 Nov. 20 30c $2 25c 25c Oct. Oct. 1 Oct. 1 Dec. 23 Dec. 23 Sept. Sept. llAug. 20 1 Aug. 14 1-5-38 Dec. 20 Sept. 1 Aug. 14 Dec. 1 Nov. 15 sh. of Pan 2d & 3d of l-50th each. Pref. stk. div. of l-60th of a sh. of Pan Am. Match Corp. for each sh. Match preferred stock held. of Diamond (semi-ann.)..................... Preferred (sem -ann ) Diem & Wing Paper Co., 5% preferred (quar.).. Shareholdings, preferred. 75c 75c $1H Sept. 1 Aug. 14 Marl'38 Feb 15'38 'Aug. 15 July 31 9 Aug. 16 Aug. Sept. 1 Aug. Sept. 1 Aug. Aug. 16 Aug. Sept. 1 Aug. Aug. 30 Aug. Sept. 1 Aug. Eddy Paper Corp 6 10 10 2 17 10 5 Optional div. of 44-1.000th of a sh. of com. stock or, at option of holder in cash. 25c Electrographic Corp. (quar.) Quarterly Preferred 25c Preferred (quarterly) Electricmaster. Inc. (quar.) Elgin National Watch El Paso Electric Co. (Texas) $6 pref. (qu.) 7% preferred A (quarterly) Empire & Bay State Telegraph (quar.) Empire Capital Co. (quar.) Employers Reinsurance Corp. (quar.) Emporium Capwell Corp., 7% preferred (s.-a.) 4H% cumul. preferred A (quarterly).. 4H% cumul. preferred A (quarterly) Emsco Derrick & Equipment Co : English Electric Co. of Canada, Ltd.— — *1K 15c 50c 88 $1 10c 40c ... $3 non-cum. class A (resumed) Erie & Pittsburgh RR. Co.. 7% gtd. (quar.) 56 He 25c 1 Nov. 10 1 Aug. 10 Dec. 1 Nov. 10 Sept. 10 Aug. Sept. 15 Sept. 15 Sept. 15 Sept. Sept, 1 Aug. Aug. 31 Aug. Aug. 16 July Sept. 23 Sept. Oct. 1 Sept. Oct. Oct. 1-2-38 Dec. 10 Nov. 30 Extra Dec. 17 Dec. Oct. 15 Sept. Sept. Sept. Aug. Aug. 20 Aug. Aug. Aug. Aug. Aug. Oct. Sept. Oct. Sept Aug. 25 Aug. Sept. 18 Aug. Sept. l|Aug. Extra 16 14 20 21 15 15 14 28 Oct. Oct. Federal Insurance (Jersey City) (quar.) Federal Light & Traction pref. (quar.) Firestone Tire & Rubber, 6% preferred A (quar.) Fiscal Fund, Inc. (beneficial share)— Sept. Sept. Bank stock series (stock div.) Sept.15 Sept. 15 Sept. Sept. Sept. -- 5H% preferred (s -a.) Fitz Simons & Connell Dredge & Dock Florsheim Shoe Co. class A (quar.) Class B (quar.) 1 Nov. 30 Aug. 14 Aug. 5 Sept. 1 Aug. 15 Sept. 1 Aug. 12 Sept. 1 Aug. 12 Sept. 1 Aug. 12 Sept. 1 Aug. 16 Sept. 30 Sept. 15 Preferred (quar.) Fajardo Sugar Fansteel Metallurgical Corp. $5 pref. (quar.)— $5 preferred (quar.) Farmers & Traders Life Insurance (N. Y.) Insurance stock series (stock div.) Fishman (M. H.) Co., Inc 1 Aug. 31 Dec. ... — Food Machinery Corp. (extra) Ford Motor Co. of Canada A & B (quar.) - 23 Sept. Fairbanks, Morse & Co. (quar.). Freeport Sulphur Co Preferred (quar.) 25 I 30 30 21 16 31 11 21 Aug. 25 Aug. 10 Dec. (quar.). Faber Coe & Gregg, Inc. (quar.) - 10 10 16 14 16 13 Nov. 15 Sept. Sept. Aug. Sept. Aug. 22 14 15 20 Dec. Nov. 20 Sept. Oct. 7% preferred (quar.) 7% preferred (quar.) 7% preferred (quar.) General Foods Corp. (quar.) General Metals Corp. (quar.) General Motors Corp ; $5 preferred (quar.) General Water, Gas & Electric (quar.) 3-1-38 2-18-38 6-1-38 5-20-38 Aug. 16 July 26 Aug. 15 July 31 Sept.13 Aug. 12 ... - Nov. - Globe Democrat Publishing Co., 7% pref. (qu.). Globe & Rutgers Fire Ins. Co. 2d pref. (sa.-a.)._ Gorham Mfg. Co., com. voting trust ctfs Gossard (H. W.) Co Grace National Bank (N. Y.) (s -a.) Grand Union Co., $3 conv. preferred Grant (W. T.) Co — Graton & Knight Co. 7% pref. (quar.) Great Lakes Dredge & Dock Co. (quar.) Great Western Electro-Chemical Co — Special Greyhound Corp. (quar.) - (quar.) Griggs, Cooper & Co. 7% preferred (quar.) Gulf States Utilities, $6 pref. (quar.) $5 H preferred (quarterly) Gurd (Chas. A.) & Co.. pref (quar.) Hackensack Water Co. preferred A (quar.) Hale Bros. Stores, Inc Hamilton Watch Co 6% preferred (quar.) Hammermill Paper Oct. $1H $1H *1K 43Hc SI H 50c Sept.15 60c — $1H 75c 25c ... -- *1H 50c Sept. Sept. Aug Sept. Oct. Hart-Carter Co. $2 conv. preferred $2 conv. preferred (quar.) Hawaiian Commercial & Sugar Co. (quar.) Hazel-Atlas Glass Co. (quar.) Hazeltine Corp. (quar.) Hecla Mining Co Heileman (G.) Brewing Co. (quar.) Hercules Powder Co. preferred (quar.) Hershey Chocolate Corp. (quar.) Conv. pref. (quar.) (monthly) 1 Aug. 16 Sept. 30 Sept. 1 Sept. 1 Oct. (quar.) Hooven & Allison Co. 5% pref. (guar.).. 1 Oct. 15 15 16 30 Sept. 1 Sept. 15 Sept. 1 25c - Preferred (semi-annual) Holt (Henry) & Co. $1.80 class A Homestake Mining Co. 1 Oct. Aug. 20 Aug. Oct. 1 Sept. Sept. 1 Aug. Sept. 1 Aug. Sept. 1 Aug. Sept. 15 Sept. Sept. 1 Aug. Sept. 1 Aug. Sept. 1 Aug. Oct. 1 Sept. Aug. 15 July Aug. 14 Aug Aug. 14 Aug. Oct. 2 Sept. Oct. 2 Sept. Sept. 13 Sept. Sept. 13 Sept. Oct 1 Sept. Oct. 1 Sept. Gibraltar Fire & Marine Insurance Extra 6% preferred (quar.) Hammond Clock. 6% pref. (quar.) Hanna (M. A.) Co., common $5 cumulative preferred (quar.) Harbison-Walker Refractories Oct. Oct. Fuller Brush Co., 7% preferred (quar.) General American Corp General Box Co. (increased) General Cigar Co. 7% pref. (quar.) Preferred Dec. Sept. 15 Aug. 31 Sept. 10 Aug. 31 — Guaranteed betterment (quar *.). Ewa Plantation Co. (quar.) Preferred 1 Aug. 10 Sept. Sept. (quarterly) Heyden Chemical Corp Hibbard. Spencer, Bartlett & Co. (monthly) Monthly Hires (Chas. E.) Co. class A common (quar.)... Hobart Manufacturing class A (quar.) Hollander (A.) & Son, Inc. (quar.) Holophane Co Corp 31 20 25 2 2 5 5 15 15 24 6 Nov. 15 Nov. Greene Cananea Copper (quar.) 1 Aug 1 Sept. 1 Sept. Sept. 30 Sept. Aug. 16 Aug. Eaton Mfg. Co 1 Sept. 11 1 Sept. 4 Sept. 15 Sept. 1 Sept. 1 Aug. 14 Sept. 1 Aug. 16 Sept. 1 Aug. 16 Sept. 15 Aug. 6 14 Aug. July Aug. Aug. Aug. Aug. Aug. Oct. Eckhardt Becker Brewing Co Oct. Oct. 24 31 Mar. 15 1 14 1 15 16 16 16 14 Oct. Conv. shares Guaranteed betterment for each sh. of Dia¬ mond Match com. stk. held. Payable In three installments, the iat of 2-60ths; the Preferred — East Shore Public Service Co., $6 pref. (quar.)._ 1 Nov. 10 1 Sept. 11 Sept. Aug. Sept. 43 He Aug. $1H Sept. t$l H Sept. 30c Aug. Aug. Sept. $2 H Aug. $1.62 H Sept. 87 Preferred (quarterly) 5% Preferred (quar.) (quar.) Duplan Silk Corp. (semi-ann.)—-— Eagle Picher Lead Preferred (quar.) Eastern Footwear Corp Eastern Utilities Assoc. (quarterly) Quarterly Dow Drug Co. Oct. 6 13 20 20 27 18 18 20 20 20 9 4 15 14 15 4 31 1 Sept. Aug. Sept. Sept. Aug. Aug Aug Aug. 7% guaranteed (quar.) Aug. Sept. Aug. Aug. Aug. Aug. Aug. July July July 231 Aug. 16:Aug. 16.July 1 Aug. lJAug. 15 Sept. 14 July 30 Dec. 1 Dec. Quarterly Dominion & Anglo Investment Corp., 5% pref._ Dominion Bridge. Ltd. (quar.) Dominion-Scottish Investments, Ltd., 5% pref. Dominion Tar & Chemical, 5H% pref. (quar.)-_ Dow Chemical Co (quar ) Electric 1 Sept. 10 1 Sept. 10 Sept. Doctor Pepper Co. (quarterly) Great Western Sugar (quar.) Preferred (quar.) $1M Cushman's Sons, Inc., 7% preferred Dayton Rubber class A Deere & Co Oct. Oct. (quarterly) Class A (quarterly) Dec. 1 30 25 25 10 10 10 15 15 15 Aug. 13 Aug. 13 Extra Dixie-Vortex Co., 1 Aug. 10 Sept. Sept. Aug. Aug. Sept. Sept. Sept. Aug. Aug. Aug. Aug. Aug. Aug. Sept. Sept. Sept. Aug. Sept. Ho ders When Payable of Record Sept. Sept. Dictaphone Corp Preferred (quar.) Distillers Co., Ltd. (final) 1 Nov. 10 & Cuban-American Sugar, preferred Cuneo Press, preferred (quarterly) Share of Company Dec. 50c Forster, preferred (quarterly) Per Name Sept. 20c Crum & Forster Insurance Shares A & B Preferred (quar.) Curtis Aug. 16 Aug. 5 Sept. 1 Aug. 10 56Hc (quar.) Crown Drug Co. preferred (quar.) Crown Zellerbach Corp., $5conv.pref. (quar.)_Crucible Steel Co. of America, preferred Crum & 30c 5Hc 25c 25c 1 Mar. 20 , cum. common Oct. 5 Nov. 15 Nov. 10 Dec. - Continental Casualty Co. 1 Nov. 15 Nov. Extra Continental Cushion Spring Co. (quarterly).... Continental Oil Co. (Del.) 10 10c ' 7% preferred (quar.) 15 15 31 31 31 7 10c $1H , Consolidated Steel Corp. $1 % preferred Consol. Retail Stores 8% preferred (quar.) 31 Sept. 1 Aug. 14 Aug. 14'Aug. 5 Aug. 16 July 31 Aug. 16 Aug. 5 75c — Preferred (quarterly) Consolidated Paper Co. Aug. 14 July Oct. liSept. Oct. 1 Sept. Aug. 16 July Aug. 16 July Aug. 15 July Aug. 28 Aug. Sept. 7 Aug. Aug. 15 Aug. Sept. 1 Aug. Sept. 1 Aug. 1937 14, Aug. $6H preferred (quarterly) $1H 40c Quarterly When | Holders Payable of Record 20 14 Oct. 1 Sept. 23 Sept. 15 Sept. 10 Aug. 25 Aug. 14 Aug. 25 Aug. 14 Aug. 16 July 31 Aug. 30 Aug. 16 Aug. 19 Aug. 6 Sept. 1 Aug. 16 Sept. 15 Aug. 20 Sept. 15 Aug. 20 Aug. 31 July 15 Aug. 16 July 31 — Chronicle Aug. Aug. July Sept. Aug. Sept. Aug. Sept. Sept. July Sept. Aug. Aug. 20 Oct. 4 10 14 14 20 31 1 14 26 10 14 3 3 4 15 15 ] 3 3 21 21 1 31 31 31 16 16 3 13 1 15 ] 31 18 14 13 6 Sept. 1 Aug. 14 Sept. 1 Aug. 14 Aug. 14 Aug. 4 Oct. 1 Sept. 17 Sept. 15 Sept. 1 Sept. 15 Aug. 14 Aug. 16 Aug. 2 Aug. 14 Aug. 3 Aug. 16 July 24 Aug. 16 July 24 Sept. 1 Aug. 20 Aug. 27 Aug. 17 Sept. 24 Sept. 14 Sept. 1 Aug. 14 Sept. 1 Aug. 16 Aug. 16 July 30 Sept. 1 Aug. 12 Oct. 1 Sept. 15| Sept. 1 Aug. 11 Aug. 25 Aug. 20 Sept. 1 Aug. 14 Volume Financial 145 Per Name of Share Company When 31 31 12 Aug. Sept. Aug. 20* Nov. Huttig Sash & Door Co. 7% preferred (quar.).. 7% preferred (quarterly) . Illuminating & Power Securities— 7% preferred (quar.) 25 2 20 Aug. 14 July 31 Oct 1 Sept. 30 1-3-38 Dec. 31 Imperial Life Assurance of Canada (quar.).... Quarterly Dec. 20 Aug. _ Illinois Zinc Co. (interim) July July Aug. Oct. Aug. Sept. Dec. 8% preferred class A (quar.)... Horn 8c Hardart (N. Y.) pref. (quar.) Hotel BarhizoD Inc., vot. tr. ctfs. (quar.).. Hummel-Boss Fibre Corp., common-.-... ... Imperial Tobacco of Great Britain & Ireland Oct. Ingersoll-Rand Co. (increased) Inland Steel Co. Extra Sept. Sept. Sept. (quar.) International Business Machine Corp International Harvester 7% pref. (quar.)...... International Nickel of Canada Interstate Hosiery Mills (quar.) Oct. Sept. Sept. Aug. Sept. Iron Fireman Mfg. Co. (quar.) Quarterly ...... Dec. Jewel Tea Co., Inc. (quar.) Joelfn-Schmidt Corp. 7% pref. (quar.).. Kable Bros. Co. 6% preferred (quar.) Kansas City St. Louis A Chicago BR. 6% pf. gtd Kansas Utilities Co. 7% preferred (quar.) ... Kemper-Thomas Co.— Aug. Aug. Oct. Sept. Dec. .... 1 30 30 20 16 15 15 15 1 Sept. 1 Sept. 1 Sept. 13 Oct. 1 Dec. 31 Dec. 24 Oct. Aug. 10 Sept. 20 Nov. Oct. Sept. Sept. Sept. Aug. 15 Aug. 14 Aug. 16 Aug. 16 Aug 6 Sept. #1 'A •IX •IX 25c 25c Nov. 15 Nov Nov. $1 3c •IX 40c 40c •1 •1 1215 Lockhart Power Co.. 7% pref. (s.-a.) Lock Joint Pipe Co. (monthly) Nov. 10c 50c •IX 50c Monthly Monthly Monthly..... Monthly 10c J25c •3X $3 •IX Lone Star Gas Corp Loose-Wiles Biscuit Co., 5% preferred (quar.). Lord & Taylor 1st pref. (quar.) .... Louisville & Nashville RR. Co. (irregular) - •IX SIX •2X Louisville Henderson & St. L. Ry„, com. (s.-a.) S4 (quar.) pref Lynch Corp........ Macfadden Publications, Inc., preferred— Macy (R. H.) & Co. (quar.) Madison Square Garden Corp Magma Copper Co Magnin (I) 8c Co. 6% preferred (quar.).. 6% preferred (quar.) Managed Investment, Inc. Quarterly Manhattan Shirt Co. (quar.) Manufacturers Casualty Insurance (quar.) , - Extra Masonite Corp. (quar.) Extra.. Preferred (quar.) : May Dept. Stores Co. (quar.) McClatchy Newspapers, 7% pref. (quar.) 7% preferred (quarterly) McColl-Frontenac Oil (quar.).. Mclntyre Porcupine Mines McKesson & Bobbins, S3, pref. (quar.).. McWilliams Dredging Co Mead Corp $6 preferred (quar.) I5X preferred B (quar.) , 20c Sept. 10 Aug. 25 10 Nov. 26 Aug. 16 Aug. 5 Sept. 1 Aug. 10 Sept. 30 Sept. 25 Aug. 31 Aug. 21 Sept. 30 Sept. 20 Oct. 30 Oct. 20 Nov. 30 Nov. 20 Dec. 31 Dec. 20 Oct. 1 Sept. 28 1-3-38 Dec. 31 16 Aug. 5 25 Aug. 14 14 July 29 21 July 21 Oct. 1 Sept. 17* Sept. 1 Aug. 17 Aug. ,25 July 28 Aug. 16 July 31 Aug. 16 July 31 Aug. 16 July 30 Oct. 1 Sept. 21 1—3—38 Dec. 21 Aug. 14 Aug. 4 Aug. 16 July 31 Aug. 16 July 31 Aug. 16 Aug. 5 Sept. 21 Aug. 31 Sept. 1 Aug. 13 Aug. 31 Aug. 16 Sept. 15 Aug. 27 Aug. 15 Aug. 5 Aug. Aug. Aug. Aug. Nov. 16 Nov. Aug. Aug. Sept. Aug. Aug. Sept. Aug. Sept. 16 Aug. 16 Aug. 1 Aug. 16 July 16 July 10 Sept. 25 Aug. 1 Aug. Sept. 1 Aug. Aug. 31 Aug. 5 2 2 10 31 31 1 15 15 16 31 Nov. 30 Nov. 30 Sept. 15 Aug. 15 Sept. 1 Aug. 3 Sept. 15 Sept. 1 Sept. 1 Aug. 21 Sept. 20 Sept. 1 Sept. 1 Aug. 14 Sept. 1 Aug. 14 •IX •IX Memphis Natural Gas, pref. (quar.) Mercantile Stores 7% pref. (quar.) Sept. Dec. Sept. Dec. 5 5 5 5 15c Merchants 8c Mfrs. Securities class A 8c B (qu.) Partic. pref. (partic. div.) Merck & Co., Inc - 26c Preferred (quarterly) Merrimac Mills Co. (initial) 25c - ... Corp. vot. tr. ctfs. (quar.) Minneapolis-Honeywell Regulator (quar.) Missouri Utilities Co. 7% pref. (quar.) Mohawk Carpet Mills, Inc. (quar.) 8im 75c Monmouth Consol. Water Co. (quar.) Monolith Portland Cement Co. 8% pref Monsanto Chemical Co. (quar.) — -— 30c 30c •IX t25c 60c 84 H preferred Represents proportion of the s.-a. dividend •1.64 unexpired period ending Dec. 1. Montgomery Ward & Co Heat APower Co. (quar.) Moody's Investors Service $3 partic. pref $3 partic. pref. (quar.) Moore 'Wm. R.) Dr Goods (quar.) Quarterly Morris Plan Insurance Society (quar.) Quarterly _ Oct. Dec. Muskogee Co. 6% cum. pref. (quar.) Mutual Chemical Co. of Amer., 6% pref. (quar.) 6% pref. (quar.) Nasb-Kelvinator National Bearing Metal (irregular) National Biscuit Co. (quar.) Preferred (quar.) National Container Corp. (Del.) (initial) Dec. — Preferred A (quar.) Nov. -— — 5% preferred National Power & Light Co. (quar.)— National Pressure Cooker Co. (quar.) Extra Nebraska Power Co. 7% pref. (quar.) 6% preferred (quar.) Neiman-Marcus Co. 7% pref. (quar.) Dec. 7% preferred (quar.) 1 Oct. 16 2 17 10 13 16 10 27 14 _ Nov. 20 31 1 1 16 20 7 12 30 23 Nov. 15 Nov. •IX 25c 75c •IX 81 1 July Aug. July Aug. Aug. Aug. Aug. 31 31 31 16 27 16 17 Aug. Sept. Aug. Sept. Sept Sept Sept. 16 18 19 1 10 Dec. Nov. 16 Sept. Aug. 21 Dec. Nov. 20 Aug. Aug. Aug. Aug. Aug. Aug. July Aug. Aug. Aug. Aug. Aug. Aug. Sept. July July July Aug. Aug. Aug. Aug. Aug, Sept. July Aug. Sept. 10c 45c 8% preferred (quar.) 6X% preferred (quar.) 5% preferred (quar ) Pacific Gas 8c Electric 6% pref. (quar.) 5X% preferred (quar.) Pacific Lighting Corp. (quar.).— Parker Pen Co. (quar.) —-- Parker Rust-Proof Co. com. $2X par (quar.)— No par common, 37 Xc. payable to no par when said stock turned in for each to $2X par common. stockholders Nov. Nov. Nov. 37 Xc 34 Xc 75c 50c Aug. 16 July Aug. 16 July Aug. 16 July Sept. 1 Aug. Sept. 1 Aug. 31 31 20 14 10 Sept. 1 Sept. 1 Sept. 1 Aug. 16 Aug. Aug. Aug. July Oct, 1 Sept. Aug. 15 Aug. 14 18 20 27 Nov. 15 Nov. 2-15-38 Feb. 5 5 Aug. 16 Aug. 5 «S •IX 20c 30c 37 Xc •Uf 25c 37 Xc IIM K8 +316 •IX 10c 50c $2.25 40c «8 37Xc _ 14 16 16 1 1 1 1 15 15 30 14 14 14 1 1 30 20 20 15 lo 6 1 1 Oct. 1 Oct. 1 Oct. 20 20 10 14 5 5 31 5 15 20 20 31 31 15 31 31 31 20 20 6 31 31 1 30 14 15 15 15 15 is Parker-Wolverine Co Parkersburg Rig & Reel Co Pender (David) Grocery class A (quar.) ... Peninsular Grinding Wheel Co. (quar.) — Peninsular Telephone (quar.) 7% preferred (quar.) — 7% preferred (quar.) 7% preferred (quar.) Penmans, Ltd. (quar.).. Pennsylvania Glass Sand............ —Preferred (quar.) Penna. Power Co., 36 preferred (quar.) •6.60 preferred (monthly) — Pennsylvania Salt Mfg. Co — Peoples Telephone Co. (Butler, Pa.) pref. (qu.). Pepeekeo Sugar Co. (monthly) — Pepperell Mfg. Co. (semi-annual) — Pfaudler Co. 6% preferred (quar.) Pharis Tire & Rubber Co Phelps, Dodge Corp ....— Philadelphia Co. 5% pref. (semi-annual).. Philadelphia Electric Power, 8% pref. (quar.).. Philadelphia Suburban Water 6% pref. (quar.). Phillips Petroleum Co. (quar.) Phoenix Finance Corp., 8% pref. (quar.) ...— Phoenix Hosiery Co., preferred Phoenix Securities, 33 conv. pref. A (guar.) Oct. 16Xc •IX — Sept. Sept. Sept. Sept. Aug. Aug. Aug. Sept. Sept. Sept. Sept. Sept. Sept. Sept. Aug. Aug. Aug. Sept. Sept. Aug. Sept. Sept. Sept. Aug. Sept. 20c Owens Illinois Glass Paauhau Sugar Plantation Co. (monthly) Pacific Finance of Calif, (quar.). 8% preferred (quarterlv). 18 Dec. Sept. 15 Aug. Aug. 15 Aug. Oct. 1 Sept. Sept. 1 Aug. Sept. 10 Aug. Aug. 16 Aug. Sept. 1 Aug. Sept. 14 Aug. Sept. 1 Aug. Aug. 15 July Neisner Bros., Inc. (quar.) Neptune Meter Co., $8 pref. (quar.)—-— New Amsterdam Casualty (s.-a.) — Newberry (J. J.) Co. 5% pref. A (quar.) New Jersey Zinc Co — Newmarket Manufacturing New York Air Brake Co. (quar.) New York 8c Queens Elec. Lt. 8c Pow. (quar.)-. Preferred (quar.) — Nineteen Hundred Corp., class A (quar.).. Class A (quarterly) Class B (quarterly) Norfolk & Western By. (quar.).—————.— Preferred (quar.) North American Edison Co. pref (quar.)— North River Insurance Co. (N. Y.) (quar.) Northam Warren $3 preferred (quar.) Northern Oklahoma Gas Co. 6% pref. (qu.)— 6% preferred (quar.) Northern RR. Co. of N. J., 4% pijef. (quar.)— 4% preferred (quarterly) Northwestern Public Service Co. 7% pref. 6% preferred —- — Northeastern Water & Electric Corp. 34 pref— Nova Scotia Light & Power 6% pref. (quar.).... Oahu Sugar Co.. Ltd. (monthly) Occidental Insurance Co. (quar.) O'Connor Moffatt 8c Co. $1 class A (quar.) Ohio Power 6% pref. (quar.) Ohio River Sand Co. preferred Oils & Industries, Inc Participating preferredOklahoma Gas & Electric 6% pref. (quar.) 7% preferred (quar.) Oklahoma Natural Gas 6% pref. (quar.) Ontario Steel Products Co. preferred (quar.)—7% preferred. Preferred (quar.) Oshkosh B'Gosh, Inc Preferred (quar.). Oswego 8c Syracuse RR. (semi-annual) — Otis Elevator Co. (increased) Preferred (quar.) Otis Steel Co. 1st preferred (quar.) Nov. 26 Aug. 16 July 31 Aug. 16 July 31 Aug. 23 Aug. 13 2 Aug. 16 Aug. 2 Aug. 16 Aug. July 26 Sept. Aug. 15 Sept. Sept. Aug. 15 Aug. 13 Sept. Aug. 13 Sept. Aug. 20 Sept. Co. of Amer. (s.-a.) National Linen Service, $7 pref. (s.-a.)— National Paper & Type (new) 1 Aug. 20 Aug. Sept. 1 Aug. Oct. 15 Sept. Aug. 31 Aug. Sept. 1 Aug. Sept. 30 Sept. Sept. 15 Aug. (quar.) Extra 1 Aug. 16 July 29 Sept. 1 Aug. 15 Sept. 1 Aug. 14 Sept. 1 Aug. 14 Sept. 28 Sept. 18 Mt. Diablo Oil Mining & Development (quar.).. Mull ins Mb?. Corp. pref. (quar.) Preferred B (quar.) National Liberty Insurance 1 Oct. 2 1-2-38 Jan. Sept 1 Aug. 27 Morse Twist Drill & Machine common 20 31 2 2 15 15 20 Oct. 30 Oct. 15 Aug. 20 Sept. Aug. 25 Aug. 12 4 Aug. 20 Aug. Aug. 20 Sept. Sept. 15 Sept. 10 Sept.15 Sept. 10 2 Aug. 16 Aug. Aug. 15 July 31 Sept. 15 Aug. 25 Nov. 10 Dec. _ _ Light,' National Lead Co. Sept. Aug. 16 July Aug. 16 Aug, Aug. 16 Aug. Oct. Sept. Oct. Sept. Oct. 10 Sept. Oct. 15 Sept. 10 Oct. Sept. 17 Aug. 16 July 31 2 Aug. 16 Aug. 2 Aug. 16 Aug. -— Class A (cjuar ) Montreal Oct. _ — Extra for the Holders When Payable of Record _ Midco Oil 1 25c 25c Meesinger Corp. (quar.) Metal Textile Corp. partic. pref. (quar.) Extra Acceptance Corp. of Calif.— ... 26 23 23 9 14 15 25 •1.10 •2 (quar.) Aug. Aug. Aug. Aug. Oct. 1 Sept. Sept. 10 Aug. Dec. •2 60c ... 1 Oct. Dec. 10 Nov. 26 75c 8% preferred (quar.). Nov. 15 50c •1.10 75c 75c 75c 75c Luzerne Co. Gas & Electric Corp., 1st $7 1st $6 preferred (quarterly) 1 Sept. 1 Sept. 1 Aug. 30 Sept. 1 $1X 5% preferred (s.-a.) Dec. Sept. 15 Aug. 31 Sept. 1 Aug. 2 Sept. 1 Aug. 2 Sept. 1 Aug. 17 Sept. 1 Aug. 17 Aug. 20 Aug. 10 Aug. 20 Aug. 10* 25c (quar.) Ludlum Steel Co Lunkenheimer Co., preferred (quarterly) Preferred (quar.) 14 1 Sept. 14 Sept. 15 Aug. 31 Sept. 10 Sept. 3 Sept. 1 Aug. 16 30c Lindsay Light & Chemical Co. (resumed) Link Belt Co. (quar.) Preferred (quar.) Little Miami RR., special guaranteed (quar.).. Special guaranteed (quar.) Original capital Original capital Little Long Lac Gold Mines. Loblaw Groceterias class A & B (quar.) 8% preferred (quar Locomotive Firebox Loew's Inc 1 Oct. Oct. 50c 5c 25c 25c Lima Cord Sole & Heel Co Lima Locomotive Works (resumed) Lincoln National Life Insurance Co. (qu.) Lincoln Stores, Inc. (quar.) ■— 5 37 Lehigh Portland Cement Co., com. (quar.) Preferred (quar.) Leslie Salt Co. (quarterly).: Lessing's, Inc. (quar.) Le Tourneau, Inc. (quar.) QuarterlyLibby-Owens-Ford Glass (irregular) Life Savers Corp Special Liggett & Myers Tobacco (quar.) Common B (quar.) 6% preferred (quar.) 6% preferred (quar.) 5% preferred (quar.) 5% preferred (guar.) 20 5 Sept. 15 Svpt Dec. 15 Dec 5 Aug. 31, Aug. 21 Aug. 20 Aug. 10 Oct. 1 Sept. 15 Aug. 14 Aug. 4 118 Name of Company —— Aug. 10 Sept. 3 Sept. 3 Aug. 2 Aug. 10 July 31 July 31 Aug. 5 Sept. 20 Aug. 14 Aug. 14 Aug. 30 Sept. 24! 62|fc Leath & Co.. pref. (quar.) Lee (H. D ) Mercantile (quar.) Mercantile 1 Oct. Kobacker Stores, Inc., common. Preferred (quar.) Kresge (S. S.) Co Kroehler Mfg. Co. 6% pref. A (quar.) 6% preferred A (quar.) Kroger Grocery & Baking (quar.) 6% preferred (quar.) ^ 7% preferred (quar.) Lake of the Woods Milling, pref. (qu.) Lake Superior District Power 7% pref. (quar.).. 6% preferred (quar.) Landii Machine (quarterly) Quarterly 7% preferred (quarterly). 7% preferred (quarterly). Lanston Monotype Machine Co La 8alle Wines & Champagne, Inc 16 20 14 3 20 16 20 20 1 Sept. Sept. Sept. Aug. Aug. Aug. Aug. Aug. Series S-4 Scrios K-l Klein (D. E.) & Co., Inc. (quar.).. pref. Aug. Aug. Aug. Sept. Sept. Aug. July Sept. Oct. 7% special preferred (quar.) 7% special preferrred (quar.) Kendall Co. $6 partic. pref. (quar.). Kennecott Copper Corp Special Kentucky Utilities 7% prior pref. (quar.) Keokuk Electric 8% preferred (quar.) Keystone Custodian Fund series B-3 •6X Nov. 10 Sept. Aug. Sept. Sept. ... Ironwood & Bessemer By. & Light pref Jantzen Knitting Mills, preferred (quarterly) Jarvis (W. B.) Co. (quar.) Preferred 16 17 15 9 13 13 22 5 31 2 Aug. 10 Aug. Aug. Sept. Aug. Aug. Aug. Sept. Aug. Aug. Aug. Sept. Sept. Ordinary registered (interim) Amer. dep. rets, for ord. reg. (interim) Indiana Security Corp. 0% preferred (quar.)-.. Per Share Holders Payable of Record Aug. Aug. Sept. Hormel ( Geo. A.) Co. (quar.) 1047 Chronicle — 15 5 Oct. 1 Sept. 15 Oct. 1 Sept. 15 Sept. Sept. Sept. Sept. Aug. Aug. Sept. Aug. Sept. Sept. Oct. Sept. Sept. Sept. 1 1 15 1 15 16 1 20 10 1 Aug. Aug. Aug. Aug. Aug. Aug. Aug. Aug. Aug. 20 20 31 31 10 5 20 5 20 Aug.10 1 Sept. 10 1 Aug. 1 Aug. 1 Aug Oct 10 9ept. 1-10-38 Dec. Sept. 1 Aug. Oct. 1 Sept. 12 6 6 30 31 20 15 Financial 1048 Per Share Name of Company Oct. 5 1 1 14 2 15 2 20 10 Sept. 10 Aug. 20 July 30 5 Aug. 16 Aug. Sept. 1 Aug. 20 Dec. (quar.|. . 1 Nov. 20 . Olftss Sept. 1 Aug. 15 Sept. 1 Aug. 14 Sept. 1 Aug. 14 Aug. 31 Aug. 20 Sept. 1 Aug. 16 Sept. 1 Aug. 16 Aug. 14 July 23* A Portland & Ogdensburg Ry. (quar.) Potomac Electric Power, 6% pref. (quar.)— 5 H % preferred (quarterly). — Procter & Gamble Co. (quar.) Nov. Prosperity Co., Inc., 5% pref (quar.) Public National Bank & Trust (s.-a.) Dec. Sept. Sept. Sept. Sept. Aug. Sept. Sept. Sept. July Aug. Aug Aug. Aug. 16 July $5 preferred (quar.) „ 6% preferred (monthly) 6% preferred (monthly) & Gas 7% pref. (quar.) $5 preferred (quar.) Inc. (quar.) Purity Bakeries Corp Quaker Oats, preferred (quar.) Quaker State Oil Refining (quar.) Quebec Power Co. (quar.) Radio Corp. of Amer., $3K cumul. conv. 1st pf. Rainier Pulp & Paper Co. $2 class A&B Rapid Electrotype Co. (quar.) Quarterly Reading Co. 1st preferred (quarterly) —-— 2nd preferred (quarterly) — — Regent Knitting Mills, non-cumu.. pref. (qu.)_ Non-cumulative preferred (quarterly)—— Remington Rand, Inc., interim Republic Insurance of Texas (quar.) Republic Portland Cement Co. 5% pref. (qu.)__ 5% preferred (quar.) Reynolds Metals Co., common 53-4 % cumul. conv. pref. (quarterly). Rike Kumler Co (quar.). Rochester Button Co $1)4 preferred (quarterly) Rochester Gas & Electric 6% pref. C and D— 5% preferred E (quar.) Holland Paper Co., Ltd (quar.) Public Service Elec Dec. Dec. Sept. Oct. Sept. $1)4 Sept. Sept. Aug. Sept. Sept. Sept. Aug. July July Aug. Sept. Sept. Dec. Aug. Aug. Sept. Sept. Sept. Sept. Sept. Aug. Aug. Sept. Sept. Aug. Aug. Aug. Aug Sept. Sept. Aug. Aug. Sept. Aug. Oct. A (quar.)_ Oct. Oct. Oct. Oct. 43^c 40c 40c 25c 75c (quarterly) ?, Sears Roebuck & Co. (quar.) Second Investment Corp. (R. I.) conv. pref $3 prior preferred (quar.) Second Standard Royalties, Ltd., preferred Securities Acceptance Corp. (quar.) 6% preferred (quarterly) Servel, Inc. (quar.) lc 20c Sept. Aug. Sept. Sept. Sept. Sept. Sept. Sept. Oct. Oct. Extra Sept. Sept. Preferred (quarterly) Oct. Preferred (quarterly) 1-3- 38 Aug. 16 Aug. 16 Aug. 16 Shawinigan Water & Power Sherwin Williams Co. (quarterly) Extra Sept. Sept. Aug. 5% preferred ser. AAA (quarterly) Sigma Mines, Ltd. (initial) Simplex Paper Sivyer Steel Castings Co Smith-Alsop Paint & Varnish 7% pref Smith (S. Morgan^ Co. (quar.) Socony-Vacuum Oil Co Solvay American Corp. 634 %pref__„ Sonotone Corp. preferred (quar.) South Bend Lathe Works (quar.) South Carolina Power Co., $6 pref. (quar.) Southern Calif. Edison Co.. com. (quar.) Sou. Calif. Edison, Ltd.. 6% pref. ser. B (qu.)~> Southern Canada Power Co., com. (quar.) Southern Counties Gas of Calif. 6% pref. (quar.) Southern Pipe Line Co Sovereign Investors. Inc Spear & Co. 1st & 2d pref. (quar.) Spencer Kellogg & Sons, stock dividends Optional div.t $50 cash or 2 shs. of com. for - _ 23♦ 30* 27 20 13 13 6 16 Aug. Sept. 14 31 31 15 9 15 1 16 16 15 15 15 15 15 20 6 1 1 16 14 14 16 10 10 18 18 17 Dec. 20 July July July Aug. Aug. Aug. July Aug. 28 31 31 14 2 3 25 20 Nov. Nov. 1 Sept. Aug. 19* 15 15 Sept. Aug. July Sept. Aug. Oct. Sept. 15 Aug. Sept. Aug. July Aug. July Sept. Aug. July Aug. Aug. Oct. Oct. Sept. Aug. Sept. Aug. 14 20 20 31 13 16* 31 16 2 each 100 shs. held. Spiegel, Inc., $4)4 convertible preferred (qu.)__ Square D Co. (quarterly) Stamford Water Co. (quar.) Standard Brands. Inc., $434 pref. (quar.) Standard Cap & Seal Corp. (quarterly) - Extra $1.60 preferred (quarterly) Standard Oil Co. or Calif, (quar.) Extra Standard Oil Co. of Indiana (quar.) Extra Standard Steel Spring Co. stock dividend Standard Utilities, Inc Stanley Works, 5% preferred (quarterly) Stecher-Traung Lithograph 7)4% pref. (quar.). 7)4% preferred (quar.) Stein (A.) & Co. common Sterling Products, Inc. (quar.) Stix, Baer & Fuller, 7% preferred (quar.) 7% preferred (quar.) Strawbridge & Clothier preferred A (quar.) Stromberg-Carlson Telep. Mfg 6)4% preferred (quar.) Struthers-Wells-Titusville Corp Stuart (D. A.) Oil Co., Sim Oil Co. (quar.) ' Preferred Ltd., class A pref (quar.) Sunray Oil Corp. (interim) Superheater Co. (increased) Tamblyn (G.) Ltd (quarterly)... Tampa Electric Co. (quarterly) Preferred (quarterly) .... ........ ; Title Insurance Corp. of St. Louis (quar.) Toburn Gold Mines (quar.) preferred (monthly) Union Gas Co. of Canada (qu.) - - — A United Dyewood Corp., preferred (quar.) United Corp. Ltd. $1.50 class Preferred (quarterly) — Sept. Sept. Aug. Sept. Sept. Sept. Sept. Sept. Sept. Sept. Sept. Aug. Aug. Aug. Sept. Sept. 1 Aug. Sept. Aug. Aug. Aug. Aug. Aug. Aug. Aug. Aug. Aug. July Sept. 6 1 14 14 14 16 16 16 16 10 2 30 23 18 Dec. Dec. Aug. Sept. Sept. July 30 Aug. 16* Sept. 15 Dec. Dec. Sept. Sept. Sept. Aug. Sept. Sept. Sept. Aug. Aug. 14 Aug. 10 Aug. 10 Aug. 6 Aug. 16 Aug. 25 Aug. 10 July 20 Oct. Oct. 15 1 Sept. 15 Sept. Oct. Sept. Oct. Oct. Sept. Sept. Sept. Aug. Aug. Sept. Sept. 8ept. Sept. Sept. Sept. Aug. Aug. Sept. Sept. Sept. (quar.) United Light & Rys., 7% pref. (mo.) 7% preferred (monthly) 6.36% preferred (monthly) 6.36% preferred (monthly) 6% preferred (monthly) 6% preferred (monthly) United N. J. RR. & Canal (quar.) United States Envelope Co Preferred (semi-annual) United States Graphite Co. (quar.) Sept. Sept. Sept. 1 Aug. 14 1 Sept.15 1 Aug. 14 1 Sept.15 1 Sept. 10 15 Sept. 1 Aug. 20 1 Aug. 11 16 July 31 5 16 Aug. 1 Aug. 10 1 Aug. 10 1 Aug. 10 1 Aug. 20 4 Aug. 17 4 Aug. 17 31 Aug. 21 21 July 22 1 Aug. 14 1 Aug. 14 1 Aug. 14 14 July 31 1 Sept. 1 1 Aug. 14 9 16 Aug. 15 Aug. 20 1 Aug. 16 1 Aug. 16* Nov. — 15* 1-3-38 Dec. 10 Aug. 7 7 Aug. 17 Aug. Sept. 1 Aug. 12 Sept. 30 Aug. 31 Sept. 30 Aug. 31 Aug. 16 Sept. Oct. Sept. 15 Sept. 1 Aug. 16 Oct. Sept. 15 Aug. 16 Sept. Oct. Sept. 15 Oct. 10 Sept. 20 Sept. 1 Aug. 16 Sept. 1 Aug. 16 1 Sept.15 Sept. . Dec. Quarterly United States Guarantee Co. (quar.) Pipe & Foundry Co., com. (quar.) Common (quarterly) 8 Nov. 24 Sept. 30 Sept. 18 Sept. 20 Aug. 31* Dec. 20 Nov. 30* Oct. 1 Sept. 15 Oct. Extra.. 1 Sept. 15 Sept. 15 .Sept. United States Steel Corp., preferred Preferred (quarterly) 1 |Aug. 30 |Aug. United States Rubber Reclaiming, 8% pref 2 2 Aug. 30 Aug. Sept. 1 .Aug. 20 Sept. 1 [Aug. 14 United Wall Paper Factories pref. (quar.)_ Universal Insurance Co. (quar.) Utica Clinton & Binghamton RR Debenture (semi-ann.) Utica & Mohawk Cotton Mills (quar.) Wagner Electric Corp., common Vanadium Alloy Steel Vapor Car Heating Co., Inc. 7% pref. (quar.)— 7% preferred (quar.) Veeder-Root, Inc. (quar.) Extra Vick Chemical Co. (quar.) Extra Dec. 27 Dec. 16 6 Aug. 14 Aug. Sept. 20 Sept. 1 Sept. 2 Aug. 20 Sept. 10 Sept. 1 Dec. 10 Dec. 1 Sept. 1 Sept. 1 Aug. 16 Aug. 16 llSept. 8 Sept.15 Sept. 15 Sept. Sept. _ Vicksburg Shreveport & Pacific Ry. (s.-an.) Preferred (semi-annual) Virginia Coal & Iron Co. (quar.) Vulcan Detinnlng, preferred (quarterly Oct. Oct. — Sept. |Oct Wailuku Sugar Aug. Walgreen Co., 4)4% preferred w w (quar.) Walker (Hiram) Gooderham & Worts, Ltd.(qu.) $1 preferred (quar.) — Waltham Watch, prior preferred (quar.) Washington Ry. & Electric Co 5% preferred (quarterly) 5% preferred (quarterly) 5% preferred (semi-ann.) Weill (Raphael) & Co. 8% preferred (s.-a.) Welsbaum Bros. Brower (quar.) — Quarterly Welch Grape Juice Co Wellington Fund, Inc. (quar.) Sept Sept. Sept Oct. Aug. Sept. l;Sept. 1 Aug. 20 Oct. 20 Aug. 15 Aug. 15 Aug. 15 Aug. 2i8ept. 31 Aug. Aug. 8 21 11 10 26 20 20 18 16 16 Dec. 1 Nov. 15 1 Nov. 15 Sept. Sept. 1 [Aug. 1 Aug. 9 Dec. 1 Nov. 9 Dec. 1 Aug. 24 |Aug. 14 Sept. 30 Sept. 15 Sept.30'Sept. 15 Extra Wentworth Mfg., preferred (quar.) Wesson Oil & Snowdrift (quarterly) Preferred (quarterly) Western Cartridge Co. 6% pref. (quar.) Western Public Service, pref. A Western Tablet & Stationery (quar.)—— Westing house Air Brake (quar.) Quarterly Westinghouse Electric & Mfg 7% 1st preferred West Jersey & Seashore RR. Co. (s.-a.) 6% Special guaranteed (s.-a.) — West Kootenay Power & Light, pref. (quar.) Westland Oil Royalty Co., Inc. cl. A (monthly). Class A (monthly)... Westmoreland. Inc. (quarterly) West Penn Electric 7% pref. (quar.) 6% preferred (quar.) Westvaco Chlorine Products (quar.) West Virginia Pulp & Paper Co. pref. (quar.)— Wheeling Electric Co., 6% pref. (quar.5 Whltaker Paper Co 7% preferred (quar.) White (S. S.) Dental Mfg. Co. (ouar.) Whitman (Wm.) & Co., Inc., 7% pref. (quar.).. Wilcox & Gibbs Sewing Machine Co Williams (J. B.) Co. (initial) Preferred (initial) Wilson & Co. (quar.) Wilson-Jones Co. (extra) Winstead Hosiery Co. (quarterly).. Extra Wisconsin Public Service Co. 7% preferred 6 34 % preferred 6% preferred Wood (A.) Steel 7% preferred Woolworth (Ff. W.) <3o. (quar.)... Worcester Salt 1 Oct. Aug. 16 July 31 Oct. 1 Sept. 10 common (quar.) — Wrigley (Wm.) Jr. Co. (monthly). Monthly Yale & Towne Mfg. Co. Youngs town Steel Door Co 'Transfer books not Aug. 15 Aug. 1 ;Aug. 25 [Aug. 14 |Aug. 25 Aug. 14 Aug. 20 Aug. Sept. 1 AUg. Aug. 16 Aug. Oct 30 Sept. 1-30-38 Dec. Aug. 31 Aug. Aug. 31 [Aug. 1-3-38 Dec. Dec. 1 Sept. Aug. 15 [July Sept. 15 Aug. Oct. 1 Sept. Aug. 16 July Aug. 16 July Sept. 1 Aug. Aug. 16 Aug. Sept. 1 Aug. Oct. 31 9 9 15 1 Nov. 15 Oct. Oct. 2 12 5 30 22 31 31 15 30 20 10 2 5 1 8ept. 20 1 Sept. 20 Aug. 14 [July 30 1 Sept. 11 6 16 Aug. 2 15 Aug. 15.Aug. 2 1 Aug. 14 19 Aug. 14 Oct. Aug. Aug. Aug. Sept. Aug. Nov. Nov. Sept. Sept. Sept. Sept. Sept. Sept. Sept. Oct. . .Oct. 20 Aug. 20Aug. 20,Aug. 1 Aug. 1 Aug. 15 15 31 31 31 14 10 30jSept. 20 Oct. Aug 20 Sept. 20 Oct. 1 Sept. 10 [Sept. 15.Sept. 1 closed for this dividend, 1 t On account of accumulated dividends. Oct. Aug. Aug. Oct. | Aug. 17 Co. (quar.) United Gas Improvement (quar.) Preferred (quarterly) United States 1 Sept.15 1 Sept. 15 1 Sept. 15 Oct. Aug. (quar.) United Biscuit Co. of America common Preferred (quar.) United Gas Corp., pref. Oct. Oct. Sept. Sept. Union Tank Car Co. (quar.) United Engineering & Foundry Preferred (quarterly) 2 Sept. 19 Aug Sept. 1 Aug. 30 |Aug. Corp. (semi-annually) Tyer Ruboer Co., 6% pref. (quar.) 1 Nov. 20 Aug. Scotten Dillon Co (quar.) Timken Roller Bearing Trans-Lux 1 Nov. 15 1 Aug. 1 Sept. 11 Aug. 1 [Aug. 1 Aug. 1 Aug. 16 Aug. 1 Aug. (quar.) Timken-Detroit Axle Co.. preferred 6% preferred (monthly) 5% preferred (monthly) Trane Co., common (quar.) $6 first preferred (quar.) 1 Sept. Dec. 734% preferred B (quar.) 7% preferred C (quar.) 6)4% preferred D (quar.) 6% preferred (semi-annual) Savannah Gas, 7% pref. (quar.) — Extra Tide Water Power Co. $6 preferred (quar .) United States Playing Card Co. (quar.) Quarterly Savage Arms Corp 2nd preferred (quarterly) Scott Paper Co., common Seaboard Oil Co. of Del Sept. Sept. Sept. Aug. Sept. Taylor & Fenn Co. (quar.) — Technicolor, Inc. (interim) — Tennessee Electric Power Co., 7.2% pref. (qu.)_ 7% preferred (quarterly) 6% preferred (quarterly) 5% preferred (quarterly) 7.2% preferred (monthly) 7.2% preferred (monthly). 6% preferred (monthly) 6% preferred (monthly) Texas Corp. (quarterly) Texas Gulf Sulphur Co. (quarterly) Texas-Nex Mexico Utilities Co., 7% pf. (qu.) Texas Pacific Coal & Oil Co. (quar.) Thatcher Mfg. Co., $3.60 pref. (quar.) Thompson (John R.) Co. (quar.)—... — Tidewater Assoc. Oil Co. (quar.) Toledo Edison Co. 7% 9 Aug. 25 Aug. 10 Sept. 1 Aug. 20 Oct. Roxborough Knitting Mills, Inc.— Participating preferred (quar.) Royal Bank of Canada (quar.) Royalty Income Shares, series A Rustless Iron & Steel $2)4 preferred (quar.) St. Joseph Lead Co. (quar.) San Francisco Remedial Loan Assoc. (quar.) — Savannah Electric & Power 8% pref. 21 24 16 2 31 26 Oct. 1 Sept. 8 9 Aug. 16 Aug. 1 Sept. 15 Sept. 1 Dec. 15 Dec. Sept. 9 Aug. 19 Oct. 14 Sept. 23 5 Sept. 1 Aug. Pullman (quarterly) Sept72l" Sept. 30 Sept. 30 Sept. 30 Sept 30 Aug. 31 Sept. 30 Sept. 30 Sept. 30 Aug. 16 Sept. 1 Aug 31 Sept. 15 7% preferred (quar.)... Preferred 1 1-3-38 Payable of Record Company Extra 1 Oct. — Semi-annual Public Service Corp. of N. J. (quar.) 8% preferred (quar.)... Name of Paya\fle\ of Record Sept. 1 Aug. Aug. 15 Aug. Sept. 1 Aug. Aug. 16 Aug. Oct. 1 Sept. Aug. 16 Aug. Sept. 1 Aug. Oct. 1 Sept. Pick (Albert) Co. (interim) Preferred (semi-ann.) .... —.— Pillsbury Flour Mills (quar.) Pitney-Bowes Postage Meter (quar.) Pittsburgh Bessemer & Lake Erie RR. (s.-a.)__ Pittsburgh Brewing Co. preferred —— Pittsburgh Coke & Iron, $5 preferred (quar.).. Pittsburgh Ft. Wayne & Chicago Ry. Co. (qu.)7% preferred (quar.) Pittsburgh Plate Glass Co Pittsburgh Suburban Water Co. $5>4 pref Pittsburgh Youngstown & Ashtabula Ry. Co.— preferred preferred (quar Plymouth Fund, Inc., class A (quar.) Poor & Co. class A (quar.) Holders When Holders When 1937 14, Aug. Chronicle July'31* July 31 t Payable in Canadian funds, and in the case oi non-residents of Canada, a tax of 5% of the amount of such dividend wil be made. deduction of r Condition of the Federal Reserve Bank of Weekly Return of the New York City Clearing House The weekly statement issued by the New York City following shows the condition of the Federal Reserve Bank of New York at the close of business Aug. 11, 1937, in CLEARING HOUSE OF THE NEW YORK ASSOCIATION FOR THE WEEK ENDED York New The Clearing House is given in full below: STATEMENT OF MEMBERS 1049 Chronicle Financial Volume 145 comparison with the previous week and the corresponding date last year: SATURDAY, AUG. 7, 1937 • i Aug. 11,1937 Aug. 4,1937 Aug. 12,1936 $ $ Deposits, Average $ Time Deposits. Profits Capital Net Demand Undivided * * Clearing House Average Surplus and Members Assets— Gold certificates on hand and due from United States Treasury.! 3,264,940,000 3,267,606.000 3,220,518,000 :v;: s Bank of N Y & Trust Co 136,522,000 13,102,300 391,436,000 25,769,700 57,496,600 al,471,112,000 420,529,000 54,132,100 179,891,500 61,381,775,000 446,060,000 43,503,300 700,483,000 68,112,400 248,410,000 17,508,900 430,326,000 107,641,600 477,551,000 60,956,200 40,635,000 4,054,900 128,220.000 cl,842,386,000 50,628,000 3,553,200 d736,786,000 75,366,200 15,485,000 1,295,900 88,413,000 9,012,200 272.339,000 28,136,700 78,697,000 8,092,800 8,616,700 76,285,000 6,000,000 20,000,000 77,500,000 20,000,000 90,000,000 42,777,000 21,000,000 15,000,000 Bank of Manhattan Co. National City Bank Chem Bank & Trust Co. Guaranty Trust Co Manufacturers Trust Co Cent Hanover Bk&Tr Co Corn Exch Bank Tr Co. First National Bank 10,000,000 Irving Trust Co 50,000,000 4,000,000 Continental Bk A Tr Co Chase National Bank 100,270,000 Fifth Avenue Bank 500,000 Bankers Trust Co.. 25,000,000 Title Guar A Trust Co.. 10,000,000 Marine Midland Tr Co.. 5,000,000 12,500,000 7,000,000 7,000,000 New York Trust Co Comm'l Nat Bk A Tr Co Public Nat Bk A Tr Co. Totals... * Includes 523,547,000 as per official reports: 9,305,858,000 894,463,200 10,593,000 48,728,000 193,615,000 26,916,000 84,716,000 100,300,000 57,445,000 23,469,000 3,859,000 1,950,000 Other cash f Total 1,753,000 74,215,000 950,000 77,729,000 Redemption fund—F. R. notes 77,073,000 3,344,819,000 3,345,629,000 3,296,486,000 reserves Bills discounted: 8ecured direct by U. or 8. Govt, obligations, 5,215,000 2,805,000 2,702,000 72,666,000 37~,378~666 — 560,000 3,254,000 27,472.000 1,646,000 4,918,000 1,737,000 7,366,000 6,655,000 1,084,000 5,495,000 Total bills discounted Bills bought In open market Industrial advances 4,492,000 2,874,000 8,020,000 fully guaranteed Other bills discounted 350,000 1,089,000 1,103,000 7,090,000 5,499,000 United States Government securities: 210,233,000 332,270,000 182,526,000 210.233,000 — 182,526.000 88,263,000 406,823,000 165,475,000 Total U. 8. Government securities- 725,029,000 725.029,000 660,561,000 739,628,000 738,983,000 675,409,000 91,000 86,000 5,401,000 137,841,000 10,038,000 12,485,000 146,330,000 10,038.000 12.186.000 82,000 5,828,000 141,562,000 10,854,000 33,699,000 Bonds Treasury notes 49,729,000 Treasury bills 745,398,000 332,270,000 1937; National, June 30, 1937; State, June 30, trust companies, C June 30, 1937. Includes deposits in foreign branches $116,843,000; d $40,776,000. The New follows: as $274,454,000; 6 $88,275,000; a Total bills and securities Due from foreign banks. Federal Reserve notes of other banks "Times" York publishes regularly each week banks and trust companies which are not members of the New York Clearing House. The following are the figures for the week ended Aug. 6: of returns a INSTITUTIONS number of NOT IN CLEARING HOUSE WITH THE AND STATE BANKS—AVERAGE Loans, Other Cash, Due. and Including Grace National 23,109,600 Sterling National... 21,965,000 5,894,686 Trade Bank of N. Y. Brooklyn— People's National Liabilities— F. R. notes in actual circulation 934,036,000 930,674,000 815,166,000 Deposits—Member bank reserve acc't-- 2,836,373,000 2,800.993.000 2,762,499,000 U. S. Treasurer—General account 132,427,000 90,156,000 99,445,000 70,808,000 31,587,000 69,209,000 Foreign bank Dep. Other Banks and Gross Trust Cos. Deposits 121,800 524,000 271,300 1.585,504 68,463,000 Total deposits 28,454,900 26,794,000 5,724,528 2,028,000 700,000 60,779 7,119,700 7,117,000 Other deposits % s $ 4,250,103,000 4,260.745,000 4,163,920,000 Total assets— FIGURES Elsewhere s $ .... - 1937 Res. Dep., Y. and N. Investments Bank Notes Manhattan— Bank premises... All other assets 4,900,000 89,000 755,000 Deferred availability items Capital paid in Surplus (Section 7) Surplus (Section 13b) Reserve for contingencies Loans 5,447,000 276,000 FIGURES 134,730.000 51,090,000 51,474,000 7,744,000 9,117,000 1,073,000 ;■ All other liabilities Cash Total liabilities Dep. Other Bants and Trust Cos. Deposits Investments Ratio of total $ $ $ to Lawyers United States 10,696,268 20,022.300 27,977,200 73,026,455 10,457,600 2,033,435 873.438 845,100 713,100 16,207,151 Brooklyn— Brooklyn Kings County 83,504,000 30,058,696 3.042,000 2,904,521 34,595,000 6,084,839 Federation 9.043,356 Fiduciary-Fulton.. * .... Includes amount with Federal Reserve ciary, $674,624; Fulton, $6,479,900; 51,091,000 51,474,000 7,744,000 9,117,000 944,000 134,836,000 50,194,000 50,825,000 7,744,000 8,849,000 6,587,000 deposit and 67,897,400 10,585,131 3,833,400 1,287,586 5,248 582,300 83.7% Commitments 9,988,449 make to industrial 965,000 5,368,000 84.4% 83.7% 1,003,000 Contingent liability on bills purohased for foreign correspondents........... $ $ *6,614,700 223,025 *1,045,271 *6,747,700 *13,159,400 24,135,536 57,337,400 142,963.000 4,250,103,000 4,260,745,000 4,163,920,000 reserve F. R. note liabilities combined Manhattan— Empire 196,188,000 Gross Elsewhere Disc, and Res. Dep., N. Y. and 59,148,000 3,064,201,000 3,063,376,000 3,089,719,000 ... TRUST COMPANIES—AVERAGE 7,493,000 CLOSING OF BUSINESS FOR THE WEEK ENDED FRIDAY, AUG. 6, NATIONAL Uncollected items 5,399,000 ad- 23.572.500 bances 39,527,600 83,021,368 t "Other cash" does not Include Federal Reserve notes or a bank's own Federal .... 9,047,000 Reserve bank notes x 54,000 113,414,000 These are certificates given by the United States Treasury tor the gold taken over 33,298,324 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 of the as foUows: Empire, Lawyers, $4,214,600; Fidu¬ difference, the difference Itself having been appropriated as profit by the Treasury under the provisions of the Gold Reserve Act of 1934. $12,464,900. 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. Ihese 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 department 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. statement of May 19, 1937. various changes announcement of the Federal Reserve Bank of New York of April changes In the report form ... made In the breakdown of u>atu as reported in this statement, which were described in were 20, 1937, as 1*.inlal, anid agriicultural loans, and (2) loans (other than also eliminates the ao follows: are oonflned to the classification of loans and discounts. This classification has been changed primarily to show the amounts to The revised form to brokers and dealers) for the purpose of purchasing or oarrylng securities. distinction between loans to brokers and dealers in securities looated In New York Olty and those looated outside New York Olty. Provision has been "acceptances of own bank purchased or discounted" with "acceptances and commercial paper bought In open market" under the revised caption "open market paper," Instead of In "all other loans" as at present. made also to include ^Elubsequent to the above announcementsecured and known that it was made segregated as "on securities" and "otherwise the new Items "commerolal. industrial, and agricultural loans" and "other loans" would each be unsecured." A more detailed explanation of the revisions was published In the May 29, 1937, issue of the "Chronicle." page 3590. ASSETS AND LIABILITIES OF WEEKLY REPORTING MEMBER BANKS IN 101 LEADING CITIES,BY DISTRICTS, ON AUG. 4,1937 (In Millions of Dollars Federal Reserve Districts— Total Boston New York PhUa. ASSETS $ $ s $ 9,303 4,474 1,183 1,899 634 545 471 711 239 264 Loans and Investments—total..... Loans—total ..... 22,378 9,908 1,317 706 Cleveland Richmond $ Atlanta Chicago s $ s Commercial, Indus, and agrtoul. loans: On securities-. SI. Louis Minneap. Kan. CUy S 3,087 1,037 S S San Fran. Dallas t $ 672 393 729 500 305 170 289 227 2,116 1,015 584 39 251 44 43 14 11 50 54 3 19 13 37 Otherwise secured and unsecured.. 3,915 276 1,616 165 244 91 122 582 130 77 162 129 321 Open market paper................ Loans to brokers and dealers Other loans for purchasing or carrying 462 94 176 25 19 10 4 53 11 7 26 4 33 1,387 42 1,188 28 22 4 7 60 6 2 4 3 21 702 37 353 38 38 20 16 92 13 9 15 15 56 1,162 85 242 60 178 29 26 82 45 6 20 21 368 164 5 125 3 3 3 7 6 8 1 1 2 714 67 261 49 121 30 25 47 12 14 9 70 securities Real estate loans.................. Loans to banks Other loans: On securities Otherwise secured and unsecured guar, 9 by U. S Other securities Reserve with Federal Reserve Bank.. Cash In vault Balances with domestic banks Other assets—net 818 61 262 59 43 38 46 65 26 51 28 32 107 443 3,198 330 854 294 172 1,432 219 167 265 194 677 24 489 100 65 34 32 183 47 12 48 28 125 144 1,142 282 269 67 77 435 101 44 127 51 299 254 2,436 243 340 130 104 774 132 83 166 112 315 31 65 15 36 17 11 57 10 5 11 10 1,691 1,262 Govt. 8,245 1,187 3,038 5,089 287 United States Government obligations Obligations fully | 88 141 125 163 109 98 300 79 70 193 140 185 83 517 87 106 41 39 93 23 17 23 26 207 19 LIABILITIES Demand deposits—adjusted 14,877 5,244 United States Government deposits Inter-bank deposits: Domestic banks Foreign banks....... Borrowings 970 6,506 825 1,108 424 339 2,260 393 272 484 393 903 280 1,132 283 727 200 180 866 184 121 144 121 1,006 463 35 246 18 15 11 57 7 2 8 16 37 5,023 Time deposits 212 1,970 274 331 182 736 237 109 393 173 236 5 1 601 Capital account 11 557 43 ..... Other liabilities ... 1 36 29 400 19 3,603 235 1,615 228 170 1 1 16 3 2 17 23 5 20 8 7 3 4 318 345 91 88 362 87 56 90 80 326 1 1 853 11 > 8 Financial 1050 Aug. Chronicle 14, 1937 Weekly Return of the Board of Governors of the Federal Reserve System issued by the Board of Governors of the Federal Reserve System on Thursday afternoon, Aug. 12, showing the condition of the twelve Reserve banks at the close of business on Wednesday. The first table presents the results for the System as a whole in comparison with the figures for the eight preceding weeks and with those of the corresponding week last year. The second table shows the resources and liabilities separately for each of the twelve banks. The Federal Reserve note statement (third table following) gives details regarding transactions in Federal Reserve notes between the Reserve Agents and the Federal Reserve banks. The comments of the Board of Governors of the Federal Reserve System upon the returns for the latest week appear in our department of "Current Events and Discussions." The following was COMBINED RESOURCES Aug. 11, 1937 Three ciphers (000) omitted July 1937 28, 1937 $ 21, July $ 14, July June 30, $ $ 8,225,038 t312,309 313,595 13,720 289,980 9,158,687 9,169,636 9,161,358 8,528,738 9,623 7.042 9,844 2,887 3,459 11,521 2,807 5,552 3.395 13,018 9,929 13,303 14.328 7,863 3.669 3,801 4,273 22,012 5,094 3,094 9,549 307.824 10,399 10,471 277,661 9,155,491 9,167,492 9,162,809 9,152,780 9,123,466 10,026 5,377 10,316 8,619 11,718 4,901 3,553 3,328 16,697 Total reserves 1936 9,860 11,674 5,023 Other cash * 12, Aug. 8,837,903 9,936 323,657 15,403 15,217 12,172 15,046 9,150,085 Redemption fund (Federal Reserve notes) 16. 1937 8,836,904 10,241 322,491 f8.835.907 8,835.407 8.833,899 June $ $ 8,835,406 8,833.905 9,976 318,928 8,833,399 9,784 312,308 8,832,398 June 23, 1937 1937 $ $ $ July 7 1937 1937 1937 10,784 306,903 hand and due from U. S. Treas.x on Aug. 4, t ASSETS Gold ctfs. CLOSE OF BUSINESS AUGUST 11. 1937 AND LIABILITIES OF THE FEDERAL RESERVE BANKS AT THE Bills discounted: Secured by direct or S. Government obligations, U. fully guaranteed Other bills discounted Total bills discounted. 21,043 United States Government securities—Bonds.. Treasury notes Treasury bills Tota 3,078 21,082 3,201 21,596 21,665 3,596 21,759 732,508 1,157,713 635,969 732,508 1,157,713 635,969 732.508 732,508 732,508 1,162,713 1,162,713 630,969 630,969 2,526,190 3,072 Bills bought in open market Industrial advances - *U. S. Government securities 2,526,190 2,526,190 2,526,190 3,280 ' 21,783 22,152 1,165,713 732.508 1,165,713 627.969 627,969 732,508 1.170.713 622.969 1,168,213 625.469 2,526,190 2,526,190 2,526,190 2,526,240 732,558 2,311 22,049 28,782 732,608 1,166.213 324,721 1,496,719 627,469 608,787 2,526,290 2,430,227 181 Foreign loans on gold Duo from 2,566,591 2,564,660 2,562,072 2,565,828 2,567.761 2,470,147 2,567,002 2,565,753 2,566.204 2,563,307 ""227 """222 """222 """222 25,686 582,630 45,502 43,520 28,198 601,649 32,396 582.875 28,917 26.890 21,950 23,933 23,108 21,277 23,348 630.603 866,372 598,183 45,572 638,313 45,601 664.235 45,500 645,445 45,582 759.714 45,615 45.697 45.700 43,055 42,692 44,769 43,588 42,945 41,977 41.720 12,414,652 Total bills and securities Gold held abroad 12,439.505 12,439,530 12,489.870 12,594.740 12.436,186 4,228,043 4,222,016 4,193,413 4,197,871 4,213,898 4,252,417 6,681,124 252,690 6,775.505 6,927,951 6,826,707 90,232 100,937 159.009 115,621 172,325 112,381 __ foreign banks.. Federal Reserve notes of other banks Uncollected Items Bank premises All other assets Total assets... LIABILITIES Federal Reserve notes In actual circulation.... """219 45,601 ""219 """219 ""2I9 219 ""2I9 t40,733 40,243 44,152 12,496,481 tl2.475.824 12,702,930 11,712,842 4,206,477 4,162,832 4,177,805 3,983,473 6,900,288 92,813 157.400 6,854,411 6,807,978 150,928 166,963 250,212 147.450 6,116,084 338,062 127.671 156.553 119,479 86,438 250,309 Foreign banks 193,493 6,635.764 308,778 195.093 Other deposits 133,626 124,926 185,042 120,372 6,858,300 183,743 161,864 95,966 7,260,933 7.264.561 7,308,737 7,299,873 7,292,813 7.212,350 7,278.172 7,328,855 7,325.119 6,790,893 606,265 132,442 589.461 625,371 132,355 664.852 634,198 132,302 132,205 851.089 132.240 591,154 130,177 145,854 145,854 645,176 132,514 145.854 741.434 145,854 27.490 145,854 145,854 145,854 145,501 27,490 27,490 27,490 145,854 27.490 35.906 35,906 35.906 t35,906 35,931 4.443 5,428 8,484 7,402 26,513 34,141 10,990 Deposits—Member banks' reserve account United States Treasurer—General account.. Total deposits Deferred availability Items 578,259 132,530 145,854 Capital paid In. Surplus (Section 7) Surplus (Section 13-B) Reserve for contingencies 132.459 Ratio of total reserves to 27,490 27,490 35,873 5,004 35,871 6,297 5,220 4,886 12,414,652 12,439,505 12,439.530 12,489,870 12,594,740 12,436,186 12.496,481 tl2.475.824 12,702,930 *1,712,842 79.6% 79.7% 79.7% 79.7% 79.5% 79.6% 79.7% 79.8% 79.6% 79.2% 2,780 Total liabilities.. 2,917 3,212 3,587 4,150 4,138 4,015 4,044 3,745 15,304 15,366 15,726 15,859 16.171 16,110 16,331 16,733 16,801 27,490 35,872 deposits and Federal Reserve note liabilities combined liability 132,407 27,490 35,871 5,672 All other liabilities Contingent 227.818 on bills purchased for foreign correspondents Commitments to make industrial advances 23,394 " / . Maturity Distribution of Bills and Short-term Securities— 6,097 1-15 days bills discounted 14,237 12,554 12,304 9,624 8,044 11,451 12,663 16-30 days bills discounted 31-60 days bills discounted 61-90 days bills discounted 426 447 511 283 151 162 596 616 474 829 915 774 918 761 562 724 375 437 873 945 663 806 559 414 399 206 400 397 205 Over 90 days bills discounted 260 824 822 788 843 842 359 461 357 654 7,863 12,877 11.053 34 16,697 15,403 15,217 12,172 15,046 13,018 9,929 13.303 14,328 market 238 262 208 273 1,455 438 232 3,098 768 market 178 177 271 225 190 1,256 1,523 1.956 470 2:1* 233 market 89 90 173 232 324 348 419 1,421 647 236 2,567 2,549 2,549 2,550 1,627 1,627 1,627 426 1,116 1,857 Total bills discounted 1-15 days bills bought In open 16-30 days bills bought In open 31-60 days bills bought In open 61-90 days bills bought In open market Over 90 days bills bought In open market 3,072 3,078 3,201 3,280 3,596 3,669 3,801 4,273 5,094 3,094 I- JI days Industrial advances 636 657 1,149 1,216 749 784 849 871 903 1,395 16-30 days industrial advances 31-60 days industrial advances 61-90 days Industrial advances 534 251 94 87 736 767 246 140 135 294 672 861 656 674 657 341 721 910 920 446 524 792 844 808 969 813 748 687 876 18,809 18,922 19,523 19,343 19,404 25,543 28,782 bought in open market Over 90 days industrial advances 674 18,755 , 18,905 18,844 21,082 21,596 21,665 21.759 21,783 22,152 22,012 22,049 29,447 30,546 138,834 56,472 2,270,891 43,375 18,246 140,359 57.821 2,266,389 38,628 27,447 33,045 35,561 32,247 31,956 38,628 142,926 57,736 127,416 65,661 57,993 61 621 34,710 35.063 78.920 44.151 43,375 35,063 33,045 32,247 76.689 130,275 148,926 58,493 85,659 2,256,693 146,834 2,247,174 153.359 2,259.453 2,243,102 2.243,381 2,245,281 2,314,710 2,144,407 2,526,190 ' 18,788 21,043 t 2,526,190 2,526,190 2,526,190 2,526,190 2,526,190 2.526,190 2.526.240 2,626,290 2,430,227 ■ Total Industrial advances....... 1-15 days U. S. Government securities 16-30 days U. S. Government securities 31-60 days U. 8. Government securities 61-90 days U. 8. Government securities Over 90 days U. S. Government securities Total U. S. Government securities 35.561 66.075 132.266 37,930 1-15 days other securities 16-30 days other securities 31-60 days other securities 61-90 days other securities Over 90 days other securities. 181 181 Total other securities Federal Reserve Notes— Collateral Held by Agent as Notes Issued to Bank— on hand and due from U. 8. Treas.. By eligible paper United States Government securities.. Tota 1 collateral * "Other cash* (Jots not Include These are certificates cents on 4,540,032 342,161 4,552,646 338,748 4,550.464 298,047 4.508,973 302.496 4,601,262 338.430 4,505,873 328.068 4,292,938 330,230 4,222,016 4,193,413 4,197,871 4,213,898 4,252,417 4,206,477 4,162,832 4,177,805 3,983,473 4,593,632 16,117 20,000 4,582,132 4,580,632 14,531 4,585,632 11,677 20,000 4,587,632 14,860 20.000 4,563,632 4,552,632 20,000 4,616,711 4,615,163 4,617,309 4,622,492 4,59 4,544,445 316,402 14,579 20,000 Federal Reserve notes, 9,984 4.542.632 13,801 4,544.632 15,634 4,299,338 12.844 20,000 20,000 20,000 20.000 73,000 4.582 616 4,576.433 4,680,266 4,378,845 > 476 the provisions of the Gold Reserve Act of 1934. 6,507 t Revised figure. dollar was devalued from 100 cents to 59.06 appropriated as profit by the Treasury under given by the United States Treasury for the gold taken over from the Reserve banks when the Jan. 31, 1934. these certificates being worth less to the extent of 309,465 Security for Gold ctfs. • 4.523.643 4,629,749 In actual circulation 4,532,357 310.341 4,228,043 Issued to Federal Reserve Bank by F. R. Agent Held by Federal Reserve Bank the difference, the difference Itself having been Volume Financial 145 Chronicle 1051 Weekly Return of the Board of Governors of the Federal Reserve System (Concluded0 WEEKLY STATEMENT OF RESOURCES LIABILITIES OF EACH OF THE 12 FEDERAL RESERVE BANKS AT AND Three Ciphers (000) Omitted Feaeral Reserve Agent at— Total Boston New York Philn. RESOURCES $ $ $ $ Gold certificates hand on from United States and Other cash $ Atlanta 8,832,398 notes- 10,784 *_ 306,903 710,351 513,289 447,103 3,264,940 456 1,950 36,000 77,729 Total reserves 9,150,085 287,229 Louis Minneap St. $ 235,080 1,732,085 AUG. 11 Kan. City Dallas S % $ 848 920 1,314 464 14,785 , 17,566 13,038 45,476 249,432 1,778,025 291,237 204,695 483,559 3,344,619 536,809 725,984 305,715 Bills discounted: direct and (or) fully guaranteed— San Fran S 198,024 652 301 413 6,019 16,137 13,697 689,403 1,750 28,889 312,802 197,166 720,042 710 296,364 183,056 11,674 5,023 Bills bought in open market 1,925 5,215 774 456 680 724 40 244 393 79 434 41 2,805 50 46 300 701 28 125 57 115 556 199 16,697 Total bills discounted 1,966 8,020 824 502 980 1,425 68 369 450 194 990 909 3,072 21,043 224 1,084 2,947 732,508 53,385 1,157,713 635,969 84,375 46,349 5,495 210,233 332,270 182,526 2,526,190 184,109 2,567,002 189,246 Industrial advances U .S. Government securities—Bonds. Treasury notes Treasury bills Total U. S. Govt, securities Total bills and securities Due from foreign banks Fed. Res. notes of other banks 227 __ 319 293 120 107 384 86 87 87 221 3,841 833 1,984 188 816 304 747 600 1,201 61,861 71,309 38,575 32,184 80,726 32,298 23,828 35,992 97,767 112,702 60,968 50,865 127,585 33,491 27,942 70,087 20,688 56,886 31,249 28,601 45,202 61,911 51,046 28,041 37,660 53,708 2,087 63,516 100,387 55,146 725,029 213,336 245,922 133,034 110,991 278,398 111,385 82,176 124,127 98,634 219,049 739,628 218,320 247,550 136,118 •112,711 279,666 112,144 83,433 125,008 100,912 222,266 22 91 16 20 9 8 * 60 24,831 3 5,401 977 1,613 1,399 1,584 2,590 1,627 392 44,021 48,732 78,036 17,879 36,688 24,286 3;024 10,038 4,878 2,746 19,791 2,212 4,640 1,493 3,190 2,656 12,485 5,081 56,504 6,280 4,676 2,416 25,622 2,361 1,819 137,841 43,520 Total resources 4 373 63,115 45,502 premises Allother resources 26 25,686 582,630 Uncollected Items 2,760 1,684 4,062 1,678 1,562 1,915 1,251 1,709 810,108 1,042,627 497,479 387,422 2,147,045 435,462 310,884 481,236 325,722 12,414,652 741,989 4,250,103 6 16 6 \ 984,^75 4,228,043 286,529 930,674 315,214 440,513 194,360 170,905 971,762 179,839 137,679 167,448 92,379 340,741 6,681,124 252,690 193,493 133,626 340,021 2,836,373 11,696 90,156 375,643 456,961 213,459 171,724 135,987 253,630 173,651 15,059 3,486 971,504 56,089 198,009 20,437 7,792 4,223 7,777 12,307 554,162 10.261 7,260,933 A Member bank reserve account U. S. Treasurer—General account- Foreign bank Other deposits Total deposits Deferred availability Items Capital paid in Surplus (Section 7). Surplus (Section 13-B) 69,209 17,894 8,363 6,807 22,562 5,641 5,641 13,809 68,463 9,640 20,727 3,371 2,803 1,569 5,835 6,593 4,473 3,257 2,347 99 4,337 10,420 369,172 3,064,201 417,751 516,019 240,252 184,820 1,051,724 43,767 12,259 54,261 47,999 19,011 12,922 14,323 4,865 4,869 62,320 134,730 . 588,652 26,345 4,347 12,851 3,116 4,050 3,613 3,879 21,504 3,837 4,655 2,893 5,616 30,819 10,173 9,645 9,364 51,090 51,474 2,874 7,744 13,362 4,325 1,007 3,422 754 1,416 545 1,142 1,570 9,117 3,000 3,121 1,497 1,690 7,805 1,199 941 334 1,003 2,048 3,851 1,262 1,846 1,073 430 461 215 279 1,369 286 304 185 224 512 810,108 1,042,627 497,479 387,422 2,147,045 435,462 310,884 481,236 325,722 984,575 741,989 4,250,103 2,780 15,304 203 1,003 272 256 120 97 323 83 64 81 5,368 164 937 1,941 314 10 1,039 53 122 1,996 2,037 81 1,971 302 19' 3,08 does not Include Federal Reserve notes. STATEMENT (000) Omitted Federal Reserve Bank of— Total Boston New York PhUa. Federal Reserve notes: Issued to F. R. Bank by F. R. Agent Held by Federal Reserve Bank $ S t % by 4,544,445 Cleveland Richmond S Atlanta Chicago S S S St. Louis Minneap. Kan. City $ % Dallas San Fran. $ $ S as 332,507 17,293 464.299 205,130 177,660 100,040 384,640 26,844 188,074 8,235 142,438 10,770 189,312 18,407 998,606 23,786 4,759 10,212 7,661 44,899 286,529 930,674 315,214 440,513 194,360 170,905 971,762 179,839 137,679 167,448 92,379 340,741 4,593,632 16,117 20,000 336,000 1,040,000 l,9o6 7,643 337,000 467,500 205,000 145,000 180,000 102,500 399,000 502 980 171,000 1,020,000 68 1,385 190.632 774 270 450 194 976 909 4,629.749 Agent 329,351 1,031,388 42,822 100,714 4,228,043 circulation held 195,936 36,710 9,826 FEDERAL RESERVE NOTE actual 267,147 16,811 27,490 35,871 5,672 12,414,652 for foreign correspondents Commitments to make indus.advances In 147.030 26,872 145,854 on bills purchased "Other cash" 218,229 78,614 132,530 Total liabilities Contingent liability 14,198 13,407 19,061 578.259 Reserve for contingencies All other liabilities Collateral \ - Deposits: Three Ciphers 5,495 30,115 3,389 3,252 LIABILITIES F. R. notes in actual circulation * 1937 obligations. Other bills discounted Bank 5 275,474 1,112 14,651 604 22,916 ( Secured by U. S. Govt, Chicago $ $ BUSINESS due Treasury Redemption fund—Fed. Res. Cleveland Richmond CLOSE OF 337.966 1.047.643 190,902 145,450 180,194 103,476 399,909 316,402 security for notes Issued to banks: Gold certificates from on hand and due United States Treasury.... Eligible paper U. S. Government securities... Total collateral United States York Stock Government 20,000 Securities Exchange—See following on 337.774 the 468.002 New page. 205,980 192,385 1,020.068 Transactions the at York New Daily, Weekly and Yearly—See page jjg^Stock and Bond Averages—See United States Rates quoted are Asked Aug. 18 1937 Aug. 25 1937 0 28% Sept 0.28% Bid Jan. 11 1I Jan. 5 1938 Jan. Jan. 26 0.30% Feb. 2 1938- 0.30% Feb. Sept. 29 1937 0 30% Feb. 16 Oct. 0.32% Feb. 23 1938 1938 - - 1938 Oct. 13 1937... 2 1938--- 20 1937 0.32% 0.32% Mar. Oct. Mar. 9 1938 Oct. 27 0 32% 0.33% Mar. 16 1938 3 1937 Nov. 10 1937 0 33% Mar. 30 1938 Nov. 17 1937 April Nov. 24 1937 Dec. 1 1937 0.33% 0 33% 0.35% Dec. 8 1937 Dec. 15 1937 Dec. 22 1937 29 1937 Mar. 23 1938 - -— Bank of France- 7,200 7,100 Banque de Paris et Des Pays Bas Banque de 1'Union Parlsleune— 1,339 460 1,345 452 Cle Dlstr d'Electrlclte. Aug. 7 6 1938 5 1938 May 11 1938 Cle Dec. Rate 15 1941 1 X% Sept. 15 1939... Dec. 15 1939... June 15 1941... Mar. 15 1939... Mar. 15 1941... June 15 1940... 15 1940. . . 1 X% X% IX % IX % IX % IX% \x% 1 Asked 99.20 99.24 100.19 100 21 Mar. 15 1942. 100 19 100 21 June 100.1 Sept. 15 1938. 99.31 100 28 Mar. 15 1940. 15 1939. 100.30 Feb. 100.14 100.16 June 100 100.20 Mar. 15 1938. 18 100 16 100 18 Sept 1 1938. 15 1938. 15 1937. 327 330 25,200 25,100 655 652 1,280 1,310 MOO 59 588 63 65 63 550 560 701 210 702 700 Coty S A 697 210 210 210 239 214 210 210 Credit Commercial de France._ 479 490 489 490 Credit Lyonnalse— 1,480 1,480 1,460 1,460 1,460 Eaux Lyonnalse cap 1,340 1,330 1,270 1,280 1,300 315 518 310 528 305 305 2>2ds of 100 31 Asked 661 1,090 681 672 681 755 754 748 375 24 375 23 1,969 24 23 1,920 1,945 1,951 75.20 75.10 74.30 78.10 78.60 95.10 1917 1920 378 378 100 19 100.21 101.31 102 1 102 6 101 4 102 3 102 5 3% 101 20 101 22 3X% 100.18 100 20 1,100 379 75.25 75.00 74.75 74.60 75.40 74.75 78.60 75.25 75.10 75.10 74.30 74.25 74.00 78.60 78.40 78.30 79.10 79.00 79.00 97.50 97.10 97.40 97.20 6,320 Royal Dutch 6,350 6,340 6,260 6,270 Saint Gobaln C & C 101.1 102.4 101 2 Rentes 5%. 653 1,080 759 Rentes, Perpetual 3% 210 514 669 1,110 677 Rentes 4%. 1918 Rentes 4H%. 1932 A Rentes 4H%. 1932 B Bid 518 677 1,120 Lyon(PLM) NordRy Rentes 4%. IX% 1 H% 2X% 2X% 2 x% 2X% 329 25,300 664 1,330 Pechlney Rate 336 25,500 660 55 Pathe Capital Maturity 7,100 Courrleres Int. Bid 442 1,340 d'Electrlclte Transatlantlque Orleans Ry 6% Int. 436 Francs 1,330 Comptolr Natlonale d'Escompte Friday, Aug. 13 more 7,000 590 Generale Cle Generale Quotations for United States Treasury Notes— or Francs 6,900 1,315 341 Energle Electrlque du Nord Energle Electrlque du Littoral-. HOLIKuhiraann DAY one Aug. 12 Aug. 13 Citroen B 0.50% Figures after decimal point represent point. by cable 25,600 - Maturity Francs — L'Alr Llqulde a Aug. 11 Francs Canal de Suez cap 0.40% May Aug. 10 Francs Canadian Pacific 0.48% 0.48% 0.48% 0.50% April 27 1938 Aug. 9 Francs 0 47% 0 48% April 13 1938 April 20 1938 0.35% 0.40% 0.40% Dec. * as received day of the past week: 0.47% 0.47% 0.47% 0.47% 0.47% 9 1938--. 1 each 0 44% 19 1938 0.30% Nov. 1037. BOURSE 0.44% 0.30% « PARIS Quotations of representative stocks Asked 0.40% 0.40% 0.42% 0.42% 0.44% 12 1938— 1937. Sept 8 1937. Sept. 15 1937 Sept. 22 1937 1937 page for discount at purchase. THE 6 1937 Exchange, Treasury Bills—Friday, Aug. 13 Bid 1 Stock 1067. 2,080 2,045 2,015 2,045 1,240 1,249 1,250 1,220 80 78 78.90 Schneider & Cle Soclete Francalse Ford Soclete Generale Fonclere Soclete Lyonnalse Union d'Electrlclte W agon-Llts 77 125 125 1,275 1,290 474 Soclete Marseillaise Tublze Artiflcal Silk, pref 78 127 1,340 — - 475 474 218 220 210 211 411 400 392 395 115 114 112 111 • 75 Aug. 1937 14, 1052 York Stock Exchange Stock and Bond Sales—New YEARLY DAILY, WEEKLY AND Occupying Altogether Sixteen Pages—Page One the day's range, unless NOTICE—Cash and deferred delivery sales are disregarded In of such sales In computing the range for the year. Below furnish we Corporation bonds on the New York Stock Exchange during the Quotations after decimal point represent one or more 32ds of a Daily Record of U. 117.2 117 117 116.22 117 117 117 116.22 116.20 117.3 [C1086 117.2 117 {Low. 4Ji8. 1947-62 Aug. 9 117.3 fHlgh 117.2 117 117 116.22 point. , S. Bond Prices Aug. 7 Aug. 7 116.20 High 107 106.31 106.28 106.28 106.29 106.30 106.26 106.28 106.31 106.28 106.28 18 7 11 12 112.18 112.18 112.18 112.8 112.13 112.18 112.16 112.15 112.15 112.11 112.18 112.16 112.15 112.15 112.13 10 4 6 41 5 High 100.14 100.6 100.19 100.14 100.8 12 75 86 88 100.17 100.16 100.14 100.15 100.10 {Low. 100.16 100.16 100.14 100.10 100.1 100.17 100.16 100.14 100.10 100.1 7 1 2 208 [High 103.16 1 103.14 103.19 103.21 103.16 103.4 fHlgh ...{Low. 103.19 103.21 103.16 103.8 4 102 10 104.19 104.15 104.31 104.25 104.14 104.10 Federal Farm Mortgage 55 5 3 33 172 105.29 105.31 105.28 105.30 105.28 105.29 105.29 105.27 105.26 105.28 mm 1 21 11 23 Total sales in SI,000 units... fHlgh 106.24 106.20 106.18 106.20 106.18 106.18 1 15 1 20 102.11 mmmmm 102.8 102.17 102.11 mmmm 102.8 1 50 102.31 102.28 102.23 103.2 103.1 102/29 102.23 102.22 103.4 103.1 102.29 102.25 102.22 148 220 fHlgh 38, series A, 1944-62 103.4 103.2 103.2 2 22 46 101.11 101.10 101.10 Total sales in $1,000 units... Home Owners' Loan fHlgh fHlgh 105.26 105.20 105.17 105.9 105.16 105.9 25*8. series B. 1939-49..{Low. 105.16 105.9 I Close Total sales in S1.000 units... 3 9 40 fHlgh 105.21 105.8 105.21 105.8 105.5 105.21 105.8 105.5 [Close 25*8, 1942-44 106.19 106.23 106.21 106.20 106.18 106.19 106.23 106.21 106.19 106.18 106.13 [Close 106.19 106.23 106.21 106.20 106.18 106.13 1 4 12 34 12 1 Total sales in SI .000 units. 101 100.27 100.27 15 136 4 100.31 100.28 100.24 100.18 100.29 100.29 100.25 100.20 100.17 100.31 101 100.29 100.25 100.20 100.17 3 3 27 46 22 1 106.13 fHlgh {Low. fHlgh 106.29 107 106.29 106.26 106.26 106.28 106.27 106.26 106.22 106.22 106.29 106.28 106.27 106.26 106.26 of sales only coupon Transactions in registered bonds were: 106.24 106.29 includes table above Note—The bonds. {Low. 106.22 6 \ 3HB. 1944-46 101 Total sales in $1,000 units... 10 1 21 Total sales in $1,000 units... 3Hb. 1941 fHlgh {Low. [Close Home Owners' Loan 105.5 {Low. 3 Mis. 1949-52 100.31 101 101 210 5 8 Total sales in $1,000 units... 25 101.4 101.4 4 100.31 101.3 101.8 101.9 105.26 105.17 101.11 [Close 101.6 101.8 101.9 105.22 105.12 101.10 {Low. 1946-49 8%S. 25 .... 103.2 103.2 [Close 106.17 Total sales in S1.000 units... 102.17 {Low. Home Owners* Loan 106.17 106,20 102.10 102.11 mm'm — Total sales in $1,000 units... 106.17 106.24 106.24 {Low. [Close 3Kb. 1941-43 .... mm mm ' .... QjQgg 1 .... 103.30 1 102.17 fHlgh 105.28 105.28 103.30 mm 5 {Low. 1 25*8, 1942-47 mm mm mm mm mmmm rn.rn.~mm Total sales in $1,000 units... Total sales in S1.000 units... Federal Farm Mortgage .... 103.30 104.6 104.6 .... 104.11 105.28 102.30 mm 104.6 fHlgh 104.16 105.29 m m ^mmm — 2 {Low. 3s. 1942-47 .... 102.30 104.25 105.29 51 102.30 104.31 Close ^ 98.22 ' .... 104.31 fHlgh, 98.20 64 mm#,m fHlgh {Low. 1 Close {Low. I 98.23 98.25 72 103.24 [Close 3KB, 1940-43 98.30 98.31 15 Total sales in $1,000 units... 14 104.28 104.31 [High {Low. 8S. 1946-48 99.1 7 jCiose 104.31 98.24 1 3s, 1944-49.. 105 175 98.26 103.24 Federal Farm Mortgage 7 98.28 100 103.24 103.7 *"*03 174 100.3 99.1 99.2 99.4 11 Total sales in $1,000 units... 103.2 1 99.4 99.4 {Low 100 33 99.2 99.4 99.4 99.4 i Cviose 52 22 103.22 99.30 100.18 100.21 35*8, 1944-64 107.13 7 1 100.3 100.20 107.13 Total sates in SI.000 units... 100.10 Federal Farm Mortgage 107.13 107.18 107.18 103.19 [Close 100.17 Total sales in $1,000 units... 107.19 {Low. 100.20 I Close Total sales in S1.000 units... 3s. 1951-55 100.21 fHlgh 107.19 [Close 100.20 5 2%s. 1949-63 107.20 107.20 [High 44 Total sales in $1,000 units. 5 {Low. 12 [Close 110.31 3KB, 1943-47 101.14 50 100.20 25*s. 1956-59 110.31 Total sates in S1.000 units... 101 101.20 7 100.20 110.31 Low. Close • 101 101.21 33 fHlgh 3 8KB. 1946-66. 101 101.6 101.6 Low. 112.11 Total tales in SI.000 units... 101.10 101.14 Close 112.11 Close 101.20 101.20 fHlgh 112.11 Low 101.20 Total sales in SI.000 units... 25*8, 1951-54 53 (High 4s, 1944-64.— 101.21 101.19 101.20 106.25 Total sales in S1.000 units.. 101.20 101.20 Total sales in $1,000 units.. 106.23 107 . Aug. 10 Aug. 11 Aug. 12 Aug. 13 High 2KB, 1948-51 106.26 Low. Close i Aug. 9 Low. Treasury 2 4 10 Total sales in SI,000 units... 3HB, 1943-45. Home Owners' Loan and Federal Farm Mortgage current week. Daily Record of U. Aug. 10 Aug. 11 Aug. 12 Aug. 13 Aug. 7 S. Bond Prices Treasury the New York Stock Exchange on the transactions in Treasury, daily record of a _____ Securities United States Government No they are the only transactions of the day. account Is taken [Close 2 5 19 5 16 fHlgh 101.17 101.17 101.15 101.13 101.10 {Low. 101.14 101.15 101.13 101.9 101 100.30 [Close 101.17 101.15 101.15 101.9 101.4 101.1 Total sales in SI,000 units... 12 48 15 NO SALES Total sales in SI.000 units.. 2Kb, 1956-60— 103.11 fHlgh 101.3 103.6 103.11 United States Treasury 103 {Low 103.11 103.11 103.4 102.31 [Close 103.11 103.11 103.6 103 Total sales in SI.000 units... 1 2Kb, 1945-47..... \ \ 10 6 Bills—See previous page. United States Treasury 44 23 32 Certificates of Indebtedness, &c.—See 26 previous page. ^ ■ New York Stock Record AND SALE PRICES—PER HIGH Saturday Monday Aug. 9 $ per share *49 $ per 4934 *5414 *82 *18% 62i2 83% 19 24 24 *33 *4914 *5414 83% 183s 243s 33% 2% 3312 2% 214 72 72 2% *.... 2i4 98l2 7134 214 share\ $ 50 62i2 8384 1834 2438 33% 214 7134 2i4 per share *49U 11% ""234 ""284 ""284 "278 Shares 49% 62i2 *54% 62% 83% 833s *82 20 *1814 235 2438 20% 235% 2434 20% 333S 33% 33% 900 Address MultlgrCorp 10 28 June 29 *2% 2% Advance Rumely No par 2 June 16 4% Jan 26 72% 7178 2% 723S 600 72% 2% 238 72 2% 3,000 Air Reduction Inc No par 64% June 17 5,200 Air Way El 80% Jan 7 5% Jan 25 1178 12% K — 2% 98% .... I 2% 7134 *-— 170 10 3 8,200 35 *30 34 *30 36 *32% *30 37 *30% 35 35 101 19i8 236l2 238 2434 24% 1978 20 1834 235 2334 1958 *75 35 36% 101 1834 237 24 20% * "2,800 101 1834 *18% 23 8 67% *22 5% *38% *95 *94 • June 558 3,200 Amalgam Leather Cos Ino 558 41 96% *3934 41 *39 41 *38% 41 *38% 95 95 95 95 94 94 94 95 95 95 95 96 97 27% 28 28 28 28 98% 28% *6014 63 60 60% 5934 60 9 June 21 6 5% i In receivership. 98 17%July 74 6 Bid and asked prices; no sales on this day. Jan 26 30%June 17 103 Apr 26 21% Aug 9 4%June 28 6 63 12% 67 6 ' 41 94 a 6% "i'ioo 900 1,900 70 Def. delivery, conv preferred Amerada Corp Am Agrlc Chem 10 50 Preferred n New stock, 60 No par (Del)..No par American Bank Note 6% 1 r Cash sale, 83 1 per share 110 23% Apr 12 258% Mar 9 33% Jan 16 21% Mar 6 85 Mar 9 83% Jan 22 39*4 Jan 28 8% Mar 13 70 74*4 Nov Feb 16*4 Nov 35% 37% 21% Feb Oct Jan 88% Nov 6% 103 Apr Nov 17% Sept 195 Mar Jan 6% Nov 61% Nov 60% Nov Jan 60 Apr Nov 54% Nov 40% Oct Feb 111% Deo 157 Jan 246 Aug 23 Aug 34 28% July Nov Jan 20% Nov 69 Jan 90 Nov 35% Jan 81 Deo 6*4 19*4 May 4 Oct 34% Nov 6% Deo 39% Dee 62% Mar 15 114% Mar 11 31*4 Nov June 28 75 Jan 6 101% Jan 22 49 July Jan 16 38 Dec 55% Apr 4 65 Jan 73 34% Jan 80 12% 27 100 prelerred Feb 11 62% Feb 18 45% Mar 15 Alpha Portland Cem...No par 5% 69 58% Feb 17 Allls-Chalmers Mfg....No par 300 Aug 7 Aug 1.100 *2378 July May 27 8,200 70 24 275s June 26 2434 7834 70 275s 34 33 35 72 *75 69 Mar 13 34%June 29 May 14 23% 91 178 Jan June 17 22 Aug 10 Jan Apr 20% 20 166 2 2% June 28 No par 100% Jan 22 15*4 Feb 25 22% Jan ?1% Jan 68 Apr 12% 15 7734 6914 *60 1 Ino 9 6% Feb 18 20 22 *93 Industries Jan 59*4 Feb 11 215 7734 6878 95% Allen 36 9% Apr 17% June 2%June 17 Allied Stores Corp 22 63 .No par 5K %Pref A with $30 warlOO 5% %Pref A with $40 warlOO 5%%Pre! A without warlOO $2.50 prior conv pref.No par Allegheny Steel Co No par Alleg & West Ry 6% gtd-100 Allegheny Corp Allied Mills Co Inc...-No par 77 28 Aug 10 Allied Chemical <fe Dye.No par 69i4 28 166 2,300 77 *60 June 16 100 2,700 2Hs 5% Mar 11 11 14,500 685s 6% """706 2%June 17 97 2458 23934 24% 6818 22l2 7834 Appliance.-No par Vicksburg RR Co..100 Mln 10 Albany & Susq RR Co ""160 36 *32% *30 Express.. Alaska Juneau Gold 100 3478 34 36 36% 3478 *31 *31 19 Ala & "3" 500 278 *31% \ Adams-Mlllls 170 * 3 1,100 12 1178 12 2,500 Adams 98% 98% 12 278 36 2% 2% ' " 78 *76 7 33 38 37 24% 20% 22%June 238 *305s 3434 "l8% ..No par 22% Mar II 28% Feb 3 33% 37 235 ..No par 4 2% *30% *24% Apr 85 Jan 3338 37 *1814 69 6 15 23g 72 *33 235 Aug 13 63*4 Jan 26 Acme Steel Co....... 3338 166 * Mar 24% 36 19 42 1834 36 35 6 Highest 8 Mar 2438 *305s *3058 101 Straus Mar 69 1878 *33 35 Abraham & ""960 per share $ 55 2438 36 36 62% 83% $ share 1834 36 *3434 *54% 83% No par No par Abbott Laboratorlea per 2438 *3238 36 62% 100 $ 187s 2434 *30% *30% 36 36 50 share 44%Juoe29 57 July 6 per 1834 2458 33 *30% *49% $ Lowest Highest Lowest Par 187S 24% 33 *32l2 50 100-.Stars Lots 85 187g 12 278 $ per share 8358 12 12 $ per share On Basis of Week 49% 238 \98% 9812 12 the Aug. 13 *49% *54% 166 11% Friday Aug. 12 50 v*54i4 *8212 1812 2438 3338 *2*4 7112 214 \ EXCHANGE Thursday $ per share Aug. 10 Range for Previous Year 1936 Range Since Jan. 1 STOCKS NEW YORK STOCK Wednesday Aug. II Tuesday Aug. 7 SHARE, HOT PER CENT Sales for LOW Jan 5 20%June 30 69 Apr 8 x Ex-dlv. 41% 75% Feb y Ex-rlghts. 125% Mar 89 Nov Nov H Called for redemption. Volume New York Stock 145 Record—Continued—Page 2 AND SALE PRICES—PER HIGH Aug. 11 Friday Aug. 13 $ per share $ per share $ per share Shares Wednesday Aug. 9 Aug. 10 $ per share $ per share $ per share 6534 6534 133 158 65% 65% 64*2 6534 6434 6434 65*2 65i2 *129 133 *129 134 *130 133 *128*2 133 109 158 109 110 111 *157*2 160 *51 51*2 51% *51 *79 *79 81 *29 293s 2938 132 160 161 161 15934 15934 80 29% 29% 30 51% 51% 51% 79*4 •51 3034 30 133 132 133 135 135 110 110 110 110 79 79% 31*4 600 500 44 338 25lg 143g 1434 4612 46 25 14l2 *2434 *14*4 114 44 4734 3*4 48% 114*2 114% *1978 2014 9 *8% 114 1934 20 *834 9 *1434 *14% 15% 14% 7% *42% 43% 3% 26*4 14*2 8 8 *42*4 44*8 43% 44*8 3% 26% 1434 3% 25*2 48 49 115 115 48*2 115 14% 7% 43*4 43% 3% 26*4 14*2 49 115 128*2 *126 2134 2134 17034 171*4 2134 2134 170*4 171 *81 82i4 Am Comm'l Alcohol *47 14*2 7% 43% 43% 52 14% 7% 43*2 43*2 3% 3% 47*2 14% 734 *43 43% 33g 48% 14% 7% 44 44 3*2 *7934 8334 83l2 *13534 137 3"8134 137 13% 1978 19% 95 *91 11 11 11 69 7012 *70 16% 1634 1638 175 175 13% 13% 20% *93 *150 82 138 20 14 14 82 137 19% *91 94 1034 11% 69*4 70*2 16% 17% *160 175 *22 22% 170*4 82%' 138/ 79 80 82 82% 138*2 138*2 20% 19% 13% 20 9334 93 93 11 10% 69% 1034 69% 16% 1634 13% 70 17 13»4 190 68 69*2 71 73 69% 70 69 69 6134 63% 62% 63% 6IS4 62% 61% 62*4 86 *66 85% 8334 85*2 23 23 23*2 *2234 *106*2 109*2 *106% 109% 29 29 *27 *26% 8% 8*2 *7% *7l4 42 *4134 *41 23 27*2 8% 42 11% *70 23 14% 900 49% 49 4912 4,300 114% 114% 20*4 20% 1,200 115 115 *27 *7*4 *41 12 *90 *90 91 *90 *103 105 *103 *103 105 *103 *1334 *95 22% 170% 170% *22% 170 44% 105 *67 61% 69% 68 68" 62 61% 62% *65 23% 64 10 *95 *95 105 105 *95 18% 85% 18% *82% 64% 1434 19 85% *84 85*2 58% *100 107 *100 107 *100 108 *100 *49 52 *49 52 *49 53*2 95 *92% 95 *92*2 *92% *92*2 95 *92% *81' 85 *84 *85 86 *85 51 Fdy Co..No par 101*4June 28 18%June 28 Amer Mach A Metals.-No par 734June 30 Preferred 100 Amer Mach A 43*4June 15 112 $0 preferred 1 60%June 15 Am Rad A Stand San'y.No par Amer Smelting A Co .No par Refg.No par American 79%May 13 100 Snuff 138% Apr 14 25 Preferred 62 *4 June 23 100 6% preferred 131% July " 187 Jan 7384June 12 99 100 17,900 1,000 58,200 124%June 30 21%June14 Am Sumatra Tobacco.-No par Co Amer Telep A Teleg American Tobacco 100 ....25 100 200 14~200 1,400 700 "e" 700 ""166 Inc 88 $6 1st preferredNo par Woolen.....No par 100 Preferred Amer Zinc Lead A Smelt Illinois 100 preferred.......100 100 1st 2d preferred.. 4 8 1 4 4 2 Feb 4 64% July 12 11 June 18 884June 17 95 Mar 2 16% Apr 28 85% Aug 10 June 1 49% Mar 24 92 warrants..100 pref without warrants 100 June 18 85 5 93 June 30 Aug 69*2 Jan Atch Topeka A Santa Fe.-lOO 5% preferred 100 50*2 5034 51 5034 51 51% 51% 51% *15% 22% 52*4 52% 5234 3,600 Atlantic Coast Line RR—100 44% Jan 26 SS Lines.-No par 9 7 27%June 28 107 May 21 29 28% *108 109 29 109 *108 109 28% *108 29 28% *108 109 15% 15*2 15% 15% 15% 50*4 5034 *49% 50*2 *49% *78*2 79% *12*2 *19 20*8 79*2 79*2 79*2 *11S34 122 13*4 *12% 13*4 122 *120% 122 *6 *34% / 6*2 38 15 6% *34% *13 18 16% *6 6*8 *35 38 15% 15*2 15*2 29% 109 15% 29»4 109 15% *108 15% 18 300 23*4 900 30 110 15% 50 50 50*4 50% *49% *49% 80 79% 79% *79% 79% *7884 *11834 122 *11884 122 *11834 122 13 13 *13 13*4 Xl278 12% 13*4 17 16% 16% 16% 17% 16*2 17% *6 6*4 6*4 6*4 6*4 *6% 6*4 300 79*2 400 36*2 *35 36*2 35*4 35*4 35 35% 6% 6% 6% 7 634 6% 634 6% 6% 6% 6% 6% 5% 5% 534 5% 5% 5% 5% 5% 5% 5*2 91 5% 5*4 95% 8934 90 28 28% 434 *86*4 27% *32% 44*8 *107 4% 5 4% 5 5 5 5 5 88 *87% 91 91 *87*4 88*s 88*4 90 90 90 *87*4 8934 *87*4 88*4 8934 28 33 27*4 *32% 33 44% *44 4% 27% 27% 28% *87*4 *87*4 27% 34 33 33 *32% 44% 108*4 90% *44 *42 44% 108*4 108*4 *107 30% 30% 27*4 27% 27*4 *39 39% 25 25% 24% 16 15% 30% 31% *26 30*4 / *15% *111 *24% 115 25*4 *99 103% *112" 113% ♦ 42 13 13 *87% 20% 21% 21% 58% 98*2 100 18*4 18% *118*4 120 66 *65 *27*4 *111 39% 39% 25% 1534 24% 15% *111 115 109 3034 27% 40*8 25 15% 115 25% *25*4 25*2 25*2 103*2 103*2 103% *100 42 42 *39% *39% *107 30% 2734 44% 109 27% *32 44% *107 30% 31% 27*2 40*4 25% 40*2 24*4 15% 24% 24% 25*4 *99 44% 109 27% *39*2 *111 33 30% *27% *39% *27 28 28 25*4 103 *243s *99 24% *32% 44% *107 30% 33 44% 109 24 24 24% 20 200 5,000 400 110 6,800 8,600 5,500 *25 25*2 ""266 102% 100 500 2,10 300 50 20 June 17 21%June 28 101 June 28 Jan 6 70% Mar 13 16U Feb 27 17% Jan 21 100 July 23 2484 Mar 6 Jan 28 101 126 Mar 9 *80 80 80 *79 ,84 *79 84 *79 84 10 36 34% 35*4 1,000 47*4 Feb 7*2 8% Jan Jan 95 Jan 128 Deo 62% Mar 18% Nov 22% Feb May 108 12% Apr 95 Dec 112 Oct 98 Feb 124 Oot 27% Nov 67% Feb 18 106 Feb 18 88 June 29 94*4 May 104 Feb 55% Mar 29 7 09 Jan 9 90*4 Jan 17' 21% Apr Mar 13 44 Jan 18 37 Mar 11 116% Feb 6 18% Mar 11 Apr 13% Apr 28% June 109 Sept 88% Aug 107 Oct 49 Deo 31% Oct 64*4 Nov 35% Apr 118% Deo 6 52% Mar 10 18% 3684 9*2 62% 9*4 11*4 Jan 84 Nov xll2 Jan 131 Nov Jan 9 14 June Feb 2 1 26% June 5% June 10% Jan Mar 25 Jan 12 Jan 29 29% June 3 Apr 46*2 Jan Feb 9% Jan 30 2% July 2% July 47*4 Mar 17 29% Apr 33*4 July 15% Apr 21 Apr 45 39 40% Mar 17 Feb 11 110% Feb 43% Mar 9 30% Feb 54*4 Mar 7*4 Mar 11*4 Deo 9% Dec 94% Deo 94% Deo 27% Nov Oct Deo 41% 49*2 Feb 24% Nov 38% Deo 13% 28% Nov 8 35*4 Feb 1 20*4 Jan 16 14% Jan 16*4 June May 2 110 28»4 Feb 9 18 Jan 105«4 Mar 8 100 Aug Deo 28% Nov 105 July 35 85 Feb 13 Dec 16% Mar 4 83 June 89% May 32% Oct 25% Oct 84 Jan 16 47%June 14 88% July 30% Feb 11 2384 Jan 62*4 Jan 5 8 20 100 Jan 4 June 22 105% Mar 11 17 108 June 17 129% Feb 16 09*4 Feb 10 *6l%May 14 Blaw-Knox Co July 8 _27*sJune 28 75 x Ex-dlv. y 20 38 Jan 18 Jan 21 Feb 28% Deo 22*4 Nov 115 43*4 Feb 19 18*8June 30 20% Apr 29 No par Blgelow-Sanf Carp Inc. No par Co No par Jan Feb 114 73 7% preferred Jan Jan 84 11484 July 14 15*4 Feb 8 June 23 81 104 Jan Aug 5 22 20 36% 126 66*4 6 3,300 29 Jan 7% Feb 11% June 23 Apr 28 *25 Jan 4% June 40*2 J&Q 105 June 14 29 23% June 28 1378June 28 111 22 *25 Jan 110% May 105*4 Jan 21 24 29 50 122 Apr 118 6 13«4 Feb 27 99% Mar 1 Jan Jan 37 8 Mar Jan 21 No par Bloomlngdale Brothers.No par Blumenthal A Co pref 100 Boeing Airplane Co 5 *25 35 Feb 18 46 121*4 Feb 111 ethlehem Steel (Del).No par 6% preferred ,89% Dec 26*4 Mar Nov 42 Black A Decker Mfg 29 35% Co Dec 55% Nov Nov 32 —5 Co 50 Deo 7 June 29 No par 1st preferred 100 Beatrice Creamery... 25 $5 preferred w w No par Beech-Nut Packing Co Feb 784 Mar 73 43 June 28 700 *25 15% Oct Feb July 34 1,200 2434 34*2 27%June 29 66 25 35% 4 100%May 11 Bayuk Cigars Inc Best A Jan 38%May 13 28 25 3% July 11% 70*4 June 22 1,200 25 34*2 484 June 30 Beneficial Indus Loan..No par \36,10< 62*4 Sept 2784 109*4 Sept 9 ....60 5H% preferred Barnsdall Oil Co Jan 7% Sept 3 No par Barker Brothers "5"806 24% 35*4 June 15 6% May 18 Beldlng-Hemlnway No par Belgian Nat Rys part pref Bendlx Aviation 5 1,300 92*4 13%June 16 Beech Creek RR ""266 Deo Automobile.--No par Austin Nichols—......No par $5 prior A No par Avla'n Corp of Del (The) 3 2784 June 28 *99 Feb Mar 48 5%June 15 Jan 190% Nov 102% Feb 18 Jan 13 30 26% Jan Sept 150 Mar 11 4% preferred Apr Mar 145 104 94 — Jan Deo Jan 133 Assented— 63% Aug 8% June 19% Apr 68%June 17 {Baldwin Loco Works.No par 36 88% Mar 136 113% Apr 26 11% June 14 20% 600 87 No par —100 Bangor A Aroostook...—.60 Conv 6% preferred 100 Barber Co Ino——————10 29 81 Aug 13 Baltimore A Ohio........ 100 24% 35 June 17 100 *25 34% 15 50 14,900 *24'% *80 1 Auburn 64 Dec 20% Mar 149% 6% conv preferred.— —100 Atlas Tack Corp -No par Atlas Powder Apr Apr 37% Jan 12 10*4 Feb 10 5 230 129 Nov 15284 Mar 73% Jan 145% Dec 111 5 II,500 20*2 24% 48% 103 Jan May Feb 25 Jan 97 Feb 2434 27% 24% 14% Aug 2O84 Aug 2 120 40*4 66«4 136*2 Jan •57% Mar 133% Jan Oct Deo Feb 13 111 120 20 45% Jan 4%June 29 June 29 300 2884 Nov Jan Jan 70 25*2 24% 4 50 6% preferred 3984 Apr May 73%June 30 100 *64 A-—100 Dec 18 35 2484 Aug Jan Nov 25% 28 Preferred...—.————100 3,000 99% 10034 18% 1834 120% 120*4 4% conv pref series Corp Atlas 31 24 Feb 23 27% 165% Aug 37 97 Preferred assented 31% 42 *3934 112% 112% 13% 13% *87% 20*4 20% 2134 2134 58% 58% 25 Jan 2384 July 79% Feb 23 500 27*2 40*4 *27 100 5% preferred Atlantic Refining Apr 69% Mar 10 600 102% 40% *3934 42 *39% *111 11412 *112 113 114% 113*4 113% *110 13 13 1234 *1234 1234 1234 13*4 12% *87% *87% *87% *87% 20*4 20*4 2034 20 20*8 20*4 20*2 20% 21% 2134 2134 21% 21% 21% 21% 21% 58 58 57 57 *57 58% *57 58% 99 99% 100% 98*4 99% 101*8 9934 101 a4 I884 18% 1834 18*2 I884 I884 1834 *18% *119% 121 120 120*4 *119*4 122% *119% 121 67 6634 6634 67 6634 66 65% *65% 2734 27*2 2784 28 28 27% *27% *27% 2334 5 15% 1534 *15% 1534 1534 *111 115 *111 115 115 _ 20*4 *57 *39 *26 200 50% 122 5% *86*4 5,000 6,200 Atl G A W I Feb I884 Jan June 30 96 5% pref with 36% 44 8I84 Jan Co.-No par 14% July Feb 23 Jan 112 Jan 12 79 Feb 87*2 Sept 74% Sept Feb 23 Jan 7 No par 7% preferred ...—100 Armstrong Cork Co—No par Arnold Constable Corp 5 Artloom Corp... No par Preferred 100 Associated Dry Goods 1 1 15 647s Nov Feb 20 6% Jan 6 Feb 14% Jan 18 122% Nov 29% Jan Feb 185 Apr 10 79 106 107 7*2 2 44% Jan 7 47«4May 13 $6 conv pref 6% x35*2 Jan 13 6% Jan 1 25 $5 prior oonv pref 25 Anaconda Copper Mining..50 $6 preferred June 25 784 June 28 64%June 29 7,200 I,200 22% 2934 4 20% Feb 3 29% Jan 13 99 *15*4 99% Feb 150% Jan 26 ll%June28 15*4June 17 82% 18*2 8 74%May 18 American $5 Jan 25 Jan 28 128*4 May 13 Am Water Wks A Elec. No par Assoc Investment Jan 13 100 10 6% preferred 7% 100 108 Jan 11 ..25 Common class B. Am Type Founders 99 2334 5 15984June 29 100 Preferred June 17 81 16% Feb 900 37 *85 24 148 American 8ugar Refining..100 99% 29 Jan 28 68% Jan 29 Jan 21 86 16% IO584 Mar 11 154 Jan 20 81 29 S 73*4 79*2 24 Feb 26% 56% 14334 25% *98*2 16 45*4 Mar 11 15%June 18 7934 23 Nov 48% May 14 No par 99*4 16 69 American Stores 79 23 Jan Feb 16 75 Amer Steel Foundries--No par 99 14% July 600 79*4 23 134 Feb 20 99*4 14*2 Dec 1 Mar 19 41 Amer Ship Building 7834 23 118 129% Feb 58 American Rolling Mill 99 / 27 Apr Apr 157 79% 16 May 10 Jan 21 9834 2034 21 43 78*2 2O84 66 16% Jan 13 995s *13% 6 Feb 87*8 Jan 18 72% Jan 12 29% Feb 3 163 Jan 15% Nov 48% Deo 29% Mar 8 13% Jan 20 6884 Mar 10 125 29 100 24 Jan Apr Apr 23% June 17 7 78l2 52 1784 Mar 11 58% Feb 4 2% Sept 16% Sept 9% Apr 49%June 28 40*4June 17 No par No par $5 preferred June 99io 86 *85 June 30 36 86 *50 96 37 Jan 23 95 5134 100 No par American Locomotive. .No par 22*4 Apr 27 105 18% *82% 61% Nov 5% Jan 26'4June 14 105 10 *95 46 39% July 116»4May 14% *51 pref Corp non-cum Oct Jan June 22 10 *92*2 No par Amer Internat Oct 37 18 14*2 52 6% Ice 4% 31% May 21 14*4 85% American 11*4 Mar 13 6534 Mar 13 523$ Mar 3 434 Mar 16 27% Feb 15 18 *9% 18% American Home Products...1 7 Seating Co ..No par 1,700 1,900 Deo 6%June 17 14*4 Aug 50 American Safety Razor.. 18.50 2,800 Deo 60% Deo 21% July 8% Mar American 13,600 60% 3684June 28 40»4June 17 2% Jan 5 17% Jan 7 12*4June 30 American Hide A Leather... 1 6% preferred Oct Jan 984 Mar 22% 900 700 Feb Apr Jan 800 30 14% 175 6*2 29*4 Apr 6 25 7,000 Sept Deo Apr Feb 170 100 Oct Aug 8% 13 May 20 18%June17 Apr 16 31%May 13 40 Jan Deo 32 12 Preferred 800 984 175 Deo 101 25 Armour A Co of 64 4 Apr Apr 58% Jan 22 13,400 63 Mar 1334 Jan 22 3% 21 7% preferred 100 ArmourACo(Del)pf 7% gtdlOO *103 Jan 18 17 89 38*2 Jan 22 Archer Daniels Mldl'd.No par 105 13% Jan 28 18%May 18 Amer News N Y Corp..No par *120 *103 20*2 July 16*4 Jan 37 ..No par Amer Hawaiian SS Co 10 200 *41% • 3084 Mar 31 33% Jan 21 99U Mar 2 Dee 16% Deo 35% Nov <6 preferred ""500 — 7% July 225 45 Amer Power A Light.._ATo par 16,700 Nov 60% $7 2d preferred A...No par 180 26" 700 27 3 4 Mar 0%June 16 30*% L)ec 137% July 68% JaD 18 108*2 108*2 *108% 108% 11% 1134 1134 12 *91 92 90 90% - 23% Mar 10*2 June 29 226 No par 400 41 4 3234June 7 148 Apr 20 104% Feb 70*4 141 May 19 $7 preferred 10,600 1,800 1,300 19,300 June 17 88*2 June 14 6% June 30 Ne par 41% 41 *120 26 105 10 18 100 Amer & For'n Power $6.50 conv preferred.No par Andes Copper Mining 20 A P W Paper Co No par 14% 18*2 Corp._20 Sugar.... 10 1st preferred .100 American Encaustic Tiling.. 1 Amer European 8eoa No par Anchor Cap Corp—..No par 6234 18 Deo 7 20%June 17 13% Jan Anaconda W A Cable.-No par 1414 *84 Oct 3584 60 10 *100 Dec 113% Jan 25 4C0 62*4 17% 177g 12084 June 14 1,100 1034 86 Nov 87% May 28 24 14*4 108 111 June 30 84 63 *84 Deo 100 100 10 *100 100 June 29 77 No par 4,800 2,200 2,800 62% 14% 105 Apr Apr 6% conv preferred ""300 *155 24 92% 67 Amer Metal Co Ltd 22% 80 85 11% 4 100 170% *79% 81 82 82% 8134 82 al38 138 *137% 140% 14 13% 13% 13% 1934 20 19% 20*4 *91 *91 9334 9334 11 10% *1034 1034 69 69 6834 69% 16 16*2 1534 16% 79*2 23 42 Feb 7,700 128 *95 105 1778 *126 11 ll's 61% 128 17 14% z6234 63*4 14*4 *1034 *44 *70 109% 91 *22 16% 44 23 109 *90 4334 *126 17% 85 «.««••• 1134 50 47 47 *47*4 98 9834 97% 99% 14434 14484 *143% 144% 57*4 57% *56*2 57 133% 133% *132% 133*4 58 56% 56*2 56% *17 600 500 109*2 *106 109*2 10912 *106 *28 29 29 *26*2 29 7% 8*8 7*4 7*8 7*8 *120 *109% 109% 1134 11% 8434 106*2 *106 *120 10918 lOSig *109 1134 27% *7% 7*41 42 *120 *120 106 1,300 5,300 2,100 4834 *155 *160 200 14% 834 170 1,400 1,000 4,500 26 20*4 2134 2,300 1,700 14% 834 170% 80*4 71 46 6% American Express Co 26% *1934 80 200 HOO 14*2 8% 26 5,200 26 19% 2134 174 American Crystal 8% 170 80 May Jan 25 180 19% 128 162 Aug 12 900 9 57% *126 9 29 800 19% 128 Jan 112 93 *834 128% *126 174 Apr 26 24% 57 57 57 58 57 57 56% 57*2 5734 5538 5634 122% 122*2 *119 *118*2 12212 *119*2 122% *119% 122% 119% 119*2 *119 69 69 70 70 71 71 *70 72 71 72 71*2 *70]4 11 11 11% 11% 11*4 11*8 1034 1034 10% 1034 11% 10*2 63 63 63 64% *64 63*2 63*2 65% 6534 65*2 64% 6434 55 56 56 56 55% 56 55*2 55% *52*2 55 j 5634 5634 99 22 22 22% 21% 22% 21% 21% 22*2 21% 2134 22% *153% 162 *153% 162 *153% 162/ *153*2 162 *149'4 162 *153*2 162 39% 39*2 4a*4 39% 40 % 39% 39% 40*4 40*4 40]8 40*2 39l2 27% 28% *28% 2834 28*2 28*2 <228*4 28*4 2S12 28*2 28% ♦28's 27 27 27 27 27% 27*4 *26*2 26% 26% 26r,s 26% 26% *126 162% Apr 12 June 15 27 1934 48 50 *47 48% *47 48% 48l2 *47 98 97% 98 97% 98 97*2 97*4 9512 *143*2 144% *143% 144% *143% 144% 144*4 14434 58 58 *56% 57% *56*2 58 *56% *56*2 *131 13314 133% 133% *132% 133*4 *132% 133*4 56 56% 5534 56*2 5534 5534 55% 56*2 *17 *17 17 17 17 1734 1734 *16*2 43 43 43 43 43 4334 44 *4218 Dec 25 93 94 14% 8*4 43% 4412 3*4 25*4 110 98 27 24% 27 93 43*4 May 9 116 24% 2634 8 1412 734 Apr 124 Jan 100 95 24 26*2 9434 43i4 14i4 *42l2 *4312 33s 40 Feb 18 121 No par 2434 24% 26*2 9434 49 5% preferred American Chicle 27 24% 27 *47 8034 Feb 18 100 57% Apr 28 125 Am Coal of N J lAlIeg Co)..25 American Colortype Co 10 27 24*2 "loo Highest share % per share Mar 25 American Car A Fdy...No par Preferred 100 Am Chain «fc Cable Inc.No par 24% *15 $ per 90%June 16 100 Preferred *93 1534 48% $ per share ..25 pre!... Can 15 *15 48% $ per share 100 conv 15 16 48l2 6h% American 29 *15 48*2 14*2 7% 48l2 8,300 137 8 8% 8 8% 8% 8% 85g 8% 8% *12 *12 *13*4 1334 13 13 1334 1334 13*4 13*4 *13*4 1334 *174% 300 *174*2 300 *174*2 300 *174*2 300 *174*2 300 *17412 300 9 93S 9 91s 9*4 9*4 9% 9% 9% 9*2 9*8 9*4 *57 58 58 58*2 59 57 57 5834 58*2 58*2 57*2 58% 26*2 27 *27 2734 26% 26% 26% 27 27*2 27% 27% 27*2 *47 700 113 8I4 8*4 8l4 1,600 135 *2534 95 79*2 30*4 52 600 Lowest Highest Am Brake Shoe 4 Fdy.No par *2534 29 *93 51 210 *111 *2534 2684 95 79% 30% 1,000 3,300 Par Year 1930 100-Share Lou Lowest 29 1534 29 24*2 24 2634 51% 65% 653j 130% 131 109% 11034 15934 15934 141 *2534 *15 10934 11038 112 *125 29 1534 *2534 29 1534 24 160 80 11038 *109*4 110% *93 109 2934 134 *26l2 109 80 *109 *15 109 51% 79% *125 *2534 110 Range for Previous Range Since Jan. 1 On Basis of Week Tuesday 109 EXCHANGE Thursday Aug. 12 Monday *128 STOCKS NEW YORK STOCK the NOT PER CENT SHARE, Sales for LOW Saturday Aug. 7 1053 21% Jan 20 Jan Jan 72 45*4 16% Apr Apr 77*4 Deo 20 Deo 107*2 July Nov 135% Nov 23 Jan 65*2 Deo 28*4 Dec *34*2 24% Deo 14*2 July 7 94% Jan 16 4984 Mar 3 18*4 May Ex-rlghts. Oct Dec 48 29% Mar 10 32*2 Jan 42% 112 77*4 July 16% Apr Deo 3812 Nov 120 37% Oct Deo f Called for redemption. New York Stock Record—Continued—Page 3 1054 LOW AND SALE PRICES—PER HIGH SHARE, NOT PER CENT Tuesday Wednesday Thursday Friday the Aug. 9 Aug. 10 Aug. 11 Aug. 12 Aug. 13 Week $ per share $ per share $ per share $ per share $ per share Shares 7 $ per share 45% 45% 45% 45 86 85 85% 45% *85% 45% 85 88% *85% 88% 42% 42% 42 24% 24% 42% 24% *42% 24% 45 24% 46 46% 46% 47% *9% *2% 10 9% 9% 2% 47% *9% 2% *45% 42% 24'% 47% 47'% ' 5,400 48% 49% 18,500 9% *2% 18% 45% 18% 45% 46% 18% 45% 48% *46 48%, *%3 40 *39% 40 £37% 3% *3% 3% 200 47 39 *39% *17% 2% 46 17% 17% 22% 17% 300 22% 22% 2,000 68% 68 68 1,100 700 48 29% 45% *18% 30 48 45% 100 Brown Shoe Co 30 48 30 *45% 29% 48 *29% *45% 29% 30 19 17% 17% 17% 17% 17 17% 17% 17% 101 102 10 10% 10% 84 86 85 86 86 8% 8% 57 *34% 29 8% * 101 16% 16% 16% 16% 29 29% 28 29 20 *25% 29 5 100 1434June 28 101 Aug 10 101 30 10% 10X2 10% 10% 6,600 88% 87% 87i2 86 86% 860 884 8% 8% 8% 2,700 57% 56% 34% 57 56% 34% 35% 35% 17 16% 28% 16% *16% 27X2 *5% *17% 28 8% 28 *5% 5% *5% 17% 25% 16% 18% 25% *17% 25% *1618 16% 32% 7% 16% 32% 7% 16% 32% 7% 5% Bucyrus Erie Co *33% 16% 27% 58 5% 101 4,300 10% 8% 35 *18% 101 Bruns-Balke-Collender.JVo par 17% 17% 1,400 57 57% 35 5% * 32X2 7% £32% 32% 7% 7% 20% 20% 67% 25% 16% 16% 16% 16% 32% 32% 32% 7% 19%' 7% 20% 32% 7% 20% 20% 20 20% 20 66 25% 20% 66 16% 5% 7% preferred 7,700 5% 200 26 26 26 16% 16% 32% 2,400 Butler Bros 7% 21% 17,100 1,900 30 5 21 65 66 120 No par 100 No par No par ..No par {Bush Terminal 66 *29 29% *29 28% 29% 29 29 *28% 29X2 200 37 *36 *36 28% 36% *29 *36% 29% 36% *36 36% 35% 36 36 36% 900 California Packing *51 54 *51 54 *52 54 *52 54 54 *52 4 4% 4 4 16% 16% 16% 3% 16% 16% 16 16% 16 32 32% 32 32 32 32% 32% 16% 32% 24% 25% 24% 25 25% 12% 12% 12% 46 46 24% * *13% *45 7 25 54 5412 *54i2 12% 12 12% 1218 45 *14% 45% 15l2 *45 48% *45 12% *45% *14% 15% 48% * 96 *30% 24% 54 1258 46% 46 25 *1438 48% 95% 96 95% 96~ 31 30% *45 * 96 30% 7 7% 183 31 *118 120 *118 99% 99% *98% 99% *104% 105% *104% 105% 39 39% 38% 39% 110 *109 *39% 110 41 *76 77 76% 32 30% 7% 7% 7% *101% 102 *19% *12% *101% 20% *12% 20 14 *9% 38% 41 *30% 10% *9% *98% *98% 100% 76% 13% 13% 13% 13% 51% 51% 51% *57 109 59 119 *94 109 38% 41 41 75% 75% 13% 51% / 13% *109 75% 13% 51% 110 51% *109 58 57% 57% 75% 13% 52 110 Canadian Pacific Ry *44% 45% 600 Cannon Mills *14 14% 48% 100 Capital Admin class A *45 * 31% 700 1 7% 2,000 300 11,200 600 41 13 1,000 60 Caterpillar Tractor 5% preferred Central 111 Lt 4j^% pref-.JOO Central RR of New Jersey. 100 96 June 29 loo 18 June 11 June 28 " ■«. • «. 4. *. «. Central Vloleta Sugar Co Preferred 2,200 280 40 Copper.No 19% 1,000 Chesapeake Corp. No Chesapeake & Ohio Ry 94 94 11 10% 10% 9% *7 8% 26% 1% 4% £26 26% 1% 3% 2 1% 4 4 4% 3% 3% *7 26% *1% 3% 3% *93 95% 92 92 300 2% 7% 3 3 400 *7 7 7% 600 2% *2% *10% 212 10% *2% 2% 2i2 300 400 26X4 10% 8% 26% 1012 "26% 26 26% 2,200 2 1,400 4% 2,600 312 2,800 8% 2 4 4 3% 11% 25 25 25 24% *40% 25 41 *2% 25% 41% 2% *5% 6 *4% 5% 2% 2% 6 ' *16 4% 17 17 *16 *17% 17% 17% 17% 11% 10% 11 *61 68 *69 70 8% 46% 8% 46% *100% *61 68 114 115% *17% 45% 84% 84% 70 8% 46 *100% 46 88 *85 46% *85 *50 £49% 27% 27% 27% *126% 129% *126% *158 160 *57% 17% 103 58% 17% 103 51% 52% 112 *110 17% 70 *109 *109 2% *17% 10% 5% 15% 17% 10% *58 64 159 *57% 17% 103 52% 112 8% 15 83% *70 8% 112 *31 *28% 29 92% *28% 29% 122% 123 28% *27% 42% *40% 13% 14% 93 92% *93% 90 *82 *82 64% 108 25% 26% 41% 42 2% *5% 40% 2% 5% *4% 5% 3% 12 '00 26% 26% 5,600 400 43 *42% 2% 2% 2% 2% 600 5% 5% *5% 5% 200 5% 5% 5% 600 14% 38% 36% 37 16 16% 16% 18% 19% 20% 29% *19% *17% 29% 90 83% 72 14I2 17% 17% 17% 17% 17% 700 10% 10% 10 10% 10 10l2 2,900 15 114 63 115% *57 60 115X2 116% *56 18 84% 84X2 *84 8412 116% 118i2 17% 17% 84X2 *83% 72 *70 72 *70 17% 18 22 29 29 4 100 Feb Jan Apr 29% Deo 54% June 88% 33% 48% Dec 6% Mar 22 Apr 30% Apr % "Jan Nov 6 Jan 16% Nov 30 Jan 40% Apr 10% 37 Deo 60 Aug Jan Apr 16 Feb 68% Nov 18% Feb 100 1 6%June17 2 8%June 26 7 3 100 Chicago Pneumat Tool. No 9 June 25 64% Nov 54 32% 110 May 3 Jan 14 86% Mar 10 23% Feb 10 Feb 10 Feb 39% 86 Jan 37% Sept Dec 9% Dec 35~ 6% "12" Apr 97% May 47% 57" "Feb Apr Oct 74 Nov 19% Mar 8% June 57% Sept 101 Mar 63%June 10 19 22% Jan 69 Jan 51 72% Aug 48 Jan 100 6 4 111 38% 69% 100 Mar 8 18% Mar 6 12%May 19 Deo Apr Nov 77% Nov 3% 1% May 2% Jan 1% Apr 4 May 12 25% May 3% Mar 18 Apr 2% Apr 2% Apr 7% Mar 17 6% Mar 4 19% Feb 17 Jan 8% Dec 2% Feb 14% Dec Jan 6 Jan 20 32 Deo Dec Mar 11 4% Mar 16 13% Mar 17 4 Nov 108 j an 4 Feb 13 Jan Dec Deo 6% Nov 25% Jan 33% Nov 2% 5% 1% 4% Feb Feb Feb 6% May 12% Oct 12% Apr 24% Dec 33 Feb June 14 42 Aug 12 June 25 3% Mar 17 1% 4%June 29 100 x91 7 2 preferred...No par {Chic Rock Isl <fe Pacific.-.100 Jan 82% Jan 35 par July Dec 107% Jan 26 41% Jan 35 24% Jan 11 Feb June 143 21% May 9%June 26 21 Apr 28 conv 7% preferred July 24% J uly 2 l%June 26 3%June17 5% preferred 100 {Chicago & North West'n. 100 Preferred. June 17 9% 186 Apr 82 Oct Dec Jan 19 111 Nov Jan 106 68% Mar Apr 7 2%June 26 53 103% 6% May 92% 116 8 90% Mar 91 12% May 9 14% Mar Apr 30% Jan June 115 Oct Dec " 48% Mar June 28 100 6% preferred $3 July 13 100 {Chic & East 111 Ry Co - - — 10% Feb 19 3% 29 30 - - 16% 18% 18% 1912 *20% 20l2 21% 21% 23 20l2 20l2 21 28% 29 28% 29% 28% 28% 28 28 3,700 100 110 2,200 90 500 6H% preferred City Investing Co City Stores... 9 Feb Apr Apr 3 8 Jan 3% Apr 19% Jan 8 July Apr 23 47% Mar 31 23% June 28 125% Aug 11 122% Jan 6 56% Jan 29 17% Aug 6 2,720 Colorado & Southern ..100 4% 1st preferred ..100 750 60 1,800 300 4% 2d preferred 100 Columbia Broad SysIncclA2.50 Class B 2.50 14% 20,600 94 90 500 100 $2.75 conv v v t c No par June 1 26 Jan 18 31 June 17 15 June 28 5 90 Feb 113 7 107% Jan July 98 Oct 111% Deo 47% Oct 47% Aug 10 33 Jan 14 82 Feb 90 60% Feb 26 29% July 15 132%June 3 48 Mar 51 48 Apr 77% 124 Jan 129 Jan 134 Nov 58 Nov 170% Apr 59 June 2 84 9 55% Jan 25% Mar 19 13 June 104% Jan 6 62% Feb 13 100 Aug 112% Mar 45 Apr 51% Feb 27% Mar 39% Apr 21% Deo Oct Dec July Dec 106% Feb 66% Nov 30 Oct 28% Sept 48 Deo 19 8% Jan Dec Jan 36 31% 125% 39% 46% 20% Aug 28% Aug 11 Aug 13 10 June 14 June 28 July 8 Comm'l Invest Trust.-No par $4.25 conv pf ser '35.No par 103%May 19 63% July 2 94 Jan Jan 31 May Jan Jan 39% Dec 14 Jan 108 Jan Jan 101 Jan 90% 80% 136% Aug x45% Jan 51% Jan 23% July 108% Oct Jan 103 44 Jan 69% Jan 114 Jan 80% Jan 120 Jan 13 June 22 21% Jan Commonw'lth & Sou No par $6 preferred series No par Conde Nast Pub Inc...No par 2 May 19 4% Jan 46 June 23 Congoleum-Nalrn Inc..No 34 75% Jan 19% Feb 45% Mar 11% Aug par x 4 June 28 Ex-div. y Mar Apr par Cash sale, 46% Mar Jan 75 r Jan 103% Apr Jan Nov 13% Nov 23% 16 80 wNewstock. 50 Jan 19% Commercial Def. delivery. Mar 4% Jan 9,400 100 89% Nov Deo Nov Jan 9,000 3,400 Jan 45 51 138% Nov Aug 100 1,200 23 Jan 32 56% Apr 8 100 MarlS 16,800 Jan 29 100 Solvents..No Jan 85% 15% 72% 30 Columbia Gas & Elec.-No par 6% preferred series A 100 4% conv preferred 25 15%June 17 14% June 28 38 ...10 Jan 28% Aug 13 28 Aug 13 111 May 18 par Commercial Credit 7 36% Feb 37% Mar t c.-.No par preferred.No 6% preferred 8,300 400 102 10% Mar 1 48 Aug 10 32% Oct 30% Jan 14% Dec 17% Sept 90 5 107% July 10 94 a 86 Jan 5% conv preferred 100 Colonial Beacon Oil No par Colo Fuel & Iron Corp.No par *83 { In receivership, 35 1,300 *82 prices; no sales on this day. 7 98 May 21 102% June 21 47%June 14 94% 65 66 64% 65% *107% 110 109% *107% 110 109% 109% 66 65% 65% 60% 65% 65% 65X4 107% *107% 107% *107% 107i2 107% *107 14 14 14 14% 14% 14% 14% 2% 2% 2% 2% 2% 2% 2% 56 56 56 56 55% 55% 55% 12% 13X2 *12% 13% 13l2 *12% *12I2 38% 38% 38% 38% 38% 37% 38% 32% Apr No par 90 65% July 15 No par Columbia Plct 64% Feb 18 74 No par Coca-Cola Co (The) Columbian Carbon 65% 92 Feb 16 6% preferred Collins & Alkman 30 Mar 11 June 25 6% June 21 No par 400 80 135% Feb 11 21% Feb 18 60 Colgate-Palrnollve-Peet 4,400 27% Jan 14 22% Jan 29 15% Mar 3 80 5 100 100 13% June 30 17%June28 8 100 Preferred. 1,200 90 94 Graph Bronze Co (The).l Clev & Pitts RR Co 7% gtd.60 Special guar 4% 50 Cluett Peabody & Co No par 1,100 *83 46% Jan 22 Clev 42% 90 9%June 17 8% Mar 100 Clark Equipment No par C C C & St Louis Ry 5% pf 100 Clev El Ilium $4.60 pf.No par 30i2 14 June 18 15%May 6 Class A 11,900 14 ..No par 29% 42% 109% 65% *28 22 2012 29% 3,700 3% June 28 No par Chrysler Corp City Ice & Fuel 42% 28% *40% 109 29 16% 170 2,400 100 Chlckasha Cotton Oil 10 Childs Co .No par Chile Copper Co 25 122% 12314 *28 13% 16% *19% *17% 1,400 20 72 8% . 40.900 6% preferred Chicago Yellow Cab 124 123% 123% *121 28% 28% 29% 29% 42 *40% *40X2 41% 13% 13% 13% 13% 94 94 *94 94% 123% 123% 65% Bid and asked 16% 800 60 18 *70 8% 20% 29% 66 65% 65% 66% *106% 107% *106% 107% *107 14 14 13% 14% 14% 2% 2% 2% 2% 2% 55 55% 55% 56 55% *11 12% 12% *11% 12% 38 37% 37% 37% 37% 14% *17% *58 29% 66 65% 109 15 5% 14% 110% 110% *110% 112 *110% 112 *110% 112 *31 39 39 *31 *31 38% *31 38% *35 36 35% 36i2 35% 35% 35% 35% *17% 42% 13% 25 4 *11% _ 20% 29% 29% 3% 11 *1% 4. *17% 28% 122% 4% 3% 11 *11 8% 812 8% 8% 8% 8% 48 46 46% 46% 46% 47X2 46% 47% 47% 102 100% 100% 100% 100% *100% 102 *100% 102 *109% *109% *109% *109% 46% 47% 46% 46% 46% 47% 46% 46% 46% 88 *85 88 *86 86% 86% 86% *85% 88 51 49 49 *49 *49 49% *48% 27% 26% 26% "26% 27% 26% 26% 26% 26% 129% 126% 126% 125% 126% *125% 129% *125% 12938 159 158 159 158 158 158% *157 *157% 158 58% *57% *57% 59% *57% 58l2 58% *57% 58l2 19 18% 18% 18% 18% 18% 18% 18% 18% 103 103 103 103 103 *102% 103 *102% 103 53 54% 53% 53% 53% 53% 54 53% 53% 36% 16% *28 5% 114% 116% 18 17% 38% *40% 4 11X2 40% 5% 36% *15% *18% *121 4l8 3% 2 *1% 24% *2% *5% *31 22 3% 2 *7% 26 33% Nov 2% 16% ' *11 115% 117% 18 *L7% 84% 84% 8% *1% *11 *40% * Preferred series A 5 May 13 14%June16 67 4% preferred ...100 {Chic lnd ALoulsv 4% pref 100 Chicago Mall Order Co 5 {Chic Mil St P & Pao_.No par 10% 26% 31% Nov 16% Nov 2 9% Apr 20 191% Aug 3 129% Jan 22 50%June 29 {Chicago Great Western.. 100 10% *2% 10% *7% 11% 41% 6 25 7% May 35% Jan par 9518 2% 2 ll%June18 48%June19 107 No par 2% *11 *40% Common *7% 12 4% 60 7% *11 *5% par Checker Cab 2,300 10,800 400 35%June 12% Jan 28 103 6% prior preferred 100 ChampPap & Fib Co 6% pf 100 52 *7 Mar 6 Jan 9 Mar 11 Jan 2 39% Jan 12 8%June 16 par 1 70 *26 17% 61% 18% 52% June 17 100 19% 2% *10% Jan 14 6%June 17 19 Century Ribbon Mills..No • 51% 2% 73% May 18 30 Certain-Teed Products 57% 36% Jan 13 100 13% *56 June 17 Central Agulrre Assoc.-No par Central Foundry Co 1 1,300 Cerro de Pasco 110 85 5,600 70 2% 51% July 28 6% Feb 25 115 19 *93 2 6 52 2% *4 1 100 70i2 2% *10% 4 July No par 5112 3 2 106% Jan 7% preferred Celotex Co.. 70 95% 34% Mar 48% Feb 105% Aug 11 4l%May 20 52t2 *2% 7% Jan 11 6 70 *93 91 9 9 51% 7% 9% Feb 25 33% Mar 26% Jan 69% 2% Dec Dec 102% July 53% 7% 13% 29% ...100 71 2% 2% Jan 112 No par 6% preferred 20% 7% Apr 3 Colanese Corp of Amer.No par 5112 51% 138 100 2,600 76 6% June18 1 100 Preferred. 52% 2% 14% 2 June 23 70% 95 1 18% Mar 30 6 Carpenter Steel Co 20 *17% 45% Feb 36% Mar Jan 53% 19% Dec Jan £100 72 57% Mar 33% Jan 20% 57 9 Jan 91 53 57i2 Oct Jan 45% 70% *57% *17% 34% 2% 8% 1 87 Case (J I) Co 110 9 8 Carriers & General Corp 13% Apr Feb Jan 18 90 51% 25 35% Feb Feb 1,900 110 Dec 35% Dec 18% July 14 102 1,200 13% 69% 106 120 5U8 Mar Jan Apr Aug 10 185 *109 14 11% Apr 95 120 75 15% May 115% Sept 94% July 28 -—100 184 76 8 115 Jan 10 Stamped 184 41 June Dec Sept 13%June 29 47 July 8 120 7% 44 No par $3 preferred A ""140 95 31% 11% July 23 21% Carolina Clinch & Ohio Ry.100 96 "95" 25 3 Jan Dec 20% 7 Aug Oct 22% 2 10% 182 76 45% 8% 11% Jan 29 4 Oct Jan 18 65% Mar 39 Jan 57 65% Jan 9% 85 54 14% 41% 7 106 Jan 107% Sent 14% Jan 11 61 2% 100 *119 4U2 117% Mar 12 8% 38% Mar 19 Canada Southern Ry 53 *7 * 41 24% Jan 11 24% Feb 3 51% Mar 58% Sept Jan 44% May 45 Sept 8% May 54 70 99% 100 £9912 99% 99% 99% 105% 105% £10434 104% *104% 105 39 38% 38% 38% 38% 38% 110 110 110 *108l2 110 *109 105 7 23%June 28 7,500 56 45X2 7% Jan 20% Jan 12 37% Feb 13 17,700 7% 52% Jan 14 50 Apr 29 *57% 19% *2% 108 120 Feb 2 June 28 12% 31% Dec 40% 97% Jan 12 12 71% 52% 13% *92% 7 179% 179% 120 31X2 33 53 24 1 Jan 38% Jan 14 102% Jan Calumet & Hecla Cons Cop. .5 12% 9612 50% July 12% Mar Campbell W & C Fdy.-No par Canada Dry Ginger Ale 5 26% * 48% 69 Jan 4% 3,300 12% 96 *95" Dec 41 Jan 13 14,900 Callahan Zinc-Lead Apr 47 Jan 23 20*400 19% 18 *69 *81% 64% 7 31 *45 * 11% Jan 5% Nov 18% Feb 64% Mar 4 33 77 77 77 *76% 76% 76i2 7612 76i2 32 31% 30% 31% 32 32% *30% 32 8 8 8% 8 8% 7% 7% 8% 7% 102% *101 102% *101 102% *101 102% *101 102% 21 21 *20 *20 *20 20% *20 20% 20X2 15 *13 *13 14% *12% 14% *13% 1412 14% 10% 10 *9% 10% 10% *912 10% *9% *9% 100% *98% 100% *98% 100% *98% 100% *98% 100% 75% 110 31 96% 1434 56 1% July 8 9 Mar 22 Nov 32% Aug yl2% July 43% Apr 16% 3% 15% 32% 25% 76% 75% 51% 31 108% 109 41 96 *95" *44 3% 30% 75% *109 * 95% 99% 100 105 110 41 15% 48% *7 7% 182% 182% 185 118 46 96 "95" 7% 181% 184 118 3% 55% *.__, 15% ♦ 3% 50 50 5% preferred 47 June 47 9 12%June29 28%June 21 4% Apr 28 17%June 29 64 Aug 4 25%June 29 35%June24 share 53% Feb 13 Jan 24% {Bush Term Bldg gu pf ctfs 100 66 31% 25% 55% Apr June 15 100 Debentures... 68 4% 4%June 10 1,700 16% 6 49% Auv 13 15% Mar 23 4% Jan 11 23% Feb 23 59% Feb 11 per 63% Mar 100% Apr Jan 22%June 30 29% *5% *17% 31% 25% Burroughs Add Mach__No par Burl'ngton Mills Corp 54 39 Jan 18 1 900 22 7% 40% Dec 80% June Feb 15 35% 16% Highest share $ 28 13 No par 90 $ per 46% Apr 13 7% June 17 50% Apr 9 3034June 28 16% Aug 3 No par Budd Wheel No par 200 Jan 22 Jan Bulova Watch... 21 48% Feb 13 93 98 Bullard Co 2,700 share June 16 *66 4 58 100 7% preferred 68 *52 7%June 17 No par Budd (E G) Mfg *65 *66 par ...No par 5% conv preferred Butte Copper & Zinc By ere Co (A M) Partlc preferred Byron Jackson Co 7% par 600 57 32i2 5% 22 par 19 88 8% 58% 21% 101 l5%June 17 18% June 17 par 62% July 19 26%June 12 43% July 1 1634June 17 10% 10% 88% 36 29 *26 Brlggs & Stratton 500 17% 19 28% *5% 200 22% 10%1 *18% 10,600 "8% 38% *66% *29% *45% 19 17 47% 22% 19 *16% Bridgeport Brass Co—No par 65% 19 57 5,900 *17% 22% 65% 19 36 18% 18% 22% 18% 57 {Botany Cons Mills class A.50 65% 18 *34 par 2% June 17 Boston & Maine RR 100 65% 17% 8% Manufacturing.No par No par 6 100 800 Brlggs 25 28 28 18 15 Apr 28 39i4June 17 41% July 1 £37% Aug 13 5 Corp Borg-Warner 9% 2% 65% 29% 21% June 38% Apr 8% Jan li4June 15 3% 19% 8412 Aug 4 41% Mar 12 --No par Class B Borden Co (The) $ per June 24 37 5 3% *3% Year 1936 Lowest Highest $ per share No par Bon Ami class A 3% 10 8% Bohn Aluminum & Brass 19% 22% *45% * Par *3% *17% 22% 3% 22% 64% 102 *-__. Lowest Bristol-Myers Co Brooklyn & Queens Tr. No 16 preferred No Bkiyn-Manh Translt-.-No $6 preferred series A.No Brooklyn Union Gas—No 17 17 90 24% 18% 45% 47 48 44 24% 9% 38% 30% *42% 24% 48% 9% *2% 40 65 44 2% 49 *17% 22% *64% *29% *45% *17% 190 9% *47% 3% 19% 22% 1,200 87% 9% *38% *3% 18% 46% 45% 45% *86 9% 50 45% 44% 86% 2% 18% 40 45 48 45 Range for Previous 100-Share Lots exchange 18 *48 18% 18% 44% 86% *42% £24% 42% 24% 47% *38% 3% *2% 2% 45 24% *2% 18% 45% *45% 18 On Basis of stock new york for Aug Range Since Jan. 1 stocks Sales Monday Saturday Aug. 14, 1937 Ex-rlghts. 100% July 55 Jan 97 Jan 14% June 2% Apr 59% Apr 7 July 30% Aug Aug 84% Sept 128 Nov 91% Nov 136 Nov 24% » Feb 5% Feb 82 Feb 15% 44% Deo Jan H Called for redemption. Volume LOW AND New York Stock Record—Continued—Page 4 145 SALE PRICES—PER HIGH Sales NOT PER CENT SHARE, STOCKS NEW YORK for Saturday Aug. 7 Aug. 9 $ per share Tuesday Aug. 10 $ per share 154 *12 *134 *13 154 *134 22 1 Wednesday Thursday Friday the Aug. 11 Aug. 12 Aug. 13 $ per share $ per share $ per share Shares *13 154 154 224 *134 1178 *12 154 *13 154 *13 154 *134 2134 *1178 154 *134 154 *134 22 124 *77 824 *774 824 *78 *84 854 *84 854 *844 124 824 854 *85 90 *85 90 *85 90 34 3 3 *3 134 13 13 1234 37 364 374 37 *124 364 1033s 10338 1034 1034 11 104 43 44 43 2958 294 294 2384 *24 2434 58 34 924 584 19 19 384 234 4678 384 34 34 *914 107g 444 2978 294 24 24 34 214 124 824 844 *12 1034 43 34 *92 Par 21®4 124 124 124 Cigar No par Conn Ry & Ltg 4^ % pref.100 Consol Aircraft Corp.. ..1 Consolidated Cigar No par 1,700 700 7% 824 *78 824 834 84 *84 86 80 *85 90 84 85 *84 90 20 3 3 3 3 124 *124 *77 844 *78 preferred % prior prf 124 124 400 374 3678 37 374 3634 374 103 1034 1034 1034 1034 1034 9 9 87g *84 94 94 *84 16 154 1578 154 157g 154 1534 *1044 105 105 *1044 105 *1044 105 64 634 64 *64 684 64 *64 34 84 4 4 4 4 4 104 104 107g *104 104 104 *104 44 43 42 42 *414 424 *414 29 29 2884 2912 294 294 294 24 2378 2378 244 2334 2334 234 12,800 $2 partic pref No par Consol Edison of N Y..No par 124 124 34 3lg 34 34 34 300 1,200 Class B 4,200 8% preferred Continental Can Inc 400 93 93 *934 58 59 694 604 8,200 184 184 184 184 184 184 1,000 384 27g 384 234 384 234 377s 384 234 *374 384 184 3734 384 700 24 234 24 234 6,400 Continental 4778 474 *294 4778 2934 477g 474 477g 4734 484 8,500 304 *2984 304 400 *62 62 *62 62 6278 624 624 624 627« 627g *624 66 66 6784 657g 657g 674 674 6578 6578 654 6534 654 162 *159 *160 162 15984 *158 15934 *159 15934 15934 15934 *159 8 74 74 74 74 74 74 74 *734 74 74 74 52 50 514 5084 514 504 51 494 504 5034 504 514 11634 11634 1167S 11678 *11634 116i3,6 H678 ♦ue^siie15^ *11684 11678 115 113 *112 113 114 1124 1124 1124 1124 1124 1124 113 29 29 29 294 30 294 *294 30 294 *294 294 *294 20 *19 *19 20 19 19 197g 194 184 1878 184 1834 82 83 83 82 82 83 82 82 8434 824 824 8334 48 *47 *47 474 474 *4634 474 474 474 *4634 *4634 48 *39 404 *40 *39 404 404 404 404 *39 404 *39 404 21 214 224 204 224 204 214 204 214 2134 214 2178 98 99 99 99 *97 98 984 984 984 974 *974 984 72 72 754 774 7234 734 754 714 714 734 7234 724 100 *294 294 30 234 474 294 294 *62 *125 127 127 14 *104 *884 *109 14 11 9 *14 104 87g *109 no *38 ) *122 127 14 104 9 14 *104 94 *109 110 384 384 384 384 104 104 104 104 10 74 74 714 57g 194 74 717g 57g 1934 578 194 6 I984 6 1978 127 14 11 94 110 *122 127 14 *104 14 *104 97g 94 110 *122 14 11 111 94 704 534 197g 72 704 20 20 *68 71 50 *464 50 *68 71 *68 *474 494 50 *464 50 *464 744 474 744 *464 *724 474 *724 744 *724 744 *15 154 15 *724 154 154 15 *19 194 *19 194 *14 19 184 744 *184 104 534 Davega Stores Corp 194 *184 2034 2034 *3634 374 154 154 54 *54 1154 1154 114 274 *2034 274 207g *364 37 1534 154 54 54 *54 *538 115 H584 ♦1144 116 364 374 154 157g 19 50 3,200 Deere & Co 2,500 Preferred 2534 254 18 *58 60 60 60 59 60 60 *60 63 *60 63 274 *327g *154 224 854 274 274 274 274 274 X264 27 34 34 *334 3334 *33 337g 1534 154 1534 *154 1534 154 16 224 234 23 3334 154 234 *264 3334 27 34 23 23 2334 854 *82 85 85 85 854 854 854 *19 20 *19 194 194 194 194 *35 37 *35 37 37 37 *354 37 *3784 3834 *38 3834 38 38 *374 384 *9 *9 10 56 564 126 564 934 574 *1254 12634 126 *9 94 5634 574 12634 12684 46 *434 274 274 *4 34 14 14 46 5 *434 *274 *4 *14 47g 15 15 *144 16 *14 115 115 *115 120 *115 16078 161 161 161 160 *434 46 *274 28 *4 84 14 *434 14 *1344 135 112 *111 28 34 184 54 1344 1354 *111 112 180 180 134 134 1804 1S04 ♦158 159 158 134 134 158 *434 5 154 117 1614 1354 1354 *111 134 112 1384 *9 94 57 58 44 *27 28 mm 2334 237g 6,600 86 300 194 194 300 37 374 9 5,100 9 *27 100s 28 434 *434 54 47g 47g 800 Duplan 111 13 182 184 *158 159 *158 134 35 1844 1854 159 *111 112 134 1864 1874 134 *158 159 m *14 16 200 *116 117 50 8% 112 124 20 134 2,100 1874 1904 *158 4,300 159 1,700 6% cum preferred Eaton Manufacturing Co 1,700 Eitingon 10 114 114 117g 114 114 II84 1134 114 IIS4 10,400 Electric 54 54 217g 54 54 2134 114 54 54 3,100 227g 54 224 54 224 7734 78 73 744 744 3534 36 37 3634 14 5 5 5 24 24 64 *14 434 14 484 *73 754 37 *364 *14 14 14 5 *44 24 *44 244 234 42,600 754 700 364 *7784 754 364 364 1,000 14 14 14 500 484 78 300 44 44 1,100 247g 2634 11,100 *55 55 55 *54 554 564 554 554 564 554 *554 564 *1084 1104 *1084 1104 *1084 1104 *1084 1104 *1084 1104 *1084 1104 11 11 *11 *11 11 11 117g 11 117g II84 *104 *104 *55 62 62 *55 *55 62 *55 ♦55 *55 597g 597g 597g 300 23 78 24 24 244 24 *60 65 *60 65 *61 65 *594 62 *624 694 *624 694 *624 694 *624 694 54 54 154 24 54 154 *224 *167g 184 *17 18 *7534 79 *764 79 54 154 *224 *8 154 84 22 22 *34 34 34 34 *8 24 84 *204 *34 34 224 34 34 54 54 154 154 154 224 *1678 224 *224 234 1678 1678 *764 778 79 *77 8 8 8 *214 224 214 214 174 79 84 224 34 34 23 2334 *59 60 *59 60 5934 5934 504 504 494 *138 494 214 *19 21 *89 9234 *89 9234 54 *15 *764 84 *214 34 34 mmmm 4984 50 20 20 *89 924 18 *145 54 16 17 600 *8 84 22 214 100 6234 504 *89 1,100 340 514 *49 sT" "2", 900 21 *194 *89 207g 9234 300 9234 *135 140 *135 140 *135 145 *135 145 *98 101 *98 101 *98 101 *98 101 101 101 *101 105 ""266 67g 634 734 74 734 784 77g *334 4 37g 37g *74 *37g *334 344 34 344 344 344 *91 98 3334 *954 394 394 • 64 394 684 634 634 974 *95 974 394 *394 394 *95 394 678 7 7 7 2,000 8 734 37g 8 8 8 1,800 378 344 344 95 95 394 394 344 974 394 Bid and asked prices; no sales on this day, Oct 404 Oct 43 29 Mar 17 I8I4 Apr 80 June 16 96 Mar 9 93 Dec 18 June 28 25 Feb 9 19 Oct 34 June 21 41U Jan 25 40 Aug 35 June 15 Oct Jan Aug 4634 Feb 17 384May 13 884 July 26 51 Jan 28 1238Mar 774 8 Jan 25 4H2 Jan 7i2 Apr 345s 95i2 25 4078 Jan Deo Nov Dec 6112 June 123s Deo 5058 Jan 82 U 29 Jan 51 Dec Jan 364 Dec 134 Jan 3 Jan Oct 14334 July 13 55 Jan 16 244June 22 4June 25 14June 29 378june 29 394 Jan 138 Jan 14 Aug 11 112 May 28 94June 17 151 Apr 29 150 Apr 2 7 512 5 5s May 312 Feb 19 Jan 16 lis Jan 478 July 17i2 Jan 19 1318 Aug 8I4 122 884 184 Jan 19 114 Feb 120 *334 378 700 34 344 1,800 *96 974 394 100 394 t In receivership, a 1,300 Def. delivery, 115i2 Jan 22 17 Mar 5 ZIIII4 June 5i2 July Oct Jan Dec 116 185 Aug 163 152 July 166 Mar Jan 11 37i2 Feb 11 16 Mar 17 28i2 Jan 684 Apr 3034 Apr Feb 23 10 Apr 5 Dec 638 Jan Jan 7 3234 par 58i4June 15 32i2June 28 87 8 2912 Jan 4412 Jan 16 393a Dec 2 2 Jan 19 i2 Jan El Paso Natural Gas ..3 50 100 1 105i2June 10 11512 Jan 19 June 15 1734 Jan 16 5 784 Jan 30 Endicott-Johnson Corp 5% preferred Engineers Public Service 3 100 100 50 5 5 8% Jan 18 Jan 18 60 Feb 11 Aug 60 July 31 65 Aug 4 44June 28 13i2June29 19i2June29 l4i4June 28 z758sMay 27 7i4June 17 18 June 29 284June 30 3 25 June 23 20'4 Apr 2 49i«May 18 150 Mar 31 45i2June 14 16>4June 28 88i2May 25 664 Jan 27 944 Apr 9 64June24 5i2 Jan 4 100 preferred 8 29 57 100 preferred June 15 8 15 conv preferred—-No par $5>£ preferred w w..No par $6 preferred...——No par 4% 1st preferred... 4% 2d preferred Erie & Pitts RR Co Eureka Vacuum Cleaner Evans Products Co June 214 Apr 28 54 July 13 50 Equitable Office Bidg—No par Erie Railroad 100 Co...100 Preferred 100 Foderal Motor Truck—No par Federal Screw Works..No par Federal.Water Serv A_.No par Federated Dept Scores. No par 31i2July 100 92i2July 4K% preferred Fidel Phen Fire Ins N Y. n New stock 3 36 2.50 tCash sale, Jan 1 par t June 14 Deo Apr 92i4 Jan par Deo 156 62 May 18 1238 19012 Aug 13 par Federal Min & Smelt 678 4 30is 37i2 2 4 No —No Elec Storage Battery ..No JElk Horn Coal Corp—No 6% preferred preferred $6 preferred $7 $6 145 334 36i2 Feb 40i8 Feb 204 Apr 28 6% preferred.. 100 Fajardo Sug Co of Pr Rico.20 Federal Light & Traction. .15 *150 *135 64 Dec Apr 10 Fairbanks Morse & Co-No par 145 384 63 7U Feb 6 265s Jan 14 2.200 *137 *74 Jan 14igJune 14 Fairbanks Co 624 *194 42 23 Exchange Buffet Corp.No par 62 9234 Jan 76's Feb 19 Am shares— 610 24 20 2133 Electric Power & Light .No par Elec & Mus Inc 600 34 2384 504 1178 June O^May 14 4i2June 15 Boat 34 34 34 20 """900 Schild 34 34 2434 *148 1,300 2,400 79 34 • _ ""166 234 *77 34 244 604 60 _ 500 34 25 52 *89 79 54 154 234 1634 34 *34 34 237g Z5934 ""466 654 154 2334 *19 65 *624 224 *23 *138 *60 654 15 23 mm *54 61 224 174 23 *140 54 *54 61 *624 25 Apr 13 16 114 54 217g 14 4 May 13 2 Electric Auto-Lite (The) 73 Feb May 19 30 45i2 Feb 11 11,110 3534 128 22 lO'iJune 17 124 414 14 33i2 Nov 5434 Oct 2318 Feb 94 Feb 4 29i2June 15 124 404 744 354 Jan Dec 108s4 Dec 323g Nov 9' 3484 Apr 28 123g 40 354 *14 7 4 35 124 387g *71 Jen No par 5 3 35 124 77«4 744 19l2 Apr IO8I4 13612 Deo 112 387g 78 Jan Jan 18434 Nov 124 *77 Dec 52 27 Feb 384 79 107 Apr 1234 *784 5 10?8 Feb 18 46ia 1978 Nov 129 387g II84 54 74 Apr Jan 133 35 224 7784 744 Jan Jan Dec 1801s Jan 18 384 54 9U Mar 90 135i2 Feb 19 344 124 22 Jan Apr Dec 5 1434 July 23 5 June 16 114 Dec 1304June 29 110 Aug 5 1284 584 2284 7834 Jan 24U 148i2 Apr 28 394 224 7884 4 44i2 6% non-voting deb 100 Duquesne Light 5% 1st pf. 100 Eastern Rolling Mills ..5 Eastman Kodak (N J)-No par 1284 224 . i0i2 129 Du P de Nemours(E I)& Co 20 384 354 167s June 99i2 Mar Dec Dec 1414 Mar 800 1284 35 634 Jan 3512 May Dec 7,900 38 354 Jan 33s 20 1344 1344 354 3484 618 125 16078 1634 *3434 124 3778 34 Sept Deo *6684 "Oct Jan 18i2 Jan 16 14 1 No par 100 Sept NOV Nov Nov Deo Aug ..100 Silk preferred 3538 9112 584 493s 19i8 8884 29 47igMay 17 preferred. 3778 Nov 4314 9078 Mar 10 5 33 tDuluth S 8 & Atlantic—100 6% Deo Nov 70i2 3134Mar 11584 July 27 44 Aug 11 Dunhill International mmm 140 364 May xl 484 June No par Class B 434 m Dec 738 Mar 50i2 Feb 27 Jan No par ■Dresser (SR)Mfg conv ANo par 100 'm 170 62 Feb No par 200 34 69ia Oct 824 June 2178 24 93g Apr No par Douglas Aircraft Dow Chemical Co 606 Mar Jan Sept 109 4 Dominion Stores Ltd..No par 100 8,100 4 59 1778June 24 Doehler Die CastlngCo No par Dome Mines Ltd 14 111 6 33 No par 1,200 384 424 *4 *14 1604 162 4 254June 24 No par Class A 20 4214 Co Feb Jan 14 1858 Aug 11 5% pref with warrants.. 100 Dixie-Vortex 46 86 99i4June 28 5 Distil Corp-Seagr's Ltd No par *82 34 1354 1354 *1344 1354 83gMar 104^8 Jan 25 6% participating pref 134 1604 161 1 2058 Feb 11 2334 Mar zl278June 17 No par Diamond T Motor Car Co..2 200 *4 117 Jan 11 Mar 43 June 17 5 114 Sept 9 4 164May 13 694 Aug 3 47*2 July 26 73i2May 21 June 29 Match 1,000 *14 *116 127 Apr 95i2 Apr 143g jan 12 6 26 Diamond 1,800 34 117 1738 Jan 1094 Jan Aug 10 134 ♦116 2 59 16 *35 153g 28 Jan 11 Devoe & Taynolds A ..No par *4 *14 MarlO 3 Aug *14 14 3 135 19 2634 3378 *334 58 58 587g 1264 *125l2 1264 *434 454 *434 454 14 8I84 Mar May 20 884 July 100 16 28 4 5% non-cum preferred.. 100 m.m 600 125 *27 Jan 14May 28 115 Det & Mackinac Ry Co...100 10 mm 574 12634 12684 44 *9 2684 423g 94 Dec 714 May HG'aJune 1 Si 204 414 51 10 44 JDenv & Rio Gr West 6%pfl00 ..100 *19 404 No par 20 Detroit '"UoCH— 700 *14 404 4714 Jan 28 254 Apr 13 300 114 Jan 243s Mar IO884 Apr 15 57g *54 16 404 June 29 164June 28 Jan 204 404 464 July Apr *19 404 8 Jan 1478 43s 18 404 Mar 1558 Mar 3634 204 *404 35 28s4 Jan 15 583sMar 17 *19 384 Nov 244 Mar 17 *14 37 136 June 28 17 38 Oct 1384June 28 204 *35 July Delaware A Hudson *19 41 Aug 4 41 Delaware Lack & Western..50 *14 194 158 3 1,900 18 23 564 Feb 4,100 21 *82 7114 Jan 15 1714 Jan 14 104 Mar 16 65i4 Apr 635s Aug 164 *19 1934 Feb 13 204 *13 ♦194 Apr 77 3 884 214 224 Deo 46 Dec 16 21 154 4478 25 8 3734 *19 60 2818 June July 19 2034 *13 16 5 25 Diesel-Wemmer-Gilbert 600 Jan Dec 49 3558 Mar 564 Jan 39 Conv 5% pref Dayton Pow & Lt 4H % Pf-100 600 104 14 914 3778 Dec 26i4 Mar 353g Nov 2534 Jan 23 4234 Jan 23 37S Feb 11 944 July 28 1 300 104 1534 May 414June29 1 13734 140 124 June 435s 8t2June 17 6884 Aug 13 154 104 June 3 10978 July 21 3778May 21 *144 104 1234 Nov 38 May 2 1007s Feb 50 154 1364 1364 1374 Z136 27 27 2534 Z254 *204 204 204 204 37 384 3684 3634 154 154 164 154 54 *54 57g 54 115 115 1144 1144 1714 Deo 106]8 June Apr June 29 100 900 1034 104 *103 18i2June 15 68 784 June 15 754 1374 1384 274 274 204 204 1394 Jan 64 Sept 8714 9 Jan 16 75 10 378 Apr 114 6334 Dec 17*2 June 354 Apr 2i8 Apr 69is Jan 37 7434 138 June 29 287gJune29 par Class A 6,200 Jan 101 6 Jan 28 Curtis8-Wright 16,000 Feb 102 4838 Oct 109 July 958 Nov Aug 13 100 Packing 20ig 14 Feb 27 134 Apr 115 100 Sugar Feb Apr Apr 154 274 4 121 No par Preferred mm.mm.mm 104 Jan 3 Cushman's Sons 7% pref..100 $8 preferred No par Cutler-Hammer Inc..-No par 1034 1034 104 6 6 72 4 10 Cudahy 1,900 71 *68 187g 6934 20 72 187g 6884 Jan Curtis Pub Co (The).—No par Preferred No par 110 300 13*2 Feb 26 1778 Apr 5 10578 Jan 23 113i2May No par Cuban-American 7,300 704 4 54VgMay 13 Apr 14 w..No par (The) Cuba RR 6% pref 3,610 Jan 12 108 lOOigJune 17 w Cuba Co 60 June 14 6I84 Aug No par Preferred 100 94 3934May 14 Crown Zellerbach Corp 5 $5 conv pref No par Crucible Steel of America.. 100 1,300 94 534 *68 *103 11,200 97g 194 72 *1364 139 274 274 1,600 4978 Jan 23 100 Pref ex-warrants 100 35,000 9 100 Crown Cork & Seal pref Jan 7is Nov 40 pref conv Nov 44 Sept Jan 20 Nov 6 preferred 12.25 94 4 153 Crosley Radio Corp...Aro 200 Nov Feb 109 z25 Cream of Wheat ctfs...No par 700 95 73i2 Jan 25 conv Nov Jan 5 674 18*4 Aug 13 353gMay 13 2 May 13 25 1,100 39 724 15 5% 110 *384 94 *68 15 17% 85 724 Mar 10934 Feb 17 June 17 100 Co 6534 June Mar 11 Jan June 18 1 4,300 94 94 *38 10 6 1,300 2,100 14 110 384 10 201g Crane 11 *104 94 9,300 Mar 92 Jan No par Coty Inc 128 *14 39 384 6 14 11 1104 111 384 104 20 *123 127 100 1,600 87 95 16s 50 5 Corn Products Refining Preferred 5,900 Dec 1038 z81 Continental Diamond Fibre..5 Continental Insurance...$2.50 Motors Jan "1934 2i2June 17 20 Continental Steel Corp. No par Corn Exch Bank Trust Co..20 June 54 Jan 15 4 100 Continental Oil of Del 304 234 474 8 1878 Jan 15 2 2584 Mar 33i2 rnmt 184June 17 Feb 24 2089 Jan ...No par 584 Aug 7 5284 Apr 6 3738 Apr 13 3734 Jan 14 33 Container Corp of America. 20 Continental Bak class A No.par 6,000 95 104 100 v t c 92 278 474 84 July 31 84 Jan 26 574 184 30 314June 14 994June 15 Consol Coal Co (Del) v t c—25 5% preferred July 1834 2,300 180 15 June29 10 3,700 No par 16 Jan 14 26 584 Consol RR of Cuba 6% pf. 100 ^Consolidated Textile..No par 400 preferred 92 *38 Aug 144May 14 Aug 6 44June 30 4May 13 $5 34 34 • preferred No par Consol Laundries Corp 5 Consol Oil Corp.......No par 24,500 Aug Jan 194 Jan 23 22 24June 18 1 J5 2,100 58 184 84 Consol Film Industries 934 934 83*2 Apr 100 700 5734 58 76 100 w w ex-war._ 34 1234 97gJune 2 14 2 9 12 Highest [ per share $ per share share $ per 12UJune 29 12 June 21 21^4July Lowest Highest share 100 6Yi % prior pref 34 34 $ per Congress mmmmmm 23 Year 1936 100-Share Lots Lowest 5884 I884 924 On Basis of EXCHANGE 154 22 374 1034 1034 94 *94 94 *94 *94 1534 154 1534 157g 1558 *1044 105 *1044 *1044 105 7 678 *64 *64 64 4 4 4 4 88 IOI4 154 *13 154 *1178 *3 2178 22 224 1178 22 Range for Previous Range Since Jan. 1 STOCK Week $ per share Monday 1055 li2 Jan 2234 Nov 53i2 July 110 Aug 7i2 Jan 45i2 Jan 4012 Nov 1578 Nov 4712 Nov 173s 784 2578 Feb Feb Deo 9414 Deo 875s Dec 5514 Jan 14 Feb 6U Deo 29U Deo 69 Feb 116 July 16i8 8484 Deo Oct Feb 19 48 Jan 89i2 June 86I2 Feb 10 55 Jan 97 June 107g De° Sep* Oo* 81 934 2358 3538 284 Jan 16 Mar 17 Mar 17 Mar 17 514 Apr 11 Apr 16 Apr 34i2 18U IIS4 Jan 29 Oc< 80 Jan 14 68 Jan 69 Jan 14i8 344 684 53g Jan 21 12 Jan 157s Aug 407a Jan 8U Mar 28 Mar 3 Jan 21 Jan 28 Jan 28 7178 Jan 15 210U Jan 14 70 Jan 11 23*8 J'uiy 43s Jan 258 June 84 Apr 3484 Jan I22i2 316s Jan Feb 484 Mar 25 Dec 7134 2104 Deo Deo 6H2 Dec 1884 Apr 2734 4 84 Jan IOH2 Dec 150 Mar 11 37 Aug 92 Mar 129 Apr 697g Mar 293g Jan 18 103 Jan 2 116s Feb 19 73jj 114 Feb 25 3 6 Jan 14 Jan Apr Dec 1234 Nov 124 Mar 6 Deo 6 Oct 2*2 Jan 20*2 Jan 464 Nov 1 4384 Mar 4 6 May 12 10878 Mar 9 105 Dec 1153$ Nov Jan 18 38 Apr 4984 Nov Ex-dlv. y 455s Ex-rights. ^ Called to rredeiptlon New York Stock Record—continued—Page 5 1056 LOW AND SALE PRICES—PER HIGH STOCKS the NEW YORK STOCK EXCHANGE ' Aug 39 *3118 $ per share *3118 33i2 3384 33*4 t per share . S per share Thursday Wednesday S per share 7 . Tuesday Aug. 10 Friday 12 Aug Aug. 11 Week Shares *31% 39 *31% 39 3384 34 33% 337b 33% 33% *102% 104 *10384 104 *10384 104 39 34 103i2 103i2 *103*8 104 39 *31% 34 42 42 41% 42 30 30 30 30% *46 50 *46 50 *46 50 *46 50 *46 60 *32 37 *32l2 37 *32 37 *32 37 *31 37 *31 37 42 412 51 44% 4414 114 *110 *9% *110 *95g IO84 *58 *58 65 46 47 *110 114 114 10*4 *10 IO84 *58 62 *46% *29 32 ♦45g 12*4 45g 1238 127b 35 35 1034 *58 41% 4% *£50% 51% 11434 115 45% 46% 112 112 11 65 *58 32 5 *4*8 12*8 13 *29 30 30 45g 484 12% 12% 5 - 112 *9% . 30% 30% 112 . . . - 70 49% *28 30 30 5 5 2,300 5,300 12% ...... 12% June 21 37l2June 17 10 June 23 1071* Feb 9 52% Mar 1 46U Feb 5 681* Feb 6 39i2Mar 9 978 Feb 1 68 Apr 3 128 Apr 5 54i2 Feb 3 135 100 9 24%May 14 10518 June 22 Jan 14 83 Freeport Sulphur Co......-10 6% conv preferred -100 Fuller (G A) prior pref.JVo par $6 2d preferred No par Gabriel Co (The) cl A ..No par 7,300 112 47lg Jan 26 108 preferred... 100 conv 6 117 7%June 16 65 45 June June 14 25 July 2 4isJune 14 1184 June 14 Galr Co Ino (Robert)——>1 Lowest t per share 39*4 Feb 19 41% Mar 11 $7 conv preferred...No par Francisco Sugar Co No par F'k'n Simon & Co Inc 7% pf 100 - *46 < 12% 4)4% 700 65 41s Aug t Follansbee Brothers—No par Food Machinery Corp 100 80 10% *58 No par Florshelm Shoe class A.No par Foster-Wheeler June 17 101%June30 3 9% June 21 26%June 30 46 Apr 12 83%May 8 Florence Stove Co ... 3,400 2,700 1,070 4,800 52% *110 30 47B 12% 484 127g . ...... 117 46% 65 1,900 2,200 47 51% 31 6% preferred series A...100 First National Stores. .No par Flintkote Co (The).—No par .. 4% 115 10% *28 31 31% 4% 112 10% 42 31 31% 3134 £3084 31 3184 32% *112 114 *110% 114 110% 112 *46 49% 49% *46% 49% *46 31 32% *10618 110 49% 4912 *46 *30 112 65 110 5 4% 478 51% 51% 114% 116 46% 46% 434 31 31 *105 30% 47g 51 51% 114% 115 47g 51l4 5H2 1145s 115 45 4634 *114*4 116 42 30% 31 484 45g 51 42 42 3014 3078 39U Apr 23 Firestone Tire A Rubber... 10 200 Range for Precious Year 1936 Share Lots Highest 3 per share Fllene's (Wm) Sons Co .No par 2,500 103 50 41l2 307| Par ...... 34% 103 *46 4112 On Baste of 100 Lowest Aug. 13 t per share $ per share *31% 39 Range Since Jan. 1 Sales SHARE, NOT PER CENT Monday Aug 9 Saturday Aug. 14, 1937 Highest per share $ per share 20*4 Jan *247b Jan 100i2 Feb \ 40% Sept 86I4 Dec 105*4 Nov 68*8 Nov 42*8 Deo 66*41 Deo 3414 Deo 11*4 Mar 481* Deo Apr 40 301* Sept Deo 45 251* Mar 37* Aug 32 June 106 Aug 120 2418 Apr 05*4 July 127 Deo 45*s Deo Feb 18*8 Jan 12 Jan 9 3214 Jan 13 Mar 25 73 Jan 4 48*2 Jan 71* Mar 8 3 15*8 July 19 63 July 231* July 108 97*4 355s Oct Feb Nov *135 Apr 78 Deo 47*8 Jan 31l2 Apr 3*4 Jan 631* Feb 7*8 Aug ' *32 *2512 26U *96 9984 13lg 1318 1414 1414 *96 lOOig 2484 *96 *34% *2484 3512 25 *96 9984 13% 13i8 1414 14% *9984100i8 66 66 6578 6678 11*4 1134 1184 II84 * * 135% I35i2 8% "V8 8I4 ""8% 1284 14% 100% *66% H84 * *33 35% 25 2484 *98 1278 14% 137g 35% *2484 9984 *12% 9984 13% 14% 100% 66% *33 35% 25 25 9984 12% 14% *96 66 67 II84 11% H84 * IIS4 135% 8% 8% 101 *96 2,100 4,600 14% 105 134% 134% *132 134% 8% *8% 8% 8% "8% 26 26% 25% 26 26% 26% 26% 26% 26i2 26i2 26% 26% 55 *52 54 55 55 55 *52 54 54% *52 54% 54% *121 123 123 *121 123 *120 *120 *118% 123 *1185g 123 122% *35 35% 35% 36% 35% 36 *35% 36% 35*8 3558 36i4 363g * 128 ~55% # * 128 ~S7% 135% 8% * 128 "56% 58 57% 37% 37% 2% 2lg *2ig 2.% *45 *45 50 50 *47% 50 62 62 62% 62% *6112 62 *120 120% *119% 120% 12014 *120 58 565s 58 587b 58% 577g 117*4 117*4 11734 11734 *1177g 118% 5734 3734 214 3712 *53l2 *1114 *16% *107 312 *427g 37 53i2 5484 II84 1714 IO884 lll2 lli2 1612 167g 107i2 10712 334 *3ig 427g 4384 3i2 43% 104l2 3l2 * ~~312 *33 * "~3% 104% 3% *3284 34 59 34 58*4 53i2 59 60i2 *22*4 5884 6U4 61 61 23 23 23 *35 37 *35 37 1434 14i2 *7414 2238 14*4 *7414 78 2214 223s 8412 *83l4 *81 42 415s 525g 45g 5*8 525g 45g 5*8 *103 107 38*4 39l2 80 42l8 *50% 412 5i2 *101l2 106 38l2 3958 8OI4 80 42l2 43 12814 128i4 9 3*4 I05g 9 *81 84 334 20 11% *3 20 *3514 378 11 338 3% *19 20 43% 3% 353s 38l2 2338 51% 34% 38% 22% 50% 34% *137% *5084 3284 *66% 15% IO84 *2% 23 22*4 2284 4914 50l4 *3412 35 137i2 137i2 *50*4 6412 33 508S 3412 13712 137l2 *5084 64% *3212 33% 33 *6612 1514 107s *2*8 80 *40 *10 *4214 44 *27 297b *27 *33 34 *33 3% 19 *35% 38% 3% 11 3% 19 35*8 39 *81 384 11% 3% *18% *35% 38% 36% 38% 2284 5034 34% 22% 4934 37% 2 2 2 *48 55 *48 84 80% 42% 9 *81 84 384 11% 334 10%* 3% 20 38% 38% 22% 5038 34% *3 *18% *35% 38% 22% 50% *35% — *5084 64% 33 32% *66% 3384 80 15% 32% *66% *10% *2% 1078 278 - 42% 2978 33% 14% 30% *41 101 12 *94l2 47g *11% 95 ' 95 5U 120 5% *116 12 11% 95 94 5% 120 *484 116 34 101 11% 94 5% 116 11*4 106 105 *104 m 106 *10912 48l4 *3684 237g 24 2334 2334 32 32 2438 32 32% 31 31 110 110 .... *110 ... . *111 4834 48S4 49 37 37 37 37 *36 48»4 38% 23% 63% 9184 23 23% *63% 65 *89 93 *23l4 61i2 23*8 23 23% 23 6112 *63 66 *88 9184 91% 15% 83% 4% 63% 91% 15% 82% 15 15i8 *9112 15% 82 82% 83 4884 16 48% 100 40 154% *152% 154% 300 300 15% 16 84 84% 16% 3% 16% 16% 16% 4 4 24% 24% 24% 25 3% 24% 25% 41 41 *40 44 40 40 *38 44 57 58 *57 69 *57 59 *15% 16 *15 16% *15% 16% *--.- 5912 15i2 ♦ * 41 59% *1514 16 Bid and asked prices; no sales on this day 10 10,100 24% *40 700 1,000 2,200 65 378 16% 100 92% 16% 3% 100 ...... 25% 24% 16% 20 200 16% 37g 11% .... 4,100 25% II84 300 400 92% 4% 12 12 • 4% 4% 13 13 4 31,900 8,500 2,800 1,000 4,800 6,900 6,900 123 Aug Jan 77 Nov 70*2 Feb 11 122*8 Feb 2 537b 118 10 Jan 1231* Nov 18*8 Jan 1514 Feb 1 6*4 Jan 691* Deo 15*4 Deo 19 Mar 20 110 Jan 19 53s Jan 13 65i8 Feb 4 1171* 6*4 4878 70% 88 Jan 22 Jan 20 Jan 7 Feb 4 Jan 6 105 Jan 110 312 Apr 32i2 Apr 57 106 Jan 2 Apr 261* May 3314 Apr 321* Apr 33*4 Jan 25 437b Feb 11 2078 Feb 1 88'8 Feb 23 29*8 Mar 9 30is July 135s June 70 Aug 90% Mar 84 6H2 58is 67a 8I4 115 9 Jan 28 Jan 18 Feb 25 Feb 19 Feb 17 17 6*4 July Jan Oot 371* Dec 6214 Sept 378 Jan 6% Nov 116 Feb 141 Mar 11 13i2 Jan 18 96 Jan 5 4*4 Feb 9 15 Jan 12 5*8 Jan 22 66*4May 421* Jan 1451* Mar 1 8 5 8 20 2 2 Jan Sept 21*8 July *100 Deo 8*2 Apr 77 Jan 2 June 1*8 July 3i8 Apr 16 Apr 241* Aug 281* Jan 16 Jan 32U Jan 31 Jan 136 Jan 6% preferred— 34 conv —100 No par preferred...No par Hlnde A Dauche Paper Co. 10 Holland Furance No par 5% conv preferred..No par Hollander A Sons (A) 5 Holly Sugar Corp 7% preferred No par 100 Homestake Mining.. 12.60 Houdaille-Hershey cl A.No par Class B 105 Jan 22 100 June Apr 13 22 140 107 2914 July com 35 18 100 Houston Oil of Texas v 12 t c—25 Manhattan 100 Howe Sound Co 8 1 13%June 17 678 July 100 Hudson Motor Car Apr 62*14 Jan 4 2*4June 15 5 5% preferred 9 June 29 June 67% Mar 25 88i2June 11 stk.No par 6% preferred 1 6 Aug 47i8June 24 110 No par Household Fin Hudson A May 14 June 17 1 No par 44 95 Jan 20*8 Feb 10 581* Mar 5 6 301* Jan Jan Jan 4*4 Deo 621* Oct 347i Deo Aug 151* Deo 32 55 120 Jan 12 Jan Feb 26 Jan 14 104 Nov 115 Jan 4*8 Apr 99*8 Deo 125s Aug 9 Mar 133 Mar 8 1171* Aug 13 167b Jan 25 1351* Deo I8I4 Nov 21*8 Feb 9 117 May 141 Jan Jan 6 15014 July 251* Apr 165 Deo 395s Feb 11 Feb 3 84 1351* Feb 2 126 185 67*4 Jan 21 111 37 Jan 19 June 5 150 Dec 135 Apr 102 Sept 80 Jan 119 Feb 4 9 7 114*4 Mar 3 601*June 29 1201* Jan 30*4 Mar 431* Jan 41 Jan 5 277* Feb 11 73 Jan 11 94 8018 Jan 108 June 9 Jan 19% Jan 49*4 Deo 124 108 Feb 115 Oct 407 Dec 544 Feb 397b June 2214 July 54*4 June 44U Feb 33 171* Jan 22 901* Mar 10 678 Jan 21 157b Jan 21 23U Feb 17 4 Apr 24 x78% Nov 6*8 Jan 48*4 Jan 318 June 8i* Apr 131* May 67i Jan 17*8 Feb 225t Nov 137* Dee 65 185s Apr 291* June 64*5 Jan 73U 120 RR Sec ctfs series A... 1000 13% June 30 261* Mar 11 11 May Ex-dlv. v Mar Mar 20 58 r Deo 33*4 Oot 427b Deo 30 Oa«»h Rale Oct Jan Aug 587b Sept 4 62*4 Feb 41 Jan 20 r Jan 126 166 72 New stock Dec Feb 26 17*4 Jan 11 671* Mar 11 n Nov 125i2 NOV 1051* Mar Aug 10 delivery, Deo 37 Aug 11 15 Oct Jan 19*4 Mar 57 15 Deo 52U Nov 22*8 Oct 46*8 Oct 42% Deo 149i2 Aug 150 Illinois Central Deo Deo July Feb Mar 6% Jan *255* Nov May 11 June 28 3 Hupp Motor Car Corp—...-1 Apr 66 69 Jan Jan 27 Oct Nov 177b Nov Deo 21 861* 317b 1057b 14% 961* 4i2 1114 14*4 Deo 14 10li2July Feb 351* Dee 8 Hi* Mar 18 4*4 Jan 11 zl04 14478May 17 125 May 22 6778 July 31 101 Aug 4 32% July 13 35%May 13 6% oum preferred Hershey Chocolate 10>4 118 1678 Feb Feb 18 June 17 Feb 65 Feb 16 *24 Jan Deo 712 397* Nov 31 99 Nov 6514 May 108 140 92 66 65 9 No par No par Preferred Oct Jan 271* Nov 3 Jan 25 ..25 Hecker Prod Corp v t o-No par Helme (G W) 19*8 90 Mar June 27 14 17 30 Aug 12 May 6 100 2 Deo Dec 441* Nov 98 33 100 w w Hazel-Atlas Glass Co Deo 31*4 Apr 30 10%June 91 July 4 May 100 May His June 71 89 22 301* 40 Feb Deo 1181* Mar 47b Deo 481* Deo 391* Mar 10 7 128 100 June 501* Mar 6 98 6*s 64i4 Mar 10 8 June Jan 9 36 103 Oct 6012 Jan 40 58 T>ef Oct 1 701* 21 57% a 116 Feb 71 100 200 t In receivership July 6% preferred series A...100 Leased lines 4%.. 100 44 *40 Jan 58 591* Mar 34*4 Feb June 29 Feb 14 Jan 18 261* Apr 17 13i2 Jan 251* Apr 27 4*8 Deo Jan 29 4 June 17 41% Aug 100 —25 Water Harbison-Walk Refrac. No par ■ 5,800 65 Jan 6 6)4% preferred Hayes Body Corp 24% 7b 9 110 92% 16% 84% 4% Nov Jan preferred 100 Hanna (M A) Co 35 pf.No par 1,500 65 1 July 21 10%May 26 10 Hat Corp of America ol A....1 24% 83 100 300 23% *63% *89% 15% June 69*4 Apr 24 27% June 2 65% June 18 12%May 13 6% 1,400 48% 1614 378 4 34 132 7% preferred class A——26 10 38% 48% *36 Dec 44 171* Mar 8% preferred 50 *111 par Hamilton Watch Co—No par 38% 55 Feb 27 Hercules Powder 49% 152 Jan 18 281* Mar Hall Printing *36 Jan 34i2 Apr 33*8 Feb June 16 300 59 140 10 160% 160% 160% 133% *128 133% *57% 128*4 Nov 691* June 40 Hercules Motors 58 Jan Dec ..100 preferred 5,500 106% *102% 106% *33% 33% 34% 42 42% 43 9 Jan Oct1 49 158 July 24 July 9U Jan 35% 34 124 Jan 21 Feb 17 155 701* 2 Hackensack 60 . Jan 13 647S 4414 3*4 641* 6578 17*4 June 28 4058 Jan 4 400 100 152 par 400 ...... Deo 4 Mar No par 8% 500 34 605s 65 126*8 Mar 31 5214 Jan 23 Gulf Mobile A Northern.. 100 — 30 Jan Deo 47*8 Jan preferred..— Guantanamo Sugar 30 - *31 2412 16% 8234 4 5)4% 11*4 28 27*4 Feb 48*8 Feb —1 . Oct Jan 34i2June 29 100 Dec Nov 5*4 par Greyhound Corp (The).No par 6,300 4 Apr 20 7 4 6i2 Jan 4 2i2June 14 17 June 12 *32 June 15 Co. 100 Greene Cananea Copper. . *28 25 16 *11 82 _ Green Bay A West RR Green (H L) Co Inc 1,900 4 Nov 76 Feb 11 14 321* Mar Jan 74 Jan Nov Aug Nov 141 87*4 Mar 11 47*8 Mar 11 100 Preferred. ...... 34 37* *2414 12 4 140 29% 117b 4 700 Jan 30 1051* 177# 14*8 104i2 4 13&8 7»4 May 18 81 July 29 3 Jan 2 33 conv pref series..-No par No par No Gt Nor Iron Ore Prop-No Great Northern pref Great Western Sugar. .No 97 4214 Apr 10*4 Apr 50i* Mar 11 27>4 Jan 100 Granite City Steel Grant (W T) 500 1178 16% 3% *11 4 200 Jan Feb Nov 1514 Dec 8i2 May 4 100 Gotham Silk Hose..—No par 1,700 4,400 15,100 June 14 163 1U2 May 100 7778June 29 1 16% 83% 4% II84 16% 37g *378 Aug 12 July 22 Preferred. 42 *111 4858 37 5 31 4 5% preferred No par Goodyear Tire A Rubb.No par 35 conv preferred No par 43,000 3,200 1,100 42 34 80% June 29 397s Apr 30 61%May 14 1 10% *96 14>8June 14 75% Aug 13 20% Jan 4 6 *104% 106 *104% 106 *104% 106 24% 24% 2334 23% 23% 23% 31 30 31 31% 3134 30% 48i4 800 47 Aug 12 105 Grand Union Co tr ctfs. *31 99% 33 No par Goodrich Co (B F) Graham-Paige Motors *10% 29% *31 11S4 1158 11% 11% 117b 105 100 101 99 105l2 *100 *101% 105 *15214 15488 *15214 1548s *152% 154% *152% 154% *152% *33 3214 32l2 32*8 33% 3278 33 33% 33% *156l2 16012 *156 160% 160% 160% 160% 160% *156 *127 133 133 133 *128 133% *128 133% *128 58 58 *5718 *57% 58 *57% 58 *57% 58 *10178 IO684 *10178 IO684 *101% 10634 *102% IO684 *102% *3312 35 *33i2 35 *3384 35 *3384 35 3384 42 *4112 43 42 *4134 42% 42 41% 41% *237g 19,500 Granby Consol M S & P 10% 42 *100 *105 2,300 ...... 3.0 13 14 14 14% *13% 14% *30 30% 30% 30% *29% 30% 105 105 105% 105% *104% 106 *101 104 *100% 104 *100% 104 44 44 44% £43% 42% 43% *122% 136 *122% 136 *122% 136 *11% II84 11% 11% 11% *11% *92% 94% *92% 94% *92% 94% 5 5 5 5 5 4% 117 117 *117 117% 117% 117% 12 11% 11% 12% 11% 11% 45 44% 44% 44% 4484 135i2 *120 136% *122 136% *1H2 42% 29% *31 1,800 6,400 10.900 42 42 June 29 4)4% conv preferred—60 Gobel (Adolf) 1 Goebel Brewing Co 1 Gold A Stock Telegraph Co 100 300 42 42% *27% 100 2,300 *10% 33 2,500 2% 11 48 20i4June 28 36 preferred .—No par Glidden Co (The)——No par ...... 15% 47 *27% 300 10% *45 June 17 Gillette Safety Razor. .No par 35 conv preferred—No par Glmbel Brothers No par 3,800 2% *10% Apr 26 June 17 Gen Theat Equip Corp-No par Gen Time Instru Corp.No par 11,300 15 June 28 Gen Steel Cast 36 pref- No par 800 137 June 21 3 270 22% 62% 35% 1 55 4,500 35% July 31 36 preferred General Refractories—No par *10% 15 104 1 No par Gen Realty & Utilities 300 20 1 May 3 Aug 3 41%May 13 Signal—No par 6% preferred .....100 2,400 2% 1078 15 . 106 No par Gen Railway 3,900 38% Mar 22 42i2May21 8%May 17 1518 Apr 13 1 3% 35% 113 No par 36 preferred Gen Public Service —— 15% 10% 47 104 *445g 30 900 8 June 48i8June 14 No par General Printing Ink... 1,900 *2% *10S8 *101 *120 900 3% 51 137 preferred Common 8U0 *10% *43 104 Gen Outdoor Adv A ...No par 80 107g *101 600 6% 76,000 *661* 47 14i2 *14 30 30% 105i2 *105 105% 30 117 700 100 General Motors Corp...... 10 36 preferred ...No par 80 *1012 15% IO84 27b *105 *137b 60 33 *40 42l2 48 No par 11% *18% 35% 38% 22% 36% 38% 22% 51% 35% 19l2 Jan 14 36 conv pref series A .No par 60 Jan 16 86i2 Feb 17 39%June 14 11212 Apr 28 34i2June 30 128 July 26 49%June14 36 May 13 li2May 19 No par No par Foods General Mills ,1,600 84 3% 10% 3% 20 preferred Gen'I Gas & Elec A 55 64% 34% 10% 234 2% *5084 33% 47 15% 1078 80 3% 11% 3% 137% *50% 64% 80 234 7% General 33 106% Jan 28 191* Feb 1 15i* Mar 9 105U Jan 6 10% June 23 134 July 16 7%June 29 20 June 14 General Electric——No par 39,300 6,900 3,100 37% *39i4June21 10%May 13 Aug 2 100 No par 100 7% cum preferred General Cigar Inc ...... 58 *81 137 *66i2 158s *1084 *23g 15l2 1078 Class A 700 7 62i2June 30. —No par No par Cable Aug 98 — 900 80% 80% 42% 43% 128% 129% 9% 9% 129% 9 34% *137% - - 80% 43% 129 64% • 43% 2978 33% *14% 14% 3078 3078 105% 105% *116 80 4278 43% 12984 130% *834 9 130% 11 35% 39 80 9 84 55 37% June 17 General ...... 62% 62% 62% 62% 62% 62% 120% 120% *119% 120% 120% 120% £57% 58% 5834 "59% 6884 60 118% 118% *118 118% 118% 118% 80% 4384 130 384 11 *3 *48 1,700 1,900 128 "57" 57% 37% 11 36 preferred.. 30 _ *81 84 2 128 "56% Apr 26 May 13 Gen Am . *80 80 57 37% 2% * 52 52 *51% 52% 52% 52% 53% 53% 11% 11% 11% 11% 1134 11% 11% 11% 16% 17% 17% 17% 16% 16% *16% 16% *107% IO884 *107% IO884 *107% 10834 *107% 108% 3 3% *3% 3% 3% 3% 3% 3% 43 43 43% 42% 43% 43% 42% 43% * * * 1 104% * 104% 104% 104% 3% "334 37g 3% ""3% 3% 3% 3% *33 35 35 *33 35 35 34% 35 57 58 57% 57% 57% 58% 58% 58% 61 61 60% 60% 61% 60% 607b 62% 23 23% 23% 2378 23% 24% 24% 25% 33 *35 *35 35 36% 36% 33% 34 14% 14% 14% 14% 14% 14% 14% 14% *75 76 76 78 *74% 78 75% 76 22% 22% 22% 22% 22% 22% 22% 23% *80 *81% 84% *81% 84% 84% *83 84% 42 44 43 4184 4178 42% 41% 4184 *52 *50% *50% 52% *50% 52% 52% 52% 4% 4% 4% 4% 4% 4% 4% 4% 5 *538 5% 5% 5% 5% 5% 5% *10184 105 *10134 105 *10184 106 *101% 105 39% 41% 387B 39% 39% 3984 41% 42% 4234 4384 12912 130l4 9ig 914 914 *81 1484 78 2258 84% 423s 52l2 45g 5l2 128 56% 37% 3712 2% * 95 No par Transportation.....6 General Baking 6 38 1st preferred No par General Bronze 6 1,800 1,700 12 22 Gen Amer Investors..-No par 100 68 67% 11% 35 No par S3 preferred Gamewell Co (The) 10 13 12% 14% 105 66 530 ......10 Gannet Co conv $6 pf--No par Gar Wood industries Inc....3 100 24% *98 14% 105 65 35% 24% 99% 12% *96 12 *33 38 Mar 17 Ex-rights 20 Deo Oot Sept Oot Oot V Called tor redemption. Volume LOW AND New York Stock 145 HIGH SALE PRICES—PER SHARE, Record—Continued—Page Sales CENT NOT PER STOCKS for NEW YORK j u' Tuesday Aug. 10 Wednesday Thursday Friday the Aug. 7 Monday Aug. 9 Aug. 11 Aug. 12 Aug. 13 $ per share $ per share $ per share $ per share $ per share $ per share Range Since Jan. 1 STOCK Shares On Basis of Week Saturday *14 *14 14% *37 *142 m «, - *14 15% 37% 3734 133 *130 3734 *142 m -- 120 119% 120 - *14 15% 14% 14% 14% 38 37% 38% 3984 37% 37% 132% 134 135% 137 133% 135 142% 142% *136% 144 *136% 144 119 120 *116 118% 11934 118% 37% 132 *142% 119% 119% - 120 Lowest Par Indian Refining 2,600 28% 24,200 5% 100 *48% 8 53 109% 8% 23 6% 50 300 161 162 10 Industrial Rayon Ingeraoll Rand 2,800 1,500 6% 50 $ per 29% 29% 5 5% 6 *47 28% 29% *4% 5% 8 8 *7% 55 55% *52% 109 *106% 109% 8 8 *7% 23% 22% 23 6 5% 49% 6 7% *52 109 7% 22% 5% 51 *47 28% 5% 7% 28 2884 ♦5 5% 7% 55 *5 6 *47 *47% 50 159% 159% 11884 119% 159% 159% 118% 11834 28% 5 *7% 8% *7% *52% *50% 55% *10634 *10634 110 8 734 *7% 22% 21% 22% 6 29% 55 7% 27% *5 *7% *52% 55 109% *10634 109% *10634 7% 7% 7% 7% 22% 22% 22% 22% 5% 5% 534 5% 51 *47 50 160 *156 160 160% 160% 161 118% 119% 118% 119% 11834 119% *150 154 *150 156% *150 156% *152% 156% *154 156% 13 1234 13% 12% 12% 13% 13 12% 13% 1334 *10 *10 10% 10% 9% 10 10 9% *9% *9% June 28 June 28 preferred-.-. 100 94 1,000 6,100 100 9% 100 5 42 100 Int Hydro-Elec Sys cl A—.25 Int Mercantile Marine. No par 200 2 Jan 4 140i2June 14 99% Apr 7 14478 Apr 30 878 Jan 4 No par Preferred Jan 6I2 Jan Jan 20 Apr 20 July 16 147 Aug 88% July 140 Deo 122 Nov ' 6% Jan 6 Oct 10% Dec 37 May 107 Apr Mar 16 2% Mar 11 9% July Apr 14 Apr 14 2% July Jan 4 160 120 Aug 5 56% 148% Jan 18 1678 Jan 29 1514 Apr 4 9 Feb 24% 7% 18% * Dec Jan Jan 4884 Nov 112 Sept 5% Jan 2234 July Apr 189 162 15% Nov 4138 Nov May Jan 18 1384 6414 111% lli2 2812 9% 6312 16%May 13 Jan 125 6 107U Apr 24 484 Feb 5 No par 106 331s Feb 23 Jan 21 No par Internat Harvester 14,400 14% 9% 13% 1 41 4% 25% May 5 Feb Highest $ per share $ per share 143 July 30 131i4 Mar 6 »16May 13 1 17%May 18 4%June 4 5%June17 1 Internat Agricultural. .No par Prior preferred...100 Int Business Machlnes.No par ------ 154 20 June 3i6June 6% preferred Intercont'l Rubber Interlake Iron 144 13312 Mar 27 No par share 2214 Jan 20 4712 Apr 20 12%June 28 33 t Interboro Rap Tr v t e„.100 d Interchemlcal Corp. .No par 20 $ per 124 Inspiration Cons Copper Insuranshares Ctfs Inc 1,400 29,100 2,800 share No par Inland Steel 100 11834 120 154 Year 1930 Lowest Highest No par Rights 28% *4% Range for Previous IQO-Share Lois EXCHANGE 100 *14 15% 37% 132 132% 132% 1057 6 Dec 18% Dec 6% Mar 7% Dec 194 Deo Jan 105% Deo Jan 160 Apr 284 Apr 4% Jan 10% Dec 8 Feb ' 13% 13% 65 65% *130 13% 6534 133 *18% *13% 7% 105 *130 18% 7 *6% 6% *5% 51% *25% 44% *48% 51% 25% *43 44% *48 49% *100 101 100 11% 11% 26% 26% + 11% 2634 ♦ 101% *17" 27% *17" 17% 27% 28 129 129 12% 65% 133 18% 13% *130 6534 *130 19 19 14 13% 7% 106% *6% 6% *5% 6% 49% 12% 133 14 7% 6% 51% 25% 44% 13% 66% 18% 187g 7% 105 " 19% 14 7 7% 105% 105% 106 106% *43 25% *6% *5% *49% 25% *43 634 6% 50 1134 27% 101% 17% 28 129 129 130 130 130 129 130% 130%1 17 *16 16% 16% 16% *13 13% *13 13% *13% 13% 105 63 *103% 106% 6384 63% 64% 16 16 *16 105 *39% *584 *40 41 *47% 32% 49 ------ 200 33 *39 *39 40% *40 4034 4034 *5% 6 49 49 49 40% 5% *4734 33% *32% 23% 33% 33 3234 3234 *32% 24 11 24% 11 *9% 140 *137 34 *30 22 21% *18 20% *18 20 *33% *19% 13% 25% 33% 34 140 *10% *30 34% 21% 21% 24 2334 11 *10% 140 ♦137 6 *534 140 2334 * 32% 19% 25% 2 *2434 33 33% * 170 *14% *13 13% 21% *30% 31 19% 19% *13 13% 2584 13% 25% 25% 33 * 41 41 14% *14% 14% 2 2 *2 10% 41% 10% 41% 10% 41% 14% 40% 69% 2% 10% 41% 42 15 15 15 12% 28% 12% *40% 41 40% 41 70 70 70 70 12% 12% 12% 28 *28 28% 100 101% *158% 15934 *22 22% 6784 6734 . 28% 41 70 28% 99% 99% 100% 100% 15984 15934 *159% 164 22% 22% *20% 22% 68 *66% *66% 67% 99 *99% 101% 15% 99 100% *60 60% 60% 60% 60% 62 *2584 26 25% 25% 25% 25% 8434 85 85% 86% 86% 87%J 25% 33 14% *15 *13% 25% 170 2% 10% 15% *101 * 1484 *14% *12% 25% *323g 33 170 19% 1334 32% * 106% 106 106 *105 2134 21% 21% 22 *125% 136 *135% 136 *21% 23 21% 21% *85 86% 35% 36 86% 36% 200 134 45 47 47% 46% *14% 47% 14% 6% *6 *5% *18% 19% 18% *15 19 *15 6% 6% 18% 19 *11 19 Kennecott Copper No par Keystone Steel & W Co No par 33 * $8 preferred 50 42 15% 1434 4134 *21% 106 2I84 134 22 *105 21% 134 2134 *87 36 87% 36% 32 32 *31% 36 29% 106 21% 134 2 *134 2134 *87 36% 36% 33 *11 19 *11 19 *11 .19 *12% 14 12% *12% 14 *12% 14 *12% 1334 27% *20 27% *20 27% *20 27% *20 10% *10 11% *10 11% 19% *10 11% *10 11% *19% 21 *19% 4% 10% 10%1 20% 4% 10% *1% 2% *10 12 *20% 21% *3 3% *42% 26% 23% 8% 44 27 23% 8% 4 10% *184 *10 2034 *3 *42% 26% 23 *8% 19% 19% 4 4 2% 12 *9 12 *9 *20 21 18% 44 *43% 26% 23% *8% 27% 23% 9 53 37% *148 155 64 *52 36% 64 *9% *148 *103" 27 23% „ 8% 54 37% 155 64% *9% 9% 64% 9% 38 *36 38 *36 36 u 44 36 36 42% 26% 23% *8% *52 36% *148 *42% 54 £52 52 36% *3634 37 155 64 64% *9% 10 105 *103% 105 *36 44 43% 26% 23% 8% *21 38 3% 80 38 *148 64 934 *36 155 64% 200 17,000 934 38 *21 37% *21 37% 37% *103% 105 *103% 105 *103% 105 £64 6% preferred——-No par Mack Trucks Ino.——No par Bid and asked prices; no sales on this day. 1,400 100 100 14 14 Preferred 290 7 ""166 t Manhattan Ry 7% guar. 100 300 Marine Midland Corp——-.5 6% preferred 6% Prior preferred 6% 2d preferred Marltn-Rockwell Corp.Marhsll Field & Co No 100 100 100 1 39 500 51% 400 Masonlte Corp 37% 900 Mathieson Alkali Wks.No par 155 64% "moo 934 200 *36 38 37% "~20 10334 10334 70 Martin (Glenn L) Co.. Martin-Parry Corp 1 No par No par 7% preferred 100 May Department Stores—10 Maytag Co No par $3 preferred w w No par $3 preferred ex-warr. No par $6 1st cum pref.. No par Def. delivery. » New stook. 7 114 Jan 28 175 Jan 13 23%May 83% Feb 62% Aug 26% July 87% Aug 110 3% 75% 10'4 43% Cash sale, 5 15 11 26 11 Dec 133 Dec ,50% Dec 28% Jan 1784 June 18% Jan 3% May 30 Apr 12 June Jan July 15% Apr 94% Apr 8% Jan 2 July 9% Apr 89 May Jan 107 Oct 63% Nov 24% 46% 7% 61 Oct Dec Jan Nov 32% Nov 18% Nov 135 Dec 51 Nov 28 Jan 33% Jan 50% 2684 18% I884 45% July Feb Nov Deo Nov 180 Nov 22 Oct 4 Feb 19 Oct 12384 Nov 2134 Nov 38% May 47% Jan 80% Nov 7 May 25 May 97 Mar 9784 Mar 100 Oct 19 Apr 25% 65 13 31% 115 Nov Nov Jan Jan 116% Jan 170% Dec 23% Feb 63% Nov Apr 07% Deo Jan 23 104% 2 Feb Apr 108% July Feb 2 Mar 11 Jan 26 35% 3% Jan Jan Mar 17 *3884 107 45 Jan Sept Jan 140 Dec 20 May Oct 127% 27% Jan Feb 9 8 8 Mar Jan 20 MarlO 7% Jan 12 June 24 21% Apr 0 16% Jan 11 3% Feb 61% Dec 8% Mar 113 33 Mar Deo Oct 36 Feb 11 55 May 21% Apr 4134Mar 11 63 Jan 24% Jan 12 57% Jan 22% July 132% 62% 58% 15% Nov 28% 43 Jan 8 May 12 28% Feb 8 14734 Jan 20 2884 Jan 13 99 7% 110 Apr Apr Jan July Jan 11 15 22 17 29 24 30 13 22 July 19 May 14 May 17 5114June Jan 40% Apr 8% Jan 34% Jan 1% Jan 26% 151 Jan 30% 102% Oct 35 Feb 42 Jan Oct 134% Nov 49% Oct 65% Nov 15% Deo 57 Nov 9 7% Jan Dec 7 June Jan 14 32 Dec 57% 16% 29% 634 14% 3% Jan20i 12% 17% 2% 8% 1% 0% I884 2% Dec 23% Feb 2484 Deo 20 39 6% 5184 30% 29% 13% 74 Jan 30 Feb 17 Feb 13 Mar 29 Jan 21 Jan 20 Mar 27 Mar 4 Mar I u 41 May Jan Apr Jan July Jan July May 11% Jan ~~6% Apr Jan 10 Feb 8 165 Jan 25 June 12 27% Apr 153% Jan 684 Mar 1284 Aug 3% Mar 23 Nov 45 Nov 7% Dec 56% Nov 25% Nov "l2" Mar ~42% Nov Jan 163 Dec 70 Nov 21% Feb 55 Feb 50% Apr 34 June 23 44 Jan 13 35 June 3 45 Jan 13 44 Nov 97 July 8 111 Jan 22 103 Jan y Nov 5 4184 Jan 43% May 13% Apr 43% Dec Ex-dlv. 18 Apr 30 66% Mar 11 15% Jan 11 2 35% Deo 39 8 x Dec 126% 30 110 from Intern atlonal Print! ng r 2 5 4 30 48%June 28 32%May 30 142 Jan 16 15% Mar 29 Aug 113% Feb June 28 1878 Jan 4 1918 June 16 par 8,300 4,600 Sept 93% Nov 152 Mar 30 678June 18i4June 3i4June 9%June l%June IOI4 June 18i2 Aug 234June 100 Modified 5% guar 1 Feb 7 12i2 Aug 10 15%June 14 No par Mandel Bros 600 June 17 6 79 2 lO^June 14 May 23 3«4May 17 4i2May 14 100 Pref ctfs of deposit _ 8% a July 42 Magma Copper *21 f In receivership, 44 No par Gard—No par 10 t Manatl Sugar 100 Certificates of deposit—100 Madison Square 800 23% 934 2 2914 Jan 4 30%May 4 12712 Aug 10 408s June 22 Macy (R H) Co Inc 400 d Change of name * 1 10 Steel MacAndrews & Forbes 10 6,000 44 27% *148 Ludlum 4,000 *4234 27 127 Aug June 26 19%June 17 90 2334 8% 51% 37% preferred 20 82U July "'"170 27 7% 28i4June 17 105 Louisville & Nashville.--—100 3 2334 8% 8% —100 —10 100 preferred Louisville Gas & El A—No par 20 26% 6% Lorillard (P) Co 300 3 23% 584 June 17 400 12 21 *3 *3 Long Bell Lumber A—No par Loose-Wiles Biscuit 25 Market Street Ry.-_----.100 *20 July 28 Mar 384 Jan 18 18% Jan 18 43%JunelO 21% Feb 11 58% Jan 9 4 June 22 Jan 13 24% Mar 17 4 50i4May 14 100 *10 3% $6.50 preferred——No par *105 1 Ino No par 2% 3 Jan 6412 Jan Manhattan Shirt—-——.25 12 May 20 94i4June 14 151 May 20 zl8®4May 28 Maracaibo OH Exploration.. 1 21 53 9»4 2% 93 Lone Star Cement Corp No par 100 4 3 37% *9% *35% *1% £40 Loft 3,900 3,700 19% 203 June 17 14% July No par 10% 4 10% *1% *10 37% 64t4 4% 10% *20 3% 55 155 4% 10% 12 *36% *63% *18% 21' *53 *148 4% 10% 1% 10% 1% 10% 10% 36 Liquid Carbonic Corp-No par 27% *10 4 6 59 10 33 *20 Jan 51i2May 14 245}} Aug 12 1,000 22 8934 37% 33 Jan June 30 1318 June 28 l%June 23 8%June 29 No par Inc Feb 15% July Lima Locomotive Wks-No par 3,700 139 *21% 89 100 Feb 30 87 32 Link Belt Co 200 4 Mar 10 Mar 8 Feb 1734 Mar 1 27% Mar 11 51% Feb 1 17 5 Lily Tulip Cup Corp—No par Loew's Jan 14 24 147 2 Preferred 5,900 3,300 1,400 2184 19% Dec 17% Dec 8 3,500 28% Feb 11 41% Jan 14 July 1,400 3,100 106 2134 23% 19% 109% 69% 20% 12 July Liggett & My era Tobacco-.25 Series B 25 Jan Jan 23i4June 3 18isJune 30 984 Jan 2 255s Feb 25 Life Savers Corp 17 23% Dec 80 June 14 5812 July 900 17,500 5 Jan 14 35% July 6 29% Jan 2 15% Jan 16 May 11 Llbbey Owens Ford Gl.No par 100 Mar 27% Jan 18 6 2 300 6% 28% *105 May 25 Llbby McNeill & Llbby No par 100 35 110 47% Jan 23 24% Jan 14 27% Jan 14 32 126 48% Aug 36% Nov 33% Feb 20% Apr 4% Apr 74% Feb 3584 Aug 19% June 20% Apr 160 Oct 2284 Apr 31% Nov 26 15%June 15 « 107 Jan 44% Jan 16 1 June 28 31i4June28 No par Lehn & Fink Prod Corp 5 Lerner Stores Corp No par 1,000 56% 6% 100 60 Nov 19% July 8i4May 18 6% conv preferred 50 Lehman Corp (The)—No par 5,700 2 55 27 *19% 4% conv preferred Lehigh Valley RR_. Lehigh Valley Coal 93 19% Feb 37% Nov 121 20% June 29 5 Lehigh Portland Cement—25 600 Oct Feb Nov Jan 3 Hg July 12 100 preferred 53% 35 Nov 71 18 Oct 13 4684 Apr 14 9% Mar 30 105 10% 61% Nov 30 116 July 10 No par 75% May 39% July Dec 98% Dec 11% Oct Mar 17 June 14 Lee Rubber & Tire 1,300 ------ al05% 105% 14 *19% ^0% 3% ^3% 10% 10% 2% *134 5% Jan Feb Deo Dec Mar 17 5 preferred 100 Kress (S H) & Co No par Kroger Grocery & Bak.No par Laclede Gas Lt Co St Louis 100 180 46 44 8% 50 121»4 1 Kresge (S S) Co 10 Kresge Dept Stores—-No par 100 Jan Feb 15 Nov 29 Apr 29 14i4June 14 37U July 9 No par $5 prior preferred 2,300 126 -.No par 10 170 *12% 12% Klmberly Clark..— Kinney (G R) Co 500 Jan May 23% 14% 8% 121 51 200 Apr 58% 136 8 l2%June 17 912 June 22 No par *20 ♦ 28,000 127% 127% *127% 130% *127% 130% *127% 130% 45 4484 44% 44% 46% 45% 4534 46% 47 48 45% 47% 4634 47% 46% £44% 14 14 14 14 14 *13% £1334 1334 *50 50 50 50 50 50% 50% 52% 6 7 6 6% 6% 6% *634 6% 6% 634 *5% *6% 6% 6% *6% 634 is ; 18 19 19 19 20% 19% 19% 50% 6% *130 34 14% *6 21% *32 50% *5% *105 36% 14% 101 113 88 June 30 Kendall Co $6 pt pf A.No par Jan 18% Dec 06% Nov June 28 June 16 Kelsey Hayes Wheel conv cl A1 Class B 1 Jan 15 24% Aug Jan June 29 20 No par 42% 7 25 82 Jan 30 Apr 15 Aug 155 Jan Jan Apr 136 96 Lane Bryant 42 2 25 127 3 19% 23 Jan 18 Apr 6 87% Jan 100 Lambert Co (The) 10% 55% _ 500 14% 1% 1034 2 15 70 • 36 50 50 14% 28 115i2 Apr 900 1,500 30 6 5 Kelth-Albee-Orpbeum pf. 2,100 3,900 1,400 37 45% Kayser (J) & Co 41 41% 41% 44% 69 69% 69% 69% 71 12% 1234 12% 12% 12% 12% 28% 28% 28% 28% 2834 2834 *98% 100% 99% 99% *99% 101% 101 101 100% 100% *100% 101 164 *160 *160 164 *159% 164 *20% *20% 22% 22% *20% 22% 67 67 66% 66% 66% 67% 6134 62% £61% 62% 6134 62 25 25 25% 24% 24% 25 8434 87% 87% £84 8234 83% 87% 129 *127 500 69 88 *127 300 500 2584 32% 07 10 100 100 preferred Kaufmann Dept Stores. $12.50 ------ Jan 16 6712 Aug B No par 4% 400 21% 34 25% 41 ser 13% 25% 33% 14% 1% 10% *1434 City P & L pf Kansas City Southern 100 1434 21% *32 45 134 Kan 1,900 1,400 1,300 88 34 129 21% Kalamazoo Stove & Furn 500 14% 2 11 42% 86% *32 44%' 106 2138 ' 170 *105% 107 *105% 107 al05% 105% *105% 107 rj *105% 2 2 2 2 2 2 2 2% 2% 54 53% 53% 53% 53% 53% 53% 53% 5334 7 7 7 7 7 7% 7% 6% 6% 29 29 *28% 2834 28% 29 29% *28% 29% *106 £117%June 29 19% 19% 1334 32 *19% Mar 18 33 30 19% *30'* 14 120 19% 1334 28 32% 19% 100 Jones & Laugh Steel pref—100 31 19 20 June 17 19 *15% *15 June 18 120 2,600 21% June 18 17 121 2134 19% 22 *10% 10% June 11% Sept 10% Apr NO par 100 *2134 41% 10% 50 Feb 19 2512 Jan 26 34% 21% 2 2 Feb 19 1578 36% 107% 26% No par 40 *30 34% 20 33 10% *30 ~14% 15 110 100 No par Preferred *137 34% *18 170 23% 11 140 ' 19% June 17 934May 14 $6 preferred Jewel Tea Inc 64% 16% 40% 534 50 3234 24% 10% *47% *32% 23% 88 350 105 16 6 5% *30% £21% Apr Johns-Manvllle 1,000 130 63% 49 *9% 33 21% 16% *5% *137 Oct 15 900 ------ 1,100 *47% 2384 11 140 47 Mar 11 June 15 20i8May27 Island Creek Coal 17% 14% 10434 10434 106% 106% *10434 106% 62% 63% 63% 62% 16 16 15% 16% 63% Intertype Corp 500 17% 13% *32% 24 *9% 41 *101 105 49 5% . 3234 24 63% 16% *101 *47% 5% *137 105 105 100 20% Apr S34 Jan 52 8 41% July 31«4 Jan preferred.. 6 Jan 2 100 No par Interstate Dept Stores .No par Preferred 100 1% 6 No par Inter Telep & Teleg 384 Apr 2% Jan Feb 16 Shoe 7% Apr 914 Apr I2I84 Apr Jan 30 Feb 16 Jan 25 Jan 4 International Silver 210 18 13% Dec 43% May 125% Feb 10 International 19,400 8,600 Jan 7 Mar 10 Jan 5 Apr 6 884 57% 2884 49% 400 *16 16% 12 6 17 June 200 13% 105 6 29 27 23 24 1834 73% 13534 2434 43i2May 26 - 43% 48% 17 17 Voting trust certlfs.-No par 5% preferred 100 40 49% 49% 48% 48% 48% 99 99 99 100% 100% 99% 11% 11% 11% 11% 11% 11% 11% 11% 27 28 28 27% 28% 28% 28% 27% * 101% *100% 101% *100% 101% *100% 101% "l7" 17 17 17 *17 *17 17% 1734 28 28 28 28 *27% *27% 28 *27% *125 132% 132% *125 132% *125 132% *125 69 69 68 68 68% 68% 68% 68% *134 135 136 135 136% 135 136% 137 *124 124% 124% *124 124% *124 124% *124 44% 44% 48% 48% *98% 100 49% 10034 *101 *13 Internat Rys of Cent Am.. 100 110 24 105 13% 100 No par *101 16% Preferred International Salt 105 16% No par 200 109% *101 *13% No par Class C ------ *31 34 *31 34 *33% 34 33% 33% *33 *31 33% 33% *119% 120% *119% 120% *119% 120% *119% 120% *119% 120% *119% 120% 19 18 18 18% 18% *17% *17% *17% 18% 18% 17% 17% *29 30 *29% 30 29% 30 29% *29% 30 *29 *29% 2934 *29 *29 30 *28% 30 29% 29% 29% 29% *29% 29% 30 23 23 23 *23 22% 22% 23% *22% 23% 23% 23% *2234 *101 Class B._._ May 18 5518 Apr 127%May 1612 Feb 10% Feb 584 Jan 9014 Jan 5i2June 100 * 5,000 4,700 7 6% 50 25% 44 25% *6% *5% *49% *25% 50 Preferred 10 Inter Pap & Pow cl A..No par 3,300 2,100 14 7% Mining Corp. 1 Int Nickel of Canada..No par ------ 19% 14 44 *43 133 *130 19% 7 7% 105% 6% 6% *5% 6% *49% *25% 65% 66% Internat 6,100 28,400 12% 66% 1234 1234 133 14 105 49% 25% 25% *125 132% *125 132% 69 69 67% 67% *135% 136% 136% 136% *124 124% *124 124% 129 66 *130 19% 13% 7% 7% 105% 106% 6% •6% 7% 13% 65% 66% 1334 105 *5% *51% *25% 13 133 18% 14% 14 110% Oct Ink Corp Ex-rlghts. t Called for redemption. * New York Stock Record—Continued—Page 7 1058 LOW AND SALE PRICES—PER HIGH NOT PER CENT SHARE, Range Since Jan. 1 Sales STOCKS for NEW YORK STOCK EXCHANGE Saturday Monday Tuesday Wednesday Thursday Friday the Aug. 7 Aug. 9 Aug. 10 Aug. 11 Aug. 12 Aug. 13 $ per share $ per share $ per share $ per share $ per share Shares On Basis Weel $ per shzre 22% 176s *85 22% 22% 176s 1734 *85 90 *52 33 18% 33% 36% 52 53 *17i4 37 13% *446s *1438 *9514 *2812 *85 45 28% 22 17% 17% 90 *85 54 17% 3384 *51 37% 13% 37«4 1384 36 52% 17% 18 34 38% 1384 14% *95% 2184 33% 54 *17% 13»4 4434 15 99% 29 17% 90 *33% 37% 13% 22% 17% 2134 22% 1734 45 14% 95% 95% *71 11% *38% *26% 28 *94 *95 7412 lis8 39 29% 73 73 73 73 *7034 11% 11% 10% 11 11 38% 38% *35 38 *26% 29% *26% 64% 29% 36% *26% 66 6134 20®4 31% 21% 20% 65 65 65% 66 20% 31% 21% 3134 21% 21% 31% 3184 31% 3134 15 99% 35% 13% •4484 1434 *95% 45% 28% 28% *95% 28% 95 *90 *71 28 *7034 73 11 11% *36«4 11% 11% 38 38 118 119 118% 118% 117 117% 120 *118 120 118 118 120 1384 13% 13% 13% 13% 13% 13% 13% *102% IO684 *102% 106% *102% 106% *104 107 1% 1% *1% 1% *1% 1% *1% 1% *214 4% *2% 4% *2% 4% *2% 4% ♦3 *3 3% 3% 3% 3% *3% 3% *27% 27% 27% 27% 27% 27% 26% 28% 7 7-\ 7 7 7 7 6% 6% 25 25 2484 25% 25% 25% 2434 25 *3% 3% 3% 3% 338 3% *3% 3% 7% 7% 7% 7% 7% 7% 7% 7% *34 35 35 35 35% 35% 34% 35% 104 *102% 10384 *10234 10334 102% 102% 103 64 63 63% 63% 64% 63% 64% 6334 *33% 37% *33%" 35 33% 33% 33% 33% *54 *54 *53% 55% 56% *53% 56% 56% 1% 1% 1% 1% 1% 1% 1% 1% 35 35 35 34% 34% 34% 35% 35% 22 20% 20% 21% 21% 21% 22% 22% *72 23 75 *73 76 107 107% 1234 90 *107 12% *66% I884 *88 22% 18% 40 *33 1234 1234 13 67% 18% 67% 40 21% *12% 23% *33 106 *1% *2% 3% 2834 6% 25 3% 7% 34% 104 6484 *32% *54% 1% *33 106 1384 106 *1% *2% 384 29 7 7 *7% 3134 7% 35 104 103 34 13 13 *32 *31% 13 65% 65% 33 33 55 55% 40 1% 1% 35% 22% 36% 22% 5,400 6,000 1,900 3984 400 22% 39 39 *39 *154% 159 133 133 133 52 52 52 10% *1% 11% 1034 1% % *1% 98 98% 41 41% 98% 39% *% *136 138 *154% 159 133 *% *135 *7% 7% 934 *41lo 43% *52% 54 934 41% *52% 41 136 *7% *9% 99 106 106 *106 54 108 *19% 33% 22% 33% *19% "39% 73% 40% *55% 40-% 41 *51 53 *51 53 *82 84 83% *23% 24 24 * *7 33 7% *17 83 24 24%' if 7% *17 18 83 24% 24% 7% 13 13 89 *87 89 *21% 22 500 76 21% *76% 21% 76 75% 79% 300 107% 107% *107 13 13% 13% *68 69 69% 18% 18% 18% "l3 68% 18% 38 32% 21% 12% 32 32% 7% *7% 18 17 *81% 17 33 83% 2384 2334 7% 12984 *120% 1291 *115% 129% *116 *119 128 *119 128 *83% *119 1 *2% 11 *61 90% 2% 11% *83% 4% 1334 *2% 11% 66 4% 1334 90% 243 *105 110 *2% *99 243 II84 11% *99 100 2834 * *66 4% 32 1984 66% 101 27 243 12 29% * 11 234 11% 62 90 2% 90 101 90% 101 *2% 4% 13% 62 64 101 2% 2% *99 30 100 *99 100 *9984100 29% 29% 46 *-_-. 41 32 19- 67 1 673 700 9,400 2% July 31 2%June 30 23% June 14 5%June 17 21 90 90% 2% Mar 10 Feb 17 26 3734 June 23' 51 B—.1 12 Aug 10 80 June 15 14% July 21 99% Mar 19 36% Feb 11 100 *9934100 Mulllns Co Mfg Co class 19s4 July 30 67 July 6 102 Apr 8 10% June 28 58% Jan 23 16%June 17 Murphy Co (G C).—No par 5% preferred 100 Murray Corp of America—10 Myers F & E Bros No par Nash-Kelvlnator Corp 6 Nashv Chatt & St Louls-100 National Acme cum 17%June29 ll%May 18 2234June 14 145 May 18 No par 10 pref *101 19% *127 14% *101 104 16 16 16 134 *85% 24% 87 24% *57 58 *116 20% *128 134 86% 101 18% 18% 9 9 28 28 17% * 17% 129 *128 24% *99 30% 45 .100 100 w 5 18% 884 *28 *16% 2034 132 87 87 *101 *16 1434 32 33 19% 65% 20% 66% 104 16% 16% 42 43% 130 130 130 20% *128 87% 2034 134 87% *24 26 *57 58 *116 . 104 16% 26 103% *101 14% 42 58 102 14% 42 25 *116 3084 31% 4434 5 6%June17 33% 190 68 14,000 3,200 103 20% *128 87 *24% 58 130 2034 134 87 26 58 *116 10384 *101 14% *127 1634 43% 132 20% *128 21% 89 *87% 2534 2534 58 pr 10 102% 102% 18% 18% 9 9% ferred A 1734 17 17 17 17 17 18 170 *17 Bid and asked prices; no sales on this day. t In receivership, a 200 Def. delivery, 2284 Mar Jan 62% Nov "20% May "47% "oct 9 33% Mar 2 12% Apr 9% Apr Oct 19% Dec 15% Mar 3884 Jan Jan 18 3384 Jan 13 103% Feb 3 38% Feb 25 26% Feb 8 112% Mar 11 112 May 20 24% Mar 9 10% Jan 28 2S34 153 Jan 30% Dec 100 Dec 21 Apr Apr 21 164% Deo 3784 Dec 107% Dec 32% Nov 10734 Oct 28% July 11234 Mar 107 Dec 112 10 Apr 24% Nov 33% Mar June 5% 2d preferred 171 Dec 147 Nov 61% 9% May % Jan 14% 8% June 17 %June15 38 June 25 2 10 3134 June 23 Jan 100 121% Feb 26 National Tea Co No par 6%June12 Natomas Co No par 9% July 23 37 July 2 1 50 June 17 61% Jan 22 1484 Jan 14 2% Jan 18 1 99 Aug 9 41 % Aug 6 137 Aug 2 12% Jan 15 13% Feb 25 57% Feb 13 6434 Mar 10 Apr Deo Jan 83 Dec 34% June 28 Jan 49% Oct 41 No par Apr preferred series A...100 Jan 4 72 Mar 17 1784 Jan 53% 2 100 Jan 22 36% Jan 95 Oct Sept 15 Nov July 15y 1584 Apr 29 July Jan 20 119 May 19 137 Mar 12 2 85 Aug 384 June 15 12%June 17 2% June 29 Shipbldg Corp part stk—1 7% preferred 100 8%May 18 55 June 28 June 9 10234May 112% May 3 5 2 Jan 4 434 Mar 3 21 272 Jan 14 114 Jan 8 50 1 June 17 34% Jan 14 48%June18 9%May 18 No par 57% Feb 3 17% Jan 21 93 Northern 25%June 28 9734June 25 100 Mar 23 45 Telegraph...50 3 4 26%May 18 17% Jan 4 53% Jan 4 234June 28 Norwalk Tire & Rubb..No par Preferred 50 3% No par No par Aug Jan 13 June 28 95 June 28 12%May 3384May 126 July 14%May 112% Jan 2% 90 Jan 99% Apr 6% 7% Apr 18% Sept Feb Sept Dec Deo Feb 57 73 23634 Apr 29 102 Apr 8 138 19% Feb 11 76% Jan 22 63%June 14 100 Jan Jan 4 100 .100 Oct 125 3 Feb 10 934 Mar 150 26% Feb 25 6% Feb 11 No par No Amer Edison $6 pf.No par Northern Central Ry Co.—50 104% Jan 8 July 9% Apr May 83 Mar 93% Apr Jan 310% Oct 105 115 May 23% Apr 5234 Feb 6% Jan 98 Jan 36% Mar 11 53% Jan 22 6% Mar 3 23% July 50 Aug Jan 18 22% Apr 5 73 Apr 20 4% July 7 26% Feb 16 114 Feb 13 193gMar 1 45% Jan 21 100 No par 2 Jan 19 Aug 57 Feb Mar 4% Mar Nov Deo Dec 17 107 July Jan 8 Jan 24% Apr 25% Mar 115% Feb 19% Nov 140 134 Mar 6 Jan 26 97 Mar 8 79 Dec 28 Jan 26 75 Jan 12 47 Jan 70 Nov 9 114 July 114 July 13 July 22 Dec 15 Deo 75 Mar 4 Feb 3 24% Mar 8 115 June 123 Jan 12% July 70 July 15% Feb 1 3% Mar 3 2d No par 13 27% Feb 2 8% July 4% Jan x June 14 Ex-dlv. y 3934 Nov 136 June 2084 Mar 12084 Nov 83% Dec 10334 Aug 11 23 Cash sale, 3684 Nov 18 40 r 103 69% June30 New stock, Dec 106% July 32 Jan 6%June 17 23%June 22 n 14% June 14 14 7 18 23 22 10 preferred 59 12% Aug No par 5 Oct 35% July 24% 1st preferred Pacific Coast Nov 109% Aug 2% 97% Apr 40 104 1% Aug 210 Jan Jan 28 105 7% 15% Mar Sept 99 Apr 29 5484 June 29 No par prior preferred.. ...100 $5.50 conv 1 st pref..No par , 97 29% Nov Jan 1 Jan No par 6% preferred 3% July 10% May 135 34June 25 N Y Otis Steel— 21% Mar 20 12% Jan 22 25% Jan 22 125 Co.. 100 JNYNH& Hartford—100 Conv preferred ...100 Elevator 31% Mar 19 12%June 17 121 May 17 10% preferred 50 t N Y Investors Inc..-No par Otis Jan 18 79% July 100 Ohio Oil Co Jan Nov 32% 2784 New York Central. Oliver Farm Equip 60 64% Nov 98% Feb 10 55% Mar 17 Aug 12 Pacific Apr 104% Apr Nov 69 Northwestern 41 Dec 12% Nov 13% 43 No par North Amer Aviation 133 Feb 75% Nov 40 N Y Air Brake preferred 74% Jan 7% July 10% June 3284 Apr Feb Deo 110 Mar 17 4134 6% 1% 78 Feb Jan 11 37 Apr 28 North American Co 3 57% Apr 19% Jan Apr 109 June 24 pref Jan Deo Feb 9 7 17 28 6% % 36% Nov 10% 100 1 N Y Chic & St Louis Co 26% June Jan 18 100 t New Orl Tex & Mex Apr Jan 70 Newport Industries 37% Oct 25 Preferred Oct Dec 100 National Steel Corp National Supply of Del 3 54 x\7 60 4,500 Mar 18% Jan 21 167 Deo Jan 28 47% Mar 11 24 43 Dec 79% Aug 13734 Pacific Amer Fisheries Inc 28 9 1 3634 108 155 114 27 9 Mar 101% Nov Jan 29 x82% Apr 28 27% I8S4 71 Jan — Jan 22 Owens-Illinois Glass Co.. 12.50 27% *8% 2034 Feb 11 *24% May 44% May 102% July 14 Apr v 171 June 17 44 "5II66 28 I884 108% Jan 26 70 21 9" 150 127 Outboard Marine & Mfg 6 Outlet Co .No par Preferred ...100 28 984 Mar 13 .Tnn Mar 11 20 19 90 28% Apr 44 National Power & Lt.. .No par Nat Rys of Mex 1st 4% pf.100 ""700 28 2% Nov 43% Oct 15434 Apr 26 July 9 .—.100 7% I884 *8% 884 Jan 30%June 17 6% preferred B 100 Nat Mali & St Cast's Co No par 160 *116 102% 103% I884 Feb 84 28 8% preferred A__ 100 Oppenhelm Coll & Co.-No par 500 Feb 71 25% June 134 *57 Nov 5934 Mar "1I666 15,700 68 Jan Mar 17 Omnibus Corp (The) vtc No par 4,200 Jan 18% Apr 22 2,600 104 16% 43% Feb 60% 38 700 20% 734 33% Deo 41% Dec 35 Adjust 4% 6684 3534 5 Norfolk & Western... 20 Feb Feb 6% Mar June 14 100 10 Feb 5% 103 June 17 ~ 3,800 Dec 284 May 12 t Norfolk Southern 18,100 79 29 1 N Y Steam $6 pref $7 1st preferred 20 3% Jan 19% Aug Nat Enam & Stamping.No par 190 12,600 Jan Jan Sept Nat Gypsum Co National Lead 100 *30% 14% 9 29% Jan 5 No par 18%June 25 100 xl 0784 June 1 t N Y Ontario & Western.. 100 28 19% 30 1784 130 14% June 30 No par N Y Lack & West Ry 100 *42 5 *57 58 IOI8.1 102 16% 4234 20% 87 24% *57 104 16% 42 21 *116 101 *101 43% 43% 43% 130 130% *125 20% 1434 14% 104 *15% 4134 *125 15% June 29 30 1 Nat Aviation Corp National Biscuit 30 *9934 100 2 94 Marl^ $7 conv preferred...No par Munsingwear Inc No par Jan 1% July Feb 13 1 Wheel Mueller Brass N Y & Harlem 7~306 66% Jan 18 3% Feb 26 38% Jan 15 ..........5 Motor 710 470 40% Jan 23 105% Aug 5 27% June 30 17%June14 Neisner Bros Inc 90 123S Mar Feb 69 Newberry Co (J J) No par 5% pref series A.......100 90 Jan Feb Oct 46 Mother Lode Coalitlon.No par Motor Products Corp.-No par 6% 4 6% Mar 17 12% Mar 17 May 13 400 100% 100% *2% 2% Sept 9% 33% 5 984 Mar 17 34% Mar 17 July 13 64% Aug 3 34May 12 »60 300 MOO 109 5% 14% Apr 48 No par 200 62 131% Mar Mar 29% Deo 34 8 31 200 *61 Feb 88 2% Aug 234 Jan 1634 June 4 Morrel (J) & Co... 1 11 48% Sept 110 5% Mar 6% Jan Mont Ward & Co Inc.-No par 7% " 30% Nov Jan 57% Apr 29 128 234 21% Aug 3 2% Jan 23 85 27% Feb 1,300 108 May 14 No par ~3"666 16% Mar 11 June 29 1 4% 14% 234 1034 2 Jan Nat Distillers Prod 88 5 6 Rights *14% June 28 3 *119 45 67 7 1% June 24 1 13% *2% 1034 48% Mar Deo Deo 88% Jan 128 *8312 4% Nov 1634 Nov No par 50 4% Oct 65 4 5% preferred 14 45 Jan 6 88 31% Jan 40% Jan 584 Jan *17% Apr 112 June 14 800 Jan 16 72% Mar 5 26% Feb 23 35% Mar 10 120 9,300 84 Deo Nov Dec 15 100 Oct 12 Apr No par 10 36,700 91 119 400 400 122 55% Jan 6% May *65 Mar 11 30 108% Dec 2884 Dec Mario 107 30 Jan Dec Mar 17 100 4,400 Deo 1284 124 7% pref class A 7% pref class B Nat Depart Stores 6% preferred 1,700 14% Nov 49% Nov 2138 Nov 120 Nat Dairy Products 12,600 30,600 1,200 1,100 Jan 8% Apr 3734 Jan 11% Apr 4 10,700 300 493g May 14 "moo 2,300 5,600 Oct May 93% Apr ""130 41 28 Essex 24% Deo June 8 100 Morris & Nov 46 Jan 13 4784 Mar Dec 16 86 9 share 23% Nov 101% Deo 40% Nov 38% *95 16% Feb per 37 11 100 preferred conv June *95 Mohawk Carpet Mills 20 Monsanto Chemical Co—10 5% 92 Feb 16 Jan 22 25 4,700 8 106 5% pref ser A w Nat Cash Register 5,300 Jan 12 Jan Feb 2% May 112% Jan 14 3484 Apr 19 June 21 96 Mission Corp —No par Mo-Kan-Texas RR No par Preferred series A 100 7% 200 Jan 14 Mar 24 Mar 17 2 Nat Bond & Invest Co-No par ""800 Jan 19 Jan """TOO 20 2 Mar 12 Mar 29 Highest 108 100 100 ^Missouri Pacific 19 2 Feb 11 122 21 29% 31% 19% 6534 1934 6684 7% preferred 4% leased line ctfs Jan 24% 106% 54% 28% 42% 42% 16% 47% $ per share $ 94 pref cum 1st 36 share June 16 No par 45 32% 3378June 28 NYC Omnibus Corp. .No par Purchase warrants 100% 10034 4% 8% per 108 New York Dock. 29% 4% 31% 19% No par 1,600 40 4% Midland Steel Prod 1,230 61 *99 Mid-Continent Petrol——.10 24% 29% * 484 4% 31% 19% 6684 100 Apr 28 1484 Apr 29 25%June 17 734 7% 7% 19 18% 1734 129% 129% *116 1034 61' *2% 4,800 31 249 *241 248 *241 248 *243% 248 *107% 110 *107% 110 *107% 110 *107% 110 27 27% 27% 27% 2634 27% 2784 27% *52 5334 5334 5334 *5434 54% 5334 5384 11% 11% 11% II84 11% 11% 11% 11% 100 46 \ 40 34 *241 100 4% *3034 19% % *83% 43g *13% *2% 88 4% 13% *2% 284 11% *90 101 9984 29% 46% *4% *30% *19% 43g *119 1 *% * 1334 *62 52% *9984 100 87 4% 13% *2% 11% 27 52% *119 % *8319 87 *107% 110 27% 128 % 90% 101 2% *241 26% 52% 11% 1 *61 4% 1334 *100% 101% *2% 128 *% 700 8,300 19% *24 8 5,300 70 84 24% 30 "13% 31 83% *115 87 32 2,900 170 *32% 22% 12% 83 18 18% 129% *116 *7, 8 17% 500 13% *86% 13% 68 5 """120 65% 13 13 13 *12% 13% 13% 13% 12% 39 39% 3934 39 38 39 3934 3884 *154% 159 *154% 159 *1543g 159 *154% 159 *128 132 *129 128 128 128 128 132% 53% 53% 5334 5384 53% 53% 53% 53% 11 1034 10% 10% 10% 10% 1034 10% *1% 1% 1% 1% 1% 1% 1% 1% % *% % 38 % % *% *% 98 98 98 99 98% 9734 98% 98% 38% 40% 36% 37% 34% 36% 3584 135 134 134 130 130 13534 13034 131% 7% 7% 7% 7% *7% 7% 7% 7% 9% 9% 9% 9% 9% 9% 41 41 *40 *40 42 41% *40 43% 54 *53 53 53 *52% 54 52% 53% 106 106 108 *106 *106 108 *10434 108 19% 20 19% 20 *19% 22% *1934 22% 3234 33 33% 33% 3284 33 33% 34% *58 69 69 69 71 72% *66% 7034 40 41 40% 40% 4034 40% 41% 4134 *51 53 53 52 52 *50% ♦50% 52% 39 39% *32 33 11,400 56% 1% 30 Aug 13 5 Minn St Paul & S S Marie. 