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I
v
NZWYORK.
COPYRIGHTED IN 1937 8Y WILLIAM B. DANA COMPANY,
VOL. 145. ,MU'd~^'Copy-
ENTERED AS SECOND-CLASB
MATTER JUNE 23, 1879, AT THE POST OFPICE AT NEW YORK, NEW YORK, UNDER THE ACT OF
NO. 3765.
NEW YORK, AUGUST 21, 1937
TRUST
BROOKLYN
THE
COMPANY
Chartered
CHASE
NATIONAL BANK
1866
President
NEW^YORK
THE
CITY
The
BOSTON
■
PHILADELPHIA
BROOKLYN
NEW YORK
OF
Kidder, Peadody & Co.
George V. McLaughlin
Member
MARCH 3, 1B7B.
For
Corporation
YORK
is
tra-
bankers' bank.
a
many
served
NEW
chase
ditionally
Federal Deposit Insurance
OF
years
it - has
large number
a
of banks and bankers
*
as
New York
White, Weld & Co.
•
Exchange
Members New York Stock
correspondent
and
depository.
reserve
Member Federal
BANK
Boston
New York
AND
Amsterdam
London
Correspondent
'
'
.
L
'
»
INSURANCE
United States
STOCKS
^
Corporation
Quotations Facilities
Deposit Insurance Corporation
Government
parish.
Securities
The
Brown Harriman & Co.
FIRST BOSTON
Hall^arten& Co.
Incorporated
corporation
63 Wall
Established 1850
BOSTON
NEW YORK
Telephone: BOwling Green 9-5000
CHICAGO
NEW
YORK
PHILADELPHIA
AND OTHER
San Francisco
PRINCIPAL CITIES
Chicago
-
Washington
Representatives in other leading Cities
London
Chicago
Philadelphia
Boston
SAN FRANCISCO
...
Street, New York
Wertheim & Co.
120
State and
Broadway
New York
Amsterdam
London
NewYorkTrust
Municipal Bonds
CARL M. LOEB & CO.
61
BROADWAY
Capital Funds
NEW YORK
Amsterdam
Berlin
London
.
.
$37,500,000
Barr Brothers & Co.
INC.
New York
Paris
Chicago
ioo broadway
57TH ST. & FIFTH
AVE.
40TH ST. & MADISON
EDWARD B. SMITH & CO.
Service
to
Dealers since
European Representative's Office:
LONDON
8 KING
&
WILLIAM STREET
WEEKS
Established 1888
LONDON. E. C 4
40
Correspondent
Edward
B. Smith &
CHICAGO
1888
HORNBLOWER
BOSTON
PHILADELPHIA
Minneapolis
Banks and
New York
31 Nassau Street
CLEVELAND
AVE.
NEW YORK
*
Co., Inc.
St. Louis
Members New
Member of the
Federal Reserve System,
Association
the New York Clearing House
and of the
/
s?
Federal Deposit Insurance
Wall Street
NEW YORK
York, Boston, Chicago,
Cleveland, Philadelphia and
Detroit Stock Exchanges
^
Corporation
Aug.
Chronicle
Financial
il
1937
21,
BAKER, WEEKS
A. G. Becker & Co.
J. & W.
& HARDEN
Incorporated
Seligman & Co.
Investment Securities
Established 1893
Members
No. 54 Wall Street
New York Stock Exchange
New York Curb Exchange
Investment Securities
YORK
NEW
Philadelphia Stock Exchange
Chicago Board of Trade
Commercial Paper
52 WALL
STREET, NEW YORK
London
Correspondent*
Graybar Building, New York
Chicago
New York
Commercial Trust Bidg., Philadelphia
SELIGMAN
Buhl Building, Detroit
And Other Cities
6
BROTHERS
Lothbury, London, E. C. 2
Bourse Building, Amsterdam
Foreign
Leading Out-of-Town
Investment Bankers and Brokers
Australasia and New Zealand
BANK OF
NEW SOUTH WALES
(ESTABLISHED 1817)
NEWARK
BIRMINGHAM
(With
which
the
Western
Australian
Bank
and
The
Australian Bank of Commerce. Ltd., are amalgamated)
Paid
New
MARX & CO.
Jersey State & Municipal Bonds
MUNICIPAL
£8,780,000
6,150,000
8,780,000
Liability of Proprietors
Newark Bank & Insurance Stocks
£23,710,000
BIRMINGHAM, ALABAMA
SOUTHERN
Capital
up
Reserve Fund
Reserve
Aggregate Assets 30th Sept., 1936- £115,150,000
A. C. DAVIDSON, General Manager
,
AND
J. S. RIPPEL & CO.
CORPORATION BONDS
780 BRANCHES AND AGENCIES
The
18 Clinton St.
Newark, N. J.
Bank
transacts
every
description
tralasian
Banking Business.
Produce Credits arranged.
Head
DETROIT
the
In
Australian States, New Zealand, Fiji, Papua,
Mandated Territory of New Guinea, and London.
Office:
HARTFORD
George
London
Street,
of
and
Aus¬
other
SYDNEY
Offices:
29 Threadneedle
47
Wool
Street, E.C.2
Berkeley Square, W.l
Agency arrangements with Banks throughout
the U. S. A.
MUNICIPALS
MICHIGAN
Specialists in Connecticut
Securities
BONDS
CORPORATION
PUTNAM & CO.
WATLING, LERCHEN & HAYES
Members New York Stock Exchange
Members
Curb.
New York Stock Exch.
New York
Detroit Stock
Chicago Stock F.xch.
Exchange
334 BUHL
Assoc.
6 CENTRAL ROW
Tel. 5-0151,
DETROIT
BLDG.,
~ '
*
NATIONAL BANK
of EGYPT
HARTFORD
A. T. T.
Teletype—Hartford 35
Head Office
Cairo
'
FULLY PAID CAPITAL
RESERVE FUND
PALM
BEACH
AND
WEST
PALM
.
£3,000,000
3,000,000
....
BEACH
LONDON AGENCY
LISTED
AND
UNLISTED
6 and
7, King William Street, E. C. 4
Specializing in
SECURITIES
Branches in all the
principal Towns in
FLORIDA BONDS
EGYPT and the SUDAN
Charles A. Parcel Is & Co.
Members of Detroit Stock Exchange
PENOBSCOT
BUILDING, DETROIT, MICH.
CARLBERG & COOK, INC.
Palm Beach—West Palm
Beach, Fla.
Bell System Teletype: W-Palm Beach No. 84
Royal Bank of Scotland
Incorporated by Royal Charter 1727
MIAMI
Capital (fully paid)
LOUIS
£3,780,192
Reserve
ST.
£3,944,171
fund
Deposits
We buy and sell for
own
account
Florida Municipal Bonds
(jorrigan,MILLER E<3O.
--
INC.
--
Ingraham Bidg.,
Bell System
£66,800,985
Over
our
200
St/x
Co.
&
saint Laura
Year* of
Commercial
CHIEF FOREIGN
3
J
Banking
DEPARTMENT
Bishopsgate, London, England
HEAD
M^euvg St
OFFICE—Edinburgh
General Manager
MIAMI
William
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 and Southwestern
WISCONSIN
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 Capital (Hongkong
Smith, Moore & Co.
St. Louis
The First Boston
St. Louis Stock
Corp. Wire
Exchange
_
rency)
Reserve
song
Liability
of Proprietors
Currensy)._
A. G.
72 WALL
f
Currency) H$5Q,000,000
Paid-up Capital (Hongkong Currency) ___H$20,000.000
Reserve Fund In Sterling
£6,500,000
Reserve Tund in Silver (Hongkong Cur¬
HSIO.OOO.OOO
(Hong__._HS20.000.000
KELLOGG, Agent
STREET, NEW YORK
flimmtrW §*
Vol. 145
AUGUST 21, 1937
No. 3765.
CONTENTS
Editorials
Financial Situation
The
page
.1150
..
Supreme Court Scandal...
.1162
American Interests and the War in China
.1164
Comment and Review
Week
on
the
European Stock Exchanges
Foreign Political and Economic Situation
1154
...1155
__
Foreign Exchange Rates and Comment
1159 & 1202
Course of the Bond Market
Indications of Business Activity
Week
on
the New York Stock
Week
on
the New York Curb
1165
.
1166
..>
Exchange
1153
Exchange
1200
./
News
Current Events and Discussions
Bank and Trust
General
1180
Company Items
.1200
Corporation and Investment News
1246
Dry Goods Trade
State and
....1289
Municipal Department
1290
Stocks and Bonds
Foreign Stock Exchange Quotations.
1202, 1211 & 1245
Dividends Declared
..
Auction Sales
/.
...
1204
1245
New York Stock
Exchange—Stock Quotations..
New York Stock
Exchange—Bond Quotations ..1212 & 1222
New York Curb
Exchange—Stock Quotations
New York Curb
Exchange—Bond Quotations
1212
1228
1232
Other Exchanges—Stock and Bond Quotations...
1234
Canadian Markets—Stock and Bond Quotations
1239
Over-tHe-Counter Securities—Stock & Bond Quotations. 1242
Reports
Foreign Bank Statements
1158
Course of Bank
1202
Clearings
Federal Reserve Bank Statements
1209
General Corporation and Investment News
1246
Commodities
The Commercial Markets and the
Cotton
Breadstuff s
Published Every
Crops
...1280
.1282
1287
Saturday Morning by the William B. Dana Company, 25 Spruce Street, New York City
Herbert D. Seibert, Chairman of the Board and Editor; William Dana Seibert, President and Treasurer; William D. Eiggs, Business
Manager.
Other offices:
Chicago—In charge of Fred H. Gray, Western Representative, 208 South La Salle Street (Telephone
State 0613).
London—Edwards & Smith, 1 Drapers' Gardens, London, E. C.
Copyright 1937 by William B. Dana Company.
Entered as second-class matter June 23,1879, at the post office at New York, N. Y., under the Act of March 3, 1879.
Subscriptions
in United States and Possessions, $15.00 per year, $9.00 for 6 months; in Dominion of Canada, $16.50 per year, $9.75 for 6 months;
South and Central America, Spain, Mexico and Cuba, $18.50 per year, $10.75 for 6 months; Great Britain, Continental Europe
(except Spain)
Asia, Australia and Africa, $20.00 per year. $11.50 for 6 months.
Transient display advertising matter, 45 cents
per agate line
Contract and card rates on request.
NOTE;
On account of the fluctuation in the rates of exchange, remittances
for foreign subscriptions and advertisements must be made in New York funds.
The Financial Situation
how
RECENT nothing ofhas evidently taught the Pres¬
experience real statesmanship, caused
ident
forget nothing of cheap politics, and led him
surrender none of his determination to make poli¬
him to
to
of
organized
groups
Island
"harping 011 my daughter"
have been hard put to
as
use
text
a
attack
United States,
and
lishers
opposed to his pol¬
His
icies.
of
apotheosis
what Howard Lee McBain
termed
of
"divine
the
fifty-one
different
hardly
its
per
wording
that
have
into
the
the
all,
cent" is
in
even
from
with
before it
gone
record.
All
address
was
in
no
and the
holds than
and
thoughtful
Americans
to
this
it
was
patriotic
their
is
hang
heads in shame.
that
at least had
hoped
this
that
is
present.
Fundamental
was
encouragement
his
will
why
prove
fine,
are
carry
with them
cerned, be
tation.
so
far
deteriorate
as
a
presentation
President naturally
many
citizens are con¬
"Democracy" is, however, a word to conjure
and it is of first rate importance
little misunderstanding of the
that there shall be
as
true nature of real
democracy and
as
under¬
be.
Dei need not
full
an
standing of its merits and its limitations as may
The
age-old fallacy of
detain
any
vox
thoughtful
absurdity is too obvious.
populi
vox
Its fundamental
The notion that some¬
man.
ride
to
which
ad¬
things
do
prevent
you
will
who
should
seed
the
at
by
of
act
pros¬
a
year
year
a
of
the
all
and thus
corn
next
people
like
in
devour
scarcity
make
year
not
scarcity but of absolute
famine."
ident's
To this the Pres¬
reply is:
racy—and
"Democ¬
democ¬
more
racy."
He insists that "we
cannot
go
in the hands of a
America
does
along with the
come
to
lies
that sal¬
in the
vesting
select class, and that if
that system,
America
point does the President take
answer the charges repeatedly made
At
to
of
season
Tory insistence
the trouble
[the
will in
perity from returning; that
at
not
a
seriously
you
...
will
in
in want
people]
such
versity
control.
perish."
be
thousands
while
I
of power
will
cap¬
should
are
vation
worthy of further consideration or refu¬
with in this country,
and
some
form
or
of
and asking
anybody
American
prin¬
weight the words of
.
apprehend that
ciples of democracy would
and the
ranting
of honest folks
what is required.
not, were it not for the plausibility of its
.
carriage
Constructive, statesmanlike public policies,
in
.
pagne
general
profitable,
substantially
on
.
permitted to drink cham¬
public policy
of conditions beyond his
reason
of
not
will
.
italists
impedi¬
wealth
productive
alterations in
investments
least
what the President is
call the
of
demagogue
a
about the tyranny
points are urgently indicated for the
purpose of creating conditions under which
the owner of funds can place them at work
with a reasonable degree of assurance that
the business community.
pleased to
and
upon
the other
.
is
at many
to
This latest exposition
imposed
creation
the
in
of
certainly not likely to
bring
with
concerned
preaching
patience, respect for vested
Without
question these difficulties are of first rate
importance, but they are by no means the
only obstacles to a greater rate of progress
beginning to
recede into ."the background,
politics
most
side
.on one
.
statesman
a
of necessaries.
free investment that take the
preju¬
and time,
rights
meddling in the securities markets.
vaguely
type
to
restrictions
of
at
time, when some ob¬
servers
naturally
ments
The fact
delivered
is
earnestly commend these notably wise
judicious observations to those who
shape the public policies of the Nation and
to all others who are in positions that enable
them to influence public policy.
The New York Stock Exchange Committee
of others that have caused
".
ment:
and
large number
a
inflame
to
be found in this state¬
may
to
abound
course
dice in this day
We
President
the
of
passages
Macaulay,
phraseology well cal¬
culated
ings into productive investment."
responsibilities of
office
argument?
Lord
which
^
many
befitting the dignity
more
the
right
unable
respects,
Argument
of the
gist
from
produce normal
quantities, must turn its energies to the
creation of new productive wealth with con¬
sequent increase of output, advance of living
standards
and
widespread reemployment.
Enterprise should be encouraged and private
investment—the
willingness of owners of
savings to assume the risks of legitimate
business enterprise—should in such circum¬
stances, be facilitated, not discouraged.
It
thus seems apparent that those who desire
prompt absorption of the unemployed portion
of our population and continuing advances
in living standards should earnestly strive to
promote conditions conducive to the ready
transfer of individual and institutional sav¬
many
en¬
experience.
or
President's
The
is producing goods at a level
approximating existing capacity without pro¬
vision for peak demands, but which is, in
pub¬
is
slightest
the
What then is left of the
population,
Manufacturers, and, of
editors
justice,
President's
productive consumption must be replaced by
private investment
in productive wealth.
A nation which, with a large unemployed
the
National Association of
course,
and
without
The
analysis of the economic service ren¬
securities markets prepared by
a
special committee of the New York Stock
Exchange and appended to the recently pub¬
lished annual report of its President, remarks
at one point that "it is difficult to draw any
conclusion other than that Government in¬
vestment
of deficit-created funds
in non¬
partisan Ma-
customary
the
wisdom
unfortunately
An
the Chamber of Commerce
of
of
voice
but
trancing
Of Course
old but
an
mystic force tends
some
basis in fact
the Liberty League,
upon
the
masses
dered by free
brilliant but
caulay to
day
to the
go
the dross of ignorance and error from
minds, leaving the recorded voice of the
men's
must
and cancel one
of voters
purge
it
not unknown letter of the
his
polls, that on election
to
self-seeking
various
offset
to
numbers
when large
obliged to dig
was
from the files
for
Roanoke
ingenuity in giving infinite variety
continuous
when he
at
tend strongly
another
of
selfishness
innate
the
groups
Wednesday would not have been made.
on
The President's
a
address
his
Otherwise
Nation.
the
to
and greed
of the discontented throughout
capital of the prejudices, ignorance,
tical
understanding of the individual,
and
experience
and
the lack of information,
misconceptions,
the
no
and, by and large,
and programs
"which will prevent prosperity from returning."
He again asserts, as if someone had denied it, that
"majority rule must be preserved as the safeguard
of both liberty and civilization," and adds that
"under it property can be secure; under it abuses
can
end; under it order can be maintained," but
against him that he is sponsoring
succeeding in giving effect to policies
Volume
1151
Financial Chronicle
145
dential veto of at least one measure that will furt-her burden the taxpayers. All of this is of interest,
order is not maintained.
hut the realist is likely to prefer to watch day-toThe fact of the matter is that we are today in one
day Treasury statements of income and outgo in
of those
of adversity foreseen by Lord
order to obtain a solid basis of judgment about
Macaulay, and the question may reasonably be
budget prospects.
asked:
Shall we make certain that we shall not
These statements of the Treasury, too, have been
"do
things which will prevent prosperity from
in the headlines on more than one occasion of late,
returning" ? The answer to this question is unrelated
The fact that both total expenditures and the deficit
to majority rule, since the majority does rule, and,
for the fiscal year to date are running well ahead
barring acts of usurpation by those now in public
of estimates as well as very substantially above
office, is certain to continue to rule.
The cause the corresponding period last year has not been lost
for uneasiness is found in the susceptibility of the
to sight by those whose duty it is to keep the public
majority to demagogic appeal, and its consequent
informed about developments in the national Capitendency to turn a deaf ear to reason and commontal. So strinkingly at variance with official predicwhile pursuing the ends of the rainbow with
tions and with what is represented as the intention
those who know not—and sometimes care not—
of the President are these figures that they have
where they may lead.
Recently the willingness indeed made excellent "news," and have called
nowhere
moment
explains why under it at the present
property is
abuses are prevalent
not secure,
and
seasons
sense
and determination of the American
people to abide
faithfully by the spirit of contracts solemnly embodied in the Constitution has been severely tested
impatient
imposed
respect certain rights of minorities,
political malcontents would like to
by leaders of the majority who have grown
with the obligation
upon
itself to
Some
of these
abolish
under
that the majority had
restraint
all
the greatest
majorities—apparently
upon
belief that the greatest good of
the strange
number would in this manner result.
time that he
President himself, at the same
The
condemns
class favoritism in the
variety of
any
abstract, has long championed the grossest sort
favoritism for
in
many
of
which happened to be
Just before he
understood to have agreed
blocks of votes.
control of large
left
groups
Washington he is
and further development of agrarian
to a continuation
of the general
of the
might of course
policies which take from the pockets
public large sums to be placed in the pockets
farmers.
Many other
and under all systemsand to
who
means
in
are
is
of government to come into
hands of the abler citizens,
this
accounts and considered as
the
to be.
best
served, w Lord
majority
Macaulay
and eternally right in believing
can
in the nature of the case sue-
only if it manages its affairs wisely, particularly
economic affairs.
This it can do only if it pays
heed
to
some
the
the
abler
effective
members
of
society
and finds
method of identifying and rejecting
demagogues.
The President's actions, not his
words, will determine whether he is a true
friend of
democracy.
The
capital transactions,
done, and is not likely
obtained through resimply been expended
like any other moneys for current purposes. It
would appear that the least that the Treasury could
d0 would be to treat such receipts in its daily statement and in its other summary tables as receipts
On the contrary, funds
payment of such loans have
rather than as a
the
deduction from expenditures. For
period here under review,
that is, from July 1
the operarevolving funds was an "excess of
credits" amounting to $1,820,006 against $230,000,to August
16 inclusive, the net result of
tions of these
000 last year. Now if these
Budget
and their repayment
been carried in separate
This, however, has never been
ceed
its
seemed to us that these loans
should from the first have
but it by no
manner
democracy
first adjustments necessary concerns the operations
of the so-called revolving funds. It has always
in the minority, all this super-
are
to favor the majority,
follows that the interests of
seems
fundamentally
that
the
remain in
naturally
ficially
instances
Since control of wealth tends in all countries
be cited.
out unofficial "explanations" of one sort or another. They have been described as misleading and
as without particular significance, but the fact remains that the deficit as reported in the Treasury
statement as of the close of business August 16
stood at $293,000,000 compared with $201,000,000
during the previous fiscal year, debt retirements
excluded in both instances. No less embarrassing
to those who would "explain" the situation is the
circumstance that total expenditures, again excluding debt retirements, for the period from July 1
to August 16 inclusive were $993,060,000 this year
against $718,000,000 last year,
Now it is true that these figures could easily
mislead the unwary, but it is not true that they
are without significance. It is well worth while
to regroup certain of these Treasury figures in order to reveal their exact significance (so far as that
is possible) - and to study the results. One of the
as
receipts and the total
credits are classified
expenditure figures as pub-
EVEN with theresounding, the attention in Con- lished adjusted accordingly, we
tumult and the shouting of the penditures—that is, apart from
still
gress
public has of late been
budget situation.
repeatedly drawn to the
The President has been discuss-
said to have
determination to hold outlays during the current fiscal year well within the
limits of appropriations. Congress has, however, not
been quite as solicitous for the state of the Na-
ing expenditures with his aides and is
impressed them with his
tion's
as
finances
being.
as
the President is
thus described
Several steps have been taken that will
cost substantial sums,
including alterations in bills
and the introduction and final passage over a
Presi-
the operations of
find that total exthose arising from
these so-called revolving funds—
amounted to $995,000,000 this year compared with
$948,000,000 last year, debt retirements being exeluded for both periods.
This showing, which is offered as less likely
to mislead than that made by the Treasury figures
as
published, is possibly somewhat less appalling,
is far from encouraging. Expenditures
but certainly
this year, far from declining, are seen, even on this
revised or adjusted basis, to be some $47,000,000
ahead of last year, while those of last year are re-
1152
vealed
the
Financial
much
as
higher than reported.
outlays for the entire fiscal
some
At this rate
would
year
run
|375,000,000 ahead of the period ending June
The deficit figures are even worse, since
30, 1937.
they show the deficit to date to be
ahead
of last
penditures
would
top
for the 1937 fiscal year
Of
it
course
47
the
$92,000,000
of
excess
$2,774,000,000
exr
deficit
by not far from $750,000,000.
should not be
assumed that the first
days of the current fiscal
of the whole
some
At this rate the
year.
forecast the
year
course
period, but certainly these early weeks
disregarded in appraising the budget¬
cannot well be
outlook.
ary
for the current year.
ures
far
so
good deal of discussion of what
a
"layman's balance" of the budget fig¬
Many persons have gone
a
to
as
What
predict such
balance for this period.
a
is apparently meant
actual cash income and
by all this is that the
approximately in balance.
proportion of expenditures,
the nature
like that
of
trust
distorted picture
a
ficial accounts
concerned.
far
as
The
accounts
large
a
it is claimed,
so
transfers to
Such
and
the
of¬
immediate expenditures are
as
of
returns
the
Treasury covering
period from July 1 to August 16 shed some
the
light
anced
by cash income?
marked
seems
Is cash outgo being bal¬
Is there in
toward
progress
balance
ures
this subject also.
on
the
reasonably in prospect?
themselves
provide the
far amounts to
000,000 is
a
Let the fig¬
The deficit
answer.
$293,900,000, of which
represented
This leaves
counts.
as
by
transfers
$186,-
some
For
to
trust
which
the
up
can
as
reported
period last
year
(again excluding pub¬
revolving
fund
timism
in
some
official
recurrence
circles
about
of the earlier op¬
increases
in
tax
ses¬
regarding the collection of taxes
somewhat larger
receipts, but the
over-estimates of the Treasury last spring
gross
certain to leave most
thinking people in
mind that will
them to be very
reckoning
this
All
cause
larger receipts this
on
seems
in
There
legislation enacted at this
new
result in
may
appear
and relief expenditure items.
recovery
has of late been
in
agencies.
large part of the reductions that
a
the
so-called
general fund expenditures has swallowed
to leave
the
balance for the current year
a
are
frame of
conservative
than last.
year
hope of
layman's
a
resting rather heavily
the net results of the so-called revolving funds.
upon
shrinkage
of
not
course
of receipts
recent
1937 fiscal year
from this
origin.
is of
source
The last half of the
in fact showed net debits in these
accounts in the amount of
000,000. Further
crop
something
than $26,-
more
loans apparently about to be
made, housing legislation said to be certain of enact¬
ment
this
at
session,
and
other
measures
lend
that net collections of this sort will
assurance
play any important part in the finances of the Na¬
tion
during the coming months, unless indeed the
Administration is willing to make drastic
in its
changes
policies concerning the sale of its huge miscel¬
laneous collection of assets.
idea
of
figures for this fiscal
chimerical.
It is thus evident that
layman's balance in the budgetary
a
ac¬
$107,000,000 deficit which
the comparable
the total deficit
lic debt
by
Growth of
the
hardly be explained by reference to trust account
operations.
held
$228,000,000
receipts from the sale of capital assets
any
point where such
reported by the Treasury for the current fiscal year
so
decline in
little
evidence
reported by the
as
transfers to trust accounts than to the
in
is obtained from
encourage¬
Treasury is due less to the $106,000,000 increase in
The
are
no
Figures cited above show clearly that the
growth in the Federal deficit
outgo of the Treasury dur¬
ing the twelve months' period ending June 30 next
would be
tainly recent Acts of Congress lend
ment.
sion of Congress
A Layman's Balance?
termed
Aug. 21, 1937
collections, and
There has been
is
Chronicle
The
year
has been to date largely
President
notwithstanding,
his
frequent references to the subject, has yet to make
a
real
start
toward
budgetary reform.
retirements) amounted to $201,000,000, of
trust
account
transfers
constituted
Federal Reserve"Bank Statement
$80,-
000,000, thus leaving $121,000,000 which has nothing
do with a layman's balance.
We seem accord¬
THE banking showed that member week ended
statistics for the bank
Wednesday
ingly to be about $14,000,000
reserves
to
ance
than
This
we
were
represents
less than 12 per
of the deficit
we
the deficit
to continue
layman's deficit of
a
Naturally
such
sensible
no
fiugres
as
facts
as
man's
balance
this fiscal
come
year
and
are
as
of
the
the basis
short, and there
plain
budget.
nearer
If
near
we
it, the
a course very
a
on
lay¬
of in¬
different from that
a
change in the management of the
household
is
imminent
we
have
no
comforting
assurance
lectures of
the President to his subordinates.
more
than that afforded by recent
Cer¬
to
total
a
of
from which member banks
the reduction in the Treasury's
deposit with the Reserve banks.
in
the
of
one
This week's decline
Treasury's balance of $97,001,000 followed
$56,088,000
a
week
$308,778,000,
and from that of the first 47 days of this.
such
source
reserves was
totaled
to finish
course
week, the chief
gained
with
alto¬
$40,000,000
$780,000,000 compared with the unusually low level
of $700,000,000 two weeks
ago.
As in the previous
deposit
Yet such
are
increased
this
are
even
excess
had
of
pikestaff that
as a
yet nowhere
period much
must follow
national
on
expenditures during the remainder of this
of last year
That
large proportions.
would
complicating factors.
many
we
year
The period that has elapsed
these make it
the record
throughout the
these undertake to say what
since June 30 is much too
too
something
period find ourselves
very
man
year's deficit will be.
gether
of
If this rate in the reduction
should at the end of the
with
amounting to $14,-
improvement
an
cent.
were
layman's bal¬
at this time last
year.
reduction in
000,000
nearer a
the
Thus the Treasury's
ago.
System,
was
which
cut
to
mark, and the position of the
proved accordingly.
seasonal rise of
the
weeks
money
were
on
ago
market im¬
The additions to bank
resulting from Treasury drafts
the Reserve banks
two
the $155,689,000
reserves
its account with
partly offset by the further
$18,000,000 in
currency
circulation,
$12,000,000 increase in non-member deposits and
other Federal Reserve accounts,
and the decline of
$7,000,000 in the volume of Federal Reserve credit
employed.
their
The Reserve banks again stood pat on
portfolio of government securities, making
changes either in total amount
the
holdings.
raised another
time
The
stock
of
or
no
in the nature of
monetary
$30,000,000 in the week to
high record of $12,527,000,000.
gold
a new
was
all-
Financial
Volume 145
The condition statement of the 12 Federal Reserve
hanks for Aug.
total reserves,
18 showed
with gold certificate holdings lower
by $452,000 and
With
other
cash lower by $3,852,000.
expanding seasonally,
circulation
currency
Federal
decline of $4,966,000 in
a
Reserve
notes
actual
in
circulation
rose
played out and declines
the
and metal shares the
on
Thursday
issues
ous
Total de¬
and
to
of
total
a
serves
up
deposits
posits
$7,239,678,000, with member bank re¬
$62,750,000 to $6,743,874,000, foreign bank
up
up
total of $4,238,391,000.
a
$6,887,000 to $140,513,000, and the Treas¬
Bills discounted
$1,591,000 to a total of
for member banks increased
$18,288,000, while bills bought in the open market
increased
$1,000 to
advances declined
total of $3,073,090, industrial
$55,000 to
a
total of $15,249,000.
of United States Government
banks
serve
were
Holdings
securities by the Re¬
The
unchanged at $2,526,190,000.
ratio of the 12 banks stood at
a
total of $21,007,000,
a
industrial advances de¬
to make
and commitments
clined
a
$36,000 to
79.7% against 19.6%
of the Federal Reserve
Governors
The Board of
System announced Aug. 20 that it had approved
application of the Federal Reserve banks of
the
Atlanta and
from
that
most
the
the
Trading began the week under the cloud of
intensity of the struggle increased as the week wore
the nervousness of the financial community in¬
President Roosevelt gave indication that
for the
avoid invoking the
and
Neutrality Act
present, but fears remained that his hand
might be forced later.
If
an
embargo
on
credit
exports of a wide variety of goods to the bellig¬
erents should be
imposed by the President, disloca¬
tions of trade would naturally ensue.
stocks
among
metal
stocks
The declines
quite general, with the steel and
suffering not least.
Shares of some
were
of the American concerns with
large investments in
China, and particularly in Shanghai, the scene of
the heaviest fighting, were marked out for special
pressure.
But, uncertain though the Wall Street
mood was,
there was no frenzy of selling.
Activity
tapered off considerably from the moderate level
inclined
were
in
rather
decided contrast between the senti¬
prevailing during the brief session of
Saturday and that in evidence this week.
the
largest for a
last
Turnover
Saturday in a month, and
prices reached their highest ground for the week.
Steels and the higher-priced industrials led the list,
with United
States Steel
price since March.
ket's temper
movement
going above 121, its best
On Monday, however, the mar¬
underwent a change, and the selling
enveloped most sections of the list, with
particular suffer¬
The only improvement in the
steel, copper and railway issues in
ing sizable losses.
market
on
Tuesday was restriction of the losses to a
smaller scope.
The market started out on Wednes¬
day with a show of firmness, but
of American &
China, were hard
stake in
large
a
quiet week for these times, and the dollar remained
in
position to attract gold from most points of
a
the compass.
York
New
the
On
Stock
stocks
17
Exchange
high levels for the year while 47 stocks
new
new
low levels.
On
the
New York
Curb
the strength soon
Stock
York
Call loans
low levels.
new
48
the
unchanged
remained
Exchange
on
1%.
On
York
New
the
Stock Exchange
the sales at
half-day session on Saturday last were
the
657,050 shares;
Tuesday,
on
shares; on Thursday, 761,540
last
sales
Wednesday, 702,090
shares, and on Friday,
On the New York Curb Exchange
were 115,700 shares; on
802,270 shares.
the
467,030
618,390 shares; on
shares; on Monday they were
Saturday
on Tuesday,
220,535 shares; on
Thursday, 198,500 shares, and on Friday, 219,220
they
Monday
were
187,950
shares;
208,900 shares; on Wednesday,
shares.
The
improved tone imparted to stocks on Friday
continued Saturday, and share
was
their
gains.
ing news
to inspire activity.
undeclared
war
in China
With the
continuing in intensity,
only to American investments in
quarter but also to American trade with Eastern
general, and a new rift in European
the result of
between
politics
breaking off of diplomatic relations
Portugal and Czechoslovakia, followers of
stock
market experienced further
quite additional to
to
Yesterday was the
day of declining prices.
with its threat not
the
prices extended
The rest of the week saw little assur¬
fifth consecutive
as
aggressive buying than anything else.
was
off, and yesterday a sharp
Domestic corporation bonds were
foreign exchange market went through a
The
Asia in
prices of stocks were more the result of lack of
ment
sell
to
supply, and the issues
with
panies
in
a
unremittingly
were
Foreign Power and International Telephone, com¬
prevailing in the previous week, and the recessions
was
bonds
United States Government issues
decline occurred.
that
There
With
promising to be costly and
Exchange 17 stocks touched new high levels and
Sino-Japanese war and, as the dimensions and
intended to
weak¬
types of issues was
began the week with a good tone, but thereafter "they
at
he
war
Japanese
under pressure.
New
creased.
The decline
give ground.
pronounced in the Japanese obligations.
prolonged,
WEAKNESS and New Yorkwere the dominant
dulness stock market this
on,
in the
bond market the tendency to
Sino-Japanese
week.
the
to
manifested in all
was
stocks touched
of
as any
unchecked in yesterday's trad
was
In the listed
ness
touched
traits
Steel, copper
weak
commodity sector, wheat turned weak
prices
touched
The New York Stock Market
losses.
as
ing, and volume increased slightly.
Chicago to cut their rediscount rates
2% to 1%%, effective today.
the bid side, and numer¬
about
were
cotton continued
hit.
week ago.
on
fair-sized
showed
In the
in share
$6,109,000 to $199,602,000, and other de¬
ury's deposit down $97,001,000.
:
The market
principal losers.
thin
was
and silver shares
posits of the Reserve banks decreased $21,255,000
again the order of
were
with railway, utility, petroleum, rubber
day,
list.
$10,348,000 to
1153
Chronicle
perplexities
worries over the rush of Congress
Traders generally found little incentive
buying. As compared with Friday a week
adjourn.
for
new
ago,
equity prices closed generally lower. General
yesterday at 55% against 58 on Fri¬
Electric closed
day of last
at
week; Consolidated Edison Co. of N.
35% against 37%; Columbia
against 13%; Public
Y.
Gas & Elec. at 12%
Service of N. J. at 40% against
Threshing Machimkut 1723/8 against
185; International Harvester at 114% against 120 ;
Sears, Roebuck & Co. at 94 against 97%; Mont¬
43; J. I. Case
gomery
at
Ward & Co. at 61 against 65%; Wool worth
American Tel. & Tel. at
47% against 49, and
1154
♦
Financial Chronicle
168% against 170.
at
Western Union closed yesterday
on Friday of last week; Allied
461/2 against 48%
Chemical & Dye at 235 against
de Nemours at
239%; E. I. du
against 21; National Biscuit at 25% against
23%;
Texas Gulf Sulphur at
38% against 39% ; Conti¬
at
at
against 11%; Westinghouse Elec.
&
at
11%
Mfg. at 151
against 158%; Lorillard at 21% against 21%; U. S.
Industrial Alcohol at 35%
against 34%; Canada
Dry at 25 against 26;
45%,
and
Schenley
Distillers
showed
substantial
at
30
against 31%.
The
stocks
States
against 120%
Steel
closed
yesterday
losses.
at
114%
Friday of last week; Inland Steel
at 117 against
119%; Bethlehem Steel at 97%
against 101%, and Youngstown Sheet & Tube at 90
on
against 94%.
closed
In the motor group, Auburn Auto
yesterday at 15% against 17
on Friday of
week; General Motors at 56% against 59%;
Chrysler at 112% against 118%, and Hupp Motors
last
at 4
against 3%.
In the rubber group, Goodyear
Tire & Rubber closed
on
yesterday at 40% against 43
Friday of last week; United States Rubber
at 29%c.
as
spot price for cotton here in New York closed
against 10.70c. the close
as
yesterday was 18.25c.
as
against 18.31c. the close
Friday of last week.
on
Domestic copper closed
yesterday at 14c., the close
London the
In
19
15/16
ounce
the
yesterday at 44%c., the
of
matter
on
the
foreign
London closed
3.75%c.
transfers
on
Friday of last week,
Paris
on
exchanges, cable
yesterday at $4.98 15/16
against $4.98% the close
cable
closed
yesterday at
against 3.75%c. the close
as
same as at
Friday of last week.
on
transfers
and
Friday of
on
last week.
European Stock Markets
THE one predominant this week on allthe prin¬
the
cipal world markets influence
deteri¬
was
oration of
Sino-Japanese relations into
the stock
exchanges in the foremost European fi¬
nancial
sitive
centers, that in London
to the hostilities
at
war.
especially
was
Japanese and Chinese securities
hit, naturally,
The
for sale with scant
shares
were
comparatively neglected
Pennsylvania RR. closed yester¬
day at 36 against 37% on Friday of last week;
Atchison
Topeka & Santa Fe at 76% against 82;
York Central at
38% against 41%; Union
New
Pacific at 120 against
126; Southern Pacific
at 44
the
other
mixed
they
as
were
sen¬
the
were
being pressed
regard for price obtainable.
departments of the
with
Among
Shanghai and in North
hardest
railroad
was
Friday of last week, and spot silver in
on
the close
Friday of last week.
against 19% pence per
pence per ounce as
New York closed
In
on
price of bar silver yesterday
China.
during the week.
on
The spot price for rubber
against 63%, and B. F. Goodrich at 38 against 42%.
at 58
against
Friday of last week.
on
Friday of last week.
as
steel
United
The
Distillers at 43
National
closed yesterday
yesterday at 10.08c.
59% against 60%; Eastman Kodak
188% against 190%; Standard Brands
against
Chicago
29%c. the close
Pont
160% against 163%; National Cash
Register at 34% against 36%; International Nickel
at 63% against
66%; National Dairy Products at 20
nental Can
at
Aug. 21, 1937
dulness.
The
list, weakness
Paris
Stock
In
was
Exchange,
though less of
an
in
not immune to the baleful influence
London,
of
was
international market than that
the
31%, and Northern Pacific
Sino-Japanese war. The Berlin market,
trading is confined almost entirely to domes¬
tic issues, was the least affected of the three
prin¬
cipal European exchanges by the Shanghai imbro¬
yesterday at 66% against 69 on Friday of last
week; Shell Union Oil at 25% against 26%, and
Atlantic Refining at 28% against 30.
In the copper
security holder
against 48%;
Southern
Railway
at 28%
against
at 28% against 31%.
Among the oil stocks, Standard Oil of N. J. closed
Anaconda Copper closed yesterday at 57%
group,
against 62%
on
Friday of last week;
American
Smelting & Refining at 91 against 98%, and Phelps
Dodge at 50% against 53%.
Trade and industrial reports were mixed in
tone,
though their general tenor indicated that business
was
bearing
up well during the summer period.
operations for the week ending today were
Steel
estimated
tute
ago
and
Steel
glio.
was
In both London and Paris the bad attack of
nerves
the week and the
ameliorated.
tistics, made public
summer
of
1930.
armament
the
week
to
Monday, showed exports of
on
Exports
program,
At the start of
for
and
re-exports
change
nese
on
the London Stock Ex¬
on
Monday the market for Chinese and Japa-
government
bonds
was
difficult
a
opening of the Far Eastern market
minutes while bids
session closed losses in these issues
the week ended
to
Aug. 8,1936, which the Institute has
of
freight for the week to Aug. 14
revenue
the corresponding week.
Car loadings
are
re¬
ported by the Association of American Railroads
at
777,382
cars
As
cars,
an
and in the year
indicating the
increase in the week of 7,676
of 40,804 cars.
course
of the commodity
mar¬
kets, the September option for wheat in Chicago
closed yesterday at 104%c. as against
112%c. the
close
on
Friday of last week.
September
Chicago closed yesterday at 94%c.
the close
on
Friday of last week.
as
corn
at
against 97%c.
September oats
to
month of 1936.
trading
preceding week and 2,079,149,000 kilowatt hours for
as
rose
increased to £85,500,000 from
same
Aug. 14 against 2,261,725,000 kilowatt hours in the
designated
was
trade sta¬
overseas
£54,360,000 from the July, 1936, figure of £45,070,000, while imports, reflecting the needs of the re¬
83.2% of capacity against 84.6% a week
and 72.2% a year ago.
Production of electric
kilowatt hours
Kingdom
£47,560,000 for July, the highest figure since the
at
is reported by the Edison Electric Institute
weakness, if not the dulness,
United
£68,730,000 in the
2,300,547,000
in the early part of the week
moderately relieved toward the latter part of
Insti¬
power
at
by the American Iron
where
£5.
one.
depression
crisis
over
was
being sought, and
still
as
the
ranged from £2
casting
the London market
The
delayed 30
Hongkong Bank shares slumped £10.
Far Eastern
the
were
was
on
a
The
shadow of
Tuesday, and
uncertainty spread to European government is¬
sues,
with several leading British government
curities
proved
losing ground.
on
The tone
Wednesday and
successful one,
was
Japanese issues.
in other securities.
was
effort, though
an
se¬
mildly im¬
an un¬
made to rally the Chinese and
There
was
Turnover
a
sprinkling of gains
was
day, but the market's aspect
still low
was
The approach of the end of the
more
on
Thurs¬
cheerful.
account prompted
Volume
traders to go
stocks
firm
Except for the mining issues,
slow.
of
closed
was
steady and
Monday in ob¬
on
When it opened on
Assumption Day.
developments made for
bearish trend that af¬
a
practically the whole list. The fact that Tues¬
the
day was the fortnightly settlement helped on
decline.
Mexican
Mexico,
on
was
on
soft. Prices
were
were
Copper and gold mining
sections of the list.
weak
the
the Paris Bourse
side, especially
on
Thursday
calmer, but price levels were
ernment
and
issues
were on
Bank
the soft
The
of France
shares
strong yesterday, but most of the other
the list
Prices
close was
generally lower. Gov¬
the opening.
at
It
were
sections of
the machine gun
the general direction was upward. On
narrow,
700,000,000 mark public loan, the third such loan thus
far this year and the tenth since the government
began to mobilize the capital market for its pur¬
poses in 1935. As the loan had been expected for
some
time, it was without effect on the market.
Boerse prices were firm and more active. Irregular¬
ity, however, developed on Wednesday, with mines,
Tuesday the German government announced a
tending to softness.
steels and machine issues
The
in
cealed
the
sity as long
as
Prague
axis, the Italian
is
Minister in
handed the task of looking after Por¬
was
Great Britain
tuguese interests in Czechoslovakia.
Portugal's traditional ally, but Italy instead was
represent the Portuguese Government
chosen to
in
Prague.
Latin America
DIVERGENT political trends were the lastin two
shown week.
American countries
Latin
In
over
Paraguay,
engineered
the cabinet
Government
constitution.
give
up
announced
they
that
Paraguay
state socialism and return to the
followed a day after trouble
The coup
and the
Cabinet
the
between
of army and naval officers
a group
bloodless coup d'etat which ejected
from office, and upon taking control of
a
Electricals, machine issues and lignites were the
The trend in yesterday's trading
Evidencing Lisbon's allegiance
Rome-Berlin
the
prices registered moderate advances in most groups.
groups.
con¬
Not surpris¬
severance.
Bolshevist efforts continue on the
peninsula."
would
mixed.
Portuguese
ingly, the German press flew at once to Portugal's
the
was
default on
contract. The Soviet press, for its
defense, saying: "Portuguese rearmament is a neces¬
upward trend was re-established on Thursday and
favored
Portugal,was
that
part, saw the hand of Germany imperfectly
to
While price changes
see
obliquely charging Czechoslovakia with capitulat¬
Boerse, too, was quiet on Monday, but
the London and Paris markets.
to
ing to "pressure" by Soviet Russia to
Iberian
prices did not succumb to the weakness that affected
difficult
not
was
weak.
were
The Berlin
were
sought for any other purpose than the
able to make a better
Wednesday, though there was no escaping
inactivity of trading.
shares
were
Portugal's rearmament."
were
Tuesday after the three-day shutdown, Far Eastern
the
that the guns
denied
Eagle, depressed by the oil field strike in
Paris Bourse
servance
stand
indignantly
Shanghai Tramways broke 159 points and
gilt-edged securities
yesterday.
fected
ernment
re-equipment
of its own
army. But Czechoslovakia still was not
satisfied and at length informed Portugal that it
would supply machine guns but of an older type
than had been originally contracted for. This sub¬
stitution was unacceptable to Portugal, which said:
"Portugal saw immediately the true significance of
Czechoslovakia's attitude, perceiving the influence
of pressure by those who wish to prevent or impede
and
The
1155
Financial Chronicle
145
army
had come to
After the Interior Ministry announced that
adopted measures to prevent a
light.
the Government had
Portugal and Czechoslovakia
"confused situation" among
in
WHILE the anxieties of the world China,being
occupied with the conflagration in were
Por¬
tugal suddenly, on Thursday, gave proof anew of
animosities
the
Continent of
and
Europe.
ragged tempers afflicting the
For
on
that day the Portu¬
Government declared that it had broken off
guese
diplomatic relations with Czechoslovakia for rea¬
sons
without
tional
precedent in the history of interna¬
The cause was the failure of a
relations.
small Czech
arms
concern,
the Ceskoslovenska-Zbro-
jovka, in Brno, to make good on a contract to de¬
liver
large quantity of machine guns to the Por¬
a
tuguese Government.
slovak
Never before, as the Czecho¬
Foreign Office's communique on
Thursday
pointed out, had the failure of commercial negotia¬
tions led "to
a
formal and one-sided rupture of
dip¬
Viewed
ance
a
of
mere
in
its
proper
light, however, the sever¬
diplomatic relations was not so simple as
failure of commercial
negotiations. It
entwined with the whole, complex
was
of European poli¬
tics, which sees one camp committed to the triumph
of
Insurgent arms in Spain and the other working
might
forces.
and main for the victory of the Loyalist
The
Portuguese
Government communique
admitted that Czechoslovakia had
tion whether the machine guns were
the Franco
army
forthwith to take
in Spain.
raised the
ques¬
not destined for
The Portuguese Gov-
source
and
ment
Rafael
charge of the Government.
the
Chaco
peace
was
army
Franco, the
The
Govern¬
of the differences between the
the attempt by Colonel
ousted President, to put the ;
agreement with Bolivia into effect.
permitted to remain as Presi¬
Colonel Franco was
dent for
only two days after the coup d'etat.
The
policy upon which his regime was based was the
abolition of constitutional government in favor of
State
socialism.
It proved impossible for
remain in office with a
that
to
ceeded
new
to
lomatic relations."
Colonel Ramon Paredes, proceeded
der Lieutenant
real
the regular army troops
North, the armed forces of the country, un¬
the
for which he
had stood, and he was suc¬
by Felix Paiva as Provisional
President. The
Government then announced that it
prepare
him to
creed diametrically opposed
the country for a general
proposed
election at an
early date.
Contrasting sharply with the
Paraguayan
pro¬
toward constitutional
of events in Mexico in
gression from State socialism
government was the course
the last week.
There President Lazaro Cardenas
made fresh moves to
give effect to socialistic prin¬
On Friday of last week he issued an execu¬
decree changing the Mexican agrarian code to
ciples.
tive
enable the Government to
of landed estates
On
proceed with its seizures
for division among the peasantry.
Monday night he forced out
of office General
1156
Financial
Saturnino
whose
Cedillo
as
resignation
Secretary
regarded
was
of
as
Agriculture,
marking
for¬
a
mal break between the conservative and
radical ele¬
ments in the so-called
the
movement.
Cabinet,
the
Mexican
revolution was
only 30
completed. He asserted that machinery and
transportation systems would be expropriated
along
henequen lands in Yucatan to
of his
cess
the
assure
suc¬
personally-supervised land division
not to be deviated from
its
was
resolve to lease six old American
Brazilian Government.
first
made
public
by Argentina
made
were
on
Friday of last
leasing might be postponed.
But
week that
on
Thursday
the Governments of Brazil and the United
States is¬
sued
a
joint statement in which they made clear
their intention to
carry
statement
said
that
the plan through. The joint
the
efforts
of
Brazil
and
the
United States in behalf of peace
among the Amer¬
icas should set at rest
any qualms which other
tions of the Continent
of Chile and
dissolved
this
on
veloped
Chile informed
largely
was
the
State De¬
Wednesday that it completely approved
The basis of
on
informed
week.
na¬
The opposition
Argentina to the leasing
partment
the deal.
might have.
Argentina's objection, it de¬
Wednesday,
by Brazil
tiations for the
was
States
of
nego¬
leasing.
and month
Japan
over a
finally led to
The acknowledged and im¬
war.
plied intentions of the two combatants indicate that
their
maximum
will
resources
struggle and that the test of
Of
of
course,
waging
been made
last
week
seem
But
drew
it
war
to
a
way*as to
a
inevitable.
bers and made
"incidents"
A
air
the
was
arm
came
an
area
of
China's first
Saturday and,
on
Chapei,
landed in large num¬
were
unfortu¬
attack
chosen to deliver the blow.
was
Chinese
on
the
airplanes began
cruiser
consulate.
Their
the
day
Idzumo, flagship of
Japanese naval force stationed
nese
were
the reckless and inexperienced Chi¬
which
squadron of
with
has
make large-scale
ready for the attack.
rebuttal
nately, it
nese
war
On last Friday Japanese
Japanese bluejackets
major
technique
is, nonetheless.
close
warships began to shell the native
and
the
by either side. Diplomatic relations have
multiplying in such
fighting
new
formal declaration of
no
war,
into
will be decisive.
in accordance with the
not been broken off.
As
be thrown
arms
behind the
marksmanship
was
Japa¬
poor.
Their
aim, tragically, showed no improvement when
they took to the air late Saturday afternoon sup¬
posedly with the intention of renewing the attack
on
Japanese naval vessels.
sky three Chinese bombs
Out of
came
densely packed
street
foreign quarter.
The death toll
three
heavy, murky
intersections of
and
the Chinese
wounded
populace.
Shanghai's
large, including
Americans, but the chief sufferers
hundreds killed
were
a
plunging down into
was
even
among
the
by the errant bombs
The heaviest slaughter
if the bombing was a mis¬
were
at each other's throats
and
Japanese Governments
Japan and China
the world, symbolically,
in earnest.
At
steps to prosecute the
rival
the
Chinese
the
once
armies
had
vigorously.
war
fired away
was
which lasted until 1
After
at each other at
Saturday by air, land and
on
the
sea,
called into emergency session,
a. m.
Sunday. The Government's
statement, issued immediately thereafter, after set¬
ting the time-worn Japanese contention that its acts
mainland
the
on
undertaken
were
nationals and its lines of
to
protect its
communications, declared:
"Japan's forbearance has reached its limit. We
are
compelled
the
to take drastic
and
violence
action
to
chastise
outrage of the Chinese army."
Nanking Government issued
statement
a
The
Mon¬
on
day saying that China's territorial integrity and
sovereign
rights
had
been
wantonly violated
by
Japan and that, "having been pressed to the limit
of endurance
is
by Japan's ceaseless aggression, China
compelled to take all
now
fense."
*
After the emergency
inet
preparations
disclosed in Tokio
was
being made to establish
were
tilizer.
of
On
shipping, prohibition of
an
Sept. 3 to
and check other
sumption and
to
basis.
war
up
institute
a
Simultaneously,
nearby
waters
service between
a
commod¬
was
every
Japanese
con¬
being
licensing system for
being diverted
was
was
being
to control
trade control .bureau
a
It
was
munitions production
being set
was
ports.
were
a
enterprises temporarily,
ities control bureau
were
the Gov¬
approve
industrialization bureau
an
formed with power to expand
the
an¬
extraordinary session of the Diet
cial and economic
system on
servists
fer¬
plan to reorganize the country's finan¬
revealed that
tablished
mo¬
over
Wednesday the Japanese Cabinet
would be summoned for
ernment's
com¬
war-time
industry and State control
nounced that
a
of administration, including Gov¬
mercial transactions with the
enemy,
bilization
self-de¬
meeting of the Japanese Cab¬
Saturday night, it
on
of
measures
.
ernment control of all
have been
have
moorings. But,
war-time system
THE warlike gestures which China
making at each other for
that
was
that
that
China and Japan
explanation
on
that it had not been
the United
or
refugees'
a
take, it served notice
Shanghai
Chile, and Secretary of State
Cordell Hull intimated
the
their
Japanese Cabinet
was
which
resort
Japanese ships lying in the harbor
leasing plan
Aug. 7, inquiries
on
and
the
from
destroyers to the
When the
1937
bombing planes had been struck by anti-aircraft
took
The United States
21,
an(j that the fatal missiles had been shot loose from
pro¬
gram.
amusement
an
The official Chinese
shelter.
fire
that
place in
only the day before had been turned into
the
President
Aug.
took
all
On
per cent
with
of
night General Cedillo resigned from the
Cardenas told Yucatan farm
same
workers
revolutionary
Chronicle
vessel
es¬
im¬
in
for emergency
Shanghai and Japanese ports. Re¬
called to the colors and arrangements
being hastily made to rush reinforcements to
Japanese land forces operating in the Shanghai
which
area,
ing
the
greatly outnumbered by Chinese
were
troops. Japan
was
faced with the necessity of fight¬
China on two fronts, namely,
Shanghai and North China. On both fronts the Chi¬
nese
war
troops
with
erfront
and
was
the
acquitting themselves well
were
fighting became
the
more
scene
superior
of
had its
as
the
The Whangpoo riv¬
heavy fighting at Shanghai,
numbers
placed the invaders at
North
intense.
a
of the
decided
Chinese
forces
disadvantage.
In
China, where the latest Sino-Japanese crisis
beginnings last month, the Chinese defenders
were
the
holding fast early in the week, but by Thursday
Japanese troops, heavily reinforced and number¬
ing almost 100,000,
were
claimed by the Japanese
Volume
Financial
145
five miles into
command to have battered their way
Nankow
Pass, the gateway to Mongolia. The Japa¬
completed their domination
nese
of Northeastern
1157 2
Chronicle
formal
Mr.
approval of Mr. Hull's declaration.
Hull's thesis,
to peace was
it will be recalled, was that the road
to be found in respect for
international
Hopei Province, with Tientsin and Peiping under
their control.
and the
treaties, the opening of trade channels
limitation of armaments.
Upon the outbreak of heavy fighting a,t
hand, to evacuate their nationals and, on the
one
other, to try to persuade China and Japan to move
the battle
zone
Both belliger-
from Shanghai.
away
rejected this proposal. The United States gave
ants
firm notice to the Chinese and
Japanese on Thurs¬
day that it would not tolerate restrictions on traf¬
fic
the
on
Whangpoo River, the stream by which
Americans had quit Shanghai.
An
struck the
nearly 2,000
anti-aircraft shell of undetermined origin
Augusta, flagship of the United States fleet,
cruiser
killing
yesterday,
wounding
and
sailor
one
Included
Shanghai,
began, on the
the United States and Great Britain
18
those of
the
benefits
and
pact
the later batch of replies were
among
Japan, China, Germany and Italy.
accruing
the Kellogg
from
Treaty
Nine Power
the
were
Though
anti-war
at least
it
contro¬
known in inter¬
inconsiderable, China was still able to say that
"has
always sought to settle international
versies
by
of the pacific means
any
Japan, while agreeing
national law and treaties."
in
principle with Mr. Hull, was constrained, never¬
theless, to qualify its stand with respect to
uation in the Far
of the
East,
as
the sit¬
follows: "It is the belief
Japanese Government that the
objectives of
principles will only be attained, in their ap¬
those
plication to the Far Eastern situation, by a
others.
Government
States
United
The
was
handed
a
tual
that China and
Italian
For the
Neutrality Act lays
upon
the President the respon¬
sibility of determining when a state of war exists
nations
between
resorting to
arms
and to impose
region." The
in Ethi¬
somewhat surprising in its
particular circumstances of that
thorny problem to solve when it became apparent
Japan were at open war.
full
recognition and practical consideration of the ac¬
reply, in view of the Italian record
opia and Spain, was
The Fascist Government
heartiness.
to be in favor of
declared itself
"everything which may conduce to
pacification and to the political and economic
of the world."
The German reply
embargoes, severe or mild according to his discre¬
the
tion, when his finding is that war is being waged.
reconstruction
After
wrestling with the problem over the week-end,
Administration
the
road
upon
a
middle-of-the-
Secretary of State Cordell Hull an¬
course.
nounced
decided
Tuesday that 1,200 marines would be
on
dispatched from San Diego to Shanghai.
The pol¬
icy of the Government, he said, would be to urge
and facilitate the evacuation of the 4,000 Americans
in
found it
Shanghai; but those Americans who
impracticable to leave the war zone would be pro¬
against mob violence. He declared that Con¬
tected
would be asked to appropriate $500,000 for re¬
gress
and other emergency expenses.
lief and evacuation
The
Neutrality Act was not applied, and the Ad¬
indicated that the
ministration
question of apply¬
ing it was On a twenty-four hour basis.
H.
Dr.
H.
Following his successful nego¬
of credits of
tiation
a
group
week,
an
unannounced amount with
of Swiss and Netherlands banks late last
continued
he
where it
Dr.
was
to
Prague,
Czechoslovakia,
officially confirmed on Tuesday that
Kung had obtained a |50,000,000 credit over
seven
years
From
from the Skoda concern for armaments.
Prague he went to Vienna, whence advices
reached
here
Wednesday saying that he
had
ne¬
gotiated with armament concerns for the delivery of
war
veloped by the Secretary of
which are given
thus
jointly reiterated and proclaimed by the great ma¬
jority of governments to the peoples of the world.
proval of fundamental principles
new
strength and increased vigor when they are
These utterances
reveal
creased
received from nations of the world to the
Hull
on
principles
enunciated by Secretary of State Cordell
The effect of raw irony given by
July 16.
nations armed to the teeth and with words of peace
their tongues was
from
twenty-five
program.
tions
undiminished by the
more
responses
nations to Mr. Hull's
peace
Including the replies from thirty-seven
made
na¬
available at the State Department on
Aug. 7, fifty-two nations in all have now voiced their
solidarity of attitude and
direction of peace and re¬
country in the
stored world order."
Spain
AFTER
days of inaction, the armies
several
ix
Spain began to move this week. Having
down
the
in
slowed
Loyalist offensive in the Madrid sector,
Insurgent forces launched one of the major drives
of the thirteen-month-old civil war as the week be¬
gan,
with the capture of Santander and the remain¬
territory in Northwest Spain as
der of Government
their
Insurgent officers declared that
objective.
three columns, one
of which was Italian, supported
tanks, armored cars and air¬
participating in the Santander offen¬
by a larger number of
of
of peace
a
which should insure renewed and in¬
efforts by the governments and peoples of
aspiration
The two
Spanish columns were operating from
San Julian Musquest, east
Oguila de Campo and
THE the second instalment of public last it had
day State Department made the replies Satur¬
making
public, "there runs a common theme of ap¬
them
sive.
"Fundamental Principles'
State."
"Through these replies," said Mr. Hull in
planes, were
China.
materials to
Peace:
on
directed
by
and hence coincides with the ideas de¬
agreement
country, continued his triumphant progress through
European capitals.
Government's]
regulation of international relations
toward the
eminently successful borrower of money for his
that
Reich
[the
principle is, as is generally known,
basic
every
Chinese Minister of Finance,
Rung,
"Its
terse:
more
was
Bilbao, and the Italian column started
cillo along
degree of success was achieved
A considerable
the
Rebel
arms.
The
important
city of Reinosa fell to them on
the
from Con-
the main Burgos-Santander roads.
Insurgents
rich
zinc
by
manufacturing
Monday, yielding to
mines and deposits of
munitions factories.
with the way for the
paved by intense aerial and artillery bom¬
lignite, lead and oil, as well as
Sweeping on past Reinosa,
advance
bardments,
on
the
forty miles northeast.
On
the Insurgent
main road to Santander,
armies
set
out
1158
Financial
Chronicle
Tuesday the Insurgents claimed to have taken, on
the first three days of their Sandander
offensive,
300
their
it
of
and
arms
prisoners of
war
stores.
That
darians,
Asturians
increased
were
and
Basques,
on
Aguago,
Sierras,
bills
miles
seven
between
Miguel
near
northeast
their
teen miles of
claimed to have cut
ions of
The
advance
within
were
the
Santander.
off, captured
Loyalist troops
principal
of
Insurgent ranks
and
that
of
traction
They
to another new high of
£244,862,378
£7,041,000.
a
con¬
reserves
rose
deposits increased
Public
£9,504,000
deposits dropped £4,906,163.
The latter
consists of bankers' accounts which fell off
and other accounts which
place
advanced to
ratio
had
£5,074,522
The
£168,359.
rose
year
a
attended by
was
£6,893,000 in circulation,
while other
they
up
compared with
As the gain in gold
ago.
claims which the Loyalists could
that further revolts had taken
brought the total
£327,775,880,
the Santander drive.
on
England Statement
further
a
killed 22 battal¬
or
At Paris the
K%-
was
1%.
which
Santander, and yesterday they
within 24 miles
Friday of last week. Money
on
Friday
THE statement for in gold holdings of 18 showed
gain the week ended Aug. £148,P67,
oppo¬
Torrelavega, the only important town
advanced to
on
Bank of
By
march, had advanced to within fif¬
between Reinosa and
as
market rate remains at 4% and in Switzerland
open
at
against 9-16%
as
call at London
de
Reinosa.
of
Thursday the Insurgents, encountering little
on
on
pocket of the
a
surrendered
were
Friday of last week, and 9-16% for three months-
by 15,000,
caught
converging Rebel columns in
Cantabrian
sition
INbills Friday market discount rates9-16% on
LONDON open 9-16% against for short
night
claimed, when twenty divisions of Santan-
was
two
Foreign Money Rates
miles of territory, 2,000 prisoners and
square
large quantities
Aug. 21, 1937
reserve
23.9%, compared with 19.9%
pushed
into Rebel territory in the Brunete area,
week ago and 37.80% last year.
west of
Madrid.
ment securities decreased
£3,992,000 while those
other securities increased
£1,569,072.
The non-intervention committee subsided into the
quiescence which had been marked out for it previ¬
amount
ously, but Great Britain suddenly adopted
vances,
stern tone toward General Francisco
of the
mander
to him
on
BANK
give the
would be considered
at
by Insurgent planes.
increasing number of attacks
waters, and at the extension of the
which
these
Majesty's
incidents
are
Government
ships
His
are
issued
have
any
Majesty's ships
are
This
which
in
area
His
instructions
British merchant
attacked by submarines without warning,
the submarines."
1934
1933
brought the total
compared with
up
note
last year
previous year 81,064,005,535 francs.
as
ears.
Foreign Central Banks
discounted showed
francs
and
creditor
293,000,000 francs.
The
it
52.78%; last
credit
banks.
while bills
rates of any
at
the
leading
centers"
balances
are
year
CENTRAL BANKS
Pre¬
was
abroad
French
current
accounts
ratio stands
59.17%.
increased
Date
vious
Established
BANK
OF
Below
we
FRANCE'S
COMPARATIVE
Argentina.
3H
Mar.
Austria.
3X
4
July
July
2
May 15 1935
...
Batavla
Belgium
.
_.
1
1936
10 1935
1 1935
Bulgaria...
6
Aug. 15 1935
Canada
2H
Mar. 11
Chile
4
Jan.
24 1935
18 1933
Colombia
Pre¬
Changes for
Date
vious
for Week
Aug. 12. 1°37
Aug. 14, 1936
Established
Rate
Francs
Francs
Holland
2
Dec.
2 1936
2X
4
Hungary...
4
Aug. 28 1935
4X
4^
India
3
Nov. 29 1935
2H
Ireland
3
June 30 1932
3 H
3H
7
1935
Italy
4H
Japan.....
4H
Java
May
3.29
Apr.
6 1936
Jan.
14 1937
3
18 1936
5
3.65
4
4
July
5
Feb.
1 1935
6«
July
1 1936
6
3
Jan.
1
1936
3H
Morocco
6H
May 28 1935
4
Jan.
2
1937
5
Norway
4
Dec.
4
Oct.
19 1936
3H
5
Oct.
England
2
June 30 1932
4
Aug. 111937
Estonia
5
Sept. 25 1934
2H
5X
4X
Poland....
Portugal...
Rumania
4H
3H
Dec.
_.
5
Czechoslo¬
vakia
Danzig
Denmark
_.
Finland
Greece
.
Lithuania..
4
_
.
5 1936
25 1933
7 1934
_.
Dec,
4 1934
May
15 1933
4
France
Germany
Jugoslavia
AUg
3 1937
5
Spain
5
July
10 1935
4
Sept. 30 1932
5
Sweden
Deo.
6
Jan.
4 1937
7
Switzerland
2X
IX
South Africa
years:
STATEMENT
Effect
Country
francs
furnish the
comparisons for preceding
Aug. 20
Rate in
Rate
of
now
The items of
1,000,000
Francs
Effect
Aug.2^
Country
com¬
decrease of 358,-
bought abroad and temporary advances to
various items with
Rate in
a
reserve
State remained unchanged.
shown in the table which follows:
DISCOUNT RATES OF FOREIGN
Circulation
000,000 francs, advances against securities of 163,-
THERE have been no changes during the week in
discount
of the foreign central
rates
ago.
aggregated 84,359,565,865 francs and the
mercial bills
interpreted
year
recorded in
circulation, which reduced the total of notes
authorized to counter-attack
was
a
outstanding to 88,904,414,685 francs.
at
Present
francs
A contraction of 699,000,000 francs was
000,000
the
to 55,716,766,210 francs,
54,847,875,214
warning
being intended only for Insurgent
Discount Rates of
Aug. 23,
1935
THE weekly statement holdingsAug.130,279 francs,
12 showed a
slight increase in gold dated
of
upon
taking place.
now
through the Admiralty that if
Aug. 22,
1936
Bank of France Statement
per¬
shipping which have occurred lately in Mediterra¬
nean
Aug. 21,
490,974,000 444,539,984 400.440,360 379,370,305 374,555,938
28,540,000 23,561,648
15,902,035 37,393,340 32,242,854
125,030,695 135,923,599 130,797,834 117,801.210 132,944,551
88,499,571
90,543,220
82,099,542
95,965,825 93,897,881
Other accounts
36,531,124 39,957,774 36,899,953 35*701,668 42,401,331
Govt, securities
107,138,887
86,408,310 83,489,999 84,504,709 84,905,963
Other securities
27,815,704
16,054,392
21,540,809
30,958,985 27,953,636
Dlsct. & advances.
6,187,053
5,770,557
10,059,544
12,951,832
9,677,449
Securities
21,628,651 21,281,536
10,283,835
11,481,265
15,001,804
Reserve notes & coin
36,801,000 60,322,394
76,941,982
72,846,622
53,468,951
Coin and bullion
327.775,880 244,862,378 193,909,311 192,216,927 191,497,920
Proportion of reserve
to liabilities
23.9%
36.44%
46.93%
46.57%
37.80%
Bank rate
2%
2%
2%
2%
2%
followed up on Tuesday by the
was
the
STATEMENT
Aug. 19,
Public deposits
explanation it, too,
same
Majesty's Government have been seriously
turbed
comparisons for preceding years:
Circulation
following announcement by the British Government:
"His
furnish the
we
Other deposits
Bankers' accounts.
"abundantly satisfied" that the attack
protest
The discount
Below
Palma, Majorca, of
unacceptable. The British Gov¬
the tanker had been made
This
unchanged at 2%.
Aug. 18,
bombing of the tanker British Corporal,
was
gain to discounts and ad¬
a
OF ENGLAND'S COMPARATIVE
message
on
1937
commander at
ernment tried to
ernment
was
various items with
"unacceptable" and that if the Franco Gov¬
were
on
rate remains
com¬
The British
sharply worded
a
£279,953
a
Govern¬
on
Of the latter
and £1,289,119 to securities.
Monday saying that the explanations by
the Rebel local
the recent
Franco,
Spanish Rebel forces.
Foreign Office dispatched
a more
Loans
Francs
+ 130,279 55,716,766,210 54,847,875,214 71,661,243,020
Gold holdings.
Credit bais. abroad,
a French commercial
bills discounted
__
b Bills bought abr'd
Adv. against securs.
Note circulation
Credit, current accts
c
6
6
4
5X
1 1933
3
Nov. 25 1936
2
+ 1,000,000
16,354,633
12,106,467
7,787,174
—358,000,000
8,555,034,410
6,224,541,877
6,051,449,713
1,229,322,000
3,189,795,051
81,064,005,535
13,621,839,510
No change
897,241,769
1,244,628,530
3,966,112,893
3,480,453,231
—699,000,000 83,904,414,685 84,359,565,865
—293,000,000 16,666,166,807
8,330,186,136
—163,000,000
Temp. advs. with¬
out int.to State..
3H
Aug. 16, 1935
Propor'n of gold
No change 23,873,809,745
14,333,423,448
on
hand to sight liab.
+0.49%
52.78%
59.17%
75.68%
a Includes bills
purchased In France,
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 65.5 mg.
of gold to the franc.
1
\
1159
Financial Chronicle
Volume 145
but these fell off
Bank of Germany Statement
as
bills grew scarce.
THE statementfurther small gain in of August
for the second quarter gold and
showed
a
of which is
now
69,312,000 marks, compared with 72,411,000
marks a year ago.
A loss was recorded in bills of
exchange and checks of 119,527,000 marks and
in note circulation of 110,000,000 marks.
Notes
in circulation now aggregate 4,756,000,000 marks,
of
bullion
Bank's
it
reserve
of
marks, in reserves
138,000
in foreign
and other coin
of 76,000 marks, in silver
currency
deposits
An increase was shown in
1.83%.
was
abroad
the total
4,240,000,326 marks a year ago.
ratio is now 1.58%; last year
compared with
The
marks,
169,000
advances of 4,977,000
marks, in investments of 8,000 marks, in other
assets of 11,956,000 marks, in other daily maturing
of
marks,
26*110,000
in
marks, and in other liabili¬
ties of 2,069,000 marks.
Below we furnish a com¬
parison of the different items for three years:
obligations of 32,093,000
REICHSBANK'S COMPARATIVE
progressed and prime,
quotations
official
The
rates..
the week
Federal Reserve Bank of New
and including 90
change in the
issued by the
There has been no
days
as
York for bills up to
%% bid and 7-16%
are
asked;
running for four months, 9-16% bid and %%
asked for five and six months, %% bid and 9-16%
for bills
York Reserve
90 days,
H% for 91- to 120-day bills and 1% for 121- to 180day bills. The Federal Reserve Bank's holdings of
acceptances increased from $3,072,000 to $3,073,000.
Open market dealers are quoting the same rates as
those reported by the Federal Reserve Bank of New
asked.
The bill-buying
The rates for open
York.
as
rate of the New
%% for bills running from 1 to
Bank is
market acceptances are
follows:
SPOT
DELIVERY
—180 Days—<-
150 Days—
Bid
As ted
Bid
Asted
H
»i«
H
Asted
Bid
*i*
Prime eligible bills.
60 Days
—90 Day*—
X
X
—30 Days—
Asted
Bid
Asted
X
7i«
X
'
DELIVERY
Asted
Bid
7u
Bid
Prime eligible bills.
FOR
—120 Days—
WITHIN THIRTY
DAYS
H% bid
X% bid
Eligible member banks
STATEMENT
Eligible non-member banks
Changes for
Aug. 14, 1937 Aug. 15, 1936 Aug.
for Week
Assets—
Gold and bullion
Of which depos.
abr'd
Res've In for'n currency
Bills of exch. & checks..
Sliver and other coin
Advances
Investments
Other assets
72,411,000
24,524,000
5,435,000
69,312,000
+169,000
19,497,000
+138.000
5,981,000
+76,000
—119,527,000 4,871.665,000 4,306,428,000
167,424,000
185,282,000
+26,110,000
46,893,000
30,184,000
-t-4,977,000
529,082,000
403,399,000
-+-8,000
591,661,000
709,347,000
+11,956,000
Liabilities—
94,755,000
29,620,000
5,371,000
3,539,213,000
226,719,000
31,864,000
663,827,000
678,984,000
—110,000,000 4,756,000,000 4,240,326,000 3,638,468,000
768,698,000
639,809,000
625,059,000
•t-32,093,000
225,469,000
215,638.000
250,907,000
+2,069,000
Notes In circulation
obllg.
Oth. daily matur.
15,1935
Other liabilities
Propor'n of gold & for'n
curr. to note clrcul'n.
1.83%
1.58%
Discount Rates of
the Federal Reserve
Banks
Reichsmarks
Reichsmarks
Reichsmarks
Reichsmarks
2.75%
TO-DAY, AugustReserve System ofapproved the
20, the Board Governors of
the
Federal
action of the
at Atlanta
2%
from
to
banks
directors of the Federal Reserve
and Chicago in reducing
1%% in
their
the discount rate
Districts,
effective
There have been no other changes this
the rediscount rates of the Federal Reserve
August 21.
week in
banks.
New York Money
DISCOUNT RATES OF
Market
FEDERAL RESERVE BANKS
*'
"
"
Rate in
THE supply of excess reserves of allYork, but
member
larger, especially in New
banks
rates
in
York
New
the
money
market were un¬
With surplus reserves in New
again above the $106,000,000' level, the rate at
which Federal funds
changed hands was far more
frequently %% than %%. The Treasury sold two
series of discount bills aggregating $100,060,000, one
awarded
at 0.216% average, against 0.211% for 129-day bills
in the previous week, and the other series of $50,000,000 due in 273 days was placed at 0.459% aver¬
age, against 0.478% a week ago, all computed on an
annual bank discount basis.
Dealings in bankers'
series of
bills
rates.
commercial
paper
Call loans on the
were
unchanged at 1%% for
days, and at
at unchanged
New York Stock Exchange
while time
maturities to 90
for all transactions,
1%
remained at
loans ruled
1%% for four to six
New York Money
months' loans.
Rates
DEALING in detail with call loan rates was the
Stock Exchange from day to day, 1% on the
ruling quotation
loans
all through the week for both new
The market for time money
and renewals.
continues
having been reported
nominal at 1%% up to
quiet, no transactions
this week.
Rates continued
1%% f°r f°ur
s*x months'
commercial paper has
active this"week. Paper has been in good
the demand has been heavy.
Rates are
90
days and
Trading in prime
at
maturities.
been quite
supply and
unchanged
1% for all maturities.
Bankers' Acceptances
THERE has been acceptances. noDuring the fore
practically change in the
prime bankers'
part of the
Previous
Rate
2
Boston
week there were occasional transactions,
Feb.
8 1934
2X
2
IX
Philadelphia....
Cleveland—
Feb.
2 1934
2
New York
Jan.
17 1935
2X
2
IX
May 11 1935
2
May
IX
2
Atlanta....
Aug. 21 1937
IX
Aug. 21 1937
Jan.
3 1935
2
Chicago
Richmond
2
St. Louis
2X
2X
2
Francisco
2X
2X
May
Feb.
8 1935
16 1934
2 X
2
Dallas
May 14 1935
May 10 1935
2
Kansas City
as
9 1935
2
Minneapolis
Course of Sterling
$50,000,000 due in 122 days being
and
Date
Established
was
changed this week.
York
Effect on
Aug. 20
Federal Reserve Bank
'
2X
Exchange
although the foreign display
STERLING exchange continues to exchangea mar¬
firm
undertone,
ket
on
the whole is
exceptionally quiet, as is custom¬
For several weeks at some period
recorded successive new highs
for the year in terms of the dollar.
On Aug. 7 a
new high for the year was touched at $4.99%.
This
was surpassed in Wednesday's
trading when cable
transfers sold as high as $4.99%.
The season now
approaches when under normal circumstances ex¬
change on London on commercial account alone
should favor the dollar, while tourist requirements
have practically ceased.
However, commercial re¬
quirements have had very little bearing on exchange
rates in recent years.
The range for bankers' sight
this week has been between $4.98 1-16 and $4.99 7-16,
compared with a range of between $4.98 1-16 and
$4.99 3-16 last week.
The range for cable transfers
has been between $4.98% and $4.99%, compared
with a range of between $4.98 3-16 and $4.99% a
ary
of
during August.
trading sterling has
week ago.
conflict has now
the London
markets.
The fact that the month of August is the
height of the vacation period in Great Britain is
largely responsible for the lack of attention given to
the City's affairs.
Trading not only in the foreign
The
had
a
gravity of the Sino-Japanese
somewhat depressing effect on
1160
Financial
exchange
market
but
all
in
financial
London is extremely limited.
of
ousness
markets
in
Nevertheless, the seri¬
developments in the Far East has had
an
unfavorable influence in the London stock market.
While there has been little
selling
the
pressure,
absence of sufficient
The London
the
agencies in
Monday last, when
on
suspended.
were
American banks
time
note of
having branches
virtually ceased.
its way
into the
or
ties for
now
hoarding
In
much diminished.
are
able.
tional
two-and three-months' bills
The
Far
effect
the
on
not
major
currencies.
liminary figures supplied by the
Trade show
likely to have
British
Pre¬
Board of
balance of imports over exports and
a
by the exchange equalization fund.
Money rates in London continue extremely
bills
Eastern situation is
serious
any
Monday.
on
Call money against
On
day and not accounting for amounts absorbed
Saturday last £114,000,
£36,610,710 in June, and with £23,653,000 in July,
Thursday £437,000 and
For
the
first
months
seven
totaled approximately
of
1937
exports and re-exports totaled £346,161,000, resulting
in
an
import balance of £223,386,000.
figures for the first
follows:
Imports,
Corresponding
months of 1936
seven
£472,611,000;
were
the week ended
figures
reveal
international trade.
on
a
marked
The
exceeded by in¬
or
shipping, insurance and interest.
as
general business situation in Great
continues
to
be
viewed with
some
Britain
exuberance.
was as
None
$11,990,000 total
Net Change in Gold, Earmarked for Foreign Account
Decrease:
Note—We have been notified that
activity in the autumn is encouraging
The
above
figures
for
was
for
are
the
On Thursday there
foreign account.
ignored, although
at their
long
as
is
not
main industries operate
as
present rate there is little prospect of any
material setback.
Armament expenditures are only
reaching their full volume, while steadily im¬
proving export trade is indicative of increasing pros¬
now
perity abroad.
Steel production in July amounted
in
on
or
On Friday $4,969,900 of gold
received of which $3,204,500 came from Canada,
$946,600 from India and $418,800
consumption
ended
imports
change in gold held ear-marked
or
land.
lessened
week
were no
although rising costs of production and consequent
possibility of
was
received at San Francisco, of which $10,771,000 from
Japan and $2,690,000
from Australia.
At
a resump¬
$1,125,000
approximately $13,461,000 of gold
advances in retail prices are causing some uneasiness.
The
follows:
21,000 from Nicaragua
exports of the metal
The prospect of
York,
gold movement for
reported by the Federal
1,146,000 from India
day stoppages, although generally speaking business
unusually active.
as
3,744,000 from Canada
Wednesday.
remains
on
Exports
present industry has slackened owing to normal holi¬
tion of full scale
on
$7,079,000 from England
improvement in
The unfavorable import balance
generally balanced
visible items such
£201,000,
as
re¬
commercial account is normal to British business
and is quite
follows:
Friday £346,000.
on
Aug. 18,
as
GOLD MOVEMENT AT NEW YORK, AUG. 12-AUG. 18, INCLUSIVE
exports, £285,478, and import balance, £187,131,000.
These
Wednesday
on
Reserve Bank of New
were
Monday £181,000,
Imports
and
exports
£165,000,
on
At the Port of New York the
British
£569,549,000, while
Gold
market at hour of fixing
by the exchange equalization fund,
Tuesday
1936.
9-16%, four-months'
are
offer in the London open
each
reason¬
bills is in supply at ^%,
19-32%, and six-months' bills 23-32%.
re-exports during July of £31,131,769, compared with
imports
The major
part of all the gold coming to London is quietly ab¬
Branches of the Chase National Bank and the Na¬
on
year
little gold
any case so
from abroad is allowed to find
sorbed
City Bank of New York suspended operations
no
market for sale that opportuni¬
open
Reserve Board to suspend operations, provided
every
was
made to render services to
depositors.
Shanghai
or
it has been known in the last
as
reaching London
effort
in
arbitrage be¬
offers little
liquidated in the recent panic,
were
At
authorized by the Federal
war areas were
two has
or
Gold
now
Apart from small purchases to replace private
which
gold hoarding
China-Japan situation
same
the United States from London.
tween London and New York
profit.
foreign exchange market took
gold reaching the market,
explains the relatively large decline in gold exports to
stocks
dealings in Shanghai dollars
the
United States dollar and this fact, coupled with the
buying orders has caused dealers
general tendency is easier.
Aug. 21, 1937
decrease in the amount of
quotations in most sections, and the
mark down
to
Chronicle
There
were
no
came
from Eng¬
exports of the metal
or
change
gold held ear-marked for foreign account.
Gold held in the inactive
fund,
indicated in the
as
daily Treasury statements issued during the week
ended last Wednesday, was as follows.
The day-today changes are our own calculations:
GOLD
HELD
IN
THE
TREASURY'S INACTIVE
Date—
Amount
Aug. 12...
FUND
Daily Change
$1,273,880,458
+$8,789,823
Aug. 13
1,277,846,040
+3,965,582
729,300 tons, the highest monthly total since Septem¬
ber, 1920.
The Board of Trade's index of wholesale
Aug. 14
1,278,203,151
+357,111
Aug. 16
1,286,596,410
+8,393,259
Aug. 17.
1,292,257,853
+5,661,443
prices, based
Aug. 18
1,295,691,338
+3,433,485
to
1,059,200 tons.
111.5 for
the
on
July,
July pig iron production reached
as
average
of 1930
100, stood at
21J/£% in the last
food prices 14J^%.
year,
The strong
tendency toward price advances has
important factor in shaping the gold buying
policies of the British exchange equalization fund.
an
It is felt that had the
cooperated with
exchange equalization fund not
the
United
States
authorities
in
sterilizing gold, the great quantities of metal reaching
London
have
induced
a
still
higher rise in
At the present time
London
London
the amount of gold reaching
open market is relatively small.
The
gold price is being held at parity with the
Wednesday
$30,600,703
Canadian exchange throughout the week
tively steady.
count of
The
rate
1-32% to
Paris, the London
and the price
a
rela¬
dis¬
par.
following tables show the
on
was
Montreal funds ranged from
open
mean
London check'
market gold price,
paid for gold by the United States:
MEAN
LONDON CHECK RATE ON
Saturday, Aug. 14..-.
Monday, Aug. 16
Tuesday, Aug. 17
would
prices.
the
Increase for the Week Ended
compared with 93.6 for July, 1936.
British industrial prices have risen
been
as
132.84
PARIS
132.89
132.81
Wednesday, Aug. 18
Thursday,
Aug. 19.
132.83
Friday,
132.85
Aug. 20.
132.93
LONDON OPEN MARKET GOLD PRICE
Saturday, Aug. 14
Monday, Aug. 16
Tuesday, Aug. 17
—
.139s. 6d.
139s. 7d.
139s. 6d.
Wednesday, Aug. 18.._ 139s. 4Kd*
Thursday,
Aug. 19... 139s. 3Hd'
Friday,
Aug. 20.__ 139s. 4^d
Volur.e
Financial
145
PRICE PAID FOR GOLD BY THE
UNITED
Monday,
Thursday,
Aug. 19—---Aug. 20
..$35.00
35.00
35.00
day-to-day rates sterling
exchange
Tuesday, Aug. 17.
Referring to
on
Saturday last
sight
Bankers'
$4.98%
firm in dull trading.
was
$4.98%@$4.98 7-16, cable transfers
was
On Monday the pound was
@$4.98 9-16.
fraction¬
$4.98 1-16@$4.98% for
sight and $4.98%@$4.98% f°r cable trans¬
The
ally easier.
bankers'
range was
Tuesday the pound was firmer in more
On
fers.
Wednesday, Aug. 18
$4.98%@
$4.98 11-16; cable transfers $4.98%@$4.98 13-16. On
Wednesday sterling showed decided firmness.
The
range was $4.98%@$4.99 7-16 for bankers' sight and
active
sight
Bankers'
trading.
was
15-16@$4,993/2 for cable transfers.
$4.98
On Thurs¬
relatively light
$4.98%@$4.99%; cable
day the pound continued steady in
Bankers' sight was
trading.
ling
The
firm.
was
banker's
for
$4.98%@$4.98 15-16
$4.98 11-16@$4.99 for
range was
and
rights
Closing quotations on Friday were
cable transfers.
$4.98% f°r demand and $4.98 15-16 for cable trans¬
Commercial
fers.
bills finished
sight
$4.98%,
at
$4.97%,
('60 days) at $4.97%, and
$4.98%- Cotton and grain
sixty-day bills at $4.97%, ninety-day bills at
documents for
payment
seven-day grain bills at
for
due to the return of
Exchange
is
Only
a
few
felt that the Chautemps Cabinet,
field through authorized
in the
and monetary situation.
One of
operating in the financial
decrees, might bring about an improvement
French exchange
in the futures
Minister Bonnet was to
exchange equalization fund operate
have the French
market
so as
to arrest the severe
decline
fund
At the same time a special
of future francs.
devalu¬
bond issues. At
present the French control seems to have abandoned
operations in the futures market and 30- and 90day francs are at widening discounts.
It would
seem, too, that the special fund set up to support
set up
was
ation to
from the so-called profits of franc
support the Government
the rentes market has
been
largely depleted and
very
Government's operations along this line have
the
been fruitless
in the past
clined successively in
nearly
The renewed outward
held
every
in
business
sterling
on
session.
in francs in New
The volume of
York is not appreciably
large and operations affecting
the rate arise chiefly
abroad.
There
which
cannot
be
said to
be
any
financial
news
would account for the present weakness of
and
of
French
government
securities.
regard the gradual weaken¬
ing of forward francs as symptomatic of the general
discouragement which returning observers stress as
an
outstanding feature of current French business
Foreign exchange traders
life.
observers
Financial
authorities
of
are
state
Paris
that
French
by tourists visiting
International Exposition.
the sale of foreign
is noted that
the
disappointed with the small proceeds
foreign exchange brought in
the
sufficiently
being.
The
relation of the
shows the
table
following
leading European currencies to the
United States
dollar:
Parity
Parity
b France
(franc)
13.90
Italy (lira)
_
5.26
Switzerland (franc)
19.30
Holland (guilder)______
40.20
a
New dollar
the European currencies
and Oct. 5, 1936.
gold and allowed to "float" on
bThe franc cut from
The London check rate
at
on
132.85, against 132.85 on
sight bills
on
3.75 15-16
to 16.87
to 5.26%
to 22.98
to 55.20
3.75 1-16 to
16.83%
5.26%
22.96%
55.12%
parity as before devaluation of
between Sept. 25
This Week
a
6.63
16.95
8.91
32.67
68.06
3.92
_
Belgium (belga)
Range
New Dollar
Old Dollar
June 30.
Paris closed on Friday
Friday of last week. In
the French center finished
3.75%, against 3.75% on Friday of last
transfers at 3.75%,
against 3.753/2.
week;
Ant¬
bankers' sight and at
16.85% for cable transfers, against 16.83% and
16.83%.
Final quotations for Berlin marks were
40.23 for bankers' sight bills and 40.23 for cable
transfers, in comparison with 40.22% and 40.22%.
Italian lire closed at 5.26% for bankers' sight bills
and at 5.26% for cable transfers, against 5.26% and
5.26%. Austrian schillings closed at 18.88, against
18.88; exchange on Czechoslovakia at 3.49, against
3.48%; on Bucharest at 0.74, against 0.74; on
Poland at 18.93, against 18.93; and on Finland at
2.21, against 2.20%. Greek exchange closed at 0.91%
against 0.91%.
:
belgas closed at 16.85 for
werp
—»
EXCHANGE on thefirm. Thisneutral during true
generally countries
is especially the
war
of the
is
Holland guilder, as
Indies
East
are
at
present
Holland and the Dutch
enjoining exceptionally
good business.
The
Swedish
on
the
Riksbank in June issued a memo¬
present
which reads in part as
"In
1931,
Swedish monetary policy
follows:
after abandoning
the gold standard, it was
stated that the monetary policy
the maintenance
of the consumers.
of
of Sweden should aim at
of the purchasing of the krona in the
hands
In 1932 and again in 1933 the principles
policy were partly reconsidered. As a further object it
added that the economic policy should aim at bringing
was
franc
the
the improvement
definitely further gold shipments for the time
to bar
randum
drift of funds from Paris is
Wednesday.
gradual reversal in the French
Belgian exchange, which has advanced
in
responsible, at least in part, for the sharp ad¬
vance
firmer and the
now
position is believed responsible for
Rentes have de¬
week.
gone
cable
FRENCH toward are again showing a strong be a
dency francs ease and there seems to ten¬
renewed drift of capital from France.
French capital from Brus¬
some
in search of safety prior to
the last devaluation of the French franc.
The belga
at
Continental and Other Foreign
the first moves of Finance
Monday last official reports
sels, where it had
New York
payment closed at $4.98%.
weeks ago it was
On
On Friday ster¬
$4.98 15-16@$4.99 5-16.
transfers
is again showing a
currency
firmness.
Friday,
.$35.00
35.00
35.00
Aug. 16
tendency to
showed
that $3,400,000 in gold has been engaged in Brussels
for shipment to New York.
It was then thought
that the volume of gold shipped would increase and
that there were some signs of pressure on the belga.
Apparently the gold movement from Belgium was
Belgian
STATES
(FEDERAL RESERVE BANK)
Saturday, Aup. 14
1161
Chronicle
Not only
are
exchange relatively small, but it
tourists are not spending much money.
about
an
increase of domestic wholesale
prices without allow¬
ing this increase appreciably to affect the cost of living.
"In view of the economic development since the middle
of 1936 with
of
a
its strong upward tendency of prices
the need
modification of the monetary program of 1933 was gen¬
erally recognized in the spring of 1937.
In a document
addressed to the Government the Riksbank suggested that
the
policy of the Riksbank as well as
the general economic
policy should aim at counteracting the tendency towards
rising prices and in any case prevent an inflationary price
development.
As had been stated by Parliament
in 1933
principles to be followed ought to be fixed by the Govern¬
ment and Parliament, whereas the choice of the means
for
the
fulfilling the policy must be
which in this respect
in the hands of the Riksbank,
has to bear the full responsibility.
1162
Financial
"In the recent
the
Government bill
the monetary
on
principles laid down by the Riksbank
confirmed.
of stable
foreign exchanges.
of
that the data
advantage
further
than
monetary policy for the
future, the Minister considered it necessary to
regard
the stabilizing of the external value of
the krona as a second¬
a
object of the
general
Closing quotations for
checks yesterday
yen
were
Friday of last week. Hong¬
kong closed at 31 5-16@31.29, against 31.00@31
3-16;
Shanghai (nominal) at 29%, against 29.60@30.00;
on
Manila at
50.25, against 50.25; Singapore at 58.60,
58.55; Bombay at 37.68, against 37.64%;
and Calcutta at
37.68, against 37.64%.
against
"The Minister of Finance considered
it
would still to
a
certain extent
England and America should
and
taken
an
move
pass
likely that prices
upwards.
If prices in
the usual limits for good
inflationary character,
Gold Bullion in
increase of
an
sterling would have to
appreciation of the krona and a strong
tightening of the
money market were both of such
that
they ought to be used only if there
reasons for
applying them."
a
were
to
22.26 and
1937
England
22.26.
Checks
Germany b_
Spain
Italy
Netherlands
Nat. Belg__
Switzerland.
on
Sweden
Sweden closed at 25.72 and cable transfers at
25.72%,
Norway
against 25.71 and 25.71; while checks
1935
1934
£
£
£
327,775,880
293,246,138
2,497,650
c87,323,000
a25,232,000
105,490,000
103,513,0C0
83,452,000
25,895,000
France
22.97% for
1936
£
transfers, against 22.96% and 22.96%. Copen¬
hagen checks finished at 22.27% and cable transfers
against
of.
shown for the
Banks of—
cable
22.27%,
as
statements, reported
four years:
on
francs closed at 22.97 for checks and at
most recent
by special cable yesterday (Friday); comparisons
corresponding dates in the previous
us
are
on
Friday
Friday of last week;
cable transfers at
55.19, against 55.14; and com¬
mercial sight bills at
55.74, against 55.09.
Swiss
at par
exchange) in the principal European banks
respective dates of
good
Bankers' sight on Amsterdam finished
55.18%, against 55.14
of gold
into
of
character
very
European Banks
THE following table indicates the amounts
bullion (converted
pounds sterling
the value of the krona in relation to
be considered.
An
at
facilitate
29.12, against 29.37
bank.
at
to
was
nations, particularly the United States.
A
policy under all circumstances aiming
at holding the
present rate for sterling might not be con¬
sistent with a policy
trying to prevent inflationary price
rises.
According to the Minister, formulations referring
to certain index numbers should
be avoided, because
they
might limit the choice of measures to be taken
by the Riks¬
times
Treasury must necessarily be kept
program of
monetary reform and currency stabilization and to
promote increased trade between China and other
near
consideration.
Illinois, made it clear
He pointed out that the main
agreement
strong\ price rise and in accordance with his
opinion
about the most desirable aim of the
ary
of
the recent pact between China and
on
the United States
secret.
was
importance of checking
too
Aug. 21, 1937
by Representative Dirksen
He found, however, that the
wholesale" prices had gone
aimed at iml933.
In view of the
a
policy
the whole
were on
The Minister of Finance stressed the
reflation
Chronicle
244,862,378
438,783,001
2,394,350
88,092,000
42,575,000
54,900,000
106,542,000
49,832,000
24,072,000
6,553,000
6,604,000
1933
£
193,909,311
192,216,927
573 289 944
191,497,920
650 542 626
656.740.396
2,905,800
12,666,200
90,390,000
74,215,000
69,953,000
76,836,000
61,461,000
13,908,000
7,397,000
6,569,000
3,225,300
90,774,000
59,741,000
49,161,000
100,534,000
45,480,000
19,813,000
7,394,000
6,602,000
90,569,000
69,657,000
71,950,000
75,304,000
62,543,000
15,393,000
Total week.
finished at
25.07% and cable transfers
25.06 and 25.06.
against
Norway
on
at
25.07%,
Spanish pesetas
not
are
quoted in New York.
EXCHANGE on theDispatches from Santiago,
South American countries
continues
Chile,
fixed
to
on
a
firm.
Friday last stated that the Government
rate
of 25
to the dollar in
pesos
improve the value of the Chilean
importers expect the
the
new
a
Argentine
paper
rate, which also will affect
closed
on
against 33.23.
The unofficial
or
Friday, official
free
market
30.15@30.25, against 30.15@30.26.
milreis, official rates,
unofficial
or
free
were
market
close
Brazilian
8.90, against 8.90.
in
The
milreis, is 6.40@6.45,
against 6.55@6.60.
quoted at 5.19,
Amount held Dec.
a
Bank of
Chilean exchange is
nominally
against 5.19.
Peru is nominal at
26.00, against 26.00.
to
extent
some
the
foreign exchange market
dealings in Shanghai dollars.
York Far Eastern bonds
Between
influence
an
Chinese-Japanese War.
are
in
In London and New
severe
Aug. 12 and Aug. 18 gold valued
000 arrived in Great Britain from
China.
stood that the
purposes.
but it is
gold
was
of Senator
of
the
Its ultimate destination is
pressure.
at
£1,214,-
for
now
refining
known,
the metal will be sent
being refined.
Wayne C. Taylor,
Acting Secretary of the United States
Treasury, in
reply to questions put to the Treasury
Department
depressing thing about the confirmation
Hugo L. Black as an Associate Justice
Supreme Court
the
nomination
is
that
had
it
been
was
inevitable.
made,
everybody
realized that confirmation would
follow
ter
of
tions
The
course.
on
judicial
in
matters
as
important
respects,
which
the
of
nomination
the
the person nominated to
foreseen to be of
could
do
a
no
to
was
seat
on
avail.
un¬
politics in
exhibited,
and serious doubt about
the constitutional
were
mat¬
a
of
any obvious qualifica¬
of the nominee, his conspicuous
the part
disqualifications
lack
abashed disregard for the decencies
right of
the Federal
bench,
The most that
oppo¬
delay confirmation
for
a
days, and in the
meantime spread
upon the rec¬
ord of the Senate and
its Judiciary Committee some
of
the
facts
about
and the reasons for
was
never
a
Senator
Black's
regarding him
as
public
career
unfit.
There
moment, however, when confirmation
was
doubtful, and a vote of 63 to 16 registered the
appointment regardless of the
weighty objections to
be made to it.
In
It is under¬
shipped to London
thought probable that
to New York after
as
On
Monday
London suspended
under
31, 1936, latest figure available,
b Gold holdings of the
exclusive of gold held abroad, the
amount of which
The Supreme Court Scandal
The most
sition
EXCHANGE on the Far Eastern countries is now
feeling
adverse
result of the
are
about 190 francs to £1.
few
a
Germany
Is now
reported at £967,950.
c Amount held
Aug. 1, 1936, latest figure available.
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,
when the gold was
given a value of 49 milligrams to the
franc as compared with
65.5 mgs. previously.
On the basis of 65.5
nags., approximately 125 francs equalled
£1 sterling at
par; on basis of 49 mgs. about 165
francs equaled £1 sterling, and at
43 mgs. there are
Once
quotations, at 33.23 for bankers' sight bills,
against
33.23 on Friday of last
week; cable transfers at 33.23,
was
7,397,000
6,577,000
1,067,575,668 1,065,209,729 1,149,923,555
1,245,055,353 I,258,633,516
Prev. week. 1,039,380,465
1,065,011,759 1,146,942,731 1,239,681,626
II,255,417,671
Chilean
peso.
6,549,000
6,602,000
_
has
United States.
pesos
_
measure
pound sterling in ratio to its greater value, to
increase trade with the
Denmark
so
far
as
tered into the
of the lowest
dition
sound
a
has
so-called
"Senatorial
courtesy"
matter, the Senate action marks
depths to which that mischievous
descended.
reason
why
Senator, should
a
There
has
never
been
Senator, merely because
en¬
one
tra¬
any
he is
be confirmed without question for
any appointment to which he
was
nominated.
The
Volume
notion
its members
with
club
respectable
no
suspicion, judicial condemnation and constitutional
obstacle before it, the Senate, by a majority vote
had
of four to one, confirmed the nomination. What
conclusions is the country likely to draw from
such action?
As far as the Senate itself is concerned, it seems
clear that the Democratic opposition which was
aroused by the court-packing proposal has been dis-
perpetuating the tradition, but
with
do
to
the
of "gentlemen's club" has
term, was a kind
much
regards its members
all
as
equally fitted for any office to which they may aspire
for which they may be put
or
there
be
can
forward. Yet
question that many members
little
who voted to confirm Senator
Black did
because
so
kind
of binding obligation from which only conclusive
evidence of glaring unfitness in a nominee could
"Senatorial
What
"Senatorial courtesy" means,
is that most Senators, and in the
of course,
case
courtesy" appealed to them as a
them.
release
large majority, approach a
a
Black
nomination of a
Senator either with closed minds or with preposses-
invariably assure confirmation
sions which all but
in
Under such
advance.
becomes
circumstances the Senate
rubber stamp, and the careful conwhich inheres in the idea of confirma-
only
sideration
a
tion is reduced at best to an
There
empty form.
special reason for careful considera-
was
tion in the case of Senator
Black because both his
eligibility were seri-
fitness and his constitutional
There was, apparently no great
support from the KuKlux
ously questioned.
doubt that he had received
first elected to the
Klan in Alabama when he was
attended Klan
certainly called
for thorough investigation.
His colleagues could
hardly have been ignorant of the fact that his law
Senate, and allegations that he had
meetings and even become a member
practice had never been of a kind to
rank
numbers of
private telegrams at Washington by a
investigating
lobby
Black
was
give him high
The arbitrary seizure of large
lawyer.
a
as
committee of which Senator
chairman was roundly condemned
United States Court of Appeals
by the
for the District of
Columbia, but Mark Sullivan, the veteran Washing-
correspondent, is authority for the statement
ton
that "so far as
are
anybody knows, the seized telegrams
possession of Senator Black as chairSenate committee" and that "they are
still in the
man
of the
illegally." Nothing in Senator Black's politi-
there
cal career,
whether in the Senate or out of it, has
possessed of a judicial tempera-
him to be
shown
ment.
The
case
against confirmation on constitutional
others, was well
Cabot Lodge, Jr., of MassaRepublican, in a statement issued after
grounds, as well as generally upon
put by Senator Henry
chusetts, a
the vote
was
taken.
tion of Senator
"I voted against the confirma-
Black," the Massachusetts Senator
declared, "because I do not believe that any
of
member
Congress is eligible for appointment as a
this
The Constitution bars any one who was a
of a Congress which increased the emoluof a civil office. This Congress voted to in-
judge.
member
ments
the emoluments
crease
of the
Supreme Court by
providing judges with retirement pay at
and
I
a
therefore is debarred,
under the Constitution
also
opposed
his confirmation because of my
conviction
strong
should be tolerant,
of
$20,000
Senator Black is a member of this Congress
year.
the
fellow
that
a
Supreme Court
judge
liberal and judicial in his view
religious faiths and racial equality of his
citizens.
vanced
Senator
to
Not a shred
remove
Black's
the
of evidence
cloud of doubt
attitude
on
was
ad-
concerning
these fundamentals."
Nevertheless, with all this weight of allegation,
1163
elected for a longer
Senate, a smaller body than
the
that
House and
Chronicle
Financial
145
sipated, and that no effective resistance to the
Roosevelt steam-roller need be looked for on that
score. The nomination of a New Deal "yes man"
is as transparent a case of court-packing as is ever
likely to be found, and neither constitutional obstacle nor political propriety has availed to defeat
it. It is not to the rank and file of the Senate Democrats, accordingly, that one can look with confidence
for further resistance to the Roosevelt program, for
only 7 Democrats stood out against confirmation,
The effect of the vote upon public opinion will certainly be confusing. The standing of Senators Gerry
of Rhode Island, Copeland of New York, Glass and
Byrd of Virginia, Burke of Nebraska, King of Utah
and Tydings of Maryland will not be impaired by
their courageous opposition, but it will be hopeless
to look for independence among the other 57 Democrats who did nothing to uphold the integrity of
the Supreme Court or prevent a constitutional pro-.
hibition from being overridden. If Mr. Roosevelt's
domination of the huge Democratic majority in the
Senate needed further demonstration, the vote on
Tuesday afforded it.
The effect of Senator Black's appointment upon
the attitude of the Supreme Court, assuming that
his legal right to a seat on the Supreme bench is
not successfully challenged, can hardly fail to be,
in the long run at least, very considerable. As the
youngest member of the Court—he is in his 52nd
year—he has a reasonable prospect of a long period
of service, and the inevitable retirement of older
members will naturally add to his influence as his
seniority advances. The country will hope that, in
spite of his inexperience and his conspicuous lack
of a judicial temperament, the responsibilities of his
position and association with his colleagues may
have both an educative and a restraining effect,
but there will be no great initial confidence that
such will be the case. He will take his seat under
a heavy cloud of suspicion that he was nominated,
not because he has in him the making of a judicial
statesman, but because he was believed by Mr. Roosevelt to be favorable to the kind of legislation that
the Administration demands.
There will be particular interest, of course, in
his attitude toward the Black-Connery wages and
hours bill, if that measure becomes law and a test
case involving its constitutionality reaches the Supreme Court. As one of the authors of that bill, he
must be assumed to stand unreservedly for the revolutionary changes which the bill proposes: Federal control of wages and hours in all important
industries, the extension of Federal authority to industry and business that are intrastate, and administration of the law by a Federal board with almost unlimited powers. There is some reason for
thinking that it was his championship of this measure, quite as much as his general attitude toward
so-called judicial "reform" and the interpretation
of the Constitution generally, that influenced his
selection. It is possible that, having been closely
1164
Financial
identified with the drafting of this legislation and
of its
one
test
a
leading defenders in Congress, he
reaches the
case
take part
may,
if
Supreme Court, decline to
in the Court's decision, but the country
will have to
await his action at this
some
quarters
clever piece of political strat¬
as a
the part of Mr. Roosevelt.
egy on
to turn out to have been
bungling
a
country knows that there
for the nomination:
torial
Black,
bench, could be counted
Deal.
What
has
fidence in the
seated
once
upon
reasons
upon
"Sena¬
objections that the
any
might raise; the other,
lief that Senator
The whole
one.
the reliance
one,
likely
more
only two
were
courtesy" to override
nomination
It is
i
a
confident be¬
on
the Supreme
to support the New
happened, of course, is that
con¬
integrity of the Senate has been seri¬
Aug. 21, 1937
mediate occasion
was an incident at
Shanghai. The
Japanese apparently expected that, following their
first
in
successes
the
Government would be
Peiping
General
China
fight, and
large Chinese force
a
resistance, which jeopardized
Japanese
Japanese naval officer and
nated at
the
as
Chinese
plans the
settlement
was
North,
a
being met,
assassi¬
a seaman were
Shanghai by members of
The affair
any
have had of negotiating
may
with local authorities in the
and
suc¬
preventing the Japanese from entering
Province by way of the Nankow
pass. While
new
known
re¬
occupation of North China.
in
Chahar
a
Nanking
Chiang Kai-shek, however, announced that
would
ceeded
this
the
area,
indisposed to offer much
sistance to the further
point.
The nomination of Senator Black has been hailed
in
Chronicle
Peace
an
organization
Preservation
Corps.
might have been adjusted by diplomacy
reparation made, apparently, if the Mayor of
ously impaired, and that the obvious packing of the
Shanghai had not refused the demand of the Japa¬
Court has further
nese
is
split the Democratic Party.
longer possible, with
no
a
submitting to be driven like
much
hope of
and anti-New
were
flock of sheep, to have
Deal Democrats.
of Republicans
up
If the
Republicans
numerically stronger than they
Republican leadership
shown itself to
take
were
more
The
are,
and if
be, the Republican Party might well
Black
its lost
recover
appointment, however, shows
to
remove
the
Corps from the city. Before this
controversy could be settled, however, the Japanese
occupied the Whangpoo
navy
force of Chinese
occupied the
International Settlement.
lowed
confronted
the
France with
nicipal
River
The
the
on
operations that fol¬
United
serious
war
on
large scale has
a
States, Great Britain and
problems.
The Shanghai
mu¬
comprises the municipality of Greater
area
only that Mr. Roosevelt is quite willing to split
Shanghai, with
2,000,000 under Chinese administration; the Inter¬
his standard still farther to the
move
left, but that he
also count
can
upon a
ity in the Senate to follow him.
elections
of
ability to
carry on.
1938
will
give
certainly be
and
many
a
good
large major¬
The Congressional
some
indication of his
Executive control of the courts
will almost
dominant issue in 1938,
a
Senators will have difficulty in
national
more
hai
population of somewhat less than
a
Settlement, with
than
a
population of slightly
1,000,000 and administered by the Shang¬
Municipal Council, and the French Concession,
a
population of about 500,000 and a Council
with
responsible to the French Consul General.
explaining why, after defeating the court-packing
establishments in the International
there
was
first presented,
they voted
a
well-turned
phrase, leaves the Supreme Court "one-
ninth
out
confirmation which, in Mr. Hoover's
packed."
It would be superfluous to point
that, if the Senators who surrendered
rebuked,
another
toward Executive
long step
will
have
are
not
been taken
dictatorship.
are
obviously
of great peril.
one
said to have been intended for
the
river, which killed
1,400, brought
an
hope that the lull in the fighting in North
subsidence, for the time being at
nese
world
the
of
anxiety and dread the
large-scale military
whose ultimate range
said
to
ever
assembled
be the
naval
operations
cannot be predicted.
What is
largest naval force that Japan has
has
occupied the Whangpoo River,
which
serves as
to the
Yangtze and the
and Chinese
and
prog¬
the
port of Shanghai and its avenue
sea,
large forces of Japanese
troops have been brought
up,
and des¬
an
serious nature is
obviously present in
It has been clear from the
that
neither
United
Great
States has
such action
can
Naval
forces
and France
of
are
United
the
on
the
scene
States, Great Britain
or
en
route, and the
perilous task of evacuating foreign civilians from
International
which
everybody
Settlement has begun.
feared,
but which
The
many
war
hoped
might be staved off, has apparently begun.
Indirectly, the
the earlier
war
at Shanghai is connected with
fighting in the North, although its im-
first,
Britain,
much
With the Chi¬
on
the other hand,
France,
nor
International
with
a
of
the
nor
possibly be avoided. A British
Power appeal to
a
form.
an acute
posal, apparently supported by France, for
ion
opera¬
pay
intention of intervening if
any
pro¬
three-
a
Japan to remove its troops from
Powers to protect Japanese
Shanghai and the adjacent Chapei.
own
fighting with equal desperation for conquest,
heavy toll of life in the International Settlement
in
Japanese, in turn,
possibility of international complications of
Shanghai, in return for
as
vessels
fighting desperately for defense and the Japa¬
perate fighting has been going on which has taken a
well
The
obstacle to their
respect to its international position.
nese
ress
war
1,100 and injured
tions, and it is not clear that they will
pated by the serious events at Shanghai, and the
watches with
Japanese
some
apology from Nanking, but the
find the Settlement
ieast, of the Sino-Japanese conflict has been dissi¬
now
Settlement is
The Chinese bombing,
Chinese forces is doubtful.
China meant the
Settlement, and
ability of the Nanking Government to control the
American Interests and the War in China
The
or
upwards of 30,000 foreign nationals.
The situation of the International
in
Ten
foreign nations have business interests and
more
proposal in the form in which it
the
large
a
party and
his
as
and
bordering
area
summarized elsewhere in this issue.
are
The sudden outbreak of
able than it -has
advantage of the situation to
ground.
not
a
opposition made
an
It
majority of the Senate
an
undertaking by the three
lives and property in the
Settlement, is reported to have met
cool
reception at Washington.
the
Department
of State,
as
In the opin¬
reported
on
Wednesday, the time has passed for outside
repre¬
sentations
or
of this
convenience of
character, and the danger
pleaded while armies
most
that
Settlement
can
as.
in¬
foreigners could not be successfully
be
were
locked in conflict.
The
done, apparently, is to give the
much
protection
as
foreign forces
Volume
Financial
145
offer, and meantime evacuate civilians as rap¬
•can
idly
possible.
as
The latter task is impeded by the
at
military authorities of Japan are
odds, and that the Japanese military command,
having been dragged into the fighting at Shanghai
and by the necessity of transporting Amer¬
by the precipitate action of the navy, would like to
sengers,
Hongkong. The dif¬
icans to Manila and British to
ficulty of the French, whose concession is also en¬
there being rela¬
dangered, is particularly great,
tively little French merchant tonnage available and
place of refuge under the French flag
nearest
Thanks to the
Neutrality Act, the United States
neutrality problem
a
that of the other Powers.
ment is
entirely
The
different from
problem at the mo¬
complicated that the Administration has
so
withdraw and go on
the North.
Other
convinced
that
allow
to
war
with the gradual conquest of
observers, equally competent, are
of
hatred
Chinese
Japan will not
stop until the Japanese have been ex¬
pelled, that the Chinese armies, trained by Germans,
are
being Indo-China.
lias
that the naval and
adequate merchant tonnage suitable for pas¬
lack of
the
1165
Chronicle
far
its
which
more
efficient than ever,
are
and that the cred¬
reported to have been arranged at
Paris, Vienna and Prague assure a substantial ad¬
dition to armaments.
The best that
can
be
done, under present circum¬
wisely chosen to ignore it as far as any declaration
stances, is to keep such opposed arguments
of
and await
policy is concerned.
nition
The Act calls for the recog¬
by the President of
state of war, if such
a
-exists, whereupon the restrictions and prohibitions
of the Act become
operative. It is not certain, how¬
that what is going on in China, whether at
ever,
Shanghai
nized
as
in the North, is properly to be recog¬
or
war, nor
may
continue.
tion
of
war
on
is it clear how long the fighting
There has been no formal declara¬
either side, and
diplomatic inter¬
If the
fighting at Shanghai should end in a short time with
a
decisive repulse of the Japanese, or if Japan
changes are reported to be still going on.
drop its activities in that region and con¬
should
centrate
the
on
war
in the North, a
proclamation of
neutrality might be so short-lived as to
have no
•practical effect whatever oil trade with either bel¬
In the present circumstances a neutrality
ligerent.
would
declaration
be
extremely irritating to both
Japanese, it would greatly im¬
the Chinese and the
pair friendly relations with both countries, and
it
nese
navy can
in mind
At the moment the Japa¬
developments.
interfere seriously with the Chinese
importation of arms, and contracts for foreign man¬
for many months.
ufacture cannot be fulfilled
the
other
On
considerable importation of
any
by land is possible only through Soviet Russia,
arms
and
hand,
Russian aid of that kind to China would
any
almost
bring
certainly
a
declaration of war by
Japan. In that case the German-Japanese treaty
alliance would
Soviet Russia would be at war on two
disclosures of demoralization
cent
of
automatically become operative, and
fronts.
Re¬
in the Russian
is wise, will
There is
too much dynamite in the situation, however, to
make any prediction safe.
Meantime it is gratify¬
ing to know that Mr. Roosevelt shows no inclina¬
high command suggest that Russia, if it
deliberately provoke a foreign war.
not
tion to embroil the United
States in the unhappy
conflict, and that Great Britain and France seem
equally content to follow a policy of hands
off.
give to other nations the trade of which this
would
country was deprived.
The demand which
ported to be pressing at Washington, not only for
the immediate issuance of a neutrality proclamation
but also for the
prompt withdrawal of all American
China, would, if it were granted, do
from
forces
:
nothing to improve the situation.
-nancial and business interests of
in China
are
Whether the fi-
American citizens
of troops and naval
is, perhaps, fairly open to debate, and the
:much-vaunted policy
of the "open door" has bene¬
fited Great Britain far more
:should be
than this country.
It
obvious, however, that the liquidation of
.American interests in China could not
be enforced
continue risk¬
ing their investments there, and that until govern¬
ment in China is a good deal more stabilized and ef-
by Washington if Americans chose to
•
market,
Lowergrade rails declined more than the average, the Baa rail
group now being close to the year's low of June 29.
United
States Governments have completed their second week of
A
fective than it now
is, the complete withdrawal of
.American forces would merely
lead Americans to in¬
generally weak tone lias prevailed in the bond
resulting in moderate
fractional
the
protection of the British, the French or
the
Japanese.
out
of
•such
If the United States is ever to get
China, it can only be when conditions are
that
withdrawal will not have unmistakably
the appearance
of an admission of defeat.
What the world has most to
tion of the
besides
pan
and the drawing in of other
China and
ments and
•On the
war
one
fear is the prolonga¬
Japan.
Powers
At this point the com¬
predictions of observers are conflicting.
side, for example, it is insisted that Ja¬
is financially in no condition to prosecute a
six weeks of very
railroad bonds have been somewhat easier
4%s, 1962, were off % at 113,
Atchison C-A
week.
3%s, 1997, at 97%
Central
York
New
while
Second-grade railroad bonds also
final prices
Pacific
being lower than those of last week.
at 83%
4%s, 1969,
Railway 4s, 1956, at
the
tenor
declined %.
underwent price reactions,
of
market,
Southern
off 1%, while Southern
72% declined 2%.
stock
the
were
In sympathy with
bonds
defaulted railroad
Chicago Great Western 4s, 1959,
while St. Louis-San Francisco'
4%s, 1978, closed 2% points lower at 21%.
High-grade utility bonds have softened.
Southern Bell
Telephone 3%s, 1962, declined % to par; Southern Cali¬
fornia Edison 4s, 1960, at 106% were off 1%.
Lower grades
showed pumerous
losses.
36% were off 2% points,
at
with certain
developments
were
followed by pronounced declines.
These particular
situations affected American & Foreign Power 5s, 2030,
which declined 8 to 72; International Tel. & Tel. 4%s, 1952,
which closed at 66%, down 4; Brooklyn-Manhattan Transit
generally fluctuated in a narrow range,
exceptions
outstanding
where
unfavorable
7% to SO; Interborough Rapid Transit
off 2% at 65%, and Hudson & Man¬
hattan 5s, 1957, which declined 7 to 68.
Industrial bonds turned irregular in the latter part of
4%s, 1966, which fell
5s, 1966, which were
Otis Steel 4%s,
Packing company loans have
been mixed, Swift & Co. 3%s, 1950, receding % to 105%.
There have been several losses of large fractions among the
the week.
Most of the steels lost ground.
1962, were 1% lower at
90%.
people, while accepting
oils, Texas Corp.
3%s, 1951, closing at 103%. off %.
unavoidable, have no enthusiasm for it,
small non-ferrous
metal group has been firm, Revere Copper
'
long war, that the Japanese
.the war as
after the preceding
declines,
High-grade
this
have
voke
losses throughout the list.
gradual advance.
important enough to warrant the regu¬
lar maintenance in that country
•vessels
The Course of the Bond Market
pacifist organizations are re¬
K
-
'
r
.
•
•
The'
Financial
1166
& Brass
1956, advancing % to 103%.
4%s
Liquor, rubber
bonds.
Japanese bonds have established new lows for the
continuing to decline at the threat of a prolonged
China.
this
The balance of the list, under the influence of the
Asiatic
year,
war
war
South American
Most
MOODY'S BOND PRICES
latest
the
political develop¬
unfavorable
Moody's computed bond prices and bond yield averages
have been under
issues
and
Europe, also showed signs of weakness.
ments in
in
Leading Japanese issues have lost 10 to 20 points
week.
Aug. 21, 1937
the heaviest losses being registered by Brazilian
pressure,
somewhat lower.
drifted
issues
and amusement
Chronicle
following tables:
given in the
are
MOODY'S BOND
(REVISED)
YIELD AVERAGES
(REVISED)
(Based on Individual Closing Pric
(Based on Average Yields)
)
'
All
U. S.
1937
1937
by Ratings
A
Baa
RR.
U.
Indus.
Averages
109.84
100.00
84.41
92.75
101.94
109.64
Aug. 20—
Aaa
Corp.*
Averages
120
Domes-
Corporate by Groups*
tic
Aa
114.09
P.
Aug. 20— 108.86
19— 108.99
101.06
101.23
114.09
110.04
100.18
84.55
92.90
102.12
101.41
113.89
110.24
100.53
84.69
93.37
102.30
17— 109.18
101.58
—
For
Aa
Aaa
icCorp.
A
Baa
RR.
P.
U.
Indus.
3.94
3.26
3.47
4.00
3.89
3.26
3.46
3.99
6.00
4.43
3.88
3.48
3.92
3.27
3.45
3.97
4.99
4.40
3.87
eigne-■
3.48
3.93
18-
3.48
109.64
18
30
Corporate by Groups
19-
109.64
109.12
,
20 Domestic
120 Domestic Corporate
Daily
by Ratings
All
120 Domestic
Domes
Govt
Bonds
Daily
120 Domestic Corporate *
120
5.01
4.44
5.33:
3.47
110.43
100.70
84.83
93.53
102.30
109.84
17-
3.91
3.25
3.44
3.96
4.98
4.39
3.87
16— 109.21
101.76
114.72
110.43
100.70
84.83
93.69
102.30
110.04
16-
3.90
3.23
3.44
3.96
4.98
4.38
3.87
3.46
14- 109.15
101.76
114.72
110.63
100.88
84.96
93.85
102.30
110.24
14-
3.90
3.23
3.43
3.95
4.97
4.37
3.87
3.45
3.22
114.30
4.98
3.87
4.36
3.45
13- 109.12
101.76
114.93
110.63
100.88
84.83
94.01
102.30
110.24
13-
3.43
3.95
12- 109.23
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
101.76
114.93
111.03
100.88
84.55
93.85
102.12
110.43
11-
3.90
3.22
3.41
3.95
5.00
4.37
3.88
3.44
5.00
5.08-
3.45
11— 109.44
3.90
101.76
114.93
110.83
110.88
84.55
93.85
102.12
110.24
10-
3.90
109.55
101.76
114.72
110.83
100.70
84.55
93.85
102.12
110.04
9-
3.90
109.53
101.76
114.72
110.83
100.70
84.55
93.85
102.12
110.04
7-
3.90
3.23
102.12
110.24
3.45
4.37
3.88
3.42
3.96
5.00
4.37
3.88
3.46
3.42
3.23
7-
3.96
5.00
4.37
3.88
3.46
3.42
3.22
9—
10— 109.57
>
3.95
101.76
114.72
111.03
100.88
84.55
93.85
3.90
3.23
3.95
5.00
4.37
3.88
3.45
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
4
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
3.46
6— 109.49
109.50
—
6-
3.41
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
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
101.58
114.72
110.63
100.70
84.28
93.85
101.94
109.84
July 30-
3.91
3.23
3.43
3.96
5.02
4.37
3.89
5.09-
3.47
TI7rt/il>7n
Weelly—
weekly—
July 30— 109.52
5.13-
23—
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
s.ia
16—
108.90
101.58
113.89
110.24
100.53
85.24
94.97
101.58
108.85
16-
3.91
3.27
3.45
3.97
4.95
4.30
3.91
3.52
5.20
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
2— 108.39
100.38
100.18
3.28
113.68
109.84
83.87
94.33
108.66
2-
3.95
3.47
4.00
4.34
3.99
3.53
5.17
June 25— 108.36
100.70
113.48
109.64
99.83
93.87
94.33
99.83
108.66
June 25—
3.96
3.29
3.48
4.01
5.05
4.34
4.01
3.53
5.12
108,44
101.41
113.89
110.24
100.35
85.10
95.13
100.70
109.24
18-
3.92
3.27
3.45
3.98
4.96
4.29
3.96
3.50
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— 108.69
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
85.65
3.92
3.30
3.46
3.98
4.92
4.26
3.97
3.52
18—
100.00
5.05
5.16
110.04
100.35
108.85
May 28-
21- 108.22
101.68
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-
3.93
3.35
3.49
4.01
4.88
4.29
3.95
3.55
5.3*
106.03
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
5.41
7-
113.27
101.41
May 28- 108.73
95.62
100.53
3.47
3.31
3.98
4.89
3.95
4.27
3.53
5.27
23-
107.17
100.70
111.23
107.69
99.48
86.92
95.29
100.70
106.54
23-
3.96
3.40
3.68
4.03
4.83
4.28
3.98
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
4.20
3.96
3.64
5.33-
9-
107.23
99.48
109.64
107.11
98.45
85.65
94.49
99.31
105.41
4.03
3.48
3.61
4.09
4.92
4.33
4.04
3.70
5.33
2- 107.19
Mar.25— 108.40
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
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:
6.20
9-
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
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
4.68
4.15
3.90
3.55
5..
111.82
103.74
114.09
110.43
101.76
90.75
98.45
103.38
109.44
5-
3.79
3.26
4.55
3.90
4.57
4.09
3.81
3.49
5.24
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
3.25
'
3.77
4.06
5.30
3.49
5.13
19..
109.44
19-
3.77
3.42
3.86
4.55
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— 112.34
Jan.
112.12
11
105.04
115.78
111.84
103.38
91.66
100.00
105.04
110.63
5-
3.72
3.18
3.37
3.81
4.51
4.00
3.72
3.43
6.19
3.70
3.14
3.35
3.80
4.52
4.00
3.72
3.39
5.34
3.09
3.30
4.47
3.93
3.68
3.36
5.39
—
114.30
104.11
110.83
102.48
91.05
98.97
104.11
29.. 112.21
105.41
116.64
112.25
91.51
100.00
105.04
22- 112.39
106.17
117.72
113.27
104.30
92.38
101.23
105.79
112.05
22..
15..
112.53
106.36
118.16
113.48
104.48
92.28
101.23
106.17
112.25
15..
3.65
3.07
3.29
3.75
4.47
3.93
3.60
3.35
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-
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
102.84
115.14
110.43
100.35
88.22
96.44
102.84
109.84
3.84
3.21
3.44
3.98
4.74
4.21
3.84
3.47
5.76
4.39
3.62
3.86
4.49
5.57
4.96
4.27
3.94
6.41
Low
1
1937 107.01
103.56
111.43
Yr. Ago
1
Aug.20'36 110.73
2 Yrs.Ago
3.66
3.76
5.41
Yr. Ago
Aug.20'36
2 Yrs.Ago
Aug.20'35 108.18
*
Jan.
29..
5.18
'
93.53
102.48
106.92
These prices are co
77.24
91.97
85.10
101.06
95.46
Aug.20'35
puted from average yields on tne basis of one "typical" bond (4% coupon, maturing In 30 years) and do not
purporttoshowelther the average
They merely serve to Illustrate in a more comprehensive way the relative levels and the relative movement or
level or the average mov<
lent of actual
yield
sing the truer picture of the bond market.
averages, the latter
THE
STATE
OF
price quotations.
TRADE—COMMERCIAL
EPITOME
for the previous week.
The week's weather was
by abnormally warm temperatures in most
sections of the country, generous showers in much of the
average
characterized
Friday Night, Aug. 20, 1937.
The general
cerning the
by the
feeling of optimism that has prevailed con¬
outlook appears to be well justified
present
outlook
for
increased
of
compares
with
reached
continued
at
peak
of
week
14.
The
figure of
and
and
Aug.
ended
index
to
rose
100.5 for the previous
high, and petroleum
Electric
stills
showed a
to
runs
Automotive activity
levels.
and
102.5
highly promising
business activity
corresponding week of 1936.
new
a
the
rate
business
revised
a
The
during the
Commerce"
week and 91.3 for the
output
activity and
business.
sharply
"Journal
of
rate
fall
East
scanty precipitation in nearly all sections west
Mississippi River.
Maximum temperatures reached
100 degrees or higher in nearly all sections between the
Mississippi River and the Rocky Mountains.
The highest
reported in this area was 108 degrees at Huron, S. Dak.,
business
substantial increase, while car loadings and bituminous coal
showed moderate gains.
Steel activity
However, signs of improvement in volume of
production
was
lower.
new
of
the
Valentine, Neb.,
Okla., on the 11th.
maxima
were
on
the 16th, and Oklahoma City,.
East of the Mississippi River the
mostly in the low 90's.
Widespread showers
during the week maintained favorable crop growth rather
Indiana,
generally .from
Mississippi
tion
Valley
central
Kentucky, and the lower
eastward, and the condition of vegeta¬
in these areas, except for
continues mostly favorable
some
local
In
dryness.
much
of Illinois
and Wisconsin,,
business in the steel industry are in evidence this week, and
and rather
while the betterment is said to be moderate, it extends to all
territories.
According to the "Iron Age," the upturn has
Rocky Mountains, however, there is now a general need of
moisture, although showers of the week were helpful in
northern Illinois,
northern and parts of western Iowa,
southern Minnesota, and central Kansas.
According to gov¬
ernment reports, rain is badly needed practically everywhere
been
largely
automobile
brought
miscellaneous
tories
in
panies'
about by
production
users
recent
backlogs
and
who
weeks.
an
buying for
increase in
by
replenishment orders from
have been
drawing upon inven¬
It
being
is
stated
further
that
the
steel
com¬
reduced
by an excess
of shipments over new orders, but this is expected to be
rectified quite sharply by the automobile industry demand
for steel by the end of the month.
The "Iron Age" esti¬
mates the steel operating rate at mid-week
at 83%
of
capacity
are
against 84%%
a week ago.
The electric power
States for the week ended Aug. 14
2,300,547,000 kilowatt hours, which is a gain of
over the 2,079,149,000 kilowatt hours for the same
output in the' United
totaled
10.6%
week of 1936.
This compares with 8.8% gain over 1936 in
preceding week as production rises.
tive
week
crude
last week when
to
oil
daily
production
For the fifth
established
average gross
consecu¬
new
record
crude oil output climbed
the American Petroleum
3,718,600 barrels, according to
This was 67,450 barrels larger
Institute.
a
than
the
daily
from
generally between the Mississippi River and the
New
Texas and
Mexico
northward
to
the
Canadian
being especially pronounced for pastures
the New York City area the weather the
border, the need
and
corn.
In
past week has been characterized by extreme warmth and
high humidity at times, with occasional showers.
was
fair and
warm
75 to 92.2 degrees.
continued
Today it
here, with temperatures ranging from
The forecast was for partly cloudy and
Overnight at Boston
Baltimore, 76 to 96; Pittsburgh,
70 to 90; Portland, Me., 66 to 74; Chicago, 72 to 88; Cin¬
cinnati, 72 to 94; Cleveland, 76 to 92; Detroit, 70 to 92;
Charleston, 80 to 86; Milwaukee, 70 to 82; Savannah, 76
to 86; Dallas, 74 to 92; Kansas City, 68 to 96; Springfield,
Mo., 70 to 86; Oklahoma City, 74 to 94; Salt Lake City,
it
was
74
54 to 90;
peg,
warm
to 80
tonight and Saturday.
degrees;
Seattle, 58 to 76; Montreal, 68 to 82, and Winni¬
48 to 68.
J
Volume
Financial
145
Expected by Col. Ayres of
Hold Up Well During Re¬
of Year—Finds Business Sentiment More
Volume of Business Activity
Cleveland Trust Co.
mainder
reached a
power
week of July the
new
production
high record above
in the history of the
Vice-President of the
attained
level
previous
any
industry,"
Cleveland
Trust Co. of Cleveland, Ohio, further observes that "the
widely anticipated summer slump in business activity is
not developing."
"Not many new high records are being
made," Colonel Ayres says, "but in nearly all important
lines of production and trade the July figures of this year
have been well above those of July of 1986."
"This is
true," he finds, "even in steel production, where output has
been seriously restricted by strikes, and in automobiles,
where work on new models is now cutting down the number
P. Apres,
Leonard
Colonel
for the
Aug. 7, 1937, loadings were
Colonel
in
company's
the
16, goes on to say:
"Business
Bulletin,"
.
the volume of business activity will hold
months of the year, and that most of the
important business indexes will show totals for 1937 well above those
of 1936.
In the first six months of this year the volume of industrial
production has exceeded that of the same months of 1936 by 19%.
Fac¬
tory employment has been greater by 14%, and factotry payrolls have been
It
up
probable that
seems
now
well during the remaining
corresponding months of 1936.
The agricultural outlook remains
favorable.
Farm prices have risen
until they are now almost at their pre-war parity with the prices of nonagricultutral products.
There is good prospect that most agricultural
yields will be large this year, so that farmers are looking forward to the
pleasant probability that 1937 will prove to be a year of good crop6 mar¬
keted at good prices.
Farmers are still receiving large totals of govern¬
ment payments, and high levels of farmer purchasing power seem assured.
Business sentiment has become much more optimistic as a result of de¬
velopments in Washingtotn, the recent decreases in labor difficulties, and
of the advances that have been under way during the past weeks in the
security markets.
One fundamental element in the business situation is
much less favorable than are those that have been mentioned.
It is the
fact that the flow of new funds into business enterprises is not increasing
in proportion to the
expansion of production and trade.
Sales of new
corporation securities have been running so far this year at rates not
much over
one-third of the average maintained in the 10 years just
29% larger than those of the
gain of 4.7% when compared with 1936 and a rise
of 31.5% when comparison is made with the same week of
showed
a
1935.
The first 18 major railroads to report for the week ended
Aug. 14, 1937, loaded a total of 360,224 cars of revenue
freight on their own lines, compared with 360,602 cars in
the preceding week and 346,231 cars in the seven days
ended Aug. 15, 1936.
A comparative table follows:
REVENUE FREIGHT LOADED AND RECEIVED FROM CONNECTIONS
(Number of Cars)
Aug. 14
Atchison Topeka & Santa Fe
Baltimore & Ohio RR
5,174
RR
16,695
42,152
5,559
23,527
Missouri Pacific RR
New York Central Lines
NewYork Chicago & St Louis Ry.
.
71,051
Pennsylvania RR
Pere Marquette Ry__
5,897
6,574
35,146
5,685
_ .
Pittsburgh & Lake Erie RR
Southern Pacific Lines
Wabash Ry
Excludes
cars
with 204.8
decline were lower prices for hogs,
cotton and wheat.
Cocoa, coffee, hides, rubber, corn and
wool also declined, while silk, steel scrap and sugar advanced.
There were no changes for copper, lead and silver.
The movement of the Index during the week, with com¬
parisons, is
follows:
as
Aug.
13
204.8
Aug. 14
No Index
Mon.,
Tues.,
Wed.,
Thurs.,
Fri.,
Aug. 16
Aug. 17
Aug. 18
Aug. 19
Aug. 20.
203.6
-.203.2
201.6
200.4
.200.4
Low—May 12
1937 High—Apr. 5
Low—June 14
The Association of
Freight Cars
During First
week in
freight cars, the largest number for any
stalled 41,630 new
corresponding period since 1930, the
ican Railroads announced
last
on
Association of Amer¬
Aug. 21.
In the same period
service, and
New freight cars
service in the first seven months of 1930 totaled
The Association further reported:
14,914 new freight cars were put in
year,
2,272 in the same period two years ago.
in
put
55,660.
Of
the
flat cars,
Class
844
I
railroads
steam
new
27
in the
New
with
steam
same
coal cars totaled: 22,039 ; box cars,
15,364 ; refrigerator cars, 3,241;
in
and
25
new
electric and Diesel locomotives,
in service being greater
new
the number
than for
any corre¬
In the same period in 1936, 26 new steam
in service,
locomotives andi 99 electric locomotives were put in service
since
14
cars on
electric and Diesel locomotives were put
1935.
order on Aug. 1 this year
totaled 38,089 compared
1 last year and 2,174 on Aug. 1, 1936.
locomotives on order on Aug. 1 this year totaled
on
New steam
1930.
new
period in
freight
27,151
automobile,
150, and miscellaneous cars, 2. ?
the seven months of 1937 also installed 198
cars,
locomotives put
sponding period
locomotives and
and
installed,
cars
and
plain
stock
;
locomotives
steam
of
freight
new
both
including
Aug.
years
included
65
ago.
in
on
below the
Loading of merchandise
increase of
1,552 cars
or
or
freight for the week ended Aug. 14,
increase of 7,676 cars
0.99% from the preceding week; an increase of 40,804 cars,
5.5%, from the total for the like week of 1936, and an
Aug. 7 totaled 769,706
for the week ended
above the corresponding
or 32.2% above the corre¬
of 187,629 cars
and 74,995 cars above the
corresponding week
less than carload lot freight totaled 168,369 cars,
above* the preceding week, 2,647 cars above the
12,340 cars above the same week in 1935.
amounted to 111,504 cars, a decrease of 7,118 cars below
Coal loading
preceding week, and 3,020 cars below the
an increase of 33,651 cars above the same
Grain and
below
corresponding week in 1936
week in 1935.
totaled 46,318 cars a decrease of 5,314
week, and 128 cars below the corresponding
grain products loading
the
preceding
1^36 but an increase of
In the Western districts
week ended Aug.
4,872 cars above the same week in
alone, grain and grain
1935.
products loading for the
of 2,196 cars below the
7, totaled 29,902 cars, a decrease
440 cars below the corresponding week in 1936.
amounted to 13,537 cars, an increase of 2,249 cars
above the preceding week, but a decrease of 1,180 cars below the same
week in 1936.
It was, however an increase of 2,251 cars above the same
week in 1935.
In the Western districts alone, loading of live stock for the
week ended Aug. 7 totaled 10,327 cars, an increase of 2,237 cars above the
preceding week, and
Live stock loading
preceding week, but a decrease
of 1,127 cars below the
corresponding week
in 1936.
totaled 41,144 cars, a decrease of 1,626 cars
below the preceding week, but an increase of 5.961 cars above the same
week in 1936, and 11,386 cars above the same week in 1935.
Ore loading amounted to 75,533 cars, an increase of 1,880 cars above the
preceding week, 21,327 cars above the corresponding week in 1936, and
43,427 cars above the corresponding week in 1935.
Coke loading amounted to 9,707 cars, a decrease of 538 cars below the
Forest
products loading
of 1,257 cars above the same week in 1936
week in 1935.
of cars loaded with revenue
freight, compared with the corresponding weeks in 1936 and 1935.
Loading of revenue freight in 1937 compared with the two previous
preceding week, but an increase
and
4,707 cars above the same
All districts
reported increases in the number
follows:
1937
Four weeks in
February
March
April
Four weeks in
July
Week of Aug. 7
Total
1936
1935
3,316,886
769,706
2,974,553
2,512,137
2,415,147
2,543,651
3,351,564
2,786,742
3,672,849
728,371
2,766,107
2,330,492
2,408,319
2,302,101
2,887,975
2,465,735
2,820,169
582,077
23,509,900
Five weeks in January
Five weeks in
Freight Car Loadings Up 7,676 Cars in Week
Ending Aug. 14
an
reviewing the
corresponding week in 1936 and
Four weeks in
This is
69,886
freight for the week of Aug. 7, was a decrease of
the preceding week.
>
loading totaled 303,594 cars, a decrease of 4,039
preceding week but an increase of 14,471 cars above the
Five weeks in May
revenue
73,534
in 1935.
years
the above figures.
Loadings of
14,890
Miscellaneous freight
electric and Diesel locomotives on order on Aug.
1937, totaled 777,382 cars.
27,497
31,147
Loading of revenue
Four weeks in June
Revenue
15, 1936
24,500
31,354
14,032
of 41,335 cars or 5.7%
1936 and an increase
the same date one year ago and four on
New
Aug.
283 com¬
the same date
1
this year totaled 29 compared: with 20 last year and four two years ago.
New freight cars and locomotives leased or otherwise acquired are not
pared with
two
Aug. 7. 1937
12,954 cars or 1.7% below
cars
months this year in¬
railroads in the first seven
14, 1937
sponding week in 1935.
week in
Class I
CONNECTIONS
American Railroads in
an
Seven Months of 1937
201.624 206,973 193,383
Lines and Texas & New
7 reported as follows:
This was an increase
cars.
but
Installed 41,630
5,742
72,921
week ended Aug.
the
Railroads
31,406
5,569
41,153
4,726
6,907
x7,973
7,108
5,300
6,765
x8,114
7,845
14,518
__
corresponding week in 1936,
198.2
6,039
4,301
44,447
4,834
7,244
x8,716
8,039
8,39§
39,077
9,606
4,370
10,257
4,383
45,247
26,541
31,862
Pacific Ry.
Central System
162.7
228.1
20
1936 High—Dec. 28
Year ago, Aug.
6,094
1,113
1,750
2,802
Weeks Ended—
Aug.
208.1
207.8
186.1
208.7
2 weeks ago, Aug. 6
Month ago, July 20
9,675
7,936
11,088
8,880
11,142
1,659
2,054
3,119
9,110
40,105
(Number of Cars)
cars
Fri.,
Bat.,
38.622
5,498
23,145
67,128
5,053
6,720
31,191
RECEIPTS FROM
TOTAL LOADINGS AND
Loading of revenue freight
week ago.
a
I* The main factors in the
40,813
5,179
15,599
10,810
7,800
6,166
18,051
10,424
8,346
Orleans RR. Co.
Total.
Moody's Index of Staple Commodity Prices declined
sharply this week, closing at 200.4 this Friday, as compared
42,242
5,639
24,181
71,622
20,650
Interchanged between S. P. Co .-Pacific
St. Louis-San Francisco Ry
Declines Sharply
4,765
16,462
17,071
21,703
20,504
32,640
23,813
360,224 360,602 346,231
Total
x
5,116
16,784
33,729
23,125
23,708
17,011
21,720
17,366
3,492
2,249
Gulf Coast Lines
Norfolk <fe Western Ry
3,185
2,169
16,436
23,114
18,228
2,623
2,356
24,278
33.259
International Great Northern RR
Aug. 15 Aug. 14 Aug. 7 Aug. 15
1937
1937
1936
1936
5,934
16,015
10,438
8,301
8,593
10,874
1,539
2,288
2,979
8,785
24,229
Ry.
Chesapeake & Ohio Ry
Chicago Burlington & Quincy RR.
Chicago Milw St Paul & Pac Ry_.
Chicago & North Western Ry
Missouri-Kansas-Texas
Aug. 7
1937
Connections
Weeks Ended—
Weeks Ended—
Illinois
Moody's Commodity Index"
Received from
Loaded on Own Lines
Chicago Rock Island &
before the depression.
ended July 31, 1937,
Loadings for the week
1937
Ayres,
issued Aug.
for the corresponding
and 32.2% over those
week of 1935.
assemblies "
of
loadings
Fdfc the week ended
5.7% above those for the like
26,6% over the total
or
corresponding week of 1935.
week of 1936,
Observing that "in tbe third
electric
increase of 163,377 cars,
to
Optimistic
of
1167
Chronicle
20,885,014
18,562,975
2,778,255
3,003,498
2,955,241
3,897,704
2,976,522
3,812,088
we undertake to show also the loadings
roads and systems for the week ended Aug. 7.
During this period a total of 92 roads showed increases
when compared with the same week last year:
In the
following
for separate
1168
Financial
REVENUE
LOADED
FREIGHT
AND
RECEIVED
Total Revenue
1937
1936
CONNECTIONS
543
from Connections
1935
1937
&
494
1,150
1937
1,187
Chicago Indianapolis A Loulsv
1937
District—(Concl.)
1,083
1,164
989
825
323
277
Piedmont Northern
418
429
346
948
7,532
1,450
9,105
2,358
8,886
Richmond Fred. A Potomac...
400
320
328
2,403
Seaboard Air Line.
8,821
6,250
22,151
7,408
21,186
17,060
2,949
3,892
14,959
493
437
324
670
175
174
127
917
99,920
96,837
79,121
63,264
36
32
39
109
82
Central Vermont
1,136
984
1,008
1,978
4,438
8,096
4,142
3,428
7,097
6.846
2,210
6,736
6,249
Delaware Lackawanna & West
Detroit A Mackinac
8,197
6,497
413
438
246
137
1,536
2,580
1,407
346
358
281
13,319
5,283
12,611
3,894
11,349
1,187
2,885
14,534
3,320
7,215
205
166
130
1,945
1,145
7,735
2,988
3,662
2,512
42,242
10,672
1,533
1,260
1,016
8,103
6,305
2,780
8,050
2,519
1,751
33,685
9,628
1,394
4,843
5,122
,4,568
246
Detroit Toledo A Ironton
Detroit A Toledo Shore Line.
Erie
Grand Trunk Western
Lehigh A Hudson River
Lehigh A New England
Lehigh Valley
Maine Central
Monongahela
Montour
New York Central Lines
N. Y. N. H. & Hartford
2,769
3,578
2,473
40,510
10,570
New York Ontario A Western.
N. Y. Chicago A St. Louis
998
1.714
5,639
Pittsburgh A Lake Erie
Pere Marquette
6,094
5,415
6,909
5,021
6,323
Pittsburgh A Shawmut
Pittsburgh Shawmut A North..
Pittsburgh A West Virginia
307
1,674
235
33
39
40,105
10,659
1,627
10,257
6,481
39,954
10,S13
1,752
10,091
6,009
4,996
5,306
239
126
332
336
235
241
199
1,204
781
1,739
1,375
34
32
667
609
604
940
985
4,745
5,957
4,838
5,350
2,998
7,845
3,730
7,596
3,373
149,395
Total
Southern System...
146,109
122,688
156,252
Winston-Salem
691
817
561
2,691
Chicago A Northern Western..
20,650
20,596
2,857
21,114
23,175
4,027
22,809
1,123
9,126
4,352
15,267
1,282
7,419
16,693
2,034
17,784
3,365
11,142
Chicago Great Western
Chicago MIJw. St. P. & PacificChicago St. P. Minn. A Omaha
2,722
Duluth Missabe A Northern.__
Duluth South Shore A Atlantic.
Elgin Jollet A Eastern
541
490
720
25,055
3,566
18,051
2,922
16,129
2,808
9
5,797
216
332
176
6
1,292
5,801
475
19
21
4,473
10,656
10,224
5,671
545
3,192
2,101
3,000
7,375
10,892
Ishpeming
Minneapolis & St. Louis
Minn. St. Paul AS. S. M.
7,292
10,615
2,397
1,686
5,282
Northern Pacific
2,364
91
1,784
2,577
3,973
8,073
332
337
305
472
1,734
2,016
1,602
1,474
134,620
124,622
91,489
52,625
24,278
20,936
18,976
3,625
3,177
3,110
6,166
2,193
601
314
229
162
17,071
16,717
14,670
1,497
10,735
2,161
8,346
2,273
Spokane International
Spokane Portland A Seattle—
Total
914
Denver A Rio Grande Western
2,961
2,693
2,132
1,396
45,247
2,580
1,150
44,395
Fort Worth A Denver City...
1,200
921
1,071
9S4
16,171
7,549
15,565
5,723
Illinois
2,048
1,345
1,858
1,516
32
20
799
609
2,069
1,198
66,144
13,698
1,092
53,084
10,189
14,137
A Sante Fe System.
Alton
Bingham & Garfield
Chicago Burlington A Qulncy.
725
50
14
6,507
34
34
22
1
2
3,331
3,253
2,799
5,768
5,803
157,429
146,087
109,478
110,688
105,151
West Virginia Northern
Atch. Top
904
61
38
16
1,290
71,622
13,787
16,973
Total
264
3,390
505
936
654
271
112
764
(Pittsburgh)
405
16,492
520
2,597
921
304
121
Western Maryland
444
22,279
Chicago A Eastern Illinois
Colorado A Southern
583
Penn-Readlng Seashore Lines
534
1,456
12,700
2.S71
216
Pennsylvania
LIgonier Valley
Long Island
Pennsylvania System
Reading Co
444
7,693
638
31,724
1,213
Central RR. of New Jersey..
Cornwall
514
540
Northern
Green Bay & Western
Lake Superior &
287
8.59S
5,193
25,658
Ft. Dodge Des Moines & South.
Great
2,737
8,880
4,181
Central Western District—
585
33,729
7,294
Buffalo Creek A Gauley
Cambria A Indiana
972
Northwestern District—
Belt Ry. of Chicago
Allegheny District—
Bessemer A Lake Erie
Southbound.
Total
152,080
Akron Canton A Youngstown
Baltimore & Ohio
—
Tennessee Central
182
5,569
;
Norfolk Southern
991
2,366
14,084
6,543
1,736
1,215
7.745
1.746
1,158
Rutland....
Wheeling A Lake Erie
Union
1935
721
Central Indiana
A
from Connections
1936
8,007
1,707
Delaware A Hudson
Cumberland
7
Total Loads Received
801
Maine
Wabash
AUG.
Freight Loaded
Railroads
1936
Southern
627
ENDED
8,411
1,844
Bangor A Aroostook..
Boston
CARS)—WEEK
OF
(NUMBER
Total Revenue
Eastern District—
Ann Arbor
Aug. 21, 1937
Total Loads Received
Freight Loaded
Railroads
FROM
Chronicle
Chicago A Illinois Midland
Chicago Rock Island A Pacific
13,889
534
Denver A Salt Lake
Terminal
Nevada
—
1,985
82
119
1,217
1,039
668
174
157
42
23,803
23,786
19,775
295
426
241
5,124
1,452
14,528
(Pacific)
13,637
12,239
Toledo Peoria A Western
Union Pacific System
23,125
24,127
24,181
1,014
4,442
22,491
17,816
15,977
10,424
Norfolk & Western
907
659
1,186
3,790
3,224
888
202
127
12
1,882
1,551
2,163
115,801
107,928
92,854
54,963
169
5,555
791
52,762
51,315
37,676
16,881
16,491
8,716
231
1.685
Utah...
Chesapeake A Ohio
11
176
Western Pacific
Pocahontas District—
479
585
1,974
Peoria A Pekin Union
Pacific
2,713
1,600
3,146
1,096
Northern
North Western Pacific
Southern
8,916
Norfolk A Portsmouth Belt Line
Virginian
10,104
4,457
1,139
4,383
Total
Southwestern
Total
Alton
District—
232
Southern
A
212
Burllngton-Rock Island
176
172
121
Fort Smith A Western
217
120
150
229
3,185
2,169
2,655
23,522
1,938
1,659
Gulf Coast Lines
Southern District—
Alabama Tennessee & Northern
International-Great Northern..
334
243
161
218
181
852
Atl. A W. P.—W. RR. of Ala..
Atlanta Birmingham A Coast..
860
617
1,421
1,259
2,260
240
188
City Southern
2,116
1,363
2,054
218
1.975
1,753
1,448
Kansas Oklahoma A Gulf
Kansas
379
1,257
2,294
844
836
743
684
555
Louisiana A Arkansas
7,748
4,404
7,469
6,689
4,220
115
141
105
3.566
2,545
4,178
2,332
Louisiana Arkansas A Texas
3,953
Litchfield A Madison
137
283
153
462
449
335
990
913
Midland Valley
827
636
629
329
1,555
1,376
914
1,985
1,633
216
Columbus A Greenville
Durham A Southern
Missouri A Arkansas
160
134
304
299
*281
400
266
Missouri-Kansas-Texas Lines..
4,605
164
178
151
553
307
Florida East
Missouri Pacific
409
3,119
9,110
395
424
483
449
Natchez A Southern
Atlantic
Coast
Line
Central of Georgia
Charleston A Western Carolina
Cllnchfleld
Coast
Gainesville Midland
201
39
40
30
116
88
1,123
Georgia
Georgia & Florida
979
803
1,505
1,483
629
Illinois Central System
Louisville & Nashville
582
635
1,740
20,137
Gulf Mobile A Northern
1,593
21,374
20,067
1,488
17,132
21,015
574
Nashville-Chattanooga
& St. L.
356
355
2,912
3,022
2,475
2,174
1,669
2,311
Weekly
6,430
5,516
2,990
4,084
3,866
3,213
2,603
3,776
19,738
145
281
219
249
50
34
28
of
Wholesale
Commodity
During Week Ended
Aug. 17—Trend of Foreign Prices During July
0.1
Total
59,779
55,473
32
62.350
48,771
* Previous figures.
Index
Declined
2,292
Wether ford M.W.AN.W
1,977
130
4,390
2,414
42
307
118
1.567
82
7,511
1,946
305
Texas A New Orleans
Texas A Pacific....
161
151
10
96
S,041
2,641
St. Louis Southwestern..
983
1,710
Note—Previous year's figures revised.
"Annalist"
31
4,662
395
10,812
195
154
987
139
1,904
Mississippi Central
Mobile & Ohio
498
4,610
13,159
52
1,046
8,733
2,445
7,603
Quanah Acme A Pacific
St. Louis-San Francisco
1,092
4,703
16,101
48
11,755
4,628
15,503
5,116
16,784
Terminal RR. Assn. of St. Louis
Wichita Falls A Southern
Macon Dublin A Savannah
Prices
1,772
Point
Mixed
commodity trends again caused a minor recession
Commodity Prices last
week, the index declining to 94.7 from 94.8 on Aug. 10, it wa.s
announced by the "Annalist" on
Aug. 19, which also said:
in the "Annalist" Index of Wholesale
gold consequently declined, depressing the international composite.
indices
for
weeks
recent
show
clear-cut
no
trend
in
most
Weekly
countries,
the
French and Italian indices advancing, the German continuing its upward
the
creep,
British
showing little
change
States series reacting somewhat.
terms of gold, was
MONTHLY
and the
Canadian
and
United
The index of primary commodities, in
fairly stable.
FOREIGN
AND
DOMESTIC
WHOLESALE
PRICE
INDICES
(1913=100.0)
The grains except barley were
lower, along with flour, hogs, lambs, cows,
coffee,
apples, cotton and cotton textiles, tin and rubber.
Gains were
recorded by steers and beef,
poultry, butter and eggs, cocoa and bituminous
coalTHE ANNALIST WEEKLY INDEX
OF WHOLESALE COMMODITY PRICES
Change
*July,
Farm products
100.4
10,
1937 Aug.
18,
1936
115.4
from June
74.1
73.8
74.0
68.2
132.1
132.9
116.2
+2.9
80.2
77.9
78.7
68.7
United Kingdom..
Gold basis...
132.6
131.5
131.6
111.3
80.0
78.8
79.0
68.0
France
582
391
+3.0
+0.8
+ 1.5
+4.5
391
—10.7
102.6
91.5
557
550
86.5
85.3
82.3
Gold basis
334
374
371
x75.3
71.0
Germany
106.3
106.1
105.9
104.2
x90.6
88.3
Italy
444.3
437.7
427.4
364.6
109.2
109.2
88.8
Gold basis
262.4
258.5
252.5
323.4
66.5
Japan..
z
z
70.4
Chemicals
Miscellaneous
All commodities
Preliminary,
_
x
180.3
179.9
182.0
149.2
89.8
85.9
Gold basis
61.8
61.2
62.1
51.9
+0.2
+ 1.5
+ 1.5
+0.2
+ 1.0
79.4
Building materials
70.4
89.5
Metals
79.5
68.1
Composite gold basisx
79.3
79.8
79.8
74.6
—0.6
94.7
94.8
85.8
Revised.
As to the monthly foreign and domestic wholesale
price
indices during July, the "Annalist" said:
Foreign prices were generally soniewhat higher in July The "Annalist"
International Composite, however, declined to
79.3% of the 1913 average,
from 79.8 in June and May, owing to the French
devaluation.
Although
French prices rose sharply after the recent
devaluation, the increase was by
means
125.3
*90.7
...II"
Fuels
no
1937
124.9
*74.9
Food products...
Textile products
*
17, 1937 Aug.
1936
June,
135.9
Canada
Gold basis.....
Aug.
1937
x
+0.4
+0.4
Gold basis
(1926=100)
July,
1937
125.4
U. S. A
May,
1937
in
proportion to the decline of the franc, and prices in terms of
*
_
Preliminary,
x
Revised,
y
Belgium and the Netherlands
excluded from July, 1934.
May 21,
1937,
page
End of month,
Annalist International Composite;
included In addition to above countries; Germany
z
For back Index numbers from 1928 see "The Annalist" of
810.
Retail Prices Advanced
During July for Thirteenth
Consecutive Month, According to Fairchild Index
The
on
uninterrupted advance in retail prices which began
Aug. 1, 1936, has continued since, according to the Fair-
Volume
child
Financial
145
Publications
Retail
Price
Prices
Index.
1
Aug.
on
products
were mixed, with seven items included in the group declining and
advancing; decreases in cotton, grain, and hog prices resulted in the
index falling to the lowest point reached in the last eight weeks.
six
how¬
gained 0.3 of 1% as compared with July 1; quotations,
showed
group
this year as
announcement issued
Aug. 12 by Fairchild Publications, New York, which con¬
recession
tinued
in the metal
ever,
the
with
compared
smallest
year
a
monthly
said
ago,
increase
an
:
Prices,
though,
since
highest
the
are
March
6hovv
and
1931,
1,
an
Retail
prices have also gained 9.6% from last year's low.
They have also
increased 6% since the beginning of the year and 38.8%, over the May 1,
1933, low.
They remain, nevertheless, 17% below the 1929 level.
The
following is also from the announcement issued Aug. 13 by Fairchild
increase
of
9.3%
time
first
the
period
corresponding
year
a
ago.
New York:
Publications,
For
the
above
in
months,
one
of
the
major
showed
increase
decline
a
The
to
of
present
as
items.
by
index re¬
The miscellaneous commodity group
linseed
of bran.
the price
rise in
a
drugs remained unchanged.
15
advances:
Thirty price series included in the index declined during the week and
advanced; in the preceding week there were 29 declines and 21
in the second preceding week there were
COMMODITY PRICE INDEX
WHOLESALE
WEEKLY
31 declines and 19 advances.
(1926-1928=100)
Complied by The National Fertilizer Association.
also
However, no one
compared with
to
Total
the
Aug.
Year
Month
Ago
Ago
July 17
Aug. 15
Week
Aug. 14
Group
7
1937
1937
1937
1936
85.2
Index
86.9
86.6
82.6
Fats and oils
73.4
75.9
78.5
80.7
Cottonseed oil.
77.4
80.2
91.2
86.6
87.8
89.0
79.9
Cotton
57.8
62.8
71.3
69.0
Grains
91.9
94.5
110.1
102.4
Foods
25.3
Farm
23.0
products..
97.4
92.3
Fuels
92.0
87.3
75.5
86.5
Livestock
17.3
86.5
86.5
79.3
88.3
77.4
Miscellaneous commodities..
86.7
86.7
8.2
Textiles
75.2
76.4
78.8
7.1
Metals
106.2
106.1
105.6
84.6
6.1
Building materials..
86.1
86.1
87.8
81.8
1.3
Chemicals
10.8
that there is less uniformity in marking up
Preced'g
Week
Each Group
Bears
ago
year
a
Latest
Per Cent
commodity
prices
70.0
85.6
95.6
95.6
94.6
wherever
.3
Fertilizer materials
72.3
72.3
72.2
67.2
.3
Fertilizers.
78.6
78.6
78.6
73.7
,3
Farm machinery
f 6.4
96.4
96.4
92.6
87.5
88.2
88.8
80.3
The tendency has been to avoid mark-ups
"
to
"
1
'■
i,'
/:: ;
■/
FAIRCHILD PUBLICATIONS RETAIL
THE
price of zinc
thereby causing a slight rise
has been some evidence, though not very pronounced,
markedly higher prices recorded for one or two
resistance
some
resulted in a further
An increase in the
index.
group
price index.
balanced
and chemicals and
definitely subsided,
has
prices
textile
The group indexes
representing the prices of fertilizer materials, fuels, building materials,
and
in
the
unchanged last week because a slight fall in the price of
was
11.6% for blankets, 17.4% for floor
8.5% for luggage.
Increases in
furs,
rise
the
time.
possible, since there
of
for
furniture,
for
points out
He
the
Increases
meal
according
Zelomek, economist, under whose supervision the index is com¬
W.
A.
July.
mained
somewhat smaller.
were
momentum
piled.
at
15.1%
10.1%
items
this jear.
for
offset decreases in steel scrap and tin prices,
showing
the
with women's wear
following.
This is
period
during
aggregated
coverings,
other
furnishings
corresponding
any
showed
have
home
and
during
advance,
no
Lower quotations for cotton, cotton goods, and silk
that is piece
groups,
the greatest
first time in
several
months
that
women's
wear
showed a greater gain
than home
furnishings, although home furnishings still shows the greatest advance
on
a year
ago, and also when compared with the 1936 low.
The increase in the index during July was largely due to the gain in
floor
coverings, furniture,
furs and men's, infants' and women's shoes.
There are more
items that showed no changes during the month than
goods,
1169
Chronicle
JANUARY,
and
All groups
100.0
drugs
combined
PRICE INDEX
1931=100
Copyright 1937, Fairchild News Service
for Week Ended Aug. 14 Climbs to
2,300,547,000 Kwh.
Electric Output
May 1,
Aug. 1,
1933
1936
1937
1937
1937
Aug. 1,
1937
Composite index
69.4
88.1
95.2
95.6
96.0
96.3
Piece goods
65.1
85.0
88.6
88.9
89.2
89.2
Men's apparel..
70.7
87.5
89.9
90.1
90.4
90.7
Women's apparel
71.8
90.4
93.4
93.6
94.1
94.8
Infants' wear
76.4
92.6
95.7
95.8
96.0
96.4
70.2
89.4
95.3
96.3
96.8
97.4
Silks
57.4
64.1
Woolens
69.2
83.1
86.4
86.6
86.8
86.8
68.6
107.9
114.5
115.0
115.5
115.5
65.0
99.3
107.3
108.2
108.2
108.2
Home
...
furnishings.
M ay
1,
June
1,
July 1,
in its weekly statement,
of electricity by the electric
light and power industry of the United States for the week
ended Aug. 14, 1937, totaled 2,309,547,000 kwh., or 10.6%
above the 2,079,149,000 kwh. nroduced in the corresponding
week of 1936. The Institute's statement follows:
Piece goods:
Cotton wash goods
65.0
65.1
PERCENTAGE INCREASE OVER
65.3
65.3
•
-
72.9
99.7
108.7
110.0
111.2
111.3
Hosiery
59.2
74.5
76.7
76.7
76.7
76.7
Aprons & house dresses.
Corsets and brassieres.
75.5
105.0
83.6
91.5
93.0
93.1
93.2
93.2
Furs
66.8
102.0
113.5
114.1
116.0
117.4f
Underwear.
69.2
87.5
86.3
86.3
86.8
86.8
Shoes
76.5
82.3
84.5
84.6
85.0
86.9
Blankets & comfortables
.
106.2
107.0
Hosiery
64.9
86.8
87.7
88.0
8S.0
69.6
91.3
93.2
93.2
93.2
86.1
88.3
•88.3
88.4
69.7
82.6
84.0
84.1
84.1
88.1
92.9
93.5
94.4
76.3
90.2
93.0
93.5
94.5
1.9
9.8
12.7
11.4
12.1
12.9
13.5
15.2
8.9
7.9
7.4
7.0
8.8
8.0
7.6
Pacific Coast
10.6
Total United States.
DATA
(THOUSANDS OF KILOWATT-HOURS)
FOR RECENT WEEKS
94.8
Shoes
4.1
2.8
84.1
70.1
7.4
9.8
7.1
16.7
Rocky Mountain
88.4
Hats and caps
8.2
10.1
Southern States
93.2
Clothing, incl. overalls..
7.4
12.0
West Central
88.7
Underwear
8.5
10.1
6.5
9.0
Central Industrial
Men's apparel:
Week Ended
July 24. 1937
14.0
Middle Atlantic
107.7
107.2
Week Ended
July 31, 1937
7.2
New England
Women's apparel:
Week Ended
Aug. 14, 1937
Regions
PREVIOUS YEAR
Aug. 7, 1937
Week Ended
Major Geographic
*
>
Domestics:
Sheets.
Institute,
Electric
Edison
The
disclosed that the production
95.4
Shirts
74.3
neckwear
and
Cent
Per
Change
Infants' wear:
1936
1937
Week Ended
74.0
Underwear.
—
94.9
100.7
100.7
100.7
100.7
93.0
94.0
94.0
94.0
94.4
1929
1932
from
74.3
Socks.
1935
1937
1936
Shoes
80.9
89.8
92.5
92.7
93.4
94.2
Furniture
69.4
92.1
100.2
100.4
100.4
101.4
Floor coverings
79.9
102.2
114.2
115.4
117.2
120.0
Musical
50.6
59.4
60.7
61.2
61.0
61.0
Instruments
60.1
<3.8
79.2
80.1
80.1
80.1
Elec. household appliances
72.5
80.2
81.6
82.2
82.7
83.0
China
81.5
93.0
94.4
97.0
97.0
97.0
Chain Stores Extend Sales Gains During July
Volume
was
same
month
sales
to
The
an
index
Store
their upward swing in July.
Age" index of July sales advanced to
The
1929-31 average as 100, from 114 in June.
1936,
was
109.6.
figures for the various groups comprising the
index compare as follows:
Grocery, 105.6 in July compared with 105.0 in June and
100 in
July, 1936.
Variety-department,
131
Drug,
120.0 in July, same as in June, and
with 115.1 in July last year.
compares
in
July
against
129
in
June
and
122.4
in
Apparel, 124 in July against 117 in June and 125 in July
last
year.
126
Shoe,
in
July
against
143
in
June
and
118.3
3
10
2,238.268
2.029,639
2,096,266
2,298,005
1,956,230
+ 7.2
1,774,654
1.772,138
1.655.420
2.029.704
-f 13.2
1,766,010
1.415.704
2,099,712
2,088.284
2,079.137
2.079.149
+ 7.6
+ 8.0
1.807,037
1.823.521
1,433,993
+ 8.8
1,821.398
+ 10.6
1,819,371
1,426,986
1,415,122
July
July
17
July 24
July 31
Aug.
7
Aug. 14...
2.258.776
2,256,335
2.261,725
2,300,547
1,440.386
1,615,085
1,689.925
1.699,227
1,702,501
1.723.428
1,592,075
1,711,625
1,727.225
1,723,031
1,724,728
1,729,667
Hotels According to Horwath
Horwath—July Sales Slightly Above Year Ago
Trend of Business in
Horwath & Horwath, in their
monthly
survey
&
of the trend
hotels, state that sales during July increased
over the corresponding month of last year, the gain being
the 4'smallest in several years."
The firm said:
of business in
poorer showing than the room
Detroit and on the Pacific Coast,
where the increases in room sales were fairly large, those in restaurant sales
were small, and several places actually had decreases.
The average gain in occupancy was less than usual, while the seasonal
restaurant
The
business made a much
For instance, in Washington,
business.
months was sharper than that in July, 1936.
and the increase of 7% is the same as the average
from the preceding
drop
held pretty well
for the year to
Business
in
date.
Texas, though
below that of July,
1936, continued to be
expositions that are again in operation this summer.
Cleveland, which also benefits again by an exposition, exceeded its busi¬
ness of last July.
In New York City the larger hotels as a rule made poorer
comparisons with July, 1936, than the smaller ones, and the total increase
good because of the
in
July, 1936.
Further
1,435.471
1,441,532
1,440.541
1,456,961
1,341,730
2,238,332
Rates
1936.
July,
+ 11.3
+ 11.6
+ 10.3
1,742,506
2,213,783
2,214,166
daily basis.
average
index in July,
The
continued
approximately 4y2c/o above the total for the
of 1936, based on a calculation which reduced
"Chain
114.5 of the
sales
1,381,452
1.724.491
19
2.131,092
12
July
store
1.628.520
+ 13.8
June 26
5
June
June
Luggage
Chain
+ 10.9
1,922,108
1,945.018
1,989,798
2,005,243
June
Drop in Wholesale Commodity Prices During
Ended Aug. 14 Reported by National Fer¬
Week
was
smaller than in
The decreases in
previous months.
total sales from the corresponding months
shown in
New York
City
of 1929 are
the following:
tilizer Association
The
last week the index recorded
87.5% as compared with 88.2% in the previous week.
A
month ago it stood at 88.8%, the highest point reached in
the recovery period.
A year ago it registered 80.3%.
The
announcement by the Association, under date of Aug. 16,
on
Feb.
general level of wholesale commodity prices again
declined during the week ended Aug. 14, according to the
index compiled by the National Fertilizer Association. Based
the 1926-28 average of 100%,
The largest decline during the
week took place in the food group, with
15 items declining and only eight advancing.
Changes in prices of farm
17%
June
15%
July
14%
Arge.'
19%
27
9
6
x3
16
13
44
44
41
37
42
42
29
23
16
14
1
14
32
34
18
22
14
4
21
25
19
14
4
x4
16
12
17
22
19
21
20
8
18
14
Washington
19
12
20
25
15
18
13
10
15
19
16
23
...
Detroit
Pacific Coast
All others
Increase.
May
3
Cleveland
x
22%
44
Philadelphia
8ame month
April
22%
22
Chicago
18
Total
continued:
Mar.
25%
of last year
21
13
15
27
30
24
24
1170
Financial
Horwath & Horwath also issued the following analysis by
Chronicle
ANALYSIS
IMPORTS
AND
cities:
OF JUNE,
TREND
OF
BUSINESS
HOTELS
IN
IN JULY,
1937,
COMPARED
Aug.
ECONOMIC
BY
GROUPS
INTO
THE
DOMESTIC
OF
UNITED
STATES
Month of June
1
Occupancy
1936
Class
Rate
Decrease (—)
Same
Rooms
Restaur't
This
Per
+6
+4
62
62
Chicago
Philadelphia
+6
+ 12
—2
67
+1
+3
—1
36
35
Washington
+7
+ 10
+4
46
42
Cleveland
+6
+ 1
+ 13
74
+ 12
+ 19
+2
Pacific Coast
(—)
+ 10
Cent
39,481
Agricultural
75
+2
62
+ 15
2.4
Non-agricultural...
64
14.4
4,402
4,365
Non-agricultural...
21.8
26,088
13.393
materials.....
Agricultural
+3
+9
+ 14
+2
69
64
+7
—10
—10
—9
65
68
—5
+8
+9
+6
60
59
+7
Total
+7
+9
+4
62
61
+7
Value
Cent
2.4
42,004
22,642
19,362
4,425
4,376
37
+ 11
+ 11
♦
68
16.4
276,921
205,718
71,203
27,447
26,727
24.4
2.4
311,563
221,302
90,261
23,380
22,789
720
0.1
Gains
in
65
+7
4.5
*64,665
5.7
78,514
71,194
7,320
7.6
1.7
1.7
5.2
11,545
10,885
Canadian
Business
"General conditions in Canada during the month of
July
continue to show the impressive gains which
were
apparent
during the first six months of the year" according to the
August issue of the "Canadian Monthly Review," published
states
Dominion
that
Bureau
4.2
*59,606
5.3
660
0.3
63,321
24.7
5,059
192,354
1,982
16.9
0.2
383
18.6
62,938
Agricultural
Non-agricultural.
450
92,855
51.2 134,732
52.5
-
July 31,
weekly
Statistics
as
Corporation.
index
published
from
rose
The
108.1
by the Dominion
component parts—car loadings, the prices of
bearing
the
on
three of its
expected
1929.
According
be still
to
Included
in the
which
taxation
the
in
stocks,
common
review also
contains
is
be
to
Dominion
current
the
"Review,"
is
the
figure
for
July
is
discussion
a
of the problems of the
Royal
investigate the whole system of
study the division of financial powers
appointed
and
to
statistics
discusses the Canadian
stock
Industrial
Level
Canadian
of
and
bond
business,
markets,
Production
During
June,
trade
and
finance,
and analyzes the
Maintained
According
during June, according to
Output
Industrial
advanced
in
however,
France, Denmark and
Great
have
as
steel
and
fears
of
in
and
were
the
financial
at
High
National
to
most
had
yet
related
expansion.
bringing
92,547
33.2
346,158
30.0
532,402
32.8
70,216
25.2
245,566
21.3
400,539
24.7
8.9
8.0
22,893
11.8
14.9
13.9
131,862
243,740
15.0
Agricultural
21,800
11.2
40.252
14.4
100,592
159,851
154,018
8.7
Crude foodstuffs
22,330
41,618
13.4
236,593
14.6
1,093
0.6
36,712
*31,357
1,366
38,462
32,165
6,297
58,871
10,032
7,148
253,615
15.6
16.1
Non-agricultural..
Mfd. foodstuffs & bev.
....
Non-agricultural..
Non-agricultural...
*5,354
43,085
6,116
36,969
Finished manufactures
37,010
.
Agricultural
Agricultural..
country
The
its
the
Germany,
South
In
funds
moved
well
adverse
France,
franc.
requirements
be
to
business
on
checked
of
costs
export
of
Italy,
Austria,
countries.
contra-seasonally
demand.
on
into
The
new
iron
and
an
and
recent
increase
Italy, and it is reported that
for
wheat
but
the
financing
have
the
been
has
of
been
activity has
steel
been
that
leaders
and
extended
domestic
new
to
The
instrumental
retarded
social
with
by the
in
the
balance.
particular
effects
rise
prolong
in
the
depreciation
is
of
not contem¬
the
of
has
prices
seasonal
industrial activity until October.
The Conference Board
reports that world recovery has now
the point where
many countries are
40-hour
further
decline
in
progressed to
to
satisfy their needs from domestic sources.
Thus,
despite selfsufficiency schemes, exchange restrictions, quotas and tariffs, foreign trade
has expanded substantially.
Revised figures show that the physical volume
of
world
rose
an
On
to
trade
within
in
74
countries
during
7.4% of the 1929 level.
impressive trend, because gold prices
the
1929
base
compared with
the
46.8
17.5
197,939
210,680
2,231
208,449
17.0
504
0.2
16.8
2.9
17.1
18.3
0.2
18.1
216,792
36,823
326,089
45,512
280,577
268,100
3,242
264,858
0.4
13.3
2.3
20.1
2.8
17.3
16.5
0.2
16.3
194,311 100.0 278,742 100.0 1,153,359 100.0 1,623,946 100.0
55.0
*96,898 49.9 153,170
*606,705 52.6
902,677 55.6
50.1 125; 572
45.0
*97,413
47.4
*546.653
721.269
44.4
sumption
Agricultural.
Non-agricultural
*
Revised to include whisky and other distilled spirits In non-agricultural products
nstead of with agricultural products.
Total
Value
by
of
Exports
Grand
Divisions
value
in
index
for
the
initial
Value
are
quarter
of this
year
figures do not reveal such
still well below the 1929 level.
May . of this
April and 36.6 in
year
stood at
46.3
as
May, 1936.
Analysis of Imports and Exports of the United States
for June
The Department of Commerce at Washington on Aug. 7
June, 1937 and 1936.
This statement indicates how much
imports and exports consisted of crude
wholly manufactured products.
ing is the report in full:
Imports of Merchandise
and
Principal
Countries
in
The
Department of Commerce on Aug. 14, 1937, issued
showing the merchandise imports and exports by
grand divisions and principal countries for the month of
June and the six months ended with June for the years 1937
and 1936.
The following are the tables complete:
its report
TOTAL
VALUES
PORTS
OF
EXPORTS,
OF
MERCHANDISE
INCLUDING
BY
RE-EXPORTS,
GRAND
DIVISIONS
AND
AND
IM¬
PRIN¬
6 Months Ending June
Exports to—
1937
%
1936
1937
35,527,000
South America
98,856, 000
47,914, 000
486,076,000
186,132,000
16,707,000
26,038, 000
105,678,000
582,696,000
247,792,000
154.744,000
15,845,000
31,280,000
24,934, 000
47,228, 000
8,224, 000
12,169, 000
94,875,000
185,977,000
42,531,000
53,692,000
299,001,000
43,975,000
70,074,000
69,951,000
Europe...
Northern North America
Southern North America
...
Asia
7,756,000
Africa
8,628,000
138,098,000
185,693,000 265,363,000 1,154,961,000 1,536,380,000
Total
Argentina
Australia
4,661,000
......
British India
British Malaya
Canada
Ceylon
The follow¬
8,313,000
24,949,000
5,887,000
3,534,000
3,757,000
2,418,000
524,000
34,904,000
5,895,000
6,943,000
32,588,000
27,280,000
4,764,000
2,649,000
696.000
24,208,000
12,900,000
2,668,000
47,013,000
119.0001
1,903,000
5,100,000
182,779,000
92,000
Chile
China
...
Colombia
Cuba
982,000
5,332,000
2,026,O0G
4,587,000
306.000
Denmark
....
Dominican Republic
Ecuador
Egypt
Finland
813,000
369,000
301,000
763,000
625,000
8,896,000
France
3,079,000
6,987,000
987,000
1.487,000
8,108,000
2,325,000
1,689,000
5,184,000
3,094,000
2,011,000
6,649,000
5,379,000
74,935,000
1,036,000
309,000
971,000
242,000
385,000
4,364,000
260,000
13,627,000
504,000
Haiti, Republio of
........
Irish Free State
Italy
Jamaica.
Japan
Mexico
5,800,000
1,218,000
Netherland India
"
Netherland West Indies
Netherlands
976,000
3,751,000
Norway
Panama
Philippine Islands
Poland and
Danzig
...
Portugal
Spain
Sweden
Switzerland
..III..
Turkey
.
Union of South Africa
U. S. S. R.
(Russia)
United Kingdom
Uruguay
Venezuela
598,000
1,700,000
1,132,000
2,154,000
1,138,000
4,746,000
1,405,000
757,000
2,662,000
3,185,000
605,000
443,000
5,136,000
2,127,000
27,066,000
542,000
2,097,000
18,637,000
6,041,000
Hongkong...
Iran (Persia)
...
....
31,355,000
45,051,000
5,315,000
462,000
Honduras
Gold Coast
Greece
539,000
7,941,000
21,272,000
12,191,000
33,136,000
2,023,000
39,857,000
31,902,000
44,234,000
28,919,000
17,986,000
3,698,000
243,852,000
719,000
10,504,000
347,000
848,000
1,008,000
11,221,000
8,973,000
6,796,000
214,000
715,000
298,000
408,000
Peru
issued its analysis of the foreign trade of the United States
in June, 1937 and 1936, and the six months ended with
of the merchandise
and
First Quarter
New Zealand
of partly or
3.3
46,740
Newfoundland and Labrador
or
20.4
37,775
0.2
Germany
finding themselves progressively less
able
235,714
3.6
18.8
Czechoslovakia..
legislation
the
continued
to
further,
within
trade
a
further
output.
measure
threatens
of
harvest
new
sufficiently large to restore the
production.
trade,
for
imports,
assurances
plated will allow business
week
48,839
47,244
2.3
21.1
356
Brazil
in
available
now
program
Recent
19.0
14.5
sustained, and increased costs
effect
maintained
is
the promotion
on
19.0
0.5
17.4
*167,116
*33,840
8.1
report,
American
are
operating close to capacity,
shortages have been alleviated through
excess
self-sufficiency
emphasis
the
of
expected
3.2
5,833
200,955
11.5
%
In
industries
Abnormal
is
2.8
22.2
0.5
13.8
36,654
Oceania
activity
apparent
no
an
18.9
1936
Africa.
has been well
about
78.8
19.2
Belgium
volume
73.9 1,187,344
28.1
of
survey
partly offset by recessions in the United States,
business
material
Production
*838,977
17,344
In¬
imports.
sufficient
84.9
high level
a
monthly
Board.
Canada,
of
British business has been
raw
77.6 217,741
Month of June
regular
Britain,
in
South
Britain,
high ground.
0.2
51.4
CIPAL COUNTRIES
Conference
Great
Czechoslovakia
These gains,
In
2,500
774,867
54,612
materials
issued Aug. 16, the Conference Board stated:
Poland,
0.2
50.4
37,268
The "Review"
World industrial
activity was maintained at
National
0.2
0.1
20.9
Agricultural
dustrial Conference Board
the
777,367
0.2
Non-agricultural
Crude
to
position of the Province of Manitoba.
World
51.6
16.8
50.6
Total imports for con¬
said:
and responsibilities between the Dominion and its
Provinces.
also
4.7
0.5
21.0
higher.
"Review"
Commission
to
1.5
5.2
316,359
2,053
314,306
0.2
In noting this, an
major index of business activity in Canada—the Index of Physical
Volume of Business—rose to 125.6% of the 1926 normal in
June, a gain
of
4
points over May and the highest for any
corresponding month
June,
1.6
Imports for
Consumption—
Semi-manufactures...
on
The
since
6.0
181,386 100.0 256,503 100.0 1,135,454 100.0 1,507,183 100.0
22.4
15.1
38,762
*296,477 26.1
319,839 21.2
*40,658
Agricultural
Non-agricultural... *140728
Non-agricultural...
and the shares of common stocks traded.
announcement
"Review"
July 3 to 110.5
on
result of important advances in
a
14.7
2,444
571,623
52.7
290
0.4
20.7
190,372
574,067
24.5
51.4 135,208
0.2
476
Agricultural
the
of
Securities
2.4
0.4
93,305
.
the
6.3
18.8
33,806
Non-agricultural
-
18.1
—
During July
Noted by Dominion Securities
Corp.
bv
Cent
591
8.8
637
*9,464
_
Total domes, exports.
Continued
Per
Value
Cent
34,096
Agricultural..
Non-agricultural—
Agricultural
+ 11
Value
49
5.6
Mfd. foodstuffs & bev. *10,101
Semi-manufactures..
7.4
Finished manufactures
Year to date
1937
Per
Domestic Exports—
Crude
Crude foodstuffs.
"
All others
Texas
Value
(+)
+7
66
Detroit
1936
Per
or
Last Year Dec.
+5
City
Inc.
Month
Month
New York
Six Months Ended June
1937
Percent¬
.;
Total
FROM
MONTH
Room
(+)
age of
■'
THE
(Value In 1,000 Dollars)
WITH
Sales
Percentage of Increase
■
FOR
1937
1930
JULY,
or
1937
21
EXPORTS
371,000
482,000
214,000
378,000
6,953,000
321,000
25,194,000
9,968,000
2,086,000
2,584,000
10,724,000
3,180,000
55,354,000
47,593,000
1,472,000
3,306,000
1,824,000
2,427,000
4,761,000
2,110,000
2,781,000
33,767,000
1,659,000
93,042,000
35,291,000
6,110,000
5,357,000
25,872,000
881,000
3,229,000
2,219,000
9,262,000
1,894,000
7,227,000
11,125,000
2,040,000
1,648,000
3,073,000
6,853,000
29,269,000
9,990,000
4,273,000
19,523,000
19,423,000
3,842,000
3,219,000
31,945,000
20,822,000
34,037,000
1,021,000
3,255,000
188,161,000
3,789,000
10,603,000
6,945,000
2,690,000
989,000
124,000
4,728,000
701,000
1,019,000
7,790,000
54,249,000
2,330,000
2,474,000
1,982,000
2,582,000
4,276,000
1,858,000
3,455,000
40,461,000
2,524,000
165,519,000
53,774,000
11,383,000
14,600,000
42,638,000
3,821,000
11,125,000
10,897,000
12,395,000
8,182,000
41,503,000
11,709,000
6,435,000
1,890,000
30,058,000
4,821,000
6,030,000
41,077,000
18,924,000
207,626,000
5,341,000
20,931,000
1171
Financial Chronicle
Volume 145
VALUE OF GENERAL IMPORTS OF
MERCHANDISE INTO THE
PRINCIPAL
STATES, BY GRAND DIVISIONS AND
UNITED
World
Industrial
ment of
6 Months
Month of June
Imports from—
1936
World
Ending June
output, as
53,561,000
Northern North
29,917,000
24,214,000
20,052,000
"America
Southern North America
South America....
57.624,000
Asia
~~~~~~
Oceania
3,284,000
2,425,000
Hill""
-Africa
322,946,000
160,254,000
145,142,000
143,060,000
346,532,000
18,808,000
27,700,000
436,868,000
213,362,000
176,970,000
242,564,000
505,039,000
50,329,000
58,568,000
191,077,000 285,946,000 1,164,442,000 1,683,700,000
Total.
3,060,000
1,506,000
3.832,000
6,950,000
5,964,000
14,981,000
29,409,000
.
Australia
Belgium
Brazil
British India
British Malaya
Canada
Ceylon
Chile
1,733,000
5,349,000
10,309,000
4,066,000
14,713,000
2,846,000
1,508,000
6,923,000
4,266,000
15,067,000
1,549,000
-
China
ft,060,000
992,000
Argentina
——
Colombia
Cuba
Czechoslovakia
238,000
Denmark
472,000
184,000
Dominican Republic
Ecuador...-
Egypt
-
539,000
-
1,569,000
4,163,000
5,864,000
Finland
France
-
Germany
Gold Coast
144,000
—
136,000
88,000
Greece
Haiti,
69,073,000
39,113,000
27,521,000
43,759,000
91,434,000
6,576,000
8,470,000
Republic
of
Honduras
827,000
Hongkong
Iran (Persia)
713,000
224,000
46,000
Irish Free State
2,904,000
Italy
97,000
Jamaica
11,088,000
4,052,000
Japan
Mexico
—i
Netherland West Indies
5,082,000
1,261,000
Netherlands
3,680,000
Netherland India
—-
Newfoundland and Labrador.
New Zealand
Norway
—-
403,000
157,000
696,000
664,000
355,000
178,000
3,593,000
116,000
18,637,000
5,611,000
10,050,000
1,832,000
4,221,000
763,000
378,000
10,464,000
1,078,000
265,000
Spain
1,888,000
Sweden
4,771,000)
Switzerland
1,368,000^
126,000
Turkey
349,000
1,575,000
1,310,000
5,545,000
7,679,000
1,743,000
28,211,000
12,883,000
26,113,000
48,936,000
36,190,000
74,819,000
158,161,000
6,889,000
16,108,000
43,964,000
21,227,000
85,077,000
10,371,000
1,250,000
2,714,000
1,384,000
5,845,000
7,284,000
28,943,000
35,844,000
6,239,000
6,684,000
2,841,000
897,000
Portugal
953,000
770,000
449,000
Panama
....
24,371,000
38,350,000
1,590,000
1,448,000
Peru
Philippine Islands
Poland and Danzig—
3,095,000
6,816,000
10,642,000
11,614,000
1,779,000
451,000
1,203,000
11,331,000
1,611,000
437,000
1,069,000
6,834,000
2,183,000
551,000
811,000
2,703,000
4,859,000
1,674,000
424,000
17,758,000
741,000
111,029,000
5,581,000
10,412,000
2,342,000
4,592,000
53,938,000
4,873,000
2,729,000
10,462,000
20,709,000
8,511,000
6,476,000
2,372,000
(Russia)
United Kingdom
Uruguay
3,238,000
10,316,000
1,049,000
2,586,000
91,613,000
8,669,000
11,885,000
2,076,0C0|
Venezuela
reached the highest
Bureau of
Agricultural Economics, United States Department of Agri¬
culture, reported Aug. 9 in an article in the August issue
of the "Agricultural Situation."
The article was summar¬
ized as follows in an announcement by the Department of
first half of 1937, the
FOR
PORTS
Agriculture:
"This
in
raising
2,959,000
15,109,000
14,772,000
2,292,000
8,250,000
66,677,000
11,658,000
5,034,000
9,175,000
26,370,000
12,561,000
7,602,000
6,650,000
12,434,000
112,172,000
10,973,000
10,720.000
Exports of United States
Imports for
Merchandise
Consumption
Mos.
End.
June
June
June
June
1937
1937
1937
1937
S
Europe...
....
Southern North America
.
.
South America
Asia
~
Oceania
Africa
92,552,000
46,469,000
25,327,000
24,779,000
47,019,000
8,196,000
12,161,000
568,394,000
237,687.000
152,236,000
137,066,000
298,004,000
43,836,000
69,959,000
68,937,000
38,811,000
25,621.000
42,134,000
89,404,000
5,832,000
8,003,000
Argentina—
Australia
Belgium
Brazil
........—
British India
8,284,000
5,872,000
6,840,000
4,725,000
2,647,000
685,000
British Malaya..
45,574,000
Canada
39,650.000
31,806,000(
43,915,000
28,810,000
17,953,000
3,642,000
233,775,000
119,000
China
Colombia
Cuba
Czechoslovakia..
10,297,000
31,262,000
18,365,000
44,468,000
960,000
—
Chile
717,000
1,894,000
5,076,000
3,034,000
6,881,000
Ceyion
5,196,000
8,074,000
3,037,000
1,986,000
6,625.000
1,483,000
Denmark
457,000
Dominican Republic
346,000
Ecuador—
Egypt
Poland.
steadily from the low point
trend in most countries was
reversed.
The extent of the recovery from the depression low point has
varied considerably among
individual countries.
The United Kingdom,
Germany and Japan have made the greatest advances in industrial output,
industrial production
World
848,000
-
has
averaged close to
June—Imports and Exports
Department of Commerce
at Washington on Aug. 3 issued its statement on the foreign
trade of the United States for June and the 12 months ended
with June, with comparisons by months back to 1932.
The
The Bureau of
The physical volume
1937.
in
than
42,161,000
56,237,000
209,000
375,000
2,549,000
673,000
954,000
4,187,000
Hongkong
Iran (Persia)
242,000
1,858,000
569,000
280,000
Irish Free State
502,000
3,443,000
189,000
6,918,000
39,689,000
2,500,000
3,740,000
321,000
25,067,000
164,985,000
17,432,000
9,440,000
52,254,000
11,360,000
10,073,000
...
—
Japan
Mexico
—
27,988,000
95,244,000
16,040,000
1,799,000
Honduras
Italy
60,717,000
8,580,000
Haiti, Republic of
Jamaica
41,901,000
332,000
153,000
.....—..
82,410,000
28,015,000
1,126,000
1,312,000
5,155,000
7,256,000
1,799,000
1,447,000
115,000
4,813,000
8,149,000
35,961,000
43,679,000
15,643,000
6,793,000
1,345,000
3,144,000
5,293,000
2,533,000
672,000
24,494,000
725,000
106,340,000
30,999,000
Netherland India
2,084,000
Netherland West Indies—
2,579,000
14,576,000
1,616,000
55,356,000
9,739,000
Netherlands
6,913,000
875,000
38,210,000
4,209,000
28,406.000
Newfoundland and Labrador.
3,794,000
765,000
2,480,000
New Zealand
2,214,000
11,100,000
12,862,000
Norway
1.860,000
10,729,000
2,648,000
2,079,000
Panama
2,026,000
12,329,000
446,000
12,779,000
2,289,000
6,427,000
Peru
1,639.000
8,128,000
1,574,000
Philippine Islands ...
6,928,000
2,680,000
985,000
41,416,000
11,672,000
11,331,000
1,911,000
459,000
66,676,000
1,107,000
6,828,000
8,869,000
26,338,000
12,002,000
Poland and Danzig
123,000
Spain
Sweden
6,423,000
1,883,000
4,719,000
Portugal
30,007,000
11,151,000
4,852,000
591,000
4,665,000
1,013,000
7,786,000
5,992,000
1,897,000
1,344,000
Union of South Africa
41,011,000
1,193,000
6,296,000
U. S. S. R. (Russia)
3,071,000
18,866,000
1,546,000
12,293,000
33,481,000
204,333,000
5,294,000
20,827,000
17,482,000
109,742,000
1,351,000
2,583,000
8,813,000
10,712,000
Switzerland
Turkey
......—.......
—
United Kingdom
Uruguay
...
Venezuela
1.017,000
3,238,000
foreign trade
States
United
of
the first half
6,719,000
months
greater
approximately
expanded sharply in the first six
of exports was approximately 23%
of 1936 and the
quantity of imports
28% greater.
This expansion in the quantity was
pared with the first six months of
advanced on the average about 8%
what
more,
accompanied by rising prices. Com¬
1936, export unit values (prices) have
and import unit values (prices) some¬
about 13%.
together, the increases
Taken
in the value
price resulted in a gain
45% in the value of imports as
in quantity and
of exports and of
1936.
today, indicate the same
general tenden¬
Exports, which declined
seasonally from May, were 43% greater in value than in June, 1936,
while imports, which failed to show the usual seasonal decline from May
to June, were 50% larger in value than a year ago.
These were approxi¬
mately the same percentages by which the May figures exceeded those of a
as
those for
previous
months of the year.
'
comparedi with
year ago.
including re-exports, amounted to $265,363,000
$289,912,000 in May, 1937, and $185,693,000 in June, 1936.
General imports (goods entered for storage in bonded warehouses,
Exports,
entered merchandising
goods which
the country)
channels immediately upon
plus
arrival in
$285,946,000 compared with $284,892,000 in
May, 1937, and $191,077,000 in June, 1936.
Imports for consumption (goodB which entered merchandising or con¬
sumption channels immediately upon arrival in the country, plus with¬
drawals from warehouse for consumption) amounted to $278,742,000 com¬
pared with $278,631,000 in May, 1937, and $194,311,000 in June, 1936.
There was a net balance of merchandise imports of $20,583,000 in June.
In May, 1937, there was a net balance of merchandise exports amounting
to $5,020,000 and in June,
1936, a net import balance of $5,384,000.
This excess of imports in June increased the import balance for the year
to date to a total of $147,321,000.
Compared with May, 1937, declines in quantity and value were recorded!
almost
1,948,000
Statistics of the
report is as follows:
shipments
2,430,000
mid-1929 peak, although it
1929 levels since late 1936.
Country's Foreign Trade in
in
2,330,000
Production in
major country.
"has been associated;
in
479,000
m
any
reached the
yet
the recovery
of
part
stated,
3,752,000
371,000
m
52,033,000
the least of
not
in foreign industrial production," Mr. Wall
with increased military expenditures. When
the peak of these disbursements has been passed the maintenance of a
continued high level of world industrial output will be increasingly de¬
pendent upon the demand for finished and semi-finished manufactures by
countries producing raw materials and foodstuffs."
"A
4,664,000
Gold Coast
Germany
has
United
770,000
Gr0CC0
France
shown
the
55,154,000
115,472,000
208,997,000
10,888,000
25,658,000
59,482,000
5,368,000
72,427,000
—
has
States
while France
has advanced
when the downward
of 1932,
middle
the
in
17,631,000
2,548,000
6,560,000
9,885,000
11,256,000
24,366,000
38,046,000
1,730,000
4,356,000
9,347,000
4,053,000
13,826.000
2,599,000
924,000
1,007,000
11,010,000
7,600,000
Finland
421,633,000
211,478,000
170,027,000
227,106.000
495,304,000
256,503,000 1,507,183,000 278,742,000 1,623,946,000
Total
bettered in December,
production has continued above corre¬
sponding months in 1929.
The 10 countries included in the Bureau's
index of world industrial production are:
United States, United Kingdom,
Germany, France, Italy, Japan, Canada,
Belgium, Czechoslovakia and
March of this year
1936, and since
cies
Northern North America....
agricultural products, as well as other raw
influenced by world demand conditions."
compared with the first half of
Statistics for June, available
and
End.
those
pre-depression high point of June, 1929, was
The
of 33%
Mos.
of
prices
industrial production," said Norman J. Wall,
"has been a significant factor
author of the article,
55,291,000
9,578,000
28,284,000
OF UNITED STATES MERCHANDISE AND IM¬
CONSUMPTION BY GRAND DIVISIONS AND PRIN¬
Country
world
materials, whose consumption is
CIPAL COUNTRIES
Grand Division
in
recovery
economist and
Bureau
35,385,000
EXPORTS
OF
VALUE
1,211,000
1,435,000
18,044,000
504,000
920,000
24,625,000
78,876,000
26,825,000
31,630,000
6,952,000
21,000,000
2,025,000
653,000
U. S, S. R.
33,933,000
42,698,000
61,921,000
55,641,000
115,633,000
210,402,000
10,921,000
31,594,000
61,962,000
28,048,000
98.060,000
16,784,000
3,831,000
4,632,000
1,803,000
9,780,000
8,156.000
38,601,000
44,894,000
16,054,000
10,573,000
1,352,000
3,169,000
5,678,000
3,094,000
748,000
14,540,000
Union of South Africa..—..
86,401,000
measured by production in
international trade countries,
level in history during the
Europe
Level
United States Depart¬
Agriculture
industrial
10 leading
1937
1936
1937
Reported at Record
Output
During First Half of Year by
COUNTRIES
steel
all
6crap
machinery
amounted to
classes
of
and
and
of export
commodities.
Principal declines occurred
unmanufactured cotton, passenger automobiles, iron and
copper, while advances were recorded by agricultural
implements, motor trucks
fruit, and dairy products.
June, as in the previous months
andi buses, naval stores,
casings,
In
year
ago
of the year, export
auto
gains over a
non-agricul¬
well distributed throughout the entire list of
movement of principal agricultural commodities
while machinery and vehicles, metals and manu¬
non-metallic minerals accounted for the bulk of the gain in
were
commodities.
The
continued relatively slow,
tural
factures
and
dollar volume.
"
1.
animals and' animal products, edible, increased from a value
$27,581,000 in the first six months of 1936 to $28,518,006 in
corresponding period of 1937; vegetable food products and beverages from
Exports of
of
tlie
$73,234,000 ; unmanufactured cotton from $154,082,000 to
$175,849.000; while exports of unmanufactured tobacco declined in value
from $43,670,000 to $36,103,000 between these two six months' periods.
Petroleum and petroleum products exported increased from a value of
$125,457,000 in the first half of 1936 to $168,522,000 in the first half of
1937; electrical machinery and apparatus from $43,366,000 to $55,126,000;
industrial machinery from $78,375,000 to $111,176,000; agricultural ma¬
chinery and implements from $21,267,000 to $34,505,000; automobiles,
including parts and accessories, from $132,824,000 to $176,060,000; iron
and steel semi-manufactures from $39,679,000 to $99,190,000, and copper
from $21,574,000 to $47,864,000 between these two periods.
In our imports trade declines from May to June in the value of sugar,
cocoa, oil seeds, feedstuffs, fruits, fertilizer materials, furs and wool about
offset increases in the value of imports of coffee, jute manufactures, includ¬
ing burlaps, paper base stocks, copper, rubber, and corn, with the result
the total values of imports in the two months differed only fractionally.
$64,390,000 to
1172
Financial
Compared with June,
have
in
occurred
manufactures,
while
silk
raw
seeds
$11,100,000.
A
six months of
for
have
wheat,
from
hides,
coffee,
precious
in
value
and
in
June
and
than
a
MONTHS
June
oil¬
;
year
6 Months Ended June
Increased
Exports and Imports
rubber
Decreasef-
1936
1937
1936
1937
ago
1,000
part of the gain in the value of imports
accounted
was
by vegetable food products and beverages, which increased from $316,$436,624,000; textile fibers and manufactures, which increased
1,000
1,000
1,000
1,000
Dollars
during the first
period of 1936,
same
BY
Exports, Imports and Net Balance
jute
furs, and coal-tar products.
1937, compared with the
SILVER
1937
21,
copper,
$5,000,000
$10,300,000,
corn
Aug.
GOLD AND
$3,000,000
flaxseed,
stones
$3,700,000, wool
$6,400,000,
smaller
$2,000,000 to
cocoa,
newsprint,
increased
oils
Commodities
sugar,
meats,
stocks,
vegetable
considerable
increases of
of
base
imports
$5,100,000,
included
1936,
imports
paper
Chronicle
Dollars
Dollars
Dollars
Dollars
Gold—
77
81
26,423
148
277,851
262,103
536,692
1,029,327
2*77*775
262*022
51*0*276
1,029*179
Exports
Imports
—
—26,274
+492,635
410,000 to
from
$183,797,000
increased
from
$281,058,000
to
$156,962,000
tures,
which
groups
of imports
increased
were
from
;
inedible
vegetable
$243,621,000,
to
$98,745,000
and
to
products,
metals
and
$136,984,000.
which
All
Individual
were
larger in value than in the first half of 1936,
but
commodities
the
rubber,
$44,400,000;
and classes of closely similar commodities which
largest absolute increases in value in the first half of 1937
with
a
grains,
gain
$47,400,000;
of
$44,000,000;
oil
wool,
with
increase
an
Excess of imports
Silver—
other
by considerably smaller absolute amounts.
have shown
Excess of exports
manufac¬
Exports
197
Imports
23,981
coffee,
;
$14,600,000;
raw
Imports of gold amounted
to
+ 1,057
—83,069
*5*781
2*3*783
116*028
31*903
Gold
seeds,
with
2,622
34,525
of
silk,
$262,103,000 compared
1,566
117,594
Excess of exports
Excess of Imports
$18,000,000; ; cocoa, $16,$13,900,000; precious stones, $13,700,000; tin, $13,300,000; newsprint, $12,500,000 ; furs, $11,200,000, and
paper base stocks, which increased $10,800,000.
200,000
244
6,025
#
$155,366,000
Silver
1934
1936
1937
1934
1935
1936
1937
1,000
1,000
1,000
1,000
1,000
1,000
1,000
1,000
Dollars
Exports—
1935
May, 1937, and $277,851,000 in June,
to
$6,025,000
June,
compared
with
1936.
$3,165,000
Imports of silver amounted1
Dollars
Dollars
Dollars
Dollars
Dollars
Dollars
Dollars
859
1,248
253
734
1,661
141
in
May
and
$23,981,000
in
611
39
665
3,128
237
346
13
1,425
1,593
535
468
4
1,638
2,885
203
341
81
2.404
1,717
1,547
197
244
1,789
32
1,741
2,009
143
4,715
363
338
February
51
46
23,637
March
44
540
2,315
37
62
51
1,780
6,586
5
166
77
114
59
695
August
14,556
102
September
in
22,255
January
April
1936.
—
May
MERCHANDISE TRADE BY
Exports,
Including
Re-exports,
General
June
June
MONTHS
Imports,
July
and
Balance
6 Months Ended June
1937
1936
1937
1,000
1,000
1,000
Trade
Increase (+)
Decrease(—)
Exports and Imports
1936
of
1,000
Dollars
Dollars
Dollars
185,698
265,363
Imports
191,077
285,946
1,154,961
1,164,509
1,536,380
1,683,701
20*583
*9*548
1,000
Dollars
Exports
147*321
Excess of exports
Dollars
+381,419
+619,192
"
5*384
Excess of imports
or
Period
1932
Exports, Jncludino
1933
1934
1935
1,000
1,000
1,000
1,000
Dollars
Reexports—
January
1,000
Dollars
Dollars
Dollars
Dollars
Dollars
150,022
120,589
February
153,972
101,515
March
154.876
108,015
135,095
105,217
April
172,220
162,752
176,223
163,007
190,938
179,427
185,026
173,230
172,126
198,803
221,296
269,838
223,469
180,390
May
131,899
114,203
June
114,148
119,790
106,830
144,109
161.672
August
108,599
132,037
131,473
171,984
160,119
191.313
193.069
September
October
153,090
November
138,834
184,256
206,413
194,712
December
131,614
192,638
170,654
6
mos.
ended June..
12
mos.
ended June..
12
mos.
ended Dec
222,466
182,024
233,096
164,151
195,113
192,795
256,607
268,935
165,459
200,772
289.912
170,244
160,197
170,519
July....
198,564
185,693
265,363
178.975
86
42
1,424
1,472
204
117
1,162
1,698
260
268
127
512
411
December
140
170
99
1,014
769
236
13,212
1,226
40,773
26,423
148
7,724
1,566
2,622
27,157
1,259
23,966
12,232
21,059
8,135
4,022
1,960
27,534
16,551
18,801
2,965
19,085
58,483
17,536
6 mos.end. June
12 mos.end. June 286,160
12 mos. end. Dec
52,759
Imports—
January
1,947 149,755
452,622 122,817
237,380
13,543
54,785 148,670
96,006
135,706
130,999
83,748
131,189
94,S60
88,412
132,753
158,105
August
September
146,523
106,869
122,197
142.980
91,102
98,411
154,918
146,643
April
126,522
112,276
.
June
110,280
July
August.
September
187,482
192,774
277,709
307,495
154,647
170,533
191,697
284.892
136,109
156,754
191,077
285,946
127,229
176,631
169,030
195,056
119,513
131,658
161,647
215,701
129,635
189.357
212,692
105,499
150,867
128,541
150,919
December..
133,518
132,258
186,968
mos.
ended June..
12
mos.
ended June..
12
mos.
746,786
592,091
863,843
States
Merchandise
and
Imports for
rise
a
index
in
July
994,466 1,164,509 1,683,701
6 Months Ended June
1936
1937
1936
of
1,000
1,000
Dollars
Period
Exports—U. S
Merchandise—
Dollars
Dollars
Dollars
181,386
194,311
256,503
1,135,454
1,153,359
1,507,183
1,623,946
278,742
1,000
1932
1933
1934
1935
1936
1937
1,000
1,000
1,000
1,000
1,000
1,000
Dollars
Dollars
Dollars
Dollars
Dollars
Dollars
146,906
118,559
169,577
173,560
February
151,048
151,403
132,268
99,423
159,617
252,484
103,265
192,405
189,574
128,553
109,478
111,845
117,517
159,791
197.020
July
104,276
August
106,270
129,538
May
June
September
141,573
157,161
167,902
159,128
167,278
167,865
181,386
177,006
129,315
169.851
169,683
188,860
196,040
203,536
218,184
192,156
168,442
267,258
220.931
217,925
262,173
223,920
226,666
151,035
November..
136:402
157,490
190,842
181,291
December
128,975
189,808
mos.
ended June..
264,617
285,071
175,825
October
256,503
15,
15,
February
129 .804
March
130 ,584
84,164
91,893
88,107
May
112 ,611
109,141
147,467
June
112 ,509
135,067
79 ,934
123,931
141,018
April
123 ,176
July
August
93 ,375
152,714
September
102 ,933
147,599
October
104 ,662
November
105 295
December
6 mos. ended June..
12 mos. ended June..
12
mos.
ended Dec
149,288
125,269
124,010
117,262
149,893
by
June
15,
the five
an
137,975
186,377
189,590
228,733
194,296
166,070
199,776
166,756
155,313
189,008
295,950
281,666
278,631
194,311
278,742
173,096
197,458
200,783
218,425
213,419
200,304
240,230
180,381
149,470
189,806
162,828
179,760
95 ,898
127,170
126,193
742,995
589,954
831,200
the
4,451
47,603
2,267
19,364
91,226 117,594
53,012 174,587 380,899
102,725 354,531
wage
34,525
99,748
182,816
lower-
and
earners
of items included in
June
13.5%
1937,
She said:
32 cities
84.5
was
on
15
1937,
than
the
at
base of
a
on
compared
low
average
with
83.8
on
higher
3.1%
were
than
on
June,
1933.
15.2% lower than in December,
still
were
combined,
June
on
15,
higher
cities
1929.
reporting declines,
costs
of
Labor
point
in
wage
and
earners
advance,
higher
reported for
was
0.5%
was
In
iess.
or
Department of Labor
June
on
March
15.
cities for which
the
than
15
of the 32
22
on
prepared indexes of the cost of goods purchased
lower-salaried
4.3%,
drop
on
stated:
was
1.1%
were
food
Statistics
the
issued by the
announcement
of
greatest
while
workers.
Buffalo,
Portland,
Detroit,
Me.,
Cleveland
the
showed
and
Scranton
showed advances ranging from 3% to 4%.
Higher prices for meatB, par¬
ticularly beef, and for certain fruits and vegetables were largely responsible
for
the increases
in these cities.
largest decrease,
in
prices
As
of
rise.
fruits
and
2.0%
and
Increases
clothing
quarter,
2.8%
occurred1
The
10 cities.
due in large part to the drop
noted,
the
costs
1.4%.
was
were
in
reported, in
were
was
vegetables.
increase
average
Declines
in Los Angeles,
preceding
The
between
4.7%,
fresh
the
in
cities.
cost
Seattle
with
of
in
rose
eight
In
the
32
advances
showing
individual
many
each
cities
of
of
the
greatest
wearing apparel
items,
most
168,482
152,246
175,485
168,683
100,
Costs
and
Average food
of
them
small,
were
all but four cities, but in three cities
noted in
rises were reported.
In Pittsburgh
Chicago 6.9%, and in Buffalo 6.6%.
Average
seasonal
the
The
125,047
153,396
141,247
of
out.
for
costs
as
1937.
1936,
on
Bureau
of
128,976
60.065
8,711
large
656,902 1,018,164 1,003,120 1,135,454 1,507,183
1,908,087 1,413,397 2,008,483 2,085,092 2,375,415 2,790,697
ended Dec... 1,576,151 1,647,220
2,100,135 2,243,081 2,418,969
92,718
15,011
16,637
particularly in the cost of shoes.
During the quarter ending June 15 average rents actually paid by wage
earner
and
lower-salaried workers'
families
advanced
2.4%.
Increases,
819,656
134 ,311
8,363
26,931
the groups
(Office of the Secretary) it
ended June..
Imports for
Consumption—
January
45,689
48.898
Twenty-seven of the 32 cities reported higher costs on June 15 than
15, 1937, the largest advance, 3.0%, occurring in Pittsburgh.
218,865
229,642
187,418
176,490
160,312
181,667
160,511
195,689
179,381
106,293
April..
each of
Dollars
+371,729
+470,5S7
January
March...
all
1923-25
Increased cost
__
20,831
14,425
3,165
6,025
6,574
March
1937
1,000
Increased)
Decreased—)
families
in
Consumption
1,000
Exports (U. S. mdse.)
Imports for consumption
21,926
30,230
30,820
in 32
retary Perkins pointed
In
June
12
for
costs
reflected
March
1,730,270 1,168,050 1,823,507 1,785,679 2,217,527 2,941,346
2,422,154
of United
13,501
10.444
2,458
the family budget, with the exception of fuel and
light, Sec¬
The
196,400
244,723
Exports and Imports
mos.
11.002
5,431
large cities of the United States in¬
creased 0.0% during the quarter
ending June 15, 1937, Sec¬
retary of Labor Frances Perkins announced Aug. 7.
This
each of
mos.
1,955
4,435
Labor Perkins
costs
ended Dec...: 1,322,774 1,449,559 1,655,055 2,047,485
6
28.106 215,825
2,846
14,080
5,589
2,821
8,115
4,490
4,989
23,981
Living in United States Increased 0.9% from
15 to June 15, According to
Secretary of
Living
Costs
6
12
20,842
6 mos.end. June 852,387 805,389 536.692 1029327
12 mos.end. June 862,070 1139672 1472282 1636752
12 mos. end. Dec 1186671 1740979 1144117
193,073
169,385
97,087
December
240,451
287,207
104,468
or
16,351
1,823
March
170,500
November
Month
2,128
3,585 156,805 171,866
13,010 315,424 218,929
121,199 210,810 75,962
92,249 190,180
57,070
November
Cost of
226,364
198,701
202,779
October
Exports
3,593
7,002 120,326
7,795 154,371
35,362 140,065 169,957 155,366
70,291 230,538 277,851 262,102
52,460
16,287
16,074
51,781
46,085 67,524
—
October
229.800
166,832
152,491
177.356
79,421
..
May
June...
45,981 121.336
salaried workers
135,520
February
138
220,539
264,949
General Imports—
March
612
76
840,012
669,329 1,036,053 1,024,111 1,154,961 1,536,380
1,948,335 1,440,333 2,041,719 2,120,858 2,413,724 2,837,397
1,611,016 1,674,994 2,132,800 2,282,874 2,455,978
January
-
242
July
1,000
-
310
April
May
1937
-
2,173
February
1936
-
November
October
March
Monti
49
11
'
260,224
984,351 1,153,359 1,623,946
1,734,936 1,172,051 1,674,058 1,789,153 2,207,913 2,894,564
1,325,093 1,433.013 1.636.003 2,038,905 2.423,977
fuel
and
declines
32
in
light
coal
cities, with
largest drop, 7.8%,
declined.
In
declines
of
Every
Portland:,
7.3%
city
and
reported
and
10
was
The
the
wood
the
the
drop
28
An
cities
increase
and
there
Baltimore,
advance
was
0.5%
showing increases
showed
increases
of
of
in
the
a
in
largely
to
decline in
28
more
than
5%.
lower anthracite prices caused
an
in
the
occurred
or
on
reporting
cost
to
increase of
was
housefurnishing
of
2.3%.
more
In
slight,
as
the average in
no
change.
two
cities,
than 5%.
is generally
the
32 cities,
Only two cities
over
because
due
respectively.
this increase amounted
of
10.8%,
was
3.6%,
decreases of
change in the cost of miscellaneous items
case.
increase
of
This reflected
prices.
28 reporting
general
a
a
reported for Portland, Ore., where wood prices
7.2%,
On the average,
New Orleans and
Buffalo,
with
of
Me,,
goods.
showed
costs
2%—Seattle, 2.4%, due to an increase in the
price of daily newspapers, laundry and barbers' services, and: Mobile, 2.3%,
a
rise
cost
of
laundry
and
barbers' services.
Percentage changes in the cost of goods purchased by wage earners and
lower-salaried clerical workers from March 15, 1937, to June 15, 1937, are
Volum4
shown
of
Table
in
for
1
32
of
cities
large
the
States,
United
by groups
in the years 1923-25 as
these cities and for the cities
1913 taken as 100, for the 32
cities combined, are also presented in Table 2.
The index on the 1913 base
was 147.4 on June 15 as compared with 146.0 on March 15.
Indexes on other base periods for individual cities and for the 32 cities
combined may be secured directly from the Bureau of Labor Statistics.
Table
offset by
declines in
In July of this
others.
cost of
the
however, the cost of living of wage earners was 4.3%
higher than a year ago, and 24.0% higher than in the spring
year,
items.
100,
1173
Financial Chronicle
145
2
by
indexes based on average costs
presents
of
groups
combined.
Group
each
for
items,
with
indexes,
of
|
in
costs
MARCH 15, 1937, TO JUNE 15,
1937. IN THE COST OF GOODS PURCHASED BY WAGE EARNERS
AND LOWER-SALARIED WORKERS IN 32 LARGE CITIES OF THE
UNITED STATES, BY GROUPS OF ITEMS
of
Food
of
Fuel
Cloth-
All
Food
Rent
•ing
and
Light
38.9%
continued
above
level
than
a
of
lower than
Goods
Boston
+ 1.0
+ 2.6
+ 1.6
+ 0.1
—5.6
+ 2.6
+ 0.6
Portland, Me
+ 1.1
+ 4.3
+ 0.9
—0.1
—7.3
+ 1.5
+0.1
—2.3
+0.3
Middle Atlantic:
Buffalo
+ 2.6
+ 3.7
+ 1.7
+ 6.6
New York.
—0.3
—0.9
+0.8
+ 0.4
—5.1
+5.4
+ 1.2
+ 0.8
+2.1
+ 1.9
+0.7
—5.7
+ 2.3
+ 0.1
+3.0
+ 1.9
+ 2.5
+ 10.8
—0.1
+ 4.6
+ 0.3
+ 1.0
+ 3.0
+ 1.2
b
—5.8
+2.0
+ 0.3
+ 1.7
+ 1.5
+ 1.0
+ 6.9
—5.5
+ 2.7
+ 1.0
»,
.
Chicago
1936;
July, contrary to the
July of this year food
to
In
trend, rising 0.6% from June to
11.5% above the level of a year ago;
1934, their low point, and 5.3% below
upward
January,
of
that
in
Coal prices
Scranton.
East North Central:
July,
their
on
July,
1929.
+ 0.3
+0.5
+ 1.0
+0.7
+0.8
—4.7
+ 1.5
+ 0.4
Cleveland
+ 1.2
+ 3.5
+ 0.5
+2.1
—0.6
+2.6
—0.9
Detroit
+2.0
+ 3.6
+2.0
+ 3.2
—2.0
+ 1.0
July they were 5.3% higher
the spring of 1933, but 21.3%
+ 1.2
+2.6
+ 1.2
+ 2.4
—1.5
+ 1.1
+ 0.2
+ 2.7
t
,
July, but they were
level of July, 1936, and 7.4% below that of
July, 1929.
The cost of gas and electricity, which is ascertained as of
January and July of each year, declined 0.6% during the six-month
interval, and in July of this year was 1.5% lower than a year ago and
10.4% lower than in July, 1929.
The cost of sundries rose slightly, 0.1%, from June to July, bringing
below
the
of July, 1936, and 7.4% above the low
2.1% below the level of July, 1929.
The purchasing value of the dollar was 112.5c. in July, the same as in
June, as compared with 117.4c. in July, 1936, and 100c. in 1923.
it
to
level
a
above that
2.6%
point of 1933, and only
b
+ 1.0
July, 1929.
advanced seasonally 1.0% from June to
0.2%,
slightly,
+ 0.5
Indianapolis
and 26.7% higher than in
year ago,
laneous
New England:
Philadelphia.
Pittsburgh
in
usual
prices
43.5% higher than in the spring
June
from
upward.
•Clothing prices remained, stationary, but in
furnish¬ Miscel¬
ing
higher than
is
This increase brought rents
July.
the
Items
The
1933, and 19.4% lower than in July, 1929.
Rents
House¬
0.6%
which
movement,
2.2%
were
declined
prices
seasonal
TABLE 1—PERCENTAGE CHANGES FROM
Area and City
1929.
1933, although still 11.4% lower than in July,
Board's announcement of Aug. 11 continued:
+ 1.9
Cincinnati
Indexes of
West North Central:
Kansas City..
+ 1-4
+ 1.2
+ 1.6
Minneapolis
—0.2
—1.5
+ 1.2
+ 1.5
—3.0
+ 1.5
+ 0.5
+ 0.8
+0.5
+ 2.3
+ 1.3
—2.0
+ 3.1
+ 0.5
St. Louis
Cost of
Relative
the
Living
1923=100 b
Importance
Item
Per Cent
Decrease
July,
June,
1937
Budget
1937
Atlanta
+0.3
+0.9
+ 0.3
+ 0.6
•—6.5
+ 1.2
+ 0.5
+ 1.2
+2.3
+ 1.1
—7.2
+ 1.3
c
88.2
+2.4
+ 0.7
—0.3
+ 1.0
c
Food.a
87.7
+ 0.7
—0.8
33
Jacksonville.
Norfolk..
Housing
Clothing
12
76.9
76.9
d
83.8
July, 1937
86.6
+ 1.3
d
87.1
+ 0.1
—3.8
20
+0.7
+ 1.2
June.,
to
+ 0.7
Baltimore
(—)
from
1937,
in Family
South Atlantic
of
) or
Increase ( +
83.7
+ 0.3
•—0.3
—0.8
+ 2.1
+ 0.4
—5.7
+ 1.2
Savannah
+0.8
+0.8
+ 1.8
+ 0.2
d
+ 1.6
+ 0.6
Washington.
+ 1.1
+ 2.5
+2.6
+ 0.3
4.2
+ 3.0
—0.4
+ 1.8
—0.7
+ 2.4
+0.9
+ 1.0
+0.1
+2.8
Richmond
.
+ 1.1
Birmingham
Memphis
+0.2
_
.
+ 1.9
—3.8
+2.0
+ 0.2
c
+0.9
+ 0.3
+0.9
—0.1
—2.5
+ 1.4
+ 2.3
—0.5
—2.4
+ 1.1
+ 1.1
—2.7
+ 1.0
—0.1
+ 0.2
—0.5
+ 1.5
+0.2
—1.6
+ 6.1
New Orleans
—0.7
+ 1.7
+ 2.4
+ 3.2
+3.4
+ 1.2
Denver
—4.7
—0.5
Los Angeles
Sundries
+2.6
+ 1.6
—0.5
+ 0.9
+ 0.9
Portland, Ore
+ 0.7
+ 1.8
+ 1.0
+ 2.3
—7.8
+2.8
+ 0.2
San Francisco
+ 0.8
—0.6
+ 0.9
+ 1.2
—0.6
+ 2.6
+ 0.9
+ 2.8
+ 1.1
+ 2.6
+2.4
+ 1.1
+ 1.4
+ 2.4
—3.6
+ 2.3
than
0.05%.
food price indexes
Based on
a
found in "The
+0.9
Covers
a
51
a
b Decrease
cities,
d No change..
of
of
less
c
the United States Bureau of Labor
of
United
Thb
GOODS PURCHASED BY WAGE
IN 32 LARGE CITIES
GROUPS OF ITEMS, JUNE 15, 1937
EARNERS AND LOWER-SALARIED WORKERS
OF THE UNITED STATES, BY
House¬
(Average 1923-25=100)
Fuel
Cloth¬
All
Items
ing
Rent
furnish¬ Miscel¬
and
ing
Light
Food
Goods
laneous
81.3
86.9
75.5
82.1
84.3
99.5
87.6
86.9
82.0
76.2
80.0
89.5
103.5
87.3
Portland, Me
72 6
76 2
96 0
94 3
81.8
Middle Atlantic:
99.1
84.9
83.6
84.1
79^0
98+
Philadelphia
Pittsburgh..
84.0
89.1
77.3
67.3
79.9
82.7
95.2
84.6
85.4
81.3
69.1
100.6
85.5
96.1
Scranton
84.9
84.5
83.4
73.1
70.8
91.4
97.3
81.3
89.0
75.1
56.1
88.0
76.8
101.5
New York
....
75.9
East North Central:
Chicago
90.5
81.7
76.1
95.2
95.1
97.8
86.8
d84.5
66.4
100.0
83.2
101.9
82.5
89.0
81.9
65.1
77.3
83.9
93.6
89.0
Cincinnati..
Cleveland^.
c86.5
*
Detroit
84.5
90.2
79.9
63.6
83.3
89.5
92.8
Kansas City
85.3
91.3
81.2
60.2
82.0
80.1
100.0
Minneapolis
86.6
94.2
80.1
67.7
89.2
88.7
of
Bureau
ment of
States Department of Labor Shows
0.1% in Wholesale Commodity Prices
Aug. 14
Labor Statistics, United States Depart¬
Labor, index of wholesale
commodity prices increased
placed the composite index at 87.5% of the
The general wholesale price level is 0.3%
month ago and 7.9% above a year ago.
The Com¬
last week and
85.4
92.3
82.0
57.0
85.6
91.5
101.0
a
missioner added:
products foods and
Hides and leather products chemi¬
cals and drugs
housefurnishing goods and textile products declined and
fuel and lighting materials building materials and the miscellaneous com¬
modity group remained unchanged from last week's levels.
Largely due to the influence of agricultural commodity prices raw mate¬
rial prices advanced 0.4% dining The week.
The index for the raw materials
group is 2.4% below a month ago and 5.1% above last year.
The semi¬
manufactured and finished produces groups remained unchanged from a
Three of the
10 major group classification—farm
metals and metal
products—increased.
Compared with a month ago the index for semi-manufactured
by 0.6%. The finished products index is up by 0.6%. Over
week ago.
97.1
St. Louis
Indianapolis
articles is down
West North Central:
the
year
both groups advanced
period
the increases being 14.6% and
8.4% respectively.
"all commodities other than farm products"
as that for the group "all commodities other than farm products and
remained stationary.
Nonagricultural commodity prices are
.3%
The index for the large group
South Atlantic:
Atlanta...
82.7
82.8
83.9
62.5
70.3
91.0
94.6
Baltimore
87.4
89.0
82.0
73.4
78.4
82.4
104.3
Jacksonville
82.1
82.3
82.3
58.0
88.6
83.5
92.9
86.8
86.0
88.2
79.6
87.5
103.8
86.3
81.7
88.5
71.2
78.9
93.7
99.7
82.5
84.3
85.4
60.6
83.7
88.7
92.2
Norfolk.
Richmond
Savannah
..
.
62.6
88.7
87.1
83.0
88.0
80.7
88.3
97.6
Birmingham
79.6
80.2
88.6
53.1
79.8
83.2
91.8
Memphis
83.0
83.5
87.3
58.6
88.9
94.2
95.1
Mobile
84.9
81.6
89.7
64.0
70.1
90.5
99.2
Washington
East South Central:
West South Central:
as
well
foods"
higher than last
prices are
month and 8.6% above a year ago.
0.2% below last month and
Commissioner Lubin's announcement
The
prices of farm products was largely due
and an advance of 1.1% in livestock and poultry
The subgroup "other farm products" including cotton apples flax¬
timothy seed and white potatoes (except in the Portland Oregon
prices.
82.8
81.5
76.8
71.3
73.8
91.8
94.6
84.2
85.8
80.9
71.1
76.4
95.2
91.6
seed
85.9
93.2
79.1
62.7
77.7
91.5
98.4
reported for wheat, calves, cows,
market) declined
Pacific:
79.4
Los Angeles
79.4
85.6
53.1
82.1
83.5
92.8
82.7
59.8
81.5
85.1
99.3
Portland
85.6
90.0
San Francisco
87.5
85.9
90.7
72.0
79.4
86.9
100.6
Seattle.
88.1
86.5
89.8
66.7
95.0
92.1
99.8
84.5
a86.3
b82.1
67.5
84.9
85.0
97.7
147.4
al36.8
147.3
109.8
157.4
178.2
194.9
large
cities
of the United States...
(Average 1913=100.0)
Average—32 large cities
of the United States
cities—clothing index for March 15,
1937, corrected from 81.0 to 80.9.
c Cleveland all items index for March 15, 1937,
corrected from 85.5 to 85.4.
d Cleveland clothing index for March 15, 1937,
a
Covers
corrected
51
from
cities,
84.5
b Average
32
large
to 84.1.
Cost of
Living of Wage Earners in United States During
July Unchanged from June, According to National
Industrial Conference Board
Living costs
as
a
whole averaged the same in July as in
June, according to the monthly survey of the National In¬
dustrial Conference Board, issued Aug. 11.
Increases in
the cost of
some
of the component items of the budget were
of Aug. 19 also had
0.7% increase in wholesale
2 4% rise in grains
to a
Houston
Denver
Industrial commodity
8.0% nigher than last year.
the following to say:
New Orleans
Mountain:
Average—32
be
0.1% during the week ended Aug. 14, according to an an¬
nouncement made Aug. 19 by Commissioner Lubin.
"The
advance," Mr. Lubin said, "followed the slight decline of
below
85.1
Buffalo
Statistics
1926 average.
New England:
Boston.
of
During Week Ended
Increase of less than
TABLE 2—INDEXES OF THE COST OF
88.9
112.5
basis for dates prior to July, 1936, may
Cost of Living In the United States, 1914-1936," price $2.50.
Increase
,
Area and City
88.9
+
Index
0.05%.
+0.1
Figures on revised
b Revised series.
cities
of the United States
96.8
+b~.5
1937 and June 15, 1937.
for July 13,
+0.5
large
—0.6
112.5
+ 2.4
Seattle
+ 1.0
87.2
96.9
100
Weighted average of all items.
+2.0
—2.6
Average—32
82.0
86.7
30
83.7
82.8
Gas and electricity.
70.0
84.1
urchasing value of dollar
Mountain:
Pacific:
+ 0.6
+b~.i
70.0
5
Coal
c
+ 1.0
Mobile
West South Central:
Houston
Men's
Women's
Fuel and light
East South Central:
—0.6
tain other
0.3%.
In addition to the above items lower prices were
farm product items.
live poultry (New York market) and cer¬
Important farm products registering price
wethers, live
market), eggs, lemons, oranges, clover and timothy hay,
alfalfa seed
and leaf tobacco.
This week's farm products index—87.5—
is 4.0% below the level of a month ago and 4.7% above that of a year ago.
The index for the foods group advanced 0.2%.
The subgroups butter
cheese and milk; fruits and vegetables: and meats shared in the increase.
Cereal products showed no change.
Individual food items for which higher
prices were reported were cheese (Chicago and New York markets), rye
flour, hominy grits, corn meal, canned cherries, dried apples, fresh and
cured pork, dressed poultry, cocoa beans, canned salmon, cured fish,
lard and pepper.
Prices were lower for oatmeal, wheat flour, canned and
dried peaches, prunes, canned vegetables, lamb, mutton, coffee
copra,
edible tallow
and vegetable oils.
The current index for foods—86.5—is
0.5% higher than last month and 4.7% above a year ago.
Advancing prices for nonferrous metals caused the metals and metal
products group to increase 0.1%. Average wholesale prices of agricultural
implements, iron and steel, motor vehicles and plumbing and heating re¬
mained unchanged.
'Individual items primarily responsible for the in¬
crease were pig lead, lead pipe, pigfYin, and pig zinc.
The index for the housefurnishing goods group declined 0.1% because
of lower prices for certain furnishings
Average prices of furniture showed
advances
were
barley, corn, oats, rye, steers, hogs, ewes,
poultry (Chicago
no
change.
1174
Financial
The hides and leather products group declined 0.5% because of
decrease for hides and skins.
Leather shoes
and other leather
2.3%
a
products
were
stationary.
Price decreases
reported for packers
were
hides, goat¬
cow
skins, packers shearlings, and heavy native steer hides.
Due to declining prices of vegetable oils and packers prime tallow of
the
chemicals subgroup
the chemicals and drugs group index decreased 0.5%.
Average prices for drugs and pharmaceuticals mixed fertilizers
and fertilizer
materials did not change.
The continued decline in cotton textile prices was
largely responsible for
the 0.6% drop in the textile
products group.
Individual items showing
lower prices were broadcloth, denims, cotton flannel,
muslin, brown and
bleached sheeting, percale, print cloth
cotton yarns, tire fabrics, cotton
rope and twine, and raw jute.
Average prices of clothing, knit goods, silk
and rayon, and woolen
goods showed no change
preceding week.
Aug.
Bituminous coal showed
1.6% when compared with May, 1937; a decrease
0.6% compared with June, 1936; and an increase of
73.1% over June, 1935.
The $180,318,827 shown for
wholesale financing for June,- 1937, is a decrease of
6.8%
from May, 1937; an increase of 1.6%
compared with June,
1936; and an increase of 48.1% over June, 1935.
Figures of automobile financing for the month of May,
1937 were published in the July 17 issue of the
"Chronicle,"
page 349.
of
AUTOMOBILE FINANCING
Retail Financing
Wholesale
remained uncha nged
Financ¬
slightly lower average.
a
Year
Volume
Month
were stationary.
Minor fluctuations in prices of individual building material items did not
affect the average for the group.
Lumber showed a fractional rise and
paint and paint materials moved slightly downward.
Brick and tile,
cement, structural steel, and other items showed no change.
The index for
Used and
ing
and
in
Coke, anthracite, and petroleum products
Total
New Cart
Volume
Thousand
cattle feed dropped
and
tires
tubes
14%.
and
Crude rubber advanced
Number
in
Number
in
Number
in
of
Thou¬
of
Thou¬
of
Thou¬
Cars
sand
Cars
sand
Cars
sand
Dollars
Dollars
and
paper
pulp
remained
Bureau
of Labor
un¬
456 Ident leal
Dollars
The following table shows index numbers for the main
group
modities for
the past.five weeks and for
Aug.
15,
1936, Aug.
of
com¬
17,
1935,
May
193,527
180,318
464,199
M69.482
193,728
201,170 117,532
200,000 118,322
949,738
981,090 572,235 1,355,243 377,503
184,574
207,575 120,193
223,864 129,693
6
Total
190,655
263,029
73,123
269,482
75,405
mos.
1934—
185,123
177,448
May
June
Aug. 18, 1934, and Aug. 19, 1933.
(1926=100)
6
Total
Aug.
July
July
July
Aug.
14
7
31
24
17
15
17
Aug. Aug.
18
460,876
480,330
194,968
253,301
256,466
64,381
65,274
mos.
ended June
Aug.
Commodity Groups
Dollars
a
784 price series
the average for the year 1926 as 100.
on
Orga nizations
ended June 1,041,295 2,336,333
Statistics includes
weighted according to their relative importance in the country's markets and
is based
Summary for
June
of the
Cars
Volume
1937—
changed.
The index
Unclassified
Volume
the group has been steady for three successive
weekly periods.
Average prices for
0.5%.
Automobile
1937
21,
of
crease
from last week's levels.
The index for the fuel and lighting materials
group
from the
Chronicle
955,780 2,240,942
896,277 1,015,257 582,797 1,225,685 313,480
Aug.
19
1937
1937
1937
1937
1937
1936
1935
1934
1933
87.5
87.4
87.5
87.5
87.8
81.1
80.5
76.1
87.5
86.9
87.7
88.4
91.1
83.6
80.3
68.9
57.5
86.3
86.5
S6.0
86 ;1
82.6
85.4
74.1
94.2
90.1
84.2
113,601
127,201
70,175
303,334
111,893
126,207
69,409
774,298 1,553,134
573,214
665,023 360,767
888,111 212,447
250,371
04.4
108.4 107.6 107.6
312,186
135,510
121,779
May
69.3
86.5
1935—
June.
All commodities
Total
Farm products.
Foods
Hides and leather products.. 108.6 109.1
Textile; products
76.9
90.9
77.4
77.6
Fuel and lighting materials.
Metals and metal products..
78.9
78.9
78.8
78.6
78.4
76.9
75.4
75.2
66.5
95.5
95.4
95.4
95.4
95.3
86.3
85.8
85.9
80.8
Building materials.
96.7
96.7
96.7
96.8
96.8
86.9
85.1
86.4
83.8
43,425
42,484
mos.
ended June
Summary for
282
Ident ical Organ izations
c
1937—
80.8
83.6
6
184,985
177,127
77.9
77.7
70.6
70.5
71.1
74.1
188,370
437,185
175,215
d443,049
181,021
184,397
193,485 113,185
192,678 114,195
ended June 1,011,257
2,197,976
901,608
944,880 551,775 1,253,096 349,833
436,543
455,463
176,315
186,550
201,307 116,569
217,354 125,916
931,272 2,118,272
855,181
984,408 564,962 1,133,864 290,210
132,074
June
Chemicals and drugs.
May.....
June
May
_
118,731
293,693
284,723
107,820
106,174
122,663
121,632
756,195 1,461,983
544,776
641,820 348.039
Total
82.0
82.4
83.4
79.2
78.7
75.9
Housefurnlshing goods
92.7
92.8
92.7
91.6
91.6
82.5
81.7
82.9
76.4
Miscellaneous
77.4
77.4
78.2
79.2
79.2
71.1
67.2
70.3
85.2
84.9
85.3
85.7
87.3
81.1
Semi-manufactured articles..
86.5
86.5
86.7
86.9
87.0
75.5
*
*
*
89.1
89.1
89.1
88.9
88.6
82.2
*
*
*
mos
May
Finished products
67,836
70,202
65.5
Raw materials.
6
243,700
June...
All
commodities
other
commodities
farm
*
*
*
87.5
other
87.5
87.5
87.4
87.2
80.6
80.5
77.6
71.8
86.0
86.0
86.2
86.3
86.2
79.6
78.0
78.4
Lumber
of
Movement—Week
Ended
Aug. 7, 1937
The lumber
industry during the week ended Aug. 7, 1937,
80% of the 19(29 weekly average of production and
shipments.
The week's reported production
of 1929
23% greater than
was
than
shipments
ments
ing
were
week
substantially
heavier and
were
week
1936.
of
less.
Production
and
orders less than in correspond¬
new
National
production
reported
for
the
Aug. 7, 1937, by 7% fewer mills was 2% less
(revised figure) of the preceding week;
shipments were 18% less than shipments of that week; new
the
output
orders were 15% below that week's
orders, according to
reports to the National Lumber Manufacturers Association
from
regional
associations
portant hardwood
week ended
and
covering
softwood
the
operations
im¬
Production
mills.
of
in
the
Aug. 7, 1937,
was shown by mills reporting for
6% above output in the corresponding
1936; shipments were 3% above last year's ship¬
ments of the same week, and new orders were
12% below
both 1937 and 1936
week
as
of
orders of the 1936 week.
During the
feet
of
week
orders
868,000
of
feet;
production
ments
below
Northern
the
in
1937,
524
but
ended
regions
reported
West
and
same
feet,
orders
mills
but
orders
Coast,
39%
213,718,000 feet,
Shipments
as
from
below
hardwood
100
production.
or
week's
feet, and
a
216,345,000
and
year
feet
ago
pine
240,307,000
of 432
In
shipments,
feet and
9,193,000
feet
820,163 196,736
cars,
56.1%
used cars, and 0.4% unclassified.
Bank
of
and
ship¬
and
cypress
corresponding
week
hardwoods
the
case
a year
and
Cutting in
Prairie
Bank of Montreal issued Aug. 19. "In Manitoba and western
Alberta wheat yields vary from fair to good, and in north¬
eastern Saskatchewan some fair yields of wheat are
being
obtained," said the report which continued:
Early threshed wheat Is of satisfactory grade.
In Quebec province crop
prospects in general continue to be satisfactory
crops of the main staples are expected.
potatoes and apples
and of peaches are
and for tree fruits
are
all doing well.
heavy and prospects
In Ontario good average
In the Maritime Provinces grains,
In British Columbia crops of hay
are
satisfactory for grain and roots,
generally.
♦
Petroleum
and
Its
Products—Bureau
of
Mines
Fore¬
casts
Cut
16% Jump in September Crude Demand—
in Texas, Oklahoma Allowables Seen Probable
—Petroleum
Crude
pact
A
Oil
Production
Inventories
Again
Sets
New
High—
Decline—Interstate
Com¬
Group to Meet Late in September
16% increase in daily
compared with output
average
production of crude oil
a year ago was
as
recommended by the
which is 46,600 barrels above the August recommendation
of the
Bureau—represents a new record high for the Federal
agency's market estimates for the second consecutive month.
all
Southern pine
but
7,
1937,
week
same
was
new
business
for
Production
217,634,000
were
258,290,000
reported
as
the
feet.
8,694,000
feet,
week
were
14,313,000
feet.
same
was
Reports
identical
feet,
Grain
the
as
Mill
Reports
In the Prairie Provinces grain cutting is well advanced and
threshing has begun in Manitoba, Saskatchewan and south¬
ern Alberta,"
according to the current crop report of the
orders
reported
Northern
Montreal
of
Provinces Well Advanced
feet;
softwood
mills
was
256,178,000
were,
respectively,
received,
212,408,000
feet; shipments
and
of
ago
orders
hardwoods,
90 identical
mills
13,534,000 feet and 10,875,000
9,489,000
feet,
and
orders,
8,373,000
9,929,000 feet.
♦
Automobile Financing in June
The dollar volume of retail financing for June, 1937,
the 456 organizations amounted to- $193,728,106, an
mos
by 442 soft¬
give
Shipments
209,974,000
feet.
40,190
30,261
Bureau of Mines on Aug. 18 for September operations of the
American oil industry.
The new total of 3,509,300 barrels—
for
mills
reported' production last week and
feet;
All
redwood,
those
and
Production
it was 244,691,000
and
171,030
163,091
and
32% below production.
production
66,913
17% below the production of the
or
reported
Identical
feet
1937.
California
below
Northern
16% below production.
9,774,000 feet,
Last
7,
Aug.
reported
cypress
reported for the week ended Aug.
totaled
mills.
or
Reports
or
227,408,000
reported production above similar week of 1936.
Lumber
wood
272,603,000
produced
shipped
Southern
reported shipments below last year's week,
cypress
mills
combined;
pine
week
All
output.
all
7,
softwoods
Southern
6
67,630
a Of these organizations, 37 have discontinued automobile
financing,
b Of this
number 42.6% were new cars, 57% were used cars, and 0.4% unclassified.
cThe
data In this table are included In table 1.
Of the 282 organizations, 24 have dis¬
continued automobile financing,
d Of this number, 43.5% were new
feet.
Revised figures
for the preceding
production, 279,450,000 feet; shipments, 278,261,734,000 feet.
hardwoods
1936;
60,634
mos.
ended June
561;
but
regions
The Association further reported;
Aug.
Total
222,412,000
orders,
below
of
ended
and
Mills,
were:
All
week
hardwoods
booked
6
ship¬
ended
than
59,746
238,109
business booked and 20% heavier
new
reported shipments.
Reported production was nearly
to that of the preceding week.
New business and
equal
235,236
1935—
Report
stood at
Total
ended June
Not computed.
68%
180,665
174,276
74.2
than
products and foods..
Weekly
1936—
than
farm products..
All
*
72.9
for
in¬
The September
figure, although 16% above the like 1936
period's production, is only 9% above actual demand for that
month last year.
The Bureau recommended lower
2 of the 18
production totals for only
oil-producing States while all of the major States—
exception of Louisiana—received increases.
A cut
in the Louisiana recommended total from
253,900 in August
to 247,900 barrels next month was
suggested by the Bureau
with West Virginia, off from 10,700 to 10,300
barrels, the
only other State to have its suggested quota lowered. Penn¬
sylvania's estimated share of the crude oil market was un¬
changed at 53,600 barrels while Oklahoma was granted an
increase of only 400 barrels to 633,800 barrels in the new
with the
recommendations of the Federal agency.
The new schedule of the Bureau of Mines lifted the
mended total for Texas to 1,413,600 barrels
recom¬
daily,
from
Volume
l ,395,200
barrels in August.
barrels in its recommended
California won a gain of 25,400
total to 638,200 barrels daily
during September.
Kansas's output was lifted to 200,900
barrels daily from 200,500 barrels.
Increases in the other
oil-producing were nominal in most instances, with Cali¬
fornia and Texas accounting for most of the approximate
47,000-barrel increase for the month.
required crude oil production by
compared with the August recom¬
The Bureau's estimate of
States for September, as
mendations follow:
August
September
September
1,395.200
612,800
1,413,600
Arkansas
29,100
29,900
California
638,200
Montana..
17,700
Oklahoma
633,400
633,600
247.900
Kentucky.
16,800
New York
15,200
18,200
17,000
15,800
14,600
10,300
10,500
5,000
2,500
253,900
200,500
Kansas
Mexico
100,800
Pennsylvania
53,600
52,800
39,900
Wyoming
Michigan
Illinois
13,000
West Virginia
10,700
53,600
Ohio
10,300
53,900
40,400
Colorado
4,900
Indiana
2,300
200,900
101,400
Although the new quota suggested by the Bureau of Mines
50,000 barrels above the total recommended for
August, it is far below actual production for the latest week
on record.
Daily average crude oil production during the
week ended Aug, 14 was nearly 250,000 barrels above the
3,462,900 barrels suggested for the month by the Bureau of
Mines.
Main factor in the sharp increase in production
over the recommended level was the record high State quota
is nearly
for
Commission at 1,510,317
barrels above the
suggested for the State by the Bureau.
Texas
set
by
its
Railroad
barrels, which is approximately 120,000
level
market demand
in preparation for his
proration meeting
set for the following day.
Reports from Oklahoma City
indicated that several purchasing companies have, due to
the heavy over-production of crude in recent weeks, advised
Daily average crude oil production figures for the second
of August as reported by the American Petroleum
Institute at 3,718,600 barrels represented a new record high
outturn for the fourth consecutive week.
The new high was
week
245,700 barrels above the August recommendations of the
of Mines, and 648,200 barrels against output of
Bureau
3,070,400 barrels daily recorded during the corresponding
period a year ago.
Compared with the initial week in
August, production showed an increase of 67,450 barrels
in the daily average output.
Oklahoma and Louisiana
were
the only two States of the
""Big Five" to reduce production during the Aug. 14 period.
Texas showed the broadest gain with Kansas and California
reporting substantial gains in their daily average outturn
figures.
Oklahoma, despite the 5,200-barrel reduction, was
substantially above the joint Federal-State quota of 633,400
barrels with its daily average production total of 648,900
barrels.
Louisiana, with a 500-barrel cut pared production
to 261,700 barrels, against a State quota of 264,500 barrels,
and exceeded the Bureau's suggested 253,900-barrel produc¬
also
Commission
compared with a State quota of 1,510,317 barrels and the
1,395,200-barrel total recommended by the Bureau of Mines.
Producers in California lifted output 5,900 barrels to a daily
average of 676,400 barrels, which compared with the joint
recommendation of 612,800 barrels set by the Bureau of
Mines and by the Central Committee of California Oil Pro¬
An increase of 11,000 barrels in Kansas sent output
206,050 barrels daily, against the joint Federal-State quota
of 200,500 barrels daily.
Changes in other oil-producing
to
were
A reduction in the
September quota by the Texas Railroad
expected, with dispatches from Austin in¬
dicating that East Texas will account for most of the cut.
A slash of around 40,000 barrels in the East Texas allowable
for next month is expected to be fixed by the Railroad Com¬
mission.
Testimony by the Commission's chief oil pro¬
duction engineer at its Aug. 19 meeting in Austin pointed
that there has been
a
marked declined in bottom-hole
pressure of wells in this area from July 12 to Aug. 16,
makes a reduction there a practical necessity.
The
able
iield
as
as
fixed by the Railroad Commission for
of Aug. 1 was 470,734 barrels daily.
which
allow¬
the East Texas
Feature of the State-wide
proration hearing was the report
Thompson that the increase of crude oil stocks at
refineries has not been inconsistent with the working
of E. O.
Texas
demand.
In
the
replies received by the Commission in
answer
to its questionnaire sent to 101 refineries, it was
indicated that supplies on hand were 26,839,939 barrels of
-crude while the quantity actually necessary to meet 90 days'
working supplies was 20,881,325 barrels.
On the basis of
Jhese refinery reports, the Commissioners indicated, there is
little probability of any reduction in any areas in Texas save
the East Texas field.
