The full text on this page is automatically extracted from the file linked above and may contain errors and inconsistencies.
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.
■/
@FedFRASER