100 20 37 1 25 Mesta Machine Co...— Miami Copper 100 5,200 1,600 2,500 2,100 2,300 4,300 1,600 46,300 3 June 25 900 ~i~I6o 25 25% 3% 7% 34% 34 MUw El Ry & Lt 117% 11784 14% 106% 1% 4% 384 29 July 1 9% June 29 conv 1st pref Merch & Mln Trans Co .No par 5% Year 1936 Lowest 101 93%May 11 —100 6% pf-100 Minn-Honeywell Regu.JVo par 4% conv pref ser B 100 Minn Mollne Pow lmpl No par $6.60 conv preferred-No par 410 29% 7% 25% 117 *114 3% 104 2,600 *9884 100 21% 21% 2134 21% 2134 22% 2284 22% 1234 *12% 12% 12% 12% 12% 12% 12% 23 23% 23% 23% 23% 23% 23% 23% 23% 23% *153 *154% 163 163 *154% 163 *154% 163 *151% 158 *151% 158 *27% 28% 27% 27% 2734 27% 27% 27% 27% 27% 27% 27% *90 95 95 *90 *90 *90 95 *90 95 94% 94% *90 36 35% 3534 36 35% 3534 36 36 35% 36% 36% 36% 20 20 19% 20% 20% 20% 20% 20% 20% 20% 20% 21 *111 112 *111 112% *111 112% 112% 112% 112 112% *111 112% *107% 110 *107% 110 *107% 110 *107% 110 *107% 110 *107% 110 *18 19 19 *18% 19 *18% 19 18% 18% I884 1834 1834 *7 7 7 *7% 7% 7% 7% 7% 7% 7% 7% *6% 30 30 30 30 30% 31 30% 30% 30% 30% 31% 31% *31% 150 44% 45% 115% 116 1% 4% 22% 2184 1234 23% 38 * 13% 35 89% 21% 22% *21% *75 76 75% 107 107 *107% 1234 12% 1284 *67% 69% 68% 18% 18% 18% 69% 18% *33 89 13% 39% 1234 90 12 13 88% 22% 39% 12% 1 100 32% *118% 119 3984 12% Mengel Co. (The) 32% *9834 100 *22 3,700 44% 115% *9884 100 3934 67 32% 100 40% —No par 60 43% *99 *39% 12% 88% 22% June 17 31% 100 40% 25 50 *99 *39»4 1234 *88% ...No par No par 200 Mead Corp $6 pref series A Melville Shoe "moo 5,000 18,300 9,800 100 *118 June 21 62% 2084 *99 120 95 25% 115 1 100 25 43 June 23 40% Jan 12 16%June 21 No par preferred conv McLellan Stores $ 3284May 10 31%May 11 12% Jan 6 4234July 1 12%June 1 5 6% conv preferred 60% 20% 115 $3 500 900 61% 20% 43 11734 11784 McKesson & Bobbins. 26% 115 84 5 6,700 share July 31 14%May 20 Mclntyre Porcupine Mines—5 McKeesport Tin Plate 10 61 115 McGraw Eleo Co per Highest 21 McGraw-Hill Pub Co--No par 26% 114 $ McCall Corp -No par McCrory Stores Corp... 1 6% conv preferred 100 200 20% 114 Par 1937 14, Range for Previous of 100-Share Lots Lowest 2,200 5,000 38 3612 29% 63% 20% 32% 114 *118 ~i~66o 72% 11% 42 *118 I484 X95 114 4334 *45 95% 73 42 42% 36% 1384 15 99% 114 4134 43 97 19% 35% 36% 1384 9512 *—— 63% 19% 35% 37% 1334 45% 14% 99% 28% 53% *17% 44% 28% 53% *17% *35% 53 18 13% 4,000 1,700 17% 90 53 34 22 *88 34 37% 13% 44% *95% 28% 21% 17% 90 18 14% 99% 28% 95% 90 21% 17% 3334 45 45 1484 *95% 14% 99% 21% *17% *87% Aug. Jan Ex-rights. 7 Jan 32% Dec 29% Dec H Called for redemption. Volume LOW AND New York Stock 145 HIGH SALE PRICES—PER SHARE, Record—Continued—Page Sales CENT NOT PER for Saturday Aug. 7 Monday Aug. 9 Tuesday Wednesday Aug. 10 $ per share $ per share $ per share 21% *21 22 31% 3134 31% 32 32 44% 45 45 45% 31 31 31 45% 30% * 140% 2634 ~26% 26% 87g 9 *11% 12 834 *11% 2% 11% *26% *2 2% 95 101 *94 Friday Aug. 13 $ per share $ per share Shares 9 2% 2% 95 *94 *21 22 20% 31% 32 31% 45 35% 2 2% 97 20% 21% *20% 31% 31% 44% 15 2% 93% 93% 2% *93% 31% 2,400 45 2,100 2% 2% 93% 2% 97 100 70 73 *71 73 73 73 *73 74 *100 102 100 100 *99 100 10 *150 193.1 1934 *23 19% *23 25% *152 160 20% 19% 25 *23 5% 5% 5% 584 5% *38% 3884 *38% *27% 38% 27% 38% *27% 3% *3% 9% 27 37g 37g 9% 3% 9% 9% 17 17 167g 6% *634 6% 9% 17% 15434 162 19% 22% 154% 154% 19% 20% 25 *24 *24 156 5% 38% 4 22 20% 25 39 27% 5% 7 39% 27% 900 17 17 48% 4 334 9% 47 47% 48 6% 48% 99% 99% 99 100% 4 4 *37g 4% 7% 4 4 9% 7% 7% 37% 7% *45% 25% 37% 51 26 37% *7% 6% 4 51 *45 48 *46 2534 38% *24% 26 *24% 37% 37% 3% 10% 16% *3% 4 7 7 7% 7% 48 48 46% 46% *24 % 26 *24% 26 37% 36% 37% 37% 37% 49 49 *47% 48% *47% 116 *113% 116 *113% 116 52 52 51% 52% 52% *8 8 8 9% 9% *25 30 30 30% 3038 7% *47 *47 49 49 *47 49 *47% *112% 116 *112% 116 *1123s 116 *112% 52% 52% 51% 51% 51% 52 51% *8 *8 *8 *8 9% 9% 9% 31 *25 31 *28 *25% 31 3034 *74 75 *75 75 78 74% 74% 200 300 «- m. — 1,000 78 *75 78 80% *76% 80 21 *20% 21 *18% 18% *18% 778 18% 18% 118% 8% 18% 1.200 Petroleum 53% 43% 78 * *5% 5% "*5% *8 8% *8 1% 1% 1% 92 92% 91 *13% 15% 14% *69 49 78 78 78 5% 29% ; 62% *7 7% 15% 29% *15% 45 *43 45 117 117 *11 53 30 - 12 *10% 12 11% *72 62 7% 53 *51 *15% 16 30 *30 15% *52 55 *52 55 *52 173 *166 173 *166 43 ♦ *175 *175 *175 "l5% 15 "l5% *27% 29% *27% 29% *91 91% *15 *2% 90 *2% 2% 14% *25 91 90 *2% 2% 18 *16 5 5 5% 121% 121% "120 121% *16 4% 32 *31 *1% 261.1 *17 31 *8 *1% 26% 26% *31 *17 1% 26 55 1 70 No 600 Pierce Oil 8% conv pref 30% 900 Pillsbury Flour Mills 100 25 40 117 "n% 11% *545g 57 1,400 Pittsburgh Coal of Pa 10 June 100 52 June 17 100 7% gtd conv preferred.. 100 400 165 100 6% preferred Pitts Ft W & Chicago 4% f 120 *4% 484 5% 4% *2% 100 2% 18 5 20 5% 120 *119 123 121 121 80 31 31 30 30 31 31 150 1% 1% 26% 26% 1% 26% *1% 25% 26 263g 2,400 Plymouth Oil Co 18 *17 17% *1% 22% 223g 22% "l'ooo *5% *1% 5% 2% 5% *1% 5% 400 2% 300 8 *7% 8 500 19% *19% 19% 20% 20% 20% 21% 20% 6,400 *19% 7% 20% 20% 7% 19«4 *51 54 52 52 54 54 61% 61 61% 61% 61% 3,200 *117% *117% 43 42% 43 42% 43% 42% 101% 102 102% 102% 102% 102% 115 115 114% 114% *114% 115% 80 22% 5% 2% *8% 8% 8 8% 19% 20% *7% 54 61% 61% 118 118 43 *126% 132 *126 132 *126 130 152 *140 152 *140 112 *111 112 » 4,200 *126 130 *126 130 *126 34% 72 35 70i4 8% 34% 8% 71% 34% 71% 9 *33 34% *33 42 *37% 42 *37% 37% *30 37% *30 37% *30 8% *34% 34% 42 34% *37% 34% *37% *30 39% 37% 7% 79% *7% 9 *7% Procter A Gamble 8% 7% 7% 7% $5 preferred 200 Pub Ser El A Gas pf $5.No par *65% *2% 79% 2% *65% 79% *2% 2% *65% *2% *21 24 *21 33% 73 74 9% 8% 34% 33% 35 33% 74% 9% 34% 33% *37 39% *37 37% *33 31,400 1,300 500 39% *33 2,500 37% *7% 9 8 8 65% 65% *2% 2% *65% *2% """360 79% 2% *21 24 *21 24 *21 24 *18% 20 *18% 19% 19 19 *19% 19% *19% 20 19% 20 *18% 19 19% 19% 19 19% *19% 19% 19% 19% 19% 26 26 25 26 6,200 89% 89% 2534 89% 19% 25% 89% 90 700 5% 5% 38% 39% 25 25% 24% 25% 25 25% 89 89 *88% 89% 88% 95 *93 94% 94% 88% 94% 5% 90 "24% 25 *101% 104 % 19% 52% % 19% 52% * 5% 25% *101% 104 % 19% 52% * 90 "25" 104 104 to »%2 21 20 Radio Corp of Amer...No par 6% conv preferred 100 6% conv prior pref ser A. 100 Revere Copper A Brass 5 Class A —-—10 6~.66O 100 20*" 2,300 52% 4,600 Reynolds Metals Co 100 5H% conv pref Rights Reynolds Spring 37 36 36 6% *2% 5% 2% 2% 6 6 6 36% *4% 37 1,300 4U 60% 4% 61% 7,700 *2% 3 3 3 6 6 6 6% 13% 15 *12 15 *12 15 *12 13% *12 13% *12 34 *20 34 *20 34 *20 34 *20 34 *20 Bid and asked prices; no sales on this day. ""366 t In receivershm. 34 a Def 100 900 2,400 Jan 2 27i2 Jan 4 109 Jan 19 97i4June 21 32 June 29 71 Jan 21 30 29% Mar 9 94% Jan 30 110 Oct 89 101 July 21 47% Mar 11 Apr 23 1678 Apr 124 77 110% Mar 10 78% May 10 Apr 24% June 90 Apr 493s Apr 14 98 Apr 14 139 Apr 17 112 100 Jan 8 34% Jan 22 49 67 Jan 26 14 Feb 23 No par 19 June 21 31% Feb Antelope Copper Mines Ruberoid Co (The) No par 60 Apr 27 30 June 28 Roan 3i2June 17 Jan 8 4 86% Mar 10 38 June Jan Dec 4334 Jan 29 St Louis-San Francisco.. 100 23gJune 29 434Mar 17 preferred 100 X St Louis South western ..100 5% preferred. 100 434June 28 11% Feb 25 * delivery, 6% n New stock, r Cash sale, Dec 31 24% Nov 25 Dec Nov 90% Nov 114 Apr 8% Mar 29% 128 Dec Dec 104% Oct 3934 79% Dec Dec 138 Oct Dec 98 Nov 22% May 105 Apr 34 Feb 117 Jan ~25* July "36% 92 11 20 r Jan 27 Aug Ex-div 4 v 65 Mar 11 2034 Mar 5 37% Mar 11 Ex-righm 60 Apr 6878 Sept 834 Nov 19% Feb 32 Jan Nov 60% Nov 65% 13% Feb Jan 35 Mar 7534 Dec 4 934 Feb 19 .100 10 pref Joseph Lead May 4% i932 Aug 10 zl6%June 14 58 St Dec 4% July 1134May 28 Rutland RR 7% 81 9% Feb 18 May 17 59%June 30 Mfg 17% Aug 99% Sept .. Dental Aug Feb 18 10 Common 10 61% 4% 61 5 "32 July 23 1 Reynolds (R J) Tob class B.10 74 36 Jan 20 4'8 Mar 9534 Jan 26 74 36% 4% 62% 2% 83 303s Jan 14 77 *4% Dec Nov 1634 June 10 *74 62 July 47 22i2May 18 77 4% 80 50 12634June 10 75 63 20% Nov 19% Oct 14% Jan 108%June Jan No par 5k% preferred Ritter *4% Apr 117% Mar Jan 100 100 7% preferred 10 5 No par Republic Steel Corp ~ Apr 28 May 19 94% Aug 12 80 5 Car 20% 37 * Motor *19% 62 4% 63% 234 *20 100 Reo 21 100 20% 36% *12 8,300 Rensselaer A Sar RR Co... 20 *418 13334 Jan 16 Co *75 36% Dec 24% Mar 97g 65% 133s Jan 16 8 8 preferred Reliance Mfg *19% 37 Apr 69% Jan 8 Jan 11 5 No par 100 A Co 20% *36 114 37 Mar 7i2June 17 62 Apr 28 June 14 July 39 47 4334 Jan 20 164 107s Nov 38-'% Nov 5034 Oct 49 June 14 July 144% July Jan June 26 2 130 Jan 34% July 29 ...—100 934 May 83% Jan 68% Apr Feb 5 June 26 Rhine Westphalia El A Pow. 76% 7 Dec 50% Nov 113 July 2878 35% 32 12% 76% 6 Jan 15 73% Dec 56 122% 10i8 Apr 19 36 Preferred.. Jan May 91% May 9% May 16% Oct Dec 334 Dec 13% Dec 28% Dec 28% Dec 3634 Jan 11 50 50 5 65 *74% May 18 50 *11% 52% 80 4% 1st preferred 4% 2d preferred Real Silk Hosiery *62 523g 1234 Mar June 17 Reading 12% 52% 1878 Jan 21 103 29 par Feb 15 2334 Feb 25 7 678June 17 par 65 75 6% 63 *62 *19% 6% par Jan 107 Jan Mar 36,700 <m 20" 103 *11% *19% 20% *6% 52% *102% 105 58 20 par 12% *19% 234 19% 7 3 8 734June 29 Quaker State Oil Ref Corp..10 65 76 2% r'%2 Jan 1334 Aug 16 Apr Jan Aug' 11% 35i2Mar 31 132% 26% 112 103 *10% 20% 2% *102% 105 % 19% "26% 113% Jan 25 22% Feb 80 90 _ June 17 140% Jan 20 11234 Feb 27 99 No par *62 *19% 63% r1932 19% 52% *_ 26% 110 162i8 Jan 25 112% Feb 8 128% Jan 21 16 12% *10% 4% *104% 105 132% *125 90 ~26% 2 3678 52% 12% 63 * 26% 9934 July 4 63 65 *1034 *4% 132% *125 90 "26% *74 5234 Jan 21 3 63 *63 13% 62% 1932 20% *125 * 81 3634June 17 40% May 11534 Dec 39 Apr 103% Feb 113% Apr 128 Apr 146 Apr 7218 Feb 52% 52% 65 *63 * 26% *74 Feb 11 11412 Mar 25 17% July 30 100 81 Feb 10 65i2 Jan 15 118% Jan 4 16%June 15 600 *76 31 86 29% Deo 10 Remington-Rnnd__ 1 Preferred with warrants. .25 118 37% June 26 Jan 4% Jan 1% Jan 6«4 May 17% Oct 1734 Oct 57% Oct 243s Feb 1st *101% 103 118 18 July 31 55% Jan 4 12 Reliable Stores Corp—No par 38% 5% 17%June 17 52 Feb Dec 26% Mar 600 67,900 5% 39% June 23 July May """406 39% 38% 39% 118 *116% 117% 118 *101% 103 *101% 103 38 38% 37% 3738 38% 5% 38% 7 41% Apr 167 20 16%June 14< 107i2June 28 No $3.50 conv 1st pref..No tRadio-Keith-Orph No Ray best os Manhattan. No Jan 334 5134June 29 100 100 9% Apr 112% Nov 2734 par1 8% conv preferred Oct 1% Apr IDs Jan No par 24 5,400 5% 39% li2June29 297s Apr 22 2158 Apr 14 33% Feb 4 1178 Jan 22 378 Jan 22 15% Jan 20 3178 Feb 11 Dec 30% Dec Jan 47% Mar 4% Oct June 17s Apr 12% May 5% 5% 2% 58% No 6% preferred Purity Bakeries Jan 1% May 14 Pullman Inc.... Rels (Robt) 10 38% 90 "25" *93 858 Feb 1 141 July 14 49 Pure Oil (The) 30 94% 5% 116% 118 *115% 116% 117% 118 100% 100% *100% 103 *100% 103 39 39 39% 38% 39% 37% *78 80 *78 78 78 80% *120 127 127 132% *125 132% ♦ 1 395g 39 *21 *93 95 5% 2% Jan 12 Jan 12 Jan 12 100 xll2% July 30 100 124 June 24 100 147i2May 11 6% preferred 5,500 2% 23% 89% Dec Mar 10 4 28 3 No par 7% preferred 8% preferred. 79% *90 110 122 June 22 No par 5% pf (serof Feb. 1 '29).100 Pub Serv Corp of N J..N0 par 200 *2% 95 Dec Dec 1 5 50 5% conv 1st pref 5% conv 2d pref " *65% *90 137a 29 July 1 Pressed Steel Car Co Inc 55 preferred B *33 7% Apr 23% Dec 21 tPostal Tel & Cable 7% pf.100 130 21 21 20% 20% 20% 20% 21% 20% 20% 20% 20% 21% 47,300 *109% 110 112 *109% 110 109% 112 *11134 112 112% 112% 112% 1,280 101 *100% 101% *100% 101% 103 *100% 102 101% *101 *101% 103 200 14% 14% 14% 14% 14% *14% 14% 14% 14% 14% I143g 1438 2,000 18 *17 17% *17% 17% 17% 17% 17% *17% 17% 17% 500 17% 11 11 10% 10% 10% 10% 10% 10% 10% 11% 113g 11% 154,000 35 187 167 4%June 15 1,600 150 150% *140 *140 150 112 112% *111% 112% *111% 112% 112% *111 56 54% 55% 55%' 55% 55% 55% 56% 8% Dec Feb 5 2138June 17 Dec 176 Feb 16 No par 18% 7 167 .No par Class B 37% Jan 62% Aug Jan Feb 16 16i2June 29 Dec 190 June 17 2414 Mar 22 Feb 18% May 29 Porto Ric Am Tob cl A .No par 200 - 97% Apr 29 7% June 35% Apr 167 5 Poor & Co class B 400 150% *140 *111 22 2 Pocahon. .No par Creek Pond July 26 33s Jan 100 100 1,500 26% *17 Conv pref unstamped Pittsburgh & West Va 13g 1% 16 25 Pitts Young & Ash 7% pf.100 Plttston Co (The) No par June 28 2i4June 21 I 100 Pittsburgh United 1,700 84 100 6% preferred Deo 84 77 7% cum pref Pitts Term Coal Corp... *15% 275s Dec 4934 Dec Dec 11% 160 390 16% Jan Mar 5238 Mar 91 90% 2% 90 *2% 16% 8 88 155 90 2% 17 120 31% 35io 2 91 *15% July Jan Nov Jan 18 8 *22% 8% 34% 18% Jan 76% Jan 22 8 *15% "4", 100 70 3% 16 175 Mar *1% 8% Feb 17 Mar 167s Mar Aug 10 Mar *5% 34% 56 117 43 5% 8% 8 Apr 12 174is Apr 23 74i2 Jan 13 2034 Apr 5 3338 Jan 18 20 2% *34% July 16 Aug 10 6 July 26 912 Jan 20 June 14 2% 2% 18 71% 8% 3 1 Jan 16 12 23 71% July 30 283sJune 17 Pirelli Co of Italy "Am shares" P'tts C C & St L RR Co..100 10134 July 734 Apr 68 May 38% Jan 5% July 3% Feb 24i2June 29 *22% 70% 1434June 16 80 66 20 87% Jan 44 20 95% July 19 64 100 43 Mar 8 6 135 43 Oct 12 8 2 Jan 12 4 5 June 102% 7i2 Feb 14 No par *5% 71 72 July 49i2 Jan 100 No par 15% June 11 Apr 7 1134Junel7 par Jan 81% Jan' 3% Jan 8% Jan 1% July 100i4 Jan No par *140 71 Aug 11 7i2 Aug 11 No par Phillips Jones Corp 7% preferred Phillips Petroleum *175% 18 55% 19% Mar 5684 Dec 54% Aug Pittsburgh Steel Co *1% 55 13i4 Feb 19 Pittsb Screw & Bolt 1% 54% June 28 4 Nov 18% Dec 400 *90 90 102 102 *101% 102 *101% 102 *114 116% *114 116% *114% 115% 5i% 76 122 1238 June 28 *17 43 40 46% Aug 2158 Mar 11 15 18 43 Nov 16%June 17 28 5% 43 Deo 31 15" 22% 43 90 Jan 28 1% 117% 117% Jan 16 15 5% 62 56 28 22% 54% 8 Jan 11 15 5% 20 7 Jan 28 *17 19% 19% *18% 19% *18% *51 54% *50 61% 61% 61% 117% 117% *118 Jan Phillip Morris & Co Ltd...10 15,900 Oct Feb 91 Phila & Read C <fc I 7% 7% 87 200 78 58 25 2 14% 29% 18 19 Jam 28 "l5% 2 19% Apr 4 June 4,000 *166 " 38 17 June 28 3,500 15% 30% *175% 59% Nov 11634 June 19 50 15% 55 Feb Mar 75 7% preferred 200 *166 . 21% *51 42% 120 26% *18% 62 4% 1% 8% 18% f 31 1% 18 21% *5% *1% *14 18 55 55 30 110 71 15 61% Oct 9 11634 Jan 27 par $6 preferred No par JPhlla Rapid Tran Co 50 55 11% Mar Dec 25% Apr 64% Jan 5 55 * 63 45 Feb Aug 13 Aug 3 Corp of Am 55 30% 2734 July June 28% Apr 73 100 No Phoenix Hosiery..... Preferred 43 74 17 5014 Mar 17 90 *7 Dec 67a Jan 10% Mar 45% 61% 7% 334 3% June 4% Jan 2834 Jan 63s Jan 23 10% June 2558 Jan 1% io Apr 1178 Apr 17% Nov 112% Nov 54i2 Jan 14 100 Jan 32% Nov Mar 597s Mar 10 550 Dec 47% Mar Aug June 14 230 Dec 60 7%May 17 8 22S4 37% 5% 69 38i2June 23 4% Dec 8 Phelps-Dodge Corp 25 Philadelphia Co 6% pref.-.50 1% 62% 135 "il" 11 *166 55 130% 46 135 "ir 11% *53 30% *43 ♦ *166 *175 *7 55 16% 6134 1% Milk 4% Jan 65s June 10% May 1% Jan Dec 100 5% Prior preferred 5% preferred Pet _ 40'4 May 23 Apr Pfeiffer Brewing Co...No par *72 78 62% 15% 29% 78 *1% - 234 July Dec 25 9 12i2 Feb 2 76i2 Feb 1 2934 Feb 10 6 8% Aug 17% Jan 109% 174 Jan Jan 13 43i2July June Oct 4% Apr 74% Apr 97% Feb 10334 Mar 34%June 28 par 59 300 89% *14% *72 *7 16% *43 14% 80 61% 53 30 91 14% *72 7% 53 '•» 91 1% 3%June 30 5%June16 738 Feb 18 64 7% Aug 8,000 8 15% *14% 78 7% - Jan 2,200 ""4% 7% • Deo 20% 8% 78 5% 91 15% - 23% 13% 12% Aug 13s Jan 18% Jan 53% * "*4% 1% 90% 92 62 78 500 .. 1134 Apr 678 Jan 43% 53% *40 7% 8% 1% 91% *14% *7 ♦ 8% 53% 43% 8 1% 61 52% *43 4% 91% 14% *69 43 43 '"'4* 53% 4 5% 50 *15% 53% 8% 1% 7% 78 *6% 8 44 *71 78% 5% 8% 61% 61 8 *43 10 June 16 5 *75 8 85 No par 6 *20% 53% 10i2 Jan 5 237s Mar 11 4 *76% 43 73s Jan 14 6%May 18 I4i8 Feb 5 3% Jan 2 38i8May 13 Mar 75 8 234June 17 par 65i2 Feb 79 53% 3 48i2Mar 21 43 29i2 Feb June 16 43%June 25 4*8 Jan 5 *20 8 23 30 *76% 53% 3 100 21 43% 4434 Feb 100 80% 8 2684 Jan 28 Peoria & Eastern *76% 44 200i2 Jan 28 Pere Marquette *20 53% 90 100 21 527S 4% Jan 25 121 May 13 200 80% *43 1238 Feb 18 17ia Jan 20 3418 Jan 5 8i4 Feb 25 July 15 *20 18% 7% June 29 June 28 *76 18% 6 47 80% 18% Jan June 112 21 183s June 28 Peoples Drug Stores .No par 6% conv preferred 100 People's G L & C (Chic) ..100 m-m *20 I83g 6 22 *76 8 2934 Apr $7 conv pref ser A No par Penn G1 Sand Corp v t cNoipar Pennsylvania RR 50 12,800 M (J C) Coal & Coke Corp Penn-Dlxle Cement No 1,500 27 July par Penn 700 Deo 152 2412 July 28 4 May 14 36i2June 30 Penney 4 4% 153 Jan xl 5i8 June 14 1.800 1,600 Jan 140 1 7,500 6% 118 2 10 Transporta'n. No Corp No Dec 4 Jan Apr Pathe Film July 5884 July 47% Jan July 1 share 149 67 121 41 152 103 100 per 39% Nov 2 Mar 10 48% 6% 48 Dec 2834 Jan 28 99% 100% 6% 48 36% Parmelee 5384 Jan 14 447$ Jan 9 30 3034 Jan 4434 Dec 14% May 10978Mar 18 Patino Mines & EnterprNo par Peerless Corp 3 Penick & Ford No par 7,100 Jan 12 Highest share $ 4 No par Parker Rust Proof Co. ..2.50 24,300 3234 Jan 14 38 per 16%June 14 99 Parke Davis & Co 1,100 9% *16% 37g 48% 99% 100 4 7% 7% 6% 3% 9% 17% $ 1 Inc Park Utah C M 900 27% 3% 9% 16% 17% 39 5% 6% 60 share eiTgJune 29 Park-Tllford * 39% 47 26 * 27% 98% *45% * 39% 27% 98% *46 •» 39% 27% 98% 47 - 5% 100 per Apr 28 2034May 14 7% June 17 107s July 2 2 $ No par 100 conv 6% 1st preferred 6% 2d preferred 22,600 5% 98% *46 25 5% 10 No par preferred Paramount Pictures Inc 6,300 21% 20% *24 25 133 400 *164% 169 20% 134i2June 4% 48,400 23% 23% 23% 27% 10 17% 6% 6% 21% June 28 100 8% conv preferred Parafflne Co Inc 400 104 22% 25 Pan-Amer Petrol & Transp__5 JPanhandle Prod & Ref No par 1,300 >. 94 *100 21% share 100 Oil Corp Packard Motor Car 200 70 22% par _No par _ Year 1936 Lowest Highest 20l2 Aug 12 2818 June 17 40% June 21 25 Pac Western 1,000 18,000 104 21% 10 per 6% preferred... *68 217g _ % Pacific Telep & Teleg 70 *99 158 27 Paciflc Mills 600 70 21% *151 Par Pacific Finance Corp (Cal) Pacific Gas & Electric Pacific Ltg Corp No 400 Range for Previous 100-Share Lots Lowest 104 *67% *99 Range Since Jan. 1 On Basis of Week *44% *29% 30 30 30 29% 29% *141 147 142 141% 141% *141 143% *141 * * + 140% 140% 140% 140% ^26% 26% "26% 26% ~26% 26% "25% 26 9 9 9 8% 8% 9 8% 8% 11% 12 11% 12 *11% 11% *11% *11% 30% 141% 141% 141% 141% 140% *_ Thursday Aug. 12 $ per share 21% 1059 EXCHANGE Aug. 11 22 *20% 31% 4478 *30% STOCKS NEW YORK STOCK the 8 5% June 22 July "16% "Feb 50% Dec 3% Mar 634 Dec 1% 2% Jan 778 Jan 15 Oct Jan 37 Oct 18 Jan 5 Called for redemption. New York Stock Record—Continued—Page 9 1060 LOW Aug. *34 34% 34% *95% 98 *95% 34% *95% 98 34% 98 34% *95% 104% 104% *105 *104% 106% *104% 106 *108% 108% 108% *108% 109 108% 108% 25% 25% 25% 25% *25 25% 25% 43% 43% 43% 43% 42% 42% 42% *93 94 *93 *2 2% 2% *15% 17 *14% 39% 39% 39% 1% 4% 1% 1% *15% 16% 40 41% 40% 1% 1% 4% *2 2% 16% 40 1% 1% 5 5 5 5 39% 8% 40 *8% 8% 8% 96 96% 30% 97% 30% 96% 30% 13% 30% 13% 13% .13% 35 35% *102 102% 36 27 27 104% 104% 15% 15% 49 49 $ per share Shares 2% 5 40% 40% 8% 13% 36% 103 10% 103 34% *95% 98 8% 97% 30% 13% 35% 30% 13% *34% 98 8% 98 36 35 34% 98 *95% 106 105% 105% *105% 105% *108% 109 109 *108% 109 26% 25% 25% 125% 25% 45% 45% 45% 43% 43% 94 93% 93% 93% 93% 2 2 1% 2% 1% *14 16 15% *14% 15% 42 41 41% 41% *40% 1% 1% 1% 1% 1% 5 5 5 5 4% 40 40 40% 40% 40% 34% 98% 30% 103 10% 10% 13% 35% 103 *56% *35% 57% 10% *7% 97% 600 20 20 2,200 9,600 700 4,000 100 Lowest Par No par 31 5% preferred... —100 6% preferred... 100 7% preferred... 100 Savage Arms Corp No par Schenley Distillers Corp 5 95 July Safeway Stores 5H% preferred 100 tSchulte Retail Stores.....—1 $ 2,700 3,300 *7% 98% £97% 98 11,600 31% 32 15,100 Servel Inc 30% 13% 31 36 36 *13% 1,100 37% 9,400 103% 104% 103% 103% 10% 10% 13% 36% 13% 10% *57 57% 57% 36 35 35 34% 27 27% 26% 10% 2,600 4,000 57% 100 34% 27% 30 104% 104% *104% 104% 14% 15% 15% 14% 48% 49% 49% 49% 18,000 $5 conv pref Sharpe <fe Dohme 3% *3% 58% 58% 58% *161 166 *105 107 3% 3% *58 58% *163% 166 107 107 3% 58% 102 l%June 24 4 81 26 Apr 28 4 59% 15% par 12 June 17 17% Feb 10 11% par 29 5 42% Mar 10 20% par 95 25% Apr 28 102 Mar 20 12 June 29 17% Mar 11 Simmons Co No par 40 May 13 68 600 3,300 %28 May 10 3% Aug 10 *101% 103% 300 98% Apr 29 10 Slmms Petroleum 6% preferred 36 34% * 35 150 35% *_ 22% 112 4 36% 22% 22% *111% 113 4 3% 36 36 150 150 "25" 22% 23% *111% 113 4 3% 35% * 36 96,500 100 3,000 1,300 So Porto Rico Sugar 150 "24% ..100 "24% 24% "24% 24% 48% 47% 29% 48% 47% 48 47% 48% 48% 48% 14,650 32% June 17 29 29% 29% 29% 30% 30% 31% 10,800 Southern Railway 44% 44% 45% 45% 45% 44% 45 45 45% 45 4534 3,200 6% preferred.. *50 8 7% 67 66% 100 53 *50 7% 8% 60 7% *50 *7% 25 *50 57 8 *7% 25 8 1,200 140 67 65 65 *64 67 *64 100 *98 100 *98 100 *98 100 7% *7% *22% 7% 7% 7% 7% 7% 7% 7% 23% *22% 23% *22% 23% *22% 7% 23% 7% *22% 23% *22% 78 *75 78 *75 78 *75 78 *75 78 *75 78 *27 27% 28% *28 29% *28 29% *28 29 *28 29 300 6,500 23 *75 22 22% 84% 85 *43% 44 12 18 18% 18% 18% 18 18% 18% 18% 6,100 32 32 *31% 32% *32 32% 32% 33 1,200 50 49 49 *49% 50 49 24% 23% 24% 24 24% 24% 87 22% 86% 49% 25% 88 88 89 88% 89% 1,600 43% 43% 43% 88% 43% 88% 43% 43 43 43% 12 11% 12 11% 12 11% 11% 43% 11% 14,500 18% 32% *49% 22% 85% 43% 11% 12 100 *49 18% 32% 18% 50 50 22% , 11% 25 Southern Calif Edison 270 38,200 700 Standard Brands.. *8% 8% 8% 8% 8% 8% 20% 8% 8% 8% 9 8% 8% 8% 8% 9 8% 8% 8% 21% 20% 20% 21% 21% 21% *42 45 42 42 42 42 *48% 50 49% 49% 49% *2% 50 45% 45% *2% 3 *2% 3 44% 44% 44% 4434 45% 44% 45% 45% 45% 45% * 35% 68% * 35f2 * 21 42 48% 48% *2% 3 35% "67% 20% *39 3 44% 45% * 45% 46% 35% *40 46% 47% 34% 68% 67% 43% 65% 18% *14% 65% 65.% 66 66 66% 66% 66% *42% 66% 18% 18% 18% 18% 18% 18% *14% 18% 18% 23% 13% 23% 44 67 18% 69 18,400 12,700 400 17,100 15 15 15 100 23% 23 24 13% 23% 13% 23% 13% 14 14% 9,200 22,800 72 *68% 120% *118% 120% *116% 119 18 18% 18% 18% 18% 47 50 48% 48% 47% 5 5 5 5% 4% 34 34 34% 34% 35% 35 34% *31% 34% *31% 17% *13% 17% 17% *13% 24% 24% 24% 24% 24% 32% *32% 32% 32% 32% 17% 17% 17% 17% 17% 13% *13% 13% 13% 13% 12% *11% 12% 12% *11% 70% 70% 70% 70% 71 71 13% 72 52% 7 68 *51 7 68 52% 52% 52% 7 *6% 7 119 15 119 *1434 *120 18% 18% 18% 47 47 47 120% 120% *120 18% 18% 18% 48 48% 5 5 5 5% 4% 34 34 34 34% 35% 32% 33 33 48% 5 35% 34 500 20 5,200 3,400 8,300 900 300 13% 12% 12% 12 12% 12 12 *40 43 *38 41 62% *38% 62% *85% 86 10% 9% 9% 3% 3% *7% *26 9 27 *5% 5% *9% *85% 9% 3% *7% 26% 5 200 62 500 9% 10 700 *85% 86 40 *40 44 *41 44 38% *38% *61% 40 *38% 39% *38% 62% 62% *61% 62% 62 9% 9% 85% 9% 10% *85% 9% 86 10 10 *85% 86 85 12% 5,900 43% 39% 44 38% 62% 86 7% 13% *61% 40 *61% 10% Dec 91 Mar 6% preferred ..100 10 Superheater Co (The)..No par 118 4 118 Jan 125 Nov 27 Jan 60 Deo 3 Jan 6% Mar 42% Dec Aug 6 17% July 23 Sunshine Mining Co.. 37%June 29 Superior Steel.. 1 ..100 4%June 17 28%June 25 Sutherland Paper Co Sweets Co of Amer (The) ...10 50 31 July 1 13 Jan 8 Superior Oil 52 4,900 3,800 44 70 11% 5,000 *40 15% 77% Jan 11 11% 13% 44 Jan May 27 52 13% 12% *41 Jan 65 7 7% 39% 12% 14% 9% No par 12 7% 38% 12 17% Jan 20 20 52 39% 100 Swift & Co Talcott Inc 6 No par Thermoid Co 9% 9% 9% 3,200 3% *3% 3% 500 Third Avenue Ry... 9% 8% 8% 100 Thompson (J R) 25 Thompson Prods Inc..No par Thompson-Starrett Co. No par 5% 27 27 *5 5% *20 21% 27 5 27 5 22 27% 5 28 5% 1,300 1,300 22 3 9% Mar 15 $3.50 Mar 30 3 100 June 22 7% June 17 23 Mar 22 13% Mar 1 Jan 4 Feb 3 Jan 13 Mar 5 Feb 11 No par 3% June 17 1734June 16 10 15% June 17 10% Jan 25 40% Jan 25 21% Feb 4 No par pref 91»4May 20 28% Feb 11 97% 97% 24% 98 98 98 24% 25 25 25% 25% 26 25% 98% 26% 8,600 Tlmken Detroit Axle 65 66% 66% 67% 68 68 67% 68% 67% 68 2,100 Timken Roller Bearlng.No par 16% 16% 16 16% 14% 16 16% 15% 16% 16% 14% 14% Transcont & West'n Air Inc. 5 13 June 28 22% Jan 11 17% Transue & Williams St'l No par 16 June 14 27% Jan 22 8% 18% 8'~ 400 8% 14% *17l2 8l2 1,200 17% 14% 17% 8% 16% 14% 31.700 14% 18 6,200 Tri-Continental Corp ..No par $6 preferred No par 7%June 28 101%June 28 Truax Traer Coal.....No par Truscon Steel 10 8% Jan 11 16% 16% *14% 15 *17% 18% 8% 8% *101 105 *11 11% *17 36% *45 18% 36% 47 *9% *71% *18% *3% *90 9% 14% *18 8% *102 11% *17 35% *44 9% 14% 14% 18% *17% 8% 8% 105 11% 8% 36% 18% 35 35% 43 43 9% 9% 72 73 73 18% 17% 17% 3% 3% 91% 3% 91% 77 78% 78 35 18% 36% 17% 91 18% *17 46 72 101 *17 *17 18% 78 102 *11% 9% 100% 101% 25% 25% 25% 25% *125 125% 124% 125 92% 93% 93% 92% 27 27 27 *26% 28% 30 29% 29% 3 90% 78% 3 91 81 100% 101 25% 25% 125 93 *27 28% 125% 93 *44% 9% 72% 17% *3 11% 36 21% 17% 8% 102 11% 18 36% *44% 46 9% 10 10 72% *70 74 46 *101 21 105 11 11% *17 16,000 1,700 100 18% 36% *46 9% *70 37% 47 95 74 1,700 "12466 100 600 60 17% 17% 18% 1812 1858 2,200 3% 3% 3% *3% 600 91% 3% 9112 80 80 91 91% 79% 80 100% 101 25% 25% 124% 125 93 28% *92% *26% 28% 29% 28% 29% Bid and asked prices: no sales on thl« day. 20% 103% 11% 103% *102 11% 11% 73 101 * *102 21 91 91% 79% 79% 100% 101% 25% 25% 124% 124% 93 *27 28% 101% 104% 25% 125 25% 126 Transamerica pref 10 55 14 20th Cen Fox Film CorpNo par $1.50 preferred Twin City Rap Preferred 600 27% x27 27 500 29% 29 14,200 1 No par 2%June 17 Twin Coach Co Ulen & Co 73 a Def. delivery, Feb 17 95 Apr 28 227s June 28 Feb 4 17 Aug 11% Mar 12 50 94 Mar 8% June 85 Oct 8% May 3% Jan 8% Jan 24% Jan 4% Jan 9% 13 Jan Deo 55% Deo 8% Deo 44% Nov 15% Feb 14% Mar 49 July 48% Nov 63% Oct 16 Nov 110 Feb 12% Mar 9% Feb 13% Nov Jan 20 o% y Jan 25 100% Jan 8 91% Mar 27 111 Feb 20 28% Feb 35% Ei-dlv. 26 32% July Apr 14% 8% Mar 39% Feb Jan 21% Deo 12% 56 Jan 277j Deo 74% Nov Apr 14% Jan 10% May 7% Jan 93 Jan 4% 7% 22% 31% 8% 65% Jan Apr June Apr May 27% Apr 22% Deo 12 110 Feb Oct 9% Nov 28 Deo 38% Nov 47% Nov 17% Deo 109 Mar 29 31% x Mar 13 25 23%May 18 Cash sale, 3 17% Jan 22 Corp.......6 July 90% May Mar 26% Mar 8 40% Mar 13 148% 122 100 8 109% Jan 21 1 7 r Jan 20% Deo 15% Dec 2 24s4 June 14 100 4% preferred.... Union Tank Car a New stock, June 14 63 79 No par Union Pacific United Aircraft June 28 8%June 28 66 Apr 29 16%June 14 Union Carbide & Carb. No par Union Oil California.... 25 2,900 2,000 June 12 3034June 29 39 No par Trans.-No par ........100 Under Elliott Fisher Co No par Union Bag & Pap Corp No par 93% June 23 15% Aug 12 2 Corp..... 2,000 3,300 *92% $ In receivership, conv 15,700 93 29% Tide Water Assoc Oil $4.50 35% 98% Aug 13 1734June 14 97% 24% 64% 20% 97% com Jan 59 24% 21% 97% *19% 28 337b Apr 97% 221 *20% 20% Jan Jan 13 64% 21 22% 21% Nov 7% Jan 9% June Feb 19 *24% *21% 6 33 64 21% 97% 22% Jan 48 *20% 20% 98% *20 5% Apr June 30 93% 13% 8% 15% 28% 6 6% May 28% 54% Mar 7«4June 17 1 9% 3% *8% 22 15% Mar 65% Apr 22 61% Aug 2 9% Apr 29 85 Apr 6 ........100 Oct 8 32 pref.....No par 3% Nov 4234 Apr 29 Texas & Pacific Ry Co 100 Thatcher Mfg No par 9% 13% Nov 26% Nov 3 8% Jan 12 15% Jan 28 9% 26% June 29 16% Jan 67% Feb June 14 *3% *8% 5 28 16 28 18 10 1 9% 37% Jan 12% Nov Texas Pacific Land Trust Preferred Jan 15 16% Jan 22 The Fair 6% 17% Jan 21 44 conv 23 33% Mar 31 ll%May 13 $3.60 9% July 23% Jan 20 8 33»4June 17 3% 9% * 47% Mar 11 39% Jan 25 2012 Jan 20 Texas Gulf Produc'g Co No par Texas Gulf Sulphur No par Texas Pacific Coal & Oil... 10 9% 5% 3 2 20% Apr 28% Apr 48%June 6%June 10% Apr 50% Jan 5 25 *3% *7% 26% 27 61% Feb 7% Mar 28% Mar ll%May 14 10%June 26 (James)........9 9% 9% Jan Dec Oct 20% July 12 29%June 16 15%May 14 5H% pref erred.........50 Telautograph Corp... 5 Tennessee Corp Texas Corp (The) 125 Feb 17 21%June 14 25 3% 9 Apr 33% Jan 29 *6% 13% Oct 78% Nov June 14 *50% 7% 39% Deo Jan June 17 *11% 7% 39% 70% 40% June 29 7 13% Jan 24% May 12 52 7% Deo 55% 5 14 12% *13% 31 9 Mar 17 *6% 7% Feb 48% Dec 47% Mar Mar 1 (The) *50% 39% 14% 12% Jan 76 25 1 Studebaker Corp Sun Oil *11% 7% 40 30% 32% 48 36% July 12 No par Stokely Bros & Co Inc Stone & Webster Swift International Ltd 38% 13% 12% 39 24% Symington-Gould Corp ww__l Without warrants.... 1 7% 7 13% 16% Apr 1,300 12,800 38% Feb 11 9 Deo 72% Deo 3% Jan 21 1,600 20,900 27% Deo 62 June 17 2,900 14% Jan Apr 26% Apr Feb 13% Mar 9% Feb 17 5 14 65 Apr 65 18% 14% July Nov 43% Nov 18% Nov 129 Jan 29 Starrett Co 32% 64% Jan 75 Standard Oil of New Jersey.25 18 14% Apr Apr Aug 13% 65 21% 14% 1207s 9% 6% 9% 24% 35 *32% 14 53% Mar Feb 17% 64% 7% 39% 13% 37 Jan Feb 19 13% 14% 24% Aug Jan 50 32% 64% Apr 13% 44 50 17% 14 Jan 14 14 18 2 22 13% 63% Oct 36% Jan 40%June 30%May 63%May 34% Jan 623s July z32% 14% Oct 92% May 39%June 17 13% 64% 27 June Standard Oil of Indiana....25 10 Oct 114% Nov 9% Mar Standard Oil of Calif..No par 17% 14% Apr Oct 11% Nov 82 Feb 13% 63% 7 June Mar 2 17% 14% Jan 12 72% Jan 63% 101% 5% 6% 73% 29% 15% Jan 11 32% 64% 8 8 6% July 4 2% Aug par 24% 13% 7 65 24% 64% 14% Mar 32% Mar *33 13% 16% Jan 20 1281a Feb 8 12% Jan 22 June 17 *16 64% 28«4 Feb 11 95% Apr 28 48% Mar 8 June 14 17% 30 5 Jan 18 13 24% 200 50 36%June 17 33 100 34% Apr 33 24% 13% 13% 19% June 14 80% July 2 27% Apr 26 1134 June 17 1201si6 Apr 30 6%June 17 6%May 18 2334 Jan 12 par *13% 6% 1 June 29 par 17% 6% 77% Mar 17 104% Jan 7 9% Jan 28 par 24ki 32% 1,500 5 June 14 26% July 44 24% 64 38% 16 1 par *13% 17% 59 11% Mar 16 par Stewart-W arner 13% 65% Jan 20 2 2,900 23 54% Deo June2o Jan 2 18% 13% 15 Jan Jan 1,800 23% *14% 19 34 Feb 66% 13% 15 26% Dec 6 60% Mar 5%June 14 (The) L S..No par Sterling Products Inc 10 23% 23% 13% 32% July 47% Oct Feb 26 500 13% *14% Jan 6 Standard Oil of Kansas Feb Mar Feb 36 par 7% 35% Aug 160 12% Apr 94 45% 23% 15 *6% 3 34% 68% *45% 26 5% 18% 44 *50% 800 246% 68 4% 200 50% a;45% *42% *33% *31% *13% *24% 32% 17% *13% *11% *2% 43 34 "67% 18% 50 46% 47% 44 45 3 21% *40 46% 68% *118% 42 45% 44 *66 3,300 21% 34 43% 69 22% No No No No Stand Investing Corp..No JStand Gas & El Co $4 preferred... $6 cum prior pref $7 cum prior pref 17% Nov July 114 23% 31 Stand Comm Tobacco 3,300 50% 43% "68% 1,400 9 49% *2% 43% "68% 8% 8% Mar 3% July 26 Apr Jan Deo 25 17%June 14 May 22 1 8 9 110 72 ~30% 43% Mar 17 75 1 Sept 12% May 32% Jan 13 65% Mar 11 4 Jan Jan 26% Aug par 6% Jan 47% Deo 6%June 28 58% Feb 5 93 July 31 1 No par 8% 42% Jan 12 155 par No par U Preferred 9 6% Feb 26 par 2 Dec Nov 28% Deo 127% Nov 14% Jan 48% Oct Jan 49 Spalding (A G) & Bros .No par 1st preferred 100 Spang Chalfant & Co 6% pflOO Sparks Wlthlngton .No par Spear & Co $5.50 preferred No Spencer Kellogg & Sons No Sperry Corp (The) vto Splcer Mfg Co ...No $3 conv preferred A ..No Spiegel Inc Conv $4.50 pref No Square D Co class B 64 45 150 Mar 29 37%June 2 Mobile & Ohio Stk tr ctfs 100 57 67 7% 2,500 19% Nov 32% Deo 104% Deo 11% Deo 24 1001 24% June Deo 7% Nov 101% Nov 31% Nov 22%May 13 40% June 28 ....100 "24% Deo 44 8 23% Aug 13 115 8% Feb 2 141 Southern Pacific Co......100 30% 47% 29% 47% 29% Mar 18 3%June 14 No par 8% preferred 44 ' 110 South Am Gold & Platinum. 1 Deo Apr 21 3% 2% Nov 40% June 112 Feb 85 54% Jan 11 400 4% 20% Sept 40% Feb 16 29»4 Feb 15 200 21 31% 55% Nov 101% Mar 132 June 14 400 31 21 24% 32% 54 Jan 29%June 28 19%June 21 16% Jan 15 31% *30 21% 114% Mar 17% Nov Dec 27 32% 31% 28% 18 *3% June 19% 97% Mar 10 47 49% 4 Mar "24% 32% Feb Dec 8% July 19% Jan 120 22 22% 22% 22% *111% 112 *111% 112 4 3% 3% 3% 28% Jan 27 102 197 31% 21% 101% 101% Apr 28 Apr 21 Apr 22 %6 4% 60% 102% 42 25 100 Skelly Oil Co Mar 16 Jan 2 32% *63 3434 Feb 19 105% Feb 2 4% 43% Jan 30% Apr 14% Apr June 17 21% 66% 8 96 31 101 Jan 21 Feb 85% Jan 34% 101 65 44 Jan No par 10 Smith & Cor Typewr..No par Snider Packing Corp No par Socony Vacuum Oil Co Inc. 15 Solvay Am Corp 5 % pref 100 21% 22% *62 1 July 21 July 28 Jan July $6 preferred Smith (A O) Corp 31 53 Feb 56 34 89 Sloss Sheff Steel & Iron...100 *32% 7% 14 MarlO 100 21% *50 120 Jan 270 34% 8 May 13 Feb 107 30% 53% 34 Jan 168 *21 *7% Jan 98% Aug 12 Apr 166 *30% *48% Jan 9% Apr 28 par $3.50 cony pref ser A .No par Sheaffer (W A) Pen Co. No par Shell Union Oil No par .... 2 30% Aug 3% July *105 *32% 150 6 1 Jan 165 21% *34% Apr 11% Mar % 107 31% * 2 2 164 34% 36 Jan Jan *105 21% 150 7% June 49% Nov Jan 14 107 *30% *35 Feb 10 170 *32% * 1% May 5M% conv preferred 100 Sliver King Coalition Mines.5 1,200 Deo 9 *105 21% 3% 93 *162 35 22% 4 June 37% July 107 32% 112 June 29 36%May 3 634June 29 11 51 s4 Mar 17 164 *21 3% Nov 164 *31% 22% 114 *105 *32% *111 102 Aug 2,400 3% *3% 57% 108 110% Sept 2,200 58% 3-% 59 Deo 6 3 2 Jan 11 share 99 6 98% Mar 15 Feb per Dec 27% Mar 3% 23% 45% 2% 8% 64% Highest July Jan a:38 share $ 96 Feb l%June 24 12%June 28 per 27 113 Rights 3% 59% 58% *100% 101% *100% 101% *100% 101% *100% 102 3% 3% 3% 58% Jan 13 Mar 113 1 No No No -No Shattuck (F G) Sharon Steel Corp 46 99 July 9 104%June 29 14% Jan 4 38%June 30 93% Aug 13 Seagrave Corp No par Sears, Roebuck & Co..No par 8% 400 \ $ per share 103 Seaboard Oil Co of Del. No par 11,500 Year 1936 Lowest 9 100 8% preferred Scott Paper Co ..No par ^Seaboard Air Line No par 4-2% preferred ...100 550 per 1937 Range for Previous Highest share May 19 8% 57% 57% *56% 36 35% 35% 28 28 27% 27% 27% 104% 104% *104% 104% *104% 104% 15% 14% 15% 15% 14% 15% 49% 48% 49% 49% 49% 48% *56% *35% 27% 57% *35% 40 40% 36% 35% 102% 104% 10 10% 10% 10% *57 93% *93% 2% 15% 93% 94 39% *8% 96% 30% $ per share $ per share 14, On Basis of 100-Share Lou Week $ per share 34% Range Since Jan. 1 NEW YORK STOCK EXCHANGE Aug. 12 Aug. 10 $ per share STOCKS the Friday Aug. 13 Thursday 9 Sales NOT PER CENT SHARE, Wednesday Aug. 11 Tuesday Monday Aug. 7 $ vex share SALE PRICES—PER HIGH AND Saturday Aug. 99% 4 Mar 16 Jan.13 Feb 4 Mar 5 Ex-rights, Jan 2% June 74% June 38% May 71% Jan 20% Aug 108% Jan 90% Jan 22% Jan 20% Apr Deo 8% Jan 102% Deo 70 Deo 105% Nov 28% Feb 149% Aug 100 31% 32% June Feb Feb 1 Called for redemption. New York Stock Volume 145 Record-Concluded—Page AND HIGH SALE PRICES—PER Thursday Friday Aug. 9 Aug. 11 Aug. 12 Aug. 13 $ per share $ per share $ per share $ per share $ per share 16% *115 Shares 16% 16% 26% 23% .. - — 16% 23 *19 23 23 23 *115 *115 89 39 39 12 12 1178 40% 12% *20% 22 20 20 8684 34 5% 7578 13% *108 *11 1784 *92% *2% 15% 17% 117 *8684 *32% 5% 39% 11% 34 534 8% 8% 52% 52% 76% 75% 75% 13«4 13% 137g IO884 *108 10834 11 11 11% 1784 *17% 1734 95 95% *93 *115 - _ 88 *87% *32% 34 5«4 76% 13% 11% 17% 17% 93 93 *2 17 16 2 2% 16 *1534 18 17% 17% *17% 117% 118 *117% 117% 117 163 162% 162% *157 *18% I884 18% 1834 163 163 132 130 *129 *156 161 *156 161 33% 1178 33% 20% 197g *106% 110 5334 12% *«912 11% *106% 5378 12% 54 60% 60 12 *9634 97% 90% 90% *69% 70% 117% 119 *6% 97% 91% *69% 11884 13184 60 *156 156 161 684 684 684 5 5 5 5% *65 72 *62 72 *62 72 *18% *73% 19% 75% *18% *73% 19% *18% 19% 75 *73% 74 *147 154 *61 2% 1% *48 *148 6478 2% 2% 1% 1% 52 31% *37 *105 *48 * *42% 95 *8% 55% 2% 1% 1% *48 32% 3 834 3 884 *105 42% 42% * 95 8% 55% *61 33% 112 *105 44 *148 64% 2% 52 327g 3734 32% 37% 112 *42% 154 *60% 6% 5% 8% 6% 5% 8% 56% 56% 154 125 4% 8% 7% *12 *27% 89% 15% 48% *19% *25% *6% *69% 14 410 8% 7% 12% 7% *118 4% 4% 8% 8% *7% 7% 1% 8% 4% 8% 884 90% 12 15% 1584 15% 15% 4834 48% 48% 1984 *19% *26 28% 6% 25% 6% 67% 14% 1934 25% 6% 67% 14% 14% *58 64 17 *1584 106% *105 *134 2% 17 *1584 17% 105 110 400 100 100 64 1,800 55% 12% 98 97 94 70% 71 71 118 94% 130 156 155 200 60% 2% 1% 49% 32% 2% 1% 48% 32% 38 38 38 112 *105 *41% 42% 82% 73 154 *148 62 73 *148 154 61% 2% 15S * 2 1% *48 48% 33% 38% 112 *4134 60% 33 38% *105 425g *40% 126 26 25 126 83 8% *119 12 11% 28 2734 90% 91% 15% 4834 1984 2734 91% 15% 48% 6% 70 14% *58 19.% 27% 6% 83g 8% 28 93 15% 4884 28% *26 6% 19% *24% 6% 6% 14% « % % *% 34 *% 84 % % *% 84 400 8% 8% 8% 8% *8% 884 8% 8% 834 884 24% 39% 8% 834 1,200 25 *23% 25 *23% 39% 31% 47% 484 *38 41 3884 31% 477g 434 *1% 31% *3084 4934 484 49% 45 44% 45 45 83 82 82 *81% *100% 101% *95 100 *100% IOOS4 99 100 31% 47% *4% *1% 45 *81% 1% 95 95 94 120% 120% *119 113 113 114 *28% *8% *13 17 2 28% 28% 8% 2 *8% *14 2% 4% *1% 1% *95 31 94% 120 114 113 28% 8% *13% 2% *6% 154 *160 82% 81% 81% *80% *23 24% *23 *36% *20% 37% *37 21 *20% 31 *20 31 *102 10934 *102 * 124 "59% * 100% 100% 92 92% 121 121 *120 121% *120 113 *113 113% *113 113% *113 113% 29 28% 28% 28% 28% 28% 29% 8% 8% 8% 8% 8% 8% 8% 16% *14 16% *1384 16% *1884 16% 2% f 2% 2% 2% *2% 2% 2% 7% r7% *6% 7% 7% *7% 7% 47 49 48 49 46% 48 48% 50 120 37% 21 31 30% 120 *20 21% 24% *1434 *4% *33% *4% 24% 15% "59% 121 122 5 39% 4% *20 24% 59% 121 21 *147g *4% 15 24% 1434 5 *43g *34 10 97g 39% 4% 9% *79% 48% 81 49 *79% 48% 48% 42 42 43 110 112 112 112 110% 110% *110% 11178 *91% 94% *91% 95 *92 10584 7084 70% 56 *53 . 22% 2178 *123% 127 *40 *98% *36% *5% ♦ 4-% *92% *92% *34% 4% 984 81 94 95 80 *91 124 127 *40 127 70% *53 22% 40% *40 93% 92 9984 .37 *98% 36% 99% 584 5% 5% *98% 3634 5% 91 37 "59% 5984 120% 120% 119% 119% 20 24% *14% 4% *34% 4% 38 4% 984 80 99% 37 5% 42% . - - No {Warner Qulnlan No {Warren Bros -No $3 convertible pref--No Warren Fdy & Pipe No $3.85 conv pref *35 4,700 4,900 80 100 20 200 300 ■U'm, - 9,100 2,700 20 20 400 25% 1484 *4% 26 6,400 39 *35 80% 42 42 42 41% 41% 11034 *108% 111 110 110 *91 92 70% 23% 127 40% 9134 *98% 36% 5% *91 92 *91 10834 *95 70% 55% 23% *54 40% 9284 99% 37 5% *109 70 24 *127 40% 92% *98% 37% *5% 92% 9I84 10884 4% 984 *90 *95 110 *90 6,000 400 12,400 2,600 420 35,400 *98% 38% 5% { In receivership, 128 40% 94% 99% 39% 5% g Def. 6 Mar 4 May 5 June 17 Feb 15 Mar 12 884 Nov 6734 May *102 Nov Apr 92 Nov 153 Mar 165 Aug 50 Jan 115 5758 3% Jan 1 July 30 June 16% 2884 zllO% Apr Jan Feb 4% Jan 28S4 Aug 109 Mar 4 5 16 4% June 9% Jan Mar 17 195s Feb 11 49 Feb 8 9114 Aug I884 Mar 515s July 197s Jan 50% Feb 10»4 Feb 99% Mar Apr 6% Mar 2% 57 Oct Dec 30% Dec 49% Nov 22 3384 Apr 26%June 42UJune 4 May 1 July 43%May No par 1 Jan 18 Jan 11 15 8 1 26 2 5 30 % June 35% Jan 16 21 38% Feb 19 5034 Aug 10 934 Feb 1 14 1384 Dec 41% Dec 131% Aug 86 Feb 137% June 4% Feb 10% Mar 784 Mar 19 Nov 12% Dec 4984 Nov 46 15 Sept 8% Dec 6884 Dec 114% May 5% Jan 26% Apr 17% Apr 10% Jan 2% Apr 47% Jan 9% Apr 44 Apr 28 14 Aug 39% Dec 28 29 Aug 48% July Apr 4% 15% June 15 116 12 184 Feb 17 12% Jan 25 1 14 18% Mar 16 69% Jan 23 6% Feb 5 Wells Fargo & Co 98 July 17 par Mar 10 6 6% June 1 Aug Mar 17 33% June 2% Jan 56 19% Jan Jan Apr Apr 20 Nov 52 Nov 7% Nov 105 Nov 18»8 Dec 69 Dec 2% Feb 12«4 Dec 38% Dec 37% Dec 39% Dec "li% "Feb 284 Jan 52% Dec 8384 Dec 107 Sept No par 80 Mar 13 89 July 14 103 Aug 90%Jitne 17 109 Feb 11 96 Jan 110 July 1 £100% Jan 19 118 Apr 10 123% Mar 9 IIOI2 Apr 9 115% Jan 8 24 June 21 29% July 12 73sJune 17 II84 Mar 5 87 Feb 102 116% Jan 124% Sept 11134 Jan II684 Dec 8% Apr 12% Feb 23% Sept $4 conv preferred 7% Q% preferred preferred — West Penn Power 7% 6% 100 100 pref. 100 -100 preferred Maryland Co—10 100 100 6% 100 preferred Telegraph .100 Westingh'se Air Brake.No par Westlnghouse El & Mfg 50 1st preferred 50 Weston Elec Instrum't.No par Class A No par Westvaco Chlor Prod—No par 5% conv preferred 30 Wheeling & L Erie Ry. Co. 100 5)4% conv preferred—-100 Wheeling Steel Corp.--No par Preferred 100 Western Union 13%June 17 2 800 21 5:400 900 May 17 3584 July 19 2 June 17 29%May 27 90 Jan 18 114 Jan 18 88 99 Jan 4 May 20 July WhiteDent'lMfgCo(The SS)20 20 8 June 29 1 20 June 17 White Motor Co 14%May 15 33gJune 17 ctf—No par Mach---No par $4 conv preferred No par Wilcox Oil & Gas 5 Wilson & Co Inc No par $6 preferred 100 Woolworth (FW)Co 10 WorthingtonP&M(Del)No par Preferred A 7% 100 stamped Yale & Towne 100 Mfg Co 25 Coach cl B..1 Yellow Truck & 100 Preferred 80 200 28,400 June 25 5i2Juue 25 4l%June28 £40% June 29 130% Apr 12 143 May 14 107 Preferred rets Young Spring & Wire.-No par No par 5H% preferred 100 Zenith Radio Corp No par Zonlte Products Corp 1 Youngstown S & T delivery, n New stock, r Cash sale, 84% Feb 4 4 81 100 Western Pacific— Western Auto Supply Western 6% preferred B stamped 100 Wright Aeronautical.—No par Wrigley (Wm) Jr (Del)-No par "LOOO 93 6 135 par 100 _ 69% 55% *40% 12®4 Apr 743s Apr 5 SsMay 18 par 7% prel A 24% *123 Mar 7 par Preferred B 6%——-.100 24 92% 99% 383g 5«4 39% Mar 11 44% Jan 20 5 56 100 69% 54% 40% 47b Jan 13 25s Jan 20 5812 Jan 20 Jan 6712 Aug 10 lli8May 13 280 24% 128 4 5%June21 White Sewing 55 70% 13 Feb 17 White Rk Mln Spr 1~600 111% 110% 92% 9234 108% 110% *109 92% 127 4% 9% Jan 18 70 1 300 39 49 110 Motor Co— 300 1434 4% 80% 4% 9% Jan 19 108 1284 Jan 11784 Feb Wesson Oil & Snowdrift No par 1,400 2534 1434 43g 48 *4% « 20% £9% 164 12 17 par Webster Eisenlohr 800 10,500 23% 24% 1434 4% 17 100 5 Preferred • 167 79% 488g 42 - 900 *37 *20 Jan 21 Apr 26 No par 4% 2d preferred 600 159 23% *23% 24 *37 37% 37% *20% 20% 20% 20% *30 30 30 30% *102 10984 *102 10934 * 123% *_ 123% "59% 6034 60% 62% I2O84 121% 12384 126 124 124 120% 120% Apr May 17 124 W Ltd No par Warner Bros Pictures 40 2,°200 156 79% 47% 81 Bid and asked prices; no sales on this day. 42 July 5 37 24 620 *159 48% *53 93 4% 159 9% 70% 55% 40% 15 159 *79% 48% *94 127 20 24% 41% 42 155% 157% 38% 4% 9% 100a4 23% 10984 123% 24% 1484 434 48% 42 42% 111 111% IIO84 11034 9134 9134 91S4 94 *91% 100S4 70% 70% 5334 54% 22% 22% 42 42% 154% 156 159% 159% *23% 23% *37 37% 20% 20% *30 30% 20% 48% 91% 40% 8978 *20 24% 10 42 21 121 "59% 100 *120 30% IO984 *102 123% 5934 121 120 120 42% 160 23% *- 94% 168 115 Ward Baking class A—No par Class B No par ( 37% *20% 124 94% Oct 914 Feb 9 8is Feb 5 8412 Jan 11 June 29 19 450 100 160 West Penn El class A ..No par *94 100 100 July 5 6% Apr 28 20% June 17 105 No par 200 94 *95 144 Jan 6*2 July 15 11*2 July 28 24%June 24 84%June 24 11% Jan 4 4212 Apr 28 4% 1% 43% 82% 50 Jan 169 -100 —No par Walgreen Co -—No par 4)4% pref with warrants 100 Wayne Pump Co 400 Nov 10334 Nov Apr 86 48%June 17 5% preferred B 9,700 3,800 101 131 2% Aug 49% *13g 63% Dec 19% Dec 49% Nov 9 Jan 22 10% Mar 16 5% preferred A— • Jan Jan Sept Mar 122% Jan 11 1,500 43% *80% Jan 104 136 150 2 *45g 44% 82% Jan 72% July Jan 68% 468g 115% 3% Jan 5 7is July 15 49 30% 49% 4% 1% 47 100 100 -100 Waukesha 100% *23% 10984 *102 600 21% Jan 7% Apr 16% Jan Apr May £114% Jan 70 Aug 120 Aug 32 100 al20% 121% *120 59% 120 23% 37% 4% 1% 100 40 100 155% 156 42% 160 1% 25 *90 160 41% 48% 42% 4% *23% 39% 30% *94 100 160 48 30% 4984 30% 49% 24% *3884 45 154% 155% 634 25 3984 44 1% 678 4678 41% 154% 47 39 45 50»4 4% 168 6% 46% 41% *23 30% 49% 4% *1% £43% 9934100% 94 94% 120 28% 8% 16% 2% 7% 25 3 884 Jan Apr 9% 18% 75% Apr 79% Dec 15484 Nov 21 June 29 80 Waldorf System 300 » 71 59 Feb Nov Nov 84 35,000 84 *38 32 Aug Sept Preferred 300 15% Jan 753s Jan 18 12612 Mar 11 10 84 {Wabash Railway 2,200 64 72% Mar 9 193s Jan 12 72% Mar 31 31% Aug 4% Oct Nov Feb 26 600 70 15% *59% Mar 30 Aug 125% 169% 20% 62% 88 Walk (H) Good & Preferred— *68 June 11 24%June 14 100 Walworth Co 15% Mar 22 160 Mar 18 8,200 64 112 3 June 17 2,600 70 Feb 10 7 15% 14% *59% Feb 172 Feb 18 48 No par Chem preferred 49% 1984 70 70 64 3478 Jan 13 137 2334 Nov 39% Jan 85 60 28% 6% Apr 80 600 1984 10 May 500 *92 Jan 20*2 Jan 19 72 6% 900 28 Nov 5 Mar27 1,200 884 11% 100 Jan 80 50 *7% Feb Jan 2 Mar 27 Va-Carolina 180 8% 20 91 Apr 500 884 Apr 3 Mar 11 4 Nov Jan 28 Feb 105 Jan 87 40 100 1134 13 Aug June 19% Jan 113% July May 12 Va El & Pow $6 pref ...No par *7% Jan 47 Virginia Iron Coal & Coke. 100 5% preferred 100 Virginia Ry Co 6% pref—100 Vulcan Detinning 100 884 1134 109 Jan Nov Nov Feb Aug Feb 8% Dec 5084 Nov 115 90 4% 32% June 66% Jan 14% Nov 105 40*4 June 17 750 87 Jan 14 Feb 8 Mar 9 July 111% Mar 24 900 118 1137b 16is 2484 100% 358 Jan Jan 4 9684 35% 9% 48% 16% 29% 5 250 *4% 2 Jan 14 118 June 17 142%May 6OI2 Aug l%June l%May 5 8 8434 Mar 17 15 93 117 100 26 118 4% 63 8684 Mar 19 Jan 7% 1st preferred *118% 125 84% 8 Oct 68 22% Jan 538 Apr 40% Apr IO84 Apr 25% Sept 37% Nov 33% Nov Vick Chemical Co. 7,400 8% 4 183s Aug 11 68 May 13 Co comlOO 5% non-cum pref 100 110 *7% 11% *2734 90% 15% 48% *19% 27% 15% Van Raalte Co Inc * S 4% 48% No par 100 Sales Preferred May 13 65 Vicks Shr & Pac Ry 58 *4% *8% 8% * 4 3%Mayl7 Vanadium Corp of Am.No par 100 42% 1 25 125 *4% 8% 38% 112 110 26 82 125 Vadsco 20 10,400 2,200 3434 57 *118% 125 82 1% 52 100 preferred {Utilities Pow & Light A 4,200 1,600 2% Jan 75 No par Universal Pictures 1st pref. 100 95 95 8 8% 8% 8% 57 *55% *56% 57% 109% 109% *109% 110 9 7% 7% 71.4 *24% 8% • 70 61 Mar 111 435s Feb 9 1518 Mar 13 223s Mar 17 June 18 126i2June 14 120 May 15 147 Apr 29 £5%June 30 Universal Leaf Tob....No par 76 $6 conv pref. A 16 2684 Apr 19 106% Feb 26 9% Mar 11 78 Universal-Cyclops Steel Corp 1 72 154 100 500 900 % *23 Preferred 8% Jan 14 4678 Jan 14 Jan 16% Apr 24% Mar 49 665sJune 21 100 100 3 81^2 June 17 50 No par Feb Mar 17 13 Highest share $ per share 70 10 __50 Preferred 91 35 per 23*2 Mar 22 89 __100 U S Tobacco 31% 30U 11734 f 24% June 80% May May 87b Jan 6% Jan 2 13is Apr 23 100 Smelting Ref & Mln 2438 share Jan 12 Feb 10 Jan 11 Feb 6 28 .No par 19 *62 73% conv class A per 1538June 29 535s Jan 11 5 __50 1,900 *18% 5% ll%May 17 1512June 5 United Stockyards Corp 1 United Stores class A-.No par 19 *6% Corp conv pref._ U S Steel Corp 40 *151% 155% 684 684 6% 5% 5% 5% 1% Apr 29 No par 20 £l03%June 14 100 156 May 10 Preferred 100 155 par 44% Jan 3,900 130 June 11 100 8% 1st preferred 59,500 131 June 30 44%June 14 200 130 4 15 92 No par U S 5,000 *129 13134 *129 No par 100 1 20 No par 7,500 95 119% 120% II984 130 130 4,400 73% *71 1028s July 6% Jan U S Rubber..- 3,400 93% 10 July 26 June 14 U S Pipe <fc Foundry U S Realty & Impt 26,900 12% 11 Prior preferred 200 62% 64% 98% 101% 75 preferred.. Partic & 7,600 105 108iJune29 183s Jan 4 9684 Jan 26 5% June 17 45*2June 17 U 8 Industrial Alcohol.No par U S Leather No par 2,200 June 17 4 32%June 15 6 No par preferred-.. 5)4% 100 June 21 113%Mar 16 6934 Apr 28 29 Apr 30 6 JNo U S Hoffman Mach 700 55% 12% 62% 98% 953g 11834 131% 7% 17 No par U S Freight U S Gypsum 800 1,600 6034 12% 61% Conv 40 17 14%June 15 No par $6 first preferred U S Dlstrlb Corp 200 2%' Fruit United Paperboard U S & Foreign Secur 300 5434 12% 54% United United Gas Improvt $5 preferred $ 221* June 17 10 100 United Electric Coal Cos United Eng & Fdy 500 55 *118 125 90% 72 *134 72 * 90 14% 2 United Dyewood Corp Preferred 1,200 3,200 16,100 13% 18% *73% 32% 42% 2784 *58 77 No par United Carr Fast Corp No par United Corp No par $3 preferred No par United Drug Ino __5 25,800 9% 5384 77% 13% 13% 108% 108% *108% 10834 10% 1034 *10% 10% 18 18 *1734 *17% 94 94 96% *92% 13% *105 112 2784 *69 53 78 900 100 United Carbon 98 *62 *48 4884 *19% 14% 53 22% 19 1% 50 33% 38% 90 72 884 18,500 2,800 6,200 72 18% 73% 2% 27% 6% *98% 884 100 5 2% 2734 2778 89% 15% 48% 1934 28% 6% 98 500 5 *60% 12 *1134 22% 88 33% 5% 39% 11% 6% *148 12 64 *58 125 *118 4% 8% 22 *96% 8% 52% 77% 5% 39% 11% *2134 584 12 115 6% 6334 56% *108 109 109 109 *109% 111 9 9 *8% 8% 934 9% 26 *23 2678 27% 28 27% 126 *123 *123 126 *12334 126 81 82 *81 *81 83 82% *118 40 *32% 6 No par No par _ Preferred 10 *62 95 8% 56% 33 6% 39% U84 87% 87% 33 United Biscuit Year 1936 Lowest Highest % per share Un Air Lines Transport- United Amer Bosch 100 1,300 1734 17% 173g 117 117% 117% 117% 163% 163% *160 163% *160 19 19 19% 19% 18% 18% 59 59 60% *57% *57% 60% 33 3384 34% 3434 3384 34% 11 11 11 11 *1084 1084 20 20 19% 19% 19% 20 132 *57% 87% 34 *17% 17% 117% 117% *129 19% 60 116: *115 89% Par Range for Previous 100-Share Lots Lowest 6,000 16% 21 22% *160 19 *18% *57% 60 33% 33% 33% 1184 IO84 11% 20% 19% 19% 110 *106% 110 106% 54 54 54% 54% 12% 12% 1234 12% 61% 60% 61% 60% 98% 97% 97% 96% 92 93 917g 9234 70% *69% 70% 70% 119 120% 118 117% 130 13284 131% 132 130 129% 129% *129 *57% 33% 11% 21 £223g 23% ■ 8% 8% 52% 52% 76% 77% 13% 1334 108% 108% 11 *10% 1784 17% *92% 96% 108% 108% 3 23 39% 11% 21% 15% 15% 23 *19 5% 5% 39% 11% II84 21% 21% *96% 100 40 5284 *16 16% 17% 23% 5234 75% *1084 16% 23 8% 1384 15% *19 *23 8% *2 3 1584 23 23% *19% *96% 100 *95% 100 *95% 100 8 8% *50 5384 16 15% *19 *8684 *32% 5% 39% 8684 *32% 5% Range Since Jan. 1 On Basis of Week $ per share 1061 EXCHANGE Wednesday Aug. 7 *23 STOCKS NEW YORK STOCK the SHARE, NOT PER CENT Tuesday Aug, 10 Monday *19 Sales for LOW Saturday 10 25 June l7 414 Apr 28 8% June 16 77 June 14 4334June 29 3058June 18 81 Jan 4 105% July 19 7634June 30 82*2 July 12 90 May 18 6558 July 48 2 June 15 20*8 Jan 4 123 Apr 28 35^8 June 21 7434June 17 9784June 30 2 June 17 47s June 18 t Ex-div. y 23% Mar 484 Mar 11% Mar 83% Jan 5784 Mar 1675s Jan 170 6 17 17 22 6 22 Jan 22 30% Jan 22 39 May 6 27% Feb 23 3478 Jan 7 115 Apr 13 126 Aug 6 65 Mar 11 126 Aug 13 124% Aug 2 23%May 15 33% Feb 1878 Jan 684 Mar 46% Jan 6% Jan 12% Feb 9194Mar 65% Jan 47 161 25 22 4 25 27 2 20 Jan 22 112% Mar 25 112 Aug 6 100 Mar 10 92 Man 6 9184 Feb Jan 15 Apr 1% Nov 5% Aug 72% May 3434 Jan 94% Jan 123% Jan 4 Apr Sept Feb 9% Feb 96% Nov £5078 Dec 153% Oct 160 Oct 22% June 33'4 Jan 35% Oct 1984 June 3I84 Nov 39 Jan 32 July 34 91 Jan 35% Oct Nov Oct July £120 21% July 3978 Dec 84 July 109% Feb 99 18% Feb 1384 July 3% Apr 16 Apr 284 Jan 6% June 28% Nov 17% NuV 684 Nov 43 Nov 5% Mar 11 Jan June 87 Jan 4484 Apr 23% Apr 56 Apr 71 Nov 70 47 Jan 62% Jan 3684 Deo 8684 Deo 80«4 Oct Aug 11 128 78 76 Jan 7 62% Jan 27 37% Feb 16 142 Jan 23 46% Feb 15 10178 Mar 115 6 Jan 27 40% Feb 17 9% Jan 16 Ex-rights, 140'4 Sept 63 79 Feb 33% 51 Nov Aug Apr 884 Jan 83% Jan 42% July 41% Jan 105 Jan 11% Jan 584 July 23% Dec 163% Dec 55 Apr 87«4 Oct Aug 42% Nov 122 9% Jan f Called for redemption. Aug. 1062 NEW STOCK EXCHANGE YORK Bond Record, Friday, Weekly and Yearly Interest"—except for Income and defaulted bonds. Cash and deferred delivery sales are disregarded In the they are the only transactions of the week, and when selling outside of the regular weekly range are shown in a footnote In the week No account Is taken of such sales In computing the range for the year. week's range, NOTICE—Prices are "and unless occur. Last Inter st Period N. Y. STOCK EXCHANGE Week Ended Aug. 13 Range Sale Friday Bid Price tfe Low Asked High Bonds Sold Low 15 1947-1952 15 1943-1945 A O 116.20 116.20 A O 106.25 106.25 107 J D 112.11 112.11 112.18 69 110.31 110.31 5 107.13 107.13 107.20 81 103.7 103.22 131 101 104.11 104.10 105 268 102 .10107.30 105.28 105.26 105.31 57 104 .20107.27 106.17 106.24 37 104 .24 108.24 IVI 8 D J M B J D J D M 8 3s 3s - - - 105.9 105.26 77 102 .20108.24 105.5 - 105.21 32 102 .24108.18 106.23 64 104 .24108.24 Costa 103.2 ------ J D J D 108.5 F A 106.13 106.13 106.22 106.22 113 16121.14 107 104 2 107 .12114.9 104 28 110.18 53 A O 8 101.1 100.30 101.17 174 M 8 103 102.31 103.11 43 M S 101 101 D 100 M S 100 J 106.28 104 109.25 99 104.30 100 .18106.16 101.21 147 99.30 100.21 440 98 ,4 99.28 98.22 D J 109.26 109 12115.20 M 100.17 426 98 103.18 98.20 99.4 220 96 6 101.22 99 2 104.16 103.17 8 103.24 103.24 1 M N 102.30 102.30 2 100.11 105.17 102.30 104.6 6 101.8 102.8 102.17 J J 1 1942-1947 M 8 ------ 102.8 101.7 76 May 105.23 2%s series R__Aug. 2}4b series G Foreign 1 1939-1949 99.6 104.10 103.4 442 99.24 105.3 A 101.11 378 98.28103.2 •""" 100.17 100.27 101 102 98.16 102.31 F 1942-1944 102.22 102.22 100.27 100.27 1 1944-1952 M N ♦Sink fund 6s Apr coupon on. Akershus (Dept) Ext 5s 1948 1963 1958 IIArgentine Govt Pub Wks 6s__1960 F A A O 1957 1960 ^External s f 6s (State Ity)_.1960 lIExtl 6s Sanitary Works 1961 HExtl 6s Pub Wks May 1927.1961 ^Public Works extl 6%s —-1962 S f external 4%s 1971 s f 6s series A HExtl s f 6s of M ay 1926 S f external conversion 4s—1972 1955 Australia 30-year 5s .1957 1956 External 5s of 1927 External g 4%s of 1928 1957 Austrian (Govt) s f 7s ♦Bavaria (Free J 100% ... 11% 12 10% 11% 11% 12% 11% 1 11 16% 12% 2 1114 101% 100% 100,732 102 17 16% 98% 102 3 100'732102% O O ------ 101% 100'732 S - M N 100's,6 M S 1005,6 — - - 11 6 1001732100'932 14 1005,6 7 1003,6 102% 101',6 4 1005,6 28 10015,6 101>32 12 100'5,6103% 100% 102% 100'32 102% 100'5,B102% 1003,6 10015,, 100% A Ml N 10015,6 A M N F A J J 101% 93% 142 102% 95% 344 109 107% 109 57 M S 108% 107% 108% 84 M N 103% 102% 103% 38 J 104% 104% 104% 5 J *24 117% 26% 109% 110% 118% M S 102 102 O *25 31 A 109% J D 109% M S 96% 18X 1 108 105% 115% 118% 99 102% 1 29 F A ""23% J D 101% 100% M N 11 70% 80 96 20 95 99 95% 33 S 102% External 5s of 1914 ser A 1949 F A *103% External loan 4%s 1949 F A J J 1944 (Republic) 5s of 1904 M Sinking fund 5%s...Jan 15 1953 ♦Public wks 5%s.._June 30 1945 J D 1951 A O 43% D 43% 43% 5 J D 103% 10 6 110% ---- 47599% 103 99% 103 101 105% (City of)— ♦6s July 1 1935 coupon on... 1962 J D J J A O M S 1961 M S F A B-2-. ♦Buenos Aires (Prov) extl 6s—1961 stamped 1961 ♦6%s stamped .... 101% O A 2 28 27% 101% *100% 100% 80 101% - - - - — — - - 26% 1 External gold 5%s 102% 102% External g 101% 100% 1952 1955 4%s...—Apr 15 1962 Deutsche Bk Am part ctf 6s.-.1932 Denmark 20-year extl 6s *75% 102% 100 102 2 106 5 91% 92 10 97% 82% 91% 91% 91% 7 83% 91% 83% 83% 84 92 75% 84 84 85 13 75% 99% 102% 76 76% 4 76 81% 75% *24% 76% 6 74% 81 19% 26 J *55% 67 55% 66% J 100 100 1 105% 106% 4 1945 M S ♦Frankfort (City of) s f 6 %s... 1953 M N French Republic 7 %s stamped. 1941 J D Finland (Republic) ext 6s 7%s unstamped 1941 1949 External 7s stamped 7s unstamped yd 107% 100% *107% *102% 1949 1965 J D 1965 ♦5%s stamp(Canad'an Holder)'65 ♦German Rep extl 7s stamped. 1949 A O ♦7s unstamped 1949 ♦5%s of 1930 stamped 30 25% 1958 ♦(Cons Agric Loan) 6%s ♦Greek Government s J 1968 F A Haiti (Republic) 38 30 22 33 5 23% 33 *40 46 33 42 32 33 15 27% 35% 32 24% J ♦7%s unmatured coup on... 1945 ♦7s unmatured coupon on 1946 25 23% *22% *22% 23% 23% *22% 23% 30 58% (Kingdom of) 7%s..l944 Irish Free State extl sf5s D 105 15% J 4 — — -m — — — mm ' - 2 58% 86% 83 83 1 74% "74% 75 14 119 107% 107% 21 113% 113% 31 100% 113% 99% 100% 42 A 97 77 80 29 77 89% 41% 41% 29% 19% 42 Jugoslavia State Mtge Bank— 1957 A O 1947 F A 1950 J D *100% ♦Medellln (Colombia) 6%s 1954 J D 11% 4% 6 104% 12% ♦7s with all unmat coup ♦Leipzig (Germany) Lower Austria s f 7s (Province *23 of)— ♦Mexican Irrig assenting 4%s.l943 M N 1945 Q J 95 11 5 4% J J 100% J 99% 99% 99% 18 98% J 95 94% 95 70 92% 50% S J Oct 15 A ♦Farm Loan 6s ser A Apr 15 57% 46% * 6 11% 6% 6 11% 11 ----- 6% 5 5% 20 5 9% 5% 5% 5% 21 5 9% 5% 64 4% - - - 5% - A ♦Extl sinking fund 6s...Feb 1961 F O A J ♦Ry ref extl sf6s Jan 1961 J ♦Extl sinking fund 6s.-Sept 1961 M S ♦External sinking fund 6s 1962 IVi s 1963 M N ------- 20% 20% ------ 20% D ------ J D ------ O 3 95 74% 28 28% 7 M S 28% 27% 28% 74 74 74 J D New So Wales (State )extl 5s. .1957 External s f 5s ..Apr 1958 A Norway 20-year extl 6s 1943 F 106% 102% 26% 40 4s 100% 100 Municipal Bank extl 30% 48% 20% 7 18% 25% ♦Nuremburg (City) extl 6s 1952 20% 20% 55 18% 25 20% 20% 30 1953 M S 1968 M N 73% 20% 20%; 56 18% 18% Oriental Devel guar 6s Extl deb 5%s Oslo (City) sf4%s Panama (Rep) extl 5%s 1955 1953 A O 102% J D ♦Peru (Rep of) external 7s ♦Nat Loan extl s f 6s 1st 15% 17 15% 21% 4 15% 22 20% 3 18% 20% 20% 17% *18% 20% 20% 8 18 18% 18% 18% 30 15% 18% 18% ♦Chilean Cons Munlc 7s 1960 M S 15 ♦Chinese (Hukuang Ry) 5s 1951 J --- 18 18 - 101% 105% 100% 82 "l05~" O 20% 17% 12 22 S A 1 17% 105% 109 105% 102% M 41 18 101% 105 104% 107% 1965 12 1962 M N 5 1956 40 f 6s 9 15 External sink fund 4%s External s f 4%s... 25 ♦Extl s f 5s ser D *102% ----- 1947 1959 ser.. M M 1960 J - - 25 79% 27 72% 73% 9 101% 102% 21 106% 106% 3 *66% 75% 62 Pemambuco (State of)— ♦7s Sept coupod off mm 78 1963 M N A 104 25 A ♦Stamped 64% 106% 54% F 74 60% 106% 40 1 1970 J 33 65% 101% 105% 26% 10 39% f 5s 24% 2 5 35 46% s 34 20 103% 1944 A 82 2 20-year external 6s S 1963 F 70% 25 64% 60 f ext loan 13 106 O A 13% 64% 103% 103% 1959 M N F A 105% 104% 102% 24% 24% 24% 24% 21% 21% "76% "33 76% M 9 7% 28% f 6%s s 8 9 7% M 20% ------- 1957 J ...1961 A 57% 96% 103% 99% 4% *7 S ♦Montevideo (City) 7s ♦6s series A 8 •__ 6%s...1952 AO 1958 1959 1952 5% 5 40% O M N 52 100% s 8% 6% 7% f 6%s ♦Sec extl 17 *5% 39% 39% O A 100 s 4% 6% *6 J D Milan (City, Italy) extl Minas Geraes (State)— 11 26 100% *6 ♦Mexico (US) extl 5s of 1899 £ D 101% 82% 77 1954 J 104% 110% 111 114% 94 1965 M N Extl sinking fund 5%s J 107% 71% 62% 115% 93% 100% J O 80% 30% 27% 90 1954 J 30 80 30% 30% 127 ♦4s of 1904 28% 20% 94 ♦Assentlrg 4s of 1904 22 25 107 90 85% 21% 30% 90 J 12 36 A ♦§Treas 6s of '13 assent(large) '33 J 30 21% 21% 21% 21% 47% 111 86 86% S ♦Assenting 4s of 1910 large ♦Assenting 4s of 1910 small... J 1961 17 3 *113% 1960 M N 88 27% 25% 96% 101% 6 21 105 J 65% IVI ♦Sink fund 6%s of 1926 4 101% 105 ♦Hungarian Land M Inst 7%s.l961 M N ♦Sinking fund 7 %s ser B 1961 M N F A ♦Hungary 78% ♦Cent Agric Bank (Ger) 7s ♦Guar s f 6s - Hungarian Cons Municipal LoaD— 56 30 31% 28% 36 — - *18 11 J ♦Chile Mtge Bank 6%s 20% 6 33 105 1960 29 J ♦External sinking fund 6s 122 35% 1946 84% 86% 24% 124% 119% 18% 25% 27% 23% ♦Heidelberg (German) extl 7%s '50 Helsingfors (City) ext6%s 63% J (Rep)—Extl s f 7s ♦External sinking fund 6s... 98 105% 130 100% 124 30% 101% 88 F ♦Chile 105 10 29% 1952 f 6s ser A ♦Hamburg (State) 6s s 84% A f 6s..July 15 10 29% 35% f ser 7s..1964 M N ♦Sink fundsecured6s 83% IM N 1961 17% - 120 29% D ♦Assenting 5s of 1899 ♦Assenting 5s large ♦Assenting 5s small 92 98 100% 105% 109 German Prov & Communal Bks 1945 Q 106 - 107% 102% 27% *25% ♦5%s unstamped 63% *27% 81% German Govt International— 84% J s *24 102% 63% 30 82 75 J J 82 76% 13 77 82% 72 - 50% 74% 31 - 73 O 30-year 3s ♦Carlsbad (City) sf8s ♦Guar 45 77% 79 76% ♦El Salvador 8s ctfs of dep Dew.1948 J Estonia (Republic of) 7s 1967 J ♦Sec extl 3%s 2Mb 50 1 S M N Aug 15 104% 106% 100% 102% 97% 101% 40 8 1969 ♦SSmall .... 2 101 102% 97% 102 102% 105 56% 68% 103% 105% 103% 105% 79% 79% A J ♦Farm Loan 8 f 6s 77 77% 1st ser 5%s of Bulgaria (Kingdom of)- s 104 *58% §*Stamped extd to Sept 1 1935.. Ad 5%s..l942 1926 1940 2d series sink fund 5%s 1940 Customs Admins 5%s 2d ser.1961 Dominican Rep Cust 87 6s 182 67 5 J Canada (Dom of) 30-yr 4s 5 22 106% 102% 101% A ♦Farm Loan 65% ' 105% F 7-year 104% 33% 100 100% 106 90 27 36% 100% 105% 6 ---- 102 "66% O Ml 25-year 102 7 %s June 1 1935 coup on Buenos Aires (City) 6 14b 10-year 2 Mb — 106 35% 42% 103 — 104 A 82 43 102% — 104% 1942 47 O 42% - 104 of) 8s 35 56 103 33% 102% 104% 102 5 104 Czechoslovakia (Rep 37 42% 43% *101% 77 ---- (Republic Rica 59% 47% 52% 42% S 33 95% 35 51% A 15 J 1947 M F 101% 100% 74% 31 30% 30% 96% 101% 93 100% J 1951 J J 20 75 Italian Public Utility extl 7b, l. 1952 J Japanese Govt 30-yr s f 6 %s__. 1954 F M 20 3 38 38 73 Italian Cred Consortium B 1957 5 23% 25% 25% A Italy (Kingdom of) extl 7s 1952 20% F 24% ♦7s (Central Ry) 5 *73 25 Brisbane (City) s f 5s 99% 17 23% 23% A 18% - 101 38 29% F of)— ♦7s Nov 1 1936 coupon on._.1951 Cuba 29% 28% 28% 23% 23% 23% 23% M N 18 — 43% A 111 7 2 O 25% 5 83 A 102% 90% 95% 104% 110% 104% 110 99% 103 % 98 104 % 24% D ♦6s 100"32103 24% 49% D Budapest 29 J O A 993132103 101% 94% J 1941 20 11% O D A 12 11% 11% 20 20% 17 X J 8s 5 15 20% 13% ♦External sinking fund 6s... 1958 J ♦Brazil (U S of) external 13 11% 13% J 1955 Bergan (Norway) extl s f 5s...I960 ♦Berlin (Germany) s f 6%s 97 2 *12% F External 30-year 8 f 7s 14 13 1955 Belgium 25-yr extl 6%s 100% High 30 30 100% J O F 22% J A F 100 14 12% - 23 23% 13 - J J M 25% *23% 23% 1945 1949 State) 6%s External s f 6s 23% M N Argentine (National Government)— A O lExternal s f 6s of Oct 1925..1959 ^External O J A ♦6s July 1 1935 coup 5%s 2nd series 1969 ♦Dresden (City) external 7s—.1945 M N ♦Antloquia (Dept) coll 7s A... 1945 J ♦External s f 7s series B 1945 J ♦External s f 7s series C 1945 J ♦External s f 7s series D.-.-.1945 J ♦External s f 7s 1st series 1957 A ♦External sec s f 7s 2d series. 1957 A ♦External sec s f 7s 3d series. 1957 A Antwerp (City) external 5s ♦6s Apr 1 1935 coup 5%s 1st series Govt. & Municipals— Agricultural Mtge Bank (Colombia) ♦Sink fund 6s Feb coupon on. 1947 Low High 106.10 Home Owners' Loan Corp— 3s series A Since Jan. 1 Colombia (Republic Sinking fund 8s ser B M ..Mar. 2%s - 32 101 K Asked Low of) on__Oct 1961 on..Jan 1961 ♦Colombia Mtge Bank 6%s._.1947 ♦Sinking fund 7s of 1926 1946 ♦Sinking fund 7s of 1927 1947 Copenhagen (City) 5s 1952 25-year gold 4%s—... 1953 ♦Cordoba (City) 7s... 1957 ♦7s stamped 1957 Cordoba (Prov) Argentina 7s.. 1942 105.9 Mar. 15 1944-1964 May 15 1944-1949 Jan. 15 1942-1947 3%s m 117.3 & Govt. & Mun. (Cont.) Foreign Treasury 4s Bid Range •5 or Friday High Dec. 15 1944-1954 Treasury 3%8-._Mar. 15 1946-1956 Treasury 3%s June 15 1943-1947 Treasury 3s Sept. 15 1951-1955 Treasury 3s ..June 15 1946-1948 Treasury 3%s June 15 1940-1943 Treasury 3%s Mar. 15 1941-1943 Treasury 3%s June 15 1946-1949 Treasury 3%s Dec. 15 1949-1952 Treasury 3%s Aug. 16 1941 Treasury 3%s Apr. 16 1944-1946 Treasury 2%s._.Mar. 15 1955-1960 Treasury 2%s Sept. 15 1945-1947 Treasury 2%s Sept. 15 1948-1951 Treasury 2%s 1951-1954 Treasury 2%s Sept. 15 1956-1959 Treasury 2%s Dec. 15 1949-1953 Federal Farm Mortgage Corp— Oct. Treasury 3%s_..Oct. Price Week Ended Aug. U. S. Government Treasury 4%s Range Sale STOCK EXCHANGE 13 N. Y. Since Jan. 1 No. Last BONDS Range or In which they Week's Friday Week's Friday BONDS 1937 14, 62 62% 1 99% 103 95% 100% 102% 103% 17 25% 75% 85 71% 79% 97% 102% 104% 107 68 85 13 60% 76 ---- S 27 14 22% 30% 21% 26% 21% 27% S 21% 4 19% D 19% 19% 19% 59 17% 28 26 For footnotes see page 1067. D S 15 9 15% *54 71% *25% 26 - — — - 15 21% 53% 73 18% 26% 19% / 19 19% 66 17% ♦Poland (Rep of) gold 6s ♦Stabilization loans f 7s 1940 61% 61 61% 13 47 26 62% 1947 76 4 60 80 1950 75% 55% 75% ♦External sink fund g 8s ♦Cologne (City) Germany 5 %s. 1950 M 55% 56% 46% 64 ♦Nat Loan extl s f 6s 2d ser. .1961 12 Volume 145 New York Bond BONDS Last N. Y. STOCK EXCHANGE si Week Ended Aug. 13 Foreign Govt. &Munlc. Porto Alegre (City of)— ♦8s June coupon off ♦7 Ms July coupon off S Rio de Janeiro (City of)— ♦8s April coupon off ....1946 1966 M N 1967 J D Rome (City) extl 6 Ms 1952 A Roumanla (Kingdom of) Monopolies ♦7s August coupon off 1959 ♦Saarbruecken (City) 6s Sao Paulo (City of, Brazil)— ♦8s May coupon off 27 H 33M 18 25 31 97 M 97M 2 92 100 24 H 25 H 25 5 17M 25 M 2 16M 109M 109M 15 109 25 113M 111M 112M 7 109 113 *32 M 24 36M M 24 M ulh 32 ♦6 Ms Aug coupon off 1953 Rio Grande do Sul (State of)— ♦8s April coupon off..; 1946 A O ♦6s June coupon off 1968 J D ♦7s May coupon off.. ♦7s June coupon off 11 27 M O Queensland (State) extl s f 78.-1941 A O 25-year external 6s 1947 F A ♦Rhine-Main-Danube 7s A I960 M S 26 32 28 26M 27M 26M *27 M 54 32 M 26 34 M 22 M J 97M 25 32 M 1st g 4Mb series JJ 25M 32 M t♦Boston & N Y Air Line 1st 4s 1955 F O 83 M Xi^Botany Cons Mills 6 Ms 70 25 M 41M 27 f 6s 1960 A M N 27 35M 34M 25 36 M 26M 97M 24 25 44 43M 35 M 34 M 91 98 AND J M S D 10-year deb 4 Ms stamped.. 1946 F Adriatic Elec Co extl 7s 1952 A Ala Gt Sou 1st cons A 5s 1943 J cons 1943 J 48 series B 6s with A 39 M 90 M *105M 75 75 71M 67 "7§" 98M 101M 106 106 74M 67 65 78 M 73 M 74 M 70M 67M 67M 68M * 72 X 102 M 71M 99 H 103 78 83M 100 99 55 M 78 5 56 33 4 78 M 99 M 101M 80 M 70 H 70 M 92 M 100 39 H 57 77 M 86 M 101M 102 M 101 79M 79 M 76 113M 113M 108 D D 108 93 M 86 M * "59" 1998 M 1942 S Allied Stores 1950 1951 F A Corp deb 4 Ms Ha debentures A Alpine-Montan Steel 7s 1955 M Am <fe Foreign Pow deb 5s 2030 M S American Ice 1953 J s f deb 5s conv 5 Ms 1949 Am Internat Corp conv 5M8--1949 Amer Telep & Teleg— 20-year sinking fund 5 Ha—1943 J M N Convertible debenture 4 Ma.-1939 J 3 Ms 3Ms 1961 A 1966 J debentures debentures ♦Am Type Founders conv deb. 1950 J Amer Water Works & Electric— 5 f Income deb g f 4s ser C (Del) 1955 F A A O J 1995 Nov 1995 M N 1955 J < 107"" 80 Conv 4s of 1905 1955 D 1960 105M 112 112 104 M 104M 100 100 99 M 99 M *130 107M 106 M 2 106 78 14 102 107M Conv deb 4 Ms Rocky Mtn Dlv 1st 4s 1948 D 1965 36 M '."98 M 1958 J J M Atl & Charl A L 1st 4 Ms A 1st 30-year 5s series B 1944 J 1946 J 1944 J 4s July 1952 M S 98 M 72 M 93 M 120 M 107 M 112M 98 M 101M 97 100 M 93 M 75 102M 87 100 87 M 105M 109M 112M 111M 114 67 103M 113 104 M 100^, 77 1 180 100 148 103M 106 M 96 M 102 M 96M 102M 120 107M 106M 200 103 110M 104M 107 37 M 31 114 94 M 100M 98M 50 Ink "72 105M 105M 106M 5 102 112 29 102 106 k 105M *106 I68m 106M *104 I08M 108M 107 M "33 107M 106M "54 109 *106M 113M 113M 113M 113M 109 M *112 103M 103 92 107 110 114 113M 1 111 113M 118M 118M 108 113 110 103 M 90M 47 104 M 108 108 111 105 105 48 46 60 M 46 M 42 54 *32 M 65 *105M 106 71M {Baldwin Loco Works 1st 5s... 1940 M N ♦103m O 103 M 103 m D 77 M 76 m O 109M 109m D 90M 1941 M N 102 M J 100M A 1995 J P L E & W Va Sys ref 4s Southwest Dlv 104 1940 1st 3Ms-5s__1950 J Tol & Cin Div 1st ref 4s A 1959 Ref & gen 5s series D 2000 Conv 1960 4Mb Ref & gen M 5s series F Bangor & Aroostook 1st 5s Con ref 4s 72 71M 83 H 31 90 102 m 99 * ~75M 66 1996 76 X 1943 113M 104 1 85 M 56 104m 78 76 106M 106 M 103M 108 M 74 M 94 M 85 91 109 M 116 M 62 110m 87 H 103 M 102 105 103 44 100m 68 89 104 103 105 {♦Bush Term Bldgs 5s gu 1960 1942 1962 ♦Camaguey Sugar 7s ctfs.. Canada Sou cons gu 5s A Canadian Nat gold 4 Ms Guaranteed gold 5s .1957 15 1955 1956 Guaranteed gold 4Ms..Sept 1951 Collateral Trust 4 Ms {♦Car Cent 1st guar A 54 98 116 108 111 5 115 83 113 115M 122M 132M 95 h 90 106 106m 105m 80 42 103 109 *106 ..... *i09m llom 103M 106M 101M 102 *99 ■ - - 993*32 75 m 79 m 108 M 100 ---- 28 79 m 110M 101z,s2 75M 93 32 *17m 18m 16M 20 17 31 *89 - 90m 85 89 58 M 83 58 m 58 m _ 5 58 m 66 66 66 m 12 58 73 M 100M 103M 103 105H *ioo9,6 105m 103 m 104m 41 26m 22 20 118m 8 112 119M 116 104m O A O J S A cons g 109 M 116m 15 119m 12 113 118M 114M 121 118m 10 J *116m 114m 113m 113 m 124 m 114 95 m 110M 116 10 120 M 128 M 248 89 M 99 M 104 m 104m 104m 8 102 M 114m 114m 114m 17 110 105M 115M 107 h 107 107m 37 106 110M 103 103 103 H 44 D 6s ser A.Dec 15 1952 6 17 125 94 m 95 D 1938 114M 121 112M 118M 110M 116M 116m 114 J 1949 113m 114m J J 112m 118m __ J Caro Clinch «fe Ohio 1st 5s 1st & 19 116m 118m 118m 113m A M 42 116m D F 117m 119m J O J 23 25m 117m J J Dec 1 1954 J 1960 4s. Carriers & Ger Corp deb 5s w w 1950 Cart & Ad 1st gu g 4s 1981 1948 1941 Gen mortgage 5s Cent 111 Elec & Gas 1st 5s 1951 Cent Illinois Light 3 Ms 1966 {♦Cent New Eng 1st gu 4s 1961 1987 Central N J gen g 5s.. 1987 General 4s Cent Pac 1st ref gu g 4s 1949 99 M 105M 83 M 70 70 103 m 103m 110m 111 3 105M 108M 111M 100m 101 5 100 83 1 82 70 M N J D J D F Champion Pap & Fibre deb 4Mb '50 1939 79 m 79 m 25m 27 27 O A O 14 J D *29 70 13 103 J *12m 23 *11 18m 24 M - 1 J *14 J J J M S M IVI S A O F A 11 J 14 19M 105m 35 104m 69 A O S M J Craig Valley 1st 5s May 1940 J Potts Creek Branch 1st 4s...1946 88 M 45 78 M 106M 112M 2 95 101 75 .... 93 M 121m 83 m 85 121M 125 M 27 74 M 96M 105M 108 106M 109 107 107m 20 107 107m 10 121m 97m 122 97 m 107 m 98 S 98 98 J J 98 m 107m 95 M 92 17 10/ m N 104 M 88 M 107 H A 108 M 88 90 121m 83 m 39 93 * S M 75 M 48 104 ---- M N IVI N 63 109m *88 IVI N 3 45 94 m 94 m 104M 100M 108 M 2 104 104 A 125M 109 99 M 61 108m 109 102 51 * IVI N IVI 140M 244 — 69 49 m 50 m ----- A 23 M 34 20 2 103m 104 a 69 104 m J F 1 101m 40 31 96 103 23M 24 ---- 105m 101m 105 m J J 20 23M 27 -w *97 J J 20 81M 36 M 16 S 20 40 78M 16 m 15 106 M 93 25 10 35 J 4Ms.--.-1992 M 3 Ms ser D..1996 F M 3 Ms ser E 1996 General gold A 26 m A Ref &impt mtge Ref & impt 83 *24 M N Through Short L 1st gu 4s—.1954 F Guaranteed g 5s 1960 §*Cent RR & Bkg of Ga coll 5s 1937 ♦5s extended to May 1 1942 Central Steel 1st g s f 8s 1941 Certain-teed Prod 5 Ms A 1948 4s 1989 4s 1989 Spring V 1st g 5s—...1941 R & A Div 1st con g 2d consol gold Warm Chic & Alton RR ref g 3s —1949 Div 3MS---1949 1949 General 4s 1958 1st & ref 4 Ms series B 1977 1st & ref 5s series A. ...1971 Chic Burl & Q—111 Illinois Division 4s. gold 5s 1982 {♦Chicago Great West 1st 4s...1959 {♦Chic Ind & Loulsv ref 6s ♦Refunding g 5s series B 1947 1947 ♦Refunding 4s series C 1947 ♦1st & gen 5s series A 1966 ♦1st & gen 6s series B_.May 1966 Chic Ind & Sou 50-yr 4s 1956 Chic L S & East 1st 4 Ms 1969 99 17 116M 128 M 9 95 65 95 M 1 102M 102M 107 M 111 107M ♦General 1987 4s 88 99 M ♦Stpd 4s non-p Fed inc tax 1987 47 74 M 93 M 226 65M 82 M 77 91 74 1 111 stpd Fed inc tax.. 1987 Fed inc tax 1987 ♦4 Ms stamped 1987 § ♦Secured 6 Ms— 1936 ♦1st ref g 5s May 1 2037 76 113m 113m ^ 108m 2 112m 112m 20 103 IVI S A O J J 93 M 116 110M 109 H 116M 111 114m 111m *108m J 114m 1 112m 4 ♦Gen 4Ms ♦Gen 5s stpd ♦1st & ref 4 Ms stpd.May 1 2037 Ms ser C.May 1 2037 A 1949 111M 108 120M 109M 115 108 15 49M 109 m 4 104 M 112m 11 108 49 m J 109m J 108m 112m 112 him 109m 112m 41 108M 113M 107M 117M 110m 27 106M 116M 116m 117 15 M S F A F A A O 112 109m , *101m 29m - 31 28 IVI N __ M S J J *119m J J 38 H m J 108 49 m „ m 50 ^ m 31 29 2 38 m 25m •*> 25m *10 114 65 120m 29 m 58M 110 ---- 100 2 119 100 m-m m. 36 101M 46 M 29 H 28 ■ 117 45 M 124 36 51 M 25M 44 M 43 23 J 11 26 M 15m 1 13 26 M 103 m 10 49 m 31 47 47 m 1 46 57 M 50 D 2 47 m 50 2 50 69 M 50 m J 14m 15m J J 4 47 H J 25 27 M 23 14 J IVI N 50 X 50M 69 M 103 ---- *111m J J 66 - *108 J J series B—May l 1989 J C.—May 1 1989 J ♦Gen 4Ms series E—.May 1 1989 J ♦Gen 4Ms series F.-.May 1 1989 F {♦Chic Mllw St P & Pac 5s A..1975 A ♦Conv adj 5s Jan 1 2000 M {♦Chic & No West gen g 3 Ms. .1987 ♦Gen g 3 Ms 76 m - J 50 ♦Gen 4 Ms series 75m 108m 1067. 102 94 105m O Oct 1969 F 1970 Guar gold 4Ms. June Guaranteed gold 4Ms-- ♦Conv 4Mb series page A A July 1969 Guaranteed gold 5s. Guararteed gold 5s 65 m 1951 see 60 115m 114m __ 94 Cal G & E Corp unif & ref 5s—1937 M N J conv deb 5s 1940 J ♦1st & ref 4 For footnotes 84 M 104 55 86m 101 101 Cal Pack 105 M 107 M 1951 4s stamped *... J 1955 5s ♦Chic M & St P gen 4s ser A. .1989 July 1948 42 * - Chicago & Erie 1st 47 194] 1st gold 5s 23 88 m 87m 87 m 13 75 101 m 85 M 41M 18M 41M 74 101M 97 M 105M 22 m 74 m 101 O 116 105M 87 M 99 M 90 99 M 102 M 106 M 94 M 1939 Ref & gen 6s series C 18 A 111M 45M Bait & Ohio 1st g 4s July 1948 Refund & gen 5s series A 1995 11 74 m {§*Chicago & East 111 1st 6s...1934 IVI N {♦C & E 111 Ry (new Co) gen 58.1951 ♦Certificates of deposit. — 99 92 104 M 104^ 109M 103M 110 13 93 "l04M 99 M 108 106M 116 113 M Auburn Auto 5s assented 23 112 95 103 J J 74 105 98 M J S 42 M 60 101 98M 1959 4Ms 57 M Ink 1948 deb 93M 101M 85 M 96 M 79 93 M 94 Atl Gulf <fe W I S3 coll tr 5s conv ♦Consol {♦Central of Ga 1st g 5s.-Nov 1945 ♦Consol gold 5s 1945 ♦Ref & gen 5 Ms series B 1959 ♦Ref & gen 5s series C 1959 ♦Chatt Dlv pur money g 4s..1951 ♦Mac & Nor Div 1st g 5s 1946 ♦Mid Ga & Atl Dlv pur m 5s. 1947 ♦Mobile Div 1st g 5s 1946 Central Foundry mtge 6s 1941 107 10 *114M 1964 J D Oct 1952 MN May 1 1945 M N Austin & N W 1st gu g 5s 34 M J 1952 74 : 98 M D General unified 4 Ms A L & N coll gold 4s ...1948 J 101 iiiM J Trans-Con Short L 1st 4s 1962 20 90 *16m ♦Cent Branch U P 1st g 4s 105M 101 D Atl & Dan 1st g 4s 2d 4s. 3 100 106 M 105M D Conv g 48 Issue of 1910 10-year coll tr 5s 11 30 99 J Conv gold 4s of 1909 cons 3 69M Adjustment gold 4s Stamped 4s Atl Coast Line 1st 12 138 99 80 37 M Cal-Ariz 1st & ref 4 Ms A Atl Kdox & Nor 1st g 5s 3 ♦Certificates of deposit Cent Hud G & E 1st & ref 3 Ms. 1965 S 1950 Atch Top 3c S Fe—Gen g 4s 24 m M S 5s Ches & Ohio 1st con g 5s M 1957 TArmstrong Cork deb 4s 86 M 63 102M 80 M 1955 Bridge & Term 53.1964 Armour & Co (Del) 4s series B.1955 s O 25 108M 100M 102 M J 1967 4s Ark & Mem 1st M J O D 95 93 M 98 X 1975 M N Deb g 6s series A Anaconda Cop Min s f deb 4 Ha 1950 A ♦Anglo-Chilean Nitrate— {Ann Arbor 1st J " 100 M D M N 10 108M "98 M S Amer I G Chem 24 m A 1938 1981 76 64 104 93 X 108M 59 87 H 59 O 4 24 99 M 110M 115 105M 110 75 86 M O AO 98M 105M 102 M 68M *67 A Allegh & West 1st gu 4s Allegh Val gen guar g 4s... 109M 106 100M O 1950 84 99 102 M D 5s 72 m 101 m 1937 IVI N Consol 4 Ms 1957 A O 15*Burl C R & Nor 1st & coll 5s 1934 gen g Coll trust gold 5s 98 M 101M 1949 J 1950 A 5s 91H 72 77 M 72 72 69M 68 M 63M 63 M 63M 82 73 *101M "7l" 1944 F conv 1950 4s tBush Terminal 1st 4s Alleghany Corp coll trust 5s ♦5s stamped deb 3Ms.. 30 103 M 93 M ♦Coll & s f 40 M 55 M *30 *67 conv Brown Shoe 39M 55 M 1946 AO Coll & 76 M 22 D F 112 107 39 43 24 m 1957 IVI N IfBuff Roch & Pitts 1948 assented 1st lien & ref 5s series B 100M 106M 92 M 99 M 209 7714 IVI N J 86 105m 97m 79 m 1947 IVI N 31H 30 M 57 Alb & Susq 1st guar 3 Ms warr 1945 1950 25 M 24 29 M 100M 25 72 A 1st lien & ref 6s series A 30 29 M 55 M O 1st F Debenture gold 5s Bruns & West 1st gu g 29 M A 20 _ 78 J 1950 Bklyn Union El 1st g 5s Bklyn Un Gas 1st cons g 5s Buffalo Gen Elec 4 Ms ser B 99 26M 25 29M 101 M 27 18M ... *21 1941 J 25 N D 18M 2 76 m J Canadian Northern dbb 6 Ms—1946 J J J Canadian Pac Ry 4% deb stk perpet M S Coll trust 4 Ms 1946 J J 5s equip trust ctfs 1944 J D 1947 J ♦Albany Perfor Wrap Pap 6s. .1948 1934 1st 5s stamped.. 19M INDUSTRIAL {{♦Abltlbi Pow & Paper 1st 5s. 1953 1948 15 *108m Bklyn Manhat Transit 4Ms---1966 IVI N Bklyn Qu Co & Sub con gtd 5s. 1491 IVI N 22 COMPANIES Adams Express coll tr g 4s Coll trust 4s of 1907 27M 26m 26 m 79 1941 J mtge 3MS--1966 MN cons "*2H 6s Nov coupon on 1952 M N ♦Warsaw (City) external 7s...1958 F A Yokohama (City) extl 6s 1961 J D RAILROAD Bklyn Edison 34 29M O 20~" 29 m 97m Brooklyn City RR 1st 5s 21M *25 M N 131 - 104m 97 m 1955 IVI N 1961 A O 72 M A A 120 104m O Boston & Maine 1st 5s A C *25 A 16 102 - *24 A A 29M 96M 31 127 m 26 1944 J D 1967 M S 23 30 M 27 119m *27 m 26 - 26 m ♦Berlin Elec El & Undergr 6 Ms 1956 AO Beth Steel cons M 4Ms ser D..1960 J ' J Cons mtge 3Ms series E .1966 A O 1st M 5s series II 401 26M A Trondhjem (City) 1st 5 Ms 1957 ♦Uruguay (Republic) extl 8s.-.1946 * s O 33 33 28M 28 M D Sydney (City) s f 5 Ha 1955 J Taiwan Elec Powsf 5Ms 1971 J Tokyo City 5s loan of 1912....1952 M S ♦External - High 78M 103M 115M 121M 126m A 1955 40 32 M D F ♦External s f 6s 1964 M Venetian Prov Mtge Bank 7S..1952 A Vienna (City of)— ♦Debenture 6s m «► «* Low 72M - *104m D No. 72 118m 118m 126m 3 Ms.-1943 ♦Berlin City Elec Co deb 6 Ms..1951 ♦Deb sinking fund 6MS----.1959 Jan. 1 High * *102 23 M 40 33 J O 1946 F 1961 cons Since Asked & 33 Styria (Province of)— f 5 Ms guar Belvidere Delaware Range or P'riday Bid Low Battle Creek & Stur 1st gu 3s. .1989 Beech Creek ext 1st g 3 Ms 1951 Bell Telep of Pa 5s series B 1948 1st & ref 5s series C 1960 29 6 30 26M S ♦7s Nov 1 1935 coupon on...1962 M N ♦Silesia (Prov of) extl 7s 1958 J D s Range Sale Price 43 31M 27 27M 27M 41H 29M 27 J Serbs Croats & Slovenes (Kingdom) M N ♦8s Nov 1 1935 coupon on 1962 External Last fe EXCHANGE ♦Certificates of deposit 41 41M 548s July coupon off 1936 J ♦External 8s July coupon off. 1950 J ♦External 7s Sept coupon off 1956 M ♦External 6s July coupon off. 1968 J 7s Feb coupon off STOCK Week Ended Aug. 13 "27 San Paulo (State of)— ♦Sileslan Landowners Assn 6S..1947 F BONDS N. Y. Big Sandy 1st 4s_. 31M 27 *22 ♦Saxon State Mtge Inst 7s....1945 J ♦Sinking fund g 6 Ms 1946 J 5 32 M 26 M H 1953 ...1940 A 1063 Week's Friday High 21M O 1952 M N ♦Extl 6 Ha May coupon off..1957 M N Secured sf 7s Low No. 28 H 27 M M N M Since Jan. X High 27M J ..1952 A f 6s s Range Friday & Asked Low Prague (Greater City) 7 Ms 1952 ♦Prussia (Free State) extl 6M8.1951 ♦External Bid D 1966 J 2 5 Range or Sale Price (Concl.) >..1961 J Record—Continued—Page Week's Friday - - - ~ - * 13 55 39M 100M 107M I10M 111M 66 64 71M 25m 22 m 237 21M 36 M 8H 7m 8 365 32 m 36 m 33 15 6M 32 M 49 M 34 52 M 34 39 52 M 54 M 37 M 56 37 52 39 61 --- N M N 33 37 m M N 37 m 6 - - — 40 *34 38 --.a 39 - M N M N 25m 39 61 38 m 40 7 42 m 4 M N IVI N "41m J D 25 J D J D M N 12M 25 36 18M 38 24 23 m 21 24 57 19M 36 % 24 21m 24 17 20 36 M 15 H 14m 15m 12 M 24M 155 - ( Wef York | SMembers Gen & Gen & Gen & ♦Detroit %AlLROAD "BONDS Dow 135 So. La Salle St. Private Wire ->- Cgo. 543 Duquesne East Ry 1st 5s & Atl g 5s... Light 1st M 3 Ms Minn Nor Friday Last Range or Sale Friday K EXCHANGE Aug. 13 Week Ended •"1 & Bid Price A| stpd 1988 4s {♦Chic R I & P Ry gen {♦Refunding gold 4s ♦Certificates of deposit 1934 {♦Secured 4 Ms series A ♦Certificates of deposit 1952 1960 Ch St L & New Orleans 5s 1951 Gold 3 Ms.,. June 15 1951 Memphis Div 1st g 4s ..1951 Chic T H & So East 1st 5s I960 Inc gu 5s Dec 1 1960 ♦Conv g 4 Ms m's D M N 123 14m 22 m 15m 25 m 17M 37 15 16M 51 11M 55 10 D 108 M j D 108M Cleve Cin Chic & St L gen 108 m 113m 4 94% 98 m d "61M J d 89 M 87 h 99% S 78M 75 m 91 iv! *90 104 107m 109 106 M 101m 108M 104M 100% 108M 108 M 110M 108 M 105M 105M .1952 j 103 M 104 .1962 m 99 m 105 m 94 80 M 35 35 iol"" iol" a m n D j 97 m 104m 101M 104% 108% 107 105% 109m 101 110m 105M 104 104 104 m 104 m *104 m * 117 116% "SI" "9l" 97 102 101 101 D 40 m 108 *105 107"" J j .1993 87 M * ivi N 4s....1993 102M 85 86 m .1966 F 104 m 113 103 him HOM 102 102 .1952 ivi N .1977 4 Ms series E J .1939 Cairo Div 1st gold 4s J j Cin Wabash & M Div 1st 4s..1991 .1990 m n St L Div. 1st coll tr g 4s.---. 90 m 91M 107m 118 98% 103m 106% *104 104M 95 91m 103 QQ 99M 95 .1940 J Spr & Col Div 1st g 4s W W Val Div 1st g 4s s j 101M 101M iol" 103"" m n 107 M 107 M 106m 108 HOM 105m 111% 4Ms..1950 Elec Ilium lstM3Ms—.1965 .1942 & Pgh gen gu 4 Ms ser B. *104 M j HOM A o .1942 A Series B 3 Ms guar J o *109 m *104 .1942 j Series A 4Ms guar.. J .1948 m n Series C 3Ms guar.. 113" 107 109 108% 105 111m 106 f *106 M .1977 f _• 109% 109m *108 .1950 A Gen 4 Ms series 110m hom 106M *109M A *107 A 1981 4 Ms series B. .1961 Cleve Short Line 1st gu 4Ms— .1972 Cleve Union Term gu 5 Ms 112" 112% 108% 116m 113 110M 108 107 107 M 104% lllM 103 M 102 M 103 M .1945 4s. Colo Fuel & Iron Co gen s 109 m 107 M .1977 series C 110 1973 1st s f 5s series B guar .1980 ivi N A ivi N "65" a 102 104 106"" 85 M 76m 96 65 95 56 m 77 m 54 97 m 105m 62 M O 102 M 101 101 ♦■2 100 M 46 — 1951 Stamped guar 4 Ms Conn Riv l ow s f 3Ms A 1961 Y) deb 3Ms. 1946 ..1956 Works Wuertemberg 7s—1956 deb 4 Ms 1951 Consol Gas (N Y) 3Ms——-1951 {♦Consol Ry non-conv deb 4s.. 1954 ♦Debenture 4s ...1955 ♦Debenture 4s 1955 ♦Debenture 4s —1956 ♦Consolidation Coal s f 5s 1960 Consumers Power 3Ms.May 1 1965 1st mtge 3Ms.May 1 1965 1st mtge 3 Ms .1970 1st mtge 3Ms..— ——1966 Container Corp 1st 6s 1946 Consol Oil conv deb "ioo" j 15-year deb 5s with warr Copenhagen Telep 5s..Feb Crane Co s f deb 3 Ms Crown Cork & Seal s f 4s 6s 1943 15 1954 1951 1950 1951 1942 Cuba RR 1st 5s g o *U1M a *112M 106 M 106 M m n A o J a 98 98 102 M 6s extended to 1946 Del Power & Light 1st O 4 Ms page 94 100M 99 m 105 m 104 m 106 *105 105% 112m 3d mtge 4 Ms 7s o a 113 J j J j f *104% *131m A 101 102M 101M 102M 42 M 72 M "44" 102 110 107 106% 111 112 116M 103M 107 M 139 M 131 113 106 % 109 110M 110M j D 104 m 104 m a o J j 107% 111 49 109m ivi N 109m 118M 111 101 *107 M n 1 108M 113M 6 *105 106 103 106 105 m 103 M 107 99 m J 105 105m *105m J 110 j j j 100 M 105 106M 112 *105m J 108% *106 m 77 1967 1975 1955 1957 1947 —1938 M 99 99 m 30 97 M 106M 76 m 77 m 26 75 M 92 M a o 78 m 78 % 78 m 3 78 H 94M a o 78 % 78% 78 % 5 78% 94 M 91 93 M * o a a Ol J 70H jl J 79% j 70 71 105 68 89 70 m ~70% ivi N 1954 of 1927 Ref & impt 5s of 1930 Erie & Jersey 1st s f 6s Genessee River 1st s f 6s N y & Erie RR ext 1st 4s Ref & impt 5s 43 106m 116 105 68 89 118 *118 114M 119 116M 118M 3 118 119 ivi N 109 *108m ivi 114M *102 4s. 1956 Traction 1st 5s 1942 5s International series 1942 1st lien s f 5s stamped 1942 1st lien 6s stamped 1942 30-year deb 6s series B 1954 Fairbanks Morse deb S f A j D 73 m 103 % 104 ivi S ivi 80 M 64 M 73 m 101 105 102 104 103 M s *102 M *95 ivi s 100 m 100 m 100 M ivi s 100 m 103 m J d *90 100 M 104 M 105 96 j J j Federal Light & J 1946 Fiat deb s f 7s Fonda Johns & Glov {{♦Proof of claim 4 Ms 1952 filed by owner . 91 91m *70 {♦Fia Cent & Penln 5s .1943 j D {♦Florida East Coast 1st 4MS--1959 ♦1st & ref 5s series A 1974 M s ♦Certificates of deposit *70 m 101M 102 M 96 73 78 81M 79 60 M 87 14 m 14 11m 14 9M 3 6M 3 5 3 106 m 106m 109 m 109 m 110m *65m 67 95 *117m 101m 18 ~~3 106 5s Gouv & Oswegatchie 1st 37m 39 m 39 39 39 2 30 37 37 m 5 29M 40 54 98M 105 "80 m 4 Ms 1947 Grays Point Term 1st gu 5s (Japan) 7s 1st & gen s f 6Ms 102 80m *28 J j *32 *26 A O 40 52 2R 30 30 101m 104 m 105 . 109 % 93 m 90 89 m 114m ~95% 90 114m 114m 118m 118m 112m 112m 1976 J 105 M 104 m 105% 1977 J 104 M 104 m 104m 4Ms series E....... 1946 J 4s series G 1946 J H 1967 J Gen mtge 3 Ms series I Feb ♦Green Bay & West deb ctfs A. 106 95 M 107M 103 M 103 M 108M 111 *92 93 m 1952 j General 103 3 109% M 102M 107 97M 101M 100 104 m 1973 j B 35 55 98 *102 m General 4 Ms series D *44 97 H General 5s series C. General 5 Ms series 98M 105M 101M 103M 44 % 100 % d J 40 30 M 104 m QR 34 40 30 104 m 105 30 76 M 101m S D j 7 35 82 m 104 m 1944 f A -.1950 J j A.. 1961 Great Northern 4Ms series 103M 106M 39m j j '46 1942 1941 121M 122 M 100 M 102 M 23 102" 105 m 102 m Gotham Silk Hosiery deb 53 w w 100M 105m 104m D d N 87 M 92 69 94 m 95 102 M j J ivi ivi j J J 106M 107M 107M HOM 106 m 103 m 7s.-1945 Goodrich (B F) conv deb 6s 1945 1st mtge 4Ms. ......1956 Goodyear Tire & Rub 1st 5s_ —1957 20 9 103 m 1945 J 68..1934 J 20 H 9M 3 102 M 1939 J {♦Ga & Ala Ry 1st cons 5s {{♦Ga Caro & Nor 1st ext ♦Good Hope Steel & Ir sec Gt Cons El Pow O D A j J d N a with warr. 1949 J 9M 16 1951 F a 15-year 3Ms deb Gen Pub Serv deb 5 Ms— 134 40 12m m n a j f J j ♦Sinking fund deb 6 Ms 1940 J ♦20-year s f deb 6s 1948 ivi Gen Motors Accept Corp deb 3s *46 F 96 M 82 91m 14 m (Amended) 1st cons 2-4s—.1982 m n {{♦Proof of claim filed by owner ♦Certificates of deposit Fort St U D Co 1st g 4 Ms 1941 j J Framerican Ind Dev 20-yr 7 Ms 1942 j J Francisco Sugar coll trust 6s... 1956 M n GalvHous&Hendlst5MsA—1938 Gas & El of Berg Co cons g 5s-.1949 Gen Amer Investors deb 5s A. .1952 Gen Cable 1st s f 5MsA .1947 ♦Gen Elec (Germany) 7s Jan 15 1945 103M General mtge 130 125 109 108 m 8 7 41 3 23 54 261 130 Gen mtge 4s series 16 109 80 84 90 84 M 110 98M 95 M 116M 114M 119M 115M 100M 109 M 108M 108 100M 117M 141% lllM 106 105 106 105 a 105 104 % 100% 108m 105M 105M j 25M 102m 106m 101 107% 105 26 18M 105% 108m 25M j 106 106 106 M j 103 % 103 103 M j 32 M 100m 107 m 41m 31m 32 M 33 a j 38 69 m j 68m 70 37 107 11 103M 106 m 103 m 104 M 31 M N ivi N m n 102 M 102 m 103% m n 101 100 m 101 D 105 104 m 105 M 101 101M j j D f A f A 102 M M J J F N J J a 102 M *105m J 105 7 13 22 102M 106 105M "l7 98 m 108m 96 m 102 47% 50 49 53 M 14 62 62 M 5 96 69 m 65 65 *10m 11 10 15 1940 M n *105m Gulf Mob & Nor 1st 5 Ms B 1950 A *101m ♦Debentures ctfs B 97 103 107 J M J J J A O J J M S 64 m 56 62 M O Gulf States Util 4s series C o 1946 o 104m 104 m 1952 j 107 m 107% 1949 J Hocking Val 1st cons g 4 Ms 1999 j ♦Hoe (R) & Co 1st mtge 1944 o 10-year deb 4Ms.. 1937 m n Hudson Coal 1st s 52 55 A.. 1940 f 5s ser A... 1962 j Hudson & Manhat 1st 5s ser A. 1957 f A a Illinois Bell Telep 3Ms ser 4s B... 1970 1951 26 36 % 29 27 m 38 Louisv Div & Term g 3 Ms. 106 106 106M *103 m *105m 107 m 107 m 107M 107 m 107 M 5 104 m 106m 101m 104 104m 106% 106m 108m 106% 108m 1st gold 3 Ms 14m 15% 14m 23 Omaha Div 1st gold 3s 14 m 14 14 M 14 22M St Louis Div & Term g 19 18m 19% 18m 14 m 6 *50 6M 71 5m 32 m 12 50 m 57 m -.1953 1951 3s.. .1951 1951 Springfield Div 1st g 3Ms—1951 Western Lines 1st g 4s .1951 120"" 94 % 95 M 65 ------ 102 M 102 % 99 M 99 M 105M 11 13 43 42M 120M -120% 75 67M 29M 33 120M 105M 110M HOM *102 M 104 M 105 a 55 105 27 19 1 *89 93 75 M 75 77 "9 77 M 78 15 J j m n m n f a - - * - 78M _- "71M 73 73 89 62 M 64 M *104M 106 M 62 M "33 2 89 --- 57% 116M 124 85 M 61M 21M "97 M 97M * ~97M 36 % 101M 110 55 110 111 107M 102 107M 92 M 93 75 95 77 M 96 76 M 70% 89 62M 105 93 95 90M 90 104M 80 109 98 102 M 82 M 83 ----- 103M 102 "20 77 M - 86 M 38 a - 62 M 101 m n - 27 M 114M 126M 97 M 84 15 345 33 j 106 "21 133 75 j ivi 102 M 105 M 105M 108 39 46 106 M A 93 M 16 5 65 102 % 92 M 20 25 119M "~95M o ♦Adjustment income 5s Feb 1957 27 86 M 101H 108 95 m 85 D 1949 m n 27 m 85 "7 145 ivi N Hudson Co Gas 1st g 5s 26 105 M 90~" 98 m 103 m Hackensack Water 1st 4s— 29 55 M 105 32 96 ♦Harpen Mining 6s 27 M *52 98m 103 106 M 100M 106 M 95M 103M 106 102 m *93 m 1966 1951 Extended 1st gold 3 Ms 1951 1st gold 3s sterling 1951 Collateral trust gold 4s 1952 Refunding 4s 1955 Purchased lines 3 Ms 1952 Collateral trust gold 4s 1953 Refunding 5s 1955 40-year 4Ms Aug 1 1966 Cairo Bridge gold 4s ..1950 Litchfield Div 1st gold 3s 1951 105 M 86 M 95 % *93 m 1961 Illinois Central 1st gold 46 m 95m J Stamped.. {♦Housatonic Ry cons g 5s 103 m 106 65 45 O Gulf States Steel sf4Ms Houston Oil sink fund 5Ms 102 94 % J 105 m 100% 103m 94 % A .O 1950 1st mtge 5s series C Gulf & S I 1st ref & ter 5s Feb 1952 j 103 % 104 "l3 53 48 H 40m 63 m 71m 103m 110m 99 m 107% 99 m *101M m n j 91 40 34 35 *31 41m 35 m j 92 M *60 Feb Greenbrier Ry 1st gu 4s F a M 1067. 106M 98 M 102% 104m 107m J 1969 1st mortgage 4 Ms 1969 Den Gas & El 1st & ref s f 5s...1951 Stamped as to Penna tax 1951 {♦Den & R G 1st cons g 4s 1936 {♦Consol gold 4Ms —.1936 {♦Den & R G Wast gen 5s. Aug 1955 ♦Assented (subj to plan) ♦Ref <fe impt 5s ser B___Apr 1978 {♦Des M & Ft Dodge 4s ctfS—1935 {♦Des Plains Val 1st gu 4 Ms... 1947 114m 111m 115 102 108M 113M *106M Ms 1960 A 1943 1971 105 96 m 105m *107M J D D ° N J J J N ... 102 M 98 j D 1st & ref 4Ms footnotes see 1951 1965 5s stamped 1965 Erie & Pitts g gu 3 Ms ser B 1940 Series C 3 Ms 1940 Erie RR 1st cons g 4s prior 1996 1st consol gen lien g 4s 1996 Conv 4s series A 1953 Series B 1953 Gen conv 4s series D—.—1953 *100*332 43 106 m 55 41M 109 j j 7 Ms extended to 1946 Dayton Pow & Lt 1st & ref 3 Del & Hudson 1st & ref 4s M A -1952 J Cuba Nor Ry 1st 5 Ms 99 F - Crown Willamette Paper 108 104 M 101M J W 1st 5s Gr R & I ext 1st gu g 5s—-May 1952 Debenture 5s.Apr 15 1952 Debenture 5s Jan 15 1961 Col & H V 1st ext g 4s 1948 Col & Tol 1st ext 4s.-_ —1955 Columbus Ry Pow & Lt 4s 1965 Commercial Credit deb 3M8---1951 Commercial Invest Tr deb 3 Ms 1951 Conn & Passum Riv 1st 4s 1943 Conn Ry & L 1st & ref 4 Ms 1951 Columbia G & E deb 3 Ms debentures ♦Consolidated Hydro-Elec 112m 85 M .1970 Colo & South 4 Ms series 99 m 105 m 109 *109M "I04M f 5s...1943 _ J Div 1st 4s_. 1948 Gen Steel Cast 5 Ms Gen & ref mtge O 1965 j 1941 El Paso & S 101 1937 A 65 45 "si" *114% 1937 j 55 45 104m .1940 m Cleve-Cliffs Iron 1st mtge For 94 % J Ref & impt of Upper 16 9m 90 m 4s....1942 General 5s series B Consol Edison (N 22 M 15 *94 M 3 Ms series D.. .1943 4s ♦5s income mtge 15M 16M 11 .1971 ivi N Coal River Ry 1st gu 26 m j Clearfield & Mah 1st gu 1st s f 4 Ms 42 m 16 m 16M 5s ser C....1957 Series D 3 Ms guar. 30 % 45 17M .1943 a Cin Leb & Nor 1st con gu Cleve 31 10 17M 14 M 15M 80 31M *107M 4s... {♦Choc Okla & Gulf cons 5s. Cincinnati Gas & Elec 3Ms Cleve 43 m 34 16M .1951 m Childs Co deb 5s 1st mtge guar ' 31 34 "l7% AO .1963 J 4s series D._ series E guaranteed..... Cin Un Term 1st gu 83 m .1963 1st mtge 3Ms 1st & ref M4'4s ser 64 .1944 1st mtge Chic & West Indiana con High *45 60 60 61 d 1956 1939 1995 1952 Ernesto Breda Chicago Union Station— Guaranteed 4s 3Ms Low 30 M J j of deposit.- ♦Certificates Since Jan. 1 V3 64 64 A f I5 High Low {{♦Chicago Railways 1st 5s Feb 1 1937 25% par paid Range Asked 61 105% 111M 101 109M 8 *48 1951 J Elgin Joliet & East 1st g 5s El Paso Nat Gas 4 Ms ser A Week's g SI bonds 105m D 1961 ivi N Ga Div 1st 5s Ed El 111 Bklyn 1st cons 4s Ed Elec (N Y) 1st cons g 5s Electric Auto Lite conv 4s East T Vg, & STOCK 110% 111M 116M 106M HOM 85 1995 Chemical deb 3s {{*Dul Sou Shore my* 28 *58 1995 j IfDul & Iron Range Randolph 7711 DIgby 4-5200 Connections <?i- r. 1-761 A' 'Bell System Teletype S 24 107 D High Low No High 115 1995 Tunnel 4Ms-- Jan. 1 104 m 115 O 1966 m Since "3 114m 106 m O 1965 A © cqcq 110m A 1995 j assented ♦Second gold 4s ♦2d 4s assented Detroit Term & f 1952 A ♦1st 4s Chicago, III. Y. *NLew York, eN^. One Wall Street Bid Low Curb Gxchange «^en, York Friday ifAsked Sale 1961 Co 4 Ms ser D.. ref 5s ser E ■ ref M 4s serF ref mtge 3 Ms ser G... & Mac 1st lien g 4s... Detroit Edison Stock Exchange , . Last Price SB, Range Range or bonds N. Y. STOCK EXCHANGE Week Ended Aug. 13 N. Y. Week's Friday Bennett tyros. & Johnson 14, 1937 Aug. Continued—Page 3 New York Bond Record 1064 89 M ♦IIIII 91 88 92 M "95" 95 94 98M Gold 3Ms. *97 * — - 100 «,*. 100M 100M 94 101M New York Bond 145 Volume Friday Week's Last Range or Sale Friday bonds N. STOCK EXCHANGE Y. Price Week Ended Aug. 13 A Bid III Cent and Chic StLANO- 1963 Illinois Steel deb 4%s No Low 55 70% 107 % 1940 Since Jan. 1 47 75 1963 1st A ref 4%s series C_. Range 52 Asked High Low Jolnt 1st ref 6s aeries A 28 1950 Inland Steel 3%s aeries D 69 1961 88 tlnterboro Rap Tran 1st 5S...1966 10 ♦Certificates of deposit —.1932 A |*10-year 6s ♦Certificates of deposit |*10-year conv 7% notes ♦Certificates of deposit 69% 1 O 1932 1947 a "42 m's 30 BANKS AND DEALERS FOR 91% 66 87% 106% 108 31 {♦Ind A Louisville 1st gu 4s 1956 Ind Union Ry 3%s series B...1986 BROKERS IN BONDS High 104% 104% 100% 107 Ind Bloom A West 1st ext 4s__1940 Ind 111 A Iowa 1st g 4s 1065 Record—Continued—Page 4 43 D. H. SlLBERBERG & Co. 98% 105% 101 55 97 53% 95% 20 56 18 52% 61% Stock Exchange Members New York 108 91% 61 Telephone WHltehall 4-2900 104 A. T. A T. Tele. N. Y. . We* Friday Interlake Iron conv deb 4s Int Agrlo Corp 6s stamped 1942 {♦Int-Grt Nor 1st 6s ser A 1952 ♦Adjustment 6s ser A—July 1952 ♦1st 5s series B 104 101% 100% 31% 10% 30% M N j J 10% 30% 1956 ♦1st g 6s series C O 1956 lnternat Hydro El deb 6s Int Merc Marine s f 6s *27 "84% 1944 77% 1955 M S 77% 101% 1941 lnternat Paper 5s ser A A B...1947 Ref s f 6s series A.. 83% 100% 89% *85% 97% 70% 89 % Int Rys Cent Amer 1st 6s B...1972 Nl N 1st lien A ref 6%s — 1947 f Int Telep A Teleg deb g 4 %s._1952 j Conv deb 4%s 1939 j Debenture 5s ...1955 p {♦Iowa Central Ry 1st A ref 4s_1951 M James Frank A Clear 1st 4s... 1959 j Jones A Laughlln Steel Kan A M 1st gu g 4%s A..1961 4s iv» a J 70% J 94 93 a 76 % 76 S 5% 95 d 8 104% 104% *102 1990 lmpt 58 ...Apr Kansas City Term 1st 4s 1960 w w w w stmp (par $925)..1943 11 59 30% 79 17 30 90 82 109% 104% *40 16% 21% 94% 77% Plain 99% 8 *109 j ♦ 1961 1961 1937 a 5% 4 95% 15 104% 103% 9 35 50 21% '"3 107 97% j j * 113" 1947 f 113 *99% 113 d Kresge Foundation coll tr 4s..1945 J 101% 19 ""2 j 105" 104% 105 "16 a 100 100 100 8 91 1959 30% 30 Laclede Gas Light ref A ext 6s. 1939 97% 96% 30% 97% 119 67 62 68 153 66 61 67 48 56% 52 56% 44 Uniform ctfs of deposit Coll A ref 5%s series C 1953 Coll A ref 5 %s aeries D Coll tr 6s series A 1960 1942 Coll tr 6s series B._ 1942 *52 89% Marlon Steam Shovel 1947 a 102% 95 94 102 63% 75 79 94% 3% to.. 1947 2d gold 5s *100% 1941 Lake Sh A Mich So g 3%s 103 103% 1997 99 ♦1st mtge Income reg 34% 1975 1954 j Lehigh C A Nav s f 4%s A Lehigh A New Eng RR 4s A.-.1965 a 1945 M f 6s. 1944 f la A ref s f 6s o 1st A ref s f 5s 101% —| *70 103% 1 v"l7 35 83 95% 91% 12 101% 78% *93 14 5 ♦Miag Mill Mach 1st 3 58% 100 106 101% 108 1977 s 52 3 50 51 4 94 1974 I 1940 j Jack Lans A Sug 3%s 1st gold 3%s 66% 64 82% 1951 1952 1979 1940 1961 Ref A lmpt 4 %s series C {♦Mid of N J 1st ext 58 95 Milw EI Ry A Lt 1st 5s B 79 100 106 109% 102% 105 40 44 11% 25 21 31 35 102 1st Mtge 5s_ M 1971 M St P A SS M con g 1st 108% 1st cons 5s 146% 161 25-year 5 %s 95% 108% 109% 114 112% 119% 101% 102 102% 111% 98 102% 1949 1978 1941 {♦Mo-Ill RR 1st 5s series A—1959 1st ref 5%s series B 1st Chicago Term sf4s Mo Kan A Tex 1st gold 4s Mo-K-T RR pr lien 5b ser A 90 50% 101 —.1962 1962 40-year 4s series B Prior lien 4%s series D 25 1990 1978 Jan 1967 ♦Cum adjust 5s ser A {♦Mo Pac 1st A ref 5s ser A 1965 ♦General 4s 1975 M 49 68% ♦1st A ref 6s series f 1977 M 70 98 99% 100% 106% 98 109% 35% 92% 106% 30% 104 103% 94 94 7 98 107 103% 4 3 12 14 101 41% 100 1954 J 2003 M N 2003 M N Lehigh Val (Pa) General cons General cons 1940 J 4%s cons g 4s 4 %a 95% 98 59 48% 53% 60% 51 54 2003 M N 5s 194l'A O "i05" Leh Val Term Ry 1st gu g 5s Lex A East 1st 50-yr 6s gu ..1965 a Liggett A Myers Tobacco 7s.-.1944 A O 1951 F a 6s Little Miami gen 4s series A Loews Inc a O 1962 M n 1946 f A 1952 J d f deb 3%s Lombard Elec 7s ser A 1950 a O 1938 J D 1949 iv1 8 1949.M 8 1949 M 8 Long Dock Co 3% 8 ext to Long Island gen gold 4s Unified gold 4s Guar ref gold 4s 4s stamped 1944 A (P) Co deb 7s 6s _ M 1966 ...1945 M 94 55% 41 20 105 121 121 130% 27 29 61 105 124% 131% 124% 5 2 10 2 *108 "99% 83 85 90 83% 77 99% 91% *77 33 66 63 ~fr 13% *5 5% 20 .... 57 20 19% 46% 57 11 21% 4% 8% 19 37% 4 19% 21% 32 20 20 41% 16 18 3 16 12% 13 4 12% 28% 83 J 18 20 19% 20% J 83 14 82* 95% 19% J 98% *__ ~58~ 58 86% 86 74 73% 86% * 73% "66% "16% """4 35 95 48 61% 84% 96% 73% 88% 63% 76 69 79% "~4 37 63% 80 31% 66% 35% *33 95 4 65 37 48% 33 45% "143 14% 24 151 31% 49 ----- 34 34% 4 31% 35 38 20 31% 48% 35 34 35 8 32% 45% 1949 1980 ivi N 11% 11 12 72 10 18% o 36% 54 31% 48% 32 48% a S S ----- '143. 38 35 37% A 37% 35% *33 1981 f *33 — — — - 38" 40 29% 29% 87% 107% 40 27% 29% S S S 31% 49% 47 92% 100 92% * S A 93 83% 17 54 97 36% 26% 54% 39% 39% 30 30 87% 88% 15 84 98% 107% 107% 2 105 111% 108% 110% 29% 29 99% 166% *53 4 105% 105% 106 100 O 103 102% 103 41 101 3%s.l966 J 1941 J 72 Montana Power 1st A ref 76% Montreal Tram 1st A ref 5s Gen A ref s f 5s series A 60% 86 97% 108 101H 102% 101% Gen A ref s f 5s series D 1955 2000 J D 87% "87" Constr M 6s series A 1955 M N 94% 94 Constr M 4 %s series B 1955 1947 M N 6s ext at 6%-.1941 SonASee Mfrs Tr— 1978 IVI N Mut Un Tel gtd 101% 103% Namm (A I) A 102% 108 Nash Chatt A St L 4s ser A 102% 102% 100 106% t Nash Flo A 8 1st gu g 58 104% Nassau Elec gu g *128 119% 85% 85% s 101% 101% 109% 8 130% 120 87% 102% 109% 100 126% 135 116% 124% 82 Unified gold 4s 1940 107% 107% 1st A ref 6s series B 2003 109 109 1st A ref 4%s series C 1st A ref 4s series D 2003 105% 104% 99% 1st A ref 3%s series E 2003 '"94" Paducah A Mem Dlv 4s 1946 93% 109% 90 St Louis Dlv 2d gold 3s Mob A Montg 1st g 4 %s 1980 1945 M s j South Ry Joint Monon 4a...1952 J *112% 97% *113% *98% 1965 ivi N 108% 109% 105% 100% 94 109% 90% ~9§" 100% Mutual Fuel Gas 1st gu g 5s 1937 M N F A 6%s..l944 F a 1957 1957 J J 105% 106% McKesson A Robblns deb 5%s.l950 ivi N d Maine Central RR 4s ser A...1945 J 1960 J f 7%8—1942 a Gen mtge 4%s ser A {{♦Manatl Sugar 1st s 96 90% 105% ♦4%s Jan 1914 coup on ♦4%s July 1914 coup on ♦4s 110% ♦4s April 1914 coupon on....1951 off 1951 ♦Assent warr A rets No 4 on J A ♦Certificates of deposit ♦Second 4s '"§7% 2013 j Manila Elec RR A Lt s f 6s...1953 ivi D 8 Manila RR (South Lines) 4s... 1939 ivi N 1st ext 4s 1959 ivi N {♦Man G B A N W 1st 3%s...l941 j For footnote* «ee page 1067 J 67 70 37 O 38 36% *16% *92% *83 *65% 37% 24 "93" 75 37 100% 99% 107 103 106% J 3% 4 D 1945 J J 1945 J J J D Tel A Tel 5s A—1952 4%s series B 1961 IVI N F A N J Junction RR guar 1st 4s...1986 N J Pow A Light 1st 4 %s 1960 A O J New Orl Great Nor 5s A 1983 J J NOANE 1st ref A Imp 4%s A1952 J New Orl Pub Serv lst5sserA..1952 A O First A ref 5s series B 1955 J D J New Orleans Term 1st gu 4s... 1953 J - 52% 124% 121% 120% - - - 122 77 1 2 52% 124% 121% 48 108% "22 13 *101 108 88% - 99 5 93% 122% 54 52% 118% 116% 100% 104% 82 74% 127% 125% 101 108% "58 84 98 73 75 — "6" 102% 107% 118 81% 119% 54 7% '3% 107 124% 4 ~8% 4% 5 54 54 6% "3% 3% 106% *78% *118% 107 IVI N 1st g 4 3% 4% *2% *2% *3% D 1948 New England *2% *3% *2% *2% 3% O 1954 104% 70 ♦Certificates of deposit {♦Manhat Ry (N Y) cons g 4s.1990 a 63% 95 ----- 106% O A 1965 104% 70 • 38 *3% *2% J Newark Consol Gas cons 5s {♦New England RR guar 5a ♦Consol guar 4s 79 *101 105% ------ Nat Steel 1st coll 8 f 4s 104% 104% 78% 98% 100% 102% 106 J J 104 67 119 111 90 92% "41% 104% '61 109% 104 -76" 97 112% 4 %s— ♦Assert warr A rets No 4 on. 1926 ♦4s April 1914 coupon 93 102 106% 104 ♦Assent warr A rets No 5 on '77 Nat RR of Mex prior lien 85% 94% 82% 85% 117 104% 1914 coupon on...1977 AO April 1914 coupon off 1977 A O 105% d O 166" 92% ♦4s April 99% 85% *114% 84 97% 92 95 "40" J 112% 80% 85% "88% ------ J ♦4%s July 1914 coup off 1957 ♦Assent warr A rets No 4 on '57 99% 102% 88% 79% *107% ------ 85% National Rys of Mexico— 105 McCrory Stores Corp s f deb 6a 1951 ivi N 85% ------ J {♦Nasgatuck RR 1st g 4s Lower Austria Hydro El ------ A F J 4s stpd 1951 Nat Aome 4%s extend to 1946 J O IVI N Nat Dairy Prod deb 3%s w W..1951 Nat Distillers Prod deb 4%s 1945 IVI N J 106 80 Morris A Essex 1st gu 3 %s 101% 106% 101% 82% ------ 102% 103% 102% 86% ------ O 99% 98% 104% *1111 O ------ 92 *"" O *102% *_ 5 79% 79% A *102 79% 167 86% A s 74 69% 96% 101 1955 Gen A ref s f 4 %s series C 108 95% 101 *_._. 1955 A f 6s series B Gen A ref 129% 136 117 126% 101 J O 116 129% 95% D 1955 A 104% 109 Louisville A Nashville RR— Atl Knoxv A Cln Dlv 4s O 1965 A 105 J 2003 1960 A 37 1st mtge 4%s 95% 103% 47 30 — 92% Monongahela West Penn Pub Serv 53 30 74 75 65 July. 1938 M N 48% 40 3 5 5 J "31 31 57 33 31 ♦Certificates of deposit 74 a Louisiana A Ark 1st 5s ser A...1969 J Louisville Gas A Elec 3%s Louis A Jeff Bdge Cogu 4s '130% O 1951 F Lorlllard 100% 95% 90% 99% 105 6s debentures 100 Leb Val Harbor Term gu 5a Leb Val N Y 1st gu g 108 105 "66" *77 76 100% 41% 38 {♦Mobile A Ohio gen gold 4s 1938 M ♦Montgomery Dlv 1st g 5S..1947 f ♦Ref A lmpt 4%s 1977|M ♦Secured 5% notes 1938jM Mohawk A Maione 1st gu g 4s. 1991 M 94 103% 16% 105% 50 105% 41% 102% 103% 103 38 100 78 103% 105% 15 Mo Pac 3d 78 ext at 4% 77 5% 2§" 104% 110% 105% J J 24% 35% 104% 50 16% 36% 90 94% 109% *92 ♦Certificates of deposit ♦1st A ref 5s series I 3 *108% 1978 M n ♦1st A ref g 5s series H ♦Certificates of deposit 11 104 J s ♦Certificates of deposit ♦Conv gold 5%s._ 100% 104% 9% 4% "36% ♦Certificates of deposit 70% 70% 102 *26% M S J J MN J J J D J J J J J J A O f A 56 103 106 "*2% o 56% 99 108 D D .1938 J 1946 J cons 5s gu as to Int 1st A ref 6s series A 87% 100 103% 107% *2% j 4s Int gu.1938 J 1938 J High 97% 103% 98 S a j Low 105 * M N J No. 96 95 104% 107% 101% 108 Since Jan. 1 103% * 105 §2 A sked High *102% |*Mllw A No 1st ext 4%s(1880)1934 j D 1st ext 4%s 1939 Con ext 4%s 1939 ivi s {•Mil 8par A N W 1st gu 4s...1947 j j {♦Mllw A State Line 1st 3%s_.1941 {♦Minn A St Louis 5s ctfs 1934 M n ivi s •1st A refunding gold 4s 1949 ♦Ref A ext 50-yr 5s ser A....1962 q f 109% 59 50 50 1938 M 1956 f 7s City Air Line 4s 42% 95% 100% 50 A Michigan Central Detrt t A Bay 93% 102% 81% 98 *50 1964 Secured 6% gold notes 91 101% A 1954 1st A ref s f 6s 34% 94% "91% Cons sink fund 4%s ser C...1954 j 1 105 Lautaro Nitrate Co Ltd— Lehigh Val Coal 1st A ref s Metrop Wat Sew A D 5%s 1950 a o |{*Met West Side El (Chic) 4S.1938 F a •Mex lnternat 1st 4s asstd 1977 m.s ♦1st A ref 58 series G QQ Lehigh A N Y 1st gu g 4s f 6s ♦4s (Sept 1914 coupon) 67 Lake Erie A Western RR— 5s 1937 extended at a Market St Ry 7s ser A—.April 1940 Q J Mead Corp 1st 6s with warr..1945 ivi N Metrop Ed 1st 4%s ser D 1968 ivi s 49 62 Bid o 99 95% 101% Range Friday Price a. 71 101% 102% 101 {♦Kreuger A Toll secured 5s J5 Range or Sale D 109% 154% 97% ^ Last Low 107% 109% A Week Ended Aug. 13 "9 1943 J 99% 107% 109% *151% 3 97% 101% 100% o EXCHANGE 90 96% 100 108 115% 113% *101 STOCK Mfrs Tr Co ctfs of partlc In A I Namm A Son 1st 6s 25 2 166" *101 1941 J 3%s collateral trust notes 30 95 o ..1954 J First and ref 6%s Kinney (G R) 6 %s ext to 8 93% 16% 71% Y 40% 40% * bonds N. 46 14 109% 104% 1954 J Purchase money 6s .... 129 1997 a 1949 F Kings County Elev 1st g 4s Kings Co Lighting 1st 5s 116 *27% 1961 4%s unguaranteed 6 118 313 50 109% 104% 26% 83 72% 86 100% Stamped. 14 99% 98 102 100 27% 42% 9% 17% 27 108 101% 46% 21% (par $925)..1943 Keith (B F) Corp 1st 6s 1946 IW Kentucky Central gold 4s 1987 j Kentucky A Ind Term 4%s._.1961 7 33 85 85 warr Kings County El L A P 5s 44 46% stmp (par 1645)..1943 •Ctfs ♦Ctfs with 32% 50 1950 ♦Ctfs 100% 85% 83% Kansas Gas A Electric 4%s...1980 ♦Karetadt (Rudolph) 1st 6s...1943 M N 188 20 46% {|*K C Ft S A M Ry ref g 48.1936 ♦Certificates of deposit Kan City Sou 1st gold 3s 1950 Ref A 5% 104 1-1598 91 94 NEW YORK Wall St. 63 85% 92% 103% 98% 99 98% 99 13 92 91% 92% 26 90% 100% 103 New York Bond Record—Continued—Page 5 1066 Last BONDS N. Y. STOCK Price A Loud {{♦N O Tex A Mex n-e lno 5s__1935 A O Since Atked Hioh *46H N. Jan. 1 No Low 49 44% 52 48 Last BONDS Rang* Friday Bid Y. N Oh Paramount Pictures deb 6a... ..1955 J J 46% 3 48 60 {♦Park-Lexington 6%s ctfs.. -1953 J 4 46% 55% 69 24 51% 62% -1944 A O Parmelee Trans deb 6s Pat A Passaic G A E cons 5s. -1949 M S 57 ♦Paullsta Ry 1st ref s f 7s -1942 IVI Penn Co gu 3 %a coll tr A -1937 M S A ♦1st 5s series C 1956 A 54 54 ♦1st 4 %s series D 1956 1954 "A 48 O 56 *48 ♦1st 6%s series A A H A 1998 O O A O 97 H 97 H 107 % 106 % N Y Cent 4 Hud River M 3HB-1997 J Debenture 4s 1942 J 1 88 Inapt 4 Hs ser A Lake Shore coll gold 3 Hs 97 "88 % 90 H 2013 88 99% 104% 98 107 H 94 54 104 98 H 50 106 % 88 H 100 2 91H 21 90 21 101 102i16 145 98% 84 H 99 % 59 85 % 171 98% 98 98 % 9 104 H 104 H 19 1953 108 % 108% 1953 4s collateral trust *108 H 99 1946 N Y Connect 1st gu 4Hs A 1st guar 5a aeries B 1 60 "61 "'I 1938 60 61 32 *55H Certificates of deposit.. NY Edison 3%sserD 1965 A O 1966 A O 1st lien A ref 3 % s ser E N Y A Erie—See Erie RR N Y Gas El Lt H A Pow g 5S...1948 J Purchase money gold 4s.....1949 F D 60 101H 101% "56 101H 101H -101H 101% 12 123% 123% 4 114 123% A 114% 26 N Y Greenwood L gu g 5s N Y A Harlem gold 3Hs 1946 M N 2000 M N 1973 IVI N 98 106 104% 108% 85 96% 88% 98% 97% 100'5j2l02% 92% 105 88 80% 95% 97% 100% 100 105% 106 4Hs aeries B N Y L E A W Coal A RR 5HS-1942 IVI N N Y L E A W Dock A Inapt 58.1943 J J N Y A Long Branch gen 4s 1941 M S 1973 IVI N 103% * 33% 34% J 34 J 38% 38% 1940 A O ..1955 J A 4s...1993 A con gu N Y Queens El Lt A Pow 3 Hs. _ D 55% 56% 97 105% 97% 105% 116% 125% 109% 117% 1965 M N N Y Steam 6s«eries A 1947 IVI N 1st mortgage 5s 1st mortgage 6s 1951 92% 1956 MN {*{N Y Susq A West 1st ref fis.1937 {♦2d gold 4Hs 1937 20% 13% 6s stamped 1946 {*N Y Westch A Boat 1st 4H8-1946 J J Niagara Falls Power 3Hs 1966 M 5 Nlag Lock AO Pow 1st 5eA...1955 A O Niagara Share (Mo) deb 5hb._ 1950 M N Nord Ry ext sink fund 6Hs 1950 A I {♦Norfolk South 1st A ref 5s__ 1961 F 107% ~II% 102% North Amer Co deb 5s 30 31% 9 102% 101% 29% 16% "15 107% "41 North Cent gen A ref 5s__ Gen A ref 4%sserlea A 104% Gen Hen ry & id g 3s Jan Ref A lmpt 4%s series A Ref A lmpt 6a Berlea B Ref A lmpt 5a series C Ref A lmpt 5a aeries D Nor Ry of Calif guar g 5s 102% "16 12 78% 69 7 82 H 3 39 101% 106 H 104 104% 9 1974 M S *120 124% 99% 107 120 125% 1974 M S *120 122 119 67 *80 112 122 102% 106% 101 105% 120 72% *72% 83 87 93 87 72% 81% J 105 104% 105% 102 101% 112% 2047 F 75 75% 98 2047 J 74% 95% 96% 110% 37 69% 82% 94% 106 109% 112 2047 J 96% 110% 2047 J 101% 110% 100% 101% 20 2047 J 101% 100% 101% 59 1938 O 99% 109% 104% 104% 100% 16 100 78 *104% 99 110 *107% 100% 100% 1948 J Ohio Connecting Ry 1st 4s Ohio Edison latmtge 4a 1943 M 1st mtge 3*4s I J 105% 101% 106% 104% 105% "63 99% 99% 45 *102% 109% 1947 111% Ontario Power N F 1st g 5s 1943 Ontario Transmission 1st 5s... 1945 M N Oregon RR A Nav com g 4s 1946 J D Ore Short Line 1st cons g 5s J 1946 J 113% *111 109% 111% 113% "16 1 30 115 1962 1940 A 1942 A Ref mtge 3%a ser C 97% 100 109% 113 109% 112% 110% 115 107% 115 cons cons guar 4%s 1964 4 %a 1963 1970 1975 1977 1958 1960 F F M ■* A J 91% 92% 67 3 183 103% 107% 99% 102% 87% 92% 1st M s f g 3s loan ctls Kor footnotes see page 1 65 82 103 111 107% 107% 66 103% 103% 104% 117 1966 J D 99% 99% A 100% 98% 97% 99 1938 F 2 99% 107% 94% 100% 97% 102% 99% 102% 101% 101% 108% 8 99 1955 F 1067 3 25 98% 104% 11 108% 108% 47 37 68 *36% 100% 44 42 57% 100% ser 1948 J A 66% 129 112 119 112% 100 104% 7 89 100 n 102 24 22 22% 10% 10% 38 9% 27% 305 26% "161" 101 *108% "Is 109 110% *110% *111% 18% 113% 117 106% 104% 50% 26% 30 106 108% 99 110% 108% 85% 101 100% 67 107% 111% 113% 109 109 113% 113% 113% 108 112% *100 111 111 109 114% 114% 109 122 113 116% U7H 113% 117% 107% 117% 113% 123% 107% 104% 111 *117 107% *84% 83 85 125% 124% 124 107% 112% 113 *103 "85% 84% 83 96% 83 "85% 96 84% 85% 97% 108 1962 F 1974 J A *118 D D s f deb 5s 98 100% 65% 75% 54% 76 105% 108 *106% 74% 149 20% 21% 1 103 103 95% 8 13% 95% ...1948 J 1 96% 88% 45% 106 92 100 13% 97% 7 28% 85% 90 96% 101 109 94% IIo"% 96% "§ 16 106% 107 91 106% 107 12 107% 106% 108 Remington Rand deb 4%s w w.1956 M S Rensselaer A Saratoga 6s gu 1941 M N Republic Steel Corp 4%s ser A. 1950 M S Gen mtge 4%s series B 1961 F A Purch money 1st M conv 5%s *54 M N Gen mtge 4%s series C 1956 M N Revere Cop A Br 1st mtge 4 %s. 1956 J J ♦Rhelnelbe Union s f 7a 1946 J •Rhine-Ruhr Water aeries 6s.. 1953 J 107% 172% 96% 96% 119% 120 97% 98 103 103 31 J 1952 M N 1953 F A 1955 A O 178% 97% 120 98 103% 31 *24% 27% *26% J 260 81 26 35 20 1 27% 27% 40% 40% 42 5 41% 8 M N 212 94% 100 108 130% 95% 100 100% 106 32 18 27% M N 112 127 24 27% 27 115% 112 25% 26% .... 28% 27% 27% 27% ♦Rhine-Westphalia El Pr 7s...1950 M N 106 108% 106% 108 105 *108 178% 105% 126% 89% 104% 59 1997 ♦Certificates of deposit 19 *110 |*Debenture gold 6s 1941 Reading Co Jersey Cent coll 48.1951 Gen A ref 4 %s series A 1997 ♦Direct mtge 6s ♦Cons mtge 6s of 1928 ♦Cons mtge 6a of 1930 74 100 mmm — J {♦Radio-Kelth-Orph pt pd ctfs for deb 6a A com stk (65% pd)— Gen A ref 4 %s series B 104 62% 64 {♦Providence Sec guar deb 4s.. 1967 M N {♦Providence Term 1st 4a ..1956 IVI S Purity Bakeries 124% *110 1977 J j B 110% 119% D 11 7 2 19 19% 19% 27% 19% 27% 27% 40% 66 40% 66 *104 Rlchm Term Ry 1st gen 5s 1952 J ♦Rlma Steel 1st 1955 A {♦Rio Grande June 1st gu 5s..1939 {♦Rio Grande West 1st gold 4sl939 D ♦1st con f 7s s *55 * "73" J A coll trust 4s A...1949 A 32% O Roch G A E 4%s aeries D 1977 M 1962 M S ♦Rutland RR s f 6s S 4%s___1941 109% 17% D 1st con s O J ISt Jos Ry Lt Ht A Pr 1st 5s..1937 M N St Lawr A Adir 1st g 5s J 1996 J 2d gold 6s 1996 A ♦JRlv A G Div 1st g 4s 20% *22 103% 101% 1933 M N {♦S L Peor A N W 1st gu 6a 1948 J St L Rocky Mt A P 5s stpd.._1955 J J 1950 ♦Con M 4%s series A ♦Ctfs of deposit stamped 1978 M 100% 101% 4 96 74% *73% 74% *30 35 *82% 74% 83 24% 23 21 25 "24 22% 2 97% 22% S 26 "16 100 96 J j""j 17 20% 19% 23 *92 J {♦St L-San Fran pr Hen 4s A..1950 J 107% 109% "20% 103% 28% 25% 32% 22% 34% 102% 103% 99% 104% 107 112% 97 101"u 96 103% 98% 102 30 73% 72% 77 24% 21% 84 32% 52% 116% 117 109% 17% 102% 91% 69% 33 *110 "165" ♦Certificates of deposit ♦Certificate* of deposit ♦Prior lien 5s series B 17% O St Louis Iron Mt A Southern— 91 73% *25 J f deb 43—. 1947 Baguenay Power Ltd 1st m 4%al966 Safeway Stores 103% 104% 63% 60 72% 89% *118 S Gen mtge 5s series E ♦Certificates of deposit.. A 116 ""I 123% 106% 119% 23 105% *36% S 107 112% *117 119 117 107% Panhandle Eastern Pipe L 4a..l952 M Paramount Broadway Corp— 9 115 A N D O •* M N J A O A O 123 108% 103% 150 18 *110 119% 100% 101 115 J D 108% 106 91 112% 99% 99 26% 113 91 112 A ♦Rut-Canadian 1st gu g 4s____1949 D 100% 15% 100 117% 104 90 2 117% 99% 107 111% 103% 111% 103% 111% 116% 121% 112 117% 12 112 *118% .s& 108 *110 1960 3 67 1966 1 113% 123 92% 95% 118% o 102 s f g 4%s 1955 I {♦Pan-Am Pet Co (Cal) conv 6s '40 ♦Certificates of deposit 90 *107 1953 J 4s ...1948 107% Paducah A 111 1st 102% 1957|M N cons guar ♦Ruhr Chemical 102 J 101% A D 121% 106% O 101% 1949 F 116 102 1938 J 114% "II 16 O O 3 107 1966 A 137 55 110% 1945 M N St Joe A Grand Island 1st 4s_.1947 J 2d extended gold 5s Pacific Tel A Tel 3%s ser B 106 105% 1942 M N 118 98% 97% 101% 70 *107% {{♦R I Ark A Louis 1st 4%s..l934 1963 1st A ref mtge 3 %s ser I Pac RR of Mo 1st ext g 4s 108 26% 1952 M N 114 1961 92 53 109% 109% 106% 108 112% 109 116% 109% 116% 96% 103% 115% 126 106% 115% 100 10% 106 112% 118 D 99 108% 107% 107% 118% 102 103% 105% 103% 107 24 119% Pacific Coast Co 1st g 6s 1946 J Pacific Gas A El 4s series G....1964 J 1st A ref mtge 3 %s ser H 1961 J 101 112 103 90 104% "IB 111 1946 Otis Steel 1st mtge A 4%s 20% 33% 109% 109% 99% 1946 Guar stpd cons 5s Ore-Wash RR A Nav 4s Oslo Gas A El Wks extl 5s 1 104% 5s__Apr 11938 Ohio Public Service 7%s A 1st A ref 7s aeries B 21 *107 1965 MN 1972 Ohio Indiana A West 21 D 1949 {{♦Richfield OH of Calif 6s..1944 ♦Og A L Cham 1st gu g 4s 10 111% 166" D {♦Postal Teleg A Cable coll 5s 1953 Potomac Elec Pow 1st M 3%s 1966 Pressed Steel Car deb 5s 1951 104% Northwestern Teleg 4 %s ext...1944 J J Norweg Hydro-El Nit 5 %s'_.._ 1957 MN 85 110% J Port Gen Elec 1st 4%s ser C...1960 1st 5s 1935 extended to 1950 Porto Rlcan Am Tob conv 6s.. 1942 37 108 104% April 1 1935 lncl coupons.. 1945 North Pacific prior Hen 4s 1997 4 100% 119% 113% A 1981 J 1967 J 1st gen 5s sen'js C 1st 4%s series D 25 *72% "16 113% *118% 1974 F 1977 J 5s aeries A 1st gen 5s aerl 24 ♦Oct 1935 and sub coupons.. 1945 ♦Stpd as to sale of April 1 '33 to sec 210 117% 102% 95 1 26% {Northern Ohio Ry 1st guar 5s— ♦April 1 1934 A sub coupons. 1945 119 92% 4 "26% "loi" 113% • 99% J 42 84 105 Nov 15 1969 M N 113 S 90 7 104 113 1956 J Pitts Y A Ash 1st 4s 88 S 102 1980 M 12% 102% A 101% 2 *110 104% 103% A 35 "114% 90 104 1957 M 105% April 1990 Apr 1974 F A J 1956 J ♦Income 4s 1st M 4%s series C 117% 1961 i F A 105% 105% 100 107% 1947 M S Peoria A Eastern 1st cons 4s... 1940 A O 1st M 4 %8 series B 25 *71 113 119% 1960 1965 J Pitts Va A Char 1st 4s guar....1943 Pitts A W Va 1st 4 %s ser A....1958 116% Aug 15 1963 F Deb 5s series C 105% 25 A I {♦Norfolk A South 1st g 5s...1941 M N N A W Ry 1st cons g 4s 1996 O A ser 104% 11% 97% *109% 113% 102 1943 A General M 5s aeries A General mtge 5s series B General 4 %a series C 28 103% *107% 3%s Series I 16 105% 90 Conv deb Series J 106% 84 O ♦Certificates of deposit No Am Edison deb 5s Deb 6%s series B 12 106% 107% 99% 106% 16 Series E 3 %s guar gold Series F 4s guar gold "II 106 *61% 41 Series C 4 %a guar Series D 4a guar 104% 104% 1943 MN YTelep lit A gen s f 4HS-..1939 M N N Y Trap Rock 1st 6a D 1946 J 105 16 107 104 107% 104% 110 99% Series G 4s guar 104% 30 F ..1984 J 1952 A Peop Gas L A C 1st cons 6s Refunding gold 5s Series H 105% A N 24 "82~" *28% 2 105% 104% M N 1948 M N 1970 A O Pitts C C A St L 4 %s A Series B 4 %a guar 18 *78 "105% 167% J O {♦Phllllpplne Ry lata f 4s 1937 Plllsbury Flour Mills 20-yr 6s.. 1943 *100% A 92% 99% M N Pirelli Co (Italy) conv 7s 39 J F 1940 F ♦General gold 5s ♦Terminal 1st gold 5s J 1943 1948 ♦Conv deb 6a 2 "106% 1981 J 1981 A Pennsylvania RR cons g 4s Consol gold 4s 4s sterl stpd dollar May 1 Gen mtge 3%s ser C Consol sinking fund 4%s General 4%a aeries A {♦Phlla A Reading C A I ref 5s. 1973 "22 19% 92% IVI N 50% 77% 55 38 *103% 4%s series B Pennsylvania P A L 1st 4 %s Phlla Electric 1st A ref 3%s.._1967 18% 104% 103 Phila Co 37 tN Y Rys prior Hen 6s stamp. .1958 J J N Y A Rlcbm Gas 1st 6s A 1951 IVI N 107% 102%, Phelps Dodge conv 3%s deb.—1952 J D Phila Bait A Wash 1st g 4s 1943 M N 40% 19% O 107% Penn-Dlxle Cement 1st 6s A—.1941 M S D Penn-Glasa Sand 1st M 4%s__.1960 J Pa Ohio A Det 1st A ref 4 %s A.1977 A O 1st g 4%s series C "36 38 O' 96% 103 100% 101 ft 101% 106# 104 102% 28-year 4s 108 38 ♦Collateral trust 6s ♦Debenture 4a 85 105 107 1981 A 12 1948 J ♦General 4a 103% *104 General 4%s series D Gen mtge 4 % a aeries E 72 25 1956 J 33% 33% 36% 36 ♦Conv debenture 3Hs ♦Conv debenture 6s {♦N Y Provide ace A Boston 4s 1942 103% D 55 13 N Y A Putnam 1st 103% Hioh 116% 122% D General 5s aeries B 33 55 64 ~9(T~ Guar 4s ser E trust ctfs— -1952 IVI N -1963 F A General g 4 %a series C General 4%a aeries D ♦Non-conv debenture 4s.._.1955 J J ♦Non-conv debenture 4s 1956 IVI N 19% 13% Guar 3 %s coll trust ser B.. -1941 F Guar 3%s trust ctfs C -1942 J Guar 3 %s trust ctfs D -1944 J 102% 9 20% 13% 39% 64 111% 117% 107% 33% g 4s 90 46 *92% *100 1968 J 4 32% 1992 M S 96% 86 *117% 1970 A 34 *26 {♦N Y Ont A West ref 95 *43 9 . 99% 105% 93% 96% J Low Hioh 100% 92% 1st 4s series B 98% 103% ♦Non-conv debenture 3HS-.1947 IVI s ♦Non-conv debenture 3H8..1954 A O *52 S Debenture g 4%a *100 1967 IVI N ♦1st A ref 4 Hs ser of 1927—.1967 J D ♦Harlem R A Pt Ches 1st 4s_1954 MN ..1968 IVI Peoria A Pekln Un 1st 5%s Pere Marquette 1st ser A 5s {♦N Y A N Eng (Boat Term) 4s 1939 A O {♦N Y N H A H n-c deb 4a 1947 IVI s *25 Paris-Orleans RR ext 5 %s Jan. 1 Atked 100% 93 General 5s series B 109% 100% *105% *106% 3%s conv debentures S 109% 55% 72% *98% 103 H A 109% *102% N Y Lack A West 4s ser A 94 96% 103 109 1951 N Y Dock 1st gold 4s Serial 5% notes 84 232 85 % 1974 A O 1978 M S Oct 11938 A O Refunding 5Hs series A Ref 4 Hs series O... 106% 95 90 104 90 H 'lol 113% 76 104 % 89 89 H 1998 F IN Y Chic A St L 1st g 4s.____1937 A Mich Cent coll gold 3Hs 8-year 6s H 106 A 1998 F Ref A 103 K 88 98 110 97% 97 97 103 % A ....1952 IVI N secured 3%s 47 *110H A 1946 2013 2013 10-year 3^8 sec s f Ref A lmpt 4 %s series A Ref A Inapt As series C Conv J 4 Hi.....1945 N Y Cent RR4s series A 52 59 ♦Certificates of deposit— N A C Bdge gen guar 100% -1947 M Since Friday Bid. Low Hioh 51% 59% 54% O ♦Certificates of deposit Price Range Range or Sale EXCHANGE STOCK Week Ended Aug. 13 49 51 1954 A ♦let 5s series B Week't Friday Range or Sate EXCHANGE Week Ended Aug. 13 J Aug. 14, 1937 Week't Friday 89% 88% 33% 48 82 120 85 21% 23% 20% 25 37 23 129 17% 23 24% 108 20 37% 83% 36% 33% 33% 20% 22% 117 18 30% 48 18 22 Volume New York Bond 145 STOCK Price Bid A Hio* No. 85% 85 85 100 80 50 2 48 Ji 74% 45 10 42% 65 Ji 32% 12 29 64 ♦Gen & ref g 6s series A 1990 J 8t Paul A Dulutb 1st eon g 4s.. 1968 J >♦81 Paul E Or Trk 1st 4«s...1947 J D *103 J *20 {♦St Paul 4 K C 8b L gu 4^8-1941 F A 32 J 29 Ji % 42 18 16 Ji 18 103 Ji 109 Ji 37 24 "24 ji" 16 Ji 27 St Paul Minn 4 Man— fPaclflc ext gu 4s (large)... 1940 J 1972 J 104 Ji 120 104 Ji J J St Paul Un Dep 5s guar 104 Ji 1 120Ji 40 101H 106 Ji 113 124 1943 J lOOJi 100 Ji 100 Ji 83 99 Ji 103 Ji San Antonio Pub Serv 1st 6S..1952 J llOJi llOJi llOJi 4 108 Ji U2% San Diego Consol G 4 E 4s...1965 IVI N Santa Fe Pres 4 Ptaen 1st 5s.. 1942 M S 109 109 2 105 Ji llOJi 113% 113 Ji 113 Ji 1 110 115 8 A 4 Ar Pass 1st gu g 4s {♦Scbulco Co guar 6 Jis ♦Stamped ♦Guar 8 1946 "27 1989 M N *24 Ji It ♦Sea board Air Une 1st g 4s. 1950 1950 A |♦Gold 4s stamped.. ♦Adjustment 5s Oct 1949 F A §♦ Refunding 4s 1959 A O 15 ♦Certificates or deposit ♦1st 4 cons 6s series A...... 1945 MS 25Ji 9 14 18 O 25Ji Sharon Steel conv deb 4Kb...1951 ♦Debenture s 1935 J Stleslan-Aw Corp coll tr 7s Simmons Co conv deb 4s Skelly Oil deb 4s 1951 OH 199 12% llJi 27 60 72 Ji 101 Ji 102 J 72 % 102 55 25 Ji 68 11 73 18Ji 82 Ji lOIJi 102 101 Ji 31 97 Ji 102 Ji 105 Ji 106 106 Ji 47 lOOJi 130 4Jis 100% 100 Ji iooji "38 98 Ji 100 Ji (VI S 106 Ji 106 Ji 107 23 105 107 Ji A 107 107 107Ji 31 101 Ji 107 Ji 1961 1st mtge 4 ref 4s Plct deb 6s J 106 Ji 106 Ji 12 O 101 Ji 93 Ji 32 92% 100 Ji 92 Ji 1939 J J Westchester Ltg 5s stpd gtd_.1950 J D West Penn Power 1st 6s ser E.1963 IVI 8 24 94% 93 Ji 94 Ji 89 85 Ji 38 "85% 84 Ji 70 81 85% 84 Ji 85Ji 85 Ji 85Ji 91 Ji lOOJi 81 98 25 80 Ji 99 Ji 100 Ji 128 108 Ji 108 Ji 22 103 Ji 106 Ji Southern Natural Gas— A 1st mtge pipe line 4 Jis 1951 So Pac coll 48 (Cent Pac coll). 1949 J D 1st 4)4s (Oregon Lines) A...1977 IVI 8 1968 M Gold 4 lis Gold 4 lis S 1969 IVI N Gold 4 lis 1981 M N 10-year secured 3lis 1946 J J San Fran Term 1st 4s 1950 A O 100 108 Ji 97Ji lOIJi 91 Ji 99 Ji 97 Ji 97 Ji 96Ji 102 Ji 106 Ji 109 Ji 5s..1937 M N 1955 J 1st ref guar 4s 1st 4s stamped *100 Ji 1961 J 1943 A O 104 71 93 Ji 97 Ji 89 105 Ji 49 93 Ji Devel 4 gen 6 lis 1956 o 96 Ji Mem Dlv 1st g 5s ...1996 J ...1951 J St Louis Dlv 1st g 4s East Tenn reor lien g 5s 1938 M S 95Ji * D S'western Bell Tel 3lis ser B..1964 J S'weetern Gas 4 Elec 4s ser D.1960 M N {♦Spokane Internat 1st g 5s...1955 J Staley (A E) Mfg 1st M 4S....1946 F Standard Oil N J deb 3s ..1961 J 91 Ji llOJi lOIJi 105 Ji 103 Ji 97Ji ~97Ji 97Ji 93 ji *102 Ji 93 93 1938 M S Mobile 4 Ohio coll tr 4s 73 Ji 93 106 106 Ji 103 Ji J 93 Ji lOIJi 105 88 95Ji ji" 106 Ji 103 Ji 22 Ji l05Ji 105 Ji 97% 97 Ji 102 105 Ji 98 Staten Island Ry 1st 4 lis 1943 J D J ♦Studebaker Corp conv deb 6s. 1945 J Swift 4 Co 1st M 3lis 1960 IVI S 22 159 ^103 116" 101 106 Ji 102 Ji 107 Ji 117 126 103 105 85 104 121 103 Ji C..1944 IVI "93 % ~95Ji *106 Ji 107 Ji 116 Ji 110 116 Ji 110 5 105 Ji 106 18 104 104 Ji 94 Ji 1947 Term Assn of St L 1st g 4 lis..1939 1st cons gold 5s .1944 f g 4s 1953 Texarkana 4 Ft 8 gu 51is A..1950 Texas Corp deb 3 lis 1961 l05Ji 104 Tex 4 N O con gold 5s 1943 *107 Ji 2000 121 Ji 121 Ji Gen 4 ref 5s series B 1977 Gen 4 ref 5s series C 1979 A 1980 J Gen 4 ref 6s series D 84 Wheeling ALE Ry 4s ser M S D RR 1st consol 4s M White Sew Mach deb 6s 100 105 Ji 110 118 ♦CtfS for col A ret conv 7s A. 103 103 Ji 17 101 103 Ji 104 42 1U0 103 Ji 103 Ji 19 100 A 39Ji "89 % 104 Ji lllJi 88% 109 109 1 45 14 1937 1952 90 Ji lOIJi 1 84 101 Ji 161" 56 75 Ji 88 90 Ji D 74 Ji D Tol 4 Ohio Cent ref 4 Imp 3 Jis 1960 J Tol St L 4 W 1st 4s 1950 A O Tol W V 4 Ohio 4s ser C 1942 M S 100 Ji 97Ji lOIJi 74 *105 *98 Ji 73 101 105Ji 99 108 Ji 97Ji 103 *103 103 Ji 162 ji 107ji 116 118 114 115 113 123 Tyrol Hydro-Elec Pow 7Jis.__1955 IVI N 100 Ji lOIJi F {{♦Union Elev Ry (Chic) 5s..1945 A D 103 Ji 8 *117 Ji A 95 Ji 95 Ji 16 118Ji iilji 118 Ji llOJi O S June 2008 M 34-year 3 Jis deb 1970 A O 35-year 3 Jis debenture 1971 IVI N United Biscuit of Am deb 6s__1950 A O llOJi UlJi 61 113 Ji 114 Ji 68 107 Ji 108 Ji 65 114 Ji 115 1953 IVI 1944 IVI 8 "97% 97 107% 97% 8 97 Ji 97 106 Ji 97 Ji 7 98 Ji 98 51 107 Ji 99 4 34 137 *31 1 130 130 107% 106 Ji 107 Ji 58 30% 30 Ji 30 Ji 2 "30ji" "16 Utah Lt 4 Trac 1st 4 ref 5s...1944 99% Utah Power 4 Light 1st 5S...1944 102 Ji ser {♦Utll Power 4 Light 5%a ♦Debenture 6s.. A..1947 J 30Ji 49 1959 47 Ji Vanadium Corp of Am conv 5s_1941 A O Vandalla cons g 4s series A 1955 F A Cons s f 4s series B 1957 M N *30 Ji 1947 {♦Vera Cms 4 P 1st gu 4Jis._1934 J J {♦July coupon off lOOJi 85 96 105 107 106 113J* 13 lOOJi lOIJi 51 104 40 16 47 31 47 103 Ji 99 30 106 % mmmmmrn 21 116 Ji 21 Ji 21 23% 21 1 20 Ji 15 18 17 14 Ji 36 Ji 32 Ji 25 Ji 15 Ji 24 "18 " *15Ji 56 20 *12 19 — 150 142 Ji 150 103 Ji 103 Ji 123 Ji 162)4 395 103 Ji A 62 103Ji 104 mmmmmrn 103 Ji mrn'mm 15 mmmmmrn* 104 *103 Ji 103 Ji 103 Ji *108 Ji _ "23 Ji 32Ji 40 Ji 36 Ji 23 27 36 Ji *14 97 Ji 103 Ji 102 Ji 105 1 109 98 Ji 105 Included In the yearly Cash sales transacted during the current week and not range: Cash sale; only transaction during current week, during current week, a Deferred delivery sale; only Under-the-rule sale; only transaction during n Ex-Interest. { Negotiability impaired by interest payable at exchange rate of $4.8484. ourrent week, x t Accrued maturity, { Companies reported as being in bankruptcy, receivership, or Section 77 of the Bankruptcy Act, or securities assumed by suoh Bonds reorganised under companies. No sales transacted during current Friday's bid and asked price not lnoluded Deferred delivery sales transacted during the current week and 2 week. flat. selling In the yearly range: Southern Ry. 5s 1994, Aug. 13 at 103Ji. Transactions at the New York Stock Exchange, Daily, Weekly and Yearly 105 Ji 103 Aug. 13 1937 Railroad <fc State, United Total Number of Shares Miscell. Municipal & For'n Bonds States Bond Bonds Bonds 314,863 Wednesday Thursday Friday Total. $2,629,000 913,000 981,000 702,000 350,000 1,103,000 5,416,000 6,715,000 682,000 830,000 6,572,000 919,000 944,000 7,768,000 $4,698,000 $3,562,000 $34,379,000 4,155,000 4,085,000 4,910,000 5,060.000 5,905,000 4,159,243 ... 751,190 793,300 1,035,630 Monday Tuesday... $26,119,000 5,279,000 Jan. 1 to Aug. Week Endod Aug. 13 Sales at Sales $124,000 211,000 $501,000 $2,004,000 692,380 571.880 Saturday 13 New York Stock 1936 1937 1936 1937 Exchange 4,159,243 7,031,450 257,717,625 309,251,139 $3,562,000 $283,585,000 226,035,000 1,419,128,000 $193,123,000 1,782,963,000 $1,928,748,000 $2,184,169,000 Stocks—No. of shares. Bonds 109 Ji 93 Ji lOIJi State and foreign..... 4,698,000 92 Ji 101 Ji Railroad and industrial 26,119,000 $4,369,000 5,330,000 48,203,000 $34,379,000 $57,902,000 lllJi 116 Ji Government 208,083,000 105 Ji 109 95Ji 103 Ji 120 Total 114 Ji 36 Ji 170)4 106Ji 107 Ji 33 Ji 22 24Ji 99 Stocks, Week Ended 97 Ji 25 "32 Ji ♦Un Steel! Works Corp 6 Jis A. 1951 ♦Sec s t 6 Jis series C 1951 ♦Sink fund deb 6 Jis ser A...1947 U 8 Rubl>er 1st 4 ref 6s 89 10 112 Ji 39 Ji 39 Ji 1961 M N 23 116Ji 121 Ji 108 114)4 110 116)4 111 *lllJi {{♦United Rys St L 1st g 4s... 1934 J U 8 Pipe 4 Fdy conv deb 3Jis.1946 M N 100 14 5 108 Ji 8 6s 90 101 Ji 85 Ji 113 Ji Union Pac RR 1st 4 Id gr 4s..1947 J 1st lien 4 ref 4s .June 2008 M U N J RR 4 Can gen 4s 90 *98Ji S Union Oil of Calif 6s series A.. 1942 F 3 Jis debentures 1952 J (Del) 1951 F 25 Ji 19 mm 104 mmmmmrn 1st mtge s f 4s ser C 109 Ji 19 mm m mm 107 *106 i"j IConv deb 3 Jis 83 Trl-Cont Corp 5s conv deb A..1953 J 1945 M MN 107 Ji 87 92 Ji 86 "161 ' J J 88 Ji 100 89 Ji 26 Ji 112 J ♦Certificates of deposit {♦Wor A Conn East 1st 4 Jis..194 Youngstown Sheet A Tube— 73ji 46Ji Tokyo Elec Light Co Ltd— 1st lien 4 ref 6s {♦Sup A Dul dlv A term 1st 4s '3 107 Ji 109 Ji 54 1952 ______ 87 79 90 *24 D J 58 90 89 Ji 88 89% MN J 108 Ji 109 24 f 7s 40H 28 Ji 108 103 Ji 16 Ji f 7s 28 Ji 8 106 Ji 103 Ji 49 Ji 1949 M 106 % 111)4 100 % ♦Certificates of deposit 128K 16 Trenton G 4 El lBt g 6s 106 10 1940 M N {♦Wlckwlre Spencer St't 1st 7s. 1935 ♦Ctf dep Chase Nat Bank J 108 Ji 49 Toronto Ham 4 Buff 1st g 4S..1946 J 109 Ji 99 Ji 106Ji 108Ji 12 S F Wheeling Steel 4 Jis series A ♦ 103 Ji 103 Ji 1953 J 102 15 31 Ji 85 105Ji ni)i 16 Ji 1st 6s dollar series 106Ji 109 Ji mm'mm'm. m lOIJi 92 * 49 {♦Third Ave RR 1st g 5s Tide Water Asso Oil 3 lis mm 31 Ji 92 Ji 118 Ji 105 "25 123 Ji lOIJi 88 Ji 86 109 Ji O 1960 ♦AdJ lnc 5s Drug Co 31 Ji 8 J 115 Jan 1960 Third Ave Ry 1st ref 4s United 109 Ji 3 1 Bonds called for redemption or nearlng maturity. D Tex Pac Mo Pac Ter 5iis A—1964 M S s 6 127Ji 117 3 108 Ji 116 85 109 Ji 32 Ji 104 Ji mmmmm- mmmmmrn mmmmmrn Ji 110*4 llOJi 112 Ji mm 101 Ji 107 Ji J 106 112 Ji Texas 4 Pac lBt gold 6s 20 "2 mm 106% 2361 J transaction s ser Tenn Elec Pow 1st 6s ser A mm 107Ji 120 Ji 2361 J Registered r 108 Ji 103 Ji mm mm mrn mm mm 80 106 No sales. 106 Ji S mm mm 121 J 102 116 J sec s 'mm mm 101 Ji 102 mm mm mm rn. — 76 77 mm mm mtmm'm ♦Westphalia Un El Power 6s__1953 J s 40 95 Tenn Coal Iron 4 RR gen 5s.. 1951 J Tenn Cop 4 Chem deb 6s B...1944 M mmmmmrn 106 Ji lOIJi 106 Ji 106 Ji 121 Guar 75 Ji 109 Ji 99 22 Ji A D 103 55 5 58 100 107 j""j Funding A real est g 4 Jis...I960 M N 25-year gold 5s D 1951 J 30-year 5s i960 IVI 8 112 Ji 85 Ji Ji. lOOJi 44 Ji 65 Ji "§iji 1938 lOOJi lOOJi O Ujlgawa Elec Power 44 *110Ji 106 Ji lOOJi 107 J 74 Ji ...1956 Devel 4 gen 6s s 51% Ji *119 _ J J 104 Ji 74 Ji Gen refund __ 1977 J 108 Ji 2104 O Devel 4 gen 4s series A Corp deb 6s 93 *106 Ji 120 Ji 1st A ref 5 Jis series A West N Y A Pa gen gold 4s 103 Jal03Ji 99 Ji 94 *109% D J| 106 Ji 1994 1956 90 1 *107% ~10l% 40 109 Ji 77 Ji 49 101 J 106 104 57 56 J 103 Ji *106 Ji 12 56 96 Ji *99 % J A... 1946 IVI 39% 44 28 95% * O 41 43Ji 26% 18 mmmrnmrnm. 94 Ji ______ Ji 27 % 96 Ji 1952 A 101 ...1955 Southern Ry 1st cons g 5s Tennessee 84 "94% 1966 J J So Pac of Cal 1st con gu g 26 mm 107 Ji 85 106% - m 84 Ji 1st mtge 3 Jis series I Western Maryland lBt 4s ser "16 28Ji mm 30 West Shore 1st 4s guar 1947 J Southern Colo Power 6s A So Pac RR mm Wash Water Power s f 5s Western Union coll trust 5s 1965 F Southern Calif Gas 6s debentures {♦Western Pac 1st 5s 27 41 Ji 44 28 ♦ 107 Ji 118 *122 Ji mm mmmmmrn 1st mtge 4s ser H 100 50 Ji 101 101« South 4 North Ala RR gu 5S..1963 A South Bell Tel 4 Tel 3 lis 1962 A 89Ji 100 " "26ji 1980 AO 58 95Ji 102 81 44 29 21 27% m 99% 29 5 30 26 Ji Ji ---- ■ Washington Cent 1st gold 4s..l948 Q IVI Wash Term 1st gu 3 Jis 1945 F A 1st 40-year guar 4s 1945 F A 105 J-i 117Ji "eoji" * 81 71 Ji 97 28 Ji 27 Ji 50% 14 Ji 74 Ji 5 32 98 Ji 86 106 Ji 60 mmmmrn 29 27 Ji O 1978 A 8 6 Ji 70 91 Ji — A 16 *98Ji — mm mm Warren RR 1st ref gu g 3 Jis. .2000 F 8 Ji 4 mm 97 61% "29" 38 Ji 14 Ji *22 Ji 1976 FA 86% 103 Ji ■mmt mmmmm mm *25 "29~~ 8 6 Ji 78 Ji m. 61 Ji {♦Warner-Qulnlan Co deb 6s. .1939 IVI {♦Warren Bros Co deb 6s 1941 IVI 9 Ji mm *60 23Ji 22Ji 8Ji 12 mm * 8 5 100 mm O 88 85 82% 1939 IVI 17 60 Ji 1950 A 3 His 18 100 ---- 1955 A 28 Ji A 1947 A Socony-Vacuum Warner Bros 106 66 Ji Ji *65 mm 20 99 Ji 8 ______ Walker (Hiram) G«fcW deb 4Jis 1945 Walworth Co 1st M 4s 1956 AO 10Ji 15 Ji J 1946 F 1941 F S 11 Ji 85 .1961 M S f 6 Jis •Silesia Elec Corp 6 Jis {♦Wabash Ry ref A gen 5 Jis A.1975 M ♦Certificates of deposit.. 11 105Ji 67 s 20 99Ji 66 O 1941 IVI 14 27 D 107 % 32 J 1941 A 15 105% S 1952 J 1939 J ♦Omaha Dlv 1st g 3Jis ♦Toledo A Chic Dlv g 4s_. 13Ji 20 Ji 8Ji M N 1951 IVI Shlnyetsu El Pow 1st 6 Vis ♦(Siemens 4 Halske s f 7b J 15 Ji 9 Ji 101 li 92 J 13 Ji 13 A Shell Union Oil deb 3 Jis J 1941 J 0% 17 1935 F 1954 3 39 94 101 91 Ji ♦Certificates of deposit... 27 ♦Certificates of deposit... •♦Alt 4 Birm 1st g 4s 1933 M S {♦Seaboard All Fla 6s A cts... 1935 A O 5 43 66 Ji ♦1st Hen g term 4s ♦Det A Chic Ext 1st 5s ♦Des Moines Dlv 1st g 4s ♦Certificates of deposit ♦Ref A gen 5s series D ♦Certificates of deposit 110 96 Ji 105 Ji 92 A ♦Ref A gen 4 Jis series C 103 .... 96 Ji 105Ji "l05 % S F 44 41 Ji 104 % 109 Ji 51 Ji 67 7 106 Ji *106 20 28 108 Ji 58 1 High Low 73 26 22% 57 Ji 1939 43 No High 108 Ji 1939 IVI N ♦Ref A gen 5s series B Since Jan. Asked A Low 25 Ji D 1966 IVI 43 Ji ll3)i 121 25 35Ji 36 Ji 24 12 Bid 2 c Friday Sale 1942 J Virginian Ry 3Jis series A {♦Wabash RR 1st gold 5s ♦2d gold 5s 9 9 Last Price 1955 MN Va Iron Coal A Coke 1st g 5s_.1949 IVI S Va A Southwest 1st gu 4s J 2003 J 1st cons 6s 1958 A O 25 ~25~" 24Ji O O a. » •Vertlentes Sugar 7s ctfs Virginia El A Pow 4s ser A Range Range or k •5 EXCHANGE 27 Ji *113 A ♦Series B certificates 24 Ji "34" *30 ♦Stamped Scioto V 4 N E 1st gu 4s 27Ji 27 26 *30 O .1946 A f 6Hs series B 41 Ji 34 *26 J J Week's Friday _ High Low 24 STOCK Week Ended Aug. 13 42 Ji J Y 1 49 "45" J (♦1st terminal A unifying 5s. 1952 BONDS N. Since Jan. Asked Low {St L SW 1st 4s bond ctfs 1989 MN J ♦2d g 4s lnc bond ctfs...Nov 1989 J Ratios Friday Sale EXCHANGE Week Ended Aug. 13 1067 •• Rangt or Last BONDS N. Y. Record—Concluded—Page 6 Week's Friday 22 32 Ji 32 Ji 33 96 Ji 106 Ji 102 Ji 48 Ji 102 Ji 95 98 49Ji 32 48 Ji 49 Ji 49 46 Ji as are compiled by Dow, Jones & Co.: 69 46 Ji Stock and Bond Averages the daily closing averages of representative stocks and bonds listed on the New York Stock Exchange Below 67 Ji 103 *111 105Ji 42 106 Ji Bonds Stocks 10 98Ji 111 110J4 111 llOJi 113ji *3 3 *2Ji 4 10 Total 30 20 Total 10 First Second 10 Rail¬ Utili¬ 70 Indus¬ Grade Grade Utili¬ 40 trials 5 Ji 4 20 Indus¬ Date roads ties Stocks trials Rails Rails ties Bonds Aug. 13 12. Aug. 11. Aug. 10 189.27 53.89 29.11 64.54 107.48 109.41 8J.78 104.58 101.32 Aug. 187.62 53.57 29.03 64.07 107.39 109.43 83.80 104.56 101.30 186.72 53.00 28.96 63.79 107.34 109.56 83.58 104.54 101.26 186.98 53.08 29.13 63.82 107.41 109.60 83.44 104.49 101.24 Aug. 9. 186.75 53.28 29.03 63.80 107.51 109.64 83.50 104.38 101.26 Aug. 7 186.41 52.95 28.92 63.60 107.45 109.59 83.71 104.31 101.27 1 New York Curb 1068 Exchange—Weekly and Yearly Record NOTICE—Cash and deferred delivery sales are disregarded In the week's range, unless they regular weekly range are shown in a footnote In the week In which they the only transactions of are Aug. «, the week, and when selling outside of the No aooount Is taken of suoh sales In computing the range for the year. occur. following extensive list we furnish a complete record of the transactions on the New York Curb Exchange for the beginning on Saturday last (Aug. 6, 1937) and ending the present Friday (Aug. 13, 1937). It is compiled entirely from the daily reports of the Curb Exchange itself, and is intended to include every security, whether stock or bond, in which any dealings occurred during the week covered: In the week Sales Friday Last Par Aome Mfg class A B— Class Low 51 High 51 Range Since Jan. 1 1937 25 'l3*4 Y.soo 3)4 13 y8 1334 700 2*4 234 1,000 May 74*4 preferred Alliance Invest 76 65 pref Alles & Fisher 66 3$ 65 "266 110 Bower Roller May 11 June 22 Feb 234 June 4 May Jan 5*4 34*4 1*4 X June * $3 conv pref Class 10 25 1534 Co common..* 15934 A Aluminium Mar 3)4 200 Brewster Aeronautical.. Bridgeport Gas Light Co. • Bridgeport Machine 0 77 "2034 Jan 134 Jan Brill Mar 134 1834 15 Aug 234 Aug 24 Apr 16 34 June June 98 34 Jan Jan 1634 2634 July 177 34 Mar 119*4 Mar Feb 140 Mar 131 May 2 400 32 *4 1*4 June 3*4 62 Jan 75 17 X Feb 24*4 100 33 Jau Jau Mar Apr 33 100 July 11 *4 June Mar 1*4 Feb 33 Aug 42 82 3 34 1,700 Aug Aug 89 34 Mar 554 July 3434 3534 50 30 June 4134 Jan 334 Feb Am Cities Power A Lt— Class 25 A 35 34 Class Amer 5 1 B Cyanamld class A.10 "37" 10 Class Bn-v Amer Equities 434 "34" 5 "37" 100 3134 June 47 Jau 1,800 334 3334 May 8 Jau Jan 36 Feb 20 J 00 2634 Apr 37 Aug 4*4 Class A with warrants 26 Apr Co com—1 234 234 100 18 1834 200 "34" 34 10934 Amer Foreign Pow warr... 109 Amer Fork & Hoe com—* 234 134 June 1734 June 634 434 24 1,700 9*4 June 1 1 31 3i34 150 3034 June Aug Amer Hard Rubber com.60 24 24 50 17 July 32 Amer Invest (111) com * 24 24 200 z20 May 37 Mar Amer Laundry Mach 20 26 27 2834 500 24 34 Jan 38 Feb 18*4 1834 300 4834 "4834 ~"~25 preferred preferred $2.60 Amer Lt A Trac com 6% —25 preferred Amer Maracalbo Co 28*4 106 1*4 4134 ""l34 ~5~90(j 4134 100 51*4 1*4 1 Amer Meter Co "52"" "150 Am Superpower Corp 9 2 * Amer Seal-Kap com 8*$ 934 2,200 com 154 1*4 1*4 6,900 3434 400 334 534 30 '"206 1st preferred American Thread 6 pref Anchor Post Fence.. 334 Angostura Wupperman..] Apex Elec Mfg Co com..* 5X 29% 106 Appalachian El Pow pref. IX 106 Arkansas Nat Gas * com Common class A Preferred 134 7 1 134 7 734 Arcturus Radio Tube 734 834 734 734 10 9 100 200 10 800 Art Metal Works "12" Ashland Oil A Ref Co 134 Jan Brown Co 6% pref Class A pref 534 1 £1 Buckeye Pipe Line 534 534 1,200 1234 200 Mar 2*4 69 Mar Jar 2)i 63 Jan Apr B non-voting Capital City Carib Products. Syndicate 434 May 434 Jau 3 June 6*4 Jau Jan 8*4 4234 Feb Feb Feb 534 June 1034 Apr 1*4 June Jan Celluloid Corp 5 Atlantic Coast Fisheries 834 834 25 1,200 5 Jan Aug 734 June Jau Cent Hud Q A E Cent Maine Pow May 1*4 June 4 Jan 1 134 134 4,000 134 Automatic Products 6 534 534 534 900 5 Automatic Voting Mach^. * 1134 1034 1134 1,400 7 Avery (BF) 1434 934 15 5,200 6*4 25 350 22 34 126 150 2434 ...6 10 24 .* 123 2334 123 134 134 134 1,200 1434 wan 1334 234 14H 1,000 374 1,000 1,400 Bardstown Distill Ino 1 Barium 1 434 Barlow A Seellg Mfg A 6 Bath Iron Works Corp.-.l '""934" 334 434 16 934 11 com. 434 16 934 Mar Aug 3*4 Mar 9 Jan Feb 11 100 Aug July 1143$ June 134 Aug 43 Jan Jan Preferred Mar Preferred June 11 5 Mar Jan 334 1534 June 8 Feb 21 Feb 934 July 1134 June 200 834 Mar 1134 80 Apr 16 June 22 34 1 1534 1534 1 534 534 234 3 July Aug 234 10 ] 4*4 14*4 200 2*4 July Aug 103 4 xl8 Aug Jan May 2734 Aug 4 >4 May 18*4 July 6)4 % Pf-100 Hedges com * 121 121 10 113*4 June 1253$ Mar 534 Mar Conv pref Berkey A Gay Furniture. 1 Purchase conv 234 234 3,400 1 1 Jan 1,600 19 Feb 1*4 1734 .1*4 2*4 1734 1*4 2634 2734 2*4 2*4 13 June 150 34 June 41 Blue Ridge Corp oom 1 $3 opt conv pref * Blumenthal (S) A Co Bohack (H C) Co com 7% 1st preferred * ;* 100 Borne Scrymser Co 26 (Botany Consol Mills Co.* For frtotnotee see page 1073 234 2*4 45 100 42 34 1834 534 600 45 22 1,700 234 534 534 25 2834 2834 10 Jan 534 28*4 July Mar 434 Jan 4834 Jan June 14 43*4 Jan Aug Aug 11 Jan 5634 19 13*4 June H Apr 102*4 97 34 Jan 30 Jan Aug 9 200 8 July 300 27 June June 10*4 Jan 25 108 34 ~48_" 25 39*4 Jan Jan 124 Feb July Jau Juue 16 Mar 57 Mar 10534 Mar 100 82 June 91*4 Apr 3*4 1,400 234 June 634 Jau 1*4 1,200 1 June 2*4 Jau warr 100 16 16 25 10 June 27 34 Jau ...100 31*4 2934 32 400 2334 June 1034 June 62 Jau 8334 11 26*4 1534 100 '29.100 ser 5 • ___• 534 13 14 300 12 34 12 34 100 80*4 25 6134 1734 34 83% 6134 1734 34 3 3 46 62 1734 1 85 334 43)4 B__ 334 BB.'III 1,600 80*4 46 3 34 150 1,800 400 150 22,200 1,900 700 40 20 11 10 1,200 Warrants Commonw Dlstrlbut 534 Jau 4 434 15 15*4 69 34 72 67 72 Jau Feb 76 Feb 16 34 4*4 334 7*4 Aug 3734 June 4834 10 16 40 1034 4 Feb 9 1 22 '""266 May July Apr 4,900 3* Jan Jan 2,700 434 334 100 700 Jan 11*4 June 1,200 66 25 62 8 3,800 Feb June 6*4 June Jau 7934 Jan Jan Jan 58 Aug Aug 67 7*4 534 14*4 734 400 Apr May July 60 July 7*4 June 16 534 1*4 5*4 7634 1834 Feb Feb July 100 5 Mar 123 Apr June 3,000 "734 "7*4 734 May 2*4 38 4334 1*4 19 16*4 82*4 9234 5*4 Aug 334 June H 5 Mar July 39 2,400 2*4 9*4 8*4 434 434 24*4 7434 10434 1034 Feb Feb Apr Mar Jau Jan Aug Apr Mar Mar Feb Feb May Feb Feb Apr Jau Jau 29 12034 12034 '""266 5ie 4,200 34 1 Compo Shoe Mach ' t c ext to 1946 Jan Jau Jau 7 June 2*4 li to.. 1 Jan 2*4 June 100 1534 1534 Jan v ,3ij 70 4334 £1 pref Jan Apr 3 2 34 £1 6% 14 3*4 3234 coml.* 6% Income stock A 7134 11034 52*4 234 234 Cllnchfleld Coal Corp 100 Club Alum Utensil Co * Rosenberger Inc..* Colon Development 1 gb Aug 1234 June 32 34 1 Clayton 4 Lambert Mfg • Cleveland Elec Blum * Cleveland Tractor com." * 13 40 * InoJ.l June 4*4 May 50 40 * City Auto Stamping City A Suburban Homes" 10 v 534 Feb 87 Clark Controller Co Claude Neon Lights New June 6734 14*4 3834 4234 134 Community P A L $6 pref • Community Pub Service 25 Community Water Serv.. 1 Jan Jau June 10,200 334 Feb 34 Jau Feb 8634 12034 4,300 16 41 334 8734 June 1)4 16 Commonwealth Edison 100 Commonwealth A Southern 1734 41 * 6 35 1*4 June 10 3 *4 Aug 1534 4034 oom Jau 86 34 7*4 Bliss A Laugbiln com May 2*4 Jau ._ ... Columbia Oil A Gag 1 Columbia Pictures com". * 1434 2434 2334 300 7*4 June Feb 300 Jau 4,100 93 34 July 1234 Jan 334 234 116 "_48~ 3734 1234 Jan Apr 28 116 Aug 1234 Feb Mar Jan 1*4 June 28 July k 15 161 2734 6734 28 12 34 Bliss (E W) A Co 900 "534 "~6~" T.SOO 5J4 35 Steel Foundry— * 100 94 834 pref..... ..* & Machine Co com 17)4 1*4 . May 1*4 Jan 82 Colorado Fuel A Iron warr Colt's Patent Fire Arms.afi Columbia Gas A Eleo— Conv 6% preferred.. 100 Jan June 34 June 18,100 61*4 67 June 2 2*4 94 13 common 7*4 Feb preferred conv 834 Apr 155 * warrants Bickfords Ino May 18 * 4 Aug May Feb Cohn & Juiy 93 6)4 200 19 Cockshutt Plow Co 100 6*4 96 Mar 434 634 Feb 2234 834 16934 Mar 73 20 434 6*4 Apr July June Feb Mar May June 159 45 June 5 20 434 93 Apr 12*4 11 169 Bell Tel of Pa 40 93 3134 89*4 400 168 Mar Apr xl434 400 100 7 Apr 24 25 10 6 1634 20 Jan 7 26*4 Cities Serv P A L $7 pref I* $6 Feb 100 Preferred 166 Feb 3234 Jan 200 Chlca Rivet <fc Maoh new.4 Chief Consol Mining ] Childs Co preferred loo Cities Service common...* Mar 34 534 Apr 1434 Cherry-Burrell Corp coin * Chesebrough Mfg... 26 Chicago Flexible Shaft Co 6 15 20 Beech Aircraft Corp Conv pref opt 11*4 Jan May 34 6 92 H preferred Apr 1,200 100 Bell Aircraft Corp com Bellanca Aircraft com Blrdsboro 2934 Aug 19 Tobacco— Baldwin Rubber Co com. $2 60 500 Mar Mar 1634 Jun Chamberlln Metal Weather Strip Co 5 Charla Corp ~ ~~"io 88 Jan 134 1534 92*4 1434 Feb Jan June Atlas Plywood Corp. Austln Sliver Mines 200 1*4 Jan 1 14 34 Centrifugal Pipe 87 2,100 1,100 26*4 * com 7% pf iiio Cent Ohio Steel Prod 1 Cent P A L 7 % pref... 100 Cent A South "West UtU.60< Cent States Elec com 1 Apr 47 234 2534 34 5)4 *4 June 100 May Mar Atlantic Coast Line Co. .50 2 Mar Mar 26 834 Atlantic Gas Light pref. 100 Atlas Corp warrants 234 8 July 1334 1334 57*4 6*4 Aug 28*4 *1 7 Feb 434 1,300 * May *4 5 ni6 134 common.15 34 * Jan 4 300 July 1st preferred Conv Assoc Tel & Tel class A...* Mar 834 $7 dlv preferred Jan 600 34 Mar Jan Feb warrants 3834 Juue 5 Feb 134 22 Jan June 34 2,100 34 7% 1st partlo pref...100 Jau 3 '16 May *4 July Benson A 4*4 5 26*4 Feb 11034 June 1,100 2134 Assoo Laundries of Amer.* Bell Tel of Canada 200 Aug Mar Feb July 1 6% pref without 7% preferred com 34 534 Castle (AM) com new.. 10 Catalln Corp of Amer 1 Celanese Corp of America 10134 Jan pref Aug 34 Carter (J W) Co common.! Casco Products * 39*4 conv 3134 1116 1 com 1734 June $1.60 Juue 334 24 CarolinaP A L $7 pref...* $6 preferred * Carrier Corp • 500 7% 1st pref 24 100 * Class B Jan Beaunlt Mills Ino Jan 2,800 334 » Carnegie M etals Jan Jau * _* 25c Carman A Co class A 534 Stainless Steel Mar 106 34 134 Canadian Indust7% pf.100 Canadian Marconi 1 3 I Baldwin Locomotive 2534 June * 234 June Babcock A Wilcox Co Feb June 93 4*4 6% preferred 100 Canadian Indus Aloohol A * 300 common 6134 22)4 * com Carnation Co common.._* 15*4 Jan Apr Mar 100 50 36 dep rets A ord sh..£l Am dep rets B ord shs £1 Jan 10*4 70 3034 Feb Apr 34 434 Am Jan 96 12 *a .334 Burma Jan June July 2 3 34 10034 3134 23 34 23*4 * 3 1234 1334 Mar June 6 34 300 June 49 50 £30 3,500 common 6*4 » $3 convertible pref Warrants 85 x1634 28*4 Apr Feb Feb 934 May 45*4 69 34 1034 Jan 11 234 39 2534 3034 134 (L) A Co 500 600 99 10 44 3,200 12 May 250 50 Burco Ino common 234 Baumann 85 11*4 100 134 Class A 81 12 100)4 234 2134 Aiton-Usher 82*4 July June Apr Mar 834 Apr 7634 June 1*4 600 2 35 Buff Niag A East Pr pref 25 $5 1st preferred * 134 o 1*4 June June May Feb 18 134 May Jan Apr 70 May 2634 June Jan Mar * Co 234 V t May * $6 preferred. Bruce (E L) Class A preferred May 22*4 * Common Option 100 Brown Fence A Wire com.l 534 634 ""266 82 Jau Assoo Gas A Elec— $6 28 100 834 Canadian Canners Associated Elec Industries Amer deposit rets 100 31 Canadian Car & Fdy pfd 26 Canadian Dredge A Dock* Canadian Hydro-Elec— Mar 534 May 200 23*4 Class B Jan Ian 2434 June 9*4 1034 30 43034 Am dep rets ord reg-.lOe British Col Power class A. * Feb Apr Jan Jan Jan Aug 1034 £1 Feb 6434 July 46 50 Am dep rets ord bearer £1 3634 26 34 X 46 British Amer Tobacco— 42 28 34 38 6*4 Canada Cement Co com..* Jan 4034 June 2 *4 23*4 Amer dep rets pref shs £1 Calamba Sugar Estate..20 July 634 ~l2~~ Jan June 3,700 1234 6 com Jan 32 34 82 8,100 1,400 Arkansas P A L $7 pref..* May 200 300 2334 Mar 12 17*4 88 34 * Preferred 48*4 112)4 2634 Amer Pneumatic Service.* Amer Potash A Chemical.* June June 3534 Amer Mfg Co common 100 Preferred 100 Apr Cables & Wireless Ltd— 1,300 300 Mar 934 Registered Jan 1034 1034 Apr 16 30 Jau Feb 34*4 10934 Preferred-«M... American General Corp 10c $2 1034 Class A Corp Am dep rets Burry Biscuit Corp._1234c Cable Elec Prod v t c * 10*4 * Amer Gas A Elec oom June Jan June 4*4 June 1,600 2,100 434 934 46 Bunker Hill & Sullivan 2.50 3 34 3434 3 Vs Corp_..l 18 4 British Amer Oil coupon..* Amer dep rets reg Jan 6 34 * * preferred 8*4 10834 Brown Forman Distillery.1 $5.50 prior pref 534 334 18 34 British Celanese Ltd June 10c 10c common Amer Centrifugal preferred 100 Brlllo Mfg Co common. Jau Capital— A 17 1 Feb June 20 534 10 1,100 800 2834 *4 Corp olasa B 17*4 19 700 100 31 18 Class A 1434 • 120 63 5*4 5 . 27*4 9 7% 200 2034 6,100 100 4 High Aug 26)4 June 1*4 June 2034 Apr 434 Bright Star Elec cl B 634 1,000 2034 34*4 134 Low 300 100 Preferred 6*4 25 63 Co Common class B S3 23 2 American Beverage com.. 1 Class * June 234 111 12334 12634 12634 4 Jan 5934 June 160 100 ~2434 common..* preferred 100 American 10* preferred Jan JaD 7 American Airlines Ino—10 100 Co com.l 2d 10 87 120 i~950 "11734 134 27*4 June 32 5 Range Since Jan. 1 1937 Shares 100 Breeze Corp. June 1,500 1634 12334 Aluminium Ltd Amer Box Board 151 34 1 59 34 117 117 33*4 434 com. 7% 1st preferred Brazilian Tr Lt A Pow... * 80 Aug July Apr ♦ Alumlnum Industries oom American Book 100 "266 1634 Aluminum GoodB Mfg. 6% 134 '1534 "1534 ♦ Bearing Bowman-Biltmore Jan Jan 21 100 preference 6% 134 * Common 434 Apr 24 38 6*4 Price Bourloia Ino Allied Internat Investment . Week 334 June 3)4 Inccom...* common..» Allied Products com for of Prices Low High Jan Jan 72 34 67 Week's Range Sale Par 33i June 14*4 Feb 2534 June Gt Southern..60 Ala Power 17 $6 42 100 Warrants Last High 3 34 4 common---* preferred.. • Conv Low 21 * •* Sales STOCKS Continued) Shares Investors Alabama Friday Week Price Agfa Ansco Corp com Alnsworth Mfg common..5 Air Device* Corp tom_..l Air for of Prices 20 Wire v t c com.. Aero Supply Week's Range Sale STOCKS June 39 Jau 104 June 139 Jau 'if June 134 June 7i« 2 34 32 1634 134 400 1634 100 64 24 1 June June 34 34 June 14)4 June 1434 May 2*4 Jan Jan Jau Jan Mar 17 Jan 17 34 Jau Volume New York Curb 145 STOCKS Last Sale (Continued) Par Consol Biscuit Co.. 1 Codsoi Copper Mines Price 5 5 Week's Range for of Prices High Range Since Jan. 1 1937 900 11% 75% 77 113% 113% 1% 2% 22,600 1,300 5% pref class A 100 Consol Gas Utilities 1 10 4% Consol Retail Stores 1 preferred 88% 7 % 86% 7% 10 Consol Steel Corp com * Cont Roll A Steel Fdy.._* preferred 7% Aug * com prior preference Copperweld Steel * 10 com... Cord Corp 6 Corroon A Reynolds— Common S6 preferred A Cosden Petroleum 21% 112% July 114% Jan Feb Ford Motor Co Ltd— Am dep rets ord reg..£l 1% June Mar June Mar Ford Motor of Can cl A..* Class B 73% Apr 3% Jan Feb 17% 100 85 May 102% July 2% 20% Mar Jan Jan Feb 90 21 hi 22 1,900 1,900 9% 150 15 June 21% Jan 65% 19% July 61% Aug 35 Mar Apr 15% 15% 1 9% 19 % 20 % 2,500 30 32% 200 30 Aug 62% Jan 13 14 1,500 10 May 18% Jan 32% 32 % 400 27 July 34 514 75,700 2 June 5 4% 6 6% 1.000 4% 4% 24% 4% 26% "T200 400 hi Crowley, Mllner A Co * 38% 36 38% 4,100 15 % 14% % 15% 1,200 7,400 6 Crown Cent Petroleum 1 Crown Cork Internat A..* * preferred Curtis Mfg Co 6 2 2% 20 H 4% June 23 2% 20% 2% 1 1% 12 Ti" 75 41 12 7 8% 41 12 29 12 16 1 Dennlson Mfg 7% pref. 100 Derby Oil A Ref Corp com* Preferred Detroit Gasket A Mfg com 1 6% pref ww .20 Detroit Gray Iron Fdy...1 76% 7% 76% 7% 78 80 8 Detroit Steel Products.. * "loo "52 52 Diamond Shoe Corp com. ♦ DtetUled Liquors Corp.. 6 Distillers Co Ltd £1 Dlvco-Twln Truck com._l Dobeckmun Co com ..1 Dominion Steel A Coal B 26 Domln Tar A Ohem com Dominion Textile Co com. 4% 21 700 25% 1,900 10 Common ..100 Malleable Iron.26 Eastern States Corp.... 81 82 50 79% 80 80 39 3% 39 100 "3% "3% 72% 7% 72 ~~6% "7% 8% "22" 22 ""560 25 Jan Apr Grand National Films Inc 1 33 Apr 9 23% July July Feb 10% 60 juni June 5% Jan June 15% Jan Mar i • July l com stock ♦ 7% 1st preferred 87 May 8% 89 19% 20 July Aug May Feb 3% May 11 10% 04 July 30 6 Greenfield Tap A Die...* Grocery Sts Prod com..25c Guardian Investors 1 Gulf Oil Corp 25 Gulf States Util S5.50 pref * $6 preferred • 25% Aug Jan 64% "l% "T% 3~, 756 Jan 1% Mar 1% June Jan 89% 90 50 116 June 89% Apr 74 74 20 73 1% 16% 500 16% 1% 16% 26% 26% 27% 2,100 98 98 99 '16 90 "I % '16 500 900 35 200 % *16 75% 14% 300 14 50 Jan 1% June 3% 22% 51% 38% Feb 15% June July 18% 96 34 Jan Aug Aug June % 72 Aug June 8% Jan 10 3,lo0 41 400 Feb 15 Jan 51 Feb June 39% Feb 95 16 200 June 45% Feb 28 Feb 107 X June 1,500 6% % 6% 5% 33 Feb Feb % 7% July 38 t c Feb Jan Apr 21% Mar 32% July 5,300 1% June 4% Jan 15 1,100 12% Jan Jan 9 900 18% 22% 90 150 39% 40 200 14% 14% 200 4% 3% 31% 3% 89 31% 200 31 3% 14 14 8% 40 8 July 90 14% 80% Jan July 119% July 37% May 117% Jan 128 Feb 47 Apr 8% Jan 16% 4% Jan 716 June Mar 60 88 90 12% 90 11,500 Jan Jan 50 50 June 72 57 60 July 90 84 June 95 Jan 17% 7% Apr 18% 300 17% Apr 15% 15% 100 15% Aug May 1% 1% "260 Hartford Elec Llgnt Hartman Tobacco Co Harvard Brewing Co 0 1% 63% 18 Jan 95% 16 Apr Jan June Hamilton Bridge Co com.* Jan Apr Apr 9 Feb Apr 11% 30% % 38 July 10% Jan Feb 24 9% 40 1,400 29% 5% 107 Feb Mar July July July 13% 5% Apr Jan Mar 5,500 75% 14 *ic 96 % 10% 35 Feb 100% 46 40 100 May 5 Jan 200 12% Aug 4% June 60 25 * 1 1% Iti Jan June 24 15% 70 Jan Feb Jan Jan Aug Jan 3% Apr 4 Jan July Hat Corp of Am cl B com.l 15 Hazeltlne Corp » 16% 10% 16% June Aug 10% 15% "166 21 1,400 15 June ic% Feb 12 Jan 28% Mar Hearn Dept Store com 6 15% 15% 15% 1,100 13 June 17% Feb May 1~% Anr 50 50 50% 300 46 May 62 Feb 81 Aug 82 Aug 20% 7% 6,000 15% June 100 6% June 25% 9% 50 Apr Hecla Mining Co.; Helena Rubensteln Class A 19% Jan 200 7% June 11 Apr July 96 Jan Heller Co 42% Jan Preferred w w Hewitt Rubber com Jan July 4% June 19% 76% 30 Aug Jan Aug 2H Juuti 08 111 May 6% preferred 60 26c 6 June 7% Mar Holllnger Consol G M Jan 10% Jan May 27 X Feb 5H 9 9 6% May 24 15% 10 • 24 100 23 Mar 10% 28% 15% 16 500 12% June 16% 47% 25 Heyden Chemical Hires (C E) Co cl A Hoe (R) A Co class A Feb Feb 7% 2 Mar 6% 79 19% * 1% Apr - * 39% 47% 100 "29% "33" V.656 11% 400 June 47% 32% June 35 Apr 15% 7 July 16 June 33% 11% 19% 22% 11% * JaD Hormel (Geo A) Co com.. * 55% June 80 Jan Horn (A 38 June 71 Jan Horn AIIardart July 26% 6% 82% 82% Feb 4% June 19% 3% 3% 61 700 3 June 200 3% 61 Aug May 400 7% June *15% June 73% 6% Jan Jan 4% Jan Jan 66% 200 1,300 300 5% 100 64 65 360 10% 11 300 3% 3% Feb 87% Jan 11% Jan 500 200 June 9% Jan Illinois Iowa Power Co 2% June 80 Jan 14 Jan May 7% 98% 68 13 Elgin Nat Watch Co 16 Empire Dlst El 6 % pref 100 Empire Gas A Fuel Co— 2% 37 2% 37 300 25 Jan June 112 Jan 25% June 42 Feb 1,000 72 87 Feb 10% 84 10% 700 10% Aug 12% July 22% 100 17 Jan 23 Mar % % 500 2 83% June Preferred 50 Ctfs of deposit ...... Jan Jan * 16 8% 26% 3% 200 50 26% 10% 10% 29% 29% 100 8% 27 800 1,100 10% 30% 250 900 22% 17% Feb 5% Mar Am dep rets ord reg..£l Imperial Oil (Can) ooup__* Registered * 30% July 40% Mar 60 Jan Feb June 3% June 43% June 0% June 24 July 7% June 22 July 52 Imperial Tobacco of Can. 6 July July May 8 3% 50 Uluminatlng Shares cl A..* Imperial Chem Indust— June X 24 * 41 2% Mar July 22% 10% Hygrade Food Prod 6 Hygrade Sylvanla Corp..* July 13% June 88 9 41% 9", 155 7% pref stamped 100 7 % pref unstamped.. 100 Hydro Electric Securities.* 80 June 6% June Aug June Jan Jan "32% "34% 1 July 45 65 Common June I Apr 8% 31 102 33% 84 Mar 28% 6% * 24 1% June 13% June 56% June 74% 100 275 Jan Feb f Huylers of Delaware Ino— 700 65 8 %/ 32 100 Hummel-Ross Fibre Corp 5 Hu8sman-Llgonier Co... 25,600 6% preferred Hud Bay Mln A Smelt Humble Oil A Ref... Jan 2% 73 8% 32 * Jan Jan 20% 2% 19% 64% May 20 .1' com 13% 19 21% 5% C) Co 23 200 21% 20% 10% Aug 45 Jan 350 Jan Jan 10% June 300 Apr June 19 6 225 Mar 24 Holophane Co com......* Holt (Henry) A Co ol A..» 6 Feb 36 * 10 62 87% June Feb 27% Feb 20 Apr 13 Feb 5% Jan 53% Mar 11% May 33% May 13% May 34 02% July Feb 9% Mar 24% Mar Imperial Tobacco of Great 2 Feb Britain and 100 35 July 72% Feb Indiana Pipe Line 100 40 June 74 Feb 9% 20% 4,900 20 June 20% 400 20 July 24 Feb 14 Indiana Service 0% pref 100 40 June 77 Mar 40 July 81 Feb 7% preferred 100 Indpls P A L 0 % % pref 100 25% July 31% Feb Jan 15 Mar June 19% Mar 1% June 2% 47% Feb 36% Mar 7% Jan 18% June 44% Jan Indian Ter Hlum Oil— 13 8% June 9% 20% 20% 20% Ireland..£1 100 100 47% 45% 47% 300 100 Empire Power Part Stk..* Emsco Derrick A Equip. .6 Equity Corp com 10c 50 25% 1% 25% 15 15 100 2 8,600 1% Eureka Pipe Line com...60 32% European Electric Corp— Option warrants Evans Wallower Lead 1% 1% 100 27% 27% 3 20% 19 .... '16 2 100 100 29% 20% 1,800 5% 3.400 10 10% 800 Candy...Il 25 25% 200 1 Metallurgical 5 4% Non-voting class A * 6 .1 Feb International Cigar Mach * 46% Mar 18% Jan 27% Mar Internat 3% July 8% Feb Internat Jan 11% Mar 1 Apr % Aug Aug Feb Mar 14% 41% 42 500 12 June 1,200 35 June 47% Feb 2",500 14% 41% 19% 17% 16% 13% June 9is Aug 05% May 18% 1% 82% Feb Flat Amer ®16 (Phlla)_10 First National Stores— 7% preferred.. July 8 Jan Jan 100 1 100 109% June 13% 13% 14 3,100 10% 70 Jan June 114% Mar 18% Mar 92 Mar 30 24 2% 2% 100 100 Mar Jan 39% 105 Jan Jan June 4% Jan IX June 4% Jan 2% "23"' Holding A Inv..* Hydro-Elec— Pref S3.50 series 50 34% A stook purcb warr 100 2% Apr 33% 34% 800 25% Apr 44 J&n 2% 18% 39% Mar Mar 38 Mar 18% 75 69% 450 23 24 200 ,S16 35 34% 35% 3,900 5% 200 10 « International Products.. 1 June X 13 May 33% June 33% 4% July July 100 ..100 Internat Radio Corp 9 64% June 22% June 100 14 5% International Petroleum..* Registered ,S16 14 Internat Metal Indus A..* 6% preferred 2% 2% 22% 75% 28% 4% 18% 68% 18% 13% *13% "li" % % "966 1,200 Jan 11 June % Feb Feb July Feb Feb Jan 8% 103 Jan Apr Mar 15% May Aug 1% Feb 200 15% June Feb 1,700 1% June *16 Jan 21% 3% International Utility— Class A * Class B 1 17% 1% 1% 18 1% Old warrants International Vitamin June 16 36 ''ii June 2% New warrants 1073 19 2 Internal Safety Rasor B_* Corp.. 20 91% May Insurance Co of No AmerlO 18 200 1 Feb Jan 9% 23 * Class B 21% 9% 21% 21% Industrial Finance— % 12 * Fedders Mfg Co Jan % June 7,700 1 Brewing July 10 V t c common '16 * For footnotes see page Feb 17% June Gypsum Lime A Alabas..* Hall Lamp Co » Haloid Co 5 Feb Mar 6% 17% Electrographle Corp eom.l 7% 1st preferred 23 83 25 49 i Corp dep rots Fldello Brewery 1% Feb 19% June 60 100 61% w w. Ferro Enamel 5,700 Jan Great Atl A Pac Tea— Illinois Zinc Common *0 preferred agreement extended Gt Northern Paper 31% 200 6,400 Eleo Shovel Coal $4 pref..* Flsk Rubber 0 Jan July 2J00 11 * warrants Fire Association V t Grand Rapids Varnish...* Feb Shareholding- Fanny Farmer 25% 0% Jan Gorham Mfg Co— 14 July 5% Ex-cell-O Corp Falrchlld Aviation 500 • 47 Class A 7% preferred 700 ...» 10 43% 62 Elec P A L 2d pref A Fansteel 1*1(1 Feb S7 preferred.. 62 8% com 6% preferred 6%% preferred 7% preferred 8% preferred.. 25 Gray Telep Pay Station .10 24 Jan Apr Stores.* $6 preferred $6 preferred Falstaff June 47 61 Edison Bros Stores new..2 Elsler Electric Corp l Eleo Bond A 8hare com..6 v 4% 21% 22 • Feb Feb 1% Easy Washing Mach "B" Electro] Inc Mar 4 * ... 10% % 18% 15% 28% 105% $7 oreferred series A_. $6 preferred series B_. pref 98 19 30 500 Eastern conv July 500 Feb 15 6 % % prlur preferred. 100 Eleo Power Assoc 21% % J:?np East Gat- t •'lie I Assoc— y 14% 17 Horder's Inc Eagle Picher Lead EoonomyGrocer 10 % 21% 23% * * 700 4% 19% 14% 200 1 55 loo 6% preferred $3 preferred Warrants Gorham Inc class A S3 preferred. June 23 Jan 10% 17% 32 9 4% 8% • 26 * Dublller Condenser Corp. 1 6% preferred A 100 Gen Water G A E com.. 1 Goldfield Consol Mines 23 * Duke Power Co.. 100 Durham Hosiery cl B com* Duro-Test Corp com 1 Duval Texas Sulphur ... S3 conv pref * General Tire A Rubber...6 Jan 28% 10 7% preferred Warrants.. Gen Outdoor Adv 6% pflOO Gen Pub Serv S6 pref » Gen Rayon Co A stock.._» General Telephone com.20 Feb 5% June Douglas (W L) Shoe Co— 7% preferred ..IOC Driver Harris Co Gen G A E S0 conv pf B._» Gen Investment com 1 $6 preferred • Jan 5% Jan 11% June 400 Jan Feb May May Feb 12% Georgia Power $6 pref Gilbert (A C) com Preferred. Jan Jan 3 17% * Amer dep rets ord reg.£l Gen Flreproofing com * 15 3% 21 2% Jan 60% 13% 19% July 75 108% 500 • Draper Corp 2% 13 Feb 22 • July 200 25 100 Gamewell Co $6 pref General Alloys Co Gen Electric Co Ltd— June 6 10 2,600 - Aug June 4% 5% 27 16% 6 June 4 25% 8% 29% 31% 20% 40 2X 2% 25 Aug 0% July 21% June 1 16 10 June May 300 2% 2,900 11% Fruehauf Trailer Co Conv preferred 40 i 2% 7% Mar Aug Aug Aug » 75 16% 11% 10% ] Godchaux Sugars class A.* Class B » 2,900 16% 100 9 Jan % 14 Det Mich Stove Co eom__l Detroit Paper Prod 1 De Vilblss Co com... Common Non-vot 800 11% 06 12 12 19% 1®H 15 11% 6 Glen Alden Coal 11% June 13 May Feb Feb High 36% Gladding McBean A Co..* 900 15 Brewing Franklin Rayon Corp com 1 Froedtert Grain A Malt- Jan 4 Low 150 100 Feb '""960 • ... Fox (Peter) Range Since Jan. 1 1937 Shares 48% Ford Motor of France— A mer dep rets lOOfrce 5 "23% "24" _£1 . 25% 25 Defiance 8park Plug com.* De Havlland Aircraft Co— reg High 27 7 June 300 250 2% Jan Mar Low 7 11% June ®i« June 29 Jan * 2% 4,400 27% 1% June % 12% 12 July 14% Aug 1% June 11% "24" Jan 6 12% 5 ♦ Dayton Rubber Mfg corn. * Class A 36 28 July 100 Davenport Hosiery Mills July 20 104% 3j6 Jan Mar 38% May % 400 100 7% 94% 5% 12 500 21 Jan Feb 1,400 100 Mar May 1% 100 Cusl Mexican Mining..60c Darby Petroleum com 6 Am dep rets ord Delay Stores June 5% X June 28% Mar 100 2% 12% "l2" tc-* v 6%% ,516 12% * 10 Feb 12% • com 4% June 80 1 preferred.. Feb 31 Crocker Wheeler Eleo Croft Brewing Co Cuban Tobacco com Cuneo Press Inc 15 "13 H 6 Crystal Oil Ref % 16% June 8% June "l5% Creole Petroluem 26 Mar Aug 6 400 60 Drug Co com..25c 135 Jan 2% £1 Preferred July 10% Mar 400 • 1 6% June 100 Price 48 Mar 2,400 Cramp (Wm) A Sons Ship A Eng Bldg Corp... 100 J6 Florida P A L $7 pre! Ford Hotels Co Inc 11% 9% 9% .1 com 6% conv preferred Courtaulds Ltd. Option Jan 2% A % * Copper Range Co Electric 11 89% 500 * Cooper Bessemer 4 Week Par 9 90 Continental Secur Corp..6 Cook Paint A Vnrn com..* 6% for of Prices High 2% Continental Oil of Mex__.l Crown Week's Range Sale Jan 96 2% 9% Cont G & E 7 % prior pf 100 $4 250 100 Consol Royalty Oil S3 Last June 700 88A Sales STOCKS : 7% 64 Warrants Consol Mln A Smelt Ltd..6 1069 (Continues) Low Shares 5% 4% 11% 2 Friday Week Low % 11% Consol O E L P Bait com * 8% Exchange-Continued-Page Sales Friday 1 4% 4% 400 % 4% Feb Jan X X Feb Aug 7% Mar Jan of Prices High Sale (Continued) Par Low Price A 11% 300 9% 200 12% 300 300 16% L) Co—. 1 Co * Jersey Central Pow A Lt— 6% % preferred 100 6% preferred 100 7% preferred 100 Jonas A Naumburg—2.60 Jones A Laughlln Steel-100 Julian A Kokenge com-.-* Kansas G A E 7% pref-100 Ken-Rad Tube A Lamp A ♦ Kimberly-Clark Co preflOO Kingsbury Breweries 1 Kings Co Ltg 7% pref B100 6% preferred D 100 Kingston Products —1 Klrby Petroleum 1 Ktrkld Lake G M Co Ltd .1 6% 16% 6% 10,100 6% 15 4% 110 ~~ 5 600 10 110 110 24% 24% 300 1% 1% 42 41 41 20 Navarro Oil Co 1% Nebraska Pow 7 % pref-100 89 96% Jan 1st Jan June June Jan 100 4% June Jan 90% 25% Apr 108% July Jan 19 Mar 1% July June 41 Aug Jan Mar 126% Feb Feb 8% Jan Newmont Mining Corp.lO 1% Apr New Process common 21 Feb 12% June 13% Jan 9% June 17% Jan 400 5% 25 Jan 111% Feb Apr 12% Jan N July 21% Jan Aug 78% 12 65 50% 51% 4% 10 5% 1,500 2,500 65 46% June 4% June Apr 10 9 13,800 3,300 2,700 May July 7% »u Apr 1% 1% 37 35 Feb Mar *V& Feb & 'IS 6 4% 4% 31 77% 77% 50 13% 13% 5,200 Jan 900 June Mar 22% June 10% 11 100 100 100 4% 79% 62% 3H 65 3% 13 Jan *13% 24 May 22% June 1$ Feb 14% Jan Jan July 6% Jan 76 Apr 93 Mar 62% Aug 80 Jan 10 275 4 13% 3% 1,500 600 3% June 6% 5,400 11% May 15% 95 Apr 100 Jan Jan Feb Class B 2% Jan Aug Feb 5% % NorN Y UtU 7% 1st Northern Pipe Line 88% 100 pf 100 8% 10 Jan Mar INor Texas Elec 6% pf-100 Northwest Engineering..* Novadel-Agene Corp.. 25% 25% Apr 3% Feb 16% 400 18% 25% McCord Rad A Mfg B— 25% Aug 55% May 6% 22% 3,100 6% 18% June 120% 121% 175 101% Jau 5% 1,200 45% 400 6% 22 18% 121% 5% Jan Jan 65 5% 100 Aug 7% 72% 1 % 15, 16 15,000 Apr Mar Ollstocks Ltd Mar Jan 2% 80% Jan Oldetyme Distillers.. 1 May Feb Overseas Securities * Jan 2% Feb Pacific Can Co com Michigan Bumper Corp.. 1 2% 1 8% Michigan Steel Tube.-2.60 16 * 2% 8% 1 1C 6% 2% 9 5,100 600 Jan Aug 100 Jan Paolflo P A L 7 % pref-100 Paclfio Public Service * 3% Jan 11% Mar 18% Feb 61.301st preferred Pacific Tin spec stock... 1% Jan Pan Amer Airways 1% June 2% 16 16 % 6% 400 1 700 6% 200 6% 1,200 4 % % July * 4% 4% 15,e to ,S16 4% 1 83% 82 83% Mid West Abrasive com50o 2% 3 10 9% 9% 125 3% 38% 3% 39 Miss River Pow pref--. 1C0 U0% U0% June Feb 2 Feb 10 Jan May 24 Mar Jan go Mar Mock. Jud, Voehrlnger Co Common 2 60 13 1 9% Monarch Machine Tool--* 13 9% 23 4% Jan 14% Mar 100 10 5,000 23 200 4% 4% 500 Montana Dakota UtU—10 145" 32% ""160 33% 400 * * 147" "45% "45% '"50 100 (Tom) Distillery..1 3% 3% 700 Feb Jan 98 Jan July 118 109 11% June 8% 22 Mar June 3% May June Mountain City Cop com 5c 11% 6 "12% "7"206 6% 2,200 * * 18% 19 300 Nat Auto Fibre A v t c_—* 27 30 500 3 8 Feb Jan 7% 3 June 27 June 44% Feb JaD * 7% 4 41% 14% May 3% 69 Jan Common Conv pref Ber Pierce Governor Pitney-Bowes 71% 14% Jan 6% 100 5 Apr 8% Jan 20 Aug Jan 400 38 May 24% 64% 75% 7% Mar m Feb 59 Apr 5% 28% 30 July July 25% 1,900 Mar June Apr 43 100 8% 700 7 Jan 100 20 June May Jan Jan Jan 30% 30% June 10 36% 28 30 63 29 35 8% Jan 89 July Feb Feb 12% 30% 110 Feb Mar Apr June 42% Mar June 72 Mar Feb 5 3% Aug 3% June 3% 3% 8,100 Mar 17% Jan 12 "93" "96% May "275 89 May 113 Jan 35 82 Jan June May 112 175 162 Jan 179 77 173% 109" 78% 300 73 June 95 Feb 109 113% 300 109 June 161 Apr Mar 37 91 173% 175 31% 7 7% 400 6% Aug 100 8% June 10 10 32% 32% 25 8% 8% 700 "20% "21% ""800 19% 300 2% 4,400 3% June 1,000 111 June 31 June 8% 6 35% Feb 8% 20 July Jan 110% Feb Mar 34 July 15% Feb Jan 11% Mar Apr 40 Mar Jan 33% Feb June 3% 6% Feb Jan 7% June 9% Jan 40 7% Common June 42% 21% 21 21% 400 17 June 27% Apr Feb 92 91% 92 110 86% June 110% Mar 14 100 12 60 Pittsburgh Forglngs Pittsburgh A Lake Erie.50 Mar Pittsburgh Plate Glass.-26 14 Pittsburgh MetaUurglcallO June June 45 July Aug Pneumatic Scale Corp. "121% 120 122% 1% 114% 800 300 Plough Inc Pleasant VaUey Wine 11% July 13% 14% June 19% Jan Polaris Mining Co Potrero Sugar com 7% 41% 72 500 7% Apr 13% 400 33% Jan 47 Feb Powdrell A Alexander 300 64 May 91% Jan Power Corp of Can Jan 14 May ~14% "moo Jan 19 Apr .. 6% 1st pref 1% 15 6 100 * May May -16% June 147% 2% July 19 Feb Jan Apr ! Feb Feb 8 100 5% Aug 6% July 1% June 8% June 18% June 4% 12% 33% Feb 31 41 Jan 0 5% 5% 2 9% June 600 10 com..* Pratt A Lambert Co 1% Co.l 25c 6 Feb 11% Feb June 50 65 * Meter 1.900 71% Feb Pitts Bessemer A L Erie RR 5,600 "l4~ 32% 29% 107% May Postage 15% 25 Mar Feb 100 106 10 A oom.. 13% 7% 20% 109% 8% 15 July Mar Aug 103 Phillips Packing Co Phoenix Seourltiee— 12% 40 400 27% Phlla Elec Co 55 pref Phila El Power 8% pref-25 8 Nat Mfg A Stores com National 011 Products 1,100 500 .* com.. 15 12% • For loo«-no*«* ««e page 1073 100 10% May July 18 7 60 28 12,100 * 43 ""500 30% 27% 7% Feb 51% "l7% 30 7% Mar 23 1,050 16% 10% 10 3% 97% Jan 10% 1 20 Jan Feb Aug Pioneer Gold Mines Ltd.. 1 Apr 6 July Jan July 100 9% Feb July July Feb July 7% 28% Mar 'SB »S 500 155% Jan 17% 3 Apr May June 525 June June » Feb Jan Feb Feb 8% June 1% Nations Candy Co com—* "~3% "3% 2% 4 6% 58 250 ""900 2% 100 National Refining Co May June Apr June 'IS 26 Pines Winterfront 6,600 National P A L $0 prefu—* 13 9% June 5% June 18% Aug 5 9% Nat Rubber Mach Pepperell Mfg Co Apr 2% pref Jan June 9% 57 111% 700 89 50 Philadelphia Co 2 Nat Bond A Share Corp—♦ 112 7% 56 preferred Penn Salt Mfg Co Pa Water A Power Co 18 30 111% 65% Pharis Tire & Rubber coml 9% National Fuel Gas pref Feb Apr Jan May June 1 Jan 45% Jan June 46% * 184 Mar 101 ♦ Jan 2% National Container (Del)-l 55 preferred Penn Mex Fuel Co Feb Mar 07 110 33 44 Mar Jan Jan 100% 100 37 42% Feb 102% 30 52.80 preferred 157 1 National City Lines com—1 17 Jan 6% 37 35% Penn Edison Co— Pa Pr & Lt 57 May Feb 100 65 * May 29 Co com.l Nat Bellas Hess com 4% Jan May 12% June 36 1 nil Apr 25 Jan 41 100 45% 8% Pennroad Corp v t o_. Pa Gas A Elec class A 15% * 97 35 Class B Feb 91 100 43% 25 21 29% June 134% *138 Mountain 8ts Tel A Tel 100 25 Aug 21% Feb 3 11% 10 Mountain States Pow com* May Perfect Circle Co 4% Mtge Bk of Col Am shs 6 43 May 2% 180% Class A 7 % pref June 4 31% June 147 Montreal Lt Ht A Pow.. .* 0% preferred Naohman-SpringfUled June 33% May 7% Monroe Loan Soc new A.l Muskogee Co com 71 9% June 13 1% 24% 30% 65 Parkereburg Rig A Reel—1 Patchogue-PlymouthMHls* Pender (D) Grocery A.. Peninsular Telep com Preferred Jan 2u0 Paramount Motors Corp.l Parker Pen Co 10 2% June """26 June 13% 29% 6% 7% 7 900 100 1® 46 Jan 1,100 1,500 100 108 21 10 8 88 ""3% Mining & Mfg *1 July Feb 65 * May 20 * zn 200 111 106 Pantepeo OH of Venes—..1 6% June pref-.--* 30% % June 500 Jan 87% 58% 9% 6%% 1st preferred—.25 Pacific Ltg 56 pref • 11% June , Jan 40 27% Paclfio G A E 0% 1st pf.25 Midland Steel Products conv "io * Jan Jan Jan 200 100 8 Feb Middle States Petrol— 13 3% 37 4% June 4% 97% Jan May 51% Apr July Apr 1% 13% 28% 60 0% conv pref..—.100 Jan 2 100 - Jan Aug 92% 90 Metropolitan Edison pref. Apr 70 700 108% 109% 63 preferred- Jan 11% 6% 50% 80 6 31% June Jan Jan 100 May 2ft Aug 25 110 Oklahoma Nat Gas com. 15 oom... Jan 51% 6 ""306 111% 111% 100 Ohio Power 0% pref—.100 Ohio P S 7% 1st pref—100 6% 1st preferred Jan 7% 77 Jan % 8% 58% 32 com—* Part preferred National Baking Ohio 011 6% pref June June 32% 100 * 52* 72% 11 Ohio Edison 66 pref 63% 7 Feb Jan 2,500 24% 8% 23% 1% 24% 32 Ohio Brass Co cl B com...* 5% 400 Warrants 100 1% * 73 JaD June 25% June Participating preferred 6% ... July 5 6% Jan 24 cl A..100 7 39 Merchants A Mfg <!l A—1 Soott* Feb Feb July com 4% June 62% 45 Mercantile Stores corn- 14% 44% 125 3% 97 78% * 1 common..* Master Electric Co 1 May Hosiery MUls pref--* Murray Ohio Mfg Co 5% 516 78% 88% .6 8% Aug 35 100 Nor Cent Texas OH 3 15 35% 300 Nor European OH com...1 Nor Ind Pub Ser 6% pf.100 300 Apr July 11% 2% 1,700 Jan 1,000 Feb 16 98 56% July 60 100 51% Jan 1,300 Feb 2 Nor Sts Pow Mountain Producers 200 49% 10% 3 Feb May 49% Mar Moore 3% 54 82 10 Feb % 2% 6 500 No Am Utility Securities-* 16% Apr 2% 1,000 0% prior preferred-..60 5% Mar Moore Corp Ltd com 2% 7% 49 22% Moody Investors pref 15 1% 300 49% 33% * 100 * oom Jan Montgomery Ward A 15 3% June Molybdenum Corp Apr 54 17 Minn P& L7% pref— May May Aug • North Amer Rayon cl A..* 61% 9% 115 10% June 60 preferred Apr 3 Feb 40 1 Common June 14% Feb May Nor Amer Lt A Pow— I 9% 94 1,300 7% 2% June 5% June 60 May Maasey Harris Feb 100 78 1,100 2% 38 Mass Utll Assoc v t o Feb Aug 55% 7% 400 8% June Jan 10% July 13% *2% 200 12 June 65 65 55 1 * Minnesota 81 % 225 12% 5 7% preferred Mining Corp of Can.....* 9% June 2,500 N1 pissing Mlnee 1,100 Jan Feb % 2% Noma Electric 1% 10 5% Aug June 15 3% 25% May Mar 95 51% Apr Jan 12% 13 1% 20% 106% 55% 5 ;_. * 3% 100 Mar — NlIee-BementPond 49% 23 Mar 4% Niagara Share— 3% Communication ordregJEl Midwest OH Co 13% 16% 115% *16 2% 51% 23 Feb 34 June 24 520 100 Class B common... Mar 98 CiaBs B opt warr Class A pref Jan 16 75% Nineteen Hundred Corp B1 79% 4% 13% Class A opt warr——... 400 Apr 6% 7% June 6,100 85% 14% 87 Mar Feb 37 June 12% 106 200 30% July Aug 400 pf.100 Niagara Hudson Power— Common..——.—.10 7 Feb 37 100 14 Feb 97% June N Y Water Serv 0% Jan July 28% June 101 New York Transit Co Apr 29% 14 14 8% Jan Jan July 9% 400 9% 8% 34 23 Mid vale Co Mar 1 Founders shares Jan 15% 13% $2 non-oum dlv she 135% 29% 3% June 15% » Midland OH conv June 2% 92 1,500 110 108 20 Feb 110 Marconi Intl Marine— ▼ Jan 109% 109% 16% 300 Louisiana P A L$6 Class B 2% 5 7% pref—100 66 preferred * N Y Shipbuilding Corp— 30% 15% Explor.l Class A v t o Mar June Ho" —10 Y Merchandise Apr Aug 3,500 4% Preferred June 3% 6% 1st pref 6% 2d pref cl A 5% 2d preferred 6% 2d pref cl B Jan 34 29% 4% * Michigan Sugar Co 72 500 N Y Pr A Lt 28% 4% 100 100 Michigan Gas A OH 1,350 26 20% 1% 7% preferred 0% pref class B Mexlco-Ohlo Oil 81 30% 94% N Y A Honduras RosarlolO 11% 11% 106 13% Long Island Ltg— Common Metal Textile Corp Mar June 9% 100 B.B 10% 0*4% A preferred Mesabi Iron Co 140 H 18 Warrants 100 Mar 88 July 300 * 11% Mar 200 N Y City Omnlhus— 12% 13% Merrltt Chapman A 72 Jan Apr 0% 35 25% 84% N Y Auction Co oom——* 12 6 Jan July July 75% New Mex A Aria Land—.1 Jan Feb 28% Memphis Nat Gas com Memphis P A L 51 pref 89% 25 2% June 6% »»i« 10% 65 Dredging...* 2% 23% Apr June 84 26 4% * McWilliams Mar Apr Feb Jan Jan Jan 118 1,100 51% Mead Johnson A Co——* 19% 75 2,600 9% Margay OH Corp Marlon Steam Shovel 19% 25% 5% July Jsd Feb Mar 80% 4% 5 11% pref-.* Luoky Tiger Comb g m„10 Lynch Corp common 6 Majestlo Radio A Tel 1 Mangel Stores——.—1 16 conv preferred * Mapes Congol Mfg Co * Jan Aug 24 * 108% 108% Look heed Aircraft 59% June 1% 10% 100 —6 New Jersey Zinc Jan 32 12 * 6% preferred 100 New England Tel A Tel 100 88% 05% 8% June 102 200 New Engl Pow Assoc New Haven Clock Co Feb Apr 80 1% Jan May 3% 11% 1% Jan 9% 12% 28% 2% 112% Mar 70 New Bradford Oil Jan 63% 28 Jan 1 30 106 Mar Mar Jan July 1% 20% 100 Jan Aug Jan 600 10 0 Feb Mar 200 1 53% Nestle-Le Mur Co cl A-.-* 28% 10% * * * 6 106 * 114% 3% 400 Aug May 10 Corp...5 Neptune Meter class A—* 7% preferred 107 7% 57% June 22% preferred Nv-Callf Elec oom % Jan 49 100 Nelson (Herman) Jan 30 i% 21% i% 103 Co com..—* Nebel (Oscarl June T.666 1 June Jan 3% 1,100 "16% "16% High j % 300 4 49% 23% 21 5% 12% Lion Oil Refining "16% 12.60 1 --* National Transit Low 3,800 8 23 Refining--* pref-10 National Tea 5%% 4% 36% Louisiana Land A National Sugar 5% * Loudon Packing Jan 5 26 G) Inc__l Material Co.---—* Lone Star Gas Corp Jan % 3% 49% 22% preferred—* Nat Union Radio Corp 54 Le Tourneau (R Class B part June 6 200 * Locke Steel Chain Conv % National Steel Car Ltd—.* Jan 105% Leonard Oil Develop . 