Pipe line and terminal storage of
crude in Texas as of June 30 was 69,159,551 barrels, it was
•
reported.
The
completion of 614 producing new wells during the
pointed out, lifted the total daily
production allowable for the State to 1,551,734 barrels as
compared with the allowable of 1,510,317 as of Aug. 1.
The Aug. 18 total of 1,551,734 barrels compares with the
new September recommendation of the Bureau of Mines of
1,413,600 barrels daily for Texas, which is an increase of
18,400 barrels daily over the Bureau's August recommenda¬
tions.
Nominations for the purchase of 1,657,776 barrels
-first half of August, it was
will
be
necessary
to
cut output
Following several conferences of representatives of British
petroleum companies operating in Mexico, the
Mexican Government was warned that approval and opera¬
tion of the recommendations of a survey made by its official
investigating committee might force withdrawal of the Mexi¬
can affiliations of the five affected companies.
The com¬
and American
panies represented at the New York conferences include
Standard of New Jersey,
Royal Dutch-Shell, Sinclair,
Standard of California and Gulf Oil Corp*
Findings of the official committee, originally named to
probe the strike at the Mexican Eagle Oil Co., and later told
to investigate the economic condition of petroleum companies
in Mexico, would increase the operating expenses of the oil
companies by nearly $16,000,000 annually, the companies
held.
There
were
no
crude oil price changes.
Typical Crudes per Barrel at Wells
(All gravities where A. P. I. degrees are not shown)
$2.82 Eldorado, Ark., 40
1.25 Rusk, Texas, 40 and over
1.42 Darst Creek
Illinois
1.35 Central Field, Mich
Western Kentucky
1.40 Sunburst, Mont
Mld-Cont't, Okla., 40 and above.. 1.30 Huntington, Calif, 30 and over
Rodessa, Ark., 40 and above
1.25 Kettleman Hills, 39 and over
Smackover, Ark., 24 and over
0.90 Petrolla, Canada
Bradford, Pa
Lime (Ohio Oil
Corning, Pa
REFINED
Co.)
,
EVER—GAS
DOMESTIC
AND
REFINERY
FUEL
GASOLINE
INVENTORIES
FUEL
PRODUCTS—MOTOR
DECLINE—HIGH
OIL
RATES
PARE
STOCKS
DEMAND
MATED AT 10% ABOVE 1936
nominal.
Commission is
-out
it
the Bureau of Mines to hold
production down to actual market demand.
The fact that daily average crude oil production has set
new highs for four consecutive weeks and is running approxi¬
mately 250,000 barrels above the market estimates of the
Bureau of Mines loses some of its force with the news of a
downward trend in stocks of domestic and foreign crude held
in the United States again appearing.
A drop of 328,000
barrels in holdings of domestic and foreign crude during the
week ended Aug. 7 was reported by the Bureau on Aug. 18.
The decline represented a drop of 530,000 barrels in stocks
of domestic crude, offset only partially by an increase of
202,000 barrels in foreign crude inventories. With crude oil
stocks again declining despite the record domestic produc¬
tion, it appears that much of the excess crude oil is moving
into marketing channels rather than to storage tanks.
The Interstate Oil Compact Commission, assured of two
more years of life with President Roosevelt's recent approval
of legislation extending its Congressional approval from
Sept. 1, next, to Sept. 1, 1939, is making plans to add to its
six-State membership. A meeting of the group will be held
late in September with the meeting place yet to be determined
by E. 0. Thompson, of the Texas Railroad Commission,
who is Chairman of the inter-State group also.
Prices of
A spurt of 51,200 barrels in the Texas daily average pro¬
duction columns carried the total to 1,530,250 barrels, as
-areas
that
for the State for September by
tion total.
ducers.
with the operators
recommendations to the Commission at its
50,000 barrels under the 633,600-barrel total recommended
IN BARRELS
August
Louisiana
daily during September were filed with the Commission by
purchasers at the Austin meeting.
r
A meeting of Oklahoma oil operators has been set for
Aug. 26 when W. J. Armstrong, Conservation Officer of the
Oklahoma Corporation Commission, will discuss probable
the
AVERAGES
DAILY
New
1175
Financial Chronicle
145
IN
DROP,
AGAIN
$1.27
1.35
1.09
...
1.42
...
1.22
1.21
1.30
2.10
AGAIN
HOW¬
SPURT-
SEPTEMBER
ESTI¬
PERIOD
Although domestic demand for motor fuel during the first
continued to run about 15% over the like 1936
half of August
period, the sustained high rate of refinery operations has
held down the declines in inventories.
Stocks of finished and unfinished
gasoline
during the
Aug. 14 week were off 129,000 barrels to 69,087,000 barrels,
according to the American Petroleum Institute.
Refinery
holdings of gasoline dipped 112,000 barrels while stocks held
at bulk terminals were off 2,000 barrels.
Inventories of
unfinished motor fuel showed a slump of 15,000 barrels
during the period.
In the Aug. 7 period, stocks were off
1,656,000 barrels, making the first half aggergate 1,785,000
barrels.
Operating rates of refineries showed a dip of only 0.1%
during the second week of August,
the total reaching 83% of
capacity. Daily average runs of crude oil to stills were un¬
changed from the Aug. 7 period at 3,340,000 barrels daily.
The daily average production of cracked gasoline also was
unchanged at 745,000 barrels.
Stocks of gas and fuel oils showed a sharp spurt during the
Aug. 14 week,
in comparison to the modest gain shown in
previous period.
The 1,047,000-barrel gain lifted the
total to 109,644,000 barrels and established a net gain for
the first half of the month of 1,435,000 barrels.
Refiners are
building up their stocks of gas and fuel oils in anticipation
of a record demand this winter due to the broad gains shown
in 1937 sales of fuel oil heating equipment in residences.
Continuation of the record gain in domestic demand for
the
gasoline over 1936 is expected during September by the
United States Bureau of Mines which on Aug. 18 forecast
market demand of 48,700,000 barrels, which is 10% in excess
of actual demand in September last year.
Export demand
for next month was estimated at 3,000,000 barrels, an
increase of 100,000 barrels over the August estimate.
1176
The
Financial
Bureau's
indicated
forecast
the
withdrawal
of
ap¬
Chronicle
GASOLINE AND GAS AND FUEL OIL, WEEK ENDED
proximately 2,800,000 barrels of finished and unfinished
gasoline during September as compared with an estimated
withdrawal of 5,000,000 barrels (luring August.
If these
forecasts are accurate, Sept. 30 stocks are expected to be
pared to 62,200,000 barrels, which is about 4,500,000 barrels
above the total
reported for the corresponding 1936 date.
developments continued to feature the refined
product markets during the Aug. 14 with prices in all major
motor fuel consuming areas remaining
unchanged on the
whole.
Changes were confined to nominal fluctuations in
areas where local conditions called for
readjustments to meet
market developments.
The price list of all refined products
continues firm with a strong undertone in evidence.
Stocks of Finished and
to Stills
Unfinished Gasoline
Stocks
of
District
Finished
Poten¬
Reporting
Total
Rate
P.
At Re¬
ated
fineries
C.
669 100.0
East Coast-.
669
Appalachian.
Ind., 111., Ky
146
129
529
489
Mo-..--.
452
383
201
Ok la.,
Oper¬
age
and
P. C.
Aver¬
Gas
in
Daily
tial
Unfin'd
Terms., Nap'tha
556
83.1
88.4
108
83.7
1,038
92.4
442
90.4
84.7
308
139
5,046
Fuel
Distil.
Ac.,
Oil
1,336
7,351
12,309
1,367
3,251
912
6,558
80.4
3,696
2,481
533
3,396
69.2
12,344
8,571
259
Kan.,
65 Octane), Tank Car Lots, F.O.B. Refinery
New York—
Socony-Vacuum..
.08
Gulf
Tide Water OU Co
.08)4
Shell Eastern
Richfield Oil (Cal.)
$.07%
.08%
.07%
Chicago
.07%
.07)4
Orleans.
Gulf
ports
Tulsa
336
757
95.5
728
96.2
1,295
5,558
225
793
397
1,862
1,706
9,369
174
168
96.6
132
78.6
735
617
257
2,484
56.6
58
63.7
34
58.6
233
110
109
89
62
69.7
55
88.7
788
821
746
90.9
536
71.8
1,371
8,541
94
California—-
2,520
1,488
68,770
3,662
88.9
3,038
83.0
91
No. La.-Ark.
$.05
New
355
Rocky Mtn.
Other Cities—
Texas
Inland Texas
Texas Gulf—
La. Gulf
Stand. Oil N. J__$0.7%
Warner-Qulnlan..
AUG. 14, 1937
Crude Runs
Daily Refining
Capacity
-
New York—
1937
(Figures In Thousands of Barrels of 42 Gallons Each)
Statistical
U. S. Gasoline (Above
Aug. 21,
CRUDE RUNS TO STILLS AND STOCKS OF FINISHED AND UNFINISHED
-.05)4
.06J4-.07
.05)4
.05 J4~.05<Hi
Reported
408
34,864
23,277
457
302
2,680
730
4,119
4,112
—
3,340
3,340
37,544
37,656
24,007
24,009
7,536 109,644
7,551 108,597
20,301
6,493 110,585
Est. Unreptd
7,216 106,694
320
2,950
xEBt.tot.U.S.
Kerosene, 41-43 Water White, Tank Car, F.O.B. Refinery
I North Texas
New York
(Bayonne)
I New
$.04
$.05)4 | Los Angeles..
| Tulsa
.0334-.05
Orleans_$.05)4-.05)4
.03J4-.04
4,119
14'37
7'37
Aug.
Aug.
4,112
U. S.B.of M.
Fuel Oil, F.O.B. Refinery or Terminal
California 24 plus D
N. Y. (Bayonne)—
$1.35
Bunker C
$1.00-1.25
.
xAug. 14,'36
New Orleans C
$.105
Phila., Bunker C
Gas Oil, F.O.B. Refinery or Terminal
N. Y. (Bayonne)—
_$.04)4
I Chicago—
I 28-30 D
$.19
New York
z
Brooklyn
z
Mines
....$.02 J4-.03
The
| Newark
| Boston
.19
$.1651
...
.18
$1.75
.177
American
Petroleum
average gross
daily
was
Institute
estimates
that
the
crude oil production for the week ended
Production in
was
3,718,600 barrels.
This
daily production and indicated
a
was a new
high
gain of 67,450
age
State.
former
Texas
and receipts in bond at principal
United States ports for the week ended Aug. 14, totaled 1,657,000
barrels,
of 236,714 barrels, compared with
a
daily average of 133,571
barrels for the week ended Aug. 7 and 187,071 barrels daily for the four
weeks ended
Aug. 14.
Receipts of California oil at Atlantic and Gulf Coast ports for the week
ended Aug. 14, totaled 68,000 barrels, a daily average of 9,714
barrels, com¬
pared with a daily average of 7,429 barrels for the week ended Aug 7, and
Reports received from refining companies owning 88.9% of the 4,119,000
daily potential refining capacity of the United States,
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
companies had in storage at refineries, bulk terminals, in transit and in
pipe lines
as
of the end of the week, 69,087,000 barrels of finished and
un¬
663,800 barrels, the highest since January,
of 257,100 barrels was a new record for
Oklahoma
production in
daily initial
the
East
rose
rose
Texas
field
was
nearly 30% above completions for
which
some
State
Week
Interior
Allowable
Ended
Aug. 1
Aug. 14,
average in
1937
Weeks
Week
from
Ended
Ended
Week
633,400
200,500
648,900 —5,200
206,050 + 11,000
83,150 + 16,650
75,000
+500
33,750
+ 50
240,700 + 16,400
127,650
+ 2,050
471,400
+ 800
270,600
+4,000
228,000 + 10,750
248,737
East Central Texas—
124,842
East Texas
470,734
Southwest Texas—
261,652
222,449
Coastal Texas
14,
1937
Aug. 15,
1936
of
was 48,580,000
barrels, or 9% above
Exports of motor fuel continued high, the total
3,085,000 barrels comparing with only 2,291,000 barrels In June, 1936.
Stocks of gasoline, which failed to show the normal decrease in
May, declined
sharply in June, when 4,624,000 barrels
unfinished stocks.
253,900
264,550
29,100
petroleum products continued its upward trend in June, the index for that
month
being 61.5 compared with 60.9 in May and 57.7 in June, 1936.
The refinery data of this report were compiled from schedules of
refineries
having
an aggregate
refineries
daily crude oil capacity of 3,889,000 barrels.
operated at
85%
of capacity in June, compared
PRINCIPAL FIELDS
(Thousands of barrels of 42 gallons)
58,700
17,950
5,450
114,100
'Total
United States. 3,462,900
—150
California—Huntington Beach
Kettleman Hills
Long Beach
Santa Fe Springs
Rest of State
1,128
2,426
1,833
80.9
37.6
61.1
44.7
1,343
13,184
439.5
19,914
663.8
Total
Average
837
27.0
1,145
2,517
81.2
v
37.0
1,876
1,380
60.5
13,447
20.365
433.8
44.5
657.0
1937
4,814
6,649
14,286
11,117
8,008
72,010
112,070
1936
5,374
6,718
14,875
12,858
8,254
65,455
108,160
114
3.7
733
825
13.4
2,386
2,134
74
2.5
70
2.3
402
388
6,039
201.3
6,388
206.1
35,065
2,768
30,495
9,164
4,502
44.161
6,696
3,069
18,644
2,712
1,782
32,314
25,069
59.162
116,545
9,185
55,061
27,584
2,664
77,950
74,000
33,700
218,700
125,400
470,650
251,500
213,500
.
....
60,700
Kansas.
60,550
Kentucky
Louisiana—Gulf coast........
26,450
179,850
60,250
431,250
160,500
183,500
J
.....
Rodessa
.....
Rest of State
Total Louisiana
Michigan
.......
.....
Montana
30,350
29,200
112,250
16.6
491
15.8
172.7
5,273
170.1
49.8
1,526
49.2
34.6
830
26.8
7,714
1,218
257.1
7,629
246.1
40.6
1,316
42.5
527
17.6
555
17.9
3,331
111.0
3,463
111.7
481
Mexico
New York
16.1
461
14.9
317
Oklahoma—Oklahoma City...
Seminole
Rest of State
Total Oklahoma
Texas—Gulf coast
121,350
44,750
31,600
38,850
Panhandle
—500
18,050
5,250
114,300
16,500
Rodessa
5,000
78,200
...
East Texas
56,300
Rest of State
West
498
5,181
1,495
1,038
...
+ 2,450
+ 850
+300
27.8
416
+2,200
—100
Average
833
3.6
232,350
44,850
*612,800
June\
15.4
261,750
17,700
4,900
612,800
Jan. to
Daily
109
—500
52,800
Total East of Calif— 2,850,100
May, 1937
463
261,700
39,900
California
1937
Illinois
79,800
152,550
Michigan
Wyoming
114,000
83% in
Colorado
89,050
172,700
Montana
100,800
These
with
May and 80% in June, 1936.
170,350
+ 1,450
32,200
122,050
Colorado
was,
year ago.
601,450
—1,950
121,900
New Mexico.
a
According to data of the Bureau of Labor Statistics, the price index for
Pennsylvania
Arkansas
Eastern
from finished and
(75,053,000 barrels)
however, nearly 8,000,000 barrels above the level of
Ohio
Total Louisiana
1937
203,150
86,550
175,150
Coastal Louisiana
was withdrawn
The total of June 30,
644,500
1,395,200 1,510,317 1,530,250 + 51,200 1,465,400 1,163,050
North Louisiana
pro¬
of the boom days of
return
the average of a year ago.
New
Total Texas.
a
was 43.5%, a decline of
0.4% from the
May and 0.9% lower than the average of a year ago.
Indiana
36,063
predict
development and
The domestic demand for motor fuel
Arkansas
Change
Previous Aug.
81,400
64,440
-
The chief item of in¬
year ago.
Refined Products
Total California
West Texas
a
Daily
(Aug.)
West Central Texas—
com¬
The national total
The yield of gasoline from crude
!
Four
Dept. of
North Texas
May at
30 years ago.
Total
-.
that for
from
PRODUCTION
B. Of M.,
Panhandle Texas.
unchanged
average
June,
633,400
200,500
remained
that for
Texas,
The daily average
PRODUCTION OF CRUDE PETROLEUM BY STATES AND
(Figures in Barrels)
Kansas
East
It is noteworthy that the number of oil wells
from 158 in May to 178 in June and the
daily during the week.
Oklahoma.
of
terest in the minor States was the continued rise of
duction in Illinois, for
charging capacity of all cracking units indicates that the industry as a
whole, on a Bureau of Mines' basis, produced an average of 745.000 barrels
lations
largest declines,
City field.
from 1,100 barrels to 1,170 barrels.
Cracked gasoline production by companies owning 94.8% of the
potential
Calcu¬
the
outside
for oil wells completed declined from 2,192 in
May to 2,178, but the latter
finished gasoline and 109,644,000 barrels of gas and fuel oil.
DAILY AVERAGE CRUDE OIL
showed
being fairly well distributed
Oklahoma being mainly in the Oklahoma
19,214 barrels for the four weeks ended Aug. 14.
barrel estimated
was
average
and
468,200 barrels daily.
use
was
May.
further declosed:
production in California
1936, while Louisiana's
that
pleted in that field
the previous week. The current
figures remained above the 3,462,900 barrels cal¬
culated by the United States Department of the Interior
to be the total of the restrictions imposed
by the various
oil-producing States during August. Daily average produc¬
tion. for the four weeks ended Aug. 14, 1937, is estimated at
3,634,500 barrels.
The daily average output for the wee
ended Aug. 15, 1936, totaled 3,070,400 barrels.
Further
details, as reported by the Institute, follow:
average
production of crude
major producing States declined in June,
California and Louisiana being the most notable exceptions.
Daily aver¬
barrels from the output of
Imports of petroleum for domestic
average
3,527,100 barrels, which
of the
most
week's
daily
average.
During Month of June, 1937
petroleum in June, 1937,
the
Aug. 14, 1937,
a
daily
monthly petroleum statement of the U. S. Bureau
The Bureau's report
mark for
1936,
about 50,000 barrels under the record established in
Daily Average Crude Oil Production Establishes New
All-Time Peak in Week Ended
Aug. 14
daily
34,319
August,
y
of Mines showed that the
Buffalo
Chicago
I
Not including 2% city sales tax.
The
basis,
Petroleum Production
I Tulsa
|
$.053
Gasoline, Service Station, Tax Included
z
of
Bureau
2.20
Diesel 28-30 D
27 plus
y3,014
Estimated
x
1.35
Texas..
Total Texas
West Virginia
....
10.6
308
9.9
4,914
4,280
163.8
5,755
185.7
142.7
4,412
142.3
332.4
9,971
638.9
19,165
53.8
1,613
311.4
9,342
199.5
5,985
468.2
14,046
79.3
2,378
37.4
1,123
295.6
8,867
41,741 1,391.4
10,451
20,618
665.1
333
11.1
1,581
10,086
6,744
14,514
2,506
1,280
9,236
337.1
51.0
325.3
217.6
36,552
468.2
83,310
13,704
80.9
41.3
297.9
44.366 1,431.2
325
10.5
3,042,200 + 61,550 2,965,150 2,478,800
676,400
+ 5,900
669,350
591,600
Wyoming—Salt Creek
491
16.4
505
16.3
Rest of State
Total Wyoming
946
31.5
1,098
35.4
1,437
47.9
3,718,600 + 67,450 3,634,500 3,070,400
1,603
51.7
Other, a
...
5
5
25,123
8,431
3,945
37,499
6,400
2,727
12,558
2,225
1,921
26,593
25,666
47,543
99,802
8,168
40,897
30,338
85,265
11,070
7,230
52,366
248,223
1,909
41,013
208,929
2,949
6,023
8,972
3,581
346
1,904
3,042
6,623
30
26
620,166
535,911
♦
Recommendation of Central Committee of California Oil
Producers.
Note—'The figures indicated above do not include
any estimate of any oil which
might have been surreptitiously produced.
Total United States
a
105,812 3,527.1 110,911 3,577.8
Includes Mississippi, Missouri, Tennessee and Utah.
Volume
Financial
145
AND
SUPPLY
two-thirds or more of the total
The firms actually reporting consume
DEMAND OF ALL OILS
(Thousands ol barrels of 42
1177
Chronicle
of bituminous coal, and their reports
gallons)
furnish an adequate
ing the stocks and consumption of the remaining
Jan. to
June,
1937
1937
Jan, to
June,
June,
June,
1936
May,
1937
are
Association
organizations.
of
Agents
Purchasing
A cooperative agreement
The
Na¬
smaller consumers.
Coal Committee of the
made in collaboration with the
1936
a
estimates
tional
supply
basis for estimat¬
representative of consumer
as
between the Association and the
of these data.
This
Commission has been made to facilitate the collection
New Supply—
Crude petroleum
3,527
3,869
Natural gasoline
3,988
997
249
218
109,908
3,664
115,148
3,714
93,620
a
Total production
....
Dally average
535,911
2,945
19,984
1,188
557,083
3,061
620,166
3,426
22,973
1,451
644,590
3,561
90,185
3,006
3,217
110,911
3,578
105,812
......
Dally average
Benzol,
enlists the aid of the Association
agreement
Domestic production:
3,121
OF BITUMINOUS COAL,
INCLUDING STOCKS IN RETAIL YARDS
SUMMARY OF COMMERCIAL STOCKS
P. C. of Change
July 1,
Imports b:
Crude petroleum:
229
254
2,466
Receipts for domestic use...
2,384
2,493
10,900
Refined products: c
716
348
120,222
3,878
98,573
1,990
Dally average
Increase In
8,487
stocks, all oils.
3,286
3,134
584,291
3,210
113,122
3,771
Dally average
639,629
3,534
4,792
6,606
28,445
48,623
45,484
44,630
3,075
6,806
5,145
24,330
1,969
243,730
26,183
57,500
165,269
12,000
220,961
4,150
6,181
Crude petroleum
Refined products...
8,771
Domestic demand:
48,580
3,259
6,295
26,060
2,039
Motor fuel...
Kerosene
Gas oil and distillate fuels.
Residual fuel oils
Lubricants
26,356
2,078
25,476
48,904
152,097
10,973
88
79
114
536
555
374
524
543
2,674
2,293
2,118
1,321
5,333
724
5,539
1,219
4,831
206
191
206
3,184
8,231
2,554
26,086
1,145
13,934
514,100
2,825
Wax
1,041
1,311
3,122
2,662
9,771
2,876
29,745
1,160
11,129
98,170
95,535
3,272
3,082
91,302
3,043
562,561
3,108
Coke
Asphalt
....
Road oil................
Still gas
Miscellaneous..
......
...
Total domestic demand
Dally average
6,257
5,989
5,829
235,640
234,497
233,421
308,788
6,257
235,640
311,046
5,829
233,421
550,685
548,695
550,296
550,685
550,296
146
152
161
156
174
308,788
Natural gasoline.
Refined products.
Days' supply.
b From Coal Division,
Revised,
311,046
308,209
Imports of crude as reported to Bureau of
c
Mines; all other imports and exports from Bureau of Foreign
d Imports
merce.
barrels,
e
Include unfinished oils;
and Domestic Com¬
355,000
469,000 barrels; June,
May,
Decrease.
on
1,578,000
1,477,000
665,000
1,777,000 + 137.3 —11.2
5,089,000
2,328,000
7,417,000
3,752,000
1,925,000
2,367,000
1,263,000
3,316,000 + 115.0 + 53.5
+ 84.3 +48.7
1,566,000
Lake Michigan
5,677.000
3,630,000
4,882.000 + 104.3 + 51.9
Figures for industrial con¬
sumers from table below.
Figures for retailers from sample data,
b Coal In cars
unbilled at the mines or in classification yards as reported to the Association of
American Railroads,
c Covers all commercial American docks on Lake Superior
and on the west bank of Lake Michigan as far south as Racine and Kenosha, Wis.,
but not including Chicago and Waukegan, 111.
Based on figures courteously supplied
by the Maher Coal Bureau for Duluth-Superior and Ashland-Washburn docks and
on direct reports from all other commercial operators not reporting to that Bureau,
a
d
Coal In the bins of householders is
not included.
Subject to revision.
Industrial Stocks and Consumption
coal in the hands of industrial
a decrease of 2.9% when
with stocks on June 1, 1937.
All classes of industrial consumers
the decreases except the cement mills, whose stocks advanced
On July
consumers
compared
1, 1937, stocks of bituminous
amounted
37,078,000 net tons,
to
8.1%.
declined during June. The
27,504,000 tons, against 29,377,000
in May.
In part, the decrease was due to the fact that June is a shorter
month, but even when reduced to a daily average, the consumption for
June was 3.3% below that for May.
All but one of the principal groups
of industrial consumers shared in the decline in daily rate.
The one ex¬
ception was the electric power utilities; an increase in power production
occurred in June, and a relative decline in the proportion of hydropower
Industrial consumption
of bituminous coal
during the month was
laid heavier demands upon the
coal-burning plants.
INDUSTRIAL STOCKS AND CONSUMPTION OF BITUMINOUS COAL
THE UNITED 8TATES, EXCLUDING RETAIL YARDS
Coal
June Production of Natural Gasoline
Commission,
and Thomas
V
Purchasing Agents]
National Association of
June, 1937
(.Preliminary)
Stocks, End of Month, at
Electrlc power
IN
Market Statistics Unit, National Bituminous
W. Harris Jr., Chairman, Coal Committee,
The
gasoline at both refineries and plants and
terminals increased in June, the total of 262,794,000 gallons
on hand June 30 being about 11,000,000 gallons higher than
stocks the first of the month and about 18,000,000 gallons
+ 6.9
—18.6 +50.5
lake docks.c
Lake Superior
[Determined jointly by F. G. Tryon,
daily average production of natural gasoline showed
a slight increase in June, 1937, according to a report prepared
by the Bureau of Mines for Harold L. Ickes, Secretary of the
Interior.
The total production in June was about 5,000,000
gallons less than in May but the daily average of 5,417,000
gallons was 14,000 gallons higher than in May and about
900,000 gallons above the average of June, 1936.
The most
notable increases in production in June were in the East
Texas and Gulf districts of Texas and in Louisiana.
—22.5
Coal in Transit—
total consumption
Crude petroleum.
a
+ 14.2 + 33.4
shared in
Stocks—
Ago
31.4 days
36.7 days
42.3 days
41.9 days
Total
6,796
9,404
22,621
38,974
Year
—17.9 +61.5
575,695
3,163
Exports b:
From
a
Unbilled loads, b
102,700
3,423
From,
Industrial, net tons... 37,078,000 38,169,000 45,153,000 22,953,000
5,800,000
8,000,000
Retail dealers, net tons
7,000,000
6,200,000
Total tons
43,278,000 45,169,000 53,153,000 28,753,000
Stocks
Total demand
Losses
Consumers' Stocks
8,596
32,039
Demand—
111,735
3,604
1936
Prer's
Days' supply
e4,127
July 1,
1937
Quarter
8,572
10,753
4,588
671,668
3,711
1,956
421
115,112
3,837
supply, all oils
new
1,720
2,088
Receipts in bond
Receipts for domestic use
Total
April 1,
1937
1,379
14,123
837
156
Receipts In bond
June 1,
1937 d
...—
trustworthy
in developing a
barometer of the demand side of the coal market,
(Net Tons)-
Per Cent
May, 1937
(Revised)
Change
8,400,000
7,770,000
1,539,000
Total Industrial stocks
+ S.1
11,910,000
—2.7
7,391,000
—3.8
37,078.000
Railroad (class I).e
397,000
7,107,000
Other industrial- d
—5.1
249,000
11,590,000
Cement mills, b
—0.5
8,188,000
1,588,000
429,000
Coal-gas retorts.c
8,446,000
243,000
utilities, a
By -product coke ovens, b
Steel and rolling mills.c.
38,169,000
—2.9
—3.1
—2.4
Stocks of natural
higher than stocks of June 30, 1936.
Industrial Consumption by—
Electric power
utilities,
3,650,000
5,788,000
a
By-product coke ovens.b
Beehive coke ovens.b_._..
439,000
STOCKS OF NATURAL GASOLINE
(In Thousands of Gallons)
♦
1,153,000
140,000
—16.0
122,000
494,000
—3.6
9,400,000
—7.2
6,661,000
10,130,000
7,220,000
27,504,000
29,377,000
—6.4
250,000
+ 5.2
200,000
182,000
+ 9.9
968,000
June
30, 1937
May 31, 1936
.
(class I).e
Total Industrial
Stocks
Production
consumption.
(Net Tons)
Addit'l Knorcn Consumption
Coal mine fuel
At
Jan.-
Jan.June
At
1936
Refin¬
June
May
June
1937
1937
1937
eries
&
Ter¬
minals
5", 689
4,626
Appalachian
867
111., Mich., Ky__
Oklahoma
39,197
Kansas
4,141
Texas
48,825
8,564
Louisiana
962
Arkansas
5,769
Rocky Mountain
California
49,547
34*923
38*992
672
1,932
5,180
5,955
1,008
3,990
40,665 226,237 198,930
126
4,624 27,662 16,772
6,846
49,936 280,852 238,132
84
27,319
46,331
7,881
84
6,004
5,505
1,014
4,830
5,949 34,026 29,317
50,730 299,306 282,751 110,082
At
Refin¬
& Ter¬
eries
minals
aver.
5*,448
672
536
2,226
528
35,066
3,073
4,158
29,672
2,386
168
75,905
5,723
3,612
42
5*, 845
79,151
4,471
132
378
128
2,131
3,402
2,468
2,359
2,816 105,630
barrels)
Daily
Stocks
on
The
aver.
of
Days' Supply, End of
Electric power
3,869
3,988
22,972
129
129
127
3,157
19,984
3.100
2,965
Coal
in
of
Consumers
July 1, 1937, Lower Than Previous Quarter
National Bituminous
Coal
Commission stated that
reported by consumers
second quarter of the year.
in the hands of industrial
consumers
43,278,000 tons, a decrease of 9,875,000 tons in the period
since April 1.
In comparison with July 1 a year ago, present
stocks show an increase.
At the average rate of consump¬
tion
prevailing in June, the reserves on hand July 1 were
days.
The Commission further stated;
sufficient to last 42
These figures of consumers' stocks are based upon complete returns from
all public utility power plants, all by-product
coke ovens, all steel works and
rolling mills, all coal-gas plants, all cement mills, all class I railroads, and
from representative large industrial consumers
and retail coal merchants.
+2.8
32 days
40 days
40 days
Total industrial
Commission, b Collected by the U. S. Bureau
of Mines
c Compiled by National Bituminous Coal Commission,
d Estimates
based on reports complied Jointly by the National Association of Purchasing Agents
and the National Bituminous Coal Commission from a selected list of 2,000 rep¬
resentative manufacturing plants.
The concerns reporting are chiefly large con¬
sumers and afford a satisfactory basis for estimate,
e Collected by the Association
a
Collected by the Federal Power
Railroads.
Domestic and Retail
Fuel
merchants' yards on July 1 were 6.9%
greater than on the corresponding date last year.
Stocks of anthracite
and coke in the yards of a selected group of representative dealers are sum¬
marized below.
Anthracite stocks held by these retailers on July 1 were
slightly less than those of a year ago; coke stocks were slightly greater.
SUMMARY OF STOCKS OF DOMESTIC AND RETAIL FUEL
coal in retail
P. C. of Change
Retail stocks, 340
June 1,
April 1,
July 1,
1937
1937
1936
From
From
Prev's
Year
Quarter
July 1,
1937 b
and retailers amounted
to
+ 8.0
36 days
32 days
of work upon expiration of the wage agreements on
was
+ 9.1
25 days
37 days
Railroad (class I)
+2.6
+ 11.6
55 days
27 days
Other industrial
39 days
43 days
60 days
substantial progress in the liquidation of the surplus stocks
accumulated early in 1937 in anticipation of possible stoppage
April 1
of bituminous coal during the
On July 1,1937, the total stocks
—13.7
80 days
69 days
48 days
Stocks of bituminous
Hands
—7.7
40 days
3,024
110
Bituminous
Month, at-
utilities
Coal-gas retorts
Cement mills
of American
Total (thousands
of
foreign trade
By-product coke ovens
Steel and rolling mills
162,498 167,496 964,866 839,328 132,594 130,200 124,530 127,008
4,612
5.403
5,331
5,417
Total
Bunker fuel,
—12.9
Plants
4,242
3,948
East coast
Dally
Plants
At
—15.6
476,000
mills, c
Other industrial.d
Railroad
+ 11.1
—10.0
263,000
Steel and rolling
Coal-gas retorts.c
Cement mills.b
PRODUCTION AND
3,286,000
6,434.000
520,000
Ago
selected
dealers:
+ 59.2 —11.6
Anthracite, net tons....
463,520
427,142
291,161
524,099
Anthracite,days* supplya
93 days
49 days
24 days
59 days + 295.3
Coke, net tons
Coke, days' supply.a...
Anthracite
in
producers'
85,725
64,839
46,944
90 days
63 days
19 days
1,482,640
859,437
979,825 1,240,166
+ 51.3 + 19.6
1,067,119 1,035,360
786,710 1,104,405
+ 35.6
storage
yards
By-product coke at
chant plants c
Net tons on
hand
a
29 days
Calculated at the rate of
c
+ 2.7
+ 67.1
mer¬
Days production
iect to revision,
+ 57.7
+82.6
54 days + 378.2
83,433
29 days
21 days
deliveries to customers in the
From U. S. Bureau
33 days
—3.4
+35.4 —12.8
preceding month,
of Mines, monthly coke report.
b Sub-
1178
Financial
Department of the Interior in its current weekly coal
report stated that the total production of soft coal for the
week ended
Aug. 7 is estimated at 7,428,000 net tons.
This
is a decrease of 290,000 tons, or 3.8% from the output in
the preceding week.
The accumulative production of bitu¬
minous coal to date is 268,687,000 tons.
This is 10%
ahead of 1936, but is far behind the active year 1929.
Crude oil production in 1937 which is shown below for
comparison in terms of equivalent coal continues to run
about 18% ahead of 1936.
The weekly anthracite report of the U. S. Bureau of Mines
disclosed that total production of Pennsylvania anthracite
during the week ended Aug. 7 is estimated at 433,000 tons.
Compared with the preceding week this shows a decrease of
132,000 tons or 23.4%.
The consolidated report of both of
the aforementioned organizations follows:
ESTIMATED
COKE
UNITED STATES PRODUCTION OF COAL AND BEEHIVE
(IN NET TONS)
WITH DATA ON PRODUCTION OF CRUDE
PETROLEUM
Foreign mine output was down, pointing to
in production.
Lead producers booked suffi¬
cient business in recent weeks to weather a long quiet spell.
curtailment
Zinc buyers
again bought a fair tonnage, but the demand
distinctly less active as the week closed.
Tin was
slightly lower and quicksilver again declined.
The publi¬
cation further reported:
was
Bituminous coal:
7, 1937
July 31, 1937
e
that showed
smaller
involving
volume,
in the previous
was
World production
Dally
dl,238,000
average
565,000
412,000
538,000
for June and July, in short tons, follow:
58,900
9,817
61,000
10,167
d5,849,000
5,754,000
16,100
1937
1936
(refined):
86,016
113,983
Pennsylvania anthracite: b
Total, including mine fuel
Daily average
h31,007,000
h34,136,000
193,271
1,663,000
appreciable.
g
the
2,168,800
802,700
4,161,100
11,598
4,293
22,252
average
175,342,000
148,098,000
139,038,000
production of lignite and anthracite and scmi-anthracite outside of Pennsylvania,
washery and dredge coal and coal shipped by truck from authorized
Total barrels produced during the week converted to equivalent coal
assuming 6,000,000 B.t.u. per barrel of oil ana
13,100 B. t. u. per pound of coal,
d Subject to revision,
e Revised,
f Sum of 32 full weeks ending Aug. 7, 1937,
c
1929.
Note that
g Comparable data not yet available,
cludes mine fuel.
WEEKLY
AND
method of computing
previous reports of this series,
li Sum of 31 weeks ending July 31.
a
basis and the trade satisfied
while, demand last week slackened
a
of close to 10,000 tons
little under 2,200 tons, against
open-market transactions in
on
Not included in
sales totals is
our
quiet buying period, producers believe.
as
PRODUCTION
OF
Stocks of refined lead
period.
The industry feels that con¬
were
reduced in July, according to
another drop should be recorded for August.
ers,
The undertone remains firm.
influence
no
which
the
on
also
was
Some unsettlement in London prices
situation
the
contract
Prices
here.
held
of which
of final annual returns from the operators.)
State
Week Ended—
little
a
July 31 July 24
1937 p
Alabama.
booked
more
interest.
1937 p
the
June
May
June
Ghe
1936
1937
1937
1936
Business
2
2
7
8
229
211
1,060
796
38
54
63
46
86
Georgia and North Carolina
82
65
75
361
363
305
1
1
1
2
2
Illinois
*
of
market
as
but
tight,
well
producers
held
at
condition
this
of record
is
7%c.,
St.
proportions,
Louis,
was
a
inactive.
lower than
a
fair demand for tin
Prices
moved
on
within
week previous.
limits,
narrow
237
1,063
967
1,016
17
46
67
85
207
terfere with production.
the drought is not serious and that production is
92
85
114
330
300
333
741
667
687
3,080
3,275
2,920
137
Western
Maryland
131
135
518
496
432
Michigan
29
Montana
27
105
26
116
76
2
4
4
12
2
6
42
40
40
180
137
183
North and South Dakota
30
33
24
126
120
109
Ohio
17
15
14
55
56
New Mexico
Pennsylvania—Eastern.e
•
48
375
382
381
1,830
t 2,048
2,030
1,962
/ 2.678
1 5,905
1,795
2,405
5,746
438
370
firm
on
good
rate.
Shipments
are
inclined to
Chinese
tin,
96
95
83
18
15
13
58
62
43
35
27
189
115
221
1,012
30
30
133
1,664
486
532
480
j 9,440
97
70
82
Wyoming
*
Total bituminous coal
1
Demand
for
than
Tin
New York
Zinc
Lead
New York
St. Louis
St. Louis
7.25
13.775
6.50
6.35
Aug. 13
13.775
13.950
60.125
6.50
6.35
1,765
14
13.775
13.950
60.000
6.50
6.35
7.25
360
265
313
16
13.775
13.925
59.625
6.50
6.35
7.25
1
2
2
Aug.
Aug.
Aug.
Aug.
17
13.775
13.850
59.750
6.50
6.35
7.25
7,386
31,726
30,010
1,145
4,475
4,207
4,306
34,217
33,523
18
14.025
60.000
7.25
13.775
13.850
59.625
6.50
6.35
7.25
13.775
13.925
59.854
6.50
6.35
7.25
29,217
473
Non-Ferrous
7,763
8,531
36,201
Average
..
Average prices for calendar week ended Aug. 14 are: Domestic copper f.o.b.
refinery, 13.775c.; export copper, 14.204c.; Straits tin, 60.046c.; New York lead,
6.500c.; St. Louis lead, 6.350c.; St. Louis zinc, 7.250c., and silver, 44.750c.
The above quotations are "M. & M. M.'s" appraisi# 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
pound.
Copper, lead and zinc quotations are based on sales for both prompt and future
deliveries; tin quotations are for prompt delivery only.
Daily London Prices
Metals
Copper, Sid.
Here
Moderates
as
Aug. 19 issue of "Metals and Mineral Markets" states
that producers of copper, lead, and zinc were relieved last
prices abroad.
The unsettlement
in London brought business here back to a slower
pace, and
nervousness over the
price trend disappeared.
The copper
statistics issued during the week caused
comparatively little
Straits
2,202
tons.
the recession in
A M. J." QUOTATIONS)
1
The
ever
slowly and operate on a hand-to-mouth basis.
99%,
Aug. 12
Copper
Lead
Tin, Std.
Zinc
Electro.
London Market Eases
week
a
month
103
on the
1,000
half of the
6,932
7,290
8,283
* Less
being maintained at
first
115
N. & W.; C. & O.; Virginian; K. & M.; B. C. &• G.,
and on the B. & O. In
Kanawha, Mason and Clay Counties,
b Rest of State,
including the Panhandle District and Grant, Mineral and Tucker Counties,
c In¬
cludes Arizona, California, Idaho, Nevada and
Oregon,
d Data for Pennsylvania
anthracite from weekly anthracite and beehive coke
report of the Bureau of Mines,
e Represents
that portion of the State not included in Western Pennsylvania,
f Figures are comparable with records for 1935 and
cover production of Western
Pennsylvania as defined by the N. R. A. Sub-Divisional Code Authority,
p Pre¬
liminary.
the
in
With tin at close to 60c. per pound, consumers here
move
Dom.,Refy. Exp., Refy.
777
1,006
565
Grand total
Includes operations
*
Straits
the
/ 6,998
7,718
Pennsylvania anthracite, d
a
250
1,614
from
Electrolytic Copper
108
31
quite
was
Later advices from Malaya, however, state that
DAILY PRICES OF METALS ("E.
59
Utah
249
slightly
averaging
5,603
Texas
1,883
positions.
was
nominally as follows: Aug. 12th, 58,750c.;
13th, 58.875c.; 14th, 58.750c.; 16th, 58.375c.; 17th, 58.500c.; 18th, 58.375c.
321
Tennessee
tons.
reports to the effect that drought conditions in Malaya would in¬
totaled 5,133 tons.
1,433
2,407
J
all
Early in the week the undertone
231
Kentucky—Eastern
106,232
Aug. 13, but otherwise the market
17
Kansas and Missouri
2,763
by
Forward business on
totaling
Tin
There
was
220
2,200
The spot
relieved
be
Prime Western,
on
679
2,654
soon
placed at this figure for first-quarter 1938 delivery*
was
Indiana
772
tonnage.
discounted.
are
should
increased production here.
as
Iowa
651
large
a
Reports to the effect that the smelting capacity
857
61
involved
being fully utilized at present
11
240
Arkansas and Oklahoma
again
for December forward shipment to consumers.
were
buying.
remains
books
Aug. 1
Colorado..
producers
zinc
grades in the week ended Aug. 14 totaled 11,590 tons,
7,621 tons
amount of "fear"
heavy imports
Monthly Production
by
common
of the country is
Alaska
Other Western States.c
Smelting &
Producers believe that much of the recent activity in zinc reflects a certain
situation
Northern, b
had
York,
New
6.50c.,
Demand for lead abroad has been quiet all summer, but consumers are
beginning to show
Sales of the
(The current weekly estimates are based on railroad carloadlngs and river ship¬
subject to revision on receipt of monthly tonnage reports from district
Virginia..
at
basis of the American
settling
Refining Co., and 6.35c., St. Louis.
Business
COAL,
STATES
ments and are
Washington.
West Virginia—Southern.a
good ton¬
a
stabliizing influence
i Ex¬
[In Thousands of Net Tons]
Western, f
a
Zinc
MONTHLY
BY
or
the 6.50c.
on
trade estimates, and, judging by the current rate of shipments to consum¬
b Includes
slightly from that used in
195,115
313,115
sumption of lead is again increasing after falling moderately in the early
comparison and statistical convenience the
corresponding 32 weeks of 1936 and
189,425
of average-price business, which should act
summer
Includes for purposes of historical
117,741
300,445
Totals
Sales for the week totaled
average
preceding five weeks.
nage
g
in
United States total...
Crude petroleum: c
Coal equivalent of weekly output
differs
weekly
a
188,000
Foreign
that this figure is likely to hold for a
h41,044,000
226,100
•.
5,534
111,020
United States
113,660
199,999
Foreign
314,893,000
g
180,601
5,856
Lead,
244,357,000
1,296,000
107,800
67,356
113,245
U. S. exports, domestic
79,611
With the market established
Commercial production. i
Beehive coke:
Foreign
Stocks, refined:
United States
1929
e268,687,000
1,425,000
sources
190,274
77,725
113,277
191,002
a
Total, including mine fuel
Daily average
State
11,912
only
c
Calendar year to date f—
July
11,898
207,915
parent consumption):
United States.
92,807
10,567
4,748,000
and
June
107,638
Totals.
Production
Coal equivalent of weekly output.
ESTIMATED
73,657
Deliveries, refined (ap¬
Foreign mine
27,200
4,533
Daily average...
the cumulation
July
73,610
S. mine
Foreign scrap, etc.
108,800
622,000
United States total
drop in foreign
a
reduced scale, compared with
larger abroad, but decreased here.
Blister stocks, not revealed in the sta¬
June
653,000
94,200
Commercial production.!
and
was on a
were
down 8,955 tons.
was
U. S.scrap, etc...
Beehive coke:
operations,
preceding month, owing chiefly to
Deliveries to consumers
tistics, increased 5,958 tons in this country, whereas abroad the total on
1.272,000
433,000
72,200
a
of blister (Copper Institute) during July was 17,641
Stocks of refined for the world increased from 300,445 tons at the end of
Pennsylvania anthracite: b
Dally
The price continues firm at 14c., Valley.
June to 313,515 tons on July 31.
7,634,000
Total, including mine fuel
Daily average
Buying here was in
compared with 32,726 tons
tons,
eased during the week and the foreign quotation
Intake of scrap also
mine output.
U.
7,718,000
1,286,000
seemed to disinterest further
only slightly above the domestic price.
tons smaller than in the
June.
12,607
seven-day period.
London market
The
yesterday
only
Production (blister):
d7,428,000
Bituminous coal:
world's stocks,
increase in
an
Aug. 8, 1937
a
Total, Including mine fuel
Crude petroleum:
Copper
speculative activities abroad during the last week.
The figures
Aug.
'
\
Resistance to a price rise here, plus announcement of the July statistics
hand
Week Ended—
Aug. 21, 1937
excitement.
Weekly Coal Production Statistics
The National Bituminous Coal Commission of the United
States
Chronicle
3M
Spot
Aug. 12
Aug.
Aug.
Aug.
Aug.
13
16.
17
18
3M
(Bid)
Spot
57>316
57%
57316
57%
571,6
57i516
57",,
64%
265%
263%
64
268%
267
57%
63%
265%
263%
573,6
57%
63%
266%
63
265
264%
263%
Spot
23
221316
22ii,6
227,6
22%
3M
Spot
3M
233,6
23',6
24%
24%
24%
24%
24'i,s
243,6
247,6
243,6
2213,6
22%
227,6
24%
24',6
Prices for lead and zinc are the official buyers prices for the first session of the
London Metal
Exchange; prices for copper and tin are the officia lclosing buyers'
prices.
All are in pounds sterling per long-ton (2,240 lb.).
Volume
11993340
World Gold Production
One week ago
One month ago
Mar.
April
June
291
358
318
407
372
329
310
326
323
340
343
Mexico
82
64
72
60
48
e60
Colombia
38
32
37
36
e35
e35
137
72
423
50
292
Chile
27
22
17
27
Other America
70
70
70
70
71
c
49
47
48
49
49
British India
28
20
28
27
28
27
164
Japan
59
59
62
60
e60
e60
360
85
87
90
90
90
90
532
7
10
8
8
11
elO
54
85
82
471
Europe
c
Other Asia
Queensland
Western Australia
69
80
75
80
Other Australia
24
24
25
25
26
25
24
21
20
20
18
15
15
15
15
15
91
981
924
982
980
972
979
5.818
32
197
South Africa
33
33
33
33
33
Rhodesia
66
60
69
68
65
67
British West Africa
47
48
49
49
50
38
36
36
36
37
36
608
608
608
608
608
3,013
1
Total.
2,870
3,029
2,982
3,071
Includes Philippines,
b Exclusive of Russia; accounts chiefly for Sweden
Rumania,
c Principal mines only, but nearly complete,
d Chiefly Siberia;
a
1936.
mated at average rate of
e
17.83
May 14
May
16.90
Jan.
27
16.90
Dec.
13.56
Jan.
3
14.81
Jan.
13.56
Dec.
6
15.90
Jan.
14.79
Dec.
15
18.21
Jan.
15.90
Dec.
16
Steel
and
esti¬
9.50
Sept. 25
Jan.
3
5
8.50
Iron and
week ago,
82.5%
a
indicated rates of steel
1936—
3
71.4%
70.0%
72.2%
72.5%
Nov. 30
Aug. 24
Sept.
expected that larger tonnages from the automobile industry by the
Oct.
end of the month and from miscellaneous consumers will again build up
Oct.
backlogs by September.
Oct.
Oct.
While the volume of buying begins to show an upward trend, mill oper¬
Nov.
Though there have been
Nov.
gains, the losses more than offset these, bringing the average rate down to
Pittsburgh has lost three points to 80% and Youngstown three points to
far
as
of
as
11
Jan.
18
Jan.
25
Feb.
1
Feb.
79.4%
78.8%
80.6%
77.9%
79.6%
8
Feb.
15
sumer
not believed to
also very busy and are
and tractor trade,
buy
not
fourth
current
have been reaffirmed for the fourth quarter by
producers in the North and South.
Pig iron shipments
over
A
castings
for
automobile industry swing into
the
are
With
gaining
This item
of
included
was not
steel products generally.
A
scrap
continues, but
no
further advances have occurred
Pittsburgh, Chicago and Philadelphia, leaving the "Iron Age" composite
price unchanged at $20.50.
mill brought $22.50 for the
THE
However,
a
No. 1 grade,
"IRON AGE"
sale of 25,000-tons to
a
rise of $1
a
a
Youngstown
ton.
Finished
One month ago
2.605c.
2.159c.
1936.
-
These products represent
85% of the United States output.
plates have considerable business on
Bars, strip and
some
other lines are less
2.330c.
Dec.
2.330c.
2.084c
28
Mar.
Mar
operations
underwent
84%.
2 points to 78% and eastern Pennsylvania
on
prices of pig iron
for fourth
quarter
that
The scrap
It develops that
sellers in the East favor an increase of $1.
Some an¬
be made abput Sept. 1.
week
all others
to
103,250, compared with 79,736 the preceding week.
produced 8,485.
the previous
Steel
in
General Motors last week
week's output.
imports in
Ford
May and in June,
.
June of last year.
of May and
Scrap imports were less than
1936, demand for this product by other countries
higher than in the corresponding
the highest for any
For first half, imports were slightly
period of 1936.
United States Steel Corp. in July
seven months cumulative ship¬
July since 1929;
8,801,026 tons,
with 950,851 in
slightly under
June remained practically at the level
taking tonnage ordinarily coming here.
were
was
compared with
5,982,201 tons in the corre¬
July shipments were 1,186,757 tons, compared
July of last year.
Although no weakness has developed in scrap the upward rush of prices
stopped and steelmaking grades were practically unchanged last week.
little has been tempted from holders
While some tonnage transcations have
Despite the higher level now prevailing
2
10
2.130c.
Oct.
1
2.124c.
Jan.'
1934
2.199c.
Apr.
24
2.008c.
Jan.
2
1933
2.015c.
Oct.
3
1.867c.
Apr.
18
1932
1.977c.
Oct.
4
1.926c.
Feb
2
1931
2.037c.
Jan.
13
1.945c.
Dec
29
1930
2.273c.
Jan.
7
2.018c.
Dec
9
,
Steelworks
assembled 26,000 cars, General Motors 41,865 and Chrysler 26,900, while
has
Low
9
1935
this
New England 65, Cincinnati 89 and St. Louis77.
announcement
sponding period of 1936.
beams, tank plates
wire, rails, black pipe, sheets and hot
High
2.605c.
Mar.
1937
though
Shipbuilding offers some substantial
Shipments of finished steel by the
on steel bars,
rolled strips.
[
well as in other consumer goods.
equipment and rails,
awaiting developments and little buying is noted.
Steel
fBased
2.605c.-{
•_
——
One year ago
as
more
Resumption of production by Ford Motor Co. brought automobile output
.
ments
One week ago
no
nouncement is expected to
were
COMPOSITE PRICES
Aug. 17, 1937, 2.605c. a Lb.
lessen forward buying con¬
As partial offsets to this. Detroit regained 10 points
Other centers remained at the
week, Pittsburgh 83, Chicago 86, Cleveland 85,
also close to the total in
base box, has taken place.
Strength in steel
of the iron and
previous
merchant pig iron
last
of stainless steel has announced the continuance
present quotations through the fourth quarter,
n
83.2%
of
second price advance on heavy coated roofing terne plate, the two totaling
a
—
77.4%
summary
situation is believed to be one of the important factors.
foundries
production
of the
market is
In New England, sales of castings for delivery
in the announcements in late July covering
$1
84.6%
—
91.2%
90.0%
91.0%
Yet production continues at a high
products.
manufactured
Buffalo 86, Birmingham 96,
the remainder of the year have shown a sharp increase.
leading maker
9
Aug. 16
100% and Wheeling moved up 1 to 94.
rates
producers
as
for
points to 69%.
to
price schedule does not close the door to an advance before the
for new models.
parts
a
One large producer has stated that continuence of the
Chicago and the improvement will be more pronounced
making
2
Aug.
and the oil industry is more active than for some time.
The Youngstown district lost
their position at once so that they could make plans for
end of the year, if such should be warranted.
at
26
Aug.
little change last week, the national rate moving down half a point to
a
Announcements
pressure on
and
steel
but these lines,
2
expected before Sept. 1, but melters brought
quarter.
19
July
promising, current buying being less than deliveries.
better showing during the fall.
to make known
July
Export demand shows signs of bringing considerable tonnage, both for
building construction,
which, with automobiles, lead in steel consumption, are expected to make
were
preparing to
Producers of tin plate, sheets and
15,000 tons of steel.
Present pig iron prices
are
books and buying is at a fair rate.
Railroad requirements are relatively light at the moment, and there is
number of the leading
75.0%
67.3%
82.7%
82.5%
.84.3%
85.5%
5
12
July
July
be large.
in the implement
There is no
The Shell Petroleum Corp., St. Louis, has placed an order for 250 miles of
for
May 17
June 28
Heavy grain crops supporting farm purchasing power are being reflected
taking steel in substantial quantities.
of steel
May 10
76.2%
76.6%
75.9%
goods are moving well and stocks of steel for their production are
delivery, while the demand for oil country pipe is holding at a good level.
awards
Apr.
Apr.
May
14
June 21
the practically universal sentiment among
tonnage prospects
in
Mar.
7
June
the fall will bring renewed buying from various sources.
probably will come late in the year.
lull
1937—
June
85.8%
8
87.3%
15
88.9%
22
89.6%
29
90.7%
5
89.9%
12
90.3%
19
91.3%
26...—92.3%
3
91.0%
few signs of it being reduced before fall business comes
have closed for some of the steel required for machinery to be built for 1938
a
1.6%
Weekly
books.
Railroads
also
or
Aug. 16, stated:
Various factors lend support to
before reached in the
and tractors and oil well drilling and storage.
8-inch pipe requiring
Mar.
in its
letup in the pressure for tin plate for can making; farm equipment makers
are
capa¬
one year
points,
82.5%
While assurance of unchanged price tends to
last week's total having risen above 100,000.
and cranes
1.4
1
80.6% May 24
81.6% May 31
Cleveland,
steel producers that
model year, it being estimated that 375,000 units will be
of power shovels
9
an¬
expected that
was
Industries that are taking steel in large amounts are can manufacturing,
Manufacturers
Mar.
Apr.
4
Jan.
and 72.2%
Aug. 9, 1937.
22
Feb.
Mar.
the steel market is concerned.
to buttress mill
companies have been delayed in getting into production on 1938
farm implements
Aug. 16
companies having 98%
ago,
77.0% Mar.
77.0% Apr.
1937—
Jan.
rate and there are
pronounced
volume steel orders for new models would come earlier than this, but the
assembled during August,
on
Dec.
Opinion gains that the low point of the summer is here or has passed,
Further evidence of contrary trends is shown by a drop in pro¬
ever
Institute
decrease of
74.1%
74.3%
75.9%
76.6%
79.2%
Dec. 28
steel markets, on
duction at Birmingham and a sharp gain at St. Louis.
of cars is higher than was
71.5%
68.2%
14
72.5%
21
74.4%
28
75.4%
5——75.3%
12
75.9%
19
-74.2%
26
74.3%
2
74.7%
9
74.0%
7
"Steel"
The Chicago district has gained
86% and the Wheeling district two points to 97%, but
a
Steel
1937—
Nov. 23
Aug.
Sept.
Current output
11.25
operations since Aug. 9, 1936, follow:
Nov. 16
Aug. 10
Sept.
cars.
18
1936—
reached by a leading Chicago producer during the week, and
final month of
Feb.
from the estimate for the week ended
reduced by an excess
It
Dec. 29
month
one
This represents
7
motor car
July
8.50
capacity of the industry will be 83.2% of
14
resumption of steel buying for autumn requirements.
6.43
6
telegraphic reports which it has received indi¬
Dec. 21
more
12
Jan.
15.00
American
Jan.
11.33
Aug. 17
be the key to
23
6.75
Dec.
to
9
Apr.
8
Dec.
automobile industry appears
June
10.33
Mar. 13
Sept.
The
12.67
10
Aug.
Aug. 31
82%.
21
Dec.
13.00
Steel companies* backlogs are being further
of shipments over new orders, but an approximate
half point to
June 15
Dec.
12.25
ago.
Considerable more tonnage will be required to bridge the gap between
a
$17.08
13.42
shipments and new business.
83% from an estimated 84 M% last week.
Low
Mar. 30
17.75
one
The "Age" further
declining for the country as a whole.
steel
city for the week beginning Aug. 16, compared with 84.6%
Age" in its issue of Aug. 19 reported that a
turning point for the better in the volume of new steel
business seems to be indicated by the week's developments.
Although the improvement is moderate, it extends to all
territories, and has been brought about largely by an increase
in buying for automobile production and by replenishment
orders from miscellaneous users who have been drawing
are
melting
heavy
High
$21.92
of the steel
The "Iron
ations
1
and Chicago.
cated that the operating rate of steel
Improvement, But
Operations Decline
it is
No.
on
quotations at Pittsburgh, Philadelphia
15.42
nounced that
was
Based
$20.50
1930
Steel Orders Show Moderate
balance
Scrap
19.17
The
inventories during recent weeks.
reported:
5
10
Feb.
1933
Conjectural.
upon
Mar.
1934
18,018
3,053
Nov.
17.90
1936
3,648
d Russia
18.84
1937..
219
608
Other Africa
Aug. 11
One year ago
293
....
18.73
One month ago
395
50
Belgian Congo
Nov. 24
Aug. 17, 1937, $20.50 a Gross Ton
131
16
.....
19.73
One week ago
149
28
New Guinea
New Zealand
$20.25
19352
213
c22
e22
Low
9
1932..
386
Canada
and
Valley,
1933..
1.971
Map
Buffalo,
High
$23.25
1935...
2,074
Feb.
Southern iron at Cincinnati.
1936
June
328
Jan.
Philadelphia,
18.84
1937
Jan.-
United States
23.25
One year ago
following statistics relative to the production of gold through¬
out the world.
The figures for the first six months of 1937
given in the table are in thousands of fine ounces:
a
Pig Iron
Aug. 17, 1937, $23.25 a Gross Ton
Based on average of basic Iron at Valley
furnace and foundry irons at Chicago,
$23.25
issued the
The American Bureau of Metal Statistics has
1179
Chronicle
Financial
145
8
and supplies are
said to be scarce.
taken place recently most
While steelmaking
heavy consumers are out of the market.
grades of scrap holding at unchanged prices in the
principal markets the scrap composite remained at $20.33, the same as the
preceding week.
The iron and steel composite and the finished steel com¬
posite were also unchanged at $40.32 and
$61.70, respectively.
1180
Financial
Chronicle
Aug. 21,
7
Steel
ingot production for the week ended Aug. 16, is
placed at 83% of capacity according to the "Wall Street
Journal" of Aug. 19. This compares with 84% in the
previous
week and 85% two weeks ago.
The "Journal" further
U.
83*4%
two weeks ago.
Leading independents
credited
are
with
The Week with the Federal Reserve Banks
balances
increased
reserves
$63,000,000.
arose
from
Additions
increase
to
Treasury
member
of
currency and a
deposits with Federal Reserve banks, offset in part
by a decrease of $7,000,000 in Reserve bank credit and
increases of $18,000,000 in money in
circulation, $12,000,000 in non-member deposits and other Federal Reserve
accounts, and $2,000,000 in Treasury cash other than
inactive gold.
Excess reserves of member banks on Aug. 18
ury
were
estimated
to be approximately
$780,000,000, an in¬
$40,000,000 for the week.
Inactive gold included
in the gold stock and in
Treasury cash amounted to $1,296,000,000 on Aug. 18, an increase of $31,000,000 for the
crease
of
week.
■/•■:
1931
33
54^
90
•'
Increase
(+)
Aug. 11,
1937
or
Decrease
(—)
Since
Bills discounted
Bills bought
;
18,000,000
3,000,000
+ 1,000,000
$15,000,000 commitm'ts—Aug. 18
Gold stock...
Treasury currency
Member bank
+ 12,000,000
+
21,000,000
—3,000,000
2,565,000,000
12,527,000,000
2,577,000,000
—8,000,000
—7,000,000
+30,000,000
+ 4.000,000
35
balances
6,744,000,000
Non-member deposits and other FedW. eral Reserve accounts..
95
96",000,000
—8,000,000
+8,000,000
+ 108,000,000
+ 1,849,000,000
+ 78,000,000
+63,000,000
+ 515,000,000
+ 18,000,000
+ 316,000,000
+ 32,000,000 + 1,262,000,000
—97,000,000
—59,000,000
598,000,000
+ 12,000,000
86 X
—3X
+1
X
63
—2
—
+ X
+1
73
same week, instead of being held
Monday, before which time the statistics
covering the entire body of reporting member banks in 101
cities cannot be compiled.
*4
In the following will be found the comments of the Board
of Governors of the Federal Reserve System respecting the
returns of the entire body of reporting member banks of
the Federal Reserve System for the week ended with the
close of business Aug. 11:
The condition statement of weekly reporting member banks in 101 lead¬
ing cities shows the following principal changes for the week ended Aug. 11:
An increase of $49,000,000 in commercial, industrial and agricultural
loans,
and decreases of $31,000,000 in loans to brokers and dealers in
securities,
$27,000,000 in loans to banks, and $33,000,000 in holdings of United States
Government direct obligations; increases of $37,000,000 in demand deposits-
adjusted
and
$35,000,000
Government
in
deposits;
and
an
of
increase
balances with Federal Reserve banks.
reserve
Commercial, industrial, and agricultural loans increased somewhat in all
but
at
Federal Reserve district, the principal
one
increases
being $18,000,000
reporting member banks in New York City, $8,000,000 in the Boston
district and $6,000,000 in the San Francisco district, and the total increase
being $49,000,000.
banks
declined
Loans to brokers and dealers in securities and loans
$32,000,000
and
$25,000,000,
respectively,
at
to
reporting
member banks in New York City.
Holdings of United States Government direct obligations declined $57,000,000 in New York City and $33,000,000 at all reporting member banks,
Cleveland district.
Chicago district and $11,000,000 in the
Holdings of obligations fully guaranteed by the United
Holdings of
States Government declined $14,000,000 in New York
City.
"Other securities" showed little change for the week.
Demand deposits-adjusted increased $18,000,000 in the San Francisco
district, $17,000,000 in the Kansas City district, $14,000,000 in the Chicago
district and $37,000,000 at all reporting member banks.
Time deposits
declined $13,000,000 in New York City and $15,000,000 at all reporting
Government deposits increased $19,000,000 in New York
City, $12,000,000 in the Chicago district and $35,000,000 at all reporting
member banks.
of
Member
Banks
in
New
York
City
and
Below is the statement of the Board of Governors of the
Reserve System for the New York
City member
banks and also for the
Chicago member banks for the cur¬
rent week, issued in advance of full statements of
the member
banks, which latter will not be available until the coming
Deposits credited to domestic banks declined $39,000,000
in New York City and
$44,000,000 at all reporting member banks.
De¬
posits credited to foreign banks declined $12,000,000 in New York City.
Borrowings of weekly reporting member banks amounted
Aug. 11, a decline of $1,000,000 for the week.
Monday:
Increase
(+)
Decrease
or
(—)
'
Since
..
Aug. 11, 1937
Assets—
Aug. 4, 1937
$
Loans and investments—total
Aug. 12, 1936
$
£
22,331,000,000
9,917,000,000
—47,000,000
+9,000,000
586,000,000
3,962,000,000
470,000,000
+2,000,000
+47,000,000
+8,000,000
1,356,000,000
—31,000,000
+237,000,000
701,000,000
Loans—total
—1,000,000
+3,000,000
—27,000,000
*
+19,000,000
+73,000,000
+ 7,000,000
+1,565,000,000
Commercial, Industrial, and agri¬
cultural loans:
On securities
ASSETS AND LIABILITIES OF WEEKLY
REPORTING MEMBER BANKS
IN
Otherwise secured and unsee'd
CENTRAL RESERVE CITIES
Open market
(In Millions of Dollars)
1937
Assets—
investments—total..
Loans—total
Industrial,
1937
1936
1937
1937
loans for purchasing
carrying securities
$$$$$$
8,323
8,596
2,007
2,033
2,043
3,996
3,165
706
722
575
8,330
4,021
Real estate loans
1,547
239
*
32
33
*
Other loans for
purchasing or
carrying securities
Real estate loans
Loans to banks
1,520
*
440
445
*
163
dealers
162
*
30
30
*
1,136
1,143
53
53
936
35
-
714,000,000
269
271
75
75
135
135
132
14
14
15
103
99
32
2
2
*
*
5,122,000,000
303,000,000
1,680,000,000
—101,000,000
—286,000,000
+267,000,000
—80,000,000
—728,000,000
14,914,000,000
5,229,000,000
498,000,000
+37,000,000
—15,000,000
+35,000,000
+162,000,000
+208,000,000
—323,000,000
4,979,000,000
—44,000,000
—979,000,000
589,000,000
42,000,000
—12,000,000
—1,000,000
+175,000,000
*
24
24
*
Demand deposits—adjusted
198
*
36
46
*
2,937
2,921
917
920
Obligations fully guaranteed by
United States Government...
Time deposits
United States Government
403
432
446
99
99
91
969
974
1,129
285
292
296
2.38S
2,342
2,290
582
563
594
49
52
50
26
27
31
139
136
201
Balances with domestic banks..
65
66
3,856
•
71
1,081
451
449
451
62
62
5,968
6,240
1,520
1,514
1,518
720
719
562
448
453
444
284
258
191
55
55
1,858
2,314
528
534
530
543
373
7
7
28
2
Other liabilities
374
375
348
17
17
20
1,483
1,483
1,428
241
241
♦Comparable
5
24
Foreign banks
Borrowings
624
Foreign banks
Borrowings.
Inter-bank deposits:
Domestic banks
101
1,870
deposits
227
figures
available,
not
x
70
5,998
Demand deposits—adjusted
Time deposits
United States Govt, deposits...
Inter-bank deposits:
Domestic banks
account
♦
United States Marines Ordered to
Reinforce
United States Troops in Shanghai—State Depart¬
ment
and
Chicago member banks are given out on Thursday simul¬
taneously with the figures for the Reserve banks them¬
Supervises Evacuation of American Women
Children
S.
from
Strife-Torn
Area—Shelling of
Cruiser
Augusta—Thousands
Sino-Japanese Conflict
Secretary of State Hull announced
United
Complete Returns of the Member Banks of the Federal
Reserve System for the Preceding Week
As explained above, the statements of the New York and
+39,000,000
Aug. 4 figures revised (Chicago district).
1,200
U.
Comparable figures not available.
x—14,000,000
—9,000,000
Liabilities
229
197
Other assets—net
Liabilities—
+33,000,000
+16,000,000
—11,000,000
Balances with domestic banks
Otherwise secured & unsee'd
U. S. Govt, direct obligations...
Other securities
Reserve with Fed. Res. banks..
Cash In vault
+8,000,000
*
x—33,000,000 —1,171,000,000
5
230
*
Otherwise secured and unsee'd
826,000,000
U. S. Govt, direct obligations
8,209,000,000
Obligations fully guaranteed
by
United States Government
1,176,000,000
Other securities
3,029,000,000
Reserve with Fed. Res. banks
Cash in vault.........
Other loans:
On securities
1,165,000,000
137,000,000
Other loans:
On securities
241
*
*
*
-
or
Loans to banks
and
Otherwise secured & uasee'd
Open market paper.
Loans to brokers and
securities...
Other
1936
agricultural loans:
On securities
paper
Loans to brokers and dealers in
New York City
Chicago
Aug. 18 Aug. 11 Aug. 19 Aug. 18 Aug. 11 Aug. 19
Commercial,
$42,000,000
to
A summaly of the principal assets and liabilities of the
reporting member banks, together with changes for the
week and year ended Aug. 11, 1937, follows:
Federal
*
—2
31
until the following
+1,000,000
Chicago—Brokers' Loans
Capital
15
49
—2
78
68 X
on
Loans ana
X
—
75
—3X
—5
X
-t-1
62
+2X
22 X
53
member banks.
reserve
Money in circulation
6,500,000,000
Treasury cash
3,672,000.000
Treasury deposits with F. R. bank..
156,000,000
Returns
-+
13X
+ 1
and increased $13,000,000 in the
$
U. S. Government securities
2,526,000,000
Industrial advances (not including
Other Reserve bank credit
Aug. 19, 1936
$
—2
66
$33,000,000 in
Aug. 18 in com¬
parison with the preceding week and with the corresponding
date last year, will be found on
pages 1210 and 1211.
Changes in the amount of Reserve bank credit outstand¬
ing and related items during the week and the year ended
Aug. 18, 1937, were as follows:
$
-
—3
1928
The statement in full for the week ended
Aug. IS, 1937
22
—3
1929
—1
55
49
—IX
—1
74
+1
selves, and covering the
reserve
$4,000,000 in
decrease of $97,000,000 in Treas¬
an
51 X
14 X
83 X
—1
1927
corresponding week of previous years, together with the
approximate changes, in points, from the week immediately preceding:
During the week ended Aug. 18 member bank
22 ^
1933
66^
Independents
—1
41
+■2
—3X
—3X
+ X
1932
83X%,
The following table gives a comparison of the percentage of
production
with the nearest
70^
49
82
1930
in the week before and
compared with 84 X% in the preceding week and 86% two weeks ago.
bank
—1
1936
1934
Steel is estimated at 82%, against 83%
S.
—1
1935
showed:
U. S. Steel
Industry
83
1937
States Marines had
Diego to protect
lence.
on
in
in
Aug. 17 that 1,200
ordered to
citizens
He also said that the
Congress
and
American
been
Killed
sail
Shanghai
from
San
from vio¬
State Department was asking
appropriaie
to
$500,000 for all necessary relief
evacuation expenditures arising from the Sino-Japanese
conflict.
women
He
and
added
children
that
are
approximately
expected
to
be
1,400
American
evacuated
from
Volume
Financial Chronicle
145
1181
■efi
Shanghai by the end of this week, leaving only 2,500
can
will
sail
ships
battle¬
although American
commercial vessels,
on
Ameri¬
Most of those who will leave China
citizens in Shanghai.
standing by to aid in the evacuation if necessary.
are
American
ad¬
"any ship, anywhere" immedi¬
Shanghai on Aug. 17
authorities in
consular
vised all Americans to take
and China was briefly re¬
in the "Chronicle" of Aug. 14, page 1024.
Hostili¬
conflict
ferred to
between
Japan
although no official
declaration of war was made.
Japanese troops captured
Nankow and continued their offensive in North China.
In
ties this week reached
war-like basis,
a
Chinese and Japanese led to a
in which Chinese airplanes
Shanghai clashes between
terrific
attack
bombed
the
municipal
on
city,
and Japanese artillery and
areas
vessels shelled the city.
As
naval
result, several thousands were
a
including many foreigners.
It was said
the aerial attack on Shanghai was the most devastating
inflicted on a large city.
Japan on Aug. 17 ordered
killed,
reported
that
ever
Embassy at Nanking closed and its consuls throughout
its
China withdrawn.
President
studied
Roosevelt
Far
the
situation
Eastern
this week in order to determine whether the United
should
invoke
Law.
It
action
Aug. 14 that the United States has
on
possible representation to both China and Japan,
Washington dispatch of Aug.
"Times":
York
advices
in
a
14 to the New
last
and
the
disclosed
Hull
offices
that
these
representations
have been
in
State Department,
well as of the navy in the Far East, was on the qui
as
the troubled
areas, as a result of yesterday's bombing of the International Settlement
at Shanghai with deaths and injuries to United States nationals.
vive
to
protect
United
evacuate
or
Gets Reports
President
seaplane
today
aboard
anchor
would
flown
and
Windmill
off
Roosevelt
is
Potomac.
Point,
at
who
Roosevelt,
President
to
his yacht, the
is
spending the
The Potomac wirelessed that it
the mouth of the Rappahannock
The plane will also carry White House mail.
River, to wait for the plane.
Mr.
from
cables from the Far East were put aboard a navy
The latest reports and
week-end
nationals
States
keeping
the situation,
with
close touch
in
with the
possibility of invoking embargo powers of the Neutrality Act against
Senator Key Pittman, the Chair¬
warring Powers always in his mind.
two
the
Foreign Relations Committee, today predicted a statement from
of the
man
President
tinue."
the
Monday
on
Pittman
Mr.
Tuesday
or
delay
urged
Shanghai con¬
Neutrality Act,
developments at
"if
before
invoking
the
few years ago, but adding
state where an armistice is
recalling that arbitration had been successful a
that
"things
rapidly
very
are
reaching
a
Gerald
P.
Nye, Chairman of the committee that investi¬
gated munitions andi leader of the bloc which desired mandatory neutrality,
came a demand for immediate invocation of the Neutrality Act and
evacua¬
of
tion
Shainghai, while
succeeded,
E.
Senator William
of
adoption
demanded
a
policy
Borah, whom Mr. Pittman
keeping out of the con¬
"of
troversy."
Protest
Nations Add
Other
battle for
ahead
out
of
them
of
if
it
wise.
seemed
the State
abroad
to
all
and assist
them
contact
The
added to the standing rules
diplomatic agents
Department relative to the responsibility of
warn
Americans
them
and
to
of any danger
andi to be prepared to guard
leave.
abroad has been pursued
Spain,
Shanghai
constantly and frequently than when the rebellion began in
more
Dollar liners enter
frequently and Americans have been going out on them to a greater or
Hull
Mr.
less
extend,
Mr.
fleet
Mr.
Hull
went
the safety
Japanese
thought.
Hull
recalled
to
the
vessels
and
said.
that
within
Shanghai
area
the Pacific
and added that if anything possible for
36
hours
the
flagship
of
unintentional.
.
.
.
and any casualties
careful to point out that if
of Americans had been overlooked it was
Although deeply deploring any danger to our citizens
among
them,
American
the
and
Mr.
nationals
Hull
was
chose
to
nevertheless
live
abroad
in places
which suited them, all
possible warning
United States Government could do is to provide every
encouragement
for them
to get out
when danger threatened and be
prepared to supply vessels at short notice when it appears necessary.
To this endi the State Department has been exerting itself and Ambassa¬
dor
sary
Nelson T.
to
Johnson has been active in correlating
working out a sound plan
of
American
Whangpoo River,
refugees
it
(Associated Press, Aug. 19)
firmly rejected both
from
merchant
or
craft
on
the
of escape for Americans or other
In the same advices
Shanghai.
embattled
American officials
ernment
cruiser
naval
avenue
likewise stated:
was
indicated
notification,
Augusta,
they would! refuse to accept a Chinese Gov¬
with
compliance
flagship
of
which
would
United
mean
Asiatic
States
United
the
the
of
moving
fleet,
out
'
Shanghai Harbor.
States
Demands
Protection
American
of
In¬
in
Any Change in Palestine Status—State
Department Publishes Correspondence withjJBritish
terests
Government
The United
States has formally advised the
ernment that it must be consulted with
British Gov¬
regard to any change
in the administration of Palestine as a mandated territory,
it
revealed
was
on
Aug. 13, with the simultaneous publica¬
tion of correspondence
to insist upon
tine
on
Secre¬
"the protection of American interests in Pales¬
basis of equality with those of other governments
a
It
and their nationals."
sive
in Washington and London.
in making the correspondence public,
that the United States had declared its intention
State Hull,
of
tary
stressed that this is the exclu¬
was
A resolution calling upon the
the circumstances.
ment in
States Govern¬
the United
obligation and purpose of
Government
in the report
of the British Royal Commission was offered in the Senate
on Aug. 11 by Senator Copeland
(Democrat) of New York.
According to a Washington account, Aug. 11, to the. New
York "Herald Tribune," the resolution would require the
State Department to turn over to the Senate any informa¬
tion it may have regarding the Palestine situation.
The
State
Department
protest
to
the
to
British
against the partition of Palestine as proposed
advices added, in part:
same
Department announce
interests under the treaty with
"anxiety" over the situation
be
"vigorously represented" to the British Government, together with a
"forthright indication of our unwillingness" to accept any changes in the
It
"what
further
resolution]
[the
asks
that the State
steps are being taken to protect our
Great
that American
and requests
Britain,"
conditions of the mandate.
public by Sec¬
dispatch of Aug. 13 to the New
summarizing the correspondence made
retary Hull, a Washington
York "Times" said:
inquiry from Robert W.
July 6, before the report of
the Royal Commission was published, and when it was assumed' that a
modification, not a termination, of the mandate was contemplated.
The
The
with
began
correspondence
Bingham,
a
note
the United States Ambassador,
Foreign
of the
of
on
Office replied the next day.
Then, after the report had
nation
mandate was
been published and it was learned that termi¬
the United States reserved her
contemplated,
rights in a note on Aug. 4.
No further British reply was received.
In the Aug. 4 note the United States recalled the position it took when
the British mandate over Iraq was terminated, adhering at that time to
principle "established in 1921 that the approval of the United States
to the validity of any determination which may be reached
the
is
essential
to
This was declared to be "fully
territories."
regarding mandated
proposed! termination of the Palestine mandate."
the note of July 7, when only modification was being
applicable
the
In
Britain
made
discussed, Great
promised to keep the United States fully informed of any proposals
the Council of the League of Nations for modification of the
to
Palestine mandate.
Like
Position
on
Iraq and Syria
the United States is similar not only to that
taken as regards the termination of the mandate over Iraq, but of the
termination of the French mandate over Syria.
It also is based! on the
1924 convention between the United States and Great Britain safeguarding
position asserted by
That
rights
in
convention
Palestine.
equality of opportunity in Palestine
gives assurances
dated
territory shall
the
Article
that vested American property
be respected and in no way
right of Americans
institutions
for Amer¬
rights in the man¬
impaired, and concedes
to conduct educational, philanthropic and religious
assures
icans,
in the territory.
VII says:
"Nothing contained in
tion which may
the present convention shall be
he made in the terms
modification shall have
affected by any modifica¬
of the mandate, as recited above, unless
been assented to by the
United States."
such
United States
had agreed to alteration of the mandate with the consent of the Council
of
the League and then said that should any changes affect American
rights under the 1924 convention "His Majesty's Government will immedi¬
ately inform the United States Government and seek their consent thereto."
Great
Britain, in her note
of July 7, contended that the
all information neces¬
of operations, Mr. Hull declared.
(Aug. 20) of the cruiser
Augusta, flagship of the United States Asiatic fleet, in the
midst of Sino-Japanese artillery and aerial warfare along
the Whangpoo River, President Roosevelt was reported in
press accounts from Washington as having lodged with
Admiral Harry E. Yarnell, commander of the Asiatic fleet,
the decision as to what this Nation should do as a result
Portugal
Relations with Czecho¬
as
Direct
Result of
Civil War—"Pressure" by Third Nation
Breaks Diplomatic
Seen
slovakia—Action
Following the shelling yesterday
It
American property
Japanese and Chinese attempts that day to interfere with
American
cooperation with our officials
was
artillery blasted at Japanese defense lines.
Shanghai advices
movements
The
addition, special instructions have been
In
Shanghai
of
Chinese air forces struck
as
suffered heavily as the
Shanghai, in its second week, became increasingly
Earlier
only by
made not
been
have
fourth
a
20)
said that the United States authorities
British
the United States indi¬
vidually but also in conjunction with officials of other countries in
China, particularly in the Shanghai district, where between 80,000 and
100,000 foreigners live, Mr. Hull said, adding that all these officials had
formed joint councils and were standing ready to cooperate with each other
in
protecting all foreigners in dangerous areas.
In this proceeding the
American diplomats abroad have been acting under the instructions of the
State Department both general and specific, Mr. Hull said.
Experienced diplomats, consular officials and naval attaches at Tientsin,
Peiping and Shainghai have been conferring and cooperating with each
other to the end of protecting foreign lives and property, Mr. Hull de¬
clared.
The State Department, in addition to its standing instructions,
has sent special instructions to all its agents in the troubled areas to close
up their offices and leave in case of any danger and to move their families
Representations
that
(Aug.
struck
stated in Associated Press
was
destructive of life and wealth.
In
Senator
Shanghai
night
added that
was
impossible."
From
It
American sailor was
an
when the flagship was
wounded
were
savagely at Japanese properties along the Whangpoo River
disclosed
made by the
Shanghai and by the Embassy offices at Nanking, Peiping
Tokio at his press conference this morning, in which he deplored also
loss
of life of Americans.
He said the «ntire organization of the
Mr.
local
18
from
ablaze
States
asking that Shanghai be not made a base of military opera¬
tions or a theater of war.
His remarks were reported as
follows
anti-aircraft shell.
an
was
Secretary Hull said
made every
It is stated that
by
long as possible.
as
shelling.
and
provisions of the recently-enacted Neu¬
believed that he would defer such
the
trality
the
and Chinese
ately in order to leave Shanghai.
The
of
killed
Spanish
Is Implied
complications arising out
increased on Aug. 18, when
International
civil
war were
diplomatic relations with
Minister from Prague, on
of the Spanish
Portugal severed
Czechoslovakia and withdrew her
the ground that the Czechoslovak
Financial
1182
Chronicle
William Aberhart's Social Credit government introduced 12 important bills
Government had prevented the sale of machine guns to
Portugal.
An official statement by the Portuguese Govern¬
ment charged that the refusal was given under pressure
from
unnamed third nation.
an
Czechoslovakia
to have based its refusal on the belief that
adhered
agreement,
and that therefore the machine guns might eventually go
to the Spanish rebel troops, since Portugal was known to be
Spanish civil
contained
war was
in the "Chronicle" of Aug. 14, pages 1023-24.
Rebel forces
this week made substantial gains, particularly in the San-
tander sector, where they captured
and then continued their advance.
The
noted
break
between
Portugal
the key town of Reinosa
Czechoslovakia was
Aug. 19 from
and
Lisbon:
'
The break
complete surprise.
came as a
hours of this morning.
Within
It
announced in the early-
was
few hours Jose de Costa Carneiro, the
a
by Lieutenant Governor J. C. Bowen.
The most drastic measure was a bank license bill
through
giving the government
authority to license all banks, bank
social credit commission
a
employees, trust companies and other financial institutions operating in the
according to Solon Low, Provincial treasurer* who
The measure
province.
within
is designed to give the government control of financial policy
order to protect the civil and property rights of
the province in
Albertans.
Another important measure
enacted by the House was a bill providing
the validity of any law passed by the
that any citizen wishing to contest
government must first obtain the permission of the
Lieutenant-Governor-
in-Oouncil.
follows in United Press advices of
as
The bills were given royal assent to-day
being attacked in provincial courts.
sponsored it
Nazi sympathizer.
Our latest reference to the
a
province and preventing the constitutionality of the laws it passes from
Portugal had not
non-intervention
international
the
to
aimed at controlling the activities of financial institutions operating in the
said
was
Aug. 21, 1937
Minister to Czechoslovakia, was on his way to Vienna, to which he also
is accredited.
Bankers, legal authorities and business interests were preparing to fight
the measures.
According to United Press advices Aug. 8 from Edmonton
Attorney General of Alberta, announced on
Aug. 7 that lie had submitted his resignation at the request
of Prime Minister Alberhart and would relinquish his duties
John W. Hugill,
advised to do
as soon as
These advices also said:
so.
The long communique in which the break was announced said in sub¬
stance that
bids
from
Portugal "continuing its rearmament of the army," had invited
factories for
principal
One of the factories
practically
were
"certain
a
government concern."
a
number"
of machine
the Ceckoslovenska Abrojovska
was
It
guns.
factory, "which is
said that Czechoslovak
was
of his criticisms of the
was
government's radi cal banking legislation.
Mr .Hugill
reported to have declared the legislation, giving the government power
banks, bank employees, trust companies and other financial
guns
institutions in the province, was illegal.
delays which "in the light of subsequent facts" seemed deliberate.
shake-up is the third since the social credit government was
The present
time, it was said, though there
some
understood the Premier requested Mr. Hugill's resignation because
was
to license all
preferred, "principally because of the time of delivery."
Negotiations went smoothly for
were
It
swept into power by an overwhelming majority in 1935.
The note said that the Czechoslovak factory asked for a written declara¬
tion that the
arms
"exclusively" for the Portuguese Army, and that
were
the declaration was given.
Then, it
was
refused to
ernment
Measures
Affecting Business Enacted at Last Session
Including New
Tax on Business Profits One of Bills Passed
of British Parliament—Finance Bill
said, Portugal was advised that the CzechOslovakian Gov¬
authorize
export of the arms,
because of Portugal's
attitude regarding the Spanish non-intervention problem.
The Portuguese
Biritsh
Parliament
Minister that the only reason for refusal was the Government's obligation
July 30 after an
special
session earlier says a special report received by the Depart¬
ment of Commerce at Washington from Homer S. Fox,
not to furnish arms,
Assistant
Government, openly and strongly in favor of the Spanish insurgents, had
cooperated with Germany and Fascist Italy in non-intervention problems.
It
added
was
civil
Government told the
Portuguese
directly or indirectly, for either of the factions in the
was
called to the refusal of Czechoslovakia to furnish
by Mexico, which favors the Loyalists.
Portugal, in
said that
send
the Czechoslovak
Attention
war.
arms
that
official note July 30, rejected the explanation.
an
Portugal
arms
to
"Portugal
Spain, and that Mexico
saw
was
not bound.
immediately," continued the note, "the true significance
of Czechoslovakia's
attitude,
perceiving influence and
by those
pressure
who wish to prevent or impede the rearmament of Portugal."
Next, the official statement said,
all
arms
The Portuguese Minister
asked to which countries the ban extended, but was not able to obtain a
precise
answer,
the machine
the statement said.
guns,
or
any
Later he
asked to guarantee that
was
acquired by reason of the machine gun
arms
contract, would not get to Spain.
Finally
said
the
official
Czechoslovakia
the
Government
reserved the right to reconsider the "remainder" of the contract when the
time
for
delivery arrived, since the order
might
conflict with
Czecho¬
slovakia's national defense needs.
London
con¬
Major measures affecting business which passed through the final legis¬
bill,
which,
July included the factories' bill; the livestock industries
among
other
provisions,
authorizes the regulation
of meat
imports; and the trade marks bill which became a law on July 13 and which
is
an
important measure making the first major revision of British trade
1905.
legislation since
In general,
this
Act is intended to bring
existing trade mark legislation up to date and to adapt it more fully to
current trade mark
legislation.
Other important acts were:
the widows, orphans and old age contributory
pensions act; the exports guarantee bill, which makes permanent and widens
of the Export Credits Guarantee Department of the Board of
the scope
Trade.
statement,
agreed to authorize the delivery of 600 machine guns in September, but
on
Commercial Attache at
American
lative stages in
mark
Czechoslovakia said that export of
banned till the Spanish war ended.
was
adjourned
cerning recent commercial legislation which the Department
indicated on Aug. 12 stated in part:
The note
bound by the non-intervention agreement not to
was
The
active session to reassemble Oct. 21 unless called in
The Agricultural bill which puts into
effect in part the long range
agricultural policy of the government was also passed.
this
The annual Finance bill, which aroused special interest
of the inclusion
of the
new
tax
on
year
because
business profits, passed through the
final stages in July as did a number of the annual
Aside from actual legislation, there were a
appropriation bills.
number of governmental de¬
The
velopments of interest to the commercial and industrial community.
Canadian
Government
Banking Acts
Further
"Disallows"
Passed
Proposals
of
or
Vetoes
Three
By Alberta Legislature To
Social Credit Government
Three Banking measures adopted Aug. 6 by the Alberta
Legislature on Aug. 6, designed, it is said to bring all banks
in the Province under its direct control through a licensing
system, were "disallowed" or vetoed, on Aug. 17 by the
Canadian Government.
Stating that the measures proposed
Ministry of Labour announced that probably in October it would submit
a
cost of
living questionnaire to some 30,000 families to
which the official cost of living index may
be revised.
present approximately 2,500,000 employees are
obtain data
upon
It was stated that at
said to have their incomes
regulated by this index.
The
for
a
proposal submitted in June to the House of Commons
on corporation, business profits was referred to in
4092.
tax
these columns June 19, page
+
to further the aims of the Social Credit Government in Al¬
Germany Issues New Funding Loan
berta, United Press accounts Aug. 17 from Ottawa added:
An order vetoing the acts
sonnel
throughout
the
which provided for licensing of banking per¬
province
was
by
signed
the
Deputy
General and became effective immediately by proclamation.
Governor
The Dominion
government has not exercised its power to disallow provincial legislation
since 1924
when the legislation overruled also
was
Alberta's.
The veto followed the refusal of Premier William Aberhart of Alberta to
delay enforcement of the acts until the Canadian Supreme Court could rule
on
Germany's short-term debt, created by rearmament and
the huge construction program since 1933, will be reduced by
700,000,000 marks ($281,542,000) through the third 1937
consolidated loan announced on Aug. 17, according to Asso¬
ciated Press accounts from Berlin on that date, which further
reported:
them.
The loan is
The acts had been called the most drastic
legislature.
They
were
ever
passed by a Canadian
an
offering of 15-year 4K% Treasury bonds and will not rep¬
resent fresh money
at the
Government's disposal.
Officials said 100,000,000 marks
designed to give the Social Credit government au¬
($40,220,000) already have been sub¬
thority to control all financial institutions operating within the province
through a licensing system, At the same time the acts denied access to the
scribed and the balance will be offered for public
provincial courts to anyone who objected.
experts estimate to be as high as between
In disallowing the measures the Dominion government held that in seek¬
ing to close the courts to
right of
over
every
any
affected interest the laws denied
Canadian subject
banking
currency
and at the
trade and
same
inalienable
time invaded a jurisdiction
which
commerce
an
was
W.
L.
($6,033,045,000 to
were
subscription at 98.75.
the so-called "secret debt," which some
15,000,000,000 and 25,000,000,-
$10,055,075,*000), consists largely of "work
with which rearmament and
public construction projects
financed when the Treasury was empty.
While admitting
10,000,000,000
Mackenzie King advised Premier Aberhart of the Do¬
minion government's decision and the reasons
It
000 marks
creation bills,"
exclusively vested
in the Dominion Parliament.
Premier
The short-term debt, including
an
marks
unrecorded debt, officials say the total is under
($4,022,030,000).
Schacht gradually has been whittling
Economics
Minister
Hjalmar
this debt down and has consolidated
1,500,000,000 marks ($603,305,500) this year through two long-term loans.
by telegraph to-night.
noted in Ottawa advices to the "Wall Street Jour¬
nal" that the veto followed the recommendation of Minister
Of the
was
present loan
sonsortium
100,000,000 marks was subscribed by the bank
organized by the Reichsbank for that purpose.
of Justice LaPointe who had held that the Canadian basic
law
(the British North America Act) had been violated by the
provincial government. Prom these advices we also quote:
China Granted Credit at Czechoslovakian Plant
United Press advices from Prague
Mr; LaPointe had maintained that only the Dominion Parliament has the
right to regulate the monetary system of Canada
had invaded this Federal sphere.
The order vetoing the acts
nel throughout Alberta
and that the Alberta laws
Credit of $49,800,000 at the
-
which provided for licensing of banking person¬
became effective immediately by proclamation.
Advices (United Press) from Edmonton, Alberta, Aug. 6
reporting the adoption of the measures by the Alberta Legis¬
lature on that day, had the following to say:
The session
one
called specially to deal with the government's
of the briefest
on
record
House convened Tuesday
but also
one
proposals
of the most important.
was
The
Auk. 3. and durinK the four davs it sat Premier
(Czechoslovakia), Aug.
16, published in the New York "Journal of Commerce," said:
as
Skoda steel works for China was announced
having been granted by the Czechoslovakian Government today.
announcement
was
made by P.
From
Zurich,
The
T. Chen, secretary to Dr. H. H. Kung,
Chinese Finance Minister, who has
been here several days.
Switzerland, Aug.
16,
the United Press
reported:
Dr. H. H.
Kung, Chinese Finance Minister, was reported tonight to have
arranged with Swiss and Netherlands banks to lend China $22,965,000 in
Swiss francs.
China, it
was
said, will deposit silver as security for the loans.
Volume
Short
Financial
145
Interest
Stock
York
the"* New
on
During
Increased
Exchange
July
The total short interest existing as of the
996,399
In
July 31, 1936.
on
existing at the opening of the last
month since July 31, 1935:
870,813
998,872
913,620
31
Aug. 30
Sept. 30
Mar. 31
1,132,817
1,117,059
May 29
930,219
...1,032,788
Dec. 31
927,028
Aug. 31
31
Sept. 30
1936—
Jan.
1,103,399
1,246,715
31
Feb.
31
July
28
Nov. 30
1,012,186
1,049,964
July
944,957
.1,007,736
30
one
because
classification.
24, 1937
New York Stock Exchange During
Week Ended Aug. 14 Reported by SEC
the Securities and Exchange Commission made
public a summary for the week ended Aug. 14, 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 Aug. 7 appeared in our issue of
Aug. 14, page 1025.
On Aug. 19
data
ODD-LOT
published
Round-lot
transactions
of
transactions
except
members
of
DEALERS AND SPECIALISTS
WARRANTS ON THE NEW YORK STOCK
TRANSACTIONS OF ODD-LOT
IN STOCKS, RIGHTS AND
384,595
271,985
283,090
Initiated off the floor—Bought
Sold
transactions
specialists
of
which
in
stocks
in
571,180
registered—Bought
Sold
I
Shares
No. Ord
$6,346,246
5,800,611
5,312,713
5.947,655
11,292,376
5,454
124,410
5,216
116,509
103,859
126,791
226,134
Aug. 11
139,320
127,298
113,304
Aug. 12
4,769
Aug. 13 and 14
9,179
127,322
249,120
Value
697,703 $30,482,900
29,434
5,242
5,081
4,462
Aug. 10..
Value
Shares
756.364 $34,699,601
4,406
5,254
9,104
except transactions
registered—Bought..
Total round-lot transactions of members,
of odd-lot dealers in stocks in which
1,252,965
1,236,735
Sold
Total...
stocks in which
registered:
1.
236,130
In round lots—Bought
Sold
150,630
—
386,760
Total.
2.
In odd lots (including odd-lot
Bought
transactions of specialists):
843,704
....
_
911,862
'
Sold
-
1,755,566
Total..
NEW
CURB
YORK
k 5,403,604
9,612,734
on
Round-lot
transactions
of
members,
during the week ended July 24. During the preceding week
ended July 17 trading by the Stock Exchange members
amounted to 2,047,668 shares, or 20.80% of total trans¬
actions of 4,921,500 shares.
On the New York Curb Exchange, total round-lot trans¬
actions for accounts of all members during the week ended
July 24 were 527,020 shares; as total transactions on the
Curb Exchange during the week amounted to 1,262,090
shares, the member trading for their own accounts was
20.88% of total transactions, which compares with a per¬
centage of 19.43% in the preceding week ended July 17,
when member trading amounted to 439,390 shares and total
transactions 1,132,045 shares.
The data issued by the SEC
week ended
July 17 were given in our issue of Aug. 14, page
making available the data for the week ended
July 24, the Commission said:
In
The figures
given for total round-lot volume for the
New York Stock
Exchange and the New York Curb Eschange represent the volume of all
round-lot sales of stock effected on those exchanges as distinguished
week ended July 24 on the New York Stock
Exchange
7.8% larger than the volume reported on the ticker.
Exchange
total
round-lot
volume
in
the same
exceeded by 6.1% the ticker volume (exclusive
The data
Stock
published
are
from
The total round-lot volume for the
the volume reported by the ticker.
5.934,830 shares
was
On the New York Curb
week
1,262,090 shares
of rights and warrants).
based upon reports filed with the New York
Exchange and the New York Curb Exchange by their respective
members.
These reports are
classified as follows:
New
York
Stock
Exchange
Number of reports received..
New
York
Curb
Exchange
1,074
866
194
103
Reports showing transactions,
As specialists *
Other than as specialists
Initiated
on
floor
Initiated off floor
Reports showing no transactions
74
254
322
146
509
577
*Note—On the New York Curb Exchange the round-lot transactions of specialists
strictly comparable with data similarly desig¬
the New York Stock Exchange, since specialists on the New York Curb
"in stocks in which registered" are not
nated for
Exchange perform the functions of the New
well as those of the specialist.
York Stock Exchange odd-lot dealer as
Cent
a
except transactions of
specialists in stocks in which registered:
42,880
Initiated on the floor—Bought
1.
44,585
Sold.
47,545
37,880
Initiated off the floor—Bought.
2.
Sold
specialists
of
stocks
In
in
which
164,535
189,595
1
registered—Bought
14.03
354,130
Total.
Total round-lot transactions for accounts
of all members:
254,960
272,060
Bought
Sold
20.88
527,020
Total.
Odd-lot transactions of
Bought
specialists in stocks in which registered:
-
109,066
...
.
73,655
Sold
Total
♦
3.38
85,425
transactions
Round-lot
3.47
87,465
Total.
-
182,721
all Exchange members, their firms and their
*
includes
special partners.
M
members' transactions to total Exchange transactions.
In
calculating these percentages the total of members' transactions Is compared with
twice the total Exchange volume for the reason that the total of members' trans¬
actions includes both purchases and
sales, while the total Exchange volume
The
"members"
term
partners, including
Percentage
a
of
ncludes only sales.
Changes in Amount
of Their Own Stock Reacquired
New York Stock and Curb
by Companies Listed on
Exchanges
York Curb Exchange announced on Aug. 12
following fully listed companies have reported
The New
that
is in the series of current
figures being published weekly in accordance with its pro¬
gram embodied in its report to Congress last June on the
"Feasibility and Advisability of the Completed Segregation
of the Functions of Broker and Dealer." The figures for the
Per
1,262,090
the Exchange
Total volume of round-lot sales effected on
;
.
1937
Sold
Trading by all members of the New York Stock Exchange
and the New York Curb Exchange (except odd-lot dealers
on
the stock market) for then own account during the
week ended July 24, was above the previous week, it was
announced yesterday
(Aug. 20) by the Securities and
Exchange Commission.
The Stock Exchange members
traded for their own account (in round-lot transactions) in
amount of 2,489,700 shares, an amount which was 20.98%
of total transactions of 5,934,830 shares on the Exchange
1025.
STOCKS
EXCHANGE—TRANSACTIONS IN ALL
OF MEMBERS * (SHARES)
FOR ACCOUNT
Total.
Trading
20.98
2,489,700
_
Transactions for account of odd-lot dealers in
$5,789,436
4,926,896
4,750,230
New York Stock and New York
Curb Exchanges During Week Ended July 24
Member
9.61
1,140,230
Purchases
28,733
9
Aug.
569,050
—
Total for
Week
(Customers' Orders to Sell)
No. Ord
4.68
555,075
Total.
Week Ended July 24,
Sales
Total for week
6.69
794,395
Total.
14, 1937
(Customers' Orders to Buy)
Trade Date
409,800
Sold
Round-lot
a
5,934,830
Exchange
specialists and odd-lot dealers in stocks in which registered:
Initiated on the floor—Bought
——
1.
are
EXCHANGE—WEEK ENDED AUG.
Cent
Week
based upon reports filed daily
with the Commission by odd-lot dealers and specialists.
The following are the figures for the week ended Aug. 14:
The
Per
Total for
Total volume of round-lot sales effected on the
Total
Odd-Lot Trading on
STOCKS
EXCHANGE—TRANSACTIONS IN ALL
ACCOUNT OF MEMBERS * (SHARES)
STOCK
Week Ended July
1,314,840
1,426,522
1,199,064
June 30.
1,066,184
1,230,579
30
Oct.
YORK
31..._-.--l.136,814
29.
Jan.
than
more
FOR
1937—
1,138,358 Feb 26
996,399 Mar. 31
974,338 Apr. 30
1,011,670 May 28
June 30
Nov. 29
Oct.
Dec.
...1,175,351
30
Apr.
NEW
1936—
fqiC,
1935—
July
the short interest
business day of each
following tabulation is shown
the
classifications may total more than
at times a single report may carry
The number of reports in the various
the number of reports received
entries in
opening of busi¬
ness on July 30, as compiled from information secured by
the New York Stock Exchange from its members was
1,007,736 shares, it was announced by the Exchange on
Aug. 18. This compares with 944,957 on June 30 and with
,
1183
Chronicle
the
changes in the amount of
reacquired stock and bonds held:
Shares
Shares
Previously
Per Latest
Report
Reported
American Equities Co., common
48,130 27-38
57,668 27-38
American General Corp., common
83,497 3-10
96,952 65-100
*161 4-10
Baldwin Rubber Co., common
Carman & Co.,
3,627
Equity Corp. (The), common
$3 convertible
preferred..
3,727
197,886
Inc., class A
239,286
4,901 6-10
-
Hygrade Food Products Corp., convert. 6s
Convertible 6s B, 1949
International Products Corp., common
A 1949..
$14,000
$59,000
S3,400
$300
494 9-10
i_,
*3,528
$3.50 prior pref.—
*7,783
$1.75 preferred
Series of 1940 warrants
*200 warrs.
5,000
Kingsbury Breweries Co., common
B.) Rubber Co., common
Knott Corporation (The), common
Kobacher Stores, Inc., common
LeTourneau (R. H.), Inc., common
National Container Corp. (Del.), common
-
—
5,341 H
-
M
«
mm
4,341J4
*1,021
*7,288
11,711J4
892
377
2,913
5,451
3,704
Oilstocks, Ltd.,
♦
4,881
4,966
11,743)4
Co., A common.
American Rayon Corp., 6% prior pref
Neptune Meter
capital
Prudential Investors, Inc., $6 preferred
Rio Grande Valley Gas Co., common
Sterchi Bros. Stores, Inc., 5% 2d pref
6% 1st preferred
tJnited Chemicals, Inc., $3 participating pref
20,685
20,285
Kleinert (I.
Norther
479 65-100
1,562
1,452
Preferred
International Utilities Corp.,
5,201 6-10
*2,115
Gilchrist Co., common
4,604
*14,618
...
1,000
1,350
600
1,050
56,428
56,453
Initial report.
The
New
Aug. 13 its
the Exchange reporting
of their own stock. A
York Stock Exchange issued on
monthly list of companies listed on
changes in the reacquired holdings
1184
Financial
previous list
was given in our issue of July 24, page 526.
following is the list made available by the Exchange
Aug. 13:
The
on
Chronicle
Aug. 21, 1937
the report to all members, with a statement that the pro¬
posed amendments had been referred to the Committee on
Constitution, which will report back unon them on Aug. 25.
The report
Shares
Name
*
Adams Express Co., common
Allied Stores Corp., 5% preferred
Armour & Co.
Shares
Previously
Reported
Report
(Illinois), 7% preferred
Atlas Corp., common
6% preferred
Atlas Powder Co., common
Barnsdall Oil Co., common.
941,375
2,313
564~iIo
2,435
24,772
859
7,024
1,806
2,453
9,435
6,707
Davega Stores Corp., 5% preferred
Detroit Edison Co., common
600
...
Electric Auto-Lite Co., common
Federal Mining & Smelting Co., preferred
General Realty & Utilities Corp., common
Gimbel Brothers, Inc., $6 preferred
New York Steam Corp., $7 preferred A
Phillips Petroleum Co., capital
Safeway Stores Inc., common
5% preferred
6% preferred
c
;
were
Texas Corp., capital
d Transamerica Corp.
capital
e United States Leather
Co., prior preferred
of
authorized
for
b
listing
the
on
$1
will
price
the price
in
advance
then
at which
by units of
100-share lots,
variations in
be
which
rates
With
2,267
93,053
511,055
177,481
the
are
schedule
minimum
New
York
Stock
bond
the
that
namely,
39
14,240
at
announced
on
the
Commodity Exchange Act all money held by commission
firms to margin the trades of
commodity customers, as well
accruing to customers from such trades, bust be
dealt with as belonging to customers.
"This
does not mean," said Dr. J. W. T
Duvel, Chief of the Com¬
modity Exchange Administration, "that customers may not
money
treated and
direct
the use of their funds to other
purposes such as to
margin trades in commodities not covered by the Commodity
Exchange Act.
That is entirely up to the individual cus¬
tomer."
The announcement issued in behalf of the Admin¬
istration further explained its stand as follows:
standpoint
of
CEA
the
modities not
account
covered
bona
to
to another
of course,
commission
Dr.
Duvel
needed in order to avoid margin calls.
as
firm
to
said,
their
rights under the law
the law
and
profits
to
margin
accounts"
that
his
a
must
as
firms
they must have the
impression
be
only
purpose of
Some commission
or
customer-funds
use
"can
is
a
have
condition
consent
trades.
This
firm
of its
If there
were
any
Regulations specifically
draw
on
segregated
therein.
the
Hence,
benefit
such
of
a
a
customer's
Customers
another
$5
of
do
without
funds
transfers
The
be
are
so
a
to
found
his
by
proceeding
to
customer
a
has
the
so-called
must
his
the
given rise to
accrued
erroneous
credit
"mutual
money
to cover
segregate all accrued
commission
to
the
itself
repay
his
of
extent
having advanced
may
merchant may
margin
at
interest
money
time
any
by
a
the
on
Pierce
basis
new
a
the
(compared
where
bond
number
with
only
of bonds
bond
one
commissions,
minimum
a
one
Com¬
accepted
with
group,
bond
for
Law
the
Bonds,
ordered,
of
$2.50
is ordered.
orders covering 10 bonds
on
Service
on
on
a
a
This
or more.
Greek
of
External
Aug. 5 that they had been advised by cable¬
British Council of Foreign Bondholders were to publish
a
communique regarding the Greek External Debt situation.
This communique,
as
received from Eliot Wads worth,
American member of the League Loans Committee, was made
available by Speyer & Co. on Aug. 17. The Aug. 5 announce¬
ment of the latter, given in our issue of Aug. 7, page 848, in¬
dicated the failure to reach an agreement regarding the rate
of payment of coupons due after March 31.
In the com¬
munique now made public the Council of Foreign Bond¬
holders and the League Loans Committee "again strongly urge
the Greek Government to bring the present default to an end
by making at least an offer for the payment of the current cou¬
pons which they could recommend to the acceptance of the
bondholders."
The following is the announcement from
Mr. Wadsworth made public by Speyer & Co.:
Greek External Loans
transfer
a
simple
special
order
from
necessary
which
out
of
funds
from
order.
in
If
each
one
commodity
one
to
to
facilitate such
to
necessary,
instance, customers
account
account
another
may
direct
whenever
such
under
the
rye,
Stock
Commodity Exchange Act are
flaxseed, grain sorghums, mill
Constitution
to
Placed
Report
at
on
Changes Aug. 25
by
a
members
new
of
schedule
the
of
commissions
Exchange.
The
to
be
committee
issued
a
report approving the new commissions, with cer¬
modifications, together with certain supporting amend¬
ments to the
constitution designed to
Charles It. Gay,
make them effective.
President of the Exchange,
sent copies of
announce
far been unable to reach agreement
with the Greek Government regarding the rate of payment of coupons
Greek
External
loans
agreement came to
In
these
falling due after March
31,
of
1937, when the last
end.
an
circumstances,
the Council of Foreign
Bondholders and
the
League Loans Committee think it right to make public the outlines of their
relations with the Greek Government since August,
will
remember
that
in
February,
1936.
1935 the
bondholders'
organizations refused to accept the Greek Government's offer of 35% of the
interest for the financial year 1935-36, and that it was only after 18 months'
delay that the Greek Government, in August, 1936, raised their offer to 40%
of the interest for the years
made
on
1935-36 and 1936-37.
the
This improved offer
was
condition that the bondholders' organizations undertook to discuss
with the Greek Government during the
interval which would be afforded by
temporary arrangement then concluded (i.e. from August, 1936 until
the end of
March, 1937) the possibility of arriving at
a permanent settle¬
ment of the Greek External Debt.
Although the Council of Foreign Bondholders and the League Loans
Committee remained
(and still remain) convinced that it was well within
transfer more than 40% of the interest,
they finally agreed to recommend the acceptance of the Greek Government's
offer for this limited period.
that while
manent
they
They warned the Greek Government, however,
ready to discuss the possibility of arriving at
were
a
per¬
settlement, that possibility must obviously depend upon the ade¬
offer.
From that time (August, 1936), the Council of Foreign Bondholders and
the
League Loans Committee awaited the receipt of proposals for
a
was
per¬
discussions the previous June and then categorically rejected,
informally revived and again refused.
Early in this
sary
a
In October,
scheme which had tentatively been put forward by the Greek Gov¬
year, as no new
to consider
some
due after March 31,
proposal had been made, it became
further temporary arrangement
1937.
for
coupons
neces¬
falling
For these coupons the Greek Government of¬
fered to continue payments at 40% until a permanent settlement was con¬
cluded.
The Law Committee of the New York Stock
Exchange on
approved
so
manent settlement which would afford a basis for discussion.
Approves
with Certain
on
effort they have
quacy of the terms which the Greek Government might
Exchange Law Committee
$5—Committee
1937 the Council of
Foreign Bondholders and the League Loans Committee regret to
that in spite of every
for
to avoid margin calls.
come
With reference to their communique of March 31,
the Greek Government's capacity to
Proposed New Commission Rates,
Modifications—Minimum
Commission
tain
bonds,
on
that the League Loans Committee, London, and the
gram
ernment in
York
charged
30% higher than the present rates.
with
vary
Agreement
Bondholders
the theory
on
use
capital sufficient
order
own
firm,
customer,
transferred
commodities
11
$2.60
there
Following the announcement made by Speyer & Co. of
1936,
Aug.
although
Debt
trading at all."
futures
a
wheat, cotton, rice, corn, oats, barley,
feeds, butter, eggs and Irish potatoes.
New
those dealt in
as
charged to members.
commissions
proposed
bond
a
the
stocks
on
Speyer & Co. Make Available Announcement By League
Loans Committee (London) Regarding Inability to
course,"
a
circumvent
profits.
desiring to
may
transfers
that
funds
commission
credit
a
doubt about it, the recently announced Rules and
provide that
accrued
to
a
asking customers to waive
handling
own
authorizing
"Such
attempt
for
of
fit.
sees
an
apparently been
commission
segregate out
as
tantamount to
special
own
it
as
viewed
of attorney
power
original clearing house margins, and in addition
profits.
What the
is the practice of asking customers to sign, as
blanket agreement
a
plain
that
basis
same
Exchange's Committee
being called for
fide
by the Act, will authorize the transfer of funds from
Administration objects to
matter
increase in
whereby
customers, trading in commodities covered by the
Commodity Exchange Act and desiring also to trade in stocks or in com¬
one
the
commissions
involves
shall
rate
charge
present)
inclusive.
the proposed schedules call for commission
commissions
This
New York
the
of
non-member
to
of
schedules
the
modification.
on
estimated to be about
respect
increase
6hare and
a
Rates
the public is concerned,
as
case
$12,
to
up
share will be 16.3c.
35,118
purport to give a commission firm blanket authority to use
customer funds as it sees fit.
It is pointed out that under
from
far
less
at
share for each
share for each $1
a
10 shares will be
as
selling
$1 stocks and there¬
on
a
selling
are
a
stocks
of
share
lc.
stocks
commission equal to 5%
a
sales
a
general
a
of
case
For each $1 increase in price above $50
mittee, upon the advice of the
11 that it would view with disfavor all contracts
between futures commission merchants and customers which
objection
$50.
to
According to the committee,
1,147
"~3~244
Aug.
no
the shares
by one-tenth of lc.
will
of Futures Contracts
is
pay
or
in the
up
Reach
There
purchases
and
or more
share
a
increase by two-tenths of lc. a share.
Warning
by
Commodity Exchange Administration
Against Abrogation of Customers' Rights in Case
agreements
lc.
stocks selling at $13
on
dealt in
c Represents shares of old no
par value equivalent to 88,740shares of
presently
listed $2 par value stock,
d Includes 34,918 shares not authorized for
listing on the New York Stock Exch.
as
changes made by the
proposed by the Pierce committee
commissions will rise at the rate of
minimum decreases to
Commodity Exchange Administration
its
on
Increase due to recent stock spllt-up.
286,614 shares retired and canceled.
The
the principal
rates
It will pay a commission of 5c.
by full
2,492
July 3,
the amount of the compulsory minimum
price of the shares
13",424
of
on
the commission will
Exchange,
a
buying
$1.
after the
11,300
1,399
14,210
Common
not
the
than
5,304
15,200
Wheeling Steel Corp., 6% preferred
the public
selling at $10 a share or less..
Under the amended plan the public will
of
93,932
511,105
116,000
34,918
of
the commission
of the proposed rates by
scaling down
90
Swift & Co., capital
in
The commission
3,214
1,767
"Chronicle"
the
charge to be made on any transaction involving $100
6,641
shares
standpoint
1,073
"i",io7
in
their effect
reduction from $6 to $5 in
a
47,100
Sharon Steel Corp., common
282,313
the
Committee
5,024
2,006
W. A. Sheaffer Pen Co., common
Sloss-Sheffield Steel & Iron Co., $6 preferred
to
the public is given
below, as contained in the New York "Times" of Aug. 12:
1,768
6,400
9,600
2,059
286,814
17,828
Natomas Co., common
referred
the Law Committee and
32,800
Mandel Brothers, Inc., common
Includes
was
An analysis of the chief modifications made by
933
Hat Corp. of America, preferred
Insuranshares Certificates, Inc., capital
b Lehman Corp., capital
*
and
35.
From
862
17,598
Class B__
a
Pierce
Law
12,081
7,798
2,578
8,935
6,710
2,850
189,750
1,800
2,689
17,148
Beatrice Creamery Co., $5 preferred..
prepared
33,469
11,881
Brunswick Balke Collender Co., common
Bucyrus Erie Co., preferred
a Columbia Broadcasting
System, Inc., class A
was
page
933,975
2,113
4,992
554,416
29,609
approved in modified form by the Law Com¬
by a special group headed by E. A.
mittee
Latest
per
of
This offer could not be accepted.
interest
payment
was
even
not
for
an
regarded
certainly could not be accepted
clusion of
It
a
As stated above, this percentage
representing
as a
Greece's
real
capacity
to terminate seven months later.
standing arrangement pending the
of
It
con¬
permanent settlement at some unspecified future date.
was not
scheme for
as
arrangement
a
until June 19, that the Greek Government put forward a new
permanent settlement.
Its
new
proposals (which
were
made
subject to the acceptance of certain important stipulations which in them¬
selves required the most careful consideration) were in the main as follows:
Volume
To reduce the total interest payable on its external loans to half the
allocation among the various loans concerned of
provided to be a matter for discussion.
(2) All arrears of interest from 1932 to be cancelled.
(3) The redemption periods of the loans to be 60 years but all sinking
funds to be suspended for at least the first five years.
(1)
contractual amount, the
the annuity thus
These proposals were
made by the Greek Government as the
liability it was prepared to assume and on the
maximum
understanding that it was .to
be
place.
The above terms were to become operative as from April 1, 1937 in the
event of a final agreement within these limits being reached before April 1,
within the limits thus imposed that any
discussions were to take
Greek Government were prepared to
advance 40% of the interest on current coupons on account of the payment
which would eventually become due on those coupons in the event of the
1938, and
as a
temporary measure the
market conditions."
The Greek Government had been repeatedly
The
and
would have to be on a substantially higher
proposal for such a settlement at 50% was
a
the League Loans
that they were not
Committee informed the Greek Government, moreover,
prepared to enter into discussions the limits
basis than 40%
clearly still below an ac¬
The Council of Foreign Bondholders and
ceptable level.
of which had been arbitrarily
fixed.
Subsequently the Greek Government specifically
should be conducted without any limitations
agreed that negotiations
and a
permanent settle¬
These discussions have
laid down in advance
Delegation left Athens for direct discussions regarding a
commenced at the end of July.
ment, which were
the negotiations of the
declaration, which
unfortunately proved to be as barren of results as
In spite of the Greek Government's
last twelve months.
was
that the discussions would be free
confirmed by its Delegation,
limitation imposed in advance,
from any
the Delegation admitted during the course
exceed the previous
In view of the ample
negotiations that in fact they had no authority to
of the
offer of
permanent maximum of 50% of the interest.
a
evidence of tho steady progress
of improvement in the Greek economic
Bondholders
situation the council of Foreign
financial
Loans Committee had no option
the
and
and
League
but to inform the Greek Government that
increased
steadily from 8,300 million drachmae in 1933-34, 9,200 million in 1934-5,
10,300 million in 1935-6, 10,800 million in 1936-7 to 11,700 million in the
1937-8 estimates.
Meanwhile the effective payments on the external debt
have only risen from 675 million drachmae in 1933-4 (27 H % of the interest)
to 930 million (40% of the interest) paid in 1936-7 and offered again for
derived from ordinary taxation, have
The main budget revenues,
Thus while the main revenues of the budget have
1937-8.
been sufficiently
buoyant to rise over 3,000 million drachmae the allocation to the
debt has been increased by 300 million only—the
revenues
allocations to
That the expanding
civil expenditure.
increasingly onerous
due to increased prosperity and not to
are
taxation is corroborated not only
ment that the percentage
by the Finance Minister's recent state¬
of the national income now absorbed in payment
of taxes has fallen, but also by the general trend of all
It is important to note
external
remainder of the increase
being diverted to other budgetary purposes, including large
Public Works, Pensions and other
economic indices.
that the yield of the assigned revenues on which
foreign debt of Greece is secured has risen from 3,360 million
the
drachmae in
1932 to 4,460 million in 1936.
Crops this year are
of continuing prosperity.
There is every prospect
for in free exchange,
effect a considerable im¬
generally excellent and wheat imports, which are paid
are
likely to be 300,000 tons less; this alone should
substantial saving in freely available
provement in the trade balance and a
exchange.
Invisible receipts from tourists' expenditure, emigrants' remit¬
tances and
shipping receipts continue to expand.
As it had become evident that the
to make any
offer for
it
acceptance,
should make proposals
Greek Government was not prepared
permanent settlement which the Council
for
was
a
suggested to the
Delegation that they
further temporary arrangement.
Delegation, after referring to
The
their Government for intsructions,
replied that the Government had informed them that it
discussion
on
made clear
of Foreign
Loans Committee could recommend to the
the League
Bondholders and
bondholders'
a
could not enter into
point had been
the subject of a temporary agreement, as that
even
before the arrival in London of the Greek Delegation.
Council of Foreign
The
Bondholders and the League Loans Committee must
point out that ever since August, 1936, when they
agreed to discuss the
possibility of arriving at a permanent settlement, they have emphasized that
whether such a settlement can be reached must depend upon the adequacy
of the terms offered.
a
The Council and the Committee have at no time been
party to any understanding in which the
arrangements has been excluded and they
possibility of further temporary
would certainly not have entered
the recent discussions on such terms.
upon
default since April 1, 1937.
The Greek Government has now been in total
The continuance of such a situation, apart from its grave
credit,
can
The Council of Foreign Bondholders
ment
plan for a permanent
They therefore again strongly urge the
the terms now proposed.
Greek Government to bring the
present default to an end by making at least an
offer for the payment of the
the acceptance of the
they could recommend to
which
bondholders."
Excessive
Governmental
Regulation
Reducing
Stock
Liquidity and Creating Abnormal Market
Conditions, According to Annual Report df Charles
R. Gay, President of New York Stock Exchange—
Finds Markets Unable to Function Freely Under
SEC Curbs—Analysis of Special Committee Reaches
Same Conclusions
Government
the
Securities
"broad
and
regulations
liquid
function freely,
of
securities
markets,
through
national market"
so
that
it
does
not
Charles R. Gay, President of the New York
Stock Exchange, said
in his annual report to the Governing
Committee, made public on Aug. 18.
Similar criticism of
excessive regulation was made by Mr.
Gay in his previous
annual
Oct.
report,
3, 1936,
said that he
which
2140-41.
pages
was
was
quoted
in
the' "Chronicle"
of
in an effort to cure what
might be termed sporadic evils, undue restraints are being
placed upon normal, proper action, thus creating abnormal
of the
the
been
have
Exchange and its standing or
subject of extended discussion
purchasing
the
and
of
System
were charged under the
of credit employed for the
who
rules
securities.
carrying of
governmental bodies was the action
these discussions with
Exchange,
margin
Reserve
Exchange Act with the supervision
1937,
April,
in
adopting the so-called "daylight"
firms and) partners from assuming
in
members,
prohibiting
position in listed stocks
regulations.
Similarly, the standards applicable to dealings by specialists under exist¬
ing rules were clarified by instructions issued by the Committee on Odd
Lots and Specialists, further
defining the specialist's function and) the
relation of his course of dealings to the maintenance of a fair and orderly
market.
The Exchange also, after discussions with the Board of Gover¬
nors
of the Federal Reserve
System, assumed the responsibility for the
supervision of so-called "three-day riding," i.e., cases where attempts were
being made by customers to satisfy the margin requirements of Regula¬
tion
T by the sale of previously purchased
securities within the time
allowed for deposit of the necessary collateral.
In this matter a proposal
of the Board was first under consideration, rendering it unlawful for a
at
through
time
any
broker to
effect
all
a
period under existing margin
a
customer until the full
required margin
the practical necessities
the securities business, and an Exchange requirement of reports from
houses carrying margin
accounts was substituted.
The cooperation
member firms was obtained to terminate the practice of "three-day
But recognition was given to
had been deposited.
of
a
purchase for
a
transactions
Exchange
could not be carried for
which
The reports, covering demands for
riding," where it existed.
margin and
scrutinized by a special
staff of 10 or more employees of the Business Conduct Committee.
Other matters are under
discussion with governmental authorities at
the present time and still others undoubtedly will be, as problems arise.
The' Exchange has entered into such discussions, and will continue to enter
into them, in a spirit of sincere cooperation looking to the maintenance
of desirable standards for the conduct of business in securities.
As a part
of such cooperation members and member firms are regularly supplying
for government
agencies an enormous amount of statistical and other
information relating to various aspects of their business.
Reports are
being filed on more than 25 different forms, some on a daily and others on
a
weekly, monthly or irregular basis.
At the present time reports are
being submitted by members and firms at the rate of approximately
150,000 a year, not including the responses of members and firms to
requests by government agencies for data for "special" studies.
While governmental regulation of securities exchanges is undoubtedly
in the experimental stage, the obligation of those charged with the admin¬
istration of the Securities Exchange Act is to do so in the true public
interest.
The true interest of the New York Stock Exchange is identical
with the true public interest.
This, I think, is generally recognized.
For
this very reason, I
cannot refrain from pointing out that too
many
rules, like too many laws, may result in laying unnecessarily
restrictive burdens on the many for the sake of disciplining the few.
I am fearful that, in an effort to cure what might be termed sporadic
evils, undue restraints are being placed upon normal, proper action, thus
by which they are met, are carefully
the methods
creating abnormal market conditions.
Evidence accumulates that the quality of
With
affected.
the market has been
I note the continuance of narrow,
much concern
seriously
illiquid1
bid and asked quotations prevail
and in
which comparatively 6mall volumes of buying or selling create
undue fluctuations in prices.
Almost daily, situations are called to my
attention wherein it is impossible to buy or sell reasonable amounts of
stock at reasonable prices.
Orders which, a few years ago, could have
been executed within a few minutes or a few hours now often require
sometimes weeks, with resulting increased) risk to the owner.
that much business has been diverted to capital centers in
where freedom from restriction and easier credit con¬
prevail.
I know that banks and other financial institutions are
and
days
We
told
are
countries
other
ditions
giving intensive
Factors other
study to conditions prevailing in the security markets.
than government regulation, notably the tax on capital
have their effect on present market conditions.
But I believe that
excessive regulation stifles individual initiative, intimi¬
gains,
to
wide spreads between
which
in
markets
the extent that
and
dates
confuses honest men
act when
such
regulation
is
good has
That
so
that they ar unable to determine
swift action is essential, or imposes
how
undue credit restrictions,
not in the public interest.
resulted from government supervision
and regulation is
when we should assess losses against
and liquid national market
freely, it follows, of course,
function in time of stress.
Then, indeed, the public
However, the time is here
granted.
gains.
If the result indicates that a broad
is being impaired so that it does not function
that
it
may
interest
is
to
cease
being
harmed).
is not said
in a fault-finding spirit.
We of the New York Stock
in sympathy with the endeavor to promote the public
welfare by those who are charged with the administration of the Act of
1934.
We see, however, grave danger if regulation is carried to the
point
market
are
where the essential
is destroyed.
public
service rendered
reviewing the year ended May 1,
In
by a broad, liquid
1937, Mr. Gay's report
in part:
said,
marked by broadly advancing
life. The agricultural areas
were
more prosperous than
they had been in the preceding years; the
levels
of industrial production advanced
nearly 20%; the volume of
employment, the indices of payrolls, the movement of freight, the volume
of retail trade, and the total national income all advanced to substantially
higher levels.
Most encouraging in this record) of recovery was the long
delayed improvemnt in the output of the heavy goods industries, notably
in iron and steel, and, to a lesser extent, in building construction.
Various
financial data also exhibited advancing trends.
Deposits in
reporting banks rose to new high levels, commercial loans expanded, gold
reserves increased to the point of embarrassment, and' money in circulation,
' with due regard for seasonal fluctuations, continued to increase.
The
year
in
ending
on
May
1, 1937, was
the major divisions of our economic
In his current report, Mr. Gay
"fearful that,
and)
Federal
the
of
Securities
trends
Exchange Commission, is threatening a
and
perform¬
Many
legislative Acts.
representatives of the Exchange and the Commission.
Other ques¬
been from time to time under discussion with the Board of
Exchange
Market
various
Commission regarding the improve¬
business functions or of supervisory procedure have
the
have
Governors
This
♦
by
it
to
of
thorough consideration
committees
between
of
Commission has been active in the
delegated
recommendations
the
special
tions
duties
or
modification of
or
received
to
and the League Loans Committee
permanent settlement can be reached on
coupons
of a
the Greek Government may put forward but it is clear
settlement which
current
Greek
•
repeat that they remain ready to discuss any proper
no
on
Greek Government so much desires, will
become impossible.
that
effect
only destroy the good-will without which the conclusion
permanent settlement, which the
the
sugestions
of
unacceptable.
they regarded that offer as
Securities and Exchange
of
ance
One result
informed that any perman¬
comments on Federal
In extending his
regulation, Mr. Gay said:
proposed settlement being reached before that date.
ent settlement
1185
Financial Chronicle
145
Security Markets
of substantial recovery the basic data of security markets
have shown
mixed trends.
Listings and market values have increased,
volume of transactions declined, and the use of credit has been sparing.
In
this setting
f
1186
Financial
LISTED SHARES,
Chroniple
MARKET VALUES AND MEMBER BORROWINGS
Market Value
of
quality
convertibility
be
can
sustained,
how
much
delay the investor may be forced to incur when he desires to sell, without
damaging seriously the desirability of securities as repositories for savings.
It is, however, difficult to envision a condition wherein too much of
this
M ember
Shares Listed
Aug. 21, 1937
this
of
pairment
Borrowings
in New York
quality could be detrimental to public welfare when
May 1, 1935
May 1, 1936
May 1. 1937
1,301,900,400
During the administrative
listed
of
49,967
pared with
thousand
there
year
shares,
was
gain
a
the
in
addition to
net
a
list
compared
with
of
the
3.74%,
shares
as
year.
At
the
close
of
the
of Credit
under review,
year
Stock
value
sented
1.04%
that
four
of
five
been.
The
credit
in
the
and
million
bonds.
in
the
market
average
This
of
with
compares
preceding
value
as
great
borrowings
market
has
in
relation
during
the
the
to
past
market
two
repre¬
bonds
listed
and
value
of
administrative
were
securities
have
years
remained
eminently free from the excessive
purchasing and carrying of securities.
the
the
which
year,
stocks
of
use
which
the
maximum
of
presence
the
compared
in
be defined
is
in
buyers
any
the
of
official
terms
organized
and
public
speculators,
STOCKS
IN
(BLOTTER DATES)
Money Value of
Non-Reported
Unci. Odd-Lots)
Transactions
Total Share
525,927,086
71,827,581
717,979,031
657,295,344
$18,834,126,475
21,375,348,108
by
10.3%, and total volume, including odd-lot, error and
non-reported
"stopped" sales, decreased from 717,979 thousand shares to 657,295 'thou¬
shares, or 8.5%.
The money value of share transactions, however,
increased 13.5% as a result of the
higher price level prevailing during
Given
of
these
particular
of
latter
of
The
and
shrinking volume
advancing
business
about the breadth
become
of
of
stock
tributing
factors
business
and
one
to which
investment
the
I
single
of
gives
to
It has
buy
sell
or
element,
but
various
officials
tire
among
shocks
in
the
purchasing
restrictions
short
on
the
of
dealers
securities
of
and
the
of
In
the
bond
non-reported)
market
convertibility
and
property which
millions
for
of
total
transactions
(reported plus
year was $3,764 millions,
preceding administrative year
the
The money value of bond
recent
of
value
par
transactions
as
com¬
(blotter
$2,992 million
was
for the
period, and $2,902 million
bonds
listed
the
on
for the preceding period.
The par value
Exchange increased from $44,223 million on May 1,
1936, to $47,058 million
a
more
attendant
who
Capital Financing
trust
andi
increases
holding companies and
oh
a
basis
percentage
for refunding
in
the
of
investment
exhibited
purposes
administrative
past
Financial
marked
with
market.
declines
or
million
this
for
amounted
to
category
amounted
•
,
During the administrative
of
new
million
compared
with
$115
between
the
securities.
This
to
year
compared
and
year,
with
represents
corporations
through
$130,460
thousand
in
the
preceding
reviving utilization of a
having their securities listed
a
service
on
had
Of
fundamental
illiquid
markets
of
is
concern
the
adapted to
question
of
whether
thin,
inactive
and
the
floating of the large volume of new
corporate issues necessary for the
rebuilding and expansion of productive
wealth
long deferred during the depression, and which the continued
welfare of the country now
urgently demands.
sion years in which there
was
almost no
expansion
and
corporations
in
of
the recently
seeking funds
markets instead
volume of
view
than, those of
of
a
Appended
new
enacted
expansion
financing
recourse
to ' the
least
Mr.
to
Gay's
economic services rendered
report
was
an
analysis
of
possibility
There
This analysis also
regulation
hampering market liquidity and
thus
retarding
had
been
economic
The survey discussed'the inherent characteristics
as
property, the requirements of investors, the in¬
fluences which affect stock prices and the function of
shortterm dealing.
It then summarized the desirable character¬
istics of stock markets as follows:
Outstanding, of
readily into cash.
prerequisite
ings
into
standards
to
for
a
person
price
at
buy and
may
continuity of
the
sellers.
differentials
price—that
transactions—since
the
is,
nearer
influence
of
the
Under these circumstances,
also know most accurately the
to
these
time
sell
the
or
minimize
the
it
holder
risks
he must
price
circumstances,
that
seems
the essential
incident
months the seller of
many
to
the
block
a
of
stock
and intimate knowledge of market conditions.
degree to which prices are forced down by the
by the bidding for
up
periods
also
indicate
prices
of
price change
as
markets
whole
a
blocks
and
and
of
the
the
volume
price
the
of
period
price
do
to
necessary
both
transactions,
situation
being
an
devel¬
the
to
long-term
They
mean
that
adjust their holdings
becomes
so
the
of
pronounced
relationship
.
inclination desire to
or
the current
instability that has
.
.
in
thinness
have been
observing
disadvantageous
are
stock,
relative
purchaser and seller of securities.
necessity
the
the
in which there
in
inactive
of
are
lengthened
disadvantageous
and
becomes
the
greater.
of
have
or
consummated
These
the
conditions
minds
of
also
to
the
which
investors,
seeking
to
liquidate
other
who
that
elsewhere.
security markets
seek
the
the
rightfully
may
arouse
concern
enduring welfare of the country, and
and capital markets shall contribute
security
towards a balanced recovery and
prosperity.
The existing
well be harmful not only to the interests of investors but
investment flows whereby new productive wealth
dispassionate observer could fairly attribute these security
No
conditions
hand,
it
entirely to
which
clear
seems
legislative
report,
the
fundamental
created.
of
in
their business
in
those
desirous
are
conditions may
is
instances
numerous
securities, have found the market unable to "take" the offer,
have, therefore, either been forced to consider their investment illiquid
and
andi
have
any
that
one
they
regulatory
had
the
cause
to
are
of
substantial
mentioned
measures,
effect
regulation,
or
a
but,
the
on
degree
due
elsewhere
in
to
this
discouraging the buying and selling
securities.
Security markets
protection
protection
view
envisions
creating
of course,
of
mostly
^security
fraud
and
desirable.
without,
the
has
It
is
who
in
welfare
markets
least
at
in
two points
on
the
on
the
the
other.
view:
and
The
fundamental
financing desirable
of
hand,
one
processes
of
and
expansion,
in
thus
standards.
first
been
psychology, resulting from the great defla¬
to 1932, that public emphasis should
point of view.
No one questions the real
1929
made
in
protecting
individual
investors
against
Business
recovery,
however, has reached the
of productive wealth has become necessary and
suggested, therefore, that all persons in government and
expansion
are
interested
in
the
long-time
improvement
of
American
standards
determine
dispassionately reappraise existing market conditions
degree to which the public welfare is being served.
the
the
latter
natural
manipulation.
point where the
living
a
from
individuals
public
of
living
prices from
upon
that
progress
wealth,
advancing
as
general
functions
productive
It was,
investors
the
the
be appraised
may
afforded
afforded
promoting
course,
To
his
is
the
investing,
productive
wealth
encouraged.
the
extent
There
the
is
is
requisite
that
that
investor
the
fundamental
promoted
no
certain
and
way
securities
is
convertible
provided with
conversion
the
be
of
sterile
improvement
of
Chicago and Atlanta Federal Reserve Banks
Their
the
by free security markets, based
studies made by a special committee.
concluded that excessive government
of stocks
which
decides
Under
buyers and
minimum
to be
appear
the maximum
to
capital
seems clear that a
comparable with, and probably much greater
decade ago would be desirable.
at
on
progress.
corporate
earnings tax which impels
have
to
for
investors
reinvesting part of their earnings, it
issues
new
for
In view of the long depres¬
he
measurement
a
the
that
tion
are
the
the short-term
rest
Capital Financing Required
be
transaction.
same
long
amount
through
an
organized exchange.
the
at
advances
and
to
the
,
listed companies obtained $463,494 thou¬
through the issuance of rights to subscribe to offerings
money
administrative
available
$469
the
preceding administrative year, and new
bond
issues
$914 million compared with $518 million during the
preceding
period.
sand in
to
of
or
Elimination
those
to
circumstances,
greater
oped in this thin market may be made.
various
in
of
will
the
by taking those days
approximation
pared with the preceding one, but still remain at levels less than one-third
of those prevailing
during the years preceding the depression.
New stock
issues
short-term.
denies
6urely provide to the security
former
Thus
market
as
set
successive
buy.
offering of stock and forced
market,
com¬
year
to
between
their full share
and
number
investors
as
difficulty in finding buyers and the offer has tended to
rapidi price decline than in the past.
Similar consequences
upon
buying orders.
This is the common conclusion of
have
Comparisons
who
According to the records compiled by the "Commercial
Chronicle," new corporate capital issues, exclusive of those
as
experienced
those
in
May 1, 1937.
on
or
price
he holds.
find
Market
maximum
security markets thus
sell promptly and
the present time and
At
and
during the administrative
pared with $3,809
dates).
the
Bond
will
appropriate
described
or
maximum
of time
or
most
in
price at
receive when
decides
those who
The
others
of stable
be defined only
can
the
be
long-term
and
succeeding
buy
will
own
selling.
they
results
the
between
point
the
may
market
Thin
their
most
potential non-manipulative
sell,
may
he will
con¬
to
general
the capital gains tax, the severe
purchasing and carrying of securities, numerous
regulations designed to restrict the activities of short-term
corporation
development
confidence,
for the
companies and the
substantial
This
markets
same
the
between
in
are
he
when
concern
prices.
include
prices
the
he
upon
pay
has
and
differences
investor
the
are
advancing
rise to
already alluded.
have
affecting
no
face
and
for,, investors
to
undoubtedly
may
in
abnormal
unduly
attributed
restriction of credit
is
difficult
without
be
course,
transactions
the market
increasingly
amounts
can,
of
of
trends
concept
the
aspects of the
circumstances,
which
at
produce
period.
A
it
purchasing securities
benefit
actual
moments
preceding
sand
the
all
in
as
appropriate prices
The
formula;
whether
professional,
or
the
different
two
concentration
price which
April 30, 1936
April 30, 1937
markets
which
excluded group's bidding; and, simi¬
larly, it denies to those who desire to purchase the benefit of the excluded
group's competitive offering.
minimum
Total Reported &
Total
Reported
security
realities.
competitive
sellers,
desirous
group
desire to sell
transactions
Year Ended
ability of the holder to
savings to invest them.
under
to
assemble
suitable to the maximum number of
people interested
and this, in turn, is the price that results from bringing
together
who
circumstances
the
upon
in
people
Artificial banning
or sell
securities
most
potential
that
VOLUME OF TRADING
these
long periods be maintained.
foreign
is
the security;
but
spite of the increased number of shares listed and
generally advancing
trends, the volume of transactions decreased in the recent
period,
with the preceding one.
Full lot reported volume decreased
price
as
of Trading
of
desiring to purchase
to be sought
over
price
that which
of
those
artificial restriction
quality
surely and
cannot
of
some
Liquidity and appropriate prices
Volume
In
number
his savings and of the owner of
second
the
in
of
constitutes
The
were
Borrowings of members in the pre-depression period
times
the
as
shares
$863
of
of
period.
to
listed
listed
all
borrowings
average
in
clearly
withdraw
invariable
Exchange members
in
market
the
from
most
borrowing $1,187 million dollars in New York.
The average of these
borrowings during the year was $1,030 million, or 1.03% of the
average
market
markets
Fr£e
provide maximum convertibility for the security holder.
is
Use
not based on manipu¬
competition.
The maximum possible convertibility is
by the willingness of all people to purchase and sell securities.
restricted
or
determined
com¬
or 2.67% during the
previous
The -market value of shares listed increased by
21.3%,
gain of 42.4% during the preceding administrative
a
lation
5804,565,448
1,063,950,736
1,187,279,384
gain of 34,786 thousand shares,
a
administrative year.
as
$33,548,348,437
47,774,402,524
57,962,789,210
1,336,686,499
1,386,653,884
From
2%
Reduce
13^%
to
of Governors of the Federal Reserve
System
Aug. 20 the action of the directors of the Fed¬
1935,
and of the
Chicago Reserve Bank since Jan. 19, 1935.
In
making the reduction public late on Friday afternoon, the
Board said:
Reduction
the
System's
credit
sav¬
merce,
im-
on
Rates
eral Reserve Banks at Atlanta and
Chicago in reducing the
discount rate from 2% to 1
in their districts.
The re¬
duction becomes effective Aug. 21.
The 2% rate of the
Atlanta Reserve Bank has been in effect since Jan.
14,
this
living
of judging how much
The Board
approved
Discount
of
discount
policy
of
rates
at
monetary
this
time
ease
and
would
assist
make
Federal
in
carrying
Reserve
out
Bank
readily available to member banks for the accommodation of com¬
business and agriculture, without encouraging member banks to
borrow outside of their
holdings)
in
order
to
districts
be
in
a
of to
liquidate their portfolios
position
to
meet
the
needs
of
(securities
present
or
Volume
order
to assist the
these districts in
banking requirements in connection with crop movements
borrowers.
prospective
banks
member
and business
credit
should
reduction
the
That
utilize
to
meet
to
Financial Chronicle
145
available
directly
The
serve
in
time
of
time
The
the rates
structure gen¬
The Board also added that the reduction brings
into
with
relation
closer
rate
interest
the
erally prevailing, and affords to member banks
of rates,
which
the benefit
advances made by the Federal Reserve Bank,
in line with those available in the money mar¬
The Board also said:
ket.
"As
of
result
a
Board
.
continued progress of
the
<
mented
have
by
increased and
steadily
seasonal
the present time are aug¬
at
to
relation
with
particularly
requirements,
movements."
crop
•
reserves—idle money—remain at
"an unusually high level" of $750,000,000 for the Federal Reserve System
as
a
whole, and are distributed for the most part among the country
banks and not in the money centers.
Hence, the Board sets forth, reduc¬
tion
of the discount
rates will
turn
this idle money into productive
The Board, also
pointed out that
excess
channels.
It
Board's view,
of
to
and promote the con¬
by making it possible for member banks to obtain
recovery
accommodation
therefore,
Federal
from
employ their
banks
Reserve
funds
will encourage
rates which
at
of agriculture,
needs
the
to meet
industry
commerce.
assets
Col. Ayres of
Cleveland Trust Co.
important changes are under
banking business as recovery pro¬
gresses is noted by Colonel Leonard P. Ayres, Vice-President
of the Cleveland Trust Co., in the "Business Bulletin" issued
Continuing
in
way
that
evidence
the
of
nature
According to Colonel Ayres,
"banking is becoming increasingly an investing business,
and in decreasing degree a lending business."
Presenting a
diagram to show some of the evidence of the degree to which
such changes have been taking place during thte past nine
by the company on Aug. 16.
years in
whole
The
cross-hatched
the
diagram represents
in
the
income
that
of
ing
represented'
income
By
the
1933
billions
21
to
from
came
operating
net
total
only
after
United
in
and the remain¬
had
half
a
over
nearly two and a quarter
billion, and its composition had
from
fallen
a
Income from loans had decreased from $65 out of each
$100 to only $41, while income from investments had increased from $21
greatly changed.
each
of
out
$109
or
well
half
over
only 30% of
from
in
what
By
these
1936
it
1929.
in
was
instead of being 65%
become
had
changes
had become greatly
increased to just over one and a third billions,
income
of
all
investments
been
had
$32.
to
Total
accentuated.
56%
Income from
loans had become
it was in 1929, while income
all instead of the 21% that it
as
of
1929.
banks
American
primarily
are
organized
to
conduct
the
business
of
nearly all their administrative
arrangements are designed to care for those activities.
Nevertheless, their
income from investments is nearly twice as great as their income from
taking
deposits
loans, and
been
in
a
services
This
have
expansion
bonds
banks.
is
was
sorts
14 in
largely
has
one.
of
service
been
from Federal borrowing.
are
and
Despite the recent activity of banks
charges the percentage of income
1936, which was what it had been in 1929.
vigorous
various
recovery
come
loans,
far in this recovery period the trendi in the new direction has
60
progressively
instituting
from
making
and
by government funds which
The bonds representing this new credit
financed
that
our
banks
have become primarily
being predominantly
National
lending
Bank
investing institutions instead
of
institutions as they used to be.
Deposits
on
June 30 Totaled $26,765,-
913,000, Exceeding by $250,803,000 March 31 Figures
—Assets June 30, $30,337,071,000—Gain of $287,899,000 Since March—Loans and Discounts also In¬
crease,
According to Comptroller of Currency
Comptroller of the Currency J. F. T. O'Connor announced
on
Aug. 13 that the total deposits of the 5,299 active Na¬
banks
in
the
continental United
States, Alaska,
tional
Hawaii
and
the
the United
States on
June 30, 1937, the date of the last call made for statements
of condition, aggregated $26,765,913,000, exceeding by $250,803,000 the amount reported by the 5,311 active banks on
March 31, 1937, the date of the previous call, and exceeding
by $565,460,000 the amount reported by the 5,374 active
banks as of June 30, 1936, the date of the corresponding
call a year ago.
In his announcement Mr. O'Connor states
that the deposits on June 30, 1937 (which, he says, were
exceeded in amount on only one other call date in the his¬
tory of the National Banking System, namely, Dec. 31, 1936,
when they aggregated $27,608,397,000), consisted of demand
and time deposits of individuals, partnerships and corpora¬
tions
of
$12,430,183,000 and $7,469,842,000, respectively;
United States Government deposits of $379,331,000; State,
county and municipal deposits of $2,203,466,000; postal sav¬
ings of $88,542,000; deposits of other banks of $3,790,587,000,
Virgin
Islands of
and certified and cashiers' checks,
travelers'
further
O'Connor
checks
analysis
outstanding,
of
says:
the
cash letters of credit, and
&c., of $403,962,000.
June
30
figures,
In his
Comptroller
and an
year.
obligations
Government
direct and fully
in
$8,219,195,000
were
other
with
Balances
banks
and
cash
in process
items
of collection
of
banks, increased $139,165,000
since March and $83,539,000 since June last year.
Cash in vault of $444,598,000 decreased $38,912,000 and $87,096,000 in the three- and 12-month
respectively.
$1,582,The latter figure
class B preferred
stock of $17,965,000, and common stock of $1,288,749,000.
Surplus funds
of $1,073,154,000, undivided profits of $389,233,000, reserves for contin¬
gencies of $155,623,000, and preferred stock retirement fund of $12,024,000,
making a total of $1,630,034,000, increased $18,703,000 since March and
capitatl stock
on
June 30, 1937, amounted to
of $1,587,726,000.
preferred stotck of $281,012,000,
131,000 andi represented a par value
consisted
A
class
of
$155,681,000 since June a year ago.
Bills
payable
$8,530,000,'
of
32.91
June 30,
rediscounts of
$562,000, a total of
March but an increase
in the year.
percentage of loans and
The
was
and
$7,968,000
of
showed' a decrease of $3,737,000 since
$5,658,000
comparison
in
discounts to total deposits on June 30, 1937,
31.94 on March 31, 1937, and 29.61 on
with
1936.
Federal Reserve System Issue
Regulation
Whereby Branches or Agencies of National Banks
in Countries Where
Disturbed Conditions Exist
May Suspend Operations—Branches
China, of Chase National Bank and
Bank of New York
The Board of Governors
in Shanghai,
National City
of the Federal Reserve
System,
taking cognizance of the conditions in China, issued a regu¬
lation on Aug.
14 indicating the procedure whereby a
National bank having a branch or agency in a foreign country
where "a disturbed condition", exists, may suspend opera¬
tions if it is found impracticable to continue to function.
Both the Chase National Bank of New York and the Na¬
Bank of New York operate branches in China;
that the National City had tempo¬
rarily closed their Shanghai branch on Aug. 16, it appears
that this is not the case: the National City we learn is doing
business at the offices of their sub-managers in the French
Concession.
The Chase National Bank, we are advised,
close their branch in Shanghai on Aug. 16 temporarily and are
tional City
while there were reports
now
operating in the International
Settlement on a limited
basis, their business being restricted.
The following is the regulation of the
the Federal Reserve System:
REGULATION
held in great volume in the banks, and the interest on these
largely constitutes the income from investments being received by the
Meanwhile, bank loans have expanded only slowly, and the result
States
$7,933,271,000, including reserve with Reserve
recoveries,
65 from loans,
the year.
$338,578,000
increase of $1,048,633,000, or
$8,807,782,000 showed an increase of
169,000, respectively.
billions of
.
income
little
a
income
investments,
various services.
from
14
is
$30,337,071,000, an increase
1937, were
comparison with $8,165,225,000 on
March 31,
1937, and $8,447,364,000 on June 30, 1936.
Investments in
such obligations on the date of the recent call comprised direct obligations
of $6,902,521,000, obligations of the Reconstruction Finance Corporation
of $153,189,000, Federal Farm Mortgage Corporation bonds of $288,099,000,
and Home Owners' Loan Corporation bonds of $875,386,000.
Other bonds
and securities held, totaling $3,903,092,000, which included obligations of
States,
counties and municipalities aggregating $1,451,629,000, showed
decreases in the three- and 12-month periods of $178,973,000 and $132,-
guaranteed
1936.
losses,
and depreciation, but before operating expenses.
In 1929, just before the
depression, the total operating income was $2,240,000,000.
Of each $100
The
of $553,655,000.
excess
an
previous call on March 31
Investments
operating income of all member banks from 1928 through
dollars the
30,
reserves
13.51%, since the June call of last
Governors of
of
area
held were $23,099,794,000, against
15.63%, were required by law to be
held, however, were $4,163,-
or
The
$287,899,000 since March and an increase of $634,232,000 in
the banks that are members of the Federal Reserve
System, Colonel Ayres says:
June
on
The book value of
Banking Increasingly an Investment Business Rather
Than Lending Business as in Past, According to
banks.
18.03%, representing
or
of $6,511,-
accounts.
deposits
time
plus
$3,610,134,000,
Reserve
total
periods,
+
corporations included
time deposits, open accounts
$591,423,000 ;
deposit of
Loans and discounts of
best discharge its public responsibility
tinuance
them
Reserve
that at this time the Federal
the
can
is
System
and
The
since
movement," the
for bank
the recovery
with
789,000,
of
of
reserves
carried
continued, "demands of agriculture, industry and commerce
accommodation
of
demand
net
which
on
are
individuals, partnerships and
deposits of
certificates
$305,715,000, and deposits evidenced by savings pass books
352,000, the latter figure representing 15,794,219
needs.
1187
,
Effective Aug.
Board of Governors of
.
M
14, 1937
of National Banks and of Corporations Organized
Provisions of Section 25 (a) of the Federal Reserve Act
Foreign Branches
Under the
provisions of section 25 and
section 25 (a) of the Federal Reserve Act, as amended.
Whenever a national bank, pursuant to the provisions of section 25 of
the Federal Reserve Act, as amended, or a corporation organized under
section 25 (a) of the Federal Reserve Act, as amended, has established a
branch or agency in any place in any foreign country, and there exists in such
place a disturbed condition which, in the opinion of the officer in charge of
such branch or agency at the time, endangers the lives of its employees or
the property of such branch or agency at such place, or for any other reason
This regulation
is issued pursuant to the
of the branch or agency and which relates to such disrrenders it impracticable for such branch or agency to con¬
beyond the control
turbed condition
tinue to
function, he may, after every
effort has been made to
render the
service to the depositors of the branch or agency, suspend
the operations of such branch or agency in whole or in part until the reason
for such suspension has ceased to exist and until, in the judgment of such
officer in charge, the branch or agency may safely be reopened and its
greatest possible
resumed: but in the meantime in so far as possible every effort
render service to the depositors of the branch or agency.
cases of such suspension and resumption of operations the facts shall
operations
shail be made to
In all
be
reported as soon, as possible by
agency
such officer in charge of such
branch or
head office of such national bank or corporation which shall
of such report to the Federal Reserve Bank
District in which such head office is located.$
to the
immediately transmit a copy
of the
♦
Board of
Governors of Federal
Reserve System Rules
Types of Bank Loans to Investment
Trusts Must Comply with Usual Margin Require¬
ments—Purchases
of
Debentures Exempt from
That Certain
New
Stipulations
of the Federal Reserve System on
adopted regulations requiring banks to follow the
margin requirements fixed in making certain types of loans to
investment trusts but stating that banks need not follow the
same re quirt ments when buying debentures of investment
The Board of Governors
Aug. 10
1188
Financial
trusts.
The Board's
bank to
an
ruling specifies that,
investment trust
loan made by
a
that the latter
so
Chronicle
standing debentures must fulfill the margin requirements of
Regulation U; thus the amount of the loan may not exceed
45% of the stocks pledged as collateral.
The Board inter¬
preted such a loan as intended to enable the borrower to
curtail or pay off indebtedness which was
originally incurred
in order to carry registered stocks, and therefore it is in¬
cluded within the scope of the regulation
fixing margin re¬
quirements.
The new regulation will become effective
Sept. 1, and will
cover loans made by banks for the
purpose of purchasing or
carrying stocks registered on a national securities exchange,
whether made on or after May 1, 1936, or before that date.
The most important provisions of the new
regulation as
amended to Sept. 1, 1937, are quoted below:
LOANS
BY
BANKS
FOR
THE
PURPOSE
OF
PURCHASING
The President's Committee regards the system of financial administration
having failed during the past 15 years and concludes that the principles
which it is based are unsound.
The Brookings Institution, on the
as
upon
other hand,
regards the existing system as correct in principle.
But the
Brookings Institution does not contend that the existing system has func¬
tioned perfectly during the past 15 years.
It has
These defects are, in brief, that (1) the
budgetary system fails to meet all
of the requirements of an efficient centralized system of
require
the preparation of comprehensive statements of the financial condition and
operations of the government as a whole; (3) the existing distribution of re¬
sponsibility between financial and administrative officers leads to unneces¬
delays in the liquidation of obligations.
sary
In its report to the committees of Congress, the
Brookings Institution
has made recommendations: (1) for improving both current information
and
OR
research techniques of importance to effective
Section 1.
General Rule
budgetary and ad¬
ministrative management; (2) the system of proprietary control fails to
pro¬
vide complete information with respect to Treasury receipts and to
EXCHANGE
__________
in fact, found three major
defects in the present system.
CARRYING STOCKS REGISTERED ON A NATIONAL
SECURI¬
TIES
7
dent's Committee on Government Reorganization, and in
comparing the conclusions reached by that body with the
Brookings recommendations, it said:
a
retire out¬
can
Aug. 21,
budgetary and administrative
management; (2) for meeting the need of the General Accounting Office for
4
information which
will make possible full
control of the
Treasury of the
On and after May 1, 1936, no bank shall make
any loan secured directly
United States; and (3) for proper division of
responsibility between financial
indirectly by
and administrative officers and the
or
registered
on a
stock for the purpose of purchasing or carrying
any stock
national securities exchange in an amount
exceeding the maxi¬
any
loan value of the collateral, as
prescribed from time to time for stocks
mum
in the supplement to this regulation and as
determined
by the bank in good
expedition of both the liquidation of
obligations and the settlement of financial officers' accounts. These recom¬
mendations
readily be incorporated in
can
a
reorganization of the present
system of financial administration.
faith for any collateral other than stocks.
For the purpose of this regulation, the entire
indebtedness of any borrower
Tenders of
$220,659,000 Received to Offering of $100,000,000 of Two Series of Treasury Bills—$50,018,000
to any
bank incurred on or after May 1, 1936, or to any previous
time, for
the purpose of purchasing or
carrying stocks registered on a national securi¬
ties exchange shall be considered a
single loan; and all the collateral securing
such indebtedness shall be considered in
determining whether
or not
Accepted for 122-Day Bills at Rate of 0.216% and
$50,048,000 for 273-Day Bills at Rate of 0.459%
the loan
complies with this regulation.
While
a
bank maintains any such loan, whenever
made, the bank shall
not at any time permit withdrawals or
substitutions of collateral that would
the maximum loan value of the collateral at such
time to be less than
the amount of the loan.
In case such maximum loan value has become
less
than the amount of the loan, a bank shall not
permit withdrawals or sub¬
cause
stitutions that would increase the
deficiency; but the
amount
of the loan
may be increased if there is provided additional collateral
having maximum
loan value at least equal to the amount of the
increase.
Tenders of
$220,659,000 were received at the Federal Re¬
banks and the branches thereof
up to 2 p. m., Eastern
Standard Time, Aug. 16, to the
serve
offering of $100,000,000, or
thereabouts, of two series of Treasury bills dated Aug. 18,
1937, it was announced on Aug. 16 by Acting Secretary of
the Treasury Roswell Magill.
Of the tenders received, Mr.
Magill said, $100,066,000
As noted in
Section 2.
Exceptions to General Rule
the
Notwithstanding the foregoing, a bank may make and may maintain any
loan for the purpose specified
above, without regard to the limitations pre¬
scribed above, if the loan comas within
any
(а)
Any loan to
a
bank
to
or
of the following descriptions:
foreign banking institution;
a
-
(б) Any loan to any person whose total indebtedness to the bank at the
date of and including such loan does not exceed
$1,000;
(c) Any loan to a dealer, or to two or more
dealers, to aid in the financing
of the distribution of securities to customers
not
through the medium of
national securities
(d)
broker
dealer that is made in exceptional circum¬
stances in good faith to meet his
emergency needs;
(e) Any loan for the purpose of purchasing a stock from or
through a per¬
son who is not a member of a
national securities exchange and is not a broker
or dealer who transacts a
business in securities through the medium of
any
such member, or for the purpose of
carrying a stock so purchased;
(f) Any temporary advance to finance the purchase or sale of securities
for prompt delivery which is to be
repaid in the ordinary course of business
upon completion of the transaction;
a
offering
The
two
were accepted for the two series.
Aug. 14, page 1030, the tenders to
issue of
invited
were
series
000,000 each.
One
series
Aug. 12.
on
of bills
were
offered in
1938.
able
Details of the bids to the two issues
follows
as
on
were made
avail¬
Aug. 16 by Acting Secretary Magill:
122-Day Treasury Bills, Maturing Dec. 18, 1937
Total applied for,
§79,813,000
Total
"
Range:
High
:K
-
'•
.v-
accepted, $50,018,000
v.-;'''V'o.,-:
100
Low
99.895—Equivalent rate approximately 0.310%.
Average price 99.927—Equivalent rate approximately 0.216%.
(31%
of the amount bid for at the low price
was
accepted)
273-Day Treasury Bills, Maturing May 18, 1938
Total applied
(g) Any loan against securities in transit, or surrendered for
transfer,
which is payable in the
ordinary course of business upon arrival of the securi¬
ties or upon completion of the
for, S140.846.000
Total accepted, $50,048,000
Range:
High
99.841—Equivalent rate approximately 0.210%.
Low
99.641—Equivalent rate approximately 0.473%.
Average price 99.652—Equivalent rate approximately 0.459%.
transfer;
{h) Any loan which is to be repaid on the calendar
day on which it is
made;
(i) Any loan made outside the 48 States of the United States and the
District of Columbia.
Any loan to a member of a national securities exchange for the
pur¬
pose of financing his or his customers
bona fide arbitrage transactions in
securities;
*(fc) Any loan to a member of a national securities
exchange for the pur¬
pose of financing such member's transactions as an odd-lot
dealer in securi¬
$50,-
was
or
Msjueifll
of
amount
122-day securities, maturing
Dec. 18, 1937, and the other 273-day
bills, maturing May 18,
a
exchange;
Any loan to
our
*
(93% of the amount bid for at the low price
was
accepted)
0")
ties with respect
change
No
to which
he is registered
such national securities
on
ex¬
as an odd-lot dealer.
Public
Refund
Offering of
$21,450,000
FFMC
Bonds
Issue
Be
Made
Aug.
15,
to
Maturing
The
Federal
the
Farm
Mortgage Corporation will
investing public
$21,450,000 bond issue
Governor W.
said
on
Now
I.
proportions,
demand
the
of
issue
the
bond
any
000,000,
offer
not
part
Governor
farm
mortgage
including
corporation
has
further
loans
complete
sufficient
is
of
the
stated:
assuming
pay-offs,
funds
to
more
normal
have increased
retire
the
to
major
a
part
maturing the 15th of this month.
The Governor said that
$11,450,000 will be paid from the funds of the
Corporation to retire the bonds, and $10,000,000 from funds borrowed
by
an
issue of short-term bonds
maturing Feb. 15 next, which will be taken
by the Treasury.
The Corporation expects to collect sufficient funds
between
now
purchased
by
and
Feb.
the
Treasury.
15,
1938,
to take
up
the
$10,000,000
issue
117-Day Bills and $50,000,000 of 273-Day Bills
Aug. 19, announcement was made by Roswell Magill,
Acting Secretary of the Treasury, of a new offering of
Treasury bills in two series to the aggregate amount of $100,received
of the FFMC which matures Aug. 15,
The
for
repayments,
point where
refund
to
of
On
to
Myers of the Farm Credit Administration
Aug. 13.
that
bonds
Offering of $100,000,000 of Treasury Bills in Two
Series—-Both to Be Dated Aug. 25, 1937—$50,000,000
Ac¬
cording to Governor Myers of FCA
to
New
to
be
or
thereabouts.
The tenders to the
offering will be
banks, or the branches
thereof, up to 2 p. m., Eastern Standard Time, Aug. 23.
Bids will not be received at the
Treasury Department,
Washington.
Each series of the bills, which will be sold on a discount
basis to the highest bidders, will be offered in amount of
at
the
Federal
Reserve
$50,000,000,
or thereabouts.
One series will be 117-day
bills, maturing Dec. 20, 1937, and the other 273-day bills,
maturing on May 25, 1938; both series to be dated Aug. 25,
1937.
Acting Secretary Magill pointed out that bidders are
required to specify the particular series for which each tend
is made.
The face amount of the bills of each series will be
on their respective
maturity dates.
payable without interest
There is
a
maturity of Treasury bills in amount of $50,010,000
Aug. 25. The following is from Acting Secretary Magill's
announcement of Aug. 19:
on
The bills will be issued in bearer form
only
tions
Brookings Institution
General's
Duties
FDIC—Senator
Urges Transfer of
to
Byrd
Federal
Makes
Comptroller
Reserve
Board
Public
Report
Federal Finances
and
on
$10,000
$100,000
and in
$500,000
and
amounts or denomina¬
No tender for
$1,000,000
(maturity
amount less than
$1,000 will be considered.
Each ten¬
der must be in
multiples of $1,000.
The price offered must be expressed on
the basis of 100
with not more than three decimal
an
places
e.g.
99.125.
Fractions must not be used.
Comptroller of the Currency should be
abolished and his duties should be transferred to the Federal
Reserve Board and the Federal
Deposit Insurance
Corpora¬
tion, according to
a report by the Brookings Institution to
Committee on Reorganization.
The report,
dealing with the administration of Federal finances, was
written by Daniel T. Seiko and was made
public on Aug. 12
Senate
by Senator Byrd, Chairman of the Committee.
The survey
said that little argument was needed to
demonstrate that the
present pattern of Federal monetary and currency control
imperfect. The report discussed in detail the analysis of
Government finance control which was made
was
$1,000
value).
The office of the
the
of
by the Presi¬
Tenders will be accepted without cash
deposit from incorporated banks
and trust companies and from
ment securities.
10% of the face
responsible and recognized dealers in invest¬
Tenders from others must be accompanied by a deposit of
amount of
Treasury bills applied for
unless the tenders
are
accompanied by an express guaranty of payment by an incorporated bank
or
trust company.
Immediately after the closing hour for receipt of tenders
all tenders received at the Federal
Reserve Banks
or
on
Aug. 23,1937,
branches thereof up
to the
closing hour will be opened and public announcement of the accepta¬
ble prices for each series will follow as soon as
possible thereafter probably
on
the
following morning.
The Secretary of the Treasury expressly
reserves
the right to reject any or all tenders or
parts of tenders and to allot less
than the amount applied for
and his action in any such respect shall be
final.
Any tender which does
not
specifically refer to
a
particular series
,
Volume
Financial
145
"will be subject to rejection.
advised of the
for Treasury
in cash or other
Those submitting tenders will be
Payment at the price offered
acceptance or rejection thereof.
bills allotted must be made at the Federal Reserve Banks
immediately available funds
on
Aug.
1937. provided, however, any
25.
by credit for Trea¬
sury bills maturing Dec. 20, 1937,allotted to it for itself and its customers
up to any amount for which it shall be qualified in excess of existing deposits
when so 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 or other disposition thereof will also be exempt from all
taxation except estate and inheritance taxes.
No loss from the sale or other
disposition of the Treasury bills shall be allowed as a deduction or otherwise
recognized for the purposes of any tax now or hereafter imposed by the
qualified depositary will be permitted to make payment
United States
or any
of its possessions,
amended and this notice pre¬
bills and govern the conditions of their issue.
Treasury Department Circular No. 418
scribe the terms of the Treasury
as
1189
Chronicle
life in the New
new
Pioneering it was called in the olden days'
World.
pioneering it still is—pioneering for the preservation of our
institutions
against
democracy.
Fortitude and courage on our
of those who planted
courage
fundamental
have no faith in
the ceaseless attack of those who
colony on this island in the days
a
and
of good
part succeed the fortitude
Queen Bess.
The President's address follows:
Until
Today
recent
we are
of facts and dates.
history was taught as a series
years
beginning to look
more
closely into the events which
those great social and economic and political changes
preceded
which have deeply
affected the known history of the world.
For
example, most of
of how America
to
came
'
older people learned of Columbus's voyages,
us
named—and
be
we
jumped from there in our
North American history to the founding of Jamestown
1492 to 1607 with
and of Plymouth—
passing reference to Roanoke and perhaps to the
mere
of Verazzano.
voyage
that many other voyages of
It has always been a pet theory of mine
exploration and of trade took place in that century along our American
$4,812,050
Government Securities
Treasury During July
of
Purchased
by
shores.
of 1935:
in Central
and
February
March._ —-
_
April
—41, 049,000 purchased
21, 990,000 sold
23, 326,525 purchased
8, 765,500 purchased
33, 426,000 purchased
-.35, 439,000 purchased
60, 085,000 purchased
May
June
July
August
September
---17, 385,000 purchased
October
18, 419,000 sold
5, 275,200 purchased
November
December
May
June
July
August
September.
October
November
December
January--
— -
February
March...
April---
--18, 546,850 purchased
4, 500,000 purchased
32 702,150 purchased
19, 025,000 purchased
-
February
March
May
June..—---
July
14, 363,300 purchased
5, 701,800 purchased
119, 553,000 purchased
11, 856,500 purchased
3, 853,550 purchased
-.24 370,400 purchased
4, 812,050 purchased
both
to
the
and
east
west
coasts
South
of
today the Atlantic seaboard of the United States.
Some day, perhaps, a closer search of the records
of Britain
France
and
the old
in
ments
Perhaps
even
of the seafaring towns
Scandinavia will
Holland and
and
Flanders
and
rediscover discoverers.
it is not too much to hope that docu¬
excavations in the new may throw some
country and
the fate of the "lost colony" and Roanoke
further light, however dim, on
Virginia Dare.
If
we
understand the full significance of the
to
are
and the early settlements,
if
we are
early explorations
to understand the kind of world upon
which Virginia Dare opened her eyes on that far-away August
we
day in 1587.
why Western Europe came to the New World.
must ask
Explorers to New World Sought Opportunities Not Found at Home
24 174,100 purchased
1937—
January
April.—
1936—
$15 ,794,000 uprchased
30 465,400 purchased
-.15 ,466,700 purchased
3 ,794,850 purchased
47 438,650 purchased
27 ,021,200 purchased
5 ,912,300 purchased
universities
It is unbelievable that white men did not come scores of times
to what is
and
$5, 420,800 purchased
1, 300,000 purchased
America, and extended their cities, their religious institutions
their
even
America.
1936—
1935—
established
great colonies throughout the West Indies, at Panama and other points
Net
market
purchases of Government securities for
Treasury investment accounts for the calendar month of
July, 1937, amounted to $4,812,050, Secretary Morgenthau
announced Aug. 16.
During June the Treasury purchased
$24,370,400 of the securities.
The following tabulation shows the Treasury's transactions
in Government securities, by months, since the beginning
January
We know that during the same period the Spaniards
It
in
was
part because the
the Renaissance
restless
era
was
an
Under
of restless action.
era
experienced great awakenings—they were fired with
men
burst the narrow bounds of the medieval conception
to
energy
of the universe—to fare forth on voyages
of exploration and conquest.
Many of those who sailed in immense discomfort, in tiny ships, across
the Atlantic, were adventurers—some
fame,
the women and
different—seeking
very
But most of them—
impelled by the mere spirit of unrest.
some
the men,
of them seeking riches, some seeking
the
children—came hither seeking something
opportunity
an
which
they
could
find in
not
their homes of the Old World.
President
Opponents as Foes of
Address at Anniversary of
Virginia Dare He Declares He Stands for
L
Birth of
^
Criticizes
Roosevelt
American
System—In
We hear of the gentlemen
and
an
Majority Rule—Bases Speech on Letter by Lord
Macaulay Decrying Democratic Government
I
President Roosevelt
Aug. 18 accused his political oppo¬
on
being foes of democracy who sought to place control
of the Government in the hands of "a select class" and who
used the Constitution as a cloak to hide "their real design."
The President's address was his first major political state¬
ment since the Senate defeated his proposals to enlarge the
born
on
upon a
letter written by
an
The President concluded:
middle classes."
most ignorant part
of society.
statesmen who devoted
I deplore the plutocracy of wealth; but thank
God for the democracy of the
I seek
must be
no
as
courage,
by the laws and rulers of their own home lands.
Those worthy hopes led the father
bear in mind that in all the pioneer settlements
democracy and not feudalism was the rule.
standing guard
turn
and mother of Virginia Dare and the
from many nations through many centuries to seek
by deed and
ideals and hopes forbidden
physically and mentally,
word, to seek better things, to try to capture
to them
The men had to take their
the stockade raised against the Indians.
The
stored for the winter supply of
at
had to take their turn husking corn
women
Rules of conduct had to be established to keep private
the community.
greed or personal misconduct in check.
Practical Democracy Carried
On in Lives of Inhabitants of Early Colonies
much that if certain modern Americans, who protest
I fear very
their devotion to American
earliest American colonists and their
hensive view of the
and government,
loudly
ideals, were suddenly to be given a compre¬
methods of life
They would
the germs of the later
they would promptly label them Socialists.
forget that in these pioneer settlements were all
American Constitution.
forget, too, that although in the days that intervened
and Jamestown and Plymouth and the time of the
would
They
Roanoke
between
American
Revolution itself,
lives of the inhabitants
practical
democracy was carried on in the
of nearly every community in the Thirteen Colonies.
It is true that as commerce
developed in the seaboard cities, and as a few
here and there, a school of thought
of thought in England made great headway.
great landed estates were set up
with the same school
It was this policy
vention
for in that convention there were some who
of 1787;
parallel
which came into the open in the Constitutional Con¬
wanted a
king, there were some who wanted to create titles, and there were many,
like Alexander Hamilton, who sincerely believed that suffrage and the
right to hold office
should be confined to persons of property and persons
of education.
Jefferson's Fight to Preserve Democracy
Thomas
We know, however,
of the newspapers
President
that although this school persisted, with the assistance
of the day, during the first three National Administra¬
eliminated for many years at least under, the leadership of
His was the first great
tions, it was
Thomas Jefferson and his successors.
battle for the preservation
of democracy.
His was the first great victory
for democracy.
In the half-century
that followed there was constant war between those
Jackson, believed in a democracy conducted by and for
of the population, and those who, like the directors
of the United States and their friends in the United States
who, like Andrew
a
complete cross section
of the Bank
at the
top of the
the fundamental
is
conduct of government by a self-perpetuating group
That this was the clear line of demarcation—
ladder.
difference of opinion in regard to American institutions—•
proved by an amazingly interesting
in 1857 to an
letter which Lord Macaulay wrote
American friend.
This friend of his
Macaulay's Criticism
had written a book about Thomas
Jefferson.
Macaulay
said:
"You are
son
a
the
Lord
greater security, of greater happiness.
of
It is rather in praise of
derogation of those pioneers.
had
They
Majority rule
of our citizenship can be brought a life of greater opportunity, of
fathers and mothers
which still contained most of the elements
system
a
This is not in
them.
be maintained—and all of this for the simple, cogent reason that to the
average
from
escape
feudalism.
the safeguard of both liberty and civilization.
be secure; under it abuses can end; under it order
form of religion, oppor¬
classes, opportunity
tunity to get into an environment where there were no
to
heart."
change in the form of American government.
preserved
Under it property can
can
longer necessarily the
I agree with the saying of one of our famous
himself to the principle of majority rule: "I respect
the aristocracy of learning;
sought was something they did not have at home
The opportunity they
—opportunity freely to exercise their own chosen
Senate, believed in the
Under democratic government the poorest are no
England
Holland and Sweden
British cousines would, even today, call "the lower
our
It is well, too, that we
speech
American friend in 1857, in which the
British historian expressed his disapproval of Thomas Jeffer¬
son and of majority rule, and predicted that if the democratic
experiment should continue in the United States it would
result in either despotism or anarchy.
The President compared this letter with the views of
certain modern Americans, and said that it almost appeared
that he was reading "from a resolution of the Liberty League,
of the United States Chamber of Commerce, the National
Association of Manufacturers or the editorials written at
the behest of some well-known newspaper proprietors."
He
asserted that his political opponents had directly succeeded
to a certain line of political thought prevalent during the
last 80 years, and declared that while they "do not yet dare
openly condemn the American form of Government by
popular majority," nevertheless "their
every act shows
their opposition to the very fundamentals of democracy."
In speaking of these opponents, he added:
"They love to intone praise of liberty, to mouth phrases
about the sanctity of our Constitution, but in their hearts
they distrust majority rule because an enlightened majority
will not tolerate the abuses which a privileged minority would
seek to foist upon the people as a whole."
In defining his
own purposes, Mr.
Roosevelt said:
"I seek no change in the form of American Government.
Majority rule must be preserved as the safeguard of both
liberty and civilization." Again referring to Lord Macaulay's
letter, he said that nowhere in its contents, and thus inferentially in the minds of his critics, did he find reference
to improving the condition of the poor, to the encourage¬
ment of better homes, or greater wages or steadier work.
Macaulay to
simple fact which cannot too often be stressed that
a
overwhelming majority of those who came to the Colonies from
belonged to what
this continent.
The President based his
Lord
But it is
and Scotland and Ireland and Wales and France and
nents of
Supreme Court. It was made during a celebration at Fort
Raleigh, Roanoke Island, N. C., of the 300th anniversary
of the birth of Virginia Dare, first child of English parents
gentlemen of wealth who helped to fit out the expe¬
hear of the
we
ditions.
of title, who, on occasion, came to the Colonies,
surprised to learn that I have not a high opinion of Mr. Jeffer¬
surprised at your surprise.
I am certain that I never wrote
I have never .
.
. uttered a word indicating an opinion
and I am
line and that
authority in a State ought to be
told by the head; in other words, to
that the supreme
of citizens
norant
part of
society."
entrusted to the majority
the poorest and most ig¬
1190
Financial Chronicle
.
Macaulay,
words,
other
in
He went
government."
'opposed ]to Jwhat
was
call
we
"popular
on to say:
sooner
later, destroy Ii berty. or civilization, or both."
or
have
doubt
smallest
the
not
life in the New World.
courage
if
that,
had
we
government here, the effect would be the same.
purely democratic
a
.You may think
that your country (speaking of America) enjoys an exception from these
evils.
I am of a very different opinion.
Your fate I believe
to be certain, though it is deferred by a physical cause.
As long as you
have a boundless extent of fertile and unoccupied land, your
laboring
.
against
institutions
Pioneering It
was
called in the olden
days'
fundamental
our
ceaseless attack of those who
the
Fortitude and
democracy.
Then, speaking of England, he says:
"I
new
pioneering it still is—pioneering for the preservation of
__
long-oeen convinced that institutions purely democratic must,
(*I"I have
21, 1937
have
no
faith
in
courage on our part succeed the fortitude and
of those who planted a colony
this Island in the days of good
on
Queen Bess.
,
.
...
population will be far more at ease than the laboring population of the
Old World, and while that is the cae, the Jeffersonian polity may continue
to exist without causing any fatal calamity.
in*»"But the time will come when New England will be as thickly peopled
as old England.
Wages will be as low and will fluctuate as much with you
as with us.
You will have your Manchesters and Birminghams, and in
those Manchesters and Birminghams hundreds of thousands of artisans
will assuredly be sometimes out of work.
Then your institutions will be
fairly brought to the test.
Distress everywhere makes the laborer mutinous
and
discontented
who
tell
a
him
inclines
and
that
is
it
him
listen
to
with
iniquity that
full meal."
million while another cannot get a
to
eagerness
monstrous
a
one
agitators
should
man
have
And then Macaulay goes on to tell his American friend how they handled
such situations in
"fn
England^ He says:
bad years there is plenty of
rioting, but it
grumbling here and sometimes
a
little
For here the sufferers are not the rulers.
The supreme power is in the hands of a class, numerous indeed, but select
an educated class
a class which is, and knows itself to
be,
.
.
matters little.
.
.
.
.
deeply interested in the security of property and the maintenance of order.
Accordingly the malcontents are firmly yet gently restrained.
The bad
time is got over without robbing the wealthy to relieve the
indigent.
The
springs of national prosperity soon begin to flow again
and all is
tranquillity and cheerfulness."
.
.
.
Compares Criticisms with Those of "American Lord Macaulays"
Almost, methinks, I
of
the
United
some
Chamber
Association
behest of
reading not from Macaulay but from
am
States
National
of
Commerce,
of Manufacturers
the
the
or
Liberty
editorials
a
resolution
League,
written
the
the
at
well-known newspaper proprietors.
Like these gentlemen of
1937,
Macaualy in
1857 painted this gloomy
picture of the future of the United States:
"I cannot
help foreboding the worst.
ment will never be able to restrain
.
has
It is quite plain that
your
distressed and discontented
a
the day will come when
had more than half a breakfast
.
.
...
govern¬
majority
or expects to have more than half a
legislature.
.On one side is a statesman preaching
patience, respect for vested rights.
On the other is a demagogue
ranting about the tyranny of capitalists
and asking why anybody
should be permitted to drink champagne and to ride in a
carriage while
dinner. will choose
a
.
.
...
.
thousands of honest folks
.
.
in want of necessaries.
are
I seriously
...
apprehend that you will, in some such season of adversity
do
things which will prevent prosperity from returning: that you will act
like people who should in a year of scarcity devour all the seed corn and
thus make the next year a year not of scarcity but of absolute famine.
There is nothing to stop you.
Your Constitution is all sail and no anchor
Signs
District
of
Columbia
Tax
Bill—With Miller-Tydings Price Maintenance Legis¬
lation as Rider—Indicates Opposition to Latter
Criticizes
and
Congress For Attaching Unrelated
Appropriation Bills
Riders to
Roosevelt
President
on
Aug.
carrying as
Columbia Tax Bill,
18 signed the District of
rider the Miller-Tydings
a
price maintenance bill. The inclusion of this legislation as
part of the tax measure, was detailed in these columns
July 31, page 692 and Aug. 7, page 855. President Roose¬
velt's opposition to the price maintenance bill was noted at
that time, and in signing the bill which embodies the two
measures he indicates that he has no hesitation in approving
the tax legislation, but says "I have distinct hesitation in ap¬
proving the rider which weakens the anti-trust laws."
He
states that this is the first instance during his term of office
that "this vicious practice of attaching unrelated riders to
tax or appropriation bills has occurred"; he decided to sign
the bill, he says, "in the hope that it will not be as harmful
as most people predict.'?
One of the principal objections to
the bill, said the President "is that the departments [of the
Government], opposing it believe it wall seriously raise the
cost of many articles to the consuming public."
Repre¬
sentative Celler of New York was one of those opposed to the
legislation, and earlier this month he urged President Roose¬
velt to veto it.
The statement made by the President with
the signing of the bill follows:
multitude of people, none of whom
a
Roosevelt
President
There has been before
provide additional
for ten days an important and lengthy bill to
me
for the District of Columbia.
revenue
To this bill, dur¬
ing its discussion in the Senate, was attached a wholly unrelated amendment
pertaining to existing anti-trust laws in so far as they affect retail sales.
This is the first instance during my term
of office that this vicious practice
of attaching unrelated riders to tax or appropriation bills has occurred.
...
.
.
.
with
a
either some Caesar or Napoleon will seize the reins of
government
strong hand, or your Republic will be
laid waste by barbarians
.
.
in the twentieth century as the Roman
.
Empire
The country will recognize the
unfairness of placing
any
rider has been attached to it.
In the present case I have no hesitation in
approving the tax legislation for the District of Columbia, but I have dis¬
tinct hesitation in approving
was in the fifth."
the rider which weakens the anti-trust laws.
Several of the Departments of the government have pointed out, in re¬
ports they have given
extremely objectionable features in this rider and
That, my friends, with all due respect to Lord Macaulay, is an excellent
representation of the cries of alarm which rise today from the throats of
recommended my veto of the whole bill on this account.
American
other hand, some estimable opinion that
the
Lord
Scylla of dictatorship
the other.
on
Macaulays.
They tell
the
on
hand,
one
that America
you
drifts
toward
the Charybdis of anarchy
or
.
.
anchor
They do not believe in democracy—I do.
democracy—and more democracy.
And, my friends, I
is
of the firm belief that the
am
Nation, by
overwhelming majority,
an
sup¬
ports my opposition to the vesting of supreme power in the hands of any
class, numerous but select.
It
is
of interest
read
to
Macaulay's letter with care—for
I
find in it
reference to the improving of the living conditions of the
poor, to the
no
encouragement
find
no
of better
homes
greater
or
wages,
steadier
or
work.
I
reference to the averting of panics, no words for the
encouragement
of the farmer—nothing at
contents
all, in fact,
firmly but gently restrained"
are
the suggestion that
except
*
.
"mal¬
in the interest of the
...
"security of property and the maintenance of order."
I conceive it to be true that I
of property and
am
just
strongly in favor of the security
as
the maintenance of order
as
Lord Macaulay,
American Lord Macaulays who thunder today.
people
with
are
But
me, too.
we cannot go
popular majority.
dare
openly to
American scheme
the
In this country 80
condemn the
or
as
the
a
select class,
majority, for they profess adherence
their
every
shows
act
their
of government
based
objections to the rider is that the Departments opposing
seriously raise the cost of
years later his successors do not
to the
of government
store goods for example.
crat,
form, while, at the
the
very
same
as a whole.
Since the determination of this
minority is to substitute their will for
majority, would it
"We
as a
agree
not be
more
honest for them, instead of using
cloak to hide their real
designs, to
They seek to substitute their
would
the
serve
their
principle
out frankly
greater
change in the American
for
the
the
general
welfare.
greater
number,
for they
They reject
which is
the
Under democratic government the poorest are no
longer necessarily the
ignorant
of society.
part
famous statesmen
who
devoted
I
agree
with
the saying
of one
of our
himself to the principle of majority rule:
"I respect the aristocracy of
learning;
but thank God for the
I deplore the plutocracy of wealth:
democracy of the heart."
Seeks No Change in Form of American Government
T
I
rule
seek
change
no
must]!be
)l Under it property
can
in
preserved
the
as
can
form
of
American
government.
secure:
under it abuses
can
be maintained—and all of this for the
simple,
the average of
Majority
the safeguard of both liberty and civilization.
be
our^citizenship
can
be brought
a
sponsors,
would help
stQp
Representative Miller, Demo¬
"predatory price-cutting
as
a
large distributors to crush small business men."
4,
Roosevelt
Vetoes
Resolution
Authorizing
National Plan for Flood Control and Soil Conserva¬
tion to Be
Developed by War Department—Not in
Accord with His Proposal for Initiation of Plan
by
State and Local Units—Will Offer New Plan to
Congress in January
On
Aug.
end; under it order
cogent reason that to
life of greater opportunity,
ment
and
President
authority
soil
states
his
to
Roosevelt
develop
conservation
that
such
message
a
and
plan.
program
to Congress
legislation looking to
utilization
proposed
vetoed
Senate
a
joint
of
that
control
The President in his
power
message
is contrary to the proposal in
June 3, in which
he advicated
national planning of
a
the
national flood
a
conservation
011
water
such
and
related
land
resources,
planning "should start at the
bottom through the initiation of planning work in the State
a
and local units and that it' should
of
programs
on
a
regional
contemplate the formula¬
basis."
President's
The
message of June 3
asking the passage by Congress of legis¬
lation creating seven new regional agencies similar to the
Tennessee
formation
Valley Authority and designed
of
Federal
as
bases for the
liydro-electric power
projects was given in these columns June 5, page 3762.
In
his veto message of a week ago the President points out
a
system
of
that under the resolution disapproved
by him "the local and
regional basis of planning would be ignored and there would
be
to
no
review of the whole program prior to
Congress."
of greater security, of greater
happiness.
gress
to be
Those worthy hopes led the father and mother of
Virginia Dare and the
fathers and mothers from many nations
through many centuries to seek
13
resolution which proposed to confer upon the War
Depart¬
y
One of the
said it
President
tion
cornerstone of democratic government.
most
attaching unrelated riders to im¬
Missouri, Alabama, New Hampshire and Texas.
but
will for that of the majority,
above
good
a
by the Founding Fathers."
own
interest
own
of the
come
with Macaulay that the American form of govern¬
ment will lead to disaster and therefore we seek
form of government as laid down
objection to this unusual method of
"fair trade acts" and exempts them from Federal anti-trust laws.
Such acts are now in force in 42 states—all
except Delaware, Mississippi,
time,
minority would seek to foist upon the people
and say:
it believe it will
articles to the consuming public.
The measure would permit manufacturers
throughout most of the country
to contract for minimum retail
prices on their goods.
It effectuates state
fundamentals of de¬
Constitution—but in their hearts they distrust majority rule because
enlightened majority will not tolerate the abuses which a privileged
the Constitution
of Arkansas,
weapon of monopolistic
by popular
our
that of the
as
Backers of the Miller-Tydings measure said its
purpose was to eliminate
price-slashing of nationally advertised products—cosmetics and other drug
They love to intone praise of liberty, to mouth phrases about the sanctity
an
harmful
Under date of Aug. 18, Associated Press accounts from
Washington stated:
mocracy.
of
as
portant and specific bills.
yet
form
opposition to
many
But in signing it I express again the
on
American
that it will not be
And in this the American
and that if America does not come to that
system, America will perish.
condemned
on the
people predict, and I call attention to the fact that one of the principal
along with the Tory insistence
that salvation lies in the vesting of
power in the hands of
Macaulay
There is,
the effect of this rider will not be
by the Departments that favor a veto.
United States will forego the practice of
different anchor.
a
it is feared
as
passing laws, and 1 sincerely trust that future sessions of the Congress of the
President's Anchor 11 Democracy and More Democracy"
Mine is
me,
I have decided to sign the bill in the hope
most
"Supreme power
in the hands of a class, numerous indeed, but
select; of an educated class, of a class which is, and knows itself to be,
deeply interested in the security of property and the maintenance of order."
My
serious
as
Their anchor for the salvation of the ship of state is
Macaulay's
anchor:
.
President in the
position of having to disapprove a major bill just because an extraneous
in
January
"a
comprehensive
prepared by all of the
cerned."
The
its presentation
He indicates his intention to present to Con¬
President's
many
veto
national
plan
.
government agencies
message
follows:
.
.
con¬
Volume
To
when
the Senate:
I
herewith without
return
"Joint
entitled
Resolution
approval Senate Joint Resolution No. 57,
authorize the submission to Congress of a
my
to
control of floods of all
the major rivers of the United States, development of hydro-electric power
resources, water and soil conservation, and for other purposes."
In my message of June 3,
1937, I proposed for the consideration of
Congress a thoroughly democratic process of national planning of the
comprehensive national plan for the prevention and
State
start
and
water
related
land resources of
at
local
and
the
of
I expressed the belief that such a process of national planning
the bottom through the initiation of planning work in the
country.
should
utilization
and
conservation
our
formulation of
should contemplate the
that it
and
units,
regional basis, the integration of fiscal and conservation
policies on a national basis, and the submission of a comprehensive develop¬
ment program to the Congress by the President.
The reverse of such a process of national planning is prescribed
in
Senate Joint Resolution 57.
By this resolution the War Department would
on
programs
become
a
national
the
planning agency,
not alone for flood
control, but for
Although the Department of Agri¬
culture would prepare reports on run-off retardation and soil erosion pre¬
vention, and the Department of the Intreior be consulted on reclamation
all
other
the
multiple
of water.
uses
the War Department
projects,
directly
instead
Congress
to
would report for these coordinate agencies
of to the Chief Executive.
The local and
and there would be no review
to Congress, from the
standpoints of national budgetary considerations and national conservation
regional basis of planning would be ignored,
of
whole
the
prior
program,
its presentation
to
policies.
The
experience in the building
the projects entrusted to it
Army Engineers has had wide
Corps of
control
flood
of
projects
has executed
and
great skill and ability.
Its experience and background are not alone
however, for the planning of a comprehensive program for the
with
sufficient,
of the Nation.
and related resources is
distributed by law amopg numerous governmental agencies, such as the
Departments of Agriculture and Interior, the Federal Power Commission,
the United States Public Health Service, the International Boundary Commission
and
the
Tennessee
Valley Authority.
The joint resolution
encroaches upon the functions of these agencies and ignores and duplicates
the coordinated planning work already in progress under the general guid¬
development of the vast water and related xesources
planning of the use and control of water
The
Committee.
subscribe,
impossible to
it
find
I
therefore,
to
the proposal that has
in this joint resolution.
embodied
been
Resources
National
of the
ance
resolution
I
propose to present to the Congress in January a comprehensive national
plan for flood control and prevention and the development of water and
soil conservation, such plan to be prepared by all of the many government
This does
without
need
the
of
any
that this will meet all of the desires
truBt
of the Congress.
FRANKLIN
The
whatsoever.
legislation
concerned.
agencies
I
that the objective of this joint
however,
mean,
attained
be
cannot
not
White House, Aug. 13,
D.
ROOSEVELT.
1937.
The resolution vetoed
by the President was introduced
passed by the Senate on June 14,
amended form it passed the House on July 29.
Mrs. Caraway; it was
in
1191
Financial Chronicle
145
by
and
Senators
fornia,
and
insisted
Hiram
Edward
that
the
W.
R.
Johnson,
nomination
be
Republican of Cali¬
of Nebraska,
Democrat
Burke,
submitted
On
Aug. 14 Senator Bridges, Republican of New Hamp¬
one of those opposed to the nomination, rose in the
Senate to demand public hearings.
Before he could get the floor, a quorum was called and
because too few answered the Senate adjourned for the
week-end.
In a telegram to the Judiciary Committee on
Aug. 14 Alfred A. Cook, Chairman of the Judiciary Com¬
mittee of the Association of the Bar of the
City of New
shire,
York, declared it "essential that there be
consideration of
a
of Senator Hugo L. Black
Justice of United States Supreme
President
by
Roosevelt
as
Van Devanter—Gov. Graves
Court—Named
Successor
to
and reasonable
opportunity be given to the bar of the country to submit
to the Judiciary Committee of the Senate its views as to
fitness and qualifications of the nominee."
Approval of the nomination by labor was indicated in a
telegram addressed to the Judiciary Committee on Aug. 14
by Wilham Green, President of the American Federation of
Labor, who urged prompt endorsement of the nomination.
According to a Washington dispatch Aug. 16 to the
New York "Times," final action by the Judiciary Com¬
mittee on that day came when Senator Austin moved for
a delay
pending further investigation of the legality of the
appointment and the qualifications of the nominee.
The
motion
defeated
11 to 5.
Senator Neely immediately
favorably, and the motion carried, said the
dispatch, which added:
was
moved to report
Committee
Aug. 16, in voting approval of the nomination of Senator
Hugo L. Black of Alabama as Associate Justice of the
United States Supreme Court, the Senate on Aug. 17, by a
vote of 63 to 16
nomination
of Indiana;
judgment " said Governor Graves in a statement
and to carry out
"Dixie Graves
best fitted to serve in this ad interim appointment
the policies.'
to choose a successor to
crat of
ordered
arrange
a
special election for April
"the State executive
com¬
for a primary election and for the run-off primary if
necessary."
crat of
Levitt
who
General Cummings,
recently resigned as a special assistant to Attorney-
asked the high court for permission to file a petition
Black—confirmed by the Senate yesterday—be
required to show why he should be permitted to serve as an Associate
that
Senator
Mr. Levitt contended that Senator Black was
prohibited from going
the court because he was a member of the Senate
of the Justices were increased by
was
legislation permitting jurists to retire on
Mr. Levitt also asserted that Justice Willis Van Devanter legally
still a member of the court and that there was no vacancy to be filled.
The
nomination of Senator Black, a staunch New Deal
unexpectedly sent to the Senate by President
Roosevelt on Aug. 12; Mr. Black was named to fill the
vacancy in the Supreme Court caused by the retirement
Democrat,
was
The resignation
of Justice Van Devanter, which became effective on June 2,
was referred
to in our issues of June 5, page 3771, and
of Associate Justice Willis Van Devanter.
'
May
on
Nevada; Van Nuys, Democrat
Logan; Dieterich; McGill; Hatch,
Democrat of New Mexico;
Arizona, and Pittman, Democrat of Nevada.
Senators King, Demo¬
22,
nomination
page
3434.
of Senator
Utah; Burke; Austin, and Steiwer, Republican of Oregon.
On Senator Austin's motion to give further committee consideration to
Negative votes on Mr.
Van
Austin's motion
were
cast
were
Senators
by Senators Neely,
Nuys, Logan, Dieterich, McGill, Hatch, Pittman, Connally. Hughes,
Borah, and Ashurst.
It was noted that Mr.
Borah, who previously had not committed him¬
self on how he would vote because of his contention that
no
vacancy exists
the high bench, voted against Mr. Austin's motion and for Mr. Neely's
motion to approve
the nomination.
motion
for further
before the meeting said he would support any
consideration
or
for calling
witnesses,
Austin's motion, but when it was defeated voted in the
voted
affirmative
for Mr.
on
Mr.
Immediate
Black
was
confirmation
prevented
on
of
Aug.
Burke
and Mr.
Dieterich, who supported the Black nomination,
Mr. Burke said later that there was "nothing
exchanged heated remarks.
Other members reported the clash
unusual."
was
sharp, with Mr. Die¬
terich assailing Mr. Burke for seeking to call Mr. Black before the Com¬
mittee.
.
.
.
Borah, Burke, Democrat of
Senators
Nebraska,"and Austin, Republican,
presented to the Committee at a two-hour executive session
argument
Court
of their view that Mr.
post
vacated
by
a
detailed
Black is not eligible for the Supreme
the retirement of Associate
Justice
Willis
Van
Devanter.
Mr. Borah argued that no vacancy exists on the Court due to faults in
on
when the "emoluments"
""
l
from Washington Aug. 16 it
voting to report the nomination
the motion of Senator Neely were:
accounts
King, McCarran, Burke, Austin, and Steiwer.
Justice.
full pay.
an
The
senators
legality of the nomination those voting in the affirmative
Mr.
Aug. 18 Albert Levitt, former Federal Judge in the
Virgin Islands, sought to prevent Senator Black from taking
his seat on the Supreme Court bench.
Associated Press
advices from Washington Aug. 18 had the following to say:
praying
Mr. Badger was a Whig.
Neely's motion.
On
Mr.
Press
that
Senator McCarran, who
said
Fillmore
The United Press also said:
Mr. Black.
"Prior to that time " Governor Graves
Senator
to confirm
President
Connally, Democrat of Texas; O'Mahoney, Democrat of Wyoming; Hughes,
Democrat of Delaware; Borah, Republican of Idaho, and Ashurst, Demo¬
on
The Alabama Governor said he had
that action is
1853
Those voting against the favorable report were:
is in all respects the
can
In
.
resigned from the Senate on Aug. 19, when he
received his commission as a Justice of the Supreme Court
from President Roosevelt.
Following the resignation of
Senator Black, Gov. Biff Graves of Alabama named to
the
Senatorship his wife, Mrs. Dixie Graves.
United Press
advices quoted the Governor as follows:
Mr. Black
mittee
precedent.
Senators Neely; McCarran Democrat of
confirmed the nomination, which had been
of 13 to 4.
26, 1938
stated
favorably
favorably reported by the Judiciary Committee by a vote
"In my
a
George Edmund Badger of North Carolina to be
not confirmed.
was
United
In
was
Following the action of the Senate Judiciary
establish
not
Senator
Associate Justice of the Supreme Court.
Willis
on
would
nominated
Names Wife to Succeed
Senator Black
haste in the
no
nominee and that proper
Opponents of confirmation pointed out that failure
as
Senate
Committee for consideration in view of the
controversy which recently occurred over the plan of Presi¬
dent Roosevelt to reorganize the Supreme Court.
Accord¬
ingly, the nomination was submitted to the Committee and
by it to a sub-committee headed by Senator Matthew M.
Neely, Democrat, of West Virginia, and including Senators
M. M. Logan, of Kentucky; William H. Dieterich, of Illinois;
and George McGill, of Kansas, Democrats, and Senators
William E. Borah, of Idaho, and Warren R. Austin, of Ver¬
mont, Republicans.
Referring of the nomination of Senator
Black to the Senate Judiciary Committee for study breached
for the first time since 1888 a
courtesy rule of the Senate
whereby appointees from its membership to the Supreme
Court bench are confirmed promptly.
The sub-committee
gave its approval to the nomination on Aug.
13.
The
sub-committee voted to report Senator Black's nomination
favorably after rejecting a move by Senator Austin to
hold up action pending study of legal
questions involved.
All members of the sub-committee
except Mr. Austin voted
for approval of the nomination and
rejection of Mr. Austin's
proposal for delay.
Black
Senate Confirms Nomination
the
to
Judiciary
the
12
the retirement Act.
was
constitutionally
in which he
Senators Austin and Burke contended that Mr. Black
barred from
taking the
post
because the
Congress
served increased the emoluments of the office by passing the
Supreme Court Retirement Act.
Mr. Black's confirmation
by the Senate followed hours of
debate in which his
cause
from
opponents declared him ineligible be¬
of Ku Klux Klan sympathies. United Press accounts
Washington indicating this continued in part:
The confirmation came after the Senate rejected, 15 to 66, a motion
Senator H.
Styles Bridges (Rep., N. H.) to send Mr. Black's
to the Senate
by
back
Judiciary Committee for further investigation-a motion than
led Senator Edward R. Burke (Dem.,
in
name
Washington
were
ready to
Neb.) to charge that two Alabamans
testify that Black
was
a
member of the
1192
Financial
Senator Borah denied the Klan accusations and
challenged anyone with
proof of them "to present them here."
But despite Burke's charges and the plea
(Dem., Md.) that "we'll
of Senator Millard Tydings
never have a chance to find out the
truth
after
confirmation," the Senate went ahead.
Calif.)
Austin
were
(Dem., Neb.), Byrd (Dem., Va.), Copeland
N. Y ). Davis (Rep., Pa ), Gerry (Dem., R. I.), Hale
(Rep
(Rep.
Lodge
(Rep.
Mass.), Lonergan
(Dem.,
,
Johnson
Steiwer
Republicans: Austin, Borah, Bridges, Davis, Hale, Johnson of California;
Lodge, Steiwer, Townsend, White.
tions
who had absented himself from the Senate
since his nomina¬
ever
made, awaited word of the Senate's action in the office of the
the hall. Smiling but somewhat nervous, he received the
was
Secretary
Senator Black, who is 51
old, 19 years below the
proposed by President Roose¬
years
Supreme Court retirement age
velt, is co-author of the Black-Connery wages and hours bill
now before
Congress, and has been a severe critic of the
Supreme Court and ardent' supporter of the President's
proposal to enlarge that body.
The following bearing on
the nomination of the Senator to the
Supreme Court bench
is from Washington, United Press, advices of
Aug. 12, ap¬
pearing in the New York "Journal of Commerce" of Aug. 13.
nomination
caused
distinct
said he had known of it only
for
surprise,
few hours.
a
being considered and that Mr.
a
Roosevelt
The President had
name.
even
Senator
to
even
Only half
Senate met, the White House had announced that 60
select
did
not
or
an
Black,
hour before the
70 candidates
know
who
when
he
were
would
Congressional reaction
was
although
there
was
a
The two leading figures of organized labor,
President William Green of the American Federation of
Labor and Chair¬
man John L.
Lewis of the Committee for Industrial
Organization, both
indorsed Senator Black, who has headed the Senate
Committee
tion and Labor and who but recently
whipped
Educa¬
on
through the Administration's
wage and hour bill aimed to raise the standards of industrial
workers.
The only
Senators who committed themselves to vote
against
Senator
H. Styles Bridges (Rep., N. H.); William H.
King (Dem., Utah);
and Carter Glass (Dem., Va.), whom President
Roosevelt Calls the "un¬
reconstructed rebel."
Senator Bridges said he would
oppose Senator Black
because he doesn't think the Alabaman has a "suitable
were
judicial tempera¬
ment."
Senator
King,
although
opposed,
predicted
the
Senate
would
confirm the nomination without prolonged
dispute.
Senate Majority Leader Alben W.
.
.
.
N. Garner sought to bring the nomination
up at once but Senator
objected.
The Vice President then blurted out the news
Johnson
that
Senator Black
had been selected.
Chairman Henry F. Ashurst (Dem.,
Ariz.), of the Senate Judiciary Committee moved for immediate considera¬
tion of the nomination.
Ashurst to withdraw his
Senator Burke's objection
finally caused Senator
motion and to refer Senator Black's name to
the sub-committee.
In its earlier announcement
as to
the uncertainty over when the nomina¬
tion would be made the White House
intimated that President
Roosevelt
had intended to nominate Senate
Majority Leader Joe T. Robinson and
had not considered anyone else until Mr.
Robinson's sudden death, July 14.
Discussion of Mr. Robinson's name led to a review of
some of the techni¬
calities that might prevent a Senator who had
voted
to
permit Supreme
Court justices to retire from
serving on the Court, since legislators are for¬
bidden to accept posts they help to create.
It was doubted, however, that
this law could be construed to bar Mr. Black.
Later Senator Burke said he would demand an
opinion from AttorneyGeneral Homer S. Cummings on three
technicalities:
1. Whether the Retirement Act
passed this session, under which Van
Devanter quit active service, had increased the
emoluments of the Supreme
Court justices by givmg them full
pay on retirement.
A ruling that it had,
would bar a Senator from accepting the
job.
2. Whether there actually is a
Supreme Court vacancy—a question
raised by Senator William E. Borah
(Rep., Idaho), who claimed that Van
Devanter technically is still
another would make
a
a
member of the Court and appointment of
court of 10 members.
3. Whether Senator Black would fill
justice.
Senator Burke said that if
opinion he would introduce
a
shown
operations
want
to
Cummings is unable
a
to render such
a
tenth
formal
a
resolution
thinking, but
one who was
from the Democrats who
expected to provoke
of
Mr.
used
minimum
of opposition
fought the Court bill.
Any fight against Mr. Black on the basis of his views—and none was in¬
dicated immediately—would be hampered
by the rules of Senatorial cour¬
tesy.
Nomination of an outsider might have created a
long dispute.
Borah
in
Permitting Export of "Non-Military"
Quantities of Helium Gas—Dr. Hugo Eckener of
German
Zeppelin
Co.
Had
Testified
at
Com¬
mittee Hearing in
Support of Measure
By
vote of 37 to 26 the Senate
a
on
Aug. 11 passed
a
bill
amending the Act authorizing "the conservation, production
exploitation of helium gas."
The export of helium for
and
use
in
mitted
foreign
under
available to
passenger-carrying
airships would
be
and
seeking to prevent the
was
corporations in
this
"If
explained
by
use
of helium
for
a
for
desire
"to
Avar
counts
in the United States.
helium
abroad
for
commercial
how it is used," he said.
over
effort
an
to
whether the
prevent
military
restrictions in
Thomas
Mr.
countered
of
use
the bill
Senator Thomas,
military
sponsor
on
see
the bill,
under
give approval
This, he said, came about as the result
the part of the Senate Military Affairs Com¬
to it that
purposes
from
no
helium
could
in foreign lands."
Washington
on
Aug. 11 it
In
possibly be used
United
was
Press
stated:
no
the
but
gas,
there
is
question
a
sufficient."
are
the
have
will
we
measure
in
was
the
interest
of
"good
neighborliness" and commercial progress and that experts believed it took
precautions against use of helium for military purposes.
Dr.
the
Evkener,
Hugo
committee in
Mr.
Lodge,
dirigibles
areas
of
the German
Zeppelin
of
the
of
Co.,
testifying
before
helium
which
slight military value.
however,
of
were
pointed
slight
that
Europe, but
head
support
could be
would go abroad
there
bill,
had insisted that
Commander
to
military
value
in
Eckener's
the
definite military
were
the
testimony
congested
for
uses
air
them
that
lanes
along
of
such
the United States coast line.
as
In
expressing his belief that every conceivable safeguard
provided in the bill to prevent exports of helium
for military purposes, Senator Thomas of
Utah, in the Sen¬
lias
been
ate,
on
Aug. 11,
was quoted as follows in the
"Congressional
Record":
Section
all
and
4
this
of
measure
be exported
may
without
possessions,
provides,
from
ing
license to
a
the
first place,
States,
obtained
from
that
from
or
the
its
helium
no
Territories
Secretary
of
State
The section sets forth two methods of obtain¬
helium.
export
in
United
the
license
a
authorizing the exportation.
First,
helium
no
be
shall
gas
exported
the United States, or from its Territories and
possessions, until after
application has been made to the Secretary of State, and a license authoriz¬
ing the exportation has been obtained from him on the joint recommenda¬
from
tion
of all
members
the
Secretary of the
posed
of
the
of
the
Secretaries
National
Munitions
Control
Board
and
The National
Interior.
Munitions
Control
Board
is
of
the
com¬
State,
Treasury, War, Navy and Commerce.
Secretary of State is Chairman of the Board.
And here, Mr. President,
be proper for me to explain the fact that in Section 4 we have
The
will
it
what
is
assumed,
control.
the
of
States;
careful
in
war
the
be
everyone to
helium
in
after
rather complex
a
that
in
had
by
the
fact
that
been
granted
we
by
the
President
the
of
the
attempted to be
possible way could
no
foreign land,
a
method of
perfectly happy to
was
license
approved
regulations
emphasize
to
matter
purposes
the bill
"Sec.
but
this
of
under
State
United
by
:lY.v
itself, I think, for the most part
exportation
Secretary
for
I think,
•V>Y':Y U'Y'
committee
allow
any
60
helium be used
went to the extreme of writing into
we
following provision:
4.
No helium gas shall be exported from the United States, or from its
Territories and Possessions, until after application has been made to the
Secretary
of State and a license authorizing said exportation has been obtained from him on
the Joint recommendation of all the members
Board
the Secretary
and
of the National Munitions
Control
of the Interior."
There is
a second
way in which helium may be exported.
Under regula¬
governing exportation of helium approved by the National Munitions
tions
Control
Board
and
the
Secretary
quantities of helium that
regulations,
and
may
be
such
specific
which
under
made
the
even
license
the
granted
of
by
the
the
of
Secretary
and
of
not
shipments
export
as
be
to
Secretary
members
defined in
of
said
specified therein,
of
State
National
the
without
Munitions
It is to be noted that in
exportation
by the National
Interior
the
the
Interior,
maximum
a
Secretary of the Interior.
approved
of
obtained from
the
military importance
exceed
small quantities of helium
regulations
Secretary
of
not of
are
do not
recommendation
Control Board and
exporting
under
can
Munitions
until
after
take place only
Control
a
Board
license
and
had
been
State.
Furthermore, it is specifically stated in Section 4 that regulations gov¬
erning the exportation of helium, which are to be drafted by the National
permit
Control
Board
accumulations
foreign
any
and
the
helium
of
country.
Thus, I think it
Secretary
in
of
quantities
the
of
Interior,
military
shall
not
importance
result
to
of
of
the
the
make
may
desire
helium
mercial
purposes, not
citizens
of
protected
the
on
President
our
the
by
world,
part of
himself,
the
the heads of
especially
available
for
many
after
medical,
for
the
as
a
as
a
of the departments,
Hindenburg disaster,
scientific,
and
for
com¬
only to the citizens of the United States but to the
have framed
we
safeguard
every
in
...
be maintained, and properly maintained, that
result of the hearings, as a result of the discussion in the
committee,
which
control
of
this
a
bill which will
the committee
so
could
provide,
muster
a
bill
in
the
great and imporant commodity.
House consideration of the bill Avas blocked on Aug. 16
by
Representative Thomas of New Jersey (a Republican), who
declared that he would oppose any attempt to pass it under
a special rule.
He is quoted as having said:
"The present
close tie-up between the American
the people who are
pelin Co. makes
the helium
me
Zeppelin Transport, Inc.,
pushing this bill, and the German Zep¬
unduly suspicious of the motives behind
export bill."
♦
Senate
ac¬
Passes
Expressed
Bill
in
Would
Cover
ported
purposes
of
that
purposes,
"The authors of the bill have made
sufficient
In
for the exportation.
mittee
helium
see
opposed the bill because of the danger that helium would be
dirigibles and because it would create a government
sell
we
control
country and
that the heads of six departments of the
government,
the direction of the President, will have to
of
the dirigible Hindenburg
disaster because
helium, produced only in the United States.
(
per¬
provisions in the Senate bill making the gas
persons
abroad for medical, scientific and commercial
purposes.
it
The great Zeppelin line has suspended
since
military
administration of
Senate Passes Bill
Cabot
Henry
questioning the wisdom
(Dem., Utah) sponsored upon
the New
monopoly of the gas
and
a
Senator
andi
outspoken in
Senator Elbert Thomas
non-inflammable
on
Munitions
newly created post, that of
asking the President to request it.
Roosevelt not only chose a nominee whose
public utterances have
him to be in accord with the President's
political and economic
Mr.
most
were
Idaho)
was
The
Barkley praised the appointment.
When notice of Mr. Black's selection reached the
Senate, Vice President
John
it
at
generally favorable,
minority of bitter opposition.
Black
Mass.)
which
(Rep.,
come back to us in
dirigibles that shower
England cost," Senator Lodge said.
He contended that
impossible to set up workable safeguards which would prevent use
the gas for military purposes once it was sold abroad.
'
bombs
intimated that he might
delay the
nomination until after the Senate adjourned.
new
Borah
of the German Zeppelin Co.
don't
"I
E.
across
congratulations of fellow Senators.
The
(Rep.,
lack of
of
(Dem.,
Me.)
Conn),
(Rep., Ore.), Townsend (Rep., Del.), Tydings and White (Reps., Me.).
The lineup on confirmation itself was slightly different.
Six Democrats
joined with 10 Republicans to vote against Black. Those
opposing Black:
Democrats: Burke, Byrd, Copeland, Gerry* Glass, King,
Black
Lodge Jr.
of the measure
the plea
Aug. 21, 1937
William
Senator
transatlantic
Those who voted with Bridges to recommit the nomination
(Rep., Yt.), Burke
Chronicle
in
Clarifying -Intent
Byrnes Anti-Strike
Individual
Interstate
Strike
Commerce
of Congress aa
Breaking Law—•
Breaker
as
Well
Trans-»
as
Hia
Employer
A
bill
ments
passed by
to
the
Senate
the
Byrnes
on
Aug. 14 carries amend*
anti-strike-breaking
law (approved
1936), these amendments, according to Senator
Byrnes, having been suggested b^ assistants of the Attorney
General, Avho believe they will merely clarify the intent
of Congress as expressed in the Byrnes Act, which makes
it a felony "to transport in interstate or
foreign commerce
June
24,
persons
to
be employed
to
obstruct
or
interfere
Avith
the
Volume
Financial
145
right of peaceful picketing during labor
In¬
controversies."
Senate
hired by a strike¬
breaking agency, and is transported in interstate commerce for the purpose
of using acts of violence to interfere with one engaged in peaceful picket¬
ing, is amenable to the original Act, and that that Act sufficiently ex¬
presses
the intention of the Congress; but the contention of attorneys
representing a defendant in a particular case was that the original Act
still
is
individual employed
applied only to the employer and did not apply to an
by
these
of
one
transported for the purpose stated.
The
certainly was to cover the individual transported in
as well as the man who employs that individual.
of the Act
purpose
interstate
and
agencies
commerce,
bill
plies to the man who goes into the State as well as to the
head of the agency who sends him," Senator Byrnes further
prosecution in each case
said that "it is incumbent upon the
to
that the transportation was for the purpose
with one engaged in a lawful act, and not
prove
interfering
of
unlawful act."
interfering with one engaged in an
Senate
of
Anti-Lynching Bill Until
Postpones Action on
Next Session of Congress
of the Wagner-
agreement to postpone consideration
An
Anti-Lynching bill until the next session of Con¬
gress was reached in the Senate on Aug. 12.
Reporting that
a motion by Senator Wagner to take up the legislation -was
before the Senate and an indication of the filibuster that
would follow in the event the motion prevailed was evi¬
Van Nuys
denced
Special advices, Aug. 12, from
all sides.
on
ington to the New York "Times" continued,
It
until
debate
on
debate
that
certain
appeared
reached:
time
some
lasted
and
Senators
least
at
the Wagner motion could not be
after that would have come the
were of the opinion that the
on
week,
Some
itself.
have
would
vote
a
next
bill
the
Wash¬
in part:
month.
a
took
the Senate,
and three hours elapsed before he yielded the floor to Senator Pepper of
Florida, another opponent of the legislation.
A dozen Senators, most of
them from the South, were ready to speak when opportunity offered.
When the Senate convened
at
today Senator Connally of Texas
noon
to bring the bill before
the floor to discuss the Wagner motion
Unfinished Business
Becomes
The
and
Senator
until
next
the
Barkley,
and
conference
into
before
and
seriousness
of the situation
Senators
them
Wagner
the
Wagner and Van Nuys
the proposal to postpone action
called
leader,
placed
Messrs.
year.
realized
leadership
Administration
Nuys
Van
agreed
to
accept the
proposal.
Under
the
of
business
Senator
barrass
agreement the Anti-Lynching bill will
the
Texas
but
law,
it
added,
that
"left
free"
were
interference
considered
be
Senator
the
and
President
measure
Senator Wagner with a willingness "to em¬
Senate leadership" by insisting that his
charged
Connally
the
"pet"
this session.
It was worth noting, the
were not included in the proposed
at
gangsters
to
molestation.
or
become the unfinished
immediately after action on a crop-control bill.
Senate
go
their
without
ways
Connally
Senator
.
political in nature and aimed at the Southern
was
.
fear
.
of
Federal
that
intimated
States.
applied equally to all the States
whether
charged with or suspected of a crime, whoever he may be, may go
through the legal processes of being presumed to be innocent until proved
guilty, and that instead of being lynched he may have a fair trial where
his guilt or innocence may be determined."
...
Wagner insisted that the bill
Senator
and
that
it
effort
an
was
provide that the humblest person,
"to
he be
Senator Wagner, "are not in
"Gangsters," replied
this bill because we
There is ample law on the statute book,
passed by us within the past three years, to apprehend and to prosecute
gangsters and' racketeers."
...
dealing here with lynching.
are
a
the
the
rights of States, the giving to the Federal Govern¬
the
invasion of
clear
ment
that the Anti-Lynching bill was unconstitutional,
declared
Borah
Senator
right
to
intervene
interstate
in
character.
Senator
Petter
.
.
was
Senator
floor to
reached to
useless legislation,
Senator Pepper, after a few words, yielded
Barkley, who announced that an agreement had been
postpone action until next year.
his motion
for
for the reason, he
Senator Wagner then withdrew
immediate consideration of the
bill, and the agreement
was
the Senate
attempts
made recently
attach the antirider to taker measures.
A proposal to
lynching bill as a
to
attach the bill to the measure limiting freight trains to 70
cars
was
41 to
on
bill
34,
rejected by the Senate on July 26 by a vote of
as
noted in these columns July
31, page 688, and
July 31 a move in the Senate to add the anti-lyncliing
as a rider to the wage and hour bill was defeated by a
Reference to this appeared at the bottom
vote of 47 to 39.
action
856 of
on
the
our
Aug. 7 issue in an account of the Senate
and hour bill.
wage
assessment
able
in
from
payment of State taxes if a remedy is avail¬
From Associated Press accounts
or
State courts.
the
Washington, Aug. 6, we quote:
Senator Connally said
in
the
need
of
States
some
Next
70
January of
to
Bill
Defer
Consideration
Until
Limiting Freight Trains to
taxes
Approval
of
the
was
so
Minnesota, Missouri,
he added, that in many
great,
had been urged by the
Idaho, Illinois, Louisi¬
said,
California, Florida,
Montana,
Washington,
Virginia,
Vermont,
Connally
Mr.
measure,
Attorneys General of Alabama,
New Jersey, Oklahoma, South Dakota,
and Wyoming.
West Virginia
the bill reads as follows:
first paragraph of Section 24 of the
Judicial Code, as amended, is amended by adding at the end thereof the
following:
"Notwithstanding the foregoing provisions of this paragraph,
no
district court shall have jurisdiction of any suit to enjoin, suspend, or
restrain
the assessment,, levy,
or
collection of any tax imposed by or
pursuant to the laws of any State where a plain, speedy, and efficient
remedy may be had at law or in equity in the courts of such State."
Sec. 2.
The provisions of this Act shall not affect suits commenced in
the district courts, either originally or by removal, prior to its passage;
As passed by the Senate
Be
it
enacted, &c., That the
such
all
and
therein
shall
suits
effect
same
The bill
continued,
be
and judgments
taken,
with the
proceedings
therein rendered,
if this Act had not been
as
sent to the House
was
therein had,
appeals
in the same manner and
passed.
following its adoption by
the Senate.
Compromise Sugar Control Bill Passed by Congress—
Accepts Conferees Proposals To Continue Limita¬
tions on Output of Hawaii and Puerto Rico Re¬
fineries Until Mar. 1, 1940
On Aug. 19 the Senate adopted a so-called compromise
Sugar Control bill as agreed upon by conferees of the Senate
and House, while the House approved the conference report
yesterday (Aug. 20). As worked out in conference the bill
proposes that present limitations on the output of refineries of
Hawaii and Puerto Rico, be continued until March 1, 1940,
and then be lifted, unless Congress legislates otherwise in the
meantime.
President Roosevelt, as has heretofore been
noted, has been opposed to these restrictions on imports of
refined sugar, and the likelihood of a veto by him because of
these limitations has been forecast.
Chairman Harrison of
the Senate Finance Committee in stating in the Senate on
Aug. 19 that "nobody knows" whether the revised legislation
would be signed, added that, "I can't for the life of me see
how the President could veto this legislation."
According to
Associated Press advices the same date from Washington
some
Senators and Representatives from sugar-producing
States said they were convinced that the revised refining
limitation would end a controversy which has plagued Con¬
since Mr. Roosevelt sent his special message on sugar
Reporting the Senate action Aug. 19, the Associ¬
gress
March 1.
ated Press said:
after shouting down an attempt
of Florida, to delay action until to-morrow.
approval then was required to send the measure to the White
The Senate
quickly voted its approval
by Senator Pepper, Democrat,
Only House
House.
The bill of which
1940 the present
would extend through
1934 Jones-Costigan act,
the refining limitation is a part
marketing quota system of the
applying to the raw sugar
Hawaii, Puerto Rico,
production of the continental United States,
the Philippines, Cuba and the Virgin Islands.
excise tax of 50 cents a hundred pounds on raw
It also would revive an
renewed benefit payments to producers, The Supreme
invalidated an earlier tax and payments plan.
In anticipation of collections from the tax the Appropriations Committee
added $50,000,000 for sugar benefit payments to the Third Deficiency Ap¬
to finance
Court's AAA decision
propriation Bill to-day.
Senator Adams
Democrat of Colorado
this sum and net
the Treasury
to altering
said that the levy would repay
$20,000,000 a year additional.
conference
blackstrap mo¬
the disputed refining provisions, the
committee also
eliminated a House-approved excise tax on
lasses, a sugar
processing by-product used
chiefly in the manufacture of
industrial alcohol.
Reporting further changes by the conferees advices to the
"Journal of Commerce" Aug. 19, from its Wash¬
New York
ington bureau stated:
Provisions authorizing
estimate figures to
the Secretary of Agriculture to use
consumption
changed to
regulate the domestic price of sugar were also
discretionary rather than mandatory.
Compromise on territorial
refining restrictions was arrived at in this
manner:
and
took the
House bill provisions limiting direct
consumption
shipments from the Territories. Hawaii. 29,616 short tons, raw value,
126,033 short tons, raw value, and provided that they
Puerto Rico,
should be in effect for
expire
Cars
the
for
they had been compelled to compromise the litigation.
instances
ana,
required their citizens
Federal
Conferees
Acts
Committee
that although many States
taxes before suing for refunds, non-resident corporations might sue
The
courts and withhold all taxes pending the outcome.
pay
sugar
House
The bill, introduced by Senator Tom
Aug. 6.
on
make the power
of page
over
(Democrat)
In addition
were
Federal courts
of
of Texas, provides that no Federal
District Court shall have jurisdiction over any suit to enjoin
approved without a roll-call.
Two
Jurisdiction of Federal
Collection of State
Involving
limiting the jurisdiction
Connally
sugar
.
bill
it could not be enforced.
said,
the
when
even
the
said
the criminal laws of a State,
the violation was intrastate and not
to enforce
of intervention
right
Limiting
Suits
involving the collection of State taxes was passed by
suits
to
Adding that "the object of this amendatory bill is simply
to make certain that the language of the original Act ap¬
Bill
Over
Taxes
A
contention that the individual who is
my
Passes
Courts
dicating the purpose of the amendments, Senator Byrnes,
in his remarks before the Senate on Aug. 14, said:
It
1193
Chronicle
1938 and 1939. They now
bill continues until December
the calendar years 1937,
March 1, 1940, although the rest of the
31, 1940.
It
was
voted
on
Aug.
16 by the House Interstate Com¬
next January consid¬
eration of the bill to limit the length of freight trains to 70
merce
Committee
to
postpone
until
scheduled to be held
at that time.
The adoption of the bill by the Senate on
July 26 was noted in our issue of July 31, page 6S8.
Oppo¬
sition to the measure by Homer B. Grommon, President o^
cars.
Public hearings on the bill
the Farmers' National Grain
cated
in these columns Aug.
are
Dealers' Association,
7, page 859.
was
indi¬
During the first two
n
months of 1940 the Territories will be allowed to bring
for the previous calendar year. In the
one-sixth of their refined quotas
case
of Hawaii, this figures
21,006 short tons, raw
4.936 short tons, raw value, and
for Puerto Rico,
value.
that may be brought in
the two months before the Territorial refined quotas expire is designed to
deter the islands from increasing their refining operations.
It is thought that
a new sugar control law to replace the one expiring that year will be formu¬
lated by then, or a resolution continuing the quotas to December 31, 1940,
The limitation on
will be
agreed to.
the amount of refined sugar
1194
Financial Chronicle
Continental interests feel that they will be in a favorable position
during
the election year, and will be able to repulse any attempts to
provide higher
refined quotas for the Territories, it is understood.
Aug. 21, 1937
Passage of the bill by the House
in
Washington
a
dispatch
of
reported as follows
to the New York
was
Aug.
16
"Times":
The bill was referred to in these columns Aug. 14,
page
1033, at which time it was noted that the Senate Finance
Committee on Aug. 10, seeking to avoid a threat of a Presi¬
dential veto, voted a favorable report on the Jones
sugar
control bill with amendments
providing for percentage quotas
refined sugar output in the Continental United
States,
Hawaii and Puerto Rico.
The Senate approved the amend¬
on
ments
on Aug. 12.
The committee had amended the measure
compromise settlement of the dispute over the limitation
as a
The
the
of
as passed by the House
(Aug. 6) of re¬
shipments from Hawaii, Puerto Rico and the
Virgin Islands.
Without a record vote on Aug. 13, the
Senate passed the Jones bill continuing production
quotas
sugar
similar to those in effect for the past three years under the
Jones-Costigan Act, and, said advices to the "Times" from
Washington Aug. 13, sent the measure back to the House
with a compromise amendment on refined
quotas which
President Roosevelt declared was a discrimination
against
Puerto Rico and Hawaii.
It
further observed in the
was
Except for
"perfecting" amendment by Senator La Follette, the com¬
refined quotas and the one striking out the House amendment on
promise on
a
black strap molasses, the measure was left untouched
The
as
the House passed it.
the
of
After everyone
the
it
Sugar
leaders expected the conference committee to recommend
group
sugar quotas and other provisions would be effective
compromise
a
"attempt to drive
as an
domestic refiners and domestic
beet
and
during the next
a
wedge between
growers,"
cane
the
hours
Chairman
by
Doughton
passed.
heard, but Representative Vinson
was
demanded
measure,
division.
a
vote in the affirmative,
a
up
and domestic, and
to
tax
no
the definition of personal holding companies,
subject them
saving in incorporating them.
corporations
incorporation of yachts,
uries
for
The
between
on
seeks
or
members
partners
non-resident
the
to
high
disallow
of
aliens,
abroad
naturalized
in
taxes
will
the bill seeks to prevent
expenses,
country estates, racing stables
also
measure
become
that there
Doughton referred to such
the
losses
incurred
family.
same
transactions
the
income
presumably to reach Americans who
for
the
brackets.
of avoiding
purpose
Multiple
Representatives
in
It raises
American
be
would
trusts
repeal of the existing personal exemption for trusts.
Representative
and other lux¬
of tax avoidance.
purposes
rate
levies
such
to
Mr.
"incorporated pocketbooks."
as
By restricting deductions for business
the
easily
as
House.
have
income
discouraged
by
...
Treadway and Fish
Critical
Treadway of
Massachusetts, ranking Republican member
Ways and Means Committee, and Representative Fish of New York
the
the bill
criticized
because
it did not
provide for taxation of securities
now
exempt.
"We
fees
of
legislation
any
the
He read
the House
opportunities
granting
are
I
for tax
remember,"
can
following section of
to explain
lawyers
Mr.
to
make
the
greatest
Treadway declared.
the bill, challenging
member
any
of
what it meant:
The
three years.
Opposing such
when
two
to the Senate and is expected; to pass there
goes
in the
designed to tighten
foreign
be
of
that the Senate's quota system on refined sugar be limited to one
year.
proposed
the
of
it
After
adopted, and the bill
were
in the House had stood to signify
as 173 to 0.
measure
did
It is
tion requirements of the United States.
raw
against
dispensed with by unanimous
was
Speaker announced this vote
The
as
desultory fashion from
a
voted
Speaker Bankhead.
could be
advocate
strong
a
"no"
a
in
member
no
put by
clarifying amendments
the voice vote not
Kentucky,
gives to the Secretary of Agriculture the power to fix quotas
for production of beet and cane sugar, after he has ascertained the
consump¬
Aug. 16, the House by a vote of 178 to 85 refused to
accept the Senate amendment relating to quotas and ordered
the bill sent to conference to adjust the
differences; on that
date Associated Press accounts from Washington stated:
criticized
was
but
was
Ways and Means Committee
On
measure
On
measure
today,
passage
few
A
consent.
of
tax
advices.
same
side
general debate, the reading of the bill
contained in the bill
fined
highly complex
Republican
question of final
Representative
McCormack of Massachusetts tried in vain to have the House
adopt the
Senate amendment with its present three-year term.
His motion lost,
178 to 85.
"In the
of a
foreign personal holding company (whether or not a United
States group, as defined in Section 331 (a) (2), existed with respect to such
company
on the last day of Its taxable
year) which was a shareholder in another foreign per¬
sonal holding company on the day In the taxable year of the second
company which
was the last day on which a United States
group existed with respect to the second
case
there shall be Included as a dividend, in the gross Income of the first
for the taxable year In which or with which the taxable year of the second
the amount the first company would have received as a dividend If
company,
company,
company ends,
on such last day there had been distributed
by the second company, and received
by the first company, an amount which bears the same ratio to the undistributed
Supplement P net Income of the second
Congress Completes Action
Bill Designed to Prevent
on
To
Congressional action
on the Administration's bill designed
loopholes in the Federal tax laws was concluded
yesterday (Aug. 20) when the House agreed to accept minor
close
Senate amendments, the bill thereupon going to the Presi¬
dent for his approval.
On Aug. 16 the House, by a vote
of 173 to 0, approved the bill after a debate of only two
hours, and without a formal reading of its provisions; fol¬
lowing a brief debate the Senate passed the bill on Aug. 19
without
Aug.
record
a
19,
As to the Senate action
vote.
from
Washington
the
to
"Herald
Vice-President
little
N.
Chairman
Mississippi,
John
of
about
through
special
the
plicated
Garner
the
Last
.
night
their
in
under
29
plan
Pat
Harrison,
virtually
minutes
no
was
the
whisked
upset
Hill
the
on
by
bill
com¬
the
except
Senator
of
Lewis
B.
the
Bridges,
offer
municipal
the
was
Finance
Hampshire,
Federal
a
thing.
Senator
announced
that
he
Styles
H.
wanted
Mr.
Senator
was
House
Harrison
studying
exactly
genially assured
that
to
of
tap
a
in
concurrence
The
the
Vice-Presidential
minor
this
of
Senate
the
mates
Senate
session
changes
gavel,
was
and
left to
no
do
except
more
bill
on
one
of
that
a
as
if
the
year as
follows in
or
royalty
gas
panies.
a
result.
a
Washington dispatch of Aug. 17 to
if such amounts
such
retire
or
inserted
by the committee tonight.
change provides that "amounts used
1934,
pay
were
One of
from the bill's holding company provisions all mineral,
that are also recognized as operating com¬
to
indebtedness"
indebtedness
are
of
any
reasonable with
kind
or
incurred
reference
to
irrevocably
prior
the
size
to Jan.
and
be credited against income of personal
may
set
1,
terms
holding
is he?"
screen,
member
a
of
the
"We're
to
let
if there
was
going
not
didn't help."
we
Treadway
since its provisions would not apply to
March
15,
1938.
existed
the
for
the
many
of
and
that
Mr.
which
Treasury
President's
that the
until
the
next
not
the
messages
to
incidents.
individuals
plans before
were
below
fell
only two incorporated yachts in existence,"
that
Roosevelt
they
receipts
the
in
will state it to the
it."
years
references
similar
"and I
"devices"
when
spring,
at
and
that
demanded1
Administration
affected
would
day arrived1 for
felt
income
he asserted.
the
bill
about
know
it
should
in
be
time
to
declarations.
it would be wholly retroactive."
year
Treasury
amendment
Tonight
MaGill
the
be
heard
detailed
a
report the
the
opinion
to
"the
effect
of
second
the
measure
Under-Secretary of the Treasury
explanation
after
permit
of
the bill's
provision.
Roswell
The
group
Majority Leader Alben W. Barkley today
obtained unanimous consent approval
motion
that
negligible."
committee
conclude
to
expressed
experts
will
for such action.
the committee to
act
The Senate concurred
"while
the chamber
is
not
sitting."
Present
Welfare—Senate
Changes
Committee
Acted
Be
to
Recommends
Upon
Session
By
bill
giving
Pro¬
the
at
Next
'
vote of 283 to 75 the House passed on Aug.
a
years to
President
Roosevelt
abolish, consolidate
departments.
The
action
extensive
two
readjust regular government
or
Aug.
on
13 the
for
powers
10.of
special
a
House
committee in voting to recommend the bill for passage was
noted in our Aug. 14 issue, page 1035, and the various
bureaus
which
measure
were
create
to
a
The
the
not
come
within
the
of
scope
the
The bill proposes to
Department of Welfare, whose duties, according
Washington account, Aug. 13, to the New York "Times/'
follows in the bill:
as
Secretary
sanitation ;
relief
would
indicated in that item.
a
set out
are
of
the
of
Welfare
protection
of
shall promote
the
the public
consumer;
the
health,
cause
safety
of education;
and
the
unemployment and of the hardship and suffering caused thereby;
relief
of
the
needy and
distressed:;
the assistance and benefits
of
the
aged and the relief and vocational rehabilitation of the physically disabled,
and
companies for tax purposes.
the
Treadway.
say
year,
out
explained
so
waited
bill
companies
The other
.
aside
his
are
posed
New York "Journal of Commerce":
Only two amendments
these would exempt
in
Mr.
the President
last
scoffed
Vinson
now,
of
the
Senate Finance Committee inserted only two amend¬
to the bill passed
by the House.
They were de¬
scribed
voted
He
their
Finance Committee
$100,000,000
The
of
also
House Passes Bill Giving President
Power[to Reorganize
Government Agencies—Would Create Department
on
indicated
ments
oil
discovered
we
to
during
V./,
reason," he answered,
a
legally
incorporated yacht6
"If
receipts
smoke
a
New York asked Mr.
due
because
had
estimates.
make
for
Oklahoma,
of
and
us
of
until next
over
It's
complained
entirely to the President's taste.
is enacted in its present
form, Treasury receipts will be increased from $50,000,000
the
on
before those
him
voted a favorable report
Aug. 17; the House Ways and Means Com¬
mittee completed hearings on the bill last
week, as reported
in the "Chronicle" of
Aug. 14, pages 1034-35.
Some esti¬
to
going to vote
Disney
retorted
over
Treadway pointed
passed
tax
There
problem.
silence, suddenly broken.
objection, the bill is passed," rasped the Vice-President.
was
measures
on
am,"
this
sir, there is
suddenly
of
why the pending bill should be passed at this session instead
reason
returns
gentleman.
Fed¬
inquiry into duplications in State,
tax structures.
Committee
I
"Why, there
first
not
-1
put
some
"smoke screen"
a
as
estimates
moment's
a
"Without
There
few
New
the
up
gentleman is
being put
Mr.
brought
of
amendment for
and
that
was
Republican
an
eral
bill
budget
year.
Representative
yes
men
any
Schwellenbach, Democrat of Washington.
Today
the
brought before the Congress
Representative Andrews
very
tax
immensely
this
pass
one
Democrat
worrying
were
they
to
fiscal
"Yes,
Committee,
when
.
"over-optimistic"
"Oh,
Bill
Senator
and
.
understood by
experts,
Rushes
Finance
sessions
Senate.
measure,
Treasury
Garner
been
the
"But
tax
Mr.
had
interrupted
of
Tribune" said, in part:
'".
.
"Smoke Screen"
Treadway took the position that, while the pending bill had
it
committee.
you
••
Vote for
up
last
the
dispatch,
York
New
a
Mr.
merit,
cover
'
.
Tax Evasion
to
company for its taxable year as the portion
Including such last day bears to the entire taxable
of such taxable year up to and
year."
in
general
shall
coordinate
and
promote
public health,
education
and
welfare activities.
The principal
proposal,
the
debate in the Senate centered around this
"Times"
advices
said,
the
account,
in
part,
adding:
Representative
from
the
bill
on
Taber
the
of
New
ground
York
that
moved
to
strike
the
whole
it would perpetuate relief as
a
section
Federal
responsibility.
indications
Senate.
are
that
the
bill
will
meet
little
or
no
opposition in
When
the
the
section,
House,
Mr.
by
Taber
100
to
offered
41,
voted
another
down his
amendment
proposal
to
to
strike
take
out
out
the
Volume
after
25
quick count by
a
by 100
sitting
strike out the Department of
Welfare was the proposal by Representative Boileau of Wisconsin to create,
in addition, a Department of National Defense, to be headed by a Secretary
who would have three assistants, one in charge of land defense, another in
Next
in
the
to
importance
defense,
down,
of
Virginia,
in
the
This
charge of aerial defense.
Rankin of
voted
to
consolidate.
or
ministration.
the Labor
the
on
North Carolina, who was in charge of the
exception must be made in favor of any
agency of the government.
The bill, he said, would keep beyond the control of the President the
Interstate Commerce Commission, the Federal Trade Commission, the Fed¬
Warren of
Representative
told
bill,
Exchange Commission, the
Federal
Communications
Commission,
the Labor Relations
Board, the
Bituminous
Coal
Commission, the Martime
Commission, the Engineer
the Coast Guard, the General Accounting
of the Army,
Corps
Office, and
Commission.
Tariff
the
and
Securities
the
Commission,
Power
eral
one
and
exceptions
further
any
of
to
adopted by
Mr.
an
With
even
appropriation.
Associated Press advices from
the government,
Washington,
Aug. 17, said:
The
the
in
again
in
vain
give the President power, for three years, to
abolish governmental bureaus, except independent
consolidate or
January.
$932,500
recommended by
during the next nine
"The
outstanding
would expand the civil service to cover several
thousand new jobs, and would reorganize the civil service administration.
The general accounting office would be abolished.
Its pre audit func¬
tions would be transferredi to the Bureau of the Budget and its post-audit
duties turned over to a General Auditing Office, responsible to a joint
possible
"If
need
bill
would create
a
the
authorize
would
new
Cabinet post,
Secretary of Public Welfare,
Conservation.
six administrative assistants to
Department the Department of
appointment
of
President.
the
of
people,
Senator Barkley, majority leader of the
announced that no action would be taken on
placed on
by that body at this session; it is to be
action at the next session.
Sen¬
the bill
the cal¬
endar for
visited
upon
duty
I
us.
is
government
not be
do
warn
con¬
the country, then there
that if the sound financial
to
you
impaired
will
disaster
of
our
upon
come
our
disaster will be
believing that this
deceived into
only the wealthy and rich
the House
into
land."
Maritime Commission's proposed 95-
reducing the authorization to enter
Aug. 17
on
contracts
not
to
$75,000,000 beyond funds
than
more
Aug. 17, to the New York "Journal of Commerce" from its
Washington bureau, which further said, in part:
As
originally written in the Third Deficiency bill
ization
cash
allowed
$20,000,000 for Farm Tenancy—Provision for Latter
Has Been Rejected by House Committee—Appro¬
Commission
Maritime
for
priation
000,000
Cut to $75,—
Deficiency Appropriation bill, carrying a
tions Committee
government
agencies,
including the National Labor
as
.
.
.
well as
reduction
and
amendment
the
an
the author¬
immediate
authorization
troducing
such
construction
private
in
had
Ludlow
Ind.),
(Dem.,
a
member
bill.
the
charge of
Ludlow
announced
previously
intention
his
of in¬
stating that his desire was to limit the
vessels proposed to be built for the account of
amendment
an
authorization to
More
operators.
would
to
Representative
proposed by
sub-committee
Representative
House Appropria¬
Kennedy of the Commission,
contract was agreed to following an
the suggestion of Chairman
the
of
the
eliminated in
appropriation was
on
represent
a
Title
under
than half of the commission's 95-ship program,
total outlay of $256,440,000, was earmarked for
of the Ship Subsidy Act, providing for Gov¬
VII
building and charter to private operators.
bill became a law in July
Farm tenancy
The Bankhead
President Roosevelt on July 24 as noted
in these columns July 24, page 532.
The appropriation in
the Third Deficiency bill is designed to enable the carrying
with its signing by
out
of the Bankhead
the provisions
of
Wagner-Steagall
Act.
Rela¬
Bill
Housing
Goes
to
Conference
Following Passage By House
The bill carries appropriations for many
vote.
$150,000,000,
total
$98,880,000, was approved by the House on Aug. 17 with¬
out a record
to
up
Elimination of Amendment
immediate
ernment
Approves $98,880,000 Deficiency Appropriation
Bill—doubles Allocation to NLRB and Grants
contracts
appropriation of $10,000,000.
which
House
of
other
ship construction program may be necessitated by action in
construction
The Third
every
Woodrum.
Mr.
said
discharge this
does not
our
and
of
On Aug. 16
ate,
transcending
moment,
expenditures,"
income and
our
Congress
The
and would rename the Interior
It
the
of
serious difficulties ahead of
are
congressional committee.
The
subcommittee to finance the
for the fiscal
the
its total appropriation
months,
to $1,800,000, he said.
up
sideration, is to bring into balance as nearly as possible and as speedily as
It
agencies.
regulatory
was
House that
the
persuade
to
already in control of the Commission, according to advices,
would
proposal
transfer,
amendment
the
tellers,
demanded
decisive vote of 125 to 112.
more
Modification of the
Regarding legislation recommended by a special Senate
committee for the reorganization of the executive branch of
sitting as the Committee of
Woodrum
sought
would be brought
year
the
of the increased
adoption
while
$1,800,000
needed
by the Board and that if it should ultimately prove
there would be ample time to increase the appropriation when
Congress met
Board
on
House,
increase
Woodrum
not
was
vote
the
Representative
structure
would be discriminatory and that if
agency were exempted they all should be.
On his plea, Mr. Rankin's
other amendments favoring certain agencies were voted down.
said
He
State
amendment
that no
House
the
Board
subcommittee and
necessary
executive
that brought
subcommittee
appropriations
appropriation for
the Whole
the Union, overrode
objections by the appropriations
accepted by a standing division of 101 to 95 the Leavy
the record
to
When
Mississippi started an avalanche of proposals
from the President's power to reorganize,
His nominee was the Rural Electrification Ad¬
the
of
Economy Appeal by Mr. Woodrum
agencies
specific
exempt
abolish
Chairman
bill.
Prior
to
122 to 61.
Representative
motion
another in
and
naval
charge of
was
1195
Chronicle
of the Committee of the Whole.
Chairman
as
This was declared to be defeated
Representative Woodrum of Virginia,
relief.
with
dealing
language
to
Financial
145
The
Wagner-Steagall Housing bill
was
sent to conference
Aug. 18, following its adoption on that day by the House;
the bill had passed the Senate on Aug. 6 by a vote of 64 to 16,
on
which the House doubled the amount
recommended by the Appropriations Committee.
The House
tions
for
Board,
$20,000,000
inaugurating its farm tenancy and submarginal land
programs.
The Appropriations Committee refused to ap¬
prove such a fund.
With regard to the expenses of the
NLRB, the House approved the Budget Bureau recommen¬
dation of $l,S00,0OO, an increase of $867,500 over the amount
proposed by the Appropriations Committee.
Other pro¬
the Department of Agriculture
also allocated to
for
inserted in the bill
visions
listed
in
follows
as
on
the floor of the House were
Washington
a
dispatch of Aug. 17 to
the New York "Times":
The
House
000,000
voted
retirement
but
$10,000,000 had been authorized
Farm Tenancy bill previously passed by the House,
each
For
programs.
the Bankheadi-Jones
in
purpose
provision had been made in the
no
Agriculture with $20,-
provide the Department of
to
which to start its combined farm tenancy and submarginal land
on
Cuts Memorial
deficiency measure.
of
a
order
of
California.
of
authorized
for
not been confirmed by the
on a
Senate.
a
hospital
Hot Springs,
at
Ark., to be diverted from
funds.
relief
to
the appropriation
in
the day
measure
two clearly defined issues stated early
were
by advocates of more money for the Labor Board and the funds
for
beginning
a
of
the
farm
tenancy and
land retirement
pro¬
the
first instance the
vote
was
on
the question of whether the House
the Labor Board for the work it had
validation of the Wagner Labor Rela¬
going to vote its confidence in
was
done
since
the
Court's
Supreme
tions Act.
In
in
second
faith"
the
and
the Bunkhead-Jones
On
both
of
budget
proved
creased
Labor
for
ments to
and
compelled to con¬
labor, where the Senate made no such requirements.
The Senate authorized
the Federal Government to build demonstration
much as
$700,000,000 fund to be spent in one State, but the House
projects, but the House struck them out; the Senate permitted as
20% of the total
cut it to
10% of $500,000,000.
The most bitterly
fought Senate provision was modified by the House.
the cost of housing
of Senator Harry F
Byrd (Dem., Va.) limiting
projects to $4,000 per family and $1,000 per room.
House bill permits an average cost
tion on the cost per room,
The
of $5,000 per family unit, with no limita¬
demolition of slums
exclusive of land
such as playgrounds.
and non-
This would make possible the
spending of $6,000 or $7,000 a family.
Representative Frank Hancock (Dem.
N. C.) made an unsuccessful at¬
Byrd amendment into the House bill claiming that "not
50% of the American people live in dwellings
that cost $4,000 " and that to
permit more expensive homes for poor families would affect the "morale of
those who through discipline and self-sacrifice had been able to build for
themselves homes costing $2,500.
J. O'Connor
(Dem.
97 to 69
after Representative John
N. Y.) said that it would make the housing program
"absolutely useless."
All these conflicts must be ironed out
by conferees of both houses before
Congress completes action.
the
good
authority was replaced by a single
for low-ccst housing and an additional 15% in pay¬
The House defeated his amendment
grams.
In
$700,000,000 bond issue authorization was cut to $500,000,-
the Senate's three-man housing
tempt to write the
Dwarfing all argument for and against the various amendments proposed
proposed
000;
House jacked up the title of the Senate bill and ran a new
in under it.
The Senate's
dwelling facilities
the amount provided in the bill, the sum of $200,000
Without increasing
was
which lost
point
by Representative Fish of New York, who pointed out that the
provision for a new Minister to Lithuania,
nominated had
person
In fact, the
measure
This was the amendment
only other, change in the bill ordered by the House was the elimina¬
The
tion
by $20,367,500,
Scott
following is taken:
tribute 25% of the cash
Appropriation
proposed by its Appropriations
the appropriations group having recommended
a
total of $78,512,875.
This followed a deduction of $500,000 from the
amount that the committee proposed
be made available to the Thomas
Jefferson Memorial Commission, a change made on a proposal by Repre¬
sentative
the House
$10,000-a-year administrator; local governments were
Actually the House increased the amount
Committee
reported in our Aug. 7 issue, page 855. The bill passed
by a vote of 275 to 86 after the rejection, 221 to
140, of a motion by Representative Luce (Republican) of
Massachusetts, to recommit the bill to the House Banking
and Currency Committee, with instructions to report it back
with an amendment placing the Housing Authority under
Civil Service regulations.
The measure adopted by the
House differs widely from that passed by the Senate it was
noted by United Press accounts from Washington Aug. 18
to the New York "Journal of Commerce" from which the
as
only
question
whether the House was to "act
funds it had authorized in passing
was
the
appropriate
Tenancy bill.
those
the
appeals
ineffective.
Board
.
rejected
.
an
attempt to put the housing
authority's
and voted to keep them as patronage
plums.
for economy as a step
After
appropriation,
first
toward,
a
balanced
shouting
its approval of the in¬
the House divided into standing votes
against the proposal upon the demand of Representative Woodrum
The House
employes under the merit system
That action came on a
motion by Representative Jesse P
On
a
standing vote
Wolcott (Rep.
service requirements.
.
.
patronage-minded members outvoted those in favor
Mich.) to amend the bill so as to include civil
of civil service, 85 to 69.
1196
Financial
Chronicle
Forced to go on record, the House rejected the civil service
amendment,
103 to 63
From the Washington dispatch
"Times" we take the following:
indicated
Aug. 21, 1937
conference about the session
at his press
not yet
being ended, Mr. Roosevelt
further steps in encouraging further consideration of the bill.
no
E. L. Oliver, Executive Vice-President of Labor's Non-Partisan
League,
Aug. 18 to the New York
wrote to all Democrats in the House
urging them to break the "blockade"
against the bill in the Rules Committee.
Terms
of the Bill
As finally passed by the House, the bill authorizes $500,000,000 in loans
to
Adherence to Plan of United States to Lease Six Obso¬
lete War Ships to Brazil Announced
public housing groups, $100,000,000 the first year and $200,000,000 a
for the next two years.
The bill as passed by the Senate authorized
year
$700,000,000 in loans,
or
by the Two
$200,000,000 the first year and $250 000,000 dur¬
Governments—Previously State Department Indi¬
cated
Plan
Would
Be
Deferred—Objections by
ing each of the next two years.
As approved in both houses,
$26,000,000 is made available for Federal
Argentina
subsidies to lower the rents of persons of low incomes.
The House bih limits the family unit cost to $5,000 and the Senate bill
to
$4,000
The
or
$1,000
a room.
obtain loans.
One would permit the
Authority to lend
up to
85% of the
cost
the local community contributing 15%.
25% grant by the Authority for which $10,000,000 is authorized
expended
on
that it had
the units.
The rate of interest to be charged public
the
"going rate"
Federal
for
funds,
housing
which
is
run
more
than 60 years, the aim
In
|R|
by the House, the bill limits the
in any one State to 10%.
soon
of
Aug.
ton
Its revised bill
was reported to the House on
Aug. 13 by
Banking and Currency Committee on Aug. 13;
on Aug. 17 the House Rules Committee
adopted a resolution
limiting debate to three hours.
the House
14,
and
week
It
that
indicated
on
"Herald
Black-Connery Wages and Hours Bill will not be
considered by Congress at this session, it was indicated late
this week as Congress moved toward
adjournment with the
measure
still
not
reported to the floor of the House.
A
minority of the Rules Committee had blocked consideration
of the bill, which under the circumstances could
only be
brought up by suspension of the rules, allowing only 40
minutes of debate and no amendment.
Reporting that the
bill was officially shelved until next session
by Administra¬
tion leaders at a caucus of Democratic members
of the House
late Aug. 19, advices to the New York "Journal of
Com¬
merce" from its
Washington bureau, added:
At
secret
a
meeting of the majority party members, called in
force the Rules Committee to abandon its
opposition to the
Democrats were told that it is impossible to obtain
action
before adjournment of the session this week.
an
sion
Tribune"
discussed
the
Aug. 18, failed to act
on
legislation,
Aug. 14 admitted that there was
little chance of
considering the bill before adjournment.
The Wages and Hours Bill was last referred
to in the
"Chronicle" of Aug. 14, page 1035.
At his press conference
on Aug.
17, President Roosevelt was asked if he "accepted
defeat" on the bill, and he
replied that one could never tell
what might
happen, pointing out that the session had not
yet ended.
The
status
on
the
of
bill
in
Washington
dispatch of Aug. 17 to the New York "Times," by Turner
a
Catledge.
to speed the adjournment drive by
allowing rules suspension for the remainder of-the session for the
purpose
of
jamming through
in that
measures
supported by large majorities,
passed
was
body today.
also allows immediate action
suspensions, but
on
that the resolution should be
altered "because
or two and consider
farm legislation in
we
October
"The resolution
might
or
recess
for
month
a
has
nothing to do with such a policy and would not
affect it," Representative O'Connor of
New York, Chairman of the Rules
Committee, replied.
He conceded that the resolution would not aid in
bringing
up a rule for action on the
Representative
Boileau
Wages and Hours Bill
"Our committee
was
serves
of
Wages and Hours Bill.
Wisconsin
asked
Mr.
O'Connor
why
the
held up in the Rules Committee.
the organization of the
tion," Mr. O'Connor retorted.
"There is
in the House."
an
of
the
country
matters
charged that
an
While
Argentina
other
Foreign
by not multiplying by two
we
could
"But I don't propose to lambaste
my own party, which is divided."
The House cheered.
Sidney Hillman, member of the John L. Lewis Committee for Industrial
the wages and hours bill with the
President today, telling him that labor and
many employers
disappointed
at the outcome.
the proposal to lease
Chairman
made
Minister,
of
ses¬
war¬
Com¬
the
ses¬
offered
threat
a
Received
mittee,
in
.
of
naval
a
unfriendly
.
Mr.
.
race
Aires
that
Carlos
all
neigh¬
of
of
the
the
Lamas,
neutrality
pact
Relations
and
Com¬
abeyance and
in
was
with
the
countries.
Foreign
question
committee
the
international
American
Senate
that
might be had
Saavedra
contradicted
South
the
Secretary, in the face of the attacks
defend
the
policy.
The six
ing
plan
He
sought
and
a
expression
of
Capitol Hill, continues
to
new
obsolete,
now
politics.
by other
States rather
than
be leased to Brazil for train¬
to
were
Brazil
He argued
American
of the good neighbor
nothing mysterious about it.
was
Secretary Hull said that
world
on
expression
proper
today that there
destroyers,
purposes.
ance
legal
as
insisted
tendencies in
concerned
was
that it
with
recent
preferable that assist¬
was
should
countries
be
given
by the United
by foreign nations.
The Senate Foreign Relations Committee is
expected to
much as possible, with action, therefore, doubtful
as
and
discussion
Argentine Government.
The
delay the proposal
during this session.
In the joint
the United
that
two
the
its
of
statement of the Governments of Brazil and
States, it is stated that:
governments
proposal
policy,
of
or
in
receiving
the
United
States
course,
merely
the
their
officers
American
in
of
might
a
after
American
and
in
with
the governments
in
for
the
proposal
service
consideration
to
such
this way
to
naval
vessels
envisaged,
of
of
instruction
the
of
other
promote under¬
relationships between all
of
nations.
Associated
on
by
The
waters.
it
full
entire harmony
training
for
standing, friendliness and mutually beneficial
the
very
in
officers to them
neighborly
desire
be
instances
lending its
of
offer
as
opinion
States would
previous
many
republics,
nations
of the
were
the United
of
welcomed
American
purposes
as
fullest
was
study
understood
was
violation
by
Senate
it
proposal
in
among
said
the
to
frank
that full consultation
Buenos
the
was
manner
Hull
that he would acquaint
the
wanted
protest,
so
In
that
States,
consideration
which
in
conference
countries.
countries.
charged
time
the
always
formal
no
postponement of
further
called
requested postponement
American
policies of the United
Press
accounts
from
Rio
de
Janeiro, Brazil,
Aug. 19 reported Ramon Carcano, Argentine Ambassador,
stating at a press conference that night that Argentina
recognized and respected the national sovereignty implied in
Brazil's intention
to
lease
the
destroyers from the United
The advices continued, in part:
The Argentine Government, the Ambassador's statement
said, "deeply
deplored not having been informed by the Brazilian or the United States
Government of
negotiations
for the continental
plan."
He added,
however, that the proposed! leasing took a continental turn
when the United States Government announced
willingness to extend similar
to
Nations
attempt was being
get the bill out.
on
this
Hull
affecting other American
Ambassador
with
that
Eight
\
the situation
announced1
Government
said
facilities
Mr. O'Connor replied:
Organization, discussed
as
other
nations
of
America
which
desired
them.
House, not the Administra¬
made to "smother the bill" in the
committee.
"And the Domocratic
party will have to be held responsible." shouted
Mr. Martin.
"If we could make four
equal eight
conference
Argentine
ference
of Colorado
York
intense feeling about this bill
Charges Bill Is "Smothered"
Representative Martin
New
proposal
Committee, at its final
on
Pittman,
borly and
States.
November."
the
action would be taken during this
Mr.
special right of way.
Members of the non-adjournment
group, attempting to keep Congress
on the
Wages and Hours and Farm bills, fought the resolu¬
tion, but to no avail.
Representative Rankin of Mississippi suggested
Senator
no
the problem.
rules to give bills favored
by the leadership
in session to act
of
status
Congress, but added he believed objections to the
the
give
American
IfcThis measure is usually put forward when leaders think
they are within
five days of the adjournment date.
It not only permits
Brazil.
aspects of
other
The House leadership's
resolution,
other
Secretary Hull received Felipe Espil, Argentine Ambassador, and at the
to
The
discussed
was
and
proposal eventually would be withdrawn.
the
They pledged themselves at the same time, however, to do
everything
possible within their power to secure a vote on the bill at the
earliest possible
moment in January or at the
opening days of a special session if one is called
by the President.
Speaker Bankhead
of
conclusion
effort to
the measure
on
Washing¬
this
follows:
sion
The
from
of
Secretary Hull and the Argentine Ambassador.
A Washington
dispatch of Aug. 13 to the
ships to
Concede Defeat
to
as
might never be carried through.
It
Aug. 13 that the Senate Foreign Relations
mittee, said that
Refuses
result
a
Argentine
proposal
in|Hhe "Chronicle"
reported
was
as
war¬
Committee, which had been considering the plan, would
delay action on it as a result of the conference between
President
Roosevelt
States
project
Wages and Hours Bill Postponed to Next
Session, as House Buries Measure in Committee—
on
tolthe
noted
as was
1936.
page
A. JSspil,
objected
The Senate Foreign Relations
Action
United
conference between
a
Felipe
had
announced,
this
the
protests,
Hull
Argentina
was
early
was
amount which can be spent
The Senate draft set the limit at 20%.
it
as
This action followed
State
f
<
Ambassador.
as
event may
no
being to amortize the cost, within
that period.
As adopted
)4%
2tf%, plus
now
the cost of handling the funds, or a total of 3% interest.
loans
Secretary
for loans would be
groups
the
indefinitely postponed the plan to lease the
ships to Brazil.
In both bills the Federal subsidies would amount to
of
public by the State Department at Wash¬
Aug. 19.
On Aug. 13 the Department announced
ington on
In case of the subsidies, the local community is
required under the House
3 ^ % a year toward lowering the rents for families of low incomes.
Governments
ments and made
to be
An additional grant of 15%
by the President from relief funds, to be paid to labor
bill to furnish 25%.
of the
govern¬
The other plan would provide
appropriated for each of the first three years.
could be authorized
intention
and Brazil to adhere to the proposal for the
leasing of six
obsolete
United
States
destroyers to Brazil was made
known in a statement issued jointly
by the two
House bill provides for two methods for public housing groups to
for
a
The
Further than his remark to
a
were
deeply
correspondent
Favor
Inter-American
Suggested
at
Buenos
Monetary Con¬
Aires
Peace
Con¬
ference—Replies Still Awaited from United States,
Argentina, and Brazil
It
was made known at Washington on
Aug. 9 by the PanAmerican Union that eight nations have approved, and twTo
rejected, an inter-American Monetary Conference.
Inquiries
were
sent
some
months
ago
by the Union to the 21 Amer¬
ican republics seeking their views as to the
such
ance
a
desirability of
meeting, the notes having been forwarded in further¬
of
a
resolution adopted at the Buenos Aires Peace
Conference last December, in which the Union was directed
to determine "whether it would be
opportune to hold a
Volume
meeting
Financial
145
to
and
study
endeavor
formed
bring about monetary
exchange
to
An item
bearing
"The tendency
in our
the inquiry appeared
on
of
affirmative
replies have been received from Mexico, the Dominican Re¬
public, Ecuador, Guatemala, Honduras, Nicaragua, Uruguay
of
issue
It is stated that
May 8, page 3110.
ference
be
not
would
Press advices from Washington on
tina
proposal last
United States, Argen¬
Brazil.
there
nation at
seldom
with
line
repeatedly has said he prefers dealing with one
monetary questions because big, round-table conferences
this policy,
Under
Brazil.
is under¬
to
keep things
Brazil
it,
the
of
measure
"It
is
WPA
The report
buy
to
up
68
$60,000,000
effected with
personal
personal
envisions
currency
Striking employees of the International Ticket Co. of
Newark, N. J. on Aug. 16 petitioned the New Jersey Court
of Errors and Appeals for reversal of a Chancery Court
decision which held closed shops illegal.
The case will be
argued at the October term of court.
Vice-Chancellor
M. L. Berry had held that contracts calling for a closed
shop were illegal and unenforceable and that "all acts in
support thereof, including picketing, are also unlawful."
He allowed a temporary injunction restraining the strikers
from picketing on the ground that the primary object of the
strike was to bring about a closed shop.
The Newark
"News" of Aug. 16 reported the appeal from this decision
follows:
Meyer M. Semel, counsel for the strikers, served notice with the petition
for reversal that oral argument would be heard at the
October term of the
appeals court.
Disputes Authority
the
Declaring the ticket concern was engaged in interstate commerce,
petition asserted Chancery was "without authority, power or jurisdiction
complaint" and that the concern had no right to invoke
entertain the
before National Labor Relations Board
of the State tribunal
power
proceedings had been determined.
of this court,"
"Neither by legislative edict nor judicial determination
the
"has the closed shop contract as sought in this labor
petition said,
dispute been declared unlawful."
Also cited
1926 State law forbidding use of Chancery
a
was
"to prevent peaceable persuasion by employees,
injunctions
discharged or expectant,
of the dispute and to secure against them judicial
in protection of their side
obtaining or communicating information in any place where
restraint in
This law, the petition asserted, was violated
they might lawfully be."
by Chancellor Berry's order.
It
charged the decree deprived the defendants of due process
also
was
will be
New York City the purposes for which
been fulfilled, and that proof is at hand in
that
have
in
done."
only
of law and the equal protection of the laws of State and
nation on collective
for 68 City Units
pointed out that since its inception the WPA had done
city and
service
in
only,
nature
work
For 41 of these, the work was of a
county departments.
service andi construction,
other
26
and
in
cases
it
both
work
involved
instance construction
one
done.
was
Bituminous
the
of
from despair, and
what that work is and how it is done
and
Work
Coal
Directs
Commission
Operators
to
Minimum Prices by Sept. 2, Following
Demands for
Speed in Fixing Schedule—Board
Also Plans Hearings on Pleas of Captive Mines for
Appeal Decision Holding Closed Shop Illegal
and Barring Picketing—Carry Plea to New Jersey
Court of Errors and Appeals
to
on,
established
was
Propose
Strikers
as
means
a
as
project usefulness.
contention
my
the amount and quality of the work
of this country's
monetary accord recently was
a
may
stabilizing operations.
The accord also
strengthened commercial ties between the two countries.
in
use
projects
useful
on
when people are put to work they must have
But
going.
something to work
for
anything.
accomplish
gold for
work
to
months to forget the purpose
"The intention declared by
did operate to save millions
erally admitted that WPA
Morgenthau
time on
a
remarked.
Somervell
people
put
in recent
strong
run
little chance a conference will take place.
was
Secretary
In
have not yet been received! from the
Without favorable replies from these nations, it
answers
or
stood,
to
was
has
Colonel
"Perhaps the original objective has been obscured because it is so gen¬
Although the Union dispatched inquiries on the conference
March,
WPA,"
Congress
such a con¬
according to Associated
Aug. 9, which added:
opportune,
the
ameliorating the worst effects of the depression and promoting recovery.
Chile and Venezuela replied that
and Bolivia.
by the WPA, in addition to carrying out its purpose of alleviating
unemployment distress.
stabilization and the termination of the systems of
control."
1197
Chronicle
Exemption from Guffey Act
The National Bituminous Coal
issued
Commission, in
an
order
directed operators to propose maximum
prices by Sept. 2, so as to complete the promulgation of
prices under the Guffey Act for the two most important
producing areas by Oct. 1. The move was a surprise, since
it had generally been believed that prices would not be
completed before April 1.
Several groups of operators,
however, had filed protests demanding immediate action,
and these apparently caused the Commission to accelerate
its proceedings.
The Commission on Aug. 15 ordered an extensive series of
hearings in Washington on the applications of so-called
captive mines for exemption from the bituminous coal code
under the Guffey Act.
Hearings will continue until Sept. 15.
A Washington dispatch of Aug. 18 to the New York
"Journal of Commerce" discussed the Commission's order
Aug.
18,
regarding prices
as
follows:
No material increase in coal costs to industrial consumers,
except where
they have been enabled to buy so-called distress production,
from the minimum prices,
Tentative figures for the
and
(Indiana, Illinois and western
$2.22 per ton for the Appalachian
been made public by the Commission as
propose
$1.88
Kentucky)
weighted average cost of production of
the Western field
ton for
per
is expected
commission officials explained.
field (other than Alabama) have
a basis upon which operators may
minimum prices.
Unofficial information in the Commission is
will not be more than 2 cents or
when the final figures are
said to indicate that there
3 cents difference one way or the other
made public.
be less than the
district. It is possible that
be fixed at these figures, varying it as to types,
provides that the minimum price shall not
The law
weighted average cost of production for each
an
f.o.b. mine price may
sizes and character of the coal.
bargaining rights.
O. and A. P. of
Labor's Anti-Injunction League comprising both C. I.
L. unions, was formed after Mr. Berry's ruling.
It is raising funds for the
appeal and is also seeking passage of an anti-injunction bill which would
limit
the
of Chancery to issue restraints in industrial
power
Report of Operations of RFC, Feb. 2, 1932 to July 31,
1937—Loans of $11,813,479,922 Authorized During
— $1,405,928,992
Cancelled — $6,550,706,303
Expended for Activities of Corporation
Period
disputes.
Harry Wendrich, volunteer Federation organizer, is President of the League.
Authorizations
WPA Spent $409,195,154 in
New York City Since Aug. 1
1935—Report to H. L. Hopkins Shows $385,831,424
of Total Was Spent on Municipal Projects
The Works Progress
and
July
1937,
1,
Administration between Aug. 1, 1935,
$409,195,154 in New
spent
City,
York
mitted
the
L. Hopkins, Federal WPA Adminis¬
82% of the
The report revealed that almost
trator.
spent
Somervell, local WPA Ad¬
Brehon B.
to Harry
money
used for physical improvements in the city under
was
the
sponsorship
the
same
Guardia.
Projects for the
city accounted for $385,831,424 of the total, while during
of
Mayor La
period the city's own expenditures on municipal
departments, commissions and other tax-supported units to
which
the
WPA
has
contributed amounted
Details of the report were given,
New York "Times" of Aug.
Of
has
WPA
the
expenditure
$604,329,163
Of
total
of the city a
behalf
of $315,723,885
has been used for
The city meanwhile spent $93,356,157 for improvements
personal services.
for
personal
services.
the WPA expenditure of
$315,723,885 in
improvements, Colonel Somervell explained in
had been spent for
Nei(v York City for physical
his/report
that $169,906,013
repairs, while $145,817,872 wgut for construction involv¬
ing future maintenance.
"In
the
other
last
have
words," Colonel Somervell said,
and 11 months nearly
year
necessarily been
$145,000,000
maintained
In
the
the
On
amounted
the
city's
the
same
time has put
plant
which
will
than
more
have to
Of
to
Field
total
the
spent
WPA
on
be
projects under the city's sponsorship,
here spent $14,111,310
and
$9,252,420
on
on
the 20 projects
projects
for
agencies
projects in question the State itself 6pent a total of $55,-
the
only
spent
and
WPA
on
the
contribution,
$2,368,182
against
outlay
$11,743,128
Federal projects,
Cypress Hills National
$7,424,628
for
for
was
personal
services
Of
improvements.
for work
on
forts,
Cemetery.
Throughout the report Colonel Somervell cited facts and figures designed
to
demonstrate
the
productive and constructive character
Reconstruction
the
tion
Corporation.
and
capital notes and debentures.
The relief disburse¬
include $299,984,999 advanced directly to States by
stock,
ments
the
of the
canceled
been
Corporation, $499,999,881 to the States upon certifica¬
of the Federal Emergency Relief Administrator, $500,-
to the Federal Emergency Relief Administrator
provisions of the Emergency Appropriation Act, 1935,
$500,000,000 under the provisions of the Emergency
Relief Appropriation Act, 1935.
Of the total disbursements,
000,000
under
and
$6,550,706,303 was expended for activities of the Corporation
governmental agencies and for relief,
and of this sum $4,698,123,141, or approximately 72%, has
been repaid.
Chairman Jones continued:
Loans authorized to 7,503 banks and trust companies aggregate $2,527,003,368.
Of this amount $464,075,952 was withdrawn or canceled, $71,200,938 remains available to the borrowers, and $1,991,726,479 was dis¬
bursed.
Of this latter amount $1,823,552,171, or 92%, has been repaid.
Authorizations were made for the purchase of preferred stock, capital
notes and
debentures of 6,777 banks and trust companies aggregating
$1,296,656,814 and 1,121 loans were authorized in the amount of $23,422,755 to be secured by preferred 6tock, a total authorization for pre¬
ferred
stock,
capital notes and debentures in 6,865 banks and trust
companies of $1,320,079,569; $110,795,786 of this was canceled or with¬
drawn and $127,548,680 remains available to the banks when conditions
of
authorizations have
Loans
banks
have been
been met.
authorized for distribution to
depositors of 2,730 closed
aggregating $1,297,005,063 ;
$285,094,898 of this amount was
or withdrawn and $62,250,429 remains available to the borrowers;
canceled
Government.
State
amount
Miller
the
and at
of
for State bodies
work
Federal
the
the
to
showed,
report
029,867.
deferred,
extensions
"XVPA has shouldered during
$170,000,600 for repairs which would
hereafter."
addition
involving
of
into
of
recovery program
other than advances to
16:
into physical improvements, while $70,107,539
gone
and
in
to $697,685,320.
in part, as follows in the
in the
Of this sum, $1,405,928,992
$933,703,398 remains available to
borrowers and to banks in the purchase of preferred
Chairman
has
by Lieut-Col.
Corporation
including disbursements of
according to a report made public Aug. 15 which was sub¬
ministrator,
commitments
and
to July 31,
$898,170,006 to other governmen¬
tal agencies and $1,899,984,880 for relief, have been $11,813,479,922, it was announced on Aug. 8 by Jesse H. Jones,
Finance
of the work
perr
$949,659,736 was disbursed and $862,491,758 has been repaid.
Loans have been authorized to refinance 617 drainage, levee
and irriga¬
aggregating $136,524,096, of which $17,684,478
canceled and $43,073,800 remains available to the
was with¬
borrowers;
tion
districts
drawn
or
$75,765,818 was disbursed.
One hundred sixty-three loans
ized
through mortgtage loan
w
aggregating $16,422,275 have been author¬
companies to assist business and industry in
1198
Financial
cooperation
720,440
of
bursed,
and1
Under
this
the
to
withdrawn
was
was
to
canceled;
or
which
June
19,
canceled and
or
addition,
the
was
1934,
industry aggregating
In
$5,701,835
was
added to
the
the
Recon¬
Corporation
$145,996,334; $42,878,816
$21,333,884 remains avail¬
Corporation
has
of
$500,028,421.
having
a
were
Of
sold at
this
securities
amount
premium of
a
having
$12,095,215
value
par
of
(including securities
$58,874,900 sold to issuers prior to maturity at a
were not actually paid for and delivered
Securities having par value of $14,259,722 purchased
value of
par
premium of $327,376), but $76,000
at
1937.
July 31,
from
Federal
the
Emergency
Administration of
Public
Works
were
subse¬
quently collected) at maturity.
are
still held.
be
to
held
having
In
and
collected
or
sold
at
a
later
date,
such part of
aggregate par value of $99,432,000 as the PWA is in
an
to deliver
Securities having par value of $87,243,590
addition, the Corporation has agreed to purchase at par,
from time to
securities
a
position
time.
According to Mr. Jones, disbursements and repayments to
July 31 for all
Disbursements
Repayments
$
S
Loans under Section 5:
Banks and trust companies (lncl. receivers)
Railroads (Including receivers)
1,979,283,246.27 1,812,367,907.30
532,126,239.11
180,190,199.59
Federal Land banks
387,236,000.00
373,650,072.24
Mortgage loan companies
373,943,237.90
253,521,189.26
Regional Agricultural Credit corporations
173,243,640.72
173,243,640.72
Building and loan associations (lncl. receivers). 117,005,895.34
115,052,799.20
Insurance companies
89,675,416.42
85,993,943.67
Joint Stock Land banks...
17,905,857.47
15,397,266.62
Livestock Credit corporations
13,101,598.69
12,820,301.58
State funds for Insurance of deposits of public
moneys
13,064,631.18
9,250,000.00
or
Total loans under Section 5
to
14,718.06
9,250,000.00
distributors for payment of pro¬
cessing tax
Loans
128,481.64
434,964.21
14,718.06
Credit unions
Processors
5,518,618.22
719,075.00
600,095.79
Agricultural Credit corporations
Fishing Industry
13,064,631.18
5,643,618.22
Federal Intermediate Credit banks
Secretary
3,712,813,270.17 3,050,648,733.49
of Agriculture
to
purchase
3,300,000.00
Loans to public school authorities for
of teachers'salaries
3,300,000.00
75,765,818.47
Loans for refinancing drainage, levee and Irriga¬
tion districts
1,161,274.64
payment
22,391,420.47
22,300,000.00
tion projects
Loans for repair and reconstruction of property
271,678,362.33
55,014,272.28
damaged by earthquake, fire, tornado, flood
and other catastrophes
Loans to aid in financing the sale of agricultural
surpluses in foreign markets
11,808,755.32
3,065,373.39
20,224,586.66
Loans to Industrial and commercial businesses
89,459,322.13
Loans to mining businesses
2,627,500.00
Loans on assets of closed banks
12,443,232.35
Loans to finance the carrying and orderly marketL_
ua
ing of agricultural commodities and livestock:,#
Commodity Credit Corporation
661,706,885.06
Other
19,354,491.78
Loans to Rural Electrification Administration
4.900,000.00
20,177,690.67
18,278,497.89
717,694.21
11,184,263.81
-
Total loans,excl.of loans secured by
Purchase of preferred stock, capital
by
notes
preferred stock
(including
$100,000
18,165,072.64
2,425.46
-
if '<*
JHI
473,266,795.74
6,538,699.23
479,805,494.97
501,122,555.01
of
Total
Capital stock Home Owners' Loan Corp
Capital stock of Federal Home Loan banks..
Land
Bank)
Sec. of Agricul. forcrop loans to farmers
(net)..
Governor of the Farm Credit Administration
for
Credit Corporation..
Stock—Disaster Loan Corporation
Regional Agricultural Credit corporations
for
purchase of capital stock (lncl.
$29,500,000
held in revolving
fund)
""
May 27, 1933
Since May 26, 1933
on
of
Federal
Under Emergency
Appropriation
Under Emergency Relief
10,000,000.00
44,621,074.55
Act—1935111
490,000
162[600
22,000,000
2,257,460
100,000
147,700
108,740
7ob[66o
700!666
30,000
39,000
15,731,583
4,366,000
400,000
6,000
30,000
39,000
1,403[666
100,000
22,525
22,525
above loans
amount
authorized, the Corporation has approved,
of $44,246,485 upon the performance of
conditions.
at a dlseount of 1
%, equivalent to $134,900.
Additional Nations Reply
Favorably to Secretary Hull's
Proposals, Although Some Messages Contain
Those
State
in
Newest List of
Department
from 25 additional
on
"encouraging."
issued
morality
initial
Aug.
15
governments to
published responses
the appeal for interna¬
on July 16 by
Secretary of State Hull.
statement, asserted that the reaction to his
a
was
had
Responses—Sec¬
"Encouraging"
made
peace
Aug. 14,
A
in
restraint
and
replies
week
from
responses
which
in
discussed
were
earlier
about
40
the
Mr. Hull
international
in
the
Depart¬
nations
the
to
urged de¬
relations.
"Chronicle"
of
1937.
The responses published on Aug. 15 were
favorable, and included replies from Chipa, Japan, Ger¬
many and Italy.
Some of the messages, however, contained
page
all
44,500,000.00
3,108,278.64
12,326,652.92
qualifications, including
299 984 999 00
be
"full
Mr. Hull's comments
lows in
499 999 ggp gg
500 000 000 00
on
the replies were reported as fol¬
Washington dispatch of Aug. 15 to the New York
a
"Times":
'
Speaking of the replies received, Secretary Hull, in his statement today,
16,904,858.00
tion
that
which
"these
should
ments
and
world
23,195,857.06
railroad, together with
a statement by Japan that there
recognition" 'of "actual circumstances" exist¬
ing in the Far East.
16,904,858.00
or
with¬
the amount disbursed
repaid by each are shown in the
following table (as
July 31, 1937), contained in the
report issued Aug. 8 by
utterances
reveal
renewed
ensure
solidarity of attitude
a
and
increased
efforts
and aspira¬
by
the
govern¬
peace
and
restored
order."
"If
2,805,175
18.672,250
959,923, are evidenced by collateral notes of the railroad In the total face amount of
870,094,823.
Part of the outstanding loans was refunded
by acceptance of the
railroad's five-year 4H% secured
note, due Aug. 1, 1939, in the amount of $13,-
The
9,272,057,046.04 4,715,027,999.27
Jones:
to the
principle, loans in the
cency,
40,500,000.00
97,000,000.00
7,000,000.00
The loans authorized and
authorizations canceled
Mr.
18.200,000
34,200
28.900,000
3,000,000
9,500
750,000
300,000
638,597,795 106,393,556 532,126,239 180,190,199
-
In addition
1,200,000
15,731,583
4,366,000
400,000
22,525
Wichita Falls & Southern RR.Co.
Wrlghtsville A Tennille RR
declared
Issued for funds for
allocations
and relief advances
of
Wabash Ry. Co. (receivers)
Western Pacific RR. Co
in
117,750
19,610,000
100,000
5,147,700
declaration of foreign policy
1,799,984,879.89
to and
800,000
108,740
700,000
30,000
45,000
27,499[666
27,499.000
18.200,000
7,699,779
28,900,000
3,000,000
17,000
4,475,207
300,000
7,995,175
18,672,250
200,000
162,600
22,000,000
19,610,000
100,000
5,147,7,00
991
23.20C.000
...
Tennessee Central Ry. Co
Texas Okla. A Eastern RR. Co..
Texas & Pacific Ry. Co
ment
on notes
drawn for each
Southern Pacific Co
""2OO
785,000
570,599
25,000
27,499,000
18,200,000
7,700,000
3,000,000
17,000
4,475,207
Puget Sound A Cascade Ry. Co..
300,000
St. Louis-San Fran. Ry. Co
7,995,175
St. Louis-Southwestern Ry. Co..
18,790,000
Salt Lake A Utah RR.
(receivers)
200,000
Sand Springs Ry. Co
162,600
proposal
500 000,000.00
Grand total.
99,200
29.500,000
Sumpter Valley Ry.Co
655,565
62,500
2,300,000
785,000
1,070,599
Pioneer A Fayette RR
tional
Relief
Total for relief
Interest
Pennsylvania RR. Co
Pere Marquette Ry. Co
520,000
100,000
8,500,000
800,000
2,550,000
50,000
100,000
2,300,000
23,134,800
2,300,000
23,134,800
Missouri Southern RR. Co
99,200
Mobile & Ohio RR. Co.
785,000
Mobile & Ohio RR. Co. (receivers)
1,070,599
Murfreesboro-NashvilleRy. Co..
25.000
New York Central RR. Co
N. Y. Chic. & St. L. RR. Co
6,000,000
13,915
985,000
6,843,082
Missouri-Kansas-Texas RR. Co.
Missouri Pacific RR. Co
Mr. Hull, in
115,000,000.00
Appropriation Act,
1935----
744,252
6,843,082
100,000
Mississippi Export RR. Co
The
li&t
145,000,000.00
2,600,000.00
55,000,000.00
898,170,006.11
directly by Corporation
certification
3,000
1,729,252
Minn. St. P. & SS.Marie Ry. Co.
must
Total allocations to Governmental
agencies
States
(trustee)
Among
pro¬
Stock—Commodity
Administrator
•22,667
1,000,000
Meridian A Big bee River Ry. Co.
retary Terms Reaction
for
To
....
Maryland A Penna. RR. Co
320", 666
1,061,000
354,721
6,000,000
13,915
520,000
35,290,000
8,500,000
800,000
2,550,000
197,000
99.422,400
13,915
520,000
35,312,667
9,500,000
800,000
2,550,000
200,000
Lehigh Valley RR. Co
Litchfield & Madison Ry. Co
Maine Central RR. Co
627[075
15,000
10,539
1,061,000
Georgia Fla. RR. Co. (receivers).
354,721
Great Northern Ry. Co
105,422,400
Illinois Central RR. Co
'53,560
500,000
71,300
382,000
227,434
8,176,000
Galv. Houston A Hend. RR. Co.
121,514,000.00
To create mutual
mortgage Insurance fund__
For other purposes
For relief—To States
Ft. Worth A Den. City Ry. Co..
200,000.000.00
,'iiknW
to
3,000
90.000
Ry.Co.(receivers)
53[ 500
8,081,000
3,182,150
16,582,000
Modifications—China, Japan, Germany and Italy
for loans to:
Farmers
Joint Stock Land banks
""
Federal Farm Mtge. Corp. for loans to
farmers.
Federal Housing Administrator:
Expenses—Prior
2i9~666
3,000
717,075
227,434
8,176,000
15,000
88,539
8,300,000
1,481,000
28,925,300
60.000
Eureka-Nevada Ry. Co
Fla. E. Coast Ry. Co. (receivers)
Gulf, Mobile A Northern RR.Co.
[8,300,000
2.098,925
53,600
8,300,000
3,182,150
16.582,000
Erie RR. Co
I-
Commissioner
revolving fund to provide capital
duction Credit corporations
50b~(j66
60,000
53,500
Denver A Rio Grande W.RR.Co.
Denver A Salt Lake West.RR.Co.
Peace
Allocations to Governmental agencies under
pro¬
visions of existing statutes:
Secretary of the Treasury to purchase:
(now
140.000
5,916,500
46.588,133
1,439,000
15,340,000
1,150,000
13.718,700
413,802,965.01
6,550,706,302.98 4,69.8,123,141.27
Loan
Columbus A Greenville Co
464,298
24,000
155,632
4.338.000
16,838
213,538
Public
Works security transactions
Farm
65,975
230.028
Note—Loans to the Baltimore A Ohio RR. Co.
outstanding, amounting to $69,-
34,375,000.00
Administration
535",806
3,124,319
464,298
1,000
15,840,000
1,150,000
Copper Range RR. Co
specified
1,141,110,103.23
Emergency
Chlo. Mllw. St. P. & Pac. RR.Co.
Chic. No. Shore A Mllw. RR. Co
Greene County RR. Co
41.300
35",702
Chicago R. I. A Pac. Ry. Co
13,718,700
Cincinnati Union Terminal Co... 10,398,925
Colorado A Southern Ry. Co
28.978,900
Totals
of insurance
disbursed for
Total
41,300
7,569,437
Chicago A Eastern 111. RR. Co...
5,916,500
Chicago A North Western RR. Co 46,589,133
Chicago Great Western RR. Co..
1,439,000
Ft. Smith A W.
434,757
175,000
12.150.477
634,757
53,960
13,200
500,000
140,000
...
Charles City Western Ry. Co...
605,m
82,110.400
14,600
7,569,437
63,960
549,000
3,124,319
Central of Georgia Ry. Co......
Central RR. Co. of N. J
127.000
400,000
'
41,300
Boston A Maine RR
and
the purchase of preferred
stock)
Federal
Birmingham & So'eastern RR.Co.
Buffalo Union-Carolina RR
Texas Southern-Eastern RR. Co.
Tuckerton RR. Co
25,000,000.00
secured
companies
.
pref.stock.4,908,473,644.74 3,804,514,681.29
debentures of banks and trust companies (Ineluding $18,148,730 disbursed and $6,251,993.00 repaid on loans secured by pref.
stock)_.1,081,735,103.23
Purchase of stock of the RFC Mortgage Co
Loans
275,000
2,500.000
Southern Ry. Co
600,469,382.81
S
275,000
2,500,000
Ann Arbor RR. Co. (receivers).
634,757
Ashley Drew A Northern Ry. Co.
400,000
Baltimore & Ohio RR. Co. (note)
82,125,000
Corp.
Alton RR. Co
Pittsburgh A W. Va. RR. Co
Loans to aid in financing self-liquidating construc¬
Repaid
127,000
N. Y. N. H. & Hartford RR. Co.
cotton
Disbursed
127,000
Fredericksburg & North. Ry. Co.
Gainsville Midland Ry. (receivers)
were as follows:
purposes
or
Withdrawn
S
Aberdeen A Rockfish RR. Co
Carlton A Coast RR. Co
available.
Corporation has purchased from the Federal Emergency Administra¬
tion of Public Works 2,418 blocks, 1,642 issues) of securities
having par
$398,525,109
Canceled
Ala. Tenn. A Northern RR.
has
The
value
Authorization«
dis¬
authorized, or
has agreed to, purchases of participations
aggregating $20,708,673 of 391
businesses, $8,501,885 of which was withdrawn or canceled and $4,531,100
remains
Aug. 21, 1937
$10,.
program;
Authorized
5(d),
Act,
withdrawn
borrowers.
Administration
repaid.
Section
Corporation
loans
2,058
Recovery
has been
provisions of
this amount
able
amount
Finance
authorized
National
$2,992,895
the
struction
of
the
with
Chronicle
peoples of
is
peace
to
every
country in the direction of
be preserved
and civilization to go forward," he added,
atmosphere of confidence springing from respect
for principles of justice and a
spirit of mutual helpfulness."
"there must be created
His program,
plete, to
"From
Hull
declared,
was
the alternative, adequate and
com¬
war.
the
portance of
affirmation,
mated."
Mr.
an
standpoint
of
this program,
reiteration,
peace
and
progress,"
he asserted,
"the
im¬
advancing basic principles of conduct/ and of its
confirmation
and
application,
cannot
be
overesti¬
Volume
Declaring that the
the
United
for
treaties
reduction
States,
and
of
Hull,
armaments.
be
obviously was
Mr. Hull did not wait for
abroad.
diplomatic representatives
situa¬
to his
^
additional
the
The
the
all replies
received.
In
since received, and now
responses
and
of
favor
Hull
the
tenor of the
general
The
Belgium.
of
is
Research
Strike of
Is Ended
the
in
assemblies, but more
workers who had been affected by a strike
Plymouth plant in Detroit.
This was ended on
the
Workers and the Chrys¬
Corp. concluded an agreement, the details of which were
not revealed.
Both the union and the company had charged
ler
violation of the contract signed April
6.
The company said
strike in a key department,
while the union said that the company had locked out its
that
union
the
called
had
a
employees.
operations by the Ford and
in Associated
large-scale
of
Resumption
Chrysler companies was discussed as follows
Press Detroit advices of Aug. 9:
to
back in
workers
110,000
other cities
branches in
large-volume producers brought
Detroit alone.
About 60,000 in Ford
of assemblies by the two
The resumption
close
affected.
were
(
Plymouth plant last Wednesday resulted
from a
fight involving members of the United Automobile Workers of
America and of the Independent Association of Chrysler Employees.
In
the settlement agreement approved by the U. A. W. A. yesterday four of
its members
discharged for alleged participation in the beating of two
Independent Association members within the Plymouth plant are to have* a
hearing, beginning tomorrow, before representatives of the company and
the union, with attorneys for both sides participating.It was dismissal of the four men that precipitated the plant closing.
At least nine men were injured in the clash that followed.
Of those returning to work today about 89,000 were Ford workers here,
Suspension of operations by the
and
employees,
Plymouth
11,000
assembly
in
10,000
plants
feeding Plymouth's
lines.
A. W. A. would disclose details
of the agreement that led to the Plymouth plant reopening today.
Besides
the decision to grant a hearing to the four discharged U. A. W. A. work¬
ers, however, it is known to provide for an investigation of the Independent
Chrysler Corp. or the U.
the
Neither
of
Association
Chrysler Employees.
Conversations
Corp.
Motors
General
and
.
of the U. A. W. A.
the union's request for a revision of the
resumed today by representatives
were
on
agreement that ended the six weeks' strike of
has insisted upon a guarantee that there will
Both
the corporation emphasized
and
the union
did not expire on Aug.
The agreement
continues in force
notice of a desire to terminate it
agreement
On
June
the union
11
Silk Strike Ends
today that the present
11, as was believed in some quarters.
until 60 days after either side files
notice of its intention to ask revisions in
gave
agreement, but neither side
the
last, winter. The company
be no further unauthorized
consider wage and hour changes.
before it will
strikes
has proposed terminating it.
C. I. O. Affiliate Concludes Agree¬
as
Many New Jersey and Pennsylvania
Manufacturers—Some Employers Refuse to Accept
ment
with
Higher Wages and Shorter Hours—
Pennsylvania Textile Association to
"Outside Agitators"
Recognition,
Formation of
Combat
strike
A
reached
manufacturers
Workers
agreement
with
the
Textile
Organizing Committee, an affiliate of the Commit¬
Organization, which called the walkout.
A few large
Pennsylvania mills opposed the union's demands
increases, reduction in hours, and
reference is made to the formation of the
recognition,
for
an
Industrial
for
tee
workers in New
concluded on Aug. 15 when 60
affecting 30,000 silk and rayon
Jersey and Pennsylvania was
further
below
wage
Association.
The inception of the
strike was recorded in the "Chronicle" of Aug. 14, page
1038. Eight thousand strikers returned to work on Aug. 16
and an additional 2,000 resumed work on the following day.
The agreement ending the walkout was described as fol¬
lows in the New York "Journal of Commerce" of Aug. 16:
Pennsylvania
settlement
The
between Sidney
the
for
calls
In
an
all-night conference Friday night
[Aug. 13]
and David L. Cole, counsel
members of the newly-organized
Hillman, T. W. 0. C. Chairman,
all
manufacturers,
of
whom are
and Rayon
Manufacturers.
The agreement
for an increase in \yages of from 10% to 20%, a 40-hour week, time
one-half for overtime, and union shop.
National
and
Textile
followed
Association
commenting
"The agreement
on
of
Silk
the agreement,
Mr. Hillman said:
with the Silk and Rayon
important step in stabilizing
Manufacturers' Association marks an
the silk Industry, when for the first time a group
Rayon
60 members
Manufacturers
will
be
non-member
of
settlements
the strike
that
stated
would
continue with
undiminished
It
mills holding out against signing with the union.
that- between 25,000 and 30,000 workers are still out.
in
O. (J. announced on Aug.
on
18 that 49 silk fac¬
N. J., district had resumed opera¬
that date under newly signed union contracts.
On
the
Paterson,
same
day Governor Earle of
cationing in Europe, sought to, bring a
than 20,000 were
at
and
individual
Pennsylvania, who is va¬
complete end to the
strike by calling by cable a conference of manufacturers
and T. W. O. C. leaders. That conference was held in Harrisburgh on Aug. 19 but was not attended by most employ¬
ers
affiliated with the Pennsylvania Textile Association,
claiming representation of more than 15 large mills em¬
ploying 25,000 workers in Pennsylvania plants.
As a counter movement against the Textile Workers Or¬
ganizing Committee, C. I. O. affiliate, announcement was
made on Aug. 17 by Walter Neale of the foundation of the
Pennsylvania Textile Association, the aim of which, the
New York "Times" of Aug. 18 reports, will be to "present
a united
stand against the terroristic and coercive tactics
of outside agitators."
The "Times" also stated:
Mr.
Neale said the Association was formed by
12 mills representing
13,500 employees and operating more than 6,000
looms with 490,000
spinning spindles.
Ten other concerns, employing 8,000 workers, with a
total of 4,000 looms and 325,000 spinning spindles, have indicated their
intention of joining the new Association, Mr. Neale said.
The 12 mills forming the new organization prepared to fight the union's
demands for recognition, wage increases and shorter hours.
With the large employers uniting to resist the union, the strike entered
into second and more difficult phase.
A survey of the situation revealed
that while some 28,000 workers in the
smaller mills had been brought
under contracts, the union was facing a fight in its efforts to bring the
larger plants under agreements.
As the situation stands now, about half
of the industry is organized, in the sense that the employers in question
have recognized the T. W. O. C. and granted its demands.
The task now
confronting the union is to organize the remaining half of the industry.
the
Agreement with General Motors
Aug. 8 when the United Automobile
by
against all
estimated
tions
Assemblies—Terms Not
Sought by U. A. W. A. of
plants which resumed
overtime, and
the company, is also President of
agreement covering the
Silk
of
future
near
Hillman
tories
Approximately 170,000 automotive workers who had been
idle either through strikes or because of plant shutdowns
resumed their jobs on Aug. 9.
Most of these men returned
to work at Ford
agreement with
been signed providing
i
that the
Association
National
Mr.
Resume
Revealed—Revision
J., had
Institute.
believed
generally
the
energy
is
Plants
N.
Paterson,
of
companies.
principles.
Ford
Co.
J. Tynan, President of
H.
The T. W.
and
well
of
al^o announced over the week-end that an
shop.
followed
replies was heartily in
170,000 Auto Workers Return to Jobs as
Plymouth Division of Chrysler Corp.
50%
Hillman,
Throwing
Throwsters'
It
"Times" said:
Additional replies to Secretary Hull's declaration of July 16 in favor of
world peace and maintenance of international obligations were made public
today by the State Department.
They were from Iraq, Greece, Costa Rica,
Bolivia
promoting the welfare of the workers as
for wage increases, 40-hour week, time and one-half for
the
Washington, Aug. 18, advices to the
From
Mr.
to
union
Tynan
union
made public, there
general endorsement of Mr. Hull's program.
was
management
collective dealing between
the workers in the throwing and
weaving plants are now under contract.
This includes those concerns
signed with T. W. O. C. prior to the strike.
According
offices by American
invited from foreign
after comment had been
statement
to
the statement
especially to the North China situation.
It was that same
Hull had in mind when, a week ago, he issued responses
Mr.
tion
and labor are unquestionably measures
as the industry."
barriers and the
the lowering of commercial
obligations,
unrestrained competition.
Stabilization of
the establishment of common sense In the
his statement
in
eliminate the evils arising from
working conditions in the industry and
employers has cooperated with labor In an effort to
guided the foreign policy of
of July 10, urged respect
he enumerated
points
Mr.
Although not mentioning Japan and China,
directed
1199
Financial Chronicle
145
of
Longshoremen's Union Ends Strike on
Coastwise
Lines—Operators
Agree
Demands, Including Eight-houf Day
^.The
Piers of Five
to
Discuss
International^Longshoremen's Association on Aug. 18
called off
a
strike
on
the piers of five
coastwise lines in New
York City, after executives of the lines had
on the union demands.
Joseph P. Ryan,
agreed to confer
President of the
would demand that the lines grant an
Association, said he
eight-hour day to their tugboat employees and issue passes
to the agents of the seamen's union that had been chartered
by the I. L. A., which has been competing with the National
Maritime Union for control of seagoing personnel along the
The New York "Times" of Aug.
details regarding the controversy:
Atlantic and Gulf costs.
added the following
Mr.
Ryan said
the lines in other
19
trades had effected the eight -hour
tugboat men on Aug. 15 on the demand of a local which
had recently been chartered by the longshore union, and the coastwise
lines had rejected the demand for similar treatment.
He said the lines
had informed him that Mrs. Elinore M. Herrick, regional director of the
Labor Relations Board, had instructed them not to issue passes to the
day for their
agents of his
newly organized
seamen's union.
Mrs. Herrick
Mrs.
Herrick last night
Explains Stand
denied that she had issued any such
order.
Officially only Tuesday
that it had entered the seamen's field.
The official of the union who
informed me asked what the board would do about issuing passes to permit
his agents to board ships in Atlantic and Gulf ports for purposes of organi¬
"The longshore
union," she said, "notified me
zation.
"Since we
matter
of
a
had had the issue
contest between the
Labor
would continue
one
neutral,
issue
union it must
something for the
in the
National Maritime Union and the Inter¬
Madden of the
that the Board
insisting only that where a line issued passes to
them to its rivals.
Otherwise the pass matter is
lines and unions to
decide."
Industrial Organization, which
Ryan's American Federation of Labor seamen's
The
Mr.
of passes in our hands only once,
Union, I communicated with Chairman
Relations Board and after a discussion we agreed
national Seamen's
Committee
for
has been fighting
union through the
last night for a contest to win
over his longshoremen.
Merbyn Rathborne, Chairman of the C. I. O.
Maritime committee, said that 30 organizers had been assigned to the
work of forming longshore locals, that offices had been established at
10 Bridge St. and that others would be opened in Boston, Baltimore,
National Maritime
Union, announced plans
Philadelphia and New
Orleans.
hundred longshoremen had notified
dissatisfaction with the Ryan union and their
willingness to help organize the dock workers under the C. I. O.
When
informed of the move last night, Mr. Ryan recalled that his union had a
working agreement with the International Brotherhood of Teamsters,
whereby union truck drivers will refuse to move freight to or from piers on
which workers were not affiliated with the I. L. A.
Mr.
Rathborne
him in recent
said that several
weeks of their
1200
Financial Chronicle
President
Roosevelt
Member
of
Nominates
Mary W. Dewson as
Security Board—Nomination
Social
of
Roosevelt
several
years
1937
21,
by
ago
Bank.
the
City
•
Aug.
on
Aug.
assumed
were
National
Confirmed by Senate
President
which
17
sent
to
the
Senate
Formation
the
nomination of
to
ber
the city,
Mary W. Dewson of New York to be a mem¬
of the Social
Security Board, succeeding Vincent M.
Miles of Arkansas, whose term
expired Aug. 13.
The nomi¬
known
nation
of
a
new
neighborhood bank in Chicago,
I1L*
will be
of
Miss
Dewson
confirmed
was
Aug 18.
Senate
Democratic
the
is
director
National
of
the
women's
Committee.
President's
She
Advisory
has
division
been
Committee
added in
Resigns Post with SEC to Become Sec¬
retary of Pennsylvania Securities Commission
be
resignation
of
Frederick
M.
Barden,
Associate
was announced on Aug. 14
by
Mr. Barden will leave the Commission
on
Sept. 9 to become Secretary of the Pennsylvania
Securities
Commission at Harrisburg, Pa.
He became associated with
the SEC in March,
1935, prior to which he was with
Scudder,
Stevens & Clark, investment counsel in
Philadelphia.
Mr.
Barden was in the investment
banking business for a num¬
ber of years in New York and
Philadelphia.
ITEMS
The
ABOUT
National
BANKS,
City
TRUST
Bank
of
branch in Greater New York
COMPANIES,
would
New
York
opened
its
73d
on
branch is under the
management of Donald McK.
He will be assisted
by
John M. Potter and Harold
Dwyer, Assistant Cashiers. Mr.
Blodget, who was graduated from Yale University with the
class of 1917, spent five
years with the Bankers Trust Co.
and became associated with the
Farmers Loan and Trust Co.
in 1924 He was an
Assistant Vice-President of the institu¬
tion when it became affiliated
with the National City Bank
in 1929.
new
Blodget, Assistant Vice-President.
*
Robert
L.
Gerry Jr. of Gerry Estates and John
Lowry,
John Lowry, Inc., were
recently elected to the
President of
of
of
operations
Brooklyn,
of
the
Fort
Greene
National
N.
Y.,
because
of
insolvency,
nounced
$2,100,000 when
was
it
Fort
closed.
was
to $5,000
up
Greene
full.
bank
Payment of
degree of
in
success
suspension
From
insured by the
that
deposits
amount
or
excess
the
same
paper
-we
recommended
forwarded to
FDIC, and thus, depositors in
less on deposit will be paid
of
in
liquidating the bank's
was
Directors and
are
with
the
in
that
amount
The
on
Comptroller of
adopted by
the
the
the Board
Currency.
Corporation
established.
About
The plan
of
$10
The
1
to
these
claims
institutions,
the
law
representatives
the
have
records
necessary
a
plan to increase the
125.74
issuance
of
15,000 additional shares of stock
to
those
instance of
depositors
of
FDIC
taken
National
the Fort
is
the
closed
in
banks.
of
of
Bank
of
the bank.
the
:
Only
one
Bradford, Pa.,
had
Greene National
receiver
payment
by the FDIC
Corporation's being called!
insured
charge of the assets and
permit
are
insured
'
Bank.
The
now
Corporation's
preparing the
depositors
at
the
possible date.
Payments of the depositors of the Fort Greene National
begun by agents of the FDIC on Aug. 19.
was
«
Effective
possible
available
amount
by
of
the
original
$7,917,374.35.
original
making the
.
.
payment
Finance
Cor¬
$1,577,508.08.
On
deposit liability of $2,765,-
a
liability
is
the
at
time
the
bank
closed
..
payoff
1935
deposit
Reconstruction
a
for
loan
payoff
of
$3,700,000 obtained for the purpose
been entirely repaid,
Mf| Bicknell said.
has
of
♦
Willis
Wyard
recently
resigned as an Assistant VicePresident of the Northwest
Bancorporation (head office
Minneapolis) to become a Vice-President and a director of
the First & American National Bank of
Dulutli, Minn., one
of
the
affiliates
learned
from
of
the
Northwest
Bancorporation,
is
it
the
Minneapolis "Journal of Aug. 18, which
added that Mr. Wyard has been with
Bancorporation since
its inception, serving in various executive
capacities.
♦
The appointment
of E.
Douglas Campbell
as Manager of
department of the Mercantile-Commerce Bank &
Trust Co. of St. Louis, Mo., effective
Aug. 16, has been an¬
nounced by W. L.
Hemingway, the bank's President, it is
the
credit
learned
from
"Journal
Mr.
of
St. Louis
Campbell has been
prior
that
to
advices
Aug. 17 to the
on
Commerce," which went
Toronto offices of
time
connected
was
with
chartered
a
the accounting firm
on
the
to
bank
in
accountant
of
Chicago
say:
since
early
the
this
year,
Montreal
and
Clarkson, Gordon, Dilworth& Nash.
'
♦
According to the St. Louis "Globe-Democrat" of Aug. 11,
Charles M. Hay on Aug. 10 was elected a director of
the
Telegraphers' National Bank of St. Louis, Mo.; a member
of the discount
committee, general counsel for the
bank,
and general counsel for the Order of Railroad
which owns and operates the institution. Mr.
to the
Telegraphers,
Hay succeeds
positions formerly held by the late W.
S. Campbell,
who died in June.
«
,
The Tennessee Valley
Bank, with headquarters at Decatur
and branches
throughout northern
Alabama, took over, on
12, the "acceptable assets" and assumed "the deposit
Aug.
and
discount
liabilities"
of
the
First
Nation
Bank
on
of
Al-
that
day
the Albertville
as
branch of the Decatur institution.
This
(Albertville advices by the Associated Press stated)
followed
an
announcement on Aug. 11 by United
States
Attorney J. C. Smith of the arrest of a former
Vice-President and Cashier of the acquired bank on charges
District
announcement issued
104th
of
made
was
The
of
out
action
$500,000.'
the Commercial
deposits greater than
Under
to
for the
is the
case
the
loan.
beltville, Ala., the latter opening for business
at $12.50 per share.
following is the
pay
earliest
the stockholders approved
$350,000
provided
The present
on
of
from
par value
was
by the late Bennett DeBeixedon.
three years ago
capitalization
payoff
new
V7v.
resolution
a
depend
The Fort Greene National Bank is the
second largest of 104 banks which
been
closed and
the
depositors paid since the
founded
Avenues.
bring the total received by depositors to 65%. A
40%
was made in June, 1935. We
quote the paper in part:
assets.
have
was
Lawrence
"Michigan
an¬
quote:
Deposits
and
'
at Washington on
Aug. 14 by the Federal Deposit
Insurance Corporation.
In the Brooklyn "Daily Eagle" of
Aug. 15 it was stated that the bank had
deposits
of
It
Kimball
20%
poration
and
-—♦
Suspension
The
of
completion of this payoff there will remain
Board of Trustees of the Central
Savings Bank, New York.
of
the
release
&c.
Aug. 16 at 9 West 51st St.,
opposite the International Building in Rockefeller
Center.
in
neighborhood
the
a
The
the
of
Ward
Investor" of Aug. 14, it is learned
dividend, amounting to $1,577,508, was being
distributed to depositors of the defunct
Saginaw Bank,
Saginaw, Mich. Donald Bicknell, the receiver of the in¬
stitution, was reported as saying that the present payment
that
Se¬
Exchange Commission,
Bank
the
in
Court;
♦
the Commission.
The
organization
Municipal
From
curity Analyst in the Registration Division of the
Securities
and
in
new bank
are
Judge Jay A. Schiller
Farnsworth; Albert H. Holander, ware¬
houseman ;
and Meyer Schumann, wholesale produce merchant.
Mr. Prugh said last night
banking quarters have not been selected but
Depart¬
the
Barden
The
Federal Re¬
part:
Associated
of
will
F. M.
the
Chicago, will head the new institution. The
Chicago "Journal of Commerce," from which this is
learned,
Economic
Labor since 1933.
of
Reserve Agent of
Bank of
serve
Security, the Consumers Advisory Board of the National
Recovery Administration, and the National Consumers
League. Miss Dewson has been connected with the
ment
the northwest side of
The institution will be
on
Aug. 16.
as
later Assistant Federal
of the
associated
on
was announced on
the Albany Park National Bank of
Chicago and
capitalized at $200,000 with surplus and reserves of
$60,000. George A. Prugh, formerly Manager of loans and
on
■
Miss Dewson
with
by the
the Albany Park district
serve
said to allege embezzlement of its funds.
In the same dis¬
patch, T. J. Cottingham, President of the Tennessee Valley
Bank, was quoted as saying that he and T. M. Adams, Vice-
President
of
Aug. 7, the National Union Bank
in
Paterson,
enlarged
bank, personally wrould be in
a Manager could be selected.
branch until
new
Mr. Cottingham also announced
that the Gurly branch of
the Tennessee Valley Bank had been closed
upon the taking
over of the Albertville
institution, its business, it is under¬
stood, being merged with the
ther details
Paterson, N. J., and
the
charge of the
new
Albertville branch.
Fur¬
regarding the absorption of the First National
Bank of Albertville
were
contained in Albertville advices
on
the National Bank of America of that
city, capitalized at $400,000 and $200,000,
respectively, were
consolidated under the title of the
National Union Bank
Aug. 11 appearing in the Birmingham "Age Herald," which
said, in part :
America in
making
Mr.
of
Paterson.
at
The
new
organization is capitalized
$100,000 of preferred stock and
$300,000 consisting of
$200,000 of common stock, and has
Reference
in
our
was
issue
a
surplus fund of $40,000.
made to the proposed
of June
19 and
July 24,
union
pages
of these banks
4113
and 547,
respectively.
Valley
good
a
loan
bank
FDIC,
did
not
made
First
a
i
of
take
Albertville
over
and
supervising
similar
course
Deposit
bank
that that
Insurance
loan
Corporation is
which
assets
on
gives
the
the
Tennessee
new
bank
a
National
just
Bank
statement
outlinedi,
of
examiner
for
regarding
no
loss
Albertville.
the
the
will
There
Fifth
FDIC
shall
District
loan,
to the
occur
be
no
of
adding
the
that
depositors of
inconvenience
them."
L.
Burgess, Vice-President in charge of opera¬
City National Bank & Trust Co. of
Chicago,
Chicago, 111., died at his home in Park Ridge,
111., on Aug. 18.
tions
the old
Clyde Roberts,
"through the
to
to
cash position.
W.
the
1
Wilfrid
Cottingham said that the Federal
the
Mr.
Burgess, who was well known in
Chicago banking
circles, was born in Toronto, Canada, in 1883 and went to
Chicago as a young man, where he began his
banking career
as a messenger in the old
Western Trust & Savings Bank.
He eventually became Vice-President
in the trust depart¬
ment of the Central
Republic Bank & Trust Co., the deposits
THE
CURB
EXCHANGE
Weakness and irregularity were the outstanding features
of the Curb market
trading this week, and while there were
occasional exceptions among the oil stocks,
public utilities
gains-were not maintained.
South Penn Oil was an
outstanding feature on the side of
the advance, due to its
splendid earnings record. Techni-
and
specialties,
most
of
the
Volume
DAILY
color and Carrier
the other hand, ran into con¬
moved sharply downward. Mining and
and down but the changes were generally
Corp.,
siderable selling and
metal stocks were up
,
Dulness again characterized the
market during the short session on
movements of the Curb
Saturday though prices
modest number of the more active
stocks showed fractional gains.
Public utilities attracted
some attention on the buying side, and while there were a
number of advances registered in this group, they were usu¬
ally small and without special significance. Oil shares were
quiet with the exception of South Peiln Oil which again
raised its top as a result of an excellent half-year earnings
report. Specialties were represented on the top side by McWilliams Dredging, which moved up 2 points to 24 at its
high for the day. Outstanding among the advances were
Commonwealth Edison, 2 points to 122%; Mead Johnson,
1 % points to 123; Newmont Mining, 2% points to 112%,
and Pepperell Manufacturing Co., 3 points to 112.
Mf** I
There were a few strong stocks scattered through the list
on
Monday although most of the gains were among the
shares that were on the side of the advance during the
previous week. These included among others Technicolor,
which broke into new high ground at 34 at its peak for the
day. Carrier Corp. held its previous gain but showed little
activity. Pepperell Manufacturing Co. jumped 4% points
to 116%, and a number of the high priced stocks also im¬
proved. South Penn Oil was the strong issue in the oil group
and advanced 2 points to 54%. Most of the mining issues
were off and public utilities made little progress either way.
Stocks closing on the side of the advance included among
others American Cyanamid B, 2% points to 37; Brill pref.,
2% points to 48%, and Tubize Chatillon, 2% points to 22.
Declining prices were apparent all along the line on Tues¬
day, and while there were occasional strong spots, the trend
of the market was unchanged throughout the day.
Techni¬
color, which had been quite active last week, dropped sharply
following the announcement of proposed increase in stock.
Oil shares wobbled back and forth, though the demand for
generally firm and
Creole
a
Petroleum, Gulf Oil and South Penn Oil gave the
group an appearance
of strength.
Many of the declines were
the preferred stocks in the utility group, though the
mining shares and specialties also edged somewhat lower.
Prominent among the declines were such popular trading
favorites as Aluminum Co. of America, 2 points to 156;
among
Florida Power & Light (7) pref., 2 points to
Power & Light pref., 4 points to
46; National
67_%; Royal Typewriter,
3
points to 90, and Utility Equities priority stock, 3% points
72%.
•,
to
Irregularity marked the movements of the curb market on
Wednesday.
There was some recovery in the preferred
stocks of the public utilities and some of the oil issues were
able to add small gains.
Technicolor continued to sell off
and Carrier Corp. sold down 3 points to 63% but came back
later in the day to 65%.
South Penn Oil attracted new
buying and reached its top for the year at 56.
NilesBement-Pond broke into new high ground at 59 % following
the release of its fine earnings report on Tuesday.
Among
recessions were Aluminum Co. of America, 2 points
154; Empire Gas & Fuel 8% pref., 3% points to 50;
Utility Power & Light pref., 2 points to 19; Mead Johnson,
1 point to 123, and Pennsylvania Power & Light (6) pref.,
2 points to 90.
The declines in stocks on the Curb Exchange broadened
the
to
Thursday, the recessions ranging from fractions to 2
points.
There were some exceptions among the
higher priced issues but the list, as a whole, was down.
Public utility preferred shares sank to their previous levels
and numerous other popular trading stocks were prominent
out
or
on
on
more
the side of the decline.
Aluminum Co. of America moved
trend and climbed upward 2 points to 156,
127 and Public Service
9% points on a small
transaction. Several stocks prominent in the advance during
the early part of the week moved sharply downward. These
included among others New Jersey Zinc 134 points to 82,
South Penn Oil 1 % points to 53 % and Tubise Chatillon 1 %
points to 22.
>
Curb market prices continued to decline during most of
the trading on Friday. There were brief periods of strength
in some individual stocks but the general list moved steadily
downward due largely to the uncertainty regarding the
against
the
Babcock & Wilcox went up a point to
of Northern Illinois 6% pref. gained
situation in the Far East.
what greater
than
on
The volume of sales
was
some¬
the preceding day, the turnover moving
to 219,000 shares against 199,000 on Thursday. The
range of prices for the week was toward lower levels, Alumi¬
num Co. of America closing last night at 15334 against 15934
up
Friday a week ago, American Cyanamid B at 35% against
37, American Gas & Electric at 3234 against 34, Carrier
Corp. at 62% against 67, Creole Petroleum at 36% against
3834* Electric Bond & Share at 17 % against 2034, Fisk
Rubber Corp. at 12<4 against 13%, Ford of Canada A at
2434 against 25%, Gulf Oil Corp. at 56 against 60, Hudson
Bay Mining & Smelting at 32 against 33 %, Humble Oil (new)
at 8134 against 84, New Jersey Zinc at 8134 against 84,
Newmont Mining Corp. at 105 against 110, Niagara Hudson
Power at 12% against 13%, Sherwin Williams Co. at 130
against 134%, and Standard Oil of Kentucky at 2134
against 20%.
on
TRANSACTIONS
EXCHANGE
YORK CURB
NEW
THE
AT
on
narrow.
were
1201
Financial Chronicle
145
Bonds (Par Value)
Stocks
(Number
Week Ended
Foreign
of
Shares)
Aug. 20, 1937
Saturday
Wednesday
Thursday
Friday
Total
Corporate
1,051,000
1,054,000
1,070,000
833,000
1,086,000
13,000
1,104,000
1,089,000
$66,000
$5,584,000
26,000
Jan. 1 to Aug. 20
Week Ended Aug. 20
Sales at
$556,000
916,000
15,000
10,000
$98,000
$5,420,000
1,150,805
Total
$1,000
1,000
$15,000
11,000
17,000
25,000
24,000
6,000
$540,000
821,000
884,000
115,700
187,950
208,900
220,535
198,500
219,220
Monday..
Tuesday
Foreign
Government
Domestic
New York Curb
1936
1937
1936
1937
Exchange
87,816,326
1,150,805
1,239,185
74,111,762
$5,420,000
$9,382,000
Foreign government..
98,000
166.000
66,000
100,000
$290,268,000
8,694,000
7,113,000
$554,527,000
12,069,000
Foreign corporate
$5,584,000
$9,648,000
$306,075,000
$575,244,000
Stocks—No. of shares.
Bonds
Domestic
Total
OF THE
1937
DEBT STATEMENT
PRELIMINARY
UNITED
8,648,000
,
STATES, JULY 31,
The preliminary statement of the public debt of the United
States, July 31, 1937, as made up on the basis of the daily
Treasury statement, is as follows:
Bonos—
$49,800,000.00
28,894,500.00
118,367,560.00
3% Panama Canal loan of 1961
3% Conversion bonds of 1946-47
2X % Postal Savings bonds (13th to 49th ser.)
$197,062,060.00
—
"
Treasury bonds:
4M % bonds of 1947-52
4% bonds of 1944-54
SH % bonds of 1946-56
3H% bonds of 1943-47..-.
3H % bonds of 1940-43..
3% % bonds of 1941-43
3H% bonds of 1946-49
3% bonds of 1951-55
3M % bonds of 1941
3M % bonds of 1943-45
3M% bonds of 1944-46
3% bonds of 1946-48
3ya% bonds of 1949-52
2J/e% bonds of 1955-60
2%% bonds of 1945-47
2lA% bonds of 1948-51
2*A% bonds of 1951-54
2*7% bonds of 1956-59
2U % bonds of 1949-53
/0
$758,955,800.00
1,036,702,900.00
489,080,100.00
454,135,200.00
352,993,450.00
544,870,050.00
818.627,000.00
755,469,500.00
834,463,200.00
1,400,534.750.00
1,518,737,650.00
1,035.874,400.00
491,375,100.00
2,611,107,650.00
1,214,428,950.00
1,223,496,350.00
1,626,687,650.00
981,838,050.00
1,786,362,050.00
I
-
.
*
19,935,739,800.00
United States Savings bonds:
Series A
$187,021,207.50
348,915,519.00
244,611,572.05
52,736,841.07
.
Series
........
Series C
...
...
Unclassified sales
833,285,139.62
$378,258,100.00
Adjusted Service Bonds of 1945
500,157,956.40
(Government Life Insurance Fund series)..
Total bonds
—
—„
878,416,056.40
21,844,503,056.02
-
Treasury Notes—
3% % series A-1937, maturing Sept.
2% % series A-1938, maturing Feb.
2J4 % series B-1938, maturing June
3%
series C-1938, maturing Mar.
2X % seriesD-l938, maturing Sept.
2H % series A-1939, maturing June
1*£% series B-1939, maturing Dec.
IX % series C-1939, maturing Mar.
1X % series D-1939,maturing Sept.
1 X % series A-1940, maturing Mar.
IX % series B-1940, maturing June
IX % series C-1940, maturing Dec.
IX % series A-1941, maturing Mar.
1
% 8eries B-1941, maturing June
IX % series C-1941. maturing Dec.
1H % series A-1942, maturing Mar.
$817,483,500.00
276,679,600.00
618,056,800.00
455,175,500.00
596,416,100.00
1,293,714,200.00
526,233,000.00
941,613,750.00
426,554,600.00
1,378,364,200.00
738,428,400.00
737,161,600.00
676,707,600.00
503,877,500.00
204,425,400.00
15,1937—
1,1938—
15,1938,.
15,1938..
15,1938..
15,1939..
15,1939—
15.1939..
15,1939..
15,1940..
15,1940..
15, 1940—
15.1941—
15,1941..
15,1941..
»
426,349,500.00
15,1942..
$10,617,241,250.00
3% Old-Age Reserve account series,
June 30. 1941 and 1942
4% Civil Service retirement fund,
maturing
308,100.000.00
series 1938
380,700,000.00
to 1942
Foreign
4%
Service retirement fund, series
3,460,000.00
1938 to 1942
4% Canal
to 1942
Zone retirement fund, series
Postal
June 30,
series, ma¬
241,000.00
System series, maturing
Savings
1940
Federal
2%
^
3,773,000.00
4% Alaska RR. retirement fund
turing June 30, 1941 and 1942
2%
1938
30,000,000.00
Deposit
Insurance Corporation
series, maturing Dec. 1, 1939
95,000,000.00
\
ll,438,510,2oU.UU
——
Certificates of Indebtedness—
4%
series,
Adjusted Service Certificate Fund
maturing Jan. 1, 1938
...
2X % Unemployment Trust
turing June 30. 1938
Treasury
bills (maturity value)
Total Interest bearing
$36,100,000.00
...
Fund series, ma-
311,361,000.00
..
.
377>461-000_00
2,452,963,000 00
$36,113,442,306.02
debt outstanding
Matured Debt on Which Interest Has Ceased-
matured—Issued prior to Apr. 1,1917
(excluding Postal Savings bonds)
2 X% Postal Savings bonds
3X % .4% .and 4\i % First Liberty Loan bonds
Old debt
of 1932-47
Liberty Loan bonds of
1928
1933-38 —
3X % and A*A % Victory notes of 1922-23
Treasury note3, at various Interest rates
4A % Third Liberty Loan bonds of
4\i% Fourth Liberty Loan bonds of
Ctfs.
oi
indebtedness, at various interest rates,
Treasury bills
Treasury savings
1,431,550.00
2,379,300.00
37,870,600.00
691,300.00
17,392,500.00
5,802,450.00
-
260,400.00
certificates
Debt Bearing No
^ 4Q2 30Q
Interest—
United States notes
Lees
$4,663,170.26
54,180.00
28,006,850.00
-
4% and 4X % Second
1927-42
•
—
$346,681,016.00
156,039,430.93
gold reserve.
$190,641,585.07
Deposits for retirement
Federal Reserve
Old demand notes
of National bank and
bank notes
and fractional currency
savings stamps, unclassl-
302,825,656.50
2,032,511.50
Thrift and Treasury
tied sales. AC
.
Total gross debt. ——
3,261,343.29
— — ———
498,761.096.36
——--$36,715,695,702.64
1202
Financial Chronicle
THE
Aug. 21, 1937
ENGLISH
GOLD
AND
SILVER
MARKETS
We
reprint the following from the weekly circular of
SamuUl Montagu & Co. of London, written under date of
Aug. 4, 1937:
Foreign Exchange orders transacted in all
currencies
quoted in the New York market.
GOLD
The Bank of England gold reserve against notes amounted to
£326,406,625
MANUFACTURERS TRUST COMPANY
PRINCIPAL OFFICE AND
55
BROAD
Memoer Federal Reserve
Member New York
FOREIGN
Conditions
FOREIGN DEPARTMENT!
five
STREET. NEW YORK
System
EXCHANGE
RATES
CERTIFIED
RATES
BY
We
AUG.
July 29_
July" 30July 31
Aug. 3
Aug. 4_
Average
The
Aug. 16
Aug. 17
$
$
ACT OF
1930
Aug. 18
on
$
New Zealand
26,848
7,863
5,555
2,553
.188583*
.188550*
.188566*
.168307
.168325
.168351
.168546
.168436
.012825*
.012825*
.012875*
.012875*
.012875*
.012875*
Czechoslo'kla, koruna
.034865
.034868
.034869
.034878
.034875
Denmark, krone
England, pound sterl'g
Finland, markka
.222363
.222343
.222410
.222750
.222737
Bombay
the value of about £515,000.
.981541
.983791
.991916
.990666
.987875
.021950
.021960
.021959
.022002
.021977
__
.168513
.034883
last.
.022039
.037515
.037510
.037519
.037543
.037535
.037535
trade
Germany, relchsmark
.402114
.402146
.402146
.402200
.402217
.402228
.009106*
.009118*
.009121*
.009128*
.009126*
.009125*
Holland, guilder
Hungary, pengo
.551219
.551289
.551378
.551632
.551767
.197650*
.197650*
.197675*
.197675*
.052605
.052605
.052608
.052605
.052603
Norway, krone
Poland, zloty
Portugal, escudo
Rumania, leu
.250337
.250270
.250366
.250720
.250737
heavy tone at
any
.189000
.188825
.188975
.188975
.250568
.188975
.188975
.045150*
.045066*
.045068*
.045077*
.045116*
.045102*
.007267*
.007296*
.007296*
.007296*
.007296*
.066357*
.067285*
.068357*
.068642*
.068642*
might be anticipated.
Imports
Egypt
a£80,000
b2,000
Irish Free State
.256858
.256797
.256883
.257309
.257264
Germany
9,867
Arabia
Other countries
2,498
Aden
.229623
.229641
.229701
.229667
.229651
.023083*
.023080*
.023080*
.023080*
.023090*
.023040*
Asia—
3,000
1,750
11,650
1,659
——
Germany
.257114
.229617
Exports
United Atates of America— £17,900
British India
18,000
.068285*
Sweden, krona
Switzerland, franc...
Yugoslavia, dinar
July 31 carries gold to
following were the United Kingdom imports and exports cT silver
registered from mid-day on July 26 to mid-day on July 31:
.007296*
Spain, peseta
£1,827,014
on
levels appreciably above those at which
other support from America
The
.197575*
.052601
or
a
.551721
.197650*
£651,933
169,833
900,000
98,542
2,000
4,706
general outlook remains unchanged, with the likelihood of the con¬
Greece, drachma
Italy, lira
;
"
.
The
tinuance of
France,franc
Exports
demand continuing good and offerings poor, prices improved
20%d. for cash and 20 3-16d. for forward were quoted on July 30.
This higher level proved more attractive to sellers and prices sagged until
today when we quote 20d. for both deliveries—the same as on Wednesday
until
.222579
.983833
Belgium, helga
Bulgaria, lev
July 31:
Other countries
Indian
$
.188600*
on
British India
The SS. Strathnaver which sailed from
.188566*
12s. 1.97d.
Belgium
Yogoslavia
£9,389,694
Aug. 20
12s. 1.85d.
12s. 1.94d.
12s. 1.94d.
12s. 2.03d.
12s. 2.lid.
United States of AmericaFrance
SILVER
.188528*
<
32109
July 26 to mid-day
£8,210,631
1,136,244
Tanganyika Territory
Argentina
Aug. 19
$
■
scale,
following were the United Kingdom imports and exports of gold:
Soviet Union
RESERVE
Unit
S
during the
small
Equivalent Value
of £ Sterling
-139s. 6^d.
139s. 8.Id.
Other countries
Europe—
Austria, schilling..
a
139s. 8%d.
139s. 7%d.
u
registered from mid-day
Noon Buying Rate for Cable Transfers in New York
Value in United States Money
Aug. 14
rather
Imports
14, 1937, TO AUG. 20, 1937, INCLUSIVE
Country and Monetary
quiet and
on
139s. 9%d.
139s. 8%d.
France..
FEDERAL
BANKS TO TREASURY UNDER TARIFF
be
Ounce
record for the week just passed:
EXCHANGE
to
were
Per Fine
cable transfers in the different countries of the world.
FOREIGN
continued
Corporation
requirements of Section 522 of the Tariff
1930, the Federal Reserve Bank is now certifying
daily to the Secretary of the Treasury the buying rate for
a
market
open
working days under review offerings
daily fixing being about £765,000.
Demand
general and prices again ruled at about dollar exchange parity.
Quotations:
of
give below
the
compared with the previous Wednesday.
was
Pursuant to the
Act
in
as
the amount disposed of at the
Clearing House Association
Member Federal Deposit Insurance
July 28 showing no change
on
Other countries
£94,365'
a
£53,959
Coin not of legal tender in the United Kingdom,
b Coin of legal tender in the United Kingdom.
China—
Quotations during the week:
Chefoo (yuan) dol'r
.294625
.293583*
.293583*
.294500*
.294500*
.300000*
Hankow(yuan)
dol'r
.294791
.293750*
.293750*
.295000*
.295000*
.300500*
Shanghai (yuan) dol
Tientsin (yuan) dol'r
Hongkong, dollar..
India, rupee
Japan, yen
Singapore (S. S.) dol'r
.294791
.293750*
.293750*
.295000*
.295000*
.300500*
.294791
.293750*
.293750*
.295000*
.295000*
.300500*
.308968
.308218
.309687
.311031
.311906
.311062
.376084
.376006
.376109
.376557
.376767
.376500
.290404
.290202
.290200
.290662
.290865
.290690
.584187
.584187
.584187
.585000
.585250
.584750
Australasia—
Australia, pound
New
Zealand, pound.
970520*3.969330*
970833* 3.975989* 3.975208* 3.973802*
003229* 4.009635* 4.008437* 4.006093*
002916*4.001354*
Africa—
South Africa, pound..
4.935500*4.934750* 4.935714* 4.944375* 4.945312* 4.944500*
North America—
Canada, dollar
Cuba, peso
.999651
.999711
.999675
.999747
.999759
.999166
.999166
.999166
.999166
.277500
.277500
.277500
.277500
.277500
.997165
.997207
.997187
.997207
.997246
.997304
Argentina, peso
(official) mllrels
(Free) mllrels
Chile, peso
.332200*
.332033*
.332116*
.332550*
.332683*
.087322*
.087322*
.087322*
.087338*
.065912
.065925
.065287
.064575
.051725*
Colombia, peso
Uruguay, peso..
.051725*
.051725*
.569905*
.569905*
.569905*
.569905*
.569905*
.793000*
.792000*
.792000*
.792000*
.792000*
.791500*
20 l-16d,
20 3-16d.
20 l-16d.
July
July
20 1-16d.
July
20d.
Aug.
28
July
45 cents
-
45 cents
45 cents
45 cents
2
20.075d.^ Aug%
4 5 cents
3
45 cents
Statistics for the month of
July, 1937:
.051725*
.569905*
YORK
The""highest rate of exchange on New York recorded during the period
from July 29 to Aug. 4 was $4,983^ and the lowest $4.97%.
.064122
.051725*
NEW
(Per Ounce .999 Fine)
.087322*
.065922
.051700*
2 Mos.
20 l-16d.
20 Xd.
—20 l-16d.
20d.
20d. *
--20.050d.
July .-29
July 30July 31
Aug. 3
Aug.
4
Average
Oz. Std.-
.332450*
.087322*
Cash
.999166
.277500
IN
-Bar Silver per
.999819
.999166
IN LONDON
Mexico,
peso
Newfoundland,
dollar
South America—
Brazil
♦Nominal rates; firm rates
THE
not avallablo.
BERLIN
STOCK
EXCHANGE
Closing prices of representative stocks
each
received
as
by cable
day of the past week:
Aug.
14
Aug,
Aug.
16
Aug.
17
Aug.
18
vg.
19
20
■Per Cent of Par
Allgemelne Elektrlzltaets-Gesellschaft
Berliner Handels-Gesellschalt
131
131
(6%)
-.136
Berliner Kraft u. Llcht
(8%)
168
Commerz-und Privat-Bank A. G.
(5%)—.118
136
136
136
135
135
168
168
168
168
169
118
-Bar Silver per Oz.
Cash
Highest price
Lowest price
Average..
20 3-16d.
19 13-16d.
19.9861d.
COURSE
OF
Bar Gold
Standard-
Per Oz. Fine
2 Mos.
140s. 6d.
139s. 0%d.
140s. 0.33d.
20%d.
19 13-16d.
20.0255d.
BANK
CLEARINGS
Bank
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. 21)
bank clearings from all cities of the United States from which
it is possible to obtain weekly returns will be 8.0% a,bove
those for the corresponding week last year.
Our preliminary
total stands at $5,436,479,010, against $5,033,442,854 for
the same week in 1936.
At this center there is gain for the
week ended Friday of 8.7%.
Our comparative summary
118
...
Dessauer Gas (7%)
us
Deutsche Bank und Dlsconto-Gesell.
(5%). 125
Deutsche Erdoel (5%)
152
131
131
118
118
118
119
118
131
118
131
118
118
125
125
125
125
125
151
151
151
151
for the week follows:
151
Clearings—Returns by Telegraph
Week Ending Aug. 21
Per
128
128
128
128
105
Farbenlndustrie I. G. (7%)
Gesfuerel (6%)
105
105
105
105
105
168
Chicago
168
168
167
167
167
155
155
Philadelphia..
290,000,000
155
155
155
Boston....
157
156
172,913,000
157
157
157
156
g9
89
89
89
88
Kansas City..
St. Louis
126
126
126
126
125
San Francisco.
94
93
215
215
233
234
Cleveland
162
Baltimore
217
New Orleans..
Hamburger Elektrlzltaetswerke (8%)
Hapag.
Mannesmann Roehren
(3%)
Norddeutscher LloydRelchsbank (8%)
126
95
'...'..."ill
Rhelnlsche Braunkohle
(8%)
Salzdetfurth (7%%)
Siemens & Halske
(8%)
ENGLISH
The
as
II""218
219
216
219
218
CABLE
daily closing quotations for securities, &c., at London,
as
Sat.,
Mon.,
Tues.,
Aug. 14
Aug. 16
Aug. 17
Silver, per oz__
20
Gold, p. fineoz. 139s.6d.
Consols. 2J^%
Holiday
British 3 % %—
W. L
20
139s.7d.
74 3-16
20
139s.6d.
74 %
follows the past week:
Wed.,
Aug. 18
19 15-16
Thurs.,
Aug. 19
19 15-16
Fri.,
Aug. 20
19 15-16
139s.4^cl. 139s.3^d. 139s4H<L
74H
74%
74M
Holiday
100
100
100 X
100x
100%
Holiday
110%
110 X
110%
100%
110%
British 4 %—
1960-90
States
219
215
FINANCIAL MARKET—PER
reported by cable, have been
The
216
128
price of silver
on
the
same
per
ounce
(in cents) in the United
U.
S. Treasury
U.
Closed
44%
44 %
50.00
50.00
50.00
50.00
77.57
77.57
77.57
77.57
77.57
S. Treasury
(newly mined
50.00
77.57
44%
93,594,798
81,300,000
145,977,000
104,268,314
81,855,340
87,130,728
55,831,853
37,289,000
Detroit-
Twelve cities, five days.
Other cities, five days.---.
Total all cities, five days.
All cities, one day
Total all cities for week
$2,192,430,989
234,145,305
267,000,000
161,425,000
86,212,020
77,800,000
121,058,000
97,804,405
77,405,568
Cent
+8.7
+ 15.5
+8.6
+ 7.1
+8.6
+4.5
+20.6
+ 6.6
+ 5.7
51,997,743
+ 25.6
+ 7.4
32,907,000
+ 13.3
$3,804,235,785
726,163,390
$3,469,574,074
+ 9.6
665,935,895
+ 9.0
$4,530,399,175
906,079,835
$4,135,509,969
+ 9.5
897,932,885
+0.9
$5,436,479,010
$5,033,442,854
+8.0
69,388,044
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
In the
44 %
50.00
$2,383,622,682
270,453,170
Pittsburgh
days has been:
Bar N. Y. (for¬
eign)
New York
1936
1937
Deutsche Relchsbahn (German
Rys) pf 7% .128
Dresdner Bank (4%)
cases
has to be estimated.
elaborate detailed statement, however, which
we
present further below, we are able to give final and complete
results for the week previous—the week ended
Aug. 14.
For that week there was a decrease of
0.3%, the aggregate
of
clearings for the whole country having amounted to
Volume
Financial
145
$5,547,986,215, against $5,564,876,104 in the same week
in 1936. Outside of this city there was an increase of 2.5%,
the bank clearings at this center having recorded a loss of
2.6%.
We group the cities according to the Federal Re¬
serve districts in which they are located, and from this'it
appears that in the New York Reserve District (including
this city) the totals record a loss of 2.6%, in the Boston
Reserve District of 1.6%, and in the Philadelphia Reserve
District of 0.1%.
In the Cleveland Reserve District, the
totals are larger by 10.2%, in the Richmond Reserve District
by 2.0%, and in the Atlanta Reserve District by 5.5%. The
Chicago Reserve District has an increase of 4.6%, and the
St. Louis Reserve District of 2.7%, but in the Minneapolis
Reserve District there is a decrease of 4.2%. In the Kansas
City Reserve District there is an improvement of 4.0%,
in the Dallas Reserve District of 1.4% and in the San
Francisco Reserve District of 0.5%.
In the following we furnish a summary
by Federal Reserve
Inc.or
1935
S
S
or
1934
1935
Dec.
%
Sevcnth Feder al Reserve D istrict—Chic ago—
Mich.—AnnArbor
Grand Rapids.
Lansing
Ind.—Ft.
Wayne
Indianapolis...
South Bend
Terre Haute...
Wis.—Milwaukee
Sioux
City
83,438,450
1,878,904
1,097,615
70,911,274
1,646,750
1,107,953
645,414
12,188,000
697,522
3 ,479,440
14,748,146
581,138
—2.6
—1.6
17,969,670
3,669,811
384,125
—54.3
1,721,199
Springfield
1,340,S15
512,534,365
—4.0
—7.1
+22.4
Peoria
....... .
5,909,842
+9.9
6,781,374
2,941,998
284.534
253,287,172
+ 2.3
656,667
—8.5
2,715,280
912,738
1,189,87S
2,489,618
634,115
+ 14.1
+4.6
393,009,150
350.316,233
—5.8
—6.6
■
490,183,852
Decatur..
14,396,000
773,973
4,090,045
16,477,452
848.533
+31.6
302,456,186
855,194
4,262,542
'•1,108,767
1,175,039
Chicago...
718,502
+ 5.9
1,119,394
4,969,921
21,997,026
1,003,081
"
111.—Bloomington
474,146
+0.6
297,612
20,445,686
1,227,510
8,212,183
3,456,996
35S.650
332,522,353
874,878
3,898,607
Des Moines
520,035
+ 1.9
2,977,137
1,753,942
1,132,405
16,897,000
1,473,136
4,771,773
Iowa—Ced. Raps.
+ 32.3
106,155,000
393,630
108,134,167
2,995,052
1,707,477
1,114,253
17,886,000
Detroit
+55.2
2.78S.298
583,400
229,995,199
554,886
881,092
Reserve Dis trict—St. I.o uis—
Eighth Federa
Mo.—St. Louis..
%
$
S
Federal Reserve Dists.
1935
Dec.
1936
Inc.
1936
1937
Total (18 cities)
OF BANK CLEARINGS
1937
Week End. Aug. 14, 1937
Week Ended Aug. 14
Clearings at-
Rockford
districts:
SUMMARY
1203
Chronicle
242,442,213
246,350,837
—1.6
217,816,561
200.511,962
York. 13
"
3,106,997,762
3,188,669,806
—2.6
3,469,680,589
2,964,952.994
3rd Philadelphia 10
"
361,629,567
361,955,174
—0.1
334,350,204
284,818,838
4th
Cleveland*. 5
"
319,059,986
289,423,014
+ 10.2
228,569,432
Richmond .6
"
128,541,712
126,022,158
+2.0
116,298,763
110,552,210
6th
Atlanta
10
"
145,342,640
137,787,383
+5.5
115,824,273
Chicago ...18
"
512,534,365
490,183,852
393.009,150
St.
4
"
137,517,413
133,914,231
118,419,098
107,123,814
9th
Minneapolis 7
"
"
113,145,073
118,074,118
—4.2
91,797,057
90,272,129
153,417,352
147,451,185
+•4.0
139,976,942
125,275,108
48,488,852
44,878,120
77,600,000
71,600,000
+4.7
27,831,135
12,548,963
23,108,095
+ 8.8
639,000
550,000
+ 16.2
439,000
341,000
137,517,413
133,914,231
+2.7
118,419,098
107,123,814
Reserve Dis trict—Minne
apolis-
2,639,617
61,580,451
21,957,397
2,000,860
2,872,853
60,254,950
21,406,172
1,721,836
15,786,637
Tenn,—Memphis
350,316,233
8th
+4.6
+2.7
+ 0.8
32,460,353
14,503,878
12,074,719
99,148,990
7th
86,400,000
33,991,776
201,805,892
5th
87,100,000
Ky.—Louisville..
1st
Boston
2nd
New
12 cities
Louis..
10th KansasClty 10
6
"
66,846,777
65,933.851
+ 1.4
Fran.. 11
"
260,511,355
259,110,495
+0.5
216,540,998
195,564,585
5,547,986,215
5,564,876,104
—0.3
5,490,771,919
4,775,220,875
2,555,130,005
2,492,888,278
+2.5
2,124,903,231
1,895,801,752
307,392,671
332,431,564
—7.5
273.700,610
302,919,608
11th Dallas
12th San
112 cities
Total
Outside N. Y. City
..32 cities
Canada
We
now
add
our
111.— Jacksonville
x
Quincy
Total (4 cities).
Ninth Federal
+ 18.2
601,187
550,223
2,407,322
3,107,846
113,145,073
St. Paul
118,074,118
1.2
91,797,057
90,272,129
91,855
80,687
56,032
2.004.5S9
26,566,431
3,001,083
3,409,615
85,948,947
3,097,614
27,647,293
2,302,645
731,769
N. Dak.—Fargo.
S. D.—Aberdeen.
Mont.—Billings
3,860,881
82,196,791
25,962,998
2,227,140
677,170
755,199
2,393,939
4,050,274
74,797,688
.
Minneapolis...
786,001
.
Helena
Total
(7cities).
Reserve Dis trict—Kans
Tenth Federal
Omaha
Clearings at1934
1935
Pueblo
Total (10 cities)
$
Reserve Dist rlct-
%
Boston
—14.8
568,995
456,926
+ 5.5
559,217
Portland
Mass.—Boston..
River
656,670
2,119,519
Me.—-Bangor
Fall
St, Joseph..
Colo.—Col. Spgs.
2.008,446
214,512,699
—3.1
1,832,680
187,226,122
175,624,484
604.507
+ 13.2
594,905
373,012
New Bedford..
69S.076
2,869,676
Springfield
507,654
400,818
City
+ 50.0
+ 9.7
130,901
—3.4
+ 6.8
—6.8
—14.4
2,314,091
30,586,249
2,115,372
2,811,194
97,279,528
3,256,760
845,702
545,290
+4.0
139,976,942
—2.2
+ 14.0
—3.3
+ 6.5
611,914
498,196
532.659
207,790,017
684,391
Lowell
as
147,451,185
153,417,352
Wichita
Mo.—Kan, City.
Federal
+ 4.1
842,204
798,590
2,353,093
3,336.003
106,642,754
3,647,296
784,543
683,876
Kan.—Topeka..
Inc. or
Fir8t
+ 8.1
3,415,966
2.934,903
32,728,497
Lincoln
Week Ended Aug. 14
Dec.
+6.5
+ 3.3
95,873
148,118
3,037,785
33,448,026
2,064,490
3,450.477
100,149,656
143,843
162,544
Neb.—Fremont.
Hastings
1936
—9.0
week's
detailed statement showing last
figures for each city separately for the four years:
1937
+4.9
2,830,403
Minn.—Duluth
1,579,031
308,582
659,662
+20.9
306,110
787,831
220,578
+ 5.8
2,856,230
+ 0.5
2,558,741
2,199,345
1,779,272
9,762,135
3,391,629
9,413,000
+ 20.8
1,353,408
1,105,452
7,554,026
398,005
+ 10.9
125,275,108
679,260
Eleventh Fede ral
Reserve
District—Da lias—
Conn.—Hartford.
New Haven
R. 1.—Providence
N.II.—Manches'r
Total (12 cities)
Second
V
9,316,600
441,227
242,442,213
246,350,837
11,076,374
+23.1
2,990,147
—1.0
8,029,100
492,148
—1.6
217,816,561
2,649,583
7.5S9.300
321,318
+5.2
1,003,113
898,686
+ 18.7
36,549,637
8,285,437
2,347,000
877,418
16,337,875
2,290,000
754,415
5,462,052
2,542,000
34,947,189
4,621,621
2,671,000
+ 16.3
3,751,221
2,941,422
+27.5
878,387
2,053,663
1,739,624
66,846,777
65,933,851
+1.4
48,488,852
44,878,120
Twelfth Feder al Reserve I) istrict—San
Franci
1,294,677
50,291,024
Texas—Austin...
Dallas
Fort Worth
Galveston...
Wichita Falls..
1,230,923
York-
15,322,896
—30.0
1,016,199
—1.4
11,405,097
894,694
6,592,413
1,001,724
35,000,000
34,700,000
667,825
618,197
+0.9
28,900,000
—3.2
552,731
26,112,858
402,790
484,390
_
Blnghamton
Buffalo
Elmira
10.727,194
646,555
Jamestown....
847,516
New York.... 2,992,856,210 3,071,9S7,826
Rochester.
8.680,343
Syracuse
Westchester Co..
3,973,834
3,002,914
Conn.—Stamford
3.903.742
Newark..
350,019
18,640,661
Northern N. J-
27,367,050
J.—Montclair
7,562,968
3,644,640
2,463,839
3,576,245
305,927
+ 37.1
509,610
801,408
—2.6 3,365,868,688 2,879,419,123
+ 14.8
+ 9.0
+ 21.9
+ 9.2
+ 14.4
41,768,888
9,326,000
1,143,205
30.617,635
Wash.—Seattle..
Spokane
Yakima
_•
Ore.—Portland..
6,625,701
3,631,056
5,381,909
3,277,282
Utah—S. L. City
2.289,783
2.946,157
297,497
15,832,606
29,926.969
1,422,946
2,402,284
Calif,—L'g Beach
16,534,561
4,126,260
3,889,200
146,174,000
3,164,032
Pasadena
375,688
14,816,934
San
23,462,969
Santa Barbara-
Francisco.
37,528,139
10,634,000
990,292
33,179,795
14,012,979
3,766,810
3,447,372
148,752,299
Stockton......
Total (13
19,736,665
27,066.579
cities) 3,106,997,762 3,188,669,806
—5.6
+ 1.1
1,543,721
2,223,853
3,018,232
1,569,287
2,211,290
cities)
260,511,355
259,110,495
SanJose
—2.6 3,469,680,589 2,964,952,994
Total (11
441,959
+ 17.5
409,426
301,599
Bethlehem
364,468
708,293
—48.5
Chester...
438,404
284,045
+ 54.3
404,618
259,811
244,997
Lancaster.—..
1,361,057
+6.2
Philadelphia-
349,000,000
519,379
Pa.—Altoona
909,073
320,000,000
x
875,491
1,841,234
Reading
...
Scranton
1,281,296
348,000,000
1,294,860
2,125,909
1,341,076
1,656,736
3,645,900
4,821,000
—24.4
5,SOS,000
Vilkes-Barre..
N. J.—Trenton..
(10 cities)
361,629,567
361,955,174
—0.1
334,350,204
284,818,838
(112
Grand total
5,547,986,215 5,564,876,104
cities)
2,555,130,005 2,492,888,278
Outside N. Y
7,323,000
1,335,543
2,270.750
York
852,S32
+0.3
+3.1
+ 6.8
—36.4
.
1,269,486
2,674,606
271,000,000
955,362
1,861,753
1,082,689
1,105;078
+ 11.1
1,532,495
Feder al Reserve D istrict—Clev eland-
Ohio—Canton...
x
x
56,479,603
+ 5.1
46,467,352
Cleveland
103,141,892
+ 16.7
69,455,746
13,549,400
88,409,518
11,753.200
1,456,663
41,482,427
63,380,049
Columbus
+ 15.3
12,777,100
1,192,061
11,178,000
1,001,286
Mansfield
1,743.759
Youngstown...
/
.
Total (5 cities).
Federal
x
+ 19.7
1937
91.229.650
96.606.651
Vancouver
34,853,199
18,186,907
Ottawa
22,649,106
Winnipeg
4,925.539
2,426,598
5,207,290
Quebec
Halifax
—
Hamilton
131,324,030
+ 7.6
98,677,173
84,764,130
319,059,986
289,423,014
+ 10.2
228,569,432
201.805,892
4.473,754
Calgary
1,726,152
Reserve Dist rict—Richm ond
413.585
360,989
+ 14.6
2,493,000
35,420,193
+ 9.1
150,249
2.425,000
—1.8
33,696,053
S. C.—Charleston
1,030,984
870,396
+ 18.5
943,909
Md.—Baltimore.
66,981,796
22,613,162
66,383,283
20,494,297
+0.9
61,270,360
+ 10.3
17,813,192
Richmond.__
C.—Wash'g'n
Total (6 cities).
Sixth Federal
Tenn.—Knoxville
Nashville
Ga.—Atlanta—..
Augusta
Macon
Fla.—J'ksonvMe.
Ala.-Birmlngham
Mobile.
128,541,712
+ 2.0
126,022,158
Reserve Dist rlct—Atlant
1,032,771
948,501
14.238,000
1,004.226
12,128,000
—5.5
+ 17.4
18,354,587
1,825,842
15,764,211
+-16.4
1,359,817
+34.3
+ 5.1
—6.0
-f-6.0
x
162,903
101,859
+59.9
La.—NewCrl'ns.
34,988,638
30,495,253
Total (10 cities)
145,342,640
137,787,383
Vicksburg
110,552,210
2,961,995
13,126,620
44,500,000
2,763,218
11,535,128
37,300,000
750,803
756,774
11,416,000
778,433
769,234
9,900,000
13,751,635
1,130,669
12,544,729
1,136,826
x
x
Miss.—Jackson..
585,125
63,137,423
13,550,098
Edmonton
Regina
298,988
Brandon...
445,219
1,180,850
531,781
882,730
Lethbridge
Saskatoon
Moose Jaw
741,160
'24,592,230
11,464,371
2,771,240
2,221,079
115,089,477
2,200,771
31,640,758
12,073.253
3,809,597
—7.7
+ 18.0
+ 9.5
+ 12.8
2,637,450
—1.7
—1.6
+ 0.6
119,066,704
2,565,568
1,168,430
1,390,915
+0.5
216,540,998
195,564,585
—0.3 5,490,771,919
4,775,220,875
+4.8
970,538
1,438,461
+ 14.7
203,304
27,226,473
84,425
22,336.997
+5.5
115,824,273
-r2.5 2,124,903,231 1,895,801,752
12
Fort William
New Westminster
Kitchener
95,346,113
73,415,670
43,899,152
14,481,726
14,777,542
75,391,084
77,713,166
—40.2
+ 5.4
—11.6
+34.9
14,669,056
3,942,237
3,458,682
1,992,948
3,117,779
4,984,413
1,6S3,53&
3,705,634
k
2,052,523
3,314,279
4,150,570
+ 5.0
+27.4
—2.0
+42.2
1,409,138
+ 10.1
1,473.381
2,232.165
3,331,340
+ 15.1
+ 7.3
+ 11.8
+4.9
2,803,649
266,355
L
+ 4.8
267,455
L2,825,630
360,147
1,287,844
+ 4.9
^
395,682
1,250,748
2,108,567
3,189,993
407,021
—6.0
L
1,117,275
h.
400,130
727,355
870,751
+ 1.4
760,600
959,618
744,231
—21.8
655,381
716,364
604,900
231,717
—13.4
496,836
194,828
+0.2
a,
217,908
577,027
626,077
—9.4
530,673
+29.1
504,504
540,372
491,108
987,559
2,318,866
311,966
692,598
510,889
545.898
—2.7
804,203
1,035,195
1,941,666
526,062
1,072,570
488,393
1,051,4SO
+ 7.7
+ 2.0
307,392,671
332,431,564
-7.5
375,506
Moncton
Kingston
Chatham
Sarnia
---
99,148,990
*
91,180,757
+ 11.9
749,984
746,002
2,518,779
Windsor
Prince Albert
Total (32
%
—13.4
727,944
540,013
541,597
Peterborough
Slierbrooke
Sudbury
105,330,601
86,356,106
58,256,437
17,259,036
25,619,027
3,651,119
2,311,207
4,088,588
4,565,367
1,213,984
1,598,984
2,370,625
3,538,736
2,927,707
285,092
424,728
1,256,454
507,050
1934
1935
Dec.
200,720
567,155
684,894
960,615
Brantford.—...
a-
+ 11.2
52,800,000
116,298,763
154,151
2,779,000
30,346,413
Medicine Hat...
3,575,042
16,184,503
56,200.000
974,472
3,974,418
17,016,980
1,759,916
2,727,427
3,797,023
3,272,050
—
—
2,721,000
Va.—Norfolk
St. John
Victoria..
London
1936
S
Canada—
x
x
x
141,258,322
34,781,185
W.Va.—Hunt'ton
D.
+ 15.4
Inc. or
.
Fifth
9,670,000
570,172
Clearings at-
Montreal.*
59,366,613
Cincinnati
Pa.—Pittsburgh
25,602,258
8,473,000
31,948,151
Week Ended Aug.
1,151,558
Toronto
Fourth
SCO—
+ 11.3
—12.3
Reserve Dist rlct—Philad elphia
Third Federal
Total
+ 2.5
200,511,962
Feder al Reserve D istrict—New
N. Y.—Albany.
N.
+ 15.4
—49.3
Total (6 cities)
2,150,249
11,264,123
4,176,106
42,379,216
La.—Shrevcport
Worcester
cities)
Estimated,
x
Figures not available.
+ 8.6
1,902,149
+20.4
324.829
+ 5.1
632,374
574,868
493,065
fe"' 532,638
391,458
409,244
419,286
+ 5.7
—0.8
I.
•
256,417
356,382
838,540
817,334
273,700,610
302,919.608
1204
Financial
Chronicle
Aug.
1937
21,
NATIONAL BANKS
The following information regarding National banks is
from the office of the Comptroller of the Currency, Treasury
Department:
VOLUNTARY
Per
Name of Company
American Shipbuilding Co
Amount
Aug. 5—The First National Bank of Glendora, Calif
$50,000
Effective July 23, 1937.
Liq. agent: W. O. Marshall, 550
Montgomery St., San Francisco, Calif.
Absorbed by Bank
of America
National
Trust
&
Savings Association,
San
Francisco, Calif., charter No. 13044.
Aug. 10—The First National Bank of Wolf Point Mont.
Common
stock, $25,000; preferred stock, $25,000
50,000
Effective Aug. 9, 1937.
Liq. agent: Ernest L. Wa ton, Wolf
Point, Mont.
No absorbing or succeeding bank.
Aug. 10—The First National Bank of Hugoton, Kan.
Common
stock, $25,000; preferred stock, $15,000
40,000
Effective Aug. 5, 1937.
Liq. agents: J. A. Trindle and U. G.
Charles, both of Hugoton, Kan.
No absorbing 0r succeeding
bank.
50,000
$i %
10c
29 l-6c
Badger Paper Mills, Inc.
Balfour Building, vot. trust ctfs. (qu.)_.
Bangor Hydro-Electric, 7% pref. (quar.
6% pref. (quar.)_
Bankers National L:
Life Insurance (N. J.)
50c
m
$i%
"
Barlow & Seelig
Mfg. Co.,
common
50c
.
--
-
-—
.
20c
—
Aug. 11—Vancouver National Bank, Vancouver, Wash.
Common
stock, $55,000; preferred stock, $45,000
100,000
Effective Aug. 2, 1937.
Liq. agent: Edwin Winter, Vancouver,
Wash.
Absorbed by The National Bank of Commerce of
Seattle, Wash., charter No. 4375.
CONSOLIDATIONS
50c
Corp
50c
(old).
30c
Calamba Sugar Estate (extra)
Calumet & Hecla Consol. Copper Co.
Canada Cement Co., preferred
$1
35c
tt$l%
J30c
Canada Vinegars, Ltd. (quar.)
Canadian Western Natural Gas, Light, Heat
Power 6% preferred (quar.)..
Co., 5% pref. (quar.)
Carpenter Steel Co. (interim)
Central Illinois Light Co., 4%% pf. (quar.)
Central Ohio Lt. & Power, $6 pref. (qu.).
Central Power Co., 7% preferred
Common stock,
$100,000; preferred stock, $100,000
200,000
Aug. 7—National Bank of America in Paterson, N. J
200,000
Consolidation today under the provisions of the Act of Nov. 7,
1918, as amended, under the charter of the National Union
Bank in Paterson, charter No. 14321, and under the title of
"National Union Bank of America in Paterson," with capital
stock of $300,000, consisting of $100,000 par value of pre¬
ferred stock and $200,000 par value of common stock, and
surplus of $40,000.
The consolidation becomes effective
close of business today.
Aug. 7—The National Bank & Trust Co. of Norwich, Norwich,
N. Y
400,000
Aug. 7—The Sherburne National Bank, Sherburne, N. Y
100,000
Consolidated today under the provisions of the Act of Nov. 7,
1918, as amended, under thje charter and title of "The Na¬
tional Bank & Trust Co. of Norwich," charter No. 1354, with
common capital stock of $500,000 and
surplus of $224,000.
The consolidation becomes effective close of business today.
6% preferred-
Chesebrough Mfg. Co
Extra
(quar.)
i-
Christiana Securities Co
7% preferred (quarterly)
-
-
Preferred
(quar.)
Clark Equipment Co
Chesapeake Corp. (quar.)
Chesapeake & Ohio Ry. (quar.)
Preferred (quar.)
$1%
50c
75c
70c
$1
Coast Counties Gas & Elec. Co. 6%
Colonial Finance Co. (Lima, Ohio)
pref
.—
5%% preferred (quar.)
UNION
."J
BANK
Tel.
BLDG.,
Court-6800
$1%
$1%
120
Stocks—
Par
Armstrong Cork Co
Price
*
Carnegie Metals
Week
*
Blaw-Knox Co
of Prices
Low
High
1
Columbian Gas & Elec
64%
24%
2%
2%
*
Copperweld Steel
Duquesne Brewing
13
10
34%
20%
13%
5
Electric Products
*
Follansbee Bros pref
Fort Pitt Brewing_ _;
100
36
1
Harb-Walker Refrac
90c
McKinney Mfg
"109%
*
Mesta Machine Co
Mountain Fuel Supply.
Low
475
5
54%
21%
1%
10%
30%
33
1,705
145
July
526
25%
June
50
Feb
111%
Feb
Jan
300
June
14%
4%
72%
12%
395
1%
58%
7%
4%
3%
430
35
Jan
125
12
July
125
2c
2c
Shamrock Oil & Gas
*
6%
52%
6%
53%
52
100
90c
500
41%
42%
157% 158%
269
.
Plymouth Oil Co
5
Renner Co
6%
United Engine & Foundry 5
Vanadium Alloy Steel
*
Victor Brewing Co.
52
1
85c
Westinghouse Air Brake.. *
Westinghouse El & Mfg.50
Mar
Apr
1
.
58%
June
San Toy Mining Co
15
June
10
___1
35%
...
Jan
104
121%
15%
26%
1%
4
Preferred
1.25
96
237
Pittsburgh Brewing Co... *
Feb
992
4%
4%
35%
15%
121%
15%
26%
1%
Pittsburgh Coal Co com
Pittsburgh Plate Glass .25
Pittsburgh Screw & Bolt. *
Aug
85c June
40%
June
Jan
Aug
Jan
114% May
12% June
16% Feb
1% Aug
10
100
94
100
Feb
Mar
Jan
Mar
10
8%
50
Feb
Feb
15%
147%
19%
29%
2%
Mar
Jan
3,243
2c
Jan
4c
510
6%
46%
Jan
July
7%
61%
Mar
Apr
*
3%
40% June
132% May
56%
163%
Feb
Jan
International Cellucotton Products Co
Jan
Mar
May
28
3% June
5%
*No par value.
Dividends
we
are
bring together all the dividends announced
current week.
we
show
In the
the
Then
we
dividends
follow with
a
the
second table in which
previously announced,
but which
have not yet been paid.
Further details and record of past
dividend payments in many cases are
given under the cmopany name in our "General Corporation and Investment
News Department" in the week when declared.
The dividends announced this week
are:
Per
Name of Company
Share
Abbott Laboratories (quar.)
Extra
40c
American Agricultural Chemical
American Box Board 7% pref.
(quar.)
American Chain & Cable Co
10c
Oct.
$4
17%c
Preferred (quarterly)
American Cigarette & Cigar, stock div
..I
l-40th sh. of Am. Tobacco cl. P for each sh.
Amer. Cigarette &
Cigar com. held.
Preferred (quar.)__
__
50c
$1%
$1%
$3
30c
Holders
Payable of Record
Sept
Sept
75c
".I
Agricultural Insurance Co. (N. Y.) (quar.)
American I. G. Chemical, class A
(interim)
Class B (interim)
When
30 Sept. 14
30 Sept. 14
1 Sept. 20
Sept 30 Sept. 10
Sept 10 Aug. 18
Sept 15 Sept. 7
Sept 15 Sept. 7
Sept 15 Sept. 3
Sept. 30 Sept. 15
Sept. 15 Sept. 10
Sept. 15 Sept. 10
25 Oct.
50c
$1%
t$l%
10c
15 Aug.
1 Sept.
Sept. 15 Sept.
Sept. 15 Sept.
Oct.
1 Sept.
1 Aug.
Sept.
Sept. 15 Aug.
Oct.
1 Sept.
1 Sept.
Oct.
1 Sept.
Oct.
Aug. 15 Aug.
Aug. 15 Aug.
Sept. 15 Aug.
Sept. 15 Aug.
1 Sept.
July
Aug.
Sept.
Sept.
Aug.
Oct.
15 Sept.
Sept. 1 Aug.
Aug. 25 Aug.
Sept. 1 Aug.
Sept. 8 Aug.
Sept. 30 Sept.
Sept.30 Sept.
Oct.
Sept.
Sept. 5 Aug.
Oct.
- Sept.
Aug.
1
Sept. 1
Sept.30
Sept.30
Sept. 1
Oct.
Oct.
Oct.
Oct.
Oct.
Sept.
Sept.
Oct.
50c
Oct.
Oct.
i37m
15c
— -- —
Liggett & Myers Tobacco Co., pref. (quar.)
Lily Tulip Cup Corp
Lone Star Cement Co
—
—
Magma Copper
Magnin (I.) & Co. (quar.)
Maryland Fund, Inc. (quar.)
$1
$1%
37m
50c
25c
5c
Extra
2%c
McCohn Sugar Refining & Molasses,
Memphis Natural Gas Co., common
pf. (quar.)
Mergenthaler Linotype Co
Meyer-Blanke Co
7% preferred (quar.).
lichij
Michigan Cities Natural Gas
Michigan Steel Tube Products
Mid-West Refining (quar.)
20c
50c
50c
UK
—
50c
3c
Extra
2c
Milwaukee Gas Light Co. 7% pref. A (quar.)-Mississippi Valley Public Service 7 % pref. A(qu)
Mississippi Valley Pub. Serv. 6% prer. B (qu.)-Mock, Judson, Voehringer Co
Preferred (quar.)
Monarch Machine Tool Co. (quar.)
-
Extra
$1%
$1%
$1,
$1%
25c
15c
Monroe Loan Society 5% % pref. (initial)
Common (quar.)
Morris Finance Co. class A (quar.)
Class B (quar.)
7% preferred (quar.)
$1H
$3%
65c
$1%
/
Aug.
Sept.
Sept.
Sept.
8
25 Sept.15
25 Aug. 31
Oct.
25c
-
15 Aug. 31
1
25 Sept. 15
$1%
--
Aug. 16
Oct.
25c
Knudsen Creamery Co. class A-—
Kysor Heater Co_
Extra.
Lake Shore Mines, Ltd. (quar.)
1
20 Sept. 15
15 Aug. 31
Sept.
Sept.
Sept.
Sept.
$1%
J.
20 Aug. 16
Oct.
25c
37m
62m
Preferred (quar.)
grouped in two separate tables.
^m
50c
1 Nov. 15
1 Sept. 13
15 Aug. 23
30 Aug. 25
Sept. 15 Aug. 25
3c
International Harvester (quar.)___International Safety Razor, class A (quar.)
Jaeger Machine Co
—;
Extra
first
35c
10c
Kimberly-Clark Corp. (quar.)
DIVIDENDS
$1%
$1%
$1%
Extra
Mar
$1%
87 %c
25c
43 %c
62%c
Feb
54
50c
25c
40c
50c
Preferred (initial)
Humber. Oil & Refining Co. (quar.)
1.25
Jan
85c
5
3%
Hewitt Rubber Corp
Houston Oil Field Material
Aug
45
$1%
50c
25c
Hutchinson Sugar Plantation (monthly)-Indianapolis Water Co., 5% pref. ser. A. (qu.
Institutional Security, Ltd.—
Bank Group shares, class A
Interlake Steamship Co
89
Unlisted—
Pennroad Corp vtc
62 %c
50c
(quar.)
Hawaiian Sumatra Plantation
14
34
7m
Edison Bros. Stores (quar.)
Preferred (quar.)
El Paso Natural Gas Co., common
Sept.
Aug.
Aug.
Sept.
Sept.
Sept.
Sept.
Oct.
_
10c
Feb
Jan
July
$1
$1.
$1.35
Extra
Aug
10
400
4%
Jan
115
1,178
*
Mar
Feb
June
June
Mar
20%
34%
24%
8%
Natl Fireproofing Corp
70%
29%
Jan
95c
8
_
High
July
Apr
18
98
,--
Empire Power Corp., $6 cum. pref. (quar.)
Participating stock
Emporium Capwell Corp. (quar.)
Federal Compress & Warehouse Co
Federal Mining & Smelting Co., pref
Feltman & Curme Shoe Stores, pref
First Bank Stock Corp. (s.-a.)
Foreign Light & Power, 1st pref. (qu.)
Gallaher Drug Co. 7% pref. (quar.)
7% participating pref. (quar.)
General Cigar Co., Inc
General Gas & Electric Corp. (Del.)—
$5 prior preferred (quar.)
General Public Utilities, Inc., $5 pf. (quar.)
Globe Knit Works (initial)
-—
Godman (H. C.) Co., 6% 1st pref. (quar.)
Goodrich (B. F.) Co., common
$5 cumulative prefjerred
Green Mountain Power Co., $6 preferred
Harrisburg Gas Co. 7% pref. (quar.)
Hathaway Manufacturing Co. (quar.)
Haverty Furniture Co. (monthly)
243
44% 44%
109% 109%
10%
10%
2%
2%
60% 62%
*
Hoppers G & Coke pref. 100
Lone Star Gas Co
*
90c
Range Since Jan. 1, 1937
Shares
64%
24%
2Vs
13%
34%
20%
13%
37%
25c
(quar.)
(interim)
Duro Test Corp. (quar.)
Sales
Sale
50c
$4% preferred (initial
Pittsburgh Stock Exchange
for
25c
Dunean Mills 7% preferred
du Pont de Nemours (E. I.)
Aug. 14 to Aug. 20, both inclusive, compiled from official sales lists
Week's Range
$2
25c
Extra
Specialists in Pittsburgh Listed and Unlisted Stocks and Bonds
Last
Oct.
Devonian Oil Co. (quar.)_
BROADWAY, NEW YORK
Sept. 1 Aug. 16
Sept. 15 Aug. 30
Oct.
1 Sept.
8
Oct.
1 Sept.
8
Oct.
1 Sept.
8
Sept. 15 Aug. 25
Oct.
1 Sept.10
Sept. 1 Aug. 14
1 Sept.15
Oct.
Oct.
1 Sept. 15
Dec.
$1
30c
Delaware & Boundbrook RR. (quar.)
Detroit Harvester Co. (quar.)—
Extra
A. T. & T. Tel. Pitb-391
Friday
$1%
Decca Records (new, initial)
PITTSBURGH, PA.
$1%
25c
6% preferred B (quarterly)
6%% preferred C (quarterly)
Crown Zellerbach Corp. (resumed)
Cutler-Hammer, Inc
t Pittsburgh Stock Exchange
| New York Curb Exchange (Associate)
Sept.
Sept.
Sept.
Cincinnati, New Orleans & Texas Pacific Ry—
Commonwealth Utilities, 7% pref. A (qu.)
H. S. EDWARDS & CO,
Oct.
Sept.
Aug. 14
Oct.
Sept. 20
Sept. 20 Sept. 6
Oct.
1 Sept. 20
1 Aug. 20
Sept.
Oct. 15 Sept. 30
Oct. 15 Sept. 30
Aug. 16 Aug.
5
Sept. 30 Sept. 10
Sept. 30 Sept.10
Sept. 4 Aug. 20
Sept. 30 Aupt.20
Sept. 16 Aug. 25
Oct.
1 Sept. 30
Champion Hardware Co
Chestnut Hill RR.
Sept.
Aug.
&
—
Chicago Flexible Shaft (quar.)
Oct.
Sept.
Aug.
Oct.
$1%
Carnation
Aug. 7—National Union Bank in Paterson, N. J.
Members
Oct.
$1%
Bridgeport Gas Light Co. (quar.)
Brown Fence & Wire Co. class B
Oct.
Oct.
Aug.
Sept.
Sept.
30c
Black & Clawson Co. 6% pref. (quar.).
Bloch Bros. Tobacco Co. (quar.)
Bohn Aluminum & Brass
charter No. 14352.
Sept.
Sept.
Sept.
Aug.
Aug.
$1
25c
A
Basic Dolomite, Inc. (initial quar.)...
Beech-Nut Packing Co. (quar.)
15
Sept. 15
Aug. 14
Sept. 15
Sept. 15
Aug. 31
Aug. 31
Aug. 31
Aug. 14
Aug. 21
Sept. 10
Sept. 10
Aug. 20
Aug. 19
Sept.
1
Sept.11
Sept. 11
Aug. 25
Aug. 10
Sept. 15
Sept. 16
Aug. 16
Sept.15
Sept.
1
Aug. 31
Aug. 16
Sept.
Sept.
Sept.
Extra
Preferred
Oct.
Oct.
i2m
Automobile Finance Co
Extra!
Aug. 11—The First National Bank of Clinton, Okla.
Common
stock, $25,000; preferred stock, $25,000
Effective July 30, 1937.
Liq. agent: G. G. Zahn, Clinton,
Okla.
Succeeded by First National Bank in Clinton, Okla.,
Nov.
$2%
Anglo-Canadian Telephone class A
Associates Investment Co. (quar.).
5% preferred (quar.)
Holders
Payable of Record
50c
American Telep. & Tel eg. (quar.).
LIQUIDATIONS
When
Share
Aug.
Sept.
Sept.
Sept.
Sept.
Aug.
Aug.
Sept.
Sept.
Sept.
31
20
1
1
15
19
27
1
20
20
5
5
27
16
20
24
23
18
18
16
30
12
19
23
26
15
15
1
14
11*
31
15
20
20
20
24
20
11
11
11
Sept. 1
Sept.
1
Sept.
1
Oct.
Sept. 10
Sept.
Sept.
1
Sept.
Sept. 10
Sept.
Aug. 27
Sept.
Aug. 31
Sept.
Aug. 31
Sept.
Aug. 31
Sept.
Aug. 18
Sept.
Sept.
1
Sept.
Aug. 25
Sept.
Aug. 31
Oct.
Sept. 15
Sept.
Sept.
1
Sept.
Aug. 31
Sept.
Aug. 31
Sept.
Aug. 31
Sept.
Aug. 25
Sept.
Aug. 19
Oct.
Sept. 20
Sept.
Sept.
1
Oct.
Sept. 15
Sept.
Aug. 24
Sept.
Aug. 24
Aug. 20
Sept.
Aug. "20
Sept.
Sept.
Sept. 15
Sept. 30 Sept. 15
Sept. 30, Sept. 15
Volume
Financial
145
1205
Chronicle
Per
Monroe Loan Society,
Share
Company
(quar.)
National Credit Co.
(Wash.) 5% pref. (quar.)_
Oct.
Extra
National Sugar Refining Co.
New England Gas & Electric
of N. J
Assoc. 85H pref-
Sept.
Sept.
Sept.
Sept.
Sept.
Sept.
Teleg
Niagara Share Corp. of Md., class
Northwestern Utilities 6%
43 He
+«1 v
—
----
Pantheon Oil Co.
(quar.)
Paraffine Co.'s, Inc
Preferred (quar.)
Sept.
Sept.
9
4 *
27
4
15
Dec.
15
Sept. 15 Aug. 31
Sept. 15 Aug. 31
Sept. 15 Aug. 31
Sept. 10 Aug. 30
Aug. 28 Aug. 18
Sept. 27 Sept.10
1 Aug. 20
1 Aug. 20
Sept. 8
Sept. 8
15 Sept. 1
1 Sept.10
15 Sept. 4
15 Sept. 4
15 Aug. 31
1 Aug. 12*
1 Aug. 21
1 Aug. 20
1 Aug. 20
15 Aug. 31
15 Aug. 31
• 1
Sept.10
10 Aug. 25
1 Sept.
4
1 Sept. 15
30 Sept. 20
25 Aug. 18
1 Sept. 10
Oct.
Oct.
-
Sept.
Oct.
(quar.)
Sept.
Sept.
Sept.
Sept.
Sept.
Sept.
Sept.
Sept.
Sept.
--
Extra
-
Pfeiffer Brewing Co
pref. (quar.)
Philadelphia Suburban Water Co.
Pioneer Mill Co.. Ltd
Prentice-Hall, Inc., pref. (quar.)
Common
Raybestos-Manhattan, Inc
Reliance Grain Co. 6H% pref. (quar.)
Reno Gold Mines, Ltd. (quar.)
Republic Portland Cement
Reynolds (R. J.) Tobacco Co. class B (quar.)Rice Stix Dry Goods Co. 1st & 2d pref (quar.)_
Rich's, Inc., 63^ % pref. (quar.)
Robbins & Myers, Inc., $1 H cum. part, pref—
Roeser & Pendleton, Inc. (quar.)
Quarterly
Quarterly
Quarterly
Rose's 5-10 & 25c. Stores new (quar.)
Rutland & Whitehall RR
Schenley Distillers Corp. (quar.)
Preferred (quar.)
Schiff Co., common
7% preferred (quar.)
5H% preferred (quar.)
,.
Security Co. (Los Angeles)
Selected American Shares, Inc
Oct.
Sept.
Oct.
Oct.
Sept.
Aug.
Oct.
1 Mar. 10
1 June 10
Aug.
1 July 30
Aug. 16 July 31
Sept. 30 Sept.16
July
Sept.
Sept.
Sept.
Aug.
Sept.
Sept.
Sept.
Sept.
Sept.
Sept.
Sept.
Sept.
—
Aug. 31
Aug. 31
Oct.
Swift & Co.
(quar.)
Tacony-Palmyra Bridge Co. (quar.)
Preferred (quar.)
Talcott (James), Inc.. common
5H% partic. preference (quar.)
Tappan Stove Co
50c
$1X
15c
68Xc
20c
12Hc
20%
Tecumseh Products Co
Special stock dividend
- — - -
25c
82
81.125
pref. (quar.)
Transue & Williams Steel Forging
15c
United Gas & Electric Corp., common
50c
IX %
(quar.)
Corp. (quar.)
25c
United Dyewood
Extra
25c
t$7 X
United States Leather Co., prior preferred
United States Plywood Corp., pref. (quar.)
37Hc
8i
United States Tobacco Co., common
Wentworth Mfg. Co
West Penn Flectric Co., class A
West Virginia Water Service Co.
k
MX
...
Upson Co
Valley Mould & Iron Co. preferred (quar.)
Victor Monaghan Co. (quar.)
7% preferred (quar.)
Viking Pump Co. (special)
Preferred (quar.)
Virginian Ry
Waialua Agricultural Co
Washington Water Power 86 pref. (quar.)
—
12Hc
$ix
$ix
81X
25c
60c
82
80c
8ih
10c
nx
t83
86 pref
White Villa Grocers, Inc. (semi-ann.f
Winter & Hirsch, Inc., 7% preferred
83
(quar.)..
35c
27 He
Winters & Crampton Corp
25c
Woodall Industries, Inc. (quar.)
Yellow & Checker Cab Consol. A
Youngstown Sheet & Tube (quar.)
Preferred (quar.)
tSl
81
...
1
Sept.
40c
20c
Preferred
15
Sept. 15
30c
— _ _ - - -
1
15
15
1
20
15
Oct.
(quar.).
Extra
Thatcher Mfg. ....
Aug.
Aug.
Aug.
Aug.
Aug.
Aug.
Aug.
Sept.
Sept.
Sept.
Sept.
Sept.
preferred
Staley (A. E.) Mfg. Co., 85 pref. (quar.)
Standard Oil Co. (Ohio), common
5% cumulative preferred
Sterung Brewers, Inc
Strawbridge & Clothier preferred
Superior Portland Cement, Inc., class A
Represents three-month dividends.
Sutherland Paper Co. (quar.).
we
Sept.17
Oct.
Sulphur Co. 7% pref. (quar.)_
Thew Shovel Co., common
Tide Water Assoc. Oil, 84H
1
15
15
15
16
15
15
15
1
15
21
1
1
Oct.
Southland Royalty Oil
South Shore Utilities Assoc. preferred
10
Apr.
Shepard-Niles Crane <* Hoist Co
Simonds Saw & Steel (new) (initial).
Sloss-Sheffield Steel & Iron pref. (quar.)
Sontag Chain Stores (new) (quar.)
7% preferred (quar.)
Southern Colorado Power,
3 Dec.
Jan.
Serrick Corp. A
Class B (quar.)
Below
1
15 Oct.
Sept.
Peoples Drug Stores, Inc
Special
6H% preferred
Preferred
Sept.
Aug.
Sept.
Extra
Southern Acid &
Sept.
Oct.
Patterson-Sargent Co. (quar.)
Pet Milk Co. (quar.)
Petroleum Exploration
Aug. 31
Oct.
Niles Bement Pond Co
Pacific Mills
Sept. 10
30
15
21
15
1
15
Jan.
A pref. (qu.)
pref. (quar.)
Oahu Sugar Co., Ltd. (monthly)
Old Joe Distilling Co. 8% pref. (quar.)
8% preferred (quar.)
Oneida Ltd. (quar.)
7% partic. pref. (quar.)
Ontario Silkmt, Ltd., 7% preferred (quar.)
1
1
Sept. 24 Sept. 10
Sept. 24 Sept. 10
Sept.
1
Oct.
Aug. 31
Oct.
National Standard Co. (quar.)
New England Telep. &
Newmont Mining Corp
Sept.
Sept.
Oct.
National Dairy Products
Class A and B (quar.)
1
31
16
31
25
25
21
31
Sept. 10
Aug. 20
Aug. 20
Sept. 10
Aug. 31
Aug. 31
Aug. 17
Sept. 10
Aug. 31
Sept. 30
Sept.
1
Sept. 15
Aug. 23
Sept. 30 Sept. 20
Sept. 30 Sept. 20
Oct.
1 Sept.
1
Sept. 30 Sept. 15
Nov.
1 Sept.17
Oct.
1 Sept. 15
Oct.
1 Sept.15
Sept. 15 Aug. 31
Sept. 25 Sept. 4
Sept. 25 Sept. 4
Oct.
1
Aug. 25 Aug.
16
Oct.
1 Sept. 10
Sept.
3 Aug. 28
1
Sept. 15 Sept.
1
Sept. 15 Sept.
Oct.
1 Sept.10
Oct.
1 Sept. 10
Oct.
1 Sept. 10
Sept.
1 Aug. 20
Sept. 15 Aug. 30
Sept. 15 Aug. 30
5
Aug. 16 Aug.
Sept.
1 Aug. 20
Sept.
1
Oct.
1
Sept. 15 Sept.
1
Sept. 15 Sept.
1
Sept. 25 Sept. 11
Aug. 31 Aug. 21
Sept. 15 Aug. 25
Sept.
1 Aug. 20
Sept. 30 Sept. 17
Oct.
1 Sept. 15
Sept.
1 Aug. 14
Sept.
1 Aug. 25
Aug. 20 July 30
Sept. 15 Sept.
1
Sept. 1 Aug. 28
Oct.
1 Sept. 11
Oct.
1 Sept. 11
give the dividends announced in previous weeks
list does not include dividends an¬
being given in the preceding table.
and not yet paid.
The
nounced this week, these
Per
Name of
Company
Abbotts Dairies. Inc. (quarterly)
Acme Steel Co. (quar.)--
Addressograph-Multigraph Corp
Agnew-Surpass Shoe Stores (s.-a.)
Extra
7% preferred (quarterly)
Ahlberg Bearing Co. class B (quar.)_.
Alabama Mills, Inc., common
Alabama & Vicksburg Ry. Co.
Allegheny Steel Co
Preferred (quarterly)
Share
When
Holders
Payable of Record
Share
of Company
Alabama Water Service, 6% pref. (quar.)
Alexander & Baldwin, Ltd. (quar.)
Allied Laboratories, Inc
Allied Products Corp., class
A (quar.)
Alpha Portland Cement
Allen Industries, Inc. (quarterly)
Allied Stores 5% preferred
-
(quar.)
;
Aluminium, Ltd., 6% preferred
6% preferred (quarterly)
Aluminum Manufacturing, Inc. (quar.)
Quarterly
7% preferred (quar.)
7% preferred (quar.)
Amalgamated Leather Cos., pref. (quar.)--- —
American Arch Co. (increased)
American Bank Note Co
Preferred (quarterly)
American Business Shares (quar.)
American Capital Corp. 85'H prior pref. (quar.)
American Chicle Co. (quar.)
American Dock Co., 8% preferred (quar.)
American Electric Securities Corp., partic. prefAmerican Envelope Co., 7% pref. A (quar.)—
7% preferred A (quarterly)
American Forging & Socket Co
American General Corp., 83 pref. (quar.)
82 H preferred (quarterly)
82 preferred (quarterly)
American Hide & Leather preferred (quar.)
American Home Products Corp., (monthly)
American Indemnity Co
American Insurance Co. (Newark, N. J.) (s.-a.)
Extra
American
Co. of Hlinois (quar.)—
Machinery (quar.)
Investment
American Laundry
Extra
American Metal Co
Extra
Preferred
(quar.)
7% preferred (quarterly)
7% preferred (quarterly)
—
—
Amer. Radiator & Standard Sanitary (quar.) —
Preferred (quarterly)
American Smelting & Refining Co. (quar.)
American Steel Foundries
—
American Sugar Refining (quarterly)
Preferred (quarterly
—
American Paper Goods,
(quarterly)
(quarterly)
Co. (quar.)
American Tobacco Co.
Common B
American Toll Bridge
Quarterly.
American
Oct.
1 Oct.
15
1 Sept.
8
Sept. 16 Sept.
1
Sept. 1 Aug. 18
Sept.
1 Aug.
Sept. 15 Sept.
Oct.
1 Sept.
Oct
1 Sept.
Sept. 25 Sept.
Sept. 4 Aug.
Oct.
1 Sept.
Sept. 1 Aug.
Sept. 1 Aug.
Sept. 30 Sept.
Dec
31 Dec.
Cumulative convertible
1 Sept. 17
Sept.
1 Aug.
1 Sept.
1 Sept.
1 Aug.
Oct.
—
—
.——
-
in stock
Baton Rouge Electric Co. $6 pref. (quar.)
Bayuk Cigars, Inc
Preferred
(quarterly)
Inc., 81H cum. preferred
Beaumont Mills.
Inc.:
A (quar.)
(quar.)
Bendix Aviation Corp
Berghoff Brewing (quarterly)
...—
Berkshire Fine Spinning Assn.—
85 preferred (adjustment)
7% old preferred (resumed)
Bethlehem Steel Corp. 7% preferred (quar.)
5% preferred (quar.)
-"
Bellows & Co.. class
Class A
Common
Bigelow-Sanford Carpet Co.
(quar.)-__
- —
..
Ltd., 7% pref. (quar.)
Birmingham Water Works Co., 6% pref. (quar.)
Black Clawson Co. (quar.)
6% preferred
--Blue Ridge Corp. 83 conv. pref. (quar.)
Payable at rate of 1-32 sh. of com. or cash.
Bond & Share Trading Corp 6% pref (quar.)-Borden Co. (quarterly)
Boston Elevated Ry. (quarterly)
Bower Roller Bearing
.
Brach (E. J.) & Sons (quar.)
Bridgeport Gas Light Co. (quar.)
Brlllo Mfg. Co., Inc., common (quar.)
Class A (quarterly)
Bristol-Myers Co. (quar.)__
Brooklyn Edison Co. (quarterly)
Brooklyn-Manhattan Transit—
Preferred (quar.)
Preferred (quar.)
—-Preferred (quar.) _
—
Brooklyn Teleg. & Messenger Co. (quar.)
Brooklyn Union Gas
Brown Fence & Wire Co
Preferred A (semi-ann.)Preferred
Preferred A
(semi-ann.)
Rubber Co., Inc., com.
(quar.)
Extra
Co. (quar.)
Bruce (E. L.) Co. 7% cum. pref.
3H% cum. pref. (quar.)
Buckeye Pipe Line Co
Brown Shoe
(quar.)
Bullock's, Inc
Bunker Hill & Sullivan Ming. & Cone.
Bunte Bros, preferred (quar.)
Burd Piston Ring Co. (quar.)
Burroughs Adding Machine
Butler Bros, (quarterly)
Preferred (quarterly)
Butler Water Co., 7% pref. (quarterly)
Calamba Sugar Estate
Preferred (quar.)
California Art Tile,
(quar.)—
preferred A
Sept.
Sept.
1 Aug.
1 Aug.
Dec.
1 Nov. 25
Aug. 24 Aug. 20
Sept. 1 Aug. 18
Sept. 1 Aug. 18
Sept. 1 Aug. 18
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
_
Dec.
5
15 Dec.
Sept. 30 Aug. 27
Sept.
1 Aug. 24
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
1
Dec. 15 Dec.
Aug. 20
Sept.
Aug.
Aug.
Aug.
Sept.
Sept.
Sept.
Aug.
Aug.
1*
13
21
25
Oct.
20
10
10
10
10
16
Aug. 13
Sept.
Sept. 1 Aug. 13
July 30
Sept.
Sept. 1 Aug. 20
Sept. 15 Aug. 20
Sept. 1 Aug. 10
Sept. 10 Aug. 31
Aug. 30 Aug. 16
Aug. 25
Sept.
Aug. 16
Sept.
Aug. 16
Sept.
Oct.
Aug. 31
Oct.
Aug. 31
Aug. 25 Aug. 13
Aug. 25 Aug. 13
Aug. 25 Aug. 13
Sept.
1 Aug. 14
Aug. 31 Aug. 16
Dec. 30 Dec.
Co
15
Sept. 1 Aug. 13
Sept.15 Aug. 31
Oct. 15 Sept.30
Sept. 1 Aug. 16
Sept. 1 Aug. 16
Sept. 15 Sept. 1
Dec.
18 Dec.
1
Sept. 13 Aug. 20
Sept. 15 Sept. 4
Sept.
Sept.
Oct.
Oct.
Sept.
Sept.
(interim)
Biltmore Hats,
Brown
Sept. 1 Aug.
Sept. 15 Sept.
Aug. 31 Aug.
20
13
13
16
14
1
15
20*
25
_
Barber (W. H.) Co. (quar.)
Bath Iron Works Corp., payable
Beaunit Mills,
Sept.
Oct.
preferred
(quar.)
Oct.
Oct.
Bankers National Investors
Class A and B
Preferred (quar.)
Bank of Toronto
15
Oct.
Oct.
Atlas Tack Corp
Co. (interim)
Inc. (quar.)..
15
Dec. 31 Dec.
Sept.
Sept.
Archer-Daniels-Midland
Armour & Co. (111.)
86 preferred (quar.)
7% preferred (quar.)
Armour & Co. (Del.) preferred (quar.)
Armstrong Cork Co. (interim)
Artloom Corp. 7% preferred
Asbestos Mfg. Co., 81.40 pref. (quar.)
Associated Dry Goods Corp. 1st preferred
2nd preferred.
Atchison Topeka & Santa Fe
Atlanta & Charlotte Air Line Ry. (s.-a.).-.
Atlantic Refining Co., common.Atlas Corp., 6% preferred (quarterly)-Atlas Powder Co
6% preferred (quarterly)
Bangor & Aroostook RR. Co., common
10
1
20
21
14
14
15
Nov.
Anaconda Wire & Cable Co
Baltimore Radio Show,
20
5
15
Sept. 30 Sept. 15
Sept. 15
Sept. 15
Sept.13
Sept. 1
Sept. 15
Water Works & Electric Co
preferred
American Woolen Co.
Avery (B. F.) & Sons
Holders
When
Payable of Record
-
Bucyrus-Monighan, class A (quar.)-Sept.
1 Aug. 16
Sept. 11 Aug. 27
Sept. 22 Sept. 2
Sept.
1 Apg. 16
Sept.
1 Aug. 16
Oct.
1 Sept.15
Sept. 1 Aug. 20
Nov.
(s.-a.)
Name
Payable of Record
Sept.
1 Aug. 20
Sept. 30 Sept. 20
Sept.
1 Aug. 14
1
Sept. 15 Sept.
2
Aug. 16 Aug.
class A (quar.)
Motor Products Co
Mt. Diablo Oil, Mining & Development
Nachman Springfilled Corp. (quar.).
Holders
When
Per
Name of
Sept.
Sept.
Sept.
Sept.
Sept.
Sept.
Sept.
Sept.
Oct.
Sept.
Sept.
Sept.
Oct.
Oct.
1 Aug. 25
1 Aug. 20
1 Sept.
3
1 Sept.
3
15 Aug. 27
1 Aug. 15
1 Aug. 15
15 Aug. 15
15 Sept. 1
1
1
5
1 Aug.
1 Aug. 21
1 Aug. 14
1 Sept. 10
25 Sept. 1
1 Aug. 14
30 Sept. 16
1 Sept. 15
1 Sept. 15
1 Aug. 16
Sept.
Aug. 31 Aug.
6
1
1-15-38 Dec. 31
4-15-38 Apr.
I
Sept.
1 Aug. 21
Oct.
Oct
15 Oct.
i Sept.
1
Aug. 31 Aug. 16
Aug. 31 Aug. 16
Feb. 28 Feb. 14
Sept. 15 Sept. 1
Sept. 15 Sept. 1
Sept. 1 Aug. 20
Oct.
1 Sept. 25
Oct.
1 Sept. 30
Sept. 15 Aug. 27
Oct.
1 Sept.20
Sept. 1 Aug. 11
Sept. 1 Aug. 14
Sept. 1 Aug. 25
Sept. 1 Aug.15
Sept. 7 July 31
Sept.
1 Aug. 13
Sept. 1 Aug. 13
1
Sept. 15 Sept.
Oct.
1 Sept. 15
Oct.
1 Sept. 15
Sept . 1 Aug. 24
Financial
Per
Name of Company
Share
Campbell, Wyant & Cannon Foundry
Campe Corp. (quar.)
25c
10c
—
Canada Wire & Cable, preferred
t$6
Canadian Industries, Ltd., class A&B
#1
(quarterly)
Carman & Co. class A
a
.-
Carbons Consolidated, Inc. (resumed)
Carlow & Se6lig Manufacturing
Class A
25c
20c
30c
».
tsi
Carolina Telep. & Teleg. (quar.)
Carter (Wm.) Co. preferred (quar.)
Case (J. I.), preferred (quar.)
si
Caterpillar Tractor Co. (quar.)
Preferred (quar.)
Celluloid Corp. participating preferred
Central Arkansas Public Service 7 % pref
Central Illinois Public Service $6 preferred—
6% preferred
50c
SI M
$2
-
tsi
Central Massachusetts Light & Power (quar.)-_
Central Mississippi Valley Electric Prop.—
50c
6% preferred (quar.)
SIM
Central Tube Co
3c
Centrifugal Pipe Corp. (quar.)
Century Ribbon Mills, preferred (quar.)
Champion Paper & Fibre, pref. (quar.)
Chartered Investors $5 pref. (quar )
Chicago Corp., pref. (quar.)
Chicago District Electric Generating, $6 pfd
Chicago Mail Order Co. (quar.)
Chicago Rivet & Machine
Chicago Venetian Blind (quar.)
Chicago Yellow Cab
Chile Copper Co
Chrysler Corp., common
Cincinnati Union Terminal Co., 5% pref. (qu.)_
City Ice & Fuel (quar.)
Preferred (quar.)
City of New Castle Water Co., 6% pref. (quar.)_
City of Paris Dry Goods Co. 7% 1st pref. (qu.)_
Clark Equipment Co
Preferred (quarterly
Cleveland & Pittsburgh RR. Co. gtd. (quar.)..
Guaranteed (quar.)
Special guaranteed (quar.)
Special guaranteed (quar.)
Coca-Cola Co. (quar.)__
Coca-Cola International Corp. (quar.)
Colgate-Palmollve-Peet, pref. (quar.)
Common (quarterly)
Collins & Aikman Corp., common
Preferred (quarterly)
;
Colt's Patent Fire Arms Mfg. (quar.)
Columbia Breweries, Inc.. ser. B (stock div.)--
10c
SIM
SIM
SIM
Sept. 30 Sept. 20
Sept. 30 Sept. 20
Sept.
Aug. 20
Sept.
Aug. 19
Sept.
Aug. 19
Sept.
Aug. 14
Oct.
Sept. 23
Sept. 15 Sept. 10
Oct.
1 Sept. 12
Aug. 25 Aug. 14
Aug. 25 Aug. 14
Aug. 30 Aug. 16
Sept. 1 Aug. 16
Sept. 15 Aug. 20
Sept. 15 Aug. 20
Aug. 31 July 15
Sept. 1 Aug. 14
Aug. 25 Aug. 14
Nov. 15 Nov.
Sept
Sept.
Sept.
Sept.
45c
Sent. 15
Sept. 30
Sept. 1
Aug. 28
Sept. 10
50c
S3M
SIM
50c
SIM
SIM
50c
Oct.
Aug.
Sept.
Aug.
Aug.
Aug.
Aug.
Aug.
Sept.
Aug.
Aug.
Aug.
6
20
15
1
15
14
10
27
20
20
6
10
1 Mar. 20
Sept. 30 Sept. 15
Sept. 1 Aug. 23
Sept. 1 Aug. 20
Nov. 15 Nov. 10
Corp.
a
Preferred
SI
$2
SI
SI
25c
2M%
$1.10
t75c
50c
25c
50c
Oct.
1
Aug. 23
Sept. 10
Sept. 1
Sept. 1
Sept. 1
Sept.15
Sept.15
Sept. 30 Dec. 24
1 Aug. 14
Dec.
1 Nov. 15
-
(quarterly)
SIM
$2
37Mc
62m
20c
tSIM
t50c
tSIM
14
Aug.
Feb 15*38
Sept.
Sept.
Aug.
Aug.
Sept.
Sept.
Oct.
Oct.
13
13
10
10
Sept.
Dec.
Sept.
Sept.
Sept.
Aug. 14
Aug. 20
Aug. 25
Oct.
1 Sept.
Oct. 15 Sept.
Sept. 25 Sept.
Oct.
1 Sept.
Oct.
1 Sept.
Sept. 30 Sept.
20
15
15
15
15
24
Nov. 15 Nov.
Oct.
1 Sept.
9
4
4
Oct.
1 Sept.
Sept.
1 Aug,
Sept. 1 Aug.
Sept. 1 Aug.
.Sept.
1 Aug.
Sept.
1 Aug.
Aug. 30 Aug.
Sept. 1 Aug.
Sept.
15c
Nov. 10
1 Aug. 10
1 Nov. 10
10 Aug. 25
30 Sept. 10
30 Sept.10
15 Aug. 16
15 Aug. 16
15 Sept.
1
15 Sept. 30
15 Sept. 30
Sept.
Sept.
Sept.
Sept.
Sept.
Sept.
Oct.
50c
tig
25c
SI
10c
S3M
56Mc
66 Mc
25c
62 Mc
75c
87 Mc
87 Mc
Dec.
Oct.
Sept. 1 Aug.
Sept.
1 Aug.
Aug. 31 Aug.
Sept. 23 Sept.
Oct.
1 Sept.
Sept. 15 Aug. 31
Sept.
1 Aug. 20
Sept. 10 Aug. 31
Dec.
10 Nov. 30
Sept.
Aug. 31
Dec.
Nov. 30
50c
Sept.
Aug.
Sept.
Aug.
Sept.
Aug.
Sept.
Aug.
Sept.
Aug.
Sept. 30 Sept.
Sept. 30 Sept.
25c
25c
Preferred (quar.)
Fajardo Sugar
_
Falconbridge Nickel Mines, (quar.)
Fansteel Metallurgical Corp. $5 pref. (quar.)—
$5 preferred (quar.)
Farmers & Traders Life Insurance (N. Y.)
Extra
Federal Insurance (Jersey City) (quar.)
Federal Light & Traction pref. (quar.)
Finance Co. of Amer. (Bait.), common A & B__
7 % pref. and 7 % pref. class A
First Holding Corp. (Calif.), 6% pref. (quar.)__
Firestone Tire & Rubber, 6% preferred A (quar.)
Fiscal Fund, Inc. (bank stock series)
.
Fishman (M. H.) Co., Inc
7Mc
SIM
SIM
$2M
50c
35c
SIM
15c
1M
SIM
2M%
2M%
15c
5M% preferred (s-a »
Fitz Simons & Connell Dredge & Dock
Florida Power Corp., 7% pref. A (quar.)
S2M
25c
SIM
7% preferred (quar.)
87 Mc
Florsheim Shoe Co. class A (quar.)
Class B (quar.)
Food Machinery Corp. (extra)
Ford Motor Co. of Canada A&B (quar.)
Franklin Rayon Corp., common
-
50c
25c
SIM
J25c
50c
Freeport Sulphur Co
50c
Preferred (quar.)
Fuller Brush Co., 7% preferred (quar.)
Gas Securities Co. 6% preferred (monthly)
General American Corp
SIM
SIM
Dec.
Oct.
Oct.
Oct.
Sept.
Sept.
Sept.
Sept.
Sept.
Sept.
Sept.
Sept.
Sept.
Sept.
Sept.
Sept.
Oct.
Oct.
15
12
12
12
16
8
15
17 Dec.
15
1 Sept. 10
1 Sept. 10
1 Sept. 20
1 Aug. 16
30 Sept. 20
30 Sept. 20
llAug. 20
1 Aug. 14
15 Aug. 16
15 Aug. 16
Aug. 14
Aug. 20
Aug. 21
Aug. 14
Aug. 14
Sept. 15
Sept. 15
25 Aug. 14
18 Aug. 28
Aug. 27*
Aug. 13
_
Aug.
Sept.
Sept,
Sept.
Nov.
Oct.
Oct.
15
SIM
Sept.
Sept. 22
Aug. 14
Aug. 14
Sept. 15
1 Aug. 20
SIM
SIM
Dec.
1 Nov. 20
50c
75c
General Box Co. (increased)
General Cigar Co. 7% pref. (quar.)
2c
7% preferred (quar.)
7% preferred (quar.)
7% preferred (quar.)
General Motors Corp
$5 preferred (quar.)__
*8
SIM
Gibraltar Fire & Marine Insurance
Extra
Globe Democrat Publishing Co., 7% pref. (qu.)Globe & Rutgers Fire Ins. Co. 2d pref. (sa.-a.)-_
Globe-Wernicke Co
Preferred (quar.)
Godman (H. C.) 6% preferred (quar.)
Goodyear Tire & Rubber
Preferred (quarterly)
Gorham Mfg. Co., com. voting trust ctfs—
50c
20c
SIM
S2M
30c
50c
SIM
50c
SIM
—
50c
Gosnold Mills Corp. (resumed)—
Gossard (H. W.) Co
SI
25c
Grace National Bank (N. Y.) (s -a.)
Grand Union Co., S3 conv. preferred
S3
50c
35c
Grant (W.T.)Co
Great Atlantic & Pacific Tea (quar.)
Extra
.
-----
Preferred (quar.)
—
Great Northern Paper Co. (quar.)
Extra
Special
Greyhound Corp. (quar.)
25c
SIM
25c
12c
j-
-
Great Western Electro Chemical preferred (qu.)_
Great Western Sugar (quar.)
Preferred (quar.)
Greene Cananea Copper (quar.)
—--
—
30c
60c
SIM
75c
SIM
20c
13 Mc
(quar.)
Griggs, Cooper & Co. 7% preferred (quar.)
Gulf States Utilities, $6 pref.
(quar.)
S5M preferred (quarterly)
Hackensack Water Co. preferred A (quar.)
Hale Bros. Stores, Inc
Hamilton Watch Co_
6% preferred (quar.)
Hammermill Paper _-
SIM
SIM
SIM
43 Mc
-
—
-
-
25c
60c
SIM
50c
_
6% preferred (quar.)
Hancock Oil of Calif., A. & B. (quar.)
Class A&B (extra)
Hanas (P. H.)
Knitting Co. (quar.)
(quar.)
11
21
1-2-38 Dec. 23
Aug. 25 Aug. 10
80c
Extra
Preferred
21
21
16
80c
—
Insurance stock series
20
20
10
10
17
10
5
Aug. 10
Dec.
Sept.
10c
SIM
25c
20c
;
15c
15c
15c
-
Extra
Sept.
25c
25c
50c
15c
7% preferred (quar.)
Marl'
Holders
Payable of Record
SIM
SIM
50c
40c
SIM
Hanna (M. A.) Co., common
$5 cumulative preferred (quar.)
75c
75c
4c
75c
SIM
—
Elgin National Watch
El Paso Electric Co. (Texas) $6 pref. (qu.)
7% preferred A (quarterly)
Ely & Walker Dry Goods Co
Empire & Bay State Telegraph (quar.)
Empire Capital Co. (quar.)...
Emporium Capwell Corp., 7% preferred (s.-a.)
4M% cumul. preferred A (quarterly)
4M% cumul. preferred A (quarterly)
Emsco Derrick & Equipment Co
English Electric Co. of Canada, Ltd.—
$3 non-cum. class A (resumed)
Equity Corp., $3 pref. (quar.)
Erie & Pittsburgh RR. Co.. 7% gtd. (quar.)
7% guaranteed (quar.)
Common B
Diamond
Dictaphone Corp
Preferred (quar.)
Dixie-Vortex Co., (quarterly)
Class A (quarterly)
Doctor Pepper Co.
(Quarterly),
Quarterly
Dominton & Anglo Investment
Corp., 5% pref.
Dominion-Scottish Investments,
Ltd., 5% pref.
Dominion Tar & Chemical, 5M%
pref. (quar.)--
Electrolux Corp.
Extra
SIM
SIM
SIM
SIM
(quar.)
Extra
sh. of Pan Am.
(semi-ann.)
Sept.
25c
2-50ths; the
Preferred (sem-ann )
Electric Storage Battery
Preferred (quarterly)
Fairbanks, Morse & Co. (quar.)
25c
for each sh. of
Match preferred ttock held.
Electricmaster, Inc. (quar.)
Sept. 11
Sept. 11
Sept. 4
Aug.
6
Aug. 20
Aug. 20
Sept. 13
Aug. 20
Aug. 20
Aug. 27
Aug. 18
Aug. 18
Sept. 17
Aug.
9
Aug. 25
Aug. 18
Aug. 14
Aug. 15
Sept. 4
Sept. 4
.
Match
7% preferred (quarterly)
6% preferred (quarterly)
Co., $6 pref. (quar.).
$6M preferred (quarterly)
Eckhardt Becker Brewing Co
Eddy Paper Corp
Electric Shareholdings, preferred
Optional div. of 44-1,000th of a sh. of com.
stock or, at option of holder in cash.
Electrographic Corp. (quar.)
Quarterly
Preferred (quarterly)
Preferred (quarterly)
Nov. 10
Sept.
Sept.
Sept.
Sept. 30
Aug. 25
Aug. 25
Sept.10
Sept. 10
Sept. 10
V
1
Dec.
—
2d & 3d of l-50th each.
Pref. stk. div. of l-60th of
$2
East Shore Public Service
Oct.
Oct.
Oct.
(Ont.) (quarterly)
$1
Quarterly
1
Dec. 31 Mar. 15
$1
Congoleum-Nairn. Inc. (quarterly)
50c Sept.15 Sept. 1
Connecticut Light & Power Co., 5M% Pref
SIM
Sept. 1 Aug. 14
Connecticut River Power Co. 6% pre?. (quar.)-SIM
Sept. 1 Aug. 16
Consolidated Cigar Corp. 7% pref. (quar.)
SIM
Sept. 1 Aug. 16
Consolidated Edison Co. of N. Y. (quar.)
50c
Sept. 15 Aug.
6
Consol. Gas Elec. Light & Power Co. of Bait.—
Common (quarterly)
90c
Oct.
1 Sept. 15
Series A 5% preferred (quarterly)
Oct.
1 Sept. 15
SIM
Consolidated Oil Corp.,preferred fquar.)
SIM
Sept. 1 Aug. 16
Consolidated Paper Co. (quar.)
25c
Sept. 1 Aug. 21
Consol. Retail Stores 8% preferred (quar.)
Oct.
$2
1 Sept. 17
Consumers Glass Co. (quar.)
25c
Sept.15 Aug. 31
7% preferred (quar.)
SIM
Sept. 1
Continental Casualty Co. (quar.)
30c
Sept. 1 Aug. 16
Continental Oil Co. (Del.)
25c
Sept. 30 Sept. 8
Special
25c
Sept.30 Sept. 8
Continental Steel Corp. (quarterly)
25c
Oct.
1 Sept. 15
Preferred (quarterly)
Oct.
1 Sept. 15
Cook Paint & Varnish Co.
15c
(quar.)
Sept. 1 Aug. 20
$4 preferred (quarterly)
SI
Sept. 1 Aug. 20
Common (extra)
10c
Sept. 1 Aug. 20
Copperweld Steel Co. (quar.)
50c
Aug. 31 Aug. 14
Corrugated Paper Box Co., 7% pref. (qu.)
SIM
Sept. 1 Aug. 16
Cosmos Imperial Mills, 5% preferred (quar.)
Oct. 15 Sept 30
SIM
Courtaulds, Ltd., Amer. dep. rec. ord. reg
3M%
Aug. 24 July 20
Less British income tax of
25% and deduction
for expenses of depositary.
Crane Co., 7% preferred
$7
Sept. 15
New 5% pref.(initial, quar.)
SIM
Sept. 15 Sept.
1
Creameries of Amer., Inc., pref.
(quar.)
87 Mc
Sept. 1 Aug. 10
Crown Cork & Seal Co., common
(quar.)
50c
Sept. 7 Aug. 20*
$2M cum. preferred (quar.)
56 Mc
Sept. 15 Aug. 31*
Crown Zellerbach Corp., $5 conv.
pref. (quar.)__
SIM
Sept. 1 Aug. 13
Crucible Steel Co. of America, preferred
tSIM
Sept. 30 Sept. 10
Crum & Forster Insurance Shares A& B
30c
Aug. 31 Aug. 21
Preferred (quar.)
Aug. 31 Aug. 21
Crum & Forster, preferred
(quarterly)
Sept. 30 Sept. 20
Cuneo Press, preferred
(quarterly)
S1.62M Sept. 15 Sept. 1
Curtis Publishing Co. $7
preferred
Oct.
SIM
Aug. 31
Cushman's Sons, Inc., 7% preferred
87 Mc
Sept.
Aug, 16
Dayton Power & Light Co., 4M% pref. (quar.)_
SI.125
Sept.
Aug. 20
Dayton Rubber class A
tsi
Sept,
Aug. 16
Deere & Co
SI
Sept.
Aug. 14
Preferred
m
tsi
Sept.
Aug. 14
Preferred (quarterly)
35c
Sept.
Aug. 14
Dentists Supply Co. of N. Y.
(quar.)__
75c
Aug. 20
Sept
Quarterly
75c
Dec.
Nov. 20
7 % preferred (quarterly)
Oct.
1
Oct.
SIM
7% preferred (quarterly)
Dec. 23 Dec. 23
SIM
Denver Union Stockyards, 5M%
pref. (quar.)_.
SIM
Sept. 1 Aug. 20
Detroit Gasket & Mfg., pref.
(quar.)
30c
Sept. 1 Aug. 14
Detroit Hillsdale & Southwestern RR.
(s.-a.)
$2
1—5—38 Dec. 20
1st of
50c
SIM
East St. Louis & Interurban Water Co.—
Aug. 10
75c
installments, the
(quarterly)
(quar.)__
(quarterly)
Guaranteed betterment (quar.)
Guaranteed betterment (quar.)
Faber Coe & Gregg, Inc. (quar.)
40c
three
Eastern Utilities Assoc.
Nov. 10
1M%
37Mc
Compo Shoe Machinery (quar.)
Compressed Industrial Gases (quar.)
10c
Eastman Kodak Co.
Dec.
S5.85
SIM
12Mc
Columbia Pictures Corp., com. (quar.)
Com. v. t. c., stk. div
Columbus & Xenia RR. Co—
Columbus Auto Parts, preferred
Commonwealth Utilities Corp. 6M% P*. O (qu.)
Compania Swift Internacional
17 Mc
12c
Sept.
50c
75c
Quarterly
SIM
SIM
„
Corp
87 Mc
50c
Columbia Broadcasting class A&B (quar.)
Common stk. di v. of 4-50tbs of a sh. of Pan
Amer. Match Corp. for each sh. of Dia¬
mond Match com. stk. held.
Payable in
(quar.)
Duquesne Light Co., 5% pref. (quar.)
Duro-Test Corp. (interim)
Eagle Picher Lead
Preferred (quar.)
Eastern Footwear
When
Share
Driver-Harris Co., 7% pref
Sept. 15 Aug. 30
Sept. 15 Aug. 30
Sept.
Aug. 10
Columbian Carbon Co. (special)
Diamond Match Co
Common
Per
Name of Company
Preferred
'
i4u^. 27, IPJ7
87 Mc
-— —
Confederation Life Assoc.
7 Aug. 10
30 Sept. 30
15 Sept. 30
15c
25c
__
_
Sept.
Sept,
SIM
37Mc
.
_
Aug. 28 Aug.
7
Sept. 1 Aug. 14
Oct.
75c
—
Class B
When
Holders
Payable of Record
Oct.
Oct.
7% preferred (quar.)
Canfield Oil Co., 7% pref. (quar.)_
Common (quarterly)
Chronicle
' >
.t
,
;
—
SIM
Harbison-Walker Refractories
Preferred (quar.)
Hart-Carter Co. $2 conv. preferred
$2 conv. preferred (quar.)
50c
SIM
tSIM
50c
Hazel-Atlas Glass Co. (quar.)
Hazeltine Corp. (quar.)
SIM
75c
-
Hecla Mining Co
Heyden Chemical Corp.
Hibbard, Spencer, Bartlett & Co. (monthly)
Monthly
Hoe (R.) & Co., 6M% prior preferred
7% cumulative preferred
25c
25c
50c
20c
20c
t$12M
—
t$4.41
Sept.
Sept.
Oct.
3-1-38
6-1-38
2-18-38
5-20-38
Sept. 13 Aug. 12
Nov.
Oct.
1 Oct.
4
1 Sept. 14
1 Aug. 14
Sept.
Sept. 1 Aug. 20
Sept. 1 Aug. 31
Sept. 15 Aug. 31
Oct.
li Sept. 20
Sept. IIAug. 24
Sept. 15 Aug. 19
Sept. 15 Aug. 19
Sept. 15 Sept. 1
Sept.
Aug. 10
Sept.
Aug. 14
Sept.
Aug. 26
Sept.
Aug. 10
Oct.
Sept. 14
Sept.
Aug. 16
Sept.
Aug. 16
Sept.
Aug. 16
Sept.
Aug. 20
Sept.
Aug. 20
Oct.
Sept. 20
Oct.
Sept. 15
Oct.
Sept. 15
Sept. 13 Sept. 3
Sept. 13 Sept. 3
Oct
1 Sept. 21
Oct.
1 Septi 21
Oct.
Sept.
Sept.
Sept.
Sept.
Sept.
Sept.
Sept.
Oct.
Sept.
Sept.
Sept.
Sept.
Sept.
Sept.
Oct.
Sept.
Sept.
Sept.
1 Oct.
1
15 Aug. 31
15 Aug. 31
30 Sept. 16
1 Aug. 10
15 Sept. 3
1 Aug. 13
15 Sept. 1
Sept. 15
Aug. 16
Aug. 16
Aug. 20
Aug. 20
Aug. 20
Aug. 20
Sept. 20
30 Sept. 18
1 Aug. 14
1 Aug. 13
_
Oct.
20 Oct.
6
1 Aug. 14
1 Aug. 14
Oct.
1 Sept. 17
Sept.15 Sept. 1
Sept. 15 Aug. 14
Sept. 1 Aug. 20
Sept.
Sept.
Aug. 27 Aug. 17
Sept. 24 Sept. 14
Sept. 1 Aug. 25
Sept. 4 Aug. 28
Volume
Financial
145
Per
Name of
Share
Company
Class B
common
Sept.
Aug.
Aug.
Aug.
Aug.
Oct.
Sept.
Aug.
Sept.
Aug. 25 Aug.
Aug.
Sept.
Aug.
Sept.
Management stock
Hobart Manufacturing class A (quar.)
Holophane Co
Preferred (semi-annual)
Holt (Henry) & Co. $1.80 class A
Homestake Mining Co. (monthly)
Hooven & Allison Co. 5% pref. (quar.)
Horn & Hardart (N. Y.) pref. (quar.)
Hotel Barbizon, Inc., vot. tr. ctrg. (quar.)
Huntington Water Corp., 7% pref. (quar.)
6% preferred (quarterly)
Huttig Sash & Door Co. 7% preferred (quar.)..
7% preferred (quarterly)
Illinois Water Service Co. 6% preferred (qu.)__
Illinois Zinc Co. (interim)
;
Imperial Life Assurance of Canada (quar.)
Quarterly
Imperial Tobacco of Great Britain & Ireland—
Ordinary registered (interim)
Amer. dep. rets, for ord. reg. (interim)
Indiana Security Corp. 6% preferred (quar.)—
Indiana Water Co. 5% preferred A (quar.)
Ingersoll-Rand Co. (increased)
Inland Steel Co. (quar.)
Nov.
Sept.
Sept.
Sept. 30
Dec. 30
Sept. 1
Aug. 31
Sept.
Sept.
Oct.
Oct.
Sept.
Sept.
Sept.
Extra
Oct.
International Business Machine Corp
International Harvester 7% pref. (quar.)
Sept.
Sept.
Sept.
Sept.
Sept.
Mining
International Nickel of Canada
Interstate Home Equipment (quar.)—
Iron Fireman Mfg. Co. (quar.)
Oct.
Oct.
$1?*
.
._
-
.—
-
—
-
-
-
Lone Star Gas
Corp
,
__
Loose-Wiles Biscuit Co., 5% preferred (quar.)
Lord & Taylor 1st pref. (quar.)
Louisville Gas & Electric, class A & B (quar.)—
Louisville & Nashville RR. Co. (irregular)—.
Ludlow Mfg. Assoc
Lunkenheimer
Co.. preferred (quarterly)
Preferred (quar.)
50c
40c
$194
$194
$194
50c
25c
10c
•is
50c
$15*
30c
MM
MM
40c
MM
$194
$194
Il94
75c
62 Mc
871l
50c
5c
25c
25c
$194
MM
40c
40c
$1
$1
30c
25c
$194
10c
50c
$194
50c
50c
$1.10
$1.10
$25c
75c
75c
75c
75c
75c
$2
$2
$3
20c
$194
$194
3794c
$294
$2
50c
Sept.
Sept.
Sept.
1 Aug. 14
1 Aug. 16
1 Aug. 16
15 Dec
5
Aug. 31 Aug. 21
Sept. 1 Aug. 14
Oct.
1 Sept. 15
Nov.
1 Oct.
Oct.
1 Sept. 14
14
Sept. 15 Aug. 31
Sept. 10 Sept. 3
Sert. 1 Aug. 16
1
Nov. 15
Sept. 1 Aug. 20
Sept. 15 Aug. 31
Sept. 1 Aug.
2
Sept.
Aug. 2
Aug. 17
Sept.
Sept.
Aug.17
Nov.
Oct.
Sept.
Aug.
Sept.
Aug.
Aug. 30 Aug.
Sept.
Aug.
Oct.
Sept.
Sept. 10 Aug.
_
Dec.
26
23
23
9
14
15
25
10 Nov. 26
Sept. 10 Aug. 25
Dec.
10 Nov. 26
Sept.
1 Aug.
Sept. 30 Sept.
Aug. 31 Aug
Sept. 30 Sept.
10
25
21
20
Oct.
20
30 Oct.
Nov. 30 Nov. 20
Dec. 31 Dec. 20
Oct
1 Sept. 28
1-3-38 Dec. 31
Aug. 25 Aug.
Aug. 21 July
Oct.
1 Sept.
Sept. 1 Aug.
Sept. 25 Aug.
Aug. 25 July
Sept. 1 Aug.
Oct
1 Sept.
25c
10c
25c
75c
14
21
17*
17
31
28
14
21
1-3-38 Dec. 2i
Sept. 21 Aug. 31
Sept. 1 Aug. 13
Aug. 31 Aug. 16
Sept. 15 Aug. 27
Nov. 15 Nov.
,
1 Oct.
Dec.
Share
Metal Textile Corp. partic. pref. (quar.)
Meteor Motor Car Co
Micromatic Hone Corp
________
Midco Oil Corp. vot. tr. ctfs. (quar.)
Middlesex Water Co. (quarterly)
_
Milnor, Inc
81&
10c
25c
75c
10c
Increased
Minneapolis-Honeywell Regulator, pref. (quar.)
_
Missouri Utilities Co. 7% pref. (quar.)
Mohawk Carpet Mills, Inc. (quar.)
Extra
15c
$1
$194
30c
30c
5
4394c
Sept.
Sept.
Sept.
Aug.
Sept.
Sept.
Aug.
Aug.
Aug.
Aug.
4394c
Nov. 30 Nov. 30
10c
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
Oct.
1 Sept. 20
50c
50c
$1
25c
50c
$194
$194
1
15
10
25
1
1
30
30
30
31
30c
Sept,
5
30c
25c
25c
Dec.
Sept.
Dec.
5
5
5
25c
Oct.
25c
Oct.
Oct.
Oct.
Aug. 10
Sept. 1
Sept. 1
Aug. 15
Aug. 15
Aug. 16
Aug. 20
Aug. 20
Aug. 20
Aug. 31
25c
1 Sept. 15
1 Sept. 15
10 Sept. 20
30 Oct. 15
Holders
When
Payable of Record
Sept. 1 Aug. 20
Sept. 10 Aug. 20
Sept. 15 Sept. 4
Aug. 25 Aug. 12
Aug. 21
Sept.
Aug. 15
Sept.
Nov. 15
Dec.
Aug.
Sept.
Aug.
Sept.
Sept. 15 Sept.
Sept. 15 Sept.
20
20
10
10
Monongahela West Penn Public Service—
Preferred (quarterly)
Monsanto Chemical Co. (quar.)
$494 preferred
4494c
—_
Represents proportion of the s.-a. dividend
for the unexpired period ending Dec. 1.
Montgomery Ward & Co
Class A (quar.)
Moore (Wm. R.) Dr.. Goods (quar.)
Quarterly
Moran Towing Corp., 7% pref. (quar.)
Morris Plan Insurance Society (quar.)
Quarterly
Motor Wheel Corp., common (quar.)
Mt. Diablo Oil Mining & Development (quar.)
Mull ins Mfg. Corp. pref. (quar.)
Muncie Water Works Co. 8% pref. (quar.)
'
Murphy (G. C.) Co
Muskogee Co. 6% cum. pref. (quar.)
Mutual Chemical Co. of Amer., 6% pref. (quar.)
6% pref. (quar.)
National Bearing Metal (irregular)
__
National Biscuit Co. (quar.)
Preferred (quar.)
National Casualty Co. (Detroit) (quar.)
National Container Corp. (Del.) (initial)
National Lead Co. (quar.)
Preferred A (quar.)
Oct.
50c
$1.64
Dec.
1 Nov. 10
50c
Oct.
$194
Oct.
15 Sept. 10
1 Sept. 17
1
1 Oct.
till
35c
ii
$194
15c
15c
$194
$194
10c
6% preferred (quar.)
:S
Neiman-Marcus Co. 7% pref. (quar.)
$194
7% preferred (quar.)
50c
Neisner Bros., Inc. (quar.)
New Amsterdam Casualty (s.-a.)
New Bedford Cordage Co. (quar.)
30c
Newberry (J. J.) Co. (quar.)
—
5% preferred A (quar.)
New Jersey Zinc Co
New York Air Brake Co. (quar.)
New York & Queens Elec. Lt. & Pow. (quar.)
Preferred (quar.)
Nineteen Hundred Corp., class A (quar.)
Norfolk & Western Ry. (quar.)
North American Edison Co. pref. (quar.)
North River Insurance Co. (N. Y.) (quar.)
Northam Warren $3 preferred (quar.)
Northeastern Water & Electric Corp. $4 pref—
Northern Oklahoma Gas Co. 6% pref. (qu.)
6% preferred (quar.)—
Northern RR. Co. of N. J., 4% pref. (quar.)—4% preferred (quarterly)
North Pennsylvania RR. Co. (quar.)
Northwestern Public Service Co. 7% pref
6% preferred
—
Nova Scotia Light & Power 6% pref. (quar.)
—
Ogilvie Flour Mills, pref. (quar.)
50c
60c
$194
50c
50c
$2
$194
60c
Nov. 16
Aug. 21
$1
Aug,
Sept.
Sept.
Sept.
Sept.
Sept.
Sept.
Sept.
Sept.
Sept.
Sept.
Sept.
Sept.
Sept.
Sept.
Sept.
Sept.
Nov. 20
Dec.
11t
Aug.
Aug.
Aug.
Aug.
Aug.
Aug.
Aug.
Aug.
Aug.
Aug.
Aug.
Sept.
Aug.
Aug.
Aug.
Aug.
Sept.
Sept.
Aug.
Aug.
Aug.
Aug.
Aug.
Sept.
Aug.
Sept.
16
20
20
14
20
31
5
14
14
14
15
15
20
20
31
31
15
15
20
20
6
31
31
Oct.
$194
—
25
1
1
1
1
15
30
1
1
15
15
30
Oct.
Sept.
Sept.
Aug.
Sept.
Sept.
Sept.
Sept.
■
Penick & Ford, Ltd
..
Peninsular Telephone (quar.)-....—.—_—.
7% preferred (quar.)
7% preferred (quar.)
Penn State Water Corp., $7 pref. (quar.)
Pennsylvania Gas & Electric, class .n. (quar.)
Pennsylvania Glass Sand
Preferred (quar.)--Penna. Power Co., $6 preferred (quar.)
$6.60 preferred (monthly)
Pennsylvania Salt Mfg. Co......—......—
Peoples Telephone Co. (Butler, Pa.) pref. (qu.)_
Pfaudler Co. 6% preferred (quar.)
Pfeiffer Brewing Co
Phelps, Dodge Corp—
Philadelphia Co. 5% nref. (semi-annual).
$5 preferred (quar.)
$6 preferred (quar.)
Philadelphia Electric Power, 8% pref. (quar.)—
Philadelphia Suburban Water 6% pref. (quar.).
Philadelphia & Norristown RR. (quar.)
Phillips Petroleum Co. (quar.)
Extra
Phoenix Finance Corp., 8% pref. (quar.)
—
Phoenix Hosiery Co., preferred
Phoenix Securities, $3 conv. pref. A (quar.)
...
& Electrotypers (s-a.)_
Pick (Albert) Oo. (interim)...
Pillsbury Flour Mills (quar.)_
- —
Pioneer Gold Mines of B. C. (quar.)
Pittsburgh Bessemer & Lake Erie RR. (s.-a.).
Pittsburgh Ft. Wayne & Chicago Ry. Oo. (qu.)
7% preferred (quar.).—
Pittsburgh Youngstown & Ashtabula Ry. Co.—
7% preferred (quar.).
7% preferred (quar.).
1
1
1
30
20
20
15
6
1
14
15
Nov.
40c
25c
40c
$194
$194
$194
3794c
25c
$194
$194
55c
$2
$194
$194
30c
45c
25c
$194
$194
50c
$194
$194
50c
25c
50c
'0c
8794c
75c
50c
1294c
40c
tlOc
75c
$194
$194
15
Oct.
Oct.
15
15
Sept,
Sept.
50c
Oct.
Nov.
Nov.
8794c
(David) Grocery class A (quar.)
1
Dec.
—
Photo Engravers
Nov. 15 Nov.
Sept.
—
(quarterly)..
Nov. 20
Dec.
Sept. 15 Aug. 31
Oct.
1 Sept.
1
Aug. 10
Sept.
Oct.
Sept,16
Aug. 16
Sept.
Sept. 10 Aug. 20
Aug. 12
Sept.
Sept. 14 Aug. 30
Aug. 23
Sept.
$1
—
Oswego & Syracuse RR. (semi-annual) —
Otis Elevator Co. (increased)
Preferred (quar.)
Otis Steel Co. 1st preferred (quar.)
Paauhau Sugar Plantation Co. (monthly) _
Pacific Finance of Calif, (quar.)
8% preferred (quar.)
694% preferred (quar.)
5% preferred (quar .)
Parker Pen Co. (quar.)
——
——
Parker Rust-Proof Co. com. $294 par (quar.)—_
No par common, 3794c. payable to no par
common stockholders
when said stock is
turned in for each to $294 par common.
Parker-Wolverine Go
Parkersburg Rig & Reel Co
14
13
26
15
15
20
13
13
20
$1$1
25c
—
8% preferred
Aug. 23 Aug.
July
Sept.
Aug.
Sept.
Aug.
Sept.
Oct.
Sept.
Aug.
Sept.
Aug.
Sept.
Aug.
Sept.
75c
$1
$194
$194
58 l-3c
50c
41 2-3c
—
1 Oct.
Nov.
Sept. 18 Aug. 31
Sept. 1 Aug. 16
Sept. 10 Aug. 27
Aug. 16
Sept.
Aug. 10
Sept.
Aug. 17
Sept.
$294
1194
—
Public Service Co., 7% pref. (mo.)
'6% preferred (monthly)
—
5% preferred (monthly)
Ohio River Sand Co. preferred
Ohio Water Service, series A (increased)
Oils & Industries, Inc—
Participating preferred
Oklahoma Gas & Electric 6% pref. (quar.)
7% preferred (quar.).
Oklahoma Natural Gas 6% pref. (quar.)
Omnibus Corp., pref. (quar.).
Pender
1 Nov. 26
Dec.
Sept. 10 Aug. 20
Sept. 1 Aug. 15
Sept. 1 Aug. 14
$194
$2 Sept. 15 Sept. 1
90c Sept. 1 Aug. 21
Sept.
1 Aug. 14
$194
Sept. 28 Sept. 18
$194
Dec. 18 Dec. 16
50c
Sept. 1 Aug. 17
Oct. 15 Sept. 10
40c
Aug. 31 Aug. 13
$194
25c. Sept. 15 Aug. 31
25c
Sept. 1 Aug. 16
Sept. 30 Sept. 10
Sept. 15 Aug. 27
National Power & Light Co. (quar.) —
National Pressure Cooker Co. (quar.)
Extra
Oshkosh B'Gosh, Inc
Preferred (quar.)
2
1-2-38 Jan.
Sept. 1 Aug. 16
Sept
1 Aug. 27
'lil?
—
Preferred B (quar.)
Ohio
Oct.
lc
National Linen Service, $7 pref. (s.-a.)
Ohio Oil Co.. pref. (quar.)
Ohio Power 6% pref. (quar.)
1 Sept. 15
Sept. 15 Aug. 25
40c
v
Magma Copper Oo
Magnin (I.) & Co.
—
20
Nov.
Dec.
t$3
6% preferred (quar.)
5% preferred (quar.)
5% preferred (quar.)
Merck & Co., Inc
Preferred (quarterly)
Merrimac Mills Co. (initial)
Messinger Corp. (quar.)
Sept. 1 Aug. 10
Sept. 30 Sept. 3
Sept. 30 Sept. 3
Sept. 15 Sept. 1
Sept. 1 Aug. 18
Oct.
1 Sept. 20
Sept. 1 Aug. 14
Sept. 1 Aug. 14
Sept. 13 Aug. 30
Oct.
1 Sept. 24
Dec. 31 Dec. 24
Sept. 1 Aug. 10
Oct.
1 Sept. 20
5
50c
6% preferred (quar.)
1
Sept. 15 Stpt
20c
Extra
Dec.
Name of Company
National Supply Co., preferred
Nebraska Power Co. 7% pref. (quar.)
1
$194
Publications, Inc., preferred
Macy (R. H.) & Co. (quar.)
Preferred (quar.)
May Dept. Stores (quar.)
May Hosiery Mills class A (quar.)
Class A (extra)
$4 preferred (quar.)
McCiatchy Newspapers, 7% pref. (quar.)—.
7% preferred (quarterly)
McColl-Frontenac Oil (quar.)
Mclntyre Porcupine Mines
McKesson & Robbins, $3, pref. (quar.)
McWilliams Dredging Co
Mead Corp
$6 preferred (quar.)
$5 94 preferred B (quar.)
Memphis Natural Gas, pref. (quar.)
Mercantile Acceptance Corp. of Calif.—
Sept.
5
Macfadden
6% preferred (quar.)
Manhattan Shirt Co. (quar.)
Martin Custom Made Tires, 8% pref. (quar.)
Masonite Corp. (quar.)
Sept. 30
Sept. 1
Sept. 30
16
14
3
20
20
10
20
15
Nov. 15 Nov
Madison Square Garden Corp
-
1
1
Aug.
Aug.
Sept.
Sept.
Sept.
Sept.
Aug.
Sept.
25c
l\U
-
Aug. 16
Aug. 20*
1 Nov. 10
Sept. 1
Sept. 1
Sept. 20
(W. B.) Co. (quar.)
Jewel Tea Co., Inc. (quar.)
Kayser (Julius) & Co
Kellogg (S.) & Sons (quar.)
Kemper-Thomas Co.—
7% special preferred (quar.)
7% special preferrred (quar.)
Kendall Co. $6 par tic. pref. (quar.)
Kennecott Copper Corp
Special-Kingston Products Corp. (quar.)
——
Preferred (quar.)
Klein (D. E.) & Co., Inc. (quar.)
Kobacker Stores, Inc., common
Preferred (quar.)
Kresge (S. S.) Co
Kronhler 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.)
Landis Machine (quarterly)
7% preferred (quarterly)
7% preferred (quarterly)
Lanston Monotype Machine Co
Laura Secord Candy (quar.)
Leath & Co., pref. (quar.)
Lehigh Portland Cement Co., com. (quar.)
Preferred (quar.)
Leslie Salt Co. (quarterly)
Lessing's, Inc. (quar.)
Le Tourneau, Inc. (quar.)
Quarterly—
Lexington Water Co. 7% preferred (quar.)
Libby-Owens-Ford Glass (irregular)
Life Savers Corp
Special
Liggett & Myers Tobacco (quar.)
Common B (quar.)
Lincoln National Life Insurance Co. (qu.)
Lincoln Stores, Inc. (quar.)
Preferred (quar.)
Lindsay Light & Chemical Co. (resumed)
Link Belt Co. (quar.)
Preferred (quar.)
Little Miami RR., special guaranteed (quar.)—
Special guaranteed (quar.)
Original capital
Original capital
Loblaw Groceterias class A & B (quar.)
Lock hart Power Co.. 7% pref. (s.-a.)
Lock Joint Pipe Co. (monthly)Monthly.-Monthly
Monthly
Monthly
8% preferred (quar.)
8% preferred (quar.)
Loew's Inc_
12
Oct. 25
Aug. 20
Aug. 20
Sept. 20
Dec. 20
1 Aug. 16
9 Aug. 17
1 Sept. 15
1 Sept. 11
9
1 Aug.
1 Aug. 13
1 Aug. 13
9 Sept. 22
5
1 Aug.
20 Aug. 31
30 Aug. 31
15 Aug. 16
1 Aug. 10
Dec.
Quarterly
Ironwood & Bessemer Ry. & Light pref
Joelin-Schmidt Corp. 7% pref. (quar.)
Kansas Utilities Co. 7% preferred (quar.)
Kaufmann Dept. Stores, pref. (quar.)__
20
14
1 Sept. 30
1—3—38 Dec. 31
—
Jarvis
16
16
16
12
15
11
Oct
—
International
Aug. 14
Nov. 15
Sept.
Sept.
Sept.
Sept.
-
1207
Per
When
JJolders
Payable of Record
Dec.
Hires (Chas. E.) Oo. class A common (quar.)
Class A common (quarterly)
Chronicle
Aug. 14
Aug. 10
Sept. 1
Sept. 1
Sept. 1
Sept. 15
Aug.
Aug.
Aug.
Sept.
Sept.
Oct.
14
18
20
1
15
Nov. 15 Nov.
5
5
2-15-38 Feb.
Sept. 1 Aug. 20
Sept. 1 Aug. 20
Oct.
1 Sept. 15
Oct.
Sept. 15
Sept. 1 Aug. 20
Sept, 1 Aug. 20
Sept. 15 Aug. 31
Sept. 1 Aug. 31
Sept. 1 Aug. 20
Sept. 15 Aug. 31
Sept. 10 Aug. 20
Sept. 1 Aug. 10
Oct.
Sept. 1
Oct.
Sept.
1
Oct.
1 Sept. 10
Sept. 1 Aug. 12
Sept. 4 Aug. 20
6
Sept. 1 Aug.
Sept. 1 Aug
6
Oct
10 Sept. 30
1-10-38 Dec. 31
Sept. 1 Aug. 20
Oct.
1 Sept. 15
Sept. 1 Aug. 14
Sept. 1 Aug.
1
Sept. 1 Aug. 14
Oct.
Sept. 1'
Oct.
1 Sept. 15
Oct.
1 Sept. 10
Oct.
5 Sept. 10
$194 Sept.
$194 3 Dec.
1 Aug. 20
1 Nov. 20
Financial
1208
Per
Name of
When
Share
Company
Pittsburgh Coke & Iron, $5 preferred (quar.)..
Valley Wine
Plymouth Fund, Inc., class A (quar.)
Poor & Co. class A (quar.)
...
Powdrell & Alexander, Inc
Procter & Gamble Co., 5% pref. (quar.)
Prosperity Co., Inc., 5% pref
(quar.)
Nov.
1
Public Elec. Ltg. Co., 6% pref. (quar.)
Public National Bank & Trust (s.-a.)
Sept.
1 Aug. 20
Ol&SS
«A-
m.
+»
m rn.
rn mm am m rn
+
Portland & Ogdensburg Ry. (quar.)
Potomac Electric Power, 6% pref. (quar.)—
•
-_
5H% preferred (quarterly)
Oct.
1 Sept. 21
1-3-38
Dec. 21
Semi-annual
Public Service Co. of Colorado, 7% pfd. (mo.).
6% preferred (monthly)
5% preferred (monthly)
Public Service Corp. of N. J. (quar.)
8% preferred (quar.).
7% preferred (quar
?.).
$5 preferred (quar.)
6% preferred (monthly)
6% preferred (monthly)..
Public Service Elec & Gas 7% pref. (quar.)
$5 preferred (quar.)
Purity Bakeries Corp
Pyrene Mfg. Co. common
Quaker Oats, preferred (quar.)
Quaker State Oil Refining (quar.)
Radio Corp. of Amer., $3H cumul. conv. 1st pf.
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.)
Reeves (Daniel) pref. (quar.)
Common (quar.)
Payable in cash or pref. stock.
Reynolds Metals Co., common
5H% cumul. conv. pref. (quarterly)
Rike Kumler Co. (quar.)
Ritter Dental Mfg. (quar.)
$7 preferred (quar.)
Rochester Button Co SI H preferred (quarterly)
Rochester Gas & Electric 6% pref. C and D
5% preferred E (quar.)
Rolland Paper Co.,Xitd
preferred (quar.)
Remington Rand, Inc
Roxborough Knitting Mills, Inc.—
Participating preferred (quar.)
Rex Hide, Inc. (quar.)
Royal Bank of Canada (quar.)
Royalty Income Shares, series A
Rustless Iron & Steel $2H preferred (quar.)
Ruud Mfg. Co. (quar.)
Sept. 1
Sept. 1
Sept. 1
Sept. 30
Sept. 30
Sept. 30
Sept. 30
Aug. 31
Sept. 30
Sept. 30
Sept. 30
Sept. 1
Sept. 15
Aug. 31
Sept. 15
—
25c
9
1 Nov. 20
1 Aug. 23*
1 Sept. 30*
Sept.
Oct.
_
37 He
Sept. 11 Aug.
Oct.
1 Sept.
Oct.
1 Sept.
Sept. 1 Aug.
Sept. 1 Aug.
Sept. 1 Aug.
Sept. 1 Aug.
Oct.
1 Sept.
27
15
15
20
13
13
16
10
1 Aug. 14
15 Aug. 31
1 July 31
25 July 31
1 Aug. 15
16 Sept.
6
6
16 Sept.
16 Dec.
6
16 Dec.
6
Sept .20 Sept. 9
Sept. 30 Sept. 15
15 Dec.
1
Aug. 30 Aug. 16
Aug. 30 Aug. 16
Oct.
Sept. 15
Oct.
Sept. 15
Oct.
Sept. 15
—
Oct.
Oct.
Sept.
Sept. 15
Sept. 15
Sept. 15
Sept. 1
Sept. 1
Sept. 1
$3 prior preferred (quar.)
Second Standard Royalties, Ltd., preferred—Securities Acceptance Corp. (quar.).
Sept.
Sept.
Aug.
Sept.
Sept.
Aug.
Aug.
Aug.
Aug
Oct.
Oct.
1 Sept.
1 Sept.
Sept. 15 Aug.
Sept. 1 Aug.
Sept. 1 Aug.
Oct.
1 Sept.
6% preferred (quarterly)
Seeman Bros., Inc., common
Servel, Inc. (quar.)
-
—
15
15
20
1
1
16
14
14
16
10
10
25
18
18
17
1-3--38 Dec. 20
Oct. 15 Sept. 15
.
—
(quar.)___
Oct.
Shattuck (Frank G.) (quar.)
Sherwin Williams Co., 5% pref. ser. AAA (qu.)
Sigma Mines, Ltd. (initial)
Simmons-Boardman Publishing Corp. (quar.)
Simon (Wm.) Breweries (extra)
Skelly Oil Co
Smith-Alsop Paint & Varnish 7 % pref
Smith (S. Morgan) Co. (quar.)
Socony-Vacuum Oil Co
Sonotone Corp
Preferred (quarterly)
Soundview Pulp Co.
6% preferred (quar.).
Soutl Bend Lathe Works (quar.).
mth
40c
South Carolina Power Co., $6 pref. (quar.)
$1H
Sou. Calif. Edison, Ltd., 6% pref. ser. B (qu.)
37Hc
Southern Counties Gas of Calif. 6% pref. (quar.)
Southern Pipe Line Co
Southwestern Consol. Gas Utilities Corp.
Southwest Natural Gas Co., $6 pref. A (qu.)
Spang, Chalfant & Co., Inc., pref
Spear & Co. 1st & 2d pref. (quar.)
$1H
Spencer Kellogg & Sons, Inc. (quar.)
40c
Spiegel, Inc., $4H convertible preferred (qu.)
SI.125
Square D Co. (quarterly)
55c
Standard Brands. Inc., $4H pref. (quar.).
$1,125
Standard Cap & Seal Corp. (quarterly)
40c
_.
—
—
—
20c
SI.60 preferred (quarterly)
Standard Oil Co. of Calif, (quar.)
Extra
40c
25c
25c
Standard Oil Co. of Indiana (quar.)
Extra
25c
25c
Standard Steel Spring Co. stock dividend
Stecher-Traung Lithograph 7H% pref. (quar.).
7H% preferred (quar.)
Sterling Products, Inc. (quar.)
Stix, Baer & Fuller, 7% preferred (quar.)
7% preferred (quar.)
Storkline Furniture Corp. (quar.)
Strawbridge & Clothier preferred A (quar.)
Strom berg-Carlson Telep. Mfg
6H% preferred (auar.)
Stuart (D. A.) Oil Co., Ltd., class A pref.
Sun Oil Co. (quar.)
Preferred (quar.)
Sunray Oil Corp. (interim)
Superheater Co. (increased)
Sylvanite Gold Mines, Ltd. (quar.)
Tamblyn (G.) Ltd (quarterly)
Taylor & Fenn Co. (quar.)
Technicolor, Inc. (interim)
—
(monthly)
6% preferred (monthly)
5% preferred (monthly)
Trane Co., $6 first preferred (quar.)
Trans-Lux Corp. (semi-annually)
.
Special
Union Gas Co. of Canada (quar.)
-
Union Tank Car Co. (quar.)
common
(qu.)
-
_
United Gas Corp., pref. (quar.)
United Gas Improvement (quar.)
Preferred (quarterly)
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.)_
Quarterly
100%
$1H
$1H
95c
43 He
43 He
12 He
1 Sept. 15
24 Sept. 3
Sept.
Sept. 1 Aug. 14
2
Sept. 1 Aug.
Sept. 1 Aug. 16
Aug. 30 Aug. 16
Sept. 30 Sept. 1
Sept. 1 Aug. 20
Nov.
1 Nov.
1
Sept. 15 Aug.19*
Sept. 15 Sept. 1
Oct.
1 Sept. 15
Sept. 1 Aug. 15
Aug. 25 Aug. 15
Sept. 1 Aug. 14
Oct.
1 Sept. 15
Sept. 15 Aug. 20
Oct.
Sept.
Sept.
15 Sept. 13
1 Aug. 16*
1 Aug. 16
Oct.
1 Sept. 20
Oct.
1 Sept. 20
Sept. 1
Sept. 30
Sept. 15
Sept. 30
Sept. 15
Sept. 1
Sept. 1
Sept. 1
Sept. 15
Sept. 15
Sept. 15
Sept. 15
Aug. 30
Sept. 30
Dec.
Aug. 16
Sept. 15
Sept. 1
31 Dec.
1
14
14
14
16
16
16
16
10
23
18
16*
Sept.
Sept. 30 Sept. 15
1 Aug.
Dec. 31 Dec.
15
Aug.
Sept.
Sept.
Sept.
Sept.
Sept.
Sept.
Aug.
30 Aug. 19
1 Aug. 14
$1
Oct.
15 Oct.
5c
Sept.
$1.80
$1H
Oct.
Oct.
Oct.
Oct.
Aug. 21
Sept. 15
Sept. 15
Sept. 15
Sept. 15
60c
Aug. 14
Sept.
60c
Oct.
Sept. 15
50c
Aug. 14
Sept.
50c
Oct.
Sept. 15
Aug. 20
Sept.
$1H
Oct.
50c
Sept. 10
50c
Sept. 15 Sept. 1
$1H
Sept. 1 Aug. 20
10c
Sept. 1 Aug. 11
Sept.
1 Aug. 15
$1H
75c
Sept. 15 Sept. 3
25c
Aug. 10
Sept.
10c
Aug. 10
Sept.
Aug. 10
S1H
Sept.
Aug. 20
$1H
Sept.
75c
Aug. 17
Sept.
25c
Aug. 17
Sept.
25c
Aug. 31 Aug. 21
J2c Aug. 21 July 22
58 l-3c Sept.
Aug. 14
50c
Aug. 14
Sept.
41 2-3 c Sept.
Aug. 14
Sept. 1
$1H
Sept.
10c
Aug. 14
Sept.
$1
Sept. 30 Sept. 11
50c
Sept. 30 Sept. 11
Sept. 15 Aug. 20
J15c
40c
Aug. 16
Sept.
40c
Aug. 16*
Sept.
Oct. 15*
Nov.
$1H
Oct.
Sept. 10
$1H
Dec. 10
1-3-3
$1H
Aug. 12
$1H
Sept.
25c
Sept. 30 Aug. 31
Sept. 30 Aug. 31
$1H
581-3 c
Aug. 16
Sept.
581-3 c
Oct.
Sept. 15
53c
Aug. 16
Sept.
53c
Oct.
Sept. 15
50c
Aug. 16
Sept.
50c
Oct.
Sept. 15
Oct. 10 Sept. 20
$2H
Sept. 1 Aug. 16
$2H
Sept. 1 Aug. 16
$3H
50c
1
Sept. 15 Sept.
118
_
30c
50c
(quarterly)
United States Pipe & Foundry Co., com. (quar.)
Common (quarterly)
United States Playing Card Co. (quar.)
Extra
$1H
75c
75c
25c
25c
United States Rubber Reclaiming, 8% pref
United States Steel Corp., preferred
t75c
tlH%
m
(quar.)
Universal Insurance Co. (quar.)
Utica Clinton & Bingham ton RR
Debenture (semi-ann.)
-
Sept. 30 Sept.
1 Sept.
1 Sept.
Sept. 20 Aug.
Sept. 15 Sept. 1
2
Aug. 30 Aug.
2
Aug. 30 Aug.
Sept. 1 Aug. 20
Sept. 1 Aug. 14
Dec.
Vick Chemical Co. (quar.)
_
Vicksburg Shreveport & Pacific Ry. (s.-an.)
Preferred (semi-annual)
Virginia Coal & Iron Co. (quar.)
Virginia Electric & Power, pref. (quar,)-Virginia Fire & Marine Insurance (s.-a.)
Vogt Mfg. Corp
Vulcan Detinning, preferred (quarterly
Wagner Electric Corp., common
Walgreen Co., 4H% preferred w w (quar.)
Walker (Hiram) Gooderham & Worts, Ltd.(qu.)
$1 preferred (quar.)
10 Dec.
Oct.
20 Oct.
Sept.
Sept
Sept.
Sept
20
15
15
15
Sept.
Aug.
Aug.
Aug.
Oct.
2 8ept.
Aug. 31 Aug.
Sept.
Aug.
-
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.)
16
1
Dec.
11
1
26
20
20
18
16
16
Dec.
Nov. 15
Nov. 15
Sept.
Sept.
Aug.
Aug.
1
O
Nov.
0
Aug. 24 Aug.
Sept. 30 Sept.
Sept. 30 Sept.
Aug. 25 Aug.
Aug. 25 Aug.
Aug. 25 Aug.
Sept. 1 Aug.
Sept. 1 AUg.
14
15
15
Dec.
Extra
Wesson Oil & Snowdrift (quarterly)
-
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)_
Westmoreland. Inc. (quarterly)
Westvaco Chlorine Products (quar.)
Wheeling Electric Co., 6% pref. (quar.)
Whltaker Paper Co
7% preferred (quar.)
White Villa Grocers (s.-a.)
6% preferred (quar.)
Whitman (Wm.) & Co., Inc., 7% pref. (quar.)
Williamsport Water Co. (quar.)
Willson Products, Inc. (quar.)
Special
—
Aug. 31
Aug. 31
1-3-38
Dec.
1
-
-
—
$1H
10c
30c
25c
$1H
Ii8
$3
$1H
$1H
$1H
25c
10c
12Hc
$1H
(quarterly)
Extra
50c
Wisconsin Public Service Co. 7% preferred
6H% preferred
6% preferred
Wolverine Tube, pref. (quar.)
Wood (A.) Steel 7% preferred
Woolworth (F. W.) Co. (quar.)
_
14
14
14
10
12
Oct
30 Sept. 30
1-30-38 Dec 31
Preferred (quarterly)
Extra
Western Auto Supply Co. (quar.)
Western Public Service, pref. A
31*
Dec. 20 Nov. 30*
Oct.
1 Sept. 15
Oct.
1 Sept. 15
Sept. 15 Sept. 1
Sept. 15 Sept. 1
Sept. 11 Aug. 16
Sept. II Aug. 16
Oct.
1 Sept.
8
Oct.
1 Sept. 8
Sept. l'Aug. 21
Sept. 20 Aug. 31
Sept. 1 Aug. 20
Sept. 1 Aug. 18
Extra
Extra
18
15
15
Sept. 30 Sept. 15
Sept. 2 Aug. 20
Sept. 1 Aug. 18
Sept. 1 Aug. 18
Sept. 10 Sept. 1
1st preferred (quarterly)
Vapor Car Heating Co., inc. 7% pref. (quar.)—
7% preferred (quar.)
Veeder-Root, Inc. (quar.)
Wilson & Co. (quar.)
WlMtead Hosiery Co.
8 Nov. 24
Dec.
Oct.
Oct.
Dec. 27 Dec.
Vagabond Coach Co. (monthly)
Vanadium Alloy Steel
Van Raalte Co., Inc
...
Sept.
Aug.
Aug.
Aug.
Aug.
Aug.
Aug.
Aug.
Aug.
Sept.
27 He
50c
_
United States Guarantee Co. (quar.)
United States Gypsum Co. (quar.)_.
Preferred (quarterly)
United Wall Paper Factories pref.
Holders*
Payable of Record
_
Underwood Elliott Fisher
Preferred
Sept.
Sept.
Sept.
Aug.
Sept.
Sept.
Sept.
Seaboard Oil Co. of Del
Sears Roebuck & Co. (quar.)
Second Investment Corp. (R. I.) conv. pref-
1 Sept.
Sept. 15 Aug. 31
Sept. 15 Aug. 31
Dec.
Extra
Extra
United Dyewood Corp.,preferred (quar.)
Preferred (quarterly)
Dec.
Dec.
.
Toledo Edison Co. 7% preferred
Extra
Tide Water Power Co. $6 preferred (quar.)
Timken-Detroit Axle Co.. preferred (quar.)
Timken Roller Bearing (quar.)
United Biscuit Co. of America
Preferred (quar.)
Dec.
Sxtra.
Preferred
Sept.
Aug. 25 Aug. 10
Sept. 1 Aug. 20
St. Joseph Lead Co. (quar.).
San Francisco Remedial Loan Assoc. (quar.)—
Preferred (quarterly)
Telephone Investment Corp. (monthly)
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)Terre Haute Water Works, 7% pref. (quar.)
Texas Corp. (quarterly)
Texas Gulf Sulphur Co. (quarterly)
Texas-Nex Mexico Utilities Co., 7% pf. (qu.)
Texas Pacific Coal & Oil Co. (quar.)
Tex-O-Kan. Flour Mills Co., 7% pref. (quar.)__
Thermoid Co., $3 pref (quar.)
Tidewater Assoc. Oil Co. (quar.)
Dec.
Oct.
Extra
Preferred (quarterly)
Sharon Steel Corp. (quar.)
Share
Dec. 15 Dec.
1
Sept. 9 Aug. 19
Oct. 14 Sept. 23
Sept. 1 Aug.
5
,
Extra
of Company
Title Insurance Corp. of St. Louis (quar.)
Toburn Gold Mines (quar.)
1 Nov. 15
When
Per
Name
Aug. 14
Aug. 14
Aug. 14
Sept.
Sept.
Sept.
Sept.
Aug.
Sept.
Sept.
Aug. 16
Aug. 31
Aug.
2
Aug. 31
Oct.
1 Sept.
8
Sept. 15 Sept. 1
—
Quarterly
Savage Arms Corp
2nd preferred (quarterly).
Savannah Electric & Power 8% pref. A (quar.)
7H% preferred B (quar.)
7% preferred C (quar.)—
6H% preferred D (quar.)
6% preferred (semi-annual)
Savannah Gas, 7% pref. (quar.)
Scott Paper Co., common (quarterly)
Aug. 21, 1937
Holders
Payable of Record
Sept.
Aug. 20
Sept.
Aug. 20
Sept.
Aug. 15
Sept.
Aug. 14
Sept.
Aug. 14
Aug. 31 Aug. 20
Sept. 1 Aug. 16
Sept. 1 Aug. 16
Sept. 15 Sept. 1
Sept. 15 Aug. 25
Pleasant
Chronicle
tsi^
f.ttl Vo
•tfl
Aug.
Aug.
0
9
15
Nov. 15
Dec.
Oct.
1 Sept. 22
Sept. 15 Aug. 31
Oct.
Sept. 15
Sept.
Aug. 10
Sept.
Aug.
5
Oct.
Sept. 20
Oct.
Sept. 20
Sept.
Aug. 14
Oct.
Sept. 15
Oct.
Sept. 11
Sept.
Aug. 20
Sept. 10 Aug. 31
Sept. 10 Aug. 31
Sept. 1 Aug. 14
_
Nov.
Nov.
Sept.
Sept.
Sept.
Sept.
Sept.
Sept.
Sept.
Sept.
1 Oct.
16
1 Oct.
15
20 Aug.' 31
20 Aug. 31
20 Aug. 31
1 Aug. 23
1 Aug. 14
1 Aug. 10
30 Sept. 20
1 Aug 20
Sept. 30 Aug. 16
$1H
12Hc
S1H
20c
25c
$1H
10c
20c
$1H
50c
Oct.
10
10
15 Aug. 16
15 Aug. 25
1 Aug. 10
25 July 20
1 Aug.
1 Aug.
1
1
2
Sept. 19 Aug.
Sept. 1 Aug. 30
Wor caster Salt
common
(quar.)
Wrigley (Wm.) Jr. Co. (monthly)
Monthly
Yale & Towne Mfg. Co
Youngstown Steel Door Co
*
60c
50c
—
25c
25c
15c
$1H
Oct.
Oct.
1 Sept. 20
1 Sept 10
Sept. 15,Sept. 1
Transfer books not closed for this dividend,
t On
account of accumulated dividends.
t Payable in Canadian funds, and in
deduction of
a
tne case oi noD-resldents of
tax of 5% of the amouat of such dividend wil
Canada*
be made.
Volume
Condition of the Federal Reserve Bank of
York City
Weekly Return of the New
Clearing House
New
OF
ASSOCIATION
MEMBERS
Aug. 18, 1937 Aug. 11,1937 Aug. 19,1936
Time
Deposits.
Deposits,
Profits
Capital
Net Demand
Undivided
*
•
Clearing House
1937,
comparison with the previous week and the corresponding
date last year:
1937
SATURDAY, AUG. 14,
WEEK ENDED
FOR THE
York
following shows the condition of the Federal Reserve
Bank of New York at the close of business Aug. 18,
in
CLEARING HOUSE
YORK
NEW
THE
OF
The
City
weekly statement issued by the New York
Clearing House is given in full below:
The
STATEMENT
1209
Chronicle
Financial
145
Average
Average
Surplus and
Members
■
$
$
$
Assets—
Gold certificates
Bank ol N Y A Trust Co
142,381,000
13,102,300
400,517,000
25,769,700
57,496,600 al,467,514,000
421,292,000
54,132,100
179,891,500 51,367,398,000
445,022,000
43,503,300
691,500,000
68,112,400
246,370,000
17,508,900
427,815,000
107,641,600
465,207,000
60,956,200
41,022,000
4,054,900
128,220,000 cl ,819,334,000
50,832,000
3,553,200
^737,139,000
75,366,200
15,341,000
1,295,900
86,221,000
9,012,200
264,116,000
28,136,700
77,341,000
8,092,800
76,761,000
8,616,700
6,000,000
20,000,000
77,500,000
20,000,000
Bank of Manhattan Co.
National City Bank
Chem Bank A Trust Co.
Guaranty Trust Co
90,000,000
Manufacturers Trust Co
42,777,000
21,000,000
15,000,000
10,000,000
50,000,000
Cent Hanover BkATr Co
Corn Exch Bank Tr Co.
First National Bank
Irving Trust Co
Continental Bk A Tr Co
4,000,000
Chase National Bank
100,270,000
500,000
25,000,000
Fifth Avenue Bank
Bankers Trust Co
Title Guar A Trust Co..
10,000,000
Marine Midland Tr Co..
5,000,000
12,500,000
New York Trust Co
Comra'l Nat Bk A Tr Co
7,000,000
Public Nat Bk A Tr Co.
7,000,000
hand and due from
on
United States Treasury.*
10,343,000
48,349,000
191,970,000
24,416,000
84,216,000
100,381,000
56,796,000
23,450,000
3,859,000
350,000
2,770,000
69,736,000
3,278,462,000 3,264,940.000 3,145,661,000
1,950,000
1,627,000
1,743,000
77,729,000
71,201,000
77,269,000
Redemption fund—F. R. notes
Other cash f
Total reserves
3,357,474,000 3,344,619,000 3,218,489,000
Bills discounted:
Secured
by U.
direct
or
8.
Govt, obligations,
5,514,000
2,489,000
*
9,243,123,000
894,463,200
523,547,000
As per official reports:
2,130,000
2,400,000
Total bills
8,003,000
8,020,000
4,530,000
1,086,000
5,486,000
1,084,000
5,495,000
1,103,000
7,075,000
210»233,000
332,270,000
182,526,000
210,233,000
332,270,000
182,526,000
88,263,000
406,823,000
165,475,000
725,029,000
725,029,000
660,561,000
739,604,000
739,628,000
673,269,000
91,000
5,093,000
91,000
5,401,000
157,630,000
10,038,000
137,841,000
10,038,000
12,485,000
discounted
31,111^660
Bills bought In open market
567,000
3,256,000
27,236,000
1,646,000
49,789,000
Industrial advances
i
United States Government securities:
Bonds
Treasury notes
Treasury bills..
Totals
5,215,000
2,805,000
fully guaranteed
Other bills discounted
730,241,000
Total U. 8. Government securities..
1937; State, June 30,
National, June 30,
companies, June 30, 1937.
Includes deposits in foreign branches as follows:
a
1937; trust
$274,365,000; 6 $89,021,000;
Total bills and securities
C$122,227,000; d$41,026,000.
Due from foreign banks
New York
The
"Times"
publishes regularly each, week
trust companies which
are not members of
the New York Clearing House.
The
following are the figures for the week ended Aug. 13:
of
returns
a
INSTITUTIONS
BUSINESS
NOT
IN
CLEARING
FOR THE
NATIONAL AND
Federal Reserve notes of other banks...
Uncollected items
banks and
of
number
STATE
WITH
HOUSE
THE
AUG.
FRIDAY,
WEEK ENDED
CLOSING
13,
Bank premises
All other assets
4,282,373,000 4,250,103,000 4,086,969,000
Total assets..
OF
1937
Liabilities—
FIGURES
BANKS—AVERAGE
12,443,000
Other Cash,
Res. Dep.,
Disc, and
Including
Investments
Bank Notes
Manhattan—
$
Grace National
Sterling National
Dep. Other
Y. and
Banks and
Gross
Trust Cos.
Deposits
N.
Elsewhere
6,047,511
6,899,500
7,907,000
1,661,168
121,700
533,000
255.455
Trade Bank of N. Y.
Brooklyn—
People's National...
4,914,000
754,000
90,000
295,000
818,529,000
2,733,685,000
30,426,000
939,160,000
Deferred availability Items
152,390,000
51,074,000
51,474,000
Capital paid In
Surplus (Section 7)
Surplus (Section 13b)
5,455,000
i
Loans
Cash
Dep. OlJter
Y. and
Banks and
Deposits
N.
Elsewhere
Ratio
of
total
4,282,373,000 4,250,103,000 4,086,969,000
to
reserve
deposit
and
F. R. note liabilities combined
Manhattan—
$
$
$
$
10,106,000
2,052,003
Empire
56,836,800
Federation
9,015,166
182,470
10,823,947 *1,048,730
20,417,300 *6,765,300
27,854.100 *12,512,700
73,498,815 23,768,161
83,805,000
30,004,885
34,680,000
5,856,144
Lawyers.
United States
567,395
for foreign correspondents
67,416,700
10,696,684
9,775,269
23,568,400
Commitments
3,112,000
2,816,035
to
make
industrial
84.4%
83.7%
1,003,000
ad-
bances
38,660,400
83,063,708
5,349,000
'
5,368,000
9,041,000
t "Other cash" does not Include Federal Reserve notes or a bank's own Federal
Reserve bant notes.
Brooklyn—
Brooklyn
Kings County
83.7%
895,000
Contingent liability on bills purchased
$
3,887,900
1,428,589
14,325
444,400
455,800
747,200
16,133,833
Fiduciary...
Fulton
*6,898,600
9,117,000
1,073,000
150,236,000
50,181,000
50,825,000
7,744,000
8,849,000
5,854,000
dross
Trust Cos.
51,474,000
7,744,000
1,112,000
Total liabilities
Res. Dep.,
Disc, and
Investments
51,090,000
9,117,000
All other liabilities
FIGURES
134,730,000
7,744,000
Reserve for contingencies
TRUST COMPANIES—AVERAGE
32,980,000
197,660,000
3,070,302,000 3,064,201,000 2,994,751,000
Total deposits
28,113,700
28,525,000
5,785,624
90,156,000
69,209,000
68,463,000
39,950,000
75,318,000
76,042,000
Foreign bank
Other deposits
$
1,693,500
729,000
70,791
reserve
U. 8. Treasurer—General account
$
$
s
23,341,100
22,860,000
930,674,000
acc't-. 2,878,992,000 2,836,373,000
F. R. notes In actual circulation
Deposits—Member bank
Loans,
82,000
6,395,000
144,970,000
10,854,000
32,910,000
x
53,000 113,883,000
These
over
32,920,816
are certificates given by the United States Treasury for the gold taken
from the Reserve banks when the dollar was, on Jan. 31, 1934, devalued from
100 cents to 59.06 cents, these certificates being
worth less to the extent of the
difference, the difference Itself having been appropriated as profit by the Treasury
under the provisions of the Gold Reserve Act of 1934.
*
Includes amount with Federal Reserve as follows:
Empire, $4,452,500; Fidu¬
ciary, $674,624; Fulton, $6,501,100; Lawyers, $11,760,000.
Weekly Return for the Member Banks of the Federal Reserve System
Following is the weekly statement issued by the Board of Governors of the Federal Reserve System, giving the principal
items of the resources and liabilities of the reporting member banks in 101
leading cities from which weekly returns are obtained.
These figures are always a week behind those for the Reserve banks themselves.
The comment of the Board of Governors of
he 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.
Commencing with the statement of May 19, 1937, various changes were made in the breakdown of loans
Reserve Bank of New York of April 20, 1937, as follows:
as
reported In
statement, which were described In
an
announcement of the Federal
The
ohanges In the report form are confined to the classification of loans and discounts.
This classification has been ohanged primarily to show the amounts to
(1) commercial. Industrial, and agricultural loans, and (2) loans (other than to brokers and dealers) for the purpose of purchasing or oarrylng securities.
The revised form
also eliminates the distinction between loans to brokers and dealers in securities looated In
New York Olty and th09e located outside New York Olty.
Provision has been
made also to Include "acceptances of own
bank purchased or
discounted" with "aooeptances and commercial
paper bought In open market"
under the revised oaptlon
"open market paper," Instead of In "all other loans" as at present.
Subsequent to the above announcement it
was made
known that the
new
Items "commercial, Industrial, and agricultural loans" and "other loans" would each be
segregated as "on securities" and "otherwise secured and 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. II,
1937 (In Millions of Dollars )
Federal Reserve Districts—
Toted
Boston
Neto York
PhUa.
ASSETS
%
$
S
$
9,201
4,442
1,185
1,909
639
545
3,107
672
395
730
503
474
714
241
263
1,045
307
172
291
229
Loans and Investments—total
22,331
1,324
9,917
Loans—total
713
Cleveland Richmond
$
Atlanta
Chicago
s
$
s
St. Louis Minneap. Kan. City
S
Dallas
San Fran.
*
$
1
%
Commercial, Indus, and agrioul. loans:
On securities-.
2,121
1,026
586
14
11
50
54
9
19
13
38
247
92
121
585
131
79
163
130
326
25
19
11
4
54
11
8
26
4
35
41
1,157
28
22
4
7
61
6
2
4
3
21
701
37
352
38
38
19
16
92
13
9
15
15
57
85
243
60
178
29
27
82
46
6
20
21
368
137
5
99
3
3
3
6
6
8
1
1
2
714
Loans to banks
43
169
178
1,165
Real estate loans.
44
1,635
95
1,356
Loans to brokers and dealers
252
284
470
Other loans for purchasing or carrying
securities
39
3,962
Otherwise secured and unsecured
Open market paper
67
262
49
121
30
25
46
12
14
9
70
Other loans:
On securities
Otherwise secured and unsecured
United States Government obligations
..
Obligations fully guar, by U. S
Govt.
9
826
60
264
58
43
39
46
69
26
50
29
33
109
8,209
1,176
445
3,139
330
865
297
173
1,442
218
167
264
194
675
23
477
100
61
34
32
188
46
12
48
30
125
Other securities
3,029
143
269
67
77
432
101
44
127
50
295
5,122
246
1,143
2,463
281
Reserve with Federal Reserve Bank..
239
333
129
106
776
135
83
176
108
328
303
32
68
16
37
18
12
59
11
6
13
11
1,680
1,265
80
138
116
160
105
102
302
80
72
189
142
194
81
521
87
106
42
39
93
23
17
23
26
207
14,914
964
1,101
431
342
2,274
400
274
501
390
921
279
6,497
1,120
819
5,229
281
729
199
180
867
184
121
144
122
1,003
498
35
265
18
15
11
12
69
8
2
8
18
37
4,979
209
1,926
272
334
179
172
737
233
112
385
176
244
7
3
4
"""321
56
90
80
Cash in vault
Balances with domestlo banks
Other assets—net
20
LIABILITIES
Demand
deposits—adjusted
Time deposits
United States Government deposits
Inter-bank deposits:
Domestic banks
Foreign banks
589
Borrowings
Capital account.
11
545
5
2
1
42
_
1
35
1
3
842
Other liabilities
28
387
19
17
22
3,608
236
1,616
228
345
91
88
1
8
6
16
2
20
.
8
362
88
.
328
1210
Financial Chronicle
Aug. 21,
1937
Weekly Return of the Board of Governors of the Federal Reserve System
The following was
issued by the Board of Governors of the Federal Reserve System
showing the condition of the twelve Reserve banks at the close of business
for the
System
as a
week last year.
Reserve Agents
appear
COMBINED RESOURCES
in
resources
and liabilities separately for each of the twelve banks.
The comments of the Board of Governors of the Federal Reserve System
Aug. 18,
Aug.
11,
1937
hand and due from U. S. Treas.x
1937
Aug. 4,
1937
$
ASSETS
$
$
8,831,946
10,122
303,051
8,832,398
10,784
9,145,119
13,755
28,
July
14,
1937
July 7
1937
$
$
$
$
the
upon
June
AUGUST
30,
18,
cn co
1937
gs r-
J
$
1937
Aug. 19,
1936
$
,
8,835,407
9,549
307,824
8,835,406
t8.835,907
8,836,904
8,255,038
10,399
10,471
10.241
13,070
323,657
8,833,905
9,976
318,928
277,661
t312,309
322,491
282,433
9.167,492
9,162,809
9.152,780
9,123,466
9,158,687
9,169,636
8,550,541
10,026
6,377
10,316
8,619
3.553
11,718
9,623
7.042
9,844
4,901
3,328
3,395
2,887
3,459
3,405
3,072
16,697
15,403
15,217
12,172
15,046
13,018
9,929
13,303
6,477
3,072
3,078
21,082
3,201
3,596
3,669
3,801
4,273
21,596
3,280
21,665
21,759
21,783
22,152
22,012
3,094
28,662
732,508
1,157,713
732,508
732,508
732,508
1,157,713
1,162,713
1,162,713
1,165,713
635,969
630,969
630,969
627,969
732,508
1,165,713
627,969
732,508
1.170,713
635,969
622,969
732,558
1,168,213
625,469
1,496,719
608,787
2,526,190
2,526,190
2,526,190
2,526,190
2,526,190
2,526,190
2,526.190
2,526.240
2,430,227
8,833,899
9,936
306,903
9,150,085
9,155.491
4,533
11,674
5,023
18,288
3,073
21,007
21,043
Treasury bills
732,508
1,157,713
635,969
Tota
2,526,190
reserves.,
July
BUSINESS
1937
9,784
312,308
Other cash *
21,
July
OF
•1937
8,833,399
Redemption fund (Federal Reserve notes)
Total
The Federal
department of "Current Events and Discussions."
our
AND LIABILITIES OF THE FEDERAL RESERVE BANKS AT THE CLOSE
Three ciphers (000) omitted
on
Thursday afternoon, Aug. 19,
The first table presents the results
(third table following) gives details regarding transactions in Federal Reserve notes between the
and the Federal Reserve banks.
for the latest week
Gold ctfs.
on
Wednesday.
whole in comparison with the figures for the eight preceding weeks and with those of the corresponding
The second table shows the
Reserve note statement
returns
on
BIUb discounted:
Secured
by
direct
or
S. Government obligations,
U.
fully guaranteed
Other bills discounted
Total bills discounted
Bills bought In open market
Industrial advances
United States Government securities—Bonds.,
Treasury notes
U. S. Government securities
732,508
324,721
Other securities
Foreign loans
181
on
gold
mm*,*
Total bills and securities
2,568,558
2,567,002
2,565,753
mm
—...
2,566,204
2,563,307
2,566,591
2,564,660
2,562,072
2,565,828
2,468,641
Gold held abroad
"""227
"""227
25,444
643,160
45,501
43,966
25,686
582,630
45,502
43,520
12,471,975
Federal Reserve notes In actual circulation
Deposits—Member banks'
Due from foreign banks...
Federal Reserve notes of other banks
"""222
"""222
"""222
'""219
"""219
""219
219
"""219
28,198
32,396
28,917
26.890
21,950
23,933
23,108
21,540
601,649
645,445
759,714
638,313
664,235
630,603
589,851
45,500
582,875
45,572
45,582
45.601
45,601
45,697
48,054
42,692
44,769
43,588
42,945
41,977
45,615
41,720
140,733
43,644
12,414,652
12,439,505
12,439,530
12,489.870
12,594,740
12,436,186
12,496,481 tl2.475.824
11,722,490
4,238,391
4,228,043
4,222,016
4,193,413
4.197.871
4,213,898
4,252,417
4,206,477
4.162,832
3,988,055
6,743,874
155,689
199,602
140,513
6,681,124
252,690
193,493
133,626
6,635,764
308,778
195,093
6,775,505
6.927,951
90,232
6.826,707
100,937
6,900,288
92,813
6,854,411
6,228,518
227,818
6,858,300
183,743
161,864
159,009
124,926
120,372
95,966
115.621
172,325
112,381
157,400
127,671
150,928
166.963
215,424
185,042
7,239,678
7,260,933
7,264,561
7,308,737
7,299,873
7,292,813
7,212.350
646,593
132,533
145,854
27,490
606,265
132,442
145,854
27,490
35,873
5,004
589,461
132,407
645,176
741,434
625,371
132,514
145,854
132,459
145,854
132,355
145,854
35,838
5,598
578,259
132,530
145,854
27,490
35,871
5,672
27.490
35,871
6,297
27,490
35,872
5,220
12,471,975
12,414,652
12,439,505
12,439.530
79.7%
79.6%
79.7%
2,478
2,780
2,917
15,249
15,304
1-15 days bills discounted
16.0S3
16-30 days bills discounted
31-60 days bills discounted
61-90 days bills discounted
397
920
666
Uncollected Items
Bank premises
All other assets
Total assets
LIABILITIES
reserve account
United States Treasurer—General account-.
Foreign banks
....
Other deposits
Total deposits
Deferred availability Items
Capital paid In
Surplus (Section 7)
Surplus (Section 13-B)
Reserve for contingencies
All other liabilities
**
Total liabilities
Ratio of total reserves to deposits
and^Federal
Reserve note liabilities combined
Contingent
liability
bills
on
purchased
156,553
90,126
251,437
7,278,172
7,328,855
6,785,505
664,852
132,302
601,610
145,854
27,490
145,854
27,490
27,490
634,198
132,205
145,854
27,490
35.906
35,906
35,906
f35,906
4,886
4,443
5,428
8,484
34,236
10,326
12,489,870
12,594,740
12,436,186
12,496,481 tl2,475.824
11,722,490
79.7%
79.7%
79.5%
79.6%
79.7%
79.8%
79.4%
3,212
3,587
4,150
4,138
4,015
4,044
15,366
15,726
15,859
16,171
16,110
16,331
16,733
14,237
12,554
12,304
9,624
12,877
11,053
8,044
11,451
426
447
511
283
151
162
596
616
829
915
774
918
761
562
724
375
463
945
663
806
559
414
399
206
400
256
130,169
145,501
27,088
for
foreign correspondents
Commitments to make Industrial advances
23,271
Maturity Distribution of Bills and
Short-term Securities—
Over 90 days bills discounted
4,534
,
600
222
824
822
788
843
842
359
461
624
16,697
15,403
15,217
12,172
15,046
13,018
9,929
13,303
6,477
1,286
238
262
208
273
1,455
438
232
1,956
90
178
177
271
225
190
1,256
1,523
470
122
1,555
1-15 days bills bought In open market
16-30 days bills bought In open market
31-60 days bills bought In open market
61-90 days bills bought In open market
Over 90 days bills bought In open market
260
18,288
Total bills discounted
89
90
173
232
324
348
419
1,421
283
2,567
2,549
2,549
2,550
1,627
1,627
1,627
426
1,809
142
Total bills bought In open market
r
880
3,073
3,072
3,078
3,201
3,280
3,596
3,669
3,801
4,273
3,094
days Industrial advances
16-30 days Industrial advances
783
636
657
1,149
1,216
749
784
849
871
1.472
426
534
251
94
87
736
767
246
140
294
31-60 days Industrial advances
81-90 days Industrial advances
691
672
861
656
674
657
341
721
910
445
446
524
792
844
808
969
813
748
799
18,662
18,755
18,788
18,905
18,844
18,809
18,922
19,523
19,343
25,413
21,007
21,043
21,082
21,596
21,665
21.759
21,783
22,152
22,012
28,662
20,246
104,170
43,375
38,628
33,045
35,561
35,063
32.247
34,710
36,956
18,246
140,359
57,821
2,266,389
27,447
33,045
61,621
35,561
35,063
81,016
57,993
146,834
66,075
78,920
87,452
153,359
148,926
132,266
66,816
2,259,453
43,375
127,416
65,661
2,256,693
38,628
2,278,079
29,447
30,546
138,834
56,472
2,270,891
2,247,174
2,243,102
2,243,381
2,245,281
2,147,987
2,526,190
2,526,190
2,526,190
2,526,190
2,526,190
2,526,190
2.526.190
2,526,190
2,526,240
2,430,227
I- If
Over 90 days Industrial advances
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. 8. Government securities.___
...
Total U. 8. Government securities
65,661
58,034
142,926
57,736
684
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
_
Total other securities
181
Federal Reserve Notes—
Issued to Federal Reserve Bank by F. R.
Agent
Held by Federal Reserve Bank
4,544,445
316,402
4,532,357
310,341
4,523,643
330,230
4,540,032
342,161
4,552,646
4.550,464
298,047
4.508,973
302.496
4,501,262
338,430
4,297,480
338,748
4,228,043
4,222,016
4,193,413
4,197,871
4,213,898
4,252,417
4,206,477
4,162,832
3,988,055
4,593,632
17,907
20,000
4,593,632
16,117
20,000
4,582,132
14,579
4,580,632
14,531
20,000
4,585,632
11,677
4,587,632
4,563,632
4,552,632
20,000
20,000
4.542,632
13,801
20,000
4,301,338
9,984
20,000
14,860
20,000
12,844
20,000
4,631,539
In actual circulation
4,554,501
316,110
4,238,391
...
4,629,749
4,616,711
4,615,163
4,617,309
4,622,492
4,596.476
4,582,616
4,576,433
4,379,376
309,425
Collateral Held by Agent as
Security for
Notes Issued to Bank—
Gold ctfs.
on
hand and due from U. 8. Treas..
By eligible paper
United States Government securities
Total collateral
•
x
"Other cash'
These
cents on
are
does
not Include
Federal
Reserve notes
t Revised
figure.
certificates given by the United States Treasury for the gold taken over from the Reserve banks when the dollar
Jan. 31,
5,038
73,000
was
devalued from 100 cents to 59.06
1934, these certificates being worth less to the extent of the difference, the difference Itself
having been appropriated as profit by the Treasury under
the orovisions of the
Gold Reserve Act of 1934.
Volumm
,
•
I
RESOURCES AND LIABILITIES
Omitted
(000)
"
Federal Reserve Agent at—
certificates
on
and
hand
BUSINESS AUG. 18 1937
$
5
$
S
S
San Fran.
Dallas
Louis Minneap. Kan. City
272,452
195,241
1,090
14,624
640
285
400
17,982
234,811 1,729,196
374
1,253
42,008
13,515
6,119
16,687
13,746
695,392
1,734
27,013
300,990
249,579 1,771,578
288,166
202,000
314,104
199,023
724,139
40
301
345
48
849
600
95
56
128
607
114
396
401
176
1,456
714
60
87
87
221
713,023
282,086
506
762
922
303,051
23,186
17,270
9,145,119
Total reserves.
St.
Chicago
%
509,842
473,477 3,357,474
533,534
731,055
*
Atlanta
S
%
439,432 3,278,462
413
1,743
77,269
33,632
8,831,946
10,122
Redemption fund—Fed. Res. notes..
Other cash
$
$
due
from United States Treasury
System (Concluded)
THE 12 FEDERAL RESERVE BANKS AT CLOSE OF
Cleveland Richmond
Phila.
$
$
RESOURCES
Gold
OF EACH OF
New York
Boston
Total
■
Governors of the Federal Reserve
Weekly Return of the Board of
WEEKLY STATEMENT OF
Three Ciphers
1211
Financial Chronicle
145
184,877
297,132
Bills discounted:
Secured by U. S.
Govt, obligations,
direct and(or) fully
13,755
3,370
441
695
862
35
5,514
2,489
690
50
46
325
588
4,533
18,288
guaranteed..
3,405
8,003
740
487
1,020
1,450
Other bills discounted
Total bills discounted
Industrial advances
U
732,508
S. Government securities—Bonds.
1,157,713
Treasury notes
635,969
Treasury bills
2,526,190
Total U. S. Govt, securities..,..
1,086
318
5,486
210,233
3,847
61,861
97,767
53,708
184,109
.
332,270
182,526
830
602
1,194
23,828
35,992
112,702
60,968
50,865
127,585
51,046
37,660
56,886
28,601
45,202
61,911
33,491
27,942
70,087
28,041
20,688
31,249
24,831
2,087
63,516
100,387
55,146
82,176
124,127
98,634
219,049
83,382
124,992
101,371
222,071
245,922
110,991
278,398
247,532
218,241
133,034
111,385
136,136
112,735
279,636
112,165
9
8
26
4
3
16
20
6
22
6
91
1,330
1,710
21,283
2,212
1,716
3,009
2,300
1,198
2,093
353
1,205
61,945
6,280
4,754
88,733
4,640
26,815
18,474
27,421
2,360
1,493
4,135
1,709
1,590
36,929
3,190
1,997
1,251
1,743
5,613
30,724
3,389
3,307
498,953
389,243 2,151,757
433,519
308,140
483,311
331,168
989,259
194,840
170,206
975,105
180,104
137,990
167,273
92,680
343,174
435,815
462,980
21,165
17,894
216,136
986,936
195,536
131,245
256,024
175,357
561,000
3,226
20,712
3,251
171,293
4,084
6,807
2,843
25,444
579
5,093
961
643,160
53,368
4,878
5,121
64,852
3,024
157,630
45,501
43,966
2,695
12,443
10,038
LIABILITIES
286,734
4,238,391
F. R. notes in actual circulation
54,986
2,746
2,756
816,125 1,052,791
735,336 4,282,373
12,471,975
Tota 1 resources
939,160
Deposits:
315,310
373,087
13,811
140,513
335,288 2,878,992
39,950
7,426
75,318
14,198
76,042
3,192
7,239,678
360,104 3,070,302
415,242
522,751
235,693
1,691
271
6,743,874
Member bank reserve account
155,689
199,602
U. S. Treasurer—General account.
Foreign bank
Other deposits
„
Total deposits
64,496
152,390
52,198
62 395
9,365
9,826
51,074
2,874
12,257
13,362
4,325
12,929
14,323
1,007
35,838
5,598
8urplus (Section 7)
Surplus (Section 13-B)
Reserve for contingencies..
1,570
3,000
3,121
431
450
Contingent liability on bills purchased
for foreign correspondents
Commitments to make lndus.advances
not include
735,336 4,282,373
2,478
181
15,249
1,962
816,125 1,052,791
498,953
243
228
4,195
4,473
6,737
5,835
5,641
11,027
5,641
1,253
6,453
2,250
145
4,026
13,809
11,063
185,027 1,041,040
213,660
142 163
268,547
196,051
589,098
21,328
4,350
90,791
18,645
21,504
754
1,416
545
1,003
37,547
4,048
3,613
1,142
31,407
3,873
3,851
1,262
32,590
10,177
5.616
29,240
3,839
4,655
7.777
1 199
2 041
941
1 847
277
290
200
197
342
1,268
483,311
331,168
989,259
152
937
2,892
3,116
9,645
1,996
2,037
433,519
308,140
287
74
57
72
72
176
87
314
10
1,039
53
122
302
3,071
1,938
5,349
12,856
389,243 2,151,757
106
895
Federal Reserve notes.
RESERVE NOTE STATEMENT
FEDERAL
Omitted
Boston
Total
Federal Reserve Bank of—
Cleveland Richmond
Phila.
New York
Atlanta
St.
Chicago
S
$
$
$
S
*
%
S
Federal Reserve notes:
205,252
J
$
$
S
S
San Fran.
Dallas
Louis Minneap. Kan. CUv
188,348 1,000,142
25,037
18,142
188,894
8,790
142,908
4,918
178,080
99,643
10,807
6,963
387,608
44,434
343,174
17,344
464,473
28,658
315,310
435,815
194,840
170,206
975,105
180,104
137,990
92,680
286,734
939,160
167,273
4,238,391
467,500
145,000
326
401
176
487
40
1,456
714
690
205,000
1,019
190,632
399,000-
337,000
171,000 1,020,000
102,500
336,000 1,040,000
7,783
3,405
180,000
4,593,632
Issued to F. R. Bank by F. R. Agent
457,987
192,410 1,020,040
190,958
1^5,401
180,176
399,714
337,690
206,019
103,956
339,405 1,047,783
329,799 1,036,700
97,540
43,065
4,554,501
316,110
by Federal Reserve Bank
actual circulation
by
5,836
193
51,474
7,744
9,117
1,112
367
12,471,975
Total liabilities
30,289
22,562
53,566
4,873
4,869
3,422
1,497
All other liabilities
Three Ciphers (000)
7,943
8,363
27,490
Capital paid In
does
19,061
9,283
646,593
132,533
145,854
Deferred availability Items
"Other cash"
.
739,604
Bank premises
held
745
32,298
16
Allother resources
Collateral
298
80,726
190,693
Uncollected Items
In
814
32,184
227
Fed. Res. notes of other banks
Held
187
38,575
2,568,558
Total bills and securities
Due from foreign banks
*
1,962
71,309
213,336
725,029
86
384
107
120
293
224
2,955
53,385
84,375
46,349
3,073
21,007
market.
Bills bought In open
40
332,654
10,412
Agent as security
for notes Issued to banks:
Gold
certificates
on
hand and due
from United States Treasury
17,907
Eligible paper
20,000
Government securities
U. S.
4,631,539
Total collateral
United
Government
States
York Stock
1,410
20,000
Securities
on
the New
Transactions
at
Daily, Weekly and
Exchange—See following page.
Stock and Bond
United States Treasury
Rates
quoted
are
New
York Stock
Averages—See page 1067.
PARIS BOURSE
THE
Atted
Bid
Atled
Quotations of representative stocks as
each day of the past week:
Aug. 25 1937
0.28%
Jan.
12 1938
0.40%
Sept.
1 1937
0.30%
Jan.
19 1938
0.42%
Sept.
8 1937
0.30%
Jan.
26 1938
0.42%
Sept. 15 1937
0.30%
Feb.
2 1938
0.44%
Sept. 22 1937
Sept. 29 1937
0.30%
Feb.
9 1938
0.44%
Bank of France
0.30%
Feb.
16
1938
Feb.
23 1938
Banque de l'Unlon
Canadian Pacific
Aug. 14 Aug. 16
Francs
Banque de Paris et
Oct.
13 1937
0.32%
Mar.
2 1938
9.44%
0.47%
0.47%
Oct.
20 1937
Mar.
9 1938
0.47%
27 1937
Mar. 16 1938
Francs
317
25,100
632
1,290
60
651
685
—
0.47%
Cle Dlstr d'Electrlclte
3 1937.
0.33%
Mar. 23 1938
0.47%
Cle
Generale
Nov. 10 1937.
0.33%
Mar. 30 1938
0.47%
Cle
Generale Transatlantlque..
Nov. 17 1937
0.33%
April
6 1938
0 48%
Citroen B
Nov. 24 1937.
0.33%
April 13 1938
April 20 1938
April 27 1938
0.48%
Comptolr Natlonale
0.48%
Coty S A
0.48%
Courrleres
5 1938
0 50%
Credit
Nov.
1
Dec.
Dec.
0.35%
1937
0.35%
8 1937
May
Dec.
16 1937
0.40%
Dec.
22 1937
0.40%
May 11
1938
29 1937
0.40%
May 18 1938
0.50%
Jan.
5 1938
d'Electrlclte
—
d'Escompte
210
0.40%
..HOLIDAY
Kuhlmann
Llqulde
Lyon(PLM)
L'Alr
Quotations for United States Treasury
Friday, Aug. 20
Notes—
NordRy
Orleans Ry6%-
Pechlney
a
Int.
Int.
Maturity
Rate
32ds of
Bid
Atled
Maturity
Rate
Bid
Mar. 15 1940.
100.25
Atled
100.27
M%
99.12
99.16
Sept. 15 1939...
IX %
100.15
100.17
Mar. 15 1942.
100.13
100.15
Dec.
15 1939...
100 14
100.16
June 15 1939.
101.27
101.29
June
15 1941...
1H%
IH%
IX %
IX %
IX %
IX %
Dec.
15 1941.
Mar. 15 1939...
Mar. 15 1941...
June
15 1940...
15 1940...
102.2
102.4
1938.
101
101 2
15 1938.
102
102.2
Mar. 15 1938.
101.18
101.20
Sept. 16 1937
100.15
100 20
Sept. 15 1938.
99.27
99.29
100.25
100.27
Feb.
100.9
100.11
June
100.14
100.16
100.11
100 13
1
—
-—
Perpetual 3%
1917
Rentes 4%, 1918
Rentes 4«%. 1932 A
Rentes 4H%. 1932 B
Rentes 5%, 1920
Royal Dutch
Saint Gobaln C«fcC
Schneider & Cle
Soclete Francalse Ford
Soclete Generale Fonclere
Soclete Lyonnalse
Soclete Marseillaise
Tublze Artlflcal Silk, pref
Union d'Electrlclte
Rentes,
Rentes 4%.
Wagon-Llts
1,250
310
510
HOLIDAY
640
1,090
695
Pathe Capital
Figures after decimal point represent one or more
point.
234
475
1,420
Commercial de France..
Credit Lyonnalse
Eaux Lyonnalse cap
Energle Electrlque du Nord
Energle Electrlque du Littoral..
0.50%
Dec.
Francs
1,290
441
Des Pays Bas
Partslenne..
...
—
received by cable
Aug. 17 Aug. 18 Aug. 19 Aug. 20
6,800
Canal de Suez cap
Oct.
0.32%
0.32%
0.32%
6 1937
Oct.
Exchange,
Bills—Friday, Aug. 20
for discount at purchase.
Bid
the
Yearly—See page 1067.
763
382
23.75
1,865
74.50
74.90
73.90
78.10
78.60
97.00
6,260
1,980
1,240
74
129
1,255
474
200
387
107.50
Francs
Francs
6,900
1,282
6,300
1,214
441
Francs
6,500
424
324
315
312
25,300
25,700
25,600
620
590
1,260
1,210
1,230
56
53
50
557
550
694
688
210
210
210
235
220
492
473
1,420
1,240
1.390
1,390
1.230
1,220
308
305
495
485
636
610
1,060
1,010
700
675
787
775
376
371
23.75
366
22.50
1,869
1,010
1,738
74.10
74.10
74.75
74.80
74.90
73 70
73.70
73.60
77.80
77.60
78.40
78.40
78.60
96.80
96.80
96.90
6,330
1,990
6,300
6,270
74.10
1.240
72
77.60
1,840
1,176
74
128
123
1.241
1,235
474
209
"196
378
368
103
104
73.75
1212
Aug.
Stock and Bond Sales—New York Stock
1937
21,
Exchange
DAILY, WEEKLY AND YEARLY
Occupying Altogether Sixteen Pages—Page One
NOTICE!—Cash and deferred delivery sales
account Is taken of such sales in
are disregarded In
the day's range, unless they
computing the range for the year.
United States Government Securities
Below
furnish
on
the New
are
the only transactions of the day.
York Stock
Exchange
daily record of
the transactions in Treasury, Home Owners' Loan and
Corporation bonds on the New York Stock Exchange during the current week.
Quotations after decimal point represent one or more 32ds
of a point.
we
a
Daily Record of U. S. Bond Prices Aug. 14 Aug. 16 Aug. 17 Aug. 18 Aug. 19 Aug. 20
High
116.23
116.24
116.22
116.21
Low.
116.23
116.24
116.22
116.21
116.23
116 24
116.22
116.21
116.6
5
1
53
4MB, 1947-62
116.16
24
2
100.-25
106.24
106.26
106.20
106.19
106.24
106.23
106.20
106.13
106.24
106.24
1-6.25
106.20
106.13
106.8
30
6
32
82
112
112.16
112.18
112.16
112.10
112.2
112.16
112 15
112.10
112.8
112
112.8
112
112.16
112.15
112.13
1
12
38
8
100.4
100.5
100.2
99.28
99.10
100.4
100.4
100.5
100.2
99.28
99.15
100.5
107.12
107.11
107.10
107.12
107.9
107.6
Close
Total sales in 51,000 units...
107.12
107.9
66
1
75
100
100.6
100.5
100.6
100.3
100.6
100.5
100.2
103.10
103.7
103.7
103.5
102.26
Low.
103.8
103.7
103.7
103.5
103
Close
103.8
103.10
103.7
103.5
103
Total sales in 51,000 units...
7
10
183
360
98.26
98.25
98.22
98.16
98.25
98.29
98.21
98.24
9.8.24
98.23
98.17
98.3
98.26
98.24
98.24
98.19
98.8
18
23
27
39
95
Mortgage
102.31
Low.