13™ 700 113 4% 111 Mach-.l pref--100 1 Loblaw Groceterias A Mar July 85 Lefcourt Realty com Lit Brothers com 42% 24% Jan 71« 19% June 11 Price J Nat Service common Nehl Corp common J)-100 Ltd.__l Lehigh Coal A Nav July 75 Lackawanna RR (N Preferred Jau 7 66 Cocom.-.* Klelnert (I B) Rubber_..10 Knott Corp common 1 KoppersCo 6% pref-—100 Kress (S H) A Co pref... 10 Kreuger Brewing 1 Lane Bryant 7% 6% June 600 Klein (D Emll) Lakey Foundry A of Prices I Week Low High Shares Par 14, 1937 Range Since Jan. 1 1937. Week's Range Sale Jan Jeannette Glass Lake Shores Mines Aug H Warrants Jacobs (F Sales for Last High 5% 84% 20 % 24% % 23% 11% Low Shares 600 9 1 ♦ Irving Air Chute Italian Superpower 37% 23 % Week 6% 38 5% Equip—1 Interstate Hosiery Mills--* Interstate Power $7 pre!-* Investors Royalty 1 Iron Fireman Mfg v t c—10 Interstate Home , stocks (Continued) Range Since Jan. 1 1937 for Week's Range Last Friday Sales Friday stocks Line Aug. New York Curb Exchange—Continued—Page 3 1070 9% 24 9% 24 1,000 25 1 June Jan Feb Volume New York Curb Exchange—Continued—Page 4 145 Friday STOCKS Last Sale (Continued) Par Price 1 Premier Gold Mining Sales Week's Range of Prices High Low 800 "~h "~X 5* IPropperMcCallumHos'y* Prosperity Co class B * % 165* * * Provldenoe Gas Prudential Investors Sfl preferred 95* 11 ' 5* 500 1,800 12 Jan 355* *i« Feb May Mar June % 175* 100 85* June 115* 1,400 12 105* June 145* ~ Jan Feb Mar Jan Jan 99 7% 1st pflOO 1065* 1065* May 103 Jan 106 * Pub Ser of Col 155* 716 10% 9% 5* 45* May 28 1 Par June 2 June 109 Jan * * 51 52 5* 27 61 27 28 June 39 685* Jan 195* June 41 Mar Pub Serv of Nor 111 oom__* 75 July 98 Jan 60 77 May 93 Feb 100 100 112 June 16 preferred Common 6% preferred 7% preferred 1175* Apr 1195* 117 5* Mar Apr Pub Service of Okla— 6% prior Hen pref—100 92 15* . 305* June 99 Aug 103 Feb 1065* Jan 30 5* 8 Jan Feb {Stutx Motor Car Jan Sullivan Jan Sunray Drug Co Sunray Oil 1255* 175* Apr July 255* Jan June 285* Jan 200 % 2 5* June •»« Jan 5* July Feb 36 X 600 38 245* Jan 49 Mar 41 Jan Jan 635* 75* Mar 4 10 Jan 18 Aug Reed Roller Bit Co * 355* 365* 200 32 June 465* Reeves * 55* July »,« June 225* June 4% June 85* Mar Feb Apr Mar 65* * 5* 24 3^ Reliance Elee A Engtng._6 "5% "05* X H 800 15* Feb July Feb 975* July 1045* 112 July 275* July Aug 155* Rome Cable Corp com...6 15% 900 "OX "65* V.200 15X July 155* 1 65* 14 X 20 14% TUo 1 Roofing Ino Am dep rets ord reg 155* Aug 45* Feb Jan 6 5* 45* * June 18 Jan June 1 Jan Apr 555* Mar 95 350 90 Jan 1105* July Transwestern Oil Co 14% 200 12 July 145* Apr 145* 15J* 2,200 Jan 150 55* 6 4X 4% 1,100 1,200 105* June 465* June Mai 4 35* June 111 June 175* 51 July 65* Jan 8 Mar 141 Apr Apr 12% 13% 500 60 6 85* 7% preferred 100 Samson United Corp rom. 1 55* 8% 9 5,500 225 1085* 110 55* 55* 600 Jan 165* Apr 385* Apr June 97 June 55* 58 com X Jan Jan • May May Apr iw8 65* 69 Apr Jan 42 % Segal Lock A H'ware 1 2A Selberllng Rubber • dep reo Sentry Safety Control May Mar 425* 415* Aug June 48 200 445* May 25* 65* 225* 2,300 m June 1.500 5% June 350 215* Aug 25* 25* 1,000 2 5* '"206 965* 100 5* 6% cum pref ser AAA 100 Sherwln WlUlams of Can 5* 85* 35* 175* 35* 185* 8 18% 45* 645* May £& 45* 95* 30 Jan Jan 25* June 905* 92 5* July July 45* 285* 1015* July 104 6,000 98 1" 5* 345* 1 55* United com United Ohem'c&ls oom Jan United G 4 E 7% pref. 100 United Lt 4 Pow oom A.* Jan June Feb United 105* 105* 295* 30 900 105* Aug 100 295* Aug 1,000 35* June 105* Aug Apr 1 35* 105* 303 35* 115* 3065* Jan Feb Apr Jan 105* Aug 1,100 90 295 85 Feb 75* Feb 135* July 370 55* 98 2 Smith (H) Paner MH1...* Solar Mfg Co 1 205* Jan 45* June 1 2 l 95* 1 15* 85* 25* 95* 4,100 15* 365* 65*% pref Berles C...25 Southern Colo Pow cl A.26 26 375* 9,400 30 Jan "255* "26" "600 55* 100 55* South New Engl Tel..100 Southern Pipe Line ..10 Southern Union Gas • 3 105* 10 50 A 46 55* 35* 105* 505* July 7 United Preferred *16 *16 "Io" '165* Standard Cap A Seal com.l 225* Standard Dredging Co— Common ...» Conv preferred ..» 24 200 85* 35* 716 195* 215* 10 25* 75* 485* "600 "I" 95* 105* 1155* 116 2 25* 65* 75* 485* 495* 28 247 19,100 1,300 Mar Consol 20 A ... For footnotes see page 1073 205* 205* 1,100 19 10 10 100 Jan 65* 21 Jan May Apr 635* 205* Mar 95* June 135* Apr Jan June Jan Jan Jan 755* Jan 25 June 45 Feb 85* 247 100 May 76 10 oom_. Feb 15* July 2 Aug July 12 Mar 25* 400 95* July 55* June 25* May 100 87 88 415* 345* 125* 415* 135* 2,100 15* 15* 805* 3,600 25* 400 27 15 400 300 150 Class B............ 5,100 ~8 8 265* 3 Feu Mar 935* Jan June 45* Mar 34?* Feb June 16 Mar Aug 14 Mar June 15* June 185* Jan % 35* July 15* 45* Feb 35* June 6 Jan Jan 18 July # Jan 35* Aug 1554 May '"loo 265* 6 5* July 100 235* Apr 45* 45* 45* 600 45* 5* 5* 200 n8 916 35* "16 2,900 3 400 1 21 65* 19 21 300 25* 5* 25* 12 85* 225* Jan Feb Apr Jan 19 Jan 355* Feb Feb 805* 45* Apr July 1035* Feb 56?* June £89 June June 6 895* Jan Jan Jan June 2 June 65* Feb June Aug 15* 35* Mar June 285* Jan Jan Jan 30 J 65* 15* 65* 300 15* 3,700 885* 885* 10 14 145* 600 Apr 105* Feb Mar 73 Feb 23 65* 6 55 65* 5 June 33 Apr 6 Apr 95* 15* Jan 35* 835* June 100 Feb Jan Jan * 22J* 23 1,000 • June 185* Feb July 10 Jan Apr 23 Aug July 25* June 22 100 11 5 Waht (They Co common..* Waitt 4 Bond class A...* Class B-- 185* Jan Jan Aug 125* 7% pre!.. 100 Vogt Manufacturing » Wagner Baking v t B Aug June 15 Jan June 25* 25 254 1 475* June 15* 9.500 100 com—1 965* 105* 80 4% Apr July "2", 100 5* Van Norman Mach Tool .5 7% preferred ' 75* May Mar 375* 125* 30 stock c 84 375 45* * 253 Apr 100 35* * Utility Equities Corp June 85* 300 35* Utility 4 Ind Corp oom..5 Conv preferred .7 lUtii Pow 4 Li common.. 1 preferred Vaispar Corp v t v t c conv pref 245 Jan 15* 105* 65* Utlca Gas 4 Elec 7 % pflOO Priority 55* 35* 1 Apr June Jan June 35* 335* June 25 Oil...10 27 June 4 Jan 115* 115* 45* "45* United Wall Paper Va Pub Serv 155* 94 4 Aug 41 Feb 124 35* 35* 235* 50 135* May 1** June 100 15* Apr Jan Mar 5* 35* 65* Mar Jan 2 108 900 Utah Pow 4 Lt $7 pref—* Jan 85 305* Mar 135* Feb 525* May Xll * Venezuela Mex Oil Co.. 10 50 Feb Mar 75* June 7,200 Utah Radio Products... Apr July 4 Jan Jan Jan 120 95* 65* Venezuelan Petrol 900 Feb Jan 5* June 2,600 25* 265* Jan 45* 1145* "500 80 875* Jan 185* May Feb 25* 1 42 45* Feb 65* 45* 45* 185* Aug 65* June 400 9 "15* 28 Feb 42 18 % 135* 95* 65* July Mar Feb 86 May 115* Feb 15* 400 Waco Aircraft Co 4% Jan 95* 315* 895* June 1155* Feb July 3 June xll 15* 125* Aug July Jan 8 Feb Mar Aug 1 60 47 1 Mar 235* 10 25* 2 8 Mar Feb 700 1,900 75* Pictures 5 5* 235* Apr * Products 75* 235* Feb 13J* 55* Universal Jan Jan Y.600 65* Aug 65* United Verde Exten.._60c Jan * June 1J* June 8 May 155* Jan 900 Mar 5 * 4 600 Universa May Jan Feb 10 200 Jan 5* June 2 300 95* Mar 5* Mar *i< 1,000 65* 5* 415* 600 Jan Feb 105 115 Jan 5* June 95* 295* Am dep rets ord bearer £1 10 5* 5* July June 99 55* 5* 1 U S Rubber Reclaiming..* U S Stores Corp com * July 42 July 1,600 8 J* 15* 15* June 115* 505* Feb 74 85 135* 355* 265* Apr 3 Jan 112 1 Universal Corp v t c Umversaj Insurance Aug July 15* "155* "l7" 25* pref with wart—..* U S Lines pref * U S Playing Card .10 Universe 85* 185* July July 3H 1st Aug 42 Jan Jan 45* 165* 51 35* May U S and Int'l Securities..* Mar 2 600 66 Apr 45* 65* "145* $7 conv 1st pref United Stores v t o 100 1,900 Apr 105* 45* 10 10 1 United Specialties com U S Fob Co class B July 160 Aug 15* 45* 105* 25 55* 85* Mar 185* 105* 1,100 % 1 25* 28 Jan 925* 1 Shipyards cl A 95* 83 Mar 100 5* 15* Apr July July 73 7 ~"Io 5* '167" 5* 105* Class B 7% * 167" Jan Jan 3 100 '"700 100 • Aug 24J* June 4J* May Jan 7H 125* ""400 1C July 26 Spanish A Gen Corp— Am dep rets ord reg—£1 2 1,100 So West Pa Pipe Line. .60 Standard Invest $5*4 pref* Standard Oil (Ky) 10 Standard Oil (Neb) 25 Jan 295* Jan June 112 435* 1,125 1,100 175* 85* 55* 1545* 55* 3 Southland Royalty Co—.6 South Penn Oil 25 com Apr 100 65 55* 100 Standard Brewing Co 65* Feb July July May 5 300 $3 preferred 45* 6% original preterred.26 6% preferred B .26 8pencer Chain Stores July Apr July 65* 775* 45* United Molasses Co— U S Radiator com Amer dep rec ord reg.fl Sioux City G A E 7% pflOO Skinner Organ com * Aug 55 * United Shoe Macfc oom .25 May 335* 25* Milk Products..-* United Profit Sharing Preferred 285* Feb 55 United N J RR 4 Canal 100 114 Mar 535* 25 "765* "715* Jan K 5 Feb 5* South Coast Corp com Southern Calif Edison— 175* Jan June 185* Common class B Feb Mar Soss Mfg com. 35* 55* 645* 135* Feb 35* 1,200 36,200 1,500 * Mar Mar Mar Hlmmons-Broadman Pub— Sonotone Corp 7 35* ..* $3 cum 4 part pref United Mar June 115* 41 175* June 335* 24 3065* 165* June % June Aug July Aircraft Transport 1545* 108 1 June 335* Warrants Apr Apr 100 100 7 35* Union Gas 0! Canada....* June 110 3 5* 645* 135* Am dep rets ord reg.. 110 Conv pref ♦ Simmons Hard're A Paint ♦ 95* 100 50 101 55* 585* 135* Feb 98 800 2 Jan 285* July 95* Mar 110 1Q}£ 11 345* 15* 35* 335* 55* 685* 1185* 45* June 65* 155* 255* Apr 17 Jan 200 125* 118 46 Apr 600 Apr 100 Apr 98 200 Aug 450 Feb 65* 105* July 295* Jan 225* 68 5* 1345* 295* Jan 50 June 65 8 132 Jan Mar 16 65 Mfg Co 10 Union Elec Light 4 Pow— 7% preferred190 195* 45* 35* 405* June 100 ..1 Unexcelled Feb Feb 28 11 Works. .1 5% preferred.. Feb Mar 44 80c dlv preferred......* Ulen 4 Co 75*% pref-25 35* 100 400 1,700 Jan 134% * 7% preferred 45* July May May 215* 25* 15* 26 com 18 185* Corp warrants United Elastic Corp .* United Gas Corp com 1 1st $7 pref non-voting.* Option warrants Feb Shreveport El Dorado Pipe Line stamped 500 Feb Jan 26 1 Denn Mining..6 Shawlnlgan Wat A Pow._* SherwlB-Wlillams com..26 205* 19 $6 1st preferred Shattuck 25* 800 Jan Apr 65 15* 3% June % Aug June 5* Aug 965* ♦ 5* 45* 16 450 Apr May £1 com Mar May July 75* 65* 275* 55* 335* 2,400 5* 215* 385* "935* "94 Seversky Aircraft Corp„l 55* 800 55* Union Oil of Calif deb rts__ Union Stockyaras 100 | Amer Feb Jan 70 200 22 certificates.. 135* July 400 ..6 26| 85* June '"500 Feb 185* Ino— 2% Mar 105* .215* 465* 425* 215* 1 155* July 215* 455* 65* Selby Shoe Co Jan Jan 105* 300 Securities Corp general.. Ino 39 H 135* June 25* * 135* Apr * 48 21A • Manufacturlng_25 May Union Investment 35* 3 Tung-Sol Lamp Feb 107 Feb 8 35 1 Corp July Feb July 35* 6 Tublse ChatUlon Class A Feb Feb 215* 300 Trun« pork Stores 60 10 May 15 Trt-Continentai warrants.. Gold Mines. 1 8elfrldge Prov Stores— 93 55* 21 % 195* Tonopah Belmont Devel 1 92 Safety Car Heat A Lt.100 $6.60 prior stock Mar 10 Feb 15* Toledo Edison 6 % pref. 100 7% prelerredA 100 135* 49 Ryerson A Haynes com_.l 55* 45* £1 July y 155* '165* "l05* 19 Am dep rets def reg—.£1 Todd Shipyards Corp * June 40 pref Conv preferred * 14 93 * Stahl-Meyer Inc Thew Shove ICoal Co Tonopah Mining of Nev.J Trans Lux Plot Screen— Common 1 • 2 5* 1 Simplicity Pattern com Singer Mfg Co Singer Mfg Co Ltd—- 5 2 5 200 Roesta International.... Sllex Co Texon OH 4 Land Co 25* ..6 Industries 55* 20 Tlsbman Realty 4 Const.* Tobacco and Allied Stocks* Tobacco Prod Exports...* Tobacco Securities Trust June Beton Leather 1 Tenn El Pow 7% 1st pf.100 Texas P 4 L 7% pref..100 % 16 26 Allotment Teck-Hughes Mines Aug 3i6 4% .100 Conv stock 25 June 205* "l05* 285* 45* 685* 9i6 Common Feb 45* 75 105* 38 325* 700 45* 112 Selected 165* 100 2,100 5 10 38 Technicolor Inc common.* June com Mar 107 95* 38 35* 100 1 pf-100 Bros Jan 8 175* 35* 135* 7X Jan 45* Tastyeast Inc class A....1 Taylor DlstUHng Co 1 July com 36 June 93 Syracuse Ltg 6% pref.. 100 Taggart Corp new com.. 1 Tampa Electric Co com..* 85* 45* Savoy Oil Co Schlff Co common 215* Jan June 5 100 Feb Mar Feb St Regis Paper com Feb "tc 23 1175* 1175* 25* St Lawrence Corp Ltd $2 conv pref A Jan 25 1,000 $3.30 class A participate June 325* 55* Ltd— Scran ton Lace Co 45* Swan Finch Oil Corp... 15 100 15* Ryan Consol Petrol 695* Jan 1,000 75 600 • Rustless Iron A Steel 7 5,00 1% Russeks Fifth Ave Jan June Aug 185* IX Royal Typewriter 75* June 45* 455* __1 RoyaUte 011 Co Ltd Jan June % 185* 400 11.20 conv pref 75* 145* 45* 455* 400 Roosevelt Field ino 1055* 3,600 • 5 Root Petroleum Co Mar June 2 200 60 26 Amer dep rets ord reg. £1 Seeman ..1 65*% conv pref Superior Ptld Cement B 4% Rio Grande Valley Gas Co V tc common 1 Rochester Tel 6 5* % 45 25* June 102 5* 3,200 1 24 % Rochester Gas A Electric— Soovllle Machinery. 1 com 125 High June 200 18 5* 335* 75* 32 75* * 150 109 30 500 Reybarn Co Ino 175* 5* 215* 32 ♦ June 145* 1245* "400 400 Relter-Foster Oil 1035* 103 5* 35* 35* 25* 35* 20 25 18 Sanfod Mills preferred Jan 16 St Anthony 2d Jan Apr * 6% preferred cl D % * 605* 50 % 60c Reynolds Investing Rice Stlx Dry Goods 25* Swiss Am Eler nref com Low 33 1,100 100 ..60 265* June 650 32 * conv 6 5*% pre! Sterch' Bros Stoies 1st preferred Jan Red Bank OH Co $2.60 .1 Jan 17 * RoMs Royce c 45* * Common Range Since Jan. 1 1937 8teel Co of Canada ord * Stein (A) 4 Co common..* 905* 113 113 • Richmond Rad Starrett (The, Corp v t May Raymond Concrete Pile— (Daniel) 35* Wholesale Phosp 4 Add Works com 20 June * S3 conv preferred Raytheon Mfg oom Standard Steel Spring com* Standard Tube cl B 1 15* * Class B— 38 for Week Shares 36 1035* 1 63 5* Rainbow Luminous Prod— Class A of Prices High 36 1 200 1305* 133 * 100 Ry A Light Secur com Standard Products Co Standard SUver Lead 50 1% "io% "il" Pyrene Manufacturing.. 10 6% preferred Quebeo Power Co 38 Week's Range Low • Sterling Aluminum Prod.l Sterling Brewers Inc 1 Sterling Ino.. 1 Stetson (J B) Co com * Stlnnes (Hugo) Corp.—.6 8troock (S) 4 Co * 20 6970 . Quaker Oats com Preferred 20 __ _ 99 99 7% prior Hen pref. 100 Pub Utll Secur $7 pt pf_. * Puget Sound P A L— $6 preferred_ • Sfi preferred_ * Pyle National Co com 6 _ Standard Oil (Ohio) com 26 6% preferred 100 Standard P & L_ ...1 Common class B * Price Standard Public Service of Indiana— $7 prior pref Sale High Low 1~3O6 Pressed Metals ot Amer_-" Producers Corp Last (Continued) Week Shares 2% 2% STOCKS Range Since Jan. 1 1937 for 1071 Sales Friday 98 Aug 45* 115* 25* Jan 175* 95>4 75* 15* 15* 100 July 1 June Jan Jan for Sale (Concluded) of Prices Low High Par Price Week 2% 6 Wayne Knit Mills 2% 9 Walker Mining Co 8% 7% Bros-Brower.-l 9% 10% A. 1947 100% 106% 106% 8,000 26,000 Det City Gas 6s ser Detroit Internat Bridge— 8 % July 13% Apr 4% Aug June Mar 7% Mar Eastern Gas A Fuel 4s. 1956 Feb 98 Jan 117 Feb 30 6% 6 Aug 1 1952 ♦Deb 7s Jan 26% 3 % 11 % 11% 4 11S* xl9 2 Wolverine Tube com 1 Petroleum. 15H 15H 3% 20H 15% 5 £1 Wright Hargreaves Ltd__» Youngstown Steel Door..* EUnlra Wat Lt A RR 5s '56 95% 5% July 3H June 100 11% 7% Aug 100 "366 500 8% May 13,000 92% June 91% 65,000 83 May Finland Residential 18H 18H 6H 73H 6H 74 3 5 6H 76% 3H 300 6,700 3,600 700 18 July 6 Fireetone Cot Mills 6s .1948 Firestone Tire A Rub 5s '42 Feb 12% Jan Florida Power A Lt 58-1954 Apr 6% June 01% 2% Apr June 23% 8% 80% 4% 5s ex-warr Jan Apr Deb gold 08. June 151941 Jan Deb 6s series B Mar JSD 104% Apr 1940 ..1951 1st A ref 5s ...1950 1st A ref 5s 1908 1st A ref 4 %s 1907 85 H \ Aluminum Co sf deb 5s 62 Aluminium Ltd deb 5s 1948 103332 Amer GAEJ deb 6s..2028 "92" 99 H 106,000 97 90% 1,000 83 $100 102 84 Jan ♦Gesfurel 0s Glen Alden Coal 4S...1905 Gobel Apr 107% June Grand Trunk West 4s Mar 108% June 106% 107% 39,000 105% 94 106% 47,000 19,000 102% 102'932l022'32 150,000 $105 105% 16",000 104% 104% 104 % 107 107 10,000 $113 115 101% 102 H 85 103% 102% 103 104% June 106% Jan Jan 106% Aug Mar 104% June 108% Jan 106 Mar 109 3~3~666 Mar 98% 99% Apr 107 Jan Jan Associated Gas A El Co— OH 1950 1908 49 % 1977 A '55 "83"" 49% 50% 79,000 45% June 65% Jan 30,000 44% 65% Jan Idaho Power 5s 69 Jan 111 Northern Utli 6s... 1967 111 Pow A L 1st 0b ser A '53 107% 1st A ref 5%s ser B. 1954 1st A ref 5s ser C...1956 99% 94% 95% 59% 60% 5,000 53 May |Baldw1n Looom Works— 83 84 21,000 79% June 91% Feb 99 Gas Lt 4%s.l955 99% 12,000 98 Apr 105% Jan 1,000 8,000 158 Jan 240 Mar Sf 158 Jan 240 Mar Indiana June 225 Feb 227 Mar ♦0s with warrants.. 1938 170 170 170 ♦0s stamped w w.1938 180 175 180 ♦0s without warrantsl938 178 162 178 18,000 140 ♦0sstamped x W..1938 Bell Telep of Canada— 177 162 178% 106,000 135 June 22,000 110 Mar 115% Jan 19,000 124 Jan Mar 125 Jan Indiana A Mich Elec 6s '55 130 90 88% 90 73 72% 73% 91 91 Apr 145 JaD 55,000 76% June 99 Jan Indiana Service 5s 9,000 1,000 67% May 88% Jan 1st lien A ref 5s 88 Buffalo Gen Elec 6s.. 1956 ♦Canadian Pac Ry 6s. 1942 103H 112 Carolina Pr A Lt 6s—.1956 99% 103% 103% 111% 112% 98% 99% 113 113 Cedar Rapids M A P 5s '53 7,000 48,000 43,000 6,000 99 % 1908 102% 4%s series H 1981 97H Cent Ohio Lt A Pr 5s.. 1950 99% Jan 100% Apr ind'polls P L 5s Mar 104 Jan 108 May Jan 93 June 114% 105% International Power Sec— 6 %s series C 1955 Feb 113% July 111% Cent Pow A Lt 1st 68-1956 ~94% Cent States Elec 6s...1948 57% 5%s ex-warrants.-.1954 57 % Cent States P A L 5%a '53 56 H 104% Jan Interstate Power 6s.. .1957 Debenture 0s 1952 104% Jan 93 May 103% Jan 5s series D 98 Apr 104% Jan 4 %s series F 1958 93% 57% 57% 55% 79% July 94 Feb Mar 99 Jan 94% 54,000 89 58 24,000 40% June 72% Jan 57% 28,000 46 June 72% Jan June 75% Jan 27,000 50% 106% 6,000 103% Apr 1,000 104% Mar 96% Midland Ry 4%s A 1950 97 108% 108% 1940 101 H 101% 101% 3,000 92 1927 Cincinnati St Ry 5%s A '52 Apr ,96 99 73% 1950 71 H Cities Service Gas 5 Ha '42 Cities Service Gas Pipe 101% 1943 102 H Cities Serv PALS Hs-1952 67 % 1949 ♦Commers APrlvat 5Ha'37 67 % 6H8-— 102% 102% 66% 68% Mar 110 Jan July 104 Jan 84 Jan 20,000 89,000 %_ 59% 4,000 112% 112% 112 112% 6,000 1954 1956 1981 3%s series H 1965 Com'wealth Subsld 5 Ha '48 Community Pr A Lt 6s '57 Community P S 6s 112 112 $111% 113 107% 107% 107% 105H 105 106 103 H 103 103% 77 75 77 (Balt) 3Ha ser N...1971 103 75 H Cont'l Gas A El 5s 1958 88 H Crucible Steel 6s 1940 Cuban Telephone 7 Hal941 Cuban Tobacco 5s 1944 "99% Delaware El Pow 5H8.1959 For footnotes eee page 1073 107 69 64% 64% 105% 105% 80% Feb Mar 110% July 108 Aug 106% . 54% 82% 100% 5s series B July 105% Jan 68 June 82 Jan 13.000 100 Jan 14,000 100 June 100% Feb 95% June 91% June 100% 104% Jan 99 % Jan 65% June Jan 103 Jan 99% Apr 1st mtge 5s ser H...1961 6 %s series D 1948 1.000 107 Feb 107% 80 5,000 106% June 10,666 8,000 5,000 42,000 105% Mar 109% "i",66o Feb 61% June 62% June 69% June 103% 05 Mar 104% Apr 61% June 79% Jan 62% 80 Jan June June 46% June 110% Jan Apr May 1942 100% 96% 105% 103% July Long Island Ltg 6s... 1945 105 Louisiana Pow A Lt 5s '67 105% 62^000 102% Mar 107% Aug 55,000 12,000 100% Mar 106% Jan ♦Manitoba Power 6%sl951 Mansfield Min A Smelt— 102% Mar 104% June 71% June 90% Jan ♦7s without warr'ts .1941 102% 103% 1,000 101 Jan Jan July 83% Feb May 81 Feb 109 May Jan 45,000 27 June 09% Jan 96 Jan 78",660' 56 41% 83 11,000 70% June 23,000 72 June 88% Jan 43,000 92 June 104% 7,000 92 July Feb Feb 1,000 104% Apr 12,000 99% Mar 105% Jan 72% 3,000 66 Jan 79% Feb 77 2,000 72 Jan 80 Feb 58% 59% 33,000 50 June 71 Feb 2,000 46 Mar 50% Jan 5,000 103 Mar 105% Apr Apr 106 49 Jan Apr 104% Feb McCord Rad A Mfg 0s '43 Memphis P A L 6s A..1948 Men gel Co conv 4 %s_. 1947 July 109% Jan Apr 125% Jan 96% 104 96% 89% 100% 101 93 93% 89 96% 97% 105% 107 26% 102 105% 103% 103% 105 105% 104% 106 $92 95 98% 14,000 10,000 7,000 105% 97% Mar June 121% Jan 100 102% 93% 118 77 88% 21,000 84,000 75 78% June 98% 10,000 102 Feb 104% Mar Jan July 2,000 97 Jan 101% July May 66% 4,000 66% Aug 102% 102% 1,000 101% June 93% 80 105% Jan Jan Middle States Pet 0%s '45 Midland Valley 5s 1943 Milw Gas Light 4 %s Minn P A L 4%s 5s 1907 1978 1955 _ — 93% 89% 90 90 108% 108% Mar 104% Jan 99% Jan 107% Jan 88 103% Jan 99% Jan 17,000 79% 19,000 93 Mar 101% 100% May 111% Jan 5,000 2,000 18% Mar 26% July 100 11,000 103% 8,000 103% 99% June 105 Mar 106 Aug 105% Jan Feb 7,000 104% Feb 107 Apr May 47,000 103% June 100% May 87 July 105 22% May 26 98% July 6,660 100% Feb 00 Jan Feb Aug Mar 2,000 41,000 90 July 104 Jan 83 July 104 Jan 7,000 105 Mar 118 Apr 19,000 May 107% 89 3,000 90 July 99% Jan 5,000 80 July 97% Mar 8,000 .97 June 15,000 16,000 64 June 100% 102% Feb Jan 100 Jan 82% 100% 100% 80% __ Jan 20,000 104% 106 87% 89 Jan 80% June 94% June 60 Metropolitan Ed 4s E.1971 105 93% June July July 3,000 .... 108% May 113 58,000 5,000 (♦McCallum Hoa'y « %s "41 130 Apr 70% $27% 100% .00% 4%s_1952 May 100% 77 Apr Mar 105 105 May June Jan 103% 103% 26% 112 96 Jan June 102 113% 120 Jan 78 104% 106% 88% 112% Marion Res Pow 79% 82% 49 88% 89 Jan 18,000 June 105 $116% 118 100% 100% 7%s...l946 Lone Star Gas 5s June 111 4,000! 75 104% 104% - 89 113% Jan 107% 71% 100 104 - 1959 Lexington Utilities 5s. 1952 Llbby McN A Libby 5s '42 Jan 66 77% 99% 100% 49 96% 6s series I__ Aug 59% Jan June 76 59 K 93 Leonard Tietz 101 Jan 1,000 76% 70% 1955 i-ake 8up Dlst Pow 3 %s '66 Lehigh Pow Secur 0S..2O26 99 Jan 76 100 103^ 5%s series F._ 100 105 96% July 81% June Kentucky Utilities Co— 83 Feb 4,000 100 1947 96 Feb Apr 69 40% Apr 34,000 99% 100 88% June 54% Apr 11,000 66% 102% 33% Mar 91 41 110% 99% 100 127% 74% 88% i2b"666 July June 12,000 1,000 74 76% Feb 103% June 76 96 97% 85% $107% 109 49 101% 102% 102% 0a ser A stamped... 1943 Mar Mar Apr 76 107% $121% 123% 1964 Mar 90 69 69 107% Consol Gas (Bait City)— Gen mtge 4%s Consol Gas Utli Co— 64% June 77 .... 105% 34 105 26,000 69 Feb May 33,000 $88% 89% 106% 106% $111 68%, 68 68% I Jan Jan 102% May 94% 106% 8,000 $125 IQ^O Stamped July Consol Gas El Lt A Power- Sft 98 109% 106 26% 104% 96% ...... 2,000 106% 106% 99% 1960 Conn Light A Pow 7s A '61 Iowa Pow A Lt 4 %s 1958 Iowa Pub Serv 5s 1957 Isarco Hydro Elec 7s .1952 4%s series C 1961 Kansas Eleo Pow 3%s. 1900 Kansas Gas A Elec 03.2022 Kansas Power 5s 1947 Commonwealth Edison— 112% Jan June 31,000 59 95 101% Jan Mar 26,000 107 Isotta Fraschinl 7s... 1942 02% 68% 67% Apr JuJy 99% 84% 84% ..1901 Italian Superpower 08.1963 Jacksonville Gas 5s... 1942 106 72% 148,000 71% 19,000 101% 101% 5s series B Aug 101% 90,000 2,000 98 100 Iowa-Neb LAP 5s... 1957 June 2,000 92 73% 107 4,000 13,000 1966 106% 15,000 64 1955 Mar 97 Jersey Central Pow ALt— 96% 63% f^Chlo RysSsctfs Jan 76% 57% 106 Jan 95% 97% i960 7,000 9,000 Jan Interstate Public Service— 5,000 Jan 62 93% 1952 105 94% 75% June 96 1957 Mar 100 Chic Jet Ry A Union 8tock 1957 7sserle8 E__ 7s series F._ Mar 8,000 105% 105% 106 1961 _.. A. 1957 Mar 71,000 Chicago A Illinois C ser 98 23,000 78% Cent Power 5s ser D..1957 1st 4 Ha series ♦Indianapolis Gas 5s A1952 101% July Aug 48% June 83% 99 1963 94% 104% 98% 102% 102% 97% 97% 99% 98% 104 1956 1st A ref 4 Ha ser F.1967 1st M 5s series B 1950 July Jan 104% International Salt 5s.. 1951 6s series G 1st 4 Ha series D. 1st M 4B series F 1957 101 Central 111 Publlo Service— 1st M 5s series A... 1953 5a 103% 91 Broad River Pow 5S..1954 Line 6s „ 107% 109 107% 108 103% 104% 1953 $135% 140 Bethlehem Steel 08-..1998 Conv deb 6s 6 %s series B Mar Birmingham Gas 5s... 1959 6s series B 1947 114% Birmingham Elec4%s 1968 107% June 31 Electric Corp— 6s series A 113 114 120% 120% 1960 Cities Service 5s deb5%s_..May 1957 tl20% 122 1st M 5s series B...1957 Yards 6s 1947 107 20% 81 $79 1949 5s serlesC... 1951 Indiana Gen Serv 5S..1948 Indiana Hydro Elec 5s '68 113 1st M 5s series A...1955 Chic Pneu Tools 5 Ha. 1942 0s series B._ Jan Jan 23 27% "i",I65 Hygrade Food 0s A... 1949 105 102 80% ♦Hungarian Ital Bk7 %s '63 Jan J an Feb Mar 108 17,000 $20 79% 6%s with warrants. 1943 Jan 61 May 1,000 102% May 62% 89% 89% Aug 97% 47 "i",66o 102% 83% Aug Jan 106% "17",000 "79% Apr May June 68 75 105% 68 3,000 41 11,000 58,000 -02 % 45 49% Aug 9,000 47\000 48 21% 31 10,000 51 74 5,000 Mar 97% 49 72 Jan 104% 104% 47% Jan 88 104% $49% Feb 97 May $35 $26% 97% Feb 25% June 98% ♦A St. Ry. 5%s 1938 Heller (W E) 4s w w.,1946 Houston Gulf Gas 0s.. 1943 67% 72 97 97% ♦Hamburg Elec 7s Hamburg El Underground 1947 1935 20 Apr June 16 84 $104% 105% Hall Print 0s stpd Aug 84% 68 63 $60 Jan Jan Mar 6.000 $100% 1977 99% 77 90,000 76% 110% June Jan 119% Jan 102% 104% 0s series B 5s series A Jan "17",000 100% 101% $107 108% 83% 83% 52% 52% Guardian Investors 5a. 1948 June Chic Diet Eieo Gen 4 %s'70 I6i% May Jan 21% "i"66o 70 $65 Feb 82% Jan 97% 31 76 76% Hackensack Water 5s. 1938 June 5s series E 1950 Jan 47 Canada Northern Pr 6s '53 T_.1953 (Adolf) 4%s...l94i Mar May 93% "49" 16 Mar 70% 20 31 Grocery Store Prod 6s_ 1945 Guantanamo A West 0s '58 106% 91% 16 99 101 "li'ooo 74 $15 Gt Nor Pow 5s stpd.. 1950 106 H 106 84% $70 1978 Jan Aug 93% . May May May 1033j2 106 Georgia Pow A Lt 5s. 95 76% 50,000 7,000 102 Jan 107 50,000 9,000 105% 19,000 6s series C... Jan 90 72 39,000 Ha Jan 98% 1,000 92 96% 70% 53 o 101% 101% 104% 2,000 92 88% 99% Conv deb Feb July 101% 101% 97 51% Atlanta Jan 89 99 Assoo TAT deb 5 H8 104% 102% 8,000 Georgia Power ref 5S..1967 52 % Debenture 5s Jan Apr 100% 25,000 Gen Wat Wks A El 5s. 1943 99 % Conv deb 6s 101% Jan Arkansas Pr A Lt 5s..I960 1938 C...1948 1949 June Jan Associated Elec 4 %s_. 1963 Conv deb 4%s 96 105 102 H Conv deb 514s 10,000 108% June Jan 100% May 92% 90 Jan Apr 103% deposit- Jan 87 June 92 85% 84 of 93% 102% Feb 105% Mar 105% June 97% 97% 84 Jan 33 47366 103 1940 Jan Jan 94 91 Ark-Loulslana Gas 4s 1951 Conv deb 4He Mar 103% 89 10333Z 1033,6 106 H 106H 2024 Debenture 6s 98 97 99 H Am Pow A Lt deb 0s..2010 Appalachian El Pr 58.1950 Appalachian Power 5s. 1941 103% 17,000 98% $102% 103% 1st A ref 5s Am Roll Mill deb 5s. 1948 12,000 1M% 101% |*Gen Vending Corp 0s.'37 ♦Certificates 1st A ref 5s Amer Seating 6e stp._1940 Jan 101% ♦General Rayon 0s A. 1948 102 $103% 105 July 103 1941 General Bronze 0s 71 101% 105 103% 93% Feb 3,000 $94 100 93% 93% stamped. 1944 Gatlneau Power 1st 5s. 1956 Mar Co— 4%s—1947 2,000 Mar Mar May 104 104% First Bohemian Glass 7s '57 BONDS Amer Radiator 79 Jan Feb 104% 73% 104% 104% 104% Feb General Pub Serv 5s. .1953 Abbott's Dairy 6s....1942 Power 78% 90% 116 Jan Jan Jan 108% May 102% 102% 1961 95% Jan 33 8% 18% Jan 19,000 Mtge Banks 0s-5s stpd Jan 105% June 102 109 Jan 103% June 63 69 105 ♦Farmers Nat Mtge 7sl963 Federal Water Serv 5 %s '54 Gen Pub Utli 0%s A. 1950 Alabama $63 1953 1967 6%s series A Erie Lighting 5s Jan Gary Electric A Gas— 18H Apr May July 101 98% 16% May 10% 9% 7~6OO 78% 102% 45,000 ~ 90% 24 95 10 Mar 97% Aug "l2H "l*2H "12H Jan 79% June 100% 97% Mar June 104 28,000 91% Jan 4% July 12% June 100 105% 86% 87% 87% 108 $105 1952 Feb 9% 70 May Mar Mar 1950 12% ""30 Jan 2 4% 4% Ercole Marelll Elec Mfg— 10 "83 % "83k ~83% 12% Aug Empire Oil A Ref 5 %s. 1942 June 13% 13% June Empire Dlst El 5s July Apr June 6 2 El Paso Elec 5s A 9% Mar 107% Apr 100% May 0 120",000 105 103 Feb Mar Mar June 3 88 85% 103 Mar June Feb *19 "266 14 Jan 6% preferred Yukon Gold Co.. Apr 6 Ltd— dep rets June % Co Winnipeg Electric ol B—* Wise Pr A Lt 7% pret-100 Wolverine Portl Cement. 10 Feb 9 62 6 3% preferred 1 *32 Aug 700 ' Wlllson Products Aug July 76% pref~» Coke.—* 1 * $100 88 105% 106H 109% 1,000 2% 2% 100% 2% ♦Certificates of deposit Mar Jan 5,000 1,000 6 2 Aug 1 1952 High Low 106 8,000 6% ♦Certificates of deposit ♦0%s Mar Edison El IlKBost)3%s '06 Elec Power A Light 58.2030 60 106 105 1950 5s 1st series B Dixie Gulf Gas 0%s..l937 100 100 IW11 low Cafeterias Inc.-l Amer 1,000 8% Weyenberg Shoe Mfg Williams (RC) A Co Williams Oli-O-Mat Ht. Woolworth (F W) 108% 108% 200 West Texas Utli $6 Woodley 108% Apr 7% 13% 102% 21% for Denver Gas A Elec 5s. 1949 1,200 * Conv Aug Jan Mar July West N J & Seashore RR 50 Wilson-Jones 9 7 7% Westmoreland Coal Co.. West V& Coal A Feb 100 1,000 101 100 Western Tab A Sta High Range Since Jan. 1 1937 of Prices ; Week Low High Shares Price 5 16% 4% 5 Maryland Ry— 7% 1st prelerred 1,900 Low 2 % Week's Range I Sale (Continued) 800 "6% 1 1.25 Western Air Express 1 Weat Cartridge 0% pi 100 Western Grocery Co.—20 Wellington Oil Co Went worth Mfg Western a £ 7% 9% 5 Shares Last BONDS Range Since Jan. 1 1937 Week's Range Last 1937 Sales Friday Sales Friday STOCKS Welabaum Aug. 14, New York Curb Exchange—Continued—Page 5 1072 99% 100 104% 104% 101% 100% Mar Jan New York Curb 145 Volume Last Week's Range for (Continues) Sale of Prices Range Since Mississippi Pow 6s—1965 Miss Pow A Lt 6s 1957 Miss River Pow 1st 6s. Low 8254 8834 91 8254 91 10834 10834 1951 Shares 7734 June 84 May 100 3* Fen 10934 Jan Jan Apr 8434 ctfs. 1987 6a '45 Nat Pow A Lt 6s A.-.2026 Deb 6s series B 2030 102 5,000 6,000 5,000 10,000 17,000 10,000 91 80 81 4454 4454 (♦Nat Pub Serv 6s otfsl978 Nebraska Power 4 34s. 1981 109 2022 *115 0s series A Netsner Bros Realty 0s 48 Nevada-Calif Eleo 58.1950 New Amsterdam Gas 6s 100 81 % 109 Jan (Standard Pow A Lt 0sl957 "6734 ♦Starrett Corp Ino 5s. 1950 Stlnnes (Hugo) Corp— 3334 51 Jan May 2d stamped 4s 1940 2d stamped 4s 1946 Super Power of 111 434s '68 1st 4 34s 1970 Syracuse Ltg 634b 1954 5434 110 100 16",000 110 Jan 45,000 9934 12134 Jan 8134 8034 12034 "71 71 7254 70 70 7234 1950 7034 6934 7254 New Eng Pow Assn 6fl-1948 9554 9534 96 79,000 99 38,000 10234 Debenture 6 Mis 1964 99 40,000 New Orleans Pub Serv¬ 9234 8234 18,000 8534 June 15,000 72 10334 10334 2,000 8934 1942 es stamped 81 ♦Income 0s series A.1949 N Y Central Elec 534s '50 July 993* May New York Penn A Ohio— 434s stamped.. 1950 109 NY PAL Corp 1st 414s '07 107 Ext N Y State E & G 4 348- 1980 99?4 N Y A Westch'r Ltg 4s 2004 10334 109 10654 10734 9954 10034 10254 10334 *112 1954 Debenture 6s 109 Mar 10934 Jan Apr 10734 Aug Jan May .1950 .Nor Cont'l Utll 5 348—1948 6s series D 1970 8634 Feb Apr 10034 United Lt A Pow 6s... 1975 5134 51 52 47 May 10734 10734 10034 Jan Jan May 103 10334 13,000 100 10334 19,000 ~9834 Ogden Gas 6s 10854 1945 Ohio Power 1st 5s B..1952 1st A ref 9834 104 N'western Pub Serv 5s 1957 9554 9954 June 10534 Jan 99 17,000 9434 May 10434 Jan 4,000 39,000 10234 Feb 10534 Jan 105 Jan 11134 Jan 9834 10854 10854 10534 10534 5,000 8,COO 9334 June 10054 Apr 10434 Jan Feb 10654 10554 Mar 034a 534s 0s series C 1953 10934 5s series 1954 104)4 514 b series E 1901 Okla Nat Gas 414s...1951 10454 6s series A 6s series A 9954 8434 5s series £> Apr ♦ 10034 Jan 10834 Jan June 4,000 88 July 103 6,000 94 June 102 Jan 100 Feb Mar 107 June Feb 103 Mar 74 96 . 100 2,000 100 Jan June 10434 Jan June 102J4 Jan June 101 Jan 27 27 8,000 10534 106 *10634 10734 10534 10534 99 9934 9934 11734 3,000 9334 60 56 60 7 6 34 3~O~,666 5,000 9434 9834 11534 9334 Corp 0s 1934- 75 34 "94"" 93 54 9 4 34 98 98 1971 6s._........... 92 34 9454 Penn Electric 4s F 10234 Jan Mar 117 Jan 7054 June 9334 10234 Jan West Newspaper Un 6s '44 West United G A E 534s *65 Mar Jan Wheeling Elec Co 5s.. 1941 July 105 34 Jan 96 June 10534 Jan Wise Pow A Lt 4s 88 June 103 Jan York Rys Co 5s Penn Ohio Edition— 102 6s series *104 1964 D 190s "3~666 June 105 May 109 Apr 1981 9334 §• Peoples Lt A Pr 58..1979 15 Phila Elec Pow 5 Ms. .1972 111 Phlia Rapid Transit 6s 1902 Piedm't Hydro-El 6 34s '00 8754 Pittsburgh Coal 0S...1949 Pittsburgh Steel 6s...1948 •Pomeranian 10034 Jan Potomac Edison 6s E.1956 4 Mis series F 74 10754 1961 10734 Mar 11134 Mar 108 June 100 Jan 28,000 8834 Mar 15 31,000 12 July 111 8734 8754 7334 7234 10734 10734 10334 104 4,000 5,000 10834 Mar 8734 Aug 5,000 62 34 Jan 10734 10754 *10634 10734 70 99 Power Securities 6s...1949 9934 77 9934 Jan Mar Feb 108 Jan 5,000 10234 Apr 107 Jan 70 Apr 25 Aug June 85 July Jan 81 Mar External 634s 1952 ♦German Con Munlc 7s *47 6,000 9834 July 104 Feb 9734 July 102 Feb Mar 25 July 129 Mar 147 Jan 1.000 11234 10834 Apr Mar 10534 101 Mar 105 4148 series E 1980 104 104 5,000 101 Mar 10434 10334 1st A ref 414s ser F. 1981 10334 10354 3,000 10034 414s series I 10454 10534 6,000 102 Apr Mar Aug Apr Joaquin L A P 6s B '52 ♦Bchulte Real Est 0s.. 1951 110 6s "3334" June Shawlnigan W A P 414s '07 4 14b series B 1968 l0434 1st 414s series D...1970 Sheridan Wyo Coal 08.1947 Sou Carolina Pow 68.1957 "10434 June 10534 May Mar 10534 9834 Jan Jan 96 Jan ♦Parana (State) 7s 6934 10334 May 9234 Jan ♦Rio de Janeiro 0 34a. -1969 9854 2234 July 8,000 "88" 10,000 ~i~66o Jan 3134 1,000 4,000 "2^600 30 4,000 3334 103 70 88 89 • 9834 9854 18 Mar 10434 107 May Jan 2734 July 10,000 Apr 2534 10434 Jan 1134 June 10834 Aug May 1834 Mar 10034 Apr 107 127 34 8,000 110 *10654 107 10434 10454 10434 10434 10434 10454 10634 10634 10634 10334 10354 10334 104 10354 10434 1st A ref mtge 4s... 1900 10734 Sou Counties Gas 414s 1968 Sou Indiana Ry 4s 1961 7634 *9654 S'western Assoc Tel 6s 1901 S'western Lt A Pow 6s 1967 So'west Pow A Lt 6s..2022 So'west Pub Serv 6s.. 1946 10734 108 10354 10354 102 34 77 May Feb 10734 22 Mar 2834 June 132 11034 30 Apr 10334 June 10234 Jan 10734 Jan 20,000 8134 May 10034 Jan 2,000 2234 June 27.000 87 2334 2434 2534 30 47 "5" 000 9,000 7,000 8,000 6,000 54,000 11,000 63,000 24,000 11,000 3,000 2934 Jan 25 Mar 8334 8434 May 94 June 1,000 Mar 95 June 7,000 1134 June 21 Feb 1934 96 9434 1334 Apr 29 2734 Jan Mar 2734 July Jan 7034 2534 2534 2534 2534 2134 32 1434 Feb 6,000 1,000 1,000 Apr 97 Apr 10134 50 13,000 3,000 10134 10234 Apr 77 Feb 17 Jan 25% Aug 17 Jan 25 34 Aug 17 Mar 2534 • Aug 17 34 18 Apr 2434 Aug Jan 2934 Mar 2444 Jan 33 July ~5~66o 1334 July 21 Feb 13,000 9034 June 9034 Apr ~4"oo6 95 Feb 22 Apr 2734 2434 2134 Feb 2734 Feb 18 15 34 Jan 2m Mar 1134 July 1334 Aug 9534 Apr 10034 June 2334 2134 134 June 34 May July 3534 2 Apr Jan 134 Apr 2,000 11,000 8,000 19,000 1334 2734 2634 2734 *134 '2634 1919 134 1 134 *1 134 12~66O 134 5,000 1 134 June 1 134 7634 78 _8~,600 .1949 1434 1434 3,000 1434 1901 1434 1434 4,000 14 ?4 78 Jan Apr July 134 Apr Jan 8134 Mar Aug Aug 2034 Mar 2034 Mar 02 M ♦7s 134 Jan Jan Aug Mar 10134 July 10334 Jan Apr 10734 May 10134 10134 10134 6534 Mar 105 Feb Mar 10434 Feb Mar 10534 July July 72 Aug 9034 June 101 Jan 10934 Jan 87 Mar 107 Jan 99 34 Mar 108 Jan 9934 Apr 108 • No par value, a Deferred delivery sales not not Included In year's range, r the rule sales Jan 11034 Jan 103 104 10234 Mar Mar Jan i7~666 7334 July 9334 May 9934 Mar ~lo66 10034 Maj 3,000 Feb Apr 1834 9934 100 2734 9934 ♦6 34s certificates 1919 1921 ♦634s♦534" certificates... 1921 ♦Santa Fe 7s stamped. 1945 ♦Santiago 7s.. Feb 22 May 10534 3,000 9834 10254 10234 90 *89 10434 10434 Apr 2434 1334 1958 ♦Russian Govt 634s range. Ref M 334 s B Apr 107 Jan Sou Calif Edison Ltd— Debenture 314s....1945 Ref M 3%s.May 1 1960 108 Feb *1734 ♦Issue of Oct 1927 May 110 Jan Feb 10534 9234 *2334 *2334 May 7,000 94 ♦Issue of May 1927 73 10134 Mar 10334 10534 Mtge Bk of Bogota 7s. 1947 99 6934 Southeast PAL 0s. .2025 July 1 '60 *9434 70 103 1948 *30 1434 1958 Mendoza 4s stamped..1951 19,000 2634 8crlpp (E W) Co 5148.1943 Inc 7s ♦Medellin 7s series E.195I 41,000 10554 106 *12934 130 ♦Saxon Pub Wks 08—1937 Servel ♦Maranbao 2034 2134 348-'68 8034 *2834 2534 "2554 10734 10734 1334 1334 B.1968 1955 2534 *2434 83 *10334 10354 Safe Harbor Water 614s *79 (♦9t L Gas A Coke 0s..*47 San 2534 1947 6s 8234 Queens Boro Gas A Elec— 8auda Falls 6s_ ♦Secured ♦Mtge Bk of Chile 6s. 1931 0s stamped 1931 Mtge Bk of Denmark 5s '72 101 Feb 99 *69 2534 7934 7634 10134 7934 10534 * 20 ♦Hanover (Prov) 0 34a. 1949 July Pub Serv of Oklahoma— 1968 May 14,000 10534 10034 10034 10034 1953 5s ♦Lima (City) Peru 0 10334 77 Jan 4934 Danzig Port A Waterways 1,000 1st A ref 414s ser D.1950 Jan 9934 101 1955 109 103 San Antonio P 8 5s Danish 534a 108 11,000 *11154 H234 *10434 10434 10354 Jan 11434 June *2734 1962 Jan 103 514s series A 1962 •Ruhr Gaa Corp 6148.1963 ♦Ruhr Housing 014s.. 1968 ♦6s series A Apr 1978 103 1234 *2734 July i960 fQuebeo Power 6s 1948 63 10534 1956 8254 9434 1234 104 2,000 "5",000 1st A ref 5s I960 *9234 . ♦Prov Banks 6s B—1951 Jan 6sserie8 C 4s series A 10634 July 91 Cent Bk of German State A 4J4s series D Puget Sound P A L 514s '49 1st A ref 6s series C.1950 *2534 ....1951 (Province)— ♦7s stamped ...1952 ♦734s stamped 1947[ Jan Pub Serv of Nor Illinois— i960 June 105 Buenos Aires ♦Hanover (City) 7s_..1939 13334 13334 95 2,000 27,000 2334 *2334 1947 ♦Baden 7s Feb Public Service of N J— 6% perpetual certificates ♦20-year 7s 10634 *2654 Electric 08.1954 112 Agricultural Mtge Bk (Col) ♦20-year 7s 1940 1,000 18", 660 Feb Jan 18 10034 10054 PowerCorp(Can)4Mi8B '69 3034 Jan ♦Cauca Valley 7s 18 34 "7554 74 70 Potrero Sug 7s stpd._1947 ♦Prussian 111 Mar 10034 AND MUNICIPALITIES— 94 *25 Elec 08.1953 Portland Gas A Coke 6s '40 9334 1434 Jan 107 FOREIGN GOVERNMENT May 8934 Peoples Gas L A Coke— 48 series B 108 Apr Mar 100 10534 105 105 10854 10854 *10634 107 Penn Water A Pow 6a. 1940 414s series B 3,000 13,000 96 Deb 614s series B..1959 Penn Pub Serv 6s C..I947 9934 June July June 103 6,000 "4",000 8534 86 3234 June July 48,000 13,000 10534 106 97 10534 1937 10034 3,000 10234 9634 107 34 1 0754 0s series A x-w.....l950 12",660 107 10534 106 97 9734 "l06~~ 1900 2634 10434 10534 *10734 Yadkin River Power 5s '41 9034 105 105 Wlso-Mlnn Lt A Pow 5s '44 1,000 25,000 62",000 107 107 West Texas Utll 5s A 1957 9934 10354 1979 Penn Cent LA P 4 Ha. 1977 2030 Mar Jan 92 Wash Water Power 5s. 1900 West Penn Elec 6s Jan 80 West Penn Traotion 5s '60 *103 10434 10534 10234 Jan 87 Jan "7534 8934 6934 June Jan Jan 7,000 Jan Palmer 116 Jan Jan 28,000 119 Pacific Pow A Ltg 68.-1955 9034 9234 108 Pacific Ltg A Pow 63..1942 107 9634 *9334 Wash Ry A Elec 4s...1951 9434 July 92 Wash Gas Light 5s...l95« June Jau 103 10134 9534 "9634 1954 5s Income deb Apr May 113 Aug 12,000 2,000 Mar 9834 28 10934 115 *114 Mar June 10254 June A.1948 July 79 1,000 ser 7934 27 16,000 8,000 Pacific Invest 6s Mar Mar 8434 QQ 1946 86 Jan Feb 6634 9,000 117 117 11734 Jan June 9434 10434 10434 1941 Mar 111 55 8934 Pacific Coast Power 6s '40 1st 0s series B 9434 June Waldorf-Astoria Hotel— 9634 Pacific Gas A Elec Co— Apr June Okla Power A Water 5s '48 7,000 Jan 109 June 10134 10234 89 34 8 9 54 1946 6s conv debs Feb 71 7334 Va Pub Serv 634s A..1946 1st ref 5s series B...1U50 6s Jan 113 10434 69 9534 166" Vamma Water Pow 534s'57 Apr 10634 Feb 9,000 103 10034 July Feb 22,000 103 Mar 90 Jan 4034 100 7934 110 Feb 100 May June 75 *107 May 9834 June 104 2034 1934 1,000 *10534 10634 11034 90 3,000 72 1956 103 107 22,000 1952 E Feb 4934 June 109 10934 1944 Utlca Gas A Eleo 5s Jan 80 10634 May "7" 000 Jan 8534 Jan 11,000 8334 1973 10734 June Aug 19*.000 Mar 66 30 3034 9834 10334 10534 Utah Pow A Lt 6s A..2022 434s..__ Mar 7834 May 6434 June 74 10534 1952 8,000 10454 33,000 Jan 10034 Jan July 78 Un Lt A Rys (Del) 5348 '62 United Lt A Rys (Me)- 2,000 8,000 1,000 61,000 13,000 June *2734 1974 10934 10934 10334 10434 10454 10454 9934 100 10334 10934 10734 107 10,000 5334 75 .1959 10534 10534 414s ser D.1950 Ohio Public Service Co— D Jan 104 103 "99* Aug May 75 72 Mar N'western Eleo 0s stmpd'45 100 *28 91 107 Jan 10634 Mar 45,000 United El Serv 7s ex-w 1956 84 Mar 4934 Mar 10234 5434 11434 11434 5434 4,000 20,000 1,000 1909 4 Hs series E Conv 6s 4th stamp. 1950 United Elec N J 4s... 1949 "4",000 103 May 102 7934 76 77 9534 Jan 37 ~7"66O 10734 108 10734 1962 Twin City Rap Tr 634a '52 Ulen Co— 85 6934 56 Leonard 95 Northern Indiana P S— 1905 see 84 No Indiana G A E 08.1952 6s series C (L.) 95 108 Apr 107 July No Amer Lt A Pow— 6 34s series A 3,000 37 47 10534 10534 104 *100 91 9234 ♦United Industrial 0 34a. *41 ♦1st s f 08 1945 Nippon El Pow 6)48.-1953 Mar 4434 10134 102 34 2022 Toledo Edison 5s 103 105 10434 96 Jan 1,000 10434 112 54 June 3034 June 26,000 ♦TIetz Apr 62 13,000 71 Feb Apr Jan 54,000 70 6s Mar 102 5434 *.... Mar 96 July 6934 10534 Mar 96 93 70 Tide Water Power 5s.. 1979 June 6334 June Ternl Hydro-El 6 34a. 1953 Texas Elec Service 5s. 1960 Jan 96 9534 Tenn Public Service 5s 1970 Jan 11034 June June Jan Jan 92 100 Mar 6334 65 *4 Jan 25,000 35,000 11,000 114 Mar 95 2,000 1,000 9534 10434 95 June 8734 (♦Texas Gas Utll 6s.. 1945 Mar 6534 June 4,000 87 Texas Power A Lt 58..1950 95 52.000 10634 *10534 10634 *10634 10734 . June 47,000 107 Jan 8434 10134 Conv deb 6s 54 High Low "9",000 106 Tennessee Elec Pow 5s 1956 85 5,000 6734 3334 *4534 Range Since Jan. 1 1937 6734 14,000 1957 6s series B 8434 23^666 1948 Jan 94 6634 3334 69 eOs.Deo 11966 Standard Investg 534s 1939 Feb Jan Jan N E Gas A El Assn 68.1947 Conv deb 6s Jan Debentu *70 6734 71 10734 9734 12634 99 ',"6734 1951 107 11634 *119 48 1434 Feb 7034 6734 94 ♦Certificates of deposit 6734 6734 for Week Shares 6734 71 69 71 69 71 69 *70 ♦Certificates of deposit ♦Convertible 6s 1935 Debenture 0s 10034 12,000 554 534 10134 102 91 9134 ♦M unson 88 0 34a Nassau A Suffolk Ltg 9634 94 1944 9954 Range] of Prices High Low t«Stand Gas A Eleo 6sl935 Feb 107 Power— 634s Price 6734 June 2,000 39,000 4,000 6734 *6634 (♦Missouri Pub Serv6sl947 Montana Dakota High Sale (Concluded) High Low Week's Last BONDS Jan. 1 1937 Week Price Sales Friday Sales Friday BONDS 1073 Exchange—Concluded—Page 6 85 June 105 May 87 Jan 104 Jan 10434 Jan 106 Jan Ex-<ilvtdend. y included In year's range, n Under Cash sales not Included In years Ex-Interest. X Friday's bid and asked price. ♦ No sales were transacted during current week. Bonds being traded flat. ( Reported in receivership. Jan 10334 * 1 Called for redemption « Cash sales transacted during the current week ana not Included In weer*y or yearly range: No sales. y Under-tbe-rule sales transacted during tne or yearly range: current week and weekly No sales. z Deferred delivery sales In weekly or No sales. transacted during tne current week Abbreviations of deposit; "cons." consolidated convert! bio: "m," mortgage: "n-v," non-voting stock Used Above—"00d," certificates "cum," cumulative; ' conv," •v t and not Included yearly range: '' c," voting trust certificates; "w wthout warrants i.» when issued; "w w." with warrants;' x-w" 1074 Financial Chronicle 14, 7 Aug. Other Stock Exchanges Friday New York Real Estate Securities Last Exchange Stocks (Concluded) Closing bid and asked quotations, Friday, Aug. 13 Unlisted Bonds Bid B'way & 38th St Bldg 7s 45 Bryant Park Bldg 6 %s 45. Drake (The) 6s 1939 11 West 42d St 6%s._1945 94 600 Fifth Ave 6Mb... 1949 38 34 Majestic Apts 6s 46 m-m Place Park 6% 1948 Price Low 6 --- 29 North Butte • * - 83% 2124-34 BdwyBldgsS %s'43 m 14% 16% 100 Certificates of deposit RR 50 Qulncy Mining Co 25 118 " 1% 18 1734 Pennsylvania "~8% Reece Butt Hole Mach_.10 on Baltimore Stock Shawmut Assn tr ctfs Exchange * Stone A Webster _.* 6 Established S. Calvert St. 1853 39 25 765 13% 23% 13% 23% BALTIMORE, MD. Louisville, Ky. Utah Metal A Tunnel * Warren (S D) Co * 66 Feb Mar July 6% 11% Apr x6 Mar 3% 282 114 34 June 25 3% June 9% Mar JaD 2% Mar 5,872 68c 185 18 222 142 29% Jan 21% May 1634 July 34% June 6% Jan 271 815 25 209 130 1% 80 38% 358 July 23 60 Mar 11% 25% Apr Mar Apr Feb 16% 12% June 17% June 33% Jan July 3% Feb June 41 % May 1% 34% Mar 40c 40c 100 32% 304 25% 87 88 764 84 4134 40% ,42% 2 ,2% 139 1,040 36% 1% iH}' <38 50 1% Apr 2% 140 Feb 19% 12% Feb 110 11% 6% July 8% 40 42% 200 35 Jan 46 Feb July July 89 95 Feb Jan * Co July 41 31% * . Bros Warren l.OOlMar Mar 88 1 Venezuela Holding Corp. Waldorf System Inc York, Pa. Members New York, Baltimore and Chicago Stock Exchanges Chicago Board of Trade New York Curb Exchange (Associate) High 5c 3,990 24 37% "32% United Shoe Maoh Corp.25 Preferred ....26 NEW YORK Hagerstown, Md. "37% Union Copper Ld & Min.25 Union Twist Drill Co 5 . 13% 1% Torrlngton Co (new) Broadway ' j Suburban Elec Sec com..* SteinBros.&Boyce Low Shares 7% 1 8% 3% 4% 117 118% 4% 434 1% 1% 18 18% 16% 17% 36% 38 8% 8% 24% 24% 7% 4% 1 Old Colony RR 250 W 39th St Bldgs 6s 1937 Orders Executed High 43% Linotype..* Narragansett Racing Ass n New England Tel A Tel 100 N Y N H A H RR(The) 100 Range Since Jan. 1,1937 for Week 44 Mergeuthaler Nat'l Tunnel & Mines 28% Dodge Corp— Pennsylvania Bldg ctfs 10 East 40th St Bldg 5s 53. 11 Ask Inc income bonds v t c Fox Theatre & Oflce Bldg 6% 1941 and ctfs Bid Internat Commerce Bldg— 6 34S 1943 39% Par Range of Prices Mayflower-Old Col Cop.25 Unlisted Bonds Ask Sales Week's Sale 8% 42% 8% 30c 1.00 Jan Mar Feb 33 Mar Mar 98 Jan Jan 46% 2% June Apr Jan Mar Jan Bonds— Eastern Mass St Ry— Baltimore Stock Series A 4 34s 1948 78% 79 $4,000 76 Series B 5s Exchange 1948 82 82 500 82 Aug. 7 to Aug. 13, both inclusive, compiled from official sales lists Sales Friday Last Par Stocks— Arundel Corp—— * Atlantic Coast L (Conn).50 Bait Transit Co com v t for of Prices Low High Week Price 53 * Consol Gas E L & Pow. * -. 28% .......... 46 39 Jan Jan 54 Mar 1% July 3 Jan 3% Jan 9 Jan 117 24% June 38 Jan 77 193 64 89% Jan 39 113% 30% 41% 450 120 June 112 38% 132 38 Houston oil pret 23% 23 23% 695 19% 9% 15 loo 9% 25 25 Mar Tex Oil 1 Merch A Miners Transp..* Monon W Penn P S 7 % pf. 25 Mt Vern-Wdb Mills preflOO New Amsterdam < Casualty :i Owlngs Mills Distillery 1 3% 24 24 25% 75 U S Fidelity A Guar 3% 3% 48% Chicago Stock Exchange 23% Aug 12% Jan 1 July July 2% 4% Jan Friday 3% Jan Last Week's Range for Jan 4% Apr Sale of Prices Low High Week 7,070 3 25% 109 24 70 82 Jan 531 14% % 41 Aug Aug 18 13% % 78 13% 900 Jan Aug. 7 to Aug. 13, both inclusive, compiled from official sales lists Stocks— Par Mar 18% Feb Abbott Laboratories— Common (new) 1% Aug % May Price Feb Adams 10 73 June 95 Feb 2,043 21 June 29% Jan 23% 22% 23% Bait Transit Co 4s (flat) '76 A 6a flat 1975 31% 31 31% $18,500 27% July 41% Jan 35% 35% 36 31% July 48 Jan * Royalty Co com..* Advance Alum Castings..6 Aetna Ball Bearing com..l Class A. 1 Associates Invest * 11 1,450 6% 9% 13 1,900 7 13 High 1887 New York Stock Exchange New York Curb Exchange (Asso.) Bendlx Aviation UNLISTED TRADING DEPARTMENT 11% ..... 10% 13 56 % Jan 12% Jan 12% Mar Aug 14% May June Feb Feb 15% 100 21 100 20 July 23% 26% 69 11% 11 50 61 June 84 % Jan Feb July 10% 2,100 500 7 J«n 13% 10% Aug 12% 2 850 1% June 4% 51 52 200 Mar Aug 57% 5% 7% 534 150 7% 50 48% 534 3% 16% 16% 16% 20% 22 20% 16 9% 20% 21% 20% 9% 12% Jan Boston Tel. LAP 7010 30 State St., Boston N. Y. Tel. CAnal 6-1541 Portland Bangor Boston Stock Feb 19% 15% July 19 20% 23% Feb Feb 100 21% 18% 22 Aug 30% Feb Feb Feb Mar 150 Jan Aug July 750 9 150 9% 2,150 2,550 18% 22% 11 1534 28% Feb Feb 3034 13 Mar Aug 1434 Jan 14 % 32 34 Jan 43% 38% Apr 50 Exchange Aug. 7 to Aug. 13, both inclusive, compiled from official sales lists Sales Friday Last Sale Par Stocks- Price Week's Range for of Prices Week Low High Range Since Jan. 1, 1937 Shares Low High 2% 50 Amei Tel A Tel 100 170% Bigelo-Sanf Carp pref..100 Boston A Albany Boston Edison Co Boston Elevated 100 100 -.100 Boston-Herald-Traveller. * 139 59 % 25% 169% 108% 128% 138% 59J4 25% 2% 171 108% 129% 140 60 253^ 100 1,272 20 2 July 6% Jan 159% June 107% May 187 Hi 115 Jan 100 934 34 Prior preferred lot Class A 1st pref stpd.100 Class A 1st preferred. 100 934. 11% 11% 13% 16% 100 100 CI D 1st pref 100 Bost Personal Prop Trust.* 3734 12% 11% 13% 16% 18 CI B 1st pref stpd CI D 1st pref stpd 18 12 Boston & Providence.. 100 26 132 13% 132 Copper Range 26 16% 13% 1534 12% 16% 13% m 61% caiumet A Hecla 550 126 % 27 100 July Apr 26% June .18 19 450 17% Bruce Co (E L) com Burd Piston Ring com Butler Brothers 5% 6134 5% 6134 48% 234 * 4h% prior pref 6% cum pref 100 47 100 East Mass St Ry com.. 100 1st preferred 100 Preferred B 100 2% .1 __lo 6% conv preferred 30 Canal Constr.Co conv pref* Castle (A M) common.. 10 Economy Grocery Stores.* Employers Group * * 97 54 g Gilchrist Co 30 315 274 10 8% 34 Jan Aug 9% June 9% July 14% Mar 66% Mar 20 Mar 18% Mar 50 12 Jan 24% Mar 25 14% Jan 29 Mar 11 16 Fob 24% Mar Cent States Pr & Lt "pref- * GUtette Safety Razor ' 14% 83 4% 43% 44 14% 16 1% June 20% May 17% Jan 4% June 10% Jan Consumers Co class June Juno May 81 Jan Cord Corp cap stock... 69 Jan July July 51 Aug 12 65% 192 35% 585 2 30 39% 28 10 39% June 47 136 5 15 6% 1% % , Jan Jan 36 30 34 123 900 103 2 7 June 48% Feb 4% Aug 11 Jan 10 12% 3% July 13% 150 22.900 10 150 24% 24 21% 24% 28 28 28 50 10 10 20 21% 5 Jan 3834 900 300 2 104% 3% 5H Fen Apr 110% 26% Mar Feb 1834 June Jan 1934 25 July Aug June June 8% July Aug 28% Apr 32% 17% Apr Jan 250 18 June 25 Feb 400 20% June 25 Aug 40 200 2934 May Mar Elec Household Utll cap.f Elgin National Watch.. 15 7 600 35 35 50 4134 12% 40% Jan .\1 ar 6% Jan Jan 24% May Jan 64 3% 107^ 10$ 139 650 19% 10% May 12% 3% Apr May 25 36 2% 12% 5% 4334 5% 37 19% Feb June 4% Jan 23% 38% 634 14% July 4 Jan .* 20% 14 Feb Mar 3% Dayton Rubber Mfg com * __35 Feb Mar 6% 170 13% 6% 43 Dodge Mfg Corp com....* Eddy Paper Corp (The)..* Jan 25 50 Class A pref.. Dexter Co (The) com Dixie Vortex Co com 85 June Mar June 167 433 Jan June 10 30 Jan Mar 15% 3% Jan 110 2,635 Mar 3% 5 B 5 Jan 3% June 36 Oudahy Packing pref.. 100 Cunningham Drg Stores2% 30 72 43 Jan Mar 2% 42 10 250 10,750 1,150 73 27% 119 175 4% July 134 May 42% 1,819 83 58% July 2% June 123"" Compressed Ind Gases cap* Consolidated Biscuit oom.l Consumers Co— 4334 3 1078 5 Feb 400 Commonwealth Edison. 100 110 •' see page 7? 2,500 Jan Jan 22 52% 3% Jan Mar June 1% Feb 26 52 100 6% 110% 47 3% 18 20% June . Jan 1% 151 Apr June Isle Royal Copper Co 25 Maine Central common 100 Feb Feb 3 ...... Cities Service Co com. ..* Club Aluminum Uten Co.* Coleman Lamp A Stove..* Aug 19 1234 14% 434 4% Jan July 2% June 40 4% 43% May 11% 16 434 Mar Mar 86% June 250 Cherry Burrefl. Corp com. * Chicago Corp common... * Preferred.... ...» Chicago Yellow Cab Co..* 12 65 4 July 70 330 8 60% 130 105 14% 3% 19 *81 % Feb 2,900 61 58% 79% 16 610 1634 Hathaway Bakeries cl A 7 * com 212 21% 12 • 3% July 43 June Jan 10% 9 June 3% 96% 52% 1 1% 600 134 12 * 40 9 Georgian Inc (Me) clA pf .20 29% June 40 34 6334 June PrpforroH 4334 21% 500 41% 410 Prior lien pref Mar 5% 1% 4134 250 Common.. 69% 1% June 1% 1% 12% Jan 30% 100 1% 70 Jan Aug 36% 12 Feb July 18% June 850 2,150 2,050 68 147 59% June 12% 16% 33 1% 160 25% Aug 13 28% 16% 32% 12 July 370 12 12% 16% 32% 69% June 384 12 Juue l 128% 10% 7% 1634 2134 8 19 $1.50 conv pref * Cent 111 Pub Serv pref...* Central S W-r- 127% 40 East Steamship Lines com* General Capita) Corp ..* V tc nref partshs Common 100 12 150 East Gas A Fuel Assn— For footnotes 19 11% Chain Belt Co Common Mass Utilities vto.. 19 11% 443 Boston A Maine- Preferred 48% Central Illinois Sec— Common. Amer Pneumatic Service— 6% non-cum pref 40 * Mar 9% 46% Class A Mar 14 34 48% "42% 9 50 ...6 com.. Feb Mar 150 12% 42% (New) Lewiston Mar 9 250 Brach & Sons (E J) cap..* Brown Fence A Wire com.l Private Wire System Feb 68% 11% 2 52 6 com Berghoff Brewing Co 1 Blnks Mfg Co capital l Bliss A Laughlln Inc cap. 6 Borg Warner Corp— 450 June June 15% Backstay Welt Co com..* Barlow&SeeligMfgAcom 5 Basttan-Blesslng Co com Belden Mfg Members 12% 49% 21 pref.* conv 45 934 8% com. 5 Autom Washer Townsend, Anthony and Tyson 150 49% 1 com Automatic Products . Low 9% 25 Amer Pub Serv Co pref. 100 Armour A Co common 6 Aro Equipment com Asbestos Mfg Co com Boston Stock Exchange Range Since Jan. 1. 1937 Shares 49% 10% Allied Products Corp com 10 Bonds- 12,400 Sales Jan 27% 2 Established St., CHICAGO Jan Apr 65 78 % 10 So. La Salle Jan Apr Aug June 75 1 Chicago Stock Exchange Chicago Curb Exchange 9 27 Penna Water A Power com * 48 136 June (Associate) 239 3% 3% 25% 14 119% Exchange New York Curb 800 1 3% 25% 1 Com class A. 34 126 Members New York Stock Jan 60% 34% June 38 Pa ul H.Davis 6c @0. Jan 115 Apr 21 % June Unlisted Apr 691 38 Mfrs Finance 1st pref 2d preferred Listed and 345 Fidelity A Deposit.* 20 Fid A Guar Fire Corp. ..10 123% 23% SECURITIES CHICAGO High 1% 4% 28% 4% 27% 75% 29% . 18 53 113 100 preferred Eastern Sugar Assoc eom.l Preferred 1 Low 225 21% 1 1 * Range Since Jan, 1, 1937 Shares 25 21% 53 21% ♦ o. 1st pre! vto Black A Decker com 5% Week's Range Sale Mar Jan Fuller Mfg Co com Gardner Denver Co— New common 1 * General Finance Corp com l Gen Household UtU— Common Goldblatt Bros Inc com.. * 634 ""4% 21 4% 21 4% 22 634 31 Aug June 950 *434 450 2034 June July 5% 5% 5% 3,550 4% 3% 3% 3% 1,450 334 June 34 34 50 34 Mar July 5% Aug Jan Mar May 23% July 5% May 10% 42% Jan Mar Volume Financial 145 Sales Friday Range Since Last Week's Range for Sale .stocks (Concluded) of Prices Low High Gossard Co (H W) com..* Great Lakes D<tD com..* Hamilton Mfg cl A pref. 10 July 12* 19 500 18 June 29* 11 200 9% May 12* Aug ex Aug 19 11 11 10 13 8 com. 11 ux - « 40 13 12^ 7X 2,850 8 Xs -8H 600 7W\tJX 24 24 * 52* 15* Hormel & Co (Geo) com A* 18% 24 25 Heller (W E) pref w W...25 Hlbb Spencer Bart com.25 Horders Inc com 25 Houdallle-Hershey class B* Hupp Motor Indep Pneum Tool v t Indiana 8teel Prod com.. 1 15* Aug 52* May 21* June 18 July 23 19 June 27% 3 May 1,100 50 11X June 100 99 X Feb May Mar July 49 8 June Aug 21 Jan July 7% 10 22% Jan Iron Flrem Mfg com v t c. * 23 23 23 5^ 350 19* June 27 Feb Jar vis (WB)Cn cap Jefferson Elec Co com 28 * 39 27* 28% 2,500 20X June 29 X Feb 37* 39 51 Feb 55 49 55 1 * Joslyn Mfg & Supply com 5 Kats Drug Co com 1 95* 10% 24 X 30 25 300 5X IX 3X Feb 12% Mar 125 Mar Apr 28 X Feb 43 44 Jan 5X Aug 7X 1* June 1,700 3% IX 950 \3X Aug 55 46 X June 17 X 40 IX 3% Aug 91 800 24* 5X 5 July 8X June 9X 10 29 X 24 * 45* June 1,300 1,150 95 Kerlyn OH Co cl A com..6 Kingsbury Breweries cap. 1 com 9X 9* 10 95 June 37 500 10* Ken-Rad T A Lamp oomA * Ky Utll Jr cum pref 50 La Salle Ext Unlv 100 95 Kellogg Switch & Sup com* Preferred 100 3X Jan Mar Jan Aug Common 8* 12* Lincoln Printing Co— Common .A.—* 8* 350 550 39 3% 51* 51* 51* McCord Rad A Mfg A...* McGraw Electric com 5 ■-V-- McQuay-Norrls Mfg com. * 100 28 H * 3 Middle West Corp cap...6 Stock purchase warrants 3X 30 15 2 35 Feb 40 May 49* 9 June 12 Apr 27 June 37 Mar Jan Feb 4X Feb 16* Feb 10* 10* 10* 40 61* 61* 62* 57 IX June 9* July 56* June 65* Jan 21 21 21 16 18 23* Jan 2 2 2 50 * * * Randall A 30 30 Aug 36 July Aug 11* 30* 30* 30* 65 27 July 38 Feb 25 25 26* 170 25 July 34* U S Printing 50 13 13 13 50 21* 21 22 1,185 3% June 38* Mar July Jan 6% 52 B. ..100 Wurlitzer X Mar Jan 3044 Mar 2 June 4 Apr 25 19 Jan 50 25 500 3,700 200 2% June 7X 1* pref 5 5 * 14 5* 4* Feb Apr 21 Jan Mar 26 iviay 12* 16 Mar 57% 21 June * Feb 54 100 4X June Jan Aug 48% 3X 3X 100 21* June 10 3X 10 9X 120 10 Aug 29* Rapid 45 28* 3 9* 1 45 X 10 21* U S Playing Card 300 28* Prior preferred 45* 9* Lunkenhelmer Ohio Listed and Unlisted Securities Apr Members Cleveland Stock Exchange Feb 7 31* Jan CILLIS^WOODc'ia Mlckel berry's Food Prod- Common 45* * P & G 1,600 1,250 6 110 Apr July Jan 5X 10 31 25 Mar Aug 5* 21* 30 115 4*4 46 Mer A Mfrs Sec cl A oom.1 21* 30 Jan 34* Jan July 33*4 41 2X 16* Jan 22 23 110 5 Jan 10 27X 20 18 * Feb July 16 X 50 2X 25 112 18 * Jan Feb 105* June 16 112 Hobart A 16 27* Jan 150 23 July 18 National Pumps 53 26* 190 21* Magna vox. 46 ~27* 10 103* 103* 26* 26* 26* * Feb 53 "2 * Mapes Cons Mfg capital.* 275 112 Gibson Art Mar 46 Marshall Field common..* Manhattan-Dearborn com* Jan 103* 13* Aug 17* May Feb 102* 31 25 13* 23 4 100 23 Jan * Gallaher Drug July Jan 13* 23 103* Jan 100 6* 85 100 Preferred Formica Insulation.. 15X 12% 13* Eagle-Picher Lead... ...10 100 Eagle-Picher pfd * Early & Daniel 105 39 23 Jan July June 235 187* 187* 187* ♦ (Dan) 7 108 38 100 23 6 Cohen 1374 Jan 8X June 100 3* * Coca Cola A 98* June 155 91 6* 90 High Low Shares 101* 102* 6* 90 —.50 Telephone 19*4 9* 100 4X 29X 29 Cln Range Since Jan. 1, 1937 for Week High Low 102 50 Cin Street Ry Range of Prices Price pref. ..100 Jan 7% 150 8X 8X Stocks (Concluded) Cln Gas & Elec 16* June 350 12 X 4* 10 Lion OU Refining Co com. * Loudon Packing com * Lynch Corp com 8X 18 X 12X 39 Lincoln Print $3.50 pref..* Lindsay Light com 8X 17X * 10 Llbby McN A Llbby._.10 Par Kahn com Leath A Co— Le Rol Co com Sale 10% May 20 Week's Last Jan Jan 110 Sales Friday Apr 37 30 11 , 4 19 X 100 82- 6711—Bell Sys. Tel. Cln. 363 Phone Cherry Jan 300 38 8* 11 * $7 preferred 45 CINCINNATI BLDG. UNION TRUST Feb 50 3 X CO. & BALLINGER Jan Mar 100 7* Interstate Power $6 pref..* X 100 13* 37* 8* 13 26 18* 105* 106 38 c._* 11X Aug 15X 13 106 Apr Mar 52 X 250 Unlisted Securities Cincinnati and Ohio Listed and Jan 14 23 3X (new)_.l com Illinois Brick Co cap 10 111 North TTtll pref.... 100 July 10 Jan Trading Markets in Active 20 June 8X Cincinnati Stock Exchange Members High Low Shares 400 11* 18 H 11* Heileman Brew Co G cap. 1 Heln-Wern Mot Pts com_3 Harnischfeger Corp 1,1937 Jan Week Price Par 1075 Chronicle Jan 5 June 15*4 Jan June 7X Jan Midland United Co— Common ..* 900 * June IX ..♦ 200 3* June 12% Union Trust Buildinf, Cleveland Jan Conv preferred A Jan 7% prior Hen 7% preferred A 6% preferred A 6% prior Hen Miller A Hart Inc conv M»idine Mfg Co com Monroe Chemical Co 100 100 100 100 pf. * * 5* Noblltt-Spark* Ind com 1* June 2X June 3 X June 8% 95* 8% Feb Jan 50 39 100 35 June 7 7 50 7 July 28 28 50 14* 4% 14* 4* 50 28* 31 43 43* 38* "iiji ♦ 27* May 14* Jan 32 Jan 17 Apr Feb 4 July 28 June 12*4 36% 550 37X June 58 5* June 2,150 12* 10* June 16 24* June 37 25 X Jar. Mar Northwest Utll— Penn Gas A Elec A com..* 14 5* Prima Co com Process .* Corp com 23 July 30 2 X Jan 17% Jan May 12 40 Jan 54 July May IX 150 '33* 5X 35 Jan 5* 150 5X May 7% Mar 3 IX . 2X IX Pines Wlnterfront com... 1 1,000 J4 33 Perfect Circle Co com....* Pictorial Paper Pack com.5 1* 1* 14 20 29 29 100 7% pref Pea body Coal Co B com.. 5 500 2* June 3*4 Fel 850 1* June 3 X Tar 1* June 4% 50 * Jan Public Service of Nor Ill- Common * 60 Common 100 6% preferred Quaker Oats Co com... Preferred • 85* 85 * 84 X 500 85X 85 X 85X 50 116 116 116 30 112 J* 112X 114 June 74 June 99 Jar 120 Jar 125 X JaD 150 Jan 350 109 June 50 121 Apr 134X 130 100 70 109* June 99 *4 Jar Raytheon Mfg— Common v 50c t c 5 6% pref v t c 6* 2* sx-bex «2* 2 18X Reliance Mfg Co com...10 Preferred 100 850 105 ' \\8X 250 ■; 220 30 105 4 Jan 1 X June 15* July 105 Aug 7X Feb 3% 36% Feb lll\ Jan Apr Rollins Hos Mills- 1 Common 2* 2*.- 2* 32,050 36*c38 250 1 24 ,24* 150 Sears-Roebuck A Co cap.* 97 97 Sangamo Electric com...* Schwltzer-Cummlns cap Serrlck Corp cl B com 1 38 50 2X 34 11X 12 X 1,350 130 Common * '34% 34X 300 16* Slvyer Steel Castings com * 23 X 24 150 So Bend Lathe Wks cap .5 24 24* 250 8'west Gas A Elec 7% pflOO 97 98 73 73 8t Louis Nat Stockyds cap* Standard Dredge com * Convertible preferred.. * Stein A Co (A) com * Swift International 25 4X 'l6 24 X 250 3X 3X 6,200 X 3X X 3X 300 3 3 20 X 20X 24 Utah Radio Products com * 3 X X 5 Convertible pref. 7 * » 28* Wisconsin Bankshs com..* 8* .... Wahl Co (The) com Walgreen Co common Zenith Indust 3 • 27X 8 10X 2 com Radio Corp com. 20* June 93 96 Jan 100 85 June 3 208 8 . Jan 101* Mar Jan 112 Jan 63* 196 42 July 32 June 50 Mar 30 30 Jan 55 July 95 Mar 100 120 68 Feb 14 90 14 June 22* 51 June 60 24 July 57 57 25 35 50 —* 61 62 170 32 32 50 laeger Machine 103* June Feb 1,370 * (nterlake Steamship. Feb July 40 A..* 5 Halle Bros 56* Feb 24 Jan Feb Jan 30* 73* 37* Jan Mar Mar Lamson <Sr Sessions * 10* 10* 11* 492 9 Jan 14 Jan Leland Electric * 20 20 20* 175 13 June 27 Jan 7* 325 46 41 Apr 8* June 58* Mar Medusa Portland Cement * 7% 43* 39* 39* 10 39* Aug 60 Feb Monarch Machine Tool..* 23 23 70 22 Jan 35 Mar 6 Aug 7% Lima Cord Sole & Heel—1 * McKee (A G) class B National Tile J! 6* 302 5 6 681 59 7 6% * * Ohio Brass B * * 3 23* 6* 9* 15* 23* 6* * 45 45 * 62 A..* Corp 9* 10 16 160 24 41 6* 300 46 348 55 6* 64* 493 34 34 6* 10* 320 220 6 5* 3% 6 * 2 * Res Inv 6% pref..100 15 10 Warren Refining 150 60 14* 10* 1 20 3 7* 7 -1 * Van Dorn Iron 3* 150 25 25 210 105 Weinberger Drug Inc West 113 59 6* 25 National Refining 105 20 _ 7* June Feb 12* 10* Mar Jan 67 Mar Feb 10* May 20* Mar 4* June 44 6 14* June June 23 3* 44 Jan July 5* 38 July July 32* Feb Feb 34 Mar 7& Mar 57* 9* 64* 34 Apr Aug May July 10* Apr 14* Aug 8* Jan 5* Aug 3* June 17* Feb 21^ Mar 13* Mar 6 90 Jan 14 Feb 5* Jan 26 July 105 July June 22X, June 20 Jtifie !64 18% 28 X Aug 316 June 20 26 X Feb 4X 2X Watling, Lerchen & Hayes Members "39 * 36 X Jan New York 6% Feb 750 2 June Detroit Stock Exchange 5 Jan 1,300 1,350 8X 11 39 X 2 450 28X 625 June 161 1,850 49 X OX May 12 9X June 15* Feb June 40 u Last Sale Par Stocks— Price Week's Range of Prices High Telephone: Randolph 5530 „ Detroit Stock Aug. 7 to Aug. 13, Low 7X Industries. ..20 7* 27 7X 28X ■ : 50 42 * 57 57 57 25 .100 109 109 109 5 8 8 30 Champ Paper & Fibre. Champ Paper pref Churngold 28 X * For footnotes see page 8 1078 7 24* 35* 107 7* Sales Friday Last June 13* 36* Feb of Prices Low Price Par High for Range Since Jan. 1. 1937 Week Shares Low High Feb Jan Week's Range Sale High Stocks— Amer Ldry Mach Exchange both inclusive, compiled from official sales lists Range Since Jan. 1, 1937 for i rv* 30 \ WeekShares DETROIT Mar Sales Low Chicago Stock Exchange Buhl Building Feb Aug. 7 to Aug. 13, both inclusive, compiled from official sales lists Friday New York Curb Associate Stock Exchange X June 2X June Cincinnati Stock Exchange Alumlmnii June 30 Corp— Common Woodall 20X '64 18 100 2 Upson Walton 17* Mhy 30 1,050 1,250 14,050 24* Utll A Ind 100 350 20X 32 X 24 X 24 15X 100 14 * Greif Bros Cooperage uli 20 91 100 Elec Controller & Mfg___* Union Metal Mfg July Apr Jan 400 32 X Rights Trane Co (The) com 4 46 39 Commercial Bookbinding.* Foote-Burt. June 93 100 * Cliffs Corp vtc— 10 30 95 94* 108* 108* 47 45* 39 38* 55 54* * Cleveland Ry High Low 20 20 Cleve Elec 111 $4.50 pref..* Troxel Mfg Co July 72 Prior preferred Cleve Cliffs Iron pref 10* Shares 30 8% cum preferred—100 Steuffer class A * -Jan 40 20X 24* 2 Sundstrand Mach Tool Co* 19 X 1,250 4X 19 18 19 16 Swift A Co 97 "iji 22 95 "20" Seiberllng Rubber Jan At)b 40 10* * 100 Apex Electric Mfg High Low Price Rlchman 28 X June 33 American Coach & Body.. Patterson-Sargent % May 10* Jtfhe 30 X Week Peerless Corp 19X June Range Since Jan. 1, 1937 for of Prices * Akron Brass Packer 81 30X 12 X 30 Par Stocks— Week's Range Sale Ohio Confection class Jb)y May Slgnode Steel Strap— Cumulative pref Sales Last Jan Feb compiled from official sales lists Friday Jan Feb 9% 100 11* Aug. 7 to Aug. 13, both inclusive, Jan 20 250 25 Northwest Eng Co com..* GLEV. 665 & 566 Cleveland Stock Exchange Jan 46 X 10 600 6 6 North American Car com20 A T T Mar Feb 43* 5 944 5 31 10 Northwest Bancorp com June 1* June 70 5* 4* 4* Nat Rep Inv Tr conv pref. * com. 3 60 % 5 Nat Battery Co pref.....* Nat Pressure Cooker Co. .2 National Standard 230 5X 5X 10 ~~7 * com A Telephone GHerry 5050 Midland Utll— Jan 63 June June 111 Jan July 13* Jan 1 Baldwin Rubber com 1 Bohn Alum & Brass com..5 Briges Mfg com... * 1 1 Auto City Brew com „ _ — — , _ 1* 3,775 1 13* 14 313 45 45 110 9% 38% 45* 45* 220 40 July Jan July June 2% Feb 15* Feb 47 Feb 56* June 1076 Financial Last Week's Range for Sale of Prices Par Burroughs Add Mach * 510 Bower * Consolidated Paper com. 10 Low High High 22% June 28% Apr 34% 200 18 22 100 7 July 6% Aug .10 2% 1,100 2 June 114 % 134 110 June "~4X 625 17 320 7 150 Det Gray Iron com Det-Mlch Stove com 5 1 100 Federal Mogul com.* Federal Motor Truck com* Frankenmuth Brew com__l 600 Fruehauf _.* 350 3 325 com 10 1,825 Goebel Brewing com .1 com General Motors Low Shares 440 5% Grand Valley Brew com. General Finance com 2% 3% 15% 6% 1% 19% 11% 48% 5% July June 35 Stocks (Concluded) Week's Range for of Prices Low High Week Price Par Jan Sou Calif Edison Co Ltd.25 25 Aug 25 5%% preferred C 25 6% preferred A 25 Sou Cal Gas 6% pref.. 100 27% 26% Jan 11% Mar 3% Mar Jan 145% 3% May 11 Feb 6% preferred B Sou Pacific Co 23 Jan June Feb Feb Union Oil of California. .25 July Van de Kamp's(HD)Bak_* June 11% 2% 21% 19% June 70 June Aug Wellington Oil Co Feb 8 Aug May Mar 4% Feb * 19 M Houdaille-Hemhey B Hudson Motor Car com.. Hurd Lock & Mfg com__l 5% 19% 24% "l'eH 16% ,516 5% 19% 24% 16% 240 ,516 5 2,100 ,s16 Kingston Products com_.l Kresge (S S) com 10 Kinsel Drug com __1 Mahon Co (R C) A pref.. * Masco Screw Prod com 1 McClanahan Oil 5 4% 23% "if,; nl6 26 "m 1% % 1% Micromatic Hone Feb * com Murray Corp com MuskegonPistRing cm Packard Motor Car com. Parke-Davis 3 3 250 657 29 .10 35 13~ * . 8% 39% 4% 5% 27% 6% 98 45 15% 25% com * 18 Pemin Metal Prod com 1 18% 5% Pfelffer Brewing com * Prudential Invest 1 "~4% 4 com 4% 8% Rickel (WW) com. 2 River Raisin Paper com..* Scotten-Dillon 10 com Standard Tube B 16% 25% 1 com 7% Stearns & Co (Ferd) pf 100 Tlmken-Det Axle pref.. 100 23 9 100 9 9% 4% 40C 9% 4% July Mining— Tivoll Brewing com 1 Tom Moore Dist 1 U S Radiator com 5% 3% * com Universal Cooler A g / ... . $ Walker & Co A * 36% B * 6 3% Warner Aircraft iy8 Wayne Screw Prod com..4 Wolverine Brew com 1 Wolverine Tube com 2 Jan Feb 9c Feb 38c 48c Jan 7c July 15c Jan 1% 8% 29% Feb Feb July Feb Jan Imperial 25c Development Unlisted— 29 Atlantic Refining (The) .25 Jan Cities Service Co Apr 1% 28 Commonwealth & Sou—* 2% Feb Curtiss-Wright Corp 1% Jan Internat'l Tel & Tel * June Aug June June Jan 13% 3% Jan 4% May 225 5 June 577 27 May June 98 Jan 2% 18 3 2% 6 1 Aug July Mar 9 Packard Motor Car Co—* Jan Radio Corp of America. __* Jan Radio Keith-Orpheum July Feb 5 Warner Bros Pict Inc 8% 10% 8% 5% 14% 11% 9% 5% 15% * United Corp (The) (Del).* 5% Jan 10% 103 Mar 109% July 1,205 5 June 10 June 8 370 700 6 200 103 June 3% Aug 25% Jan 4% June 1 June 4% % 12% July Friday Mar Last Week's Range for Feb Sale of Prices of Prices Jan Aug Par Stocks— Feb 18 American Tel & Tel Low _ 170% .10 Lehigh Coal & Navigation* Mitten Bank Sec .50 Philadelphia Traction. 9% Jan Salt Dome Oil 100 45c Jan 90c \pr 50c July 2.25 Feb Bolsa Chica Oil A 3% 3% 3% 300 3% July 7% Jan 5c 5c 10c 100 Feb Tonopah Mining 17c Feb Union Traction 4% 12% 17% Feb United Corp com Preferred Consolidated Oil Corp Creameries of Amer vtc.l 15% 6 6 6 100 Emsco Derrick & Equip __5 Exeter Oil Co A com 1 15 15 15 200 14 1.05 95c 1.10 General Metals Corp General Motors com 14% 14% 58% 15% 19% 9% 43% 25% 14% 58% 16% 19% 9% 43% 27% 97% c * 10 General Paint Corp com..* Gladding McBean & Co..* Globe Grain & Milling..25 Goodyear Tire & Rubber. * Hancock Oil Co A com.. 16% 19% 9% 43% 27 Holly Development Co 90c Jade Oil Co 10c Kinner Air & Motor Ltd. 1 Knudsen Creameries Los 300 22% July 48% June 26% Oceanic Oil Co 300 14 100 18% 8% 32% 18% 30% 11% Jan 46 27% 1,200 22c 22c 23c 13% 13% 3% 13% 5,900 1,000 2% 2% Jan 21 Jan Mar 35c 85c Jan 8c Jan 16c June 16% 22c Aug July 1,046 35% 25 164% Jan 48 108% June 406 31% June 114% 115% 32% 32% ...... 4% ' ~8% 7% 1% 10% June July 5 440 268 4% 7% Mar 8% 1% 100 1 June 10% 334 9% June 1,001 July 50 "l5% 15% 5% 15% 42 39% 42 101 34 35 155 5% Feb Jan Feb Feb Aug Apr Feb Jan Apr 5% 50% Mar 178% June Feb 117% Apr 35% 7% 13% 3% 16% Feb 9% Feb " * Jan Feb Feb 20 Jan 45% 1,900 1,625 4% 640 4% June 5% 2,264 4 June 39% 179 33 June 10% June % % 1 1% 4% 5% 4% 5% 13% 39% 13% 108 Jan Apr 29% July 'i6 Jan % June % * 4% 12% x38 14 6,659 197 108% 102 June 35 Jan Jan Aug 15,6 May 1,S16 7% 8% Mar 46% 17% 114% Jan Feb Jan Jan Jan 1044. page I. M.SIMON &CO. Mar 18c ST. LOUIS MARKETS Mar Business Established Enquiries Invited 1874 all on 9% Jan 3% June 5% June 16% Feb Mid'Western and Southern Securities 6% Feb MEMBERS 700 2% June 4% 1,000 10 Feb New York Stock Exchange St. Louis Stock Exchange Jan 35c 25 18c 10,000 lc Jan 15,100 13c July 45c 40c 1,000 33c June 80c Feb 1.30 2,100 2.00 Mar 1.30 600 New York Curb (Associate) Chicago Board of Trade Chicago Stock Exchange Feb 34c 1.30 32 June 70c Jan 1.00 July 32 400 43 52% Jan June 22c 22c 1,000 18c 9 6,400 8% June 3% 7% 2% 3% 7% 2% 1.45 1.45 1.45 7% 4 26c 12 500 6% June 200 3 500 3% 1,400 120 2 13% Feb 8%c_ 10% May 3% July Jan 9% Feb 3% _ June July June 1.45 June St. Louis Stock Exchange Aug. 7 to Aug. 13, both inclusive, compiled from official sales lists 3.25 Mar 6% Feb 36 26c 12 36 26c Stocks- Par American Inv com Brown Shoe com * * 12 70 38 June 56 Feb 35 May 48 Mar Century Elec Co new..$10 Chic & Sou Air L pref 10 Cocoa-Cola Bottling com.l 800 11 48c Mar July 14% Jan Week Price * 100 May for of Prices Low High * Burkart Mfg pref Week's Range Sale Jan 15c Range Since Jan. 1, 1937 Last 3 100 Sales Friday „ 400 "45"" "45" Louis, Mo. Telephone Central 3350 Jan 45 8% 3% 7% 2% 36 315 North Fourth St., St. 1% May 19% June 22c 45 Mar 23c June 400 7% 7 80 21 9 1078 38% 3% Feb Republic Petroleum com.l Rice Ranch Oil Co 1 * 3,393 173 173 .. ' 4 60c Richfield Oil Corp com .150 23c 45 p>- 38 Preferred Jan 72% c 16%. Aug 16c Pacific Lighting Corp com* For toutnutex 3% 36% 1 United Gas Impt com.. __* Jan 21c 1.20 Sontag Drug Stores 3% 44% 70% 41% 14% 4% 5% 14% Mar Feb 17c 20% 44% Signal Oil & Gas Co A * Signal Pet of Calif Ltd...l 8% June Pittsburgh Stock Exchange—See 21c 1.20 * 173 Apr 7% 100 4 5% 1.30 com 10% 10% 1,117 Feb 13 134% 20% Aug 100 20% 6% preferred 10 Secur Co units of ben int... 1% May 2% June ."50 "16% 50 Mar Jan 200 2,500 16% Pacific Finance Corp com 10 Warrants Roberts Pub Markets Inc.2 Ryan Aeronautical Co 1 147 1,069 Jan Mar 300 16% * June Mar Feb 34c Pacific Distillers Inc 32 Jan 127% 14% Aug 70 100 100 16% 5 25 187% Mar 60c 2,000 10c Nordon Corp Ltd Occidental Petroleum... Samson Corp B Feb 1% 3,400 35c Mar Jan 3,400 10c 2% 1,514 v Mar 25c .1 7 Jan 19% 10c 4 14c June 21c Angeles Investment-10 Mid-Western Oil Co 15% 10c Los Angeles Indust Inc...2 Menasco Mfg Co.. Merchants Petroleum 900 25c . Lincoln Petroleum Co.. 10c Lockheed Aircraft Corp._l 90c 10 32 33% June 48% June 3% 1 Feb July 2% Jan 8% July 14% May 5% Jan Claude Neon Elec Prod 165 37% 59% 2% * Tacony-Palmyra Bridge Tonopah-Belmont Devel .1 9c 250 3% June 14% —5 Corp 6c 200 10c 9% * Scott Paper.. 3% 9% 15% _ July 200 Feb 26% High July 400 5c .50 94% 8% 50 Phila Rapid Transit 7% June 7% June 35 225 2% 2% 10% -.1 Phila & Rd Coal & Iron May "3% .. v t c 280 159% June 112 "14%" * Penna Salt Mfg. .50 * Phila Elec of Pa $5 pref. Phila Elec Pow pref 125 3% 10c High June 8 V> 32 ...... 25 Nat'l Power & Light 82 10% 35% 56% 36% Corp. .25 Preferred 7,500 3% 9% 417 8 3/i General Motors..: 95c Preferred Low 16 114% 116% 9% 9% * com Corp 105 10 ...... __5 7% preferred Low Range Since Jan. 1, 1937 Shares 16% 16% 100 Electric Storage Battery 100 Range Since Jan. 1, 1937 Shares High 169% 170% 117 118% 16% 100 pref. G) Mfg Co... Curtis Pub Co 95c Chapman's Ice Cream Co.. 1874 Sales Price * American Stores 95c Buckeye Union Oil com__l Jan Feb Feb July Week 10 Feb Jan Week Berkey & Gay Co warrants com.. 8% 17% Aug. 7 to Aug. 13, both inclusive, compiled from official sales lists Reo Motor Car Co Cons. Apr 30 Broad Street ~ Mar 7% 1% 7% Teletype L.A. 290 for High 700 29 Feb Feb Sales 5% 6% 52% c 52%c 10 NEW YORK 1513 Walnut Street Horn & Hard (NY) com -.* Sale Barnhart-Morrow June 4% June 11% May 100 38% 9% 8% Chicago Board of Trade Low Feb June Philadelphia Stock Exchanae 34% June 1,150 Week's Range 5% 52% c 7 Feb Last Price 8 300 Feb 2% Aug. 13, both inclusive, compiled from official sales lists 1 3,300 11% 9% 5% 15% PHILADELPHIA Jan Aug July Angeles Stock Exchange Par Mar 12% 12% Philadelphia Stock Exchange Pennsylvania RR Stocks- June New York Stock Exchange Jan Mar Pennroad Bandini Petroleum Co 8 Members Feb 35 San Francisco Stock Exchange Friday Jan Mar Feb & Townsend DeHaven Feb 6% 5% 6% MEMBERS to 200 9 Established Aug 13 Wm. Cavalier & Co. Aug. 7 Jan Feb Chrysler Corp Los 100 63% Feb Feb 19 Budd Wheel Co Los Angeles 100 Jan 5% 4% 8% 15% 68% 2% May 5% June 10% Apr 52% June 200 11% 35 Aug 2% June Mar 12% 44% Budd (E 523 W. 6th St. 29 Feb 1% 4% 4% 37% 20% 21% 2,302 215 New York Stock Exchange 100 600 200 3% 2% 6 6 11% 63% 11% 63% Montgomery Ward & Co.* 29 29 3% 2% * June Bell Tel Co of Pa Los Angeles Stock Exchange 1%C Feb 600 July 195 12% Jan June 82% c 7,500 May 150 I2H "12% 39 Jan Aug 10c 8 ' 1 com 15% Aug 25c 38c 4 300 5% 1% 4% 12 20 3,300 9,000 3%c 120 28 5% 1% 4% 38c 3c 1,254 3% 28 100 5,000 12 24 25c 8c June 6% 3% 28 * U 12 22 31c 1 38c June 36% 6 12 22 Cardinal Gold Mining 3c July 4% Jan Alaska Juneau Gd Min__10 38c June 102% Aug 9 13% Apr 5% June Aug 9%c 8 10 200 June Zenda Gold Mining Co—1 37 37 Aug Feb Tom Reed Gold Mines Co 1 852 1,375 Mar 16% 28% Aug 9% 4% 9% 4% 600 Q 9 Feb 55 Feb 660 107% 107% 5% 6 3% 3% 6,800 Mar Feb 5 Feb 10% June 325 3% June 37% June 15% Aug 23 13 2,595 40 22% 27% May 120 2,099 June 300 400 100 45 29% July 105% July 43% June Jan Jan Mar Aug Feb June 275 98 39 % Parker Wolverine 500 9 39% 18% 5% 8% 4% 4% 5% 27% 7% * com 100 500 35% 13% 16% 13% 16% 2.50 2,305 June 7 % May 400 2,413 % iy8 29 200 June May 22 3% Mid-West Abrasive comSOc Motor Products 725 16 "is 1 com 701 244 ,St6 3% 16 * com 23% "16 26% 1% 3 McClanahan Refining coml Mich Steel Tube Pr cm2.50 Michigan Sugar 763 100 16% 25% 1 25 Feb 2% 6% June i316 June 4% June 20% June 1% % 1% 12% % 2% 2% 1 com 160 160 270 4% 17% 21% 13% 900 30 Blk MammothConsMinlOc * 800 26% 45 Yosemite Port Cement High 32% 29% 28% 30% 108% 62% 49% 22% May 26% June 2,300 105% 105% 48 48% 45 45% 4% 4% 4% Low Shares 25 28 30 30 48% 45% Standard Oil Co of Calif..* June 24% 27% 25% 105% 100 Sunray Oil Corp —1 Superior Oil Co (The)—25 Transamerica Corp * 1 550 1,570 Hall Lamp com Ilosklns Mfg com Range Since Jan. 1, 1937 Last Sale 100 com. com Gar Wood Ind Range Since Jan. 1,1037 410 * com Det & Cleave Nav Price Sales Friday Week Stocks (Concluded) Detroit Edison Aug. 14, 1937 Sales Friday Crowley Mllner Chronicle Common 1 "36% Low High 249 20 July 25 Aug 47% 15 44 July 30 36% 9% 30 31% 49% 32% Mar 500 100 4 4% 75 37 37% 35 23% 46 Shares 25 46 32% 34% 9% 30 Feb Feb 37 9% July Aug 9% Aug 4% Aug 9 Feb 36% Jan 40 May Jan Stocks (Concluded) De of Prices Low High Price Par for 33 Ely&WalkerD G 2nd pf 100 102 com Emerson Elec pref Falstaff Brew 1 com 106 Apr May 125 Mar 100 99 80 70% Petroleum 8 Jan 11% Mar 170 32 Jan 40% Apr Rheem 6 Feb Richfield Oil. 23 July 2% June 3% 145 22% 16% 100 16% 320 13 26 26 100 17% Jan Feb Preferred 34 55 21 21 225 June 12% Apr 48% Mar Feb 69% July 257 41% June 4,952 % June 65% 1% Mar Jan 17 18 60 9% 36% 66 69 1,714 36 Apr 21 Aug So 48% % % 48% 1% % 778 % June 45 46 1,018 39% June 15 14% 26 26% 30 24 Preferred Jan Golden Gt A Pac * 22 Mar % 45% 21 20% 21 1,132 Tide Water Ass'd Oil com. * 20% 20% 8,573 15% Aug 17% Jan 1,939 2,926 23 June 28% Feb 18 Apr 24 Feb 19 July 46 160 46 Aug 58 20 15 Feb 22% Mar 19% 17% Jan 26% Mar Transamerlca Corp 70 Mar Union Oil Co of Calif 48% 210 25 48% 8% 48 July * 16% 15% 25 25% 25% 25% 222 7 June 13% Mar Union Sugar Co Com 25 23% 20 23% 10% 10% 40 9 July 13% Mar Universal Consol Oil 10 16% 16% 17 St Louis Bk Bldg Eq com.* 5% 5% 100 4% July 8% Feb 8% 18 8% 17% 47 47 ~T% 8 50c St Louis Pub Serv com ..* Jan 25c 100 50c July 75 5 76 76 100 Victor Preferred. Jan 90 70c Jan Equip Waialua Agricultural Co 20 81 26 Jan 117% Jan 8% 9% 10 10% June 19 15 35 10% 1 Sterling Alum com..; 81 26 122% 123 * Southwest'n Bell Tel pf 100 78 2 July 83 June 29% Mar 128 11% 13% 574 92% 91% 92% 5,000 88 Jan 102 May 91% 1,000 92 July 95 June 32 32% 37,000 26 June 36% Jan 31% __ 32 18,000 25% June 34% Jan 1934 •United Ry 4s, c-d's 18% 270 46 July 75 Jan July 7 July 6% 2,004 6% 40% Mar Aug 4% Aug 4% 150 4% Aug June 30 140 July Feb 100 47% 91% ♦United Railways 4s 9% Aug Jan 49 % 10 44% Assented Aug 17% 4% 4% STRASSBURGER & CO. Bonds— ♦Sculltn St 6s unass'ed 1941 8% 422 Mar July 38% June 10 15 Yosemite Cement Jan 445 673 31 31 31 Steel...10 11% 8% Mar 47 Stlx, Baer & Fuller com.10 Wagner Electric com Western Pipe & Feb 21% 18 47% 6% 6% Rights Scruggs-V-B Inc 1st preflOO 49% Feb 21% June June 16 722 21 16% RIce-Stlx Dry Gds com...* * Jan Mar 18 18% "mi Natl Bearing Metals com.* Scullin Steel pref Jan 1 * 17 Mo Port Cement com...25 St Louis Car pref 40 Standard Oil Co of Calif__* Mar 32% B 1% 240 Super Mold Corp of Calif 10 Jan July 46 46 * * Natl Candy com 8 8% 36% 49% Apr 34% May 160 9% 69 Jan 14 Jan 7% Aug 4% 376 4% 4% 36% 33 % Mar Aug Aug 10 "2l" Laclede-Chrlsty C P com.* Laclede Gas Light com 100 McQuay-Norrls com 110 July 10 34 Meyer Blanke com 33 June 100 June 10 505 July 103 Signal Oil & Gas Co A...* 13 10 24 20 . Soundview Pulp Co 5 Southern Pacific Co...100 41% June 190 * 10% May Jan 135 15 * Apr 8% June Feb 44% 15 * 4% Feb 50 19% June 17% 43 15 Knapp Monarch pref 26 103% 103% 103% 13% 100 26 26 100 80% June May 15 1,085 2,652 9 8% 8% 26 1 Roos Bros common Feb 41% June 18% 16 43 Key Co com 20% 10 43 18 Schles'ger&Sons (BF) com* June 6% June 43 Aug 100 Jan 770 18 Mfg.. Jan 3,150 3,250 7% 43 Preferred 50 46 80% 7 7% 1 High Low Shares 84% 100 * Republic 985 * Common A__* 105 ._* com Par Rainier Pulp & Paper B 10% 35% 3% 22% Hussmann-Ligonier com * Huttlg S & D com 5 Hyde Park Brew com 10 International Shoe Jan 16 Hamilton-BrownShoe com* Johnson-S-S Shoe 48 99% 6 Jan 120% 33 35 % Feb 25 160 102 9% 109* Griesedieck-West Br com.* for Week Price of Prices Low High Stocks (Concluded) High Low Shares 33% 120 100 com Week's Range Jan. 1 1937 Week * Pepper 1 1937 Range Since Jan. Last Sale Range Since Week's Range Sale Sales Friday Sales Friday Last 1077 Chronicle Financial Volume 145 STREET 133 MONTGOMERY FRANCISCO SAN (Since 1880) Members: New York Stock Exchange—San Francisco Stock Exchange—San Francisco Curb Exchange—Chicago Board of Trade—New York Curb Exchange (Associate) Direct Private Wire 8c Co. Dean Witter ofTrade New York Curb Exchange (AssoJ, San Francisco Curb Exchange, Honolulu Stock Exchange San Francisco Oakland NewYork Portland Tacomo Seattle Stockton Sacramento Fresno San Private Leased Wires MUNICIPAL AND CORPORATION BONDS Members: NewYork Stock Exchange, San Francisco Stock Exchange, Chicago Board Beverly Hills SalePar Stocks— Alaska-United Francisco Stock Exchange Gold Range Since Jan. 1. 1937 Last for of Prices Week Price Par Stocks— Week's Range Sale Anglo Cal Nat Bk of S F.20 Assoc Insur Fund Inc.__10 Diesel Eng Co_5 Bank of California N A. .80 Low 25% 4% 16% 211% 8% Atlas Imp 5 * Bishop OH Co Byron Jackson Co 225 268 13 25 100 7% Mar Jan 194% 6% 25 Feb Jan Jan 214 July 10 Feb 29% 232 25% June 34% Mar 27 27 27 June 32% 115 7 June 12% Mar % % 520 % Jan 1% Jan Mar 36% 34% 36% 470 33% July 46% 36% 36% 36% 575 35 July 48% Feb 53 52% 53 70 50 May 53 Aug 106 106 106 50 100% May 106% Apr 104 pref... 104 104 200 101% May 104% 10 372 43% 200 105 Inc..* com—5 Preferred * Eldorado Oil Works * 6% 21% Creameries of Amer Crown Zeller Corp 98% 24% 9% 43% 105 105 10 5% 6% 2,185 20% 22% 18,834 97% 99% 1,340 24% 24% 160 Jan 12% 39% June 101% May 106% Mar 6% May 10 5% June 16% 94 22 June July Jan 56 25 108% 27 Feb Mar Apr Apr Jan 20 19% 20 860 16% June 24% Mar 43% 42 43% 150 39 June 47% 1 Equip..5 Ewa Plantation Co 20 Fireman's Fund Insur..25 Food Mach Corp com...10 Foster & Kleiser com..2% Galland Merc Laundry..* General Motors com 10 General Paint Corp com..* Gladding, McBean & Co.* Golden State Co Ltd * Hawaiian Pineapple...__5 Home F & M ins Co 10 Honolulu Oil Corp Ltd...* Honolulu Plantation 20 15 15 15 170 15 May 19% 50% 96% 57% Jan 54% 54% 85 86 50 270 52% 4% 51% 52% 1,267 4% 4% 474 36 36 36% 58% 58% 58% 604 2,139 17% 15% 17% 20 20 20 7% 7% 100 254 1,005 20 Co A z Holly Development Honokaa Sugar Co Idaho-Maryland Min 1 20 1 International Cinema—1 39% 1,450 39% 39% 10 29% 29% 30 30 13% 13% 13% 210 12 July 36% 34 36% June 13% 14 1,710 1,075 30 13% 2% 18% 37 July 167 27% July 60 29% Jan 605 18% 23% 550 17 23% 25 817 22% June 10 9% 1,099 25% 81 81 13% 13% 13% 29 29 24 24% 10% 11 O'Connor Mof fatt & Co A A * 16 15% Paauhau 12 12 .__* Pacific Can Co 6% 1st pref 25 5%% pref 25 Pac Lighting Corp com..* 100 Feb 33 Mar 96 Mar 16% Mar 28% June 32 Jan 23 28 31 2.00 25c Aug 82c Feb 3,400 35c Aug 50c July .1.70 3,250 40c Jan 1.90 Mar 1.60 2,400 Jan 1.90 Mar 2% 2% 3% 724 2% June 100 70c 40c 47% Jan 3% Mar 14% June 17% Apr 50 16 5% Jan 400 2% 15% 41% May 48 5% 6 501 5 June 8% 90c 91c 349 60c May 1.00 24% 26% 850 21 June 27 41 41% 25 35 6 " 2~50 2.50 95c June 48% Mar Jan 7.00 Mar 1,600 80c Jan 1.60 Mar Mar 5% 1.00 1.05 11% 17% Apr 7% Jan 1.00 Aug 1.85 Mar 9% May 3,956 2,050 11% June 3.60 15% Feb 11 10 6% 20 1.05 63c 1,980 Jan 1.25 Mar 2,070 4.00 June 7% Mar Motor ..1 22c 17c 25c 6,310 10c June 72c Feb Aug 50c Mar 5% June 10% 10 12c 12c 6% 6% 100 39c 44c 12c 50 .5 51c 19,300 1 44c 65% ll%c 12 %C 11% U% 27% 27% 63c Feb 68% Mar 9%c June 735 65% Ward & Co.. Corp...5c 1 Aviation American Co 17%c Mar 17% Jan 34% Jan 9% May 30 24 50 May 34% June 44 37% 37% 135 _.l Olaa Sugar Co 20 Onomea Sugar Co 20 z Pacific Coast Aggreg__10 32c 41c 700 July 82c 8% 20 7% June 17% 135 41% May Co... Occidental Pete Pacific 44 44 1.30 Dist Pacific Ptld 8% 8% 2~80 2.70 1.20 2.15 1.00 420 July July 46 45 July 8% June 50 4.15 16 110 13% May 12% 400 12 Feb Jan 30 30 30% 1,760 12% 27% 27% 807 45 45 45 765 41 32% 29% 53% 60 106% 106% 6% 6% 21% 21% 140% 141 139 139 139 20 3 3 1,000 13 455 6% * 3 13 1078 11% 1,221 Mar Mar June 103% May 5 June 471 19% June 60 135% June 133 Apr 2% July 11 July 107 8% 24 4 June 37% 10 35 June 57% 11% 15 2,465 7% June 14% Aug 12% Jan 14% 20% 3.50 3.50 5 Jan 9.50 Mar Feb 21% 21% 38 38 America A Schumacher Wall Board— 11% 10% Radio Corp of Riverside Cement Preferred Shasta Water Co com 25 28% 3.25 25% 27% 193 Jan July 41% Jan 32 % Jan 29% Jan 26% June Schwabacher & Co. Members New 111 Jan York Slock Exchange Broadway, New York Jan Cortlandt 7-4150 Jan 152% Jan 150 Jan 5% Jan 18% Jan Private wire to own offices Santa Barbara — Del In San Francisco Monte — — Hollywood Mar 18 37 10 195 27% 27 Feb Aug 22% May 15 24% 25 Calif Edison 6% pref 50 8 Jan Jan Feb 150 400 37% Jan 27% 28% 25% Jan Feb 5% Penn RR 1 Park Utah Mines Jan 18% 10 Jan Mar 1.80 May 60 12% May 17% Apr 18 9% Jan Feb 9 8% 5% 37% Packard Motors So 1.30 32c 3,391 52 52 Cement pf 100 2.85 Jan Aug May 39c 51 50 20 e Apr Aug 2.15 12 12 July Mar 100 2.50 92c 92c City Oahu Sugar Jan Aug Mar 4,700 Mar June 8% June 38 Ry Equip & Realty com..* 10 895 12% May 1,250 141 Pacific Tel & Tel com__100 see uuge 330 June Jan 4.45 Feb Aug 21% for too mutt* Mar 9% Aug 28% June 106% Plg'n Whistle pref Jan 1,849 1,496 * 6% pref 28 Feb 31% Pac Pub Ser (non-v) com. * Preferred (non-vot)... * 6% pref 23% Feb 31% 10 25 Pacific G & E com 5 Jan 31% .15 Sugar 16% 45% 16% Jan 80 9% 25% 81 29 Mar 10 9% 25% 11 36% 32% 20 * 100 24% Mar Jan 100 * Jan 53% 44% North June 1.50 57c Motors Apr Feb 945 10 8% 38% 30% B Feb 44% 13% 20 27 Oliver United Filters A..* 31% Aug 20 30% North Amer Oil Cons...10 20 June 18% 26% June 9% July 23% Jan 20 pref..100 Occidental Ins Co 9% Jan 1% May 2% 19% Nat Automotive Fibres..* 5%% preferred Jan 18 % Jan 6% Apr 35% June 24 330 4.20 Montgomery 14% Jan 4.45 Preferred North Amer 9% 13% 1 1 Italo Petroleum... Mountain May 1.55 General Metals Mar Jan Mar 8% June 100 47% Hobbs Battery Co 40 Feb Jan Feb 18% 6 200 1,650 1.50 13 36c 26% 34% July 48% June 70% 11% 41c 2 Mar Mar June 6% June June 14% 1.70 1 Cypress Abbey Klelber 6 75 35c 16 7 Jan 7% 37% 2 Jan Feb 25c 1 Lights Kinner Airpl & 27% 1.50 3 Jan 47 % 4 1.50 Feb June 71c May 178 31 30% 1 Preferred Hawaiian Sugar z 9% 97c 19 225 7 8% 29c 1 Central Eureka McBryde Sugar Co M J & M & M Consol 30 1 No Amer Inv com June 29% Ltd 2% Magnin (I) & Co com * Marchant Cal Mach com.5 Natomas Co 80 39% Magna vox Co Market St Ry pr 49% June 38% Langendorf Utd Bak A..* LeTourneau (R G) Inc 1 Lockheed Aircraft 54% 86 7% 6% 15% 160 35c Mar Emsco Derrick & 285 30% 1 Cardinal Gold Curtiss-Wrigtat Corp Mar 4%% cum pref w 3,770 International Tel & Tel— Corp.* w__50 Emporium Capwell 76c 24% 8 7 15% Continental Oil.. z Jan 71c 7 Consolidated Oil z 186% 1.50 Claude Neon z Apr 215 9 Cities Service.. July 9% 43% Co 10 1st pf.100 5 -.3 Carson Hill Gold z Feb Aug 80c 15% Calwa Mar 7% 50c 85c 71c Sullivan. .10 Bunker Hill & z Jan July 80c 6% Bancamrica-Blair z 231 7% % Prods._* Claude Neon Elec 4% 16% 16% 211% 211% 8% 8% 6c 65c 23% Feb Feb 50 169% 171% 170% Arkansas Natl Gas A Aviation Corp 31% 7% com—* 1 Calif Cotton Mills com. 100 Calif Packing Corp com..* Preferred 50 Calif Water Serv pref.. 100 Cst Cos G & E 6 % High Jan Aug 29% Calif-Engels Mining Clorox Chemical Low 23% 4% 27 Calaveras Cement Caterpillar Tractor Shares 410 26 29% 20 Calamba Sugar com High 25% 4% 1.50 Jan 10c 100 —5 Argonaut Mining High Low 45c 100 1.50 . Tel..-.100 Toll Bridge 1 Atlas Corp com Week Shares 10c Anglo National Corp Sales Friday American Range Since Jan. 1, 1937 for 1.50 25 5 Anglo Amer Mining compiled from official sales lista of Prices High Low price American Tel & Aug. 7 to Aug. 13, both inclusive, official sales lists Sales Week's Range Last Honolulu Los Angeles Ppsadena Long Beach Exchange both inclusive, compiled from Friday Alaska-Treadwell San Francisco Curb Aug. 7 to Aug. 13, Los Angeles — Beverly Hills — 1078 Financial Last Week's Range for Sale Par of Prices Low High Week Price So Counties Gas 6% pref.. S P Gold Gt Ferr 6% P* 100 z 105 M 105 M 17 M 20 M 5 Low High 105 M Aug 10 June 107M 195 1.40 1.65 1,360 1.25 June 2.70 Mar 13 X 14 M 810 Aug 20 20 May 14 X 24 Jan 3.75 Feb 29M Aug Sunset McKee A 13 X 50 Aug 17 Jan 44 2.05 2.25 3,000 1.55 29M 29M 57 29X 1.85 1.90 400 1.25 Jan 2.90 Feb 3~00 U S Petroleum 1 Utah-Idaho Sugar Warner Brothers 2.90 3.00 1,320 2.90 Aug 3.00 Aug 5 West Coast Life Ins 11X May 15 Apr 18 Feb 21X Ja " 5 15M 14M 15M 16 16 230 1 30 ' Aug 1 "n * No par value, two-for-one basis a A. M. Castle A Co. split its common stock ona c Cash sale, on March 9, 1937. Par Stocks— 100% paid Sept. 1, 1938 In range 8c for year, x Ex-divldend. 6 8 267 5 July 12 Jan 8M 9 775 8 July ioM Apr Canada Malting Canada Vinegars 37 38 256 34 Jan Feb 17 May 38 M 21 * Canadian Marconi 17M 2.00 17X 180 2.25 3,500 23 24 2.25 * 6c ...1 Central Manitoba 37 17M ...1 — Wlrebound. Canadian Dalhousle Oil........ 3.00 June 10.00 lc lc 600 lc June 3Xc Jan 19M 8,140 15M June 19M May 92 92 89 95M Mar 1.00 32 M 35 28 14 M Argentine 4s 1972 Bank of Columbia Bank of Columbia 7% 1947 7% 1948 Barranquilla 8s'35-40-46-48 Bavaria 6 Ms to 1945 Bavarian Palatinate Cons Cities 7% to- 1945 Bogota (Colombia) 6 Ms '47 1945 (Republic) Bolivia 8s. 1947 7s 1958 7s 1969 6s 1940 Brandenburg Elec 6s. .1953 Brazil funding 5%.1931-51 Brazil funding scrip Bremen (Germany) 7s 1935 6s 1940 British /24 /25 94 M 26 95 23 /20 /20 /25 27 /25M 27 /19M /21 /18M /9M /9M /9M /II /24M 21M 23 Housing A Real Imp 7s '46 Hungarian Cent Mut 7s '37 Hungarian Ital Bk 7 Ms *32 Hungarian Discount A Ex¬ change Bank 7s * National Steel Car 82 M /95 /25 /23M 22 M 19M Nov 1932 to May 1935 Nov 1935 to Nov 1936 Koholyt 6 Ms 1943 14 Land M Bk Warsaw 8s '41 26M Leipzig O'land Pr 6 Ms '46 Leipzig Trade Fair 7s 1953 Luneberg Power Light A 83 M 98 27 25M JT23 Water 7% 1948 Mannheim A Palat 78.1941 Merldionale Elec 7s 1957 Munich 7s to —1 /15M 17 (A A B) /12M 14 (CAD) 1946 fl 5 /9M 16 11M /23 /17 19 Chilean Nitrate 5s 1968 19 f71 73 City Savings Bank Budapest 7s 1953 Colombia scrip Issue of *33 Issue of 1934 4%.-.1946 Cordoba 7s stamped. .1937 Costa Rica funding 5% '51 Costa Rica Pac Ry 7 Ms '49 5s 1949 , Cundinamarca 6 M8 1959 Dortmund Mun Util 6s '48 Duesseldorf 7s to 1945 Duisburg 7% to 1945 East Prussian Pow 6s. 1953 Electric Pr (Germ) 6 Ms '50 6 Ms 1953 Jan Feb 69C 32X 32 X 33 M 342 29 Apr 37 M Jan 50 25 40 Apr 67 M Jan 2Mc 47 X 2c July 6c Jan Feb 2,600 20c 22c 12,500 15o Apr 49c 2c 2Mc 6,000 lMc July 6c Jan 4.40 4.85 25,685 2 60 May 6.65 Feb 4c 3Xo 4c 13,000 3Mo Aug 11c Feb 4Mc 2Mc 4Mc 3,100 4o July I6c Feb 4c 32,400 28^c July 26 26M 27 M 27 M 1966 /35 /29 1967 /35 1967 /30 /24 Frankfurt 7a to 1945 French Nat Mail SS 6s '52 1937 6s 1940 German Atl Cable 7s.. 1945 German Building & Landbank German 6M% 1948 Conversion Funding 3s. Jan 1 '38 /35M /92 36 X 96 German defaulted coupons: July to Dec 1933 July to Dec 1934 Jan to June 1935.. ._ July to Dec 1935 Jan to June 1936 July to Dec 1936 Jan to June 1937 July to Aug 1937 German scrip German Dawes coupons: Dec 1934 stamped.." Apr 15 '35 to AprU5 '37. German Young coupons: Dec 1 *34 stamped June 1 '35 to June 1 '37Graz (Austria) 8s 1954 /12M /15 4s- Oct 1932 to April 1935 Oct 1935 to Oct1936-. /50 54 /24 27 98 see page Amer A Continental Corp. 11M 12 M 30.08 32.86 Amer Gen Equities Inc 25c Am Insurance Stock Corp * 1.09 1.21 Series B-3 20.42 22.40 5X 6 Series K-l. 24.19 26.42 Assoc Stand Oil Shares..2 7% 8M Series K-2. 20.79 22.76 sx 4M Series S-2__ 26.95 29.54 Series S-4 12.59 13.95 f88 f86 Basic Industry Shares.-10 Boston Fund Inc Bullock Fund Ltd /23 /98M 100 X 5.26 25.62 British Type Invest A...1 Broad St Invest Co Inc..5 J2Z 1 Canadian Inv Fund Ltd__l Central Nat Corp class A.* 27.40 51 .71 36.76 39.32 22 % 24 H Invest Co. of Amer 25 M com. 10 Major Shares Corp 44 46 * 10c 9.99 10.95 1 29.34 31.13 10 Maryland Fund Inc 3 M 16.89 18.46 4.58 4.68 Mass Investors Trust Mutual Invest Fund 4.65 5 05 * 40 M 6 42 M 8 Century Shares Trust...♦ 25.77 27.71 National Investors Corp.. New England Fund 1 1 5.51 5.90 N Y Bank Trust Shares.. 1 nx « - - - N Y Stocks Inc— Class B Commonwealth Invest Nation Wide Securities Voting trust certificates 20 . Bank stocks 2.16 2.32 7.76 19.55 7.94 21.02 ' 3M m 11.07 11.96 11.91 supplies 12.86 /25 /28 /22 /30 /22 /23M /24 /23 l 2.91 Electrical 1 2.91 Insurance stocks 10.65 11.51 Series A A mod Series ACC mod /22 Series AA_. Accumulative series 1 3.78 Machinery stocks Railroad equipments 14.11 15.23 14.22 15.34 Steel 16.31 17.59 Crum A Forster 1 3.78 10 27 100 com 8% preferred 117 29 Common B shares.... 10 26 25 26" 34 7% preferred 100 Cumulative Trust Shares. * Deposited Bank Shs ser A1 Deposited Insur Shs A 1 Deposited Insur Shs ser B1 112 37 ........ --«... 2.32 «... 3.49 3.26 84 3.50 12M C 1..3.50 5.15 1 7.65 ...» ..... 8.45 3.55 __ 3.35 73 Pacific Southern Inv pref. * Class A * 38 80 15X 16 M * 3 M Plymouth Fund Inc A. 10c .87 .98 Quarterly Inc Shares.. Representative Trust Shs. 18.51 20.28 14 14 14.65 4 2.14 38 M * 35 M 29 07 31.32 1.14 1.26 * 22.23 23.40 10c 3.41 3.71 Standard Am Trust Shares 4.10 4.30 4.04 Standard Utilities Republic Investors Fund.. Royalties Management- .1 Fund Ino Fiscal Fund Inc— Bank stock series Selected Amer Selected Shares.2 M Income Shares- Sovereign Invest Ino com Spencer Trask Fund 6.35 24.79 26.18 6.46 7.13 B 395 1 Securities... 100 37.15 5.00 /42 1 Series 1958 2 04 B---V .10 Foundation Trust Shs A.l Fundamental Investlnc .2 53 M Series 1956 Northern 64 3.61 34.57 Insurance stock serieslOo Fixed Trust Shares A... 10 52 M 2.81 __1 X 25c 27 M 27 /60 13.99 Equit Inv Corp (Mass)..5 Equity Corp conv pref 1 29 53X 59 Class B_ B Fidelity 13k" 25 .... Diversified Trustee Shares Dividend Shares stocks No Amer Bond Trust ctfs. Series 1955.. C 52 D 13 M 12.96 equipment No Amer Tr Shares 1953.* .... Crum A Forster Insurance 25 52 X 3.80 13.53 2 5.93 General Capital Corp.., General Investors Trust.* 44.25 1.55 M X 16.56 ■ 5 6) .... 47.58 * .91 .98 State Street Invest Corp.* 119M 122 M Super Corp of Am Tr Shs A .... 11.22 Inc 1.40 15.19 4.25 AA 2.81 B... 4.40 BB 2.81 C 8.09 D 8.09 27 t!2X 7% gold ruble 1943 Unterelbe Electric 6s. -1953 1947 1945 1.63 2.10 2.27 1.62 1.76 .98 1.07 1-59 1.73 Trusteed Amer Bank Shs B Merchandise 1.46 1.59 Trusteed Shares 1.58 1.73 1.84 1.99 U S El Lt & Pr Shares A.. 17M 17 X B 2.73 2.83 Voting trust ctfs 1.03 1.11 Petroleum 14.88 shares shares 1.56 1.69 Series C__ l 16.17 3.19 ._1 3.14 Trustee Stand Oil Shs A. 1 8.05 Series D Series B 1 Industry RR equipment shares 13X 186.54 91.14 725 /22M /25 1.50 Building shares 3 27 24 M 27 1.48 1.61 Steel 96 Union of Soviet Soc Repub Vesten Elec Ry 7s Trustee Stand Invest Shs. Mining shares. /49 1947 Supervised Shares 2.27 Food shares-.. /42 93 7.88 2.10 Group Securities— /60 /25 ill 7.24 Agricultural shares Automobile shares Investing shares /98 1946 Tollma 7s 2.24 2.42 Un N Y Bank Trust C-3-* 1.06 1.16 Un N Y Tr Shs ser F...i* M % shares ... Tobacco shares Guardian Inv Trust com.* $7 Preferred * Huron Holding Corp 1 24 26 Wellington Fund 1 .60 1.00 Bank Group shares 1.68 1.82 Insurance Group Shares. 1.58 1.71 Porneroy Inc com...10c Institutional Securities Ltd No par value. / Flat price. 7.80 .86 3X 1M 18.82 .95 4 1M 20.64 Investm't Banking Corps Bancamerlca-Blalr Corp. 1 First Boston Corp 10 Schoelkopf, Hutton & * I 2M Bankers Nat Invest Corp * 1946 4s 1955 1084. _ 2M 26 M /59 /61 Wurtemberg 7s to For footnotes Keystone Cust Fd Inc B-2. 26.01 26 55 Toho Electric 7s 1957 6% 17.09 53 13M 1953 6% 16.11 1956 Stlnnes 7s unstamped. 1936 Certificates 4s 1936 Hanover Harz Water Wks Haiti 1 56 Stettin Pub Util 7S...1946 111 1948 Ask Investors Fund G Coupons— 7s unstamped Certificates Bid 1.25 54 19X 110 1960-1990 Guatemala 8s Par Investors. _* 26M 1956 2d series 5s Great Britain & Ireland— Ask Chemical shares 1940 24 15M Bid 29 M 1.38 Jugoslavia 5s 108 Investing Companies Fundamental Tr Shares A. 7s Bk Feb 27M f25 Slem A Halske deb 6s .2 930 /345 State Mtge Jan 5 Amerex Holding Corp • Amer Business Shares.50c 28M 30 3M Aug 83 /27M /82 /SO /12M /23M /25M /25 /26 1956 Jan 1M 2 Incorporated Coupons— 10 125 Insuranshares Corp of Del 38" Nov 1932 to May 1935 Nov 1935 to Nov 1936 Jan 11.71 /37 /12 /62 /56 6Ms 1951 Saxon State Mtge 6s__ 1947 Serbian 5s 1956 Mar 20.75 1957 (Brazil) 6s..1943 68c 62 M 10 63 163 Scrip Jan Jan 19.50 /43 Sao Paulo Mar 9M 56 June 20c 46 245 Building 1948 Feb 34 ♦ /23 2d series 5s_. /9M /19 • July Jan IX 1957 /58 7M 2 3.06 Saxon Pub Works 7S..1945 /40 f38X /37M /35M /28 /22 2X 2 Apr Aug M Feb 8M Affiliated Fund Inc 1945 7% of dep /40 /41M Jan to June 1934 2M ♦ 117 9X 19X Santander (Colom) 7s .1948 Office 1946 Int ctfs of dep 2X Waterloo Mfg A Waterloo Mfg A 44c 104,400 48 Corporate Trust Shares. .1 8s ctfs of dep 1948 Santa Catharina (Brazil) 8% 1947 Santa Fe 7s stamped.1942 28 39c 46 M 25 M Jan 122 27M Salvador 8s 30 30 Consol Funds Corp cl A.l Continental Shares pf.100 Rom Cath Church 6 Ms '46 R C Church Welfare 7s '46 26 /27 4 5 50 Rhine Westph Elec 7% '36 6s 1941 Rio de J aneiro 6% 1933 7s ctfs /25 2,208 50 4s scrip /82 /67 /60 6s 25 5 42 c -.1 pref Apr 2M June <M 00 46 M Temlskamlng Mines 109 32 4M 32 26 Prov Bk Westphalia 6s '33 Prov Bk Westphalia 6s '36 5s .1941 32" 102 Gelsenklrchen Mln 6s. 1934 310 Mo Fund Saarbruecken M Bk 6s '47 32 28 M 20 7 /45 /45 /24 5% scrip Porto Alegre 7% Royal Dutch 4s 1966 .100 114 6M /24 30 26 114 1945 /28 /30M /34 /14 /24 /24 /24M /25M /25M mmmm 7 1952 1968 Protestant Church (Ger¬ many) 7s 1946 15 Paving rnmmm 12 Administered 28 82 27 100 28 /25 to 37 3Xc 1 Mc 27 Oberpfals Elec 7 % 1946 Oldenburg-Free State 7% m /25 4Mc ...1 30~" 56 Panama Jan •No par value. 54 Panama City 6Ms 33 M Aug 2 Mc —1 Fuel 47 10 27 1947 4s 64 vestment Income 1948-1949 Nat Central Savings Bk of Hungary 7 Ms 1962 National Hungarian A Ind Mtge 7% 1948 North German Lloyd 6s '47 91 7 Ms 7s 7s 1946-1947 /23 / 88 /63 European Mortgage & In¬ 7 Ms income 81 16"" /17 54 Apr 4Mc Robb Montbray United 55o 4.55 Par /25M /25 Nassau Landbank 6 Ms '38 Natl Bank Panama 6M% 1944 7s assented /60 /42 /25 /50 /27 /25 /24M 1945 . Call (Colombia) 7s--_1947 Magdeburg 6s 1934 Chile Govt 6s assented 53 X Jan Mar 108 65 4M 30 47 18 M May July 28 M Municipal Gas A Elec Corp Recklinghausen 7s. 1947 Callao (Peru) 7 Ms Cauca Valley 7 Ms Ceara (Brazil) 8s 1947 June 12 July * 68 Central German Power Jan 19c 415 22o * Munlc Bk Hessen 7s to '45 Burmeister A Wain 6s. 1940 fill Caldas (Colombia) 7 Ms '46 /15 90M 3,100 ...1 Preferred /24M /24 /26 /65 20 22c Coupons— 10M 9M 9M 15 Jan lMc Shawlnlgan WAP 52 X 53 Feb 5,000 * f27 32^ 4,000 Robt Simpson pref /23 Feb Aug 28 40 2c Rogers Majestic 1948 Jugoslavia 5s Funding 1956 Jugoslavia 2d ser 5s 1956 4)M 40c * Stand 1 75 June 34c f62 26"" June 99 M 20Mc Apr 50c 25M 1 Mc f 77 723 /23 /23 Jan 200 10.422 13 M 47 Porcupine Crown 1936 Ilseder Steel 6s Hungarian Bank 7 Ms 1962 Brown Coal Ind Corp— 6 Ms 1953 Buenos Aires scrip Hansa SS 6s stamped.1939 6s unstamped 1939 63 38 65c 20c Montreal L H A P 28 18M 90X 2c Ritchie Gold 1946 3.55 Jan 34c Pend Oreille 1946 Feb May Apr Apr 98 22c Nordon Corp—..... 8% Apr 450 Jan 90c 28M ...1 Pawnee-Kirkland Anhalt 7s to— May lOo 12M 80 65c .100 Night Hawk Antioqula Aug 29 2,300 16 80 Mandy Ask Feb 58 M 43 135 33X 100 Malrobic Bid Feb 22M 4,425 1.20 15 ...1 pref. 111 14c 15M * Lanfleys 3 60 Feb 43 * * Apr 55o 15 " 100 Preferred Jan Feb 47M Junt 50 ♦ Shoe... 5 560 55 13c Inter Metals A Ask 1.00 18 50 42 M * 20 16 13c * 980 48 X 42 M Kirkland Townslte Bid 6.00 85c 18 * Humberstone Foreign Unlisted Dollar Bonds Mar 31c 4.75 * Preferred Tel. HAnover 2-5422 Jan Jan June 17M * Hudson Bay M A S St., N. Y. 5c 9,700 Feb 3X 25 18 X * * Bridge Honey Dew 52 William June 22M June 5.50 * ... Foothills Oil. BRAUNL 1.60 220 6c 5Mc .1 — Hamilton Bridge WALTER E. Feb 7 9 Dom Found A Steel-. Inactive Exchanges High 21c ♦ East Crest Oil Foreign Stocks* Bonds and Coupons Low 8 Mo June 10,000 * Dominion Ex-rights, 9Mc * DeHavllland y or reorganisation. Range Since Jan. 1 1937 Shares Canada Bud Corrugated Box pref.. .100 tin default. t Company In bankruptcy, receivership Price Bruck Silk Coast Copper Cobalt Contact Included Week 8c Consolidated Paper— 2Listed, for of Prices Low High Brett Trethewey d Stock split up on a two-for-one basis. rCash sale—Not Week's Range Sale b Ex-stock dividend. 0 Stock dividend of Sales Last Feb "Wo 1 Exchange—Curb Section Friday Jan 29X Texas Consol Oil United Aircraft Toronto Stock Aug. 7 to Aug. 13, both inclusive, compiled from official sales lists 1.65 20 1.25 Studebaker z Range Since Jan, 1 1937 Shares 14 M Stearmann-Ham Aug. 14, 1937 Sales Friday Stocks (Concluded) Chronicle m 9M 26 X 27^ 3M 4X new york security dealers members Telephone UTILITY AND CANADIAN IN SPECIALIZING 145 ROYAL BANK BUILDING TORONTO 1079 Canadian Markets AND UNLISTED LISTED Sales Friday Provincial and Municipal Issues Province of Alberta— 6b Jan 1 1966 58% 5S... Oct 1 1942 110% 111% 6s Sept 15 1943 116% 117% May 118% 119% 4s June 1 1959 1 1962 Jan 15 1965 Quebec— 114% 116% Prov of British Columbia— 6e July 4%s Oct 12 1949 99 1 1953 100 95 4%s 1 1941 90 93 4%s Mar 2 1950 109% 110 87 90 4s Feb 1 1958 107 88 90 4%s May 1 1961 109% 110% Dec 4%s 4%s 106% 108 6s June 5%s 4%s Nov 80% 82 15 1946 1 1951 105% Provlnoe of Nova Scotia— 4%s Sept 15 1952 Mar 1 1960 85 78 155 30 June 40 131 10 June 16% 160 23 Apr 31 Apr Jan 18 Mar 24 16% 14 17% * 13 11% 13 7% JaD 15% Feb 13% 15% 12 13% 5,860 4,240 4,240 Charles 460 Jan 18% 18% Mar 16% 11% 12% June 15 80 80 80 6 63% Jan 90 11% 11% 11% 540 10% May 16 16 16 Gypsum Lime & Alabas..* Hamilton Bridge * Preferred 100 Bollinger Gold Mines 6 100 30% * 100 "2l" Preferred 14% "36% Industrial Acceptance * 66 % 35}* 35 International Power * Preferred Co. v/v/«j Inc. 100 ~is~h "16" 4s perpetual debentures. 6s 4%b Dec 5s 4%s July 1 Sept Dec 1 1954 4%s 103% 1 1960 July Canadian Northern 113% 114 1 1951 Sept 4Mi a 0%s 116% 114% 112% 113% 4%s 4%s. 4Ma a ...June 15 1955 1 1956 114 July 1 58 ...July 1 1946 July 124% 125% 1957 1 1969 Feb 5a 116% 116% Oct 5s 1 1969 1 3s 1962 I 1962 Jan 107 95% 1970 Montreal Stock 96 1081. official sales lists Sales Last Week's Sale of Prices Low High Range 11% * Agnew-Suroass Shoe 100 Preferred Alberta Pacific Grain A..* Range Since Jan. 1 1937 Week Low Shares Electric Corp Associated — - -. Bell * Telephone 22 A.* 100 Brazilian Tr Lt & Power. * . 27% 36 British Col Power Corp A. * * B Bruck 811k Mills Building Products A Jan 16 20 15 July 5 5 5 Jan 12 2,515 17 Apr 504 157 May 18% Jan 319 34% 7% July 166 8 850 17% 20 4,055 5 Apr July Jan 56% 14% June Cau North Power Corp..* 21% Canada Steamship (new).* 3 100 13 Canad Wire & Cablecl A.* 351 104 Jan 140 16 95 20 4% 995 2 Apr May July 13 14% 1,775 9% 69% 17% 69% 59 60 94 25 107% 109 17% 16% 21 3 22 ( 42% 7 Mar 16 Mar 23% 170 Canadian Cottons 10 71 July 78 June 10 1,175 Feb 8% 8% 29 Apr 80 May 41% 41% 985 41 10 48 50 825 45 55 67 69 3,921 238 32 17 135 86% 10 Apr 16% Mar 15 Mar Jan 36% Feb 100 Apr 37% 42% Feb Feb Mar 43% 39% Apr 57% Jan 40 Apr 54 Feb 54% June 83 Feb 300 Mar 39 235 Apr 15 Jan Jan 18% July 87% 99 Jan 103 May 103 May 23 24 50 20 Jan 23 June 15 58 May 10 127 Feb 1,013 18 June 62% 125 125 62% 125 24 23% 24% 75 72% 75 420 20 20 64% Apr 63% Apr Jan 130 Feb 33% Mar 79 20 225 17 June 10 10 10 535 19 Jan 25% 23% 27% 26% 28 180 25 Jan 16 104 Jan 33 June Apr Jan 106% Mar 103 10 103% Apr 8,990 99% 8% Jan 14 Jan 15 35 33% 35 2,715 25 Jan 39% 24 25 75 22 Mar 25 June 100 135 135 4 140 Mar 140 Mar Feb 98 Aug Apr 104% 105 103 A 50 preferred Apr Apr 98 93 98 2,894 68 28% 28% 29% 1,508 25% Sherwln Williams of Can.* 24 24 24% 135 100 120 120 120 20 14 14 14 325 12 July 18% Feb 87 84 87 1,324 77 May 96% Mar 88% Mar Shawlnigan W & Pow * 25 Preferred '"9% United Steel Corp 4% Apr 130 72% May 20 155% Jan 2,980 6% Junt 5 48 30 Jan Feb 159 Mar Jan 50 11% 60 Mar 35 June 10 21 May 4% 300 3 June 10% Jan 4% 4% 1,103 3% June 10 Jan 25 ..100 "65 25 59 24 Aug 43 Jan 65 100 Preferred 1,021 Feb 30 Mar f28% 33% June 23 4% • Woods Mfg pref 9% 30 * B 82 157 8% 48 100 pref 80 157 81% pref. .100 65 326 65 Aug 82% Jan 60 88 Banks— -50 Canada 59% 59 38 150 185 30 182% 43 Jan Royal- 100 199 199 199% Jan 60 161% June Aug July 211 219 Jan 241 Feb 6 314 Jan 340 M ar 125 198 July 226 Feb 335 73 Jan 161% 185 185 335 _ 57 161 100 224% 224% Jan Mar 22 % 111 20% Jan Apr Feb Jan 29% Jan July 6% 18% Jan 69% Aug Feb 31 HANSON BROS Canadian Government Apr Aug Municipal INCORPORATED Apr 26% 550 * 25% 26 720 90 90 49 75 Feb 93 105 Apr 106 Mar 475 23 "Apr 33 1,175 71 Apr 2,133 5 Apr Public Utility and established 1883 Aug 2 100 90 6% 108% 108% 26 26% 91% 6% 94 6% 14% 14 14% 88 25 85 88 20 22% Dominion Bridge 49 50 * 50 * 21 .25 100 100 Dominion Steel <fc Coal B 26 East Kootenay Power Jan 72 335 25% 25% 22% Paper Mar 15 224% 26% 20 Preferred Mar June 100 2,152 Distill Corp Seagrams 5%% new pref Dominion Textile 43% 8 Nova Scotia 16% * Dora Tar & Chemical 9% 15% 15 Montreal Mar 31 92% Preferred 148 60 Jan 30% 39% 11% 11% 50 Canadian Indust AlchoL. * Dominion Coal prer Dominion Glass. 20 100 100 15% Can Hydro-Fleet pref. -100 Crown Cork & Seal Co 22 190 18% 8% 12% Commerce. 31 26% new 156 Jan 29 150 18% Jan 14 Canadienne 46% Canadian Cottons pref-100 Cndn Foreign Invest * Cockshutt Plow Apt 28 48 100 Preferred Apr 16% * * Canadian Celanese June 28 30 pref___10Q Quebec Power * Regent Knitting pref 25 Holland Paper vt Feb 50 _ Preferred May Jan 25 Class B Canadian Bronze Canadian Car & Foundry.* Dryden Jan 7,393 8 15% 17 109 11 14% 22 21% 169% 169% 27% 28% 36% 35% 61% * Con Mln & Smelt Jan 7 7% * Preferred 110 July 61% * Can Forgings class A Jan June 3% 5% 60% 100 Preferred 12 3 108 38 103 Wabasso Cotton High Jan 105% 3 7% * Canada Cement 15 8% 240 108 14% * Breweries Bathurst Pow & Paper 335 5 - w*-mmm, m Alberta Pac Grain A pf 100 Amal 12 Jan Mar 939 * Vlau Biscuit 16 — * 11% 98 34% 103 Winnipeg Electric A Price Par Stocks— 86% June 17 100 Corp of Canada... • Tuckett Tobacco for Jan 12% 4% June 50 Steel Co of Canada......* page Exchange Friday 6% Jan Mar Southern Canada Power.. * see Aug. 7 to Aug. 13, both inclusive, compiled from 33% 100 Preferred « 2,212 86% St Lawrence Paper pref 100 tables Apr 7,728 35% 100 Preferred Canadian Mar 54 Mar 20 --- 118% 118% 118% 118% miscellaneous For 1 Jan Apr 38% 73% 39% 238 Saguenay Power pref St Lawrence Corp Grand Trunk Pacific Ry— 4s Apr Mar St Lawrence Flour Mills..* 116 Feb Ry— Jan 33% 20 2,894 "67% Price Bros & Co Ask Bid Ask Bid Canadian National Ry— 7% 7 90 100 Ottawa Traction Power Feb 200 41 Penmans pref Bonds 24% 15% 12% * Penmans Government Guaranteed Dominion Jan 33% * Preferred 114% 115% 1944 Apr June 13% 88 "50 * Ogllvte Flour Mills July 99% 20% 3,600 45 Ottawa L H & Power 1 1946 6s 95% 15 1942 /1H% 112% 101% 102% 15 1944 Sept Ry— 106 85 3,421 11% 41% * Ontario Steel Prods Ask Canadian Pacific Apr 32% 25 ... Noranda Mines Ltd Ask Bid 34% 12 Niagara Wire new Railway Bonds Jan 90 100 National Steel Car Corp..* Ry— Jan 18% 33 Mtl L H & P Consol Preferred 14 40 72 * National Breweries Jan Jan 37 8% * 100 McColl-Frontenac Oil Private wires to Toronto and Montreal Apr 14 150 28% 100 Montreal Tramways Apr 15% 89 6% Lang & Sons (John A)...* & New York Jan 37 * Lindsay (CW) Lindsay (C W) pref Massey-Harrls 8% 89 Power pf.100 . 659 36% 65 * Jamaica Public Service 14 Wall St. Pacific 36% Internet- Pet Co Ltd Lake of the Woods Canadian 7 Intl Nickel of Canada Gundy 5 30% 29% 103% 103% 21 20% 14% 14% 7 £1 International Jan July 39 39% 14% 24% Imperial Tobacco of Can.6 Bonds 24 • Preferred Wood, July 39 Imperial Oil Ltd Canadian 1,460 17 17% Foundation Co of Can...* Howard Smith Paper 115% 117 High Low Shares 19 14% Holt Renfrew 108% 109 6s Oct 82% 76 15 1943 104 15 1960 15 1961 Apr —Apr Week 18 % ..1 * English Electric A English Electric B Gurd. 108 Prov of Saskatchewan— Prov of New Brunswick Electrolux Corp for of Prices Low High Price Par General Steel Wares 2 1959 June 6s of Province 15 1964 Aug 68 4% s 96% Province of Manitoba— 108 107 Stocks (Concluded) Week's"flange Sale Ask Bid Ontario— 57 /57 /55% Range Since Jan. 1 1937 Last 5s 1 1948 Oct Province of Ask Bid 4%s BONDS CONNECT OFFICES WIRES PRIVATE AND INDUSTRIAL STOCKS YORK NEW MONTREAL Volume Cable Address Hartwal WILLIAM STREET BUILDING ALDRED association Bell System Teletype ny 1-395 2-0980 HAnover * 145 24% 81 * 22% 20 130 1,130 61% Apr 32 Feb 23 July 31 18% 13% 72 both inclusive, compiled from official Mar Friday Mar Last Sale 18 Jan 22 Jan 20% Apr 29 Mar 58% 23% Mar Abttibi Pow & Paper Co..* Mar 6% cum pref 100 Certificates of dep—100 sales lists Sales Week's Range of Prices High Range Since Jan. 1 1937 for Week Mar 47 May 19 June Jan 145 17 140 Mar 25 18,538 13 Jan June 14 2,050 88 90 86 July 83 145 73 Jan 25 Aug. 7 to Aug. 13, 8% 110 2 July 22% 12% 2 Montreal Curb Market Feb 91% 330 Bay St., Toronto Ottawa 100% 25 10 , Apr 470 2,261 Sparks St July 21 18% 56 Jan 115 140 Industrial Bonds Mar 81 17% St., Montreal Feb 23 255 St. James Jan 21% 12 140 100 * 145 775 4,778 46% Aug 13% May 88 13% 100 » 20% 112 . 475 140 13% 2 118 140 Mar Mar Apr 7% cum pref Aluminium Ltd 88 Aug Asbestos Corp Ltd 85% July Bat hurst Pr A Pap 28% 18% July 145 Feb Jan 20 Apr Jan Stocks- 6% Jan Far No par value. 62% Low 5% 61% 60 7 63% 61% 18,021 3,144 236 High Low Shares 5 July 15% Apr Apr 41% Jan 80 41 Jan 79% Apr 100 77 77 15 60 Mar 97 Apr * 118 118 50 114 May 135 Mar 88 832 84 July 92 July 10 484 7 Feb 12 % Apr 465 6 June 9% Jan * class B * Beauharnnls Power Corp * • Price 88 10 8% 865 95 7% 8% Financial 1080 Aug. 14, 1937 Chronicle Canadian Markets—Listed and Unlisted Montreal Curb Market Last Par Week's Range for Sale Stocks (Concluded) Duncanson, White & Co. Sales Friday of Prices Low High Week Price Range Since Jan. 1 1937 Shares Low STOCK BROKERS High Members Toronto Stock Exchange Brit Amer Oil Co Ltd * * 17^ Canada Bud Breweries 23% 16% 23^ B C Packers Ltd * Can & Dom Sugar Co 82% 37% Can Nor P 7% cum pref100 37M * 17% * 3% 22% * Preferred * 240 Cndn Light & Power ColOO 16 Cndn Industries B Cndn Marconi Co 1 Canadian Pow & Pap Inc.* Cndn P & P Inv 5% cm pf * Can Vlckers Ltd Feb Mar 9 40 Apr 10 Jan 82% 125 60 Apr 80 140 34 Jan 39 109 Jan 112 Feb 15 18 June 20 June Jan 4 17% 3% 255 23% 280 20 16 2% 14% 235 30 Jan May 16 Aug 2% 335 1.50 July 3% 3 731 2% Aug 7% 18% 19 16 18 May 27% 7 June 16 m 8% July 65 67 2% 110 July 2% 6 1.25 30 2 2M m 18% m 17 50c 6 1.25 200 5 980 3% 10% Jan 25 100 15% 17 16 Ford M otor Co of Can A.. * 25 25 16% 10% 10% 25% Fraser Cos Ltd 45^ 45 46 * Voting trust otfs * "io% 10% 43% 13% 74% 46 46 50c 59 2,930 3,094 Apr 13% 960 Apr 19% 19 8 June 21% 377 30 4,030 13 29% Feb 50 Apr Feb 29% Feb 595 11% 74% July Aug GenSteelWares7%cm of 100 92% 106% 1,428 76 Goodyear T & Rub of Can * 92% 92% 20 92 Intl Utilities 18 18 10 15% June 1.90 1.90 100 1 25 Jfune Corp A * Corp B. 1 72% c 85c 1.50 Mackenzie Air Service MacLaren Pow & Paper..* Massey-Harr 6% cu pf 100 McColl-F Oil 0% cm pf 100 Melchers Distilleries * Melchers Distilleries pref.* Mitchell (Robt) Co Ltd..* _33% 66% 812 27 Apr 51 53 239 51 Aug 95% 2% 6% 6% 22 % 22% 2 105 25 2% 40 6 5 107 1,215 72 235 100 99% 99% 17 110 Jan Apr 48% Apr 79 4% 4% 60 Royallte Oh Co Ltd Sarnia Bridge Ltd A * 435 107 5 United Distil of Can Ltd. * United Securities Ltd..100 1.10 Waikervllle Brewery Ltd.* "~2% Mav 17 59% 10 13 May 22 106 42 105 Jar 108 1.10 1.10 2 2% 65c Apr 15% June 1.75 June 3% 51% 19% 100 18% June 1.20 1.39 42,700 75c Apr 12c 12c 100 12c "2Y'c 2%c 3%c 3,300 2%C 20c 20c 300 29c Jan 65c 27c 27c 27c 800 20C Junp 650 _* 60c 48c 68c 68c Arno Mines Base Metals Mining Beaufort Gold * Bidgood-Kirkland Aug Aug 9c Aug 51c 5,500 4,000 45 %C 54c 41c May 72c 18,000 19c July 1.15 4c 4c 800 Bulolo Gold Dredging Ltd 6 Calgary & Edmonton 24%c 23%c 25c 1,090 23% June 30 2.60 700 2 10 May 0 40 Feb 73c Aug 1.70 Mar 90o June 2.28 Feb Cartler-Malartlc G M Ltd 1 Central Cad.... Central Patricia Gold 14% C 18c 3c June 200 18c 2,150 13,408 14c Aug 34%c 1 Consol Chlbougamau.. 28c 35c 9,200 25o June 2.85 2.65 2.85 300 2.20 June Dalhousle Oil Co Dome Mines Ltd * 1.04 1.04 685 78o 92c 600 65c 42 Duparquet Mining Co ♦ 42% 8%c 7c 42% 8%c 1 1.20 1.25 1.20 8,500 2,200 5%o East Malar tic Eldorado Gold M Ltd * 2.95 2.83 2.95 3,500 8.25 8.25 8.35 395 Francoeur Gold M Ltd... 1 Goldale Mines.. Home Oil 20 70c 89c 25c 500 1.95 1.85 2.10 1 Hudson Bay Mln & Smelt * 40c 1,000 34c 34%c J-M Consolidated Gold Kirk-Rand Gold 725 Kirkland Lake Gold 23c 20c 24c 27c 27c Apr 3.60 ) 50% Jan Jan 15c Mar 2.03 58 Feb 46 %C 4.10 Jan 1 62c 20c June 57c 1.39 1.42 51% 64 5c 8,100 24c 2,800 12c June 30c 6.00 750 4.25 June 8.50 Jan 1 23c Macassa Mines i 6.00 6.00 McWatters Gold 47 Mar June 4c May 1.64 59 27 %C Jan Jan * 42c 42c 500 42c June 1.19 3.60 300 2.90 June 4.80 Feb Newbec Mines Ltd 3c 2.05 O'Brien Gold Mines Ltd.. l 3c 5,000 2%c Aug 10c 7c 4,500 3%c Aug 11c Feb 1.95 2.06 1.43 May 2.15 July 6.35 5.75 6.35 Pandora Cad 60c 53c 60c Pamour Porcupine M__._* Parkhlll Gd M Ltd new..l 2.70 18c 17c Pato Gold June 13% 40c June 1.10 Mar 2.75 2.15 June 4.05 3,266 15c June 42o Perron Gold Mines Ltd... 1 Placer Development Powell-Rouyn Gold 2,225 1.90 June 3.80 9,950 6.50 95% c 16% 16% 30 15 June 17 May 1.70 1.72 2,000 1.43 July 2.01 1 Red Crest 4.00 2,000 1.15 Aug 1.27 Aug 800 38c Aug 85c Feb i 900 50c June 2.00 Feb 1 2.80 June 6.85 Feb 7%o June 22o Feb 3.75 4.00 8%c 59c 56c 59c 1 3.10 3.00 3.25 1,450 3,950 1 4.00 3.70 Bladen Mai 1 1.10 94% c 1.13 Btadacona-Rouyn Sudbury Basin Mines * 1.34 1.11 1.34 64,000 Blsooe Gold Mines Ltd * Sullivan Cons Mines Ltd. 1 Teck-Hughes Gold 1 Thompson Cad_. 1 Towagmac Exploration __1 Ventures Ltd (new) Wood Cad ♦ Apr 1.13 6.65 2.50 1.24 5.00 100 Apr 6.50 Mar 1.35 5,650 1.00 June 2.25 Jan 100 4.60 June 6.10 59c 32,440 470 June 2.15 Jan 1.32 200 1.00 May 7.00 July 1.95 Feb 8.40 Aug | 30c June 73 %c Apr 8.10 Jan 8.40 100 38%c| 24,900 6.59' 250 63c 1 53c 11,535 1 00 Apr 1.10 1.24 15 8% 168% 170 42c 16c • 7.40 154 63c 155,918 Apr 380 June 38o 1.75 112 1.70 July 72o 10 July 16% 30 34 July 40 15c 16 %c 20,500 1,640 7.40 7.40 May 9.00 Feb 26% Mar 10 45 7 2,633 1,000 * 23% 23% 1 27c 27c 27c » i * 43 43 47 10.00 9.50 * "62"" * 16c 60% 15%c "41% 6,200 10.00 960 3c 70 62 18c 21,600 5c 41% 17 18 2.55 * 2.40 2.70 16,525 60c 5,950 57c 1 30% Mar Apr 9% Mar Apr 20c June 26% Jai 21% 43 Aug 8.25 213 1,040 Apr 2c June 1.10 65 M ar Feb June 12 50 6%C Feb Jan Jan 74% Mar 11c June 23c Feb 5c Aug 8c 39% May 14% June 44% 51 100 5c 41% 18 50c ..» 24% May 1,000 3c Jan 6.40 10,471 7% 23% 7 Feb 29 e 28% 7% Feb Mar June 27% "27% * Jan Jan 12c 25 10 Feb Feb 176 40 4,050 Apr Apr 9% 13 53c Feb AUg 38% 50c » 2 00 40c Apr Apr 18 Jan Jan Mar 6 55 Feb 1 75 Mar * 6 6 300 Aug 10% Jan 100 102 102 10 99% May 103% Mar 480 14% June 23 Apr 16% ..._• 100 "§5~" * 15% 17% 109% 109% 85 88 6 8 101 May 110 Mar 120 82 June 98 Feb 160 July * July 7 9 July 18 Apr 189 50 July 75 Mar Apr 50 10 50 Aug 23 Jan 29 34 745 19 June 34 Aug 185 5 180 Aug 210 50 "3% 3 3% 23% 8% 22 22 8% "n% 1,766 661 154 520 11% 12 19 415 26% 16% 25% 19% 16% 27 310 43 41 43 16% 6% 6% 6% 5 * ... 2 185 "34" * ■ Jan 587 555 79 * • 146 4% 14% 79 .* banners 28 3 13 154% 155 100 _. • Canadian Jan 25 pref....25 2b Aug 6 10 13 1 (FN) 99 798 446 110 7% 17 37% * 1.30 * 5 1.15 1.30 116 100 26 "l2"" l 1.54 116 30 125 2,156 10 22,500 95 3% Jan Jan 23% Aug 7% Apr 12% 20% Jan 21% Feb 10 4% June 850 115 Judc 1.230 11% 1.55 1.50 9% May Mar 18% May 14 Apr Apr 23% 38 May 4% Apr 12% 12 Jan 2% June 14% 1,100 1.41 Apr July July 2,100 910 Jan 32 Jan 47 May 8% 7% Jan 2.30 Feb 135 Jan Jan 17% Mar 1.75 Jan i 1.00 1.00 1.00 June 1.86 Jan 2.85 2.60 2.95 1,555 2.10 June 6 26 Feb 13c ll%c 15c 7,200 9o Junr 430 Jan » • 1~45 • 20% 1 1.10 ....... 5 100 2,500 75c Apr 1.44 Jan 13,360 60c Api 1.47 Jan 35c " Conlaurum Mines Cons Bakeries Chlbougamau.... 80c. 85c 35c 1,050 24o Jan 95o Feb 13% 14% 657 13% Aug 22% Mar 2.35 14% * 5 79c 78c 80c » 2.35 100 2.10 June 3.50 3,850 145 1.10 11,490 85 88% 2,403 200 88% 200 1.45 20% 200% 115 1.30 20 93c 1.00 20 ! May Apr 76c 72 July Apr 199% July • Crow's Nest... Dark water Mines 26 26 32 22 May 100 45 45 50 41 Apr i 55c Dominion Tar & Chem Co. 13% 61c 48c 24.6C0 347 14 55 88 997 20 Aug Apr 90% Aug 38% May July May » 23% 22 88% 23% 90% 42% 90% 90% 20 42% 4,735 Explorers Dom Steel Coal B • 40% 219 21 222 30 214 21 100 ..26 11% June 12 100 Dome Mines.... Dominion Bank Dominion Coal pref 310 June 88 * 21 10 19 5c I 5c 1 25 25 1,000 4c 14,342 9 9% 100 12% 8% 44c 38c 47c 36,200 38c _* 19% 19% 1 1.17 1.04 * 6% 1 2.95 .* 38% 25 26 » Dorval Slscoe 22% 5 %C ..l Dom Stores 20 4% 2.75 2.95 8,675 2.10 38 39% 105 30 Apr 14% 5% 5 10 June 5% 6,473 5.231 48,310 2,328 25% 24% 25% 25% 25 25% 18 18 21 Firestone Petroleum Foundation •No par Pete value. 25c • 11c 29c 8%c 28c. 11c 31c 700 17,500 Jan 18 Apr 116 Jan 28% Mar 90% Aug 61 Jau 250 Jan 24 Mar 24 Mar Jan 2.05 Jan Jan 9H Jan Apr 3 65 Apr July 7.06 June 19 Jan Jan 2.95 Feb 525 8.90 Mar 50 Mar 6% 8.25 Mar 27% 1 22 June 8.25 100% 211 28% 12% 18% June 5% Feb Jan July Aug 65o 5 Jan 2.68 Jan 19,380 6 Jan Feb 15c 14 * • 100 2 14 23 July 1.18 * j 5.95 June 32c 6.40 Mar Fanny Farmer..........* Federal Kirkland 1 5.05 52c 1.25 8.40 7% Ford A Feb 5.05 1.32 6.50 169% 50 Falconbrldge "58c "38c 30 Equitable Life Mar 1.25 "~8% 1 ... 65c 24% 565 10 107 .100 * Jan Apr 25c 22 9 English Electric AEnglish Electric B Jan 2.90 4.05 28,500 30c 21 Eldorado Mines Jan 3.20 June 90c June 36c 30c 22 • * Easy Washing Feb 76 4c June ^ Mar Eastern Steel Prod East Malartic Feb 4.00 5.00 1~35 * Wrlght-Harg reaves 4.00 38o June 1.80 Mar 273 Dominion 38c __1 _ ! 1.27 3,400 19,635 2,990 13,600 .... Sherritt-Gordon Jan 62%c 62% c 8c 1 2.51 38c Reward 340 June Preferred 1.15 62%c Read-Authler Mine 3,600 Jan May 250 Dlst Seagrams Mar 1.18 1.85 305 18 Preferred- Feb 1.15 2.55 May 70c June ' Feb 4.85 1 Quebec Gold 2.25 4.35 * Preston-East Dome M ! Feb 2.05 June 44 Cosmos Jan 18c 6.50 64c Apr Feb 337 Consumers Gas Jan 25,900 1,100 4.60 Pend-Orellle Shawkey 6,400 19,920 75,222 .tan 245 250% Cons Smelters Feb 6%c * Normetals 91c Jan 490 335 Cons ! Jan 3.60 74c 221 80 250 Commonwealth Pete Cockshutt Plow.. Coniagas Mines Apr Mining Corp of Canada. .* Murphy 44 223 57 16%c Jum 100 Chromium Mining Jan Lebel Oro Mines 97 %c "85c 1 40,675 Central Patricia l Central Porcupine ......I Chemical Research * Apr 1.30 38c 7c May June 7,400 43 60 33c 223 100 Cariboo Gold Castle Trethewey Feb 45c 58% Jan 100 U P R Feb 27c 37c 1 Canadian Maiartle Jan 41% "59 50 Canadian Oil pref Feb Apr Aug "5c 200 Feb 11 %c 12 %c 50c Canada... B Apr 1 50% 4%c 20% c 16c oi Canadian Ind Alcohol A.. • Feb Laraaque Contact G M__* Lake Shore Mines Feb Canad Car <fc Foundry -* Preferred 25 Canadian Dredge * Jan 3.60 12% 40c Aug 25c 2nd preferred New Feb 1.35 876 Feb July Preferred Feb Aug Feb 15c 6c Can Bank of Commerce 10C Canadian Breweries .* Jan 25% June 12,500 27c 1 25c 1 16 July 32,600 Cndn Bakeries pref 100 Canada Wire & Cable B * Mar 65 2.70 60c June 5,320 40c "34c Howey Gold Mines 47 %o July 710 June Junp 7%c 8c Can Wire & Cable A Feb Apr 7.00 June 32,000 25c 89c 1 39 35c 8c 7c Can Steamship (new) Preferred new Jan 5.15 2.10 Falconbrldge Nickel M__* • 13c June 92c 86c 1 40c 7%c Canada Permanent Feb 2.45 50c 38c 8c 8c Canada Cement pref Feb 1.28 38c Canada Packers Feb 22c 50c 1 Canada Cement Tan 20c 1.15 Feb A preferred 25c June 53c 1.28 1.42 Canada Bread 20c 1 350 June 1 1 10,395 4,700 7,000 Calmont Oils... Feb Bouscadlllac Gold Mines. 1 Brownlee Mines (1936)...1 Can Malar tic Gd M Ltd.* 50c Calgary & Edm Feb QO 1 Big Missouri Mines Corp.l Calmont Oil Ltd 40c Burt Aug 20 48c B urllngton Steel... Feb 1.22 1 Burry Biscuit Feb ] ♦ _ Feb Bunker Hill Mines— Aldermac Copper Cor p. Anaconda 'Oil Jan 8 76 Building Prod Jan 19% 42 35% Buffalo-Canadian July 155 Jan 4 %e Buffalo-Ankerite Jan 49 Walker-Good & Worts (H)* Walker-G & W $1 cum pf_* 9,500 Brown Oil Corp..... .Tan Apr 1.15 25 2%C British Dominion Oil Feb 25 2c 2c B A Oil Jan 785 Feb Brew A Distillers Mar 10 20 20 1.89 1.37 Brazilian July 17 106 June 1.21 May Brantford Cord Feb Jan 73c 1.24 June Bralorne Mines Apr July 4% 34% Feb 2c May Bobjo Mines Mar 105 * pref-.100 47 45 99 95c 6 00 Big Missouri Mar 99 Apr 29% Biltmore Hats May May 35 29c 3 10 Blue Ribbon pref Jan 64% 7 * P 2 Aug 6% 43% Jan 15% 2,760 37,997 Bel Tel Co of Canada Canada— 6% cum 1st pref Quebec Tel & Pow A Can 30 Aug 10 1,258 Bidgood K'rkland... Feb Jan 90 5.75 Beauharnols Feb Jan 13 31 42 71 Mar Apr 1.40 Jan 4% 15% 35 Beatty Bros pref Jan 9% 10%c 35c Beartle Gold..... Mar 9 July 5.60 B Apr 100% 3o 35 Bathurst Power A Aug July 19 5 16% June 4,500 34c Base Metals Min Feb 37% 73% Jan 4c Bank of Toronto Feb 1.80 20c 5J35 Bankfleid Cons. July 85 May Bank of Nova Scotia Mar 92 Mar 11c 3 1 Bank of Montreal Aug 21% 3% Apr 41% 5,700 • Bagamac Mines Aug 110 Apr 783 14c B__10 Bank Apr 14 1.50 June 210 41% * 100 89% 8 6% 22% 2 16% Price Bros.A Co Ltd.__100 Southern July 1.25 May 34 94% * Page-Hersey Tubes 931 1,025 July 32% 53 Refrig & Stor vot tr..* pref 85c 1.55 Jan 60 75% 80 63% 14c .* Aztec Mining Jan June 15% Ashley Gold Astorla-Rouyn Jan 848 July Argosy Gold Mines Arntfle'd Gold Apr 30 High Low 6 Anglo-Huroulan Ltd Apr Apr 2,323 34c Alexandria Gold... Apr June 7% American Cyanamld Aug 8% 385 Internatl Utilities 50c 5% Week Shares 1 Aidermac Copper Apr 73 of Prices High Low 15% * 100 A P Consol Oils Aug 13% 25 14 Preferred Lake St John P & P Range Since Jan. 1 1937 for 3%c 14c 1 Preferred Jan 24% Aug 75% 13% Power Week's Range 60 63 * Alberta Pacific Grain Jan 5 Apr 35,660 16% im 6 80c 4 . Apr 50c Donnacona Paper A Fairchlld Aircraft Ltd 30c June 175 19% 62% 10 Apr Aug 6% 100 Afton Mines Ltd Feb 3.00 6% preferred Acme Gas & Oil Jan 11% 3,070 62 * 3% Jan 3 62 % Paper B Dairies7%cmpfl00 July 6% 1.25 35 * Eastern 1.70 10 110 Price —* Abitlbi Jan Aug * of Sale Par Stocks- Jan 35 62 Dominion Eng Works Ltd* Corp Jan Jan 80 60c Power 21 40 2M cum pref Last Jan 15 Sales Friday Jan 19 official sales lists Aug. 7 to Aug. 13, both inclusive, compiled from Mar 63% Preferred 6%% 248 2% . 36 Consolidated Paper Ltd..* WA. 3401-8 Toronto Stock Exchange Jan Aug 2 Claude Neon Gen Adv„__* cum 23% 35 David & Frere Ltee B (Associate) Apr 20 New York Curb Street West, Toronto. 15 King Aug 37% 62 Commercial Alcohols Ltd. * $3 Canadian Commodity Exchange, Inc. Mar 22 * Canadian Wineries Mtl Apr 20% 3 Catelli Food Prods Ltd___* Gateneau 9 Apr Feb 100 Westinghouse Celtic Knitting Don 7% 21% 16% 542 2% * 1% cum pref Cndn 7 1,169 240% Canada Vinegars Ltd Canadian Breweries 18 111 111 111 23% 9 9 * Canada Malting Co Ltd.." 7 7 Brewers & Distill ol Van..* Apr 40 16% July Jan 7 Mar 12.90 May 25% July 7o June 54c 21% June 29% Jan Aug 26c July 20 %e June 1.25 Feb 18 Jan Financial Volume 145 1081 Chronicle Canadian Markets—Listed and Unlisted Sales Friday Range Since Jan. 1 1937 Last F. O'HEARN & CO. for Week TORONTO Noranda The Toronto Stock Exchange Ottawa Sudbury Winnipeg Grain Exchange ...1 30c 28c 30c 1.15 97c 1.20 lHc Montreal Curb Market Klrkland Lake North Bay Canadian Commodity Exchange Bourlamaque (Inc.) Chicago Board of Trade lHc lKc Apr 3Hc Jan 5.40 6.00 19,975 4 90 June 9.20 Feb 4.00 2,595 3 66 June 6.85 101 inn * Corp Toronto Stock Last Sale Par Price 86c Francoeur Week's Range of Prices High 65H 13 X Gatlneau Power Gatineau Power pref * 16H Waree.... * God's Lake Mines-.—.-.* 67c 1 Gienora 1 Golconda 50c 1 1 * 1 50o June 54,250 13 H 75H 55 13 25 75 H 805 17 68 1 Feb Aug Aug Jan 8 14 75 H 18 H Apr Aug 65c May Aug Aug 34,900 28e 35,200 3 Ho July 30c 60c 67c 25,700 40o June 1.02 Jan 12c 1,500 6c July 30c Feb 27c 23c 3,500 18 June 12c Jan 49 39c 31c 42c 1,200 20,900 30 June 12 Ho 94 13 He 50,800 7 Ho 284 82 July May 94 H 54H 54H 262 52% July 67 11c 12c 18,900 94 94 9c June Jan Jan 40c ""lie 68 May Apr 22c Apr July Jan 63c Feb Granada Mines 1 21c 19c 22c 12,719 15o June 67c Feb Grandoro Mines * 7% 7 8 13,850 Apr 18c Jan * 23 H 6Hc 13H 33H Mat Aug Great Lakes Paper. 49 H _ Great West Saddlery * Gunnar Gold 1 20 H 24 1,780 49 H 45 150 1,360 150 Gypsum Lime <k Aiab— Halcrow Swayze.. * 1 75 83 12 13 H 3c 1 Harding Carpets "81" 13 — Hard Rock • Harker * ... 5 1.46 1.28 15 150 1 25 Jan June 18 H Apr 3Hc 2c July 5H 330 4H Apr 1.55 11,130 29,700 12Hc Aug 33o Feb 7,750 15c Jan 90c Mar 16c 18c 20Hc 18c 22c 1.00 June 21 22 985 12 11H 12 1,770 10Ho 8,335 140 182 Howey Gold-.- 1 46c 40Hc Huron A Erie J00 Imperial Bank.- * Imperial Tobacco 6 Preferred Intl Utilities A * J M "~1~85 1.21 1 22 He Kelvlnator i Kirk. Hud Bay 1 1 "2"50 69 220 21 14H 218 Aug 251H Jan 6,846 20 Apr 24H Mar 13H Jan 15H Mar 245 57 35 66 H 35H 19 11,888 4,611 44 1.85 1.90 440 80c 4,900 13,294 27c 32He July 97 54 H Feb 39H Mar 21H Feb 1 25 Feb 70c 20c 25c 23,600 19o 25 June June Aug 2.15 59o 39 Feb Feb Feb 2.00 June 3.30 Apr 1.35 Apr 2.65 Feb Feb 1.70 Apr July 1.10 Feb 2.50 60,114 1.65 1.70 440 "~1~38 1.27 1.39 46,250 90c 50c 50c 50c 40c 51H 46H June 59 H Jan 5c 19,500 4o May 28c Feb 53,350 58o June 79c 64c 69 70 1.18 82c 70 70 1.10 1.20 68 June 68c June Lebel Oro 1 23c 7,450 79,551 Leltch Gold 1 72c 65c 72c 10,950 Little Long Lac * 5.75 5.45 5.75 3,525 4.85 June Loblaw A * 24 H 23 H 23 H 25 671 23 Apr 310 Jan 24c 5.90 5.45 23 H 5.95 2.06 1.91 2.09 80c 73c 80c 3Hc 17Hc 3 He 3 He 13 He 18c * 5 Macaasa Mines 1 MacLeod Cockshutt—. 1 Manitoba & East.; * Malargo Mines Maple Leaf Milling Madsen Red Lake 11,285 21,396 95,400 100 McDougall-Segur Mclntyre Mines 6 96 Aug Apr 2.40 1.10 Feb Mar 90c Aug 10,025 60c 12,200 90c 82c 90c 7,550 57c 3.05 3.00 3.25 48,581 1 90 Apr 3 95 Feb 1.60 1.60 1.60 50 1.60 Aug 1.60 Aug 4X Sherritt Gordon Silverwood 1.70 55c 4H 200 4H Aug 4H Aug .50c j * Dairies... * Preferred 1.25 192 98 98 3.95 3.65 3.95 Bladen Malartlc —.1 1.12 92c 1.14 11,510 47,150 Slave I^ke --.1 70c 50c 70c 9,900 Simpsons pref .inn Slscoe Goid 95 June 2.49 Jan 60c 2 50 Feb June 19c Aug 70c 70c 500 53c Apr 2.00 Feb 1.35 58,719 90c June 2 85 17 15c 1,500 July » Steel of Canada * 84 86 184 77H June 96 Feb -.26 80 81 175 71 May 88 Mar 14 H 14V* 150 14 H Aug 17 Feb 3 00 June 6.90 Feb 15c June 40Hc ~ Steel of Canada pief Stuart Oil pref - 1.35 * Sudbury Basin * 4.90 4.75 5.25 Sudbury Contact 1 24c 21c 28c 4,930 13,400 .1 1.36 1.23 1.36 7,374 Sylvanite Gold 1 3.35 3.15 3.45 10,607 Tainblyns » 16 X 16 X 16 H 80 6c 8c 5.45 5.00 5.50 1.87 2.00 2,650 109H 109H 5 Sullivan Cons — Tashota 1 Teck Hughes * Texas Canadian ♦ 1.87 Tip Top Tailors pref— .100 109 H 2.25 June 3.25 Jan 2.70 Apr 4 80 Feb 15 H Jan 16 H Jan 2,750 60 June 4.55 June 28 Ho 6.00 Feb 9,380 - Mar 1.85 265 26 H Aug 46 Apr 51 85 48 X July 52 Jan Toronto General Trust .ion * Toronto Mtge Co smm—-— - 2.50 17 98 1.36 1.19 Junp Mar 120 19,160 Exploration..* 1.05 90c 1.10 40,600 * 17 X 16H 17H 3,693 United Oils * 22c 22c 23 He 5,800 17c United Steel » 9H 8H 9 H 9,870 0 8.15 Uchl Gold • 8.25 8.75 1.30 1.65 » 3.95 3.65 4.15 Walkers 48 H 48 X 49 ♦ 19 X 19H 50 48 Preferred Apr inn Preferred ♦ Western Groceries pref * Westons Jan Feb May 11 H Mar 9 10 May 1 00 Apr 2.25 2.10 June 4.65 Feb 4,091 42 May 52 H July 1,747 19 May 20 Jan 50 H 120 70 48 Aug 90 Jan 122 Apr Mar 117K May 15 13H 14 H 98 H 13H 25 Aug 18 H 98 2,063 98 Aug 106H Jan Jan • 3 3 23 H Aug 10 Jan Aug 10 Jan 23 July 40 Jan 3 June 5c Jan 770 Feb 2 He 2,500 36c 33c 38c 14,650 6.55 6.20 6.55 13,546 * 26c 26c 26c 2,100 20c June 52c Feb 5H 5H 5H 150 3% May 7H Apr 2c 2 He * Zimmerknlt 29 • V Ymlr Yankee Girl • 3 10 325 4H 29 inn 40 5 4 4 * B Preferred lHc Aug 30c June 8 5.85 June Jan 10 Jan 8H Jan 50 H 8H Aug 94 95 93 Jan - 16c Feb Toronto Stock Exchange—Curb Section 36o Mar See Page 1087 800 Apr 86July 18 May 32 H May 1.00 June 17c 74 14 H 101 44 Mar Mar SECURITIES CANADIAN Mar Mar Government June 42 H • Municipal Private wire connection between New York, Jan 2.03 • Corporation Montreal and Toronto Jan Jan 57c 1.18 Jan 63o Mar 10Hc 11c 1,500 lOo Apr 39o Feb 3.50 3.80 25,530 2.70 June 6.00 Feb 9c 11c 6,800 9o Aug 33 He May 60 60 H 33 H 1.66 37 "33 1.80 42 H 180 ""30c 8 19,100 60 33Hc 95c Aug Aug 70 56c Royal Securities Corporation • New York • HAnover Bell System Tele. NY 1-208 30 Broad Street Feb 45 H 101 41 June 45 172 July July 190 Industrial and Public Utility Bonds Mar 7 June 180 3Hc Apr Bid Bid A k 99 % 80c 100 60c July 1.25 Feb 2Hc 3 He 14,800 2 He 10c Feb 63 63 H 9H 255 8H July Jan MacLaren-Que Pr 5Hs '61 5Hs_1951 Maple Leaf Milling— 11 Apr 113 113H 2Jts to '38—5Hs to *49 July 30c 30c 36c 5,200 20c 88c 15 130 Aug 140 25 18 July 21 30c June 2.26 2.35 66 H 68 H 4Hc 4c 4 He 2.05 1.95 2.08 74 Massey-Harris Co 5s.-1947 97 H McColl Frontenac Oil 6s '49 104 Minn A Ont Paper 6s. 1945 /73H 103H 103 H Montreal Island Pr 104 Jan Canadian Inter Pap 6s *49 101 Vs Feb Canadian Vickers Co 6s '47 97 97 H & P 6s '53 3.60 2 26 Feb Cedar Rapids M 113 113H Jan Oonsol Pap Corp 5Hs 1961 /96 96 H 2.23 July /68 68 X 60c June 95c 5Hs ex-stock 1961 Dom Gas A Elec 0HS-1945 83 North Canada MIn _._* 76c 80c ...1 6.25 5.70 6.25 5.50 June 13.26 Jan * 1.55 1.45 1.75 14,550 1.05 Apr 4.10 Feb Olga Oil & Gas * 3Hc 3 He 1,500 3c July 12c Jan Omega Gold... 1 55c 3 He 48c 56c 21,850 45c July 1.28 Jan 17 17 20 2 195 * 2 1.99 1.65 2.00 40,132 20Hc 20Hc 23c 43,500 106 104 H 107 H 2.80 2.55 1 8c 1 18c 1 18c * 19c 199 102H 16 Ho O'Brien Gold. * Burns A Co 5s. July Apr 4,752 5,500 23,265 1,500 23,795 4o 1.20 Apr 15 Jan 2 Aug 3H Mar 85c June 2.20 Mar 10c 98 18 Apr 43He Feb 118 1.90 June Jan Feb Mar 5s 1901 75 5H Apr 18c 4,933 15o June 13c 19c 13,500 11c Aug 41c Apr 19c 20c' 4,100 12c July 46c Jan 88 1939 3Ha 1956 1973 No par value. - 3Hs Montreal Tramway 5s 1941 Ottawa Valley Pow 5Hs '70 97H 50 H 76 H — 50 H 99H 100 94 H 95 H 99 H 100 H 104H 105H 4Ha '59 99 1957 103 Provincial Pap Ltd 5Hs '47 88 H 104 H 103 5s Deo 1 100 mm 100 70 99 Saguenay Power 4Ha A.'06 4Hs ser B 1966 Shawinlgan W & P 4Ha '67 101 101H 101 102 Smith H Pa Mills 104 H 104 - « 103 103 H 98 98 H 102 H 103 H 4Ha '51 104H 104H 85 United Grain Grow 5s. 1948 United Securs Ltd 5H» '52 85 X 80 H Winnipeg Elec 0s.Oct 2 '54 101 93 86 Feb • 5Hs '57 par value) 3a Power Corp of Can 88 1942 Eastern Daries 6s—-1949 Eraser Co 6s Jan 1 1950 Gatlneau Power 5s—1956 Gt Lakes Pap Co 1st 5s '55 Int Pr A Pap of Nfld 5s '68 Lake St John Pr & Pap Co Jan 8c 17c 87 Co— 1950 1961 7Hc 9H 4a 5H3 9,483 40 Donnaconna Paper East Kootenay Pow 7s Jan 2.90 4.00 98 Montreal L H A P ($50 Feb Aug 54 H June 2.31 --- 73 72 12o 23,450 1,025 1 5 92 96 H 1.49 50c Ask 101H 102 H 108 May 3 Ho 7c 80c Alberta Pac Grain 6s. Manitoba Power ..1958 June 28,265 5c 84 Calgary Power Co 5S—1960 Canada Bread 6s -1941 Canada North Pow 5s. 1953 Jan Feb 19,300 /99 Feb 1.05 40c 66c 67 2-6363 July 36,595 June 1.98 Feb 1.80 6c Aug 700 19H 120 14 inn Preferred Mar 172 71c ParkhiJl 90c 19 Apr Western Canadian Flour— l Apr 39c * Feb 6.00 June 1,900 34,220 * Mar 2.00 50c June 13 3,807 1.61 Walte Amulet- Jan 126 73c June Union Gas. Towagmac 110 Mar 86 H 24 123H 123H - 1.30 Wright Bar greaves— I 20 195 19 Porcupine Pan tepee Oil Jan 4.65 2,335 29 Feb 8.60 1,488 130 Pamour Apr 50 H 95 25 4.85 12 9H * 110 26 H 2.50 * June 10 19 • Jan Jan 2.35 Apr 1.50 104 * Toronto Elevators Wood Cadillac May 53 130 Pacaita Oils Jan 1.03 Jan * Page Hersey Apr Toronto Elevator pref. .100 Toburn Gold White Eagle 12X 16H 100 Ontario Steel Products Jan * 80c Orange Crush Feb 6.65 76c June Stadacona Jan 26c 45 H • 110 3.15 June Southwest Pete Jan 9c Noranda M ines Jan 1.12 16 H South End Petroleum. _25c Feb 3.80 Norgold Mines Gold Aug 40c June 1.60 60c 30c 35c June Newbec Mines.—...—* Partanen-Malartlc 96 10 1.68 1.35 10 He Naybob Gold Paulore 96 96 San Antonio Phawkey Gold Sheep Creek 8.40 9,900 1,175 National Grocers Oro Plata Mining 96 St Lawrence Paper pref 100 Apr Winnipeg Elec A 49c Mulrheads Cafe. Okalta Oils July Jan 31c 100 Normetal 15 34H Jan July 43c Monarch Knitting pref. 100 NI pissing Jan Apr Feb 31c M Into Gold New Golden Rose 9% 32 H 17c Apr 31c Preferred 365 200 July 5 28c 1 Jan 13 X 35 X 3Hc 135 49c i 32o 12 34 3,000 7 31c Natl Sewerplpe A 12o June 91,200 * preferred Jan Mc Watt era Gold Murphy Mines July 5c II MeVlttie Graham Mercury Oils Morris Klrkland Mar 5c Aug 2,827 A.. 78 120 Apr 5c June 21,850 18,460 1 Jan July 35 1 June 1.30 25c Mar 56 102 Wiltsey Coghlan 2c 35H Royalties 18c 60 5 10 75 Mar 11c 1.22 Monarch Jan Feb Mar 30e 4H 33H Mining Corp 1.35 48 HO 227 June 365 1.30 Merland Oil July 10c 29,240 35 X McKenzle Red Lake June 8,100 5 26 He 26 He * 9c 19c 55o 9H "94" 72c June Feb Apr June 14 He 1.65 11H 53 * 4 14 He 4.15 June 50 H * 100 1.52 July 192 H 695 45 H 15 He 17c July -.50 St Lawrence Corp A 1.78 65c 10 114H 114H ,«. — 29o June 2 JaD 1 6H McColl Frontenac Moneta Porcupine Moore Corp 21 1.30 — July Whitewater Mines 4H Preferred Preferred 11c June 45c June 5,000 1 23 H B Massey Harris Preferred 20c 1.33 77 Feb Feb 9,700 75 75 — St Anthony Ventures 37,150 1 65 1.95 12,100 200 45H inn ..inn Vulcan 50 H 1 Motor Preferred 96c 198 • Royallte Oil Russell Mar 4 He * 14 He Jan 0 85 185 12c 14 He 87c 96c ...i Mar 5c Gold ...i .100 53c 51H Lapa Cadillac Reno Gold 1.47 Feb 3,650 3 3 3 Feb 55o 37,410 1.61 1 Lava Cap 42c 1.25 3.15 Lamaque Contact Laura Secord 32c 1.00 June Lake Shore 1. 1 41c 1.00 * 25c June 2,700 4,617 Laguna Gold * * Brew Jan 36c 1.10 3,300 • Feb 4.50 2.85 June 3,100 64c Relnhardt 50c June 1.22 140 Feb 73 H 1.06 30 105 Apr 33H June 15 H June 2.17 1 Klrkland Lake..— Mar June 25 * Kerr Addison.— 19 94 70c 32Hc 1 Consolidated Jan Jan Jan 17 1 Jelllcoe Cons Jan 87c 72c July 99H 100 35H 1 405 12 64 H "66 X * July 72 14 X * Utll B Apr May 55 20H * Jacola Mines 3o 30c Feb Jan 25 218 International Pete Jack Waite Mines 52,440 15Hc 13 14 X International Nickel internat 7,300 22 M Apr Jan 81 "20H £1 _ 41c 19 Jan 13 78 100 Imperial Oil 46c 35c 3.44 Jan 78 * Hunts A 205 42c' 7c 7 June 22 6 192 Apr Apr Feb June * i 61 55c HolUriger Cons Homestead Oil 26 H 335 11H Hlnde <L Dauch Home Oil Co Apr 8,250 3,750 5,000 17c 1.75 4.10 60c Rocne Long Lac 28 He 33 He 4c 6 He 25c 1.60 3.85 62c Royal Bank Cigh 13Hc 50 Preferred Graham Bousquet— Low 89Hc 23c 27c Goldale Mines. 75H 14H Range Since Jan. 1 1937 for Week Shares 33 X 65c June 700 1.60 4.10 • Feb July 27c 1.33 305,820 97c Feb Mar 2 20 June 57 Red Lake G Shore 10c 1 32 He 5 He Gilllea Lake Gold.. 7,765 1.30 102 1.95 June 18 147 2.50 34 H Reeves-McDonald Sales Low 24 H 2.30 Jan 75o June 95,375 33 H 2.39 * Red Crest Gold Exchange Friday 1.74 23 H 24 Premier 96 10 101 1.55 1.58 Prospectors Air High wood Sarcee Jan 3.90 Read Authler PrAfAITAd July 6.00 Preston E Dome Goodyear Tire 35c 2.50 4.00 ...1 Pressed Metals Timmins Mining Jan June 22c 18,050 2,000 Power Sarnia Goodflsb Mining 1.38 70c June 9,925 1 Porto Rico pref Powell Rouyn Owen Sound Gold Eagle High Low 49c June 63,635 Pioneer Gold Montreal Gold Belt 64c Shares 57c Perron Gold Peterson-Cobalt MEMBERS Cobalt General Steej High Pickle Crow WAverley 7881 OFFICES Toronto Stocks (Continued) Low Price 62c Paymore Gold 11 KING ST. W. Hamilton Par of Prices Paymaster Cons GRAIN BONDS STOCKS Stocks (Concluded) Week's Range Sale f Flat prioe n Nominal. six — Financial 1082 Aug. 14, 1937 Chronicle =ac | Quotations New York Bid a3s 98# 1 1977 Jan a3#s July d3#s May 1 a3#s Nov 1 1954 106 1954 o4a May 105 Nov May 1 1959 a4s May 1 1977 o4s Oct 98# 107 106 105 106# 108# 112 112# 111# 112# 1 1958 a4a 104 1 1957 a4s Bid 106# 107# 1 1960 a3#s Mar 15 1976 a3 #a Jan 1 1975 a3#s July 1 1980 111# 112# 111# 112# 1 1960 112# 113# 114 115# 1 1962 a4#s Sepa4#s Mar New York Bank Stocks City Bonds Ask 101# 102# 1 1975 Over-the-Counter Securities—Friday August 13 on 114# 115# o4#s Mar o4#s Apr a4#s Apr o4#s June a4#s Feb a4#s Jan a4#s Nov «4 #a Mar o4#s May o4#s Mar a4 #a June a4#s July 1 1964 114# 115# 1 1966 114# 15 1972 1 1974 115# 116# 31# 13.55 Chase 12# . Commercial National--100 48# 44# 183 125 18 70 25 43 45 Sterling Nat Bank & Tr.25 12# 34 36 30 37 970 1010 2240 1 1963 1 1965 1 1967 15 1971 o4#s Dec 1 1979 20 mmm 60 First National of N Y..100 2200 30 55 10 50 Flatbush National 100 50 Penn Exchange 117# 117# 118# 118# 119# 121# -.100 National Bronx Bank.-.50 National Safety Bank. 12 # 117# 118# Fifth Avenue Ask 115 46# 1 1981 118# 65 100 50# 189 15 1978 1 & Nov 1 1957 Bid Klngsboro National... 100 100 Merchants Bank 66 95 Par Ask 33# 116# 117# 116# 117# #a Dec a4 Bid Bensonhurst National—50 City (National) 117 116 1 1977 Bank of Manhattan Co .10 Bank of Yorktown..66 2-3 116 115# 116# 15 1976 Par As* 40 Peoples National Public National Trade Bank— 13# 15# 119 119# 120 New York Trust 121 Companies 123# Par Bid Par Ask Bid Ask Italians. 100 105 115 Fulton 100 235 250 Bk of New York & Tr.. 100 456 464 100 10 318 323 66 Guaranty Irving 14# Kings County Banca Comm B ankers 64 - ..7 Bronx County— 124 .20 121# 124# 62# 60# Chemical Bank & Trust .10 Bid Ask 3s 1974 62.55 less 1 3s 1981 62.60 less 1 4#s April 1940 to 1949. Highway Improvement— 4s Mar & Sept 1958 to '67 Ask 5a Jan & Mar 1964 to '71 62.85 Highway Imp 4 #8 Sept '63 131# Can & High Imp 4#s . 1965 129 Barge C T 4s Jan '42 mmm & '46 Barge CT4#s Jan 1 1945. 25 44 47 Manufacturers 20 52# 54# 50 52 20 Preferred 50 80 90 .25 16 18 New York 16# 17# Title Guarantee & Tr—20 Com Exch Bk & Tr— -20 61# 62# Underwriters 100 Empire 30 31 United States 100 1770 Clinton Trust - Colonial Trust... Canal Imp 4s J&J '60 to '67 131# Canal Imp 4 #s Jan 1964. 15# 14# 1825 100 1775 - - Lawyers.-- Continental Bank & Tr .10 World War Bonus— Canal & Highway— 129 100 Central Hanover New York State Bonds Bid 13# Brooklyn 62.10 124# 124# no# 114 mmm — .25 131# 134# 12# 102 13# 107 1820 mmm mmm mmm Chicago & San Francisco Banks Par Bid Port of New York Bid Port of New YorkGen & ref 2d ser 3#3 '65 106# 107# 104# 105# Gen & ref 3d ser 3 #8 '76 102# 103# Gen & ref 4s Mar 1 1975. Gen & ref 4th ser 3s. 1976 98# Authority Bonds Bayonne Bridge 4s series C 1939-53 J&J 3 Ask 33 1-3 & rrust 100 First National Holland Tunnel 4#s ser E I 2.00 1938-1941 M&S 61.00 M&S Bid 4#8 ser B 1940-53.M N 110# 111# 1942 1960 97 M&S — 61.50 M&S 1938-1941 133# 142# 308 313 nsurance 111# 112# Inland Terminal 4#s ser D George Washington Bridge 270 Harris Trust & Savings. 100 Northern Trust Co 100 Bid Ask 410 440 725 765 56 58 SAN FRANCISCO BankofAmerlcaNT&SA 12*2 103# 104# 1942-1960 99 245 Continental Illinois Bank Bid Ask 100 & Trust Par Ask American National Bank 108 2.25 48# 30# 109# Companies Par Ask 101 Home Fire Homestead Fire 32# Importers & Exporters. Ins Co of North Amer. 83 85 21# Bid Ask 10 _ Knickerbocker - . 3# 4# 10 Security 50# 17# 18# .5 7 9 10 68 69 15# 18 ...5 39 23# 41# Lincoln Fire. 5 American Home 13# 15 Maryland Casualty 1 American of Newark...2 # 13 14# 61# 64 American 40# 42# Mass Bonding & Ins.. 12 # Merch Fire Assur com...5 50 53 12 14 American Equitable.. United States Insular Bonds Re-Insurance 28# MerchA Mfrs FlreNew'k,5 52 54 Merchants (Providence)-.5 31# 33# National Casualty NatlonajFlre 27# Philippine Government— Bid Bid Ask 4s 1946 100 101# Honolulu 5s &3.50 1959 4#s July 1952 5s April 1955 105 106# U S Panama 3s June 1 1961 114 1962 108 1941 110 112# 115# 117# 4#s Oct 5s Feb 105 106# 100# 102 3.00 116 Govt of Puerto Rico— 4 #s July 5s 110 Ask Baltimore Amer 2 # 7# 8# National Liberty 101 103# National Union Fire 625 635 New Amsterdam Cas 108 111 109 U S conversion 3s 1946 111 33 35 49 50# 46# 49 21 23 36 37# New Jersey New York Fire 27 29 Northern Eagle Fire 5 2 # 4# Employers Re-Insurance 10 46# Excess Bid 100# 101# 100# 101# 3#s 1955 opt 1945. .M&N 4s 1946 opt 1944 J&J 102# 103# 109# 110# 3s 1956 opt 1946 Bid Ask J&J J&J M&N 3s 1955 opt 19453* 1956 opt 1946 100# 101# Ask M&N 100",6 101 M&N 102# 102# 100# 101*16 4#s 1957 opt Nov 1937 — 4#a 1958 opt 1938--M&N 103# 104 4s 1957 opt 1937 4s 1958 opt 1938 5 Federal -.10 Fidelity & Dep of Md_—20 Fire Assn of Phlla 10 6 42 5 48# 6# 44 122# 126# 75# 72# 9# 10 New Brunswick Fire New 8# 133# 138# Hampshire Fire —10 21# 25# 26# 19# Federal Land Bank Bonds 20 14 24 10 66# 13 25# City of New York 8 18# 64# 2 Continental Casualty Conversion 3s 1947 5# 17# 2 3.50 Connecticut Gen Life.-.10 5 #8 Aug Hawaii 4#s Oct 1956 7 4# 10 112# <13.75 5 10 111 1958 July 1949 4# 20 2 12.50 North River 2.50 Northwestern 96 26# 99# 28# National.25 126 130 Pacific Fire 25 126 129# Phoenix 10 82# 18# 86# 5 Providence-Washington. 10 34# 36# 7# 8# 24# 27# 25# Preferred Accident Fireman's Fd of San Fran25 84# Firemen's of Newark 5 12# 13# Reinsurance Corp (N Y) .2 Franklin Fire 5 31 33 Republic (Texas) 10 10 41# Revere (Paul) Fire Rhode Island 20# 87 General Reinsurance Corp5 39# 5 8 28# 9 10 26 28 Rossla Gibraltar Fire & Marine. 10 26 28 St Paul Fire & Marine. .25 6 43 45 Seaboard Fire & Marine. .6 10# 12# 5 20 22 Seaboard Surety 29# 30# 15 63 66 Security New Haven 33 34 Springfield Fire & Mar..25 Stuyvesant 5 119 8 9 Sun l ife Assurance 100 700 750 Travelers 100 495 505 Georgia Homo Glens Falls Fire Joint Stock Land Bid Bid Ask Atlanta 5s 100 101 Atlantic 5s 100 102 Burlington 5s. /50 10C Chicago 6s /5# - - - 102 6# Mississippi-Tennessee 5s. . 100 Denver 5s 95 97 Ohio-Pennsylvania 5s First Carollnas 5s 97# 99 Oregon-Washington 5s Pacific Coast of Portland 5s 97 Pacific Coast of Los Ang 5s 99# 100# Pac Coast of Salt Lake 5s._ 100" First Texas of Houston 5s- 99# 100# Pac Coast of San Fran 5s. 100 102 Pennsylvania 5s — — 77 Greensboro 5s. Illinois Midwest 5s Illinois of Monticello 4#s. Iowa of Sioux City 4#s._. 102 St Louis 5s 100 102 San Antonio 6s 85 ... 87 97 m 100 99 — 107 — - 37# U S Fidelity & Guar Co..2 21# 22# 77# U S Fire 54# 56# 65 67 U S Guarantee 56 59 34# 36# Westchester Fire 34# 36# 109 /27# 30 102 85 87 /16 18 Tennessee 5s 100 101 99# 100# — 100 Bid 101 Allied Mtge Cos Inc— All series 2-5s 1953 Arundel Bond Corp 2-5s '53 Arundel Deb Corp 3-6s "53 Ask 78 mmm 55 Potomac 47 47 76 49 «... New York 100 50 60 100 40 45 100 70 75 Pennsylvania Atlanta 16 100 68 63 47 50 100 25 12 16 100 Fremont Lincoln - 1# 3 100 6 Virginia-Carolina 49 46 49 1953 3-6s 48 36# 1953 46 — Potomac Maryland Deben¬ ture --- Corp 3-6s Realty Atlantic Deb Corp 3-6s 81 1953 (Central Funding series) /34 Nat Cons Bd Corp 2-5s *53 Nat Deben Corp 3-68.1953 74 37 --• Realty Bond <fe 1953 72 46 Mortgage deb 3-6s 1953 46 § # 50 1 Unified Deben Corp 5s 1955 36# 38# Telephone and Telegraph Stocks 1# 55 8 1 49 47 43 5 46 67 63 Virginia- 100 74 46 29 — San Antonio.. 100 Ask 16 Potomac 14 Des Moines First Carollnas Denver Bid 77 1953 Potomac 14 North Carolina Dallas (all Issues )2-5s-_ 1953 Potomac Cons Deb Corp— Potomac Franklin Deb Co 1945 Inc2-5s— ...100 1954 Corp Potomao Deb Corp 3-6s '53 Empire Properties Corp— Nat Bondholders part ctfs Atlantic Bond 3-6s. Joint Stock Land Bank Stocks Par f Series B 2-5s Ask 53# — Cont'l Inv Bd Corp 2-5s '53 Contl Inv DebCorp 3 6s '53 2-3s As* Bid Nat Union Mtge Corp— Series A 3-6s— 1954 82 Associated Mtge Cos Inc— Debenture 3-6s 1953 Interstate Deb Corp 2-5s'55 Mortgage Bond Co of Md Bid 2.50 Surety Guaranteed Mortgage Bonds and Debentures 102 100 Virginia-Carolina 5s Virginian 5s Par 4 10 — 101 100 Southwest 5s Union of Detroit 5s 99# 101 35# 74# 101 Southern Minnesota 5s 100 100 Kentucky 5s La Fayette 5s mmm 100 Potomac 5s 100 Greenbrier 6s - Phoenix 5s 81 10 101 102 95 100# 102# 26# Hanover Fire 100 100 100 25 66 First of New Orleans 5s— Fletcher 3#s 10 Hartford Fire 10 Hartford Steam Boiler.-10 Home 6 /63 First of Montgomery 5s... Fremont 6s 122 94 26# 9# 1 99# 100# First of Fort Wayne4#s_. First Trust of Chicago 4#s 12# 216 90 5 102 101 ..10 10 10# 211 25# 8# 15 102 100 North Carolina 5s 102 2d preferred Great American Great Amer Indemnity Halifax Fire.-— 99# 100# New York 6s 100 Dallas 5s 1C2 100 Maryland-Virginia 5s 92 100 Louisville 5s California 5s Ask 89 Lincoln 5s - Globe & Republic Globe & Rutgers Fire Bank Bonds 5 Par Am DIst Teleg (N J) com.* Preferred. --.100 Bid 111 Ask 113 120# 122# Par New England Tel & Tel. 100 New York Mutual Tel. 100 Bid Ask 117# 119 24# Bell Telep of Canada.. 100 Bell Telep of Pa pref..l00 Intermediate Credit Bank Debentures Bid Bid Ask Aik 89 Emp & Bay State Tel.. 100 Federal 168 Clncln & Sub Bell Telep.50 Cuban T*lep 7% pref.-lOO 62 Franklin Telegraph 40 45 100 111 * 97 100 So & Atl Telegraph 25 Sou New Engl Telep...100 165 169 100 91 96 S'western Bell Tel pref. 100 122 124 Wisconsin Teiep 7 % pf.100 113# 115# Gen Telep Allied 16 1937 6 .40% F I C l#s—Sept 15 1937 ft .40% FICl#a—Oct 15 1937 ft .55% FIC1#s—Nov 15 1937 ft .50% FIOlHs... Aug FICl#s—Dec 15 1937 ft .55% FICl#s—Jan 15 1938 ft .60% F I C l#s—Mar 15 1938 6 .65% FIC l#s—Mar 100 41 91 --- Mtn States Tel & Tei—100 142# 144# 15 1938 6.65% see page 1084. Pac & Atl Telegraph Peninsular Telep com Preferred A—- 18 20 * 27# 28# 100 108# 25 Rochester Telepnone— Corp— 56 preferred Int Ocean Telegraph For footnotes 170# 116# 118# $6.50 1st pref 20# 23# Volume 145 Financial Quotations Chronicle 1083 Over-the-Counter Securities—Friday August 13—Continued on RAILROAD BONDS. Guaranteed Railroad Stocks BOUGHT Dealers in john Tel* REctorf 41 Broad 2-6600 STOCKS e. sloane a co. Members New York Security Dealers Association GUARANTIED NEW YORK Monthly Bulletin Request on M.tmbm "Hrw York Stock Extbang* . QUOTED . Earnings and Special Studies 3o$epb Walkers Sons .120 Broadway SOLD . St., N. Y. HAnover 2-2455 - - Bell Syst. Teletype NY 1-624 [Since1855^ \bbnbbr Railroad Bonds Guaranteed Railroad Stocks (Guarantor in Parenthesis) Bid Dividend Par in Dollars Bid Asked Akron Canton A Youngetown 53*8 6s 106 6.00 94 99 Birmingham Terminal 1st 100 10.50 164 170 .100 6.00 99 102 50 2.00 38 Boston A Albany 1st 43*8 Boston A Maine 3s Prior Hen 4a 8.76 128 132 .100 8.50 132 137 Canada Southern (New York Central) .100 Carolina Clinchfleld A Ohio (L A N-A C L) 4%___ -100 2.85 63 65 66 1945 65 67 1953 Augusta Union Station 1st 4s Alabama A Vlcksburg (Illinois Central) Albany A Susquehanna (Delaware A Hudson) Asked 1945 » 97 99 57 . Allegheny A Western (Buff Roch A Pitts) Beech Creek (New York Central) Boston A Albany (New York Central) Boston A Providence (New Haven) 42 1957 4.00 93 96 5 00 94 97 5.00 99 102 3.50 86 2.00 Betterman stock 1950 1003* 106 63 67 1942 Convertible 5s 78 84 1944 — 80 85 1940-45 _ 97 953* 493* 88 3* 1961 98 100 Chateaugay Ore 1942 88 90 A Iron 1st ref 4s Choctaw A Memphis 1st 5s 50 9734 99 1995 91 92 64 65 3* 98 62 3* 45 48 Georgia Southern 5.60 85 90 .100 10.00 190 195 Goshen A Deckertown 1st 53*8 Hoboken Ferry 1st 5s .100 58 1949 1965 Cincinnati Indianapolis A Western 1st 5s Cleveland Terminal A Valley 1st 4s 2.00 4.00 64 900 1050 A Florida 1st 5a 1945 1978 94 1946 80 85 1978 100 102 1939 /17 1949 102 103 % 67 50.00 -50 3.875 54 .100 5.00 84 88 4.00 New York Lackawanna A Western (D LA W) Northern Central (Pennsylvania). 105 Prior lien 43* s 100 Michigan Central (New York Central) Morris A Essex (Del Lack A Western) 99 April 1, 1943 Buffalo Creek 1st ref 5s Common 5% stamped .100 Cleve Clnn Chicago A St Louis pref (N Y Central). .100 Cleveland A Pittsburgh (Pennsylvania) Delaware (Pennsylvania) Fort Wayne A Jackson pref (N Y Central) Georgia RR A Banking (L A N-A C L) Lackawanna RR of N J (Del Lack A Western) 4a 99 Kansas Oklahoma A Gulf 1st 5s Little Rock A Hot Springs Western 1st 4s Long Island refunding mtge 4s___ 102 Northern RR of N J (Erie) Oswego A Syracuse (Del Lack A Western).. 57 20 4.00 62 Macon Terminal 1st 5s 1965 100 103 60 65 Maryland A Pennsylvania 1st 4s 1951 65 70 Meridian Terminal 1st 4a Pittsburgh Bessemer A Lake Erie (U S Steel) Preferred 57 4.60 60 1955 92 95 1949 45 55 1956 n94 -.50 1.50 40 43 Minneapolis St Laul 50 3.00 80 86 Pittsburgh Fort Wayne A Chicago (Pennsylvania). .100 Montgomery A Erie 1st 7.00 165 170 7.00 175 180 6.82 92 97 6.00 140 3.00 70 . Preferred Rensselaer A Saratoga (Delaware A Hudson) Louis Bridge 1st pref (Terminal RR) .100 St Second preferred Tuone RR St Louis (Terminal RR) United New Jersey RR A Canal (Pennsylvania) 75 100 6.00 140 .100 10.00 246 6.00 87 91 .100 5.00 95 100 Vlcksburg Shreveport A Paclfio (Illinois Central)— .100 5.00 5s New York A Hoboken Ferry general 5s Piedmont A Northern Ry 1st mtge 3%s Portland RR 1st 33*s 1946 94 95 1951 66 68 .1945 1957 Consolidated 5s 70 1966 90 913* 86 91 250 .100 A Sault Ste Marie 2d 4s Utlca Chenango A Susquehanna (DLAW) Valley (Delaware Lackawanna A Western) Rock Island Frisco Terminal 79 83 5.00 84 89 50 3.60 47 3.00 61 64 Shreveport Bridge A Terminal 1951 1st 5s 7195 91 1955 50 50 43* s St Clair Madison A St Louis 1st 4s Somerset Ry 1st ref 4s Southern Illinois A Missouri Bridge 1st 4s 1955 67 1951 84 Toledo Terminal RR 43*8 Toronto Hamilton A Buffalo 43*8 1957 Til 10 1966 95 98 3* Washington County Ry 1st 33*8 1954 643* 66 , Preferred Warren RR of N J (Del Lack A Western).. West Jersey A Sea Shore (Pennsylvania) 69 873* 113 EQUIPMENT TRUST CERTIFICATES WASHINGTON RAILWAY A ELECTRIC Quotations-Appraisals Upon Request 5% PREFERRED Stroud & Company Inc. Private Wires to New York Bmtell Brothers Philadelphia, Pa. EST. members n. y. and n.y. curb Railroad Bid Atlantlo Coast Line 43*8. Baltimore A Ohio 4 3*8 b 1.75 Tel. DIgby 4-280O 1908 Teletype N.Y. 1-1146 exchange Equipment Bonds Ark 1.10 Bid Missouri Pacific 43*8 63.75 Public Utility Stocks Ail 3.00 Par Bid Ask 62.65 2.10 5s 63.00 2.00 53*8 63.00 2.00 Alabama Power 37 pref—* 63.00 2.40 753* New Orl Tex A Mex 63.80 6s 84 62.75 2.00 853* New York Central 43*8 3>*s Deo 1 1936-1944- 62.90 2.25 11 13 20 21 Par Bid Ask 2.00 62.50 5s Boston A Maine 43* s Canadian Natlomal 43*8— Arkansas Pr A Lt 2.25 Associated 1.60 63.00 2.25 5s 2.25 2.25 62.80 2.25 62.75 1.75 Northern Paclfio 43*8 61.50 1.00 Pennsylvania RR 43*s 62.00 61.50 1.00 5s 61.60 62.50 1.75 4s series E due 61.75 Chesapeake A Ohio 53* s.. 33*8 43*8 62.90 62.90 4>*S— 5s 1.00 58 Chicago A Nor West 43*s. 64.00 5s 3.00 Pere 4.75 Chicago RIA Pao 43*8 86 86 68.. 88 88 Marquette 43* a 43*8 43*s_. 63.75 63.90 53*8 2.75 63.90 53*8 2.50 2.75 62.50 1 43*8 1.50 62.50 6s 1.60 43*8 62.75 2.00 62.25 6s. Great Northern 1.25 Bangor Hydro-El 7 % pf 100 Birmingham Elec 37 pref.* Buffalo Niagara Eastern— 31.60 preferred 25 130 1.20 1.00 Carolina Pr A Lt 37 pref* 62.75 * 6% pref.* preferred * 203* 1123* 22 2.00 7% preferred 135 100 2.25 2.10 36 preferred 100 Cent Pr A Lt 7% pref.-100 43*8 St Louis Southwestern 5s._ Newark Consol Gas 92 94 New Eng G A E 53* % pf_ * N E Pow Assn 6% pref. 100 New Eng Pub Serv Co— 83 86 57 prior lien pref 1.10 Southern Pacific 43* s 923* 943* 82 85 873* Consumers Power 35 pref. * 99 99% $7 preferred * Ohio Power 6% pref—.100 Ohio Pub Serv 6% pf„100 100 62.75 2.00 : Dallas Pr A Lt 7% pref 100 62.50 2.00 Derby Gas A El 37 pref--* 62.80 2.10 Essex Madson Gas 100 62.75 2.00 Federal Water Serv 90 91% 1113* 1133* Corp— 5s 58 185 39% 36 cum preferred 1.20 62.80 2.25 1.20 43*8 62.80 2.25 1.00 5s 62.25 1.60 Illinois Central 63.00 Hudson County Gas.-.100 185 2.40 Virginia 62.25 43*s._ Long Island 43*8 • •• 41 2.25 * 1.00 61.70 1.00 41% 41 36 preferred 106 3* 108 108 1093* 1.50 6s 97 100 Interstate Natural Gas—* 27 29 1.10 53*8 97 100 8 11 61.75 1.10 Interstate Power 37 pre!..* 6s 99 101 Jamaica Water Supply— Western Maine Central 5s. 63.00 53* s Minn St P A SS M 4s 63.00 2.25 63.75 3.00 see page 1084. 2.25 Maryland 43*s__ 5s Western Pacific 5s 53*8 97 100 62.75 2.25 62.65 2.00 63.75 2.75 63.75 2.75 7% preferred 73*% preferred 100 50 Jer Cent 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 85 100 Okla G A E 7% pref—100 100 1073* 109 110 112 101 103 107 109 Pacific Pow A Lt 7% pf 100 Penn Pow A Lt $7 pref * 106% 109 Philadelphia Co $5 pref.-* Pub Serv of Colo 7% pf 100 70 72 95 96% 70% 73% 106 109 6% preferred.. Republic Natural Gas 100 65% 1 5% 6% J6 preferred C 100 Sioux City G A E 57 pf. 100 Sou Calif Edison pref B.25 97 3* 98 3* 97 3* 98 3* 67 Rochester Gas A Elec— Idaho Power— 2.00 43*8 preferred 99 Queens Borough G A E— ... 62.75 Wabash Ry 7% * 43 1.00 61.70 43*8 5s 1.00 40 preferred 61.75 43*s 5s For footnotes Ry 61.50 61.50 36.50 cum 37 cum preferred- 62.50 5s... Loulsv A Nash 1.25 63.75 —. 813* 62 120 Union Paclfio 43*8 5s Gas A Elec of Bergen.-100 Pacific 4a 108% 110% 18 Continental Gas A El— 61.75 Internat Great Nor 993* 101% preferred 102 61.65 43* s cum 101 61.75 5s 50 7% cum preferred...100 Nor States Pr $7 pref—100 Ohio Edison 56 pref 1.75 75% 66 3* 55 Southern Ry 43*8 5s 39% 75 62 3* 50 7% preferred 38% 61 Consol Traction (N J)-100 2.00 5 47 65 Consol Elec A Gas 36 pref. 2.50 43 * 100 63.00 53*8 Texas 100 98 63.50 3% 120 77 23% 99 ... 73 3* 1113* 36 343* 104% 106% 99 St Loula-San Fran 4s 67 72 109 7% preferred 100 Nassau A Suff Ltg pref. 100 Nebraska Pow 7% pref. 100 86 3* 15 62.00 63 New Orl Pub Serv $7 pref* New York Power A Light 62.85 5s 59 66 23 Hocking Valley 5s 6s $7 preferred Mlsslaslppl P A L $6 pf * Miss Riv Pow 6% pref. 100 Mountain States Pr com. * 75 Central Maine Power— 62.70 Mississippi Power $6 pref— _ 2.00 62.75 6s Denver A R G West 5s 2.75 non Reading Co 65.25 OS 3.00 37 preferred Atlantic City El 6% 1937 49 call Deo 1 1937-50 4.50 2.00 2.75 63.75 Jan A July 77 Electric 61.75 5s 64.85 43*8. 7% pref* A 62.50 64.00 Chlo Milw A St Paul Gas Original preferred.....* 36.50 preferred * 63.75 N Y N H A Hartf 43*s 23*8 sertes G Erie RR 2.75 62.80 62.25 53 N Y Chic A St L 43*8 Canadian Pacific 4 3* a Cent RR New Jersey 43*8. . ONE WALL ST., N. Y. stock exchange 100 Memphis Pr A Lt 37 pref-* 54 3* 91 109 South Jersey Gas A EL 100 Tenn Elec Pow 6% pref 100 7% 93 1103* preferred 100 Texas Pow A Lt 7% pf.100 Toledo Edison 7% pf A 100 28 29 3* 185 613* 63 67 69 101% 103 3* 1053* 107 59 62 86 66 3* United G A E (Conn) 7% pf Utah Pow A Lt 57 pref. * 84 64 3* 65 65% 783* 803* Utlca Gas A El 7% pf-100 96 673* 70 Virginia Ry — sm 4 100 174 178 Financial 1084 Public Utility 78 Bid Specialists in — Ask Cumberl'd Co PAL 334s '66 983i 103 34 10334 98 9934 3348-1967 Federated Utll 534s 1957 77 78 5534 56 34 Green Mountain Pow 5s '48 103 104 Houston Lt & Pow 334s '66 103 10334 99 10034 7934 Corp— deb 3 34s—197 deb 3%s—197 81 Assoc Gas A Elec Income 35 Iowa Sou Utll 534s 35 35% Kan City Pub 38 38% Kan Pow & Lt 1st 4 >$8 '65 43% Income 44 Keystone Telep 534s—1955 34% ; 1950 Serv 4s.l957 3634 ^omplste Statistical 99 70 7134 7734 Metrop Edison 4s ser G *65 Missouri Pow & Lt 33*8 '66 Tel. HAnover 94 89 Mtn States Pow 1st 6s 1938 94 96 Narragansett Elec 3 34 s '66 103 95 97 Newport N & Ham 5s_ 1944 N Y State El A G Corp— 50 43 45 34 N Y Telep 48 5134 Northern N Y Utll 53.1955 49 5134 Co— 1965 4s 334s B 1967 58 h 6034 44% 4534 49 34 5034 50 34 5134 6034 Old Dom Pr 5a May 15 '51 59 34 98 9834 Parr Shoals Power 58—1962 kla Gas A Elec 33*8.1966 gorth'H States Pow 3 34s'67 1946 Debenture 4s 9734 10134 101% 9834 99% 10034 100% 10234 10334 65 34 6834 102 34 104 % -.1941 Public Serv of Colo 6s. 1961 76 98 % 98% 48% 105 s 10434 105 10134 102 104 104 102 85 10234 Wisconsin G A EI 3 34s 1966 Conn River Pr 3%s A. 1961 105 1962 1962 55 57 54 56 6s series B 77 119 10534 101% 102% 1966 Consol E&G6S A 75 106% 1966 series G__ Monongahela Valley Water 102 1950 Morgantown Water 5s 1965 102 Muncle Water Works 5s 534s 105 New Jersey Water Co (Wash) 1951 103% 1951 A 1941 - 10534 10434 88 10134 102 101%|102% 1961 1st mtge 4s 1954 1st 5s series C__ 1957 Clinton W Wks Co 5s. 1939 Community Water Service 58 series B 5 348 6s series A Connellsvllle Water 5s 102 % 104 %8.. 1966 Peoria Water Works Co— 1st coll trust 4 Reports - j]ta n ■ 150 Broadway, 2360 Richmond W W Co 5s. 1957 N.Y. 6s '41 B'way Barclay 1st 2s. -1956 Broadmoor (The) 1st Bid 2934 B'way A 41st Street— 6%s--1944 1st leasehold Bldg 1st 6%s.l939 N Y Athletic Club— Broadway Motors Bldg- 1948 4-6s 1945 Cheeebrough Bldg 1st 6s '48 Chanln BIdg lnc 4s 64% 66% 60 63 5834 61 Apr 28 1940 (The) 1st 6s—1941 Dorset 1st A gen 6s N Y Title A Mtge 1947 1st Aref 534s 3s lnc '46 50 Bway Bldg 1st 77 34 75 54 56 ■ .... 1949 unstamped * Nov 1947 6s Film Center Bldg 1st 6s *43 1958 1939 42 Bway 1st 6s 1st Oct 1 1941 6 34s /10 34 1944 1949 1946 /41 67% 634s unstamped Graybar Bldg 5s 65 9934 101 1962 104 Texarkana Wat 1st 5s. 1958 104 10234 Union Water Serv 534s '51 101 '52 W Va Water Serv 4s.. 1961 3%s 41 30% /30 11% July 7 1939 1st 6s Nov 15 1939 /2234 1950 49 51 Nov 6 1935 1939 mtge 6s. 1951 j 1947 Ludwlg 6s '40 '51 (Bklyn) mmm0 95% 51 stpd...l961 6434 1948 93 Par 104 Bid % 31 34% 4134 West Indies Sugar Corp—1 8% 29 40 95 Bid Ask 95 34 Home Owners' Loan 96 2s 1953 10334 104% Federal Farm Mtge Corp— 1 56 /52 5434 36 .1945 Z33 34 /33 34 1956 34% 36 Ask 1% 36% 9% -Sept 1 1939 IOO1732 IQO2O32 37% * 134s June 1 1939 Reynolds Investing 5s. 1948 Trlborough Bridge— 4s 1977.AAO serial revenue 1942-68 a Interchangeable, 6 Basis Nominal quotation, id i When No par value, prloe. d Coupon, IOI632 101'O,2 100' ®32 90 selling price, on n New York Curb Exchange, 1002'32 92 104% 104% 62.40 3.60 e Ex-rlghts, issued, x Ex-dlvldend. v Ex-stock dividends. t Now listed on New York Stock Exchange. J Quotations per 100 gold rouble bond, equivalent to 77.4234 grams of pure / Flat Ask Corp 15 1938 4s s f revenue April 1938 100' hz 100'632 July 1936 100732 100'°32 34s 134s— Aug Now t gold. Sherneth Corp— 3-5%s deb lnc (ws)_1956 /27 2834 6s *37 3734 Z4934 51 CURRENT NOTICES 45 /35 34 5s 1961 Oct 23 1940 1st 634s 47 1939 Bldg 1st 4s 1941 49% 76 Trinity BIdgs Corp— Oct 19 1938 Westlnghouse Bldg— 1st fee A leasehold 4s '48 1st 6348 62 /24>4 68 firm of "William P. Neacy & Co., Government securities, at 67 Wall Street, New William P. Neacy and Arthur D. Keefe, while John D. C. Towne, Jr. will be associated with the firm as manager of the U. S. government bond department. Mr. Neacy was associated with Chas. E: Quincey & Co. from 1919 to 1924 and from 1931 to 1937; with National City Company, 1930-31; Bancamerica-Blair Corp., 1928-30, and C. F. Childs & Co., 1925-28. Mr. Keefe for the past 7 years was associated with Chas. E. Quincey & Co., and prior to that with Bancamerica-Blair Corp., C. F. Childs & Co. and Harris Winthrop & Co. Mr. Towne was previously with Chas. E. Quincey & Co. York, 7334 1958 1st 3-5s (w s) —Establishment of the new investment specializing in United States Walbrldge Bldg (Buffalo)— 30% Metropolitan Chain Prop— 6s 104 Haytlan Corp Amer * Savannah Sug Ref com—1 Federal Home Loan Banks /54 Realty ext 1st 5 34s.1945 2 Park Ave 65 65 /29% 104 Miscellaneous Bonds 134s Realty Assoc Sec Corp— 5s income 1943 1st 534s 1942 1936 Majestic Apts 1st 6S..1948 1st 6s 102 Ask 1 River Bridge 7s 5334 Syracuse Hotel (Syracuse) Bauman— 1st 6348 (LI) 101 6s series A Bear Mountain-Hudson 74 5234 /5 2 Textile Bldg— 94% /49 Bid Bid 61 Bway Bldg 3 /49 1st 6s. 1956 1960 1949 5s series B 9534 5s series C 9334 18% Associates Invest 3s. .1946 9034 616 Madison Av 1st 6 34s'38 6734 Bldg— London Terrace Apts 97 Wichita Water— 104 1 Preferred 24 Co— 60 Park PI (Newark) Lefcourt Manhattan Bldg Loew's Westmoreland Water 5s '52 10134 106" 16% 1 Park Avenue— 38 with stock 56 68 101 Sugar Stocks /834 Savoy Plaza Corp— 69 54 1963 Theatre Rlty Corp 99 99~~ W'msport Water 5s—.1952 32% 73 34 Lincoln Bldg lnc 5 34s. 104 9734 1951 1950 1st mtge 6 348 99 Long Island Wat 5 34s. 1955 Middlesex Wat Co 534s '57 1950 1st mtge 58 10634 105 Lexington Wat Co 534s '40 31 55 Roxy Theatre— 1st fee A 1'hold 6 %s_ 1940 5734 Apr 15 1937 Kokomo W W Co 5s.. 1958 5s series B 95 92 10434 45 67% '42 1943 1st 6 34s 1957 103 99% 100% Co— 99% 42 45 Hotel Lexington 1st 6s Lewis Morris Apt Joplin W W Co 5s Western N Y Water 98 104 34 52 Prudence Hearst Brisbane Prop 6s 1948 1958 5s. 10034 10134 73 /32 76 34 101 Monmouth Consol W 5s *56 71 534sserle8 Q 165 Bway Bldg 1st 534s Harrlman Bldg 1st 6s. 1951 1st 4-5s extended to 7434 103 Sprlngfi. City Wat 4s A *56 Terre Haute Water 5s B '56 6s series A 1949 Eastern Sugar Assoc 6s Hotel St George 4s 1955 103 41 103 E 57tb St 1st 6s...1941 Fox Theatre A Off Bldg— Fuller Bldg deb 6s 1st mtge 5s 101 Par 53 70 39 '50 South Pittsburgh Water— 1954 1954 /38 6 34s double 34sstampedl948 9834 100 99% 98% 106" 98 102% Co— 6234 1400 Broadway Bldg— 1st 3 34-6 93 34 Shenango Val 4s ser B 1961 10334 95 9334 ^.1967 1st A ref 5s A 101% 105 Cuban Atlantic Sugar... 10 2nd /51 /50 6034 10234 10334 1961 Water Serv 5s 1960 56 1st 6s 62d A Madison Off Bldg- 40 Wall St Corp 6s 1958 Scranton-Sprlng Brook 10034 102 1960 Oliver Cromwell (The)— - • Water Co 4 348 5s series B /53 1st 6s 38 19A'66 St Joseph Wat 4s ser 9734 105% 9134 19th A Walnut Sts (Phlla) 80 500 Fifth Avenue— 6 34s reg'55 1946 Ask 534s series F-l 7% 17 8934 9934 10434 5s series A 534s series C-2 /3234 1938 South Bay Cons Wat 5s 534s series BK 42 /39 East Ambassador Hotels— Eqult Off Bldg deb 5s. 1952 Deb 5s 1952 legended. 1st mtge 2s stmp A N Y Eve Journal 6%s_1937 Court A Remsen St Off Big 1st 6a Metropol Playhouses lnc— S 1 deb 5s 1945 Munson 40 105 1950 Roch A L Ont Wat 5s 98 95 Indianapolis Water— Certificates Metropolitan Corp (Can)— 6s 1947 /46 f27 10334 106 Illinois Water Serv 5s A ny 1-588 Ask Bid /46 99 96 102 104 5s Boll System Tol* hi Pittsburgh Sub Wat 5s '68 Plalnfleld Union Wat 6s *61 104 5s series B Real Estate Bonds and Title Co. Mortgage 6s.-.Jan 1 1941 104 106 Roanoke W W 5s 1966 Indianapolis W W Securs— 1st 1948 1977 1st mtge Alden 5s Prior lien 34 9934 6s & CO. 92 100 Pinellas Water Co 534s '59 7734 1952 5s series B 1952 Hackensack Wat Co 5s '77 INCORPORATED BArclay 7 100 Phlla Suburb Wat 4S--1965 75 5s series A Markets BAKER 97% 1948 1948 105% 100 3* 10034 1942 1960 534s series B Huntington Water— AMOTT, 96% 1st consol 5s Greenwich Water A Gas— Issues Estate Real 99% 1950 100% E St L A 5s series D 97% 8934 1st Aref 5s Scranton Gas A 6s series B 106 1st consol 4s 101 1946 1939 Interurb Water— series A 1942 73 34 Penna State Water— 10434'105 6s 1954 1958 Ohio Valley Water 5s. 102 73% Davenport Water Co 5s '61 95% 101 7034 Ohio Water Service 6s 71% 1958 ...1958 5s 1st mtge 85 93% 98 Ore-Wash Wat Serv 6s 1957 Consol Water of Utlca— 434s 83 '51 Newport Water Co 5s 1953 1946 series B 78 1951 Ohio Cities Water 634s '53 10534 City of New Castle Water 6s 1951 New York Wat Serv 6s 102% 5s 10134 634s 100 34 102 10034 10134 Citizens Wat 58.1950 104 105 58 series B Chester Wat Serv 4s 1961 4 34s '58 *65 10534 New Rochelle Water— 103% City Water (Chattanooga) 7 /6 with stk '52 —.1967 Colorado Power 5s—1953 Conn Lt A Power 3 34s 1956 1954 6s series B 5 34s series Jond A Share 5s. -1958 Income 534s 3 Ms series F 77 10334 104% CInn Gas A EI 334s 3 10534 106 34 46 % Public Utility— Central ~ Sou Cities Utll 5s A.-.1958 80 Cent Maine Pr 4s ser Birmingham Water Wks 6s series C._„ 1957 Atk bid Ask 101 99 Calif Water Service 80 74 78 78 Serv 5s. 1957 Alton Water Co 5s 1956 Ashtabula Wat Wks 5s '68 Atlantic County Wat 5s '58 Alabama Wat 104 96 94 1946 1946 G '60 1st lien coll trust 6s. f 78 Pub Utll Cons 634s—.1948 105% 106% Cent Ark Pub Serv 6s_ 1948 Water Bonds Bid series A 1954 Butler Water Co 5s—1957 95 Corp 1st 4s '65 Peoples L A P 534s Niagara Electric— Central G A E 634s— 97% 10134 Pennsylvania Elec 5s_1962 Penn Telep 10834 1967 97 103 34 5 34s I0234 104 3%s series C 2-0510 10534 10634 4734 Buffalo 1-1073 9934 10034 87 NEW YORK Teletype: New York 106 % 10734 76 Assoc Gas A Elec INCORPORATED EXCHANGE PLACE, 40 10034 68 Information—Inquiries Invitefa Swart. Brent & Co. 3734 10834 10934 70 Conv deb 5s Water Works Securities 9934 Dallas Pow A Lt «. 1937 Bonds Ask Bid 14, Aug. Chronicle was announced. The partners are and Bancamerica-Blair Corp. Par Bid 12 14 95 Kress (S H) 6% pref Bid Ask 11% 11% 13 16 105 Blckfords Inc. 52.50 conv pref * 12% 13 35 36% common—* preferred 100 Diamond Shoe pref 100 Fishman (M H) Go lnc—* Kobacker Stores —* 7% preferred 3% * Bohack (H C) 7% 3% 100 4% 28 6 Miller (I) Sons common. 634% preferred 100 Murphy (G C) $5 pref. 100 41 45 107 108 Reeves (Daniel) pref—100 100 29 10434 10734 United Cigar-Whelen Stores 9 11 Common 25 32 Corp $5 preferred 85 95 a study of railroad results for Troster, 74 Trinity Place, New Par Ask * 7% preferred 100 B/G Foods lnc common..* Borland Shoe Stores Hoit, Rose & railroads are esti¬ mated to have reported net incomas of more than $30,000,000 after charges, as compared with a net deficit of $23,285,000 for the first six months of 1936. Gross revenues for the first half of 1937 are estimated at about $2,086,000,000, an increase of $213,000,000, or 114% over the first half of last year. The study states that substantial increases in maintenance ex¬ penditures kept the rate of gain in net operating income below expectations, with only 25% of gross pickup being brought down to net. As compared with the increase of 11.4% in gross revenues for the first half, it is estimated that maintenance expenditures were up about 15% over the first half of —In Chain Store Stocks 134 42 1% 44 1936. the first half of 1937, York City, state that the Volume Financial 145 Chronicle Quotations on Over-the-Counter Securities—Friday August 13- Continued Industrial Stocks and Bonds—Continued Industrial Stocks and Bonds Par American Arch American Book 43% 100 46% 64 Gen Fire Golden Cycle Corp 8% preferred 25 35 18 21 American Mfg 5% pref.100 American Republics com * 80 84 15*4 16*4 6 Amer Roll Mill 4 Andian Beneficial Indus Loan Bowman-Blltmore pf_* Burdlnes Inc Climax Columbia $1 Baking ,17 Paper. .25 39 *4 41*4 ..5 13 *4 15% Skenandoa Rayon Corp Standard Brands 4*4% pf * Standard Screw 100 13 14 2 Sylvania Indus Corp 28 29*4 1% Taylor Wharton Iron & 100 100 100 17 69 39 40% 100 116 6% 45 preferred Dennlson Mfg class A. 10 Dentists' Supply Co of N Y Devoe <fc Raynolds B com * 3*4 4*4 55*4 57*4 57 61 Dictaphone Corp Preferred 100 1118 Du Pont (E 1) conv 48 x45% * preferred 24*4 22% preferred 100 *106 West Va Pulp & Pap com. * 35 7% m 8% 30 29 Preferred ... 64 66 39 41% 19*4 25 Wickwire Spencer Steel..* WUcox & Glbbs common 50 19 20 27 30 11% Willys Overland Motors.. 1 10*4 Conversion. 6% 98 1 4% 5*4 Petroleum cum 1% 89 J87 /23 103 Conv 6s 1939 Nat Radiator 5s 1946 N Y Shipbuilding 5s..1946 195 85 90 1945 106 108 J22 23 101 % $3 pref— 1955 1937 Haytlan Corp 8s 1938 Kelsey Hayes Wheel Co— Conv deb 6s 1948 Deep Rock Oil 7s Scovlll Mfg 5*4s 107 104 100 West Dairies Inc Pathe Film 7% 101 26 95 85 103*4 t c 1 com v preferred 76*4 100*4 101*4 73*4 1952 5s Wilson 4 Co conv 3*48 1947 Wltherbee Sherman 6s 1944 /49 63 12 13 1st 6s -1962 103 104 30 % 32*4 2d conv Inc 5s -1962 118*4 123 6*4 5% WJR The Goodwill Sta.. 5 For footnotes see page 32 Utd Clg-Whelan St 10 preferred 3*4 2% 28 * 49*4 /46*4 37 White Rock Mln Spring— $7 1st preferred 100 Leather common. 99 102*4 102*4 103*4 103J4 Martin 91 3*4 Tennessee 99J4 100*4 Standard Textile Products 1st 6 *4s assented. 1942 Corp— % 12% 10% Welch Grape Juice com..5 42 Ohio Match Co 36*4 95 Cont'l Roll & Steel Fdy1st conv sf 6s 1940 Cudahy Pack conv 4s.1950 Kopper Co 4s ser A—1951 (Glenn L)— i 44 % 3*4 * . 17% 1% Ohio 6*4 Foundation Co Forshs...* 16% Northwestern Yeast— 100 Norwich Pharmacal— -.6 20*4 35 United Merch & Mfg com * 96 Chicago Stock Yds 5s. 1961 1st 3*4s 87 Preferred 6 *4% 5*4 5% 106 102 98 100 82 18*4 4% com 17% New Haven Clock— 108*4 109*4 100 share* 100 preferred New Britain Machine.. 35*4 * Follansbee Bros pref American 5% - 62*4 30 Preferred... * United Artists Theat 50 * Nat Paper & Type com. - 42% $3 79 4*4% pref.* Federal Bake Shops - 40% Warren Northam— 111 Preferred 59*4 32*4 Dixon (Jos) Crucible 100 Douglas Shoe preferred. 100 Draper Corp .