102.26
.Close
Totql sales in 51,000
102.26
Federal Farm
units.
Mortgage
9
High
38, 1944-49
102.28
102.24
102.30
102.26
102.10
Low.
102.28
102.24
102.28
102.26
102.9
Close
102.28
102.24
Total sales in $1,000 units...
102.28
102.26
102.9
*!
3
10
104.16
104.6
104.6
Low.
104.14
104.14
104.12
104.6
104.3
OiOSG
104.14
104.14
104.12
Total sales In 51,000 units...
104.6
104.3
8
5t
6
fHlgh
Federal Farm Mortgage
105.26
105.25
105.20
105.26
105.23
105.26
105.23
11
Low.
103.25
103.30
C1086
103.25
103.30
15
64
106.14
106.6
106.14
5
Total sales in 51,000 units..
Federal Farm Mortgage
High
102.8
Home Owners' Loan
High
High
105.13
105.14
105.11
105.13
105.14
105.11
105.13
105.14
105.11
105.7
5
1
10
102.26
102.22
102.23
102.10
102.23
102.23
102.20
102.12
102.8
102.27
102.23
102.22
102.13
102.9
Total sates in $1,000 units...
105.5
Close
Total sates in 51,000 units...
High
2Mb, series B, 1939-49
21
105.7
105.4
105.7
105.4
105
105.7
105.4
105
Total sales in $1,000 units...
104.28
104.23
104.26
Low.
100.28
101
160
2MB, 1942-44
106.21
106.18
106.21
106.16
106.16
106.10
106.21
106.18
106.16
106.10
106.3
30
1
7
6
5
fHlgh
{Low.
106.22
106.24
108.24
106.21
106.16
106.21
106.21
106.19
106.16
106.2
(Close
106.22
106 24
Total sales in $1,000 units...
106.24
106.19
106.16
106.2
15
9
6
4
60
100.28
100.24
100.5
100.30
100.24
100.14
27
65
17
100.20
100.21
100.19
100.15
100.20
100.21
100.15
100.12
Close
100.20
100.21
100.15
100.12
10
1
40
703
100.5
31
99.30
100
59
Deferred delivery sale.
106.8
106.21
100.30
106.3
108.19
29
100.20
100.30
Total sales in 51.000 units...
*
106.19
106.16
148
100.25
i.ow.
fHlgh
| Low.
12
100.30
20
12
High
104.14
33
2
101
101
100.28
Home Owners' Loan
104.14
104.27
35
101
.Close
Total sales in 51,000 units.
33
105.1
Low.
■
2
100.31
I
High
3MS. 1949-52
102.27
102.22
102.22
Home Owners' Loan
105.7
102.22
Low
.Close
3s, series A, 1944-52..
95
Low.
102.8
Total sales in $1,000 units.j..
106.1
3
102.8
Low
2Mb, 1942-47
106.1
106.14
20
103.30
105.17
3
103.25
Total sales in $1,000 units...
105.17
Close!
Total sales in 51,000 units...
High
3s. 1942-47
32
I
fHlgh
{Low.
(Close
239
High
94
37
104.14
1946-49
99.8
99.12
24
102.16
27
104.19
3188.
99.28
99.28
18
Low.
v
2!
High
3MS. 1941-43
99.26
fHlgh
■
3M8, 1944-64
102.16
Low.
528
99.30
100
100
99.28
345
100.4
100
Federal Farm
33
103.8
fHlgh
•
100.2
18
Low.
■
107.6
3M8, 1940-43
100.5
98.25
Low.
3s. 1940-48
29
Total sales in $1,000 units...
fHlgh
3s, 1961-65
264
100.7
2Mb. 1949-53.
I Close
•
100.23
76
Close
Total sales in $1,000 units—
6
Total sales in 51.000 units...
3 Ms, 1943-47
8
(High
Low.
■
100.10
100.10
100.28
100.4
[High
3 Mb, 1940-66
100.26
100.28
101.3
100.4
2Mb, 1956-59
111.18
16
101
101.3
101.2
Close
Total sales in 51,000 units...
111.18
Close
Total tales in 51.000 units...
101.2
101.2
Low.
111.29
Low.
101.5
High
2MB. 1951-54
46
[High
101.8
Low.
Total sales in $1,000 units.
106.8
Close
■
Mortgage
High
106.11
106.24
Total sales in 51.000 units.
Farm
101.5
Low.
48. 1944-64
Treasury
2MB. 1948-51
High
3 MB, 1943-45...
Federal
Daily Record of XJ. S. Bond Prices Aug. 14 Aug. 16 Aug. 17 Aug. 18 Aug. 19 Aug. 20
116.6
Close
Total sales in 51,000 units...
Treasury
No
3 Mb. 1941
(Close
Total sales in $1,000 units...
106.16
106.10
106.3
Note—The
49
bonds.
3Mb, 1944-46...
fHlgh
101.1
100.31
101.2
101.2
101
100.31
....-I Low.
(Close
2Mb, 1966-60..
101.5
101.3
101.4
101
Total sales in 51,000 units
16
101.4
43
fHlgh
102.28
103.2
Low
102.28
103
Close
102.28
Total tales in 51,000
units...
103
1
2MB, 1945-47
101
13
includes
only
bonds
sales
of
1
coupon
were:
10 Treasury 3Ms 1941-1943...
106.12 to 106.12
Treasury 2Mb 1956-1959
186
100.25
1Q0
_
to 100
100.5
100.26
100.10
31
51
102.17
United States
Treasury Bills—See previous
United States
Treasury Certificates of Indebtedness,
476
102.26
102.29
102.22
102.9
102.29
102.22
102.9
7
51
28
table
100.22
101
102.31
above
Transactions in registered
134
page.
&c.—See previous page.
New York Stock Record
LOW
AND
Saturday
P Aug. 14
SALE
Aug. 17
Aug. 18
Aug. 19
Aug. 20
$ per share
$ per share
Shares
$ per share
*49i4
$ per share
50
*4914
*56
*56
62l2
87
19
1884
25
25
2434
19i8
2434
34
34
3378
2U
7234
238
*33l2
278
35
2
72
214
*
1178
234
35
2l8
7234
238
98i2
12
278
84
4912
62l2
84
*
238
3512
36
*24
20'8
*75
7158
25
18i2
24H2
2334
1738
24
20l2
7834
72
25l4
20
2038
97
9712
28
•
101
5978
60
597S
Ala &
Vicksburg RR Co.. 100
Alaska Juneau Gold M1e.„_10
97
2i2June 17
33
Aug 20
5M %Pref A with $30
5M %Pref A with $40
war 100
war 100
34
3218
33
33
*30
300
36
36
$2.50 prior
35
321?
34l2
101
*98
1712
24034
23712 239i2
1712
240
79
578
40
95l4
98l2
29
5978
on
*558
*3858
17
24
2058
79
7378
25i2
534
40
*1758
*16i2
2334
20
*75
7012
3534
101
18
17
2334
20l4
79
*24i«
7218
25i2
5i2
558
34l4
*98
2,800
101
18
*1734
235
23714
1612
161?,
2312
231?
20
1958
*75
79
69l4
38 s8
701?
251?
51?
3858
*23
538
""266
1,500
500
1,300
15,400
100
17,000
400
1,200
*385g
40
96
97
94
96
94
94
1,900
*9512
285s
97
95
95
*92l2
27i4
95
800
5978
2858
5978
this day.
2734
*60
28
63
2714
6D4
61»4
i In receivership,
a
100
1,400
180
Def. delivery,
conv
pret.No par
Allegheny Steel Co
Alleg <fe West Ry 6% gtd._100
Allen Industries Inc
1
Allied Chemical &
Dye_.No par
5%
103
.5
9
Jan 26
Jan
7
Jan
Jan 22
91
Mar
13
59'4 Feb 11
Feb 11
58i2 Feb 17
5218 Feb 18
455g Maris
Jan 20
2378 Apr 12
25812 Mar 9
17*8 Aug 14
3318 Jan 10
2l78Mar 6
15
May 14
74
June 21
85
57
June
1
83i2
Jan 22
2H8 Aug 9
4i4June 28
39*4
Jan 28
878
52i4
11478
101M
413s
751s
Mar 13
par
,Tf—60
34i4 Jan
Preferred
80
83
Cash sale,
Jan
5
20i8 June 30
59
Apr 8
50
r
5
June 28
x
Ex-div.
y
74»4 Feb
1634 Nov
Jan 25
100
couy preferred..
stock,
June 28
Apr
Feb 25
5«8 Feb 18
110
9
16l2 Aug 20
20
par
Amerada Corp..
..No pax
Am Agrlc Chem
(Del)..No par
American Bank Note
10
n New
Apr 28
June 17
69
2
59
7
17i4 July
215
Alpha Portland Cem...No par
Amalgam Leather Cos Ino_A._l
6%
Aug
70
2218 Jan
xlig Jan
68
Apr
Jan
No par
preferred
Allls-Chalmers Mfg
6%
June 26
3218 Aug 18
30i2June 17
No par
Allied Kid Co
I
Allied Mills Co Inc....No
Allied Stores Corp.....No
Mar 11
11June 16
I.No par
5M%Pref A without warlOO
24
Bid and asked prices; no sales
2i8June 17
Mar
95s Apr
177g June
43g
80M
5U
100M
15'4
Allegheny Corp
1,600
Aug 13
36
11,700
33
85
share
per
42
1
22% Mar 11
28«s Feb 3
June 29
~2~66o
33
Mar
June 16
04i2June 17
Highest
5 per share 5
Mar
2
par
share
69
28
400
2034
28
258
Year 1936
Lowest
65
10
400
24
95l4
*95l2
12
7
per
No par
Advance Rumely
Air Reduction Inc.....No
par
Air Way El Appliance.-No
36
*24
27l4
*1134
2l2
4
35
72i2
*95
27«
341?
900
Corp
5
22i2June
....No par
Address Multigr
share
Jan
*30
25
9658
117«
258
34i2
3,900
15
*30
7114
9734
29
5978
1178
7134
2i4
98i2
214
25
36
25
*94l2
9784
*28i4
5978
214
98i2
No par
Adams-Mlllls
36
20l8
*3858
800
Range for Previous
Highest
44i2June29
57
July 6
63>4 Jan 6
*30
78
*385s
1,000
2
No par
No par
Acme Steel Co
Adams Express
per
*25
72
40i8
34
2
Abbott Laboratories
Abraham <fc Btraus
f
*30
17
*558
34
69
900
Par
36
78
534
5,600
Lowest
32l8
7112
2434
5l2
*3858
2l4
200
"Too
18ia
25
12
.
17
*78
34
71
18
214
9812
234
3578
2334
20i4
*77i2
72i2
2434
534
40i2
9658
5i2
Range Since Jan. 1
On Basis of 10Q-Share Lots
EXCHANGE
*98
3614
*16l2
18
24114 24H4
17
238
*32
36U
18i2
238
*2
71
*32
36
*17
2
278
3578
36l2
36
*98
34
49
7134
278
3638
36'8
32l2
241
2
"l2~
12
36
171S
2434
*2478
9812
1178
234
3212
1834
18l4
25i2
71
36
240
18i4
2478
*3312
*3312
2i4
72
34
17
84
34
*3358
2i4
7H2
238
36i2
36
*1812
*80
1858
*35
240
84
25
3512
101
4978
62l2
*81
18l2
*30l2
*98
*56
84
25
36
101
49l4
6212
*4834
*56
*82
1878
36l2
36i4
*
*56
4912
62i2
25
34
36
*4914
1858
34
34
$ per share
25
*33
*30l2
STOCKS
NEW YORK STOCK
Week
*84
12
for
the
87
1178
278
Sales
Friday
6212
98l2
CENT
Thursday
*8412
187g
*
HOT PER
Wednesday
*56
7258
*2i4
SHARE,
Tuesday
Aug. 16
50
3312
214
PRICES—PER
Monday
5 per share
*49
HIGH
Mar
9
Mar 15
July
2M Apr
123g Jan
12i4
12i2
27
Nov
35'4
Feb
37U
Oct
2H2 Jan
80i2 Nov
0i8 Apr
103
Nov
Jan
17ij
fii2
01i2
0OM
Sept
Nov
Nov
Nov
Jan
60
Nov
Apr
Feb
5412 Nov
403s Oct
UHi Deo
157
Jan
245
23
Aug
267# July
98
0»4
69
Jan
Jan
35®8 Jan
19»4 May
4
Oct
31M Nor
"34"
-
Aug
Nov
2018 Nov
90
Nov
81
Deo
34ij Nov
5j4 Deo
39U Deo
125M Mar
Mar 11
76
Jan
Jan 22
Jan 16
49
July
36
Dec
5512 Apr
Feb
05
Jan
73
Ex-rlghts.
4
89
Nov
Nov
Called for redemption.
Volume
LOW
New York Stock Record -Continued—Page 2
145
AND
HIGH
SALE
PRICES—PER
NOT PER
SHARE,
Sales
CENT
stocks
for
J VI
stock
exchange
Monday
Tuesday
Wednesday
Thursday
Friday
the
Aug. 14
Aug. 16
Aug. 17
Aug. 18
Aug. 19
Aug. 20
$ per share
$ per share
*64
65
$ per share
$ per share
$ per share
Shares
6 534
8%
1334
834
8%
*12
57
57
26
26%
47
47
*40
*14%
7%
*43
7%
*3%
3%
*12
1334
8%
8%
52
2334
24
20%
47
42
42
39
15%
15
15
734
7%
43
43%
3%
44
7%
42%
*43%
*3%
44
3%
338
15%
734
43%
*42%
43%
48
54%
3%
8
13
7%
8
8
13
*12
400
3%
*43%
3%
44%
3%
2634
*43%
3%
,
*67
70
11%
63%
*67
11%
11%
*62
63%
*55
56
54%
22%
21%
*153% 162
*153%
40%
403«
39%
22
69
70
69
*68
*68
70
*68
70
15%
27
27
27%
27%
*48
50
*48%
98%
*143
2834
9834
144
66%
56%
133% 133%
58%
5734
*16%
*44
17%
44%
*126% 127
*22
22%
27%
27%
*47%
27%
27%
50
97
97%
*142% 144
*56%
*
7%
*16%
23
170
67%
61%
62%
84
84
67%
*64
*108% 108%
12
12%
-
-
*
133
"56%
16%
16
81
19
19%
18%
193g
9334
*91%
9334
11
11
68%
15%
15%
*145
70
7% July
16%
803s
30% Mar 31
20% July
33% Jan 21
99% Mar 2
16%
Jan
32
Aug
88%June 14
89
Sept
13% Jan 28
3%
Apr
Apr
101
538June 30
Jan
American Ice
2% Jan 6
17% Jan 7
12l4June 30
484 Mar 16
2%
16%
9%
23%
6%
700
200
3,000
100
6% conv preferred..
100
Amer News N Y Corp..No par
15,000
$6 preferred
1,000
-
«
„
20,300
American Rolling
Preferred
12%
12%
1238
Feb 20
58
MarlO
20
56%
6% preferred
1,900
14
American Stores
86 1st preferred
American
3,800
100
63
108% 10834 *108% 109
11%
12%
12%
11%
600
92
92
200
106
100
85%
18%
*100
18%
63%
14%
14%
14%
934
934
9%
9%
19
19%
107
62%
*95
85
*100
6434
14%
105
85
19%
85%
*83
9%
6384
*82%
*100
107
*49
55
*51%
55
*51%
54
*93
95
*93
95
*93
95
*93
86
*85
108
*100
51%
105
19%
85%
107
*95
18%
*82%
*100
105
18%
85%
107
62%
*14
9%
*95
18%
82%
*100
63%
10,000
800
Artloom Corp...
13",900
1834
200
82%
107
51%
*51%
55
*51%
*93
94%
*93
87
*86
m
6%
7%
.
""166
87
86
86
86
86
86
82
82%
81%
82
79%
80%
77%
80
76%
77%
76
76%
5,800
99%
*98%
99
98
98%
96%
98
*94%
97%
*94%
600
5134
52
5134
5134
5I84
52%
50
5184
49%
97%
50%
*16
19
16%
24%
29%
17
18
18
18
53
23
25
30
30%
*108
110
15%
*49%
15%
50%
*84
*108
*15%
*2334
25
110
15%
*108
50%
25
25
29%
29
29%
110
15%
*49%
15%
*49%
25
29
30%
*108
110
30
5% preferred
9,800
Atl G A W I 8S Lines.-No par
15%
60%
50
50
50
50
50
81
*80
81
80
81
80
80
80%
*80%
80%
*79%
80%
*11834 12134 *11834 12134 *11834 12184 *11834 12134 *11834 12134 *11884 12184
12
12
1234
1234
12%
12%
*12%
1134
1134
*12%
*1034
11%
17
*17
1734
1734
17%
17%
17%
16%
16%
16%
17%
15%
6
6
6
6
6%
*5%
6%
6%
6%
*5%
5%
5%
35
35
38
35
35
3534
34%
34%
*34%
*34%
3438
34%
684
6%
634
684
6%
634
6%
6%
6%
6%
6%
6%
5
5%
5%
5%
5%
5%
5%
5%
5%
5%
5%
5%
5
5%
5%
5%
5%
5%
5%
5%
5%
5%
5%
5%
2338
22%
23%
2234
2334
22%
22% 23%
22%
22%
2134
22%
*99
*95
99
103
*98
99
100
*90
100
*90
100
104%
100%
28%
3234
28%
3234
*95
28%
*32
*44
45
109
*107
3134
27%
3134
27%
*40
40%
25
25%
*15%
*111
16
115
*24%
25%
3034
40%
24%
*15%
115
*25%
*99
103%
*3934
41
*3934
114% *112
*112
13%
*87%
13%
*99
13%
*87%
20% 21
21 s4
2134
59%
*58%
101% 102
18%
—18%
*11934 121
66
65%
28
28
25
25%
21
*21%
59
101
18%
11834
^
—
36%
*79
35%
31
3034
3034
32
4484
109
95
95
2634
27
3184
42%
*107
31
29%
32
42%
109
30%
*90
26%
30
*41%
*107
29*2
26%
25
25
2434
2434
1534
1534
*15%
*15%
*1538
115
*113% 114% *113%
*110% 115
25%
25%
25%
*24%
25%
25%
*99
*99
102%
103%
103% *99
41
41
41
*3934
*3984
*3934
114% *112
114% *112
114% *112
13
12%
13%
*12%
13%
*12%
*8734
*8734
*87%
xl 934
2034
20%
21%
20%
21%
21%
2I84
2134
2134
21% 21%
59
59
58%
59%
59%
59%
10034
100% 101%
9838
101% 100
19
18%
1834
18%
1834
1834
120
118
*117
118% *118
11834
25%
1534
24%
24%
_
65
*63
20%
21%
*8784
19%
21%
-
58
prererred
—..100
60
100
10
20
1
6
2484 Mar
101
125
6
66%
104
Jan
84
Jan
Aug
128
Deo
47%
Feb
7%
8%
Jan
95
Jan
Jan
12% Apr
62% Mar
18% Nov
22% Feb
108
May
27% Nov
Jan 28
95
Dec
112
Oct
9
98
Feb
124
Oct
9
09
Jan
7
90*4
Jan
Mar
57% Feb 18
106
Feb 18
88
June 29
94»4May
88% Aug
107
Oct
55% Mar 17
21% Apr
49
Deo
29
il
31%
104
Feb
Mar 13
44
Jan 18
37
Mar 11
116% Feb
6
Apr
13% Apr
26% June
109
Sept
9% Feb
9% Jan 30
26% June
Apr
118% Deo
*10%
Jan
46%
Jan
Apr
2% July
2'8 July
Apr
120
Feb
5
3384 July
Deo
47% Mar 17
21
Feb 11
39
Deo
94% Deo
127% Nov
41% Oct
49% Feb
24% Nov
38% Deo
45
110% Feb
43% Mar
22
June 28
32
Jan
34
June 29
42
8
9
16%
Jan
23%June 28
1378June 28
June 17
35% Feb
20% Jan
115
Aug
13%
Jan
14%
Jan
16»4 June
110
May
21%June 28
2884 Feb
18
Jan
June 28
10584 Mar
100
Aug
Deo
22% Nov
115
Deo
283g Nov
105
July
6
43% Feb
35
5
11434 July
85
Feb
15*4 Feb
13
Dec
16% Mar
83
June
89% May
32% Oct
25% Oct
84
Feb
Feb
28% Nov
28%
11%June 23
40% Jan
Jan
42%
112
Oct
Deo
par
47% June 14
par
73
4
105% Mar
20
17
June 22
100
No
(Del).No
L
6% preferred
108
June 17
129% Feb
x51%May 14
6984 Feb
23
Jan
65%
Deo
38
2884
Deo
*34%
24%
Deo
26%
2634
1,300
23%
23%
4,900
Biaw-Knox Co
28%
*25%
28%
*25%
*25%
28%
80
*79
80
79
79
*76
80
3534
34%
35%
Jao
20
Jan
48
Jan
72
4584
Apr
Apr
77«4
Deo
20
Deo
16%
107% July
24
June 14
par
22
Apr 28
29% Mar
14% July
Bloomlngdale Brothers.No par
22
June 23
32% Jan
18% May
8
94% Jan
77% July
27%June 28
4984 Mar
16%
No
Blumenthal A Co pref
Boeing Airplane Co
New stock,
94%
Apr
Apr
40% Mar 17
Jan
n
734 Mar
11*4 Deo
9% Dec
2384 Aug 18
21%
7% preferred
delivery,
Nov
5% June
3
29%
11
29
Novi
30% Feb
54% Mar
29% June
6
28
13
Oct
6484 Nov
35%
18% Mar 6
52% Mar 10
20
27%
Jan
70% Mar 13
16% Feb 27
17% Jan 21
100
July 23
88% July
23%
a Def.
99% Mar
126
Jan
2384 Jan
6284 Jan
23%
t In receivership,
Jan
30% Feb
27
"Bid and asked prices; no sales on this day
7%
13% Feb 27
Jan 16
2734
10
Jan
18%June 30
24%
28%
100
Jan
110%
20% Apr 29
Bethlehem Steel
500
18,500
122
Jan
4% June
...—5
Best A Co
800
80
50
May
105%
Beneficial Indus Loan..No par
27%
25%
Apr
118
6
Feb 18
Feb
105
Bendlx Aviation
1,60(T
34
37
8
Mar
46
120
4
Jan
121% Feb
111
June 29
20% Jan
27%June
38%May
100% May
27%June
Beldlng-Hemlnway
No par
Belgian Nat Rys part pre!
24
32%
20% Aug 12
—
24%
25%
Nov
11% Jan
101
Beatrice Creamery
28
*76
7
9% Jan
70
No par
24
34%
Nov
July
52% Mar
111
preferred
28
33%
43
3
June 15
......100
25
1st
24%
35%
2684 Mar
111
June
484 June 30
50
28
62
Jan
May
9
73% June 30
Bigelow-8anI Carp Inc. No par
Black A Decker Mfg Co No par
36
62
15%
97
6%May 18
....100
65
6434
5%June 15
issued. 13
*64
*63%
2
Deo
Deo
Feb 13
30
tr ctfs when
Deo
37% Jan 12
10% Feb 10
111
36% Feb
—"
118% 118*2
2484 Aug
60
13%June 16
Bayuk Cigars Inc
29,500
1834
Feb
7»4 Mar
84
Barnsdall Oil Co...........6
900
99
18%
7084
78
131
5Mj% preferred
-
96
3% July
Jan
Barker Brothers...-..-No par
800
58
Jan
6284 Sept
Jan
Barber Co Ino
"9,166
59
120
Aug 13
Beech-Nut Packing Co
-
44
June
4% preferred
"""506
100%
19
June 17
$5 preferred w w
No par
Beech Creek RR Co..
...50
-
Feb 23
14
Bangor A Aroostook
400
19%
Feb 23
Feb
48
10
21%
Jan 12
20
Oct
11%
*112
Preferred assented
300
—.
79
185
2784
10984 Sept
9
2
1
25
12
29
Baltimore A Ohio...—.—100
7,600
15
15%
114% *113% 114%
24%
24%
24%
*99
102%
102%
Jan
7% Sept
Jan 13
200
41
41
*3934
114% *112
114%
12%
12%
12%
15
4%June 29
700
39%
19% Apr
9284
Mar 11
Vot
~2~306
39%
*26
Deo
18% Jan
Conv 6%
27
Mar
18
94
Preferred
100
40%
1
Feb
150
133
600
39%
Feb
14% Jan 18
104
Jan
8% June
88% Mar
136
ll%June 14
109
26%
107
Sept
26% Jan
190% Nov
102% Feb
68%June 17
200
27%
4
20% Feb 3
29% Jan 13
Mar
Jan
63% Aug
No par
(The)
3
tBaldwin Loco Works.A'o par
12,000
30
99% Feb
150% Jan 26
87
36
145
113% Apr 26
100
30
4
60
8,600
45
149% Apr
Jan 28
Deo
No par
29,200
98
June 18
14% Aug, 9
2O84 Aug 7
27%June 28
107 May 21
Avia n Corp of Del
7,000
40%
25%
*40%
1
44% Jan 26
85 prior A
70
26%
20% Mar
8
Jan
Dec
64
Automobile—No par
Austin Nichols
No par
500
27
-
27
32
*42%
*107
27%
25% Jan 25
Jan
145%
Auburn
6,900
40%
28
28%
36%
4434
27%
Jan
73%
No par
Atlas Tack Corp
2,200
27
6534
24%
*25%
32
109
100% 100%
129
Nov
15284 Mar
5% conv preferred... ..100
_
300
4034
27%
40%
25%
15%
6534
80
*25%
*79
32
*107
3134
*27
28
*42
4434
109
104
27%
32%
*43
*107
*98
100
27%
June
Aug
69% Jan
60
Atlas Powder
500
■
^
25
6% preferred
400
'
*99
2
49% Mar 24
Atlas
18,800
m
100
4% conv pref series A... 100
Corp
1
110
15%
112
100
Atlantic Refining
28%
Mar
5
300
*108
June 18
8*4 June 17
June 30
1,300
15%
II
95
93
19
110
4
Atlantic Coast Line RR...100
3,400
2884
15%
2
Feb
648s July 12
85
25
*108
81«4 Jan
96
100
85 pref without warrants
*16%
15%
par
Atch Topeka A Santa Fe--100
*23
15%
4
92
19
50
Jan
100
100
25
15%
7
1
June 30
16% Apr 28
24
28»4
4
8278 Aug 20
*16
x2838
Jan
Dry Goods...—1
6% preferred
Jan 11
20% Apr
24% Dec
48% Apr
103
89%
6% pref with warrants—100
*98%
5284
56%
Jan
Jan
57% Mar
133% Jan
Oct
De0
Jan
106
5
2d preferred
45%
35
8
..100
1st preferred
2884 Nov
Jan
Feb 23
4
Assoc Investment Co..No par
94%
*86
m
55
95
Associated
Apr
2588
97
Apr 5
6% Jan
395s July
No par
Preferred
18
NOV
65% Nov
11684 May
5
Arnold Constable Corp
800
105
3984
Jan
100
9%
37
Dec
79
Armstrong Cork Co ...No par
14*2
2384 July
31
May
May 21
Ne
165% Aug
28
June 22
7% preferred
74% Sept
27% Jan
Jan
24
18
86 conv pref
Apr
79% Feb 23
18
Armour A Co of Illinois
42,200
Feb
18%
69% Mar 10
105
7% preferred
100
ArmourACo(Del)pf 7% gtdlOO
14% July
87% Sept
7
44i2 Jan
No par
Cap Corp
Nov
Feb
47%May 13
Copper Mining
20
A P W Paper Co
No par
Archer Daniels Mldl'd.Afa par
20
*103
19
1
25
86.50 conv preferred.No par
Anchor
800
93
18%
*82%
160
June
7%June 28
54% June 29
638 Jan 2
100
Jan 13
Andes
600
120
106
105
No par
$6 preferred
*91
14%
88
No par
Woolen
Amer Zinc Lead A Smelt
9,600
*103
*95
10
Preferred
3,100
92
105
..100
5
26% Jan 20
99
...25
Feb
73% Jan 21
187
Am Water Wka A Eleo.No par
16,400
*---
148
12
74i8May 18
128%May 13
ll%June 28
15%June17
Am Type Founders Inc
Feb
36%
157
6684
143% Jan 13
73 ®4 June
15
54% Nov
July
Feb
136%
1578June 18
June 17
21% June 14
7%
43
Jan 28
68% Jan 29
16934June 29
6% preferred
800
1,900
3
124%June 30
37
*35%
106% Mar 11
Co.—100
Common class B
3,800
Feb
154
—25
Amer Telep A Teleg
American Tobacco
900
106
*95
100
1
48%May 14
Am Sumatra Tobacco.-AT© par
600
6,300
92
9%
131f2 July
No par
Preferred
100
15%
100
American Sugar Refining.. 100
100
79%
79%May 13
62%June 23
Amer Steel Foundries—No par
8,400
16
Snuff.
138% Apr 14
25
Refg.Ae
Preferred
American
par
100
Amer Smelting A
13,200
*103
64%
45% Mar 11
29
9334
Jan
15% Nov
48% Deo
122% Nov
29% Jan
101% Aug 18
Jan 23
140
10834 IO884
Jan 21
41
*145
120
72% Jan 12
29% Feb 3
170
22U Apr 27
66
*120
16% Jan 13
Jan 18
Amer Ship Building Co .No par
2,100
*120
Feb 15
75
87%
American Seating Co..No par
600
42
June 17
1
100
23
7
7
49%June 28
40%June 17
18%June 17
153
Apr 16
31%May 13
Anaconda W A Cable..No par
*66
69
60%June 15
129% Feb
1,000
133
*60
Jan
Jan
134
1
2634
50
18%
9384
1034
68%
69
Dec
June
36
300
58%
Apr
Apr
118
112
9938 Aug 20
10%
-
May
10
27
26»4June 14
1734
-
21
68% Mar 10
No par
*26%
14%
25
66
8
125
American Safety Razor.. 18.60
*99
27
*95
Mill
5
13% Jan 20
lOlUJune 28
600
3,400
92
10
1(X)
Feb
29% Mar
June 30
273g
105
1434
par
Preferred
.
*91
1434
No
par
Am Rad A Stand San'y.No par
20,000
•
No
$5 preferred
1,100
24
Apr
Apr
Apr
37
Amer Power A Light...No par
...
Sept
Sept
8% Mar
43%Jurie 16
Amer Mach & Metals..No par
Amer Metal Co Ltd
No par
4,300
27% Feb 16
17% Mar 11
58% Feb 4
Oct
18»8June28
7^4 June 30
Amer Mach A Fdy Co..No par
1,600
105
10
.100
Amer Internet Corp ...No par
American Locomotive. -No par
Preferred
100
92
11
pref
2,500
110
14%
non-cum
40*4 June 17
No par
9,000
70
*91%
-
Deo
60% Dec
21% July
1,900
82%
*62
•
22%
3%
26%
*91
14%
Jan
7
61% Nov
5% Jan
*105
*10
Apr
13
14*4 Aug
46
23%
63%
25
5
May 20
Oct
106%
108% 108%
64%
Jan 22
Feb
10
Jan
93
64
12
5878
21
No par
Feb
984 Mar
6088 Deo
4%
106
64%
38% Jan 22
37
.
2984
Deo
14%
37
*91
64
18l2May 18
Jan
Apr
82%
83%
12%
Jan 18
83%
*65%
42
6878
51,400
83%
*120
6% Apr
59%
61%
7
934
Jan 22
57%
69
5934
27
Jan 18
13%
Ne par
Ac par
31%
10%
1538
17
6% June 15
46
May 19
Power
11% Mar 13
13%
69%
10%June 29
n
8%
6584 Mar 13
62% Mar 3
9334
15%
*145
10
1st preferred
5%June 17
1834
*91%
1034
Dec
Oct
Deo
36% Nov
3684June 28
300
79
23% Mar
6% preferred
60
American Home Products...1
13
133s
13%
*18%
7
100
300
*1534
Jan
44%
*103
.
87% May
3
59%
*62
•»
60%
2334
12%
Aug 12
25
85 prior conv pref
25
Anaconda Copper Mining..50
4-
-
*65%
-
112
13%
Deo
American Hide <fc Leather... 1
139% 13934 *13634 139%
*68%
15%
*.
59%
105
Apr 26
No par
23
23
2384
23%
23%
109% *100% 109% *100% 109%
28
25
28%
*26%
26%
7
7
7
7%
*7%
8%
4234
*41%
4234
4284
42%
*41%
69
*63
16%
79%
13934 140
13%
13%
11%
70%
98
Dec
120%
113%
60%
200
*44
44%
44%
44%
*43%
127
*126
12
128% *126
*22%
2334
23%
*22%
*22%
23
170
169S4 170%
170%
16834 170
*76
78%
79%
7834
7984
7834
80%
Apr 20
86 preferred
56
55
Nov
148
$7 2d preferred A...No par
142
*
111
Jan 25
Amer Hawaiian 88 Co
*54
58
100
115
$7 preferred
142
56
133
58%
16%
*43%
81
*150
91
95%
*54
Apr
Aug 18
400
*126
79%
10%
68%
15%
108% 108%
12%
94
26%
*48
*14234 146
56%
*91
85
*120
97
145
"58%
2334
81
24
24
24
23%
*106% 109% *106% 109%
28
28
28% 28%
*7
7%
7%
7%
42
42
*41% 41%
*120
*
138% 138%
13%
1334
61%
*65%
56
17034
79%
69
60%
*143
16%
4334
127
23%
....
95%
58%
16%
4334
170% 171
*79%
80%
81%- 8134
*137
139
*137% 139
*14
14%
13%
14%
19%
20%
19%
1984
*91
*91
9334
9334
*10%
10%
IO84
10%
69
6 934
69% 6934
16
16%
15%
15%
*150
2634
49
56%
133%
127
170% 170%
80% 80%
81%
81%
*150
26%
48%
"57%
*43%
44%
*126% 127
22%
27
48
67
33
4.300
9938 100%
27%
48
143
*
28
97
96%
58
17
inn3d
*27%
27
*56%
133%
57%
inn%
27%
50
143
57
ini5„
27%
27%
27%
30% Apr
4
Deo
Dee
42
10
10%
10%
10%
11%
10%
11%
10%
10%
63
61
63
63
63
58
61
6234
64%
*53
*53
50
52%
5334
55%
52%
54%
54%
22
21
21%
21%
21%
21% 217»
21%
22%
*153% 162
*153% 162
162
*153% 162
*153% 162
40
39
39%
393s
38%
38%
4038
39% 39%
miia
*27%
4
71
June 29
June 14
Amer & For
700
26
27
27
*26
2634
26% 2634
26% *26
*14
14
14
14%
14%
14%
1434
14%
14%
*14%
14%
14%
48
49
49
51
49% 49%
48%
49%
4938
49%
49%
51%
115
*113
113
113
11334
*113% 115
*114% 115
113% 113% *113
20
19%
1938
19%
19%
1934
19%
1938
20% 20%
1934
20%
00
00 do1
*834
8%
834
834
834
8%
884
8%
834
8%
57
57
55
53
54
*54%
57%
55% 56
56%
57%
57%
*119
122% *119
122% *119
122% *119
122% *117% 122% *117% 122%
*26
Feb
104% Feb
No par
174
June 30
1,600
7%
May
77
4,300
*40%
162
46
5,300
21
7%
9
Dec
American Encaustic Tiling
1
Amer European Sees
No par
31,900
41
41
Jan
share
137% July
28
6%
2,100
20%
7%
174
June 17
40
41
162% Apr 12
25
38%
7%
Dec
20%June 17
21
42%
110
American Crystal Sugar
20%
44
9
70%
141
100
30
38
*14%
Jan
1,000
23%
1534
121
American Chicle
40
15%
90%June 15
American Colortype Co._..10
Am Comm'l Alcohol Corp..20
49
15%
May
2,300
7%
50
Apr
124
100
47%
50
40
Feb 18
400
13
7%
4834
7%
7%
per
80% Feb 18
160
67% Apr 28
125
Am Chain & Cable Inc.Nc par
5% preferred
100
400
16,900
8
*12
8%
7%
2434
43
44%
8%
56%
734
45
*43%
8%
*15
15%
*12
1334
8%
*54%
2434
9%
8%
8%
Highest
share S
per
100
American Car & Fdy
Preferred
2,100
#
\
share
Mar 25
..100
Preferred
300
$ per
...25
pre£
conv
American Can
2,600
'
8%
*13%
884
63%%
Lowest
Highest
8 per share
Am Brake Shoe & Fdy.Nc
par
200
>
132
*
Par
Year 1936
100-SAare Lou
Lowest
900
62
62%
*63
63
6434
64%
65%
6534
*127
134
130
130% 13034 *127
130% 130% *130% 134
109
109
10938 110%
108
109
107% 10834
108% 108%
108% 109
160
*157% 160
15934
*157% 15934 15934 15934 *158
159% 159% *157
52
52
49
48%
49
51%
51%
5038
50%
51%
51%
51%
79
79
79
80
80
*79
80
79
*7984 80
7934
7934
33
31%
33
31%
31%
32%
31%
31%
3238
3134
3234
3134
140
140
*145
141
143
150
150
*140
*140
150
145% 145%
*111
*111
113
*111
113
113
111
111
*109% 110%
*109% 111
*15
16
15%
15%
15%
15%
1534
*15%
16
15%
15%
*15%
24
24
24
23
23%
24
24% 24%
24%
23%
24%
24%
26
26
27
27%
26%
27% 27%
27%
27%
*26%
27%
26%
93
93
93
93
*92%
93%
*92% 94
*92% 93%
9234
9234
*65%
*129
,
On Basil of
Week
$ per share
Range for Previous
Range Since Jan. 1
new YORK
Saturday
1213
r
75
100
5
Cash sale.
*
July
Ex-div.
y
Jan
Ex-rights.
Apr
Nov
135% Nov
Deo
38% Nov
120
37%
Oct
Deo
Tf Called tor redemption.
New York Stock Record—Continued—Page 3
1214
LOW AND
SALE PRICES—PER
HIGH
SHARE,
NOT PER
CENT
Aug. 21, 1937
Sales
STOCKS
Range Since Jan. 1
for
NEW YORK STOCK
EXCHANGE
On Basis of IQWShare Lots
Saturday
Monday
Friday
the
Aug. 16
Tuesday
Aug. 17
Thursday
Aug. 14
Aug. 18
Aug. 19
Aug. 20
Week.
$ per share
$ per share
$ per share
$ per share
$ per share
$ per share
Shares
45i2
*86
*4212
2484
2414
4914
*914
*2i4
4578
4534
4534
88l2
44
*85i2
88i2
2484
24i2
2418
4918
*914
2438
4934
934
284
45i2
88i2
44l2
2378
2378
485s
44
44
238
25
2414
4958
9l2
23s
4534
8812
44l2
214
3334
I8I4
9
214
3334
1858
4712
49i2
1838
4678
*48
50
*4838
38
38
*38
39i8
*38
39
*384
378
1738
2278
1714
334
1714
17
2212
225S
6812
*66i2
173s
2278
68l2
*2978
*44l2
1834
17i2
101
358
29i2
30
*4412
4734
1834
18i2
1734
1758
101
101
1034
1034
1078
87
*86
834
67
*86
878
*35
36
17
17
2934
57
297s
538
3534
1634
2914
512
*18
*2&
53S
23
26
1612
32l2
7h
21
65l2
*2858
3 684
*51
*1814
2578
1612
I6I4
32l2
634
215g
32i2
714
2n2
65i2
2914
3 684
65is
*28
37
55
37s
*51
4
334
90
1834
19lg
Brooklyn & Queens Tr.Wo par
16
185g
5914
19is
6258
2812
4334
1834
10,800
1,500
1,400
18l2
23
2578
16i2
3234
32i4
678
7
21
2158
65i8
*65ig
28i2
37ls
*29
55
*5U2
4
37
16i2
16i2
2934
*538
2978
538
22
*18I4
2534
16is
32i4
634
1934
635s
2578
I6I4
3214
7
2114
6734
2978
1434
*34
*92"
96i2
27ig?
*14
96
*44l2
46
1434
*14
96l2
32i8
7%
*7
7%
*45
*951*4
97
3H2
32
110
*30i2
41i4
7714
3134
8
8
7714
*1007s 1017s
*20
20i2
1412
*13
912
9i2
*98i4 10012
*74
7434
13
13i8
96
5712
*1758
20
*13
*934
98l4
74l2
1314
*69
517s
*90
52
52
*109
57l2
19i2
6934
5214
93
*3
*7
214
3I4
7i2
2i4
58
*1734
68
1785g
II7I4
3034
7i2
3034
30i2
30i2
500
734
73g
7i2
10U2 *100
iou2
*1934
20i2
*1934
20i2
3,400
734
20
*13l2
1418
*9l2
98i4
7414
13i2
1012
9814
7514
1334
5434
55
54
110
*109
110
58
58
13
13
*914
*9812
7234
1314
54
*52ig
*10912 110
57
57
55
19U
1914
*17i2
19
17l2
67
66I4
67
4938
50
9138
*9HS
93
400
3
3
*234
3
300
*678
*658
714
200
2
600
7
*738
*3U
23g
1078
878
2i8
10U
*3l2
734
2I4
lOU
834
*338
734
214
I03g
834
2578
26
2558
26
2534
2534
2
2
2
*178
4lg
312
4
4
7
23g
1038
33g
*11
338
12
*11
2614
4212
2578
*42
23g
*214
6
*512
5i8
*47s
103g
*70
8I4
*45
*10012
*1093g
47i2
*86i2
33g
11
107s
1078
1034
2638
26
2612
25i2
26
25
2558
2,600
43
417s
4234
4214
42i4
42
42
2l4
5&8
214
2l4
558
518
*14
1412
*17
17l2
10
1018
a6U2
61l2
11534 11778
1734
1778
*5i2
214
578
51g
378
338
238
578
538
338
3*78
3i2
*478
934
*4
25i2
17S
334
*434
xl334
14
*17
17io
978
97s
*54
66
84
85
85
85
11234 11538
18
*1734
85
8434
73
70
70
*70
75
8
8
8
8
8
83g
8lg
*27
*12514 12938 *12512
159
*5734
58l2
5734
19
19lS
1834
103
*10258 103
a:10278 103
54
54
5412
5418
541?
11012 11012 *11012 112
*I0012 112
103
533.J
*31
214
1,300
5i2
500
5ig
100
15
17
978
65
IIII4 11458
1734
1778
85
*8378
75
*70
778
8ig
103
54
5414
*110l2 112
_
480
140
300
38
35
36
34l2
3434
19
19
I8I4
22i2
19
28U
*21
23l2
29
29
2834
2814
28l4
28i2
*2838
123
122
*28i4
124
124
*120
31
3034
3034
30l2
*405s
4212
*417s
4212
1334
1378
9414
1312
94ig
137S
1314
*94
9414
94ig
*77
90
66
66
11034
*109
*77
65ig
110
6534
6538
6534
*10714 I07i2 *107U
14
1438
27«
*5512
»
3
56i4
14
27S
56i8
82
6558
30l2
*4U8
*79
6434
123
307«
421?
131?
941?
24
29
*119i2 122l2
*29
30l2
*4118
42l2
13
1314
23
28lS
28
28
II8I4 120
28l4
28i2
*4118
1234
42
41
41
13
1212
1234
94
94
94
94
90
*80
90
*80
on this
day,
1
85
7% preferred
100
No par
5% preferred
62
6334
6234
107
106
107ig *103
615g
64i2
63ig
62l2
10714 10714
10612 10612
1312
1378
13i2
1334
25g
234
258
234
56
54
5534
5534
6214
t Inr ecelvershlp.
a
June 17
102i2 July 9
265s Jan 6
106i2 Jan 6
36i2 Jan 13
7334May 18
100
Preferred..
6i2June 17
18
prior preferred
June 28
60
2
May 13
lli2June 18
100
48i2June 19
July 13
107
No par
35i2 Jan
14igJune
66I4 Aug
493s Aug
9OI4 Aug
2i4June
6i2June
5
Chesapeake Corp
.No
Chesapeake &. Ohio Ry
June
8i2June 16
98i4 Aug 16
par
100
Common
June 29
11
19.
Cerro de Pasco Copper.No par
Certain-Teed Products
1
6%
June 17
96
par
25
100
2
100
9
Jan 11
2
48U Feb 2
5112 July 28
6i8 Feb 25
20 >8 Jan 12
373s Feb 13
16i2 Apr
5418 June
2918
22
3384
Apr
3014 Apr
58
Jan
16i2 Nov
Jan
40U
Apr
30«4
61
Jan 14
17i2
61i2
18i2
5214
64
Jan
60
Mar
6
1078
Jan
16
Jan
9
37
Mar 11
2
Feb
8
87
Jan xlOO
Jan 18
91
Jan
Feb
106
June
9
Mar
8
19
Apr
Jan
7
54
May
Jan 15
14i2Mar
82
3
Jan 14
Feb 10
1st preferred
9
4
Mar
8
I8I4 Mar 6
123aMay 19
32
Jan 20
3i4Mar 18
714 Mar 17
683 Mar
4
19i2 Feb 17
33
Feb
9
June 30
884 Mar
80
8
Mar 11
13514 Feb 11
213s Feb 18
92
Feb 18
Feb 16
74
July 15
684 June 21
32i4 Apr
7
98
May 21
10234June 21
5
Jan
Apr 23
47ig Mar 31
2334June 28
Aug 11
Jan 6
Jan 29
Aug 6
1
June
26
Jan 18
31
June 17
15
June 28
1058 Mar
Apr
6i2 Apr
97i2 May
4784 jan
814 June
57i2 Sept
13s May
27s
Jan
li4
Apr
684 May
12i2
Apr
48
U2 Apr
3i2 Apr
314 Apr
1934 Jan
173s Sept
7
Jan
25
Jan
8512
1514
7278
Jan
45
Aug 10
2334
Jan
103i2 Apr
5
90
113
7
IO714
Jan
4818 Aug 16
33
200
90
1
Def. delivery.
Deo
50
Nov
Nov
13i2 Nov
4618 Mar
47i2
Oct
Feb
90
51
2978 July 15
13278June 3
48
Apr
124
Jan
129
Jan
134
Nov
58
Nov
170i2 Apr
59
June
2
84
9
5558
Jan
Dec
Aug
39i2 Apr
106i2
Feb
104i2 JaW 6
6234 Feb 13
100
27U
Mar
5
Oct
Dec
July
21U
13
11234 Mar 11
45
Apr 12
517s Feb 10
77U
Deo
June
2584 Mar 19
6684 Nov
30
Oct
28i4 Sept
48
Dec
19
36U
Feb
8I4
Jan
Dec
Jan 14
19i8
Jan
3778 Mar
Jan 25
16
Jan
36
32
Aug
2
Aug 13
May 18
Aug
2
Apr
1
29
Jan
8
90 J2
Jan 14
8O84
Jan
44
Jan
100
11
Mar 15
6158 Aug
10378May
19
19
13
June 22
2
May 19
46
x
61
13884 Nov
Mar
101
Cash sale,
325s Oct
30>4 Jan
1434 Dec
48
108
r
July
82
8
New stock,
Jan
8
Oct
8
n
Feb
8
Deo
July
par
3
98
June 28
$6 preferred series...No
Jan
Jan 14
30
2818 Aug
Solvents..Wo par
Commonw'lth A Sou...Wo par
Jan
50l2 Feb 26
Aug 14
111
Commercial
Feb
Deo
Deo
11134
Feb
75
Comm'l Invest. Trust..No par
$4.25 conv pf ser '35.Wo par
7,400
10,100
314
8ig
25g
145s
Jan
July
80
100
7734 Nov
8934 Nov
5634 Apr
conv preferred
Nov
Jan
Mar
June 14
4M%
100
23
6% prefen-ed
Commercial Credit
300
Deo
Jan
Jan
28
100
Deo
12
484
155g June 17
14i2June 28
...10
72l2
111
3378 Nov
27s Feb
578 Feb
47s Feb
125g Oct
2478 Deo
Apr
Apr
Apr
10
No par
19U Mar
Jan
Columbia Gas A Elec_.No par
6% preferred series A...100
o
Oct
Nov
May
Aug 13
t
Nov
74
May
38
t
12
108
6
par
v
preferred-No
Feb
4
3U2
12584
39i2
46i8
2078
conv
67
2538
li2
27s
2i2
1
28
c...No par
35
4234 Aug 18
June 25
v
Dec
Jan
80
100
918
Mar 11
434 Mar 16
13i2 Mar 17
60
conv
Dec
6&8 Nov
51
100
27i2 Jan 14
22>s Jan 29
1578 Mar 3
102
371*
Deo
100
100
Deo
Jan
Jan
6
4
lo6
No par
Dec
Sept
69
Feb 13
33s Mar 17
12514
122i2
56i2
1738
86
90i2Mar
6878 Mar
17i4June 28
100
397g
20
20
16
26
17
Feb
10i8 Feb 19
86
2538
110
Jan 11
863s Mar 10
235s Feb 10
111
Dec
§214 Jan
Jan 26
3l334 Aug 19
15'4May
1
9i4June 17
46i2 Jan 22
guar
Nov
115
June 25
35
x91
Jan
May
4i2June 29
378June 28
5
July
Apr
2
Wo par
June
143
5434
Jan 28
Feb
186
Jan
"2184
Jan 12
934
Jan
1
116
Oct
Deo
69ig
June 25
94
684 May
92i2
116
10514 Aug 11
41i4May 20
48U
82i2
39U
125s
107U
4134
2434
Nov
2
9i2 Apr 20
19134 Aug 3
12934 Jan 22
100
10334
Jan
tChlc Rock Isl A Pacific...100
7% preferred
100
5
53
Jan
102
Feb
2214
June 14
par
18i*
106
358sJune
Feb
6884 Nov
48
9i4June 26
Apr 28
100
Apr
12«4 May
4534 Jan
Deo
Aug
16
35
$2.75
5,500
Apr
3884
July
3
1038
Aug
June 17
7
38U Mar 19
Mar
preferred...Wo par
conv
Columbia Plct
21,400
1,000
Nov
6
30
19
21
Columbian Carbon
100
3
Jan
101
par
800
1,800
4834
Deo
Deo
Oct
Dec
8812
4
8'4June 26
100
400
28,000
2,200
91
34«s Mar
63i4June 10
4
24i4July 2
134June 26
3i4June 17
4% 2d preferred
...100
Columbia Broad SysIncclA2.50
Class B
2.50
90
653?
4
July
100
Celotex Co
4%
80
1,400
*80
90
790
23l2
2818
*20
93
6412 6518
*10718 110
*10712 110
65
6512
6534
65ig
65i2
10712 *10714 10712 *10714 107i2
14
14
14i«
1378
14i4
3
234
27«
234
278
56
5634
57
5634
56i4
2312
23l2
2814
28 i8
28ig
12 li2 121i2
2858
2858
28i4
Jan
112
No par
5% preferred
5%
38
93
110
Bid and asked prices; no sales
2312
*20
Caterpillar Tractor
138
Colanese Corp of Amer. No par
6% preferred
2,180
24
100
100
Preferred.
Collins A Alkman
1,400
19l2
231?
634June 18
1
Case (J I) Co
Colo Fuel A Iron Corp .No
par
Colorado A Southern
100
*31
36i8
2234
Carriers & General Corp
June 23
10784 July 10
1938
2312
29
5
preferred
100
Colonial Beacon Oil...No
par
3618
*20
30
9412 July 28
Aug 10
100
195S
29
95
Carpenter Steel Co
8
June
138sJune 29
47
July 8
47i2June 14
37
23
44
..No par
19
25
No par
Capital Admin class A
1
$3 preferred A
..10
Carolina Clinch & Ohio Ry. 100
Stamped
100
Colgate-Palmollve-Peet
2,000
3614
22
25
Coca-Cola Co (The)...Wo par
Class A
No par
800
300
8,100
38
24
23i2June 28
54
Aug 3
118s July 23
100
Preferred
20
29
Canadian Pacific Ry
Cannon Mills..
5
7% gtd_50
4%
50
Cluett Pcabody A Co...No
par
2,600
37
23
4
3384 Mar
I684 Nov
.
Canada Dry Ginger Ale
Canada Southern Ry
Special
19
2012
281?
2814
par
Clev Graph Bronze Co
(The).l
Clev A Pitts RR Co
180
*31
28
Mar 22
23g Jan
Clark Equipment
No par
C C C A St Louis Ry
5% pf 100
Clev EI Ilium $4.50 pf. No par
3,700
Oct
r
6j^ % preferred
City Investing Co
City Stores
30
*36
217s
2012
50
1
City Ice & Fuel
2,700
1,700
1912
*31
Aug 20
25i4June 29
35UJune24
60
Callahan Zinc-Lead
Chrysler Corp
39,500
1,100
38
38
Dec
61
100
No par
No par
Chickasha Cotton Oil
10
Chllds Co
.....Wo par
Chile Copper Co
25
100
37
*31
No par
700
1914
38
Mar
33i2
1
25S
Chicago Yellow Cab...No
367g
*31
9
Jan
9
Feb
914 Feb 25
600
-
*10278 103
*10278 103
51
Z5U2
503g
5212
*10834 112
10834 10834
34i«
Jan
4i2 Apr 28
1718 June 29
6
6% preferred
1,800
115i2 Sept
83s Apr
lli2
3184 Nov
13
5i2
Jan
85
Apr
9
2
65U Mar
3314 Nov
65s Mar
Preferred
1,400
Deo
Sept
1578 May
Dec
Dec
Jan
Chicago Pneumat Tool. Wo
2l4
46
45U
46'4
45
45
46l2
4534
4534
102
*100l2 102
*10012 102
*10012 102
*100l2 102
110l2 110l2
11034 11034 *110
111
111
111
48"is
4734
4734
463g
46
45
463g
4512
4512
867s
86I4
8634
8638
863g
*86is
87i2
87i2 *86ig
*49l2
52.
*48 7s
*4914
*4878
27*34
2678
27
26l2 *26*34
26
26i8
2658
26i2
1293g *12512 12938 *125i2 12938 *129l2 12914 *12512 12914
159
*159
159l2 *159
154
154
159l2 154
15734
*58
58
5734
58
58l2
*58
*5734
58i2
5812
19
185g
19
19
1834
18
I8I4
1878
18i2
-
—
*4i2
*1358
16l2
978
46
-
-
2134
116
Apr
5% preferred
100
tChlcago A North West'n. 100
-
Jan
Jan
1418
800
-
878
918
131s
2938
tChlc Ind A Loulsv 4 % pref 100
Chicago Mail Order Co
5
tChlc Mil St P & Pac.-JVo par
w
Dec
1
1,500
■'
221a
1071* Sent
Feb 15
7
Jan
3
25>8
178
834
Jan
13
Oct
655a
2
4% preferred
1,700
978
97s
*4
3
98
Oct
57
Sept
8i8 May
24i2 Jan 11
2414 Feb
5H2 Mar
58i4 Sept
106
I8I4 Mar
2484
178
*54
*70
74
2
45
7
Jan
Dec
4514 Feb
Preferred series A
300
10U
*2
50
2
36i4Mar
tChic & East 111 Ry Co.—100
6% preferred
100
tChlcago Great Western.. 100
3,200
2,600
11
334
314
1034
334
338
12
*1414
15
171?
1712
10ig
10ig
5914
64
1165g 11734
1778
1778
1734
634
634
2i4
10lg
834
2534
178
378
338
*2
6234 Jan 14
40U Jan
9784 Feb
44i2 May
Jan 12
7
Checker Cab
200
33
53
24U Jan
ChampPap & Fib Co 6% pf 100
3
*49
103
20
1,000
17l2
1175g 118i2
18
1778
85
8412
2?"
1,070
55
67
60
159
5,000
38i2 Jan 14
102i2 jan
Apr
8U
Century Ribbon Mills. .Wo
70
5012 July
12U Mar
Jan
2i2
Central Vloleta Sugar Co
3,600
Jan
4i2
25
100
1012
9934
7258
*13i8
1358
52
52is
109i2 10912
41
Jan 13
1134 Jan 29
100
9934
Jan 23
8
39
June
30
7134
47
353g Feb
400
13
69
Deo
Dec
Central AgulrreAssoo.-No par
Central Foundry Co
1
Central 111 Lt 4>£ % pref--100
Central RR of New Jersey. 100
60
*9
19l2
70
27
*11
101?
9934
7334
13i2
68
84i2
*158
1,600
101i2 *100
*1712
*55
88
3U2
*66
1012
*49
120
19i2
*14i4
1734
Ids
48"
77
69
58
4712
*8534
3938
77
55
15
*110
37
77
5H2
214
*5i2
5i8
*100l2 102
200
39ig
77*
9H2
23g
578
514
14l2
4634
110
39ig
3
*2i4
578
*46
*108
300
50
42
8i2
109
2,600
12,100
9112
42l2
8i2
109
3714
9214
314
4212
70
104
3614
120
5H2
2614
*84
98
97i8
*103
1,400
1,300
116ig 116ig
9634
9714
1045g 10458
3534
363g
78
*3
2612
II8I4 11914
1778
1778
634
3812
*109
583g
634
505s
178
18
700
*9Ug
4
*55
32
*2978
7
*67g
17238 174
116
314
4
14l2
*17l2
1012
14
5814
20
96
5234
2
*5
1334
5838
97
31
Feb
6478 Mar
Dec
Mar
2,300^
31
*45
~1878
47
14
Apr 29
*96*
♦
96
yl2i8 July
4314 Apr
5312 Feb 13
695s
June 28
9734
5978 Feb 11
35i2
12
48
2314 Feb 23
2034 Apr
24
300
li« July
45U Jan 18
183s July 14
Campbell W & C Fdy._Wo
4478
145g
483g
Jan 11
Aug 14
Jan
Calumet & Hecla Cons Cop. .5
*45
175
20
*13i2
1U2 Jan
5i2 Nov
4i2
34
143s Jan 11
9,900
100
3238 Aug
Apr
1278June 29
28i4June 21
5% preferred
17*905
11,600
Jan
6
10
312
15i2
*1*1*58
255g
Jan 18
1534 Mar 23
30
55
8,400'
Apr
Nov
47
4984 Aug 14
11718 Mar 12
June 16
63is Mar
100i4
28
June
5% conv preferred
Butte Copper & Zinc
California Packing
*
40j8 Dec
8018 June
39
tBusl) Term Bldg gu pf ctfs 100
800
251?
Jan 22
46i2 Apr 13
25
Aug 16
15
100
Byers Co (A M)
Partlc preferred
Byron Jackson Co
31
48ig Feb 13
93
Highest
share $ per share
per
1578 Aug 19
22i2June 30
4igJune 9
No par
390
9034
*3
4
26lo
1034
98i4
74i2
1934
5H2
*178
35g
110
2014
14lg
*9i2
98i4
6212
65g
share
Butler Bros
3,300
1,200
5,000
1,600
90^4
11
12
1034
9814
74l2
1378
55I4
60
per
Aug 10
7i4June17
5018 Apr 9
30S4June 28
1
Debentures
1,000
10,300
26
312
2014
*13
1412
JBush Terminal
*9534
7
109
Burroughs Add Mach-.Wo par
1,000
600
lll2
4478
1434
118
98
5,800
Burl'ngton Mills Corp
61
"
184
38
No par
*56
115g
7
104
Bullard Co
6734
50l4
9138
11
*lll4
20
56
*180
182
No par
2834
3612
25
58
$
Year 1936
Lowest
7igJune 17
No par
33g
15i8
*30i4
46
n
100
7% preferred
Bulova Watch
*52
261^
101
Budd Wheel
*66i2
4978
*212
2578
87s
181
11912 *118
117
119i2
98
9912
9834
1047g 10478 *104
104
104i2
3712
383g
3738
3734
3712
109
109
*108
109i2 *108
4034
4034
39l2 397g
3812
773g
7712
77i2
77i2
77l2
31
*30l2
3H2
3114
3114
8
8
7&8
734
734
*1007s 10134
10138 ion2 *100
110
5112
*109
182
1H2
*44i2
*1312
100
1484June28
5
..100
No par
285g
*3514
61
31io
56
12
1434
4838
*
96
1978
63i2
*25l2
*54l2
1178
483g
2878
3612
53i2
358
1534
31
45
96i2
*315g
*
96l2
3178
1934
63i2
2878
*3514
*5H2
3i2
153s
2714
26
*12*"
634
155g
3134
6I4
1958
par
par
2,600
1,700
1,400
3,700
2678
1578
3134
16i8
323.
Bucyrus-Erle Co
7% preferred
Budd (E G) Mfg
60
5
2678
32 i8
par
Bruns-Balke-Collender.Wo par
20
*25
par
.-No par
Brown Shoe Co
8,200
1578
29i2
5
$6 preferred
..No
Bklyn-Mf J h Transit—No
$6 prte ared series A.No
Brooklyn Union Gas—No
II,200
IOI4
8334
8l2
*1758
65g
334
16ig
29
514
1578
55
*118
41
I8I4
2134
315g
66
812
295g
*25
56
*45
483S
2534
I6I4
32i4
678
1934
37
3l2
1534
31i4
*
2914
514
*1778
578
29
*51
334
1578
30
3634
53i2
3514
23
29
37
834
55
Brlggs & Stratton
I.300
105
3414
1578
8'.
56i2
3634
1634
Bridgeport Brass Co—No par
Brlggs
200
35
*14
*109
*103
35U
1658
1434
483g
99l2
1778
103
36
*137S
39
I8I4
103
36
45
105
1734
105
Bower
800
5514
12
9938
19
28i2
4334
17i2
55
46
3878
64l2
281?,
4414
*18
19
205s
8.
5512
*44
*104
19
6258
2814
ar44i4
84
46
7
1,200
84
*44
*180
400
3l2
16
85
267s
7i8
3834
3i2
1578
84i2
834
55&8
2612
120
3834
3i2
87s
5634
*54l2
1134
185
39i«
3i2
16
86
263s?
*118
3834
17i8
22i4
6712
28i2
46'8
I8I4
834
56l2
3578
26i4
*54l2
1218
*180
38i2
384
Manufacturing.No par
No par
Bristol-Myers Co
5
*103
3234
7
300
1734
86
3234
3178
48
87
33
32
46
978
8334
32i2
3178
17i2
445s
48
103g
I6I4
2934
*514
*18i4
2578
16ig
JBotany Cons Mills class A.50
Roller Bearing Co. 17
47
10i8
3584
1634
2978
538
5
100
Maine RR
48
1034
9
Corp
Borg-Warner
48
IOI4
57
15
Borden Co (The)
Boston &
200
23g
335g
10r»8
3314
*96i~2
3,800
June 24
8412 Aug 4
413s Mar 12
23i2 Aug 20
2H2June25
3878 Apr 28
8U Jan 28
li4June 18
33
Aug 20
15
Apr 28
39i4June 17
4134 July 1
33734 Aug 13
284June 17
15i2June 17
18i2June 17
5914 Aug 20
26i4June 12
43i2 July 1
1634June 17
1
Bond Stores Inc
46
28i2
110
33
*45
33
900
49
*45
16
*
500
103g
334
1534
96
8,000
9i2
107s
I6I4
*
23>8
2378
4814
48
18
16
1134
23i2
2334
47U
*8is
*2ig
37
5
No par
Class B
Highest
$ per share
No par
Bon Ami class A
1,600
7,200
10,400
2U4
*66i2
18
1638
1214
60
3812
35g
17ig
2214
16'4
26i2
*54i2
100
43
47
4618
*103
1778
33i2
Bohn Aluminum & Brass
1,800
88
43
4812
912
2i2
33i2
183fi
Par
49
29
185g
102
1834
4512
*87
24
*2
34
45i2
89
4334
2334
48
I8I4
334
*4412
18
*814
88
34
17
*6612
2858
2934
4618
18i2
8h
57
334
9i2
2i2
*2
3334
18i2
4734
4912
47
*2312
2334
2334
34
47is
*49is
2334
237s
49ig
45ij>
*43
235g
48l2
*8l2
1812
4434
89
4334
24is
493g
34
3378
18&S
483g
45l2
*88
*43
23 7s
9
,
*45
Lowest
Range for Previous
June 23
Ex-dlv.
y
94
Jan
Jan 20
31
May
Jan 20
39l2
Dec
Jan 14
14
Jan
69U Jan
114
8
Jan 12
80U Jan 26
Jan 25
21U Jan 21
120
4i8 Jan 13
755s Jan 13
Ex-rlghts.
Jan
100U July
55
Jan
97
Jan
14U June
2U Apr
69U
Apr
Mar
136i2 Aug
x45i2
Jan
5II4 Jan
23ig July
IO884 Oct
103
Aug
847g Sept
128
Nov
91«4 NOV
136
Nov
245s
Feb
5i2
Feb
82
Feb
H Called for redemption.
Volume
New York Stock Record—Continued—Page 4
145
AND
SALE PRICES—PER
HIGH
Aug
Aug. 14
Aug. 16
$ per share
$ per share
*12i2
3884
1334
*12i2
38&s
3878
*14l2
*1312
2278
12*2
1234
82l2
83l2
84
*
*84
3*4
127g
37*4
3778
103*2 103*2
*8*8
87s
1534
1578
*10412 105
*6
58
6*2
84
*1038
10*2
42
42
29*4
Shares
13
83*2
15
15*2
*13*2
22*4
135s
14*s
*
81
*12i2
3784
16
*12i4
*13*4
14
*13*4
*21i2
13
22*4
13*s
~83*~2
83*2
*13
14
2312
14
*
76
*83*2
86
38*2
16
23*4
*83*2
13
38*2
13
38*4
*15
*
81
13
13
38*s
1338
86
2178
1214
*
76
29*2
9212
29
*92
2834
92i2
29*4
*9178
92i8
*91*2
28i8
2334
92*4
29*8
2858
273g
23*4
24
3
3
*91
93
9134
5938
*18*2
37*2
2i2
45*8
28*8
6238
5978
60*2
19
19
*38*4
39
38*8
38*4
234
38
38
38
38
6734
48*4
30*2
47*4
4678
29*4
2914
63
63
63
63
29*4
6234
6778
734
5058
68
6734
162
*160
*160
734
51
11678 11678
115
115
*28*2
20*8
8234
29
2034
8384
48
*47
*39
40*2
68*4
162
*160
21*4
22
98*4
983s
983S
76*4
77*4
958
39
978
67*2
*13g
1*2
10*8
9*2
9*2
6
195s
*67*8
71
*67*8
*4658
50
*4658
75
76
75
15*2
19
15*2
*19
19
104
50
*465s
75
7534
1534
1934
13934
25*2
2078
21
*20*2
2034
38*2
38*2
38*4
38*4
16
1638
16
6
*5*4
IMI4
114
114l2
18
*14
18
1978
*19
155s
*5*4
*113
2678
*33
S6
16*4
35
*3512
37
38*2
*38
3834
19*4
*3558
38*4
42*4
42
134
*458
*1412
153s
117
*116
164
164l2
*134U
13412
112
112
1358
1384
19*4
*9
*1338
16*8
23*2
*9
57*4
28
53g
153s
1534
116
116
163
164i2
134*2 134l2
113*4 113*4
13
13
35
*1*2
5*4
13*4
11*4
5*8
36*4
1*4
434
2634
160
28
*43*2
134
*434
53s
16
160
*15l2
160
3434
13
34l8
12%
41*8
113s
40*2
41*2
39*2
1138
12*4
12
*5*8
53s
22
227g
77*2
78
225„
23*4
2238
80
80*4
79
79
75*4
7534
74
74
73*2
73*2
36*8
*35*2
3534
35*8
35*8
*1*8
434
1*4
*1*8
1*4
478
2634
26*2
47g
27*4
553g
54
54
434
5*4
34i8
125g
40*2
123s
5*4
5538
26*2
*54
5978
*60
*55
65
*55
*60
5*4
75i2
5*4
65l2
5*4
1578
1578
1512
2338
*16*4
*62l2
,
24
24
18
18
*7758
78*2
8*2
8*2
*22
2238
77
8*s
22
*3*4
33g
*3*4
*338
3l2
2414
338
*2358
*6158
*148
63
«.
-
-
23l2
62
*150
2638
267s
5538
*54
»4
65
158
333S
1238
38*s
11*2
5*4
12l2
39*2
12
5*4
110
1,100
3,100
140
800
3,100
6,200
18,100
3,100
25,100
2,900
68*2
68l2
700
35
35
700
300
1*4
5
5
1,100
2338
18*2
23*4
23
*16l2
18*2
77
*77
78*2
*1638
*7634
8*8
22i8
3*2
338
23l2
-
—
49*8
*3
338
23
145
3*4
»
-
8*4
22
3*4
33g
23*8
6134
61*8
«
18*2
78*2
23
23*2
-
43
8t2June 17
65
Aug 16
20&s Feb 11
62l2
15
22
2212
16*2
734
21
22
478
*20*8
»
61
2134
5978
49%
19
91
*136
145
*135
145
*135
145
*135
Class B
*101
*98
110
*98
110
*98
110
*98
8%
*634
7
*634
8*8
734
734
784
334
334
334
*358
Bid and asked prices; no sales on
this day,
7
784
334
658
7*2
3*2
t In receivership,
634
Tjoo
7*2
1,300
3i2
/
19i2 Apr
8684
13'4June28
24*2 Mar 17
1478 Apr
June 16
4
11078June 15
93s Apr
59
9
Aug 4
Aug 10
26
June 29
19
33
Aug
2
1078 Feb 18
90
Dec
Jan
197s Nov
30
Jan
43s
108U
10884
Dec
Dec
323s Nov
33i2 Nov
5434 Oct
23i8. Feb
938
153
Feb
Feb
7
128
May
19
May 13
4
Apr
1178
13
June
213s
Jan
42
Jan
63
Deo
3018
Oct
Oct
40i2
I8I4 Apr
345s
116ia
22
Jan
Jan
May
7618 Feb 19
36i2 Feb 2
40i8 Feb 4
23
Apr 10
37i2
29
Mar 17
80
June 16
96
Mar
9
93
Dec
18
June 28
25
Feb
9
19
Oct
40
Aug
No par
100
preferred
47*sMay 17
44
Aug 11
i2June 25
14
Aug 11
112
May 28
1)& Co 20 148i2 Apr 28
6% non-voting deb
100 130UJune 29
110
Aug 5
Duquesne Light 5% 1st pf-100
O^June17
Eastern Rolling Mills
5
151
Apr 29
Eastman Kodak (N J)-No par
6% cum preferred
100 150 Apr 2
29*2June 15
Eaton Manufacturing Co
4
10®4June 17
Eltlngon Schlld
No par
3484 Apr 28
Electric Auto-Lite (The)
5
9*4May 14
Electric Boat
3
4*2June 15
Elec & Mus Inc. Am shares._.
14i8June 14
Electric Power & Light-No par
62
May 18
$7 preferred
No par
58*4June 15
$6 preferred
—No par
32i2June 28
Elec Storage Battery..No par
1
June
2
fElk Horn Coal Corp..No par
3
June 15
6% preferred
--50
2l5g Apr 28
El Paso Natural Gas
3
54
July 13
Endicott-Johnson Corp
50
5% preferred
—100 105i2June 10
8 June 15
Engineers Public Service
1
110
6"8
5
Jan
5838 Mar 17
Du P de Nemours (E
145
110
29
June 28
33
par
Douglas Aircraft
10
145
9U Mar
2178
Oct
Jan
Aug
43
95i2
Jan
Deo
Nov
25
4078
Deo
4634 Feb 17
1,000
*88
4958
Jan
Jan
4114 Jan 25
2~400
19
91
Dec
52
27
June 15
No par
$5>i preferred w w..No par
$6 preferred
No par
Equitable Office Bidg..No par
Erie Railroad
100
4% 1st preferred
100
4% 2d preferred
100
$5 conv preferred
Co
Eureka Vacuum Cleaner
Evans Products Co
Erie & Pitts RR
8%
50
5
5
Corp-No par
—-—25
100
preferred
Co.No par
preferred..
100
Fajardo Sug Co of Pr Rico.20
Federal Light & Traction. .15
$6 preferred
100
Federal Min & Smelt Co.—100
Preferred
100
Federal Motor Truck..No par
Federal Screw Works..No par
Federal Water Serv A ..No par
Fairbanks Morse &
6%
*88
107
5
June 21
390
91
Jan
75s Apr
3134 Mar
38>sMay 13
1,400
20*8
8*8
5
2514 June 24
1778June 24
35
"
5178
Jan
5
Jan
34
Fairbanks Co
51*2
634
Feb
par
670
*148
Jan
Sept
143*2 July 23
par
No
CastingCo No
Dome Mines Ltd
No
Dominion Stores Ltd..No
3*8
22i2
6034
*88
334
24
109
Class A
3
*135
7
10
100
1858 Aug 11
99*4June 28
10438 Jan 5
Doehler Die
Exchange Buffet
*1958
838
Deo
5% pref with warrants. .100
Co
No par
600
91
334
Jan
4314
8834
Dixie-Vortex
900
20
678
8*4
70i2
5% non-cum pref erred.. 100
"taynolds A..No par
Diamond Match
No par
90
51*8
334
3618 May
Devoe &
1,400
195s
Feb 27
...100
Det & Mackinac Ry Co—100
3
51
62
4
10i2
18*2 Jan 16
200
20
195g
59
9078 Mar 10
3,700
49*2
4934
6
Jan 14
73*2May 21
8
23
83s Mar
86
rl278June 17
22
6178
Jan
Apr
Deo
2334 Mar
5
Conv 5% pref
25
Dayton Pow & Lt 4H % Pi-100
3
—
114
June 17
5
109t2 Jan
No par
2,100
1,500
1778
7812
Dec
44i2
2414
16*2May 13
Inc
338
3*8
99i2 Mar
Deo
1414 Mar
67*8 Aug 19
465g Aug 19
Davega Stores Corp
3*4
*3
*22*2
*16*2
35i2 May
167s June
20
129
1
1
A
Cushman's Sons 7%
200
15
*77
*8
16*2
78i2
8*4
*77
*148
*148
47g
434
15
1
Oct
Dec
33$ Deo
pref..100
No par
Curtiss-Wright
$8 preferred
Cutler-Hammer
Mar
125
Deo
6
4
No par
Preferred
300
55*2
*88
90*2
*135
*148
20
90*2
*
22
3*4
3*8
49*8
20
91
7
22*8
3*4
61*8
—
8*s
83s
8*8
2134
62
«.
300
22
5*8
1538
21
8*4
378
434
14*4
*21*2
100
66
23
Jan
3778May 21
61
*64
47s
50*2
634
*60
66
15*4
*88
8*8
*334
61
*64
5*8
*19
110
*60
66l2
15*2
*49
*98
65
5*s
23*4
8,000
57
55*2
Jan
63i2
50
Packing
Sept
6i8
Jan 11
Curtis Pub Co (The).—No par
10
3558
*1*8
9
4
Jan 12
143s
127
Jan 28
51
123s Mar
8
Duplan Silk
70*4
*64
1538
173s Jan
2
8I4
6934
*60
5*4
884 July
734June 15
10978 July 21
10
Preferred
378June 29
~
400
34
58
1534
Jan 11
..100
Sugar
Cuban-American
5634
95i2 Apr
114 Sept
Mar 10
3
3i2 Feb 19
6,500
158
66*2
*63
135
lUJune 29
74
5512
100
May 20
li8May28
19i8
Apr
28
3
24*2June 22
m.
5
65
*60
66
Cuba RR 6% pref
8134 Mar
No par
2134
55*2
...No par
4
JDuluth S S & Atlantic... 100
6% preferred
100
Dunhlll International
-.1
100
134
*1*2
*434
*55l2
55
55
5978
115
200
27*2
**2
73
5*8
2658
.100
......
(The)
Jan
884 July 26
203S
263s
10834 Apr 15
51
11584 July 27
75
*53
94U July 28
700
45
27
265s
55
*533S
*108*2 110*2 *108*2 110*2 *108*2 110*2 *108*2 H0*2 *108*2 110*2 *10812 110*2
11
10*4
10*4
*9*2
1078
11
1034
*1078
11*4
*1078
1178
*10*4
*54
$5 conv pref
Crucible Steel of America. .100
100
120
75
1*4
No par
Crown Zellerbach Corp
Dec
714 May
par
21*8
*1*8
47g
5
2514 Apr 13
44
No par
1,000. JDow Chemical Co..—No par
Dresser (SR)Mfg conv ANo par
200
22
*35
58U Nov
493s Nov
1658June 28
39
20*4 Apr 28
16
161
91i2 Nov
41*sJune 29
Ltd No par
6,600
Deo
Nov
46U July
No par
Distil Corp-Seagr's
9
140
June 29
No par
$2.25 conv pref w w..No par
500
27*2
34
35
738 Mar
50i2
3778 Nov
4,700
120
Jan 16
Deo
170
353s Sept
23
4,200
Nov
Apr
46
Oct
82i2 June
69i2
Jan
zl434June 14
5534
136
Mar
Mar
25
55
Jan 28
Feb
4
4478 Dec
Aug 13
10078 Feb
June 29
Co—2
180
Oct
46
15&8 Mar
18*2June 15
6% participating pref
1,800
July
37
2878June 29
68
Diamond T Motor Car
600
Aug
4
41
115
113*2May 3
100*8June 17
500
20
158
3
56*2 Feb
1,000
86*s
Dec
5514 Apr
6358 Aug
121
4
June 29
15*2
57
*1*2
357s
*1*8
434
434
2678
1,100
25
8
Feb 13
77
71i4 Jan 15
17H2 Jan 14
10*4 Mar 16
33*2
'
34
3434
12*2
5*4
2234
1*4
434
27
383s
4112
134
36*2
1*4
15*2
2234
*83%
*19*2
300
28i8 June
8714 Jan
243s Mar
435s
20
1978
6334
July 19
3558Mar
4
6714
17
9
23
23
11
3
56*2 Jan 8
47U Jan 28
Preferred
61*2
36
5*4
76
*75
*19"
Feb
Jan
Jan
Jan
Feb
2834 Jan 15
JDenv & Rio Gr Weet 6%pf 100
38*4
4138
834
*27
100
100
preferred
Detrol* Edison
16
*15*2
*116*2 120
*116*2 120
*116*2 120
164
162
160*2 16234
160*2 163
*134
135
135
135
135
135%
113*4 113*2
*113*2 114*4 *113*2 114l2
13
12
1212
125g
12I2
*1258
192
192
I86I4 191
19512 195*2
35
12*2
538
34
40
3,100
1,400
10
Jan
6
25
100
36
45
100
No par
18
June 14
6184 Aug
No par
600
385g
4212
*43*2
45
2758
16
16
16412
11*2
*120
25
6
*5*4
11334 11334
36
9*4
49
Delaware Lack & Western..50
8534
*9
55b
3984May 14
4,300
122
41l2
5
15*4
15
33
1958
Nov
I8I4 Aug 13
3538May 13
2
May 13
Delaware A Hudson
61*2
23*2
Nov
Dlesel-Wemmer-Gllbert
*26*4
23
4
109
Deere & Co
'
117
53s
912
58
**2
134
*434
11*4
4234
27*s
34
134
4058
19l2
122*2 124
*43*2
*43*2
4178
86
50
26'4 Mar
353s Nov
Jan
Dec
17i2 June
35i2 Apr
2ig Apr
1,600
*
16
300
1584 May
1
Crown Cork & Seal
Class
Deo
10934
69*s
2584
4234
378
June 17
5% conv pref
5,100
Deo
Jan
June 18
Co
Cudahy
Jan
914
377s
3s May
2
Jan
2,200
3358
42l2
9*2
1258
23*4
79*8
600
2634
42
57*2
35*4
2278
79*8
934
66
2,800
265S
38*4
159
11*2
558
300
3,400
2,100
17,500
15*2
3358
*15*2
3878
159
4134
16*2
237g
357g
45
12*2
41*2
34
3558
197*2 197*2
*35
113
15s
June
12*4 June
1&8
50
Preferred
280
74*4
18
38*2
12434 125*2
1358
2678
85*8
19*2
19*4
158*2 158*2
12*2
*
36
538
115
70
3,700
Deo
103s
z81
Motors
Preferred
958 Nov
17U
10618 June
1234 Nov
Jan 15
100
Coty Inc
Cuba Co
Feb
Jan 14
5478May 13
153
Apr 14
400
5i2 Sept
Oct
July
109
514
..20
Pref ex-warrants
1,000
Jan
Feb
483s
2i2June 17
Cream of Wheat ctfs.—No par
11,500
1,500
8,400
1
3738 Apr 13
x25
600
Apr
7is
20is
92i2 Aug 16
20&8 Jan 4
18i8June 17
Crosley Radio Corp...No par
5,000
Feb 24
Corn Products Refining
f7%
378 Apr
4
lb Feb 27
1314 Apr 6
5234 Apr 6
58May 13
Jan
11*2
1058 Jan
8i8 Jan 26
33
101
10578
Aug 6
4i2June 30
Apr
Apr
102
13*2 Feb 26
177s Apr 5
Jan 23
14i2May 14
104
Continental Steel Corp.No par
Corn Exch Bank Trust Co..20
Crane
Jan
Feb
4i8 Sept
Jan 12
108
Deo
Jan
3734
100
*14
5*8
38*4
194l2 198
35*4
Continental
June 29
92l2 Aug 16
1,500
a;74*4
5*8
16
2*8June 18
10
No par
preferred..
8%
1,300
*46^
55g
8534
195s
*3534
**2
*1*2
134i2 134i2
*112
567s
34
*1*2
*458
153s
74
15U
27U
92 4 Mar
31i2June 14
99i2June 15
83s Aug 18
100
Continental Can Inc
900
40
1534
*33*2
*27
28
**2
163
465s
584 Jan 20
1884 Jan 9
4978 Jan 23
1
v t c
Class B
100
8,600
6,600
50
1512
26*2
267g
34
15884
*53s
6534
162
50
1578
16
19734
113s
3,300
584
19*4
11312 11358 *113*2 114*4
18
195
41
430
63
67*2
*5*4
11412
*158
*34*4
1212
700
287S
19
155s
157g
57g
*9
9*2
583S
12534 12584
*43*2 45
*116
75*4
86*2
38*2
417g
53s
*74
16*4
2334
35
*1*2
75
233s
16*4
2334
*27
50
*84*4
16*8
8534
34
*46%
Nov
Continental Oil of Del
*65*8
578
19*2
1978
235g
28
50
Nov
94
Continental Insurance.._$2.50
67*8
4658
63
16*4
**2
19*4
67*s
95
73i2
9,500
7434
15*2
534
195g
71
Nov
7214
5
1,600
3,400
258
4634
9b
65*2
55s
*19~
86
*12538 126*4
45*4
*43*2
57g
9%
*60
24
4134
19*2
*67*8
85
Mar 11
Jan
7
•
37*2
39*2
65*4
197g
16*8
2384
57*2
534
71
*38
63
*83*2
9*2
6
19%
95g
65*4
65
*110
39
*60
2678
58
65
38*2
*19
3378
42
95g
6678
112
112
1978
33 78
19*4
11212
3912
95g
934
*39
63
2678
*27
162
*60
2678
3378
19*2
111
39*2
6534 June
95
100
100
Continental Diamond Fibre..5
778
*19
267s
*9
65*4
67
162
734
50*4
1978
60*2
58
66*2
*160
8%
60*2
61
*193s
162
87
..100
500
15*2
*14l2
*15*4
*14*2
19
19
193s
*16*2
*1834
193g
*18l2
*185s
105
106
105
*103
*103
104*4 104*4 *104
138
133
133*2 135*4
140
14034
13934 140*2
25*2
25*2
25*2
25*2
257g
253s
25*2
25*4
21
20*4
20*2
20*2
21*4
20*2
2034
20*4
37
36
36*4
3734
*35*4
357g
37
3578
*16
61
*33
6734
734
15*2
16*s
57g
*19
67
111
534
1958
*67*8
*25
*14
63
95s
65
6
71
139
*5*s
29*8
63
*160
Deo
1834
99
111
20*8
104*4 104*4
139*4 140*2
25*4
25*4
*114
29*s
63
734
1934
'Consumers
7,700
60
2IS4
*39
6712
57s
20
104
29l2
68*s
5% preferred
400
21*8
213s
2038
2i7s
2034
21*4
9934
99*2
98l2 100*4
*9834 100
74
78
7534
75l2
75*2
77l2
7434
753s
129
*125
127
127
*12534 129
*12534 129
13s
13s
13a
1*2
138
13g
13s
13s
10
10
10
10
10
*9*8
*934
*938
9
10
9*4
958
95g
9*2
9%
9*4
934
95g
65
20
15*2
76
127
*38*2
934
*2834
9858
1103411034
39*2
*110*4 113
67*2
47*2
21*4
10*8
1*2
11
578
75l2
127
*125*4 127
39
25g
46*8
162
Jan
June
preferred..
No par
Consol RR of Cuba 6% pf.100
tConsolidated Textile. .No par
Consol Coal Co (Del) v t C..25
—
22
*13s
2l2
473g
29l2
258
4734
63
33*2
8
$5
4,200
10,500
1,800
8
75g
5038
49*2
51
50
5114
5034
5038
50*4
50*2
1167s 116'5,6
1162732 11627J2 *116"32
*116",6
116'3I6 11678
114
114
114
114
115
114
113*2 11334
115
11434
29
29
29
29
\
29
*28*2
29
*28*2
*28*2
*28*2
20
20
20
19*4
19*4
21
20*2
*19*4
203s
20*2
76
73
79
81
X75
7958
8234
82*2 8212
8284
4634
48
48
4634
47*4
48
48
*47*4
4734
4634
*39
*39
*39
40*2
*39
40*2
40*2
40*2
*39
40*2
98*4
*9*8
3734
212
473s
734
758
7*2
2158
11
38
25g
63
Aug
Jan 15
Mar 2
$5 preferred
No par
Consol Laundries Corp..
.5
Consol OH Corp
No par
1,000
9134
183g
47
15
July
187s
$2 partlc pref
..No par
Consol Edison of N Y__No par
100
3
183g
*29*2
Jan 14
26
5,800
23*2
3
60*4
2b
22
2
4
978June 14
76
Aug 2
83i2 Apr 9
84
Aug 12
Continental Bak class A No par
1834
25g
June 21
2184 July
P Co$4.50pfNo par
Container Corp of America. 20
6078
47
12
100
60*8
234
2534 Mar
1,600
*183s
*91l2
15i2
44i2
16
5,900
183s
60*2
93
*92
307s Aug
1914 Jan 23
lli2Aug
2334
6078
9358
19*8 Feb 11
45*2 Mar 11
Consol Film Industries
700
13,500
1,000
1,500
26,400
July
June 28
12i4June29
6H % Prior pref w w
6H % prior prf ex-war..
""BOO
7
34
2734
183s
92*4
3
3*4
preferred
Highest
$ per share $ per share
$ per share
share
par
92*4
60*4
*9358
258
7%
23*2
1838
3*8
2,600
40
86
90
per
Lowest
Highest
par
Conn Ry & Ltg 4J^ % pre!-100
Consol Aircraft Corp
1
Consolidated Cigar
No par
"i'800
76
*83*2
$
No par
Congoleum-Nalrn Inc..No
Congress Cigar.......No
100
273S
6034
3*4
24
Conde Nasi Pub Inc
300
4,400
*917g
*18
2378
3*s
4
3
Par
Year 1936
100-Share Lots
Lowest
28
92%
2418
3%
93l2
6078
2418
3*8
9458
24*4
*2378
1278
3812
1314
14
2178
1234
90
*83*2
90
*83*2
90
*83*2
*83*2
*83*2 90
*3
3*4
3*8
3*4
3*8
3*8
3*8
*3*s
*3*s
3*4
12*2
*1214
1234
*1234
13
12*2
12l2
1212
1212
1234
36
35*4
36*g
37
36*2
3638
3678
36*2
3658
37*2
10234 10338
103*s 103*8 *103*8 10338
103*2 103*2
103*2 103*2
8*2
812
87S
*8*2
83s
87S
8*2
*8*4
8*2
8*2
15
1514
1558
15*4
15*2
1534
1534
15*2
1558
1578
*104l2 105*4 *10412 105*4 *10412 10514
104l2 104*2 *10412 107
6
6
6
6
6
6*4
*6
6*4
6*4
6*2
b
34
58
34
S4
®8
34
58
34
34
11
1078
11*2
11*2
1034
IH4
1058
10*2
10*2
1058
46
46
4634
42
44
42
42
*42
441?
4412
90
3*8
1278
$ per share
3878
13*2
1258
83*2
$ per share
Range Since Jan. 1
On Basis of
Weet
*23
15*2
23*2
*
Aug. 20
*13l2
15
*13*2
2338
Aug. 19
$ per share
3858
15
*14
15
15*2
23*4
Friday
Aug. 18
*12i2
Range for Previous
EXCHANGE
Thursday
17
$ per share
13
3878
STOCKS
NEW YORK STOCK
the
NOT PER CENT
SHARE,
Wednesday
Tuesday
Monday
Sales
for
LOW
Saturday
1215
800
a Def. delivery.
»
New stock.
?Cash sale,
Jan 25
7714
Jan
4H2
7i2 Apr
Jan
50&8
6112 June
123s
82i4
Deo
Oct
14384 July 13
55
Jan 16
39U
Jan
7
13s Jan
Jan
5
5i2
51
Dec
Jan
29
36U
1®4
Dec
3
Jan
&8 May
1*8
Jan
Jan
Jan 16
478 July
884
Oct
17i2 Jan 19
13is Aug
I814
Jan
Dec
122
Jan 19
114
Feb
120
18018
Jan 18
133
Apr
18484 Nov
136*2 Feb 19
129
Feb
136*2
11512 Jan 22
17
Mar
5
rlll*4 June
5i2 July
116
123s
Deo
Deo
Deo
198
Aug 16
156
Apr
185
Aug
163
Jan 11
152
July
166
Mar
37i2 Feb 11
16
Mar 17
45i2 Feb 11
16
Feb 23
Jan
534
Apr
1578 Nov
47*2 Nov
5
Dec
26&8 Jan 14
92U Jan 7
63s
Jan
3234
Jan
8
29*2
44i2 Jan 16
7U Feb
6
40*2 Nov
28*2
3034 Apr
10
Apr
173s
Feb
734
257s
Deo
Feb
Jan
94U Deo
8758 Deo
3938
Dec
55U
2
Jan 19
*2
Jan
158
8
Jan 18
lt2
Jan
6*4
87
Jan
29
Jan 18
60
Feb 11
115i2 Jan 19
1784 Jan 16
22®4 Nov
53t2 July
Aug
110
Jan
Feb
Dec
29*4 Deo
69
Feb
116
July
712
Jan
16*8
Dec
Oct
Aug 17
July 31
78U Jan 30
45i2
Jan
8484
Feb 19
48
Jan
89i2 June
4
45gJune 28
86t2 Feb 10
55
Jan
97
55
60
65
Aug
13i2June 29
19i2June 29
1414 June 28
atfSSgMay 27
7*4 June17
18
June 29
284June 30
3
June 23
81
984 Jan 15
23&8 Mar 17
353s Mar 17
28*4 Mar 17
514 Apr
11
16
Apr
Apr
107s
June
Deo
18*4 Sept
Oct
3412
1134
Jan
29
Oct
80
Jan 14
68
Jan
69
Jan
14is
Jan 21
12
Jan
157g Aug
2318 July
4078 Jan
8*4 Mar
484 Mar
34*4 Mar
3
Jan 21
53s Jan 28
684
43s
Jan
258 June
Jan 28
8*2
Apr
25
Deo
49*2May 18
7178 Jan 15
210U Jan 14
3484
I22i2
Jan
Mar 31
7134
210*4
Deo
Jan 11
3158
2084 Apr
150
2
45i2June 14
1684 June 28
28
70
293s Jan 18
Jan
Feb
I884 Apr
88i2May 25
103
4
84
Jan
66i2 Jan 27
9414 Apr 9
150
Mar 11
37
Aug
129
Apr
6978 Mar
73s Jan
3
Apr
6UJune 24
5i2 Jan 4
3
June 14
t Ex-dlv.
Jan
2
115s Feb 19
lli2 Feb 25
6
Jan 14
y Ex-rights,
2t2
Jan
Deo
61*2 Deo
2734 Deo
101*2 Dec
92
Mar
123*2 Nov
12*4 Mar
6
Dec
6
Oct
t Called to rredenptlon.
New York Stock
1216
LOW
AND
Saturday
$ per share
*06
SALE
Monday
Aug. 16
Aug. 14
34%
HIGH
34%
34i8
*10278
41%
3138
*46
*31
Aug. 17
Aug. 18
Aug. 19
Aug. 20
5 per share
*31
4%
$ per share
34%
97%
*31
37
*110
*110
112
*912
10%
112
*9%
*58
65
31
65
65
72
30
*28
29%
5%
12%
5%
5%
1278
13
35%
*33
35%
24
24%
*23%
24
*96
105
105
68
68lS
68
1134
1178
11%
134
134
3538
36
35%
_5778
58%
37i2
37%
2i8
2i8
5512
62i4
*47
62i8
125
57%
37%
10
5
400
34%
*33
12%
*96
105
*98
*96
11%
133%
8%
25%
50%
121
'8%
25%
52
121
35
35
125
.
*
134
C
134
~~8~
""§14
8%
105
43
12914 129%
9i4
9i4
*81
83
3
334
1078
3i8
*183g
3514
3834
'
11%
318
20
*110
125
*110
125
57%
55%
56%
55
37
37%
2%
55%
37
*47
*6234
*50
55%
628j
62%
120
5%
102
8%
8%
83
5%
10%
*81
83
3%
10%
*81
3%
10%
3
19%
3%
10%
3
*17%
83
10%
3
35%
35
35
35
35
39%
22%
51%
40
39%
40
22%
22%
51%
22%
35
35
6412
3478
*6612
80
*50%
64%
35
*10l4
15%
10%
34%
*66%
14%
*10%
V *212
278
*2%
14l8
5178
*137
*50%
33%
*66%
*35
137
*50%
64%
34%
34%
*66%
35
15
*10%
10%
2%
2%
234
2%
47
*43
47
*44
10%
*10
43%
*41
*27
30
*28%
30
*28%
1078
43%
29%
*10
*41
34
*31
*31
34
*31
34
1378
14
13%
14
*13%
14%
30
3078
31
31
104
43 78
1134
*92i2
5
44
44
45
134
*130
*130
134
1134
94%
5%
*117
125
12
12
*96
100
*30%
105% *105
*101% 104
30%
105%
101
101%
44% 44%
*130
134
*11%
*92%
11%
11%
93%
92%
11%
92%
5
5
5
5
*117% 125
12
11%
*96
100
57%
61
25
36%
14%
78%
3%
32%
57%
3278
1,000
57%
2,000
61
*34
43
29%
47
42%
10%
4234
52%
4%
100
36
14%
*102% 105
*33%
34B8
33%
*43
44
43
*104
106
24
24U
3012
*30
*111
...
*48%
36l4
25
49
36i4
2514
*6318
66
*9112
15%
93
84
4i8
*12
16%
3%
25
1534
8478
4%
13%
1634
4
25%
*37
40
57%
15%
»
57%
15%
33%
43
*104% 106
23%
*30
23%
30%
*111
48%
*36%
24%
*63%
*91%
49%
38
24%
65
93
15%
15%
83
84l.i
4%
4%
13
13%
16%
16%
3%
24%
38%
4%
4,300
*73%
21%
2238
9,900
83%
600
42%
4234
1,200
52%
52%
4%
4%
5%
101
*57
*14%
25
38%
59%
15%
23%
4%
24%
51%
34%
137
80
80
39%
41%
1,300
39,000
124%
1,700
9%
9%
1,400
81%
64%
3%
3%
12,000
978
3,300
3
1,300
18
200
33%
1,300
39%
3,300
21%
3,300
16,200
1,000
137
*50%
20
64%
34
33
34
80
*66%
"3" 900
80
14%
14%
14%
10%
*10%
2%
14*400
1078
2%
42%
2%
*40
300
;
•
600
44
10
1078
*10
11
100
*41%
43%
*40
43%
100
29%
*27
30
*28
30
34
*31
34
*31
34
1078
94
4%
*91
*434
*9778 100
98%
4%
4%
23%
24%
4%
23
100
••
m,
5%
98%
*91
4%
23%
«.
600
40
50
2,100
30
700
94
4%
M
»«,
woo
-
94
50
4%
1,300
117% 117%
100
11%
*95
11%
100
4
22%
4%
23%
5,500
100
100
10
$5 preferred
...No par
Gen Outdoor Adv A
No par
Common
Na par
General Printing Ink...
1
56 preferred
No par
Gen Public Service
No par
Gen
July 16
7%June 29
20
June 14
39%June 14
112% Apr 28
60
117
3
100
200
200
1,100
10
600
600
m.*. -r _
-
4,100
200
6,200
100
*36
44
*36
40
100
58
58
*57%
59%
170
14
14
*13%
30
delivery,
Apr
5
30% Sept
5
45
9
25% Mar
1
3% Aug
32
June
5
106 1
Aug
Jan
9
63
Mar 25
73
Jan
4
33
Mar
5
Feb
14
No par
50
Mar
Goodyear Tire & Rubb.No
par
55 conv preferred
No par
Gotham Silk Hose.....No par
141
Preferred....
Graham-Paige Motors
Granby Consol M S &
Greyhound Corp (The).No
6^% preferred
Guantanamo Sugar
8% preferred
June
8
Mar 22
May
1
July
1
June 21
Aug
June 28
Jan 13
3%
Aug 12
Jan 18
Jan
July
1
116
Oct
70% Feb 11
122% Feb 2
118
124
Feb
60% Jan
1
July 21
w
w
117% Jan 22
6%
106
2
4
88
Jan
6
33%
Jan 25
7
90
Jan
27% Nov
Oct
92
Dec
52% Sept
3% J&n
Feb 17
6% Nov
116
Feb
50% Mar 11
13%
87% Mar 11
74
47% Mar 11
Mar 11
Jan
5
4% Feb
*100
77
Jan
2
June
Jan 12
1% July
3% Apr
5% Jan 22
27% Feb
48% Feb
47% Jan
Deo
8% Apr
9
15
Jan
Sept
21% July
13% Jan 18
1
16
8
24% Aug
28% Jan
5
28% Mar 8
56%May 20
42% Jan 2
145% Mar
2
Nov
55%
Jan
66
Deo
Apr
7%
Feb
10%
Feb
118
Oct
35% Dee
86% Nov
31% Apr
10573 Deo
14% Deo
96% July
4% Feb
11% Mar
6% Jan
*25% Nov
44
Deo
32%
Jan
31
Jan
52% Nov
22% Oct
46% Oct
42% Deo
136
Jan
149% Aug
16
Jan
65
par
10
10% Aug 17
11% Mar 18
40
Feb 27
10
June 16
June 17
41% Aug
4
Mar
3
16% Feb
8
Apr
May
14% Dec
4% Jan 11
59
1% July
July
Jan
Jan
9
17% Mar
5
9%
59% Mar
34% Feb
6
30%
8
30
Jan
7
33
June
20% Feb 10
6
24
Jan
Oct
95
Jan
17% Nov
4% Deo
66
Deo
19% Mar
62% Oct
34% Dec
25
27
25
26% Apr 17
1278 Aug 20
36
Jan
15%
25% Apr
2
31
Feb 16
14
Jan
32
9
108
Feb 18
*104
Dec
100
June
10
par
103
June 29
June
98
May 14
par
40
June 17
128
105
1
100
140
01
July 27
2
4
May 14
25
100
May 17
11 % June 30
99
Aug 12
5
12
Jan
107
Feb 26
104
Nov
8
Jan 14
117% Aug 13
15% Jan 25
Feb
9
166
Jan
6
185
125
May 22
67% July 31
39% Feb 11
29% July
1
6
Aug
t c..25
5
100
100
117
May
150% July
25% Apr
21%
Jan
141
Jan
165
Deo
41
Oct
Deo
102
Jan 19
June
52% Feb
58% Sept
80
Jan
Sept
119
Feb
124
4
5
30%
120% Jan
4
108
Jan
June
30% Mar
9
9
Jan
49%
»
Deo
Dec
33% Oct
42% Deo
43% Jan
7
114% Mar
3
108
Feb
115
Oct
50% June 29
407
Dec
644
Feb
41
June 29
Jan
5
27% Feb 11
73
Jan 11
94
19%
Jan
39% June
22% July
64% June
44%
33
Feb
Mar
Mar 20
17% Jan 22
90% Mar 10
5% Jan 21
16% Jan 21
23% Feb 17
38
June 28
Mar
Apr
21
1
...100
Mar
150
Feb
678 July 1
13%June 17
3
May 11
No par
Jan
9
133
4%
135
June
57% Mar 25
88%June 11
12
Apr 8
62% Jan 4
2%June 15
100
115
Apr
99% Deo
12% Aug
Jan
18
No par
Deo
Aug
35
stk.No par
55
135% Deo
18% Nov
84
47%June24
9
Deo
125% Nov
105% Mar
126
cl A.No par
Jan 27
Aug
Nov
3
Houdaille-Hershey
21
Aug
37
135% Feb 2
67% Jan 21
110
101
Jan
Jan
17% Jan 11
126
May
30%
120
z24 June 17
144%May 17
100
6%
Jan
*78% Nov
13% Deo
48% Jan
3% June
8% Apr
13% May
22% Nov
65
Deo
57s
Jan
17%
Feb
4% Aug 17
Mar 17
18% Apr
29%
38% Aug 16
67% Mar 11
30
June
"Aug 10
13%June 30
6% preferred series A... 100
Leased lines 4%
100
RR Sec ctfs series A...1000
Cash sale.
Jan 22
Feb 26
6
140
12.50
Hupp Motor Car Corp
Jan
58% Mar
Apr 13
10%June 22
No par
r
Deo
Dec
44% Nov
19% Oct
Jan
8% Feb 19
115
Holly Sugar Corp
7% preferred
Homestake Mining
New stock,
Deo
89
•
6% Feb 25
37
it
71
31%
37%
51% Jan 28
111
Illinois Central
6%
Feb
Deo
118% Mar
47j Deo
48% Deo
84
9
58% Jan 18
4
Hudson Motor Car
32% Apr
17
July
30% July
13% June
70
Aug
1
90% Mar
32% July 13
35%May 13
101%July 1
5% preferred
Apr
26% May
33% Apr
June
6%
39% Nov
No par
v
Jan
Jan 20
48% Jan
70% Feb
Hlnde A Dauche Paper Co. 10
Holland Furance
No par
6% conv pref erred.. No par
Hollander A Sons (A)
5
com
57
65
100
Class B
110
65% June 18
12%May 13
preierred...No par
Household Fin
Jan
3% Apr
32% Apr
4
22
100
Hershey Chocolate
Jan
50% Mar
Hecker Prod Corp v t c.No
par
Helme (G W)
25
preferred
Nov
08
100
QM% preferred
77
64% Mar 10
100
Hayes Body Corp
Hazel-Atlas Glass Co
conv
June
Aug
39% Mar 10
Hat Corp of America cl A
54
June 15
Jan
123
123% Nov
59% Deo
15% Dec
105
6% Jan 13
65% Feb
2
June 12
Oct
70%
5%
Jan 19
96
Jan
Feb
71
Mar 20
141
59% Apr 24
27%June 2
6% preferred
100
Hanna (M A) Co 55 pf.No
par
cum
4
Jan
Dec
4%
Jan
1
19
110
Jan
Jan
Dec
Nov
a
18%
9
15% Feb
53%
44
Jan
14
June 14
17%June28
40% Jan 4
Gulf Mobile & Northern..100
6% preferred.
100
6% preferred
Deo
58
Apr 26
2
Harbison-Walk Refrac.No
60%
Jan
33%
%
64% Jan 29
65% Jan 18
3
No par
Hackensack Water
7% preferred class A
Hall Printing
Hamilton Watch Co ...No
Jan
Dec
55
4
34
11%
28
152
27% Jan
132
Oct
Oct
Jan
Jan
34%June 29
Preferred
100
Green Bay & West RR Co. 100
Green (H L) Co Inc
1
Greene Cananea Copper
100
Nov
34% Apr
Feb
6% Jan 4
2%June 14
Great Northern pref
100
Great Western Sugar. .No par
Deo
20
165
7
64% Jan 21
44% Feb 9
20% Feb
17
z32
76
140
3
Granite City Steel
No par
Grant (W T)
No par
Gt Nor Iron Ore Prop. No par
14% Nov
104% Apr
152
6
P
Nov
July 26
May 13
1
Grand Union Co tr ctfs
1
53 conv pref series
No par
30
105% Aug
177j Nov
128% Nov
69% June
7%May 18
81
July 29
100
Jan
53% Feb
7% Aug
5%
88% Feb 23
29% Mar 9
100
Jan
Apr
10% Apr
4
65
Nov
97
Feb 11
32% Mar
14%June 14
4
Deo
42%
4
73% Aug 18
20% Jan 4
80%June29
39% Apr 30
51%May 14
1
78
Jan
15% Dec
8% May
86% Feb 17
19% Jan 14
153
Feb
Apr
11% May
9
Jan
Oct
35%
100
1
43% Feb 11
preferred
Feb
Nov il35
47%
Jan 28
Feb
33
conv
Deo
97%
31% Apr
3% Jan
Jan 16
106%
19%
15%
105%
Gen Time Instru
4H%
Deo
45%
July
108
48% Jan 8
7% Mar 3
15% July 19
z39%June21
June 29
..No par
Dec
Deo
Mar
Deo
23% July
32% Jan 13
20%June 28
56 preferred
GUdden Co (The)
Nov
Deo
127
48
par
Deo
Nov
120
24% Apr
95% July
Nov
Sept
Jan
June 17
Corp.No
Dec
3
3
June 17
Hudson A Manhattan
58
40
65
7,200
5,400
Feb
1
49%
40%
36%
105%
68%
42%
66%
34%
11%
48%
Dec
31
2,600
23,500
6,200
9
General Refractories...No par
Gen Steel Cast 56 pref.No
par
Gen Theat Equip Corp.No par
Houston Oil of Texas
Howe Sound Co
500
Jan
17
Gen Realty & Utilities
1
56 preferred
No par
5% preferred
11,800
Jan
x2478
100%
70%
104
Gillette Safety Razor ..No par
55 conv preferred
No par
Gimbel Brothers.....-No par
Apr
20%
11
49
41%May 13
3
38
19
share
per
46% Nov
115% Nov
Dec
4
42%May 21
8%May 17
16% Apr 13
106
Jan
106
126% Mar 31
52% Jan 23
48%June 14
113
20%
9
18
18% Jan 12
l%May 19
48
4
Highest
share $
per
Aug 19
Railway Signal..-No par
6% preferred
100
No par
44
15%
2
10s4June 23
134
No par
No par
58
a Pef
Aug
62%June 30
49%June 14
6% preferred
General Motors Corp
6%
*37
t In receivership,
lO%May 13
98
36
Hercules Powder
58
15%
May 13
June 17
128
500
44
*14%
95
11
No par
2,000
58
15%
1134June 14
34% Aug 18
Apr 26
No par
Preferred..
Hercules Motors
*37
*14%
2
22
33
$6 conv pref series A. No par
General Mills
No par
10
50%
35%
July
Goebel Brewing Co
if
5
Aug 12
Gold & Stock Telegraph Co 100
101
Aug 20
Goodrich Co (B F)
No par
31
Jan
4
5% preferred
No par
777sJune29
40
24,900
*135
June 14
4%June 14
1,800
5%
9%
25
Gobel (Adolf)
39%
3%
45
t
Jan 14
117
100
7% preferred
General Electric
135
83
No par
General Foods...
Gen'l Gas & Elec A
400
101
124
100
June
1,700
43
Bid and asked prices; no sales on this
day,
200
38
*103% 103%
103% 104
*101% 105
*101% 106%
34
*33%
*33% 34
33% 33% *33% 34%
42% 42%
42% 42%
41
41%
41%
41%
106
104% 104% *105
*105
106
*105
106
24
24
24
24%
*23% 24%
*23%
24%
29% 30%
30% 30%
30
*2934 30%
30%
*111
112% *111
112% *111
*111
48
48%
48%
48%
*47% ~48*~
47%
47%
36% 36% *36
*36
38%
*36
38%
38%
24
23%
24%
24%
23%
23%
22%
23%
*63%
*64
65% *63% 65
65
64
64
93
*91%
93
*91%
93
93
*91%
*91%
15%
15%
15%
15%
14%
15%
14%
1478
83%
84%
83%
84%
81%
83%
81%
80%
4%
4%
3%
3%
3%
*3%
4%
3%
13%
13%
*10%
12
11%
*10%
11%
*10%
16
16%
16%
16
16
1634
15%
15%
4
500
14%
76%
*152l4 15438 *152% 154% *152% 154% *152% 154% *152%
154% *152% 154%
35
34
35%
34
34%
34%
34
34%
*31%
32%
31%
32%
*156
160% *156% 160% 160% 160% 160% 160% *160% 161
160% 160%
*128
132
133% *129
132% *129
*129% 132
*129% 132
*129% 132
*57% 59
59
*58%
59
*58%
59
*58%
59
58%
*57%
58%
*10212 104
2,100
81%
83
—
478
280
25%
*13%
13%
13
13%
13%
1278
*30% 3078
30
30
30
30
105% 105% *105%
*105% 105%
*101% 104
*101% 104
101% 101%
44% 45
44
44
44%
44%
*121
132
131% 131%
131% 131%
11%
12
11%
12,
1134
*1134
*91
*3*666
83%
2238
83
*117% 125
*117% 120
*117% 120
11%
11%
11%
11%
11%
11%
*96
~~3%
39%
20%
49%
*34%
10%
*10%
1,300
60%
24%
3%
33%
40
2%
7% cum preferred
General Cigar Inc
103
21%
10%
*43
"""466
43
43
103
21%
50%
34%
2%
47
*101
44
1,600
3
3
10%
107S
43%
*105
17%
10834
3
*17%
33%
14%
80
1,100
No par
June 23
4334Mar
10878 Mar
45% Jan
39% Feb
4188Mar
107% Feb
52% Mar
46% Feb
68% Feb
39% Mar
978 Feb
58
Apr
128
Apr
54% Feb
9
5
No par
Class A
2,200
3
1478
*41
105
600
11
10%
14%
80
*10l4
105
51
17%
34%
14%
80
120
51
*f?
*5034
33%
*66%
14%
10%
61,000
17
3%
*135
64%
*43
*31
52%
35%
137
57%
120
3
17
70
*1034
17%
34%
39%
3
17
'"*866
120
56%
3
*81
3%
4,500
6,500
10834 *108
5
5%
5%
5%
105% *101
106
105% *101
42%
39% 4078
38%
39%
80
80
80%
80%
*79
80%
42%
441.1 *42% 43%
41%
42%
130% 132
125
2128% 129%
127%
9
9
9
9
9
9%
39%
22%
52%
35%
11%
17%
120
5%
22%
51%
*137
52
41%
3%
20
120
*101
3%
3%
5734
22*266
2
No par
Cable
100
63
62%
5
$8 1st preferred
General
55%
63
*47
5
Baking
General
800
37%
2
62%
Transportation
1,300
56
37%
2
2
Gen Amer Investors..-No par
$6 preferred
.No par
Gen Am
Bronze
1,200
Year 1936
Lowest
share
per
24%May 14
105%June 22
10
S3 preferred
10
Gamewell Co (The)
No par
Gannet Co conv J6 pf_ .No par
Gar Wood Industries Inc
3
June21
7%June 16
$6 2d preferred
No par'
Gabriel Co (The) cl A. .No par
Galr Co Inc (Robert)
1
General
125
56%
2
Freeport Sulphur Co
1,100
37%
35
*5034
3478
*110
conv
6% conv preferred
100
Fuller (G A) prior pref.No par
20
8
2%
55%
62%
42%
42%
80%
80%
4278
43%
129% 130%
35
4,000
133%
8
57%
38%
137
"1*966
11%
37%
35%
3514
137
*
68%
2
39%
5134
105
68%
11%
25
25% 26
24
24%
50
52%
52%
49
50
*117% 122% *11712 121% *117% 1223S
35
33
35%
3434
*32% 34
23
23
4,100
57
5%
*18
14%
37%
55%
62%
3%
10%
500
58
*50
*81
30
1134
37%
*49
102
100%
13%
68!
1H2
2,600
1134
105
68i2
I
8OI4
150
100%
*m2
12%
143g
14%
*119% 120
*119% 120
*119% 120
11934
60
6018
59
59%
58%
58% 59%
*11778 118
119
118% 118% *118% 119
119
119%
*50
52
52
5212
50
50
*50
52
*51
*11%
1178
11%
11%
11%
11%
11%
11%
1034
*1718
1738
17%
17%
17%
17%
17%
17%
17%
*108
10834 *108
108% *108
108% *108
108% *108
*3
*3i8
312
3%
*3
3%
3
3%
3%
44
43% 43i2
44% *44%
44%
44%
44%
43%
*
*
*
104i2
104%
104%
104%
*3%
334
"3%
3% "3%
3%
"3%
3%
"3%
*34
*33% 36
36
*33
36
33
*33%
34%
5778
58
5778
57%
58%
58%
57%
58%
57%
62
62% 62i2
63%
63
61%
61
61%
61%
2534
2534
26
25%
25%
25%
25%
26%
24%
*3414 34%
34% 37
36% 36%
36%
36%
*3334
14i8
14i4
14%
14%
14%
14%
14%
14%
14%
*74i4 76i8 *74%
76%
74%
74%
73% 73% *73%
2338 23l2
23% 23%
23% 23%
2278
23%
22%
84% 8438
*83%
84% *83
84%
83
83% 83%
43
43
43% 4312
43
43
43% 43%
4234
*52
52%
52%
52%
52%
52% *51
52%
52%
43S
412
4%
4%
4%
4%
4%
4%
*4%
4218
100
2334
23%"
*98
120
*102
35
11%
2%
5i4
*33
23%
5934
514
12%
35
69%
2
62%
30
30
*434
*12%
11%
*110
35%
*110
*27
69%
25%
51%
128
30
11%
26% *25% 26
5414 *52% 53%
12238 *121
122%
65
*5
68%
*
134
8%
F'k*nSimon&CoInc7% pf 100
*27
*96
105
~*8%
8%
100
3,800
May 12
June 17
37%June 17
700
5%
1278
12i4
108
100
28
2312
$7
preferred...No par
Francisco Sugar Co
No par
45
11%
8%
*8i2
4H% conv preferred... 100
Foster-Wheeler
10
70
*40
23%
*98
100%
12%
12%
14%
14%
No par
1,700
110
1
6
101%June30
39%June21
26%June 30
46
Apr 12
33%May 8
4% Aug 6
47% Jan 25
Florence Stove Co
No par
Florshelm Shoe class A.No par
1,000
5%
12%
34%
23%
24
Flintkote Co (The)
5
39% Apr 23
t Follansbee Brothers.-2Vo par
Food Machinery Corp
100
45
68
68%
1178
100
*40
*96
100%
12%
12%
14%
14%
4,000
45
100% 100%
12%
12%
14% 14%
*98
*96
24
6% preferred series A...100
First National Stores..No par
28
1278
34%
*33
36
31
43%
42
31% July
92%July
100
50
110
5%
preferred
FUene'B (Win) Sons Co .No par
Firestone Tire & Rubber—.10
*40
5%
4M%
2~ 200
*978
11%
72
71%
72
72
30
30'2
3078
30
*106i4 11378 *106% 11378
31
31%
30%
*106% 114
*106% 114
Federated Dept Stores.No par
4*266
"
*3*300
Range for Previous
Highest
S per share
Fidel Phen Fire Ins N Y..2.50
11
65
*28
*98l8 101
131S
13%
1412
1412
*10
Par
100
412
49
43%
Lowest
600
35
4i2
112
30%
45
5i8
43%
110
65
*41
13
45
112
11
45
*31
412
51i2
1937
21,
EXCHANGE
1,300
120
"44"
10%
*106% 114
35
4i2
50i2
51
10%
*33
*121
34i2
*31
4%
*978
30
*
*
*110
*41
5i8
120
112
46%
26
3414
35
4%
*50%
31%
31
*10478 114
*110
10%
*58
31
*54
$ per share
34%
*31
4%
52%
*51% 52
*11512 120
4614
47
*133
34%
Aug.
Range Since Jan. 1
On Basis of 100 Share Lots
STOCK
Shares
34%
37
NEW YORK
5
Week
$ per share
3478
STOCKS
for
the
4%
4%
4%
52%
51%
51%
*115
119% *114% 120
45%
45%
45%
45%
1278
Sales
Friday
3334 34i2
*96
96
97%
96
*95%
*93
97
*93
96
*39%
3978
39%
39% *39%
39%
39i2
3934
3914
3914
39
39
39
*31%
39
*30%
*30%
*30U
39
*30i4
39
34l2
34%
34%
34%
34%
34% 34%
3378
34i8
33i2 34i8
104
*102% 104
*102% 103% *102% 103% *10212 103i8 *102B8 10334
4158
41% 41%
41%
41%
41%
41%
4134
4134
4178
4178
3178
31%
31%
31%
31%
31% 31%
30
30i2
31is
30i2
50
51
50
*46% 51
50
*48
*46%
51
*46
48
37
*28
CENT
Thursday
40
4%
45%
NOT PER
Wednesday
97l2
*39%
*
SHARE,
Record—Continued—Page
Tuesday
$ per share
34%
PRICES—PER
72
Jan 20
58
Jan
64% Sept
73% Oct
25% Mar 11
11
May
57
*
Ex-dlv.
y
Ex-rlghts.
20
Oct
Oct
If Called for redeinptlon.
?/
Volume
Aug. 14
Monday
Aug. 16
Tuesday
Aug. 17
$ per share
$ per share
Thursday
Aug. 19
$ per share
$ per share
14
14
i
14
15i2
1434
1434 *14
*14i4
15V
3878
391b
39i2
3914
39i2
3934
397b
135i2 135i2 *132
13514 137
13812 139
*136i2 14212 *13612 142i2 *13612
*13612 144
120
120
11812
11734 11734
11978 120
26V
2658 27i8
27i8 2734
2734 27V
*5
*5
5
5
*5
5i8
6V
*758
8
758
*7V
8
75B
758
48
53
53
49i2
50
*49i2
5112
*10684 10978 *10634 10978 *10634 10978 *10634
71a
734
734
*7i2
8
*778 ' 8
2H2
223s 22i2
223s 2234
2212 22'4
6I4
6I4
6i2
638
6V
6U
6V
51
*49
52
51
50
52
5138
154
*148
1358
934
1378
934
127«
13
161
162
16134 161s4 *161
119
11912 11934
161
14
$ per share
*13
1534
38
132
49
47
47
48
10634
7
7i2
21
2H2
223s
6U
578
50i8
618
2,000
1,000
Taoo
14,800
49
*47
49
160
*156
1,100
8,000
160
P2* 1234i
200
5,700
63
64V
63
64V
6412
643s
6478
6558
*12714 131
*12714 131
*12714 1325s *12714 131
1878
19i2
1938
20
20U
19i2 20i8
2078
1334
14
15
1414
1458
1512
1412
15i8
7
7i8
7is
712
734
758
778
738
778
108
10634 108
109
10734 10834
10914
1107s
1081b
*63s
7
634
7
*534
678
678
734
*5i8
6l2
612
6i2
612
7
*55S
6I2
51
51
51
53
5038
51i2
51i2
52i2
2514
2514
25i2
*25U 2512 *25U
25i2 *2514
*43
43i2
43i2
43i2 *4234
*42l2 4312
4312
48
48is
49
50
4818
4818
*4818
49
99
*99
9934
11
lli8
263s
*99
2634
100i8
*16i4
*
17
28
*125
13212 *125
70
69i2
*138
140
138l4
*123
12412 125
*12812 12912 124
6912
34
*31
99
IOI4
103s
253s
26i4
*
100
*1638
*2712
2812
2814
*125
128
132i2 *125
*69
70
7014
70i4
136
13778 13778
138i4
103
♦17
28,100
1,600
J6
128
70
"""966
136
600
*31
33
33
33
400
*101
,
102
*101
103
1612
1312
106i2 *103
6334
6012
17
1612
3912
*512
3912
534
2134
21
35
*3184
10
*19V
19V
19V
*30i2
*30i8
33
♦14
14V
14
14
1334
*25V
25V
25V
25V
25
3334
33
3334
*32V
33
33
19
19V
1334
25V
33
170
"l4V
14V
2
2
lov
42V
42V
L*1434
1478
*
170
14V
2
44
44V
1034
42V
*1434
44's
7034
12V
7034
70
1234
12V
*28V
1078
29
*28
*99V 101V xlOO
*
170
19V
*
*13V
35
2
2
56
6V
28V
7
28V
*10534 106
21V
2134
139
*135
21V
21V
90
|*87
37V
38
2
55 V
33
33V
*
170
170
45
71
14V
"1334
14V
"13V
2
2
2
2
*87
37V
$8
5%
Lambert Co (The)
Lee Rubber & Tire
3,600
41V
4,600
1434
300
45
44
44
43V
1,900
Lerner Stores Corp
7034
12V
69
69V
69
2,400
1,300
Llbbey Owens Ford Gl. No par
Libby McNeill & Libby No par
Life Savers Corp
5
*98V 100V
100
100
800
Liggett <fe Myers Tobacco..25
Series B
25
2
2
55V
55V
634
56
634
29
29
21V
55V
7
*29
106V *105
106
21V
21V
2184
139
2
2
139
139
21V
*21V
*87
88V
3734
21
2134
88 V
*130
38
37V
2
J?
56
7
29V
106
2134
139
21V
*87V
89
37V
38
IV
5414
634
*28V
*105
21V
*130
*20
87V
3534
2
55V
6V
29
106
2l34
16078 16078
22V
22V
63
*62V
61V
61V
2434
24V
82
81V
10534 10534
2
IV
53V
5438
7
7
29V
*105
2138
1,100
Lima Locomotive Wks.Na par
1,000
2,400
8,400
Link Belt Co
700
29V
3,100
139
?6.50 preferred
Loft
900
87V
*87
35V
88
100
36
8,200
34
*32
34
*3IV
32l2
34
34
*32
*32
*32
*32
34V
•127V 130V *127V 130V *127V 130V *127V 130V *127V 130V *127V 130V
46
45V
45V
2,800
46V
45l2
46V
46V
46V
46
46
46V
4534
46V
47V
14,700
47
47V
47V
46V
4634
47V
46V
47V
46V
47V
1
1
1
1
l'ie 251,900
,516
Die
*>1
1116
V
l'l6
,S16
1234
1,100
1234
13V
13V
*1234
14
1334
13V
1334
13V
*1378
13V
400
50
50
*50
49V
49V
51
50
5212
50
*50
*50
52V
*6
*6
300
*6
6V
6V
6V
*6
634
6V
6V
678
6V
6V
*5V
*5V
6V
6V
*5V
*6
6V
6V
*5V
634
*6V
6%
7%
*18V
19
*11
19
*1234
13
*20
1834
*11
1834
*18V
19
*11
19
*11
19
1334
*1234
1334
*20
26V
*1234
1334
*1234
27V
*20
27
*20
10V
10V
*10
10V
20
20
*20V
21
*4
4V
f lov
*1V
9V
♦18V
*3
10V
2V
9V
22
23
37V
8V
53
37V
10
9V
*20V
4
2334
43V
27
10
10V
27V
3V
43V
27V
2334
8V
51V
4
10V
*1V
*934
*18V
*2V
*42 V
27V
21
*1934
*4
6434
*978
4V
4V
lov
2
*1V
2
10
*934
10
21
18V
18V
10
10V
3
*2V
*42V
27V
44
27V
23V
44
*52
*37
8V
54
37V
*148
155
65
*63
10
38
44V
*10334 105
25
10
10
*1934
20V
6%
4
4V
10
lov
IV
3
44
27V
22V
28
37
*148
10
64V
934
*19V
4
10
2
23V
3
*42V
2634
8V
22
54
37V
7V
5412
36s4
3
934
No par
Macy (R H) Co Ino
No par
No par
Rights
17
t Manati Sugar
30
300
27V
22V
21
2134
54V
367s
155
363s
*148
9
54V
36V
11,700
3,100
1,100
1,000
1,500
64
6434
63V
63V
*9
10
*9
10
400
38
*36
38
100
934
9V
*9V
35V
44V
*35V
38
*35V
38
*35V
*21
44V
*30
44V
155
1,603
*30
*10334 105
*10334 105
105
105
44V *30
44l2
*10334 105
*10334 105
Marine
""40
6%
6%
Bid and asked prices; no sales on
this day.
J In receivership,
a
preferred
prior preferred
100
.100
100
2d preferred . i
Marlln-Rockwell Corp
1
Marhsail Field & Co...No par
Jan
19V
Jan
17
Jan
23V Dec
80
L) Co
Martin-Parry Corp
Masonite Corp
Mathleson
—100
Stores.-.10
Maytag Co..
—No par
$3 preferred w w
No par
J3 preferred ex-warr.No par
$6 1st cum pref
No par
preferred
17V
n
r Cash sale,
6
2
15V Jan 16
313s Nov
126
Sept
9338 Nov
152
Deo
126V
Dec
133
Deo
50V
Deo
Apr
Apr
48V Aug
Apr
36V Nov
33 V
110
Feb
Nov
2838
Jan
24V
Jan
107
Oct
6338 Nov
24V
Oct
46V
Deo
738
61
Jan
Nov
20V Apr
~32V
Jan 13
4V Apr
74V Feb
135
Dec
47V Jan 23
3534 Aug
51
Nov
24V Jan 14
27V Jan 14
19V June
28
Jan
20V Apr
33V
41V Jan 14
32
24
15V July
147
Mar
6
1734 Mar
1
June
7V
Jan
27 V Mar 11
12
51V Feb
1
15V Apr
Feb
1
94V Apr
203
July
Nov
18V Nov
Jan
50V July
2634
Feb
18V Nov
1834 Deo
45V Nov
180
Nov
Jan
22
Oct
July
4
Feb
18V Jan 18
43VJune 10
2138 Feb 11
9V Apr
89
May
19
Oct
9
38V May
47V Jan
24V Mar 17
334 Jan 18
58V Jan
Jan 16
79
8V
2
12
Jan
1538 Mar
2
7
May
29
5
25
May
113 V Feb 4
114
Jan 28
97
Mar
Jan 13
Aug
175
23VMay
5
83V Feb 15
63
Aug 14
12334 Nov
2134 Nov
65
Nov
80 V Nov
13
Nov
31V
Jan
115
Jan
9734 Mar
116V
Jan
160
Oct
170V
Dec
19
Apr
23V
25V
Jan
36
July
43
Apr
Feb
63V Nov
55
Deo
26V July 26
87V Aug 11
Jan 23
110
2|
75 V Mar 11
10s4 Jan 26
43V Jan 8
A04V Feb
110
May 12
28V Feb
8
14734 Jan 20
2884 Jan 13
99
Mar 17
4134 Mar 11
36
Feb 11
132V Feb
62V Mar
9
8
8
67V Deo
10878 July
Apr
3V
Feb
35V
Jan
61V
Deo
33s
Jan
3V Feb
Oct
45
Jan
May
113
Sept
x3884
107
83g Mar
21V Apr
140
Dec
20
May
57V Jan
22V July
33
Oct
26V
151
Jan
Jan
30V
1023S
Oct
35
Feb
42
Jan
Oct
134V Nov
127V
Jan
273s
Jan
49V
65V Nov
Oct
14
28
24
10
40V
Apr
IV Aug 12
15V Jan 20
858
Jan
15V
Deo
Mar 10
34V
Jan
57
Nov
7V Jan 12
IV
Jan
9
Dec
7V
Jan
58V Mar
63
7
Mar 30
30
Jan 11
21V Apr
16V
6
Jan 11
Jan 14
634 Feb 17
14V Feb 13
3i2Mar 29
20
Jan 21
39
Jan 20
19
4
5134 Mar 4
30V Mar I u
16
74
7
June
32
13V Jan 10
Feb
4134 Jan
35V
~18~
Deo
Nov
Dec
57V
12V Dec
23 V
Feb
17V May
2V Jan
2434
Deo
8V Apr
IV Jan
6V July
Jan
2V July
1834
41
11V
Jan
634 Mar
1234 Aug
3 V Mar
23
Nov
45
Nov
7V
Deo
May
56V Nov
Jan
25V Nov
29V Apr 30
14
28
30
May 17
51VJune 2
8 June 12
34 June 23
35 June 3
97 July 8
x
Feb
30
Feb 30
35V July
29V Jan
6V Mar 27
of name from Intern atlonal
New stock,
Dec
28V Jan
1784 June
18V Jan
3VMay
16V Jan 20
29V Jan 30
142
May Department
Dec
87
8
4634 Apr 14
93s Mar 30
71
Jan
19V
39
39 July
187s Jan
19VJune
7 May
48VJune
3258May
1
No par
No par
Alkali Wks.No par
Martin (Glenn
Def. delivery,
*
13
Jan 14
Oct
Apr
2234
26
Mar 17
5
Feb
107
121
Mar 17
Mar
19V
37V Nov
Nov
116
234June 22
100
Feb
39V July
6
6VJune 15]
18VJune22
3VJune 17
9VJune29
IV Aug 18
9V Aug 14
17 Aug 19
25
Exploration.. 1
5
0%
d Change
»
Jan
May
75 V May
15VJune 14
10(h
Midland Corp
Market Street Ry
7%
*148
65
35V
*21
Modified 5% Ruar
40
42V
*7V
54V
100
100
No par
Mandel Bros
230
150
8
.........
Maracaibo Oil
155
934
Preferred
Manhattan Shirt
3
27
4VMay
14 June
14 June
12V Aug
Certificates of deposit-—100
900
3,500
*2V
41V
26V
44
Gard-.N# par
Madison Square
Magma
100
.
934
17
-No par
preferred
t Manhattan Ry 7% guar. 100
2
*1V
100
1
10
Mack Trucks Inc
1,400
9V
20V
4
—
Pref ctfs of deposit
300
26V
10
*42 V
53V
934
4V
18V
8
*20
Steel
MacAndrews & Forbes
30
12V
10V
12
3
12V
preferred
Ludlum
19
17
65
*21
*11
1284
*1V
*934
37V
155
65
19
19
8V
52V
*148
20
*20
'
8V
65
*36
12V
*17V
12
IV
23
8V
52V
37V
20V
*11
18V
*934
28
23
10
18V
*18V
3
155
*148
20
100
10
100
preferred
Louisville A Nashville
-
*18
12134
20V Mar
18VJune 30
12
July 8
Jan 4
Louisville Gas & El A ..No par
....
20
2
233s Feb 11
17
Inc
Lorlllard (P) Co
60
20
No par
Inc
Loew's
40
20
No par
Liquid Carbonic Corp.Na par
500
*130
37V
100
Preferred
Lily Tulip Cup Corp...No par
106
21V
...
200
20V
139
conv
Lehn & Fink Prod Corp
200
1,700
2,700
1,400
88
Jan
58V
8
110
334May 17
11V
40V
1434
4234
68 V
1238
100
5
27V Jan 18
.....100
50
No par
5
No par
6%
11
42V
1434
Apr
113
4
Jan
35
Copper...........10
preferred
Lehman Corp (The)
11V
1434
123S
Aug
44V Jan 16
1
28
30
16
17
584June 17
28VJune 17
105
Aug 2
20 June 26
127 July 7
19VJune 17
82V July 2
29V Jan 4
30VMay 4
127V Aug 10
403sJune 22
44 June 17
84 Aug 12
lOVJune 14
42 May 23
No par
Lehigh Valley Coal
Jan
29
Long Bell Lumber A...No par
Loose-Wiles
Biscuit
25
4% conv preferred
28V
15
121
1 June 22
50VMay 14
Lehigh Valley RR...
Jan
24V Aug
87V Jan
155
No par
Lone Star Cement Corp No par
2,900
2,300
25
100
50
10V
*28
127
No par
Lehigh Portland Cement
4134
12V
*12V
28V
*98V 100
82
6
26V Jan 30
30
Apr 15
20
26
16
6
17
32 June 30
160
Jan 6
13VJune 28
1 VJune 23
8VJune 29
36 June 17
1438 July 6
x40
July 2
58V July 2
984 Jan 2
25V Feb 25
93 May 20
94VJune 14
151 May 20
il834May 28
59
Jan 4
51 VMay 14
24V Aug 14
64V Jan 4
2105 July 28
1,400
1034
*28
107V Apr
June 18
23VJune
5
42V
1434
29
Nov
25
July
25 June
20 June
96 June
125sJune
No par
No par
Lane Bryant
1434
44V
69V
12V
93
115V Apr 8
15 June 28
100
preferred
10V
*98V 101
June
11V Sept
10V Apr
46
Kroger Grocery & Bak.No par
42
*28
50
15V Feb 19
36V Jan 18
June 29
.Na par
14V
29
Feb 19
28
100
lov
*28
110
Jan
Laclede Gas Lt Co St Louis 100
40
Feb
53V
2
Jan
Feb 15
10
No par
preferred
Kress (S H) & Co
Oct
30
Nov
136
$5 prior preferred....No par
Kresge Eept Stores
Oct
35
126
No par
Kresge (S S) Co
Jan
Apr
47
Mar 18
1
preferred
Jan
3
19V
23
Apr
120
No par
Kinney (G R) Co
42
43V
70V
12V
Jan 30
Feb 16
Jan 25
Jan 4
zll7VJune29
No par
Klmberiy Clark
600
2
Feb 16
Geo
98V Deo
11V Oct
1058 Oct
61V Nov
8V
15
163s Aug
25V Jan
121
Jan
67V Aug
120 June
Keystone Steel & W Co No par
800
1334
10
83j
57V
2834
493g
3
Kennecott Copper
13V
32V
20V Apr
334 Jan
19V Jan 14
60
1,300
6
109V Feb 4
693s Mar 10
24
2
*98V 101V
28V
21V
19
Apr
9VJune 22
170
"14V
2
12 V
12V
29
100
*10534 106
2134
♦
14V
*1434
43V
70V
6V
*135
19
Deo
121^
101 May 25
51
Apr 29
14VJune 14
37V July 9
5 June 14
44 July 10
30
Aug 17
20 V June 29
8VMay 18
105 May 11
31 VJune 28
18 June 14
15VJunel5
B
1,900
35
14V
Jan
Jan
IV
1
Class
8%
"""266
2V
Kendall Co $6 pt pf A .No par
360
300
Dec
6
6
Mar 11
100
Kelsey Hayes Wheel conv cl A1
60
3,600
233s
kpr
Apr
18
20VMay 27
5
10V
14V
*634
24,400
3,300
384 Apr
88 June 17
934May 14
100
42
1034
42V
2834
I6I4
13 V
*2334
32l2
1334
24
*99V 100
100V
100V 100V
zlOOV 100V 100
163
*160
163
♦160V 163
161V
161V 161V *160
*160
*22
22
22
*22
22V
2214
*2IV 22V
2278
4*21
67
67
67V
6434
*63V
6634
6634
67
65V
6634
62
62
*61
62 V
61
61
61V
62V
6234 63
25
25
25
24V
25V 25V
24V
25V
25V
24V
83
83
82V
81V
82V 8334
84V
82V
83V
8234
10534 10534 ♦105V 107
*10534 10 7
105V 105V
*1053s 107
56
10
6638 Nov
Nov
136
6
52
3134
Kaufmann Dept Stores. 112.50
600
6084
*30i8
19<v]
24
101
101
13i2
106
I6I4
2
2
400
59l2
62i8
16s4
14V
14V
1612
900
14
*
*12l2
*103
preferred
Deo
kpr
5i2June 17
6 June 8
City P <fc L pf ser B No par
City Southern
100
4%
43V May
Feb
Feb
18V
9V
Feb 23
Feb 24
Jan 12
Jan 6
43VMay26
24 June 15
41V July 6
Kelth-Albee-Orpheum pf.,100
1,400
25V
19V
125V
Kansas
Kayser (J) & Co
103
41
40
41
41
4134
5U
514
5i2
514
5U
48
*45
45
45
45
4512
30
30
30
30
30i8
30i2
23
23
2258
23V
2314
23V
1078
*9i2
*912
10V
*912
11
144l2
*137
144i2 *137
14412 *137
34
*30
34
33
33
*30i2
213s
2H8
21V
215s
2H2
21i2
1812
18i2
21
195s
195s *1878
14
19V
13i2
*16
Kan
400
600
5V
25V
3334
»19V
16i2
106
*101
400
40i2
•
tfarlO
Jan 5
Kalamaiioo Stove <fc Furn___10
33121
17
2134
733s
13534
243^
16V
10V
534
90V
100
Jones & Laugh Steel pref--100
62i2
*1958
55V Apr 29
May 18
Dec
8
Jan
Dec
No par
60
14
34
4V
1338
No par
Johns-Manvllle
200
3312
15V Apr
9
7
1
Jewel Tea Ino
Preferred
4
10V
234 Apr
1678 Jan 29
Jan
1
preferred
4
1834
No par
124
17
*33
Corp
125
17l2
144i2
Intertype
123
63i2
♦137
Apr
6V Jan
100
*123
14
97s
Deo
160
..100
Island Creek Coal
Dec
105V
100
400
194
Apr
160
Jan
No par
Interstate Dept Stores.No par
200
163s
28i2
Deo
5V Mar
714 Deo
2234 July
Apr 14
Jan
Inter Telep & Teleg
Preferred
18V
2V July
56V
International Salt.....No par
International Shoe
No par
1
Jan
9V July
148V
..100
preferred
2V
5
No par
7%
Apr
4884 Nov
112
Sept
5V Deo
4
No par
International Silver..
Jan
107
16
11V Marl6
28 V Mtr 11
9V Apr 14
May
Jan 18
Voting trust certlfs. .No par
5% preferred....
100
32,400
9,100
Jan
37
Jan
Internat Rys of Cent Am. .100
400
7V
18V
Jan
12778May 27
80
100
Deo
Oct
Deo
6V
111 V July
63 V
24V
5
10 V
1334 Jan 20
64V Apr 20
Aug
par
550
1,090
6
120
par\
Class C
Preferred
88V July
Nov
189
10
Class B
14,000
Deo
122
87s Jan
100
Pap & Pow cl A. .No
140
162
1
Preferred
Inter
147
Aug
99V Apr 7
144V Apr 30
100
Int Nickel of Canada._2Ve
100
8,600
7,700
10,500
May
125
146VJune 14
Int Business Machlnes.lVo par
Internat Harvester
No par
Preferred
Feb
106
Jan 18
6
484 Feb 5
16VMay 13
5
Jan 2
42
Jan 4
124
17l2
32is
23V
No par
Iron
Internet Agricultural..No par
Prior preferred
100
125
17
30
No par
Interlake
413s Nov
25V May
5
July 30
33V Feb 23
Aug 19
104
100
124
6214
2312
978
6% preferred
Intercont'l Rubber
*123
*10134 106i2 *103
49
par
128
14
*4512
Corp..No
125
17i2
14
100
10
Internat Mining Corp
*11912 120i2 *11912 120i2 *11912 12014 *11912 12014
17
*17
18
17
17
1634
17i8
171b
28
2912
*2514
2938
293s 2938
*25is
29
*29
30
*29
30
30
30
*2934
30
*22l2 23
*22U
23
*2134
2212 *2134 22U
*101
v
20
Feb
131V Mar
1
June
1738Mayl8
458June 4
57sJunel7
41
Jan 21
2,800
100V
163s
*27i2
17
94
1
Int Hydro-Elec Sys cl A...25
Int Mercantile Marine. No par
99
1078
27
*
17
*163b
28
28
99
10l8
26i8
lll8
2658
27is
100i8
No par
d Interchemical
80
99
9978
105B
143
Inspiration Cons Copper...20
100
130
19i2
1434
Inland Steel
S per share $ per share
15V Nov
4V Jaa
47V Apr 20
133 V Mar 27
100
7,900
5,500
'
66
preferred
22 V Jan
144
Highest
Lowest
Highest
$ per share
June 28
June 28
33
124
No par
...
t Interboro Rap Tr
1,200
49
*155
No par
Ingersoll Rand
800
900
51
IQtyStiare Lots
% per share
12i2June 28
10
Industrial Rayon
Insuranshares Ctfs Inc
15,700
116
117
11334 115
11714 1185s
118i2 119
154
154
153i2 *14614 15312 *1505s 153
*146l4 15334 *150
12l2
1278
1278
131S
1314
13i2
13iS
133s
1314
1334
10i2
10l2
10
11
1058
lli8
914
938
914
9i2
12
11V
12
121 g
1214
1238
1234
1234
Indian Refining
400
7V
119 V
Par
,,
6%
60
161
*156
300
.
213S
6
*7
20iS
578
On Basis of
Lowest
„
105
105
104
10978
712
Range Since Jan. 1
Shares
38
132
Range far Previous
Year 1936
EXCHANGE
Week
Aug. 20
3714
37V
132i2 132i2
14212 *13612 14212 *136l2 14212
117
117
11812 118l2
118l2
25i8
26
2534
27
2712
*5
-5ls
5
5
518
7
718
*714
734
734
39
137
STOCKS
NEW YORK STOCK
the
CENT
Friday
Wednesday
Aug. 18
$ per share
Saturday
NOT PER
SHARE,
SALE PRICES—PER
HIGH
AND
Sales
for
LOW
1217
New York Stock Record—Continued—Page 6
145
6V Apr
"l2"
Mar
5
8
27V Apr
42V Nov
Jan
163
Deo
66 V Mar 11
43 V May
70
Nov
15V Jan 11
13V
44
Jan 13
45
Jan 13
111
Jan 22
165
Jan 25
153V
Ai)r
21V
43 V
Deo
55
Feb
44
Nov
50V
Apr
103
Jan
110V
Oot
Feb
Print! Og Ink Corp.
Ex-dlv.
t, Ex-rights.
^ Called for redemption.
New York Stock Record—Continued—Page 7
1218
LOW
PRICES—PER
SALE
HIGH
AND
SHARE,
NOT PER
Tuesday
Wednesday
Thursday
Aug. 14
Aug. 16
Aug. 17
Aug. 18
$ per share
$ per share
22
2134
$ per share
$ per share
,
22
22
17s4
1778
215g
18
18
*88
90
53
*88
2178
215g
18
90
1734
90
*88
*53*2
1778
*88
63*2
19*4
54
5334
*17*2
19*4
18
18
*18*8
35*4
35
35*8
*36
3658
35*8
36*8
1378
35*8
36*4
35*8
36*2
*53
*17*2
35*4
36*2
1334
14l2
45*2
1434
14*4
52*2
14
14
1334
45*4
1434
45*4
1434
1434
45*4
1434
*95*4
99*4
96*2
96*2
*27
28
*45
45*2
1434
*95*4
27*2
28
*27
36
45*4
1412
*95*4
98
28
28
Sales
CENT
stocks
for
Monday
Saturday
new york stock
exchange
Aug. 19
$ per share
Shares
21*2
18*4
21%
1738
90
54
5334
18*2
35*2
36*4
1438
45*4
1434
Lowest
Par
2.300
3,700
McCrory Stores Corp
90
53
54
6%
l'ooo
preferred
conv
19*4
*18*8
19*4
200
36*2
3534
2,400
3578
14*8
35*4
1,900
13l2
1334
15,400
McKeesport Tin Plate
McKesson & Robbing
45*4
1414
*95*4
45*4
14%
98
45
*27
2834
45*4
I4i4
1,200
98
10
26
2734
6
No par
....1
Stores
McLellan
27
1,500
*95
97
95
95
*90
97
*90
97
*90
97
*90
97
10
93
*90
93
*90
93
*90
93
*90
93
*90
93
*7034
7258
*71
72
71
7034 ,<70
70
""800
$5.50 pref ser B w
Melville Shoe
11*2
*37*s
Mengel Co. (The)
39
1134
11*4
1078
39
3738
*25
3738
*2358
25l2
25
25
6078
61*8
2038
60
6O84
20*4
63
61
11*4
25*2
61*4
2038
20*8
2038
32*8
46*4
3234
33
3234
46
46*2
116
116
20
3214
*9834 100
*9834
117*2 *116
11734 *114
14
1334
14*4
106
105*2
10638
*1*4
1*2
*1*4
*2*2
4*2
*2*2
378
*3*2
*3*2
29
29
29*4
634
738
738
25*4
25*2 25%
*114
19%
13%
106
*1*2
*2l2
*3l2
3%
29
29
7
11*8
1,900
*37
38*4
80
25
25
*23*2
25
150
60*4
60*4
59*2
60
3,500
19
19*2
18*2
19*4
8,600
31*4
4258
5,900
Mid Continent Petrol
1,200
Midland Steel Prod
30*2
4258
117
1334
13*2
106
106
116
117
1378
106
Merch & Mln Trans Co .No par
25
Mesta Machine Co..-
5
58
Miami Copper
5
91
Oct
12
Dec
31*2
45
Oct
65
Nov
1684 Deo
June 16
1638 Feb
9
4784 Mar
8
41
Jan 16
72*4 Mar
Jan
5
40%
Jan
26*4 Feb 23
534
Jan
3538 Mar 10
48l2Mar 5
122
Jan
2
2:1714
21%
Apr
110
Feb
Jan
3*4
7*8
7*4
*35
*3*8
7*4
109
Sept
Apr
112
Nov
Dec
120
Deo
11
Jan
4
1,300
88% Jan
7
300
Minn St Paul & S S Marie. 100
1*4 June 24
100
100
2i8 July 31
13*4
106
106
27*4
634
27*4
634
24
10,900
28
634
preferred
7%
50
3,100
4% leased llnectfs
Mission Corp
1,900
Mo-Kan-Texas RR
23*4
2,400
7
678
7
1,800
100
Preferred series A
6,000
3
108
Aug 3
2*4 Jan 23
5*8 Mar
4
6*4 Jan
8
Apr
5
Jan
123s Mar
94
Dec
234 Feb
5*4 Feb
6*2 Feb
297g Dec
95s Feb
Jan
333s
Oct
Sept
6*2
4
Feb
734
Feb
Jan
57*4 Jan
138 July
2*2 Aug
34
934 Mar 17
5*2
21
No par
3
16*8 Mar 11
2%June 30
2378June 14
5i2June 17
No par
3*8
35
3578
105
104
104
6558
*53
57
33
36*2
22*2
2234
39
39
33
3758
13*2
14*8
89
89
2278
79*2
*107
"1358
15*4
19*8
*32*2
69*4
19*4
19*8
35
2234
*1212
23*2
*151*4 158
2712
1434
89*2
22
14%
*88*2
*2078
79*2
*7934
*107*2
13*2
13*8
*68
69*4
19*4
1834
...
34
33
22l2
2278
*1238
2334
1234
2212
12*2
2438
24
*33
2278
1234
2358
*151*4 158
27
27*2
*90
.
13*4
70
*69l2
39
22
79*2
*107
2258
39
89*2
22
*7678
22*4
39
*89
22
36
*3258
*5412
138
1*2
95
27*4
*90
.
-
-
.
36*2
m
*90
June 28
34% Mar 17
14i2
2
6*4 Mar 17
12*4 Mar 17
21
110
*2
99*4
99*4
35*4
357g
130*2 131*4
*7*8
9*2
*40
7*2
9%
41
*3g
98*2
35
131
7*8
*9*2
*40
*82i2
,
53
84
*51*2
8334
35*2
36*8
2278
3858
1434
88*2
22*4
*21%
2178
*21
22*4
21
81
*77*2
7934
*77
22i2
38%
1434
88*2
*2078
37
53
234
Jan
1634 June
203s
111
111
110
32
38
8378
30
1,200
54*2
55
36
34*2
35%
5,000
20
20*8
203g
111*4 111*4 *111
110
*7
2038
11,300
112l2
20
18^8
18*2
34
1334
38*4
7*2
*7
7*2
3078
30
30%
7,800
31*2
31*2
100
127g
32is
13*2
13
13*4
36
36*2
35%
37%
*156
159
*156
132
132
9834
36
7*4
9*2
84
83*2
2438
88
61*4
*89*4
9978
2%
62
*993g 100*4
*25g
27g
*245
248
*107*2 110
27*4
2734
54
54
11*2
*98
1134
100
107g
9934100
*258
245
27g
245
*61
90
89*4
99*2
2l2
997g
2%
4*4
1334
234
88
*85
8*4
1
*85
88
200
50
100
6,300
400
36,600
3,760
2,550
......
......
300
......
43g
43g
43g
1,400
13*4
*2*2
13*2
*13*4
*2*2
13*2
500
234
100
11*8
4,300
9934
31*2
*9934100
9934
30*4
31
45
*44i2
434
*30*2
19%
45
2934
*44i2
4%
*31*4
5
20
32l2
20*2
67*2
68
67*2
14%
15
15
104
*101
*101
*1634
43%
*127
21*8
*129
434
3278
20*8
68*2
15*4
104
1934
20*8
6758
1578
*101
101
1634
1634
1634
1634
165g
43*2
42*4
42*4
42
132
213g
*127
2058
*128
132
127
21
134
20*2
134
89
87*2
*24*4
87*2
25*2
*87%
26
58
*57
58
*57
*110
*110
10212 102i2
18*4
9l2
....
101*2 101*2
19
*18*4
87g
28
»
*30*2
19*2
67*8
157g
43
*57
*16*4
104
29*4
4412
4*4
17
*87*2
*83g
4%
3234
67*2
15*4
*24
18*4
30*2
45
*99
43%
134
28
9934
*27
17*2
*16*2
9
2978
17*2
2434
127
21*8
134
*127
20*2
*130
99*4
210
234
*2*4
24938 2493s
107*2 107*2
25
24*4
400
20
16%
4212
*52
5234
600
11
11*4
10,400
100
132
213g
138
30
29
29*2
4*4
4438
4*4
*313g
19*8
3212
1958
313g
183g
65*2
67*8
65
66
5,400
157g
16*4
15*4
157g
7,700
102
1,000
19%
17,600
102
30
10
87*8
*80
88
400
*24
25
*24
25
*24
24*2
100
*57
58
57
57
55
55*2
50
873g
*116
100*2 101*4
87*2
....
99l2 100
*116
98*2
*18
18*2
29
8*4
257g
18*2
8%
18
*8%
*26*2
16*2
26*2
16*2
17
17
2578
*1434
9
*18
87*g
Bid and asked prices; no sales on this day,
8*4
-
-
-
.
99*2
18
8*4
*116
....
98
97*2
177g
18
*8
26
16*4
9*4
*25
*1434
t In receivership.
27
17*2
a
......
2,200
800
230
200
40
Def. delivery,
2
13% Feb 25
57*4 Feb 13
77S July
10*4 June
3234 Apr
60
June 17
6484 Mar 10
41
64*4 Nov
Deo
Dec
Jan
49%
Oct
41
1734
Jan
53*8
36*2
Jan
95
Oct
Sept
15
Nov
4
72
79% July
100
Jan
2
100
21
July 15
6
July
2
12%June 17
May 17
125
May 19
s4June 25
121
50
No par
85
Aug
384June
12*4June
2i8June
8%May
55
100
6
15
17
29
18
June 28
137
Mar 12
7
Feb 10
90
Jan
3
Apr
Apr
2
Jan
97
934 Mar
9%May 18
93
Ry Co.-.50
Mar 23
Elevator.
104
6
93*2
Apr
3
109*4 Aug
27g Jan
95
6% preferred..
Jan 14
210
Jan
114
Jan
105
May
3478
57*4
17%
104*2
Jan 14
23*8
Apr
Feb
5234
Feb
105
8
3
Jan 21
Jan
8
Jan 28
100
19
Aug
12*8 Aug
24% Jan
17
107
July
Jan
8
Jan
24*4
Apr
8
12i2 July
6
70
July
Mar
8
79
Dec
Feb
24% Mar
3
Jan 26
97
Apr 29
28
Jan 12
114
Mar
4
2:17
June 30
10
6% June 17
23%June 22
.No par
13
x
123
Jan
Nov
310*2
Oct
115
Oct
35*2 July
69
14*4
June
Dec
106*2 July
103
3634
57
Nov
Feb
Mar
4*2 Mar
32
Nov
18
Dec
59*2 Dec
25*8 Mar
11512 Feb
1958 Nov
3984 Nov
136
June
2084 Mar
12034 Nov
83*2 Dec
Jan 26
75
No par
Cash sale,
1
Jan
Mar
Pacific Amer Fisheries Inc
Pacific Coast.
r
Feb 13
19% Mar
45% Jan 21
2
134
2:82% Apr 28
preferred
114
75
.100
5
26*2 Feb 16
97*2 Apr
237g July
50
Aug
140
Owens-Illinois Glass Co—12.50
1st preferred—
5
5434June 29
5
No par
Preferred
Jan 18
Apr 20
22
pref..No par
Outboard Marine & Mfg
Outlet Co
73
Jan
Jan
14%May 18
112% Jan 23
No par
prior preferred
40
227g Apr
658
98
3384 May 14
126
July 7
100
Otis Steel
June 28
12*4May 14
1*8 Aug
272
53*2 Jan 22
07gMar 3
.No par
Dec
484 Mar
36% Mar 11
June 28
Apr
6*8
18*4 Deo
7*2 Feb
1558 Mar
99
Sept
112*4May
44% Aug 18
3*4 Jan 4
20*4May 18
17% Jan 4
53*2 Jan 4
13
9*2
July
99*4 Sept
Mar
2578June 28
Ohio Oil Co
.No par
Oliver Farm Equip
No par
Omnibus Corp(Thejvtc No par
738
Feb
May
50
Norwalk Tire & Rubb. .No par
Preferred
50
Sept
2*4
83
100
Telegraph
138
Jan
57
9
June 17
Jan
1
3
4
21
Oct
125
19*2 Feb 11
76*2 Jan 22
Jan
23634 Apr 29
102
Apr 8
150
4
June
100
29*4 Nov
Jan
678 Feb 11
2
100
8
26*2 Feb 25
73
Pacific
New stock,
119
100
No par
3*8 July
10*4 May
Jan 20
No par
9734June 25
2d
1278 Jan 22
25% Jan 22
135
10234May
48*4June 18
conv 1 st
Jan 22
10*4
3178Marl9
63%June 14
pref
Northern Central
Mar 171
No par
50
n
Jen
Nov
2784
preferred
$5.50
13*4
55% Mar 17
Apr
North Amer Aviation
1
No Amer Edison $6 pf. No par
7%
Apr
104*2 Apr
12*4 Nov
34*8June 28
*127
100
Dec
Apr
132
11,400
Dec
75*2 Nov
83
8% preferred A
100
Oppenheim Coll & Co..No par
20
133
Jan
Otis
138
78
Jan
Jan
32*2
1,500
195g
Apr
1978
74is
98*2 Feb 10
Norfolk & Western
Northern
99*4 Aug 14
4188 Aug 6
Aug 2
12% Jan 15
137
Aug 12
3,800
*130
2
Jan
69
16*2
20*4
Feb
Nov
41%
138
Feb
1*2
40
16*2
30
3
Jan
43
40
132
Jan
*2
57*4
110
-
North American Co
Northwestern
Feb
78
Jan 18
Feb
16l2
20
*130
40
43g
31%
*100
12,700
Jan 14
1
Apr
Shlpbldg Corp part stk__l
6%
M84
Deo
9
42
16*2
41*2
*127
29*4
4434
58
*116
99%
*41
*100
Apr
36*2 Nov
Jan 11
7 % preferred
Adjust 4%
6178 Jan 22
263s June
Mar 17
t Norfolk Southern
101
Mar
3778
4184 Jan 18
t N Y Ontario & Western.. 100
99*4
16%
~33%
37
100
23g
500
Mar 11
Oct
109
Conv preferred
99*2
18,100
3
7
N Y Lack & West Ry Co—100
JNYNH & Hartford—.100
238
2434
89
10% preferred
t N Y Investors Inc
99*4
68*4
107g Jan 28
Apr 28
50
N Y Steam $6 pref
$7 1st preferred
43g
June
24*4 Nov
June 24
No par
100
28%
112
July
100
.No par
5% preferred
200
*11
Apr
50
No par
New York Dock
61
99%
30*2
44l2
4%
3234
20*8
10
28*4 July
11234 Mar
17
N Y & Harlem
89
*99
Dec
28
preferred series A
61
99%
Oct
107
2% Jan 18
9% July 23
C Omnibus Corp..No par
89
*99
•21
10734
37
v
N Y Chic & St Louis Co—100
1134
*99*4 100
26*s Feb 8
112*2 Mar 11
112 May 20
24% Mar 9
Dec
32% Nov
No par
89*4
249l2
Apr
Apr
1
New York Central
N Y
9
3184June 23
121% Feb 26
6*4June 12
10
N Y Air Brake
61
249
70
25
Newport Industries
11*4
*245*4 248*2 *245*2 248*2
21
7gJune 15
No par
61
107*2 107*2 *107*2 110
*107*2 110
*107*2 110
2634
2738
2578
2478
26*2 2678
255g 26%
54
54
54
*52
5378
52*8
52*2
5378
11*4
1134
11*4
11*2
11*4
11*8
113g
118s
*98
100
*98
100
98*4
*99*4 100
98*4
107*2
57*4 Aug 17
38?s Feb 25
Jan
3078
%June 25
100
Newberry Co (J J)
No par
5% pref series A
100
t New Orl Tex & Mex
100
July
June 17
8% June 17
100
National Supply of Del
Preferred
88*2
'
9934
31*8
4434
*434
32i2
5% 2d preferred
National Steel Corp
65
1034
Dec
153
1478
National Power & Lt
No par
Nat Rys of Mex 1st 4% pf.100
89*4
99*2
2*2
1134
100
Jan 18
3384 Jan 13
103*2 Feb
Oct
958 May
500
*4*4
25g
3
167
2
Deo
ferred A
1
1978
Dec
19*2 Deo
155s Mar
3884 Jan
164*2 Dec
37«4 Deo
333s Mar
Nov
pr
Lead
27% Feb
..No par
128
1334
234
1034
6*2 June 17
No par
Nelsner Bros Inc
*119
*8434
4*4
10
—
National Tea Co
Natomas Co
128
412
June 14
200
*119
135g
25s
1034
15
9
61*2
6%
87
No par
Mar
147
7%
N Y
*84l2
438
13%
*2i2
1034
preferred
Mar 11
6% preferred B
100 >127
Nat Mall & St Cast's Co No par
44
1,800
*7g
Aug 20
107
400
128
61
6%
1,400
1
June 30
90
100
Nat Distillers Frod
23*2
*7g
pref class A
7% pref class B
Nat Depart Stores
80*2
1
May 18
25
5412 Aug 20
29% Jan 5
No par
18%June 25
100 zl0784June
1
1,300
*119
8934
7%
23*2
*7g
145
100
Nat Dairy Products
80*2
*77g
June 29
Nat Bond & Share Corp No par
No par
243g
1
A w w
ser
Nat Cash Register.
82
128
61
5% pref
2334
8*8
10
7% cum pref
100
Nat Bond & Invest Co.No par
81*4
1
*8938
Apr
Apr
24l2
834
2038
*119
11
12*2
9*2
2834
84
1
903g
183s Jan 21
500
128
61
*47*2 ~Oct
llhjMajr 18
2234Juue 14
50*2
1
*60
20*2 May
24
No par
Nat Aviation Corp
National Biscuit
49
*119
*90
47i2Mar 11
17S8June 29
52
778
*24% Jan 28
30
1
9*2
40
62*2 Nov
National Acme
7*4
7*4
912
Jan
1
171
700
40
43
Mar
Oct
8,100
7*8
9*2
5
71
Jan
8,100
42
Corp
Deo
2234 Mar
Nashv Chatt & St Louis. .100
*50*2
1
234
Nash-Kelvlnator
No par
Apr
Dec
36
7*8
9*2
*40
52l2
128
4*2
1438
Myers F & E Bros
79*2 Aug
108
14
54
97*4
*119
88
102*8 July
2034 Feb 11
13734
131
125
*43g
*13*2
*2*2
*10*2
108*2 Jan 26
Apr 8
10%June 28
58% Jan 23
16%June 17
155
35
19
19
102
Jan 22
131
*119
8
8*2
195g
5% preferred
100
Murray Corp of America—10
101*2 Nov
3 684 Dec
Jan 29
36
20
24*4
4478 May
6
150
134
53*2
53*2 *50
53*2 *50
105*2 105*2 *105*2 108
*105*2 108
25
25
25
*19*2
*19*2
*19l2
33
33
34*2
34l2
33%
34*4
70
70
6934
6934 *65
70*2
39
39%
3934
39*2
38*8
40*2
*51
Mar 13
100
110
53*2
53
Jan
90
July
171
7.000
42
May
67
C)
(G
15434 Apr 26
1*2
9*2
70
21
No par
Co
100
10*2
*40,
Aug 10
June 15
44
10*8
*7*8
7*4
9*2
42
12
Oct
Nov
30%June 17
*1*8
*3g
95*8
3538
27
10
1*2
*131
1Jan]
Mar 15
National
10*4
99*4
3578
Feb 13
61
4,000
10*4
*1*8
*3g
9634
131
2b
255s June
1,600
355g
43*2
28
51*2
131
134
283s Apr
Mar
159
98
38*2 Jan 15
Mar 17
135
98
Feb
2*s Nov
18% Apr 22
51
*2
Feb
71
Jan
June 17
*131
*2
5934
Jan
s4
12
*156
*2
Dec
60*2
8,500
52
1*2
41*2
3*2 Feb 26
35
132
10*2
Feb 17
66*2 Jan 18
80
B—1
No par
Deo
Mar
Nov
38
159
*3g
46
33*2
103
68
5
52
*1*8
Jan
June 14
132
10*4
3534
29
52 34
*2
May
Mar 10
Nat Enam & Stamplng.No par
Nat Gypsum Co
1
52l2
156
1978 Aug
79
69
15*4 Aug 16
9938 Mar 19
36i2 Feb 11
200
30*2
*31*2
73g
307g
125
*84i2
1,100
Jan
1934 July 30
40
109
109
185s
18%
300
5
378
No par
100
19
4*2
1438
234
1,800
16,500
90
*119
88
3,600
26
125
143g
*212
*10*2
9,400
26
*119
""43g
400
90
125
*
3,300
26
24
*24*8 24l2
24*4
24%
8
7%
77g
734
8l2
18
19
18*4
18*4
19%
*117*2 129*2 *118*2 129*2 *119
*7g
......
95
56*2
35*2
*108
1858
35
*31*8
24
2414
253g
*151*4 158
*151*4 158
*55
Co class
Murphy
24
*90
*108
110
Mfg
400
12
56*2
363s
20*2
Mulllns
80
407s Jan 23
105l2 Aug
2
17i2June 14
3784June23
1
79*4
12
26
5,500
July 13
54*2 Aug 3
«4May 12
2738June 30
-—--.5
Co
$7 conv preferred
Munslngwear Inc
12*8
35
Bra»s
200
12
1*2
*513g
8334
14*4
Wheel
Mueller
21
123g
2418
10*2
9*2
88*2
22*4
36
387g
*40
137g
*86%
*55
1234
*7
7*8
14*2
88
2218
1038
9%
14*4
Motor
400
22*2
*1*8
*2
42
1,900
22
*67g
30*2
*31*2
1212
35*4
21%
33
7*8
9734
21%
2278
31
*131
Motor Products Corp.-No par
88
95
31
50
12,200
38
*90
No par
Morris & Essex
35*8
12*4
95
Morrel (J) & Co
Mother Lode Coalition.No par
33
24
Apr 29
May 13
120
225g
1212
24l4
48
4.70C
*37
*33
May 14
85
1%
38
June 29
28
3578
-
33*8
2278
6
10
56*4
100
Jan
Mont Ward & Co Inc..No par
56*4
1%
34%
*107*2 1083g *107*2 108*2 *107*2 108*2
13
1234
13*8
1278
12*2
123g
69
*68
69
70
70*2
68*2
68*2
19
18*2
1834
1834
1878
18%
18*4
—
12834 12834
52*4
5212
35*2
38
1 Missouri Pacific
*32l2
13*4
55
61
*50
*5212
52*2
52*2
*10434 108
*10434 108
*10434 108
25
22l2
22*2
2212 22*2
*19*2
33
333g 33*2
33*8
3358
33*8
*71
72
71
*69*2
71*2
*70*4
41*4
417g
40%
41*4
40*2
40*8
5212
138
81
38*8
9834
131
3578
5534
357g
80
12*2
*2
Monsanto Chemical Co
138
18*2
156
1,500
35,400
5534
18*2
*31
1.200
62*2
60*4
1*2
7*8
3034
*7
7*8
7*2
31*4
31*4
3078
*31
34
32i8
13
127g
*1234
38
3838
38*4
38*2
*155
159
*15438 159
*128*2 13278 *12834 1327g
53
53
53
5234
10%
1078
10*2
1078
*1*8
1*2
1*2
*1*8
33%
33*2
104*4 105
5534
18*2
7*8
31*8
*30*2
1234
64
I3g
57*4
36*4
3534
203S
205s
11214 112*4
36*4
2058
2058
*111
112*4
112l2 *111
*107*2 110
*107*2 110
19
18*2
*18*2
1812
*38
34*4
105*2
6178
*3278
3
...100
5% conv preferred
100
Mohawk Carpet Mills
20
*54l2
57*4
—
_
35%
21
34
105
*151*4 158
*151*4 158
2634
2634
2634 2634
95
■
36*4
35*2
105*8 105*8
64*4
6538
36
*3258
*3412
65*8
35*8
5534
1*2
3634
57
2258
*3838
14i2
*21
35
104
64.34
6534
*54l2
138
36*4
138
138
36*s
13*4
35
104
35*4
105
65*8
33
65*2
*32*2
7
7*4
307s Nov
48% Sept
131*2 Mar
Mar
conv
'
3
Nov
88
1*2
*7
122
55*4 Jan
678 May
119
37g
7*8
25%June 17
3378June 28
108
Jan 13
2:65
4%
412
7*8
Jan
Dec
Jan 22
1*2
7*4
1234
MarlO
*27g
27*4
*6*2
21*2
*3
x95
Feb 16
49*4 Nov
213s Nov
Dec
2834 Dec
108*4
Mar 17
13
106
23
101
Dec
106
*2%
3
Jan
11*2 Apr
120
158
2458
3734
z95
124
3*4
3
8
4
4*2
24*4
Jan
112i2 Jan 14
3434 Apr 19
Jan
1434 Nov
May
1%
3*8
Apr
May 14
234
25*4
8%
Deo
June 21
*258
3
Mar 24
Mar 17
Jan 12
Nov
96
158
24l2
24*4
493s
94
378
3*4
Oct
June
108
4*2
7
46
16
pref ser B
100
Minn Moline Pow lmpl No par
$0.50 conv preferred-No par
*312
634
40*2 Nov
38*s
Minn-Honeywell Regu.No par
*1*2
634
Dec
10
*2i2
29
June 25
Aug 13
Apr 28
14»4 Apr 29
10
June
23*2 Nov
101*2 Deo
Jan 14
86
July 1
9%June 29
No par
92
share
per
37
Jan 19
67
1
1st pref
Feb
2*4 May
93l2 Aug 13
34
conv
Mar 2
Mar 12
9312 Aug 13
100
5%
19
29
10
118
IBs
28
June 17
2
Feb 11
Highest
share $
$ per
600
240
378
29
1
share
Jan
24i8
106*4
54%
28*2
42i2
42i2
16*4
47i2
Year 1936
Lowest
99
99
13*2
106
1
June 21
36
Range for Previous
8% cum 1st pref
100
Mllw El Ry & Lt 6% pf—100
*114
117
13*8
6
per
1937
21,
113*2 114
115*4 115*2
11734 X117
117
4i2
634
25*4
107g
31*2
45*8
46
117
100
*9834 100
116
117*4 *116
117*4
11734 *114
11-734 *114
14*8
106
1*8
4*2
11*4
38*4
11
93%May 11
No par
11
10
25
No par
w'sNo par
*37
32
3214
31*4
44
45
4534
117*4 *116*2 117
*9834 100
*9834 100
3212
46
117
46*2
11578 117
*117
7034
11
*37*8
11*2
2034
2578
71*4
39
1138
38*2
62*2
25*2
71
71*2
$6 pref ferles A
12
21
95
6% conv preferred
100
Mead Corp—
—No par
*90
$
June 23
40% Jan
16%June
3284May
31*8May
1258 Jan
4234 July
12i4June
.10
$3 conv preferred
700
*14
*95*4
share
July 31
14%May 20
Mclntyre Porcupine Mines..5
35*2
1334
35*2
34i2
Highest
21
McGraw-Hill Pub Co.-No par
3534
per
84
5
McGraw Elec Co
*18*8
98
$
No par
1
100
McCall Corp
17%
*85
54
the
215g
2114
1738
1738
*85
90
Ranee Since Jan. 1
On Basis of 100-Share Lots
Week
$ per share
22
Friday
Aug. 20
Aug.
June 14
Ex-div.
y
115
June
9
47
Jan
70
Nov
114
July
114
July
13
July
10334 Aug 11
23
Jan
7
15% Feb
1
40
3
3*2 Jan
8*4 July
2
4*4
Mar
27*4 Feb
Ex-rlghts.
Jan
22
Dec
15
Dec
32i2 Dec
2978 Dec
1 Called for redemption.
LOW
STOCKS
for
NEW YORK STOCK
the
EXCHANGE
Saturday
Monday
Tuesday
Wednesday
Thursday
Friday
Aug. 17
Aug. 18
Aug. 19
Week
Aug. 16
Aug. 20
Aug. 14
% per share
On Basis of
Shares
*21
3184
3184
4478
*44%
2178
31l2
*4458
3178
4434
141
142
*
140*2
*
9
918
29
1134
21S
94i2
95
95
*2%
94l2
214
95
94%
72
72
72
71
71
*69
72
70
72
*71
100
*99
100
*99
100
*99
100
*99
100
*99
100
2i4
2is
2i8
21%
25
*24
167
21%
*24
5%
3934
27*4
27%
934
10
1634
I678
634
634
*46
47l2
*46
4712
412
434
7
7
7
51
*47
2612
3814
49
*24l2
678
*47
'■
*2412
3734
*4718
35g
3%
938
9%
99l2
997g
98*2
9938
97*4
414
412
678
412
434
4*4
634
634
634
67g
51
*47
*24l2
36*4
3534
26
36*4
365g
2634
37
*471g
51
*48
51
*48
51
48
116
*113
116
*113
116
*113
*113
50
50*2
*7
8
*7
912
*5
8
*7
*2812
303s
*28l2
303g
*28*2
303g
77i8
*70
77
*70
77
*70
76
79
*7612
78
*20l2
21
5312
78
21
183g
834
*76*2
76*2
20*2
19
20
18*8
17*2
53
54
x52
1758
8*2
51*8
*40
*40
43
42
*41
43
812
87g
53*2
'
78
*..__
78
183g
18*2
18
*412
5i2
*45g
584
"*4i"2
*758
8i4
*75g
8U
*75g
8*4
*75g
1%
1%
H8
1%
*U8
1*4
1*4
907g
8934
89
89*4
1412
*14l4
15
*14
15i2
*14
15
*14*2
15
78
*72
78
*72
78
*72
78
*69
78
7%
6H8
56
*7
7l2
*55
6312
*56
*1518
1578
1578
*30i8
3034
30l2
30l2
*41
43
»
135
"l2"
57
*53
*27
30
913g
*23g
284
913g
1%
14
1434
63
"l434
63
*14
*98l2
234
*2%
2l2
212
223g
22i2
57g
*5l2
558
*158
2%
*158
2i8
*712
77g
75g
75g
JPostal Tel & Cable 7%
20*2
20*8
20%
19%
20
3,000
20*4
20*4
*19
21
5478
*50
54
*117*2
*117%
42~7g
-
*117%
—
41
—
—-
*126
130
130
130
*127
131
*140
150
"140
150
*140
150
*117%
103%
115
115%
700
132
100
132
*127
150
*140
*127
*140
15^
*140
150
*111% 11234 *111% 112% *111% 112%
II284 *lll3g 11234 *11138 11234
54
5,000
5278
56
55*2
53*4
55*4
56
563g
5612
5614
5634
39,900
20%
1934
20%
2034
20%
20*2
21
21*4
21%
207g
213g
860
*112
112%
112
112
111% 112
11134 112i2
112
11214
112l2
100
102
102
*101% 103
*101% 103
*101*2 103
103
*102
103
4,400
14%
1384
14
14%
14%
14%
I4l2
1434
1412
I43g
1412
400
*17
1734
18
♦17*4
1734
1734
1734
1734
1734
*17
17s4
1034 104,600
11
10*4
11%
10%
1078
1078
1138
11*2
IH4
11S4
*100
*100
*102
73U
7434
7434
7334
87S
355g
34U
39*2
37l2
9
79*2
212
73*8
85g
87g
85g
347g
9
878
~7~3~%
3514
35*8
3434
3414
*34
3434
*3314
*373g
3434
3912
*37i2
3912
*37*2
*33
3712
*33
*33
73%
73*8
8*2
878
35%
35%
*34
3434
*37
37*4
39%
37*4
87g
87S
73
71
8%
8%
3534
36
33%
3484
39%
*37
35
37
37i2
*33*2
9U
914
*8*8
79l2
*6512
79l2
*6512
212
*2i4
*21i4
1912
24
*21
24
1912
*19*4
1978
*20
22*2
*20
26
26*2
26
26%
92
9434
9034
92%
*92
92%
9434
*93
9434
9
9
*65i2
*2i4
23
*2112
1978
20
*2*4
2l2
2012
2012
20
20
26
26l4
257g
263g
9012
91
9112
9H2
*93
95
*93
95
9078
*93
79*2
*65%
2%
*2%
24
*20*2
19%
19*4
21
*93
70
36%
39%
*33
37
*65%
*2*4
79*2
*20*2
24
19
19
*19
21
*18
25%
9
2%
26
8%
*37
8*2
*65*2
*2*4
20*2
1834
*8%
71
8%
3534
*3334
25*2
92%
*93
36%
8%
79%
2%
20%
19
21
2534
92%
5*2
5%
534
5%
534
57g
534
57g
534
3784
36%
38%
37%
39*8
38%
38% 387g
39
3912
11734 11734
*117% 118%
*116*2 1183g *116% 1183g
11734 118
102% 102%
102
102% *102% 103
*10158 10234
*1015g 10234
*10H2 103
34% 35
3634
35%
37%
37*4
38*4
38
377g
377g
37l2 3712
7278
74
7278
74
80
*74
7778
777g
7778
81
777g
*74
132%
132% *125
132*4 *125
*125
132i4
132i4 *125
*
132i4 *125
*125
*
90
*
90
90
578
534
39i2 3984
11734
*117
*_
90
__
*
90
~26~
2618
26l2
*26%
104
*103
*10234 105
203g 20l2
2014
2OI4
5234
525g
525g 5234
65
*62
*62
65
90
*
2638
273g
104
104
1234
*11*8
*19l2
21
*19*2
2038
71
3714
37
6034
6II4
3
*2i2
6i8
6i4
*1H2
137g
*20
34
*
Bid and
234
8% conv
61
1234
No
$3.60 conv 1st pref..Aro
tRadio-Kelth-Orph
No
Raybestos Manhattan.No
37*4
484
59*2
2*2
Reading
2,200
13,600
5,600
500
50
50
-50
preferred
4% 2d preferred
500
Real Silk
400
Rels (Robt)
------
200
9,600
1,600
3,700
600
------
------
3,600
100
1,300
4,900
30
------
21
300
73
600
900
37*4
36
212
*6*8
6*4
137g
*20
34
*11%
*20
34
2%
2%
6
6
*11%
1378
*20
34
47g
59
*4%
478
100
58%
*2%
58 s4
4,000
284
1,000
6
2,300
*11%
2%
578
1378
*11%
137g
*20
34
*20
34
534
*578
_
Revere
day.
t Io receivership.
prior pref ser
Copper A Brass
Class A
May
5H%
a Def delivery
10
Common
Westphalia El A Pow. ..
Rltter Dental Mfg
No par
Roan Antelope Copper Mines
Ruberoid Co (The)
No par
Rutland RR 7% pref
100
St Joseph Lead
...... 10
Rhine
X St Louis-San Franciseo..100
6% preferred..
100
5%
Jan
South western.. 100
100
preferred
New stock,
r
Cash sale.
Jan
21
Jan
41% Apr
Jan
1*4
Jan
684 May
17*2
Oct
1734
Oct
57*2
56
Dee
Feb
103*2
Feb
113
113%
Apr
Apr
Apr
130
146
164
July
112
Jan
114
Apr
39
128
50% Nov
July
Jan
Aug
6978 Deo
2478 Mar
103
May
13334 Apr
117% Mar
Feb 15
91*4 May
9% May
1234 Mar
103
63
June 17
80
Jan
Oct
16%
934 May
6
83*2
7
Jan
68*2 Apr
Jan 15
1078 Nov
Jan
383g Nov
8
Jan
5034
39
Jan
50
Deo
8
133s Jan 16
37
Jan
47
Nov
83
Apr 28
June 14
Jan 20
4*8 Mar
5
Mar
5
16*2June 15
223s Feb
8
17*2 July 30
97s
Jan
65%
Oct
30
Apr 28
May 19
94*2 Aug 12
2
4
Jan 19
97*4 June 21
32 June 29
71
Jan 21
126'4June 10
89 June 10
22*2May 18
101
July 21
il6%June 14
49
May 17
31
17% Aug
"25-
4% July
8*4 Mar
167s Apr
297s Dec
47*4 Mar 11
Apr 23
77
78*4 May
484June 28
11
20
Jan 27
Aug
4
128
104%
Apr
Deo
Oct
Apr
3984 Deo
24% June
79% Deo
10
Apr 17
90
Apr
138
Oct
92
Dec
98
Nov
303s Jan 14
Jan 8
22*2 May
34
Feb
105
Apr
117
Jan
25
July
36*4 Nov
50
Apr
60*2 Nov
112
34*4 Jan 22
58
Jan
8
Jan 26
23gJune 29
May
90% Nov
114
9534 Jan 26
139
Feb 23
4334 Jan 29
Dec
110*4 Mar 10
493s Apr 14
98
Apr 14
14
Apr 27
81
124
31*2 Feb
June 28
Nov
9i2 Feb 18
67
3*2 June 17
Dec
24*8 Nov
99% Sept
1134May 28
19 June 21
30
Jan
Deo
4% Deo
29*8 Mar 9
94*4 Jan 30
Feb 18
110
69*2June 30
60
I684
100
178 Apr
12% May
16
Aug
35*2 Mar 31
27*2 Jan
Oct
35*2
Jan 11
Mar
4334 Jan
June 14
109
July
Jan
49
7*2June 17
Jan
80
5
2878
47
34*2 July 29
5
14% Jan
108*2 June
10*8 Apr 19
June 26
80
20*2 Nov
19% Oct
3634 Jan 11
67gJune 17
May 18
32 June 26
29
21
July
144% July
16
2334 Feb 25
187S Jan 21
107
Deo
Deo
Dec
Deo
122%
367s
113*8 Jan
Oct
Feb
Dec
Apr
40*4 May
72*8 Feb 4
2438 Feb 3
11234 Feb 27
162*8 Jan
734 June 29
Jan 7
20
Jan
4%
11534
103
2
12
4
21
8
21
20
25
25
128*2 Jan
140*8 Jan
8
62
May
Deo
Mar
Deo
Deo
Deo
13%
28%
28%
73%
Jan
20
Feb 11
5234 Jan
3
36
1178
Feb 10
112*4 Feb
334
2784
26*2
29%
11*4
334
1*2 Apr
65*2 Jan 15
7
1334 Aug
16
Apr
99
Deo
30% Dec
Oct
58%
Jan 12
118*2 Jan
51'4June29i
16% June 14
107*2June 28
Dec
43s
1
5
86
55*2 Jan
110
June
14
31
July 31
52
Deo
1*4 May
2978 Apr 22
21% Apr 14
33*8 Feb 4
1178 Jan 22
378 Jan 22
15*2 Jan 20
3178 Feb 11
17*2June 17
18 June 26
Deo
29
July 14
3
4*4June 15
Jan
Oct
137s
9*2 Apr
112% Nov
47*4 Mar
...
preferred
100
preferred
100
Reynolds Metals Co...No par
5 H% conv pref
100
Reynolds Spring
1
Reynolds (R J) Tob class B.10
7%
n
sales on this
Corp...No par
preferred
100
A. 100
5
10
Republic Steel
X St Louis
_
—5
Motor Car
6 % conv
36
*4*8
Reo
6% conv
*19
58*2
2%
Preferred with
300
*68
434
10
1
warrants..25
A Sar RR Co...100
Co
Remington-Rand
Reliance Mfg
300
72
59%
..100
Corp...No par
Rensselaer
6,400
60,500
20%
*4%
No par
A Co
preferred
1st
36
59
—...
Reliable Stores
100
1,200
*19
434
par
par
5
100
Hosiery
Preferred
------
*70*8
60
preferred B
4% 1st
mm-r- •* —
19*2
6i8
asked prices: no
par
par
$5
73%
3684
No par
Quaker State Oil Ref Corp..10
Radio Corp of Amer. ..No par
37%
19
100
100
preferred
6% preferred
73%
1378
61
*11
No par
No par
Purity Bakeries
37*2
*115g
6
"2534
*103
No par
Puro Oil (The)
6934
7H2
60i2
1284
*107$
*11
478
63
*11
*60*2
13l8
37
*61
12*2
62
76
♦418
595g
*2l2
63
525g
62
21
478
52%
52l2
*73
*4i8
52
20*2
*19%
37
20%
27
106
20
1212
*5
20*4
2534
26% £25*4
104%
104% *103
19%
19*2
1934
*19*2
52
5134
5178
5I84
"26%
*103
5
50
Gamble
Pullman Inc....
9434
534
Deo
2%
5% Feb
141
4
114i2Mar 25
5% pf (ser of Feb. 1 '29). 100
3634June 17
Pub Serv Corp of N J..No par
9934 July 2
$5 preferred
No par
6% preferred
100 £112*2 July 30
124 June 24
7% preferred...
..100
8% preferred.
100 147*2May 11
110 June 17
Pub Ser El A Gas pf $5.No par
------
103
132
1
5% conv 2d pref
Procter A
3,300
4,400
1,000
41%
40*2
41%
4212
*10212 103*4 *102% 103
10212 103
11438 11434 *114*4 11534 *1147S 11584
*127
115s
-
42*4
4084
pf.100
5% conv 1st pref.
400
----
Jan 12
24*4 Mar 22
No par
Pressed Steel Car Co Inc
300
28
li2June 29
7 June 23
1,300
60%
Jan 12
16*2June 29
21
Aug 20
Class B
49
Mar 10
4
2
Pocahon. .No par
Poor & Co class B
No par
Porto RIc-Am Tob cl A .No par
7%
60%
33g Jan
Pond Creek
300
7*4
60*2
77
Apr
35%
122
2:97*4 Apr 29
29 June 17
1
June 22
5
Plymouth Oil Co
3,300
7%
61%
427g ~43%
10234 10234
IH84 11434
*1143g 115
200
7%
6134
4278 ~4~3%
*102% 10234
Pittsburgh & West Va
100
Plttston Co (The)
No par
40
7%
6II2
*11712
unstamped
Conv pref
30
17g
6134
6II4
...25
100
Pittsburgh United
1,200
175
2*4June 21
16
July 26
100
6% preferred
20
734
613s
*17
300
734
597g
2
76*2 Jan 22
14U Aug 16
100*2 Aug 14
24*2June 29
84 June 28
*15s
*50
18% Dec
4934
Feb 17
Aug 10
2:97*4 Aug 19
165
Apr 12
1
300
61%
7% June
27% Dec
18*4 Jan
14*4 Aug 16
100
Corp
1%
53
Dec
18*4 Deo
37% Jan
62% Aug
No par
7% cum pref
1%
21
Jan
23*2 Dec
1%
61
8
5
333g Jan 18
8
1%
7*2
53
Feb
July
Mar
178
*20*4
Deo
84
70
2084 Apr
56
Deo
11%
43
178
56
74i2 Jan 13
117
Mar
52%
160
200
21
3
88
Jan
187
2,000
20%
June
May
5*2 July
38*8
9*2 Jan 20
Feb
5%
*53
68
July 26
64
30
Nov
Mar
22%
*2014
6
87*4 Jan
4
J uly
Jan
3%
16
7*2 Apr
5%
58
10134 July
784 Apr
155
5%
2312
Mar
66
176
22%
2034
2038
1
3*8 Feb
Mar
167s Mar
95*4 July 19
20
Jan 16
Apr
Oct
12
8*8 Jan
1*2 July
Jan 12
14
54% Aug
102%
8
5%
*54
Jan
Jan
7
22%
*20
81*8
3*4
Jan 18
Pitts Term Coal
19%
8
2
Jan
57g
19%
54*2 Jan 14
100*4 Jan
7*2 Feb
June 28
Aug 11
Mar
22*2
21
5634 Deo
Jan
20
Pittsburgh Steel Co
18
*17
19% Mar
Jan
45*2
190
—566
20
*17
10*8 June
25%
174*8 Apr 23
12 June 14
*5%
56
21I4
*l43g
3,300
2%
2%
234
20
Nov
18*4 Deo
123s June
215s Mar 11
Nov
7% gtd conv preferred.. 100
Pittsb Screw & Bolt
No par
22%
23l2
*102
40
2212 ,22*2
57g
*55s
56
21
600
Deo
31
25
1434June 16
283gJune 17
40
July 16
117
Aug 10
10 June 8
52 June 17
shares"
Co.,100
Pittsburgh Coal of Pa
100
6% preferred
100
Pitts Coke & Iron CorpNo par
S5 conv pref
No par
Pitts Ft W A Chicago
100
700
90
Jan
44
Pirelli Co of Italy "Am
"5-766
90
88
90
*15
18
*17
18
*17
18
*17
1712
56l2
1434
64
14*2
98*2
*17
18
18
18
434
484
5
5
47g
478
5*8
*47g
518
123
*117
123
*117
123
*117
123
11912 *117
30
30
30*2
31%
30*2
*30*2
*30l2 32
30U
30U
1%
*1*4
1%
*1*4
1%
*1*4
1*2
*1%
1%
*114
24% 25%
26%
26*4
25%
26*4
26*4
26i4
26i2
26%
18
18
2234
112l2
*135g
*2%
20
17i2
*1113g
14
89
91*2
913g
91*8
91
234
2234
*53g
*117l2
*61
*13*2
3:97*4
Pillsbury Flour Mills
122
Jan
16
8
Jan 11
6
P'tts C C & St L RR
5
138
21
14*2
15*2
63
62
10
135
119
26l2
*2012
*43
—566
46
*2934
*
135
..
1534
59
*17
32
263g
*
135
5812
91%
*23g
18
*1612
5
5i8
*11912 123
*31
*43
43
43
*
30*4
4*6
*30
30
30
43
135
16
30
*147g
157g
—
15
15i4
15i8
*9012
*1434
*1378
14*2
14*2
*9634
97*4
98*2 98*2
99*4
172l2
17212 *167
17212 *167
172*2 *167
*176
*176*4
*176*2
*176
14l2
14%
1434 "hVs
1478
15
1478 "l5
1514
*27
30
28
*25%
*27
29
30
*27
30
*176
*28
16*2
Jan
56
2
49*2 Jan
100
25
pref
Pierce Oil 8% conv
64*2
7
1134June 17
72
July 8
100
Preferred
40
55
55
*167
*166
*17534
*15ig
"l2%
1234
1414
14U
100i2 10012
100% 100%
*166
*50
7
7*2 Aug 11
1
June 11
No par
5
100
Phoenix Hosiery
200
7*2
*7
57
57
5934
5734
7*2
*7
*55
30*8
30ig
57
57
7*8
16*2
*40
*
135
~12%
1214
718
56
*155g
43
*40
*
61*2
*7
69i2
*1514
603g
5
46*2 Aug
13*4 Feb 19
70
No par
7% preferred
Phillips Petroleum
Feb
7*2
48*2 Mar
Jan
4
No par
Phillips Jones Corp
14-366
Oct
58
Jan
Apr
5978 Mar 10
50
Phillip Morris & Co Ltd...10
78
Apr
4
25*8
38*2June 23
50
200
14*2
14*2
38
4
Jan
76
7% preferred
6
65*2 Feb
17
Mar
91
40
Phlla & Read C & I
59*2 Nov
June 14
25
50
No par
1,600
2,900
Oct
45
73gMay 17
No par
{Phlla Rapid Tran Co
89*2
*69
60*4
597g
6134
73g
62i4
7i8
6134
62i4
6178
9034
90
91
1412
*72
Co
$6 preferred
1*4
*758
1*
89*2
2734 July
28*4 Apr
II634 June
16*4June 17
6
Phelps-Dodge Corp..
Philadelphia Co 6% pref
Pfelffer Brewing
300
87*2
8
*75g
1*4
June
17
Deo
74
Mar
87
June
19
par
Petroleum Corp of Am
5®4
8
1*4
*412
No
Milk
6,600
78
*75
534
Pet
2,500
1,400
44
*41
78
*412
534
8
1*4
*45g
8*2
50*8
42
*75
78
*75
534
834
52*2
834
10*2 Mar
110
3
Aug
75
Jan
678
11634 Jan 27
June 28
71
Feb
73
112% Nov
Mar
Feb
4*8 Jan 5
29
Aug 14
100
100
5% Prior preferred
5% preferred
1178 Apr
17*2 Nov
334 Deo
30
43*2June 25
100
300
5358
878
78
*9014
July 15
112
100
100
,
2
12*2 Feb
Apr
10
3*8 June
4*2 Jan
2884 Jan
50*4 Mar 17
63
Mar 9
100
43
183g
5234
43
76
76*2
20*2
69
Jan 13
Pere Marquette
3038
*70
*20*2
8
34*4June 28
47 June 28
""466
*28*2
*76*2
9
22
Peoria & Eastern
Apr
23
76*2 Feb 1
2934 Feb 10
oNo)par
50
Peoples Drug Stores
No par
6% conv preferred
100
People's G L & C (Chic)..100
78
21
4034 May
63g Jan 23
6
43*2 July
5*4 Jan
47*4 Mar
32*4 Nov
Jan
64
Dec
37*2 Dec
10334 Mar
5*4 June 16
par
Deo
2284
4*8 Jan
65s June
10*8 May
1*8 Jan
60
Aug
3*8June 30
No par
174
Jan
234 July
Pennsylvania RR
76
2934
No
Cement
June
8*8 Aug
Penn G1 Sand Corp v t
2934
78
I8I4
5358
43
Penn-Dixle
No par
10
Penn Coal & Coke Corp
Deo
17*2
34*8 Jan
14*8 Feb 5
35g Jan 2
38*8May 13
85 June 16
3
25
59
5
8*4 Feb 25
4434 Feb 3
29*2 Feb 3
No par
(J C)
Penney
*70
*76l2
*20i2
18i2
878
525g
*8l2
9
Peerless Corp
"loo
497g
8
2978
36*2June 30
23 June 16
1
No par
Penlck & Ford
200
8
77i8
2634 Jan 28
24*2 July 28
4
May 14
10*2 Jan 5
2378Marll
738 Feb 18
9,100
51*2
*47
200*2 Jan 28
14
zl 5*8 June
1
6*4May 18
"loo
*7
51*2
51*2
5112
5112
June 29
121
100
10
Feb
109*2 Deo
7*8 Aug
Pathe Film Corp
No par
Patlno Mines & Enterpr No par
116
116
2884 Jan 28
97*2
Apr
July
165gJune 14
234June 17
48
49
18*2
67
90
Parmelee Transporta'n. No par
51
24*2
51
*2412
Oct
Jan
Apr
74*2 Apr
4*4
Jan
Jan
13s
758 Jan 14
2,000
355g
*47
2634
13%
20%
678
8,400
3,200
2,400
2412
*47
51
Jan
12*4 Aug
103
Parker Rust Proof Co. ..2.50
4,400
1,700
23*2 Deo
1134 Apr
MarlO
Inc
$7 conv pref ser A
3734
July
6
18
20
25
13
800
98
412
634
Deo
152
10978 Mar 18
C M
Utah
153
Jan
1
Parke Davis & Co
400
*2412
37ig
*113
5112
Park
9,900
1,100
1,000
Jan
140
100
__
6% 1st preferred
6% 2d preferred
Park-Tilford
500
6
Jan
Deo
118
OlTgJune 29
99 June 4
Paramount Pictures Inc
700
48
*47
48
*48
49
21
1834
67g
658
48
*6
884
15%
6*2
16*8
16*8
*47
4712
4l2 Jan
121
May
No par
4% conv preferred
4,200
3%
9%
16
658
9*8
29
*2012
18*8
2634
3%
8
*7612
434
39*4
27
38is
5218
*51%
27*8
47g
20
51
37%
116
*113
27
*25*2
934
17
67g
634
67g
47
9914 100
45g
*414
7*4
7i8
100i2 100i2
100% 101
*4
4%
16*2
47
*39*2
25*2
3I2
3i2
9I2
16i2
978
634
7
27%
35g
16
1612
163s
634
27%
3l2
938
334
3978
40
*27
10
934
5i8
514
5is
2712
*3i2
3%
35s
40
*27
25%
25
25
538
3934
518
3934
5%
39*2
25
20*2
17*8 Jan
60
Parafflne Co Inc
66,900
23*8
15534
2034
29
5
39*4
27
155
21*8
2558
5*8
3978
20*2
2158
2512
514
40
273g
21%
123s Feb
2
June 28
107g July
100
preferred
conv
Jan
77gJune 17
No par
JPanhandle Prod & Ref No par
8%
4
2
2934 Apr
2
130
9
Jan
149
47*4
14*4 May
4478 Jan
2034May 14
Pan-Amer Petrol & Transp__5
500
70
100
22*8
2234
23*4
23%
24lg
164
168% 168% *159
23 >8
2234
24
2358
170
16214 16214 *166
21
2II4
21l2
213s
2334
23*2
*165
100
10
Corp
Highest
Lowest
$ per share $ per share
share
30
Dec
39% Nov
3234 Jan 14
41
July
3084 Jan
38
Jan 12
58»4 July
4484 Dec
5384 Jan 14
per
152
134*2June 2
133
Apr 28
100
Packard Motor Car
200
500
95
72
2*4
27,600
9334
95
*94
93
*93
*2%
Pac Western Oil
87g
117g
834
.No par
Pacific Telep & Teleg
6% preferred
*1134
9
28*8June 17
40*2 June 21
25 June 28
No par
"l~666
1134
2*8
87S
Corp..
Pacific Mills
70
25*4
25
2534
25*2
918
12
87g
Pacific Ltg
140*2
*
140*2
26
26
4,900
2,800
3,700
43*2
$
20*2 Aug 12
Pacific Finance Corp (Cal).lO
Pacific Gas & Electric
25
200
3058
44
28*2
29
141
141
30*4
142
*
20%
*20
29
142
*1158
12
*115s
12
2i4
*11%
435g
30
26
9%
*2534
26
9
9
12
445g
31
141% 14112
*
140l2
140i2
*
26
26%
87g
*11%
303s
44
2078
3078
4378
2078
3134
14H2
*141
14012
141
*141
*26"
29
29
30
30
21
31
*205g
32
4434
30l2
3134
4412
28i4
$ per share
$ per share
$ per share
21
21
$ per share
$ per share
21%
"■2078
Year 1936
Highest
Lowest
$ per share
Par
Previous
Range for
1
100-»S7»are Lots
Range Since Jan.
Sales
CENT
SHARE, NOT PER
SALE PRICES—PER
HIGH
AND
1219
Record—Continued—Page 8
New York Stock
145
Volume
4
86*2 Mar 10
38
June
5878 Sept
884 Nov
19*2 Feb
32
Jan
65%
13%
35
Feb
Jan
Mar
7534 Deo
4
934 Feb 19
65
Mar 11
434 Mar 17
11*8 Feb 25
2034 Mar 5
37*2 Mar 11
5% June
22
July
10*2
Feb
50%
Deo
3% Mar
684 Deo
1*2
Jan
2%
Jan
778
Jan
15
Oct
Jan
37
Oct
18
New York Stock
1220
LOW
AND
HIGH
SALE
Saturday
Monday
Aug. 14
Aug. 16
9358
158
1%
1512
1®8
•14
42
5
40i2
8I4
•734
97BS
3178
9778
32
1312
1358
37
3758
10534 106i2
10i8
10i2
NEW YORK STOCK
the
42
Aug. 19
Aug. 20
$ per share
$ per share
$ per share
Shares
355s
3584
3578
36
37
37*4
1057g 1057g
10*8
103g
3638
36*2
103
103*8
10*8
10*8
*161
169
*161
168
*161
168
161
107
107
*105
107l2 *105
107
*105
*21
3084
2984
30i8
3012
2U4
2314
23l8
*llll2 113
*2H8
225g
*112
4
4
355g
*34l2
*
145
"2458
48l2
3U4
245g
4878
3134
4578
4578
•50
60
734
734
*
113
4712
30l2
46
*738
67
*64
98
98
98
734
23&g
•28
29
78
*
*241*2
7l2
*2218
*7358
2818
1818
3412
57
98
734
235g
78
2258
113
*112
4
35*2
46
July
9
103
July
9
113
Jan
6
113
Feb
3
2,300
2
Schenley Distillers Corp
27*2
5134
98*4
3*4
Mar
7,900
104*4June 29
14ig Jan 4
385gJune 30
9
15s May
2358
45*4
2*8
8*2
54*8
Feb 10
77s June
100
500
4434
*50
9812
7*2
*22lg
*735g
145
~24l~2
100
45
4414
52
7*2
8
*738
64
64
98*2
75g
23
78
28
28
18
64
98*2
738
22*8
*735g
18*4
34l2
98*2
7*2
78
7*8
20*2
*7358
28*4
*28
18
175g
*32*4
*49*2
237g
22l8
28*8
1778
213S
97,400
"
9*600
900
2838
29*8
4234
2,800
8
57
73g
73g
400
60
60
9834
7*4
98*2
67g
98*2
7*8
5,900
20*2
78
28*4
20*2
*735g
20*2
300
*28
78
50
50
25
*86
89l2
87
88
88
88
87
87
*43
447g
43l2
1178
87l2
4312
2458
8712
43
43
86*2
4212
42i2
42
1178
12
1134
12
1134
117g
734
85g
20*2
734
834
2034
4034
4912
3
734
8*4
19*2
38*s
83g
87g
203g
38*8
48*2
""*466
42
1134
*4234
IIS4
4478
12
1178
12
77g
8
*734
87g
*2U2
9*4
2134
85g
2034
*39
42
*38
42
*49*4
*212
60*4
*49*4
*2*2
50*4
45*2
4658
*
3
45781
4634
3438
*69**4
70
*42l2
44
68
68
I884
*1434
187g
24
24*4
14*2
14*4
*70*2
15
71
*120
120*2
18*2 185S
49*2
49*2
5
478
36*2 37*4
45*4
467g
3412
6958
*42*2
6734
18*2
*1458
24*8
14i2
70*2
120
1834
49
26*4
1834
71
121
185g
14
70*2
*118
187g
18*2
52
12*4
44
*40
43
*38
38*2
62i2
14l2
64
7*4
3938
1334
12*4
*4U2
*38*8
*61*8
1638
143g
•177g
884
14l2
71
*50*2
*634
1414
6234
7*4
393S
13*2
12ia
73g
39*2
1358
1238
44
26*4
1458
225g
*118
120
18
15*4
2438
3134
1734
135g
12*4
6478
69
71
1834
24
24*4
31*2
1734
135g
*117s
*50*2
*68
15
*16
7
147g
99
15
32
52
*98
15
43*4
67*2
32
*50*2
*684
14i2
6484
7*8
398g
135g
12*8
*4212
38*2
*61*8
5*g
*20*2
207g
185g
2438
1434
70*2
*6634
24ig
33
*12
28*g
*4234
68*4
18*2
*145g
2334
14l4
,
*47
14
358
834
2838
5*2
22*2
21*8
*68*4
44l2
68
*
4*2
*34*2
3334
17*8
12*4
96S
46*2
*
44*4
46*8
48
*1178
912
358
*75g
47
3412
697g
4512
4678
35*2
6938
43*4
68*2
47g
36*4
33*4
17*4
1778
♦13*2
85i8
447g
37*2
45*2
*25g
3
48
18*4
*10
*25g
4534
7
33
*13
1778
137g
12*4
1778
18
12
12
52
52
52
7
684
145g
6434
73g
395g
1334
12*4
44
14
14*s
63*2
7*4
39*4
13*2
1218
64
*40
7
39
13
.
39*2
62*2
10
85
*61*8
*9*2
10
8434
9*4
*3*2
*75g
28*4
5i2
2178
2058
*98
2578
9*2
384
9*2
28*2
55g
22*4
*83*4
9*4
*35g
*73g
28
5*4
*20
86
9*4
37g
834
283g
5*
23
7
14l4
64
24
3184
*17*8
13*8
*1178
*50*2
*634
135g
6184
7
73g
3938
1358
1238
387g
1278
11«8
43*2
38
*61*8
10
*83*4
834
*358
*75g
2758
912
378
*778
*275g
5*4
*20
24l2
233g
8*4
83g
9*2
37g
9
28
512
23
21
2058
207g
205s
99
98
98
98
2078
98*s
26*g
2584
67*2
2578
2534
26
66*2
6753
5
20*4
20*4
97*2
25*2
65*2
8*4
778
18*8
6,600
5,600
90
16,000
540
800
16,800
3
68
121
18*2
47*2
434
3534
3384
39*2
Spear & Co
44*4
4612
35l2
10,600
4534
*6638
3
200
67
16,600
43
43
700
66*4
67
18
183g
1,200
2,800
*14*4
22*8
1358
15*4
23*8
14*8
6912
68
*118
300
5,600
23,200
1,700
121
183g
80
18*2
46*4
5,200
45g
10,700
45l2
4l2
33*2
34
33
33*2
17*8
24*4
3134
17*2
13*8
12*8
*13*8
17*4
243g
3158
17s8
52
*50*2
634
900
2,300
1,100
7
14
63*4
7*4
3938
1312
24
315g
16*2
127g
117g
13i8
5934
7
100
13*8
3,300
1,600
2,100
1,100
1178
200
52
10
300
634
1312
6238
4,200
23,800
383g
7*8
3834
13
13
12
11*4
44
44
1134
4434
38
38
38
800
62
62
9*2
86
93g
378
9
9*8
*83*4
87g
358
*75g
7,400
1,000
700
9*4
86
$4 preferred
$6 cum prior pref
$7 cum prior pref
2,400
35g
300
9
••
-
-
—
-
-
2758
5*8
26
27
"2*666
5
5
3,900
20*4
205g
*18*2
197g
23
98
97
26*4
67*4
247g
64
400
20*4
97*8
25*4
69*4
68
64
16*4
16l2
16
16*8
16*4
16
I6I4
16
16*4
!§!4
1414
143g
1334
I4l4
1334
1334
13
1358
1358
13*2
1884
177g
177g
*17*4
18
*17*4
1834 *17*4
1812
*17*4
18*4
8
884
87g
858
8
8*2
834
8
8*4
838
83g
•101
105
*101*4 103*8 *101*4 105
*101
*101*4 104
105
*101
105
11*2
1138
11*8
11*8
11*8
11*4
12
11*4
113g
11*8
11*2
1158
*17
•17
183g
*17
18
183g
*16
17
15*2
18
1512 *1538
38
375g
37*2
3784
37*8
38*4
3634
3778
3634
3778
3658
37*4
47
47
*46*4
48*4
*45
4638 4658
47
46*2 46i2 *44l2 46
10
10
10
*912
*958
97g
10
95g
10
*9*2
9l2
9*2
•72
74
•71*2 74
72l2 72l2
71*2
71*2
71*2
74
*70
71*2
19
19
18*2
18*2
17*4
17*2
*175g
18*8
173g
17S4
16*2
1678
*3*4
3*2
3*2
3*2
*3*4
33g
*3*4
3i2
3*4
3*4
3*4
3*4
91
91
90
90*2
89*2 89*2
88
8912 895s
89
8734
88*8
8O84 £81
8034
81*4
80*2 81
81
80*4
*7934 81
77
7934
103
102
10378
103*8
101*4 10178
101*8 101*2
99*2 101
9934 100*4
25
25*4
25*4
25
25*4
25
25*4
25
25*4
2478
24*4 2434
126*2 127*2
12512 125i2 *123
125*2 120*2 123*8 120*2 121
120
120*2
*9284
93*4
*9234
93*4
92
*9212 93
93
92
92
92
*27
17,400
1,000
5,800
29*8
•
3,300
20,200
143g
28
295g
*27
29
28
293g
*27
285g
28
27
27
293s
283g
2914
Bid and asked prices; no sales
*90
on this
day.
*2634
28
28
27
27
28*2
2784
283g
X In receivership,
a
No par
Standard Oil of Calif. .No
Standard Oil of Indiana
Standard Oil of Kansas
2,100
100
6,400
*
_
*3*600
100
13,000
500
600
90
2,200
400
2,800
5,000
12,500
102
Dec
2:3*2 June
19*2
975g
54
Jan
Dec
June 17
12i2 May
110
17
7
26
2
Jan
2
Apr
150
Jan
25
Feb
23*2
Jan
1234 Apr
19
ij^an
34 If Jan
684 July
63*4 June
101*2 Mar
28
Feb
Mar
37b July
684
Apr
65
8
20
8
21s4 Apr
143g Apr
1207g
Jan
22
9*2 July
8
6*8 Apr
9i2 Jan
2434 Apr
2634 Apr
8
Jan 12
723s Jan
7
Jan
Feb
Deo
31
Dec
Mar
June 17
June 14
20
May 27
77*2 Jan 11
Tennessee Corp
....5
Texas Corp
(The)
25
Texas Gulf
Produc'g Co No par
Texas Gulf Sulphur...No
par
Texas Pacific Coal &
OU...10
Texas Pacific Land
Trust... 1
Texas & Pacific Ry Co
100
Thatcher Mfg
$3.60
conv
10
61*8 Aug
9
Aug 19
84
Aug 18
1
734June 17
No par
Preferred
Thermoid Co
Third Avenue Ry
100
Thompson (J R)
Thompson Prods Inc..No
Thompson-Starrett Co.No
par
3
25
75sJune 17
Mar 22
3*2June 17
par
1734June 16
1538june 17
9134May 20
1734June 14
55 June 23
par
Timken Detroit Axle
Tlmken Roller
10
Bearlng.No
$6 preferred
Truax Traer Coal
Truscon Steel
20th Cen Fox Film
4
118
Jan
125
Nov
20*2 July 12
61»4 Feb 3
27
Jan
60
Deo
3
Jan
684 Mar
95g July
425g Deo
377s Oct
125
Jan
734 Mar
47*4
3978
20*2
2858
337a
2334
1738
1584
2
Mar 11
Jan 25
23
65g Jan
20*4 Apr
28*2 Apr
3578
Jan 20
Jan 21
15
Nov
203s Deo
1238 Nov
15*2 Deo
Jan
684 May
1538Mar 3
65*8 Apr 22
958 Mar 15
287|
6
Nov
44
33
Jan
Mar 30
558 Apr
28
48
Feb 19
337g Apr
64
Jan 13
1334 Mar
1
Jan
4
Feb 3
Jan 13
Mar 5
Feb 11
Jan 25
Jan 25
4
Feb
7*2 Jan
9*4 June
69
Mar
Oct
8*2 May
3*4 Jan
8*4
2458
47g
26
14«4
13*2 Nov
263s Nov
Jan
93g
Jan
13
Deo
55*4 Deo
87g Deo
4434 Nov
15*4 Feb
143, Mar
July
487a Nov
63*, Oct
49
16
Nov
110
Feb
Apr
1258
9*2
135,
32»4
8*2
3934
Jan
2184 Deo
Jan
277, Deo
741, Nov
Jan
Jan
JaD
Mar
Feb
Nov
July
Mar
Feb
Aug 13
12*8
Feb
4
56
Aug
2
June 28
June 14
225g Jan 11
273s Jan 22
llSgMar 8
June 12
109*8 Jan 21
12
Mar
3
265g Mar 8
4078 Mar 13
50
June £8
Mar 13
94
Jan 20
25
Apr
1478 Jan
103g May
7*8 Jan
93
Jan
478 Jan
7*8 Apr
22*2 June
313g Apr
884 May
65*4 Jan
275g Apr
221, Deo
12
Feb
110
Oct
93, Nov
28
Deo
385s Nov
4734 Nov
17*» Deo
Mar 29
63
Feb 17
95
Apr 28
2278June 28
120
Aug 20
No par
90*4May 7
24«4June 14
5
23*sMay 18
x
Jan
884 June
85
17
2*2June 17
73 June 14
100
Jan
1658 Jan 22
1538 Jan 28
64*4 Mar 6
16*aJune 14
25
Jan
8
8*4June 28
66
Apr 29
par
Oct
Jan 20
57*2 Feb 3
83s Jan 12
93*8
13*8
8*2
15*4
2878
10*4
4034
215g
98*2
Dec
Mar 8
Mar 31
3034June 29
100
Cash sale,
Mar
39
par
Under Elliott Fisher Co No
par
Union Bag A Pap
Corp No par
Union Carbide & Carb.No
r
91
287g Feb 11
14
par
Union Tank Car
United Aircraft
Corp
30*a
I57g
79
7*2June 28
101*2June 28
8*2 Jan 11
$1.50 preferred
No par
Twin City Rap Trans..No
par
Preferred
100
Twin Coach Co
1
Ulen & Co
No
4% preferred
Jan
13
No par
Jan
Dec
9*8
16
par
No par
10
Corp No
145g
Jan
703g Deo
40»4 Oct
78*2 Nov
24*2 Apr
70
Feb 17
157g Aug 12
par
Transamerlca Corp...
2
Transcont & West'n Air lnc.5
Transue & Williams St'I No
par
Tri-Continental Corp..No
June 22
23
$3.50 com pref
No par
Tide Water Assoc Oil
10
$4.50 conv pref.....No
New stock,
June 14
100
The Fair
n
June 29
4234 Apr 29
32 June 30
No par
No par
pref
6
3384June 17
1134May 13
Deo
48*2
12
6*2June 16
1034 Apr 28
503s Jan 18
Deo
72*4
475g
65
48*2June 28
62
Jan
17
9
277g Deo
Aug
1
5
Feb
13*4 Mar
978 Feb
32*4
No par
100
50
4334 Nov
18*8 Nov
129
35
9
Studebaker Corp
Sun Oil
5 Ji% preferred
Telautograph Corp
Nov
Feb
16*2 Apr
1
Oct
Feb 19
65
Without warrants
27
92*2 Oct
3684 Jan
24*8 Aug
50
Jan 29
Symington-Gould Corp ww..l
11434 Nov
9*4 Mar
50
r
Feb 11
Talcott Inc (James)
Oct
3*4
17*2 Jan 20
3358 Jan 29
16
14
14
26
Oct
1178 Nov
82
Feb
75
297gJune
15*4May
1178May
10*4June
5414 Deo
69
2
21
Swift International Ltd
26*2 Dec
Jan 11
June 29
July
1
13
Jan 8
2134June 14
Mar
32*2 July
Oct
4778
4
June 17
31
160
28
14
10
July
7*2 Feb
35*2 Aug
53*4 Mar
17
25
17*2 Nov
114
37
Jan
..5
Sweets Co of Amer
(The)...50
Nov
11
Stokely Bros & Co Inc
1
Stone & Webster
No par
Swift & Co
Jan
Deo
Apr
44
Jan 18
55*8 Jan
24*4 May
285sJune25
684
473g
132
Jan
25
100
Jan
Oot
Deo
5
Superior Steel....
Sutherland Paper Co
14i2
487g
30*2
Sept
9
6
1734 July 23
37*2June 29
4isJune 17
Dec
Nov
678 Jan
735g June
2934 May
1578 Apr
133g Jan
6
Aug
64
45
28*4 Deo
127*2 Nov
21
Mar
118
Deo
85
Mar
6% preferred
Sunshine Mining Co
10
Superheater Co (The) ..No par
Superior Oil....
1
Deo
Deo
72
76
(The)
Nov
Nov
Sept
48
10
Deo
Nov
Nov
40*4 June
36*2 July 12
Stewart-Warner
44
778
101*2
313g
1984
327a
104*2
11*4
884 July
1984 Jan
305gMay 14
63*8May 18
34*2 Jan 2
623gJuly22
Union OH California
Pef. delivery,
43*8 Jan
30*4 Apr
1484 Apr
10
Standard Oil of New Jersey.25
Starrett Co (The) L S._No
par
Union Pacific
200
Jan
395gJune 17
1,700
12,200
July
484
40*2June 14
Sterling Products Inc
Feb
50
June 14
25g Aug
16
Feb 26
2834 Feb
95*2 Apr
483a Mar
16*4 Jan
128*2 Feb
123g Jan
143g Mar
325s Mar
36*2June 17
1
Jan
25
3,900
500
13
Feb
2334 Jan 12
35
Aug 14
5*4May 18
33
Jan
pari
16*2
£68
...No par
No par
20
94
80*4July 2
2734 Apr 26
No par
6
36
19*gJune 14
JStand Gas & El Co
2
31
June 14
Stand Comm Tobacco
150
87g
5
No par
1134June 17
No par 1201s«s Apr 30
1
634June 17
200
6212
5,400
4,100
4,600
'
16
Conv $4.50 pref
No par
Square D Co class B_.
1
Stand Investing Corp..No
par
8,200
June 2o
26*2 July 1
44 June 29
conv
Jan
60*2 Mar
65*8 Jan
1178Mar
775gMar
104i2 Jan
9*2 Jan
July 31
5*4June 14
175gJune 14
75 May 22
26*2 Aug 5
preferred A..No par
Spiegel Inc
2
600
8
4
93
1
Standard Brands
Jan
58*2 Feb
85.50 preferred
No par
Spencer Kellogg & Sons No par
Sperry Corp (The) v t c
1
Splcer Mfg Co
No par
$3
9
32*2 Jan 13
653gMar 11
4338 Mar 17
6i2June 28
par
Spang Chalfant & Co 6 % pf100
Sparks Withington
No par
500
45*2
*
43*4
67*2
183g
1458
23*2
14*8
71*2
187g
1,100
5,800
4,400
4334
46
45l2'
4658
35i2
83g
38*2
45l2
*258
19*4
3712
9
84
84
49
8*4
434
36*4
33*4
*16
38*2
6212
10*2
85*8
46
50
8
19
*48
17*2
2438
32*4
14
4034
*48*2
*2l2
33*2
155
37*4June2
49
100
UPreferred
434
*36*4
*16
1734
3
50
50*4
35
24*8
21*4
33*2
25
47g
3734
33*4
17*4
2438
434
37
*33
*32
8*g
85g
33
17l2
3234
Mar 29
24
100T
1st preferred
June
42i2 Jan 12
4034June 28
....100
89
63g Feb 26
141
Nov
Mar
8
32*2June 17
M obile & Ohio Stk tr ctfs 100
70
400
MarlO
Mar
115
22*2May 13
Spalding (A G) & Bros.No
2
Marl6
54*2 Jan 11
40*8 Feb 16
2934 Feb 15
23*4 Aug 14
Mar 18
25
5% preferred..
8
3*2June 14
—100
595g
1
Feb
197
16*4 Jan 15
...100
Southern Railway
100
64l2
18
8% preferred
MarlO
120
June 17
19*2June 21
110
Apr
Jan
*16 Apr 28
4*4 Apr 21
605g Apr 22
102*4 Feb 4
25*2 Aug 20
29*4June 28
South Am Gold & Platinum.1
So Porto Rico Sugar...No par
Southern Calif Edison
42lg
*52
96
2
30*2 Aug
3*2 July
Jan
177g Mar 11
Jan 27
Nov
2is Dec
878 Dec
Jan
11*8
58
3*8 Aug 10
Sloss Sheff Steel & Iron...100
$6 preferred
No par
7g
155g
10538 Feb
98*2 Apr 29
86*4 Jan 2
Smith (A O) Corp...
10
Smith & Cor Typewr..lVo par
Snider Packing Corp
No par
Dec
2034
Jan 21
42
June
4
Feb
Feb
10
25
Southern Pacific Co
12,400
10,100
1
3434 Feb 19
May 13
'128 May 10
100
11
5
14
Mar 20
Socony Vacuum Oil Co Inc.15
Solvay Am Corp 5H% pref 100
Jan
Apr
120
June 29
Skelly Oil Co
6% preferred
Mar
2
2
Jan
34
40
Slmms Petroleum
Nov
114*2
177g
5578
101*4
4*4
20*2
Jan 14
65
12
114
93
44
102
Deo
108
Aug
110*8 Sept
377s July
July 21
100
99
Mar 17
34
July 28
25*g Aug 20
Sliver King Coalition Mlnes.5
Simmons Co
No par
*2*100
24*2
4578
44
25
2412
56
495s Nov
Dec
175g Feb 10
42*2 Mar 10
5
May 13
9*4 Apr 28
$3.50 conv pref ser A.No par
H % conv preferred
Jan
95
Sheaffer (W A) Pen Co. No par
Shell Union Oil
No par
4*8
3434
49
*49
Apr 28
July
96
Mar 15
Feb
store
per
27
6
985g Aug 18
June 17
300
113
2484
3414
26
12
29
22"900
5
4
1
No par
100
Jan
par
Sharpe & Dohme
500
49
25
Servel Inc
1,200
110
50
34
33
•49
81
2,300
100
253g
18i2
par
Jan 13
Mar
11*4 Mar
June 29
365gMay 3
634June 29
No par
No par
1,200
28*4
18*8
3234
49*2
24l4
87*4
I8I4
4
par
No
3,400
2,500
Jan 11
1*8June 24
100
Shattuck (F G)
29*4
"241s
57
*738
64l2
98*2
x38
Line...No par
Sharon Steel Corp
$5 conv pref
21*4
34*2
435S
*51
100
4-2% preferred
8,900
40
4
24*2
4558
29*2
43l2
52
li8June24
12*2June28
No par
Seagrave Corp
No
Sears, Roebuck & Co..No
145
4434
2812
4414
57
Air
Aug 20
92
Seaboard Oil Co of Del .No par
1,500
8,000
1,300
1,200
145
~243g
2934
tSeaboard
"9" 700
29
*112
4*4
34l2
34*2
*.
8% preferred....
Scott Paper Co
10,200
1,200
4,000
106
2O84
113
4
24l2
47*4
4534
29*8
7*2
64
28ig
183S
3434
35*2
100
JSchulteRetail Stores....—.1
240
21
215g
21*4
2034
*112
4*4
3512
5
5H% preferred
3,500
25*2
29*4
297g
Highest
$ per share $
share
May 19
164
106
per
95
99
102
30
%
31
5212
52
share
No par
200
102
per
Year 1936
Lowest
Highest
5% preferred..
...100
6% preferred
.......100
7% preferred..........100
Savage Arms Corp
No par
33g
*155
107*2
2934
*21*4
22
113
*
2434
475g
30*2
47
2934
21*4
4
29*2
734
6678
2984
2H4
3:21*4
215g
*3*4
161
10712 *106
30
33*2
*30
30
145
46i2
*50
33*2
*378
*34l2
2434
4814
307g
*64
738
•2218
*7358
*112
4
36
145
"2434
*305g
2934
*2118
2214
2314
4
347g
3O84
30i4
2l3g
3*2
54
54l2
*101*2 103
156
$
Rights
*314
161
Safeway Stores
30
100
57l2 •57
57i2
57l2
*57
57i2 *57
57
5912
5912
57
*34l8 36
36
*3378
36
*337g 36
*34l2 36
*34l2 36
26
266g
2612
2634
26
2534
27i8
2684
2534 26*8
25*8
2534
10412 104l2 *1043g 10434 *1043g 10434 *104l4 10434 *10414 10434 *1043g 10434
15
147g
147g
147g
147g
15i8
1434
15ig
1434
1434
14*2
145g
49
4912 49i2
491?
497g
4912
485g 49
47l2 48*2
4658 47*2
314
*314
33g
*3i8
3*2
*314
58
57
56
56
*54
5784
•57l2
56
*10112 103i8 *ion2 103i8 *10112 103*8 *10H2 103
Par
2,400
3584
36*2
10278 103*2
10*8
10*?.
1937
Range for Previous
100-Share Lou
Lowest
•34l8
30i8
Range Since Jan. 1
On Basis of
Week
35
Aug. 21,
EXCHANGE
•57
•30
9
STOCKS
for
Aug. 18
H4
13g
6
434
40i2 40s4
*734
83g
97l2
9838
3138
32
1312
13l2
37
3714
3734
373g
106l2 107
*10584 107i2
10l8
10l8
1038
10i2
5
40
15g
42
H4
Sales
Friday
353g 35l2
96
•95i4 100
96
*95
95*8
95*8
96*2
1057g 10578 *105
1057g *105
I057g *105
1057g
108ig 10812 108
*108
109
*108
108ig
109
2684 2634
26l4 2684
25*2
26*4
25*8
25l2
43
4414 4484
4334
42*2
4234
4284
43
*93
94
925g 93
92
9212
9212
92
lh
158
17g
17g
I84
134
*158
2
15
15
*14
*143g
15
147g
*135g
15
42
42
4H2 42
43
42
42
42
H4
1*4
H4
H4
H4
13g
lh
lh
45g
434
484
484
*45g
434
484
434
40
403g 403g
39
40
38
397g
*734
8l2
*734
8.
*784
*784
9784
98i4
97*4 98!
95*2
963g
9384
a:2984 30l2
2984 30
2938 30
285g
29
133S 1312 *13*4
1312
13*4
133g
13*8
13*4
15
42
H4
CENT
Thursday
35
9358
•14
NOT PER
Wednesday
$ per share
$ per share
3414
3414
3458 35
*95i8
97
*95*8
97
10512 10512 *10514 1057g
»108l2 109
10812 108l2
2634
27
2684
27
44l2 4534
4558 457s
94
SHARE,
Tuesday
Aug. 17
$ per share
♦93
PRICES—PER
Record—Continued—Page
Ei-div.
v
17*2 Jan 22
4
27« June
745s June
38*2 May
7158 Jan
20*4 Aug
108*2 Jan
90*8 Jan
225, Jan
5
205, Apr
t)7g Jan 25
100*8 Jan 8
91*8 Mar 27
111
28*4
14834
99«4
31*t
35*8
Feb 20
Feb
4
Mar 16
Jan 13
Feb
Mar
Ex-rights.
109
Deo
85,
1023,
Jan
Deo
Deo
70
105*4 Nov
28*2 Feb
149*U Aug
100
June
315,
Feb
32*8
Feb
9 called for redemption
Volume
New York Stock
145
Record-Concluded—Page 10
STOCKS
NEW YORK STOCK
the
NOT PER CENT
SHARE,
SALE PRICES—PER
HIGH
AND
Sales
for
LOW
Monday
Tuesday
Wednesday
Aug. 14
Aug. 16
Aug. 17
Aug. 18
Thursday
Aug. 19
Aug. 20
$ per share
$ per share
$ per share
$ per share
$ per share
$ per share
Range Since Jan. 1
Shares
On Basis of
Week
*20
23
*88
24
23
2212
22l2
22l2
113l2 11312 *113*2
88
88
87*8
33l2 33i2
*3312
538
5l2
5i8
37%
37l4 38is
11%
1134
11*2
22%
23
22i4
*11312 115
*11312 115
88
88
88
89
3314
534
39i2
113s
*32l4
11
33i2
5"»8
38l4
1134
33i4
5%
39l2
11%
2214
5%
3912
lli4
*21
*96%
9
*21
2214
22
22
98
9l4
*32%
*3214
5l2
3912
*96i8
98
95*8
834
97
9
53l2
1118
11
9l4
9
11
11
18
*134
278
96i2
2%
*134
*16
17
18
116
117
*115
11738 *115
1912
1912
60i8
*1834
*57i2
110
63
99
94
3538
100
700
5434
12
60
98i4
99
96
98%
94
95*2
4,300
90
9078
89
89
1,300
7078
*70*2
132i2
132
54*2
7078
*658
5%
*63ia
60i2
60i2
2i8
2i8
1%
2I8
*li2
112
*48
50
*48
34
385s
3834
109
*105
*149
154
10
55
55
55
40
2
2is
2
2
2
2
2
2
3,000
1*2
1,900
*48i8
38
1*2
*48*s
3278
3778
*37
38
109
*37
*
95
*
8l2
878
59i4
85s
58i4
59
58
*8is
834
*8
58
111
8
111
*23*2
25
25
25% 25*2
*24
26
*118I4
*118*4 125
*118% 125
*1185s 125
♦118i4 125
*86%
*86
8934
8934
8934
89
90%
87
89
*11734
*11734 125
♦11734 125
*11734 125
119
119
*4*8
4%
4%
*4i4
43S
414
4%
4%
4%
8*4
*8l2
834
8i2
8l2
834
834
85s
858
26
*24
*7i2
12
28%
1178
112
283S
93%
*92
15%
15%
4834
49
i
1934
29%
6l4
1934
638
*1958
*25
9312
*92
15i2
49
28i4
8»4
11V8
28i4
15i2
49
1934
638
153s
70
155s
15%
*5978
153S
64
64
*60
*&s
812
11%
11%
1134
11%
28
27
27
92
92
91%
91%
300
15%
14%
1434
14%
14%
12,200
50
51
47%
1934
*49*2
*19%
49%
1934
1934
*19%
1934
30i2
*25%
30*2
*25*2
30*4
*26
30%
638
70
6
1558
6%
15is
58
15%
*23l2
24
2318
40
40
40
*13s
43%
*80%
100
*96
101
•»y»
*13s
4338
*80%
*96
3214
32i4
Q4
48i4
100
„
94%
120% 12012 *12012 121%
113i4 113U
113l2
2938
29%
*2878
293g
43g
*214
7
H2
4312
8H2
ll2
4312
♦80i8
*96100
*238
818
1612
234
7
8%
818
1612
*1358
3
7%
4938
62*2
*59%
*118
62%
12378
63
3712
*2038
10934 *102
122
"ei"
2934
6212
118
118
61*2
61
22lo
20io
20%
2534
1434
26i8'
25*4
147g
4%
34%
4l2
25%'
*438
*35
1478
45g
39i8
438
934
81%
4878
41
4%
10
8H2
49%
4134
110
*109
112
*109
1478
4%
35
4%
81%
100
*96
~
*99
*92
8
6%
4834
4134
125
125*8
24%
14%
4%
25*4
14%
43g
15%
434
*34
*33%
*80%
48*2
10
49
9234
9284
*89
*55
70
56
2438
*127
2468
128
4058
9438
*98%
3934
*558
*
4058
9484
9912
4058
534
*93% 10884
*69%
70
55
24%
128
*697g
55
4058
55%
23%
9334
*98%
94%
99%
40
4034
4078
5%
92%
*99
5%
397g
5*2
Bid and asked prices; no
70
55*
24
128
128
40%
42
49
*89
90
9234
*94
*93%
24%
128
80%
*89
90
*89
*89
10
sosg
48%
*108% 112
110*2 *108%
*89
9284
36*?.
4%
10934 10934
*108*2
92i2
4*4
934
41%
821
41
41
*90
*69%
6134
126*4
25%
*90
*9658 10834
"61%
*123
25
*1434
*4%
10*4
*109
121
22%
8134
49%
110
*
70
10834
70
5%
200
80%
100
.—
-
—
sales on this day.
1
1
101
*92
94
121
113
28
7%
6%
320
121%
113
70
210
1,500
*6%
6%
6
46*2
4134
151
162
25
600
6%
47%
41%
15334
162%
25%
9,400
5,900
5,300
50
1,600
38
*20
2034
600
30
*2934
30%
300
38
20
10934
—
—
—
—
121
60*2
"58% 58%
123
12234 12284 *117
123
121% 121% *117
20%
22*2
20%
*20%
"59%
24%
14%
4%
—
—
10
'
6,800
300
200
7% pref.100
preferred
100
Supply Co—10
Western Maryland
.100
Jan
96
Jan1
1 H00*2 Jan 19
87
Feb
123% Mar
9
116%
115% Jan 8
29% July 12
11134
Jan
Jan
118
Apr 10
110% Apr 9
24
9184
June 21
7% June 17
1134Mar
5
137sJune 17
23*2 Mar
6
5%June 25
11*4 Mar 17
Telegraph .100
41%June 28
83% Jan 22
5% Aug
72*2 May
Brake.No par
Westinghouse 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
x40%June29
130% Apr 12
143
May 14
5784 Mar
3484
90
Jan 18
115
5H% conv preferred—100
Wheeling Steel Corp.—No par
Preferred
100
114
Jan 18
126
preferred
100
6%
Western Union
Westingh'se Air
2
21
June 25
May 17
3584 July
19
2
June 17
29%May 27
38
Jan
4
6
167% Jan 22
94*2
Jan 22
123*2
3038 Jan 22
39 May
6
22%
170
27% Feb 23
34% Jan 7
Apr 13
65
Aug
6
Mar 11
WhiteDent'lMfgCo(The SS)20
20
June 29
126% Aug 14
125% Aug 16
23%May 15
1
ctf.-No par
Mach...No par
$4 conv preferred
No par
Wilcox Oil & Gas..5
Wilson & Co Inc.
No par
$6 preferred...
100
Woolworth (F W) Co
10
WorthlngtonP&M (Del) No par
Preferred A 7%
100
99
107
Preferred rets—
May 20
July
8
June 17
33% Feb 16
1878 Jan 25
3% June 17
25 June 17
684 Mar
46% Jan
6*4 Jan
12% Feb
91'4Mar
65% Jan
300
47
40%
41
43g
300
1,800
11,500
2,200
170
*10634 109%
*105% 112
*91
92%
*91
9284
*94% 110
6934
*69%
5*2
5*2
a
12*8
23*4 Sept
178 Nov
100
4
Aug 20
8% June 16
77
June 14
4334June 29
3058June 18
81
Jan
4
47
22
4
35*2
1984
Jan
Jan
Jan
June
Oct
June
3I84 Nov
34
99
Jan
21% July
84
July
Feb
9%
Feb
96% Nov
*50% Dec
153*2
160
Oct
Oct
3384
Jan
39
Jan
32
July
35*4
91
39%
Oct
Nov
Oct
Dec
109*4 Feb
18% Feb
1334 July
3%
16
Apr
Apr
Jan
25
2®4
27
658 June
2
20
Jan 22
112% Mar 25
112
Aug 6
MarlO
70
June
4434
Apr
23%
56
Apr
Apr
47
Jan
100
100
7634June 30
82% July 12
92
May 18
128
Mar
6
62%
200
stamped 100
Wright Aeronautical ...No par
Wrigley (Wm) Jr (Del) -No par
76
Jan
7
63
Aug
600
Yale & Towne Mfg
33%
Apr
884
83*2
Jan
Jan
7% pref A
stamped
6% preferred B
-
4
July *120
105*4 July 19
Preferred B 6%
-
Feb
Apr
Apr
8%
15
434 Mar 17
Western Pacific
14%May 15
13,500
t In receivership,
July
Feb
4
ll1
20
82%
47%
5*2
81
Aug
Feb
White Sewing
9%
69%
90 *2 June
1
33% June
Aug
White Rk Min Spr
*80*8
90
*87%
9234
*87%
*93% 110
ll'
109
White Motor Co
934
*106
103
400
82%
112
100
July 14
500
9%
40*2
Apr
78
4,700
4
48
Jan
Apr
4
84*2 Feb
Mar 13
15
33%
108
2d preferred
6
Mar 17
24
4
108
100
100
preferred
preferred
1
2*4 Jan
89
6%
400
23%
*1434
438
33%
36%
4%
15%
6% June
934 Feb
80
Western Auto
700
21*4
*
Co
1
Snowdrift No par
West Penn Power
4%
3
38*4
10984 *102
No par
$4 conv preferred-...No par
West Penn El class A..No par
60
*2%
121
Apr
*2 June
4% Jsn
19*2
38*4 Feb 19
'
2*4
5*2
46
26*4June 28
56
54
54
*50
53
53%
53*?.
23%
22%
22%
22%
23%
2334
*125
129
*127% 129
*12734 129
40
40
40%
4034
40*8
*40%
93
92 '
92%
9184
8934
90%
*99
*99
*99
99%
99*2
99*2
41
40
41%
38%
40% 42%
5*2
3334 Apr 28
5
44
21
MarlO
par
Motor Co
4178 Aug 20
2.300
i6958
12*4 Jan 25
35*4 Jan 16
Wesson Oil &
8
47%
40%
69% Jan 23
134 Feb 17
2,200
16%
4%
9%
*7834
22
par
1
June 15
43
28%
*34
%May 18
6% Feb
41%
80%
8
4*2
July 17
56
par
2% Apr
473g Jan
9*4 Apr
5034 Aug 10
*13%
14%
5
42%June 29
4
May 14
1
July 15
8
2334
2
18
Wells Fargo &
16%
*
99% Mar
Wayne Pump Co
Webster Eisenlohr
2
6%
Apr
Apr
10% Jan
17%
ll%May 13
par
Jan
26%
67*2 Aug 10
Jan
Apr
5%
100
8
'
5% June 21
Jan
30
8
300
4,000
*13%
8%
16%
2%
June 17
24
Feb
92% Aug 18
1834Mar 11
51% July 15
19% Jan 8
50% Feb 1
1034 Feb 26
2
*99
101
94
*13%
2%
42% Apr 28
19
May 5
par
Bros
4
5
_
100% 100*2
19% Feb 11
49
11*4 Jan
A...No par
No par
100
Pictures
5
5
4% June
9% Jan
47%
*96
100
*96
.
11% July 28
2478June 24
84%June 24
No par
No par
2*4 Aug
Mar 17
*4%
80%
*20%
10
41
100
16
*1%
80%
22*2
8I84
49
18% Marl6
98
Feb 17
70
47*4
43%
*20*4
♦4*8
97s
110
10% Mar 16
*1%
43
125
127
126% 126% *124
128
125l8 125l8 *124
*125
*20%
5
434
4334
Jan
6% July 15
2
1*2
*114%
7% July 15
*4%
200
4
3% Jan
5
23
Mar
Aug
Quinian
jWarren
135
Aug
$3.85 conv pref
J Warner
May
70
49
126
*124
Warner Bros
'
-
-
Apr
14
120
Waukesha
-
4
5
Mar 12
500
-
7
Jan
122% Jan 11
600
*38
37% 37%
37l2
20
*20% 21%
21
30
*2934 30
30
*102
110
10934 *102
*37
20%
Class B
1,000
1,700
Mar
1284 Jan
37
2
32
-
109
Feb 15
115
June 29
105
4% Jan
2834 Aug
11784 Feb
40*2
*2938
*
6
*30
*37
*102
7438 Apr
*38%
-
%
784
*
20b8
3058
10934 *102
Sept
48%June 17
23
4158
30
May
84
6
40
37%
20i2
72
Feb 26
1234 Apr
31*4
48%
2058
*2912
24
Mar 27
88
23
62*2
*7
Apr
80
No par
Preferred
32,300
Jan
Feb
40
May 12
Mar 18
39%
31%
48%
*37
4212
159l2
*162% 168
47
Apr
xllOU
5
Mar 27
25
32%
24
42is
158
48i2
40*4June 17
Ward Baking class
200
Mar
100
100
Preferred
1,800
15
*%
%
784
48
47
49%
4912
42
42
42%
42
4178
154
156
156% 158
15712 158
158U 158%
*162% 164%
*162% 167
16178 16178 *162l2 168
26
26
26
2434
*23l2 24
2412 25
49
115
June 17
40%
*%
734
34
8
2834
7
No
No
No
$3 convertible pref--No
Warren Fdy & Pipe
No
4834
423g
*634
*5978
7
8
*14
*238
62%
9384
9334
121%
121% 121*4
120
12012 *120
*113
113
113
113%
113
113
29%
29%
29i8
29% *29% 29*2
94
94
8%
234
7%
49%
.
100
100
16i2
8%
14%
16%
4458 Jan 20
80
*23
49
434
45s
1%
4312
82%
*113
*14
15%
6*4
39% Mar 11
85
*38*2
*31%
48%
*4%
1*2
43*2
*80%
3214
49
100i2 101
9312
93
1434
*%
*784
40
45s
15%
58
*734
68
*59%
34
69*2
68
June
58*2 Jan 20
Jan
103*2 Aug 19
Walk(H)Good & W Ltd No par
------
6
69%
6
*67%
64
*5978
6
*67%
6%
30
4
June 29
32
4H% pref with warrants 100
Walworth Co
No par
7,200
1,400
Jan
July
24%June 14
48
100
Co....
Walgreen
1
.—100
Waldorf System
1,300
50*8
405g
3238
49%
5
1%
43%
82is
32%
4734
'""806
Jan
3%
100
5% preferred B
27%
23%
*458
834
11%
*23
32%
l%May 13
Mar
comlOO
5% preferred A
1934
4% Jan 13
2% Jan 20
l%June 17
5
1 Wabash Railway
92%
*3934
49%
1
par
Apr
57%
No par
Preferred
28%
8
2318
8
50
Detlnning
Vulcan
11%
8%
58
34
8%
153
Jan 18
6*4 Apr 28
28*4
92%
14%
*69
*69
Jan 19
20%June 17
124
Apr 26
20
Jan 21
164
5% preferred
100
Virginia Ry Co 6% pref—.100
"""190
6734 May
May 17
86
Virginia Iron Coal & Coke. 100
500
15i4
5014
21
108
100
1,000
1934
June 11
Va El & Pow $6 pref ...No par
28i4
1478
Apr
Aug 18
preferred
8%
49'4
Oct
5
90
1178
92i2
160
20
28i4
*92
5
55
5
Chem
43g
*7*2
834
*7*2
834
Jan
9*4 Feb 9
8% Feb 5
84% Jan 11
150
*7%
6l2
70
70
6%
834 r
1178
*7l2
*25
30
*25
9
27
2,300
169
100
Vicks Shr & Pac Ry Co
56*2
111
9
27*4
127
91
125
Apr 29
65
'
r
*7% i 834
*110%
*7*8
*23*2
*118*4
127
9178 *86%
*11734
125
*4*8
4%
8*4
8*2
111
*7*2
.
56
131
142%May 17
5% non-cum pref
57*4
Jan
Jan
Apr
9
37gMay 17
100
Va-Carolina
14,500
Jan
Mar
100
Vick Chemical Co..
95
4638
115%
Jan 22
150
No par
preferred
7% 1st preferred
200
126%Mar 11
4
68*2
18% Aug 11
68
May 13
Van Raalte Co Inc
510'
7538 Jan 18
z5%June 30
Vanadium Corp of Am.No par
500
Jan
72% July
136
147
No par
futilities Pow & Light A
Sales
No
~7"400
"8*4 "8%
8*2
56*2
111
8
85s
*758
83g
100
Vadsco
85*2
58
5812
*11012 111
85S
*
95
*
No par
Preferred
32*4
*
878
58
8%
Jan
75
Jan
Jan
126%June 14
120 May 15
100
Universal Pictures 1st pref. 100
49*2
31%
*36*2
37%
37
103*2 103*2 *103*4 105
*42
425g
42%
425s
85
8%
*48
32i2
31*4
3634
83
838
4912
*48
37i2
*78
95
878
*110% 111
111
*110
95
1*2
1*2
1*2
U2
52
3378
2l0434 10434 *103% 105
*41l2 425s
*4112 42%
42
42
ll2
49
33
H2
3234
66%June21
100
Universal Leaf Tob
154
*50
*82
*
*68%
Mar 11
Apr
47
Feb 18
105
June 17
Jan
1638
.50
-
16 conv pref. A
*149
4
Aug
21*2
7%
9
19% Jan 12
72% Mar 31
72% Mar
May 13
Oct
10
71
Mar 30
118
Universal-Cyclops Steel Corp 1
55
4%
15% Mar 13
22% Mar 17
112
4
Jan
Aug
31*4 Aug
78
400
154
8%
49
9
81%June 17
United Stockyards Corp
1
United Stores class A..No par
55
80*4 May
May
160
100
50
Preferred
30
*149
*105
42%
*4078
♦68%
10
44*4 Jan
3
Mar 22
70
43% Feb
44%June 14
No par
1,600
60i4
154
Jan
Feb
Feb 10
23% Mar 22
6*4 Jan 2
13% Apr 23
No par
U S Tobacco
2,200
137
172
June 18
89
100
20
U S Steel Corp
Preferred
2,200
*53
3334
33i8
34i2
*68%
*149
28
Jan
Api^
24% June
34% Jan 13
5
May 10
153gJune29
5358 Jan 11
No par
Preferred.
50
*53l4
15%June
156
class A .No par
8% 1st preferred
60i2
2i8
112
154
*149
149
149
73
*6818
73
*68i8
9
20 xl03%June 14
U S Smelting Ref & Mln
88,600
18*2
73
*18%
18%
73
18i2
*68ig
19
73
*18*2
185s
73
18%
19
19
19
19
2434 Mar
100*2 Feb
U S Realty & Impt
200
13178 132i2
*128*2 130
*128i2 130
*128*2 130
*128l2 139
*128% 130
*155
160
*155
160
*155
160
*151% 160
155
156
155
6*2
6%
6*2
65g
6*8
63s
638
6i2
6l2
6%
678
5%
5*8
514
5*8
5i4
53s
538
53s
5i4
Si4
5i4
*62
*62
70*8
*62
70%
*62
70*8
70is
70 '8
70'8 *62
*151l2
...No par
June 30
June 11
U S Rubber
3,700
31,000
713g
113% 116*2
130*4 130*2
1151s 1171s
130*2 131
132l2
10
Prior preferred
U S Pipe & Foundry
"5,666
118i2
20% Jan 19
Partlc &
11%
92
*7078
725g
117*2 1193s
115gMay 17
U S Leather
57%
9138
100
2,100
12*8
Jan
113*4 July
Jan
3,500
61
Jan
Apr
U S Industrial Alcohol.No par
5534
1938
14% Nov
109
Nov
8
2
200
1134
16% Feb
87
Jan
91
4,900
59 ig
5534
Dec
8*4
5034 Nov
"l§"
3534
127S
June
105
66*2
113% Jan 14
4
29*2 Aug
July
32% June
2
Jan 14
17
Jan
4
3
preferred
conv
93
8634Marl9
1
4878 Aug
16*2 Feb
Jan
35s Jan 28
*57*2
3634
11%
63i4
57
6% Jan
15
Jan
117
5% Apr
40% Apr
1034 Apr
8
1% Apr 29
U S Gypsum
1,900
35% Nov
9*4 Feb
15
100
U S Hoffman Maoh Corp...5
53^% conv pref
50
19*8
Jan
No par
U S Freight
7%
9684 Nov
225g
92
100
preferred
700
600
130
*129
Conv
Jan
2634 Apr 19
106% Feb 26
9% Mar 11
June 14
102% July
.No par
$6 first preferred
50
Oct
68
Mar
Mar
3358 Nov
24% Mar
111
8*2 Jan 14
63
37*4 Nov
3
Mar 17
16
25*2 Sept
Apr
6
Feb
35
Jan
16%
46% Jan 14
11
No par
preferred
U S Distrib Corp
12i4
132
118i2 11978
$5
2,100
60U
5534
No par
United Paper board
10
U S & Foreign Secur-_.No par
600
160
19
19*2
59*2
3538
1058
5
400
91
95% Aug 17
5%June 17
45% June 17
75
July 26
5
United Gas Improvt
14,000
165g
1658
zl60
1914
59i2
117
72i8
*7078
72-%
*70
12012 121%
131s4 13134
lp5
2,800
115i2 115*2
115i2
160
100
United Eng & Fdy
United Fruit
300
11734 Feb
share
13
June 17
4
10
United Electric Coal Cos
17
16
28
30
per
32%June 15
1034June29
18% Jim 4
5
.