♦ * pf.10 16*4 Casket National 71 67*4 * 6% 46 Muskegon Piston Ring _. 5% 105 90 100 Preferred Bonds— 10% Mock Judson <fe Voehrlnger 108*4 103 American Tobacco 4s .1951 * cum 95 Am Wire Fabrics 7s..1942 160 26*4 Tublze Chatlllon 120 126 18% 25% Corp 100 preferred 7% 6 * Trico Products 7 % preferred 100 Young (J S) Co com—100 103*4 Commercial Credit 2*4s '42 common 110 59 26*4 25*4 101 104% 105*4 .* Tennessee Products 9 18*4 42 * 100 preferred 309 5% 240 66 Merck & Co Inc com 8*4 Steel 46% 45% 305 . United Piece Dye Works.* Preferred. 100 30 27 * 1 Preferred 52*4 7 * 1H 1% 1 Macfadden Publlca'n com ♦ 7 50*4 preferred cum 52 X % preferred 2d 8% preferred 36 5*4 * Crowell Publishing oom_.» $7 50*4 1st 6 25 33*4 10 com * Lawyers Mortgage Co. .20 Lawrence Portl Cement 100 53*4 22*4 * common common Molybdenum Singer Mfg Ltd 9 7 *4 30 56 100 * ' York Ice Machinery Scovlll Mfg __25 Singer Manufacturing. 100 Lord & Taylor com 100 5 Ask 28% 10 Woodward Iron com Worcester Salt 49 4 13 Klldun Mining Corp Hotels 1st preferred Chilton Co Great Northern 7*4 51*4 46 * com 70 Harrlsburg Steel Corp 28 6 * Remington Arms 11 54*4 26*4 Art Metal Construction. 10 Bankers Indus Service A_* Publication Corp com 68 *4 * Great Lakes SS Co com 52 % 100 Preferred 101*4 102*4 *4 % pflOO National Corp * 31 ..1 Graton <fc Knight com.. 34*4 * 26 Stromberg-Carlson Tel Mfg 106 101 100 Hardware cum American :io Good Humor Corp American Hard Rubber— Amer Maize Products 25 *4 29 Extinguisher- 6% 5% Bid far Ask Bid Par Petroleum Heat & Power.* 67 65 Garlock Packing com.. 61 * Ask Bid Par Ask Bid Woodward Iron— 1084. Products Common Woodward Iron EDWARDS & CO S. H. f Pittsburgh Stock Exchange | Memoers Follansbee Bros. New York Curb Exchange (Associate) United New York 120 Broadway, SELIGSBERG & CO. Teletype N. Y. 1-869 Tel. REctor 2-7890 Union Bank Cigar Stores Exchanges Members New York Stock & Curb Building, Pittsburgh 50 Broad St., New York Telephone Bowling Green 9-8200 Wickwire Spencer Steel Co. STOCK COMMON Bought—Sold—Quoted WICKWIRE SPENCER STEEL QUAW & FOLEY New Common—Warrants Members New York Curb Exchange 30 Broad Hanover 2-9030 St., N. Y. £xpkZAd, fcxx&CMXjC, 52 Wall New York City Street, A. T. & T. Teletype N. Y. 1-1842 HAnover 2-8080 CLIMAX MOLYBDENUM COMPANY C. Members 61 Shawnee Pottery UNTERBERG & CO. E. Offering price BOwling Green 9-3565 Broadway, New York Teletype N. Y. Company CAPITAL STOCK / New York Security Dealers Association | Commodity Exchange, Inc. $2.50 — per Share Prospectus on Request 1-1666 ROBINSON, MILLER & CO. INC. SALES AUCTION Telephone The following securities were sold at auction on Wednesday 52 William Street, HAnover 2-1282 n.™!-!®! N.Y. of the current week: CURRENT By Adrian H. Muller & Son, New York: $ per Share Stocks Shares $10 —.$755 lot 125 (N. Y.), no par; and $83,030.19 promissory note of 1297 Corporation dated Feb. 2,1931. Due Feb. 2,1936. Interestat6% $2,0001ot 10 purchase money certificates of Ocean Vlew-Tbe Cemetery Beautiful, Inc. —A group 2,000 Independent Starch Co., Inc. (N. Y.), common, par 20 The Brooklyn Jockey Club of Brooklyn, N. Y., par $40 houses active 500 1297 Corporation have formed a new organization to series "A" section $35 lot B Shares D. Blake of Shields & Co. who will serve as preferred 10 Shares $ per Share Stocks $12.50 49% 23 Nashua Mfg. Co., common 4 Interstate Power Co., $7 preferred 5 New 22% 8 24 10 Reed-Prentice 3% 29 3 England Public Service $6 preferred 4 Central States Power & Light Corp., $7 preferred 5 Baush Machine Tool Co., preferred 10 Reed-Prentice Corp., pref., par $50 7 Corp., common $ per Share Stocks 60 Rockland Light & Power Co., par $10 10% $1.50 lot 18 Hancock Cons. Mining 10 Nantucket Co., par $25 Cranberry Co., common, par $50 4% 4 Trust ern of The Stocks $ per Share 120% Co., par $20 65 Philadelphia Bourse, common, par $50 8% Bonds— per Cent $2,000 N. E. Corner Wolf and Water Sts., 1st 5%s, 1933. —Falvey, manager elected a Waddell & Co., Inc. Ctfs. of deposit...$14 flat The club will conduct various social and educational activities day. The first outing will be held this September. for election of officers announce during the field Their annual meeting and directors will be held on the last Friday of April. In addition to the officers and directors, those active in the club were F. B. Carpenter and J. S. Loomis, both the formation of of Barr Bros. & Co., Inc., C. F. Hemenway of The Illinois Company of Chicago, N. S. Sharp of Donald Searles and T. Henry Boyd of Blyth & Co., Inc., N. S. Geruldsen of I. Newton Perry & Co., William J. Corbett and D. T. Richardson of Kelley, Richardson & Co., Charles H. A. L. McDougal, Jr. and Ireland of the Central Republic Company, J. N. The Northern Trust Company and Maxwell of Eugene De Staebler of F. S. Moseley —The average price was that C. for 20 insurance company stocks as of August 6, 1937 27.39 compared with 27.38 as of July 30, a net increase A. Schroeder, who of 0.01, accord¬ by Allen & Co., 30 Broad St., New York. ratio of price to liquidating value for these 20 stocks remained ing to weekly figures compiled The average unchanged at .94. for 18 bank and trust company stocks showed a net loss of 2.72 during the week to NOTICE of their retail sales department in New York City, has been vice president. of Lewis Pickett & Co., Inc., and S. E. Johanigman fall, winter and spring seasons, and each summer will hold an annual ratio of price to is Walter E. Lang of Brown Harriman & Co., Inc., Company, Milwaukee Company. The average price CURRENT National The directors are Pat G. Morris of the North¬ & Co. By Barnes & Lofland, Philadelphia: Shares 20 Philadelphia National Bank, par $20 10 Corn Exchange National Bank & Trust the Municipal Bond Club Inc. will be Vice-President, George L. Martin of Bank of Chicago, Treasurer. R. W. Pressprich & Co., By Crockett & Co., Boston: Shares Stern & Company, Benjamin F. Lewis, By R. L. Day & Co., Boston: 6 First National Bank of Boston, par as President. L. R. Billett of Law¬ Kelley, Richardson & Co., Secretary and Lewis Miller of the First $ per Share Stocks— 136 Brighton Mills be known The club, which is limited to 125 members, is headed by Fred of Chicago. rence By Adrian H. Muller & Son, Jersey City, N. J.: NOTICES of prominent municipal bond men representing investment in the underwriting and distribution of tax exempt securities 109.91 against 112.63 as of July 30, while the book value decreased 0.04 to 1.26 during the week. the Chicago Mercantile Exchange has been posted —A membership in for transfer to George M. Waugh, Jr., Vice-President and Borden Company, New a director of the York City. d Financial 1086 Chronicle Aug. General Corporation and Investment RAILROAD—PUBLIC 14, 1937 News UTILITY—INDUSTRIAL—MISCELLANEOUS Walter L. be underwriters. ■A.ug a RIGHTS-SCRIP $5 par, properties, and 7,900 shares per share. Proceeds other those used in acquisition of properties, will be used to repay bank and for working capital. Ambrose Bradley and S. M. Vockel Co., will be underwriters. H. E. Milliken is President of the company. Aug. 9, 1937. registration statement covering 21,100 shares of common stock, loans . Inc., Filed Callahan Consolidated Mines, Members New York Slock New York Curb Exchange Exchange Broadway, New York Inc. (2-3343, Form A01) of Wallace, Idaho, has filed a registration statement covering 2,200,000 shares of com¬ mon stock, 10c par, of which 166,300 shares will be issued to underwriter to be reissued share for share in exchange for stock of Delaware Mines McDonnell &Ca 120 has filed of which 13,200 shares will be used to acquire will be offered through underwriter at $6.50 than Specialists since 1917 Filed Green is President of the company. 9, 1937. All Penn Oil & Gas Co. (2-3342, Form Al) of Pittsburgh, Pa., Telephone REctor 2-7815-30 Bell Teletype NY 1-1640 Corp., 366 shares will be held by underwriter to be offered at 25c each and 2,033,334 shares will be offered through underwriters at 25c each. Proceeds will be used to acquire property, for mill equipment, development and work¬ ing capital. James A. Allen and C. O. Jennings & Co., will be under¬ writers. Donald A. Callahan is President of the company. Filed Aug. 9, 1937. Nancy Lee Mines, Inc. (2-3344, Form A01) of Kellogg, Idaho, has filed a FILING OF STATEMENTS REGISTRATION following additional registration statements (Nos. 3329 to 3346, inclusive, have been filed with the Securities and Exchange Commission under the Securities Act of 1933. The total involved is approximately $111,587,419. Filed Aug. 5, 1937. Northern States Power Co. (2-3330, Form A2) of Minneapolis, Minn., a registration statement covering 275,000 shares of no par value preferred stock $5 cumulative series, and 1,100,000 shares of no par value common stock, to be reserved for issuance upon conversion of the preferred. has filed (For further details see Filed Aug. 5, 1937. subsequent page.) Gold Dust Mining & Milling Co. (2-3331, Form A01) of Colorado Springs, Colo., has filed a registration statement covering 500,000 shares of stock, $1 par, of which 300,000 shares are to be offered to the public at $1 per share and 200,000 shares are to be issued to the president for properties and services. Proceeds will be used for plants, properties, equipment, development and working capital. No underwriter is named. O. W. Taylor is President of the company. Filed Aug. 5, 1937. Allis-Chalmers Mfg. Co. (2-3332, Form A2) of West Allis, Wis., has common filed a registration statement covering $25,321,500 of 15 year 4% convertible sinking fund debentures due 1952, rights evidenced by subscription certi¬ ficates to purchase the debentures, and an undetermined number of shares of no par value common stock including script certificates for fractional shares to be reserved for conversion of the debentures. see subsequent Filed Aug. page;. 5, capital. company. (For further details 1937. be offered by underwriter to the public at $3.50 each. Proceeds will be used for working capital. F. A. Brewer & Co., Inc. will be under¬ writer. Homer K. York is Prsident of the company. Filed Aug. 10,1937. and may Bethlehem Steel filed will be used for payment of debt, and for property, plants, equipment and working capital. Underwriters will be named by amendment. Roy W. Moore is President of the company. Filed Aug. 6, 1937. Detroit has filed Compensating Axle Corp. (2-3334, Form Al) of Canton, Ohio, a registration statement covering a total of 458,040 shares of capital stock, $1 par. Of the shares registered, 308,040 shares are out¬ standing, 50,000 shares are to be offered to underwriter at $3.25 each, 50,000 shares have been optioned to underwriter at price ranging from $2.50 to $3 per share, and 50,000 shares have been optioned to Gammack & Co. at prices from $2.50 to $3 per share. Proceeds will be used for patents, licenses, payment of debt, for the purchase of machinery and equipment and for working capital. Goodwin, Griswold & Co., Inc. will be underwriter. Sidney W. Noyes is President of the company. Filed Aug. 7, 1937. Victor Chemical Works (2-3335, Form A2) of Chicago, 111., has filed a registration statement covering 696,000 shares of $5 par value stock. For further details see subsequent page. Filed Aug. 7, 1937. Kansas Pipe Line & Gas Co. (2-3336,, Form Al) of Phillipsburg, Kans., has filed a registration statement covering $1,000,000 5% first mortgage sinking fund bonds, series A, due 1952, 1,000 warrants for common stock to be attached to the bonds, and 72,340 shares of common stock, $5 par. Of the bonds registered, $426,000 are to be offered to underwriters at par, $142,000 have been subscribed for by President of the company under pre¬ emptive rights, and $432,000 are to be issued in exchange for like amount of the same bonds sold earlier this year. Of the common stock registered, 40,000 shares are to be reserved for exercise of warrants at prices ranging from $6 to $10 per share, 9,500 shares are to be offered through under¬ writers at a price to be filed by amendment, 2,840 shares are offered stock¬ holders under preemptive rights at $6 each, 15,000 shares are optioned to underwriters at $6 per share, and 5,000 shares are optioned to President of company at $6 each. The optioned shares are not to be presently offered. Proceeds will be used for payment of debt, for construction of pipe lines, for plant and equipment, and for working capital. Harold E. Wood & Co. and others company. will be underwriters. L. E. Fischer is President of the respect of 3,191,294 shares of common stock to purchase such debentures, and an undetermined number of shares of no par value common stock in¬ cluding script certificates for fractional snares to be reserved for conversion of the debentures. The inte;est rate is to be furnished by amendment to the tion statement covering 2,700 shares of common stock, no par. The com¬ plans to offer holders of its common stock the right to subscribe for the additional shares at the rate of 84-100 share for each share held at a price of $130 pa* share. Any unsubscribed for stock will be initially offered to pany the public at $130 per share. Proceeds will be used for plant expansion, development, and working capital. Engineers Holdings, Inc. will be under¬ writer. D. F. Comstock is President of the company. Filed Aug. 9, 1937. Cinecolor, Inc. (2-3338, Form Al) of Los Angeles, Calif., has filed a registration statement covering 407,000 shares of common stock, $1 par, of which 240,000 shares are outstanding and 167,000 shares are to be issued by the company through underwriter at $1.50 per share. Proceeds will be used for equipment and working capital. G. Brashers & Co. will be under¬ writer. A. L. McCormick is President of the company. Filed Aug. 9, 1937. Marquette Metal Products Co. (2-3339, Form A2) of Cleveland, Ohio, a registration statement covering 50,000 shares of $20 par 6% has filed cumulative convertible preferred stock; 250,000 shares of $1 par common stock of which 100,000 shares are outstanding and 80,000 option warrants purchase Filed Aug. 9, common stock. For further details see subsequent page. 1937. Contract Purchase filed registration statement. Aug. 10, 1937. (For further details see subsequent page.) Filed The SEC has announced that at the request it has consented cant to the of the appli¬ of the following withdrawal registration statement filed under the Securities Act of 1933: Co. Foundation stock. The last in (2-3036), covering 150,000 shares (par $1) capital was given Filed March 31. 1937. our previous list of registration statements Aug. 7, page 928. issue of Abitibi & Power Paper Co., for Ltd.—Instructions Depositing Bonds— The method by which holders of first mortgage bonds may pass upon the reorganization plan, recently announced by the bondholders' representative committee, is outlined in notices sent to bondholders. At the same time a formal call for a meeting of bondholders to be held in Toronto on Oct. 15 has been issued by the Montreal Trust Co., as trustee. Bondholders must deposit their bonds with a bank, trust company or other agency approved by the trustee, obtaining in exchange a voting certificate which will entitle the holder to appoint proxies for voting at the meeting. * Proxies, accompanied by voting certificates, may be lodged with National City Bank, New York, or with offices of Montreal Trust Co. in Toronto, Montreal, Halifax, Winnipeg, Vancouver and Edmonton, Canada, and in London, England. Bondholders in the United States, Canada and Europe are being advsied by the bondholders' representative committee, of which Joseph P. Ripley is chairman, to communicate promptly with the committee in order that full information relating to the reorganization plan may be sent to them.— V. 145, p. 928. Adams-Millis Plant & Corp.—Consolidated Balance Sheet June 30— 1937 Assets— x 1936 cquipm't$2,014,191 $2,138,954 Cash 86,578 634,156 Marketable secur. 447,958 A cots, receivable.. 440,072 922,150 409,241 Inventory 832,281 Other assets 17,813 Deferred charges. 38,987 . Total $3,877,880 $4,701,636 After depreciation x 548,181 15,271 33,683 I 1936 1937 Liabilities— I 1st pref. stock Common stock. Notes payable Accounts payable. y $500,000 $1,750,000 614,004 614,004 50,000 24,587 70~572 Acer, labor and tax 188,716 152,180 Res. for conting.. 59,000 59,000 2,441,570 2,055,879 Earned surplus $3,877,880 $4,701,636 Total of $1,676,320 in 1937 and $1,472,610in 1936. y Re¬ presented by 156,000 no par shares. for the six months ended June 30 were published in The earnings p. V. 145. 928. Filed Aug. 7, 1937. I. B. Corp. (2-3337, Form Al) of Cambridge, Mass., has filed a registra¬ to Corp. (2-3346, Form A2) of New York, N. Y., has registration statement covering $48,000,000 of 15 year sinking fund debentures due Oct. 1, 1952; warrants evidencing rights in a convertible Canada Dry Ginger Ale, Inc. (2-3333. Form A2) of New York, N. Y., a registration statement covering 102.526 shares of capital stock, $5 par, to be offered first to stockholders and then publicly through under¬ Proceeds The be offered through underwriter at $3.50 each. balance of 60,000 shares will be offered to underwriter as compensation, has filed writers. R. L. Brainard is President of the No underwriter is named. Filed Aug. 10, 1937. Garford Corp. (2-3345, Form Al) of Marion, Ind., has filed a registra¬ tion statement covering 230,000 shares of common stock, $1 par, of which 170,000 shares will Lufkin Rule Co. (2-3329, Form A2) of Saginaw, Mich., has filed a regis¬ tration statement covering 313,858 shares of common stock, $5 par, of which 70,870 shares are to be presently offered. (For further details see sub¬ sequent page.) registration statement covering 2,593,250 sharesof common stock, 25c par, shares will be offered first to stockholders at 25c. each. of which 743,000 Any unsubscribed for shares will be offered to the public at 25c. each. The balance of 1,850,250 shares are outstanding and are not presently to be offered. Proceeds will be used for development, equipment and working ACT SECURITIES The UNDER Corp. (2-3340, Form A2) of Detroit, Mich., has registration statement covering 7,500 shares of $100 par 6% cumula¬ stock, and 228,000 shares of $2.50 par common stock. Of the common shares being registered, 60,000 will be reserved for conversion of the preferred, 7,440 will be reserved for conversion of convertible debentures, due 1946, now outstanding, 20,000 have been optioned to underwriter at $6.25 each, and 140,560 shares are not a tive convertible preferred presently to be publicly offered. Proceeds will be used to redeem deben¬ tures and 6% cumulative preferred stock, and for working capital. Cray McFawn & Co. will be underwriter. George A. Bigley is President of the company. Filed Aug. 9,1937. City Industrial Savings & Loan Co. (2-3341, Form Al) of Hyattsregistration statement covering 1,500 of $6 cumulative ville, Md., has filed a class A common stock, no par, to be offered at $100 per share. Proceeds will be used for working capital. Southeastern Investment Co., Inc., will Aetna Ball Bearing Mfg. Co .—Earning 1937 6 Months Ended June 30— charges incl. Federal nor¬ mal income tax but before any deduction for Federal surtax on undistributed profits Earnings per share on 121,500 shares —V. 144, p. 3826. Net income, after 1936 all $154,736 $1.27 $93,329 $0.76 Alleghany Corp.—Court Action Against Alleghany-Chesa¬ peake Merger Filed— The Tri-Continental Corp. and Selected Industries, Inc., which are large stockholders of Chesapeake Corp. on Aug. 11, filed suit in Baltimore to enjoin the proposed merger of Chesapeake Corp. and Alleghany Corp. Tne grounds for objection are similar to those raised recently in the in¬ vestigation conducted by the Wheeler committee in the Senate. At present the minority stockholders of Chesapeake Corp. participate directly with Alleghany Corp., the majority stockholder or Chesapeake, in the receipt of dividends flowing from earnings of Chesapeake & Ohio Ry., a large block of the stock of which is held by Chesapeake Corp. It is asserted that under the plan this position would be impaired in that the holders of the present Chesapeake comm on stock are offered new preferred stock in the consolidated corporation which would be junior in position to the large amount of Alleghany bonds which consolidated corporation. It is further asserted would be assumed by the that the alternative offer of would, if accepted, exclude Chesapeake stockholders from continued participation in the whole enterprise and is less than their distributive share oi the assets of Chesapeake. The Wheeler committee concluded its inquiry into the proposed re¬ organization on Aug. 11, and adjourned subject to the call of the Chairman. Chesapeake & New Suit Ohio common Opposes Plan— was filed Aug. 12 in Baltimore by Aldebaran Corp. and Corp. to restrain Alleghany Corp. and Chesapeake Corp. from proceeding with the proposed reorganization plan of the two companies. Broseco Corp. is a personal holding company owned by Donaldson Brown, Vice-Chairman and chief financial officer of General Motors Corp. Another suit Broseco Volume 145 Financial Chronicle 1087 Aldebaran Corp. is owned by John Thomas Smith, Vice-President and general counsel of General Motors, Albert Bradley, Vice-President of General Motors, E. P. Johnson and Florence Friday. ICC orders Inquiry of Alleghany Set-up Under Its We Invite Jurisdiction The Interstate Commerce Commission, on its own motion at Washington on Aug. 12 ordered an inquiry and investigation concerning the holdings of common carrier securities, finaancial and other operations and practices ofAl^hany Cor^., Chespeake Corp., Robert R. Young, Frank F. Kolbe Prefer &®2wa & (S®. The ICC moves particularly to the Chesapeake & Ohio Ry., New York, Chicago & St. Louis R.R., and the Missouri Pacific Ry., and other railroads subject to the Interstate Commerce Act. The investigation by the Commission is to determine the jurisdiction of the Commission over these corporations as the individuals, with a existing and as proposed to be consolidated, and view to the making of a report and such order as Chesapeake Corp. Answers Two Suits— On Aug. 12 Chesapeake Corp. filed its answer in Circuit Court, Baltimore, a preliminary injunction asked by Tri-Continental Corp. and Selected Industries restraining the proposed merger plan be issued unless Alleghany and Chesapeake corporations properly show cause. Chesapeake Corp., in its answer, says that while the position to the com¬ plainant as minority stockholder of Chesapeake Corp. will be changed as a result of carrying into effect the proposed plan of consolidation, nevertheless, it alleges that "the change of position is not detrimental, infair or inequitable to the Court's order that to the complainant." Chesapeake Corp. said that the investment trusts' position on the con¬ trary "is equal to, if not improved," by changing from a holder of common stock without par value of one of the constituent corporations to that of a holder of 100 par value of a dividend-paying preferred convertible stock of the consolidated company.—V. 144, p. 929. Allen Phone Daly $892 Teletype Ml'w. 488 now may be found warranted under the Interstate Commerce Act. The Com¬ mission has ordered that this proceeding be assigned for hearings at such time and place as they hereafter may direct. Industries, Inc.—To Increase Capitalization— value.—V. 145, Allied Kid p. According to the registration statement, the net proceeds to be received are to be added to the Company's general The Company states that it proposes to discharge from its general funds bank loans which have been incurred since Feb. from the sale of the debentures of July as and stockholders, the Company states. The price at which the debentures are to be offered to the stockholders and to the public, the names of underwriters, the underwriting discounts or commissions, the redemption and conversion provisions and the expiration date of the subscription certificates are to be furnished by amendment to the registration statement.—V. 145, p. 930. G. $11,022,323 289,494 .$10,732,829 8,791,206 969,036 I__ Net profit Capital stock and surplus, June 30, 1936 Net adjustments resulting from examination of prior tax returns. $580,407 4,906,476 3,827 Income taxes undistributed profits fS Dividends paid Excess of cash paid to retire pref. stock over proceeds from sale of 1936 $334,841' $320,972 Market, securities. 16 J39 1,263,514 3,223,200 . Cash surr. value ot life insurance In rec. 217,358 5,181 22,259 unlisted security 1,800 1,800 949,579 equipment Goodw., tr.-marks insur'ce 41,506 $6.50 50,944 ....$6,981,999 $6,075,059 $831,785 164*377 69,133 69,483 231,290 25,000 102,938 Capital surplus surplus Total 113,000 85,059 1 ,338,088 b898,050 1,455,002 Assets— $367,060 $315,875 $184,384 1936 5558,414 undelivered $80,625 82,485 $34,225 66,375 pref. stock 2,400,460 1,024,500 11,047 d Class B com. stk 63,266 2,400,460 Capital surplus... 4,304,615 Earned surplus 763,391 4,304,615 Acer. exps. & taxes 13,959 7,797,272 8,010,961 220,000 220,000 22,575 11,586 Prepaid expenses 112,198 3,998 a Prior 1,024,500 b Preferred stock, 5*793 1,975 11,047 Class Acom.stk. c " 1,975 . Total / bought & not received.. investments Invest, secure Other 1936 1937 Liabilities— Securities $356,751 $8,730,390 $8,607,065 63,266 702,576 $8,730,390 $8,607,065 Total a Represented by 25,268 no par shares, b Represented by 102,450 no shares, c Represented by 110,472 no par shares, d Represented by 632,662 no par shares, e Market value $7,247,048 in 1937 and $5,694,359 ■ 1937 warrants entitling the stock on or before July 1, 1940 at $10 a share. The company is also obligated to issue before Jan. 1, 1938 warrants entitling the holders to purchase, under conditions set forth in a contract dated March 19, 1936. not to exceed 70,000 shares of class B common stock before Jan. 1. 1942, at $1 a share.—V. 145, P- 930. were outstanding at June 30, holders to purchase 537,467 shares of class B common American Chain & Cable Co., Inc. (& Subs.)—Earns. Earnings for 6 Months Ended June 30, 1937 $15,228,887 Gross sales, less discounts, returns and allowances (incl. shipping exp. & freight & cartage outward, but not incl. deprec. and patent amortization) *—__— Cost of sales ... Corp.—Listing— Profit. 10,670,975 492,141 30,641 2,009,567 Depreciation of plants, machinery and equipment Amortization of patents Selling, administrative and general expenses.. common stock. The 5,894 shares of 5% preferred stock and the 49,646 shares of common were authorized for issuance at a meeting of the directors held on July 27, 1937. Of the 49,646 shares of common stock, 30,000 shares are to be issued in exchange for 8,930.5 shares of capital stock (no par) of C. C. Anderson Stores Co., being all the issued and outstanding capital stock of that company, under the terms of the agreement dated July 13, 1937, between the corporation and certain stockholders of C. C. Anderson Stores Co. The remaining 19,646 shares of common stock and the 5,894 shares of 5% preferred stock may be issued from time to time prior to Aug. 1, 1942, under the provisions of the agreement, which provides, in the corporation will at any time prior to Aug 1, 1942, at of the holders of income bonds or C. C. Anderson Stores any part $2,025,563 251,330 ... Other income (net)... Total the option of any Co., acquire from of such income bonds, and issue in exchange therefor the interest, $100 cor¬ . The book value of the capital stock of the C. C. Anderson Stores Co. at the date of acquisition by the corporation, exclusive of goodwill and other intangible assets, will be $500,000 before adjustment for operating results Feb. 1, 1937, 30,000 shares of its to 11,379 ________ 345,266 Consol. net inc. for 6 months ended June 30,1937, excl. of net refund of prior years' Fed. excise taxes credited to earned surplus & interest thereon Jan. 1, 1937 Refund of prior years' Fed. excise taxes & interest thereon, less Earned surplus, applicable exps. incl. prov. for Fed. normal income tax Total 393,946 $3,728,822 - Cash divs. paid: $1,920,247 1,414,629 90,265 On 5% cum. convertible preferred stock..... 710,938 On common stock $2,927,619 been made for the Federal surtax on undistributed be payable under the Revenue Act of 1936, since any liability for such tax cannot be determined until the end of the calendar year. —V. 144, p. 3826. Balance, earned surplus, June 30, 1937 Note—No provision has net income which may per share for the 5% preferred stock of the corporation, with cash adjustment of accrued dividends, and $30 per share for the common stock of the from $2,276,893 - Interest expense (net) Provision for Fed. normal inc. tax & foreign income tax—.— substance, that corporation's own 5% preferred or common stock as such holders may elect, on the basis of the principal amount for the income bonds of C. C. Anderson Stores Co., with cash adjustment of accrued the closing date. The corporation will exchange stock for the outstanding capital stock of the C. C. Anderson Stores Co., or at the rate of $16 2-3 per share for the com¬ mon stock of the corporation. common closing date under the agreement, the C. C. Anderson Stores, Co. outstanding $589,378 of 5H% income bonds.—V. 145, p. 624. American Home Products 6 Mos. End. June 30— Corp. (& Subs.)—Earnings— 1937 1936 1935 1934 Net earns, after all chgs., incl. deprec. eral taxes. and Fed¬ x$l,552,661 Shs. cap. stock outst'g.. Earnings per share x Before provision American 741,060 $2.09 $1,339,749 * $621,415 741,060 * 672,100 $1.80 $0.92 $1,001,785 672,100 $1.49 for surtax on undistrib7ted profits.—V. 144, p. 3162. Insulator Corp. of Del.—Recapitalization Voted— Allia-Chalmers Mfg. Co.'—Registers with SEC— The company on Aug. 5 filed with the Securities and Exchange Com¬ registration statement (No. 2-3332, Form A-2) under the Se¬ curities Act of 1933 covering $25,321,500 15-year 4% convertible sinking fund debentures due 1952, rights evidenced by subscription certificates to mission 46,434 "2,000 1937 Cash stock At the 7,028 18,744 $411,274 $6,981,999 $6,075,059 Authority for and Purpose of Issue will have 5,903 19,736 187,368 amounts applied for: 241,208 shares of 5% preferred stock, and poration 7,275 24,513 53,500 stock 1,827,799 shares of them 11,965 23,117 52,542 Prov. for Fed. inc. taxes Prov. for contingencies. 1,188,556 (no par), all on official notice of issuance in connection with the acquisition of the securities of C. C. Anderson Stores Co., making . 63.082 iV. The New York Stock Exchange has authorized the listing of 5,894 addi¬ tional shares of 5% preferred stock (par $100) and 49,646 additional shares co rim on $396,783 8,700 11,850 and taxes Note—There 1,064,500 allowance for doubtful accounts and discounts of $100,328 in 1937 and $88,158 in 1936. y After allowance for depreciation of $1,815,341 1937 and $2,042,577 in 1936. z Represented by 10,645 no par shares, a Represented by 22,600 no par shares, b Represented by 179,610 no par shares, c Par $5.—V. 145, p. 595. or 4,103 $220,723 8,700 $153,538 in 1936. cum. conv. in Allied Stores 8.725 $463,798 11,450 $380,037 75,036 par CI. A non-voting stock..... Earned Total 264,011 Common stock _»_cl ,325,000 Paid-in surplus 2 ,141,182 duty 8,265 bonds, &c Accrued Interest.. pref. stock.. a & prepd. prems. 1936 released Res. for contlng.. z and formulae Unexpired on Treasury stock Fed. & State taxes, estimated 1934 1935 1936 $322,934 65,890 7,958 Diva, receivable.. under tr. recpts)$l ,203,238 Notes payable 300,000 920,078 Prop., plant and y 1937 Research fees Fees of trustees, transfer agents, &c Gen. exp8., incl. salaries e (Accounts payable. 197,460. Accrued accounts. company to Corp.—Earnings— $367,445 135,037 stocks merch. trade accepts.rec 1,413,931 Merch. inventories 4,031,672 Invest. Int. on ters of credit (for 60,962 this $510,747 Dividends $4,889,328 1937 Drafts against let¬ Notes, accts. and Misceil. accts. American Capital Securities sold and Liabilities— 1 Aug. 4 elected a director of 144, p. 4332. on 6 Mos. End. June 30— Profit from sales of see's. 150 540 11111. "II and surplus, June 30,1937 1937 was Scanland.—V. Comparative Balance Sheet June 30 Balance Sheet June 30 x Co.—Registers with SEC— 434,703 _ Assets— Nye R. $5,490,710 stock Net cost of treasury stock acquired Cash All Penn Oil & Gas See list given on first page of this department.—V. 145, p. 268. ' $972,588 204,807 166,874 20,500 Capital stock machinery businesses, it is stated. American Car & Fundry Co.—New Director— Net profit from operations. Other i ncome and deductions—Net common 11,1936, and which, principal amount of $12,000,000. Hayden, Stone & Co. is expected to be included among the underwriters who will purchase such of ihe debentures as are not taken by the common Ernest L. Net sales_ Cost of goods sold (incl. deprec. of $89,827) General, administrative and selling ™T?ial Zt were outstanding in the substantial portion of these expenditures will probably be used to augment the Company's production facuities in its tractor and agricultural implement Co.—Earnings— Discounts allowed on 31,1937, Some part of this addition to the general fund will ultimately be employed extending production facilities for which no definite appropriations have yet been made but it has been tentatively proposed that between $6,000,000 and $8,000,000 be spent prior to Dec. 31,1938, from such capital additions. A in 595. Earnings for the Year Ended June 30, 1937 Gross sales, less returns, allowances, &c Surtax MILWAUKEE, WIS. funds. Stockholders, at a special meeting on Aug. 25, will vote on a proposed increase in authorized capital stock by creation of either 40,000 shares of preferred stock of $25 par value or 10,000 shares of preferred stock of $100 par Inquiries in Milwaukee & Wisconsin Issues a Stockholders at a meeting held Aug. 10 approved the plan of recapitaliza¬ The plan involves the exchange of outstanding preferred stock and accumulations for two new sha,res of convertible preferred plus four share of common stock. The company is preparing to file a registration state¬ tion. purchase the debentures, and an undetermined number of shares of no par value common stock including scrip certificates for fractional shares to be reserved for conversion of the debentures. The debentures are to be offered to holders of the Company's common ment covering the proposed exchange offer.—V. 145, p. 596. stock through transferable subscription certificates at the rate of debenture for each 35 shares of common stock held. against $49,232 in June. The July earnings reflect the increased capital from additional common stock sold in the latter part of June.—V. 145, p. 931. one $500 American Investment Co. of Illinois—Earnings— Net income after taxes for the month of July amounted to $61,733, as Financial 1088 American General Interest earned Interest earned Miscellaneous bonds on $532,011 9,260 7,500 * account receivable on income six months of the year and Expenses 6 Months Ended June 301937 dividends on stocks Income—Cash < 215 - Total 1937, there were 123 locomotives on order. During the first additional orders were received for 144 locomotives completed and shipped, resulting in a carry-over of 197 unfinished locomotives at July 1, 1937. Unfilled orders, for both locomotives and other producst, at July 1, 1937, amounted in dollar volume to $32,518,822, compared with $21,429,073 at Jan. 1, 1937, and $8,920,005 at July 1, 1936. At Jan. 1, Corp. (& Subs.)—Earnings— Consolidated Statement of Income and 70 locomotives were Comparative Consolidated Balance Sheet June 30 $548,986 Operating expenses,. Aug.' 14, 1937 Chronicle 245,661 .• 1937 $ Assets— Net income before interest expense . Interest expense $303,325 294,540 __ Taxes refunded to debenture holders and taxes paid at source,_ 7,726 y Cost of $1,059 Balance, surplus, from undistributed profits and income, Dec. 31, 1936 Net profit on sales of securities for 6 months ended June 30,1937 2,975,354 2,266,321 Total surplus Provision for Federal normal income tax, Surplus 1937 J, 2,438,158 753,363 ..... Marketable securs. Accts. & notes rec., 3,425,152 5,409,218 9,511,926 42,008,830 Deferred charges.. 544,098 after reserves... Inventories 243,369 Res. for Federal & 619,828 184,922 1,477,039 4,065 Capital surplus 4,178,250 Earned surplus...10,128,708 1,401,649 State taxes Res. for conting's. Minority 10,653 6,793 interest- principal 5% debs, assumed by the corporation on Nov. 23, 1935, and redeemed on June 1,1937 4,178,250 7,764,307 65,721,327 54,102,319 Total Represented by 767,900 no par shares, 1771. x on $12,986,000 amount of International Securities Corp. of America y After depreciation reserves. —V. 144, p. 205,135 12,867 289,050 214,978 for deferred charges Write-down of net investment in The Fifty Pine Street Corp Dividends on preferred stock Balance, surplus, from undistributed profits and income June 30, 1937 65,721,327 54,102,319 Total applicable to the year 1936 Premium of IH% & exps. of red. tures reserve 2,500,000 2,174,847 1,481,849 3,887,725 2,500,000 investments 2,100,477 $ 35,196,100 35,196,100 x Common stock.. 3,839,500 3,839,500 Adv. pay. ree'd on 256,094 contracts 2,701,720 Accounts payable. 2,662,304 1,036,540 Loans payable 4,500,000 238* 164 Sundry accr. exps. 413,814 Preferred stock $5,205,982 _____ Additional expenses of redemption and refinancing of 5% deben¬ Provision for t Steel Castings.. Cash $5,242,735 36,752 Gen'l 1936 $ Liabilities— property.35,864,476 34,980,159 Investment: Other Excess of income over operating expenses (without giving ef¬ fect of security transactions), carried to surplus 1937 1936 $ ,-A- $4,473,299 (& Subs.)—Earnings— American Public Service Co. $1,251,772 798,863 Net $1,162,463 703,363 $452,909 21,066 $459,099 3,400 $818,859 24,883 $834,272 15,272 $473,975 391,054 Operating revenues Oper. exps. and taxes.. Other $462,500 399,105 $843,743 783,427 $849,544 803,851 $60,316 $45,693 income (net) oper. 1937—6 Mos.—1936 $2,388,663 $2,230,402 1,569,803 1,396,130 1937—3 Mos.—1936 Period End. June 30— income Consolidated Balance Sheet June 30, 1937 Assets— Gross income Cash in banks $726,526 166,500 34,714,284 Participation in intermediate credits 41,040 Account receivable under contract, incl. int. to June 30, 1937__ 307,500 Investment in First York Corp. common stock (87% owned) 4,160,167 Investment in The Fifty Pine Street Corp. (100% owned) 1 , Accounts and dividends receivable General market securities _ Total * $40,116,018 Liabilities— . $82,921 $63,395 a Balance a Before cumulative dividend requirements on , pref. stock of American Co. Service Public West Texas Utilities Note—It is estimated that the principal subsidiary, Co., had no liability for Federal normal or undistributed profits tax on its operations for this period. No provision has been made by the American Public Service Co. for Federal undistributed profits tax.—V. 144, p. 4165. . Accounts payable for securities purchased, not received. Other accounts payable, accrued expenses and taxes $9,575 230,388 payable to banks (secured) 6,500.000 Reserves for taxes, extraordinary legal, accounting and other exps., and other contingencies (incl. prov. of $33,500 for Federal normal income tax on net unrealized appreciation of general market securities) 468,548 Unrealized appreciation (net) of general market securities 685,325 Preferred stock ($1 par) 202,180 Common stock (10 cents par) 167,126 Surplus 31,852,876 Notes ' Int. and other deduct-. ... Co.—New Directors— American Stamping W. Paul this and Cleveland M. D. Dearth have been elected directors of company. The election of these new directors does not represent an board of directors inasmuch as they are succedeing two increase in the members who recently withdrew from the board.—V. 145, p. 931. American Telephone & Telegraph Co.—Earnings—• 1937—6 Mos.—1936 $8,900,749 $54,684,565 $52,961,256 1937—Month—1936 Period End. June 30— Operating revenues—__ Total $8,898,144 Uncollect, oper. revenue 44,449 283,114 190,771 Operating revenues— Operating expenses $8.853,695 6.534,329 58,872,514 $54,401,451 6,232,674 38,676,328 $52,770,485 37,050,014 Net oper. revenues— $40,116,018 $2,319,366 784,753 $2,639,840 $15,725,123 $15,720,471 1,225,871 5,088,736 4,995,283 $1,534,613 $1,413,969 $10,636,387 $10,725,188 28.235 —V. 145, p. 99. Arrterican Hide & Leather Co .-^-Earnings— [Including United States Subsidiary Company] Consolidated Income Account for the Year Ended June 30 1937 $5,950,218 5,018.685 $920,883 514,510 $931,532 442,417 $406,373 26,345 92,198 36,618 Cost of sales (incl. deprec. on operating plants) 1936 $7,805,347 6,884,464 Net sales of leather $489,115 22,147 31,200 78,088 Grass profit on sales Selling, general and administrative expenses Profit before income and other charges. Other income Other charges Provision for Federal income taxes Prov. for surtax on undistributed profits 2.600 __. $301,301 y21,319 $401,974 73,905 $322,620 x 1,535.403 $475,879 1,880,385 $1,858,024 $2,356,264 Extraordinary credit. Consol. earned surplus June 30 of previous year Propor. of reduction of book values of certain intangible assets, incl. trade-marks, goodwill, &c., not absorbed by capital surplus on American Water Works & Electric Co.—Weekly Output Output of electric energy of the electric properties of American Water Works & Electric Co. for the week ended Aug. 7, 1937 totaled 50,291,000 kilowatt hours, an increase of 7.50%" over the output watt hours for the corresponding period of 1936. Comparative table of weekly output of electric years follows: Week Ended— 1937 1936 1935 July 17 50,993,000 45,270.000 36,741,000 July 24 49,906,000 46,969,000 37,786,000 July 31 50,318,000 47,181,000 38,145,000 Aug. 750,291,000 46,759,000 36,622,000 cumulative 6% Period End. June 30— Gross earnings 626,016 47,838 Recapitalization expenses paid Net oper. income —V. 145, p. 748. Oper. 283,330 147,006 $1,574,693 $1,535,403 584.950 515.000 $0.03 for the last five 1933 1934 31,875,000 32,719,000 32,758,000 31,950,000 37,280.000 37,610,000 36,946,000 34.675,000 Subsidiaries) xl937-6 Afos-1936 xl937-12 Mos.-1936 $27,118,216 $25,356,481 $53,811,149 $49,567,377 mainten'ce exps., 13,440,649 14,885,201 , convertible preferred stock of 46,758,900 klow- energy Consolidated Income Account (Company and """Total earned surplus Dividends Operating taxes 29,252,948 25.598,853 $12,233,015 $11,915,832 $24,558,202 $23,968,523 $0.34 Int., amort, of dt. disct. &c., of subs ' No. of shares of Earnings share per stock outstanding, $1 par common on common stock x Resulting from sale, under officers' and employees' purchase plan, of preferred and common stocks held in treasury—representing partial recovery of write-downs to market charged to profit and loss in prior years, y This amount credited to earned surplus account during year and does not figure in estimating per share earnings. , Int., amort, of dt. disct., &c., of Am. W. W. & El. Co., Inc ! Balance . 4,389,658 2,855,194 4,435,129 2,857,172 8,979,793 5,711,124 8,887,741 5,714.440 $4,988,162 Pref. divs. of subs $4,623,531 $9,867,284 $9,366,342 409,928 555,659 804,473 1,312,908 $4,578,234 $4,067,872 $9,062,811 $8,053,435 Consolidated Balance Sheet June 30 Assets— aLand,bldgs.,eq., goodwill, &c $3,409,260 $3,455,814 Cash 165,886 Notes, drafts less accts. b 565,080 490,719 3,786,743 3,704,926 1,697 77,811 54,860 reserve Inventories 12,557 stock. 584,950 500,000 63,237 50,992 Accrued taxes, &c. Prov. for Fed. and 127,439 138,845 cap. stock, taxes capital stock investments Deferred charges _ _ 57,692 Preferred 629,550 109,372 80,968 Capital surplus Earned surplus... 1,574,693 dividends Balance for and Shares com. per 4,148,623 3,812,078 600,000 $4,914,187 1,200,000 $4,241,357 1,200,000 $1,513,467 $3,714,187 $3,041,357 2,342,999 $1.59 1,941,945 stock surplus common Earnings 1,954,405 $1,679,935 income 515,000 700.000 Am. Hide A Leath. Other Common Net $2,113,467 600.000 1936 1937 pf. stk. ($50 par) __$4,300,500 $5,000,000 cum. conv. Notes payable Accounts payable. and rec., 75,747 Liabilities— 6% 2,298,299 $2,279,935 . 1936 1937 stock outstanding share All figures shown are subject to for the year 1937. x 1,535*403 Income Account for 52,156 $1.57 audit insofar as they contain earnings Company Only xl937-12 Afos.-1936 $4,358,724 $5,365,158 WPeriod End. June 30— xl937—6 Mos.—1936 Total a $8,061,337 After depreciation, $7,849,613' Total $8,061,337 $7,849,613 b Represented by shares of $1 par.—Y. 145, p. 930. Income—Divs..int., &c. $2,692,916 728,404 Expenses. $2,649,928 549,781 1,397,572 1,049,838 $1,964,512 $2,100,147 $2,961,152 $4,315,321 American Laundry Machinery Co.—Extra Dividend— The directors have declared an extra dividend of 20 cents per share in addition to the regular quarterly dividend of like amount on the common stock, par $20, both payable Sept. 1 to holders of record Aug. 20. Previous dividend distributions were as follows: 20 cents on June 1 and March 1, last: extra of 25 cents and regular of 15 cents paid on Dec. 1, 1936; 15 cents on Sept. 1, 1936; 10 cents paid each three months from March 1, 1933, to and incl. June 1, 1936, and 30 cents per share paid each quarter pre¬ paid viously.—V. 144, p. 3486- (& Subs.)- -Earnings— Consolidated Income Account 6 Mos. End. June 30— Balance for and 1937 1936 1935 1934 Net profit 600,000 $954,142 $940,131 $955,549 $1,793,407 .- All figures shown are subject to as 1,941.945 $0.41 $0.92 they contain earnings 2,342,999 stock outstanding share for the year 1937. Note—Inasmuch $125,444 loss$460,735 loss$944,264 288,450 289,902 278,193 12,620 21,588 66,510 audit insofar as the amount of Federal surtax on undistributed profits of December. 1936, and the surtax for the year 1937 will not be determined and recorded until the month of December, 1937. Accordingly, no deduc¬ tion for such surtax has been made in $2,088,000 loss$175,626 loss$772,2261oss$1288967 the figures for the 1937 period for the above accounts for either the six periods ended June 30, 1937 and June 30, 1936, or for the year 30,1936. In the income accounts for the year ended June 30, 1937, however, there has been deducted the surtax applicable to the earn¬ ings for the entire calendar year 1936, which was determined and recorded in the month of December, 1936.—V. 145, p. 931. months' ended June Note—No provision has been made in Federal tax on undistributed profits. 1,321,914 $2,993,407 1,200,000 is not and cannot be finally determined until the end of each calendar year, the surtax for the year 1936 was not determined and recorded until the month Net profit after deduct'g mfg., maintenance and $2,787,999 Tadminis. expenses 279,450 Depr. on plants & equip. Federal stock tax 20,550 Normal income tax 400,000 per 805,604 $2,155,549 1,200,000 stock surplus common Earnings x com. 560,016 $1,540,131 600.000 Balance Preferred dividends.. Shares American Locomotive Co. 410,370 $1,554,142 count, Ac- Volume 145 Financial Chronicle American Woolen Co., 1089 and $4,534,530 in 1936. Inc.—Earningi [Including all subsidiary companies except Textile Realty Co.] 1937 1936 1935 Sales, less discounts, returns and allowances, &c $45,284,752 $33,654,148 $34,647,429 Cost of sales, excl. of deprecia'n 39,411,509 29,665,728 32,091,042 Selling, general & admin, expenses 1,496,466 1,582,664 1,317,039 resented by 276,698 144, p. 3163. —V. 6 Months Ended June 30— c no par Represented by 40,905 no par shares, d Rep¬ shares, e Represented by 3,000 shares at cost. Artloom Corp.—Accumulated Preferred Dividend— _ $4,376,778 89,307 177,599 $2,405,754 102,340 118,278 $1,239,347 The directors have declared a dividend of $1.75 per share on the 7% cumulative preferred stock, par $100, payable Sept. 1 to holders of record Aug. 16. This payment represents the dividend due Dec. 1, 1936. Similar distributions were made each quarter since and including June 1, 1933, as against $1.50 per share on March 1, 1933, $1 per share on March 1, and 92,738 127,664 Nov. 18, 1932, and $1.75 per share previously each quarter to and including Dec. 1, 1931.—V. 144, p. 3320. 65,270 46,850 68,005 4,279 3,731 11,635 Profit before other charges & depr'n $4,713,232 Provision for doubtful accounts Loss on fixed assets sold or scrapped81,369 Flood loss and expense- $2,676,954 13,562 88,715 395,619 $1,539,390 13,974 46,980 Profit from preciation, Interest operations before &c de¬ earned Discount purchases Rentals, storage and sundry income— on net Collections written on accounts, - Interest charges 146,828 55.288 7,897 1,017,710 9,227 940,054 - 1,084,305 30, before prov. for Fed. taxes on income & undistributed profits $3,393,552 Preferred dividends 766,430 June 30'37 $ Cash 4,091,163 Accts. rec. on int., 62,545 &c., on x 88,939 notes 185,379 131,405 electric 141,381 6,365 7,671 720.147 Accrued Interest 1,100,000 756,555 1,100,000 788,284 ...88,321,557 78,629,284 & loss since Total 932,609 Associated Gas & Electric A 88,321,557 78,629,284 12 Mos. End. June 30— Operating Revenues: Electrical—Residential— July 16, 1934, when $1.25 per share was paid. A dividend of $1.25 was also paid on April 15, 1934, this latter being the first distribution made since the regular quarterly dividend of $1.75 was paid on April 15, 1927.—V. 145, p. 931. Operating income Power Municipal Electric corporations Railways on bonds and 1,578,106 1935 bonds retired 1,899,050 246,111 117,875 Exps. pertaining to nont operating units U. S. & foreign income taxes (estimated) Deprec. & obsol. & depl. 2,057,454 19,744 145,233 1,272,983 966,47o{ 4,440,705 5,003,081 86,346 1,179,069 3,875,925 195,940 902,003 { 3,974,0761 111,826 [ $19,251,560 Shares of min. interest-123,566 $5,837,029 9,604 Disc. & prem. on bonds. Net income Income of outstanding Earnings per share Anchor Cap Corp. (& ___ Sell., gen. & adm. Depreciation $84,279,720 9,861,801 1,804,411 1,278,342 $13,461,663 55,235 87,060 104,697 16.0 .6 4.8 8.2 $13,191,546 88,177 $12,944,554 201,189 $246,992 xll3,012 1.9 x56.2 $13,279,723 6,020,922 1,577.893 1,303,833 1,298,767 $13,145,743 4,980,444 1,439,464 1,244,533 957,072 $133,980 1,040,478 138.429 59,299 341,695 1.0 20.9 9.6 4.8 35.7 Total oper. revenues_$121,222,522 51,414,993 9,120,768 $106,046,977 45,717,028 9,269,772 $15,175,545 5,697.965 xl49,003 14.3 12.5 xl.6 14,243,088 10,672,881 10,652,570 8,102,405 3,590,518 2,570,476 33.7 31.7 $35,770,790 $32,305,202 $3,465,589 10.7 2,178,467 268,065 1,349.951 $2,178,467 210,915 $1,618,017 109,994 $560,450 100,920 34.6 $1,967,552 $1,508,022 $459,530 30.5 $37,738,343 $33,813,224 $3,925,119 11.6 Amort, of debt dis. & exp. Div. on pref. stk paid or ac $18,083,427 1,196,426 97,086 1,401,111 4,490,156 $16,273,520 1,056,072 66,238 1,363.482 3,764,361 11.1 13.3 x46.6 2.8 19.3 Minority int. in net earn.- 131,464 Cr67 $1,809,907 140,354 x30,849 37.629 725.795 131,531 $12,532,845 8% bonds, due 1940 669,158 Convertible deb. due 19731,539,498 Incom deb.,due 1978 3,925,926 Amor, of deb dis. & exp— 71,095 $11,422,094 703,561 2,270,047 3,315.145 62,332 $1,110,751 x34,402 x730.549 610.781 8,763 $5,071,009 Industrial - Tota sales—gas Miscellaneous gas Total gas revenue.... Misc.—transportation Heating Ice expenses Prov. for tax. - ' (incl. Fed. 3,279,980 Operating income $5,214,883 $2,986,497 8,674,338 $0.67 8,764,342 8,673,833 $0.59 Non-oper. Revs. & Exp: Net inc. of non-utility sub. $0.34 Other interests, div. &c— Total reserve exps__ deductions, Subs.) 1937—12 Mos.—1936 $3,032,448 $2,502,983 1,264,884 1,287,120 700,058 526,565 less income. 31,688 24,132 111,897 73,508 62.323 55,748 192,485 93,913 $452,849 $255,795 $801,514 $533,061 commonshs. (nopar). $1.17 $0.45 $1.97 $0.97 Note—No provision has been made in the above for the Federal surtax on undistributed profits for the year 1937 which may be payable under the Revenue Act of 1936, since any liability for such tax cannot be determined until the end of the year. Consolidated Balance Sheet June 30 Cash 1936 $ $ 1937 Liabilities— $ 335,479 264,726 Notes pay. to bks. Accounts payable. 950.563 774,587 Acer, 2,753,414 2,636,631 Notes and accts. receivable Inventories realizable missions, Prov. from sales mdse. taxes 67.663 132,373 x268,065 xlOO.O 828,516 61.4 macb., eq., &c__ 6,415,670 Prepaid expenses.. 89,537 Patents & pat. rts. 1 5,963,652 88,218 (prior 560,150 1 567,776 years)... income. Notes payable _ Balance -_.11.172.477 10,427,966' - Balance corporation Exp. & tax. of company Company fixea int., &c —- 9.7 x4.9 x32.2 18.4 14.1 $6,327,168 202,326 y3,589,692 $1,256,159 182,590 x265,298 24.8 19,736 y3,854,990 ""$2,535,150 - . $1,196,282 $1,338,868 111.9 x6.9 x Decrease, y Includes no interest on income obligations convertible into stock at company's option. Note—The foregoing statement shows the actual results of operations both periods. Subsidiaries acquired during the two-year period are Non-recurring expenses in connection with the plan of rearrangement of 21,503 debt capitalization, investigations, legal cases, &c., amounting to $1 362,867 the twelve months ended June 30, 1937 and $2,918,332 for the twelve for 1936 are not included above. Since Jan. 1, 1937, however, only the non-recurring expense applicable to the recapitalization plan has been excluded. A non-utility subsidiary, and its subsidiary, are included on a consolidated basis in the statement for the twelve months ended June 30, 1937 but not months ended June 30, 154,407 96,917 160,524 118,770 6,000 7,660 the 12 months ended June 30. for 700,000 the Contractual obllg's (non-current) (credit)__ for 48,781 (cur. yr.)_ funded debt-- unfunded debtcons, included only from dates of such acquisition. 11,940 c Preferred stock.. 4,090,500 d Common stock.. 3,226,380 Capital surplus... 497,375 Earned surplus... 1,258,583 __ 14,925 4,090,500 3,226,380 1936. The consolidated net income for 12 months ended June 30, 1937 attributable to these subsidiaries was SI 3135 765 No provision is made in this statement for Federal surtax on undistributed profits, if any, for the year 1937.—V. 145, p. 101; V. 144, p. 3828. 497,375 899,174 Common stock in treasury Z>rl36,818 ZM36.818 Total 11,172.477 10.427.966 After allowance for doubtful notes and accounts of $106,095 in 1937 and b After allowance for depreciation of $4,950,337 in 1937 on Int. ch. to 915,000 Federal, Unearned e $102,237 in 1936. on Interest of sub: 676,578 com¬ &c 91.8 Fixed charges & other de¬ 954,804 Prov. for Fed. tax b Land, buildings, Goodwill for $ (net) 200,000 Canad'n & State of sub. acquired during 1934 wages, 1936 rev. Gross income Balance 1937 Assets— Non-oper. Interest Earnings— 1936 $1,229,125 627,012 266,439 Expenses- ductions Net income for periods Earns, persh. on 273,698 a £ $97,741,383 9,917,035 1,891,471 1,383,040 income taxes) $5,827,425 1937—6 Mos. $1,626,358 693,382 336,543 Allowance for Federal & Canadian income tax. Total 15.3 19.5 18.8 11.9 .4 Total electric revenue Gas—Residential Commercial Provision for retirements-- Including expenditure during strike period to June 30, 1934 and 144, p. 3660. Amount % 16.0 16.0 Operating $3,002,478 15,981 8,674,338 $2.21 Period End. June 30— Gross mfg. profit a Amount $4,946,292 4,473,729 3,190,064 768,317 17,023 1,960 $13,397,385 64.278 Maintenance for Federal income taxes.—V. other 1936 $32,360,203 22,994.636 16,948,966 6,444,980 4,135,477 749,709 $83,633,973 645,748 2.413.040 xl,932,373 1937 Anaconda Copper Mining Co. before depletion.-_$19,127,994 Other of 710,026 1934 $9,641,698 986,173 $5,238,839 23,956 Shares cap. stk. (par $50) x basis) $97,031,358 --$30,622,906 $14,506,107 $13,270,413 $10,627,871 obligations— (actual expenses Total sales- electric.. Water Total income Loss 1936 and Miscellaneous electric-_ Co.'—Earnings— $29,747,037 $13,886,309 $12,634,559 875,869 619,798 635,854 Other income Corp.—Earnings— earnings $37,306,495 27.46S.365 20,139,030 7,213.297 4,152,501 751,670 Commercial $1 Preferred Dividend— The directors have declared a dividend of $1 per share on account of on the 7% cum. pref. stock, par $100, payable Sept. 15 to holders of record Sept. 1. A iike payment was made on June 15 and March 15, last, and on Dec. 15. Sept. 15, June 15, and March 16, 1936, this latter being the first made on the pref. stock since 1937 of consolidated statement Xtxctbclsc accumulations Anaconda Copper Mining $450,739,890 Total 3,559,731 x The Textile Realty Co., a wholly-owned subsidiary, holds inactive plants, properties, dwellings and other assets with an adjusted net book value of $1,452,103 as of June 30,1937. based on 1934 assessed values when such values were substantially lower than book values, y After reserve for depreciation since July I, 1931, of $9,917,675 in 1937 and $8,940,710 in 1936. x Represented by 400,000 no par shares. 6 Mos. End. June 30— $450,739,890 Associated Gas & Electric Corp. and Company follows: *32—del. Total 1,449,596 497,056 —V. 145, p. 932. z Jan. 1 Capital stock & surplus $233,706,759 Surplus reserved for conver¬ sions & other contingen..78,999,195 Obligations convertible into stks at company's option. 53,886,187 Script certificates for interest on convertible obligations 12,187,221 Funded debt 69,734,696 Matured interest 189,019 Accrued taxes 90,159 Res. for tax. & miscellaneous cum. ($100 par) 38,321,500 38,321,500 Common stock.. 2,000,000 2,000,000 Capital surplus..^28,622,952 28,622,952 493,343 Profit current 5,751,051 3,724 mtge. on Am. Res. for conting's. Pref. stock, 7% 30,217.151 29,428,246 paid ins., &c_._ on $444,794,851 190,264 Misc. items in suspense Inc. 3from July 1 '37 to July 1*40 Other assets & pre¬ Interest Corp Cash & special deposits Unamort. debt disc. & exp Bldg., N. Y., extend.at and Total 438,994 Woolen 128.916 stock cap. Liabilities— 44,740 Fed. & deposits.- age 5% Textile R'lty Co. Fixed assets Asscfs— Inv. & adv., incl. entire cap. stock of Associated Gas & 407,922 tor taxes, year 1936 rec'le dwellings Output— Electric System reports This is an increase of 8,350.817 units or 10.3% above the comparable week a year ago. Gross output amounted to 101,424,379 omits for the week. Prepd. rent's, stor¬ open account... y 1,414*623 less reserve Mtge. 9,050,000 1,632,477 826,993 44,000 Acer, storage, r'ts, Associated Gas & Electric Co.—Weekly For the week ended Aug. 6, Associated Gas & electric output of 89,747,528 units (kwh.). Balance Sheet—June 30, 1937 (not consolidated) $ Accts. pay., tradeAcer, liabilities Res. 4,484 400,000 1st mtge. 5% Persons desiring to bid may do so in their own form by addressing the company at their offices in Crossett, Ark., or 80 East Jackson Blvd., Chicago, 111. All bids must be submitted by Aug. 20.—V. 143, p. 1387. Dec. 31 *36 $ Notes pay., hanks 15,500,000 Bank accept's pay. 176,904 2,955,568 mat'I raw purchases $501,015 $1,098,162 766,430 June 30*37 17,967,025 11.903,151 35,123,761 33,566,986 Inventories Company is requesting bids for the purchcase of bonds. Sheet Liabilities— (trade), less reserves Adv. Balance Dec. 31*36 $ $400,000 Bonds— net Profit for the 6 months ended June Consolidated To Sell Bids 28,138 7,177 - Pensions Provision for depreciation Assets— Ashley Drew & Northern Ry.Requested— previously off Atlas Tack Corp.—25-Cent Dividend— The directors have declared a dividend of 25 cents per share on the capital stock, no par value, payable Aug 30 to holders of record Aug. 16. Similar payments were made on Feb. 15, last, and on Nov. 16, July 15 and on April 15, 1936, this latter being the first dividend paid since November, 1920, when a regular quarterly distribution of 75 cents per share was made. —V. 144, p. 3164. Atlantic & Gulf Indies West Steamship The Lines has agreed to make application for the listing the New York on Net sales for the year Period End. June 30— 1937—Month—1936 1937—6 Mos.—1936 Operating revenues $2,279,360 $1,915,409 $14,176,749 $12,315,938 Oper.exps. (incl.depr.)2,165,293 1,791.727 12,978,231 11,035,323 $123,682 $1,198,518 38,812 313,194 175,783 $65,445 $84,869 $885,323 $1,104,832 3,262 2,453 29,111 22,424 $68,706 111,533 $87,323 $914,435 116,087 669,470 $1,127,256 713,130 $114,067 48,623 Taxes.. • $1,280,615 Sales Operating income Other income Gross income — Int., rentals, &c loss$28,764 xloss$42,824 x$244,965 and operating earnings are before any year and audit adjustments, provision has been made for surtax on undistributed profits as the no a Profit Int. 1 follows: 600,000 preferred stock, 7% cumulative; 110,586 shares to be exchanged for 1,105,860 shares of existing common stock (no par); 834,848 shares reserved for exchange for existing five-year 6% consolidated mortgage bonds, due March 1, 1938, or for conversion of new refunding mortgage bonds, 6% convertible series due 1950; 671,314 shares reserved for issuance upon exercise of warrants; which makes the total applied for, 2,216,748 shares; upon official notice of issuance and in accordance with the provisions of the plan of reorganization, after final decree of confirmation of such plan to be entered pursuant to the order of the Court entered Feb. 11, 1937. stock ($13 par) upon termination of the voting trust, as shares to be excnanged for 200,000 shares of existing Condensed Pro Forma Consolidated Balance Sheet, June 30, 1937 Incl. Subs. Consolidated Other Than Midvale Total Midvale Company Property, plant & equipment (net of depreciation reserve) $44,567,583 $37,389,589 1st mtge. bond sinking fund (including $300,000 1st mtges. on real estate owned)---. 302,430 302,430 $7,177,993 Investments: Locomotive ($13 com. shs. 139,001 , , Other 2,052,605 5,332,741 13,275,789 160,447 Cash Current assets other than cash Deferred charges 926,879 2,052,004 1,893,349 9,815,296 117,083 1 3,285,766 3,784,220 43,363 -$66,469,998 $53,136,632 $14,430,347 — Liabilities— res. $5,895,336 5,858,077 2,676,000 cos 1st mtge. 5% sinking fund gold bonds due 1940 of working & cap. $42,972 2,797 $37,302 9,140 $537,584 22,226 $472,859 39,403 $45,769 13,726 $46,442 13,624 $559,810 163,623 $512,263 166,659 $32,043 Taxes $32,818 $396,187 161,429 $345,603 $234,758 37,254 $205,603 37,254 $197,504 $168,349 ------ Net oper. revenues... &c 140,000 has been made for the Federal surtax on undistributed profits, since any liability for such tax cannot be determined until the end of the year.—V. 145, p. 749. No provision Inc.—New President— Bayuk Cigars, At a recent man, as the resignation of Harry S. and A. Jos. New¬ special meeting of directors, President of this company, was accepted, for the past nine years a Vice-President and General Sales Manager, elected President. the board of directors and the officers, remain with the company as Vice-Chairman of the Board. Mr. Rothschild, at the request of has agreed to —V. 145, p. 598. elected to the board to fill coll. for the procure- use as 71,904 5,451 18,470 Bell Telephone Co. of Canada—New Director— a monthly meeting of directors held on July 28, C. E. Gravel was the vacancy caused by the death, June 7, of George Caverhill.—V. 144, p. 3661 . bonds, $8,676,000 of which $6,000,000 are issued & available for curement $133,127 74,177 7,570 al8,946 At Gen. mtge. sale for 1937—12 Mos.—1936 $1,824,897 $1,606,559 876,502 968,259 69,007 86,382 188,191 a232,671 $143,665 27,304 2,676,000 $610,069 1,074,547 $5,316,368 4,783,530 4,887,198 & deferred credits Equities of min. stkhldrs. of the Mid¬ vale & Whitcomb 1937—Month—1936 Maintenance was Current liabilities Gen. & miscell. 14,000 shs. 7,000 shs. Baton Rouge Electric Co.—Earnings— Operating revenues Operation Rothschild Total 28,000 shs. Y Curtiss, House & Co., Cleveland, Ohio Bull & Eldredge, New York, N. Y__ —V. 145, p. 598. „ , 49,000 shs. 42,000 shs. Hallgarten & Co., New York Otis & Co., Cleveland, Ohio A. G. Becker & Co., Inc., New York, N. a r $180,196 provision for No provision has been made for Federal surtax on undistributed earn¬ ings for the year ended Dec. 31,1936, or for the period of six months ended June 30,1937. Underwriters—The names of the several principal underwriters and the several amounts respectively underwritten by them are as follows: Balance for common dividends and surplus 139,001 Midvale Co. stock at cost less cap. distribution « $278,994 interest on funded debt and Preferred dividend requirements. & purchase 4,000 shs. of stock common 11,000 Balance Works 6,000 par) warrants to 33,470 30,000 74,640 50,000 Appropriations for retirement reserve. 640,000 70,138 126,555 $60,141 Before rent on leased plant, Balance 640,000 $1,145,742 313,804 530,190 federal income taxes and contingencies. Int. & amortiz., mtge. and to such order of the U.S. District Court as may be made with respect thereto stock 3,000 $18,284 profit Balance. < held subject to provisions of the 1st Baldwin 78,000 Non-oper. income (net). — of Standard Steel Works Co. $2,057,681 Period End. June 30— [After Giving Effect to the Plan of Reorganization] Notes $1,569,071 302,171 153,029 78,000 49,556 leased plant funded debt Contingencies a Works—Listing— ■/, on 1936 Normal income tax Net The New York Stock Exchange has authorized the listing of voting trust certificates for 2,216,748 shares of common stock ($13 par) and common Assets— on 1935 $1,198,509 148,840 sales Net earnings cannot yet be determined.—V. 145, p. 428. Baldwin Locomotive 6 Mos. End. June 30 '37 1934 $414,126 These x Earnings and Year Ended Dec. 31- Rent Net income of these Curb Exchange. ended Dec. 31, 1936, amounted to $2,057,681, and to $1,145,742 for the six months ended June 30, 1937. According to the prospectus, net earings, adjusted to give effect to the elimination of interest charges on funded debt and rental payments on the company's Bettsville, Ohio, plant, amount to $452,190 and $267,804, respectively, for the entire year 1936 and for the first six months of 1937. shares (& Subs.)—Earnings— Net oper. revenue company 7 Aug. 14, Chronicle Financial 1090 for other corporate purposes Capital stock & surplus of Midvale Co New securities (excl. of gen. mtge. bonds) & capital surplus 12,606,729 Bell Telephone Co. of Pennsylvania—Earnings— Uncollectible oper. rev._ Total 47,153,386 Operating revenues Operating expenses 40,333,430 $5,437,091 $34,402,074 $32,401,751 3,668,022 22,969,450 21,865,086 Net oper. revenues $1,754,736 466,259 $1,769,069 $11,432,624 $10,536,665 429,623 3,068,357 2,398,881 $1,288,477 $1,339,446 revenues $66,469,998 $53,136,632 $14,291,345 Bangor Hydro-Electric Co.—Earnings— Period End. July 31— 1937—Month—1936 $185,037 $177,888 66,116 64,061 Gross earnings Operating expenses Taxes accrued on stock.. Balance-. —V. 145, p. 270. $949,899 341,214 $47,605 25,483 14,481 $661,577 305,794 217,216 $608,685 305,974 173,773 $7,641 $138,567 Operating taxes Net oper. income have class A and class B Investing Corp.—Smaller Dividends— a dividend of 24 cents per share on the stock and a dividend of 6 cents per share on the common stock, all payable Aug. 25 to holders of record Aug. 13. These dividends compare with an extra dividend of 32 cents in addition to regular dividends of 32 cents paid on the class A and B stocks on Jan. 22 last and an extra dividend of 8 cents in addition to a regular dividend of 8 cents paid on the common stock on Jan. 22 last.—V. 144, p. 3829. Barker Bros. par Corp.— To Vote Company has called a $8,137,784 $129,118 declared no $8,364,267 —V. 145, P. 933. Bennettsville & Cheraw RR.—Abandonment— The Interstate on Dividend Plan— special meeting of stockholders, for Sept. 15, to Commerce Commission on July 19 issued a certificate permitting the company to abandon part of its line of railroad extending from a connection with the Atlantic Coast Line RR. at Sellers in a north¬ westerly direction to Drake, approximately 18 miles, and Marlboro Counties, S. C.—V. 130, p. 283. Bethlehem Bankers National directors $1,011,214 349,637 $10,037 pref. stock. on common $82,552 34,947 $53,621 25,483 18,101 Surplus 20,500 10,775 $77,780 24,158 Net oper. revenue Fixed charges Dividend 1937—12 Mos.—1936 $2,175,716 $2,123,273 726,214 744,098 288,900 268,350 149,388 160,926 29,700 11,442 Depreciation The $5,748,082 3,993,346 Operating —V. 145, p. 749. Div. 1937—Month—1936 1937—6 Mos.—1936 $5,449,421 $34,476,577 $32,477,911 $5,764,907 12,330 74,503 76,160 16,825 Period End. June 30— Steel all In Marlon, Dillon, Corp.—Registers with SEC—To Issue $48,000,000 Bonds— > with the Securities and Exchange (No. 2-3346, Form A-2) under the Securities Act of 1933, covering $48,000,000 of 15-year sinking fund con¬ vertible debentures due Oct. 1, 1952; warrants evidencing rights in respect of 3,191,294 shares of common stock to purchase sucIPdebentures, and an undetermined number of shares of no par value common stock including scrip certificates for fractional shares to be reserved for conversion of the debentures. The interest rate is to be furnished by amendment to the The corporation on Aug. 10 filed a registration statement Commission registration statement. The debentures are • to be offered to , the common stockholders of the com¬ steel plants listed in the directory of $15 principal amount for each share of common stock held. Transferable subscription warrants evercisable only in amounts calling for $100 principal amount of the debentures or multiples thereof, will be issued to common stockholders. The warrants will expire on Oct. 1, 1937. Any of the debentures not taken by exercise of the warrants are to be offered publicly-through underwriters. According to the registration statement, $10,000,000 of the net proceeds from the sale of the debentures wil be applied to the payment on or before Dec. 15, 1937, of $10,000,000 principal amount promissory notes of Beth¬ lehem Steel Co. (Pa.), dated June 23, 1937, due Dec. 15,1937, the proceeds of which were used for additional working capital required by reason of increases in the amount of inventories and notes and accounts receivable. The balance of the proceeds will provide additional working capital which the company states will be required by one or more subsidiaries, by reason of increases in the amounts of inventories and notes and accounts receivable and to replace working capital that has been used or may be used to retire other obligations of one or more subsidiaries, and for the cost of betterments and improvements at certain of the steel plants of one or more subsidiaries. The debentures are reasonable at the option of the company as a whole at any time or in part from time to time, in principal amounts of not less than $3,000,000., after at least 30 days' notice at the principal amount and accrued interest to the date of redemption together with a premium, of 5% if called for redemption on or before Sept. 30, 1942, and thereafter the premium shall be reduced by one-half of 1% for each 12 months to and including Sept. 30, 1951. No premium will be paid if the debentures are edition). redeemed after that date. incorporation, designed to clarify the company's authority to resume dividends on the common stock. The letter to stockholders states that if the amendment is voted, directors intend to declare a common dividend from the current fiscal year's profits. —V. 145, p. 598. vote on proposed amendment of the certificate of Barlow & Seelig Mfg. Co.—Initial Common The directors have declared share on the V. 145, p. common an Dividend— initial quarterly dividend of 20 cents per 19.— stock, payable Sept. 1 to holders of record Aug. 102. Basic Dolomite, Inc., Cleveland, Ohio—Stock Offered— banking group headed by Hallgarten & Co. offered on Aug. 9, by means of a prospectus, 140,000 common shares at $12.50 each. Associated with Hallgarten & Co. in the under¬ writing are Otis & Co., A. G. Becker & Co., Inc., Curtiss, House & Co. and Bull & Eldredge. A The company, which is engaged in the production of granular dolomite refractories used principally by the steel industry, numbers among its cus¬ tomers more than two-thirds of the steel producing companies employing the basic open-hearth method and more than three-quarters of the electric of American Iron & Steel Institute (1935 During the past two years the company has developed new prod¬ ucts, one of which is used as a refractory in the production of glass. The net proceeds from the sale of these shares will be used by the company to redeem its outstanding funded debt; to pay the balance of the rentals due under the lease on a plant; and to provide additional working capital. After giving effect to this financing, the company's sole outstanding cap¬ italization will consist of 350,000 common shares ($1 par) of a total of 500,000 shares authorized. pany of record Sept. 8, 1937, on a basis _ _ , „, Edward of Pitts¬ expected to be included among the principal underwriters. which the debentures are to be offered to the public, the The company states that Kuhn, Loeb & Co., of New York City, B. Smitn & Co., of New York City, and Mellon Securities Corp.. burgh, Pa., are The price at names of the underwriters, and conversion statement.—V. the underwriting provisions are to be filed by 145, p. 749. discounts and commissions, amendment to the registration Volume Financial 145 Bigelow-Sanford Carpet Co., Inc.- Balance Sheet Assets— 1935 1934 56,940,446 4,913,429 8,774,772 $9,492,945 7,806,784 2,358,849 399,399 1,834,080 455,801 1,596,069 383,096 1,413,172 22", 486 25,660 3,934 18,959 44,764 230,000 100,000 gen. Adjust, of accts. & notes receivable, reserves.. Interest expense Prov. for Federal normal ... tax $1,284,772 1,407 Interest received. Netprofit Earned surplus, ning of year 383,097 Receivables Inventories Cash $211,790 3,102 $214,892 $497,795 Ioss$320,582 5,159,956 4,586,995 4,367,439 4,495,731 $6,446,136 $5,084,790 $4,046,857 $6,446,136 pref. stock 79,209 common stock. 392,011 $5,084,790 79.209 $4,046,857 79,209 $4,716,749 Earned surp., June 30 $5,974,915 Shs.com. stock outstand 313.609 $4,848,777 313,609 on on Earnings per share 92.411 156,804 $3.84 , 314,379 $3,967,648 313,609 $1.33 Note—No provision made for Federal surtax $4,309,959 313,609 $0.39 Nil on undistributed profits. Condensed Balance Sheet June 30 1937 1936 1937 Assets— 1936 $ $ Liabilities— Land, buildings, equipment, &c_10,749,365 10,803,560 1,422,164 743,251 Accts. & notes rec. 4,716,234 3,879,592 Inventories 15,983,578 11,682,833 a Preferred stock... 2,640,300 2,640,300 stock.15,680,450 15,680,450 1,179,366 707,289 Notes payable 5,950,000 2,750,000 Acceptances under b Common Cash Accounts payable. . Non-curr. invest .& letters of credit, receivables 15,758 445,045 Ins., tax., rent, Ac 32,046 412,720 secured by trust receipts for wool in transit or rec. 782,808 160,755 Reserve for Federal > taxes, &c 619,579 261,707 Paid-in surplus... 504,726 5,974,915 4,848,777 33.332,143 27,554,003 After a 504,726 Earned surplus... Total Total depreciation, b Represented by cluding treasury shares.—V. 145, p. 933. Bohn Aluminum & Brass Period End. June 30— charges no par shares, value of life 15,775 Prepaid insuranceExpense advances ex¬ 13,925 1,081 74 1937 1936 Dividends payable Accrued expenses. $43,056 14,083 61,049 $40,827 14,569 Adv. pays, on sales contracts 100,970 Accounts 275 Due to affil. Mach'y & equip. 211,514 170,949 1 1 35,744 co Class A pref. 106,464 19,375 stk. 600,000 600,000 d Class B com .stk. 200,000 200,000 Paid-in surplus 121,295 Earned surplus 573,666 Treasury stock... Dr204,041 Dr168,064 c to employees payable- 121,295 447,723 Total $1,545,821 $1,382,1891 Total $1,545,821 $1,382,189 a After reserve for credit losses of $68,890 in 1937 and $65,243 in 1936. b After depreciation of $351,375 in 1937 and $345,197 in 1936. c Repre¬ sented by 40,000 shares (no par), d Represented by 40,000 shares (no par value).—V. 144. Brown p. 4170. Co.—Files Reorganization Plan—Will Raise New Money—Proposes Payment of All Back Interest Mortgage on Bonds— The first major step toward termination of the trusteeship of the company was taken Aug. 9 by Orton B. Brown, Vice-President and Treasurer, who filed a plan of reorganization for the concern with the Federal District Court at Portland, Me. The company is one of the country's largest pulp paper manufacturers with plants in New Hampshire and Quebec, employing more than 7,500 persons. The plan, contrary to treatment accorded security holders in numerous and reorganizations emerging from the recent business depression, contemplates no reduction in principal and no impairment of lien position for bondholders, and further would provide payment in cash of all past due interest, together with interest on interest. Preferred stockholders likewise would retain their present equity, and in addition, receive a larger stock interest and voting privileges to compensate for dividend arrears. Because estimates indicate a 1938 demand for Brown pulp, especially the highest grades, at least 50% in excess of possible output of present plants, the plan states new financing of $12,500,000 is proposed for working capital and to expand production facilities. A $6,500,000 issue of 3M to 5% serial bonds by the company's Canadian subsidiary, Brown Corp. at La Tuque, Que., and $6,000,000 in unsecured 5% convertible serial notes of the parent Brown Co. at Berlin and Gorham, N. H.f would be sold to the Canadian underwriting houses of Wood, Gundy & Co., Ltd., and McLeod, Young, Weir & Co., Ltd. They have agreed to purchase these issues at 95 and 97, respectively, provided that the plan's approval by security holders and the Court is obtained before Oct. 1, 1937. Treatment of Creditors and Security Holders Under Proposed Plan first mortgage bonds, series A & B, outstanding in the $21,415,500 would be exchanged for new bonds par for par, with same interest, same maturity date and secured by the same properties. All past due interest and interest on this amount too, amounting to Present 5H% amount of Corp.—Earnings— 1937—6 MoT.—1936 $358,714 $1,441,081 $693,843 U-27 $1*02 S4.08 $1.97 352,418 on (paro!oV 144, p. oo2o. , 313,609 $448,793 Earns, persh. —v V 33,332,144 27,554,003 1937—3 Mos.—1936 Net profit after taxes and 417,940 June 30 Liabilities— $583,708 323,525 288,724 633,010 insurance $4,710,622 6,126 Divs. Divs. 1936 $267,507 a b begin¬ Net adjusts, to surplus.. 1937 Cash.. Goodwill $497,112 loss$322,599 684 2,017 $1,286,179 1091 -Earnings— 6 Mos. End. June 30— 1937 1936 Net sales after allow $15,585,736 $11,684,252 Cost of sales, excl. depre. 11,267,951 Selling, shipping & Chronicle 292 $2,643,- of May 15, 1937, would be paid in cash. present 6% preferred stock (par $100) be exchanged for 1 1-5 shares of new as The would $10,000,000 outstanding, 5% cum. pref. stock, stated value $100. The new preferred would be entitled to cumulative dividends 1937, at the rate of $5 a year, except that in the first two directors could pay dividends in additional preferred stock instead from May 1, years of cash. Bond Stores, Inc.—Sales— Period End. July 31— Sa^V,V"-V™ 145, p. 599. - —V. Bower 1937—Month—1936 $1'038,842 1937—7 Mos.—1936 $917,188 $10,674,126 $8,961,412 Present common stock (no par) would be exchanged for five shares of a Roller-Bearing Co.—Dividend Doubled— new The directors have declared a dividend of $1 per share on the capital stock, par $5, payable 8ept. 25 to holders of record Sept. 1. This compares 50 cents paid on June 25 and on March 25 last; $1 paid on Dec. 19, l93oj 75 cents on Oct. 24, 1936, and previously regular quarterly dividends <"25 cents per share were distributed. In addition, a stock dividend of 20% was paid Dec. 20, 1935.—V. 145, p. 599. on Bridgeport Brass Co.—Correction— The company for the 12 months ended June 30, 1937, reports a net profit $1,509,056 or $1.63 per share on 926,990 shares of capital stock (no par) and not 47 cents per share as reported in "Chronicle" of of P. 934. Aug. 7.—V. 145, Briggs Manufacturing Co.—Earnings— Period End. June 30— Net profit after 1937—3 Mos.—1936 Earnings —V. per share $3,453,771 1,979,000 $1.75 common, par $1 or less, making a total of 2,000,000 shares outstanding consummation of the plan. Certain common shareholders have agreed, however, to accept 100,000 fewer shares in order to provide the common stock bonus for preferred stockholders. after General claims against the Brown Co. in the form of notes and accounts payable, which aggregate with interest approximately $1,530,462, would be settled by payment of 50% of all outstanding claims in cash and 50% in non-interest bearing notes maturing 1-3 each in two, three and four years. It is believed that approximately $750,000 of such notes would be issued. Directors—The plan provides for the representation of outside interests the board of directors of the new company for the first time by an ex¬ pansion of the board to 11 members, four to be directors of the present company and seven representatives of active new business and financial on interests 1937—6 Mos.—1936 deprec., taxes & other charges. Shs. cap. stock outstand. A further bonus to present preferred stockholders in the form of one share of new common stock for each share of old preferred is authorized in the plan. Receipt of this stock together with voting privilege which would be attached to the new preferred stock would give preferred stockholders a voice in the management for the first time. $4,370,854 1,979,000 $5,928,670 1,979,000 $6,874,102 $2.21 $3.00 $3.47 145, p. 750. 1,979,000 in the affairs of the company. Commenting the necessity for this expansion, the plan on contains data of significance Brush-Moore Newspapers, Period End. June 30— Gross revenue. pulp Inc.—Earnings— 1937—Month—1936 $257,104 — $244,652 1937—6 Mos.—1936 $1,526,340 $1,414,062 2,111 3,061 Advertising expense 605 639 Circulation expense 1,648 834 8,584 3,981 31,759 150,160 28,108 138,384 188,317 867,952 165,045 802,151 $72,933 17,201 $76,686 20,903 8,984 $459,375 136,225 54,529 $439,823 119,042 54,256 $46,799 $268,620 $266,525 Newsprint, ink & other ► materials Payroll & comm'ns, &c__ r Operating profit Other deductions (net)-. Prov. for Fed'l taxes 9,528 Netprofit $46,202 Balance Sheet Assets— Cash 1937 1936 $443,427 $358,912 Cash surr. value of life Insurance Other assets 1,328,510 17,521 213,652 40,220 1,280,655 Sinking fund assets y Permanent assets Circulation, good- 1,185,799 3,556,496 171,421 Funded 3,556,496 » will, &c Deferred assets 249,617 63,417 38,475 term 1937 1936 $221,716 115,110 $167,393 142,453 2,216,500 2,375,000 28,030 27,988 long- debts Deferred income.. Reserves z cum. 2d 915,400 902,400 802,995 1,399,037 1,226,896 pref. stock z Common stock.. 802,995 6 Months Ended June 30— Gross income from sales, after deducting cost of material, labor and manufacturing expenses, but before depreciation General, administrative and selling expenses 1937 1936 Operating profit, before depreciation $149,085 57,602 $27,369 32,624 $91,483 8,028 loss$5,254 5,594 profit! supplies of power; the fresh water supply is already installed for the larger capacity; the mill site was selected and laid out for a 609-ton mill many years ago: and the present mill itself was designed to be a part of the larger The result of these circumstances, planned far in advance, is that the Sresent mill, be doubled in capacity includingassets, which costand supplied about $16,00,000, can power facilities and timberland a chlorine plant working capital at Table showing a cost of about $6,500,000. the proposed changes in capital structure: To Be Imme¬ diately Issued Present Bonds--Notes. Convertible notes Preferred stock Common stock New Canadian bonds._ Old Canadian bonds... Com. stock of Canadian company Approximately, To Be Authorized $21,415,500 Perexisti'gindenture a$750,000 8,500,000 100,000 shs. 135,000 shs. 400,000 shs. 3,000,000 shs. $6,500,000 $3,821,000 b3,821,000 14,000,000 Under the Plan $21,415,500 a750,000 6,000,000 120,000 shs. 2,000,000 shs. $6,500,000 3,821,000 bl4,000,000 14.000,000 b Presently outstanding. Bondholders9 Committee Has Not Endorsed Plan— 599,511 13,318 12,928 12,839 such, have had any part in the preparation or filing of the plan of re¬ organization, the bondholders' protective committee (Charles Francis Adams, Chairman) has requested bondholders not to accept the proposal pending further study. "The committee is studying the plan," it is announced in a letter mailed to bondholders Aug. 11, "and will prepare a report thereon. The report may be delayed pending completion of the survey now in progress, which was ordered by the Court on May 25, 1937, 'in order to procure infor¬ mation which will better enable the Court and all interested parties to consider a plan or plans of reorganization.' " The committee, which represents holders of nearly 45% of the company s . ' Net capacity of the plant at La Tuque, Que., be in¬ Stating that neither the committee nor the trustees of the company, as , Provision for Federal income taxes. It is essential that the a day to 600 tons. The Canadian company now holds timber limits ample to provide a sustained or perpetual supply of excellent wood for the larger capacity; it also has available, at lowest price, ample a Bucyrus-Monighan Co.—Earnings— Profit, before depreciation. Depreciation. customers this year. creased from 300 tons 1,226,000 $6,998,687 $6,985,4521 Total $6,998,687 $6,985,452 x After allowance for doubtful of $184,702 in 1937 and $184,628 in 1936. After allowance for depreciation of $925,444 in 1937 and $793,897 in 1936. Represented by 50,000 no par shares.—V. 144, p. 3324. Interest and discount (net) plastics, explosives and many alpha cellulose pulp are among principal raw materials, has made a substantial increase in plant capacity essential. In 1937 the company was compelled to buy from outside mills about 25,000 tons of rayon pulp and orders for more than 10,000 tons have to be carried over into 1938 because of inability to deliver to the 114,328 1,185,300 stock Total y time, including rayon, lacquers, other allied trades for which sulphite and present with ample 114,599 Surplus f to observers of the trends in It reads: paper. 7% cum. 1st pref. 7% 219,205 and and The very large and steady growth of the esterification industry at the mill development. Lia bilities— Accounts payable. Accrued liabilities. 1,260,316 Notes & accts.rec. Inventories x June 30 Since the organization of the present company which was incorporated in 1888 to succeed a company formed in 1852, the entire voting stock and directorship of the company has been in the Brown family. Orton B. Brown has been serving as trustee with R. H. Spaulding and W. B. Skelton of Lewiston, Me., since 1935. $339 $73,265 fossil2,499 approximately $21,500,000 of first mortgage bonds, concludes: Financial 1092 fully aware of the importance to bondholders of payment of interest, but of even greater importance is the continuation of interest payments and of payments of the principal at maturity. Pending receipt from this committee of its report, the com¬ mittee strongly urges all bondholders to take no action whatever in con¬ committee is "The present cash a nection with the . 190,136 and depletion. __ $2,172,133 27,154 $852,454 66,584 $2,199,287 319,904 105,847 $919,038 343,910 153,260 588,967 36,961 553,631 Administrative and general expenses profit, before depreciation Other income Total - - - charges Depreciation and depletion Non-operating and prior period 583,332 27,945 . items 594,523 Deferred interest (represents net change Net profit $8,325,502 163,018 424,420 ; Selling expense Federal surtaxes SEC— first page of this department.—V. 144, p. 3167. International Canadian Ltd.— Trust, Investment Accumulated Dividend— dividend of $1.25 per share on preferred stock, par $100, have declared a The directors of accumulations on the 5% cumulative Sept. 1 to holders of record Aug. 16. Similar last and dividends of $2.50 were paid on March account payable amount was paid on .Tune 1 1 last and on Dec. 1,1936.— 3491. V. 144, p. National Ry.—Earnings— Canadian Ended Aug. 7 Increase 1937 1936 $3,522,026 $3,266,586 $567,736 loss$757.691 in surplus)... and on unpaid bond interest on $21,415,500 mortgage 5Ms series A and B as of May 15, 1937 amounted to first Registers with See list given on Earnings of System for Week Accrued interest on bonds x made in the above summary for or for Federal income taxes on intercompany paid, the amounts of such possible taxes not being determinable until the close of the fiscal year ending Sept. 30, 1937. 6,766,657 366,917 176,456 Manufacturing cost of sales x provision has been profits undistributed dividends when and if 1936 $11,346,084 182,731 8,376,664 Gross sales Deductions from sales Other expenses and Current interest As of the close amounts were on 24 Weeks Ended May 15 1937 Net $15,000 and $35,000 respectively, as "provision for contingencies." of the company's fiscal year ended Sept. 30, 1936, the said treated as charges to surplus rather than as deductions from income. Therefore, in the above summary the comparative figures for said periods have been adjusted to eliminate the above menitoned charges, income No plan." Consolidated Income Statement 1937 14, Aug. Chronicle Gross earnings $255,440 933. —V. 145, p. $2,643,292. A Canadian Pacific Sheet, Giving Effect to the Plan Consolidated Pro Forma Balance Ry.—Earnings— Earnings of System for Week Liabilities— i $21,415,000 $56,420,000 Bonds, series A and B 6,500,000 Timberlands &c. 15,545,000 New Canadian bonds 6,000,000 Securities, affiliated cos 2,807,000 New convertible notes New notes 764,000 Securities of other corpora'ns. 21,000 1,942,000 Cash.. 838,000 Pulpwood purchase account. 830,000 Securities of other corpora'ns. 8,000 Accounts payable & payroll.. 97,000 Notes & accts. rec. (net).. 2,393,000 Taxes payable Inventories 3,015,000 2,371,000 111,000 292,000 Accrued gen. int., taxes, &c_. Prepayments. Total reserves Suspense... 169,000 Accrued bond interest 29,337,000 ,al2,000,000 Preferred stock. 2,000,000 Common stock (par$l)_____ Capital surplus $83,529,0001 Total a 2,183,000 ... Bullard Co.—To Increase Stock— Stock Exchange of the proposed preferred stock, par value $40, stock from 300,000 shares to 330,000 shares. The company has notified the New York creation of 40,000 shares 5% convertible special meeting of holders of common stock has been called for Aug. 19, for the purpose of considering a plan of recapitalization which calls increase in the authorized common stock of $1 par value to 315,000 to shares 92,780.—V. 145, p. 271. 278,340 from directors have declared a dividend of $1.50 per of accumulations on the $1.75 cum. conv. class share on account no par, value, A stock, Camaguey Sugar Co.—Reorganization Canada Bud Breweries, 2,704,747 $4,993,972 2,808,568 $1,138,012 538,230 $2,442,413 1,224,057 $2,185,403 952,946 $641,753 $599,781 $1,218,355 $1,232,457 157,907 247,762 $352,018 332,142 $886,212 620,265 $612,192 Balance.. ments on 19,541 require¬ pref. stocks held by the subs, of $483,845 a paid on preferred stocks of subsidiaries held by the b Before cumulative dividends on Central & South West Utilities At rates currently public, Co. prior lien and preferred stocks. Note—No provision has been made Completed— Income Account Period End. June 30— Total income $101,649 1,984 $85,407 42 17 $103,675 $86,094 29,688 8,460 Dividends received 1937—6 Mos—1936 $313,819 $15,171 41,242 25,755 21,635 Note—No of executives Sundry revenue of a recurring nature- undistributed , def$18,276 Trust—Earnings— Chain Store Investors Months Ended June 30, 1937 Earnings for 3 669 Income—Dividends $1,760 88 .... Interest x29,446 Provision for obsolescence and depreciation. 11,134 742 Federal income tax Provincial income tax 564 $1,848 Total. 289 Expense. Net income $62,352 327,464 2,578 $266,613 Earned surplus balance, April 1, Total. Balance at credit—June 30 $1,559 1,580 —. 60,000 1937. $3,139 _ Dividend Dividend payable July 20- - $326,613 $332,394 * Inc. tax adjustments applicable to prior years. $47,380 281,608 Dr2,375 $392,394 60,000 Net profit for six months Balance at credit—Dec. 31, 1935-- 1,902 . $1,237 Balance, June 30, 1937 Balance Sheet June $70,296 91,424 $55,461 Bank loan secured. Accts. receivable.. 85,552 Accts. pay. & accr. Inventory 437,352 426,489 Dividends receivable 1936 1937 Liabilities— 1936 Shares in $71,175 136,119 Z120.988 60,000 60,000 Res. for inc. tax.. 12,719 a320 5,612 liabilities 5,369 1,695 chinery & equip. Licenses, &c__ 1,627,760 1,571,911 20 20 Mtge. pay. on City Club properties. Deferred charges__ 23,162 25,609 Deferred contract. house Cos Land, bldgs., ma¬ x y 20,000 30,000 452" 118 399,974 990,000 990,000 533,239 467,457 20 re-licenses, &c_. $2,166,736 Total $2,255,384 $2,166,736, Represented by 150,000 no par shares, y Includes capital surplus on purchase of City Club Breweries, Ltd., shares, being excess of appraisal values over price paid of $200,845 and earned surplus of $332,394 ($266,614 in 1936). x Bills and accounts payable only, a Accrued interest on mortgage only.—V. 145, p. 103. x Canada Dry Ginger Period End. June 30— Ale, Inc. (8c Subs.) 1937—3 Mos.—1936 Earningt 1937—9 Mos.—1936 $2,216,450 $1,402,831 $5,402,271 1,891,107 Gross profit Acer. Int. on bond tnvestm'ts. Def. exps., 1,319,129 $3,423,099 3,374,757 4,802,236 Advertising, selling, dis- Profit from operations Other income Gross income Other deductions Depreciation Interast $325,343 60,450 $385,794 30,454 57,407 7,760 $83,701 11,288 $94,989 x24,672 50,958 2,025 $48,341 73,155 $600,035 119,659 $719,693 99,960 174,430 27,585 $121,496 , xl44,811 149,103 —" 4,572 U. S. & Dom. of Canada income taxes 40,319 24,889 $249,854 loss$7,556 (est.) $117,537 Total,... Net income x In the 66,318 39,217 $351,400 loss$216,208 company's report of operations for the three months and the 1936, there were included in deductions from $117,537 Total Chesapeake & Ohio The Interstate Commerce Ry.—Operation, &c.— on July 23 issued a certificate authorizing operation under trackage rights by the company over certain lines of rail¬ road of the New York, Chicago & St. Louis RR., Illinois Central RR., and the Chicago & Western Indiana RR.—V. 145, p. 601. Ry.—To Intervene in Reor¬ Chicago & Eastern Illinois ganization Hearings— Commerce Commission has authorized John Carson, to the National Bituminous Coal Commission to reorganization proceedings of the road. Mr. Carson in his petition states that 40% of the C. & E. operating revenues are derived from transportation of bituminous coal. He further states that he Is opposed to continued control by the Chesapeake & Ohio as proposed in the plan of the debtor and endorsed by the bondholders.—V. 145, p. 752. The interstate Consumers' Counsel intervene in the Chicago & Illinois Midland 1937 Net Ry.—Earnings— 1936 $295,042 after rents $276,530 81,268 57,774 Gross from railway Net from railway 93.895 80,946 1934 1935 $243,506 67,775 61,884 $212,678 1,363.990 58.684 59,651 From Jan. 1— Gross from railway Net from railway 1,942,326 667,901 1,677,855 539,013 1,627,599 485,863 465,685 456,384 438,289 Net after rents —V. 145, p. 353.979 333,649 105. Chicago Great Western RR.—Equip. Trust The Interstate Commerce Ctfs.— Commission on July 31 authorized the company obligation and liability in respect of not exceeding $1,500,000 equipment-trust certificates, series D, to be Issued by the American National Bank & Trust Co. of Chicago, as trustee, and sold at 100.135 and accrued dividends in connection with the procurement of certain equipment. mJ to assume nine months ended June 30, 112,196 1,237 shares) Earned surplus 932 registration expense June— tive expenses $1,902 2,202 Capital (represented by 4,756 20 1,445 Capital stock. Surplus Special reserve for $2,255,384 Investments at cost Dividend, payable Reserve for accrued expenses- —V, 144, p. 4173. Deprec'n reserve.. Total Accts. rec., sale of investments 20,063 Mtge. &int. pay.. Ware¬ $50,848 Dividends payable Cash $2,295 507 418 113,349 38 Cash Balance Sheet June 30 1937 Assets— 30, 1937 Liabilities— Assets— Depreciation only. x 47,862 $272,576 def$32,690 provision has been made for Federal surtax on undistributed $288,089 profits.—V. 145, p. 104. 1936 1937 (Company Only) 1937—3 Mos.—1936 $309,724 $7,478 Net income Ltd. (Subs.)—Earnings— for Federal surtax on profits. Expenses 144, p. 4172. 6 Months Ended June 30— Net operating profit, after deduction salaries and directors' fees $5,147,160 b Balance payable Sept. 1 to holders of record Aug. 24. A dividend of 50 cents was paid on June 1 last; one of 25 cents was paid on March 1 last; dividends of 50 cents per share were paid on Dec. 1, and on Sept. 1, 1936, and 25 cents paid on June 1 and March 1, 1936, this latter being the first distribution made since April 1, 1930, when a regular quarterly dividend of 43 % cents per share was paid.—V. 144, p. 3324. See Yertientes Sugar Co. below.—V. $2,531,633 1,393,621 1,350,830 public. Corp.—Accumulated Dividend— California Art Tile $5,127,619 $1,261,232 619,479 Balance Divs. accrued $2,516,333 15,299 $2,612,063 income Int. & other deductions. a $4,948,514 45,457 $2,603,559 8,503 income (net) Net oper. Other 1937—3 Mos.—1936 Balance of div. with SEC Callahan Consolidated Mines, Inc.—Registers See list given on first page of this department. The Operating revenues Oper. exps. and taxes for an from 105,000. It is proposed to exchange three shares of common for each common share now outstanding, increasing the outstanding common shares Utilities Co. (& Subs.)—Earns. 1937—6 Mos.—1936 $7,191,769 $6,544,886 $14,281,659 $12,983,764 4,588,209 4,028,553 9,154.039 8,035,249 Central & South West Period End. June 30— Gross income Inc.—May Split Stock— Burdines, A $218,000 Central Illinois Public Service Co.—Accum. Pref. Divs. The directors have declared dividends of $1 per share on account of accumulations on the no par $6 cum. pref. stock, and the 6% cum. pref. stock, par $100, both payable Sept. 15 to holders of record Aug. 20. Similar payments were made on June 15 and March 15, last, Dec. 22, Oct. 15, April 15 and Jan. 15. 1936. and on July 15, 1935. Dividends of 50 cents per shares were paid on Dec. 24, 1934, and on Oct. 15. July 15. and May 15, 1933. Prior to this latter dividend, regular quarterly disbursements of $1.50 per share were made on both issues.—V. 145, p. 935. 3489. —V. 144, p. Increase 1936 $2,364,000 9535. —V. 145, p. share.—V. 144, p. 4170 120,000shares (no par) stated value of $100 per and an increase in common Gross earnings $83,529,000 Total Ended Aug. 7 1937 $2,582,000 Plants.... Financial Volume 145 Chronicle The railroad trustees invited 27 persons, firms, and corporations to bid for the purchase of the certificates at a specified price and accrued dividends Cities Service Co. (& Subs.)—Earnings— § Months Ended June SO— Gross operating revenue from June 1, 1937, to the date of delivery. In response thereto one bid, 100.135 and accrued dividends, was received. This bid was made by Salomon Brothers & Hutzler, acting on behalf of themselves and Dick & Merle-Smith, and Stroud & Co., Inc., and has been accepted. On this basis the average annual cost of the proceeds will be approximately 3.47%. —"V. 145, p. 752. Net operating Other income Gross re venue reorganization proceedings now pending before the Commission. The com¬ mittee is composed of seven banks and insurance companies, who hold 1st & gen. mtge. bonds, series A and B, in an aggregate amount of $1,724,000. Frederick W. Walker, Vice-President of Northwestern Mutual Life Insur¬ ance Co., is Chairman of the committee.—V. 145, p. 752. 3,100,000 1,248,704 4,911,714 1,672,000 $4,219,646 Includes provision for normal Federal income tax and reserve for pos¬ on undistributed profits for both years, adjustments made to June 30, 1937. Note—The figures for 1936 have been recast to accord with 1937 pre¬ sentation and include adjustments applicable to that period. Court $727,590 55,234 39,890 Depletion of timber Net profit from operations. Other income Interest Delays Sale of Stock Paid in Suit— Circuit Court Judge Manton on Aug. 6 temporarily enjoined the com¬ 312,500 shares of its common stock received recently Doherty in a compromise settlement of a minority stock¬ holders' suit. The show cause order is returnable Aug. 16 when argument pany from disposing of from Henry L. $632,467 88,867 $721,333 16,431 will be heard $704,448 a96,076 106,465 , Net profit for year.. voted to accept Mr. common stock in settlement of Cities Service Power & Light Co. (& Subs.)—Earnings 9 Months Ended June 30— Gross operating revenue $501,907 120,528 Dividends paid was stockholders' meeting March 16 at which Doherty's offer of $l,25o,000 or its equivalent an action involving alleged damages to the company through sale of 290,000 shares of Cities Service common by Henry L. Doherty & Co., Inc., to the Cities Service Co. for $20,500,000.—V. 144, p. 3169. was in Cities Service 455 compensation. made following a it Net profit before provisions for income taxes and management Management compensation payable in class C stock. by the Appeals court. Transfer serial notes payable. Other interest on Operating a bl937 cl936 $45,047,117 $41,224,050 26,979,070 23,908,757 3,476,971 2,984,324 maintenance and taxes Reserves for depreciation expenses, undistributed profits. Net operating revenue Balance Sheet Dec. 31, 1936 .$14,591,075 $14,330,969 1,083,689 678,997 Other income Liabilities— Cash $354,436 Accounts and notes receivable inventories Advs. on 8,905,536 3,331,442 a deducting cost of sales, selling and Assets— 8,781,010 3,258,423 1,022,472 4,849,867 $4,398,737 Net income Income Account Year Ended, Dec. 31, 1936 on 2,971,175 $25,410,509 $24,289,043 sible liability for Federal surtax b Includes profit and loss administrative expenses Depreciation of plant and equipment Includes $37,310, provision for Federal surtax 11,739,639 3,280,117 income Cities Service Co. int. charges & amort, of discount Provision for contingencies Chicago Mill & Lumber Co.—Earnings— a 14,146,323 $22,130,392 $21,317,867 - Subsidiary deductions: Interest charges and amortization of discount— Preferred dividends paid and accrued Earnings applicable to minority interests The Interstate Commerce Commission has authorized the committee for institutional investors owning securities of the company to intervene in the Federal income taxes bl937 ^—1936 $119,068,301 $98,486,113 82,791,586 65,428,606 Operating expenses, maintenance and taxes Reserves for depletion and depreciation a Chicago Indianapolis & Louisville Ry.—Protective Com¬ mittee to Intervene in Reorganization— Net profit from sales after 1093 payable Deferred charges _ 166,538 Prov. for Federal inc. taxes 38,479 815,486 181,680 Investments, advances, <fcc 103,930 Coodwill, patents, &c 112,963 Cities Service Power & Light Co. interest charges Serial notes payable due serially and Sept. 15, 1937 to Sept. 15, 62,720 _ $100,000 - Accounts payable Accrued liabilities logging and lumber contracts Plant, equip, and timber, &c__ Gross income 1 —$15,674,764 $15,009,966 Subsidiary deductions: Interest charges and amortization of discount-7,062,023 7,076,238 Preferred dividends paid and accrued 2,397,911 2,404,134 Earnings applicable to minority interests 371,972 388,175 Current maturity of serial notes 1,059,722 1,232,183 . 1940.. 1 350,000 Reserve for management com¬ book value Class A stock common Total Earned surplus provision for Period End. June 30-^Total oper. revenues Total oper. rev. deduct. Omaha Ry.-—New reserve for 1937—6 Mos, ,—1936 $898,111 $793,116 686,453 580,903 $211,657 11,350 $212,212 10,438 236 $223,008 166,477 4,591 426 12 493 2,559 $222,650 169,190 3,095 2,242 $15,705 $12,530 $49,380 "$42,176 "$39,696 2,305 "1,760 $44,482 27.746 590 $41,457 28,196 Other income ' Gross income Int. on long-term debt— Taxes assumed on int Other interest charges __ Miscell. inc. deductions. ~ Net income & and tax (&Subs.)—Earnings— 1937—Month—1936 $159,648 $143,803 117,472 104,106 ~ Operating income a Minneapolis income _ dividend of 45 cents per share on the new $4 par common stock, payable Sept. 15 to holders of record Aug. 27. An initial dividend of 30 cents was paid on this issue of June 15, last. The common stock was recently split on a two-for-one basis, two new $4 par shares being issued for each old no-par share. See V. 144, p. 1271 for detailed record of dividend payments on old common stock.—V. 145, p. 602. Paul $2,455,396 (Excl. of Central America Power Corp.] Chicago Rivet & Machine Co.—■Dividend Increased— St. Federal 2,686,023 $3,245,721 - normal Citizens Utilities Co. Total $3,744,706 Represented by 38,688 no par shares, b Represented by 1,488 no par shares, c $316,464 is restricted until serial notes payable are retired. —V. 144, p 1777. a Chicago 2,597,136 — on undistributed profits for both years, b Includes profit and loss adjustments applicable to nine months ended June 30, 1937. c Includes profit and loss adjustments applicable to nine months ended June 30, 1936.—V. 144, p. 3327. $3,744,706 > The directors have declared of discount — possible liability for Federal surtax 146,041 1,922,027 42,581 800,625 b Class C common stock c Includes a pensation, payable in class C common stock at a amortization Net income- $48,121 —V. 145, p. 274. Vice-President— City Industrial Savings & Loan Co.—Registers with SEC See list Carl R. Gray, Jr., continuing in the family line of holding important posts in the railroad field, has just been named Executive Vice-President of this company.—V. 145, p. 753. given on first page of this department.—V. 142, p. 3161. Clark Equipment Co.—Dividend Increased— The directors have declared Chicago South Shore & South Bend RR.—Securities Authorized— The Interstate Commerce Commission on July 23 authorized the com¬ pany to issue new securities in effecting a reorganization which has been approved by the court and the principal security holders. The new securities consist of $1,341,000 of 3% 25-year first mortgage $212,800 five-year 5% promissory notes; $4,350,000 of $5 first preferred stock, ($100 par); $1,947,600 $6.50 second pref. stock ($100 par) and 122,000 shares (no par) common stock.—V. 144, p. 4339. bonds; Cincinnati Advertising Products 6 Mos. End. June 30— Net profit after charges & exps., but before Federal taxes Earns, per sh. on 25,200 shs. x (no After par 1937 $32,934 $4,507 $29,116 $0.35 $1.31 $0.18 $1.16 expense of $8,304 due to recent flood. Balance Sheet June 30 Assets— 1937 (cost & sonal $49,640 Liabilities— accr. int) 92,323 3,614 148,870 1,817 on 12,500 bonds Call loan—secured Accts. rec.—trade Accts. 1,599 9,938 Accrued - 2,456 63,255 69,149 employees, Federal 9,063 212 2,868 Advs. to employees Divs. rec 77,145 - * » - y - 74 Capital stock Earned Notes recelv.—the surplus Profit & loss Royal Blulg Bed 1,783 2,595 802 Treasury stock x Plant & ment Patents—net Total y income 293 Assets— Cash on on $523,473 $197,355 1,135,037 2,159,613 1,233,232 270,695 289,172 loss$91,817 37,622 116,510 Dec. 1,000 1,922,942 19,343 $92,020 loss$245,949 31 Liabilities— 1936 1935 payable for money borrowed from banks $1,000,000 Customers' accts. 1,198,952 2,000 1,967,423 22,178 $2521,778 34,425 126,333 Notes $375,864 Plants & equip._ y 1935 $161,197 Notes receivable.. Acceptances $1,000,000 pay. for purchases._. Accts. payable for purch. exps., &c. Unpd.sals. & wages 148,465 306,862 18,340 29,947 38,152 76*939 47,204 Res. for contlngs.. 124,982 12,541 4,615 expenses. 35,390 Credit balances... Accrued taxes, &c. Prepaid 7,772 29 976 29,976 2,000.000 2,000,000 1,663,181 Dr20,417 Capital stock Surplus x $528,7981 a Total $538,795 $528,798 x After reserve for depreciation of $90,301 in 1937 and $95,248 in 1936 Represented by 25,000 no par shares.—V. 145, p. 274. Cinecolor, Inc.—Registers with SEC— 1936 hand and deposit 1934 $175,177 $139,968 Balance Sheet 86,500 367,838 1935 $495,847 27,625 291,168 Net profit 822 5,000 See list given bn first page of this paid $3u9,uu8 37,112 123,598 8,329 Prov. for Federal income taxes (est.). 227 $538,795 was $600,176 — Profit, excl. of deprec. & int. chgs. receivable.. 156,631 21,890 4,231 1936 Interest charges Allowance for depreciation age 1,876 86,500 327,065 8,716 dividend of 50 cents $565,700 34,476 Sell., gen. adm exp. & other charges against income equip¬ Deferred charges.. an extra 602. Interest earned and other income z 7*241 p. Cleveland Worsted Mills Co .—Earnings— Mdse. inventory— 5,000 145, Years Ended Dec. 31— Profit from sales 840 6,168 Spring Co., due Accr. int. thereon. In addition, on Aug. 6 authorized the company exceeding $2,936,000 first-n ortgage 4% bonds, to be sold at the payment, at maturity on Jan. 1, 1938, gold bonds. Arrangements have been made for the sale of the bonds to the Metro¬ politan Life Insurance Co., at par, but without accrued interest, if any. While the proposed bonds are to be sold at par direct to the purchaser, the company has agreed to pay Van Alstyne, Noel & Co., of New York, a commission of IM% on the principal amount of the new 4% bonds, for services rendered in connection with the refinancing. Certain expenses, such as counsel fees, the cost of making application to the ICC, other legal expenses, and original issue tax on the bonds, will be paid by Van Alstyne, Noel & Co. from this commission.—V. 145, p. 275. Total March 1, 1941, pledged on notes payable made. par and the proceeds applied to of the outstanding 5% 50-year insurance tax • . 1,087 stock benefit tax was 15, 1936.—V. Cleveland & Mahoning Valley Ry.—Bonds Authorized— Placed Privately— — liability..._ ment 135,387 4,671 47,161 1,953 3,541 Res. for unemploy¬ Inventories-mdse., mat. & supplies. taxes cap. 51,983 2,525 1,792 Div. payable Res. for old 150 6,102 $20,000 tax county—real est tax <fcc Railroad claims Accts. rec.—officer inc. liability ' rec.—sun¬ dry, commlss'ns Federal 1936 $39,000 6,750 Accts. pay.—trade Accrued labor Accr'd (secured). & notes 1937 pay.—bank Other rec.—per¬ Accr. int. Notes secur. Notes rec.—trade. Notes 1936 $26,629 Marketable Dec. on to issue not 1934 x$8,716 value) charging 1935 share per The Interstate Commerce Commission Co.—Earnings- 1936 a dividend of 50 cents per share on the com¬ stock, no par value, payable Sept. 15 to holders of record Aug. 30. This compares with dividends of 40 cents paid in each of the three preceding quarters: 30 cents paid on Sept. 15, 1936; dividends of 20 cents per share distributed each three months from March 15, 1934 to June 15, 1936, incl., and 25 cents paid on Dec. 28, 1933. Prior to this latter date, no dividends had been paid since December, 1931, when a quarterly,payment of 25 cents mon department. Total Treas. stock 7,767 1,821,917 20,417 $5,399,133 $4,795,812 I Total $5,399,133 $4,795,812 Represented by no par shares, y After reserve for depreciation of $1,485,670 in 1936 and $1,411,263 in 1935. z After allowance for doubtful accounts, a Represented by 5,169 shares capital stock at cost.—Y. 143. p. 2203. x Financial 1094 Net oper. loss Commercial Banking Corp., Corp.—Earnings- Clinchfield Coal Gross 15,823,057 18,518 — Bills receivable Fuel Co., due for coal 24,101 1,190 un¬ 16,833 3,487 Deferred 282,013 2,468 235,928 18,912,4801 18,658,677 2,312 1,733,181 740 1,525,220 18,658,677 18,912,480 Total 1937 1936 1935 1934 $52,651,121 $41,235,951 $41,713,288 $37,081,211 deprec— 49,879,833 40,383,832 38,286,399 34,365,656 Operating profit—.. $2,771,288 $852,119 Drl91,696 $3,426,889 Dr24,721 $2,715,555 182,972 $660,423 290,225 $3,402,168 577,358 $2,898,527 481,639 $1,715,697 $370,198 738,662 489,621 739,654 489,041 $1,924,810 741,035 486,583 $2,416,888 743,548 $697,192 $1,673,340 Other income Dr21S, 164 (net) $2,553,125 757,428 Total income Federal taxes Fed. surtax on undistributed profits. Prov. for Prov. for 80,000 possible decline 900,000 in investment profit Net Preferred dividends.... Common dividends Shares com. stock out¬ par) share 1,962,807 $0.50 standing (no Earnings per 1,949,086 Community Public Service Co.—Earnings— 1937—3 Mos.—1936 1937—12 Mos.—1936 $2,972,539 $2,594,361 $660,069 $763,371 1,385,994 319,725 1,240,312 Operation 366,811 Period End. June 30— Total oper. revenues x 73.,414,231 67,342,4841 Total 73,414,231 67,342,484 Represented by 1,962,807 (1,956,086 in 1936) par z $301,758 $1,236,762 88,323 343,892 $1,066,827 356,247 1,694 1,792 7,233 7,070 64,497 60,385 272,570 248,208 $178,107 $151,258 $606,837 $455,301 535,425 359,355 464,163 105,548 973 1.160 902 $714,504 $511,773 4,742 42,868 $1,071,902 4,641 441,630 $570,103 $625,631 $464,163 dividend from subsidiary. $625,631 $464,163 income Net Surplus balance ning of period 6,230 on begin¬ bonds reacq. on Divs. on common pref. stock x 88,873 stock. of period Includes $8,000 Balance Sheet June 30 1937 $ 80,938 69,797 the following statement in connection with the cur¬ 22,000 Liability stock 175,554 119,690 Acer. Colorado Central Power 6 Months- Period Ended June 30— $211,654 76,800 56,627 10,583 19,984 82,389 62,110 9,360 24,830 - (excl. Fed. income taxes). __ 1937 1936 1937 $234,013 Operating revenue—Electric Operating expenses—Power purch— Operation (incl. unc. accts.) 5,000 Accts. receivable depos. 605,157 50b"2l2 3,862 3,968 Ins. & other 3,288 Inv. of mat'l & sup 405,370 12,759 323,592 28,770 surance, Rental $47,660 2,995 $113,149 19,863 $50,655 20,199 382 733 $119,926 39,855 1,137 360 300 760 Interest—Long-term debt Unfunded debt Taxes assumed on interest conting.. for x Before provision for renewals and replacements eral income and 6,776 $78,174 (depreciation) and Fed¬ undistributed profits taxes. Balance Sheet eq't_$l,554,676 $1,514,995 48 Special" deposit... 811 Prop., pl't & Cash Notes & warr. rec. Accts.receivable.. Inventories, at cost 26,358 6,030 73,285 25,537 2,670 Prepayments 40.535 4,297 69.536 24,479 2,221 Deferred assets 1 1 3,293 invest'ts. 3,254 bds., series A, due Dec. 1, 1946 g. Accounts payable. Accrued Items Consumers' cred. Reserves Common stock.. Total $720,500 20,571 41,546 $730,500 21,013 12,726 443,088 300,000 19,488 12,713 410,234 300,000 130,679 133,217 .$1,692,661 $1,659,365 Represented by 10,000 no par shares. company's policy to make an appropriation to the reserve replacements and retirements at the end of each year; therefore this balance sheet does not reflect in such reserve the proportionate part of such appropriations for the year 1937 applicable to the first six months of the year —V. 144. p. 3327. x Noie—it is the for renewals, Columbia Broadcasting on 1,760 1,796,245 10,377 4,855 235,700 4.443,675 4,286,825 Earned surplus 625,631 464,163 ...14,183,017 14,195.028 x After reserve for retirements of $2,853,465 in 1937 and $2,892,599 in 1936. y After reserve for uncollectible accounts of $53,537 in 1937 and 14,183,017 14.195,028 Total $55,081 in 1936.—V. 145, p. 433. Community Water Service Co. (& Subs.)—Earnings—- [Exclusive of New Rochelle Water Co.] yl936 1937 $6,351,918 3,077,749 Gross earnings Operating expenses, maintenance and taxes income -- Int., amortiz. of discount, &c., of subsidiaries Preferred dividends of subsidiaries $6,304,202 3,084,375 $3,274,170 1,898,550 $3,219,827 1,937,224 x519,232 Minority interest Int., amort, of disct., &c., of Comm. Wat. Ser. Co. 11,348 379,367 417,881 Reserved for retirements x521,946 9,836 374,866 381,109 18,850 36,902 meter deposits Misc. unad]. Surplus .$1,692,661 $1,659,365 1936 1stmtge. 5H% s.f. x Total 1937 264 *2"i09 1,766,266 line extensions..... Common stock... Gross June 30 Liabilities^— 1936 1937 Assets— MIscell. $29,424 $37,985 Net income. 215,661 Preferred stock 12 Months Ended June 30— x 84,663 249,722 48.966 $55,324 3,266 Gross income 485 equipment. Total Income from operations Non-operating income—net Unred. ice coups.. Contrib. In¬ &c 29,861 99,906 Income tax) Res. for 30,291 than Consumers' depos. 20,126 Prepaid taxes, $474,183 166,567 124,440 21,060 90.282 14,613 wages, Accts.pay.to subs. mat'l & supplies 12 Months deposits Ins., taxes (other Notes receivable., Letter of credit for Co.—Earnings— 6,984,750 Accr'd Int. on con¬ 973,252 sumers' cash on hand y for pref. called 521,166 trustee Bank deposits and toward the end of the fiscal year of the corporation which March 1,1938."—V. 144, p. 4339. 6,825,000 payable. 115,427 Accounts 2,900 invest'ts. A, due Jan. 1, 1960 12,149,148 Inv. in sub. cos $ $ Liabilities— 1st 5s, series Incl. wk.in prog. 12,351,010 Miscell. 1936 1937 1936 $ Prop., pl't & eq., x Funds depos. with ends on or about 9.253 20,204 85,736 surplus, end Balance, Assets— the com¬ payment. Taxes 58,333 85,409 placements After "With respect to the outstanding common stock the directors declared a dividend of $1 per share and decided to postpone consideration of extra Maintenance x57,183 Fed'l & State income tax in 1936. stock, no par value, payable Sept. 1 to holders of record Aug. 20 This compares with an extra dividend of $1 per share and a regular quarterly dividend of 50 cents per share paid on June 1 and Feb. 19, last and on Dec. 1 dividends until 52,614 Sundry int. paid public & inter-co. int. (net) Prov. for renewals & re¬ mon rent $1,008,494 $329,707 for renewals & replacements, &c Corp.—To Pay $1 Dividend— Aug. 9 declared a dividend of $1 per share on and Sept. 1, 1936. The company issued $1,179,580 prov. Total Collins & Aikman 189,277 $249,144 43,453 Interest on bonds Divs. reserve The directors on 214,675 Balance avail, for int., Discount shares excluding 37,163 (43,884 in 1936) shares in treasury, for doubtful accounts of $1,215,702 in 1937 and $1,059,961 —V. 145, p. 936. no 192,290 48,294 $286,254 . operations miscell. 2,632,575 y 42,906 54,464 Income) Net income from oper $ 1 After depreciation, 156,278 55,841 (other than Fed'l Taxes Goodwill, patents, Total .$4,077,511 Total Net from mdse. & other $ LiaMlUies— &c. ' 1936 1937 6% cum. pf. stock24,617,600 24,649,600 y Common stock..24,534,772 24,450,760 Bank loans foreign Cash subsidiaries 140,142 494,868 1,003,220 Gold held abroad 2,072,902 3,890,579 Accounts payable. 3,078,278 Marketable securs. 3,845,461 MIscell. accr., &c_ 3,738,190 2,747,173 z Notes and accts. 2,733,129 3,681,949 receivable 10,003,147 9,782,517 Prov. for taxes 2,062,569 2,974,829 Inventories 27,459,663 19,367,293 Special reserves 1,111,024 970,308 Minority interests 1,140,467 Deferred charges.. 1,565,151 Earned surplus 7,375,185 9,153,277 Invest. & col. advs. 305,238 to employees 629,076 trademarks, 1 Commonwealth Edison Co.—Stock Split— Aug. 7 filed with the Chicago Stock Exchange and the Curb Exchange notice that it would subdivide each share of its present capital stock of $100 par value into four shares of $25 par value, such subdivision to become effective at the close of business on Aug. 14, 1937. This action is taken in accordance with authority given by the Illinois Commerce Commission in an order issued Aug. 3, 1937. iH To holders of record of capital stock of $100 par value, as of the close of business on Aug. 14, 1937, will be mailed on that day certificates for three additional shares of $25 par value stock for each share of stock already held by them. The shares they already hold will automatically become $25pa** value shares. Stockholders will be requested to send in to the company their old certificates. The company will either stamp the old certificate to indicate the change in par value and return it to the stockholder, or send the stockholder a new certificate for $25 par value stock.—V. 145, p. 937. $0.84 $0.60 1936 2,422,504 surplus 1,981,716 equip..20,166,088 20,070,823 7,323,139 9,319,930 Palmolive building 232,092 149,474 sin-plus.. Earned Stock was Land, buildings, mach. & 57,016 (par $1) Common Capital $4,077,511 and S tate 1,956,086 Nil $ Assets— x a 6,304 changed from no par value to a par value of $1 on April 15. 1937, resulting in a transfer of $53,728 from earned surplus. 99,999 shares are reserved for the exercising of warrants outstanding.—V. 144, p. 1432. a Consolidated Balance Sheet June 30 1937 16,000 Maintenance $487,414 def$858,497 Surplus M 250,000 483,160 — New York End. June 30— Costs, exps. & 7% pref. (par $20) This company on Colgate-Palmolive-Peet Co. (& Subs.)—Earnings— 6 Mos. Net sales $2,597,500 74,193 21,754 212,321 Capital stock: $1.20 prior pref. (par $10).. 21,908 - Total Items Accr'd Fed. & State taxes (est.) 17,608 Goodwill 2,434 assets payable Accounts Reserves Repossessed automobiles (in company's possession) Investments (affiliated cos.) — Furn., fixtures & equipment.. credit Collateral trust notes 93,901 of liquidation in process 290,923 def'd 63,786 Judgm'ts Sundry notes, acc'ts & 17,569 divi¬ Liabilities— $403,038 receivable.. 3,454,964 miscell. receivables.. 21,881 Rent coll. In adv._ Other and State income taxes, but before on undistributed profits. Condensed Balance Sheet June 30, 1937 ... Loans & depreciation.—V. 143, p. 105. After x 813 259 Profit and loss Total 125,845 15,568 48,600 70,519 surplus Assets— Cash Notes & discounts Reserves 4,018 264,577 Other - 1,729,700 145,497 18,323 Federal taxes.^ Ins. Items.- 1,634,900 vouchers Audited 398,821 Mdse. orders redeemed 64,040 458,721 80,842 prems., unex¬ pired portion def'd debit 15,000,000 15,000,000 — Isfino _0 provision for Federal After $ tax-free bonds.. Cllnchf. Sundry accts. rec_ stock. Common Preferred stock |^36 $2,650,151 vn'ZfS - dends and surtax 1935 $ and payrolls 17,052 174,329 Individuals & cos. 304,768 Unclaimed wages. 1,047 Inc. tax on coup, of 179,089 255,523 1,442 Inventories Cash.- 339,571 1,521,200 1,428,800 stock Sinking fund Treasury 1936 income. Net income to a Liabilities— $ $ Assets— Prop, and plant-15,636,142 Investments 339,571 x a Dec. 31 1935 1936 $243,221 $67,754 prof$20,921 $210,139 General Balance Sheet 1 $4,157,654 Total volume of after taxes, Sddep^etfoT^!-- Philadelphia—Earnings—• Ended June 30— business 6 Months 1933 1934 1935 1936 Calendar Years— 1937 14, Aug. Chronicle System, Inc.—Initial Dividends New Stock—• have declared an initial dividend of 40 cents per share on the new class A and class B stocks now outstanding, both payable Sept. 10 to holders of record Aug. 27. " The company's stock was recently split up on a two-for-one basis. A dividend of 80 cents p^r share was paid »n the old stock on June 11 last and prior thereto regular quarterly dividends of 50 cents per share were distributed. In addition, a special dividend of $1.30 per share was paid on Dec. 21, 1936.—V. 145, p. 433. $47,792 def$5,154 x Includes dividends on preferred stock of a subsidiary not declared or earned,'$13,644 in 1937 and $13,644 in 1936. y Adjusted. Notes—(1) The above income account for the 12 months ended June 30. 1937, includes the accounts of Greenwich Gas Co. (the common stock of which was sold in February, 1937) for the last six months of 1936; there¬ after there is included only accrued income on other securities of that com¬ pany owned by a subsidiary of Community Water Service Co. (2) Inasmuch as the amount of Federal surtax on undistributed profits is not and cannot be finally determined until the end of each calendar year, the surtax for the year 1936 was not determined and recorded until the month of December, 1936, and the surtax for the year 1937 will not be de¬ termined and recorded until the month of December, 1937. Accordingly, no deduction for such surtax has been made in the above income account for the year ended June 30, 1936. In the income account for the year ended June 30. 1937, there has been deducted surtax applicable to the earnings Net income for the entire calendar year (3) 1936. All figures are subject to audit 1937.—V. 144, p. 3494. in so far as they contain earnings for the year The directors Compressed Industrial Gases, Net profit after normal Federal income Shares capital stock outstanding Earnings per share —V. 145, p. 603. Inc. (& Subs.)—Earns. -1937 6 Months Ended June 30— tax „ $301,336 157,640 $1.91 *936 $160,026 76,398 $2.09 Volume 145 Financial Chronicle Connecticut River Power Co.—Earnings— Period End. June 30— Gross oper. revenue 1937—6 Mos.—1936 $1,985,618 $1,929,205 4,325 7,782 1937—12 Mos.—1936 n $4,037,852 8,687 $3,913,614 13,726 150,000 357,124 $1,936,987 187,664 130,591 150,000 232,987 $4,046,540 423,037 130,133 300,000 581,303 $3,927,340 394,321 186,747 300,000 $1,240,045 380,625 $1,235,744 497,781 $2,612,065 761,250 $2,505,609 x947,781 Other interest charges.. 52,860 78,318 52,750 96,332 105,552 156,989 Balance before divs_._ Preferred dividends.... $728,241 36,000 $588,880 36,000 $1,588,273 72,000 Sales 100,750 $1,210,466 72,000 Other income Total gross earnings— $1,989,944 200,746 Operating costs Maintenance Depreciation Fed., State & munic. 42,028 - tax Bal. before cap. chgs. Interest on funded debt_ of debt disct. Amortiz. and expense Bal. for divs. com. $692,241 Includes $97,391 interest on $552,880 first mortgage Note—No on $1,138,466 $1,516,273 first mortgage 5% bonds redeemed 1,1936, applicable to period during which interest expense was also April incurred % bonds. provision has been made in this statement for Federal tax on undistributed net income applicable to the 1937 period, the amount of such liability, if any. being determinable only at end of calendar year—V. 144, Edison Co. of New York, Inc.—Plans $80,000,000 Debenture Issue—Further Step in Refunding Plan An application was filed with the New York P. S. Commission Aug. 12 by the company requesting permission for the issuance of $80,000,000 of debentures. Money realized from their sale would be devoted to the retirement of $60,000,000 20-year 4H% gold debenture bonds due June 1, 1951, and to the partial reimbursement of the company for expenditures for plant expansion and other purposes from Dec. 31 1937, not heretofore capitalized. < 1931, to June 30, The 20-year 4>£ % gold debenture bonds are redeemable on Dec. 1, 1937, the next interest date, at 105% of the principal amount. The petition to the Commission declares that the company is unable to state definitely now a schedule of maturities for the proposed debentures, definitive interest rates, definitive redemption prices prior to maturity, or a definite amount at which the debentures can be sold. The company intends to advise the Commission on these matters before the hearings on the ^application are closed. , The ' proposed debentures would be issued in one or more series, dated not earlier than Sept. 1, 1937, or later than Oct. 1, 1937, to mature not less than five years from date, and not more than 25 years from date. The application declares: "Your petitioner believes that a sale of such debentures can cated. having advantageously be made at in or about the time herein indi¬ mind existing factors as to the financing of public utility enterprises, and is filing th s petition with the Commission at this time in order that preliminary consideration of all relevant matters may be given by Commission in connection with the proposed issue." In the petition the company lists capital expenditures made by itself and companies merged into it between Dec. 31, 1931, and June 30, 1937, amounting to $624,133,683.21, and amounts capitalized during that period, leaving a net increase in capitalizable assets of $168,737,559. This amount is to be reduced by the proceeds of the sale of the proposed debentures in excess of the amount needed to refund the $60,000,000 of 4H% gold debenture Last bonds. year its Consolidated Electric accumulations Contract Purchase Corp.—Registers with SEC— See list given on fust page of this department.—V. 142, p. 2313r Cook Paint & Varnish Co.—Extra Common Dividend— Tiie directors have declared an extra dividend of 10 cents per share in addition to the regular quarterly dividend of 15 cents per share on the common Gas Co.—Notes Maturing Aug. 1 Provided For— The maturity of the five-year secured gold notes, due Aug. 1, 1937, provided for. On the maturity date $936,000 notes were The necessary by was outstanding. funds to pay the outstanding notes, at par, were urnished of preferred stockholders who received in consideration therefore, collateral trust gold bonds, 6% series due 1957, which were bonds a group at par, of the sjries as those received by the holders of the maturing notes who had exchanged their notes for bonds. This timely assistance of preferred stockholders, together with the co¬ same operation of noteholders, made it possible for the company to avoid bank ru^tcy^proce^iings, according to D. P. Pardee, Treasurer of the company. stock, both payable Sept. 1 to holders of record Aug. 20. dividends were paid on June 1 last. on Dec. 19, 1936—V. Similar An extra dividend of 40 cents was paid 145, p. 604. Cord Corp.—New Interests Acquire Control—E. L. Cord Severs All Connection with Corporation—Name to Be Changed— was officially announced Aug. 9 that a group including Emanuel & Co., in cooperation with interests for which Schroder Rockefeller & Co., Inc., is acting, has purchased for investment from E. L. Cord 500,000 shares of Cord Corp. capital stock at $4 per share. As part of the same transaction, L. B. Manning, President of Aviation Corp., and associates, have also purchased 158,000 shares from Mr. Cord at the same price, rhese purchases represent Mr. Cord's entire holdings of Cord Corp. stock and amount to about 30% of the total stock outstanding. Mr. Cord has severed his connection with the Cord Corp., the name of which will be changed. It is expected that the board will be enlarged to include direc¬ tors suggested by the purchasers and that Mr. Manning will be elected President. At present Cord Corp., besides cash and certain marketable securities, owns substantial interests in the securities of Aviation Corp., Auburn Auto¬ mobile Co., New York Shipbuilding Co.. Checker Cab Mfg. Co., Lycoming Mfg. Co. and Columbia Axle Co. New Directors Announced— Announcement was made Aug. 9 that E. L. Cord, H. T. Ames, L. K. Grant and P. P. Widis had resigned from the board of directors of Cord Corp. and that the new board will consist of C. Coburn Darling, Gerald E. Donovan, Victor Emanuel, Tom M. Girdler, Henry Lockhart, Jr., L. B. Manning and R. S. Pruitt. Mr. Emanual will be Chairman of the Board. Mr. Manning will be President of the corporation and its operating head. Mr. Pruitt will be Vice-President and General Counsel, and Mr. Darling will also be a VicePresident, Mr. Darling is a partner in the firm of Miller & George, Providence, R. I., and is a dhector of Aviation Corp., in which Cord Corp. has a sub¬ stantial interest. Mr. Donovan is Vice-President and director of Schroder Rockefeller & Co., Inc. Mr. Emanual is a partner of Emanuel & Co. Mr. Girdler is Chairman of the board of directors of Republic Steel Corp. Mr. Lockhart is a director of Shell Union Oil Co., Commercial Solvents Co., &c. Mr. Manning is President and director of Aviation Corp., and Mr. Pruitt has long been General Counsel for the company and its affiliated interests. Future Policies Not Yet Determined—In press & $4,605,504 a dividend of 50 cents per share on account on the $1.75 cum. pref. stock, payable Aug. 20 to holders of record Aug. 5. A dividend of 67H cents was paid on Dec. 21, 1936, and one of 60 cents on Nov. 20 and on Aug. 15, 1936, this latter being the first payment made since January, 1931.—V. i45, p. 938. step in refunding plan.—V. 145, p. 754. Mos —1936 $4,995,775 Consolidated Steel Corp., Ltd.—Accumulated Dividend company and affiliated companies refunded $210,000,000 of term debt. The present proposal is a further outstanding long $502,751 The directors have declared or It Consolidated $521,174 —V. 145, p. 276. 246,611 & surplus x 540,662 1095 Consolidated Retail Stores, Inc.—Sales— Period End. July 31— 1937—Month—1936 1937—7 Aug. 10, L. B. Manning, President, a statement to the says in part: There has been much newspaper comment and general speculation as to the future policies of Cord Corp., and the group which has recently pur¬ chased a substantial interest in the corporation has been repeatedly asked to make a statement as to future policies. The new group purchased the stock for its own account for investment, not for resale. Corporation's future policies have not yet been determined. Even preliminary discussions of policy questions cannot be started until the new board holds its first meeting on Aug. 20. The group which purchased Mr. Cord's interest does not hold control of the corporation. The stock purchased by the new group comprises only about a 30% interest. We intend to conduct the corporation's affairs in the interest of all the stockholders. Cord Corp. itself does not actually control most of the companies in a substantial interest. The corporation holds approximately 29% stock interest in Auburn Automobile Co.; a 30% interest in Aviation Corp.; a 30% interest in Checker Cab Mfg. Co.; and an interest of ap¬ proximately 26M% in the founders shares of the New York Shipbuilding Co. Cord Corp. controls Columbia Axle Co., which manufactures auto¬ mobile axles and other automotive parts, and owns 37M % of the common, and 75% of the preferred stock of the Lycoming Mfg. Co., which makes a diversified line of manufactured products. As soon as possible after the first meeting of the new board on Aug. 20. it is hoped the management will be in a position to make a statement covering the many questions of public interest. We repeat that when the policies to be proposed have been determined, complete disclosure of them will be made.—V. 144, p. 1275. which it holds a Consolidated Oil Corp. (& Subs.)—Earnings— 6 Months Ended June 30— Gross operating earnings, excl. of inter-company sales, inter-company transportation 1937 1936 charges taxes$118,250,027 $97,576,071 96,336,607 79,305,956 and U. S. Fed. and State gasoline and oil Costs, operating and general expenses Profit. $21,913,420 $18,270,115 1,018,422 621,463 Interest dividends profit on sale of assets, &c (net) . Total income $22,931,843 $18,891,579 978,956 519,503 10,323,626 9,354,120 1,494,343 1,488,581 Interest Depreciation and depletion Canceled leases, abandonments and dry holes Provision for estimated United Stattes normal income tax. Net _ 700,000 . profit Shares common Earnings per 500,000 $9,434,917 13,915,167 $7,029,374 13,944,886 $0.66 stock $0.49 share Note—No provision has been made for liability, if any, for U. S. Federal surtax on undistributed profits under the Revenue Act of 1936, as such liability is not determinable until the end of the year. Equity in undistributed current gains or losses of controlled companies above statement, $377,391 (gains).—V. 145, p. 106. not included in Continental Gas & Electric Corp. (& 12 Months Ended June 30— Gross oper. earnings of sub. cos. (after eliminating Subs.)—Earnings 1937 al936 Corporation Securities Co.—Sale of Collateral— The Chase National Bank submitted the successful bid collateral of three units in this former Insull on July 27 for company which the By bidding $444,539, the ($100 par) capital stock of Com¬ monwealth Edison Co., 2,068 shares ($100 par) capital stock of Peoples Gas Light & Coke Co. and 1,177 shares (no par) common stock of Public Service Co. of Northern Illinois. The Chase National Bank bid $116.75 a share, or $244,357, for the Commonwealth Edison stock; $51.75 a share, or $107,019, for the Peoples Gas Light & Coke stock, and $79 a share, or $92,983, for the Public Service loan bank caused to be put up for sale at auction. bank reduced to possession 2,093 shares of Northern Illinois stock. In putting these shares up for auction and buying them in, the Chase National Bank followed the example of other New York banks which made collateral loans to the company. The Chase originally offered this stock for sale in intercompany transfers) General operating expenses May, 1932, but the sale had to be postponed many times. The Commercial National Bank & Trust Co. reduced the collateral behind its Insull loans to ownership May 7 last. The loans were made to the $36,423,673 $34,024,829 14,049,770 13,338,693 Maintenance 1,865,908 1,606,205 Provision for retirement 4,890,294 4,528,466 General taxes and estimated Federal income taxes. 4,021,918 3,168,591 tion Securities Co. and Insull Net earnings from opers. of sub. Non-operating income of sub. cos Balance Sheet June 30— Total income of sub. cos cos $11,595,782 $11,382,873 636,064 682,407 $12,231,846 $12,065,280 4,773,761 5,183,277 , Int., amortiz. & pref. divs. of sub. cos Balance Propor. of earns., attrib. to $7,458,085 min. com. Equity of Continental Gas earnings of sub. cos___— & stock Elec. Corp. 16,734 Total Expenses of Continental Gas & Electric Corp Taxes of Continental Gas & Electric Corp -r^-Tr Holding company deductions: Interest on 5% debentures, due 1958 Amortiz. of debenture discount and expense Balance transferred to consolidated surplus.. Dividends on prior preference stock Balance.... Earnings per share a Adjusted. Note—No provision for taxes $6,867,615 45,681 $7,505,786 111,274 $6,913,297 124 146 42,946 31^541 $7,351,565 2,600,000 164,172 2,600,000 $4,587,393 1,320,053 $3,993 437 1,320,053 $ $2,673,384 1936 $ Special deposits 10,152,378 751,448 Investments Cash 9,693 187,442 7,380 Acc'ts receivable.. 253,340 9,926,119 6,931 9,693 237,822 14,498 238,123 Acer. Int. receiv.. 187 632 Mat'ls & supplies. 124,144 85,685 24,237 Prepayments Misc. curr. assets. 18,202 4,987 75 Unamort. debt dis¬ 232,366 257,577 Other def. assets.. 95,008 3,441 164,172 $12 46 undistributed profits has been made 120*866 Consumers' deps.. 89,341 144 146 129,123 106,008 interest.. 3,419 5,224 bonds. 75,522 Taxes..... Miscell. Interest Int. on on notes Miscell. liabilities. Reserves Unrealized profit. Pref. stk. (sub.co.) stock Deficit 11,806,576 10,804,833 $ 7,795.200 Unred'med coup's. Common Total 1936 $ Long-term debt... 8,494,000 Notes payable 50,000 Accounts payable. 160.562 Deferred liabilities count & expense Consolidated 1937 LiaMUties— Plant, property & equipment Co.—Condensed Total 2,987 84,903 67,028 ~ 9,796 7*810 1,722,027 13,325 226,251 1,057,100 60,610 287,631 1,598,959 12,873 219,810 1,068,980 60,610 343,585 11,806,576 10.804,833 The earnings for 6 and 12 months June 30 appeared in the $15.23 on 1937 Assets— Service $6,757,609 $3,267,340 Balance "V. 145. p. 276. $7,441,351 64,435 subs.) Public Notes receivable.. in Income of Continental Gas & Electric Corp. (excl. of income received from $6,882,004 14,389 Crescent Corpora¬ Utiliity Investments, Inc.—V. 144, p. 931. of Aug. 7, page 938. "Chronicle, Crosley Radio Corp.—To Make Gas Ranges— This company will enter the gas-range business early this fall with a full of kitchen ranges, Thomas W. Berger, General Sales Manager, an¬ line Contracts have been let for the manufacture of dies, tools and equipment for the six models which will comprise the line. The prices of the ranges will be from $69 to $149, Mr. Berger said.—V 145, p 938 nounced. Financial 1096 Croft Gross profit from "After the meeting Co.—Earnings— Brewing 6 Months Ended June 30— of three of the four 1937 $578,588 314,166 , , operations Federal revenue stamps ,1936 Delivery expense 73,288 n Administrative expense 41,917 67,321 Net operating profit. Other income— $70,990 19,761 loss$22,570 6,241 $90,751 26,543 2,016 7,257 , Depreciation Bond discount and expense Interest paid Loss on - — 43 380 1,800 3,032 2,500 2,280 2,719 $50,057 Ioss$89,779 disposition of capital assets excise tax Provision for Massachusetts Baltimore plant expense Adjustment of inventories to market value Net profit Note—No provision has been Federal surtax on undistributed made for Federal normal tax on income or profits. Balance Sheet June 30 Accounts payable. $62,185 6,824 $121,815 hand on Marketable securs. eAccts. 279,442 3,349 159,154 36,646 305,758 _ 317,733 (1939)._. Barrels, cases and 2K% signs Paid-in 88,038 il~324 74 1,751,800 2,850 1,751,800 2,850 169,348 Earned surplus 1,562,814 1,604,672 $2,530,912 Total stock 23,738 68,759 _ ... 13,271 for conting.. Deferred Income.. d Capital with customers. cFixed assets.. 102,500 $2,474,1741 surplus... 99,433 $2,530,912 $2,474,174 Total.. After reserve for —V. 145, p. 1937—10 Mos.—1936 Corp.-—$1.50 Dividend— Dictaphone declared a dividend of $1.50 per share on the common payable Sept. 1 to holders of record Aug. 13. Like payment was made on June 1 last and compares with $1 paid on March 1 last; $2.25 paid on Dec. 1, 1936; $1 Sept. l and June 1, 1936; 75 cents paid on March 2, 1936; $1.50 on Dec. 2, 1935; 75 cents on Sept. 3, 1935; 40 cents on June 1, 1935; 25 cents on March 1, 1935; $1 on Dec. 1, 1934; 50 cents on Sept. 1 and June 21, 1934, and 25 cents per share paid on April 21, 1934; Dec. 31, 1933, and March 1, 1932.—V. 144, p. 3172. The directors have stock, no par, Dome Mines, Ltd.—Production— Value of production.___ —V. 145, p. 605. Duquesne Light (net) Net oper. rev. and other income for retirement reserve) $16,581,302 $16,367,214 of 592,980 631,688 688,214 $1.11968 $702,585 $1.01725 $700,517 $1.01894 $697,316 1,893 21,729 4,702 dec434 23*011 25,939 1,013 26,500 $743,345 value per barrel produced Crude oil sales 315,941 500,000 101,748 Other income deductions... $730,298 $726,022 $724,829 crude oil sales Total income administrative &c— 268,499 252,861 277,803 263,495 Net profitfrom oper.. $474,846 $477,437 $448,218 102,851 $461,334 20,841 $551,070 1,582 107,615 60,422 $482,175 2,373 90,919 61,561 expenses, taxes, 9,810 42,001 $484,656 $519,438 Non-operating income. _ 945 615 88,947 51,763 paid Depletion Depreciation Interest 96,889 57,666 surrendered, abandoned wells, loss from sale or other dis¬ Leaseholds position of capital as¬ 122,921 Net profit Earnings per share —V. 145, p. 939. 100,518 239,195 5% cumul. 1st preferred stock stock $263,749 $142,255 $0.28 $168,964 Sales on common Eagle Lock Co.—Proxy Contest— holders' annual meeting, to seeking stockholder votes to be cast at the stock¬ be held Aug. 18. The present management is $0.75 Eagle Lock. interests of The present management's proxy committee consists of H. President; O. B. Hough, Treasurer, and H. C. Clow, Secretary. 1937—3 Mos.—1936 $2,869,062 Mr. losses. "From our inspection of the properties and study of the business," the opposition states, "we are convinced the asset value and earning power are there; but we are aso convinced the present management is inadequate. Constructive suggestions have been ignored, and obsolete methods con¬ tinue."—V. 139, p. 2044. 1934 Storage, cartage, &c $1,448,812 1,612,166 12,265 $1,064,443 1,554,910 12,286 $1,049,084 937,994 13,013 Total revenues $3,073,243 $2,631,639 2,976,232 2,373,778 $19,915 loss$344,593 81,105 47,240 loss$373,686 47,952 $101,021 loss$297,353 395,627 394,994 8,353 loss$325,733 payable Accounts payableConsumers' Deferred 115,955 Years Ended Dec. 31— Revenues—Passenger Freight Prepayments Suspense .. ... Other income Total profit Depreciation and amortization Loss on sales of securities and equip.. Premiums on bonds written off 390,049 11,044 $305,194 $695,225 1936 $48,337 1936 Accounts payable. 788,132 and delivery exp. 5,022 95,980 115,670 13,177 25,791 1,819 11,300 17,548 5,000,000 748,396 5,292,827 Earned surplus 483,675 46,456 Treasury stock... Drl,J62 5,000,000 748,395 685,363 Drl,162 87,468 Inventories 54,611 &c Prov. for Fed. tax RGS8rV6S Deposits In closed 134,912 banks Props, at cost, less 4,967,413 52,738 134,912 Capital stock Capital surplus Deferred charges to 77,257 operations 75,796 $6,321,659 $6,560,111 Total —V. Total.... $6,321,659 $6,560,111 142, p. 4336. Dennison Manufacturing Co.—Meetina Further Ad¬ journed— The special Aug. 7, 120,367 ...$3,312,433 $3,074,941 Total policy of subsidiaries to make appropriations and replacements (depreciation) at the end to their of each page 939 Mill Co.—Earnings— 1937—3 Mos.—1936 $118,083 $10,331 Net 1937—12 Mos.—1936 $339,039 $58,654 22,959 91,043 26,479 90,464 $82,476 profit 22,099 13,508 loss$12,628 $221,517 loss$31.811 -V. 144, p. 3172. Easy Washing Machine Corp.—Balance Sheet June 30— of recapitaliza¬ originally scheduled for stockholder action, the meeting was adjourned to Aug. 5. President H. S. Dennison, under date of Aug. 9, sent the following notice to stockholders in connection with the current adjournment: 1937 Assets— Cash $158,494 & munic. bonds, y 778,665 1,034,405 z514,198 438,554 1,765,831 Notes & accts.rec Inventories pats. Note payable Reserves 27,810 for $667,814 150,000 1936 $415,540 con¬ Common stock.. 2,456,808 Capital surplus Earned surplus... 500,000 90,47' 2,456,80! 500,001 1,406,591 1,406,05! tingencies x Indus. Comm.. 27,810 Land, bldgs., ma¬ chinery & equip. 1,446,053 1937 Accts. payable and accrued liabll's. 1,224,329 Securlt's deposited with N. Y. State Goodwill, Liabilities— 1936 $236,621 U. S. Govt., State 88,936 1,359,783 & trademarks Prepaid taxes and unexpired insur. Mlscell. def. chgs. Total meeting of stockholders called to act on a plan tion, already approved by the board of directors and the Investors' Advisory Council, representing interests of debentures, preferred and class A stock¬ holders, has been postponed to Sept. 23. On June 24, 1937, the date 47,989 Capital surplus therefore this balance sheet Provision for deprec'n Prov .for Fed.taxes (est.) 10,730 4,487 3,366 Acer, property tax Mlscell. accr. exps. 3,810 3,102 Accts. recelv., &c. future the Eastern Rolling $81,628 829,756 receivable Other assets 32,999 9,543 350,690 Accrued warehouse Accrued bond Int. reserves ca" of 1935 $42,951 Liabilities— 1935 $73,032 Assets— is year; Profit. $727,791 Consolidated Balance Sheet Dec. 31 Munic., U.S. Govt. and other bonds 4,040 30,316 profit. does not reflect in such con¬ solidated reserve the proportionate part of such appropriations for the year 1937, applicable to the first six months of the year. The earnings for 6 and 12 months ended June 30 appeared in the "Chroni¬ calendar Period End. June 30— 678 2,235 Cash 4,365 for renewals reserves 2,200 Provision for Federal income tax Loss for the year 11,127 373,480 350,690 (par $1) Unrealized 1, 1934 96? paid 15,006 2,722 407,801 Common cap. stk. $3,312,433 $3,074,941 Total Note—It Operating profit before providing for depreciation and amortization. _ 1,428 73,731 62,485 Deficit since Mar. Operating expenses, excl. of deprec. and amortization Miscell. deposits.. 13,786 125,681 deps., credits.. Reserves 78,789 1,983 3,069 105,682 4,455 3,137 10,909 Inventories 85,986 65,079 refund 195 $2,000,092 3,053,328 4,247 79,122 427 Acc'ts receivable.. 1935 $2,790,151 60,805 2,175 132,833 Cash 1936 Notes Accrued items (cost). vestm'ts $2 ,273,100 $2,263,100 Long-term debt. in- Miscellaneous 1936 1937 Liabilities— 1936 1937 Prop., plant and equipment, fran¬ chises, &c $2 ,992,011 Notes receivable.. Detroit & Cleveland Navigation Co .—Earnings— (& Subs.)—Consolidated Balance Sheet June 30— $2,575,679 757. B. Plumb. Mr. Plumb Hough are also directors. Election to the board of directors is sought by the Little-Thornton interests for the following; Eliot Farley, Herbert C. House, John Redfield, Allan K. Smith and C. Dennison Talcott, the last four being Connecticut industrialists. The opposition charges the present management has given for many years very little information to stockholders. Its investigation indicates Eagle Lock has lost money every year for the last six years, and that the surplus in that time has been depleted $1,721,793. Of this amount, $841,350 is said to represent dividends paid out of surplus and $880,443 net operating and Assels— 1937—Month—1936 $1,068,665 $1,004,913 of Boston and Royal the two largest stock meeting opposition headed by Charles J. Thornton Little of Providence, who announced they represent East Coast Public Service Co. $0.33 Corp.—Sales— Davega Stores Period End. June 30— on 158,358 $220,079 $0.63 sets, «&c Interest $10,613,987 $10,704,462 1,375,000 1,375,000 8,611,312 8.611,312 145, p. 606. Two rival committees are of Increase in inventory 177,025 2,503,305 306,024 500,000 85,275 181,705 2,455,561 of electric properties (net) Interest charges 685,347 $1.21693 $719,723 crude oil produced ... 2,091,122 2,412,359 .$14,168,943 $14,276,092 Dividends Aver, market —V. 145, p. (before approp. income Rents for lease —V. 1934 1935 1936 1937 6 Mos. End. June 30— & reserve)$15,971,524 $15,489,823 609,778 877,391 Appropriation for retirement reserve Gross 1936 1937 $30,154,493 $26,139,028 14,182,968 10,649,206 and taxes (before approp. for retire, Net oper. rev. Dividends Oper. Co.—Earnings— 30— Year Ended June Operating revenues Operating expenses, maintenance Net income Darby Petroleum Corp.—Earnings— Gas 1937—7 Mos.—1936 $4,409,912 $4,015,005 1937—Month—1936 $649,628 $625,904 Period End. July 31— $6,913,693 $7,191,320 2276. Number of net barrels for com¬ 145, p. 939. Appropriation for special reserve 1937—Month—1936 $731,694 $725,142 Sales 1226. Amortization of debt discount and expense Co.—Sales— Crown Drug Period End. July 31— convertible preferred stock.—V. pany's 6% Other income depreciation, b After amortization, c After depre¬ ciation of $213,040 in 1937 and $157,146 in 1936 on Boston plant and $56,886 in 1937 and $41,543 in 1936 on Baltimore plant, d Represented by shares of $1 par. e After reserve of $44,357 in 1937 and $22,369 in 1936. f Includes equipment notes payable.—V. 145, p. 939. a -V. 143, p. 39,495 246,000 84,000 State taxes Res. bottles Deferred charges. 39,248 225,000 Mortgages payable 150,623 ctfs., b Permanent 29,225 62,051 and 10-yr. 5%s.f. debs. Inventories a Fed. first page of this department Detroit Paper Products Corp.—Registrar — The Bank of the Manhattan Co. has been appointed registrar r> ing containers.. Accrued so."—V. 145, p. 108. Compensating Axle Corp.- -Registers with SEC- Detroit See list given on 12,727 17,041 further opportunity to do in their papers a f27,914 Accrued accounts. 183,715 29,823 receivable U. S. Treas. 1936 $106,884 $210,250 Notes payable Prov. for outstand¬ and notes Fed. rev. stamps. 1937 Liabilities— 1936 1937 Assm— Cash in banks and „ , plan can be consummated effectively and economically, the meeting voted to adjourn to Sept. 23. This gives stockholders who have not as yet sent loss$16,329 53,799 2,596 9,173 Total profit.. of June 24, I reported that a majority representation classes of stock enttiled to vote had indicated their plan of recapitalization. Since then returns have made very definite increases in the assents so that now all classes of stock are well over the majority mark. '. . „ "Because a high percentage of each class of stock is necessary before the assent to the $528,390 267,768 143,203 72,666 78,225 Selling expense 14 7 Aug. Chronicle 511,025 512,444 63,883 29,645 5,291 4,190 $5,270,148 $4,868,8801 Total $5,270,148 $4,868,880 Represented by class A authorized, 60,000 shares; issued and outstand¬ ing, 57,240 shares; class B authorized, 690,000 shares; issued and outstand¬ ing, 461,374 shares, y After reserve for doubtful accounts of $24,526 in 1937 and $28,045 in 1936. z Accounts receivable only. The earnings for six months ended June 30 were published in V. 145, p. 940. x Volume Financial 145 Eastern Shore Public Service Co. (& Operating Subs.)— -Earnings 1936 expenses Maintenance Provision ments 1935 $2,316,956 942,448 176,166 _ $2,222,327 189,690 37,275 855,080 175,192 for retirements, renewals and replace¬ of fixed capital 208 204 176.438 34,448 177,238 $763,174 6,304 $803,930 16,564 $769,477 $820,494 436,974 2,977 51,923 __ Federal income tax Other taxes Operating income Other income (net) .... Gross income Interest on funded debt Interest on unfunded debt 436,464 12,881 51,478 Cr3,683 Amortization of debt discount and expense Interest charged to construction Net income ! Cr365 Assets*"** Deposits investments.. for matured interest & dividends 5,941 bond (contra) 7.501 Cash 179,197 Accounts receivable 201,131 Materials, supplies & mdse.. Appliance accounts ble sold 96,459 receiva¬ bond 115,494 658,848 21,794 7,267 Unamortized debt dlsct.& exp Prepayments Misce.l. unadjusted debits 19,413 Co.. Interest and dividends (contra).. Accounts payable Dividends accrued 35,189 52,674 .. 123,797 609,993 $15,031,154 Inc.—Weekly Input— For the week ended Aug. 5, 1937, the kilowatt-hour system input of the operating companies which are subsidiaries of American Power & Light Co., Electric Power & Light Corp. and National Power & Light Co., as com¬ pared with the corresponding week during 1936, was as follows: Increase 1936 National Power & Light Co.. 79,308,000 $58,000 57,591 86,133 2,704,464 87,798 1,805,790 48 89,085 $3,226,044 103,160 al54,802 1,121 Balance for dividends and surplus Preferred dividend requirements $2,009,228 $2,966,960 2,323,537 $1,826,818 2,323,537 ..., 136,068 44,598 1,752 Comparative Balance Sheet, June 30 (Parent Company Only) 1937 A 1936 ® pq/>/P 89,405,634 Mlscell. invest.. b927,975 Notes rec. (subs.) Income notes. 93,743,182 1,427,975 1,892,000 2 8,655,000 2,021.000 353,427 45,000 16,988 10,133 21,966 3,525 2,009,842 — (subs.) rec. UnadJ'd debits. Total Pref. stock 1936 $ $ 41,075,633 1,909,968 payable. 8,523 Taxes accrued.. 193,635 Sundry liabilities UnadJ'd credits. Cap. surplus 23,434 56,149", 544 41,075,633 1,909,968 6,705 60,003 24,835 123,136 56,149,544 Earned surplus e 3,556,836 6,921,250 Com. ...102,917,576 106.271,076 c... stock d_ Accts 8,655,000 Time notes Cash 1937 Liabilities— $ Inv. in subs Total 102,917,576 106,271,076 a Includes normal Federal income tax of $122,059. No provision has been made for the Federal surtax on undistributed profits, b Represented - by 111,357 shares of of El Paso Natural Gas Co. held by c Represented by 158,080 shares $5 75,000 shares $6 preferred, of no par value, d Represented by 1,909,968 shares ($1 par), e Before provision for cumulative dividends in arrears and not declared. Amount common stock of trust, declaration under trustee 1,339,000 convertible preferred, 196,934 shares $5.50 preferred and 7,279,000 7,455,000 71,853,000 1936 1937 Interest Dlvs. 112,583,000 50,432,000 Transfer $285,000 61,360 Total revenues 115,494 47,207 (iTotal 1937 been appointed New York company.—V. 144, p. 4343. Interest—Miscellaneous Dividends—Preferred. Dividends—Common Revenue from miscellaneous investment Accts. receivable Operating Subsidiaries of— Co.—Transfer Agent— Interest—Income notes Interest—Time notes... 1,310,315 125. American Power & Light Co..113,922,000 Electric Power & Light Corp. 57,711,000 share in Engineers Public Service Co.—Earnings— extensions Capital surplus Corporate surplus Ebasco Services, cents per has common stock of this 1,007 62,137 deposits Guaranty of appliance accts. receivable sold (contra) (non-refundable) -V. 142, p. of Manhattan Co. Taxes Consumers' service and line .$15,031,154 Bank Expenses Miscellaneous accruals Reserves Total of 10 extra dividend an Emerson Electric Mfg. The Agent for the 37,275 141,219 for 12 months ended June 30 were quarterly dividend of 40 cents per share on the stock, both payable Sept. 15 to holders of record Aug. 16. Similar dividends were paid on June 15 and March 15 last. An extra of 30 cents was paid on Dec. 15, 1936, and extra dividends of 10 cents per share were paid on Sept. 15 and June 15, 1936.—V. 145, p. 758. 39,897 (other) Interest accrued Contributions and common 17,963 Fed'l income taxes accrued.. Taxes accrued (contra) The directors have declared addition to the regular 8,139,000 pany, Eastern Power Matured the 3 Electrolux Corp.—Extra Dividend— Comparative Income Statement (Parent Company Only) Funded debt 35,189 ^ $4,278,573 Capital stock....... Notes payable to parent com¬ Deposits with trustee in lieu of mortgaged prop,, sold.&c subsidiaries only. The income statement for published in V. 145, p. 940. 12 Months Ended June 30— Revenue from sub. cos.: Liabilities— J13,702,332 ($7); authorized, 120,000 shares issued and outstanding, 82,964 shares. Common, authorized, 4,000,000 shares issued 3,422,089 shares, b Represented by 972 shares $7 pref. and 892 shares common in 1937 (961 shares $7 pref. and 835 shares common stock in 1936) receivable from $328,986 $272,336 Consolidated Balance Sheet Dec. 31, 1936 Fixed capital Miscellaneous 1097 series AA Calendar Years— Total operating revenues Chronicle —V. 145, p. 940. • Comparative Consolidated Balance Sheet June 30 El Dorado Oil Works (& Subs.)—Earnings— Earnings for Calendar Year Prop., Net profit before depreciation and income taxes Depreciation — 1937 $138,833 28,979 20,856 ..a .. Income taxes......... Total surplus $993,600 Dividends paid Surplus adjustments 226,720 .... Cr28,498 equipment.-.325,755,757 320,692,172 Investments 10,022,581 14,095,140 Cash 8,097,935 8,802,738 666,029 Accts. rec., &c__ 7,643,688 Int. receivable.. 143,337 Mat is & suppls. 2,962,606 $795,379 Balance Sheet Dec. 31, 1936 Assets— 511,419 322.691 292,098 281,990 798,056 343,202 544,880 receivable Inventories & copra advances. Advances on flaxseed Investments. 6,290 1,116,848 15,638 Property Deferred charges Accounts 10,088,534 UnadJ'd debits. Federal & State unempl. ins. Reserve for Federal taxes a Capital stock Surplus $123,867 1,206 25,400 1,688,592 795,378 707,638 9,995,291 783,779 _ Special deposits. Unamort. payable on pref Debentures Notes Others.. Accounts El Paso Electric Co. Period End. June 30— Maintenance Taxes Net oper. revenues... Total Dlvs. declared. 198,996 188,932 Sundry liabilities 258,757 4,214,803 174,599 Retiremt. Oper. res've 1937—12 Mos.—1936 $3,017,600 1,334,594 198,930 a355,602 $2,856,716 1,297,598 166,260 321,204 $1,128,474 10,211 $1,071,653 29,282 $91,191 36,188 $1,138,685 436,945 $1,100,934 437,080 $55,003 $701,740 357,026 $663,854 335,000 $344,714 46,710 182,972 $328,854 46,710 $115,032 $99,172 reserve Pref. div, requirements of subsidiary company Pref. div. requirements of El Paso El. Co. (Del.). common dividends and surplus 182,972 Includes $38,766 Federal income taxes, of which $2,232 is Federal surtax undistributed profits. Note—The subsidiary companies on Jan. 1, 1937 a adopted the Federal Power Commission system of accounts, hence previous year's figures exactly comparative.—V. 145, p. neo 758. Total are 367,849,027 366,249,607 Power & Light Corp.- -Balance Sheet June 30 {Company Only)— 1937 Assets $ Investments Cash - Time dep.In bks. U. S. Govt. sec. Liabilities— 199,999 Notes and loans rec., Subscrib. to 29,812 3,974 C916.000 24,069 5,532 $7 pref.stk. allot. certificates b Reacq.cap.stk. Cap. Long-term debt. Accts. $ 1,500 Erie Lighting 31,000,000 21,464 683,299 156,489 3,482,811 19,485 694,328 Total 3,608,351 190,429,196 Co.—Earnings— Maintenance Provision for retirements Federal income taxes— Other taxes — 1936 $1,702,064 -728,146 121,450 187,326 49,180 128,073 $1,609,401 843,666 $487,887 14,331 $450,098 4,677 $502,217 237,862 25,434 8,983 $454,775 240,150 39,686 13,480 _ Other income (net). income Gross - Interest on funded debt Interest on unfunded debt Amortization of debt discount and expense. Interest charged to construction 118,430 106,650 18,185 72,372 Crl23 Cr87 $230,060 Balance of income $161,546 Note—No provision is made in this statement for Federal surtax distributed profits, if any, for the year 1937.—V. 144, p. 1957. on un¬ Corp.—Earnings— 6 Months Ended June 30— Unfilled orders 1937 1936 $1,341,410 after provision for Federal taxes, but before undistributed profits tax Earnings per share $951,980 Director , ' 85,059 $0.25 Resigns— 21,044 $0.06 r ' This company ts board announced the resignation of J. M. Miller-Aichholz from of directors.—Y. 145, p. 941. Falconbridge Nickel Mines, Ltd.—Earnings— 3 Mos. End. June 30— 1937 Nickel in 64,781 2,955,316 2,843,654 2,613,466 1,801,007 matte 73,587 1,435,539 1,313,273 1,176,385 2,752,043 2,654,114 2,451,366 1,870,780 $664,762 52,500 1.215,473 $611,113 58,800 181,729 1,256,217 $528,024 55,860 137,641 1,292,300 $529,403 45,000 118,311 pro¬ duced, ibs Total 1934 pro¬ duced, lbs in 1935 85,228 3,731,003 matte 1936 110,077 Tons smelted Refined nickel produced. 3,647,325 190,393,5031 1937 Operating expenses—_— Copper Refined copper produced, 190,429,196 190,393,503 Represented by: $7 pref., cum. (entitled upon liquidation to $100 a share); pari passu with $6 pref. and $5 pref.: authorized, 800,000 shares issued, 515,135 shares $6 pref., cum. (entitled upon liquidation to $100 a share; pari passu with $7 pref. and $5 pref.; authorized, 1,000,000 shares issued and outstanding, 255,430 2-3 shares. Second pref. series A ($7) cum. (entitled upon liquidation to $100 a share) pari passu with 2d pref. a 367,849,027 366,249,607 3,658,455 5,335 101,834 156,386 ,513,358 Unamortiz. debt disct. & exp__ Total... Total operating revenues 5,300 31 ,000,000 payable. Accrued accts.. Reserve Surplus 1,581 103,002 1936 $ stk. (no par value)... 155,044,139 155,044,139 Subscrlp. to $7 pref .stk. allot, a certificates. subs Accts. rec., subs Accts. rec.—oth. 1937 $ 600,000 573,753 56,149,545 6,902,638 Net profit 1936 ...182,806,255 182,591,955 3,876,220 2,301,454 565,566 583,731 com. 12 Months Ended June 30— Fair child Aviation Electric 8,096,947 —V. 145, p. 759. on not 9,409,072 stocks & surp. of subs. (Del.) (& Subs.)—Earnings— Balance Balance for 23,303,123 1,468.945 Capital surplus. 56,149,545 Earned surplus. 2,970,506 $62,704 Balance 25.772,751 1,646,918 533,555 reserves.. Unadj'd credits. shares.—Y. 142, p. 1288. $84,282 6,909 Appropriations for retirement 743,741 763,871 4,659,619 _ . $98,444 35,740 ... Int. & amort., &c. 1,879,285 accr Int. & taxes 2,634,444 $96,217 2,227 Non-oper. income (net). 682,919 87,915 1,522,845 138,009 _. pay'le notdecl.(sub.) 1937—Month—1936 $252,852 $240,128 109,920 113,206 15,173 13,136 31,542 29,504 Operating revenues Operation Balance par 2,919,500 903,054 Cum. pref. dlvs. $2,634,4441 Represented by 141,700 no a 2,919,500 Banks Min.ints. in Total _. notes pay'le: Custs.' deposits. debt 69,449,892 78,679 78,679 142,820,000 146,121,500 3.822,000 Bonds Coupon — 69,373,744 Prem. & disct. rental Prepayments Liabilities— $355,965 120,999 984,852 33,852 $ 41,075,633 1,909,968 cos.: Pref. stock 266,200 2,669,871 358,184 Subs, 6,767,476 Appl. on (net) 1936 $ 41,075,633 Common stock. 1,909,968 485,341 Sink, fund cash Dec. 31 Cash Accounts 1937 Liabilities— Preferred stock. disc't & exp.. $88,997 904,603 Surplus at start of year at $ & plant Notes receivable Net profit- Surplus 1936 $ Assets— 1936 pounds Gross operating profit.. Provision for taxes Deprec. & def. devel., &c Net profit Note—Above p. 3331• 259,180 $353,083 figures exclusive of $370,584 $334,522 $366,092 non-operating revenue.—V. 144, Financial 1098 on 1936 $3,450,422 1,238,558 inspection taxes Cost of sales, selling and delivery, administrative and miscellaneous income charges Prov. for normal Fed. & State inc. taxes (est.) 1 937 $5,310,253 1,908,173 1,870,425 52,140 Gross sales federal revenue and State Corp.—July Car Sales—The corporation released the following statement: July sales of General Motors cars to dealers in the United States and Canada, together with shipments overseas, totaled 226,681, compared with 204 693 in July a year ago. Sales in June were 203,139. Sales for the first General Motors Corp.—Earnings— First 6 Months Ending June 30 Falstaff Brewing Comparative Statement of Net Earnings 6 Months Ended June 30— Aug. 14, 1937 Chronicle 3,053,850 52,100 Aug. 9 months of 1937 seven Smelting Co.—Earnings— 2d Quarter of 1937 17,331 Period— produced shipping product produced by Tons of concentrates 1st Quarter of 1937 187 869 in July, 2d Quarter of 1936 20,142 25,309 2,668 4,331 1,367 $277,490 68,358 x$695,400 232,684 $150,269 6,106 $345,848 before deprec., deple'n profits taxes profit on metal stocks sold.. metal stocks sold $928,084 $156,375 Net earnings & Fed. income & excess Profit on p. January February sold.—V. 144, 3499. - 2.037,690 1.715,688 1,240.447 203.139 226.681 Florida Public Service Co.—Earnings— 1936 $2,038,761 1,059,508 — 152,747 90,995 188,325 — Provision for retirements. — -— --—- Total.............— —— — Sales to Consumers in United $1,757,789 1,050,381 175,551 54,870 164,426 October T November. $581,827 240,000 19,557 Cr 1,862 $329,981 240,000 13,531 Total.. 4% 1st mtge. bonds debt. Interest charged to construction Bal. avail, for int. on conv. inc. debs., &c $324,132 The New 180.085 162.390 July 187,869 August right of conversion thereof, making the total amount applied for 496,111 shares.—V. 145, p. 941. December. October November. Total Foundation See list given on Co.—Registration Withdrawn— Unit sales of Chevrolet. Pontiac, first page of this department.—V. 144, p. 3672. passenger Pan 50-Cent Dividend— Franklin Rayon Corn.—To declared a dividend of 50 cents per share on the stock, par $1, payable Sept. 1 to holders of record Aug. 27. An initial dividend of 60 cents per share was paid on this issue on Dec. 21,1936. The directors on Aug. 6 927,493 1935 1934 75.727 92.907 132.622 152.946 105.159 150.863 139,121 103.098 22.986 97.746 147.849 150.010 46,190 82,222 119.858 121.964 103,844 118,789 107.554 87,429 53.738 50.514 39,048 28,344 1,682.594 April September. pref. stock upon the exercise of the 1,278.996 95.253 1936 216,606 199.532 March cum. conv. pref. stock (par $100) which are issued and outstanding, and 66,667 shares of common stock (par $10), upon official notice oi issuance, to be reserved for conversion of the company's 4H% cum. conv. 112.847 101.243 86.258 71.648 69,090 62.752 41,530 131.134 116.762 162,418 194,695 187.119 186,146 177.436 99.775 4.669 69,334 156,041 197.065 1937 70.901 49.674 January... February.. June shares of 4J^% 109.051 137.782 108.645 127.346 66.547 68,566 136.589 122,198 Sales to Dealers in United States May Exchange has authorized the listing of 40,000 Stock York on Corp.—Listing— Food Machinery December. Cr499 $76,949 143.909 23.438 68.911 98.174 106.349 1.720.213 July August September. $312,561 17,420 Note—No provision is made in this statement for Federal surtax undistributed profits, if any, for the year 1937.—V. 144, p. 4006. 1934 1935 54.105 77.297 126.691 198.116 178.521 153.866 163.818 May...... June $547,185 34,642 Interest on unfunded States 102.034 96.134 181.782 200.117 195.628 189.756 163.459 133.804 85.201 44.274 155.552 173.472 51.600 196 095 April Other income. Interest on 184.059 134.597 181,188 167,790 124.680 1936 1937 92,998 January... February.. March 1937 30— ——- . December Provision for taxes— 39.152 127.054 182.754 185.698 1934 62,506 100.848 153.250 153.954 132.837 146.881 134.324 109,278 71.888 72.050 61.037 41,594 August September.. November Maintenance 1935 98.268 121,146 169.302 juiyj.;::: Co. of Calif.—Bonds Called— Operating revenues Operating expenses Shipments 1936 168,572 144.874 196,721 229.467 222,608 217.931 204.693 121.943 19.288 90,764 191,720 239,114 260.965 May.;;::::: has called for redemption Sept. 1 at 101 of principal accrued interest $750,000 principal amount of 15-year sinking fund 5% bonds, due Sept. 1, 1942. Firestone Cotton Mills has called for redemption Sept. 1 at 101 of principal and accrued interest $600,000 principal of 20-year sinking fund bonds, due March 1, 1948.—V. 143, p. 1228. This company and 12 Months Ended June seven montns of 1936. and Canada Plus Overseas 238,377 216.654 !" April October Firestone Tire & Rubber United States totaled 103.668 74 567 iune:::::.: amount of $142,391 on investments Includes profit in x compared with 1,155,710 for the same Total Sales to Dealers in United States March... Total ' 162 390. were of 1936. compared with 177,436 in July a year ago. Saies in June Sales for the first seven months of 1937 totaled 1,067,057, 1937 lessees & excl. 153 866 were ■ in the United States totaied compared with 163,459 in July a year ago. Sales in June Sales for the first seven months of 1973 totaled 1,035.044. compared with 1.127.910 for the same seven months Sales of General Motors cars to dealers in the 1957. Federal Mining & Tons of $296,130 $289,300 months' period Net income for six compared with 1,374,861 for the Sales of General 163 818 in July, -V. 144, p. totaled 1,324,051, months of 1936. Motors cars to consumers same seven 1,370.934 959.494 Oldsmobile, Bulck, La Salle and Cadillac and commercial cars are included in the above figures. July Buick Deliveries Highest in 10 Years— With 22.065 retail deliveries dining July the Buick Motor division all records for that —V. 143, p. 3999. broke made. month since 1927, when 24,013 deliveries were common This compares with 20,739 in June the first time in many yeais that Garford Corp.—Registers with SEC— of this department.—V. 144, p. 1108. See list given on first page Gemmer Manufacturing 6 Months Ended June Co.—Earnings— 1937 $317,349 30— Gross profit _ 49,122 $266,425 20,974 . Miscellaneous income (net). $145,393 8,989 $287,399 50,300 $154,382 23,112 $237,099 _ Net income, before provision for on 1936 $194,516 50,924 General and administrative expense $131,270 Federal surtax undistributed profits Cash $195,666 Notes Aaccts. rec. 1937 Liabilities— 1936 1937 $306,001 144,351 450,949 301,225 Accounts payable. Investments 225,774 260,481 Accrued 51,025 1,561,199 46,656 payrolls x Fixed assets 1,525,561 1 1 expenses. 20,344 Cash in closed bks. 17,266 12,325 24,720 Patents Prepaid Rec. for $12,270 212,254 $25,209 83,249 22,454 9,050 (est.) 86,047 bonds. 146,000 Z34.370 174,000 Fed. Inc. tax Debenture 114,195 32,970 Operating reserves Capital account._b2,412,051 y2,476,963 23,149 Invest. In sub. co. 83,447 20,390 $3,005,273 $2,835,8101 Total Total $3,005,273 $2,835,810 x After reserve for depreciation of $860,400 in 1937 and $473,865 in 1936. Represented by 40,000 shares partic. preference stock and 100,000 shares stock, both of no par value, z Includes provision for Federal income tax for year 1935 of $11,257. a Customers' accounts receivable only, b Represented by 31,813 shares class A stock and 99,397 shares class B/after deducting 8,187 shares class A stock and 603 shares class B y common stock.—V. 145, p. 112. General Steel Castings Corp.—Earnings— 6 Mos. End. June 30— 1937 Loss from operations prof$l,128,943 585,111 Depreciation $146,415 581,291 1935 $35,294 580,351 $727,706 14,923 $615,645 21,078 prof$556,663 468,414 $712,783 468,433 $594,567 468,443 prof$88,249 Other income $1,181,216 $1,063,010 - Loss Bond int. and amort Net loss —V. 144, p. 1936 • prof$543,833 12,830 Loss 1934 $163,836 581.865 $745,701 66.163 $679,538 468,442 $1,147,980 3502. General Stockyards Corp.—Final Liquidating Dividerld- final liquidating dividend of 34 M cents per ihare on Aug. 2. An initial liquidating dividend of $28 per share was paid on May 15 last. Dividends of 25 cents per share were paid on May 1 and on Feb. 1 last: a special dividend of $1 was paid on Dec. 21, 1936; dividends of 50 cents were paid on Nov. 1, Aug. 1 and May 1, 1936: 25 cents paid in each of the four preceding quarters; 50 cents paid on Feb. 1, 1935, and on Nov. 1, 1934; 25 cents on Aug. 1 and on May 1, 1934, and 50 cents per share paid on Nov. 1, Aug. 1, and May 1, 1933.—V. 145, p. 279. The company to common paid a stockholders June totaled 3,840 units, a new high E. Ahrens, Sales Manager of Cadillac with 4,404 in June, 1,922 in July, 1936 and 2,571 in July, 1929, the previous peak for that month. July was the sixth consecutive month, and the eighth time in the past nine months m which new retail delivery records were set. Cadillac-La Salle July retail deliveries for that month, according to D. Motor Car. This compares Up 23 %— trucks to dealers in the overseas markets and an increase of 10.2% over the For the 12 months through increase of 10.7% over the volume 1936. July, 1937, sales totaled 34,959 units—an in the 12 months ended July 31, 1936. 67,306 17,840 Contract recelv'le. total sales Deliveries Set New High— all-time high volume for that period, volume in the first seven months of 75,000 Collateral held by Co. exceeded only in March of this year, when General Sales Manager, estimates August sales will around 18,000. He attributes the continued strength in automobile to the improved farm income outlook. Ponoiac dealers In July sold 38,620 used cars, a drop of 1,000 from and a gain of 7,400 over July, 1936. during July totaled 31,341 units, representing an increase of 23% over the volume in July of last year. In the first seven months of 1937, sales of 219,162 units represented an 22,152 ment Detroit Tr. July output of 29,318 cars was 29.731 cars were built. Sales of General Motors cars and 81,490 Lease & sale agree¬ Sink, fund assets.. amounted to 197,340, as model year. Overseas Sales 11,641 Invest. In co. stock automobiles totaled 21,436 In July as compared in July, 1936. Motors unit during the 1937 model year of July 31, against 152,746 in like period of the 1936 Cadillac-La Salle July of sale Canadian plant. July Pontiac Sales Above 1936— Retail deliveries of Pontiac with 22,622 in June and 16,674 Total sales for the General insurance & other accruals of life Insurance. 1936 Accrued salaries & a305,121 Inventories Cash surrender val. year. C. P. Simpson, Comparative Balance Sheet June 30 Assets— and 14,773 during July, 1936. This was July deliveries exceeded those of June. In addition, to this, there were 1,210 cars exported during July. Because of consistent demand, making deliveries has been a difficult problem. The dealer organization has maintained a substantial backlog of unfilled orders, which had ever continued during the summer months. Production has been maintained at capacity rate throughout July, with output reaching 22,792 cars, foi domestic and export shipments. A total of 220,000 Buick cars will have to be built during the 1937 model These figures include the products Canadian, English and German factories 145, p. 941. of the corporation's American, sold outside of the United States and Canada.—V. General Stations— Telephone Corp.—Gain in This corporation reports for its subsidiaries a gain of 1,693 company-owned telephones for the month of July, 1937, as compared with a gain of 1.282 telephones for the month of July, 1936. The gain for the first seven months of 1937 totals 15,528 telephones, or 4 .64%, as compared with a gain of 11,837 telephones, or 3.79% for the corresponding period of 1936. Thesubsidiaries now have in operation a total of 350,244 company-owned tele¬ phones.— V. 145, p. 762. Georgia & Florida RR.—Earnings— —Fourth Globe Week of July— —Jan, Hoist Co., 1936 $24,907 Des Moines, 1 to July 31— 1936 1937 1937 $32,000 Period-— Gross earnings... —V. 145, p. 941. $744,4)42 $613,864 Iowa—Stock Offered— & Co., Des Moines, capital stock (par $5) Jackley & Co. and Olmsted, Metcalf Iowa, in June offered 22,000 shares of at $14 per share. The shares were acquired from Fred W. Swanson, dent, Treasurer and director of the company. proceeds of the sale of said shares will be Presi¬ None of the paid to the company. 30.1936. The company was incorporated in Iowa on Nov. On Nov. 30. 1936 Globe Machinery & Supply Co. the same kind of business as that now (Iowa) was engaged In conducted by the company and in Volume 145 Financial Chronicle 1099 addition in the business of jobbing of mill and industrial supplies and whole¬ sale plumbing and heating supplies. The stockholders of such company decided to reorganize and to separate the jobbing business from the manufac¬ turing business, the latter being the business now conducted by the com- stock of any other except that Rainier Pulp & Papei Co. is the beneflcia owner of 2,815 shares (2.99% of the total) of the common stock of Olympic Forest Produces Co." The companies further state that "various persons, including the Sany,business and tne company was formed and took over the over the joband accordingly a corporation was formed which took manufactur¬ ing executive officers and certain directors, act in similar capacities for each of the companies," and that "no ing business. of the two After the reorganization was completed, the stockholders corporations were the same as the stockholders of the pre¬ new viously existing corporation and their interests in each the same as corporation were their interests in the corporations whose affairs were so reor¬ new ganized. The company is primarily engaged in the manufacture and sale of vehicle lifting devices used for the servicing of automobiles, buses and trucks. The company also manufactures and sells industrial lifting devices known as elevator lifts. The company also manufactures and sells dumping dumping devices used for the grain from wagons, trucks and sleds into pits under grain ele¬ or vators. The company also manufactures and sells a line of equipment consisting principally of rock-a-car jacks and wheel holders. Capitalization—Capitalization of the company is now as follows: Outstanding To Be Authorized and Paid Up' Issued Capital stock (par $5) 100,000 shs. x60,000 shs. y5,000 shs. x Includes 22,000 shares offered to be purchased by the principal under¬ writers from Fred W. Swanson. y The 5,000 shares are under option to Jackley & Co. or its assigns. „ , Income Account for Period from Dec. 1, 1936, to April 30, 1936 Gross sales, less returns, &c 1937 4 Mos. End. Apr. 30 '37 December, $76,185 47,553 14,782 $444,943 275,899 80,300 Net profit from operations. Royalties received $13,849 $88,742 Total profit Provision for Federal and State income taxes. $13,849 2,730 $88,778 29,600 $11,119 $59,178 Cost of goods sold Total expenses 35 Net -V. profit 145, p. 280. Goodyear Tire & Rubber Co. (& Subs.)—Earnings— 6 Mos. End. June 30— a Net sales 1937 1934 1935 1936 $116,475,701 b Mfg. costs & charges—105,615,829 $90,908,685 $78,828,358 $70,808,502 86,104,374 75,187,683 67,245,635 principal majority of the board of directors of pulp companies." Grays Harbor Pulp Co. is registering 244,662 shares ($25 par) $2 cumula¬ tive preferred stock and 244,662 shares ($1 par) common stock to be reserved for conversion of the preferred. The preferred stock is being offered to common stockholders but the stockholders are asked by the company to waive their preemptive rights so that 151,970 shares may be offered in exchange for 33,771 outstanding shares of the company's $8 preferred stock on the basis of 4h shares for each share of $8 preferred. The company states that it has been advised that holders of at least 17,368 shares of $8 preferred stock will hold that stock until preferred dividends have been paid and such stock has been purchased or redeemed. The shares not taken under the exchange offer, together with the remaining 92,692 shares, will be offered first to the common stockholders at $36 a share and any of these shares not taken by the stockholders are to be offered publicly through underwriters. Of the cash proceeds to be received by the company, $10,859,671 536,364 $4,804,311 504,598 $3,640,675 513,764 $3,562,867 890,511 Total profits $11,396,236 Interest, discount, &c.. 1,400,744 $o,308,909 1,379,056 $4,154,439 1,396,352 $4,453,378 1,431,188 Total prof, for period. $9,995,492 Deduct—Profits on sub. $3,929,853 $2,758,087 $3,022,190 cos. Oct. 1, 1937, and Jan. 1,1938, respectively, $1,964,500 principal amount of first mortgage 6% gold bonds, series 1943, and $964,000 principal amount of first mortgage 6% gold bonds, series 1944. To the extent holders of the $8 preferred stock do not accept the offer of exchange, a portion of the cash proceeds will be used to provide funds to pay accrued dividends on the unexchanged shares or to purchase such shares for retirement. The balance of the cash proceeds will be used to reimburse the treasury of the improvement of its property and plant and to provide working company for capital. Rainier Pulp & Paper Co. has registered 49,600 shares ($10 par) capital stock to be offered at $50 a share to stockholders of record Aug. 20, 1937, in a ratio of one new share for each five shares held. Transferable war¬ rants evidencing such subscription rights but exercisable only in amounts calling for full snares and expiring on the close of business on the 14th day after the record date, will be issued to stockholders. Any of the shares not taken by stockholders will be offered publicly through underwriters. The proceeds are to be used as foliows: To redeem all existing bank indebtedness, other than current, on deliv¬ ery date of the unsubscribed stock, estimated to be $1,250,000. $600,000 will be used to reimburse the treasury of the company for sub¬ scription in the amount of $100,000 to the capital stock of Fernandina Pulp & Paper Co., a wholly-owned subsidiary, and for advances to that company already made and for advances planned to be made in the near future, esti¬ mated at $500,000. by on co.; current » pref. stock... Reserve for contingencies 427,140 1,500,000 331,170 353,309 404,993 $8,068,352 Balance of profits $3,598,683 1,502,937 $2,404,778 $2,617,197 1,504,026 3,005,326 car- ried to surplus Preferred dividends Common dividends 2,200,410 1,963,235 Surplus $3,904,707 $2,095,746 1,999,082 1,540,400 $0.62 $900,752 def$388,129 No. shs. com. stk. outst. (no par) Earnings per share $3.18 1,492,871 1,493,770 Nil Nil Returns, discounts, freights, auowances and inter-company sales de¬ b Incl. depreciation, selling, administration & general expenses, and provision for Federal taxes. a ducted. capital. Olympic Forest Products Co. has registered 159,998 shares ($25 par) $2 cumulative preferred stock and 225,876 shares ($1 par) common stock. The preferred stock and 19,999 shares of common stock a $ 76.051,209 5,502,258 66,660,943 30,751,570 23,993,261 Accts. and notes receivable S $7 1st pref. stk. securities 1,021,521 be necessary to provide funds to pay dividends on and to purchase for retirement the shares of $8 preferred stock not exchanged under the exchange offer. Any of the shares being offered to common stock holders and not taken by them will be offered through underwriters. Of the cash proceeds to be received by the company, $585,997 will be used to redeem on Oct. 1, 1937. at 101% and accrued interest, $574,000 of serial debentures. Part of the cash proceeds will be used to provide funds for the payment of dividends on and to purchase for retirement the unexchanged $8 preferred stock. The balance of the proceeds will be used to reimburse the treasury of the company for improvements to its property and plant and to provide working capital. Blyth & Co., Inc., of San Francisco, will underwrite all of the issues.— V. 145, p. 763. 75,285,400 1,710,802 The directors have declared an extra dividend of 25 cents per share in addition to the usual quarterly dividend of $1.50 per share on the common stock, 22,789,870 Goodwill, <fec 1 1 1,992,648 2,282,583 par no value, both payable Sept. 1 to holders of record Aug. 16 1, 1931. Like amounts have been paid each quarter since and incl. Sept. 8,994,623 $5 pref. stock. 67,046,100 10,748,283 52,365,500 9,451,948 52,849,500 224,970 1,877,282 addition common c Funded debt... debt 1,631,577 11,976,812 Cash Deferred charges The company will offer 20,823 shares may b Common stk. Funded Govt. preferred. of the common stock to its common stockholders at $30 a share and will also offer to such stockholders the number of shares of common stock as Cap .stk .of subs. Inventories Canadian 1936 $ Liabilities— 78,329,721 5,748,512 76,844,465 ... subs., of «fcc Rubber in trans. 1,846,855 950,366 payable 11,166,718 interest. 473,392 11,722,316 482,269 8,009,613 18,830,969 26,958,227 Accr'd Capital surplus. Earned —V. 144, p. 4009. Great Northern surplus. Paper Co.—Extra Dividend— The directors have declared an extra dividend of 12 cents per share in to the regular quarterly dividend of 25 cents per share on the stock, par $25, An extra of 13 cents was 19,016,396 18,445,320 d Accts. Reserves were paid on both payable Sept. 1 to holders of record Aug. 20. paid on June 1 last and extra dividends of 12 cents March 1 last and on Dec. 1,1936.—V. 145, p. 437. 7,120,103 Greenwich Water & Gas System, Inc. 12 Months Ended June 30— Total $206,665,250*198,911,702 206,665,250 198,911,702 Total After depreciation, b Represented by 1,999,082 no par shares in 1937 (1,540,400 shares in 1936). c Represented by 670.461 (no par) shares. a 50-Cent Dividend,— The directors have dividend of 50 cents share on the common stock, payable Sept. 15 to holders of record Aug. 19. A similar payment was made on June 15 and April 5 last, this latter being the first dividend paid since Feb. 1, 1932, when 25 cents per share was distributed.— V. 144, p. 4345. a Gold Dust Mining & Milling per Co.—Registers with SEC— See list given on first page of this department. Gosnold Mills Corp.—Resumes Common Dividend— Gotham Silk Hosiery Co., Inc. (& Subs.)—Earnings— 6 Mos. End. June 30— net mon a 1937 1936 b$190,725 b$150.999 profit after deprec. and interest._ Earns per sh. on 27,204 shs. pref. stock Earns, per sh. on com¬ 1935 1934 \ $92,774def a$203,091 $3.50 $3.50 $3.41 $0.24 stock $0.14 Nil Nil After all charges, including write-down ($91,000) of silk inventories to at June 30, 1934. b Before surtax on undistributed income.— market Grand National Films, Inc.—Registrar— The Manufacturers Trust Co. is registrar for 1,000,000 shares of $1 per capital stock of this company.—Y. 144, p. 4346; V. 143, Net income— - by Greenwich Water & of Federal amount under the Securities Act of 1933. President of all three companies. ■Three p. 757- any Paper Co. of them as the be June 30, 1936. In the income account for the year ended June 30, 1937, surtax applicable to the earnings for the entire (3) All figures are subject to audit in so far as they the year 1937.—V. 144, p. 4346. there has been deducted Gulf States Utilities Period End. June 30— Co.—Earnings— 1937—Month—1936 1937—12 Mos.—1936 $634,107 214,639 Balance $5,679,723 2,460,215 19,750 48,460 283,669 a541,253 226,798 541,019 $274,278 19,941 $2,721,803 98,426 $2,451,691 158,436 $331,891 81,466 $294,219 89,824 $2,820,228 $2,610,127 1,095,704- 1,089,191 $250,425 - $6,067,933 2.521,208 $330,704 1,187 Taxes $574,194 231,705 26,870 a61,894 Balance $204,395 $1,724,524 757,499 $1,520,936 750,000 $967,026 567,183 $770,936 567,183 $399,842 $203,753 Appropriations for retirement reserve. Balance of their respective contracts with Rainier The pulp companies are not nor are any two of them indirectly," it is stated, "nor do two of them control another. No one of them owns any Inasmuch Edward M. Mills of San Francisco is control either directly or or any (2) calendar year 1936. contain earnings for Net oper. revenues— According to the registration statements, "the pulp companies are all engaged in producing to a substantial extent bleached sulphite pulps by processes developed by Rainier Pulp & Paper Co., and practically all the pulps so produced are sold by and in the name of the Rainier Pulp & Paper Co., the other two companies participating in the returns from such sales accordance with the terms Gas System, Inc. surtax on undistributed profits is not and cannot finally determined until the end of each calendar year the surtax for the year 1936 was not determined and recorded until the month of December, *1936, and the surtax for the year 1937 will not be determined and recorded until the month of December, 1937. Accordingly, no deduction for such surtax has been made in the above income account for the year ended Int. & amortization, &c. common $204,448 — Notes—(1) The above income account for the 12 months ended June 30, 1937, includes the accounts of Greenwich Gas Co. (the common stock of which was sold in February, 1937) for the last six months of 1936; thereafter, there is included only accrued income on other securities of that company Grays Harbor Pmp & Paper Co., Rainier Pulp & Paper Co. and Olympic Forest Products Co., all giving their principal offices as 343 Sansome St., San Francisco, filed with the Securities and Exchange Commission on July 28 registration statements (Nos. 2-3314, 2-3315 and 2-3316, Forms A-2) under $174,290 148,062 11,274 Reserve for retirements Non-oper. income (net). Pulp & 323,071 92,370 $779,069 155,322 9,757 320,854 88,689 Gross income Companies File Grays Harbor Pulp & Paper Co.Registration Statements— in $1,618,651 839,582 Minority interest Interest, amort, of discount, &c., of parent co Maintenance 1 1936 $1,479,426 730,359 $749,067 Operating expenses, maintenance, and taxes Operating revenues Operation V. 144, p. 4345. (& Subs.)— 1937 earnings— owned The directors have declared a dividend of $1 per share on the common stock, payable Sept. 1 to holders of record Aug. 10. This wi 1 be the first dividend paid on the common stock since 1924.—V. 144, p. 3333. Consol. Gross Interest, amortization of discount, &c., of subs— declared to be offered Great Atlantic & Pacific Tea Co.—Extra Dividend— 1937 1936 $ Plant & prop. Investments are in exchange for 39,997 shares of the company's $8 preferred stock on the basis of four shares of the new preferred and one-half share of common Consolidated Balance Sheet June 30 1937 Assets— proceeds will be used to reimburse the treasury of the provide working company for improvement of its property and plant and to for each share of the old applic. to stks. not held divs. _ > $3,099,970 will be of the principal amount and accrued interest on used to redeem at 103% The balance of the Net profits Other income any of the three pulp companies is identical with a majority of the board of directors of either or the other two one Preferred dividend requirements. - Balance for common dividends and surplus No provision has been made for the Federal surtax on undistributed profits, since any liability for such tax cannot be determined until the end a of the year. Note—The company on Jan. 1, 1937, adopted the Federal Power Com¬ mission System or Accounts, hence previous year's figures comparative.—V. 145, p. 764 are not exactly Financial 1100 1937 14, Aug. Chronicle Balance Sheet Greyhound Corp.—Earnings— 6 Months Coip. incl. equity affiliated cos.] -12 Mos.1937 $513,906 Net 30,167 - inc. tax, profit or loss, before $575,098 I $517,994 92,099 Equity of Greyhound Corp. in com¬ bined net profit from opers. of affil. cos., based upon ints. owned at the end of each period, after deducting dividends received: Bus companies Other companies Deferred charges.. _ „ M 1,040,093 1,021,514 37,839 loss3,292 211,638 92,021 $1,497,522 $1,426,086 -12 Mos.— 142,844 121,594 307",551 $8,888,434 105,338 1,560,093 72,738 370,642 Combined net profit, from opera¬ tions of affiliated bus companies. $2,382,360 $2,307,997 $6,779,623 profits Miscellaneous a made for Federal surtax on undistributed The deduction shown for such surtax in ended June 30, 1937, is applicable to the calendar year 1936. Equity of the Greyhound Corp. -12 Mos.- 1937 1936 1937 $1,546,073 $1,472,002 $4,476,062 505,980 450,487 4,264,425 of Greyhound Corp. in the above combined net profit from Equity Greyhound Lines of New England, division of the Greyhound Corp.. a bus companies owned at the based upon interests $211,638 $1,021,514 $1,040,093 end of each period -V. 144, p. 4346. 1935 $490,465 158,271 79,137 1934 $459,031 137 405 55,133 3,433,857 2,804,025 857,179 2,686.509 805,945 307,489 rents...141,599 1—• 1,223,446 578,785 404,186 —V. 144, p. 4346. (Charles) Gurd & Co., Ltd.—Earnings— for 15 Months Ended March 31, 1937 the following Operating profit for period before providing for $189,988 charges Taxes and licenses 75,121 36,593 Depreciation of buildings, plant and rolling stock Executive salaries Directors' fees ... Legal fees —.... ....... .... Reserve for Dominion and provincial income taxes 17,100 380 107 11,731 $48,954 Net profit for period Preferred stock dividends paid 22,575 12,000 dividend paid Earnings per share on 60,000 shares of common $0.44 stock, no par... Balance Sheet March 31. 1937 Liabilities— $65,720 106,106 199,986 receivable Real estate, macb. buildings, and plant Rolling stock, autos, trucks, &c Deferred charges.. Formulae Goodwill After Accounts reserve for doubtful payable $6,501 ... 13,389 Reserve for taxes Depreciation reserves 7% pref. cum. red. stock ($100 304,336 250,000 par) b Common stock 725,364 Earned surplus 234,647 $1,534,2371 Total a 886,825 92,071 74,052 9,475 100,000 1 Investments.. $1,534,237 Total accounts of $12,000. b Represented by 6 Months Ended— . June 19 '37 June 20 '36 discounts, returns & allowances)__ $1,501,243 1,053,064 $1,057,764 717,327 .of bd. disct.& exp. charge—Loss arising upon settle¬ ment of long-term note receivable Provision for Federal and State income taxes 262,271 223,559 $185,908 12,469 administrative expenses Other income. $116,879 7,858 $198,377 28,677 $124,737 33 406 Extraordinary 29,946 Dividends paid xIncludes $4,600 for surtax 32,000 25,000 $107,754 x dividend of 15 cents per share in . Harrisburg Steel The Bank of the Corp.— Transfer Agent— Manhattan Co. has been appointed capital stock of this transfer agent for the corporation.—V. 145, p. 610. Dividend— Hart-Carter Co.—Accumulated dividend of $1.50 per share on account of $2 cum. conv. pref. stock, no par value, payable The directors have declared a accumulations on the Sept. 1 to holders of record Aug. 14. Like an ount was paid on last, and con pares with 50 cents paid on March 1 last; $3.50 on 1936; 50 cents on Sept. 1, 1936; $1 on July 1, 1936; 50 cents on June 1 Dec. 1, June 1, 1936, and $2.25 per share paid on March 2, 1936; this latter being the first disbursement made since Dec. 1, 1931, when 25 cents per share was paid; sin ilar payn ents were n ade in the two preceding quarters and prior thereto regular quarterly dividends of 50 cents per share were paid.—V. 144, p. 3674. Hayes Body Corp.—Listing— The New York Stock Exchange ditional shares of ($2 par) has authorized the listing of 105,000 ad¬ stock upon official notice of issuance, common exercise of conversion rights in $700,000 of first mortgage 5H% convertible sinking fund bonds making the total amount of stock applied for 475,233 shares. The directors have authorized the issuance and sale of $700,000 of first convertible sinking fund bonds, to be dated April 1, 1937, 1947. The basis upon which the holders of bonds entitled to convert and exchange the same for full shares of common stock is as follows: For each $1,000 of bonds tendered for conversion and are exchange, the holder thereof, depending upon the date at which the con¬ version is made, shall be entitled to receive a certificate or certificates for the number of full shares of common stock which is provided in the following as applicable to the particular period, wherein the conversion and exchange is effected, to-wit: 150 shares in case of each conversion made on or prior to July 1, 1938; 125 shares in case of each conversion made after July 1, 1938 and on or prior to July 1, 1939; 100 shares in case of each con¬ version made after July 1, 1939 and on or prior to July 1, 1940; 75 shares in case of each conversion made after July 1, 1940 and on or prior to July 1, 1941; 50 shares in case of each conversion prior to April 1, 1942. a proportionate basis. made after July 1, 1941 and on Bonds in denomination of $500 are convertible of $594,125 are to be used for following To retire existing bank loans, $75,000; To discharge existing payable—trade creditors, $100,000; To defray estimated cost of erection of a new building, $75,000; To purchase additional machinery and purposes: accounts equipment, $100,000; additional working capital (approximate), $244,125. by the corporation as There are no other Floyd D. Cerf Co., Chicago, has been employed selling agent with respect to the $700,000 bonds. underwriters of the issue.—V. 145, p. 281. Hecla Mining Co.—To Pay 25-Cent Dividend— directors have declared a dividend of 25 cents per share on the capital stock, par 25 cents, payable Sept. 15 to holders of record Aug. 14. A like payment was made on June 15 last, and con pares with a dividend of 20 cents paid on March 15 last and on Dec. 18, 1936. and with regular quarterly dividends of 15 cents per share paid on Aug. 15, 1936, and each three months prior thereto.—V. 144, p. 3334, 2655. Hercules Powder Co.—Listing— The New York Stock Exchange 59,618 shares of issuance pursuant amount applied for has authorized the listing of of common stock (voting) no par upon official notice to terms of offer to stockholders, making the total 680,773 shares. At a meeting of the directors held July 28, resolutions were adopted proposing to offer to common stockholders of record 3 P. M. on Sept. 14, the right to subscribe at $75 per share for one new share for every 10 shares held. The subscription warrants to be issued evidencing such right will be exercisable on or before Oct. 14, 1937. The proceeds will be placed in the general funds of the company, to be used for general corporate purposes.—Y. 145, p. 764. Hillsboro & North Fastern Ry.—Securities— July 28 approved a reduction $25,000 of first-mortgage gold bonds. The Interstate Commerce Commission on of the interest rate from 6 to 4% on —V. 139, p. 3481. (Charles E.) Hires Co.— To Pay The directors have declared a $2 Div. on "B" Shares— dividend of $2 per share on the class B stock, payable Sept. 1 to holders of record Aug. 16. This compares with a dividend of $1 per share paid on Oct. 16, 1936, this latter being the first dividend paid on the "B" stock since Sept. 1, 1932 when $1 per share was distributed.—V. 143, p. 3319. (R.) Hoe & Co., I nc.—Interest and Dividend Payments— This company's is notifying Cost of sales Int.on bonded indebt.and amort Co.—Extra Dividend— have declared an extra $66,331 63,059 in 1937 and $12,000 in 1936. security holders that sums will be set aside and interest in arrears on first mortgage bonds, 7% (amended) notes and new notes of the company; and that divi¬ dends in payment of accumulated arrears have been declared on the 6pi % cumulative prior preferred stock and on the 7% cumulative pref. stock. The interest payment to be made on the first mortgage bonds will total for payment of current interest Hamilton Manufacturing Co.—Earnings— Selling, general, and $1,118,189 common •60,000 no par shares.—V. 143, p. 3633. Gross sales (less .$3,476,123 $3,161,851 Total $1,149,404 in 1937 and quarterly dividends of 15 cents per share on the common and class B common stocks, both $5 par, all payable Sept. 1 to holders of record Aug. 20. ' An extra dividend of 10 cents was paid on June 1 last; an extra of 5 cents in addition to the 15-cent quarterly dividend was paid on March 1 last, and previously regular quarterly dividends of 12 ^ cents were distributed. In addition, an extra dividend of 20 cents was paid on Dec. 1, 1936, and extra dividends of 10 cents were paid on Sept. 1, 1936, and on Nov. 30,1935. —V. 144, p. 3334. The Accounts 1,033 764. The total estimated net proceeds 1936 $575,290 230,120 110,428 1937 $582,787 173,619 Cash for depreciation of reserve (P. H.) Hanes Knitting on Gulf Mobile & Northern RR.—Earnings— Assets— 753,790 378,153 45,728 addition to the regular or 3,825,571 1,367,028 713,207 748,460 Hancock Oil Co. of California—Extra Dividends— directors have declared extra dividends of 20 cents per share in quarterly dividends of 25 cents per share on the class A and B common stocks, no par value, all payable Sept. 1 to holders of record Aug. 16. Extras of 12)4 cents were paid on June 1 and March 1 last and on Dec. 1 and Sept. 1, 1936.—V. 144, p. 3334. schedule Net equity of Greyhound Corp. in combined undistributed net profit a ($10 stock and to mature April 1, Divs. received from affil. bus cos., 1ml. net profit or loss of Eastern Inventories 605,900 410,420 j.$3,476,123 $3,161,851 After mortgage 5)4% owned opeis., based upon interests at the end of each period Common stock 610,040 upon 6 Months •— Period Ended June 30— Earnings 91,900 pref. partic. ($10 par). A The Note—No provision has been rents 83,800 addition to the regular profits in the six month periods. Net after 1,050.000 1,250,000 bonds 7% cum. 1st pref. par) $8,355,153 533,280 $3,013,023 $3,155,866 43,046 497,272 Net from railway 10,788 Capital surplus The directors $3,058,596 64,013 490,630 Total Interest and amortization Income taxes From Jan. taxes payable. 5% s. f. 1st mtge. Com. $4,332,914 $2,894,225 164,371 Net operating revenue Other income Net after for income stock in 1936.—V. 145, p. 6 Months Gross from railway 16,718 CI. Total , 1937 1936 1937 $18,908,759 $17,278,083 $41,458,750 14,751,139 13,215,849 30,483,542 1,263,396 1,049,211 2,620,055 Period Ended June 30— Operating revenue Operating expenses Depreciation and retirements Net from railway 48,123 Reserves Dividend on $4,029,255 $407,864 $0.55 x$0.56 $1.62 split-up of common shares. Note—No provision has been made for Federal surtax on undistributed profits in the six month periods. The deduction shown for such surtax in the year ended June 30, 1937, is applicable to the calendar year 1936. Earnings of Affiliated Bus Companies of the Greyhound Corp. June— 46,908 1,670,464 72,879 26,720 , Total, representing net inc. of Grey¬ hound Corp. for the period & equity in undivided net profit or loss from opers. of affil. cos Whereof earnings per share of common stock based upon stock outstanding at end of each period x After giving effect to four for one Gross from railway 52,557 1,651,187 89,649 receivable Fixed assets 6,000 $419,590 from opers. of affil 88,766 55,804 10,139 Reserve Earned surplus Net income the year 83,408 108,004 taxes & Interest. 40,062 undistributed profits Surtax on undistributed $137,010 Acer, wages, prop. ,432,871 330,834 18,031 12,198 2,062 Interest expenses Federal income tax— a $85,034 333,851 893,454 59,260 and notes June 30'37 Dec. 31 '30 $50,000 stock ($100 par) 141,249 General expenses Surtax on 26 18 — Total 47,111 1,539 lossl2,136 6,585 - Investments accts. - Miscellaneous $45,039 443,789 1,135,715 58,186 in bank Inventories..... payable payable. Accounts Notes & accts.rec. Eastern New Notes on Sundry Greyhound Lines of England (a division of the Greyhound Corp.) of $4,300,115 84,106 $499,938 54.595 Dividends. Interest Liabilities— 31 '36 hand and demand deposits Cash * "" Period Ended June 30— Income: June 19'37 Dec. Assets'—- Comparative statement of earnings of the Greyhound in undivided net profit or loss from operations of 914%, representing 6)4% for the year ending Sept. 30, 1937, and 3% in liquidation of interest accrued and unpaid to Dec. 31, 1935. The interest payment on the 7 % notes and new notes will total 17 2-3 %, representing 7% for the year ending Sept. 30, 1937, and 10 2-3% in liquidation of inter¬ est accrued to Dec. 31, 1935, and unpaid. Further notice will be given as to the date, place and manner of payment. The dividend declared on the 6)4% cumulative prior preferred stock amounts to $12,675 per share, and is payable Sept. 1 to holders of record Aug. 25. This payment will liquidate cumulative dividends of $4,225 per share for each of the three fiscal years ending Sept. 30, 1935,1936 and 1937. The dividend to be paid on the 7% cumulative preferred stock totals $4.41 per share, and is payable Sept. 4 to holders of record Aug. 28. This payment will liquidate cumulative dividends of $1.47 per share in each of the three fiscal years ending Sept. 30, 1935, 1936 and 1937.—V. 145, p. 765. Volume Financial 145 Corp.—Trustee— courts in corporate mtge. 5% corporate trustee for the amount of $4,088,300 and also in the issuance of script certificates.—V. 144, p. 4347. Hussmann-Ligonier Co. (& Subs.)—Earnings— 1937 6 Months Ended June 30— 79 $173,663 4,526 2,083 of oper. plants and equipment debenture bonds Provision for contingencies Expenses (net) of non-oper. Provision for income taxes 1,24b $290,827 . z 1930_ $172,417 5,261 1,974 27,927 5,307 36,718 Total profit Prov. for deprec. properties $213,640 Net profit x _ $290,748 Net operating profit Miscellaneous income Interest on "8~,6il 22,602 y$135,840 9,515 Preferred dividends—paid in cash Paid in preferred 12,687 stock for Federal undistributed profits tax, not determinable until the close of the year, y Equivalent to $1.34 per share of common stock outstanding in 1937, versus $0 92 per share of combined common and convertible preferred stock outstandin June 30, 1936. z Includes depre¬ ciation of $2,204 in 1937 and $5,398 in 1936. * Consolidated, Balance Sheet as of June 30 Liabilities— 1937 1936 1936 1937 Assets— $725,000 $97,376 Collat. trust notes Cash $127,730 Before provision x U. S. Govt. (at cost) Notes pay. sees. 1,000 ______ 1,220,540 1,972,083 Rec ivables a banks.$1,050,000 Accts.pay. (trade) a 1,170 Cust. orders, Due from empi's of 715,526 8,350 278,313 247",679 1 1 goods 73,631 on Net 5,000 6,075 Int. 26,511 5,186,461 21,734 39,919 _ Res. 12,699 Int. 20,054,405 3,806,288 3,892,776 1,718,663 7,497,788 7,176,410 67,465 81,293 liability. __ for conting.. 67,000 111,317 27,927 debentures cum. 52,535 643,180 75,000 240"680 . 645,681 193,610 for losses, b After $3,159,891 $1,962,788 for depreciation, c Illinois Bell Operating revenues Uncollectible oper. rev.. $7,396,673 16,926 1937—6 Mos.—1936 $6,755,719 $43,399,184 $40,134,903 16,461 102,436 97,863 Operating revenues. $7,379,747 5,003,101 $6,739,258 $43,296,748 $40,037,040 4,366,897 28,999,615 26,788,553 $2,376,646 1,081,828 $2,372,361 $14,297,133 $13,248,487 1,082.467 6,914,137 6,300,106 $1,294,818 $1,289,894 Operating expenses— 1937—Month—1936 Net operating income. $7,382,996 $6,948,381 943. 465,415 5,507,594 1,860,312 5,345,067 1,689,564 •' 3,586 7,609,359 6,588,770 586,575 950,944 1,971,994 213,250 1,362,631 974,491 1,884,988 1,553,565 255,105 271,326 pref. stks. of on subs Min. int. in net earns, of subs of 437,498 6,000 $675,419 $1,865,120 $58,331 $480,118 profit—* On July 15, 1937, shareholders of Canadian Hydro-Electric Corp., Ltd., approved a plan for amalgamation of that corporation with Gatineau Power Co., its wholly owned subsidiary, and a distribution of shares of the latter to the shareholders of Canadian Hydro-Electric Corp., Ltd. On July 30, 1937, the compromise or arrangement for effecting the plan was sanctioned by Justice McTague of the Supreme Court of Ontario. Under the plan, International Hydro-Electric System will receive 88.72% of the common shares of Gatineau Power Co. in exchange for its holdings of all the 6% non-cumulative second preferred and common shares of Canadian HydroElectric Net oper. revenues. Operating taxes 924,862 1,384,047 614,125 _ of subs Net Telephone Co.—Earnings— 946,072 Divs. not being currently Corp.—-Registers with SEC— Period End. June 30— 1,597,364 222,696 undistributed for Other chgs. agst. inc. first page of this department. 12,904,833 1,594,080 1,306,137 subs See list given on 11,824,401 398,520 profits tax Divs. being currently pd. on pref. & cl A stocks Repre¬ (83,314 in 1936) no par shares.—V. 145, p. 943. sented by 147,304 3,187,962 398,520 244,282 Prov. for income taxes. paid Total reserve 2,914,086 for deprec. chgd. against operations 21,034 Capital surplus $3,159,890 $1,962,788 & Prov. Prov. 591,400 Earned surplus reserve debt debs, of lnternat. Amort, of debt discount 54,528 pref. Common stock. funded on on $8,070,361 $33,961,597 $32,672,366 $8,374,686 revenue & expense f. stock c 42,935 89,820 10-yr. s. Conv. —V. 145, p. 20,679,632 985,175 1,949,128 Hydro-Electric system accruals Conv. Deferred income I. B. 4,740,530 919,146 inc. other dent of subs & service contr's gold After pur- than (other taxes). by dis¬ co. Deferred a exps., incl. cnased power Taxes Income & gen. tax .... Total $16,429,421 $15,514,729 $65,945,305 $63,795,957 revenue Oper. Liab. under instal. Patents, dies, pat¬ _ 1937—3 Mos—1936 1937—12 Mos—1936 $15,540,943 $14,741,986 $62,872,921 $60,449,174 888,478 772,743 3,072,384 3,346,783 Maintenance 14,448 &c_____ tributors 363.846 b Plant, &c., prop. Deferred charges on withheld with Investments terns. Ocner income—net notes discounted in & finished proc. Period End. June 30— Operating revenue Total Dlv. payable Amt. raw work mat'l8, 9,441 17,969 distributors.. & Inventory deposits Subs.)— (& System Hydro-Electric 54,064 12,625 International Earnings— int., &c recelv'le. claims wages, 122,523 14,697 Acer, Misc. accts. and a of the agreement are to be filed with the Federal Chicago and New York. "Apparently all debenture holders represented by counsel or committee have come to an agreement on a settlement with the bank creditors of Insull Utility Investments, Inc.," he said. . A report filed with the State courts by Charles A. Albers, receiver for Central Republic Trust Co., disclosed that the 10 bank creditors of the Insull firm will pay $3,435,086 to the bankruptcy trustee. The cash pay¬ ments are equal to 10% of the value of collateral held as security for loans made by the bankrupt holding company, based upon a valuation as of Jan. 28, 1937. Cash payments to be made by Chicago banks are as follows: Continental Illinois National Bank & Trust Co., $1,468,388; First Na¬ tional Bank of Chicago, $396,230; Central Republic Trust Co., $221,389; Northern Trust Co., $71,327, and Harris Trust & Havings Bank, $50,771. New York banks are to pay as follows: Guaranty Trust Co., $418,133; Irving Trust Co., $354,498; Central Hanover Bank <fc Trust Co., $316,847; Commercial National Bank, $106,411, and Bankers Trust Co., $31,092. Central Republic Trust Co. receiver's report also reveals that bank cred¬ itors of Corporation Securities Co. will turn over to the bankruptcy trustee of that company $1,200,000 in cash and $3,999,000 of its serial notes in settlement of the suit brought by its bankruptcy trustee. The attorney for the bankruptcy trustee of this company states that $25,000,000 of claims are being released as a part of the settlement.—V. 143, p. 430. Petitions for approval Hotel Taft The Sterling National Bank & Trust Co. has been appointed trustee under mortgage and deed of trust securing an issue of 1st registered bonds 1101 Chronicle Ltd. The holders of the 6% cumulative first preferred Hydro-Electric Corp., Ltd. (on which dividend arrears 1937, will amount to $12.50 per share) will receive for each 5% preferred share (cumulative from Jan. 1, 1938) and 1)4 shares of Gatineau Power Co. (aggregating 11.28% of the common Corp., shares of Canadian up to Dec. 31, share held, one common shares to be issued). President, says: profit and loss statements submitted herewith are consolidated state¬ International Hydro-Electric System as a separate entity is not currently receiving any .income from New England Power Association or from the Canadian properties, but the steady increase in their earnings continues to improve the prospects of income to the System from one or Irwin L. Moore, Approves Merging Six Ter¬ minal Railroads in St. Louis District— Illinois Terminal RR.—ICC The Interstate Commerce Commission on Aug. 11 issued an order approving the consolidation of six St. Louis terminal railroads into one company to be known as the Illinois Terminal RR. Tne roads to be consolidated are the Illinois Terminal RR., the Illinois Traction, Inc., St. Louis, Troy & Eastern RR., Alton & Eastern RR., St. Louis & Illinois Belt Ry., and the Alton Terminal Ry. At the same time, the Commission denied the petition of the six railroads to make the consolidation a part of the ICC's general consolidation plan. The new company has been authorized to acquire the properties of the St. Louis Electric Terminal Ry.? and the McKinley Bridge, which crosses the Mississippi between St. Louis and Venice, 111. The consolidated comllinois Power & Light McKinley fiany will operate over Corp. Bridge, which is to be acquired from the proposed new corporation has been authorized to assume obligations The liability in respect of $7,376,000 of underlying funded debt of the Illinois Traction Co. This funded debt consists of $1,188,000 1st & ref. mtge. 5% bonds, due on Nov. 1, 1940, of Bloomington Decatur & Cham- and £aign RR., and $5,888,000 1st & ref. 5% bonds, due on Dec. 1, 1939 ofper¬ ,ouis Springfield & Peoria RR. The new corporation also received St. mission to issue $52,000,000 of capital stock and $15,000,000 of 1st & ref. bonds, 4% due in 1967. According to the application filed with the Commission Feb. 27, 1937. it will issue to Illinois Power & Light Corp. in exchange for all the out¬ standing capital stock of the consolidating companies and their indebted¬ ness held by Illinois Power & Light at the date of the consolidation, 153,000 shares of the Indiana Harbor Belt Period End. June 30— from ry. oper. Ry. tax accruals Equip. & joint ry. oper. $810,956 494,644 $5,366,830 3,429,663 $4,850,552 3.058,599 $290,836 xl41,166 $316,312 60,515 $1,937,167 x525,693 $1,791,953 346,401 77,888 524,163 income. Other income Canada, Ltd. (& Subs.)— 193/ 6 ALos. 1936 Earnings $35,772,487 $25,165,888 Admin & head office 854,799 812,532 Net operating profit..$18,498,810 $12,896,959 $34,917,688 $24,353,357 Other income. 164,000 130,622 270,827 201,060 $177,909 1,263 $887,311 Total income $56,917 Misc. deduct, from inc.. Total fixed charges 3,192 37,354 $179,172 2,931 37,916 $899,206 19,366 223,876 purposes- x Includes $71,102, account $138,325 $1.82 of carriers $655,964 $8.63 $1,015,098 19,441 229,400 $766,257 $10.08 excise tax in connection with Jan. 1 to June 30. Railroad Retirement Act, at 2,%% of pay rolls, for period 1937. No similar charge in 193o.—V. 145, p. 438. Inc.—Banks to Pay $3,435,Trustee^-Settlement of Lawsuits Announced— Insull Utility Investments, 086 to total of $3,435,086 company's bankruptcy trustee, according to the terms of an the settlement of suits brought by holders of Insull Utility was revealed Aug. 10 by Charles H. Hammill, attorney for bankruptcy. Ten bank creditors of this bankrupt company to the holding agreement for debentures, it -the trustee in will pay a $14,199,395 Total — begin- 62,338,541 483,475 7,289,085 dividends 5,519,209 2,940,869 814,085 1,500,000 system reserve Adjust, of 1935 taxes— E%e^d^l^-nd--$Q7.265,377 per sh. on 584,025 shs. com. (no par) Earns, 766,083 59,896,144 48,435,259 . 483,475 4,373,451 44,176,488 $85,810,495 $61,633,462 966,949 966,949 14,578,169 retirem't to 3,781,466 2,549,894 ),070,187 $25,914,352 $17,456,974 —-w—.$76,537,936 $57,505,445 Preferred dividends $35,188,515 $24,554,417 [r em OHH 9 701 ARR 396,524 344,168 -- profit surplus ning of period Net Earned 8,017,993 3,000,000 '"-"-"-'III 264",896 264",896 $52,383,624 $67,265,377 $52,383,624 14,stk. $1.71 $0.59 $0.94 June SO, '37 _ Investments Securs. - — 152,796,438 153,696,746 770.524 751,550 held agst. retire, $1.13 ... Accts. & Government sees Cash & 10,351,373 304,018 46,259,597 other Pref. dlv. Aug. 8,766,431 2,241,531 44,871,895 $ Retlre. 27,627,825 60,766,771 27,627,825 60,766,771 6,257,897 Prov. for taxes__ 22,989,406 notes receivable Insur. 9,975,262 24,331,283 '37 Dec. 31, '36 Liabilities— 7% pref. stock__ y Common stock Accts. payable & payrolls system Inventories June SO, Dec. 31, '36 $ $ AsstfZs— Property reserve $16,371 $0.22 r> Consolidated Balance Sheet Net income after fixed charges Net inc. persh. of stock. roir Deprec. and depletion __ Retire, system & other x Total income -.$18,662,809 $13,027,581 r.V.n-1 ool -i CO 2,283,152 2,621,535 1,277,717 1,497,711 w Inc. & franchise taxes $1,002,626 12,472 11,895 1937—3 Albs.—1936 _.$18,934,618 $13,264,026 exp 435,808 367,068 30— ----- 442,926 $54,036 2,881 augmented during the period by the power pro¬ on June 30, International Nickel Co. of Period End. June facility rents Net Cash resources of the System were Transferred $830,975 540,139 . wholly owned subsidiary of two undeveloped water perties in Maine, bringing the total cash available to the System 1937, to $1,960,000—V. 145, p. 766. sale by a 1937—6 Mos.—1936 1937—Month—1936 . entity during the first six months of $209,785, as against expenses and interest charges aggre¬ gating $881,998, the excess of outgo over income being met out of cash on 1937 amounted to Common RR.:—Earnings— 95,634 Railway oper. revenues. Railway oper. expenses. rev. both of these sources. Income of the System as a separate capital stock of the consolidated corporation ($100 par), and $4,924,000 1st & ref. mtge. bonds. St. Louis Electrical Terminal Ry. in exchange for all its property, will receive 97,000 shares of capital stock of the new corporation. Illinois Power & Light Corp. for McKinley Bridge will receive $2,700,000 of the 1st & ref. mtge. bonds.—V. 144, p. 1602. Net The ments. 5,389,448 8,606,772 9,386,309 pay. 1, 1937. system reserve Exchange res've 483,475 483,475 10,485,960 6,772,957 594,987 683,616 Insur. conting. & x 60,606,500 2,006,053 60,606,500 67,265,377 69,896,144 other reserves 2,241,550 245,025,743 233,530,467 After reserve for depreciation and depletion of $47,851,574 in 1937 $44 910,705 in 1936. y Represented by 14,584,025 no par shares.—Y. Total and 237,269 Capital surplus Earned surplus. prepaid items. 212,908 245,025,743 233,530,467 144, p. 3338. \ Total [Excl. International Hydro-Electric System & Subs..] Period End. June 30— 1937—3 Mos.—1936 1937—6 Mos.—1936 a Gross sales, less returns, allowances Period End. June 30— Total oper. revenues— ..$33,650,786 $27,753,770 $63,699,222 $53,503,910 Total Cost and Expenses— Cost of sales: Pulpwood, labor, ma¬ terials, &c 18,820,870 Maintenance & repairs 1,959,889 Taxes (other than in¬ come taxes) 675,774 Outward freight and de¬ 3,791,308 livery expenses Selling, gen. and adm. 1,458,475 153,543 expenses Prov. for doubtful accts. 16,243,288 1,620*485 36,720,931 3,643,604 32,066,208 3,339,151 518,827 1,292,449 1,032,649 3,705,090 7,317,812 7,251,414 1,466,877 2,904,066 305,093 $4,043,695 $11,515,266 916,435 2,037,502 187,342 4,811 $6,535,230 1,838,155 421,307 on 757 Interest on other debt-. and expense Depreciation Depletion... 105,221 1,071,574 339,910 959,884 Provision for inc. taxes. 87,432 1,284,796 187,006 222,615 206,333 2,094,763 584,428 1,500,912 173,180 2,458,820 354,899 353,780 Prov. for Fed. undistrib. 318,226 profits tax Dfvs. accr. but not being currently paid on pref. a 318,226 al 8,177 174,627 a53,825 354,321 $3,286,116 $665,217 $5,032,693 $262,543 . Net profit The 1937 figures contain no provision for dividends on the preference shares of International Power & Paper Co. of Newfoundland, Ltd. recent a 145, such dividends agreement, are Under non-cumulative until 1939.—V. The Chemical Bank to first Co., trustee, is inviting tenders for the and consolidated collateral trust mortgage of $65,774 at a price not to exceed 105 and ac¬ Tenders will be received by the bank up to noon, Sept. 15. crued interest. —V. 145, p. Trust & of sufficient it 438. bankers, has been oversubscribed. 10,134 100 ooo 670 $97,927 44,682 $85,377 $173,979 44,682 89,365 $53,245 $40,695 Net income Preferred stock divs—. Balance..... No Period End. July 31— Sales Kansas Power Co.—To Sell Bonds 1937—Month—1936 1937—6 Mos.—1936 $1,555,576 $1,649,988 $11,153,120 $10,650,926 111.—Loan Authorized— 15 years. Proceeds will be used to retire $826,800 outstanding first mortgage bonds, and for reimbursement of the treasury for bonds previously invested in physical property.—V. 118, p. 1143. Iowa Public Service Co.—Earnings— 1936 revenues $4,274,438 40,840 45,763 $4,530,617 1,906,289 335,453 403,232 445,648 $4,320,202 1.879,888 262,377 375,380 362,261 $1,439,994 806,341 5,695 38,746 Cr3,112 $1,440,296 813,831 6,613 38,982 Cr3,570 $592,324 Non-operating $584,440 (net).. Maintenance Provision for retirement reserve Taxes, including Federal income tax. Net earnings funded debt Interest on unfunded debt Amortization of bond discount and expense. Interest charged to construction on Net income Note—No provision was made for Federal surtax on undistributed profits for the year ended Dec. 31, 1936, as it is believed that all taxable net income which would have been subject thereto has been distributed. Since Jan. 1, 1937, no provision for Federal surtax on Undistributed profits has been made inasmuch as the amount, if any, applicable to this period is not determinable at the present time.—V. 145, p. 283. 805 806 1,554 $4:654 $4,300 1.208 $59,981 4,918 $47,867 110 $4,756 Taxes Net oper. revenues- $5,508 $64,899 25,978 $56,935 25,946 $38,921 20,000 $30,989 20,000 $18,921 24.374 $10,989 24,374 def$5,453 def$13,385 2,028 2,074 $2,727 Int. & amortiz'n, &c Balance Appropriations for retirement $3,434 1937 1936 $ A SSBtS""" $ 1937 9.068 Balance for common dividends and surplus Includes $5,733 Federal income taxes, of which $3,318 is Federal surtax undistributed profits.—V. 145, p. 767. a on (5. S.) Kresge Co .—Sales— Period End. July 31— Sales Stores in operation $ equ77,090,089 77,943,776 7 % pref. (cum.)stk. 7,100,000 7,100,000 789,591 6%pref.(cum.)stk. 7,030,300 1,570,005 7,030,300 Notes receivable.. Pref. (cum.) 57,271 94,990 stock Accounts receiv. 1,871,673 1,626,066 7,910,800 7,910,800 Unbilled Income.. Com. 1,053,770 shs 464,722 469,398 no par Mat'ls «fe supplies. 707,127 885,104 10,537,700 10,537,700 66,936 1st mtge. 5s ser. B10,225,000 10,225,000 Prepayments 79,047 12,157 1st mtge. Miscellaneous,. 16,005 4>$s series C... Miscell. assets'. 13,529 18,356 32,000,000 32,000,000 Deferred debits 3,234,968 Disctd. contracts. 254,222 2,994,262 263,719 prop. & . Notes pref. stk. held 124,607 132,200 payable._. Accounts payable. Dividend accrued. Accrued taxes Accrued interest._ Miscellaneous.... Consumers deps__ Reserves 555,000 230,407 338,472 657,106 333,047 48,256 707,476 5,011,786 Misc. unadj. creds Capital surplus. Earned surplus Total 85,178,584 The earnings for 6 and 85,083,2941 Total _. 769,337 1,469,675 263",458 338,472 224,284 333,021 34,169 701,169 5,651,153 7,532 785,769 1,676,747 85,178,584 85,083,294 12 months ended June 30 were published in 766. Kansas Pipe Line & Gas Co.—Registers with SEC— of this department.—V. 144, p. 3003. See list given on first page 1937—Month—1936 1937—7 Mos.—1936 $12,349,003 $11,169,274 $81,025,255 $75,499,354 734 729 —V. 145, p. 283. (S. H.) Kress & Co.—Sales145, Lane p. 1937—Month—1936 1 937—7 Mos.—1936 $6,558,921 $6,524,725 $45,015,301 $43,954,720 283. Bryant, Inc.—Sales— 1937—Month—1936 $899,610 $931,752 1937—7 Mos.—1936 $8,442,476 $8,107,400 —V. 145, p. 767. Lerner Stores Period End. Corp.—Sales— July 31— Sales 1. 1937—6 Mos.—1936 1937—Month—1936 $37410,171 $3,203,961 $19,594,486 $17,974,338 6 Mos. End. June 30— Sales 1937 $196,156 1936 1935 1934 $193,680 $180,261 $179,025 1,327 3,000 178,432 1,536 2,929 178,819 1,156 180,081 Dr2,494 475 100 Net inc. for surplus Balance Jan. 1 Ad j. to State & mun.bds. $14,010 55,180 $13,855 56,856 loss$3,650 63,262 105 $2,122 54,693 2.285 Total surplus Miscellaneous credits $69,189 $70,816 $59,100 $59,611 $69,189 9,000 $70,816 9,005 $59,100 $70,674 6,306 $60,189 $61,810 $59,095 $64,368 Cost of sales, operation and general expenses. Other income Prov. for income taxes_ . Surplus Dividends paid Miscellaneous debits... Balance, June 30 180,474 11,063 Shares capital stock out¬ standing (par $5) Earnings per share x90,000 $0.15 30,519 30,744 $0.45 $0.07 31,532 Nil Par $1. Note—No provision has been made for Federal surtax on undistributed profits, as the amount Is only determinable at the close of the taxable year ended Dec. 31, 1937, when the total amount of dividends paid during the year is known.—Y. 144, p. 2832. 1936 $ Liabilities— Cash . reserve Balance x Jersey Central Power & Light Co.- ■Consolidated Balance Sheet, June 30, 1936— p. 1937—12 Mos .—1936 $147,727 $139,273 57,609 62.136 8,445 12,241 a21,691 17,029 1,686 Maintenance . Total gross earnings Operation 145, 1937—Month—1936 $11,232 $11,720 4,571 4,584 Lessings, Inc.—Earnings— 1937 $4,489,776 Operating revenues.. V. Privately— —V. 145, p. 284. 12 Months Ended June 30— own $84,614 $95,548 undistributed profits tax. Key West Electric Co.—Earnings— Period End. July 31— Sales The company, serving Danville, Dl., has been authorized by the Illinois Commerce Commission to issue $875,000 first mortgage 4 H% bonds, to Co.'s $184,912 89,365 has filed a declaration (43-68) with the Securities and Ex¬ change Commission under the Holding Company Act, covering the issue gold bonds, series A, due and sale of $376,000 first mortgage 20-year 5< and accrued interest from March 1, 1947, to be sold at private sale at 1C March 1, 1937. The company states that the net proceeds from the sale of bonds will be used for extensions, additions and betterments, including oil engine generating units costing approximately $200,000; additional sub¬ stations and transmission line capacity amounting to approximately $50,000; and an inter-connection with Central Kansas Power Co. to cost approxi¬ mately $75,000; and the bklance, if any, will be added to the general cor¬ porate funds or used for other additions. The company is part of the Middle Wrest Corp. system through a trustee for the Commonwealth Light & Power Co., and a trustee for Inland Power & Light Co. directly controls It, it is stated.—V. 145, p. 767. —V. 282. Interstate Water Co., Denville, Plant, 1n19, provision has been made for Federal 3338. Sales Interstate Department Stores, Inc.—Sales— Interest 771 —V. 144, p. Period End. July 31— run 20,267 1,710 38,248 Preferred dividend requirements $3,000,000 underwritten by a Swedish syndicate. Brown, Harriman, Ltd., of London, are understood to have carried out the negotiations for these sales. The net proceeds will be used by International to pay off a portion of its bank loans and used or set aside to retire a portion of its 4^ % convertible debentures due Jan. 1,1939. The financing program contemplates that the balance of the $30,000,000 subsequently will be sold and, to the extent not sold, retained by Inter¬ national, in settlement of its receivables from the United Biver Plate Telephone Co.—V. 145, p. 439 p. 95,272 and expense Taxes assumed on int— Balance The Swiss flotation, amounting to $9,150,000, is a portion of a debenture issue totaling roughly $30,000,000. It is understood that two other sections will be sold in foreign markets, $9,150,000 in the Argentine and about 145, $346,861 137,500 2,472 Debentures written by Swiss —V. $166,346 68,750 1,231 Non-oper. income (net). Telephone & Telegraph Corp.—Swiss of Subsidiary—The corporation on July 30 announced that the issue of debentures of United River Plate Telephone Co. (a subsidiary) recently under¬ Sell 481 $359,476 87,500 2,055 sum International Bankers 252 $180,795 43,750 Operating revenues Operation International Salt Co.-—Tenders— bonds to exhaust the $166,094 188 Period End. June 30— sale 781,412 $345,719 1.142 Gross income—--.-Interest on funded debt. General interest (net)-Amort, of bond, discount 944. p. 882,616 $358,995 The company Amort, of debt discount stocks of subsidiaries 381,291 $180,607 Net oper. income._— a $6,790,927 funded debt. 1,009,288 $547,385 Other income (net) 2,966,934 312,324 155,509 1937—6 Mos.—1936^ $1,241,611 $1,127,131 $601,931 421,323 taxes &discounts$33,251,467 $27,423,625 $63,034,616 $52,943,961 399,319 330,145 664,605 559,949 1937—3 Mos.—1936 & Total oper. expenses Other income, net. 14, 7 Earnings— Kansas Electric Power Co.- Power Co. (& Subs.)—Earnings International Paper & Profit Interest Aug. Financial Chronicle 1102 London Terrace, Inc. N. Y. (London Terrace Apartments, City)— B. C. Ressler & Co., Inc., New York, have prepared for distribution a descriptive circular describing the property ana the first & gen. 3% fixed and 1% cumulative income bonds. Under the reorganization plan the following securities have been author¬ ized: New bonds $5,500,000 Non-cumulative $4 preferred stock 1,250 shs. Voting trust certificates for common stock 91.666 shs. On Feb. 5,1937, the plan of reorganization was confirmed by the U. S. District Court for consummation and thus became binding on all holders of London Terrace Apartments 1st & gen. mtge. fee 6% sinking fund bonds originally issued in the amount of $5,500,000 by S. W. Strauss & Co. (dated May 1, 1930, due May 1, 1940), and upon certain other creditors and stockholders. Pursuant to the plan (dated Aug. 12, 1935), with subsequent modifica¬ tions, adopted and filed by committee under a deposit agreement, London Terrace, Inc., was formed with the above capitalization. Bondholders are to receive the following for each $1,000 old bonds: $1,000 15-year 3% fixed and 1% cumulative income first mortgage regis¬ tered/bonds and 10 shares of common stock (m voting trust certificate form). It will therefore be seen that present bondholdeis m addition to new bonds will receive a total of 55,000 voting trust certificates for common stock, or 60% of the total equity. Of the remainder, 2,000 shares will be issued tojunior creditors along with all the authorized preferred stock. The balance of 34,666 shares of common stock, or approximately 38% of the equity,, is to be retained by the stockholders of the original debtor corporation.—Y. 144, p. 4349. Volume Financial 145 conditions Lone Star Gas Corp.—Notes Approved— The Securities and Exchange Commission has ordered effective a declara¬ tion, and amendments thereto, pursuant to Section 7 of the Public Utility Holding Company Act of 1935, regarding the issue and sale of negotiable by Lone Star Gas Corp., in the principal amount of $10,000,000, and by Lone Star Gas Co. (a subsidiary) in the amount of $6,000,000, the notes to be issued by Lone Star Gas Corp. to mature in semi-annual instalments aggregating $800,000 each from Feb. 1, 1938, to and including Feb .1,1942, and in a final instalment of $2,800,000 on Aug. 1, 1942, and to oear interest at rates beginning at 1 % for the first instalment and increasing to 4% for the Feb. 1 and Aug. 1, 1942, instalments; and the notes to be issued by Lone Star Gas Co. to mature in sem i-annual in¬ stalments aggregating $450,000 each from Feb. 1, 1938 to and including Feb. 1, 1942, and in a final instalment of $1,950,000 on Aug. 1, 1942, and to bear interest at rates beginning at 2% for the first instalment and in¬ creasing to 4H% for the Feb. 1 and Aug. 1, 1942, instalments; said notes to be issued by Lone Star Gas Corp. and Lone Star Gas Co. to the several 1103 Chronicle which may working capital to provide against reduction be created calling for greater provide for further growth of the business and to of its cash funds which it is next year P. expected would otherwise take place over the due to expenditures for expansion of plant facilities. —V. 144, 3341. unsecured bank loan notes banks and in the amounts, respectively, as Lone Star Lone Star Gas Co. Corp. $5,700,000 $3,420,000 2,500,000 1,000,000 600,000 200,000 Union Trust Co. of Pittsburgh •Chase National Bank, New York 1,500,000 Mellon National Bank, Pittsburgh Farmers Deposit National Bank Union Savings Bank, Pittsburgh 600,000 360,000 120,000 145. p. 284. Long Island RR.—Abandonment— The Interstate Commerce Commission on July 28 issued a certificate permitting abandonment by the company of part of its Manhattan Beach branch extending from the northerly side of Avenue J to its terminus at or near Oriental Boulevard, Manhattan Beach, approximately 3.32 miles, all in the Borough of Brooklyn, Kings County, N. Y.—V. 145, p. 945. Long Island Water Corp.—Earnings— 1937 1936 $583,602 208,282 $558,268 12 Months Ended June 30— Operating revenue (water) Operating expenses Provision for retirements Federal income taxes Other taxes 4,382 Other income income on $200,382 1,821 $198,603 Operating income Interest 195,796 44,757 33,519 9,206 74,607 43,960 37,865 7,274 87,617 Maintenance Gross $202,204 118,585 22,623 $202,985 , funded debt 118,525 21,986 _ Interest on unfunded debt $60,995 $62,474 Net income Note—No provision is made in this statement for Federal surtax on undistributed profits, if any, for the year 1937.—V. 144, p. 4183. Louisiana Ice & Electric Earns.— Co., Inc. (& Subs.) 12 Mos. 6 Months 1937 1936 Period End. June 30— 1937 $665,045 $280,060 252,996 Gross income Interest—Long-term debt. 549,054 $34,327 6,710 $115,991 $41,037 638 Non-oper. income—Net.. 280,962 $31.346 2,250 Income from operation. $315,289 $27,064 4,282 Operating revenue Operating expenses 533 $148,973 5,213 1,223 Unfunded debt 32,982 3,000 $37,504 $142,537 (depreciation), Federal Balance to surplus a $28,458 a Before provision for renewals and replacements income and undistributed (R. H.) Macy & Co., Inc.—Listing, &c.— The New York Stock additional shares of profits Tax. 1936 property & equipment $1,221,118 $1,137,838 eqpt. at cost 47,861 47,648 Ice cream cabinets at cost 9,656 6,220 Works in progress. 133,078 37,202 Plant, ■Conveyance 830 831 40,753 118,260 Inv. stks. & bonds •Cash PinevlUe Elec. Co. 6% bonds $75,000 $100,000 Accounts payable. 63.749 Consumers deps._ Notes rec. disc 22,366 29,244 18,391 1st due held, at the purchase price of $37 per shaie. The net proceeds which will be derived from the saie of common stock it is estimated, will vary between $5,420,749 and $5,370,749 after deductmg estimated expenses in connection with the sale of these shares. The capital stock .lability of the corporation of $52,340,429 will be in¬ creased by the full amount of the consideration to be received for the 150,383 shares of common stock, less any and ah expenses incident to the issuance thereof. There will be an increase in cash in a like amount. No specific allocation of the net proceeds to be derived from the sale of the securities registered has been or is intended to be made. The net pro¬ ceeds will be added to the working capital of the corporation. Corporation believes that it is prudent to raise additional capital at this time to provide against contingencies calling for greater working capital and to provide against reduction of its cash funds which, assuming a reasonable dividend lcreased expects capital requirements Solicy, it working would otherwise takeresulting from a general expansion place over the next year due to of the Notes receivable.. Accounts receiv'le. 29,304 101,710 & 34,624 112,521 on Recent to the was, 5,707 3,985 486 2,740 224,083 154*128 854 Reserves Manati Sugar Co.—Stockholders to Approve Necessary Changes to Put Reorganization Plan in Effect— A special stockholders' meeting will be held Aug. 25 for the following PU(?) To confer authority upon tbe board of directors at such time as it sball in its discretion determine to authorize, the constituting in such manner as the board shall determine, of a mortgage upon Com. capital stock 5,163 13,620 8,923 779 788 7,302 plan of reorganization, and to 125 credits Prepayments (fractional shs.). Capital surplus Earned surplus... ;Def. assets, sus¬ pense .$1,651,864 $1,558,654 68,992 80 1,096,518 51,328 $1,651,864 $1,558,654 Co., Saginaw, Mich.—Registers with SEC— The company on Aug. 5 filed with the Securities and Exchange Gommisrsion a registration statement (No. 2-3329, Form A-2), under the Securities ($5 par) common stock, of which 70,870 Act of 1933, covering 313,858 shares shares are to be presently offered. Of the shares being offered, 16,000 are for the account of the company and .54,870 are outstanding and will be offered for the account of stockholders. Theremaining 242,988shares are not presently to be offered, it is stated. According to the registration statement, the net proceeds to be received •by the company from the sale of 16,000 shares are to be applied to the re¬ tirement of all of its outstanding preferred stock. F. Eberstadt & Go., Inc., of New York, and Auchincloss, Parker & Redpath, of "Washington, D. C., are the underwriters. Fred Buck, of .Saginaw, Mich., is President.—V. 145, p. 946. Electric Co.—To special meeting of stockholders of this company will be held on Sept. 8. The principal purpose of the meeting is to take action on a proposal to change and reclassify each share of the present common stock of $5 par value per share into two shares of common stock of $1 par value per share, and to take action on a proposal that 20,000 shares of preferred stock of $100 par value per share and 250,000 shares of common stock of $1 par value per share be authorized, in addition to the common stock now issued (which will consist of 500.000 shares of $1 par value per share after the proposed reclassification), all or any part of which preferred and common -.stock may be issued from time to time on terms to be determined by the ■ $338,405 43.550 $331,919 49,442 $431,942 54,500 Net profit from oper. _ Int. & miscell. income.. $326,503 6,569 45,000 $294,855 2,144 $282,477 1,702 $377,442 $378,072 $296,999 $284,179 $377,918 53,795 42,308 40,169 54,209 9,314 2,965 747 1,528 $314,962 $251,725 $243,263 $322,180 583,683 569,763 388,139 394,109 the number resulting fro n reduction in the stated value would be transferred to paid-in surplus. of the capital account If stockholders vote in favor of these proposals, it will result in company having a total authorized capital of 20,000 shares of preferred stock of $100 par value per share and 750,000 shares of common stock of $1 par value per share of which a total of 500,000 shares of common stock will be outstanding (including 27.400 shares in treasury) in place of the present 250,000 shares of common stock of $5 par value per share now outstanding (including 13,700 shares now in Treasury). In soliciting approval of the above proposal the company, in a letter ent to stockholders on Aug. 5, states that— "The Revenue Act of 1936, providing for a graduated surtax on undis¬ tributed profits of corporations, results in a burdensome tax on earnings which are retained by a corporation to finance the growth of its business. The directors, therefore, believe that it is prudent for the stockholders to take action at this time which will place the company in position to meet • ' • income.. Non-recurring Total income Prov. for Fed. and State taxes Applicable to minority interests in sub .cos— Balance of earned surplus — Adj. of exps. in prior periods (net) Adj. of deprec. expense. 25,248 Add'I Fed. & State inc. taxes for prior periods & other surplus charges Balance of Earnings per share 27", 882 $656,649 $822,797 126,500 $744,170 4,877 395 earned sur¬ plus at June 30 par).. Shs. stk. out. (no 476 1,309. $898,646 158,125 Total surplus Cash dividends paid $696,297 $739,293 126,500 $2.54 $656,649 126,500 $1.99 $740,126 126,500 $2.49 126,500 $1.92 Consolidated Balance Sheet June 30 x Plant & equlp't. sur. val. Miscell. assets Cash Accts. receivable.. accts. 5,450 1 1,280 750,383 98,576 4,825 1 1,597 834,427 71,424 20,168 1,28,994 10,341 expenses. 132,996 Pats. & licenses Accrued expenses. Fed. inc. taxes, &c. Min. int. in $862,500 10,662 1,231 30,727 $862,500 12,314 24,728 33,532 25,723 z59,459 740,126 49,839 696,297 26,738 sub. companies Provision for Fed. Earned surplus— 140,784 14,353 45,690 $1,738,236 $1,698,139 Total Capital stock Accounts payable. y State & local tax and notes receivable. Mdse. inventory.. Prepaid $585,037 of life insurance Miscell. investm'ts Other $590,046 1936 1937 Liabilities— 1936 1937 Assets— board of directors. The effect of the reclassification would be to double of shares standing in the name of each stockholder. The 1934 1935 1936 1937 $380,002 53,499 Recapitalize— A -amount June 30.— the fiscal year shall end on profit on sales Sailing & general expense Cash McGraw _ Mapes Consolidated Mfg. Co. (& Subs.)—Earnings— 6 Mos. End. June 30— at Jan. 1 Total.. , 145, p. 769. Gross 106 1,096,518 42,768 V. 144, p. 3507. Lufkin Rule , To amend the by-laws so that (5) V. income 69,018 (whole share)... Miscell. curr .assets authorize or approve the issue of such shares of stock; (4) To authorize the execution by the proper officers or by the trustee appointed in the proceedings now pending in the U. 8. District Court of any and all certificates or other documents which may be necessary to effect or in connection with any of the foregoing matters; 1,068 deposits upplies, substantially all fixed properties of the company and a pledge of the capital stock of the Ferrocarril de Tunas, owned by the company, as security for the 20-year 4% sinking fund bonds due 1957, to be issued by the con pany, as provided in the plan of reorganization dated Oct. 1, 1936, as modified; (2) To approve the form of the indenture; (3) To authorize the reduction of the capital stock of the company, the reduction of the par value of the shares, an increase in the number thereof and the reclassification of its shares of stock, in accordance with Com. capital stock Mis. unadj. affiliated stores, and to some extent to others, the corporation, Corporation has recently caused to be organized in New York a whollyowned subsidiary, Supremacy Products, Inc., principally for the purpose of purchasing from the corporation and selling at wholsale products bearing brand names of the corporation.—V. 145, p. 946. 1,413 Consumers'llne ext. 852 merchandise Total 1,000 1,068 deps 9,044 corporation and its in accordance with the laws of New York, merged with now does such manufacturing or packing directly. which "411 Misc. curr. llabs.. 398 Changes in Subsidiaries By certificate of merger filed on July 10, 1937, Mabrand Products, Inc., a wholly-owned subsidiary, which had been engaged in the business of manu¬ facturing or packing various private brands of merchandise, which it sold 28,547 750 con¬ 54,122 supplies, general Mat'te int. sumers' 29,000 «. Interest receivable Mat'Is & 503 26,637 • Acer. Int. on bds.. Acer. corporation's volume of business. The underwriters will be Lehman Brothers, Kidder, Peabody & Co., Glore, Forgan & Co., Hallgarten & Co., Hay den, Stone & Co., Wertheim & Co., Dean Witter & Co. and Kuhn, Loeb & Co. 24,000 Accrued liab. lins. Dec. 1951 (at par)... m. Ice coupon liab Accrued taxes U.8. Treas. bonds 3% 1936 1937 Liabilities— the close stock new 1937 stock The corporaton proposes to issue to holders of common at of business on Aug. 14 rights to subscribe for additional shares of common stock at the rate of one share of additional common stock for each 10 shares the Consolidated Balance Sheet June 30 Assets— of 150,383 (no par) on official notice of issuance stockholders, making the total amount Exchange has authorized the listing common pursuant to the subscription offer to applied for 1,659,939 shares. follows: Gas —V. Mclntyre Porcupine Mines, Ltd.—Meeting Date Changed The company announced that on July 16, last, directors passed a by-law changing the date of future annual meetings to June 15 from June 30. When June 15 falls on a public or legal holiday the by-law provides that the meeting shall be called for the next succeeding business day.—Y. 145, p. 612. Total $1,738,236 $1,698,139 After deducting for depreciation $870,697 in 1937 and $799,341 in 1936. Represented by 126,500 shares of no par value, z Includes reserve for miscellaneous expenses of $2,243.—V. 144, p. 4184. x y Marquette Metal Products Co., with SEC— Registers Cleveland' _ . _ Aug. 9 filed with the Securities and Exchange Com¬ mission a registration statement (No. 2-3339, Form A-2), under the Secur¬ ities Act of 1933, covering 50,000 shares ($20 par) 6% cumulative convertible preferred stock; -250,000 shares ($1 par) common stock of which 100,000 shares are outstanding and 80,000 option warrants to purchase common The company on St<The present Offering is to consist of the preferred stock and 50,000 stock. The company states that none of the outstanding common remaining shares of common be offered at this time. shares of the stock nor any of the option warrants are to 1104 Financial According to the registration statement, the net proceeds to be received by the company from the sale of the preferred stock will be devoted to the following purposes: (1) Approximately $80,000 to pay off the mortgage indebtedness of the company; (2) approximately $100,000 for the purchase of additional machinery and equipment; (3) approximately $100,000 for expansion of the company's plant and for the building of additions to the plant; (4) approximately $50,000 for investment in additional inventory; (5) approximately $70,000 for engineering and. developmental work; (6) $200,000 will be used to purchase 20,000 shares of the 6% cumulative convertible preferred stock of Pump Engineering Service Corp., an Ohio corporation; (7) the balance of approximately $211,720 will be used as working capital. The preferred stock is convertible at the option of the holder into common •' stock on a Chronicle Aug. 14, 1937 June 30,1937, were $23,317,965, of which $7,305,518 was in cash and short-term U. S. Treasury notes and current liabilities, were $3,569,518. On Dec. 31, 1936, current assets were $21,244,717 and current liabilities were $3,472,884. On June 1, 1937, the corporation paid an interim dividend at the rate of 50 cents per share on its capital stock, amounting to $928,588.—V. 144, p. 3342. Current assets as of Melville Shoe Corp.—Sales— Period End. July 31— Sales 1937—4 TFfcs.—1936 1937—32 TYfcs.—1936 $1,822,242 $1,799,543 $23,447,166 $20,692,659 - Mos. End. June 30— 6 1937 Burr & Co., Inc., of N. Y. City; Stephenson, Leydecker & Co. of Oak¬ land, Calif., and Straus Securities Co. of Chicago are the principal under¬ 11,758,744 10,469,395 8,829,424 4,061,991 233,296 98,165 5,198 3,619,636 144,447 67,293 3,766 3,273,985 184,349 3,181,253 178,496 39,554 60,449 Cr44,410 Net inc. of selling co_- & gen. & administrative expenses. Store oper. Depreciation— The proposed price to the public of the preferred stock is given at $20 a share and underwriting discount is $3 a share, and that of the common is Net loss a share with the discount $3.95 a share. Earnings Based on Mar. 31 '37 June 30 '37 $78,547 $0.15 $23,896 $102,443 $0.20 $0.05 99,516 034,154 81,349 059,626 108,593 045,634 $1,562,139 $1,661,245 $1,127,413 $1,276,843 27,892 $1,562,139 233,209 $1,661,245 251,529 $1,127,413 155,830 $1,248,951 174,549 $1,328,929 $1,409,716 $971,583 $1,074,402 $3.24 $3.60 $2.42 $2.69 _ Combined net inc. be¬ fore Federal inc. tax results of the second quarter, during which the company had wells than in the first, annual earnings per share, depletion of 50 cents, were at the rate of 63 cents per share, according to Henry B. Thomas, Jr., President. The company now has 76 producing wells with a daily production of approximately 1.900 barrels.—V. 144, p. 4013. At charges. 24,289 Net loss of real est. subs. many more producing after depreciation and Masonite Corp.—Extra "2",800 6 Months June 30 *37 share on 500,000 shares- per Months 47,667 6,439 Interest paid Miscellaneous 3 Period Ended— real est. oper. paid for lease cancella¬ tions & rent reduct'ns. Co.—Earnings— Net profit after depreciation, deple'n and reserve for Federal taxes on Bonuses & Commissions William S. Jack of Shaker Heights, Ohio, is President. Mar-Tex Oil Fed. inc. tax (estimated) Net income - Earns, per sh. on com. stock outstanding Consolidated Earned Surplus Account for the 6 Months Ended June 30. Dividend— meeting held Aug. 4 the directors declared an extra dividend of 75 share on new no-par common stock of the company. This payable Aug. 25 to holders of record Aug. 15. The regular dividend of 25 cents per share was also declared and is payable Sept. 10 1937 a cents per dividend is to holders of record Sept. 1. An extra of 50 cents was paid on share were Balance as at Dec. 31 Total $6,747,738 14,998 1,007,863 $6,531,927 57,504 14,998 602,665 $5,724,875 - $5,122,212 1,409,715 $5,856,759 —- First preferred dividends Second preferred dividends Common dividends Subs.)—Earnings— 6 Months Ended June 30— 1937 Net sales.. Balance as at June 30_. 1936 Cost of goods sold (excl. of deprec. and amortiz.)-- $2,388,169 1,608,563 Manufacturing profit after deducting materials used, labor and manufacturing expense Depreciation $779,605 26,857 $417,559 21,057 $752,748 18,965 $396,502 No provision made for surtax on undistributed profits. $1,401,350 983,791 Net manufacturing profit - Other income Total manufacturing profit and other income Consolidated Balance Sheet June 30 1937 $771,714 352,856 Expenses and other deductions Est.Fed. inc.& profit taxes and surtax on undis.prof 102,000 18,754 $415,256 246,891 x33,300 Net profit $316,858 $135,065 Earnings per share on 210,000 shares,. $1.51 $0.64 x 1936 tax law made retroactive to Jan. 1, 1936, would have increased provision for Federal income and profit taxes to $38,400, and reduced net profit to $129,965.—V. 144, p. 4184. 3 Months $746,820 ±7,655 63,346 52,425 19,388 Proceeds of life insurance policies Other income Total income Other deductions - — Provision for Federal and State income tax Net profit- $1,711,015 41,373 133,873 230,500 $689,064 Discounts and royalties $1,503,653 $899,635 22,372 66,699 121,500 Operating profit Interest earned and dividends received $9,057,152 7,553,499 $1,305,269 Inventories 94,382 52,425 28,161 which would be payable upon the above six months' net income, based on dividends paid for the first six months, would be approximately $112,500. 144, 3006. p. Accounts payableAccrued liabilities. 12,096 officers mon paid Michigan Public Service Co.—Earnings— on $229,772 153,223 $197,309 128,799 $464,322 301,470 $406,001 258,492 $68,510 $162,851 2,084 General interest Amort, of bd. disc. & exp. Taxes assumed on int. & miscell. deductions $78,577 48,356 9,886 5,987 $68,673 48,857 9,866 6,043 $164,936 96,713 19,768 11,974 $147,884 97,776 19,725 728 1,764 1,336 2,287 5,143 $35,146 $15,997 163 375 12,099 Net inc. before pref. & junior pref. divs___ b It is estimated that the company has no liability for Federal undis¬ tributed profits tax on its operations for this period.—V. 145, p. 121. Mid-Continent Petroleum Corp. Period End. June 30—• Gross sales, less returns and allowances (& Subs.)—Earnings 1937—3 Mos.—1936 1937—6 Mos.—1936 $11,936,467 $10,873,635 $20,473,298 $18,940,830 Cost of sales (excl. depre¬ ciation and depletion) 7,367,003 6,939,808 12,188,740 11,827,792 $4,569,464 2,574,264 75,049 85,929 6% 15,021 Paid-in surplus. Earned surplus Total — $3,933,826 $8,284,558 $7,113,038 1,613,814 1,456,713 3,016,927 $2,477,113 $5,267,631 $4,348,867 & admin¬ 421,402 Depreciation Depletion Leaseholds i_ 338,019 851,761 678,293 $3,377,052 687,509 292,007 $2,815,132 589,169 195,286 $6,119,392 1,360,415 574,717 $5,027,160 1,139,452 354,391 Earnings per share.. 324,284 212,517 335,756 223,310 775,417 $1,860,735 Fed. & State inc. taxes._ 499~960 499,960 505,903 3,111,276 5,724,875 5,856,760 .13,237,190 12,735,6361 cum. Total. on $1,471,608 $3,093,761 $1.00 $0.79 foregoing statement does not include undistributed profits. 464,514 887,223 13.237,190 12,735,636 900 shares at cost in 1936 (held for resale to employees at agreed price $8,231 in 1936). a Represented by 404,722 shares no par value in 1937 and 371,611 shares in 1936. b After reserve for depreciation of $2,568,029 in 1937 and $2,260,301 in 1936.—V. 145, p. 442. x Mil nor, Inc.—Earnings— Years End. May 31— 1936 1935 1937 $410,091 336,192 $293,223 262,991 $73,898 1,182 $30,231 2,384 Miscell. income charges. $75,081 8,860 $32,615 10,046 $28,467 loss$ll 1,995 9,149 4,980 Net profit Deficit begin. fiscal year Dividends paid $66,221 sur9,001 60,000 $22,569 13,568 $19,318 loss$l 16,975 32,886 sur234,089 150,000 Net Kales Mdse. cost and expenses Profit from Miscell. opera'n.. income credits.. Gross income.'. Assets— $15,222 yr. Cash owned J2.883 \2,640 Res. 98,899 Res. for for benefit 1936 $161 $204 485 119 unempl. Insurance (at def$32,886 1937 Res. for taxes pay. $105,264 6,287 153,003 def$13,568 May 31 Liabilities— $59,749 Accts. rec., cust.l Accts. rec., misc.) Mdse. inventory__ $344,874 461,729 $25,211 loss$116,855 3,256 4,860 ' $9,001 Sheet 1936 1937 1934 $274,009 248,798 old age 125 taxes._. * ' 4,037 4,116 Res. for unpd. div. checks 84 (deprec. value). 2,779 2,884 Deposit on sales.. 3,000 Lease impts Deferred charges. 762 Capital stock... Surplus 210,000 cost) Furn., fixt. & eq. «... — - 2,458 2,723 $229,078 Total $219,409 Represented by 100,000 shares x 84 no par 210,000 15,222 9,001 $229,078 Total $219,409 stock. Declares Two Dividends— The directors on Aug. 4 declared two dividends on the company's no capital stock. One dividend of 10 cents per share will be paid on Sept. 1 to holders of record Aug. 15, and the other, amounting to 15 cents per share will be distributed on Dec. 1 to holders of record Nov. 15. Previ¬ ous dividend disbursements were as follows: 10 cents on May 29, last; 30 cents on May 20, last, and 10 cents per share paid on March 5, last, and on Dec. 12,1936, this latter being the first dividend paid since March 1, 1934 when a dividend of $1.15 per share was distributed.—V. 144, p. 4186. par Mississippi Central RR.- -Earnings— 1937 June— Gross from railway Net from railway 1936 $74,773 $76,420 20,228 12,824 8,018 Net after rents From Jan. 1— def813 1935 $65,311 17,222 $45,816 9,765 Gross from railway 449,674 62,816 Net after rents 5.389 def5,945 337,767 49,447 10,631 429,063 103,153 61,557 6 Mos. End. June 30— Net inc. after all charges 321,203 35,988 2,785 1934 def931 Mills, Inc.- -Earnings— 1935 1936 1937 1934 and taxes, incl. est. for Fed. undistprofits tax— $1,321,127 Shs. cap. stk. outstand— 550,000 prov. Earnings per share $2.41 $328,684 546,300 $240,004 550,000 $0.60 $180,139 546,300 $0.33 315,081 $1.66 895,738 223,310 $0.43 $2,414,267 $1.30 The directors have declared an extra dividend of 30 cents per share and a share on the common stock, par $20, both payable Sept. 15 to holders of record Sept. 10. An extra of 50 cents in addition to the 30-cent quarterly dividend was disbursed on June 15 last and on Dec. 15,1936. A regular quarterly dividend of 25 cents per share had been paid on Oct. 15, 1936.—V. 144, p. 3680. regular quarterly dividend of 30 cents per , P* Note—'The __ Extra Dividend— surrendered and abandoned 2nd pref. Common stock— 4^% pref. stock._ of Mohawk Carpet Total income 200,867 2,218,700 —V. 145, p. 122. Other income credits, net incl. interest & divs. received 142,511 232,095 2,764,170 $2,955,650 gen. istrative expenses 147,981 store replacem'ts a treasury Net from railway Selling & store 2,831,047 b Fixed assets Deferred charges.. Common stock in leases mgrs. secur. dep. Res. for self-ins. & $147,509 $13,620 funded debt and 10,721 x x Gross income Int. sub¬ ' 1937—6 Mos.—1936 $76,547 2,028 Net oper. income Other income (net) on 342,978 190,137 Investments Securs. 1937—3 Mos,—1936 9,231 412,232 officers 6,827 in¬ surance, &c Balance on Period End. June 30— Total oper. revenues-___• b Total oper.exp. & taxes 472,197 of 329,231 245,013 and employees.. Prepaid rents, Surplus end of fiscal dividend of 50 cents per share on the com¬ stock, payable Sept. 20 to holders of record Sept. 1. Similar amount a June 30, last, this latter being the first dividend paid on the common stock since Oct. 15, 1931, when a disbursement of 12^ cents per share was made.—Y. 145, p. 613. was 2,425 Fed. income tax.. Accts. Deposits Mead Corp.—50-Cent Dividend— The directors have declared 1,782,050 261,589 and employees.- &C--_ of $ 2,148,164 392,314 Cash in closed bks. Accts. 1936 S 4,727,832 217,150 4,559,508 32,393 Note—Net income is stated before provision for Federal surtax on un¬ distributed net income, the amount of which, if any, will depend upon net Income and dividends paid for the full calendar year 1937. The surtax —V. 1937 Liabilities— $ 4.046,318 '108,135 5,589,782 5,787 Notes &accts. rec. 6 Months $4,780,291 4,033,472 Cost of sales and expenses-- 1936 $ Assets— Cash Maytag Co.—Earnings— Period Ended June 30— Net sales. Depreciation 1936 $5,418,808 1,328,929 Net income for the six months ended June 30 . June 10 last and extras of 25 cents per paid on March 10 last and on Dec. 15,1936.—Y. 144, p. 4350. Master Electric Co. (& 1934 $17,344,781 $15,130,971 $13,531,775 13,273,273 Cost of sales writers. $17.25 1935 1936 $19,289,656 Sales Miscellaneous income— share for share basis. an estimate for surtax , , , ,. Volume Missouri Pacific RR.—Lease— The lease by the trustee of the company of the properties Pacific RR. has been approved and authorized Hardtner & ; of the Kiowa We maintain markets in by the Inter¬ Missouri Public Service 1st 5s, Hearing Set— The Interstate on Commerce Commission Montgomery Ward & The hearing will be Reg'd 42^8 Republic Natural Gas Common Stock Penna. R.R. and Reading R.R. Guar. Stocks 145, p. 770. Co.—Sales— 1937—Month—1936 Period End. July 31— $30,438,710 $25,635,866 Sales further held here has set Sept. 27 for a the reorganization of the company. before Commissioner B. H. Meyer.—V. 1960 Deep Rock Oil 7s, 1937 Buffalo, Roch. & Pitts. Cons. state Commerce Commission. hearing YARNALL & CO. 1937—6 Mos.—1936 $203825,772 $159363.320 Co. on July 21, offered $650,000 sinking fund bonds at 100 and int. & first mortgage 5% July before with¬ 5% if red. on or before July 1, 1940; 4% if red. thereafter but on or July 1, 1943; 3% if red. thereafter but on or before July 1, 1946, and out premium if red. after July 1,1946. Coupon bonds in denom. of $1,000, registerable as to principal only. , . Sinking Fund—Indenture will require the company to deposit with the trustee as a sinking fund on or before April 1 in each year, beginning with the year 1939 and extending to and including the year 1946, an amount in cash and (or) in bonds taken at their principal amount equal to 20% or the net earnings of the company before deduction of depreciation and Federal taxes, except normal Federal income taxes in excess of 15%. Ail cash de¬ posited to the sinking fund to be applied to the redemption oi purchase of bonds at not exceeding the ledemption price. Bonds offered hereby to be redeemable out of sinking fund moneys on any July 1 on 30 days' published notice at the principal amount thereof and accrued int. to redemption date, plus a premium of 2 H Company and Business—The company was organized as a limited partner¬ ship association in 1902; in 1912 the business was incorporated in Michigan; and on Dec. 11, 1920, it was incorp. with present name in Ohio. Company is engaged in the manufacture and sale of fine writing papers, viz., bond, ledger, mimeograph, envelope, tablet and certain specialty 74 customers in company has developed. from New paper the Pacific fapers which the33 States, covering territoryIn 1936 thelork towas sold to Coast and from Duluth to New (G. C.) Murphy Co.—Sales— Period End. July General sales offices are located in Chicago. The directors have declared a Net earnings Depreciation a $145,497 $131,710 $105,876 $143,818 b Net earnings and amortization, depreciation b After depreciation and Federal income taxes Before bond and note interest eral income taxes, an paid of 50 cents paid on Dec. 1, 1936: one of 40 30 cents per share distributed on dividend on the larger amount of outstanding.—V. 145, p. 286. cents paid on Sept. 1, 1936, and one on June 1, 1936, this latter being the initial common stock now Inc.—Registers with SEC— Nancy Lee Mines, department. first page of this See list given on (& Subs.)—Earnings— Narragansett Electric Co. $6,260,948 Gross operating revenue. Other income Total gross 1937—12 Mos—1936 $6,031,662 $12,738,319 $11,946,582 83,289 200,652 164,950 1937—6 Mos.—1936 Period End. June 30— 116,001 56,114,951 $12,938,972 $12,111,532 5,574,996 5,258,077 2,563,693 earnings.. $6,376,949 2.786,633 Operating costs 568,010 839.000 1,119,462 Maintenance.. 246,448 276,466 Depreciation Fed., State & munic. tax 494,561 749,318 449.000 544,516 914.561 532,118 1,286,914 before charges $2,099,988 $2,293,673 $4,617,983 595,000 59,308 24,548 847,744 39.275 13.676 1,253,555 115,016 44,799 222,628 139,071 $4,326,982 1,682,576 88,046 22,175 222,628 $1,421,130 $1,170,348 $3,065,540 $2,311,555 bal. capital Interest on funded debt. Amort, of debt. dis.& exp Misceli. interest inc._ Bal. for divs. &surp._ Notes—(1) Earnings of Mystic Power Co., a subsidiary prior to June, 1936, have been included in this statement only to the extent of dividends received. (2) No provision has been made in this statement for Federal tax on undistributed net income applicable to the 1937 periods, the amount of such liability, if any, being determinable only at end of calendar year. —V. 144, p. 4352. w National Bond & Investment available Earnings for the 6 for interest and offered is $32,500. Capitalization—The capitalization of the company as at May 22, 1937, effect to the issuance and sale of the bonds offered, and to the retirement, in part from the proceeds of the bonds offered and in part from other funds of the company, of the company's first mortgage 6% gold bonds, series A, and note payable, but without giving effect to the amendment to the articles of incorpoi ation adopted July 15, 1937, or to the plan of re¬ capitalization, is shown as follows: This last; Dec. 23, 1936; a dividend on and Fed¬ amortization. The annuai interest charge on the bonds the com¬ dividend of 90 cents per share on stock, no par value, payable Sept. 1 to holders of record ^uk. 21. with 80 cents paid on June 1 last; 65 cents paid on March 1 extra dividend7 of $1.30 paid on Dec. 28, 1936; an extra of 75 cents compares Summary oj Fed. income taxes Increased— mon Other charges agst. Earnings—Periods Ended Cal. Year. 52 Wks. End. 53 Wks.End. 20 Wks.End. 1934 Dec. 28 '35 Jan. 2 '37 May 22 '37 $291,760 $245,545 $269,014 $208,633 131,672 132,869 125,348 45,269 16,269 6,800 11,955 17,865 191 195 Dividend A gain Consol. the leading manufacturers in the Many of the company's standard grades (Caslon Bond, Casion Mimeogiaph Bond and Caslon Ledger) have been advertised over a period of years and are well and favorably $2,973,841 $22,117,618 $18,881,922 $3,459,971 Stores in operation Orleans. The company is .ecognized as one of United States of quality sulphite bond. 1937—7 Afos.—1936 1937—Month—1936 31— Sales 1, 1937; to mature July 1, 1947. Principal and interest (J. & J.) payable at office of Harris Trust & Savings Bank. Red. as a whole or in part in amounts of not less than $50,000 (other than with sink¬ ing fund moneys) at any time on 30 days' published notice at the principal amount theieof and accrued int. to redemption date, plus a premium of: a Philadelphia 1528 Walnut Street Munising Paper Co., Chicago. —Bonds Offered— The Securities Co. of Milwaukee, Inc., and Bacon, Whipple known. Teletype—Phila. 22 A. T. & T. —Y. 145, P. 286. Dated 1105 J Financial Chronicle 145 Co, (& Subs.)—Earnings Months Ended June 30, 1937 $3,571,394 1.418,608 operating income Operating, general and administrative expenses Gross after giving Outstanding Authorized 1st mtge. 5% sinking fund bonds Prior pref. stock, 6 % cum. ($100 Common stock (no par)— $650,000 9,000 shs. y7,383 shs. z300,000 shs. 120,000 shs. in series of 1st mtge. sinking fund —-— par) Indenture will permit Eei made to the holders of prior preference stock of record as of the effective share of prior preference stock so exchanged, payment of this amount to e $2,157,142 Total income Net income 612,600 shares common stock sh. on 612,600 shs. of common stock. 60,000 shs. of 5% cum. pref. stock, series A__ Dividends paid—$0.72 per $2.50 per sh. on of the company will be as fol¬ lows: preferred stock, 5% cum. ($20 par) par) Common stock ($5 51,681 shs. 131,074>6 shs. — Purpose—Net proceeds are estimated at approximately $589,850 and will be used by the company for the following purposes: (a) Approximately $449,608 for the redemption on Oct. 1, 1937, of all outstanuing first mortgage 6% gold bonds, series A. (fc) Approximately $132,884 for the payment of note payable. (c) The balance, estimated at approximately $7,3*6, to reimburse the treasury in part for funds to be expended therefrom prior to Oct. 1, 1937, for the retirement of first mortgage 6% gold bonds, series A, and a portion of the company's note payable. Underwrite} s—The principal amount of bonds to be purchased by each Liabilities— demand deps $6 ,329,458 receivable, repossessed cars 49 ,041,895 8,505 Accounts receivable 7.611 Advances receivable, sundry. Cash on hand & a Notes and accts. Investments 53,397 -— The Securities Co. of Milwaukee, Inc - $450,000 200,000 Bacon, Whipple & Co —V. 145, p. 947. $33,715,000 Notes payable.... Accounts payable 491,698 Accrued liabilities Other current liabilities Unearned discount 921,934 431,894 2,916,193 Notes payable to banks due in 74,107 147,199 3,658 & autos. Deferred charges Other assets After a p. 994,000 6,000,000 7,012,000 3,183,111 c surplus Total $55,665,831 Total ciation 1939 &subseq. years, unsec 5% cum. pf. stock (par $100) Common stock Earned b Furniture, fixtures possible loss, Represented by 612,600 no-par shares.—V. 145. $1,115,053 reserves for of $161,110. c $55,665,831 b After reserve for depre¬ 123. National Candy Co. (& 6 Mos. End. June Subs.)—Earnings— 1936 1937 30— 1935 1934 after charges, $318,193prof$137,492 $152,225 prof$216,698 deprec. & Fed. taxes. _ Earns, persh. on 192,815 loss$2.00 $0.36 Nil $0.77 shs. common stock— Note—No mention was made of Federal surtaxes on undistributed profits. The net loss for second quarter of 1937 was $329,051, or a deficit of $1.88 loss Net per share on common compares with a stock, after preferred dividend requirements which profit for second quarter of 1936 of $21,339, or a deficit of after preferred dividend requirements.—V. 145, $.07 per share on common p. 444. National Cash Register Period End. July 31— Sales of the several underwriters is as follows: $2.37 441,072 150,000 Consolidated Balance Sheet June 30, 1937 AssctS'"*"" plan. In the event of the acceptance of said plan of recapital¬ by the holders of all outstanding shares of prior preference stock of shares of first preferred stock and common stock as contemplated by said plan, the issues shares $1,607,086 30, 1937 the six months ended June or Earnings per share on and the issuance First 222,429 327,627 Interest paid Provision for normal income tax date of the ization $2,152,786 4,356 x of the issuance bonds to a maximum aggregate prin. amt. of $1,UUO,UOU. y Exclusive of 1,617 shares held in the treasury or for letirement. z Includes 10,000 shares reserved for issuance to B. L. Trillich, Executive Vice-President and General Manager, and 10,000 shares to be reserved for issuance to C. H. Worcester, President, or his successor. On July 15, 1937, the articles of incorporation were amended so that the authorized capitalization became 55,000 shares of 1st pref. stock, 5% cum. (pat $20): 7,500 shs. of prior pref. stock, 6% cum. (par $100), and 300,000 shares of common stock (par $5). On July 15, also, directors authorized the promulgation to the holdeis of prior preference stock of a plan of recapitalization whereby the holders of prior preference stock were extended the right to exchange each of their shares for seven shares of first preferred stock and 1 % shares of common stock. The plan of recapitalization also provides that, subject to the prior retirement of the company's 1st mtge. 6% gold bonds, series A, and note payable, and to the consummation of the pian of recapitalization, the hold¬ ers of prior preference stock who have exchanged their shares pursuant to the plan will be entitled to receive in cash an amount equivalent to $2.50 x operating income Net Other income—«. —V. Co.—Sales— 1937—7 Mos.—1936 1937—Month—1936 $1,757,450 $1,799,300 $17,912,325 $14,733,400 145, p. 614. National Cylinder Gas Co.- -Earnings— -Quarter Ended- Murray Corp. of America (& Subs.) -Earnings— 1936 1935 1934 sold. $1,810,293 73,532 $2,194,135 $2,423,728 72,581 71,189 $1,130,301 165,294 $1,883,825 614,738 $2,266,716 528,839 $2,494,917 560,252 $1,295,595 516,100 47,997 381,967 Interest 63,594 409,015 15,437 110,143 337,521 81,543 83,716 317,881 97,127 Profit $781,040 $1,307,913 177~625 $1,405,458 7,686 195,151 $280,771 109~900 6 Mos. End. June 30— Gross profit after deduc¬ tion cost of goods Other income General expenses Idle property exp. misc. deductions 1937 and Depreciation Subsidiary pref. divs Federal taxes, &c $1,202,621 $280,771 $1,130,289 $671,140 930,271 768,732 768,732 930,615 Nil $1.56 share $0.72 ww.fi. $1.21 i»l.OU J-> 11 No provision has been made for Federal surtaxes on undistributed profits V. 144, p. 3510. Net profit Shs. com. Earnings O- stk. (par $10) per - Period— Total June 30 '37 Mar. 31 '37 6 Months after all charges and Fed. income taxes, but before undistrib. profits tax Earnings per share on 835,745 shares capital stock —V. 145, p. 445. Net income $315,233 $293,117 $608,350 $0.37 $0.36 $0.73 National Enameling & Stamping Co.- ■Transfer Agent dividend disbursi ursing Trust Co. is transfer agent and agent for 158,857 shares of common stock.—V. 145, p. 948. The Manufacturers National Gas & Electric Corp.—Sale of Securities— Securities and Exchange Commission has permitted to become declaration under the Holding Company Act of the corporation regarding the issue and sale of $400,000 first lien collateral trust bonds, 10-year, 5%, series B, and 35,000 shares (no par) common stock; and the amendment of its certificate of incorporation to change the common stock The effective a having (par $10) to common stock rights or stockholders to purchase 145, p. 771. by the company.—V. (no par) and eliminate the preemptive additional stock which may be issued 1106 Financial National Lumber & Creosoting Calendar Years— Income * Interest Loss $371.490 70.546 75.896 disposal of capital assets on ' Provision for Federal Income tax Amort, of debt discount, $250,025 58,134 Operating profit Total Income 174,114 Depreciation and depletion Net income for the year 36,292 189.628 $168,514 1036 Assets— 1035 Prop., plant & eq_$5,813.101 Investments 37,528 Sink, fund deposits j 34.422 loss$873 Profit loss$5,127 Due fr. affil. Ad vs. on 61,233 xAdv.fr. allied cos. 17,382 353,814 466,660 206,930 147,168 2,480.244 2,640 Due to affil. cos.. 413,800 1,206,631 & earned surplus 3,020,421 2,867,004 Reserves and notes 1,148.364 (par $10) 2,352,743 413,800 1,357,953 8% cum. pref. stk. Com. stk., capital Prepaid Items.... 3,489 Other def'd items. 34,737 140,073 a 804,779 783,950 $1,341,250 $6,417,209 $2,343,371 present on com. shares $1.59 $1.91 $4.57 $1.03 Income apnlying to Spang, Chalfant & Co., Inc., preferred and common not owned by National Supply Co. of Delaware, b Includes ex¬ National Union Radio Years End. April 30— Gross profit Total $8,253,723 $7,866,216 Sell., adm. & gen. 1937 1936 Liabilities— $327,433 $485,516 304.656 Cash. 204.781 196,176 202,634 Bonds at cost accrued 8,097 10,070 625 708 316,375 estate 671 288.046 taxes come Inventories 55,681 25,800 55,267 25,072 8,095 8,144 760,553 employ's Real Investments.. 1,625,000 266,912 Capital stock Surplus 266,116 .. 660,086 estate &c_ $2,003,490 $2,048,152 Total 11,441 520,214 c 741.643 1,059,294 Invest. & advs.. 33,985 29,286 e Deferred charges.. 35,582 20,031 Conv. 1 154,618 Goodwill, &c Total $2,003,490 $2,048,152 Total National Oil Products Co., Inc. a 1937 $239,072 $1.93 $1.41 undistributed profits. per share on common stock Note—No provision has been made for tax on Earnings Liabilities— 1,502 1,760,979 6,707 Due from off'cers & employees Ad vs. on 3,364 purchases and com¬ modity futures contracts— 29,079 Sundry receivables Notes receivable (secured by 347 Notes recelv. (secured by real 5,975 1,176 estate) non-current Treasury stock b Land, buildings, equip., &c_ 1,234,682 Prepaid exps. & def'd charges. 112,200 Goodwill, patents, trade-marks 2 formulae Total a $3,856,949 Letters of credit payable..* Sundry taxes accrued Expenses accrued Res. for Fed. normal Inc. tax. Res. for undistributed profits loan, the proceeds of which were used for the partial liquidation of said indebtedness.—V. 144, p. 3511, Sales Cost of sales, June Real estate assessm'ts payable 3,749 9,105 Deferred credits to income Res. for exec. Incentive plan.. Common stock ($4 par) Earned surplus 1935 1934 $8,908,817 $7,853,242 $7,669,075 9,152,985 8,432,126 7,589,089 7,401,975 $410,585 162,236 $476,691 168,210 $264,153 166,632 $267,100 151,064 $572,821 100,1Q7 137,975 9,681 z65,000 $644,901 108,762 135,612 $430,785 88,9^3 119,223 $418,164 x80~,666 37",656 40",660 $259,968 Interest Deorec. & amortization. MIscell. deductions.. Reserve for Fed. taxes._ 676,512 1,013,065 Paid-in surplus Revaluation surplus.. 338,616 Net profit 68,892 Total Preferred dividends Common dividends $320,527 76,377 128,011 $185,588 76,027 $173,913 77,269 83,613 a204,931 $3,856,949 $22,503. b After reserve Corp.- ■Court Stays Bank's Plan Power & Light Co., an Associated Gas <fc Electric subsidiary, from an order dismissing a petition for distribution of the collateial on a pro-rata basis to holders of National Public Service debentures.—V. 145, p. 772, 286, Supply Co. of Del.—Accumulated Dividend— dividend of $1.75 per share on account of accumulations on the 7% cum. pref. stock, par $100, payable Oct. 1 to holders of record Sept. 20. A like payment was made on July 1 last and a dividend of $3.50 was paid on Dec. 22, 1936. this latter being the first divi¬ dend paid since Sept. 30, 1931, when a regular quarterly dividend of $1.75 distributed. To Consolidate 1936 $9,563,570 selling and Total income 60.829 34,405 12,603 adjustments Reserve for contingencies P The auction, scheduled to be held on Aug. 13, has been stayed bv the court until 15 days have elapsed after a decision on the appeal of the New Jersey per share was (& Subs.)—Earnings— 1937 . Gross Income Other income 845,500 Division of the New York Supreme Court has issued a stay restraining the New York Trust Co. trustee for National Public Service Corp. debentures from selling at auction 712,411 common shares of Jersey Central Power & Light Co. which is collateral securing the debentures. a Neisner Brothers, Inc. 6 Mos. End. June 30— 1, The Appellate National SurplusShs.com. stk. outst'g... def$28,576 204,932 $0.89 Balance Sheet June 30 1937 Assets— b 1936 1937 $ Property, plant, & equipment 5,725,605 Cash... 1,522,345 107,367 Prepaid rents Adv. to land, Liabilities— 5,356,743 1,469,950 80,498 of the P* One new share of company. agents collect, by deduct, from rent Accts. receivable. preferred stock 5H% ►* of the new company. share of prior Deferred Income 1H shares of common stock of the new company. 41,114 51,329 100,241 55,206 State Income tax 34,790 Inventory 3,697,747 Prepaid ins.&other 2,536*849 prior preferred stock 6% series ($100 par), which will have no conversion rights into common. The 5H% series prior preferred is callable at $110 a share for five years after issuance and at $105 thereafter. The new $2 $40-par-value 10-year preference stock will rank after the prior preferred and will be convertible share for share into common stock. 18,107 268,728 187,186 Prov. for Fed. and _ Life Ins. cash value Other assets 32,042 116,907 Serial pref. stock ($100 par) 2,500,000 7% cum. convert. pref. stock Reserve 106,896 204,932 Common stock.. 1, 1947. 2,182,200 112,080 808,957 Llabll. for purchase cost, of property at Flint 100,000 Surplus Total 11,652,960 10,222,298' ^00 and 204,933 shares of no 4,428,004 Total ,After depreciatien and amortization f28 in 1936. c Represented by 204,932 1937 3,745,634 11,652,960 10,222,298 of $2,125,902 in 1937 and $1,846,29-1,000 shares of $1 par value in par value in 1936.—Y. 145, p. 949. (Herman) Nelson Corp., Moline, 111.—Earnings— Calendar Years— \ 1936 xl935 $392,046 339.812 $74,905 7,653 $52,233 6.150 loss$56.042 12,231 $82,558 7,714 10,814 13,960 $58,383 4,847 10,945 17,214 oss$43,810 5,969 $50,070 49,554 Profit from operations. Other income Gross Income Taxes, other than Federal income.I Provision for Fed. Income taxes. Other Income charges Net income for the year Dividends paid Earns, per share on 110~,l26"shs." capital stock ($5 par) Figures for 1935 adjusted. x 1934 $195,006 $494,328 419.423 Expenses . Common stock of Spang owned by National wiirbe canceled. The 5H% series prior preferred stock of the new company (par $100) will be convertible for 10 years into the common stock, on the basis of 2J4» shares for the first two years, 2M shares for the next four years and 2 shares for the last four years. For a period of 30 days it will be convertible into It automatically becomes common stock on Oct. 48,082 17,268 ._ 571,355 $25,377 loss$64,401 27,530 $0.45 $0.23 / One share of Spang common stock not owned by National will receive 121,001 3,009,750 37,383 of 375,169 Gross profit from sales.. one 128,490 expenses. for red. $ 1,300.558 2,550.000 7% pref. stock.. c /•'••• preferred stock of Spang will receive Accrued Llabll. 1936 $ Account® payableFunded debt and prepaid items company. P* One share of common stock of National will -receive one share of com¬ y203,777 $116,140 204,933 . Svang Chalfant & Co.— companies into a new Pennsylvania corporation to be known as the National Supply Co. F A special meeting of National stockholders will be held Oct. 11, and Spang, Chalfant & Co. on Oct. 13, to vote on approving the merger. * The plan provides that the stock of the new company will be issued to stockholders of each company as follows: *■ One share of preferred stock of National will receive one share of prior preferred 5H% and one share of $2 10-year preference stock of the new 88,192 116,059 def$94,217 $96,644 203,933 206,235 Earnings per share $1.19 $0.53 $0.47 ,x Three months dividends only, y Includes 50 cents extra dividend in March, z Before provision for surtax on undistributed profits, a For the period Nov. 1, 1936 to June 14, 1937. The directors of National Supply Co. of Del. and of Spang, Chalfant & Co. have approved an agreement and joint plan of consolidation of the two mon $1,788,335 $2,066,044 c 10,510 payable—due Reserve for Total 418,953 b After reserves, $782,599 in 1936. general expenses tax for 1936 Debs, 463.953 480.869 def406,443 10,363 518,819 22,758 35,419 to Sell Collateral— The directors have declared 500,000 250.000 115,987 1 144, p. 3845. National Public Service 1,000,000 stock pref. a Accts. recelv. credit balances. After reserve for bad debts and allowances of for depreciation of $384,009.—V. payable Preferred stock. $79,814 1 . Vouchers payable 1952 1,500 25,384 real estate) current Investments 100,000 58,527 said Radio Corp. of America; (2) the issue of common stock in payment of certain indebtedness to officers and expenses incurred in connection with the above described settlement; (3) the liquidation by payments in cash of certain obligations to Radio Corp. of America; and (4) the procurement of Consolidated Balance Sheet June 30 Securities 132,760 88,500 g After giving effect to (1) the settlement of certain disputes and litiga¬ tion with Radio Corp. of America involving the issue of new pref. stock to said company in exchange for old pref. stock and certain indebtedness to 1936 $326,041 Salesmen's advance funds 97,502 f57,396 (par $1) $1,788,335 $2,066,0441 After and (& Subs.)—Earnings— taxes Inventories (at cost) 193,246 reserve for depreciation of $449,019 In 1937 To affiliated company, d For tube replacement and sale premiums, e Represented by 10.000 shares of $5 preferred stock, no par, non-cumulative to May 1, 1935, cumulative thereafter, f Includes $8,000 reserve for Federal taxes. published In V. were 6 Months Ended June 30— ? Net profits after reserves, incl. a reserve for normal $285,224 388,824 $69,000 150,114 Com. stk. ($1 par) Represented by 100,000 no par shares. earnings for the 6 months ended June 30 145, p. 948. ~ Accounts and notes recelv.. Loan 1936 $200,000 Surplus The Assets— $92,724 61937 Real est. mtges d Reserves 18,000 b Fixed assets 46,849 x Cash on hand and in banks $93,226 Accounts payable. Acer, exps., <fcc not Land, bldg. mach. equipment, 103,278 15,988 Liabilities— ; Notes payable $77,844 204,754 used in business. 2,506 11,990 1,625.000 Reserve for adv. x 60.537 16,226 $90,434 1936 $153,173 145,965 . Notes & accts .rec Inventories on profits from Jan. to June 30 61937 /, 767,913 expenses- 61.421 105,762 10,602 prof$47,548 ... Assets— ;,i Cash a Res. for Federal In¬ notes receivable 388.942 Consolidated Balance Sheet April 30 1,501 40,253 56,142 $476,022 432.302 61.279 104.064 3,500 4,500 undist. profits on Net loss ' employees 1934 $520,645 5,697 45,476 $56,991 "Provision for taxes 1935 1936 $489,454 402,102 or scrapped Due to officers and purchase of grain supplies Amlsc. accts. rec on ose 1936 $40,270 expense exps. Special charge Normal tax Surtax 1937 Corp. (& Subs.)—Earnings— Exps. of non-oner, prop¬ mach'y sold Accts. payable and ' Accts. receivable.. a Includes $339,548 surtax.—V. 144, c 1937 $626,196 435,268 14,464 '69,743 Interest Depreciation National Oats Co.—Balance Sheet June 30— Assets— Due from 197,886 P.3682. x Advances from Wood Preserving Corp. in amount of $892,748 plus int. 1936, to $73,912, and at Dec. 31, 1935, to $53,947, have been subordinated bv that company to the interests of the National Lumber & Creosoting Co. 5H% 1st mtge. serial gold bonds deposited under a supplemental indenture dated Sept. 1, 1933. y After reserves, z Not current.—V. 143, p. 2218. Prepaid 16,716 200,455 penses in connection with flood loss, accrued thereon, amounting at Dec. 31, Real $3,144,037 stocks 1,130 41,984 $8,253,723 $7,866,216' Total on 5,322 z6,554 accounts Adv. $7,227,310 $2,123,389 Net profit per sh. Earns, 12,145 1,714,549 bl,289,201 574.876 Prov. for divs. Spang, 166,898 6,874 $6,722,663 . 3,344 * Chalfant pref. & com. payable 15,218 eos._ Inventories a 446,696 & accrued liabll. Accounts timber contracts Sundry 1935 first mtge. serial gold bondsSl,428,500 $1,479,000 370,584 552,121 1936 $6,119,699 602,964 $1,542,480 $2,323,844 Guar. divs. Nat. Superior preferred stock 31 Liabilities— 0,082 Accts. <fenotes rec. Dec. $2,679,910 $12,239,657 428,801 1,157.368 b410,564 2,033.323 298,065 cl ,821,626 351.136 576,933 525,780 Federal income tax 162.595 5 H % $5,783,115 422,710 Cash y Balance Sheet .. Depreciation Interest, &c ' Condensed $2,549,624 $11,564,203 130,286 675.454 $3,777,693 Other income 84,000 17.151 1937—12 Mos.—1936 $3,828,415 $17,211,135 $10,837,009 1,278,791 5,646,932 4,717,310 $3,661,385 116.308 Expenses dis¬ cash &c count, 1937—3 Mos.—1936 Gross operating income. $227,303 22,721 * 1937 14 $5,180,135 1,518,750 Period End. June 30— 1934 $358,015 13,475 $545,310 101,530 . Total 1935 $530,587 14,723 Aug. [Company and subsidiaries, including Spang, Chalfant & Co., Inc.] Co.—Earnings— 1936 Net profit from operations Other Income Chronicle of 251 048 14,621 Nil Volume $302,658 8,420 a 244,751 2,008 212,287 Notes & contr'ts a $446,610 93,161 Acc'ts receivable Acer, royalties rec. Inventories b Notes 135*775 44,553 4,114 13,871 15,000 Accrued accounts. Accrued taxes Res. for conting.. f 44 173 35,857 Life insurance... 6,262 5,979 550,600 Operating expenses Maintenance 2,757 267,004 25,886 36,925 charges. $1,124,144 $1,106,374 Total _ _ Gross income $1,124,144 $1,106,374 Total $2,375,773 $2,560,397 Int rest on 225,637 funded debt Interest reserves, on 184,623 192,842 2,117,236 1,806 19,360 2,133,211 2,085 19,409 Subsidiary companies deductions from, income.... New England Gas & Electric Association: b Officers and employees, c Cash surrender value d After reserve for depreciation of $218,886 in 1936 and $207,688 in 1935. e Represented by shares of $5 par.—V. 143, p. 4161. After a $2,499,411 285,186 $2,784,598 Operating income Other income (net) 1 Pat'ts & goodwill. Deferred Other taxes 4,008 268,676 1,098,893 1,166,457 313,825 1,943,480 Federal income taxes 79,562 20,798 banks 1,107,992 1,289,456 410,124 2,025,623 Provision for retirements Claims agst. closed d Plant property.. $13,988,271 $13,463,018 6,655,664 6,564,589 Total operating revenues 481,708 33,356 Investments 238,171 Steam heating revenue. 8,964 50,000 550,600 482,225 Capital stock surplus Earned revenue 1936 $8,749,033 4,475,814 214,027 Electric revenue Gas (& Subs.)— 1937 $9,291,806 4,482,438 12 Months Ended June 30— $2,860 $13,782 payable Acer. Federal taxes accts. & receivable c 9,796 Accts. 1935 1936 Liabilities— 1935 England Gas & Electric Association New Balance Sheet Dec. 31 1936 Assets— Cash. 1107 Financial Chronicle 145 unfunded debt Amortization of debt discount and expense : $420,558 $212,849 periods the results of operations subsidiaries of New England Gas & Electric Associa¬ tion, irrespective of dates acquired. No income is included above from investments in transportation securities. No provision is made in this statement for Federal surtax on undistributed profits, if any, for the year 1937.—V. 145, p. 445. Balance of income Subs.)—Earnings Nevada-California Electric Corp. (& 1937—12 Mos.—1936 1937—Month—1936 Period End. June 30— 20,915 15,129 216,873 2,253,050 73.231 68,172 531,127 Taxes 486,040 46,983 Net oper. revenues... Other income- 59,669 578,385 606,686 $290,532 2,714 $2,072,311 $2,394,734 5,248 48,716 103,131 $318,547 111,752 7,056 1,216 $293,245 112,113 8,031 1,025 $2,175,442 1.336,497 85,282 13,878 $2,443,450 1.374,495 "$198,523 $172,076 $739,785 $957,265 Gross income Interest — Amort, of dt. disc. & exp. Miscellaneous income Net 2,027,558 $313,299 Depreciation of bonds and debentures. Profits 157,821 210,781 255,800 Maintenance Other oper. expenses $5,672,839 $5,645,655 $650,375 $710,228 Operating revenues 13,334 England Power Co.—Earnings— New 1937—12 Mos.—1936 1937—6 Mos.—1936 Period End. June 30— Gross oper. revenue Other income $6,303,440 Total gross earnings.. Operating costs $6,310,869 a3,444,944 7,429 Maintenance 134,708 Depreciation Fed., State & mun. taxes 320,000 711,863 Bal. before cap. chgs. $1,699,353 $5,684,647 $12,204,227 $11,429,237 13,735 32,453 20,977 $5,698,382 $12,236,679 $11,450,214 3,207,292 a7,070,041 6,808,533 134,965 317,025 303,078 320,000 640,000 640,000 544,169 1,099,420 983,779 retirement on a890 26,362 135,009 Cr4,973 Dr682 Crl3,244 Pr6,394 Amort, of dt. disc. & exp. $203,496 $170,504 $779,392 $1,085,880 Other interest charges.. Other charges agst. inc. Int. Other miscell. debits and creditstosurp. (net).. b Earned surplus a Note—This statement includes for both of all properties now &c. b Available for redemption of bonds, divs. Loss, Note—This statement properly omits extraordinary credits and debits surplus arising from sale of property, amortization of pension fund, &c. The slight change in presentation of this statement results from adoption of Federal Power Commission uniform system of accounts, Jan. 1. 1937. on $1,491,955 251,675 17,468 7,996 $3,110,193 454,343 25,665 23,449 13,306 $2,714,823 507,796 35,109 21,304 240,420 $1,214,816 240,420 $2,593,430 480,840 $2,150,612 480,840 $1,260,807 $974,396 $2,112,590 $1,669,772 163,588 21,878 12,660 funded debt Balance before divs... $1,501,227 dividends Preferred to New Bedford Balance for and accurate.—V. 145, Comparison with earlier periods will be approximately p. 614. for Cordage Co.—Dividend Increased— 144, undistributed net income liability, if any, being determinable only at end of calendar p. 4353. New 3344. p. equalization of generation costs in subsequent 1937 months as required. been made in this statement for Federal tax on applicable to the 1937 periods, the amount of such Note—No provision has share on the com¬ payable Sept. 1 to holders of record Aug. 11. Dividends of 25 cents were paid on June 1 and March 1 last and on Dec. 1, 1936; a dividend of 50 cents was paid on Sept. 1, 1936, and previously regular quarterly dividends of 25 cents per share had been and common B stocks, both of $5 par value, distributed.— V. England Telephone & Telegraph Co.—Earnings— 1937— Month—1936 1937—6 Mos.—1936 $6,414,433 $6,068,395 $37,002,480 $35,090,408 16,022 8,249 92,135 81,163 Operating revenues... Operating expenses..... Light Co.—Income Acc't— 1936 1935 1934 1933 $4,477,844 1,816,672 $4,268,620 1,873,961 $4,114,625 1,734,184 $3,988,856 1,687,798 362,463 364,034 350,629 300,394 322,710 304,775 260,974 340,665 a827,426 758,937 771,632 743,420 $1,107,249 $984,698 $981,323 $6,398,411 4,609,790 $6,060,146 $36,910,345 $35,009,245 Net oper. revenues... $1,788,621 664,289 $1,881,945 $10,735,775 $10,082,245 569,859 4,083,793 3,449,914 $1,124,332 $1,312,086 $955,997 Years Ended Dec. 31— Total oper. revenues... Operating expenses Maintenance Provision for retirement. year.—V. 144, Operating revenues Uncollectible oper. rev.. Period End. June 30— New Bedford Gas & Edison above is $404,000 provision for a flowage equalization reserve created in the six months ended June 30, 1937, because or "better than normal" water conditions, which reserve will be available The directors have declared a dividend of 50 cents per mon divs. com. surplus Included in operating costs a 4,178,201 26,174,570 24,927,000 " Operating taxes.:. . Taxes (incl. for prov. Federal taxes) Operating income 22,659 4,589 £>rl,432 $989,287 $979,891 $954,730 Int. on unfunded debt Divs. 58,097 a on com. 85,598 127,696 $903,689 641,088 $852,196 641,088 $808,702 641,088 Includes $4,066, surtax on undistributed Earnings for 12 Months Ended June 30 profits. . ■ $4,355,460 1,847,141 Operating expenses 1,887,847 329,193 315,704 125,228 365,432 370,024 174,295 Maintenance Provision for retirements Federal income taxes 706,694 672,587 $1,139,597 $1,024,901 41,950 22,255 Other taxes Operating income income $1,181,547 48,839 income Interest on unfunded debt Interest $3,399,541 955,919 . $4,603,184 Total operating revenues Gross $1,047,156 70,784 Cr62 Cr 1,170 $1,132,770 $977,543 charged to construction Balance of income Note—No provision is made in this statement distributed profits, if any, for the year 1936 $ 1936 1935 Liabilities— $ $ Com. stk. (par 585 585 Prem. on cap. Notes Deps. for unclaim. Cash ing Accts. (contra)__ (incl. to 587 $25) 5,342,400 stk. 3,081,268 527,033 504,345 receivable. 424,256 455,556 & accts. 1935 Prepayments Commerce New York Central RR.—Earnings— 1937—Month—1936 1937—6 Mos.—1936 $31,002,458 $29,586,541$186,831,954$171,616,006 23,624,331 21,631,543 139,799,178 130,424,829 Other income 3,553,200 32,867 92,406 Consumers' service deposits. Reserves 102,173 Contribs.for exten. ...18,788,923 • 355 18,576,624 $5,978,847 $34,351,923 $29,745,113 154,983 870,282 765,842 4,778,138 26,986,517 28,618,407 Net inc.after 4,294,229 fixed chgdf$1,174,307 $1,045,726 July 31— Sales 1937—Month—1936 ..$4,318,588 $3,996,622 1937—7 Mos.—1936 $2,577,385 $23,984,903 $6,495,124 $360,864 Net inc. per sh. of stock. def$0.18 $0.21 $1.01 $0.07 x Includes $2,473,443, account of carriers excise tax in connection with Railroad Retirement Act, at 2%% of payrolls for period Jan. 30, 1937. No similar charge in 1936. Note—Excluding commutation passengers 1 to June interline and local passengers for June, 1937, increased 335,914, or 24.40%, but revenue resulting therefrom increased only $625,293, or 12.50%, and for the six months of 1937 the increase in interline and local passengers amounted to 2,689,658, or 37.04% with an increase in revenue of only $2,169,686, or 08.12%.—V. 145, p. 772. and revenue, ■C* Extension of & St. Louis RR.—Asks Authority for 4% Bonds— applied to the Interstate Commerce Commission for maturity date on $16,381,000 of 4% Oct. 1. Under the extension it is proposed to reduce the interest rate to 3%. At the same time the road asked authority to assume obligation and liability as guarantor of the bonds The company has (J. J.) Newberry Co., Inc.—Sales— —V. 145, p. 287. 8,709,013 $3,299,618 179,696 inc.. Total fixed charges New York Chicago Total 12,793,612 $4,239,983 $22,575,194 $19,688,552 1,738,864 11,776,729 10,056,561 Total income 4,427,860 accrued.. 2,189,756 x16,779,970 1,525,259 7,677,612 income. $1,229,247 2,070,371 Misc. deduct, from 109,708 4,776,555 Taxes accrued $7,954,998 $47,032,776 $41,191,177 157,941 587 160,272 121,830 34,118 2,433 Miscell. accruals__ Period End. 6 authorized George [Including all leased lines] Net ry. oper. __ Divs. declared 18,788,923 18,576,624 Aug. 145, P. 772. 1,245,879 118,415 213,696 183,257 34,826 2,257 company. Accounts payable. Total Director— Commission on $7,378,127 x4,903,001 1,467,500 line Interstate Net rev. from ry.opers 860,000 & New York Central RR.—New The Whitney to be a director of this railroad and of the West Shore RR. Tne Commission further authorized him to hold directorships and any office or offices with 95 other railroads in the New York Central System.—V. Railway tax accruals.__ divs. (contra) 330,098 Notes pay. (bank) 21,410 Advs. from financ¬ Interest a dividend of $2 per share on the capital value; payable Aug. 16 to holders of record Aug. 7. A similar amount was paid on May 15 last and compares with a dividend of $1.50 paid on Feb. 15 last, and a regular dividend of $1 per share paid on Nov. 16, 1936, and each three months previously. In addition, an extra dividend of $1.50 per share was paid on Dec. 23, 1936.—V. 143, p. 3184. no par Equip. & jt. facil. rents. pay. 348,796 Unclaimed ing Co.—$2 Dividend— Newmarket Mfg. The directors have declared stock, $ 355 (non-refundable) Surplus 1. 3,716,804 289,994 28,226 Mat'ls & supplies. paid July 10.—Y. 145, p. 772. 5,342,400 3,081,268 parent & affll. COS.. work¬ funds) proceeds from Period End. June 30— 17,344,718 divs. $425,254 def$605,124 1,963,264 1,963,264 $2.21 $1.19 Includes dividends received from subsidiary companies, Ry. oper. revenues Ry. oper. expenses Plant, prop., <fcc__ 17,438,153 Investments $283,961 1,963,264 $0.64 $218,677 1,963,264 $1.11 Surplus Shs. cap. stk. (par $25). Earnings per share for Federal surtax on un¬ 1937. Balance Sheet Dec. 31 Assets— 1937—6 Mos.—1936 $4,351,782 $2,339,772 3,926,528 y2,944,896 Satents, &c., and is after Includes extra dividend oftaxes, depreciation, epletion, contingencies, y deductions for expenses, 50 cents per share 1936 $3,648,856 954,328 revenue Other 1937—3 Mos—1936 $2,181,941 $1,265,593 1,963,264 981,632 Net income x 1937 ' Electric revenue Gas $6,632,331 146,028 $1,071,812 908,208 stock x $6,651,982 Zinc Co.—Earnings— Period End. June 30— Dividends (net) Net income New Jersey Drl,266 $1,129,909 Other income Gross income... Net oper. income —V. 145, p. 772. authority to extend for 10 years the mortgage bonds which mature first for the extended period. Financial 1108 underwriting agreements but bankers whereby the bankers will agree to purchase at the principal amount such of the bonds as are not surrendered for extension by the holders. with The bankers after such bonds will present them for ex- the purchase of tention.—V. 145, p. 615. It is understood that holders will , be offered an opportunity to extend the a Mackeys to Bishop Cross, approximately 23.2 Beaufort Counties, N. C.—V. 145, p. 773. Net Month !y$159,875 Period Enaed June 30— x Net x income 3 Months y$555,707 Federal normal income taxes, interest on equipment After depreciation, obligations, interest on bonds assumed from New York Ry. Corp., amortiza¬ tion and other charges, but before any provision for Federal surtax on un¬ distributed profits or excess profits tax. y for the 3 months of provision for amortization of amount to ture contract in monthly instalments. for month and Period End. June 30— Net income After depreciation, interest, x any be amortized on basis of recap¬ Co., Inc. 1937—Month—1936 1937—3 Mos.—1936 $32,244 $21,804 $107,681 $75,079 Avenue Madison x Before deduction of $19,352 Coach y fore sale of se- accounted profit of $33,205 realized from the Including an a Note—No provision ^The* has been made for Federal surtax on undistributed unfilled orders of the engineering and manufacturing division amounted to $8,068,322 as compared with $1,190,390 1936.—V. 144, p. 3684. June 30. 1937, at at June 30, Consolidated—Earnings— North American Oil income 135,253 148,888 236,262 139,033 $171,515 137,830 $174,002 137,830 $143,932 137,830 $0.64 $0.52 Expenses Depletion & depreciation Net profit Dividends 1934 $522,742 251,308 1?35 $519,226 *936 $595,348 272,458 1937 $578,614 271,845 6 Mos. End. June 30— Total After depreciation^interest, normal federal income taxes, &c., but be¬ any provision for Federal surtax or excess profits tax.—V. 145, p. 287. z$743,872 y$86,027 aloss$69,615 x$65,564 cur i ties. normal Federal income taxes, but before profits tax. Period End« June 30— 1937—Month—1936 1937—3 Months—1936 yNet income.$34,138 $29,462_^ $110,490 $86^896 exps., charges. depreciation charges of $341,281 but before including $1,268 profit realized on the sale of securities, y After depreciation charges of $363,518. z The net profit for 1934 would be reduced to $615,778 if there were included therein North American Aviation's proportion of the net loss of subsidiary not consolidated in which a majority stock interest is held, provision for Federal surtax or excess Eighth Avenue Coach Corp. 30— After x charged to income in respect $58,058 after profit taxes & other extending from miles, all in Washington and Aviation, Inc. (& Subs.)—Earnings— 1937 1936 1935 1934 North American 6 Mos. End. June and Eighth Ave. Coach Corp.j of a portion of itting abandonment by the receivers of the coir pany branch line of railroad known as the Belhaven branch, Omnibus Corp.—Earnings— New York City Consolidating Madison Ave. CoacbCo., Inc., Commission on July 20 issued a certificate Interstate Commerce The pern the maximum allowed under maturity of the bonds for 10 years, which is the indenture of the bonds.—V. 145, p. 615. RR.—Abandonment— Norfolk Southern that the company has entered into no contracts preliminary negotiations have been had The application states or 1937 14 Aug. Chronicle per sh. on 275,659 shs. (par $10) cap¬ 124,011 $147,424 82,697 Earnings New York New Haven & Hartford RR.—Equip. Issue— have asked the Interstate Commerce Com¬ authority to issue $1,660,000 of 3% equipn ent trust certificates rolling stock estimated to cost $2,225,000. The trustees of the con pany mission for Accounts hand and on $630,799 York, and the 47,392 Empire Trust Co., New York, to intervene in reorganization proceedings of the road.—V. 145, p. 772. Fixed assets 3,495,763 Prepaid taxes 4,501 2,168 3,639,273 4,816 1,762 Accts. receivable.. x Prepaid Insurance. New Plan to York & Queens Electric Light & Power Co.— Retire Stock Enjoined— x After depreciation of $31,164 7,009 14,746 9,458 9,458 Purchase obllgat'n 2,756,590 1,372,766 Capital stock Surplus 6,902 2,756,590 1,495,820 $4,178,642 $4,314,680 Total $4,178,642 $4,314,680 Total 1936 $26,376 6,442 payable. Accrued payroll... Accrued Fed. taxes $621,436 45,410 in banks 1937 Liabilities— 1936 1937 Assess— Cash Companies in Reorganization Proceedings— The ICC has authorized the United States Trust Co., ISiew $0.53 Balance Sheet June 30 for part payment on new Trust $0.62 ital stock V. 144, $5,691,459 in 1937 (1936, $5,434,804). 1970. Supreme Court Justice Albert Conway in Brooklyn recently granted a permanent injunction restraining the company and the Consolidated Edison Co. of New York, Inc. from amending the charter of the Queens Company to permit the preferred stock of the concern to be subject to call p. 6 Months Ended June 30— 1937 1936 and retirement. Income—Interest. $1,424 146,001 $21,769 124,466 $147,425 3,159 $146,235 3,076 The application for the injunction was Breslav, who sued made by Mrs. Florence Ullman A year ago corporation Rumors were current North American Utility Securities Corp.—Earnings- Dividends minority stockholder of the company. as a Consolidated Edison sent notices to stockholders of the Queens offering to retire preferred stock at 108% a share. at the time that a merger was emminent. Minority stockholders protested, and Mrs. Breslav subsequently brought her action, which was sustained by the Appellate Division and the Court of Appeals.—Y. 145, p. 773. Miscellaneous expenses & interest Prov. for Fed. normal inc. tax, excl. tax on Liabilities— Assets— $4,974,843 Investments in securities x 198,757 Cash revenues 1937—Month—1936 1937—6 Mos.—1936 $17,404,489 $16,768,408 $103436,060 $99,405,951 415,495 392,478 ..$17,342,374 $16,704,358 $103020,565 11,747,782 11,375,615 68,585,393 $99,013,473 67,577,126 Uncollectible oper. rev__ 64,050 62,115 Net oper. revenues... Operating taxes $5,328,743 $34,435,172 $31,436,347 1,987,322 14,537,475 12,257,745 $5,594,592 2,390,102 Represented common by 60,000 stock.—V. shares $5,218,699 Total $5,218,699 Total shares preferred stock and 466,548 second 144, p. 619. North Penn Gas Co. (& Subs.)—Earnings— 1937 $2,510,765 $568,774 $579,189 210,333 53,205 42,020 $3,341,421 $19,897,697 $19,178,602 $3,204,490 —Y. 145, p. 615. Total gross earnings Operating Ry.—Receivers— New York Westchester & Boston Edwin L. Garvin and James L. Dohr on Aug. 2 were appointed equity by Federal Judge Henry W. Goddard. Proceedings against the road started when bondholders sought to fore¬ close on the property, as interest on the $20,000,000 mortgage had been unpaid since Jan. 1, 1936. The trustees of the con;pany offered on Aug. 2 to settle claims filed against the road by its parent company, the New Haven, for approximately onereceivers for the company third their face value. The trustees asked the U. $2,468,745 $2,608,987 2,040,213 Operating revenues. 1936 $2,555,782 12 Months Ended June 30— Non-operating revenues—net Net operating income. 7 304 99,546 _ Taxes accrued x Oper. revenues Operating expenses 158,180 payable Dividends unclaimed Telephone Co.—Earnings— Period End. June 30— Operating 1,500,000 3,460,660 Capital stock Capital surplus Undistributed Income 45,098 Dividends receivable At counts New York $132,858 $133,232 - Balance Sheet June 30, 1937 3184. p. 6,000 4,300 2,000 9,033 arising from security transactions Corp.—Ordered Dissolved— Federal Judge Henry W. Goddard recently authorized the dissolution of the corporation, terminated reorganization proceedings and awarded fees and allowances totaling $482,000 incurred during the reorganization proceedings.—V. 144, , Other taxes Net income New York Railways profits1 S. District Court at New Haven to approve proposed settlement of $360,000 for claims for use and occupation of the and personal property of the New Haven and other charges aggregat¬ ing $1,038,738. The petition stated that the settlement would be paid partly in cash and the balance would be secured by a prior claim on the Westchester assets. —V. 145, p. 125. expenses Net earnings Interest on funded debt Interest on ... unfunded debt -— 1,931,576 202,750 1,875 2,040 15,763 14.116 Amortization of bond discount and expense $351.053 45,420 92,120 $350,033 Net income $7 cumulative prior preferred $7 cumulative preferred - 45,112 92,120 . $213,513 $212,802 Balance a real Niagara Share Corp. of Balance Md.- -Consolidated Assets— $ $ payable. 8,639 489,505 Int. & divs. b Stocks & 315,255 Accounts 304,057 369,784 Bank secured 300,000 88,909 rec. rec 144,799 Divs. and int. pay. 327,204 bonds.41,793,140 40,241,753 Unamortiz'd loan 146,625 150,891 bond discount & exp. 376,579 26,676 Miscell. assets 406,559 23,000 11,500,000 3,037,100 Com. stk. (par $5) 7,380,000 7,472,696 41,831 Res've for taxes 43,225,490 41,652,0401 Total 24,654 1,500,000 1,500,000 17,920,906 16,617,965 1,191,254 1,227,809 43,225.490 41,652,040 in 1937 V. 145, Interest on funded debt Interest on unfunded debt.. $244,581 117,808 18,792 97,778 Amortiz. of debt discount and expense Balance of income Note—No provision is made in this statement distributed profits, if any, for the year 1937.—V. Northern Pennsylvania $362,389 $448,073 188,875 189,648 13,267 19,722 $214,312 $139,752 for Federal surtax on un¬ 144, p. 4355. Power Co.- -Earnings— 1937 12 Months Ended June 30— Operating 1936 122,239 $395,152 52,921 1937 6 Mos. End. June 30— Lbs. of anode produced. 1936 36,436,898 $9,621,070 produc'n 3,581,783 32,104,990 $8,520,058 975,000 875,000 Reserved for taxes 3,307,176 Other taxes 1935 39,833,528 $6,659,335 3,525,783 340,000 $244,581 117,808 $448,073 188,875 25,206 19,680 $362,389 189,648 13,267 19,722 $139,752 930,158 100,947 146,321 36,493 expenses Maintenance Earnings— $1,466,663 831,290 121,497 152,724 18,792 97,778 $214,312 Mines, Ltd.- 1934 30,368,659 $7,070,808 3,109,566 511,500 Other income. Interest $5,064,287 202,820 Miscellaneous income $395,152 152,724 25,206 19,680 Provision for retirements. Federal income taxes Total recovery x Cost of metal 121,497 52,921 and Noranda $1,466,664 831,290 $1,731,310 for fluctuation in market value of $69,835,591 $74,851,102 in 1936. The earnings for 6 months ended June 30 were published in p. 773. reserve . . 3,037,100 Capital surplus After Other taxes. Other income. 5%% con¬ vertible debs 11,482,000 Earned surplus b tax $1,731,310 930,158 100,947 146,321 36,493 122,239 Maintenance Federal income 1936 1937 ... - expenses 20-yr. Res. for conting.. Total Power Co.—Earnings— 300,948 Preferred stock U. 8. Treas. bonds revenues. 7,423 Liabilities— $ $ 1936 1937 1936 1937 Accts. & notes Northern Pennsylvania 12 Months Ended June 30— Operating Operating Provision for retirements tSheet June 30—■ Cash made for Federal surtax on undistributed profits for the period Jan. 1, 1937, to June 30,1937.—V. 144, p. 3013. Note—No provision has been $4,337,882 $2,793,553 177,463 $3,449,742 147,563 $5,267,107 $4,485,445 $2,971,015 282,000 420,000 $3,718,330 535,201 268,587 on funded debt Interest on unfunded debt - Amort, of debt discount and expense Est. profit before prov. ' for deprec. & contin. for deprecia'n.. 240,000 Estimated net profit.. Est. net profit per share. $5,027,107 $2.24 Est. res. x Incl. mining, custom ore expenses.—V. 144, p. 4016. $2,551,015 $3,183,129 $1.14 $1.42 treatment and delivery and admin. & general $4,203,445 $1.87 Note—No provision is made in this statement undistributed profits, if any, for the year 1937.—V. Northern Securities Co.—To Be for Federal surtax on 144, p. 4355. Dissolved— approved by stockholders at a special meeting held Aug. 11. The company was formed 36 years ago, to hold the controlling stock of Northern Pacific Ry. and Great Northern Ry. Dissolution of this company was ■1 Volume P Following Financial 145 a distributed its holaings capital to $d,yo4,- and reduced its 000 from $395,400,000. wi11 Having approved the dissolution of the company, the stockholders will receive, pro rata, the investments of the company, which now consist oi 23,063 capital shares of Chicago Burlington & Quincy and 28,557 snares of Crows Nest Pass Coal Co., together with whatever cash is available. There were 34,931 shares, or 88% of the outstanding stock, represented at the meeting, and all voted approval of dissolution. A minimum or twothirds of the stock was necessary to approve mrmrnrnm— > ■ n dissolution.—V. 144, p. Liabilities— and 284,658 accounts receiv. from affiliated companies Deposits for matured bonds, bond Funded debt.. $520,044,098 21,440,647 Investments Notes Capital stock— NY PA NJ Utilities Co.. $20,000,000 Subsidiary companies 50,358,086 Interest-bearing convertible 617,196 Fixed capital.. interest and obligs. held by Associated Gas & Electric Corp..... divi¬ dends (contra) construction, (Minn.)—Registers with SEC 5 filed with the Securities and Exchange Commis¬ sion a registration statement (No. 2-330, Form A-2) under the Securities Act of 1933, covering 275,000 shares (no par) preferred stock $5 cumulative series and 1,100,000 shares (no par) common stock to be reserved for issu¬ ance upon conversion of the preferred. According to the prospectus the preferred stock is not to be sola oy tne company but is to be created by reclassification of 275,000 shares of cumu¬ lative preferred stock $5 series now outstanding, the consideration for wnicn was received by the company at the time of issuance during heb. 1937. The company states that the reclassification of the preferred stock and the issuance of the 1,100,000 shares of common stock is subject to the required approval of the stockholders, and to the filing of a declaration with the SEC under the provisions of the Holding Company Act and the reclassifi¬ cation and issuance becoming effective by order of the Commission. The preferred stock is convertible at the option of the holder at any time on or before Sept. 2, 1947, into common stock, in the ratio of four shares of common for each share of preferred, and is redeemable at the option of the company after at least 30 days notice at $110 a share and accrued dividends. The company is part of the Standard Power & Light Corp. system and R. F. Pack of Minneapolis is President of the company. The declaration was filed with the Commission on July 30, 1937. Accounts chandise and expense Other deferred accrued Interest discount ... Miscellaneous accruals 14,691,402 611,502 assets1,859,797 Prepayments 109,559 4,240,131 2,735,661 409,225 Taxes accrued 3,091,656 debt Consumers' service and line 3,688,290 deposits Guaranty of applicance ac¬ 3,091,656 (contra). counts rec. sold unad¬ Reserves and miscell. 46,237,738 justed credits Contributions for extensions 2,451,744 5,095,087 (non-refundable) Corporate surplus Total Statement ..$579,457,529 $579,457,529 Total of Income (Parent Company Only) Calendar Years 1936 Income from on Interest 1935 $6,569,081 174,865 $4,359,469 619,564 2,125,947 1,271,021 19,671 a933,481 subsidiary companies: on common Dividends Reclassification of Preferred Shares— — 3,701,568 (contra) 3,882,185 1,852 2,624,815 payable (banks) Notes payable (other) ._ Accounts payable Divs. accrued or declared__ Materials, supplies and mer¬ sold obligations Notes Appliance accounts recivable Dividends The company, a registered holding company, has filed a declaration (43-69) with the Securities and Exchange Commission under the Holding Company Act, with respect to the reclassification of its 275,000 shares (no par) preferred stock into an equal number of shares of no par preferred stock convertible into common stock at the option of the holder and the issuance of 1,100,000 shares of no par common stock to be issued from time to time as the preferred stock is converted, up to and including Sept. 2, 1947. The basis of conversion will be at the rate of four shares of common Purchase money 617,196 200,000 (contra).. and 6,751,993 216,569 receivable Unamortized dividends 158,633 Interest and divs. receiv 38,748,346 companies bond int. bonds, Matured 4,901,979 Notes and accounts receiv.. The company on Aug. to affiliated 1,085,829 &c 201,715,000 193,250,957 - payable Notes and accounts Deposits for sinking funds, Cash ■ Northern States Power Co. 1936 Consolidated, Balance Sheet Dec. 31, which found the Supreme Court decision in 1904, to be in violation of the anti-trust law, the company of Northern Pacific and Great Northern 1109 Chronicle stocks— preferred stocks. bonds, convertible obligations, notes on and accounts From affiliated . companies - — 316 330 $8,889,881 25,005 $7,183,865 23,979 Other income Total income Provision for taxes 11,348 37,423 $8,853,528 funded debt and interest-bearing scrip. 1,399.253 unfunded debt (principally to affiliated $7,122,463 2,911,150 2,803,610 7,251 2.974,343 108,268 $4,643,413 $1,128,703 Miscellaneous charges — stock for each share of preferred. The company states that the new preferred stock will have the same rela¬ tive rights, voting powers, preferences and restrictions as are now applicable to its cumulative preferred stock $5 series, in addition to the conversion rights and the fact that the company will refund Pennsylvania taxes, other than estate, succession, income and inheritance taxes, not in excess of 5mills. Opportunity for hearing in this matter will be given Aug. 19. Balance Interest on Interest on companies) Amortization of debt discount and expense., Net income Weekly Output— Electric output of the Northern States Power Co. system for the week ended Aug. 7, 1937, totaled 24,771,495 kwh., a decrease of 0.1% compared with the corresponding week last year.—Y. 145, p. 950. Northwestern faim L, L-i--' Co.—Financial Insurance National Includes $715,304 of dividends Statement— Balance Sheet (Parent Company July 1, *37 Jan. 1, '37 July 1, '37 Jan. 1, '37 Assets— a estate Loans 11,510,009 11,320,704 1,330,871 secured Liabilities— $ $ Bonds & stocks. Real 1,261,210 1,153,010 Reserved 1,225,030 for— 5,176,097 238,910 5,132,465 175,000 290,000 commis'ns 105,000 98,109 All other liab... 16,930 126.756 Losses In adjust. Taxes hand 173,264 998,780 906,650 5,948 Acer, 601,276 Outstanding agts.' balances receivable-7,101 Interest accrued.. 72,877 65,593 Bal. due ance 288,232 32,807 18,581 cos. 1,500,000 1,500,000 500,000 b5,508,111 Surplus bl5,238,629 15,393,6961 Total oper. exps. & taxes 143,275 28,654 and expense unadjusted debits. $666,202 469,187 Matured $1,388,165 1,012,920 $1,370,779 965,788 bond General on $375,245 3,924 $404,991 4,372 $199,403 100,682 2,255 $379,169 99.525 2,260 5,285 $409,363 202,311 4,365 6,225 6,299 12,451 12,661 1,174 274 3.298 2,102 $75,254 $89,893 $159,086 1,816 Gross income Interest $197,015 2,388 $182,622 $184,438 funded debt. interest (net)_. 199.050 Amort. of bond discount and expense Taxes assumed on int. and miscel. deduct Net before inc. pref. dividends Note—No provision ha„ —Y. 145, p. 774. NY PA NJ Utilities $187,923 uluo „ Co.—Earnings— Statement of Consolidated Income Years Ended Dec. 31 1936 Operating Operating vaA. $66,308,905 $57,910,466 29,229,084 26,072,155 5,650,340 5.067,375 Provision for retirements, renewals and replacem'ts 5,375,170 5,271,339 Federal income taxes 1,278,646 1,295,138 Surtax on undistributed profits65,199 Other taxes 5,811,007 5,044.669 revenues expenses ... ... Operating income income (net).. _ $18,899,459 $15,159,791 1,340,074 2,001,872 Gross income. -—$20,239,534 $17,161,663 Subsidiary companies: Interest on Interest a Dividends paid or accrued on preferred stocks.. Provision for dividends not being paid on cumul¬ ative preferred stocks 8,298,072 607,665 523,377 Cr30,687 2,909,491 on funded 261,117 $325,022,476 Total 76,748 ^ Capital surplus Corporate surplus 41,961,072 277,059 4 $325,022,476 Total -V. 144, p. 4356. (& Subs.)—Earnings— 1937 $303,844 Operating expenses, maintenance and taxes Int., amortiz. of disct., &c., of Int., amort, of disct., &c., Reserved for retirements 11,581 $9,946 $3,684 92,696 — - Notes—(1) Inasmuch as the amount of Federal surtax on undistributed profits is not and cannot be finally determined until the end of each calendar year, the surtax for the year 1936 was not determined and recorded until the month of December, 1936, and the surtax for the year 1937 will not be determined and recorded until the month of December, 1937. Accordingly, no deduction for such surtax has been made in the above income account for the year ended June 30, 1936. In the income account for the year ended June 30, 1937, there has been deducted surtax applicable to the earnings for the entire calendar year 1936. (2) All figures are subject to audit in so far as they contain earnings for the year 1937.—V. 144, p. 3684. Ohio Water Service Co.—70-Cent Dividend— directors have declared a dividend of 70 cents per share on the value, payable Sept. 30 to holders of record Sept. 15. A dividend of 60 cents was paid on June 30, last, and previously regular quarterly dividends of 50 cents per share were distributed.—V. class A common stock, no par 145, p. 950. . Otis Steel Co.—Exchange Time Extended— The company has notified the New York Stock Exchange that the time within which the 7% cum. prior preference stock may be exchange for new conv. 1st pref. stock and common stock of the company has been extended to Sept. 30, 1937.—V. 145, p 774. Olympic Forest Products Co.—Registers with SEC— Harbor Pulp & Paper Co. above.—V. 145, p. 774. 145.890 468,147 449,321 043,378 2,156,980 Pacific Finance Corp. of Calif. (& Subs.)—Earnings— Consolidated Income Account for the Six Months Ended June 30, 1937 $2,323,100 11,250 Interest and discount and other operating income Dividends from other investments $7,816,312 ' Interest on unfunded debt Amortization of debt discount and expense 388,333 2,802,293 7,251 $7 008 243 • $2,334,350 Salaries, advertising & other operating & administration expenses Provision for equipment 1,891,832 2,963,205 108,268 replacements Rents Taxes — (other than Federal income) Provision for credit losses Interest on current obligations ,Neyn«>me Preferred dividends Common dividends a - $4,618,435 $2,044,938 4,170,000 III"I 18,415 • ^ Note—The above statement includes operations of subsidiaries acauired in 1935 and 1936, from dates of acquisition only. Provision for. Federal normal income tax Net income. Preferred stock dividends Including provision for minority interest in common stock of $245 1936. 782 32,032 92,740 13,518 32,032 of parent company Deficit $135,388 987 subsidiaries Preferred dividends of subsidiaries Total income Balance NY PA NJ Utilities Co.: Interest on funded debt.. 1936 176,493 , $293,958 158,571 $127,350 Gross earnings 6,976 460 115,302 Interest on unfunded debt Amortization of debt discount and expense Interest charged to construction 27,712 1,737,185 1,645 66 ,614 accrued Reserves. See Grays funded debt 35,405,366 and The 1935 Maintenance- Other interest Taxes accrued Gross income Net oper. income.; Other income (net) • unpaid dividends (contra) Notes payable (banks) Accounts payable ; 12 Months Ended June 30— 1937—6 Mos.—1936^ payable to affiliated companies debt Ohio Cities Water Corp. Co.—Earnings— 1937—3 Mos.—1936 $676,762 494,140 discount 15,238,629 15,393,696 Total prices, b At current market values, the assets and the surplus are each $878,434 greater.—V. 144, p. 1293. Northwestern Public Service debt 5,425,326 tion Period End. June 30—■ Total oper. revenues... 84,533 from subsidiary companies Miscell. Bonds and stocks valued at lowest of cost, market or current redemp¬ a 153,381 receiv. divs. Notes and accounts 500,000 tions, &c Res. for other con¬ Total 27,712 369 deposits and 23,492,957 Funded debt unpaid divi¬ dends (contra) Unamortized Res. for conflagra¬ convertible obligations—held by Asso¬ ciated Gas & Electric Corp 201,715,000 Interest-bearing 2,954,259 and interest Other special Cash $20,000,000 Capital stock Deposits for matured bond Interest reinsur¬ tingencies companies$321,301,990 328,304 Affiliated company Miscellaneous Unearned prem. Cash In bank and Bills 2,000,000 Only) Dec. 31, 1936 Liabilities— Assets— Investments sub. $ $ 2,000,000 Capital... by real est. mtges.. on - and interest from an affiliated company paid out of income derived from its investment on management and service companies which were mutualized in the latter part of 1935 by the dis¬ tribution of the investment to operating subsidiaries. Notes—The statement for 1935 includes the results of operations of predecessor companies which were merged or consoliaated with NY PA NJ Utilities Co. during 1935. a Common stock dividends Notes—(1) 1 725,379 44,017 57,640 96,758 227,317 207,499 146,857 $828,882 185,273 387,860 No consideration has been given in the above statement to Co. of Calif, (wholly-owned subsidiary), the loss from operations of Pacific Financial 1110 amounting to $15,074 for the six months ended June 30, 1937; nor to loss, if any, which might result in the event that company should be unable to complete certain transactions in securities of a utilities holding company, predicated on the consummation of a plan for reorganization of that com¬ pany, which plan has been approved by a Federal Court and now awaits the required clearance by the Securities and Exchange Commission. (2) In April, 1937, the company disposed of its investment in capital stock of Swett & Crawford at a loss of $120,000; this amount was charged to reserves prior years for contingencies and losses which might arise from revaluation or sale of investments, and subsequently transferred to reserves for losses. (3) No provision has been made in the above statement for Federal surtax on "undistributed profits. created in Consolidated Balance Sheet June 30,$1937 Cash on $6,865,493 41,880,925 35,000 51,401 hand & in banks Loans and discounts Accounts receivable 31,059 Repossessed automobiles Invest, in Pacific Co. of Calif. 600,000 15,536 Other Investments Notes payable (unsecured)..$28,930,000 payable 883,247 255,307 Accounts Dividends payable Taxes (incl.Fed. taxes on Customers' equities 383,404 inc.) 2,873,939 pref. stk. 1,352,560 6^% cum. ser. C, pref. stk. ($10 par). 5% series, pref. cum. 1,308,620 stk. ($100 par) Common stock ($10 par) 3,500,000 4,309,560 1,763,489 1,681,070 Paid-in surplus Earned surplus $49,650,765 Total Total 1934, the claim for which is being protested by the company, or for Federal profits" for the six months ended June 30, 1937. —V. 144, p. 2840. surtax on "unt istributed Pacific Southern Investors, Inc.—Earnings— 1937 1936 1935 1934 $781,104 152,863 6,083 $915,928 74,983 6,849 $249,350 68,888 1,622 $432,900 74,814 2,634 $940,050 85,000 $997,761 85,000 $319,860 85,000 $510,347 85,000 18,900 Profit from sales of secur. Dividends on stocks Interest on bonds, &c— Interest on debentures. _ 18,100 16,200 14,100 Research service fees and After reserve for depletion, depreciation, amorti¬ $10,380,756 on June 30, 1937 and $9,678,380 z shares.—V. 144, p.3186. June 30 '37 Dec. 31 *36 $8,190,690 $6,037,868 4,086,500 2,859,441 Net income2,970,105 1.711,185 a After all operating expenses, maintenance, retirements and taxes. b Available for preferred dividends (before provision for undistributed 12 Months Ended— Gross revenues Net operating revenues a b profits tax). The present officers of the company are „ _ . _ _ „ ^ J. D. Creveling, President; Bay, Vice-President and General Manager; Gerard J. Neuner, Vice-President; Robert D. Field, Vice-President; Leith V. Watkins, Sec¬ R. retary and Controller; Louis F. Sperry, Treasurer; Norman F. Paxton, As¬ and Assistant Treasurer; Charley D. Jellings, Assistant sistant Secretary Secretary. Nears Completion— President, announced Aug. 11 that the $11,500,000 undertaken by the company early this year is now nearing completion and will result in a 40% increase in the company's gashandling capacity. The program includes the laying of 339 miles of pipe, the installation of new compressors totaling 29,400 horsepower, and the drilling of 28 new wells. The order for pipe, one of the largest ever placed, involved the use of 60,000 tons of steel. Delivery of the necessary m aterials and supplies provided railroads with 3,000 carloads of freight. The work of construction, Mr. Creveling stated, has given employment to more than 1,800 men now engaged by contractors on the company's prop¬ erties.—V. 145, p. 127. J. Creveling, D. construction program Pantex Pressing Machine, Inc —History, Earnings, &c. Co., Inc., 31 Milk St., Boston, have issued a circular Arthur Perry & describing the company from which we take the following: Sales for the six months ended June 30,1937 totaled $1,258,791 with $957,411 for the same compared period in 1936. Company was incorp. in 1926 in Delaware and is engaged in the manu¬ facture and sale of laundry and dry cleaning presses and allied product# such as filters, stills and other apparatus used in the dry cleaning, laundry- 19345 Sales agencies are maintained in many of the principal cities of the country and in Canada. Company owns and occupies a manufacturing plant consisting of seven buildings with a total floor area of 240,000 square feet located in Central Falls, R. I. Company employs about 346 persons in its plant, offices and ing and similar industries. sdilcs offices • Herbert G. Beede, (Pres.); Robert J. Beede. (V.-Pres.); Directors are: L. Houston, (Asst. Treas.); Brown Jr., Philip C. Gifford, J. Walker, (Sec.-Treas.); William Russell J. McCurdy, (Auditor); Robert P. James expenses 1931 14, Panhandle Eastern Pipe Line Co. (& Subs.)—Earnings $49,650,765 Note—No provision has been made in the above balance sheet for the Government's claim of $100,456 for additional income taxes for the year 6 Mos. End. June 30— 1937. Construction Program 2,409,569 Reserves... A Aug. zation and abandonments of on Jan. 1, 1937. a 24,468 in loans & repossession loss reserves 2 8% cum. ser. ($10 par) 171,349 Furniture, fixtures & equipm't Deferred charges shares on Jan. 1, Burt Liabilities— Miscellaneous loan Chronicle Hyde, Clarence S. Luitwieler, Harry L. Rice, Russell B. Stearns. Wharton Whitaker, William Law, Harry G. B. Dayrell. Charles Fees of trustees, transfer 11,913 9,193 6,061 7,076 33,233 33,880 21,566 x93",818 x125",666 26,642 2,000 5,049 $697,185 1,963,162 $726,588 1,257,129 $178,906 965,220 $356,175 557,058 special meeting of stockholders held June 15, 1937 it was voted to increase the authorized common stock from 34,000 shares to 50,000 shares $2,660,348 102,860 167,074 $1,983,717 102,860 42,105 $1,144,127 154,291 $913,233 102,860 decided upon, the stock to $2,390,413 $1,838,752 $966,836 agents, &c General incl. expenses, salaries and taxes Prov. for contingencies. Prov. for Fed. inc. taxes Net income Earned surplus, Jan. 1— 26,429 Capitalization, April 30, 1937 * * At Authorized Outstanding 15,400 shs. 14,070 shs. 34,000 shs. $6 cum. pref stock (no par) Common stock (no par) 29,003 shs. a authorized to sell all or part of the unissued such terms as might be be first offered to the stockholders of the com- (no par), and the directors were Divs. on pref. stock Divs. on cl. A com. stk. Prov. for contingencies Does not include x ave Dividends—Initially, $810,372 Federal surtax upon undistributed net income. Comparative Balance Sheet June 30 1936 1937 Assets— $454,908 4,120 1,377,384 Cash Sec. sold &undellv. Other investm'ts.. Co.'s Acer. exps. & taxes Securities bought $184,427 and not received 98,060 45,125 3,480,000 a $3 pref. stock 685,737 b Class A com. stk 167,074 c Class B com. stk 51,452 1,399,403 Capital surplus Earned surplus 2,390,413 3,480,000 685,737 bl68,421 c51,352 1,417,570 tures Divs. 4,347,923 673,079 295,014 deben¬ own 53,620 69,13" 53,620 11,777 6,894 3,150 (cost)... receivable.A expenses. $8,456,567 $7,872,9391 Total 5% gold deb. series A 3,150 Acer. int. receiv__J Prepaid $185,982 $951,131 50,247 20-year stocks 5,647,676 Preferred stocks 610,119 Bonds 236,4*9 Common 1,838,752 $8,456,567 $7,872,939 Total Represented by 68,573 shares no par. b Represented by shares of $1 c Represented by shares of $0.10 par. d Based upon current quo¬ tations, $7,341,809 June ?o, 1937, and $6,616,672 June 30, 1936.—V. 144, p. 4018. a par. Pacific Telephone & Telegraph Co.—Earnings— 1937—6 Mos.—1936 1937—Month—1936 Period End. June 30— Uncollectible oper. rev.. $5,658,963 24,102 $5,205,488 $32,966,837 $30,516,028 17,201 123,302 101,359 Operating revenues Operating expenses $5,634,861 3,967,835 $5,188,287 $32,843,535 $30,414,669 22,796,221 20,707,007 3,470,766 $1,667,026 $1,717,521 $10,047,314 Operating revenues Net oper. revenues— Rent from lease of op¬ Net operating income. —V. 145, p. 617. 619,924 4,412,056 3,791,175 $1,097,668 $5,635,703 $5,916,931 Pacific Western Oil ~ " ~ 6 Mos. End. June 30— on sale of invests. Corp. (& Subs.)—Earnings— 1937 Dividends received 1936 1935 $1,844,517 283,126 144,000 $2,062,262 352,800 , Balance $2,417,804 Expenses 451,631 Prov. for abandonments 112,659 Depletion & lease amort. 