40
15*2
15*2
17*8
115
1934
60's
36i4
*60
35
56i2
1238
6334
9912 100
9234
93
*7078
73l4
9312
*93l2
19l2
16%f
United Drug Inc
United Dyewood Corp
Preferred...
20,600
1218
99U
93
600
2,800
6212
63i2
1013s
63l2
100
1212
115
162i8 16218
55%
5578
1278
55l4
5512
1234
643s
55%
1234
4,700
2238
*21
25,300
60*8
37
10*8
1034
1034
1078
*10l2
11
18%
1878
19*8
1934
19i2
1934
19i2
19i2
*100
112
*100
112
*110
110
*100
110
11
20
19»8
*100
110
5*8
No par
United Carr Fast Corp No par
United Corp
No par
$3 preferred
No par
500
37U
1158
5
11*4
1158
22i4
97
85g
5234
1638
17*8
1738
1738
60i8
35
35
10i2
19%
19%
17
*16i2
115
11634
60i8
60i8
3414
11
11
*100
f
163i2 *162is 16312
19l2
1934
1978
*58
35
3434
1534
1738
1534
*1718
1734
1738
16312 *160
*160
18l2
96i2
2%
17
*16
i
*1734
1812
*92i2
*134
18
*93
37U
22%June
113%Mar
6984 Apr
29
Apr
100
United Carbon
1,100
*93*8
97
*93is
97
8ig
83g
8%
878
*51i4
52i8
5234 *51%
77
77
76*2
77
77*8
77\
13
13*8
13*8
1338
13l4
1338
108i2 10812 *108*4 108% *108i8 108*2
11
11
10r>8
105g
*10*2
11
*17*2
18%
18
18U
1734
183S
93*2
93*2
*9258
95
*9212 96i2
*1S4
25s
*134
258
*134
258
11
11
11
18
96l2
87*4
3334
*87*s
33l2
538
37*2
*93ig
8%
5234
5234 *5234
77
77i2
7834
13»S
1314
13is
13%
10834 10834 *108l2 10834
5234
7734
53l2
63l2
77i2
77%
133s
1312
*108is 10834
1734
*92i2
5i2
3734
3358
No par
Preferred
10
*113l2
87ig
June 21
17
Highest
$ per share $ per
share
243g Jan 12
31% Feb 10
30*4 Jan 11
$
14%June 15
5
No par
United Biscuit
""706
23
2258
22%
...
Un Air Lines Transport
Lowest
Highest
$ per share
United Amer Bosch
23
*19
23
Par
Year 1936
100-Share Lots
L-owest
8,300
15
1458
15i8
*19
*19
2234
2234
23
*19
*22l2
24
*19
24
*22%
*11312 116
15
1558
15i4
1534
15i8
16
1578
16%
Range for Previous
EXCHANGE
Friday
Saturday
10
1221
-
-
-
16,900
Yellow
70
700
23,500
-------
27,500
1,500
Def. delivery,
Co
25
Truck & Coach cl B..1
100
Preferred
Wire.-No
Youngstown S & T
No
5H% preferred
Zenith Radio Corp
No
Young Spring &
Zonlte Products
n New
stock,
90
65% July 2
48 June 15
20*8 Jan
123
4
Apr 28
100
Aug 11
62*2 Jan 27
37% Feb 16
142
Jan 23
46% Feb 15
par
par
3578June 21
7484 June 17
101% Mar
100
9734June 2
30
June 17
115
par
1
478June 18
Corp.,
r Cash sale.
* Ex-dlv.
6
Jan 27
42% Aug 18
9*4 Jan 16
y Ex-rights.
Jan
42*4 July
41%
105
11%
Jan
Jan
Jan
584 July
\ Called for redemption.
1222
Aug. 21, 1937
NEW YORK
Bond
NOTICE—Prices
are
"and
EXCHANGE
STOCK
Record, Friday, Weekly and Yearly
Interest"—except for Income and defaulted bonds.
Cash and deferred delivery sales are disregarded In the week's range,
unless they are the only transactions of the week, and when
selling outside of the regular
No account Is taken of such sales In computing the range for the
year.
weekly range are shown in a footnote In the week In which they
occur.
Week's
Friday
BONDS
N. Y.
Last
Inter st Period
STOCK EXCHANGE
Week Ended Aug. 20
Range
Sale
Friday
or
Price
Bid
&
Asked
Bonds Sold
Low
High
No.
Since
C
116.6
116.6
116.24
85
O
106.8
106.8
106.26
308
D
111.18 111.18
112.18
81
A
Treasury 354s—Oct.
ij
M
S
------
107.6
D
J
M
*110.25111.7
107.6
O
O
on—Oct 1961
♦6s Apr 1 1935 coup
♦Sinking fund 7s of 1926
103.10
191
101
♦Sinking fund 7s of 1927
104.19
104.3
D
105.17 105.17
104.3
S 106.1
D
D
106.1
------
105.5
99
102 .10107.30
78
104 .20107.27
Copenhagen (City) 5s
25-year gold 4548
1952 J D
1953 M N
98
104 .24108.24
♦Cordoba (City) 7s
1957 F
—.1957 F
A
105.14
49
102 .20108.24
236
105.7
102 .24108.18
Cordoba (Prov) Argentina 7s.-1942 J
104 .24108.24
Costa
A
106.3
106.3
106.21
98
O
106.2
106.2
106.24
280
)M
S 100.10 100.5
101.5^
630
7 M
S 102.9
103.2
221
100.10 100.10
104
109.25
99
♦7s stamped
104.30
Rica
(Republic
101.8
355
99 .2
104.16
99.15
99.10
100.7
991
98 .4
103.17
99.12
99.8
100.6
599
98
103.18
}J
D
98.8
♦Public wks 554s
98.3
S
15 194:
7 J
441
96 .6
101.22
103.12
9
101.7
102.9
102.9
102.30
39
100.11105.17
103.25
103.30
20
101.8
105.23
7
99.6
104.10
S 101.20 101.20
102.8
May
1 194
2 M N
102.9
102.27
214
99.24105.3
1 193
) F
A
100.14 100.5
101
844
98.28103.2
1 J
J
100
100.21
141
98.16102.31
102.8
99.30
A
2354
2354
O
2354
2354
9954
1254
1254
1254
i M N
------
5 J
J
------
J
1254
J
5 J
7
24
23
30
26
2254
30
13
2354
10054
O
7 A
O
7 A
O
3J
D
) A
Denmark 20-year extl 6s
101
a9954
9954
*7054
"72"
72
96
96
97
High
10054
100332
)MN
1002732
10154
10354
10354
10154
10454
10154
103
13
11
1654
1254
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1154
1654
10154
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100'732
14
10054 100'732
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10054 103
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10054
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------
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10054
10054
10154
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10054 103
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10154
ser
1958 J
75
8154
76
8154
81
67
6554
99
74J4
1954
9954
98
107
26
6654
10054
10554 109
2554
1754
110
105
101
98
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28J4
2854
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3554
2954
"3554
D
115
2554
12454
11954
105 54 130
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2954
2754
2054
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2754
2354
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"36"
3154
2854
2554
36
3054
1968 F
A
Haiti
(Republic) s f 6s ser A
1952
♦Hamburg (State) 6s
—1946
♦Heidelberg (German) extl 754s '50
♦7s unmatured coupon on
2354
34
40
40
33
42
3254
32
3354
2754
3554
9954
*24
*18
Helslngfors (City) ext 654s
I960
Hungarian Cons Municipal Loan—
♦754s unmatured coup on
1945 J
1946 J
♦Hungarian Land M Inst 7 54s. 1961
♦Sinking fund 754s ser B
1961
♦Hungary (Kingdom of) 754s—1944
33
40
9954
78—1964 M N
J
93
35
47
4254
73
3554 4754
9954 10354
9954 10354
Italian Public Utility extl 7s... 1952 J
Japanese Govt 30-yr s f 654s... 1954 F
9654 10154
26
17
21
1554
24
A
10554
24
24
J
2454
3
24
3
2254
*2254
M N
F
10154
105
M N
Italian Cred
103
12
10354
17
1
10354
3
28
101
22
10154
-
-
-
10554
3354
100
2254
59
59
2254
5954
105
""~5
27
2154
2154
2154
2154
4754
25
2054
107
3054
3054
3054
2754
6254
102
9954 10254
2
9754 106
8254 92
8354 9154
7554 8454
8554
7554
77
8654
7854 88
13
.
-
-
-
84
34
8354
8454
54
8454
9
87
8754
6
6254
6354
11
56
2754
2754
2754
39
2154
2854
30
30
30
22
30
6554
Bulgaria (Kingdom of)1
s
1960 M N
f 5s
1951 J
Consortium7sserB,'47
IVI
11354
113 54
D
8554
8554
S
8254
8254
J
74
11354
8654
84
1
111
70
80
13
8054
11554
9354
94
74
75
A
74
7154
8954
289
7154 10054
Extl sinking fund 554s
1965 M N
Jugoslavia State Mtge Bank—
♦7s with all unmat coup
1957 A O
65
61
7654
150
61
4154
♦Leipzig (Germany) s f7s
1947 F
Lower Austria 'Province)
754s. 1960 J
A
*98
♦Medellin
D
1154
♦Mexican Irrig assenting 454s_1943 M N
♦Mexico (US) extl 5s of 1899 £ 1945 Q J
♦Assenting 5s of 1899
1945 Q J
*454
4154
7154
2954
1954
*23
D
24
10254
95
1254
5
11
8254
8954
42
23
10054
10254
100
13
106
92
-
2654
84 54
J
♦(Cons Agric Loan) 654s
♦Greek Government s f
♦Sink fund secured 6s
Italy (Kingdom of) extl 7s
83 54
M N
7
7654
7654
German Prov & Communal Bks
6954
8454
------
82
82
7654
10854
D
♦554s of 1930 8tamped
1965 J D
♦554s unstamped
1965
♦5 54s stamp (Canad'an Holder)'65
♦German Rep extl 7s stamped. 1949 A O
♦7s unstamped
1949
47 54
A
J
99
1949
35
10054
83
5054
8254
82
German Govt International—
74
O
8354
7454
7
39
101
1949 J
5154
4354
4354
*91
S
45
79
7754
*5654
1941
Irish Free State extl
*10054
9154
60
25
106
-
11
7654
7654
*2454
2454
25
A
rJ
187
7554
10654
18
-
F
J
9754 102
104
J
(Republic) ext 6s
1854
4254
--
7
10054
M N
5
21
27
3654
10054 10554
101
10354
10654
10254
60
-
of)—
) A
2
65
104
1945 M S
754s unstamped
104
9354
10754
3 F
5
3354
104
1967 J
External 7s stamped
7s unstamped
10254
J
7 M
80
99
O
♦Frankfort (City of) s f 6 54s .—1953 M N
French Republic 754s stamped.1941 J D
1754
7
A
♦Brazil (U S of) external 8s.
90
7054
95
10254 105
5654
6854
10354 10554
10354 10554
Finland
20 M
28
5 J
D
24
62
J
20
5
100332
1 F
3 J
20
64
1948 J
1054
12
1002932
10154
5 J
31
3054
3054
9654 10154
93
10054
20
77
"l5
103
♦El Salvador 8s ctfs of dep
Estonia (Republic of) 7s
1154
1154
1
1354
1254
100',6
1002732
) M
96
10
12
38
38
2054
•
20
1002732
10154
9354
10754
10754
10254
------
M N
I M N
5 F
10054
2054
10054
7 M S
7 J
1
2554
2554
O
Dominican Rep Cust Ad 554s—1942 M
1st ser 554s of 1926
1940 A
12
1254
S
"~18
2354
10154
10054
7354
7354
3354
1955
1154
1254
*1154
O
) M
2354
103
Apr 15 1962
Deutsche Bk Am part ctf 6s—.1932
§*Stamped extd to Sept 1 1935._ M S
7
Governments-
4548-4548
2354
2354
10254
1942
External gold 554s
External g 4 54s
1
10054
101
O
3 A
30
30
3354
D
1951 A
1942 A
B
1254
12
J
7 A
♦6s
ser
1254
1254
------
5 J
Australia 30-year 5s.
'2354
554s 2nd series
1969 A O
♦Dresden (City) external 7s—.1945 M N
5 J
Akershus (Dept) Ext 5s
32
2854
"16254
J
June 30 1945 J
Czechoslovakia (Rep of) 8s
& Municipals—
3 A
Extl 8 f
Low
2854
*2354
2d series sink fund 554s
1940 A O
Customs Admins 554s 2d ser. 1961 M S
554s 1st series
1969 A O
7F
(City
External loan 454s
Sinking fund 8s
2J4s series B._Aug.
Budapest
Jan. 1
106.10
J
M
1 194:
98.29
102.26 102.26
Home Owners' Loan Corp—
Argentine (National
Since
27
27
A
1949 F
Sinking fund 554s—Jan 15 1953 J
S
) M N
Govt.
Range
§1
High
A
1949 F
1M
Treasury 254s
Dec. 15 1949-1S
Federal Farm Mortgage Corp—
J
♦7s Nov 1 1936 coupon on—.1951 M N
1944 M S
Cuba (Republic) 5s of 1904
External 5s of 1914 ser A
100 .18106.16
D
.
IJ
Foreign
Asked
of)—
) M
3s series A
cfc
2754
2754
A
F
M S
1946 M N
1947 F A
105.26
104.14 104.14
102.9
106.28
J
106.14
3 A
354s.
A
♦6s July 1 1935 coup on—Jan 1961 J
♦Colombia Mtge Bank 654s—.1947 A
107 .12114.9
104 .28110.18
D
)J
Mar.
Bid
Colombia (Republic of)
109.26
109 .12115.20
109
J
2 J
113 .16121.14
104 .2
102.16 102.16
S
!M
Jan.
Price
Low
107.12
U
Treasury 354s-.
3s
Range or
Friday
Sale
Foreign Govt. & Mun. (Cont.)
O
IA
254s
Is
High
U. S. Government
Treasury
Y,
Jan. 1
Low
isr
STOCK EXCHANGE
Week Ended Aug. 20
N.
Week's
Last
BONDS
Range
Friday
1954 J
(Colombia) 654s
♦4s of 1904..
1954 J
1954 J
of 1904
D
D
of 1910 large..
of 1910 small.
454
♦§Treas 6s of '13 assent (large) *33 J
♦§Small
J
Milan
454
(City, Italy) extl 654s—1952
(State)—
6
6
8
1154
554
6
1154
11
654
454
954
454
*5
454
654
754
6
♦Assenting 5s large
♦Assenting 5s small....
♦Assenting 4s
♦Assenting 4s
♦Assenting 4s
17
854
654
*6
954
5
188
454
454
854
9
9
J
*6
8
J
7
7
10
7454
7654
23
7054
82
2754
2854
14
25
34
A
O
1958 M
S
2754
1959 M S
1952 J D
"7454
1354
13
Minas Geraes
Canada (Dom of) 30-yr 4s
A
10-year 2J4«
25-year
?
11354
9954
9954
J
J
J
S
J
A
34
111
23
97
48
99
100
43
100
94 54
52
95
47
3954
O
A
-
--
-
2054
2054
2054
O
F
♦Extl slnkiDg fund 6s...Feb
114
10054
------
M N
♦Chile (Rep)—Extl s f 7s
♦External sinking fund 6s...
A
5754
1
9254
5054
60
47
2
35
5454
3954
1
3954
4054
2054
2054
1961 J
D
1962 M N
♦Chilean Cons Munlc 7s
1951 J
-
-
-
-
♦Cologne (City) Germany 5 54s. 1950 M
D
------
S
...
2554
1227.
I65~~
10354
10354
10654
104
13
10754
21
108
106
108
11
105
10554
10254
10054
10254
2554
111
1943
1944
10254
10254
10054
100
2054
27
1854
2554
Municipal Bank
2054
22
1854
25
1854
1854
1854
2054
2054
13
2054
2054
24
18
1754
1754
1754
1554
1854
19
1854
21
18
27
1554
67
10
2554
2554
11
9
4
1854
1854
1554
1554
1554
1554
25
2454
2454
2454
2454
2154
2154
2154
22
15
2154
5354
1854
73
2654
s
f ext loan
extl
♦Nuremburg (City)
s
10254
f 5s—1970
2554
10454
1952 F
A
Oriental Devel guar 6s.
Extl deb 554s..
1953 M
S
6054
59
77 54
1958 M N
5554
53 54
7254
Oslo (City) s f 454s
Panama (Rep) extl
1955 A
O rl05
1953 J
D
♦Extl
s f
extl 6s
554s
5s ser A
♦Stamped
Pernambuco (State of)—
♦7s Sept coupon off
107
1963 M N
..1963 M N
1947 M
10254 el03
10654
*6854
Hh
107
44
7
26
2
13
6254
2654
27
2 1 54
10154
10154
10454
10554
10154
9954
9554
10254
7454
10554
105
10754
109
10554
103
10054
10354
17
2554
78
59
85
58
5354
7954
9754 103
16
39
71
6154
S
♦Peru (Rep of) external 7s.—1959 M S
♦Nat Loan extl sf 6s 1st ser..1960 J
D
♦Nat Loan extl s f 6s 2d ser..1961 A O
♦Poland (Rep of) gold 6s
1940 A O
♦Stabilization loan s f 7s
♦External sink f ndg 8s
For footnotes see page
65
1965
66
-
1754
1960 M S
♦Chinese (Hukuang Ry) 5s
-
6554
6054
1956
1754
O
33
2
1963
18
1961 A
2454
4
65
External sink fund 454s
External s f 454s
49
•Guar s f 6s
2
7454
65
4s
2054
♦Sink fund 654s of 1926
extl 6s
20-year external 6s
28
74
4854
2054
2054
Norway 20-year
28
4054
2054
------
♦6s series A
1959 M N
New So Wales (State
)extl 5s—1957 F A
External s f 5s
Apr 1958
3054
2054
S
♦Montevideo (City) 7s
2654
2654
2054
D
s
654s
f 654s
5
2054
J
♦Sec extl
f
28
2054
M N
s
4054
J
2054
40
♦Sec extl
40 54
S
♦External sinking fund 6s...
f 6s
57 54
J
'Chile Mtge Bank 654s
11454
10154
9654 10354
4654
3954
M
Jan
M
s
9454
18
♦Extl sinking fund 6s.-Sept
♦External sinking fund 6s...
'Guar
10454 11054
100
O
A
Oct 15
♦Farm Loan 6s ser A Apr 15
♦Ry ref extl s f 6s
J
M
♦Farm Loan s f 6s..July 15
62
9954
J
J
♦Cent Agric Bank (Ger) 7s
10754
99
J
J
10754
11354
9954
94 54
A
J
30-year 3s
♦Carlsbad (City) sf8s
♦Farm Loan s f 6s
10754
F
Aug 15
I
2^s
7-year
O
M N
6s
104 54 107
68
~26
2
85
6054
76
2254
1954
3054
28
1854
2 1 54
1954
37
1854
1754
26
1854
6154
1854
19
40
1754
26
5954
6154
10
47
6254
7554
5454
7554
8
60
80
4554
64
1947 A
O
7554
1950 J
J
5554
,
56
70
26
Volume
1223
Record—Continued—Page 2
New York Bond
145
Friday
Week's
BONDS
Last
Range or
N. Y. STOCK EXCHANGE
Sale
Friday
Hj
Week Ended Aug. 20
Bid
Price
&
High
1961
♦7%s July coupon off
1966
Prague (Greater City) 7%s
1962
♦Prussia (Free State) extl 6%s.l951
27%
25 %
25%
25%
12
99
99
J
WIN
M
S
31
92
100
9
17%
25%
13
A
O
~25%
24%
A
O
109%
109%
110
14
1947
F
A
111%
*32%
112
13
25-year external 6s
1950 M S
21%
30%
8
26
29%
6
22%
♦7s May coupon off
♦7s June coupon off
36
29
11
23%
25%
25
32
25
75%
77
6%s
__.1952
Roumanla (Kingdom of) Monopolies
♦7s August coupon off
...1959
♦Saarbruecken (City) 6s
1953
Sao Paulo (City of, Brazil)—
Rome (City) extl
♦8s May coupon off
♦Extl 6%s May coupon
1955
♦Debenture 6s
1952
off--1957
J
D
A
O
"75%
*22
72%
32%
83%
21%
89
41%
27
35%
25%
31%
27
27%
25
34%
39%
31%
40
13
36%
32%
28
29%
44
43%
28%
J
28%
13
25
25%
26%
22
97%
85
39%
31%
M
off 1956
J
♦External 6s July coupon off. 1968
A O
Secured s f 7s
1940
J
D
♦Saxon State Mtge Inst 7s
1945
J
D
♦Sinking fund g 6%s
1946
Serbs Croats & Slovenes (Kingdom)
Wl N
♦8s Nov 1 1935 coupon on.__ 1962
Wl N
♦78 Nov 1 1935 coupon on—1962
J D
♦Silesia (Prov of) extl 7s
1958
F
♦Silesian Landowners Assn 6S-.1947
F
Syria (Province of) 7a
..1946
F
Sydney (City) s f 5%s
1955
J
Taiwan Elec Pow s f 5 %s
1971
M S
Tokyo City 5s loan of 1912
1952
A O
External s f 5%s guar
1961
Wl N
Trondhjem (City) 1st 5%s
1957
F A
♦Uruguay (Republic) extl 8s...1946
♦External s f 6a
1960 M N
♦External s f 68
*
1964 M N
Venetian Prov Mtge Bank 7s_.1952|A O
♦External 7s Sept coupon
25%
"25%
35%
34%
24
91
98
*25
24
19%
25
*25
25%
22
25
96%
96%
30%
30%
30%
28
25%
30%
29%
30%
49
24
54%
54%
55%
12
32%
32%
2
40%
30
80%
♦Camaguey Sugar 7s ctfs
73%
65%
10
65
73%
58
57
102%
102%
9
99%
103
Canada Sou cons gu 5s
69%
70%
7
63%
67%
63%
70%
68
68%
68%
23
68
18
63%
70%
78
83%
92% 100
82
K
*99%
100
60
39%
56%
54%
53%
56%
53%
74
1950
1950
♦Coll & conv 5s
♦5s stamped
Allegh <fe West 1st gu
1998
1942
1950
1951
4s
Allegh Val gen guar g 4a
Allied Stores Corp deb 4%s
4 %s
debentures—
Alplne-Montan Steel 7s
1955
Am & Foreign Pow deb 5s..—2030
American Ice s f deb 5s—-—1953
*101%
D
104
86%
Guaranteed gold 5s
76
99%
68%
2
59
76
67
1
105% 110
64
74
103%
1
101
107
deb 5s w w
gold 4s
Celotex Corp deb 4%s w w
♦Cent Branch U P 1st g 4s
{♦Central of Ga 1st g 5s.-Nov
Carriers & Gen Corp
Cart <fe Adir 1st gu
54
93
30
85%
96%
♦Consol gold 5s......
79
93%
♦Ref & gen
57
72%
♦Ref & gen
O
O
88
*
"57
M
59
*94
"57%
108%
108%
F
A
M
8
98
24
97
97%
93%
M N
106%
J
105%
107%
May 11945
Oct 1952
Atl & Dan 1st g 4s
1948
Second mortgage 4s
1948
Atl Gulf & W I SS coll tr 5s
1959
Auburn Auto conv deb 4%s._.1939
Austin & N W 1st gu g 5s
1941
10-year coll tr 5s
L & N coll gold 4s
5S...1940
103% 106%
{♦Cent New Eng
Central of N J gen g
General 4s
106
111% 114
111
J
103%
103%
104%
O
99%
99%
100%
126
96% 102%
99%
99%
99%
120
96% 102%
A
120
*130
108
108%
'"7
106%
106%
106%
51
36%
37%
36%
14
110%
104% 107
A
"98%
J
97%
110%
Nov
M N
J
98%
24
111%
166
J
105
105%
*106
D
106%
106%
J
D
J
J
J
J
M
S
J
D
J
*109%
J
J
M
S
"85
*114%
J
—4
106%
*104
108%
Chic Burl &
110
91%
91%
92%
M N
194%
104%
113%
118% 118%
108
111%
104%
93
42
54
72
71%
62%
31
83%
85%
105%
105% 107%
103%
143
78%
53
109%
60
106%
106%
99% 108%
94%
74%
107
116%
104
104
104
99%
74%
88
N
74%
107
D
99%
97%
J
107
90
61
87% 103%
103
70
97%
100
84
99% 105
97% 107%
88
99%
93%
73%
82%
60%
74
93%
88%
'•"74%
"73%
61%
60%
76
'"54
217
77%
74
66%
53
114
111
108%
109
103
112
112%
*113
112%
.
4 %s series
1st & ref 5s
O
31
85
90%
58%
83
73%
...
90%
58%
65%
68
66%
M N
1
58
21
100% 103%
103
105%
105%
*100%
93
J
J
104%
"Is
A
O
24%
25%
10
20
A
O
117%
117%
6
112
113%
113%
7
116%
117%
25
25
109% 116
113
118%
114% 121
118%
116%
118%
118%
116%
119%
3
114% 121
116%
5
113%
113%
114%
19
112% 118%
110% 116%
113%
113%
114
13
110% 116
125
124%
94%
125
12
120% 128%
95%
219
104%
114%
104%
9
115
22
107%
107%
37
99%
89%
102% 105%
110
115%
106
110%
102%
103%
104
J
113%
J
O
A
D
J
A
S
M
J
J
94%
M S
104%
J
114%
D
J
1950
1981
103%
J
118%
42
119%
99% 105%
70
83%
72
72
*68
D
"""5
105%
103
103%
103%
111
111
5
108% 111%
M N
101
100
83
101
83
5
D
D
111
D
1945
MN
A
97%
97%
24
40
78%
16
81%
36%
23%
10
14
23%
6
27
40
31
97%
24
1
*79%
26%
*14%
O
93
82
97%
"97%
1947
1948
106%
1
4
24
A
25
27%
15%
O
15
15%
D
29
29
J
*12%
*11
23
18%
24
J
19%
23%
J
*20%
32%
20
34
S
*97
101%
105%
105%
102%
102%
105%
103
104
104
140% 244
96
125%
s
s
A
O
J
106%
107%
O
"94"
43
"94%
114
93% 104%
88
95%
92
88%
121% 125%
25
74%
96%
105% 108
90
S
M
S
85%
106%
107%
107
106%
107
121
121
122
19
97
98
77
98
51
S
97
A
*106
J
106% 109
116% 128%
95
102%
25
116%
95% 102%
107% 111
108
111%
108
120%
109% 115
*108
J
108%
112%
97%
97%
J
109%
116%
J
*111
S
*108%
O
49
108
108
49
49%
3
108%
109%
22
112%
112%
8
110%
112
20
108% 113%
107% 117%
109%
109%
109%
23
106% 116%
117
116%
117
*101%
108
J
J
s
A
A
110%
O
1934
9
106%
M N
1971
122
83
83%
M N
1977
106% 112%
93
*88%
*121"
M
M
45
108%
M N
M N
88%
78%
48
101
93%
M N
F
"93
*103
A
M
99% 104%
100% 108%
63
75%
44%
A
109
102
1
50%
48
48%
J
A
1
24
69
J
58%
104% 110
114
119
100
101%
46%
28
M N
S
M
{♦Chicago Great West 1st 4s...
J
1947 J
{♦Chic Ind & Louisv ref 6s
J
1947 J
♦Refunding g 5s series B
J
J
1947
♦Refunding 4s series C
M N
28
2§"
J
27
119%
1
117
108
36
51%
36%
40
45%
124
30
25%
44%
*10
29%
27%
43
*22
25%
23
39%
13
J
J
24
*26
J
J
30%
all9%
37
1966
5s series A-.
1966
♦1st & gen 6s series B__May
.1956
Chic Ind & Sou 50-yr 4s
.1969
Chic L S & East 1st 4%s
32
91
27
M N
1959
♦1st & gen
32
17
20
58%
J
A
1958
B—
17%
16%
90%
J
{{♦Chicago & East 111 1st 6s—
1951
{♦C & E 111 Ry (new Co) gen 5s.
♦Certificates of deposit
1982
Chicago & Erie 1st gold 5s
19
116
110%
109% 116%
Chic Milw & St. Paul—
♦Gen 4s series A
May
♦Gen g 3%s series B__May
♦Gen 4 %s series C—May
D
1 1989
11989
*13%
103
14%
16
11
26%
13
14
26%
100% 107%
103
110% 111%
*111%
J
stamped
{♦Secured 6%s
♦4 %s
1987
1936
May 1 2037
ref 4%s stpd.May 1 2037
ref 4 %s ser C.May 1 2037
4^s series A
1949
48
22
47
66
47
47
46
57%
"50"
"56"
50%
"14
50
69%
50
50%
16
50
69%
64
71%
36%
J
48
J
1 1989 J
♦Gen 4%s series E—May 1 1989
J
♦Gen 4%s series F—May I 1989
F
{♦Chic Milw St P & Pac 58 A. .1975 A
♦Conv adj 5s
...Jan 1 2000 M
{♦Chic & No West gen g 3 %s—1987 M
♦General 4s_.
1987 M
♦Stpd 48 non-p Fed inc tax 1987 M
♦Gen 4%s stpd Fed inc tax..1987
M
♦Gen 5s stpd Fed inc tax
1987 M
♦Gonv
1227.
AO
.—.I960
series A
75%
5
103
87%
99%
*
74
105%
45%
*103%
O
116
87% 99%
102% 106%
90
99%
60%
45%
47
44%
71%
*32%
105%
M N
99
94%
45%
93
J
110
1st & ref
"53
17%
17%
1012'32
100
79%
*16%
4s..-1954
General 4s
♦1st &
page
O
108% 110%
993i32
"77%
77%
10
110%
110%
*
M N
gold 4s..1949
Illinois Division
♦1st &
see
A
1949
♦1st ref g 5s—
For footnotes
J
F
M S
1987
Chic & Alton
114
111
D
101% 102
J
A
132%
103% 106%
*106
RR ref g 3s
1949
Q—111 Dlv 3 %s—
1949
4s
111
109
A
5s
May 1940
Potts Creek Branch 1st 4s...1946
R & A Dlv 1st con g 4s
1989
2d consol gold 4s
1989
Warm Spring V 1st g 5s
1941
107
106
103
42
Craig Valley 1st
108
113%
103%
S
112
104% 109%
103% 110
104% 108
113
102%
J
112
102
113
102%
D
106% 116
113
113
O
105
94% 100%
95
99%
90
106%
{♦Cent RR & Bkg of Ga coll 5s 1937
5s extended to May 1 1942......
1st g s f 8s
1941
Certain-teed Prod 5%s A.----1948
Champion Pap <k Fibre deb 4%s 50
Ches & Ohio 1st con g 5s
1939
General gold 4%s
199£
Ref & impt mtge 3%s ser D..1996
Ref & impt M 3%s ser E
1996
105
109
108%
*106%
113
MN
74
102
"12
107%
D
J
105%
*
105%
D
69
110%
98
O
98%
98
42%
101
101
31
60
68%
S
J
103
1st ref gu
113
105%
1st gu 4s
1961
5s
—1987
Through Short L 1st gu
Guaranteed g 5s
111
12
105%
Central Steel
J
J
200
Cent Pacific
43
116%
M N
103% 113
111%
1940
A
Bait & Ohio 1st g 4s
July 1948
J
Refund & gen 5s series A
1995
A
1st gold 5s
July 1948
J
Ref & gen 6s series C
1995
M
P L E & W Va Sys ref 4a
1941
J
Southwest Dlv 1st 3%s-5s..l950
J
Tol & Cln Dlv 1st ref 4s A—.1959
M
Ref & gen 5s series D
2000
Conv 4%s
I960
Ref & gen M 5s series F
1996
Bangor & Aroostook 1st 5s
1943
Con ref 4s
1951
4s stamped
1951
5s assented
105% 109%
11
112
J Ann Arbor 1st g 4s
1955 M
Ark & Mem Bridge & Term 53.1964
F
Armour & Co (Del) 4s series B.1955
J
1st M s f 4s ser C (Del).--.-1957
Atchison Top & Santa Fe—
1944
44
105%
87%
100
112%
Q
4s July 1952
unified 4 %s A
1964
102%
115
115%
95%
1st g 5s
1946
♦Mid Ga & Atl Dlv pur m 58.1947
♦Mobile Dlv 1st g 5s
1946
Central Foundry mtge 6s
1941
Gen mortgage 5s
——1941
Cent Hud G & E 1st & ref 3%S-1965
Cent 111 Elec & Gas 1st 5s
1951
Cent Illinois Light 3 %s
1966
87
122%
113
94%
F
83
113
♦Mac & Nor Dlv
70
115%
"94%
4s. .1951
70
98
28
5%s series B
5s series C
329
55
"40
86%
101%
D
J
♦Chatt Dlv pur money g
80
105%
Atl Coast Line 1st cons
100%
1
166"
M N
1945
1959
1959
100
70
72
99%
106%
4s—1958
Cal-Ariz 1st & ref 4%s A--—1962
Atl Knox & Nor 1st g 5s
1946
Atl & Charl A L 1st 4%s A
1944
97
*102%
8
D
1995
1995
1995
-.1955
1955
1960
1948
1965
93% 120%
107% 112%
98% 101%
"~2
100
99%
100
S
M
147
95
101%
97% 105%
79% 104
55
100
M N
110% 115
116"
74
94
*
A
1944
86%
A
{Baldwin Loco Works 1st
101
83
14
48
87%
55
J
F
Dec ! 1954
4%s—....I960
.1949
{♦Car Cent 1st guar 4s
Caro Clinch & Ohio 1st 5s
1938
1st & cons g 6s ser A.Dec 15 1952
94%
O
J
74%
101%
79%
80
M N
trust
85%
A
101
Coll trust
93
O
74
101%
1946
85%
A
"74""
M N
1970 ■"
trust ctfs
gold 5s
"22%
M N
June 15 1955
Guaranteed gold 4 %s
1956
Guaranteed gold 4%3._Sept 1951
Canadian Northern deb 6 %s—1946
Canadian Pac Ry 4% deb stk perpet
Collateral
70
i"~j
1957
Guaranteed gold 5s—
93%
A
34%
41%
41%
101%
July 1969
Oct 1969
Guaranteed gold 5s
A
A
18%
1962
Canadian Nat gold 4%s
D
debentures.
....1961
D
debentures..
1966
J
♦Am Type Founders conv deb. 1950
M N
Amer Wat Wks & Elec 6s ser A. 1975
A O
Anaconda Cop Mln s f deb 4 %s 1950
♦Anglo-Chilean Nitrate—
Jan
5 f Income deb
........-.1967
General
104
104
103%
3%s
3%s
5s series B
98% 105%
68
o
20-year sinking fund 5%s...1943
J
Convertible debenture 4 %s.-1939
1st 30-year
100%
67
M N
Rocky Mtn Dlv 1st 4s
Trans-Con Short L 1st
106
*112%
68
O
Chem conv 5%s.—1949
J
Corp codv 5%s..l949
Telep & Teleg—
Adjustment gold 4s
Stamped 4s
Conv gold 4s of 1909
Conv 4s of 1905
Conv gold 4s of 1910
Conv deb 4%s_:
109%
*108
D
Am Internet
General 4s
84
99
99%
81
D
Amer I G
Amer
100%
103%
O
O
15
Guar gold 4%s
57
102
97%
97%
S
A
23
72
67%
D
18
1942
A.
Coll trust 4 %s
M
19
O
1940
Cal Pack conv deb 5s
5s equip
1948
Coll trust 4s of 1907
1947
10-year deb 4%s stamped.. 1946
Adriatic Elec Co extl 7s
...1952
Ala Gt Sou 1st cons A 5s
1943
1st cons 4s series B
1943
♦Albany Perfor Wrap Pap 6s.-1948
6s with warr assented
1948
Alb <fe Susq 1st guar 3%s
1946
Alleghany Corp coll trust 5a—1944
Coll & conv 5s
1949
23
A
gu_.—1960
101% 106
RAILROAD AND INDUSTRIAL
COMPANIES
58.1953
20
ref 58—1937
57
56%
(City of) 6s.
Adams Express coll tr g
5
A
1955
{♦Bush Term Bldgs 5s
56%
65
1952 M N
♦Warsaw (City) external 7a...1958
Yokohama (City) extl 6s
1961
23%
O
1952
Consol 5s
Cal G & E Corp unit &
14
81
58%
72
23%
22%
22%
A
F
5s 1934
78%
73%
l06~"
104%
"58%
70
3
1957
{Bush Terminal 1st 4s
85%
27
1947
Debenture gold 5s
1950
1st lien & ref 5s series B
1957
Brown Shoe s f deb 3%s
1950
Bruns <fe West 1st gu g 4s
1938
Buffalo Gen Elec 4%sserB_...1981
HBuff Roch & Pitts gen g 5s
1937
98%
91%
24
79
1st lien & ref 6s series A
39%
90%
*96%
90
77%
70
77%
77%
1941
3%s_.1966
Bklyn Manhat Transit 4%s___ 1966
Bklyn Qu Co & Sub con gtd 5S.1491
1st 5s stamped
1941
Bklyn Union El 1st g 5s
1950
Bklyn Un Gas 1st cons g 5s..-.1945
57
75%
75%
Bklyn Edison cons mtge
{ {♦Burl C R & Nor 1st & coll
♦Certificates of deposit
*108%
77%
Brooklyn City RR 1st 5s
30%
99%
112
107
75%
1934
Consol 4%s
25
92%
120
S
JJ
1961
{♦Boston & N Y Air Line 1st 4s 1955
{{♦Botany Cons Mills 6%s
26%
20
100% 106%
M N
M
1st g 4%s series
31%
104%
1967
1955
27
18%
106
97%
96%
96%
27%
18%
6
105
104%
D
J
...1944
1st M 58 series II
27%
§♦83 July coupon off
1936
J
♦External 8s July coupon off. 1950
{{♦Abitlbl Pow & Paper 1st
4s
E
Cons mtge 3%s series
D..1960
1966
20~~
33
*24
104%
♦Certificates of deposit
*25
Wl N
San Paulo (State of)—
2
9
e41%
29%
41
r42%
M N
27%
♦Berlin Elec El & Undergr 6 %s 1956
32%
26
27%
27%
131
33%
33
M N
"27%
26%
40
1968
1966
1967
♦63 June coupon off
31%
26%
120
4
26%
6%s
Boston & Maine 1st 5s A C
29
25%
121%
"~3
*26%
♦Deb sinking fund
Big Sandy 1st 4s_.
29
127%
%s—1951
1959
♦Berlin City Elec Co deb 6
33
25%
78%
103%
115 %
13
*104%
34%
25
25
1946
♦8s April coupon off
Vienna
32%
29
1946
♦6%s Aug coupon off
1953
Rio Grande do Sul (State of)—
1960
Beth Steel cons M 4%s ser
Itlo de Janeiro (City of)—
♦8s April coupon off
109
36%
118""
Belvldere Delaware cons 3 %s..1943
113%
113
109
71
102
1
71
117%
126%
118
High
Low
No.
High
*102
1948
B
Since
Jan. 1
Asked
&
71
3s. .1989
1951
1st & ref 5s series C
25%
25%
16%
1952
♦Rhine-Main-Danube 7s A
Beech Creek ext 1st g 3%s
Bell Telep of Pa 5s series
25
3
25%
25%
Queensland (State) extl s f 7S..1941
♦External s f 6s
33%
27
8
Bid
Low
Battle Creek & Stur 1st gu
27
35
Week Ended Aug. 20
Friday
Sale
Price
High
Low
No.
27
D
N. Y. STOCK EXCHANGE
Jan. 1
Porto Alegre (City of)—
♦83 June coupon off
BONDS
Since
Range
Range or
Last
Range
Asked
Low
Foreign Govt. &Wlunic. (Concl.)
Week's
Friday
*48%
55
153
7%
7%
8
33%
33%
34
22
21%
6%
32%
34%
34%
36%
17
34
11
22%
N
N
22%
25%
477
12%
49%
52%
N
35%
37%
34
52%
N
*30%
39%
39
54%
40
37%
56
37
52
39
61
N
38%
N
"42%
M N
"42%
2
J
D
23
23
25%
15
18%
38
J
D
21%
21%
24%
84
19%
36%
24
24
11
20
36%
14%
16%
12%
24%
J
D
MN
'14%
100
1224
New York Bond
Record—Continued—Page
Aug.
3
Friday
BONDS
N.
Bennett
Y.
.soJohnson
& rB'
STOCK
Last
EXCHANGE
Detroit Edison Co 4 Ms ser D—1961
Gen & ref 5s
F
A
-.1952 A
O
"BONDS
One Wall Street
Connections
Y. 1-761 -4- 'Bell
System
♦1st 4s assented
135 So.
La
IDul & Iron Range 1st 5s
Teletype •>- Cgo. 543
Range or
Friday
Sale
1937 A
Price
Nft.
Bid
<fc
Asked
Ed El ill (N Y)
Since
3
ft} eQ
Electric Auto Lite
Jan. 1
conv
4s.....1952
Elgin Jollet & East 1st g 5s
Low
High
{{♦Chicago Hallways 1st 5s stpd
Feb 1 1937 25% par paid
{♦Chic R I & P Ry gen 4s
64
{♦Refunding gold 4s
64
32
32
1988
♦Certificates of deposit--
34
*30 k
1934 A
O
\Low
64
69
30 k
14
1952 M S
17
17
18.K
15k
18k
16
18
10M
Ch St L A New Orleans 5s
Ilk
1951 J
D
105
D
D
Chic T H & S'eastern 1st 5s.-I960 J
D
"51
85
14
33
Inc
gu
g 4s
5s
Dec 1 1960 M
89
oik
89
*
S
-—-—1965
O
5s stamped-—-
1944 A
1st mtge 4s series D
1st mtge 3ks series E
1963 J
3 Ms
*107M
1963 J
Chic & West Indiana
103k
102k
1962 M
1943 A
{♦Choc Okla & Gulf
102
102 M
31
86
4s. —1952 J
con
1st & ref M 4ks ser D
Chllds Co deb 5s
104k
103M
87k
36
104 M
1951 M
guaranteed
109k
108k
105k
103k
O
5S---1952 M N
cons
Cincinnati Gas & Elec 3ks
35
A
Cln Leb A Nor 1st
l"66 k
N
1966 F
4S---1942 M
con gu
101
Clearfield A Mah 1st gu 4s
J
1943
Cairo Dlv 1st gold 4s
104
Series B 3Ms guar
Series A 4 Ms guar
C3Hs
J
f 5s series B guar
*106M
J
Stamped
guar
M N
4Ms
A
s f
Crown Cork A Seal sf4s
Crown Willamette Paper 6s
Cuba Nor Ry 1st 5 Ms
101
*100
99k
♦HIM
*112k
106k
98
*106k
106k
104k
104M
104k
105 k
103
100M
106k
103k
101k
100M
105
ioik
102k
101k
102k
102
102
105k
J
D
"47*
50M
1971 J
1969 J
"Sd"
105
86
J
J
J
106
1951 M N
102
8
94
108k
100k
99 k 105 k
104 M 106
105k 112k
107k
105k
104k 107 k
100k 108k
102k 106k
101
107k
105
105k
31
26
18k
105k 108 k
100k 107k
31M 41M
106k
103k
33
41k
35 M
40
34
40k
5
106k
103k
102k
100k
105k
101M
102k
102k
105k
105k
22
103 M 110k
7
99k 107k
98 M 108k
48 k
30
6
7
25
9
34
21
4
16
63 M
71k
96 k 103k
102
105 M
100k 103 k
99k 102k
97
103
104
107
103 M 106
45
65
46 k
64k
56
50
52
2
50
62 M
55
104
86
106
*103 k
107
26
26
27 M
'l3k
13k
13k
1227.
105
8
27M
A
J
98
61k
J
S
97k 105k
96 M 105k
109
H4k
111k 115
60
J
O
77k
49
1936 J
{♦Des Plains Val 1st gu4Ms—1947 M
47
1936 J
1955 F
♦Assented (subj to plan)
♦Ref A lmpt 5s ser B.__Apr 1978 A
{♦Des M A Ft Dodge 4s ctfs.„1935 J
page
105k
105k
*105M
107k
f 5s—1951 M N
Stamped as to Penna tax
{♦Den A R G 1st cons g 4s
{♦Consol gold 4Ms
{♦Den A R G West gen Ss.Aug
56M
60
D
D
96
69k
106k
161k
A
1969 J
s
40
~35
Dayton Pow A Lt 1st A ref 3 Ms 1960 A O
1943 M N
1st mortgage 4 Ms
Den Gas A El 1st A ref
102 k
105
33
J
1951 J
Del A Hudson 1st A ref 4s
Del Power A Light 1st
4Ms
1st A ref 4J4s
106k
41
108
76 M
4
100
33
A
—.1942 J
104
113M
33
113
99 M 105 k
109
112 k
6
98
102k
D
Cuba RR 1st 5s g
1952 J
7Ms series A extended to 1946
J
6s series B extended to 1946
J
For footnotes see
106
100
33
1950 M N
108k 116k
108
104k 111H
40
F
1943 J
deb 3 Ms
111k
106 k
30
1951 F
Copenhagen Telep 5s--Feb 15 1954
Crane Co
51
-----
65k
105k
1966 M N
1946 J D
-
12
14
84
103
Consumers Power 3ks_May 1 1965 IVI N
1st mtge 3 Ms
May 1 1965 IVI N
1st mtge 3 Ms.
1970 M N
1st mtge 3Ms
Container Corp 1st 6s
15-year deb 5s
110
106
*25 k
1951 J
Ilik
107M
103M
101k
101k
106k
104k
104M
104k
1956 J
1960 J
f 5s
113"
109
105
101k
-
s
109k
107
109M
108k
101M
-1951
--1951
♦Debenture 4s
105k Hlk
110k H0k
■
64k
105
deb 3 Ms
♦Consolidation Coal
109M
107k
102k
1951 J
{♦Consol Ry non-conv deb 4S--1954 J
♦Debenture 4s
1955 J
♦Debenture 4s
1955 A
conv
—
84
O
f 3ks A
Consol Gas (N Y) deb 4 Ms
—
*104
♦Consolidated Hydro-Elec Works
of Upper Wuertemberg 7s—1956 J
Consol Oil
8
64 k
1943
1961
Consol Edison (N Y) deb 3Ms. 1946
3Ms debentures.1956
s
106 M 108
106
102
A
Commercial Invest Tr deb 3 Ms 1951
Conn Rlv Pow
"II
H0k
—
*109k
O
1955 F
Conn A Passum Rlv 1st 4s
Conn Ry A L 1st A ref 4 Ms
*102
O
15 1961 J
4s. .1948 A
Columbus A Tol 1st ext 4s
Columbus Ry Pow & Lt 4s
1965
Commercial Credit deb 3Ms—1951
104 k
l6i" 103"
■
Ilik
109M
Apr 15 1952 A
Jan
95
18
18
6k
*50
105k
87
106
19
33
34
1
107k ""li
107M
27
27 M
15
16
59
2
11
101k 108
85
95 M
104M 106k
101k 104
104k 106 k
106 k 108k
106k 108k
26
111M
Hlk
112
100 M 105
108k
106k 112
J
*105 k
98k
99k
14
77
29
Conv 4s series A
Series
Gen
1953
4s series D
O
Ref A lmpt 5s of 1927
1967 IVI N
66
1955 J
J
Genessee River 1st
1957
J
O
Ernesto Breda 7s
1954 F
1st lien s f 5s stamped
1st lien 6s stamped
30-year deb 6s series B
Fiat deb
a
6
77
12
92 k
94 k
77
94 M
91
93k
118
2
H8k
109
1
*72 k
75
64 M
102 k
102 k
*95
J
*90 k
-
72
13k
12k
♦Certificates of deposit
Fonda Johns A Glov 4 Ms
1952
{{♦Proof of claim filed by owner. M N
(Amended) 1st cons 2-4s
1982
{{♦Proof of claim filed by owner M N
♦Certificates of deposit
Fort St U D Co 1st g 4 Ms
1941 J
J
Framerlcan Ind Dev 20-yr 7 Ms 1942 J
J
Francisco Sugar coll trust 6S-..1956 M N
72
14k
14k
12k
96
...
73
13k
D
--.1974 M S
----
93
73
103 M
101M 102 M
100k 103 k
100 M 104 M
103M
95k
1946 J
105
102
101 k
103 k
*94
k
*2k
45
3
66k
-
27 M
13k
1940 J
1..1948 IVI N
66k
103
15-year 3ks deb
.1951
Gen Pub Serv deb 5 Ms
1939
Gen Steel Cast 5 Ms with warr.1949
{♦Ga A Ala Ry 1st cons5s Oct 1 *45
101k
101
Grays Point Term 1st gu 5s
1947
Gt Cons El Pow
(Japan) 7s....1944
22k
6k
6
5M
32 k
12
50 k
57 M
15
13
105k
104k
130M
109k
82
94
94 k
52
60
""Ilk
65
O
1950 A
O
96
Gulf A S 11st ref A ter 5s Feb
1952 J
—1952 J
Gulf States Steel s f 4
Ms
Gulf States Utll 4s series C
10-year deb 4 Ms
1961 A
O
98 M
1966 A
O
102 k
O
104k
Hackensack Water 1st 4s
♦Harpen Mining 6s____
Hocking Val 1st cons g 4 Ms
1949 J
1952 J
Ilk
*105 k
101
1940 M N
1950 A
J
96
*93k
*93k
98M
102k
104k
107k
28
J
J
A
O
120k
94 k
M N
65
IVI N
103
J
115
118k
111
108
94k
Feb
1946 A
114k
H7k
105
Feb
D
M N
41k
121
94 k
65
Ilk
102
1
19
59
222
2
10
"~3
96 k
20
99
23
103
17
104M
107k
12
28
120k
95k
65
2
2
4
15
3
102M
103
8
41k
44
43
121
121k
20
F
A
67 k
66 M
75
140
Income 5s Feb 1957 A
O
29
27k
34k
167
Illinois Bell Telep 3
Ms ser B...1970 A
Illinois Central 1st gold 4s
1951 J
1st gold 3Ms
—1951
Extended 1st gold 3 Ms
A
1951
1st
O
106 k
106 k
106k
24
164k
»110k
104k
I6ik
""I
J
J
*105
O
gold 3s sterling
Collateral trust gold 4s
1951 IVI
s
1952 A
O
Refunding 4s
1955 M N
Purchased lines 3 Ms
Collateral trust gold 4s
1952
Refunding 5s
1955 M N
40-year 4ks
Cairo Bridge gold 4s
Aug 1 1966 F
A
1950
g
D
1951
75
75 k
75
"71k
"62 k"
«,
1951 F
J
76
77k
73
"27
88k
89
8
63
146
62
*97M
97k
83
91
J
94
J
*97
94k
"94""
98k
95 k
110
116M
114k 119k
115k
100k 109 k
108
100k 108k
117M 141k
106
HIM
92 k
96
60
65
10
15
106
106 M
100k 106 M
95k 103k
90" ~
92 M
93 M
99 k
99 M 105 M
102 M 105k
105k 108
25
28
114M 126k
84
97 M
62 M
86 k
101
103k
38
57 k
116M 124
61M
85 k
21k
36 k
101k 110
110
111
102
107k
107 M
92 M
93
75
95
75
96
76 M
90k
70 k
88 k
90
104k
13
62
80
109
93
95
J
95
69 M
70
105
106k
A
A
8
26
"71k
*104k
107k
102
"93
75 k
J
3Ms—1953
Western Lines 1st
g 4s
*89
"75k
J
1953 M N
Omaha Div 1st
gold 3s
1951 F
St Louis Div A Term
g 3s. —1951
Gold 3 Ms
1951
Springfield Div 1st g 3Ms...1951
13 k
18
95
124k
108
23
34
25
95
111
1946 J
106
95 M
103 M 103 M
108k 111
22
1967 J
♦Adjustment
98 k
104M
108k
67
104
k
102k 107
97k 101k
91
Gen mtge 4s series H
Gen mtge 3ks series 1
30 M
103
90
1976 J
1999
♦Hoe (R) A Co 1st
mtge
1944
{♦Housatonic Ry cons g 5s
1937
Houston Oil sink fund 5
Ms A—1940
Hudson Coal 1st s f 5s ser
A-—1962
Hudson Co Gas 1st g 5s
1949
Hudson A Manhat 1st 5s ser A.
1957
104k
101k
105
95
125
-
104k
101
1977 J
52
23
70
1946 J
97 k
44
30k
30
104k
*95k
*102k
*108k
114k
117k
76 k
30
69k
General 4 Ms series D
General 4 Ms series E
General mtge 4s series G
Stamped
"22
40
72 k
Great Northern 4ks series A..1961 J
General 5 Ms series B
1952 J
General 5s series C.__
1973 J
Gulf Mob A Nor 1st 5
Ms B
1st mtge 5s series C
82
40
40
98k 105
98 k 105k
101k 103 M
35
70 k
1950
Litchfield Div 1st gold 3s
Louisv Div A Term
14k
104k
105
♦Debentures ctfs B
Greenbrier Ry 1st gu 4s
73
*27 k
O
D
D
♦Green Bay A West deb ctfs A
110
102 k
S0k
40
30
101k
*32
1956 J
Agensf6Ms
30
29 M
42
*28
.
100 M 102 M
103k 106 M
42
103k
101k
~80M
Rub 1st 5s.-.1957 IVI N
Gotham Silk Hosiery deb 5s w w '46 IVI S
Gouv A Oswegatchie 1st 5s
1942
D
Grand R A I ext 1st gu g
4Ms.-1941
1st
14
40
I
{{♦Ga Caro A Nor 1st ext 6S-1934
♦Good Hope Steel A Ir sec 7s_.1945
Goodrich (B F) conv deb 6s
1945
1st mtge 4ks
Goodyear Tire A
100k
121k 122k
102
103
87 M
92
106k
*37 k
*37 k
Gen Motors Accept Corp deb 3s '46
5
106k 107k
107 M H0k
95M
105k
39k
9k
6k
3
---
66 k
102
40
20 k
20
9
*H7k
—
87
3
*108
Gas A El of Berg Co cons g 5s__1949 J
Gen Amer Investors deb 5s A--1952 F
Gen Cable 1st s f 5 Ms A
1947 J
♦Gen Elec (Germany) 7s Jan 151945 J
♦Sinking fund deb 6 Ms
♦20-year s f deb 6s
81M
60k
9M
9k
3
3
*94
96 k
73
108
*106
Galv Hous A Hend 1st 5 Ms A-.1938 A
105
82
6
16
2
80 k
101
100k
D
89
89
114k 119
116k 118k
109
114k
104
102 k
101
67
66
2
103
1942 IVI
{♦Fla Cent A Penln 5s
1943 J
{♦Florida East Coast 1st 4 Ms.-1959 J
♦1st A ref 5s series A
143
109
103
75
"80
118
1954
f 7s
79k
70k
•70 k
H8k
*118 k
A
1942 IVI
77
66
N Y A Erie RR ext 1st 4s.—1947 IVI N
3d mtge 4Ms—
1938 IVI s
Fairbanks Morse deb 4s
1956 J D
Federal Light A Traction 1st 5s 1942 IVI
5s International series
1942 IVI
106
77
"67""
67
1975 A
f 6s
106 M
103M 107
97k 106k
77
*
Ref & impt 5s of 1930
Erie A Jersey 1st s f 6s
s
105
103
77
o
1953 A
110
75
77
O
1953
B
conv
98 k
75
J
139M
107k 111
108k 113M
6
105k
105k
J
116k
131
3
105
110
111
103k 107 M
"90
10 9 k
*106k
*105k
—
36 k
38
19k
71
1
3
—
....
1973 A
1977 A
ext g
90M
98k
103k 106k
91k 103
«...
—
*107
Columbia G & E deb 5fl—-May 1952 IVI N
Debenture 5s
—
118
-----
*108
A
1stsf4Msseries C
Coal River Ry 1st gu 4s
1945 J
Colo Fuel & Iron Co gen s f 5S..1943 F
♦5s income mtge
1970 A
Colo & South 4 Ms series A
1980 M N
Debenture 5s
Columnia A H V 1st
109k
*107M
*109
—
107
*104
1977 F
Gen A ref mtge 4 Ms series B.1981 J
Cleve Short Line 1st gu 4Ms—1961 A
Cleve Union Term gu 5 Ms
1972 A
s
109k
O
1950 F
guar
—
107k
116
53
----
97
*104k
J
1942 J
1948 MN
Series D 3 Ms guar
Gen 4 Ms series A.—
1st
93
*101 k
107
O
1942 A
97
1
104k
*.___
107
11
92 k
*
1990 M N
1940 M S
J
1940 J
Cleve-Cllffs Iron 1st mtge 4 k s. 1950 MN
Cleve Elec Ilium 1st M 3ks—1965 J
Cleve A Pgh gen gu 4 Ms ser B.1942 A
101M
*104
J
St L Dlv. 1st coll tr g 4s
Spr & Col Div 1st g 4s
W W Val Dlv 1st g 4s
105 k 109M
101
HOM
22
116
92
J
1939
Cln Wabash & M Dlv 1st 4s. 1991 J
94
40 M
97 M 104 k
104 k 108K
-
104M 104 M
116
92
J
80k
35
-
35
113
104 k
J
99k 105 k
107
101
D
—
107k
104k
*105M
D
111k
101M 108k
100k 108k
47
-
107k
104 M 113
103
9
—
107k
103k
J
Cleve Cln Chic & St L gen 4s—1993
General 6s series B
1993
Ref A impt 4 Ms series E
1977
.
7
48
101k
*105
CIn Un Term 1st gu 5s ser C---1957 IVI N
1st mtge guar 3 Ms series D..1971 M N
Series
108 k
102
107
1940
91
104
109
109M
108M
94
105
165"
118k
102k
101k 102k
34 k
72 k
"II
Series C 3 Ms
1940
Erie RR 1st cons g 4s prior
1996
1st consol gen lien g 4s.__._-1996
Chicago Union Station—
Guaranteed 4s
101
*
99 k
75 M
78 M
111
4
10S
108M
A
O
94 k
98 M
90 M
87 k
90
4
101
113
1965
Erie & Pitts g gu 3 Ms ser B
45
55
114k
104k
*131M
194) IVI N
1951 J D
113M
94 k
113
J
65
45
41k
"45 k
*107
El Paso Nat Gas 4Ms ser A
25 M
105
55
101
J
109 M
60
60
60
114k
El Paso & S W 1st 5s
22 M
16
9M
108
*90
22 M
15M
15
*94M
1951 J
3 Ms
Memphis Div 1st
26k
82
9k
June 15 1951 J
Gold
42 M
16M
13
I960 M N
{♦Secured 4 Ms series A
♦Certificates of deposit
♦Conv £ 4Ms
16k
83 M
43 M
31
47
16k
14M
♦Certificates of deposit
High
101
60
O
F
U0k
105k 111M
11
85
*1001132
35M
34k
"42k
106
106k
106k
J
1st cons g 5s.. 1995 J
High
111k 116 k
106 k
45 k
O
1965 J
Low
*48
East T Va A Ga Div 1st 5s.„.1956 M N
Ed El 111 Bklyn 1st cons 4s
1939 J
J
Range
5"®
©
No.
*58
D
{{♦Dul Sou Shore & Atl g 5s—1937 J
Week's
Last
BONDS
STOCK EXCHANGE
Week Ended Aug. 20
104k
Detroit Term & Tunnel 4MS--1961 IVI N
Dow Chemical deb 3s
1951 J
D
Salle St.
Randolph 7711
Friday
pq
104k
D
Duquesne Light 1st M 3 Ms
N. Y.
Since
Jan. 1
114k
107M
110k
104k
106 k
110
D
East Ry Minn Nor Dlv 1st 4s.-1948 A
fc,
A
113k
"60*
..1995 J
♦Second gold 4s.----------1995 J
♦2d 4s assented
-.-.-1995 J
Chicago, III.
Private Wire
Y>Igby 4-5200
113k
Gen & ref mtge 3Ms ser G-..1966 M S
♦Detroit & Mac 1st lien g 4s—1995 J D
Range
s2
<§3
High
Bid
O
1965 A
E
ser
Gen & ref M 4s ser F
View York, H- T.
or
Asked
Friday
Price
NO,
Low
ffllff "H.ew York Stock Exchange
SMembers
[ c^ew Ymrk Curb €xchange
%AJLROAD
Range
Sale
«!
Week Ended Aug. 20
1937
21,
Week's
98
95
82 M
88
94
•
102 k
89 k
92 k
98M
100k 100k
94
101M
Friday
Week's
Last
Range or
Sale
Friday
bonds
N.
STOCK EXCHANGE
Week Ended Aug. 20
Y.
Price
Bid
&
St L & N O—
"l07%
107%
1932
1932
{♦10-year conv 7% notes
♦Certificates of deposit----.
Interlake Iron conv
stamped 1942
{♦Int-Grt Nor 1st 6s ser A
1952
♦Adjustment 6s ser A.-July 1952
♦1st 5s series B
1956
♦1st g 5s series C
1956
Internat Hydro El deb 6s
1944
Int Merc Marine s f 6s
1941
Internat Paper 5s ser A & B—1947
Ref s f 6s series A
1955
Int Rys Cent Amer 1st 5s B—1972
1st lien & ref 6 %s
1947
Int Agric
Corp 5s
Int Telep &
Teleg deb g
64%
69
115
64
{♦Iowa Central Ry 1st
2
25
7
m"s
70%
"73
"l8
Apr
j
J
"10%
"16
27%
29
9%
28%
11
26%
27
40%
71%
90
rvi
29
84%
141
77%
28
101%
32
76
100%
1
99
97
98%
1
83
94
f
A
99%
100%
11
J
j
66 H
66%
71%
101
j
J
88 H
88
94
257
f
A
72 H
71%
M
S
94 H
52
94%
80%
♦Mex Internat 1st 4s asstd
3
9%
84
83%
109"
109
104%
18
42%
19
82%
95
41
85%
84%
109%
104%
79
106
7
40
44
5
19
19
5
{♦Milw & No 1st ext
11%
31
25
35
95
99% 107%
*100%
105
*103
109%
109% 109%
*101
107
107% 108%
.1937
*
101%
101% 102%
1st & ref 6s series A
.1997
Purchase money 6s
*150
153%
146% 161
25-year
1st g 4s...
Kings Co Lighting 1st 5s
Kings County Elev
1st &ref 6%s.——
Kinney (G R) 5 Ha
1949
*105%
1954
*113
coll tr 4s..
3%s collateral trust notes...
{♦Kreuger & Toll secured 5s
1945
105
f
A
A
64%
a
RR 4s A...
1st & ref s f 5s
——
Secured 6%
a
Leh Val N Y 1st gu g
71
2003
M N
2003
General cons 5s
2003
Leh Val Term Ry 1st gu g 5s. —1941
Lex & East 1st 50-yr 5s gu
1965
Liggett & Myers Tobacco 7s._. 1944
5s
1951
Little Miami gen 4s series A.-.1962
Loews Inc s f deb 3 %s
--1946
Lombard Elec 7s ser A..
1952
Long Dock Co 3%s ext to
1950
Long Island gen gold 4s
1938
Unified gold 4s
1949
Guar ref gold 4s...—-1949
4s stamped
--1949
series E._
59
78
50
77
7
47%
75
56%
50
1
49%
94
.
2
100%
98
107
32
96
94
11
100%
93
48%
50%
93
48%
52%
52%
76%
""60%
54%
61%
13
60%
7
60%
86
A
O
104%
104%
104%
11
a
O
*119
A
o
"130%
F
a
121%
M n
f
A
d
74
a
D
7
122%
5
99%
74
*102%
O
j
130%
121%
"loo"
J
104% 109
116
129%
122
130%
*108
'l02%
102%
*
129% 136
117
126%
108
.....
108
100
30
97% 101%
75
19
69%
105
102%
2
03
79%
101% 106%
101% 103%
102% 108
ivi
S
ivi
s
102%
102%
;
100
106%
ivi
s
101%
102%
12
100
104%
128
128
12
126% 135
119%
119%
3
85%
19
101%
40
102%
j
J
m s
ivi
83
101%
o
'l05%
o
99%
o
92%
"89%
106%
107%
109
105%
105%
13
99%
100
46
92%
94
27
105% 109%
106% 111
99% 108%
78
,
......
90%
*98
j
99% 102%
112%
6
89%
*il2%
MS
116% 124%
82
100%
106
*109%
A
s
111
108
106%
o
ivi
101%
*109%
s
j
83
j
J
102%
103%
24
96
90%
103%
98
105% 111%
9
85%
96%
110% 115
94% 100%
....
99
A
7%s__. 1942
d
Gen mtge 4%s ser
♦Certificates
1st ext 4s
78%
o
of deposit
{♦Manhat Ry (N Y) cons g 4s. 1990
♦Certificates of deposit
♦Second 4s
2013
Manila Elec RR & Lt s f 5s...1953
Manila RR
a
103%
d
A—1945
1960
{{♦Manati Sugar 1st s f
Maine Central RR 4s ser
(South Lines) 4s_„1939
-1959
{♦Man G B & N W 1st 3%s.„1941
For footnotes see
page
1227.
104
a
j
ivi
o
19%
14
10
•
♦Certificates of deposit
gold
Mo Pac 3d 7s ext at
ivi N
1980
96%
25
72
88%
62
62
19
62
76
69
79%
72
"~8
66
36%
62%
80
25
31%
33
48%
45%
38%
36
2
16%
80
14%
24
36%
38%
114
4
31%
31%
49
34%
35%
38%
35
31%
48%
32%
45%
f
1981
4%-July 1938
10%
12%
"62
36%
38%
37
10%
36%
A
38%
gold 4s—1938
5s.-1947
—1977
♦Secured 5% notes
1938
Mohawk & Malone 1st gu g 4s. 1991
Monongahela Ry 1st M 4s ser A '60
Monongahela West Penn Pub Serv
1st mtge 4%s__
1960
6s debentures
1965
M
1
s
f
92%
92%
92%
83%
""9
30
78
M
s
27%
27%
30%
30
M
s
89
89
1
84
98%
ivi N
108
108
5
105
111%
100
108%
101
110%
94%
96%
110
92
101%
101%
7
87"
92
a
*
86%
79%
86%
a
*
82%
80
80%
79%
a
~87%
24
85%
93%
17
92
M n
85
85
M n
*115
4
117
ivi N
*107
f
92
4
40%
9
j
J
40
d
4 on'57
1914 coupon on. —1977
1914 coupon off
1977
No 5 on '77
Nat RR of Mex prior lien 4 %s—
♦Assent warr & rets No 4 on. 1926
♦4s April 1914 coupon on
1951
♦4s April 1914 coupon off. —1951
♦Assent warr & rets No 4 on '51
♦4s April
♦4s April
103
104%
ivi N
105%
106
J
j
J
j
J
j
41
4s—1953
165
38
98%
63%
100%
90
99% 107
*%
ivi N
103
103
106%
2%
2%
3%
3%
2%
3%
2%
6%
3%
3%
6%
5
4%
7%
*3%
T"
*2%
AO
A
59
*2%
3%
*2%
O
"§%
♦Assent warr & rets
Nat Steel 1st
97
82%
112% 119
95
*101
1957
1957
1957
84
97%
102
106% 111
91%
a
J
Mexico—
Term 1st gu
99%
98% 104%
85%
79%
86%
32
...
93
33%
9
33
*
a
New Orleans
.
.
105%
102%
94%
J
78%
.
.
105%
105%
A
90
"...
.
39%
102%
A
93%
♦4%s July 1914 coup on
♦4% July 1914 coup off
♦Assent warr & rets No
54%
39%
40
27%
87%
♦4%s Jan 1914 coup on
97
36%
26%
27%
"39~"
27%
M n
National Rys of
47
93
"39"
J
Morris & Essex 1st gu
49%
30
92% 100
s
3%S——2000
Constr M 5s series A—;
1955
Constr M 4%s series B
1955
Mutual Fuel Gas 1st gu g 5s—1947
Mut Un Tel gtd 6s ext at 5%--1941
Namm (A I) & Son—See Mfrs Tr
Nash Chatt & St L 4s ser A
1978
Nassau Elec gu g 4s stpd
1951
Nat Acme 4%s extend to
1946
Nat Dairy Prod deb 3%s w W—1951
Nat Distillers Prod deb 4 %S—-1945
Montreal Tram 1st &
46%
A
& ref 3%s.1966
ref 5s
1941
5s series A
1955
5s series B
1955
4%s series C—1955
5s series D
1955
Montana Power 1st
48%
31%
31
"l3
18%
31%
M
J
Gen & ref s f
10
36%
MN
♦Ref & Impt 4%s—
Gen & ref s f
47
32
92%
90
37
84%
76%
o
a
75
86%
55
*-----.
86%
72
36%
82%
77%
2
75
61%
~~2
85
'35%
M n
53
105%
4
70
*65%
95
56%
46
15
57%
100
78%
*83
95%
48
"56%
34%
90%
20
78%
24
28%
95
98%
36%
27%
16%
92%
104
106
70
.....
12%
82%
—
♦Montgomery Div 1st g
Gen & ref s f
30
1
36
{♦Mobile & Ohio gen
Gen & ref s f
16
7
36%
1949
H
♦Certificates of deposit
♦1st & ref 5s series I
♦Certificates of deposit
32
41%
2
13
"56%
1978
♦1st & ref g 5s series
37%
18
19
83
*
1975
1977
5%s
19
2
12
13
deposit
♦Certificates of
♦Conv
3
82%
"62%
32
102% 105%
ivi N
J
13
*
54
10
ivi N
j
5%
4%
62
5
104%
*92%
4
5
A—1962
40-year 4s series B.—
1962
Prior lien 4%s series D
1978
♦Cum adjust 5s ser A
Jan 1967
{♦Mo Pac 1st
ref 5s ser A
1965
31
104
s
21%
6
5%
72
71
102
*16%
57
11
14%
5%
85
37
10
D
46%
57
"l3"
J
j
39
100
105
103%
91%
31
*
82%
70
109% 115
99
93
.....
104%
ivi N
99%
77
31%
31%
M n
Newark Consol
McCrory Stores Corp 8 f deb 5s.1951
McKesson & Robbins deb 5%s_l950 ivi N
90
83%
31%
13
37
*95
a
85
"96"
63
—
19
*32
F
99% 105
83
*
*77"
coll s f 4s
1965
{♦Naugatuck RR 1st g 4s
1954
Gas cons 5s—1948
{♦New England RR guar 5s.—1945
♦Consol guar 4s
1945
New England Tel & Tel 5s A..1952
1st g 4 %s series B
1961
N J Junction RR guar 1st 4s—1986
N J Pow & Light 1st 4%s
1960
New Orl Great Nor 5s A
1983
N O & N E 1st ref & Imp 4 %s A 1952
New Orl Pub Serv 1st 5s ser A—1952
1st & ref 5s series B
...1955
*113%
ivi N
105
100
*77
j
d
90%
41%
103%
48%
2003
2003
2003
2003
1946
1980
1945
4s
St Louis Dlv 2d gold 3s
Mob & Montg 1st g 4%s
South Ry Joint Monon 4s.—1952
Atl Knox & Cln Dlv 4s_.-—1955
Lower Austria Hydro El 6%s.-1944
Paducah & Mem Dlv
95% 100%
ivi N
ivi N
—1940
1st & ref 4s series D
2
72
,—1944
1951
Louisiana & Ark 1st 5s ser A.-.1969
Louisville Gas & Elec 3%s
1966
Louis & Jeff Bdge Co gu 4s
1945
Louisville & Nashville RR—
93
93
5s
1st & ref 3%s
95
94
j
5
71
99%
35%
30%
92% 106%
90
104%
100
105%
71
94%
107
101%
*93
47%
18
♦Certificates of deposit
100% 106%
98
109%
6
101
4s
C
29
O
100
General cons 4 His
1st & ref 4 His series
99%
105
8
1940
1st & ref 5s series B
70
98
2
4%s
Unified gold 4s
101
49
62
94%
48%
103%
M-K-T RR pr lien 5s ser
♦1st & ref 5s series F_
50
103
{♦Mo-Ill RR 1st 5s series A
1959
Mo Kan & Tex 1st gold 4s„—1990
♦General 4s
*50%
D
f 4s
68%
35
1964
j
1946
series B
1st Chicago Term s
70%
1954
deb 7s
50%
1st ref 5%s
49
92
A
42
17%
56
92
J
Lehigh Val (Pa) cons g
Lorillard (P) Co
f
106
*37%
—1949
1978
1941
5%s
22
34%
M s
*104%
103
108
101
J
o
j
5%
28"
104% 110%
j
D
109%
103% 105%
a
18
57
1938
gold notes
5s
Leh Val Harbor Term gu
70%
94%
1974
1st & ref s f 5s
90
103
34%
13
*108%
1938
39
102%
1954
1st & ref s f 5s
18
J
1965
1945
4s
1944
Val Coal 1st & ref s f 5s.
68
25
J
1954
100% 104%
11
16%
,
3
104%
int
1st cons 5s gu as to
♦1st & ref 5s series G
D
106
11
19
56%
99
28
20%
67
*101
103% 107%
*92
18%
56%
J
104%
104%
19
67%
J
s
103
97
10
24%
1938
5s
30%
97%
55%
*50
a
Lehigh C & Nav s f 4 %s A
1954
Cons sink fund 4 %s ser C—
Lehigh <fc N Y 1st gu g
98
cons
64%
"64%
f
F
1975
♦1st mtge income reg
102%
37
1st
64
O
J
M
4s int gu. 1938
M St P & SS M con g
97%
s
a
F
16
100%
29%
30
(vi
1997 j
3%s
Nitrate Co Ltd—
99%
99%
1947
1941
Lake Sh & Mich So g
101% 102
102% 111%
101
104%
1959
deposit
1939
Laclede Gas Light ref & ext 5s.
1953
Coll & ref 5 Hs series C
1960
Coll & ref 5 Hb series D
1942
Coll tr 6s series A
——
1942
Coll tr 6s series B—
Lake Erie & Western RR—
1947
5s 1937 extended at 3% to..
Lehigh & New Eng
113%
*99%
Uniform ctfs of
2d gold 5s.
95% 108%
109% 114
112% 119%
20
109%
1941
ext to
Kresge Foundation
Lautaro
97
96%
1954
87% 100
"""2
105
108
102%
9
4%
97% 101%
.1961
unguaranteed
County El L <fc P 5s
j
ivi N
4s.-.1947 m"s
j
J
{♦Milw & State Line 1st 3%s—1941
M n
{♦Minn & St Louis 5s ctfs
1934
ivi
s
♦1st & ref gold 4s
1949
♦Ref & ext 50-yr 5s ser A—.1962 q f
1961
Plain
97% 103%
*26%
{♦Mil Spar & N W 1st gu
96% 100
108
115%
*108
*
*2%
*2%
D
1939
1939
Con ext 4%s__
25
99
99
I
s
j
M
4%s(1880)1934
1st ext 4%s
44
21
*22%
*28%
m n
109%
102% 105
20
44
1943
100
*8%
1977 M s
1940
1951
1st gold 3%s
1952
Ref & impt 4%s series C——1979
{♦Mid of N J 1st ext 5s
1940
Milw El Ry & Lt 1st 5s B
1961
1st mtge 5s
1971
64
102%
a
Jack Lans & Sag 3%s
66%
48
46%
o
107%
102%
a
108
High
Low
95
98
97
F
City Air Line 4s
106
46
15
104%
s
1977
:1956
Michigan Central Detroit & Bay
101% 108
"21
No.
*80
ivi
♦4s (Sept 1914 coupon)
93% 102%
100
13
High
103%
ivi N
♦Miag Mill Mach 1st s f 7s
15
52%
84 H
1960
1st 4s
Electric 4%s—. 1980
79
103%
4 6%
75
67
104%
*100
1950
1968
1950
{{♦Met West Side El (Chic) 4s. 1938
1
95
94%
103%
102
1st 6s with warr—1945
Metrop Ed 1st 4%s ser D
Metrop Wat Sew & D 5%s
63%
Asked
103 %
103%
1947 a o
April 1940 Q J
135
5%
5%
103 H
Mead Corp
95
Jan. 1
<&
Bid
Marion Steam Shovel s f 6s
Market St Ry 7s ser A
Since
11
6QCO
Low
D
Range
Friday
Price
20
Mfrs Tr Co ctfs of partic In
A I Namm & Son 1st 6s.-—.1943 j
95% 101%
18
85%
Week's
Range or
Sale
STOCK EXCHANGE
Week Ended Aug.
89%
102%
71
85%
97 H
s
(vi N
Y.
42%
17%
40%
80%
77%
101
N.
.
Last
bonds
102
11
29
(Rudolph) 1st 6s...
1943
stmp (par $645)..
1943
♦Ctfs w w stmp (par $925)..
.1943
♦Ctfs with warr (par $925)..
.1946
Keith (B F) Corp 1st 6s
1987
Kentucky Central gold 4s
1961
Kentucky & Ind Term 4%s—.
1961
Stamped
—
Lehigh
91
104%
100
32%
,28%
81
♦Ctfs w w
Kings
91%
94
101
10%
1950
4%s
55
1-1598
52%
61%
3
104%
NEW YORK
A. T. & T. Tele. N. Y.
Telephone WHItehall 4-2900
Friday
M N
Kansas City Term
♦Karstadt
95%
61
71%
100%
*100%
30%
100 H
O
a
& ref 4s.1951
5s.
Stock Exchange
Wall St.
63
56
18
1936
Ref & impt
53%
20
64
Clear 1st 4s... 1959
1961
Jones & Laughlin Steel 4%s A_.
Kanawha & Mich 1st gu g 4s.. 1990
Kansas Gas &
97
55
24%
James Frank &
{{♦K C Ft S & M Ry ref g 4s.
♦Certificates of deposit—-.
Kan City Sou 1st gold 3s
32
71
Members New York
101
64
1939
1955
Debenture 5s
106
43
29%
98% 105%
108
17
o
4%s._1952
Conv deb 4 %s
D. H. SlLBERBERG & Co.
100% 107
101%
101H
105%
65
1947
deb 4s
104% 104%
9
106
A
87%
106% 108
11
30
29 H
{Interboro Rap Tran 1st 5s—1966
♦Certificates of deposit
deposit
107%
BANKS AND DEALERS
FOR
91%
66
40
*103%
series D-..-.1961
♦Certificates of
69%
76
70%
*101
{♦Ind & Louisville 1st gu 4s.-.1956
Ind Union Ry 3%s series B...1986
{♦10-year 6s
76
BROKERS IN BONDS
High
Low
High
69
series C
1963
Illinois Steel deb 4 His
1940
Ind Bloom & West 1st ext 4s..1940
Ind 111 & Iowa 1st g 4s
1950
1st & ref 4%s
Inland Steel 3%s
Since
72%
72 hi
1963
A
Joint 1st ref 5s series
Range
Jan. 1
Asked
Low
111 Cent and Chic
1225
Record—Continued—Page 4
New York Bond
145
Volume
3%
J
*4%
A
O
*2%
A
O
*2%
J
D
j
3%
3%
106%
80
ivi N
J
d
J
119%
j
J
D
55
*52%
j
j
9%
ivi N
3%
107
80
119%
55
38
1
1
3
64
*17
121%
2
116% 125%
107%
"27
100% 101
104% 108%
*101
A
O
I67"
J
j
88%
j
J
82
124%
121%
121%
f
54
52% 74%
118% 127%
124
124
A
102% 107%
77
93%
118
122%
107
88%
*
88%
2
84
73
70
"98"
99%
"51
98
85%
A
O
"98"
j
D
98
98
99%
58
92
J
J
92
91%
92
17
90% 100%
92% 103%
103
New York Bond Record—Continued—Page 5
1226
Friday
BONDS
N. Y.
.
EXCHANGE
STOCK
Week Ended Aug.
Range
Sale
20
Bid
&
O
*48
♦1st 5s series C
1956 F
♦Certificates
1956 A
48
48
N Y Cent RR 4s Series A
1998 F
97
10-year 3%s sec s f
4%s series A
1946 A
2013 A
2013 A
-1952 IVI
Hud River M 3 Ms-1997 J
Ref & Impt 5s series C
Conv secured 3Ms—
102%
103 M
87
N
J
106
98
.2013
1998
"87%
1998
84
223
104
98%
49
94
107%
10
96 M
107
4%s ser A
gold 3 Ms
"89 M
1937
-1974
-.--1978 M
Oct 1 1938
3-year 6s
4s collateral trust
88
92
90
15
89%
46
100M
100M
98 M
98 M
84
84
86
98
S
Pat & Passaic G & E
98%
17
53
100,3i6
39
100
133
N Y Edison 3%s ser D
1st lien & ref 3Ms ser
105
104% 108%
85
96%
88%
98%
88
97%
Pennsylvania P & L 1st 4%s—1981
100'532102%
92% 105
80%
95%
97% 100%
Pennsylvania RR
Purchase money gold 4s
4s sterl stpd dollar May 1
Gen mtge 3%s ser C
Debenture g 4%s—
1949 F
A
55
72
General 4%s series D...
55%
60
100
100
101
40
Gen mtge 4%s series E
Conv deb 3%s._.
97
105%
105%
114%
26
100
*98%
97%
Peop Gas L & C 1st
116% 125%
109% 117%
97%
♦Income
97%
"98 %
*—--
103%
107%
106
N Y & Long Branch gen 4s
33%
32
♦Non-conv debenture 3Ms-. .1954 A
.1955 J
J
.1948 J
J
♦Collateral trust 6s
-1940 A
♦Debenture 4s
.1957 IVI N
32
33%
32
33
46%
44%
47%
33%
55
37 M
{♦N Y Providence & Boston 4s. .1942 A
O
N Y & Putnam 1st con gu 4s... .1993 A
O
Lt&Pow3Ms.. .1965
{N Y Rys prior lien 6s stamp.. .1958 J
N Y & Richm Gas 1st 6s A.... .1951 IVI N
N Y Steam 6s series A
.1947 IVI N
1st mtge 5s
1st mtge 5s
.1951 IVI N
.1956 M N
{♦§N Y Susq & West 1st ref 5s. .1937
J
.1937 F
ref mtge 3%s ser B
N Y Trap Rock 1st 6s
6s stamped
...
Ms... .1939 M N
.1967 J
J
.1946 J
No Am Edison deb 5s ser A
Deb 5 Ms series B
Deb 5s series C—
99%
1957 IVI
Aug 15 1963 F
North Cent gen & ref 5s
Gen & ref 4 Ms series A
-1974
1974
{Northern Ohio Ry 1st guar 5s—
♦Oct. 1 1934
&sub
as to sale of
106
2
98
1
29%
79%
32
*8%
15%
25
16
"2
65
65
2
107%
107%
107%
43
101%
101%
101%
45
84
85
90
11M
11M
S
6
Ref & impt 4 Ms series A
Ref & impt 6s series B
106% 109%
101% 101%
33
24
16
79
3
69
6
112
116%
104%
14
S
*104%
A
103%
105"
"15
104
104%
18
*120
124%
*120
122
1948 J
Ohio Connecting Ry 1st 4s
Ohio Edison 1st mtge 4s
1943 M S
1965 M N
14
63
100%
*104M
100M
20
104%
(Hi
99%
J
O
"109%
A
111%
*102%
109%
111%
Oklahoma Gas & Elec 3%s
4s debentures
1966 J
D
100%
100%
1946 J
D
Ontario Power N F 1st g 5s
1943 F
103
A
112%
*111%
Ontario Transmission 1st 5s___1945 IVI N
cons
D
J
Guar stpd cons 5s
Ore-Wash RR & Nav 4s
1946 J
1961 J
J
Oslo Gas & El Wks extl 5s
1963 IVI
S
Otis Steel 1st mtge A 4 Ms
1962
Pacific Coast Co 1st g 5s
J
1946 J
J
J
Pressed Steel Car deb 5s
82%
102% 106%
101
105%
101% 106%
99% 107
120
125%
83
33%
109% 109%
101% 106%
97% 100
no"
109%
20
19
3
1
115
109% 112%
100% 100%
103
103%
110% 115
107% 115
90M
90M
*63
106%
103
99
A
92
24
87%
92%
65
82
78
103
111
44
99% 107%
94% 100%
97% 102%
102%
99
105%
98% 104%
108% 108%
75
107%
104%
.100
98 %
98%
:
J
40
1
98%
101%
"17
101%
23
4 Ms
5{♦Pan-Am Pet Co (Cal) conv 6s '40 J
101%
*106 M
D
*36%
♦Certificates of deposit
Panhandle Eastern Pipe L 4s..l952 IVI
S
101%
101%
36 %
109
47
100%
36%
100M
100%
67 M
67%
67%
36%
37
36%
98
Paramount Broadway Corp—
A
1949 A
58
57%
100%
1st
s
con
1949 J
1947 J
f deb 4s
75%
J
D
Saguenay Power Ltd 1st M 4%s '66
A O
St Jos & Grand Island 1st 4s-_1947 J
J
St Jos Ry Lt Ht & Pr 1st 5s—1937 M N
St Lawr & Adir 1st g 5s
J
1996 J
91
19
21
100
106
95%
15
92
100
28
98
6
111
Rocky Mt &
{♦St L-San Fran
60
105
1
105% 108
107
107%
69
105
112
112
163%
178%
97%
453
127
212
96%
96%
118%
97%
103%
118%
97%
103%
63
22
120
98%
103%
31
53
16
31
1
26%
26%
*26%
*27%
27%
27%
41%
*40%
2
29
----
28
----
2
27%
*55
109%
109%
16%
—
—
—
103
----
----
27
36
26
119%
109%
12
32
18
-
-
—
—
---
-
19
19%
2
22
4
103
101%
------
42
103%
101%
102
*110
-
12
--
100
----
100
75
5
75%
74%
74%
31%
-
-
—
-
7
3
♦Certificates of deposit
12
33
23%
21
22%
65
17%
21%
21%
24
47
20
20%
20%
22
37
18
19%
—1950
5"j
—1978
M~S
♦Certificates of deposit
page
1227.
66
66
31%
89%
88%
48
82%
3
82
85
24%
22%
26
21%
61
18
7
22
37%
33%
36%
33%
33%
30%
•
footnotes see
73%
72%
23%
--
22%
27%
27%
103% 104%
53%
60
91
91%
69%
84
32%
52%
116% 117
107% 109%
16%
28%
20% 25%
19
32%
21
34%
102% 103%
99% 104%
107
112%
97
1012932
96
103%
98% 102
21
J
♦Con M 4 Ms series A
26%
27%
19%
19%
31%
82%
22%
19%
22%
J
♦Prior lien 5s series B
26%
19%
21
— —
21
32
18
19
40%
40%
73
70%
33%
*25
24
1
72%
89%
*
——————
100% 106
3
*104
*118
94% 100
130%
95% 100
27%
49
115%
108
41%
97%
lien 4s A—1950 J
108%
107%
99
J
105% 126%
89% 104%
40
*72
P 5s stpd—.1955 J
pr
28%
90
96% 101
96%
*96
{♦S L Peor & N W 1st gu 5s—.1948 J
St L
88%
45%
106%
106%
St Louis Iron Mt & Southern—
♦§Riv & G Div 1st g 4s
♦Certificates of deposit
74
13%
17%
O
1966 A
54%
75%
105% 108%
4
'
For
-
57
1933 IVI N
2d gold 6s
♦Ctfs.of deposit stamped-.
65%
J
-
-
----
21%
103%
106%
A
J
-
—
165
1977 M S
4%s_—1941
.
74%
109%
106%
J
1962 M S
§{*R I Ark & Louis 1st 4%S—1934 IVI S
♦Ruhr Chemical s f 6s
-1948 A O
—
—
64
107%
95%
106%
— —
33%
Safeway Stores
103% 107%
99% 102%
—
O
123
4
—
♦1st con & coll trust 4s A
Roch G & E 4 Ms series D
Gen mtge 5's series E
117
"29
—
70%
♦Rut-Canadian 1st gu g 4s
foi"
F
1955 F
-
110%
119% 124%
—
*100
—
J
♦Rutland RR
J
1955
1952
108
97%
96%
D
114
I67"
97%
IVI N
J
97%
85%
{♦Rio Grande June 1st gu 5s._1939 J
{♦Rio Grande West 1st gold 4s .1939 J
121%
99
3s loan ctfs
♦Certificates of deposit
116
102%
95%
1950 M N
Richm Term Ry 1st gen 5s
♦RIma Steel 1st s f 7s
96%
96
84%
103%
95%
*13%
♦Direct mtge 6s
-.1952 IVI N
♦Cons mtge 6s of 1928
1953 F A
♦Cons mtge 6s of 1930
1955 A O
{§*Richfield Oil of Calif 6s. -.1944 IVI N
106
D
s f g
113
103
J
♦Rhine-Westphalia El Pr 7s
113
3
—
J
13
103
1st M
105%
f 7s
-
85
61%
*116%
74%
74%
19%
19%
J
1946 J
s
-
— -
38
__
D
♦Rhine-Ruhr Water Service 6S.1953 J
-
-
4
*110
_
Purch money 1st M conv 5 Ms '54 M N
Gen mtge 4%s series C
1956 IVI N
Revere Cop & Br 1st mtge 4%s_ 1956 J
J
♦Rheinelbe Union
-
-
124
123%
107%
84
61%
.
"16
D
D
110
1997 J
—
85
113%
113%
104%
112%
84%
*118%
Remington Rand deb 4%s w w.1956 IVI s
Rensselaer & Saratoga 6s gu
1941 IVI N
Republic Steel Corp 4%s ser A.1950 M S
Gen mtge 4%s series B
1961 F A
119
D
O
72%
81%
101% 112%
69%
82%
94% 106
109% 112
Gen & ref 4%s series B
—-
*110
J
§*Debenture gold 6s
1941 J D
Reading Co Jersey Cent coll 4s. 1951 A O
Gen & ref 4%s series A.-—.1997 J
J
120
87
99
{♦Radio-Keith-Orph pt pd ctfs
for deb 6s & com stk (65% pd)___ J
9
——-
{♦Providence Sec guar deb 4s__1957 IVI N
{♦Providence Term 1st 4s
1956 IVI S
Purity Bakeries s f deb 5s
1948 J
J
122
1951 J
107%
114%
114%
125%
124%
84%
84%
J
20
100
107
111
111
84
J
31
100
105%
conv 6s.
4
12
*
1960 M S
J
117%
117%
*103
D
22
104% 104%
20
Porto Rican Am Ton
112
109%
118%
*119%
106 %
106M
102 M
102%
D
1955 J
1948 J
1st 5s 1935 extended to 1950
119
1st & ref mtge 3Ms ser H.—1961 J
1st & ref mtge 3 Ms ser I
1966 J
Pac RR of Mo 1st ext g 4s
1938 F
f g
A
__
_
117
------
J
99% 109%
100%
111%
100%
103%
112%
ser
109%
Pacific Gas & El 4s series G.--1964 J
2d ext gold 5s
1938 J
Pacific Tel & Tel 3%s ser B—1966 A
Ref mtge 3Ms ser C
1966 J
19
101
*107
105
1946 A
4s.._1946 J
g 5s-._1946 J
—
{♦Postal Teleg & Cable coll 5s. 1953 J
Potomac Elec Pow 1st M 3%s_1966 J
*107M
J
J
96%
1947 F
g
42
110%
101%
Ohio Public Service 7 Ms A
1st & ref 7s series B
Oregon RR & Nav con
111
95%
♦Og & L Cham 1st gu g 4s
1st mtge3%s
1972 J
Ohio Indiana & West 5s.-Apr 11938 Q
1977 J
J
Pitts Va & Char 1st 4s guar. —1943 M N
Pitts & W Va 1st 4 %s ser A. —1958 J
D
113
116%
--
116 X
J
72%
110%
101
O
Pitts Y & Ash 1st 4s
122
*117
D
1975 A
.1942 J
87
83
75
1970 J
97% 109%
23%
32%
119
*72 M
104%
-.1964 IVI N
D
25%
74
*117
1977 J
25%
103%
A
1st 4 %s series D
Port Gen Elec lst4%s_
A
78
109
A
104
—
109
D
100
—
111
—1974 J
11%
1
—
*107
—1962 F
14
8
*166"
7
-
1963 F
Series J cons guar 4%s
Gen mtge 5s series A..
100%
107% 111%
109
113%
109
113%
113% 113%
108
112%
*108%
1st gen 5s series C
102%
100M
108%
85% 101
100
*111
1st gen 5s series B_
101%
J
106
D
98
101%
1957 MN
119
A
94%
O
116% all6%
A al04%
104
1953 J
Gen mtge 5s series B
Gen 4%s series C
108
Norweg Hydro-El Nit 5 Ms
129
1957 MN
4s
83
22%
109%
O
1
-----
O
106
101
68
107%
116
112
108% 117
91% 106%
102
104%
22%
50%
9%
26%
30
18%
1960 F
Series G 4s guar
Series H cons guar
Series I cons 4%s
..I960 A
100
101
--
A
1st mtge 4%s series C
3
25
1949 F
106%
42
"Ho %
104
O
107%
102%
*72 M
2047 J
2047 J
2047 J
-2047 J
1938 A
Series E 3%s guar gold
Series F 4s guar gold
1959 A
107%
100%
74
35
11
1945 M N
1st mtge 4 %s series B
103%
104
25
10%
—1942 M N
89
"47
*80
Northwestern Teleg 4 Ms ext.-.1944 J
s
91
100%
J
1937 J
69%
103%
F
58
104%
24
10%
14
N
s
103%
73
24
65
April 1 '33 to
Ref & impt 5s series C
Ref & Impt 5s series D
Nor Ry of Calif guar g 5s
Paducah & 111 1st
107%
92%
12%
104%
coupons.1945
April 1 1937 incl coupons. .1945
North Pacific prior lien 4s
1997 Q
Gen lien ry & Id g 3s Jan
2047 Q
Ore Short Line 1st
104~~
Series C 4%s guar.
Series D 4s guar
95
4
IVI
IVI
79
32
104%
103%
1
24
100
99%
Pitts C C C & St L 4 %s A. —-1940 A
Series B 4%s guar
1942 A
101% 109%
103% 105%
104% 108%
102% 108%
98% 107%
105%
105%
♦Oct 1937 and sub coupons. -1945
♦Stpd
100
"79"
3
J
Nov 15 1969 N IVI
99%
-
113
4
*85
1961 F
D
m
108%
111%
111%
46%
42%
101%
1996 O A
North Amer Co deb 5s
1967 J
113
-
108%
111%
111%
19%
12%
23
4s
D
2
123%
114%
91
103%
106% 119%
107
113%
37%
16
§ {♦Norfolk & South 1st g 5s—.1941 IVI N
Norf & W Ry 1st cons g
1981 J
112
*118%
114%
3
90%
26%
101
51
13%
99
91
—
95
100%
106M
♦Certificates of deposit
J
-
20
112
A
1977 J
-
95
117%
100
20 M
15%
106
100%
55
90
111%
111%
111%
121%
117%
100
55 M
71
112
107
113
26%
55
98%
103%
103%
103%
116%
108
100%
105%
O
1974 F
94
94
115%
1943 M N
f 4s
112%
116%
109% 106%
96% 103%
115% 126
106% 115%
113% 123
17
101
*92
94
115%
—1949 IVI
s
106%
4
112%
25%
105%
.1946
{♦N Y Westch & Bost 1st 4 Ms. .1946 J
.1966 M
Niagara Falls Power 3 Ms
Niag Lock & O Pow 1st 5s A... .1955 A
Niagara Share (Mo) deb 5 Ms.. .1950 IVI
Nord Ry ext sink fund 6 Ms
.1950 A
§{*Norfolk South 1st & ref 5s.. .1961 F
-
107%
100%
106
D
-
26%
18%
105%
65
—
iooM
105%
A
.1943 IVI N
10
16
J
106M
A
.1940 F
§*2d gold 4 Ms
♦General gold 5s_.
♦Terminal 1st gold 5s
N Y Telep 1st & gen s f 4
90
§*Philippine Ry 1st
37
*103%
105%
24
114%
Pillsbury Flour Mills 20-yr 63.-1943 A O
Pirelli Co (Italy) conv 7s
1952 IVI N
Pitts Coke & Iron conv 4%s A.1952 IVI
37%
79
J
119
60
*104%
J
147
45
*99%
M N
106%
47
13%
13 %
40
33
19M
19M
62
108%
33%
92 M
92 M
D
105
108
100
108
109
■
{♦Phila & Reading C & I ref 5s. 1973 J
♦Conv deb 6s
72
100%
100%
-__1956 J
5s series A...
117%
102%
109%
—.
1956 J
3
97
*
A]
59
99%
120
90
w
-
111%
114
-
-
-
36%
19%
v.
18M
{♦N Y Ont & West ref g 4s_—. .1992 MS
1990
-
-
-
35
18M
37 M
-
114
-
-
-
38%
37
D
-1955 J
34%
103%
Phila Electric 1st & ref 3%s—1967 IVI
32
33 M
*30
37
♦Harlem R & Pt Ches 1st 4s. .1954 IVI N
"
32
106%
Phila Co
sec
99
101%
47
32
33 M
O
of 1927--. .1967 J
'■
33
33 M
O
♦Non-conv debenture 4s— .1956 IVI N
.1956 J
♦Conv debenture 3 Ms
J
98
98
~33%
11
110%
116%
101%
106%
106%
103%
*117%
106%
1974 F
General g 4%s series C
General 4%s series D
113%
119
-1981 A
1943 A
April
2
112%
116%
—1947 M
4s
113
113%
99%
4s_ —1940 A
Phila Bait & Wash 1st g 4s
General 5s series B
106%
108%
4
103" "147
102"
110%
1st g 4%s series C
—1980 IVI
Phelps Dodge conv 3%s deb—1952 J D
102
99%
*166"
IVI
IVI
94% 105%
109%
105%
A
♦Non-conv debenture 4s
debenture 6s
10
*105%
.1941 M
{♦N Y & N E (Bost Term) 4s.. .1939
{♦N Y N H & H n-c deb 4s.-. .1947
♦Non-conv debenture 3MS-. .1947
6s
cons
1st 4s series B
103
*95~"
—
Peoria & Pekin Un 1st 5%s
Pere Marquette 1st ser A 5s
107
-1973 IVI N
B
cons
Peoria & Eastern 1st
101%
99%
*102
16
119
D
—1952 A
Refunding gold 5s—
114M
106
1970 A
9
4
114M
99% 106%
97% 102
103% 105%
103% 107
109% 109%
1984 J
61
60
34
107
107%
104% 110
16
112%
60%
61
101M
104
104
90
—1970
60
N Y L E & W Coal & RR 5Ms. .1942 IVI N
N Y L E & W Dock & Impt 5s. .1943 J
J
N Y Queens El
1948
59%
105%
109%
109
>
109%
55%
72%
61
123%
-
*109%
113%
—1968 J
100M
-
99%
105%
"102%
General 5s series B__
*122 M
-
103%
1943
1965 J
100 M
-
----
-
96
98%
105%
105%
1948
1960 F
N Y & Greenwood L gu g 5s.-. .1946 IVI N
N Y & Harlem gold 3%s.----. .2000 IVI N
N Y Lack & West 4s ser A
-1973 IVI N
♦General 4s
4s
cons g
Consol gold 4s
Consol sinking fund 4%s
D
----
107%
1981
General 4 Ms series A
O
-----
-----
85
100% 101%
101% 106%
105%
%s A. 1977
4 %s series B
60
E
1^4
102%
Penn Glass Sand 1st M 4%s__1960
Pa Ohio & Det 1st & ref 4
106
N Y & Erie—See Erie RR
1
102 %
Penn-Dixie Cement 1st 6s A—1941
100
A
50%
55
77%
116% 122%
109%
13
N Y Gas El Lt H & Pow g 5S-1948 J
♦1st & ref 4 Ms ser
*107%
—1963
1
l04"
*104
58
O
2
96%
103
39%
2
1944
104%
A
1
96
1942
108%
1965
1966
63
118
1952
108%
*108M
"4
60
103%
*105%
103%
1938
90
1
103%
1951
5% notes
11
----4
1937
Guar 3 %s trust ctfs C
Guar 3 %s trust ctfs D
Guar 4s ser E trust ctfs
28-year 4s.------
86
98
96
96
Guar 3 %s coll trust ser B—1941
103
60
118
.
1942
High
99% 105%
31
93%
97
5s—1949
108%
Certificates of deposit
♦Conv
cons
♦Paulista Ry 1st ref s f 7s
Penn Co gu 3%s coll tr A
1946
1st guar 5s series B___
N Y Dock 1st gold 4s
4 Ms series
---1944
Low
100%
91%
*
1953
1953
N Y Connect 1st gu 4Ms A
Serial
87
89 M
UN Y Chic & St L 1st g 4s
A
Ref 4Ms series C
78
153
No.
Since
Jan. 1
46
97%
1953
113%
106%
99% 104%
84
96%
108M
106
96M
1968
{♦Park-Lexington 6%s ctfs
95
45
88%
Bonds Sold
High
&
100
91%
110
82
100
-.1947
Parmelee Trans deb 6s__
Range
Asked
Friday
Paris-Orleans RR ext 5%s
57
97
Mich Cent coll gold 3 Ms
Lake Shore coll
47
1955
3%s conv debentures
55%
62%
97 M
97
-—1942
Ref 5 Ms series
60
46%
51%
96%
102%
87 M
Ref & impt
Ref & Impt
48
*110
Range or
Bid
Low
46%
1
Last
Price
Sale
20
Paramount Pictures deb 6s
56%
*52 M
£"§
NO.
STOCK EXCHANGE
Week Ended Aug.
51%
59%
54%
48
56
.1954 O A
—
Y.
High
44%
....
48
of deposit
Debenture 4s._
Low
2
48
F
Newport & C Bdge gen gu 4%sl945 J
N Y Cent &
No.
13
52
A
N.
Jan. 1
51
49
♦Certificates of deposit
♦1st 4%s series D
♦1st 5%s series A
High
46M
49
O
1954 A
BONDS
Since
46M
n-c Inc 5s-.1935 A
♦1st 5s series B
Range
Asked
Low
{§*N O Tex & Mex
Week's
Friday
or
Friday
Price
Aug. 21, 1937
Week's
Last
Volume
Rangt or
Last
BONDS
Y.
Price
Week Ended Aug. 20
Bid
4
High
Low
otffl.—.1989
{St L SW 1st 4s bond
84
43*
47
(♦1st terminal A unifying 6a. 1952
J
1990
1968
J
J
J
32
33*
D
♦Gen & ref g 5a aerlea A
St Paul A Dulutb lat con g 4s..
"43*
J
32
•Vertlentes Sugar 7s ctfa
100
80
74*
Virginia EI A Pow 4s
65*
29
54
Va Iron Coal A Coke lat g 5s.. 1949 (VI
Va A Southwest 1st gu 4a
2003 J
21 *
lat com 5s
103* 109*
"21*
17*
17*
21*
4
16*
120*
100
1972
Dep 5a guar
1943
100
J
S A 4 Ar Paaa lat gu g
4a
San Antonio Pub Serv
lat 6a..1962 J
Santa Fe Prea 4 Phen 1st 6a.
1966
.1942
1946
{♦Schulco Co guar 6*s
110*
*26*
34
26
41*
♦Ref A gen 5a aeries B
30
24*
43
44
43*
♦Ref A gen 4*a series C
O
30
30*
1989
M N
*113
1960
Oct 1949
{♦Refunding 4s
1959
♦Certificates of deposit
14
15*
18*
17*
29
29
16*
16*
""9*
5
267
10*
9*
107
A
9*
9*
9*
105*
105*
106*
38
99*
99*
94
66*
*98*
84*
17
1952 J
1935 J
Sblnyetsu El Pow lat 6 *s
♦{Siemens 4 Balake a f 7a
♦Debenture a f 6*a
99*
D
J
1951 M S
Southern Calif Gas
1946
100*
100*
101*
46
105*
105*
54
100* 107*
*122*
"99*
99*
100*
"77
S
106*
106*
A
107*
107
106*
107*
38
106*
100*
100*
'loo*
D
25*
82*
f 5s
O
101
101
92*
S
92
IVI
S
84*
Gold 4*a
1969 IVI N
83*
Gold 4*a
M N
1981
J
..1946 J
83*
O
107*
10-year secured 3*s
1950 A
San Fran Term lat 4a
So Pac of Cal 1st con gu g 5a.. 1937 M N
J
So Pac RR lat ref guar 4a.... 1966 J
lat 4a stamped
99
107*
Southern Ry lat com g 6a
.1956
1996 J
Mem Dlv lat g 6s
St Louis Dlv lat g 4a
1951
*109*
106*
12
3
116
106*
14
1952 A
1977 J
O
100*
167
107
107
107*
21
1943 A
O
109*
190*
109*
2
8
30*
30*
32*
21
{♦Western Pac 1st 5s aer A... 1946 IVI
31*
31*
31*
27
101*
101*
101*
81
88
87*
89*
28
89*
89*
90
55
87*
87*
88*
93
25
25*
4
19
25*
91*
92*
86*
24
89
100*
Western Maryland lat 4a
lat A ret 5*a aeries A
West N Y A Pa gen gold 4a
♦5a assented
Funding A real est
J
IVI N
4*a.._1950
g
1951 J D
.......1960 M 8
25-year gold 5s
30-year 5s
97*
98*
J
1946
J
2361 J
"92"
J
2361 J
J
61
*
*106"
25
53
103*
71*
74*
72
94
1960 J
97*
4
38
103*
97*
"18
71
85*
105*
91* 110*
101* 105*
93* 103
J
113*
101*
104
97* 103*
102* 105
East Tenn reor lien g 5a
1938 M S
103
103
1
Mobile 4 Ohio coll tr 4a
1938 M S
92
93
18
101* 105
88
95*
102
106*
32*
47
31
47
14*
12
"I03*
62
103*
103*
23*
32*
14*
25*
20
*15*
♦Certificates of deposit
20*
18*
17
21*
22
22*
IVI N
106* 116
al08
al08
"22*
103* 104
99
103*
104
*103*
D
15*
24
19
)"
J
F
A
142*
142
150*
279
IVI N
{♦Wor A Conn East lat 4*s..l943
103*
102*
103*
120
*11
Youngatown Sheet A Tube—
1951
1961
IT Conv deb 3*8
35*
123* 162*
98* 105
109*
99
42*
42*
12
*20
{♦Sup A Dul dlv A term lat 4a '36
96
107
106
39*
♦Certificates of deposit
89
85
39*
J
{♦Wis Cent 50-yr lat gen 4S-..1949 J
WlMton-Salem S B 1st 4s
88* 107*
87
109*
105
"l2"
J
102* 112*
39*
28*
112*
39*
J
D
Wilson A Co lat M 4s series A. 1955 J
28*
100* 104*
87
111*
104
♦Ctfa for col A ref conv 7a A.1935 MN
♦Wllkes-Barre A East gu 5s...1942 J
Wllmar A Sioux Falls 5s
1938 J
106
100*
101*
A
J
♦Ctf dep Chase Nat Bank
119
>
1966 F
97* 106*
105* 108*
107
{♦Wlckwlre Spencer St't lat 7s. 1935
1940 M N
Mach deb 6s
123*
109*
102
112*
1949 M S
RR lat consol 4s
101
127*
105*
85*
85*
110* 112*
104* 108*
106*
121
121
105*
White Sew
100
80
J
Wheeling Steel 4*s aerlea A
103 " !°8*
100* 100*
94*
110*
1966 J
26
15
"96*
106
106* 110*
168
61
*
102*
117
85*
104*
J
77
100
*106*
Wheeling A L E Ry 4s 8er D...1966 M S
108
76
55
70
100
1
West Shore 1st 4s guar
106*
"94*
A
Devel 4 gen 6*8
56
2
100* 100*
"102*
72
1956
A
.1956
51*
56*
100*
55*
44*
119*
26
93
A
Devel 4 gen 4a aerlea A
Devel 4 gen 6a
93
160"
A
♦Westphalia Un El Power 6s.. 1953 J
1955
102*
99*
95
110*
3
105
*100*
105*
105*
1994 J
90
94
110*
92*
94*
83*
99
77*
99
119*
7
83*
D
109*
104
85*
110*
32
91*
84*
1968
107*
J
101*
92
1st 4*a (Oregon Lines) A... 1977 M
Gold 4*a
40
1961 J
Registered
let mtge pipe line 4*a
1951 A
So Pac coll 4a (Cent Pac coll) .1949 J
44
28
*
D
Westchester Ltg 5s stpd gtd._1950 J
West Penn Power 1st 5s aer E.1963 IVI S
98* 100*
107*
101* 107*
103* 106*
30
Southern Natural Gas—
-
s
8
Western Union coll trust 5a...1938 J
130
118
39*
26*
1st mtge 3*a series I
73
68
23*
lat mtge 4a aer H
89*
100
101* 102*
97* 102*
106*
J
95* 102
"73" "16
43*
23*
26*
49*
"50*
J
77
1947 J
4*s
1939 J
105*
(VI
Southern Kraft Corp
Wash Water Power
50*
18*
41
26
94*
A
102*
72*
1961
..1965 F
Southern Colo Power 6a A
1945 F
1945 F
101*
*22*
A
1962
4*a
lat mtge 4 ref 4s
14*
Wash Term lat gu 3*s
1st 40-year guar 4a
105* 117*
"62* "25
25
84
Washington Cent lat gold 4s. .1948 Q M
66*
44
25
27
30
8
14*
100
41*
27
*96
A
61*
A
Skelly Oil deb 4s
1951
Socony-Vacuum Oil 3*8
1950 A
South 4 North Ala RR gu 58..1963 A
South Bell Tel 4 Tel 3*s
1941 IVI
{♦Warren Bros Co deb 6a
62*
1947 A
J
Simmons Co conv deb 4s
{♦Warner-Qulnlan Co deb 6s. .1939 IVI
Warren RR lat ref gu g 3*a__2000 F
101*
1946 F
1941 F
♦Silesia Elec Corp 6*8
Sllesian-Am Corp coll tr 7a
deb 6a
38*
6*
44*
25
106*
106*
O
23*
22*
6*
Sharon Steel conv deb 4*s..l951 Ml N
Shell Union Oil deb 3*8
1951 (VI S
1935 F
lat M 4a._
6s debentures.i
12*
11*
3
28*
25
28
♦Certificates of deposit
27
46
29
26*
s
14
11*
10*
1
♦Series B certificates
1939 IVI
59
16
{•Seaboard All Fla 6a A eta
Warner Bros Plct
15*
71*
99*
*
20
14*
1933 M S
1936 A O
O
O
14*
♦Certificates of deposit
1980 A
♦Certificates of deposit
♦Ref A gen 5a aeries D
1955 A
1955 A
O
A
81
97*
26*
26*
1945
6*
14
74*
60
23*
Walworth Co
22
70
25
Walker (Hiram) GAW deb 4*s
8*
26
106*
27
O
13
20*
7*
25
97
60*
"28*
A
1978 A
36
7*
*21*
1976 F
35
A
86
82*
91*
♦Certificates of deposit
24
O
98
65*
25
25
O
A
1946 M S
6s aerlea A
"28~~
A
stamped
♦Adjustment 6a
cons
25
107*
86* 103
78*
60*
♦Certificates of deposit
113* 121
F
I {♦Seaboard Air Line 1st g 4s_1950
{♦Alt 4 Blrm lat g 4a
27*
30*
57
*
s
J
A
135
*60"
J
{♦Wabash Ry ref A gen 5 *a A. 1975 IVI
J
114*
93* 101*
101
95
S
109
1946
series B
Scioto V 4 N E lat gu 4s
♦lat 4
O
91*
66*
*65
110
103
9
50
*
♦Toledo A Chic Dlv g 4s....1941 M
108*
*113*
108*
30*
f 6*a
4s
9
J
♦Dee Moines Dlv let g 4a... 1939
♦Omaha Dlv 1st g 3*a
1941
99* 103*
108* 112*
105* 110*
110
115
1
J
1941
S
M N
♦Stamped
I♦ Gold
39
1954
♦Det A Chic Ext lat 5a
A
67
51*
96
65*
M
♦Stamped
a
100*
110*
65*
*26*
4a
San Diego Consol G 4 E
♦Guar
120*
88*
♦lat lien g term 4a
101* 106*
113
124
105
*103
1939 IVI N
1939 F
1966
{♦Wabash RR 1st gold 5s
41*
104* 109*
105*
104*
88*
104*
20
31
106*
93*
95
8
High
Low
58
*106
J
O
IVI
1
Jan.
32
25*
109
♦51
S
1958 A
Virginian Ry 3*s aerlea A
37
27
St Paul Minn 4 Man—
tPaclflc ext gu 4a (large)... 1940
No.
24
108*
108*
1955 MN
A
aer
24
D
1942 J
48*
42*
Since
is
High
♦2d gold 5a
J
Atked
A
Low
2
24
Friday
Bid
Price
Nfl.
Range
Range or
Sale
EXCHANGE
26
....
A
{♦8t Paul E Gr Trk 1st 4 *a... 1947 J
{♦ St Paul 4 K C Sb L gu 4*8.1941 F
St Paul Un
STOCK
Week Ended Aug. 20
High
Low
57
52*
J
J
Y
Jan. 1
No.
84*
52*
84
M N
bond ctfs___Nov 1989
♦2d g 4b lnc
N.
Since
Asked £3
Last
BONDS
Rangt
"S-o
c2
Friday
Sale
STOCK EXCHANGE
Week't
Friday
Week's
Friday
N.
1227
Record—Concluded—Page 6
New York Bond
145
106
J
{♦Spokane Internat lat g 6a...1955
F
Staley (A E) Mfg lat M 4s..-.. 1946
106*
37
102*
D
S'western Bell Tel 3*8 aer B..1964 J
S'western Gas 4 Elec 4a aer D.1960 M N
104
68
*
J
A
22
23*
105*
105*
*7
40
4s ser C
1st mtge a f
1961 J
D
98*
117
95
102
Staten Island Ry 1st 4*a
1943 J
♦Studebaker Corp conv deb 6a. 1945 J
D
*103
J
112
118"
"53
101
159
M
8
105*
106
J
*119
123*
117
126
M
S
*103*
104
103
105.
Roumania 7s 1959, Aug. 20 at 42*.
Oslo 4*s 1955, Aug. 20 at
105
Standard Oil N J deb 3a
Swift 4 Co 1st M 3*8
1950
6a.. 1951 J
Tenn Coal Iron 4 RR gen
Tenn Cop
4 Chem deb 6a B
1944
M
Tennessee Corp deb 6a aer C..1944
97*
4
yearly
week and not Included In the
Cash sales transacted during the ourrent
0
range:
101* 106*
during current week,
n
Ex-lntereat.
{ Negotiability
interest payable at exchange rate of $4.8484.
current week,
x
1 Bonds called for redemption or
S
"93"
"94*
16
85
107*
107*
107*
2
106
109*
116*
116*
116*
1
115
118*
Texarkana 4 Ft S gu 5*8 A.. 1950
'105*
109*
105*
106
35
103*
103*
104
102
100
108
108
1
105
ir
gold 5s
.1961
1943
...2000
120*
6
118
1977
104*
104*
34
101
1979 A O
1980 J D
103*
t Accrued
reorganised under
106*
Gen 4 ref 6a series C
Impaired by maturity,
nearing maturity.
{ Companies reported as being In bankruptcy, receivership, or
Section 77 of the Bankruptcy Act, or securities assumed by such
i28*
Gen 4 ref 6a aeries B
120*
103*
week, a Deferred delivery sale; only
Under-the-rule sale; only transaction during
Cash sale; only traMactlon during current
r
transaction
102* 107*
•
Term Asan of St L lat g
lat com gold 6a
Gen refund
a
4*a..l939
1944
f g 4a
1953
Texas Corp deb 3*8
Tex 4 N O con gold 6a
Texas 4 Pac 1st
93
1947
Tenn Elec Pow lat 6a aer A
Gen 4 ref 5a aeries D
Tex Pao Mo Pac Ter 5*a A..
Third Ave Ry lBt ref 4a
1960
103
1964 M S
Jan 1960
♦Adj lnc 6s
1937
{♦Third Ave RR lat g 5a
1952
Tide Water Asso Oil 3*8
104
26
100
22
100
D
lat 6a dollar aeries...,
D
Tol 4 Ohio Cent ref 4 Imp 3*8 1960
Tol St L 4 W 1st 4a
1950 A O
Tol W V 4 Ohio 4s aer C
22
16*
92
14
92
6
84
100*
Guar
sec a
1955
1952 F
f 7s
1945
JVS
s
A
73*
312
55
101
3*a debentures
15
99
16
June 2008 M
lat lien 4 ref 5a
114
98*
*95*
75
75*
*
'118*
113
114
113*
114*
48
108*
73
103
114*
114*
97*
97*
64
S
96*
96*
96
s
111
2
3
78
107*
4
97*
54
*111*
107*
*
31*
♦Un Steel Works Corp 6*a A. 1951
♦Sec a k' 6*a aeries C
1951
♦Sink fund deb 6*8 aer A
Utah Power 4 Light lat 6a
31
1947
99*
{♦Util Power 4 Light 6*8
♦Debenture 5a
102*
1944
99*
102
New York
$6,281,000
$6,275,000
$36,429,000
1,057,000
1,103,000
277,000
Stock
334,000
449,000
1936
1937
1936
1937
Exchange
4,008,370
5,438,130
261,725,995
314,689,269
$6,275,000
6,281,000
23,873,000
$3,250,000
34,484,000
$289,860,000
232,316,000
1,443,001,000
$196,373,000
213,940,000
1,817,447,000
$36,429,000
$42,591,000
$1,965,177,000
$2,226,760,000
Stocks—No. of shares.
Bonds
Government...
foreign
Railroad and industrial
State and
Total
"31~*
"7
5
36*
22
32*
99*
33
96* 105*
102*
69
98
4,857,000
Stock and Bond Averages
daily closing averages of representative
listed on the New York Stock Exchange
compiled by Dow, Jones & Co.:
Below
are
49*
22
41
as
46*
35
41
67*
30
98* 111
Bonds
Stocks
69
41
the
stocks and bonds
106*
41
1955
1957 M N
{♦Vera Cru* 4 P 1st gu 4*a..l934 J
J
{♦July coupon off
$23,873,000
3,781,000
3,891,000
4,498,000
4,804,000
170*
105* 107*
22
33*
24* 32*
43
A
4a series A
35
42
F
cons g
1,387,000
3,617,000
$211,000
95* 103*
114*
1947
O
Cons a f 4a series B
92* 101*
105* 109
1959
Vanadium Corp of Am conv 5a. 1941 A
Vandalla
111* 116*
93* 101*
25
107*
31*
*31*
Utah Lt 4 Trac lat 4 ref 6s__.1944
109*
120
140
107"
4,613,000
1,044,000
1,186,000
1,215,000
$676,000
111
"33~"
*
107*
Total
23
107*
110*
J
{{♦United Rya St L 1st g 4s...1934 J
U S Pipe 4 Fdy conv deb 3*s_1946 M N
J
U S Rubl>er lat 4 ref 5s aer A. .1947 J
L-
Tuesday
§2,286,000
4,008,370
Monday
97*
113*
(VI
4a__
75
14
16
"_3
107*
118*
Sales
$3,173,000
5,115,000
5,328,000
5,991,000
7,377,000
9,445,000
467,030
618,390
657,050
702,090
761,540
802.270
100
S
96
U N J RR 4 Can gen
101*
90
J
"96*
1953
1944
Bond
123
90
98*
101
89*
118
116* 121*
108
114*
110
116*
S
5s
States
Bonds
Wednesday
16
118*
O
(Del)
Total
Municipal &
For'n Bonds
Friday
M
Drug Co
United
Bonds
Thursday
United Biscuit of Am deb 5a._1950 A
United
97* 103
*117*
1971 M N
1970
34-year 3 *a deb..
35-year 3*a debenture
State,
Mis cell.
Shares
1937
Saturday
116
98*
O
A
Railroad <fe
Number of
Week Ended
Aug. 20
102* 107*
114
York Stock Exchange,
Daily, Weekly and Yearly
*104*
1962
Union Pac RR 1st 4 Id gr 4s._1947 J
lat Hen 4 ref 4a
June 2008 M
„
105
83
108*
*103
O
Union Oil of Calif 6s series A.. 1942 F
J
Transactions at the New
Stocks,
97* 101*
v
'
-
_
101*
98*
A
{{♦Union Elev Ry (Chic) 5S..1945
UJlgawa Elec Power a f 7a
46
Included
the current week and not
■
73:
101*
133
104*
M
Trenton G 4 El lat g 5a
1949
J
Trl-Cont Corp 5a conv deb A..1953 J
NI N
55
59
Toronto Ham 4 Buff lat g 4a. .1946
Tyrol Hydro-Elec Pow 7*8
45
49*
90
1942 M S
J D
No sales.
108*
15
"loo*
flat.
Bonds selling
Deferred delivery sales transacted during
107* 109*
45
companies
current week.
In the yearly range:
108
104*
110*
No sales transacted during
Friday's bid and asked price
2
103
J
J
♦
♦
103*
*109*
Tokyo Elec Light Co Ltd—
1953 J
J
105*
103*
15*
A
J
15
45*
J
J
110
104
103*
103*
*111
106
10
110* 111
110* 113*
J
*3
3
*2*
4
4
Total
20
20
Total
10
First
Second
10
Rail¬
Utili¬
70
Indus¬
Grade
Grade
Utili¬
40
trials
Rails
Rails
ties
Bonds
trials
5*
J
10
30
Indus¬
Date
roads
ties
Stocks
182.95
51.87
27.65
62.18
106.96
108.27
82.22
104.14
100.40
Aug. 20.
185.28
52.38
27.99
62.93
106.95
108.66
82.71
104.30
100.66
19.
Aug. 18.
Aug. 17.
187.39
52.55
28.36
63.54
107.08
108.93
83.44
104.59
101.01
188.68
53.21
28.77
64.12
107.06
109.11
83.61
104.58
101.09
189.34
53.62
28.92
64.43
107.39
109.13
83.95
104.55
101.26
64.81
107.38
109.40
84.03
104.53
101.34
Aug.
190.02
54.13
29.23
New York Curb
1228
Exchange—Weekly and Yearly Record
NOTICE—Cash and deferred delivery sales are disregarded In the week'* range. mt»1s«! they are the only transactions
In the week In whloh they
regular weekly range are shown in a footnote
Aug. 21, 1937
of the week, and when selling outside of the
No aooount la taken of suoh sales In computing the range for the year.
ooour.
following extensive list we furnish a complete record of the transactions on the New York Curb Exchange for the
week beginning on Saturday last (Aug. 14,1937) and ending the present Friday (Aug. 20, 1937).
It is compiled entirely
from the daily reports of the Curb Exchange itself, and is intended to include every security, whether stock or bond, in
which any dealings occurred during the week covered:
In the
Sales
Friday
Last
Week's Range
for
Sale
STOCKS
of Prices
Low
High
Par
Acme Wire ▼ t o com.
_
Aero Supply Mfg class
Price
.20
49
H
50%
"*3*% "4
*
Shares
Low
42
200
2*500
13%
2%
"14%
800
3%
3%
24
June
Jan
Apr
0%
Mar
Feb
38
June
22
Feb
4
May
100
11
3%
May
Jan
6%
25% June
3%
preferred
34%
Jan
1%
Jan
%
72%
Warrants—-
Week's Range
for
Sale
of Prices
Week
Par
2% June
i",866
2%
56%
Jan
3%
Last
High
May
14%
Agfa Ansco Corp com
1
Alnsworth Mfg common._5
Corp com—1
Air Investors common...*
Air Device*
STOCKS
Continued)
Range Since Jan. 1 1937
21
A.*
Class B
Conv
49%
June
Jan
7% 1st preferred
Co..
100
Borne Scrymser
7% 1st preferred
2d preferred
100
...»
9
5
80
June
87
Jan
Brewster
77
Jan
Allee A Fisher Ino com...*
3
3
200
Bridgeport Gas Light Co. •
Bridgeport Machine
0
Allied
1%
18%
*
$3 conv pref
15
10
26
Class A
Co common..*
Aluminium
153 %
100
preference
Aluminum Goods Mfg
*
21%
21%
151% 159%
116% 116%
16%
16%
7
Aluminum Industries com *
Aluminium Ltd common.
preferred
*
.
American Book Co.
16%
7
300
1,550
"~22%
Mar
Mar
June
17%
Jan
June
98%
14%
July
Feb
Feb
"22% "23%
1%
2
Jan
140
Mar
June
131
May
19
June
"566
63
62
20%
300
17%
Feb
7%
7%
100
"l6
900
6%
9ic
3%
Jan
20
9t6
20
32 %
1% June
400
63
100
common
10c
Common class B
July
Aug
10c
preferred
16.50 prior pref
7%
30
75
24%
Jan
33
11
1%
'
Apr
Feb
3%
3%
Aug
Aug
80%
Mar
6%
July
June
41%
Jan
47
3%
700
Feb
32
Class B
1
Class B
10
n-v
Amer Fork A Hoe com...*
Amer Gas A Elec com
*
Preferred
$2
Corp 10c
preferred
S2.60
"35 %
2%
18%
32%
10%
Amer Invest (111) com
900
3%
33%
26%
4%
50
35%
37
11,500
1%
300
2%
18%
32%
34%
109
109%
10%
10%
17%
25
oom
preferred...
106
30%
30%
Feb
42
Feb
32
Jan
May
37
Mar
30%
1,600
24%
Jan
38
Feb
18%
18%
1,300
17%
June
20%
Jan
July
28
Tan
32%
Jan
1%
1%
5,800
41%
41%
100
150
82
Amer Pneumatic Service.*
1
1
50
50
50
82
69
200
Amer Potash A Chemical.*
Amer Seal-Kap com
2
Mar
1%
Jan
40% June
8%
1%
1st preferred
"31%
Anchor Post Fence
Angostura
*
Wupperman_.l
"~5%
Apex Elec Mfg Co com..*
Appalachian El Pow pref- *
Arcturus Radio Tube
*
1
Apr
Mar
Mar
Jar
Jan
Apr
5%
Carman A Co class A
Class B__
Jan
Casco
8%
70%
June
96
Jan
10
June
Feb
Feb
Jan
15% Feb
8%
Jan
13%
Mar
1%
1%
1%
100
3
Jan
2%
2%
4,300
2% June
5%
Jan
800
17% June
20
t c common
39%
Jan
*t«
%
May
July
1%
%
3
32
1,700
100
21%
3„
Jan
%
Feb
May
•
Assoc Tel & Tel class A...*
Coast Fisheries..*
Atlantic Coast Line Co..50
Atlantic Gas Light pref. 100
Atlantic
Atlas
Corp
5
1
Automatic Products
6
*
Automatic Voting Mach.
Avery (B F)._
6
Axton-Flsher Tobacco—
{Baldwin Locomotive
51
8%
51
2
23
23
1%
5%
11%
9%
51%
June
13%
Feb
47
Jan
57%
Mar
June
7%
1,900
170
May
127
125
114%
June
156
Jan
2,000
1%
Aug
4%
Mar
June
14%
14
1,300
11
3
3%
1,700
Barium Stainless 8teel_..l
4
4
4%
6,200
15%
9%
100
2%
3%
15%
9%
8%
Mar
900
Baumann (L) A Co com..*
pref
14
14
100
20
11% June
Aug
Jan
10
June
*18
May
July
27%
Aug
4% May
18% July
Mar
8%
Aug
June
1
6
6%
2,300
5
June
169% 169%
118% 119%
4%
4%
50
159
Feb
169%
30
113% June
125%
Mar
5%
Mar
Berkey A Gay Furniture. 1
Purchase
common
12%
35
*
pref.
*
Steel Foundry—
conv
Blrdsboro
A Machine Co
*
12%
Bliss (E W) A Co oom....*
Bliss A Laughiln com....6
Blue Ridge Corp com
1
'*2%
$3 opt conv
com
pref
Blumenthal (S) A Co
2%
1%
12%
35
1
warrants
Bickforda Inc
$2 60
2
.*
*
3,300
4
May
Jan
2
June
19
%
June
100
12%
Aug
k
July
37%
50
12%
13%
1,300
14%
16
3,400
35
"2% '*2%
45
45%
1*666
600
13
June
34
14%
14%
24%
June
41
12%
2%
42%
14
Aug
July
Feb
Jan
2,700
106%
Jan
30%
1,600
24
June
31%
Aug
June
61%
Feb
25%
Mar
5
Aug
Jau
Mar
June
38%
Ang
%
Jan
Feb
5%
Mar
Aug
3i«
Feb
T,400
8
Mar
June
1
900
%
1%
%
500
5%
5%
200
%
%
5
1%
Jan
Jan
600
%
1%
1%
Mar
Jan
%
Jan
May
5%
32%
Feb
28%
Apr
16% Juno
20
7
Feb
Mar
7
31%
Apr
45
Mar
73
6%
5
Apr
40
6%
4%
Apr
24
Mar
93
Aug
600
5% May
8%
200
4%
7%
155
1%
"l% ~~2%
MOO
"1%
"i% "ili
lJOO
Apr
May
26%
2%
2%
27%
3
Jau
Jan
Apr
Jan
Jan
23%
May
1% June
2%
Jan
26%
8%
July
July
24
400
Feb
3%
Mar
5
26%
101
Apr
Jan
1%
15
Mar
20
May
35
5,500
Jau
Feb
1% June
3%
87% June
Jan
Aug
82
12,700
June
102%
97%
80
Jan
67%
Jan
41
6
117% 120
8%
9%
8
July
27
June
14%
38%
Feb
200
200
28
June
42%
July
2,000
5%
June
10%
175
108%
Jan
7%
June
39%
5%
120
Jan
400
200
Jan
93%
*14% June
124
15
57
105%
Feb
Jau
June
Mar
Mar
Mar
100
Jan
May
96
Feb
12%
15%
19
89%
15%
July
22%
Feb
82
84%
84%
86%
50
June
91%
Apr
3%
3%
1%
3%
1%
2,300
2%
June
6%
Jan
3,100
1
June
2%
Jan
June
27%
Jan
1%
12
15
200
10
31%
12
31%
100
23% June
10% June
33%
Jan
11
20%
Jan
*14"
4%
"15""
"""50
5
1,400
Juae
4% May
13
62
Jan
7
Mar
Aug
19
May
62%
115
26
*
17%
61%
17%
,316
"16
62%
83
3
3
41
41
75
3%
19,400
1,300
300
40
10
$7"prefI*
Cleveland Elec Ilium
Cleveland Tractor com
10
10
Cllnchfield Coal Corp. .100
July
Aug
Conv 6% pref erred.. 100
July
4%
Jan
Columbia Oil A Gas
Columbia Pictures com.
Mar
48%
Jan
Commonwealth Edison
June
43%
Jan
1
_
600
July
Feb
June
92%
Apr
2% June
6%
Jan
70
39
Aug
3%
June
38
June
July
July
7% June
Aug
Aug
100
60
6%
Jan
Jan
68
Jan
79%
Feb
70
Feb
Feb
Feb
40
Apr
3%
10%
48%
Mar
37% June
%
Jan
Aug
4,900
Jan
Jan
1,500
10
Jan
10
Aug
1,800
4
Feb
9
Apr
1
May
""lOO
100
4%
4%
7%
5%
4%
3,100
4
5
42%
15%
5%
"l4% *14%
14%
4%
1,500
42%
14%
4%
7%
4%
.....
300
14%
7%
3%
Aug
4%
3%
Mar
Mar
Feb
Jan
Jan
4%
May
Jan
Feb
4%
24%
74%
Apr
June
14
14
15%
800
11% June
72
73
500
60
67
65%
7%
67%
7%
62
2%
22
9%
8%
Apr
72%
Feb
Feb
Feb
125
2,000
100
122% 122%
32
30%
32
100
104%
Jan
June
10%
Jan
29
7%
*
25
May
2%
7%
2%
2%
Club Alum Utensil Co
*
Cockshutt Plow Co com..*
Colt's Patent Fire Arma.26
Columbia Gas A Eleo—
70%
18%
32%
Cohn A
Rosenberger Inc
*
Colon Development... 1 sh
Jan
3%
*
*
10%
Apr
Apr
40
•
123
July
14
700
46
40
Clark Controller Co
1
Claude Neon Lights Ino-.l
Clayton A Lambert Mfg
*
common
1,400
1
50
BB...III"
City Auto Stamping..... *
City A Suburban Homes 10
New
63%
18
3%
3%
Cities Serv PAL
$0 preferred
116
83
83
B.
Feb
Jan
%
1%
*4%
5
5% Income stock A_._£l
0% conv pref
^£1
Colorado Fuel A Iron warr.
Mar
4%
600
Warrants
1233
June
Feb
Commonwealth
For footnotes see page
93
Mar
Feb
18
22% June
50
Jan
21
11
100
45%
700
110%
June
Aug
400
118%
4%
400
99%
300
Preferred
15%
*
49%
23%
16%
Feb
15
0% % Pf-100
Mar
82*2
8
1
Bell Tel of Pa
Jan
Apr
30%
200
Jan
Jan
]
Benson A Hedges com
Conv pref..
70
Feb
Apr
June
Preferred
Beech Aircraft Corp
100
12%
W*eather
Preferred
Bell Aircraft Corp oom
Beilanca Aircraft com
Bell Tel of Canada
June
*15%
28%
71%
Mar
103
2%
June
85
Mar
12%
July
Apr
22%
Apr
18
Feb
Feb
9%
310
5
11%
2%
39
Cherry-Burrell Corp com.*
Aug
80
..100
Mar
20
4
4%
♦
_
Chicago Flexible Shaft Co 6
Chlca Rivet A Mach new_4
Chief Consol
Mining..._. 1
Childs Co preferred
lOO
Cities Service oommon
.*
126
3
12%
July
June
3%
'29.100
zer
Centrifugal Pipe
Aug
Jan
14
Conv pref opt
16%
43
14
1%
35
400
7%
100
Chesebrough Mfg
Apr
I
30%
100
Mar
July
10
preferred
Conv preferred
7,400
1
Beaunlt Mills Inc com
7%
11%
0%
1
6 % pref without warr
100
Jan
22%
16%
9%
Cent A South West UtU.60c
Cent States Elec com
1
7
250
6
Celluloid Corp common_15
$7 dlv preferred
*
1st preferred
Cent Hud G A E com"II.
Cent Maine Pow
7% pf 100
Cent Ohio Steel Prod
1
Cent P A L 7% pref... 100
900
Bardstown Distill Inc
Barlow A 8eellg Mfg A
Bath Iron Works Corp
Celanese Corp of America
7% 1st partlo pre!...100
11%
Baldwin Rubber Co com
Feb
Jan
8%
28
Aug
16%
1%
Jan
32
Apr
8%
27%
40%
5%
3,600
Feb
29
1%
33
Apr
11
8%
9
Jan
14%
warr
Mar
Feb
49
•
5
•
Mar
44
common .1
Products
Charts Corp
6
25
25% May
6% July
67%
Chamberlln Metal
Strip Co
5
Jan
700
62%
Mar
4
Mar
950
62%
Mar
19
Mar
20%
12%
•
3%
1%
900
31
83
..*
29%
6,300
24
14%
preferred
Jan
4,100
1%
11
88
$6
Carrier Corp
Carter (J W) Co
Aug
1% June
2%
2434
1%
1%
^ 14%
conv
Apr
*
Babcock A Wilcox Co
$1.50
7
10
Class A common
7% 1st pref
Jan
87
8%
2
warrants.
Atlas Plywood Corp
Austin Sliver Mines
Aug
78%
11%
•
Castle (A M) com new.. 10
Catalln Corp of Amer
1
Assoo Laundries of Amer. •
100
*
Carnation Co common...*
Carnegie Metals com.....1
Carolina P A L $7 pref...*
Feb
Jan
June
May
May
May
200
*
25c
Feb
110%
2%
V
Syndicate
13%
10%
Jan
July
1%
Feb
77
23%
99%
_
Jan
l
20
non-voting
Canadian Indust7% pf.lOO
Canadian Marconi
1
Jan
June
Apr
2
35%
6%
B
4%
6%
Feb
5% June
78%
6% preferred..
100
Canadian Indus Aioohol A •
12%
700
2
35%
Canada Cement Co com
*
Canadian Canners com
*
Canadian Car A Fdy pfd 25
Canadian Dredge A Dock*
Canadian Hydro-Elec—
May
May
Apr
5%
Feb
Aug
31
Amer dep rets pre! shs £1
Calamba Sugar Estate. .20
69 %
l
*
dep rets A ord sh_.£l
Am dep rets B ord shs. £1
99
8%
42%
10%
warrants
Am
June
100
Mar
Jan
Jan
Jan
*30%
Burma
1
12
10%
2%
0%
46
36
6%
6%
1,500
May
100
26%
8%
100
13 convertible pref
Capital City Products
3
Apr
%
108%
3%
100
Warrants
101%
900
Jan
Apr
100
•
common
Carlb
Elec—
preferred
Burco Inc
20
1,700
21%
70
$0 preferred
Bruce (E L) Co
1,000
8,900
Mar
9%
Brown Forman Distillery .1
Jan
1%
Aug
10
28
11%
5%
7%
7%
6%
4
9%
*
Jan
Common
$5
100
com
Class A pref
Jan
Class A
Option
Brown Co 0% pref
Brown Fence A Wire
3
June
Mar
5%
30%
8% May
600
Associated Elec Industries
Amer deposit rots
£1
A8800 Gas A
Mar
24% June
4% May
14%
Apr
Class B
3
10%
Jan
Jan
Mar
British Celanese Ltd
400
6%
12
5%
88
200
63
Jan
Amer Tobacco—
5%
106
8%
Arkansas PALJ7 pref..*
Art Metal WorkB com
6
May
1% June
1,100
1,600
1%
6%
6%
10
Ashland OH A Ref Co
4%
3%
Jan
8
Jan
Mar
80%
4% June
500
Am dep rots ord bearer £1
Amer dep rets reg
£1
30%
3%
5%
29
*
Preferred
93%
34
2%
July
5%
9,100
31
106
1
Arkansas Nat Gas com
Common class A
38
1,300
1
8%
1%
93%
4%
pref.-.6
9
%
2%
%
7%
2%
32%
Cables A Wireless Ltd
29%
48
Feb
23%
Jan
Aug
%
64%
2^300
Registered...
Jan
Mar
26%
*
Thread
12
July
x20
29%
18%
Amer Meter Co
Preferred
48%
112%
Jan
8?i June
500
*
Corp Am dep rots..
Burry Biscuit Corp.. 12%o
Cable Elec Prod v t 0
*
Jan
Feb
17
150
"*150
46%
American
June
4%
24
Jan
35%
31%
~24%
"23"
Amer Mfg Co common 100
Preferred
100
Amer Maracaibo Co
1
com
June
9% June
2,500
25
Superpower Corp
37
28% June
5,700
100
Apr
Apr
18%
600
British Amer Oil coupon.
30
Jan
Aug
Aug
Jan
19
22%
Class A
48
Bunker Hill A Sullivan 2.60
8
100
48%
9%
48
Buckeye Pipe Line
50
Buff Niag & East Pr pref 26
$5 1st preferred
_.*
37
June
4
1
1
preferred
100
Brlllo Mfg Co common
»
Jan
Jan
5%
Corp class B
Class A
7%
British
Apr
Jan
60%
3% June
200
19
%
•
19%
May
1% June
6,000
18%
*
Amer Laundry Mach.._20
0%
31% June
1
Amer Hard Rubber com.50
Amer Lt A Trao
800
37
31
1
preferred
4%
30
1,075
37
*
American General
35%
5
4%
Amer Cyanamid class A. 10
Amer Equities Co com
1
Amer Foreign Pow warr...
34
31%
25
"l*7% ~1~8%
*
Cities Power A Lt—
Class A
Class A with warrants 26
13% June
108%
17%
Am dep rets ord reg._10e
Mar
28%
11
31
British Col Power class A. *
Aug
42
Brill
4
26%
9%
5%
...100
Jan
33
100
*
Amer Centrifugal Corp.._l
Am
Preferred
Mar
82
33
*
Am
Jan
Jan
16%
26%
177%
119%
Capital—
Class A
S3
124
111
300
2%
24
Apr
Apr
21
120
100
Aug
Aug
Aug
July
120
120
American Beverage com.. 1
Amer Box Board Co oom.l
American
7%
120
50
1,050
100
American Airlines Inc...10
Breeze Corp
Bright Star Elec cl B
Common
0%
Alar
Internat Investment
Allied Products com
0%
6%
3%
26%
Aeronautical...0
Jan
67
59% June
2% June
3% June
Alliance Invest common
20
350
%
.10*
60
Jan
15%
High
Aug
Aug
Aug
1% June
20%
Apr
Brazilian Tr Lt & Pow—*
25
5%
30
oom
20
June
29
15
30
Low
5
300
4%
Bowman-BUtmore
79%
74%
79 %
73 %
5%
Range Since Jan. 1 1937
Shares
(Botany Consol Mills Co.*
66
preferred
High
Bourlots Ino.
79%
73%
$6
Low
5
25
66
Ala Power $7 pref
Price
Bohack (H C) Co com...*
*
Gt Southern..60
Alabama
Sales
Friday
Week
June
39
104
June
139
Jan
32
Aug
5%
5,200
30%
Aug
13,900
'is
June
Jan
A Southern
%
%
5»6
7i«
Jan
Volume
New York Curb
145
STOCKS
Last
(Continued)
Sale
Par
Commonw DlBtrlbut
Price
▼ t c ext to
Week's Range
of Prices
High
Low
1%
36%
"l"
16%
Consol Blacult Co
Consol Copper Mines
6
4%
10)4
Consol G E L P Bait
*
75 *
com
5% pref class A
Consol Gas Utilities
4%
10%
75H
1%
25
preferred
*
com
prior preference
Jan
First
%
June
14%
14%
June
17
Jan
May
17*
Jan
4%
Aug
7%
Jan
11H
1,300
13,900
78*
1.300
5
X
96
7X
96
2%
8%
22
'n%
91
%
21%
9%
15%
H
23%
9%
16
i!°8
Feb
Jan
54
54
18
17X
19%
*
33%
July
1%
June
Mar
%
73%
Aug
Mar
6%
June
""506
96
200
Apr
July
Mar
100
Jan
10*
Mar
135
Jan
2%
Aug
1,800
6
Feb
i?H
85
Mar
May
102*
Jan
400
X
July
7,100
16%
June
2*
20*
Feb
15
Feb
150
8% June
400
15
June
10
54
54
Aug
Aug
4.600
17*
Jan
21*
Jan
61*
Mar
35
Apr
Jan
33%
100
13%
600
10
Aug
May
52*
11%
33
34
600
27
July
34
2
June
5*
Jan
4% June
7*
Jan
Feb
94*
4% June
5*
Mar
July
July
Cord Corp
Corroon a Reynolds—
Common
6
5*
4%
5%
1
5%
6
$6 preferred A
Cosden Petroleum
•
99%
4%
30
36,100
1
com
50
4.%
24%
24%
300
90*
4%
24%
100
80
3,400
100
£1
23
Creole Petroluem
6
Crocker Wheeler Elec
Croft Brewing Co
Jan
18*
May
36%
36%
14%
38%
15%
300
""h
%
%
4,500
Crowley, MllnerACo
♦
Crown Cent Petroleum
1
Crown Cork Internat A__*
1%
%
(Phlla)Iio
National Stores—
7% 1st preferred
100
FlBk Rubber
Corp
1
112*
12*
*6 preferred
Florida P A L17 pref. .1
*
Ford Hotels Co Inc...
*
Ford Motor Co Ltd—
Am dep rets ord
reg_.£l
Ford Motor of Can cl A
*
Class B
200
12%
2,900
"360
2%
Amer dep rets
(Peter) Brewing
5
Franklin Rayon Corp oom 1
Froedtert Grain A MaltCommon
1
Conv preferred
Fruehauf Trailer Co.
Gamewell Co J6 pref
15
General AUoys Co
Gen Electric Co Ltd—~"
Gilchrist
Mar
11*
Aug
6% July
21* June
8*
29*
31*
Feb
5*
Jan
2,400
1,300
24*
25*
28
300
2%
8%
11*
200
22
8%
17
10*
17*
19
19
100
300
8*
Jan
1,000
10*
Aug
350
16*
Aug
19
19
Aug
21*
July
Jan
98
Mar
"4"
"4%
3
Jan
T,§66
% 149,800
%
Aug
700
11 %
June
1%
24
25%
2,900
"l% "l%
""§66
25*
Aug
Jan
64*
1* June
1*
Jan
Mar
98
13%
19*
May
V10 agreement extended
31
Jan
Grand National Films Inc 1
Grand Rapids Varnish...*
3
July
July
Gray Telep Pay Station. 10
7%
7%
17X
2%
17*
2%
4%
17%
100
2%
4%
300
5%
5%
14
Feb
10
Jan
7% 1st preferred
June
87
May
Gt Northern
Paper
25
5*
Jan
June
Jan
Mar
2% June
3% June
5% June
*
July
Greenfield Tap A Die.—*
Aug
19* May
Grocery Sts Prod com..26c
20
Gulf Oil
8*
89
Feb
3* May
11
Feb
10*
Jan
Guardian Investors
....
Corp
9
10*
Jan
Mar
4% June
19* Aug
29*
5*
22*
July
Aug
12
Jan
28*
Mar
16
May
1'*
Apr
Hearn Dept Store
81
Aug
82
Aug
Jan
50
Apr
July
90
Jan
Class A
42*
Jan
Heller Co
21%
22%
23%
25
300
1,200
Domln Tar A Chem com.*
Dominion Textile Co com.*1
Douglas (W L) Shoe Co—
IOC
*
Ilio
100
33%
80%
37%
»
10
81
37%
38%
25
.250
400
30
76*
30
105*
"3%
Yjoo
2%
Jan
Aug
Juno
Apr
72%
72%
25
6%
7%
900
8%
8%
22
300
6*
Jan
3,700
17*
May
08
1*
..1
Eagle Plcher Lead.
33%
80
"3"
Dubiller Condenser
Corp.l
Duke Power Co
100
Durham Hosiery cl B com*
Duro-Test Corp com..
Duval Texas Sulphur
33%
8%
20%
19%
Common
*
preferred! 100
5%
60
5%
6
400
450
38
June
500
19
Aug
8%
8%
600
7* June
2%
73
6
300
61%
59
6
l
5%
Feb
26
300
24
June
39*
Feb
60
95
98
98
*
500
June
33*
3*
14*
5*
Apr
33*
Aug
Mar
1*
June
4*
Jan
Jan
18*
Jan
July
22*
Jan
80* July
119* July
37* May
Jan
8*
117*
Jan
128
Feb
47
Apr
260
75
390
800
900
5
60
3,000
"90"
"""25
13*
5*
300
50
8
4*
Jan
Mar
Jan
Jan
July
90
Feb
84
June
95
Jan
12*
Aug
Apr
4* June
Jan
June
Jan
Jan
24
15*
70
Jan
Aug
Jan
3*
Aor
4
Jan
10*
10*
June
15
Feb
16*
15*
50*
17*
7*
16*
900
15
June
16*
50*
19*
7*
900
13
June
18*
17*
Feb
100
46
May
52
Feb
15*
0*
7*
June
25*
Mar
9*
Apr
300
4,400
200
7*
7*
200
"l5* "15*
'""IOO
June
June
6X May
23
Mar
Feb
11
Apr
10*
28*
Jan
10*
July
Jan
46
46
46
100
29*
29*
700
12
12
32*
12*
900
12% June
39* June
47*
36
15*
Holophane Co com
Holt (Henry) A Co cl A._
Jan
45
June
24
June
35
Apr
15*
33*
11*
19*
22*
Feb
10* June
19
Hormel (Geo A) Co oom.. ♦
July
10
*
Jan
7
*
1*
63*
300
200
.1
6
June
1*
1*
26
Herder's Inc
16*
50
66
1*
Q
Hey den Chemical
10
Hires (CE) Co cl A
*
Hoe (R) A Co class A...10
Holllnger Consol G M....5
Jan
38
12*
Q
5
Feb
July
21*
2
Preferred ww
Hewitt Rubber com
Feb
*
7*
100
800
86*
90*
121* 122*
339* 40
14*
4%
Feb
7,500
800
4*
107
* June
300
6*
8%
13*
June
20
8*
8*
31
31
"32"
81*
10*
103*
31*
81*
10*
8*
31*
103*
33*
84*
10*
100
Apr
8*
Aug
75
31
June
20
102
9
41*
Aug
Jan
Jan
Jan
Mar
July
Jan
June
112
Jan
5,700
25* June
42
Feb
1,900
72
87
Feb
700
June
10*
12*
July
Jan
17
•
23
Mar
July
2
Aug
iHuylers of Delaware Ino—
Common
28*
Jan
80
Feb
7% pref stamped
100
7% pref unstamped ..100
*
500
*
6* June
14
Jan
Preferred
800
2* June
7*
98*
Jan
Illinois Zinc
*
z28*
Jan
Hluminatlng Shares cl A..*
54*
22*
17*
Feb
Feb
Am dep rets ord reg.'_£l
27*
Feb
Feb
20
Apr
June
13
Feb
Imperial Chem Indust—
Feb
100
May
8
18*
16
24
16*
400
July
6* June
5* June
45
50
400
68
May
12*
Aug
13* June
150
*
2
3*
49
7*
June
5*
Mar
Imperial Oil (Can) coup..*
July
40*
Mar
July
60
7*
3*
50
300
200
8*
1,300
800
24
24
25*
9
9*
500
3* June
43* June
0*
24
June
July
7* June
5*
53*
11*
33*
13*
Jan
Mar
May
May
May
July
29
54*
250
22
July
25
52
June
02*
Feb
8% June
Registered
*
Imperial Tobacco of Can.6
Jan
49
9
50
30*
9*
Mar
34
20*
21
1,300
20
June
20*
20*
100
20
July
24
Feb
14*
20*
14*
100
14
Jan
15
Mar
24*
Mar
Imperial Tobacco of Great
44
44
Feb
Mar
40
July
81
Feb
25*
July
31*
Feb
June
19*
Mar
June
2*
47*
Jan
50
13%
1%
30
European Electric Corp—
Option warrants
50
25
50
*13* "IB" ""300
1%
30
7ts
Lead...I*
2
150
'16
16
%
13,700
31%
13
1%
30
600
53,800
Aug
* June
%
1%
ioo
20
20
25%
750
__3
18%
18*
4%
20%
18*
Aug
July
Aug
3*
July
5
Fedders Mfg Co
Ferro Enamel Corp
5
10%
24%
11%
14%
_._.l
39%
Flat Amer dep rots
...
For footnotes see page
51
*
Jan
74
*
June
'90"
26c
Hussman-Llgonier Co
77
l
38
72
..__*
Hummel-Ross Fibre Corp 5
July
Metallurgical
Hecla Mining Co
Helena Rubenstein
Jan
June
II
450
56
56
__50
Jan
June
__i
40
7ie June
16*
Mar
40
Fanny Farmer Candy
4*
15*
23
40
60
Jan
38
14
14
*
24
100
I6c
86*
"40""
6
com
Jan
ioo
Falrchlld Aviation
Haxeltlne Corp
5% preferred
1100
Hud Bay Min A Smelt
*
Humble Oil A Ref
*
35
com
Feb
15
25
41
ioo
ioo
Empire Power Part Stk
*
Emsco Derrick A
EquipIIfi
Aug
28
July
Illinois Iowa Power Co
3%
36
12*
July
9
Hygrade Sylvanla Corp..*
11%
35
Feb
11*
Jan
"2% "2% '11266
i
Elgin Nat Watch Co
16
Empire Diet El 6% pref ioo
Empire Gas A Fuel Co—
Jaa
Feb
45*
400
Jan
1
oom
v t o
Apr
16
1,900
Jan
9%
13%
Jan
Apr
Apr
12*
11*
9*
130
12%
pref""*
June
8*
11*
36*
*
95*
10*
80
200
87
72
Jan
Feb
9*
June
5%
62%
87
•
75
107
Feb
Mar
July
Aug
8*
Hartman Tobacco Co
*
Harvard Brewing Co
1
Hat Corp of Am cl B com.l
Ctfs of deposit
conv
300
Hydro Electric Securities.*
Hygrade Food Prod
6
3%
9%
75*
14*
Aug
Aug
May
Jan
Shareholding-
Common
75*
13*
June
*16
1,100
Aug
Aug
15*
Horn (A C) Co com
4*
*
Jan
coml*
Horn A Hardart..
Jan
July
18 *
Apr
Jan
Jan
70%
Class A
Jan
87*
70%
1,000
1,400
44,900
46
17*
Feb
66*
17
62%
May
200
1,800
6
71
1* June
13* June
60* June
17%
Option warrants
May
80
Haloid Co
Hamilton Bridge Co
Hartford Elec Light
26*
0*
82*
82*
13*
400
63
II*
Aug
Jan
19
»
oom
June
10*
100
2%
20%
63%
HI*
3
Jan
21
6
com
Elec P A L 2d pref A
55* June
x!5* June
.21
Hi
Corp
4* June
62
Easy Washing Mach "B".
Feb
Feb
61
FoonomyGrocer y Storee.*
Edison Bros Stores..
2
Elsler Electric
79
i?S
19
800
Feb
Mar
46%
3%
6*
Mar
60
3%
May
1*
19
*7 preferred series
A..
$6 preferred series B
111
7%
60
50
Jan
Apr
44
6% preferred
100
Eastern Malleable Iron.25
Eastern States
Corp
Feb
July
Apr
5% June
^*uoi Assoc—
800
27
1
25
6% preferred
l
Dominion Steel A Coal B 25
900
Feb
25
3*
22*
51*
38*
2*
14*
Gypsum Lime A Alabas..
Hall Lamp Co
.*
20
5
200
31
Gulf States Util 15.50
pref ♦
56 preferred
♦
30
4%
Mar
33
100
60
100
600
Great Atl A Pao Tea—
Non-vot com stock
Feb
jun«.
75
100*
1%
16*
47*
71* Aug
1* June
15* June
*
10*
1,400
20
*
24
50
Jan
71*
6
600
79
Jan
96*
25
38
200
78
Feb
Apr
22
9*
27%
79
100
89*
11*
*
24%
14
Jan
Feb
25
32
27
July
Apr
7% preferred
Draper Corp
75*
23%
1,300
Feb
17* June
10*
12
15%
Jan
23
96
11%
14
6*
Jan
89*
Coll*
A
♦3 preferred
Gorham Mfg Co—
23
com
25
11%
1'is
14*
56
24%
%
27
11* June
14*
Feb
19% June
34
$7 preferred
June
Jan
100
10*
Goldfleld Consol Mines... 1
Gorham Inc class A
July
11X
Feb
Aug
Aug
'l6
June
200
11%
July
2%
8%
.1
June
Diamond Shoe Corp com.*
Fansteel
65
17
%
Distilled Liquors Corp...6
Distillers Co Ltd..
£1
Dlvco-Twln Truck com_.l
Brewing
36* May
11*| Aug
10%
Corp
04
Falstaff
450
100
com
31*
7% preferred
46
47*
July
Ex-ceU-O Corp
Mar
43
"15*
Rubberl__6
July
Evans Wallower
Mar
Jan
Mar
General Telephone com.20
$3 conv pref
General Tire A
28*
com
114*
10*
18*
1*
15*
43*
Corp
109* June
92
71%
Detroit Steel Products
•
De Vllblss Co com......10
Equity
40
3,800
*ie June
Godchaux Sugars class A.
Class B
♦
104 %
.11%
Det Mich Stove Co com__l
Detroit Paper Prod
1
Eureka Pipe Line
Jan
83
May
17
6% preferred
0*% preferred
7% preferred
8% preferred
82*
June
89%
71*
4
50
15*
Electrographlc Corp
06X May
70
U%
%6 preferred
40
12
50
Electrol Inc
Jan
110
150
Gen Outdoor Adv
6% pflOO
Gen Pub Serv 10
pref
♦
Gen Rayon Co A
stock...•
Glen Alden Coal
300
pref w w
Eleo Shovel Coal $4
1*
*
75
8%
*
Amer dep rets ord
reg_£l
Gen
Flreprooflng com
*
Gen G A E J6 conv
pf B
*
Gen Investment com
0
12
High
Aug
•
Gladding McBean
17
$6
Low
15,600
77
2%
1
June
86
Electric
112* 112*
12*
14*
6*
24*
lOOfrcs
Fox
June
16
$6 preferred
Elec Power Assoc
73
*
73*
Ford Motor of France—
%
86
Elec Bond A Share
$6 preferred...
*
Range Since Jan. 1 1937
for
Week
Shares
26
Georgia Power $0 prefllll ♦
Gilbert (A C) com
Preferred
2% June
♦
4 * % prior
of Prices
High
Warrants
June
12%
2%
£1
Preferred
East Gas A
"43"
__I
Gen Water G A E
S3 preferred
Aug
Detroit Gasket A Mfg coml
6% pref ww.._
20
Detroit Gray Iron Fdy
1
7% preferred..
Week's Range
Low
76
ioo
....
19 %
1
Driver Harris Co
Price
%
73%
6% preferred A
Juno
6
Defiance Spark Plug com.*
De Havlland Aircraft Co—
Dennison Mfg
7% pref. 100
Derby Oil A Ref Corp com*
Jan
Jan
100
Davenport Hosiery MUls.*
reg
14*
Mar
4,900
100
Dayton Rubber Mfg com.*
Class A
36
28
May
%
7
"l% "i%
2
Curtis Mfg Co
5
Cusl Mexican Mining..50c
6
12
2
12*
6% preferred..
.10
Cuban Tobacco com v to.*
Cuneo Press Inc.....
•
com
28%
7
*
preferred
4,300
2
Crown Drug Co com..25c
Preferred
25
Crystal OH Ref com
Mar
% June
*
1
June
12%
Cramp (Wm) A SonB Ship
A Eng Bldg Corp
100
Dobeckmun Co
Sales
Warrants
5% conv preferred
Courtaulds Ltd
Am dep rets ord
Dejay Stores
Mar
25
9%
9%
91
'"%
33%
Darby Petroleum
Jan
11
11*
400
40
2%
~ii*
6*%
June
64
Mar
2*
600
2
*
com...
Jan
200
10
Copper Range Co
Copperweld Steel
04
34
"400
7%
"~2*
Continental Secur Corp. .6
Cooper Bessemer
June
June
16%
1%
7%
__100
Cook Paint A Vnrn com..*
S4 preferred
32
"l%
X
Consol MIn A Smelt Ltd.. 6
Consol Retail Stores
1
S3
36%
Fldello Brewery
Fire Association
112%
..1
Consol Royalty Oil
10
Consol Steel Corp com
•
Cont G & E 7 % prior pf 100
Continental Oil of Mex___l
Cont Roll A Steel Fdy_.
Par
Jan
2*
June
IX
Sale
High
Low
100
100
Warrants
8%
IX
Last
(Continued)
Week
Shares
1946...
1
STOCKS
1937
Range Since Jan. 1
for
1229
2
Friday
24
1
Community P 4 L $0 prel •
Community Pub Service 25
Community Water 8erv_.l
Compo Shoe Maob v t o..l
New
Exchange—Continued—Page
Sales
Friday
*
18
10%
10%
1,100
2,000
1,300
24%
25%
600
11%
14%
11%
400
19*
11*
14%
400
12
39%
42
1,000
35
5%
8
Jan
72*
1*
3*
45*
27*
8*
|
Feb
Feb
Feb
Britain and Ireland..£1
Indiana Pipe Line
10
Indiana Service 0% pref 100
38*
38*
100
9*
19*
9*
21*
300
60
30* Mar
7*
Jan
18* June
19
June
"95* "95*
9*
7% preferred
100
Indpls P A L 6 * % pref 100
25
91*
May
Non-voting class A
*
2
2*
2*
2*
300
V t
c
common.1
7% preferred
1
11*
25*
Aug
17*
Feb
June
Mar
Feb
International Petroleum..*
IS* June
18*
Feb
67*
68*
250
June
4%
4*
Jan
2*
Feb
Jan
Pref 53.50 series
A stock
50
32
32
34*
800
puroh warr
Registered
June
22*
Feb
64* June
22* June
75*
July
Feb
2*
Internat Metal Indus A--*
June
15*
47*
%
Jan
Jan
Jan
1% June
9
100
Insurance Co of No AmerlO
International Cigar Mach *
Internat Holding A Inv__*
Internat Hydro-Eleo—
Feb
39*
105
Jan
Mar
"i« June
•
Class B
Mar
Aug
15
30
Industrial Finance—
Mar
Mar
44*
Indian Ter Ilium Oil—
Apr
1233
Feb
Apr
28*
4*
25*
*
Apr
44
34*
35*
35
35
2,600
100
Jan
Mar
33* June
2*
18*
39*
33*
38
Mar
13
34*
Feb
Jan
May
July
Jan
Mar
Last
Sale
Par
International
Price
Week'sTRange
for
Week
of Prices
Low
High Shares
5%
12%
"13%
"TOO
%
17%
1%
17%
1%
300
2,500
%
%
400
Low
4%
100
12)4
1
Safety Raior B.*
July
Jan
11
June
%
8)4
103
*
1)4
1
Class B
Old warrants
—-
New warrants
Apr
Mar
16% May
Aug
1%
Feb
1554 June
21%
3%
%
Feb
Feb
%
7%
Feb
Mar
4%
1
Interstate Home Equip—1
Interstate Hosiery Mills-.*
Interstate Power 37 pref-*
Investors Royalty
1
Iron Fireman Mfg ▼ t c—10
Irving Air Chute
1
Italian Superpower A
*
International Vitamin
6
37%
9%
%
Jacobs (F
38
200
10%
%
200
7
July
140
22%
300
11%
11%
300
1
*
Jersey Central Pow A Lt—
5%% preferred
100
6% preferred
100
7% preferred
100
Jonas A Naumburg—2.50
Jones A Laughlln Steel-100
Julian & Kokenge com—.*
Kansas G A E 7% pref-100
Ken-Rad Tube A Lamp A *
Kennedys Inc
5
Kimberly-Clark Co preflOO
Kingsbury Breweries
1
Kings Co Ltg 7% pref B100
5% preferred D——100
Kingston Products———1
Klrby Petroleum
1
Co__
Jan
Feb
300
fi6
Jan
Feb
Feb
Jan
*16
14%
*16
16%
1,800
13
June
%
18%
6%
100
6
June
14
June
83
83
40
75
June
9054
4)4
92
70
85
June
5%
6)4
3,700
112)4
111
500
4% June
90)4
Jan
25% Apr
10854 July
19
12
100
12
"1)4 "1)4
"260
Jan
9%
126%
30
114%
28%
11%
40
3%
Aug
1,900
4)4 June
554
500
21
26
12)4
12)4
100
5)4
Jan
"tc
Feb
1654 July
10)4 June
954 June
26
100
21)4
1154
11)4
1154
100
111%
Apr
July
12%
New Mex A Aria Land
Feb
Newmont Mining Corp.10
Jan
Jan
New Process oommon
*
N Y Auction Co com
Aug
Feb
Jan
Jan
Feb
4)4 June
9754
Apr
110
Feb
2)4
200
New York Transit Co
200
2)4 May
1354 July
Jan
1454
20
Jan
13%
2%
Apr
Niagara Hudson Power—
Common............10
39
Aug
9
1)4
400
5
>
754
( '#i«
34
26)4
16)4
Apr
Jan
Aug
Apr
Jan
21%
4%
30%
34
Feb
Feb
July
3)4 June
7% preferred
6% pref class B
800
*13%
13%
2,500
954
10%
2,400
9)4 June
15%
80
Louisiana Land A Explor.l
4
pref— *
Lucky Tiger Comb g m—10
Lynch Corp common....5
Majestic Radio A Tel
1
Mangel Stores
1
55 conv preferred
*
Mapea Consol Mfg Co—*
13)4
4%
80%
65
—*
Loudon Packing
1,100
65
3%
13
3)4
80
76
25
6254
600
4
13%
3,000
.!»
95
Louisiana F&LS6
800
354
5554
354
654
654
200
51)4
61
100
10
61
Jan
July
Apr
Aug
June
May
Apr
6%
Jan
—*
*
1
Mass Utll Assoc v t o
Massey-Harris common. _*
Master Electric Co
1
Jan
Apr
8)4 June
31
300
17
Jan
16)4
600
12
June
92%
6)4
22)4
Dredging...*
*
2454
Memphis Nat Gas com—5
Memphis P A L 51 pref—*
Mercantile Stores com...*
Merchants A Mfg el A...1
"554
Participating preferred.*
Merrltt Chapman A Scott*
'2754
122
Mead Johnson A Co
Michigan
Michigan
Michigan
Michigan
26% May
10
Jan
Ohio Brass Co ol B oom
*
98%
14%
44%
Ohio Edison 36 pref.....*
Ohio OU 6% pref
100
9254
Aug
6)4
June
27
4,200
100
500
554
25
18%
Aug
101%
Jan
4% June
62%
July
100
39
Jan
5
June
2754
2754
754
100
2554
800
5%
%
52
175
72
%
2,100
100
2
June
May
Jan
May
'is
Jan
2
Aug
125
July
7
Jan
73
53%
7
31%
11%
2%
80%
32
Jan
37
88
Aug
Aug
June
106
1%
200
254
2,500
700
700
16
V/i
1%
254
Jan
11% June
Mar
Jan
Jan
4%
3%
Feb
Jan
Jan
Jan
4)4
June
7
Feb
% June
2
Feb
Midland Oil conv pref—..*
Midland Steel Products—
8)4
854
10
Jan
*
2054
82)4
2%
2054
82)4
954
13
Midwest OU Co
2)4
9)4
9)4
12)4
12%
Mining Corp of Can.....*
Minnesota Mining A Mfg. *
7% pref
—.
354
3854
Common
"116"
2.60
1
22)4
Monroe Loan Soo new A.l
4
May
24
Mar
71
Jan
90
Mar
800
9%
June
4%
14%
Mar
200
12%
Aug
13
Aug
Feb
300
*
3 54
300
254
June
3854
50
33%
4454
Class A 7% pref
110)4
"""40
1254
100
10)4
22%
4,500
4
100
43
Jan
May
98
Jan
109
July
118
Feb
11)4 June
Feb
Mar
Apr
May
8%
22
June
300
3% May
100
7%
180
3)4
"10%
10
3)4
454
10%
6
32
80
4454
180
250
200
90
134%
June
June
29
May
June
42%
Mar
180
354
500
3
454
100
4%
1154
654
3,100
400
25
Peninsular Telep com
Preferred
100
"l'ioo
8%
37
44
45%
Pennroad Corp v t c—
Pa Gas A Eleo class A
Pa Pr A Lt 37 pref
1
100
7% June
4%
12%
13%
87
12%
87
6,600
75
Aug
June
9% June
81% June
75%
79%
100
16
%
i;2*00
2%
200
Aug
65
July
98
78%
300
12%
12%
13
57%
56%
59%
1,900
"2% "2%
"566
Feb
!u May
1%
Apr
7%
700
3%
2,000
10% June
Apr
40
May
15
"2%
7%
Aug
2%
July
6
May
13
7%
May
Feb
June
3
June
155%
Feb
28%
Jan
20
Mar
97%
Mar
23
Feb
3
2% June
June
2
5
bl6
900
79%
110
Jan
Jan
49%
Jan
Aug
Apr
87%
78%
%
78%
"8%
8%
20%
1%
20%
1%
8%
Too
1%
25%
100
200
31%
400
57
57
98%
'iff
700
31
«
23
25
98%
50
25
Jan
July
Apr
7%
Jan
%
76
16% June
1% June
24% Aug
30% May
43%
Jan
97
June
111
200
110% 111
109% 110
13
60
106% May
102% June
80
101
111
13
13%
"3%
8
"29%
28
28
101
28
101
3%
8
9%
29%
27%
105%
69
1,500
June
92% Apr
12% June
9% Apr
50
26
25
97%
May
July
3%
700
3
June
8%
9%
30%
27%
106%
300
7%
July
69
100
1,200
100
9%
Aug
28
Mar
26%
Mar
100
103
May
20
65
June
5
Apr
20
64%
7%
150
44%
64%
45%
65%
600
7%
8%
21,600
Aug
38
May
69
Apr
5%
Mar
4
July
21%
27%
29%
37
39
35
35
8
27%
800
30
50
8%
200
27%
100
July
25% June
29
Apr
30% June
7
Jan
26
June
109% May
3%
5%
100
3%
3%
8,000
90
..100
92
173
173
Aug
3% June
May
89
May
82
May
80%
118
20
50
2%
Jan
Aug
78
80%
1,000
73
June
110
121%
2,200
109
June
6%
34
6%
150
400
com....
115
162
100
34
"6%
'""l25
2%
2%
;2.50
*
June
5
12
"95% ~96"
Pa Water A Power Co
June
65
5%
*
60
Philadelphia Co
Jan
July
Penn Salt Mfg Co
Penn Traffic Co
PhUa Eleo Co 35 pref
♦
PhUa El Power 8% pref-25
Feb
18
June
24
*
Jan
5
15%
9% July
28% June
12% June
33
Jan
Aug
Apr
June
1754
8%
*
157
Apr
91
300
Jan
July
97% June
1
Perfect Circle Co
*
Pharis Tire A Rubber coml
June
Muskogee Co com.......*
For footnotes tee page 1233,
9%
*14%
32.80 preferred
35 preferred
Penn Mex Fuel Co
Pepperell Mfg Co
8
0% preferred
...100
Naohman-SprlngfUled—*
18)4
June
Penn Edison Co—
Jan
184
Aug
Apr
July
1754
26
106
*
Feb
Aug
9% June
554 June
2% June
92
100
100
Feb
4%
2138
Mountain Sts Tel A Tel 100
18)4
"i§"
13
*
17
3
Mountain States Pow com*
Jan
May
31%
3154
Moody Investors pref
*
Moore Corp Ltd com....*
Murray Ohio Mfg Co....*
2% June
5
8)4
8)4
146)4 147
Montreal Lt Ht A Pow...*
100
Moore (Tom) Distillery..1
Mtge Bk of Col Am shs
Mountain City Cop com 5c
1254
954
22)4
1,100
1,400
3%
Parkersburg Rig A Reel—1
Patchogue-PlymouthMllls*
Pender (D) Grocery A
*
36 preferred
Montana Dakota UtU—.10
Mountain Producers
20
100
Monarch Machine Tool..*
Montgomery Ward A
3
100
"25
88
Miss River Pow pref...100
Mock, Jud, Voehrlnger Co
Molybdenum Corp
*
*
..10
Class B
10
Minn P A L
31.301st preferred..
Pacific Tin spec stock
Pan Amer Airways
600
Mid-West Piping & Sup..*
31%
*
Pantepec OU of Venes.
1
Paramount Motors Corp.l
Parker Pen Co
10
1
June
Pacific Public Servloe
Jan
5
Mid-West Abrasive comSOc
105
5%% 1st preferred
26
Pacific Ltg 36 pref
*
PacificP4L7% pref-100
Jan
1
654
pf.26
Feb
4)4
100
*
*
1%
1
1,100
6% conv pref.......100
Oldetyme Distillers
1
8
4)4
•
Oklahoma Nat Gas oom.15
S3 preferred
50
Mar
Middle States Petrol—
*
June
5
com
11%
18%
July
May
52 non-oum dlv shs
June
72
6% 1st preferred.... 100
Ollfltocks Ltd
Pacific G A E 6% 1st
Jan
%
*
18
1,000
Ohio Power 6% pref... 100
Ohio PS 7% 1st pref— .100
Feb
6)4
..*
ol A—100
Overseas Securities
Pacific Can Co com
Jan
40
88
Apr
Mar
com
Feb
25
32)4
Mar
Feb
Feb
100
Mid vale Co
100
10
55% May
2,600
v t o
7% preferred
Nor Sts Pow
6 54
v t o_.
Nor European OU com
1
Nor Ind Pub Ser 6% pf.100
Northern Pipe line
1)4
Class B
July
'"300
84%
2%
2%
105
112%
31% 31%
81%
6% prior preferred—50
Mar
1
Class A
118
"25% "26%
81%
2%
No Am UtUlty Securities.*
Nor Cent Texas OU.—...5
Jan
100
Jan
July
July
72
25%
*
100
15)4
1)4
24
50
35
Novadel-Agene Corp
6)4
Apr
75%
75%
*
com
INor Texas Eleo 6% pf.100
Northwest Engineering..*
8
...10
4%
200
Class B
Aug
9254
Mar
June
50
Jan
Mar
"""25
1%
10%
70
35%
Mar
654
Preferred
200
800
16%
88
Bumper Corp.. 1
Gas A Oil
1
Steel Tube—2.50
Sugar Co
—*
1%
400
25%
5)4
1)4
2)4
June
52
Feb
Jan
32%
1)4
2)4
12
50%
50%
Apr
54
—*
300
47%
8)4
69
Metropolitan Edison pref.*
13%
1%
51
3
44
2
13%
1%
Jan
47%
48%
18%
5)4
Metal Textile Corp oom—*
Part preferred
—*
Aug
3
100
69
70
11
51
300
44
"71)4
100
1
2,000
44
7
Jan
11
Mar
June
32
36 preferred..........*
North Amer Rayon cl A.. *
Common
3)4
69
1
Mexico-Ohio OU
5
10)4
124
5)4
500
80
—..1
83%
22%
3%
—
8%% A preferred... 100
Mesabl Iron Co
Nlpisslng Mines...
55
MoCord Rad A Mfg B—*
53
11
Nineteen Hundred Corp B1
25)4
*
McColl-Frontenac pref-100
Jan
July
Nor Amer Lt A Pow—
Jan
Feb
82
May
15)4
3)4
954
1%
20%
95
*
Jan
654
15%
100
Jan
30
25
700
400
..........
Noma Electric
10%
15)4
May Hosiery Mills pref.
Warrants
Class A pref.
Jan
55%
5%
30
To"
1%
20%
2%
Mar
Apr
2)4 June
554 June
60
Jan
1%
20%
16
93
Jan
Aug
Feb
38
10
1
100
100
100
100
1st pref
2d pref el A
2d preferred
2d pref ol B
80
2%
20)4
Communication ordreg£l
Margay Oil Corp
McWilliams
5%
5%
5%
5%
Class B common.. ....6
14%
Marconi Intl Marine—
Marlon Steam Shovel
""400
Niagara Share—
Jan
Jan
June
1
54 %
Aug
May
"10% "10%
.5
NUes-Bement-Pond
...100
100
22%
400
Jan
May
6% Aug
102
Clan A opt warr
Class B opt warr
Mar
22)4 June
4%
""300
100
N Y Water Serv 6% pf-100
6
23
4)4
June
"23% "23%
Aug
64
51%
"20%
36 preferred
•
N Y Shipbuilding Corp—
Founders shares.......1
4,800
—
Jan
6%
33%
N Y Pr * Lt 7% pref.. 100
11)4
Long Island Ltg—
Common
Aug
3%
9%
..10
Mar
Feb
28)4
14%
12%
10%
10%
Warrants
78%
26)4
10%
Jan
*16
600
N Y A Honduras RosarlolO
69%
9%
26)4
12%
11%
3,700
3%
*16
3%
500
800
N Y City Omnibus-
Aug
1,400
3,700
1,000
14)4
800
*
1
46)4 June
39
4)4
13%
17%
Apr
MOO
1,500
12)4 ^ 1,200
8)4
1)4
37)4
4)4
1%
Jan
11)4
25
New Jersey Zlno
N Y Merchandise
"50% "51)4
554
Feb
2,400
*
New Engl Pow Assoc
June
June
11% July
14% June
7%
41
71%
6%
14%
%
....5
6% preferred
100
New England Tel A TellOO
New Haven Clock Co
*
40)4
5)4
38
8)4
IX
Jan
15
15%
100
7% preferred
July
6%
39%
67%
6%
14%
10 0
New Bradford OU
454
2)4
14)4
*
25
Nestle-Le Mur Co cl A—*
Nv-CaUf Eleo com
Aug
40
65
5)4
Jan
June
Lackawanna RR (N J).100
.
Jan
Feb
Aug
59
106
51)4
Jan
Mar
Jan
June
8
Co com....*
pref.100
*
1st preferred-.
*
Nelson (Herman) Corp...5
Neptune Meter class A
*
12
40
23%
Nehl Corp common
107
54
2T66
Nebraska Pow 7%
Mar
July
20
100
17
"lT% "12%
Nebel (Oscar)
Jan
Aug
12
105%
1)4
26
12)4
preferred—*
Jan
6%
7,300
49
68
National Steel Car
Jan
1
June
15
7
39%
%
12.60
Nat Union Radio Corp—1
Navarro Oil Co
*
100
2%
Low
27
43
"il%
National Transit
10
17
1154
1
Ltd—*
Refining..*
National Tea 6% % pref.10
300
31
1%
Range Since Jan. 1 1937
for
Week
Shares
7
*
Conv part
of Prices
High
10
1%
Nat Service common
National Sugar
Week's Range
Low
30%
Nat Rubber Mach
96%
5)4
4)4
10.—*
National Baking Co com.l
Nat Bellas Hess com
1
Nations Candy Co com—*
National City Lines com—1
$3 conv pref
—50
National Container (Del).l
National Fuel Gas
*
Nat Mfg A Stores com...*
National OU Products
4
National P A L 36 pref--*
National Refining Co...25
Nat Auto Fibre A v
89
100
58)4
40
Jan
Jan
Feb
2%
66
Lake Shores Mines
G) Inc.. 1
Line Material Co
*
Lion OH Refining
*
Lit Brothers com
--*
Loblaw Groceterias A
*
Class B
—•————*
Locke Steel Chain
5
Lockheed Aircraft
1
Lone Star Gas Corp
*
27%
Mar
18%
92
common——1
Kobacker Stores Inc
*
Koppers Co 6% pref—100
Kress (S H) A Co pref.—10
Kreuger Brewing
—1
Le Tourneau (R
«is
Jan
83
Knott Corp
Lehigh Coal & Nav
42%
24%
54
Klein (D Emll) Co com— -*
Klelnert (I B) Rubber—10
Leonard Oil Develop
June
7ic
Jan
19)4 June
11
July
Jan
700
1
Klrkld Lake G M Co Ltd .1
Ltd—1
Lakey Foundry A Maeh—1
Lane Bryant 7% pref--100
Lefoourt Realty com—...1
Preferred
—*
6)4
6%
14)4
1
L) Co
300
22
Warrants
Jeannette Glass
400
4%
6%
1H June
'k Jan
%
Jan
4% Aug
Aug
5%
34%
Jan
Price
Par
High
International Utility—
Class A
Sale
{Continued)
100
6% preferred
Internet Radio Corp
Last
STOCKS
Range Since Jan. 1 1937
700
%
Products—*
100
5%
Sales
Friday
Sales
Friday
STOCKS
{Continued)
Internet
Aug. 21, 1937
New York Curb Exchange—Continued—Page 3
1230
115
115
31% Mar
6% Aug
8% June
50
111
June
50
31
June
32%
8%
32%
8%
7%
7%
35%
8%
35%
1,500
Pierce Governor oom.....*
"22%
22%
....—
2%
23%
2%
600
Pines Wlnterfront
100
2%/June
3%
4%
1.400
3% June
PhUUpa Packing Co
*
Phoenix Seourltlee—
Common
Conv pref ser A
"~8%
10
1
Pioneer Gold Mines Ltd—1
400
200
8%
July
35% /Apr
19 %
J Jan
High
Volume
Week's Range
for
Sale
of Prices
Low
High,
Week
Par
Price
Shares
*
Meter
7%
7%
7X
1,100
7%
June
40
June
22%
400
17
June
90
130
86%
June
12
June
.60
Common
..22%
Pittsburgh Forgings
1
Pittsburgh A Lake Erie-50
87
87
13%
200
123%
2,000
13%
Pittsburgh Metallurgical^
121"
Co.l
*
Pneumatic Scale Corp... 10
Polaris Mining Co
25c
Potrero Sugar com
6
9%
May
May
19
Apr
Feb
8
Feb
2%
15%
4%
Jan
300
28
May
35%
Feb
21%
»16
Jan
Standard
25
10%
10%
10%
300
%
Feb
Standard Oil (Ohio) oom 25
36%
36%
39
800
June
17%
June
11%
Jan
14%
Jan
Common class B.
*
Preferred
*
15%
16%
i,800
12
800
12
11%
108"
108"
47
""16
50
10%
Mar
99
11%
June
May
103
Jan
106
June
109
Jan
110
26%
25%
140
39
June
19% June
75
July
100
2
28X
68
31%
"Il% "io'% "11%
112
*
112%
18%
98
5%
♦
15%
Reed Roller Bit Co
*
Reeves
♦
37%
5%
15%
35%
103
Feb
106%
Jan
4%
Jan
8
Jan
109
June
24%
Engtng._5
150
6
18
36%
Jan
14%
124%
Feb
150
Jan
Jan
Apr
July
25%
Jan
17
June
28%
Jan
%
♦
49
Mar
Jan
53%
Jan
7%
Mar
Feb
%
24%
10
Jan
400
32
June
5% July
"is June
22% June
5,300
100
5
100
4%
1%
1%
800
10%
100
8%
400
4%
%
100
'is
50
99
97%
July
July
June
14
Aug
14
15%
1,000
2%
..5
6%
1
2%
300
6%
6%
1,100
20
%
%
%
600
200
88
90
14%
13%
14%
15%
51
50
51
90
13%
2X
*
*
5%
T"
Ryerson A Haynes com.. 1
4
500
14
2,600
700
5%
4%
115
114
Safety Car Heat A Lt.100
100
900
100
Gold Mlnes.il.
"13% "l3%
*|
St Lawrence Corp Ltd
52 conv pref A
5
"8
8%
'""loo
Savoy 011 Co
5%
1,000
1%
""266
%
1,100
20
20
17%
17%
4%
6,600
"17%
4
4
18%
18%
119
28%
1
5%
15
19%
4%
May
Feb
Mar
Jan
Feb
28
Mar
3% May
40% June
50
Jan
16
June
22%
Feb
Apr
10%
5%
35
Apr
11
Apr
17
Feb
98
Jan
119
Aug
Feb
1,100
300
300
34
5%
1,400
51,200
1,000
9%
33£
40
Jan
"""160
June
16%
June
41
Jan
June
2%
Jan
3%
June
6%
Mar
18%
Feb
4%
53%
1st pf.100
July
July
34
Aug
8%
Feb
77%
Jan
Jan
112
*
TUo Roofing Inc..
Feb
101
May
200
5
June
61
5%
64%
300
43%
Jan
73
Mar
13%
900
12%
Jan
Mar
"63% "64%
102
5%
61%
1
102
5%
7%
7
Tobacco and Allied Stocks*
July
10
13
Texas P A L 7% pref..100
Texon Oil A Land Co
2
104%
100
2%
44
"l3""
118
28%
112
33%
.
Feb
350
"l3"
118%
100
Technicolor Inc common.*
July
IX May
July
% June
18
July
175
19
1
%
Jan
June
Feb
107
100
3%
Tenn El Pow 7 %
Aug
4%
20%
Tobacco Prod Exports... *
Jan
Jan
12
July
June
Mai
4
65%
110%
14%
17%
51
.g
June
Aug
18%
10%
""l25
65
Apr
66
3%
1,700
3
Apr
70%
3%
8
141
300
5%
July
Apr
Jan
Jan
Mar
Apr
Jan
15%
38%
11%
117%
Apr
Apr
6%
July
May
69
Apr
Jan
Feb
Jan
Jan
Jan
4%
July
Apr
Union Gas of Canada
*
26
May
Union Investment com..
45%
May
Mar
42%
80
30%
75
2%
2,500
6%
800
Aug
4%
Jan
64% May
29
June
1
2%
23%
23%
150
2%
2,500
May
.......6
$6.50 prior stock
25
21
21
2%
21%
95%
95
96
Jan
United Chemicals oom
$3 cum A part pref
United Corp warrants
United Elastic Corp
21%
Aug
Allotment
98
97
200
2% June
30
21
Aug
1,150
98%
9o%
600
92%
July
July
4%
28%
101%
104
Jan
United Gas Corp 00m...1
Jan
Mar
1st $7 pref non-voting.*
Option warrants
United G A E 7% pref. 100
Mar
Shawlnlgan Wat A Pow..»
.25
Apr
33%
164%
118
June
Mar
%
8
3%
15%
25%
24
Apr
June
114
28%
Jan
Mar
Feb
Apr
Conv pref
%
10%
10%
100
3%
10%
4
11%
1,400
10%
May
Aug
3%
1
com
305
100
1
Jan
10% Aug
305
1,000
20
Aug
3%
June
10%
Aug
295
Apr
85
Feb
7%
Feb
13%
July
370
5%
reg.£l
98
pflOO
2
*
Solar Mfg Co
1
1
5%
1
Soss Mfg com
South Coast Corp com
July
Apr
July
20%
(H) Paper Mill...*
Sonotone Corp
2
5%
2%
10%
4%
Jan
200
4%
June
2,000
1%
12,100
6%
July
Apr
6%
9%
114%
Feb
13% June
18%
Jan
July
10%
July
Apr
%
Apr
30%
13%
Mar
16%
4%
July
7
Aug
36%
150
35
Aug
41%
Jan
27%
28%
800
26% June
29%
Mai
25%
5%
26%
5%
400
24%
28
300
4%
Southern Colo Pow ol A.25
100
1233
27%
300
June
4% May
65
100
12,700
10
115%
600
2%
2,400
84
50
84
25
Preferred
United Specialties
com.-.l
U S Lines
with warr
pref
Jan
Aug
July
U S Playing
Unlversa
July
8%
83
Jan
Feb
Mar
2
Jan
Mar
*11
Mar
7% June
108
May
1% June
84
Aug
13%
124
3%
Feb
Jan
Jan
94
Jan
Jan
Jan
33% June
11%
75%
25
June
45
Feb
69%
25
55
May
75
Feb
246%
100
245
200
46%
49%
28%
1,200
25
69%
246
Jan
Aug
2
July
12
9% July
5% June
2%
2%
2%
87%
88%
850
42
42
13%
14%
Apr
253
July
300
100
8%
Jan
June
10%
6%
7%
May
4%
Mar
May
Jan
Mar
96%
Jan
30
37%
Apr
47%
Jan
400
12%
July
15
Aug
"12%
12%
1%
14
*
"80%
79%
2%
80%
2%
1,000
26%
26%
150
9%
9%
9%
400
7
6%
7%
2,800
1%
1,900
4,200
300
84
Feb
10% June
1% Aug
18%
79%
Aug
93%
Jan
2%
June
4%
Mar
June
34%
Feb
6%
June
10
Mar
5%
Aug
14
Mar
25
3
Mar
Jan
Ji6 June
"T
%
%
3%
3%
3%
""7%
4
%
""56
400
4
2,700
4
7,800
1%
4% June
% July
18%
Jan
1%
4%
Feb
3%
Jan
3% June
12%
4%
1
Insurance—...8
Unlversa
Pictures oom..1
8
*
26
Universal Corp vto
~~8
27
""466
""106
250
Jan
3%
15%
Consol Oil—.10
Universal Products
Feb
62% May
X June
June
6%
1
*
Jan
5
6%
42
—
Feb
11%
87%
Card
United Wall Paper
July
Feb
June
7,900
500
U S and Int'l Securitles.
lert pref
6% June
85
Feb
Feb
4%
7%
2%
Class B
July
Jan
47
2
10%
6%
1
A
United Verde Ext en—60c
2
29%
2%
10%
5%
9%
4%
8%
-----
9%
Unjversai
1
5% original preferred.25
6% preferred B
26
6%% pref series C...26
800
17
1%
10
Preferred
Mar
Jan
Southern Calif Edison—
For footnotes see page
Jan
May
United Profit Sharing.
United Shipyards cl
Mar
Apr
100
35
2
4%
5%
10
U S Radiator oom
1
U S Rubber Reclaiming..*
U S Stores Corp com
*
$7 conv 1st pref...,
*
United Stores v tc
*
Jan
Singer Mfg Co Ltd—
Sioux City G A E 7%
Skinner Organ com
$3 preferred
U S Fob Co class B
29%
♦
Singer Mfg Co
Aug
United Molasses O—
United Shoe Mach com .25
Slmmons-Broadman Pub—
Simmons Hard're A Paint *
June
28%
246%
108
Sherwin-Williams of Can.*
46%
United N J RR A Canal 100
20
200
6%
•
Feb
Feb
450
108% 109
Shreveport El Dorado Pipe
Line stamped
25
Sllex Co com
*
3%
6
28%
28%
133%
130
......
Apr
27%
27X
200
114
2%
"69%
3,000
200
9%
114
*
18%
130
3%
Am dep rots ord reg..
16%
5% cum pref ser AAA 100
3%
11%
13%
9%
0%
9%
*11
Jan
16%
Mining..6
3% May
4% June
"966
Mar
500
2,600
86
Feb
May
200
8%
6%
916
8%
3%
Jan
Mar
4%
...
Aug
%
8
3%
9%
31%
17% June
Aug
%
Feb
Jan
Jan
May
15%
85
2%
1%
12%
Jan
8
*
com.
1%
3X
Sentry Safety Control...1
com
200
2
2
$0 1st preferred
United Milk Products..
Apr
3
10%
"16%
*
Common class B—
Feb
13%
112
United Lt A Pow oom A
June
5%
Aug
400
*
Feb
Mar
June
1% June
1%
3%
•
4%
Jan
Feb
4
..*
Jan
9%
Mar
*ic
2
4
200
10
Warrants
Jan
5%
105
115
Jan
10
60
10
Transport
6%
1% June
June
Aircraft
50%
Selfrldge Prov Stores—
Seversky Aircraft Corp-.l
4,700
24
6%
6
100
Union Stockyards
78%
Ino—
2
19%
21
Union OH of Calif deb rts
6%
£1
900
*
65
2
reo
1,500
2,300
1%
Feb
July
Feb
July
% June
Jan
3
%
Works..1
80c div preferred
*
Ulen A Co 7%% pref..25
5% preferred.—..
2
Unexcelled Mfg Co
10
Union Elec Light A Pow—
7% preferred.
190
Aug
2
.
4%
10%
..1
Class A
3
6%
certificates
Tublse ChatUlon Corp—.l
%
8
Tung-Sol Lamp
38%
41%
*
Conv stock
4%
*
Truns Pork Stores
21
1
Common
99
100
1
18%
74
June
92%
1,000
July
July
Jan
10
%
10%
4%
10
400
30%
Selby Shoe Co
1
61
30
96
106
%
Trt-Continental warrants
600
2% June
com
96
105
1%
1
Common
Transwestern OH Co
United
*
70
Trans Lux Plct Screen—
Jan
May
10%
2%
£1
£1
Todd Shipyards Corp
•
Toledo Edison 6 % pref. 100
.
Mar
%
June
Am dep rets ord reg. .
Am dep rets def reg
7% preferredA
100
Tonopah Belmont Devel 1
Tonopah Mining of Net .1
Apr
June
97
Jan
July
6%
June
3%
111
July
Aug
Feb
200
Selberllng Rubber
7% preferred
1,300
1%
3%
Segal Lock A H'ware
Smith
600
5%
1
1
10% June
46%
44%
Amer dep rec ord
5%
4%
%
21%
3%
21
Inc
Simplicity Pattern
7%
6%
27%
5%
5%
10
42
*
Water Service pref
Securities Corp general.
Sherwin-Williams
5%
Feb
Mar
Feb
Feb
T560
5
45
3%
21%
Manufacturing_26
Denn
13%
3%
Scranton Spring Brook—..
Shattuck
8% June
""9% "10%
34%
18
Jan
68
6
com
100
5%
common
Seton Leather
Mar
1
June
July
Apr
4" 900
'""8% "9
111% 111%
Samson United Corp com. 1
Sanfod Mills com
dep
15%
3%
June
90
60
100
7% preferred
Amer
Jan
Jan
10
June
2%
Jan
St Regis Paper com....-.6
Industries
39%
34%
27%
15%
4%
13%
40
♦
*
Ryan Consol Petrol
Selected
13%
Apr
Tobacco Securities Trust
pref
Bros
May
35
5%
Tlshman Realty A Const.•
99
99
8
125
Tampa Electric Co com..*
Tastyeast Ino olass A
1
Taylor Distilling Co
1
Aug
26
%
Feb
""366
Taggart Corp new oom.. 1
June
H
Rustless Iron A Steel...
Seeman
"9%
...1
Teck-Hughes Mines
July
10
Aug
June
Feb
21%
39
Mar
Feb
Apr
1%
May
10
20
Sterling Aluminum Prod.l
Sterling Brewers Ino
1
Sterling Inc
1
Stetson (J B) Co com
•
Stlnnes (Hugo) Corp—-.6
Stroock (S) A Co
*
iStuts Motor Car
*
Sullivan Machinery
*
Sunray Drug Co
1
Swiss Am Elee pref
17%
100
38%
39
..50
preferred
93
107
*
18
July
5%
pf.100
pref
Scranton Lace Co
1st
10
Feb
10
100
pref
Sterch! Bros Stores
46%
8%
1% June
112
1
.100
Royal Typewriter
Russeks Fifth Ave
Scovllle
6%%
20%
10
Co
Royalite Oil Co Ltd
Scblff Co
"20%
5%% conv pref
60
Superior Ptld Cement B._*
$3.30 class A particlpat.*
Swan Finch Oil Corp.—15
Jan
200
Jan
Feb
4% June
93
Thew Shove ICoal Co
Rossla International.....*
St Anthony
16%
20
A Add Works com
Starrett (The, Corp v t e .1
Steel Co of Canada ord
*
Sunray OH
4
10%
4%
1%
1
Root Petroleum Co
conv
Lead
Feb
24%
5
1
..1
Roosevelt Field Ino
S2.60
SUver
Jan
2
July
1,400
»t«
Mar
Ltd—
conv
2,800
25
Jan
300
%
%
Amer dep rets ord reg. £1
Rome Cable Corp com...5
51 .20
716
Feb
Rochester Gas A Electric—
Rolls-Royce
%
Jan
1,800
Apr
38
6
6
Relter-Foster 011
Rio Grande Valley Gas
V tc common
400
4%
41
37%
*
50c
Feb
17%
4%
Raymond Concrete Pile—
Common
25
16%
"4%
25
•is
Jan
14% June
% Aug
16%
Standard Wholesale Phosp
90%
60%
1,300
69%
Jan
Jan
% June
X
X
June
Mar
Rainbow Luminous Prod-
•
♦
36
8
26% June
150
20
7%
7%
36
125%
19%
June
June
17%
Ry A Light Secur com—♦
Jan
2
June
63%
Quebeo Power Co
Jan
300
5
175
30
105%
23
900
l",466
Apr
June
100
Apr
June
Mar
400
20
66%
29 %
Aug
45
June
2% June
'5~306
40
2d preferred
66 %
20%
13%
9% June
7%
117%
May
Apr
19
33
31%
Feb
1%
Jan
6%
Aug
Aug
May
50
2%
40
1
Jan
5%
21
63%
31%
93
June
Jan
716
120
99
June
"7%
May
Apr
2%
Stein (A) A Co common..*
20
99
100
oom
Standard Products Co
"2% ""3%
Apr
1
June
92
•
*
Reynolds Investing
Rloe Stlx Dry Goods
1
27
June
102%
100
5%
Aug
July
4
400
Jan
23%
Standard Steel Spring com*
Standard Tube cl B
1
Jan
112
117%
Pyle National Co com
6
Pyrene Manufacturing.. 10
Reybarn Co Ino
preferred
Standard PAL
4%
Jan
1
Aug
July
Jan
41
77
100
120
120
4%
*
4%
Mar
68%
Puget Sound P A L—
com
Co—
Conv
Standard
47
%
19%
21%
3,600
May
Mar
2
Red Bank OH Co
20%
June
pf_..»
Raytheon Mfg com
21%
2
99
preferred
41
700
preferred
•
Standard Invest $5% pref*
Standard Oil (Ky)
10
6% prior Hen pref—100
7% prior Hen pref.-.100
Class B
15%
200
Jan
Pub Service of Okla—
Class A
100
43%
41
8%
100
100
Quaker Oats com
6% preferred
19
42
June
60
$6 preferred
19
42%
June
31
Pub Serv of Nor 111 com..*
$5 preferred
500
100
.10
(Neb)
Apr
24
8%
18%
OH
Mar
23%
700
%
1%
12%
24
Feb
%
Mar
300
12%
33%
1,800
1,000
Jan
1
22%
June
X
X
42
21
Jan
35
56
900
4%
2%
11%
Apr
Aug
%
%
Standard Brewing Co
*
Standard Cap A Seal com.l
6%
X
♦
*
6% preferred
7% preferred
1,200
Aug
Public Service of Indiana—
Common
10%
10
10%
*
June
2X
Mar
Feb
Apr
Aug
June
% May
8%
Feb
3%
Feb
._*
1%
Feb
Mar
X
Am dep rets ord reg._£l
Am dep rets ord bearer £1
5
32
5%
42
5,600
700
9%
7%
Jan
8%
1,400
10
56
Jan
26
52
300
X
*
Col 7% 1st pflOO
$6 preferred
9%
50%
9%
5
South Penn Oil
__25
So West Pa Pipe Line..50
Spanish A Gen Corp—
Conv preferred
Standard Dredging
Jan
160
2
500
3%
3%
Southland Royalty Co
Spencer Chain Stores
Stahl-Meyer Inc com
High
July
5
10
.*
5%
34
$6 preferred
$7 prior pref
Southern Pipe Line
Southern Union Gas.i
Common
*
*
6% preferred cl D
Rochester Tel 6 X %
154%
2
32
JPropper McCallumHos'y*
Prosperity Co olass B
*
Richmond Bad
Low
Shares
July
9
*
Premier Gold Mining—.1
Pressed Metals of Amer— *
Producers Corp
---1
Reliance Eleo A
Price
5
Pratt & Lambert Co
(Daniel)
Week
2
5
Prudential Investors
Apr
Feb
27%
110% Mar
16% June
Feb
147%
Jan
2%
July
100
Providence Gas
42%
Jan
6
of Can com..»
6% 1st pref
conv
for
of Prices
Low
High
Par
15
Plough Inc
Powdrell <fc Alexander
114%
1%
Pittsburgh Plate Glass..26
121
Pleasant Valley Wine
$3
Week's Range
Sale
South New Engl Tel.. 100
Pltney-Bowee Postage
Pub Utll Secur $7 pt
Last
High
Low
Pitts Bessemer A L Erie BR
Pub Ser of
Range Since Jan. 1 1937
STOCKS
(Continued)
1 1937
Range. Since Jan.
Last
Sales
Friday
Sales
Friday
STOCKS
{Continued,)
Power Corp
1231
New York Curb Exchange—Continued—Page 4
145
Aug
May
6%
July
23%
Apr
Feb
6
Jan
18
July
8%
22%
Apr
Jan
19
Jan
35%
Feb
New York Curb
1232
Friday
STOCKS
Last
Week's Range
Sale
(Concluded)
Par
of Prices
High
Low
Price
Exchange—Continued—Page 5
Sales
for
Friday
Range Since Jan. 1 1937
6334
6634
375
334
334
100
434
7234
434
900
4% June
72 34
100
7134 June
434
*
stock
preferred
34
34
100
June
334
%
200
1,100
2% June
34 June
234 Aug
1734
1734
Class B
preferred-.
100
634
2
7% pref-.100
Community P S 5s
Feb
33
Apr
Feb
634
2
1,400
8634
50
600
*
20
21
200
Wahi (The; Co common.
Waltt A
Clas*
8334 June
Bond olass A...*
•
B
134
234
934
1
Wayne Knit Mills
—5
134
234
2,500
834
834
200
434
434
1
1
600
234
27
300
Weyenberg Shoe Mfg
preferred
*
Denver Gas A Elec 5s. 1949
10834
Det City Gas 6s ser A. 1947
10634
13 %
Apr
Feb
Feb
234
30
Wolverine Portl Cement-10
2
434
1134
434
1134
1
10
10
434
1234
1034
234
1334
300
634
7234
234
634
7434
2,800
334
103 34
1951
98
98
9934
24,000
1956
9734
9734
9034
9734
2,000
8434
8534
1968
1st A ref 434b
1967
H Aluminum Co sf deb 6s'62
9134
8434
10634
Am Pow A Lt deb 6s. .2016
9234
Amer Radiator 4 348—1947
Am Roll Mill deb 58-1948
10534
10234
Amer Seating 6s stp__1940
Appalachian El Pr 5s. 1956
92
103*32
10634 10634
10634 10734
9234
94
10534 106
10234 io21732
105
10534
10434 10434
j10734 109
Appalachian Power 56-1941
2024
Ark-Louisiana Gas 4s 1951
10334 103 34 $31,000
103
Aluminium Ltd deb 5s 1948
Amer G A El deb 5>—2028
9,000
Jan
Feb
103
Mar
7
June
Aug
13,000
2
May
4100
100%
8734
104%
Aug
Aug
Mar
8334
106
10334 10334
9634
19,000
56,000
1,000
3,000
June
Mar
May
101
July
48,000
83
6634
4,000
03
4105
77
Jan
7934
10034
7834
10234
9634
9134
77
6,000
105%
First Bohemian Glass 7s '57
Florida Power A Lt 5S-1954
92 34
494
100
9234
9334
Apr
92% June
June
Jan
10334 June
~9"66O
79
410234
103% 104%
10334 104%
May
102*600
91
'l04k
July
Aug
100
6634
9134
1953
Erie Lighting 5s
1967
Federal Water Serv 5 34s '54
Finland Residential Mtge
12,000
87
8734
104% 105%
87
8334
106
July
2334
Jan
Apr
634
Apr
534 June
6134
Apr
834
Jan
80 34
Mar
434
Mar
234
June
5s ex-warr stamped. 1944
Gattneau Power 1st 5s. 1956
Deb gold 6s. June 161941
Deb 6s series B
1941
General Bronze 6s
1940
General Pub Serv 5s—1953
Gen Pub Util 0 34s A.1956
71
July
101%
Jan
16,000
10334
Mar
6,000
10334
Aug
94
35^666
Jan
87
Apr
113
10134
113
10134 10234
9834
9954
Debenture 5s—1968
Jan
10434
98
June
May
10834
Jan
Gen Wat Wks A El 6s. 1943
June
105
Jan
June
May
May
10634
9934
Jan
Georgia Power ref 68—1907
Georgia Pow A Lt 58-1978
83
10734 June
10834 June
Grand Trunk Weet 4s-1950
Gt Nor Pow 5e stpd..1950
10134
June
100 34
Jan
10634
Aug
Grocery Store Prod 6s. 1945
Guantanamo A Weet 0s '68
"84~"
Jan
10534
19,000
10334
15,000
85
102 34
4,000
103
5,000
10434
Mar
10434
June
10834
106
"l'ooo
Jan
Mar
109
Mar
4834
"8234
11034
June
Jan
Jan
JaD
5s series A
Hall Print 0s stpd
♦Hamburg Elec 7s
Apr
June
10434
47
June
0734
Jan
68
8334
0234
May
Jan
♦Hungarian
61
Jan
Jan
4534
June
6534
50
37,000
4434
Jan
3,000
53
May
May
6534
6034
69
JaD
8234 8334
9934 100
7,000
7934
June
9134
Feb
13,000
98
Apr
10534
158
Jan
240
Mar
3,000
158
Jan
240
Mar
140
June
225
135
June
227
110
Mar
11634
JaD
113
Mar
1960
Bethlehem Steel 6s—-1998
124
Jao
11434
Mar
Apr
125
Jan
145
JaD
Birmingham Elec 4 34s 1968
Birmingham Gas 5s—-1959
j13534 140
130
7234
Canada Northern Pr 5s '53
11034
1950
1st A ref 4 Hs ser F-1967
1968
Cent Ohio Lt A Pr 6s.. 1950
5 34s ex-warrants-—1954
10434
9934
10134
""99
7934
9434
5334
53
106%
Jan
84
"i3~666
85
55
.
98
47
June
Mar
~2~6OO
102
Apr
Aug
16,000
2734
9734
4,000
9734
1,000
104% 104%
3,000
102% 102%
Ital Bk7 34s *63
6s series B
2734
1,000
420
79%
"4", 000
1949
79
79
10,000
107
107
15,000
let A ref 534s ser B. 1954
1st A ref 6s ser C—1956
Sf deb
103%
100
97
034s series B
1953
9734
Jan
June
31,000
88,000
98
94%
5,000
90
Apr
9434
9734
9534
9734
8,000
1,000
91
June
9634
July
8534
18,000
8134
June
2,000
106%
88%
2,000
4,000
88%
111
1,000
68
69
28,000
69
10,000
68%
7,000
9,000
35,000
101
Mar
108
May
93
June
10534
Jan
Feb
11334
July
ind'polls P L 5s ser A.1957
International Power Sec—
100
99
9934
7934
9434
5334
7934
7,000
81,000
25,000
1,000
18,000
11,000
9434
69,000
89
5734
4634
June
53
58
27,000
69,000
46
June
50 34
June
75 34
Jan
10334
Apr
Mar
10634
Aug
97
5634
106
12,000
1,000
1,000
Mar
105
9434
Mar
98
Mar
93
May
Apr
July
10434
10434
10334
10434
Gas 5s A1952
463%
98
7634
10434
Mar
9734
2,000
63
10834 109
1017,6 10134
6254
6334
96
1955
I960
6934
10134
97
6 34s series C
7s series E
1955
6934
67
1957
7534
1952
9734
7334
6934
Jan
5s series B
1961
Jan
Superpower 6S-1963
Jacksonville Gas 6s... 1942
5834
Stamped
Jersey Central Pow ALt—
49%
24,000
106
Mar
110
Jan
16,000
1017i s
62 54
Aug
Aug
July
104
Jan
Jan
5934
to series B
4 34s series C
1947
1961
18,000
July
68
June
0534
June
83
Jan
99 34
Apr
103
Jan
1st mtge 5s ser
H... 1961
6 348 series D
1948
10434
534s series F
1955
to series I
1969
i-ake Sup Dlst Pow 3
34s '06
6734
36,000
22,000
16,000
1,000
100
June
20,000
15,000
72
June
92
June
3,000
15,000
22,000
6,000
92
July
Feb
Jan
Jan
6134
June
7934
Apr
Jan
6234
4634
June
80
Jan
June
5934
Aug
Kansas Elec Pow
334s. 1960
Kansas Gas A Elec 03.2022
Kansas Power 5s
1947
100
106
72
June
15,000
6734
5934
83%
7034
74%
9934 10034
106
107
9834
6534
June
10334 104
Isarco Hydro Elec 78-1952
Isotta Fraschlni 78-„ 1942
7434
65
June
27
107
100
Iowa Pow A Lt 4
34s. .1958
Iowa Pub Serv 5s
1957
92
10234 103
49
50,000
82%
96
65
105
69,000
75
to series D
4 348 series F
Iowa-Neb LAP 5a...1957
6,000
6534
3,000
54%
4034
8334
Cities
103
10734
1958
100
7134 105,000
43,000
May
1956
Jan
Apr
10134 10234
July
68
3734
Jan
82
7134
9,000
5034
7234
7234
84
25,000
75
51
Jan
10134
10534
78
73
3734
Feb
Mar
75
107""
99
103%
05
Interstate Power 5a..-1957
Debenture 6s
1952
Interstate Public Service—
94
Aug
June
12,000
International Salt 58—1951
Jan
4~i~666
86
105% Mar
Feb
109%
6134 June
62% June
5934 June
70
Jan
92
11,000
6434
105% 10534
Jan
Jan
95% June
91% June
9634
111
9934
Mar
100
10634 10634
"88%
1957
♦Indianapolis
Mar
22,000
1963
Jan
77
106%
10334 104%
9934 10034
1950
Jan
June
100
1st lien A ref 5a
Jan
Mar
July
76
2,000
Indiana Service 5s
104
May
May
106% 106%
Indiana A Mich Elec 5s '55
11434
98
84%
1951
to
95
10134
94%
1947
Indiana Gen Serv 5s„ 1948
Indiana Hydro- Elec 6s '68
_
10434 10434
Jan
Mar
10734 10734
534s—May 1957
Indiana Electrlo
Corp—
6s series A
2034
31
"79%
Jan
10134 10234
96%
23
435
Jan
11134
8334 Aug
4834 June
"l'ooo
99
14,000
75
108
60
104%
8834
9734
Cincinnati St Ry 534s A '52
105""
73
7,000
Apr
Mar
76% June
104%
Apr
9934
Mar
00
Jan
72
Jan
50
June
12,000
40
Mar
8,000
103
Mar
77
j 76
5834
5934
"3"; 000
4834
4934
10434 10434
10434 105
53,000
102%
Apr
93% June
96%
96%
11734 11734
2,000
3,000
113
June
10034 10134
19,000
100
Mar
Kentucky Utilities Co—
89
8934
9634
Lehigh Pow Seour 0s. .2026
Leonard TIetz
7348... 1946
Lexington Utilities 5s. 1952
For footnotes see page 1233
Mar
May
July
10534 10534
—.1940
♦Commers APrivat 534s'37
97%
June
Chic Jet Ry A Union Stock
194Q
Aug
Aug
33,000
10134 102
96%
1938
Italian
-.-1943
6534
76 34
>
Cities Serv P A L 5 348-1952
1,000
88
29,000
Mar
29", 000
6734
5434
Midland Ry 434a A 1956
1950
21%
7634
6534
8,000
106
1961
Cities Service Gas 534a '42
Service
Gas
Pipe
36
76
25,000
97
Cent States P A L 634« '53
Chic Diet Elec Gen 4)48*70
Chlo Pneu Tools 6348-1942
{♦Chic Rys 6s ctfs
1927
May
June
7s series F
'31234
1981
Cent Power 6s ser D—1957
Cent Pow A Lt 1st 58-1950
Cent States Elec 5s._.1948
84
08
9034
7334
10134
June
55,000
21,000
90
10334 104
11034 112
9834
9934
11234 11234
8434
Jan
Aug
Apr
97
7234
Central III Public Service—
6s series G
i3"666
89
May
73
89
8834
Broad River Pow 5S-.1954
♦Canadian Pac Ry 08.1942
Carolina Pr A Lt 5s.-.1950
Cedar Rapids M A P 5s '63
11234 11234
11934 120
j12034 121
16
9634
104
1936
6s series C
120
8234
2134
Idaho Power 5s
1947
111 Northern Util 58... 1957
111 Pow A L 1st 0s ser A '53
Telep of Canada—
1st M 6s series A—.1955
1st M 5s series B—1957
"2,000
20
452
Heller (W E) 4s w w„ 1946
Houston Gulf Gas 0s„ 1943
0 34s with warrants-1943
Mar
2,000
12,000
♦A St. Ry. 6348
Feb
277~666
Aug
7034
1634
Feb
July
100
Hamburg El Underground
Jan
189
20,000
74
4107% 108%
Hygrade Food 0s A... 1949
4834
172
8734
84%
Apr
Mar
90
"l'ooo
100
10034
6534
1947
9334
June
j17734 180
174
16
43034
76
1977
9834
41
190
1963
11934
10234
45
195
83
60
1,000
52,000
47,000
190
98%
410034
50
*181
3,000
Guardian Investors 5s. 1948
4934
50j4
♦6s stamped w w.1938
♦0s without warrantsl938
101% 10134
492
93%
Hackensack Water 6s. 1938
48
♦0s with warrants-.1938
99
Jan
May
Apr
May
49
1,000
Mar
107
60
49
55,000
72
97
Apr
Mar
33,000
47,000
16,000
414
102
70 34
50
"48"
"8734
9834
91
9834
470
"ie"
9234
(Baldwin Locom Works—
w„193R
83
(♦Gen Vending Corp 0s-'37
♦Certificates of deposit-
Apr
98%
103
10334
101% 101%
100
4,000
5,000
Conv deb o34s
1977
Assoo TAT deb 5 34s A '65
Atlanta Gas Lt 4)48-1955
10134
Glen Alden Coal 4s_..1966
Gobel (Adolf) 4 348—1941
7234
1950
9834
10334
101%
♦Geefurel 6s
5234
10534
100
234
Jan
72
Line 08-.
105%
2
Jan
72
1938
Conv deb 434s C—-1948
Conv deb 434s
1949
Conv deb 5s
101 %
22,000
23,000
102%
10834
June
May
50,000
58,000
62,000
Cities Service 5s
June
"2^660
10634
6
95
49
6s series B
Jan
Aug
6
107
9834
Yards 5s.
Feb
97
2
Aug
49
Chicago A Illinois
78% June
102
9,000
103
Associated Elec 4348—1953
Associated Gas A El Co—
6s series B
Aug
7,000
19,000
60,000
15,000
Arkansas Pr A Lt 68—1956
4)4b series H
Apr
7434
6634
Banks 6b-5s stpd—-1901
102
1st A ref 5s
6s series E
69
Apr
July
634
♦General Rayon 0s A. 1948
tl0334 105
1st A ref 6s
6s series C
7,000
5,000
Firestone Cot Mills 58-1948
Firestone Tire A Rub 5s '42
800
800
1946
Bell
105
234
6 34s series A—
6
634
7234
1st A ret 6s
x
May
9834
634
Dixie Guif Gas 6 348—1937
BONDS
♦0s stamped
46634
102%
10834
10634
10534
June
Gary Electrlo A Gas—
Abbott's Dairy 6s
1942
Alabama Power Co—
Conv deb 5s
58,000
10234
90
634
Eastern Gas A Fuel 4s .1950
Edison EI Ill(Bost)334s '65
18
5
Conv deb 5 Ha
89
86
102
Jan
1134
834
Apr
102% Mar
7134 June
118
14,000
June
500
8,000
75%
6
434
5
6% preferred
£1
Wrlght-Hargreavee Ltd—*
Youngstown Steel Door—*
Debenture 0s
16,000
76
200
Mar
234
Aug
July
Aug
June
xl9
7434
Aug 1 1952
♦Certificates of deposit
H June
300
400
300
1st A ref 5s
10534
1952
734
6
9,000
8,000
6,000
102% 103
Aug 1 1952
♦Certificates of deposit
Empire Dlst El 5s
400
600
100
Mar
100%
♦034s
Mar
Empire Oil A Ref 5 348-1942
Ercole Marelll Elec Mfg—
21
62,000
16,000
Jan
Jan
Apr
♦Deb 7s
Jan
Jan
25 34
200
34
11134
10734
11034
11034
107%
107%
10234
Detroit Internat Bridge—
Mar
Mar
Aug
734
16
Yukon Gold Co
1950
Aug
83
Petroleum
734
1334
10234
2134
6s 1st series B
1950
8
1,000
1,000
98%
Delaware El Pow 5 348-1959
El Paso Elec 5s A
34
20
86
10234
Feb
Elec Power A Light 5s.2030
Elmira Wat Lt & RR 5s '56
234
20
7434
1944
July
1534
Woodley
Cuban Tobacco 6s
June
80
Woolwortb (F W) Ltd—
Amer dep rots
Jan
3 34
80
com
2 34
5
76 34
Wise Pr A Lt 7%
Wolverine Tube
1940
Cuban Telephone 7 34sl941
20
8
1
Winnipeg Electrlo cl B—*
pret-100
1958
Crucible Steel 5s
Jan
600
734
%
*
—
Cont'l Gas A El 5s
Jan
1134
*
Conv
Aug
434
1134
334
334
IWll-low Cafeterias Ino—1
Wilson-Jones Co
98
8034
80
Williams Olt-O-Mat Ht._*
Willson Products
1954
6s ser A stamped...1943
Apr
60
8034
1
Williams (R C) A Co
Gen mtge 434a
Consol Gas Util Co—
Jan
Aug
Aug
834
West N J A Seashore RR 50
Feb
10
23
Jan
4
Aug
734 June
Westmoreland Coal Co—*
West Texas Utli $6 pref—*
West Vl Coal A Coke
*
9,000
4,000
10734 10734
4:121
12334
1939
934
98
2534
5s--
10 34
1634
100
Jan
10234
Mar
101
*
113
112%
126
July
July
Western Maryland Ry—
7% 1st preferred
UBalt) 334s ser N.„1971
Consol Gas (Bait City)—
Jan
1834
Low
111
10534 105%
103
103%
7434
7634
99 %
7
500
Cartridge 6% pf 100
Western Grocery Co—20
Western Tab A Sta
107
7434
1960
734
834
1,600
West
100
June
1,000
734
934
July
100
234
934
734
1
1.25
Western Air Express
134
9
Welsbaum Bros-Brower_-l
Wellington Oil Co
Wentworth Mfg
5
July
1734
Apr
9534 July
234 June
734
—
Walker MimngOo
June
934
334
Range Since Jan. 1 1937
Shares
Conn Light A Pow 7s A *61
Consol Gas El Lt A Power-
100
7% preferred
107
Community Pr & Lt 6s '57
11
Wagner Baking ▼ t e_.--
1957
73
Vogt Manufacturing
Waco Aircraft Co
1965
1st 4 34s series D
Com'wealth Bubsld 534s '48
134
Va Pub 8erv
1981
334s series H
Jan
Jan
634
134
8634
1st M 4u series F
Jan
Feb
Apr
134
Feb
Mar
6
634
Jan
034
134
334
1034
June
1
112%
112%
11134
11134
1956
2834
23
Veneaueia Mex Oil Co._10
C
June
Van Norman Mach Tool .5
Venezuelan Petroi
1st 4 34s series
113
1st M 5s series B...1954
6
55
pref
1st M 5s series A.-.1953
Jan
Jan
12
—5
t c conv
Apr
300
Apr
Mar
v
Week
Commonwealth Edison—
150
19
6
Valspar Corp v t c com.-l
for
of Prices
Low
High
Price
Jan
6
34
3
...—7
lUtfi Pow A L» common—1
7%
8034
434
8934
"34
Utility A Ind Corpoom—5
Conv
5634 June
Feb
234
Week's Range
Sale
High
1937
21,
Sales
Last
(Continued)
Low
Utah Pow A Lt $7 pref.
Priority
BONDS
Week
Shares
Utah Radio Products—
Utility Equities Corp—
Aug.
10234
89
90
100% 101
*92
94
8834
8934
9634
2,000
4,oj00
8034 June
94% June
88
ib'ooo
7934
15,000
93
96%
10534 106
*27%
29
22,000
10234 102%
20",000
10034
1834
100
July
July
Mar
May
Mar
June
Volume
New York Curb
145
BONDS
Week's Range
Last
(Continued)
Sale
Lone Star Gas 6e_.-_.1942
High
105
105
10524
103
103
Long Island Ltg 6s___I946
10524
105
10524
Louisiana Pow A Lt 6e '67
106
106
106
95
95
-
-
-
—
-
-
♦Manitoba Power 52*sl951
Mansfield Mln A Smelt—
♦7s without warr'ts_1941
Marlon Res Pow
42*8.1952
for
Shares
33,000
2,000
16,000
32,000
5,000
101
101
2724
101
2,000
3,000
McCord Rad A Mfg 6s *43
Metropolitan Ed 4s E.1971
95
90
89 54
109
105 2*
6s
look
98 K
1966
Mississippi Pow 6e.._1955
Miss Pow A Lt 5a
"83 k"
1967
Miss River Pow 1st 6s. 1961
108k
(♦Missouri Pub Serv6sl947
Feb
100
10424
Mar
Aug
Feb
107
June
10024
May
July
105
10324
87
22 24
10524
Aug
00
6
1944
........
Mar
2,000
90
July
104
Jan
90
41,000
3,000
4,000
83
July
104
Jan
So'west Pub Serv 0s. .1946
105
Mar
118
Apr
10124
Jan
Jan
80
July
97
June
98 >4
13,000
14,000
94
June
9724
10024
10254
99>4
103 % 104>4
83 >4
90 >4
9124
108 >4 108 >4
99 24
Mar
Jan
100 24
Mar
5,000
34,000
7724
June
99 24
Jan
84
May
1002k
Jan
|8tandard Pow A Lt 6sl957
♦Starrett Corp Inc 5s. 1950
Apr
Feb
Feb
Jan
107
Jan
Syracuse Ltg 524s
10754
9724
Feb
Jan
6624
Feb
10924
Aug
8454
9654
9824
17,000
92
June
10024
524
524
6,000
5
14 24
101J4
101 >4
10124
9024
8024
7,000
13,000
101
Aug
July
8324
June
16,000
74
May
May
90
7854
78
(♦Nat Pub Serv 6s ctfsl978
Nebraska Power 4>*s.l981
0s series A.
2022
10824
Netsner Bros Realty 6s '48
100
Nevada-Calif Elec 6s. 1956
New Amsterdam Gas 6s *48
N E Gas A El Assn 58.1947
Conv deb 5s__
1948
Conv deb 5s
1950
New Eng Pow Assn 68.1948
Debenture 5 He
1964
----
-
-----
82 >4
45
{4454
10824 109
11524 11624
100
8124
100
44
2i"666
{11924 12054
70 V4
7124
70
7154
70
7054
7154
9424
94>4
9554
9754
9754 9824
7024
---
10624
June
6s stamped
1942
♦Income 6s series A. 1949
9024
8024
Ext
424s stamped.. 1950
N Y PAL Corp 1st 4>*s '07
N Y State E A G 4 >4s. 1980
8924 9024
82
8024
{103
106
109
107>4
N Y A Westch'r Ltg 4s 2004
Debenture 6s
1954
5 >4s series A
109
10624 107>4
9824
9924
102 H 103>4
{112
114
Northern
Jan
108
77
7624
{9624
9824
10224 103 •
7624
120 24
Jan
Texas Elec Service 6s. 1960
July
110
Jan
Aug
9924
(♦Texas Gas Utll 6s..l945
Texas Power A Lt 5s.. 1956
Apr
12124
Jan
8424
Jan
85
Jan
34,000
6524 June
6524 June
6524 July
8424
39,000
89
June
10124
Jan
Jan
37,000
9024 June
10224
Jan
Toledo Edison 5s.
1962
Twin City Rap Tr 624a *52
Ulen Co—
Jan
Conv 6s 4th stamp. 1950
United Elec N J 4s... 1949
113
2i"666
15,000
Jan
6s
2022
Tide Water Power 5s.. 1979
♦TIetz (L.) see Leonard
11,000
8524 June
12,000
72
July
9924 May
4,000
62,000
25,000
12,000
103
Mar
105
Apr
96
100
9524
May
9924
Mar
4,000
85
2,000
10024
1,000
10,000
0724
10424 10424
7024
10354
Jan
104
Jan
June
10454
Mh\
Jan
95
Mar
Mar
0524 June
95
71
7124
5,000
6724
June
95
67
68 24
6324
June
9524
Mar
71
7024
7124
2,000
24,000
65 24
June
96
Mar
68
6724
9424
6724
69
6324 June
90
68
31
3224
54
54
46
46
68
6724
"67k
54
9424
4,000
2,000
10624
{106
105^4 10524
107
Jan
90
Mar
3024 June
4424
37
Apr
56
37
May
495*
Jan
Mar
10654
10224
Mar
108
Aug
May
Jan
10924
Mar
Mar
107 54
June
May
9824
8524
Jan
7124
"9,000
60
Jan
80
Feb
10124 102 24
3024
t—10424 10524
43,000
9824 June
100
84 24
69
{67
7024
107
June
30
May
50",000
104
June
Jan
402*
Feb
1,000
103
Aug
113
9224
11,000
90
July
1042*
Jan
10724 10824
76
7724
28,000
38,000
109
Apr
103
103
91
5424
11424 11424
5,000
10024
75
Jan
9424
June
55
4924 June
111
4,000
1172*
Mar
7924
Mar
27
July
Mar
28
Aug
1,000
1924
5,000
69
June
895*
78
7,000
71
June
9454
June
Jan
12,000
91
Jan
4,000
6924
10624
Apr
May
Jan
10024
47
108
Jan
May
100
Mar
107
Jan
1959
ds series A
1952
6s series A
4 >4 3
109
109
6s
series
E
Jan
Jan
Jan
905*
Jan
79
June
15,000
103
June
"7",000
88
July
103
Jan
35,000
94
June
102
Jan
9924
10454
10524
10224
110
{107
116
{10224 104
Jan
892*
6924 June
75
94
QQ
{10524 109
...1952
Vamma Water Pow 624s'57
Va Pub Serv 524s A.. 1946
107
July
21,000
90
99
10124
8424
{73
"96"
1944
12,000
Feb
10924
8324
Utlca Gas A Elec 5s D 1956
Indiana P S—
*
10424 10524
1973
Utah Pow A Lt 6s A..2022
75
10424
Un Lt A Rys (Del) 524s '52
United Lt A Rys (Mel¬
Jan
Mar
6624
2024
{71
1974
Jan
June
7524
Aug
Feb
Feb
28
10724
10424
Jan
106
77
1956
Jan
July
7824
6424
1,000
10724
5324
11424
102
June
10054
9124
7624
July
62
102
"i",66o
107
84 24
10824
Mar
93
~i",66o
107
{107
104 >4
103
10,000
1,000
32,000
17,000
Mar
74 24
6248
5248
Jan
106
June
28
95
101 H 103
Jan
9324
000
United Lt A Pow 6s_..1975
Feb
1970
87
Jan
July
1969
July
10924
May
6s series D
10,000
{2724
8654
4 >48 series E
May
♦United Industrial 0 24s. '41
♦1st s f 6s
1945
10424
103>4
105
United El Serv 7s
ex-w
Jan
Jan
Jan
112 54
4,000
Jan
11054
Feb
92
Apr
Apr
103
Mar
10454
Aug
11024
104
6824
10124
July
99
103
10224
7324
90
7024
1957
8024
33,000
75
1906
'104k
7124
12,000
6s series C
90
Tenn Public Service 5s 1970
Ternl Hydro-El 024s.. 1953
8224
5124
107 24 108
No Indiana G A E 6s. 1952
108
Apr
Jan
94 V*
51
1956
Mar
9924
May
No Amer Lt A Pow—
Nor Cont'l Utll 5 >4s._ 1948
Jan
99H
11,000
18,000
12,000
51
75
Nippon El Pow 6HS..1953
107
69,000
110
New Orleans Pub Serv—
N Y Central Elec 52*s *50
New York Penn A Ohio—
1954
5s series B
111
8,000
2,000
8254
------
--
Mar
104
10324 104
106 24 108
10354 104
Tennessee Elec Pow 5s 1956
107
-----
90
12,000
103
2d stamped 4s
1946
Super Power of HI 4 24s '08
1st 424s
1970
5,000
High
10624 10624
Stlnnes (Hugo) Corp—
2d stamped 4s
1940
2,000
66>4
Low
10624
Debenture 6s
1951
Debentu e0s.Dec 11966
Standard Investg 5 24s 1939
Feb
Jan
18,000
106
Range Since Jan. 1 1937
for
Week
Shares
10324
♦Certificates of deposit
♦Convertible 6s
1935
♦Certificates of deposit
May
July
107 24
90
"e'ooo
82 >4
100 54 101 >4
2030
Deb 6s series B
of Prices
High
(♦Stand Gas A Elec 081935
109
66 >4
98
Week's Range
Low
103
Sou Counties Gas 4 24s 1968
Sou Indiana Ry 4s
1951
S'western Assoc Tel 5s 1961
Aug
101
1946
Ref M 3248-May 1 1960
Ref M 324s B July 1 '60
1st A ref mtge 4s...I960
Jan
Feb
9824
2724
Debenture 324«
Apr
May
July
Sales
Sou Calif Edison Ltd—
May
10324
10324
Montana Dakota Power—
♦Munson SS 0 J4s otto. 1937
Nassau A Suffolk Ltg 6s '46
Nat Pow A Lt 6s A...2026
I
Sale
Price
95
1052* 105?4
92 54
{88
83 >4
Last
(Concluded)
81 >4
Middle States Pet «2*s *46
Midland Valley 6s
1943
Mllw Gas Light 4 Hs-1907
M Inn P & L 4 2*8
1978
BONDS
1937
High
Low
S'western Lt A Pow 6s 1957
So'weet Pow A Lt 6s. .2022
|*M oCallum Hoe'y 0 2*s'41
Memphis P A L 6s A..1948
Mengel Co conv 4 2*s..l947
Range Since Jan. 1
50
2724
1233
6
Friday
Week
Low
Price
Llbby McN A Llbby 5e '42
Exchange—Concluded—Page
Sales
Friday
Jan
Jan
100
Feb
Mar
107
June
Feb
103
Mar
9924
June
10554
Jan
9524
9524
9624
1042*
Jan
9424
May
104J4
Jan
1st ref 5s series B...1950
9124
9124
92
18,000
8,000
June
9824
9,000
14,000
11,000
87
June
1022*
Jan
N'western Eleo 6s stmpd'45
N'western Pub Serv 6s 1957
10324 104>4
10,000
10224
Feb
10524
Jan
Qs
9424
9424
96
3,000
80
June
101
Jan
9724
22,000
9324
June
105
Jan
Ogden Gas 6s
10824 10824
17,000
10024
11124
Jan
8,000
2624
1,000
10424
24,000
10424
Feb
10024
10524
106
103
May
2624
10524
10624
10524
9924
27
10524 105>4
Apr
Jan
10624
10524
2,000
10524
24,000
9824
97
1945
Ohio Power 1st 5s B..1952
1st A ref 4 >4s ser D.1956
1105 >4 105>4
Waldorf-Astoria
♦
1953
6s series D
1954
5 >4s series E
1901
Okla Nat Gas 4>4s.._1951
68 conv debs
1946
Pacific Coast Power 6s '40
Pacific Gas A Elec Co—
1st 0s series B
11054
10324
Mar
10624
Apr
10454
Aug
107
West Texas Utll 5s A 1957
D
10054
West Newspaper Un 6s '44
10824
Jan
West United G A E 5 24s *65
10424
June
100
Jan
Wheeling Elec Co 5s. .1941
10224
June
108
Jan
Wlso-Mlnn Lt A Pow 5s *44
Mar
119
Jan
Yadkin River Power 5s *41
Mar
10224
Jan
York Rys Co 5s......1937
Mar
117
115
9424
1964
113
7024
9924
June
9324
1981
(♦Peoples Lt A Pr 6S..1979
102*4
Jan
10524
Jan
12,000
96
June
10524
1424
38,000
88
June
103
Jan
11,000
9924 June
100
Mar
3,000
13.000
8924 June
10524
Jan
♦Baden 7s
109
Apr
Buenos Aires
9624
107
105
10624
10724
May
May
Mar
105
Mar
108
June
100
Pittsburgh Coal 0s... 1949
"e'ooo
1,00c
93
94
22,000
8824
Mar
12
July
1112*
72
4 >4s series I
I960
Pub Serv of Oklahoma—
4s series A
74
5,000
6224
Jan
77
1,000
10624
Jan
108
10224
18>4
Apr
Apr
107
Jan
25
■"74"
Inc
6s
1st 4>4s series D
Sheridan Wyo Coal 6s. 1947
Sou Carolina Pow 5s. 1957
Southeast PAL 6s..2025
Feb
108
Apr
Apr
2,000
2224 June
30
4,000
22
Apr
2924
18 H
Jan
25
7,000
10.000
13
107
10224
1072*
1002*
Jan
Jan
Jan
Jan
Feb
Feb
Mar
942*
Aug
2,000
8324
842*
May
Mar
95
8~66o
1124
June
21
Feb
1,000
19 H
Apr
Aug
~
1952
524s
1955
5s
102
1953
2754
2754
{275* 282*
10154 102
10054 101
June
External 6 24s
♦Secured
Jan
1012*
Feb
July
50
Apr
77
Feb
3~66O
17
Jan
3,000
17
Jan
252*
252*
Aug
♦Hanover (City) 7s._-1939
♦Hanover (Prov) 0 24s. 1949
26
26
1,000
17
Mar
26
Aug
252*
2054
252*
2124
1,000
175*
Apr
18
Jan
252*
2924
Mar
302*
302*
5,000
1,000
245*
Jan
33
July
135*
July
74
Jan
81
Mar
♦Lima (City) Peru6 24s.'58
♦Maranhao 7s
1958
July
July
104
Feb
♦Medellln 7s series E_ 1951
14
102
Feb
Mendoza 4s stamped.. 1951
942*
95
30
18
Mar
25
July
Mar
147
Jan
Aug
Mtge Bk of Bogota 7s. 1947
129
"
14
9724
1,000
63
9824
"woo
10324 10324
103
103J4
10324
{10424 10524
~6~66O
Mar
10424
June
32,000
10024
Apr
10324
June
26
3024
24
♦Issue of Oct 1927
{24
18,000
2,000
102
Apr
Mar
10554 May
♦R usslan Govt624a
♦6 24® certificates
103
103
8224
8324
10524
9824
Jan
78 24
7 9 24
75
75>4
{10324 10324
Jan
♦Santiago 7s
99
Mar
73
May
May
6,000
{10124 102
{28 «4
{2524
26k
10724 10724
1324
1324
107
107
70
6924 May
10324
Jan
96
2724
3,000
1,000
2554
10824 May
1824
107
*
Jan
July
Aug
Jan
130
130
1,000
132
no"
108
110
3,000
"34"
"34"
16" 000
Aug
47
Mar
16224
102 24 193*4
107
107
14,000
4,000
10324
104"
104
10,000
105
Feb
104J4
"3"606
May
352*
3,000
1
12*
12*
124
12*
2124
12*
80
802*
{145*
145*
2,000
Jan
12* June
y
year's
range,
r
12*
Jan
Apr
Apr
July
12*
154
Apr
621*
Jan
815*
Mar
5",000
142*
145*
Aug
Aug
202*
205*
Mar
—
-
—
—
7",606
1
a Deferred delivery sales not Included in year's range,
Ex-divldend.
Jan
2
9,000
—
16
145*
1
July
June
n
Apr
Mar
Under
Cash sales not Included in year's
Ex-Interest,
No sales were transacted during current week.
Bonds being traded flat
Called tor redemption
Cash sales transacted during the current week ana not included In
weekly
or
No sales.
y
Mar
or yearly
No sales.
a
Jan
range:
Deferred delivery sales transacted
daring the current week and not included
In weekly or yearly range:
No sales.
•
Jan
Under-the-rule sales transacted during the current week and QUl inclu
weekly
July
72
10924
34
2,000
Jan
101
43,000
July
e
10724 May
10524
1124
Feb
yearly range:
Feb
10424
{10424 10424
10424 10424
{6824
6924
90
{8824
9824
9824
1324
10024
Aug
^
Jan
30
Mar
( Reported In receivership
11024 May
{3024
3224
Feb
212*
Apr
12*
{12*
t Friday's bid and asked price.
♦
Mar
272*
Jan
June
1961
%
272*
Feb
952*
1949
No par value,
Apr
2354
100
12*
the rule sales not Included In
range.
22
1,660
2554
2524
1921
1921
♦7a
Apr
13,000
25>*
1919
-
Feb
902*
272*
2554
100
1919
♦524a eertlflcatea
Jan
9224
Jan
10454 May
107
10,000
18
♦Santa Fe 7s stamped. 1945
2,000
31,000
15,000
—
21
902* June
152*
3,000
—
18
{145*
..1931
Mtge Bk of Denmark 6s *72
♦Parana (State) 7s..-.1958
♦Rio de Janeiro 0248--1969
—-
Aug
215*
1,000
14,000
24
-
{175*
6s stamped
♦524a
10224
Apr
25 2*
Jan
Aug
"98k
Apr
97
25 54
July
July
'ioik
99
2,000
252*
..1947
0s
85
105 H
105
107
Mar
"5",000
{69
2554
1952
♦German Con Munic 7s '47
109
10524
104
11224
78 >4
75
20
2754
2754
Danslg Port A Waterways
108
8,000
Mar
1948
1970
Danish
Jan
101
Joaquin L A P 6s B '62
Servel
June
Feb
101
♦Saxon Pub Wks 6s.. 1937
Scrlpp (E W) Co 5 >48.1943
792*
1052*
94 2*
Jan
17,000
18,000
10424 105
Safe Harbor Water 5>4s '79
(♦St L Gas A Coke 6s..'47
Shawlnlgan W «fc P 42*8 '07
4 >4s series B
..1908
96
125*
Apr
July
72
11124 112
6 >4 s series A
1962
♦Ruhr Gas Corp 0 >48.1953
♦Ruhr Housing 0>4s.. 1968
♦Schulte Real Est 6s.. 1951
70
Feb
Mar
{103 24 10324
1968
1955
♦6s series A
Aug
Queens Boro Gas A Elec—
San
♦Prov Banks 6s B..1951
Jan
73
9924
Apr
Mar
83
Sauda Falls 6s
3024
112
10824
10324
103
B.1968
4924 May
10324 Mar
10524
Feb
10524
Feb
9254
Apr
103J4 June
8124 May
23>*
2324
942*
{9254
1224
♦Issue of May 1927
I960
Ban Antonio P B 5s
1948
♦Mtge Bk of Chile 6s. 1931
Puget Sound P A L 5>4s '49
1st A ref 5s series C.1950
1st A ref 4 >4s ser D. 1950
^Quebec Power 6s
Jan
2554
{13324 134
1978
1st A ref 4>4s ser F.1981
Jan
99^
9724
232*
1952
Aug
{265*
1966
1980
Jan
1142*
June
"9",000
87
23 >4
{25>*
1947
Mar
7024
7024
{9924 10024
9924
9924
1956
E
10654
July
91
(Province)—
♦7s stamped
8724
10624 107
6% perpetual certificates
D
106k
96
1951
♦7 24s stamped
♦Cauca Valley 7s
10824
10724 10724
Public Service of N J—
series
6124
85
1947
Jan
24,000
8,000
4,000
106 >4
Pub Serv of Nor Illinois—
6s series C
♦20-year 7s
Jan
90
107>4
Power Securities 6s... 1949
♦Prussian Electric 08.1954
4 >4s
1424
1524
11024 111
10724 107.24
{10224 104
{25
Potrero Sug 7s stpd__1947
Power Corp(Can)4 >4b B '69
4 >4s series
June
105
11,000
1,000
13,000
12,000
21,000
10524 106
Agricultural Mtge Bk (Col)
♦20-year 7s
1946
Jan
10024
105
107
88
Pittsburgh Steel 6s... 1948
♦Pomeranian Elec 08.1953
1st A ref 5s.
9424
Cent Bk of German State A
93
74
1961
95
Feb
Jan
107
Pledm't Hydro-El 6 >4s '60
4 >4s series F
Mar
1062*
AND MUNICIPALITIES—
99>4
95>4
10824 10824
111
Portland Gas A Coke 6s *40
Jan
107
FOREIGN GOVERNMENT
July
{104
Pblla Elec Pow 5>4a._1972
Pblla Rapid Transit 6s 1962
Potomao Edison 6s E.1966
108
Apr
June
Jan
Mar
9024
Peoples Gas L A Coke—
4s series B
106
104 24 10524
{10924
10624
1900
93"66O
107
..1908
July
103
Jan
18,000
3O"66O
9624
Penn Water A Pow 6s. 1940
322* June
Aug
31,000
100
9324
5924
6024
May
k
100 H 102
Penn Pub Serv 6s C.;i947
series B
Apr
96 J4
86
1,000
94
93>4
1950
Deb 5 >48 series B..1959
6s series
90
23,000
18,000
Penn Ohio Edison—
4 >4s
28,000
98
1971
106
94 24
Apr
Jan
94
Palmer Corp 0s
1938
Penn Cent L A P 4 >4s. 1977
6s
1979
6s series A x-w
2030
West Penn Traction 5s '60
10724 June
6,000
7424
76
{103
10354
Pacific Ltg A Pow 68.. 1942
Pacific Pow A Ltg 6s..1955
10524
West Penn Elec 5s
3,000
7,000
11624 117
9724
9914
{11324 115>4
A. 1948
Penn Electric 4s F
1954
Wise Pow A Lt 4s
1941
ser
5s Income deb
10424 10424
99
9924
100>4 10024
8924
8924
{104>4 106
Feb
92
Hotel—
10924 10924
10324 10324
Okla Power A Water 6s '48
Pacific Invest 6s
1946
Wash Gas Light 5s...1958
Wash Ry A Elec 4s._.1951
Wash Water Power 5s. 1960
Mar
Ohio Public Service Co—
0s series C
•
Abbreviations
Used
Above—"cod," certificates of deposit; "cons," consolidated
I'cum," cumulative; "conv," convertible; "m." mortgage; "n-r." non-voting stock
•'v t c," voting trust certificates: "w 1." when issued: "w w." with warrants: * x-w"
wthout warrants.
Financial
1234
Aug. 21, 1937
Chronicle
Other Stock Exchanges
Sales
Friday
Range Since Jan. 1, 1937
Last
New York Real Estate Securities
Exchange
Stocks
Closing bid and asked quotations, Friday, Aug. 20
Bid
Unlisted Bonds
Unlisted Bonds
A 8k
Bid
Ask
Par
(Concluded)
Mergenthaler Linotype..*
Narragansett Racing Ass n
1
*
100
Preferred
100
New England Tel A Tel 100
N Y N H A H RR(The) 100
North Butte
2.50
Old Colony RR
100
Certificates of deposit..
Inc
B'way & 38th St BIdg 7s 45
Bryant Park Bldg 6 #s 45.
Internat Commerce Bldg—
1939
11 West 42d St 6 #8-1945
500 Filth Ave 6#s—1949
Majestic Apts 6s
Drake
6 #8
(The) 6s
Park
1948
28#
6
income bonds vtc
29
10 East 40th St Bldg 5s
53.