72,279 Depreciation, &c 218,686 Intangible develop, costs 285,892 Amort. & insurance 60,883 Ordinary taxes 66,811 Interest 96,663 Federal income taxes 50,000 $1,705,391 353,420 118,986 98,559 269,949 $1,709,462 414,503 19,706 308,267 260,929 $1,759,661 435,332 41,576 208,347 317,774 54,057 48,977 63,799 231,413 June 30, $643,121 $361,867 $286,272 $1.00 $0.64 $0.36 Cash Accounts Inventories Invest, assets '37 Jan. 1, '37 $ 739,679 306,207 354,721 334,388 159,748 receiv.. 114,244 ciated Oil Co. a z June 30,'37 Current liabilities. Long-term liabil.. Deferred & credits.. 2,206,229 Mission Corp. 9,944,660 Richf'd OU Corp. 331,961 2,286,755 9,587,966 $ 507,111 5,105,772 Jan. 1, '37 $ 655,565 5,105,772 10,165 6,212 141,241 214,799 contingent Royalty reserves xTide Wat. Asso¬ Cap. stk. ($10 par) 10,000,000 10,000,000 3,416,500 3,416,500 1,750,435 3,128,790 Cap. surp., paid in Earned surplus.. Other assets Total 22,309,580 8,299,908 32,209 16,000 Provision for Federal taxes $4,380 $42,601 $225,331 (other than Federal), depreciation, rents, maint. & reserves for possible repossession losses Company sets aside from its earnings a reserve for possible losses on repossessed equipment which has been sold on the instalment plan. Prior to July 1, 1935 amounts so set aside represented actual losses, but since that date the reserve has been computed on the basis of 5% of the repossessible sales. The credits to the reserve (deducted in computing the net profits from operations shown above) and the charges made against the reserve (representing Net profit avail, for divs a After all expenses, including taxes actual losses) were as follows: Credits 1936 b Incl. interest on notes receivable Debits $30,032 42,411 83,005 - $30,032 29,767 31,974 arising out of sale of merchandise. the 14,070 shares of preferred stock outstanding amounts to $84,420. The net income available for divs. for the calendar year 1936 was equivalent to approximately $16 per share on the $6 preferred stock and to $4.85 per share on the 29,003 shares of now s*«ck. Balance Sheet as Assets— Cash dep. & Accounts on $80,372 notes & accts. rec.—trade payable—trade 406,735 8,093 9,757 6,630 — Accounts receivable Inventories Accrued taxes 3,891 37,015 558,159 (net) — $129,142 Accrued wages and salaries Accrd. salesmen's commissions contract Notes receivable—others. Accrued other expenses Est. 1936 Fed. inc. taxes 226,706 12,579 50,336 Prop., plant & equip, (net) Patents of April 30, 1937 Liabilities— / demand on (net) Res. for 8,131 12,171 def. salesmen's com¬ 54,169 missions 44,000 Res. for Fed. income taxes Surplus Deferred charges $1,375,792 $6 pref. stock (no par) Common stock (no par) 1,005,000 29,003 69,792 Total $1,375,792 -V. 143, p. 3008. Park Lexington Co., Inc.—Earnings— Net profit of the company, before interest and 1936 amounted to $209,985, as against $184,663 depreciation, for the year in 1935, according to an operating study of the property released by Amott, Baker & Co., Inc. The percentage earned by the property, which includex the Park-Lexington Office Building and the Grand Central Palace, before interest and de¬ preciation, was 4.40% in 1936 and 3.87% in 1935. Under a reorganization plan consummated in May, 1937, bondholders received a new $1,000 1st mtge. bond and 30 shares of voting trust common stock representing in total 60% of the equity ownership. Fixed interest on the new bonds is payable at the rate of 3 %. At the time of distribution of new securities a payment of $50 per $1,000 bonds was made out of funds on hand. of both Total 22,309,580 21,149,282 295,100 shares common stock on June 30, 1937 and 302,200 shares on Jan. 1, i937. y 641,708 shares common stock on June 30.1937 and 630,174 x $273,540 6,491 notes discounted or sold 171,300 21,149,2821 $49,093 2.091 deductions, incl, charges on Income estate 8,563,987 57,108 $1,904,865 2 26,950 46.589 $6,471 Net profit from operations $983,314 15,583 33,510 The property was assessed as taxes have been paid Lands, leases and equipment $679,146 loss22,655 29,126 bother income Total Liabilities— Tax at cost: y a $0.28 $ & 71,884 344,419 Comparative Balance Sheet Assets— returns 1936 1935 1934 discts. less allowances Instalment 65,800 50,738 29,818 75,000 Earns, per sh. on $1,000,000 noparshs. cap.stk. Consolidated Earnings Statement for Calendar Years sales, Gross hand $1,002,298 Net profit 1936, dividends were in arrears in tne amount of $43.75 per share. At that reclassified the then outstanding 10,050 shares of 7% 14,070 shares of $6 cumulative preferred stock, giving to the holders of the old stock five new shares for each four previously held, and in addition paying a dividend of $3.75 per share on the 7% preferred stock. Dividends have been regularly paid on the $6 preferred since its issuance. No dividends have been paid on the common stock since Oct. 1, 1929. stock into common 1934 $2,095,086 335,425 70,451 _ had outstanding 7% cumulative preferred The annual dividend requirement on $1,879,372 277,567 745,548 Gross inc. from all oper. Oil and gas royalties Gain 4j44 445 $867,809 Operating taxes ' 71 $9,707,662 71 799,288 erated property company ($100 par). Dividends were regularly paid on this stock from its issuance to June 30, 1930, when they were discontinued. In September, stock time the company 1936 1937 Liabilities— 1,480,103 din v. sec. (at cost): To date no terms of such an offer Eany,been decided upon. common. both preferred and 23",006 _ authorized stock for such consideration and upon a whole for 1937 at $9,100,000 and real through this year. The total occupancy buildings is currently reported at about 94%.—V. 144, p. 4018. Pejepscot Paper Co.—Hearing Adjourned— In the Federal District Court at Portland, Me., on Aug. 9, 1937, John A. Peters adjourned the hearing for appointment of trustees of scot Paper Co. and Androscoggin Water Paper Co Judge Pejep¬ until Aug. 31, 1937. Volume Financial 145 Pennsylvania Gas & Flectric Co. (& (David) Pender Grocery Co.—Earnings— July 3 *37 June 27 '36 6 Months Ended— Stores in operation Markets in operation 399 119 382 116 _ $8,619,882 per 8,115,266 12,090 $51,543 48,984 $65,753 $0.45 _ Class A dividends Earnings $7,747,515 7,667,328 18,432 Prov. for Fed. & State income taxes. dividends 113 $78,578 48,984 Cost of sales and operating expenses. Net income available for June 29 404 *3(> $8,178,899 8,522,872 Sales $0.04 $0.26 share on 65,070 shares par) class B stock (no 14,433 July 3 '37 $416,375 90,880 118,187 1,775,343 1,462,747 150,949 cAccts. & notes rec. Mdse. inventories. 170,687 Prepaid expenses. Claims for recovery accrued expenses 8,164 517,988 8,164 47,516 23,389 Res. for tax policies plant 19,649 14,115 equipment. 778,468 729,270 1 1 processing Res. for self-lnsur. a Capital stock Earned surplus stock. b Treasury and Issued Total $3,238,024 30,207 shares class A of no par outstanding, 23,143 1,517,065 702,153 Dr40,391 $2,901,512 value and class 65,070 shares class B of no par value, b Represented by 2,216 shares A stock at cost, c After provision for doubtful items. d After reserve depreciation of $1,095,209 in for 1936—V. 144, p. 1972. 1937 and $1,474,634 in Electric Co. (& Penn Western Gas & 56,689 119,695 35,270 $352,246 $375,793 General taxes undistributed earnings on Federal and State income taxes Int. & other charges of stocks held by public) Interest Interest on subs. (incl. divs. on pref. 13,099 Subs.)—Earnings $63,660 105,000 372,879 715,439 Maintenance Prov. for retire't & deplet. reserves.. wells and for non-productive abandoned leaseholds Prov. Balance El. Co.. pref. stock of Pa. Gas & on on $2,020,699 999,553 9,441 91,725 3,921 $1,917,063 1.085,221 15,465 57,525 undistributed earnings Net earnings , Interest on funded debt Min. common net income stockholders' int. 116,592 Cr3,176 215,044 Cr5,166 $121,004 $512,746 in of sub. companies..... Interest charged to construction Net income x 20,838 180,731 5,991 1,043,139 139,120 Crl ,881 pref. stock of sub. cos 2,070 522,361 $257,285 Amortization of organization expense. on $3,997,338 2,024,014 521,534 Interest on unfunded debt Amortization of bond disct. & expense Divs. 28,864 990,825 361,460 16,660 53,494 480,888 193,942 Federal and State income taxes Reflects deduction for full preferred stock dividend require¬ 7% per annum. Dividends were paid in full to Jan. 1, For the 12 months period to Jan. 1, 1937, dividends were paid at 1936. 5% per annum, since which date one dividend has been declared paid at the rate of 4% per annum and one dividend has been declared paid at the rate of 3% per annum. (2) This statement has been prepared from the reports of the companies for the periods covered above and is subject to audit and auditors' comments and adjustments at the end of the year upon final audit for the year 1937. It is not a complete statement of all material facts in connection with the companies, or their securities, nor is it furnished in connection with any sale, or offer for sale, or solicitation or offer to buy an y securities. (3) No provision has been made for Federal surtax on undistributed profits for the period Jan. 1, 1937 to June 30, 1937.—V. 144, p. 4195, 3187. the rate of and made in advance in 314,578 127.378 170,867 been made for Federal surtax on undistributed profits for the period Jan. 1, 1937 to June 30, 1937, inasmuch as the amount, if any, applicable to this period is not determinable at thepresent time. (2) Comparable figures for previous 12 months period ended June 30, 1936, are not available in consolidated form as Penn Western Gas & Electric Co. did not acquire the stocks of its subsidiaries until August, 1935.— Notes—(1) No provision has V. 144, (& Subs.) —Earns. p.3187. $459,762 210,000 on subsidiary company) Earnings for 6 Months Ended June 30 El. Corp. pref. stock of Pa. Gas & Balance the following amts. with respect to gas delivered during the period un¬ der gas sales contracts, for which payments were Notes—(1) Oper. revs. incl. _ $314,578 $621,676 (2) This statement has been prepared from the reports of the companies for the periods covered above and is subject to audit and auditors' comments and adjustments at the 3nd of the year upon final audit for the year 1937. It is not a complete statement of all mat irial facts in conne ction with the companies or their securities, nor is it furnished in connection with any sale prior years made in advance in or offer for sale or solicitation or offer to ouy any securities. for Federal surtax on undistributed June 30, 1937.—V. 144, p. 3015. Pennsylvania Glass Sand Corp. (& Subs.)—Earnings— —6 Months 3 Months Mar. 31, '37 Period Ended— June 30,'37 June 30,'37 June Cost and expenses x2,746,529 445,428 426,904 xl ,824,154 1,107,703 $5,199,040 327,722 142,924 455,185 x2,760,037 500,977 Deprec. & amortiza'n Federal taxes for deprec., $6,145,336 478.331 406.609 Profit of subsidiary 115.983 132,659 $7,182,572 $6,684,604 $5,669,685 309,789 $6,698,437 $7,182,572 $6,684,604 $2.71 $5,359,896 $6,388,648 $2.17 $2.59 Profit Preferred Earns. per x dividends $2.82 sh .on com .stk. 448,570 141,293 , 309,789 Includes all taxes. Balance Sheet 1937 Cash M erchandise Accts. 8,381,451 4,858,286 Common 1936 $ Liabilities— x 7,836,927 9,515,597 .72,731,218 54,825,333 ... 1937 $ Furniture, fixtures, land, &c June 30 1936 $ Assets— $ stock__28,122,767 23,622,767 Accts. pay. & accr. 15,191,260 13,597,920 liabilities 567,679 476,511 Invest, in sub. co_ 895,^/2 470,221 5,660,230 Mtge. receivable.. 52,575 5,666,198 79,749 1,838,642 Notes payable 7,500,000 Fed'l tax reserve.. receivable, 2,862,406 Reserve for 2,363~578 fire $191,165 $400,321 $225,057 $175,264 145, p. 775. Pennsylvania State Water Corp. 12 Months Ended June (& Subs.)— 1936 _ and taxes 560,564 deductions of subsidiaries $1,199,139 534.992 $689,392 398 Gross income Interest and other -Earnings 1937 $1,249,956 30— Minority interest - Int., amortiz. of discount, Reserved for retirements $664,147 1,588 148 74 364.401 60,728 $6,108,574 $6,588,258 Other income 30'36 after allowance deple., bd. charges, &c., and in¬ come taxes, but before surtax on undistrib¬ Net profit Operating expenses, maintenance 1934 1935 1937 1936 $ 115.312,686$ 105.818.363 $92,979,584 $90,022,564 85.510,963 82,379.383 105,476,921 96,457,805 $212,883 — Gross earnings Sales $422,883 210.000 $249,762 Divs. accrued Inc.—Sales— 1937—Month—1936 1937—7 Mos.—1936 $20,409,482 $18,474,655 $135722,168 $124293,018 Period End. July 31— 708.719 312,280 Int. & other charges of subs. (incl. divs. on pref. stocks and minority common stockholders' int. in uted profits Sales $1,443,882 674,216 296,712 earnings Operating expenses $5,406,102 3,962,221 $1,430,691 Gross —V. (J. C.) Penney Co., 1936 1937 $5,436,809 4,006,119 30— 12 Months Ended June (3) No provision has been made profits for the period Jan. 1, 1937 to Incl. gas deliveries during the periods under gas sales contracts for which payments were prior years $27,681 (deficit) ments at the rate of net income of - 27,551 514,318 220,629 Cr3,990 General taxes Surtax $6,525,266 $13,316,103 2,828,477 5,712,917 342,401 770,540 709,000 1,437,498 $6,876,593 3,009,066 Total gross earnings Operation $77,319 105,000 $41,340 Nset income Div. accrued 988 ' Juner 30 '37 $6,423,952 $13,154,430 101,314 161,672 $6,791,896 84,697 Operating revenues * Non-operating revenues (net) 18,667 unfunded debt Amortization of bond discount and expense 12 Mos.End x 263,737 1.098 17,601 - - 1937—6 Mos.—1936 Period Ended June 30— 15,081 256,787 of Pa. Gas & Elec. Co.: funded debt on ... 8,731 and $3,238,024 $2,901,512 Total 51,904 120,315 51,818 850 7,095 Provision for retirement reserve Note—(1) 50,425 •31,382 1,517,065 890,941 Dr40,391 refunds 532,919 Maintenance and State Inc. taxes. 9,867 4,117 Goodwill. a 632,921 dividends 1 of proc. taxes and $150,000 Accrued Cash surrender val. of life Ins. June27'36 $200,000 Prov. for Fed. Investments d Property, July 3 '37 Accts. 1936 $1,129,096 541,252 Net earnings pay.—hanks payable and Notes 1937 $1,125,480 earnings Operation Int. & other charges Liabilities— June 27'36 $398,877 Assets— Subs.)—Earnings 12 Months Ended June 30— Gross Federal surtax Balance Sheet Cash 1111 Chronicle &c., of parent company 400,886 52,220 $209,305 $263,789 Net income undistributed calendar recorded until will not Accord¬ ingly, no deduction for such surtax has been made in the above income account for the year ended June 30, 1936. In the income account for the year ended June 30, 1937, there has been deducted surtax applicable to the earnings for the entire calendar year 1936. (2) All figures are subject to audit in so far as they contain earnings for the year 1937.—V. 144, p. 4357. Notes—(1) Inasmuch as the amount of Federal surtax on profits is not and cannot be finally determined until the end of each year the surtax for the year 1936 was not determined and the month of December, 1936, and the surtax for the year 1937 be determined and recorded until the month of December, 1937. Peoples Drug Stores, Inc.—Sales— 1937—Month—1936 1937—7 Mos. 1936 Sales $1,868,232 $1,732,521 $12,772,842 $11,599,873 Period End. July 31"— ----- 145, p. 447. —V. Subs.)—Earnings— receivership) and its subsidiary] Year Ended June 30— 1937 1936 Operating revenues -.$54,882,478 $49,292,025 Operating expenses, maintenance and taxes 30,337,130 24,974,726 Philadelphia Co. (& 1,854,770 advances, &c Deferred charges__ Impts. and lease¬ holds,less amort. Surplus 1,927,081 1,831,523 ..39,380,138 39,311,420 Total 94,888,094 80,822,765 losses, &c [Not incl. Bearer operating revenue Net 94,888,094 80,822,765' Total Represented by 2,543,984 (2,468,984 in 1936) no par shares.—V. 145» 289. x p. 1936 $8,795,406 Gas revenue 705,996 660,093 Steam 312,967 324,645 $10,807,779 4,651,732 $9,780,144 4,571,075 1,037.666 heating revenue Total operating revenues Operating expenses Maintenance... 908,166 606,009 „ Provision for retirements 189,158 770,579 Federal income taxes Other taxes (before appropriation for $24,545,348 $24,317,299 109,898 226,072 depletion reserves) Net oper. rev. & other income (before approp. & depletion reserves) $24,655,246 $24,543,371 7,377,253 6,991,129 Appropriation for retirement 1937 $9,788,815 Electric revenue retirement and Other income (net) for retirement Pennsylvania Electric Co. (& Subs.)—Earnings— 12 Months Ended June 30—• Valley Traction Co. (in 329 438 224 215 4861318 Gross income- & depletion reserves. Rents for lease of properties Interest charges (net) Amortization < f debt discount and expense Guaranteed divs. on Consolidated Gas Co. City of Pittsburgh pref. capital Appropriation for special reserve Other income deductions $17,277,993 $17,552,242 990,091 - - 989,399 6,174,081 539,023 of the 69.192 500,000 stock 321,263 $8,685,034 Net income capital stocks—cash: Duquesne Light Co.—5% cum. 1st Kentucky West Virginia Gas Co.: Dividends on $3,682,134 143.918 Operating income income (net) Other $3,131,431 51,516 5% cumulative first Interest charged to construction. Balance of income Note—No provision Cr3',998 $1,143,123 is made in this statement for undistributed profits, if any, for the year $3,182,948 1,819 755 166,850 57 217 $1,792,452 Interest on unfunded debt. Amortization of debt discount and expense $3,826,053 1,817,467 166,568 52,720 Cr3,155 Gross income Interest on funded debt Federal surtax 1937.—V. 145, p. 617. on pares 186,250 a 60,881 . 2,343,552 3,840,259 $3 Dividend— declared a dividend of $3 per share on payable Aug. 16 to holders of record Aug. 5. special dividend of $5 paid on June 28 last; $3 paid directors have with 1,375,000 prefj preferred Pepperell Mfg. Co.—To Pay The 529,416 69,192 500,000 295,394 $8,900,476 , Common including minority interest.. Philadelphia Co.: Preferred stocks Common stock.. —V. 145, p. 617. stock, par $100, 6,267,672 1,375,000 186,250 168,978 2,343,636 3,840,227 the capital This com¬ on Feb. 15 1112 last; Financial 15, 1936; $3 on Aug. 15, 1936; $1.50 paid on Feb. 15, 1936, and on Aug. 15, 1935; $3 per share in each of the three pre¬ ceding six-months' periods; $3.20 per share on Aug. 15, 1933, and quarterlydividends of $1 per share paid up to and including May 16, 1932.—V. 144, P. 4357. a special of $5 on Dec. Peoples Water & Gas Co.—Earnings— 12 Months Ended June 30— 1937 Operating revenues Operating expenses and general taxes Net earnings $372,236 5,435 . Other income. Gross corporate income on funded debt Miscellaneous interest—Net $377,671 156,088 ; Interest Provision for 1936 $1,027,636 .655,399 10,991 ; . $864,925 501,983 ' $362,942 1,073 $364,016 150,175 3,835 Federal income taxes: Normal tax Surtax on undistributed profits Chronicle Aug. 14, 1937 designed primarily for the production of high-priced Pierce-Arrow motor cars and the value thereof upon forced sale or liquidation is problematical. In addition to the mortgage notes above referred to aggregating $1,250,000, secured by the real property, plant, machinery and equipment, there were as of June 30, 1937 accounts payable in excess of $143,000, and, since June 30, 1937, a large portion of the inventory has been pledged to secure loans aggregating $100,000. While there would appear to be a substantial equity for stockholders on the basis of balance sheet figures, your board believes that a liquidation of the corporation, in view of the problematical values on liquidation, might well result in the stockholders losing their entire investment. ■ . ; ■ Your board is convinced that the plan is fair and equitable to both the holders of the preferred and the holders of the common stocks, and that its consummation will be greatly to their advantage. • A. J. Chanter, President of the corporation, follows: v A statement by issued Aug. 7 corporation, makers of higher priced cars exclusively since it built car in 1901, is completing arrangements to enter the medium-priced a high quality car, and to raise approximately $11,000,000 in cash for working capital and other purposes from the sale of stock to underThe 16,806 70 83,693 14,655 17,512 77,336 $110,025 $100,503 _ __ Prov. for retirements & replacements its first field with writers Net income.. —-V. 144, p. 3514. Pierce-Arrow Motor Corp.—New Stock Setup—Plan Calls for Profit-Sharing and Gift to Executive Officer—National Figure to Head Corporation—Details of the proposed plan of reor¬ ganization of the corporation to enable it to enter the mediumprice field with a high-quality Pierce-Arrow car and to raise approximately $10,700,000 of new capital, are revealed in a letter mailed to stockholders Aug. 12. A special meeting of stockholders will be held Sept. 2 to approve the plan. The letter also states that a man "of national importance will be invited to become the executive head of the The plan of reorganization is as follows: (1) A corporation." new corporation (to be organized in New York with "Piercepart of its name) is to sell 1,300,000 shares of stock to under¬ approximately $10,700,000 cash, net after deducting all amounts estimated as required for commissions, services and expenses in connection with the reorganization. Some or all of the directors of the present cor¬ poration may be included among the underwriters. It is intended that the underwriters will reoffer all or a portion of the 1,300,000 shares to the public at an initial public offering price of $10 per share. Warrants for the purchase of 101,000 shares, exercisable at $10 per share at any time on or before Sept. 30, 1940, are to be issued to the underwriters and others for services in the reorganization. The authorized capital stock of the new corporation is to be 2,000,000 shares (par $1) and they are to carry no preemptive subscription rights. Arrow" new as writers for (2) Simultaneously with the above mentioned sale of stock by the new corporation to underwriters, it is to acquire all of the assets of the present corporation by issuing stock to the present corporation as follows: The proceeds of the proposed financing will amply provide for new equipment, plant rearrangement, working capital and other requirements. A special meeting of the stockholders will be called shortly to take action with respect to the new plan. During the depression the "fine" car market shrank heavily for all manu¬ facturers. Although returning prosperity has brought some degree of re¬ covery in this field, the pronounced improvement in passenger car registra¬ tions has been in the medium-priced field where fine performance and workmanship formerly associated only with cars in the several thousand dollar class have been coupled with prices within the reach of a greatly in¬ creased number of people. The percentage of passenger car registrations in the $700 to $1,400 field was only 11 % of total registrations in 1933. This figure increased to 31H % in 1936 and to 34.9% in the first five months of 1937. The name "Pierce Arrow" is so thoroughly established as typifying the very highest quality in automobiles that the Pierce Arrow car in the mediumpriced field will meet with great popular acceptance. The addition of a medium-priced Pierce Arrow car, for which present distributors have indicated a tremendous demand, to the higher priced Pierce Arrow and Trailer lines will make possible very profitable operation of the company's plant. A statement issued Trust Co., The (c) One share plus 7-100th share of the indebtedness a like warrant new stock with for the respect purchase of an additional to each $8.65 of mortgage of the present corporation now outstanding in the principal amount of $1,250,000 with interest at 5% per annum from Dec. 1,1936; and (d) 5,000 shares of the new stock ime the purpose of enabling the present corporation to deliver the same to the proposed new chief executive officer of the new corporation in the event that the present corporation is able to arrange for his services in such capacity. In the event that such services are not obtained, such disposition shail be made of such shares as the board of directors of the present corporation shall determine. The acquisition of assets by the new corporation is to be free and clear of the lien of the mortgage indebtedness, but is to be subject to the other liabilities of the present corporation. Pursuant to agreement to be made between the present corporation and the mortgage creditors, the mortgage indebtedness is to be discharged through delivery by the present corporation of the shares mentioned above to the mortgage creditors in exchange for the mortgage notes. (3) Simultaneously with the transfer of the assets, the name of the present corporation is to be changed so as not to conflict with that of the new corporation, and a meeting of the stockholders of the present cor¬ poration is thereafter to be called to be held some time in November or December of this year to vote upon the dissolution of the present corporation in order to enable it to distribute to its stockholders the new stock men¬ tioned above. (4) As a first step in the plan and prior to the transfer of assets mentioned above, the preferred and common stocks of the present corporation are to be reclassified into a single class of capital stock. This is done so that upon the stockholders voting to dissolve the present corporation, dis¬ tribution of stock in the new corporation among the holders reclassified stock on a share-for-share basis will result in holders of the present preferred and common stock receiving stock in the new corporation in the ratios a a (6) It is contemplated that management readjustments will be made firmed so Farley far.] as being the person mentioned, but this cannot be con¬ (7) The new corporation is to adopt a profit-sharing plan which, in substance, is to provide that there may be distributed to certain members of the management and employees of the new corporation, for each calendar year for the five year period beginning with 1938, from the net profits of the new corporation for such year in excess of an amount equal to $1 in respect of each share of its common stock outstanding at the end of such year, 6% of such excess net profits up to the first $1,000,000 thereof, 8% of such excess net profits over $1,000,000 and up to $3,000,000 thereof and 10% of the remainder of such excess net profits. The computation of the net profits is to be in accordance with the annual reports of the new cor¬ poration, as certified by independent auditors, and is to exclude profit and loss on the sale of investments and capital assets. The present members of the board of directors are the following: A. J. Chanter, President and member of Executive Committee; J. Ernest Allen, Chairman of the Executive Committee; Henry B. Sheets (Marine Trust Co.; Buffalo, which owns one-half of the outstanding mortgage notes and 36,954 shares of the common stock; Charles M. Kennedy, Buffalo; E. B. Germain, Buffalo; Sheldon A. DuCret, New York; and Kenneth Strachan, Buffalo. A. J. Chanter, President, further states: Your board is of the opinion that consummation of the plan will make possible the profitable operation of the plant. On the other hand, on the basis of past experience, your board does not believe that the high-priced Pierce-Arrow and the trailer lines, alone, can be manufactured and sold on a scale sufficiently large to make operations profitable. Corporation has substantially exhausted its working capital and since Jan. 1, 1937 has practically ceased production. If the stockholders do not place the board in a position to proceed with the plan, the liquidation of the corporation appears inevitable in view of the fact that mortgage notes in the principal amount of $1,250,000 have become due and are unpaid. A major portion of the assets of the corporation, consisting of plant and property, are carried on its books at an arbitrary value, which was based upon an estimated production of high-priced cars. Such estimated produc¬ tion was not realized, and your board believes that it would be very difficult liquidate the plant and property at anything like the book value figures the value which the property undoubtedly has for the manufacture of cars by a going concern. Also, much of the inventory and equipment is to or of the Pierce-Arrow Motor Corp., in such The fine traditions of this great old company, embodying as they do such contribution to the success of the industry as a whole in the past, indicate real future for Pierce-Arrow getting into the broader coverage of the Pittsburgh & Lake Erie RR.—Earnings— Period End. June 30— 1937—Month—1936 1937—6 Mos.—1936 Railway oper. revenues. $2,105,949 $1,878,890 $12,443,383 $9,599,992 Railway oper. expenses. 1,620,872 1,386,725 10,058,702 7,667,338 Netrev. fromry. oper. Railway tax accruals Equip. & joint facility $485,077 x$30,Q23 Crl63,911 rents $492,165 154,604 $2,384,681 xl, 110,113 $1,932,654 798,229 Cr152,258 Crl,044,917 Crl,041,611 Net ry. oper. income._ Other income $318,965 159,498 $489,819 14,199 $2,319,485 233,392 Total income Misc. deduct, from inc.. Total fixed charges $478,463 6,519 3,345 $504,018 75,508 ' 5,456 $2,552,877 319,336 32,593 $468,599 $423,054 $2,200,948 $2,176,036 87,729 $2,263,705 387,168 „ 44,545 Net income after fixed charges $1,832,052 Net inc. per sh. of stock. $0.54 $0.49 $2.55 $2.12 x Includes $184,693 account of carrier's excise tax in connection with Railroad Retirement Act, at 2%% of pay rolls for period Jan. 1, to June 30, 1937. No similar charge in 1936.—v. 145, p. Powdrell & stock, 776. Alexander, Inc.—20-Cent Dividend— The directors have declared mon a dividend of 20 cents per share on the com¬ $5, payable Sept. 15 to holders of record Sept. 1. A like paid on June 15, last, and previously, regular quarterly divs. of 15 cents per share were distributed. In addition an extra dividend of 25 cents was paid on Dec. 24, 1936.—V. 145, p. 776. par amount was Public Service Company of Indiana-—Earnings— 6 Months Ended June 30— Operating Prov. for revenues. loss on ry. 1937 Drl71.708 ; Net income $6,782,184 5,146,522 $1,811,975 1,268,565 43,886 122,083 „• funded debt.. General interest Amortiz. of debt discount & expense Drll6,162 $7,090,389 5,278,414 $1,635,662 1,274,278 43,541 122,705 $377,440 Netearnings on $6,898,347 leased to receiver of Indiana RR. Oct. 1, 1934. Interest 1936 $7,262,098 prop, Total gross earnings Total operating expenses & taxes and that a person of national importance will be invited to become the executive head of the new corporation. [Press reports refer to Postmaster James A. reorganization various price ranges. I feel that the proposed reorganization, with the advent of new capital, will put this company on a sound basis, and one that will enable it to carry on the fine traditions of Pierce-Arrow.—Y. 141, p. 2902; V. 143, p. 1088. mentioned above. (5) 100,000 shares of stock in the new corporation are to be reserved for options to be issued to certain members of its management and employees, of which options covering 75,000 shares are to be exercisable at $10 per share during the period ending Sept. 30, 1940 and options covering 25,000 shai es are to be exercisable at such prices and during such periods as the board of the new corporation may determine. effective way as to enable Pierce-Arrow to handle lower priced cars and a more complete coverage of th* field, would be most beneficial to Buffalo. a (a) One share of the new stock with respect to each two shares of the 50,000 outstanding shares of preferred stock of the present corporation; (b) One share of the new stock with respect to each five shares of the 118,894 outstanding shares of common stock of the present corporation; by George F. Rand, President, Marine Buffalo, follows: $195,137 Note—To place the results of operation for the respective periods on a comparable basis, the revenues and expenses for the six months period ended June 30, 1936 have been restated to give effect to certain year end adjust¬ ments which were applicable to the entire year.-—V. 144, Public Service Co. of Period End. June 30— Total oper. revenues a Total oper. exps. & tax Net operating incomeOther income (net) p. 3516. Oklahoma—Earnings— 1937—3 Mos—1936 $1,414,184 $1,306,141 942.585 811,270 1937—6 Mos—1936 $2,863,529 $2,649,098 1,894,963 1,596,123 $471,599 15,163 $494,871 11,534 $968,565 28,344 $1,052,975 25,387 $486,762 178,150 5,664 $506,405 180.175 5,494 $996,910 356,967 11,327 $1,078,362 379,025 10,685 expense.27,786 51,896 Gross income Funded debt interest... General interest. Amortizat'n of bond dis¬ count and 28,608 55,572 879 2,400 1,899 4,800 $274,283 133,892 $289,727 133,892 $571,145 267,784 $631,956 267,784 $155,836 $303,361 $364,172 Taxes assumed on int. & misceil. deductions Net income Prior lien stk. divs Balance a No provision $140,391 has been made for Federal undistributed profits tax. —V. 144, p. 4358. Pure Oil Co.—Plans Issue of The company announced $44,244,300 Stock— 10 its intention to offer to holders of subscribe to $44,244,300 of ($100 par). The statement said the rights would entitle holders of the company's 3,981,990 outstanding shares of common stock to subscribe to one share of new preferred for each Aug. common new stock of record of Sept. 3 rights to cumulative convertible preferred stock nine common shares held. Details of conversion terms and the dividend rate for the new stock will be announced before the offering date. preferred Net proceeds from the sale of the new stock, the company said, would be used partly for these purposes: $8,428,200 to redeem 76,620 shares of Volume Financial 145 8% cumulative preferred stock at $110 a share on Jan. 1, 1938; $3,000,000 the balance on bank loans maturing from 1938 to 1940, and $25, 000,000 to retire bank loans incurred to provide a portion of funds required for redemption of the balance of the company's 15-year 4M % sinking fund notes on July 1, 1937.—V. 144, p. 3851. to pay Puget Sound Power & Light Co. (& Subs.)—Earnings Period End. June 30— $1,186,963 $15,826,201 $14,236,930 450,358 6,135,720 5,423.747 75,279 1.003,706 809,686 169,136 al,923,637 1,775,442 $1,258,283 465,885 103,264 al68,231 Taxes Net oper. revenues— Non-oper.inc. (net 1937—12 Mos.—1936 1937—Month—1936 Operating revenues Operation Maintenance Balance $7,175,519 3,853,149 $539,333 343,365 $544,202 320,816 Int. & amortiz., &c $6,763,138 412,381 $492,191 47,142 $520,902 23,300 - , $6,228,054 546,932 $6,774,986 3,876,156 Roses $3,322,370 Prior preference dividend requirements Preferred dividend requirements Balance for dividends and surplus common 1,402,346 $1,825,421 550,000 1,583,970 Balance $2,898,831 1,496,949 $195,968 $223,386 Appropriations for retirement reserve $1,496,484 550,000 1,583,970 def$308,549 def$637,486 a No provision has been made for the Federal surtax on undistributed profits, since any liability for such tax cannot be determined until the end of the year. Note—The company on Jan. 1, 1937, adopted the Federal Power Com¬ mission System of Accounts, hence previous year's figures are not exactly comparative.—V. 145. Pullman p. Ruud Co.—Earnings— 1937—Month—1936 $3,523,580 $2,293,417 $165,655 154,944 $154,375 128,545 $1,061,013 872,132 $957,266 755,605 $10,711 $25,829 $188,881 $201,661 $453,941 Cr408,542 $433,339 258,667 $3,712,461 1,121,451 $2,495,078 1,327,032 $862,483 $174,672 $2,591,010 $1,168,046 ' revenues. Total expenses Net revenue Total net Months—1936^ $407,509 Auxiliary operations: Total 1937—6 $4,705,408 $30,857,289 $27,147,672 4,297,899 27,333,708 24,854,254 $443,230 revenue . revenue. Taxesaccrued ^Operating income —V. 145, p. 448. Mfg. Co.—Extra Dividends— have declared two extra dividends of 10 The directors be paid on Dec. 16 to holders of record Dec. 6.—V. 143, p. 601. Rutland RR.—Earnings— Period End. June 30— 1937—Month—1936 Period— Weeks Ended July 17 '37 28 Weeks Ended $1,796,262 1,635,701 $1,632,803 $41,466 13,895 1,232 $160,561 xl39,452 $48,330 76,950 Cr8,921 Cr435 def$4,506 3,463 $26,339 def$28,185 4,914 $30,030 22,231 $31,253 $52,261 $11,037 $313,192 269,500 expenses $295,261 $43,692 x47,944 revenues from ry. opersi rev. Ry. tax accruals 254 Equip. & jt. facil. rents. Netry. oper. income. _ Other income Miscell. deducts, July 11 '36 July 17 '37 July 11 '36 profit after interest, deprec., Fed'l taxes, x$202,264 $257,581 x$230,463 $68,968 Earns, per sh. on 771,476 shs. com. stk. (no par) $0.26 $0.33 $0.30 $0.09 380 Rhodesian Co., Inc.—Earnings— on $40,166 $0.56 hand aggregate approximately $320,000.—V. 144. Anglo-American, Ltd.—Acquisition— has company made an Con¬ in Rhodesian Anglo-American for every complete 12 shares Loangwa Concessions. The offer is conditional upon its acceptance by at least 90% in value of the holders of the 3,787,666 shares to whom it is made. Rhodesian Anglo-American, Ltd., is already the largest shareholder in Loangwa.—V. 144, p. 4197. in McDuffie has submitted his regisnation as Chairman of the Executive Committee and director of this company.—V. 145, p. 777. Antelope Copper Mines, Ltd.—Earnings— 1937 £1,243,500 3 Months Ended June 30— revenue- Operating expenditure (incl. London charges) & mine administration Estimated surplus over working exp Pro v. for debenture stock int. and premium on redemption Reserve for replacements & obsolesc.. Estd. profit, subject to taxation— —V. 144, p. 777. Rochester $197,945 Savannah Electric & Power Period End. June 30— Operating Operation 1937—12 Mos.—1936 $2,066,287 $1,857,285 784,598 719,378 114,127 115,490 a214,799 203,917 $176,345 69,080 11,229 al9,071 $68,868 2,018 $952,762 13,530 $818,501 $78,248 32,500 Taxes $156,632 60,177 10,618 16,969 $76,965 1,283 revenues Maintenance $70,886 32,400 $966,293 378,859 $840,941 $587,434 232,833 $436,579 175,000 $354,600 149,115 $261,579 149,115 Net oper. revenues Non-oper. income (net). Balance Int. & amort., &c Balance $45,748 Appropriations for retirement reserve. 193654 Co.—Earnings— 1937—Month—1936 $38,486 ' Balance a 1936 £462,500 491,500 260,000 295,500 £752,000 £202,500 £186,000 8,500 23,000 50,000 22,500 37,500 £693,500 £142,500 £125,500 ** t 37,500 „ 1937—Month—1936 Co.—Sales— Period End. 1937—Month—1936 July 31— Sales $1,197,504 $1,051,238 1937—7 Mos.—1936 $7,410,206 $7,108,339 —V. 145, p. 449. Board Corp.—Accumulated Dividend Scoville Manufacturing Co.—Acquisition— This company has acquired the business of Vulcanite Mfg. Co. of Lindenhurst, N. Y. Operations will be transferred to the Scoville plant at Oakville.—V. 144, p. 4359. This company has been awarded contracts to supply builders hardware 10 Federal housing projects in eight States, four public buildings in for theatres scattered throughout the East, Louis Segal, New England and 12 President, announced. The housing contracts, totaling in excess of $200,000, include the Laurel Homes development at Cincinnati, the second largest project on the Housing Division's program.—V. 145, p. 449. Earnings for 5 Months Ended May 31,1937 $8,948 Net income after taxes and charges —V. 144, p. 4360. Kalamazoo, Mich.—Stock Offered— July offered 17,277 shares of capital stock at $12.50 per share to residents of State of Michigan only. Van Grant & Co., Detroit^in History—Is the outcome of a business established in 1898, by William Company is engaged in the manu¬ Shakespeare Jr., as an individual. level-winding fishing reels. The fishing tackle products of the company are sold through three dif¬ ferent merchandising channels as follows: Uncollectible oper. rev__ 2,754 Operating revenues Operating expenses $422,340 302,259 $397,121 $2,467,179 293,124- 1,741,278 $2,350,582 1,736,454 $120,081 41,923 $103,997 33,240 $725,901 241,608 $614,128 199,135 $78,158 $70,757 $484,293 $414,993 $2,469,933 (1) Various types of fishing tackle bearing the Shakespeare name are than 3,000 retail dealers throughout the United sold directly to more States and Canada. (2) $2,354,491 3,909 Net oper. revenues... undistributed liability for such tax cannot be determined until the end year.—V. 145, p. 778. Company also has yearly contracts with several large manufacturers of fishing equipment for the manufacture of special 1937—6 Mos.—1936 $397,567 446 Operating taxes $52,464 facture and sale of $422,811 471 Operating revenues 60,000 $145,486 Shakespeare Co., 1935 £481,500 Telephone Corp.—Earnings— Period End. June 30— 404,362 60,000 No provision has been made for the Federal surtax on any 22,440 Seversky Aircraft Corp.—Earnings— Richfield Oil Corp .—Chairman Resigns— Gross $154,710 Segal Lock & Hardware Co.—Awarded Contracts— offer to shareholders of Loangwa cessions (Northern Rhodesia), Ltd., to purchase their holdings in exchange for shares in Rhodesian Anglo-American, Ltd., at the rate of one fully-paid Roan $3,291 a dividend of 50 cents per share on the $2 pref. stock, no par value, payable Aug. 16 to holders of record Aug. 5. A like payment was made on May 15 and on Feb. 15 last, this latter bemg the first dividend paid since May 15, 1932, when a regular quarterly dividend of like amount was distributed.—V. 145, p. 131. profit after all expenses and charges, incl. depreciation Earnings per share on 50,855 shares common stock "William O. 2,935 206,047 The directors have declared Net each 2,278 204,693 cum. par tic. Earnings for 6 Months Ended June 30, 1937 5s. 34,139 $35,323 Schumacher Wall Pulp & Paper Co.—Registers with SEC— See Grays Harbor Pulp Co. above.—V. 145, p. 777. of 405 33,900 charges, Schiff Before provision for surtax on undistributed profits. Note—Processing tax refunds received in the first 28 weeks of 1937 are not included in the above net income.—V. 144, p. 3516. x ^Unfilled orders now p. 3349. ( 39,222 Net deficit after fixed of the Reliance Bronze & Steel 1,584,473 from income Total fixed charges profits since minority interest, Ac. share of 10s. 253,795 Balance for common dividends and surplus Net This 1937—6 Mos.—1936 def$l ,043 Ry. oper. Ry. oper. Debenture dividend requirements 12 cents per share and two regular quarterly dividends of 15 cents per share on the common stock. One extra and one quarterly dividend will be paid on Sept. 16 to holders of record Sept. 6 and the other extra and quarterly dividend will Preferred dividend requirements Purity Bakeries Corp. (& Subs.)—Earnings— Rainier 1937—7 Mos.—1936 $2,574,910 $2,301,517 100 92 x Includes $28,715 account of carriers excise tax in connection with Railroad Retirement Act, at 2% % of pay rolls for period Jan. 1, to June 30, 1937. No similar charge for 1936.—V. 145, p. 777. 776. Sleeping Car operations: Total revenues. $5,084,928 Total expenses 4,641,698 Net 1937—Month—1936 $391,823 $353,428 Stores in operation —Y. 145, p. 449. [Revenues and Expenses of Car and Auxiliary'jOperations] Period End. June 30— 5, 10 & 25 Cent Stores, Inc.—Sales— Period End. July 31— Sales Net Balance 1113 Chronicle branded reels. (3) In addition, company manufactures under the registered trade name, "Kalamazoo Tackle Co." a full line of fishing reels which aresold exclusively to jobbers. On Aug. 13, 1921, the Shakespeare Products Co. was incorp. in Michigan (the outstanding stock of 15,000 shares being owned by th e parent company with the exception of five shares). The Products company manufactures and sells wire instrument board controls used on automobiles, motor boats, airplanes, tractors, &c. The instrument board wire controls are sold to over 150 customers and in the 1936 fiscal year, this business accounted approximately 75% of the Products company's total sales. Metal spnngbacks for loose-leaf binders are also manufactured and sold chiefly to various units of the Western Tablet & Stationery Co. on yearly contracts which have extended over a period of nearly five years. for Net oper. income —V. 144, p. Rome 4358. Cable Gross profit on sales fiscal years, Sept. 30, '36 Dec. 31, '36 Mar. 31, '37 June 30, '37 after $16,585 32,307 $48,717 profit Other income (net) 38.348 x$139,288 53,032 $10,369 Cr823 $54,620 Drl,918 $86,256 Dr652 loss$14,910 Sell. & admin, expense-. $103,433 48,813 loss$15,723 Cr812 depreciation Net oper. Sales and Corp.—Earnings—• 3 Months Ended— $11,191 $52,701 $85,604 y Prov. for Fed. normal 11,680 taxes Net profit after for Fed. normal oper. prov. x After deducting $11,191 $52,701 provision for copper equalization reserve, $73,923 y No pro¬ vision has been made for surtax on undistributed earnings or excess profits taxes.—V. 145, p. 448. 1937 (10months) a After all charges - Net Sales $862,770 969,327 1,278,187 1,617,078 &Net Profit $54,194 55,553 131,397 173,783 including bond interest, taxes and bonuses. Authorized Outstanding 1st mortgage 6% serial bonds $250,000 $188,500 7% cum. pref. ($10 par) stock 30,000 shs. 9,284.6 shs. Common stock ($5 par) 140,000 shs. 75,000 shs. Purpose—Funds derived from the present financing will go to augment working capital required for steadily expanding business. Steel Corp.—Selling Group Terminated—Speyer Hemphill, Noyes & Co. announce that the selling group on the 20,000 shares of convertible $5 preferred stock of corporation terminated at nooR Aug. 9. Sharon loss$14,910 taxes shown below: 12 Months Ended July 31— Capitalization— profit from oper¬ ations before Federal Net normal taxes Earnings—The consolidated net sales and net profits for the 1934, 1935 and 1936, and the first 10 months of the present fiscal year are & Co. and 1114 Financial Chronicle Earnings Periods Ended June 30 -3 Months- Period Ended June 30— Gross sales, less discounts, returns & allowances 1937 $6,276,671 4,998,058 160,811 Manufacturing costs Provision for depreciation Selling, gen. & adminis. expenses..,. Taxes, other than prop. & income 1937 troversy. bAt June 30, 1937, certain litigation was pending against Simms Oil Co. involving possible liability of the nature referred to in note (a), which, if unsuccessfully defended, would result in loss to Simms Petroleum Co. Included in such litigation is a suit brought by the trustee in $4,971,373 $11,825,909 4,142,150 9,590,631 208,665 343,811 263,997 414,957 13,789 39,884 3,125 6,249 18,000 12,000 213,369 24,333 3,125 Provision for service contract fee Provision for doubtful accounts -6 Mos- 1936 3,000 Balance Other income $873,974 26,761 $321,645 20,668 Together $900,735 $342,314 43,669 1,066 1,471 $873,476 177,400 $296,106 27,770 $1,425,437 277,400 $696,076 $268,335 judgment is being appealed. Tide Water Associated Oil Co. has given notice of its intention to deposit in escrow the monthly instalments on the contingent payment referred to in note (a) to the extent provided in the agreement of May 14, 1935, until they equal the liability under the judg¬ ment, pending determination of the appeal. Such deposits made up to June 30, 1937, in the amount of $271,805, are shown above under "con¬ tingent assets." The above reserve has been provided for this and other possible losses of this nature, as well as for Federal income and excess profits taxes for 1935 and subsequent years, and is believed by the board of direc¬ $1,476,625 <1,046 3,714 bankruptcy of Virginia Oil & Refining Co. in which the trial court decreed a judgment June 12, 1936, against Simms Oil Co., et al., upon the basis of which the liability of Simms Petroleum Co. would approximate $330,000. This on $1,418,376 58,249 $1,148,037 Interest on bonds Amortiz. of bond disc't & expense Other interest Prov. for Federal & State inc. taxes. < _ Net profit for the period 22,500 45,000 2,091 4,097 tors to be a reasonable estimate thereof. It is impossible, however, to determine with accuracy at the present time the ultimate cost of these items and the reserve of $718,731 may therefore prove to be either excessive Balance of Debentures Called—• The company has called for redemption on Oct. 13 at 105 and interest such its outstanding 15-year 4^% convertible 1951, have not as The debenturns heretofore been convertible into are of common per $1,000 called debentures, due March 1, redemption Sept. 1, 1937. for common stock at No value is included above for the right of Simms Petroleum Co. to re¬ ceive from Tide Water Associated Oil Co. under the agreement of May 14, 1935, a sum equal to the amount by which $200,000 exceeds the aggregate Federal income, capital stock and excess profits and corporate franchise taxes of Simms Oil Co. from May 1, 1935, to Dec. 31, 1939. Simms Oil Co. ceased operations in the rate of 25 shares principal amount of debentures.—V. 145, p. 955 Signode Steel Strapping Co.—Earnings—1 6 Months Ended June 30— 1936 $2,232,851 1,814,022 allowances Cost of goods sold, oper., sell. & admin, exps Depreciation Amortization of patents........ Federal income and capital stock taxes Earnings per share $326,314 stock, and (or) determined Sioux City Gas & Electric Operating revenues Non-operating revenues (net)-.-... Total gross earnings............: $3,025,699 $2,797,665 1,058,988 1,084,826 111,896 Operation $131,135 receivables.... Prepaid exps., supplies, &o___ 10-year bearer 3% % notes sinking fund, cash Investments, 13,944 455.312 at cost.. macnines In 427,089 $947,915 542,669 Interest on unfunded debt Amort, of debt disct., prem. and expense, &c Interest charged to construction :___— _____ 232,047 Net income 357,498 Reserve for contingencies Deferred $2.50 42,192 12,000 income...... cum. preference (par $30) 30,327 stock 943,620 .i. Common stock Surplus.. Total.....................$2,719,9551 a498,420 ..w...-- 226,828 - Total....................$2,719,955 x After reserve for credit losses of $35,378. y After reserve for deprecia¬ tion of $559,578. z After reserve for amortization of $283,943. a Repre¬ sented by 132,905 no par shares.—V. 145, p. 778. Co.-—Earnings— Period Ended June 30, 1937— on notes and accounts receivable Rentals of marketing stations, &c Income—Interest Miscellaneous 3 Months $559 6,320 Deficit for the period... $1,351 12,778 $5,761 Total 643 $11,427 The foregoing does not include the amounts received during the period water Associated Oil Co., representing payments aggregating $336,531 on account of principal of the amount receivable if, as and when oil is produced, and $49,615 interest thereon, of which $25,882 was deposited in escrow. on common stock of Iowa 1936. $85,535. Sioux 12 City Service Co.—Earnings— fonths Ended June 30— 1937 Total gross earnings Operation Maintenance Provision for retirement Taxes. 1936 $470,225'. $474,662 261,266 45,604 41,846 — ________ $493,657 4,132 $497,789 263,424 75,573 Operating revenues, ___■ Non-operating revenues (net) 45,000 40,025- $71,341 59,314 2,772 $57,493 62,4752,919 reserve from Tide The above statement does not include net losses during the period on property retirements, &c., amounting to $43,286, which were charged to the reserve for revaluations. Net earnings on funded debt Net income.____ $248,803 3,436 5,200 80 ..... 8 Notes receivable Invest, in capital stock of Sobrantes Oil Corp., a subsidiary not consolidated, at cost (net) 3,630 ... property c ... assets Nil a3,457,074 Deferred charges—advances, &c ..... ____ $3,718,660 $43 1,698 760 expenses taxes Reserve for contingent loss in title and other litigations, income and excess profits taxes, &c__ Capital interest of stockholders, represented by 463,650 shares of Simms Petroleum Co. outstanding: Undistributed capital and surplus Unrealized profit on sale of Simms Oil Co. stock Total b718,731 656,841 2,340,586 $3,718,660 a The agreement of May 14, 1935, relating to sale of Simms Oil Co. stock, provided that $4,155,000 of the consideration therefor was payable by Tide Water Oil Co. (now Tide Water Associated Oil and when oil is produced. Instalments on this Co.) only if, as contingent payment are due monthly in an amount equal to one-fourth of the value of the and gas produced from the Simms Oil Co. properties, of p. -- ' $9,255 on 70,878 def$7,901 undistributed 3019. the first 36 months $6,250. the instalments are addition, interest at 3% is receivable thereon. The amount to be received by Simms Petroleum Co. from Tide Water Associated Oil Co. on this contingent payment, and also from the funds, is subject to reduction in the event that liability is established under the covenants of warranty in the agreement of May 14, 1935, or if certain other non-admitted contingent liabilities of Simms Oil Co. referred to therein are established. By agreement made on May 7, 1936, it was provided that Tide Water Oil Co. (now Tide Water Associated Oil Co.) might withhold from the last and interest. Dated May 1,1937; due serially Jan. i, 1938, to Jan. 1,1943, as follower $60,000, 3%, Jan. 1, 1938: $60,000, 3X%, Jan. 1, 1939; $60,000. SH%, Jan. 1,1940; $60,000, 4%, Jan. 1,1941; $60,000, 4%, Jan. 1,1942; $25,000,. 4%, Jan. 1, 1943. The Good Samaritan Hospital and Seton High School first mortgagebonds will be issued under an indenture dated as of May 1, ^ _ 1937, and an indenture supplemental thereto dated as of July 14, 1937, executed by Sisters of Chanty of Cincinnati, Ohio, to Continental Illinois National Bank & Trust Co. of Chicago, trustee. The net proceeds ($309,000 estimated), together with other funds of the corporation, will be used to provide the cash required to complete the retirement of (a) all Good Samaritan Hospital 5 first mortgage gold bonds; (b) $342,300 of notes payable to the corporation. The first mortgage bonds, series A and series B, in the aggregate prin¬ cipal amount of $1,650,000, when issued, will be the direct obligations of the corporation and will be secured by (a) a valid and direct closed first mortgage on the real estate, buildings and other propert3 of the corporation known as its Good Samaritan Hospital, Cincinnati, Ohio, and (b) a valid and direct closed mortgage on the leal estate, buildings and other property of the corporation known as Seton High School, Cincinnati, Ohio. Total appraised valuation of real and fixed property and equipment covered by the lien of the indenture is $4,372,450.—V. 145, p. 779. Skelly Oil Co. —New Directors— net oil except that for each one-fourth of such value less The principal amount of this contingent payment remaining unliquidated on June 30,1937, was $3,065,824. In escrow Cincinnati, Ohio (Good Samari¬ Hospital and Seton High School)—Bonds Offered— B.C. Ziegler & Co., West Bend, Wis., are offering $325,000 3%, 3*4%, 3 Yi% and 4% 1st mtge. bonds, series B, at par tan _ 331 Total Liabilities— Accounts payable Accrued Accrued 144, 4,437 Sisters of Charity of Cash...! Contingent — Note—No provision has been made for Federal surtax Consolidated Balance Sheet June 30, 1937 Notes receivable (less $829 reserve). Accounts receivable (less $606 reserve) Accrued interest receivable Due from a director Fixed — Interest Amortization of bond discount and expense profits.—V. Assets— $369,333 Public Service Co. paid senting principally premium paid on retirement of, and unamortized discount and expense applicable to, certain bond issues which were refunded during: the year 1936. Accruals for such taxes for the period Jan. 1 to June 30. 1936, which are included in the 1936 column above, were reversed in July, 1936, the adjustment of $36,457 being included in the 1937 column above. Since Jan. 1, 1937, normal provision for Federal and State income taxes has been made, but no provision for Federal surtax on undistributed profits has been made inasmuch as the amount, if any, of the latter applicable to this period is not determinable at the present time.—V. 144, p. 3019.. $647 61 , CY339 $635,605 . Includes dividend 28,470 Note—It is estimated that the company had no liability for either Federal normal income tax, Federal surtax on undistributed profits, or State income tax for the calendar year 1936, on the basis of claiming f, r tax purposes; certain deductions not shown in the foregoing statement of income repre¬ 6 Months $195 ""364 Expenses and charges. x in Jul 7,783 5,851 96,608 116,966 10-yr. bearer promissory notes due Oct. 15, 1945 Customers' deposits for tool 48,689 Crl.988 _______ 27,513 __ taxes (incl. income taxes).__ 437,479 y348,619 z34,743 expense, &o Simms Petroleum $1,163,166 Net earnings on funded debt Interest 256,369 expenses service, unamort. portion.. Patents. 257,500 346,838 _________ $18,366 Accrued Federal, State <fe local service, less depreciation Prop., plant & equip., at cost. Organization Accrued 7,405 29,325 296,231 348,150 19,443 Federal and State income taxes Trade notes payable Trade accounts payable x455,142 764,658 Inventories Miscellaneous 139,721 Provision for retirement reserve Liabilities— liana & demand depos. Trade accts. & notes receivable on & 1936 $2,763,129 34,536 General taxes Assets— Tools 1937 $2,906,346 xl 19,352 Maintenance Balance Sheet June 30,1937 Cash Co.—Earnings— 12 Months Ended June 30— the calendar year. Similar extra of par was undis¬ until capital $1, both payable Aug. 30 to holders of record Aug. 16. 0 cents Payments were madeMayMay 29, last, and on Nov. 30, 1936. An paid on on 31,1936.—V. 144, p. 3019. $145,359 $0.79 $2.15 excess be close of the $176,805 4,924 26,521 (132,905 shares) Note—No provision has been made for taxes on tributed profits, if any, as the amounts cannot dissolved April 15, 1936.— The directors have declared an extra dividend of two cents per share in addition to the regular quarterly dividend of like amount on the $167,700 9,106 $386,410 5,216 54,880 ..... was 450. (William) Simon Brewery—Extra Dividend— 1,172,768 31,158 3,416 $379,546 6,864 income p. •. 35,870 3,414 ......... Deductions from income.... 145, $1,375,042 Income from operations.................. Other March, 1936, and V. 1937 Gross sales and operating revenue, less discount, returns and inadequate. or c The reserve for revaluation provided at June 1, 1935, was based on an estimate made at that date of the amount to be realized on sale of fixed property. The amount realized to June 30, 1937, exceeded the total of this estimate (although all of the property had not been disposed of) and the amount of such excess was credited to capital surplus. No reserve has been provided in the accounts for future expenses of ad¬ ministration. Note—No provision has 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 formulaoed. J of Aug. 14, 1937 portion of the contingent payment a sum equal to approximately $67,000 plus interest, if, at the time payment of such funds to Simms Petroleum Co. would otherwise accrue, the title to a certain oil property is still in con¬ Four new directors elected Aug. 10. They are associated with Kluth and Fero Williams, directly Harold L. Rowland and Arch H. Hyden. Other directors Skelly, President; C. C. Herndon. H. M. Stalcup, Euby Kaye and T. F. Hopp of Tulsa, and W. T. Atkins of Kansas City. ' ' •;/ • " ' ' ■ >. J. Paul were Getty interest and associated with the are on Emil Getty interests; are W. G. . 50-Cent Dividend— The directors ; - . have declared a dividend of 50 cents per share on the stock, payable Sept. 30 to holders of record Sept. 1. A like amount on July 1, last, this latter being the first dividend paid on the common srock since Dec. 15. 1930 when a quarterly dividend of 50 centa per share was paid.—V. 144 3192. common was paid Volume 145 Financial vote of the holders of 66 2-3 Socony-Vacuum Oil Co., Inc.—Bank Loans— The company has reduced its notes payable to banks from $13,500,000 •on Dec. 31,1936, to $2,700,000 (maturing Aug. 14,1938) on July 31, last, according to a registration statement filed with the Securities and Exchange Commission. Company paid off $8,100,000 notes on July 3—V. 145, p. 621 South American Utilities Corp.—Plan for and Dissolution Sale of Assets of Corporation— A special meeting of the holders of the $4 dividend preferred stock and common stock will be held Aug. 27 for the following of the holders of the purposes: (1) To vote upon a proposed plan of sale of the property and the company and the dissolution and liquidation of the company. (21 To consider and take action upon the following resolution assets of adopted by the directors with respect to dissolution of the company: "Resolved that, subject to the authorization and approval, or consent by (a) the holders of 66 2-3% of the entire amount of the $4 dividend preferred stock of this company required to be issued under the Intercontinents Power Co. plan and agreement of reorganization dated voting trustees for the common as the the holders presently out- of Sept. 15, 1934, (b) all stock of this company and (c) this company xi,v.uoU..u .xAectrique, a Swiss corporation, and to a new Delaware corporation, the submission of which plan to the holders of preferred stock and to voting trustees for the common stock has here¬ tofore been approved by the directors, in the judgment of the board, it is advisable and most for the benefit of this company that it should be dis¬ solved." Present Situation—-All of the assets of the company (except are certain cash) pledged under a collateral trust indenture from the company to City Notes mature on Jan. 1, 1938. All such secured notes (ex¬ cept $800) are held by two banks and two other corporations. These secured creditors also own voting trust certificates in respect of an aggregate of 56,924 shares of common stock of the company. The 56,924 shares of common stock represent approximately 45% of the total amount of common stock of the company required to be issued under the Intercontinents Power Co. plan and agreement of reorganization dated as of Sept. 15,1934. Plan for Sale of Property and Assets and Dissolution and Liquidation of Co. The plan contemplates: (1) the sale to Societe Generale Pour L'lndustrie Electrique, a Swiss corporation, under the terms and conditions of a con¬ tract entered into between the company and Societe Generale under date of July 9, 1937, for $2,235,000 in cash (subject to certain adjustments), of the company's interest in the following securities: 4,350.000 argentine pesos principal amount of 7% demand notes of Cia. Sud Americana de Servicios Publicos, 8. A., an Argentine corporation hereinafter called Sudam Argentine (substantiaJy all shares or capital stocks of all subsidiaries of Sudam Argentine being piedged under 4,000,000 pesos principal amount of said notes); 29,973 shares (including 45 directors' qualifying shares) of the par value of 500 Argentine pesos each of the capital stock of Sudam Aigentine; 3,269:176$500 Brazilian milreis 9% demand note of Companhia Sui Ameri¬ cana de Servicos Publicos, S.A.,a Brazilian corporation (called Sudam Brazil); 9,900 shares (including 35 directors' qualifying shares) of the par value of 1,000 nulreis each of the capital stock of Sudam Brazil; •5,373 shares of the par value of 200 milreis each of the capital stock of Cia, Santa Mariense de Luz Electrica, S. A., a Brazilian corporation; said stocks constituting approximately 90% of the outstanding stock of the respective corporations. (2) The extension of the demand notes of Sudam Argentine and Sudam Brazil by Societe Generale for two years from the date of acquisition thereo by Societe Generale. (3) The sale or transfer to a new Delaware corporation, solely in ex¬ change for all of its stock, of $50,000 in cash: $51,109 demand note of Cia. Sud Americana de Servicios Publicos, S. A., a Chilean corporation, to be converted into an open account payable in (Argentine pesos) 666,172.60* $203,848* (Brazilian milreis) 359:233$964 21,733 (Brazilian milreis) 200:098$843 12,105 Sudam Chile (Chilean pesos) 870,241.04 33,470 Curico (Chilean pesos) 187,832.36 7,224 * After adding back certain non-recurring items and making appro¬ priate provision for withholding tax in respect thereof, resulting in a net increase of 276,831 Argentine pesos (equivalent to $84,710 at approximate rate of exchange prevailing Dec. 31, 1936) over the amount reported by the auditors in certifying the accounts. Computed on the same basis, the 1936 earnings, stated in U. S. dollars, at the aforesaid rates of exchange, applicable to the securities proposed Sudam Argentine (and Sudam Brazil subs.) _ Santa Mariense to be sold to Societe Generale were: Sudam Argentine (and subsidiaries)— Interest on indebtedness of Sudam on $88,518 Argentine) Earnings applicable to 90% of stock of Sudam Sudam Brazil—Interest 103,797 Argentine) 16,376 indebtedness 4,821 10,895 Earnings applicable to 90% of stock Santa Mariense—Earnings applicable to 90% of stock .$224,409 Total the 1936 earnings, similarly stated in the securities to be sold to the new all of the stock of which will be held by the holders of preferred common stock (other than the secured creditors in respect of their Also computed on the same basis, States dollars, applicable to United company, stock and present holdings) Sudam Chile of the company were: $33,470 7,224 Curico 11,533 535 1,210 Sudam Argentine (10% of stock) Sudam Brazil (10% of stock) Santa Mariense (10% of stock) — ... $53,974 On the basis of monthly unaudited reports of the subsidiary companies, indications are that gross corporate income of the subsidiaries has the the like period of 1936 by increased for the first five months of 1937 over about 29% in the case of the Chilean subsidiaries, and by about 27% for all subsidiaries in the aggregate, in each case before any proportionate deductions for interest, or for income taxes and other deductions many of which are determined at the end of the Southern The year.—-V. 145, p. 780. Pipe Line Co.—25-Cent Dividend— directors declared have dividend of 25 cents per share a on the capital stock, par $10, payable Sept. 1 to holders of record Aug. 16. This with 20 cents paid on March 1, last; 10 cents paid on Sept. 1, 1936; 15 cents paid on March 2, 1936, Sept. 3, 1935, and March 1, 1935, and on Sept. 1, 1934; 10 cents paid on March 1, 1934, Sept. 1, 1933, and March 1, 1933: 15 cents per share paid on Dec. 1 and Sept. 1, 1932; 35 cents on June 1, 1932, and 50 cents per share distributed each quarter for March 2, 1931, to and incl. March 1, 1932.—V. 144, p. 3694. compares Southern Ry.—Earnings— 1937 Gross earnings (est.)-.—Y. 145, p. 956. $3,697,721 Southwestern Light & Jan. 1 to July 31-—— 1936 1937 1936 $3,688,251 $78,833,499 $70,694,748 Week of July —Fourth Period— Power Co. (& Subs.)—Earnings 1937—6 Mos.—1936 1937—3 Mos.—1936 $530,792 $564,894 395,775 428,150 Period End. June 30— pesos * demand note of Sudam Chile, to be converted into 429 shares of capital stock of Sudam Chile of the par value of 10,000 Chilean pesos each; 8,000,000 Chilean pesos (stated to be payable in 1,000,000 U.S. gold dollars at the fixed rate of 8 pesos per dollar) 6% mortgage dated June 30,1928, unanimous vote of of the company. Earnings—The net earnings of the respective South American subsidiary companies for the year 1936, applicable to the indebtedness and securities of said subsidiaries owned by the company (after deducting all charges, including provision for withholding taxes), computed in accordance with the provisions of the collateral trust indenture, in native currencies and converted into United States dollars, at the approximate rate of exchange prevailing on Dec. 31, 1936, in the case of Argentine and Brazilian curren¬ cies and at the rate of 26 pesos to the United States dollar in the case of Chilean currency, were as follows: Native Currencies U.S.Dollars of $4,594,530. 9%' % of all the preferred stock required to be issued under the Intercontinents reorganization plan, and the the voting trustees as holders of all the common stock Bank Farmers Trust Co., dated as of Jan. 1, 1934, under and pursuant to which 4-year secured notes of the company are outstanding in the amount $521,306.91 1115 Chronicle Total oper. revenues a Total oper. exps.&taxes $1,269,136 921,424 $1,250,927 867,077 income.. $136,744 1,215 $135,016 1,416 $347,712 2,438 $383,849 Other income (net)--. $137,959 88,394 1,510 5,136 $136,433 88,595 4,603 5,147 $350,150 176,824 3,651 10,273 $386,174 178,643 9,134 10,378 miscell. deductions— 1,422 975 2,511 1.950 Net income before pre¬ ferred dividends— $41,498 $37,112 $156,891 $186,069 Net oper. 2.324 of Sudam Chile; whether on account of accrued interest or on open account, of Sudam Chile, to the company; 563 shares of the par value of 10,000 Chi.ean pesos each of the capita* stock of Sudam Chile (all but directors' qualifying shares); 8528 shares of the par value of 100 Chilean pesos each of Cia. Electrica de Curico, S. A., a Chilean corporation (56.8% of outstanding stock); 3,330 shares of the par value of 500 Argentine pesos each of the capital stock of Sudam Argentine (10% of outstanding stock); 1,100 shares of the par value of 1,000 milreis each of the capital stock of Sudam Brazil (10% of outstanding stock); 600 shares of the par value of 200 milreis each of the capital stock of Santa Mariense (10% of outstanding stock). (4) The dissolution of the company. (5) The distribution of the stock of the new company among the holders of the stock of the company (other than the secured creditors in respect of their present holdings), including persons entitled to receive stock under the Intercontinents reorganization plan, in such manner and on such a basis that each holder of one share of preferred stock will receive one share of preferred stock of the new company, and each holder (other than the •secured creditors in respect of their present holdings) of a voting trust certificate for one share of common stock of the company will receive one share of common stock of the new company; and (6) The application of all other assets of the company (other than pre¬ ferred and common stock of the new company), and the proceeds of sale to be received from Societe Generale, toward the payment of all obligations, including the $4,594,530 of secured notes, of the company known to exist at the time of the commencement of such distribution of said stock of the new company, except that a fimd of $100,000 will be held and applied by the directors or liquidating trustees of the company toward the payment of any obligations or liabil ties of the company which may be unknown or undisclosed at the time of the commencement of said distribution, whether then existing or thereafter incurred, the unexpended balance, if any, of the $100,000 fund eventually to be applied in further payment on account of All other indebtedness, Gross income Int. on .— funded debt General interest (net) Amort.of bd. disc.&exp. — Taxes assumed on int. & No provision has a Y. been made for Federal undistributed 145, P. 292. Spang, Chalfant & Co., Inc.—MergerSee National Supply Co. of Del. above.—V. 145, p. 621. Spear & Co. (& Subs.)—Earnings— 1937^ 6 Months Ended June SO— capitalization of the new company will consist of 52,500 preferred stock (par $1) and 68,282 shares of common stock (par 50 cents), the shares of preferred stock and common stock to have substantially the same designations, powers, preferences and rights, and qualifications, limitations or restrictions thereof as the preferred stock and common stock, respectively, of the company now outstanding, including a provision, similar to that contained in the certificate of incorporation of $3,904,792 prov. 430,152 $1.44 382,649 for Fed. surtax on undistributed profits._ shs. com. stk. ($1 par).. Earns, per sh. on 225,000 —V. 144, p. 1977. shall be fixed as provided in such plan so approved. Effect of Plan—The general effect of the plan is that the secured creditors cede to the stockholders (other than the secured creditors in respect of their present holdings) all their claims against or rights in respect of all the stocks of the Chilean subsidiaries of the company and 10% of the stocks of Sudam Argentine, Sudam Brazil and Santa Mariense, free from the lien of the collateral trust indenture which secures $4,594,530 aggregate new company Shs. com. $1,219,766 $657,585 $542,069 $1,124,456 468,047 Federal taxes, &c____ 467,268 467,268 $0.75 $0-75 450,949 450,949 SI.77 stock outst'g (no par) Earnings per share. $1.95 . $0.49 Consolidated Balance Sheet Dec. 31 1936 secured creditors will realize The stocks only about 50% of the amount of their secured Argentine and Sudam Brazil, respectively, of said companies in the to $1,331,100 at approxi¬ mate rate of exchange prevailing Dec. 31, 1936) and 3,269:176$500 Brazilian milreis (equivalent to $197,785.18 at approximate rate of exchange prevail¬ ing Dec. 31, 1936), respectively, which are to be acquired by Societe Gen¬ erale and which are to be extended for two years. The Chilean subsidiaries, however, have no debt which will not be owned by the new company or Sudam Chile, except current operating debt. Approval of Stockholders Required—The carrying out of the plan requires, in addition to the consent of the secured creditors, which has been given, the notes. $ Assets— Cash x Accts.& notes rec 963,938 2,741,942 plan sbareblders 1,263,971 1,145,095 2,949,065 45,184 agencies Miscell. reserves., 12,925 14,346 1,148,514 1,146,898 held 51,611 645,338 419,308 78,361 74,776 706,554 chinery & equip. 2,727,510 486,221 411,205 452,371 137,113 342,313 98,984 variances term obllg. rec__ 46,496 Capital stock— 7,660,057 Surpl. from redem. 141,473 of pref. stock Earned surplus 4,629,849 z 262,771 48,493 7,621,607 127,411 2,824,404 by for'n subs... 46,626 Oth. invest.,at cost Treasury stock Deferred charges., y 341,527 36,613 Invests, in affil.cos bullion 575,867 512,985 559,042 deposits) Due to affil. cos_. Foreign bank loan. Res. for exchange State, co. &munlc. warr.&oth. long- Gold guaran. Income taxes sales foreign (incl. Accruals Due from affil cos. & pay. factors' 3,281,374 Inventories $ 1,000,000 Bank loans Accts. 1935 $ Liabilities— $ 858,551 4,278,941 4,428,218 Ld„ bldgs., ma¬ Goodwill, pats., & trademarks 1,205,734 1,216,420 15,566,281 14,317,726 of Sudam will be junior, respectively, to the demand notes amounts of 4,350,000 Argentine pesos (equivalent 1936 1935 Coll. loans to Sq'bb General principal amount of the secured notes now outstanding and maturing Jan. 1, 1938, and that the remaining assets of the company are disposed of for approximately $2,235,000 in cash (subject to certain adjustments), which is much less than the indebtedness of the company, so that the 1933 1934 1935 1936 Net profit after deprec., of that whenever any plan for the shall have been approved by the holders of 60% of the preferred stock of the new company at the time out¬ standing, the distributive rights of the holders of the preferred stock of the $i.23 (E. R.) Squibb & Sons—Earnings— Calendar Years— The authorized the company, substantially to the effect sale of all the assets of the new company ^ $4,692,217 Net sales.. Net profit after deprec., prov. for doubtful accts., int. & Fed. & State income taxes, but before the secured notes. shares profits tax.— Total x After reserves of $152,674 in Total .15,566,281 14,317.726 1936 and $148,781 in 1935 for doubtful $2,447,069 in 1936, $2,228,497 in 1935. r Represented by cumulative $6 first pref without par value, re¬ deemable at $107.50 per share; authorized, 100,000 shares; issued—less 11,082 shares purchased for sinking fund—52,806 1-6 in 1935 and issued—less 12 979 shares purchased for sinking fund—50,909 1-6 shares, and common stock without par value (including voting trust certificates); authorized, 1,000,000 shares- issued, 467,278 shares in 1935 and 468,047 shares in 1936. accounts, y —V. 144. p. After reserve for depreciation of 2500. Financial 1116 Chronicle End. Sales- —V, l^o, p. $4,101,599 $5,964,862 *i)2. Net sales Net inc. after int., depr., Federal inc. taxes, &c. Shs. $872,827 1,275,658 $912,238 253,000 $1,418,410 1,275,658 $1,362,172 253,000 $0.60 stk. outstand- com. 61,451 $3.34 $0.96 $4.86 Earnings per share Note—No provision has be.n $28,894,617 $17,681,728 831,484 513,967 46,079 47,869 361,065 $16,397,579 $10,942,902 $29,773,971 and 4,958,878 4,457,314 9.568,780 $18,556,760 (net) Total net income made for Federal surtax on undistributed amortization. „ „ 8,890,215 $11,438,701 profit Gross for Provision x $6,485,588 $20,205,191 $9,666,545 1,548,000 454,000 2,425,000 677.000 normal Fed. inc. tax (estd.).. Divs. paid on pref. stock of sub. co. in the hands profits. of the For the 12 months ended June 30, 1937, net income was $3,490,665 depletion Deprec., 1937—6 Mos.—1936 1937—3 Mos —1936 Period End. June 30— 236,762 __ 1937—Month—1936 1937—7 Mos—1936 ' $2,868,162 $2,470,169 $26,732,100 $20,234,500 July 31— 518,066 - non-operating in¬ Other come Period End. -$15,818,061 $10,660,061 Operating income Dividends Spiegel, Inc.—Sales— 1937—6 Mos.—1936 1937—3 Mos.—1936 Period End. June 30— 1937—7 Mos —1936 1937—Monlh—1936 $876,284 $686,127 July 31— 1937 14, Standard Oil Co. of California (& Subs.)—Earnings— Spencer Chain Stores, Inc.—Sales— Period Aug. public 10,000 5,000 — after charges and Federal income taxes, equal to $2.48 a share on 1,275,658 common shares, comparing with $2,657,694 or $9.46 a share on 253,000 common shares for the 12 months ended June 30, 1936.—V. 145, p. 293. profit Earnings per share x $8,979,546 $17,780,191 $0.69 $0.46 $1.36 provision for surtaxes payable on undistributed $9,890,701 $0.76 Net Docs not include any $6,026,588 profits.—V. 145, p. 957. Standard Cap & Seal Corp. (& Subs.)—Earnings— $674,819 $535,031 576,800 $575,016 460,691 x707,891 $156,683 def$132,875 def $41,769 $62,905 Balance, surplus x $617,374 611,914 chgs Dividends paid Consolidated Balance Sheet Dec. 31 $457,164 $527,207 209,650 291,462 285,178 (less reserve) 155,535 57,029 414,210 215,509 Machines leased to dairies (less res.) Provision for doubtful accounts 22,527 — - ~ ~ « m - 99,490 113,330 340,000 $385,876 ..1 _ Surplus charges. 12,400 — 2,298 _ 87,805 108,316 1,269,894 Capital stock Capital surplus 1,051,025 12,236 $398,276 Gross defict 40,975 Surplus credits 119,000 597,317 ... 611,784 $357,301 Deficit 37,160 36,156 16,690 19,156 $356,595 Consolidated Balance Sheet Dec. 31, 1936 Liabilities— j\.S3CtS $2,162,617 $2,034,353 Total Cash in hanks and in hand— $439,676 Notes and accounts receivable 40,841 restricted Assets Co.—Earnings1933 x$l,7l7,625 x$t,933,804 See x See x 328,353 317,598 444,356 440,017 56,738,972 $3,86y,401 2,842,051 $944,916 C'r5,473 Gross income Operating expense Other oper. expenses Aduiinis. and gen. exps. $1,176,189 Dr54,565 $988,515 382,278 462,081 50,776 15,799 5,141,553 279,686 329,218 395,100 consolidated) _ assoc. co. Federal tax (est.) Interest. z50,600 3,484 33,520 33,273 457,421 y335,801 y260,907 Depreciation CY30,661 403,903 $397,629 CT31,891 subsidiaries other not 400,000 consolidated 29,471 Other investments 14,821,542 Land, buildings and equip. a "6",930 Notes and accounts receiv. in 38,190 392,098 150,000 profit ment sold or retired. $91,059 $257,168 184,687 $253,119 49,785 charges plant and equip¬ on 2,402 173,126 Cr62,897 suspense(contra) . Deferred and prepaid charges 58,979 885,709 and Rental other 140,042 101,842 loss$84,468 loss$249,581 $72,481 $266,231 x After deducting operating expenses, y Includes amortization, eluding $28,000 surtax on undistributed profits. ~ a $477,942 936,015 655,066 *" 1935 bonds 19,100 in Deferred Res. 102,063 224,409 Pipe, supplies, &c_ 486,416 522,830 Notes & accts. rec. 64,688 1,324,030 1,384*,980 progress Other assets y payable. liabilities 36,662 68,131 for insurance Minority 35,333 3,315 484,005 356,595 6.512,063 capital stock b Represented by voting of $1 each; reserved for issued and to be issued, 484,005 Inc.—Sales— 1937—Month—1936 Period End. July 31— $406,937 Sales —V. 145, p. $22,453,439 Total 100,000 shares; $380,968 1937—7 Mos.—1936 $3,244,100 $2,814,449 957. Superior Oil Corp. (& Subs.)—Earnings— 1937—3 Mos—1936 Period End. June 30— 1937—6 Mos.—1936 $300,847 122,276 $271,299 111,993 $591,277 243,335 $542,510 216,775 $178,569 2,510 $159,306 3,396 $347,942 4,166 $325,735 7,696 $181,080 Gross earnings. Exps., ord. taxes, &c... in int. 87,971 Stand. Eq. Co.. z 58,979 (deficit) depreciation of $739,870. certificates—authorized, 650,000 shares stock purchase warrants, shares.—V. 144, p. 2149. 1935 $108,226 ,! 957,035 $1,105,041 141,875 x51,000 18,188 36,783 439,057 Deferred income.. and warrants, at cost work Accounts 1936 Accrued accounts. Orl'ns Levee Dist., In charges Reserve for accident claims.. After reserve for Sterchi Bros. Stores, Notes payable 1936 Accts. rec., contr'a Contract In- $22,453,439 Total _ Liabilities— $398,987 La., z Consolidated Balance Sheet Dec. 31 —— Assets— Cash 595,000 6,800,000 suspense (contra) Other deferred credits Earned loss$7,698 trust Net profit 7,200,000 _ Capital surplus _ Adjustments prior years payable. 5% secured Inc. bonds (from April 1, 1935 to Dec. 31, 1936)... 5% secured Inc. bonds, series of 1950, of Starrett Corp.. on b Common Net 694,871 due within one year Real estate mtges. Investments In and advances to Operating profit Other income (net) 207.214 Ten Accrued deferred Int. payable 4,578,950 ... _ to Eyck Houses contr. (contra) (not Street Corp. 40 Wall relating Notes payable not 1,198,271 Eyck Houses contr. (contra) Investment in and advances 234,620 $69,254 Accounts payable Accrued interest, taxes, &c__ Liabilities agree¬ gations incurred under Ten 1934 1935 1936 by liquidation of obli¬ ments to Standard Dredging Years Ended Dec. til— Loss 706 surplus of predecessor companies, Jan. 1, 1936 Deficit, Dec. 31, 1936 -V. 145, p. 781. Special - 558 ' Net loss. Reserves- $2,162,617 $2,034,353 Prof, transf. to bond and mortgage discount and expense receivable &c bonds of Starrett Corp Interest on 5% Earned _ Total 125,832 388,910 84,473 2.524 9,500 465,311 448,066 __ . Am ortization of Federal Earned surplus properties, and equip, (less reserve for dep.) Pat'ts (less amorti¬ Plant, zation) lor Deierred income. and other assets Deferred charges 1935 $21,652 31,651 taxes 289,198 62,637 Inventories Prov. 996,273 _ Inland Investments, Ltd., taxes, Unclaim. divs., &c Notes & accts. rec. Income 1936 &c 209,650 Consol. Net Loss and Deficit for the Year Ended Dec. 31, 1936 $1,561,636 Summary of $48,087 payable- Acer. taxes, wages, cost) Invests, Accounts and Starrett Investing Co. Interest Liabilities— 1935 1936 Assets— Cash Successor to Starrett Corp. Operating, administrative, and general expenses Provision for depreciation Includes $125,643 payable in 1935. Listed securities (at Domestic Subs.)— (& Wholly-Owned Corp. Starrett 1933 1934 1935 1936 Calendar Years— Net profit after all 3,902,442 911,962 Capital stock Earned surplus 3,902,442 632,760 Operating profit Other income Dredges, plant & equip., at cost.. 2,759,806 35,854 $352,108 $333,431 4,956 89,686 12,678 2,500 2,574 137,729 72,516 2,595 11,193 179,286 20,132 6,500 y$94,524 y$52,882 y$136,692 y$116,320 Interest 13,216 $0,107,860 $6,291,718 Total $162,702 21 42,586 41,948 2,000 Total income 2,994,174 Deferred charges.. $6,107,860 $6,291,718 Total Deprec. & depletion Surrendered leases, &c__ " x"Includes Federal taxes (estimated)T y Alter reserve for depreciation, Represented by 149,930 shares of convertible preferred stock and 404,217 (404,237 in 1935) shares common stock, both no par.—V. 144, p. 4200. Fed. & State income tax- z Net profit y Standard Fruit & Steamship Corp.—Correction— Earnings for Year Ended June 30, weeks "Chronicle" was for the 957. ' ■ ■ The statement of earnings given in last six months ended June 30.—V. Standard The 1937 p. , - Investing Corp.—Asset Value— indicated June 30, 1936. 145, net was asset $72.67 >m^ value per applicable to the preferred shares share as compared with $68.40 on June has been made for Federal surtaxes on provision No undistributed income. at 30, Gross income from & oil gas props., 1937 $1,137,777; oper. exps. (excl. of deplet. & deprec.), $467,592; net oper. profit (before deplet. & deprec.), $670,184; other income, $7,656; total, $677,841; int. paid, $12,275; exps. incident to sale of stock, $12,494; prov. for deplet. & deprec., $319,938; losses on leases surr., non-productive wells drilled & abandonments, $161,- 771; prov. for inc. taxes (not incl. Fed. surtaxes on undistributed income), $2,095; net profit for period, $169,265.—V. 144, p. 3353. net The corporation's debenture and bank debt were covered by assets amounting to approximately $1,968 per thousand dollars of indeotedness as compared with $1,957 on June 30, 1936.—V. 144, p. 2847. Standard Gas & Electric Co.—Reorganization of Company Operating General Samuel McRoberts, Chairman of the protective committee for the 6% notes, 6% convertible notes, 6% debentures and for Standard Power & Light 6% debentures, said Aug. 6 that "unless and until proposals rather than less, advantageous to the holders of notes and debentures forthcoming, our committee has no intention of changing its position on the treatment accorded notes and debentures under the amended plan of are Various interests in the situation are seeking revision of the amended reorganization plan filed May 17, 1937. art position." Weekly Output— kwh., an increase of 11.3% week last year.—V. 145, p. 957. 312,251 Standard compared 1937, totaled 111,with the corresponding in last week's bonds & mtges._ Approp. for retire. Balance Divs. on pref. -subs., res__ $5,702,862 1,900,509 166,495 5,979 1,480,485 $5,406,024 $23,388,801 $22,526,651 8,033,360 1,926,218 7,684,635 628,432 157,504 656,903 94,345 27,973 92,670 5,469,670 5,867,723 1,410,385 $8,300,843 $2,149,395 $1,883,944 $9,086,870 1,311,443 730,972 5,247,013 2.508,218 $837,952 $1,152,972 $3,839,858 $5,792,626 402,086 948,538 1,608,344 4,347,491 28,132 15,230 164,294 137,693 $407,733 $189,204 $2,067,219 $1,307,442 $2,067,219 $1,307,442 stocks of declared Balance Amount applic. to cum. pref. divs. of subs, not declared Amt. applic. to minority "Chronicle" interests mh! Standard Oil Co. of Indiana—Corrected Div. Record— Due to several typographical errors published on 1937—3 Mos.—1936 * Electric output of the public utility operating companies in the Gas & Electric Co. system for the week ended Aug. 7, ^ __ Amort. of dt. disc. & exp. Other interest reorganization. M "We intend to cooperate fully with all interests genuinely acting for a prompt and constructive reorganization, but the interests of holders of notes and debentures wnl not be sacrificed by us merely to satisfy op¬ l expenses Balance Int. Inc. (& Subs.)—Earnings— 1937—12 Mos.—1936 __.$14,460,588 $13,559,246 $58,577,629 $54,108,375 6,968,935 6,453,587 28,248,892 25,807,930 1,788,791 1,699,636 6,939,936 5,773,794 Gross earnings Taxes Defended by McRoberts■— more, Stone & Webster, Period End. June 30— this company's dividend record, as page 957, did not read correctly. _ Bal. applic. to Stone & a Webster, Inc Allowing for loss in inv. in com. stk. of Engin'fc 32,900 Public Service Co The true record follows: The directors Aug. 2 declared an extra dividend of 25 cents per share in addition to the regular quarterly dividend of 25 cents per share on the common stock, par $25, both payable Sept. 15 to holders of record Aug. 16. Extra dividends of 15 cents were paid on June 15 and March 15, last; an extra dividend of $1 was paid on Dec. 15, 1936; an extra of 25 cents was paid on Sept. 15, 1936, and one of 15 cents —V. 145, p. 957, 450. on was paid on June 15, 1936, Bal. applic. to Stone & Webster, Inc., after allowing for loss, as above__._ a $407,733 $156,303 Measured by cum. pref. divs. not earned within the are not a claim against ity interests. Such amounts Inc., or its other subsidiaries. periods, less minor¬ Stone & Webster, Volume Financial 145 Chronicle Comparative Consolidated Balance Sheet June 30 1936 1937 347,735,886 342,450,615 21.442,798 16,363,736 12,479,307 13,525,305 Securities Cash in banks and on hand Notes and warrants receivable 489,042 673,698 Accts. receivable from customers & misceil. sources, including instalment accounts 15,188,405 Interest receivable 148,662 Mat'is & supplies at cost or written down amounts. 3,100,058 Appliances on rental, less rentals charged 358,184 Prepayments of insurance, taxes, &c 405,191 Sinking funds, representing cash held by 9,739,797 273,581 2,801,824 511,419 378,101 bond trustees 298,622 798.935 359,418 545,744 stock purchase contract 351,100 Unamort. debt discount & exp., incl. unamort. disc. & expense & call premium on refunded issues 10,348,466 Unadjusted debits 860,607 Total Selling 103,421 12,500 $114,175 $0.91 $90,921 $0.73 Net profit from operations Provision for Federal taxes on income. Net profit after all taxes but before surtax on un¬ distributed profits Per share on 125,000 shares common stock. —V.145, p. 958. 1936 $819,054 660,636 41,414 13,137 Cr3,105 3,550 132,958 18,783 expenses Administrative expenses,. Other income Other expenses \ , v Tennessee Products ( ; Corp.—Earnings— Cat. Year 6 Mos. End. I 10,283,266 891,182 410,156,855 403,128,139 1937 $1,520,411 1,253,464 98,133 36,713 CV3.511 2,652 Cost of sales 482,045 Special deposits with trustees under mortgages Account receivable from officer under long-term Co.—Earnings— 6 Mos. End. June 30— Net sales $ Property, plant and equipment.. 1117 Tecumseh Products Period— 1936 June 30 '37 Net profit before Federal taxes —V. 144, p. 954. $36,218 $110,243 Liabilities— Bonds, mortgages and coupon notes (subsidiaries) _158,309,500 157,886,000 Notes payable (subsidiaries) 1,061,816 1,817,737 Accounts payable 8,619,772 3,367.334 Interest and taxes accrued 5,356,431 4,743,135 Dividends declared (subsidiaries) 258,546 188,932 Customers'deposits 798,458 777,526 Sundry liabilities 299,980 186,750 Retirement reserves, representing provision for future property retirements 28,994,864 26,283,042 Other reserves, incl. pro v. for losses on doubtful notes & accts., injury & damage claims, &c 1,974,079 2,027,450 Unadjusted credits 806,080 783,004 Preferred stocks (subs.) (entitled in involuntary liquidation to $120,722,820) 113,949,377 114,012,626 Prem. & discount on pref. stocks (subs.) 78,679 78,679 Cum. pref. divs. not declared (subs.) 11,732,609 1 ,067,558 Minority interests in com. stocks & surplus of subs. 6,387,613 6.345,221 x Capital stock 20,000,000 50,000,000 Capital surplus 52,444,595 22,024,907 Earned deficit (since Jan. 1,1932) 915,544 2,461,762 Producing Co. 1937 -Earnings— 1936 939,213 $977,138 832,327 $784,041 885,665 $796,588 96,875 189,269 104,275 170,699 81,226 135,178 58,797 124,029 59,634 10,631 113,696 39,701 11,078 102,519 33,348 9,712 93,428 1,768 37,161 $569,606 18,410 $548,866 19,231 $429,377 53,012 $479,832 13,154 $588,016 104,909 $568,097 123,422 $482,389 62,531 $492,986 72,505 942,054 _ Taxes other than Federal inc. & excess prof, tax Commission _ on oil sales Gen. & admin, expenses_ _ Uncollectible accounts. _ Net operating incomeOther income Net income before in¬ come deductions Total inc. deductions Est. prov. for Fed. inc. 25,000 30,000 11,756 11,770 $458,107 $414,675 x$408,102 x$408,711 3,876,164 x3.100,088 2,355,903 $4,334,271 $3,514,762 profits & surtax Net income shares. no par Adjust, of Comparative Income Statement (Parent Corporation Only) 12 Months Ended June 30— Revenue from subsidiaries—Dividends... ... prov. for Fed. tax 1937 1936 $1,288,450 99,850 $1,438,995 316,474 13,497 $638,569 274,506 69,434 10,201 Balance at beginning of $485,426 64,333 88.810 Interest Other 50,694 Total earnings Operating Taxes... a Interest $1,768,965 722,559 expenses $982,509 673,195 bl20,779 ... 74,557 (all subsidiaries) Capital stock issued for rendered services prior in 20,000 years. Addi iitional assessment of Texas franchise taxes for 1933 and 1934 Prov. for loss acct. of ad¬ 338 3,227 Coronado Oil Co.,& certain royalties vances, Net income $925,627 $234,420 Expenses include, in addition to fixed rental payments for space occu¬ pied, $149,192 (1936, $67,936), paid to Stone & Webster Realty Corp. under the terms of its net lease of the Boston office building owned by that corporation, b Includes $41,000 Federal surtax on undistributed profits for the year 1936. No provision has been made for Federal surtax on un¬ distributed profits for the year 1937, since any liability for such tax cannot Bal. at end of period a Earnings share per Revised to x cover 33,304 $4,334,271 $0.52 $3,514,762 x$2,717,675 x$2,005,820 1.46 Cash in banks and on hand.. Other notes, int. & accts. rec., incl. $26,999 from subs. (1936, $29,091), less reserve Dividends receivable from subsidiaries d Account receivable from officer under long-term Earnings for 12 Months Ended June 30 1937 1936 1935 Total operating charges. stock purchase contract Furn. & equip., less allowance for depreciation 37,765 ■ 351,100 32,381 1,441 Sundry assets Unadjusted debits 1,868,730 $2,015,317 917,792 1,804,824 $1,792,503 802,080 1,734,438 $1,611,321 715,022 Other income. $1,097,525 39,876 $990,423 86,268 $1,137,401 246,345 24,214 $1,076,691 221,694 50,244 $967,528 Income deduction Est. Fed. inc., excess profits & surtax. $866,842 x$804,752 x$800,363 482,045 41,898 1,393 1,719 7 . Liabilities— Accts. pay., incl. $47,401 to subs. (1936, $40,209). $72,780,942 $72,123,531 $48,244 Taxes accrued $46,249 64,274 6,978 396,433 23,786 102,190 32,306 Sundry liabilities Reserve provided for long-term stock pur. contr't. Unadjusted credits Capital stock Capital surplus 265,487 10,931 20,000,000 51,808.054 Earned surplus (since Jan. 1.1932) 513,731 Total a 1936 $61,196,463 $61,225,793 4,598,500 4,598,500 3,866,906 4,120,842 2,569,510 1,613,576 32,634 132,000 Carried at written down values of Jan. as 50,000,000 21,601,813 defl6,002 $72,780,942 $72,123,531 1, 1932, and cost of subse¬ quent purchases, b Includes $3,551,000 income note of the Stone & Web¬ ster Building, Inc. c Carried at written down values as of Jan. 1, 1932, and cost of subsequent purchases. The quoted market or management's estimated fair value was approximately $4,677,000 on June 30, 1937 (1936, $5,920,000). d Reduction in this account during the past year resulted from cash payments. The reserve shown on the liabilities side of the balance sheet has been reduced by the restoration of a corresponding amount to earned surplus. The collateral seeming this account at J une 30, 1937, had a market value of approximately $315,000. e See note (b) on above income statement, f Represented by 2,104,391 no par shares.— V. 144, p. 3854. Struthers Wells-Titusville The directors have declared an Corp.—Initial Pref. Div.— initial quarterly dividend of 31^ per share on the company's preferred of record Aug. 6.—V. 145, p. 293. stock, payable Aug. $572,060 2,005,135 $0.27 —V. 145, p. 293. $261,172 1,910,248 $0.13 Superior Oil Co. of California—Larger Dividend-— 1936 Liabilities— §218,887 6,963 5,560 Notes 1937 §75,000 1,000 Accrued int. rec__ 96 12 Prov. for Fed. tax Accts. receivable.. 158,700 101,915 163,630 62,699 3,629 9,452,526 15,000 60,649 funds Notes receivable.. 35,865 Inventories Other a curr. 3,407 assets. Fixed assets 9,407,353 Securities owned 60,649 37,405 Organiz. expenses. Deferred charges.. 55,052 Accts. receiv. from 202,086 Contingent oil inc. §148,643 43,688 42,596 1,060,677 190,277 177,485 40,290 17,643 1,459,092 224,856 Res. for conting's. 24,315 60,000 b Common stock.. 633,835 1,480 633,790 1,525 3,936,028 4,334,271 4,222,055 10,415,812 10,456,498 c Div. cred. outst. Surplus arising fr'm appraisal 3,544,762 236,664 316,055 Other assets Total Long-term debt Earned surplus production 1936 payable Accounts payable. Accrued liabilities. Working 181,189 ...10,415,812 10,456,4981 Total After depreciation and depletion reserves of $2,820,790 in 1937 and $2,160,708 in 1936. b Represented by $888,126 no par shares in 1937 and 888,081 no par shares in 1936. c Equivalent to 1,480 shares in 1937 and 1,525 shares in 1936.—V. 144, p. 3856. a Texas Mexican Ry.—Earnings— 1937 $116,249 26,569 33,679 June— Gross from railway Net from railway 1936 1935 $88,396 4,545 $77,942 7,952 defl0,993 def2,436 $58,853 def5,916 defl 1,977 677,079 653,068 218,645 150,328 450,357 109,466 56,370 1934 1— Gross from railway Net from railway - 771,120 244,515 174,416 202,869 127,543 The unaudited balance sheet of June 30, 1937 shows current $966,426, and current liabilities of $274,037.—V. 144, p. 3694. 1937 1936 after all charges, incl. Federal income taxes, but before undistributed profits tax $357,180 $1.98 $123,040 $0,68 Note—This earnings comparison is not altogether accurate, according to C. M. Niezer, President, because of the retirement during the first half of $196,870 $1.95 assets of this year of the company s outstanding preferred stock and the of an issue of debentures.—V. 145, p. 134. Underwood-Elliott-Fisher The directors Aug. The directors have declared an interim dividend of 50 cents per share Xthe common stock, payable Sept. 1 to holders of record Aug. 20. An 4017. marketing Co.—Special Dividend— 12 declared a special dividend of 50 cents per share quarterly dividend of $1 per share on the common stock, no par value, both payable Sept. 30 to holders of record Sept. 11. A dividend of $1 was paid on June 30, last, and compares with dividends of 75 cents paid in each of the four preceding quarters; 62H cents paid on March 31, 1936 and Dec. 31, 1935; 50 cents paid in each of the five preon in addition to the regular Technicolor, Inc.—Interim Dividend—• Dec. 26, 1936.—V. 143, p Pump Co.—Earnings— 6 Months Ended June 30— Net profit Earnings per sh. on 180,280 shs. capital stock Earnings for 6 Months Ended June 30, 1937 Earns, after provision for Federal income tax but before prov. for undistributed profits tax Earnings per share (approximate) The Interstate Commerce Commission on July 19 issued a certificate permitting abandonment by the company of part of its La Fourche branch line of railroad extending from a connection with the main line at Donaldsonville in a southerly direction to Ratliff, approximately 11.7 miles, all in Ascension and Assumption Parishes, La.—V. 145, p. 623. Tokheim Oil Tank & Tappan Stove Co.—Earnings— Balance Sheet June 30 §85,314 Texas & Pacific Ry.—Abandonment— 1936 The directors have declared a dividend of 75 cents per share on the com. stock, payable Aug. 20 to holders of record Aug. 10. An initial dividend of 50 cents per share was paid on May 20, last.-—V. 144, p. 3194. on 124,179 42,986 estimated Federal income, excess profits and surtax. 1937 Assess— Cash From Jan. depletion, depreciation and Federal income taxes common stock outstanding Earnings per share paid cover $896,29971,229 —V. 145, p. 133. 1937 Shares of was Revised to Net after rents cents 16 to holders Sunray Oil Corp. (& Subs.)—Earnings— nitial dividend of 50 cents x Net after rents 6 Months Ended June 30— Net income after int., abandonments, $0.46 profits and surtax. Comparative Balance Sheet June 30 1937 .45 estimated provision for Federal taxes—income, excess be determined until the end of the year. Assets— * a'Stocks of subsidiary companies bJSTotes receivable from subsidiary c Securities of other companies 1,637,031 $2,774,207 x$2,045,743 39,923 Stock dividends Total Other divs., int. & miscellaneous earnings Profit on sales of securities « 10,364 86,403 410,156,855 403,128,139 Represented by 2,104,391 Total 1934 1935 $1,039,711 Oper. exps., maint. and repairs Deprec. and depletion. excess Total x Texas Gulf 6 Mos. End. June 30— Total net barrels produc. Total gross oper. income Financial 1118 ceding quarters; 37^ cents on June 30, 1934: 25 cents on March 31, 1934, and on Dec. 30, 1933, and 12H cents per share distributed each quarter 30, 1932 to and incl. Sept. 30. 1933.—V. 145, p. 452. 1937 ■Toj^Split & Stock Issue c d 292,756 8,933 8,807 Note pay., Accounts »*ecelv- a meeting held Aug. 6 voted, subject'to approval by stock¬ registration with the Securities and Exchange Commission, to split the company's stock 4 for 1, and to authorize $10,000,000 of convertible debentures, of which $7,000,000 will shortly be offered to stockholders under subscription rights on terms to be announced later. able, other... and \/ 44,982,200 88,468,000 7,818,959 21,250,000 pref. stock, 44,982,200 $7 2d pref. stk. 88,468,000 Common stock 7,818,959 Bank notes pay. 292,756 able subs % $ Liabilities— b $7 Accounts receiv¬ Directors at holders $ 193,760,895 215,991,757 3,896,454 1,861,259 Cash 1936 1937 1936 $ Assets— Investments Union Bag & Paper Corp.$10,000,000 of Debentures— Only) Balance Sheet June 30 (Corporation from Sept. 1937 Aug. 14, Chronicle Elec. Bond & Share Co., due Nov. 3,0(k),000 30, 1938 3.000,000 25,925,000 25,925,000 Notes and loans board authorized a preliminary agreement with an underwriting headed by E. H. Rollins & Sons, Inc., which group, it is expected, any balance of the $7,000,000 of convertible debentures subscribed for by stockholders. The Elec. to pay. Bond & Share group Accts. payable. Accrued accts.. 17,740 409,663 32,614 will 401,308 underwrite not Directors from also Reserve recommended an increase in authorized capitalization to 1,500,000 shares of common stock, in order to Capital surplus. Earned surplus. shares 300,000 provide for the proposed 4-for-l split of the 263,860 shares presently out¬ standing, and also the shares necessary for ultimate conversion of the debentures to be issued, plus a sufficient amount of authorized but unissued stock for future contingencies. meeting of stockholders has been called for Sept. 14, at 7 will be entitled to vote on the A stockholders of record Aug. Period Ended June 30,1937. Gross sales, less discounts, returns & allowances._ Cost of products and manufacturing expenses 20,281 155,773 per for depreciation during United Light & Power Co. $950,390 $i.l6 , $3.60 the 3 months amounted to $110,- period amounted to $418,164. Provision for depletion of timberlands and leases for the 3 months amounted to $2,002 and for the 12 months' period $5,879. b The ^estimated provision for Federal income and capital stock taxes shown above does not include any amount for surtax on undistributed profits.—V. 144, p. 4363. 479 and for the 12 months' United Aircraft announced on July 28 that a contract for four air- een received in the Navy Department on United Carbon Co. 6 Mos. End. June July 23.—V. 145, p. 959. (& Subs.)—Earnings— Oper. prof, after deduct¬ ing mfg., selling, fen. $1,477,722 539,078 177,944 675 $1,365,368 *$1,087,607 2,586,555 2,095,374 $937,969 1,450,609 $670,373 1,003,184 Crl ,352 $2,246,550 Deprec. and depletion.. 695,745 Minority interest's pro¬ portion of profit Net profit Balance, Jan 1 Sund.adj. for prior 185,437 Cr6,619 yrs_. $3,951,923 on [,189,600 $2,388,578 $1,674,909 795,770 Total surplus Divs. 477,462 475,327 322,011 Premium pref. stock H bought & other chgs Adj. res. for deprec Sundry adj. (net) on com. 2,687 133,839 Net earnings from operations of subs, and con¬ trolled companies $23,529,006 Non-operating income of subs. and controlled cos. _ 2,584,200 8,087,913 8,836,856 $22,003,387 2,999,542 15,831,484 16,273,574 $10,281,722 Proportion of earnings, attributable to minority common stock 2,394,145 $8,729,355 trolled companies Balance $7,887,577 2,016,983 $6,712,373 - 17,796 $7,961,950 $6,730,169 189,538 Total b74,373 202,883 45,910 Expenses of United Light & Power Co Taxes of United Light & Power Co 54,613 $7,717,799 $6,481,375 2,318,073 165,685 Balance 2,318,073 Holding company deductions: funded debt Amortization of bond discount and expense Interest on Balance transferred to b Includes $43,826 profit on Adjusted, a 199,026 $3,964,275 sale of temporary investments. $5,234,040 consolidated surplus -V. 145, p. 293. $2,578,298 $1,901,674 & Rys. Co. (& Subs.)—Earnings— $1,276,423 397,885 397,885 $3.43 $2.73 . 370,127 ,$1.65 397,885 "B|-^$2.36 1937 $ 1936 $ V Liabilities— $ x Common stock..11,952,537 11,952,538 Land, pipe lines, 271,143 I 247,917 buildings, &c...23,618,988 23,049,316 Accts. payable Cash 127,267 155,444 1,584,041 852,274 Acer, taxes. roy.,&c Notes & accts. rec. 1,262,088 147,738 y 279,144 1,185,244 Fed. inc. taxes 238,731 Inventories 397,885 748,777 642,415 Divs. payable 200,000 Other assets & lnv. 1,981,614 1,614,214 Long-term debt Deferred credit 272,367 45,000 Trade-marks, con¬ tracts, &o 1 1 Res. for possible losses and con¬ Deferred charges.. 325,599 142,927 335,604 tingencies 432,140 Reserve for deprec. and depletion ..12,306,402 10,986,757 Res. for taxes and Interest. Surplus 29,521,108 27,486,390 Total.... Represented by 397,885 no par shares, tax.—V. 144, p. 3521. y 428,036 earns, of subs, and controlled cos. transfers).—$77,210,604 $72,348,982 35,726,477 33,446,757 Provision for retirement 2,578,298 Net earns, from operations of subs, trolled companies Non-oper. income of subs. & controlled Total income of subs. & and con¬ companies $20,974,517 $19,775,411 2,113,239 1,953,564 controlled companies..$22,928,080 $21,888,650 Interest, amort, and pref. divs. of subs, and con¬ trolled companies — common 13.635,040 $8,253,610 2,397,877 of earnings, 13,187,039 $9,741,041 2,020,057 $7,343,164 Balance Proportion 4,371,739 6,963,130 7,791,944 4,008,826 7,516,495 8,984,289 Maintenance $6,233,553 attributable to minority stock Equity of United Light & Rys. Co. in of subs, and controlled companies Income of United Light & Rys. received from subsidiaries). earnings Co. (excl. of income 647,415 789,668 $7,990,579 $7,023,221 159,095 16,625 95,946 2.986,601 Minority x 280,000 290,000 expenses oper. (after eliminating inter-company General operating expenses General taxes and estimated Federal inc. taxes 1937 1936 $ Gross al936 1937 12 Months Ended June 30— Consolidated Balance Sheet June 30 Total 4,871,762 4,514,623 8,496,311 10,160,154 General taxes and est. Federal income taxes 11,576 stk. outstand- Assets— General operating expenses Provision for retirement United Light 166",865 ing (no par) Earnings per share r transfers).$87,360,142 $81,949,428 40,660,047 38,149,509 24,747 $2,986,601 Balance al936 1937 earnings of subs, and controlled (after eliminating inter-company Maintenance 51,728 pref. stock Common dividends Shs. $1,065,143 394,769 $1,866,429 600,878 & adminis. expenses.. (& Subs.)- -Earningt Equity of United Light & Power Co. In earnings of subsidiary and controlled companies Income of United Light & Power Co. (excl. of income received from subsidiaries). 1934 1935 1936 30—ii[1937 83,445,453 companies.$26,113,206 $25,002,929 Interest, amort, and pref. divs. of subs, and con¬ Elanes, twin engine amphibian flying boats, for theBids for these airplanes sum of $827,838, had awarded to this company's Sikorsky division. were cos. Aug. 8, '36 Total Income of subs, and controlled Corp.—Gets Navy Order— The Navy Department 88,412,178 12 Months Ended June 30— Gross operating $304,250 ... share on common stock Provision a —V. 145, p. July 31. *37 86,905,397 Aug. 7. *37 of system (kwh.) 960. Electric output $1,085,883 2,114 63,000 Co.—Weekly Output- United Gas Improvement Week Ended— $3,358,009 2,272,126 stock taxes (est.)._ Profit, for period Earnings which all $365,136 Balance 197,959,039 218,154,579 Total Represented by 449,822 no par shares, c Represented by 884,680 no par shares, d Represented by shares of $1 par value. The earnings for the corporation and subsidiaries for 3 and 12 months ending June 30 appeared in the "Chronicle" of Aug. 7, page 960. 3Months 12 Months $4,025,003 $14,439,037 3,026,560 11,081,027 Miscellaneous income (net) Prov. for Fed. income & capital 13,440,391 9,425,705 b proposals. $998,443 633,308 Manufactuiing profit Delivery, selling, administrative & general exp 197,959,039 218.154,579 Total 4,465,221 13,417.684 8,400,112 4,464,862 29,521,108 27,486,390 Total 246,826 Expenses of United Light & Rys. Co Taxes of United Light & Rys. Co 91,115 Includes undistributed profits $7,652,637 $6,847,501 1,375,000 Balance 1,375.000 deductions: 5H% debentures, due 1952 Amort. of debenture discount and expense Holding company Interest ^ on The Manufacturers Trust Co. is Corp.—Paying Agent— paying agent and registrar for (not exceeding) $6,000,000 5% sinking fund bonds of this corporation due Oct. 1, 1952.—V. 145, p. 625. United Gas trustee, Corp.—Earnings— Comparative Statement of Period End. June 30— Gross inc. from subs Other. IncorruTand $1,299,678 25,486 $1,584,412 25,160 42,988 Balance transferred to $6,234,649 1,230,839 $5,429,512 1,240,433 $5,003,809 $4,189,079 consolidated surplus Prior preferred stock dividends. a Summary of Surplus {Corp.'Only) 1937—3 Mos.—1936 42,988 Balance United Cigar-Whelan Stores Adjusted.—V. 145, p. 293. United States Guarantee $5,114,684 99,859 1937 $1,325,164 $7,040,783 $5,214,543 97,787 438,696 93,276 760,988 a736,388 1,830,717 308,725 2,984,175 Dom. of Can. bds. 122,852 State & bds. 750,744 RR. bds. & stocks. 787,681 P. U. bds. & stks. 1,577.775 $1,073,089 $470,900 $4,473,678 $1,921,643 a Includes provision of $320,177 for Federal surtax on undistributed profits for the year 1936. No provision has been made to date for 1937. Capital $21,817,796 $13,417,684 Surplus, July 1, 1936 mun. Cash 1,776,294 Prems. not over for 30,791 804,414 43,548 43,994 48,894 14,761,821 12,885,759 896,287 70,199 38,719 Other assets 1936 $ unearned 2,770,737 2,426,222 2,657,887 2,508,548 Res. for losses and claims Res. for loss adj. Special reserve 47,158 679,633 173,425 270,189 80,759 45,007 Vol. gen. cont. res. 750,000 500.000 2,000,000 5,287,025 2,000,000 14,761,821 12,885,759 expense Relnsur'ce Com. res've. & brokerage Fed. & State taxes Accounts payable. 3 due Accrued interest.. $8,400,112 1,693,558 4,322,469 1,535,746 Misc. bds. & stocks 5,243,730 Reinsur. receiv'le. Earned 201,836 122,694 701,521 973,149 maturing.. months Summary of Surplus for the 12 Months Ended June 30, 1937 Total curr. $ Liabilities— Res. premiums U. S. Govt, bonds, Bal. carried to earned surplus 2,393,935 3,466,748 $1,609,572 Tota 'income Interest. Add: $ 1937 1936 $ Ass#s— U. S. Govt, bonds. Expenses, incl. taxes... Co.—Bal. Sheet June 30— 1937—12 Mos.—1936 $6,583,752 457,031 Capital paid in Surplus 45,809 550,715 144,526 232,151 79,449 12,314 4,386,023 Balance from statement of inc. for the 12 months ended Total Juno Total 4,473,678 4,473,678 30, 1937 (as above 22,707 Miscellaneous 22,707 ....$26,314,181 $13,440,391 Deduct: Net reduction in ledger value of miscellaneous investments Divs. on $7 pref. stock—$7 a share —V. 144, p. 955. - $12,873,790 United States Plywood Corp.—Earnings— Period Ended June 30, 299,331 299,331 3,148,754 3,148,754 Net $22,866,096 $13,440,391 $9,425,705 per share $2,302,871 134,802 profit after all charges incl. provision for Earnings 253,470 $0.62 $1.15 Fed¬ : on common 6 Mos. 3 Mos. $1,204,667 1937— Net sales eral income taxes Surplus, June 30, 1937 Total stock. , Volume 145 Financial Chronicle On May 1, 1937, the corporation succeeded to the business of United States Plywood Co., Inc. (N. Y.), United States Plywood Co. (Del.), Inc., and Aircraft Plywood Corp., and the above figures reflect the earnings of the predecessor companies for the four months ended April 30, 1937. No comparative figures for 1936 are available.—V. 145, p. 785. U. S. Years End. Jan. 31— 1937 Deprec. & amortization. Year end. in v. price adj. and bad debt losses Disc, on notes purch. 92,793 of deb. inc. taxes (estimated) 251,629 96,000 prof$81,849 y$394,896 $888,055 $464,481 1937 1936 Liabilities— depos. & intrans Notes & accts.rec $155,772 534,056 1,484,051 Deferred charges.. 54,230 Other assets 139,817 x Prop., plant and ______ 1936 1937 Notes payable.... Accts. pay., pay¬ on $225,506 438,561 rolls. &c_______ Accrued expenses. $275,858 69,452 Prov. for Fed .taxes $450,003 140,527 299,718 $515,510 153,532 322,918 5,595 16,376 Cr19,729 Dr24,441 5,000 Cr 14,404 29,974 3697. p. Corp.—Meeting Tentatively Set for Sept. 10— The corporation has tentatively set Sept. 10 as the date for a special stockholders' meeting to consider the revision of its capital in accordance 133,168 39,723 84,146 by the Atlas Corp. In a letter Monroe, Vice-President, notified security holders and indicated that details would be sent soon. of the —V. proposed meeting 145, 625. p. Van Raalte Co., tion Inc.—Earnings1937 Shs. 1936 stk. com Earnings per x$460,582 129,281 $3.09 outstand'g share x$420,414 $326,796 $112,427 129,281 .77 Before provision for Federal surtax x 1934 1935 & provision for Federal income tax 40,000 on 129,281 $2.05 undistributed earnings. 129,281 $0.39 Prov. for reorganiz 179,811 83,789 expense 3,067,062 3,290,097 40,808 41,650 5% sink, fund debs 2,331,000 75-Cent Dividend— 7% cum. pref. stk. 4,209,600 z Common stock.. 211,672 2,331,000 30,000 4,209,600 211,672 Profit & loss deficit Gdwill, pats., &c. x $598,436 115,270 278,265 12,795 Net profit $187,721 $18,706 $24,023 Note—No provision has been made for Federal surtax on undistributed profits.—V.144, $390,530 1,258,496 ...... Total.. $442,121 73,389 „ 6 Mos. End. June 30— Net profit after deprecia¬ Condensed Consolidated Balance Sheet Jan. 31 Assets— equipment $389,454 60,549 with the plan of recapitalization presented to shareholders, R. R. 40,000 x After deducting other income of $10,898 in 1937, $4,348 in 1936 and $5,523 in 1935. y Before special charges amounting to $132,618. z No provision for Federal surtax on undistributed profits. Inventories $549,584 48,852 Minority interest Utilities Power & Light _ Net loss x 1935 Cr123,025 Eosit accts. with closed anks hand, and amortiz'n Profit on sale and demol. of property. Federal income taxes de- on Prov. for reorgan. exp__ z Provision for Federal on 1936 $11,541,705 $11,791,309 11,152,251 11,349,188 y, (net) Prov. for est. loss Cash ... Total income 1935 $71,471 x204,548 261,819 Operating profit Other income Interest.net Depreciation, depletion 1934 $3,088 loss$273,051 121,243 x202,899 272,364 264,670 1936 $660,879 xl97,009 246,021 1937 $10,917,061 10,367,477 Costs, expenses, &c for United States Radiator Corp. (& Subs.)—EarningsGross profit Interest charges Distributing Corp. (& Subs.)—Earnings— 6 Months Ended June 30— Sales and operating revenue Transfer Agent— The Bank of the Manhattan Co. has been appointed transfer agent the preferred and common stocks of this corporation.—V. 145, p. 785. 1119 1,842,117 Res. for contlng.. I $5,475,797 $5,503,576 Total. 1,760,268 $5,475,797 $5,503,576 After allowance for doubtful, &c., of $32,000 in 1937 and $17,000 in y AftJr allowance for depreciation and obsolescence, $3,432,041 in V.--."!i'"r":■/.'"'r'".-.v'-'iv The directors have declared a dividend of 75 cents per share on the com¬ $5, payable Sept. 1 to holders of record Aug. 18. Similar paid on June 1, last, and compares with 62H cents paid on March 1, last; $2 paid on Dec. 1, 1936; $1 paid on Sept. 1, 1936, and 25 cents per share distributed in each of the four preceding quarters, the Sept. 1, 1935, payment being the initial dividend on the stock.—V. 144, P.3197. mon stock, amount par was 1936. 1937, $3,254,128 in 1936. 144, p. 1980. z Represented by 211,672 no par Veeder-Root, Inc.—Earnings— shares.—V Dec. 31 '36 31 Dec. '35 Dec. 29 '34 to United States Rubber Co. 6 Months Ended June 30— Net sales, after all returns, discounts, excise and sales taxes, transporta¬ tion and allowances (& Subs.)—Earnings— 1937 1936 1935 $94,775,938 $71,400,634 $57,722,837 x Cost of goods sold, incl. deprec. of active plants 74,062.445 56,784,096 Prov. for pos. uncollecibiiity of accts. Interest paid on borrowed money Loss from disposal of plant assets 45,305,863 $20,713,493 $14,616,538 $12,416,974 Selling, administrative and gen. exps. 12.750,549 10,337,863 9.522.102 Interest on funded indebtedness 1,316.180 1,514,808 1,810,099 Other income charges (net) CV116.200 24,041 33,861 Provision for Federal and foreign in¬ come taxes 1.262,355 551,924 283,545 Prov. for fluctuation in raw Net income for the period Net worth per share of $265,826 13,945 $771,246 41,384 3,487 $417,009 24,891 4,222 $279,771 16,015 5,864 465 452 254 7.608 25,000 9,870 prof.649 1,986 140,245 78,519 3,650 34,744 $543,186 $309,574 $167,256 50,000 - $2,187,902 25,870,403 102,428 Net income. Restoration of portion of reserve to re¬ duce cost of marketable securities to $767,367 28,101.780 108,787 stock common $19.24 $10.78 3.3 to 1 x No depreciation provided operations. on 4.3 to 1 plants not required for manufacturing Total Net for period Properties, plants & equip, (net) Prepaid and deferred assets Assets— 691,685 3,971,228 997,525 65.327,321 1,338,641 "•"■■■.• Accounts & acceptances payable $18,338,882 $15,454,846 Accrued liabilities 9,519.647 8,238,556 1st & ref. mtge. 5% cold bonds (net). 60,000,000 50,000,000 6M% serial gold notes (net) Dominion Rubber Co., Ltd., 6% gold bonds (net) 1st mtge. on U. S. Rubber Co., Build¬ ing, N. Y — Reserves-Minority interest in capital stock of subsidiary. y Other accts. Due from Less goodwill, patents, &c Less deficit Total P. $9,690,933 6,289,162 61,000,000 3,836,000 z 1,573 mfg. $95,112 455,710 231,778 4 27,344 1,875,000 Appro p. for extra¬ Liabilities— comm. pay., Notes pay., &c. banks taxes & expenses \ ' ------ __ ordinary dividends.. incl. June 20'3ft $189,241 300,000 Acer, sals., wages, xl,968 838,141 1,971 549,353 exps__ 1,875,000 274,474 1,057,233 a Capital stock Capital surplus... Earned surplus... Land, buildings, mach. & equip., 100,000 812,173 tools in process of con¬ struction, cost.. Invest, in sub. 800,000 7,164,441 800.000 5.610.125 800,000 6.873,843 Charges, 1,277,587 121,800 1,822,875 134,135 co. Pats., trade mks., not readily mar¬ ketable sees. 51,083 315,400 65,109,100 99,398,811 57,662,405 17,332,572 315,700 65.109,100 1,- Total 59.168.645 23.784,929 43,227 $4,151,659 $3,141,407 Total $4,151,659 $3,141,407 Accrued interest receivable only, y After provision for possible un¬ collectibility of $25,641 in 1937 and $22,424 in 1936. z AJter provision for depreciation of $754,244 in 1937 and $669,871 in 1936. a Represented by 75,000 no par shares. x 98,735,611 36,535 54,712 ,&c. deferred to future oper__ $1 Extra Dividend— $182,911,775 $172365,561 $162132,975 961. 267,479 348,643 2,765 Inventory ' June 19*37 Accts., royalties & int. 2,436,200 100,272,201 57,662,405 13,048,991 536,101 shares (1937 ' $156,483 $301,726 540,157 rec.. em pi's Accrued bond 2,433,700 65,109,100 (net) • $207,408 June 20'36 671,671 Notes & accts. receiv., trade 2,103,500 315,400 Preferred stock ($100 par) Common stock outstanding . $243,164 75,000 11,681 $225,665 Market, sec., cost. ..$182,911,775 $172365,561 $162132,975 • $309,574 150,000 prof.47,835 June 19'37 Cash and Total Liabilities— $543,186 225,000 Comparative Condensed Balance Sheet —.... 1,054,703 4,062.555 835,485 64,620,312 1,052,555 10,000 $318,186 Dividends declared and paid Loss from sale of marketable securities Assets— : June 30,'37 Dec. 31,'36 June 30,'36 Cash.. $14,283,673 $12,822,619 $11,504,048 Marketable securities 13,641 146,945 145,878 Accounts & notes receivable (net)... 24,343,538 22,812,870 19,022,184 Accounts receiv. from affil. companies 3,441,341 4,458,024 4,053,087 Inventories 50,213,849 40,406,270 33,317,884 U.S. Rubber Plantations. Inc. 17,034,999 20,093,223 21,763,494 Insurance fund at cost 1,175,590 6,002,163 422,275 64,729,083 1,251,623 5,380 value, not now required of excess provision for possible uncollectibility of accts Restoration 3.2 to 1 Consolidated Balance Sheet Investments in affiliated companies. Miscellaneous investments incl. mtges 60,528 . to nominal $8.28 $64,437,513 $52,062,986 $41,227,190 Ratio ; market value, not now required.__ Restoration of reserve to reduce cost of not readily marketable securities —.$13,048,991 $23,784,929 $27,443,200 Net quick assets 145, _ $403,240 13,769 machine de¬ partment to Bristol Federal income tax Prov. for conting. voted by directors July 30, 1935 $4,500,609 17,332.572 217,028 Deficit. June 30- —V. screw June 15 '35 1,000,000 Deficit, Jan. 1 Surplus charges (net) „ Expense of moving material Prices _ Portion of non-recoverable tool cost Add'l prov. for deprec. of mach.(net) to June 20 '36 $758,124 13,122 Total income Cash discounts allowed to June 19 '37 Period— Net profit from operations Other income The directors have declared an extra dividend of $1 per share United States Steel in addition regular quarterly dividend of 50 cents per share on the common stock, both payable Sept. 15 to holders of record Sept. 1. Similar paid on June 15 and March 15 last; an extra of $3 was paid on Dec. 15, 1936; extra dividends of $1 per share were paid on Sept. 15 and June 1, 1936; an extra dividend of $2 per share was paid on Nov. 30, 1935, and an extra of 50 cents was distributed on Dec. 29, 1934.—V. 145, p. 961. to the Corp.—Vice-President to Retire— par value, amounts were no William A. Irvin, President of the corporation, announced on Aug. 12 that Arthur H. Young, Vice-President in charge of Industrial Relations, is retiring, effective Oct. 1. Mr. Young will be succeeded as Vice-President in charge of Industrial Re¬ lations by William Beye of Chicago, a member of the law firm of Kanpp, Beye, Allen & Cushing, division counsel of the corporation in Chicago for the past 35 years. Venezuelan Petroleum Years End. July Shipments— See under "Indications of Business Activity" on 145, p. 785. a preceding page.—V. 6 Months Ended June 30— 1937 $1,119,863 1936 Expenses, incl. taxes, &c 1935 1934 1933 $178,648 21,724 $300,101 13,017 x32,500 1,784 6,667 $243,248 $345,618 $391,010 $207,040 $369,949 19,277 deple'n. 216,249 238,373 198,570 226,406 $26,999 2,000,000 $0.01 $107,246 2,000,000 $0.05 $192,440 2,000,000 $0.09 loss$19,365 2,000,000 $871,149 Net income all3,288 57,203 $0.95 $0.47 Aftei provision of $23,100 for Federal income and undistributed profits taxes.—V. 144, p. 3859. a Co.—Earnings— 1936 $241,748 1,500 securities Total income Net profit after all charges incl. Fed. income and undistributed profits taxes Earns, per share on 120,000 shares common stock. 31— Int. & miscell. income._ Profit on sale of mar¬ ketable Upson-Walton Co.—Earnings— Net sales Dec. Royalties Sh8.cap.stk.out.(par $5) Earnings per share x Profit on Nil redemption. Note—Federal surtax on undistributed income amounts to $7,382. Financial 1120 Consolidated Balance Sheet Dec. 31 1936 Interests. 1,797,880 Undevelop. oil concess. & leaseholds 8,554,316 Marketable securs. 50,015 Accrued royalty.. 54,165 1,910,489 Royalty x stock of subs... x 10,788,816 10,642,582 Total Represented by 2,000,000 shares, $1 par value, in 1936, 1935. y Accrued interest on bonds only, z Arising value in tion in par value and $5 par from reduc¬ of capital stock.—V. 142, p. 4198. Vertientes-Camaguey panies 612.808 Through Old Co .—Succeeds Sugar Reorganization—See below. Com¬ Vertientes Sugar Co. Co.- Sugar -Final Doubled— have declared a dividend of 40 cents per share on the common stock, no par value, payable Sept. 1 to holders of record Aug. 18. This compares with 20 cents paid on June 1 and March 1, last. A stock dividend of 100% was paid on Dec. 28, 1936. An extra dividend of $1 per share was paid on the smaller amount or stock outstanding on Dec. 24, 1936, and a regular quarterly dividend of 25 cents per share was paid on Dec. 1, 1936. See also V. 143, p. 4171.— V. 145,p.962. directors The Walgreen Co.—Sales— - Vertientes preferred and $1 par value common.—V. 145, p. 962. class A Vogt Mfg. Corp.—Dividend 10,788,816 10,642.582 Total According to evidence placed in the record of the committees genera investigation of railroad financing, the Virginia Corp. was formed in January of this year by the Koppers United Co. and Eastern Gas & fuel Associates for the initial purpose of acquiring 236,000 shares of the common stock of the railway. This stock was acquired by the corporation at approximately $132 per share or for an aggregate outlay of $31,152,000. Payment was Inade in $23,364,000 of collateral trust 5% serial notes and the balance of about $7,788,000 was paid in cash from proceeds from the sale of cumulative 123,000 z8,000,000 639,807 Capital surplus Earned surplus y437 277,111 14,521 14,548 . . 5,534 24,239 Min. Int. in capital 57,926 311,432 Deferred charges 10,000,000 Accrued taxes 50,015 6,458 Cash In banks Capital stock... 2,000,000 payable. 11,175 14,831 Accounts 8,332,079 Acer. int. and accts receivable 8 Liabilities— $ $ 1935 8 1935 1936 Assets— Aug. 14, 1937 Chronicle Steps Complete Taken to Reorganization— —V. 11 to complete the reorganization of the Sugar Co. and the Camaguey Sugar Co. These companies operated sugar properties in Cuba. The plan of reorganization was proposed April 3,1936 by a committee of which Thomas L. Chadbourne is chairman and was confirmed in 77-B proceedings in the U. S. District Court for the District of Delaware on July 27, 1937. 1937—10 Mos.—1936 $5,339,736 $56,589,724 $51,374,100 1937—Month—1936 Period End. July 31— $5,726,336 Sales 145, p. 294. Final steps were taken Aug. Washington Gas & Electric Co.—Earnings— Vertientes owned and $1,526,681 72,724 50.169 131,493 121,535 103,274 $274,038 39,481 $267,500 34,511 $547,793 73,392 $510,505 $313,519 184,468 $302,011 185,070 $621,186 369,309 $576,414 370,724 96,000 5,164 14,429 96,000 3,320 14,487 192,000 10,717 28,534 192.000 5,169 29,029 4,300 $785,333 74,783 47,320 Operating expenses Maintenance Edgar S. Bloom, Thomas L. $1,633,469 748,760 113,111 $839,291 384,319 58,831 Gross oper. revenues Sugar Co. (the new company) now owns and operates all the properties formerly belonging to the Vertientes Sugar Co. and the Camaguey Sugar Co. Depreciation The Vertientes-Camaguey The directors of the company are: new (other than Fed¬ eral income) Net oper. Garrard Winston. Colonel Edward A. Deeds, Chair¬ Rosenberg, Executive Vice-President and man and Treasurer; retary. President; Philip George G. Harris, Vice-President and Angus G. Garber, Sec¬ The holders of first mortgage 7% gold bonds of the Vertientes Sugar Co. and the holders of first mortgage 7 % gold bonds of the Camaguey Sugar Co. who assent to the plan through the deposit of their bonds with the respective protective committees will receive 50 shares of stock in the new each $1,000 bond and, in addition, the right to subscribe to company at 90 flat, on the basis of $250 of new bonds for each $1,000 old bond. The National City Bank of New York, the bank creditor of tha old companies, receives 204,375 shares of stock in the new company for bonds of the 47,998 Victor Chemical Works of Chicago—Registers with SEC The company on Aug. 7 filed with the Securities and Exchange Commis¬ sion a registration statement (No. 2-3335, Form A-2) under the Securities Act of 1933, covering 696,000 shares of $5 par value stock. consist of The offering of the 150,000 shares of which 75,000 are for the account company, and 75,000 are outstanding and to be issued for the account of stockholders. The remaining 546,000 shares being registered are out¬ standing and are not presently to be offered. According to the registration statement, the net proceeds to be receive by the company from the sale of the 75,000 shares are to be used as follows: $1,000,000 for the acquisition of real estate and the location, construction and erection of a chemical plant, including the necessary machinery, materials and equipment, to income—_ Non-oper. income---— Gross income Int. on Int. on 1st mtge. bonds1st lien & gen. mtge. bonds Other interest Amortization City, is the underwriter. Net 180 200 $13,278 $2,934 $20,274 65,909 351 _ income——— deduc'ns. Other income def$24,808 30, the 7% cum. pref. stock were in arrears at June 1937, to the extent of $31.50 per share, or $424,242.—V. 144, p. 2681. Note—Dividends on Wayne Knitting Mills, Ft. Wayne, Ind.—Report— ended Dec. 31, 1936 states: then, holders of the common stock, on the recommentation of counsel adopted articles of reorganization (which became effective Nov. 25, 1936), in which no provision affecting the rights of the holders of the preferred stock was changed, but in which, among other things the authorized common stock was changed from 40,000 shs. ($25 par) to 200,000 shs. t$5 par), On Nov. 25, 1936. as authorized by the directors and the, then, holders of the common stock, 150,000 shares of the new $5 par common stock were exchanged with the, then, holders of the common stock for the 34,000 shares of $25 par common stock then issued and out¬ standing and the difference in total par value, $100,000. was credited to capital surplus. , .. After deducting the dividends of $40,491 paid on the preferred stock, the net income for the year applicable to the common stock was $138,030 or $0.92 per share of the 150,000 shares outstanding. The report for the year On Nov. 20. 1936, the, , Income Account Year Ended , „ Gross operating __ Dec. 31, 1936 $2,986,590 2,503,573 discounts, returns and allowances) Cost of sales (incl. depreciation, $80,057) Gross sales (less be located near Mt. Pleasant, Maury County, Tenn.; $175,000 for expansion of manufacturing facilities at the company's Chicago Heights and West Nashville plants. The balance of the proceeds will be added to working capital. F. Eberstadt & Co., Inc., of New York 703,806 87,561 92,312 new company and $4,000,000, of bonds of the new company unless subscribed for by the old bondholders. The respective protective committees have extended until Oct. 1, 1937 the period within which bonds may be deposited to accept the plan. The depositary for the Vertientes bonds is the Manufacturers Trust Co. and for the Camaguey bonds, the Chemical Bank & Trust Co. It is expected that stock of the new company and subscription rights will be issued to holders of record on Oct. 1,1937 of certificates of deposit for the old bonds. Subscription rights to the new bonds will terminate on Nov. 15, 1937.—V. 145, p. 294. is to 346,942 Taxes Chadbourne, Edward A. Deeds, George N. Lindsay, Charles G. Meyer and The officers of the new company are: 1937—12 Mos.—1936 1937—6 Mos.—1936 Period End. June 30-— $483,016 234,579 profit Selling expenses 71.34a General and administrative expenses $177,088 £^"34,798 l&'Van operating profit Net August Kochs, of Chicago, is President. Other income 6 Months Ended June 30, 1937 depreciation and Federal income taxes x$342,487 Earnings per share on 621,000 shares of common stock outstanding $0.55 x Before provision for surtax on undistributed profits. Net profit after To Build New $1,000,000 Other charges Provision for Federal income tax stock Dividends on preferred Earnings per share on 150,000 August Kochs, President of the company on July 29 announced that the had completed plans to build a new plant costing approximately $1,000,000 on a tract of 130 acres which has just been purchased at Mount Pleasant, Tenn. The property is located within a few miles of the trans¬ mission lines of the Tennessee Valley Authority which will supply power to the new plant.—V. 145. p. 961. $1,478,709 570,938 Operating revenues Operation 116,633 al84,142 Maintenance Cash in banks and on $154,532 262,554 Customers' credit balances.. 834,898 Accrued payroll and bonuses. 4,686 Accrued royalties, commis¬ hand-- Inventories - Taxes... deposits18,459 1,041,729 Property, plant & equip 3,920 Deferred maintenance Goodwill, 104 21,557 16,568 31,140 20,245 17,660 674,850 750,000 387,633 sions, &c Accrued taxes Dividend on pref. stock payPro vision for Fed. income tax and trade-marks $27,832 Accounts payable, trade receivable Accounts a $1,323,894 $17,120,563 $15,637,916 519.707 6,505,241 6,178,944 88,253 1,341,098 1,042,053 172,005 a2,149,202 1,666,552 1936 Liabilities— Assets— Unabsorbed prem. 1937—12 Mos .—1936 shares of common stock. Balance Sheet Dec. 31. Prepaid expenses Virginia Electric & Power Co.—Earnings— 1937—Month—1936 40,491 68,000 $0.92 Dividends on common stock Plant— company Period End. June 30— 17,6b0 $178,522 Net income 1 patents 6% cum. pref. stock ($50 par) Common stock ($5 par) ... Capital surplus 373,189 Earned surplus Net oper revenues Non-oper. income (net). $606,996 Dr25,892 $543,929 Crll,297 $7,125,022 Di32,040 $6,750,366 Cr94,109 $581,103 144,827 $555,226 146,088 $7,092,982 1,769,414 $6,844,475 1,944,591 $409,138 $5,333,568 2,020,000 $4,899,884 $3,313,568 1,171,620 $3,083,217 1,171,560 $2,141,948 $1.911,657 a Balance Int. & amort., &c—— $2,320,779 Total After reserve for depreciation $2,320,779 Total of $555,523.—V. 144, p. Wellington Fund, Inc.—New President, Balance $436,276 Appropriations for retirement reserve Balance Prefeired dividend requirements Balance for common dividends and surplus 1,816,667 been made for the Federal surtax on undistributed profits since any liability for such tax cannot be determined until the end a No provision has of the year. Note—The company on Jan. 1,1937 adopted the Federal Power sion system of accounts, hence previous year's figures are not Commis¬ exactly com¬ parative. Tenders— York, as trustee, is notifying 1st and refunding mortgage bonds, series A 4%, due Nov. 1, 1955, that it will receive at its corporate trust department, 11 Broad St., tenders for the sale to it at a price not exceeding 106% of their principal amount and accrued interest, an amount of these bonds sufficient to exhaust the sum of $281,250 now held in the sinking fund. Tenders will be received The Chase National Bank of the City of New holders of up to 12 o'clock noon on Aug. 26, 1937.—V. 145, p. 786. At a recent meeting 1459. &c.— elected President; S. Grove II, Secretary. of directors, A. J. Wilkins was H. G. Powell, Vice-President and Treasurer, and H. David W. Guy was elected Chairman of the Board. 10-Cent Extra Dividend— The directors declared an extra to the stock, dividend of 10 cents per share in addition regular quarterly dividend of 15 cents per share on the common $1, both payable Sept. 30 to holders of record Sept. 15. An par paid on June 30 last; extra dividends of 10 cents were paid on March 31 last, Dec. 30 and Sept. 30,1936. An extra of five cents was paid on June 30, 1936; extra dividends of 10 cents per share were dis¬ tributed on June 1 and March 1, 1936, and on Dec. 1 and June 1, 1935, and extras of five cents were paid on March 1, 1935, Sept. 1 and March 1, 1934, and on Dec. I and March 1. 1933.—V. 144, p. 4365. extra of 40 cents was Wellington Oil Co. of Del.—Earnings— Income Account 4 Months Beginning with Incorporation and Ending at Sep production Labor, material & supplies, insur., taxes, & applic. admin, exps. Depletion ------- Depreciation Virginian Ry.—Control Probed— Net profit from oil Charges that through the medium of holding companies it is possible for one business enterprise to obtain by "secret rebates an advantage over its competitors without being in technical violation of the law were Aug. 9, by Chairman Wheeler of the Senate Interstate Commerce made Com¬ mittee. )»His charges came at the close of a one-day investigation by the com¬ acquisition of 40% control of the company by the Virginia Corp., a holding company set up by coal mining interest under the control of the Mellon family. mittee into the Note—No reflected as on cost was $93,914 18,458 10,497 11,684 504 $53,779 Total income & losses of non-productive property. \ Net profit 1, 1936, $53,275 and gas production Miscellaneous income. Gen. admin, exps. & exps. . Dec. 31, 1936 Income from oil and gas 37,278 $16,500 Federal income taxes accrued against net profit of $16,500 of allowable statutory depletion over pepletion based excess sufficient to create a net loss for Federal income tax purposes. Volume Financial 145 Balance Sheet Dec. 31, 1936 Assets— Cash Chronicle Western il» Maryland Ry.—Earnings— Liabilities— deposit Accounts receivable on —Fourth 86,640 11 Collections from oil & gas sales $303,727 Accrued Interest receivable Inventory of crude oil In stor'ge Impounded funds Deferred charges-... Oil payment payable inc. tax payable Fed. cessor ad 403 (prede¬ 390 valorem, capital 11,142 6,313 stock, & unempl. Ins. taxes. Dividends payable 474 80,335 Sundry accounts payable Credit balances In sundry rec. Week of July 1936 1937 702 Western Public Service Co. Period End. June 30— Operating Operation $9,152,052 (& Subs.)—Earnings— 1937—Month—1936 $176,036 $175,416 83.309 92,758 9,759 14,905 14,827 al5,949 revenues Maintenance Taxes Net oper. revenues Deferred contingent oil royalty 1937—12 Mos.—1936 $2,164,667 $2,058,335 1,103.419 1,089,070 138,885 114,052 185,800 al99,382 80,335 Paid in surplus 255,000 Drl ,473 $58,691 Crl2,021 $722,981 Drl,171 $669,413 Cr57,639 $59,779 28,829 $70,712 28,939 $721,810 350.476 $727,052 349,785 $41,773 $371,333 227,266 $377,267 $144,068 119,451 $157,517 $24,616 $38,065 $61,252 Non-oper. income (net). 850 000 Earned surplus $1,379,640 138,680 - $1,379,640 Total -V. 144. p. 123. Balance.. Int. and amort., &c Balance $30,950 Appropriations for retirement reserve Balance Wesson Oil & Snowdrift Co., Inc.- -Determines Amount of Extra Dividend— Preferred dividend requirements Balance for Directors at a meeting held Aug. 10 fixed the amount of the extra divi¬ dend declared on the common stock, on July 27 at 87M cents per share. This dividend, together with the regular quarterly dividend of 12H cents per share will be paid on Aug. 25 to holders of record Aug. 14.—V. 145, p. Jan. 1 to July 31 1937 1936 $451,221 $10,662,506 $561,124 640 payments (contra) Capital stock ($1 par)... Total Period— Gross earnings —V. 145, p. 963. 9,800 company) Accrued 11,439 Oil payments receivable Deferred contingent oil royal¬ ties receivable (contra) 1,264 for account of others 1,683 .34,561 847,757 7,183 OH properties Other assets $30,808 Audited vouchers payable Acct. pay. for acq. of property 962. a divs. and surplus common 219,750 119.453 No provision has been made for the Federal surtax on undistributed profits since any liability for such tax cannot be determined until the end of the year. Note—-The companies on Jan. 1, 1937 adopted the Federal Power Com¬ mission System of Accounts, hence previous year's figures are not exactly comparative.—V. 145, P. 786. West Point Mfg. Co.—To Pay $1 Div. on New Stock— Western Union The directors have declared a special year-end dividend of $1 per share on capital stock, par $20, payable Aug. 20 to holders of record Aug. 7. The company recently split its stock on a five-for-one basis, issuing five new $20 par shares for each old $100 par share. An extra dividend of $1 in addition to a quarterly dividend of $1.50 per share was paid on the old stock on July 1 and April 1, last. An extra of $2.50 in addition to a quarterly dividend of $1.50 was paid on Jan. 2, last, and previously regular quarterly dividends of $1 per share were distributed. An extra dividend of $1 per share was paid on Oct. 1, 1936, on July 1, 1936; on April 1, 1936; 50 cents on April 1, 1935, and extras of $1 per share in each of the six proceeding quarters.—V. 144, p. 4366. the new West Texas Utilities Period End. June 30— Co.—Earning $1,250,819 792,635 $1,161,377 $2,387,038 698,082 1,559,407 $458,183 3,050 Operating re venues Oper. exps. & taxes $463,295 3,339 $827,631 $2,228,150 1,387,134 1937—6 Mos.—1936 for depreciation 9,324,474 8,127.416 18,498,905 15,911,580 taxes 38,013,649 34,166,271 74,468,243 67,310,532 Balance $4,337,704 2,205,471 $5,687,786 $10,763,810 $11,714,820 2.632,642 4,487,601 5,301,337 Other oper. exps., incl. rents of leased lines Int. on & funded debt income deduction Note-?-No $2,132,233 $3,055,144 $6,276,209 $6,413,483 is made for surtax on undistributed profits.— V. 145, p. 455. Western United Gas & Electric Co. Net oper. income Other income (net) Gross income. • Interest $461,233 289,025 3,146 General interest. Amort, of bond discount $466,634 293,038 4,632 $834,484 578,344 7.046 $848,287 590,934 9,359 21,672 funded debt- on 21,995 43,441 44,372 on 3,650 5,369 7,250 9,859 or undistributed profits tax on $195,793 $196,371 no liability for Federal operations for this period.—V. 144. 4031. West Virginia Gas $830,472 406,495 9,471 32,681 18,265 177,660 revenues expenses Maintenance Taxes Federal income tax Provision for depreciation and depletion Non-operating revenues 185,901 33.421 ... Gross income Interest on on $219,322 74,057 23,620 9,375 14,324 2,408 funded debt Interest unfunded debt Interest to Commonwealth Gas Corp Amortization of debt discount and expense Amortization or organization expenses Net corporate income income applicable to Monickel Gas Co Net $95,538 - minority common stockholders of 2,968 Balance applicable to West Virginia Gas Corp. $92,570 Consolidated Balance Sheet Dec. 31,1936 Assets— Liabilities— • Common stock ($1 par)..... Investments. Minority stockholders' equity in com. stock and surplus Property, plant, equip. Ac. $4,189,188 884,735 Cash deposit in escrow for purchase or 1,000 receivable. .... receivable Materials and supplies. Indebtedness of affll. corp... Prepayments and def. charges Common stock ($25 par).. 10,000 8,746 119,658 Surplus appile, thereto 1st mtge. 6.5% sink, fund gold bonds due June 1,1937 1,105,000 24,464 25,388 102,200 51,937 1937 Note payable (bank) Notes payable (other) .... Appraisal surplus Donated and paid-in surplus. Earned surplus ...... Total... After $5,407,3171 reserve for depreciation 580 Total.—. 200,000 100,000 508,000 35,189 195,993 66,547 310,303 1,785,343 735,257 $5,407,317 and depletion of $1,854,332.—V. 140t 4085. Western Air Express This Corp.—Acquistion— has acquired the equipment and business of National Parks Airways, Inc., according to a joint statement issued by AlvinAdams, President of Western Air, and Alfred Frank, President of National The Post Office Department and stockholders of both companies Parks. have approved the consolidation, effective Aug. 1. National Parks operates the air mail contract, passenger and express service between Salt Lake City, Yellowstone National Park and Great Falls, Mont. under the terms of the proposed deal, Western Air will issue common company stock to the shareholders of National Parks in payment for the transfer to Western Air of all operating equipment, leases and franchises. The 134,165 $4,179,937 497,592 41,595 1,342,916 190,462 389,329 355,304 104.961 $1,354,858 $1,257,776 8,902 1,515 $1,363,760 705,750 $1,259,291 705,750 Total operating revenues... Gas purchased purchased $4,066,544 464,781 36,866 - Power 1,167,102 Operation 182,923 Provision for 377,944 347,904 depreciation State, local and miscellaneous Federal taxes Federal income taxes . 4,643 42,959 $610,407 Net income Dividend requirements 3,980 42,959 $506,601 $414,070 Interest on unfunded debt (net) Amortization of debt discount and expense. $414,071 of Western United Gas & Electric Co. preferred stocks.. effect to the allocation of certain year-end and interim adjustmen's. income before allocation of these V. 144, p. Net aldjustments amounted to $525,637.— 3523. Westinghouse & Electric Manufacturing Co.—Ac¬ quires A. B. See Elevator Co.—Latter to Dissolve— Stockholders of the A. B, See Elevator Co. met on Aug. 9 and voted unanimously to dissolve the corporation, founded 54 years ago by Alonzo B. See and now headed by Alva B. See, his son. Sale of the properties to the Westinghouse Electric & Mfg. Co. was approved by stockholders on July 31. All the stockholders were present at the meeting, according to A. David Benjamin, who, with Ralph E. Brush, was Counsel for the A. B. See company. The firm of Cravath, de Gersdorff, Swaine & Wood and Harold Smith represented Westinghouse at the final formalities of transfer. Holders of 5,430 shares of A. B. See first preferred 6% stock will receive $100 in Westinghouse common stock, taken at market value, for each share, or about two Westinghouse for each three A. B. See preferred shares, with cash adjustments for odd accounts. The remainder of the 10,000 Westinghouse common shares deliverable under the contract of sale of the elevator company's properties will go to the two holders of 18,614 A. B. See common shares. The common stock is held by the See family, which also owns some of the preferred stock, while the remainder of the preferred shares is held by present and former officers and employees of the organization.—Y. 145, p. 963. 6% secured notes due Feb. 1, Accounts payable Indebtedness to affll. corp... Accrued liabilities a $355,105 of Monickel Gas Co.— lease when title Is proven Cash P. 100,199 33,693 Transportation, steam and water. Other operating revenues (net)— Note—The income account for the 6 months ended June 30, 1936, gives Net earnings from operations. Interest $2,408,710 1,471,842 261,853 37,531 1,646,638 Corp. (& Subs.)—Earnings— Consolidated Income Account—Year Ended Dec. 31, 1936 Operating Operating Accounts 1936 $2,286,014 l Electric Maintenance before pref. dividends $142,021 $143,319 Note—It is estimated that the company had inc. noimal -Earns. Net earnings Interest on funded debt int. & miscell. deductions p. Operating revenues—Gas (j8c Subs.) 1937 6 Months Ended June 30— Net earnings from operations.. Other income & expense Taxes assumed Net $841,016 7,271 6,853 Earnings— 1937—12 Mos.—1936 dividends & interest—$51,675,82 7$47,981,473 $103,730,958 $94,936,932 Maint.: Repairs and res. apa Net 1937—6 Mos.—1936 1937—3 Mos.—1936 Telegraph Co., Inc.- Period End. June 30— Gross revs., including will practically double the route mileage of Western Air Express, giving it a continuous operation from San Diego and Los Angeles to Great Falls, 1,329 route miles.—-V. 145, p. 455. Wheeling Steel Corp.—Listing— The Stock Exchange has authorized the listing of 381,547 cumul. conv. prior pref. stock (no par) and 763,094 additional 381,547 shares of $5 prior New York shares of $5 shares of its common stock (no par) as follows: pref. authorized for issuance (with 190,773.5 of said shares of commom stock) the plan of recapitalization for outstanding 6% pref. stock.; 190,773.5 shares of common stock authorized for issuance (with the 381,547 shares of prior pref. stock in exchange, pursuant to the plan of recapitalization for outstanding 6% pref. stock of the corporation; and 572,320.5 shares of common stock authorized for issuance, from time to time, upin conversion of shares of prior stock, making the total amounts applied for: 381,547 shares of $5 cumul. conv. pref. stock, and 1,165,395 shares of common stock. in exchange, pursuant to Deposit Time Extended— Directors have extended the time for deposits of old 6% preferred under the recapitalization plan until following numerous requests from Sept. 29. next. This action was stock taken stockholders who have been unable to deposit their stock thus far because of absence from their homes or places of business for the summer, or because of illness or other reasons. Up to this time more than 80% of the 6% preferred stock has been de¬ posited under the plan, which was approved by stockholders on July 14. This plan calls for the exchange of one share of 6% preferred for one share of new 5% cumulative prior preferred stock and one-half share of common stock. the old Back dividends amounting to 24%, or more than $9,000,000, preferred are wiped out by the exchange.—V. 145, p. 786. on merger Western Auto Supply Co.—Sales— Period End. July 31— Sales L —V. 145, p. 295. 1937—Month—1936 1937—7 Mos.—1936 $3,830,000 $2,760,000 $19,470,000 $12,330,000 Wickwire Spencer Steel Co.—Rights Under Plan to Expire Aug. 16— The trustees of the company, in a letter to holders of certificates and re¬ ceipts representing the preferred and common stock of the old company, call attention to the fact that rights of such stockholders to subscribe for stock of the reorganized company at a price of $15 per share expire at 3 p. m. (Eastern Daylight Time) on Aug. 16, the letter stating that: "By order of Financial 1122 the court, said time cannot be extended and any rights not exercised prior to said time will be void." Attention is called to sales of the company's bonds at prices which, based on the reorganization exchange iatio, indicate equivalent value of approximately $18 per share for the new common. "The properties of the company were returned to it," the trustees state, "pursuant to order of the Court, on April 30, 1937. The securities to be issued to creditors under the plan have been issued or are ready for issue. The company, pursuant to the plan, has borrowed $800,000 from the Re¬ construction Finance Corporation. The loan carries interest at 5%, is payable on or before May 29,1945, with amortization payments of $100,000 an a year. "The company and its wholly-owned subsidiary, Sales Corp., had as of June 30, 1937, current assets assets of the Wickwire Spencer of $7,783,222 (includ¬ and current liabilities of $1,099,577, or net current ing $1,859,250 cash) $6,683,645." The company reports a fine backlog of ordeis and states that its blast furnace is operating at capacity, producing approximately 15,000 tons of t observed that the company has on is consumed by Wickwire itself, figisiron a month, of which about 40% hand or contracted for sufficient iron blast furnace until the Lake the spring, or around April 1.—V. 145, p. 627. maintain capacity operations at its ore to shipping season opens in Machine Co.—To Resume Divs. Wilcox & Gibbs Sewing The directors declared have a dividend of 50 cents per share on the stock, par $50, payable Aug. 16 to holders of record Aug. 6. This will be the first payment made since Aug. 15, 1934, when a sem-iannual dividend of 50 cents per share was distributed. A dividend of $1 per share common paid on Feb. 15, 1934 and on Feb. 15,1932, and semi-annual of $1.25 per share were paid previously.—V. 140, p. 990. was dividends Chronicle accounts, Production of Willys cars for the month of July totaled 6,889 units, or daily production average of 405 cars, against a daily average of 320 for Jnne, bringing the total output of the current model up to 60,537 at the close of July. There were only 17 production days in July, due to a four-day curtail¬ ment of factory operations in the early part of the month because of a short¬ age of materials. The current dealer organization totals over 3,000 and foreign trade out¬ lets are well established in 61 countries throughout the world. Commenting on July production and sales, David R. Wilson, President of the company, said: "The demand for the Willys is reflecting a change in the buying habits of motor car pruchasers. Buying is showing a trend toward a more stable market determined by the owner's need for a new car, rather than by monthly impulses. "An examination of the reasons leading up to this as it relates to Willys sales shows that better than 90% of motor car buyers are now basing their purchases on proven economy."—V. 145, p. 963. Wisconsin Power & Light Co. (& Subs.)—Earnings— 1937—6 Mos.—1936 $4,453,801 $4,215,860 3,046,397 2,746,133 $720,231 3,326 General interest $1,407,403 6,877 $1,469,727 4,879 82,713 Gross income Funded debt interest $737,760 1,477 $723,557 363,571 income Other income (net) $739,237 407,432 3,007 46,275 $1,414,281 719,941 4,445 173,186 $1,474,606 840,494 6,533 69,445 2,026 3.846 4,860 8,664 $511,849 misceli. deductions . Net income before pre¬ $278,677' $273.007 ferred vidends-__ __ ""Notes— (1) Dividend requirements at full cumulative rates for a threeperiod on pref. stock outstanding June 30, 1937, amounted to $279,090. (2) Cumulative dividends not declared or accrued at June 30, 1937, aggregated $2,907,193 or approximately $18.23 per share on the 7% and $15.62H Per share on the 6% preferred stock. (3) It is estimated that the company had no liability for Federal undistributed profits tax on its operations for this period.—V. 144, p. 3701. months' Wisconsin Public ServicejCorp.—Accumulated Divs.— directors have declared a dividend of $1.75 per share on the 7% cumulative preferred stock, $1.62H per share on the 6H % ferred stock, and $1.50 per share on the 6% cumulative all of $100 par value, all cumulative pre¬ preferred stock, payable Sept. 20 to holders of record Aug. 31. Similar payments were and made on June 19 and March 26 last, and on Dec. 21 Sept. 21, 1936, and dividends at one-half of the regular rate were on ividends Said in each of disbursed.—V. 145, p. 964.prior to which regular quarterly the six preceding quarters were 1936* Calendar Years— Gross operating i Cost of sales $717,184 171,908 273,105 Depreciation, depletion and abandonments. Note—Worthington Pump & Machinery Corp. (Del.), was organized on 1937 under the laws of the State of Del., to succeed Worthington Pump & Machinery Corp. (Va.). All the property, business and good-will of the said Va. corporation was transferred to, and all its indebtedness and liabilities were assumed by, the Del. corporation on March 20, 1937; Consolidated Surplus Account Jan. 1, 1935 $586,244 140,261 220,106 10,950 $225,876 75,179 7,749 $184,609 95,122 $142,947 89,033 $272,170 76,611 Geological expense Net profit before other income and other charges income Gross incon Other charges. $279,731 63,211 $231,980 60,472 Earnings $216,520 124,652 $0.78 $171,508 108,211 $0.63 per share on capital stock Balance Assets— 1936 Cash Acots. receivable.. Due from upon acquisition of additional stock of subsidiary company, $700; capital for period surplus, June 30, 1937, $5,130,150; earned surplus—net income March 21, 1937 to June 30, 1937, per accompanying statement, total surplus, June 30, 1937, $5,937,727. Liabilities— (less recelv. notes of $343,206) 4,831,706 8,876,112 Prepd. taxes, insur., exps., &c Investments (less reserves).. 216,446 1,613,277 c .* 10,744,812 Fixed assets 366,544 Deferred charges 580 Inventory 30,521 wages 18,986 Accrued royalties. 2,779 Accrued taxes 62,288 b Common stock.. 277,986 Capital surplus... 65,102 Investments 260,245 Treasury stock Earned 21.509 1,334,247 reserves 141,317 liabilities 7,300 Minority interest pref. stock 5,372,833 stock 9,133,371 ($100par) 1,299,185 Capital surplus.. 5,130,150 807,577 Earned surplus $27,155,396 Total $27,155,396 Total On May 18, 1937, the stockholders of the corporation approved a plan recapitalization which includes the issuance of 72,531.02 shares of cumul. prior pref. stock, 4>£% conv. series, 72,531.02 shares of cumul. prior pref. stock, 4H% series, and 132,974.29 shares of common stock, to be offered to the present holders of the class A 7% cumul. pref. stock and the class B 6% cumul. pref. stock in exchange for their holdings, b Represented by 129,918 no par shares stated at $10 per share, c After reserve for depre¬ ciation of $8,792,195. a of Gets Navy Contract— The U. S. Navy Department has awarded to this company a for complete boiler feed and condenser pumping equipment ton torpedo boat destroyers, totaling $511,000.—V. 144, p. contract for seven 3859. 1500- W.) Woolworth Co .—Sells $10,000,000 3% Deben¬ Privately—The company, it was announced Aug. 11, has sold $10,000,000 10-year 3% sinking fund debentures to a large institution for cash at par. The entire proceeds, it is stated, are to be used in financing a program for improve¬ ments and enlargement of stores.—V. 145, p. 964. (F. tures • (Rudolph) Wurlitzer Co. (& Subs.)—Earnings— Earnings for 3 Months Ended June 30, 1937 Net profit after all reserves for contingencies normal and State income taxes Earns, per share on 380,520 shares common stock —V 145. p. 138. Yazoo & Federal $633,868 $1.67 Mississippi Valley RR.—Earnings— 368,850 $1,238,883 397,633 168,392 7,884,895 2,489,362 1.337,472 Gross from railway Net from railway $1,005,697 6,812,668 1,917,723 612,936 $1,289,446 395,346 Net after rents 1935 1936 1937 June— 239,029 51,148 1934 $1,009,021 297,363 117,820 From Jan. 1— Gross from railway Net from railway Net after rents 5,563,847 1,085,252 def39,330 5,561,692 1,450,936 257,962 Yukon Gold Co.—Earnings— 2d Quarter 1937 Period Ended June 30— Net depletion) and depreciation (before profit $369,000 $0.10 - Per share ; Months 1937 $593,000 $0.16 —V. 145. p. 627. Yale & Towne Mfg. Period End. June 30— Net Co.—Earnings— 1937—3 Mos.—1936 $316,089 13,425 9,697 17,466 6,249 $447,138 $339,804 101,572 $939,362 204,786 $611,037 102,987 $344,151 $238,232 $734,576 $409,135 Other income Total income 1937—6 Mos.—-1936 $895,131 $566,550 29,852 31,798 14,379 12,689 $424,016 from oper Interest received earns, i Depreciation charges v 201,902 Net profits after taxes $58,084 on undis¬ profits) -V. 144. p. 3701. surplus... 2,523 2,995 4,677 4,766 278,250 376,370 278,250 376,370 1,374?947 1,283,079 c —The recent sharp upturn in facturers represents no more than a small fraction of what might reason¬ for the industry, according to a Broad St., New York City. manufacturers, the survey states, are being supported mainly by heavy unfilled orders, placed in the latter part of 1936 and the first quarter of 1937. The deluge of such business found the equipment companies unable to obtain prompt deliveries of raw material, and facing a scarcity of skilled labor. According to the survey, the com¬ panies have speeded up production and are now believed to be operating survey $2,100,089 $2,001,913 Total b Repre¬ Represented by 6,859 shares at cost in 1935. [Including Domestic Subsidiary Companies] $1,012,083 69,400 Net profit before Federal income taxes $1,081,483 140,167 Provision for Federal income tax. The current lull in new orders is not an Beane assert, $941,316 40,540 Special charge—liquidation expense for surtax on c$900,776 undistributed profits, b After deducting all costs, including depreciation of operating plants and equipment ($263,224), all maintenance and repair charges ($341,946) and selling, general and administrative expenses, including provision for doubtful since the railroads With traffic at the October peak occasion for misgivings, Fenner & usually concentrate their orders in the spring and fall, and the recent decline is only of normal seasonal proportions. expected to total nearly 100,000 more cars capacity of the roads is now at The survey estimates 1937 may total 30% in excess of the 68,341 freight cars and 556 locomotives ordered in 1936. Wages in the industry are estimated to be 15% higher and raw materials 25% higher than a year ago; recent price increases averaging about 20% both for freight cars and locomotives and parts are believed to have largely than in the an Net profit from operations issued by Fenner & Beane, 67 "Current operations of equipment close to capacity. Consolidated Income Account Jan. 1, 1937 to June 30, 1937 made the earnings of railroad equipment manu¬ ably be considered peak recovery levels b Profit from manufacturing and trading Other income (net) Net income for period No provision has been NOTICES CURRENT 5,219 10,369 Worthington Pump & Machinery Corp.—Earnings— Misceli. Class B 6% cum. pref. tributed —V. 143, p. 4021. a Mortgage of sub. company b Common stock for surtax for depreciation, depletion and amortization, sented by shares of $1 par. a 86.394 25,000 Adv. payments on contracts. ($100 par). 1935 375 $2,100,089 $2,001,9131 After 379,708 183,081 Reserve for Fed. income taxes Class A 7% cum. $12,847 33,254 1,248,377 Deferred assets a $3,300,000 1,289,480 (banks) Accounts payable (trade) Accrued liabilities (no deduction made 49,161 10,243 17,997 Total Notes payable $506,798 & Accrued salaries & aw! employees.. Fixed assets $807,576; Consolidated Balance Sheet June 30, 1937 Assets— Cash. 1936 Accounts payablo. officers Accrued interest.. a 31 Liabilities— Vouchers payable. 51,847 Notes receivable.. c Sheet Dec. 1935 $289,930 $359,828 1937 to June 30, 1937 Virginia corporation: Capital surplus, Jan. 1, 1937, $325,037; deduct premium paid upon acquisiation of additional stock of sub. company, $1,527; balance, March 20, 1937, $323,508; earned surplus: balance, Jan. 1, 1937, $724,964; net income for period, Jan. 1,1937 to March 20, 1937 $93,198; balance, March 20, 1937, $818,163. Delaware corporation: Surplus resulting from reincorporation under the laws of the State of Delaware, after reclassification of capital incident to said reincorporation, $3,737,281; surplus arising from the restatement of Virginia corporation at par, representing the excess of par or stated amount of such stock over the cost thereof, $251,879; capital surplus of Delaware corporation, March 20, 1937, representing amount paid in at date of transfer of net assets from Virginia corporation, $5,130,850; deduct premium paid with unsold tin carried at cost General and administrative expenses. to the Va. corpo¬ follows: —V. 145, p. 138. Woodley Petroleum Co.—Earnings— Other as $549,470 2,240 (net)__ Amort, of debt dis. & exp Taxes assumed on int. & -fhe applicable Inventories a Net oper. are Feb. 17, Accts. Willys Overland Motors, Inc.—July Production— 1937—3 Mos.—1936 Operating revenues $2,215,296 $2,079,683 Oper. exps. and taxes.. 1,495,064 1,341,923 Whereof, amounts ration. period from Jan. 1, 1937 to March 20, 1937, $93,199; and to the Del. corporation, period from March 21, 1937 to June 30, 1937, $807,577. reserves Period End. June 30— c Aug. 14, 1937 peak weeks of 1936, the carrying irreducible minimum, according to that orders for the full year offset these added costs. this analysis. Volume —Federal Financial 14S Securities Security Traders Convention to the 11th as guests according to to be held In Atlantic City from September 8th New paid life insurance increased 9.86%. On 12 months basis new paid a life insurance increased 14.7% over the previous 12 months and the lapsed and surrendered policies were 17.3% less. following counter Federal officials who directly supervise the over-themarkets, in which f.eld the National Security Traders specialize, have signifiod their intention to be present: David Saperstein, Director —Insurance in force of The Provident Mutual Life Insurance Company of of Trading and Exchange Division, Sherlock Davis and A. N. Davis, Assistant Directors, John H. Keiley, Chief Regional Attorney, and O. H. Staples, amounted to Room to of be the held Philadelphia on Bellevue-Stratford a a total of $955,909,000, New paid insurance $6,409,000 during the month, an increase of $939,000, or 17.2% July, 1936. 'v,* over Plans have also been completed for cussion Philadelphia increased $1,771,000 during July to according to Franklin C. Morss, manager of agencies. Over-the-Councer Analyst. Wt 1123 corresponding months of 1936, increasing insurance in force to $361,665,700 a gain of $6,038,000 during this period. of the Investment Traders Association of Philadelphia, an announcement of acceptance made by Herbert H Blizzard, Executive Director, and Howard Butcher, Jr., Honorary President. The Chronicle Exchange Staff officials will attend the National Municipal Forum and open dis¬ —The formation of the co-partnership of Richard L. Simon & Co., mem¬ Clover bers of the New York Stock Exchange, with offices at 120 Broadway, New Day, September 9th, in the Hotel in Philadelphia, at 10:30 A. M. Fred D. Stone, Jr., of John Nuveen & Company, Chicago, Chairman, will York City, was announced. preside at change. the Forum, assisted by Russell M. Dotts, Co-Chairman, of Bioren & Company, Philadelphia. The principal speaker will be Gaylord C. Cummin of Reynolds & Company. New York. The Forum will be open to all municipal traders and others who This year's gatherings marks convention having been held the in are interested in municipal fourth Chicago, annual previous meeting Cincinnati and finance. Angeles. Los Lillian B. Partners in the Leavitt and John J. new firm are Richard L. Simon, Caragher, member New York Stock Ex¬ —Owing to the activity developing in the cotton market, the firm of Maloney, Anderson & Block announces a change in the schedule of weekly talks under its sponsorship dealing with commodities. The talk About 2000 traders from all parts of the United States representing twenty —John De booklet which presents —Announcement was made of the formation of the firm of Safford, Biddulph Co., Incorporated, with offices at 40 Wall Street, New York City, to information concerning the United Stockyards Corporation. a_general investment business in municipal and corporate securi¬ ties. 'V'/-; .v ' The head of the Co. as a firm new general partner. was formerly associated with Granbery, Safford & Messrs. Biddulph and Seabrook were also asso¬ C*—Announcement —For the thirteenth consecutive month the Fidelity Mutual Company reports substantial gain in a is made of the retirement of George E pf—Distributors prepared Lockwood from an to the June as heretofore conducted under the Group. Incorporated, 63 Wall same name. Street, New York, has analysis of The American General Corporation giving effect 30, 1937 report recently issued. —Arthur B. Treman & Co., 26 Broadway, New York City, members of Life Insur¬ paid life insurance over the new Copies of this Lockwood, Sims & Co., Inc., and the continuation of the muni¬ cipal bond business ciated with Granbery, Safford & Co.. the latter as a special partner. ance a analysis of the stockyards industry together with an booklet will be sent by the De Witt organization to those interested. the firm of Officers of the'new firm will include George Safford, president, C. Ashmead Biddulph, vice president and secretary, Raymond Seabrook, vice President, Alison J. Safford, vice president and William O. Pettit, treasurer. pm metals, Witt, Board of Trade Building, Chicago, is distributing local associations will be present. engage in on originally scheduled for this week has been postponed to September 14th. the New York Stock Exchange, have prepared a study of defaulted railroad bonds entitled "Pitfalls and Profits." The Commercial Markets and the Crops COTTON—SUGAR—COFFEE—GRAIN PROVISIONS—RUBBER—HIDES—METALS—DRY GOODS—WOOL—ETC. futures market ignored news from Havana that COMMERCIAL EPITOME Columbia ready to cooperate with Brazil in control of production and declined on an easier tone in the Brazilian markets and was Friday Night, Aug. 13, 1937 I Coffee—On the 9th inst. futures closed 1 to 9 points off in the Santos contract, with sales of 43 lot. tract closed 13 points lower to lot.. for March. con¬ unchanged, with sales of 3& The "C" contract at Santos ended 75Tto 150 at 22.550 for reis'off September, 22.025 for December and 21.675 Rio futures 16.800 for August and 100 reis lower at held The Rio unchanged were 200 to 450 lower at 17.400 and October. 17.500 and at 14.850 inilreis market dollar rate futures closed 4.25 to 2.25 francs lower. totaling 41 lots. Havre dollar. the to the fact all coffee interests are attributable to was proceeding one way or an¬ other. Small gains on the Rio bolsa were an Rio futures in Brazil closed 25 to 150 reis up at 17.425 and 16.950 for October. 100 reis lower than futures .50 were to on encouraging The Rio spot price 100 reis higher at 17.600 and the open market at 14.850 milreis to the dollar. The spot exchange rate weakened 130 reis to 15.08. Havre futures Rio coffee 4 to were May September was dollar rate held quotation at Santos Aug. 5 at 22.500 milreis. 3.00 francs lower. On the Havre 11th inst. changed to 100 ber. up The Rio spot dollar rate The "C" contract at Santos Havre futures Rio futures 9.81 May-July--. and a for previous close. be the best for the 3 to 10Kd. open The Rio contract closed The "C" futures were 17.400 for August and weakened futures 100 reis lower than 25 reis lower 50 reis 11th successive decline. 1,279,615 bags, against 1,282,669 Transactions lower. In the first hour of to 14.950 milreis .50 franc off to to the 1.25 francs totaled 249 lots, on delayed hedge selling in distant positions. un¬ con¬ Septem¬ The Aug. 10 at actuals there 353 bags a was dull. 3,337 tons. the decline to The was London Licensed warehouse stocks declined overnight to 1,279,262 bags. high of 1,356,724 bags reached This June 30. on compares lower. On the 11th inst. futures closed 1 to 3 points Transactions totaled 285 lots, extreme decline which market dollar Subsequently, however, was today the market the result or was of profit-taking a 3,819 tons. and hedge-selling. fairly good demand developed for dollar. Havre the Today readily, with most of the early losses being erased. account of manufacturers and points down to 3 points Jan., 8.42; March, 8.52. The bags. At the off 10 to 11 points, higher. with sales of 21 contracts. with Local closing: Sept., 8.23; Oct., 8.28; Nov., 8.33; Dec., 8.37; Jan., 8.44 March, 8.55. warehouse stocks declined or Along with profit-taking there futures closed 7 to 11 points down in the Santos contract, with sales of 63 contracts. The new Rio contract closed 5 up, Friday. trading the declines ranged from 6 to 8 The Rio spot open on 8.26; Oct., 8.32; Dec., 8.43; Jan., 8.49; unchanged at 17.050 for October. unchanged at 17.600 and the were on to were market finished unchanged to 3d. lower and the market for points lower to 1 point December, and 21.375 for March. Santos spot price was was market .50 francs lower. 1.50 to tract at Santos closed 150 to 200 lower at 22.375 for price In the London market prices On the 10th inst. futures closed 3 to 5 points May, 8.68. net points Over the week-end licensed warehouse stocks here declined 3,040 bags, the was warehouse stocks pro¬ These prices, however, proved to day. higher. up. renewal of activity and strength in a Initial gains generally were nine the futures market. the points A strong London market further reduction in licensed vided the impetus over 10.48 —— Cocoa—On the 9th inst. futures closed 5 to 6 Transactions totaled 4,261 tons. bring about a rally. were 21.800 for ———10.10 September. 9.751 points, but there was sufficient demand changed to 2 points off, with sales of 15 lots. Rio un¬ follows: price held at 17.600 and the higher, with sales of 43 lots. 22.400. were as at 17.425 for August and 17.050 for Octo¬ On the 12th inst. futures closed 8 ber, was Aug.,9, at 22.525 for September, 21.975 50 reis easier at 14.900 milreis to the dollar. was 6.62 9.901 December - Local closing: Sept., The Rio contract closed 3 to 13 points for December and 21.575 for March. 6.67 prices closed March. sales totaling 49 lots. with sales of 15 lots. follows: 6.64 July 6.88 —— The total 25 to 100 off from as 6.80 March December futures closed 7 to 10 points up in the Santos contract with up, 43^ francs lower. prices closed On the 10th inst. factor. was The free market off 200 reis, while in dropped 25 to 175 reis. Cost and freight offers were unchanged to 10 points lower. inclined to await the outcome of the Haana conference before for August the Santos market the "C" contract Santos coffee The small volume Rio de Janeiro futures broke 125 The spot No. 7 price was points higher, with sales The Rio contract closed 1 to 6 points lower, with sales of 12 lots. weaker exchange rate. to 250 reis. The Rio spot price was the open futures closed 2 points lower to 3 a the market responded Licensed overnight 1,110 bags to 1,278,152 Local closing; Sept., 8.20; Nov., 8.31; Dec., 8.37; Financial 1124 closed 6 to 10 points net higher. On the 12th inst. futures by manufac¬ turers, at one time showing gains of 13 to 16 points, these levels being new highs for the current forward movement. At this point profit taking developed, and with a small amount of new selling and hedging, much of the early gains were erased. Trading was heavy, expanding on the advance to 637 lots, or 8,536 tons. Switching from the September position accounted for 266 lots of the full day's business. responded smartly to demand market The declined overnight 2,633 bags to Licensed warehouse stocks closing: Sept., 8.29; Dec., 8.43; Jan., 8.48; March, 8.59. Today prices closed 5 to 7 points Local bags. 1,275,519 These closing prices proved to be the highs of the 5 to 10 points above the lows of the day. up. and were day The opening prices were 2 to 4 points down from the previous close. Transactions totaled 316 contracts. Local closing: Sept., 8.36; Oct., 8.40; Dec., 8.50; Jan., 8.55; March, 8.66. closed unchanged to 1 point higher. Transactions totaled 246 lots, or 12,300 tons. Trading in September, which accounted for 156 lots, domi¬ A Cuban operator and other In the market liqui¬ from Sep¬ tember into later positions. The world sugar contract closed 1 to ^ point down, with sales of 469 contracts. Transactions in the domestic sugar market totaled 292 con¬ tracts. London futures were 1 to 1H points lower. Raws there were reported at 1.17He. f. o. b. Cuba or on exact parity with New York. In the world sugar Only sale one The price did not affect delivered. 3.60c. reported in the raw market today. was Inc., bought Philippines ex-warehouse at Refined Syrups, The world which still is 3.50c. sugar Transactions in this contract 28,500 tons. With only six more trading unchanged to H point lower. totaled 570 lots, or world sugar trading today was confined almost exclusively to switching and liquidating that month in advance by Wall Street and days before first notice day in September, On the 10th inst. futures closed trade houses. point higher. compromise a today one time prices showed net advances of short covering and hedge lifting as While actions totaled 354 lots. parcel of Cubas and cost with definitely raws, it was The world sugar contract to 4 Sales Y point lower. in were report includes all sugars from This ,weight The un¬ With the bill a step further up in its slow march through legislative chan¬ nels, the tendency on the part of the trade was to cover short positions and accumulate contracts, despite the fact that most sugar bill by by no means considerable comment raws sale of 38,000 bags of shipment, which was quota Puerto Ricos for Septem¬ excess effected at 3.22c., delivered, yes¬ was excess unchanged was unchanged quotas, the futures market since that last sale has advanced 6 closed the as 173,012 short tons of sugar, raw There were Quotas for the various offshore areas are issued tions The in this The world points. previous the from contract were sugar con¬ day's finals. 671 of were the in sugar bill had domestic the as a raws little or no points off. futures market. 10,200 tons. Hawaii was levels as Consumption Sugars Direct Direct consumption the against in included the the 1937 total direct quota 99.8 column shows reports of the outturn of separation The polarizing less than 99.8 degrees. The remainder sugars weight and a freight rate of 25s. 6d. in the domestic in the previous session. The was quiet, sellers there gener¬ Today futures closed 2 to 4 points sugar into polarization groups is based polarizatiq^for each cargo of direct against the quotas. Equivalent) (In Short Tons—96 Degree Quantity Charged Against Quota market. Balance Sugar Sugar 1937 Polarizing Polarizing Total 99.8 Degrees Less Than Charges and Above Area 99.8 Degrees Quota Hawaii Remaining ' 331,782 12,343 126,033 0 5,164 5,699 23,917 51,519 5,295 56,814 23,400 406,210 114,118 520,328 138,468 240,366 113,690 535 This department is The 15,241 short tons, raw value, countries other months seven of than the the quotas Cuba year is the - for individual Charges against of charges made during the first against the quotas for ^hows, which be admitted from such countries may against the quotas during the may the individual full duty in pounds, the The table countries. charged against the quota for foreign total countries. following 91,151 91,316 422,933 126,033 29,616 80,214 658,796 Cuba__ Puerto Rico taken in ally asking 6s. 8^d., equal to 1.20c. f. o. b. Cuba based on up and charges against such available for entry during the the balance the year. quota is January-July, showing separately sugar polarizing and above and sugar degrees last sugar The following tabulation indi¬ each area. for amounts charged above direct consumption since the consumption sugar quotas during the period quotas in the included is sugar quotas various Sellers nominally were closed 1 to 2 points net lower. Trans¬ actions in this contract totaled 1,016 lots, the heaviest in The London market 3,717,235 Transac¬ world sugar contract months. 15,241 4,798,430 Total Contracts done, since it is considered developments. same 4,524 26,610 Virgin Islands Foreign countries other than Cuba cates 676,124 5,462 A. quoting at the 816,463 593,072 Puerto Rico Total sugar 1,611,811 831,508 976,685 Philippines President In the market for attempt business because of the turn to Washington Quotas 1,922,423 1,035,742 Philippines useless Against Cuba opening of the result prices fell off 3 to 6 points. business Charged Regulations discouraging effect on very a sugar tions totaled 204 lots, or Amounts the Latest Senate Finance Committee's tossed overboard with abandon at the market, and Sugar Quotas Established Under Area consumption sugar entered On the 12th inst. futures closed 4 to 6 traders Degrees) 1937 lots, of which 340 September. Roosevelt's opposition to the draft during the first areas follows: (Tons of 2,000 Pounds—96 of were off-shore against the charged months of the year are as seven shown as established by regula¬ 1936. 12, Dec. quantities available. Data for July are not yet this year. months of six on Transactions in sugarcane areas the quota against value, first value, charged against the and 629,294 short tons, raw for the continental sugar beet area during the continental the for quota attached to the terday to McCahan. While the price actually from the last sale of tract countries deficits. of In the however, at the peak today was up 4 to 5 points. ber clear possible veto when it reaches the President. The market, market for in Customs' cus¬ against possible increase in the quotas result of increased consumption or reallotment August 1, awaiting release on vote of 15 to 2. a of the stories indicated that the bill was a of 37,661 short tons of that there was a total commercial value, from full duty countries stores 312 lots, of which were importations are available. data for all polarization shows also report those for 1937. 1, and that the Senate Finance Committee had from overnight news of Aug. on outturn including such certified quantities in The figures are subject to change after final entry, for The market received its chief stimulus up. approved the certified transit Aug. 1, 1937, addition to the sugar actually entered before tries include, in quantities certified for entry The statistics on full duty coun¬ 1, 1937. prior to Aug. those areas from Cuba, the Philippines, Puerto Rico, and Hawaii recorded as entered or Virgin Islands, tody announced: Sugar Section further The delivery market closed 3,717,235 short tons, raw value. January-July amounted to On the 11th inst. futures closed September. points re¬ all offshore areas, including months period during the seven countries, duty full the all status of the 1937 the on charged against the quotas for a prompt arrival warehouse sugar for prompt changed to 2 increased. Trans¬ were believed generally that Southern refiner at 2.65c., The market was unchanged otherwise, was freight. held at 3.60c. 162 sales no sold to ported in the market for a Talk bill held domestic futures steady sugar report 9 by the Sugar Section of Agricultural Adjustment Administration. The report, Sugar Section said, shows that the quantity of sugar unchanged points, but these gains were subsequently lost. 2 to 3 of At _ quotas was issued on Aug. sugar the by United First Seven Off-Shore Areas During monthly seventh —-—2.44 of Sugar Received Tons from Months of Year sugar, to 1 2.541 March -——.——2.461 May Short States The 2.41 2.42 2.451 January — „ 3,717,235 the spot basis, contract market closed follows: Prices were as July__ September December, market trading was dominated by September position and switching dation of the the price. Further sellers asked 3.60c. 3.55c. while another refiner paid the an The Senate was to vote on it some time today. for raws 3.53c. was paid for prompt Philippines, through. outright short position or covering bill would go largely on high hopes that the sugar based which was there was quite a display of strength, and today In addition there was scat¬ tered new buying. Of the 156 Septembers traded, one opera¬ tor toQk 62 lots at 2.57c. and another 40 lots at the same trade operators were lifting hedges against actuals. situation at the moment, dominated wholly by the pblitical Sugar—On the 9th inst. futures nated the action of the market. Aug. 14, 1937 Chronicle amounts of sugar in 1937, the amounts charged January-July period, and the amounts which be admitted during the remainder of the year: Volumt Financial 145 Chronicle 1125 export clearances Quantity Which May Be Charged Balance Admitted Against Remaining in 1937 Quota Area Belgium. Brazil China and Hongkong Colombia 288,114 20,597 0 6,668,480 211,384 332,754 921,022 216,977 217,865 5,510,500 11,114,100 350,667 Guatemala Haiti Mexico o 921,614 6,031,877 217,865 10,221,004 11,114,100 ... Netherlands Nicaragua Peru United Kingdom 350,667 5,814,900 on 0 11,951,977 234,371 30,482,894 22,737,106 Most of this a allotted in accordance with General Sugar Quota was Regulations, Full The duty cations stored for duty quotas of ment Customs' certification custody as been have made the to increased are Section. Sugar *Quantlty 549,800 Area and Type Last year of the sales *Quantity of Sugar— day same There run were 34,185,000 pounds under a stocks storage Hog prices at Chicago finished Total receipts 28,200 head, against 46,200 for Liverpool lard futures were 3d. Today futures closed 5 points down to 5 points up. was a year ago. considerable today, which reflected irregularity more or price fluctuations to less the mixed trade sentiment. daily closing prices of lard Sat. September 11.90 October. 12.00 -.11.50 January 16,741,818 Peru—Raw. or this time cold at ranging from $11.50 to $13.35. December \•'v- Area and Type of Sugar— Belgium—Refined 157,382,000 117,076,000 pounds. 1937 unless the full deficit. means Such the result of increased consumption or reallot- as were for the Western 1937, for which appli¬ 1, A large reduction in the Total stocks of cold storage holdings totaled from the full duty sugar of Aug. be released from Customs' custody in cannot sugars in the nearby September on light hog receipts in July, which ago. the following table shows the total amount of countries July 31 lower. in Customs' custody. sugars corn mostly 10c. lower, the top price reaching $13.50, with most Series 4, Supplement 1. B. prices off 45 points month Argentina, 14,577 pounds; Australia, 204; British Malaya, 26; Dutch West Indies, 6; France, 175; Germany, 117; Honduras, 3,432,568; Italy, 1,751; Japan, 4,009; Salvador, 8,208,542, and Venezuela, 290,002. on the distant on opened steady, but when the light lard production. 0 a3,529,769 points lower heavy speculative selling in lard developed and also due to the 0 4,710,504 53,220,000 Total. Liverpool lard United States cold storage lard stocks was expected by the trade due to the improved cash demand for domestic lard o 592 0 reported. were position and 27 points in October. 2,148 11,951,977 3,764,140 Quotas not used to date *. Unallotted reserve which sent 0 263,302 6,668,480 211,384 334,902 Dutch East Indies market broke, 0 267 20,597 Dominican Republic The market 0 263,302 Czechoslovakia lard nearby deliveries and 2 to 5 points lower months. 1,065 21,549 267 . Costa Bica * 132 564,205 266,565 1,197 564.205 Canada of unchanged to 6d. higher. were On the 12th inst. futures closed 10 to 30 the 0 294,308 294,308 __ futures 11.50 Pork—(Export), Mon. futures in Tues. 11.70 11.80 11.30 11.35 Wed. 11.72 Chicago Thurs. 11.82 11.50 11.60 11.37 11.37 11.22 11.20 $36.1234 Fri. 11.30 11.40 11.20 11.25 11.35 11.25 11.25 11.22 barrel 7,910,084 67,411,691 (per 200 pounds); family, $35.1234 (40-50 pieces to bale) nominal' per barrel. Beef: (export) steady. Family (export), $23 to $24 per barrel (200 pounds), nominal. Cut Meats: Pickled Brazil, during the month of July, reported destruction of Hams, Picnic, Loose, c.a.f.—1 to 6 lbs., 18%c.; 6 to 8 lbs., 18c.; 8 to 10 lbs., 1634c. Skinned, Loose, c.a.f.— 14 to 16 Czechoslivakia—Refined 876,420 Dominican Republic—Raw 1,700,000 50,669,873 Dutch East Indies—Refined.. Total of all sugars 987,164 Guatemala—Refined.. 185,000 250,000 Netherlands—Refined Peru—Refined ♦In United Kingdom—Refined 3,361,700 75,321,775 Total refined.. Total raw.. pounds (commercial value). 2,197,000 bags of coffee, nearly three times the exports to world points over a similar period, the New York Coffee & Sugar Exchange revealed Aug. 7. The current rate of burn¬ ing, by Brazil, tops all previous schedules, 100,000 bags proximately per quota of ap¬ a day have been planned, the ing at sea, burning plans fuel as use elimination of other and the destruction for which will year when means, end June of above the since July and August 1936 but 728,000 in July were and other during the the revolution period a but 376,000 bags against for 568,000 Europe totaled 467,000 in 1936 and 483,000 in 1935. month of 1935 1,308,000 bags same crop Brazil closed in 62,000 in 97,000 bags in 1935.,Total exports during July 1936 were bags, while in the and of nearly three months. the world went 80,000 bags against parts of were Lard—On the 9th inst. futures closed 25 to 27 At the start prices were 5 to 10 1936 1,097,000 shipped. the points lower. Bellies: Clear, Dry Salted, Boxed, N. Y.—16 to 18 lbs., 1834c.; 18 to 20 lbs., 18^c.; 20 to 25 lbs., 1834c.; 25 to 30 lbs., 18^gc. Butter: Firsts to Cheese: State, Checks to Held, '36, 23c. to 24c< time of year. 12c. decline in cotton oil futures, caused a break of Tank held very firm. The top price reported was of the sales reported ranged from $11.70 to hog marketings 64,200 for the lard from same the week-end. were of New York Liverpool lard futures 10th inst. futures closed 2 held No export clearances of a year ago. were were reported 6d. higher. points net higher. quite steady throughout the session. in grains 2 to 7 stimulated points. active. some over the On the The market Early strength covering, which lifted lard values Hogs ruled easier and the demand Prices at reported was less Chicago closed 10c. lower, with the top Olive: Denatured, $1.12. Soy Tanks, West, Aug.-Sept., 734c. to 734c; Oct. for'd, 634c. to 7c.; L.C.L., 10c.; Aug.-Sept., 9c.; Oct. for'd, 834c. Edible: 76 degrees, 1134c. Lard: Prime, 1234c.; Extra Bean: winter, strained, 1234c. Cod: Crude, Japanese, nominal; Turpentine: 36 to 40c. Rosins: $8.75 to $9.75. Cottonseed Oil, sales, including switches, 144 contracts. Crude, S. E., 7 34c. August September Prices closed follows: as 8.20® 1 December 8.26® [January 8.24® 8.261 February 8.25@ [March October points up. opened 2 to 12 points higher, mainly Factories Outside are still prices on were the on Exports of lard as head, off. of the session influenced were a 12 to 15 during the early part by the weakness in grains and hogs, fairly sharp setback. Prices at the opening points below the previous close. ended 10 to 25c. lower at was Liverpool lard futures closed 3d. On the 11th inst. futures closed 12 to 22 points Scattered selling in lard futures resulted in year. reported yesterday totaled 15,000 pounds destined for Rotterdam. to 6d. lower. against 57,500 head last Chicago. Hog prices The top price for hogs $13.55, with the bulk of sales ranging from $11.55 to $13.50. Western hog marketings 27,800 head against 50,800 for the were same light and totaled day last year. No 8.21® 8.25@ 8.25® 8.27 @ 8.25 -- point down to The market better foreign cables. sidelines in the outside market. quoted unchanged 18 13-16c. for standard sheets. on London and a spot basis of Singapore closed quiet and dull, respectively, the former unchanged to 1-16d. higher, while the latter declined 1-32 to l-16d. Local closing: Aug., 18.74; Sept., 18.76; Dec., 18.89; Jan., 18.92; March, 19.00; May, 19.08. points net lower. On the 10th inst. futures closed 26 Transactions totaled 2,500 tons. mission-houses 34,100 - Transactions totaled 1,670 tons. $13. Western hog receipts were light compared to a year ago - Rubber—On the 9th inst. futures closed 1 4 market started with losses of 16 to 24 totaled Quotations: crop, price $13.70, and the bulk of sales ranging from $11.70 to and good for this as Nearby, $1.35 to $1.38; Shipment, New Most Western light and totaled 39,600 head, against day Port $13.70. $13.60. are still quoted 10.6c. Corn: West tanks, old crop, 734c. to 734c. Chicago hog prices points from the early highs. cars are Wood—Tanks, Aug.-Dec., 11.4c. to 11.7c.; Drums, Coconut: Oct.-Dec., 5c.; Coast, Sept. for'd, 434c. November 25 to 30 32c. to Eggs: Mixed Colors— Special Packs: 17c. to 23c. Oils—Linseed oil deliveries points higher, due to scattered Heavy liquidation later in the session influenced by severe lbs., 23c.; 10 to 12 lbs., 22%c. Norwegian light yellow—nominal. covering influenced by the continued firmness in corn and hogs. 2234c.; 18 to 20 lbs., 2034c.; 22 to 24 lbs., 18%c. Bellies: Clear, f.o.b., New York—6 to 8 lbs., 23c.; 8 to 10 Present 756,000 bags, the smallest monthly Coffees destined 1935. 300,000 bags this year against all To and dumping eliminated. been 11,000,000 bags when Santos for July exports to the United States in lbs., China 1932 important coffee port of finally by and 1938. 30, Brazilian exports during July totaled total surpluses started, first by jettison¬ the mainland, 49,678,000 bags have on call 1931 per Higher than Extra and Premium Marks: 2534c. Exchange said, adding: Since June mess, points. to 28 The Again com¬ selling found only little trade support. Factory buying in the outside market was reported in very light Outside prices were cut 34c. per pound to a spot basis of 18 9-16c. for standard sheets. London and Singa¬ volume. pore closed quiet and easier respectively, prices declining 1-16 to 3-16d. Local closing: Aug., 18.48; Sept., 18.50; Oct., 18.53; Dec., 18.61; Jan., 18.64; March, 18.72; May, 18.81. 4 On the 11th inst. prices closed 3 points lower to higher. Transactions totaled 1,390 tons. outside market again was very quiet. Outside prices a points The were shade easier at 1834c. for standard sheets, but steadied up slightly toward the close of the day. London and Singapore closed dull and steady respectively, the former unchanged to Financial 1126 remained unchanged. Local Dec., 18.62; Jan., 18.66; i/£d. lower, while the latter closing: Aug., 18.45; Sept., 18.47; futures closed 5 to 12th inst. the The market opened 5 to Transactions totaled 1,730 tons. 14 The outside market continued to be a points lower. with affair, quiet 10 points lower. Outside prices were factories remaining on the sidelines. quoted at 18 7-16c. for standard sheets. Crepes are now quoted at 19 %c. London and Singapore closed steady, prices ranging unchanged to 5-32d. lower. Local closing: Sept., 18.37; Oct., 18.43; Dec., 18.57; Jan., 18.61; premium for crepes narrowed down further. The Today futures closed 12 to 8 points net Transactions totaled 168 contracts. The market March, 18.08. lower. appeared to ignore steadiness in the foreign markets, easing off about 4 points as a result of liquidation in September and some also in December. As the session progressed, weakness became the more pronounced, with prices closing at the lows of The London market was unchanged to day. l-16d. Aug. 14, 1937 Coal—There and are reports of greater steadiness in both low high volatile slack, but what steadiness there is must be at very March, 18.75; May, 18.84. On Chronicle low prices. It is stated that slack in almost all rule continues to operators, nevertheless, continue to talk about below way official quotations. a cases Some possible shortage of slack while others feel that they could sell more if only they could find further a market for the prepared sizes. reported that operators in many It is soft coal fields are finding that the slightly better business of the last week in July has outcome now fallen off. of the Bituminous studies Coal Coal operators are awaiting the being carried on by the National Commission to determine the proper classification of coals in the hope that they may provide a clue as to when the fixing of prices under the Guffey law may be completed. Some operators are hopeful that the new prices will be established by November 1st. Metals—The report of Copper, Tin, Lead, Zinc, Steel Pig Iron, usually appearing here, will be found in the articles appearing at the end of the department headed "Indications of Business Activity," where they are covered more fully. t'V' * and . It was estimated that Kingdom rubber stocks had increased 500 tons this Local closing: Sept., 18.28; Dec., 18.45; Jan., 18.50; higher and Singapore also was firm. United week. March, 18.59; May, 18.69. Hides—On the 9th inst. futures closed unchanged to 2 The market opened at 2 to 6 points decline and moved within a narrow range, though trading was quite active. Transactions totaled 3,200,000 pounds. The spot points higher. hide market as sell at last prices, like to Local reported was but buyers have backed away. March, 17.20; Dec., 16.77; closing: Sept., Holders, it is said, would dull. A larger volume of business was noted net lower. 17.57; On the 10th inst. futures closed 17 to 19 points June, 17.90. futures market in the hide today, transactions totaling 4,880,000 pounds. Opening prices were 7 to 15 points off and the close was at the lows of the in the spot Local Although day. hide market, a 16.60; closing: Sept., price movements are noted no heavy tone continues to prevail. March, 17.01; Dec., The market Transactions totaled 4,520,000 pounds. off. 17.40; On the 11th inst. futures closed 20 to 21 points June, 17.73. The local spot hide market con¬ opened 5 to 14 points off. tinues to display a It is understood that heavy undertone. being shaded about He. in the resale market. closing: Sept., 16.40; Dec., 16.80; March, 17.19; quotations Local are June, 17.52. On 15 the412th inst. futures closed 10 to 12 points off. declined to current On Wednesday the Argentine market Prior to that 104 pesos was 16.30; Dec., Today futures closed 17.40. The last early trading on This market reports of further easiness spirited fashion with trading increasingly active In the early afternoon points net higher and with up over September at 16.40c. 3,560,000 pounds. per points net 13 ♦in the South American cash hide market, but it ket advanced. or 16.70; March, Transactions totaled 186 contracts. lower in the had been pesos 106 pesos. is equivalent to about 16 1-16c. Local closing: Sept., June, 17.07; pesos. price of 99 higher. was 100 Last week the market pound. A feature of the the further reduction in frigorifico steers in the Argentine market. quoted. Trans¬ The market opened 5 to pounds. points below the previous day's close. was prices rallied in as the a mar¬ 10 to 13 were 20 points from the early lows, Sales to early afternoon totaled Local closing: Sept., 16.43; Dec., 16.83; March, 17.20; June, 17.53. Ocean has been included: Freights—During the past several days chartering quite active, with prices holding steady. Grain: 7,800 tons 10 percent, London 34s 3d, Rotterdam 33s 9d, San Charters Lorenzo to Antwerp 33s 6d, b.d., completing below Is 3d less August 20-31. France Maru, 7,000 tons, 10 per cent, Beira to picked ports United King¬ dom, Aug. 15-Sept. 10; 37s Maize. Rotterdam 1st half Sept., 3s. St. Lawrence to Antwerp- Grain Booked: Four loads New York-French Atlantic, Sept. 18c. Two and a half loads New York-French Atlantic, Get. 18c. a half loads New York-Marseilles, Aug., 22c. Antwerp, Aug., 14c. 16c. chiefly to the activity of dealers who at this time are in closer accord with the notions of growers as to the real value of wool. Depressive influences seem absent. Most of the Western banks One and Five loads, Albany to Five loads, Montreal to Albany, Sept Trip: Round trip Liverpool-United States Gulf, 9s 6d, Aug. 15 cancelling. Trip across South Atlantic, Sept., $2.75, delivery Baltimore (reported). Mediterranean round, $2.60 early Sept. $7.75, Aug. half Aug., 25s 6d. Scrap: North Atlantic to Genoa or Savora, Sugar: North Cuba to L.L.G.A. R.A., second are advising growers against letting go their wool except at good strong prices. Dealers for their part cannot see lower prices for wool for the balance of this year unless there should be some break when the foreign seasons and of which there seems little prospect. There are no low priced fine wools available either East or West, and the market is very firm within a range of 93 to 98c. on original territory and average Texas, depending upon the persentage of staple in the clip. On signs of improving open, business and a rather confident belief that all this season's clip will ultimately pass through the mills at firm prices, dealers paying strong prices in Texas and elsewhere feel reassured by the general outlook. Silk—On the 9th inst. futures closed 1 He. to 2 He. lowerHowever, the market opened 3c. to 2c. lower, but steadied somewhat as the session progressed. Transactions totaled 1,370 bales. In view of the sharp declines in Japan over the week-end and the strike news here, the market was considered to be holding very steady. Heavy liquidation of the Decem¬ ber option at the call was thought to be stop-loss selling. Later in the day the market was a little steadier on covering by the trade and others. Crack double extra was lc. lower at 1.86. Kobe. actions totaled 3,280,000 news Wools—The general feeling in the wool trade appears to be that the wool market is about to move forward, due Grade D Futures 15 yen lower at 820 yen in Yokohama 20 to 30 yen off in the Yokohama market was were and 14 to 30 yen off in the Kobe market. Spot sales for the two centers totaled 2,030 bales, while futures transactions totaled 10,300 bales. The yen quotations in Japan was up Y% at 293^. Local closing: Aug. 1.79; Oct. 1.79; Nov. 1.76H Dec. 1.76; Jan. 1.76. On the 10th inst. futures closed un¬ changed to 2c. up. Transactions totaled 510 bales. Prices at the The opening were unchanged from the previous close. uncertainty resulting from the crisis in the Far East and probably accounted for the thinness the strike situation here of the market. one Crack double extra was He. up at $1.86Hadditional notice brought the total for the month to date to 141. Grade D was unchanged at 820 yen in Yokohama, higher at 825 yen in Kobe. Futures were 7 to 14 yen better at Yokohama and 3 to 15 up at Kobe. Spot sales transacted in Yokohama and Kobe totaled 750 bales, while futures transactions totaled 5,600 bales. Local closing: Sept. 1.81; Oct. 1.80; Nov. 1.78H; Dec. 1.78; Jan. 1.77. On the 11th inst. futures closed He.-off to 2c. up. Most of the selling during the day was credited to trade sources. One additional notice brought the total for the month to date to 142. Crack double extra was lHe. up to 1.88. Grade D was 7H yen up to 827H in Yokohama and 5 yen higher at but 5 yen 830 in Kobe. Futures at Yokohama were up 4 to 11 yen, while at Kobe they were 5 to 14 yen up. Spot sales in the two centers totaled 1,150 bales, while transactions in futures totaled 4,750 bales. Local closing: Aug. 1.80H; Oct. 1.80H; Nov. 1.79; Dec. 1.78H; Jan. 1.78H; March 1.76HOn the 12th inst. futures closed 1 to 3c. higher. Trans¬ actions totaled 1,160 bales. Prices at the opening were H to 3c. up. Crack double extra was IHc. up at 1.89HGrade D was 7H yen higher at Yokohama at 835 yen and 10 up in Kobe at 840 yen. Futures were 15 to 9 yen up at Yokohama and 3 to 11 yen up at Kobe. Spot sales at the two centers totaled 800 bales and futures transactions totaled 4,400 bales. Local closing: Aug., 1.82; Sept., 1.82H; Oct., 1.81; Dec., 1.80; Jan., 1.80; March, 1.79HToday futures closed 2 points up to unchanged. Transactions totaled 137 contracts. The market was firm throughout the fore¬ noon on reports of more interest in the spot silk market uptown. In the New York spot market prices were also unchanged at $1.92 for crack double extra silk. The Yoko¬ hama Bourse closed 5 points lower to 1 point higher. Grade D silk was 5 yen higher at 840 yen a bale. Local closing: Aug., 1.83H; Sept., 1.84H; Oct., 1.83; Dec., 1.81; Jan., 1.81H; Feb., 1.80H; March, 1.79H- Volume Financial 145 COTTON Friday Night, Aug. 13, 1937 Crop, as indicated by our tele¬ tonight, is given below. For the week ending this evening the total receipts have reached 94,093 bales, against 68,215 bales last week and 55,199 bales the previous week, makiing the total receipts since Aug. 1, 1937, 135,822 bales, against 87,069 bales for the same period of 1936, showing an increase since Aug. 1, 1937, The Movement of the from grams the South of 48,753 bales. v Chronicle 1127 NOTE—Exports to Canada—It has never been our practice to include In the above table roporta 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 districts same from week to week, while reports from the customs the Canadian border are always very slow in coming to hand. In view, on however, of the say inquiries numerous that for the month Tues. Wed. exports were 14,007 262,709 bales-exported, against 217,827 bales for the 11 months of 1935-36. as In addition to above exports, our telegrams tonight also give us the following amounts of cotton on shipboard, not cleared, at the ports named: , Total Fri. Thurs. 133 1,243 9,600 1,245 1,452 16,322 1,222 2,596 7,100 118 663 404 12 886 471 1,699 8,818 9,492 8,352 276 1,375 1,829 8,324 536 25 Corpus Christ! 599 56 633 98 New Orleans Mobile 23 Pensacola. &c__. 5,332 18,311 58,516 2,825 618 96 96 "12 12 74 14 3,861 1,746 1,321 3,861 4 12 87 887 556 887 23,909 Savannah 372 800 Charleston "345 155 136 1,171 Lake Charles Wilmington 8 Norfolk. 469 Baltimore.M Totals this week. 11,909 19,677 14.054 12,393 12,151 The following table shows the week's total receipts, the total since Aug. 1, 1937, and the stocks tonight, compared with last year: Galveston 1936 Stock This Galveston Texas City Since Aug This 1,1937 Week 1,1936 6,199 5,332 __ 1,896 18", 311 22*522 2*418 *4*. 502 Corpus Christi 58,516 89,878 39,174 62,376 2",825 "5",102 4",404 9.657 618 96 1,880 706 942 345,548 296,051 237.543 6,307 52 228,194 125,802 18,473 40,087 19,040 ____ Total 166,687 1937. 6,288 8,567 6,994 _ Total 1936 Total 1935 Speculation active 2,900 2,380 4,616 9,589 2,887 ^9,928 865 385 T 2,262 5,099 1,829 14,430 1,131,877 28,736 1,161,876 22.023 1,047,507 in cotton for future delivery was moderately during the past week, with the trend of prices de¬ The feature of the week government crop report, was the the publication prices to break sharply $3 a bale. markedly of which At the present little of encouragement to those friendly upward side of cotton, and with political over 600 developments at so much uncertainty Washington, especially in 12 39 1,905 1,236 1,457 1,321 3,861 ~1,772 "384 "876 18",473 25*355 week-end, especially in view of the Government 9,017 8,768 19,040 11,546 11,396 24,641 that will be '""166 New Orleans *""497 3,166 775 658 turned relatively easy under renewed hedge selling, but nearby deliveries showed spirited rallying power on covering that was led by trade interests. Factors that ordinarily Pensacola, &c Jacksonville Savannah 96 167,611 91,776 25,814 255,676 76.171 5,193 1,841 146,036 connection in many further with the cotton trade have and taken crop-control to the legislation, sidelines to await developments. On the 7th inst. There loans was a prices closed 4 to 13 points net lower. general evening up of commitments over the _ Charleston Lake Charles 4,093 1,151 1,167 12 13 265 556 860 434 315 780 887 1,463 823 1,341 94,093 135,822 52,891 Wilmington Norfolk Newport News NewYork Boston Baltimore 575 Philadelphia Totals 87,069 1,146,307 1,190,612 In order that comparison may be made with other years, give below the "totals at leading ports for six seasons: to make exert was an : 1937 Receipts at— 1936 1935 1934 1933 1932 New Orleans. Mobile Savannah Brunswick Charleston 5,332 18,311 2,825 1,896 2,418 618 706 1,746 1,236 8,349 4,878 7,555 1,276 3,624 "l".32i ""*384 "'*446 4,404 6,693 4,465 10,303 2,623 2,661 Wilmington < 12 265 7 34 10 434 239 139 245 269 . 271 All others—_ 63*372 41*148 35* II8 2*2*687 37,884 Total this wk. 94,093 52,891 61,492 50,645 103,437 85,716 Since Aug. 1__ 135,822 87,069 129,036 122,947 213,973 196.366 41*784 The exports for the week ending this evening reach a total of 57,658 bales, of which 16,466 were to Great Britain, 9,638 to France, 7,654 to Germany, 7,738 to Italy, 1,898 to Japan, 200 to China, and 14,064 to other destinations. For the season total exports were 28,356 aggregate exports have been year to date a bined with opinion was Bureau estimate Bureau of around The report. that the market has been dis¬ 15,000,000 bales. 82,559 bales, against 63,716 bales in the same period of the previous season. Below are the exports for the week. belated evening up had a com¬ depressing influence. Southern spot markets as officially reported, were unchanged points lower. Average price of middling at the 10 designated spot markets was 11.14c. On the 9th inst. prices closed 28 tcT42 points net lower. The market suffered a heavy break during this session following the publication to N'port News. corresponding week last of local heavy during the early part of the sessions, and this """113 1,599 556 Norfolk lacking because the trade's attention 3,570 4,413 7,420 20,681 368 1*640 were 7.195 7,180 40,467 6,475 2,097 7,132 " published Monday, which is expected generally Forward positions decidedly bearish showing. influence concensus crop report Some authorities believe that crop prospects are for a greater yield, while others insist that perhaps the trade has been just a little over-enthusiastic. Hedging operations were rather 11' Galveston Houston a monopolized by the impending counting bales. 3,000 5,071 Other ports time there is very 299,051 1,000 1,262 682 1,746 Beaumont In the 246 242,614 125,613 13,891 234,501 40,139 3,745 1,612 125,802 Mobile we 1,400 2.700 52 Norfolk to the 283 Houston 200 100 200 Stock Total Savannah_____ 1936 1937 3.656 wise Charleston caused Since Aug Week Coast¬ Foreign Mobile Receipts to Aug. 13 Other many 300 5,425 cidedly lower. A;* 1937 France 100 763 Houston. Orleans._ New bearish _ Leaving Ger¬ Britain 94,093 Jacksonville Brunswick Shipboard Not Cleared for— Aug. 13 at— Great Galveston. Houston we will 22,903 bales. On Receipts at- Mon. Sat. receiving regarding the matter, were are of June the exports to the Dominion the present season In the corresponding month of the preceding season the bales. For the 11 months ended June 30, 1937, there were have been 6 of the Government crop report, which turned out unex¬ pectedly favorable from a bearish standpoint. The indicated yield of 15,593,000 bales proved to be nearer maximum rather than minimum expectations, with the bearish inter¬ pretation of the figures increased by the promise for a record yield an acre. Contracts broke into new lows and were at the lowest levels since May, 1936. October contracts, which had sold earlier in the day at 10.94c., broke almost $3 a bale, to a low of 10.36, then closed at 10.42. December contracts at the Week Ended Exports from— Great Britain Galveston Ger¬ France 1,549 many \ Italy New Orleans 1,718 "296 79 7,142 300 5,015 Mobile 969 3,266 8~034 "248 Norfolk Other 121 "308 Corpus Christ!.. China 813 7,737 Houston Japan. 553 1,150 12,397 1*345 "266 1,788 50 346 739 Los Angeles Total 150 Total 2,483 3,276 35,389 10,176 4,100 739 l"§4 £ 1,495 16,466 9,638 7,654 7,738 1,898 Total 1936. 10,463 1,517 7,069 2,793 Total 1935 10,899 13.01C 1,611 5,940 2,650 11,114 From 200 14,064 57,658 3,864 6,804 Exported to— 28,356 49,378 . Aug. 1, 1936, to Great Aug. 13, 1937 Exports from— Britain Galveston Ger¬ France 1,549 many 825 "408 969 8,034 7,737 10,586 New 5,015 Orleans.. Lake Charles.. Mobile Pensacola, &c_ 688 San Francisco. Total 3,266 "248 "296 7,142; 1,204 "553 3,198 1,610 1*345 12,397 5,486 4,661 45,896 640 "266 16,640 "346 ,4,100 "662 2,455 2,361 433 433 l"774 681 "150 *420 1,345 602 206 18,665 Total 836 1*788 ""75 Other 54 Norfolk Los Angeles China 54 1,718 Charleston Japan 813 Corpus Christi. Houston Italy 2,097 458 10,501 20,400 Total 1936 21,256 7,675 19,574 Total 1935 21,458 18,071 6,441 8,078; 5,141 16,281 3,378 2,772 20,813 same time went from 10.83 to 10.30, finishing Support on the decline came chiefly from trade interests fixing limits, together with local short covering on the decline. Speculative confidence was apparently shaken by the large crop figures, and there was little evidence of fresh outside buying. Southern spot markets were 40 to 55 points lower. Average price of middling at the 10 designated spot markets was 10.67c. On the 10th inst. prices closed 3 to 6 points net lower. The market showed a fair rally today after the severe set back of the previous session on the showing of the Government crop report. Trading generally was less active and prices responded to moderate orders at Exported to— Aug. 13, 1937 664 200 21,337 82,559 7,298 19,889 63,716 102,953 10.37. either way. Apoarently traders adjusted themselves to the changed conditions created by the recent Government crop report. The market onened barely steady and off 7 to 12 points. Depressing early influences included lower Liverpool cables than expected and continuation of liquidation from quarters anxious to reduce further their long commitments. There was aggressive foreign and Southern selling, but around 10.29c. for October, pressure tapered off and thereafter there intermittent rallies on more support from trade interests were and commission houses. Southern soot markets, as officially reported, were unchanged to 17 points lower. Average price of middling at the 10 designated spot markets was 10.62c. On the 11th inst. prices closed 2 to 4 points net lower. This proved to be the year's low on today's dip in prices. The market opened steady and up 4 to 7 points. Higher Liver¬ pool caoles than expected, support from trade shorts and Continental interests developed on the reports of continued Financial 1128 hot and dry weather in the Western belt, with private re¬ 1937... 10.70c. 1936... this early 1935... -12.59c. .11.35c. 1934... .13.60c. 1928. 1927. 1926. 9.20c. 7.35c. 1925. 1924. ,23.50c. .29.75c. 7.00c. 1923. 1922. -25.15c. 1914. markets was 10.55c. i2th inst. prices closed 14 to 17 points net lower. Renewed hedge selling from the South, indications of an easier spot basis, and uncertainties about proposed loan and crop-control legislation resulted in a further decline in cotton futures today. There were slight intermittent rallies as a result of demand from trade interests and On the Wall Street sell¬ the day. As a result of developments at Washington, especially in reference to cotton loans, spot houses reported a continued small business. Some mills were buying old crop cotton in small lots for immediate needs. The futures market opened 5 to 7 points off and ruled heavy during most of the session. Average price of middling at the 10 designated spot markets was 10.34c. Southern spot markets, as officially reported, were 17 to 35 foreign sources, but toward the last active forced ing prices down to the lows of the uncertainty over political points lower. Today prices closed 39 to 25 points up. In the late after¬ noon the market made a substantial advance on renewed purchasing on the advices from Washington that the Presi¬ dent had agreed to authorize cotton loans if Congress passes providing for the handling of the crop on the 1935 basis. The resolution was reported by the Senate Agricultural Committee this morning, and it was thought it might be passed this afternoon. At the start of the last hour the list was up more than $1 a bale, or 15 to 21 points. The market finally closed at or near the highs of the day. As a result of the bullish news from Washing¬ ton there was a scramble on the part of shorts to cover their commitments, and this, with good buying for Far Eastern account and the local trade, was largely responsible for the market's exceptional strength in the closing hour. a promissory resolution Premiums and Discounts table below Staple—The discounts for grade and for Grade and gives the premiums and grade, Middling %, established for deliveries on contract on Aug. 19, 1937. Premiums and discounts for grades and staples are the average quotations of 10 markets, designated by the Secretary of Agriculture, and staple premiums represent 60% of the average premiums over %-inch cotton at the 10 markets on Aug. 12. staple in relation to the base Vs 15-16 Inch Inch Vs Longer 15-16 Inch 1 In. & Inch 1 In 4 Longer Spotted— White— .69 on ,04 on ,37 on Good Mid .12 on .37 on .67 on Mid. Fair St. Good Mid.. .62 on .97 on ,30 on St. Mid .07 off .18 on .48 .65 on ,90 on .23 on Mid .70 off .47 off .35 on ,70 on ,03 on Basis 31 on ,62 on ♦St. Low Mid.. 1.57 off 1.38 off 1.17 off 2.29 off 2.13 off 2.03 off ♦Low Mid 08 off St. Mid - Tinged— .64 off 35 off 1.50 off 32 off 15 off Good Mid .43 off .21 off .04 off 10 off 99 off St. Mid .70 off .48 off 1932... 1931... . . .12.20c. 1930... .18.90c. -17.80c. 2.75 off 70 off 67 off ♦Mid. Extra White— .90 1.23 on 1.59 off 1.46 off 1.26 off ♦St. Low Mid.. 2.33 off 2.22 off 2.09 off 2.85 off 2.78 off 2.71 off ♦Low Mid Good Mid .55 on St. Mid .35 Mid Even .35 on .67 on Good Mid .65 off .34 off .04 off ♦St. Mid St. Low Mid on on .70 on 1.03 on 1.48 off 1.29 off 1.09 off Good Ord. 2.19 off 2.04 off 1.93 off 2.73 off 2.63 off 2.60 off Good Ord Low Mid •St. Yel. Stained— ♦Mid Gray— Good Mid .57 off .34 off .13 off .37 off .58 off .81 off 1.43 off 1.27 off 1.08 off St. Mid ♦Mid Not deliverable on future .82 off 1.24 off 1.04 off 1.81 off 1.68 off 1.53 off 2.48 off 2.41 off 2.32 off contract. New York on same days. Monday Tuesday Wednesday Thursday Friday Aug. 7 Aug. 9 Aug. 10 Aug. 11 Aug. 12 Aug. 13 Aw. (1937) Range.. Closing 10.74* 10 32* 10.29* 10.25* 10.08* 10.35* 10.79* _ 10.35* 10.34* 10.30* 10.13* 10.40* Sept.— Range. . Closing . Oct.— 10.18-10.30 10.24-10.54 Range.. 10.80-10.87 10.36-10.94 10.29-10.42 10.16-10.44 10.45-10.46 10.18 — 10.39-10.4ft 10.35 — Closing. 10.84-10.85 10.42 — Nov.— Range.. Closing Saturday Monday Tuesday Wednesday. Thursday Friday __ Market Closed Steady, 4 pts. dec.. Very steady— Quiet, 42 pts. dec— Steady Steady Quiet, 3 pts. dec Steady, 4 pts. dec.. Steady Quiet, 27 pts. dec— Barely steady.. Steady, 22 pts. adv _ Very steady— Contr'ct 10.17-10.25 10.24-10.52 Range.. 10.70-10.80 10.34-10.85 10.29-10.38 10.15-10.39 10.47-10.48 10.17 — 10.32 — 10.35 — Closing. 10.79-10.80 10.41 — Feb.— Range.. Closing. 10.81* Mar.— Range.. Closing 1 10.36* 10.39* 10.45* 10.21* 10.49* 10.31-10.58 10.81-10.88 10.41-10.93 10.40-10.48 10.25-10.50 10.25-10.36 10.40-10.43 10.26-10.27 10.51-10.53 10.84-10.86 10.50-10.51 10.44 . April— Range.. Closing May— Range. Closing 10.42* 10.45* 10.51* 10.84* . 10.27* 10.53* 10.35-10.59 10.82-10.89 10.44-10.91 10.40-10.51 10.27-10.53 10.28-10.38 10.44-10.45 10.28-10.30 10.55 10.47 10.84-10.86 10.53 . _ June— Range.. Closing 10.46* 10.48* 10.54* 10.84* . 10.29* 10.55* July— 10.33-10.57 10.31-10.41 10.39-10.57 Range.. 10.84-10.88 10.46-10.92 10.44-10.5C 10.56* 10.31 10.4S* 10.50 10.84-10.85 10.56* Closing . Nominal. * Range of future prices at New York Aug. 13, 1937, and since trading began on Rtlnge Range for Week Option for— for week ending each option: Since Beginning of Option 11.50 Aug. 29 1936 12.92 Mar. 11.52 Nov. 4 1936 13.95 Mar. Aug. 1937.. Sept.1937.. 3 1937 7 1937 9 10.16 Aug. 11 1937 13.98 Apr. 11.87 June 17 1937 12.40 July 12 1937 Jan. Aug. 11 10.83 Aug. 1938__ 10.15 Aug. 11 10.85 Aug. 9 10.11 Aug. 11 1937 13.93 Apr. 2 1937 13.94 Apr. 9 10.53 Aug. 5 1937 5 1937 Feb. 1938.. 11.15 July 26 1937 13.85 Mar. 31 1937 5 1937 9 10.25 Aug. 11 1937 13.97 Apr. Oct. 1937_. 10.16 Nov. 1937. Dec. Aug. 11 10.94 Aug. 10.11 Mar. 1938.. 10.25 Aug. 11 10.93 Aug. Apr. 1938.. May 1938.. 10.27 Aug. 11 10.91 Aug. June 1938 July 5 1937 . 1937 __ 1938.. io.3~l Aug. 12 10.92" Aug. 10.27" Aug. U 1937 12.96 May 21 1937 11.50 July 23 1937 11.83 July 21 1937 9 10.31 Aug. 12 1937 11.36 July 27 1937 9 Supply of Cotton tonight, as made up by telegraph, is as follows. Foreign stocks as well afloat are this week's returns, and consequently all foreign The Visible cable and as figures brought down to Thursday evening. To make complete figures for tonight (Friday) we item of exports from the United States, for Friday are the total show the add the only. Aug. 13— Stock at Stock at 1935 487,000 1934 888,000 547,000 178,000 75,000 19,000 51,000 54,000 12,000 8,000 965,000 397,000 160,000 20,000 8,000 6,000 725,000 161,000 127,000 10,000 65,000 58,000 11,000 7,000 305,000 439,000 397,000 703,000 1937 656,000 Stock at Bremen Stock at Havre Stock at Rotterdam 80,000 765,000 121,000 137,000 13,000 .... 1936 645,000 109,000 bales -■ Liverpool.... Manchester Stock at Barcelona Stock at Genoa Stock at Venice and Mestre Stock at Trieste Total Continental stocks - European stocks 1,070,000 1,164,000 58,000 India cotton afloat for Europe 75,000 93,000 American cotton afloat for Europe 113,000 225,000 Total Egypt, Brazil,&c.,afTt for Europe Stock in Alexandria, Egypt 163,000 79,000 971,000 96,000 780,000 1,146,307 1,190,612 796,150 1,144,650 3,738 3,464 Stock in Bombay, India Stock in U. S. ports Stock in U. S. interior towns U.S. exports today 60,000 85,000 23,000 54,000 51,000 7,000 11,000 944,000 1,668,000 53,000 82,000 126,000 116,000 193,000 175,000 82,000 192,000 584,000 942,000 1,069,530 2,347,644 1,097,283 1,117,581 9.844 12,780 4,416,921 4,755,000 4,159.657 6,652,005 above, totals of American and bales. Liverpool stock Manchester stock Bremen stock ...... Havre stock Other Continental stock other descriptions are as follows: Total 231,000 38,000 80,000 100,000 20,000 233,000 33,000 101,000 81,000 73,000 149,000 25,000 111,000 56,000 79,000 302,000 44,000 341,000 132,000 93,000 126,000 113,000 93,000 116,000 —1,146,307 1,190,612 1,069,530 2,347,644 796,150 1,144,650 1,097,283 1,117,581 3,464 3,738 9,844 12,780 American afloat for Europe U. S. port stock today 2,527,921 2,953,000 2,712,657 4,516,005 Total American East Indian, Brazil, &c.— 200 Liverpool stock... 425,000 412,000 71,000 41,000 37,000 27,000 47,000 60,000 46,000 78,000 Bremen stock '250 10.44* «/a*.(1938) Manchester stock. 200 "250 400 400 250 250 Havre stock Other Continental stock Indian afloat for Europe - Egypt, Brazil, &c., afloat 1,100 1,400 Total week. Since Aug. Spot 10.17* 10.18-10.48 10.70-10.80 10.30-10.83 10.26-10.35 10.11-10.37 10.11-10.24 Range 10.13-10.14 10.42-10.43 Closing. 10.75-10.80 10.37-10.38 10.31-10.32 10.27-10.29 U. S. exports SALES Futures Closed 10.31* 10.35* 10.40* 10.79* . Dec.— U. S. interior stock Spot Market at American— the spot each day during the week at New York are indicated in the following statement. For the convenience of the reader, we also add columns which show at a glance how the market for spot and futures The total sales of cotton on closed 1906. 1910. Saturday Of the — 1907. 1911. 1909. highest, lowest and closing prices New York for the past week have been as follows: Total visible supply Market and Sales at 9.30c. . 1912. ...12.00c. ...11.90c. ...12.40c. .—15.60c. ...12.80c. ...10.50c. ...13.30c. ,.-10.60c. Futures—The .22 off •Good Ord ♦ on .23 off Good Ord. 2.21 off St. Low Mid— Low Mid •St. . -18.55c. Total Great Britain... Good Mid Mid 1933... .18.30c. 1908. .10.00c. 1915. -21.05c. .14.10c. 1916. subsided and values gave way under aggressive selling credited to Wall Street, the South and local interests. Selling on stoposs orders and limited support from trade interests rendered prices even more sensitive to selling pressure. In the decline prices fell to the lowest levels since March, 1936, when December broke through the 10-cent level to 9.95c. Trade sentiment appears very much mixed, especially as concerns the political phase of the cotton situation. One effect of the uncertainty was to check interest in spot cotton. Shippers were not inclined to make offers pending Washington de¬ velopments, and little business was transacted, with the basis firm. Southern spot markets were 4 to 25 points lower. Average price of middling at the 10 designated spot 1929. 1913. .13.20c. .37.50c. ,31.85c. .33.40c. ,26.10c. 1921. 1920. 1919. 1918. 1917. ports indicating crop deterioration, were factors in rise. When October touched 10.44c., demand 1937 14, Aug. Chronicle 1,100 1,400 quotation for middling upland cotton in the for the past week has been: Aua. 7 to Aug. 13— Sat. Mon. Tues. Wed. Thurs. Fri. Middling upland. 11.24 10.82 10-79 io.75 10.48 10.70 The official Stock in Alexandria, Egypt..... Stock in Bombay, India Total East India, &c Total American 338,000 35,000 65,000 19,000 67,000 75,000 58,000 82,000 163,000 225,000 175,000 79,000 971,000 96,000 780,000 82,000 584,000 578,000 41,000 56,000 28,000 53,000 53,000 193,000 192,000 942,000 1,889,000 1,802,000 1,447,000 2,136,000 2,527,921 2,953,000 2,712,657 4,516,005 New York market each day - New York Quotations for 32 Years quotations for middling upland at New Aug. 13 for each of the past 32 years have been as The York on follows: 4,416,921 4,755,000 4,159,657 6,652,005 5.93d. 6.92d. 6.56d. 7.lid. 10.70c. 12.41c. 11.75c. 13.30c. Egypt, good Sakel, Liverpool 10.68d. 11.31d. 8.63d. 9.21d. Broach, fine, Liverpool 5.19d. 5.50d. 5.63d. 5.42d. Peruvian Tanguis, g'd fair, L'pool 7.13d. 7.67d. —... —.— C.P.Oomra No. 1 staple,s'fine.Liv 5.22d. 5.57d Total visible supply Middling uplands, Liverpool Middling uplands, New York Volume Financial 145 Chronicle Continental imports for past week have been 59,000 bales. above figures for 1937 show an increase over last Closing Quotations for Middling Cotton on- The week of 64,688 bales, a loss of 338,079 increase of 257,264 bales over 1935, and 2,235,084 bales from 1934. At the Interior the Towns 1936, decrease a movement—that is, Week Ended Aug. 13 an over of the 1129 Saturday Monday Galveston 10.88 10.19 10.99 10.67 10.95 10.80 11.59 Norfolk 10.42 11.35 11.35 11.35 New Orleans.. Mobile Savannah 11.17 10.65 10.41 10.60 10.32 10.32 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 Montgomery.. Augusta Memphis Houston 10.81 detail below: Little Rock Dallas 11.05 10.74 Fort Worth 10.74 Movement to Aug. 13, 1937 11.10 Wed'day Thursday Tuesday 10.40 10.76 10.16 10.35 10.33 10.37 10.71 10.25 10.64 10.95 10.60 11.14 10.65 10.46 10.38 10.20 10.60 10.90 10.50 11.10 10.60 10.33 10.60 10.55 10.19 10.15 10.19 10.15 Friday 10.43 10.63 10.20 10.70 10.75 9.93 10.43 10.55 10.30 10.35 10 93 10.30 10.13 10.40 11.20 10.55 10.35 10.50 10.10 10.10 9.83 9.83 Movement to Aug. 14,1936 New Orleans Contract Market—The Toicns Ships- Week Ala., Blrming'm Season Stocks ments Receipts Aug. 13 Weet Week 514 638 476 "~14 ""53 280 19 39 376 2 2 90 "267 2,363 3,999 3,850 764 Eufaula Montgomery Selma. Ark.,Blyth'ville Forest City.. "*47 "47 Helena Hope Jonesboro 5 6 "24 Little Rock... 1 1 236 Newport 4 144 Walnut Ridge Ga., Albany... Athens Atlanta 843 169 __ "279 ""180 "406 37 Pine Bluff. 53 445 969 14,383 14 348 5,619 2 80 189 the past week have been as follows: 9,523 24,165 71 75 465 49,194 15,415 61 117 33,161 79 103 ""9 73 61.576 6,243 312 "'"177 52.272 892 227 5,506 16,279 .... H 7,453 31,363 5,105 10,342 9,507 11,677 10,553 ""~2 956 175 540 188 378 30 30 205 212 12 27 1,498 2,306 85,181 2,140 1,780 2,376 66,203 1,006 1,000 200 32,900 700 98 352 17,844 650 3,642 4,052 1,300 237 143j 9,614 39,941 36 11,187 1,237 27,887 170 10,587 540 15.577 225 21,864 4,930 79,156 4,864| 86,487 500 33,220 825^ 26.273 403 286 465 La., Shreveport *158 33 17,257 1,854 "90 91 "157 3 83 128 3,158 14 14 241 377 6 107 531 1,827 1,827 810 20,450 113 121 497 12,209 7,406 159 687 38 830 65 3,453 19 28 257 5,028 6,584 Saturday Greenwood.. Jackson ~"l58 Natchez 25 108 ; : 236 274 1,752 "22 824 19 73 Yazoo City.. 1 1 107 18 24 83 Mo., St. Louls. N.C.,Gr'nsboro 1,677 2,261 1,683 1,294 1,744 3,257 6,659 3,330 64 2,693 189 581 266 37 6 53,393 59 146 3,382 57,512 8,541 228,819 2,868 13,020 5,825 21,847 Thursday Friday Aug. 11 Aug. 12 Aug. 13 10.84 10.41 10.36 10.31-10.32 10.20 10.47-10.48 December. 10.86-10.89 10.43-10.44 10.40-10.41 10.35-10.36 10.22 Jan.(1938) 10.88 10.47 10.43 10.39 10.26 10.51-10.52 __ November February 10.55 _ Marah 10.91 10.56 105161052a 104761048a 10.32 10.64 April 10.93 10.58 10.54 — 105061052a 10.35 10.66 10.95 May 10.59 10.55 — 10.52 10.68 June July Tone— Quiet. Steady. Census i v .. Spot Options 10.37 ; Quiet. Quiet. Steady. Steady. Steady. Steady. Steady. Steady. Report on Steady. Steady. Cottonseed Oil Production—On Aug. 12 the Bureau of the Census issued the following state¬ ment showing cottonseed received, crushed and on hand, and cottonseed products manufactured, shipped out, on hand and exported for 12 months ending July 31, 1937 and 2,195 755 Wednesday Aug. 10 September October 1,730 56 Vicksburg Tuesday Aug. 9 Aug. (1937) 19.959 709 Monday Aug. 7 13.960 Mlss.Clarksdale Columbus closing quotations leading contracts in the New Orleans cotton market for for 30,908 74 300 94 Aug. Week Season Columbus Macon Stocks 19 Augusta Rome Ship¬ ments Receipts 1936: COTTON SEED RECEIVED. CRUSHED, AND ON HAND (TONS) Oklahoma— 3 15 towns * S. C..Greenville Tenn., Mem phis 490 1,216 3,134 7,564 Texas, Abilene 1,728 79,878 2,886 36,904 22,519341.464 1,113 15 1,121 Austin 190 ""204 125 329 Brennam 105 105 74 32 334 1,308 2,109 4 4 646 1,988 4,411 *555 1,072 705 1,086 2,089 124 181 36 330 1 1 137 5,377 2,340 Dallas ""I Paris.. Robstown... 4,436 San Antonlo. 1,099 6,129 1,635 1 1 Texarkana _ 261 Waco "~18 286 Received at Mills * Aug. 1937 * 14.4901 26,504 61 Alabama 112 3,617 "223 3,034 1,767 409 102 749 29,522796.150 above totals show that 205 51,091 47 50,2031144650 the same stocks have week last year. Arkansas 291,217 294,685 334,076 452,021 California 174.513 Georgia 476,673 93,610 427,212 177,708 528,142 224,000 192,293 208,757 231,602 976,664 104,212 170,153 475,969 242,825 829,375 233,117 Louisiana 241,340 Mississippi 835,455 North Carolina 232,943 83,728 221,673 356.941 945,089 All other States 162,678 South Carolina United States ... -1937- Aug. 13— -1936Since Since Shipped— Week Via St. Louis Aug. 1 Week Aug. 1 1,683 2,379 675 JL ,945 98 .... 325 351 663 3,887 3,608 6,963 6,948 3,875 2,000 7,493 4,443 9,853 18,333 10,981 22,797 3,330 1,100 351 ........ Via other routes, &c Total gross overland Deduct Shipments— ipr .v 4,516,464 3,750,102 4,498,372 3,817,751 6,807 3,040 887 196 1,463 397 295 551 2,224 .. .. 4,982 8,901 15,636 823 1,341 3,307 6,842 10,019 17,528 6,546 .... Leaving total net overland * 11,491 962 5,269 The this has movement 6,546 bales, against 962 bales for the week last year, and that for the season to date the aggregate net overland exhibits an increase over a year ago of 6,222 bales. 1937- -1936 Since Since Takings Week Week Aug. 1 Aug. 1 Receipts at ports to Aug. 13 94,093 Net overland to Aug. 13 6,546 Southern consumption to Aug. 13.145,000 135,822 11,491 265,000 125,000 87,069 5,269 250,000 Total marketed Interior stocks in excess 412,313 *24,170 178,853 *22,751 342,338 *61,767 .... ...245,639 ...*15,032 Came into sight during week.., -.230,607 Total in sight Aug. 13 North, spinn's' takings to Aug. 13 * Crude oil, lbs_.-J 1936-37 1935-36 Refined oil, lbs.( 1936-37 14,334 1,674 2,036 1,877 516 690 514 1,055 639 1,185 426 811 20,294 9,876 598 271 39,783 21,926 OUT AND ON Cake and meal, tons 1936-37 1935-36 Hulls, tons 1936-37 1935-36 Lint ers, (running bales)...-... Hull fiber, (500lb bales) Grabbots, motes, - lb.: Shipped Out Aug. 1 to July 31 1 July 31 *19,191,508 1,364.361,227 28,262,543 1,163,736,415 0318,873,305 *>1308,740 369 1935-36 1936-37 1935-36 88 1935-36 1,332 2,991 5,966 1936-37 1935-36 On Hand July 31 ,370,351,363 ,165,945,458 444,833,215 1,091,777,201 65,053 2,030,698 198,367 1,738,883 23,893 1,146,329 76,604 987,849 43,819 1,131,295 71,292 876,215 1936-37 *9,684,412 19,191,508 a440,947,270 318,873,305 2,054,667 41,084 65,053 43.328 1,872,197 1,126,894 1,040,560 1,114,271 903,688 23,893 60,843 43,819 1,818 48,265 37,261 38.505 88 53,357 49,064 47,725 50,700 7,284 2,991 46,535 bales— * Includes 6,232,774 and 3,537,634 pounds held by refining and manufacturing 3,589,480 pounds in transit to refiners and con¬ Aug. 1, 1936 and July 31, 1937 respectively. a Includes 15,100,446 and 13,216,638 pounds held by refiners, brokers, agents and warehousemen at places other than refiners and manufac timing establishments establishments and 4,411,300 and sumers and 9,643,060 and 8,134,478 pounds in transit to manufacturers of lard substitute, &e., Aug. 1, 1936 and July 31, 1937 respectively. soap, EXPORTS AND IMPORTS been In Sight and Spinners' 189 b Produced from 1,396,354,518 pounds of crude oil. foregoing shows the week's net overland year 626 1,108 8,116 Aug. 1 to On Hand Season oleomargarine, Including movement by rail to Canada. 717 384 5,468 2,346 HAND • Aug &o., 500 a t 1936 293 Produced Item from telegraphic reports Friday night. The results for the week and since Aug. 1 in the last two years are as follows: * 934,671 162,351 447,503 177,397 539,118 233,387 193,481 209,333 235,197 989,200 104,326 COTTONSEED PRODUCTS MANUFACTURED, SHIPPED up Total to be deducted- 84,269 222,219 357,326 299,490 296,468 92,851 Includes seed destroyed at mills but not 21,926 tons and 89,575 tons on hand Aug. 1 nor 100,123 tons and 60,242 tons reshipped for 1937 and 1936 respectively, y. . Via Louisville Via Virginia points July 31 1937 * Overland Movement for the Week and Since Aug. 1— We give below a statement showing the overland movement for the week and since Aug. 1, as made Via Mounds, &c Via Rock Island Oh Hand at Mills 1936 1937 333,652 451,779 Tennessee interior decreased during the week 15,032 bales and are tonight 348,500 bales less than at the same period last year. The receipts of all the towns have been 12,962 bales less than the 1936 Texas 110 27,452' Includes the combined totals of 15 towns in Oklahoma. The Crushed Aug. 1 to July 31 488 2,000 2 Oklahoma Total, 56 towns 1 to July 31 State 52,891 962 33,763 280",571 13,050 Item ENDING PRODUCTS JTUNE FOR ELEVEN 30 1937 1936 Exports— Oil—Crude, pounds Refined, pounds. Cake and meal, tons of 2,000 pounds Linters, running bales... 307,772 2,661,266 394,510 2,791,632 4,362 10,390 221,377 246,037 Imports— Oil—Crude, pounds.... Refined, pounds Cake and meal, tons of 2,000 pounds Linters, bales of 500 pounds *23,382,965 *170,480,055 28,908 45,182 13,514,808 114,428,717 2,844 (Not available) *Amounts for July not included above are 672,000 pounds crude, and 157,102 388", 143 OF COTTONSEED MONTHS 9,940,075 "entered directly for consumption," 204,280 crude and 3,412,125 refined, from warehouse for consumption," and 6,921,777 refined "entered directly into warehouse." refined, "withdrawn 30,839 Decrease. Agricultural Department's Report on Cotton Acreage and Production—The Agricultural Depart¬ Washington on Monday (Aug. 9) issued its report on cotton acreage, conditions and production as of Aug. 1. None of the figures take any account of linters. Comments on the report will be found in the editorial pages. Below is the report in full: Condition Movement into sight in previous years: Week— 1935—Aug. 16 1934—Aug. 17 1933—Aug. 18 Bales Since Aug. 1 129,424 1935128,143 1934 213,045 1933 . - ment at Bales 295,392 310,963 489,205 Quotations for Middling Cotton at Other Markets— Below are the closing quotations for middling cotton at Southern and other of the week: principal cotton markets for each day A United States cotton crop of 15,593,000 bales is indicated from Aug. 1 condition by the Crop Reporting Board of the United States Bureau of Agricultural Economics. This year's crop is 25.8% larger than the 1936 crop of 12,399,000 bales but only 6.3% above the 5-year average (1928-32> of 14,667,000 bales. Financial 1130 yield per acre for the United States is 223.3 pounds, which pounds higher than the yield in 1936 and 39.1 pounds higher than if the final outturn verifies present indications the average yield will be the highest ever recorded for the United States. The next highest was in 1898, when the final yield was 223.1 pounds per acre Tne average yield for the 10-years 1923-32 is 169.9 pounds. Condition on Aug. 1 was reported at 81.3% of normal, which is the highest United States cotton condition reported since August, 1911. In that year the condition on this date was 89.1% and the final yield was 215 pounds per acre. August 1 condition was 72.3% of normal last year and 73.6% in 1935. The 10-year ^average condition is 67.7%. The cotton acreage of 33,429,000 acres used in this report is the estimated acreage in cultivation on July 1 less the 10-year average abandonment. This acreage for harvest is 11% larger than in 1936 but 18% less than the average of 40,541,000 acres for the 5-years 1928-32. August conditions indicated above average yield per acre in all States, and larger yields than last year in all major States except South Carolina, Mississippi, New Mexico, Arizona, and California where yields were unusually high in 1936. Moisture conditions are favorable with .the excep¬ tion of western Oklahoma and parts of Texas. In interpreting reported condition in terms of probable yield per acre, the Crop Reporting Board has made allowance, as in the past for probable less due to boll weevil on the basis of reports received to Aug. 1 concerning weevil presence and activity. These reports indicate that loss from this source will be less than average in all States except in Virginia and the Chronicle Aug. 14, 1937 Rain 1935. in COTTON OF AUG. REPORT AS 1937 1, Crop the following makes ksZILIL V(l" 3 Avge. Nashville Abandon¬ Memphis Nashville Shreveport Vicksburg Feet 2.2 1.4 1.9 8.5 10.0 9.1 2.3 5.3 2.2 —1.5 Above zero of gauge. from Receipts Plantations—The following table the planta¬ the indicates the actual movement each week from figures do The include overland receipts nor not consumption; they are simply statement of the a weekly movement from the plantations of that part of the which finally reaches the market through the outports. crop Stocks at Interior Towns Receipts at Ports Receipts from Plantations | 1936 | 1935 1935 1936 1937 1935 1936 1937 1936 1937 b 1932 1936 1937Crop Indicated Crop Aug. 1 31,296 40,509 21.. 28,231 45,482 28- 25,457 52,4/0 % % Lb. % Lb. Lb. Bales 1,000.6(5. 47,072 32,597 18.907 1,064,946 1,554,313 1,269,664 14,317 1,030.520 1,517.933 1,244,820 Nil 7,151 Nil 23.325 Nil Nil Nil 15,944 39,972 13,466 998.7051.465.362 1,218,931 Nil Nil Nil 25- 19,653 21,698, 8,706 964,3921,424,612 1,201,295 Nil Nil Nil 15,752 930,9691 384,1541,181,353 903,0271 349,5021,161,421 873,7721 301,7651,145,008 848,9351 255,3641,133,563 Nil Nil Nil Nil Nil Nil 3,764 Nil 4,302 25.760 34,849 310 33 42 1,068 72 60 85 269 298 325 597 727 South Carolina 1,618 64 54 74 208 279 255 816 863 Georgia 2,607 64 60 75 176 228 235 1,086 1,282 9.. 17,059 21,952 13,381 112 68 76 86 125 170 169 31 40 16- 17.371 16,973 488 72 90 83 256 360 360 30S 367 23„ 28,601 28,419 9,188 13,913 20.715 37,205 30- 935 72 197 250 260 433 508 2,542 66 75 82 172 236 245 1,145 1,302 3,334 1,530 68 86 82 191 305 275 1,911 65 79 83 192 260 270 761 864 12,538 66 72 82 139 121 165 2,933 2- Louisiana 85 81 Oklahoma 2,511 71 48 76 149 62 170 290 39,742 46,866 828,147,1 206,417,1.121,546 34,411 38,915 811,1821 167,401^1,111,532 39,236 94,093 52,891 796,1501 144,6501,097,283 79.061 3,040 70 84 84 188 227 235 1,295 1,493 New Mexico.. 133 85 91 89 318 457 425 111 118 Arizona 269 90 90 91 327 438 425 191 239 California 610 91 96 85 386 574 475 442 606 225 313 322 30 c75 88 87 33,429 67.7 72.3 81.3 c93 93 All other U. S. total. 25 d Ariz. Egypt. d Ga. Sea Isl. e4.4 d Fla. Sea Isl. el5.0 169.9 197.6 223.3 ... — — — 230 -- 98 87 135 100 230 11 0.6 210 -- 220 97 253 89 - 20 15,593 132 89 87 • 16 12,399 61 18 r 1.2 3.1 Low. Cal. (Old 137 Mexico) g.. 242 Allowances made for interstate movement of seed cotton for ginning, 66 b Indi¬ 1, on area in cultivation July 1, less 10-year average abandonment, Short-time average, d Included in State and United States totals, e Area less Aug. average abandonment of short cotton, f 70 bales, g Not Included in California figures, nor in United States total. Telegraph—Reports to us by tele¬ graph this evening denote that Mississippi has been getting a great deal of rain and that moisture has fallen irregularly in other Eastern States. Severe crop deterioration is expected in the northwest unless prevailing conditions are relieved. Temperatures are now seriously high over Okla¬ homa and portions of Arkansas and northwestern Texas. As a whole, weather conditions in the cotton belt are less favorable there having been too much rain in the eastern half and too high temperatures in the western half.^ Rain Rainfall Days Inches Low Mean 0.24 91 81 86 0.14 102 72 87 102 104 102 94 74 76 76 89 90 76 85 92 78 85 102 76 89 104 114 102 72 78 64 88 Kerrville dry dry dry Lampasas Luling Nacogdoches dry dry dry 102 104 100 68 74 72 85 89 86 Texas—Galveston 2 Amarillo 2 dry dry Austin Abilene 1 Brenham 0.02 dry dry Brownsville Corpus Christi 0.12 1 Dallas.. EI Paso Henrietta 0.84 1 89 96 83 102 74 88 dry dry 106 100 74 San Antonio 72 90 86 Tayior dry 104 70 87 Weatherford dry 106 108 101 88 108 70 74 70 68 106 104 74 71 90 3 0.54 0.18 81 2 1 5 1.38 0.02 2.51 95 96 94 73 67 82 74 84 1 1 0.51 0.16 104 101 69 72 87 87 Palestine Paris Oklahoma—Oklahoma City— Arkansas—Eldorado Little Rock 0.10 1.18 2 3 Fort Smith dry _ Pine Bluff Louisiana—Alexandria Amite. New Orleans Shreveport Mississippi—Greenwood 2 91 86 88 84 Meridian 2 0.86 100 68 84 Vicksburg 1 0.12 96 70 83 5 1.22 Miami 3 0.45 Pensacola 4 1.80 94 90 88 72 74 72 83 82 80 Tampa 1 4 0.82 2.01 92 93 72 71 82 82 4 1.93 94 68 81 Augusta 2 2.04 94 70 82 Macon 2 0.18 92 70 3 1.32 93 71 Florida—Jacksonville Georgia—Savannah Atlanta. Carolina—Charleston._ 0.57 1.52 91 94 68 70 81 82 80 82 4 1 Greenwood Columbia __ •/, 5 1.93 94 68 81 4 2.62 92 68 80 Asheville. 4 62 68 76 Newborn 90 93 Conway North Carolina—Charlotte in 1936 nil were and bales for the last two seasons from all 92 70 0.64 95 68 82 Wilmington 4 0.73 90 74 82 from which statistics sources obtainable; also the takings or amounts gone out of sight for the like period: are 1936 1937 Week and Season Visible supply Aug. 6 Visible supply Aug. 1 American in sight to Aug. 13Bombay receipts to Aug. 12. Other India ship'ts to Aug. 12 Alexandria receipts to Aug. 11 Other supply to Aug. 11 *b— Week Season Week Season 4,825,576 4,352,233 4,899",258 4,339" 022 230",607 156",102 388,143 16,000 16,000 3,000 14,000 . 280,571 53,000 12,000 24,000 7,000 400 200 400 11,000 12,000 17,000 4,608.240 4,770,565 5,024,878 5,262,229 4,416,921 Total supply 400 8,000 4,416,921 4,755,000 4,755.000 191,319 191,319 353,644 277,644 76,000 269,878 194,678 75,200 507,229 418,829 88,400 Deduct— Visible supply Aug. 13 13 a_ Of which other * Brazil, Smyrna, West Indies, &c. the total estimated consumption byand 250,000 bales in 1936—takings not being available—and the aggregate amount taken by Northern and foreign spinners. 88,644 bales in 1937 and 257,229 bales in 1936, of which 12,644 bales and 168,829 bales American, b Estimated. Embraces receipts in Europe from This total embraces since Aug. 1 Southern mills, 265,000 bales in 1937 a Ports—The receipts India Cotton Movement from All Bombay and the shipments from all India ports for the week and for the season from Aug. 1 as cabled, for three years, have been as follows: of Indian cotton at 3,000 Bombay Since Since Since Week 1935 1936 1937 Aug. 12 Receipts— Week Aug. 1 16,000 24,00C Week Aug. 1 53,000 10,000 Aug. 1 25,000 Since Aug. 1 For the Week Exports Great Conti¬ Britain nent Japan & Great Conti¬ Jap'n& Britain nent China Total 5,000 21,000 26,000 12,000 61,000 73,000 1,000 18,000 19,000 l'ooo 6,000 45,000 52,000 8,000 From— 10,000 18,000 2,000 13,000 23,000 38,000 China Total Bombay— 1937 Otherlndla- 1935 l'ooo 1,000 16,000 16.000 14,000 14,000 6,000 7,000 4",000 8,000 12,000 2,000 3,000 23,000 9,000 32,000 Total all— 28,000 19,000 21,000 40,000 1936 l'ooo 7,000 18,000 26,000 5",000 1935 1,000 10.000 10,000 21,000 25,000 1937 the 61,000 89,000 14,000 22,000 45,000 64,000 23,000 70,000 Receipts and Shipments—We now re¬ cable of the movements of cotton at Alexan¬ The following are the receipts and shipments past week and for the corresponding week of the Alexandria ceive for 0.42 2 54,679 were 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 81 4 1935 (2) That, although the receipts at the outports the past week were 94,093 bales, the actual movement from plantations was 79,061 bales, stock at interior towns having increased 15,032 bales during the week. 81 2 Raleigh Wei don in bales. weekly dria, Egypt. 0.60 0.45 47,243 (,1) That the total receipts plantations since Aug. 1, 1937, are 111,652 bales; Total takings to Aug. Of which American Thermometer High 46,509 30,140 The above statement shows: from the Cotton Takings, Weather Reports by Nil Nil 13„ 56,583 61,492 NU Nil 68,215 Aug 891 Arkansas 193657 55,199 6„ 4,314 Mississippi Texas July 1,917 Alabama Nil 11- 23,761 298 Tennessee Nil 1,106 Nil 18- 4.. 270 .; 1.201 4,060 Nil June 90 Missouri Njl Nil 21,061 1,206.606 1,693,071 1,345,933 18,627 1.162,626 1,651,649 1,328,412 21,846 1,107.259 1,594.234 1,301,899 62 South Aug. 14, 1936 Feet 74 year named at Aug. 13,1937 / Above zero of gauge. Above zero of gauge. Above zero of gauge. Above zero of gauge. New Orleans 64 Virginia North Carolina 10 has also been received by tele¬ , 14.. 1923- 1937 1936 1932 l.OOOAcrs c 80 82 The following statement 1,000 cated 68 70 May age age 1923- ment a 92 94 - graph, showing the height of rivers at the points 8 a. m. of the dates given: 1937 Lbs. Gross) Aver¬ Aver¬ Less 10- Yr. Florida 0 24 Chattanooga Bales (500 July 1/37 State 82 83 84 83 Tennessee—Memphis (Ginnings)a, tton Mean 73 70 72 70 Thermometer Ended - Production Yield Per Acre Aug. 1 Condition Low 94 96 96 97 Montgomery Week Area in Iliyh 1.66 0.37 1.59 0.42 1.98 Birmingham Southern Reporting Board of the Bureau of Agricultural Economics report from data furnished by crop correspondents, field statisticians, and cooperating State agencies. The final outturn of cotton will depend upon whether the various influences affecting the crop during the remainder of the season are more or less favorable tnan usual. The Inches 4 2 3 3 1 Alabama—Mobile tions. Carolinas. Rainfall Days The indicated Is 25.7 previous two a years: Volume Financial 145 Alexandria, Egypt, Aug. 11 Total stocks Of which American This week 2,000 2,000 ,->• 1_ This Week Exports (Bales)— Y To Liverpool To Manchester, &c Aug. Week 1 2,000 3,000 2,000 2,000 16,000 2.000 6,000 1.000 1,000 2,000 9.000 8',656 2~666 To America 10,000 3,000 101,000 20,000 122,000 33.000 Spot 12:15 Egyptian bales weigh about 750 lbs. ended Aug. 11 were 2,000 cantars and the foreign shipments 8,000 bales. P. M. Monday Tuesday Wednesday Quiet. Quiet. Quiet. Thursday is 99 lbs. cantar Quiet. Quiet. 1 Note—A Friday More Saturday f i 10,000 12,000 2,000 12,000 45,000 10,000 117,000 34,000 of the Liverpool market for spots and futures day of the past week and the daily closing prices of spot cotton have been as follows: r; 20,000 8,000 764,000 269,000 each Market, Total exports Aug. 13 52.000 The tone 1 Aug. 39,000 Of which American Since This Since Week 1 Aug. 1,000 1,000 6,000 —_ To Continent & India This Since 2,000 3,000 1,000 2,000 . Aug. 6 40,000 780,000 277,000 16,000 8,000 116,000 27,000 July 30 62,000 819,000 284.000 27,1/00 301,000 Total imports Of which American Amount afloat Receipts (cantars)— Since Aug. July 23 62,000 885.000 Forwarded 1935 1936 1937 1131 Chronicle * demand. This statement shows that the receipts for the week 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. 84 Lbs. Shirt¬ Cotton 325 Cap ings, Common Middl'g Twist to Finest Upl'ds s. d. A d. 3. d. 21.. 14 4® 154 10 14 10 9 7.29 9%®114 9 9 7.36 94@11H 9 @10 @10 6 28- 9 7.12 6 • Market, 2 to P. M. d. Quiet but Barely stdy Barely stdy Steady, Steady; pts. 22 to 23 pts 3 pts. dec. stdy., 2 to 8 to 10 pts. 6 to 8 pts. to 1 pt adv. 4 pts. adv. decline. advance. decline. 3 14®9 6.57 1)4® 414 6.64 Liverpool for each day Tues. Mod. Sat. Wed. 10 14@15 4— 11- 1ZH®144 10 6 7.31 9 @10 8 9 @10 10 6 @10 9 6 @10 9 6.95 r 0 9 6.92 10 9 9H@UX 9J*@1D* 7.06 6 18- 13^ @15 25- 13>*@15 1)4® 9 1)4 ® 9 1)4® 9 9 @ 9 6.68 3 Thura, Fri. Close Noon Close Noon Close Noon Close Noon Close Noon Close New Contract October (1937) December d. d. 5.79 5.77 5.79 6.02 d. d. d. 6.01 6.01 „ — d. 5.76 5.77 - a. 5.75 «. *. d. 5.78 d. 5.70 5.68 5.79 «... d. d. 5.74 5.75 5.77 5.69 6.04 5.82 5.81 5.80 5.80 5.82 6.74 6.72 5.80 March 6.09 6.08 5.86 5.85 5.84 5.84 5.86 5.78 5.76 5.84 5,83 6.12 6.11 5.90 5.89 5.87 5.87 5.90 5.82 5.80 5.88 5.87 July 6.13 6.12 5.91 5.90 5.89 5.89 5.91 5.83 5.82 5.90 5.89 6.05 January (1938)— 4)4 4)4 6.82 7.00 December 44 7.18 January (1939) October 6.11 -m - - 5.87 5.89 ' — 5.90 5.79 5.89 5.81 — ' 13H@14 X 9 9- 13H@14« 10 16-. 13^ @14 h 10 23- 13)4@144 10 30- 124@144 10 @10 6 9 6.87 @10 2- 9 6.98 6 @10 9 @10 6 @ 9 9 @10 7.18 9 10% 9 10%@10 6.85 6 9 10H@11« 11 @12)4 0 5.88 6.11 5.88 6.11 5.88 5.88 5.92 5.83 5.91 May 6.11 5.88 5.89 5.93 5.84 5.92 „ 5.87 -w « 6- 10 12H@14 9 6.60 44®10 7 4 6.12 11K@12M 11 9 10%@10 @124 10 5 @10 104 @12 4}i @10 1)4 6.20 10% @12 10 4)4 @ 10 7)4 7.02 3 6 5.93 ioya@im 10 4)4®10 74 6.92 @10 5.90 5.87 «.*> 5.91 shown on a the exports of cotton from the United States the past week have 57,658 bales. The shipments in detail, as made reached from mail and telegraphic reports, are as follows: Bales 50 773 GALVESTON—To Rotterdam—Aug. 7—Burgerdyk, 50 Bremen—Aug. 9—City of Joliet, 773 Gdynia—Aug. 9—City of Joliet, 64—Aug. 11—Tabor, 7-To Hamburg—Aug. 9—City of Joliet, 40 To Liverpool—Aug. 5—Traveller, 689—Aug. 11—West To 71 40 To 397 Taeock »» To Manchester—Aug. Tacock 124 "«• *. 5—Traveller, «*«•«• » 339~—Aug. 9^-Syros, 375 Copnehagen—Aug. 9—Tabor, 300— HOUSTON—To Antwerp—Aug. To 1,086 ~ 11—West * 58 To Dunkirk—Aug. 9—Syros, 58 To Gothenburg—Aug. 9—Tabor, 259 259 To 553 10—Anubis, 553 Japan—Aug. To Port Colombia—June Velma Lykes, Lykes, 28—Almeria July 6 15— --—161 155 To Bremen—Aug. 7—City of Joliet, 101 To Hamburg—Aug. 7—City of Joliet, 868 To Gdynia—Aug. 7—City of Joliet, 16—Aug. To Ghent—Aug. 12—Elizabeth Von Belgie, 4 To Havre—Aug. 12—Elizabeth Von To Genoa—Aug. 11—Montello, 296 9—Tabor, 35-- Belgie, 250 NEW ORLEANS—To Liverpool—Aug. 5—Western Queen, 1,746 Manchester—Aug. 5—Western Queen, 3,269 To To Venice—Aug. 9—Lucia C, 300— To Japan—Aug. 7—Anubia, 1,295—Aug. To China—Aug. 7—Anubia, 200— To Gdynia—Aug. 10—Udder holm, 25 11—Volunteer, 50 -- — Gothenburg—Aug. 10—Udder holm, 25 -i To Bremen—Aug. 5—Frankenwald, 3,266 NORFOLK—To Hamburg—Aug. 13—City of Baltimore, 739 MOBILE—To Liverpool—July 31—Bienville, 715 To Manchester—July 31—Bienville, 1,003 To Antwerp—July 31—Ipswich, 100 To Havre—July 31—Hastings, 248 To Bremen—July 31—Ipswich, 1,770 To Hamburg—July 31—Ipswich, 18 To Rotterdam—July 31—Ipswich, 246 CORPUS CHR1STI—To Havre—Aug. 6—Oakman, 4,983—-Aug.9 —Indiana, 2,054 To Dunkirk—Aug. 6—Oakman, 100—-Aug. 9—Indiana, 600— To Ghent—Aug. 6—Oakman, 2,786—-Aug. 9—Burgerdyk, 50 To Rotterdam—Aug. 6—Oakman, 946---Aug. 9—Burgerdyk, To 200 To 101 868 51 4 250 296 1,746 3,269 300 1,345 200 25 25 3,266 739 715 1,003 100 248 1,770 18 246 7,037 700 2,836 1,146 - 344 Reval—Aug. 9—Burgerdyk, 344 4,836 3,198 100 79 1,584 To Liverpool—Aug. 9—Traveller, 4,836 To Manchester—Aug. 9—Traveller, 3,198. To Antwerp—Aug. 6—Oakman, 100 To Hamburg—Aug. 6—Oakman, 79 To Copenhagen—Aug. 6—Stureholm, 1,584 300 To Oslo—Aug. 6—Stureholm, 300 To Gdynia—Aug. 6—Stureholm, 2,822 To Genoa—Aug. 6—West Gambo, 4,293 6—West Gambo, 1,150 6—West Gambo, 1,499 To Sussak—Aug. 6—West Gambo, 1,350 LOS ANGELES—To Glasgow—(?)—Pacific President, 150 To Havre—(?)—San Francisco, 1,345 To Trieste—Aug. To Venice—Aug. Friday Night, Aug. 13, 1937 Flour values have been decidedly easier, 150 57,658 Manchester .42c. Density High Stand- Stand- Density ard ard ard .57c. Trieste d.45o. .60o. Piraeus .85c. 1.00 .57c. Flume d.45c. .60c. Salonica ,85c. 1.00 39^ 0. .54)4c. Antwerp High Stand- Havre .36c. Rotterdam .39^0. .543^c. ,51c. * Shanghai d.45o. .60c. Copenhag'n.52c. .67c. * Japan Venice * Barcelona Naples d.45o. .600. d.45c. .60c. ,62c. .67c. d.45c. .60c. Bombay x .650. Leghorn Oslo .63c. .68c. Bremen .370. .63c. Gothenb'g Stockholm .52c. ,67c. Hamburg .37c. .53o. x Only small lots. Genoa Rate is open, .50c. d Direct steamer. • Liverpool—By cable from Liverpool we have the follow¬ ing statement of the week's imports, stocks, &c., at that port: re¬ domestic inquiry shows improvement, although the Eastern trade generally scale has not come into the market with large- commitments, with the exception of some chain busi¬ Southwest recently at relatively low prices. "Northwestern Miller" reported from Minneapolis, Thursday, that large flour buyers had entered the market, ness placed taking into in large the supplies to provide 1938. for requirements well _;;: ;;v • y . : prices closed 3^c. to up There were no especially stimulating items in the news con cerning wheat. There was a persistent lack of indications of any important export business either United States or Canadian. Wheat prices for a time did respond to the strong influence of the higher corn market, but later prices fell off though showing some gains above the previous close at the session's end. An authoritative estimate stated that Ar¬ gentine's new wheat crop will yield but 200,000,000 to 210,000,000 bushels, against 250,000,000 bushels last year. This seemed to have little influence on the Chicago Board wheat prices. On the 9th inst. prices closed 2 to 2 lower. The factor largely responsible for today's heavy break in prices • was the enormous supply total. a increase in the United States wheat visible Wheat prices plunged downward nearly 3c. bushel late in the session. assertions that the United An added bearish influence were States big stock of wheat, now aggregating 101,984,000 bushels, against 72,913,000 a year tends to make for an indifferent attitude on the part of European buyers. Today's increase in this country's wheat visible supply total was 13,897,000 bushels. Widespread rains in Argentina, although light, gave some relief from drought and were a contributing influence in pulling the wheat market lower. The Chicago May delivery of wheat tumbled to a new low for the season. Many stop-loss orders to sell were forced into execution here by the late downward sweep of the wheat market. On the 10th inst. prices closed 3^c. to3^c. higher. The sensational jump in wheat values today was attributed to the surprisingly large estimates of Canadian crop losses. From official figures current, Chicago ago, wheat crop is the worst on record and that losses have been augmented 16,000,000 to 20,000,000 bushels in the last 30 days. Sudden revival today of European demand for North American wheat gave added force to the upward sweep of values, but profit taking on a large scale caused substantial setbacks in the market here as trading neared an end. More than 1,500,000 bushels of wheat from Canada and the United States, including about 500,000 bushels from this country, were reported as having been bought today for shipment overseas. The United States Government crop report turned out also to be a surprise, but of an opposite character to the Canadian surprise. It showed 1937 esti¬ mated domestic production both of wheat and corn to be a good deal larger than was officially forecast a month ago— wheat 8,132,000 bushels larger and corn up 87,748,000 bushels. On the 11th inst. prices closed 3^c. lower to higuer. Sensational wheat market rallies today, 7c. at Winnipeg and almost 5c. here, resulted largely from reports of huge buying for Canadian relief purposes. Statements Freights—Current rates for cotton from New York, as furnished by Lambert & Barrows, Inc., are as follows, quotations being in cents per pound: High reflecting Millers report that trade leaders deduced that the condition of Canada's 1937 1,345 Total Density 5 90 2 822 Cotton .42c. 5.90 5.83 - 1,915 200 4,293 1,150 1,499 1,350 — To Gothenburg—Aug. 4—Stureholm. 1,915 To Naples—Aug. 6—West Gambo, 200 Liverpool - Wheat—On the 7th inst. 463 375 300 a****,****** > ' BREADSTUFFS 7.33 page, previous 5.82 m - 7.10 newed weakness in the wheat market. News—As Shipping « - 7.47 Aug. 13.. 12>i@13 X 10 - 7.58 2 2 74 6.11 March 9 104®11H July » given below: May @15 June up are to Aug. 13 ;• 6 56 44 44 9 5.93d. 5.88d. decline. Aug. 7 . d. s. 14@ 5.93d. Quiet, 4 Upl'ds 5.95d. 6.19d. Firm; Quiet but Barely stdy Quiet but Quiet, 3 to 5 pts. stdy., 1 to 3 to 5 pts. stdy., 1 to 4 to 7 pts. 5 to 9 pts. 3 pts. adv. 3 pts. dec. advance. decline. decline. decline. opened Middl'g to Finest 9^@11K 9 6J9d. Quiet, Prices of futures at 84 Lbs. Shirt¬ ings, Common 32s Cap Twist d. d. S. @10 6 14*@15H 10 Market Cotton May14.. Futures. 1936 1937 d. Mid.UpI'ds Market—Our report Manchester were current near the close that the Saskatchewan wheat pool had purchased 7,000,000 bushels of Canadian wheat to Financial 1132 community succor failure. There widespread crop importers Previous to the late also indications of European buying at both Winnipeg and Chicago. rallies wheat values had tumbled Chicago Board, chiefly account of an official announce¬ on ment of domestic wheat production about 50,000,000 bushels larger than recent private estimates. Helping the wheat market's unusual recovery were statements that, as shown by Canadian reports, the supply of wheat in North America is 50,000,000 bushels less than a year ago. Sharp notice was also taken of assertions that United States official production figures include much wheat of low test weight that has little flour value. or no On the 12th inst. prices closed of ness wheat values of weakness extreme Saskatchewan pool % to 2c. off. This weak¬ in sympathy with the Furthermore, denials that the largely was corn. had bought Besides, side. upward 700,000 bushels of wheat damper on those inclined to the for relief and seed threw a wheat was than Amer¬ Russian said cables available in Great Britain considerably cheaper ican to %c. higher. values Today prices closed unchanged Canadian offerings. or on More than 2c. maximum advance of wheat active the Chicago Board followed word today of buying for exporters and milling interests at Winnipeg. Profit-taking sales at the last, however, virtually wiped Wheat values averaged Chicago wheat market gains. out early today, influenced by reports of freer offerings from Russia. Nearly 3c. a bushel fresh break in the price lower of Sat. delivery of corn counted also as a bearish regarding wheat. Open interest in wheat was DAILY CLOSING PRICES OF CORN December May 9,1937 July Sept. (new) 116% Dec. (new) 86% May——— 74 July 8, 1937 July 29, 1937 126% No. 2 red DAILY CLOSING PRICES Sat. September Tues. 110% December 113% 111% May 115% 113 When Made July 16, 1937 September July 6, 1937 December July 29, 1937 May and 129% 131% 122% December May Low Season's Season's High September 113% 114% 116% Thurs. Wed. 126% FUTURES Mon. 113% . 127% 124 WHEAT OF Tues. was CHICAGO Thurs. 113% 114% 116% and 126% 126 IN Wed. Fri. 112% 112?* 113% 113 5^ 115 115% When Made 7, 1937 105 June 107 June 14, 1937 112% Aug. 9, 1937 DAILY CLOSING PRICES OF BONDED WHEAT AT WINNIPEG Sat. Mon. Tues. Wed. Thurs. Fri. October. 125 December 122% 122% 119% 124% 130 % 127% 129 % 12634 130% 127% 123% 121% 126% 129% 128% 128% May — 127% 7th inst. Corn—On the prices closed iy8c. to 2%c. net higher. Serious apprehension was reflected in the jump of 3c. a bushel in corn prices today, the prolonged hot, dry weather leading to complaints that the leaves of corn are firing throughout widespread areas, Nebraska in particular. With offerings scarce, urgent efforts to purchase whirled the corn market up fast. However, traders generally were disposed to believe that despite lack of moisture, the general corn crop outlook remains favorable, and as a consequence the top quotations reached by corn or any of the cereals were not held. The September delivery, which represents the old crop supplies of corn, was at first the leader of price upturns in the corn market, but at the last the December delivery representing the 1937 new corn crop showed the best net gain, 2%c. On the 9th inst. prices closed 134c. lower to 1 %c. higher. Forecasts of showers in the, corn belt did much to offset early sharp upturns of corn prices, and so too did late tumbles of wheat. The maximum rise in corn prices amounted to about 2c., and were attributed largely to indications of crop damage from drought and heat, especially in parts of the West and Southwest. Arrivals of domestic corn in Chicago continued meager and No. 2 yellow corn here brought 8over the price of September contracts. On the 10th inst. prices closed 134 to 234c. down. The pro¬ nounced strength of the wheat market was more than coun¬ teracted today as an influence in the corn market. The offsetting influence was the forecast of showers and of cooler weather in the principal corn-producing States. There was also considerable profit-taking that served as a factor to bring corn prices down. The early advances in corn were more than wiped out and substantial net declines recorded at the close. On the 11th inst. prices closed y8c. off to 34c• up. Favorable action of the Senate sub-committee on a bill providing for loans of 50c. a bushel on this year's crop of corn, helped corn price rallies despite rains in the West and Southwest. The corn market was also aided by the fact that the Government estimate of corn production is 112,000,000 bushels below what was expected in various quarters. On 12th the inst. prices nouncement of the first States big new prices today. of which to 96%c. a corn The to for 1% to 4c. lower. led to 4c. collapse of corn from Texas, the purchase a Chicago plunged quotations down to September contracts here. This was weakening influence from the outset in all on the grains. Heaviness prevailed market today, due largely to reports of beneficial weather in major producing sections. It was not, however, until just before the close that prices crashed heavily. gains lows Today prices closed % to 7/8c. represented quite of the showed a corn a recovery These substantial rally from the early day, especially the Open interest in up. September delivery, which of 3%c. from the low point of the session. corn was 48,383,000 bushels. When Made July 30,1937 Aug. 4, 1937 Aug. 4, 1937 34c- to 34c. up. 34c. higher. This market seemed to be influenced somewhat by the action of corn. There was nothing of particular in¬ terest in connection with this grain. On tlie 12th inst. prices closed 34 to %c. lower. Trading, was being due light and without special feature, the decline extreme weakness of corn and wheat, especially the former. Today prices closed unchanged to 34c. up. This market was a rather dull affair, though the largely to the undertone was steady. DAILY CLOSING PRICES OF OATS IN NEW YORK Mon. Sat. 39% 39 CHICAGO 29% , Fri. Thurs. Wed. Tues. 38% 38% OF OATS FUTURES IN Mon. Fri. Thurs. Wed. Tues. 39% 39% No. 2 white.— 29% 29% 30 — - September December. 30% 29% 29% 29% 29% 32 31% 31% 31 31% Wehn Aug. Aug. Aug. Made 4,1937 4, 1937 4, 1937 Season's Low and When Made 27 Apr. 6.1937 September 28% July 6, 1937 December 31 July 29, 1937 May and 47% 41% 33% Season's High May 29% 32% December... May 29% 30% September DAILY CLOSING PRICES OF OATS FUTURES IN WINNIPEG Sat. Mon. Tues. Wed. Thurs. Fri. December 48% 44% 48% 44% 47 43% 47% 43% October. 49% 46% 48% 45 In Rye—On the 7th inst. prices closed %c. to %c. up. rise in corn and the fairly substantial rise view of the sharp in prices of wheat, made rye a it was thought the rye market should have However, the new crop of much better showing. continues to show high promise, and this is regarded as or less of a restraint to substantial upward movement more values at this time. On the 9th inst. prices closed iy8c. to 234c. down. Attention was called to the fact that of rye thus far the movement of the new rye has been slow in crop getting under way. The downward trend of rye today was attributed largely to the heavy fall in the wheat markets. On the 10th inst. prices closed %c. to l%c. net higher. This grain was influenced largely by the strong upward movement of wheat values, and at one time during the session was up Some rye export business was indicated. prices closed unchanged to V8c. up. Export buying of both American and Canadian rye^steadied the rye market considerably. On the 12th inst. prices closed % to l^c. off. There was no news of importance in connection with this grain, its weakness being attributed largely to the weakness of other grains. Today prices closed 1% to ^c. up. At the close September rye showed a recovery of 2c. from the low of the day. Trading is quite active in this grain, with the about 4c. a bushel. On the Uth inst. tendency seemingly higher. DAILY CLOSING PRICES OF RYE 81% December 82% Season's High and September 81% 82% May 96 I Season's Low and Dec. 29, 19361September 73% May 84 Made When 103% December FUTURES IN CHICAGO Tues. Wed. Thurs. Fri. 81% 82% 81% 83 79% 81 81% 80 80% 80% 82% 82% 81% 81% Mon. Sat. September 76% 78% May 6, 19371 December Aug. 10, 19371 May Mon. Sat. DAILY CLOSING PRICES OF Tues. Wed. Thurs. 93% 90% 92% 90% 88% 85% 90 87 October. December When Made June 14, 1936 June 14, 1937 Aug. 4.1937 RYE FUTURES IN WINNIPEG DAILY CLOSING PRICES OF Fri. 91% 89% 91 89 BARLEY FUTURES IN CHICAGO Mon. Sat. Tues. Wed. Thurs. Fri. September DAILY CLOSING PRICES OF BARLEY FUTURES IN WINNIPEG Mon. Sat. 60% 58% October December Closing quotations were as 61% 60% 59 Fri. 60 y % 59% 58 59 Tues. 60% 58% Wed. Thurs. follows: FLOUR Spring oats, high protein .7.40@7.70 Spring patents 6.80@7.10 Clears, first spring 5.90@6 45 Soft winter straights .5.20 @5.30 Hard winter straights 6.10@6.20 Rye flour patents 5.05@ 5.20 Seminola, bbl., Nos.1-3. Oats, good 9.40@ 2.40 Cornflour 3.30 .... Hard winter patents Hard winter clears 6.20@6.35 5.15@5.40 the extreme immediate permissible overnight drop, and had a 67% light and without special feature. The sensational rise have little or no influence in the On the 11th inst. prices closed 34c. lower to An¬ important marketing of the United crop new corn came come bushel closed 66% 66% oat market. Sat. Fri. 65% in wheat values appeared to OF WHEAT IN NEW YORK Mon. 89% 64 65% 97% 96% heavy break in wheat influenced the downward trend in oats. On the 10th inst. prices closed 34c. to b/8c. net lower. Trading DAILY CLOSING PRICES Sat. May.... prices closed 7th inst. Oats—On the Sept. (new)— Dec. (new) and Fri. Thurs. Wed. Tues. Trading in this grain was light, with the trend influenced almost entirely by the strength displayed in corn and wheat. On the 9th inst. prices closed y8c. to 134c. down. Arrivals of oats are becoming heavier, and this together with the 133,789,000 bushels. DAILY CLOSING PRICES FUTURES IN CHICAGO Seanson's Low When Made High and Season's Fri. Thurs. 128% 126% 122% 121% Mon. Sat. Wed. Tues. 101% 103% 101% 100% 68% 67% 66% 67% 70 69% 67% 68% September September factor Mon. 127% 124 No. 2 yellow extreme of 4c. on the an CORN IN NEW YORK DAILY CLOSING PRICES OF arising from distress were 1937 14, Aug. Chronicle Barley goods— Coarse 4.75 Fancy pearl, Nos.2,4&7 6.90@7.25 GRAIN Wheat, New York— 126% No. l.f.o.b. N.Y.,142% No. 2 red, c.i.f., domestic Manitoba Corn, New York— No. 2 yellow, all rail 121% All the statements below Oats, New York— No. 2 white Rye, No. 2. f.o.b. bond N. Y Barley, New York— 47% lbs. malting Chicago, cash 38% 103% 83% 65@85 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 Volume 14b Financial for the week ended last of the last three Saturday and since Aug. 1 for each years: Chronicle 1133 I Wheat Flour Wheat Corn bbls 196 lbs bush 60 lbs Chicago Minneapolis. 226,000 3,217,000 Oats bush 56 lbs bush 32 lbs 1,794,000 45,000 Barley Rye bush 56 lbs bush 48 lbs 168,000 52,000 582,000 1,123,000 Toledo 1,826,000 7,000 Indianapolis. 522,000' 1,982,000; 125,000 2,160, 000 1,299, 000 9, 000 303, 000 227, 000 570, 000 110,000 164, 000 36,000 63:600 20,000 Duluth 145,000 Milwaukee.. 17,000 St. Louis 435,000 106,000 Peoria 39,000 128,000 256,000 14,000 6,418,000! 1,631,000: 46,000 34,000 6,000 74,000 St. Joseph _. Wichita 528,000 Sioux City. wk. *37 9, 000 2,000 59, ,000 34,000 82,000 128,000 300, ,000 3,000 wk. *36 426,000 wk. 2,554,000 4,364,000 6,600,000 9,216,000 4,273,000 962,000 1,644,000 2,634,000 1,337,000 334,000, 21,262,000 1937 402,000 22,400,000 1936 888,000 1935 674,000 33,188,000 38,735,000 739,000 1,698,000 2,554,000 8,810,000 962,000 6,600,000 16,355,000 5,850,000 3,425,000 1,379,000 812,000 1,644,000 5,794,000 2,101,000 receipts of flour and grain at the seaboard ports for the week ended Saturday, Aug. 7, 1937, follow: Total Aug. Flour Receipts at— Wheat Oats Corn bbls 196 lbs bush 60 lbs 137,000 32,000 340,000 Baltimore.... 20.000 New Orleans * 22,000 bush 56 lbs 6,000 6,000 "2,bob 507,000 3,000 570,000 "T76o "8766 33,000 691,000 Montreal 467)66 Boston 15,000 Halifax *37 235766 2,000 1,000 2,631,000 46,843,000 8,336,000 Week 1936. 110,000 8,000 143,000 3,126,000 2,541,000 1,082,000 160,000 139,000 34,000 2,760,000 4,506,000 2,592,000 88,000 3,217,000 241,000 SinceJan.1'36 810,000 25,707,000 4,693,000 72,413,000 277,000 Since Jan. 1,*37 142760 "9766 976,000 5,000 9,062,000 * Receipts do not Include grain passing through New Orleans for foreign ports on through bills of lading. The exports from the several seaboard ports ended Saturday, Aug. 7, 1937, are shown in for the week the annexed statement: Wheat Corn Flour Oats Rye Barley Bushels Bushels Barrels Bushels Bushels Bushels Exports from— New York 10,000 37,637 194,000 40,000 64,000 "5766 New Orleans 337766 ...... 46766 976,000 Total week 1937.. 1,000 93,637 10,000 102,875 1,571,000 3,960,000 Same week 1936 "9766 5,000 Montreal 142,000 182,000 93,000 10,000 86,000 The destination of these exports July 1, 1937, is for the week and since below: as Corn Wheat Flour Exports for Week and Since Week Since Week Since Week Since July 1 to— Aug. 7 Aug. 7 July 1 Aug. 7 July 1 1937 July 1 1937 1937 1937 1937 1937 Barrels Barrels Bushels Bushels Bushels Continent So. & Cent. Amer. Bushels 269,434 50,955 1,195,000 7,881,000 361,000 4,711,000 71,000 43,029 10,301 12,500 21,500 Kingdom. 10,000 37,000 52,000 5,000 121,000 Brit. No. Am. Col. 6707 23702 5,000 15766 93,637 102,875 535,991 1,571,000 3,960,000 12,649,000 52,000 16,913,000 1,000 countries.. Total 1937 Total 1936 visible The 687,770 — supply of grain, comprising the stocks in points of accumulation at lake and Saturday, Aug. 7, were as follows: GRAIN STOCKS Wheat Corn Oats Rye Barley Bushels United StatesBoston Bushels Bushels Bushels Bushels 2,000 134,000 J._—.... a ... c 21,000 214,000 14,000 78,000 395,000 28,000 24,000 954,000 37,000 55,000 131,000 - 1,000 2,474,000 Galveston Hutchinson. 10,319,000 2,313,000 7,125,000 St. Joseph Kansas City Forth 425,000 1,000 35,000 ...— New Orleans 699,000 1,182,000 1,577,000 Philadelphia b Baltimore Worth Wichita — 5,000 14:606 6,000 5,882,000 29,951,000 23,000 88,000 19:606 24,000 393,000 67,000 Omaha 8,097,000 134,000 651,000 27,000 40,000 29,000 Sioux 229,000 16,000 136,000 St. Louis 1,077,000 6,651,000 13:666 329,000 5,000 15,000 Indianapolis 1,651,000 239,000 124,000 23,000 4,000 69,000 11,524,000 2,683,000 2,790,000 566,000 347,000 "2:606 165:660 876,000 9,000 18,000 363,000 222,000 1,407,000 559,000 City Peoria Chicago e — 755,000 On Lakes Milwaukee 3,031,000 Minneapolis. 3,366,000 39,000 Duluth d 579,000 241,000 Detroit 150,000 2,000 3,000 2,000 80,000 3,809,000 277,000 979,000 63,000 3,000 184,000 7,125,000 6,021,000 7,794,000 3,102,000 3,992,000 44,807,000 1,219,000 1,143,000 6,079,000 3,034,000 2,363,000 7,785,000 Buffalo f afloat. Total Aug. Total July Total Aug. 7, 1937-101,984,000 31,1937- 88,087,000 8, 1936— 72,731,000 20,000 Argentine corn in bond, b Philadelphia also bushels Argentine corn in bond, c Baltimore also has 193,000 bushels Argentine corn in bond, d Duluth also has 157,000 bushels Argentine corn in bond, e Chicago also has 163,000 bushels Argentine corn in bond, f Buffalo also has 685,000 bushels Argentine corn in bond; 16,000 bushesl Rumania corn in bond, and 94,000 bushels Argentine corn in bond afloat. a 1,219,000 3,034,000 355,000 2,012,000 8,338,000 1,574,000 5,046,000 7,125,000 7,1937—126,992,000 7,125,000 shipment of wheat and shown in the furnished by corn, as following: Wheat Corn New York also has 98,000 bushels has 413,000 Oats—On Lakes, 382,000 bushels; total, 382,000 bushels, against none in 1936. Barley—Duluth 196,000 bushels; Buffalo, 220,000; on Lakes, 432,000; Chicago, 15,000; total, 863,000 bushels, against 708,000 in 1936. Wheat—New York, 1,799,000 bushels; Albany, 917,000; Buffalo, 562,000; Duluth, 148,000; on Lakes, 1,589,000; total, 5,015,000 bushels, against Note—Bonded grain not 20,724,000 bushels in 1936. included above: Week Since Since Week Since Since July 1 July 1 Aug. 6 July 1 July 1 1937 1936 1937 1937 1936 Bushels Exports— Bushels Bushels Bushels Bushels Bushels ' Amer. 2,421,000 15,800,000 Black Sea... North 656,000 2,936,000 27,369,000 2,648,000 17,000 2,203,000 3,461,000 Argentina... 890,000 5,147,000 5,981,000 5,792,000 41,956,000 29,922,000 1,800,000 680,000 488,000 9,642,000 4,600,000 1,400,000 6,935,000 40.525,000 Australia India Total 5,118,000 200,000 42,000 . . , 1,000 • 1,059,666 6,308,666 1,821,000 45,084,000' 6,868,000' 50,509,000 35,205,000 3,768,000 Agricultural Department's Official Report on Cereals, Crop Reporting Board of the U. S. Department of Agriculture made public late Tuesday afternoon, Aug. 10, its forecasts and estimates of the grain crops of the United States as of Aug. 1, based on reports and data furnished by crop correspondents, field statisticians and cooperating State Boards (or Departments) of Agriculture. This report shows that the production of winter wheat is now placed at 688,145,000 bushels, which compares with the Depart¬ ment's estimate of 663,641,000 bushels a month ago and with a harvest of 519,013,000 bushels in 1936, with 464,203,000 bushels harvested in 1935 and a five-year (1928-32) average production of 623,220,000 bushels. The production of spring wheat is estimated as of Aug. 1 to be 202,274,000 bushels, which compares with a production of 218,646,000 bushels in 1936 and a five-year (1928-32) average production of 241,312,000 bushels. We give below the report: Excellent weather for corn, cotton, most fruits and various other crops has ment in crop prospects in the United potatoes, beans, rice, sugar beets, resulted in a very marked improve¬ States, and gives assurance of an adequate supply of food, feed, forage and fiber crops this season. Potatoes, cotton and rice are expected to show the highest yields per acre on record and most other crops are expected to yield much better than in recent drought years. Instead of crop yields about 4% above the usual average, as expected a month ago, present conditions justify expectation of crop yields nearly 11% above average, providing there are no unusual weather difficulties during the remainder recovered from the successive of the season. droughts and are Pastures still have below fully not their usual average in condition, but on Aug. 1 tney were reported in better condition than on the same date in six of the last seven years. Considering both harvested crops and present growing conditions, the generally favorable crop outlook is shared by nearly all sections of the country except the area where both the acreages and yields of crops have been reduced by drought. This area lies in a curved strip, mostly 200 to 500 miles wide, stretching across Montana and western and southern North Dakota and southward to the Rio Grande. Although slightly less than the usual acreage of crops will be harvested, yields as good as those now in prospect would result in a volume of pro¬ duction that would look rather large in comparison with the production secured in recent drought years, but would hardly be called excessive con¬ sidering the increased population, the rising level of demand, the small volume of supplies on hand and the desire of farmers to accumulate adequate reserves of hay and feed to carry their livestock through possible future periods of drought. One of the most important of recent crop developments is the splendid growth of corn in the heart of the Corn Belt, particularly from Indiana westward to Iowa and northern Missouri. at principal seaboard ports New York 6,021,000 2,317,000 101,984,000 25,008,000 &c.—The 53,000 15,000 Galveston Barley Rye bush 32 lbs bush 56 lbs bush 48 lbs 102,000 Philadelphia.. New York granary 1,013,000 2,012,000 The world's Oth. countr's Other 123,000 355,000 Aug. 6 311,000 Total United 1,483,000 2,317,000 1937 '36 wk. 616,000 Summary— Since Aug. 1 Total 383,000 93,000 12,590,000 60,000 22,400,000 18,341,000 402,000 Same 139,000 Broomhall to the New York Produce Exchange, for the week ended Aug. 6, and since July 1, 1937, and July 1, 1936, are 133,000 Total Same 1,000 444,000 390,000 35,000 3,055,000 . Buffalo Bushels other Canadian 52, 000 Omaha & American 1,000 390, 000 652, 000 683,000 130,000 5,000 406, 000 Kansas City. 18,000 Bushels 7,1937- 25,008,000 Total Aug. 61,000 Bushels 6,540,000 Canadian elevator stocks 59,000 1,697,000 Barley Bushels 5,878,000 Ft. William & Pt. Arthur Other Rye sea¬ board Receipts at— Oats Bushels Canadian— Lake, bay, river and Corn Pine prospects in this area and good condition in most of the other States east of the Great Plains area seem likely to give about 27.7 bushels per acre which would be the highest yield of corn secured since 1923. As there are more than 96,000,000 acres in corn, this yield would give a crop of 2,658,748,000 bushels, only moder¬ ately above average production, but sufficient, with the oats, barley and grain sorghum crops in sight, to provide an ample supply of feed grain for the greatly reduced number of livestock now on the farms. Instead of the very short rations fed after the harvests of 1933, 1934, and 1936, and the rather light feeding of 1935, it now seems likely that farmers will be able to feed their livestock as much grain per head as they have fed in any of the last dozen years and still carry over reserves of feed grain next July fully equal to the usual carry-over prior to recent drought years. The favorable season for growth has already increased supplies of fruits and vegetables, and the increased acreages or yields will soon increase supplies of various other food crops, including wheat, rye, buckwheat, rice, beans and peanuts. The drought and rust caused the loss of a large acreage of wheat and reduced the yield, but the acreage sown to wheat was the largest on record and the crop is estimated at 890,419,000 bushels. This is slightly more than an average number of bushels and is 42% above last year's short crop, but it includes considerable wheat that will give a low yield of flour. The rye crop is about double the production of last year and a third above average. Rice production, estimated at 50,508,000 bushels, would be nearly a fifth larger than average and the largest crop since 1920. Buckwheat production has been declining, so while production, estimated at 7,007,000 bushels, would be 13% larger than production last year, it would be the fourth smallest crop in many years. Bean production is expected to be about 11% above the 1928-32 average. Apple production is expected to exceed 200,000,000 bushels for the third time since 1920, and present conditions point to a pear crop of 30,388,000 bushels, about 11% above the record crop of 1934. Peach production, estimated at 59,018,000 bushels, is only a little above average. Both the potato and sweetpotato crops are fairly large, potatoes being estimated at 402,537,000 bushels compared with 329,997,000 bushels harvested last year and a 1928-32 average of 372,115,000. Sweetpotato production is estimated at nearly 74,000,000 bushels compared with a 10-year average of 66,000,000 bushels. Vegetable prospects continued to look very favorable on Aug. 1, with late-crop production indicated about one-sixth greater than in 1936 and one-fifth greater than average. The chief exception to this general trend is the late-onion crop, which was damaged by heavy rainfall, especially in the North Central and New England States. Both milk production and egg production show the effects of the increased feed supply. In comparison with reports on the same date in past years, milk per cow was the highest since 1929; and egg production per 100 hens was the highest on record. Wheat—A crop of all wheat of 890,419,000 bushels m 1937 is indicated by Aug. 1 reports on average yield per acre of winter wheat and condition wheat. The final estimate of all wheat in 1936 was 626,461,000 bushels and the five-year (1928-32) average production was 864,532,000 of spring bushels. Yields of both winter States from and spring wheat were reduced in a number of black stem rust and in some places from high temperatures This not only reduced yields but also the hat caused premature ripening Financial 1134 Chronicle average test weight per measured bushel, the net result of which will be a lower output of flour per bushel of wheat. Reports fiom crop corres¬ pondents and estimates of the Board are in terms of 60 pound bushels. The preliminary estimate of winter wheat is 688,145,000 bushels as com¬ pared with 519,013,000 bushels in 1936 and 623,220,000 bushels, the fiveyear (1928-32) average. The average yield per acre is 14.6 bushels as compared with 13.8 bushels in 1936 and 15.2 bushels, the 10-year (1923-32) • average. Reductions Aug. DURUM Condition Aug. 1 in winter wheat yields as compared with July 1 prospects, Production State Average Indicated Average 1923-32 1936 1937 Per Cera , largely due to black stem rust, are shown in the Corn Belt States east of the Missouri river, especially Indiana, Ohio, and Michigan. South Dakota, Minnesota, Wisconsin, and Iowa also show somewhat lower production, while in Kansas, Nebraska and Missouri the crop turned out somewhat 1937 14, WHEAT Per Cent Per Cent 1928-32 1936 Thou sand 1937. Bus hels 78 51 76 2,912 918 1,406 North Dakota 70 20 68 38,167 6,557 21,976 South Dakota 69 14 47 12,607 700 4,882 70.3 20.9 63.4 53,687 8,175 28,264 Minnesota Three States better than was indicated on Juiy 1. Improvement over July 1 prospects also noted in several of the western States and in Kentucky, Pennsyl¬ . is vania, and New York. Production of all spring wheat indicated on Aug. 1, 1937 at 202,274,000 bushels shows a decline of 7.5% since July 1 as a result of drought, heat, B,WHEAT (PRODUCTION BY grasshoppers and rust which did varying amounts of damage in the Dakotas Montana where the largest declines in prospective yields occurred. Rust damage is extremely spotted and varies with the variety of wheat, the time of seeding and weather conditions since infection. On the other both 1936 and expected. 1 still promised to greatly exceed of 107,448,000 bushels harvested in 1936 when drought drastically reduced yields in the four important hard spring wheat States. Compared with the five-year (1928-32) average of 241,312.000 bushels, the 1937 crop is now indicated to be 16% smaller. Harvest was well advanced in the southern portions of the important hard spring wheat States by Aug. 1, but the crop was stin immature in the northern portions, where weather in August will continue to be a factor in determining final yields. In the Pacific Northwest spring wheat generally is still in the filling st&^cs • Condition of spring wheat other than durum was reported at 54.8% of on Aug. 1, 1937, compared with 34.5% a year ago and the 10-year (1923-32) average Aug. 1 condition of 65.2%. Condition of durum wheat in three States was 63.4% on Aug. 1, 1937, compared with 20.9% last year and the 10-year average of 70.3%. Indicated 1937 production of wheat by classes is as follows: Hard red winter wheat, 374,565,000 bushels; soft red winter, 258,287,000 bushels; hard red spring, 119,087,000 bushels; white (inci. both winter and spiing varieties), 108,969,000 busheis; durum (incl. an allowance for durum wheat normal usb^ls Sroduced in States for which separate estimates are not shown), 29,511,000 • 7,007,000 bushels is condition. This is 13% larger than the 1936 production bushels, but 15% smaller than the five-year (1928-32) average bushels. Acreage of buckwheat for harvest in 1937 is estimated Buckwheat—A buckwheat production in 1937 of indicated by Aug. 1 at 418,000 acres compared with 370,000 acres five-year (1928-32) average of 568,000 acres. (Winter & Hard Red Soft Red Hard Red Average 1928-32— 392,656 153,636 1936 259,667 374,565 178,541 207,126 52,252 258,287 119,087 1937 b short crop of 6,218,000 of 8 277,000 harvested in 1936 and the Minnesota was the only reduced this year and sizable increases were recorded in several States, the greatest being 22,000 acres in New York. The Aug. 1 condition was 83.0% of normal compared with 58.3% on the same date last year and the 10-year (1923-32) average of 81.9%. The indicated yield of 16.8 bushels is the same as the 1936 yield and 1.1 bushels above the 1923-32 average of 15.7 bushels. State in which acreage was a Production (Thousand Bush.) 1923-32 18.9 20.5 21.2 1937 1936 New York Prelim. Average 24.0 ( 1936 1928-32 1937 5,t38 4,273 8,256 1,281 21.0 24.0 18.2 19.0 22.0 17,456 19,399 1,536 23,144 Ohio 19.0 18.5 19.0 31,385 40,126 46,151 Indiana 17.2 17.5 16.0 30,922 34,592 New Jersey Pennsylvania. __ 1,153 Illinois 17.0 17.5 17.0 26,458 30,674 35,840 44,557 Michigan 20.5 20.5 19.5 15,684 16,462 Wisconsin 19.5 16.5 18.0 605 429 19,676 1,224 Minneapolis 19.4 18.5 20.5 3.309 3,145 6,273 Iowa 19.5 22.0 19.0 6,698 8,800 16,112 Missouri 13.5 15.0 13.3 31,290 20,343 42,454 South Dakota. 13.4 7.8 12.0 1,699 881 1,020 Nebraska 15.5 15.5 14.2 54,169 45,539 46,306 Kansas. 13.4 11.5 12.0 177,054 120,198 158,040 Delaware 18.4 16.5 16.5 1,781 1,419 1,419 Maryland 18.8 20.0 19.0 8,630 8,980 9,120 Virginia 14.7 12.5 15.0 9,260 7.862 9,900 West Virginia 14.2 13.5 16.0 1,747 2,025 10.7 Kentucky 12.0 3,790 5,194 10.0 704 1,472 1,560 8.0 8.5 610 1,560 1,496 13.5 _ 8.0 8.9 South Carolina. 9.8 10.3 North Carolina Georgia 2,496 6,228 14.0 18.5 3,278 5,894 10,342 3,174 4,858 6,525 11.2 10.7 12.5 Alabama 10.7 9.0 11.0 36 Arkansas 10.2 8.5 10.5 304 12.5 Tennessee - — 54 66 595 . 1,050 8.0 14.0 55,145 7.7 10.6 41,410 27,520 18,927 62,286 12.2 Montana 15.3 8.5 10.5 8,998 3,800 6,594 Idaho 20.5 18.0 21.0 13,682 10,872 Wioming 14.0 9.0 18.0 1,608 513 1,944 Oklahoma Texas. ... 41,690 1 ,196 Colorado 11.8 13.0 12.5 13,051 5,915 10,325 New Mexico 11.1 6.0 11.5 3,766 750 2,829 Arizona 20.4 23.0 23.0 518 1,104 1,058 Utah 18.5 13.0 17.0 3,496 2,236 3,196 Nevada 24.1 27.0 28.0 70 54 84 Washington 23.8 22.5 26.0 28,543 17,528 Oregon 21.4 20.0 21.0 17,610 13,200 9,156 California 17.9 19.5 21.0 11,046 16,731 16,758 13.8 14.6 15.2 United States SPRING WHEAT 623,220 (OTHER THAN DURUM) 18,486 56,000 Total 83,700 864,532 8,875 98,541 626,461 29,511 108,969 890,419 or slightly above the average ciop. 1,529,327,000 bushels and the five-year (1928-32) The Aug. 1 condition of 83.2% compares with 82.1 % last month and 46.8% on Aug. 1,1936. The indicated average yield per acre, Aug 1 was 27.7 bushels as compared with the final yield of 16.5 bushels in 1936 and tne 10-year (1923-32) average yield of 25.4 bushels 2,658,748,000 bushels production of 1936 The average is per crop was 2,554,772,000 bushels. acre. , As compaied with a month ago, prospective yields per acie of corn im¬ proved in all the North Central States except Wisconsin, North Dakota and Nebraska. Prospects declined because of drought in the latter State and held steady in Wisconsin and North Dakota, Outside the Corn Belt only minor changes occurred. Present yield prospects are above average quite generally in the eastern half of the country, with such important corn producing States as Indiana, Illinois, Iowa and Missouri showing prospective yields of four to five bushels above average. In the Western tier of the Corn Belt States, however, prospective yields are generally two to three bushels below average. • In this area, the crop has been adversely affected by drought. Since Aug. 1, rains have been received over most of the Corn Belt. This will tend to maintain or improve prospects in some areas which were becom¬ ing dry by Aug. 1. In Nebraska and Kansas, however, lack of moisture persists and temperatures have been far above normal. CORN Condition Aug. Production (Thousand 1 (%) Bushels) State Indicated Average 1923-32 State Average Spring) 1, 1937. WINTER WHEAT Acre (Bushels) a Corn—The Aug. 1, 1937 condition of corn, 83.2% of normal indicates a Aver. per Durum Includes durum wheat in States for which estimates are not shown separately, b Indicated Aug. _ Yield White Spring Year in the Pacific prospects held up well in Minnesota and improved Northwest States where crops well above the harvests of hand the FOR THE UNITED STATES Winter and the five-year (1928-32) average are now All spiing wheat production, on Aug. CLASSES) (Thousand Bushels) 1936 1937 Maine.. 82 77 1928-32 82 508 1936 1937 468 429 New Hampshire.... 81 84 85 551 656 615 Vermont 79 77 82 2,604 2,964 2,886 Massachusetts 82 83 86 1,621 1,638 1,680 Rhode Island 86 83 91 341 342 374 Connecticut 84 87 90 2,024 1,938 2,040 New York 77 67 81 20,033 19,840 23,052 New Jexsey 84 78 87 Pennsylvania 80 73 89 45,487 54,572 60,345 Ohio 77 57 79 129,257 121,605 150,381 Indiana. 6,755 7,373 8,240 75 46 88 155,968 155,413 186,480 Illinois 76 48 92 336,738 76 62 82 39,171 217,751 36,750 387,491 Michigan Wisconsin.. 81 53 83 69,926 44,080 79,266 Minneapolis 78 47 84 143,136 162,792 Iowa 83 37 91 438,792 88,331 212,240 469,030 Missouri.. 133,516 55,080 74 20 85 146,489 40,032 North Dakota 74 20 68 18,522 2,530 South Dakota 70 18 68 78,447 8,446 53,635 Nebraska. 76 19 71 223,843 26,859 179,334 65 126,756 11,036 54,876 17,264 Kansas 69 Delaware. 82 85 87 3,680 4,118 Maryland. 77 81 88 14,431 18,396 18,576 74 68 90 30,014 38,097 77 15 4,307 61 87 11,569 14,784 North Carolina 78 75 83 30,388 11,054 38,415 43,475 South Carolina 69 60 78 20,240 23,635 44,194 24,210 Georgia 36,288 33,624 47,368 Virginia.. West Virginia 73 56 81 Florida.. 79 69 81 6,506 7,029 Kentucky. 76 55 83 60,301 54,486 76,425 Tennessee. 74 73 82 58,519 57,160 65,734 9,020 Alabama 72 68 79 35,533 41,162 44,254 Mississippi 69 77 81 32,192 39,570 Arkansas 68 67 82 31,540 26,738 Louisiana 68 64 80 18,756 20,734 41,488 41,656 22.272 Oklahoma. 68 24 72 51,842 11,772 29,785 Texas 69 67 73 81,922 68,925 76,551 Montana 69 30 54 1,401 540 Idaho 85 89 86 1,322 957 1,120 Wyoming 77 39 81 984 Colorado 74 34 67 2,341 20,847 11,169 3,794 15,492 3,220 1,156 688,145 | 64 75 3,528 2,185 85 61 80 474 490 595 85 86 85 465 525 550 Nevada. 91 94 97 51 52 Washington Oregon 83 86 86 1,246 1,054 1,152 84 86 90 1,902 1,922 2,170 California. 519,013 74 Arizona Utah 86 81 85 75.6 46.8 83.2 New Mexico United States .... 52 2,620 2,178 1,920 2,554,772 1,529,327 2,658,748 Production Condition Aug. 1 State Average 1923-32 1936 1937 Per Cent Per Cent Per Cent Average 1928-32 Indicated 1936 1937 Barley—The production of barley in 1937 is indicated at 227,398,000 bushels, 54% larger than the 147,452,000 bushels harvested last year, but 19 % smaller than the five-year (1928-32) average production of 281,237,000 bushels. Thou sand The condition of barley was Bus hels Maine 88 84 91 55 119 88 New York 81 53 85 174 105 126 Pennsylvania 234 82 66 76 203 216 Ohio 79 74 52 279 152 Indiana... 82 55 60 274 120 Illinois 80 76 67 2,509 595 Mich 82 61 74 264 240 140 126 * 508 304 84 57 71 1,269 1,040 976 Minnesota.... 74 48 69 14,875 14,658 23,544 Iowa i— 82 72 67 762 640 312 — 77 70 75 136 117 80 Wisconsin Missouri 65 13 44 64,672 12,678 45.480 South Dakota 62 19 40 22,696 2,705 17,004 Nebraska 74 18 37 2,350 1,800 Kansas a9.2 a6.0 a6.0 364 72 60 Montana 63 24 37 36,162 9,826 17,736 81 82 89 13,546 10,224 12,312 North Dakota Idaho.. --- 3.072 75 30 76 2,024 651 1,812 Colorado 73 46 72 4,204 4,776 72 63 78 428 273 310 Utah 86 84 87 2,196 2,241 2,380 Nevada 88 90 90 311 220 286 Washington 69 84 84 14,255 28,665 29,480 Oregon 78 84 82 3,601 7,140 11,844 34.5 54.8 187,625 99.273 174,010 10-year and rust. Oats—An oats crop of 1,130,628,000 bushels is indicated by the Aug. 1 of 79.5% of normal. This is about 43% larger than the 789,100,000 bushels harvested in 1936, but 7% smaller than the five-year (1928-32) average of 1,215,102,000 bushels. Oats prospects improved about 2% during July with such leading States as Iowa, Illinois, Missouri, North Dakota and Kansas contributing to this improvement. On the other hand, prospects declined somewhat in other important States, including Michigan, Wisconsin, Ohio, Nebraska, and South Dakota, and below-average oats production is still indicated for most of the Great Plains area from Montana southward to Texas. condition 5,796 New Mexico reported at 68.6% of normal on Aug. 1,1937 compared with a condition of 48.4 on the same date in 1936 and the (1923-32) average Aug. 1 condition of 75.7. The indicated production is about 7% below that of a month ago. The greatest decrease took place in the East North Central States, and in Minnesota, South Dakota and Nebraska. Rust and heat cut the crop in the East North Central States and in Minnesota, while South Dakota and Nebraska suffered from continuation of severe heat, drought, grasshoppers as Wyoming Yield per acre, While b Short-time average. harvested acre on Aug. 1 was 31.5 bushels, which oats production now promises to greatly exceed the short crop 1936, the carry-over of oats on farms on July 1,1937 was only about 36% large as a year earlier, so that the total supply of oats for the year ending July 1, 1938 will not exceed that of last season to the extent indicated by the production figures in both years. of b65.2 United States a The indicated yield per compares with 23.8 bushels in 1936 and the 10-year (1923-32) average of 30.2 bushels. Although acreage seeded to oats in 1937 was smaller than that seeded in 1936, losses of acreage by drought have been much less than those of last year and the acreage remaining for harvest is therefore larger. as Volume little yield prospects have declined slightly since the July report. ^ The indicated yield of 89.6 bushels compares favorably with the 1936 yield of 78.0 bushels and the 10-year (1923-32) average of 88.5 bushels OATS Production Condition Aug. 1 State 1923-32 1936 1937 Per Cent Per Cent Per Cent Thou sand Bus hels 85 89 4,346 84 89 267 342 342 82 1,853 2,048 1,953 170 210 Vermont 90 79 M assachusetta 85 iv; 79 93 149 Rhode Island....*.**. 87 81 81 63 Connecticut.*...*.... 78 86 ,;i New York..*.. 83 56 New Jersey 82 81 77 Pen nsyl vania ...... — 83 67 25,637 80 Ohio.... 79 64 74 v 18,392 1,568 24,009 40,535 38,502 99,608 32,181 59,520 94,376 161,955 29,330 1,181 27,585 60,392 77 55 81 63,810 78 64 92 152,009 Michigan Wisconsin..;,..*...*— 79 56 79 84 51 77 M lnnesota 79 52 ,81 85 70 95 43,854 85,527 148,841 218,730 39,595 Indiana. ^ — Illinois.... — ... _ . * .... * Iowa _ »* *- - - * 58 67 South Dakota 69 Nebraska. 77 : 90 13 62 23 75 North Dakota 60 23 54 a23.0 34,515 al9.0 80 65 79 97 81 67 79 1,560 Virginia.. 78 49 82 2,837 Virginia — North Carolina....... 81 48 81 al7.6 al4.0 a20.0 South Carolina....... a21.5 al8.5 a22.0 Georgia.— al8.2 v al8.0 al9.5 2,883 3,572 8,076 5,741 Florida al4.1 al6.0 al4.5 77 35 Delaware. -—- - - West . ; 2,358 1,512 924 1,428 a31.0 481 a20.5 25,434 3,075 1,120 20,320 28,638 39,032 22,552 28,680 7,214 4,820 2,244 4,361 4,716 1,474 4,256 4,536 a24.0 al8.5 Colorado 77 52 33 86 59 v 88 79 72 54 78 667 400 57 82 304 300 Utah 89 87 90 1,648 1,080 . - 87 86 94 91 76 82 88 86 7,513 8,517 Oregon 86 11,492 a25.0 United States Yield per acre, 7,878 a30.0 a28.0 b55.0 b79.5 1,215,102 4,080 2,394 b78.0 California a 89 b Allowance made for condition at harvest acreage ■ 6,218 M. - — M — 7,007 - 7,622 48,716 5,908 46,833 8,014 50,508 75.9 55.8 74.1 97,760 55,701 78.8 57.5 80.8 70,146 63,309 75,321 73.6 42.0 68.3 10,719 6,915 9,756 9,993 .. a81.5 61.1 85.8 30,554 21,324 24,296 24,230 79.4 52.8 74.6 23,544 28,824 28,408 74.4 41.6 73.9 79.4 bush Alfalfa. 102,643 ; 74,904 In Southern States. . :v- indicated at 1,417,015,000 , . Potatoes—A potato crop of 402,537,000 bushels for the 1937 season is indicated by the Aug. 1 late crop condition and the latest harvest reports of the early and intermediate crops. This figure is only approximately 2,000,000 bushels below the July 1 estimate and indicates, generally, the continuation of favorable potato vine and tuber growth in most of the important late areas. Should present indications materialize, the total 1937 crop will be 22% above that harvested in 1936 and 8% above the five-year (1928-32) average. The reported Aug. 1 condition of the potato crop is 81.3% of normal compared with 59.8 in 1936 and the 10-year (1923-32) average condition of 79.8%. The indicated average yield of 124.9 bushels per acre is the highest of record (since 1866) and compares with 107.9 bushels in 1936 and the 10-year (1923-32) average yield of 112.7 bushels. Although Maine potato crop indications declined slightly during the past July were otherwise moderately favor¬ 24,750 7 3. ......... - • 65.6 78.5 Soybeans..* 81.4 59.5 84.6 ft, «.•» ***• a* Cowpeas 74.8 65.9 78.4 aaaawa Peanuts. 76.3 72.4 77.4 57.1 40.3 70.9 C164.355 117,506 194,328 60.7 49.9 65.7 C57.298 47,650 57,693 59,018 61.6 58.8 64.5 c24,334 30,178 30,388 Grapes, ton d— Potatoes, bush.. 78.6 66.6 83.7 79.8 59.8 81.3 372,115 26,956 1,916 329,997 pot., bush. 75.6 66.1 77.5 66,368 64,144 100-lb. bag 11,122 12,181 13,163 13,483 '■ Apples, tot. crop, bush 202,274 Peaches,tot. crop, bush...* Pears, tot. crop, bush Sweet Tobacco, lb 72.6 61.7 84.8 76.9 85.2 85.0 43.2 2,527 2,517 402,537 72,706 73,989 1,427,174 1,153,083 1,420,943 1,417,015 9,028 8,952 8,118 9,158 23.310 44.720 28,011 42,790 c2,214 74.9 Sugar, beets, ton. 82.2 Short-time average, a I quantities not harvested, oWetJl JuAUUUCo d Production iflUVUl IVilU 404,229 1GOJJ\2vit>ZicV» v lUbiUucS SOlXtQ includes all grapes for fresh fruit. Juice, wine and raisins. UNITED STATES Yield per Acre Acreage (In Thousands) Harvested Crop Indi¬ For 1928-32 1937 Aver¬ Harvest Aver. ' of fire-cured tobacco is indicated at 112,274,000 pounds, compared with 114,635,000 pounds indicated on July 1, and 99,666,000 pounds harvested last year. Burley tobacco production is indicated at 352,036,000 pounds, compared with 360,830,000 pounds indicated on July 1, and 218,254,000 pounds harvested last year. Condition of the burley crop on Aug. 1 was 72% of normal, compared with 82% reported on July 1, and 50% on Aug. 1 last y6^r»' *,' ' ■" ■' *' Maryland tobacco production is indicated at 24,850,000 pounds, on the basis of Aug. 1 condition of 76% of normal, compared with 29,600,000 pounds harvested last year. The production of dark air-cured tobacco is indicated at 41,060,000 pounds, on the basis of Aug. 1 condition of 72% of normal, compared with 24,646,000 pounds harvested last year, and the five-year (1928-32) average production of 54,111,000 pounds. ' Cigar tobacco production is indicated at 109,320,000 pounds, compared with 98,067,000 pounds harvested iast year, and the five-year (1928-32) average production of 170,572,000 pounds. ' dry edible Beans, Hops, lb Tobbaco—The total production of tobacco is 30 days, weather conditions during able tor the New England States. -J ■ Pasture..__—--- pounds on the basis of Aug. 1 condition, compared with 1,420,943,000 pounds indicated on July 1, and 1,153,083.000 pounds harvested last year. The five-year (1928-32) average production was 1,427,174,000 pounds. Condition of the crop on Aug. 1 is reported at 74.9% of normal, compared with 61.7% last year and the 10-year (1923-32) average of 72.6% of normal. The production of flue-cured tobacco is indicated at 777,475,000 pounds, compared with 767,215,000 pounds indicated on July 1, and 682,8o0,000 pounds harvested last year. The condition of this class of tobacco was 76% of normal on Aug. 1, compared with 68 on July 1, and 67% on aug. 1 % of age 1937 1936 1923-32 1936 96,146 68,198 47,079 103.6 125.2 Aug. 1, 1937 25.4 139.7 cated 1936 16.5 27.7 14.4 12.8 13.1 15.2 13.8 14.6 9.6 60,138 92,829 48,820 Winter, bush... 39,724 37,608 All spring, bush. 20,414 21,119 2,841 188.4 12.4 9.6 184.0 11.6 5.3 18,278 189.1 12.6 10.3 9.5 108.2 30.2 23.8 31.5 134.2 22.6 17.7 20.4 103,419 Corn, all, bush Wheat, all, bush . 15,639 11,212 1,544 9,668 ? 40,015 33,213 12,645 8,322 35,933 11,166 Rye, bush Buckwheat, bush— 3,315 2,757 3,960 143.6 12.0 9.3 13.1 568 370 418 113.0 15.7 16.8 16.8 Flaxseed, bush 2,772 1,180 1,081 91.6 6.9 5.0 7.4 4,775 Durum, bush Other spring, bush. Oats Barley, bush 9.9 925 Rice, bush bush... Hay, all tame, ton Hay, wild, ton Hay, clover and timothy, Grain sorghums, 935 1,003 107.3 43.2 50.1 50.4 7,016 7,000 7,552 107.9 14.7 8.0 13.6 55,153 57,055 1.29 1.11 1.34 10,694 55,773 12,546 97.8 13,288 117.3 .82 .65 .80 26,872 22,010 .97 1.23 1.76 2.00 712 752 89.4 1.15 101.0 2.06 114.9 666 11,720 1,806 14,034 1,562 19,674 14,177 1,794 Soybeans b 2,979 5,635 6,049 107.3 Cowpeas b__ 1,869 3,263 107.9 1,702 2,056 3,520 2,016 ton a — Hay, alfalfa, ton. Beans, dry edible, — lb Peanuts b -- - •>*»«, 98.1 Velvet beans b 81 158 141 89.2 Potatoes, bush 3,327 3,058 3,224 105.4 112.7 107.9 124.9 771 822 826 100.5 88.5 78.0 89.6 1,872 1,437 1,690 117.6 770 802 839 Sorgo for sirup 201 215 198 92.1 Sugar cane for sirup 111 140 138 98.6 Sugar beets, ton 717 776 778 100.3 cll.O 11.6 11.8 23 32 35 111.4 1,274 740 1.219 Sweet pot., bush Tobacco, lb ■ Hops, lb a ' Excludes sweet clover and lespedeza. ' ■ --- ' b Grown alone for all purposes, c Short" time average. Aug. 1 were above those of a year ago for all 18 surplus late potato States except Oregon, and were above average for all of these 18 States except Maine, Wisconsin, South Dakota, Nebraska and on , Heavy rains in Ohio during the latter part of June and the month of July helped the yield prospects for early plantings but caused considerable late-planted seed to rot in the ground. Spotted weather conditions pre¬ vailed during July in many of tne North Central States, with some areas too dry and others deluged by heavy rainfall. Growing conditions in the Rocky Mountain and Pacific Coast areas are generally excellent. Irrigated areas report plenty of water supplies. For the country as a whole, the crop has been reasonably free from blight to date. The most serious potato crop losses reported so far this season have occurred in the eastern part of Virginia, where a preliminary check indicates a loss of nearly one and onehair million bushels of commercial early potatoes due to damage by aphis and flea beetles. However, late farm-crop prospects in this State and in the remaining intermediate States are considerably better than a year ago. Sweetpotatoes—A sweetpotato crop of 73,989,000 bushels is indicated the Aug. 1 reported condition of 77.5%. This production is 15% than the 1936 crop of 64,144,000 bushels, and 11% above the by greater five-year (1928-32) average of 66,368,000 bushels. Growing conditions in the Southern States have been very favorable for the development of sweetpotatoes and show some improvement over last month. In New Jersey and Delaware, however, the weather has been a 85.8 timothy b compared with the average occurred this year in such leading States as Minnesota, South Dakota, Wisconsin, Nebraska, and Indiana. North Dakota is the only important rye State showing decreased production. There was also considerable increase in production in some of the minor rye States. The only area showing a general decrease is in the Middle Atlantic States, from New Jersey to Montana. 68.1 86.1 •' Clover and Marked increases in production as Growing conditions 83.0 31.6 84.2 68.6 Wild.. 789,100 1,130,628 t_ last year. The production 58.3 70.4 79.5 48.4 All tame Eroduction over 1936. not only of higher yields but a*so of a 43.6% increase is the result North Carolina, 81.9 bush.. 99,273 189,080 174,010 789,100 1,111,229 1,130,628 147,452 243,540 227,398 25,554 50,398 51,869 187,625 1,215,102 281,237 38,212 8,277 15,996 42,826 55.0 75.7 Hay, tons— Rye—The preliminary estimate of 1937 rye production is 51,869,000 bushels. This is about twice the small crop of 25,554,000 bushels produced in 1936, and 35.7% more than the five-year (1928-32) average of 38,212,000 bushels. The average yield of 13.1 bushels per acre compares with 9.3 bushels in 1936 and 12.0 bushels, the 10-year (1923-32) average. The large l 54.8 34.5 a65.2 Rice, bush ■* sorghums, 7,750 93 55.8 63.4 Grain 10,593 3,080 ... 32.8 78.0 ■ Washington Nevada ' 20.9 Flaxseed, 78 . -. 70.3 Rye, bush Buckwheat, bush. 1,012 . — 68.1 bush 243 . •* Oats, bush 552 88 . 83 ■ Aug. 1, 1937 1937 • 2,554,772 1,529,327 2,571,851 2,658,748 626,461 882,287 890,419 864,532 519,013 663,641 623,220 688,145 107,448 218,646 202,274 241,312 8,175 29,566 53,687 28,264 83.2 ' Barley, bush 2,970 4,396 Arizona New Mexico;. 49 . ' bush 1,736 3,302 5,043 78 46.8 75.6 July 1, Other spring, 3,000 a20.0 al6.0 84 1928-32 Durum, bush All spring, 2,646 V a28.0 a26.1 Per Ct. " a20.5 66 .......... Per Ct. 1936 Average Winter, bush.. a22.4 Idaho............... Wyoming Montana.. 1937 Corn, all, bush.. Wheat, all, bush. al8.5 Texas..-_——----- Thousands) Indicated 1936 Per Ct. a20.8 .... Total Production (In Aver. 7,898 1,870 1,300 y:'- Crop 9,966 130 837 Oklahoma 'v:;y,' united states 1923-32 1,919 a28.0 Louisiana " ,v' -v.'*'-'; 4,660 128 a21.0 Arkansas.. ; Condition Aug. 1 1,720 1,407 1,053 a26.0 79 yvv • 35,075 6,948 al7.0 41 1, 1937 39,460 116 al9.8 75 AUG. Reporting Board of the Bureau of Agricultural Economics report from data furnished by crop correspondents, field statisticians, and cooperating State agencies Crop the following 90 al7.4 — AS OF REPORT CROP GENERAL The makes 980 Mississippi Tennessee Northern California. 38,454 33,540 61 Alabama. 84 Central and Southern Rather sharp an 41,832 1,131 1,287 1,206 3,430 8,473 2,992 1,871 1,919 Kentucky.. in 157,509 235,200 ' M aryland ...... western and declines in pasture condition occurred during July important dairy area centering in Wisconsin and extending into Michigan and Minnesota. In other sections of the country pastures were mostly in fair to excellent condition on Aug. 1, except for scattered local areas, principally in the Southeast. In the Rocky Mountain States, except Montana and eastern Colorado and in the area west of the Continental Divide, ranges were mostly in good condition with the exception of parts of Texas. 49,212 148,260 39,168 78.120 12,712 19,067 32,186 a of Montana, and Oklahoma and considerable areas in both North 21,916 1,323 26,535 41,956 4,730 38,397 59,033 68,421 a22.9 Kansas Colorado, 64 216 covered much 186 87 80 64 162 •: and ranges were still very short 1 in a wide but irregular belt that southern North Dakota, eastern considerable part of South Dakota, most of Nebraska, Kansas average of 74.4%. However, pastures and even poorer than they were on July 4,332 4,130 89 Hampshire . dry and Pasture—The condition of pastures on Aug. 1 averaged 73.9% of normal, which, except for 1935, is the best reported for that date since 1929. This compares with 41.6% on Aug. 1 last year and the 1923-32 1937 1936 1928-32 88 ' Maine Mlssouri... * too per acre. Indicated Average Average New 1135 Financial Chronicle 145 Weather Report for the Week Ended Aug. 11—The general summary of the weather bulletin issued by the Department of Agriculture, indicating the influence of the weather for the week ended Aug. 11, follows: The week was characterized by all parts of the country, mostly rather frequent local showers east relatively high temperatures in practically fair weather over the western half, and of the Mississippi Valley. Temperatures especially high in most interior sections and the Northeast. The weekly mean temperatures were near normal in the Southeast, the far Northwest, and along the Pacific Coast. Otherwise, they were decidedly above normal in most sections. Temperatures were especially high between were Mississippi River and Rocky Mountains, where the weekly averages generally from 4 to about 10 degrees above normal. degrees or higher throughout the Great Piains, except in a few northern localities. They were well above 100 degrees in many places, especially in the central Plains States, the highest reported in this area being 106 degrees at Huron, S. Dak., Topeka and Dodge City, Kans., Oklahoma City, Okla., and Abilene, Tex., occurring on different days of the week. The highest reported for the country was 112 degrees at Phoenix, Ariz., on August 3. Maxima of 90 to 96 degrees were general throughout the Central Valleys, and in the low 90s over Eastern States, except in Appalachian Mountain sections. the were Maximum temperatures were 100 Rainfall Chronicle Financial 1136 in the Gulf area. From the central Great Plains westward the week was nearly rainless, except for some good showers in northwestern Texas. timely and fairly well distributed showers were decidedly bene¬ ficial over the eastern third of the country, the continued absence of effective in over rather Arkansas—Little Rock: Progress of cotton good to excellent in most portions, but rank growth and few bolls still reported in some localities; shedding in hill sections where too dry; warm, dry weather of past few days checked rank growth and favored checking weevil activity; open¬ ing in some localities and picking just begun. Late corn poor to fair in hills due to hot, dry weather of last few days; progress very good on most low¬ the Great Plains from northern Texas northward has resulted some droughty conditions over practically the entire area. has been aggravated by abnormally high seriously The effect of the scanty moisture temperatures for several weeks, while hot winds were reported over con¬ siderable portions of the southern Plains during the week just closed. lands. Conditions have become especially bad in the western Plains from western Oklahoma and northeastern New Mexico northward. In the Southwest, Tennessee—Nashville: Condition of with many localities needing rain, especially Illinois, southeastern Missouri, extreme northern and extreme western Iowa, extreme southern Missesota, of Wisconsin. Ohio Valley, New York, the week were helpful. dryness. ' to satisfactory in some districts, in perfunctory interest in these events area sales for the week were only slightly above the corresponding week of last year, not¬ withstanding the fact that the general price level is higher during the current season. Sales of department stores the country over during the month of July, according to the usual survey of the Federal Reserve Board, gained 4% over July, 1936, although the month this year had one more Saturday than a year ago. Best results were registered by the Cleveland and Chicago districts, with gains of 11 and 10%, respectively. Declines ranging from 2 to 3% were recorded by the Boston, Philadelphia and Richmond In the central portions of the belt progress was variable, some sections, especially in much of Illinois. In the and less favorable in belt moisture is badly needed. In Illinois progress of corn varied from deterioration in some drier sec¬ excellent advance in the best localities. Some firing is reported tions to clay and upland soils, with rain urgently needed In the New York area the gain over last year was 1%. Trading in the wholesale dry goods markets, following its recent mild seasonal spurt, slowed down perceptibly as initial fall requirements of merchants appeared covered, and buyers in general preferred to await developments in the cotton market after the release of the Government crop estimate. Notwithstanding the present lull in business and the ties elsewhere there has been but little rain during the past 6 weeks and the is suffering severely, with some fields as bad as last year in several counties; the bulk of the crop is in blister to roasting ear stage in this State. fall was mostly light to moderate, in the form of local showers, with very little in western portions of the belt. In eastern and central districts progress of cotton during the past week continued mostly favorable, but in the west the absence of material moisture and the high temperatures have become over considerable areas. • unfavorable Bureau furnished the following resume of Virginia—Richmond: Temperatures slightly above normal; adequate showers in many sections. Cotton doing nicely. Corn urgently needs rain in some central counties. Peanuts excellent growth, but excessive in some fields. Tobacco poor in some sections, otherwise continues and curing begun. satisfactory; harvesting Apples fair to good. Most southeastern truck in good condition. North Carolina—Raleigh: Progress of cotton poor to fair in eastern and southern portions of coastal plain, but generally good elsewhere. Advance of tobacco fair to good; much curing in east. Corn, good to excellent. Late reports show scattered and in north-central August 2. truck, hay, and pastures local hail damage severe South Carolina—Columbia: Seasonable temperatures and moderate to locally heavy rains promoted growth of crops. Cotton blooming and set¬ ting bolls freely in north and opening in south; slight shedding in places; sunshiny weather generally needed. Tobacco market opened; large part cured. Peach shipping active. Haying and fodder pulling fair progress in south. Georgia—Atlanta: Moderate temperatures with light showers, except heavy in a few localities. Picking cotton good advance and some ginning in south; opening throughout southern half and general progress good; moderately favorable for checking weevil activity. Corn mature in most of southern half; fodder pulling under way generally. Favorable for minor crops. Florida—Jacksonville: Moderate temperatures and light rains. Con¬ dition and progress of cotton good; favorable for checking weevil activity; opening and picking slow advance. Early sweet potatoes being dug. Seed beds and fall truck doing well. Citrus groves good; new fruit cotton sizing well, but lengthened bloom period. Alabama—Montgomery: Warm, with scattered showers. Progress and condition of cotton very good; favorable for checking weevil activity and light to locally moderate shedding; picking beginning in south. Early corn damaged by dry weather; late better. Other crops and pastures need rain. Mississippi—Vicksburg: Prevalent light rains and daytime warmth pro¬ moted rapid opening of cotton and favorable for checking weevil activity; picking will become general in south and central in next few days. Progress of late-planted corn poor on uplands and poor to fair on lowlands. Gardens, pastures, and truck mostly poor progress and need rain. Louisiana—New Orleans: Warm, with scattered showers. Progress and condition of cotton good; opening freely in all sections; late still fruiting in north; picking slow advance; generally favorable for checking weevil activity, except in some wet localities. Corn, cane, rice, and other crops making good advance, but beginning to need rain in scattered localities. Texas—Houston: Averaged slightly warm along immedaiate coast and Light to moderate scattered rains, except in ex¬ Progress and condition of cotton mostly fair to good, but considerable deterioration reported in northern districts due to continued dryness; much shedding and premature opening reported over northern half of State where general rain badly needed; picking and ginning progressed rapidly in southern districts and are under way in north. Late corn, truck, and ranges need rain badly in most districts. Cattle continue fair to good. very warm treme south elsewhere. and extreme west. , still ocnsidered some as staple items, rather promising year's bumper crops are bound to greatly stimulate purchases of goods in the rural sections and, moreover, inventory conditions in general are believed to have under¬ gone a substantial improvement during the last few months. Trading in silk goods came to a practical halt as the outbreak of the strike in the board silk and throwing industries served to interfere with the usual routine of business. Trading in rayon yarns also appeared somewhat affected by the stop¬ page in the silk industry, although the view was expressed that in the event of a longer duration of the silk strike, possible cancellations and postponements of deliveries in the affected territory would be offset by larger purchases on the part of the Southern mills. Domestic Cotton Goods—Trading in the gray cloths markets, just prior to and after the publication of the Govern¬ as Cotton—In the Cotton Belt temperatures were abnormally high in the west and northwest and moderately above normal in other sections. Rain¬ Weather accompanying weakness in prices of the outlook for fall is crop The was than In the local limited to damage reported in drier portions of these States In the eastern third of Kansas the crop is still in good condition, now in tin. roasting ear stage. In Nebraska progress during the past week was poor to only fair in most of the east, but the crop is deteriorating elsewhere. In South Dakota advance is mostly poor. In Minnesota corn is making good progress, but there is condiserable varia¬ tion in Wisconsin. In Iowa ample and timely showers were decidedly helpful over about half of the State, with progress good to excellent. How¬ ever, in the extreme northern and extreme western counties and a few locali¬ conditions in the different States: more districts. in much of the northern portion of the State. In Missouri conditions con¬ tinue mostly favpraole, except in the Southeast where rain in badly needed. In Texas and Oklahoma late corn needs rain badly, with condideravle picking ginning made good advance. In Oklahoma progress is still mostly good in the east, but only fair, with plants beginning to suffer and more or less shedding, in central portions, and poor to very poor in the west; some local ginning is reported. In the central States of the belt progress continues mostly favorable, with weevil relatively inactive. In Arkansas it is too dry in some hill sections, but otherwise development is mostly good to excellent. In the eastern States general progress continued good, except poor to only fair in a few localities; more sunshine would be helpful in much of this area. noted. was Corn—In the Atlantic States, the Lake region, and eastern Ohio Valley corn and the crop continues to make and special promotions others little has been done in Nebraska. In Texas progress of cotton is still fair to good in most places, though considerable deterioration is now reported in some northern districts, due to continued dryness, while there is much shedding and premature opening in the northern half of the State; substantial rains are badly needed; Friday Night, Aug. 13, 1937 the country, and seasonal influences, tended to retard retail business during the past week. While consumer response showers of the week were beneficial for corn \;^ New York, sections, with yields poor to good in Missouri, and fair in Iowa, although in the latter State kernels are shriveled by rust. Harvesting and threshing are advancing in the late sections of the West and Northwest under generally favorable conditions; yields are reported satisfactory in most places. Harvesting and threshing spring wheat have been completed in large areas of South Dakota and this work is proceeding rapidly in other parts of the Belt. Spring grain harvest is beginning in parts of the Pacific Northwest. Oat harvesting is well along in Central Valley sections, with yields reported generally good and some the best ever locally in Illinois. Rice made good advance in Louisiana, but is beginning to need rain locally. Summer plowing is half to three-fourths completed in Kansas and some on • Unfavorable weather conditions prevailing in sections of Small Grains—Threshing winter wheat is practically completed in the from northern districts fair to very good, but progress THE DRY GOODS TRADE main producing more western ': ■/' -:'f•\: In the central and eastern Lake region, the eastern much of Pennsylvania, and the Virginias showers of The weather was generally favorable for farm work and seasonal field operations made good advance. Crops are maturing rapidly, but ranges and pastures have become poor over many Midwestern sections. For the country as a whole, the general moisture situation as affecting crops is now measurably less favorable than at the end of July. good progress. corn account dryness; considerable curling. Condition of cotton averages good and progress fair; bolls forming over whole section. Tobacco fair, but being retarded by dryness; topping progressing well. Late potatoes being planted and some coming up. Pastures and truck suffering from poor including Arizona and New Mexico, the usual summer rains have been scanty this year and unfavorable dryness now prevails. In the Mississippi Valley moisture conditions are decidedly variable, and parts 7 late suffering. While rainfall Aug. 14, Oklahoma—Oklahoma City: Hot, with light showers in small areas of extreme east and west and dry elsewhere. General rains badly needed as conditions becoming serious in some central and critical in many western areas. Progress and condition of cotton good in east and fair, but beginning to suffer, with some shedding, in central portion, while poor to very poor in west; little ginning in extreme south. Condition and progress of corn fair in east and central where rapidly nearing maturity; very poor in west; generally light and local throughout the area west of the Mississippi Valley, though a few good showers occurred here and there. In Mie central and upper Mississippi Valley good rains were reported from most localities, while from the middle Ohio Valley, Kentucky, and Tennessee, eastward over the Appalachian Mountains the amounts were generous. There were some heavy rains along the South Atlantic Coast and locally was this ment cotton crop estimate, was at a virtual standstill as buyers and sellers endeavored to evaluate the importance of the crop report, on the one hand, and the Washington developments having to do with possible new crop loan measures by the Federal Government, on the other hand. In the absence of any worthwhile amount of buying, prices again followed an easier trend. Little hope is held for an immediate revival in trading as mills, despite the recent substantial reduction in order backlogs, are reluctant in following the price decline, particularly in view of the possibility that the impending hours and wages legislation may result in a large increase of production costs. Business in fine goods continued very quiet. Inquiries expanded somewhat the but mills showed little inclination to concede lower price demands. A fair call existed for faille taffetas. Closing prices in print cloths were as follows: 39-inch 80s, 7% to 7J^c.; 39-inch 72-76s, 7%c.; 39-inch 68-72s, 6^c.; 383^-inch 64-60s, 5^c.; 3834-inch 60-48s, 5c. Woolen Goods—Trading in men's wear fabrics remained in its previous lull. Order accumulations declined further, and reports of contemplated curtailment in operations be¬ came more frequent. Clothing manufacturers are virtually withdrawn from the market for further fall uprchases, and the of buyers to the recent introduction of the tropical worsted lines remained below expectations. Reports from retail clothing centers had a spotty character reflecting the continued resistance of consumers to the higher price demands, as a result of which not a few mer¬ chants resorted to downward readjustments. Business in women's wear goods also slowed down perceptibly as reports from retail channels made a somewhat' less satisfactory showing, and the new wage agreements in the garment industry necessitated considerable repricing of lines. Foreign Dry Goods—Trading in linens received a moderate impetus through the staging of the annual domestics and linen show at which sales were reported to be well above last year's volume. 'Business in burlap continued response new in its previous lull. Prices ruled lower Calcutta quotations. slightly easier, in line with Domestically light weights quoted.at 4.05c.; heavies at 5.35c. \ were Volume Financial 145 State and 1137 Chronicle City Department BONDS MUNICIPAL Specialists in Dealer Illinois & Missouri Bonds Markets J. MERIGKA & CO. WM INCORPORATED Union Trust Bldg. One Wall Street 135 S. La Sail. SL CLEVELAND NEW YORK CHICAGO STIFEL, NICOLAUS &. CO., Inc. 105 W. Adams St. The State loses the sum of $250,000 in Federal road money for 1937 as a penalty for diverting highway funds to emergency relief needs, it was an¬ nounced here today. Thomas H. MacDonald, chief of the Bureau of Public Roads at Wash¬ ington, has advised State Highway Commissioner E. Donald Sterner that M. L. Watson, Acting Secretary of Agriculture, on Aug. 7, reduced New Jersey s appropriation of Federal aid for this year from $1,676,718 to $1,426,718. Mr. Watson, in certifying this amount, recited that under the Federal Aid Act of 1934, it is provided that assistance shall be extended only to those States which use the proceeds from their State ir otor vehicle registration fees, licenses, gasoline taxes and other special taxes on motor vehicle owners and operators for the construction, improvement and maintenance of highways and administrative expenses in this connection, including the paying off of State road bonds. The Act provides that this amount for State highways must be at least up to the sum the respective States were using for this purpose from their motor vehicle receipts at the date the Act was approved, June 18, 1934. It is also provided that the maximum penalty for diverting highway funds to other uses by a State shall be the loss of one-third of its annual allotment of money from Washington. 314 N. Broadway DIRECT CHICAGO WIRE ST. LOUIS 'WE OFFER SUBJECT- $15,000 DELAND Imp. 6% Bonds Due—Jan. 1, 1955 Price—6.25 Basis' Thomas M. Cook & Company Harvey Building PALM WEST BEACH, FLORIDA News Items Greenwood Funds County, S. C.—Right of PWA to Furnish for Buzzard*s Roost Project Upheld—A United Press dispatch from Asheville, N. C., on Aug. 6 had the following to say in regard to the approval given by a Federal court to the Buzzard's Roost hydro-electric project, representing a confirmation of a Circuit Court decision in this long-drawn suit: The fourth Federal Circuit Court of Appeals today upheld, in a two-to- decision, the right of the Public Works Administration to supply funds for construction of the $2,800,000 Buzzard's Roost hydro-electric power one plant in Greenwood County, S. C. Judges John J. Parker and Elliott Northcott concurred in upholding the Federal District Court ruling of Judge J. Lyles Glenn authorizing Public Works Administration Administrator Harold L. Ickes to make loans and publicly-owned power plant. grants for the Judge Morris A. Soper dis- sented ruling, written by Judge Parker, upheld constitutionality of the Act authorizing use of Federal funds for municipally owned power plants and defended Ickes* right to choose projects which would lower power The rates to consumers. Duke accused Co. Power seeking with of Charlotte, N. C., had charged the Government enter competition with private utility companies of trying to force reduction of electric rates through to Ickes and the PWA power policy. The Circuit Court reached a similar a year ago. was decision in the Buzzard's Roost case Duke attorneys appealed to the Supreme Court and the case remanded to District Court for rehearing. Regarding the charge that Ickes sought primarily to reduce rates, and that such a reduction would injure private utilities, the court decided an action authorized by law could not be enjoined because of the motive of an administrative office. And If Ickes adopted the policy of accepting only projects which will "provide rates to the public lower than competing private enterprises," the opinion stated, "such a policy would seem in accord both with finance and the requirements of justice to the existing enterprises." sound Constitutionality of the PWA policy was upheld, as in the 1936 Circuit Court ruling, on the ground that it falls within the right of Congress to tax and spend for the general welfare. Today's decision came three days after presentation of arguments in the case before the three-judge court. Denied by Court—On the same day the above court also reversed the lower courts and denied the West Virginia Power Co. an injunction to block a govern¬ mental power project on New River near Hinton, W. Va. Additional Power Injunction the power company, and the Government The case was argued in the Circuit Court here last June. The The lower court had upheld court's decision was unanimous. Municipal Bankruptcy Bill Passed—The revised munic¬ ipal bankruptcy bill, which was drawn up to replace the original 1934 measure declared unconstitutional by the United States Supreme Court, was approved by the Senate in the form which received the sanction of the and was forwarded on House on June 24, Aug. 9 to President Roosevelt for his signature, according to Washington advices. plan agreed to by a majority of creditors such plan is dependent upon written assent of creditors representing two-thirds of the amount of aggregate indebtedness of the municipality. The jurisdic¬ tion conferred on the courts by the bill terminates on June 30,1940. This new bill is similar to the one declared invalid, except that it prevents the high tribunal from placing any restrictions on the powers of States or "their arms of Govern¬ ment in the exercise of their sovereign rights and duties." The bill just ratified by Congress was introduced by Repre¬ sentative J. Mark Wilcox, Florida Democrat. It is designed to assist financially distressed communities to pay their debts. and a confirmation of New Penalized for Diversion of Highway in part as follows from a Trenton news report to the Jersey City "Observer" of Aug. 11, dealing Jersey—State Funds—We quote with the reduction in Federal road funds to the State because of the diversion of McGoldrick; For President of the Council— District Attorney—Irving Ben Cooper; Mayor—Royal S. Copeland; For Controller —Frank J. Prial; For President of the Council—Samuel Levy; For District Attorney—No designation. Morris; For Anti-La Guardia Ticket—For Democrats—Tammany Ticket- -For Mayor—Royal S. Copeland; For Prial; For President of the Council —Samuel Levy; W. Hastings; Four-County Ticket—For Mayor—Jeremiah T. Mahoney; For Controller— Frank J. Taylor; For President of the Council—Max J. Schneider; For District Attorney—No designation. Controller—Frank J. For District Attorney—Harold Pennsylvania Local (University of)—Institute Established—An Government Institute of of State and Local and which will be supported during the first by a gift of Jjh240,000 received from an anonymous source, has been established at the University of Pennsyl¬ vania, it is announced by Dr. Thomas S. Gates, President of the University. State Government, six years According to President Gates, the new institute will enable the Uni-' versity to place increased emphasis upon training for citizenship and public and its establishment marks the first major development in a bicentennial program designed to further strengthen the University's work service, in various fields. The principal objectives of the Institute of Local and State Government highway funds for other State 1. To establish as complete a center of practical and printed knowledge about every phase of the problems of municipal, borough, county, township and State government as it is possible to create. 