83 #
2124-34 Bdwy Bldgs5 #s'43
250 W 39th St Bldgs 6s 1937
6# 1941 and ctfs
14#
25
Mining Co
ctfs
Qulncy
Baltimore Stock Exchange
*
—*
Torrlngton Co (new)
*
Union Twist Drill Co
5
United Shoe Mach Corp.25
Preferred
25
Utah Metal A Tunnel
1
Shawmut Assn tr
44
8#
3#
8#
10
.
Established
Calvert St.
S.
6
1853
39
Broadway
NEW YORK
BALTIMORE, MD.
Warren
Louisville, Ky.
Hagerstown, Md.
29
35#
7#
13#
22#
36#
"~7#
Par
*
Arundel Corp
.50
vtc.*
Atlantic Coast L (Conn)
Bait Transit Co com
Week's Range
Price
6%
*
Pow—*
100
preferred
75
Tl"
Deposition-20
120#
12 >4
100
25
2d preferred
1
Mar Tex Oil
Com class A.
Merch A Miners Transp—*
Monon W Penn P S 7 %
"22#
86
46
Jan
54
Mar
1%
4%
28%
68
1
Aug
3
Jan
Jan
9
38
Jan
89#
6#
Jan
260
84
50
43
78#
2#
5,060
60
12
Mar
36#
1#
Apr
Jan
11#
July
6#
Mar
Jan
29#
21# May
44#
Jan
50
Mar
11#
Mar
33#
Feb
Jan
41#
May
33
Mar
98
Jan
16#
Jan
2# June
19#
Feb
46#
Feb
12 #
Jan
125
8#
35
Jan
46
Feb
$7,000
76
July
89
Feb
114
Unlisted
Jan
147
3#
24# June
44
64
June
54
112
Apr
30
41
34# June
119# June
136
120# 123#
156
12#
12#
133
55
22%
23#
5
395
34
#
1
60
4
871
3%
6,021
25
25#
25#
138
50
Members
48
10 So. La Salle St.,
Jan
13#
Mar
55
Jan
62
19#
Apr
23#
Apr
Aug
both inclusive, compiled from official sales lists
Aug. 14 to Aug. 20,
1
July
1#
2#
3#
July
4#
4#
Apr
3
Jan
Jan
Jan
Par
Stocks—
*
Common (new)
Aug
41
Jan
July
27#
Jan
Adams (J D) Mfg
Apr
14#
14#
567
13#
Feb
Aetna Ball Bearing com..l
99
10
97 #
Apr
104
Feb
80
80
73
June
95
Feb
24
1,214
21
June
29#
18#
Aug
Jan
...25
Class A—
Amer Pub Serv Co pref. 100
Aro
5
$64,000
27#
July
41#
Jan
Asbestos Mfg Co com
'75
31#
32
35#
36#
31#
July
48
Jan
Associates Invest com
*
Equipment com
Athey Truss Wheel cap
Bond Co coll tr
99#
1,000
102#
5,000
99#
102
12#
1
1
58,500
'Bonds—
102#
12#
Allied Products Corp com 10
79#
23#
1975
W CcJC
Apr
100#
*
Aug
102#
Autom Washer conv pref.*
49#
300
45
June
65#
Feb
11#
11
110
10#
Aug
6#
Jan
17#
12#
Feb
510
8#
12#
15#
21#
68#
11#
11#
9#
13#
15#
21#
68#
12#
12
2#
52#
June
12#
Mar
Aug
14#
May
June
23#
26#
Feb
52
500
550
7
10#
350
13
20
July
61
June
8,000
7
Jan
84#
13#
Feb
10#
Aug
12#
July
1,350
1#
June
4#
Mar
200
48#
Mar
57#
650
Bastlan-Blesslng Co com.*
Jan
9
Mar
Jan
9
Mar
100
8# June
400
5
7#
8#
2,050
3#
15#
20#
15#
21
150
15#
600
19
22
100
20
21
21#
18#
Bendlx Aviation com....5
550
Feb
Aug
9#
6
15#
20#
Jan
17
9
"1#
Belden Mfg..
Feb
50
5
9
Jan
130
22
BarlowASeellgMfgAcom 5
Townsend, Anthony and Tyson
48#
2
52
Automatic Products com.5
Aug
100
Jan
99
High
Low
10#
10#
48#
Advance Alum Castings. .6
7#
82
Armour A Co common
_
Price
com...*
99
23#
Shares
Adams Royalty Co com..*
Mar
Jan
2
for
of Prices
Low
High
Abbott Laboratories—
24
25#
Aug
14 X
Range Since Jan. 1, 1937
Week's Range
Sale
Jan
4
'80"
Sales
Friday
Last
#—ly
70
Penna Water A Power com *
CHICAGO
Chicago Stock Exchange
Apr
Jan
4
Northern Central Ry...50
Chicago Stock Exchange
Chicago Curb Exchange
Jan
12#
#
3#
3#
24
Apr
115
188
5% series BBB
.1944-51
Read Drug & Chem 6 #s. '45
June
34# June
Mar
Jan
470
4
Interstate
25
480
New York Curb (Associate)
75
6s flat
130
443
32#
88
New York Stock Exchange
4
A
July
9#
2#
Paul H.Davis & 6a
53
75
Bait Transit Co 4s (flat)
Aug
16#
10#
SECURITIES
CHICAGO
High
Mt V-Woodb Mills com 100
Guar
JaD
68c
42
78
12
23#
78
41
Low
Mt Vern-Wdb Mills pref 100
U 8 Fidelity A
"I#
Jan
1
1
3%
3#
24 %
pf. 25
New Amsterdam Casualty5
Mar
12# June
17# June
34# June
25#
Feb
1#
11#
7#
42#
18
#
*
Mfrs Finance com v t
Shares
21%
55
*
Guilford Realty pref
Houston Oil pref
Jan
142
17#
122
Feb
80
114# June
3# June
10
255
Mar
93
45
465
x6
Feb
June
Range Since Jan. 1, 1937
113# 113#
Finance Co of Am class A. *
Fidelity A
July
10
471
32
240
21#
50%
IX
4#
27%
75
21#
50K
l#
Black A Decker com
Consol Gas E L &
8#
13#
1,332
Apr
Week
*
1st pre! v 10..
30#
38
101
11#
24#
37#
Listed and
for
of Prices
Low
High
10
416
3#
Feb
Mar
87#
87#
1948
Series A 4 #8
Sales
Sale
50
10
6#
56
St Ry—
Eastern Mass
(Associate)
Last
2,160
1,428
High
July
41
42
13#
Exchange
Friday
8#
4#
83
*
both inclusive, compiled from official sales lists
Aug. 14 to Aug. 20,
Stocks—
(SD) Co
200
Bonds—
Chicago Board of Trade
Baltimore Stock
*
*
Warren
York, Pa.
Members New York, Baltimore and Chicago Stock Exchanges
New York Curb Exchange
Bros Co
Waldorf System Inc
44#
Low
Shares
115# 117
4#
4#
1#
1#
17#
17#
16#
16#
115#
4#
1#
Stone A Webster
Stein Bro s &I3 oyce
High
Low
29
50
RR
Pennsylvania
on
Price
16#
Pacific Mills Co
Orders Executed
Week
Co
New River
Dodge Corp—
Pennsylvania Bldg ctfs
Bldg
Fox Theatre & Oflce
Place
8#
for
of Prices
Mines
Nat'l Tunnel &
1943
Week's Range
Sale
Feb
20#
23#
Feb
Aug
22
Au|
July
30#
Feb
Aug
Jan
Feb
12#
Jan
14#
Feb
40
43
1,200
32#
Jan
43#
Mar
47#
18#
11#
49#
18#
11#
1,250
50
Brown Fence A Wire com. 1
47#
18#
11#
19
19
20
1,300
12
12#
200
New York Curb Exchange (Asso.)
Private Wire System
30 State St., Boston
15#
31#
1#
16#
32#
1#
3,900
40
16
40
1
Inc cap.5
Borg Warner Corp—
(New) com
6
Brach A Sons (E J) cap..*
UNLISTED TRADING DEPARTMENT
Butler Brothers
Aug. 14 to Aug. 20, both inclusive,
Canal Constr Co
Last
Sale
Par
Price
pref*
common..
compiled from official sales lists
Range
of Prices
High
Low
Common.
Range Since Jan. 1, 1937
for
1
Prior lien pref
High
Low
*
1st
50
50
preferred
6% non-cum pref
100
Amer Tel A Tel
Blgelo-Sanf Carp pref.. 100
Boston A Albany
100
Boston Edison Co
100
Boston
100
Elevated
16
Boston-Herald-Traveller
.
*
168#
------
129#
138#
59#
24
1.00
16
2#
2#
168# 171
106# 108
129
129#
138# 140
59# 60#
24
25
655
5
35
1,459
100
80c
July
14
July
2
July
159# June
107# May
2%
30
Class A 1st pref stpd.100
12
preferred-100
100
100
CI D 1st pref
100
11
Class A 1st
Calumet A Hecia
25
25
11
9#
13
12#
11#
13#
15
CI B 1st pref stpd
CI D 1st pref stpd
Copper Range
8#
12#
15
128#
July
147
June
160
59#
238
24
Aug
Aug
15
15#
12#
15
15#
16#
13#
12
85
18
9
5
50c
*
*
Common
100
100
prior pref
6% cum pref
59#
------
30#
Jan
Jan
June
100
1st preferred
Economy Grocery Stores.*
Employers Group
General Capital Corp
Gillette Safety
Rasor
*
*
•
Hathaway Bakeries cl A—
Helvetia Oil Cote
1
Isle Royal Copper
Co.-.25
100
Maine Central common
Mass Utilities vtc
•
---
17#
-----
42#
14#
July
14#
Mar
Mar
Cities Service Co
------
18#
1.
New
24#
Mar
17
Jan
Consolidated Biscuit com.l
17#
JaD
pref part shs
1#
Feb
Cord Corp cap stock
10#
Jan
Dayton Rubber Mfg com.*
June
June
81
Jan
69
Jan
3
For footnotes see page 1238
40
2
100
39
Aug
80
16
June
May
17#
21#
120
19
44
209
39# June
14
July
25
4
June
100
670
3
June
430
60c
183
412
50c
2
10#
2#
550
1# June
3H
May
3#
Mar
51
Jan
22#
Jan
6#
Jan
110#
Mar
June
7?
5
June
20#
July
3,000
50
58#
72
19
Jan
Feb
Feb
Jan
July
73
Mar
Jan
85
Feb
3# June
6#
Mar
3
35
1,300
43
June
48
Feb
63#
350
53
Jan
77
Mar
25
110
20
May
3
June
6#
Mar
Apr
37#
Feb
3#
150
17#
10
104#
30
14#
3#
250
35
122# 122#
30#
42#
6,650
14#
100
13#
Jan
July
2# June
32
108
27#
5#
20
34
Jan
37
100
103
Apr
139
32#
13,550
43#
700
30# Aug
38# June
"4#
5
Cunningham Drg Stores2#
Class
5
12#
4#
21#
23#
12#
5#
22
24
10
Feb
4#
Aug
11
July
13#
24#
.....
5#
Feb
400
18# June
26#
Feb
19#
JaD
28#
Apr
10
50
8#
July
17#
Jan
36
200
July
41
Feb
24#
25#
Aug
38
39
6#
7#
2
35
June
450
29#
May
25#
41#
2,400
6#
Aug
12#
Jan
40#
Mar
1,800
20# June
Elec Household Utll cap.5
35
35
36
350
31
June
12
12
12
150
12
Aug
*4#
July
20
Aug
Fitz Simons A Con DAD*
Fuller Mfg Co com
2#
Jan
July
200
8,800
Elgin National Watch..15
Jan
Jan
Aug
12#
Mar
Jan
Jan
Jan
May
48#
10
Mar
Feb
Feb
32#
700
47
7
Feb
35#
5
21#
23#
*
A
Dodge Mfg Corp com
*
Eddy Paper Corp (The)—*
4#
26#
20
Aug
Jan
Gardner Denver Co—
20#
Mar
6#
Jan
Jan
24#
May
May
Feb
2# June
86# June
14
Dexter Co (The) com
5
Dixie Vortex Co com....*
4#
18#
3#
1#
Jan
47
104
50
June
60c
Feb
Consumers Co—
40
17
19
Jan
200
17#
Compressed Ind Gases cap*
20#
4#
4#
------
15
3#
3#
97# 101#
3
31#
40c June
14#
4#
210
32,950
*
com
Aug
17
20
July
16
5
44
Chicago Yellow Cab Co—»
20
25
2#
43
4#
43#
*
Apr
May
39
42#
14#
4#
pref
75
65#
2#
East Mass St Ry com.. 100
conv
50c
35#
29# June
*81#
24
6
249
650
43#
Coleman Lamp A Stove. _*
281
41
10
Commonwealth Edison. 100
61#
Mar
5#
12
62
Mar
47
Mar
36#
63# June
24
*
Mar
5#
59#
18#
June
100
Chic A N W Ry com—.100
Chic Rivet A Mach cap..4
Mar
43
June
1# June
170
Chic Elec Mfg A
East Gas A Fuel Assn—
4 # %
13
28#
30
350
250
Chic Flexible Shaft com-5
Vtc
East Boston Co
Aug
13
Jan
Mar
24#
10
12
Feb
69
Jan
69#
29
11#
July
17#
67
61
Jan
15
13
85
"4#
Jan
335
Mar
85
*
Preferred
14#
914
30#
55
Chicago Corp common...*
12
9#
Feb
June
6#
60#
Jan
Jan
127#
8#
15#
Feb
162
9#
22#
Apr
54
Cherry Burrell Corp com.*
6#
187#
152
35
July
11
6#
60#
60#
Jan
115
217
325
Apr
18#
50
130
Chain Belt Co
Chic Towel
100
3#
101#
Jan
Boston A Maine—
Common
67
*
Cent States Pr A Lt pref. *
com
.*
June
38#
50
Central S W—
Common
Week
Shares
9
1#
12#
*
Preferred
90c
*
"40"
1
$1.50 conv pref
Cent 111 Pub Serv pref-.-*
Amer Pneumatic Service—
Common
10
15#
31#
9
Central Illinois Sec—
Sales
Week's
conv
30
Cen Cold Storrage com..20
Exchange
Friday
Stocks—
10
5% conv preferred
Lewlston
Castle (A M)
Boston Stock
*
Burd Piston Ring com___l
N. Y. Tel. CAnal 6-1541
Portland
Bangor
14#
9#
Bliss A Laughlln
New York Stock Exchange
Boston Tel. LAF 7010
Aug
100
Binks Mfg Co capital
1887
Members
Boston Stock Exchange
1,600
Bruce Co (E L) com..
Established
9#
12#
9#
12#
Berghoff Brewing Co_._.l
3#
Jan
New
$3
common
conv
pref
Gen Candy Corp A
4#
1
4#
1,000
350
20
21
20
67#
67#
50
5
14#
14#
50
*
20
Jau
58#
14# June
5# May
23#
July
70
July
19
Feb
Sales
Friday
Sale
{Concluded)
Price
Par
of Prices
High
Low
5%
General Finance Corp com 1
3%
1,300
4%
3%
4
2,700
3% June
34
11
July
600
18
June
11
11
200
13%
13?*
7?*
850
9% May
12?* Aug
6% Aug
8% Aug
250
9
8%
170
50
23
45
"III
Feb
12%
108
23
52%
52}*
16
40
15%
Aug
52}* May
21}* June
18
100
18
July
23
1,050
3
May
4%
4
38
8?*
8H
Indiana Steel Prod com_
11% June
May
1113*
Aug
240
99?*
37
July
150
8
June
7%
*
7%
22%
28?*
22
53%
9%
10%
55
9H
10%
95
Joslyn Mfg A Supply com 5
Katz Drug Co com
1
Kellogg Switch A Sup com*
Preferred
100
27
53}?
Jarvls fW B) Co cap
22
27}*
Iron Flrem Mfg com v t c
95
95
"bk
Kerlyn OH Co cl A com__6
Kingsbury Breweries cap.l
m
5%
1%
Jan
223*
Jan
19?* June
27
Feb
1,300
29 5*
Feb
1,200
1,850
500
10
5%
1%
7%
103* May
21
20% June
30
30
30
50
1,550
500
45?* June
55
Aug
16?*
Feb
12?*
Mar
July
9?*
8% June
91
Aug
17%
Apr
Mar
125
Feb
28?*
June
25
43?*
Jan
Aug
7?*
Mar
33*
Jan
3?*
Aug
5%
Aug
1%
Lawbeck Corp 6% pref
Leatb & Co—
3%
1?*
Jan
Jan
50
Apr
38
*
.10
com
Lincoln Printing Co—
Common
12 %
lO
—
16%
12}*
10
"26 H
Lion Oil Refining Co com. *
Loudon Packing com
*
Lynch Corp com
6
17
150
125*
550
"56
Feb
Jan
13?*
June
34?*
Mar
19?*
July
15?*
Mar
7?*
25
16% June
9?*
Jan
50
39%
4%
26%
3%
39%
4%
28%
52
39}*
Lincoln Print $3.50 pref..*
200
50
8
8
..*
Lindsay Light com
8%
29
29
56
8
Aug
123*
Jan
120
38
July
45
Jan
4
Jan
45*
Mar
Jan
331*
July
3?* June
38% Mar
65*
Jan
200
700
1,350
4
200
161*
56
Aug
483*
Feb
McCord Rad A Mfg A...*
26
25
26
80
22
July
53%
26%
5%
53%
26%
5%
28%
20
41
Jan
54
Mar
McGraw Electric com
28%
5%
28%
4.100
19
Jan
305*
Mar
3%
8%
3%
3%
10
3%
400
5
Marshall Field common..
Mer A Mfrs Sec cl A com
Prior preferred
Churn gold
Cln Advertising
Prod
1,150
60
3%
8%
3%
Stock purchase warrants
Midland United Co—
(Dan)
Crosley Radio
Dow Drug.
100
5%
7% preferred A
100
3,050
7% June
15«
1,500
1J* June
75*
13*
Jan
200
3% June
125*
Jan
180
3
June
9?*
1%
1%
2%
3%
June
June
5
June
June
83*
9?*
8?*
"5"
100
4
Nat Pressure Cooker Co.
210
4
50
7
"n%
25
Northwest Eng Co com..*
*
com
35
June
46?*
July
10
Aug
17
13?*
4%
230
4
July
12?*
28
Junf
363*
2
50
Jan
3?*
750
37?* Jum
68
150
1,650
53* June
10?* June
16?*
150
24}* June
37
Mar
50
18?*
Mar
22
10?*
Aug
15?*
50
50
50
18
July
May
Feb
50
2?*
1%
com
Jan
35
Aug
600
June
100
86}*
88%
88%
30
30
99
15
98
Feb
21?*
34
24
Jan
30
30
10
183* June
27
June
37
Mar
1%
3%
60%
18%
2
3%
61%
18%
40
1?* June
3% Aug
55?*
Jan
18
Julty
45*
8%
65%
23%
30
*
1%
3%
^.2.50
Magnavox
*
-*
*
A
Moores Coney
P A G
Randall A
-
18%
Card
Western Bank
*
com
Serrlck Corp cl B com...
Sivyer Steel Castings com
23%
So Bend Lathe W ks cap.. 6
Aug
10
27
July
38
Feb
50
27?*
Aug
29
May
25%
26%
127
8
21
116
5?*
3?*
City Ice A Fuel
Clark Controller
Feb
Cleve Cliffs Iron
Jan
Cleveland Railway
pref.
220
109
June
20
121
Apr
18
May
20
150
5?*
6
300
4
23*
400
1?*
20
21
310
2?*
7,500
Sales
125H
Jan
150
Jan
37?*
Mar
2?*
52
Mfg—
"26"
26
14?*
Jan
40
Apr
22
Apr
26
Mar
Jan
July
24
24%
20%
1,100
2,850
22?*
20
3,300
'€4
47?*
12?*
~24
Tran.. .
B
-.7
3%
400
%
98
Aug
27?*
107
Mar
Mar
Jan
Jan
72
July
4
Apr
5%
Jan
Jan
20%
May
17?* May
213*
153*
July
July
83?*
Drug._
Monarch Mach Tool
Viking Pump Co pref
*
.25
100
National Refining
Mar
Walgreen Co common
*
"8 k
Packer
Woodall Indust com.
2
Peerless
3
Corporation
Rlrhman
S M A
Corporation
_ _
Union Metal
Upson Walton
.1
Van Dorn Iron
*
2
39%
Zenith Radio Corp com
For footnotes see page
1238
25*
July
June
Feb
5* June
2?* June
15?*
26?*
45*
Mar
50
May
Aug
56?*
24
23
2
Jan
0%
Feb
Aug
26?*
12?*
Jan
40
June
5
Jan
650
525
June
65* May
49?*
12
16
22?*
22
100
6
95
Jan
4?* June
15
Jan
Jan
35
Mar
15?*
24
300
23
7
225
6?*
"44?*
12?*
100
July
38
July
13?*
13?*
20
7%
14%
150
15
14?*
10?*
5J*
103*
210
8?*
5?*
24 3*
90
6
3%
3
Mar
64
7?*
14?*
219
176
26
6
Feb
Mar
57?*
44
13?*
Mar
7?*
146
62
Mar
34
Jan
3?*
453*
Mar
20?*
June
44?*
June
67
Jan
44
Feb
10?*
4% June
61
5?*
3?*
Mar
Jan
9?*
24
10
Mar
11?*
Aug
25
Jan
58?*
Jan
14?* June
Weinberger Drug Inc..
Detroit Stock
Aug. 14 to
Aug. 20, both inclusive,
Aug
July
Aug
Jan
64
.
Apr
21?*
13?*
Mar
26
Mar
Feb
14
Feb
17?*
Jan
10?*
Aug
Aug
3
Apr
19
5H
Mar
July
Last
Sale
Feb
Mar
Exchange
compiled from official sales lists
Sales
Friday
Jan
9?*
Feb
14
27
125
Mfg
Jan
2
30
30
Jan
58
7
Mar
June
May
.
27
95
Mar
37?*
Jan
84
Apr
18
73?*
Feb
15?*
TroxelMfg..
Apr
39
12,250
June
12
Jan
Feb
July
30
100
46
130
1
Aug
300
100
2
160
5?*
58?*
100
8% cum pref
Mar
June
8
Mar
5
7
ii
Seiberling Rubber—
Mar
6
10%
42%
30
15?*
31S
20
10%
39%
Aug
24
Corporation
Patterson-Sargent
28?*
500
8
Wisconsin Bankshs com..*
25
11
95
Ohio Brass B
28?*
200
8%
95
58?*
Aug
20
8
49?*
23
5?*
June
20
27
Wieboldt Stores Inc com. _*
Williams OIl-O-Matlc cm.*
7?*
20
22?*
National Tile
Mar
27
3
23 3*
30
June
50
62
32
5
333i
June
200
39%
*
Wahl Co (The) com
60
July
27
842
_
June
30
3%
39%
3%
28%
3
47?*
13?*
24
50
11
PavBrick..
Warren Refining
Convertible pref.
2fC
32
McKee A G Class
163*
Utll A Ind Corp—
Common
Mar
68
326
25*
July
105* June
150
95
Feb
Jan
60
26
28M
42
600
550
54
100
253*
126
250
2,600
52
July
44
12?*
8%
Mar
55
42
36?*
23%
24%
3%
50
Jan
July
815* May
24
June
30
Leland Electric
200
8
July
32
35
9
98
23%
3%
42
2,159
13
93%
12%
350
8
252
42
283*
60 %
Miller Wholesale
32%
23%
3%
983*
46
39
379
Metropolitan
9
Mar
95?*
230
Feb
19?*
Mar
96
'39"
21
Apr
95
8
101?*
63?*
44
98%
100
24
11?*
J&D
Feb
Aug
June
85
.3?*
10?*
July
40?*
Jan
32
300
1,490
20
285*
31%
*
25
3?*
10%
42
50
2
34
20
June
9%
25
July
Feb
Lamson A Sessions
May
9%
com
21
Kelley Isl Lime A
19?*
15 H
Utah Radio Products
Feb
205*
June
Feb
34
250
Thompson (J R) com
Traue Co (The) com
14?*
June
17?*
Feb
300
'64
June
18
79
33*
363*
850
950
10
45
7?*
39
550
45
18
June
24}*
10
10?*
193*
Jan
15?*
1937
High
Low
19?*
3?*
Interlake Steamship
24
20%
Range Since Jan. 1,
for
Shares
33
*
Federal Knitting Mills...*
Halle Bros
5
Preferred
100
23*
37%
23%
23%
565 & 566
compiled from official sales lists
10?*
..
Jan
500
Rights
Apr
Week
1
*
Cleve Builders Realty
122
99?*
Apr
20?*
20%
Jan I
18
114
4%
18%
19?*
~24%
134
Feb
Cleveland
of Prices
Low
High
19%
260
4:%
18%
26
Mar
Stock Exchange
Week's Range
*
Faultless Rubber
Standard Dredge com
Sundstrand Mach Tool Co*
26
July
Apr
Unlisted Securities
A. T. A T. GLEV.
Price
Par
Stocks—
Elec Controller A
20
Swift A Co
Mar
Apr
92
Last
Commercial Bookbinding.
72%
4%
19
16
76
Friday,
Jan
72
Swift International..
16
116
112
50
455
J*
both inclusive,
Jan
72
"9%
73*
8
Feb
34?*
6%
12%
June
3 3*
Cleveland Stock Exchange
Aug. 14 to Aug. 20,
Jan
98
*
25
22
8
22
43*
27
4
4
Telephone GHerry 5050
99
98
Storkline Furn com.....10
Jan
120
0WOODcb
120
98
•
Jan
6?*
Union Trust Building#
June
8'west Gas A Elec 7% pflOO
St Louis Nat Stockyds cap*
Convertible preferred..*
Jan
GILLIS
June
50
Stein A Co (A) com
Feb
30 %
27%
6
Ohio Listed and
Preferred
*
Feb
303*
27%
4
100
100
Wurlitzer
70
Slgnode Steel Strap—
Common.
Jan
25%
*
10
-*
10
Rike-Kumler
Jan
30%
27H
Rapid
U S Printing
i
U%
6H
U S Playing
17
85
105
-
B.
35
2%
37%
24%
93%
12%
Common
Feb
98
Rollins Hos Mills-
Sangamo Electric
Apr
49%
11%
1013*
21?*
-74
133
19?*
Schwltzer-Cummlns cap. 1
Sears-Roebuck A Co cap.*
30%
99
10
10
Jaeger Machine;
Reliance Mfg Co com...10
Feb
10
1093* June
2
5?*
5
36
June
370
133
50c
v t c
v t c
Jan
94% May
9
700
Raytheon Mfg—
6% pref
28 %
25
40
Harbauer
Common
88 %
29?*
115
July
Aug
June
July
May
4
500
133
20
5
515
Jan
Apr
Jan
16%
2
90?*
118
1173* 120
111% 112?*
10
110
34%
111
"
Rath Packing Co com
June
29
90
86
117
111%
—
25
47
Cliffs Corpvtc
119
16
Jan
46%
Amer Coach
Mar
1%
100
Mar
29
Akron Brass
8 7*
2%
100
9
47
Lunkenheimer
Jan
7?*
1%
90
May
21?*
Mar
Aug
2%
117%
7
7
18
Kroger
17?*
May
1%
•
Jan
133
.....100
24?*
23* June
2%
60
28
Feb
55
5
34%
5%
2%
*
Preferred
Jan
140
2%
Common
Apr
3
18
30
Feb
550
34%
5
Jan
950
34%
5%
2%
Common
12
19
29
Feb
30
Public service of Nor 111
6% preferred
25*
Aug
19%
1
com
9?*
July
50
12
*
Prima Co com
7% pref
Quaker Oats Co
13*
19%
Penn Gas A Elec A com.
com
16
Sale
50
Pines Winter front oom.._l
Aug
112
18
112
July
21
Peabody Goal Co B oom..6
Pictorial Paper Pack com. 5
13 %
*
*
Feb
25
1,000
Potter Co
1?*
44?*
55*
12?*
25%
42?*
55*
11H
1%
Perfect Circle Co
Aug
50
Feb
1%
100
16?*
22
Feb
1%
A.. 10
112
pref
pref
Jan
950
10%
conv
13?*
35
10?*
6% pref
7%
26%
13%
Jan
100
16%
13%
16%
88%
Apr
150
"lb%
Penn El Switch
19
Jan
*
com
Jan
7%
26%
pref
Kahn com
Jan
7
20
Oshkosh B G
Jan
19
*
Hilton Davis
Jan
250
50
38%
21
42%
Noblltt-Spark* Ind com..
100
Jan
2
Northwest Bancorp com..*
June
85
10?*
Mar
13?*
4%
com...
91%
70
Members CleveUnd
32
_
North American Car com20
OntarkfMfg Co
5
4
7
Nat Rep Inv Tr conv pref.
National Standard com. 10
Nat Union Radio
10
1%
5
38
dine M fg Co com
Monroe Chemical Co com
6?*
7%
Feb
40
1%
100
pf.
Jan
250
7
Feb
2
conv
120
7%
Aug
July
Jan
% June
5%
5
110%
26%
Hobart A..
1st
Jan
18
19
-.100
*
Formica Insulation
Gallaher Drug
108
90
Early A Daniel
Jan
Jan
91}*
16%
13%
*
*
*
Cohen
Jan
98 J*
7
Cin Telephone
Cln Union Stock Yard...
Aug
148
Jan
5%
5%
7% prior lien
n
5
2?* June
.....
Conv preferred A
6% preferred A
Jan
110%
100
50
50
Cin Street Ry
Feb
5
13?*
14%
102%
110% 112
102 %
102%
CNO ATP pref
July
10
Feb
36%
Aug
73*
10
10
10
10
2 3*
Jan
Midland Utll—
M
313*
June
600
Middle West Corp cap..
6% Prior lien
Miller A Hart Inc
Feb
7
4?* June
25
7%
24%
4
2%
8
2%
7%
Jan
95
100
30
30
2%
Cln Ball Crank pref
Preferred
Mickelberry's Food ProdCommon..
Common....
54
High
Low
Shares
Low
30
20
*
*
*
Amer Ldry Mach
Burger Brewing
Gibson Art
*
Llbby McN A Libby.
4,550
30
46
8
8
Common
Preferred
Le Rol Co
3%
3
45
100
1, 1937
Range Since Jan.
for
Week
of Prices
High
Sale
Prtce
Par
Stocks—
Preferred
La Salle Ert Unlv com.-.6
Sales
Week's Range
Mar
49
200
200
9?*
10?*
24?*
24
24
Ken-Rad T A Lamp comA *
10
Aug
Aug
compiled from official sales lists
Friday
Jan
7%
Interstate Power $6 pref.
Cincinnati Stock Exchange
Aug. 14 to Aug. 20, both inclusive,
Aug
43*
197*
150
13
12%
107% 111%
38
Indep Pneum Tool v t c._*
Jan
Last
250
Cin. 363
6711—Bell Sys. Tel.
Phone Cherry
Jan
Mar
26
Jan
CINCINNATI
UNION TRUST BLDG.
Mar
113*
135*
18
10
100
Ky Utll Jr cum pref
Jan
Apr
20
& CO.
BALLINGER
July
14
16
Hupp Motor com (new)__l
$7 preferred
Mar
125*
293*
June
120
Feb
23
Hormel & Co (Geo) com A*
Utll pref
7%
Unlisted Securities
Cincinnati and Ohio Listed and
Jan
50%
42H
July
250
2,550
20
~52%
111 North
10?*
Aug
34%
11%
w___25
com.26
Illinois Brick Co cap
39%
19
"7M
Hlbb Spencer Bart
Horders Inc com
100
11
Harnlschfeger Corp com_ 10
Helleman Brew Co G cao. 1
Heln-Wern Mot Pts com.3
Heller (W E) pref w
39%
ii
pref_10
6% May
Mar
5%
34
Great Lakes DAD com..*
Markets in
Active Trading
19
~ii%
Gossard Co (H W) com..*
Hamilton Mfg cl A
High
Low
Shares
39?*
Godchaux Sugar cl A
*
Goldblatt Bros Inc com..*
Stock Exchange
Members Cincinnati
Week
5%
Gen Household Utll—
Common
for
Week's Range
Last
.stocks
1235
Financial Chronicle
145
Volume
Par
Stocks—
Price
Week's Range
of Prices
High
Low
Feb
Mar
Allen Elec
—
*
June
15%
Feb
Baldwin Rubber com
1
June
42%
Aug
Briggs Mfg com
*
for
Shares
2%
350
14
14%
534
46?*
46?*
390
2%
Range Since Jan. 1, 1937
Week
Low
2%
9?*
40
High
Aug
Jan
June
3
July
15?*
Feb
56?* June
1236
Financial Chronicle
Aug.
Friday
Par
Week's Range
for
Sale
Stocks (Concluded)
1937
Sales
Last
Watling, Lerchen 8l Hayes
21,
of Prices
Low
High
Week
Price
Range Since
Shares
Low
High
Members
New York Stock
Exchange
Exchange
Detroit Stock
Buhl
Rice Ranch Oil Co
22o
22c
Richfield Oil Corp com...*
Chicago Stock Exchange
22c
8%
8%
9
Roberts Public Markets..2
New York Curb Associate
1
7%
2%
7
7%
Ryan Aeronautical Co
Building
detroit
1
Security Co units ben int..
Sierra Trading
Telephone: Randolph 5530
Signal Oil & Gas a
Last
Week's Range
Sale
Stocks
(Concluded)
Burry Biscuit
Par
Low
12 %
com
Bower
33%
17
Consolidated Paper com .10
Continental Motors com.l
Detroit Edison
17
Det-M lch Stove com
1
20
410
«•
4%
28 %
150
20
2%
Low
1,130
15
4
4%
7%
Mar
Apr
34%
Aug
Jan
23
Feb
22
18
945
93
High
Aug
110
June
Detroit Steel Corp com
5
24%
Ex-Cell-O Aircraft
24%
24%
350
3
19
19
19
100
19
com
Federal Mogul com
*
16%
1%
Frankenmuth Brew com_.l
Gar Wood Ind
3
com
Gemmer Mfg A
Goebe Brewing com
*
com
1
Grand Valley Brew com__l
5%
*
Hoover Ball & Bear
Hosklns Mfg com
10
com.
*
Hurd Lock & Mfg com__l
Kingston Products com__l
Kresge (SS) com
Kinsel Drug com
10
5%
5%
18%
19%
18%
19
-
%
23%
571
4% June
20% June
%
6,092
2% May
26
------
1
27
Mahon Co R C A pref
Masco Screw Prod com
1
------
1%
McClanahan Oil
1%
1
"16
%
%
*
1
Mich
Sugar
*
com
com
27
Mid-West Abrasive com50c
Motor Products com
*
Motor Wheel
5
eom
Murray Corp com
2%
"l9"
Penin Metal Prod
com
1
Rickel H W
2
com
Standard Tube B
------
4%
------
5%
Tivoli Brewing com
Tom Moore Dist com
.1
Union Investment com
*
United Shirt Dist com
"~5%
"5%
3%
3%
10%
8%
.3%
*
B
------
10%
7%
7%
Warner Aircraft
1
com
Wayne Screw Prod com..4
Wolverine Brew
30c
1
38c
38c
38c
3,000
4,000
1,400
1
12c
10c 12 %c
Mar
Aviation
Corp (Del)
3
June
12%
July
Feb
Feb
Jan
Jan
Apr
2%
1%
1%
Corp.
5
New York Central rr
*
Radio
*
Corp of America
Radio-Kelt li-Orpheum
*
Standard Brands Inc
*
Texas
Corp
Corp (Del)
25
United
*
Warner Bros Pictures
5
Feb
19
13
Last
Sale
Price
5H
40%
m
3%
com.. 10
Buckeye Union Oil pref..l
32
Consolidated Steel pref....
Creameries of America v t cl
General Paint Corp com..*
Globe Grain &
Milling..25
Golden
State Co
Goodyear T &
R $7 2d pf *
Hancock Oil Co A com...*
Holly Development Co..l
International Cinema Inc 1
Jade
Oil Co
Kinner Airpl & Motor
Lincoln Petroleum
16
100
64%
5%
15%
100
200
900
2,645
1.500
10%
Jan
175
2% June
10% June
486
7
May
To"
Philadelphia Stock Exchange
"Feb
8
Feb
13
Jan
11
Aug. 14 to Aug. 20, both inclusive, compiled from official sales list*
Feb
Friday
Sales
Feb
Last
Week's Range
for
Sale
of Prices
Week
27
Aug
Feb
1
June
35%
1%
7%
'*16
Feb
100
1
1%
910
4%
4%
250
7i6
12%
716
200
12%
100
4%
%
12 %
July
July
Aug
Stocks—
Par
American Stores
American Tel & Tel
Feb
Baldwin Locomotive...
100
Curtis Pub Co
of Prices
"8%
"i%
Corp..25
5
5%
40%
1%
3%
20
2%
3%
500
300
9c
3%
36%
1%
3%
1,000
9c
30
2,400
40%
Nat'l Power & Light
1
32
40
July
July
9c
29
Jan
15%
200
9% July
14% May
17
19
300
16
6%
14%
100
800
1.05
1,600
6%
14
92% c
17%
m
7%
41%
26%
92% c
17% 17%
8%
8%
7%
7%
41% 41%
26% 27
92% c 97%C
431
1
5%
14
60c
14
1
431
100
14
200
100
8%
7%
32%
600
21
100
<
1,500
600
17c
July
10%
15%
200
9%
41%
3%
7%
June
Jan
50
50
Phila Electric of Pa 85 pref*
Phila Elec Power pref
25
Phila Rapid Transit
Jan
Mar
Jan
Jan
Feb
Feb
12%
17%
24%
Jan
Mar
Feb
Feb
June
19%
Mar
Jan
1.58
Mar
Aug
Jan
Mar
Aug
460
18%
11%
8%
Jan
46
Jan
Feb
7%
50
Salt Dome Oil Corp
Scott Paper..
*
Union Traction
Westmoreland Inc
Jan
27%
1.50
*
Aug.
1%
134%
20%
44%
18
4%
5%
14%
Apr
5%
Apr
50%
178%
June
50
9%
36%
507
1,717
124
3%
35%
38%
173
173%
1,638
24
3% June
35% July
Jan
164%
Jan
2%
108% June
489
31% June
1%
3
3%
2,148
51
300
3
114% 115
32%
33%
5
4%
7%
8%
112
85
7% July
9% June
Jan
4%
154
10%
5%
100
15%
935
Mar
4%
18c
Mar
16c June
72% c
Jan
4,000
25c
1,600
10c
Lockheed Aircraft
Corp__l
Los Angeles Indust Inc
2
23c
21c
23c
4,700
21c
Aug
60c
12%
13%
4%
700
9%
3%
Jan
2,100
July
16%
6%
600
75c
June
1.45
Mar
8c
Feb
1
2%
Merchants Petroleum.
Mid-Western Oil Co... 10c
2%
2%
1,200
2% June
4%
45c
46c
800
32c June
80c
Mar
16c
14c
16c
9,000
lc
Jan
65c
65c
65c
400
65c
Aug
22c
22c
23c
to
%
310
% June
4% June
430
4
June
67
33
June
10%
June
Stocks—
Par
13,600
13c
July
45c
33c June
80c
Feb
2.00
Mar
40c
Mar
23c June
97%c
American Invest
com
7% preferred
Brown Shoe com
Feb
Burkart Mfg com
Preferred
Olinda Land Co...
Pacific Clay Products
600
1
25c
25c
25c
18c
Jan
*
11%
11%
11%
300
9%
1.20
1.25
400
1.00
July
July
18
1.20
32
Jan
Jan
footnotes see page
70c
Jan
20%
20%
20%
100
31
19% June
30
31
700
29
30%
30%
29
29
30%
29%
44%
7%
1238
Feb
Jan
Jan
Jan
Jan
9%
Apr
14%
Jan
9%
Feb
11
Feb
11%
3,000
10
May
16%
Mar
1204.
page
Sales
for
Price
Low
24%
High
Range Since Jan. 1, 1937
Shares
Feb
1% May
_*
Coca-Cola Bottling com__l
Columbia Brew
2d preferred
May
37%
100
28% June
32%
Jan
Falstaff Brew
27
May
35
Feb
Griesedleck-w Brew
100
43
June
Jan
Hamilton-Brwn Shoe
June
52%
13%
Feb
Hussmann-Ligonier
June
50
40
July
32
1
com
Low
com.*
Preferred series 1936..50
20
High
27
38
27
44%
36%
32%
37%
3%
46
92
44
July
Aug
July
July
36%
75
30
32%
12
31%
Feb
37%
104
36%
June
3%
345
3%
25
27%
49%
37
32%
Aug
Mar
Feb
Jan
Mar
40
May
Aug
6
Mar
31
32
240
25
Jan
48
29%
292
27%
July
32
Feb
40
99%
Jan
106
Apr
125
Mar
101% 102
121
3
22%
100
May
10
10%
775
8
Jan
34
10
com. *
com*
209
28%
100
200
6%
37%
5
com
Dr. Pepper com
*
Ely & Walk d Gds com_25
25
27
Emerson Electric pref..100
For
1*16 May
7%
8%
46%
17%
114%
Week
1
1,000
150
1*16 May
June
102
Jan
38
of Prices
*
40c
1,100
Feb
109
Week's Range
25
Apr
1.30
43
Feb
9%
10%
*
40c
7%
Jan
13%
16%
9%
Sale
1.30
43
Feb
Feb
Jan
%
4%
5%
39%
13%
Last
40c
7%
Apr
Aug
%
Friday
("
1.30
43
Feb
35%
7%
Aug. 20, both inclusive, compiled from official sales lists
1
50
Mar
St. Louis Stock Exchange
Aug. 14
1
5%% pref
Jan
3%
117%
Jan
Pittsburgh Stock Exchange—See
Occidental Petroleum
Oceanic Oil Co
44%
Feb
20
'16
238
Jan
45c
Republic Petroleum com.l
Mar
9%
1945'
Feb
90c
44 %
Aug
35%
100
105
Jan
Feb
14%
24%
45%
29%
107% 109
12
12%
Feb
70%
Jan
10
2,893
Mar
Apr
23
35%
185
.Feb
Bonds—
El & Peoples tr ctfs 4s
Feb
12%
6% 1st pref
25
Pacific Indemnity Co.-.10
Pacific Lighting com
*
13
July
12%
42
13
Jan
7% June
94% July
9% June
33% June
48% June
7%
Apr
13% June
Jan
Jan
1
9c
1,600
14%
45
295
8% June
14%
41%
35%
Mar
Mar
8c
85c
7% June
127%
Aug
Jan
85c
25c
85c
162
May
Jan
Apr
Mar
8c
4
107%
*
Westmoreland Coal
112
60
4%
4%
37%
13
*
Mar
10%
""%
*
United Gas Improv com.
Preferred
43
%
*
Preferred
28% June
2% June
5%
50
com
Jan
90
1% May
10
15%
41%
35%
11
14
5
Jan
25c
4
114%
Feb
4% June
603
1%
2%
10%
26%
187%
159% June
62
60%
8%
14%
3
"~~4%
Tacony-Palmyra Bridge.
Tonopah-Belmont Devel .1
Tonopah Mining
1
Corp
35%
173
__50
7% preferred
United
3%
50
Reo Motor Car Co
43
7
High
June
250
10%
8%
9%
35%
57%
8%
..2 %
Philadelphia Traction
July
3
*
Penn Traffic com
High
June
Low
16
448
119
14
25
•
Penna Salt Mfg
Low
10
8%
35%
204
119
113
*
com
Preferred
Range Since Jan. 1, 1937
Shares
10
Mitten Bank Sec
Week
High
Range Since Jan. 1, 1937
Shares
16%
16%
168% 170%
5%
5%
30%
31%
*
_.__5
Lehigh Coal & Navigation
Lehigh Valley.
50
Sales
Low
High
118
Electric Storage Battery 100
General Motors
10
Teletype l.a. 290
for
169
*
10
Chrysler Corp...
Chicago Board of Trade
Week's Range
Low
.*
Feb
18
San Francisco Stock Exchange
Angeles
Price
Jan
1
Pacific Distillers Inc
1
Pacific Finance Corp comlO
Pacific G & E com
25
1874
new york
Mar
431
Mt Diablo Oil Mng & D..1
Nordon Corp Ltd
5
Feb
Jan
30 Broad Street
9%
431
1
17%
1513 Walnut Street
8%
17
1
July
philadelphia
Aug
15#
1.00
Jan
64%
8%
Jan
Aug
10
14
Jan
Apr
Exchange
Philadelphia Stock Exchange
5%
10
6%
Mar
10
11% June
51%
Jan
4% June
11% May
Mar
54%
12%
June
Jan
5%
6%
10c
Mascot Oil Co
Menasco Mfg Co
June
7
3%
9c
Central Investment
100
Claude Neon Elec Prods
Consolidated Oil Corp
Emsco Derrick & Equip..5
Exeter Oil Co A com.____l
Farmers & Merchs NatUOO
15%
8
775
Friday
Bolsa-Chlca Oil A
5%
300
200
Feb
6%
Aug. 20, both inclusive, compiled from official sales lists
1
11%
64%
500
Feb
Mar
Members
Feb
Angeles Stock Exchange
Petroleum
8%
5%
8%
68%
New York Slock
Aug
Pennsylvania RR
Bandini
40%
10%
200
200
Jan
Jab
DeHaven & Townsend
Pennroad Corp vtc
Barker Bros 5% % pref..50
Berkey & Gay Furn Co.-.l
5
5%
62%
40%
11%
8%
11%
500
Exchange
Par
5
5%
62%
3%
Los Angeles Stock
Exchange
Stocks-
5
5%
62%
40%
10%
8%
11%
64%
5%
15%
Established
Feb
5%
MEMBERS
to
Jan
Aug
Mar
Wm. Cavalier & Co.
Aug. 14
9%
5%
20%
Jan
Jan
Budd Wheel Co....
Los
5% May
2% June
3% May
5% June
52% June
40% Aug
Cord
Curtiss-Wright Gorp
1
Montgomery Ward & Co.*
Bell Tel Co. of Pa pref. 100
Budd (E G) Mfg Co
*
523 w. 6th St.
Jan
100
28
June
June
15c
14
22%
1%
8%
29%
1%
4% Mau
5
July
100
Feb
4%
82 %c
48c
Feb
Feb
7c
100
Barber Co
Los
6%
6
1
Wolverine Tube com.... .2
New York Stock
6%
Feb
1,300
Aug
Apr
38c
24c
400
12%
July
June
6%
20%
5
June
39c
3
June
4
5%
14
10%
375
Aug
Jan
3
Solvents
Jan
353
4%
20c
„
Aug
Unlisted—
Feb
489
13%
24,300
Aug
May
Aug
14
4%
8
9
3
37%
170
July
14
26
Jan
Feb
18%
*
Jan
Feb
16%
*
Feb
Jan
Mar
28%
Commercial
Apr
June
13%
3%
55
Jan
Cities Service Co
June
1,582
Feb
Aug
Feb
20%
8
Feb
5
June
15%
11%
Feb
7
Aug
108%
49%
June
23
200
25c
24c
27
------
1
com
4%
22c
24c
5%
*
com
4%
22c
3%
27
*
Univ Products
4%
10c
Aug
3% June
37% June
700
1
..
.
Jan
Mar
31
±uo
5%
*
Univ. Cooler A
6%
5%
8%
4%
4%
5%
7%
7%
Blk Mammoth Cons
120
mfi
j.uu
1
9%
29
1,328
1,733
19%
------
9
580
9%
4%
8%
4%
1
com
Tlmken-Det Axle pref..100
18
400
9
361
13
4%
River Raisin Paper com..*
680
%
3,100
1,500
1
Wellington Oil Co
Yosemite Ptld Cement
22
%
Aug
2'% June
37%
21%
8%
*
Pfeiffer Brewing com
*
Prudential Investing com.l
730
3
2%
*
com..
Feb
1
13
com
22
300
15
Feb
2%
5% June
1% June
36%
21%
10
Packard Motor Car
43
June
680
2,500
1
------
Parker Wolverine
May
1,700
1,330
1,100
Jan
Feb
29%
28%
July
July
40
500
4%
Jan
14%
32%
June
8
July
5%
11
25
Mar
41
26% June
29%
105%
Aug
48
July
4%
Aug
Mar
June
4%
23%
%
—
4%
41%
15%
24%
Feb
43
210
1
1*16
v
------
---
100
105% 105%
43%
45%
42
*
Zenda Gold
Feb
966
500
15
Jan
Aug
Jan
360
105%
43%
4%
11
Feb
15c
Jan
May
22% May
35
July
800
26%
31
56
June
35
100
28%
15%
24%
Feb
5
1,110
31
10% May
Jan
9%
Feb
3%
June
2c
125
10
Corp
2%
23
38
2,400
2,600
36
25
Transamerica
Cardinal Gold Mng
Tom Reed Gold
100
1
24%
Union Oil of Calif
Mar
19%
3%
%
4%
4%
15%
17%
'3i6
100
11%
24%
35%
27%
26%
36%
11%
Universal Consol Oil
Jan
28
11% June
870
Superior Oil Co
Feb
27%
15% June
1% June
293
1
25
36%
42%
16%
25%
15%
Jan
11
665
38%
5%
3%
3%
%
5%
5%
%
2,500
13
5
5%
125
1%
12%
38%
—-
------
1
com
—
v-
1
Graham-Paige
General Finance
Hall Lamp com
——
-
16%
Sunray Oil Corp
38
4,000
Jan
145%
Aug
6% pref b
5%% pref c
2
40
■
15c
Feb
3%
3% June
18%
Jan
25
25
25
So Calif Gas 6 % pref a. .25
So Counties Gas 6% pf 100
Standard Oil Co of Calif. .*
July
2% May
175
114
2%
114%
220
-----
------
100
com
Shares
4%
33%
*
com
Range Since Jan. 1, 1937
Week
High
4%
*
Capital City Prod
for
of Prices
Price
i
45
14c
31
*
Original pref
600
2%
45
Mar
87c
July
8% June
6% July
300
36%
11%
24%
35%
27%
26%
So Calif Edison Co Ltd..25
Sales
1,900
15c
*
Sontag Drug Stores
Friday
2%
45
Corp.__25c
18c
200
35%
175
32
Jan
3
145
22%
3%
22%
71
16%
56
56%
20
50
121
25
11%
40%
Feb
Mar
Apr
2% June
6
Feb
Jan
23
July
June
57
July
Financial
Volume >145
Chronicle
1237
Sales
Friday
Last
ST. LOUIS MARKETS
Stocks (Concluded)
Established
Enquiries Invited
Price
315 North Fourth
12
276
79
1,169
1,200
Petroleum
4
l
Preferred...
7
Shell Union Oil
18
*
com.
Signal Oil & Gas Co A
*
Soundview Pulp Co.
Preferred
Sou Calif Gas A
Telephone Central 3350
5
..100
*
Southern Pacific Co
100
So Pac Golden Gate A
*
B__
Sales
Last
Par
Price
*
14)4
Preferred
100
13
June
20%
Feb
Union Oil of Calif.
25
June
90
Apr
23
July
3%
Jan
Union Sugar Co com
Universal Consol Oil
25
1
10
15
15
16
6
Aug
15%
49)4
Feb
Victor Equipment.
_*
8
8
High
Low
.*
Tide Water Assd Oil com.*
6
Jan
43)4
221
41)4 June
*
10
11
620
10
Aug
16
Feb
Khapp Monarch com
*
Laclede-Christy Clay com*
Laclede Gas Light pref.100
20
21
29
14
July
21
Aug
17)4
17)4
40
14)4
Jan
22
Mar
31
31
50
31
Aug
31
Aug
Meyer Blanke
_*
17
17
25
15
Feb
17
18
70
17
Aug
22)4
26)4
Mar
Mo Portland Cem com..25
12)4
13
230
12%
Aug
13
Key Co
com
com
43)4
Mid-West Piping & Supp.*
Nat'l Candy com
*
2d
12%
8
43
8
94
8)4
June
7
13%
101
Preferred
Waialua
*
95
10)4
10)4
240
9
40c
40C
300
25c
Jan
70c
1)4
1)4
20
1)4 May
Yosemite Ptld Cement
Mar
315
12)4 June
28
14 %
28
4%
19%
24)4
57)4
25 X
57 %
Preferred A
Scruggs-V B Inc
2d preferred
Scullln Steel pref
Securities Invest
14
14
5
com
100
*
24)4
*
com
Preferred
100
Sou'wBtn Bell Tel pref
Wagner Electric com
_
102
45)4
July
July
13%
75
19
Jan
20
50
May
60
July
102
117% June
38)4 June
128
Mar
125
47
180
100)4
35
29)4
49%
Apr
34% May
2,340
40
Feb
10
102
May
295
5,520
49%
49
45
45
31
31
30)4
5s cash deliveries
30)4
30)4
Nat'l Bearing Metals 6s '47
♦Scullln Stl 68 unassent '41
United Rys 4s
Jan
49%
Jan
46
Feb
16
June
21%
16%
28%
Feb
Aug
Feb
30
536
15%
6,526
1,408
23
,
18
Aug
J
June
Apr
24
11% June
610
19
July
9%
18%
July
Aug
8
585
Aug
16%
45
Aug
Jan
7
July
Aug
30
June
40%
50
43
June
64
20
44
July
59
340
4%
100
Feb
75
Aug
5%
2,200
4%
Aug
Mar
Jan
Jan
Aug
MONTGOMERY STREET
FRANCISCO
SAN
(Since 1880)
n
Stock
Exchange—Chicago
(Associate)
Members: New York Stock Exchange—San Francisco
Exchange—San
Feb
Francisco
Curb
Board of Trade—New York Curb Exchange
106
106
91
30
1934
91
30
30
§2,000
2,000
1,000
2,000
1,000
27)4
30)4
106
July
33
Aug
Aug
33 )4
88
Jan
26
June
107)4
102
May
Jan
Apr
San Francisco Curb
May
36)4 |Jan
Exchange
Aug. 14 to Aug. 20, both inclusive, compiled from official sales lists
Sales
Stocks—
Dean Witter
Co.
&
Par
Range Since Jan. 1,1937
Alaska United Gold......5
Members: New Yo rk Stock Exchange, San FranciscoStock Exchange, Chicago Board ofTrade
San Francisco
Oakland
Seattle
Tacoma
NewYork
Portland
Stockton "Fresno
Sacramento
Beverly Hills
Honolulu
Los Angeles
Ppsadena
long Beach
American Toll Bridge
Anaconda Copper
1
Last
Par
Stocks—
Anglo Cal Nat Bk of S F.20
Assoc Insur Fund Inc.-.10
Atlas Imp Diesel Eng
Bishop Oil Co
Byron Jackson Co
Calamba Sugar com
5
5
*
20
20
7% preferred..
Calif-Engels Mining Co.
Calif Packing Corp pref-50
Calif Water Serv pref.. 100
Caterpillar Tractor.......
Week's Range
for
Sale
of Prices
Low
High
Week
Price
25
4%
Crown Zeller Corp com..5
Preferred
Di Giorgio Fruit com
10
S3 preferred
100
Emporium Capwell Corp
4)4% cum pref w w__50
Emsco Derrick & Equip..5
13
681
6%
Jan
25% June
456
27
June
150
7
June
Mar
Jan
May
Jan
27%
28
29
104%
7%
7%
%
%
52% 53
102% 104%
104
104
53
9%
44
Creameries of Amer Inc..*
23%
41%
247
6)4
20)4
99
10
40%
19%
41%
15
9%
44
6%
20%
99%
9%
38%
19%
41%
104
9%
46
6
425
230
60
100
170
640
1,641
22%
99"
6,659
10%
1,039
40%
21
43%
%
2,200
410
160
1,360
130
Jan
Aug
June
60
100% May
101% May
9% Aug
35
Jan
5% June
16% June
94
July
9% June
36
June
16% June
39
June
15
15
460
15
May
Fireman's Fund Indem_.10
85
85
85
208
80
June
Food Mach Corp com
48
49
52%
4%
275
47%
200
35
175
Foster & Kleiser
Galland Merc
10
com..2)4
Laundry..*
General Motors
com
10
Golden State Co Ltd
4%
35
*
Hancock Oil Co
Pineapple
..5
Home F & M Ins Co
10
Honolulu Oil Corp Ltd
*
Langendorf Utd Bak A..*
B
Leslie Salt Co
10
LeTourneau (R G) Inc..
Lockheed Aircraft
16%
7
28
Marchant Cal Mach com.5
Natomas Co
40
29%
31
1,325
13
13%
40
Natl Automotlves Fibres.*
2)4
460
1,517
7
40
Market Street Ry pref.100
Meier Crank
*
_.
Magnavox Co Ltd
Magnln (I) & Co com
17%
7%
26%
38%
40%
16%
27%
37%
38
*
35
27%
37%
40%
29%
13%
2%
12%
6%
1%
2%
18%
24%
18%
10%
Lyons-Magnus Inc A
4%
2%
36%
12%
6%
1%
2%
18%
24
18%
10%
28%
9%
2%
40
38%
13%
6%
1%
2%
18%
24%
120
976
50
4
34%
14%
6%
Jan
36
July
26%
July
July
July
2%
37% May
June
25
25
*
6% pref
*
Pac Pub Ser(non-vot)com*
Pacific Tel & Tel com..100
100
138
For footnotes see page 1238
106% 106%
141
6%
6%
141%
138
138
45%
16%
Jan
Feb
Feb
17
June
23%
June
28
Feb
38%
Jan
740
60
27%
Jan
Feb
22%
18%
10%
26%
9%
12%
615
45
16%
4%
42
155
30%
"
43%
Aug
396
Aug
130
1,365
2,090
2,842
516
1,354
40
524
160
20
41
13% May
June
73
71
"22*
61%
23%
71
Feb
97
Feb
63%
27%
Feb
85
May
50% June
10
Jan
29H
Aug
186%
Apr
3,050
75
61%
160
June
Aug
13%
May
June
19
2,230
60
Aug
100
6
June
11%
5
15%
6%
8%
20%
30%
18%
15%
6%
9%
20%
30%
6% June
14% June
18%
Mar
9%
13%
24%
Apr
31
Aug
50
16
July
25%
3.00
3.00
10
3.00
Aug
6.25
1%
1%
100
1%
25c
Jan
Aug
Aug
50c
July
40e
Jan
1.90
Mar
40c
Jan
1.90
Mar
2% June
Ark Nat'l Gas A
3
.1
5
Bunker Hill-Sullivan
10
Calif Art Tile A
B
Calusa Co
com....
Cardinal Gold
Carson Hill.
z
Central Eureka
.1
25
.1
1.55
3
2%
2%
Curtiss-Wrlght Corp
Edwards Dent Supply
...
5
Holly Development
1
20
Mining. 1
Internat'l Cinema
13
2.50
Mar
30
1,023
20
14% June
17%
50
41% May
48
25
19
3.00
5
100
18%
16%
50
100
5.25
Mar
June
June
18%
Jan
July
27c
Aug
70c
100
35c
Jan
2.50
Mar
96c
600
80c
Jan
1.60
Mar
June
90c
10%
360
21c June
13
90c
Aug
1.85
Mar
9% May
3,235
4,175
10%
Apr
17%
7%
Mar
3.60
15%
Feb
1.25
Mar
11
48
6
1.05
10
51c
Jan
Jan
Jan
135% June
8%
152%
133
150
Jan
Apr
Jan
Jan
56c
62c
4.10
4.10
4.45
2,305
1,510
59%
i
Klnner Air & Motor
1
Kleiber Motors
100
54
June
7% Mar
64% Feb
2,962
10
June
72
Feb
200
12
Aug
50
Mar
24
27
15
15
4.00 June
"39c
39c
44c
65%
68
I6%C
11c
145
1
63%
10% c
11%
20
36%
11%
37%
105
9%c June
9% May
34% June
37
37
100
32
1
Montgomery Ward & Co
City Copper. 5c
North Amer Aviation
Oahu Sugar Co
Occidental
20
10
M J&M&MConsol
Petroleum. .1
44%
11%
r._
zPac Coast Aggregates. 10
2.85
2.75
1.10
Pacific Distillery
52
Pacific Port Cem pref.. 100
8%
Packard Motors
Park Utah Mines.
61
8
May
100
100
10
3.00
3,379
1.30
800
53%
9%
95
May
2.15 July
1.00 July
46
July
210
8% June
4
10
June
7% June
1,548
10%
11%
21
21
55
18
Jan
38
38
38
85
37
July
25
24%
24%
24%
25
25
26
26
~27%
27%
28%
Radio Corp of Amer
10%
Schumacher Wall Brd pref.
Shasta Water Co com
Sou Calif-Edison.
5%% preferred
6% preferred
22% May
24% June
26% July
868
12
255
44
Jan
Feb
17%
50
18%
4.15
111
12%
8
12%
27
41%
32%
28%
29%
York Slock Exchange
Broadway, New York
Cortlandt 7-4150
Private wire to own offices In
Santa
Barbara
—
Del Monte
San Francisco
—
Los Angeles
-
Hollywood
-
Beverly
Jan
Mar
Feb
Jan
1.80 May
60
Schwabacher & Co.
Members New
Feb
68% Mar
17% c Mar
Jan
17%
82
July
44%
11%
5
5
1
63c
Aug
7% June
41% May
5
.20
Onomea Sugar Co......20
Pacific Clay Prod
39c
12,850
Olaa Sugar Co
Jan
106
Apr
8% Mar
26% June
Jan
28%
June
Feb
Jan
32%
29% June
Jan
53%
Mar
July
59c
Preferred
Jan
38
Jan
Mar
70c May
Feb
12% May
17% Apr
Feb
5%
3%
75c
Kenn Corp
z
Feb
Jan
4.75
12%
5%
5%
1
Italo Petroleum
z
Feb
Mar
89c
94c
Internat'l Tel & Tel
Mountain
Jan
70c
Honokaa Sugar Co
z
Jan
70c
15%
47%
5%
24%C 25%c
Hobbs Battery Co B
z
Jan
Feb
20
19
1
General Metals
Idaho-Maryland
82
25
Cont'l Oil pref..
z
1,800
1,900
1,569
2
4.40
4.75
Consolidated Oil
z
July
15%
47%
5%
75c
Columbia River Packer
Elec Bond & Share
24
9,700
2,800
1.70
3
1
....
Claude Neon Lights
Coen Co's Inc A.
May
2% June
290
33c
13
8% June
19
50
1.65
"V.50
6
25
1,320
30
24
25c
Preferred
20
19
1.50
1
Cities Service
50
7
7
Mar
18
Feb
70
65c
Mar
28
Jan
7%
22
Feb
103% May
5
Mar
June
8% June
13% May
11% Aug
9% Aug
28% June
28% Mar
25% Mar
5)4 % pref
Mar
31
Jan
580
6% 1st pref
Jan
Jan
16
Pacific Lighting com
53%
44%
5
16
25
Aug
2)
*
com
Jan
Apr
27%
Aug
*
Pacific G & E
Jan
Mar
1
23
*
Mar
1% May
249
Pacific Can Co.
Mar
156
655
12
10
32
30
Mar
390
Feb
16
10% Aug
20% June
7%
Mar
618
21
11%
9%
30%
29%
27%
Mar
Jan
60
10)
24%
47%
19%
96%
67%
Apr
Apr
7
Jan
3,025
11%
9%
30%
29%
27%
43%
106%
6%
141%
Apr
July
13
15
Apr
Feb
9%
5%
170
24
B.
59
Jan
9X4
O'Connor-Moffatt AA
Aug
Aug
6% May
25
108%
17%
Apr
May
35% June
13%
24%
10%
Paauhau Sugar
Mar
Mar
*
*
46
Mar
40
North American Oil Cons 10
Oliver United Filters A
53
106%
104%
12%
Feb
July
21
30
34%
32%
Feb
Mar
155
964
10
Mar
7
12
1,175
25
Jan
700
218
3$
Feb
25
60c
z
High
200
29
8
Low
345
27%
8
4%
16
Shares
50
..5
z
25
4%
16%
8%
27%
16
Claude Neon Elec Prods. .*
Cons Chem Indus A
25
Range Since Jan. 1,1937
10%
21
50c
Jan
Argonaut Mining
z
Sales
Friday
10%
6c
1,200
Anglo-American Mines....
Anglo Nat'l Corp
Bendlx Aviation
Aug. 14 to Aug. 20, both inclusive, compiled from official sales lists
13c
10c
High
Low
Shares
168% 171%
50
Bancamerlca-Blair
Exchange
10c
100
Aviation Corp
Francisco Stock
Price
10%
Atlas Corp com
San
Week
Amer Radiator & Ht
American Tel & Tel
NewYork Curb Exchange (AssoJ, San Francisco Curb Exchange, Honolulu Stock Exchange
for
of Prices
Low
High
21
Amer Power & Light
Privet« Leasee/ Wires
MUNICIPAL AND CORPORATION BONDS
Week's Range
Sale
6% pref
1
Aug
Mar
Aug
Feb
21% June
15
Last
_
June
June
June
July
Jan
328
4%
Friday
B
30%
65%
2%
42
1,113
46
105
Aug
June
.Direct Private Wire
31
City & Sub P S 5s..193 4
Hawaiian
30%
41%
%
%
39%
100
65
30%
Bonds—
*
June
26
250
31
133
MEMBBM
*
8
160
1,010
6%
31%
49%
4%
Apr
8% June
202
17
4%
Feb
19% June
10% May
12% Apr
33% Feb
48% Mar
69% July
May
STRASSBURGER & CO.
Aug
15
102
June
27
*
13%
50
15
262
45
5%
Jan
Jan
Aug
Mar
Apr
Apr
Mar
July
1
120 % 122%
.100
15
94)4
16%
45
5%
Western Pipe & Steel...10
Yellow Checker Cab A..50
Series 11
50
Jan
*
..100
16%
____
18%
79
2,625
1,944
8%
45
Agricultural-..20
Rights
45%
21%
5%
July
July
Mar
Apr
95
Rlce-Stlx Dry Gds com...*
St Louis Pub Serv com...*
preferred
5
Mar
Aug
*
44%
21%
43%
20%
15%
24%
10
2%
11
High
.
74% Aug
6% June
41% June
1,300
75
207
1)4
6
International Shoe com..*
1
125
85
1)4
...100
1
43%
20%
15%
25%
23%
Telephone Inv Corp
Week
Shares
15
85
100
com
1
Standard Oil of Calif.....*
Super Mold Corp of CaliflO
10
of Prices
High
Low
5
com
Preferred
Hydraulic Prd Brk
8%
8%
26%
36
34%
64% 69%
103% 103%
30% 30%
45% 45%
1%
2%
44%
21%
43%
20%
15%
243%
23%
Range Since Jan. 1 1937
for
Transamerica Corp
Huttlg S & D
8%
8%
26%
34%
64%
103%
30%
45%
1%
26
Week's Range
Sale
Stocks (Concluded)
7%
42%
18%
8%
8%
26%
7
42%
♦
560
4
3%
*
Mfg
Schlesinger & S (B F)com. *
Trade
of
Board
St., St. Louis, Mo.
Friday
Low
12
Rheem
New York Curb (Associate)
Chicago
Chicago Stock Exchange
Range Since Jan. 1
Shares
74%
Republic
MEMBERS
Exchange
St. Louis Stock Exchange
High
12
Richfield Oil
New York Stock
Low
75
all
Mid-Western and Southern Securities
1937
Week
RainierP&PA (new)...*
1874
on
for
of Prices
Plg'n Whistle pref
*
Ry Equip & Realty com..*
I. M. SIMON & CO.
Business
Par
Week's Range
Sale
—
Hills
Feb
Feb
Feb
Jan
Mar
Jan
Jan
Mar
Jan
1238
Financial
Last
Sou Pac
Par
fed
Gt F
Week's Range
for
Sale
(.Concluded)
of Prices
Low
High
Week
Price
35
10
Jan
50
Friday
11%
Aug
16%
Jan
Last
1.60
920
Week's Range
for
1.25 June
2.70
Mar
Sale
14%
13%
14%
Aug
of Prices
Low
High
Week
100
June
44
Aug
is%
19
75
17
May
21
10
17
May
24
Feb
1.90
2.05
1,335
1.55
Jan
3.75
Feb
5%
5Vs
5
4%
June
8%
Jan
1.75
1.85
800
1.25
_
1.75
Jan
2.90
Feb
70
77%
Jan
126%
2.85
2.95
700
2.85
Aug
3.00
Mar
Aug
14%
15%
15%
15%
130
11% May
18
Feb
15
21%
Jan
117% 118%
100
Utah-Idaho
Warner Brothers
5
West Coast Life Insur
No par value,
two-for-one basis
5
c Cash
sale,
March 9.
on
a A. M.
50
Apr
Castle A Co. split Its
common stock ona
1937.
Par
Stocks-
Feb
21
1
United Corp of Delaware.
United States Petroleum. 1
com
20, both inclusive, compiled from official sales lists
UVs
21
„
Texas Consol Oil
1
Canada Bud
*
Canada Malting
*
Canada Vinegars
*
Canadian M arconi...... 1
Central Manitoba
1
Coast Copper
5
Cobalt Contact
1
Consolidated Paper
*
Consolidated Press
*
d Stock split up on a
r
x
Ex-dlvldend.
y
Ex-rights
{Company in bankruptcy, receivership or reorganisation.
8%
37%
9
17
17%
Steel——*
East Crest Oil
—-*
Foothills OH
*
Fraser voting trust
*
Hamilton Bridge
*
Preferred
100
Dom Found A
*
Hudson Bay M A S___.
*
Inter Metals A
*
Preferred
100
—
1.90
5.00
5.50
1%
18
18
18
18
BRAUNL
Antioqula
8%
1946
Argentine 4s
Ask
1972
94%
Bank of Columbia 7 % 1947
28
/20
/20
/25
/25%
Bank of Columbia 7 % 1948
Barranqullla 8s'35-40-46-48
Bavaria 6%s to
1945
Bavarian Palatinate Cons
Cities 7% to
1945
Bogota (Colombia) 6%s '47
8s.
.1945
Bolivia
(Republic) 8s. 1947
7s
1958
7s
1969
6s-
1940
27
21%
/19%
/21
/18
/9%
/9%
/9%
/H
19
British
Brown Coal Ind Corp—
6%s
1953
Buenos Aires scrip
Burmeister A Wain 6s. 1940
Caldas (Colombia) 7 %s '46
1947
1944
1946
27%
Leipzig O'land Pr 6%s '46
Leipzig Trade Fair 7s 1953
Luneberg Power Light A
Water 7%
1948
25%
Mannheim A Palat 7s. 1941
Munich 7s to
1947
Magdeburg 6s
1934
Chile Govt 6s assented
15%
16%
Budapest 7s
-.1953
Colombia scrip Issue of '33
80c
80c
50%
175
47% Junt
58%
Apr
42
310
29
43
Aug
—
5s
1949
Cundlnamarca 6 %s.
1959
Dortmund Mun Util 6s '48
Duesseldorf 7s to
1945
_
.
13%c 13%c
1.02
1.02
Dulsburg 7 % to
1945
East Prussian Pow 6s_1953
Electric Pr (Germ) 6%s '50
6%s
1953
European Mortgage A In¬
vestment 7%s
.1966
7%s Income
1966
15
15%
82%
85
12%
Jan
35
63
Jan
18%
90%
65c
100
50c June
1.75
82
65c
11
11
31%
14%
31%
33%
22c
22c
7s
2,500
8,700
1 %c
15o
4%c
2%c
4%c
2%c
1,500
1,000
l%c July
6c
Jan
4.05
4.60
8,970
2.60 May
6.65
Feb
3%o
Feb
4.05
6s
1937
6s
1940
German Atl Cable 7s. -1945
German Building a Landbank
German
6%%
1948
1946
1,070
5c
8,300
7,600
27%
Affiliated Fund
30
28
July to Dec 1934
/41%
/40
/38%
Jan
Jan
3%
Jan
1%
Ask
Bid
Par
Bid
Incorporated
Investors- .*
Ask
24.97
2%
2%
46
11%
12%
1.05
1.16
Series B-3
19.86
5%
6
Series K-l
23.41
25.57
Assoc Stand Oil Shares.-2
7%
8%
Series K-2
19.46
21.28
3%
4%
Series S-2
25.92
28.41
11.87
13.15
29%
/25
/28
1
26.18
.65
35.33
37.79
21%
23%
Mutual Invest Fund
Nation Wide Securities.
4.55
4.95
Central Nat Corp class A. *
40%
42%
*
6
8
*
Class B
25.54
27.46
pf.100
1
26"
/42
/36
37"
8s
1948
/12
/62
/56
2.96
29.98
16.20
17.70
4.43
4.53
-
.
Voting trust certificatesNational Investors Corp..
2.04
18.80
28%
53%
54%
53%
54%
92
13%
24%
27%
27%
29
11.50
11.94
12.42
13.61
10.55
11.40
3.64
Machinery stocks
13.57
14.65
Railroad
13.55
14.62
15.65
11.88
59%
63%
3.64
equipments...
Steel stocks.
30
27%
No Amer Bond Trust ctfs.
No Amer Tr Shares 1953.*
2.72
Series 1955
6 35
3.49
1
3.43
Series 1958
111
1
Series 1956
38
1
3.23
2.32
Northern
100
73
3.44
Pacific Southern Inv pref. *
Class A
*
38
3.22
■'
m mm m
Securities
Class B.
C
3.50
5.00
1
7.30
■
8.10
25c
1.95
2.10
Eqult Inv Corp (Mass)..5
Equity Corp conv pref
1
Fidelity Fund Inc
*
34.21
36.78
36%
39%
27.90
30.06
10c
3.40
3.70
Insurance stock serleslOc
Fixed Trust Shares A.-.10
13.00
Fiscal Fund Inc—
B
3%
2.82
11%
Bank stock series
20.22
12.61
3.74
....
....
....
-
-
-
80
----
15%
16%
4
*
3%
Plymouth Fund Inc A. 10c
Quarterly Inc Shares
Representative Trust Shs.
Republic Investors Fund-
.81
.92
17.75
19.45
13 49
13.99
Royalties Management..1
/27%
/89
fSO
f 12%
/23
/25%
/25%
/26
2.20
7.48
11.05
Bank stocks
Building
Shares
Shares
28.26
supplies
Electrical equipment...
Insurance stocks
3.50
Dividend
10.46
1
N Y Stocks Inc—
D
13%
21.78
10
Mass Investors Trust
5.70
35
B
32.32
3%
11%
117
Diversified Trustee
29.58
9.55
20%
Crum A Forster Insurance
Common B shares.... 10
f23
16.34
*
Maryland Fund Inc
5.33
100
7% preferred
100
Cumulative Trust Shares. *
Deposited Bank Shs ser A1
Deposited Insur Shs A
1
Deposited Insur Shs ser B1
15.39
10c
Major Shares Corp
9%
19%
2.82
10
_
New England Fund
1
N Y Bank Trust Shares.. 1
1
Series A A
8% preferred
1957
Keystone Cust Fd Ino B-2
45
Canadian Inv Fund Ltd..l
Series ACC mod
Crum A Forster com
7s ctfs of dep
4s scrip
1
Series S-4
5.05
Accumulative series.-.1
Series A A mod
1
/22%
Investors Fund C
24.48
Bullock Fund Ltd
25
28
44
Amer A Continental Corp.
Salvador
Selected Amer
Selected
Shares_2%
Income
Shares-
Sovereign Invest Inc
com.
Spencer Trask Fund
*
Standard Am Trust Shares
1.30
1.45
%
%
14.50
15.81
5.49
1.10
1.21
21.18
22.29
4.00
4.20
10.71
Foundation Trust Shs A.l
Fundamental Investlnc._2
4.80
5.15
23.86
25.21
6.23
6.88
....
Standard Utilities Inc...*
.81
.87
State Street Invest Corp.*
4.08
10
Fundamental Tr Shares A.
1956
1,050
Amer Gen Equities Inc 25c
Am Insurance Stock Corp *
163
2d series 5s
Mar
26%
1945
Saxon Pub Works 7s. .1945
Mar
2%
62%
Jan
26%
25
6%s
1951
Saxon State Mtge 6s. .1947
Serbian 5s
1956
2%
68c
Jan
June
1%
46
/24%
/25%
f23
Scrip.
1,855
1.30
R C Church Welfare 7s '46
Santander (Colom) 7s. 1948
Sao Paulo (Brazil) 6s__1943
51
1.18
Saarbruecken M Bk 6s '47
f25
48
20c
400
Amer Business Shares-50c
26
Santa Fe 7s stamped.1942
33%
79,900
2
June
Amerex Holding Corp.-.*
/24
1947
42%c
2
Jan
Jan
3.50
39
83
25
8%
36%
39c
Jan
56
Aug
26%
81
/22
/30
f22
/23%
8s ctfs of dep
1948
Santa Catharlna (Brazil)
36%
39c
July
1.00
Mar
/24%
/24%
Royal Dutch 4s
/82
m
m
f27
30
Insuranshares Corp of Del
Invest Co. of Amer com. 10
Prov Bk Westphalia 6s '36
1957
15
40
Jan
Feb
9%
19.84
14%
1933
Rom Cath Church 6 %s '46
Aug
10.99
37
6%
4%
Jan
8%
34
10 02
many) 7s
—1946
Prov Bk Westphalia 6s *33
Rio de
12 %o
18.65
33%
26%
July
2% June
2%o
*
/30%
/34
/13%
/25
/24
/24
/24%
/25%
Rhine Westph Elec 7% *36
03
__j94i
Feb
Inc...l%
Fund
Protestant Church (Ger¬
/40
120%
123 >4
Super Corp of Am Tr Shs A
4.11
....
AA
2.71
B
4.25
BB
2.71
....
....
'
Jan to June 1935
July to Dec 1935
Jan to June 1936
...
Coupons—
Nov 1932 to May 1935
---
/60
Nov 1935 to Nov 1936
/42
Slem A Halske deb 68.2930 /345
7s
/98
1940
B
395
/37%
/35%
/28
f22
1937
German scrip
German Dawes coupons:
Dec 1934 stamped
Apr 15 '35 to Apr 15 '37.
German Young coupons:
Dec 1 '34 stamped
June 1 '35 to June 1 *37.
Graz (Austria) 8s
.1954
Great Britain A Ireland—
1960-1990
1948
30
5s
1956
55
56
24
2d series 5s
1956
55
55
/6%
July to Dec 1936
July to Aug 1937
7
...
10%
/12%
/15%
20
13%
16
108
1957
Oct 1932 to April 1935
Oct 1935 to Oct 1936.
109% 110%
/5 2
56
/23%
26%
7s unstamped
Certificates
4s—1946
1955
70
Tollma 7s
1947
4s
1936
1946
7% gold ruble
For footnotes see page
98
1244.
7.55
Supervised Shares
2.16
Trustee Stand Invest Shs.
7.87
D
3
....
.
14.28
15.62
3.08
....
/12%
1943
Unterelbe Electric 6s. .1953
Vesten Elec Ry 7s
1947
1945
Agricultural shares
Automobile shares
2.00
1.44
1.56
Building shares
2.05
2.22
1.57
1.70
.97
1.06
Investing shares
Merchandise shares-...
1.53
1.66
Trusteed Amer Bank Shs B
1.44
1.53
Trusteed
Shares
1.52
1.66
1.75
1.90
U S El Lt A Pr Shares A__
16%
17%
2.60
2.70
.98
1.06
27
Petroleum shares
RR equipment shares.
Steel shares
74
13%
J86.54 91.14
1.49
-
Preferred
1.62
*
Huron Holding Corp
1
Institutional Securities Ltd
Industry
B
7.52
.85
....
....
.94
3%
1.04
1.13
UnNYTr Shs
*
1 %
1%
%
%
1
18.40
20.18
24
26
.99
1.82
27
Insurance Group Shares.
1.56
1.70
value.
1
B_.
Un N Y Bank Trust C-3-*
.59
par
Series
1.56
1.68
No
3.03
7.87
2.41
Bank Group shares
*
1
1
Series
1.43
24%
27
C
Series D
Trustee Stand Oil Shs A.l
2.14
.
Tobacco shares
Guardian Inv Trust com.*
$7
f25
/22%
f25
shares.......
Food shares
Union of Soviet Soc Repub
Wurtemberg 7s to
1953
45.89
6.94
Mlnlng shares
/60
/42
f25
m
/54
/57
/45
.
Stettin Pub Util 7s...l946
Stlnnes 7s unstamped. 1936
Certificates
5.72
42.68
Chemical
Coupons—
Toho Electric 7s
/9%
/19%
7.87
C
2
General Capital Corp
General Investors Trust.*
....
Group Securities—
State Mtge Bk Jugoslavia
Hanover Harz Water Wks
Par
Administered
32
26
16o
Investing Companies
28
27
/28
/58
6%—
30"
Corporate Trust Shares. .1
1941
Jan
July
No par value.
50
1945
11c
3%
Apr
1.50
Jan
Aug
335
5
12c
27
1968
Jan to June 1934
6%
•
/25%
f25
Feb
25%
32
2%
Jan
49c
139
36%
*
Panama 5% scrip
Porto Alegre 7%
German defaulted coupons:
July to Dec 1933
Haiti
Waterloo Mfg A
6c
Apr
Aug
40
17
48
Jan
July
2
255
7
Apr
37 %
54%
63%
96
Guatemala 8s..
United Fuel pref..
82
36%
4s
29%
54%
/60
/42
/25
/50
f27
/25
*
100
3%c
28%
40
4c June
8,500
1.50
1
/77
/93
Jan to June
53%
53%
....
Thayers
Continental Shares
/35%
Jan
Temlskamlng Mines.
f23
/26%
Commonwealth Invest...1
Consol Funds Corp cl A.l
1 *38
Int ctfs of dep
*
*
Apr
4
32
-.100
Preferred
Stop & Shop
Supertest ord
49
Conversion Office
Funding 3s
26"
Mar
29
2%
3%c
6%
27%
4%
Stand Paving
20
3%
6%
27%
•
*
*
10
310
2
1
Rogers Majestic
Shawlnlgan W A P
26
■
French Nat Mall SS 6s '52
Gelsenklrchen Min 6s. 1934
Ask
Jan
69c
July
21c
Robb Montbray
f65
f79
f23
f2 3
f23
22o
2c
4c
/24
/44
/45
/23
26
Mar
20c
4c
1952
/24
100%
Jan
18%
108
Jan
20%c
........1
Panama City 6%s
1945
Frankfurt 7s to
Feb
32%
2%c
~2%
91
32'
24% c
90%
Jan
Apr
41%
26
*
f23
/88
/62
/30
28
Apr
15
July
25% June
12
May
305
Apr
26
1
Century Shares Trust
1967
Income
15
July
31%
/23
/98% 100%
7%
8
2,755
48
May
31%
—1
28
32
10
100
90V
42
1
6
/25
f35
/29
/35
50
*
Oberpfals Elec 7 %
1946
Oldenburg-Free State 7%
1967
7s
May
44
Apr
73
/25%
Feb
3.55
Apr
90o
44
44
Feb
56
27%
27%
2,515
450
Jan
55c
Mtge 7%
1948
North German Lloyd 6s '47
Janeiro
1.20
10c
Feb
4%c
54
26
2,200
3.60
Apr
May
19c June
/23
5g
55o
1%C July
Hungary 7 %s
1962
National Hungarian A Ind
27
2,822
1,500
British Type Invest A
1
Broad St Invest Co Inc.-5
to
Jan
1,500
1947
Bank
12 %
2,550
Boston Fund Inc..
4s
15% June
60
2c
/88
19
Jan
3%c
19% May
Jan
21%
lc June
4,982
35c
/86
1946-1947
1948-1949
(CAD)
Feb
33c
Bankers Nat Invest Corp *
Basic Industry Shares. .10
11%
m
Issue of 1934 4%
.1948
Cordoba 7s stamped. .1937
Costa Rica funding 5% '51
Costa Rica Pac Ry 7 %s '49
Nassau Landbank 6%s '38
Natl Bank Panama 6%%
(A A B)
10.00
40
Oil Selections
Nat Central Savings Bk of
1968
Savings
.
14
19
City
Municipal Gas A Elec Corp
Recklinghausen 7b. 1947
15%
/14%
/9%
f23
fl7
m
7s assented
...1945
Munlc Bk Hessen 7s to '45
68
/e 5
fill
/14%
/14%
/12%
Central German Power
Chilean Nitrate 5s
1943
Land M Bk Warsaw 8s '41
/26
(Colombia) 7s
Nov 1932 to May 1935
Nov 1935 to Nov 1936
Koholyt 6 %s
14
/23
Callao (Peru) 7 %s
Cauca Valley 7 %s
Ceara (Brazil) 8s
.
Merldlonale Elec 7s.-.1957
1962
Call
1948
26%
81
80
Hungarian Bank
7%s
1936
Jugoslavia 5s Funding 1956
Jugoslavia 2d ser 5s. .1956
Coupons—
9%
9%
/93
/25%
/23%
1940
change Bank 7s
10%
/24%
Brazil funding scrip
Bremen (Germany) 7s 1935
22
3.00 June
1%C
Nordon Corp
Hungarian Discount & Ex¬
27
Ilseder Steel 6s
Brandenburg Elec 6s. -1953
Brazil funding 5%. 1931-51
6s
Housing A Real Imp 7s '46
Hungarian Cent Mut 7s '37
Hungarian Ital Bk 7 %s '32
94%
Mar
49%
Ritchie Gold
Bid
Hansa S8 6s stamped. 1939
6s unstamped
1939
23
23
Jan
31c
*
100
Night Hawk
Foreign Unlisted Dollar Bonds
26
Feb
3%
5c June
49%
40%
13%c
Porcupine Crown
Bid
21
May
1.50 June
1
Mercury Mills pref
Montreal L H A P
Tel. HAnover 2-5422
/24
/25
17
2,725
25,300
1,000
3,000
1%
19%
18
Prairie Cities
1946
Feb
Jan
1
Pend Oreille
—
Apr
38%
230
2.25
6%c
Pawnee-Klrkland....—1
Anhalt 7s to
Feb
10%
34
400
Malrobic
Mandy
St., N. Y.
21o
KIrkland Townsite
Inactive Exchanges
52 William
3 %o June
8
July
55
9
5%c
High
Low
3,760
37%
17%
1.90
Preferred
WAITER E.
9c
6%c
*
Honey Dew
Foreign Stocks, Bonds and Coupons
Range Since Jan. 1 1937
Shares
80c
Dominion Bridge
tin default
zListed,
8c
9c
Brett Tretbewey
Dalhousle Oil
two-for-one basis.
Stock dividend of 100% paid Sept. 1, 1936.
Cash sale—Not Included In range for year,
Sales
Price
b Ex-stock dividend.
0
Exchange—Curb Section
Toronto Stock
Aug. 14 to Aug.
30
14 y8
Sunset McKee A.
*
High
1.35
1.35
Superior Port Cem B
U S Steel
Low
11%
-
Stearman-Hammond 1.25
Studebaker
z
Range Since Jan. 1 1937
Shares
25
6% pf 100
Standard Brands Inc
z
Aug. 21, 1937
Sales
Friday
Stocks
Chronicle
/ Flat prloe.
Voting trust ctfs
Wellington
ser
Fund
--
F
4
Investm't Banking Corps
Bancamerlca-Blalr
Corp.l
First Boston Corp
10
Schoelkopf, Hutton A
Pomeroy Inc com—10c
8%
9%
25%
27%
3%
4%
new
members
WILLIAM
52
BUILDING
ALDRED
PRIVATE WIRES
Volume
toronto
CONNECT OFFICES
AND UNLISTED
Montreal Stock Exchange
Provincial and Municipal Issues
Bid
1 1948
Oct
1 1956
Prov of British Columbia—
6s.
July 12 1949
6s
15 1943
May
1 1959
June
1 1962
4s
Week's Range
for
116% 117%
Sale
of Prices
Low
High
Week
120
119
114% 116
Stocks (Concluded)
Dominion
Price
Par
Dryden
110%
4%s
Aug
1 1941
91
94
4Kb
Mar
2 1950
109
6a
June 15 1954
87
90
4s
Feb
1 1958
107
109
Eastern Dairies
11961
110%
Electrolux Corp
1
4kb
91
88
2 1959
Dec
5s
Mar
English Electric B
Foundation Co of Can
•
77
79
Nov
Oct
1 1960
General Steel Wares
22%
16
*
11%
Gurd, Charles
Gypsum Lime & Alabas. *
Hamilton Bridge
Preferred
100
Holllnger Gold Mines
Wood,
*
100
Preferred
103%
20%
14%
Internal- Pet Co Ltd
*
*
International Power
*
Gundy
International
Power pf.100
100
Lake of the Woods
"63%
34%
&
12
54
*
(JS).
"41%
National Steel Car Corp..*
95
4s perpetual debentures.
4Kb
Deo
6s
July
Ask
114
1 1944
"48%
Sept
11946
104
104K
5s
Dec
1 1954
107 K
107 K
11960
103
103%
4Kb
July
115
Dominion Government Guaranteed
Bid
Bonds
Bid
Ask
Att
Mar
Jan
15%
Feb
18%
18%
Mar
15%
11%
5,500
13
205
7%
14
17%
2,400
11% June
15%
60
82%
20
12%
340
Jan
12%
Jan
63%
10% May
30%
103% 103%
625
18%
Jan
99%
Apr
20%
21
14%
14%
3,240
4,007
3,240
12%
14%
82%
25
37
63%
34%
66%
7
88%
35
3,479
2,661
310
54
88%
20% June
Jan
13%
33%
Apr
54
Apr
Apr
33%
4% June
86% June
June
28
630
28
18%
155
15%
45
9
10%
1,585
Apr
Apr
90
Jan
15%
Apr
34%
July
106
24%
15%
38%
73%
Mar
39%
Mar
12%
Jan
Mar
Jan
Mar
Jan
98
Jan
43%
Jan
Mar
22
June
8
Jan
16%
15
Jan
Feb
16%
Mar
Apr
15
Mar
Jan
8%
8%
50
Jan
48
Mar
12
788
54
5
49
50
5
38
Jan
Apr
36%
May
31%
32%
1,680
29
88
1
80
41%
41%
42
993
37%
41%
105
39
48
49
630
43%
43%
43%
45
64
64
67%
2,170
pref..100
*
15
Jan
Feb
100
Apr
42%
Feb
Mar
43%
Feb
39%
Apr
67%
Jan
40
Apr
54
Feb
54% June
83
Feb
15
19
Jan
37
Feb
238
238
6
235
Apr
300
Mar
155
160
55
150
Apr
158
July
90
90
10
99
Jan
23
23
37
20
Jan
23
June
100
125
5
127
Feb
130
787
18
June
33%
Feb
3,901
35
Apr
48%
Apr
Apr
79
N S Steel & Coal
Ogtlvie Flour Mills
Preferred
—10Q
114
6Kb
4kb
Sept
4kb
June 15 1955
Feb
July
1 1956
1 1957
114% 114%
6s
July
6s
Oct
1 1969
1 1969
5s
Feb
1 1970
124 % 125 K
116% 116%
4Kb
4Kb
1 1946
July
4s
Jan
1 1962
3s
Jan
1 1962
*
Price Bros & Co Ltd
107
107%
96 K
97%
125
45%
74%
75
412
64%
20
20
250
17
June
10
10
240
8
Apr
11
June
25
25
210
19
Jan
25
Aug
33
Apr
27%
29
103
320
25
Jan
181
99%
8%
Jan
Jan
15
25
Jan
39%
75
22
Mar
25
June
1,512
68
Feb
98
Aug
Apr
13%
13%
50
34
34
36%
24
24
24
98
A
*
preferred
Jan
6,153
2,320
29%
14
St Lawrence Corp
Mar
25%
103
St Lawrence Flour Mills..*
1183% 119%
118% 119%
Jan
43%
103
Saguenay Power pref.
July
87%
43
*
25
Rolland Paper vt
10%
23%
*
Regent Knitting
25
15
23%
pref.-.100
Power
Regent Knitting pref
Grand Trunk Pacific Ry—
113% 113%
116% 117%
Power Corp of Canada...*
Quebec
ieo"
100
Penmans pref
Price Bros & Co
Canadian Northern Ry—
Canadian National Ry—
1 1951
Apr
18
*
Niagara Wire new
Noranda Mines Ltd
Ottawa Traction
113%
31
Jan
Mir
Ottawa L H <fc Power—100
4Kb
95%
15 1942 /II0% 111%
16 1944 101% 102%
Sept
6s
Bid
Canadian Pacific Ry—
Aug
June
8%
88
"§1%
Tramways...100
*
Preferred
25
Ask
22%
11%
Mtl L H & P Consol.... .*
National Breweries
Bid
10
265
Jan
8%
50
Montreal
Canadian Pacific Ry—
170
23%
4% May
24
54
100
Montreal Cottons
Railway Bonds
14%
22%
9%
McColl-Frontenac Oil....*
Private wires to Toronto and Montreal
15
8%
10
Mitchell
New York
5%
17
18
Massey-H arris
Inc.
1,440
28
28
*
Lindsay (C W)
Co.,
19%
7
7
88%
Lang & Sons (John A)...*
14 Wall St.
18%
37
Industrial Acceptance
Intl Nickel of Canada
Jan
20
12
6
Imperial Oil Ltd
Imperial Tobacco of Can.5
Bonds
Jan
5.00
1.85
30%
12%
Howard Smith Paper
Canadian
Apr
6%
July
July
1.50
July
20
Jan
2
14%
*
86%
June 15
5Kb
4Kb
108% 109%
115% 116%
Sept 15 1952
5s
84%
84
5s
Province of Nova Scotia—
4Kb
82
108
105%
85%
Jan
13%
5%
1943
15 1946
1 1951
106
104
15 1960
15 1961
Apr
Apr
Jan
73
1,150
225
2
1.75
18%
Enamel & Heating Prod--*
Prov of Saskatchewan—
Prov of New Brunswick
4kb
4kb
May
18%
2
*
109
81
17
*
*
Paper
East Kootenay Power
288
80
80
*
Textile
High
Low
Shares
106% 108
Jan
15 1965
Province of Quebec—
Province of Manitoba—
1 1937
Range Since Jan.
Last
4kb
97
Sales
Friday
110% 111%
Sept
5s
100%
99
1 1942
Oct
5s
57
96
1 1953
Oct
58%
Ask
Bid
Province of Ontario—
Ask
/57
/55%
4%s
4kb
BUILDING
Canadian Markets
Province ol Alberta—
Jan
BANK
ROYAL
1239
145
LISTED
5s
BONDS
INDUSTRIAL STOCKS AND
STREET
YORK
NEW
montreal
Cable Address hartwal
Teletype ny 1-395
UTILITY AND
CANADIAN
IN
SPECIALIZING
york security dealers association
Bell System
Telephone HAnover 2-0980
Apr
103%
Apr
Apr
St Lawrence Paper pref 100
Aug. 14 to Aug. 20, both inclusive,
compiled from official sales lists
Sales
Friday
Par
Stocks—
Week's Range
for
Sale
of Prices
Low
High
Week
Price
95
27%
27%
28%
882
25%
33%
Feb
23%
23%
23%
230
23
June
30
Apr
Jan
16
*
Simon (H) & Sons
100
Preferred
Low
High
12
50
100
110
110
100
Amal Electric Corp pref.50
30
30
31
25
14
14
100
Preferred
Associated
Breweries
*
Bawlf (N) Grain
Bell
21
Telephone
100
no"
811k
Mills
Building Products A.
Canada Cement
Preferred
100
Can Forgings class A
*
Can North Power Corp..*
370
Apr
17
Apr
26%
Jan
157
16
7%
70
7
15
5
62
10
56%
Jan
1,204
14%
June
109 K
16
16%
109K 109 K
17
17
21%
17
21%
8,086
18%
Jan
191
34%
July
7%
Apr
July
630
104
Jan
60
16
110
20
2
9%
July
3%
4
446
13
453
75
75
5
60
Jan
15K
15 K
16 K
2,105
25
Feb
25
26
26
26 K
1,110
23
Canadian Celanese
Jan
101
Jan
99
10
102
Jan
Feb
Mar
Mar
14
14%
190
12
July
89%
395
77
May
82
82%
295
72% May
88%
17
17
Preferred
Tuckett Tobacco
"99"
100
pref. .100
United Steel Corp
—
*
100
Was tern Grocers Ltd
Preferred
Winnipeg Electric A
*
8%
69%
100
Preferred
99
157% 157%
9%
8%
69%
118
118
5%
4%
B
4%
4%
3
7
705
4%
Jan
6% June
Jan
34%
159
11%
Feb
Mar
Feb
70
Feb
115%
Mar
120
Jan
3
June
10%
Jan
3%
June
10
Jan
24
Aug
43
Jan
60
June
15
5
70
25
29
21
59
29
Feb
1,901
1,459
70
118
5%
Jan
21
155%
59%
84
57
159% 159%
184%
38
150
82
182%
Banks—
60
100
—100
100
100
Canada.
Canadlenne
Commerce
Montreal—
Nova Scotia
*
25
25
25%
710
23
117%
Royal
59
"184%
184
Jan
Jan
161%
July
Aug
211
Jan
225
225
74
219
Jan
241
Feb
335
100 "199%
—
335
5
314
Jan
340
Mar
199
199%
227
198
July
226
Feb
Aug
HANSON BROS Man Government
Canadian Car & Foundry—
Preferred
101
86
Apr
July
*
15
Apr
May
July
12 K
100
35
May
35%
6K
Canad Wire & Cable cl A.*
Class B
5
110%
169% 170
24% 27%
62
Canada Steamship (new).*
Preferred
16
5
2,680
Jan
7%
♦
*
*
22%
11
35 K
24%
British Col Power Corp A_*
B
*
Bruck
21
16
pref..l00
Brazilian Tr Lt & Power..*
111
111
100
Preferred
Bathurst Pow & Paper A
Jan
8%
105% June
29
Apr
Jan
14
103
*
25
100
^
Tooke Bros pref
12
110
*
Agnew-Surpass Shoe
103
Southern Canada Power.. *
Steel Co of Canada.
Shares
13%
14
14
108%
18%
96%
Simpsons pref
Range Since Jan. 1 1 937
Last
95
Shawlnlgan W & Pow
*
Sherwln Williams of Can. *
Montreal Stock Exchange
Municipal
INCORPORATED
Preferred 7%
100
117
251
117
Rights
*
100
21
21
344
21
90
90
15
75
108
10
105
Apr
Public Utility and
1883
Feb
Canadian Cottons pref.100
ESTABLISHED
Apr
Canadian Cottons
K 108%
255 St. James St.,
Jan
26
26
490
23
Can Hydro-Elect pref.. 100
91K
91 K
92%
484
.71
Canadian Indust Alchol..*
6%
6K
6%
2,185
5
13K
13%
60
12%
2,465
11%
July
495
13%
July
Cndn Foreign Invest
Canadian Locomotive
Canadian Pacific Ry
Cookshutt Plow
Con Mln & Smelt new
Crown Cork & Seal Co
*
*
25
'n%
11K
*
14 %
14%
26
84%
84
14%
84%
Dominion Bridge
Dominion Coal pref
Dominion Glass
Preferred
25
20K
Apr
Jan
Last
23
Dom Tar & Chemical
13 K
*
100
Sales
Friday
18
24
100
20%
50
570
47
May
21%
official sales lists
both inclusive, compiled from
72
235
21
Week's Range
for
Week
Range Since Jan. 1
1937
June
Apr
530
19
112
5
110
Jan
145
10
140
Mar
25%
14,223
13
Jan
13K
14%
2,385
12
91
140
86
July
Sale
Stocks—
June
89 K
20 K
145
100
Montreal Curb Market
Aug. 14 to Aug. 20,
1,687
21
112
100
Dominion Steel & Coal B 25
5K % new pref
Apr
49 K
21
*
Industrial Bonds
Apr
23%
*
Distill Corp Seagrams
Montreal
330 Bay St., Toronto
Sparks St.f Ottawa
July
12
56
23
Abltlbi Pow & Paper
Par
Co..*
6% cum pref
100
Certificates of dep—100
•
No par value.
Price
6
of Prices
High
Low
6
6%
62
62
61%
61%
Shares
8,295
1,035
45
High
Low
41%
Jan
80
Apr
Apr
41
Jan
79%
Apr
5
July
15%
1240
Financial
Chronicle
Aug.
71,
Canadian Markets—Listed and Unlisted
Montreal Curb
Market
Friday \
(Concluded)
Week's Range
Sale
Stocks
of Prices
Price
Far
Low
High
for
Week
Asbestos Corp Ltd
85
114
May
135
Mar
92
July
July
7
Feb
6
June
210
"22%
7%
Feb
1,155
21M
16%
Apr
26%
Feb
22
9
Apr
10
60
Apr
60
34
82%
Preferred
39
109
38 %
235
Apr
May
248
160
Apr
160
954
35
Jan
2%
a.50
July
3%
2%
Aug
7%
Aug
16
67
16%
1.70
July
175
3%
4
Apr
Jan
24%
Apr
73
Apr
Apr
9
July
12%
13%
Apr
19%
Apr
12%
Apr
Aug
19
Apr
33
Jan
25
European El Corp Ltd.. 10
95
13
15
8% June
7% July
87
1.10
5
44%
*
42%
1,251
1,616
"l3%
1,348
10
pflOO
30
Jan
10%
Feb
8
720
9
24%
*
13
Jan
29%
Feb
2.50
Feb
June
21% June
1.00
Apr
30
Feb
29%
Feb |
50
Apr
60
Apr
45
June
49
Jan
U%
July
14
Aug
74
Internatl Utilities
270
74
105
1,087
76
Jan
110
Mar
30
18
Apr
20
Jan
.20
Corp B.l
"L70
Lake St John P&P
575
1,427
85
Mackenzie Air Service
275
Aug
66%
July
1.25 May
"21%
500
58%
94%
245
Melchers Distilleries pref.*
Mitchell (Robt) Co Ltd..*
6
429
6
July
22
137
19
Apr
10
75%
1.25 June
MacLaren Pow <fc Paper..*
Massey-Harr 5% cu pf.100
McColl-F Oil 6% cm pf 100
Corp
27
Apr
Aug
Feb
3%
87
Aug
1.80
Apr
89%
Jan
Aug
51
37 %
73%
Mar
June
100%
9%
Mar
30
Feb
Jan
Canada—
of
1st pref
100
Quebec Tel & Pow A
RoyaliteOll Co Ltd
69%
*
"H"
Sarnia Bridge Co B
*
Southern Can P pref.. 10O
99% 100
4%
4%
44
20
,
July
107
Feb
5
July
4%
Jan
34 %
May
59 H
7%
July
16
Jan
JaD
108
Feb
15
106
99
50
475
46
64
107
United Distil of Can Ltd.*
1.05
1.05
1.10
425
Walkervllle Brewery Ltd.*
2%
2%
2.38
525
105
65c
Apr
1.75 June
50
50
40
42
19%
19%
90
18% June
Mar
1.15
Jan
3%
51%
Jan
1.12
1.25
6,775
Apr
20
July
Feb
Mines—
Alexandria
Corp...*
Gold
1.12
1
2c
2c
12c
13c
*
3c
3c
1
30c
35c
2,000
1,700
2,900
8,100
Bidgood-Klrkland
*
Big Missouri Mines Corp.l
68c
79c
6.800
52c
52c
54c
Bouscadlllao Gold Mines. 1
21c
21c
27c
2,600
17,100
Anaconda jOil
Arno
Mines
Beaufort
Gold
Brownlee Mines (1936)...1
Bulolo Gold Dredging Ltd 6
75C
Apr
l%c July
Aug
9c
Jan
20c June
65c
Feb
Aug
41o
May
72c
Feb
19o
July
1.15
Feb
4c
4%c
2,500
3c June
22%
295
2.70
Can Malartlc Gd M Ltd.*
1.26
1.26
1.42
1,500
2,350
23% June
2.10 May
Cartier-Malartlc O M Ltd 1
18c
17c
20c
14,600
3.00
""48c
40c
85c
.1
85c
3.05
900
1.15 167,185
90c
1,650
90c June
14c
Feb
June
50%
Jan
Jan
15c
Mar
71e June
2.03
Jan
3.60
Apr
8c
9,100
6%0
1.08
1.08
1.23
2.75
2.75
2.95
5,600
1,475
2.10
72c
Graham-Bousquet Gold—1
"L90
Hunter Oil
Kirk-Rand
10,400
Feb
Feb
41%
Feb
70c
Jan
35c
35c
800
21%o
24c
8,600
20c June
57c
Feb
29c
29c
833
27c
45c
Apr
1.42
1.47
1,200
50%
50 H
545
5c
5c
5c
1
24Hc 24%c
1,500
1,700
...1
3c
3c
500
1
5.90
6.05
1,595
*
1.32
97%c
47
Aug
Mar
June
4C
May
120 June
1.64
27 %c
30c
Jan
4.25 June
8.50
Jan
1.28
1.32
700
1.05 June
35 H
107
33% June
42
3.90
3.90
400
2.90 June
4.80
1
3c
2%c
3c
Montague Gold
Murphy
7,000
1
10c
10c
10c
100
Newbec Mines Ltd
2%c
3Hc
1,000
2%c
*
5%c
5Mc
500
Normetals
5%c
3%c
1.85
1.85
2.05
O'Brien Gold Mines Ltd.. 1
5.85
5.85
6.50
55c
62c
3,700
5,315
1,200
Pandora Cad
Pamour Porcupine M
,"_*
3.00
2.60
Pickle Crow Gold
'I'.OO
Perron Gold Mines Ltd__.l
Placer Development
Powell-Rouyn Gold
*
Preston-East Dome M
1
225
I9%c
6.801
1.05
17
WA. 3401-8
Toronto Stock
Exchange
Aug. 14 to Aug. 20, both inclusive, compiled from official sales lists
Friday
Sales
Last
Stocks—
Par
Week's Range
Sale
of Prices
Price
100
5%
60%
..*
14c
Afton Mines Ltd
1
3%c
A P Consol Oils
Abltibi
6% preferred
Acme Gas & Oil...
Low
.
for
Range Since Jan. 1 1937
Week
High
5%
60%
6%
62%
14c 14%c
3%o 3%c
Shares
1
Ritchie Gold
L26
1
3.75
July
8c
Jan
14c June
45c
Mar
Aug
10c
Feb
Aug
11c
Feb
1.43 May
2.15
July
6.50
2c
June
13%
Jan
40c June
1.10
Mar
2.15 June
15c
4.05
Jan
June
42c
Feb
2.60
525
1.90 June
3.80
Feb
5.90
200
5.20
9.10
Feb
4.50
3,450
5,400
4.00
1.05
17
1.21
July
70c June
2.61
Jan
Feb
2.55
May
6.50
110
17
15
June
17
May
Mar
11c
May
20c
Jan
3o
July
10%o
Jan
29c
Feb
32c
32c
33c
Apr
95c
15%
15 %
1.25
10
15%
Aug
43 %
Jan
1.10
28,722
73c
June
1.89
Feb
1
2.00
1.75
2.00
5,000
l%c
Aug
4%e
Jan
5.80
5.75
5.90
1,175
6.00 June
8.75
Feb
46c
50c
11,191
35o June
1 42
FeD
36c
443^ c
35c June
Anglo-Huronian Ltd
*
Argosy Gold Mines
Arntfield Gold
1
Ashley Gold
1
Astoria-Rouyn
1
J
Aztec Mining
50
1
Bankfieid Cons
1
*
Bathurst Power A
*
Beaftle Gold
*
Beatty Bros A
July
15c
Feb
6c
July
25c
Feb
16c
Feb
11c
59%
39
32c
40c
75c
90c
34,637
24,833
250% 250^
100
*
7%c
59,400
2,100
59
75c
Barker's Bread
Feb
3,100
9%c
11c
*59
Bagamac Mines
Bank of Toronto
1.16
8c
8c
33c
Base Metals Mln
5,900
8c
8%c
50c
Bank ol Canada
21
1.20
5
250
June
273
Mar
15
10
Aug
15
June
8,450
1.22
1.26
19
340
15,050
75
LOO
15
65c
Feb
24%
Apr
Apr
1.76
Feb
Apr
Aug
112
Apr
Aug
106
July
8
170
8
8%
169% 170
61c
1
862
6
Jan
197
154
Apr
54c
1
*
*
5
52c
54c
4.823
July
72o
Feb
12%
50
10
July
4
June
16%
6%
Feb
7
5
5
Bobjo Mines
1
16%c
16c
18c
*
7.30
7.25
7.50
Brazilian
»
*
24%
22%
24%
22%
27%
23%
36
36
95
7
10
Brit Columbia Power A..*
*
British Dominion
Oil
7
23c
I
25c
9,900
1,720
7,618
2,417
1,000
38o June
38o
Jan
Feb
Jan
30H
Mar
21%
Apr
26 %
Mar
34 %
7
July
Aug
10
20c June
44c
42c
47c
5,050
i
10c
10c
11c
Bunker Hill
*
"lie
2,646
4,000
24,600
8.25
*
*
18%
910
14 %
...
Burt (FN)..
Calgary <fe Edm
25
40
42
Aug
Canada Cement
Jan
11c June
23c
Feb
June
39 % May
13,090
2.00
Apr
6 65
Feb
65c
12,268
40c
Apr
1 75
Mar
6
6
102
102
10
99%
50
52
85
50
.•
16
16
110
110
Canada Permanent
100
Steamship (new)....*
new
155
88
152
155
33
Aug
10%
Jan
May
103%
Mar
Aug
14H June
59%
Feb
23
Apr
75
101
May
110
Mar
95
82
June
98
Feb
Jan
160
July
38
146
2
July
7
73
9
July
18
79
35
50
July
33 %
40
4%
13%
3%
233
6
292
12
75%
3%
12%
Can Wire & Cable A.....*
B
16%
110%
88
*
495
5
50
Aug
23
Jan
17
180
Aug
210
Jan
Canadian
Breweries
*
Preferred
*
Canadian Canners
1st
2%
21
20
"l9"
625
362
2% June
14%
Jan
154
7%
38
18 %
Canadian Malartic
Canadian Oil.
1,016
10
Mar
12%
Jan
600
14
Apr
21%
Feb
42
43
151
38
May
47
May
209
209
203 % June
209
Aug
209
6%
6%
1,875
1.24
1.45
24,823
14
"ii%
1.61
1
10
6%
1.27
1
11%
1.57
102
"loo
96c
14
10
12Vs
1,306
1.61
700
104
48
1.11
1
2.75
2 75
3.05
1
12^c
12^c
14%c
*
80c
78%'c
*
Conlagas Mines
Conlaurum Mines
1
5
_
Consumers Gas
8%
Jan
2.30
Feb
19
Jan
11
11%
1.41
100
Feb
Dominion Bank
Feb
2.38
Jan
Dominion Coal pref
Dominion Explorers
Jan
5.26
FeD
430
Jan
85c
1,200
11,850
60c
Apr
1.47
Jan
495
13H
Aug
22%
Mar
20
48c
84%
20
40c
84%
2.45
150
1.45
600
20%
173
1.15 358,362
88%
1,417
75c
Apr
2.10 June
1.00
20
40c
72
200
72
26
55
22
45
45
200
55
60
2,050
May
200
1
199%
35
33
37
25,400
33
Dist
•
22
22
24
780
20
41%
41%
100
220
25
21
42%
222%
38 %
Jan
Feb
Aug
2.68
Feb
100 %
Mar
211
Mar
Apr
July
May
Aug
Apr
2,500
4,860
12 %
Jan
28 %
Mar
200
8%
July
12%
Mar
21,205
38c
Aug
1.22
33,250
65c June
2.05
Jan
9%
Jan
Apr
8.65
Apr
June
16%
Jan
2,275
3.20 June
1
1.03
1.03
j
50c
45c
56c
1.22
22,210
76 He June
2.50
Jan
*
East Malartic
i
1.11
1.11
1.25
18%c 18 %c
500
18Hc
*
18 %c Aug
90c June
Aug
Stadacona-Rouyn
Easy Washing
»
Mar
6%
400
4%
Jan
2.90
6%
Eldorado Mines
1
2.75
2.95
5,590
2.10
English Electric B
*
14
14
6.65
1.43
3.30
3.30
200
2.59 June
4.70
Feb
5.50
5.50
35
4.60 June
6.10
Feb
Dorval Slscoe..
1.30
1.00
June
2.25
Jan
•No par
value.
2.75
23
8%
Jan
6c
South End Pete
23%
8%
Mar
Jan
394
..26
28%
Mar
4,700
...»
Jan
Aug
51
66c
Dom Stores
Jan
37
24
3.10
Dom Steel Coal B
Jan
250
4.05
Jan
2.95
July
19
3.80
Feb
50
May
'4c July
214
2.70
Feb
27%
May
50
3.85
1.13
Jan
2.14
25%
5%c
1
2,280
225
21
3.50
Jan
23
Apr
31c June
*
1.44
Apr
41
4.00
Jan
Feb
9o June
25
.....*
Mar
2.10 June
Davies Petroleum
Dome Mines
1.75
1.66
200
..
17 %
107
June
100
Feb
Aug
July
May
91c
*
100
Cosmos
16c
June
14%
1.45
*
„*
Apr
85o June
75c
2.45
5
Cons Bakeries
Cons Chlbougamau
80c
9,200
14,375
4,900
4%
14M
*
Cockshutt Plow
220
Jan
!!8
16%
...100
Central Patricia..
Central Porcupine
Chemical Research
Chromium Mining
6.85
20%
11
15%
25
Seagrams
23% Aug
9% May
16%
*
Cariboo Gold
Darkwater Mines.
Jan
11
*
OPR
Crow's Nest
Apr
May
3%
*
Canadian Dredge
*
Cndn General Electric..50
Canadian Ind Alcohol A..*
Cons Smelters
19
3%
22%
8%
*
2nd preferred
Canad Car <fc Foundry
Carnation pref
Castle Trethewey
21
8%
*
pref
2%
2.75
1.30
Aug
July
50
187
2.80 June
1
34
19
50
184
4c July
7%o June
1
Aug
100
...*
Cndn Bakeries pref
l
Gold
Apr
Apr
79
Can Bank of Commerce 100
1
Gold
Jan
2.73
55c
1
Sullivan Cons Mines Ltd.l
%
2.35
Shawkey
Teck-Hughes
44
Mar
55c
Sherritt-Gordon
Sylvanite
18
Feb
"2.35
Canada Cement pref...100
3.85
90,165
11,145
June
6HC
*
Canada Packers
Feb
1.49
65
12.50
50
B
2.00
1.26
Feb
Apr
Slscoe Gold Mines Ltd
Siaden Mai
1.27
Jan
1.10
2c June
100
A preferred...
50c June
Apr
Jan
11%
*
Canada Bread
3,600
38c June
39
1
Calmont Oils
Preferred
Jan
29c
e.oo
*
3%c
14c 16%c
18%
19
41% 41%
Jan
12c June
Brown Oil Corp
Buffalo-A nkerlte
3c
1.70
6.40 May
B uf f alo-Canadian
Burlington Steel
Jan
Feb
269,595
Bralorne Mines
g
9%
176
81c
12%
61c
Big Missouri
65c
1.80
Jan
99
99
Biltmore Hats
Aug
62c
21H
5
29
Blue Ribbon
Mar
Apr
17
Jan
Apr
25o
100
BIdgood K'rkland...
1.27
1.47
Jan
107
«
2.01
100
1.85
100
Bel Tel Co of Canada
Aug
1.60
Apr
640 June
107
Beaubarnois
July
1.60
1
Jan
490
100
2d pref
Can
60
10H
18 H
*
June
June
27%c 37c
21
22%
10H
27^c
7c May
57
16 Ho
100
Beatty Bros pref
1.15
5,950
Apr
1.12
1.43
1,625
2,000
Apr
41%
15%
100
5c
80
595
8,600
*
500
9 He
15H
1
1.26
3.75
High
July
Aidermac Copper
AlexandrlaGold
1.60
8%o
6
Alberta Pac Grain pref. 100
1.26
4Hc
"9c
San Antonio Gold
Jan
Feb
2.60
60c
Read-Authier Mine
Apr
Low
1,075
3,200
1,860
1.60
"
Red Crest
Reward
1.56
5.80
1
Pend-Orellle
3.00
19c
Parkhlii Gd M Ltd new._l
Pato Gold
Jan
7%c
35%
Mines
Jan
July
2%c
5
Moffatt-Hall
Apr
Jan
59
Mining Corp of Canada..*
Mclntyre-Porcupine
Feb
60c
4.10
35c
1
Lake
1 58
Apr
25% June
35c Aug
Lamaque Contact G M__*
Mackenzie-Red
9c June
1.35
325
1
Lake Shore Mines
Macassa Mines
60o, June
500
7,175
22%
1
Lee Gold
2.04
Apr
32%
Gold
Kirkland Lake Gold
Lebel Oro Mines
1.90
39
32%
*
J-M Consolidated Gold
78c
71Hc
14%g 14%c
Feb
Feb
"""8c
Hudson Bay Mln & Smelt *
Jan
3.60
*
Home Oil
Feb
Feb
2.70
*
1
..1
6.40
2.28
47 %o
5.15
Apr
Duparquet Mining Co
Francoeur Gold M Ltd
Jan
Feb
Aug
East Malartlc—>.
8c
13c
30
Aug
56c
Eldorado Gold M Ltd
45
79c
40o
*
42%
Aug
2.20 June
Dome Mines Ltd
42%
25c June
45%C
2.45
Chlbougamau
Jan
2%o
22%
Dalhousie Oil Co
4Hc
Feb
Aug
2.45
Central Patricia Gold__._l
1.90
12c
Calgary & Edmonton...
Consol
Jan
(Associate)
B A Ob
Walker-Good A Worts (H)*
Walker-G & W $1 cum pf.*
Aldermac Copper
8.10
Co.
&
Apr
Ea Kootenay P 7%cmpfl00
Eastern Dalries7%cmpfl00
GenSteelWares7%cm of 100
Apr
Exchange
Exchange, Inc.
15 King Street West, Toronto.
Aug
8%
10%
59
475
Fairchlld Aircraft Ltd...
New York Curb
Jan
5
Apr
Jan
1,920
Paper B
Intl Paints 5% cm pref.
June
Aug
Jan
15
Preferred
5.95
July
27%
5
*
Freiman (A J) 6% cm
Gateneau Power
30
8.40
73 Ho
Members Toronto Stock
Jan
Aug
275
Voting trust ctfs
6.65
Jan
July
June
Jan
June
2,542
18
Foreign Pow Sec Corp...
30c
Canadian Commodity
Jan
7
1,790
Preferred..
Ford Motor Co of Can A.. *
7.00
11,250
6.60
*
Jan
Mar
-
62
Dominion Eng Works Ltd*
*
20
39c
2.15
STOCK BROKERS
Aug
47
17
100
Commercial Alcohols Ltd.*
cum
4
23%
57
*
Donnacona Paper A
Jan
60
*
Canadian Wineries
Dominion Stores Ltd
8.15
35c
47c June
33,100
Duncanson, White
Apr
170
4
Canadian Pow & Pap Inc.*
Cndn P & P Inv 5% cm pf *
Fraser Cos Ltd
Wright-Hargreaves
Mar
34
2%
Consolidated Paper Ltd..*
High
59c
35c
June
85
158
1
Westinghouse
Low
50c
8.15
*
Feb
20
70
100
Can Vickers Ltd
112
Aug
285
237
Cndn
Jan
17%
2%
14%
120
21
*
Cndn Ind 7% cum pref
Range Since Jan. 1 1937
Shares
Jan
10
17%
2%
*
Cndn Marconi Co
50c
Wood Cad
Apr
*
Price
1
Thompson
Aug
Jan
40
27%
112
*
Canadian Breweries.....*
Week
Apr
85
Canada Vinegars Ltd
6%
Jan
9
300
Canada Malting Co Ltd.."
Power
9%
Apr
*
Cndn Dredge & Dock
Cndn Industries B
Cad
Ventures Ltd (new)
for
of Prices
Low
High
Mar
406
12%
*
—
Par
Week's Range
Mar
1,460
Can Nor P 7% cum preflOO
Don
Stocks (Concluded)
84
B C Packers Ltd
Can & Dom Sugar Co
Sales
Last
High
951
Brewers & Distill of Van—*
Canada Bud Breweries.
Low
820
Beaubarnois Power Corp.*
*
Market
Sale
9:.
*
Bathurst Pr & Pap class B *
Brit Amer Oil Co Ltd
Range Since Jan. l 1937
50
85
Curb
Friday
Shares
122
Ltd
Aluminium
Montreal
Sales
Last
9
10
10
15o
Jan
Feb
Financial
Volume 145
1241
Chronicle
Canadian Markets—Listed and Unlisted
Toronto Stock
F. O'HEARN & CO.
STOCKS
11 KING ST. W.
Stocks (Concluded)
Weel's
Sale
TORONTO
WAverley 7881
of Prices
Low
High
Price
Par
ParkhUl
175*c
17c
19c
Noranda
The Toronto Stock Exchange
60c
60c
Ottawa
Sudbury
Winnipeg Grain Exchange
685* C
31c
29c
Hamilton
Kirkland Lake
Montreal Curb Market
32c
Sarnia
North Bay
Canadian Commodity Exchange
Owen Sound
Bourlamaque
Chicago Board of Trade
Penmans pref
Perron Gold
(Inc.)
110
_
Sales
Sale
Stocks (Continued)
Par
Price
Weet'e Range
of Prices
High
Low
6
725
*
....
725
25J*
103* c
25
115
805
25
•
Falconbridge
Fanny Farmer
3,064
253*
730
12c
86c
43,300
1,255
18,000
27,585
73*
20
243*
103*c
243*
253*
;*
28c
27c
32c
*
68)*c
*
Federal Kirkland
7h
.1
Ford A
Foundation Pete..-.
Francoeur
Frost Steel..
Preferred.
A pref
Gatlneau Power pref
General Steel Ware*..
Gillies Lake Gold
—
•
1
Gienora
1
743*
15H
323* c
43* c
J
10
2.50
Jan
June
9.20
Feb
June
6.85
Feb
Jan
18 H
65c
Jan
20,500
23,032
72c
93*0
500
29c
6,600
23c
23c
23c
600
36c
310
40c
J
143*c
13c
15c
15,950
106,600
96
95
543*
543*
Apr
26 H
533*
3,327
33 H
Ma;
635*
8c
Great Lakes Paper
*
23
•
51 5*
Hamilton Cottons pref. .30
3c
3,500
7c
Jan
Sylvanite Gold
353*
100
30
40 H
Apr
Tamblyns
1.50
18c
20c
213*c
22
123*
High wood Sarcee
Hinde & Dauch
*
22
213*
HolUnger Cons
6
12
12
1.85
1.85
2.07
1
52c
49c
57c
i
Home Oil Co
Homestead Oil
40c
40c
47c
.....
Howey Gold....
Huron a Erie
78
76
79
170
2,355
6,740
34,100
63,425
"203*
16HC
Jan
3o
Apr
May
30o
July
72
Jan
5
218
Aug
20
Apr
6
14K
570
International Nickel
International Pete
»
633*
343*
7,921
2,691
Intl Utilities a
*
Internet Util B
*
Jack Waits Mines
1
Jan
25
135*
64J*
Apr
33 H June
15H June
1.70
760
72c
*
...1
1
1.10
J M Consolidated
1
21c
263*
Kelvlnator
Kerr Addison
2.42
1
l
l
1.60
1.31
405
Jan
94
251H
245*
155*
735*
233*0
263*
2.42
2.55
Feb
1.60
1.31
3.15
60c June
1.61
23,998
21,685
20,600
25c June
530
2.15
1.65
900
1.49
19o June
Aug
1.35
Apr
590
39
3.30
2.65
1.70
July
1.10
June
595*
5c
43* c
5c
May
28o
1
70c
70c
80o
580 June
1.33
Jan
1.30
July
1.20
1
20c
1
Leltch Gold
..l
"65c
20c
24c
3)*c
_i
Lebel Oro
Lee Gold
3)*C
600
65o
74c
12,900
4,490
1.15
1.24
4o
68c June
11c June
30c
7 Ho
1.35
5.30
5.30
»
SI*
23
243*
25
657
23
233*
215
5.80
5.80
6.10
4.15 June
8.60
1.65
B
•
Macassa Mines
5.75
Jan
Jan
6,300
50c
June
2 50
Feb
18c
5,500
54,605
19c
Aug
1.48
82
15c
July
90c
June
2.85
Apr
773* June
57
96
Feb
71
130
88
Mar
May
4.85
795
3.00 June
6.90
22o
25c
40Hc
1.03 June
3.25
Jan
3.25
3.45
2,800
5,830
7,585
15c June
1.39
2.70
Apr
4.80
Feb
165*
225
15 H
Jan
35,852
6c
June
165*
285*c
Feb
5.45
5,655
4.55
June
6.00
3,100
240
Apr
2.35
Jan
10
Feb
14 H
Aug
255
104
Mar
4.50
165*
65*e
5.30
5.15
1.76
1.75
.
1.90
14 5*
14
14 H
108
109
10c
109
2.60
25
2.90
1.50
1,945
1.85
680
28
1.00
94c
1.06
165*
165*
175*
21c
21c
24c
*
85*
85*
95*
3,185
1.20
1.35
Aug
73c June
Apr
Jan
4.65
Jan
Apr
2.00
Feb
1.10
Aug
Jan
19
Apr
70c
Feb
May
115*
Mar
17c
6
Jan
46
50c June
13
Jan
Apr
110
June
25
Feb
8.00
8.00
6.00 June
9.10 May
1.50
1.70
600
1.00
Apr
2.25
3.50
3.50
4.00
9,289
2.10
June
4.65
Feb
485*
51
4,616
42
May
July
1951
195*
2,336
19
May
52 H
20
50
50
10.5
48
Aug
133*
Aug
Aug
106)*
Jan
10c June
30c
Mar
5c
Jan
17c
Feb
*
1
*
*
485*
*
195*
8.55
1,473
Mar
100
Jan
+
135*
135*
—
m
15c
-
-
2c
*
5,660
31
155*0
2Hc
97
10,701
3,100
1,500
15*c
18 H
Aug
5c
6c
55*
45*
471
3
June
10
45*
107
3
Aug
10
—1
•
4
55*
*
B
14
97
97
100
...1
_
.
Jan
90
3)*c
July
Jan
Jan
Jan
—1
Wood Cadillac
36c
35c
39c
12,950
30o June
77o
Feb
»
6.65
6.55
6.70
9,360
5.85 June
8.10
Jan
.
Wright Hargreaves—
Ymir Yankee Girl
*
27c
27c
29c
2,700
20c June
52c
Feb
Zimmerknit
*
55*
55*
55*
95
35* May
7)*
Apr
Feb
2 Ho
.*
Little Long Lac
Loblaw A..
Feb
Jan
45c June
Feb
72c
*
Winnipeg Elec A
Jan
July
17
110
2.49
*
Raglfi
Wiltsey Coghlan
Feb
14,600
16,100
25,200
54,410
Feb
June
June
7H
95
6,900
23,900
1,489
21,400
Whltp.
Jan
90c
Aug
June
1.20
Preferred
Feb
46 H
Aug
4H
76c
275*
Westons-
Apr
40c
5,680
..1
Lamaque Contact
Lapa Cadillac...
Lava Cap Gold
53,008
2,500
Feb
1.60
Aug
1.23
*
Whitewater Mines...
Feb
550
3.95
Aug
4
6.65
Exploration..*
Preferred
Feb
513*
Apr
1.60
Western Canadian Flour-
Apr
50c
Aug
June
89
*
Preferred
Feb
503*
51
Feb
92c
1.30
Walkers
Feb
1.10
22c
Walte Amulet..
Mar
70c June
Jan
2.40
Mar
1.30
Ventures
Mar
365*
Apr
3.15
86
Vulcan
Feb
2.00 June
1.26
Apr
Aug
1.90
17
United Steel
Mar
1.25 June
25
155*c
Jan
15
Jan
10,265
45,350
United Oils
Feb
40
18c
Uchl Gold
Mar
32,005
52c
Mar
June
32o
40c June
286
9
Union Gas
Jan
Mar
39 H
215
*
Toronto Elevators
Towagmac
June
215*
85
45*
52c
4.50
Tip Top Tailors—.
Tip Top TaUors pref— .100
Toburn Gold........ -.1
Jan
19,174
1.60
82
*
Jan
87c
72c
4,100
33c
JeUlcoe Cons
Lake Shore
140
Apr
40
Imperial Tobacco
Laguna Gold
105*0
Feb
3.10
1.03
1.28
Tashota
Mar
57c
4.10
60
103
3.25
.
Teck Hughes
Texas Canadian
90c
2,400
65*c
Jkd
Feb
22)*
92c
Feb
Apr
1.25
15,040
99
86
—
33c
Jan
9,035
68c
2.75
...
3.44
June
150
19
4,571
*
Kirk. Hud Bay
Kirkland Lake
Aug
21
100
Imperial Oil
Jacola Mines..
1.00 June
12HC
223
...100
Imperial Bank
8,972
12,000
8,800
1.70
85*
*
Apr
95*
32)*
1.60
$
July
Apr
12c Jui e
200
3.80
Jan
Mar
1
Sullivan Cons
150
35
98 H
20
4
1.35
48 Ho
227
1
Sudbury Contact
1.35
1.60
*
Sudbury Basin
Jan
Apr
15c
135*
365*
Steel of Canada pief.. -26
1.26
1~35
625
135*
355*
%
18 H
*
47
June
Feb
Apr
June
4
72c June
90c
*
55c June
Jan
9c
1.03
Apr
Aug
July
32,200
2.80
Steel of Canada
2
192 J*
18c
*
St adaco na
1.52
25
98
11H June
2c July
i
20c
Jan
1.78
July
7,155
3.80
835
Harker
•
Feb
18c
Feb
July
65c
33,500
135*
Slave Lake......
1
South End Petroleum. .25c
Feb
57c
1.95
55o
95c
16c
*
11,450
Hard Rock...
—,
63o
Feb
29c June
10
*
85c
23*o
35
~
243*
90 June
150 June
455*
Slscoe Gold..
Siaden Malartlc
Jan
Aug
6.85
185*c
198
100H 1005*
,60c
133*
78c
13
3c
..1
67
Apr
2.00
15
61c
Simpsons B
Simpsons pref
94 H .July
July
197
1.62
Preferred
Apr
22c
Apr
233*c
83c
May
68
63c
3
15c
15c
-50
Sherrltt Gordon
Silverwood Dairies...
39C May
July
65*0
13H
15c
19c
73*c
233*
493*
13
Jan
June
19,200
14,900
7.200
2.201
12c
19c
*
120
30
Jan
Feb
2.85 June
1,900
92c
92c
*
Shawkey Gold
Sheep Creek
Jan
42c
1.00
3
San Antonio
Feb
36c
1.47
27c
2,850
1,100
30,450
17c
A preferred
Jan
30o
Jan
Feb
July
55c June
1.10
34c
»
St Lawrence Corp
Apr
1.02
49
625*
7)*c
1
July
June
35
*
U
6c
135
J
13c
40c June
18
973*
543*
Grandoro Mines...
1
Aug
July
7 HO
82
Graham Bousquet
Granada Mines
Preferred........
8
28c
3 Ho
4.50
4.15
•
St Anthony
May
30c
1,050
40c 122,500
53*c
m
197
Roy a lite Oil
Aug
July
2.00
m.
Saguenay Power pref— .100
Mar
75 H
173*
-
90c
Royal Bank..
Feb
Mar
48
J
Gypsum Lime A Alab
Halcrow S way ze
100M
m
63c
...1
Aug
30c
~
-.1
Roche Long Lac
June
29c
310
34c
—
Reno Gold
I 58
Feb
Aug
22c
1.39 169,430
100
2.00
*
Brew
Jan
Mar
61c
50
Relnhardt
Jan
74 H
43*c
m
Feb
33 H
1.95 June
5,645
355*
2.20
June
18
4,200
1.15
Mar
102
75c June
347
2.45
Jan
96
31,650
24c
34
1.20
*
Feb
II
1.66
25
2.25
34
70c June
10
102
1.47
23
*
64c
107
Aug
110
3.65
•
Red Lake G Shore...
1.25
Jan
Aug
3.75
295*
July
110
Jan
4.90
2.25
~
7c June
50o June
July
June
2,405
»
21H June
20Hc June
6
Jan
35c
22o
Apr
17,900
22c
...1
Reeves-McDonald
July
42
93* c
223* C
50c
Gunnar Gold....
25 H
75
Gold Eagle
Preferred
Apr
40
Goodflsh Mining
Goodyear Tire...
Gold Belt Mining
19
Mar
7
12.90 May
743*
153*
61c
.1
Goldale Mines
103
223*0
God's Lake Mines.......*
Goleonda..
73*
July
1.38
10,040
Read Authler
45
100
»
683* c
103
100
5H
7.06 June
49o June
1.23
102
*
...
Red Crest Gold
Equitable Life...
46c
6.00
23
1
.
Prospectors Air
Cigh
Low
41c
July
4.00
1.05
25c,
.......
Preston E Dome..
Week
Shares
Aug
12c
5.60
1.50
*
Pressed Metals
Range Since Jan. 1 1937
for
11c
4.00
1.05
Power Corp..
Prairie Royalties
Premier
Feb
40
5.65
1
...
Porto Rico pref...... .100
Powell Rouyn
...1
Exchange
50
110
June
4.00
Pickle Crow
Pioneer Gold
Timmins
15o
13,384
24,000
4,400
49,300
18,726
20c
High
Low
Shares
19)*c
20c
1
_.
Range Since Jan. 1 1937
for
Wee I
20c
Paymaster Cons
Payore Gold
Cobalt
Montreal
Last
185*c
Paulore Gold
MEMBERS
Friday
Range
20c
Partanen-Malartic.
OFFICES
Toronto
Toronto Stock
Sales
Last
GRAIN
BONDS
Exchange
Friday
Jan
Toronto Stock Exchange—Curb Section
Apr
25
Feb
Jan
235*
See Page 1238
Aug
4.85 June
23
21
8.40
MacLeod Cockshutt
1
1.92
2.14
9,038
10,952
May
4.85
Jan
Madsen Red Lake
1
70c
70o
78c
33,800
55c June
1.20
Mar
Manitoba A East........*
Malar go Mines.
l
33*c
33*c
2c June
16c
Feb
360
Mar
l
1.92
43*
10
Massey Harris
Preferred
45*
Aug
11
151
5
Apr
2,453
85*
Jan
125*
16 5*
Mar
430
Aug
74
Mar
1,658
60 H
8H
70
865*
July
101
Mar
May
825* May
44
June
183*c
5
63*
93* 103*
54
59
12
113*
943*
95
12
*
*~24o
24c
26c
6,700
....5
353*
353*
363*
1
1.27
1.25
1.35
2,410
13,400
29c
313*0
48c
55c
293*0
31c
113*c
McDougall-Segur...
Mclntyre Mines
McKenzle Red Lake
McVlttle Graham
...i
MoWatters Gold
"52c
♦
....
Merland OH......
lie
♦
....
Mlnto Gold
360
♦
Model Oils
390
360
8c
83* c
1.67
l
»
Morris Kirkland...
45
180
Murphy Mines......
*
New Golden Rose
1
Noranda Mines
Norgold Mines....
*
"64
40o
375
30
55c
70c
22,700
5,100
15,724
2.35
500
663*
3,243
5,000
5,907
64
6c
5c
2.02
33*
3H
625
....1
5.70
5.70
6.45
Okalta Oils....
*
1.55
Olga OH A Gas.
.♦
North Canada Min
North Star pref
O'Brien Gold
*
73c
...5
~~57c
Ontario Loan....
50
Oro Plata Mining........*
Paoalta Oils
..*
"l~85
Page Hersey
Pamour Porcupine
500
1.50
1.75
12,313
9,650
33*c
1,000
55c
68 c
39,937
112
203* c
1063*
*
Pantepec Oil.
73c
33*c
1
Omega Gold
1
2.95
1.85
112
2.07
20c 243*c
106
Industrial and Public
Mar
6,600
"
30 Broad Street
June
4o
1
•
2.70 June
45
1.80
......
Feb
Apr
Apr
190
1~85
Nor metal
• New York • HAnover
Bell System Tele. NY 1-208
Feb
5.00
8c
Aug
45c July
30o Aug
950 June
20c
1063*
60
2.80
3.20
24,045
73*
83*
1,200
2-6363
July
33 Ho May
Bid
1.15
Feb
Abltlbl P A Pap otfs 5s '53
56o
July
Apr
Beauharnois Pr Corp 5s '73
88o
Burns A Co 5s
Feb
10c
1955
.....1958
BeU Tel Co. of Can 5s.
/97H
Bid
63"
113
74
95 H
98
MaoLaren-Que Pr 5)* 8 '61
81
Alberta Pao Grain 63.1946
1.98
Utility Bonds
A*
Manitoba Power
63 H
1135*
76
96 H
109
5)*s_1961
Maple Leaf Milling—
25*8 to '38—6)*8 to '49
Ast
101H 102 H
96
94
70
97 H
98
Massey-Harrls Co 5s.. 1947
McColl Frontenao Oil 6s '49
104
104 H
75H
2Ho
85*
July
Feb
Calgary Power Co 5s..1960
Canada Bread 6s
1941
Minn & Ont Paper 6s.
11
Apr
Canada North Pow 5s.
1953
103H 103 H
Montreal Island Pr
1945
5)*s '57
/75
Jan
104
18
July
21
Jan
Canadian Inter Pap 6s '49
Montreal L H & P
(#50
1.05
Feb
Canadian Lt A Pow 5s 1949
3Hc May
12o
Feb
Canadian Viokers Co 6s '47
50o June
1.49
Jan
3.60
Feb
P 5s '53
65*8 1261
5Hs ex-stock
1961
Dom Gas A Elee 65*8-1946
101H 102
101H
96
965*
112
1125*
975*
/97
685*
/68
30o June
2.26
Aug
54 H June
4e
1.20
July
Apr
60e June
35*
83
165*0
Cedar Rapids M A
Consol Pap Corp
Feb
Jan
2.23
July
95o Apr
4s 1966
—
—
4H
Jan
East Kootenay Pow 7s
13.25
Jan
Eastern Daries 6s
Apr
4.10
Feb
Fraser Co 6s. ..Jan
July
45o July
12o
Jan
Gatlneau Power 6s... 1956
1.28
Jan
Gt Lakes Pap Co 1st
3c
Jan
85c June
10c
98
2.20
Apr
435*0
Feb
118
1.90 June
55*
112
Apr
-
86 H
1942
1949
1 1950
5s '55
Nfld 5s '68
Aug
Int Pr A Pap of
Mar
Feb
55*8...
Jan
95*
Jan
I
1961
fis
Mar
1961
* No par value.
value) 3s..
Deo 1 1957
88 H
Provincial Pap Ltd 5)* s '47
70~"
88
Saguenay Power 4)*s A.'66
4 }*s ser B
1966
Shawlnlgan WAP 4J*s '67
99
104 H
—
mw.
103H 103 H
98 H
99
102 H 103)*
Lake St John Pr A Pap Co
4.00
1939
33*8
1956
3Hs1973
Montreal Tramway 5s 1941
Ottawa VaUey Pow 53* s '70
Power Corp of Can 4)*s *59
par
5s
Aug
1.06
108
Donnaconna Paper Co—
5.50 June
106
32,394
67,800
Corporation
Mar
390
•
New York, Montreal and Toronto
Jan
63o
100
July
2.30
........5
1.18
26o
June
6c
55c
35o June
Municipal
Royal Securities Corporation
Feb
41
33*c
93*
183*
•
67c
•
Private wire connection between
Jan
172
11,000
363*0
.1
2.03
25
30c
19
...._*
Government
Jan
1.00 June
17c
Jan
796
33*o
93*
l
National Grocers
Natl Sewerplpe A
Nay bob Gold
Newbeo Mines....
425*
1.82
185
25c
__1
'
Mar
453*
51c
36c
100
A
145*
1,200
21,710
22,575
51o
30c
Moneta Porcupine...
2,000
11,041
Apr
18
SECURITIES
CANADIAN
Jan
Jan
4,600
l
Moore Corp
16,100
17,700
4,700
110 June
93*c
25c
Monarch Royalties
Niplsslng
557
_
583*
100
McColl Frontenac
*
Preferred
......100
Mining Corp
14c
10,600
13,650
6
14c
.
Maple Leaf Milling
Preferred
Mercury Oils
Jan
Smith H Pa Mills 43*s '51
United Grain Grow 5s. 1948
101H 102 X
85 H
84 H
/ Flat price
n
99
94
Nominal.
H
101
995*
95 X
101 x
104 H 105 X
100 H
99
103
102
101H 102)*
101H 102
101 x 102
104)* 1045*
104 H
mmmmt
81
92
United Secure Ltd
5)*s '52
Winnipeg Elec 6s.Oct 2 '54
...
50 X
50
95
Financial
1242
Quotations
Bid
a3s
Jan
1 1977
97%
Over-the-Counter Securities—Friday August 20
on
New York
New York Bank Stocks
City Bonds
Bid
Ask
98%
1 1964
a4%s Mar
a3%s July
d3 %s May
1
1975
101%
103
a4%s Apr
1954..
106
107
a4%s Apr
15 1972
1
1954
106% 107%
«3%s Mar
1
1960
105
104
15 1976.
1 1974
a4%s June
106
a4%s Feb
15 1976
105
a4%s Jan
1 1977
115% 116%
15 1978
116
Par
Ask
114% 115%
114% 115%
114% 115%
115% 116%
115% 116%
1 1966
1
a3%s Nov
a3%s Jan
1937
21,
Aug.
Chronicle
c3%« July
1
1975
105% 107%
a4%s Nov
a4s
May
1
1957
111%
112%
a4%s Mar
1
1981
a4s
Nov
1
1958
a4%s May
1
1957
a4s
1 1959
a4%s Nov
1 1957
1977.
a4s
Oct
1
1980.
111%
a4%s Sep
1
1960.
a4%s Mar
1
1962
117% 118%
117% 119
118% 119%
119% 120%
121% 122%
Bid
31%
66
Par
Ask
Bid
-
Ask
65
Klngsboro National —100
Merchants Bank
100
33%
100
115~"
55
95
125
National Bronx Bank—50
50
49
51
National Safety Bank. 12 %
18
45
47
Penn Exchange
10
13%
15%
180
196
Peoples National
50
58
68
975
1015
Public National
25
42%
44%
2205
2245
Sterling Nat Bank A Tr.25
34%
36%
30
37
20
116% 118
a 4s
May
May
111% 112%
111% 112%
110% 112%
Co 10
Bank of Yorktown__6tf 2-3
Bensonhurst National.. .50
Chase..
13.55
City (National)
12%
Commercial National.. J 00
Fifth Avenue.
100
First National of N Y..100
Flatbush National
100
Bank of Manhattan
1
a4%s Mar
1 1963
112%
a4%s June
1 1965
114%
115%
a4%s July
1
114%
115%
a4%s Dec
1967
15 1971
1
«4%s Dec
117%
116% 117%
116% 117%
1979
30
New York Trust
Par
Bid
Companies
Par
Ask
105
115
Fulton
Bk of New York A
456
462
Guaranty
Itallana.100
Tr--100
Bankers
10
Bronx County
7
Brooklyn
-100
Central Hanover
20
65
12%
121
10
Irving
67
319
Lawyers
25
,
-
14%
Bid
Ask
3s 1974
62.60 less 1
3s 1981
World War Bonus—
62.65 less 1
4%s April 1940 to 1949.
5s Jan A Mar 1964 to '71
131%
mm
129
m
124%
Barge C T 4s Jan '42
mmm
124%
Canal Imp 4s JAJ '60 to '67
62.85
131%
62.10
Highway Improvement—
4s Mar & Sept 1958 to '67
Canal A Highway—
Highway Imp 4 %s Sept '63
Canal Imp 4 %s Jan 1964..
Can A High Imp 4%s 1965
Ash
47
51%
53%
121% 124%
..20
Manufacturers
62
80
90
Preferred
20
16
18
New York.
25
16
17%
Title Guarantee A Tr. —20
12
62%
63%
Underwriters
100
95
30
31
United States
50
52
130% 133%
13
110%
A '46
Barge C T 4%s Jan 1 1945.
mmm
60
50
Colonial Trust
25
Continental Bank A Tr.10
Corn Exch Bk A Tr
20
Clinton Trust
15%
1825
44
Chemical Bank A Trust. 10
Bid
Ask
255
100 1775
Kings County
13%
126
Bid
240
314
.100
Banca Comm
New York State Bonds
12%
Trade Bank
40
10
Empire
—
.100 1750
103
1800
114
Chicago & San Francisco Banks
Par
Bid
Par
Ask
Port of New York
Bid
Authority Bonds
Gen A ref 4s Mar 1 1975.
Gen A ref 2d ser 3%s *65
Gen A ref 3d
102%
3%s '76
Gen A ref 4th ser 3s
1976
98
Gen A ref 3%s
1977
George Washington Bridge
4%s ser B 1940-53.M N
Holland Tunnel 4%s ser E
1938-1941
-MAS
103%
MAS
1942-1960
99
151
JAJ 3
1939-53
106% 107%
104% 105%
ser
Ask
MAS
MAS
1942 1960
110% 111%
Ask
410
440
Northern Trust Co
100
720
760
BankofAmerlcaNTASA 12%
270
100
56
58
FRANCISCO
SAN
134% 138%
307
312
103% 104%
61.00
Insurance
2.00
111% 112%
Inland Terminal 4%s ser D
1938-1941
33 1-3
A rrust
First National
Bayonne Bridge 4s series C
Port of New York—
100
A Trust
245
Continental Illinois Bank
Bid
Ask
Bid
Harris Trust A Savings. 100
American National Bank
2.25
61.50
108
109%
Par
Bid
Companies
Par
Ask
.10
95
99
Home
10
46%
48%
Homestead lire
10
29%
30%
Importers A Exporters.
86
Ins Co of North Amer— .10
Aetna Cas A Surety.. ..10
Aetna Fire
.
Aetna Life
Agricultural
—
-25
84
Fire
Security
—
.10
—
5
Bid
3%
17
7%
Ask
4%
18%
8%
67
68
5
15%
17%
5
4%
10
21%
23
Knickerbocker
American Equitable.. ...5
38%
40%
Lincoln Fire
..10
13%
15
American of Newark- -2%
12%
14%
1
Maryland Casualty
Mass Bonding A Ins.. 12%
61%
64
10
41
43
Merch Fire Assur com. -.5
52
55
American Reserve
..10
27
28%
Merch A Mfra Fire New'k.5
11%
American Surety
..25
52
54
32%
34%
Merchants (Providence) —5
10
National Casualty
17%
18%
National Fire
63%
65%
American Alliance
American Home
United States Insular Bonds
Re-Insurance
American
Philippine Government—
Bid
100
4s 1946
4%s Oct
63.50
Honolulu 5s
105% 107
1952
U S Panama 3s June 1 1961
105% 107
1959
4%s July
Bid
Ask
101%
Ask
3.00
114
Baltimore Amer
'
April 1955
100% 102
Feb
1952
108
5s
5%s Aug
19<»1
110
<13.75
4%s July 1958.
5s
.
110
112%
115% 117%
Automobile
3.50
111
111
109
U S conversion 3s 1946
112%
108
July 1948
...
116
Govt of Puerto Rico—
5s
10
111
.2%
7%
.
-.2
National Liberty
8%
5
7
8%
4%
6%
13%
8
9%
133% 138%
25
101
103%
National Union Fire... .20
.100
Bankers A Shippers
627
637
New Amsterdam Cas.. ..2
13%
15%
34%
,
Boston
Conversion 3s 1947
5
19
21
New Brunswick Fire— .10
32%
..10
24
25%
49%
25
26%
New Hampshire Fire.. .10
.20
New Jersey.
48%
10
47%
49%
Connecticut Gen Life. ..10
Hawaii 4%s Oct 1956
36
37%
New York Fire
2
20%
22%
28%
4%
North River..
48%
Northwestern
Camden Fire
...
Carolina
City of New York
Continental Casualty. ...5
Eagle Fire.
Federal Land Bank Bonds
-2%
Employers Re-Insurance 10
Excess.
Bid
3s 1955 opt 1945
3s 1956 opt 1946
-JAJ
JAJ
MAN
3s 1956 opt 1946
Bid
Ask
100% 100 %
100% 100%
3%s 1955 opt 1945. .MAN
100% 100%
102% 102%
4s 1946 opt 1944
Ask
1937
MAN 100'1,6 10115,6
1938
MAN 102% 102%
4%s 1957 opt Nov 1937... 10011,6 100'5,6
4%s 1958 opt 1938 -MAN 103% 104
4s 1957 opt
4s 1958 opt
109% 109%
JAJ
...5
Federal
..10
Fidelity A Dep of Md. ..20
4
6
41
2.50
...
126
129
.10
..5
Preferred Accident
12%
13%
Reinsurance Corp (N
...5
30%
32%
Republic (Texas)
Fire
24%
26
10
27%
28%
5
41%
Rhode Island..
...10
26
28
Rossia
27
29
St Paul Fire A Marine. .25
Glens Fails Fire
45
47
.5
Globe A Republic
...5
Globe A Rutgers Flre. -15
2d preferred
Atlanta 5s
100
101
100
102
Burlington 5s
/50
California 5s
10C
89
Chicago 5s
/5%
Dallas 5s
100
Denver 5s
...
102
6%
102
96
First Carolinas 5s
97%
97%
-
99
Maryland-Virginia 6s
Mississippi-Tennessee 5s
_.
92
102
100
Louisville 5s
-
102
102
Hartford Fire
101
North Carolina 5s
100
Ohio-Pennsylvania 5s.
Oregon-Washington 5s
100
102
Pacific Coast of Portland 5s
95
97
First Texas of Houston 5s
99%
100
-
—
99% 100%
Pac Coast of Salt Lake 5s..
100%
Pac Coast of San Fran 5s..
100
100
100
102
Pennsylvania 5s
100%
102%
-
Phoenix 5s
107
-
—
Potomac 5s
100
101
102
St Louis 5s
/27%
100
102
San Antonio 5s
100
102
85
87
30
85
87
Southwest 5s
Southern Minnesota 5s
/16
18
Iowa of Sioux City 4%s—-
"97
99
Tennessee 5s
100
101
Kentucky 5s
100
La Fayette 5s
.....
Union of Detroit 5s
99% 101
5
.10
Seaboard Surety
66
Security New Haven
89%
93
Springfield Fire A Mar. .25
26%
Stuyvesant...
24%
8%
Sun
9%
.10
.
.
5
.......
29%
30%
33
34%
118% 121%
8%
9%
100
680
730
100
I.lfe Assurance
Travelers
482
492
..10
34%
36%
U S Fidelity A Guar Co -2
-10
73%
75%
U S Fire
65%
67%
U S Guarantee.
34%
36%
Westchester Fire
Hartford Steam Boiler ..10
Home...
9
12%
4
-
10
23
25
53%
55%
55
99% 100%
100
Virginia-Carolina 5s
Virginian 5s
...
59
33%
35%
Surety Guaranteed Mortgage Bonds and Debentures
101
All series 2-5s
Bid
Ask
Nat Union Mtge
1953
Arundel Bond Corp 2-5s '53
56
Corp 3-6s '53
Associated Mtge Cos Inc—
Debenture 3-6s
1953
47
Cont'l Inv Bd Corp 2-5s '53
76
49
...1953
1953
Bid
Ask
Atlanta
100
50
60
New York
100
14
Atlantic
100
40
45
North Carolina
100
47
50
Corp 3-6s '53
Co
36%
1953
3-6s
48
49%
49%
46%
49%
...
Potomac Maryland Deben¬
81
ture
—
Corp 3-6s
Potomac
Bid
74
46%
46%
Potomac Franklin Deb
Realty
1953
Atlantic
Deb Corp 3-6s...
Nat Bondholders part ctfs
Par
(all
1953
3-6s
Potomac Deb
Inc 2 5s
Joint Stock L,and Bank Stocks
77
Corp
)2-5s
Issues
...
Empire Properties Corp—
1945
1954
Bond
Potomac Cons Deb Corp—
47
2-3s
53%
...
Potomac
Contl Inv DebCorp 3 6s '53
1954
Series B 2-5s
79
Arundel Deb
Ask
Corp—
Series A 3-6s
82
102
100
Bid
Allied Mtge Cos Inc—
Interstate Deb Corp 2-5s'55
Mortgage Bond Co of Md
(Central Funding series)
/34
Nat Cons Bd Corp 2-5s '53
Nat Deben Corp 3-68.1953
Realty
37
74
Bond
A
.1953
72
46%
49%
Mortgage
29
Dallas
Par
2.50
-
109
81
Illinois of Montlcello 4%s.
—
21%
26%
101
100
...
Illinois Midwest 5s
—
lOO"
78
Greensboro 5s.
Seaboard Fire A Marine
19%
62%
25
10
8
10%
211% 216%
12%
10%
101
Pacific Coast of Los Ang 5s
Greenbrier 5s
—
99% 100%
66
/63
First of Fort Wayne 4 %s—
Fremont 5s
-.5
Hanover Fire
100
15
Great Amer Indemnity ...1
Halifax Fire
99% 100%
New York 5s
Flrstof Montgomery 6s
First of New Orleans 5s-..
First Trust of Chicago 4 %s
Fletcher 3%s.
Great American
100
Llncom 5s.
Atlantic 5s
.
39
8%
.10
Fire
Gibraltar Fire A Marine. 10
Ask
35%
7%
Newark. ...5
Georgia Home
Bid
21
86
Revere (Paul)
As*
85%
19
33%
Y).2
84
General Reinsurance Corp5
Bid
81%
Providence-Washington .10
.
Joint Stock Land Bank Bonds
28%
128
25
—
Phoenix
43
120% 124%
100
123
Pacific Fire—
6%
96
26%
National.25
75
-10
Fireman's Fd of San Fran25
Franklin
12.50
Northern
73%
Fire Assn of Phila
Firemen's of
26%
46%
Ask
100
70
75
Pennsylvania
100
25
14
16
Potomac
100
63
Des Moines
100
58
63
San
100
43
First Carolinas
100
12
16
Virginia
16
Denver
Fremont
100
Lincoln
1%
3
100
-
6
Antonio
100
38%
Telephone and Telegraph Stocks
1%
55
Par
Am Dist Teleg (N
Ask
Pat
11
109
112
New England Tel A
100
120
122
New York Mutual Tel. 100
Bell Telep of Canada. .100
Intermediate Credit Bank Debentures
Bid
J) com.*
Preferred
Federal
50
36%
47
50
8
Virginia-Carolina
Unified Deben Corp 5s 1955
49%
47
67
%
5
46%
1953
deb 3-6s
Bell Telep of Pa pref..100
Cincln A Sub Bell Telep.50
168% 170%
117% 120
Bid
Ask
Tel.100
Pac A Atl Telegraph
24%
18
20
26%
25
Peninsular Telep com
28%
Bid
Ask
Ask
4l"
Emp A Bay State Tel.. 100
Bid
Cuban TWep 7% pref. .100
61
66
Franklin Telegraph
40
45
97
99%
Sou New Engl Telep—100
165
167%
100
91
96
S'western Bell Tel pref. 100
120
123
Mtn States Tel A Te-.-lOO
140
143
Wisconsin Teiep 7% pf.100
113% 115%
100
Preferred A
F I C 1 %s
Aug
F I C 1 %s___Sept
16 1937 6 .40%
15 1937 b .40%
F IC 1
%s...Dec
F I C 1 %s
Jan
15 1937 b .55%
15 1938 6 .60%
15 1938 6 .65%
F I C 1 %s—Oct
15 1937 b .45%
F I C 1 %s
F I C 1%8—Nov
15 1937 6 .50%
F I C 1 %s
Apr
FIC
$6 preferred
Int Ocean Telegraph
May 15 1938 6 .65%
..Mar
15 1938 6.65%
For footnotes see
page 1244.
109%
Rochester Telepnone—
$6.50 1st pref
So A Atl Telegraph
Gen Telep Allied Corp—•,
100
100
25
111
20%
24
Volume
Financial
145
Quotations on Over-the-Counter
1243
Chronicle
Securities—Friday August 20—Continued
RAILROAD BONDS
Guaranteed Railroad Stocks
BOUGHT
SOLD
.
Monthly
Earnings and Special Studies
Mtmbtrt New York
Stotk Excbaog*
Members New York Security Dealers
Tel. REctorr
41 Broad St., N. Y.
GUARANTEED
NEW YORK
e. sloan e &, co.
john
\
Dealers in
120 Broadway
Bulletin
Request
on
3oscpb Walkers Sons
-
HAnover 2-2455
-
2-6600
STOCKS
.
.
QUOTED
.
Association
Bell Syst. Teletype NY
1-624
Since1855.
Railroad Bonds
Guaranteed Railroad Stocks
Asked
Bid
(Guarantor in Parenthesis)
Dividend
Par in Dollars
Asked
Bid
98
Boston A Albany 1st
Boston A Maine 3s
100
-.100
10.50
164
6.00
98
102
2.00
38
42
100
100
Allegheny A Western (Bull Roch & Pitts)
Beech Creek (New York Central)
170
50
Albany A Susquehanna (Delaware A Hudson)
-
Birmingham Terminal 1st 4s
94
6.00
100
8.75
128
132
Prior lien
8.50
132
137
-
100
100
Central)
C L) 4%
Carolina Cllnchfleld & Ohio (L A N-A
67
105)4
104)4
62
65
78
83
1944
4)4s.
80
85
97
95 X
1940-45
1961
96
95 X
96
100
1942
—1949
1965
1995
Chateaugay Ore A Iron 1st ret 4s
98
93
4.00
100
86
88
50
56
97 X
91
99
60
55
2.85
99
98
I960
1942
Prior lien 4s
Buffalo Creek 1st ret 5s
Canada Southern (New York
97
—.April 1, 1943
4)4 S--
Convertible 5s
York Central)
Boston A Providence (New Haven)
Boston A Albany (New
65
1953
1957
5)4 a
Augusta Union Station 1st 4s
Central)
Alabama A Vicksburg (Illinois
66)4
1945
1945
Akron Canton A Youngstown
6s
65
Choctaw A Memphis 1st 5s
Cincinnati Indianapolis A Western 1st 5s
Cleveland Terminal A Valley 1st 4s
100
6.00
Cleve Clnn Chicago A St Louis pre! (N Y Central)—100
6.00
Cleveland & Pittsburgh (Pennsylvania)
3.60
86
88 X
2.00
49)4
62 X
2.00
48
Georgia Southern A Florida 1st 5s
1945
64
66
25
—100
45
85
90
Goshen A Deckertown 1st 5)4s
94
10.00
190
195
Hoboken Ferry 1st 5s
1978
1946
99
5.60
78
84
Georgia RR & Banking (L & N-A C L)
100
Lackawanna RR of N J (Del Lack & Western).——100
Kansas Oklahoma A Gulf 1st 5s
1978
100
102
1939
1949
/16
102
103 X
1965
100
103
1951
65
70
1955
92
94
1949
1956
45
50
1946
1966
1951
69
74
94
95
66
68
1945
90
92
1957
86
91
Common 5% stamped
60
50
Betterman stock
(Pennsylvania)
pref (N Y Central)--
Delaware
Fort Wayne & Jackson
4)8
Michigan Central (New York Central)
103
100
4.00
100
65
900
1050
3.875
55
58
Little Rock A Hot Springs Western 1st 4s
100
50
5.00
85
89
Long Island refunding mtge 4s
4.00
99
4.00
57
62
Macon Terminal 1st 5s
—.60
4.50
60
65
Maryland A Pennsylvania 1st 4s
20
101
Morris A Essex (Del Lack A Western)
50
New York Lackawanna A Western (D L A W)
Northern Central (Pennsylvania)
Northern RR of N J (Erie)
Oswego A Syracuse (Del Lack A Western)
93
68
50.00
—
Meridian Terminal 1st 4s
-
1.50
40
43
Minneapolis St Laul A Sault Ste Marie 2d 4s__
50
3.00
80
86
Montgomery A Erie 1st 5s
Pittsburgh Fort Wayne A Chicago (Pennsylvania)—100
Preferred
100
7.00
165
170
7.00
175
180
Rensselaer A Saratoga (Delaware A Hudson)
6.82
93
96
Piedmont A Northern Ry 1st mtge
6.00
140
75~"
Portland RR 1st 3)48
Consolidated 5s
Pittsburgh Bessemer A Lake Erie (U S Steel)-—
50
Preferred
St Louis Bridge 1st pref
100
100
(Terminal RR)
70
3.00
100
Second preferred
100
6.00
10.00
Rock Island Frisco Terminal
140
Canal (Pennsylvania).—100
Utica Chenango A Susquehanna (D L A W)
100
246
Tuone RR St Louis (Terminal RR)
-
United New Jersey RR A
New York A Hoboken Ferry general 5s
35*S—
4)4s
93
X
250~"
6.00
87
91
St Clair Madison A St Louis 1st 4s
1951
95
5.00
95
100
5.00
79
83
Shreveport Bridge A Terminal 1st 5s
Somerset Ry 1st ref 4s_.
1955
1955
91
100
Vlcksburg Shreveport A Pacific (Illinois Central)—.100
Preferred
100
5.00
84
89
Southern Illinois A Missouri Bridge 1st 4s
Warren RR of N J (Del Lack A
50
3.50
47
50
50
3.00
Valley (Delaware Lackawanna A Western)
-
Western)
West Jersey A Sea Shore (Pennsylvania)
64
61
Toledo Terminal RR
84
88
1957
1966
1954
109
112
4)4 s
4)4s
Toronto Hamilton A Buffalo
Washington County Ry 1st 3)4s
EQUIPMENT TRUST CERTIFICATES
Tel. DIgby 4-2800
1908
4)4 s_
4)4s
51.75
1.10
52.65
2.10
2.00
52.75
4)4»
Bid
Ask
52.50
5s
2.25
5s
52.75
2.25
3)4s Dec 1 1936-1944..
52.90
2.25
Missouri Pacific
4)4a.
New York Central 4)48...
.
2.25
52.80
2.25
Canadian Pacific 4)4s
Cent RR New Jersey 4)4s.
52.75
52.75
Chesapeake A Ohio 5)4s—
6)48
4)4 s
51.50
1.00
51.50
1.00
52.50
1.75
4s aeries
51.75
1.00
4)4a
5s
4)4s._
Par
Ask
pref—*
73 X
75 X
7% pref*
Associated Gas A Electric
Original preferred
*
$6.50 preferred
*
$7 preferred..
— *
Atlantic City El 6% pref.*
82 X
84 5*
2.00
Alabama Power %7
63.80
2.75
Arkansas Pr A Lt
62.65
2.00
62.00
5s
Bid
1.25
63.00
2.25
62.50
2.00
63.75
2.75
2.10
N Y N H A Hartf 4)4s
5s
63.75
2.75
1.75
Northern Pacific
4)4a
61.75
1.20
Pennsylvania RR 4)4a
62.00
1.25
61.50
1.00
62.75
Bangor Hydro-El 7 % pf 100
Birmingham Elec $7 pref.*
5s
E due
2J4s series G
54.00
3.00
54.00
Chicago A Nor West 4)4s.
6%
Jan A July
1937 49
non
Dec 1
62.65
2.00
4)4s_
OS
Chicago R I A Pac 4)48—.
5s
Mountain States Pr com..*
19 5*
21X
135
72
75
6s
94
82
85
$7 prior Hen pref
93
95 X
2.25
$6 preferred
83
85 X
2.10
Ceni Pr A Lt 7%
84)4
86 X
62.00
1.10
Consol Eleo A Gas $6
16
50
55
98
99
90
92
'
92
Co
4)4s—
4)4s
5s
St Louis-San Fran 4s
53.75
2.50
2.75
2.75
1.60
1.50
2.00
100)4
101
100
St Louis Southwestern 59—
63.50
2.50
2.00
1.20
1.20
100
90
91
pref 100
112
115
58
62.75
2.00
Dallas Pr A Lt 7%
2.00
Derby Gas A El $7
62.80
2.10
Essex Hudson
pref--*
Gas
100
62.75
4)4s
Southern Ry 4)4 s
5s
2.00
Federal Water
62.80
2.25
$6.50 cum preferred
38)4
2.25
$7 cum preferred
39
1.50
Gas A Elec of Bergen.
120
61.50
1.00
Hudson County
185
1.00
61.70
1.00
61.70
1.00
.100
Gas—100
52.25
1.25
53.75
2.25
52.75
2.00
97
100
52.50
1.50
5s
97
100
Interstate Natural
51.75
1.10
5)4s
97
100
Interstate Power $7
51.75
1.10
6s
99
101
Jamaica Water Supply—
4)4 s
6s
Maine Central 5s
5)4 s
Minn St P A SS M 4s
53.00
2.25
53.00
2.25
53.75
3.00
4)4s
5s
Virginia Ry
4)4 s
5s_
Wabash Ry
Western
For footnotes see page 1244.
-
61
61
62
101
4)4s__
Maryland 4)4s__
5s
Western Pacific 5s
5)4s
cum
preferred.-.100
100
_
1085* 1105*
*
*
79
98
83
99 X
107 X 109X
110
111)*
100
preferred
99
101
108
pref--.100
110
106)4 1085*
66 X
94)*
*
Philadelphia Co $5 pref—*
72
68 X
95 X
74)4
41
61.50
5s
Union Pacific
5s
-
59 X
Penn Pow A Lt $7 pref
62.25
4)48
1.00
Louisv A Nash
*
75 H
Pacific Pow A Lt 7% pf 100
39)4
40 H
62.80
Texas Pacific 4s
7%
Nor States Pr $7 pref.
7%
185
37 X
2.40
Long Island 4)4 s
-
99 X
preferred
Okla G A E 7%
Serv Corp—
$6 cum preferred
51.65
4)4s._
-
62
7% preferred
62.50
Pacific
5s
1.75
51.75
Continental Gas A El—
53.00
Internat Great Nor
cum
Ohio Power 6% pref—.100
Ohio Pub Serv 6% pf—100
Illinois Central
5s
$6
Ohio Edison $6 pref
$7 preferred
101
63.00
5)4a
Southern
99
99 X
4)4s
pref-100
pref.
Consol Traction (N J). 100
Consumers Power $5 pref. *
Hocking Valley 5s
4)4 s
«•«.
'
-
743*
18
51.75
4)4s
*
New Orl Pub Serv $7 pref*
62.70
52.25
5s
104)* 106)*
New Eng Pub Serv Co—
62.85
52.75
Great Northern
120
92
Reading
52.25
5s
36
N E Pow Assn 6% pref. 100
Pere Marquette
53.90
5)4s
45 5*
34
.100
preferred
23 X
4.50
52.25
6)4 8
425*
7%
22 X
4.75
53.90
West4)4s.-
5
35*
Nassau A Suff Ltg pref-100
New Eng G A E 5)4 % pf - *
3.00
5s
5s
72
111X
Nebraska Pow 7% pref. 100
Newark Consol Gas
100
-
«
130
68
109
20
54.85
90
Denver ARG
pref. 100
1834
112
60
70
New York Power A Light
100
100
7% preferred
*
Miss Rlv Pow 6%
55.25
5s
Chic Milw A St Paul
Ask
58
65
preferred
11X
Central Maine Power—
call
1937-50
*
preferred
$7
.
10
Buffalo Niagara Eastern—
$1.60 preferred
25
Carolina Pr A Lt $7 pref*
Mississippi Power $6 pref.
Mississippi P A L $6 pf
2.00
5s
Bid
2.00
63.00
5)48
52.80
National
5s
Par
3.00
63.00
New Orl Tex A Mex
Utility Stocks
Ask
63.75
4)4s
5s
N Y Chic A St L
Canadian
Teletype N.Y. 1-1146
exchange
Public
Line
Y.
ONE WALL ST., N.
stock exchange
Equipment Bonds
Bid
Boston A Maine
Erie RR
EST.
and n.y.curb
Baltlmore A Ohio
66
Bmtell Brothers
Philadelphia, Pa.
members n.y.
Atlantic Coast
98)4
64)4
5% PREFERRED
Stroud & Company Inc.
Railroad
95
WASHINGTON RAILWAY & ELECTRIC
Quotations-Appraisals Upon Request
Private Wires to New York
67
-.1951
62.75
2.25
62.65
2.00
63.75
2.75
63.75
2.75
--
Pub Serv of Colo 7% pf
100
106
109
Queens Borough G A E—
6% preferred
Republic Natural Gas
100
1
65
66)*
554
654
97)*
98 X
96
98
275*
2854
Rochester Gas A Elec—
Idaho Power—
*
100
$6 preferred
7% preferred..
Gas—*
pref.. *
7)4% preferred
50
Jer Cent P A L 7% pf—100
Kan Gas A El 7% pref. 100
27
29
100
Sioux City G A E $7 pf. 100
Sou Calif Edison pref B_25
8
10
South Jersey Gas A El-100
106
107 X
108
109 X
$6 preferred C
Tenn Elec Pow
54)4
91
93
6% pref 100
7% preferred
-.100
Texas Pow A Lt 7% pf.100
185
—
59 X
64)*
66 X
99)4 101X
104
106
Kings Co Ltg 7% pref.. 100
57
60
United G A E (Conn) 7% pf
84
86
6% pf.100
7% preferred
100
Memphis Pr A Lt $7 pref-*
64 H
655*
Utah Pow A Lt $7 pref---*
64)4
80
82
Utica Gas A El 7% pf—100
96)*
67
69
Virginia Ry
Long Island Ltg
109)4 111
Toledo Edison 7%
pf A 100
100
-
57 X
178
66
98
185
Financial
1244
^
Chronicle
Aug. 21, 1937
3%
-
Quotations on Over-the-Counter Securities—Friday August 20—Continued
Securities
Specialists in —
the
of
Associated Gas & Electric
Water Works Securities
System
Complete Statistical Information-^lnquiries Invitoif
s. a. o'brien & co.
Swart. Brent & Co.
1
Members New York Curb Exchange
150
NEW YORK
BROADWAY,
75 FEDERAL ST., BOSTON
INCORPORATED
HANcock 8920
COrtlandt 7-1868
Direct Private Telephone between New York and Boston
Tel. HAnover 2-0510
Bell System Teletype—N. Y. 1-1074
Public
Bid
Amer States P S
78 M
Amer Wat Wks & El 5s '75
£98
Associated Electric 58.1961
Assoc Gas & Elec
55%
Dallas Pow & Lt 3 Ms. 1967
103% 103%
99 M
Eederated Util 5MS--.1957
Green Mountain Pow 5s '48
74
75
103
104
56M
Income deb 3%s
Income deb 4«
1978
Houston Lt & Pow 3 Ms '66
i 34
35
Iowa Sou Utll 5Ms..-1950
Kan
37%
35M
38 M
43
44
34 M
a
1978
Income deb 4%s.—1978
Conv deb 4s
1973
Conv deb 4%s
Conv deb 5s
1973
71
Metrop Edison 4s
78
Missouri Pow & Lt 3%s *66
Mtn States Pow 1st 6s 1938
76
85
88
;,95
97
•-
ser
G '65
Cons rel deb 4%s..1958
Sink fund Income 4s 1983
Sink fund Inc 4%s.. 1983
Sink fund Income 5s 1983
&94
Narragansett Elec 3 Ms '66
Newport N & Ham 5s. 1944
•V'
8s without warrants 1940
Assoc Gas & Elec Co—
99%
102% 103%
99
100M
36
37 M
108 M 109M
99
100 M
70
69
1973
8-year 8s with warr.1940
Kan Pow <fe Lt 1st 4Mb '65
Keystone Telep 5Ms—1955
67
1973
Conv deb 5%s
$
99
City Pub Serv 4s_1957
N Y State El 4 G
£46 M
143
'
47%
105 M 106 M
99% 100 M
96
98
102% 102%
105 M 106 M
Corp—
48 M
46
N Y
1967
t—
49 M
Northern N Y Util 58.1955
£48 %
60M
96
97
t—
Sink fund inc 4 %-5%s'86
Sink fund Inc 5-6S..1986
46
North'n States Pow 3 Ms'67
98
148 M
49 M
Okla Gas & Elec 3 Ms. 1966
Debenture 4s
1946
49%
50%
Old Dom Pr 5s May 15 *51
Parr Shoals Power 5s.. 1952
98%
t—
67%
93
Sink fundtnc5%-6%s'86
Atlantic City Elec 3Ms '64
59M
98
P
Bellows Falls Hy EI 5s 1958
Pennsylvania Elec 58-1962
102 M 104
Blackstone V G & E 4s 1965
—
T
T-
—
68%
60 M
97 M
+-
108M
102 M
Penn
104"
«.
79
105
Pub Util Cons 5 Ms—1948
473
78
Sioux
f- 98%
98%
81
Sou Cities Utll 5s A—1958
^45%
47%
175
77
105
Cent Ark Pub Serv 5s. 1948
93
76
79
106 M
76
95
Central G & E 5^s-.1946
1st Hen coll trust 6s.1946
Cent Maine Pr 4s
ser
G '60
Central Public Utility—
Inoome 5 Ms with stk '52
105 M
103M 104
Tel Bond «fe Share 5S..1958
CInn Gas & El 3%s ...1967
/5
6%
104% 105 M
Colorado Power 5s.-.1953
106 M
Conn Lt <fc Power 3 Ms 1956
3 Ms series F
1966
103
3 M« series G
1966
Conn River Pr 3 Ms A.1961
Consol E 4c G 6s A
1962
6s series B
City Gu & El 4s 1966
104
101M 102
104 % 105%
52 M
3MS.1962 U04M 104 M
4117% 119%
Utlca Gas & El Co 5S..1957
54 M
51M
Westchester Ltg 3 Ms-1967
Western Mass Co 3 Ms 1946
101% 101%
1103% 104%
Western Pub Serv 5 Ms '60
Wisconsin G & El 3 Ms 1966
;100% 100%
Wise Mich Pow 3 Ms—1961
*100% 101M
53 M
Birmingham Water Wks
5s series C
.1957
Monongahela Valley Water
6%s
.1950
Morgantown Water 5s 1965
mmm
5s series B
105
mm
Calif Water Service 4s 1961
m
100% 102
Chester Wat Serv 4 Ms '58
102%
1941
1951
78
83
Newport Water Co 5s 1953
103%
5s
98
70%
Wisconsin
87 M
Pub Serv—
1st mtge 4s
1961
80
85
93%
94%
1011;
73%
106
lOl"
Ohio Water Service 6s. 1958
102
90
92
96%
98%
Penna State Water—
...
1st coll trust 4%s
1966
Peoria Water Works Co—
102% 104%
101
99
Ore-Wash Wat Serv 6s 1957
1st & ref 5s
mmm
1954
100%
1st 6s series C
1957
105
102
1948
104
Phlla Suburb Wat 4s—1965
106
mmm
100
Prior lien 5s
mm
.
99M
.1948
mmm
m
1948
1st consol 6a.
mmm
100%
100
1950
1st consol 4s
City Water (Chattanooga)
Clinton W Wks Co 5s. 1939
mmm
mmm
101%
Ohio Cities Water 5%s '53
Ohio Valley Water 58.1954
1954
1951
■
5%s
1951
New York Wat Serv 6s '51
104%
5 Ms series A
5 Ms series A
105%
New Rochelle Water—
103
100% 102%
Citizens Wat Co (Wash)—
5s
-.1951
mmm
104
Muncie Water Works 5s *65
New Jersey Water 5s. 1950
101%
102
1964
Butler Water Co 5s.-.1957
Ask
101M
—
5s series B
Pinellas Water Co 5%s '59
mmm.
mmm
108
97
99
5 Ms series B
1946
71%
73%
Pittsburgh Sub Wat 5s '58
102
104
6s series A
1946
75
77M
Plalnfield Union Wat 6s '61
104
Richmond W W Co 58.1957
105
Community Water Service
100%
Consol Water of Utlca—
Roanoke W W 6s
4MB
1958
1958
98
98
95
1st mtge 5s
mmm
Roch & L Ont Wat 5s. 1938
St Joseph Wat 4s ser 19A'6fl
100%
103% 104
105%
4%s
E St L & Interurb Water—
1942
6s series B
11942
100% 102%
101%
5s series D
1960
103% 105%
5s series A
1952
5s series B
1952
..1958
•
Water Serv 5s
99% 101
104%
—
102
103%
93%
1967
South
95%
97
99
75
Shenango Val 4s ser B 1961
South Bay Cons Wat 5s '50
98% 100%
98% 100
95
93%
1961
1st & ref 5s A
--
Greenwich Water & Gas—
77
Pittsburgh Water—
1st mtge 5s
1955
103
104
mmm
5s series A
1960
102%
106
m mm
58 series B
1960
105
Sprlngfl. City Wat 4s A *56
Hackensaek Wat Co 5s '77
5 Ms series B
1977
98
Terre Haute Water 5s B *66
101
Huntington Water—
5s series B
1954
101
6s
1954
103
5s
1962
IUlnols Water Serv 5s A '52
mmm
6s series A
mmm
104
1st mtge 3Ms-.—--1966
Indianapolis W W Securs—
1958
1957
Lexington Wat Co 5 Ms '40
Long island Wat 5 Ms. 1955
1949
100% 101 %
m
m
103"
99% 101
97 M
-I960
1st mtge 5s
99%
106%
1951
96
98
1st mtge 5%s
1950
Westmoreland Water 5s '52
99
104
mm m
Western N Y Water Co—
95
104%
105
"
---
101
5s series B
92
mm*
104
Union Water Serv 6%s '51
W Va Water Serv 4s.-1961
mmm
mmm
100
103
Texarkana Wat 1st 5s. 1958
mmm
102%
Indianapolis Water—
Kokomo W W Co 6s.-1958
Estate Securities
"
92
Scranton-Sprlng Brook
5s series A
Joplln W W Co 5s
Reports—Markets
90
1950
Scranton Gas <fc Water Co
Davenport Water Co 5s '61
5s
Real
'58
Bid
101
-
104
1962
Union Elec (Mo)
Atlantic County Wat 5s
Ask
99
105
mm
Public Serv of Colo 6s. 1961
1967
3M« series C
Ashtabula Wat Wks 5s '58
Connellsvllle Water 5s 1939
Peoples L & P 6M8--.1941
Buffalo Niagara Electric—
1956
CoJ5s
mmm
104M
Telep Corp 1st 4« '65
Alton Water
5s series B
50 %
Sink fund inc 5%S—1983 & 58%
Sink fund inc 4-5S..1986 4-44
1965
Telep 3%« B
Alabama Wat Serv 58.1957
City of New Castle Water
101M
4s
Bid
Ask
Cumberl'd Co P&L 3 Ms '66
Corp—
Income deb 3%B—.1978
Bid
mm
79 M
m
NEW YORK
Teletype: New York 1-1073
Water Bonds
Utility Bonds
Ask
79
5%s.l948
Amer Utility Service 6s '64
EXCHANGE PLACE,
40
99
101
101M 103
Wichita Water—
106
58 series B
1956
101
5s series C
1960
104
6s series A
1949
104
W'msport Water 5s... 1952
102
mmm
'
Middlesex Wat Co 5M8 '57
Monmouth Consol W 5s '56
Public Utilities—Industrials—Railroads
104
mmm
I
96
93%
j
mmm
mm
~
104
AMOTT, BAKER &, CO.
INCORPORATED
BArclay 7
jrA
n
150
2360
Broadway,
Sugar Stocks
Soil System T0L
at
j
N. Y.
n y 1-688
Par
Ask
Bid
Par
Ask
Bid
Cuban Atlantic Sugar. ..10
Bid
1st
Bid
/44M
49%
Broadmoor (The) 1st 6s '41
/45M
49%
B'way Barclay 1st 2s..1956
B'way & 41st Street—
/29M
33%
1945
73
39%
31%
Munson Bldg lst6Ms.l939
N Y Athletic Club—
/32
63 M
61
66
1st mtge 2s stmp & reg'55
30
64
1st & gen 6s
58 M
60%
N Y Eve Journal 6 Ms.1937
f38
40 M
N Y Title & Mtge
5 Ms series BK
f33
35%
1948
Dorset (The) 1st 6S...1941
Savannah Sug Ref com—1
M
34%
39%
42
West Indies Sugar Corp._l
7%
Ask
Metropol Playhouses Inc—
1st leasehold 6 Ms..1944
4-6s
18%
31%
6s
1947
S f deb 5s
1946
99% 101
/30%
99
75
34%
32
31%
101
Co—
/52
5Ms series C-2
Eqult Off Bldg deb 5s. 1952
Deb 5s 1952 legended
50 Bway Bldg 1st 3s inc '46
8%
...
55
/38
79
74 M
76%
54
River Bridge 7s
IMS
IMs
1953
103
104
Aug 15 1938
IOU32 100*132
IMs
-June
1 1939 100»532 1009|S
91
93
Reynolds Investing 58.1948
Trlborough Bridge—
4s
July 1936
s
f revenue 1977.AAO
103% 104%
4s serial revenue 1942-68
April 1938 100 "32 100%
62.40
3.60
100% 100*I32
41
*
/ Flat
(Phlla)
Nov 15 1939
2a
Sept 1 1939 lOO1*^ 1009,6
lMs
53
1st 6s
Home Owners' Loan Corp
Federal Home Loan Banks
43
July 7 1939
Oliver Cromwell (The)—
56
500 Fifth Avenue—
1 %
36%
8%
A 8k
Bid
96%
Federal Farm Mtge Corp—
50
1st 6s.
95%
Bear Mountain-Hudson
40
19tb & Walnut Sts
*
Ask
Bid
Associates Invest 38.-1946
5 Ms series Q
/6M
76 M
Uaytlan Corp Amer
Miscellaneous Bonds
Metropolitan Corp (Can)
5M8 series F-l
East Ambassador Hotels—
1st & ref 5 Ms.
1947
1
.
Certificates
Ask
6s...Jan 1 1941
Broadway Motors Bldg—
29
Sugar Assoc.
Preferred
Real Estate Bonds and Title Co. Mortgage
Aiden
16%
Eastern
No par
selling
/2 2%
25%
value,
price,
on
n
Interchangeable,
a
Nominal quotation,
New York Curb
t Now listed
New
on
Basis
b
to < When
Exchange
z
price,
d Coupon,
Issued,
t
Ex-rlghts,
e
Ex-divldend
y
Now
Ex-stock dividends
York Stock Exchange
t Quotations per 100 gold rouble bond, equivalent to 77.4234 grams of pure gola.
/9
11
1 Park Avenue—
6 Ms unstamped
1949
52d & Madison Off Bldg—
6s...
...Nov 1947
Film Center Bldg 1st 6s '43
40 Wall St Corp 6s
1958
42 Bway 1st 6s
1939
1400 Broadway Bldg—
1st 3 M-6 Msstampedl948
Fox Theatre & Off Bldg—
1st 6 Ms
Oct 1 1941
Fuller Bldg deb 6s
1944
6 Ms unstamped
1949
Graybar Bldg 5s
38
40
1st 6s
Nov 6 1935 1939
2nd mtge 6s
/51M
/49
60 M
53"
90%
1951
53
Chain Store Stocks
74
103 E 57th St 1st 6s.-.1941
165 Bway Bldg 1st 5 Ms '51
/5l %
56"
Par
53%
Prudence
7%
Co—
5 Ms double stpd—1961
41
Realty Assoc Sec Corp—
5s income
1943
AO
12
64%
/42%
44%
66%
Par
14
3%
Kress (S
/52
54
12%
13
♦
34%
36%
56
Savoy Plaza Corp—
67
69
Harrlman Bldg 1st 68.1951
Hearst Brisbane Prop 6s '42
Hotel Lexington 1st 6s 1943
55 M
59%
53%
56
Hotel St George 4s_
51%
3-5Msdeb inc (ws).1956
60 Park Pi (Nowark) 6s '37
616 Madison Av 1st 6 %s'38
/26%
47
/49M
51
3%
28
14%
5
(I) Sons common..*
6%% preferred
100
Murphy (G C) 35 pref. 100
41
45
107
108
100
(Daniel) pref—100
30
104% 107%
United Cigar-Whelen Stores
37%
61
100
100
11%
12%
Miller
28
44%
/35
Ask
11%
Sherneth Corp—
50
7%
H) 6% pref
Reeves
3%
*
/54
Bid
105
*
1st fee & l'hold 6MS.1940
Ask
12
95
I..*
65%
Itoxy Theatre—
38%
Bid
*
100
63
70 M
1946
Realty ext 1st 5 Ms.1945
6s
.
..
1950
Lefcourt Manhattan Bldg
1st 4-5s extended to 1948
Lewis Morris Apt Bldg—
1st 6 Ms
Apr 15 1937
Lincoln Bldg Inc 5MS.1963
Loew's Theatre Rlty Corp
1st 6s
73 M
66 M
50
1st
1936
6s
1948
*4feC
34
19%
19%
37
Bway Bldg 3M 5s 1961
Syracuse Hotel (Syracuse)
1st 6 Ms
Oct 23 1940
74%
78%
95%
1st 3-58 (w s).
Trinity Bldgs Corp—
*
Kobacker
7 %
ioo
11
Common
25
Stores
preferred
32
Corp $5 preferred
85
95
9%
CURRENT
1
41
16
lJi
42%
NOTICES
—Barnard, Phillips Factors, Inc. have been appointed factors for Sam
Rosenthal, J. Weinstein & Sons, Inc., and David Prensky, Inc., New York
City, all jobbers of woolens; and for Clinton Silk Co., New York City,
silk converters.
Textile Bldg—
94%
Majestic Apts 1st 6s.. 1948
Metropolitan Chain Prop—
A6M
A6M
71
/47%
1942
69%
69
1947
(Bkiyn)
6Ms (LI)..
1956
77%
/47
London Terrace Apts 6s '40
Ludwlg Bauman—
1st 68
1945
3s with stock
1958
46%
48%
77%
86
announce
64%
1st 5Ms-1939
2 Park Ave Bldg lso 4s 1941
61%
65%
charge of their Commodity Research Department.
64%
Walbridge Bldg (Buffalo)—
/29
93
50
3l"
95
1st 6 Ms
Oct 19 1938
Westlnghouse Bldg—
1st fee <fc leasehold 4s '48
/24
28
—Thomson
71%
&
McKinnon,
Hilding
members
Anderson
—Alexander Eisemann & Co
with
67%
that
has
of
New
become
announce
York
Stock
associated
Exchange,
with
that Thomas W. Beard,
them
in
formerly
Burton, Cluett & Dana in Philadelphia, has become associated with
them in that city as a customers' man.
Volume
Financial
145
Securities—Friday August 20 - Continued
Quotations on Over-the-Counter
Industrial Stocks and Bonds—Continued
Industrial Stocks and Bonds
*
American
61
64
American Hard Rubber—
8% cum preferred...100
American Hardware
25
100
33%
35%
*
18
21
American Mfg 5% pref.100
80
American Republics
15%
Amer Maize ProductB
com.*
105
84
99
56
Art Metal Construction. 10
26%
7%
51%
53%
22%
Beneficial Indus Loan pf_*
Bowman-BUtmore
28
6
Bankers Indus Service A.*
24
Hotels
1st preferred
100
Burdlnes Inc common
33%
*
10
49%
36%
7
5%
Molybdenum
*
Columbia Baking com...*
Chilton Co
common
Climax
8
16
18
42
45
*
$1 cum preferred
50%
6
Crowell Publishing com..*
100
108%
Dennlson Mfg class A... 10
3%
$7
preferred
com..*
Great Northern Paper..25
Harrlsburg Steel Corp—5
Klldun Mining Corp
1
Lawyers Mortgage Co..20
Lawrence Portl Cement 100
Lord & Taylor com
100
1st 6% preferred
100
2d 8% preferred
100
Macfadden Publlca'n com *
Preferred
*
Merck <fe Co Inc com
1
Great Lakes SS Co
100
54
100
Preferred
16%
4%% pflOO
Andlan National Corp
*
Amer Roll Mill
shs—*
American shares
*
Garlock Packing com
*
Gen Fire Extinguisher—*
Golden Cycle Corp.___.10
Good Humor Corp
1
Graton & Knight com
*
Foundation Co For
47
100
Book.
44
Arch
American
Par
Ask
Bid
Par
6%
...
100
preferred...
Dentists' Supply Co of N Y
Devoe & Raynolds B com *
55
57
56%
Dictaphone Corp
71
*
100
118
(Jos) Crucible... 100
62
Preferred
Dixon
Draper
5%
-
preferred
65
35
83
Federal Bake Shops
*
-.100
..
*
15%
51
Petroleum
30
18%
20%
100
35%
36%
Follansbee Steel
l._
com w
» Preferred wi
9%
11
13
68
71
52 X
54 %
39%
42
13%
15%
2K
1%
26
Conversion—1
com
4%
44%
25
5%
45%
York Ice Machinery
Singer M anufactur ing.
Singer Mfg Ltd
305
100
.
6
240
110
103
27
Cont'l Roll & Steel
*
25%
,__.*
5;%
40%
39
40%
98
42%
30%
64
100
West Va Pulp <fc Pap com. *
35
100
104
Preferred
25
90
85
26
_*
103%
180
-1946
/45%
85
90
1945
106
108
Scovill Mfg 5%a
107
3%
Textile Products
Standard
18%
19%
28%
...10
5%
11%
12%
1st 5s—
WJR The Goodwill Sta.. 5
32%
34%
2d conv Inc 5s
25
UK
Willys Overland Motors.. 1
preferred
For footnotes see page
6%
29%
J28
assented.. .1942
Utd Cig-Whelan St Corp—
5s
1952
Wilson & Co conv 3 %B 1947
Witherbee Sherman 6s 1944
1st 6 %b
29
26%
10%
48
Shipbuilding 5s ..1946
37~"
101
100
..1939
Nat Radiator 5s
N Y
2%
West Dairies Inc com v t c 1
20
IK
103 %
Conv 6s
106
preferred
Wlckwlre Spencer Steel..*
Wilcox & Glbbs common 50
98
89
f87
J23
Kelsey Hayes Wheel Co—
..1948
Conv deb 6s
Kopper Co 4s ser A. ..1951
Martin (Glenn L)—
24
6%
102
1955
Haytlan Corp 8s— -1938
48
22
*
$7 1st preferred
41
IK
1%
12%
White Rock Min Spring—
67
39
1%
45%
$3 conv preferred
$3 cum preferred
91
101%
102%
103% 103%
100
Deep Rock Oil 7s... ..1937
5
16%
10%
100
99% 100%
Fdy—•
1940
1st 3^8
Welch Grape Juice com..5
43%
96
Cudahy Pack conv 4s. 1950
102
Warren Northam—
7%
87
15%
1st conv s f 6s
6%
4
*
com
Preferred
29
95
Taylor Wharton Iron &
Steel common
United Merch & Mfg com *
United Piece Dye Works.*
41%
106
1961
Commercial Credit 2%s '42
Chicago Stock Yds 5s.
United Artists Theat
9%
4s. 1951
7S..1942
28%
10 K
103
95
126
American Tobacco
14%
69%
8X
99% 101%
Bonds—
103%
165
13%
27%
9K
111
59%
26%
25
preferred
..100
Young (J S) Co com—100
7% preferred
100
7%
Stromberg-Carlaon Tel Mfg
Sylvania Indus Corp
*
66%
105
27%
56
17
120
116
26%
10
100
*
Am Wire Fabrics
Tennessee Products
29
310
5%
15%
Skenandoa Rayon Corp
Standard Brands 4% % pf *
Standard Screw
100
Trtco Products Corp
*
Tublze Chatillon cum pf.10
1H
IK
17 K
100
Northwestern Yeast___100
Norwich Pharmacal
5
Ohio Leather common...*
Ohio Match Co
*
Pathe Film 7% pref
*
Follansbee Bros pref
Preferred
31
50
15
*
29
8
Worcester Salt
Ask
Bid
Par
52
Woodward Iron com
*
*
S covlll Mfg
15K
Preferred 6%%
109% 109%
6
6%
DuPont (E 1) 4%% pref.*
Remington Arms
27 K
New Haven Clock—
80
*
67
26 %
90
50%
Corp
05
46
New Britain Machine
33
Douglas Shoe preferred. 100
5%
4%
Publication Corp com
Ask
48
Petroleum Heat & Power.*
*
*
Preferred
Nat Paper & Type com.
-
3%
3%
Bid
Par
Ask
100
Muskegon Piston Ring
National
Casket
60%
68
Bid
Mock Judson <fc Voehrlnger
Preferred
4%
1245
Chronicle
77
75
100% 101%
f50
54
103
104
Woodward Iron—
1962
1962
111% 116
1244.
Iron
Woodward
Follansbee Bros.
United Cigar
Stores
SELIGSBERG & CO.
Members New York Stock
& Curb Exchanges
St., New York
50 Broad
Telephone Bowling Green
9-8200
WICKWIRE SPENCER STEEL
New Common—Warrants
ZxpteAd- fcxxJtangts
New York City
52 Wall Street,
A. T. & T. Teletype
HAnover 2-3080
Houston Oil Field
N. Y. 1-1842
Material Company, Inc.
Preferred and Common Stock
Prospectus on request
ROBINSON, MILLER & CO.
SALES
AUCTION
mo.
The
following securities
were
sold at auction on Wednesday
of the current week:
HAnov?rh2?ie282 52 William Street, N.Y.
N.£elf.$5
By Adrian H. Muller & Son, New York:
Stocks
Shares
123 The Citizens Bank of White Plains, N. Y.
56 Bon-Air Radiator Corp. (Mass.),
(N. Y.), par $100.
S per Share
14%
12%
20 West Point Manufacturing Co., ex-dlvldend
26%
30 Nashua Manufacturing Co., common
,
...
22 %
10 Continental Shares, Inc., convertible preferred, par $100
18%
18 American Seal Kap Co. of Delaware, par $2; 6,000 Colorado Mining Co.,
20 cents; Three Certificates Gushing Development Co.; 10 Knox OH Mining
Corp., par $100; 5 L A W Acceptance Corp. of Mass.; 5-10 United LAW
Corp., A common; 10 L A W Acceptance Corp. of Mass., pref., par $100..$150 lot
Shares
Quotations of representative
Sat.,
National Bank, par $10
Mon.,
Tues.,
Wed.,
Aug. 16
Aug. 17
Aug. 18
58 Farr Alpaca Co., par $50
12-50
Galveston-Houston
British Amer Tobacco.
Canadian
Marconi
Central Mln & Invest.
Cons Goldflelds of S A.
Crown Mines
...
Smauidss&as::::
De Beere
I-1
...
10%
$100
(with warrants)
Co., par $100
12 Mass. Power & Light Associates, common
1 Columbian National Life Insurance
Distillers Co.........
33%
3%
81
Co
5 W L Douglas Shoe Co., pref., par
Electric & Musical Ind.
Ford Ltd.
ord.
Gaumont Pictures
Gaumont Pictures A.
By Crockett & Co., Boston:
Shares
50
Securities
Insurance
$ per Share
21 %
$10 lot
1%
Co., common...
Inc., par $1
Co.,
115 Ozark Corporation
6 Columbian National Life Insurance Co., par
25 Providence Gas
81
$100
9%
Light Co
5 Seaborard Utilities Shares
55c. lot
Corp., common, par $1
16
20 Exolon Co., common
57 Isabane Coal Co., par $1; 10 International
par
$35
Match Corp., participating pref.,
$6 lot
$ per Share
38%
200%
6%
23 Central-Penn National Bank, par $10
5 Tradesmen's National Bank & Trust Co., par $100
$5__
10 Pennsylvania Company for Insurances on
par
Lives and Granting Annuities,
37%
$10
CURRENT
Rose is
now
firm of Emanuel & Co.
?-■_
■
•
•
L
u
associated
Ill/22/3
28/9
6/3
2/3
New York
liof
22/—
28/6
6/2/6
76/3
260/
.....
54/3
54/3
£18%
£18%
109/9
109 6
21/6
28/6
6/2/3
175/-
4/9
Finance of Australia.
21/9
28/3
6/2 /3
177/6
11o/4^
8/
4^/74/4%
262/6
54/3
£187%
108 6
21/9
28/1%
2Z1 %
175/-
-----
4/9
35/6
35/9
35/-
34/9
34/6
Imp Tob of GB & I_.
154/3
153/9
153/6
153/9
153/-
I M PS
Lake
...
View South
Mines of
Metal
156/3
Box
...
Palmletkull Gold M
Rand Fr Est Gold
...
...
19/81/3
17
58/9
£7
------
81/3
16/9
49/4%
£7
71 /3
Royal Dutch Co
Shell Transport
62/6
£47%
£59i6
SubNlg^e^M^nes.^Ill
202W" 200/-
Cop M.
Triplex Safety Glass...
Ltd
Unilever
West
Corp
M__
Witwatersrand
Areas
153/1%
Gold
Kalgoorlle. Holiday
West Rand Consol
Stock Exchange
...
54 /6
£18%
12q/«
8J6
435/74/4%
Hudson Bay Min & Sm
United Molasses......
NOTICE
with the
..-..
Fri.,
Aug, 20
&
Exploration
Gold
Union
—Charles
£19
8/3
172/6
Roan Antelope
Stocks
100 Land Title Bank & Trust Co., par
78/1%
262/6
54/9
11o^o
113/~
8/3
440
75
Thurs.,
Aug. 19
Geduld Prop Mines...
Rand Mines
By Barnes & Lofland, Philadelphia:
Shares
118/6
8/6
440
Geduld (E)
Stocks
20 Nashua Manufacturing
stocks as received by cable
Aug. 14
Stocks
41 Gloucester (Mass.)
EXCHANGE
day of the past week:
each
By R. L. Day & Co., Boston:
LONDON STOCK
THE
$ per Share
30
$17 lot
class B common
£47
£5%
70/6
69/3
43/-
43/-
-----
18/9
81/6
17/3
50/£7
81/9
81/9
P
*?/4%
48/9
72/3
£47
£5%
73/9
£47%
,
£5916
202/6"" 203/9*
70/6
42/6
162/6
32/3
31/3
32/3
32/31/10%
£8%
£8%
£8%
70/6
42 /9
165/32/3
#
70/"
£47%
£5%
202/6"
70/42 /9
162/6
31/9
31/3
£8%
£8%
1246
Financial
General
Chronicle
Aug. 21, 1937
Corporation and Investment News
RAILROAD—PUBLIC UTILITY—INDUSTRIAL—MISCELLANEOUS
paid on June 30 and on March 31, last, and previously, quarterly dividends
of 30 cents per share were paid.
In addition an extra dividend of 50 cents
was paid on Dec. 23, 1936, and an extra of 15 cents on Sept. 28, 1936.
See also V. 143, p. 3457 for further dividend record.—V. 145, p. 98.
RIGHTS—SCRIP
Agnew-Surpass Shoe Stores, Ltd. (& Subs.)—Earnings
Years Ended—
Specialists since 1917
May 31,'37 May 30,'36 May 31,'35
$224,337
$170,230
$153,668
1,429
6,162
7,186
Net operating profit
Income from investments
$225,767
36,815
33,525
$176,392
29,948
25,134
495
445
$120,863
$111,218
Dr~2~,689
Dr712
1,752
$152,243
70,000
48,000
$120,151
70,000
48,000
$123,099
70,000
32,000
$1.17
Provision for Government taxes
Directors' fees
$160,853
28,963
19,472
1,200
$154,932
Provision for depreciation
McDonnell
$0.64
$0.53
Members
New York Stock
120
Exchange
New York Curb Exchange
Broadway, New York
Profit from sale of investments-
Telephone REctor 2-7815-30
10,129
Miscellaneous adjustments
Bell Teletype NY 1-1640
Net surplus for year
Dividends on preferred
FILING
OF
REGISTRATION
STATEMENTS
SECURITIES
ACT
Earnings per share on common stock
(79,524 shs.) no par
Consolidated Balance Sheet
The
following additional registration statements (Nos.
3347 to 3356, inclusive, have been filed with the Securities
and Exchange Commission under the Securities Act of 1933.
The total involved is
approximately $11,999,708.
Fulton I ndustrial Securities
Corp. (2-3347, Form A-2) of Jacksonville,
Fia., has filed a registration statement seeking to issue 20,000 shares no
par value S3 50 cumulative preferred stock and 20,000 shares of
SI par
stock to be sold in units of one share each at $57 per unit. Proceeds
"will be used to redeem profit
sharing bonds and for new offices and
common
capital.
company.
No underwriter is named.
Filed Aug. 12, 1937.
Ed.
L.
working
Wright is President of the
Rochester Gas & Electric Corp. (2-3348,
_T
Form A-2)
of Rochester,
a registration statement seeking to issue
$3,000,000 SH%
general mortgage bonds, series H, due 1967.
Proceeds will be used for
capital expenditures.
First Boston Corp., and Edward B. Smith & Co.,
will be underwriters.
Others will be named by amendment.
Herman
Russell is President of the company.
Filed Aug. 12, 1937.
Puget Sound Pulp & Timber Co. (2-3349, Form A-2) of Bellingham,
Wash., has filed a registration statement covering 125,000 shares of $20
par value 6% cumulative convertible preferred stock; 233,000 shares of
no par value common
stock, and warrants to purchase 45,500 shares of
Of the common stock being
registered, 187,500 shares, including
scrip certificates for fractional shares, are reserved for conversion of pre¬
ferred, and 45.500 shares are for exercise of the warrants.
(For further
details see subsequent page.) Filed
common.
Aug. 13, 1937.
Mining Truth Blind
Pool
of
N. Y., has filed a registration statement
covering 325,000 shares of common
stock, $1 par.
The shares -will be offered at the following prices:
75,000
shares at $6.25 per share; 50,000 shares at
$6.75 per share; 50,000 shares
at $7.25 per share; 50,000 shares at $7.75
per share; 50,000 at $8.25 per
shares, and 50,000 at $8.75 per share.
Proceeds will be used for working
capital.
Clarence Hodson & Co., Inc., will be underwriter.
Dudley H.
Dorr is President of the
company.
Filed Aug. 13, 1937.
Liberty Loan Corp.
no
(2-3352, Form A-2) of Chicago, 111., has filed a
covering 30,000 shares of class A common stock,
to be offered at $15 a share.
Proceeds will be used for working
par,
statement
capital.
No underwriter is named.
Filed Aug. 16, 1937.
United
I. H. Levy is President of the company.
of Detroit,
Mich.,
has
a registration statement
covering 25,000 shares of $1.40 cumulative
convertible no par va ue preferred stock which will be offered
through
underwriter, first to common stockholders at $25 per share and 37,500
shares $1 par common stock with
scrip for fractional shares which will be
reserved
for conversion of the preferred.
Any unsubscribed for shares
offered to stockholders will be sold to the
public at $25. Proceeds will be
used to acquire 80,000 shares capital stock of Alco Valve Co. and for
plant
additions, equipment and working capital.
Russell Maguire & Co., Inc.,
will be underwriter.
Christian Girl is president of the company.
Filed
Aug. 16, 1937.
Gotham
Credit Corp. (2-3354, Form A-2) of New York, N. Y., has
a registration statement
covering 200 shares of class A convertible no
value capital stock which will be offered to the public at $62.50 per
share, and 115,000 sharex of $5 par class B capital stock of which 110,000
filed
par
shares will be offered to
the public at $6.25.
The balance of the class B
capital stock will be reserved for conversion of the class A and after con¬
version will go as bonus to the underwriter from President.
Proceeds will
be used for
Schleimer
working capital.
James Shean Co., will be underwriter.
President of the company. Filed Aug. 17. 1937.
is
Plow Industries, Inc. (2-3355, Form
^
has filed
a
Samuel
A-2), of Mansfield,
Ohio,
registration statement covering 20,138 shares of $2 par common
stock which will be offered to the
public through Haskell, Scott & Jennings,
Inc., underwriter, by present stodkholders.
Frank B. Zieg is President
of the company.
Filed Aug. 18, 1937.
■
i
.
Telephone Co. (2-3356, Form A-2),
v.
of Honolulu,
Hawaii,
has riled a registration statement
covering 67,569 shares of $10 par capital
stock, which will be offered at par to stockholders through warrants.
Any
unsubscribed shares
are
to
be sold
at
auction.
Proceeds will
be used to
bank debt and for plant improvements.
No underwriter.
Balch is President of the
company.
Filed Aug. 18, 1937.
repay
The SEC has announced that at the
request of
it has consented to the withdrawal of the
J.
A.
the appli¬
cants
following
registration statements filed under the Securities Act of 1933:
Buffalo Idaho
stock, 25 cents
Lulu
Mining Co. (2-3175) covering 730,000 shares of capital
par.
Filed May 24, 1937.
Mining Corp. (2-698) covering 200,000 shares of treasury stock.
Filed Feb. 28, 1934.
Santa
Rita Oil Co.
25 cents par.
Standard
(2-3239) covering 1,300,000 shares of capital stock,
Filed June 15, 1937.
Fruit
&
Steamship Corp.
secured serial debentures.
n
(2-3065)
covering
586,000
Abbott Laboratories-
deprec. & Fed. taxes.
Shares cap. stock outst._
Earnings
per
5%
Fiied April 1, 1937.
The last previous list of registration statements was
our issue of
Aug. 14, page 1086.
Period End. June 30—
Net profit after interest,
given
-Earnings—
1937- -6 Mos.—1936
1937—12 Mos.—1936
$865,335
640,000
$677,570
$1,603,041
$1,286,827
600,000
$1.35
$1.13
640,000
$2.50
600,000
$2.14
share
The directors have declared
an extra dividend of 10 cents per share and a
quarterly dividend of 40 cents per share on the common stock, no par value,
both payable Sept. 30 to holders of record Sept. 14.
Similar amounts were
101,043
1,142,263
ceivable, &c
Inventories
86,808
1,033,150
Life and fire insur.
9,314
10,027
deposits
Prepaid expenses &
—
$139,712
20,538
$102,404
46,999
36,853
Fire insur. reserve.
25,818
Dividend
declared
15,465
25,818
16,383
Interests
960
960
883,700
264,871
342,274
264,871
302,511
Preferred stock
z
8,955
accrued revenue
7,649
20,842
Land, plant, &c.
Common stock
__
Surplus
40,560
936,200
21,961
409,017
401,431
15,000
Loans
15,000
Patents
Total...
May 31, '37 May 30,'36
iProv. for taxes
Accts. & bills re¬
x
LiabilitiesAccounts payable.
Accrued charges__
Minority
74,094
$1,740,336 $1,726,561
Total
$1,740,336 $1,726,561
x After reserve
for bad debts of $11,075 in 1937 and $10,196 in 1936.
After reserve for depreciation of $251,458 in 1937 and $225,365 in 1936.
z Issued 80,000 shares (no par) less 476 shares held by subsidiary company.
—V. 145, p. 268.
y
Alaska Juneau Gold
Period End. July 31—
Gross profit
x
Net profit
x
After oper.
Mining Co.—Earnings—
1937—Month—1936
$470,500
$482,500
225,300
269,500
1937—7 Mos.—1936
$3,280,000
$2,944,500
1,639,600
1,411,300
& devel. charges, but before deprec., depletion and
145, p. 268.
exp.
Federal taxes.—V.
Alleghany Corp.—Special Meetings Adjourned—
The special meetings of the stockholders of the Alleghany Corp. and the
Chesapeake Corp., scheduled for Aug. 17 to pass upon a proposed con¬
solidation of the two corporations has been adjourned to Sept. 16.
President C. L. Bradley, of the Alleghany Corp., announced that an
opinion handed down Aug. 16 by Circuit Judge Samuel K. Dennis at Balti¬
more had temporarily enjoined stockholders from voting on the colsolidation.
Mr. Bradley also said that copies of Judge Dennis' opinion would
be available to stockholders for study.
Another of the purposes of the adjournment it is said was to enable the
officials of the two corporations to follow the suggestion of the Securities
and Exchange Commission to prepare and forward to the security holders
additional information that was not contained in the letters originally
mailed to stockholders announcing the plan.
One of the importantfitems
omitted in the original letters was a list of the directors of the corporations
who had voted unanimously in favor of the proposed merger.
Merger Plan Adjourned by Court Order—
.Specialties Co. (2-3353, Form A-l)
filed
$77,152
$33,188
bonds
1937
(2-3350, Form A-l) of Spokane,
Wash., has filed a registration statement seeking to issue $100 par par¬
ticipations in discretionary account managed by investment adviser in an
amount not to exceed $250,000. Proceeds will be used to
purchase securities.
No underwriter. Leon Starmont is Pool
Manager. Filed Aug. 12,1937.
American Business Credit
Corp. (2-3351, Form A-l) of New York,
registration
May 31 ,'37 May 30,'36 ;
Assets—
Cash
Govt,
y
N. Y., has filed
stock
Dividends on common stock
UNDER
Judge Samuel K. Dennis of the Baltimore Circuit Court decided Aug. 16
a formal written opinion that the proposed merger of Alleghany
and
Chesapeake corporations should be enjoined.
Judge Dennis signed an
order Aug. 19 on application of Aldebaran Corp. and Broseco Corp. and
tbe trustee of the University of Pennsylvania granting a preliminary in¬
junction against the Alleghany Corp. and the Chesapeake Corp. in accord¬
ance with his opinion handed down on Aug.
16.
The injunction order prohibits the two corporations from
'taking any
and all action looking to a vote by stockholders" to pass upon or adopt the
plan of consolidation proposed for merging the two companies.pi
Judge Dennis in his opinion Aug. 10 confined his objections to the pro¬
posed plan largely to the treatment of tbe Class A preferred stock of
Alleghany Corp.
The opinion stated that in reference to the Series A 5^% preferred stock
of the Alleghany Corp. it felt bound to enjoin the defendant as prayed, not
necessarily from holding the two stockholders' meetings, but from taking
action looking to a vote by stockholders of either (andboth), to pass upon
or adopt the
proposed consolidation agreement. "While the whole plan is
not illegal or unfair," the opinion stated, "the legal and illegal features are
so inexplicably interwoven and related that the plan must be dealt with
as an
entirety, and not piecemeal.
The defendants will pay the costs."
in
.
»
•,
Young Opposes a Trusteeship—
Robert R. Young, chairman of Chesapeake and Alleghany Corporations,
according to Baltimore press despatches of Aug. 14, said be would contest
"to the bitter end" any attempt by the I. C. C. to order the two.companies
to turn their holdings of railroad stocks over to a trustee.
RFC Seeks
Amplification of Certain Data—
The Securities and Exchange Commission announced Aug. 13 that it had
requested the Alleghany Corp. and the Chesapeake Corp. to amplify certain
of the information which they had given to their security holders in solicit¬
ing proxies for the proposed plan of consolidation of the two companies.
This action was taken because the Commission was of the opinion that the
information previously submitted to security
holders would be misleading
The Commission called attention to
Act of 1933 and the proxy rules pro¬
mulgated under the Securities Exchange Act of 1934, it has no authority to
pass upon the fairness or the merits or demerits of any such plan.
The corporations have informed the Commission of their intention to
comply with its request.
It is understood that this additional information
will include disclosure of the extent to which the Young-Kolbe-Kirby inter¬
ests control the two corporations, the security holdings of all directors of
both corporations, and certain additional information with respect to the
details of the plan and the rights of security holders.
unless appropriately supplemented.
the fact that, under the Securities
The Commission made the following statement:
"The Commission's proxy rules under Section 14 of the Securities Ex¬
change Act of 1934 compel the Commission to require that a certain minima
of information must be given to security holders in connection with the
solicitation of proxies by corporations, analogous to the disclosure re¬
quirements of the Securities Act of 1933.
The purpose of these rules is
to prevent the dissemination to the security holders and to the general
public of untruths, half-truths and otherwise misleading information which
would stand in the way of a fair appraisal of a plan upon its merits by the
security holders.
The Commission under the Securities Act of 1933 and
under its proxy rules has no authority to pass upon the fairness or the merits
or demerits of any such
plan; nor to interfere
such plan where full ana complete disclosure
in the consummation of any
has been made.
The Com¬
authority under the Public Utility Hold¬
ing Company Act of 1935) does not extend to the question of the fairness
or equity of any such
plan.
However, we must insist uponfan accurate
presentation not only of the details of the plan but of the conditions surmission's authority here (unlike its
Volume
Financial
145
Chronicle
1247
rounding the proposal.
An examination of the material which was sent to
security holders of the Alleghany Corp. and the Chesapeake Corp. has led
the Commission to conclude that, unless substantially supplemented in
certain respects, it would be misleading to security holders.
.
|*i"One matter which the Commission believes should be more fully dis¬
closed is the extent to which the Young-Kolbe-Kirby interests dominate
the two corporations.
The Commission has also concluded that the com¬
plete security holdings of all directors of both corporations should be
set forth.
Further, the Commission is of the opinion that the statutory
rights of dissenting security holders under the Maryland laws should be
explained.
tP»T'Under the plan the stockholders of the Chesapeake Corp. were given
the option to receive either shares of the new consolidated company or
common stock of the Chesapeake & Ohio Ry.
However, the latter alter¬
native by the terms of the plan expires on Aug. 16,1937.
In order to afford
a further
opportunity to appraise this option in the light of the supplemen¬
tary information to be furnished security holders, the Commission under¬
stands that Chesapeake Corp. will appoint a person or persons to represent
dissenting stockholders at its meeting, in effect affording such security
holders a further period of time to accept the offer of shares of Chesapeake
& Ohio Ry."—V. 145, p. 1086.
Allen
on New Pref. Stock—
a special meeting og stockholders tor Aug. 25 to
authorizatibn of an issue of 40,000 shares of $25 par preferred
stock "which may be available for sale in the event of the board directors
determines it is advisable that the corporation market a preferred instead
of a common stock."
Stockholders also are asked to waive their pre¬
emptive rights of subscription as to present or subsequently authorized stock.
^Sidney J. Allen, President, stated that consideration has been given to
securing additional capital to replace that invested in recently completed
$675,000 plant expansion, to pay bank loans and to improve working capital
position.
NlMr. Allen states that directors believe that by postponing final decision
r
We Invite Inquiries in
Milwaukee & Wisconsin Issues
&®swa & (0®,
Phone Daly 5392
American Encaustic Tiling Co., Inc.—Earnings—
Period Ended June 30, 1937—
Net loss after interest, depreciation and taxes
—V. 144, p. 3162.
American Gas & Electric Co. (&
Industries, Inc.—To Vote
Directors have called
a date closer to the contemplated
offering date, they will be better able
analyze and select the type of security which may be the more advanta¬
geously marketed.
^Company's present authorized capitlization consists of 500,000 shares
($1 par) of common stock, 254,400 issued and outstanding.
It now pro¬
poses that capitalization be raised to 540,000 shares of which 40,000 shares
(par $25) would be preferred stock, the common stock remaining unchanged
as to number of shares and
par value.—V. 145, p. 1087.
Period End. June 30—
xSub. Cos. Consol.
Operating
Allied Kid Co .—Listing—Sales—
Company
f
6 Mos. End. June 30—
Net profit after deprec. &
int. & est. Fed'l taxes.
x
1937
$160,163
Before Federal taxes.—V.
American
144,
Agricultural
Years End. June 30—
Gross profit from oper._
Gen. oper. & admin, exp.
Prov. for loss
1936
$2,070,798
Operating income
Other income
Total income
773,885
417,884
$879,028
on
Prof, from operation
lies, for insurance......
x$49,536
1937
1936
Co.
Subs.)—
(&
1935
$2,754,529
795,188
150,734
Electric Co.
Pref.
stock
cos
divs.
Total income
...
774,434
259,859
$2,866,507
31,112
584,337
382,114
$1,808,608
48,490
626,304
128,000
$2,185,914
79,509
573,801
105,000
$1,629,285
$1,868,944
1 >054,654
$8.86
$1,005,814
661,524
$1,427,604
449,559
$977,119
$4.71
$6.37
$4.19
120,615
531,551
Includes additional compensation to officers and executives under profit
sharing plan amounting to $56,900.
Note—No provision made for surtax on undistributed profits, if any for
the calendar year 1937.
x
o
1937
1936
1935
1934
Land,
bldg., mach. &
equipment
$3,955,921
x Phosphate rock
depos.
1,577,190
Prop, not required for
operating purposes
1,114,978
x Purch.
money oblig.&c
499,057
Cash
6,100,183
Accts. & notes receivable
2,677,337
Inventories.
6,313,655
Brands, pats.& good will
1
Unexpired ins., taxes,&c
116,913
$4,072,160
1,607,799
$4,249,688
1,635,284
$4,081,522
1,663.831
1,158,681
645,126
5,881,750
2,520,904
5.130,269
1,086,106
708,617
5,338,569
2,801,479
5,092,637
1,062,762
826,388
4,461,251
2,874,687
4,857,801
$1,217,980
170,853
177,811
Pref. stock divs. to pub.
1937
1
207,221
1935
1936
Total liabilities......$22,355,235 $21,174,467 $21,119,603
1934
American I.
$9,328,240
8,220,158
581,013
1,594,728
467,951
42.505
To Pay $4 Dividend—
par common
the $1
record
par
regular dividend of $2 per share paid on the A shares and an extra divi¬
dend of five cents in addition to a regular dividend' of 20 cents paid on the
a
See V. 144, p. 95 for detailed record of previous dividend pay¬
no par
•
American Business Credit Corp.—Registers with SEC—See list given on first page of this department
American Car & Foundry Motors
Manufacturers
common
Trust
ments.—V. 144, p. 3659, 95.
American
Laundry Machinery Co. (& Subs.)1937
6 Mos. End. June 30—
Net profit after deprecia¬
tion and Federal tax.
Shares
common
Co.
is
stk. out¬
Nil
transfer
Foundry Co. (& Subs.)—Earns.
-
1936
$1,727,714
1935
$1,597,749
58,947
107,393
137,568
$2,395,389
2,179,647
Sales
1937
$2,373,157
$1,786,661
1,515,096
$1,705,142
1,532,673
$1,786,825
1,648,762
$215,742
xl05,058
15,255
79,296
$271,565
x70,869
2,390
28,988
y96,593
$172,469
78,653
1,235
28,819
23,803
$138,063
91,905
12,744
Royalties
Total income
Operating profits....
Interest, deprec., &c—
—
Other corporate taxes—
Maintenance & repairs.
_
agent for 300,000 shares
of
American Cigarette & Cigar Co.—Stock Dividend—-
$16,133
$72,724
$39,959
$33,414
364,500
20,854
364,500
45,327
4,241
510,000
56,373
$454,026
389,674
$599,754
Divs. rec. from Internat.
Cigar Machine Co
Profit
on
Minor.
securities sold.
int.
in
Standard
Dr34
Stemmer Co
Total profit
Com. dividends (net)
—
x
Depreciation only,
$67,545
$64,352
$16,758
$0.50
y
$0.46
$0.45
$0.60
Experimental expense.
Consolidated Balance Sheet June 30
Liabilities—
$
$
2,187,532
Fixed assets
1937
1936
1937
Assets—
1,890,876
Mach. with lessees
177,021
1
1
Marketable secure.
616,613
808,507
177,968
employees
176,012
share of American Cigar common held.
The company on Dec. 16, 1935,
a stock dividend of l-20th of a share of common B stock of American
Tobacco Co. for each share of American Cigar common held, and a
quarterly
cash dividend of $3 per share on the common stock, par $100.
Previously
the company had distributed regular dividends of $2 per share each three
months from June 15, 1932, to Sept. 16, 1935, inclusive.
In addition an
extra dividend of $2 per share was paid on Dec. 15, 1934.
This company was formerly known as the American Cigar Co.—V. 144.
$
7,000,000
238,581
20,532
rentals
leased machs
Special reserves.
33,601
337,833
9,599,354
458,779
9,433,672
11,422,993 11,358,993
—365,935
acceptances rec.
Inventories
Accts.
.
Earned surplus...
trolled cos
Accounts,
on
1936
$
Common stock.
7,000,000
Accounts payable372,591
Note & loan pay'le
505,414
Taxes pay., accr'd
78,217
Acct. pay. deferred
67,568
x
Unearned
Stock, officers and
Cash..
paid
582,996
$18,649
outstanding (no par)
The directors have declared a dividend of l-40th of a share of common
B stock of American Tobacco Co. for each share of American Cigarette &
This payment will be made Sept. 15 to holders of
record Sept. 3.
A similar payment was made on June 15 and on March 2
last.
A dividend of l-20th of a share was paid on Dec. 2, 1936.
Stock
dividends of l-40th of a share of common B stock were paid on Sept. 15,
June 15 and on March 16, 1936.
On Dec. 27, 1935, a dividend of ll-40th
of a share of common B stock of American Tobacco Co. was given for each
$458,078
390,533,,
$508,070
489,421
Earns, per sh. on 1,000,000 shs. common stock
Cigar
held.
1934
$1,649,257
405,000
75,907
11,031
Profits
Inv. in and adv. to
617.851
Nil
22,232
6 Mos. End. June 30—
at cost..
stock and 100,000 shares preferred stock of this company.—V.
144,
3485.
617.851
585,433
$0.36
584,001
$0.72
—
Note—No mention was made of any provision for Federal surtax on un¬
distributed profits.—V. 145, p. 1088.
affiliated & con¬
p.
1934
$210,363 loss$149,117 loss$299,488
Go'dwill, pats., &c
Co.—Transfer Agent—
p.3993.
common
-Earns.—
1935
1936
$421,001
.
Balance, surplus
dividend of $4 per share on the capital
value, payable Sept. 30 to holders of record Sept. 10.
This
compares with $1.50 paid on June 30, last; $1 paid on March 31, last;
$1.75 paid on Dec. 23, 1936; dividends of 75 cents paid each three months
from Sept. 30,1935, to and including Sept. 30, 1936, and 50 cents per share
paid in each of the four preceding quarters.
The Sept. 29, 1934, dividend
was the initial distribution on this issue.—V. 144,
p, 3826.
Tne
the
class A shares and a dividend Of 30 cents per share on
class B common shares both payable Sept. 15 to holders of
Sept. 10.
Previous dividend distributions on these shares were
made on Dec. 29, 1936, and consisted of an extra dividend of 50 cents and
no
Other divs. & int. rec...
$20,234,596
retirement.
#
Chemical Corp,—Interim Dividend—
G.
The directors have declared an interim dividend of $3 per share on
Federal taxes
x After
deducting reserves,
y Represented by 210,932 shares in 1937,
213,734 shares in 1936 and 224,239 in 1935, after deducting 2 shares in
1937, 10,505 shares in 1936 and 8,967 shares in 1935 held in treasury for
a
$8,967,879
406,352
Capital stock
y8,437,280 y$8,549,360 y$8,969,560
Capital & earned surplus 10,230,787
9,443,500
9,203,851
1,304,945
825,607
749,284
1,685,937
1,611,972
1,676,346
Res. for insurance
595.650
615,773
547,160
Deferred credits
84,004
80,512
37,774
The directors have declared
$687,363 $10,749,763
$869,315
ir Intercompany items eliminated.
Figures for periods prior to Jan. 1,
1937, restated for comparative purposes.—V. 145, p. 1089.
1
157,776
Accts. pay. & accr. liabil
Res. for contingencies
stock,
$1,078,741 $15,188,597 $13,664,419
213,567
2,305,096
2,562,801
177,811
2,133,738
2,133,738
*
$22,355,235 $21,174,467 $21,119,603 $20,234,596
Liabilities—
$1,134,318 $15,865,566 $14,204,488
55,577
676,969
540,069
American Machine &
.
Total assets.
1,910,050
236,038
1,910,050
219,289
$1,284,530
66,550
..
standing (par $20)
Earnings per share
Consolidated Balance Sheet June 30
A
159,171
14,226
159,171
4,383
subsidiary companies.
B shares.
x
$8,764,831
3,293,568
from
Other income
$2,663,579
'
Net profit
Dividends paid
Earns, per share
$681,401 $10,530,946
279,521
3,205,281
shown
as
above
Int. from sub.
1934
$3,168,564
x786,274
196,376
$8,764,831
applic. to Amer. Gas &
Int. & other deductions.
x$246,800
$10,530,946
Electric Co.Bal. of sub. cos.' earns,
Amer. Gas
Balance
Chemical
$3,816,359
858,077
sales,&c
91,775
Plant depr. & mines depl
Prov. for Fed. inc. taxes
$98,096
$681,401
$879,028
241,948
Balance
2463.
p.
$1,906,814 $26,620,569 $25,034,936
807,530
11,075,229
11,255,712
417,883
5,014,393
5,014,392
Int. & other deductions.
Pref. stock dividends
Balance
1934
$1,831,040 $26,225,344 $24,607,864
75,774
395,224
427,072
Taxes..
Earnings—
1935
1937—12 Mos.—1936
$2,016,117
54,680
_
Expense
Amalgamated Leather Cos., Inc.-
Subs.)—Earnings—
353,373
812,633
808,716
1,913,485
Depreciation
announces that its
application for listing its common stock on
Exchange has received final approval and the shares
Exchange.
NBales of approximately $935,000 are reported for July, 1937.
This
figure constitutes a slight increase in dollar sales, although sales in dozens
during the month were below those for July of iast year.
For the first seven
months of 1937, sales in dozens show a total increase of about 5% over the
same period last year, with an increase of
approximately 19% in dollar sales.
$45,277
$5,489,241 $72,456,361 $67,272,982
1,807,731
22,486,822
21,014.887
342,085
4,136,052
3,770,014
762,239
9,597,209
8,940,222
746,145
10,010,932
8,939,994
$5,904,325
revenue
Maintenance
the New York Stock
may now be traded on that
6 Months
$15,966
1937—Month—1936
Operating expense
to
jm
3 Months
Comparative Statement of Combined Income
vote upon
until
MILWAUKEE, WIS.
Teletype Iftilw. 488
865,260
notes &
rec.
798,681
2,050,502
578,228
1,242,846
20,231
70,981
from
affiliated co
Notes & accts. rec.
not
considered
collectible within
20,844
one year
75,387
8,349
27,620
147,907
56,853
Accts. receiv. from
officers & em pi.
Prepaid insurance
and royalties
—
Total
x
17,994,577 17,151,566
Total
—17,994,577 17,151,566
Represented by 1,000,000 shares, no par value.—V.
144, p. 3162.
1248
Financial
American Maize Products
6 Mos. End. June 30—
Net profit after int. de-
Co.—Earnings—
1937
1936
Fed. taxes, &c.Ioss$229,386
on 300,000
stk. (no par)
Nil
144, p. 4165.
1935
$369,528
prec.,
1934
com.
—V.
$1.20
$177,819
Nil
$0.59
American Potash & Chemical Corp. (& Subs.)- -Earns.
Aug. 21, 1937
Anglo-American Corp. of South Africa, Ltd.- -Results
of Operations for the Month of July, 1937—
Value of
Tons Milled Gold DecVd
Costs
Profit
(In South African Currency)
Brakpan Mines Ltd
140,000
£247,720
£137,659
£110,061
139,551
Daggafontein Mines Ltd
129,000
269,556
130,005
141,042
Springs Mines, Ltd
151,600
301,050
160,008
at
West Springs, Ltd
UfUUV/
90,000
74,865
41,015
115,880
x Each of which is incorporated in the Union of South Africa.
Note—Bevenue has been calculated on the basis of £6. 19. 6d. per ounce
fine.—V. 145, p. 428.
Companies—
x
loss$89,024
Earns, per sh.
shs.
Chronicle
AJVU-----.
VU|UVU
A A
I
_
6 Months Ended June 30—
Net income after deprec. & normal Fed. inc. taxes.
Earns, per sh.
—V.
144,
1937
$828,832
$2.29
$1.57
528,390 shs. cap. stk. (no par)..
3993.
on
p.
American Safety Razor Corp.
Period End. June 30—
Consol. net earns, after
1936
$1,213,788
(& Subs.)—Earnings—
1937—3 Mos.—1936
1937—6 Mos.—1936
Apex Electrical Mfg. Co. (& Subs.)—Earnings—-
and taxes, &c
$309,118
$300,715
$596,299
$592,253
Earns, per sh. on 524,400
shs. capital stock now
outstand. (par $18.50)
$0.59
American
>.57
$1.14
$1.13
The corporation in an amendment filed with the Securities and
Exchange
of capital stock will be offered
Commission, states that its 218,008 shares
Sept. 20.
Previously, stock¬
holders of record Aug. 10 were to be offered the shares in the
and warrants were to have expired Sept. 15.—V.
same
ratio
145, p. 579.
Foundries-
6 Mos. End. June 30—
1937
Profit after expense
$3,923,993
Arkansas Natural Gas
—V. 144, p.
6 Mos. End. June 30—
1934
1,195,177
66,754
L,462,232 loss$244,923
9,366
7,751
$274,105
19,772
Selling & gen'l expenses.
5,261,931
563,700
10,278
275,800
:,471,598 loss$237.l72
231,250
32,500
6,585
2,968
237,500
$293,877
38,250
3,809
Other income
$2,412,153
1,187,496
$996,263 loss$272,640
970,414
970,414
$0.82 >
Nil
$251,818
970,414
$0.60
Pro v. for loss
Operating profit.._
Profit.
Federal income taxes.
interest
Reserve for surtax
.
x
Shs. com. stk. (no par)..
Earnings per share
145, p. 597.
$1.87
Gross
6 Mos. End. June 30—
Net inc. after dep., Fed.
and State taxes, &c.,
but before surtaxes
Earns, per sh. on 1,301,shs.
(& Subs.)—-Earnings—
1937
1936
profit
1935
$1,083,506
1934
$1,399,757
$2,089,200
$0.83
$1.07
$1.60
$4,465,843
364,184
$2,783,874
374,082
$2,364,875
424,882
$2,244,149
252,559
,830,028
541,279
85,924
174,000
71,800
264,695
515,000
283,593
$3,157,956
567,007
37,023
180,000
42,068
167,042
279,000
188,082
106,493
$2,789,757
502,210
41,621
318,800
$2,496,708
461,075
53,542
321,425
$2,893,735
195,625
$1,591,241
85,159
$1,543,351
loss20,055
$1,370,388
z$l,676,400
906,856
$1,523,296
302,293
$1,401,087
$1,880,236
$769,544
$1,221,003
$1,401,087
$2.56
$1.38
$1.26
$1.15
.
xl937 -Month—1936
1937—7 Mos—1936
$9,681,287
$9,894,879 $66,872,268 $66,909,425
x
Twenty-six days ended July 31.
y Twenty-seven days ended Aug. 1.
—V. 145, p. 597.
American Surety Co., N. Y.
1937
Assets—
course of
collection
1,598,518
2,344,843
5,251,020
Contingency res've
80,928
195,846
Res.
for
54,781
Oper.
3,629,694
3,852,909
1,555,160
1,549,089
reported
losses
taxes
for
1,050,000
374,997
374,997
deprec.,
home office bldg.
26,645,325 25,328,145
1,019,538
Total
-V. 144, p. 4333.
3,362,051
1,780,243
3,161,914
1,859,598
for retirement
(renewals & replace'ts)
1,480,676
1,171,064
1,302,864
blf943,816
1,538,947
1,335,357
1,062,760
Other income
$6,466,807
508,758
$6,486,513
521,369
$7,161,877
353,763
$7,079,650
323,413
Gross income
$6,975,565
$7,007,882
$7,515,640
$7,403,064
1,874,808
1,879,638
1,868,183
1,881,749
167,889
164,901
111,272
122,321
450
520
520
Prov. for taxes (incl co.'s
est. for Fed. taxes).
250,000
26,645,325 25,328,145
1933
1934
3,505,204
1,770,086
$22,790,941 $20,435,879 $19,907,872 $19,024,976
10,848,462
9,503,091
8,447,972
8,652,550
2,051,180
1,736,263
1,361,568
1,455,223
expenses
Maintenance
Provision
1,145,259
Divs. pay.—July 1
Total
3,784,901
2,205,654
Total
Operating
Res. for expenses &
1935
revenues—Elec-.$16,800,386 $15,160,589 $14,765,577 $14,003,463
Miscellaneous
5,775,918
(& Subs.)—Earnings—
1936
Gas
4 50,000
6,058,265
______
Res. for unreported
Res.
Calendar Years—
unearned
losses
46,302
(no par)
x Excludes
Armstrong Cork Co. of Portugal, a domestic corporation,
Includes Armstrong Cork Co. of Portugal,
z No
provision has bteen
made for surtax on undistributed income.
V. 145, p. 932.
4,555,692
for
30,699
y
Associated Electric Co.
Surplus & undivid¬
Res.
profit
90.278
200,000
Earns, per sh. on 1,209,124 shs. capital stock
7,500,000
premiums
250,932
Foreign subs.oper. gain
34,412\
124,363/
150,000
75,000
1936
7,500,000
Reinsurance &oth.
accts. receivable
Accrued int., &c.,
receivable
invest.
Dividends
p.?*——
Capital stock
ed profits
1,801,540
2,771,579
Cash
1937
TA n hi
$
10,000,000 10,000,000
....11,774,973 11,134,156
Securities
-Balance Sheet June 30—
1936
$
estate
on
Surplus..
Period End. July 31—
Sales.
1934
$4,393,406
2 149,257
Penna.inc.& cap .stk. tax
Flood loss..
Sales for Period Ended July 31
1935
$4,700,896
2,336,021
Interest.
y
1936
$5,695,241
2,911,367
Amortization
Net
$0.42
$2,894,284
z$3,089,360
1,209,124
Operating profit
stock
com.
1936
$7,712,261
3,246,417
Profit
$551,067
(no par)...
Prems. in
1937
Fed'l cap. stk. tax, &c__
Federal income tax
American Stores Co.
Corp. (& Subs.)—Earnings—
$22,348,616 $16,960,256 $13,214,348
14,636,356
11,265,015
8,513,452
__
Total income
—V.
Real
Net sales.
Deprec. & obsolescence-
Net prof it
$2.53
Armstrong Cork Co. (& Subs.)—Earnings—
1935
Cost of sales
Other income (net)...
—_
$252,118
88,112
3827.
$732,535
458,430
728,816
1936
6 Months Ended June 30—
1937
Net income after deprec., deplet., int., amort.,
normal Federal inc. taxes & res. for possible
liability for Federal surtax.
$2,310,417
-Earnings—
1936
8 U932,451
470,219
—
$161,907
406,830
Depreciation
Minority
Shares common stock (no par)
Earnings per share
144, p. 921.
to stockholders of record Aug. 20 in the ratio of one share of
the new for
each six shares held.
Warrants will expire
Steel
1937
$258,418
•
90,000
$2.55
—V.
Republics Corp.—Stock Offering—
American
6 Months Ended June 30—
Net profit after depreciation and Federal taxes but
before surtax on undistributed profits
—V. 144, p. 3994.
320
Angostura-Wuppermann Corp.—New President—
Stuart G. Gibboney was on Aug. 10, elected President of this company,
succeeding A. Edward Wuppermann, who died on July 31.—V. 144, p. 4166.
for deprec., res.
prov.
-CtUUW
Operating income
a
1,073,024
Deductions from income—
American Utilities Service Corp.
Subsid.
(111.)—Acquisition—
Corporation has filed an application (46-67) under the Holding Company
Act for approval of the acquisition of 62,912 shares of new common stock
of Peoria Service Co. in substitution for indebtedness and
securities of
this company now held.
Corporation is a registered holding company, and Peoria
is one of its non-utility subsidiaries.
The proposed
Interest on funded and
unfunded debt
Amortization of debt
discount & expense.
Prov. for divs. not being
Service Co.
acquisition is as
provided in the plan for reorganization for Peoria Service Co.
to Section 77-B of the
Bankruptcy Act.—V. 144, p. 4165.
American Water Works & Electric
Co.,
companies';
pursuant
Inc.—Weekly
Output—
paid
Less;
on cum. pref.
Credit for int.dur¬
ing construction
kilowatt hours, an increase of
8.7% over the„oufcput of 46,707,000 kilowatt
hours for the corresponding period of 1936.
Comparative table of weekly output of electric energy for the last five
years
follows;
14,138
Int.
on
on
Co.;
funded debt..
unfunded debt._
Amortization
of
46,804
23,934
28,203
$4,946,555
Balance...
Associated Electric
Int.
Output of electric energy of the electric properties of American Water
Works & Electric Co. for the week ended
Aug. 14, 1937, totaled 50,767,000
stk.
$5,009,626
$5,559,598
$5,427,196
3.550,000
12,630
3,550,000
3,360
3,550,000
31,463
3,550,000
91,069
debt
discount & expense.
247,863
247,863
248,137
248,302
$1,136,062
980,000
Net income.
Common dividends
$1,208,403
2,400,000
$1,729,997
1,580,000
$1,537,825
2,985,000
.
a
,
Week Ended—
July 24
July 31
Aug.
7
Aug 14
—V.
145,
p.
1937
49,906,000
50,318,000
50,291,000
...50,767,000
1088.
1936
46,969,000
47,181,000
46,759,000
46,707,000
Andes Copper Mining
1935
1934
37,786,000 32,719,000
38,145,000 32,758,000
36,662,000 31,950,000
37,243,000 31,136,000
1933
37,610,000
36,946,000
34,675,000
35,394,000
Includes income from investments in affiliated companies.
on undistributed profits.
Consolidated Balance Sheet Dec. 31
Co.—Earnings—
Other income
206,439
loans..
United States and Chilean income taxes
(estimated)
Provision for depreciation and obsolescence
on
$3,427,440
131,375
553,496
co._
522,902
1,059,090
199,783
39,559
2,161,085
Interest receiv..
Consolidated net income without deduction for depletion
$2,219,667
Earnings
per share on 3,582,379 shares capital stock.
$0.62
Note—No provision has been made in the above
preliminary consolidated
income account for surtax, if any, on undistributed
profits.—V. 144, p.3486.
Androscoggin
Water
Power
Co.—Bondholders'
Com¬
mittee—
72,017
Mat'l & supplies 1,083,771
Accts.
rec.
appl.
sold (contra).
346,712
Prepayments
212,930
Unamortlz. debt
...
disct. & exp__
Miscell.
1,561,180
528,051
121,970
37,742
1,860,498
68,643
967,689
299,830
301,668
X94.202
704,840
pay.
30,550
to
co_.
Note payable to
300,000
parent co
Notes
payable
(other)
Notes pay. banks
874,994
1,561,180
debt...110,531,100 110,434,200
Accrued
6,394,711
20,686
574,274
2,067,427
bond interest.
121,512
11,468
608,553
1,745,738
Mat'd bonds and
Funded
Guar,
rec.
sold
of
1,037,799
847,275
3,016,079
785,565
12,402,935
2,013,505
625,833
12,888,636
346,712
152,118
121,058
118,254
9,084,320
225,695
taxes,
interest, &c_.
Consumers' deps.
Reserves, &c
WThe following committee has been formed to protect the interests of the
1st mtge. 20-year 6% gold bonds, due Aug.
1, 1945;
Alfred A. Montgomery, Chairman (Treas., Portland Savings Bank),
Portland, Me.; Wm. Parker Straw (Pres. Amoskeag Savings Bank), Man¬
chester, N. H.; Arthur F. Maxwell (Cashier, First National Bank), Biddeford, Me.; Rupert H. Baxter (Pres., Bath Trust Co.), Bath, Me.; Ainsley
G. Welch (Treas., Gardiner Savings
Institution), Gardiner, Me.; with
Bradley, Linnell, Nulty & Brown, 192 Middle St., Portland, Me., attor¬
neys, and Theron A. Woodsum, Sec'y, 443 Congress St., Portland, Me.—
V. 142. p. 452.
Cap. stk. of subs
Accounts payable
6,038,821
'
35,000,000
152,118
unadj.
debits
$
35,000,000
affiliated
874,994
Sink.fund dep..
Notes receivable
Accts. receivable
1935
stock
common
Accts.
43,540
Dep. for matured
Cash
$
Assoc. Ei. Co.
Adv. fr. fin. co.
from
bonds, &e
Total income
Interest
y
___
rec.
affiliated
Liabilities—
$
S
franchise, &c_168,609,798 160,330,454
Investments
4,309,907
4,764,520
Notes
1936
1935
1936
Assets—
Plants, proper's,
Preliminary Consolidated Income Account, 6 Months Ended June 30, 1937
Operating income.
$3,221,001
b Includes
$5,598 surtax
accts.
applances
(contra).
Contributions for
extensions
Capital surplus. 17,308,810
Corporate surplus
890,100
TotalC.
185,063,476
x Includes
notes.
$1 par.
y
176,929,7771
Total
185,063,476 176,929,777
Represented by 650,000 shares of common stock.
Volume
Financial
145
12 Months Ended June 30—
Electric
Gas
revenue
revenue
.$24,282,930 $22,462,914
11,309,647 11.096,562
2,001,632
2 >109,460
Total operating revenues
Operating
expenses
Maintenance
PederaJincome taxes..
-1_.
The directors have declared
400,614
1,419,837
dend
ing
a
Aviation Corp. (& Subs.)—Earnings—
6[Months Ended—
$7,027,575
$6,041,889
500,403
588,597
$7,527,978
2,041,183
3,550,000
11,001
247,863
$6,630,486
$1,677,930
$664,152
-
144,
p.
May 31, *37 June 30,'36
„
Net loss after deprec. & est. Fed. inc. taxes,
before surtax on undistributed profits..
V.
Operating income
Other income (net)
a dividend of 60 cents per share on the comSept. 1 to holders of record Aug. 25.
Ray, President of the company, stated that the current divi¬
is an interim disbursement and is not to be considered as establish¬
regular dividend policy.—V. 145, p. 102
stock .Payable
Charles T.
1,394,552
1,728,073
388,060
1,827,942
Provision for retirements
Other taxes
1249
(B. F.) Avery & Sons Co.—To Pay 60-Cent Dividend—
®i a
$18,036,977 $16,415,732
3,740,727
3,768,559
2,505,225
2,278,622
;
revenue
Miscellaneous
Chronicle
but
$143,156
$174,270
3321.
Baldwin Locomotive Works (&
Subs.)—Bookings—
The dollar value
Gross
income
Deductions from income of sub. companies
Associated Electric Co.—Int. on funded debt
Interest
on
unfunded debt
Amortization of debt discount and expense
Balance of income
—
subsidiaries now part
Notes—(1) This statement includes operations of all
of dates acquired.
of the Associated Electric Co. consolidation, irrespective
undistributed profits,
No provision is included for Federal surtax on
(2)
if any, for the year
2,162,192
3,550,000
6,278
247,863
1937.
Statement of
Income Years Ended Dec. 31 (Parent Co.
Only)
1936
1935
1934
$1,509,000
$1,370,000
$1,464,000
3,676,965
3,951,966
3,744,672
3,204,071
in the same
period last year.
Consolidated shipments, including Midvale, in July aggregated $3,175,as compared with $2,351,121 in July of last year.