2. purposes: center, an advisory, consulting and informa¬ Denefit of local and State government units in the To maintain, with the tional service for the Commonwealth of Pennsylvania and for associations and officials actively concerned with 3. the work of such units. To maintain a center for the training of experts and administrators State government; for the "in-service" for cities and other units of local and training of those now employed in the public service, and for the education in local and State government affairs of students who expect to enter busi¬ ness or the professions. 4. To maintain a center for conferences, lectures and discussions relating to major questions in the improvement of city, local and State government in Pennsylvania and other States as a means of educating public opinion, and keeping it focused upon essentia] objectives. 5. To conduct research into problems which the development of this program may bring to the surface—with particular regard to those problems which consultation and contact with local and State government officials in Pennsylvania may indicate are most important to them. Southern States Show Tax Gains in 1937—An As¬ sociated Press dispatch out of Atlanta had the following to say in regard to the recent betterment in tax collections throughout the southern portion of the country, as compared with 1936 figures: * State cash registers The bill gives municipalities (including special districts) the right to go into Federal court in a voluntary bankruptcy proceeding with Republicans—La Guardia Ticket—For Mayor—Fiorello H. La Guardia. For Controller—Joseph D. Newbold will be: Sound Policy appealed. New York City—Candidates for City Offices Named—The filing of designations for party nominations with the Board of Elections on Aug. 10 showed the following candidates for the various city offices and the post of District Attorney: clanged a time of better times throughout the South during the first half of 1937, a survey showed today. Nine States reported an aggregate tax "take" of $183,737,000 (in round thousands) for 1937 compared with $142,325,000 during the similar period of 1936. This increase of more than $41,OO0,OOO was an improvement of nearly 29% and officials were unanimous in crediting the bulk of the boost to better economic conditions. Virginia showed the widest advance on a percentage basis, its $14,772,000 in tax receipts for the first five months of the year representing a gain of $5,581,000, or more than 60%, over the same months of last year. Louisiana was first in bulk of increase as well as in total collections, ringing up $47,500,000 in contrast to $36,500,000 in 1936. Every State reported its tax ante up at least $2,OOO,O0O, Tennessee showing the nar¬ rowest advance of only about $2,010,000 from $14,231,000 to $16,241,000. Louisiana Treasurer A. P. Tugwell summed up officials* analysis of heavier flow of revenue when he said: "I believe it is due to a substantial increase in business all along the line." Treasurer Newton James of Mississippi gave some credit to "legislative strengthening of tax laws" in that State and Revenue Commissioner D. L. Ford of Arkansas said "tighter enforcement" accounted for some of the gain. In nearly every State the widest increases were noted in income taxes and in "luxury" imposts such as tobacco and liquor excises. Figures in round thousands for other States, the total for the first half of 1936 being given first and that for 1937 second: North Carolina, $30,171,000—$36,243,000; Georgia, $14,881,000—$19765,000; Mississippi, $6,801,000—$10,218,000; South Carolina, $10,948,000 —$13,815,000; Arkansas, $10,265,000—$12,515,000; Alabama, $9,378,000 —$12,668,000. 1138 Financial Chronicle Aug. 1937 14, california Bond Proposals and Negotiations and int. (J. & J.) payable at the office of the County Treasurer. A cer¬ tified check for 10% of the amount bid, payable to the above Clerk, is alabama reauired. ktiw, ALABAMA, State of—REPORT ON BONDED DEBT—The following information has been furnished to us by W. W. Brooks, Financial Secretary to the Governor, obtained from a preliminary closing of the books of the (P. O. Madera), Calif.—ASH VIEWr SCHOOL BOND OFFERING—County Clerk L. W. Cooper will receive bids until 10 a. m. August 23 for the purchase of $20,000 3j^% bonds of osh View State Treasurer and the State Comptroller as of June 30, 1937: School District. COUNTY MADERA Bonded Debt Outstanding June 30, 1937 Outstanding Paid from Highway bonds, first issue... $16,683,000 Automobile licenses Highway bonds, second issue 20,190,000 2c. gasoline tax Refunding bonds* 16,565,000 Income tax Harbor bonds 9,600,000 Port earns. & gen. fund Renewal bonds and funding bonds.. 8,557,000 General fund Denom. $1,000. MADERA COUNTY (P. O. Madura), Calif..—CHOWCIIILLA SCHOOL BOND OFFERING—L. W. Cooper, County Clerk will receive bids until Issue— 10 a. m., Aug. 23, for the purchase of $35,000 3J^% bonds of Chowchilla School District. Denom. $1,000. Due in from 3 to 20 years. Cert, check for 10%, required. SAN -'vy FRANCISCO * $71,595,000 Subsequent to the date of this statement, $550,000 of this issue \ Memo.—In addition to the above, there were outstanding, $1,500,000 gasoline tax warrants (payable from the gasoline tax fund, $250,000 quar¬ terly with interest at 3%)" also $3,151,000 Alabama State Bridge Corp. bonds on which interest of $130,380 was paid from Oct. 1, 1936 to June 30, 1937, (payable by the Highway Department from proceeds of the gasoline tax). As of July 1, 1937, the Alabama State Bridge Authority took over the Cochran Bridge at Mobile, issuing therefor $2,145,000 20-year 4% bonds, interest on which ($85,800 annually) is paid by the Highway Depart¬ ment from proceeds of the gasoline tax. Interest Payments, Bonded Debt, Oct. 1, 1936 to June 30, 1937 j Revenue Highway bonds, first issue.; Highway bonds, second issue Refunding bonds : Renewal bonds and funding bonds Note—The renewal bonds and funding bonds are payable from the general fund, which, however, has numerous other uses, so that no comparison is possible. 2V. B.—The foregoing figures were taken from a preliminary closing of the books of the State Treasurer and the State Comptroller as of June 30, 1937, and are subject to minor revision. GUNTERSVILLE, Ala.—BONDS AUTHORIZED—'The Board of Aldermen has passed an ordinance authorizing the issuance of $134,000 electric distribution system bonds. 15, are $5,000,000 bond elec¬ a ARIZONA—COLORADO—IDAHO—MONTANA NEW noted in these columns recently—V. 145, p. 977—are due follows: $5,500, 1938 to 1940: $5,000, 1941; $5,500, 1942; $5,000,1943: $5,500, 1944 and 1945, and $500 in 1946, giving a basis of Jan. proposal for the authorization of Rocky Mountain Municipals LAUDERDALE COUNTY (P. O. Florence) Ala.—MATURITY—It is stated by the Superintendent of the Board of Education that the $43,500 school warrants purchased by King, Mohr & Co. of Montgomery, as 3s, at price of 98.92 Calif.—BOND AUTHORIZATION PENDING—We SANTA CLARA COUNTY (P. O. San Jose) Calif.—BOND OFFER¬ reported m these columns—V. 145, p. 978—Frank W. Hogan, County Clerk, will receive bids until 11 a. m. August 16 for the pur¬ chase at not less than par of $35,000 coupon bonds of Alum Rock Union School District. Bidders are to specify rate of interest, not to exceed 5%. Denom. $1,000. Dated August 1, 1937. Principal and semi-annual inter¬ est (Feb. 1 and Aug. 1), payable at the County Treasurer's office. Due $3,000 yearly on Aug. 1 from 1938 to 1948; and $2,000 Aug. 1, 1949. Cert, check for 5% of amount of bonds bid for, payable to the County Clerk, required. .v This is the amount transferred to the State by the Dock Board for pay¬ ment of the Habor bonds. on a ING— As previously * a informed that the provide funds for the purchase by the city of the San Jose Water Works, is now pending before the City Council. The said water works company is now supplying the city and the surrounding territory. 458,028 639,405 351,344 339,720 Note are tion to $734,780 3,198,893 1,554,720 351,344* JOSE, informed that Due $2,745,688 Harbor bonds SAN Interest Available PROPOSALS—We Board of Supervisors at the meeting on Aug. 9 approved submission of the proposed $49,250,000 4% subway and rapid transit bond issue to the voters at the November election. The issue, on which maturities would begin in five years and run for 40 years, required a two-thirds majority vote for approval. The Supervisors also approved placing of the $3,000,000 bond issue for airport improvements on the ballot but voted down the poposed $4,694,800 of bonds for the extension of Grant Avenue. They voted to reconsider the proposed $1,909,000 of bonds for dead-end street elimination. In addition, the Board approved placing on the Nov. 2 ballot the $5,000,000 sewer, and $1,600,000 health department bond proposals. Disapproved was the proposal to submit a $3,220,000 issue of court building bonds. was retired by sinking fund. Issue— •vV.'""- y (City and County), Calif.—SUPERVISORS AP¬ PROVE MAJORITY FO BOND MEXICO—WYOMING as as DONALD about 3.28%. F.fBROWN & COMPANY DENVER Telephone: Keystone 2395—Teletype: Dnvr 580 alaska KETCHIKAN, Alaska—BONDS AUTHORIZED—A resolution Is said passed recently by the City Council, calling for the issuance of $200,000 in street paving bonds. "-.vA, to have been colorado DENVER arizona F PIMA COUNTY O. Tucson), Ariz.—A JO SCHOOL DISTRICT BOND OFFERING—On Sept. 14 the Board of Superv'sors will offer for sale an issue of $108,000 3M% school bonds of Ajo School District. (P. ARKANSAS BONDS Largest Retail Distributors WALTON, SULLIVAN A CO. LITTLE ROCK, ARK. (City and County), Colo.—FINANCIAL CONDITION ANALYZED—Conservative budgetary policies and excellent tax collec¬ tions have, according to an analysis of the finances of the City and County Qf Denver, Col., j^U^t prepared and issued by the New York banking house of Lazard Freres & Co., Inc., 15 Nassau St., New York, enabled Denver to maintain a cash operating balance and obviate any necessity for resort¬ ing to tax anticipation borrowing. Sinking funds in the amount of $188,355.10 having been accumulated as of June 1, 1937, for the retirement of $200,000 bonds maturing in 1937 and 1938, debt service on general obligation oonds to be met from the tax levy will be extremely light until 1941, according to the report; but it Is believed that a sharp increase in debt service charges on general obligations will occur in the decade following that year unless steps are taken to level off such charges through the accumulation of additional sinking funds. However, this appears to be the only adverse factor of importance in Den¬ ver's financial picture, the study finds, and it is understood that a plan is being pressed to set aside general revenue surpluses in a reserve fund for debt redemption and extraordinary contingencies. Denver's special assessment debt, on the other hand—all of which has been incurred prior to 1935—is being called and retired very rapidly, the analysis shows, and redemption is being accomplished partly through gen¬ eral arkansas ARKANSAS, State of—SPECIAL TAX RECEIPTS SET RECORD— Department of Revenue reports July special tax collections at $2,032,190, highest for the month in history and an increase of $350,000 over July, 1936. Gasoline tax revenue for first six months of the calendar year was $4,~ 547,790. compared to $4,122,130 in corresponding 1936 months, increase of $425,659. Motor vehicle license payments in seven months through July 31 were $2,896,717 against $2,553,144, up $343,573, and toll bridge revenue was $331,797, compared to $303,378, Increase of $28,418. July collections included $146,806 from motor vehicle license, $861,374 gasoline tax and $64,352 bridge tolls, total of $1,072,533 for credit to high¬ way fund after reductions for collection costs. Revenue from these three sources in July, 1936, was $956,222. Bridge tolls of $64,352 in July repre¬ sented an all-time record for revenue from this source. Gain was attributed in part to increasing number of automobiles from other States operated in Arkansas during the tourist season. ^ property taxes. If reduction continues at the present rate, Lazards anticipate the possibility of the special assessment debt being wiped out during the next few years, which would enable an increase In tax rate for debt service on general obligation bonds without adding to the total tax burden. The tax collection record of Denver is found to have been outstanding over a long period of years. The report shows that percent of taxes col¬ lected rose from 92.7 at the end of 1932 to 95.5 at the end of 1936. Profitable operation of the water system is reported to be another favor¬ able factor in the financial status of Denver. Net income of the Water Department increased from $474,364 in 1934 to $557,275 in 1936. "Per capita wealth and income is above the national average," says the report, and the per capita net debt burden of approxin ately $94 ajppears to be well below the average for cities of comparable size; such as Dallas, with per capita debt of $122; Baltimore, with $139; Cincinnati, with $133; Providence, with $145, and Memphis, with $107. The report concludes that the general obligations of the City and County of Denver are Cigarette tax in July totaled $136,786 compared to $106,671 in July, 1936. r HELENA, Ark.—BOND REFUNDING CONTRACT—It was announced by the City CouncP on Aug. 6 that a contract had been completed with M. W. Elkins & Co. of Little Rock, to refund $143,000 of bonds to mature in 1944 by the issuance of a new series to mature from 1942 to 1962. W. R. Slinkard, City Auditor, is reported as estimating the total saving on interest $24,000. It is understood that the said contract will become ef¬ fective if ratified by 75% of the bonds in possession of holders. entitled to a high credit rating. , , ' T • EL PASO COUNTY SCHOOL DISTRICT NO. 43 (P. O. Cascade) „ Colo.—BOND ELECTION—It is stated by the Attorney for the District that an election will be held on Aug. 21, to vote on the issuance of $7,500 in not to exceed 4semi-ann. building bonds. Due $500 from Sept. 1, 1940 to 1954 incl. at about delaware BELLEFONTE, Del.—BOND SALE— The CALIFORNIA MUNICIPAL $20,000 4% coupon sewer on Aug. 6—V. 145, p. 640—were awarded to Chandler & Co. Philadelphia at par plus a premium of $331.80, equal to 101.659, a basis of about 3.62%. Dated July 1, 1937. Due $1,000 yearly from 1940 to 1959; callable after five years at a premium of 2^ %. bonds offered BONDS of Revel Miller & Co. MEMBERS: 650 So. Los Angeles Stock Exchange Spring Street Telephone: VAndike 2201 • REHOBOTH SCHOOL DISTRICT NO. Ill (P. O. Rehoboth Beach), Del.—BOND OFFERING—As previously reported in these columns, Walter Palmer, Secretary, Board of School Trustees, will receive bids until 2 p. m. (Eastern Standard Time) Sept. 1 for the purchase of $160,000 coupon, registerable school bonds. Bidders are to name rate of interest, in a multiple of K%, but not to exceed 4H%. Denom. $1,000. Dated Sept. 15, 1937. Interest payable March 1 and Sept. 1. Due on Sept. 15 as follows: $2,000 in 1938; $7,000, 1939 to 1949, and $9,000, 1950 to 1958. Los Angeles P. Teletype: LA 477 SAN FRANCISCO SANTA ANA Certified check for 3% of amount of bonds bid for, payable to the Secre¬ california ALAMEDA tary, required. COUNTY (P. O. Oakland), Calif.—NILES SCHOOL BONDS OFFERED—The County Clerk will receive bids until 10 a. m. Aug. 24, for the purchase of $100,000 bonds of Niles School District, to bear interest at no more than 4 %. florida CORAL r KERN COUNTY (P. O. Bakersfield), Calif.—MAPLE SCHOOL DISTRICT BOND OFFERING— Sealed bids will be received until 11 a. m. Aug. 30, by F. E. Smith County Clerk, for the purchase of a $65,000 5% school bonds. Denom. $1,000. Dated July 26, 1937. Due July 26 as follows* $2,000, 1938 and 1939; $3,000, 1940 and 1941; $4,000, 1942 to 1944; $5,000, 1945 and 1946; $6,000, 1947 and 1948: and $7,000, on issue of on 1949 to 1951. Bids at a lower rate of interest will also be considered. Prin. GABLES, Fla.—COURT APPROVES REFUNDING PLAN— Coral Gables' $11,200,000 refunding program has been approved by the Supreme Court. In its decision, the Court affirmed a ruling of Circuit Judge Paul D. Barnes that $4,200,000 refunding bonds and $7,000,000 tax participation certificates could be issued in settlement of the out¬ Florida standing debt. Homesteads, the Supreme Court said, are not liable for and a part of the refunding bonds issued to payment of the certificates satisfy judgments against the city. Volume Financial 145 1139 Chronicle ILLINOIS FLORIDA SOUTH PEKIN, 111.—BOND SALE— On Aug. 11 an issue of $45,000 5% sewer revenue bonds was sold to N. I>. Rogers & Co. of Peoria at par plus a premium of $915, equal to 102.033. The White-Phillips Corp. of BONDS Davenport bid Clyde C. Pierce Corporation t Barnett National Bank Building JACKSONVILLE - - - - - FLORIDA T. S. Pierce, Resident Manager Building FLORIDA FLORIDA, State of—BOND INVITED—W. V. Knott, Chapter 15891, Laws of Florida, TENDERS State Treasurer, reports that pursuant to premium of III.—CERTIFICATE OFFERING—J. R. Pierce, City Clerk, will receive bids until 7:30 P. M. Aug. 17 for the purchase at not less of indebtedness. Bidders to specify rate of interest. The certificates will be payable solely from the revenues derived from the operation of the plant. Dated Spet. 1, 1937. Principal and semi-annual interest (March 1 and Sept. 1) payable at the First National Bank of Chicago. Due on Sept. 1 as follows: $12,000, 1939 to 1943; and $13,000, 1944 to 1948: optional on any interest payment date. Cert, check for $1,500, payable to the City Treasurer, required. Approving opinion of Chapman & Cutler of Chicago will be furnished by the city. The purchaser will be required to supply the printed certificates. Delivery to be made by Sept. 15. than par of $125,000 electric light plant certifs. Branch Office: TAMPA First National Bank a WOODSTOCK, 25, at 10 A.. M. (E. S. T), sealed offerings of matured or unmatured road and bridge or highway bonds, time warrants, certificates of indebtedness and or negotiable notes of the following counties he will receive until Aug. and special road and bridge districts: Bay, Brevard, Charlotte (except McCall S. R. & B. Dist.), De Soto, Flagler, Glades, Hardee, Indian River, Jensen R. & B. Dist., Martin, Monroe, Okaloosa, Okeechobee, and Palm Beach S. R. & B. Dists. Nos. 3, 8, 9, 17, 21 and Cross State Highway Bridge District. All offerings submitted must be firm for 10 days subsequent to the date of opening, I. e., through Sept. 4, 1937, and must state full name, description and serial numbers of bonds, interest rate, date of issue, date of maturity, and price asked. Bonds that are in default of interest must be offered at a flat price, which price shall be understood to be the price asked for such bonds with all maturities of past due, defaulted or unpaid coupon attached, the face value of missing coupons will be deducted from purchase price; offerings must be submitted on this basis. —REFUNDING BONDS OF MUNICIPALITIES TO BE DELIVERED— Under date of Aug. 9, R. E. Crummer & Co. have forwarded to holders of bonds of certain Florida municipalities in the process of refunding, the following list of municipalities and an estimate of the date the refunding bonds will be deliverable: Beach County Board of Public Instruction, Aug. School District No. 1, Aug. 10. Highlands County, Aug. 20. City of Vero Beach, Sept. 1. City of Leesburg, Sept. 1. Port of Palm Beach District, Oct. 10. Fort Pierce Port District, Oct. 10. City of Cocoa, Oct. 25. Suwanee County Board of Public Instruction, Oct. 25. City of Arcadia, Dec. 25. City of Avon Park, Dec. 25. St. Lucie County and all road districts, Dec. 25. Palm 10. Monroe County a Premium Bidder— $1,310.00 1,271.50 Jackson-Ewert, Inc Indianapolis Bond & Share Corp 1,265.00 1,187.50 Fletcher Trust Co McNurlen & Huncilman 1,101.00 1,018.00 636.00 Citizens Loan & Trust Co., Washington City Securities Corp Brentlinger & Lemon . 312.50 Kenneth S. Johnson TOWNSHIP SCHOOL TOWNSHIP (P. O. Evansville, Rural Route No. 4), Ind.—BOND OFFERING—Edward Henze, trustee,' will receive sealed bids until 8 P. M. on Aug. 26 for the purchase of $15,000 not to exceed 4H % interest school bonds. Dated Aug. 26, 1937. Denom. $750. Due $750 on June 1 and Dec. 1 from 1938 to 1947 incl. Bidder to name one rate of interest, in a multiple of % of 1 %. Interest payable J. & D. The bonds are general obligations of the township. (This offering was postponed from Aug. 19.—V. 145, p. 979.) GERMAN Ind.—BOND GRIFFITH, SALE—The 5% $14,000 Miller Street Drain construction bonds offered Aug. 6—V. 145, p. 480—were awarded to Huyck & Co. of Chicago, at par plus a premium of $152.12, equal to 101.08. Dated July 10, 1937 and due $500 Jan. 10 and July 10 from 1938 to 1951 incl. Seipp, Princell & Co. of Chicago, second high bidders, offered a premium of $149.85. A. S. referendum vote. The city also contended that it is legal in that the 1931 Act of the Legis¬ lature did not abolish the special charter but is additional to the charter and ts (P. O. Montgomery), Ind.—OTHER 4% school bonds awarded Aug. 4 to A. S. Huyck & Co. of Chicago, at par plus a premium of $1,552.50, equal to 106.21, a 3.06% basis, as previously reported in these columns—V. 145, p. 979—was also bid for as follows: BIDS—The issue of $25,000 r LAKELAND, TU.—COURT APPROVED REFUNDING PLAN—The lagality of the city of Lakeland's proposed six-mill on dollar refunding pro-; gram was upheld by Circuit Court Judge H. C. Petteway in a final hearing recently in which the Atlantic Coast Line Railroad Company was seeking to prevent the entry of a final decree of validation. Attorneys for the railroad company have indicated their intention of ap pealing the circuit court decision to the Supreme Court. The company claiming that it pays 30% of the total city tax attacked the legality of the refunding program on three points. The city denied that the railroad paid more than 6% of the total tax for the current year and claimed that the validation sought is legal on the points under attack, since it does not cover any new debts, and may be made without INDIANA SCHOOL TOWNSHIP BARR provisions. MARIANNA. Fla.—BONDS SOLD—Of the $38,000 5% coupon semirefunding bonds offered for sale on Aug. 2—V. 145, p. 801—a block of $27,000 in all was purchased by local buyers, according to the City Clerk. ann. POLK COUNTY SPECIAL TAX SCHOOL DISTRICT NO. 5 (P. O. Bartow), Fla.—BOND OFFERING—C. I. Hollingsworth, County Super¬ INDIANAPOLIS, Ind.—NOTE OFFERING—Walter C. Boetcher, City Comptroller, will receive bids until 11 A. M. Aug. 18 for the purchase on an basis of $125,000 temporary loan notes. Interest rate is not to exceed 6%. Notes mature Nov. 10, 1937. interest DISTRICT Ind.—BOND OFFERING these columns—V. 145, p. 979—Walter C INDIANAPOLIS SANITARY i —As previously reported in Boetcher, Controller of the City of Indianapolis, will receive bids until 1 A. M. Aug. 23 for the purchase at not less than par of $148,000 coupon bonds of Indianapolis Sanitary District. Bidders are to name rate of interest, in a multiple of H%. but not to exceed 4^6%. Denominations $400 and $1,000. Dated Sept, 1, 1937. Principal and interest payable at the office of the Treasurer of Marion County, or at any city depository. yearly on Jan. 1 from 1939 to 1958. Cert, check for 3% of payable to the City Controller, required. Due $7;400 amount of bonds bid for, CIVIL JACKSON TOWNSHIP (P. O. Corydon) Ind.—BOND SALE—The $8,000 issue of 4% township coupon bonds offered for sale on Aug. 5—Y. 145, p. 979—was awarded to the Old Capital Bank & Trust Co. of Corydon, paying a premium of $299.20, equal to 103.74, a basis of about 3.19%. Due $400 each six months from June 30, 1938 to Dec. 30, 1947, incl. The second highest bid was an offer of $261 premium, tendered by the Harrison County Bank. JEFFERSON SCHOOL TOWNSHIP, Washington County, Ind.— intendent of Public Instruction, will receive bids until 5 P. M. Sept. 6 for BOND OFFERING—Orville Hamilton, Township Trustee, will receive bids the purchase until 7:30 P. M. Aug. 30 for the purchase at not less than par Denom. $1,000. Dated Aug. 1, 1937. Principal and semi-annual interest (Feb. 1 and Aug. 1) payable at the office of the County Superintendent,in Bartow, or at the Chase National Bank, in New York. Due $1,000 yearly on Aug. 1 from 1940 to 1947, incl. of $8,000 4% coupon bonds. to bear interest at no more 1937. July 1, 1939 to Jan. 1, 1955, incl. MUNCIE ALBANY, Ga —BOND ELECTION—The of $4,500 bonds, Denom. $150. Dated Aug. 30, Due $150 each six months from SCHOOL CITY. Ind.—BOND OFFERING—The Board of School Trustees will receive bias until 4 P.M. Aug. 24, for the purchase of GEORGIA set than 4H%. Interest payable semi-annually. City Commissioners have Sept. 16 as the date of a special election at which the voters will decide question of issuing $155,000 bonds, including $75,000 for construction of a junior high school, $20,000 for an additional school room or building for negroes, and $60,000 to extend water mains. the $40,000 coupon school funding bonds. Bidders are to name rate of interest, in a multiple of M%, but not to exceed 4%. Denom. $1,000. Dated Sept. 1, 1937. Principal and semi-annual interest (Jan. 1 and July 1) payable at the Merchants National Bank of Munice, where delivery to the purchaser will be made. Due July 1, 1951. Ce^-t. check for 2J^% of amount of bonds bid for, payable to the School City, required. NOBLESVILLE AUGUSTA, Ga .—BOND OFFERING—J. W. Westmoreland, Clerk of Council, will receive bids until noon Sept. 2 for the purchase of $930,000 3% bonds, divided by purpose as follows: $400,000 water works, $200,000 hospital, $100,000 sewers, $60,000 prison and $170,000 street improve¬ ment. Denom. 880 for $1,000 and 100 for $500. Dated Sept. 1, 1937. Principal and semi-annual interest (March 1 and Sept. 1) payable in Augusta or New York. Due serially. Certified check for 2% of amount of bonds required. Legality approved by Storey, Thorndike, Palmer & Dodge of coupon SCHOOL CITY, Ind.—BOND SALE—The $13,500 3% refunding bonds offered on Aug. 10—V. 145, p. 979—were awarded to the American National Bank of Noblesvllle at par plus a premium of $265, equal to 101.962, a basis of about 2.32%. Dated July 15, 1937. Due $1,000 on Jan. 15 and $1,500 on July 15 in each of the years from 1938 to 1942; and $1,000 on Jan. 15 1943. The City Securities Corp. of Indian¬ apolis was second high, offering a premium of $260. PUTNAM COUNTY (P. O. Greencastle), Boston. Ind.—BOND OFFERING— Ogles, County Auditor, will receive bids until noon Aug. 30 purchase of $47,000 hospital bonds. Interest rate is not to exceed Gilbert E. for the IDAHO Denom. $500. Dated Aug. 15, 1937. Principal and semi-annual (June 15 and Dec. 15) payable at the County Treasurer's office. June 15 and Dec. 15 in each of the years from 1938 to 1946: and $1,000 on June 15 and Dec. 15 in 1947. Certified check for 4% of amount of bonds bid for, payable to the County Treasurer, required. Purchaser is to pay for his own legal opinion. 4%. interest KOOTENAI COUNTY (P. O. CISION STILL PENDING—We Coeur d'Alene), are Idaho—BOND DE¬ informed by James A. Foster, County Clerk, that the Circuit Court has not as yet rendered a decision validity of the $125,000 hospital bonds. LATAH COUNTY (P. O. Moscow) as to the Due $2,500 on Idaho—BONDS DEFEATED— At the election held on July 28—V. 145, p. 308—the voters defeated the proposal to issue $150,000 in hospital bonds, the count being 934 "for" to 1,517 "against," according to the County Clerk. r Municipal Bonds of ILLINOIS INDIANA MICHIGAN IOWA WISCONSIN Bought—Sold—Quoted 0toSin&€wi W rtftic. TOWNSHIP WAYNE (P. O. Grass Creek), Ind.—BOND SALE DETAILS—In connection with the previous report in these columns of the award to the City Securities Co. of Indianapolis, of $15,000 school building bonds as 3s, at a price of 101.18—V. 145, p. 979, we are advised that the issue is due in 20 years. Denom. $750. Interest Feb. and July. WAVELAND, Ind.—BOND OFFERING—Hubert C. Loudermill, Town Clerk-Treasurer, will receive bids until 10 A. M. Aug. 23 for the purchase at not less than par of $2,200 5% fire equipment bonds. Denom. $550. Dated July 1, 1937. Interest payable Jan. 1 and July 1. Due $550 on July 1 in 1939, 1941, 1943 and 1945. Cert, check for 10% of amount of bid, payable to the Town Clerk-Treasurer, required. WEBSTER TOWNSHIP (P. O. New Middletown), Ind.—BOND SALE—The $15,400 bonds described below, which were offered on Aug. 6— 145, p. 979—were awarded to the Farmers State Bank of Lanesville at 102.29, a basis of about 3.76%: V. MUNICIPAL BOND DEALERS 135 So. La Salle St., Chicago State 0540 Teletype CGO. 437 ILLINOIS ALTON, 111.—WATER WORKS ACQUISITION PROPOSED—The city is making plans for the purchase of the local privately-owned waterworks system. If the plans are completed the city will dispose of an issue of $1,860,000 to finance the purchase to C. W. McNear & Co. of Chicago. V CASEY, 111.—BOND SALE—The city has arranged with WhitePhillips Corp. of Davenport for the sale of $85,000 for the construction of a disposal plant and a water softener plant. sewage W JOLIET PARK DISTRICT (P. O. Joliet R. F. D. No. 1), 111.—MA¬ TURITY—The $50,000 4%, park improvement bonds sold on Aug. 2 to R. W. Pressprich & Co. of Chicago at a price of 109.684—V. 145, p. 979— mature making $20,000 on Aug. 15 in 1951 and 1952, and $10,000 Aug. 15, 1953, a net interest cost basis of 3.17%. $7,400 4% School Township bonds. Denom. $100. Due each six months as follows: $200 July 1, 1938* $100 Jan. 1 and $200 Julyl in each of the years from 1939 to 1945; $200 Jan. 1 and July 1 from 1946 to 1955: $200 Jan. 1 and $300 July 1 in 1956; and $300 Jan. 1 and July 1» 1957. 8,000 4% Civil Township bonds. Denom. $100. Due each six months as follows: $100, July 1, 1938; $200 Jan. 1 and $100 July 1 in each of the years from 1939 to 1948; Jan. 1 and $200 July 1, 1950 $200 Jan. 1 and July 1 in 1949; $300 to] 1952, and $300 Jan. 1 and July 1, 1953 to 1957. Dated July 1) Aug. 1, 1937. Principal and semi-annual interest (Jan. payable at the Farmers State Bank, Lanesville. 1 and The bonds were issued to finance construction of a school building. WEST LAFAYETTE SCHOOL CITY, The Board of School Trustees will receive Ind.—BOND bids until 10 a. m. OFFERING— Sept. 1 for the purchase at not less than par of $12,500 bonds. Interest rate is to be de¬ termined by the bidding. Denom. $500. Dated Sept. 1, 1937. Principal and semi-annual interest (Jan. 15 and July 15) payable at the Purdue 1140 Financial Chronicle Aug. 1937 14, INDIANA KENTUCKY State Bank, in West Lafayette. Due $1,000 each six months from July 15, 1938 to July 15, 1943; and $1,500, Jan. 15, 1944. Certified check for 5% of amount of bonds bid for, required. road fund, $4,768,002.04; old age pension fund, $1,225,405.73; construction $810,867.20; unemployment compensation fund, $1,139,672.85; $2,414,746.49, and National Recovery Administration trust fund, minor funds, account, $561,995.71. IOWA AVOCA. Iowa—BOND ISSUANCE AUTHORIZED—We are informed that the Town Council oil Aug. 2 made arrangements with the Carleton D. Beh Co. of Des Moines, for complete bond service to cover the printing of bonds and the issuance of approximately $20,000 waterworks bonds. BOYDEN SCHOOL DISTRICT (P. O. Boyden), Iowa—BONDS SOLD —On Aug. 3 a $6,000 issue of school refunding bonds was sold to the Carleton D. Beh Co. of Des Moines, as 3s, paying a premium of $51.00, equal to 100.85. The average life of tbe bonds is 14^ years. \ COUNTY PUBLIC SCHOOL CORP. (P. O. Lebanon), Ky .—BOND SALE ARRANGED—The above corporation, recently or¬ ganized, is said to have arranged with the Bankers Bond Corp. of Louisville for the issuance of $60,000 3% % bonds. MARION MAYSVILLE, Ky.—BOND DISPOSAL REPORT—It is stated by the City Clerk that the $25,000 emergency bonds authorized recently by the City Commission, as noted in these columns—V. 145, p. 802—are being handled through local banks. LOUISIANA BUENA VISTA COUNTY (P. O. Storm Lake), Iowa—BOND SALE— The $600,000 issue of primary road bonds offered for sale on Aug. 9—V. 145, p. 979—was awarded jointly to the Harris Trust & Savings Bank of Chicago, the lowa-Des Moines National Bank & Trust Co. of Des Moines, and the White-Phillips Corp. of Davenport, as 2>£s, paying a premium of $6,101.00, equal to 101.0168, a basis of about 2.39% (to maturity). Dated Aug. 1, 1937. Due from May 1, 1948 to 1950. Optional after May 1, 1943. It is reported that the Mercantile-Commerce Bank & Trust Co. of St. Louis, and associates, were second high with a premium offer of $6,100. The Northern Trust Co., and the First National Bank, both of Chicago, jointly offered a premium of $5,600. CEDAR RAPIDS, Iowa—BONDS AUTHORIZED—'The City Council has passed an ordinance authorizing the issuance of $30,000 bonds, of which $17,000 will be for fire equipment and $13,000 for park improvements. EARLHAM, Iowa—BONDS SOLD—The Town Council is stated to have made arrangements for the issuance of and delivery of the Carleton D. Beh Co. of ues Moines, of $9,000 3}^% funding bonds, with an average life of about five years. GREELEY RURAL INDEPENDENT SCHOOL DISTRICT No. 8 (P. O. Cedar Falls), Iowa—BOND SALE—The $4,000 issue of school building bonds offered for sale on Aug. 7—V. 145, p. 979—was awarded to the Union Bank & Trust Co. of Cedar Falls, according to the District Secretary. • • v. t '■ She states that the bonds were sold as 3%s, at par. Denom. $500. Coupon bonds, dated Aug. 2, 1937. Due on Aug. 2, .1946, without prior option. Interest payable Nov. 1. GUTHRIE COUNTY (P. O. Guthrie Center), Iowa—BOND SALE— of county home construction bonds offered for sale on The $41,000 issue Aug. 9—V. 145, p. 802—was awarded to the White-Phillips Corp. of Daven¬ port, as 23^s, paying a premium of $195.00, equal to 100.47, a basis of about 2.15%. Dated Nov. 1, 1937. Due from Nov. 1, 1938 to 1946 incl. HUMESTON, Iowa—BONDS SOLD—We are informed that the Town Council made arrangements for the issuance of and delivery to the Charleton D. Beh Co. of Des Moines, $11,000 4% funding bonds, with an average life SCHOOL DISTRICT NO. 14 (P. O. Cald¬ well), La.—BOND OFFERING—T. J. Johnson, Secretary of the Parish School Board, will receive bids until 10 R. F. D.), SCHOOL Iowa—BOND Secretary, will receive bids until 8 building bonds. p. DISTRICT NO. 4 (P. O. OFFERING—Ruth Young, District m. Aug. 24 for the purchase of $400 school • MANNING, Iowa—BOND OFFERING—O. V. Scheldorf, Town Clerk, will receive bids until 2P.M. Aug. 23 for the purchase of $135,000 electric light plant revenue bonds. Bidders are to specify rate of interest. Due $5,000 on Sept. 1 in 1938,1939 and 1940; and $5,000 on March 1 and Sept. 1 $2,500, required. in each of the years from 1941 to 1952, incl. Cert, check for ROBERTSON INDEPENDENT SCHOOL DISTRICT, Iowa—BOND OFFERING—Mrs. E. L. Cross, Secretary, Board of Directors, will receive bids until 1:30 p. m. Aug. 24 for the purchase of $3,000 school building bonds. Printed bonds and attorney's opinion will be furnished by the RAPIDS, Iowa—BOND SALE—The $4,000 issue of improve¬ Aug. 25, for the purchase of Certified check for $500, payable to the Treasurer of Board, required. Approving opinion of Chapman & be furnished to the purchaser without cost. (This offering appeared in a previous issue under the caption "Columbia School District"—V. 144, p. 4382.) Parish the School Cutler of Chicago will CARROLL PARISH (P. O. Lake Providence), La.—BOND CERTIFICATE SALE—The $78,000 bonds and certificates offered Aug. 11—V. 145, p. 480—were awarded as follows: EAST AND on $50,000 School District No. 8 bonds to Dane & Weil and Nuslock, Baudean & Smith, both of New Orleans, on a 3.85% interest basis. Denom. $500. Dated July 1, 1937. Due from July 1, 1938 to 1967. Anagnosti & Walker, New Orleans, bid £ £ £ i 10,000 certificates.of indebtedness to Scharff & Jones of New Orleans and the First National Bank of Lake Providence on a 4.50% basis. Denom. $500. Dated Aug. 1 1937. Due from Aug. 1, 1938 to 1945. 18,000 School District A bonds to the Ernest M. Loeb Co. of New Orleans on a 4.42% interest basis. Denom. $500 and $100. Dated July 1, 1937. Due from July 1. 1938 to 1967. Dane & Weil, New Orleans, bid 4.50% for the issue. EVANGELINE No. PARISH CONSOLIDATED SCHOOL DISTRICT 1, First Police Jury Ward (P. O. Ville Platte), La .—BONDS SOLD —The $65,000 issue of school bonds offered for sale without June as noted in these columns at the time—V. 145, p. 154—was purchased by Dane & Weil, of New Orleans, as 5s. Dated July 1, 1937. Due on July I as follows: $1,000, 1940 to 1942; $1,500, 1943 to 1948; $2,000, 1949 to 1954; success on 22, $2,500,1955 to 1958; $3,000, 1959 to 1962; $3,500,1963 and 1964, and $4,000 1965 to 1967. Prin. and int. (J. & J.) payable at the National Bank of Commerce in New Orleans. PARISH SCHOOL DISTRICT, WARD NO. 7 (P. O. Winnsboro), La.—BOND SALE—We are informed by John L. McDuff, Superintendent of the Parish School Board, that the $90,000 issue of school bonds offered for sale on Aug. 6—V. 145, p. 481—was awarded to Barrow, Leary & Co. of Shreveport, paying a premium of $166, equal to 100.184, for the bonds divided as 4s, 4j^s and 4^s. Dated Sept. 1, 1937. Due from Sept. 1, 1938 to 1957, inclusive. JEFFERSON DAVIS PARISH, GRAVITY SUB-DRAINAGE DIST. "A" GRAVITY DRAINAGE DISTRICT NO. 1 (P. O. Thornwell), La.—BOND OFFERING—Sealed bids will be received until 3 P. M. on Sept. 1, by C. E. Reddell, Secretary of the Board of Commissioners, for the pur¬ chase of two issues of bonds aggregating $5,400, divided as follows: $3,300 drainage bonds. Due on Nov. 1 as follows: $100, 1938 and 1939: $200. 1940 to 1947, and $300, 1948 to 1952. These bonds are to be payable from and to be secured by an acreage tax of 4 cents per acre district. SIOUX m. from 1937 to 1952. FRANKLIN INDEPENDENCE TOWNSHIP a. 550,000 1937. Interest rate is not to exceed 6%. Due serially on Aug. 1 Denom. $500. Dated .ug. 1, school bonds of School District No. 14. of about nine years. Piano, PARISH CALDWELL per annum on all lands located in the district. Aug. 9—V. 145, p. 979—was purchased by the Carleton D. Beh Co. of Des Moines, as 3Ks, at par. No other bid was received, according to the Town Clerk. 2,100 drainage bonds. Due on Nov. 1 as follows: $100, 1938 to 1946, and $200,1947 to 1952. These bonds are to be payable from and secured by an ad valorem tax on all the taxable property located in the TIFFIN INDEPENDENT SCHOOL DISTRICT (P. O. Tiffin), Iowa —BOND SALE—The $4,000 issue of 3M% semi-ann. school building and equipment bonds offered for sale on Aug. 10—V. 145, p. 979—was pirn- Interest rate is not to exceed 6%, payable M. & N. Denom. $100. Dated Nov. 1, 1937. A certified check for 3% of the amount of the bid, payable to E. A. Lyon, President of the Board of Commissioners, is required. * ment fund bonds offered for sale on chased to by Jackley & Co. of Des Moines, paying 104.12, according to report. a revenue bonds. district. premium of $165, equal LOGANSPORT, La.—BOND SALE—The $6,000 revenue WEST LIBERTY, Iowa—BOND OFFERING—On Sept. 14 at 2 P. M. bids will be received for the purchase of an issue of $17,000 electrc light plant ' the bonds offered for sale Bank of Dated July 1. 1937. issue of water works Aug. 9—V. 145, p. 803—was purchased by 4^s, at par, according to the Town Clerk. Due from July 1, 1938 to 1947 incl. Logansport, on as , KANSAS KANSAS CITY, Kan.—CANCELED BONDS TO BE REMOVED FROM STATE RECORDS—The following report is taken from the Kansas City "Star" of July 28: Howard Payne, City Clerk of Kansas City, Kan., took to Topeka today entire issue of condemnation bonds, each bond punched full of holes to make it invalid. The issue, totaling $167,914, was canceled yesterday by the city and the purchase price, premium and interest from last October MAMOU, La.—BOND OFFERING—Sealed bids will be received until II a. m. on Aug. 19, by Mrs. H. Reed, Village Clerk, for the purchase of a $22,500 issue of public improvement bonds. Interest rate is not to exceed 6%, payable J. & J. Denom. $500. Dated July 1,1937. Due from July 1, 1939 to 1957. The approving opinion of Campbell & Holmes, of New Orleans, will be furnished. A certified check ror $500, payable to the Village Treasurer, must accompany the bid. ^ MORGAN an refunded. the bonds have not been removed from the State records. This be done only by the State auditor who registered them last October. It is the first time in the history of Kansas City, Kan., that a bond, La.—BOND OFFERING NOT SCHEDULED—In given here recently that the voters had approved the issuance of $50,000 in wharf construction bonds—V. 145, p. 980—we are But CITY, connection with the report now informed by City Clerk that no date of sale has been set although it may possibly be Oct. 1. Due serially in from 1 to 20 as yet, years. can i once sold and bearing interest, has had to be canceled. issued and sold before The bonds were Supreme Court decision in the Kansas City, Kan, parking lot litigation made them void. The suit involved the purchase of ground on the south side of State Ave. between Fourth ana Seventh Sts. and the proceedings under which the condemnation a was made were found to be not in compliance with the State statutes. POTTER SCHOOL DISTRICT, election will be held Aug. 16 at which building bonds will be voted upon. Kan.—BOND a ELECTION—An proposal to issue $38,000 school witb the Vernon H. Branch Co. of Wichita for the refunding of $15,000 outstanding bonds. TAMA, Iowa—BOND SALE—The $3,667.12 street improvement bonds offered on Aug. 2—V. 145, p. 802—were awarded to the Carleton D. Beh as 5s, at par plus a premium of $13, equal to 100.357. Co. of Des Moines TOPEKA, Kan.—BONDS AUTHORIZED—An ordinance has been passed authorizing the issuance of $161,563.83 2 % bonds for Oakland Park improve¬ ments, sewer district improvements and street paving. WILSON COUNTY (P. O. Fredonia), Kan.—BOND MATURITY¬ 'SV. D. McGinnis, County, Clerk, states that the $9,500 2M% semi-annual relief bonds purchased by the First National Bank of Fredonia, at a price of 100.78, as noted in these columns recently—V. 145, p. 802—are due on Aug. 1 as follows: $1,000, 1938 to 1946, and $500 in 1947, giving a basis of about 2.09%. • KENTUCKY PARISH SCHOOL DISTRICT NO. 9 (P. issue of school O. bonds Aug. 10—V. 145, p. 642—was awarded to Anagnosti & Walker, of New Orleans, paying a premium of $813.00, equal to 100.23, a net interest cost of about 3.67%, on the bonds divided as follows: $158,000 as 3)4s, maturing on Sept. 1 as follows: $12,000, 1938 and 1939; $13,000, 1940 and 1941; $14,000, 1942 and 1943; $15,000 in 1944 and 1945; $16,000, 1946; $17,000, 1947 and 1948; the remaining $192,000 as 3%s, maturing on Sept. 1: $18,000, 1949; $19,000, 1950; $20,000, 1951 and 1952; $21,000, 1953; $22,000, 1954; $23,000, 1955; $24,000,1956, and $25,000 in 1957. NEW SUBLETTE, Kan.—BOND REFUNDING ARRANGED—The city has contracted NATCHITOCHES Natchitoches), La.—BOND SALE—The $350,000 offered for sale until on ORLEANS, La .—BOND OFFERING—Sealed bids noon on will be received Aug. 25, by Jess S. Cave, Commissioner of Public Finance, for the purchase of a $500,000 issue of New Orleans Public Belt Railroad bonds. Denoms. $1,000 and $500. Dated April 1, 1928. Due $20,000 1942 to 1966, incl. Bidders to name the rate of interest in multiples of M of 1 %. Bidders must bid for all of the bonds, any part may from April 1 be of one interest rate and the balance of another rate but no bid naming than two rates for the entire lot will be accepted. Interest payable April and Oct. 1. The bonds will be delivered as soon as practicable after Sept. 15, and the successful bidder will be required to pay in addition to more the price of bid accrued interest up to date of delivery. All bids must con¬ form to the specifications and no bid will be considered if any condition is attached. The bonds are part of an authorized issue of $5,000,000, issued under the provisions of Article XIV of Section 27 of the State Constitution, 1921. Legality will be approved by Thomson, Wood & Hoffman of New York. A certified check for 3%, payable to the city, must accompan the bid. ST. MARY PARISH, FOURTH WARD SCHOOL DISTRICT (P. O. Franklin), La.—BOND ELECTION—It is reported by J. J. Hebert, President of the Parish School Board, that an election will be held on Aug. 31 to vote on the issuance of $60,000 in improvement bonds. KENTUCKY. State of—CASH BALANCE PUT AT $14,357,094—The Kentucky closed the month of July with a total cash balance on State of hand of $14,357,094.03 and with warrants outstanding of $13,284,983.81, was revealed on Aug. 2 by State Treasurer John E. Buckingham. The general expenditure fund had to its credit a balance of $3,057,107.05 while other earmarked funds claimed the remainder. The warrant total MARYLAND it includes $510,013 .81 of warrants that have been called for payment but not presented. Outstanding warrants include $13,216,880 of 3% paper, of which $442,000 has been called for redemption, and $68,013.81 of old 5% FREDERICK, Md.—BOND SALE—The $50,000 to principal, were sewer bonds, series C, offered awarded to Alex. Brown & on Baker, Watts & Co., Baltimore General W. W. Lanahan & Co., Baltimore fund, $3,057,107.05; cold check account, $53,786.54; highway bridge fund, $7,688.65; highway bridge sinking fund, $417,821.76; on a bid of 100.126 for a basis of about 2.49%. Dated Aug. 1, 1937. Due $2,000 yearly Aug. 1 from 1940 to 1964, incl. Other bidders were: Balances in the various funds were: expense coupon, registerablejas Aug. 9—V. 145, p. 980— 2}4s, Name warrants. on Sons of Baltimore Fredericktown Savings Institution Price Bid 102.1199 100.11 100.00 Int. Rate 2M% % 2M% Volume Financial 145 1141 Chronicle MINNESOTA MARYLAND MARYLAND, (State of)—BOND SALE—The $3,408,000 2 % % coupon, registerable as to principal, certificates of indebtedness offered on Aug. 10— V. 145, p. 481—were awarded to a syndicate managed by Halsey, Stuart & Co. of New York and including the Bancamerica-Blair Corp., New York, Ladenburg, Thalmann & Co., New York, Dick & Merle-Smith, New York, Graham, Parsons & Co., Philadelphia, Hemphill, Noyes & Co., New York, Bacon, Stevenson & Co., New York, the Manufacturers & Traders Trust Co., Buffalo, Adams, McEntee & Co., New York, B. J. Van Ingen & Co., New York, Stifel, Nicolaus & Co., St. Louis, Stern Bros. & Co., Kansas City, Mo., W. W. Lanahan & Co., Baltimore, the Equitable Trust Co. of Baltimore, Starkweather & Co., New York, and Jenkins, Whedbee & Poe, Baltimore. The bid was 106.662, a basis of about 1.97%. The bonds are divided into two issues follows: as $2,508,000 bonds, dated Aug. 15,1937 and due Aug. 15 as follows: $161,000, 1940; $165,000, 1941; $170,000, 1942; $175,000, 1943; $181,000, 1944; $186,000, 1945: $192,000, 1946: $198,000, 1947: $204,000, 1948: $210,000, 1949; $216,000, 1950; $222,000, 1951, and $228,000 in 1952. Interest payable F. & A. 15. 900,000 bonds, dated June 15, 1937 and due June 15 as follows: $58,000, 1940; $59,000, 1941; $61,000,1942: $63,000, 1943: $65,000,1944, $67,000, 1945, $69,000, 1946: $71,000, 1947; $73,000, 1948; $75,000, 1949: $77,000, 1950; $80,000 in 1951, and $82,000 in 1952. Interest payable J.&D.15. Lazard, Freres & Co., New York, and associates were second high, offering a price of 106.313. „ , Co., Inc. and associates reoffered at prices to Halsey, Stuart & yield indebtedness, due June 15 in the opinion of counsel, represent valid and legally binding obligations of the State and are regarded by the bankers as legal investment for savings banks in New York, Con¬ from 1.10 to 2% the above 2%% certficates of and Aug. 15, 1940-1952 incl. The certificates, and other States I Assessed valuation of the State of Maryland, 1936, is necticut basis of about 2.25%. Dated Sept. 1, 1937. Due on Sept. 1 as follows: $10,000, 1938 to 1941: $25,000, 1942 to 1947; $10,000 in 1948; and $25,000 in 1949 and 1950. Graham, Parsons & Co., Chicago and the White-Phillips Co., Chicago, joined in submitted the second high bid, offer¬ ing a premium of $91.25 for $140,000 2j^s and $110,000 2Ms. 100.3972, HOPKINS, Minn.—CERTIFICATE SALE DETAILS—We are now in¬ extension certificates purchased on Aug. 3 by the First National Bank of Hopkins, as 4s, as noted here—V. 145, p. 981—were awarded for a premium of $10.00. Coupon bonds dated Aug. 10, 1937. Denom. $142. Due over a six-year average. formed that the $1,420 water main $46,544,000, of the public offering of the above bonds Minn .—ADDITIONAL OFFERING—In connection in these columns of the offering on Aug. 24 interest permanent improvement school MINNEAPOLIS, with the previous detailed report of $175,000 not to exceed 6% bonds—V. learn that an issue of $1,000,000 public time. Sealed bids wiil be opened at will the bidder in a multiple of M or l-10th of 1%, and mature $100,000 annually on Sept. 1 from 1938 to 1947, incl. Coupon bonds of $l,0OO each, registerable as to both principal and Interest on application to the City Comptroller. Both principal and semi-annual interest will be payable at the fiscal agency of the city in New York City or at the City Treasurer's office, at holder's option. In addition to the purchase price, purchasers will be required to pay $1.30 per bond to cover costs incident to issuing and transporting the bonds to place of delivery. They will be delivered in New York City, in Chicago or in Minneapolis at a National Bank satisfactory to the purchasers, and charge made by the bank for such service to be paid for by the success¬ ful bidder. A certified check for 2% of the bonds bid for, payable to the order of the City Treasurer, must accompany each proposal. The full faith and credit of the city will be pledged for the payment of both principal 145, p. relief bonds will 643, oe we now sold at the same 10 a. m. and open bids will be asked for after that time. The relief loan be dated Sept. 1, 1937, bear interest at not more than 6%, expressed by interest. and officially reported a Successful bidder will be furnished the approving legal opinion of Thomson, Wood & Hoffman of New York City. $2,629,049,410 and net funded debt, including these issues, as as (The official advertisement VI of this issue.) appears on page MINNEAPOLIS, Minn.—BOND SALE—The two issues of bonds ag¬ gregating $875,000, offered for sale on Aug. 13—V. 145, p. 804—were bidding to Phelps, Fenn & Co. of New York, and the Wells-Dickey Co. of Minneapolis, as 2Ms, paying a price of 100.30, a basis of about 2.48%. The issues are divided as follows: $750,000 sewage disposal system bonds. Due on Sept. 1 as follows: $26,000, 1940 to 1945, and $27,000, 1946 to 1967, all incl. 125,000 sewer bonds. Due on Sept. 1 as follows: $4,000, 1940 to 1954, and $5,000, 1955 to 1967, all incl. Lazard Freres & Co., Inc., of New York, was the runner-up in the bidding. awarded at auction MASSACHUSETTS FALL RIVER, Mass.—NOTE OFFERING—Eugene J. Cote, City Treas¬ noon (Daylight Saving Time) Aug. 16 for the purchase at discount of $300,000 revenue anticipation temporary loan notes. Dated Aug. 18, 1937, and payable Feb. 25, 1938, at the National Shawmut Bank of Boston, in Boston. Notes will be ready for delivery on or about Aug. 18 at that bank. Notes issued will be in denoms. to suit the purchaser. The notes will be authenticated as to genuineness and validity by the National Shawmut Bank of Boston, under advice of Ropes, Gray, Boyden & Perkins, and all papers incident to this issue will be filed with will receive bids until urer, said bank, where they may be inspected. SOUTH ST. PAUL, Minn.—LIST OF BIDS—'The following of the bids received for the two issues of bonds, tablulation $66,000, sold on Aug. 2, —V. 145, p. 981: as . . M. H. COUNTY (P. O. Dedham), Mass.—NOTE SALE— The issue of $25,000 District Court House, Act of 1937, notes, offered on Aug. 10 —V. 145, p. 804—was awarded to the Granite Trust Co. of Quincy on a .425% discount basis. Notes are dated Aug. 10, 1937 and will mature April 5, 1938. The Second National Bank of Boston bid .478% discount. Prem. 2M % $132.60 50,000 sewer 16,000 fire equipment 50,000 sewer 2M% 2.3% 2.3% 411.80 3.20 10.00 50,000 sewer 16,000 fire equipment 116,000 fire equipment Bishop Co. * 2 M% 25.33 2M% 335.00 2M% 150.00 Allison Williams Co.*. First Nat. Bank & Trust Co__ First Nat. Bank & Trust Co Piper, Jaffray & Hop wood. Harold E. Wood & Co. NORFOLK Rate Bonds Bid for $16,000 fire equipment Bidder— HAVERHILL, Mass.—BOND SALE—The $85,000 fire alarm and police signal system bonds offered on Aug. 12 were awarded to Newton, Abbe & Co. of Boston on a bid of 100,7599 for 2s, a basis of about 1.85%. Dated July 1, 1937. Due on July 1 as follows: $9,000 from 1938 to 1942; and $8,000 from 1943 to 1947. Tyler & Co. of Boston bid 100.399 for 2s. is an official aggregating noted in detail in these columns at that time Bigelow Webb & Co Kalman & Co.. 150,000 sewer 16,000 fire equipment 50,000 sewer 2y2% 2M% 110.50 285.50 Wells /16,000 fire equipment 2M% 281.00 Kalman & Co Dickey & Co 150,000 sewer PLYMOUTH COUNTY (P. O. —Avis A. Plymouth), Mass.—NOTE OFFERING Ewell, County Treasurer, will receive bids until 1 P. M. Aug. 16 for the purchase of the following notes: tuberculosis hospital notes. Denom. $4,000. Due $4,000 from 1938 to 1941. jail and house of correction notes. Denom. $7,000. Due yearly from 1938 to 1942. Bidders are to name rate of interest, in a multiple of Dated Aug. 17, 1937. Purchaser is to pay for legal opinion. $16,000 county yearly 35,000 county $7,000 * Successful bids. WABASHA, Minn .—CERTIFICATE OFFERING—Sealed bids will be by Marcus Story, City Clerk, for the a $12,000 issue of 3% semi-ann. street improvement certificates of indebtedness. Due in from one to four years, callable at the option of received until 7:30 P. M. on Aug. 20, purchase of the city. Prin. and int. payable at the First National Bank, Wabasha Offerings Wanted: Mass.—BOND OFFERING—H. W. Cutter, City Treas¬ will receive bids until 11 a. m. Aug. 18 for the purchase at not less than par, of $50,000 coupon municipal relief loan bonds. Bidders are to name rate of interest, in a multiple of H % • Denom. $1,000. Dated Aug.1, WALTHAM, LOUISIANA & MISSISSIPPI urer, Principal and semi-annual interest (Feb. 1 and Aug. 1) payable at Due $5,000 yearly on Aug. 1 from 1938 to 1947. The bonds will be valid general obligations of the City of Waltham and all taxable property in the City will be subject to the levy of unlimited ad valorem taxes to pay both principal and interest. They will be engraved under the supervision of and authenticated as to genuineness by The First National Bank of Boston; their legality will be approved by Storey, Thorndike, Palmer & Dodge, whose opinion will be furnished the purchaser. The original opinion and complete transcript of proceedings covering all details required in the proper issuance of the bonds will be filed with The First National Bank of Boston, where they may be inspected. MUNICIPALS 1937. Bond Boston. WOBURN. Mass.—BOND bonds $85,000 3% both of Boston. SALE—On July 27 the city sold an issue of to C. F. Childs & Co. and Kennedy, Spence & Co., Due in 10 years. WHITNEY Department NATIONAL NEW ORLEANS, Bell BANK LA. Raymond 5409 Teletype N. O. 182 MISSISSIPPI ALCORN COUNTY (P. O. Corinth), Miss.—BOND SALE DETAILS —It is stated by the Clerk of the Chancery Court that the $24,000 3M% refunding bonds purchased by the First National Bank of Memphis, as noted here recently—V. 145, p. 981—were sold at par, plus accrued interest to date of delivery. Coupon or registered bonds, dated March 1, 1937. Denom. $1,000. Due from March 1, 1938 to 1952 incl. Interest payable M. & S. We Buy for Our Own Account BASSFIELD CONSOLIDATED SCHOOL DISTRICT (P. O. Bassfield), Miss.—BONDS VOTED—At an election held on July 30 the voters are said to have approved the issuance of $20,000 in building bonds. MICHIGAN MUNICIPALS COLUMBUS, Miss.—BOND ELECTION—Election will be held Sept. 14 $281,000 bond issues for purchase of the local distribution system of Co. Application for 45% of proposed expenditure has been filed with Public Works Administration. If the proposal is accepted, City Council will negotiate contract with Tennessee Valley Authority for purchase of power. Proposed issue includes $84,000 of bonds to acquire or build a distribution system for street lights and municipal buildings and $197,000 for purchase or construction of a system to serve commercial, domestic and industrial on Cray, McFawn Si Company DETROIT A. T. T. Tel. DET 847 Telephone CHerry 6828 MICHIGAN NAPOLEON NO. 1 (P. O. TOWNSHIP FRACTIONAL users. SCHOOL DISTRICT Napoleon), Mich.—BOND OFFERING—The Clerk of the Board of Education will receive bids until 9:30 P.M. Aug. 16 for the pur¬ chase of $20,000 school bonds. Interest rate is not to exceed 4%, payable semi-annually. Denoms. $1,000, $500 and $200. SHEBOYGAN, Mich.—BONDS recently adopted an AUTHORIZED—'The City Council ordinance authorizing the issuance of $25,000 water works bonds. MINNESOTA CEDAR BROOK DISTRICT NO. 15, Aitkin County, ICATE OFFERING—Bernard Janzen, District Clerk, Minn.—CERTIF¬ will receive bids Aug. 14 for the purchase of $3,000 certificates of indebtedness. Interest rate is not to exceed 5%, payable annually. Due over a period of five years, subject to call on any interest payment date. until 8 P. M. CLOQUET, Minn.—BOND SALE—The issue of $50,000 water works system bonds offered Aug. 6—V. 145, p. 804—was awarded to the First National Bank of Cloquet, as 2j^s, at par plus a premium of $625, equal to 101.25. Dated Aug. 6, 1937 and due serially from 1939 to 1948, incl. Second high bid of par plus $605 for 2 Ms was made by Harold E. Wood & Co. of St. Paul. INDEPENDENT SCHOOL DISTRICT, Minn.—BOND SALE—The $250,000 refunding bonds offered on Aug. 10—V. 145, p. 804— were awarded to the First & American National Bank of Duluth, the Northern National Bank of Duluth and the Harris Trust & Savings Bank of Chicago, jointly, as 2.30s, MISSISSIPPI, State of—BOND OFFERING CONTEMPLATED—It is reported that the State proposes to offer for sale an issue of way bonds in the near future. MISSISSIPPI State College (P. O. Jackson), at par plus a premium of $993, equal to $5,000,000 high¬ Miss.—BOND SALE— issue of coupon dormitory and stadium bonds offered for sale Aug. 10—V. 145, p. 981—was purchased by the R. Roderick Shehyn Co. of Washington, D. C., as 4Ms, paying a premium of $165, equal to 100.11, a basis of about 4.24%. Dated April 1, 1937. Due from April 1, 1939 to 1956. The $150,000 on ROLLING BRAINERD, Minn.—BONDS AUTHORIZED—An ordinance is said to have been passed by the City Council providing for the issuance of $165,000 in sewage disposal plant bonds, to be used in conjunction with a PWA grant. DULUTH of Mississippi Power FORK CONSOLIDATED SCHOOL DISTRICT (P. O. Rolling Fork), Miss.—BONDS VOTED—At an election held on Aug. 2 have approved the issuance of $24,000 in construction the voters are said to bonds. UNION, Miss .—BOND ELECTION—It is said that an election will be on Aug. 31 to vote on the issuance of $35,000 in industrial development held bonds, recently approved by the State Industrial Commission. WINONA, Miss .—BOND ELECTION—An election will be held or Sept. 14, according to report, in order to have the voters pass on the prondustrial Commission. {osed issuance of $35,000 in factory bonds, approved recently by the State MISSOURI BOONEVILLE, Mo.—BOND SALE—An issue of $5,000 bonds has been sold to Callender, Burke & McDonald of Kansas City at a price of par. KANSAS CITY, Mo.—BONDS SOLD—We understand that $50,000 hospital bonds were purchased privately by the City National Bank & Trust Co. of Kansas City, divided as follows: $25,000 as 2s, maturing $5,000 from July 1, 1939 to 1943: the remaining $25,000 as 2Hs, maturing $5,000 from July 1, 1944 to 1948. f 1142 Financial Chronicle Aug. NEW MISSOURI Markets in all MERRIMACK BONDS 1937 14 HAMPSHIRE COUNTY (P. O. Concord), N. H.—NOTE SALE— The $95,000 issue of refunding notes offered for sale on Aug. 10—V. 145, §. 982—was awarded to the 10, 1937. Payable $19,000 on Dec. 29,0.65% iscount basis. Dated Aug. First National Bank of Boston, on a 1937, State, County & Town Issues and $76,000 on July 25, 1938. Faxon, Gade & Co., Inc., offered 0.69%; Mansfield & Co. bid 0.70%; Ballou, Adams & Whittemore, Inc., had a tender of 0.739%, while the Shawmut Bank of Boston offered 0.54% for the short maturity, and 0.79% for the long maturity. SCHERCK, RICHTER COMPANY LANDRETH BUILDING, ST. LOUIS, MO. MUNICIPAL BONDS MISSOURI New (It is reported that this sale is in addition to the $700,000 2% and 3% various improvement bonds purchased recently, as noted in these columns— V. 145, p 643. The entire $750,000 bonds are said to have been sold at a price of 100.10, MISSOURI, a net B. J. Van interest cost of about 3.87%. State of—GOVERNOR TO SIGN BONDS SOLD RE¬ CENTLY—An Associated Press dispatch from Jefferson City on Aug. 7 had the following to say: "Gov. Lloyd O. Stark said today he definitely would sign the $3,000,000 Issue of State bonds disposed of recently at a private sale during his absence on Jersey and General Market Issues Ingen & Co. Inc. WILLIAM STREET, 57 N. Y. Telephone: John 4-6364 A. T. & T.: N. Y. 1-730 Newark Tel.: Market 3-3124 vacation. "The Governor previously had indicated he would sign them, although he reiterated his expressed disapprova 1 of private sales. C*"The bonds the State eleemosynary and penal institutions. 1934 for abilitation of are the last of the $10,000,000 issue voted in $25,000 City of Mlllville, N. J. re- 4H% Bonds, due Sept. 1, 1953-57 ^ Disposal of the last block, which brought a premium of $100,000, drew criticism from St. Louis and Kansas City bond house representatives, who expressed the belief a public sale would have brought a larger return to the To yield 4.00% Colycr, Robinson $ Company State." SIKESTON, Mo.—BOND SALE DETAILS—We INCORPORATED Informed by the City Attorney that the $35,000 library and public park bonds purchased by Whitaker & Co. of St. Louis, as noted here recently—Y. 145, p. 805— were sold as 3s at par. Coupon bonds registered with State Auditor. Denom. $1,000. Dated Aug. 1, 1937. Due from Aug. 1, 1946 to 1950. Interest payable F. & A. are now 1180 Raymond Blvd., Newark New York Wire: REctor 2-2055 NWRK NEW OFFERINGS WANTED casino bonds to the Sinking ATLANTIC FIRST SECURITY TRUST CO. G. Teletype: SL K-372 at the First National Bank of Absecon for the purpose of meeting these maturities when the evidence of indebtedness is presented for payment. There is no doubt the county is in a much better financial position on June 30, 1937 than it called EAST ORANGE, N. J.—TAX COLLECTIONS ADVANCE SHARPLY Orange advanced from 11th place in tax collections during 1935 39 cities in the State with tax levies of more than $1,000,000 to 8th place for 1936, according to figures released July 22 by Tax Collector Nooney. The city collected 77.33% of its levy of $3,718,983 last year, compared to 69.37% in 1935. For the first six months of this year, Mr. Nooney said, East Orange's collection have increased from 41.2% for the same period in 1936 to 44.6%. Collections up to July 1 have been $1,642,995, compared to $1,532,826 in —East among bonds. NEBRASKA BYRON, Neb.—BONDS OFFERED LOCALLY—Dr. Rudolph F. Decker, the Village Clerk informs us that the village is offering to local investors an issue of $8,800 3K% coupon water system bonds. Denoms. 16 for $500 and 8 Dated Aug. 1, 1937. Principal and semi-annual interest (Feb. 1 1) payable at the County Treasurer's office, in Hebron. Due Aug. 1, 1957; optional after five years. was _ $4,000 in 1941, and $5,000 from 1942 to 1947, inclusive. SCOTTS BLUFF COUNTY (P. O. Gering), Neb.—BONDS VOTED— The voters of the county at a recent election approved a proposal to issue $85,000 refunding bonds. SUPERIOR, Neb.—BOND OFFERING NOT SCHEDULED— In con¬ nection with the approval by the voters on July 20 of the $225,000 electric NEW BERLIN, , HAMPSHIRE N. H.—BOND SALE— An issue of $12,000 1^% public improvement bonds has been sold to Mansfield & Co. of Hartford. Prin¬ cipal and semi-annual interest (Feb. 1 and Aug. 1) payable at the National Shawmut Bank of Boston. MANCHESTER, N. Due on Aug. 1 from 1938 to 1940. H.—BOND SALE— The $175,000 3% coupon bonds described below, which were offered on Aug. 12—V. 145, p. 982— were awarded to the First Boston Corp. of Boston on a bid of 103.186, a basis of about 2.47%: $130,000 municipal improvement and equipment bonds. Due $13,000 on July 1 from 1938 to 1947, inclusive. 45,000 municipal improvement bonds. Due July 1 as follows: $3,000 from 1938 to 1942, incl., and $2,000 from 1943 to 1957, incl. Each issue is dated July 1, 1937. Denom. $1,000. Principal and inter¬ est (J. & J.) payable at the First National Bank of Boston. C. F. Childs of Boston submitted a bid of 102.869. . „ „ the Carroll County Trust Co., Conway. yet and it will NEVADA „ EFFINGHAM, N. J.—BOND SALE—Mansfield & Co. of Hartford have Due from July 1,1938 and July 1) payable at revenue bonds, already noted in these columns—V. 145, p. 805— informed by the City Clerk that the exact amount to be spent for (P. O. Yerington) Nev.—BONDS DEFEATED— At the election held on July 30—V. 144, p. 4384—the voters turned down the proposal to issue $25,000 in highway bonds, according to report. „ purchased an issue of $11,700 3% refunding bonds. to 1948. Principal and semi-annual interest (Jan. 1 light plant COUNTY , , CLOUD, Neb.—BOND SALE—We are now informed by Jan* Petersen, City Clerk, that on Aug. 3 the city sold to the First Trust Co. o, Lincoln, a $34,000 issue of 3% refunding bonds, for a premium of $42f equal to 100.1235, a basis of about 2.98%. Dated Oct. 1, 1937. Due as LYON 7.96, compared to 4.86 for Maplewood and 4.15 for South Orange. Orange and Maplewood last year collected 80.43 and 80.17% of said, "for the next to largest city in the county." "Collections," he added, "are still below the level on which they should be maintained, but they reflect a return of confidence in local governments, as well as an increased ability on the part of the taxpayer to meet tax obliga<tions. The third quarter is due on or before Aug. 1 and payment now will save the taxpayer an interest charge of 7%." The following shows the percentage of tax collections for 1935 and 1936 and the increase, given in that order: East Orange, 69-37, 77.33 and 7.96; Orange, 60.65, 61.04 and 39; West Orange, 66.32, 69.82 and 3.50; Maplewood, 75.31, 80.17 and 4.89; South Orange, 76.28, 80.43 and 4.15. RED as year ago. South purchased recently by the Sioux National Bank of Harrison. time before specific action is taken. a their levies, respectively. East Orange's current tax rate of $3.20, Mr. Nooney added, is the lowest of 22 Essex County municipalities, with the exception of Roseland, Cald¬ well Township, Essex Fells and North Caldwell. "That speaks well," he MEADOW GROVE, Neb.—BOND SALE DETAILS—It is now reported by the Village Clerk that the $11,000 sewer bonds sold as 4^s, as noted here recently —V. 145, p. 982—were purchased by Wachob, Bender & Co. of Omaha, at par. Dated July 1, 1937. Due from July 1, 1939 to 1957. some six months The collector declared East Orange's increase in tax collections for 1936 was the greatest in the Oranges and Maplewood. The gain in percentage HARRISON, Neb.—BONDS SOLD—It is reported that $5,000 refunding the purpose or the date of sale has not been determined same Biggest Rise in Orange's for $100. and Aug. probably be All scrip outstanding has been and accrued interest, defaulted bonds and able under the laws until after July 1. Payrolls have always been met promptly on the 5th and 20th of each month. SOLD—The $36,648 funding bonds offered on Aug. 9, were Wells-Dickey Co. of Minneapolis, as 3s, at a price of 101.16, according to the City Clerk. The second highest bid was an offer of 100.277 on 3Hs, tendered by Peters, Writer & Christensen, of Denver. The State Board of Land Com¬ are June 30,1936. par cipalities to meet their obligations to the county promptly; also the necessity, under the laws of New Jersey, for the county to finance the operation of the roads and bridges operations from its revenues, as State aid was not avail¬ awarded after consideration of bids to the we was on redemption at during the months of May and June caused by the failure of certain muni¬ MILES CITY, Mont.—BOND AWARD DELA YED—Award of the $36,648 funding bonds offered on Aug. 9—V. 145, p. 805—has been deferred give the city time to study the bids received. The Wells-Dickey Co. of Minneapolis bid a premium of $426 for 3% bonds, and Peters, Writer & Christensen of Denver a price of 100.277 for 3H%. Dated July 1, 1937. follows: for interest has been paid or provided for, and all 1937 maturities have been provided for to date. Some delay in meeting current bills was encountered to were County Treasurer, recently submitted to the a complete detailed financial study showing has been cleared up with the exception of two bonds, the owner or owners of which are unknown either to the committee or the county. All defaulted interest, with the exception of the two bonds referred to, has been paid, also all interest and-maturities for the year 1937 have been paid on bonds and coupons presented for payment. As of the date of this statement, interest and-maturities for the month of July had been charged against the appro¬ priate budget appropriations, and segregated in a bond and coupon account chase of an $18,000 issue of not to exceed 6% semi-ann. building and re¬ funding bonds. Dated June 15, 1937. Amortization bonds will be the first choice and serial bonds will be the second choice of the said school board, however, whether amortization or serial bonds are chosen, they will be pay¬ able over a period of 20 years from date of issue and will be redeemable in full on any interest payment date from and after five years from date of Issue. A certified check for 5%, payable to the Board of Trustees, must accompany the bid. bonds Assistant On Sept. 23, 1936 the Board of Chosen Freeholders adopted a refunding resolution, carrying into effect the agreement made between the County of Atlantic, and the bondholders protective committee as of May 1, 1936. As a result of this resolution, the defaulted debt of the County of Atlantic MADISON COUNTY SCHOOL DISTRICT NO. 52 (P. O. EnnU), Nlont.—BONDS NOT SOLD—The $22,000 issue of not to exceed 6% semi-ann. refunding bonds offered on Aug. 6—V. 145, p. 644—was not sold. BondsReoffered—It is stated by R. S. Tuttle, Clerk of the Board of Trus¬ tees, that he will receive sealed bids until 8 P. M. on Sept. 8, for the pur¬ missioners offered par and accrued interest on 4% Parker, the financial position of the county on June 30, 1937, as compared with June 30, 1936. We quote in part as follows from Mr. Parkei's report: MONTANA —BONDS M. Fund. COUNTY, N. J.—SEMI-ANNUAL REPORT ISSUED— Board of Chosen Fieeholders, LAKE CJTY Bell JERSEY ALLENHURST, N. J.—BOND SALE—The borough has issued $33,000 municipals: Phone Wasatch 3221 24 ABSECON, N. J.—BOND SALE—The borough has arranged for the sale of $165,500 refunding bonds to Christenson & Co. of Atlantic City. UTAH—IDAHO—NEVADA—MONTANA—WYOMING SALT MArket 3-1718 A. T. & T. Teletype GALLOWAY TO WNSHIP (P. O. Brigantine), N. J .—BOND SALE— The sale of $116,500 refunding bonds to Christenen & Co. of Atlantic City has been approved by the State Funding Commission. HIGHLAND PARK, N. J—BOND OFFERING—Benjamin F. Gebhardt, Borough Collector, will receive bids until 1 p. m. (Eastern Standard Time) Aug. 20 for the purchase at not less than par of $163,000 coupon or registered refunding oonds. Bidders are to name rate of interest, in a multiple of 14%, but not to exceed 6%. Denom. $1,000. Dated Aug. 1. 1937. Principal and semi-annual interest (Feb. 1 and A.ug. 1) payable at the office of the Borough Collector. Due Aug. 1 as follows: $5,000 in 1938 and 1939; $10,000, 1940 to 1945; $15,000, 1946 to 1949; $16,000 in 1950, and $17,000 in 1951. No more bonds will be awarded than sufficient to bring a price exceeding the par value of the issue by $1,000. Certified check for 2% of amount of bonds offered, payable to the Borough Collector, required. The bonds will be prepared under the supervision of the Con¬ tinental Bank & Trust Co., New York, which will certify as to the genuine¬ ness of the signatures and the seal impressed thereon. The leganty of the bonds will be approved by Caldwell & Raymond of New York. JACKSON TOWNSHIP, Ocean County, N. J.—BONDS AUTH¬ ORIZED—The township committee has given final approval to an ordinance providing authority for the issuance of $123,000 refunding bonds. JERSEY CITY, N. J .—BOND SALE—The $135,000 bonds authorized of financing a survey purchased by the Sinking Fund. recently by the City Commissioners for the purpose of taxable property have been Volume Financial 145 NEW NEW MOrtTCLAIR, N. J.—BONDS AUTHORIZED—The Board of Town passed an ordinance providing authority for the issuance ofjS59,000 funding bonds .uaJ m fc NEPTUNE CITY, N. J .—bonds not sold—A J Frank* Bennett, Borough Collector-Treasurer, informs us that no bids were received at the Aug. 4 offering of $20,000 not to exceed 5% interest coupon or registered sewage impt. bonds. The issue, he adds, will be sold privately. Dated July I. 1937 and due July 1 as follows: $1,000, 1938: $1,500 from 1939 to Commissioners has 1950 incl. and $1,000 in 1951. ~~n£wakk., n. j.—finance director offers relief fund City Com¬ proposed that a revolving fund of $670,000 be set up to defray cm rent relief expenditures. The resolution was read and filed and will be acted upon next week. Mayor Ellenstein and Public Safety Director Duffy were absent. Four votes are required for passage of such a resolution. PLAN—Finance Director Murphy in a resolution at a recent mission conference was the latest move to straighten out the relief financing An ordinance to issue $1,750,000 bonds has failed of passage as Commissioners Murphy and Byrne do not favor longterm bonds as the best relief method. -M Both officials favored issuing short-term notes as need arises. Mr. The measure problem. weeks two _ , the excess over anticipated Public Service payments, earmarked to meet notes which would mature not Murphy wanted $687,460.86, franchise later than next Jan. 31. , , and Franklin have favored of $1,000,000 incurred late in 1936 and early this year as well as current expenditures. Mr. Murphy and Mr. Byrne believe the $1,000,000 obligations could be taken care of in some manner not yet determined and current demands by short-term notes, Mayor Ellenstein and Commissioners Duffy the $1,750,000 bond issue to meet a relief debt thus saving substantial interest NORTH ARLINGTON, N. bonds offered on charges. J.—BOND SALE—The $5,000 4% refunding Aug. 5—V. 145, p. 805—were awarded to & Gardiner of New York at par. Schlater, Noyes Due Nov. 1, 1966. Dated May 1. 1937. » NORTH ARLINGTON, N. J —BOND SALE—A syndicate composed of Schiater, Noyes & Gardner, B. J. Van Ingen & Co., H. L. Allen & Co., A. C. Allyn & Co., all of New York; J. S. Rippel & Co., MacBride, Miller & Co., C. A. Preim & Co. and C. P. Dunning & Co., all of New Vork, has purchased an issue of $650,000 4% general and water refunding bonds. Denom. $1,000. Dated May 1, 1937. Principal and semi-annual interest (May 1 and Nov. 1) payable at the Rutherford National Bank, Lyndhurst, or at the City Bank farmers Trust Co., New York. Due serially on Nov. 1 from 1937 to 1966. YORK CANASERAGA CENTRAL SCHOOL DISTRICT (P. O. Canaseraga), approved a pro¬ Y.—BONDS VOTED—The voters of the district have N. posal to issue $200,000 school building bonds. UNION EDEN FREE SCHOOL DISTRICT NO. (P. O. Eden), 4 OFFERING—Harry A. Rice, District Clerk, will receive (Eastern Standard Time) Aug. 13 for the purchase at not less than par of $7,000 coupon, fully registerable, general obligation, unlimited tax, school building bonds. Bidders are to specify rate of interest, in a multiple of 34% or 1-10%, but not to exceed 6%. Denom. $1,000. Dated Aug. 1, 1937. Principal and semi-annual interest (Feb. 1 and Aug. 1) payable at the Bank of Eden, in Eden, with New York exchange. Due $1,000 yearly on Aug. 1 from 1938 to 1944, incl. Certified check for $200, payable to Olive B. McLaury, District Treasurer, required. Approving opinion of Clay, Dillon & Vandewater of New York will be furnished by the district. N. Y.—BOND bids until 11a. m. HUNTINGTON UNION FREE SCHOOL DISTRICT NO. 3 (P. O. Huntington), N. Y.—BONDS VOTED—On Aug. 2 the residents of the district approved plans for construction of a new junior high school, for the issuance of bonds in an amount not to exceed $412,500. calling MALVERNE, N. Y.—BOND OFFERING—Albert J. Brown, Village Clerk, will receive bids until 3 p. m. (Eastern Standard Time) Aug. 20, the purchase of $8,500 coupon or registered tax revenue bonds. Bidders are to name rate of interest, in a multiple of 34% or 1-10%, but not to exceed 6%. Denom. $1,000, except one for $500. Dated Sept. 1, 1937. Principal and semi-annual interest (March 1 and Sept. 1) payable at the Bank of Malverne, with New York exchange. Due $2,500 Sept. 1, 1938 and $2,000 yearly on Sept. 1 from 1939 to 1941. Certified check for $200, payable to the village, required. Approving opinion of Clay, Dillon & Vandewater of New York will be furnished by the village. for MARTINSBURG, N. Y.—GLENFIELD SEWER BONDS SOLD—The $4,500 Glenfield Sewer bonds offered on Aug. 5—V. 145, p. 806—were awarded to Clyde L. Havey of Martins burg on a bid of par for 4s. Due $500 yearly from 1938 to 1946. YORK, State of—CONDENSED FINANCIAL REPORT MADE condensed financial report issued by Comptroller substantially most of the fiscal information usually embodied in the Comptroller's annual report. This is the third year the Comptroller has issued a condensed report, and this is the earliest of the three issues, the information made available requiring up to a few years ago at least six months of preparation for publication. Mr. Tremaine explained that "modern bookkeeping and tabulating machines" were responsible for the speed with which the condensed report NEW AVAILABLE—The Tremaine contained in comprehensive form was issued. the State's total revenue receipts for the last fiscal year to $360,870,830.67, and total expenditures, $315,191,126.54, year's surplus of $45,679,704.13. This was applied to the State's accumulated deficit of $55,878,155.89, reducing it to $10,189,451.76. It shows that amounted leaving N. J.—BOND ISSUE DETAILS— In connection with the |», NUTLEY, 1143 ~ JERSEY (P. O. Freehold), N. J.—BONDS EX¬ CHANGED—The county has issued to local banks an issue of $285,000 bonds in exchange for outstanding temporary bonds and notes. COUNTY MONMOUTH for Chronicle These a figures -were given by Governor Lehman in a finance statement which soon after the close of the fiscal year. ' contains numerous charts, one of which, previous report in these columns of the sale to the Sinking Fund Commission of $35,647.04 sewer and $15,436.95 general improvement bonds, we are he issued by the Town Clerk that the obligations bear 3% interest and mature serially from 1938 to 1946, incl. There are fully registered, in various denoms. and dated May 1, 1937. Interest M. & N. in pie-fashion, cuts each tax the biggest slice of revenue advised N. J .—BONDS AUTHORIZED—The Board of Com¬ of the city recently passed two ordinances authorizing the is¬ $173,841.70 improvment bonds and $28,795.45 sewer improve¬ ORANGE, missioners suance of ment bonds. 1 PERTH AMBOY, N. J.—bonds offered for investment— Offering of a new issue of $465,000 5% bonds to be issued for general im¬ provement purposes was made on Aug. 11 by B. J. Van Ingen & Co., Inc., Schlater, Noyes & Gardner, Incorporated, H. L. Allen & Co., C. A. Preim & Co., Newark; O. P. Dunning & Co., Newark, and MacBridge, Miller & Co., Newark. The bonds are dated Aug. 1, 1937 and mature Aug. 1, 1938 to 1952 inclusive. They are priced to yield from 3% to 4.50%, ac¬ cording to maturity. The bonds are valid and binding obligations of the city, payable from unlimited ad valorem taxes levied upon all the taxable property therein. RARITAN, OFFERING—The Town Clerk will receive disposal plant bonds N. J.—BOND bids until Aug. 24 for the purchase of $120,000 sewage and $25,000 incinerator bonds. " RIDGEWOODf~Nr~J.—BdNft OFFEkli^G—Wilbur korris, Village Clerk, will receive sealed bids until 8 p. m. (Daylight Saving Time) on Aug. 24 for the purchase of $163,000 not to exceed 3% interest coupon or reg¬ istered improvement bonds of 1937. Dated Aug. 1, 1937. Denon. 1 as follows: $15,000 from 1938 to 1947, incl., and Due Aug. $1,000. $13,000 in 1948. Principal and interest (F. & A.) payable at the Citizens First National Bank & Trust Co., Ridgewood. Only enough bonds will be sold to obtain the authorized amount of the issue and an additional sum of A certified check for 2% of the bonds bid for, payable to the order of the village, must accompany each proposal. The approving opinion of Hawkins, Delafield & Longfellow of New York City will be furnished the successful bidder AM less than $1,000. Mr. Tremaine's condensed report dollar into its component slices. This shows to be from personal income tax, composing The motor vehicle tax accounted for 9.8 cents, motor fuel tax, 12.2 cents; corporation tax, 15.12 cents; stock transfer tax, 9.4 cents; inheritance tax, 9.3 cents and alcoholic b8V6T&§6 t&X 3 6 C61lt8 • Last year the motor vehicle tax was 10.1 cents, and the motor fuel tax was 15.9 cents of every dollar collected. Another chart shows how each dollar was spent. Nearly half, or 47.4 cents of each dollar spent, went for State aid to localities. The support and care of the 100,000-odd inmates of the State's various institutions accounted for the next largest slice, 16 cents of every dollar spent. Debt service, or interest on principal on all State obligations, took 14.8 cents. 4 The total operating expenses of all the general departments of govern¬ ment accounted for 10.9 cents of every dollar spent. The great bulk of the increase in expenditures during the last 10 years was shown to have been for State aid to localities. Ten years ago, this item amounted to $60,992,850.55, as compared with $149,478,982.46 for the last fiscal year. 29.1 cents of each revenue dollar received. . NIAGARA FALLS. 1.80s. Y .—BOND SALE—The $109,000 coupon or registered which were offered on Aug. 11—V. 145, p. 984— & Traders Trust Co. of Buffalo on a bid of 100.116 for 1.90s, a basis of about 1.98%: $75,000 sewage disposal plant bonds. Due Aug. 1 as follows: $8,000 from 1939 to 1944 incl., and $9,000 from 1945 to 1947 incl. 34,000 public works bonds. Due Aug.U as follows: $4,000 from 1939 OLEAN, N. bonds described below, were awarded to the Manufacturers to 1946 UNION J.—TAX DRIVE NETS $60,000—Up to Aug. 2, charges, it was estimated that the city had collected $60,000 in personal property taxes, since the City Commission advised local merchants that a determined effort woule be made to collect delinquent taxes of that nature. It is understood that an additional $240,000 is still unpaid CITY, N. VERONA, N. J.—BONDS PASSED ON FIRST READING—The Borough Council on Aug. 3 gave first reading to an ordinance authorizing issuance of $50,000 street improvement bonds.n,Final consideration will be given the measure on Aug. 17. WILD WOOD, The Board N. J.—bonds approved on first reading— City Commissioners on Aug. 4 gave first reading to two authorize the issuance of $2,655,000 general refunding of ordinances which $625,000 water refunding bonds. The Commissioners will give hearing on Aug. 17, at which the measures will receive final consideration. bonds and a WOOD-RIDGE SCHOOL State Teachers' Pension Fund DISTRICT, N. J.—BONDS SOLD— The purchased an issue of $120,000 school building addition bonds. NEW DE BACA COUNTY MEXICO MUNICIPAL SCHOOL DISTRICT NO. 20 (P. O. Fort Sumner), N. Mex.—bond sale details—It is stated by County Treasurer that the $15,000 3%% semi-ann. building bonds were reported sold in these columns early in July—V. 145, p. 311— were purchased at par by the State Treasurer, and mature $1,000 from 1939 the which to 1953 incl. NEW YORK O. Allentown), N. Y. — bond offering — Chester McEnroe, Town Supervisor, will receive bids until 8 p.m. Aug. 16 for the ALMA (P. onds. Bidders to Surchase at not less than par rate$19,900 registered highway6%. Denom. of of interest, not to exceed improvement are name $1,000, except one for $900. Dated March 1,1937. Interest payable March 1 Sept. 1. Due $1,900 March 1, 1938, and $2,000 yearly on March 1 from 1939 to 1947. Certified check for $1,000, payable to the Supervisor, and required. CORTLANDT (P. O. Peekskill), N. Y.—bond sale—The $22,700 fully registerable, bonds described below, which were offered on coupon, Aug. 10—V. 145, p. 983—were awarded to A. C. Allyn on a bid of 100.37 for 3.60s, a basis of about 3.56%: . & Co. of New York $13,000 Roe Park Water District Extension bonds. Dated June 1, 1937. Denom. $500. Due Dec. 1 as follows: $1,000 from 1938 to 1946 incl. and $500 from 1947 to 1954 incl. 6,500 Verplanck Water District, series 1937 water system construction bonds. Dated June 1, 1937. Denom. $100. Due Dec. 1 as follows: $300 from 1939 to 1957 incl. and $200 from 1958 to 1961 Incl. 3,200 Toddville Water District Extension bonds. Dated May 1, 1937. Denom. $100. Due Nov. 1 as follows: $200 from 1938 to 1944 incl. and $100 from 1949 to 1962 incl. Principal and interest payable at the Westchester County National Bank, Peekskill. incl., and $2,000 in 1947. All of the bonds will the last day that payments could be made without interest the N. Y.—BOND SALE—The $90,000 coupon, fully registerable, general obligation, unlimited tax, water works improvement bonds, series E, offered on Aug. 9—V. 145, p. 984—were awarded to Sherwood & Co. and the Bank of the Manhattan Co., both of New York, as 1.80s, at par plus a premium of $46.80, equal to 100.052, a basis of about 1.79%. Dated Aug. 1, 1937. Due $10,000 yearly on Aug. 1 from 1938 to 1946. Halsey, Stuart & Co. of New York offered a premium of $43.20 for be dated Aug. 1, 1937. . Denom. $1,000.MBLM 4 NE\* IUKK AUTHORITY—OFFICIAL OFFERING NOTICE—Frank C. Ferguson, Chairman of the Port Authority, announces that bids will be received at the office of the Authority in New York until 10:30 a. m. (Daylight Saving Time) for the purchase of an issue of $15,000,000 334% general and refunding bonds, fifth series. Dated Aug. 15, 1937. Due Aug. 15, 1977. Prin. and semi-annual interest (Feb. 15 and Aug. 15) payable at the principal office of the Paying agent or agents of the Authority. Subject to redemption prior to Aug. 15, 1951, only through the operation of the sinking fund. Subject to this limitation, redeemable in whole, or in part, at the option of the Port of New York Authority on interest payment dates, at 104% beginning on Aug. 15, 1942, and there¬ after on or before Aug. 15, 1946; at 103% thereafter and on or before Aug. 15, 1951; at 102% thereafter and on or before Aug. 15, 1956; at 101% thereafter and on or before Aug. 15, 1961; and at 100% thereafter to maturity. Payments will be made into the "Fifth Series, 334%. due 1977 sinking fund," commencing in 1942. The moneys in the sinking fund will be applied to the retirement of the bonds of the Fifth Series, by purchase or call. Coupon bonds will be issued in the denomination of $1,000. regis¬ PORT OF terable as to principal, or as to both principal and interest, and when so registered reconvertible into coupon form upon payment of a nominal fee. Exempt in the opinion of counsel from Federal and New York State income taxes. Legal in the opinion of counsel for investment in New York and New Jersey for State and municipal officers, banks and savings banks, insurance companies, trustees and other fiduciaries and eligible for deposit with State or municipal officers or agencies in New York, and New Jersey for any purpose for which bonds of such States, respectively, may^be depsotied. The above bonds form part of $25,000,000 general and refunding bonds, fifth series, 334%, due 1977, authorized (1) to raise funds for Lincoln (Midtown Hudson) Tunnel construction purposes and (2) to refund out¬ standing bonds of the following issues to wit: George Washington Bridge (series B) 434% bonds, Bayenne Bridge (series C) 4% bonds. Inland Terminal (series D) 434% bonds, and Holland Tunnel (series E) 4 34% bonds. The proceeds of the present sale are to be applied (1) $11,306,000 to the construction of the second (North) tube of the Lincoln (Midtown Hudson) Tunnel, and (2) to provide $3,694,000 required on Jan. 3, 1938 to call 5,245 Bayonne Bridge bonds outstanding on Aug. 18, 1937 after applying the estimated balance of $1,700,190 in the Bayonne Bridge sink¬ ing fund. The remaining $10,000,006 of bonds are expected to be applied to general refunding purposes. Proposals must be in the prescribed form and must be for all or none. Each offer must be accompanied by a certified check or a cashier's check in an amount of $300,000. The Port Authority reserves the right to accept or reject any and all bids, and generally to take such action as may best serve the public interest. The Port Authority will announce the acceptance of bids at or before six o'clock (Eastern Daylight Saving Time), in the afternoon of the day upon which bids are received, and temporary bonds will be available for delivery within about 10 days thereafter. All legal proceedings incident to the issuance and sale of these bonds are subject to the approval of Julius Henry Cohen, General Counsel for the Port of New York Authority, and of Thomson, Wood & Hoffman, Bond Counsel. The official advertisement of this bond offering appears on page VII. 1144 Financial NEW Chronicle YORK 1937 14, Aug. NORTH CAROLINA N. Y.—VOTES UTILITY TAX FOR RELIEF—The Common Council on Aug. 4 adopted a local law providing for a 1% tax on gross operating incomes of all public utilities in the city, the revenue therefrom to be used for relief purposes. The law is effective until June 30, DUPLIN COUNTY (P. O. Kenansvillej, N. C —BOND SALE— The $70,500 coupon refunding bonds described below, which were offered on Aug. 10—V. 145 p. 806—were awarded to Seasongood & Mayer of Cincinnati Lews & Hall of Greensboro and R. S. Dickson & Co. of Charlotte, as 5Ms. 1938. at par RENSSELAER, ^ROCHESTER, N. Y.—LITTLE CHANGE SEEN IN 1938 TAX RATE— The following report is taken from the "Wall Street Journal" of Aug. 9: There will be no material change in the 1938 tax rate of Rochester from that of the current year, Paul 13. Aex, City Comptroller informs the "Wall Street Journal." Mr. Aex took exception to a statement by H. S. W. MacFarlin, Clerk of the Board of Monroe County Supervisors, asserting that a boost in the rate to $41.30 was likely. >The tax rate of $27.42 for the current year, Mr. Aex says, is only $1.30 above the average for the past 10 years and is actually 48 cents lower than in ,1932 when assessments were at their peak. There will be no material change in the 1938 rate from that of the current year, he adds. "Since 1933, Rochester's debt has been reduced more than $7,000,000 and annual interest requirements have been reduced more than $700,000. For the past two years combined collection of current and delinquent taxes has been approximately 101% of the levy. The city has never refunded a maturing bond issue and the financial condition of Rochester is the best it has been in years." plus a premium of $217, equal to 100.307, basis of about 5.22%: a $45,000 road and bridge bonds. Due Feb. 1, as follows: $6,000, 1947 to 1951 incl.; $7,000 in 1952; and $8,000 in 1953. 25,500 school bonds. Due Feb. 1, as follows; $3,500, 1947; $4,000 from 1948 to 1952 incl., and $2,000 in 1953. Each issue is dated Aug. 1, 1937. One bond for $500, others $1,000 each. Bonds are registerable as to principal only. Principal and interest (F. & A.) payable in lawful money in New York City. Ryan, Sutherland & Co. of Toledo bid a premium of $340 for 5Ms. Financial Statement ' > , Outstanding bonded debt (not including bonds to be retired from proceeds of bonds now offered) $1,841,500.00 School notes payable to the State of North Carolina 169,000.00 Bonds now offered—Refunding school bonds Refunding road and bridge bonds $25,500.00 45,000.00 70,500.00 Total debt, including bonds now offered $2,081,000.00 116,000.00 Sinking funds SARANAC LAKE, N. Y.—BOND SA,LE—The $35,000 coupon, fully registerable, general obligation, unlimited tax, bonds described below, which were offered on Aug. 9—V. 145, p. 645—were awarded to C. E. Weinig & Co. of Buffalo, on a bid of 100.074 for 2.10s, a basis of about 2.08%: mated population, $7,000 tax revenue bonds. Denom. $1,000. Due $2,000 Aug. 1, in 1938, 1939 and 1940, and $1,000 Aug. 1, 1941. 4,000 refunding water bonds. Denom. $1,000. Due $1,000 Aug. 1 from Assessed 1939 to 1942. 1941. Dated Aug. 1, 1937. Prin. and semi-ann. int. (Feb. 1 and Aug. 1) pay¬ the Adirondack National Bank & Trust Co., Saranac Lake, with New York exchange. able at TROY, N. Y.—BOND SALE—The $310,000 described below, which were offered on registered bonds 145, p. 806—were coupon or Aug. 9—V. awarded to Granberry & Co. of New York on a bid of $310,464.69, equal to 100.1499, for 2s, a from unlimited taxes. 1937-8. 50,000 high school bonds of 1937. Due May 1 as follows: $2,000 from 1938 to 1947 incl. and $3,000 from 1948 to 1957 incl. Bonds are issued to finance preliminary expenses incident to constructing a new high school for the City School District, being all of said city except Lansingburg Union Free School District No. 1. They are general obligations of the city, payable from unlimited taxes on all its taxable property, but primarily from taxes on said school district. 10,000 tax equipment bonds. Due $2,000 on May 1 from 1938 to 1942 incl. Tne bonds are general obligations of the city, payable from unlimited taxes. All of the bonds will be dated May 1, 1937. Denom. $1,000. New York, joined in submitting the second high bid, $310,217 for 2s. UTICA, N. Y.—CERTIFICATE SALE—The $500,000 tax anticipation of indebtedness, offered on Aug. 9—V. 145, p. 984—were City Bank of New York on a .51% interest basis, Dated Aug. 10, 1937 and payable Dec. 10, 1937. awarded to the National a Census 1930, 35,110; $1,965,000.00 present esti¬ Tax Data valuation on $100— Tax levy. Amount uncollected as of June 30, 1937 1933-34 1934-35 1935-36 1936-37 $14,760,079 $15,064,552 $15,622,075 $15,614,674 $1.40 $1.40 $1.55 $1.45 225,504 230,303 263,865 245,604 36.215 47,434 76.524 100,774 NEW BERN, N. C.—REFUNDING AUTHORIZED—The Board of has adopted ordinances authorizing the refunding of about $432,000 outstanding bonds and coupons. Included in the refunding plan are provisions for the refinancing of school bonds, railroad bonds and various issues of refunding bonds and funding notes and interest coupons. The old coupons and bonds, together total $432,468.20. Payment of the coupons and bonds is so arranged under the refinancing plan that the city authorities believe there is city income in sight to redeem them as they fall due, and it has also been Aldermen arranged that a large portion of the bonds may be called by the city at any period if the city is able to redeem them prior to their maturity. The refunding plan bears the date of Sept. 1, 1935, that being the time at which it was officially adopted by the city. RICHMOND COUNTY The $34,000 coupon school premium of $11. (P. O. Rockingham), N. C.—BOND SALE— building bonds offered on August 10—V. 145, and Securities Corp. of Nashville at & Co. of a premium of $1, the first {>. 985—were awarded to Fox, Einhorn par plus Cincinnati and the Cumber- $12,000 bonds to bear interest at 3M% and the last $22,000 at 2M%. Dated August 1, 1937. Due Feb. 1 as follows: $3,000 from 1940 to 1947; 1948 and 1949. Kirchofer & Arnold of Raleigh bid par for $18,000 3s and $16,000 2Hs. and $5,000 in STANLY COUNTY (P. O. Albemarle), N. C.—NOTE SALE—A $20,000 issue of revenue anticipation notes was offered for sale on Aug. 10 and was awarded to the Cabarrus Bank & Trust Co. of Concord, at 6%, plus a premium of $341.67. Dated Aug. 2, 1937. Due on Dec. 2, i937. Principal and interest (M. & N.) payable at the City Treasurers' office. Sherwood & Co., Francis I. Du Pont & Co. and Brown & Groll, all of plus 30,223; interest basis of about 1.98%: $250,000 general city bonds issued for relief purposes. Due May 1 as follows: $20,000 in 1939 and 1940, and $30,000 from 1941 to 1947 incl. The bonds are general obligations of the city, payable certificates Population: Census 1920, 38,500. Tax rate 1,600 refunding bonds. Denom. $1,000 and $600. Due $600 Aug. 1, 1939, and $1,000 Aug. 1, 1940. 18,000 street improvement bonds. Denom. $1,000. Due $2,000 yearly on Aug. 1 from 1938 to 1946. 4,400 park improvement bonds. Denom. $1,000, except one for $400. Due $1,000 on Aug. 1 in 1938, 1939 and 1940, and $1,400 Aug. 1, | Net debt including bonds now offered Financial Statement Outstanding Debt— County bonds County school bonds District school bonds (assumed by county) Bonds now offered $1,428,000.00 209,000.00 152,000.00 — 57,000.00 Notes (State of North Carolina—schools) Tax anticipation notes ($80,000, less amount funding, $57,000) 141,800.00 23.000.00 The Bank of the Manhattan Co. of New York bid .53 %, plus a premium of $2,013,800.00 $5.50. Sinking Fund— Stanly County bonds Due from STATE OF NORTH CAROLINA Due 3V4s Cash 1938-39 1939-40 1940-41 A. T. T. Tel. Rich. Va. 83 NORTH Total May 31, 1937 $1,601,000.00 116,500.00 93,300.00 30,000.00 $1,840,800.00 19,740.00 ; Total investments.. $150,240.00 Sinking fund—Cash: interest on sinking fund for payment of principal and bonds $6,638.22 sinking fund for payment of principal and term bonds $34,908.36 census, 37,739; estimated present, 41,000. 1948-49 1949-50 82,000 81,000 Amount collected Tax levy, 1935—Amount levied Amount collected Uncollected taxes, 1934 and prior years $235,190.47 131,736.51 240,733.27 196,999.02 156,418.37 Serial Bond Maturities to June 30, 1942 55,000 1940-1941 1941-1942 50,000 52,000 1960-61 1961-62 1936-37 $23,085,263.00 $23,372,388.00 1.00 1.00 255,064.16 246,106.43 Amount uncollected 39.192.04 15,715.09 Estimated actual valuation, $30,000,000. Population, 1930 U. S Census, 30,216; estimated present population, 35,000. Stanly County has never defaulted in the payment of principal or nterest on any of its bonds. valuation Rate per $100 Amount levied — VALDESE, N. C.—BOND SALE—The $60,000 coupon water and sewer bonds offered on August 10—V. 145, p. 985—were awarded to R. S. Dickson & Co. of Charlotte and Lewis & Hall of Greensboro, jointly, at par plus a premium of $31.50 equal to 100.0525, the first $20,000 bonds at 4M% in¬ Due Feb. as 1: $40,000 at 4M % Dated Aug. 1, 1937. $3,000 from 1940 to 1943; and $4,000 from 1944 to 1955. • WILKES COUNTY (P. O. Wilkesboro), N. C.—NOTE SALE—'The $12,000 issue of revenue anticipation notes offered for sale on Aug. 10— V. 145, p. 985-—was purchased by the Bank of North Wilkesboro, at 6%, according to the Secretary of the Local Government Commission. Dated Aug. 2, 1937. Due $3,000 on Nov. 1, 1937; Feb. 1, 1938; May 1, 1938, and July 1, 1938. NORTH DAKOTA EPPING SPECIAL SCHOOL DISTRICT (P. O. Epping), N. Dak.— NOT SOLD—The $4,000 certificates of indebtedness offered $18,335,110.00 Tax rate, 1936, $1.18 on the $100 property valuation. Tax levy, 1936—Amount levied $63,000 1954-55 1955-56 $35,000 35,000 35,000 35,000 25,000 25,000 CERTIFICATES Tax Data Assessed valuation of property for taxation, 1936 .1939-1940 Assessed 28,270.14 Total sinking fund cash Population, 1930 105,000 87,000 terest and the last $130,500.00 Real estate mortgages in Maturities of Bonds, Including Bonds Now Offered 1944-45 $285,000 1950-51 $79,000 1956-57 1945-46 64,000 1957-58 95,000 1951-52 62,000 1958-59 1946-47 91,000 1952-53 50.000 1959-60 1947-48 84,000 1953-54 $72,500 71,000 80,000 82,500 83,000 1935-36 - in 162,643.66 20,309.40 CAROLINA COUNTY Sinking Fund—Investments: Securities (bonds owned by county) on Public Works Taxes Revenue anticipation notes now offered now 1941-42 1942-43 1943-44 Bonds now Highway & $250,953.06 Richmond, Va. Statement of Financial Information as of Bonds outstanding State special building loans (schools) interest 25,000.00 State - 1937-38 (P. O. Whiteville), N. C.—ADDITIONAL INFORMATION—The following is given in connection with the sale on July 26 of the $30,000 county home bonds to McAlster, Smith & Pate, of Greenville, as 3Ms, at 100.61, a basis of about 3.67%, as noted in these columns at the time.—V. 145, p. 807: Cash Carolina April 1945 at 2.50% basis Phone 3-9137 Cash North Commission F. W. CRAIGIE & COMPANY COLUMBUS $43,000.00 Town of Albemarle bonds $50,000 $127,000 65,000 were on Aug. 4, as noted here—V. 145, p. 807—were not sold received, according to the District Clerk. WILLIAMS as no bids COUNTY (P. O. Williston), N. Dak.—BONDS SOLD— funding bonds were purchased June 8 by Mr. Harold E. Mueller, of Hazen. Dated July 1, 1937. Due as follows: $5,000, 1940 to 1945; $7,000, 1946; $8,000, 1947; $7,000, 1948; $8,000, 1949; $7,000, 1950; $8,000, 1951; $10,000, 1952 to 3956, and $20,000 in 1957. Payable at the Irving Trust Co., New York City. It is reported that $145,000 4M% semi-ann. privately on OHIO 61,000 CAMPBELL, holders Ohio—BOND SALE— The $32,000 general and special refunding bonds offered July 30—V. 145, p. 486—were awarded to Johnson, Kase & Co. of Cleveland, as 3Ms, at par plus a premium of $203, equal to 100.63, a basis of about 3.17%. Dated Sept. 1, 1937 and due $4,000 on standing indebtedness of the particular county or municipality shall have been reduced during the next preceding fiscal year, unless the subject be submitted to a vote of the people of the particular county or municipality, and be approved by a majority of those voting thereon. Under another amendment the General Assembly may exempt from taxation not exceeding $1,000 dollars in value of property held and used as the place of residence of the owner. At its 1937 session the General Assembly did not pass any act to exempt property from taxation. CLEVELAND, Ohio—BOND SALE—The $3,353,500 coupon, regis¬ terable, bonds offered on August 10-—V. 145, p. 647—were awarded to a syndicate headed by Halsey, Stuart & Co. of New York, and including the Bancamerica-Blair Corp., New York, B. J. Van Ingen & Co., New York, E. H. Rollins & Sons, New York, Eldredge & Co., New York, the First of Michigan Corp., Detroit, Otis & Co., Cleveland, Mitchell, Herrick & Co., Cleveland, McDonald-Coolidge & Co., Cleveland, McAlister, Smith & Pate, Greenville, Van Lahr, Doll & Isphording, Cincinnati, and Piper, Jaffray & Hopwood, Minneapolis. The bid was 100.22 for $2,229,000 2M® and $1,- Columbus County has never defaulted in interest of any of its bonds. Amendments of the North Carolina the payment of principal or Constitution of interest to bond¬ were adopted at the last General Election. One amendment pro¬ hibits counties and municipalities from contracting debts during any fiscal year to an amount exceeding two-thirds of the amount by which the out¬ Oct. 1 from 1943 to 1950 incl. Volume Financial 145 MUNICIPALS OHIO R. J. EDWARDS, 700 CUYAHOGA Oklahoma BUILDING, CLEVELAND SPRINGFIELD COLUMBUS CINCINNATI AKRON AT&T Ok Cy City, Oklahoma Long Distance 158 19 OKLAHOMA OHIO MUNICIPALS Also included is $120,000 $500,000 City ol Cleveland, Ohio, unlimited tax 2M% bonds, due Sept. 1, 1943 to 1952, price to yield 2.10-2.60. allotment for purchase of NEW YORK STREET Telephone WHitehall 4-6765 CHARLESTON, S. C. GREENVILLE, S. C. OHIO 124,500 2^8, a basis of about 2.56%. as at least until $2,000,000 relief fund. Litigation relative to legality of appropriations above revenue estimates is scheduled to reach Oklahoma Supreme Court an appeal by Oklahoma Vigilantes from decision of three-judge district court to deny injunction against payment of such State funds. Mr. Childers said diversion of 40% of the State's share of gasoline tax to the general revenue deficit retirement fund has been ended, and revenue for highway maintenance and construction henceforth will be increased approximately $350,000 per month. Apportionment for July income will be made Aug. 8. Mr. Childers reported $972,397 credited to the deficit fund to complete payment Dec. 15. Tax diversion law was enacted in 1933, when general revenue deficit was approximately $13,000,000. McALISTER, SMITH & PATE, Inc. BROAD additional land at Paul's Valley and $150,000 for purchase of a hospital at McAlester. Auditor Childers also asked Governor Marland to postpone, 1938-39 fiscal year, issuance of warrants against 67 Inc. Municipal Bonds Since 1892 MITCHELL, HERRICK & CO. CANTON 1145 Chronicle The bonds are divided into two issues follows: i $2,229,000 refunding bonds. Due on Sept. 1 as follows: $159,000, 1939 to 1949, and $160,000, 1950 to 1952. Payable from taxes out¬ ENID, Okla.—BOND SALE—The $13,195.36 issue of special assessment 9—V. 145, p. 986—was awarded R. J. Edwards, Inc., of Oklahoma City, according to the City Clerk. retirement bonds offered for sale on Aug. to side tax limit. 1,124,500 refunding bonds. Due on Sept. 1 as follows: $80,500, 1939; $80,000,1940 to 1948, and $81,000,1949 to 1952. Payable from Dated Sept. 1, 1937. and semi-annual interest Denom. $1,000, except one for $500. Principal (March 1 and Sept. 1) payable at the Irving Trust Co. in New York. the $3,353,500 refunding bonds. Of the 1, 1939—1952 inclusive, are payable from at 2M% and are priced to yield 1.30 to 2.60%; and $1,124,500, also due September 1, 1939-1952 in¬ clusive, and payable within the 15-mill limitation, are 2 Ms, priced to yield The above syndicate reoffered total $2,229,000, due September unlimited ad valorem taxation, 1.40 to bear interest 2.70%. Bonds of both issues, in the opinion of the bankers, are legal investment for savings banks and trust funds in New York State. Assessed valuation for 1937 is officially reported as $1,168,927,130 and net bonded debt, in¬ cluding these issues, as $81,987,069. CANTON, Ohio—BONDS SOLD—We are of the Sinking Fund Trustees that $15,000 4% informed by the Secretary police equipment bonds were purchased at par recently by the Sinking Fund Trustees, of Canton. n Due two years. CUYAHOGA COUNTY (P. O. Cleveland), Ohio.—BOND OFFERING Stabler, Clerk of the Board of County Commissioners, will re¬ —Geo. H. ceive bids until 11 a. m. (Eastern Standard Time) August 31 for the at not less than par of the following 3 M % coupon, registerable as to and interest or purchase principal principal only, bonds: $800,000 refunding bonds, series A, issued to refund general bonds payable from taxes levied inside limitations. Due $40,000 on April 1 and Oct. 1 in each of the years from 1943 to 1952. 200,000 refunding bonds, series A, issued to refund general bonds payable from taxes levied inside limitations. Due $10,000 on March 15 and Sept. 15 in each of the years from 1943 to 1952. 2,000,000 refunding bonds, series B, issued to refund road, sewerage and water supply improvement special assessment bonds payable from taxes levied inside limitations. Due $100,000 on April 1 and Oct. 1 in each of the years from 1943 to 1952. Denom. $1,000. Dated Sept. 15, 1937. Principal and semi-annual interest * aPd ^ct* i: All the bonds f2,800,000 on Bids must be made on blanks supplied by Oct. 1. LIVERPOOL, County Commissioners. Ohio—BOND SALE—The Sinking has Fund agreed to purchase an issue of $24,000 5% sewer bonds recently authorized by the City Council. Due in five years. LYNCHBURG, Ohio—BOND SALE—The $4,000 water works improve¬ on August 9-^-V. 145, p. 647—were awarded to Fox, Co., of Cincinnati. Dated July 1, 1937. Due $200 each six months from Jan. 1, 1938 to July 1,1947. bonds offered Emhorn & Fox. Einhorn & Co. paid a price of 100.65 for 4s, a basis of about 3.86%. MOUNT STERLING, Ohio—BOND SALE—The $5,500 sanitary and waterworks improvement bonds offered on August 7—V. 145, p. 647— were awarded to the Sterling State Bank of Mt. Sterling, as 3 Ms, at par plus a premium of $13.08, equal to 100.23, a basis of about 3.21%. Dated Aug. 1,1937. Due $500 yearly on Dec. 1 from 1938 to 1948, inclusive. sewer POWHATAN POINT, Ohio—BONDS NOT ISSUED—The village did not issue the bonds incident to approval of a Public Works Administration loan of $41,000 for a water supply system, as the project was rejected by the government. • SHELBY, Ohio—BOND SALE—The $2,450 offered on a BONDED ON PREPARED summary , real estate corporation and personal property is , ^ , , property. Assessed valuation of public service $292,581,172. CITY, Okla.—BOND ELECTION NOT SCHEDULED— recently that an election would be held m tne of $2,000,000 in water bonds V. 145, 986—we are now informed that nothing definite has been done as yet OKLAHOMA In connection with reports near p. future to vote on the issuance the measure. are the Clerk of the Board of ment of—SUMMARY State prepared by Carl Sebring, assistant to indebtedness of the State of Oklahoma is $10,504,000, includmg $1,063,000 of the 1933 treasury note series and $9,441,000 of the 1935 funding bonds. For retirement of the treasury notes, the State is taking 40% of its share of gasoline tax and credits from this source to Sept. 1 will equal the total of notes outstanding. Payment cannot be made, however, until Dec. 15. The series was to refinance the general revenue deficit originally at $13,000,000. '■ Oklahoma's fiscal policy for the current biennium is at issue in the suit of the Oklahoma Vigilantes, organization of citizens opposed to excessive taxation, which will be heard by a special four-judge district court at Oklahoma City. The court has rejected the State's demurrer and trail will proceed. In brief, the petitions contend that the 1937 Legislature in general:revenue appropriations exceeded revenue estimated by more than $400,000, tne constitutional limit. It is also contended that issuance of tax notes to cover any deficit would also be illegal. , . Activities of the Vigilantes are to be extended by organization of local units to examine taxation by counties and other units of government. Based on reports by 75 counties and estimates for two counties, the grant of homestead exemption up to $1,000 of assessed valuation will take $115,'000,000 from property tax rolls of Oklahoma and will reduce the tax base from $1,215,313,102 to $1,100,313,102. For the 75 county reporting to the State tax commission, the homestead exemptions total $iUo,o35,3/z and the estimate for Garfield and Pottawatomie counties which are still to report is $3,630,892 and the $3,006,830, respectively. Homestead exemptions in Oklahoma County, including Oldahoma City, will total $13,855,016 and in Tulsa County, the total will be $10,531,065 The State board of equalization has approved a total of $922,731,930 for on Payable at the County Treasurer's office. subject to call in whole or in part as follows: $200,000 on Sept. 15,1947 and $2,800,000 Oct. 1,1947. Cert, check for 1% of amount of bonds bid for, payable to the County Treasurer, required. Approving opinion of Squire, Sanders & Dempsey of Cleveland, will be furnished to the purchaser. Delivery to be made in Cleveland, as follows: $200,000 on Sept. EAST OKLAHOMA, DEBT—As shown in State Treasurer H. L. Bolen, bonded limited taxes. August 9—V. 145, p. bonds listed below, 647—were awarded to the Citizens National coupon Bank of Mansfield: $2,000 street improvement bonds. Denom. $200. Due $200 yearly on Jan. 1 from 1939 to 1948. 450 street improvement bonds. Denom. $45. Due $45 yearly on Jan. 1 from 1939 to 1948. Dated July 1, 1937. Interest payable Jan. 1 and July 1. YOUNGSTOWN, Ohio—BOND OFFERING—Frank W. Barton, Di¬ rector of Finance, will receive bids until noon Aug. 30 for the purchase of $350,000 3M % refunding bonds. These bonds are being issued for the pur¬ pose of refunding outstanding general tax obligations, $132,500 of which are payable from levies within the 10-mill limitation and $217,500 payable from levies within the 15-mill limitation. Denom. $1,000. Dated Sept. 1, 1937. Interest payable semi-annually. Due $35,000 yearly on Oct. 1 from 1942 to 1951, incl. Cert, check for $7,000, payable to the city, OREGON JOSEPHINE COUNTY SCHOOL Pas#), Ore.—BOND SALE— The DISTRICT NO. 23 (P. O. Grant# semi-ann. awarded $3,000 issue of 6% coupon building bonds offered for sale on July 31—V. 145, p. 647 was to the State Bond Commission, paying a premium of $180, equal to 106, a basis of about 4.93%. Dated July 31,1937. Due $300 from 1939 to 1948, inclusive. COUNTY SCHOOL DISTRICT NO. 76 (P. O. Oakridge), Ore.— WARRANT SALE—The $10,000 issue of coupon warrants offered for sale on Aug. 2—V. 145, p. 807—was awarded to the First National Bank of Eugene, as 3s, at par. Dated Aug. 1, 1937. Due from Aug. b 1939 to 1941; callable after Aug. 1, 1939. It is stated by the District that Tripp & McClearey, Inc., of Portland, bid for 3 Ms• LANE Clerk Ore.—BOND SALE—The $16,000 sewer system bonds 10—V. 145, p. 807—was purchased by the First 4Ms. at par. Due $1,000 on Aug. 1 from 1957, optional after one year. MERRILL, offered for sale on Aug. National Bank of Portland, as 1942 to SALEM, Ore—BOND OFFERING—Sealed bids will be received until the purchase rate or in¬ terest designated in the bid accepted. Denom. $1,000. Dated Sept. 1, 1937. Due on Sept. 1 as follows: $75,000 in 1942, and $25,000 in 1943. These bonds are issued pursuant to Section 90 of the City Charter, which section was adopted as an amendment to the Chater by the voters at an election held on Dec. 1931. The approving opinion of Teal, Winfree, McCulloch, Shuler & Kelley, of Portland, will be furnished. A certified check for 2% of the par value of the bonds, payable to the city, must ac¬ 7 P. M. on Sept. 7, by A. Warren Jones, City Recorder, for of an issue of $100,000 water bonds. The bonds will bear the company the bid. UNION COUNTY SCHOOL DISTRICT NO. 1 (P. O. LaGrande), $7,000 issue of stadium bonds offered for sale on Ore.—BOND SALE— The National Bank Aug. 11—V. 145, p. 986—*- was awarded to the United States of Portland, as 3s, paying a premium of $86.80, equal to 101.24, Dated Sept. 1, 1937. 1944; optional after Sef>t. 1, 1938. about 2.49%. Due $1,000 from Sept. a basis of 1, 1938 to Commonwealth of Pennsylvania 6% Bonds due July 1, 1951 required. Price: To Net 2.15% OKLAHOMA BYARS, Okla.—BOND OFFERING—Bettie Grider, Town Clerk, will receive bids until 4 p. m. Aug. 17 for the purchase at not less than par of $30,000 water bonds, to bear interest at rate determined by the bidding. Dated Aug. 1, 1937. Due $1,500 yearly on Aug. Certified check for 2% of amount of bid, required. Moncure Biddle & Co. 1520 Locust Philadelphia Street 1 from 1942 to 1961. PENNSYLVANIA CYRIL SCHOOL DISTRICTS, Okla.—BOND OFFERING—A. P. Black, Clerk of the Board of Education, will receive bids until 8:30 P. M. Aug. 16 for the purchase at not less than par of $17,000 building bonds! Bidders are to name rate of interest. Due $2,000 yearly, beginning three years from date of issue, except that the last installment is to be $3,000. Cert, check for 2% of amount of bid, required. CHESTER, Pa.—BOND HOLDERS SUE CITY— Six bondholders in Federal District Court in Philadelphia are seeking to recover $252,812 from the City of Chester. , . . Holders of bonds against improved land in the city, they accused admin¬ istration officials of "gross negligence" which they said had left the liens virtually worthless. , Joseph S. Clark, Jr., counsel, charged that the municipal authorities had failed to segregate funds realized from improved land from those of the ... OKLAHOMA, State of — CURB ON EXPENDITURES RECOM¬ MENDED—Auditor of State C. C. Childers in report showing current bal¬ ance of $271,190 in general revenue has requested Gov. E. W. Marland to suspend "until our status is much better" expenditures of $2,890,409 of appropriations by the 1937 legislature. Largest of appropriations on which delay was suggested is that of $175,000 for purchase of a hospital at Clinton. general fund. George W. Appel and J. DeN. „ , „ Ledward, special counsel for the city, in State Legislature in 1929, 1931 and seek to recover, are unconstitutonal. reply said the laws passed in the 1933, under which the bondholders 1146 Financial SUMMIT, Pa.-—BOND OFFERING— Robert R. Walters, Secretary of the Borough Council, will receive bids until 8p. m. Sept. 1 for the purchase at not less than par of $14,000 4% bonds. Denom. $1,000. Dated Jan. 1, 1937. Interest payable Jan. 1 and July 1. Due $5,000 Jan. 1, 1962 and $9,000, Jan. 1, 1967. Certified check for 5% of amount of bid, required. DUBOISTOWN, Pa.—BONDS AUTHORIZED—The Borough Council has passed an ordinance authorizing the issuance of $46,000 debt funding bonds. FARRELL SCHOOL DISTRICT, Aug. 1937 14 The legal offer of allotment has been sent by PWA to the Pennsylvania PENNSYLVANIA CLARKS Chronicle Pa.—BOND OFFERING— G. J. Wethe-stein, District Secretary, will receive bids until 8 p. m. (Eastern Standard Time) Aug. 16 for the purchase of $250,000 coupon high school building bonds. Bidders are to name rate of interest, in a multiple of 34 %. but not to exceed 324%. Denom. $1,000. Dated Aug. 1, 1938. Principal and semi-annual interest (Feb. 1 and Aug. 1) payable at the S. J. Gully Bank, Farrell. Due $10,000 yearly on Aug. 1 from 1938 to 1962, incl. Certified chec* for $1,250, payable to the Distr'ct Treasurer, required. Approving opinion of Burgwin, Scully & Churchill of Pittsburgh will be furnished by the district. GEISTOWN, Pa.—BOND SALE—The Borough Council has sold an 3% bonds to the Richland Township Water Co. Interest payable semi-annually. Due serially beginning in 1941. issue of $13,000 HARRISBURG, Pa.—BOND OFFERING EXPECTED—It is reported Authority for the Laurelton project. Other offers under the general allot¬ be made as plans are perfected, PENNSYLVANIA, State of—NEW LEGISLATION MAKES iERGERS OF SMALL SCHOOL DISTRICTS C CM1 ULSCh 1 —1 lie U iladcphia ment will _ "Inquirer" recently carried the following article on a new legislative move toward economy in the operation of school districts within the State: i Four public school districts near here will be merged with adjoining These are districts which have school officers, but no teachers, and they will be combined with districts where districts during the coming year. the children have been attending school. Recent State lesgilation makes this action compulsory in the interests of economy and concentration. The tentative list of school district Milbourne Borough, Delaware County; East Cain Township, includes Chester County; Bryn Athyn Borough, Montgomery County, and Reed Township, Dauphin County. There are 27 other school districts throughout the State where there are no teachers, and of the 2,582 school districts in the State, 1,400 or more than 50% employ 10 or less teachers. The merger of these small schools has been urged by schoolmen, who say that larger pupilage centered in consolidated schools allows more varied programs, better grading of pupils, and a saving through hiring a smaller number of teachers, and the saving of local school board officers salaries 1 * '1 ■ u * ' Within four years voters in 250 school districts of the State where there 10 teachers or less will decide whether the districts are to be merged. are WILKES-BARRE TOWNSHIP SCHOOL DISTRICT, Pa.—BOND The $110,000 coupon, registerable as to principal, bonds offered on Aug. 2— V. 145, p. 648—were not sold, as no bids were submitted. Dated July 1, 1937. Due in not less than five years nor more than thirty years from date J. Quinn, District Secretary, will receive sealed bids Sept. 20 for the purchase of $40,000 3 34 % coupon fund¬ ing bonds. Dated Sept. 1, 1937. Denom. $1,000. Due $2,000 annually on Sept. 1 from 1938 to 1957, incl. Principal and semi-annual interest (M. & S.) payable without deduction for any tax or taxes except succession or inheritance taxes, now or hereafter levied or assessed thereon, under any present or future law; all of such taxes the school district assumes and of issue. agrees to pay. that the city will probably offer for sale in September an issue of $1,500,000 bonds. GIRARDVILLE SCHOOL DISTRICT, Pa.—BONDS NOT SOLD— INDIANA TOWNSHIP SCHOOL DISTRICT (P. R. D.), Pa.—BOND SALE—The issue of $25,000 O. Sharpsburg). bonds offered Aug. 4—V. 145, p. 487—was awarded to the Peoples Pittsburgh Trust Co. of Pittsburgh, as 2s, at par plus a premium of $105.25, equal to 100.42, a basis of about 1.85%. Dated Aug. 1, 1937 and due $5,000 on Nov. 1 from coupon 1938 to 1942, incl. Other bids were as int. Bid $48 10 87.75 7100 22.35 12.50 20.00 70.30 87.50 140.00 Otis & Co Leach Bros., Inc Stroud & Co NEW OXFORD SCHOOL DISTRICT, Pa .—BOND SALE DETAILS— $25,0u0 334% school building bonds awarded recently to Buckley of Philadelphia at a price of 103.139—V. 145, p. 648—are coupon bonds in the denomination of $500 each, dated April 30, 1937. Interest is payable semi-annually on April 30 and Oct. 30. Due on April 30 as follows: $3,000, 1942- $1,000, 1943 to 1950; $2,000, 1951; $1,000, 1952 and 1953; $2,000, 1954; $1,000, 1955; $2,000, 1956; $1,000, 1957;*and $2,000, 1958 The Bros, and 1959. NEWPORT TOWNSHIP (P. O. Wanamie). Pa .—BONDS NOT SOLD 3% funding and improvement bonds offered on Aug. 9— 145, p. 648—were not sold, as no bids were received. The township will try to dispose of the bonds at private sale. Dated Aug. 2, 1937. Due on Aug. 2 as follows: $3,000, 1938 to 1947; and $2,500, 1948 to 1957. —The $55,000 V. Pa.—BOND SALE POSTPONED— The sale of the $4,000 145, p. 648—was improvement bonds which was scheduled for Aug. 9—V. indefinitely postponed. Dated Sept. 1, 1937. Due $500 yearly on Sept. 1 1949; redeemable on and after Sept. 1, 1942. from 1942 to m,.RIJ^EY TOWNSHIP (P. O. Folsom), Pa.—BOND The SALE DETAILS— sewer bonds awarded on Aug. 4 to Singer, Deane & Pittsburgh on a bid of 102.34—V. 145, p. 986—weresold as3s, payable semi-annually June 1 and Dec. 1, and will mature June 10, 1967, making, a net interest basis of about 2.88%. $15,000 coupon Scribner of SOLEBURY TOWNSHIP SCHOOL DISTRICT (P. O. New Hope), Fa.—BOND OFFERING—Robert W. Shaw, District Secretary, will receive bids unti!7 P. M. Aug. 23 for the purchase of $30,000 334 % coupon school bonds. Denom. $1,000. Interest payable Feb. 1 and Aug. 1. Due as ?-000' 1940 to 1942; $2,000, 1943; $1,000, 1944 to 1946; $2,000, }gf7; $ ,000. 1948 and 1949; $2,000, 1950; $1,000, 1951; $2,000. 1952 and 1953; $1,000, 1954; $2,000, 1955 to 1959. Cert, RHODE RHODE WEST FAIR VIEW, Pa.—BONDS NOT SOLD—The $7,500 school bonds on Aug. 6—V. 145, p. 986—were not sold, as all bids were rejected. Due $500 yearly on March 1 from 1939 to 1953. ISLAND ISLAND (State of)—BOND SALE—The State has sold at private sale to Brown, Harriman & Co. of New York a block of $200,000 third courthouse loan 4% bonds, maturing March 20, 1981. The State received a price of 136.21 for the bonds. SOUTH CAROLINA ABBEVILLE COUNTY (P. O. Abbeville), S. C.—BOND OFFERING— Sealed bids will be received until 11 A. M. (E. S. T.) on Sept 1, by F. B. Miiford, County Supervisor, for the purchase of a $270,000 issue of coupon hignway bonds, interest rate is not to exceed 434%, payable M. en S. Denom. $1,000. Dated Sept. 1, 1937. Due 827,000 from 8ept. 1, 1945 to 1954 incl. Bidders to name the rate of interest in a multiple of 34 of 1 %, which must be the same for all of the bonus. The purcnaser will oe furn¬ ished witn the approving opinion of Reed, noyt in W asnburn, of New Y ora. Bonds are registerable as to principal only. Payment is secured not only by an unlimited tax but also by a reimbursement agreement between the county and the State Highway Commission. A certified check for 2%, payable to the county, is required. DARLINGTON COUNTY (P. O. Darlington), S. C.—BOND OFFER¬ ING—JR. W. Penning, Chairman, Board of County Directors, will receive bios until 3 p. m. Aug. 24 for the purchase at not less than par of ,uuO coupon highway reimbursement bonds. Bidders are to name rate of interest, not to exceed 434%. Denom. $l,ooo. Dated Sept. 1, 1937. principal and semi-annual interest (iviarch 1 and Sept. 1) payable at the Guaranty Trust Co., New York. Due $ll,ouu yearly on sept. 1 from 1945 to 1954. Certified check for $l,oou, payable to the Board of County Directors, required. The county will pay lor the printing of the bonds and for the opinion of N athans & sinkler of Charleston. rl'he bonas are gen¬ eral obligations of the county, secured by a pledge of all funds reimbursed by the State Highway Commission. to the county FAIRFAX, S. C.—BOND SALE CANCELED—It is the Town works Clerk and Treasurer that the $23,uuu 4% now reported by semi-annual water bonds purchased at par by the Public Works Administration, as noted in these columns last April, were turned down by the voters and the sale was automatically canceled. PENDLETON, S. C.—BOND OFFERING—N. H. Campbell, Jr., Town check for 2%, required. offered Sept. 1, 1937. in part Premium 2% 234% 2K% 234% 234% 3% 224% 3U% 334% Glover & MacGregor S. K. Cunningham & Co Singer, Deane & Scribner, Inc___ Johnson & McLean E. H. Rollins & Sons Edward Lowber Stokes & Co Dated WYOMISSING, Pa.—BOND ELECTION—At an election on Aug. 24 $260,000 bonds to finance the cost of building a new high school. The project will cost about $500,000, the balance to be asked of the Federal Government as a grant. the voters will be asked to approve an issue of follows: Bidder— NEWRY, OFFERING—John until 7:30 p. m. on Clerk, will receive bids until 3 P. M. Aug. 17 for the purchase of $10,000 obligation bonds. Interest rate is not to exceed 4%. Denom. Dated Aug. 15, 1937. Due $500 yearly from 1939 to 1948; and $1,000 yearly from 1949 to 1953. Cert, check for 5% of amount of bid, general $500. required. NORTHUMBERLAND, Pa.—BOND offered SALE—The $30,000 coupon bonds Aug. 9—V. 145, p. 648—were awarded to E. H. Rollins & Sons of Philadelphia on a bid of 101.167 for 3s, a basis of about 2.91 %. Dated Sept. 1, 1937. Due $1,000 yearly on Sept. 1 from 1938 to 1967. on OLD FORGE, Pa.—BONDS NOT SOLD—The issue of $125,000 434% registerable as to principal, funding bonds offered on Aug. 9— V. 145, p. 313—were not sold, as no bids were submitted. Dated July 1, 1937. Due $5,000 on July 1 in 1940, 1943, 1946, 1947 and 1948; and $10,000 yearly on July 1 from 1949 to 1958. coupon, PENNSYLVANIA, State of — LOCAL ISSUES APPROVED—The Department of Internal Affairs, Bureau of Municipal Affairs, has approved the following bond issues. Information given includes the name of the municipality, amount and purpose of issue and the date approved: Municipality and Purpose Date Approved Amoun Somerset Borough School District, Somerset County —Installing a modern heating and ventilating system.. Aug. 2,1937 $8,500* East ueer township, Allegheny County—Paying cost and expense of laying new water mains and lines, improving streets, constructing sewers Aug. 5,1937 35,000 Mead Township School District, Warren County—• > Acquiring site, constructing, equipping and durnishing school building thereon $17,000; funding floating indebtedness $3,000 Aug. 5, 1937 20,000 Hopewell Township School District, Beaver County —ErectinK. furnishing and equipping new school building... Aug. 5,1937 70,000 Scott TownshiP. Allegheny County—Grading, pav¬ ing and curbing streets Aug. 5, 1937 25,000 Solebury Township School District, Bucks County— Erecting and equipping school building Aug. 5, 1937 30,000 PENNSYLVANIA GENERAL STATE ALLOTMENT OFFER allotment for Public the Pennsylvania MADE BY AUTHORITY, Pa .—INITIAL PWA—The First specific offer $55,000,000, ROCK HILL, S. C.—BOND OFFERING—Sealed bids will be received 17, by T. C. Marshall, City Manager, for the purchase of a $15,000 issue of water extension bonds. Interest rate is not to exceed 4%, payable semi-annually, until Aug. SULLIVAN'S ISLAND SCHOOL DISTRICT NO. 2 (P. O. Charles¬ ton), S. C.—BOND SOL.D—It is reported that $10,000 school bonds have Frost, Read & Co. of Charleston. been purchased by SOUTH General State Authority throughout the State which and renewals to the steam and electric distribution systems. DAKOTA CODINGTON COUNTY (P. O. Watertown), S. Dak.—BOND OFFER¬ ING— Frances Poage, County Auditor, will receive bids until 10 A. M. Aug. 31 for the purchase of $250,000 school fund debt refunding bonds. ' 1*9 Bonds to be dated Oct. 1, 1937, to mature serially 1940 to 1952 and to contain a call privilege after five years. Bidders are to have the privilege of submitting alternate bids for a similar amount of bonds, proposed ma¬ turities to be specified by bidders. Cost of printing bonds and legal opinion to be born by the purchaser. The total amount of the issue is subject to final check up of the exact amount of refundable permanent school fund indebtedness. of was figure includes a grant of 113 1-3% of relief labor wages not to exceed $10,000,000. In other words, for every dollar spent on certified relief labor by the State Authority at the site of construc¬ tion, it will be reimbursed by the Public Works Administration at the rate of 133 1-3% up to the 10 million dollar limit. The Laurelton project provides for a cash grant of $188,000 and a gross loan (including a grant or 133 1-3 relief labor wages) of $1,037,000. The Laurelton State Village which is in Union County, Pennsylvania, will Include a three-story Administration Building, the McClure and Glover Cottages, a two-story hospital building, a recreation hall, additions and alternations to the power-house and the sewage treatment plant; and repairs Cincinnati, Ryan, Sutherland & Co., Toledo, and E. H. Pringle, Charleston, jointly, as 334s, at par plus a premium of $5,350, equal to 101.07, a basis of about 3.16%. Dated Aug. 1, 1937. Due Aug. 1 as follows: $13,000, 1942 to 1948; $35,000, 1949 and 1950; $40,000, 1951 and 1952; $45,000, 1953; $50,000, 1954 and 1955; $55,000 in 1956; and $59,000 in 1957. Second high bid was submitted by a group composed of C. W. Haynes & Co., Columbia, Braun, Bosworth & Co., Toledo, and Lewis & Hall, Greenboro. This group offered a premium of $4,175 for 334s. Works Administration projects to be constructed by announced by Administrator Harold L. Ickes. It is for the Laurelton State Village (Docket No. 1811) which made pos¬ sible improvements, estimated to cost $1,225,000. It is but a portion of the $65,000,000 State improvement program which is being made possible by outright cash grants of $10,000,000 to the State Authority, and gross loans, RICHLAND COUNTY SCHOOL DISTRICT NO. 1 (P. O. Columbia), S. C.—BOND SALE—The $500,000 coupon school bonds offered on Aug. 10 —V. 145, p. 648—were awarded to Breed & Harrison, Cincinnati, the Weil, Roth & Irving Co., Cincinnati, the Provident Savings Bank & Trust Co., DAY COUNTY (P. O. Webster), S. Dak.—BOND OFFERING— It is Stated by Hazel M. Watkins, County Auditor, that she will receive sealed bids until 2:30 p. m. on Aug. 25, for funding years. the purchase of an issue of $150,000 bonds. Principal and interest to mature in not more than 15 Authority for issuance: Chapter 176, Laws of South Dakota, 1935. MARSHALL COUNTY (P. O. Britton) S. Dak.—BOND OFFERING— Sealed bids will be received until 2:30 p. m. on Aug. 27, by Lulie McDougall, County Auditor, for the purchase of a $275,000 issue of funding bonds Interest rate is not to exceed 434%, payable M. & S. Dated Sept. 1, 1937. Due on Sept. 1 as follows: $10,000, 1938 to 1942, and $15,000, 1943 to 1957; callable on Sept. 1, 1942, or on any interest payment date there¬ after. Payable at a place specified by the purchaser. The blank bonds and the approving opinion of Junell, Fletcher, Dorsey, Barker & Colman, of Minneapolis, will be furnished. A certified check for $4,000 must accom¬ pany the bid. F MITCHELL, S. Dak.—BOND SALE—The $40,000 auditorium addition bonds offered on Aug. 9—V. 145 p. 987—were awarded to the Wells-Dickey Co. of Minneapolis as 334s, at par plus a premium of $850, equal to 102.125, Financial Volume 145 TEXAS DAKOTA SOUTH basis of about 3.28%. Dated Aug. 15, 1937. Due Aug. 15 as follows: S2.000, 1940 to 1953; and 83,000, 1954-1957; optional after 10 years. E. J. Prescott & Co. of Minneapolis offered a premium of $412 for 3%a.%, 4 a RELIANCE, S. Dak.—BOND SALE TO PWA NOT CONSUMMATED now reported by the Town Clerk that the sale of the $14,500 water noted in these columns —It is works bonds to the Public Works Administration, lastjMay, canceled was as the loan was rescinded. . 4 F.SOUTH DAKOTA, State of—BONDED DEBT REDUCED—A $6,670,888 reduction in net bonded indebtedness of the State is reported by Treas¬ urer W. H. Hinselman. The June 30, 1937, total indebtedness was $41,447,980, compared with $48,118,868 on the same date in 1933. Bonds outstanding in the rural credit department total $38,869,000 and the sinking fund was $187,517, leaving net indebtedness of $38,681,482. At the end of the 1933 fiscal year the net indebtedness was $43,444,239. Last of the bonds mature in 1951. Soldiers' compensation issue of 1921 ($6,000,000) has been reduced to a net $2,566,957; in 1933 it was $3,881,779. Bonds are due in 1941. State cement plaht issue of 1921 ($2,000,000) still is out¬ standing in the amount of $199,541, down from $792,849 in 1933.*i WILLOW LAKE, S. Dak.—SALE TO PWA CANCELLED—I n " conto the April, nection with the sale of the $22,000 4% semi-ann. water works bonds Public Works Administration, at par, as noted in these columns in it is stated by the Town Clerk that the project was dropped. md WOOD INDEPENDENT SCHOOL (P. O. Wood), S. Dak.—BOND ELECTION—An election is scheduled for Aug. 31 at which a proposal to issue $13,000 school 1147 Chronicle building bonds will be voted upon. -sJ L^cmi NUECES'COUNTYr(P. O. Corpus Christi) Texas—BONDS SOLD— In connection with our previous report that the sale of the $275,000 road bonds had been deferred from Aug. 2, the date originally scheduled—V. 145, p. 987—we are now informed by C. J. Wilde, County Auditor, that the bonds were awarded jointly to Mahan, Dittmar & Co. of San Antonio, and the J. R. Phillips Investment Co., Inc., of Houston, paying a premium of $612.50, equal to 100.22. Due from Sept. 1, 1945 to 1954; optional on PALESTINE trict SCHOOL Aug. 9 sold on an DISTRICT, Texas—BOND SALE—The~dis- the Brown Crummer approval of the voters at a issue of $200,000 school bonds to Investment Co. of Dallas at par, subject to coming election.!* PECOS INDEPENDENT SCHOOL DISTRICT (P. O. Pecos) Texas— BONDS SOLD—In connection with the report that the $74,000 school house bonds had been offered for sale without success on July 30, noted In these columns—V. 145, p. 987—we are now informed by the Superintendent of Schools that the bonds were purchased as 4s at par, by the State Board of Education. Dated Aug. 1, 1937. Due from Aug. 1, 1938 to 1961 incl. PITTSBURG, Tex.—BOND REFUNDING CONTRACTED—The City Pittsburgh has made a contract with the Brown-Crummer Co. of Dallas city's outstanding bonds. The bonds financed will include old sewer bonds, old water bonds, school bonds, street improvement bonds and fire equipment bonds. The total new bonds issued will be $255,000, which will take the place of $230,000 worth of bond, and accrued interest amounting to $25,000. They will run over a longer period of time and draw r of to refinance the a TENNESSEE after Sept. 1, 1942. or lower rate of interest than the old bonds. . The council considered the refunding necessary on In payment of principal and interest on many bonds, taxes. account of defaults due to uncollected . CHATTANOOGA, Tenn.—BONDS NOT SOLD—F. K. Rosamond, City Auditor, states that the $752,000 school construction and addition bonds, approved by the Public Works Administration, were not sold.-rr^J CHEATHAM COUNTY (P. O. Ashland City), Tenn.—BONDS SOLD TO PWA—It is reported that $11,000 4% semi-ann. jail bonds have been purchased by the Public Works Administraion. £e «d REFUGIO COUNTY ROAD DISTRICT NO. 2 (P. O. Refugio) Texas—BONDS VOTED—At an election held on July 27 the voters ap¬ proved the issuance of $180,000 in 4% road construction bonds, according to report. 1 ANGELO, Texas—BONDS CALLED—It is stated that the entire issue of 5% paving bonds, dated Feb. 1, 1917, was called for payment as of Aug. 1, at the Chase National Bank in New York City. Bonds are optional at any time, interest ceasing as of Aug. 1, 1937. id SAN COLUMBIA, Tenn.—BOND OFFERING—'The City Recorder will re¬ bids until 7:30 P. M. Sept. 3 for the purchase of $170,000 coupon Denom. $1,000. Dated Sept. 1, 1937. Interest payable semi¬ ceive bonds. annually. HAMILTON COUNTY (P. O. Chattanooga), Tenn .—BONDS PUR¬ CHASED—It is stated by T. R. Preston, Chairman of the Sinking Fund Commission, that he purchased for sinking funds a total of $64,000 road and school bonds. TEXAS, State of—REDUCTION IN DEFICIT REPORTED—A news dispatch from Austin on Aug. 5 had the following report to make:—A decline in the general fund deficit from $10,923,802 on July 20 to $9,296,607 Thurs¬ day was reported by Treasurer Charley Lockhart with a call for payment of $2,445,554 in warrants. The call extended to those issued through March 2, including No. 111,624. , The Confederate pension fund deficit was $4,654,214. Warrants issued through September, 1936, will be purchased if not discounted and those is¬ sued through September, 1935, will be paid regardless of discount. Receipt of approximately $1,000,000 of quarterly payments of gross re¬ ceipts taxes and transfers to the fund of greater than usual amounts enabled the Treasurer to make the exceptionally large call for warrants. ^ , , TEXAS BISHOP, Texas—BONDS SOLD—It is stated by W. L. Johnson, City Secretary, that $9,000 5% semi-annual paving bonds have been purchased recently by Rauscher. Pierce & Co. of Dallas. BURLESON SCHOOL DISTRICT, Texas—BOND SALE— The dis¬ trict has sold $10,000 4% 20-year bonds to the State Board of Education. CAMERON COUNTY (P. O. Brownsville) Texas—RFC REFINAN¬ CING LOAN ACCEPTED—It is now reported that the County Com¬ missioners have adopted a formal resolution approving and accepting the $1,021,000 loan for refinancing authorized by the Reconstruction Finance Corporation, as noted in these columns last June. CEDAR SPRINGS BONDS SOLD—It is SCHOOL DISTRICT (P. O. Reagan), Texas— reported that $2,100 gymnasium bonds have been sold. CHILDRESS INDEPENDENT SCHOOL DISTRICT (P. O. COUNTY (P. TAILS—In connection with Dallas) Texas—BOND ELECTION DE¬ report given in these columns recently Aug. 23 in order to vote on the issuance of $1,750,000 in courthouse construction bonds—V. 145, p. 987—it is said that if approved, the bonds will bear interest at not to exceed 4% and will mature in 40 years. It is understood that the proposed construction will begin by Jan. 1, 1938. that an election will be held O. the TENDERS INVITED—'The following state¬ was issued under date of Aug. 9, by Stuart Bailey, City Auditor To Holders of City of Dallas Bonds of the following series: Park Improvement Bonds, Series 127, amount of issue $3,000,000, dated ment 1. which the voters will pass on a bonds. 1935, bearing 3% interest and maturing ;$100,000 each year for Aug. 1, 1935, bearing 3% interest and maturing $17,000 each year (except $16,000 each third year) for 30 years. The intended projects have been completed and there remains unused, out of the proceeds of these bond sales—$300,000 from Series 127, and $35,000 from Series 128. The City Council has instructed that these balances be used to repurchase bonds of the issuing series, for cancellation. The City sold these bonds on a 3.10 basis and'it is felt that they should be repurchased at 3.10, or higher. Please file this letter until market changes enable to submit^offerings of Series 127 and 128 at, indicated prices. Please submit only firm offers. '£1 or near, the ELECTRA, Texas—PWA PROJECT STILL PENDING*-It is now by the City Secretary that the loan of $122,000 to the city by the Public Works Administration for an electric power system, noted in these columns last February, is being held in abeyance because of an injunction suit against the project DISTRICT, Tex. BOND held August 14 at WHITE school building (P. O. Fort Worth); SETTLEMENT SCHOOL DISTRICT Texas—BONDS TO BE SOLD—It is stated by the County Superintendent of Schools that $9,000 4% semi-ann. construction bonds will be sold to the State of Texas. Denom. $300. Dated Aug. 1,1937. Prin. and int. payable in Austin or Forth Worth. UTAH ' ._ ROY, Utah—BOND ELECTION—At a special election scheduled for September 3, a proposition to issue $95,000 water works system bonds will be submitted to a vote. VERMONT ALBANS.Vt.—CORRECTION—Under date of Aug. 7 we were informed by the Howard National Bank of Burlington, Vt., that in listing the bids received for the $35,000 refunding bonds awarded on July 22 to ST. Stone & Webster and Blodget, Inc., we that the bank bid bank was as 3M A VIRGINIA BRISTOL, Va.—BOND SALE—The $135,000 bonds described below which were offered on Aug. 9—V. 145, p. 809—were awarded to Lewis & Hall of Greensboro as 3 Ms, at par plus a premium of $783, equal to 100.58, 3.45%:—$90,000 water works purchase bonds. Due as 1941; $5,000 in 1942, 1943 and 1944; $7,000 from 1945 to and $10,000 in 1951. 45 000 water works extension bonds. Due as follows: $10,000 in 1951, $5,000 inl957, and $30,000 in 1959. Dated Sept. 1, 1937. Interest payable March 1 and Sept. 1. The city will furnish the legal opinion and pay for printing of the bonds. Dryden & Co. of Cincinnati bid a total premium of $329, the $90,000 issue to bear interest at 4% and the $45,000 block at 4%, the bidder to furnish legal opinion.! a basis of about follows: $10,000 in 1949; $20,000 in 1950; KRUM SCHOOL DISTRICT (P. O.Krum), Texas—BONDS SOLD— It is stated by the District Secretary that $10,000 improvement bonds were purchased recently by the State Department of Education. LIBERTY INDEPENDENT SCHOOL DISTRICT (P. O. Liberty) are now informed that the $35,000 improvement bonds purchased by the State Board of Education as noted in these columns recently—V. 145, p. 809—were sold as 4s at par . COVINGTON, Va .—BONDS passed filed by the Texas Electric Company. inadvertently omitted to specify 100.07 on 3M% bonds. We had merely listed the said 100.07, neglecting to state that the rate offered offering a price of 30 years. Imticutelof Fine Arts Bonds, Series 128, amount of issue $500,000, dated stated SCHOOL proposal to issue $80,000 on r DALLAS,'Texas—BOND Aug. INDEPENDENT ELECTION—'The School Board has ordered an election Child¬ ress) Texas—BONDS TO BE SOLD— It is reported that $238,000 4% semirefunding bonds will be purchased by the State Board of Education. ann. r DALLAS VICKERY , a AUTHORIZED—'The Town Council has resolution calling for the issuance of $150,000 street paving bonds, g VIRGINIA, State of—ANNUAL REPORT SHOWS INCREASE IN REVENUES—In the year ended June 30, the State of Virginia increased its revenues by $15,863,380 and its expenditures by $10,908,405—in comparison with the previous fiscal year—and, in the 12-month period, almost tripled its unobligated cash surplus, which on June 30, 1937, stood Texas—BOND SALE DETAILS—We 3/fc SI school were revealed in the annual report of State Comptroller tendered to Governor George C. Perry. in both revenue and expenditure divisions were receipts in unemployment compensation taxes of $4,368,970 and in payment to the United States Government for the unemployment compensation trust fund of $4 300 00). These were, of course, not included in the 1936 tabulation as this phase of the social security program did not go into effect until and mature $1,000 from 1938 to 1972 incl. 623 273 These figures E. R. Combs, Largest new items GRANDE VALLEY RECLAMATION AND CONSER¬ VATION DISTRICT (P. O. Brownsville), Texas—FORMATION OF DISTRICT PROPOSED—Steps are being taken by a committee of lower Rio Grande Valley municipal officials to present to the Texas legislature at its special session in September a proposed measure creating the Lower Rio Grande Valley Reclamation and Conservation District as an agency to Jan. 1, 1937. . bring about a solution of the water problem of this international boundary The committee is composed of Judge H. L. Yates, of Brownsville, Emory Watts, of Donna, Julian Montgomery, new director of the Raymondville irrigation project; Sawnie B. Smith, of Edinburg and Mayor Hugh Ramsey, of Harlingen, serving in place of H. R. Hudson, of Brownsville The proposed district would include Cameron, Starr, Willacy and Hidalgo counties. It would have the power to levy a tax of not more than five cents on each $100 assessed property valuation for the purpose of "procuring an equitable division of waters of the Rio Grande, and to assure the district an adequate supply of water from said river for domestic municipal, irrigation and other lawful purposes, aad for the securing and preservation of the waters and flood waters of said river, and protection of said lands against overflow, and in order to achieve such purposes said district may use all stream. efforts to procure such treaties McLEAN, Texas—BONDS VOTED—At an election held on July 30 the voters approved the issuance of $60,OCO la not to exceed 6% semi-ann. gas plant bonds, according to the City Secretary. Due serially over 10 years. MITCHELL an COUNTY (P. O. Colorado) Texas—BONDS DE¬ election held on July 31 the voters are said to have rejected the issuance of $30,000 in county Washington—Oregon—Idaho—Montana ^rumtalW, Ehritchman & IDltib SAN FRANCISCO SEATTLE Teletypes SEAT 187. SEAT 188 Teletype SF 2961 and the construction of maintenance and operation of all such dams, restrvrlr* and other works as are necessary or desirable." It is estimated the maxima n tax levy would raise $28,630 a year. FEATED—At NORTHWESTERN MUNICIPALS hospital bonds. WASHINGTON ABERDEEN, Wash.—BOND CALD—Tom Freeman, City Treasurer, is said to be calling for payment from Aug. 5 to Aug. 27, various local improve¬ ment district bonds and coupons. CLALLAM COUNTY SCHOOL DISTRICT NO. 58 (P. .0. Port Angeles), Wash.—BOND OFFERING—Sealed bids will be received until 11 a. m. on Aug. 28, by W. A. Barr, County Treasurer, for the purchase of 1148 Financial Chronicle Aug. 14, 1937 WASHINGTON WYOMING $7,000 issue of coupon school bonds. Interest rate is not to exceed 6%, payable semi-annually. Due in from two to eight years. All bidders are re¬ quired to specify the lowest rate of interest and premium, if any, above par at which they will purchase said bonds; or the lowest rate of interest at which they will purchase said bonds at par. Prin. and int. payable at the County Treasurer's office, or at the fiscal agency of the State in New York. certi¬ fied check for 5% must accompany the bid. a DAYTON, qntil 5 p. m. AFTON, Wyo.—BONDS VOTED—It the voters Canadian Municipals 1 COUNTY HIGH SCHOOL DISTRICT NO. 115 (P. O. Ephrata) Wash.—BOND SALE POSTPONED—It is stated by R. T. Gibbons, County Treasurer, that the sale of the $30,000 not to exceed 6% semi-ann. school building bonds originally, scheduled for Aug. 7—V. 145, p. 809—was postponed to Sept. 11, at 11 a. m. Information and Markets BRAWLEY, CATHERS & CO. Due serially in from two to years. KING 25 ST. WEST, TORONTO ELGIN 6438 COUNTY (P. O. Seattle), Wash.—BOND OFFERING—As al¬ ready reported in these columns—V. 145, p. 988—Earl Millikin, County Auditor, will receive bids until 10 a. m. August 30 for the purchase at not less than par of $2,375,000 coupon emergency funding 1937 bonds. Interest rate is to be determined by the bidding, but is not to exceed 6%. Denom. $1,000. Dated Oct. 1, 1937. Interest payable semi-annually. The bonds will mature serially in ten years after date of issue, starting two years after date of issue, the various amounts of maturities to be so arranged that, together with interest, approximately the same amount of principal and interest will be paid each year. Cert, check for 5% required. KING COUNTY (P. O. Seattle), Wash.—REPORT ON BONDED DEBT—In connection with the offering scheduled for Aug. 30, of the $2,375,000 funding bonds, report on which appears in detail above we give herewith a news item taken from the Seattle "Post-lnteiligencer" of July 31: Sale of the $2,375,000 bond issue recently approved by King County commissioners to retire emergency warrants will place the county's bonded a million dollars of the previous peak indebtedness of $12,763,000 reached in 1932, it was learned indebtedness within half yesterday. The county's indebtedness as of June 30 was $9,993,900, according to Auditor Earl Millikin. The reduction from the 1932 figure is being con¬ tinued, under the 40-mill tax limit, through levies in excess of the 10 mills allowed for county current expenses. However, Millikin explained _ that the added $2,375,000 will not be an it must be retired with funds within the Approximately one mill is expected to be used, leaving added burden on taxpayers, the 10-mill figure. as nine for other current expenses. The issuance was forced largely by emergency expenditures during depres¬ sion years to meet relief costs, now taken over by the State government. LOWELL, Wash.—CORRECTION—It is stated by the City Clerk that the report given here recently of an election to be held on Aug. 28 to vote on $52,000 in water system bonds—Y. 145, p. 809—was incorrect. SOUTH BEND, Wash.—BOND SALE—An issue of $75,000 5% water H. P. Pratt & Co. of Seattle at a price of 96. revenue bonds has been sold to TACOMA, Wash.—BONDS CALLED—C. Y. Fawcett, City Treasurer, has called for payment the following bonds: On July 31—Nos. 82 to 347, of Local Imp't. Dist. No. 1392. On Aug. 2—Nos. 106 to 119, of Local Imp't. Dist. No. 4205. Interest ceased on dates called. WASHINGTON, State —An of—BOND INVESTMENT FUND INCREASED had the foliowingto say: Associated Press dispatch from Olympia The State increased its bond investments June 20, by $2,579,632, to Gallagher said recently. Largest extension system Wash.—BOND OFFERING— Sealed bids will be received Aug. 17, by Dean L. Wallace, City Treasurer, according to a $32,000 issue of revenue bonds. Interest rate 4%, payable semi-annually. A certified check for 5% must KING water on accompany the bid. 20 in Aug. 2. LINCOLN COUNTY SCHOOL DISTRICT NO. 5 (P. O. CokeviBe), Wyo.—BONDS VOTED—The district has voted approval of the bond issue of $45,000 for erection of a new school building. report, for the purchase of is not to exceed GRAND is stated by the Town Clerk that approved the issuance of $30,000 bonds by a wide margin at an election held on a total of amount of bonds in any one during the three months ended $32,767,022, State Treasurer Phil H. fund was that of the where there was a total investment of $26,180,379. this fund may be used by the schools. The six permanent funds, incl. university. schools, Only the interest from common contained cash and bonds on June increase of more than two million dollars During the past quarter, the $1,571,500, and $1,096,050 of the 30 State bought bonds to the amount bonds held by the State were WISCONSIN HENRIETTA (P. O. Of redeemedt " 1936, Alberta, along Columbia, had been forced to borrow heavily from the Dominion for ordinary budget purposes as well as In the election of August, 1935, control of the Government was obtained by the Social Credit Party, headed by William a. Aberhart, whose financial program included for relief expenditures. the cessation of borrowing. In order to make the incurrence of additional debt unnecessary the Govern¬ ment determined to reduce expenditures by forcing on the public debt. After the charges a reduction in interest announcement of this policy the Government applied to the Dominion for aid in meeting the April 1, 1936, maturity, which in view of the unorthodox financial policy of the Province, was refused, and the default followed. Since that time two other issues have matured, both of which were defaulted, and, in addition, the Legislative Assembly has by formal action reduced the interest on all direct and on all except one guaranteed issue of the Province by about Provincial 50fho' interest reduction legislation was declared unconstitutional by the Alberta Supreme Court, on Feb. 23, 1937, but, the Institute states, "the Province has continued to offer only the reduced payments in satisfaction of maturing coupons." The Institute, however, recognizes that the financial condition of the Alberta Government is serious and cites the reports of the Bank of Canada and the Alberta Bondholders Protective committee. The former, is early in 1937 concluded that "if Alberta were now paying full interest on its obligations, the Province in 1937-38 would presumably have to borrow its full share of unemployment relief from the Dominion, and on the basis of budgetary estimates (not including debt retirement) would have a cash shortage of about $600,000. Its position would be a littie worse than that of Manitoba, but distinctly better than that of Saskatchewan; and a claim for assistance would no doubt be considered in the light of these facts." The Aiberta Bondholders Protective committee stated that "if sinking fund payments and interest on bonds held in the sinking fund were suspended, the reduction in interest payments on the bonds in circulation could be avoided." The bulletin discusses in full Aberhart Government has the two social credit schemes which the attempted to put into operation. DOMINION GOVERNMENT MAY PUT CURB ON BANK LEGISLA¬ TION—A United Press dispatch from Ottawa on Aug. 9 had the following say: The Canadian Government may yield to growing pressure that it act to prevent the Alberta Government from enforcing its drastic bank-licensing measures, it was believed here today. Copies of the Alberta enactments, it is understood, have been forwarded to the Dominion authorities by Lieutenant Governor J. C. Bowen of Alberta, and the Department of Justice is carefully studying them. It is expected the Dominion Government's attitude will be discussed at a Cabinet meeting Wednesday. y''.: Any action by the Dominion Government to disallow the Alberta leg¬ islation, it is understood, will not be taken so much with the idea of in¬ terfering in the legislative affairs of the province as in arresting the effects which the legislation is held to produce on the credit of the Dominion as a . whole. Richland Center), Wis— BOND SALE—The block of $15,000 4% highway bonds to the Milwaukee Co. of Milwaukee at par plus a premium of $1,163, equal to 107.753. town has sold University. According to the Institute, "for some years prior to with Manitoba, Saskatchewan and British to State college and normal totaling $33,564,720, an over the March 31 holdings. The accident fund, from which disabled workers are paid under the com¬ pensation law, had $11,992,000, an increase of approximately $200,000. Of the 10 million dollars relief bonds issued in 1933, the State owns $1,182,000, and has a $203,500 investment in the teachers' retirement fund. schools CANADA ALBERTA (Province of)—BOND DEFAULT CALLED DELIBERATE a bulletin issued Aug. 2 the Institute of International Finance states that the default and arbitrary reduction of interest on its obligations by the Canadian Province of Alberta was in part the result of a definite policy of the Aberhart administration rather than of necessity. The Institute, of which John T. Madden, Dean of the School of Commerce, Accounts and Finance of New York University is Director, is conducted by the Invest¬ ment Bankers Association of America in cooperation with New York —In BARRIE, Ont.—BOND SALE—An a JACKSON COUNTY (P. O. Black River Falls), Wis.—BOND OFFER¬ ING—Sealed bids will be received until 2 P. M. on Aug. 18, by Hans K. Hanson, County Clerk, for the purchase of an $89,000 issue of 3% court house and jail bonds. Denom. $500. Dated Sept. 1, 1937. Due on Sept. 1 as follows: $4,000, 1938 to 1948, and $5,000, 1949 to 1957, all incl. Prin. and int. (M. & S.) payable at the County Treasurer's office. A certified check for 5% of the amount bid, payable to the County Treasurer, is required. bonds ten issue of $15,000 4% improvement sold recently to J. L. Graham & Co. of Toronto at a price of basis of about 3.30%. Interest payable semi-annually. Due in annual installments. was 103.51, a CANADA (Dominion of)—PROVINCES PREPARE TAXATION BRIEFS—The prairie provinces have plans well advanced for presenting a strong case to the Royai Commission on taxation, which the Federal Government is expected to name shortly. Dr. Jacob Viner, University of Chicago economist, and Dr. Alvin Hansen, head of the Department of Economics, University of Minnesota, have been jointly by the three provinces as consultants in drawing up briefs. The Province of Alberta, first Province to begin active work on assembling data respecting its economic position under Confederation, is employing independently two other consultants. They are Dr. Emerson P. Schmidt, Associate Professor of Economics of the University of Minnesota; and Dr. C. W. Waite, Professor of Agricultural Edonomics at the same institution. Hon. Solon Low, Provincial Treasurer, is the Cabinet member in charge of drafting Alberta's brief. retained P LA CROSSE, Wis.—BOND SALE—The $80,000 bridge bonds offered on Aug. 12 —Y. 145, p. 810—were awarded to Halsey, Stuart & Co. of Chicago, as 2s, at par plus a premium of $167.20, equal to 100.209, a basis of about 1.96%. Dated Sept. 1, 1937. Due $8,000 yearly on Sept. 1 from 1938 to 1947. f V ' I MILWAUKEE COUNTY (P. O. Milwaukee), Wis.—BOND OFFER¬ informed by Frank Bittner, County Auditor, that bids 13, by C; M. Sommers, County Treasurer, for the purchase of $2,000,000 relief bonds. Dated Sept. 1, 1937. Callable at par and accrued interest on March 1, 1938. Due on Sept. 1, 1938. It is expected that the bonds will be ready for delivery the last week in September. The issuance of these bonds was authorized by the County Board ING—We are now In will be received until Sept. at a meeting held OCONTO FALLS, on Aug. 3. City Council. approved by the . POYNETTE, Wis.—PWA LOAN REJECTED—A loan of $17,000 for water works construction was authorized by the Public Works Administra¬ tion early in 1936 but the project was defeated by the voters at an election and nothing further has been done, according to the Village Clerk. WATERLOO, Wik.—BOND OFFERING—Bids will be received until 8p.m. (C. S. T.) on Aug. 16, by F. A. Buth, Village Clerk, for the auction sale of $35,000 3% coupon or registered firemen's park bonds. Denoms. $1,000 and $500. Dated Aug. 16 1937? Due $3,000 on Feb. 16 in the years 1942, 1945 to 1954, and $2,000 on Feo. 16, 1955. Prin. and int. (F. & A. 16) payable at the office of the Village Treasurer. Bids are to be received for the purchase of all of the bonds, no partial bids to be received. Bids may be subject to an approving commercial opinion, the cost of which is to be borne by the bidder. The maximum rate of interest is to be 3%, as stated above. A certified transcript of all proceedings is to oe furnished to the successful bidder. A certified check for 2% of the par value of the bonds must accompany the bid. WESTFORD (P. O. Richland —We are now informed by P. K. Center), Wis.—BOND SALE DETAILS Carroll, Town Clerk, that the $10,000 4% highway improvement bonds purchased by Harley, Haydon & Co. of Madi¬ son, as noted here recently—V. 145, p. 650—are coupon bonds dated June 1, 1937, and mature on June 1 as follows: $1,000, 1944 to 1948, and $2,500 in 1949 and 1950, giving a basis of about 3.30%, since the purchasers paid a price of 106.60. Denom. $500. Interest payable June 1. a Hon T. submission. C. Davis, Attorney General, is directing CANADA (Dominion of)—$25,000,000 TREASURY BILLS SOLD— On Aug. 13 the Dominion of Canada sold $25,000,000 treasury bills, dated Aug. 15, 1937 and payable Nov. 15, 1937. at an average or an Wis.—TO SEEK STATE LOAN— The $27,500 refunding bonds recently authorized will not be offered ror sale, as it has been decided that a loan from the State Land Department will be requested. PITTSVILLE, Wis.—PWA LOAN REJECTED—It is stated by the City Clerk that a loan of $27,000 by the Public Works Administration for a water works system, offered in February, 1936, was not Saskatchewan, preparation of average yield of price of 99.84166, 0.636%. TORONTO, Ont .—BORROWING of Toronto's statutory debt MARGIN AT $5,235,949—The City limitation, on Dec. 31, 1936, was $80,216,034, Finance Commissioner George Wilson announced Aug. 3, and the outstand¬ debt, excluding exempted debt, amounted to $74,980,085, leaving a borrowing margin of $5,235,949. The redemptions of non-exempt debt would approximate $4,000,000 in 1937, he stated, and new debentures would probably be issued to the extent ing of $3,500,000. Assuming that the present taxable assessment would not be materially altered, the Commissioner said, the borrowing margin at the end probably be $5,700,000. Commissioner Wilson explained that the city's debenture debt, after deducting the debt of certain revenue-producing services and all local improvement debt, was limited by Ontario Government statute to 12% of the first $200,000,000 and 8% of the balance of the assessed value of the city's ratable property. of 1937 would VERNON, B. C.—BOND SALE—An issue of $115,000 4% improvement bonds has been sold to the Dominion Securities Corp. of Toronto. Due June 30, 1957. * VICTORIA CITY, B. C.—DEBT REFUNDING TENTATIVELY APPROVED—Bondholders have given their qualified approval to Victoria city's plans to adjust the city's debt structure. The bondholders, resident in Canada, Great Britain and the United States represent holdings aggre¬ gating $14,588,561. The plan was worked out by Jules Fortin, who has been devising re¬ financing policies for several western cities during the past three years and who visited Victoria and Vancouver earlier in the year. Under the original plan, city bond issues with less than 414% interest would be carried for 40 years at the same rate. Issues bearing higher interest would either be carried at their present rate to maturity, when they would be converted to 43^% from the time of maturity until 1976 or could be converted immediately into 4M% debentures. ■/