Consolidated ship¬
ments for the first seven months of 1937 were $23,613,802 as compared with
594,
$12,770,637 for the first seven months of 1936.
On July 31,
1937, consolidated unfilled orders, including Midvale,
to $28,973,120, as compared with $30,531,416 on Jan. 1, 1937,
and with $13,471,018 on Juiy 31, 1936.
All figures are without inter-company eliminations.
amounted
1933
$1,020,000
of orders taken in July by the Baldwin Locomotive
subsidiary companies, including the Midvale Co., was announced
on
Aug. 18 as $2,375,589, as compared with $2,663,136 for July, 1936.
The month's bookings brought the total for the consolidated
group for
the first seven months of 1937 to $21,981,492, as compared with $19,528,749
Works and
Listing Approved—
Income from sub. cos—
Dive,
stock—
on com.
Int. on bonds, notes
&
open accounts
Amt. charged subs, for
Fed. inc. tax on in¬
181,287
dividual co. basis..
From affiliated cos.—
Divs. and interest on
171,138
225,000
322,496
5,455
$5,783,462
$4,702,420
expenses
$5,339,672
34,843
$5,020,526
16,712
161,538
25,175
3,550,000
91,069
on
funded debt
Int.
on
unfunded debt..
86,201
29,032
3,550,000
3,360
Cr 1,724
3,550,000
31,462
247,863
(net)
Int.
247,863
248,137
Operating income
Non-operating income..
$12,116
1,554
$36,543
1,397
$429,982
15,482
$409,165
12,821
Gross income.-.-....
$13,670
5,398
$37,940
9,963
$445,464
52,412
$421,986
71,795
$8,272
$27,977
$393,051
$350,190
353,076
235,380
248,302
$1,476,953
1,580,000
Taxes.
795,088
81,713
$1,867,005
2,400,000
$787,298
980,000
common
Funded debt
Notes & accts.
80,937,159
87,652,015
.
Note
75,000,000
payable to
(Incl. subsc.
to
300,000
parent co
Acct. payable to
af lliated co...
& stocks
Bds.
stock) at
bond
nom'l val.)_
Dep.
Accts.
mat'd
for
67.892
is
1,421,211
Taxes accrued..
accrued
8,000
1,430
Capital surplus.
Corporate surp.
113,365
261,700
9,741,676
144,328
101,769
855,222
3,489
16,924,717
90,005
Interest
Other dep. with
trustee
311,886
Cash
debt
Unamort.
4,662,135
122,687,880
Associated Gas & Electric
For the week ended Aug. 13, Associated Gas &
Period End. June 30—
Profit after
6 Months Ended July 2, 1937
$1,283,819
1,036,101
sales.....
of sales..
....
'I
'
213,024
32,303
adjustments
Expenses and inventory
Idle plant expense
'
.
$2,391
28,321
Profit..
Other income.
Total income
&c
6,864
Netprofit.
Earnings per share on 200,000 shs. common stock (no par)
x
Before Federal surtax
on
undistributed profits.—V. 145, p.
x$23,848
$0.02
1089.
shs.
1937
6 Months Ended June 30—
1936
$1,851,021
_
1935
$1,281,278
651,562
Net sales
Operating profit
Other income....
1936
$794,458
2,767
$575,225
54,161
13,206
$71,790
$67,886
$61,430
$67,367
12,971
22,087
3,696
7,258
19,765
4,911
6,582
17,375
17,160
x$33,036
$40,863
$39,144
$28,506
$0.35
$0.43
$0.41
$0.31
Total income.
Devel. exp. & amortiz. of
60,973
6,913
1935
$665,229
58,663
15 119
!
Depreciation.
Federal & State taxes
$1.36
$2.77
$2.34
Best &
Co.—Earnings—
1937
1936
1935
1934
x$569,315
x$508,546
$426,830
$351,513
6 Mos. End. July 31—
Net
profit after deprec.,
ofichsSg^.^..-Earns, per sh. on 300,000
shs. com. stk. (no par)
After
$1.86
$1.67
$1.40
$1.15
allowing for the Federal tax on undistributed surplus.—Y. 144,
2289.
Bethlehem
Mills,
Knitting
Inc.,
Chicopee,
Mass.—
Would Reorganize—
1934
patents
Other expenses...
1,024,377
stock
77-B of the
Liabilities were
has filed a petition to reorganize under Section
S. District Court in Boston.
stated to be $101,608.
1937
$1,026,183
62,336
9,454
•
1,210,130
$1.49
common
The company
W6 Mos. End. June ZQ—
597,463
A
stock..
437,524
Bankruptcy Act in the U.
Corp.—Earnings—•
$1,203,536
The directors on Aug. 16 declared an extra dividend of 25 cents per share
and a regular quarterly dividend of $1 per share on the common stock, both
payable Oct. 1 to holders of record Sept. 11.
Similar payments were made
on July 1, April 1 and Jan. 2, last, and prior thereto the co. had distributed
regular quarterly dividends of 75 cents per share.
In addition, extra divi¬
dends of 50 cents per share were paid in each of the seven quarters preceding
Jan. 2, 1937; a special dividend of $1 was paid on Dec. 15, 1936; a special
of 50 cents was paid on Dec. 15, 1934, and an extra of 25 cents per share
was paid on Oct. 1,1934.—V. 144, p. 3488.
—V. 144, p. 3996.
Atlas Tack
$1,440,092
Extra Dividend—
"I
$986,231
$698,479
(par $20)
x
Net profit after all charges and taxes.
1937—6 Mos.—1936
$765,693
profit after est. Fed.
preferred
p.
Associates Investment Co .—Earnings—
Co.—Earnings—
1937—3 Mos—1936
Earns. per sb. on
$30,712
Federal income taxes,
appointed registrar
charges but
taxes & divs. on class
Electric System reports net
Artloom Corp.—Earnings—
Co. has been appointed co-transfer agent
$1 par value common stock.
The Central Hanover Bank & Trust Co. has been
for company's coiTimon stock.—V. 145, p. 1090.
103,271,475 units for the week.
Both gross and net output for the weekended Aug. 13 are the highest ever
reported by the Associated System.—V. 145, p. 1089.
Cost
an initial quarterly dividend of 20 cents per
stock, payable Sept. 15 to holders of record Sept. 1.
Transfer Agent and Registrar—
amounted to
Net
common
The City Bank Farmers Trust
Net
electric output of 92,863,203 units (kwh.).
This is an increase of 9,985,625
units or 12.0% above the comparable week a year ago.
Gross output
Consolidated Earnings for
the
on
before Federal taxes..
Co.—Weekly Output—
598.
Dolomite, Inc.—Initial Common Dividend—
Beech-Nut Packing
128,862,628 122,687.880
Total
145, p.
75,938,042
83.92%
for 500,000 shares of
4,909,998
128,862,628
disct. & exp__
Total
2,705,981
9,373,480
87.05%
The directors have declared
share
759
payable.
823,023
bds. &bd. int.
1,421,211
823,023
Interest.
2,769,761
10,006,960
89.10%
approximately $78,464.—V.
Basic
704,840
•
114,809
39,97519,143,844
19,210,054
72,892,970
Operating ratio
84.18%
Note—Interest deductions for series A 4% and 5% debentures, in the
cumulative figures, are for six months to June 30, only.
Interest for
July, 1937 at the full stipulated rates, for which no deduction is made above,
Matured bds. &
Affil. cos.:
1
.
Revenue passengers
35,000,000
75,000,000
35,000,000
par SI)
35,410,078
35,410,079
Ser. "A"
Miles...
S
000 shs. outst.
Stocks (at co.'s
receivable
1935
$
Cap. stk. (650,-
Inv. sub. cos.:
.
913,345
Remainder
1936
Liabilities—
$
%
on
4 and 5% debentures
1935
1936
Net income..
Int. declared
Company Only) Dec. 31
Balance Sheet (Parent
valuation)
expenses
Fixed charges
profits.
Includes $28,772 surtax on undistributed
Assets—
revenues
$927,728
and expense
a
1937—7 Mos.—1936^
6,969,823
6,915,522
5,849,405
5,821,716
690,434
684,640
1937—Month—1936
940,879
838,353
90,409
Operating
Operating
Amort, of debt discount
Net income
Co.—Earnings—
(Including Baltimore Coach Co., Inter-company items eliminated)
29
a78,775
25,853
3,550,000
12,630
Prov. for taxes—Federal
Dividends,
,
Period End. July 31—
Total income
Other
1945.—V. 145, p. 1090.
Baltimore Transit
investments.
Other
General
The New York Curb Exchange has approved for listing $10,435,000
refunding mortgage bonds, 6% convertible series, due March i, 1950:
125,227.2 shares of preferred stock, 7% cum. $30 par (non-voting) and
654,600 warrants for the purchase of common stock (including voting trust
certificates representing the same) at $15 per share to and including Sept. 1,
Bethlehem Steel Corp.—Officers Two,
A stockholder's suit
to
calling
give an accounting of
on
Directors Sued—
officers and two directors of the corporation
$36,000,000 in bonuses paid them from 1911 to
salaries paid from 1930 to 1936 was filed
Aug. 18 by Mildred B. Sarafan, who has been a stock¬
holder since 1929.
The action charges that from 1911 to 1916 $7,000,000
were paid in bonuses entirely at the discretion of Charles M. Schwab and
from 1917 to 1930 $29,000,000 was paid in bonuses authorized at the annual
stockholders' meetings on a system based on net earnings which the com¬
1930 and for allegedly excessive
in Federal Court late
plaint alleges exceeded 8% of the net consolidated earnings of the corpora¬
deductions for obsolescense and depreciation were made.
The complaint also asks an accounting from certain directors and officers
Avho purchased shares of the Bethlehem Steel Corp. of N. J. prior to its
merger with the Delaware corporation of the same name.
The complaint
sets forth that only small down payments were made on this stock and that
the following are still indebted to the corporation in the amounts given:
Quincy Bent, $1,503,196: C. Austin Buck, $1,489,036; Paxil Mackall,
$825,533; Frederick S. Shick, $750,293; Robert E. McMath, $879,143;
James H. Ward, $211,417; William J. Brown, $101,898; Eugene G. Grace,
tion before
Netprofit
Earns, per sh. on 94,551
shares capital stock..
x
Before surtax
on
undistributed profits.—V. 145, p
Auburn Automobile Co.
Period End. May 31—
loss after deprec.,
1089.
(& Subs.)—Earnings—
1937—3 Mos.—1936
1937—6 Mos.—1936
Net
int.,
taxes,
int. & other deducts..
.
$145,724
$715,168
$849,288
1937
$322,584
1936
—V. 144, p. 3322.
Autocar
Co.—Earnings—
profit after charges
and
Federal and
State
collect
Bickford's, Inc. (& Subs.)—Earnings—•
income taxes but before surtax on undistributed
3r°14l;p.3996.
to
mal-feasance are
»
6 Months Ended June 30—
Net
The complaint continues that the directors have made no
on this indebtedness and other acts of non-feasance and
charged against the defendants in the suit.
The action charged that a similar suit was filed several years ago in New
Jersey and was settled out of court wrongfully by a substantial payment.
The present suit, according to the complaint, is not a collusive action.
("Wall Street Journal")—V. 145, p. 1090.
$5,206,079.
effort
minority
$288,88°
■
837,089
Earnings for 6 Months Ended June 30,
after depreciation, taxes and other charges
145, p. 933.
Net income
—Y.
fcSiikl
1937
$304,377
1250
Financial
Chronicle
1937
Aug. 21,
Brooklyn-Manhattan Transit System—Earnings—
We maintain markets in
[Including Brooklyn
Buffalo & Susquehanna RR. 1st 4s, 1963
Lehigh Coal & Navigation Cons. 43^8, 1954
Buffalo, Roch. & Pitts. Ry. Cons. Reg'd 43^s
Republic Natural Gas Common Stock
Penna. RR. and Reading RR. Guar. Stocks
For the
seven
$2,910,000
as
$1,190,622
518,133
$1,448,922
482,460
$966,462
62,763
$751,627
686,241
$1,029,225
651,190
$65,386
1,070
$378,035
27,100
$64,316
$350,935
Operating income
Gross
income
Total income deductions
Philadelphia
Current income carried to surplus
Accruing to minority interests of B. & Q. T. Corp.
Foundry & Machine Co.—Shipments—
months ended July 31, 1937 company reports shipments
Balance to B.-M. T.
of
April.
the books for the company's diviersified products currently
are in excess of $1,400,000 or approximately
$200,000 greater than at this
time in 1936 and provide for operation of the various
departments of the
plant at normal capacity for about four months.
The company reports
that orders being currently received are for
railway and marine castings,
rolling mill and crushing machine equipment, hydraulic presses, and a
variety of other products.
Ni Plant capacity will be moderately increased and
operating costs reduced
by equipment changes and additions now being made which are expected to
be conpleted within the next few months.—V. 145,
p. 598.
Earnings for Month of July
[Excluding Brooklyn &
on
are forwording to stockholders a
plan of recapitalization
which arrearages on the outstanding preferred issues
amounting to
$1,052,335 will be paid off in cash and new convertible preferred shares
bearing lower dividend rates will be issued to present preferred stock holders.
Queens Transit System]
Month of July—
1937
$2,405,353
1,521,055
Net
revenue
1936
$2,607,766
1,483,214
$884,298
324,321
$1,124,552
316,163
$559,977
76,191
$808,389
62,497
$636,168
573,102
$870,886
551,618
$63,056
Total operating revenues
Total operating expenses
$319,268
from operation
Taxes on operating properties
Operating income
Net non-operating income
Gross
(E. W.) Bliss Co .—To Recapitalize—
The directors
System
Note—The above is without provision for tax on undistributed profits.
compared with $1,740,000 in the corresponding period of 1936,
increase of $1,170,000 or 67.1%.
Shipments in July were $440,000, one
of the largest months this year, being exceeded only
by March and
an
|P Orders
1936
$4,288,006
2,839,084
$672,489
79,138
...
operating properties
on
System]
1937
$4,092,849
2,902,227
Net non-operating income
A. T. & T. Teletype—Phlla. 22
Birdsboro Steel
Transit
Queens
Net revenue from operation
Taxes
YARN ALL & CO.
1528 Walnut Street
&
Month of July—
Total operating revenues
Total operating expenses
income
Total income deductions
under
Common
stock
capitalization will
be increased to 600,000 shares from
400,000 shares and some of the additional shares will be sold for cash.
►*»Holders of 30,000 shares of $50-par 8% cumulative first-preferred stock,
on
which
arrears to
two shares of new
Sept. 30 will be $18 a share, would receive for each share
6% convertible $25-par preferred stock and $18 in cash,
one-half payable on consummation of the plan and the remainder not later
than a year thereafter.
Holders
of 20,400
of $50-par
shares
7%
cumulative Class A secondpreferred stock, on which arrears amount to $20.12 % a share, would receive
for each share two shares of new 5% convertible
$25-par preferred stock and
$20.12J^ in cash, payable in the same way.
Holders of 29,503 shares of
$10-par 6% cumulative Class B second-preferred stock, on which arrears
amount to $3.45 a share, would receive for each two and one-half
shares
one share of new 5%' convertible
preferred stock, with arrears payable in
the same way.
In lieu of fractional shares of new preferred stock, cash
adjustments would be made on the basis of $25 a share of new preferred
stock.
The
new
preferred shares, both 6% and 5%, will
oe convertible on a share
for share basis into common stock, for which
purpose
common will be reserved until
October 1, 1942.
112,601 shares of the
N»Each share of no-par nonvoting common stock, of which 336,587 shares
are presently outstanding, would be converted into one
share of new voting
common stock of $1 par value.
The company is asking assents to the
plan be sent to Manufacturers Trust
Co., New York.
The new preferred stocks both will be cumulative from Oct.
1, 1937.
The 6% preferred will be redeemable at $30 a share and accrued dividends
on or before Oct. 1,1942, at $26.25
per share thereafter.
The 5% preferred
will
be redeemable at
and
at
$27.50 and accrued
$26.25 thereafter.
Holders of
dividends
until
Oct.
1,
shares to present common holders and
reserve
underwriting arrangements
can be made.
Annual dividend requirements on the new
preferred shares will aggregate
against present preferred requirements of $209,102 annually.
The company plans to apply for listing the new share on the New York Curb
$155,751
Exchange and to register the new share with the Securities and Exchange
Commission.
Consent of a majority of each class of present
preferred stock is necessary
for execution of the plan.
Directors reserve the right not to declare the
plan operative if, in their judgement, an insufficient number of assets is
received.—Y. 144, p. 98.
unsecured claims and has been
normal
actively supporting reorganization so that
working operations of the company may be resumed.
C. Claflin
Young of C. W. Claflin Co., Boston, is Chairman of the committee.
Pointing out that the reorganization plan was subject to amendment,
the committee nevertheless approved the plan in principle with the following
statement:
"The general creditors advisory committee strongly favors an early
reorganization of the business and affairs of the company and very willingly
extends to the company its most earnest support in any endeavors the
company may make to this end.
"Recognizing that it is quite usual for reorganization plans to be amended
from time to time, the committee, therefore, has approved the plan as
filed in principle.
The committee commends the principal features of the
plan to all interested parties and urges its prompt acceptance."
The general creditors advisory committee announced that it was com¬
municating to all creditors requesting immediate approval of the plan.
—V. 115, P. 1091.
Brown-McLaren Mfg.
Fed. income tax, &c._
1937—3 Mos.—1936
1937—6 Mos.—1936
$137,960
573,300
$133,892
521,882
$253,897
573,300
$92,423
521,882
$0.24
Shs.cap.stk.out.(par $5)
$0.25
$0.44
Aluminum &
Brass
The directors have declared
stock, par .$5, payable Oct.
regular quarterly dividends
145, p. 1091.
Boston Elevated
1
a
Corp.—Larger Dividend—
dividend of $1.25 per share on the common
to holders of record Sept. 15.
Previously
of 75
cents
per
share
were
distributed.—V.
Ry.—Bond Issue—
The company has petitioned the Massachusetts
Department of Public
Utilities for authority to issue $4,800,000 bonds to refund an issue of
a like amount
maturing Oct. 1 next.
The new bonds are to run not less
than 15 or more than 25 years and will be sold to the Boston
Metropolitan
District and will bear interest 2% higher than the rate
payable on bonds
of the District issued to provide funds for their
Department will hold hearing
Bower Roller
on
petition
on
purchase.
The Utilities
Sept. 13.—V. 145, p. 599.
share.
Brown Rubber Co.—To
The directors
$742,311
$2.47
Pay Extra Dividend—
Aug. 12 declared an extra dividend of 10 cents per share
quarterly dividend of 15 cents per share on the
common stock, both payable Sept. 15 to holders of record Sept. 1.
In connection with the declaration of this dividend, Randolph Mitchell,
President, stated: "After careful consideration of current earnings, future
prospects and present cash provisions, the directors consider this dividend
policy conservative.
Earnings for the first half of the year 1937, after
allowances for normal Federal income tax, were in excess of 50 cents per
share on the outstanding 200,000 shares.
Business already booked for
1938 motor car production year, which covers the period September 1937
to September 1938, indicates capacity operation or our plant."—Y. 145,
p. 599.
on
1936
$603,700
$2.01
1937
Gross profit on sales
The Central Hanover Bank & Trust Co. has been
appointed registrar for
par
value, of this company.—V. 145, p. 1091.
Bowman-Biltmore Hotels
Expenses
Depreciation
Profit
Total profit.
Special charges
Federal income tax
Net income
Earns, per sh.
x
$266,703 loss$137,109
19,.370
^18,954
37,300
441,055 shs.
on
common
Total income
Depreciation.
1934
$829,250
696,661
$598,586
614,349
$948,176
233,609
$725,16.5
187,477
$132,589
xl53,375
loss$15,763
207,246
$912,642
285,563
$285,964
262,774
4,800
$191,483
262,651
$18,390
61,925
loss$71,168
61,274
$1,181,785
301,324
y278,700
Net profit.
^
Preferred dividends
$601,761
215,633
_
Surplus
yl57,200
$469,879
169,542
$300,337
$386,128
Includes certain
Estimated
1935
$1,631,847
906,682
Other income
x
loss$4,69Q
1936
1,065,789
Expenses
1937—7 Mos.—1936
$103,181
stock
undistributed profits.—V. 144,p. 3489.
Bucyrus-Erie Co.—Earnings—
y
loss$29,045
x$210,033 loss$118,155
$0.28
Nil
.
on
Before surtax
6 Mos. End. June 30—
1937
Gross income
$2,013,965
Profit
rental & int.,but before
amort, and inc. taxes. loss$28,292
1936
$2,771,542
1,002,436
1,252,329
58,961
$51,668 loss$308,854
215,037
171,745
Other income
Corp .-—Earnings—
1937—Month—1936
$3,902,103
1,782,032
1,676,628
53,736
;
Federal taxes, &c
500,000 shares capital stock, $5
(&Subs.}—Earnings—
6 Months Ended June 30—
Net sales.
Operating profit
1937
Registrar—
Period End. July 31—
after ord. taxes,
2988.
in addition to the regular
Bearing Co.—Earnings—-
6 Months Ended June 30—
Net profit after deprec., Fed. inc. taxes, &c., but
before surtax
$65,406
$0.46
Earnings per share on 250,000 shares capital stock
—V. 144, p.
$0.18
Earnings per-share
Co.—Earnings—
Earnings for 6 Months Ended June 30, 1937
Net profit after ail charges
Brunswick-Balke-Collender Co.
Boeing Airplane Co. (& Subs.)—Earnings—
Period End. June 30—
Net profit after deprec.,
per
Early approval of the reorganization plan by the required number of
creditors and stockholders was forecast Aug. 17 when the general creditors
advisory committee issued a statement urging prompt acceptance of the
plan by all interest parties.
The committee represents more than $800,000 of the $1,530,462 of
of 112,601 shares
for conversion of the new preferred there would be left
150,812 shares which
the company can sell as it sees fit.
It is stated that the company intends
to sell all or part of this balance to the
public for cash, provided satisfactory
Earnings
Brown Co., Portland, Maine—Creditors' Committee Urges
Acceptance of Reorganization—
none
plan, are issued or sold.
Under the plan 60,000 6% preferred
shares, 52,601 5% preferred shares
and 600,000 common shares will be authorized.
After issuance of 336,587
Bohn
145, p. 599.
1942,
of the chree classes of new stock will have
preemptive
rights to subscribe to whatever additional shares, as uathorized under the
new common
Current income carried to surplus
Note—The above is without provision for tax on undistributed profits.—
V.
dividends which
will not
def$43,535 def$132,443
occur
in
last half of year,
Federal and State income taxes and provisions
undistributed earnings.—V. 144, p. 3489.
amount for all
for Federal surtax
on
—V. 145, p. 428.
Brooklyn & Queens Transit System—Earnings—
Month of July—
Total operating revenues.
1937
$1,700,617
1,384,499
$1,694,731
1,360,225
$316,118
193,812
$334,506
166,297
Operating income...
Net non-operating income
$122,306
15,285
$168,209
15,092
Gross income
Total income deductions
$137,591
135,271
$183,301
124,534
$2,320
$58,767
Total operating expenses
Net
Taxes
revenue
on
from operation
operating properties
Current income carried to surplus
1936
Note—The above is without provision for tax on undistributed profits.
—V. 145, p. 599.
(Edward G.) Budd Mfg. Co.—Loan Interest Cut—
Under a contract dated July 16, 1937, between the company and the
Federal Reserve Bank of Philadelphia and other banks participating in the
$5,000,000 loan agreement dated Oct. 7, 1935, the interest on this loan
(which has now been reduced to $3,122,000) has been cut from 6% to 5%
and the accounts receivable
pledged by the company as part of the collateral
security have been released free and clear of the pledge, according to a
the Securities and Exchange Commission.—V. 145,
p. 599.
statement filed with
Buffalo Idaho Mining Co.—Registration Withdrawn—
on first page of this department.—V. 144, p. 3662."fli
^eelist given
Buffalo Niagara Electric
Corp.—Listing—
The New York Stock Exchange has authorized the listing of $17,029,000
gen. & ref. mtge.
3}4% bonds, series C, due June 1, 1967.—V. 145, p. 934.
Volume
Financial Chronicle
145
Buffalo Ankerite Gold Mines,
Bullion recovery
1937
Total
$1,312,012
.
Adjustment of value of
1,183
in solution
ore
revenue
-
734,860
Net profit from operations
Interest earned
$375,970
•
1,712
$577,682
68,136
81,213
Net profit for period
Provision for income taxes.
Development written off..
$428,334
Balance
417,063
898
Balance at credit, Jan. 1,1937
Duty rebate
previous year
re
$ 846,295
Total.
Dividends paid
_
210,504
6,922
Additional workmen's compensation assessment—1936
Balance at credit, June 30,1937
Earns per share on 701,679 shs cap stk (par $1)
At a recent meeting of the directors of this company, John Wilkinson,
who for the last 11 years has been sales manager, was elected a director to
fill the vacancy caused by the death of George Albers.—V. 144, p. 4172.
Carpenter Steel Co.—Interim Dividend—
$1,310,829
Expenditure
V«145,
Carnation Co.—New Director—
Ltd.—Earnings—
Earnings for 6 Months Ended June 30,
-
1251
$628,869
$0.72
p« 271.
The directors on Aug. 17 declared an interim dividend of 25 cents per
share on the common stock payable Sept. 20 to holders of record Sept. 6.
A final dividend of $1 was
paid on June 20, last,
25 cents was paid on March 20, last.—V. 144, p.
t
(A. M.) Castle & Co.-—Stockholders' Rights Waived—
At a recent special meeting stockholders approved a resolution waiving
their preemptive rights to 60,000 shares of unissued authorized capital stock.
The company advised shareholders that at the moment there are no nego¬
tiations pending in connection with
quarterly dividend of 60 cents per share was paid on July 1, last.
See
V. 144, p. 2119 for detailed record of previous dividend payments.—
V. 145, p. 605.
taxes, but before surtax
Earnings
—"V.
on
undistributed profits.
share on 547,297 shares capital stock.
144, p. 3999.
per
3 Months
6 Months
$241,956
$0.44
$736,321
$1.35
1937—12 Mos.—1936
1937—7 Mos.—1936
$44,352,889 $32,803,644 $65,667,248 $47,477,945
sales
Net profit after charges
and Fed. income taxes
7,407,083
$3.84
7,938,754
11,907,525
5,349,150
$2.84
Earns, persh. on 1,882,240 shares capital stk.
par)
The
reports net profit of $1,104,208 for July, 1937, after
interest, Federal income taxes, &c., but before surtax on
undistributed profits, comparing with $868,060 in July, 1936.
Net sales
for July, 1937, were $6,201,640, against $5,049,614.—V. 145, p. 600.
company
depreciation,
Central
Airport, Inc.—Earnings—
Years End. Apr. 30—
Period Ended June 30, 1937—
Net profit after charges, Federal and State income
The
authorized, of which 240,000
Caterpillar Tractor Co.—Earnings—
Period End. July 31—
Net
1934
1935
1937
Total expenses
Rent for leased
1936
$96,572
48,627
Total income
Burlington Mills Corp.—Earnings—
the sale of this unissued stock.
company now has 300,000 shares of stock
shares are outstanding.—V. 145, p. 600.
(no
(F.) Burkhart Mfg. Co.—Special Dividend—
The directors have declared a special dividend of 50 cents per share on
the new common stock, par $1, payable Sept. 1 to holders of record Aug. 21.
A special dividend of 50 cents was paid on Aug. 5, last and the regular
and an interim dividend of
3830.
$75,084
55,995
$164,928
52,769
$70,950
41,281
33,250
32,728
29,520
33,511
24,128
airport
32,728
30,722
land-
Depreciation
x
Non-recurring income-
28,668
Cr50,000
Prov. for estimated Fed¬
Calamba Sugar
6,863
eral income tax
Estate—$1 Extra Dividend—
The directors have declared an extra dividend of $1 per share in addition
to the regular quarterly dividend of 40 cents per share on the common
Surplus adjustment
stock,
Earnings per share
capital stock
$20, both payable Oct. 1 to holders of record Sept. 15.
An extra
was paid on July 1 and on April 1 last, and compare with an
of $1 paid on Jan. 2 last: $1.60 per share paid on Oct. 1,
1936, and extra dividends of $1 per share paid on April 1, 1936, Oct. 1
and April 1, 1935
and on Oct. 2 and April 2
1934.
Regular quarterly
distributions of 40 cents per share have been made since and including Oct. 1,
1928.—V.1144, p. 4171, 3324, 1269.
par
of 60 cents
extra dividend
Arrived at
x
Aug. 17 declared a dividend of 35 cents per share on the
stock, par $25, payable Sept. 16 to holders of record Sept. 1.
This
compares with 50 cents paid on June 16 last and dividends of 25 cents paid
on March 16 last and on Dec.
21, Oct. 1 and June 1, 1936, this latter being
the first payment made on the common stock since June 30, 1930, when a
dividend of 50 cents per share was distributed.—V. 145, p. 750.
common
Dividend—
1936
$45,686
a9,385
4,165
506
reserves
733
$11,122
65,010
1,384,336
502,611
2,298
114,285
219,891
219,891
1,736,092
94,272
1,736,092
1,384,336
497,996
Investments
;
$8,319
142,570
Capital stock
674
66,010
1936
1937
depre¬
ciation
Inventories
Land
of buildings acquired from
lease, $36,000.
Current liabilities.
Reserve for
& accrued
received in
April 30
Liabilities—
1937
$50,029
Accts. receivable..
Sundry
Nil
).19
$0.03
Nil
Balance Sheet
Other fixed assets.
Canada Cement Co., Ltd.—Accumulated
on
stock at par value, $14,000, and fair market value
Central Airport Sporting Club on expiration of
Cash
on
def$26,344
$42,435
follows: Dividends from affiliated company
as
Assets—
Calumet & Hecla Consol. Copper Co.—Dividend—
The directors
Crl,626
614
—
$7,172
def$15,505
Net credit to surplus.
Deferred assets
Capital surplus...
Deficit
78,767
1,446
The directors have declared
a dividend of $1.25 per share on account of
the 6H% cumulative preferred stock, par $100, payable
Sept. 20 to holders of record Aug. 31.
A dividend of $1 was paid on June
21 and on March 20 last, this latter being the first payment made since
accumulations
June 30,
on
1932.—V.
Canadian
144,
p.
3324.
The directors have declared a dividend of $1.75 per share on the class A
class B stocks, both payable Oct. 30 to holders of record Sept. 30.
and
This compares with $1.50 paid on
July 31 and April 30 last; $2 paid on Jan.
$1.25 per share paid on Oct. 31, 1936.
Previously regular
quarterly dividends of $1 per share were distributed.
In addition, the fol¬
lowing extra dividends were paid: 75 cents on July 31, 1936: $1.25 on Dec.
16, 1935- 75 cents on July 31, 1935; $1.50 on Dec. 15, 1934; 75 cents on
30 last, and
per share paid on Jan. 31, 1933.-—V. 144,
Canadian Malartic Gold Mines, Ltd.—Initial Dividend
The directors have declared an initial dividend of five cents per share on
the common stock, payable Sept. 8 to holders of record Aug. 28.—V. 145,
p.
Central Arizona Light & Power Co.—Income Statement
1937—12 Mos.—1936 4
1937—Month—1936
Operating revenues
$353,255
$297,679 $3,747,008 $3,260,750
2,864,522
2,489,886
Total oper. rev. deduc's.
274,934
234,230
1937
$3,571,071
revenues..
—V. 145, p.
1936
$3,256,264
$314,807
—V. 145, p. 1092,
1937
$2,579,000
1936
$147,000
935.
Operating
revenue
and concentrates
$69,969
$43,891
value
Net
Balance
—V.
406,570
96,273
20,262
14,566
7,040
11,410
10,580
General and administrative expenses
Employees welfare expenses
Shipping and selling expenses
Taxes other than income tax
Provision for Mexican income taxes.
Interest expense
Foreign exchange adjustment
Deprec. & depletion and amort, of property, &c
Expenses during pre-operating period, less proceeds
from ore & tailings sales, April 1,1935 to July 31,
!
$400,927
180,746
65,369
7,777
8,121
6,164
12,678
6,040
868
86,843
59,889
Net profit
loss$2,725
$32,649
Consolidated Balance Sheet March 31
Assets—
1937
Cash
Metals
in
&
concen¬
trates
$36,328
precipi¬
tates
Liabilities—
1936
$148,377
shipped to
smelter
under
36,065
trustee
pay
bond interest
7,344
43,888
39,958
25,970
Acer. int. on bonds
702,762
70,955
__
value
673,313
100,705
of
Bote Mine in
ex¬
cess
Ore
Min.
under
1
3,969
pay.,
3,591
15,922
2,400
3,401
1,858
8,280
16,178
4,704
due
Surplus
111,643
$226,044
90,169
1,318
$459,145
179,500
4,096
9,038
1,510
9,051
18,076
1,510
provision for re¬
(deprec'n) and
profits taxes..
$133,411
$125,506
$255,964
newals & replace,
Fed. inc. & undist.
Comparative Balance Sheet June 30
Assets—
Liabilities—
1936
1937
& other intang.
company)
.$6,628,418 $6,395,603
Cash on dep.
124,422
Accounts payable.
Notes
-V. 144, p. 1432.
65,531
50,000
47,800
4~5~666
74,674
2,342
1,248
56,247
8,189
Pref.shs. $6 cum..
8,469
826,057
1,044,900
Common shares
1,000,000
119,598
Liability insurance
188
Other current liab.
73,625
47,708
Consumers' deps..
10,482
13,491
3,000
1,000
128,755
_.
.
receivable
------
Reserves
Prepd. insur., taxes
rents
Surplus
1,917
292,367
469,293
1,329
1,643
763,610
1,054,620
1,000,000
388,291
257,577
675
_
188
$7,979,114 $6,969,463
Total
$7,979,114 $6,969,463
4338.
Central States Power & Light Corp. (&
Subs.)—tons.
1937
(affiliated companies $31,250)
$3,735,305
$1,725,012; maintenance, $241,324; provi¬
retirements and depletion, $403,592; taxes,l$298,387.
2,668,316
Earnings for 12 Months Ended 'June 30,
Operating revenue
Operating expenses,
Profit
119,700
85,389
1,104,231
1,604,993
—
$1,066,989
143,489
1,345,672
def444,072
122,900
Interest, rents, &c.
(affiliated companies,'.$28,491)
Interest on funded
51,216
$1,118,204
Gross income
debt, $1,042,500; interest on unfunded debt,
$16 204; amort, of debt disc, and expense, $60,844; taxes on
and other charges, $19,723; rents on undeveloped
2
$1,176,339 $3,155,030
119,329
Taxes
with
750,000
—V. 144, p.
750,000
payable
Accrued items
80,188
receivable
Interest
9,688
$3,585,000
4)4% conv.secur'd
notes.
9,688
—
Cash in bank
Accts.
1936
1937
1st mtge. 5% gold
bonds
$3,585,000
Property, plant &
equip., franchise
interest
leases,
$8,647; minority interest in net income, $282
Consolidated net loss
Total
$235,959
59,169
2,071,808
134,856
6 74
_
Net income before
sion for
after one year..
Cap. stk. (par $1)
Properties,
purchase
.....
Notes,
Reserves
Bote
agreement
Other assets
due officers
bonds
Deferred charges__
$455,872
3,273
— -
Total
6% deb. refunding
of cost
reserves at
Reserve for taxes.
Amts.
Idle plant
$224,714
1,330
Convertible secured notes
25,000
payable
38,404
Property, plant &
equipment
$234,286
1,672
discount & expense:
Bonds..
Suspense
1, 1936)..:
payroll and
unclaimed wages
;
$1,401,628
945,756
Acer. int. on notes
in stopes
and bins
426,983
2,014
discount & exp.
Acer,
in
Materials & suppl.
Nominal
1,806
7,953
ore
4,533
15,000
1,875
$651,697
89,986
.
-----
1936
$713,409
479,122
.
Special deposits ...
Construction ad vs.
Unamortized debt
ac¬
3 ,591
process
Broken
to
titles
to
Bote Min. Prop¬
erties (due Sept.
1937
1937
Non-operating revenue—net.
and
purchase
contract
10,150
Accounts receiv
contents
7,462
12 Months
6 Months
Inventories
quire
Notes receivable..
Metal
43,403
with
to
$53,361
within 1 year)..
instal.
pay.
on
or
deposit
1936
$43,767
Final
hand
Cash
Power Co.—Earnings—
Period Ended June 30—
trustee
1937
Accounts payable.
Notes
pay.
(due
$473,820
751.
145, p.
Investments (affil.
20,621
__
108,054
108,054
preferred stocks
$624,098
Amort, of debt
a$650,810
Operating expenses (net)
1935
income
Dividends applicable to
1936
of precipitates
297,563
7,670
Cr3,293
charged to constr'n.
Int.
Interest.
1937
realized
$732,152
777
Gross income—
produced
$964,106
375,000
7,232
bonds.
Increase
$2,432,000
Carnegie Metals Co. (& Subs.)—Earning
Years Ended March 31—
$770,864
193,242
Other int. & deductions.
Int. on mortgage
Total operating income..
Total operating expenses
Canadian Pacific Ry.—Earnings—
Week Ended Aug. 14—
$882,486
151,606
:$1,034,092
$76,331
31,250
1,190
Increase
1092, 934.
Traffic earnings.
11,383
$89,704
18,958
Gross income
Central Ohio Light &
-Earnings of System—
Week Ended Aug. 14—
Gross
$63,449
12,882
$78,321
Net oper. revenues—
Other income (net)
935.
Canadian National Ry.
$2,015,403 $1,999,821
Total
1223; V. 141, p. 1268.
Includes notes.—V. 143, p.
a
Period End. July 31—
Industries, Ltd.—Larger Dividend—
Jtnyi, 1934, and 87K cents
$2,015,403 $1,999,821
Total
Total...
$1,176,339 $3,155,030
income or
$29,995
made, or believed to be required for Federal taxes
undistributed profits.—V. 145, p. 430.*nlkl
_■*_ jt6& -
Note—No provision
on
1,148,199
1252
Financial
Central Vermont Public Service
12 Months Ended June 30—
Operating
Chronicle
1937
$2,089,756
revenues
Maintenance
Provision for retirements..
1936
1937
-Earnings—
Period Ended June 30—
$1,896,026
115,391
Aug. 21,
Cincinnati Gas & Electric Co.-
Corp.—Earnings—
3 Months
12 Months
$6,225,188 $24,039,717
2,777,254
11,054,295
531,453
2,134,436
796,970
2,918,251
736,262
2,673,339
Gross revenues..
218,970
218,336
116,449
186,916
233,856
Maintenance
788.195
712,991
Taxes
$748,865
4,490
$645,816
4,189
$753,355
254,365
2,578
71,812
$650,004
$424,599
227,136
$333,782
227,134
$197,463
$106,649
Notes—(1) No provision has been made in respect to Federal taxes on
undistributed net income for that portion of the above periods falling within
x Of this amount, $54,000
represents extraordinary amortization of debt
discount and expense to offset income tax
savings for the year 1936 as a
the calendar year 1937, as the amount of such tax, if any, cannot be deter¬
mined until the industributed net income for the year nded Dec. 31, 1937,
.
All taxes, including Federal income
Other operating expenses
Net operating revenue
Non-operating income—net
income
Gross
Bond
;
interest
Other interest
Other
x
deductions
304,234
2,907
Operation
-
-
Provision for retirements
—
-
Net operating revenue
$1,383,249
6,782
$1,390,031
291,001
Preferred dividend requirements
Balance
result of
refunding operations.—V. 145,
Central Vermont Ry.,
Period Ended July 31—
Railway
$1,099,030
500,000
Net
revenue
Inc.—Earnings—
expenses.
1937—7 Mos—1936
$3,888,440
$3,318,319
3,188,145
3,219,207
from rail¬
Railway tax accruals...
$88,171
16,964
$43,223
22,544
$700,295
162,928
$99,112
128,772
Railway oper. income.
Hire of equip., rents, &c.
$71,207
20,273
$20,679
Cr5,109
$537,366
255,164
def$29,660
CV2.136
Net ry. oper. incomeOther incomo
$50,934
2,525
$25,788
2,885
$282,202
15,838
def$27,524
15,341
$53,459
107,729
$28,673
110,011
$298,040
759,508
def$12,183
757,707
$54,270
$81,338
$461,468
$769,890
way
operations
Income
,
available
for
fixed charges
Fixed charges
Deficit, balance.
145, p. 431.
_.
—V
Checker Cab Mfg.
Period End. June 30—
Net profit after deprec.,
int. & other chgs. but
before Fed. inc. taxes.
—V.
145,
p.
Corp. (.& Subs.)
1937—3 Mos.—1936
$599,030
Net income--
—
loss$89,503
/
Cleveland
& Mahoning Valley Ry.—Bonds Placed Pri¬
vately—Acting on behalf of the company, Van Alstyne, Noel
& Co., New York, have announced that they have effected
the private sale of a new issue of $2,936,000 first mortgage
4% bonds due July 1, 1962.
The proceeds from the sale of
these bonds will be used by the company to refund a like
principal amount of 5% bonds maturing Jan. 1, 1938.—
V. 145, p. 1093.
Club Aluminum Utensil
Chesebrough Mfg. Co. Consolidated—Extra Dividend—
The directors on Aug. 19 declared an extra dividend of 50 cents
per
share in addition to the regular
quarterly dividend of $1 per share on the
stock, par $25, both payable Sept. 30 to holders of record Sept. 10
on June 28 and on March 5, last.
The com¬
has paid extra dividends of 50 cents per share in September, March and
June of each year from 1929 to and
including 1936.
Extra dividends of
$1 per share were paid in December of each year from 1929 to 1935, inclu¬
sive.
In addition an extra dividend of $1.50 was
paid on Dec. 21, 1936 and
a special extra dividend of
$5 per share was paid on Dec. 31, 1934.—V.
common
Similar payments were made
p.
3492.
Abandonment—
by the company of that part of its Osceola-Des Moines branch between
mileposts 1.43 and 3.67, approximately 2.24 miles, and (2) authorizing it to
operate, under trackage rights, over the railroad of the Chicago Great
Western RR. between
mileposts 378.413 and 380.816, approximately 2.403
miles, all in Des Moines, Polk County, Iowa.—V. 145, p. 752.
Chicago & Eastern Illinois Ry.—Hearing
on
Balance
1937
Cash
rec.
(time
testimony presented at sessions of the Wheeler committee during last May
and June.
Hearings will be held in Washington before Commissioner
Porter.—V. 145, p. 1092.
$439,377
2,387
3,138
50,000
50,000
2,378
271,240
7,409
271,240
400,000
5,880
400,000
550,445
594,264
$600,348
$582,029
z
2,796
marks & licenses
$582,029
5,880
400,000
$600,348
trade¬
patents,
trade-mks.
400,000
Common stock..
Surplus—Valua'n
50,677
118,167
._
and licenses
Total
y Less reserve for depreciation of $35,055 in 1937 and $32,472 in 1936.
Represented by 271,240 shares of no par value.—V. 143, p. 1394.
Coleman Lamp & Stove Co.
in
1936
1937
$416,953
4,342
Donated surplus..
3,071
2,006
122,018
Fixed assets
Total
loss$12,242
30
Mtges. payable
Reserves..
4,979
1,328
46,780
Other assets
Pats.,
$1,260
June
Deficit
1,633
2,088
contr'ts) (net)..
Deferred charges
$11,611
23,853
Liabilities—
10,096
Other accts. rec'le.
y
$13,054
11,794
Notes payable
Accruals
$331
$13,266
Accts. receivable..
Sheet
1936
46
$21,989
10,378
$43,978
Net profit for year.
Assets—
117
$22,372
9,318
$55,376
11,397
Net operating profit
Interest and other deductions-
Plan—
Interstate Commerce Commission has ssigned Oct. 6 for hearings
connection with the reopening fo the reorganization
proceedings of the
company.
The case is being reopened to receive in evidence portions of the
$21,943
191
Operating expenses—
z
The
1935
$22,255
$65,138
9,762
Total gross income-
Inventories
The Interstate Commerce Commission on
July 31 approved the acqui¬
sition by the company of the
properties of the North Platte Valley Ry.
The Commission has also issued a certificate
(1) permitting abandonment
1936
$40,099
24,847
Miscellaneous income
Accts.
Chicago Burlington & QuincylRR.- -Acquisition and
1937
Income from royalties
Income from dividends
pany
144,
Co.—Earnings—
Years Ended June 30—
$580,688
11,603
is finally ascertained.
(2) During the year 1936, it was necessary to
complete the sale of the 1st mtge. bonds, 3H% series due 1966, prior to
calling for redemption the 1st mteg. gold bonds, series A 4%, due 1968,
and there was charged to current expenses in respect to both issues, interest
for 30 days.
Expenses for the 12-months* period ended June 30, 1937,
were thereby increased by $94,792, representing interest applicable to the
new issue.
(3) In June, 1937, the company sold to a group of underwriters
$10,000,000 principal amount of 1st mtge. bonds, 3H% series due 1967.
The proceeds are being used for part of the cost of construction work now
in progress to provide increased generating capacity and greater protection
against floods.—V. 144, p. 3832.
1937—6 Mos.—1936
$381,464 loss$200,129
$1,924,652
Baiance
Earnings—
752.
$3,924,652
2,000,000
Interest and amortization charges—
9,080
/
1937—Month—1936
$540,516
$527,914
452,345
484,690
oper. revenues.
Railway oper.
601.
p.
$5,270,998
1,346,346
Gross corporate income
Preferred dividends
Net income
$5,259,395
Other income
(& Subs.)-'—Earnings—
1937
Earnings per share
—V. 144, p. 2294.
on
100,000 shares
cap.
stock
1936
$185,749
$1.86
6 Mos. Ended June 30—
Net profit after all charges, interest and Fed. taxes
$102,147
$1.02
.
Colonial Finance Co.—Initial Dividend—
Chicago Great Western RR.—Trustees' Abandonment—
The Interstate Commerce Commission
on
Aug. 4 issued
certificate per¬
mitting abandonment by the trustees of operation under trackage rights
over certain tracks of the Kansas
City Southern Ry. in Kansas City, Kan
and Kansas City, Mo.—V.
145, p. 1092.
^
a
The directors have declared
the
common
an initial dividend of 25 cents per share on
stock, payable Oct. 1 to holders of record Sept. 10.—V. 144,
I
3665.
p.
■
,
Chicago Pneumatic Tool Co.—Earnings—
Period End. June 30—
Net profit after all chgs.
Columbia Gas & Electric Corp.
(& Subs.)—Earnings—
Period End. June 3D—
1937-3 Mos.-al936
revenues b
$25,092,828 $21,079,218
Gross
1937—3 Mos.—1936
®F,1937—6 Mos.—1936
1
y$440,321
x$290,405
y$861,458
x$481,832
Including profits of approximately $50,000Tor the 3 months ended
June 30, 1936, and
approximately $100,000 for the 6 months ended June 30,
1936, earned in foreign countries having exchange restrictions.
Before provision for Federal surtax on undistributed
Oper. exps. & taxes_c
Prov. for retire. & deple.
1937-12 Mos .-a 1936
$94,110,337 $86,549,530
60,057,167
53,619,167
10,351,258
8,975,009
15,829,483
2,724,761
13,745,461
2,259,976
$6,538,583
92,270
$5,073,781 $23,701,912 $23,955,354
103,856
9,179
123,139
$6,630,853
$5,082,960 $23,825,051 $24,059,210
x
Net oper. revenue
Other income
profits.
y
Before Federal surtax
earned in
.
on undistributed profits and exclusive of
profits
foreign countries having exchange erstrictions.—V. 145. p. 602.
~
•■'radMaMwflfcy- -hum in
,
- riwiyragi
aim mi
Chicago & Western Indiana RR.—Bonds Authorized and
Placed Privately—
The Interstate Commerce Commission has modified its
report and order
May 29, 1936, so as to permit the sale at par and accrued interest of
$683,000 of first and refunding mortgage bonds, series D, the proceeds to be
used for capital expenditures.
o
Int. of subs, to public &
other fixed charges d_
Pref.
divs.
of
subs.
841,260
Totsl
Operating income
Net rev. of O.
Total income
Interest on serial notes
United States and Chilean income taxes
(estimated)
Provision for depreciation and obsolescence
$16,120,597
386,437
2,822,182
1,488,126
Consolidated net income without deduction for
depletion
Earnings per share on 4,415,503 shares capital stock
Combined
to
$11,423,852
$10,563
$10,090
$175,176
$0.37
jno
9ftpi* inf
f9
Earns, per sh. on 549,768
shs. cap. stk. (par $50)
1937
1936
$1,094,433
$1,071,950
1934
1935
$1.99
$1.95
$985,626
$1,009,469
$1.79
$1.8
Note—Before surtax^on undistributed profits.—V. 144, p. 2294.
*
&c.,
$17,892,285 $18,347,695
$3,684,131
1,291,091
1,334,155
of
5,212,992
$3,739,782
/
5,402,577
$2,349,976 $12,679,293 $12,945,118
6,818,425
6,940,401
$5,860,868
$6,004,717
$0.48
$0.51
_e
Balance
a
shares outstanding
1936 figures restated in present form for comparative purposes,
b It is the general practice of the corporation and its subsidiaries, when a
rate is being contested, to include as gross revenues only such portion of
the total amount billed as is represented by the lower of the disputed rates.
c
No provision has as yet
been made for the Federal tax on undistributed
Provision for such tax
of which was charged
expense in December of that year.
d Includes interest
paid on refunded bonds of subsidiaries for the short
time necessary between the sale of the new bonds and the redemption of
the old bonds in the amount of approximately $116,000 in the 12 months
period ended June 30, 1937, and approximately $105,000 in the 12 months
period ended June 30, 1936.
e Due to the
large number of conversions of the 5% cumulative preference
stock into common stock, the present annual requirements for dividends
income for any part of the calendar year 1937.
for the calendar year 1936 amounted to $32,638, all
vno
charges—1
charges,
547,339
112,538
net
Cincinnati & Suburban Bell Telephone Co.—Earns.—
and
Dr21,607
earns,
per share on common
at end of respective periods
$154,384
$3,705,738 $17,779,747 $17,800,356
E.
Bal. appl. to cap.stks.
1937—7 Mos,—1936
$0.32
(par $50)
—V. 145, p. 602.
6 Mos. End. June 30—
&
appl.
fixed charges of
$2.59
Earns, per sh. on 475,239
"NJof
G.
Earnings
shs. cap. stk.
229.903
Dr28,666
176,622
subs,
C. G. & E. Corp..
~r.
Ry.—Earnings—
1937—Month—1936
$3,529,116 $17,808,413 $17,570,453
$5,030,873
Int.
Note—No provision has been made in the above
preliminary consolidated
income account for surtax, if
any, on undistributed profits.—V. 145, p. 602.
taxes
of
Drl45,314
$16,032,292
88,305
Other income—interest and miscellaneous income
and
earns,
$5,176,187
Consolidated Income Account. 6 Months Ended June 30, 1937
Cincinnati Street
2,647,460
applic. toC. G. & E.
Copper Co. (& Subs.)—Earnings—
Period End. July 31—
Net income after all chgs.
3,841,297
2,454,945
£)rll,918
Mutual Life Insurance Co.—V. 145,
p. 602.
Chile
3,561,693
668,912
Bal. applic. to Col. G.
& El. Corp
$5,188,106
Inc. of other cubs, applic.
The bonds have been so'd at
par and accrued interest to the Northwestern
™Preliminary
884,932
601,488
&
minority interests
to
.
,
,
Volume
tbls preference stock are $358,760
the 12 months period ended June 30,
on
less than such dividends paid during
1937.
If such reduced requirements
for preferred dividends had been in effect for the entire 12 months period,
the earnings per share for the 12 months period ended June 30, 1937, on
common shares outstanding at that date would be $0.51.
.
Note—As previously reported, American Fuel & Power Co. and its prin¬
cipal subsidiaries are under control of trustees in accordance with Section
77-B of the Federal Bankruptcy Act, and the operations of these companies
are not, therefore, reflected in the above consolidated income statements.
—V. 144, p. 3493.
Officers of Consolidated Edison said that more than 28 % of the outstand¬
ing shares of Steam preferred stocks had already been deposited and a large
number had been promised for deposit when meetings could be held to au¬
thorize such action.
Summer holidays and absence of many owners from
the city during the short period in which the plan had been in effect made
necessary an extension of time, it is said.—Y. 145, p. 1095.
Consolidated Textile Corp.—Earnings—
(& Subs.)— ■Earnings—
Depreciation and depl'n.
Minority interest
745,946
221,121
'Net oper. profit.
Profit on sale of securs.-
$2,399,261
121,425
Shs. com. stock outst'd'g
Earnings per share
$910,481
537,406
$4.69
Dividends paid
W Surplus
'
,
Comparative
467,928
33,013
$1,502,492
$1,843,305
;
$2,520,686
1,610,205
Net income
1934
$1,686,470
556,999
105,069
$1,843,305
$1,185,529
-
'
$537,4il
$
'1
'v
'
$2.20
June 30 '37 Dec. 31 '36
$
$
Liabilities—
Capital stock
21,930,474 21,930,474
937,747
Accts. payable, &c.
894,225
Property account.39,850,244 37,695,688
Invest.in assoc.cos. 4,435,601
4,331,282
x
Fed.
income
taxes
Cash
2,086,484
2,719,581
Notes & acct. rec.
1,949,676
1,625,566
1,511,257
1,717,892
Profit
Other income (net)
$244,165
3,715
Profit bef. dept., &c
Prov. for depreciation..
$247,880
1,423,981
80,720
916,673
Res. for val.of inv.
Treas .stock at cost
z81,120
Other assets.
871,157
in association and
other
Est.
399,097
Surplus
Total
.
Total
300,000
companies
come
1
500,132
300,000
1937 Fed. in¬
1
52,453,188 50,910,481
marks, &c
Deferred charges.
z
1,141.757
Interest. 1,168,523
Deprec. & depl. res21,585,460 20,971,075
trade¬
Goodwill,
584,286
276,386
current
securs.
at cost.
368,245
tax
5,045", 142
5,929,875
52,453,188 50,910.481
x Represented
by 538,420 no-par shares,
Amounts to 1,014 shares.—V. 145, p. 936.
y
Market value $1,417,456.
Columbus Auto Parts Co.—Accumulated Dividend—share on account
pref. stock, no par value, payable
Sept. 1 to holders of record Aug. 18.
A-dividend of $1 was paid on May 21
last; 25 cents was paid on March 1 last and divs. of 50 cents were paid on
Dec. 26 and on Oct. 15, 1936.
Dividends of 25 cents per share were paid
on Sept. 1, June 1 and March 2, 1936.
A dividend of 10 cents was paid on
Dec. 2, 1935, this latter oeing the first payment made on the issue since
Dec. 1, 1933, when a regular quarterly dividend of 50 cents per share was
distributed.—V. 144, p. 3666.
cum.
conv.
Columbus & Southern Ohio Electric Co.
[Formerly known
Consolidated
Gross
as
(& Subs.)—
Columbus Ry. Power & Light Co.]
Income Account
for 12 Months Ended June 30, 1937
operating revenue—
..$11,373,054
3,935,760
:
General operating expenses
730,947
1,459,942
1,208,728
431,134
Maintenance
Provision for retirement.
Taxes—State, local, &c
Federal income taxes
.
Net earnings
$3,606,543
134,105
Net earnings
$3,740,648
1,040,000
2,299
Cr24,024
70,066
from operations
Non-operating income
Interest on funded debt
Interest on unfunded debt
Interest charged to construction
Amortization of debt discount and expense
Amortization of preferred stock discount and expense
15,000
Net income
$2,637,306
—V. 144, p. 3494.
Community Power & Light Co. (,& Subs.)
Period End. June 30—
public
Interest to parent co
$142,770
1,260
$1,629,217
4,781
$1,422,409
12,285
$144,031
$1,633,998
$1,434,693
25,042
258,075
295,622
$118,989
2,051
69,024
$1,375,923
25,826
832,822
$1,139,071
23,726
832,196
1,209
14,547
14,527
579
6,944
5,879
$46,126
$495,783
99,203
5,831
$262,742
99,527
5,831
$390,749
$157,384
823,902
8,920
5,831
14,209
1,529
73,117
810,560
21,635
5,831
78,231
15,019
279
Gross income
$144,199
2,012
579
Balance
Retirement accruals
$3,858,797
1,887,812
195,689
352,888
1,211
Net oper. revenues.
Non-oper. income (net).
$4,150,721
1,895,444
246,966
a379,093
$127,368
2,353
69,694
Taxes
""249
$1,318,536
897,119
$1,088,910
936,300
$421,417
$152,610
Public
Parent company-
Net
$53,531
income
Divs. paid <& accrued on
pref. stocks-
-To public-
-
To parent company
Balance applicable to parent company
Earns, fr. sub. cos. deducted in arriving at above;
Interest earned
Interest not earned
Preferred dividends
Other
Miscellaneous
earns,
from subsidiary companies
Common dividend from sub.—not consolidated-.
Other
Earnings—
1937—12 Mos.—1936
$347,417
155,508
18,618
30,521
$146,211
18,842
Operation
Maintenance
Interest to
1937—Month—1936
$362,535
162,336
24,031
a31,968
Operating revenues
income
Total
Expenses, taxes & deductions from gross income-Amount available for dividends and
surplus
No provision has been made foi the Federal surtax on undistributed
net income for the year 1937, since any liability for such tax cannot be de¬
termined until the end of the year.
Note—The subsidiary companies on Jan. 1, 1937, adopted the Federal
Power Commission system of accounts, hence the previous years' figures
are not exactly comparative.—V. 145, p. 937.
2,000
1937—3 Mos.—1936
Net profit
$42,100
$38,281
$36,690
$23,199
301,400
302,900
301,400
302,900
$0.14
$0.12
$0.12
$0.07
Shares capital stock (no
par)
Earnings per share
144, p. 3494.
—Y.
Consolidated
Edison
Co.
Delay for Stock Deposit—
of
New
York,
Inc.—Asks
*
York P. S. Commission for exten¬
which preferred stock of the New York
Steam Corp. must be deposited for exchange for preferred stock of Consoli¬
dated Edison Co. under a plan approved last month by the Commission.
The plan provides that at least two-thirds of the outstanding shares of
Steam preferred stock, regardless of the class, must be deposited before
3 p. m. on Sept. 1.
The company has applied to the New
sion of one month in the time within
5,000
13,000
$184,253
$323,625
$0.71
$229,972
$0.50
Earns. per sh. on cap .stk.
—V.
144,
p.
$0.40
3328.
Continental
Shares, Inez—Liquidation Asked—
Court orders have been issued for
a
hearing on Oct. 4 of creditors and
stockholders of the company to determine whether more than $11,500,000
of the net assets of the corporation should be distributed among its pref.
stockholders.
,
The notices call upon stockholders, creditors and any one else interested
to show cause before or at the hearing in October why the proposed dis¬
tribution
should
MacMiilan
of
not
be
Baltimore
made.
who
is
They were published by William D.
receiver of the company in Maryland.
Charles S. Wachner is receiver in Ohio, where most of the assets are held.
One of the contentions of the Palmer Securities Corp. holder of 7,800
shares of the pref. stock and which filed the petition for the scheduled
hearing, is that the Maryland receiver should obtain and distribute the
held by the Ohio receiver.
The petition filed in the Circuit Court,
Baltimore, says the value of the receivership assets as of last April were
more than $13,000,000, while liabilities were little more than $2,000,000.
The Court was informed through the petition that the dividends in
arrears on the 381,374 shares of pref. stock amounts to $37.75 a share and
that, therefore, the assets would permit only a pro-rata payment to the
pref. stockholders.
Nothing would be left for the holders of the 2,517,366 shares of common
stock or the holders of 10,000 founders shares, it was alleged.—V. 144, p.
2993.
Cornell-Dubilier Electric Corp.—Stock
Offered—Swart,
and Mitchell, Herrick & Co., Inc., offered
publicly Aug. 17 certain shares of common stock of the
corporation at a price of $10.75 per share.
The shares com¬
prising the public offering are part of an issue of 60,828 shares
previously offered (30,414 shares) to stockholders of Dubilier
Condenser Corp. and (30,414 shares) to stockholders of
Cornell Electric Manufacturing Co., Inc., which offering
was underwritten by the same firms.
The entire capital stock of Cornell-Dubilier Electric Corp.
heretofore has been owned by Dubilier Condenser Corp.
and Cornell Electric Manufacturing Co., Inc.
After giving
effect to this financing, the capitalization of the company
will comprise 265,088 shares of common stock, of which
202,760 shares will be owned by the two companies in equal
amounts and 62,328 shares will be distributed as a result of
this offering (including 1,500 shares to be offered to selected
officers and employees.
Brent & Co., Inc.,
Business—Corporation (in conjunction with Condenser Corp. of America,
associated company which is to be acquired as a wholly-owned subsidi¬
an
ary) is engaged in the manufacture and sale of various types of capacitors,
known also as fixed electrical condensers, for use in radio, electrical com¬
teletype, railway signal, automotive, X-ray,
calculating, tabulating, submarine signal, lighthouse, alarm and welding
equipment; for use in thermostats and other thermo-controlled electric
appliances, surgical knives, electric oil burners, fans, dishwashers, auto¬
matic phonographs, appliances to minimize radio interference, capacitor
munications, public address,
motors, rectifying devices
factor correction in public
and A.C.-D.C.
converters; for
use
in
power
utility lines and industrial plants, induction
signs; and also for use in television equipment and other
miscellaneous devices.
^
In recent months the products sold by the corporation have been manufac¬
tured for it by Condenser Corp. of America.
The stock of Condenser
motors and neon
Corp. of America is owned one-naif by Dubilier Condenser Corp. and onehalf by Cornell Electric Manufacturing Co., Inc., and will <>e acquired from
them by the corporation with a part of the proceeds of this
Prior to the issuance of the additional stock involved in
entire common stock of
issue.
this offering, the
the corporation has been beneficially owned one-
Dubilier Condenser Corp. and one-half by Cornell Electric Manufac¬
Inc.
Cornell Dubilier Corp. (the corporation's predecessor)
organized in 1933 pursuant to an agreement between Dubilier Con¬
denser Corp. and Cornell Electric Manufacturing Co., Inc., to take over
from those companies the manufacture and sale of capacitors, the new com¬
half by
turing Co.,
was
pany acquiring certain assets and rights in exchange for its entire capital
stock.
The two companies had for a number of years prior to that time
engaged independently of each
other in the manufacture and sale of
capacitors but neither of such two companies, however, is now engaged in
manufacturing operations.
In October, 1936, the corporation was organized
to succeed to the
assets and business of the predecessor company, subject to its liabilities.
Manufacturing facilities of the predecessor company's plant in the Bronx,
N. Y. City, having become inadequate for the increased volume of business,
manufacturing operations were moved to a larger plant at South Plainfield,
N. J.,
which nas been leased for 10 years.
As a result of such move, cer¬
economies have been effected.
tain manufacturing
Sales—The combined net sales by quarters (less discounts, returns, al¬
lowances and inter-company sales) of the corporation (or of the predecessor
company) and (since Felj. 20, 1936) of Condenser Corp. of America, are
in
the
following
table:
shown
11 Mos.End.
1937—6 Mos.—1936
prof, after chgs. &
Federal taxes
3,000
$142,437
$0.31
Corp
Congress Cigar Co., Inc.—Earnings—
Period End. June 30—
152,855
38,552
owned subsidy, Haveg
been
a
Net
$434,379
486,630
assets
The directors have declared a dividend of 75 cents per
of accumulations on the $2
$424,718
9,660
$533,828
140,363
64,840
75,986
31,112
Prov. for income taxes._
Res.for advs.to
2,347.477
$526,399
7,429
5,282
$3,258,826
2,799,728
533,439
$294,350
71,152
32,291
$3,859,566
$289,069
Minority
yl,167,516
inventories
1937—6 Mos.—1936
Period End. June 30—
1937—3 Mos.—1936
Sales, less returns, allow¬
ances, &c
$1,726,604
$1,903,054
Cost of sales, exclusive of
1,185,320
depreciation
1,392,011
252,215
Sell., admin. & gen. exp_
266,878
partially-
Balance Sheet
$
'
$538,420
$537,681
$2.79
$3.43
June 30 *37 Dec.31 '36
ylusets
$1,185,529
$1,502,492
$18,182
deprec'n, &c__
145, p. 755.
Continental-Diamond Fibre Co.- -Earnings—
1935
$2,164,560
1936
$2,604,647
699,950
61,392
»"r6 Mos. End. June 30—
1937
Net after Fed. inc. tax._ $3,366,328
Weeks Ended July 24, 1937
Earnings for 4
Net loss after expenses, inventory adjustments,
—V.
Columbian Carbon Co.
Marketable
1253
Financial Chronicle
145
12 Mos. End.
12 Mos. End.
12 Mos.End.
Apr. 30 1934 Apr. 30 1935 Apr. 30 1936 Apr. 30 1937
May, June, July.-.
Aug., Sept., Oct--.
Nov., Dec., Jan—
Feb., Mar., April-_
Yearly totals
a$95,531
271,463
174,491
207,030
$228,862
330,449
242,307
370,990
$336,435
648,668
503,242
569,675
$756,823
765,537
738,012
726,280
$748,516
$1,172,609
$2,058,021
$2,986,653
a For the months of June and July only.
Proceeds—The estimated net proceeds from the sale of 62,328 shares of
common stock after deducting estimated expenses are $505,268, of which
$32,500 will be applied to purchase the entire capital stock of Condenser
Corp. of America; $134,000 to retire preferred stock and dividend notes
by Dubilier Condenser Corp. and Cornell Electric Mfg. Co., Inc.;
$175,000 to retirement of bank loans and $163,768 for additional working
capital.
Earnings—The combined earnings of the corporation (or of the precedessor
company) and of Condenser Corp. of America (since Feb. 20, 1936) are
summarized as follows:
held
1254
Financial
■Years Ended-
11 Mos.End.
a
$135,721
$273,439
$421,158
169,751
219,250
319,565
will have prior rights in subscribing for
the preferred issue has not been decided, it was reported, nor has the rate
the preferred will bear been set.
A registration statement for the preferred will be filed with the Securities
and Exchange Commission about Aug. 23.
The Federal tax on undistributed earnings is held directly responsible
for the company's decision to float the preferred issue.
Under that Federal law, undistributed earnings are subject to high txaes
if not paid out to stockholders.
As a result, this company, in line with
many others in the country, finds itself with insufficient working capital
to carry on the unequaled amount of business on hand.
Business so far this year is in excess of any in the history of the firm, in¬
cluding the boom years, with 3,750 employed against 3,000 in 1929.
An idea of how the company's business is increasing may be seen in the
rise in inventories, which on June 30 of this year stood at $3,292,000 against
$2,185,000 at the end of December, 1936.
Accounts receivable at the same time rose from $1,546,000 to $1,853,000
and plant equipment as carried on the books from $6,909,000 to $7,126,000.
The company earned about $3.04 in the first six months and is expected,
provided business keeps up, to show more than $6 a share for the whole
404,858
loss$34,030
$54,188
$262,452
9,995
$101,592
17,057
loss$34,030
$44,193
$84,535
$230,452
loss$34,030
$44,193
$84,535
$192,952
Selling, general, admin,
expenses, &c
-
Prov. for Fed. inc. taxes
$667,310
32,000
Expense of training newemployees
37,500
Less discounts, returns and allowances.
a
Underwriters—The
names
in respect of the 60,828
of shares underwritten
and
shares of
are
as
addresses
common
of the principal underwriters
stock and the respective numbers
30,414 shs.
30,414 shs.
Condensed Balance Sheet
March 31,
Davis Coal & Coke
1937
Notes payable—Banks
deposits and cash on
hand
Receivable
Accounts payable (trade)
Accrued liabilities
296,280
474,081
(net)
Inventories..
$175,000
4,521
Trade
$72,206
Accts., notes & trade accept's
148,826
160,217
Other current liabilities
Corp.—Pays Si.25 Dividend—
Dayton Power & Light Co.—Earnings—
Period Ended June 30—
8,341
Notes pay. to stockholders...
94,000
190,576
First mortgage
53,500
Operation
207,354
153,000
74,881
Maintenance.
_.
6% preferred stock.
116,327
Common stock
40,000
20,000
Provision
Def'd charges & prepaid exps..
3 Months
Gross revenues
Other current assets
Investment
4,916
_
Fixed assets
(net)
Intangible assets.
Reserve against
investment
Paid-in surplus
Earned
Condenser
Total.
$1,514,739
stock
Total
$821,394
161,924
$3,350,423
719,514
$659,470
112,503
$2,630,908
$546,967
$2,180,896
Net income
Preferred dividends.
1937
1936
1935
$1,318,453
1,193,421
$1,410,066
1,239,428
$1,780,848
1,397,988
$125,032
33,233
$170,638
31,676
$382,860
$233,951
12,405
34,917
34,449
$158,265
11,190
$202,314
14,638
$443,906
17,103
62,200
450,012
1934
$1,602,830
1,397,490
...
$3,346,558
3,865
Gross corporate income
b Interest and amortization charges
$1,514,739
$205,340
28,611
Expenses
$817,620
3,774
14,000
Coty, Inc. (& Domestic Subs.)—Earnings
6 Mos. End. June 30—
Gross profit
l._
-
Net operating revenue
Other income
Corp. of America,
common
12 Months
$3,171,388 $12,700,115
1,504,865
6,043,790
166,536
644,382
263,470
1,071,068
418,895
al,594,317
for retirements
Taxes
525,428
196,024
surplus
1923
The company paid a dividend of $1.25 per share on its common stock on
Aug. 9 to holders of record Aug. 9.
This compares with $1 paid on Jan. 2,
last, and $2 per share paid on April 14, 1936.—V. 144, p. 4342.
Liabilities—
Assets—
Demand
year.
The company retired an issue of $1,500,000 in preferred stock in
and one of $4,000,000 in 1928.
It has no bonds.—V. 145, p. 939.
follows:
Swart, Brent & Co., Inc., New York
Mitchell, Herrick & Co., Cleveland
Aug. 21, 1937
Whether present stockholders
Apr. 30 "34 Apr. 30 *35 Apr. 30 '36 Mar. 31 *37
$748,516
$1,172,609
$2,058,021
!,717,547
612,795
899,170
1,636,863
2,050,237
Gross sales
Cost of sales
|
Chronicle
11 Mos.End.
Balance
Includes
a
$8,989
Federal
tax
undistributed
on
net
income
for
the
calendar
Operating profit
Other income.
Depreciation
Interest, &c
'Federal tax
"15,666
27" 270
140,000
income..
loss$7,925
1,537,435
x$152,180
1,537,435
Shs.cap.stk.out.(no par)
Earnings per share
Before surtax
x
the amount of such tax, if any, cannot be determined until the
net income for the year ended Dec. 31,
1937, is finally
b On March 1, 1937, the company sold $1,500,000 principal
amount of its 1st & ref. mtge. bonds, 3H% series, due 1962, out of the
proceeds of which there were retired at maturity on March 1, 1937, the
$1,029,000 outstanding principal amount of Dayton Lighting Co. 5% 1st
& ref. mtge. gold bonds.—V. 144, p. 3497.
1937,
1,537,435
on
$5.10
$406
Nil
$364,603
1,537,435
$0.23
Nil
Dejay Stores, Inc.—Sales—
Sales for the first half of company's fiscal year from Feb. 1, to July 31,
1937 amounted to $1,204,070, an increase of 30.88% from sales of $919,964
for the same period last year.
Sales for July showed an increase of 28.1 %
undistributed profits.—Y. 144, p. 3328.
over
Crown Zellerbach
Corp.—Interim Dividend—
Earnings for 12 Months Ended June 30, 1937
Operating revenue
$1,522,745
Operating expenses, $759,094; maintenance, $110,553; provision
for retirements, $76,137: taxes (x). $160,107
1,105,892
This will be the first payment made
since Oct. 15, 1930,
by the company on the common stock
when 25 cents per share was also distributed.—V. 145,
604.
Crucible Steel Co. of America
6 Mos. End. June 30—
$3,612,620
15,646
36,072
Other income
Total income
Net
$2,916,498
27,857
profit
60,000
60,000
$1,262,512
$0.86
$456,821
$712,034
Real
Includes provision for Federal income tax of $65,259 and for Federal
on undistributed profits of $2,244.
Note—The provision made in the above statement for Federal surtax on
undistributed profits is in respect of the calendar year 1936.
No provision
1936
Liabilities—
$
tr'marks,
Detroit Edison Co.
23,880,000
Common stock. 44,569,773
88,579,918
Funded
debt
Steam
25,000,000
Gas
45,000,000
6,500,000
Miscellaneous
4,415,864
3,579,998
b2,661,553
1,183,742
4,889,089
15,107,494
Deferred charges
352,624
3,783,076
13,377,794
Cash
receivable
Inventories
—
Total earnings from operations
payable.
5,525,558
2,000,000
384,570
Approp. surplus
4,710,262
Prof. & loss sur. 24,930,137
Balance, income from operations
Other miscellaneous income
4,166,190
21,308,851
285,463
$57,836,936 $52,951,291
41,038,637
35,544,703
$16,798,299 $17,406,587
127,707
131,803
Gross corporate income
on funded and unfunded debt..
$16,926,006 $17,538,390
5.776,563
6,239,170
Cr 18,500
266,309
270,261
Interest
Total
109,871.5471
112,500,300
Total
112,500,300 109,871,547
a After reserves,
b Includes 38,400 shares of common stock of Crucible
Steel Co. at market value, and 11,200 shares of preferred at market value.
Interest charged to construction
Amortization of debt discount and expense
Net income..
—V. 145, P. 605.
Curtis Publishing
1937—3 Mos.—1936
Period End. June 30—
Net profit after deprec.
and Federal taxes
Shares
common
1937—6 Mos—1936
x$2,260,289
$3,482,347 x$3,987,047
stk. out¬
1,789,666
$0.25
1,790,466
$0.41
1,789,666
$0.25
1,790,466
$0.53
Revised.
Note—No
provision has been made for tax
on
undistributed
earnings.
—V. 145, p. 939.
Cushman's Sons,
Inc.—jEarnings—
12 Weeks Ended
Period—
28
Weeks
Ended
July 17,'37 July 11, '36 July 17, '37 July 11, '36
int., de¬
prec., Federal taxes &
other charges
—Y. 145, p. 939.
Net
after
loss
$83,477
$111,745
$134,654
$446,721
The directors have declared a dividend of $1 per share on the common
value, payable Sept. 15 to holders of record Aug. 23.
This
with 50 cents paid on June 15 and on March 15, last, and pre¬
no par
compares
viously, regular quarterly dividends of 25 cents per share were distributed.
In addition, an extra dividend of $1 was paid on Dec. 15, 1936; an extra of
50 cents was paid on Sept. 15, 1936, and an extra of 25 cents per share
was paid on Sept. 15. 1936, and an extra of 25 cents per share was paid on
June 15, 1936.
To
ncome
that
no
subject to surtax; on the basis of present estimates it is anticipated
such tax will be payable for the year 1937.—V. 145, p. 434.
Detroit Harvester Co.—To
Split Stock, &c.—
Pay Extra Dividend—
an extra dividend of 50 cents per share on
stock, payable Sept. 22 to holders of record Sept. 15.
This
followed declaration of the regular 25 cents dividend payabie Sept. 1 to
holders of record Aug. 16, and brings disbursements to date this year
up
to $1.25 per share.
Sales and earnings have been running substantially ahead of last year,
in response to constant demands from the company's agricultural and auto¬
motive customers, states Harry L. Pierson, President.
With earnings in
the first six months already amounting to $2.08 on the 143,365 common
shares outstanding, current impetus to sales and earnings points to a size¬
able gain this year over 1936, when $2.00 was earned on present
capital¬
ization.—V. 143, p. 3626.
The directors have declared
the
common
Detroit Steel Products
Cutler-Hammer, Inc.—Dividend Doubled—
stock,
$10,883,134 $11,047,460
Note—The foregoing figures do not take into account any Federal surtax
undistributed net income.
With respect to the year 1936, according to
the company's Federal income tax return, there was no undistributed net
on
i
$1,968,607
standing (no par)
Earnings per share.;.
x
Co.—Earnings—
1937
1936
$55,554,045 $50,543,613
1,889,707
1,935,377
385,279
361,103
7,904
111,197
Operating and non-operating expenses
5,213,580
1,000,000
432,926
Notes payable..
Res. fire ins., &c
Notes and accts.
-
7,750,000
Accts. and accr.
&c_
(& Subs.)—Earnings—
12 Months Ended July 31—
Gross earnings from operations—Electricity
S
Preferred stock.
Investments
289,502
$135,976
surtax
"Nil""
1937
estate,
plant, eq., &c. 84,155,231
Goodwill, pat'ts,
$6,350
Consolidated net income
has been made in the six months ended June 30, 1937.—V. 144, p. 4342.
Nil
1936
Assets—
a
$425,478
funded debt, $145,833; int. on unfunded debt, $121,749;
of debt disctount & expense, $15,569; taxes on bond
int.,
Consolidated Balance Sheet June 30
1937
on
$416,852
8,625
amort,
x
$5.03
on com.
...
Gross income.
Int.
$2,944,354
1,830,520
341,799
$3,099,797
835,800
...
Preferred divs. paid
sh.
$2,503,344
1,605,528
334,962
46,033
30,000
mines
per
$2,464,423
38,921
Profit
Non-operating income (net)
1934
$3,648,692
1,972,496
243,090
140,594
$6,935,989
Depreciation, &c
3,052,730
Interest and discount—
206,414
Fed. income & profits tax
577,049
Loss from non-oper. of
Earnings
1395
$6,920,343
Operating profit
ore
(& Subs.)—Earnings—
1936
1937
July of last year.—V. 144, p. 4342.
Derby Gas & Electric Corp. (& Subs.)—Earnings—
The directors have declared an interim dividend of 25 cents per share on
the common stock, par $5, payable Oct. 1 to holders of record Sept. 13.
p.
as
ascertained,
160,000
Res. for add'l excise taxes
Net
61,046
undistributed
Total income
'
year
1936.
No provision has been made in respect to such
for that portion of the above period falling within the calendar year
tax
Co.—Earnings—
6 Months Ended June 30—
Net profit after deprec., int. & Fed. inc. taxes, but
without provision for undistributed profits tax._
Earnings
—V.
per
145,
share
p.
on
193,844 shs. capital stock..
1937
$521,546
$2.69
1936
$356,255
$1.84
108.
Devonian Oil Co.—Extra Dividend—
The directors have declared an extra dividend of 25 cents per share in
addition to a regular quarterly dividend of like amount on the common
stock, par $10, both payable Sept. 15 to holders of record Aug. 31.Similar
amounts were
paid on June 15, last.—V. 144,
p.
3497.
Stockholders will vote on
two
for
one
and
to issue
Sept. 2 on proposals to split the common stock
$2,500,000 in convertible cumulative preferred
stock«
The funds obtained from the sale of the preferred stock will oe used for
working capital and for the repayment of $600,000 in outstanding bank loans.
No expansion program is planned, officials said, present factory capacity
being ample.
Dewey & Almy Chemical Co.—To Recapitalize—
A 3-for-l split of
the
common
stock features the revised plan for simplifi¬
cation of the company's capital structure,
Dewey, President, in
a
it was announced by Bradley
letter mailed to stockholders on Aug. 19.
A meet¬
ing has been called for Aug. 27 to pass on the plan as now proposed
directors.
by the
An important change in the plan provides that the new?$5 convertible
preferred is to be offered solely to present holders of prior preference ana
class B preferred stocks with no sale of th e new preferred for cash;
A maxi¬
mum of $22,500 shares of the new
preferred is to be authorized for exchange
on a share-for-share basis for present holdings of prior preference and class &
?referred. Mr. Dewey states thatwill is anticipated that fromexchanges,
15,000 to
7k000 shares of the
preferred it be outstanding after all
new
if the recommendations of the directors are approved.
Under the plan, holders of prior preference accepting the exchange will
also receive one-quarter of a share of new common, after the 3-for-l split,
for each share of present stock.
Holders of class B preferred will receive
one-half share of new common on the same basis.
The new $5 preferred will be convertible, under the
of the new common until April 1, 1940, and thereafter
three shares of
new
1255
Financial Chronicle
Volume 145
plan, into four shares
to Sept. 1, 1941, into
Assets—
Liabilities—
Cash
$3 ,339,515
U. 8. Government securities,
a Notes & accounts receivable
847,812
Inventories
6
,458,394
,278,534
Claims
35,473
18,909
Investments
Fixed
637,423
with respect to such offering within a few days
following the meeting on
undistributed profits
on
Earnings
per share
145, p. 939.
$290,700
$3.50
_
60,344 shares common stock
on
218,842
Gross prof, from salts—
Direct oper. expenses.__
1934
1933
$854,576
$1,225,656
847,705
186,315
Net profit from oper.
Oth. inc. & deduct, (net)
Prov. for Fed. inc. and
$191,636
18,875
_
undist. profits taxes..
Net income for
1935
$975,161
599,276
225,596
year..
633,905
232,284
1936
loss$ll,612
Cr7,019
$150,286
Crl2,275
loss$4,593
29,861
loss$17,984
16,591
$162,563
1935
Total
$35,682,937
Less
a
reserve
$35,682,937
Total
for doubtful accounts,
b Less reserve for de¬
$148,376.
Exclusive of
1939.
d Repre¬
of $12,686,034 and amortization of $16,891.
$720,000 included in current liabilities, series due Jan. 1,
preciation
sented by 945,000 no par shares.
Note—Accrued dividends on the class A
c
.
preferred capital stock held by
minority interest of the Cliffs Dow Chemical Co., a subsidiary company
consolidated herein, which had not been declared by the board of directors
of that company or provided for in this balance sheet, amounted to $35,724
at May 31, 1937.—V. 145, p. 606.
$139,051
Accounts payable.
Trade accpts. pay.
704,885
370,850
1935
550*985
Cash for red. stock
4,500
4,500
Acer. Fed. taxes__
78,728
52,465
Other liabilities...
$56,790
Acer, sal., wages &
Mdse. inventories.
42,987
308,655
Marketable securs.
64,913
385,213
p.
Weeks—1936
$11,866,144
939.
Driver-Harris
Earnings
Co.—Earnings—
6
Months Ended
1937
June 30,
$289,333
$2.85
share on 89,170 common shares.
p. 2825.
per
144,
356,220
27,242
20,000
22*038
19,551
92,787
72,905
90,263
160,421
398,150
951,058
400,000
($2
stock
Surplus
74,304
724,048
Divco-Twin Truck Co
....$1,919,083 $1,489,167
Total
for depreciation.—V.
144, p. 4004.
—Earnings—
Iron
Ry.—Seeks to Control
Range
1936
1937
&c., but before prov. for Fed. surtax on undis¬
tributed profits
Earns, per sh. on 220,000 shs. cap. stk. (par$l)__
—V. 145, p. 277.
the Interstate Commerce Commission for
the Duluth & Iron Range RR. and the
subsidiaries, through purchase of their
the subsidiaries are situated in Minnesota
and Wisconsin.
Missabe
Duluth
&
Iron
roads under 99-
Range now operates the two
leases.
„,,
,
Duluth will issue and deliver to Minnesota Iron Co.,
$127,860
$0.58
$87,842
$0.39
_
holder of the Iron
Range stock, bonds having a par value of $19,500,000 in exchange for Iron
Range capital stock consisting of 65,000 shares ($100 par) common, and
will deliver to Agate Land Co. a Wisconsin corporation, $500,000 of its
bonds for the outstanding capital stock of Interstate Transfer, consisting
of 5,000 shares ($100 par) common.
Duluth Missabe & Iron Range will subsequently apply to the Commission
for authority to issue the bonds.
United States Steel Corp. is the beneficial owner of 39,763 shares capital
stock of the road.
Morgan Park Co. a U. S. Steel subsidiary, is owner of
the balance of outstanding capital stock.
In its application to the Commission, the road states that acquisition of
the subsidiaries will result in a substantial reduction of fixed charges, taxes,
and Overhead costs and will give unity of control to railroad properties
which
9 Months Ended July 31—
Net profit after depreciation, Federal income taxes.
and have been for some years
are
,,
„
operated as a single system through
& Northern Ry. and the Spirit
lease arrangements.
The Duluth Missabe
Lake Transfer Ry. were consolidated into
Duluth Missabe & Iron Range
July 1 last.—V. 145, p. 277.
Duplan Silk Corp. (& Subs.)—Earnings—
1937
Years End. May 31—
Dixie-Vortex Co.—Earnings—
Earnings for
&
,
135,707
..$1,919,083 $1,498,167
Missabe
The company has applied to
authority to acquire control of
Interstate Transfer
Ry., both
capital stock.
All properties of
year
Deferred Income..
Capital
Duluth
23,102
31,754
par)..
and trademarks.
Other assets
reserve
29*861
comm., &c
Patents,* goodwill,
Total
$261,051
54,469
Reserves
50,000
Land, buildings,
equipment, &c_
145,
Ltd.—Sales—
1937—4 Weeks—1936
1937—32
$1,452,738
$1,484,725 $11,997,364
Net income after all charges
loss$l,393
Dividend payable.
Deferred hillings..
Investments
—V
—V.
1936
$57,043
Net
12 Months Ended June 30,
1937
1935
1934
$9,314,777 $10,995,713
x8,093,076
9,144,332
1936
$12,058,087 $10,178,518
xl0,421,646
x8,981,279
sales
Cost of sales..
Net income after interest and Federal income taxes
x$910,488
$2.28
Operating expenses.
772,855
731,024
779,326
884,445
After provision of $55,244 for surtax on undistributed profits.—V. 144,
Operating income
$863,586
117,823
$466,215
100,817
$442,374
$966,936
113,742
$981,409
$567,033
$516,816
Earnings per share
on
202,916 shares
common
stock
3835.
Other income
Dobeckmun
Co.—Listing and Registration—
listing and registration.—V. 145,
p.
939.
Foreign Investors Corp.—Earnings—
Years Ended June 30
Dividends and interest received
General expenses
1936
$48,797
3,991
3,769
3,835
8,015
$45,535
4,440
4,924
$57,589
Net profit
$417,348
141,408
266,933
z$414,817
141,522
261,675
$659,564
142,806
259,825
$697,668
141,408
270,000
$36,948
$36,171
on
undist. profitsi
1935
$65,349
Interest paid on loans.
72,951
$1,080,678
265,206
51,908
104,000
y76,733
Surtax
1937
74,442
See
See
a98,742
138,000
47,000
Federal taxes
Domestic &
;
33,267
68,733
See
Depreciation
Deductions
The New York Curb Exchange has admitted the common stock, $1 par,
to
26,420
9,453,743
Subsidiaries—
Liabilities—
hand and
deposit
Receivables
p.
cum.
Capital surplus arising from
acquisition of sub. cos—.
surplus
Earnings for
Consolidated Balance Sheet Dec. 31
Assets—
x
215,933
904,419
and damage claims
20,000
$152,761
Dividends
After
5,000,000
1951
Reserve for fire & accident in¬
Earned
$580,535
407,501
191,018
1936
Admin. & gen. expenses.
a
1,
15-year 3% debs., due Dec.
pref. capital stock
2,969,200
($100 par)
12,685,000
Common capital stock
Dominion Stores,
Calendar Years—
a
15,000
720,000
Serial notes, 2M%
c
5.
Period Ended Aug. 7—
Sales
Dictograph Products Co. (& Subs.)- -Earnings
on
300,517
a
Earnings for 6 Months Ended June 30, 1937
Approximate net profit after all charges but before provision for
on
910,152
income taxes
surance
the company for
Aug. 27.
Cash
720,000
1938
Jan. 1,
Minority int. of sub. cos
amounts expended in calling for redemption all present prior preference and
preferred stocks which have not been exchanged under the plan, and to
provide additional working capital for expansion of the business.
Provided
the plan is approved, the company proposes to file a regilstration statement
_
$1,681,360
81,194
Other taxes accrued
21 ,848,034
assets
Deferred charges
common.
shares for cash.
Proceeds of this offering would be used to reimburse
taxes
Empi's' compensation awards
Serial notes, 2 ^%, series due
Accrued Interest payable
sales of houses & lots..
on
payable
Accounts
Federal
against
banks
In
liquidation (hrs. res.)
Receivable from individuals
Following the split-up, the stock previously designated as class A common
will be classified as common stock and the voting common will becmne
class B common stock, according to the proposeci plan.
An authorized
total of 350,000 shares of new common is provided, of which approximately
265,000 shares, including class B stock, are to be outstanding after these
exchanges and following a public offering of up to 80,000 of the new common
—V.
1937
Consolidated Balance Sheet May 31,
Net
income
dividends
Preferred
Common dividends
x
x
x
is to permit conversion by U. S.
$9,007
$11,620
$256,933
270,000
270,000
270,000
$2.06
$1.02
$1.01
$1.84
x Including depreciation of $270,321 in 1937, $265,900 in 1936 and $266,334 in 1935.
y Represented as follows: Share of net losses of current and
prior years of Apex Oriental Corp., 50% owned, and New Madison Corp.,
wholly owned subsidiary, not consolidated, $40,704, and other deductions,
$36,028.
z Does not include $13,979 loss of New Madison Corp., wholly
owhed, and $11,718 share of loss of Apex Oriental Corp., 50% owned.
a
Represented as follows: Share of loss of current year of Apex Oriental
Corp., 50% owned, and loss under leasehold of New Madison Corp., wholly
owned subsidiary dissolved on May 29, 1937, $50,409; and other deductions
Dominion Steel.
of
-Y. 144, p. 2825.
Balance
Shs.com.stk.out. (no par)
$286,260
270,000
Earnings per share.
Dominion Steel & Coal
Corp.—Stock Increased—
Stockholders at a recent special meeting approved an increased in au¬
thorized share capital by the addition of 80,000 common class B shares
$25 par value.
In reply to stockholders.
A Cross, President explained that in connec¬
with acquisition of four Canadian plants from United States Steel
Co., bonds secured on the plants were being given to U. S. Steel which
tion
bonds are convertible into common stock
authorized share capital of Dominion Steel
Steel of these bonds into common stock of
Vote on the by-law permitting increase
of Dominion Steel.
Increase in
in authorized share capital was
218,952 shares in favor and 20 shares opposed.
See also United States Steel Corp. below.—V. 145, p.
Dow Chemical Co.
757.
(& Subs.)—Earnings$25,578,911
16,181,082
Gross profit
Selling and administrative expenses
depreciation
$9,397,829
1,477,121
1,839,783
operations
Fixed assets
Common
Gross income
$6,694,466
Research and experimental expenses
936,047
Interest & amortization of discount on serial notes & debentures
158,575
Cash discounts allowed
252,865
Purchase of annuities for employees
Provision for uncollectible accounts and miscellaneous
a Provision for Federal income taxes
(incl. $171,835 surtax on
undistributed profits)
of
profits and losses
,
311,851
139,878
893,439
d Common stock
Accounts
Accrued payrolls
Earned surplus
capital stock dividends..
per
$4,089,113
163,845
2,882,250
$1,043,018
share on 945,000 (no par) common shares
Including $171,835 surtax
on
225,350
83,000
2,715,857
$7,215,276 $6,431,808
Total
b 2,067 shares sold to employees in June 1936.
by 270,000 shares no par value.—Y. 144, p. 103.
(E. I.) du Pont de Nemours & Co.,
The directors on
Inc.—Interim Div.—
Aug. 16 declared a third quarterly interim
dividend for
1937 of $1.50 per share on the common stock, payable Sept. 15 to holders of
record Aug. 25.
A dividend of $2 was paid on June 15, last: one of 75 cents
share was paid on March 15 last; a year-end dividend of $2 was paid on
15, 1936, and prior thereto regular quarterly dividends of 90 cents
share were distributed.
In addition, an extra dividend of 70 cents
was paid on Sept. 15 and June 15, 1936, and an extra dividend of 35 cents
was paid on Sept. 14, 1935.—V. 145. p. 758.
per
Dec.
per
Duro-Test
Cr87,304
Balance
a
241,109
222,719
3,002,117
After depreciation,
Corp.—Interim Dividend—
declared an interim dividend of 173^ cents per share
payable Sept. 25 to holders of record Sept. 15.
A
15 last, and each three months pre¬
viously.
In addition, an extra dividend of 23^ cents per share was paid on
Dec. 15, 1936.
Maxwell M. Bilofsky, President of the company, stated that its fiscal
year ends Oct. 31 and there'may be an additional extra dividend before the
end of this fiscal year.—V. 145, p. 606.
The directors have
Earnings
&
taxes
Prov. for Fed. tax.
of subsidiary
Net income for the year...
Preferred capital stock dividends
Common
$1,767,600 $1,767,600
1,350,000
1,350,000
payable.
631,730
290,000
8% pref. stock
$7,215,276 $6,431,808
Total
a
1,663,487
368,267
3.105,106
61,550
1936
1937
Liabilities—
1936
$428,463
781,163
b23,770
stock—
d Represented
$6,080,925
613,541
Other income
Minority interests' share
companies (net loss)
232,998
3,185,270
Deferred charges__
60,807
a
Provision for
Profit from
Consolidated Balance Sheet May 31
1937
Cash
$409,367
Accts. receivable.. 1,112,961
Inventories
2,213,873
Investments
Earnings for the Year Ended May 31, 1937
Sales (net of returns, allowances and freight)
Cost of sales
J,
$48,333.
Assets—
undistributed profits.
$4.15
on
the common stock,
dividend of 10 cents was paid on June
1256
Financial
Eastman Kodak
24 Weeks Ended—
sales
June 13 *36
June 15 '35
June 16 '34
$61,273,205 $51,121,175 $46,927,867
44,789,616
3 8,876,156
36,219,379
2,959,088
2,959,063
2,932,215
Costs and expenses
Depreciation
Aug. 21, 1937
Balance Sheet at June 30, 1937
Co.—Earnings—
June 12 '37
Net
Chronicle
(Expressed in Canadian
translated
on
currency, United States currency items being
the basis of dollar for dollar.)
Assets—
Liabilities—
Investments at book value.-$24,48^,070
Inv. in subs, at book value..
,
Income from opera'n_$13,524,501
Int. & divs. receivable._
458,753
Other income
87,648
$9,285,956
449,269
27,854
$7,776,273
558,933
247,438
$9,763,079
1,746,144
$8,582,644
1,337,783
111,309
393,698
$7,225,349
596,342
95,347
Dividends receivable
$14,070,902
Fed. & for. income taxes
2,547,352
Other charges
107,257
valued at gold ratio estab¬
_.
Cash with bankers & on hand
6,311,645
3,068,589
311,490
Bank loan
415,000
Sundry creditors
9,471
Accrued Interest
610
Accrued expenses.
Profit
Profit
,
$7,917,038
1,445,681
257,553
5,000,000
Earned sur. at June 30,1937.
Due to sub. companies.
671,581
26,296
89,275
debtors
Sundry
$13,143,220
Capital surplus (original paidin surplus)
Lire funds on deposit In Italy
lished on Oct. 5, 1936
Total income
Common stock class A
Common stock class B
2,332,711
657,137
on
$11,416,293
sales of secur's.
58,773
Netprofit
Earns, per sh.
921 shs.
$7,905,626
176,244
$6,213,804
531,872
$8,081,870
$7,048,951
$6,745,676
$3.51
-$11,475,066
$6,851,163
197,788
$3.05
$2.91
2,250,stock (no
on
com.
par)
Total..
$28,265,068 |
5,044
Total
$28,265,068
Note—There are outstanding option warrants to
purchase 2,299,940
shares of class A common stock (as such stock may be constituted at the
time of exercise of such warrants) at any time after
April 1, 1930, at
$5.01
__
Note—No provision was made for Federal surtax
a
price of $15 United States currency,
undistributed profits.
on
—Y. 145, p. 434.
(nut in no event less than the par
Canadian currency at the time of payment).
Of
value of such shares in
the
option warrants outstanding,
122
being held by the corporation
144,
are
for the account of holders of certificates for fractional warrants.—V.
4005.
p.
§ Ebasco Services, Inc.—Weekly Input—
For the week ended Aug. 12, 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 &
compared with the corresponding week during 1936,
Light Co., as
Increase
Operating Subsidiaries of
1937
1936
American Power & Light Co___116,978,000
113,892,000
Electric Power & Light Corp._.
National Power & Light Co....
60,564,000
79,587,000
—V. 145, p. 1097.
follows:
was as
Amount
3,086,000
8,259,000
6,157,000
52,305,000
73,430,000
Pet.
2.7
15.8
8.4
Evans Wallower Lead
Co.—Recapitalization Voted—
Directors have approved a plan of reorganization under which assets of
the present company will be sold to a new Delaware
corporation with an
authorized capital of 380,000 common shares of $5
par value.
The new
corporation will issue 100,000 of these new shares in exchange for all assets
of the present company.
A stockholders meeting has been called for Sept.
15 to vote on the plan.
Holders of 7 % preferred stock of present
company will receive four new
common shares for each share held and holders of
present common will
receive warrants to subscribe to 1-10 new common share for each share held
at prices ranging from $10 a share on or before Dec.
31, 1938, to $20 a
share on or before Dec. 31, 1942.
A total of 61,495 shares are covered
by
these warrants.
Electrographic Corp.—Earnings—
In addition, it is stated that if
6 Months Ended June 30—
Net income after all charges, incl. deprec. & taxes.
Earnings per share on common stock
—V. 145, P. 110.
El Paso Natural Gas Co.—To
1937
$254,797
$1.95
underwriting 200,000 additional
1936
$185,213
$1.37
Pay Larger Dividend—
The directors have declared a
quarterly cash
on the common
stock, par $3,
dividend of 50 cents per
payable Oct. 1 to holders of record
Sept. 20.
Dividends of 40 cents per share were paid on
July 1 and April 1
last and on Dec. 29, 1936, this latter
being the initial distribution on the $3
par common shares.
The company is notifying holders of its
4H% convertible debentures
due June 1, 1946, and its common stock
purchase warrants that, in order to
participate in the current dividend they must surrender such
debentures
share
for conversion
exercise such warrants prior to the close of
business
or
Sept. 20.
on
Earnings for Period Ended June 30
Earns, for
1937—Month—1936
„
com.
after
surp.
divs.
Fed.
&
1937—12 Mos.—1936
$102,935
$41,891
x$l,380,444
$569,129
Equivalent to 2.36 per share on 584,798 common shares.
For the six months ended June 30,
1937, earnings for common dividends
and surplus were $843,160.40, after normal Federal income
x
$1.44 per share
on
the
taxes, equivalent
stock outstanding on June
common
V. 145, p. 434.
30, 1937—
new
common
be obtained for
shares, rights will be issued
and of the
old 7% preferred who have not
The rights will entitle new common
holders to subscribe to two new additional common shares for each share
held and old preferred holders to subscribe to eight new common shares at
common
price to be determined later by the board.
Company's report for six months ended June 30, 1937, subject to audit
and year-end adjustments, shows net loss of
$17,857 after depreciation,
depletion, amortization, surplus adjustments, &c.
Earnings for Six Months Ending June 30,
on operations, Tri-States Mines Division
Miscellaneous, income, discounts, &c
1937
Profit
$36,067
1,661
Total
$37,728
General adminis., corporation & shut-down
expenses.
Depreciation, depletion & amortization
Expenses moving equipment from Monsanto
Zinc division adjustments to surplus—1937
Mining division adjustments to surplus—1937
26,583
26,762
1,617
150
474
Net loss, six months ending June 30,1937.
-V. 141, p. 918.
Ex-Cell-O Corp.-
1937—3 Mos.—1936
1937—6 Mos.—1936
profit after charges
Federal
income
taxes, but exclusive of
directors
have declared a dividend of 50 cents
per share on the
partic. stock, no par value, payable Sept. 15 to holders of
record Sept. 1.
A like payment was made on June 15 and March 15
last,
Dec. 15, and on Oct. 1.
A divident of 40 cents per share was
paid on July
1 and March 16, 1936, and compares with 75 cents
paid on Nov. 9, 1935,
and 50 cents paid on May 20,
1935, and on Nov. 10, 1934.
cum.
surtax
Shs.
or 56 cents per share were made on
this issue Jan. 1 and
April 1,
1932; none thereafter until May 10, 1934, when a dividend of
50 cents
per share was made.
A record of dividends paid on the partic. stock follows:
July, 1926, 40c.; Oct., 1926 to Oct., 1927, 50c. quar.;
July, 1928 to
April, 1930, 50c. quar.; July, 1930, $3.04; Oct.,
1930, 56c.; year 1931,
$2.25; year 1932, $1.12.—V. 144, p. 3498.
$175,211
$131,655
$284,048
$133,877
386,848
$0.45
381,003
$0.34
386.848
$0.73
381,003
$0.35
of
($3 par) capital
outstanding
Earnings per share
—V. 144, p. 4005.
stock
Quarterly
distributions
$17,857
•Earnings—
Period End. June 30—
Net
Empire Power Corp.—Accumulated Dividend—
The
new
can
previously exchanged their shares.
and
$2.25
of the
firm commitment
inc.
taxes...
to
holders
a
Exchange Buffet Corp.— -Earning
Years End. Apr. 30—
1937
Depreciation
1936
$2,579,952
116,716
102,425
Gross profits
$2,802,964
1935
Interest
1934
$2,896,184
loss$67,700
106,790
Cr3,905
140,756
103,313
Cr55 5
$3,272,970
8,274
123,805
(7r4,942
Fed'l inc., cap. stk. and
Equity Corp.—Net Assets—
The corporation states that net assets at June
30, 1937, were equivalent
about $8,273.65 per $1,000 principal amount of
assumed debentures,
per preferred share and $2.24 per common share.
In this calculation the preferred stocks of
American General Corp., a
subsidiary, were taken at market bid quotations and the common stock at
its net asset amount.
The investment in General
Reinsurance Corp. was
taken at market bid quotation.
The net assets on June 30,
process'g taxes & State
& municipal taxes
a29,280
15,221
13,745
11,796
$14,990
prof$22,776
$184,331
$122,384
15,256
$14,990
sur$22,776
$184,331
$137,640
244,554
244,504
$0.09
244,104
244,104
Nil
Nil
to
$90.42
1936,
were
—V. 144, p. 4343.
equal to $2.10
per common share.
Net loss.
Dividends
Deficit
Shares capital stock out¬
standing (no par)
Earnings per share
a
Eureka Vacuum Cleaner
6 Mos. End. June 30—
Net profit after taxes, de¬
preciation & charges-_
Shares
com.
standing
Earnings
x
stock
x$103,704
$146,025
240,535
$0.65
240,595
$0.49
244,907
$0.60
profit
(realized)
than lire
on
or
receivable in cash
$1,193,777
foreign exchange transactions, other
659
__
Total
Fees of transfer agents, registrars,
trustees, &c., & legal exps__
Directors' fees
Administrative and general expenses
Miscellaneous taxes
Profit
on
$1,194,436
2,995
2,000
17,466
849
Interest paid or payable
on exchange on lire conversions
9,332
14,101
Loss
Profit
items being
dollar.)
Dividends (net) and interest received
Net
$1,147,694
6,741
__
sales of investments
Balance of profits
Earned surplus at Jan. 1, 1937
Prior year adjustments
778,644
50,000
Equip. & fixtures.
819,037
37,000
44,529
10,906
Accts.
$1,154,435
2,470,791
Dr 12,340
receivable-
1937
Capital stock
1936
$855,939 $1,222,520
Accounts payable.
Prov. for Fed. inc.
b215,067
178,046
207,789
14,990
4,460
103,481
262,448
$1,263,806
$1,246,059
tax
61,863
Capital surplus.._
13,772
Deficit
Funds deposited in
escrow
18,428
317,365
310*552
16,539
31,226
$1,263,806
$1,246,059
Deferred charges..
a
currency
$1
Inventories
European Electric Corp., Ltd. (of Canada)—Earnings
the basis of dollar for
Liabilities—
$1
Mortgage bonds_.
on
Earnings for 6 Months Ended June 30, 1937
(Expressed in Canadian currency, United States
on
1936
a
holds
$118,117
undistributed profits.
For the quarter ended June 30,
1937, net profit was $44,384, equal to
18 cents a share, comparing with
$72,949. or 30 cents a share, in June quar¬
ter of 1936.—V. 144, p. 4005.
translated
1937
1934
$155,862
240,395
$0.43
share
Before surtax
Assets—
1935
out¬
(par $5)
per
1936
years.
Comparative Balance Sheet April 30
Co.—Earnings—
1937
Nil
Including $5,835 in respect of prior
•
«
■
Total
Represented by 244,554 no par shares in 1937 and 244,504 in
1936.
b Including $18,428 payable out of funds deposited in
escrow, also includes
taxes.—V. 144, p. 1599.
Exeter Oil Co.,
Ltd.—Earnings—
3 Mos. End. June 30—
1937
Operating profit before
fixed charges
Net after depr., depl., &c
'
$16,877
7,438
1936
$14,838
9,469
1935
1934
$13,593
8,552
$10,459
362
Balance Sheet June 30
Assets—
1936
1937
Current assets
Liabilities—
$325,022
92,000
$349,336
225,000
800
800
1,150,059
1,110,917
Notes receivable..
Investments...
Property
Franchise
1
500
exp.
1
1
Prep. & def. chgs.
4,192
1937
Current liabilities.
Purch.
obligations
Reserves
Class A stock
Class B stock
1936
$105,868
2,452
709,259
790,291
$182,791
3,119
756,631
790,100
8,152
4,027
Organization
Total
$1,572,075 $1,690,581
Deficit
Total
8,152
43,946
50,212
$1,572,075 $1,690,581
—V. 144, p. 3499.
Total
$3,612,885
544,297
Dividends paid
Profit and loss and earned surplus at June
30, 1937-
--
$3,068,589
(The) Fair, Chicago—Earnings—
6 Months Ended July 31—
Net sales.
Note—Lire dividends and interest are included at the
gold ratio estab¬
lished on Oct. 5, 1936, viz.;
5.2634 cents equal to one lira.
Other receipts
inlforeign currencies are included at the rate of exchange prevailing on
the date of collection.
f
Up to Dec. 31, 1936, profits or losses on the sale of nvestments were
Net loss after interest, deprec., &c_
—V. 144, p. 3837.
computed on the "first-in first-out" principle.
As from Jan. 1, 1937,
however, the corporation has followed the policy of booking out investments
sold at the average cost of the secerities in
question and the resulting
profit has been credited to income.
Sales
.
1937
$8,463,278
6,269
1936
$8,043,578
prof21,466
1935
$7,548,637
74,532
Fanny Farmer Candy Shops, Inc.— ■Earnings—
Period End. July 31—
Profit
after
deprec.
before Fed. inc. taxes.
—Y.
145,
p.
941.
1937—Month—1936
$375,407
$323,038
1937—7 Mos.—1936
$3,410,405
$2,851,036
but
14,563
3,488
355,433
236,621
1257
Financial Chronicle
Volume 145
May'JSl
Consolidated Income Account Years Ended
Federal Motor Truck Co. (&
l.
Before surtax
$124,418
x$123,095
undistributed profits.—V. 145, P.
on
759.
x$505,368
x$678,250
155,665
151,744
179,547
181,902
183,456
year..loss$473,817 loss$869,976
$167,800
150,000
$333,550
300,000
563
assets
First National Stores,
►
$1,211,502
262,285
142,382
and Federax taxes
Depreciation
Federal taxes
Loss
Inc.—Earnings—
Quarter Ended—•
June 26 '37 June 27 *36 June
Net profit before deprec.
29 '35 June 30
Kp.
„
104,350
...
Net earns, for
Divs. paid on pref. stock
Note—No provision made for
—V. 144, p. 4006.
Fisk Rubber Corp.
$731,459
$928,078
816,567
$1.08
$806,835
817,065
$0.93
Shs.com.stk.out.(no par)
Federal surtax on
$1,088,515
816,067
815,067
$0.84
$1.23
undistributed profits.
'
.
at that
sheet
6 Months Ended June 30—
Flintkote Co.
(& Subs.)—Earnings—
28 Wcclcs Ended
Period—
July
17 '37 July 18
—
'36
****
Flour Mills of America,
accompanying the annual report, R. "W.
Hoffman, President, outlined certain changes which stockholders approved
at the annual meeting held July 21.
Mr. Hoffman in his remarks said
in.part:
Recommended Changes in Book Accounts—Many changes have taken
In bis remarks to stockholders
Siace in our industrial and economicgrowing movement towards the establife since the formation of this company
1936.
One of these, is in the
i
of more
uniform
the practice of accounting,
standards in
and
greatly added impetus has been given to this trend by the attitude expressed
and the regulations promulgated, by the Securities and Exchange Com¬
mission.
In our opinion the development of generally accepted principles
and practices by corporations in their methods of reporting to their security
holders will be distinctly advantageous to all investors and will make
evaluations by them more simple and more accurate.
With this thought in mind, and with a view to setting forth in our statement
what, in the opinion of the management, more nearly portrays the present
status of the company, various adjustments in our accounts, as suggested
by our auditors, are recommended by the directors for approval by the
stockholders at the annual meeting to be held in Baltimore, Md., on
July 21. 1937.
The contemplated adjustments are outlined below and the effect of tbem
appears in the pro-forma balance sheet as of June 1, 1937 (see below).
Fixed Assets—The management is not prepared to attest to the current
valuation of its properties, but believes that the net values of them as
now appearing on the books should be reduced, and an average write-down
of approximately 14M % on land and land sites, 16% on operation properties,
46% on non-operating properties, as well as an elimination of the appraised
values for water rights, is advocated.
These reductions will result in
lowering the total property account by $1,537,285.
Depreciation—In conjunction with the adjustments in the fixed asset
accounts, a new policy of depreciation would be adopted conforming to
them, and which, if applicable in the last fiscal year, would have increased
the net amount of depreciation charged by about $9,500.
Surplus Accounts—Obviously the changes above outlined will be reflected
in the surplus accounts, which now will be subject to further adjustments
as shown in the pro-forma balance sheet, and which, in the future, will be
treated in accordance with the provisions stated in the letter from Arthur
Young & Co.
The contemplated adjustments include:
(1) Further reduction of $1,000,000 in the stated value of the capital
stock of Kansas Flour Mills Corp. and the credit of a like amount to the
capital surplus of that company.
Although, as stated in the heading of
the pro-forma balance sheet, this transaction will also reduce the capital
surplus of the holding company by $1,000,000, it will have no effect upon
the consolidated capital surplus of Flour Mills of America, Inc., nor will
it have any effect upon the financial condition of that company.
(2) Transfer a charge of $332,500 note discount set up at the formation
of the company in 1926, from the capital surplus to the earned surplus.
When the company's books were originally opened this charge was made
against the capital surplus account in accordance with the general practice
then prevalent, but, as currently accepted standards of accountancy require
gold note discount to be absorbed in the earned surplus account, the present
occasion seems to offer a favorable opportunity to readjust this entry.
capital surplus to earned surplus items to the total amount
$221,100 representing losses on disposal of fixed assets which during
the company's life had been charged to the capital surplus account.
(3) Transfer the accumulated deficit in the earned surplus account as
adjusted on the pro-forma statements to capital surplus.
(4) Charge capital surplus with $1,537,285 reduction in fixed assets
arising from the write-down previously mentioned.
In addition to the suggested adjustment cited it will be noted that
certain other changes have been made in the form in which the balance
sheet is presented, particularly with respect to the segregation of operating
properties and non-operating properties in the fixed asset account.
The management believes that the changes made and the adjustments
will give security holders a better and truer conception of company's
assets and of its condition and that the more complete and inore con¬
servative statement will be appreciated.
giving
effect
to
proposed
annual meeting
assets...$3,062,259
4,258,541
185,061
Other assets
July 21]
Fonda Johnstown & Gloversville
Net
Tax
615,943
$7,505,861
Total
connection with income taxes, special customers' claims and damage
claims, $173,935; in respect of processing taxes, $587,431; for insurance,
308,163.
Capital
31. 1937, per consol. balance sheet--
Earned
$3,021,936 def$868,707
Proposed changes:
on sale of convertible gold notes
$332,500
disposal of fixed assets
221,100
Transfer to capital surplus of adjusted consolidated
earned surplus-deficit
def1,422,308
Discount
on
$55,858
28,223
$32,927
18,644
loss$6,110
4,733
$27,634
7,066
$14,282
6,404
$6,399
loss$l,376
$34,701
$20,687
14,112
13,759
Gross income
,
inc.
(incl. interest accruals
outst. funded debt)
on
98,949
99,322
$15,135
$64,620
$78,262
*
Transfer of retirement pension charges since Jan. 1, 1937, to "taxes,"
authority Interstate Commerce Commission.—V. 145, p. 608.
$7,712
Net deficit
Formica Insulation
1935
x$103,946
1934
$62,797
1936
x$129,277
$37,393
profit after charges
Net
and Federal taxes
180,000
Earns, per sh. on
no
.
.
$0.72
shs. cap. stock-
par
for Federal surtax on
Before provision
x
Co.—Earnings—
1937
6 Mos. End. June 30—
$0.58
$0.34
$0.20
undistributed profits.—V. 145,
278.
p.
Corp.—Earnings—
Franklin Rayon
1937—12 Mos.—1936
1937—6 Mos.—1936
Period End. June 30—
Net profit after all chgs.,
incl. deprec., & est.
Fed.
and undist.
inc.
per
loss$3,046
$149,113
profit taxes.
Earnings
share
$337,519
$131,271
on
Nil
$1.54
$0.57
For the quarter ended June 30, 1937, there was a net profit of $45,448
after all charges, including depreciation and estimated Federal income and
undistributed profit taxes.—Y. 145, p. 1098.
common
$0.68
stock
Fruehauf Trailer Co. (&
Subs.)—Earnings—
Earnings for 3 Months Ended
March 31, 1937
Net income after depreciation, normal Federal and Canadian
income taxes, but before surtax on undistributed profits
$174,801
—V. 145, p. 760.
Industrial Securities Corp.—Registers with
first page of this department—V. 135, p. 994.
Fulton
SEC
See list given on
Subs.)—Earnings—
Gamewell Co. (&
Years End. May
-
Cost of sales
r
before depr.
1,050,447
adm. exp.
Not
Available
$864,452
932,940
$1,392,521
profit
Gross
Sell., & gen. &
$4,657,170
3,264,649
1934
1935
1936
$3,137,938
2,273,486
1937
31—
Net sales
$342,074
58,178
x$68,487;
58,435
85,311
x$168,780
96,553
$400,252
Other income.
x$10,052
102,828
12,504
x$143,926
110,498
x$72,227
110,342
107,181
Depreciation —
Fed. & Canadian taxes.
y43,331
_
& cap. assets
for items chgd. to
x$229,237
""721
Loss on inv.
Cr38,801
------
x$125,385
x$255,145
32,967
x$182,569
144,411
$125,385
$288,542
Net income—
$288,112
$326,980
231.660
sur$56,882
Consolidated Balance Sheet May 31
def332,500
def221,100
$74,239
234,934
1,083,834
816,167
1,790,188
528,566
1,277,861
6,683
8,601
49,150
91,756
tract (not
145,175
other assets
487,373
593,844
138,413
391,228
1,804,886
1,723,174
&
-
Munic. rental con¬
tracts
Cost of
contracts
bal. sheet)$615,943
Canadian taxes
.
$204,848
53,345
18,461
4,772
contracts
Unrealized inc. on
instal.
accts.
notes
&
receivable
Preferred stock
uncompl'd
munic.
$381,821
Adv. payments on
accounts
rec., less reserve
Inventories
payable
Res. for U. S. &
& munic. securs.
at cost
Notes
Accounts
& accrued
S. Gov., State
x
Common stock..
Surplus
•
-
85,362
47,134
1,916,295
3,549,294
1,939,500
4,176,349
255,066 def397,092
under lease con¬
curr.)
Def. receivables &
Other
investments
Deferred charges..
Capital assets.Pat. & franchises-
def1,537,285
def$2,405,993
1936
148,548
Cash.
U.
y
1,422,308
1937
Liabilities—
1936
1937
$179,140
Assets—
Total
loss$3,459
2,650
loss$140
6,540
Deduc'ns from gross
Eq. sold to
Balance June 1, 1937 (per pro forma
$7,728
*7,869
accruals
Operating income
Consolidated Surplus-Deficit—May 31, 1937
Reduction in book value of fixed assets
$340,534
307,606
Other income
500,000
surplus...
by the management as of June 1, 1937, from sound
appraisals in 1924 and 1925:
Real estate and land sites, $339,496;
operating plants (railroad sidings, $8,135; buildings, $2,293,623; machinery
and
equipment,
$968,662)
$3,270,422; office furniture and fixtures,
$2,414; autos and trucks, $1,926; non-operating buildings, machinery and
equipment, $644,280.
b For contingencies existing at June 1, 1937, in
Loss
$341,097
285,239
from oper_.
revs,
RR.—Earnings—
1937—7 Mos.—1936
1937—Month—1936
$42,112
$37,611
*34,383
41,070
Period End. July 31—
Operating revenues
Operating expenses
As written down
Balance May
$9,043,146 $9,794,057
Total
Represented by 500,000 shares of $1 par.
y 25,000 shares of no par
value,
z After reserve for doubtful anotes nd accounts of $23,491 in 1937
and $17,141 in 1936—V. 143, p. 1398.
$143,387
values per
Reconciliation of
3,020,041
401,452
868,708
Earned deficit
1,069,531
b Reserves
$7,505,861
500,000
3,021,936
Capital surplus
x
6>£% convertible gold notes.. 2,677,000
Preferred stock
2,500,000
Capital
a
$8 pref. stock
Common stock..
Preferred dividends
Current and accrued llabils
Common stock
Total
y
x
$9,043,146 $9,794,057
Total
at
Liabilities—
Assets—
Current and working
a
Fixed assets
322,497
1,906,628
5,871,672
264,346
185,061
2,800,000
2,500,000
500,000
2,500,000
315,140
Sheet—June 1, 1937
changes approved by stockholders
9,500
1,234,102
1,069,531
2,677,000
debt.—.
1,763,205
5,795,826
Other assets
Adj.
Pro Forma Condensed Consolidated Balance
Bonded
Fixed assets
Transfer from
of
[After
30,223
.
Federal
for
Other reserves
Notes & accounts
Inc.—Changes in Book Accounts,
cfee., Approved by Stockholders—
$59,132
72,733
income tax
116,457
41,368
100,864
receivable
Federal, State & for'n
$1,156,243
$1,358,868
$471,399
taxes, &c
$659,233
Earns, per share on com¬
$1.73
mon stock (no par)
$0.98
$0.70
$2.03
Note—No provision made for Federal surtax.—V. 144, p. 2826.
1936
79,653
Res.
in banks for col¬
lection
_
July'H *37 July 18 '36
1937
Liabilities—
&
Inventories
-52 Weeks Ended-
Net profit after deprec.,
ishment
hand
on
$63,734
Acer. int. & taxes.
$852,827 $1,271,087
Drafts
Marginal deposits
3499.
in the balance
CActual)
Accounts payable.
1936
1937
Assets—
Cash
z
.
date, less certain expenses incidental thereto, appears
a reserve pending final adjustment.
as
Consolidated Balance Sheet May 31
1937
1936
$9,147,995 $5,427,258
x435,962 lossl41.418
Earnings p<.r share on common stock
$0.75
Nil
x No provision has been made for Federal surtax on undistributed profits.
accrued during the
$687,957, representing the unpaid levy
aggregating
fiscal year to Jan. 6, 1936, imposed by Agricultural Adjustment Act, which
was declared unconstitutional on Jan. 6, 1936.
The total amount unpaid
(& Subs.)—Earnings—
Net sales, less returns and allowances
Net profit after charges and Fed. income taxes—
p.
9,500
Includes non-recurring income of $266,281 in 1935 and $273,153 in 1934.
Note—Included in the figures for year ended May 31, 1936, are amounts
_
„
Earned per share
144,
174,005
Prov. for Federal tax
x
Net profit after depr.
and Federal taxes-.
—V.
125
membership
Interest
$1,559,085
287,867
182,703
$1,115,637
279,828
$1,361,656
267,334
166,244
sale of Board of
on
Trade
*34
1934
1935
1937
1936
Earnings from oper
loss$153,941 loss$548,900
Depr. & maint. of bldgs.
mach'y & equipment145,183
141,528
Loss on disposal of fixed
1935
1936
x$76,857
but before Federal income taxes
x
Subs.)—Earnings—
1937
6 Months Ended June 30—
Profit after deprec. & other charges,
$868,707
x
of
1
580,957
80,436
1
$6,245,956 $5,989,202
Represented by 119,304 no par
$1,155,872 in 1937 and
$1,078,^86
Total
$6,245,956 $5,989,202
shares, y After depreciation reserves
in 1936.—V. 144, p. 3332.
1258
Financial
Gannett Co., Inc. (&
Consolidated
Income
Subs.)—Earnings—
Account for
6
Months
Ended
expenses
(including depreciation)
Aug. 21, 1937
ASSGtS"""'
June
$6,784,477 Long-term debt
$2,996,024
297,576 Purchase money obligations &
notes payable
400,661
293,865
133,612 Accounts payable.
82,230
233,525 Fed., State & local taxes, &c_
216,679
99,596 Prov. for exps. Incident to
174,043
financing.
40,000
16,804 Reserve for contingencies
50,000
15,916 Minority interest
30,000
6% preferred stock..
1,730,000
Common stock (par $5)
2,*666,665
Capital surplus
413,076
Investments
Cash
$3,305,179
2,846,994
^
Liabilities—
Prop., plant & equipment...
1937
30,
Net revenue.
Operating
Chronicle
Notes & accts. receivable
Inventories
Net operating profit
Other income
receivable
Accounts
$458,185
161,551
Nots & accts. rec.—not curr.
Deferred charges
Total income.
Goodwill of sub. company...
$619,736
74,652
116,948
Interest, amortization, &c__
Normal Federal income and New York State franchise taxes—
Profit
$428,136
Earned surplus
Common
stock
Equity of Gannett Co., Inc., in undistributed net profits of
controlled companies
172,423
Net profit
$600,559
-
—V. 144, p. 3500.
$8,156,2091
Subs.)—Earnings—
1936
1935
$454,752
9,974
$463,178
$626,338
66,144
17,797
1,490
x89,805
$464,726
55,411
41,597
7,290
45,229
$471,540
Amort, of debt dis. & exp
Prov. for Fed. inc. taxes
$883,336
85,129
24,470
1,223
112,699
$451,102
183,095
$315,199
Dividends paid.
$659,814
261.563
$309,545
88,636
$398,251
209,250
$3.15
$268,007
209,250
$216,734
Surplus
Shs.com.stk.out.(no par)
Earnings per share
.
on
8,363
50,691
54,330
9,660
47,314
98,465
$220,909
196,930
$1.57
196,930
$1.60
$2.15
Includes provision for United States surtax
General American
Period End. June 30—
undistributed profits of
$18,259.
Cash...
Cash
1936
$830,598
on
Liabilities—
$687,827
deposit
with trustee
Receivables
Inventories
Deferred charges..
636,415
1,451,775
208,489
Land, buildings,
equipment, &c. 2,208,361
Trademarks, &c__
1
3,210
532,981
1,018,306
182,701
x
Total
x
1936.
reserve
1937
Accounts payable.
Accruals
1st mtge. 4)^8
1
x
$158,835
174,911
al33,902
700,000
notes..
y
3,209
213,965
213,965
3,095,300
Dr4,715
3,437,003
stock..
Total
Average shares outstanding. —V. 144,
Dr4,715
Official
be in
p.
$2,502,227
1,017,603
no-par shares,
Carpet Corp.—Earnings—
6
Months
Ended
June
30,
1937
on
$1,401,157
72,978
50,987
estimate that net earnings for the 12 months period will
of $120,000 as the volume of business
generally increases in the
1937, reports current assets of $1,161,466, includ¬
ing cash of $53,176 and inventories of $716,736.
This compares with cur¬
rent
liabilities
221.—V.
totaling $595,245 indicating
p. 3500.
144,
a net
working capital of $566,-
undistributed
General Cigar Corp.—Halves Common Dividend—
The
General American Oil Co. of Texas—Stock
Offered—Public
offering by means of a prospectus of 88,333 shares ($5 par)
common
stock was made Aug. 18 by Russell
Maguire &
Co., Inc., New York, at $6.50 per share.
directors
General Electric Co.—
October, 1936,
earnings, based
the U. S.
common stock.
The Finance System was
organized inder the laws of the State of Louisi¬
in July, 1930, and until 1933 was
through stock ownership in Bell General Pipe Line Co., a one-half interest
pipe lines and gathering system of that company; its own refining
facilities; its own casinghead gasoline plant; and its own wholesale marketing
facilities.
Purpose—Corporation will use the $468,748 which it will derive from the
sale of the 83,333 shares, for the
following purposes; $39,710 to pay esti¬
mated expenses of registration and sale of the
corporation's securities;
$146,750 to make immediately the following payments, (1) $50,000 on
account of
principal and $15,000 interest, upon indebtedness to Yandell
Rogers & Rozel Oil Corp.; Tyler, Texas; (2) $48,750 on account of principal
upon indebtedness to Estate of Tom E. Cranfill, Dallas, Texas, and
(3) $33,000 on account of principal on a secured loan incurred
by Gilliland Refining
Co., and $282,287,595 to make payment of (a) $135,000 for estimated
income taxes; (b) $120,000 on account of
principal indebtedness to Producers
Contracting Co. and Producers Supply & Tool Co., and (c) $27,287 for
additional working capital.
5%.
Instituted in
plan provides for automatic increases in employee
the progress of the Cost of Living Index as published by
the
on
Department of Labor.
the half-way mark between each point.
The present index figure of
84.5 thus permits the employee earning increase to 5%.—V. 145, p. 609.
at
General
Finance
Period End. July 31—
Net earns, after all chgs.
.
except surtax on undis.
profits
Shares common stock
Corp.—Earnings—
1937—Month—1936
$84,435
1937—8 Mos—1936
$35,330
Earnings per share
—V. 145, p. 609.
12 Months Ended June 30—
Operating
Operating
Apr. 30— 2 Mos.End. 10 Mos.End.
1936
June 30, *36 Apr.30,''37
43,677
47,031
$4,196,296
$1,250,065
547,872
147,181
58,153
$1,079,038
$256,526
91,457
33,224
17,500
$4,157,513
$1,059,505
480,712
163,186
60,000
$413,535
$753,207
$142,182
$703,898
$267,822
641,800
$0.38
Subs.)—Earnings—
,
revenues
expenses
Maintenance
Provision for retirements
Federal income taxes
Other taxes
1937
1936
$23,633,482 $21,611,811
8,882,634
8,307,105
1,434,756
1,367,064
2,048,815
1,819,645
361,138
201,602
2,604,286
2,287,894
$8,301,853
191,189
$7,628,501
121,830
$8,493,043
6,768,577
$7,750,331
6,931,254
$1,724,465
Other income (net).
$819,077
Annual requirs of Gen. Gas & Elec. Corp:
Int.
on
notes &
Dividends
on
int-bearing scrip, &c
$5 prior pref. stock.
Balance
Earnings for the Period May 1, 1934 to April 30, 1937
$507,688
853,550
$0.56
General Gas & Electric Corp. (&
to
in the
Cost-of-Living Adjustment—
According to the terms of the plan, if the cost of living goes up, 1% is
added to employee's earnings for each point of rise in the index
up to 90.
If the cost of living goes down, adjustments will be made until the index
reaches 80.
The plan further provides that the adjustment may take place
ana
the laws of Louisiana.
General American Oil Co. of Texas,
through the acquisition of the assets
of the Finance System, npw constitutes an
integrated unit except as to
retail distribution of refined products.
It has its own production plant;
lakes
The company on Aug. 13 announced an increase of an additional
1% in
its cost of living adjustment
plan, raising it from 4 to
shares of
engaged in the loan business in
Louisiana and Texas.
Beginning in 1933 the Finance System gradually
withdrew from the loan businass, which was terminated
early in 1936.
In 1933 the Finance System
began acquiring interests in oil-producing
properties through the purchase of oil payments and through acquiring
interests in corporations
engaged in the business of producing, refining and
transporting oil in the East Texas oil field and the wholesale marketing of
refined products.
It acquired the whole of the capital stock of the Gilliland
Producing & Refining Corp., Alger Oil Co., Hurtle Oil Co., and Gilliland
General Gasoline Co., and a one-half interest in the Bell General
Pipe Line
Co.
All wholly owned subsidiaries of the Finance
System have been dis¬
solved, and the Finance System is in course of judicial liquidation pursuant
have declared a dividend of 50 cents
per share on the
stock, payable Sept. 15 to holders of record Aug. 27.
A dividend
paid on May 1 last and each three months previously.
of $1 per share was
—V. 145, p. 941.
History & Business—Company was incorp. on July 1, 1936 in Delaware.
Corporation has engaged and contemplates continuing to engage in the
business of producing, transporting,
refining and marketing crude petrol eum,
natural gas and certain by-products thereof.
As of July 1, 1936, it acquired
all of the assets of General American Finance
System, Inc., and its sub¬
sidiaries subject to certain indebtedness", in consideration of the issuance
to the Finance System of 173,000 shares of
preferred stock and 450,000
Depletion & deprec
Interest & discounts
b Fed. & State inc. taxes
$1.13
3837
sources
excess
common
—12 Mos. End.
1935
$1,030,589
x905,778
$2.45
second half of the year.
Balance sheet June 30,
$5,335,639 $4,475,408
Represented by 213,965 no-par shares,
z
a Includes $18,259 for United States surtax
profits.—V. 145, p. 279.
y
$722,564
x961,000
$0.75
$1.35
Net profit from operations
Net profit after all deductions.
437,450
Common stock..
Surplus
zTreasury
$1,381,380
1,017,603
Earnings for
in
Represented by 4,715
$1,979,205
$1,064,718
322,826
follows:
1937—6 Mos.—1936
Gross sales
for depreciation of $1,952,895 in 1937 and $1,814,073
Net sales & oper.revs___
a Net income
as
Transportation Corp,—Earnings—
1937—3 Mos.—1936
share
per
General
10-yr. 4>£% conv.
Debentures
2,050,383
Earnings
1936
$203,672
289,490
208,773
550,000
Tax reserve
$5,335,639 $4,475,408
Less
is
but without mention of
undist. profits taxes._
Shs. of cap. stk. outst'd'g
Consolidated Balance Sheet June 30
1937
corporation
Net profit after deprec'n,
int. & Fed. inc. taxes
Note—No provision has been made for Federal surtax in 1937 on undis¬
tributed profits, if any, as the amount cannot be determined until the end
of the year.
Assets—
$8,156,209
the
6% cum. conv. pref. stock ($10 par)
Common stock ($5)
par)
x Includes
133,333 shares reacquired
collateral pursuant to the terms of a certain indenture between the
corpora¬
tion, R. G. Trippett and First National Bank in Dallas, Texas, dated Feb.
19,1937.
Corporation intends to cancel authorization for the issuance
of the 133,333 shares when such shares are returned to it.
It also includes
138,333 shares of common stock
consisting of: 83.333 shares, not yet
issued, which Russell Maguire & Co., Inc., the
principal underwriters, has
agreed to purchase or find purchasers for, at $5,625 a share net to the
corporation; 50,000 shares, not yet issued, all or any part of which the
corporation has granted the principal underwriter an option, to purchase
at any time or from time to time
prior to July 31, 1938, at a price of $7
a share; and 5,000 shares which J.
W. Gilliland and A. H.
Meadows, Presi¬
dent and Vice-President and Secretary,
respectively, have agreed to deliver
to the
principal underwriters, who has informed the corporation that said
5,000 shares will be included in the initial public offering.—V. 145, p. 113.
1934
$617,054
9,284
Income charges
Interest on bonds
Total
of
Outstanding
173,000 shs.
173,000 shs.
x588,333 shs.
1,000,000 shs.
by the corporation and held as
1937
$869,872
13,464
Net profit from operation
l
Other income credits
capitalization
Dr765,478
Authorized
Earnings for 6 Months Ended June 30 (Incl. Sub. Cos.)
x
-The
Capitalization-
Garlock Packing Co. (&
403,148
reacquired
(pledged)
37,687
428,851
$1,686,778
300,000
$390,226
$1,386,778
$390,226
Note—This statement includes for both periods the results of operations
of all properties now included in the General Gas & Electric
Corp. consoli¬
dation, irrespective of dates acquired.
Annual interest and dividend re¬
quirements for the 1937 and 1936 periods, as indicated, are computed on
basis of securities outstanding at June 30, 1937 amd June
30, 1936
respectively.
The dividend requirements on the number of shares of $6,
$7, and $8
cumulative preferred stocks of the corporation now outstanding amount to
$3,997,443 annually.
No provision is made in this statement for Federal surtax on undistributed
profits, if any, for the year 1937.—V. 144, p. 4007.
the
Net income
$651,182
$496,857
$114,343
$355,606
a Before
depletion and depreciation, interest and discount and provision
for Federal and State income taxes,
b Including surtax on undistributed
Srofits. 1937, but exclusive of of Overton gasoline plant, plant,
"eb. 5,
Including operations net profit
which
sale of said
on
was sold
$410,496
credited to earned surplus account, of which
$220,104 has been appropriated
as reserve
against non-operating refineries and $65,000'provided for Federal
taxes thereon.
Pro Forma
Consolidated Balance Sheet as at
April 30, 1937
•Giving effect to (1) sale of 83,333 shares of common stock for a net
of
amount
General Motors Corp.—Record Pontiac Deliveries—
Pontiac retail deliveries in the first 10 days of August totaled 7,929
units,
breaking the previous record for that period, set in 1928, when 6,393 cars
were
working capital; (2) reservation of 50,000 shares against options to under¬
writers at $7 per share exercisable on or before
July 1, 1938; (3) modifica¬
tion of terms of payment of note
payable to bank contingent upon sale of
83.333 shares of common
stock
and
(4) other transactions incidental
thereto.]
the first 10 days of July
The company is
maintaining fifth place in the industry.
Although a
seasonal tapering off is expected the latter part of the
month, C. P. Simpson,
General Sales Manager, estimates August deliveries will be around
20,000
units, comparing with 21,436 during July and 12,274 in August of last year,
$468,748 and application of proceeds
to extent of $146,750 to liquidation
of notes payable and accrued interest thereon
and the balance as additional
delivered.
This compares with 5,057 retail deliveries
during
and 4,335 in the first 10
days of August, 1936.
Oldsmobile Sales Set Record—
Retail sales of Oldsmobile sixes and eights in the first 10 days of
August
totaled 6,836 units, a new record for the period and a
63% increase over the
4,195 sold in like period of 1936, the previous peak, according to D. E.
Ralston, General Sales Manager for Oldsmobile division of General Motors.
During the period from Jan. 1, 1937 to Aug. 10, retail deliveries amounted
136,558 cars, as compared with 133,155 in same period of last year.
to
Volume
Financial
145
Trenton plant,
General Motors
new
tojbe known as the Ternstedt-Trenton Division, has been awarded to John
McShain, Trenton builder, according to General Motors officials.
In the
building permit, cost of the plant was set at approximately $2,000,000.
Amount of the contract awarded was not disclosed.—V. 145, p. 1098.
General Mills, Inc.
(& Subs.)—Earnings—
Consolidated Income Account for
Years Ended May 31
1934
1935
1936
1937
made Aug. 17 at $13 per share by a syndicate headed by
Gray McFawn & Co. and Conroy & Co., Inc., and including
was
Lets Contract for Plant at Trenton—
Contract for the construction of the
1259
Chronicle
J. H. Petter & Co.
'
Proceeds of the issue will be devoted to retirement of all of the company's
7% preferred stock and to provide additional working capital.
After giving effect to this financing and the retirement of the preferred
stock, the company s sole capitalization will consist of common stock
(authorized, 250,000 shares') outstanding, 175,110
shares ($2.50 par),
exclusive of shares held in the company s treasury.
It is expected that application will be made to list
tne issue on a national
exchange.
Company was organized in Grand Rapids, Mich, in 1897, since which
date the company has been continuously engaged in the manufacture and
sale of knitted garments and fabrics.
Its products include knitted under¬
wear for men, women and children, hosiery, knitted dresses, and knitted
fabrics.
Products are sold almost exclusively in the United States.
The
company's plant and offices are located in Grand Rapids, Mich.
securities
147,380,242 143,074,459
118,092,058
153,107,783 141,835,012 136,985,716
169,107
221,488
241,177
1,060,188
1,025,085
1,003,052
Net sales
112,621,463
278,370
1,004,772
159,980,019
Cost of sales, incl. manu¬
facturing, selling,
ad¬
min. & other exp
Interest charges
Depreciation
Net
5,642,942
45,125
4,298,656
71,688
4,844,514
113.658
5,688,067
xl,381,602
4,370,344
x764,667
4,958,172
4,394,966
878,530
3,075
3,484
4.391
666,793
17,789
4,303,389
1,338,342
1,995,162
3,602,193
1,338,342
1,995,162
4,075,251
1,338,342
1,995,162
3,710,383
1,341,445
1,995,162
:
4,187,453
207,513
operating profit..
Miscellaneous income.
..
Earnings for Stated Periods
„
37 to
April 24, 37
Jan. 1,
Years Ended Dec. 31
1934
Gross income
Res. for Fed. income tax
Minority int. in subs
Net income
.
Preferred dividends
.
Common dividends
.
Includes
x
excess
$3.40
$315,009 in 1937.
1936
S
•
21,997,717 21,467,093
7,926,732 10,848,936
Notes A accounts.
Claims
of
for
accts.
126,443
Accounts payable. 2,778,203
6,346,905
Acer.,
local
192,175
138,552
$
15,318
17,500
$77,739
$108,550
$242,680
$99,567
Federal surtax on undistributed profits
1937 to April 24, 1937.
Underwriters—The names and addresses of the principal underwriters
and the number of shares to be purchased by them, respectively, are as
No provision has been made for
99,114
2,517,169
373 289
717,957
purchases, &c__
.16,786,029 14,834,459
Inventories
Prepaid expenses. 1,319,496
Invests., member¬
ships, sundry ad¬
1,046,484
1,402,162
Co.—May Increase Stock—
Globe-Wernicke
A special meeting of stockholders has been called for Aug. 23 to approve
increase in authorized shares from 55,000 to 100,000 no par common
an
The right to buy one new share at $15 for each seven shares
held, calling for the issuance of 6,660 additional shares, is to be offered to
shares.
stockholders.
223,057
1,704,880
223,057
14,311
surplus of subs..
Spec. Aconting.res 3,958,348
Capital surplus... 5,398,315
Earned surplus
7,238,741
21,441
3,787,668
5,389,238
6,268,856
Aug. 12 declared a dividend of 30 cents per share on
15 to holders of record Aug. 31.
This
dividend of $1 paid on Dec. 10, 1936, this latter being the
first dividend paid since the company was reorganized in 1934.—V. 145,
p. 763.
2,348,722
Pref. divs. accrued
30-Cent Dividend—
Min. int. in cap. &
Advances on grain
27,500 shs.
27,500 shs.
Cray, McFawn & Co., Detroit
Rapids, Mich
J. H. Petter & Co., Grand
—V. 145, p. 610.
16,691,960
taxes
&c
refund
processing tax
56,826
for period from Jan. 1,
of
2,523,571
3,450,150
7,015,048
Drafts & accept
Savings
officers A empl.
674,625
U.S.Treas. bills..
23,654
undistributed
on
profits
22,305,700 22,305,700
Common stock..16,691,960
x
,1936
$
Liabilities—
Preferred stock
Land, bldg. and
equip., Ac
1937
$
Asstfs—
Cash
Surtax
follows:
Consolidated Balance Shee> May 31
1937
y
$815,275
114,885
excess-
Net income...
373.776
$4.12
$3.56
profits taxes and Federal undistributed profits tax of
741,747
268,689
$4.46
Earns, per sh. on com
$2,900,998
317,007
profits taxes
969,885
Balance
1936
$2,434,718
132,205
13,000
Normal income &
1935
$1,875,815
90,739
Gross sales,less discts.&c
Net inc.before Fed.taxes
The directors
the
on
stock, payable Sept.
common
with
1,031,502
vances,
&c
compares
Goldblatt Bros.,
Water power
rights
goodwill, Ac
11
61,083,802 59,009,084
Total
Represented by 665,054 shares of no par value, y After depreciation of
$16,826,166 in 1937, $16,540,227 in 1936.
Note—Prior to June 1, 1936, because of the unusual situation created by
the invalidation of the Agricultural Adjustment Act, cash in the amount of
$11,024,725 was transferred by action of the boards of directors of the
companies concerned, to provide for the discharge of all liabilities arising
out of processing taxes imposed under that Act, recovered or not paid.
During the year ended May 31, 1937, a large portion of the amount so
transferred was expended in making reimbursements to customers and other
expenditures for which said amounts were transferred. The reimbursements
x
have not been
entirely completed and the windfall taxes and other liabilities
invalidation of the processing tax have not yet been adjusted
with the Government. Until finally determined, it is not practical to state
whether or not there will be any net recovery after all liabilities of the
incident to the
companies concerned arising out of processing taxes are discharged, but the
unexpended balance of such funds is believed to be adequate for the dis¬
charge of all such liabilities.
As in last year's report the amount of the
unexpended balance of such funds and the provision for such liabilities are
not carried as assets or liabilities respectively on the records of the companies
and are therefore excluded in this balance sheet.
Surplus as at May 31, 1937. totaling $12,637,056, and as at May 31,
1936, totaling $11,658,094, both included $252,044 appropriated for com¬
mon stock repurchased.—V. 144, p. 3837.
General Railway Signal Co.—Earnings—
Net profit after deprec'n,
Fed. inc. taxes, &c.,
but
before
surtax
on
$273,155
$0.74
undistributed profits.
Earns.per sh. on com.stk
—V. 144, p. 3502.
General Realty &
loss$9,536
Utilities Corp. (& Subs.)—Earnings
lExclusive of Lefcourt
1934
1935
after interest,
Net profit
Federal
Realty Corp.]
1936
1937
6 Mos. End. June 30—
$310,984 loss$181,128
$0.75
Nil
Nil
income taxes,
and depreciation
x$100,789
$14,607
y$59,973
y$277,488
x Before Federal income taxes.
.Consolidated income account for six months ended June 30, 1937, follows:
Profit from real estate operations, after interest, depreciation, minority
interest, &c., and including dividends and interest from companies not
consolidated, $108,148; income from other sources (net) $93,970; profit,
$202,118; salaries, State and Federal taxes other than income taxes, &c.,
$101,329; profit, $100,789.
There has been excluded from income the loss for the six months ending
June 30, 1937, of Lefcourt Realty Corp. applicable to stockholdings of
General Realty & Utilities Corp. which share amounts to $91,872 after
making provision for dividends on preference stock, as compared with
$134,326 for the same period for 1936.
There has not been included in income the results of operations of Central
Park Plaza Corp. in which company has a one-half ownership.
Share of
these net earnings for the six months period ending June 30, 1937, before
depreciation,
amounts to $36,896 and after depreciation, $13,379.—
V. 144, p. 3502.
Week Ended Aug.
1937
Period—
$34,750
$39,750
Gross earnings
-
—Jan. 1 to Aug.
$24,095,214
and Federal income taxes, but before
surtsixos
<■»«»«»•»
—
Earnings per share on 639,985 shares common
145, p. 437.
974 841
«•«■«•>■*
$i.42
stock
—V.
(B. F.) Goodrich Co. (& Subs.)—Earnings—
a
1934
1935
1936
1937
6 Mos. End. June 30—
Net profit after deprec.,
int. and Federal taxes_a$4,010,697
b$2,727,606 c$l,553,040 d$l,486,956
aside a reserve of $500,000 because of fluctuating raw
and other contingencies.
After deducting this reserve there
$3,510,697 to be carried to surplus, and after pref. div. require¬
for the period was equal to $1.90 a share on 1,303.255 common
Before setting
material prices
remained
ments
shares outstanding.
b Including
$108,661 net profit from the sale of securities and purchase
of the company's bonds.
c Profit
from operations
was
$2,902,977
before adding profits from
purchase of company's bonds and sale of securities, amounting to $222,769,
and before deducting interest of $1,272,706 and provision for Federal income
tax of $300,000.
This compares with profit of $2,502,447 for corresponding
period of 1934.
After adding the profit on securities and deducting interest
and provision for Federal income tax, net profit for first six months of
1935. after all charges, amounted to $1,553,040.
d This includes a profit of $479,547 arising from the sale of securities and
profit of $22,149 from the purchase of the company's bonds and deben¬
is after absorbing a loss of $93,058 in foreign exchange.
N0te—No provision made for surtax on undistributed profits.
S. B. Robertson, President of the company, said that during the first
six months of 1937-the new Goodrich plant at Oaks, Pa., with a capacity of
5 000 tires and tubes a day, had been completed and placed in operation."
Mr
Robertson aiso reported that operations are now getting under way at
the company's new Cadillac, Mich., plant, which has been equipped to
supply many different types of mechanical rubber goods required by the
automobile industry.
In setting a new first six months record, net sales of Goodrich increased to
$78 566,619 from $65,994,521 in the like 1936 period, a gain of approxi¬
mately 19%.
The last previous high for the first period was in 1930, when
sales totaled $78,007,291.
Current assets of $86,996,018 on June 30 were 4.57 times greater than
current
liabilities, which totaled $19,017,004.
Domestic bank loans
tures and
$1,600,000 on June 30.
amounted to
Dividend—
50-Cent
The
have declared a dividend of 50 cents per share
stock, payable Sept. 30 to holders of record Sept. 18.
directors
common
payment was made on June 30, last and a dividend of
1936
this latter being the first distribution made
since'1930.—V. 144,
1937
4179.
Varnish Corp. (& Subs.)—Earnings—
Grand Rapids
6 Months
1936
1937
Ended June 30—
after depreciation, Federal income taxes
and provision for estimated Federal surtax
Earns per sh. on 133,000 shs. cap. stk. (no par)-Net nrofit
$648,614
Preliminary
Copper Co. (& Sub.)—Earnings—
Consolidated Income Account, 6 Mos. End. June 30, 1937
$1,523,601
Operating income.-Dividends and miscellaneous income
5,823
Gilchrist Co.—Earnings—
Earnings for 4 Months Ended May 31, 1937
Profit after taxes, depreciation, interest and other charges..
—V. 145, p. 609.
Gillette Safety Razor Co. (&
6 Mos. End. June 30—
1935
1936
1937
$3,033,493
Depreciation
230,854
214,762
Federal taxes
606,524
583,914
Interest
Net
—---
income
y$2,085,333
Earns.per sh .on com.stk.
x
$2,234,817
$0.67
Includes $71,420 realized on sales
$60,823
1934
$2,171,375
$0.73
$1,966,078
$0.60
Before surtax on
$0.70
y
undistributed profits.
Net profit for the 12 months ended June 30,1937, was $4,826,405, equal
to $1.66 a share on common, against $4,632,247 or $1.54 a common share
for the 12 months ended June 30, 1936.—V. 145, p. 279.
Globe
Knitting Works, Grand
Rapids, Mich.—Stock
Offered—Public offering of 55,000 shares of common stock
and Mexican income taxes—estimated
depreciation and obsolescence
United States
Oonsol
$2,903,500 x$2,718,729
86,968
115,634
211,323
243,166
433,833
393,851
of securities,
income
Provision for
Subs.)- —Earnings—
$2,922,711
Operating profit
Tota
$83,933
$0.63
$108,619
$0.81
936.
Greene Cananea
1936
$784,692
p.
on the
A like
$1 was paid on Dec. 24,
on the common stock
Gotham Credit Corp.—Registers with SEC—
See list given on first page of this department.
7
1098, 941,763.
—V. 145, p.
qr
7—
1936
1937 to July 10,1937
-
—V. 144. p.
Georgia & Florida RR.—Earnings—
—
Sales
Net profit after charges
a
1937—6 Mos.—1936
1937—3 Mos.—1936
Period End. June 30—
Inc.—Earnings—
Earnings for 23 Weeks Period from Feb. 1,
61,083,802 59,009,0841
Total
a
net income
without deduction for depletion..
—
$1,529,424
298,607
163,207
$1,067,610
share on 500,000 shares capita- stock
$2.14
No provision has been made in the above preliminary consolidated
account for surtax if any, on undistributed profits.—V. 145, p. 610
Earnings per
jyote
income
Green
Mountain Power
Corp.—Accumulated Dividend—
dividend of $1.50 per share on account
preferred stock, no par value,
navable Sept. 1 to holders of record Aug. 16.
A like payment was made
on june 1 and March 1 last, Dec. 1, Sept. 1 and June 1.1936. andon Dec. 2.
Sent 2
and June 1, 1935, and compares with $2.25 per share paid on March 1
1C&£' and 75 cents paid each quarter from June 1, 1933. to and including
Dec
1
1934.
Prior to June 1, 1934, regular quarterly dividends of $1.50
per share were paid.-V. 144. p. 3502.
The directors
of
have declared a
accumulations
on
the $6 cumulative
Greyhound Corp.—Seeks to Issue Common
The
Stock—
applied to the Interstate Commerce Commission for
133,228 shares of common stock. The stock to be issued
corporation has
authority to issue
1260
Financial
Chronicle
is to be exchanged for common stock of the "Atlantic Greyhound Corp. on
the basis of 9 1-13 shares of Greyhound common for one share of Atlantic
common.
According
the
to
application
the
Greyhound
Corp.
already
the majority of the Atlantic common stock and the proposed issue of
stock is to be exchanged for the minority common stock of the Atlantic.
—V. 145, p. 1100.
owns
Aug. 21, 1937
Holland Furnace
Co.—Earnings—
Period End. June 30—
1937—3 Mos.—1936
before surtax
but
$279,935
6 Months Ended June 30—
Profit after bond interest, normal Federal income
taxes, &c., but before subsidiary pref. divs
1937
1936
$39,927
Grumman
Aircraft
Engineering
Corp.—Issue
Shortly
Registered—
"With unfilled orders as of June 30 totaling $2,830,400 and contracts
awarded for more than 100 Navy planes, the corporation on Aug. 19 an¬
nounced plans for raising additional working capital to meet existing re¬
quirements through the issuance and public sale of its common stock.
A
registration statement covering 140,000 shares, 100,000 of which will be
underwritten by Hemphill, Noyes & Co. and associates, will be filed shortly
with the Securities and Exchange Commission, L. R. Grumman, President,
said.
Of the total to be registered, 40,000 will be reserved for exercise of warrants
to be issued in connection with the
financing.
Mr. Grumman stated that
are exercised, proceeds from this source also will be used
for additional working capital.
Or the 100,000 to be publicly offered, 5,000
will be reserved for prior subscription by employees.
This issue will mark
when such warrants
the first public financing by the company.
Hackensack Water Co. (&
earnings
before
Hookless Fastener Co.—Public to Be
$1,900,195
5,958
$1,044,095
361,186
146,861
57,250
Retirement
Federal income taxes
Balance available for dividends
$1,007,505
356,858
144,015
53,027
...
$478,797
$453,604
All taxes to which the company is subject have been provided for.—
V. 145, p. 114.
Signal Mfg. Corp.—Earnings—
Earnings for Six Months Ended May 31, 1937
Profits
Co.—Listing Approved—
surplus
—
Surplus, May 31, 1937
$248,856
Balance Sheet May 31,
The New York Curb Exchange has approved for listing 28,600 additional
common
stock,
no par, upon
official notice of issuance.—V. 144, p.
1937
Liabilities—
Assets—
Notes
$19,230
Cash
Accounts receivable
38,946
payments
on
(banks
and
Interest)
$49,290
Notes and loans payable.
Accounts payable
200
Notes receivable
payable
accrued
12,773
10,046
....
37,849
Accrued liabilities...
pur¬
5,890
Reserve
4,638
4,479
Reserve for depreciation
122,456
Inventories
3838.
$5,538
243,318
_
Previous
chase orders
shares of
Offered Shares—
Kidder, Peabody & Co. are mentioned as the banking firm through which
Advance
\
Hartman Tobacco
$135,944
$1.01
stockholders.
Claims receivable
x
1936
$290,450
$2.61
Pittsburgh dispatches Aug. 14 states that the public will be Invited into
one of the most closely held securities in the country soon when offering is
made of a block of company stock, now quoted nominally around $3,500
a share.
The company is known as the American holder of patent rights
on the zipper.
Before the offering is made this stock, of which there are only 3,906
shares outstanding, will be split 250 for one, so that there will be 976,500
shares of $5 par stock outstanding.
The old stock is held by a few indi¬
viduals, some of whom are now understood to be planning to lighten their
holdings.
Stockholders' meeting will be held on Oct. 5 to accomplish this
purpose and also to change the name of the company to "Talon, Inc."
The capital will be changed from 3,906 shares (no par) to 1,000,000
shares ($5 par) of which 976,500 shares will be issued immediately to present
Horni
interest,
retirement and Federal income taxes
Interest charges (net)
x
1937
Fed. inc. taxes & surtax
Earnings per share on common stock
—V. 145, P. 943.
1936
$1,928,488
5,765
_
for
Nil
the public offering will be made.
1937
deductions
loss$58,056
426,397
Holophane Co., Inc.—Earnings—
Net prof, after deprec.,
Subs.)—Earnings—
6 Months Ended June 30—
Gross operating revenue
Gross non-operating revenue
Net
$103,071
450,194
$0.11
Year Ended June 30—
280.
to Be
$0.21
•ft.
$6,729
Listing Approved—
The New York Curb Exchange has approved for listing 66,230 additional
shares of capital stock, 25c. par, upon official notice of issuance.—V. 145,
p.
426,397
$0.56
Earnings per share
—V. 145, p. 115.
$129,976
450,194
Shares of common stock.
Grocery Store Products Co. (& Subs.)—Earnings—
1937—6 Mos.—1936
Net inc. after int., depr..
Fed. inc. taxes, &c.,
Fixed assets
130,840
Reserve for amortization
Intangible assets
221,435
11,609
60,583
Capital stock
Deferred charges
Reserves
for
Surplus
86,220
contingencies..
13,779
a45,136
248,856
...
Hawaiian Pineapple Co., Ltd.—To Issue New Stock, &c.
At the annual stockholders'
taken
vote
on
meeting to be held on Aug. 31a vote will be
change of present
also
will
cover
common stock from $5 to no par value.
The
authorization of 400,000 shares $25 par cumulative
non-voting 6% preferred stock in place of 250,000 shares now authorized
is to be used in pay¬
profits. In addition
there will be a vote on issuance of 222,576 shares of common stock to be
sold to present stockholders on basis of one new share for each five shares
held. New stock is to be sold for $20 per share.
The new stock would bring the company $4,451,520 new capital with
which to add to plant and housing capacity.
The letter to stockholders
says the volume of pineapple juice now packed almost equals volume of
crushed and sliced pineapple and gives indications of surpassing it and
capacity of juice-packing plant and equipment is inadequate for present
demands.
Stockholders also are informed in the letter that company's
housing accommodations have not been properly rebuilt and replaced
since 1930 because of lack of cash.—V. 144, p. 3334.
but unissued $20 preferred stock. The new preferred
ment of dividends to avoid surtaxes on undistributed
Hayes Body Corp. (& Subs.)—Earnings—
3 Months Ended June 30—
Net profit after depreciation, interest, taxes, &c
Earnings per share on common stock
x
1937
x$7,908
$0.02
1936
loss$22,607
Nil
Provision for Federal income tax in June, 1936, quarter was not made
losses in the first two quarters of the company's fiscal year cause the
nine months ended June 30 to show a loss.
For the nine months ended June 30, 1937, net loss was $43,273, com¬
as
paring with profit
of $12,646 after
charges
but
before
Federal income
taxes in first nine months of 1936.
Net loss for the 12 months ended June 30, 1937, was
net
$74,574, against
profit of $1,253 for the 12 months ended June 30,1936.'—V. 145, p. 1100.
Hecla
Mining Co.—Earnings—
Period End. June 30—
Net income
$1,058,411
452,075
28,380
59,595
158,266
$183,436
$707,472
$360,096
$0.18
$0.70
$0.36
sh. on 1,000,of
(par 25c.)
capital stock
x
$1,900,772
713,032
xl85,872
82,013
212,383
$0.18
Depreciation
Depletion
000 shs.
1937—6 Mos.—1936
$558,472
241,005
14,420
35,157
84,454
$187,887
Taxes accrued
Earns, per
1937—3 Mos.—1936
$749,409
348,552
x76,647
43,601
92,723
Operating expenses
Contains
provision for undistributed
no
profits tax.—Y. 145. p. 1100.
(G.) Heileman Brewing Co. -Earnings—
6 Months Ended June 30—
Net profit after deprec., Fed. & State
income
taxes..
1937
1936
1935
x$170,170
$0.38
$0.56
$0.42
After provision for estimated surtax
Period End. June 30—
Net profit after deprec.,
Hotels Statler Co.,
Hotel Taft
Corp.—Reorganization Effective—
The holders of certificates of deposit for Hotel Taft mortgage certificates
being notified by the reorganization committee that the plan of reor¬
ganization affecting Prudence-Bonds Corp. first mortgage participating
certificates, Hotel Taft issue (formerly Hotel Manger), which was approved
by the N. Y. Supreme Court on Feb. 4,1937, is consummated and effective.
New bonds and scrip certificates are expected to be available for delivery
on Sept. 20, 1937, or shortly thereafter.
Cash distribution on account of interest arrears will be made as follows:
1. Committee's distribution No. 1 will amount to $3 per $100 of principal
sum of deposited Taft mortgage certificates and will be paid promptly by
Brooklyn Trust Co., as depositary, upon receipt by them of certificates of
deposit.
2. As soon as the committee's final accounting can be filed and approved,
committee's distribution No. 2 (final) will be paid to holders of certificates
of deposit of record on Sept. 7, 1937.
So that the new bonds and scrip certificates may be made ready for de¬
livery and so that certificate holders may receive tne partial cash distribu¬
tion, they should promptly transmit or deliver their certificates to the de¬
positary, Brooklyn Trust Co., 26 Broad St., New York.
Those who have purchased certificates of deposit but have not had the
same transferred into their names are urged to do so prior to Sept. 20,1937,
as the transfer books will be permanently closed on that date.
New 5% fully registered sinking fund bonds wLl be issued by Hotel Taft
Corp. in denominations of $1,000, $500 nad $100. and in fractional denomi¬
nations less than $100 when required.
Scrip certificates will be issued in
denominations equal to interest arrears not paid in cash, all as provided for
in the plan of reorganization.—V, 145, p. 1101.
Household Finance Corp. (&
1937—3 Mos.—1936
1937—6 Mos.—1936
com.
stock outstand
Earnings per share
—V. 145, p. 114.
Hewitt Rubber
.
Interest paid
Normal income tax
$138,660
310,100
$0.44
$629,986
311,100
$2.02
$250,098
310,100
$0.80
-
Earnings for 6 Months Ended June 30, 1937
Net profit after depreciation, normal Federal income taxes
and surtax on undistributed profits
Earnings per share on 150,000 shares of common stock ($10 par)
—V. 145, p. 114.
$3,621,313
107,665
584,943
$7,803,225
276,192
1,211,682
$6,312,706
204,679
972,806
200,000
160,000
446,500
130,000
3,348
200,000
385,000
12,328
642
Net income
stks.
of
over
net
$3,363
$4,534,531
6,000,996
$8,388,944 $13,096,267 $10,535,527
book
tangible
surplus account
$388,660
$2.52
Preferred stock divs
Partic. pref. stock div—
Common stocks div
Bal. at end of the per.
preferred stock (par $25) will be listed on the New York Stock Exchange,
providing the common is distributed more widely to meet listing require¬
A. S. Hickok, President, has asked stockholders to deposit 75,000
shares of the common stock with the Treasurer for distribution to the public.
ments.
arrangements they will receive $13.50 per share for the
excess of $15.50
a share if it sells at a higher figure
144, p. 2129.
$4,984
$5,730,518
7,120,529
245,220
245,220
$10,842,397
Excess of purch. price of
Total
cap.
$2,771
$2,565,292
5,823,652
10,415
Transf. of def. in the cap.
Hickok Oil Corp.—Offers Plan to List Stocks—
stock and half of all in
$3,027,525
7,569,652
assets of sub
Stockholders of the corporation have been presented with a plan whereby
the 500,000 shares of class A common stock and the 160,000 shares of 5%
$6,255,447
57,259
$4,287
sub. company
value
in the public offering.—V.
$7,769,632
33,592
"1~784
.
438.
Under tentative
$3,609,356
11,956
Fed. surtax on undistrib.
Prov. for contingencies.
Other charges
Bal. at beginn. of the per.
Oth. credit, amt. transf.
from res. for conting.
Corp.—25-Cent Dividend—
Heyden Chemical Corp.—Earnings—
.
$4,075,195
9,500
275,000
Net inc. from opers.«
$7,051,875 $16,023,495 $13,522,105
3,442,519
8,253,863
7,266,658
r
$452,290
311,100
$1.45
The directors on Aug. 18 declared a dividend of 25 cents per share on
the common stock, par $5, payable Sept. 8 to holders of record Aug. 26.
Dividends of like amount were paid on Feb. 27 and June 6, 1937.—V. 145,
p.
1937—12 Mos.—1936
$8,418,742
4,343,547
$4,084,695
122,199
653,900
Gross inc. from opers...
devel. exp. & Fed. inc.
taxes but before surtax
Shs.
Subs.)—Earnings—
1937—6 Mos—1936
Period End. June 30—
profits
Corp.—Earnings—
Inc.—Accumulated Dividends—
are
Gross income
undistributed taxes,
y Before provision for surtax on undistributed profits.—Y. 145, p. 437.
on
$562,128
The directors have declared a dividend of $3.50 per share on the 7% cum.
pref. stock, par $100, and a dividend of 75 cents per share on the 6% cum.
pref. stock, par $25.
Both dividends are on account of accumulations
and were paid on Aug. 10 to holders of record July 28.
Similar payments
were made on May
11 last.
See V. 144, p. 281 for record of previous
dividend payments.—V. 144, p. 3503.
$127,359
stock (par $1).
Total....
Represented by 15,813 shares part. pref. stock, 27,532H shares class A
shares class AA stock.—V. 137, p. 4019.
Other income credits—
y$115,040
Hercules Motors
a
Operating expenses
Earns, per sh. on 300,000 shs. capital
x
$562,1281
Total
stock and 1,790
1,414,481
372,227
896,188
2,830,778
449,853
659,373
3,008,979
$6,147,285
$7,120,529
$6,147,285
2,830.778
449,853
1,005,012
2,399,571
$7,120,529
After subtracting dividends paid on the 5% preferred stock. $2,577,672
was available for the 717,389 shares of common stock out¬
of net income
standing June 30, 1937, equivalent to $3.59 per share of common stock.
Changes in the capitalization of the company during the past six months
prevent an exact comparison of per share earnings with those of former
periods.
For the first half of 1936, after subtracting dividends at the
maximum rate on the participating preference stock then outstanding,
$2,033,539 of net income was available for the 599,052 shares of common
stocks outstanding June 30, 1936, equivalent to $3.39 per share of common
stock.
)
Volume
Indianapolis Water Co.—Earnings—
Consolidated, Balance Sheet June 30
1937
on
$
Liabilities—
hand & in
banks....
a
1936
$
1936
1937
Assrts—
Cash
Instalm't
7,705,674
6,689,492
receivable
54,832,205 42,418,176
1,585
15,350,000
Notes pay., banksl6,390,000
Notes pay—empl's
notes
Accts.rec.,&c
c
196,700
officers, & others
Fed. & Dom. Inc.
1,236,913
cap.stk.taxes
1,801,970
942,237
llabll's—
37,020
27.719
67,868
500,000
24,832
70,279
615,053
20,314
&
Mlscell.
310,917
36,916
48,667
443,393
Res. for contlngs..
exch. fluctuates
& Improvements
635,402
Min. Int. In sub.co.
18,000,000
Pfd. stk.(par $100)
Partlc.
pref. stock
10,635,050
(par $50)
Common
Capital surplus
153,738
303,473
Earned surplus
Total
Net income
6,147,285
62,346,121 51,064,648
7.120,529
62,346,121 51,064,648
Total
Represented by 717,389 no par shares, y Represented by 249,663 no
par shares,
z Represented by 349,389 no par shares,
a After reserves ror
losses of $2,869,753 in 1937 and $2,504,661 in 1936.
b After reserves for
depreciation and amortization of $397,546 in 1937 and $352,852 in 1936.
c Includes an estimated amount for the
Federal surtax on undistributed
625,604
126,417
charges above include duplication of interest due to
refinancing in amount of $75,646. Total charges prior to refinancing were
$642,375.
•
Interest charges after December, 1936, on present outstanding bonds will
be $483,945 per annum.—V. 145, p. 944.
Interchemical Corp. (&
common
stock, $5 par.— v. 145, p. 438.
Hudson & Manhattan RR.—Fare Rise Put
$6,864,652
6,223,456
56,074,747
5,506,084
$1,107,118
$684,489
1,771
$641,196
$568,663
41,285
$1,107,118
xl84,000
156,634
$686,260
x99,100
$609,948
1,449
$641,196
87,180
21,740
42,670
$585,711
188,628
252,074
$489,606
154,206
125,359
$533,948
157,648
$145,009
$210,041
$376,300
Other income.
Net profit
Manhattan and points in Jersey City and Hoboken pending a
stock,
1936.—V.
no par
144,
p.
a
No
x
for
provision
Federal
Co.—§2%-Cent Dividend—
surtax
on
undistributed profits included.
June 30, 1937, was $1,479,886 equal
to $3.73 a share on 289,058 common shares, comparing with $1,176,862
or $2.84 a share on 281,183 common shares for the 12 months ended June 30,
1936.—V. 144, p. 3840. 3337.
Net profit for the 12 months ended
Co.- —Earnings—
International Cigar Machinery
$1,576,245
$1,432,688
2,778
$1,375,732
1,618
$1,271,910
$1,576,245
616,385
82,618
126,709
24,784
$1,435,466
$1,377,350
561,014
78,770
116,309
14,313
x35,302
565,381
73,366
98,177
15,577
6,213
$1,271,910
441,157
114,063
97,737
$725,749
600,000
$629,756
540,000
$618,635
540,000
$125,749
1,545,728
$89,7561,535,746
earned
Interest
1934
1935
1936
1937
6 Mos. End. June 30—
Royalties and sales
the
Sept. 1.
This compares with 37 H cents paid on July 1 and on April 1 last, and pre¬
viously regular quarterly dividends of 25 cents per share were distributed.
In addition an extra dividend of 25 cents was paid on Dec. 26 and on Oct. 1,
The directors have declared
$277,025 *
Surplus
lower
public hear¬
ing and investigation to open in New York on Sept. 15, it was announced
on Aug. 17 by Corporation Counsel James A. Hamill.
Operation of the increase, which was to have become effective on Sept. 1,
was suspended until next April 1.
The hearing will be held in the Hotel
New Yorker before Commissioner Claude R. Porter.
Mr. Hamill said evi¬
dence was in preparation and testimony by experts would take several
weeks to submit.—V. 145, p. 943.
common
76,000
Off—
of the railroad's announced fare increase from 6 to 10 cents between
Humble Oil & Refining
~
$766,484
200,751
288,708
Preferred dividends
Aug. 17 suspended operation
on
1934
1935
1936
$7,985,476
7,300,987
9,571,891
Costs, exps. & deprec'n.
Common dividends
The Interstate Commerce Commission
Subs.)—Earnings—
[Formerly International Printing Ink. Corp.]
6 Mos. End. June 30—
1937
Net sales
$10,679,009
Other deductions (net)_.
Sub. pref. divs
(Harvey) Hubbell, Inc.—Listing Approved,—
Exchange has approved for listing 160,000 outstand¬
$548,069
Balance available for dividends
Note—Interest
The New York Curb
ing shares of
$1,300,090
a
x
profits.—Y. 144, p. 4009.
806,847
517,711
-
Interest charges
Other deductions
y6,241,575
z8,734,725
CI. B com. stock
$2,624,648
Federal and local taxes.
stock._xl7,934,736
CI. A com. stock..
1937
revenues
Operation, maintenance and retirement or depreciation.
Res. for Canadian
476,590
Other recelvs., &c_
b Office
equlpm't
447,153
Earnings for 12 Months Ended July 31,
Gross
223,350
Dividends payable
Loans to employe's
& officers
1261
Financial Chronicle
145
cents per share on
dividend of 623^
value, payable Oct. 1 to holders of record
Total income
Cost of sales & expense.
_
Deprec'n & amortiz'n
Federal taxes
Other corporate taxes ...
Maintenance & repairs
3840.
Hupp Motor Car Corp. (& Subs.)- -Earnings—
3 Months
Period Ended June 30, 1937—
•Net profit.
6 Months
$61,464
267,555
$118,888
452,911
Dividends paid
$206,091
35,377
$334,023
67,196
Prev. surplus
$170,714
39,319
$266,827
78,638
4,501
Net sales
Cost of sales, general, selling & adminis exp
Balance, surplus—._
.
Other income.
.
Provision for depreciation.
Idle plant expense
2,208
Profit & loss
Shs.
$349,966
$212,241
com.
$1,625,502
600,000
600,000
$1,478,831
600,000
$i.21
$1.05
Cash in banks &
Balance Sheet June 30
hand
Accounts payable, trade
Invest, in sub. not consolidated
Prov. for loss on cancellation of
1
Taxes
arrears,
cost
y3,476,303
Accrued liabilities
Distributors' & dealers' deps._
429,384
Loss for the year
reserve
55,000
8,809
2,864
1,648,285
5,386,115
to June 30, *37
349,966
Accounts and notes
378,896
335,691
513,110
97,570
469,536
Notes receivable..
Inventory
141,070
213,985
10,309,010
for
$
Capital stock...10,000,000 10,000,000
Accounts payable.
36,868
155,012
Taxes pay., accr__
235,404
268,127
Accounts
payable
20,097
70,878
(inter-company)
Reserve for special
145,378
contingencies...
131,278
Surplus
1,671,478 1,625,503
y
9,994,396
64,608
rec.,
deferred
Accts. receivable..
x
79,523
Patents, licenses,
Ac
51,025
Deferred charges..
12,245,993 12,114,031
Total
x
12,245,993 12,114,031
Total
of $3,613,521 In 1937 and $3,483,858
Represented by 600,000 no-par shares.—V. 145, p. 116.
After reserve for amortization
in 1936.
16,389
$7,190,105
After
224,366
35,750
1,537
66,861
1
premiums, Ac
Total
655,431
1936
$
Liabilities—
$
88,553
867,739
99,881
Fixed assets
Cash
Common stock (par $1)
Capital surplus
less
,
Goodwill, trade names, Ac
Prepaid taxes, unexpired insur.
x
_
Def. credits—Unearned rentals
115,000
...
amortization
lncl. int. & pehaltles
Owing to asub. co., notconsol.
commitments
Land & bldgs. not required for
Dies, tools, jigs patterns
In
Rental payable
Land, bldgs., mach. & eqpt. at
operations
principally
payable,
$110,484
1937
1936
$
Assets—
$2,092,758
Accounts receivable
*285,793
Adv. pays, on mat'ls ordered..
12,950
Inventories
641,576
Claims agst. closed banks, at
est. realizable value
119,949
on
600,000
$1.03
Experimental expense.
1937
Liabilities—
•
$1,174,491
$1.03
Consolidated Balance Sheet June 30, 1937
Assets—
$78,635 def$146,049
1,400,195
1,320,540
surplus$1,671,478
stk. outstand.
Earnings per share
x
Loss for the period
(adjust.)..
$618,951
765,000
y
International Mining Corp.—Earnings—
Total
doubtful accounts
$7,190,105
of $14,585.
y
After reserve for
Earnings for 6 Months Ended June 30, 1937
$264,014
73,593
11,000
Total income
Deductions
Provision for Federal normal income tax
depreciation of $7,022,947.—V. 145, p. 765.
Indianapolis Power & Light Co. (& Subs.)—Earnings—
Earnings for 12
Months^nded
Net inc. after proport. of
June 30, 1937
Operating revenue
$11,330,373
Operating expenses, $3,694,349; maintenance, $805,958; provi¬
sion for retirements, $1,486,483; x taxes, $1,665,332
7,652,121
Profit
$3,678,252
187,634
Non-operating income (net)
net profit on investment
Common dividends
Surplus
Earns, per
Cash in banks & on
$454,841
31,527
5,533,032
hand
Receivables
2,039,763
Investments and advances
$1,826,122
examination expenses
-
11,295
Comparative Statement of Income Account for the System.
1937
1936
$54,799,020 $56,453,077
Operating expenses
35,713,278
36,148,756
Taxes
4,308,318
3,991,386
$14,777,424 $16,312,934
5,015,184
5,014,763
.$6,030,695
Total
$9,762,239 $11,298,171
Drl63,441
Cr75,213
Balance—City and company
Payable to city under Contract No. 3
$9,598,797 $11,373,384
Company's gross income from operation
Company's fixed charges
$9,598,797 $11,373,384
14,455,109
14,250,161
$4,856,312
91,929
$4,764,383
10,709,147
Balance—Dr
Deficit at beginning of year
Adjustment for uncollectible sale of power
Eight & Ninth Ave. Ry
Liquidation of substation insurance fund
Miscellaneous adjustments
;
Deficit at end of year
—V. 145, p. 766.
$2,876,776
78,405
$2,798,371
7,910,154
to
Dr23,062
Cr71,874
Cr720
Dr621
$15,423,998 $10,709,147
Total
488,948
$6,030,695
Plan into Effect—R. J.
Cullen, President of the
com¬
board of direc¬
pany, announced Aug. 17 that the company's
tors has taken final action to put into effect
capitalization.
required.
change in
is
on
in accordance
the plan for
No further action by the company
,
which the now outstanding shares are changed
with the plan has been fixed by the board as
Sept. 25, 1937, or such earlier date as the registrations under
the Securities Exchange Act of 1934 shall become effective.
Listing of 5% Preferred Stock and
Common Stock—
Stock Exchange has authorized the listing of (a) 925,538
5% preferred stock (par $100), into which shares
(together with the 925,538 shares of its common stock) 925,538 shares of
cum. 7% pref. stock will be changed, pursuant to the plan for change
in capitalization dated May 15, 1937; (b) 4,224 shares of cum. conv. 5%
pref. stock, into which shares (together with the 3,168 shares of its common
stock 4,224 shares of cum. 6% pref. stock will be changed; (c) 925,538
shares of common stock (par $15), into which shares (together with 925,538
shares of cum. conv. 5% pref. stock) 925,538 shares of cum. 7% pref.
stock will be changed; (d) 3,168 shares of common stock, into which shares
(together with the 4,224 shares of cum. conv. 5% pref. stock) 4,224 shares
of cum. 6% pref. stock will be changed; (e) 898,499 shares of common
stock, into which shares and 1-20 of a share of such common stock (together
with common stock purchase warrants entitling the holders thereof to
The New York
shares
Company's net operating income—Dr
Non-operating income
4,716,019
11,028
International Paper & Power Co.—Final Action Taken
to Put
The date
Balance
Used for purchase of assets of the enterprise
65,000
561,373
Capital surplus
-V. 144, p. 3840.
Interborough Rapid Transit Co.—Annual Report—
Year Ended June SO—
Gross operating revenue
182,648
Reserve for contingencies
Invest, transactions surplus...
Note—The provision made in the above statement for Federal surtax on
undistributed profits is in respect of the calendar year 1936.
No provision
has been made in the six months ended June 30, 1937.—V. 145, p. 438.
$5,679
Provision for taxes..
Income surplus
Includes provision for Federal income tax of $376,412 and for Federal
on undistributed profits of $295.
Income from operation
1937
Accounts payable
Com. stock ($1 par).
traveling A mine
surtax
Current rent deductions
$11,028
$0.32
Liabilities—
Advances for
x
stock (par $1)
Balance Sheet, June 30,
$3,865,886
Consolidated net income
.....—-—..
-—...—
$179,421
168,393
provision has been made for Federal surtax on undistributed
funded debt
(net), $1,875,450; interest on unfunded
debt, $19,859; amort, of debt discount and expense, $87,396;
taxes on bond interest, $43,841; miscellaneous other deduc¬
tions, $13.217
on
—
share on 561,373 shares com.
Note—No
profits.
Gross income
Interest
Fed. normal income tax, but excl. of
transactions
of cum.
conv.
1262
purchase
Financial
1,347,748 23-40
shares
of
stock),
common
833,242
shares
Chronicle
of
Kansas City Public Service Co.—Earnings—
class A common stock, 822,451 shares of class B common
stock, and
2,123,113 shares of class C common stock will be changed; (f) 2,324,405
shares
of
Period Ended July 31—
stock,
common
are to be issued from time to time upon exercise of the
purchase warrants; making the total amount applied for
of cum. conv. 5% pref. stock and 5,499,358 shares of
shares
Total operating expenses
Net operating revenue
common
Taxes
929,762
The
New York Curb Exchange has approved the
application of the
corporation to list common stock purchase warrants for 1,347,748 shares
of common stock, upon official notice of issuance
thereof, pursuant to the
plan for change in capitalization.—V. 145,
p.
$83,701
33,234
$88,644
28,217
$1,492,111
354,698
$1,504,882
298,870
$50,466
•
Operating income
Non-operating income-
Curb—
on
$60,427
$1,137,413
10,732
$1,206,011
22,781
$1,148,144
444,147
78,315
$1,228,792
384,931
88,712
130
Gross income
Interest
on
Depreciation
1936
$83,581
47,340
Loss on sale of machinery
Expenses in connection with registration and listing
of capital stock
$130,921
76
4,455
Shares
common
Earnings
per
stock (par
37,750
$1)
share
$130,464
25,375
203,000
$0.64
share
per
are
$293,642
98,291
$2.98
$182,740
96,991
$1.88
.
are secured
follows:
as
$100,000
100,000
51,000
50,000
50,000
Chicago
25,000
The net proceeds to be derived from
the sale of the $376,000 bonds will
be used to reimburse its
treasury for expenditures, from Nov. 30, 1936, to
June 30,1937, for net additions and
extensions to plant and property in the
amount of $272,329 and for
proposed additions and extensions in the
amount.of $160,000.
The remainder of such
proceeds, if any, not absorbed
by the above purposes, will be used for general
corporate purposes or for
Harris Trust & Savings Bank
City National Bank & Trust Co. of
Chicago
American National Bank & Trust Co. of
additions to be made in the
ordinary course of business.—V. 145, p. 1102.
:
Operating revenue (affiliated company $120,843)
$6,384,967
Oper. exps., $2,586,956; maintenance, $545,093; prov. for retire¬
ments, $602,686; local, State & miscell. Fed. taxes,
$546,720;
Federal income taxes, $780; Federal surtax on
undistributed
profits, $255
They
Employers Mutual Liability Insurance Co.
(Wausau, Wis.)
Fairbanks, Morse & Co
First National Bank Chicago
(pension fund)
Subs.)—Earnings—
Earnings for 12 Months Ended June 30, 1937
dated March 1, 1937, and mature March
1, 1947.
up to March 1, 1942, and at 100thereafter to
are
callable at 101
by a first lien on all fixed property of
now owned or hereafter
to be
acquired.
The bonds covered by this declaration
are to bepurchased at
private sale,
at 100 plus accrued interest
from March 1, 1937, to date of
delivery and
payment therefor, by the following
companies, in amounts, respectively,
The directors have declared a dividend of
$1.50 per share on the common
stock, payable Oct. 1 to holders of record Sept. 15.
Dividends of 50 cents
were paid on
July 1 and on April 1 last, and previously regular quarterly
dividends of 25 cents per share were distributed.
In addition, an extra
dividend of $1.75 was paid on Dec. 19,
1936, an extra of 50 cents on Oct. 1,
1936, and one of 60 cents paid on Dec. 31, 1935.—V. 144,
p. 4010.
(Julius) Kayser & Co. (& Subs.)—Earnings■—
Years End. June 30—
1937
Net sales
$15,070,700
Cost of sales, selling and
4,282,491
"
admin, expense
i'
Non-operating income (net)
Gross income
Int. on funded debt, $1,888,750; int.
$2,105,991
on unfunded debt
(parent
$148,500), $199,080; int. charged to construction
(Cr.), $6,128; amort, of debt discount & exp., $117,400; taxes
on int. & other
charges, $32,916; divs. on pref. stock of sub.
in hands of public, $2,569;
minority int. in net income, $1,850-
provision made in the above statement for Federal surtax
undistributed profits is in respect of the calendar
year 1936.
No pro¬
vision has been made in the six months ended June
30,1937.—V. 145,
p.
Island Creek Coal Co. (&
Net profit after deprec'n,
depletion, Federal inc.
taxes, &c-._
Earns. per sh.
Q,ost of sales,
$500,344
5,478
6,954
4,602
9,267
300,052
$183,405
$0.30
$0.90
$0.83
July 14 '34
$8,996,026
Other income.
10,698,324
$1,689,412
148,310
$1,837,722
542,451
8,987,350
8,796,928
$1,728,904
460,080
$937,839
173,795
98,900
528,199
Previous surplus
392,973
$767,074
2,410,674
Reserved for taxes.
Other reserves
$1,312,213
330,217
377,307
$875,851
2,334,986
$604,687
1,860,613
$702,642
1,540,636
343,992
65,000
$3,177,747
827,832
$3,210,837
681,278
$2,465,301
405,582
stk. to employeesi
Cr50,524
Cr46,912
tax of a subsidiary company.
Earned Surplus Account Year Ended June 30
Profit & loss surplu
Earns, per sh. on 280,000
$2,400,439
$2,576,472
$2,077,054
yrs.
$3.13
$2.16
$2.51
(no par) shares
—V. 145, p. 944.
interest,
Federal
x
Based
on
on
inc.
taxes,
150,000 shs. of
&c.,
1937
but
capitalization
as
common
reserve
against
at June
in¬
100,000
Inv. in & adv. to minor
foreign sub. company.
S^Federal income 300,000 shs. capital stock
per sh. on taxes but before surtax
$251,403
$0.84
cost of
38,467
$160,695
x$0.81
r'&»»_„-
equity
value at July 1,19c
65,979
1937
$4,523,946
$4,544,447
$
Assets—
1936
$
a
Land, bldgs., ma¬
chinery & equip. 1,832,989
Ctfs. of deposit
Pat'ts., tradem'ks,
goodwill
Investments
1936
1,933,072
20,000
$4,371,131
Common
Bonds
$
1,867,772
1,234,372
1,183,596
,63,195
121,490
Inventories
4,190,497
Deferred charges..
69,701
65,404
104,936
1,304,371
rec.
574,981
stock...
2,000,000
2,009,500
4,400
114,822
7,400
74,362
11,255
147.447
and
mtges.
Accounts payable.
Res. for additional
duties on
prior
years' Imports &
legal expenses In
with
Res.
for
Fed.
Inc.
3,756,586
taxes curr. year.
73.373
Sundry credits and
95,000
Taxes, prior years.
Res. for poss. duty
on for'm
pinch.
Earned surplus...
35,060
416,511
liabilities accr'd.
301,869
10,000
36,212
>
85,000
4,513,890
Capital surplus.— 2,590,786
Total—
$
559,252
connection there¬
$237,830
$0.79
$119,713
1936
pref..
of affiliated cos.
1,427,866
1,487,017
(less reserve)...
Dep. with mutual
1937
Liabilities—
Employees'
1
insurance cos...
Earnings for 12 Months Ended June 30, 1937
Net income after all charges and taxes
100,505
32,209
minority
Pipe Line & Gas Co.—Earnings—
—V. 145, p. 1102.
$4,503,845
interest in Australian
sub. co. to its
—V. 144, p. 4349, 3506.
Kansas
$4,779,217
201,010
33,760
42,664
as at July 1
'36
in min. for'n sub. co
Notes & accts.
$573,025
$3.56
1937
$5,290,289
663,138
37,225
Surplus
Adj. of
Cash
Co.—Earnings—
6 Months Ended June 30—
after interest, depreciation, and normal
$5,441,931
802,950
43,960
Employees' pref. divs
Sundry debtors...
Net inc.
arns.
1936
30, 1937.—V. 144, p. 3338.
Kalamazoo Stove & Furnace
408,085
transf'd
now
surplus (net)
Common dividends
and
before
stock
1934
$4,190,671
186,423
Consolidated Balance Sheet June 30
minority
surtax
Earns, per sh.
1935
$4,371,132
126,751
$4,513,890
Joslyn Mfg. & Supply Co. (& Subs,)- -Earnings—
6 Months Ended June 30—
Net profit after interest, depreciation,
1936
$4,544,447
645,842
heretofore applied
ventory
$1,839,203
$2.74
f
com.
1937
$4,523,946
917,985
lian affil.
company
Special recoveries in prior
017,335
Common dividends
Adjust, aris. from sale of
401,900
$1.51
Including $1,250 undistributed profits
Earned—
Balance at beginning of
$2,243,278
404,075
$1,111,634
$53,709
402,020
$0.38
2,670
$2.18
8,058,187
$1,213,313
$173,315
401,900
$0.93
$71,075
400,000
to
$1,613,418
115,486
def$54,521
(par $5)
as
.
.
$186,423
32,209
100,505
on com.
Net income for year
m Austra¬
de
$408,085
33,760
201,010
com. outst.
Adj. of invest,
-Earnings—
35,060
$645,842
37,225
663.138
Earns, per share
year-—
July 17 '37 July 11 '36
July 13 *35
$12,387,736 $10,600,768 $10,010,241
preciation, &c
3,072
a95,000
Balance, surplus
$571,539
310,397
$917,985
43,960
802,950
income
Empl. pref. stock
Divs. on com. stock
Shs.
$615,316
$0.24
5,835
7,553
274,387
Net
a
Co., Inc.
exp.,
$733,585
.
$213,487
593,865
com. stock
($1 par)..
—V. 144, p. 3506.
Jewel Tea
438.
1937—6 Mos.—1936
on
28 Weeks Ended—
$247,407
252,937
$1,023,762
10,740
1 0,549
8,240
305,330
8,000
$1,303,834
Prov. for silk commitm'ts
Subs.)—Earnings—
1937—3 Mos.—1936
11,351,451
$545,129
188,456
Miscell. deductions
Prov. for Fed. inc. taxes
$130,446
Period End. June 30—
11,844,716
$745,844
277,918
Foreign exchange loss—_
2,236,436
Note—The
1934
13,702,475
Depreciation
on
1935
14,012,583
Interest
Taxes.
company
Consolidated net loss
1936
$14,448,319 $12,389,845 $11,598,858
"
Income from operation
$1,058,117
Other income--245,716
Total income
$2,102,476
3,515
*
tax
the declarant
1936
Interlake Steamship Co.—$1.50 Dividend—■
Profit
$1,800,262
Federal
company now has outstanding $3,197,000 of bonds of the
same
as those now to be offered.
An additional $693,000 series A bonds
authenticated by the trustee under the indenture of
mortgage in 1931
and 1932 and
subsequently pledged as security for bank loans.
A part of
such loans has since been paid and
company now holds in its treasury, to¬
gether with other bonds of the same issue, the
$376,000 series A bonds.
date of maturity.
1937
Interstate Power Co. (&
for
were
income
.
charge
388,215
55,989
$376,000 first mortgage 20-year 5% gold bonds, series A, due March
The series A bonds
—V. 144. p. 4011.
349,310
42,743
series
They
taxes and officers' bonus
Shares capital stock
outstanding (no par)
Earnings
$1,746",160
'The
Inc.—Earnings—
profit after charges, normal Federa
$330,226
Kansas Power Co.—Bond Issue
Approved—
Exchange Commission has approved the issuance and
$152,434
21,970
6 Months Ended June 30—
Net
$2,138,213' $2,244,466
The Securities and
—Y. 144, p. 4181.
Interstate Hosiery Mills,
$2,844,966
600,500
$401,174
63,361
7,587
$388,101"
tax accruals for 1937 includes
undistributed surplus.—Y. 145, p. 611.
sale of
$115,045
96,675
204,000
$0.56
Net income
Dividends.
$2,842,213
704,000
Note—Railway
on
$134,987
19,942
$499,674
98,500
88,000
-
5,519
$7,614,312
4,769,346
$476,101
Net ry. oper. income-
$114,683
1937—7 Mos.—1936
$8,040,203
5,197,990
51,482
1,011
from ry. oper.
Ry. oper. income
Equipment rents (net)-Joint facility rents (net)
$120,279
389
rev.
Ry.—Earnings—
$335,608
oper. expenses
Ry. tax,accruals
patent
Provision for normal Federal income tax.
858,562
$103,412
1937—Month—1936
$1,219,006
$1,257,451
742,905
757,777
oper. revenues
Net
$130,532
through
Ry.
Ry.
$70,124
50,155
Operating profit.
858.181
$232,498
Kansas City Southern
Period End. July 31—
$273,327
203,202
Other income
70,946
$47,605
—V. 145, p. 611.
$736,135
462,808
$318,244
234,662
Expenses.
72,276
$68,514
Net deficit
1937
$970,177
651,934
Cost of sales.
(obtained
$60,553
31,963
5,250
.
1102.
Years Ended June 30—
Net sales, after deducting returns, allowances and
income
126
$50,596
41,333
5,502
funded debt.
Other deductions
International Vitamin Corp.—Earnings—
Non-recurring
litigations)
1937—12 Mos.—1936
$6,774,117
$6,577,312
5,282,006
5,072,430
common
stock.
Common Stock Purchase Warrants
1937—Month—1936
$530,436
$520,304
446,735
431,661
Total operating revenues
stock, upon conversion, pursuant to the conversion
privilege, of the 929,762 shares of cum. conv. 5% pref. stock; (g) 1,347,748
shares of common stock, which, with 23-40 of a share of
such common
stock
Aug. 21, 1937
10,427,128 10,309,1121
a After
depreciation 0
V. 144, p. 2831.
$6,253,998
Total
n
4,523,946
2,624,546
10,427,128 10,309,112
1937 and $6,117,973 in 1936.-
Financial
Volume 145
Kendall Co.
Chronicle
Lindsay Light & Chemical Co.—Earnings—
(& Subs.)—Earnings—:
24 Weeks Ended—
June
Net profit after depreciation, interest, Federal and
Canadian taxes, incl.
distributed profits
—V. 144, p. 3338.
estimated surtax
on
June 13 '36
12 '37
.
.
$288,445
$885,709
Period End. June 30—
1937—6
1937—3 Mos.—1936
$157,524
Mos.—-1936
$313,339
3345,840
245,390
$160,499
119,334
105,117
245,099
$100,742
Net operating incomeOther income (net)
$52,406
Dr41
$41,165
.Dr 124
Pr687
Dr97
Gross income
Interest on funded debt-
$52,365
15,468
$41,041
19,652
15,499
$67,262
37,519
30,782
$100,645
39,661
30,990
612
673
1,244
1,370
734
197
927
395
-
18,621
-_
$67,949
4,800
Net income
$12,130
$0.23
Profit of $281,563 for Six MonthsDue to
typographical error in our issue of Aug. 7 the company was
having operated at a total loss of $436,043 for the first six
before depreciation, Federal taxes and other expenses.
As the context shows the
opposite is the case, the results for the first six
months of 1937 having been the best reported by the company for any
similar period during the last four years as seen from the following table.
months
a
as
of
1937
Income Account for Six Months Ended June 30
Sales
and
this
$1,069,168
3,296
$137,451
565
$2,644,992
1,891,049
$660,974
499,630
$1,065,871 •>
767,489
$136,886
133,413
$753,943
339,413
$161,344
91,653
$298,382
66,761
$3,473
41,378
$414,530
21,513
$69,691
12,123
$231,621
3,145
loss$37,905
8,288
$436,043
64,669
40,169
$81,814
19,031
16,063
$234,766
67,325
14,506
loss$29,617
12,776
6,368
$152,935
loss$48,762
Gross profit
Selling and adm.
expense
Operating profits
Kimberly-Clark Corp.—Extra Dividend—
Other income
directors on Aug. 17 declared an extra dividend of 50 cents in
addition to a regular quarterly dividend of 25 cents per share on the common
stock, no par value, both payable Oct. 1 to holders of record Sept. 11.
I*Regular quarterly dividends of 25 cents were paid in each of the three
preceding quarters; a special dividend of 25 cents was paid on Dec. 23,
1936, and a regular quarterly dividend of 12 H cents in addition to a specia
dividend of 25 cents per snare was paid on Oct. 1,1936.—V. 145, p.
Total income
Other expenses
Depreciation
Provision for
est.
normal Fed.
U.
S.
inc. tax.
49,642
Kingston Products Corp. (& Subs.)—Earnings—
6 Months Ended June 30—
Net profit after deprec., Fed., income taxes, &c.,
but before surtax on undistributed profits
Shares of common stock
Earnings
common
1936
1937
x$173,047
1,082,896
$46,593
721,931
$0.06
Includes earnings of Douglas Manufacturing Co., acquired March
31,
as
of June 30
was
and
partic.
Modifies Option
shares, no par
payable Aug. 25.
A similar payment was made on Feb. 25 last
Nov. 25, Sept. 10, May 5 and Jan. 27, 1936, this latter being the
first payment made on the issue since Aug. 1,1934, when a regular quarterly
dividend of like amount was distributed.—V. 144, p. 1789.
Nil
1937—6 Mos.—1936
1937—3 Mos.—1936
and
setting up reserves for
taxes and other chges.
$352,795
x$101,302
x Loss of Loft, Inc.,
parent company only.
value,
on
$0.08
$0.37
given in V. 145, p. 945.
amortiz.
prec.,
cum.
$0.43
Loft, Inc. (& Subs.)—Earnings—
144, p. 3506.
class A
on
Period End. June 30—
Consol. net loss after de¬
Knudsen Creamery Co.—Accumulated Dividend—
The directors have declared a dividend of 37H cents per share on account
$1.50
per
share
stock
The balance sheet
$0.15
the
$40,213
.
share.
on
6,507
$281,563
767.
Net profit
of accumulations
1934
$664,281
3,307
The
for second quarter only.—V.
1935
1936
$2,653,725
8,733
Returns and allowances.
$28,228
Note—It is estimated that the company has no liability for Federal
State income taxes and undistributed profits tax on its operation for
and
$0.39
Lockheed Aircraft Corp —Correction—Company Reports
4,800
ioss$8,009
—$5,019
period.—V. 144, p. 3676.
x
$0.17
on 60,000
shs.com.stk. (par $10)
1937
int
on
Miscell. amortization
per
1934
$21,500
disct.
of bond
and expense
Earnings
1935
$30,660
Earns, per sh.
reported
Taxes assumed
1936
$18,326
$0.20
_
—V. 145, p. 768.
Operating revenues
Oper. expenses & taxes-
Amortiz.
1937
$19,961
and taxes
un-
.
6 Mos. End. June 30—
Net income after charges
Kentucky Power & Light Co.—Earnings—
General interest
1263
on
$496,515
$443,263
Stock—
The company has filed with the Securities and Exchange Commission
of modifications of an option originally granted to the Phoenix
details
Securities Corp. on June 9, 1936, covering the purchase of 300,000 shares.
It has extended the option period and reduced the option price of $3 a share
to
Kysor Heater Co.—Extra Dividend—
The directors have declared
an
extra dividend
of 15 cents per share in
addition to the regular quarterly dividend of like amount on the common
stock, both payable Sept. 15 to holders of record Sept. 1.—V. 145, p. 945.
Lefcourt Realty Corp.6 Mos. End. June 30—
loss after interest,
Earnings—
1937
1936
$38,167
$83,518
1935
1934
Net
deprec.,Fed. inc. taxes
and other charges
x
x$46,294
1936
1935
$605,638
$536,749
$0.04
$0.31
$0.27
$1,734,423
$1,704,385
$0.90
$0.88
Net income of parent company accru¬
ing from direct operation and from
Including company's proportion of undistributed earnings and losses
whose stock is either owned or controlled, after interest, taxes,
depreciation, depletion and reserves.
Note—No provision has been made for Federal surtax on undistributed
profits.—V. 144, p. 3179.
Lessings, Inc.—Balance Sheet June 30—
1937
1936
$29,634
Liabilities—
Accts. receivable..
981
Notes rec., secured
Accr'd Int. recelv.
2,000
$17,525
1,040
2,875
321
254
13,459
11,699
—
inventories
.
Prep'd Insur., rent,
taxes,
.
3,263
1,775
21,569
&c
Notes rec.,not cur.
Marketable securs.
x
\
144, p. 3507.
Corp. (& Subs.)—Earnings—
Period Ended June 30, 1937
6 Months
Net profit after deprec., depl., int., amort., Federal
income tax, minority int., &c., but before surtax
on undistributed profits
$4,278,222
Earns, per sh. on 5,537,717 shs. com. stk (no par)-$0.72
12
1937
Federal
and
1936
$19,493
$6,399,784
Loose-Wiles Biscuit Co.
Period End. June 30—
(& Subs.)—Earnings—
1937—3 Mos.—1936
1937—6 Mos.- -1936
taxes, deprec., int., &
after
absorbing strike
$147,103
losses
$339,987
$435,412
$747,662
$0.18
$0.55
$0.63
$1.23
Earnings per share on
521,500 shares of com¬
mon stock (par $25)-—V. 144, p. 3507.
3,489
Loudon
Packing Co. (& Subs.)—Earnings—
—Years Ended June 30— 2 Mos.End.
State
tax reserve
$1.04
Net profit after Federal
$14,531
5,093
Accts. payable and
accr'd expenses-
Months
—V. 145, p. 1103.
a
of subs.,
Assets—
dates.—Y.
Lone Star Gas
—
divs., &c., after
charges
$1,492,681
Earnings per share on 1,930,065 shs.
Ik capital stock (no par)
«...
$0.77
rentals,
taxes and
Cash.-
Marine Midland Trust Co. or New York to evidence
bank loan to Lout; and a series of agreements providing for the renewal of
renewal
1937,
$81,944
Earnings per share on 1,930,065 shs.
capital stock (no par)
W
a
these and another $100,000 bank loan, for 90-or 180-day periods, provided
that Loft has not obtained long-term financing ot at least $500,000 by the
Lehigh Coal & Navigation Co.—Earningt
raiiroad
The consideration for the granting of the modification reducing the price
per share, dated July 23, 1937, was the guarantee and endorsement on that
date by Phoenix of a $200,000 note of Loft maturing on Oct. 23 and payable
to the order of the
x$46,673
Profit.—V. 144, p. 4012.
12 Mos. Ended June 30—
Consolidated net income
a
$2, the price of $4 a share to $3, and the price of $5 a share to $4, covering'
respectively, purchases to and including Nov. 9, 1938; between Nov. 10,
1938, and Nov. 9, 1939, and between Nov. 10, 1939 and Nov. 9, 1940.
The consideration for the extension of the option which is datea Jtuy 19,
1937, was the guarantee and endorsement on that date by Phoenix of a
$100,000 note of Loft maturing on Oct. 19, payaole to ther order of the
Marine Midland Trust Co. of New York to evidence a bank loan to Loft.
1937
1936
Year Ended
June 30 '35
90,000
91,557
61,810
60,189
Sell.,
gen.
April 30
Not
available
$643,373
332,402
$61,6121
54,457/
$310,970
$7,155
637
479
6
390
$206,271
57,523
37,504
3,104
al9,246
$311,450
45,153
37,353
4,704
35,871
$7,160
7,173
11,130
$331,602
44,063
41,113
32
29
577
37.086
$88,894
89,701
$188,368
179,401
loss$l1,751
44,850
$209,311
190,613
def$806
336,799
& adm. exps_
$531,703
326,069
$205,634
Capital stock
Surplus
Profit from operation—
$8,967
327,832
def$56,601
384,433
$18,698
365,734
$335,993
$336,799
$327,832
$384,432
3,058
2,150
Interest earned.
36,868
$331,212
Land, bldgs., fix¬
ture & auto eqt.
101,772
1
1
$174,776
$171,386
Reacquired stock.
Goodwill & leases.
Total
Total income
93,354
2,563
Depreciation
Maintenance & repairs—
Interest
Total
$174,776
$171,386
After reserve for
The earnings for the six months ended June 30, were published in ^
x
p.
Federal taxes
„
Net income
Dividends paid
1102.
Surplus for year
Liberty Loan Corp.—Registers with SEC—
See list
Previous surplus
given on first page of this department.—V. 144, p. 4349.
Profit & loss surplus..
Life Savers Corp,
Period End. June 30—
Net inc. after deprec'n,
Fed. inc. taxes., &c.,
but before surtax on
undistributed profits.
Earns, per sh. on 350,140
(& Subs.)—Earnings—
1937—3 Mos.—1936
a
No provision for surtax on
1937—6 Mos.—1936
1937
$302,967
$271,682
$537,614
$426,180
$0.86
$0.77
$1.53
$1.21
y
-
Trade accts. rec.
Inventories
Advs.
to
Growers
-
—
&c., but before prov. for excess profits tax and
surtax on undistributed profits
Earns, per
sh. on 189,539
sns. cap.
stock (no par)-
z
1937
1936
Land,
_
„
821,467
25,969
670,514
27,863
May 27,1936)
General taxes accr.
1936,
before
inc.
taxes
—
"l7"69i
$418,696
$2.21
income and cap.
$302,597
stock
$1.60
Capital stock
25,124
x35,947
1,156,929 al,156,929
335,993
336,798
-
-
Capital stock held
In treasury
—.
1937—9 Mos.—-1936
but
undistributed
profits tax.$775,585
$673,309
$1,050,615
$612,288
Shares of capital stock—
700,000
x700,000
x700,000
700,000
Earnings per share--.
$1.11
$1.50
y$0.96
y$0.87
x Shares now outstanding after giving effect to a two-for-one
split-up as of
July 19.
y On present outstanding stock.—V. 145, p. 768.
44,850
16,689
Reserve for Federal
Liquid Carbonic Corp.—Earnings—
1937—3 Mos.—1936
18,802
16,899
(declared
Earned surplus
Period End. June 30—
Net inc. on an adjusted
basis after charges and
$171,892
re¬
turnable by oust.
Dlv. pay. July 1,
buildings,
1936
$143,398
19,538
liabilities
45,224
21,701
—V. 144, p. 3340.
Fed.
1937
46,146
24,352
mach. & equip.
Deferred charges
Liabilities—
Liab. for bottles
1936
Other assets.-
Lily-Tulip Cup Corp.—Earnings—
$88,962 Accounts payable132,617 Brokerage,wages &
miscell. accrued
792,566
Tomato
season crop
12 Months Ended June 30—
Net profit after depreciation, Federal income taxes,
1936
$40,140
96,462
658,574
Assess—
Cash
shs. cap. stk. (par $5).
—V. 145, p. 7687
undistributed profits.
Consolidated Balance Sheet June 30
Total
x
$1,713,112 $1,779,448'
Total
Dt2,461
X>r2,461
$1,713,112 $1,779,448
The Federal income tax returns are filed on April 30 and provision has
1936, but no provi¬
required in respect of surtax on undistributed earnings for the two
y After reserve of $5,356 in 1937 and $4,060
z After reserve for depreciation of $395,484
in 1937 and $351,304 in 1936.
a Represented by 360,000 shares, including
12,480 in 1937 (15,820 in 1936) shares exchangeable for 3,120 in 1937
(3,955 in 1936) shares of old stock (no par).—V. 144, p. 1442.
been made herein for accrued income taxes to June 30,
sion is
months ended June 30, 1936.
in 1936 and $6,715 in 1935.
Financial
1264
1935
$1,830,252
53,127
238
Oil & gas net revenue
Fur trapping revenue
739
Sundry rentals, &c
$3,20^,722
Total income
•
Depletion
surrendered
Depreciation
Land and lease expenses
Operating expenses
General & administrative expenses
Prov. for Federal income tax
Prov. for contingencies
Net
$1,884,118
354,373
43,819
8,068
391,931
384,197
45,701
11,421
377,369
58,030
170,334
75,000
181,372
112*790
$973,135
299,900
$0.32
$1,901,298
1,497,750
profit for the year
Dividends paid
2,999,000 shs. cap. stock ($1 par)
$0.63
Earnings for 3 Months Ended June 30, 1937
Net operating and royalty income
Geophysical and administrative expenses, &c
Earns, per sh. on
$542,100
600
Balance
deprec., Fed. inc. taxes, &c
$773,373
727,584 shares capital stock
$1.06
No provision has been made for the Fed. surtax on undistributed profits.
The statement reflects the earnings of McKeesport Tin Plate Corp. (the
name of which prior to March 17, 1937, was National Can Co J for the
period Jan. 1 to March 16, 1937. The statement of McKeesport Tin Plate
Corp is the first interim statement issued by the corporation of the com¬
bined operating results under the merger. This statement is not comparable
with the statements heretofore issued by the McKeesport Tin Plate Co.
which company in its report of operations included only its proportionate
shares of net earnings of National Can Co., based upon its stock ownership
of 65.29% therein.—V. 145, p. 284.
Consol. net profit after int.,
Earnings per share on
74,700
Depreciation and depletion
$468,000
Net income
1937—Month—1936
1937-—6 Mos.—1936
$13,911,698 $12,159,310 $84,042,716 $71,448,627
Net sales..
Earnings for 6 Months Ended June 30 (Incl. Subs)
1937
1936
1935
June 30,
1937, net income was $1,008,600,
Costs and expenses
for
equal to 34 cents a share, comparing with $910,700 or 30 cents a share
Cash
Note payable
250,000
374,452
117,573
232,000
182,936
49,443
71,000
Earnings
Cap. stock ($1 par) 3,000,000
Capital surplus
7,116,241
Earned surplus
987,324
3,000,000
8,352,310
605,013
Res. for contin
recev.
Co's
note
393,646
Deferred charges__
Note—No deduction has been made for the surtax on undistributed profits
—V.
Lowell Gas Light
Co.—Earnings—
1937
1936
Taxes—Local, State and Federal.
$747,066
438,062
47,070
139,761
$745,402
415,955
35,021
93,691
Net operating income.
Non-operating income.._
$122,172
8,940
$131,112
42,750
11,124
28,891
$207,413
49,085
14,031
31,891
2,909
Maintenance
income
on
long-term debt.
Interest
on
other debt
Provision for retirements and replacements
600
Amortization of debt discount and expense
Interest
on
indebtedness of American Utilities
Cr 1,526
x
$112,755
3, 1937
$562,488
49,274
1936.
3,589
Balance Sheet June 30
Mack Trucks,
on
20,965
15,983
110,507
159,749
226,950
167,175
3,166
supplies.
$950,000
$940,260
$1.08
$0.67
$1.57
Note—No deduction has been made for
Int.
Amer.
unfunded debt..
5,379
4,955
55,295
4,404
deposits
Accrued taxes..
Power Associates
51,102
(parent co.)x___
Due
from
Other accr. liablls.
Consumers'
Amer.
Util. Associates.
Deferred
1,990
4,760
Manag't Corp..
L'g-term appliance
Earned
40,859
deps
credits
Reserves
Common
contracts
63,438
3,540
meter
& extension
52,628
Investment in P.U.
stock
surplus
__
49,017
1,350
795,585
1,524,050
598,469
48,809
3,850
772,084
1,524,050
562,488
Prepaid & deferred
July 7.
It is expected, according to the petition, to
Madison Square Garden Corp.
x
The
principal
asset
of
are
$2,290,772
on
of
sale
2,520,761
2,336,664
2,156,994
2,006,742
30,000
37,500
58,972
60,000
capital
13,327
Allowance
for
doubtful
Deprec., amortiz., &C--
21,000
188,704
1,000
258,041
46,122
10,000
265,432
31,141
283,030
y63,054
$348,274
1,036,369
x$253,024
984,174
$179,568
951,563
def$59,000
1,024,234
$1,384,644
y91,503
$1,237,198
$1,131,131
146,957
$965,234
13.670
Net profit
Surp. at begin, of period
.
Adjustments (net),
Dividends paid
358,184
$934,957
Surplus, May 31
Common
shares
200,829
$1,036,369
$984,174
$951,563
286,500
$1.21
286,900
281,900
271,900
$0.88
$0.64
out¬
standing (no par)
Earnings per share
$4,148,284 $4,240,765
Total
Commonwealth Power Associates
Co. capital stock, of which
loans.—V. 144, p. 3842.
on
McCall
1937
Assets—
Cash
Corp.—Registration Withdrawn—
Accrued expenses.
common
1937
1936
1935
1934
$674,274
$819,031
$813,915
$770,914
539,360
$1.25
539,360
$1.52
539,360
$1.51
Current assets
as
$i.43
of June 30, 1937, amounted to $4,741,292 and current
$^ ,757,371 and $902,349 respec
tively on June 30, a year previous.—V. 145, p. 284.
Mclntyre Porcupine Mines, Ltd.—Earnings—
1936
$2,035,932
970,031
1935
$2,019,520
1,050,873
924,547
1934
$2,052,451
858,566
$1,067,587
175,795
$1,065,901
183,282
$1,094,973
189,135
$1,193,885
166,301
3 Mos. End. June 30—
1937
Gross income
$2,118,460
Costs and develop, exp.
Balance
Taxes
Depreciation
Net
profit
Earns, per sh. on 798,000
shs. cap. stk. (par $5).
—Y. 145, p. 1103.
37,917
72,603
83,725
75,850
$853,875
$810,016
$822,113
$951,734
$1.07
$1.01
$1.03
$1.1
rentals
7,698
11,593
1st mtge. (current)
100,000
(non-cur)
600,000
Capital stock
3,121,582
100,000
1st mtge.
700,000
ing space, &c—
3,924,061
Deferred charges..
140,765
z Notes & accts. rec
42,045
3,978,602
154,297
37,116
x
Surplus
$4,910,935 $5,137,439
Total
71,620
and
sales of advertis¬
Land, bldgs. and
539,360
liabilities were $1,173,023, comparing with
local taxes
Adv.
166,503
equipment
stk. out¬
standing (no par)
Earnings per share
y
$32,760
12,447
Federal, State and
599
6,194
cos
1936
$46,413
37,230
a63,054
Accounts payable-
employees
Deposits
Invest, in affil.
Corp.—Earnings—
6 Mos. End. June 30—
Shares
&
1937
Liabilities—
1936
$792,028
2,098
$787,623
-
Rec. duefr. officers
first page of this department.—Y. 138, p. 1497.
Net income after charges
and Federal taxes
Nil
disposal of investments.
Consolidated Balance Sheet May 31
Inventories
Lulu Mining
See list given on
1934
$2,715,435
assets
American
pledged to secure
1935
1936
$2,932,352
ministrative expenses.
on bonds & mtges__
consists of 59,861.6 shares of Lowell Gas Light
58,199 shares
(& Subs.)—Earnings—
1937
$3,171,793
Years End. May 31—
Income
x
$4,148,284 $4,240,765
Total
complete the liqui-
ation by Dec. 31 of this year. The company was formed in 1925 to finance
customers' notes secured by liens on buses and trucks.—V. 144, p. 3181.
Does not include $4,810, Madison Square Garden Corp. s proportion
of the profit for the period of its affiliate, the Boston Garden Corp.
y Loss
31,795
43,544
charges
any
Prov. for Fed. inc. taxes
on
Commonwealths
from
on
voluntarily. The petition said the company was wholly solvent and pro¬
posed to transfer all its property to its parent.
The decision to dissolve was reached at a special stockholders' meeting
14,250
Due
$0.85
Federal surtax
Subsidiary to Dissolve—
accounts
153*680
14,250
3,717
possible
$511,889
The Mack Acceptance Corp., a wholly owned subsidiary, on Aug. 16
filed in the N. Y. Supreme Court an application for permission to dissolve
60*666
83,186
$950,000
147,500
long-term debt.
Accrued
int.
on
Insur.
1937—6 Mos.—1936'
$404,412
*
Int.
Notes pay.—banks
Notes pay.—other
Accrued
1937—3 Mos.—1936
$645,961
shs.no par com .stk.out
Loss
Accounts payable.
hand
Accts. receivable
Mdse., materials &
-Earnings—
Co
Operating, general & ad¬
4
%
bonds, series A,
due Mar. 1,1966
Cash in banks and
$1.75
Inc.—Earnings—
Period End. June 30—
Net prof.after deprec.,&c
Earns, per sh. on 597,335
1936
1937
Liabilities—
mtge.
$2.34
1935
1936
1934
30—
1937
Net profit after deprec.,
y$393,416
$200,381
x$286,401
taxes, &c
y$162,727
96,350
96,350
96,350
Shares capital stock
192,700
$4.08
$3.11
$2.97
arnings per share
$0.84
x Revised,
y No provision was made for Federal surtax on undistribV. 145, p. 769.
uted profits.-
535
$598,469
1st
114,349
9,168
1937..
1936
1934
$200,511
114,349
provide an allowance for the tax on undistributed profits.—
2487.
McWilliams Dredging
on
$611,761
Total
Expenses incurred during 1936—By flood
Payment on serial non-interest-bearing obligations.
Expenses—Prior years' Federal tax
1937
1935
$267,678
Does not
V. 144, p.
Cr3,256
$49,274
Associates (not received in cash)
Prop., pl't, equip.,
&c., at book val_$3 ,709,662 $3,744,495
1936
x$285,951
114,349
$2.50
undistributed profits.
Net income.
Balance June 30,
&c
stk. outst'g
Earnings per share
$200,734
6,679
12 Months Ended June 30—
Interest
1937
x$126,060
114,349
$1.10
deprec..
6 Mos. End. June
Operations
Assets—
145, p. 946.
Shs. com.
11,578,975 12,510,704
Total
for depletion of
for depreciation
reserve
Balance July 1,
Net income
$
$0.35
McQuay-Norris Mfg. Co.—Earnings—
$3,409,167 in 1936 and $1,792,016 in 1935.
b After reserve
of $26,012 in 1936 and $20,209 in 1935.
c 6,000 shares in 1936 and
1,000 shares in 1935—V. 144, p. 3507.
Gross
$0.33
42,221
102,342
575,504
348.076
.
on
stock
6 Mos. End. June 30—
11.578,975 12,510,704
After
$1,012,973
$0.04
$1,250,703
$0.74
share
per
Net profits after
Federal taxes,
3,383
26,989
Total
789.826
571,850
252,180
$1,750,272
profit
common
2,925
9,704,738 11,215,628
55,204
48,168
Fee lands &1 eas.
a
Net
stk.
b Fixed assets
$2,081,116
156,541
207,010
67,300
(not cur.)
own cap.
at cost
a
93,709
91,525
&
$1,710,296
42,284
105,118
554,394
218,674
Federal taxes, &c
125,837
physical Explora¬
rec.
$2,273,847
42,573
45,239
39,500
625,874
424,500
Interest
Accts. payable
545,042
tion Co
$
175,753
U
$1,796,116
285,000
—
Accrued taxes
Due from La. Geo¬
Acct.
$
210,794
$1,180,207
530,089
Minority interest
Other charges
565,428
594,530
100,000
Acc. receivable
1935
Liabilities—
$
$
Marketable secur..
1936
1935
229,694
$1,999,220
274,627
$2,885,385
sales
Total income.-
Balance Sheet Dec. 31
1936
on
Other income
the six months ended June 30, 1936.
Assets—
238,847
$2,584,394
300,991
Depreciation.
Profit
1934
$84,042,716 $71,448,627 $63,296,723 $62,603,239
81,219,475
69,219,714 61,905,722
60,631,370
Net sales
$0.16
share
per
the six months ended
Inc.—Sales—
McKesson & Robbins,
$542,700
Total income
1937
Earnings for the Period Jan. 1 to July 3,
$795,900
253,800
Other income
For
$5.21
Corp.—Earnings—
McKeesport Tin Plate
Period End. June 30—
Earnings
$1,232,781
profits tax
profit before provision for undistributed
Earnings per share on capital stock
—V. 145, p. 1103.
Net
1,706
Interest income (net)
Leases canceled and
1937
Earnings for 12 Months Ended June 30,
1936
$3,142,877
59,901
1937
21,
Co.—Earnings—
McGraw Electric
Exploration Co.- —Earnings—
Louisiana Land &
Years Ended Dec. 31—
Aug.
Chronicle
Total
934,957
3,172,647
1,036,369
$4,910,935 $5,137,439
Represented by 286,500 no par shares in 1937 and 286,900 in 1936.
y After depreciation of $2,362,785 in 1937 and $2,184,073 in 1936.
z After
allowance for doubtful items of $10,968, in 1937• $12,329 in 1936.
a Federal
income taxes.—V. 144, p. 4350.
x
(R. H.) Macy & Co.,
Inc.—Offers Own Line to Outside
Retailers—
which has been competing with makers of nationally
advertised trademarked goods sold on a fixed-price basis under the FeldCrawford Act, is offering its own brands for distribution by retailers outside
This
company,
N©w York.
These products will be distributed through a new corporation. Supremacy
Products, Inc., to only one store in a trading area.
The merchandise is to
be sold price-free; the distributing store making the products at any price
it wishes.
Advertising as used in Macy's will be syndicated.
All products
Financial
Volume 145
shall have been tested previously by the Macy
"consumer tested" in the local retail market.
Bureau of
Standards and
_
.
,
Fowler, Dick & Walker of Wilkes-Barre is retailing private-brand drugs
and cosmetics made by or for R. H. Macy, inaugurating a new policy of
distribution of this line of own-brand products by Macy.
Initial stock:
consists of the major fast-moving items, selected in terms of the probable
initial Wilkes-Barre demand.
As demand grows, other items may
be
added beyond the limits of the drug and cosmetic field.
Other stores are
reported to be negotiating with Macy's for representation.—V. 145, p. 94b.
May 20, last; 30 cents paid on Dec. 29,1936;
May 11, 1936, and 10 cents paid on Feb. 15, 1935, and on
May 24, 1934; this latter payment was the first made since April 15, 1932,
a regular
quarterly dividend of 15 cents per share was distributed.—
when
V.
[Canadian Currency]
Fed.
$407,087
$166,272
$1,195,152
$1,224,012
$152,000
__
-V. 145, p. 442.
Michigan Steel Tube Products Co.—Dividend Doubled—
746,724
155,519
expenses
2,739
amortization
$13,445
charges
4:72
$12,973
*33,183
Total loss
Extraordinary charges
$46,156
Net loss
x Consists of advertising, sales promotion and other expenses incidental
the development of the business, incurred prior to inception of com¬
pany—Sept. 23, 1936, $23,236; and expenses of moving plant and equip¬
ment to Chicago, $9,946.
to
dividend of 50 cents per share on the new
a
31, 1937
stock, par $2.50, payable Sept 10 to holders of record Aug. 31.
Dividends of 25 cents were paid on June 10 and on March 10 last, and
compares with 40 cents paid on Dec. 10, 1936, 25 cents paid on Sept. 10
and June 10, 1936 and an initial dividend of 19 cents per share paid on this
issue
on
March
share
on
the old
paid dividends of 25 cents per
Dec. 10 and Sept. 10, 1935, the latter
1, 1931, when a dividend of 10
distributed.—Y. 145, p. 946.
10,
1936.
The
company
par com. stock on
no
payment being the first made since Oct.
cents was
Michigan Sugar Co.—Earnings—
Years Ended June ZD—
Profit from operation
1937
Interest
on
Cash in banks & on hand.......$401,957
Inventories
Plant and equipment
Licenses,
trade
marks & pats.,
capital stock taxes
names,
trade¬
less amortiz...
17,101 Capital stock (par $1)
17,447 Paid-in surplus
Earned surplus (deficit)
Deferred chgs. & prepaid exps..
$854,560
263,164
24,448
Cr12,398
20,000
19,312
Cr 14,024
24,033
72,500
$409,523
$107,268
$428,694
60,880
After
for
reserve
doubtful accounts
29,097
4,559
350,000
348,157
46,155
$699,194
Total
.$699,194
Total
of $3,041.
y
Profit for the year
21,007
a
Including $20,000 surtax on undistributed profits.
Note—No provision has been made for the company's proportion of the
loss for the year of the Toledo Sugar Co., a subsidiary company not con¬
solidated.
Such loss amounted to $55,215 (including provision for deprecia¬
tion in the amount of $38,239 and interest expense of $7,987 charged by
the Michigan Sugar Co. in respect of advances) and Michigan Sugar Co.'s
proportion of the loss is $43,183.
The Toledo Sugar Co. has not operated
its plant since the year ending June 30. 1931.
Michigan Sugar Co. oper¬
ated five of its
eight plants during the year.
After reserve for
Balance Sheet June 30
depreciation of $1,063.—V. 144, p. 284.
Assets—
Manila Electric Co.—Tenders—
on
1936
$253,512
386,668
$588,919
114,113
The Chase National Bank is inviting tenders of
first refunding mortgage
gold bonds 5% series due 1946, at a price not to exceed 105%, in an amount
sufficient to exhaust the sum of $2,820.
Sealed proposals will be received
on or before noon, Aug. 23, at the Corporate Trust Department of the
96,178
127,672
Owing to beet
hand
Accts.& notes
a
rec
162,526
Net oper. revenues
$458,962
1,177
Gross income before provision for retirements
$460,139
106,907
before provision for retirements
Non-operating income
—
.—
Gross income
Interest and other income charges
Dividends
—
—..
...
on common
$353,232
87,425
—-—
-
income
stock
$265,807
150,000
Note—Figures appearing in these statements represent translations, at
the rate of two Philippine pesos to one United States dollar, of figures taken
from the books of the company.
The company in publi hing the informa¬
tion contained herein does not make or intend to make a
representation
whatsoever as to the value of the assets or any of them sho '
in the balance
8tl66ti
|
Balance Sheet June 30, 1937
Property, plant and equip't
(including intangibles)
$5,372,479
484
Sinking funds
to affiliated co__
Total
$750,000
20-yr. 1st mtge. 6% s. f. bonds
102,510
Accrued
(banks)
Accounts
203,113
11,093
receivable
60,759
Bank loan
for
d32,596
28,304
510,000
5,609,950
747,110
1,696,636
1,696,636
49,654 def 133,132
6% cum. pref. stk. 5,609,950
c Common stock..
747,110
Capital surplus
Earned surplus.
$8,831,8381
bad
debts
Total
...$9,478,692 $8,831,838
and allowances of
$11,374 in 1937 and
depreciation,
c Represented
by
747,110 no par shares,
d Unpaid processing taxes held in suspense pending
final determination of Federal tax thereon.—V. 144, p. 3843.
$5,316
reserve
in
b After
1936.
Micromatic Hone
for
reserve
Corp.—Earnings—
6 Months Ended June 30—
Net profit after deprec., normal Fed. inc. taxes, &c.,
but before surtax on undistributed profits
Earnings
per
1937
share on 99,895 shares common stock-
Middlesex & Boston Street Ry. Co.Period End. June30—
Rev. passengers carried-
1937—3 Mos.—1936
2,256,447
9.4 cts.
$43,072
2,264,057
9.4 cts.
$1,626
1936
$27,989
$0.28
$10,362
$0.10
-Earnings—
1937—6 Mos.—1936
4,667,598
4,811,329
9.3 cts.
$74,579
9.4 cts.
prof$1,650
942,000
Notes payable
77,294
77,588
32,596
102,479
255,000
1,189,499
$9,478,692
After
134,362
27,200
5,507,065
1,201,309
34,700
Net loss
Common stock (100 pesos o<.r)
21,553
199,281
Cash
Prov. for Fed.taxes
Average fare
HabilUies—
Assets—
6,660
Property accts.. 5,513,686
a
Provision for retirements—
1,212,115
6,290
Deferred charges.,
b
650,000
pay.—trade
payrolls, &c
Processing tax
Inv. in & advances
$766,783
307,821
Operating revenues
Operating expenses and taxes
Accts.
investments,
at cost
Year Ended June 30,1937
$202,320
$123,317
Bank loans matur¬
58,593
1,823,821
Inventories..
Income Account for
__
Accrd. prop, taxes,
crop exps.
current season..
Misc.
Corp.—Earnings—
(est.)
ing Sept., 1937.
growers
Growing
bank.—V. 144, p. 4350.
Manila Gas
growers
Loans and advs. to
beet
1936
1937
I/labilities—
1937
Cash in banks and
Accounts
1935
$425,847
265,521
22,252
Crl3,239
8,903
a96,000
loans
Interest earned
Losses on properties sold or retired
Provision for Federal income tax
$13,536
Trade accounts payable
x92,597 Other accts. payable & accrued
expenses
139,374
y30,717 Accrued excise, Social Security &
Notes & accts. receivable..
Net
1936
$725,697
202,257
Provision for depreciation
Interest on debentures
Liabilities—
Assets—
x
$4,005,863
2,781,851
The directors have declared
$891,o<5»
Balance Sheet May
$4,379,835
3,184,683
common
1937
Net sales
Cost of goods sold
Net operating loss before extraordinary
Miscellaneous income
& deprec
Net earnings
_
$755,227
$643,603
exps.
1937—6 Mos.—1936
1937—Month—1936
$705,237
655,718
553,237
489,446
1935
1936
Earnings for the Period from Sept. 23, 1936 to May 31,
Selling and administrative
946.
Period End. June 30—
earns, from oper..
Majestic Radio & Television Corp.—Earnings—
Provision for depreciation and
145. p.
Mexican Light & Power Co., Ltd.—Earnings—
Oper.
1937
inc., taxes, &c., but before deplet'n
—V. 144, p. 3507.
1265
compares with 10 cents paid on
20 cents paid on
Gross
Magma Copper Co.—Earnings—
6 Months Ended June 30—
Net income after deprec., est.
Chronicle
payable
Consumers' deposits
47,453
2,174
—Y. 144, p. 3508.
Midland Steel Products
Co.—Earnings—
1937—3 Mos.—1936
Period End. June 30—
Prepaid ins., taxes, &c
Reserves
Capital
surplus
Earned
surplus
$5,808,004
Total
—V. 141, p.
1937—6 Mos.—1936
$5,808,00
4170.
Period End. June 30—
ordin'y taxes, deprec.,
deplet. & other chgs..
$2,114,010
224,447
$1,825,458
220,277
$1,008,995
106,745
$953,647
100,811
25,559
$i ,605,181
46,596
85,566
90,638
$1,037,468
Before Federal income
1937—3 Mos.—1936
1937—6 Mos.—1936
profit
Earns, per sh. on 234,915
shs. com. stk. (no par)
Note—Before surtax on
$2,478
$4,135
taxes.—V. 144, p. 3678.
x$2,301
Midwest Piping
allowance for depletion and actual drilling costs exceed
depletion and depletion of development costs by an excess
Consolidated Income and Expense March 1, 1937 to May 31, 1937
Sales:
Gross sales, less returns and allowances
$866,154
23,424
-Earnings—
1937
$60,785
1936
x$31,488
Federal taxes.—V. 144, p. 248$.
$ 842,729
Net sales
Cost of
676,635
goods sold
Gross
profit
Selling & administrative & general expense
(The) Maryland Fund, Inc.—Extra Dividend—
The directors
on Aug. 17 announced the declaration of an extra distribu¬
2H cents per share, in addition to the regular quarterly distribution
share.
The total of 7H cents per share is payable on Sept. 15
to holders of record Aug. 31, 1937.
A stock dividend of 3% was paid on June 15 last; an extra dividend of
5 cents was paid on March 15 last; an extra of 7 }& cents and a stock dividend
of 3% were paid on Dec. 15, 1936, and an extra dividend of 2y2 cents was
paid on Sept. 15,1936.
See V. 143, p. 3637, for detailed dividend record.
On Aug. 12, 1937, liquidating value per share on 1,312,243 shares out¬
standing was $9.9105, against $9.4811 on May 28, 1937.
Book cost of
securities held on that date was $10,502,344, while market value was $12,664,325.
Net assets were $13,004,998.—V. 144, p. 3508.
tion of
of 5 cents per
.
Reserve for taxes
$59,975
Net profit.
Consolidated Balance Sheet May 31, 1937
Assets—
Liabilities—
\
Cash
Receivables (net)
Mdse. inventory
Securities (at cost)
Other assets
extra dividend of 50 cents per share in
addition to the regular quarterly
dividend of 50 cents per share on tbe class A
stock, both payable Aug. 30 to holders of record Aug. 20.
An
extra of 25 cents in addition to tbe regular 50 cents quarterly dividend was
paid on Sept. 1 last.
A dividend of 50 cents was paid on March 1 last,
and an initial dividend of 25 cents per share was distributed on Dec. 1,1936.
$166,093
91,485
$74,609
4,051
10,584
Operating profit.
(net).
Other expense
Accrued interest
May Hosiery Mills, Inc.—Extra Dividend—
an
& Supply Co., Inc.—Trading—
Freight, drayage & discount allowed
6 Months Ended June 30—
Net profit after depr., &c., but before Fed. inc. tax.
'The directors have declared
$2.55
144, p. 3679.
Recently 60.000 shares of common stock of the above company were sold
through a syndicate headed by Francis, Bro. & Co. of St. Louis, Mo., and
Mackubin, Legg & Co. of Baltimore, Md.—V. 144, p. 443.
the statutory
After charges and
$3.30
Trading in the common stock of the company began Aug. 16, on the New
that is estimated will result in no taxes due.—V. 145, p. 946.
x
$1,212,790
$1.85
$1.75
undistributed profit..—V.
York Curb Exchange, and on the St. Louis Stock Exchange.
Earnings for 5 Months Ended May 31, 1937
Marion Steam Shovel Co.-
109,896
$626,743
200,926
49,604
135,465
181,718
$6,838
Net income after ordinary taxes, depletion, deprec. & other charges_$177,521
Note—Company states no provision has been made for Federal taxes,
leasehold cost
115.513
profit sharing..
$1,889,563
213,950
91,783
158,383
212,657
$654,575
deductions
Other
Net
Margay Oil Corp.—Earnings—
as
$1,061,091
107,444
Federal income taxes—
Corp.—Earnings—
Consolida'd profit after
x
$1,122,418
113,423
Res. for
Maracaibo Oil Exploration
x
Total
30,400
1,481,428
1,843,230
608,807
Manufacturing profits..
Expenses-
Depreciation
Merchandise, mat'ls & suppl's.
accounts..
Prop., plant & equip,
Deferred charges
(net)...
$114,607 Notes payable to banks
498,447 Accounts payable (trade)
479,572 Accrued liabilities
60,700 Federal & State income taxes..
4 58 5% coll. & mtge. note...
52,530 Preferred stock
1,182,406 Common (19,020 shares)
18,878 Earned surplus
$100,000
142,232
24,459
38,160
280,000
78,000
1,264,830
479,917
common
—V. 144, p. 3342.
stock,
no par
a dividend of 20 cents per share on the
value, payable Sept. 10 to holders of record Sept. 1.
-V. 145, p.
......
$2,407,597
Total
$2,407,597
443.
Mid-West Refining Co.—Initial and Extra Dividend—
Memphis Natural Gas Co.—Dividend Doubled—
The directors have declared
mon
Total
initial quarterly dividend of 3 cents per
dividend of 2 cents per share on the common stock, botb
The directors have declared an
com¬
This
share and an extra
payable Sept. 15 to holders of record Aug. 31.—V. 136, p. 2437.
Financial
1266
Milwaukee Electric Railway & Light Co.—To Increase
Directorate—
Chronicle
The earnings of the British subsidiary have been converted at $4.85 a £.
Stockholders at a special meeting to be held on Aug. 30 will consider
amending the articles of incorporation by increasing the number of directors
from seven to nine.—V. 145, p. 947.
Mining Truth Blind Pool of 1937—Registers with SEC—
See list given on first page of this
department.
RR.—RoosevelVs
Necessary—Decision Due in October—
Minneapolis
&
Louis
St.
Plan
Not
Oliver E. Sweet, director of the Finance Division of the Interstate Com¬
Commission, told Philip J. Roosevelt of 30 Pine St., N. Y. City,
of the reorganization committee, in a letter dated Aug. 14,
that the Commission did not need to have before it Mr. Roosevelt's plan
Chairman
for reorganizing the road in making its decision on the application of the
Railways to acquire the road under
dismemberment plan.
a
Comparative Consolidated Balance Sheet June 30
1937
1936
$
1937
8,769,221
2,791,298
5,908,428
Receiv., less res.. 3,457,357
Inventories
6,701,668
Due from officers,
221,556
705,529
Phosphate deposits
394,825
422,283
Land
1,658,094
1,649,789
Buildings.
7,238,546
6,047,878
Mach'y & equip..22,512,509 17,265,819
Pat'ts & processes.
1
1
Deferred charges._
170,595
154,964
letter
a
Aug.
on
long
be considered, I cannot get this plan before the ICC."
In this letter to Mr. Costello and in a letter of the same date to Mr. Sweet,
Mr. Roosevelt said that, while the original plan called for, a loan by the
new
a
take
company to
over
the
the road's present defaulted securities.
In reply to Mr. Roosevelt's letter of Aug. 9 urging that the plan be
placed before the Commission, Mr. Sweet said that the record taken by
the Commission in connection with the application of the Associated
Railways, on which it is expected to rule early in October, "contains much
evidence as to the possibility of operating the properties successfully as a unit
which is really the important thing.
Evidence as to the possibility of re¬
organizing pursuant to the detailed plan outlined in your letter would add
little, if anything, to the record."—V. 145, p. 770.
1937—6 Mos.-—1936
$95,957
$128,791
$0.06
$0.09
$1,491,835
•
on
Total
$66,960
44,708
$50,139
34,825
$128,965
88,753
$102,439
72,811
Net operating income.
$22,252
$15,314
$40,212
822
$40,212
,17,875
1,497
$29,643
17,875
1,639
855
855
1,710
1,716
67
10
122
36
$22,252
8,938
751
$15,314
8,938
and expense
assumed on int.
and misceli. deduc'ns.
count
Net income before pre¬
ferred dividends—,
Note—No provision
tax.—V. 144, p.
Mohawk
$11,641
been
has
Cost of sales, exps.,
8,832,706
&c_
operations.
(net)
Total income
profits
1934
$5,745,286
5,534,347
$190,071
$206,139
26,000
$373,684
$240,004
45,000
______
$180,139
273,150
$328,684
136,575
$240,004
$884,087
def$93,011
$192,109
Includes
546,300
$0.33
546.300
$0.60
550,000
$0.43
$2.41
profits tax.
excess
Assets—
rec.
Inventories
Notes
rec.
476,677
2,271,946
11,846,765
Notes & accts.
7,789,426
& advs.
(non-current)
164,229
31,000
164,229
36,000
337,698
Investments
Prepaid expenses.
Prop., plant & eqt.
(less deprec.)... 6,825,342
x
y
421,153
7,069,710
22.997,878
Includes
Liabilities—
1936
$
Montour RR.-
1,032,275
Notes payable
Customers' bal
3,500,000
Res. lor Fed. taxes
share
1936.—V, 145, p. 613.
$59,030
^
'
?
145,
an
1937
p.
Motor
1936
1934
1935
$235,429
118,974
108,371
$158,256
57,304
63,452
$172,726
83,698
79,914
1,460,656
658,710
638,630
1,244,966
1,078,641
448,780
474,232
1,061,581
365,261
404,389
1—
497,980
489,478
614.
Products
Period End. June 30—
Corp.—Earnings—
1937—3 Mos.—1936
1937—6 Mos.—1936
Net profit after int., de¬
prec.,
come
Fed. & Can. in¬
taxes & surtax
on
undistributed profits.
Earns, per sh. on 391,254
shares common stock.
$751,405
$531,423
$1,454,872
$805,898
$1.92
$1.36
$3.72
$2.06
—Y. 145, p. 771.
Motor Wheel
Corp. (& Subs.)—Earnings—
6 Mos. End. June 30—
1937
Profit from sales
$1,968,296
Other income.
129,794
1936
1935
1934
$1,586,739
212,816
$2,098,090
530,233
195,331
218,302
$1,799,555
379,582
233,557
172,678
$1,165,585
344,960
212,488
74,453
$1,177,791
28.307
prof 9,787
Net profit
x$l ,154,224
Earns. per sh. on 850,000
sbs. cap. stk. (par $5).
$1.35
$1,013,738
$505,377
$608,901
$1.19
$0.59
$0.72
Expense & other charges
Depreciation
Federal income taxes
Co. not consolidated..
297,022
221,043
60.612
Before provision for surtax on undistributed profits.
Income account for the quarter ended June 30,1937, follows: Profit from
sales, $1,159,360; other income, $83,455; total income, $1,242,815; expenses
and other charges, $320,683;
depreciation, $97,985; Federal income taxes,
$130,346; net profit, $693,801.—V. 144, p. 3510.
Murray Ohio Mfg. Co.—Earnings—
6 Months Ended June 30—
Net profit after deprec. & Federal income taxes,
but before surtax on undistributed profits
—V.
64,893
535,183
x572,604
313*223
102,700
Dlvs. payable
136,575
Capital stock
11,000,000 11,000,000
Capital surplus...
424,113
424,113
Surplus
5,917,398
4,525,560
Treasury stock
jDr48,587
Dr48,587
Total
22,997,878
Period Ended June 30, 1937—
6 Months
12 Months
$5,759,359 $10,582,547
1,584,959
3.039,159
562,148
1,038.603
Net profit from operations
Other income
$3,612,252
264,939
$6,504,785
$3,877,191
Income charges
232,242
Normal income tax
658,862
Surtax on undistributed net income
134,000
Portion of net inc. appl. to min. int. in Amer. sub..
36,482
Prov. for divs. on preference shares of British sub.
40,346
$7,106,920
403,310
1,179,775
208,577
58,851
81,025
,
Gross income
.
Common dividends..
Earns, per sh. on 1,114,408 shs. com. stk. (par $10)
$1.70
Muskegon Motor Specialties Co.—Earnings—
mon
1936
1935
$228,160
1937
$91,730
$50,817
$0.74
$0.14
income,
taxes, depreciation & other charges.
Earns, per sh. on 225,000 shs. com¬
stock (no par)
Nil
Note—No provision was made for Federal surtax on undistributed profits.
—V. 145, p. 123.
w
•
Mutual
Telephone
to.—Registers with
See list given on first page of this
SEC—
department.—V. 143,
p.
4160.
602,135
Company Act, for exemption from the requirements or filing a declaration
with respect to the issue of 3,500 shares ($100 par) capital stock.
The applicant proposes to sell for cash all of the issue to its parent at not
less than its aggregate par value, namely $350,000.
Of tne proceeds,
$333,000 will be used to pay open account indebtedness to the parent and
the balance to proposed expenditures for improvements.
Nachman Spring-Filled Corp.—To Pay 37l^-Cent Div.—
The directors have declared a dividend of 37 H cents per share on the
capital stock, payable Sept
15 to holders of record Sept
1.
A similar
amount was paid on June 25, last, and compares with 25 cents
paid on
March 15, last, and on Dec
15, 1936; 75 cents paid on Sept 15, 1936, and
50 cents per share paid on May 1, 1935, this latter being the first distribu¬
tion made since April 1, 1930, when 50 cents was also paid.
Prior to then,
quarterly dividends of 75 cents per share were paid —V. 144, p. 4014
(A. I.) Namm & Son, Brooklyn—Exchange Offer—
to
-
$0.92
4352.
The company, a subsidiary of New England Power Association, a regis¬
tered holding company, has filed an application (32-69) under the Holding
Research expenses.
expenses
1936
$182,317
Mystic Power Co., Stonington, Conn.—To Issue Stock—
$17,302,646 $32,713,900
11,543,287
22,131,354
Cost of goods sold..
1937
$98,516
107,423 shares capital stock
;
p.
6 Months Ended June 30—
income
after
Federal
18,224,141
Subs.)—Earnings—
Net sales
144,
Net
y
Monsanto Chemical Co. (&
$2,775,260
1,114,385
$5,175,380
2,228,761
$2.49
$4.64
depreciation and obsolescence during the six
30,1937, amounted to $883,326, and for the year ended
$1,669,371.
The new 6% sinking fund debenture bonds of 1947, offered in
exchange
holders of the outstanding mortgage certificates, are now available to
subscribers
at the offices of the Manufacturers Trust
Co., exchange agent.
The amount of the debenture bonds has been limited to $800,000 and holders
of certificates may exchange for debenture bonds up to Nov. 26.
Subscriptions for more than half of the authorized amount of deben¬
have already been received, the company stated Aug. 17.—V. 144,
months ended June
tures
that date,
P. 4014.
per
$258,999
133,062
131,991
Gross from railway
1,500,000
18,224,141
Notes—The provision for
cents
Earnings—
Net from railway
Net after rents
270,559
profits tax and surtax on undistributed profits,
Represented by shares of $20 par value.—V. 145, p. 1104.
Net income
15
Society—Initial Preferred Dividend—
July—
excess
Gross profit
Selling and administrative
of
$
Accounts payable.
Accrued liabilities.
..
Total
1937
$
647,301
3,140,542
March 1,
Gross from railway
Net from railway
(nopar)
1936
$
Cash
dividend
•
Earns, per share on
Balance Sheet June 30
1937
extra
an
initial quarterly dividend of $1.37 H per
share on the 5H% cumulative convertible preferred stock, payable Sept. 1
to holders of record Aug. 20.—V. 145, p. 947.
$240,004
546,300
Surplus..
on
*
Shares capital stock out¬
standing ($25 par)
Earnings per share
declared
x
i$1,321,127
437,040
prof it
have been
subsidiary
Earnings for 4 Months Ended May 31, 1937
Net loss after expenses incidental to organization and incurred
during sales campaign in advance of release of first pictures...
—V. 145, p. 947.
$210,939
29,065
70,000
tax
48,083,401 43,936,770
British
Prop. of net loss of C. W.
$355,265
18,419
16,068
x330,000
Dividends
x
have
Total income
1935
$7,094,107
6,738,842
Total
Monogram Pictures Corp.—Earnings—
$8,383
undistributed
1936
J$1,721,127
Fed. inc. tax (est.)..
Prov. for undistributed
Net
$19,009
Federal
$7,220,754
7,030,683
$1,707,191
13,936
_
Other income
profits
directors
share was distributed
Carpet Mills, Inc.—Earnings—
6 Mos. End. June 30—
1937
sales
$10,539,898
on
for
4187.
Net
Profit
$4,689
made
374,913
(par
a regular quarterly dividend of 25 cents per share on the com¬
stock, both payable Sept. 1 to holders of record Aug. 24.
Similar pay¬
ments were made on June 1 and March 1, last.
An extra of 20 cents was
paid on Dec. 1, 1936; 15 cents on Sept. 1, 1936, and an extra of 5 cents per
Amortization of bond dis¬
Taxes
1,940,000
382,464
mon
15
funded debt.
1,940,000
Int.
in
sub..
Monarch Machine Tool Co.—Extra Dividend—
The
—V.
on
234,298
406,349
in addition to
$29,628
Other income (net)
General interest
43,936,7701
48,083,401
From Jan.
1937—6 Mos.—1936
1937—3 Mos.—1936
Operating revenues
Oper. expenses & taxes.
Interest
323,866
conting
stock
Note—The assets and liabilities of the
converted at $4.85 per £.■—V. 145, p. 613.
Net after rents
Co.—Earnings—
Gross income
234,298
11,144,080 11,144,100
Paid-in surplus... 8,345,221
8,292,890
Earned surplus
11,068,264
9,111,645
$0.28
undistributed
145, p. 770.
Missouri Edison
556,603
fluctuations
$10)
$396,581
$1.06
been made for Federal surtax
Period End. June 30—
For
Com.
Earn.persh.
profits.—V.
574,235
602,905
reval. of prop.,
&c
American
The directors have declared
1937—3 Mos.—1936
on 1,399,345
shs. cap. stock (no par)
Note—No provision has
able containers
For relocation &
subsidiary
Monroe Loan
Corp.—Earnings—
Period End. June 30—
Net profit after chgs. &
est. Fed. inc. taxes
For red .of return¬
Minority
properties of the
present Minneapolis company, he had found that the reorganization would
be feasible without the loan if the RFC, instead of lending the $6,000,000,
would underwrite a subscription of $6,000,000 to be advanced by holders of
Mission
807,871
8,214,272
the RFC refuses to intimate
as
its willingness to underwrite the plan which I submitted to the
Chairman
of the RFC under date of June 4, 1936, and which he then advised me would
RFC of $6,000,000 to
1,170,707
Deprec. & obsol. 9,689,655
For
C. Costello, Assistant to the Chairman
9 to W.
Est. normal Income
Reserves—
Pref. shs. of British
plan before the Commission since June 4, 1936, when he sent a copy of a
pian to the Chairman of the Reconstruction Finance Corporation.
The plan was predicated upon a loan from the Reconstruction Finance
Corporation, and because he could present no plan for consideration of
the ICC without assurance that the financing would be arranged, Mr.
Roosevelt's efforts were unavailing.
In
Accrued
payable.13,181,941/ 1,730,534
Items
J
\
549,055
for. exchange.
A copy of the letter has been filed with the commission.
This letter, with other correspondence, filed in the Commission's dockets,
disclosed that Mr. Roosevelt had been trying to get his reorganization
of the RFC, Mr. Roosevelt said that "as
$
Accounts
taxes
238.049
606,437
&c
1936
$
Liabilities—
$
5,105,319
Cash & securities.
Misceli. lnvestm'ts
merce
Associated
Aug. 21, 1937
The provision for income taxes for the year ended June 30, 1937, includes
the surtax for the entire year 1936.
Volume
Financial
145
Nashua Gummed & Coated Paper
on excess
$254,660
stock
39,558
.
$3.41
$5.53
Earnings per share
reduced
After deducting flood loss, the figure for the 1936 period was
$74,911, or $1.89 a share.—V. 144, p. 3009.
x
to
stock, both payable Sept. 24 to holders of record Sept. 10.
A dividend of
40 cents per share was paid on July 1 last and each three months previously.
In addition, an extra dividend of 10 cents was paid on July 1 last.—V. 144,
P. 3511.
x$134.93U
46,058
profits and undistributed earnings
common
National
$406,073
$0.81
$0.33
Assets—
chinery, &c
Earnings
Federal surtaxes on
3680.
National Automotive Fibres,
Period End. June 30—
Net profit after deprec..
amort..
Fed.
28 ,552,721
25,230,615
4,088,162
2,468,428
9,437,292
2 ,468,428
secure.
Notes & accts. rec.12 ,317,762
Accts. rec. officers
Inc.—Earnings—
Mlscell. invest..
21,483
158,856
.
on
$569,875
x$446,598
$361,961
x$210,408
4352.
undistributed profits.—V. 144, p.
Spang, Chalfant pf
stock
....12,994,000 12,994,000
Corp.—Admitted to Trading—
Total
a
diversified, it not being the
—V.
—V. 144, p. 4189.
National Distillers Products Corp.
(& Subs.)—Earns.
1937
1936
101,732
75,584,514 66,712,940
1937 and $13,445,211 in 1936.
Co.—Earnings—
1937
1936
1935
$22,969
&c_
(& Subs.)
$53,706
$67,125
-Earnings—
$449,652
983,320
$0.46
1934
1935
1936
1937
New
1935
$3,653,594
$3,598,335
$607,578
992,920
$0.61
$454,781
995,820
$0.46
$521,049
995,820
$0.53
England
&
Gas
Association—50-Cent
Electric
Preferred Dividend—
50 cents per share on account
the $5.50 cumulative preferred stock, no par value,
The directors have declared a dividend of
1,370,570
Deferred delivery item
Deb. interest & amortization
x
375,978
517,168
132,272
of accumulations
565,371
583,357
$2,792,938
$2,760,448
$2,882,706
payable Oct. 1 to holders of record Aug. 31. A similar payment was made
on July 1 and on April 1, last and on Dec. 24, 1936.
Dividends of 25 cents
per share were paid on Oct. 1, and July 1, 1936, and compares with 37M
cents paid on Oct. 1, July 1, and April 1, 1935; 75 cents paid on Jan. 1,
1935, and regular quarterly dividends of $1.37}^ per share previously.—
V. 145, p.1107.
371,950
Federal income taxes, &c
Net profit
Earns, per sh. on
stock (no par)
x
cents per share
31.—V. 143, p.1889.
$5,100,829
6 Months Ended June 30—
Profit after depreciation
6,199,972
4,978,030
45,011
For the quarter ended June 30, 1937, company shows consolidated net
profit of $215,429, after depreciation, depletion, and income taxes, but
before surtax on undistributed profits, equal to 22 cents a share on 983,320
shares of capital stock.
This compares with $282,315, or 28 cents a share
on 992,920 shares in the June quarter of 1936.—V. 144, p. 3511.
National Credit Co.—Initial Class A Dividend—•
The company paid an initial quarterly dividend of
on the class A stock on Aug. 16 to holders of record July
2,238,731*
49,095
601,152
324,850
1,085,586
and 12 months ended June 30 were published in
deplet., Fed. taxes, &c
Shares capital stock
Earnings per share
$184,095
$81,052
$103,043
1,663,975
121,207
11,882,769
3,727,768
Total
of $11,443,757 in
6 Mos. End. June 30—
Net prof, after deprec.,
but before prov.
int.,
2,412,293
1,925,890
144, p. 2837.
Natomas Co.
June 30, '37 Mar. 31, '37
Net profit after int., normal Fed. inc.
min.
depreciation
National Tile
Total
6 Months
3 Months
taxes,
After
6 Months Ended June 30—
Net loss after taxes, depreciation,
City Lines, Inc.—Earnings—
for undistrib. prop, tax
75,584,513 66,712,940
b Par $25.
c Par $10.
The earnings for the 3
V. 145, p.1106.
policy of the corporation to confine its investments to securities of corpora¬
tions engaging in any particular industries.
Throughout its history it has
been the policy of the corporation to place emphasis on that type of security
which the management has considered in the light of varying conditions
the most advantageous medium for the investment of funds.—V. 145,
P. 614.
Period Ended—
3,500,000
Spang,
Capital surplus
years been traded in the unlisted department of the New York Curb Ex¬
change.
Corporation was formed in 1929 by the firm of Dominick &
Dominick and the directors have continuously since that time all been
National
int.
Chalfant
Earned surplus
Shares of capital stock of the corporation have been admitted to trading
on the
New York Stock Exchange, having previously for a number of
partners of Dominick & Dominick.
Investments of the corporation are widely
222,900
2,900,000
2,908,384
1,265,668
1,250,498
Res. for Fed. tax..
Min.
National Bond & Share
Co.
138,125
preferred stock.
19,667,439 Notes payable
5,442,699 Accts. payable
29,358 Div. on pref. stk__
210,820 Acer, tax, int., &c_
Insur. and pension
reserve, &c
Maint. & repairs..
3 ,561,598
Patents & licenses.
Deferred charges.
1937—6 Mos.—1936
$
16,635,300 16,628,900
Common stock_.cl 1,483,640 b9,568,100
Spang.Chal. bonds 6,294,000 6,294,000
Nat .-Superior
and employees..
49,994
Inventories
20 ,014,002
1937—3 Mos.—1936
charges,
After surtax
x
.
1936
$
Liabilities—
8 ,439,671
Marketable
$0.61
undistributed profits has
$1.39
1937
1936
income
taxes & other
Sheet
Balance
Preferred stock
Cash
..
Note—No provision for
been made.—V. 144, p.
-Consol.
Del.-
$
aLand, bldgs.,ma¬
$308,129
$697,911
$168,113
per
share on
500,000shares ($1 par)
capital stock
of
Co.
1937
1937—6 Mos.—1936
1937—3 Mos.—1936
Federal taxes, &c
Supply
June 30—
National Acme Co.—Earnings—
Period End. June 30—
Net profit after deprec.,
Larger Regular Div.—-
The directors have declared an extra dividend of 22 K cents per share
in addition to a quarterly dividend of 50 cents per share on the common
1936
1937
1267
National Standard Co.—Extra and
Co.—Earnings—
6 Months Ended June 30—
Net profit after reserve for taxes other than those
Shares
Chronicle
2,036,896 shs. com.
Portion of profit on
$1.37
$1.35
$1.41
sales subject to deferred delivery carried forward
subsequent months during 1937.
Note—No provision was made for Federal surtax on
—V. 144, p. 3510.
to
National Power & Light Co.
Period End. June 30—
Co.—$1.50 Div.
The directors have declared a dividend of $1.50 per share on
the common
stock, par $100, payable Sept. 30 to holders of record Sept, 10.
amount was paid on June 30, last and compares with $1.75 paid on
(& Subs.)—Earnings—
1937—3 Mos.—1936
England Telephone & Telegraph
New
undistributed profits
on
Similar
March
31, last, a dividend of $2 paid on Dec. 21, 1936, and prior thereto regular
quarterly dividends of $1.50 per share were distributed.—V. 145, p. 1107.
1937—12 Mos.—1936
Subsidiaries—
New York & Honduras Rosario Mining
Operating revenues
$20,452,268 $18,740,504 $81,601,032 $74,600,618
Oper. exps., incl. taxes._al 1,583,193
10,585,909 b46,734,066
41,966,000
Prop, retire, res. approp.
1,859,501
1,533,992
7,025,746
6,122,698
Period End. June SO—
Net
$209,714
$7,009,574
$6,620,603 $27,841,220 $26,511,920
24,332
(net)...
$6,985,242
Operating income
Other income
Other income deductions
90,380
77,058
35,622
370,086
286,698
New York
367,104
239,867
$6,998,564
Int.
to
public
&
$6,640,752 $27,793,522 $26,495,210
3,013,912
3,091,135
12,244,007
12,413.564
Cr5,786
Cr3,281
Crl8,993
Crl8,744
$3,990,438
Pref. divs. to
1,515,764
public
$9,505,399
3,190
6,963
New York State Electric & Gas
12,081
in
-
$2,033,878
$9,498,436
$8,024,979
1,898,809
843,359
265,020
1,469,599
$2,033,878
$9,498,436
$8,024,979
—
$4,882,165
$4,603,749
— —
400,043
221,543
* $5,282,208
out¬
$4,825,292
2,423,541
Cr 18,526
2,430,535
597,509
174,930
118,063
Cr8,385
$1,684,745
Other income
41,873
95,277
$1,512,639
—
Other taxes
$2,473,310
30.872
1936
1,589,024
1,379,029
45,960
1,737,468
Federal income taxes
$2,473,310
subsidiaries
Nat. Pow.
1937
$22,367,543 $21,313,022
12,733,897 12,232,485
Provision for retirements
income of
$76,216
$12,188
Corp.—Earnings-
Maintenance
equity of N. P. &
L. Co.
$37,185
$9,690
p.3683.
12 Months Ended June 30—
Operating revenues
Operating expenses.
—
$8,037,060
minor-
ity interests
Net
$2,037,068
1,364
Portion applic. to
Net
$3,552,898 $15,568,508 $14,100,390
1,515,830
6,063,109
6,063,330
$2,474,674
Balance
profits
& undistributed
taxes
—V. 144,
Balance
1937—6 Mos.—1936
1937—3 Mos.—1936
ordinary
taxes,
int.,
deprec.,
but before Fed. income
other
deductions
Int. charged to constr'n.
$1.81
Shipbuilding Corp.—Earnings—
Period End. June ZiPNet profit after
Gross income
$341,443
$2.17
stk.(par $10)
—V. 144, p. 4016.
shs. cap.
$6,584,981 $27,710,134 $26,367,973
122,677
66,906
$410,115
$0.84
188,367
Earns, persh. on
143,947
131,086
$158,913
$1.11
& Federal taxes
Net oper. revenues...
lease of plants
Rent for
Co.—Earnings
1937—6 Mos.—1936
1937—3 Mos.—1936
profit after charges
59,942
<& Lt. Co.—
Operating income
equity of N. P. & L.
Co. in inc. of subs
Other income
Gross income
Total income
Expenses, incl. taxes
..$2,504,182
37,786
338,303
$2,075,751
45,300
337,207
$9,593,663
c210,129
1,357,734
int.
Annual
$8,084,921
190,384
1,355,924
requirements
funded debt
periods
on
standing at end of respective
Balance carried to
Interest on unfunded debt,
174,936
107,266
&c
of debt discount & expense
Amortization of miscellaneous suspense
con-
sol, earned surplus..
910.247
Amortiz.
Int. & other deductions.
$2,128,093
$1,693,244
$8,025,800
Interest charged to
$6,538,613
Includes provision of $59,251 for Federal surtax on undistributed profits
in 1937.
b Includes provision of $58,814 made within this period for Fed¬
eral surtax on undistributed profits in 1936, and $78,502 in 1937.
c In¬
construction
—
a
cludes provision of $1,410 made within this period for
undistributed profits in 1936, but includes no provision
Federal surtax on
for 1937.
Not all intercompany transactions have been eliminated from this state¬
ment.
Interest and preferred dividend deductions of subsidiaries represent
full requirements for the respective periods (whether paid or not paid) on
securities held by the public. The "portion applicable to minority interests"
is the calculated portion of the balance of income applicable to minority
holdings by the public of common stocks of subsidiaries. Minority interests
have not been charged with deficits where income accounts of subsidiaries
have so resulted.
The "net equity of National Power & Light Co. in income
of subsidiaries"
on
includes
interest
and preferred
dividends paid
or
earned
securities held, plus the proportion of earnings which accrued to common
held by National Power & Light Co., less losses where income ac¬
stocks
counts of individual subsidiaries have resulted in deficits for the
respective
periods.
Balance of income
Note—This statement includes the full
a
subsidiary without provision
period, from natural gas rate reduction now involved in litigation.
>
Figures for 1936 as previously published have in certain cases been
arranged in this statement.—V. 144 p. 4353.
National Public Service
re¬
Corp.—Sale Adjourned—L
The sale at public auction by the New York Trust Co. as trustee under
the trust indenture of 712,411 shares of the common stock of Jersey Central
Power & Light Co., originally advertised for Sept. 10, 1937, at the auction
block of Adrian H. Muller & Son, Auctioneers, at 75 Montgomery St.,
J. has been adjourned until Nov. 5,—V.
145, p.
1106.
12 months' operations for both
periods of all companies recently merged into New York State Electric &
Gas Corp., the merged companies include Elmira Light, Heat & Power
Corp., New York Central Electric Corp., and Empire Gas & Electric Co.
Interest on unfunded debt for 1937 includes $271,900 representing the
excess of actual interest charges over the annual interest requirments on
funded debt outstanding at June 30, 1937.
This excess is a result of the
fact that the bond issues which were recently refunded, could not be
redeemed until various dates later than the date from which interest had
to be paid on the new bonds.
No provision is made in this statement for Federal surtax on undistributed
profits, if any, for the year 1937.
First
Mortgage Bond
Issue Authorized—Petition
to
Issue
Preferred Stock Denied—
The New York
The statement includes fuJ revenues of
for possible revenue losses, not exceeding $120,000 for each twelve-month
Jersey City, N.
•
P. S. Commission has rejected as "inexcusable and against
public policy" the petition of the corporation proposing the issuance of
100,000 shares of 5% ($25 par) preferred stock without voting rights.
H
In another proceeding the Commission authorized the corporation to
procure
authentication and delivery of $9,364,500 first mortgage bonds to
provide for refunding of certain outstanding underlying mortgage bonds.
The bonds are to bear interest at a rate not exceeding 4% annually and to
mature not earlier than 1965 and to be disposed of only as set forth in the
Commission's order.
The Commission previously had consented to the company's changing
its stock from no par into stock with a par value and reclassifying stock and
authorized the issuance of 87,078 shares of 5% $100 par preferred stock
to be sold at not less than par and accrued dividends.
Financial
1268
The amended certificate proposed by the corporation also would change
the redemption price of the $100 par preferred from $103 to $105, although,
the report states, "no representation has been made to the Commission in
support of or in explanation of the increase in the redemption premium now
proposed to be made."
The Commission's order authorizing authentication of the first mortgage
bonds provides that $902,000 are to be issued not later than Sept. 1, 1937,
for
par
par
exchange, without
underlying mortgage
The Commission order
for
payment of and redemption or other premium
bonds held by affiliates.
provides that $8,462,500 of bonds are to be sold
or otherwise
disposed of only upon further order of the Commission, and
upon such sale or other disposition the proceeds shall be applied solely to
the refunding of the following underlying mortgage bonds which are publicly
held: $3,049,000 New York Central Electric Corp. 5% first mortgage bonds
due 1950; $2,634,000 joint 1st & ref. 5% bonds due 1941 of Empire Gas &
Electric Co. and Empire Coke Co.; $1,720,000 Empire Gas & Electric Co.
gen. & ref. 6% series A mtge. bonds due 1952; $662,000 N. Y. Central
Electric Corp. 5% 1st mtge. bonds due 1952, and $397,500 Seneca Power
Corp. 6% 1st mtge. bonds due 1946.—V. 145, p. 446.
New York Steam
Corp.—More Time for Deposits of Stock
Edison Co. of New York, Inc.,
Consolidated
Asked—See
above.—V. 145, p.
773.
Niles-Bement-Pond
Co.—Earnings—
1937
7 Months Ended July 31—
Net income after Federal income, taxes
1936
and other
$822,834
Earns, per share on 173,025 shares common
$2.23
stock
(no par)
1937, amounted to $2,953,257 comparing
144, p. 3513.
Unfilled orders, as of July 31,
with $1,990,283 on Dec. 31, 1936—V.
'
Noblitt-Sparks Industries, Inc.—Earnings—
1937
6 Months Ended June 30—
Net
income
after
Shares
common
Earnings
per
J.
$342,194
190,687
150,000
150,000
on
undistributed profits.—V.
144, p.
France—Bonds Called—
Morgan & Co., as paying agents, is notifying holders of 634%
P.
that $563,000 principal
external sinking fund gold bonds, due Oct. 1, 1950,
amount of the bonds have been drawn
cease.
Northern Texas Electric
,
The company announced that coupon No. 26 maturing Oct. 1, 1937, and
bonds drawn for redemption on Oct. 1, as well as all past due coupons and
bonds previously drawn for redemption but not yet presented for payment,
payable at the office of J. P. Morgan & Co., only in dollars at the
100% of their principal or face amount.
Coupons and bonds drawn
for redemption wil. no longer be payable at the dollar equivalent of French
francs 25.52 per dollar face value of bonds and coupons, and all previous
notices offering payment on that basis are revoked.—V. 144, p. 2140.
Co.—Reorganization—
A letter has been sent to holders of 30-year 5% collateral trust
of the reorganization
plan.
Security holders have filed acceptances of or
as
Bonds
Pref. stock div. scrip ctfs
Preferred stock
the bonds receive in satisfaction of principal and all
(a) $375 of new corporation first mortgage
1957, carrying fixed interest at the rate of
contingent interest at the rate of 3 % per
annum payable out of surplus income if and when available, as determined
semi-annually by the directors of new corporation; and (b) 15 shares oj
capital stock of the new corporation.
Preferred stock receives: (a) for each $100 of preferred stock scrip divi¬
dend certificates one share of common stock of the new corporation; and
(b) for each four shares of preferred stock one share of common stock of the
new corporation.—Y. 145, p. 950.
the plan
Under
interest claims on each $1,000:
collateral lien bonds due July 1,
3 % per annum and in addition
Northern States Power Co.
Plans Permanent
Financing in 1938—
expects to do some new permanent financing in 1938,
it may do some temporary financing through banks sooner,
Robert F. Pack, President of the company, told the Securities and Exchange
Commission on Aug. 19.
Mr. Pack appeared before the SEC to testify in
connection with 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 at the option of the holder.—V. 145, p. 1109.
The
company
although
Northern Illinois Finance
x
Before profit on
bonds acquired.—V.
North American Light &
$528,183
x$336,407
Net loss after taxes, deprec., depletion & interest--
144, p. 3513.
1937
1936
$40,905,475 $43,640,126
16,856,608
17,961,509
Maintenance
3,291,998
2,994,448
North West Utilities Co.
Provisions for income taxes
1,007,678
165,000
income
Interest
8,354,145
268,154
57,827
034,909
1,185,244
2,146,594
0909
2,228,732
0732
$6,703,985
4,365,506
57,174,574
4,558,857
1,244,934
Dividends
on
Divs.
Minority interests
Balance after above deductions
Appropriations for retirement reserves
Interest charges of North Amer. Lt. & Power Co.
(incl. amort. of bond discount and expense)
$1,322,855
$864,653
617,966
$704,889
Note—The provision for Federal surtax on undistributed income shown
in the consolidated income statement for the 12 months ended June 30,
made in December, 1936 for the year 1936.
No provision has
been made for the surtax for the six months ended June 30. 1937, and no
was
provision for the six months ended June 30, 1936 is included in the con¬
144,
p.
income statement
for
the
12
months
$1,874,841
88,938
60,431
185,637
101,216
3,200
4,120
8.158
10,766
$355,682
$662,075
$709,197
279,814
interest
210,025
559,628
420,050
139,528
139,545
279,091
(net)__
rates
at
on
subs,
of
require¬
pref. stocks
held by the1
public
Balance before cumul.
divs.
No.
on
West
Util.
Co. prior lien
preferred stocks
144, p. 4355.
—V.
ended
Northwestern Electric Co.—Income Statement—
224,899
17,211
1937—12 Mos.—1936
$4,496,006
$4,042,392
2,777,371
3,113,475
205,534
208,917
$84,578
36
$80,922
$1,173,614"
def611
def8,252
def3,453
mortgage bonds.
$84,614
29,522
intf & deductions.
16,806
,311
31,443
15,688
$1,165,362
369,278
197,161
$1,056,034
388,050
187,522
Crl
Period End. July 31—J
Operating
on
1937—Month—1936
$352,716
$323,032
revenues
Total oper. rev. deduc's
Rent for lease of plant--
250,622
_
17,516
Operating income
Gross income
on
that date.—V.
Earnings—
1936
1937
$71,949
13,388
1,768
131
$53,814
12,641
3,000
23,152
3,000
19,174
Net operating income
Interest and dividends on securities
$30,509
$18,139
175
300
Net income before Federal taxes.
$30,684
$18,439
22,809
Operating income
Administrative and general expense
Legal and purchase expense
Depreciation
Taxes—sundry
Depletion and properties charged off
•
738
122
56,665
Cr 55
Crl30
Cr 124
$33,235
income
$599,053
334,178
$480,586
334,179
Ohio Oil
Co.—Earnings—
1937
1936
1935
1934
$30,775,539 $25,368,928 $21,517,236 $21,609,402
17,328,756
15,829,660
14,302,383
13,728,438
6 Mos. End. June 30—
Sales
Cost of sales
_
$9,539,268
517,188
$7,214,853
163,645
$7,880,964
430,106
$13,773,101 $10,056,456
xl,956,688
xl,244,152
5,090,720
4,333,675
3,336
2,065
$7,378,498
1,128,518
3,913,675
1,501
$8,311,070
1,487,737
3.414,935
2,040
1,644,231
3,281,688
$4,476,564
1,644,231
1,640,844
$2,334,804
1,656,966
984,506
$3,406,358
1,683,666
984,483
$1,796,438
6,563,377
$0.77
$1,191,489
6,563,377
$0.43
def.306,668
6,563,377
$0.10
$738,209
6,563,091
$0.26
.$13,446,783
326,318
Operating profit.
Other income
Taxes
Deprec. & depletion
Minority interest
Net profit.
Preferred dividends
$6,722,357
__
Common dividends.
Surplus
Shs.
stock (no par)
com.
Earnings
share
per
Does
not
earnings.
Dividend.
$41,247
include
Federal
$49,849
$0.12
-
Assets—
$41,247
$0.07
Cash
$86,993
Accts. receivable
Marketable
$104,816
68
58
_.
16,238
13,938
250
292
rec__
leases
1,351.879
44,585
1,250,000
115,572
49,849
37,035
1,250,000
115,572
41,247
236
48
54,812
$1,502,316 $1,447,270
-V. 144, p. 3513.
95,673,682
1,831,728
93,407,797
3,687,085
3,301,092
2,808,274
4,096,135
3,986,636
less
,.
Mat'ls & suppl's
Investments
...
1937
$
54,807,700
yCommon stock 59,235,791
Notes payable..
Accts. payable..
3,601,098
Accrued taxes..
1,929,482
Def d liabilities.
1,224,762
.
6,012,027
20,506,886
1,785,208
6,051,343
1,340,828
1936
$
54,807,700
59,235,791
33,250
2,525,696
1,340,752
1,286,875
Minor'y interest
in subsid's...
98,430
Earned surplus.
3,448,373
Crude oil & ref'd
products
30
Liabilities—
9,934,604
10,432,350
Capital surplus.
98,572
8,674,462
10,432,350
1,247,177
19,501,060
2,583,376
Misc. notes and
accts. rec., less
1,273,309
46,652
Furn. & fixtures
Deferred assets
_
Com. stk. (par $5)
Capital surplus
Earned surplus
Mineral rights and
"3",416
4,809
8
_
rec.,
reserve
Short-term notes
$37,500
excess
Preferred stock
5,343,334
Cash
Accts.
1936
1937
Dividend payable.
Federal taxes
Deferred credits
secur.
(cost)
Accrued int.
Liabilities—
$
Marketable bds.
(less reserve).
1936
on
1936
$
Fixed assets (aft.
Comparative Balance Sheet June 30
1937
Assets—
taxes
Consolidated Balance Sheet June
depr. & depl.)
Balance—end of period
profits and undistributed
"
1937
$87,349
37,500
_
$1,059,487
-n-mmmwmmmmm-
x
Balance, beginning of period
Total
.
$38,287
Dividends applicable to preferred stocks
—V. 145, p. 616.
Net
Total income
(The) North Central Texas Oil Co., Inc.
3 Months Ended June 30—
Earns, per sh. on 250,000 shs. com. stock (par $5)
$10,056
loss$37,098
$6,129
loss$6,369
and
3345
Total.
1,042,180
11,482
int.
on
deduct'ns
public
Other
over earn¬
ings of such subsidiaries
$1,093,546
Divs. on pref. stocks of subs, accumulated but not
de lared—portion not earned
228,893
solidated
$1,784,290
918,691
9,730
Int. charged to constr'n.
respective periods arising from excess of pref.
1937
$933,492
507,801
5,459
Other income (net)
Net income, excl. of def, of certain subs, for the
Net income-.
5,353
$902,830
462,974
4,500
"
accrued
the
Int.
divs. accumulated but not declared
$1,869,488
6,603
currently paid on pref.
stocks of subs, held by
pref. stocks of subs, accumulated but
not declared
$1,777,687
2,128
funded debt.
and miscel.
1,292,863
Interest during construction
Dividends on pref. stocks of subs
$931,364
~ ,717,150
Balance of div.
7,026,131
304,994
46,452
Cr36,052
1,172,839
Amortization of bond discount and expense
Other interest charges
$899,749
3,081
income
and expense
Taxes assumed
$17,364,035 $19,233,036
Interest charges of subsidiaries:
Interest on funded debt
1936
$5 ,586,638
69,773
on
General
$16,589,742 $18,291,036
774,293
942,000
—
1937—6 Mos-
$5,841,965
4,064,278
$343,217
Net oper.
ments
Gross
(& Subs.)- —Earnings—
1937—3 Mos.—1936
$2,892,058
$2,745,885
1,814,521
1,992,309
-----
Period End. June 30—
3.401,478
818,682
Net operating revenues
Non-operating revenues
_
$163,783
3851.
Operating revenues
Oper. exps. and taxes__
3,167,421
Taxes, other than income taxes
Prov, for Fed. surtax on undistributed income
but before provision
Net profit after provision for Federal taxes,
for tax on undistributed profits
—V. 143, p.
Amort, of debt discount
Power Co. (& Subs.)—Earns.
12 Months Ended June 30—
Operating revenues
Operating expenses
Corp.—Earnings—
Earnings for 7 Months Ended July 31, 1937
Gross income
1936
(Minn.)—Weekly Output—
States Power Co. system for the week
25,202,505 kilowatt hours, a decrease of 2.3%
compared with the corresponding week last year.
The reason for the
decrease in output was due to industrial power consumption on Government
projects recently completed which were on company lines last year and on
account of a small decrease in sales of energy to a few large milling customers
this decline being accounted for in temporary operating conditions.
Electric output of the Northern
ended Aug. 14, 1937 totaled
Other income (net)
1937
12 Months Ended June 30—
71.5%
41.5%
37.3%
34.7%
$608,150
1,120,000
134,188
-13,886 shs
Notes
wih be
Corp.—Earnings—
agreed to accept the plan
follows:
I
rate of
North American Cement
gold bonds
deposit therefor, also to holders of preferred stock and
preferred stock scrip dividend certificates, urging additional acceptances
Oct. 1, 1937.
paying agents
and after Oct. 1, 1937, after which date interest on the drawn bonds will
$7,393
$5,980
144, p. 3513.
and certificates of
by lot for redemption out of moneys
the sinking fund at 100% of the principal amount on
Bonds so drawn will be redeemed and paid at the office of the
in
on
$1.62
$2.28
2492.
$2.27
1937—6 Mos.—1936
1937—3 Mos.— 1936
$2,847
$2,983
profit
—V.
$243,068
share
Nord Ry.,
1935
1936
x$432,997
stock
Before surtax
x
Northampton Street Ry. Co.- —Earnings—
Federal
deprec.,
income taxes, &c
Aug. 21, 1937
Period End. June 30—
Net
$387,032
$4.75
charges
Chronicle
reserve
Deferred charges
Total
$1,502,316 $1,447,270
Total
y
2,228,717
858,907
141,264,217
138,435,448
Represented by 6,563,377
no par
Total
...141,264,217 138,435,448
shares.—V. 145, p- 289.
Financial Chronicle
Volume 14S
Ohio Public Service Co.—Interest Rates
each
are:
Halsey Stuart & Co., Inc., $10,000,000; First Boston Corp.,
$2,500,000;
& Co., $900,000
each; A. C. Allyn & Co., and Central Republic Co., $750,000 each; Coffin &
Burr, Inc., and Graham Parsons & Co., $700,000 each; Otis & Co., $600,000;
H. M. Byllesby & Co., Inc., Hayden Stone & Co., Lee Higginson Corp.,
Paine, Webber & Co., E. H. Rollins & Sons,Inc., Schroder, Rockefeller
& Co., Inc., Shields & Co. and Stone & Webster and Blodgett, Inc., $500,000
each; A. G. Becker & Co., Inc., and Newton Abbe & Co., $300,000 each;
Blair Bonner & Co. and Sills, Troxell & Minto, Inc., $250,000 each and
Lawrence Stern & Co., Inc., $200,000.
Halsey Stuart & Co., Inc., will underwrite the entire issue of serial notes.
Blair Corp., Hallgarten & Co., and Laden burg, Thalman
145,
Old
Period End. July 31—
Operating revenues
Oper. rev. deductions—
p.
950.
Oliver United
$2,077,106
$1,950,511
$85,417
18,139
$1,025,000
233,717
$1,025,000
226,576
$50,434
$818,389
458,478
$699,350
458,478
on mortgage bonds. *
Other int. & deductions.
$85,417
18,891
Net income
Div. app. to pref. stks
x Debit.—V.
145, p. 447.
$46,054
'
__
205,534
x962
Package Machinery Co.—Extra Dividend—
The directors have declared an extra dividend of 25 cents per share in
addition to the regular quarterly dividend of 50 cents per share on the
common
stock,
20.
Aug.
no
par
value, both
1 to holders of record
payable Sept.
Similar payments were made on June 1 and March 1, last.
An
of 50 cents was paid on Dec. 15, and on Dec. 1, 1936.—
extra dividend
Packard Motor Car
Period Ended June 30—
Net
after taxes,
depreciation, &c
x$l,208,355
Earnings per share on
15,000,000 no par shs.
capital stock
$0.08
x
$121,066
share
Before surtax
on
$3,520,128
$0.25
$0.23
$0.15
undistributed profits.—V. 145, p. 289.
Panhandle Eastern Pipe Line Co.
$4,224
$253,724
loss$5,153
1937—6 Mos.—1936
$2,272,099 x$3,819,057
(& Subs.)—Earnings
Dec. 31,36
$8,190,690
$6,037,868
4,086,500
2,859,441
1,116,395.
1,148,256
June 30, '37
Total gross revenue
Net
and charges
Co.—Earnings—
1937—3 Mos.—1936
profit
12 Months Ended—
1937—6 Mos.—1936
1937—3 Mos —1936
operating revenue
Total interest deductions
on
Nil
$0.98
Nil
Net income for the 12 months ended June 30, 1937 was $362,972, equal to
$1.24 a share on class B stock, against $149,828 or 17 cents a share on class B
stock in the preceding 12 months.—V. 144, p. 3186.
class B stock
Oneida, Ltd.—To Pay Extra Dividend—
Condensed Consolidated Balance Sheet June 30, 1937
The directors have declared
Liabilities—
Assets-
Prop., plant & equipment
$52,060,825
3,516,175
2,711,819
1,165,715
Intangibles
Cash
extra dividend of 6 yi cents per share in
dividend of 43 K cents per §hare on the
7% participating preferred stock, par $25, and a quarterly dividends of
25 cents per share on the common stock, par $12.50, all payable Sept. 15
to holders of record Aug. 31.
Similar payments were made on June 15 and
March 15, last, and previously regular quarterly dividends of 12H cents
per share were distributed on the common shares.
In addition, an extra
dividend of 50 cents was paid on the common stock on Jan. 15, 1937—V.
144, p. 3513.
an
addition to the regular quarterly
$1,711,18
$2,970,105
Net income
$0.46
a
,
$153,990
$150,362
Int.
Filters, Inc.-—Earnings—
Period End. June 30—
Net income after taxes
.
1937—12Mos.—1936
$5,103,350
3,357,411
$1,745,939
$5,539,508
3,674,953
$1,864,555
208,916
3,635
V. 144, p. 4018.
The Interstate Commerce Commission on Aug. 5 issued a certificate
permitting abandonment by Howard S. Palmer, James Lee Loomis, and
Henry B. Sawyer, trustees of the company, of part of a line of railroad
extending from a point aoout 2,140 feet south of the Hyannis passenger
station to the end of the line at Hyannis Dock, approximately 1.22 miles,
all in the village of Hyannis, Barnstable County, Mass.
and abandonment
of operation thereof by them as trustees of the New York New Haven &
Hartford RR.—V. 144, p. 4194.
per
-
Gross income
Colony RR.—Abandonment—
Earnings
Subs.)—Earnings—
1937—Month—1936
$466,389
$ 417,279
333,630
280,336
$136,943
$132,759
17,211
17,516
xl64
87
Net operating rev
Rent from lease of plant
Other income (net)
-
W. C. Langley & Co., $1,500,000; Arthur Perry & Co., Inc., $1,400,000;
Goldman Sachs & Co., and Lehman Bros., $1,000,000 each; Bancamerica-
—V.
Pacific Power & Light Co. (&
New Financing
on
Exchange Commission by
$28,900,000 first mortgage
notes, the company states
1939 and 1940 maturities,
3H% for the 1941 maturity, 3^% for the 1942 maturity, 3H% for the
1943 and 1944 maturities and 4% for the 1945, 1946 and 1947 maturities.
Underwriters of the 4% bonds and the amount to be underwritten by
An amendment filed with the Securities and
the company states that the interest rate on its
bonds will be 4%.
As to its $1,600,000 serial
that the interest rate will be 3% for the 1938,
1269
Accts. & notes receivable
Material and
282,221
supplies
Non-curr. notes & accts. rec_
b203,169
Special deposits
Prepaid accts. &c., def. chgs_
30,641
385,988
3,170,148
Debt discount & expense
Com. stock (no par)..
CI. A pref. ($100 par)
e$18,216,300
10,000,000
1,000,000
24,000,000
91,349
2,212,900
CI. B pref.
Series
c
($100 par)
A, 4% bonds
Mortgages
Accounts
payable.
165,000
Pref. dlvs. declared
Accrued taxes
712,689
Accrued interest
320,000
167,225
Deferred liabilities
4,106,171
93,553
d Reserve
Other reserves
Surplus
Otis Elevator Co.
(& Subs.)—Earnings—
1936
1935
$8,764,347
4,654,501
241,791
374,063
2,832,472
$6,141,885
3,130,709
209,159
364,086
2,713,158
1937
6 Months Ended June 30—
Net sales.
$11,983,787
5,308,682
426,092
Cost of goods sold
Maintenance and repairs
Depreciation
Expenses-—..
402,544
3,639,046
2,441,513
Total
$63,526,700
$63,526,700
Total
a Representing
gas sale and purchase contracts, &c.
b Mtge. notes
receivable, $97,638; accts. receiv., $105,530.
c Payable out of proceeds
of gas sales,
d For renewals, replacements, retirements & amortization,
e Represented by 728,652
(no par) shares.
Definitive Bonds Ready—
Definitive first mortgage and first lien bonds, series xi,
Net operating income
Other income
$661,520 loss$275,227
535,641
572,752
$2,207,423
977,591
Total income.
Miscellaneous deductions
$1,197,161
176,062
86,280
$3,185,014
201,365
a622,500
—
Accrued fixed income tax
4%, due March 1,
1952, will be available for delivery against surrender of outstanding tem¬
porary bonds of that issue on and after Aug. 16 at the office of City Bank
Farmers Trust Co., 22 William St., New York, N. Y.—V. 145, p. 1110.
$297,525
182,835
Pantepec Oil Co. of Venezuela—Report to Stockholders—
Pres. in his remarks to stockholders says in part:
subsidiary not consolidated in the balance sheet is Petroleum
Corp. of Venezuela in which the company has a 59.21% interest. Petroleum
Corp. of Venezuela owns five leases in the East Texas Field having an
area of 240 acres and on which there are 31 producing wells.
During 1936
the average gross monthly allowable production from these wells amounted
to approximately 19,600 barrels.
The gross income from the sales of oil
and gas for 1936 by this company amounted to $226,486 and the net income
before provision for Federal income taxes, but after taking into considera¬
tion charges for depletion and depreciation of $81,070, was $112,970.
The balance due to the Lucey Petroleum Co. by Petroleum Corp. of
Venezuela on the latter company's note, which at Dec. 31, 1935 amounted
to $127,871, was paid off out of oil produced and sold during 1936.
W. F. Buckley,
The only
Net income
$2,361,149
$934,819
$114,690
Earns, per sh. on 2,000,000 common
shs.
$1.08
(no par)
Includes surtax
a
on
undistributed profits.—Y.
Outboard Marine &
Mfg. Co.—Earnings—
Period Ended June 30, 1937—
Gross profit on sales
3 Mos.
$1,059,117
336,611
9 Mos.
$1,596,105
758,322
$722,506
13,329
Expenses
$837,783
" 33,647
Profit from operations
Other income
i$735,835
Total income
Other charges—
Federal income tax, &c
x Net profit
Earnings per share
Before
x
2,213
131,550
$871,430
6,025
158,550
$602,072
$706,855
297,144 shares of cap. stock$2.02
$2.38
on undistributed profits.—V.145, p. 774.
Consolidated Balance Sheet Dec. 31
1936
Liabilities—
$
63,568
155,522
equip., &c.
—
13,530
Concessions, &c.26,699,797
receiv—
Accounts
'
'
,
•
1,000,000
Co.—Earnings—
per
1937
charges
share on 195,000 shares capital stockon
Jan. 1, 1933-
1936
6% conv. nonnegotialbe se¬
x$ 154,254
$0.79
$322,768
$1.65
cured notes due
Feb.
undistributed profits.—V. 144, p. 3685.
Clay Products, Los Angeles—To List Common—
Company has applied for listing of its
common
stock
on
zuela, Inc
Capital stock
Expenses, ordinary taxes, &c
1937
-
c
——$41,059,680 $41,408,455
Miscellaneous income
378,082
Total income.
—
_
Interest and discount
Federal
Gas
income tax
revenue
in dispute
Subs, dividends and minority interest
—
per
-
.
Surplus
$26,093,658 $22,938,850
245,905
373,072
7,708,488
7,708 273
11,739,932
9,392,128
300 333
_
Number shares of
Earnings
1,999,000
—
Preferred dividends Pac. Gas & Elec
Common dividends
common
share
322,299
.$41,437,762 $41,730,754
13,056,202
15,011,211
2,287,902
1,781,693
Net income
stock outstanding
6,261,263
$2.90
^
and shares of capital stock
dated
x
Before undistributed
profits taxes.—Y.
i-f «
144,
Nil
p.
3685.
representing
of wholly-owned subsidiary companies consoli¬
the percentage of outstanding stock of such
$2.37
49_%; Paraguana Maritime Co., Co. Maritima Paraguana, C. A., 51.2%.
077
June30,'35 June 30,'34
$0.15
herein
6,261*255
® k jr? r
Net profit after interest,
$59,539 loss$574,751
company
net income
of amount assigned to 1,608,700 shares of no par value capital
the aggregate par value of an equal number of shares of $1 par
capital stock issued in exchange therefor, $19,825,787; excess of con¬
sideration received (cash and liquidation of indebtedness) for the issuance
of 777,292 shares (580,364 shares in 1935) of capital stock over the par
value thereof, $788,359 ($479,692 in 1935), total as above.
Note—At Dec. 31, 1936, 22,650 shaies of authorized but unissued capital
stock were reserved for issuance under outstanding options, as follows:
a Options held
under employment contracts for the purchase of 5.000
shares on or before Feb. 28, 1937 at $8 per share and 3,250 shares
n or
before Dec. 31, 1937 at $2 per share.
Excess
value
June30,'36
27,056,615 26,543,510
companies as follows:
Venezuelan Pantepec Co., C. A. American Vene¬
zuelan Oilfields, C. A., Pantepec Oil Fields Corp., Co. Anonima de Petroleo
Cantaura, Corp. d Tierras de Falcon, C. A.—51%; Alamo Oil Corp.,
Bolivar Oil Concessions Co., 60%; Co. Anomina de Petroleo Altagracia,
^Pacific Mills—Earnings—
July 3,'37
Total
and subsidiaries consolidated for concessions, taxes,
geological, engineering, general and administrative expenses, &c..
from investment in Petroleum Corporation of Venezuela
and net credits arising from refinancing transactions, &c., $31,076,704
($30,688,355 in 1935); less excess of equity in net assets as shown by the
books of Pantepec Consolidated of Venezuela, Inc. and its subsidiaries
consolidated over the investment in such company as shown by the books
of the parent company, $4,376,907 ($4,376,905 in 1935).
b Secured by
collateral held by the trustee consisting of 17,150 shares of capital stock of
Petroleum Corp. of Venezuela (representing 82.76% of the shares owned)
less
c
deprec., inventory ad¬
just. ,Fed.inc.taxes,&c x$l,097,537
Earns, per sh. on 396,123
shs. cap. stk.(no par).
$2.77
27,056,615 26,543,510
interest,
stock
6 Months Ended—
2,730,080
2,189,064
2,385.992
Capital surplus.20,614,145 20,305,478
Concessions, interest in concessions, port properties in Venezuela, &c.,
and investment in Petroleum Corp. of Venezuela (59.21% owned) not
consolidated stated at $30,000,000 as at Oct. 1, 1930 as determined by the
board of directors of Pantepec Consolidated of Venezuela, Inc. (90.35%
owned subsidiary consolidated herein) plus subsequent net expenditures of
parent
Operating income
,
2,730,080
(par
a
1936
$97,922,924 $94,438,521
43,432,056
40,491,786
13,431,188
12,538,280
—
-
Depreciation
59,000
int.
$1)
Total
(& Subs.)—Earnings—
1936
(9.65%)
solidated of Vene¬
the San Francisco
Company is a leading manufacturer of pipe and building tile and art
pottery.—V. 145, p. 127.
Pacific Gas & Electric Co.
int.
in Pantepec Con¬
Stock Exchange.
Application has been approved by Exchange and listing
of 99,092 shares of no-par common will become effective at an early date
12 Months Ended June 30—
Gross operating revenue
15,
and accr.
Min.
Pacific
180,000
1,
Int. accrued from
tax and other
Before Federal surtax
1,000,000
d240,000
notes ma¬
turing Jan.
Net profit after Federal income tax and excess
x
79,888
zuela, Inc.:
b 9%
■
12 Months Ended June 30—
Earnings
86,398
Con. of Vene¬
1939
Pacific Can
1935
$
Property taxes and
sundry liabilities
Indebt. of Pantepec
12,971
26,311,449
-
-
Furniture, fixtures,
a
1936
1935
309,318
33,970
Cash
-
on
$
Assess—
Federal surtax
'
■
Nil
$0.37
145, p. 774.
$889,980
$2.24
over
Financial
1270
Chronicle
b Options held by others to
purchase 14,400 shares exercisable at S3.25
per share until 30 days after the certified completion of two wells under the
drilling agreement with Standard Oil Co. of Venezuela.—V. 144, p. 3514.
6 Months Ended, June 30—
Net sales.
1936
w
_
$1,208,705
-
-
$345,701
231,841
$156,315
Net profit on operations..
1 to holders of record
1, 1936, and an extra
1934.—V. 144, p. 116.
$113,860
18,494
23,944
Other income..
Peerless Corp.—Earnings—
1937—3 Mos,—1936
$180,259
Total income
25,000
Net profit
$132,355
11,198
11,500
$114,618
and
surtax
...
-
undis¬
on
$251,028
tributed profit
$54,815
$475,184
months ended June 30, 1937,
were
pared
$41,462
$3,235,244 com¬
nine months ended June 30,
with $1,278,998 in
p.3514.
$109,656
40,641
—
1937—6 Mos,—1936
Period End. June 30—
Net profit after deprec.,
before Fed. inc. taxes
Gross sales for nine
Other expenses.
Reserved for Federal income taxes
of 50 cents per share
cents per share on the
563 ,706
$459,322
303,007
sales
Selling, shipping, adver. & adminis. expenses..,..
have declared an extra dividend
the regular quarterly dividend of 25
stock, no par value, both payable Sept.
Aug. 20.
An extra of 25 cents was paid on Dec.
dividend of 12M cents per share was paid on Dec. 1,
directors
$909,407
749,382
Cost of goods sold
Gross profit on
Patterson-Sargent Co.—50-Cent Extra Dividend—
The
in addition to
common
Machine, Inc.—Earnings—
1937
Pantex Pressing
Aug. 21, 1937
1936.—V.
144,
Peoples Drug Stores, Inc. (& Subs.)—Earnings—
'
$64,774
620,182
564,243
Accounts payable, trade
Div. pay. on pref. stock
Plant &
238,888
Reserves
Cash
properties
61,890
Deferred charges
$105,125
21,102
108,062
196,323
xl ,005,000
y29,004
85,361
Accrued liabilities
Preferred stock
Common stock
Surplus..
$1,549,977
Total
Total..
Represented by 14,070 no par shares,
par shares.—V. 145, p. 1110.
y
x
Park & Tilford,
Net
$1,549,977
Represented by 29,003
no
Inc.—Earnings—
1937—6 Mos.—1936
profit after charges
and
taxes
.i
Note—No provision for surtax on
Utah
Park
$134,409
$247,341
_
Consol.
$412,645
p.
617.
$688,381
19,960
sales.
ore
Other income.
-
$9,203,786
$8,134,842
9,394,516
Crl6,259
93,948
8,765,863
7,630,956
1,154
61,397
2,624
78,649
122,737
$532,376
62,741
122,622
$375,372
62,741
182,081
$422,613
66,821
118,827
$347,013
$130,550
$236,964
245,474
$1.94
245,324
245,324
$1.27
118,837
(incl. admin.
expenses)
&
gen.
10.451,745
Crl9,668
89,447
(net)---
Other deduc'ns
Est'd Fed. income tax--
$506,865
Net profit
30,236
DiVs. on pref. stock
Divs. on common stock-
com.
stock out¬
standing (no par)
Earnings per share
$1.91
$2.99
Note—No provision has been made for Federal surtaxes on undistributed
profits.
'
Current assets as of June 30, 1937, including $1,926,848 cash, amounted
$4,823,158 and current liabilities were $1,292,823 comparing with cash
of $1,615,875 current assets of $4,315,408 and current liabilities of $1,288,096 on June 30, 1936.
Inventories totaled $2,856,720 sgainst $2,636,201.
Total assets as of June 30,1937, were $8,004,150 comparing with $7,597,257
on June 30, 1936, and earned surplus was $2,985,176 against $2,539,317 on
June 30,
Total income—
$8,015,235
119,607
to
Co.—Earnings—
Earnings for the Period Jan. 1,' to June 30, 1937
Income from
1934
$9,072,708
131,078
Cost of sales, oper. exp.
$176,596
undistributed profits.—V. 145,
Mines
1935
134,408
Shares
1937—3 Mos.—1936
Period End. June 30—
1936
$9,870,173
$11,028,389 $10,004,581
Other store
Inventories
Notes & accts. receivable
1937
--$10,882,428
6 Mos. End. June 30—
Net sales
Liabilities—
Assets—
income—145,961
$353,892
Consolidated Balance Sheet June 30,1937
$708,341
475,052
12,960
-
Mine operating & general expense.
Charges to reserves (insurance, stock transfer & taxes)
1936.
Special Dividend—
The directors have declared a
special dividend of 50 cents per share in
dividend of 25 cents per share on the
value, both payable Oct. 1 to holders of record
Sept. 8.
A special of $1.75 was paid on Dec. 21, 1936; an extra dividend
of 50 cents was paid on Oct. 1 and Jan. 2, 1936, and an extra of 25 cents
per share was distributed on July 1, 1935.
The company paid a stock divi¬
dend of 100% on Dec. 31, 1934.—Y. 145, p. 1111.
addition to the regular quarterly
Earnings before depreciation.
Depreciation (estimated)
220,329
30,000
Netincome
-
$190,329
-
Comparative Statement of Net Working Capital
June30, '37
Dec.
$46,885
Notes & accounts receivable
142,450
lOl.lSO
U. S. Government Bonds
Federal Land Bank Bonds
403,656
271,565
252,578
357,696
239,779
259,679
$1,310,206
91,793
$1,018,019
52,921
$1,218,413
$965,097
Municipal bonds
—
Current liabilities.
Net working capital
Increase in working capital
$253,316
___
144, p. 3686.
Parke, Davis & Co. (& Subs.)—Earnings—
Period End. June 30—
1937—6
Mos— al936
$4,961,438 $11,453,573 $10,666,222
178,282
217,312
267,450
6,848
20,589
Dr219,780
>,404,459
240,229
825,378
Otherincome
For exch. credits
_
Total income
Depr. & amort, of pat
Federal Income taxes ...
b Net profit...
No. of shares of cap. stk
outstanding
$5,146,568 $11,691,474 $10,713,892
238,687
482,000
478,262
784,497
1,780,880
1,563,524
$4,338,852
$4,123,384
$9,428,594
$8,672,106
4,892,114
$0.89
4,891,169
$0.84
4,892,114
$1.93
4,891,169
$1.77
share
Revised figures,
1937—12 Mos.—al936
122,025
22,638
$5,259,796
Operating profit
per
b Before surtax
on
undistributed profits.—V. 144,
xl937
Years Ended June 30—
income after oper.
1936
1934
1935
Net
expenses,
depreciation,
Federal taxes—
—
$2,104,000
97,228
$21,64
__
Shs. of cap.stk. outst'd'g
Earnings per share
x
$1,121,360 loss$438,067
100,000
$11.21
.,607,686
100,000
Nil
100,000
$16.07
Preliminary figures.- -V. 145, p. 1111.
Petroleum
addition
Exploration, Inc.—Extra Dividend—
quarterly dividend of 25 cents per share on the common
stock, par $25, both payable Sept. 15 to holders of record Sept. 4.
Similar
payments were made on Jdne 15 and on March 15, last.
An extra of 10
cents and a quarterly dividend of 35 cents was paid on Dec. 15, 1936, prior
to which regular quarterly dividends of 25 cents per share were distributed.
In addition the following extra dividends were paid: 10 cents on June 15,
1936, and 12>£ cents on Dec. 15, 1934, and on Dec. 15, 1932.—V. 144,
p.3850.
to
a
Pfeiffer Brewing
Co.—Earnings—
1937—3 Mos.—1936
1937—6 Mos.- 1936
Period End. June 30—
Net profit after deprec.
& Fed'l income taxes_
x$91,236
$132,185
x$113,651
$211,007
Earnings per share on no
par capital stock
$0.23
$0.34
$0.29
$0.54
x
Before provision for Federal surtax on
undistributed profits.
30-Cent Dividend—
The
directors
have
declared
a
dividend
of 30
cents
per
share
on
the
A similar
each of the three
preceding quarters, and previously regular quarterly dividends of 25 cents
per share had been distributed.
In addition an extra dividend of 15 cents
was paid on Jan. 2.1936, and on Sept. 30 and July 1,1935.—V. 145, p. 447.
common
stock, payable Sept. 15 to holders of record Aug. 31.
payment was made on May 25 and on Jan. 5, last, and in
3686.
p.
par
The directors have declared an extra dividend of 10 cents per share in
-
Note—No provision has been made for depletion, Federal income, surtax
or undistributed earnings, state income,
net proceeds and occupational
a
no
Pepperell Mfg. Co.—Earnings—
$252,755
Earnings
stock,
3l,'36
Current Assets—
Cash
taxes—V.
common
Parker-Wolverine Co.—To Vote
on
Stock Increase—
Stockholders will be asked at
a special meeting on Sept. 20 to approve
increase in authorized no-par common stock from the present 120,000
shares to 200,000 shares.
Purpose of the increase is to provide stock for
the conversion of debentures which the company proposes to issue in part
an
payment of dividends.
In
letter to stockholders, Charles H. Awkerman, President, explained
that the company since its organization on March 1, 1934, has pursued a
a
policy of building up working capital through the retention of "a reasonable
portion" of earnings.
In order to continue this practice without penaliza¬
tion by the Federal surtax on undistributed profits, future dividends would
be paid partly in cash and partly in the new debentures.
According to the plan of the management, 2% five-year convertible
debentures would be issued along with cash dividends so that "substantially"
all earnings would be paid out in one form or the other.
The rate at which
these debentures later
would
oe
convertible into
common
stock has
Parmalee
Earns per sh.
,
x$95,262
$0.14
$0.13
$.24
undistributed profits.—V.
12 Months Ended June 30—
144,
p.
3514.
1937
1936
Other taxes
$5,172,876
2,321,239
104,114
374,159
Operating income
Other income (net)
$2,361,173
87,981
$2,373,364
43,376
$2,449,154
1,265,250
11,781
85.782
$2,416,740
1,265,250
14,816
85,782
Cr2,384
Cr917
$1,088,726
$1,047,222
expenses, &c__
Federal income taxes
,
Gross income
on funded debt
Interest on unfunded debt
Interest
'
Amortization of debt, discount and expense
Miscellaneous deductions from income
Interest charged to construction
..
$0.27
Phelps-Dodge Corp. (& Subs.)—Earnings—
1937
1936
1935
1934
>
$43,938,229 $29,229,712 $24,090,761 $18,682,807
20,257,890
15,494,876
33,593,016
22,491,519
$10,345,213
307,173
$6,738,193
500,544
$3,832,871
327,717
$3,187,931
349,705
$10,652,386
$7,238,737
$4,160,588
$3,537,636
239,667
88,637
2,136,624
1,086,000
163,042
112,616
1,562,749
734,000
205,151
409,896
1,013,740
317,000
859,945
200,000
$2,624,697
$2,067,795
Other income.
Expense
L
on closed down
properties.,
Interest, amortiz., &c__
.
Shs.
of cap. stock out¬
standing (par $25)--Earnings per share
Exclusive of surtax
on
5,342,922
5,342,922
$0.92
$0.49
$0.39
undistributed profits.—V. 145, p. 447.
5,071,240
$1.40
5,071,240
Philadelphia Insulated Wire Co.—Earnings—
1937
Discounts on sales, &c. (net)Federal and State taxes
3,292
.5,694
14,547
$17,455
$24,731
9,262
Dividends
Balance
per
18,041
xl2,254
Net profit---
x
$63,012
20,847
Depreciation
Earns,
1936
$53,848
6 Months Ended June 30—
Net profit from operations
.
sh.
on
18,525 (no par) shs. cap. stock-_
Includes Federal surtax
on
9,447
$8,193
$15,284
$0.94
$1.33
undistributed profits.—V. 144, p. 1296.
4,587
Note—No provision is included in this statement for Federal surtax on
undistributed profits, if any, fdr the year 1937.—V. 145, p. 289.
$59,413
4195.
6 Mos. End. June 30—
Profit from sale of metals
y
$5,633,862
2,649,548
138,596
484,544
revenues
Net income
1936
$23,673
$0.10
$177,047
[Formerly Penn Central Light & Power Co.]
*
—V. 144, p.
.
$102,476
$0.04
on
1937
& Fed. in¬
undistributed profits
Earns, per sh. on 220,000 shs. of common stock--
1937—6 Mos.—1936
x$31,473
Pennsylvania Edison Co. (& Subs.)—Earnings—
Operating
Operating
on
on no-par
Before surtax
-Earnings—
.y$7,101,458 y$4,666,330
1937—3 Mos.—1936
capital stock
x
& surtax
.
Transportation Co. (& Subs.)—Earnings—
& Fed. income taxes..
come tax
not
yet been decided.
Earnings for the first half of the year are stated to be approximately $2 a
share on the 120,000 shares of common stock outstanding.
Last year, no
interim reports were made, but net profit for tiie full year was $194,606
or $1.62 a share on the present capitalization.—V. 145, p. 617.
Period End. June 30—
Net profit after int. dep.
Pharis Tire & Rubber Co.
6 Months Ended June 30—
Net profit after deprec., other charges
Phillips Jones Corp. (& Subs.)—Earnings—
6 Mos. End. June 30—
Net profit after deprec.,
int. & all other charges
—V. 145, p. 290.
1937
$121,977
1936
1935
1934
$51,960
$50,087
$65,844
Volume
145
Financial
Chronicle
Definitive Bonds Ready—
Philadelphia Suburban Water Co.—Earnings—
Earnings for 12 Months Ended July 31,1937
•
Gross
revenues
jhA
$2,479,053
__
Operation (including maintenance)
661,662
144,547
Taxes (not incl. Federal income tax)
Net
$1,672,843
676,450
22,467
105,352
earnings
charges
Interest
Amortization
and
Federal income
other
deductions
_
tax
___.
Retirement expenses (or depreciation)
231,686
Balance available for dividends.
-V. 145, p. 776.
$636,887
6 Months Ended June 30—
Gross_
_
tax & interest.
Profit
n
Net profit
Earnings
$12,679,080
to $1.59 a
$7,336,302
$5,019,975
4,449,052
$2.85
__
per
For the
1937
1936
1935
$58,957,417 $49,413,068 $42,294,612
38,229,190
34,426,808
29,866,966
-----
Shares of capital stock
4,153,234
$1.77
4,153,234
share
115,
Pierce Oil
p.
$1.21
617.
Corp.—Earnings—
6 Mos. End. June 30-—
1937
Net less after exps. and
other charges
-_prof.$15,851
Includes
•
1936
1934
1935
$41,437
y$100,249
$31
with
car
pany which restricted the payment of dividends on the common stock will
be either amended or removed.
Neither of these companies issue interim
but it is understood that their earnings this year are far in excess
of those of last year.—V. 144, p. 1973.
reports
Pittsburgh Terminal Coal Corp. (& Subs.)—Earnings
Period End. June 30—
Net loss after taxes, de¬
above
Pittsburgh United Corp.—Case Rehearing Set—
Hearing will be begun in Pittsburgh Sept. 3
$731
income
prof$160,067
account
may
$137,573
prof$140,666
be
May 31 '36
$66,847,376
A/ay 31 '35
stockholders had been opposing such distribution which was to be
made under the terms of the five-year agreement arranged in 1932.
The
hearing will be conducted before
Pittston Co. (&
& admin, exps.__
____
Total Income
65,545,954
x520,000
_loss$291,411
22,130
$305,615
58,042
loss$29,172
45,269
$820,476
149,817
$363,657
309,493
come
Profit
on
$3,543,844
536,731
1,054,717
415,000
$3,565,971
$3,565,971
542,706
982,272
_
$1,537,395
8,416,686
$1,595,993
7,452,301
$9,499,160
878,758
2,160,179
$9,954,082
878,758
$9,048,293
631,608
$7,099,362
$6,460,222
$8,590,176
$8,416,686
549,225
$2.76
549,225
z549,225
$2.80
z549,225
$1.65
Pillsbury
1937
1936
$
$
13,342,301
438,899
1,610,214
13,734,741
375,651
2,423,641
60,946
2,736,191
2,441,580
742,259
8,763,319
6,794,607
2,253,163
Capital stock
13,730,625
13,730,625
accr'd liabilities.
1,404,808
983,843
Notes pay. (banks)
1st M. 20-yr. 6%
400,000
124,474
245,814
146,887
112,492
373,635
184,144
144,235
86,322
179,753
220,404
1
1
497,660
grain
expenses.
memb'ships,
maturing
271,000
275,000
520,000
200,000
Reserve for Federal
and State taxes.
processing tax..
_
tr'marks,
30,788,458 33,281,218
Total
2,253,163
6,036,338
7,099,362
4,575,500
219,690
800,000
6,460,222
30,788,458 33,281,218
x After
deducting depreciation and maintenance of $6,761,724 in 1937 and
$6,422,951 in 1936.
y At depreciated value,
z Less reserve for bad debts
of $207,300 in 1937 and
$202,500 in 1936.
a Set aside pending settlement
of undetermined
liabilities, per contra.—V. 144, p. 1450.
Pioneer Gold Mines of British Columbia, Ltd.—Earns.
Month of July—
July
xNet after expenses.
•x
1937
$185,000
103,000
gross..
____
1936
$198,000
118,000
1935
$270,000
205,000
Before depreciation, depletion and taxes.—V. 145. p. 291.
1937
$266,027
893,089
Earnings per share
$0.30
Note—No deduction made for surtax
p.
on
1936
$224,096
872,067
$0.25
1935
$183,767
872,067
$0.21
undistributed profits.—V. 144.
3515.
Pittsburgh Coke & Iron Co. (& Subs.)—Earnings—
Quarter Ended
Period—
x
Earnings
per
common
x
Total
June 30 '37
share
on
on
$320,879
$202,487
$523,367
$0.29
$0.79
6 Months
608,469 shares
stock-
Before surtax
Mar. 31 '37
$0.49
Net profit after int., deprec., deple'n
Federal income taxes, &C-._
undistributed profits.—V. 145, p. 618.
$0.59
1937—12 Mos .—1936
$3,404,469
3,245,752
2,636,498
2,690,499
^
$555,253
Dr4,595
$767,971
Dr4,536
$58,700
Dr455
$63,871
$58,245
$763,435
$550,658
$40,604
3,964
$40,604
5,008
$487,250
50,006
$487,250
49,850
CV127
Crl27
Cr253
$19,430
Int.
$12,633
$226,306
430,167
$13,811
430,167
charged to constr...
mortgage bondsOther int. & deductions.
Net income
Div. appl. to pref.
—V. 145, p.
stocks
618.
Porto Rican-American Tobacco
Period End. June 30—
a
Net
loss
after
interest, &c
Exclusive
Co.—Earnings—
1937—6 Mos—1936
.1937- 3 Mos—1936
taxes,
w
of company's proportionate
$214,258
$192,612
$108,184
$88,686
-
share of net profit ol its sub¬
sidiary, Congress Cigar Co., Inc.—V. 144, p. 3688.
,
Prentice-Hall, Inc.—Larger Common Dividend—The directors have declared
a
dividend of $1.20 per share on the com¬
stock, no par value, payable Sept. 1 to holders of record Aug. 20.
Regular quarterly dividends of 70 cents per share were paid from Sept.l,
1936 to June 1, last, inclusive and previously regular quarterly payments
of 50 cents per share were made.
In addition an extra dividend of 10 cents
was paid on Dec. 1, 1936, and an extra of 20 cents was paid on June 1,
1936—V. 144, p. 463.
Prosperity Co., Inc.-'-Earnings—
Quarter Ended
June 30,'37 Mar. 31,''37
Net profit after deprec., &c. charges
but before pro v. for Fed. inc. taxes
-V.
Public Service
Period End. July 31—
Gross earnings.______
*preciation
& taxes._
Net inc. from oper
.
Bal. for div. &
—V.
$72,247
$227,502
Total
6 Months
$299,749
144, p. 3516.
surplus
145, p. 618.
Corp. of N. J. (& Subs.)—Earnings—
1937—Month—1936
1937—7 Mos.—1936
$9,976,906
$9,537,373 $125,630,053 $120,033,011
7,458,344
6,966,164
87,063,633
88,456,870
$2,518,562
$2,571,209
1,394,445
$38,566,420
25,505,543
$31,576,141
23,174,109
1,522,487
Puget Sound Pulp & Timber Co.,
—Files
Bellingham, Wash.
Registration Statement with SEC—
The company on Aug. 13 filed with the Securities and Exchange Com¬
mission a registration statement (No. 2-3349, Form A-2) under the Securities
125,000 shares ($20 par) 6% cumulative convertible
preferred stock; 233,000 shares (no par) common stock, and warrants to
purchase 45,500 shares of common.
Of the common stock being registered,
187,500 shares, including scrip certificates for fractional shares, are reserved
for conversion of preferred, and 45,500 shares are for exercise of the warrants.
The preferred stock is to be offered publicly by underwriters, but the
underwriting agreement provides that Roy K. Ferguson, President of the
St. Regis Paper Co., will be given preferential right to purchase from the
underwriters not more than 20,000 shares of the preferred stock.
This
right must be exercised on the first day of the public offering.
The common
stock purchase warrants are to be issued to the underwriters and are exer¬
cisable on or before June 30, 1939,
The warrants will entitle the under¬
writers to purchase the number of shares called for at $12.50 a share unless
Mr. Ferguson shall purchase the 20,000 shares of the preferred stock, in
which event the warrants are exercisable at $13.75 a share.
The company
states that it has been advised by the underwriters that they will exercise
the warrants and will offer the common stock publicly at the market.
According to the registration statement, the net proceeds to be received
by the company will be used to the extent necessary to complete payment
or a site, and for the erection and equipment of a proposed new pulp mill
Act of 1933, covering
Pitney-Bowes Postage Meter Co. (& Subs.)-—Earnings
6 Months Ended June 30—
Net profit after charges and Fed. taxes
Shares capital stock
$99,927
$0.18
1937—Month—1936
$271,814
$255,516
207,518
196,816
Period—
M. 20-yr. 6%
gold bonds
4,309,500
Dividend payable.
Res. for conting's
and insurance._
800,000
Earned surplus
$30,249
Nil
,
liab. arising from
invalidation
of
1st
trade names, &c.
Total
rently
1937—6 Mos.- -1936
1936
mon
Res. for undeterm.
sundry stks.,&c_
Discount on bonds
Hydraulic rights.
G'dwill,
$
Accts. payable and
6,036,338
purchases
Prepaid
1936
S
gold bonds, cur¬
Mis cell, accts. rec_
Trade
1937
Liabilities—
lading drafts
under collection.
$114,503
loss$4,585
Dr425
on
a
Consolidated Balance Sheet May 31
Other cur. funds
183,189
$1,118,737
-Earnings—
1937—3 Mos.-
$64,296
Net operating rev
Other income
Flour
No par.
Inventories
$581,328
$2.90
Mk
repIaced
above, 549,225 shares (no par), at designated value
$10,000,000; increase in stated amount of capital stock, $3,730,625; carital
and paid-in surplus applied
thereto, $1,570,445; remainder, being earned
surplus applied thereto, $2,160,179.
TJ. S. Treas'y bills.
z Trade accts. rec_
$1,191,438
39,581
Drl7,962
152,288
Portland Gas & Coke Co.—Income Statement—
Period End. July 30—
Operating re venues
Oper. rev. deductions
Gross income
Includes $83,000 Federal surtax on undistributed profits,
y Amounts transferred from surplus to capital stock in connection with
reorganization: Capital stock of Pillsbury Flour Mills Co. (Del.) issued,
549 225 shares ($25 par), $13,730,625; capital stock of
Movable plant__
Dr20,447
depletion, taxes, &c._ loss$10,400
Earns, per sh. on 169,742
shs. capital stock
Nil
—V. 145, p. 776.
x
Fixed plant.
7,630
78,658
Net profit after deprec.,
445,000
$908,984
8,590,176
Earnings
Cash
524,258
26,027
sale and demc I.
Int.
y
551,977
22,038
127,113
tax
485,147
Assets—
509,860
Dr7,792
and amortization
Provision for Federal in L-
Period End. June 30—•
$3,543,844
$7,978,121
878,758
x
$970,293
350,707
depletio n
May 31 '34
$1,517,899
6,460,222
^Balance, surplus
$16,097
353,194
443,648
;__
342,059
34,111
Interest (net)
Depreciation,
&c
Minority interest
138,111
Shs.com.stock (par $25).
per share
776.
1937
1936
1935
1934
$15,956,322 $16,862,566 $17,742,603 $20,010,364
16,247,733
16,556,951
17,771,775
19,189,888
Pond Creek Pocahontas Co.
$2,814,934
574,700
1,113,564
217,686
1,127,015
Previous surplus
p.
V. 144, p. 3850.
$2,814,834
404,266
income
145,
6 Mos. End. June 30—
Costs, expense, &c
64,032,442j
$3,583,753
123,537
__
Interest, discount, &c
on
full court of three judges.—V.
Not available
$3,707,290
Other income
Advances
a
Subs.)—-Earnings—
Net sales..
i
sell.,
Operating profit.
a
exceptions filed against
common
Profit
Pillsbury Flour Mills Co. (& Subs.)—Earnings—
Years Ended—
May 31'37
Net sales.
-___._$69,129,707
Bill of
on
the opinion of Judge Elder Marshall handed down July 14 in Pittsburgh
United Corp. case.
The Federal judge ordered the company to pay to
preferred stockholders an amount equal to $147.9166 in U. S. Steel Corp.
common stock with an
assigned value of $111.25 per share.
A group of
of property,
Cost of goods sold,
$274,838
$162,091
$139,114
$98,897
1937 -6 Mos.—1936
subject to adjustment for
taxes, and interest and penalties thereon, claimed by the U. S. Bureau of
Internal Revenue to be due from Pierce Petroleum Corp. and its late sub
sidiaries as taxpayers for the years 1927,
1928, 1929 and 1930.—V. 144,
p. 3850.
z
1937—6 Mos.—1936
1937—3 Mos—1936
preciation, &c__
—V. 144, p. 3515.
Corp.—Earnings—
1937—3 Mos —1936
all other deductions..
Net
100% ownership. There are 6,296 shares
of $100 par.
loss$269.281
Pierce Petroleum
Period End. June 30—
Net loss after exps. and
gen.
a
company
The acquisition was completed without the issuance of any new or addi¬
tional shares by the forgings company, the latter handling the transaction
tax
Note—The
stock, thus completing
of preferred stock of the
expense item
representing extraordinary expenses in connec¬
litigation.
Note—Company for first quarter of 1937 reported no income but expenses
of $28,286.
For the second quarter of 1937 company reports income of
$44,137 but no expenses, leaving a net income of $15,851 for the first six
months of 1937.—V. 144, p. 3850.
y
common
quarter ended June 30, 1937, net profit was $7,063,443, equal
share, against $4,180,143, or $1.01 a share in the June quarter
of 1936.—V.
tion
Pittsburgh Forgings Co.—Acquisition—
This company has acquired all the
outstanding preferred stock of Green¬
ville Steel Car Co
The forgings company also owns all of the car company
and by a bank loan.
provisions of the preferred stock of the car com¬
-.---$20,728,227 $14,986,260 $12,427,646
8,049,147
7,649,958
7.407,671
Depreciation and depletion.
Announcement was made that the definitive first mortgage AM % bonds,
A, due March 1, 1952, are now available for delivery in exchange for
the outstanding
temporary bonds at the main office of the Chemical Bank
& Trust Co., 165
Broadway, N. Y„ or .it the office of the trustee, the
Colonial Trust Co., Pittsburgh, Pa.—V. 145, p. 618.
series
in part from its
working capital
It is understood that the
Phillips Petroleum Co. (& Subs.)—Earnings—
Expenses, Federal inc.
1271
Financial
1272
having
estimated annual production capacity of 40,000 tons of pulp.
The new mill is to be located at Bellingham, and will be directly connected
with the company's present mill, it is stated.
The estimated cost of the
new unit is approximately $2,600,000.
Any of the proceeds not required
for construction and equipment of the mill are to be used for working capital.
taThe preferred stock is convertible into common stock as follows: Prior
to July 1, 1938, at the rate of IK shares of common for each share of
preferred; on or after July 1, 1938, and prior to July 1, 1939, at the rate
of IK shares of common for each share of preferred; and on and after
July 1, 1939, at the rate of 1 1-9 shares of common for each share of pre¬
ferred.
The preferred stock is redeemable as a whole or in part from time
to time on any quarterly dividend payment date, after not less than 40 days
notice, at $24 a share and accrued and unpaid dividends.
Bankamerica Co. of San Francisco, Calif., and Battelle, Dwyer & Co.
of Los Angeles are the underwriters.
The price at which the preferred stock will be offered to the public
and the underwriting discounts or commissions, are to be furnished by
amendment to the registration statement.
Osslan Anderson, of Everett, Wash., is President of the company.
Chronicle
an
Quebec Power Co.
6 Mos. End. June 30—
Gross revenue
Pullman, Inc. (& Subs.)—Earnings—
Fixed charges
$6,956,872
Charges and depreciation
3,624,370
$9,745,917
7,051,936
$393,187
$486,771
Rainier
$479,251
Pulp & Paper Co.—Listing—
capital stock in amount of 248,000
San Francisco Stock Exchange at
of business Aug. 14.
The new capital stock will replace class A
common stock and voting trust certificates for class B common stock, both
without par, which were removed from the list at the close of business
Aug. 13.
Reclassification of Rainier's shares is part of a plan of reorgan¬
ization approved by stockholders of the company at a meeting held Aug. 10,
1937—V. 145, p. 1113.
the opening
Raybestos-Manhattan, Inc. (& Subs.)—Earnings—
1937
•
1936
$13,916,575 $10,390,895
288,025
304,270
1935
1934
$8,702,188
250,580
$7,492,688
$13,528,549 $10,086,625
Manufac'g cost of sales.
9,437,361
7,043,923
$8,451,609
5,644,898
$7,297,095
4.622,273
$3,042,701
1,843,117
$2,806,710
1,673,193
$2,674,822
1,591,283
$1,199,584
87,554
$1,133,518
107,758
$1,083,539
141,288
$2,083,072
102,032
$1,287,138
104,473
$1,241,276
47,527
312,798
$1,193,594
53,743
300,666
320,397
xl50,000
193,543
128,590
119,353
$1,510,642
7,029.284
$989,122
6,447,621
$752,361
5,711,158
$719,832
5,571,844
$8,539,926
476,611
$7,436,743
476,382
$6,463,518
320,380
$6,291,676
321,428
Surp. at end of period. $8,063,316
.corn .stk .out. (no par)
635,500
$2.37
$6,960,361
635,200
$6,143,138
638,600
$1.17
$5,970,248
642,600
sales
Discounts & allowances.
Income from sales
Net
income
Earns, per sh.
$3,332,502
on cap.
$1,493,717
$0.39
$2,693,981
$0.70
$6,609,201
|$0.87
$1.73
stk
679,808
Earnings
Net
x
remission
per
share
on
$2,153,414
$0.56
y$10,262,328
$2.68
-....—
capital stock
amount, after provision for Federal income tax,
of 1936 taxes under Railroad Retirement Act.
accruing from
After surtax
Total
2,149,404
......
depreciation
Fed'l &
Prov. for
income
__
State
taxes
Add'ns to
res.
110,055
de-
deductions
Prov. for
195,593
before
income
other deduc'ns,
prec'n & taxes
Other
y
undistributed profits.
on
$4,091,189
—
Profit from operations $1,941,784
Other income
$24,773,540 $16,168,330
14,511,212
14,014,916
Charges and depreciation.....
Net income.
Sell. & admin, exps—
1936
1937
...$24,093,732 $16,168,330
Total income
—
Gross profit
Earnings for 12 Months Ended June 30
Net after Federal income tax...
x Remission of taxes...
1935
The company's new issue of $10 par
shares was admitted to trading on the
6 Mos. End: June 30—
$5,159,121 $13,830,170
3,665,404
7,220,969
1934
$1,868,259
1,073,148
4,073
304,266
$483,887
Net
Total income.
1936
$1,846,435
$1,770,842
1,060,156
1.072,387
2,763
1,003
304,266 -4
304,266
24,525
prof, before deprec
-Y. 145 P. 953.
Net
$9,745,917
$13,150,362
679,808
$5,159,121
1,124,121
1,631
304,266
Amort, of bd. disc. & exp
1937—6 Mos—1936
1937—3 Mos.—1936
$6,277,064
679,808
Remission of taxes
x
Earnings—
1937
$1,938,430
Expenses
Exchange
.
Period End. June 30—
Net after Fed. inc. tax..
Auz. 21, 1937
for cont
Consolidated Balance Sheet
June 30
'37 Dec.
^
36
31
June 30 '37 Dec.
Liabilities—
$
31
*36
Capital stock—bl91,009,500 191,007,800
Cap. stk. (Pullman Co.)
6,728
8,810
U. S. Govt.
Accts. pay., &c_
sees.
Accts.¬es
Equip,
rec
trusts
other
Other
car
12,692,252
9,182,737
9,024,522
&
accts.
Invest,
9,705,700
2,658,925
in
2,385,877
3,908,738
191,984
8.970,517
1,625,615
Res. fund assets
Deferred charges
12,365,241
3,350,000
3,331,483
43,688,799
reserves
reserve
Deferred
Earnings per share
credits
Surplus
x
For the surtax
.273,383,533 265,234,814
After
Consolidated Balance Sheet June 30
39,958,356
x
Market,
273,383,533 265,234,814
Total
by
3,820,190
shares.
no-par
directors have
declared
a
dividend of 20
cents
per
share on the
stock, par $10, payable Sept. 15 to holders of record Aug. 31.
Like payment was made on June
15, last, and compares with 50 cents paid
Dec.
15, 1936; 20 cents paid on Sept. 15 and June 15, 1936, ana on
Aug. 15, 1935, this latter being the first payment made since Aug. 1, 1931,
when 10 cents per share was
distributed; prior to this latter date dividends
of 20 cents per share were distributed each three months.—V.
144, p. 3689.
Pyridium Corp., Nepera Park, N. Y.—Stock Offered—
Public offering by means of a
prospectus of 70,000 shares of
common
stock was made Aug. 16 by Wright, Bergen &
Pistell, Inc., Jersey City; John J. Bergen & Co., Ltd., New
York, and Geo. T. Leach & Co., Inc., Chicago.
The stock
was
priced at $15.50 per share.
Corporation was organized in 1925 in New York and manufactures
a dye antiseptic widely used by the medical profession throughout
pyridium,
important countries of the world.
Merck & Co., Inc., are distributors for
the product throughout the United States and Canada and
through foreign
uistributors it is sold in various countries of South
America, Europe and
.Asia Minor, and in China,
Japan and the British Empire.
Through an
affiliate, Rare Chemicals, Inc., one-half of the voting stock of which is
owned by the company, it also
engages in the manufacture of a group of
pharmaceutical preparations and medicinal chemicals. Its plant and execu¬
offices
are
located
at
Nepera Park, N. Y.,
the
Sundry
$367,159
57,867
5,894
146,078
52,000
Adv., cost of samples
__
Operating profit
1936
$544,777
93,172
5,052
149,091
62,000
income
Net income
$1,424
surtax
been made for surtax
on
^
as
will, Ac
595,156
....
Total
20,319,302
Market
Raises Dividend—•
The
directors have declared a dividend of 50 cents per share on the
stock, no par value, payable Sept. 15 to holders of record Aug. 31.
Previously regular quarterly dividends of 37 K cents per share were dis¬
tributed.
In addition, special dividend of 25 cents was paid on Dec. 15,
1936.—V. 144, p. 3516.
common
R. C. A. Communications,
Period End. June 30—
Tel. & cable oper. revs—
Total tel. & cable oper.
$2,192,025
338,214
2,070,481
2,014,909
$23,252
160,056
1,000
15,624
$515,357
194,161
227,052
6,000
196,336
$177,117
198,128
233,390
6,000
97,330
Net tel. & cable oper.
195,380
$14,926
$565,972
$100,288
247,465
40,454
265,019
x45,779
147,375
20,209
$219,239
$127,166
on
revenues
Regis¬
Gross income
Deduct, from gross inc—
Net income
-Y. 145, P. 448.
any of the shares offered and will receive
resulting from such sale.
taxes, but
before
tributed profits
Earnings per share
capital stock.
1937
1936
19
5
surtax on undis¬
$103,818
$88,444
$0.29
on
$0.27
loss$10,373
326,667 shares
Nil
—V. 144, p. 3349.
Republic Steel Corp.—Change in Conversion Privilege—
The Chemical Bank & Trust Co., trustee, in stating that approximately
$6,820,000 of Repulic Steel Corp.'s general mtge. conv. 4K% bonds,
series A, due 1950, remain outstanding calls attention to the change in the
conversion privilege after Sept. 1, 1937, when the number of shares issuable
on conversion will be reduced from 45 shares per $1,000 principal amount of
bonds to 40 shares.
It is expected that there will be approximately $700,0Q0
in sinking fund monies in the hands of the trustee on Sept. 1, 1937, which
must be applied to the redemption of bonds if the monies cannot be used to
purchase bonds at not exceeding the redemption price.
Earnings for Period Ended June 30 (Incl. Subs.)
Operating profit
Adjust,
for
min.
1937—3 Mos.—1936
1937—6 Mos.—1936
$4,626,110
$7,140,244 $16,233,558 $11,311,086
Dr6,201
Dr55,599
Cr61,955
interest Dr34,134
Profit
Interest
Deprec. & depletion
Federal income taxes
Federal surtax
Underwriters—Wright, Bergen & Pistell, Inc., Jersey City, N. J.; John
J. Bergen & Co., Ltd., New York, and Geo. T. Leach & Co., Inc., Chicago,
have entered into an underwriting agreement with William S. Lascton and
J. S. Lasdon and the company, under which the underwriters have jointly
and severally agreed, but without firm commitment, to purchase from the
Non-recurring charges
sellers
Earnings
stock of the company.
155,673
Republic Petroleum Co.—Earnings—
6 Months Ended June 30—
Net profit after depletion, deprec'n,
abandonments & Federal income
at March
Purpose—Company is not selling
$2,585,838
349,961
expenses
$361,466
$67,346
of May 15, 1937 (After Qiving Effect to the Recapitalization)
Authorized
Outstanding
.300,000 shs.
150,000 shs.
3689.
1937—6 Mos.—1936 ^
$416,650
$295,668
31, 1937, shows net assets
of $595,995 (after
deducting the sum of $3,795, the amount of patents and
trade marks, and the sum of
$38,914 representing the excess of the amount
at which its investment in Rare
Chemicals, Inc., is carried over the com¬
pany s equity in the net assets of that affiliate, excluding its trade marks,
formulae and patents), an amount
equal to $3.97 for each of the shares of
common stock
outstanding after giving effect as at March 31, 1937, to the
recapitalization.
p.
Inc.—Earnings—
1937—Month—1936
171,818
Transfer agent, Marine Midland Bank & Trust
Co., New York.
Chemical Bank & Trust Co., New York.
—V. 144,
...20,319,302 18,165,432
$737,790
$141,122
6,252
common
Total
value
29,722
$235,461
29,557
70,000 shares of
18,165,4321
$452,715 in 1937 and $1,394,165 in 1936.
y After
depreciation of $10,450,517 in 1937 and $10,041,839 in 1936.
z Repre¬
sented by 676,012 shares (no par value),
a Includes prior year's taxes.
x
$44,648
undistributed profits.
No provision has
undistributed profits for the three months ended
find purchasers for
595,157
31,134
trar,
or
57,540
Trade-name, good¬
$98,480
Common stock ($1 par)
of the proceeds
356,127
$38,525
257,143
$220,995
26,470
as
9,721,800
6,960,361
$280,130
457,660
141,122
—The balance sheet
.
$2,244
42,404
March 31, 1937.
Directors have indicated their
intention, on the basis of present earnings,
quarterly dividends of 25 cents per share on the common stock
($1 par) during the balance of the current year, and in
pursuance thereof a
dividend of this amount was
paid on June 30, 1937.
„
for conting.
Capital stock...
Surplus
7.
$31,058
67,422
of paying
Capitalization
Res.
Operating income
Non-operating income--
235,461
$207,011
Prov. for taxes, &o
Uncollect, oper. revenues
235,995
15,000
$108,087
342,220
350,000
9,721,800
8,063,316
348,220
6,785,538
7,301,145
98,076
Deferred charges..
236,713
Taxes assign, to oper
37
$239,067
34,825
1,331
45,538
16,250
126,208
18,120
Net income
Includes
$584,616
74,796
4,455
207,368
62,000
$105,319
20,888
Other income
on
406,153
receivable
Fixed assets
127,631
395,115
Mar. 31
River
105,319
Other charges
Fed. taxes
11,713
3,948,481
1,186,451
Other operating revenues
Other operating expenses
■Years Ended Dec. 31
1935
1934
,
Net sales
Cost of sales & oper. exp.
Deprec. & amortization.
Officers' salaries
19,554
5,173,997
1,182,938
.
and
notes
accts.
y
332,386
wages
Prov. for Income
taxes
(incl, advs.).
762,799
$66,688
151,673
156,313
1,000
29,990
Saw Mill
Earnings for Stated Periods
none
a
1,114,465
3 Mos. End.
on
Parkway.
x
2,372,187
other accts. rec.
Inv.
Pyrene Mfg. Co.—20-Cent Dividend—
V
1,310,126
Accounts payableAccrued salaries A
2,998,100
receivable
common
AT
1,550,017
Accrued interest A
$
S
2,139,948
404,232
secure..
1936
1937
Liabilities—
$
$
Cash
Mdse. inventories
tive
1936
1937
Assets—
b Represented
$1.12
undistributed profits and other contingencies.
3,456,468
8,854,200
582,293
depreciation,
—V. 144, p. 3188.
on
on
$1.55
Notes, accts., Ac.,
Total..
The
.
Shs
12,150,120
3,350,000
3,990,341
238,390
other
Conting.
affil.
companies, &c
Special deposits.
Fed. tax res.,
Total surplus.
Dividends paid
9,547,782
5,755,478
13,183,346
6,448,436
Ac
Pension, insur. A
8,260,035
mark'ble
securities
a
12,774,475
L
$
$
Prop. & equip. 174,946,699 178,357,559
Inventories
24,766,450
12,463,849
Cash
26,179,581
26,857,608
a
$4,591,976
1,204,451
2,750,274
125,000
25,000
......
Subs. pref. dividends
Net profit..
Shares common stock
per
—V. 145, p.
share
777.
$487,251
5,514,610
Nil
$7,134,043 $16,177,959 $11,373,041
1,122,326
2,459,502
2,184,112
2,507,944
5,264,142
4,905,092
697,243
1,450,000
772,793
950,000
145,467
431,504
57,446
$2,661,063
4,046,767
$0.50
$6,054,315
5,514,610
$0.88
$3,022,094
4,046,767
$0.44
Volume
Financial
145
Chronicle
Sears, Roebuck & Co.—Sales—
Reynolds Metals Co.—Earnings—
Period End. Aug. 13—
[Including Wholly-Owned Subsidiaries]
Ended'37 June 27. '36
6 Months
-3 Months EndedPeriod—
July 3 1937
June 27,'36
$580,678
$600,535
3,
July
Sal?8
—V.
Net profit after all chgs.
&
Fed.
taxes
surtax)
Earns, avail, for
shares
on
-
„o0
512,117
$0.53
985,006
$0.55
783,715
$1.02
532,161
$0.81
960,322
stock.
,
Years End. June 30—
$918,209
—V. 145, p. 619.
a
1935
1934
$2,814,821
$2,882,583
2,879,265
11,834
2,400,238
Crl7,259
2,299,852
16,044
2,307,313
$466,911
$479,445
$498,924
$575,270
25,921
$466,911
$479,445
459",651
378",661
$498,924
100.000
378.001
$601,191
200,000
378,375
Inc. & loss adjust,
(net)
Profits dedicated by di¬
.
bldg. alter'n
50,000
Miscellaneous income
Net
income
Advtg. appropriation
Dividends..
Corp.—Registers with SEC—
given on first page of this department.—V. 145, p. 619.
Roeser & Pendleton,
Net surplus
Adjustments
Prev. capital & surplus.
Inc.—Earnings—
Earnings for 6 Months Ended June 30, 1937
Net profit before deprec., deple. & amort, of leaseholds but after
interest paid and Federal income taxes
$448,656
Company produced and sold 491,463 barrels of oil during this period.
New
York
Rome Cable
The New York Curb
Exchange has admitted the common stock, $5 par,
listing and registration.—Y. 145, p. 1113.
Rutland
»
Louis-San
Kansas City
Francisco
Ry.—Interest to
Be
Paid
on
$4,644,897
$4,636,920
$4,534,947
$4,477,042
$3.74
$3.84
$3.99
$4.81
Marketable
Liabilities—
1936
$114,609
448,867
$127,209
Surplus
286,070
303,071
For'n acceptances-
482,405
482,405
& misc. payables
88,170
1,206,424
Accounts payable.
Com. & other accr.
131,119
1,470,650
5,312
2,689,350
2,182
2,327,434
Accr. and est. Fed.
secur.
Sundry
own
capital stock
Accounts and notes
receivable
Inventory
assets
67,466
110,486
1
1
Goodwill..
trustees J.
M. Kurn
and
Lonsdale,
for
direct,
114,048
67,500
29,491
7,709
mdse.
endorsement may be stamped thereon
indicating the payment of such in¬
terest, in amounts as follows:
on the gen. mtge.
4% bonds: $10 on each
$500 bond, and $20 on each $1,000 bond; on the assented and unassented
ncome 5% bonds: $12.50 on each
$500 bonds, and $25 on each $1,000 bond.
—V. 145, p. 777.
50,000
& unset'd claims
Total
.$5,564,729 $5,083,404
Total
2,500
2,500
$5,564,729 $5,083,404
x After
deducting reserve for depreciation of $428,979 in 1937 and
in 1936, and mortgage payable of $54,000 in 1937 and 1936.
Represented by 125,000 shares of no par value.—V. 144, p. 3692.
$412,152
Selby Shoe Co.- —Earnings—•
$156,010
Pursuant to said order of the Court, the trustees will pay interest on the
bonds at the office of C. W. Michel, Eastern
representative for the trustees,
120 Broadway (Room 1950), N. Y. City, on and after Sept. 1, 1937, but
only upon presentation of such bonds at said office so that an appropriate
bldg.1
alteration
both classes
of said bonds of.
for
Res. for legal exp.
y
on
86,089
149,249
payable
Reserve
were
$66,460
89,550
aggregating
total aggregate amount of interest
135,154
adjustment
the general mtge.
On gen. mtge. 4% bonds interest
aggregating..
On income 5 % bonds interest
a
44,485
74,152
Prof, dedicated by
G.
John
authorized to pay interest accuring to Sept. 1, 1937, on
4% bonds and the income 5% bonds as follows:
Making
Divs.
mtge. 4%
the
34,148
dep.
and State taxes.
bonds and income 5% bonds of Kansas
City, Memphis & Birmingham RR. are notified that, by an order entered
June 28, by the U. S. District Court for the Eastern District of Missouri,
Eastern Division
time
liabilities
Deferred and other
Memphis & Birmingham Bonds—
The holders of gen.
1936
1937
Capital stock...$2,000,000 $2,000,000
2,644,897
2,636,920
Notes payable
350,000
y
524,191
and interest
Post-dated checks.
RR.—New Director—
Robert G. Hutchins, has been elected a director of this company, succeed¬
ing Edward Milligan who died May 1.—V. 145, p. 1113.
$22,816
Cr38,175
4,416,051
1937
Fixed assets
Cash..
Corporation's
Corp.—Listing and Registration—
$20,924
Cr36,981
4,477,042
Balance Sheet June 30
x
Exchange has approved for listing 241,487 out¬
standing shares of common stock, no par.—V. 145, p. 448.
Cr529
4,534,947
125,000
on
Assets—
Curb
$101,444
Cr67
shs. of no-par cap. stk.
2,111 barrels in July, 1936, to 2,631 barrels for July of this year.
Listing Approved—
$7,910
4,636,920
Balance, surplus
Earns, per sh.
A total of 882,222 barrels of oil was produced and sold in the year ended
Dec. 31, 1936.
Company reports daily average production increased from
St.
1936
$2,912,424
dividend of 50 cents per share on
Rochester Gas & Electric
to
-Earnings—
1937
_
Inc.—Accumulated Dividend—
account
of accumulations on the $1.50 cumulative participating preferred stock,
payable Aug. 25 to holders of record Aug. 18.
Accruals after the current
payment will amount to $10.37per share.—V. 141, p. 2903.
The
1937—28 Weeks—1936
$3,358,011
Gross earnings..
Sell., adm. & gen. exp.,
incl. prov.for inc.taxes
rectors for
Robbins & Myers,
The directors have declared
See list
Weeks—1936-^
620.
p.
„
$1,123,636
common
common
1937—4
$36,266,551 $33,765,215 $291,648,636 $251,296,881
-
145,
Seeman Brothers, Inc.
(except
stk. after pref. divs
Earns, per sh.
1273
13 Mos.End.
Selling & gen'l expenses
.
1936
1935
1934
$1,769,606
1,465,005
$1,807,723
1,337,502
$215,428
254,400
.
$1,803,220
1,342,940
$460,279
204,980
$304,600
$470,222
270,273
$469,828
Gross profit
—
Apr. 30, '37
$1,615,978
1,400.550
Period—
$665,259
$625,138
Operating profit
Other income
—
Total income
Year
Ended
March
320,538
$740,494
7,942
Interest paid
Safeway Stores, Inc.—^&iZes—
Period End. Aug. 7—
Sales
Stores
x
in
28",550
Other expenses
1937—4 Weeks—xl936
1937—32 Weeks—xl936
$30,106,912 $27,476,807$231,195,665$202,260,734
operation....
3,351
,
3,361
Period ended Aug. 8.—V. 145, p. 777.
31
81,486
49,691
87,539
97,150
$583,773
$546,897
$547,863
Sundry losses
Prov. for Fed. inc. tax.
50,352
Net income.
$419,476
Balance Sheet
San-Nap-Pak Manufacturing Co., Inc.—Earnings—
6 Months Ended June 30—
Net profit after taxes and charges
Earnings per share on
—V. 144, p. 3018.
common
1937
$101,483
$0.36
stock
1936
$27,783
$0.10
Apr. 30 '37 Mar. 31 '36
Assets—
Cash
Notes & accts. rec_
Inventories
$513,588
351,513
1,759,591
2,155,689
$139,603
1,144,690
2,529,371
1,884,187
745,233
Marketable secur.
503,416
Other curr. assets,
Santa Rita Oil
See list given on first
page of this department.—V. 144, p. 4198.
270,220
283,147
$191,367
1,249,000
231,338
195,956
120,081
125,566
55,203
62,690
819,784
affiliates
199,993
Plant & equipment
1,910,422
confirmation of the reports was lacking.—V.
and mfg. rights.
Prepaid expenses__
748,938
198,377
2,027,254
of subs, not con¬
solidated
Reserve for repairs
Patents, trademks.
arising from dam¬
30,362
50,758
35,846
54,642
age
Min.
Schiff Co.—New Director—
.
Herman H. Stone has been elected
145, p. 1113.
a
—V.
Scientific
Instrument
at
$1.50 per share 37,500
Co.,
Detroit,
Mich.—Stock
($1 par)
new
common
shares.
financing by the
This
comDany.
As part consideration for the
purchase of the business and assets of the
predecessor corporation, as hereinafter set forth, the company has issued
warrants to purchase 67.500 shares of stock at the
price of $1 a share on or
before Dec. 31, 1938.
of
was
incorp. in Michigan
on
the
Dec. 31,1936 and acquired
assets, including good will, subject to liabilities, of the
Scientific Instrument Co. (Mich.) incorp. 1907. As consideration for assets
of the predecessor
corporation, there was issued to the stockholders of the
predecessor corporation 75,000 shares of capital stock, and warrants to
purchase 67,500 shares of capital stock at the price of $1
per share on or
before Dec. 31, 1938.
Company is engaged in the manufacture of scientific, mechanical and
chemical thermometers, hydrometers,
pyrometers, vacuum pressure gauges
and laboratory apparatus.
In addition, several large companies have
developed certain devices which have been
the
turned over to the company as
sole and exclusive manufacturers.
Among these are:
Ford Viscosometer, developed by the Ford Motor Co., and the Underwood Corrosion
Apparatus, a General Motors patent; also the Sub-Sieve Fineness Deter¬
mination developed by the
Super Cement Co. of Detroit.
Earnings—The predecessor company has had a continuous earning record
since the date of incorporation in 1907.
For the fiscal year 1936 the com¬
pany earned approximately $16,229 net.
The net profits of the company
for the first four months of the
year 1937 were $3,355.
These earnings,
however, do not refect the use of the additional capital recently received
by the company.
Company recently declared a dividend of 4% on the outstanding stock.
Seaboard
Air
Receivers
to
Advance
x
applied to the Interstate Commerce Commission for
to the Tampa Northern RR. sufficient funds to
enable the latter to make interest
payments on its 1,258,000 of 5% first
advance
mortgage bonds.
Common stock..
Total
3,000,000
3,852,977
3,650
3,000,000
4,206,757
$8,536,934 $9,266,326
Sharp & Dohme, Inc.—Earnings—
1937—3 Mos.—1936
Period End. June 30—
1937—6 Mos.—1936
Gross profit from sales..
$1,236,578
$1,306,508
Selling & admin, exps—
Income charges (net)
995,720
38,858
37,188
919,916
111,777
36,999
Depreciation
$3,058,095
2,131,923
78,997
74,264
$2,755,240
1,926,491
154,237
74,588
Est. Fed. income tax and
provision for conting's
2,622
33,994
71,236
85,581
Net profit
Earn, per sh. on common
$162,190
Nil
$203,822
$0.01
$701,675
$514,343
$0.39
$0.14
Note—No provision has been made for Federal surtax
profits.—V. 144, p. 4360.
Shawinigan Water & Power Co.6 Mos. End. June 30—
Gross revenue
.
Gen. op. & maint. exp..
Power purchased
W ater rentals
Taxes and insurance
U. S. exch. on fixed chgs.
Reserve for exchange
1937
$7,397,402
1,628,370
876,560
217,061
464,705
on
undistributed
Earnings—
1936
1,658,489
L ,452,015
876,969
203,702
407,610
1935
1934
$6,276,715
1,325,121
788,296
193,893
339,290
$5,942,569
1,128,945
12,000
50,000
d2 ,020,561
2,021,654
^
760,937
180,990
327,837
52,653
50,000
1,995,744
Fixed charges
2,068",593
Surplus before deprec.
&
$2,202,962
$1,647,631
$1,558,459
$1,422,614
1937 and $62,164 in 1936 amortization of bond
premium.—V. 145 p. 778.
income taxes
d Includes $79,569 in
discount and
6 Mos. End. June 30—
1937
1936
1935
$162,795
profl09,085
$144,006
$125,837
148,596
1934
$120,906
71,443
$144,006
loss$22,759
$49,463
33,429
x4,500
20,106
33,900
17,427
17,833
4,985
4,600
720
179
According to the application Tampa Northern bond holders will agree
3% per annum instead of 5% for the period from July 1, 1936 to
the date of termination of the agreement.
$233,231
119,979
$89,821
79,983
loss$45,171
79,980
$27,030
80,310
Surplus
$113,252
$9,838 def$125,151
Capital stock tax only—V. 144, p. 4022.
def$53,280
_
Exp., int. & reservation
for partic. payments..
Fed. inc. & cap. stock
Tax
to accept
operated properties is not sufficient to
27,000
cap.
Represented by 240,000 no par shares.—V. 145, p. 620.
Subsidiary
have
If net cash of the separately
on
Net
foreign divs
profit
Dividends declared——
pay such interest the receivers of
the Seaboard will loan and advance sufficient funds to
permit the payment.
—Y. 145, p. 778.
in
$271,880
Ry.—Seeks
Funds—
authority to
$8,536,934 $9,266,3261
Total
Interest and dividends.
Line
int.
Surplus
Manufacturers National Bank, Detroit, transfer
agent.
Capitalization—The capitalization of the
company as of April 30, 1937,
■was as follows:
Authorized capital stock, 300,000 shares (par $1); issued
and outstanding, 125,000 shares.
History—Company
x
director succeeding William Schiff.
Stock offered to residents in State of
Michigan only.
certain
by flood
stock of sub
Offered—Marquardt, Wilson & Co., Detroit, recently offered
offering does not constitute
&
inter-co.
profit in invent,
Other inv. & recs.
620.
for
Res.
Invest, in and adv.
Schenley Distillers Corp.—New Financing Considered—
700,000
development
Financing by the corporation which may take the form of an issue of
$15,000,000 and $25,000,000 of convertible debentures is under
discussion, it was reported Aug. 17 in the financial district.
Official
p.
$228,304
Accrued expense..
Other curr. liabs..
Res. for contlng.
due from affil
between
Apr. 30 '37 Afar.31 *36
Accts. pay., trade.
Notes payable
incl. curr. accts.
Co.—Registration Withdrawn—-
145,
Liabilities—
—x
Financial
1274
Si lex
New
Earnings
x$414,236
$205,248
$64,433
$0.17
$0.05
1,220,467 shs.
on
stock
common
1935
$0.34
share
per
1936
1937
3 Months Ended June 30—
Net profit after taxes and depreciation
but before depletion...
market profit realized from sales of
2,400 tons of zinc concentrates produced and valued at cost during the year
1935, representing 5.3 cents per outstanding share.
Net income for the quarter, based on valuing inventory of stored product
at beginning and end of quarter at market at these respective dates, rather
than cost, would have been $311,212, or 25.5 cents per share.
For the year ended June 30, 1937, the net income was $1,201,861, equal
to 98.5 cents per outstanding share, and based on valuing inventories of
stored product at beginning and end of period at market on these respective
dates, rather than cost, would have been $1,189,709, or 97.5 cents per share.
Due to dividend payments and depletion, there was no surtax on undis¬
tributed profits for 1936 and no provision has been made, to June 30,1937,
for any current taxes of this nature.—Y. 144, p. 4022.
This includes $65,330 additional
x
Income Account
(& Subs.)—Earnings
.
Gross profit on sales
Selling, general and administrative expenses
1,637,701
opening of business Aug. 16, 1937 San Francisco Stock Exchange
783,032 shares ($25 par) 6% cumulative preferred stock, series A.
Stock represents combination of preferred stocks of company and Los
Angelas Gas & Electric Corp. following merger of two concerns last May.
—V. 144, p. 4023.
y;
.
undistributed profits
Profit for the year
end,ing May 31
Earnings per share on 462,138 shares of capital stock.
81,532
77,583
794,185
$1,785,706
740,031
$110,827
$97,980
$1,120,003
$1,045,675
108,821
107,260
1,092,553
1,081,876
!,006
Net earnings
—
def$19,280
$229,635
$0.50
_
...—
Surplus
•
Cash
Liabilities—
Notes payable to bank
$48,476
Notes & accts. receivable
1,679,051
Trade acceptances
Due from officials & empl's
7,381
2,081,173
Accounts
a
Inventory
Inv. In Simmons Wareh'se Co_
146,057
Other investments
b
10,370
Due to officials & employees__
72,305
Accrued
52,216
c
d
55,087
14,163
125,000
taxes
Federal & State income taxes
1,837,412
754,128
287,058
Capital stock
Capital
surplus
surplus
Earned
Total
payable
payable
Simmons Warehouse Co
46,500
Capital assets.___
Deferred charges
$650,000
11,942
387,999
$4,133,159
Pacific Lines—Earnings—
Railway oper.revs ...$19,547,799
Railway oper.exp
14,757,010
Railway tax accruals
1,606,851
Equip, rents.
1,053,507
Jointfacil. rents
69,869
by!462,138
shares.—Y. 144. p. 1454.
no par
Simonds Saw & Steel Co.—Initial Div.
The
on
-
directors
the
new
have
no-par
declared
an
on
New Stock—
of 50 cents per share
15 to holders of record
initial dividend
shares payable Sept.
common
Aug. 31.
The company's stock was recently split up on a ten-for-one basis.
A dividend of $4 per share was paid on the old stock on June 1, last, and
a dividend of $3 per share was distributed in March, 1937.—V. 145, p. 778.
Skelly Oil Co. (& Subs.)—Earnings—
Period End. June 30—
Gross earnings
6,937,128
Other income
Total income
_
Interest charges
Deprec. and depletion._
Fed. & State inc. taxes_
Minority
y
_
$4,465,241
83,788
115,802
2,063,747
300,400
$3,324,100 $14,965,386 $11,304,781
410,144
389,108
52,125
547,743
468,853
119,853
>,828,583
7,308,929
1,541,867
469,300
714,300
204,300
Drl ,801
Cr3,573
CV866
$1,901,504
Net profit
Shs.
$3,086,566 $13,823,227 $10 ,107,326
237,534
1,142,159
1 ,197,455
interest
common
$1,406,821
$6,082,395
$4,052,584
1,006,348
$1.79
1,008,548
$1.29
1,006,348
$5.65
y
No provision made
145, p. 1114.
Federal
for
surtaxes
$3.62
undistributed
on
195,000
shares
Based
on
capitalization
x
Costs,
p.
1454.
of $1 per share on account of
pref. stock, par $100, payable Sept. 15
A similar amount has been paid on this issue
quarterly since and incl. June 15, 1933, asagainst $1.25 per share on March
15, 1933, and $1.75 per share in preceding quarters.—V. 145, p. 780.
have declared a dividend
the
on
to holders of record
7%
.cum.
Aug. 31.
Spang, Chalfant & Co., Inc. (&Subs.)—Earnings—
Selling & general
290,979
255.798
$8,211,200
1,062,425
977,763
$1,819,356
31,409
$1,253,189
38,745
$7,148,775
208,253
$3,513,994
233,277
$1,850,765
176,299
$1,291,934
279,378
$7,357,027
491,580
$3,747,271
1,198,543
exps._
Net inc. from oper
Other income
Total income
—
Depreciation
on 5% 1st mtge.
gold bonds...;
Interest, discount, taxes
Interest
78,675
Prov.
for
Fed.
&
excess
inc.
$1,193,666
416,813
295,889
$3,278,745
1,350,000
Net income
646,082
291,055
103.872
900,630
228,113
profits
on
30,702
Consnl. net profit
$1,018,262
A sscts
Surplus
$
7,681,609
Notes and accts.
receivable
cum.
4,283,379
per
Note—No
share
Notes & accts. rec.:
Accr. bd. int. pay.
Officers and em¬
mention
is
made
of
37,135
e400
ployees
securs.
Cash...
2,459,128
5,569,512
Deferred charges..
49,761
10,759
provision for
any
Balance
1937
157,350
974,550
324,850
226,217
77,600
644,161
165,262
insur., pen¬
338 011
&c—...
surplus...14,148,290
9,596,028
for
Federal
2,459,127 Res.
income taxes...
1,979,069
77,792 Reserve for current
period Fed. inc.
16,155
taxes (est.)
for rebuilding
liabil¬
$
i
producing
16,646,600
17,326,169
6,382,281
7,333,081
U. S. Govt, securs.
2,043,929
7,853,979
Material, mdse. &
stock
oil
6,630,594
5,903,279
22,598
18,760
Accts. receivable..
1,083,425
Due fro in af f 11. cos.
304,941
984,059
52,746
268,653
265,418
3,119,326
16,318
Other
receivables.
Misc.
stks.
owned
Cash
Time
2,566,696 yl,828,400
claims
Dec.
pay.
31,
deed to Dec. 31,
1937
Meter
24,619
61,763
615,328
2,533,501
1,988,104
8,157
deposits
11,749
Reserve for taxes..
Res.
for
pay.
31,
64,941
z36,000
interest
after
Dec.
1937
Reacq'd cap. stk__
Year Ended June 30—
Net
profit
after
raxes
deprec.,
and surtax
.
1,171,689
801,711
13,345,070 11,359,523
Z>r773,143
.....
41,610,702 43,582,062
Total
41,610,702 i3,582,062
for depreciation of $96,324,769 in 1937 and $96,391,547
Includes demand deposits,
z Includes $33,500 due on contract
a Includes $62,756 ($58,546 in 1936) payable
after Dec. 31. 1937.—V. 144, p. 3694.
x
After
in 1936.
reserve
y
for deed after Dec. 31, 1937.
1937
1936
Federal and Canadian
on undistributed profits,
----
Earns. per share on common stock
—V. 144, p. 4200.
—
$466,067
$154,561
$0.49
$0.15
New Stock—May
Change Name—
A special meeting of
stockholders has been called for Aug. 23 at
which
approval will be sought for the issuance of 60,000 shares of new $20-par
convertible preferred stock and 120,000 shares of additional common.
The
common will be held for conversion of the preferred.
Purpose for which the preferred will be sold is to raise funds primarily
which have been built up as a result
to reduce the amount of bank loans,
both in manufacturing and in stores.
be purchased by underwriters at $21.50 a share
public at $25 a share. The stock will be entitled to $1.50
annually in dividends.
Of the 350,000 common shares now authorized, 83,201 are not issued.
It is proposed that stockholders authorize directors to issue these shares
from time to time on such terms as they may determine.
This will permit
of expansion policy,
The preferred stock will
Total
.
Spencer Chain Stores, Inc.— To Issue
29,061
55,326
341,323
annuities
Surplus.
..41,638,248 34,983,452
Total
&c
70,018
deposits and
accrued
34,983,452
for
reserve
»
income
for
Other accr'd accts.
Deferred charges.
104,000
to
1937..
contr.
reserve
b Less
Sparks-Withington Co. (& Subs.)—Earnings'—
Workm'ns' comp.
Due on
41,638,248
Less
1936.
1,229,338
_
a
Notes receivable._
$
25,000,000 30,000,000
payable. 1,521,621
Taxes payable.
46,389
Annuities
payable
to Dec. 31, 1937
88,181
Accounts
cos.
1936
255,517
depreciation of $5,447,879 in 1937 and $7,835,401 in
of $476,309 in 1937 and $484,399 in 1936.
c Less
reserve for bad debts of $361,678 in 1937 and $288,993 in 1936.
d Repre¬
sented by 750,000 no-par shares,
e Employees only.—V. 145, p. 1115.
a
$
Liabilities—
Capital stock
,'y
Produc'g & nonStock in other
Earned
Federal surtaxes on
1937
$
Prop, accounts—
ity
sions,
$1.30
30
June
1936
Assets—
x
Sheet
1,368,843
157,350
stock
Res.
Total
Consolidated
3,750,000
6,294,000
Divs. pay. on pref.
$232,617
1,142.671
undistributed profits.
1936
$
pref. stk.12,994,000 12,994,000
1,548,722 d Common stock.. 3,750,000
8,042,700 1st mtge. 20-yr. 5s 6,294,000
Accts. pay. & accr.
liabilities
2,111,670
2,827,765
799,092
miscell-
Liabilities—
17,994,985 6%
20,784,609
$1,489,555
1,256,938
$1,928,745
1,000,000
$3.28
„
Shares capital stock outstanding.
$1,353,077
1937
1936
$
*
Capital assets
furnaces,
Earnings
$4,552,062
$590,991
Interim Consolidated Balance Sheet June 30
Patents & licenses.
Dividends
321,456
1.067.353
profits for 1936
Marketable
$2,861,931
Profit..
Other income (less other expenses)
314,700
239.018
normal
taxes- estimated
c
1936
78,675
286,474
,
and miscellaneous
Invest'ts,
.-$18,819,601 $15,003,248
Federal
15,957,670
13,809,582
1937—12 Mos.- -1936
1937- 3 Mos—1936
Period End. June 30—•
Gross inc. from oper....
b Inventories
1937
depreciation, depletion,
income taxes, &c
expenses,
1936
$73,194,162
Southern Colorado Power Co.—Accumulated Dividend—
The directors
accumulations
$0.47
—Earnings—
6 Months Ended June 30—
Net sales
Aug. 7-
to
$81,421,092
paid a dividend of \2\i cents per share on the capital stock,
$25 on Aug. 2 to holders of record July 27.
This compares with 25
paid on May 1, last, and 12J^ cents paid on Feb. 1, 1936, Nov. 1
and Aug. 1, 1936, this latter being the first payment made since Nov. ],
1935 when a regular quarterly dividend of 25 cents per share was distributed.
The 25-cent rate had been paid each quarter since and including Nov. 1,
1932.—V. 144, p. 3193.
1937
of June 30, 1937.—V. 144,
as
1
1937
$2,499,414
cents
$90,892
$1.01
South Penn Oil Co
-Jan.
1936
52,587,593
__
Southington (Conn.) Hardware Co.—Smaller Dividend
a
x
$12,179,870
16,769,318
The company
capital
of
$14,042,276
18,725,700
par
1936
1937
$197,642
_
on
$2,375,000
3,020,540
—First Week August—
undis.
6 Months Ended June 30—
share
$1)
417,397
-Earnings—
Ry.-
Prov. for Fed. surtax
Net profit after deprec., Federal income taxes, &c.,
but before surtax on undistributed profits.
per
stock (par
469,262
1937
Manufacturing Co.—Earnings—
Earns,
43,844
780.
Gross earnings (est)
—V. 145, p. 1115.
profits.
—V.
Soss
p.
Southern
1 ,008,549
stock out¬
standing (par $15)___
Earns, per sh.on cap.stk.
145,
Period
1937—12 Mos —1936
>,451,348 $38,775,322 $32 ,548,463
"6,364,782
24,952,095
22 ,441,137
$4,231,862
233,379
Operating income
$2,060,562
2,741,046
Before deprec
1937—3 Mos —1936.
SI 1,168,990
Operating expenses
Non-operating charges.
Net oper. income:
After deprec.
—V.
1937—7 Mos.—1936
$17,149,395 $132,025,773 $107,386,430
12,852,518
101,198.157
81,930,364
973,613
10,056,619
7,785,316
904,418
6,259,459
5,073,481
1937—Month—1936
Period End. July 31—
$4,133,159
Total
a
After reserve for bad debts, discounts and allowances of $88,000.
b After reserve for depreciation of $63,932.
c No provision has been made
for any possible income tax which may be assessed in connection with the
organization of the company and sale of certain of its assets,
d Repre¬
sented
$27,450 def$136,201
145, p. 621.
Southern
_
Consolidated Balance Sheet May 31,1937
Assets—
$1,914,188
&
amort.
deprec.,
Int.,
1936—10 Mos.—1936
1937—Month—1936
$192,359
$175,563
Gross earnings..-—.^.-.
-V.
$349,125
59,691
59,800
Provision for Federal and State income taxes
on
Ltd.- -Earnings—
Southern Canada Power Co.,
23,011
Otherincome
Provision for surtax
Co.-—Stock Listed—
Southern California Gas
$326,114
_______
__._
$0.13
At the
dividends
Operating profit
$0.22
Before provision
isted
$1,963,815
,
x$395,369
x$242,620
for surtax on undistributed profits.
During the six months ended June 30, 1937, the subsidiaries of company
produced 21,817 ounces of cnide gold and 8,961 ounces of crude platinum;
both of these products require refining.
Prices for platinum were higher
during the first six months of 193/ than during the similar period of 1936.
—V. 144, p. 4361.
x
Operating expenses
Year Ending May 31, 1937
fot
1936
1937
Ended June 30—
profit after deprec., deple., U. S. & Colombian
income taxes, minority interest, &c—i
Earns, per shar on 1,760,000 shares capital stock
(par $1)
6 Months
Period End. July 31—
Simmons Hardware & Paint Corp.
(& Subs.)
Earnings—
Net
'fepg Coalition Mines Co.—Earnings—
Silver
Gold & Platinum Co.
American
South
Co.—Listing and Registration—
York Curb Exchange has admitted the common stock, no
listing and registration.—V. 145, p. 450.
The
par, to
Aug. 21, 1937
Chronicle
and offered to the
Volume
Financial
145
directors, among other things, to declare a dividend payable in stock or
cash, similar to the May 1, 1937, dividend, which is desirable in that it.
conserves cash to the extent that stockholders elect to take stock and at
the same time is considered to be a distribution by the company which is
deductible from its undistributed income, sixbject to surtax.
Stockholders will also vote on proposal to change the name of the company
to the Spencer Shoe Corp.
It is proposed that capital stock be reduced by amount of present 3,250
authorized class A shares.
Only 1,908 of these shares were ever issued and
these have all been reacquired by the company by purchase of redemption
on call—V.
145, p. 1116.
Chronicle
part of any special dividend that may be declared toward the end of the
year.
Such special dividend, if declared, would be for the purpose of dis¬
tributing substantially all of the corporation's earnings for the year, in¬
cluding net realized gains from the sale of securities.
"In order that we may have adequate time and not be unduly rushed at
the year-end it seems advisable to register these additional shares at this
time with the Securities and Exchange Commission.
On the other hand,
it is too early to make
any prediction as to the amount of the extra dividend,
if any, or how much thereof it will be considered advisable to have reinvested
in the corporation
through the issuance of rights. We will attempt to inform
you on this
Average fare
144, p. 3352.
—1936
$20,666
11,392,488
$0,076
$20,088
$17,206
5,661,609
$0,076
11,330,273
$0,075
—V.
Square D Co.—Correction—
Due to
in
our
a
typographical error in the company's report the earnings reported
Aug. 7, page 957 should have been for the 6 months ended
145, p. 957.
issue of
June 30.—V.
Standard Fruit &
Steamship Corp.—Registration With-
drawn—
See list given on
The
1937—6 Mos
1937—3 Mos.—1936
$2,633
5,443,448
$0,076
be
no
change in the prior preference
stock, of which 368,348 shares of $7 cumulative and 100,000 shares of $6
cumulative are outstanding, or in the $4 cumulative preferred stock, of
which 757,442 shares are outstanding, except that both classes
have no voting rights are to be made fully voting.
The
now
of stock which
holders of the
?riorholders of the $4 cumulativeapreferred stock and the elect two directors,
class will be entitled to holders of the com¬
"he preference stock, voting as
mon
stock, all voting cumulatively, will be entitled to elect the remaining
1
^
declared
a
dividend
of
15
cents
share on the
per
Sterling Products, Inc. (& Subs.)—Earnings—
Period End. June 30—
Net profit after charges,
1937—6 Mos.—1936
1937—3 Mos.—1936
dep. & Fed. inc. taxes. $2,425,913
Shares of capital stock..
1,706,163
Earnings per share
$1.42
$2,318,263
1,715,656
$1.35
$5,172,680
1,706,163
$3.03
$5,024,909
1,715,656
$2.93
profits.—V. 144,
3519.
The directors have declared
a dividend of $1.75 per share on account of
pref. stock, par $100, payable Oct. 1 to
Dividends of 75 cents were paid on July 1 and
on April 1, last, as against a dividend of $1.50
paid on Jan. 28, last, and
dividends of 75 cents per share paid on Dec. 31, Oct. 1, July 1 and April 1,
1936.—V. 144, p. 3519.
accumulations
(each share of the $4 cumulative preferred stock
This arrangement would permit the
votes for this purpose).
independent protective committee for the notes of which W. S. Kinnear is
Chairman, the protective committee for $7 and $6 prior preference stock
of which James W. Gerard is Chairman, and the protective committee for
the $4 cumulative preferred stock of which John K. MacGowan is Chairman.
Preferred Group Doubts Modified Proposal in the Interest
of Company—
Doubt that the proposed modified plan of reorganization was in the in¬
of the company has been expressed by the B. L. Allen committee
terest
cum.
Sun Glow
Industries, Inc.—Registers with SEC—
See list given on first page of this department.—V. 144, p.
Sunset-McKee Salesbook
The directors have declared
an
1978.
Co.—Larger & Extra Div.—
extra dividend of 25 cents per
share and
quarterly dividend of 37 H cents per share on the no par class B stock.
The extra dividend will be paid on Aug. 20 to holders of record Aug. 10
and the quarterly dividend will be distributed on Sept. 15 to holders of
a
record
Sept. 4.
Previously quarterly dividends of 25 cents per share were distributed,
—V. 140, p. 1322.
Superior Portland Cement, Inc.—Preferred Dividend—
The directors have declared a dividend of 823^ cents per share on the
$3.30 cumulative class A participating stock, no par value, payable Sept. 1
to holders of record Aug. 23.
This payment represents the regular rate for
the three months ending Sept, 30, 1937, the stock ordinarily receiving
27?^ cents
per share monthly.
On June 1, last, a dividend of $1.10 was paid which covered four regular
monthly dividends of 27M cents each.—V. 144, p. 3353.
Sutherland Paper
Co.—Extra Dividend—
The directors have declared
an
extra dividend of 20 cents per share
and
quarterly dividend of 40 cents per share on the common stock, par $10,
both payable Sept. 30 to holders of record Sept. 20.
Similar payments were
made on Dec. 15 and on Sept. 30, 1936.
Quarterly dividends of 25 cents
per share in addition to an extra of five cents were paid on June 30 and
March 31, 1936.
During 1935 the company had paid regular dividends
of 10 cents per share every two months from Feb. 28 to Dec. 23, incl.
In
addition, extra dividends of five cents per share were paid in each of the
first four-bimonthly periods, and an extra of 10 cents in each of the next
two bimonthly periods.—V. 145, p. 622.
a
$4 cumulative preferred stock to elect two directors and the common stock
to elect four directors.
There would be no other change in the common
stock, of which 2,162,607 shares are outstanding.
Provision is made in the modified plan for the appointment by the court
of a special trustee or trustees to litigate for the company any of the claims
asserted by the petitions of Delevan Corp. and Emma A. Graham, as holders
of prior preference stock, to exist in favor of the company against interests
now or formerly identified with the company, which may not be settled
pursuant to the offer recently made to the company to settle the claims
against certain of the proposed defendants for the sum of $1,000,000.
It was stated in the petition with which the modified plan was filed that
the modified plan had been approved by four of the six protective com¬
mittees representing holders of outstanding notes, debentures and stocks
of the company.
The approving committees are: the protective committee
for notes and debentures of which Samuel McRoberts is Chairman, the
the 7%
on
holders of record Sept. 15.
of the nine members of the board of directors to e pro¬
vided for by the modified plan.
Under the modified plan there will
to have
have
par
Strawbridge & Clothier—Accumulated Dividend—
amended plan
the United States
six members of the board
stock,
Note—No provision made for surtax on undistributed
of the
one
145, p. 622.
■Modifications of Amended
of reorganization of the company
which was filed in
District Court for the District of
Delaware on May 17, 1937, were filed in the court Aug. 18 according to
a statement by Bernard W. Lynch, President of the company.
l*The modified plan filed provides for an extension of the $24,649,500 of
notes which were due Oct. 1, 1935, to a date ten years from the consumma¬
tion of the modified plan and makes possible a reduction of the entire funded
debt, consisting of $73,649,500 6% notes and debentures, to $36,824,750
bearing 4j4% interest.
Holders of the company's $73,649,500 of 6% notes and debentures are
given option either to retain their present securities or exchange each $1,000
principal amount thereof for $500 in principal amount of a new 4 M%
sinking fund debenture due in 25 years, plus 25 shares of the common stock
of Philadelphia, two shares of the common stock of Pacific Gas & Electric
Co. and three shares of the common stock of San Diego Consolidated Gas &
Electric Co. (after a four for one re-classification of the last named stock).
There will be attached to each $500 principal amount of the new 4
sinking fund debentures a warrant to purchase ten shares of common stock
of Philadelphia Co. at $15 per share for ten years after issuance.
Other provisions for the new debentures, which also apply to all existing
notes and debentures, include participation in a substantial sinking fund
payable out of the company's earnings, the utilization under certain con¬
ditions of the proceeds of the sale of capital assets to retire funded debt,
provisions making the new debentures and existing notes and debentures
secured issues in the event of the creation or assumption of additional debt
other than for ordinary operating purposes and provisions giving the holders
of the new debentures, and of the existing notes and debentures the right as
class to elect
later date."—V.
$1, payable Sept. 15 to holders of record Sept. 1.
This
last, 30 cents paid on Dec. 19, 1936;
paid on Aug. 15, 1936; 10 cents paid
on
May 15, 1936, and 7H cents per share distributed on Nov. 14 and
July 20, 1935, and on Dec. 30, 1934, this latter being the initial payment
on the issue.—V.
144, p. 4363.
Plan Filed in Federal Court—
a
directors
common
p.
Modifications
a
compares with 10 cents paid on July 15,
20 cents paid on Oct. 10, 1936:15 cents
first page of this department.—V. 144, p. 1116.
Standard Gas & Electric Co.-
point at
Sterling Brewers, Inc.—Larger Dividend—
Springfield Street Ry.—Earnings—
Period End. June 30—
Net profit
Revenue fare passengers
1275
or
Symington-Gould Corp.—Earnings—
Period Ended July 31, 1937—
Oper. income after provision for deprec. of plant,
ail selling & gen. exps., prov. for reserves, for
State taxes, & for Fed
normal income & excess
profit taxes.
3 Months
6 Months
$302,602
$689,957
89,847
158,687
Other income—net
Net
profit—before provision for surtax on un¬
distributed profits___-____.
$392,449
$848,644
Note—The above figures are subject to adjustment and include earnings
of the Symington-Gould Corp. and of Gould Coupler Corp. for the periods
above stated.—V. 144, p. 4363.
Tampa Electric Co.—Income Statement—
Period End. July 31—
Operating revenues
Operation.
1937—Month—1936
$358,839
$323,640
154,414
135,755
1937—12 Mos.—1936^
$4,404,103
$4,143,499
1,742,131
1,645,349
23,424
a46,452
21,666
38,493
238,660
a542,lll
253,832
479,497
Net oper. revenues—
$134,549
def367
$127,724
315
$1,881,200
Non-oper. income (net)-
def2,231
$1,764,819
22,032
$134,182
35,833
'$128,039
35,833
$1,878,968
430,000
$1,786,852
430,000
$98,348
1,074
$92,206
954
$1,448,968
12,553
$1,356,852
12,930
$97,274
$91,251
$1,436,415
70,000
1,269,547
$1,343,921
70,000
1,269,376
Maintenance
Taxes
representing the $4 cum. pref. stock.
While indicating that the revised plan met most of its objections to the
original proposal, the Allen committee stated that it was studying the
modified plan but it is not as yet satisfied that the proposed dismemberment
of Standard Gas and the sale in effect of a substantial portion of its assets
the prevailing low prices
at
for public utilities stocks are in the interest of
Balance
-
Retirement accruals.___
Gross income
Interest
t
the
company.
The Allen committee
objected to the original plan because it did away with
the preferred position of the $4 pref. stock and also because it was tied up
with a proposed $1,000,000 settlement of certain claims asserted on behalf
of the company.
The new modified plan, the committee stated, met those
objections.
Net
Common
Weekly Output—
734,281 kilowatt hours, an increase of 8.8% compared with the correspond¬
ing week last year.—V. 145. p. 1116.
0
Standard Oil Co. of
Indiana:—Earnings—
1936
1937
6 Months Ended June 30—
1935
Net
profit after deprec., depl., Fed.
excess profits taxes, and
all other charges
_x$27,904,211x$22,0l5,537 $13,191,166
Earnings per share on capital stock..
$1.83
$1.45
$0.87
income and
x
Before
for surtax
provision
on
undistributed net earnings.—V.
145,
p.1116.
Standard Products Co. (&
1937
Net profit after charges, depreciation, Federal
taxes & surtax on undistributed profits. _
per
—V. 144, p.
share on
2847.
common
The
directors
share
Sept. 1.
on
the
have
—
Technicolor, Inc.—May Increase Capital—
special meeting of stockholders has been called for Sept. 9 to consider an
1,000,000 to 1,500,000 shares,
value, none of which shares would be subject to any preemptive
rights.
Dr. Herbert T. Kalmus, President of the company, in a statement
to stockholders said:
"Some years ago company adopted a policy of inviting some of its cus¬
tomers to become financially interested in the business by granting options
to these customers to purchase stock of company, which options were con¬
ditional upon obtaining a certain guaranteed volume of business from these
A
increase in authorized common stock from
without par
customers.
"Under this plan company has
$738,319
$2.46
Corp.—Initial Div.
on
New Stock—
declared
new common
an initial
quarterly dividend of 20 cents
stock, payable Sept. 15 to holders of record
State Street Investment
Corp.—To Vote
on Stock Incr'se
Sept. 2 for the primary
of the corporation by 100,000
A special meeting of stockholders will be held on
purpose of increasing the authorized stock
shares to 600,000 from 500,000 shares.
In explaining the purpose of this proposed increase, Paul C. Cabot,
President, says: "We do not at this time intend to sell the additional shares
by means of an active selling campaign. The increase is proposed so that the
corporation may be in a position to enable stockholders to reinvest the whole
made contracts with several outstanding
producers and is looking forward to extending this arrangement to include a
number of others.
This plan has already provided a substantial amount of
pictures, that plan is designed to safeguard against the issuance of the addi¬
stock covered by the options except as the volume of company's
tional
business increases.
"To date, all
options under this plan have been granted at the market
price of the stock at
for
Standard Silica
per
stock
1936
inc.
$634,643
$2.11
provision has been made for the Federal surtax on undistributed
145, p. 782.
income.—V.
capital and is intended to provide the capital necessary to finance the growth
of the business, and because the options are conditional upon production of
Subs.)—Earnings—
Year Ended June 30—
Earnings
No
a
net
Electric output of the public utility operating companies in the Standard
Gas & Electric Co. system for the week ended Aug. 14, 1937, totaled 112,-
income
Dividends—Preferred
the time of arranging the accompanying contracts
production of feature pictures."—V. 145, p. 1117.
Tecumseh Products Co.—Special Stock Dividend—
The
directors
have declared
a
special stock dividend
of 20%
and the
regular quarterly cash dividend of 12 Yi cents per share on the common
stock, both payable Sept. 25 to holders of record Sept. 4.—V. 145, p. 1117.
Tennessee
Corp. (& Subs.)—Earnings—
Earnings for 6 Months Ended June 30, 1937
Estimated net income after bond int., deprec. & Fed. inc. taxes as
well
as
the proportion
of earns, applic. to min. int., but before
prov. for surtax on undistrib. prop
Earnings per share on 853,696 shares capital stock
—V.
144, p. 4363.
$733,718
$0.86
1276
Financial
Chronicle
Telephone Bond & Share Co.—Earnings—
Aug. 21,
Transwestern Oil Co.-
Earnings for Six Months Ended June 30, 1937
1937
-Earning
Summary of Income for Six Months Ended June 30, 1937
Gross earnings
$390,047
68.857
Operations & taxes
3 Mos.End.
3 Mos.End.
Total
Mar. 31 '37
Period—
June 30 '37
6 Months
production (barrels)
667,376.31
681,789.49 1349,165.80
$1.2490
$1.2367
Average market value per barrel
$1.2241
Income from operations
$852,991
$908,765
$1,761,757
Operating, general & adminis. exp.,&c
254,779/
253,609
508,388
Provision for depletion & depreciation
375,365'
375,462
750,827
Crude oil
Net earnings
on debentures
$321,190
249,933
21,513
Interest
Amort, of debt discount & expense.
.
Net income
$49,744
948.746
—
Earned surplus balance, Jan. 1,1937
reserve
Total
109,294
16,788
86
$1,015,363
54,103
-
7% 1st preferred dividend
$3 1st preferred dividend
Earned surplus balance June 30, 1937
■^LSSCtS
'
r
$961,096
$18,923,504
a
894,820
Cash in banks
b
18,569
403,525
& expense
Prepayments & def. charges..
c
Special dep. & working funds.
June 25
Participating preferred
Class A
common
common
(par $1)
Funded debt
75,000
Accounts
Due to
5,324
payable
54,761
421,707
41,496
subsidiary companies-
Accrued Interest
Due from sub. companies;
Accounts receivable
Accrued taxes
320,592
Dividends and interest
1935
1934
$339,991
14,907
$269,875
14,982
Deductions from income
$272,658
61,698
$378,626
134,860
$354,898
118,193
$284,857
89,624
Provision
for
Federal
inc. & cap. stock taxes
35,044
25,066
35,546
31,361
Extraordinary and non¬
recurring expenses—
Loss on sale of Chicago
_
income
Net
$103,997
71,771
Surplus
2,383,268
$20,660,841
Total
$20,660,841
Represented by 391 no par shares,
b Represented by 3,299 no
shares,
c Represented by 95,024 no par shares. —V.
144, p. 3696.
a
par
Period End. July 31—
secur.
Notes & accts. rec.
& mdse.
$284,358
Operating revenues
Oper. rev. deductions
Rent for Lease of plant.
_
Operating income
1937—12 Mos.—1936
$8,004,655
$7,093,429
4,807,790
4,111,351
45,000
62,888
$3,151,865
4,387
Other income (met)
$288,937
536
Dr369
y
Liabilities—
In
Notes payable
Fixed assets....
Franch.,
royal.,
$53,216
bonuses,
taxes and exps._
1,243,334
321,833
1,091,237
25/37 June 30/36
$150,000
82,881
Accrd. sal., wages,
con¬
-....
June
Accounts payable.
inventories
Mdse.
Other assets
1937—Month—1936
$733,776
$647,092
449,418
353,155
5,000
$71,440
25/37 June 30/36
$211,137
$283,621
48,506
102,551
334,001
259,110
Cash
signment.
Texas Electric Service Co.—Income Statement—
$163,872
92,432
$74,067
Consolidated Balance Sheet
100,000
961,096
$201,158
127,091
$98,714
June
Assets-
Marketable
Total
$149,773
51,059
$32,226
dividends
Surplus reserved for general
contingencies
Earned surplus
68,927
71,919
factory
Preferred
18,282
Reserves
13,407
-June 301936
$369,051
9,576
Total income
$5,520,700
14,858
187,156
548,517
450,000
9,959,000
$3 1st preferred.
Class B
6,100
Acct. rec. from affil. company
Other accounts receivable
1937
7% 1st pref. (par $100).
discount
debt
$251,601
$0.33
1937
Net profit from oper
Miscellaneous income—__
Liabilities—
r, •
Investment
$138,047
$0.18
$263,737
8,922
6 Months Ended—
Unamortized
250,941
Tung-Sol Lamp Works, Inc.- -Earning
164
Balance Sheet, June 30,
141,646
$113,554
$0.15
profit before provision for in¬
come and profits tax
Earnings per share
—V. 144, p. 4027.
Net
for divs. paid by subs, from surplus at
at dates of acquisition
Miscellaneous credits to surplus
Adjustment of
deductions..
Other
1,066,969
258,364
105.686
57,775
63,173
Prov.for Fed.taxes
25,066
Dividends payable
Oth.def.liabilities.
licenses,
11,971
2,372
Reserves
1,168,164
89,807
101.687
556
1,191
pat. rights, &c..
1
1
x
Preferred
stock,
711,428
711,428
Deferred charges..
22,106
23.469
z
Common stock._
280,659
1,823,903
1,880,945
Surplus
$2,919,190
Dr5,690
Total
...$3,272,154 $3,162,251
Total
280,659
....$3,272,154 $3,162,251
Represented by 208,757 shares preference (no par value),
for depreciation of $868,086 in 1937 and $798,401 in 1936.
sented by shares having a $1 par value.—V. 145, p. 959.
x
Gross income
Int.
on
$284,894
$3,156,252
$2,913,500
$140,542
2,423
mortgage bonds.
Other int. & deductions.
$288,568
$140,542
2,285
$1,686,500
18,892
reserve
$1,686,500
26,697
Union Belt
After
Repre¬
y
z
Ry. of Oakland—Lease—
Interstate Commerce Commission on Aug. 4 authorized the lease
by the Southern Pacific Co. of the railroad property of the company.
The
Net income
$141,929
$145,741
Divs. appl. to pref. stock
—V.
$1,450,860
375,678
$1,200,303
375,678
Union Electric Co. of
145, p. 623.
Texas & Pacific
Ry.—Earnings—
Period End. July 31—
1937—Month—1936
1937—7 Mos—1936
Operating revenues
$2,623,903
$2,433,231 $17,762,863 $15,373,168
Operating expenses
1,758,183
1,647,468
11,905,020
10,686,129
Railway tax accruals—
194,128
170,367
968,254
1,331,257
Equipment rents (net)..
153,526
157,105
911,327
828,568
Joint facil. rents (net)..
Cr18,449
7,903
50,045
24,548
Missouri—Listing—
The New York Stock Exchange has authorized the listing of $80,000,000
1st mtge.&coll. trust bonds, 3 %% series due 1962, due July 1, 1962, which
are issued and outstanding.—V .145, p. 134, 959.
Union Pacific
RR.—Earnings—
[Including leased lines]
(Excluding offsetting accounts between the companies)
6 Months Ended June 30—
Net ry. oper. income..
$536,515
47,380
Other income
$450,388
34,887
$3,590,711
294,259
$2,840,172
238,617
9,916
$60,656,114
7,795,296
2,389,987
1,145,289
3,171,185
Passenger revenue
Total income
$583,895
$485,275
3,871
336,989
$3,884,970
333,375
2,313,546
$3,078,789
37,194
2,371,428
$244,823
$144,415
$1,511,184
Fixed charges
Net income
Mail
$670,167
5,697
Misceil. deductions
60,240
-V. 145, p. 1117.
revenue
Express
revenue
All other revenue
Total revenues
__
Textiles, Inc.- •Earnings—
Traffic
6 Months Ended—
July 3 '37
Earns, per sh. on 556,833 shs.
com.
stk. (par $10)
Jan. 2
$293,842
$0.34
37
$162,525
$0.11
The balance sheet at July 3 ,1937, shows total current assets of $2,406,872
and total current liabilities of $1,408,493, leaving net working
-
Transportation
All other expenses
Net revenue from operations
Other operating income and
charges
capital of
•t Jan. 2,1937, current $391,381 during the six months ended July 3, 1937.
5998,379, an increase of assets amounted to $2,262,552 and current liabilities
were
$1,655.554.—V. 143, p. 3649.
51,780
$402,451
21,422
$354,406
19,823
$731,998
42,821
$677,271
35,855
$423,873
15,984
Operating profit
Total income
Misceil. deductions
Federal
income
$374,229
50,735
$774,819
$713,126
60,991
$2,928,119
2,149,646
101,202
35.607
taxes,
Net income from all
x
sources
132,653
224,573
163,711
$237,120
110,199
36,706
$514,639
216,844
73,413
$488,424
220,398
$130,244
$90,215
$224,382
$194,614
$1.14
Surplus
86,374
$275,236
108,286
36,706
Net profit
dividends
Common dividends
Preferred
$0.86
$2.03
$1.82
Earns, per sh. on 146,832
shs. (no par) common
—V. 144, p. 3856.
contract with Pacific Fruit
73,412
Earnings for 28 Weeks Ended July 17, 1937 (Incl.
Net income after charges. Federal and State income taxes
Earnings per share on 282,000 shares of capital stock
—V. 145, p. 960.
1
Depreciation
;
Amortization expenses of noteholders plan
Amort, bond, discount and expenses
Profit
$465,234
91,769
64,109
$342,090
89,434
74,261
21,000
3,610
6,000
$299,746
48,919
Net profit
Preferred dividends
on common
stock
$157,395
16,550
546
Federal income taxes
Minority interest
Figured
1936
189
$250,281
60,644
$0.40
$140,656
x$0.17
capitalization at June 30, 1937.—V. 145, p. 958—
on
Thew Shovel
Co.—$2 Dividend—
The directors on Aug. 11 declared a dividend of $2 per share on the com.
stock, payable Aug. 25 to holders of record Aug. 16. This compares with a
dividend of 50 cents paid on Dec. 15, 1936, this latter being the first dis¬
tribution made
on
the
common
shares since Dec. 15,1931.—V. 143, p.
3336.
Thompson-Starrett Co., Inc. (& Subs.)—Earnings—
—ZMonths Ended
Net loss after deprec.
July 29, '37 July 30, *36 July 25, '35
July 26, *34
&
Federal taxes
y$48,443
y$41,825
x$47,979
$52,833
loss, asset involved having been fully
These figures do not include results from operations on the
Colorado River Aqueduct contract scheduled for completion in
1938.
—V. 144, p. 4026.
x
No depreciation included in 1935
depreciated,
y
.
*
1937—3 Mos.—1936
2,888,084
6.4cts
Net loss.
$1,820
—V. 144, p.
'
.
.
'
Ry.—Earnings—
Average fare.
1937
Subs.)
$232,116
$0.82
'
Union Street
Revenue fare passengers
Subs.)—Earnings-
Interest
x
Inc.—Sales—
1937—4 Weeks—1936
1937—32 Weeks—1936
$985,912
$661,233
$7,826,737
$4,912,027
Number of supermarkets
17
12
-T
Thermoid Co. (&
share
$2,976,519
Period End. Aug. 14—
'
6 Months Ended June 30—
Profit
per
$2,192,619
Express Co.—V. 145, p. 624.
Union Premier Food Stores,
Period End. June 30—
Earnings
...
Net charge.
Note—The decrease in "income from investments and other sources" is
due principally to the change in accounting for amounts received under
Sales.
&c
surtax,
5,616,826
$9,669,865 $10,581,843
7,477,246
7,605,324
Fixed and other charges
51,157
Other income
$4,965,017
4,337,879
1936—6 Mos.—1936
$3,226,391
2,392,126
102,267
Depreciation
$5,331,986
sources..
Total income
Thatcher Mfg. Co .—Earnings—
Period End. June 30—
1937—3 Mos—1936
Net sales
$1,766,766
$1,531,833
Costs and expenses
1,313,158
1,125,647
Net income from transportation operations
Income from investments and other
6,323,441
2,258,239
1,030,834
2,501,138
$16,174,693 $14,340,910
7,595,838
6,301,417
3,246,869
3,074,476
Taxes
x
9,827
$53,567,443
$75,157,871 $65,681,095
9,616,921
8,408,916
16,002,120
13,846,427
2,241,539
1,977,506
26,352,046
22,470,611
4,770,552
4,636,725
Maintenance of way and structures
Maintenance of equipment
Net income after all charges, including depreciation
and provision for taxes
1936
193?
Average miles of road operated
Freight revenue
2,779,262
6.6cts
1937—6 Mos.—1936
5,802,071
5,888,383
6.Sets
6.4cts
$1,848 profit$l,301
$4,904
1125.
United Air Lines Transport Corp.
Subs.)—Earns.—
Period End. June 30—
1937—3 Mos.—1936
1937—12 Mos—1936
Rev. passenger-miles
26,128,749
28,904,426
99,807,687
93,434,665
Mail pound-miles
1179782 084 1008786,107 4595042,655 3779391,333
Express pound-miles...362,553,868 383,512,301 1605323,444 1382734,234
Revenue plane-miles
3,827,384
4,240,837
16,099,811
15,635,898
Operating revenues
$2,503,230
$2,622,846
$9,772,398
$9,237,100
Operations
1,754,582
7,141,254
1,868,353
6,381,895
Maintenance
261,356
1,267,317
1,254,110
334,856
351,343
Depreciation
1,279,990
307,073
1,354,237
Net salvage on eqpt. sold
Cr5,386
Crl83,376
Cr76,912
Crl9,499
Prop., fran. & oth. taxes
11,475
56,381
14,650
60,152
Unemploym't & old-age
benefits taxes
10,091
87,632
20,197
32,814
Gasoline & oil taxes
47,317
179,453
44,666
178,250
Fed. income taxes (incl.
surtax
on
undistrib.
5,750
profits)
Net loss from opers
Other income
"
Comparative net loss.
Adjust, prov. to ins. res.
Net inc. per books
x
Federal taxes
taxes
144,
on
p.
$79,683prof$186,317
19,833
36,308
$59,850prof$222,625
xl09,250
8,555
$165,503prof $56,617
96,971
.68,470
$68,532prof$125,087
49,869
$272,494
on income and undistributed profits covers the estimated
the taxable income for the six months ended Dec. 31, 1936.—V.
3354.
Volume
Financial
145
United-Carr
Fastener
of 3,452 addi¬
of issuance to
Cinch Manu¬
capital stock of which is already owned by the corporation in exchange
for the 863 shares of capital stock of Cinch Manufacturing Corp., making
the total amount applied for 323,452 shares of common stock.
In the opinion of the directors the proposed exchange on the basis or
four shares of
for one share of the capital
stock of Cinch is equitable.
The earnings of Cinch for the fiscal year ending
Dec. 31. 1936 were $300,194.—V. 145. p. 784.
common
stock of the corporation
United Chemicals,
Period End. June 30—
Net profit, after deprec.,
taxes, &c
—V. 145, p. 783.ii
$23,803
Mos.—1936
1937—6
loss$ll,667
$45,053
loss$6,005
Interest
on
Dividends
Dividends
Interest
preferred stocks
on common
int. and Fed. taxes
_
x$215,539
y$676,840
x$796,l79
$284,689
Earn, per sh. on 1,400,560 shs. of cap. stk.
($5 par)
x
on
undistributed profits,
y
$0.48
$0.57
$0.20
$0.16
Before surtax
Exclusive of a non-recurring
profit of $837,002 from sale of Boots Pure Drug Co. stock.—V. 144, p.
United Dyewood
Corp.—Extra Dividend—
The directors have declared
f
3196.
an
of 25 cents per
extra dividend
share, in
addition to the regular quarterly dividend of like amount on the common
stock, par $10. both payable Oct. 1 to holders of record Sept. 10.
Similar
payments were made on July 1 last.—V. 144, p. 4028.
700,000
73,298
dollars converted at
par)
Interest on loans and advances
$3,208,019
$2,176,272
$1,096,325
200,154
68,276
890
on
5,066
51,500
418,776
51,263
31,500
31,500
200,000
104,829
6
18
"2", 853
6,857
14,565
preferred stock
-
Dividends on common stocks
Interest on loans
Other companies—Bond interest
Dividends on stocks
Rental income from real estate—.
8,400
21,212
60,315
10,977
49,934
1,731
Total
$3,408,173
385,563
170,783
685,654
$2,244,548
370,404
154,454
426,459
$1,150,084
307,420
126,961
163,000
x$2,166,173
$1,293,231
$552,703
28,966
income
28,966
29,283
Federal & State income tax, &c
Net profit
_
on remittances
sale of securities
on
40,000
65,423
"5",824
""940
128
$2,239,855
Admin., accounting and general exps_
394,284
Federal, State and local taxes
yl05,660
$3,706,272
$3,396,598
x378,159
Total income
Amounts written off
465,274
or reserve
pro v.
against notes & accts. receivable-Prov. for abandoned developments
40,420
Preferred dividends
28,538
18,978
21,674
2,570,000
26,088
2,570,000
27,940
2,570,000
112,504
164,539
164,539
164,027
21,897
48,128
26,026
30,753
loss$l ,119,279
$393,095
$59,479
Miscellaneous other deductions
Net income——
After
expense billed to subsidiary
companies or charged to other
of $110,244.
y No provision has
been made, or is believed
required, for Federal normal tax on income or for Federal surtax
undistributed profits.
accounts
be
to
on
Balance Sheet June 30 (Company Only)
Assets—
1936
1937
Investments, loans and advances:
Public utility subsidiary companies
$59,830,711
Util. P. & L. Corp., Ltd., cap. stk., ins. & advs- 12,608,042
Non-utility subsidiary companies
8,677,017
Other cos. at cost less amounts written off
2,064,674
Real estate
9,081
Loans and advances
280,119
a Cash surr. value of
policies on lives of officers.8,823
Subsidiary companies' accounts receivable—
30,166
-
Sin-plus for common
$2,137,207^$1,264,265
Earns, per share on 818,216 shares
com. stock (par $5)
$2.61
$1.55
$523,420
$0.64
___
p.
xfBefore provision for Federal surtax
3858.
United Gas
undistributed profits—V. 144,
Aug 14, '37
89,106,859
Electric output of system (kwh.)
—V. 145, p. 1118.
United
on
Cash
hand and in banks
on
84,113,082
Prepayments
Other deferred charges and items in suspense-—Total
Specialties Co.—Registers with SEC—
dividend
of $7.75 per
share on account
of accumulations on the 7% cum. prior pref. stock, par $100, payable
Oct. 1 to holders of record Sept. 10,
This compares with $3.75 paid on
July 1, last; $1.75 paid on April 1, last, and a dividend of $4 paid on Dec.
24, 1936, this latter being the first dividend paid since Sept. 16, 1933, when
a dividend of $2 per share was distributed.
Regular quarterly dividends
of $1.75 per share were paid from Oct. 1,1927, to and including Jan. 3,1933.
Period End. July 31—
1937—9 Mos.—1936
$1,505,117
$721,696
266,472
313,289
206,000
60,000
1937—3 Mos.—1936
$489,147
$123,075
91,647
123,058
71,000
Operating profit
Depreciation & depletion
Federal income taxes
Interest accrued (net)
Net
x
income
$326,500
1,635
—
$17
Cr3,307
$1,032,645
5,282
x$324,865
Before surtax
on
$3,324 x$l,027,363
undistributed profits.—V. 144, p. 4029.
United States Plywood
an
Corp.—Sales—
initial quarterly dividend of 37
cents
Dominion
common
class
B
stock.
The
transfer
of the
properties to the new owners is to be made on Sept. 1, 1937.
These properties for their satisfactory operation are
dependent upon their
supply of semi-finished steel from other manufacturers, and to supply such
steel from the United States is not conducive, because of
Canadian import
duty handicaps, to acceptable results.—V. 145, p. 1119.
Utilities
Power
&
Court—
Light Corp.—Trustee Appointed by
Willoughby G. Walling, President of the Personal Loan & Savings
of Chicago, has been
appointed as independent trustee for the
corporation by Federal Judge William H. Holly.
Judge Holly granted a stay of his order appointing a trustee for 15 days
pending an appeal of the order to the Circuit Court of Appeals, by the
various security holders.
In commenting on the
appointment, Judge Holly declared that he felt
Bank
that this action
was
for
the
best interests of the
public, which was the
position taken by the Securities and Exchange Commission.
He declared
that he felt the appointment would not
disrupt the coproration and would
be helpful toward any plan of
reorganization.
Among the "discretionary powers" of the trustee will be the power
to use $6,000,000 cash to
buy debentures, $3,000,000 from the subsidiary
companies and $3,000,000 from the parent company at not less than 55%
of the average price of the debentures.
•
Counsel
Fortas of the SEC
declared that the SEC will work amicably
with Floyd B. Odium, President of Atlas
Corp., and all other interested
parties toward a sound reorganization of the corporation.
Mr. Odium, in commenting on
Judge Holly's order, stated, "I pledge
myself to exercise every effort to try and bring before the Court a plan
of reorganization in or out of Section
77-B of the Bankruptcy Act that
will be acceptable to all
parties.
If the trustee exercises clue discretion
Atlas pledges itself not to sell
any debentures it now owns."
Utility Power & Light Corp. filed a motion for a hearing of the debtor
corporation s petition to dismiss reorganization proceedings.
Judge Hollv
set hearing on this for Oct. 6.
y
Accrued interest
on
300,000
15,576
funded debt
—
The order for the appointment of a trustee
automatically cancels the
Odium recapitalization plan filed last week but it is
expected that many
basic provisions will be used in a
reorganization plan of the cor¬
poration.
All security holders of the corporation in the
Aug. 14 hearing
assented to the Odium plan,
including the preferred group, for they were
agreed that it was the best plan yet submitted.
7,650
2,099,167
80,946
814,167
90,719
673,752
466,043
843,278
1,617,885
Accrued taxes and expenses
b Subsidiary company
151,790
Matured interest, &c., funds on deposit—contra-Reserves
--------
$88,490,746 $90,650,302
-
a
$5,686,821, or $31.50 per share, have not been declared or paid on the
7% cum. pref. stock of Utilities Power & Light Corp. and have not been
provided for in the above balance sheet.
Consolidated Income Account for the
12 Months Ended June 30, 1937
[Exclusive of the operations of all British and two American subsidiaries,
but including income received from such companies]
Subsidiaries—
_00
Public utility operating revenue
A__
_
a$33,0/0,640
...
Public utility expenses:
!2,929.486
-
2,215,4 / 5
3,509,699
Provision for retirement and depletion
State, local and miscellaneous Federal taxes
637,400
Federal and Dominion income taxes
Federal surtax
on
3,969
undistributed profits
Public utility gross operating income
$10,443,007
Public utility non-operating income (net)
177,173
Public utility gross income
--$10,620,180
Non-utility gross income (after deducting provisions for Federal
income tax for 12 months ended June 30, 1937 of $88,564)-532,957
Gross income
Interest
on
6,788,465
funded debt
253,8/6
Interest on unfunded debt
Interest charged to construction—Credit
Amortization of debt discount and expense
Taxes
on
—
interest and other charges
Dividends on preferred stocks paid or accrued
Income of certain subsidiaries applicable to cumulative
dividends not declared or accrued
23,904
485,520
161,799
996,681
preferred
173,677
62,654
Minority interests (net)—
for cum. pref. divs., not earned or deel-2,254,367
Cum. pref. divs. not earned or declared by certain subs
cl ,276,359
Balance before prov.
Balance, after prov. for cum. pref. divs. of
Utilities P. & L. Corp. and Utilities P.
Income from subsidiaries not consolidated:
Greater London & Counties Trust, Ltd.
d$978,009
subsidiaries
L. Corp., Ltd.—
(sold in July, 1936)
deducted at source
interest on loan, less British income tax
Other income
$28,161
1,778
Newport Water Corp. interest on advances
—
Total.—,..—,
Administrative and general expenses
Federal and Dominion income taxes on intercompany interestProvision for depreciation
32,387
-
45,614
28,538
$434,533
Balance
Light Corp.:
(includes $2,056,729 accrued but not
Other deductions—Utilities Power &
Interest on debentures
paid on debentures outstanding in hands of public)
2,532,992
26,088
164,539
21,897
7,980
Interest on unfunded debt
Amortization of debt discount and expense
Taxes on debenture interest
Miscellaneous other deductions.
Consolidated net loss, after providing for unearned cum.
of its
l
—
Bank loans—secured
Accounts payable
Operating
Maintenance.
Corp.—Sale of Subs. Confirmed—
namely, Canadian
Bridge Co., Ltd., Canadian Steel Corp., Ltd., Canadian Steel Lands, Ltd
and the Essex Terminal Railway Co.
The consideration received is payable
in part in cash and in part in
mortgage bonds and collateral debentures
to be issued by Canadian
Bridge Co., both issues carrying privilege for
into
39,774
2,664,109
24,711
55,716
representing deficiency in Federal taxes on a consolidated basis, which
taxes have not yet been determined by or paid to the Treasury Department.
Note—Dividends from Jan. 1, 1933 to June 30, 1937, amounting to
The corporation on Aug. 17 issued the following statement:
The United States Steel Corp. confirms the sale to Dominion Steel
&
Coal Co. of its following subsidiaries located in Canada,
conversion
393,727
491,043
66,148
2,828,648
29,893
66,101
$361,364
ger share^on the preferred stock, payable Sept. 1 to holders of record Aug.
United States Steel
190,050
1,910,641
90,168
After deducting policy loans and liens of $415,977 in 1937 and $374,153
in 1936.
b Balance of amount received from subsidiary company in 1931,
Preferred Div.—
The directors have declared
12,893
143,189
$348,407
Cr 12,957
The corporation reports net sales for July, 1937, of $382,039, as
against
net sales for July, 1936, of $279,898.
This represents a net sales increase
for the month totaling $102,141, or about 30%.
initial
2,294,455
9,081
535,932
$88,490,746 $90,650,302
_
Total
Profit
8,636,942
7% cumulative preferred stock (par $100)-———$18,053,400 $18,053,400
Class A stock (par $1)
1,642,989
1,642,989
Class B stock (par $1)
1,167,883
1,168,883
Common stock (par $1)
2,210,879
2,210,878
Capital surplus
16,327,808
16,188,663
Earned surplus (deficit) from Jan. 1,1933
def4,107,969def2,583,723
30-year 5% gold debs., due Feb. 1, 1959—
36,000,000
36,000,000
5M% 20-year gold debs., due June 1, 1947
14,000,000
14,000,000
-
U. S. Leather Co.—$7.75 Dividend—
a
14,395,466
Liabilities—
•
See list given on first page of this department—V. 145, p. 625.
The directors have declared
$60,556,736
196,995
——
-
Unamortized debt discount and expense
Aug7l57'36
Aug. 7, *37
88,412,178
Accrued interest and dividends
Special deposits
Office furn., equip. & autos., at cost less deprec—
Improvement Co.—Weekly Output-—
Week Ended—
------
60,000
Provision for depreciation
Interest on debentures
Interest on unfunded debt
Amort, of debt discount and expenseNormal and State taxes on deb. int..
53,759
Other income
Expenses
Depreciation
1,800,000
377,599
Non-utility subsidiary companies:
x
UnitedJEngineering & Foundry Co.—Earnings—
1937
1?36_
l®5*6-®
6 Months Ended June 30—
Gross profit from manufacture
731,010
164,951
"5" 336
loans
Miscellaneous
1937—6~Mos.-
1937—3 Mos.—1936
1.412,967
189,344
$37,870
1,206*,306
Utilities Power & Light Corp., Ltd.:
Div. on capital stock
(Canadian
Profit
Inc. (& Subs.)-—Earnings—
1935
$230,797
—
stocks
Exchange profit
United Drug,
Period End. June 30—
Net profit after deprec.,
1936
$228,733
1937
-
collateral trust notes...
on
on
Dividends
Inc. (& Subs.)—Earnings—
1937—3 Mos.—1936
Income—
Public utility subsidiary
companies:
Bond and debenture interest
95.19% of the
subsidiary of the corporation,
a
1277
Earnings for 12 Months Ended June'fZO (CompanylOnly)
Corp.—Listing—
The New York Stock Exchange has authorized the listing
tional shares of common stock (no par), upon official notice
holders of 863 shares, in the aggregate, of capital stock of
facturing Corp. (111.) and
Chronicle
divs. on preferred stocks
a
of subsidiaries held by public— $2,318,963
Earned surplus of Laclede Gas Light
Co. has been charged with a
provision for possible refunds to consumers under a rat® reduction order
X
Financial
1278
against which a stay order has
If such refunds are made they would decrease the operating
stated in the above statement, by approximately $319,700
and, after adjustment for income tax and minority interest, would increase
the consolidated net loss by approximately $247,500.
b No provisions have been made in the above statement for 5 % gross
receipts tax claimed by the City of St. Louis, the validity of which is being
contested in court by Laclede Gas Light Co. and Laclede Power & Light
Co.
If the claims are held valid the taxes would amount to approximately
$406,700 and, after adjustment for income tax and minority interest,
would increase the consolidated net loss by approximately $356,200.
c This item represents the portion of cumulative preferred dividends not
declared by certain subsidiaries, and not covered by earnings of those
certain subsidiaries.
Such dividends become obligations of the individual
Wabash Ry.—Interest
of the Missouri Public Service Commission
been obtained.
revenue,
as
companies when they are declared, but are not obligations of Utilities
Light Corp. or its other subsidiary companies.
d This balance includes earnings in the amount of $218,909 applicable
to stocks of Laclede Gas Light Co. owned by Utilities Power & Light Corp.,
which are not at present available to Utilities Power & Light Corp. as a
result of an order of the Missouri Public Service Commission and of agree¬
ments made with or offered to holders of bonds and gold notes.
Notes—(1) The provisions made in the above statement for Federal
surtax on undisti ibuted profits are in respect of the calendar year 1936.
No provision has been made in the six months ended June 30, 1937.
(2) The statements of income of the Canadian utility and non-utility
companies have been converted to United States dollars at par.
(3) The
results from operations for the six months ended June 30, 1937, included
n the above statement are subject to annual audit.—V. 145, p. 1119.
Vanadium Corp. of America (&
261,618
13,990
78,662
8,117
Deprec., deple'n, &c
Interest
Loss
on prop, retired
Loss on process equip
Federal income tax
145,906
Net profit.
Wabash RR., Toledo and Chicago Divi¬
When payment has been effected, the
partial payment made thereon
and returned.
#Mi» MM 4
Coupons, accompanied by the required Federal income tax ownership
certificates, should be placed for collection through the usual channels
and such coupons must be presented separate and apart from any other
coupons of this company's issues which are being paid currently at their
$150,190
100,286
$130,819
38,197
$250,476
259,920
5,196
105,541
$169,016
255,561
27,506
112,434
100,060
1
12,000
$0.11
$1.62
Nil
Nil
settlement of notes payable,
profits.—V. 144, p. 2681.
y
Before
Viking Pump Co.—Special Dividend—
The directors have declared
a special dividend of 25 cents per share on
stock, no par value, payable Sept. 15 to holders of record
Similar special dividends were paid on June 1 and on March 15
last and compare with a special dividend of $1 paid on Dec. 15, 1936, and
25 cents paid on Sept. 15 and June 15, 1936, on Dec. 15, 1935 and June 1,
1935, and on Dec. 20, 1934, this latter being the initial distribution on the
issue.—V. 144, p. 3522.
the
common
Sept. 1.
Virginia-Carolina Chemical Corp. (&Subs.)Years Ended June 30—
-Earnings
1937
ExpensesProvision for loss
on
1936
1935
1934
$3,527,320
1,356,119
Gross earnings-
$1,626,335
1,339,430
$2,551,200
$2,130,212
1,148,216
169,233
583,488
63,632
592,255
1,239,029
sales
___
Operating profit
Other income
Divs. rec'd from affil.
cos
" $1,561,190
Total income
117,994
Int. & underwriting exp.
—bank loan
$639,813
152,797
$320,512
508.625
94,250
$1,301,235
$46,502
81,927
92,046
527,092
42,346
554,364
Washington Water Power Co.
Operating revenues _
Oper. rev. deductions—
$918,704
584,374
501,717
6,983,038
5,573,535
Net
operating revs
Other income (net)
$334,330
1,993
$286,200
2,042
$3,732,539
$3,729,471
31,750
40,522
Gross income
$336,323
$82,963
$288,242
$82,963
$3,764,289
$995,550
$3,769,993
$995,550
17,475
41,658
bonds.
bonds.
deductions.
Int. charged to constr..
Int. on mortgage
Int. on debenture
before
91,923
—V. 145, p.
Amt.
realized
res.
on
$1,301,235
$506,685
securs.
prev.
47,000
against rec. of subs_._
stk. of affil.
(in luquidation)
12,134
To Issue Stock—
The company, a
$1,464,263
131,419
profits
18,754
$1,301,235
23,657
$506,685
5,000
1,754
$1,277,578
operating companies.
The Worcester (Mass.)
$1,254,040
$
Assets—
1936
$
& eq., less depr.13,751,074
1937
t
Land, bldgs.,mach.
14,154,168
Liabilities—
105,056
in affil. cos._
1,230,201
Mdse. inventory..
4,263,810
1,242,501
3,131,208
2,775,946
2,317,236
Fed. & State taxes
1,853,776
3,145,353
Reserve
x
Accts. & bills
rec.
Cash
Other assets
321,191
Patents..
1
Marketable
1,491,437
126,490
securs.
Deferred charges__
last, and 011 June
last.—V. 145, p.
481,599
2,616
Bank
notes
pay'le 2,100,000
Accounts payable.
482,796
127,418
215,528
Accrued accounts.
for
insur.
130,364
Shares
common
Earnings
184,497
Capital surplus
23,445
a23,445
General surplus
1,447,736
692,965
per
Total
Total
25,920,024 25,247,994
1937—3 Mos.—1936
1937—6 Mos.—1936
$751,643
690,380
$1,985,608
1,738,362
$1,354,122
946.297
$136,826
22,281
$61,263
15,385
$247,246
57,596
$129,197
37,972
$159,108
37,178
$76,648
$304,842
$167,169
10,150
72,444
39,677
>,497
$232,398
$127,492
$1.23
$5.55
$2.30
_
Taxes, &c
Net profits
Earns, per sh. on 32,258
shs.
($100 par) com.
stock
$121,929
'
$2.95
1,224,925
Balance Sheet June 30
1937
Asscfs—
x
Plant & equipt. .$1,001,416
Patents,
&c
i
Cash
Other
1936
$1,171,228
goodwill,
investments
Market, securities.
Accts. receivable..
Advs. & pre'd chgs
Inventories
2,794,677
2,794,676
663,671
21,629
572.443
1,119,580
358,567
254,192
7,002
754,056
18,225
195,043
8,492
1,320,768
Liabilities—*
1937
Preferred stock.,.$l ,522,300
Common stock... 3 ,225,800
Accts. pay. & accr
Reserve
payable
for
Res. for conting. &
in general
1936
409,895
$0.34
stock
$261,042
102,474
$2.54
$171,989
share
share 011 the new
stock, payable Sept. 1 to holders of record Aug. 20.
A
paid on this stock on June 1 last and prior thereto
the old stock was split on a four-for-one basis.
The last previous disburse¬
ment was made on Feb. 1 last, when an extra dividend equivalent to 7)4
The directors have declared a dividend of 10 cents per
common
paid in addition to 7 Yi cents previously declared
Last year common stock dividends were paid May 1
thereafter or on the first day of each quarter.—V. 144, p.
regular dividend.
4031.
West Ohio Gas Co.—Asks
Approval of Plan—
operating subsidiary of the trustees of Midland Utili¬
registered under tne molding Company Act, hasfiled
applications under Sections 11(f) and 11(g) (52-2 and 34-6, respectively)
of tne Act asKing for (a) the approval by the Commission of its proposed
plan of reorganization whicn it contemplates filing in the Federal Court at
Toledo, Onio, and (b) a report by the Commission on tnis same proposed
plan of reorganization. The applicant has been in process of reorganizatioh
under Section 77-B of the Federal Bankruptcy Act since June 25, 1934.
U nder the proposed reorganization plan tne capitalization of the company
would consist of $1,353,000 of 3% first mortgage bonds and 123,697 shares
of ($10- par) common stock as compared to tne present capitalization of
$1,353,000 of 6% first mortgage bonds, $65,633 of demand notes due to the
parent company, 7,196 shares of 7% cumulative ($100 par) preferred stock
and 78,600 shares (no par) common stock.
Holders of the $1,300,000 of the company s 6% first mortgage bonds, on
which no interest has been paid since Dec. 1, 1933, would receive an equal
principal amount of the new 3 % first mortgage bonds plus 34 shares of the
new common stock for each $1,000 principal amount of the present bonds.
Holders of the $53,000 of Delphos Gas Co. 6% first mortgage bonds
would receive an equal principal amount of the new 3% bonds plus 10 shares
of the new stock for each $1,000 principal amount of the present bond.
The holder of $65,633 of demand notes of the company would receive
9,789 shares of the new stock.
The preferred stockholders would receive eight shares of the new common
The company, an
Co. wnich have
ties
stock for each share of the present preferred stock.
Midland Utilities Co., as the holder of all of the present common
would receive 1-10 of a share of the new stock for each share of the old
226,588
Holders of miscellaneous claims estimated at $30,000
shares
of the
new
stock for
each $1,000 of
170,355
the
The bonds would carry a sinking fund which
ments to the trustee of $40,590 or the annual net
1 ,234,549
1 137,681
.$6,720,598 $6,335,067
of
$1,941,593
in
1937
and
In
stock,
stock.
would receive 125
their claims finally allowed by
150,000
Total
x After
deprec. and obsolescence reserve
$1,746,290 in 1936—V. 144, p. 3522.
167,239
55,456
equalization
Surplus
$6,720,598 $6,335,067
53,421
252,692
taxes,
&c
Price
1936
$1 522,300
3 225,800
111,481
Dividends
reserve
Total
1937
normal Fed. income
undistributed profits—
dividend of 15 cents was
as a
$1,083,124
Other income
Manufacturing Co.—Earnings—
cents on the new stock was
170,311
Detinning Co.—Earnings-
Net income
J.
Smaller Dividend—
shares of
183,884
fiscal year ended June 30, 1936.—V. 144, p. 3859.
Expenses, deprec., &c._
455.
Wentworth
377,507
497,946
25,920,024 25,247,9941
Vulcan
the
16. An extra of
paid 011 July 23,
1, last. An initial dividend of 10 cents was paid on March 1,
9 Months Ended July 31—
Net profit after deprec. &
2,500,000
x After deducting reserve for doubtful debts and discounts,
y Author¬
ized 750,000 shares, no par value; issued, 486,708 shares,
z Less reserve
for losses,
a After transfer of $2,332,193 to
general surplus, representing
excess of par value over cost of shares of
7% cum. div. prior preference
stock purchased by the corporation in prior years and retired during the
Period End. June30—
Dividend——
dividend of 10 cents per share on
page 1120, we stated that at a recent meeting
Wilkins was elected President; H. G. Powell, ViceU.S. Grove II, Secretary, and David W. Guy,
Chairman of the Hoard of this company.
This statement is not correct.
The above-mentioned gentlemen are officers of the Wellington Foundation,
Inc., which has no connection with this company other than the fact that
Wellington Foundation as sales agent sells investment contracts, the under¬
lying medium of which is Wellington Fund stock.—V. 145, p. 1120.
A.
directors,
,
Sales
the transaction.
stock, payable Sept. 1 to holders of record Aug.
in addition to a regular dividend of 10 cents was
and quarterly
Total.
has also filed a declaration
Weisbaum Bros.-Brower Co.—Extra
tax but before surtax on
6% part. pref. stk.21,339,215 21,339,215
y Common stock..
1
106,097
Inv.
1936
$
Notes & accts.rec
z
Electric Light Co.
(43-72) under the Holding Company Act in connection with
133, p. 3465.
—V.
$492,377
14.308
Comparative Consolidated Balance Sheet June 30
1937
in
states that it proposes to issue the 96,000 shares of capital
stock to Npw England Power Association in exchange share-for-share of
the outstanding capital stock of the Worcester Electric Light Co. consisting
of 96,000 shares (par $25)
which are now owned by the New England
Power Association and no proceeds are to be received by the company, it is
stated, as the issuance of the stock is to effect consolidation of the two
In last week's "Chronicle,"
78,804
Net profit--
subsidiary of New England Power Association, a regis¬
has filed an application (32-70) under the Holding
Company Act for exemption from the requirement of filing a declaration
connection with the issuance of 96,000 shares ($25 par) capital stock.
President and Treasurer;
undistributed
on
down an order
tered holding company,
of
15.000
Profit before Fed.taxes
Surtax
Electric Co .-—Merger—
Department of lublic Utilities has handed
Mass.
Wellington Fund, Inc.—Correction—
co.
Fed.& State income taxes
622,518
pref. stock
626.
approved the issuance of this amount of stock. The merger, however, is
contingent upon filing with the Department of new rate schedules
effecting reductions in rates for electricity whereby at least $150,000 annually
is saved by customers of the present Worcester company and at least $50,000
annually oy customers of the Webster company. New schedule shall be¬
come effective not later than Sept. 1, 1937.
In its order the Department says: "Where safeguards are to be entered
into to secure to each community as far as practicable the determination of
just and reasonable rates, it should be stated that extensions of service into
rural areas at reasonable cost have been made possible in,,the past by reve¬
nues from cities and densely populated districts.
In that manner the wide¬
spread benefits of electricity have been made possible everywhere, with few
exceptions, throughout the Commonwealth. Further extensions and lower
rates to rural areas, as well as industrial and agricultural development of
the Commonwealth, call for
a
continuation of the sail e policy."
pro v.
Written off investment in
cap.
2,715,310
622,518
09,797
The directors have declared an extra
$39,620
previously written offExcess
49,2I8
2,729,3i8
Webster & Southbridge Gas &
The
15 cents
$1,479,263
12,076
193",203
approving the consolidation of this company and the Worcester Electric
Light Co. The consolidation is to be effected by an exchange of stock, this
company issuing 96,000 shares of $25 par capital stock in exchange for a
like number of shares of the Worcester company.
The Department has
6,882
special
items and taxes.
12,999
240~361
Other int. &
common
Profit
(& Subs.)-—Earnings—
1937—12 Mos.—1936
$787~917 $10J15,577 $9,303,006
1937—Month—1936
Period End. July 31—
$506,685
$1,418,480 loss$368,982
18,210
122,609
124,500
292,875
145, p. 786.
face value.—V.
The company
time
Depreciation & depletion
Other deductions (net)..
will be stamped to indicate the
coupons
made
Includes $249,187 discount on
x
surtax on undistributed
1 1937. appertaining to the
first mortgage 4% bonds.
Sept
sion,
Divs. appl. to
$41,838 loss$270,181 loss$326,485
y$612,400
Earns, per sh. on 376,637
shs. cap. stk. (nopar).
$2,043,783
1,912,964
$367,772
207,188
15,539
91,207
$1,120,687
Miscell. deductions
$1,823,058
1,672,868
$326,594
41,178
$811,323
x309,364
Total income-__
1934
150",660
Operating profit
Other income
1935
$2,574,622
2,248,028
to
Net income
Subs.)—Earnings—
1936
Payment—
authority contained in an order entered in the Federal
Louis, Mo., on July 14, 1937, there will be paid on and after
Sept
1
1937. at the office of the treasurer for the receivers, 15 Broad St.,
New York, N. Y., 80% of the face amount of Coupon Series No. 73, due
Pursuant
Court at St.
Power &
6 Mos. End. June 30—
1937
Net sales
$3,570,257
Costs and expenses
2,758,934
Aug. 21, 1937
Chronicle
court.
provides for annual pay¬
earnings whichever is less.
addition, whenever the annual net earnings exceed $40,590 and 3% on
the common stock, one-half of the excess earnings would also be used for
sinking fund purposes until the principal amount of these bonds have been
reduced to $676,000. In any year that the sinking fund payment is less than
$40,590, the deficiency would be cumulative against future earnings.
It is
Volume
Financial
145
sinking fund payment would be made if or to the
would reduce the company s working cash below
if such payment would prevent the making of necessary im¬
provided, however, that
White Sewing Machine
no
extent that such payment
5100,000
or
Period End. June 30—
^
Net
after
profit
charges and taxes
provements.
No date has been set for a hearing on these
West Virginia
applications.—V. 144, p. /ioz.
Coal & Coke Corp.—Earnings—
1937—6 Mos .—1936
1937—3 Mos —1936
582,593
542,853
Period End. June 30—
$13,774
217,023
1,324,135
,$157,301
373,373
$261,723
$230,797
$530,674
$476,856
158,300
17,900
136,667
2,795
117.001
18,500
124,822
14,645
289,140
35,800
265,464
7,425
234,925
37,000
250,444
21,635
$53,939
$44,171
$67,155
Gross profit from oper-
Int.
expenses
funded debt
on
Depreciation & depletion
Prov. for Fed. inc. taxes
Net loss..
'
Weston Electrical Instrument Corp.
Profit
Vouchers
(net).
1,201,313
881,634
hands
in
607,726
Operating reserves
Funded
of
6,054
1,850
trustee
3,466
Cash in closed bks.
y
Fixed assets
146,614
Earnings
32,566
$329,269
91,507
.125,122
1,600,000
437,572
420,338
5,103,066
1,125,972
_.
for
$74,746
34,376
$82,763
52,200
$183,628
$30,136
$40,370
$30,563
.
undistributed profits.—V.
on
144, p. 4031.
Inc.—Special Dividend—Sales—
special dividend of 10 cents per share In
a
quarterly dividend of 25 cents per share on the
common stock, par $1, both
payable Sept. 10 to holders of record Aug. 31.
Similar payments were made on Dec. 10, 1936.
The con pany reports total sales for the seven months ended July 31, 1937
of
the regular
to
$1,001,354 compared with sales of $816,030 in the similar period of 1936,
increase of 22.7%.—V. 145, p. 627.
def67,149
an
Worcester
Electric
See Webster &
cur¬
rent year
$101,030
30,748
40,146
Willson Products,
5,103,066
1,217,799
def67,155
Common stock
Surplus
188,611
26,456
6,884,646
other Items
143,975
1,540,000
debt
Res. for conting..
x
Prepaid, accrued &
Investments
$736,537
107,671
Accrd.int. & taxes
647,764
receivable
Inventories
$177,934
8,797
15,779
70,596
The directors have declared
addition
accts.
payable
Accounts and notes
Cash
&
$163,414
Cr2,840
14,750
76,758
•
Before surtax
1934
1935
$204,389
Cr5,485
23,400
85,443
x$251,150
27,376
40,146
Net profit
x
$5,307 in
accounts.
(&Subs.)—Earns.
1936
1937
$382,743
Cr8,826
51,000
89,419
Class A dividends......
Common dividends
1936
1937
Liabilities—
1936
$390,393
y$113,856
x$329,234
627.
6 Mos. End. June 30—
Net profit before deprecOther deductions (net)._
Federal taxes
Balance Sheet June 30
1937
$173,533
Assets—
Cash
1937—12 Mos.—1936
y$33,572
x$55,853
Prov. for depreciation._
Selling, administrative &
general
—V. 145, p.
$67,148
$93,473
383,383
Corp.—Earnings—
1937—3 Mos.—1936
all
x After
deducting surtax on undistributed profits,
y Includes
the 3 months and $36,490 in the 12 months for recovery of old lease
1.200.940
849,875
211,848
Production, tons
Gross profit on coal sales
Other oper. profit & inc.
1279
Chronicle
Co.—Merger—
Light
Southbridge Gas & Electric Co., above.—V. 144, p. 631.
Yellow & Checker Cab Co.—Accumulated Dividend—
6,754,967
The directors have declared
..$9,127,639 $8,819,954
Total
...$9,127,639 $8,819,954
Total
Represented by 400,000 no par shares.
y After depreciation
116 in 1937 and $3,858,997 in 1936.—V. 145, p. 138.
x
West
of $4,332 .-
Co.—Accumulated Div.—
Virginia Water Service
have declared a dividend of $3 per share on account of
preferred stock, no par value, payable
1 to holders of record Sept. 15.
A similar payment was made on
a dividend of $1 per share, payable on account
the 8% cumulative class A stock, par $50, on Sept. 1
Aug. 28.
A $1 dividend was paid on June 15, March 1
and Jan. 1, last, and on Nov. 1 and July 1, 1936, tfiis latter being the first
payment made since April 1, 1930, when a regular monthly dividend of
33 1-3 cents per share was distributed.—V. 144, p. 3860.
of accumulations
The directors
Youngstown Sheet & Tube Co.—Larger Common Div.—
accumulations on the $6 cumulative
Oct.
share were paid on
and compares with
$1 paid on July 1, April 1 and Jan. 1, 1935, this latter being the first dis¬
tribution to be made on this issue since April 1, 1932, when the regular
quarterly dividend of $1.50 per share was paid.
Accruals after the payment of the October dividend will amount to $10.50
July 1, April 1 and Jan. 1 last.
Dividends of $1.50 per
Oct. 1, 1936, and in each of the four preceding quarters,
per
share.—V.
145, p. 962.
anti-trust
started
suits,
in
on Aug.
18 declared a dividend of $1 per share on the
stock, payable Oct. 1 to holders of record Sept. 11.
This com¬
75 cents paid on July 1 and on April 1, last, this latter being
directors
pares with
the first dividend paid since July 1,
Telephone &
Engineers, Macy Manufacturing Corp., Audio Equipment Maintenance.
Inc., Service on Sound Corp., Standard Sound Service, S. Theodore Hodgman, Bernard R. Gogei, Thomas F. James, and John T. James.
* The claims of the plaintiffs in these suits, broadly stated, were that from
the beginning of the effort to introduce and establish commercial talking
pictures, Western Electric Co. and Electrical Research Products, through
alleged restrictive contracts with motion picture producers and exhibitors
and owners of music copyrights, and in other ways, unlawfully interfered
with the business of Erpi's competitors in the supplying and servicing of
Youngstown Steel Door Co.— To Split Stock—
A special meeting of stockholders has been called for Sept. 10 to vote on
proposal to increase number of authorized common shares and split the
and unlawfully restricted exhibitors in
their selection of
At present there are 400,000 no-par shares of common authorized.
It is
proposed to increase this number to 800,000 shares and split the presently
outstanding stock on a two-for-one basis.—V. 145, p. 965.
Zenith Radio
emphatically rejected early this.year when
Judge Nields, in the Federal District Court at Wilmington, Del., handed
down his decision in suits instituted by General Talking Pictures Corp. and
Duo vac Radio Corp. against the same defendants.
In an exhaustive opinion the Court found that the contractual provisions
complained of were lawful and proper during the time when sound pictures
were in the experimental and development stages, and that, after the sound
picture art had become established commercially, these contractual pro¬
visions were either abandoned in practice or so applied that no unlawful
them.
mentioned have candidly recognized the force
and effect of this decision.
They have concluded that efforts to press their
claims through trials, which of necessity would be protracted and costly,
would not be warranted.
The parties, therefore, have reached settlements
of the suits upon terms mutually acceptable.
*
The settlement was announced jointly by Ralph Vatner and
David
Garrison Berger, Counsel for the plaintiffs, and G. F. Hurd, counsel for
restraints of trade resulted from
Plaintiffs in the suits above
but
depreciation
fore Fed. income
be¬
tax._y$l,122,184
Western
Jan. 1 to Aug. 7
Week End. Aug. 7
1937
1936
—-
$358,414
Gross earnings
—V. 145, p. 1121.
\
1937
$291,097 $11,020,921
'
1936
$9,443,149
—Asserting that
bonds
railroad
1937
Net income after depreciation.
other
1936
Federal taxes and
x
After deducting surtax on
Period End. June 30—
Net
and
$129,277
taxes
x
y$97,430
$226,707
y$261,315
$0.42
$0.30
$0.72
$0.86
2d pref. stock has been converted
Adjusted.—Y. 144, p. 3199.
Which will be outstanding when all the
common
stock,
y
B.
commit¬
Treman & Co., 26 Broadway,
"Pitfalls and
study of defaulted railroad bonds entitled
Profits", points out that the proper approach to an investment in receiver¬
ship securities is with consideration
that the commitment represents
an
"equity investment" with earning power rather than mortgage security as
the main determent
resenting
66,000
At present some 91 Class I carriers, rep¬
of value.
miles of road
and capitalized at over $5.3
bankrupt or otherwise under court
a
billion
are
jurisdiction, according to the study.
1936 five selectied high credit solvent roads reported an aggregate
"In
$231 millions," the study states.
4.8% return on the combined $4.7 billion
outstanding, including the equity.
"This was equivalent to
market value of all securities
Five representative receivership roadg
reported an aggregate total income of $42.1 million or an equivalent re¬
approximately 8% on the combined $536 million market value of
turn oi
It must be borne in mind
debt.
charges for
maintenance outlays.
that the figure 'total income* is after
Receivership roads relieved from
ser¬
portion of the funded debt are notable for the dispropor¬
charges to income from maintenance.
In 1936 outlays of this
vicing a great
tionate
character for the
five selected solvent roads averaged 31 % of gross revenues.
of the five receivership properties, it was 35%.
the case
In
receivership roads
Had the
held maintenance outlays to the same proportion
of
the solvent systems, earnings would have shown a return of better
10% on the combined market value of their debt."
gross as
—Reservations on hand indicate that a representative group will travel
Traders Club of Chicago special train to Atlantic City to
the Bond
on
attend the National
Security Traders Association's fourth annual
conven¬
according to Edward H. Welch, chairman of the transportation com¬
This year's convention special will leave Chicago Sunday, Sept. 5,
mittee.
with stop-overs to
on
Tuesday,
be made at Washington, D. C. on Monday, and Balti¬
with arrival in Atlantic City early Wednesday, the
convention. After the meeting additional stops will be
and New York City before returning to Chicago.
The
opening day of the
made at Boston
local trading
"This
associations of Baltimore, Boston and New York have made
of friends and
cities an ideal opportunity to travel with
really see the East as it should be seen.
visited the bright spots
scenic
a
Most of
and now feel it is timely to devote
this
trip
as
a
group
west
large number
us
have
some time to the
educational and cultural highlights of the Eastern seaboard.
of making
cost
the group on the special train.
"will afford delegates from the far
trip," said Mr. Welch
and middle western
profit after charges
Earns, per sh. on 250,000
shs. common stock.x.
into
1937—6 Mos.—1936
1936—3 Mos.—1936
earning power than a similar
actual
more
arrangements to entertain
Co.- -Earnings—•
White Rock Mineral Springs
dollar capital investment in wisely secleted defaulted
Exchange firm of Arthur
Stock
York
a
buys
New York, in a
more
x$264,458
$244,130
$0.88
$0.81
undistributed profits.—V. 144, p. 4032.
charges
Earnings per share on 300,000 shares..
loss$36,573
quity of many solvent carriers, Eugene S. Brooks of the New
ment in the
tion,
(S. S.) White Dental Mfg. Co. (& Subsi)—Earnings—
6 Months Ended June 30—
x$65,422
$706,940
NOTICES
CURRENT
than
Maryland Ry.—Earnings—
y
Operating profit for the quarter was $229,516, expenses $148,146, and
depreciation $15,948.
y Before profits taxes for possible assessment against
undistributed profit.—V. 144, p. 4032.
x
total income of
Western Electric Wins Another Patent Suit—
of Appeals for the third circuit at Philadelphia
has denied an appeal of the Biophone Corp. from a decision of the Federal
District Court of New Jersey in favor of Western Electric Co., Electrical
Research Products. Inc., and the American Telephone & Telegraph Co.
The case dates back to 1929 when Western Electric and its affiliated
companies brought Biophone into court for the alleged infringement of 16
of their amplifier patents, used in the defendant's sound picture equipment.
Trial of the case was held up pending the result of other similar litigation
elsewhere, and, after this resulted favorably to Western, in January, 1935
the Federal Court in New Jersey entered default decrees adjudging the
patents valid and infringed by Biophone.
After the lapse of nearly two
years Biophone sought to have the case reopened, but this the court refused
to do.
Biophone appealed and in a unanimous decision by Judge Buffington
the decrees of the lower court have now been affirmed.—V. 145, p. 963.
1934
1935
1936
1937
taxes, royalties, exp. &
the defendants.
The U. S. Circuit Court
Corp.—Earnings—-
3 Mos. End. July 31—
Net profit after
excise
such equipment.
Claims similar to these were
Period—
1931 when 50 cents per share was dis¬
tributed.—V. 145, p. 787.
stock.
against American
1934,
Telegraph Co., Western Eiectric Co., and Ejectrical Research Products,
Inc. ("Erpi") have been settled, it was announced Aug. 18.
The plaintiffs
were
the Ninth Ave. Amusement Co., Henry D. Behr, Sound Pictures
theatre equipments,
The
common
a
Co.—Anti-Trust Suits—
Western Electric
The
on
to holders of record
The
is considerably less than if made
individually."
(H. F.) Wilcox Oil & Gas Co. (&
6 Mos. End. June 30—
__
deductions
Depreciation & depletion
Net
profit
common
1934
$1,674,472
$1,558,689
$1,680,031
7,846
20,079
10,323
$1,904,901
1,361,043
177,501
$1,682,318
1,228,843
127,262
$1,578,768
1,171,174
183,816
$1,690,354
1,357,412
204,385
304,673
243,949
278,571
220,293
$61,684
Total income
Shares
1935
15,713
incom^
Costs and expenses.
Other
Subs.)—Earnings—
1936
$1,889,188
Operating income
Other
1937
$82,264
loss$54,793
loss$91,736
stock
428,388
425,389
425,389
425,389
$0.09
'
$0.14
Nil
Nil
Note—No provision has been made for Federal surtax on undistributed
profits.—V. 144, p. 4032, 3524.
(par $5)
Earnings per share
—Temperature conditions equal to those in the famous Caves of Roque¬
fort are
maintained by air conditioning in the exhibition pavillion of the
Rocquefort cheese manufacturers at the current Paris Exposition
Engineers of the Paris
were
the
affiliate of Carrier Corporation
Newark
N. J.
instructed to provide for a temperature of 20 degrees Centigrade in
Pavillion du
Rocquefort
la Salle de Degustation. " This temperature
approaches the exact conditions in the real caves where the cheese is placed
for ageing.
Another engineering
the all-glass
construction
feat was accomplished by Carrier in air conditioning
Pavillion de Saint-Gobain at the exposition. Due to the glass
the air conditioning equipment had to reduce the heat caused
by an extra heavy sun-gain
load.
"wonders" of the exposition.
This Pavillion is
one
of the architectural
Financial
1280
The third Carrier installation at the
of the
Paris show is in the conference
In this
de l'Hygiene.
Pavillion
other instalations
as in
room
the air
enclosures in keeping with the
the public can see how weather is
conditioning equipment was placed in glass
exposition architectural
Thus
conditioner.
trend.
"manufactured" by a modern air
—Myvert L. Totten, Land O'Lakes
the William
Creameries, Inc., William Roos of
S. Friedman &
Watts, Jr., of Watts & Sons, New
York City, have been admitted to membership in the Chicago Mercantile
Exchange, Michael E. Fox, President of the butter and egg mart, an¬
Sons, all of Chicago, and Llewellyn
A membership has also been
nounced.
Schneider
vacancy
posted for transfer to Joseph B.
To fill a governing board
Chicago.
Theisen & Co.,
L.
of J.
created by the resignation of Stanley Wyckoff, formerly with
Co., the Exchange will hold a general election Friday,
Fairmont Creamery
August 27, Mr. Fox stated.
principal offices in New York, Boston
Philadelphia, announced the opening of an office in Chicago, under
Aug. 21, 1937
Co. and prior to that time resident partner in Chicago
of Field, Glore &
of Eastman,
Dillon & Co.
Mr. Grimm for the past few
years
has been
office of The First Boston Corporation.
with the Chicago
—Emerson
a
Meyer Freidman, partner,
Company,
Roos
Chronicle
Electric Co., St. Louis, announces that it has been awarded
contract by
the United States Government, Treasury Department, Pro¬
curement
for a large percentage of the Government's fan re¬
Division,
quirements for the
12 month period from Sept. 1, 1937 to Aug. 31, 1938.
—Equitable Securities
the current issue
Corp., 40 Wall St., New York, is distributing
of the Southern Financial Review which contains^ dis¬
cussion of the tobacco
industry.
formerly with the Brooklyn Trust Co., is now associated
J. Roy Prosser & Co. in their investment department.
—Roy Monk,
with
DeWint Eckerson, formerly with The First Boston Corporation,
—W.
is now associated
with B. J. Van Ingen & Co., Inc.
—Kidder, Peabody & Co., with
and
the direction
of Maurice H.
Bent, associated with Willard T. Grimm
as
This is the first time in the history of the firm that an
office has been maintained in Chicago.
Mr. Bent was formerly a partner
manager
of sales.
—Edward W. Holland, Jr., formerly with H. M. Byllesby*& Co./Inc.,
has become
associated with E. P. Frazee & Co.
Leroy is now associated with the municipal department
—Charles V.
of Graham, Parsons
& Co.
The Commercial Markets and the Crops
COTTON—SUGAR—COFFEE—GRAIN
GOODS—WOOL—ETC.
PROVISIONS—RUBBER—HIDES—METALS—DRY
8.36; Oct., 8.42; Nov., 8.47; Dec., 8.52; March, 8.68; May,
8.79.
On the 18th inst. futures closed 8 to 15 points net
COMMERCIAL EPITOME
Friday Night, Aug. 20, 1937
the
Coffee—On
16th inst. futures closed
1
5 points
to
higher in the Santos contract, with sales of only 22 lots.
The Rio contract closed 2 points higher to 2 points lower,
with sales of 31 lots.
in futures.
Dullness in actuals curbed the volume
One favorable factor
was
the improvement from
open market dollar rate
Rio terme prices, however,
Friday of 100 reis in the
milreis to the dollar.
to 14.980
were un¬
changed to 50 reis lower, with the spot price down 200. The
Santos "B" contract finished unchanged to 100 reis lower.
On the 17th inst. futures closed 4 points lower to 1 point
higher in the Santos contract, with sales of 50 lots. The Rio
contract closed 6 points lower to 3 points higher.
Sales in
the latter contract totaled 30 lots.
The weaker market
reflected the lower cables from Brazil.
sessions
was
Selling
as
in recent
where
concentrated in the December position,
28 of the 50 lots in the Santos contract
were
traded.
On the
18th inst. futures closed
unchanged to 2 points higher in the
Santos contract, with sales of 50 lots.
The Rio contract
closed unchanged to 5 points higher, after opening 4 to 6
points lower. Transactions in this latter contract totaled
27 lots.
Trade buying and hedge lifting promoted the re¬
covery, but there was nothing in the news to inspire fresh
confidence.
Cables from Brazil were improved somewhat.
The open market dollar rate after a sharp dip in the previous
session was better by 20 reis, closing at 15.10 milreis to the
dollar. The Rio terme prices were 25 to 50 reis higher, while
Santos "C"
75 to 225 reis lower.
was
On the 19th inst. futures closed weak at 27 to 36
points net
The Rio contract closed 27 to
lower, with sales of 59 lots.
29
points off, with sales of 109 lots. Conflicting news reports
of the Pan-American coffee conference caused considerable
confusion in the markets,
was
and the disatisfaction engendered
Along with
reflected in the marked weakness of values.
the conference there were added
and freight offerings and an
overnight weakness in Brazilian cables. The cost and freight
prices were unchanged to 10 lower. The open market dollar
rate was 200 reis weaker at 15.300 milreis to the dollar.
Rio
the unsatisfactory
bearish factors
term
prices
were
"C" contract
Rio coffee
views
on
of lower cost
was
100 to 225 reis weaker, and the Santos
unchanged to 250 reis lower.
prices closed
as
follows:
March
December
6.18
May
September
6.13 July
6.20
Santos coffee
prices closed
as
6.02
—6.14
follows:
December
March
9.32
May
July
9.30 September
9.27
Cocoa—On the 16th inst. futures closed 6 to 8
9.53
9.80
points net
Opening sales started prices unchanged to a 3-point
loss.
Transactions totaled 610 lots, or 8,174 tons.
Trade
support continued the major prop for further price gains
today.
Added to this came a good class of Wall Street buy¬
ing, while underlying strength was furnished by the standing
bids for more than 1,000 lots of cocoa by the country's leading
manufacturer.
Local closing: Sept., 8.42; Oct., 8.47; Dec.,
8.58; Jan., 8.63; March, 8.73.
On the 17th inst. futures
closed 4 to 6 points lower.
The market in the early session
showed maximum gains of 5 to 7 points, but this was sub¬
sequently lost as a result of heavy profit taking, which sent
prices considerably below the previous close, the market
closing at or near the lows of the day.
Transactions totaled
844 lots, or 11,310 tons.
London came in unchanged on
the outside and unchanged to 3d. firmer for futures on the
Terminal Cocoa Market, with 870 tons of the latter trading.
A feature of the local market was the huge volume of liquida¬
tion of Septembers.
More than 100 lots of this delivery were
straddled with deferred positions.
Local closing; Sept.,
higher.
lower.
Opening sales were at 1 to 6 points decline.
Trans¬
largest volume in months, reaching 1,539
contracts or 20,623 tons.
London came in 9d. lower on the
outside and 6 to 10 Hd. weaker for futures on the Terminal
Cocoa Market.
The operations of the country's leading
chocolate firm in September delivery attracted attention in
the local market.
Throughout the day this manufacturer
had bids for 1,000 to 2,000 lots of September out, starting
at 8.35c. and scaling down to 8.20c. as liquidating orders
This interest was believed to have
poured into the ring.
accumulated 400 to 500 lots of Septembers.
Local closing:
Sept., 8.30; Oct., 8.33; Dec., 8.40; Jan., 8.45; March, 8.54;
May, 8.64.
On the 19th inst. futures closed unchanged to 4 points
higher. The opening range was 2 to 4 points higher. Trans¬
actions totaled 335 lots, or 4,489 tons.
London came in 3d.
higher to 3d. lower on the outside. Futures on the Terminals
Cocoa Market there were 3d. lower in all positions, with
640 tons trading.
Local closing: Sept. 30; Oct. 8.34; Nov.
8.37; Dec. 8.41; Jan, 8.45; March 8.57; May 8.67.
actions totaled the
Sugar—On the 16th inst. futures closed 2
to 5 points
sharp setback of 4 to 8 points, domestic sugar
rallied slightly to finish the day slightly up from the lows.
Transactions totaled 261 lots, or 13,000 tons.
Weakness
developed on Washington reports indicating that the move¬
ment of the bill had been halted by Representative Lanzetta
objecting to its going into joint conference. Another report
which did not help the market, quoted the Attorney-General
as saying that the bill in its present form was unconstitu¬
tional.
Adverse sentiment promoted by these reports re¬
sulted in long liquidation for the account of Wall Street
commission houses and trade hedge selling.
Trading was
heaviest in the May position, where 109 lots of the total
were traded.
Raw sugar buyers who at the close last week
were
showing broader interest at advancing prices, have
apparently withdrawn from the market. The world sugar
contract market closed 1 to 1
points lower, with September
selling down to 1.16c. Total sales were 1,349 lots, or 67,450
tons.
September liquidation prior to first notice day on
Wednesday swelled the volume. On the 17th inst. futures
closed 2 to 4 points higher . At the opening prices were 1 to 4
points higher. The light demand, which was believed to be
short covering, met a market rather limited in offerings
except on a scale up. In the market for raws a sale of exwarehouse sugar was effected at 3.60c., establishing the spot
price at 5 points over the previous basis. Details of this sale
were not given.
Meanwhile a sale of 500 tons from stjbre to
Refined Syrups Co. was effected at the 3.60c. basis, along
with 1,000 tons of Philippines, due Sept. 9, at 3.55c. to
American.
The world sugar contract closed 2J^ to 1%
points down, with sales totaling 2,046 contracts, or a total
of 102,300 tons, more than half of which, including switches,
lower.
were
After
in the
a
September position.
Liquidation of September
extremely heavy in anticipation of first notice day.
On the 18th inst. futures closed unchanged ?to 3 points lower.
Transactions totaled 245 lots. There was no definite trend
to the market.
Fluctuations were widest in the September
was
position, ranging from 2.51c. to 2.56c.
2.51c.
The initial price of
3
points under the previous close, but on covering
against sales of actuals, the rally to 2.56c. ensued. However,
in the face of persistent liquidation, the price dropped to
2.51c. again. Details of the sale of raws effected late in the
previous session, which established the spot price at 3.60c.,
came out
early yesterday. The sale was 1,000 tons of exwarehouse raws at 3.60c. to Arbuckle.
The world sugar
was
contract closed
notices
unchanged to 2lA points lower.
With 1,209
circulating freely against September on first notice
Volume
Financial
li5
day, the volume of transactions went to a new high,
actions totaled 2,500 lots, or 125,000 tons.
On the 19th inst. futures closed unchanged to 3 points
down.
Transactions totaled±178 lots.
After the close of
Trans-
the market
an announcement was made from Washington
that the House and Senate conferees had reached an agree¬
ment
providing for restricted imports of refined for the first
of the three years duration of the bill.
Opinion
was
general that the bill was neither acceptable to the
Administration nor to the cane refiners.
It was expected
in various quarters that the bill would be vetoed.
The
market for raw sugar was a shade easier at the close, at least
on the basis of late bids.
Late in the previous session a sale
of 1,000 tons of
Philippines for August-September shipment
2M
years
at 3.50c. to Revere of Boston was effected and there were
indications that a cargo of Cubas for
prompt shipment sold
Tuesday at 2.70c.
The world sugar contract closed 1
point higher to 24 lower.
Transactions in this contract
on
totaled 125 lots.
volume of 2,500
Prices
were as
This
lots,
a
was
in contrast to the
previous day's
record figure.
follows:
July
2.331 January
September
2.47
.
December
2.30
2.3.1
2.31
[March
2.371 May
Lard—On the
16th inst. futures
closed
unchanged to 2
a narrow range and
trading was relatively light. Prices opened unchanged to 7
points lower. At the lows of the session values were 7 to 10
points down. Stocks of lard at Chicago for the first half of
August decreased 8,677,000 pounds. Total stocks now are
96,791,000 pounds against 65,892,000 pounds on the same
day a year ago. Export clearances of lard over the week end
totaled 33,650 pounds destined for London.
Hog prices
during the past week declined about 50c. from the recent
highs.
Sales for the day ranged from $11.40 to $13.20.
Total receipts for the Western run were
41,700 head against
57,300 for the same day last year.
Liverpool futures ruled
irregular at the start of the week, the spot position finishing
unchanged and the distant deliveries up 6d.
On the 17th
points lower.
The market moved within
inst. futures closed 7 to 12
was
the chief influence
Prices declined
points lower. Weakness in hogs
operating against lard values today.
at one time to 10 to 15
points before any
buying made its appearance.
There was a rally from
this point, though at the close the market was
substantially
lower than the previous finals.
Hog prices at Chicago today
were 25c. to 35c. lower.
The top price was $13, with most
sales ranging from $11.75 to $13.
Western hog marketings
were light and totaled 39,000
head, against 52,900 for the
same day last
year.
Lard export clearances totaled 26,030
pounds, destined for Liverpool. Liverpool lard futures closed
quiet, with the spot position off 6d., and later deliveries
unchanged to 9d. lower. On the 18th inst. futures closed 12
to 20 points net lower.
Heavy liquidation in September was
the feature of the day's
trading. As a result of this pressure
prices declined 12 to 20 points, which proved to be the lows
of the day.
Western hog marketings totaled 32,300 head,
against 43,800 for the same day a year ago.
Chicago hog
prices declined 25c. owing to the falling off in the demand for
same at the higher levels.
The top-price was $12.75, with
sales ranging from $10.85 to $12.65.
Lard stocks Aug. 1 of
157,382,000 pounds represented a decline of 27,000,000
pounds during month of July.
Stocks are now not much
above the Aug. 1
five-year average of 147,167,000 pounds.
trade
No lard exports were
reported from the Port of New York
today.
Liverpool lard futures
were
9s,,.to
Is.
3d.
with the spot position
unchanged.
On the 19th inst. futures closed 30 to
22
The action of grains
prompted
lower,
points lower.
selling for speculative account
and some
switching from the nearby deliveries, were the
factors largely
responsible for the heavy declines in lard
prices. Hog prices at Chicago were steadier and final
quo¬
tations were 10c to 25c.
higher.
The top price reported
was $12.90 and most of
the sales ranged from $10.90
to
$12.90.
Hog marketings at the leading Western
packing
centers totaled
30,200, against 41,400 for the same day a
year ago.
There
were
no
export clearances of lard reported
from the Port of New York.
"""DAILY CLOSING1PRICES
Sat.
OF LARD FUTURES
Mon.
September
11.45
11.42
October
December
11.52
11.42
January
11.45
11.50
11.42
11.42
Tues.
11.30
11.37
11.35
11.32
IN
Wed.
11.10
11.20
11.22
11.20
CHICAGO
Thurs.
10.80
10.90
10.95
10.95
Fri.
11.30
11.40
10.47
barrel (200 pounds), nominal.
Hams, Picnic, Loose, c.a.f., 4 to 6
Cut
Rosins: $9.00 to $10.00.
Cottonseed Oil, sales, including switches, 192 contracts.
Crude, S. E., 724c.
Prices closed as follows:
August...
September
7.97 @
7.97@
October
7.91 @
November
7.94@
December
January
7.95 February
March
7.91@
7.91@
7.90®
7.97@
7.94
i
Rubber—On the 16th inst. futures closed 10
lower.
The opening range was 10 to 17
to 18 points
points net lower.
Transactions totaled 2,910 tons.
Most of the activity was
in the December contract.
Outside prices followed the lead
of futures, but showed
slightly more steadiness toward the
close of the day.
Outside prices were quoted on a spot basis
of 1024c. for standard
sheets, a new low for the year.
The
London and Singapore markets closed
qujet and steady
respectively, prices declining 24 to 5-32d.
Local closing:
Sept., 18.11; Oct., 18.24; Dec., 18.31; Jan., 18.36; March,
18.49.
On the 17th inst. futures closed 10 to 18
points net
higher.
The market opened 3 points lower to 4 points higher.
The undertone was firm
throughout the session, with prices
closing at about the highs of the day.
Transactions totaled
1,790 tons.
London and Singapore closed
quiet, prices rang¬
ing unchanged to l-16d. higher.
Local closing: Aug., 18.26;
Sept., 18.27; Oct., 18.34; Dec., 18.46; Jan., 18.53; March,
18.65.
On the 18th inst. futures closed
unchanged to 5
points lower.
The opening range was 6 to 9 points
higher.
Transactions totaled 1,010 tons.
The outside market again
was
quiet.
Outside prices were quoted unchanged on a spot
basis of 1824c. for standard sheets.
London and Singapore
closed quiet and firm
respectively, prices advancing 1-16 to
3-16d.
Local closing: Sept., 18.23;
Oct., 18.34; Dec., 18.39;
March, 18.61.
On the 19th inst. futures closed 3 to 7
points net lower.
The market opened with declines of 3 to 13
points. Trans¬
actions totaled 1,590 tons.
The outside market
very
quiet affair, with factories showing
make
commitments.
new
no
again was a
inclination to
Outside prices receded to
basis of
a
spot
1324c. for standard sheets. Crepes are now quoted
1924c. per pound. London and Singapore closed dull,
prices ranging unchanged to 3-32d lower.
Local closing:
Sept. 18.18; Oct. 18.27; Dec. 18.39; Jan. 18.45; Mar. 19.57.
at
Hides—On the 16th inst. futures closed 7 to 8
points net
The opening range of
lower.
prices was unchanged to 18
points decline compared with Friday's close. Transactions
totaled 4,000,000 pounds.
Although recent trading in the
frigorifico market has been fairly large and unsold stocks
have
been reduced, the situation
generally is still rather
heavy, with the possibility of getting material at slightly
below quoted prices.
Local closing: Sept., 16.35; Dec.,
16.76; March, 17.13; June, 17.46. On the 17th inst. futures
closed 23 to 25 points net lower.
Trading was quieter with
total sales amounting to
3,880,000 pounds. The market
opened with a decline of 6 to 20 points. No news of import¬
received from the Argentine market. Local
closing:
Sept., 16.10; Dec., 16.52; March, 16.90; June, 17.23. On
the 18th inst. futures closed 6 to 8
points down. The market
was
fairly active, with sales totaling 3,480,000 pounds.
Opening prices were unchanged to 6 points higher, except
ance was
March, which
was
shorter work week
2 points lower.
by
one
The announcement of
a
of the leading shoe manufacturers
has influenced sentiment in the local hide
market.
No sales
were reported in the
Argentine. Calfskins are quotably un¬
changed and the demand is quiet.
Local closing: Sept.,
16.05; Dec., 16.46; March, 16.85; June, 17.18.
On the
19th inst. futures closed 1 to 3
points net lower.
totaled 4,400,000 pounds.
At the
Transactions
opening
prices were 2 to 6 points lower. Stocks of big packer bides
are reported to be
getting close to 700,000 and with offerings
for resale at from lc. to 124©. below the
market, trade factors
are of the opinion that
considerable difficulty will be wit¬
nessed in making sales. It is
thought not likely that any real
activity will develop until after Labor Day. Local closing:
Sept. 16.03; Dec. 16.45; Mar. 16.82; June 17.15.
Ocean Freights—The demand for
tonnage is
per
rates
$24
reported to
reluctant to pay higher
included: Grain Booked:
Four
to 8 lbs
2324c*.
°lls~^lnsee? ol1 Pnces were lower> with tank cars quoted
10.4c.
Quotations: China Wood: Tanks, Nov
.-Dec. nomi¬
nal; Drums, nominal.
Cocoanut: Oct
.-Mar., 424c.';' Coast
37 to 41c.
be
18c.; 8 to 10 lbs., 1624c.
Skinned, Loose, c.a.f., 14 to 16
lbs., 2224c.; 18 to 20 lbs., 2024c.; 22 to 24
lbs., 1824b.
Bellies: Clear, f.o.b., New
York, 6 to 8 lbs., 23c.; 8 to 10
lbs., 23c.; 10 to 12 lbs., 2224c.
Bellies: Clear, Dry
Salted,
Boxed, New York, 16 to 18 lbs., 1824c.; 18 to 20
lbs., 1814c20 to 25 lbs.,
1834c.; 25 to 30 ibs., 1824c. Butter:
Cream¬
ery, Firsts to Higher than Extra and
Premium Marks- 27
to
3324c.
Cheese: State, Held '36, 23 to
24c
Eggs:
Mixed Colors, Checks to
Special Packs: 17 to
,
Sept., forward, 424c.
Corn: West tanks, old crop, 724 to
7J4c.
Olive: Denatured, nearby, $1.35 to $1.45; Shipment,
crop,
$1.10.
Soy Bean: Tanks, West, Aug .-Sept.,
624 to 7c.; Oct., forward, 624c.; L. C. L., 10c.; Aug .-Sept.,
9c.; Oct., forward, 824c.
Edible: 76 degrees, 11c.
Lard:
Prime, 1224c.; Extra winter, strained, 1224c.
Cod: Crude,
Japanese, 62c.; Norwegian, light filtered, 43c.
Turpentine:
200
Meats: Pickled
lbs., 1824c.; 6
1281
new
11.47
Pork—(Export), mess $36.1224 per barrel (per
pounds); family, $35.1224 (40-50 pieces to
bale), nominal,
barrel.
Beef: (export)
steady.
Family (export), $23 to
per
Chronicle
fairly active, but shippers
than
necessary.
are
Charters
loads, Montreal to Rotterdam,
September, 16c.
Twenty loads, Montreal to Rotterdam, September, 1624c.
Four loads, Montreal to
Copenhagen, August, 21c. One
load
New
York-Hamburg, September, 17c. Considerable
reported booked from Montreal to Antwerp and
Rotterdam for October at 17 24c. basis and November at
18c.,
but volume of same was unobtainable.
Grain: 35 loads,
Montreal to United
Kingdom-Antwerp, Rotterdam late
August-early September, 3s 124d. Bombav-Marmagoa to
business
London, Hull, Antwerp, Rotterdam, 41s 6d, linseed, kernels,
August. Trip: Boston to United Kingdom August loading
25s, option, Rotterdam. United Kingdom-Continent-River
Plate trade 9s
Coal—It
is
6d, August.
reported that producers are carrying on a
campaign to induce retailers to start buying for fall and
Financial
1282
winter needs
too
now
so
much rush at
as
one
stagger the demand and prevent
The retailers have indicated
to
time.
that
they will give prices
that
the
wholesalers
Anthracite
coal
boost
a
made
have
on September 1st, now
such an announcement.
Scranton district have
announced advances of 25c. per ton, effective September
1st, on all domestic grades of coal, pea sizes and larger.
The rise does not affect steam coal, and the retail prices are
so
far not affected.
The advance applies to all grades of
anthracite but not to all
consumers
summers
turn
more
summer
to become progressively dull as
appear
and
Anthracite operators agree
in many years.
It is
sizes.
that this has been the dullest
stated that
the
in
producers
more
Chronicle
Sat.
Receipts at-
Mon.
Wed.
Tues.
3,215
15,376
10,074
16,520
35,081
68,201
2,394
2", 193
13.320
194
252
1,158
1,730
4,298
8,125
2,078
3,243
9,980
4,314
5,797
10,489
2",552
3",022
2", 280
111
248
190
163
'724
"344
"909
334
i
Christi._
Corpus
3,973
2,945
19,201
"879
Houston
27
204
96
96
Beaumont
New
Total
Fri.
Thurs.
1,210
3,422
10,332
Galveston
1937
21,
Aug.
Orleans
Mobile
230
18
230
Pensacola, &c—
Jacksonville
Savannah
""§
'
Charleston
Lake Charles
"475
380
.
142
104
760
3,354
1,157
9,369
108
9,369
1
1
Wilmington
Norfolk
146
146
Baltimore
569
569
to other fuels.
17.012
18,478
29,290
18,599
42,071 149,210
23,760
Metals—The report of Copper, Tin, Lead, Zinc, Steel
and Pig Iron, usually appearing here, will be found in the
following table shows the week's total receipts, the
total since Aug. 1, 1937, and the stocks tonight, compared
articles
with last year:
appearing at the end of the department headed
Activity," where they are covered
fully.
The
"Indications of Business
more
Wool—It
reported that wool prices are holding firm
despite the slackness of new orders.
Texas wools are a firm
feature.
Dealers are reported as showing confidence in
recent purchases priced close to the top of the season.
Spot
choice 12 months is quoted 98c. to $1; average, 96 to 97c.;
eight months, 93 to 95c.; fall, 90 to 92c.
Texas maintains
its position as the premier wool producing State in the Union
by increasing its estimated production for this year to 75,538,000 pounds, as against 64,265,000 pounds in 1936, a gain
of 18%.
The Texas wool output is 20.5% of the entire wool
production estimated for 1937.
It is asserted that with fall
buying of raw wool one week nearer there is every confidence
that the mill demand wjII be of sufficient volume to take
care
of what is left of this season's
clip without disturbance to the
price structure.
Much interest is manifested in the forth¬
coming Australian opening and general opinion is that a firm
strong market will initiate the selling by Australia of its
3,000,000 or more bales, mostly of merino wool.
Some
observers are of the opinion that the world position in wool is
the strongest in a generation.
Monday, Aug. 30, the Aus¬
tralian season will open at Sidney with an offering of 100,000 bales, and on the outcome of the sale much will depend.
Silk—On the
higher.
16th inst.
Opening sales
Transactions
totaled
futures
closed
1*2C. to 3c. net
worked at gains of 3^c. to 2%c.
were
1,950
bales.
Critical
conditions
in
inst. futures closed lc. to 2c. net lower.
The opening range
down to *£c. up.
Japanese selling was again
noticed in the ring with support weak.
Transactions totaled
1,330 bales.
Grade D at Yokohama was 2}yen lower, while
at Kobe it dropped 5 yen, with the price 855 yen at both
centers.
Bourse quotations were 2 to 6 yen lower at Yoko¬
hama and 1 higher to 11 yen lower at Kobe.
Cash sales at
*£c.
both
centers
totaled
950
bales,
while
futures markets totaled 4,775 bales.
transactions in
the
On the 19th inst. futures closed to 2 to 3c. net lower.
today
The
ascribed largely to liquida¬
tion.
Opening sales were at 36 to 136c. under the previous
finals.
Transactions totaled 1,830 bales.
Japanese mar¬
kets
came
in lower also.
was
Grade D
stood at 84736 yen
Yokohoma and 845 yen at Kobe, losses of
736 and 10
Futures at Yokohoma were 3
lower, and at Kobe unchanged to 12 yen lower.
respectively.
to
12
in
1.81; Nov.,
1.80;
Since Aug
1, 1937
Week
1,1936
16,520
22,719
1,315
Texas City
Houston
Corpus Christi
yen,
yen
Cash sales
Dec.,
1.79;
Jan.,
13",037
265",999
164,872
106,909
150,846
10",763
20",420
862
1,804
1,304
109,154
25,814
249,565
76,933
5,809
1,921
146,741
96
18,422
3,038
13,987
8
47
80
80
,354
5,259
2,488
,3,945
238,284
41,297
3,975
1,553
127,383
'.157
"2",929
"631
"~l",567
19", 630
25",956
,369
13,462
5,106
6,273
1
14
146
1,006
243
96
558
876
18,386
8,608
18,980
11,454
24,014
"""166
"'"497
569
2,032
380
1,721
149,210
285,032
76,336
_—
Mobile
230
Pensacola, &c
Jacksonville
Savannah
Brunswick
Charleston
326
1,304
.
_,
Lake Charlas....
Wilmington
Norfolk
N'port News
New York
Boston
658
-
2,963
Baltimore
625
825
Philadelphia
Totals.
163,405 1 224,576 1,199,423
In order that
comparison may be made with other years,
give below the totals at leading ports for six seasons:
we
1937
Receipts at—-
Savannah
Brunswick.
±
_
862
2,488
Norfolk
11,001
1,842
9,404
31,957
16,007
5,819
7,114
"l",736
11,461
4,430
"l",898
"l",513
2",882
96
""'207
37
839
401
"
"
_
8,093
16,171
57,952
15,567
10,605
3,072
16,274
1,721
1932
1933
10,943
16,168
11,906
_
Charleston
Wilmington
243
146
I
Mobile
"""631
1
Orleans,.
1934
1935
1,315
8,535
10,763
"l",l57
Houston
New
1936
16,520
35,081
13,320
1,158
3,354
263
68
'
388
Newport News
78", 473
51,403
36",439
24", 878
43,255
39,765
Total this wk.
149,210
76,336
96,074
71,884
142,921
111,142
Since Aug. 1__
285,032
163,405
225,110
194,831
356,896
307,508
All others
The exports for the week
ending this evening rach a total
of 58,292 bales, of which 9,311 were to Great Britain, 6,059
to France, 20,304 to Germany, 6,722 to Italy, 4,678 to
Japan, and 11,218 to other destinations.
In the corre¬
sponding week last year total exports were 44,615 bales.
For the season to date aggregate exports have been 140,851
bales, against 108,331 bales in the same period of the previous
season.
Below are the exports for the week:
Week Ended
Aug.
20,
Exported to—
,
1937
Great
Exports from—
Ger¬
Britain
France
Galveston
many
441
66
5J96
16,671
422
5^422
China
6", 953
Jacksonville
Other
774
850
3*828
III-
3,408
6,255
7,434
38,551
555
8,277
"904
1,528
14
206
67
67
Savannah
601
Norfolk
""23
192
Total
Total
1,537
2,360
Corpus Christi..
New Orleans
Japan
1,277
347
2",458
Houston
Italy
9,311
Total 1935..
20,304
6,722
4,678
11,218
58,292
1,420
7,512
4,776
4,768
5,663
44,615
335
2,067
4,216
12,597
7,730
i..
6,059
16,251
Total 1936
From
"lOO
16,570
39,390
Exported to—
Aug. 1, 1937, to
Aug. 20, 1937
Exports from.—
Great
Ger¬
Britain
Galveston
France
many
Italy
Japan
China
850
441
879
1,277
Houston
1,549
3,183
408
553
8,034
12,933
3,329
27,257
296
Corpus Christi.
12,564
3,828
11,968
1,110
3,613
640
1,345
"248
L788
New
Orleans..
Lake Charles..
24.917
4,100
67
433
"601
"681
"156
Angeles
Francisco.
""23
"904
1,528
2,455
"676
2,567
1,774
""75
Norfolk.
6,606
10.916
84,447
*346
"206
"433
Savannah
Charleston
Total
19,831
6,041
67
Penscaola, &c_
San
1,610
3,147
54
Jacksonville
Los
Other
54
1,718
*420
1,396
2,597
602
1,345
664
458
206
Total
8,056
14,800
16,560
40,704
37,507!
7,208
11,217
20,497
37,383
200
32,555
140,851
12,066
"lOO
25,552
108,331
142,343
15,369
29,188'
9,995
18,406
27,086
Total 1935
Friday Night, Aug. 20, 1937
The Movement of the Crop, as indicated by our tele¬
grams from the South tonight, is given below.
For the week
ending this evening the total receipts have reached 149,210
bales, against 94,093 bales last week and 68,215 bales the
previous week, making the total receipts since Aug. 1, 1937,
285,032 bales, against 163,405 bales for the same period
of 1936, showing an increase since Aug. 1, 1937, of 121,627
27,976
Total 1936
16.652
1.7836;
COTTON
bales.
199
8",535
44,533
96
New Orleans.
,'A
57,603
13 ,320
1 ,158
Beaumont
338,559
311,760
158„079
35 ,081
68 ,201
—
1936
1937
4,971
'
Mobile
for both centers totaled 625 bales, while the trade in futures
totaled
3,650
bales.
Local closing: Aug.,
1.82; Sept.,
1.8236; Oct.,
Mar., 1.7736-
This
Week
Galveston..
Since Aug
Local closing:
Aug.
1.85; Sept. 1.85; Oct. 1.83 *£; Nov. 1.82*6; Dec. 1.81; Jan.
1.81; March 1.8036.
weakness in the market
Stock
1936
This
Galveston
Shanghai brought considerable support into the silk ring of
the Commodity Exchange yesterday, which had quite a
strengthening effect on values.
Futures at Yokohama and
Kobe showed respective gains of 8 to 16 yen and 18 to 29 yen,
while the price of Grade D rose 15 yen to 855 yen.
Local
closing: Aug. 1.86*£; Sept. 1.86*2; Oct. 185*2*, Dec. 1.74;
Jan. 1.83*£; March 1.82.
On the 17th inst. futures closed
unchanged to lc. lower.
The market suffered a slight
reaction today following its recent display of strength.
At
the opening of the market prices were *£c. to lc. lower.
Transactions for the day totaled 1,520 bales.
Japanese
selling was countered by trade and local support.
The
Chinese situation is being followed closely, and fears were
expressed for the financial ability of Japan to carry on a pro¬
tracted war.
Grade D rose 2*£ to 5 yen at Yokohama and
Kobe.
Bourse quotations at these centers ruled 1 to 3 yen
lower at Yokohama and 2 to 7 yen lower at Kobe.
Cash
sales totaled 1,575 bales, while transactions in futures totaled
4,400 bales.
Local closing: Aug. 1.86; Sept. 1.86; Oct. 1.85;
Nov. 1.84; Dec. 1.83; Jan. 1.82*^; March 1.82.
On the 18th
was
1937
Receipts to
Aug. 20
is
-
NOTE—Exports to Canada—It has never been our practice to include in the
above table reports of cotton shipments to Canada, the reason being that virtually
all the cotton destined to the Dominion comes
rfturns concerning the
districts
on
however, of the
say
same
from
the Canadian border
numerous
overland and it is impossible to give
week to week, while reports from the customs
are
always very slow in coming to hand.
In view,
inquiries we are receiving regarding the matter, we will
Dominion the present season
that for the month of June the exports to the
have been 22,903
bales.
In the corresponding month of the preceding season the
were 14,007 bales.
For the 11 months ended June 30, 1937, there were
262,709 bales exported, as against 217,827 bales for the 11 months of 1935-36.
exports
In addition to above exports, our
telegrams tonight also
on shipboard, not
give us the following amounts of cotton
cleared, at the ports named:
Volume
positions
near
On
Shipboard Not Cleared for—
Ger¬
Great
Britain
Other
Foreign
wise
100
500
900
700
1,306
Houston
Orleans.
843
2,257
2,453
628
1,643
_
Total
2,600
7,487
1,643
Savannah
Charleston
2", 483
2~ 4 83
Mobile
Norfolk
Other
ports
Total 1937--
943
Total 1936-.-
4,189
2,223
1,152
Total
5.861
907
1935
14,313
8,992
2,757
2,436
2,389
1,328
7.145
571
active
lower.
several
years.
cotton
new
much
to
this all
cotton
for
crop
influence
also
relative to the
promised
received from Washington
The market was inactive,
with no definite trend either way.
Prices fluctuated within a
range of 7 to 9 points.
It was generally conceded that it
would make a great deal of difference as to whether the crop
loan is to be 9 or 10 cents, and what will be considered the
top price for any subsidies which may be offered. Reports
from Washington that an important announcement might
be made during the day led to speculation as to whether
operations in Shanghai will be recognized as a state of war
and whether the United States would put into effect its
neutrality provisions. Moreover, the point was raised that
Japan, which is one of America's best customers for cotton,
might be out of the market for a considerable period and that
high war risks would be an obstacle to trade. Southern spot
markets, as officially reported, were 1 point higher to 3
points lower. Average price of spot cotton at the 10 desig¬
nated spot markets was 10.34c.
On the 18th inst. prices
closed 15 to 16 points down.
Bearish weather reports to¬
gether with rumors that Secretary Wallace favored a 9-cent
loan caused cotton prices to drop to new low levels with
increased general selling. The market opened quiet, 2 to 5
points higher, and closed at or about the lows of the day.
It was assumed that the market would follow closely any
level finally decided upon for a loan, and this presumably
was
responsible for some late selling.
Cotton merchants,
however, were said to be confident that if prices should
break to the 9-cent level, or even above, such a price would
attract active demand from domestic and foreign spinners.
The weekly weather and crop bulletin, while indicating crop
deterioration from drought in the West and showers in the
East, was more favorable than expected.
Southern spot
markets, as officially reported, were 15 to 18 points lower.
Average price of middling at the 10 designated spot markets
was
crop
loan.
10.18c.
closed 15 to 23 points off.
This
was the first time prices had appeared in the 9c. column
on the local Exchange since March, 1936, and the first time
On
the 19tli inst. prices
Wallace
Secretary
that
denied
Traders,
convinced that this will not be the price,
in
and
wheat
10c.
stock
the
market
were
decline and helped to
Southern spot markets, as officially
contributing influences
to the
The average price of
reported, were 13 to 30 points lower.
middling at the 10 designated spot markets was 9.94c.
Premiums and Discounts for Grade and
Staple—The
table below
gives the premiums and discounts for grade and
staple in relation to the base grade, Middling
established
for deliveries on contract on
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
J^-ineh cotton at the 10 markets on Aug. 19.
■
are
big crop and the possibility of a
a
that the market has broken through the
now
undermine confidence.
On the 14th inst.
market until definite advices
is
loan to be given to farmers.
the
Weakness
account.
downward
proposed loans, and the disposition was to await further
developments in that connection. From the lows of Wednes¬
day the market ran up about $2.50 a bale, the October
delivery touching a high of 10.64 cents. Demand tapered
off around that level, and thereafter the market sagged
gradually, closing around the lows for the day. Southern
spot markets, as officially reported, were unchanged to
10 points higher. Average price of middling at the 10 desig¬
nated spot markets was 10.54c.
On the 16th inst. prices
closed 12 to 17 points net lower.
Traders were inclined to
hold aloof from the market today pending definite informa¬
tion from Washington relative to the terms of the proposed
Government loan.
Consequently, demand was compara¬
tively slow and prices gave way under foreign and Southern
hedge selling, as well as scattered liquidation. Prices closed
at the lows of the day.
The market opened barely steady at
13 to 15 points lower, influenced by lower Liverpool cables
than anticipated.
Other factors in the weak opening were
foreign selling and selling for New Orleans account. A heavy
undertone prevailed throughout most of the session. Reports
from Washington indicated that the Commodity Credit
Corporation was ready to make crop loans available to
farmers on their cotton as soon as officially recommended
by the President and Secretary Wallace. This recommen¬
dation has not been given, however, nor has it been stated
how much the Government will be willing to lend to cotton
farmers on this year's crop.
Southern spot markets as offi¬
cially reported were 12 to 53 points lower. The average price
of middling cotton at the 10 designated spot markets was
10.34c. On the 17th inst. prices closed 1 point off to 3 points
up.
Traders generally appeared to be holding aloof from the
The
regarded
1933.
December,
experienced
Heavy selling orders were in the market representing
liquidation and active selling both for domestic and foreign
loan on
prices closed 3 points down to 6 points up.
In the early trading, as a result of more definite assurances
of a crop loan, the market showed considerable improvement.
However, in the later trading the list turned sharply reac¬
tionary under an active resumption of hedge pressure along
with speculative liquidation by nervous longs and local
selling. While the consensus of opinion appears to be that a
loan on the present crop was virtually assured, there were
more
doubts as to the exact conditions and terms of the
has
level.
will be 9c., and not 10c. a pound, did
heavy liquidation and hedge selling;
movement.
for
since
low
market
discounting
were not
especially
future
contributing to further extension of the
that
the
Washington
however,
14,213 1,210,363
27,269 1,172.154
18,720 1,093,682
More definite suggestions that the
as
loan.
favored 9c.
309,160
258,512
236,641
127,833
19,630
38,814
18,980
201,243
delivery was fairly
during the past week, with prices tending decidedly
'Cotton values declined into new low ground for
Speculation in
the
4.996
9c.
sold
decline
generally
Stock
Coast¬
many
400
Galveston
New
France
extensive
Leaving
Aug; 20 at—
1283
Chronicle
Financial
145
%
15-16
1 In. <&
Vs
15-16
1 In. rk
Inch
Inch
Longer
Inch
Inch
Longer
Spotted—
White—
0.68
on
1.02 on 1.30
on
Good Mid
0.11
0.37
on
0.62 on
St. Good Mid.. 0.61
on
0.95
1.23
on
St. Mid
0.07 off 0.18
on
0.43 on
on
Mid
0.70 off 0.48 off 0.27 off
♦St. Low Mid..
1.57 off 1.39 off 1.21 off
♦Low Mid
2.29 off 2.15 off 2.07 off
Mid. Fair
on
on 1.16
Good Mid
0.54
on
0.88
St. Mid
0.35
on
0.69 on 0.97 on
Mid
,
0.29 on 0.55
Basis
on
St. Low Mid- 0.64 off 0.37 off 0.15 off
on
Tinged—
Even
Low Mid
1.50 off 1.34 off 1.16 off
Good Mid
0.43 off 0.22 off
♦St
2.21 off 2,10 off 2.03 off
St. Mid
0.70 off 0.49 off 0.26 off
2.75 off 2.71 off 2.70 off
♦Mid
1.59 off 1.47 off 1.30 off
Good Ord.
♦Good
Ord
Extra
♦St. Low Mid.. 2.33 off 2.23 off 2.13 off
White—
Good Mid
0.54
on
0.88 on 1.16 on
St. Mid
0.35
on
0.69
Mid
on
0.29 on 0.55 on
Even
2.85 off 2.78 off 2.75 off
♦Low Mid
Yel.
0.96 on
Stained—
.124 off 1.04 off 0.86 off
Good Mid
St. Low Mid
0.63 off 0.35 off 0.14 off
♦St.
Low Mid
1.48 off 1.31 off 1.14 off
♦St. Good Ord. 2.19 off 2.05 off 1.97 off
1.81 off 1.69 off 1.56 off
♦Mid...
Gray—
Mid..
2.48 off 2.43 off 2.35 off
*
Not deliverable
on
The official
0.57 off 0.35 off 0.16 off
0.81 off 0.59 off 0.40 off
♦Mid.
2.73 off 2.65 off 2.63 off
Good Ord
Good Mid
St. Mid
♦
1.41 off 1.26 off 1.10 off
future contract.
quotation for middling upland cotton in the
has been:
New York market each day for the past week
Sat.
Mon.
Tues,
10.69
Middling upland
10.57
10.56
<Fri
Wed. Thuls.
10.08
10.17
10.40
New York
Quotations for 32 Years
The quotations for middling upland at New York on
Aug. 20 for each of the past 32 years have been as follows:
1929-- ...18.85c.
1928-. ...18.85c.
1937--- -.10.08c.
1936.
..12.14c.
1934... -.13.40c.
1927.. ...21.10c.
1926._ ...18.20c.
1933--.
9.35c.
1925._ ...23.55c.
7.60c.
6.60c.
1924._ ...28.20c.
.25.50c.
1923..
22.70c.
1922
1935--. ..11.70c.
-.
1932...
..
1931-.-
1930
.
,-11.35c.
,
__
Futures—The
1921_
-
...
13.10c.
1920-. ...33.50c.
..30.75c.
1919._
1918-_ -..35.15c.
1917.. _..25.10c.
.
1913-- -.-12.15c.
1912-- __.ll.80c.
1911-- _-.12.50c.
16.40c.
1910
1909._
...
12.80c.
1916._ ...14.45c.
1915._
9.35c.
1908.- ...10.85c.
1914
1906
1907
13.25c.
,
.-„10.10c.
highest, lowest and closing prices
week have been as follows:
at
New York for the past
Saturday
Monday
Tuesday
Wednesday
Thursday
Friday
Aug. 14
Aug. 16
Aug. 17
Aug. 18
Aug. 19
Aug. 20
Aw. (1937)
Range..
Closing
10.34/z
10.22 n
10.39/z
.
10.27 n
Sept.—
Range..
Closing
.
9.87 n
10.10/t
10.26 n
9 78//
9.92-10.08
9.77-
Oct.—
Range
10.44-10.64 10.28-10.38 10.26-10.34 10.11-10.37
..
Closing
10.44-10.46 10.32
.
9.99
10.31
10.15
9.92
9.S3- 9.84
10.28/z
—
10.13//
Nov.—
Range..
10.42/2
9.92//
9.85/2
.
9.91-10.07
9.82- 9.99
9.91- 9.92
9.87
.
10.37-10.60 10.23-10.34 10.20-10.28 10.06-10.31
10.25-10.26 10.10
10.25 —
10.40 —
10.11-10.34
Range.. 10.44-10.65 10.28-10.36 10.24-10.31
9.96-10.08
9.86-10.02
9.96
9.91
Closing
10.29//
Dec.—
Range
.
Closing
Jaw.(1938)
Closing
.
10.44
10.29 n
10.29
10.32//
—
10.33//
—
10.14-10.15
—
Feb.—
Range..
Closing
.
10.48/z
10.00/2
10.18//
9.95//
March—
9.94-10.10
10.51-10.71 10.36-10.45 10.33-10.41 10.18-10.44 10.05-10.19
10.22-10.23 10.05-10.06 10.00
10.38 —
10.36 —
10.52 -
Range.
Closing
A prll—
Range..
Range
..
Closing
10.41//
10.38 n
10.54/2
Closing
May—
10.09//
10.25n
10.04/2
10.56-10.74 10.40-10.48 10.38-10.47 10.25-10.49 10.14-10.27 10.05-10.19
10.08-10.09
10.44 10.29-10.30 10.14 —
10.41 —
10.56 -
June—
Range..
Closing
.
10.46//
10.43//
10.59/1
10.16//
10.31//
10.10//
July—
10.42-10.50 10.33-10.54 10.20-10.28 10.08-10.19
Range.. 10.62-10.77 10.44-10.51
10.12
10.18/2
10.33//
10.48 10.45 —
10.62 Closing
_
n
Nominal.
prices at New York for week ending
and since trading began on each option:
Range for future
Aug. 20, 1937,
Range
Range ferr Week
Option far-
Sept. 1937.
Oct. 1937
Nov. 1937
4 1936 13.95
Mar.
3 1937
Aug.
7 1937
Aug. 20 1937 13.98
Apr.
5 1937
17 1937 12.40
July
12 1937
9.82
Aug. 20 1937 13.93
Apr.
5 1937
9.86
Aug. 20 1937 13.94
July 26 1937 13.85
Apr.
5 1937
9.94
Aug. 20 1937 13.97
Apr.
14 10.05
Aug. 20 1937 12.96
May 21 1937
23 1937 11.83
Aug. 20 1937 11.36
July
21 1937
July
27 1937
14
9.77
11.87
Aug. 20 10.60
Aug. 14
Aug. 14
Dec.
1937
1938
9.86 Aug. 20 10.65
Feb.
July
Mar.
Nov.
11.15
9.77 Aug. 20 10.64
Jan.
Apr. 1938
May 1938
June 1938
Beginning of Option
Aug. 29 1936 12.92
11.52
9.82
1938
Mar. 1938
Since
11.50
Aug. 1937.
9.94 Aug. 20 10.71
10.05 Aug. 20 10.74
1938..110.08 Aug. 20
Aug. 14
Aug.
11.50
10.77
Aug. 14 10.08
June
July
Mar, 31 1937
5 1937
Financial
Market and Sales
The total sales of cotton
week at New York
For
the
on
a
same
at
day during the
following statement.
we
Aug. 1
285,032
18,433
400,000
76,336
5,876
125,000
.291,152
*7,742
703,465
*31,912
207.212
*12,474
Came into sight during weekTotal in sight Aug. 20
.283,410
163,405
11,145
375,000
'
549,550
*74.241
194,738
671.553
475,309
Market
Closed
Since
Week
Aug. 1
.
SALES
-1936-
Since
Week
glance how the market for spot and futures
Closed
1937
21,
Receipts at ports to Aug. 20
149,210
Net overland to Aug. 20
6.942
Southern consumption to Aug. 20-135,000
also add columns
Futures
—
Sight and Spinners'
Takings
days.
Spot Market
Saturday
Monday
Tuesday
Wednesday.
Thursday
Friday
Aug.
-1937-
In
the spot each
on
the reader,
of
Chronicle
New York
indicated in the
are
convenience
which show at
closed
1
.
_
1284
Steady, 1 pt. dec—
Quiet, 12 pts. dec
Steady, 1 pt. dec
Quiet, 16 pts. dec...
Quiet, 23 pts. dec...
Quiet, 9 pts. dec
Contr'cl
Spot
Barely steady.
Steady
Steady
Steady
Barely steady.
Steady
Total
*
300
.
North, spinn's' takings to Aug. 20
300
Decrease.
Movement into
"230
"230
Total week.
530
1,930
sight in previous
Bales
1935—Aug. 23
1934—Aug. 24
1933—Aug. 25
1,930
56,625
years:
Since Aug. 1—
177,056
150,204
254,992
Bales
1935
1934
1933
.472,448
.461,167
-744.197
530
Since Aug. 1
25,786
>
Week—
.
53,354
19,591
The Visible
cable and
as
afloat
figures
telegraph, is
follows.
as
this week's returns,
are
are
Supply of Cotton tonight, as made up by
Foreign stocks
brought down to Thursday evening.
the total show the
complete figures for tonight
add the item of exports
well
as
and consequently all foreign
the
At
Interior
(Friday)
Movement to Aug. 20,
we
Towns
1937
639,000
113,000
Stock at Rotterdam
Stock at Barcelona
Stock at Genoa
Stock at Venice and Mestre
Stock at Trieste
Total Continental stocks
890,000
89,000
737,000
150,000
124,000
62,000
55,000
11,000
7,000
526,000
182,000
71,000
18,000
v47,000
56,000
10,000
9,000
979,000
399,000
155,000
27,000
51,000
50,000
10,000
11,000
289,000
Stock at Havre
1935
472,000
54,000
19,000
8,000
6,000
Stock at Bremen
1936
656,000
81,000
752,000
108,000
137,000
11,000
Manchester
Total Great Britain
418,000
393,000
703,000
9,000
1934
European stocks—
1,041,000 1,155,000
919,000 1,682,000
India cotton afloat for Europe—
63,000
85,000
49,000
52,000
American cotton afloat for Europe
135,000
91,000
131,000
108,000
211,000
169,000
178,000
Egypt, Brazil,&c.,afl't for Europe 175,000
Stock in Alexandria, Egypt
74,000
90,000
75,000
179,000
Stock in Bombay, India
766,000
765,000
571,000
915,000
Stock in U. S. ports
1,224,576 1,199,423 1,112,402 2,372,901
Stock in U. S. interior towns
788,408 1,132,176 1,094,124 1,104,626
U. S. exports today
8,141
8,497
5,493
2,621
Eufaula...
follows:
as
baies_
Liverpool stock
Manchester stock
218,000
292,000
219,000
141,000
33,000
19,000
41.000
70,000
97,000
105,000
345,000
97,000
79,000
50,000
125,000
18,000
65,000
71,000
98,000
135,000
91,000
131,000
108,000
1,224,576 1,199,423 1,112,402 2,372,901
788,408 1,132,176 1,094,124 1,104,626
8,141
2,621
8,497
5,493
40,000
Bremen stock
Havre stock
Other Continental stock.
American afioat for
Europe
U. S. port stock...
U. S. interior stock
20
706
Receipts
664
13,787
5,649
24,196
15,121
33,054
Ship¬
Stock
ments
Week
Aug.
Season
331
Week
405
21
575
30,664
9,542
49,284
52,650
60,559
69
69
39
Montgomery.
584
637
553
Selma
492
531
786
2
107
43
90
4.042
6
11
"225
10
3,850
7,453
31,370
641
1,597
1,296
5,105
10,050
Ark, Blytheville
Forest City.
27
107
8
497
572
407
464
581
86
7
110
"l6
1,024
1,021
"""l93
547
2,363
Helena
Hope
Jonesboro
Little Rock..
Newport
21
"""366
313
"234
""414
333
12
65
280
757
2,255
4.091
1,299
3,079
1,500
1,944
Pine Bluff...
Walnut Ridge
1
5,222
4,975
16,279
9,389
39.286
615' 10,572
1,222 26,925
403
"260
638
124
10,463
261
473
Athens
295
9
36
3,275
15,543
18.598
1,198
1,465
4,840
5,517
1,600
2,665
30
Atlanta.
Augusta
Columbus
500
.
Macon
300
9,506
11,578
10,285
81,847
65,558
33,100
301
17,903
750
Ga., Albany
16,507
13
38
1,813
1,904
178
2,448
3,052
678
692
1,055
12,211
200
2,027
"~50 20,600
7,751
1,445
1,604
353
6,120
6,635
300
3,212
77,142
85.287
33,300
25,749
19,972
200
360
458
La., Shreveport
"594
"""752
Miss.Clarksdale
72
155
2
109
515
636
113
943
260
288
209
Natchez.....
6
6
715
86
188
Vlcksburg
Yazoo City..
Mo., St. Louis.
N. C.,Gr'nsboro
2
2
826
"~35
54
148
1,639
70
71
10
1,354
299
323
65
989
1,048
3,309
1,055
1,737
4,240
10,899
4,308
1,662
12
68
231
2,474
270
851
200
2,265
23
53,412
55,596
6,777 225,170
2,704
8,529
12,902
34,749
Rome..
Columbus
Greenwood
.
.
Jackson
4,275,125 4,701,096 4,162,019 6,594,148
Of the above, totals of American and other descriptions are
A.7YlCT'iCCL7l—
68
Ala., Birming'm
Aug.
Week
Season
Stocks
ments
Total
Total visible supply
the
Movement to Aug. 21, 1936
1937
Ships-
Receipts
Week
Stock at
is,
detail below:
from the United States, for Friday
bales
movement—that
To make
only.
August 20—
Stock at Liverpool
the
Towns
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
~
170
229
3,566
466
753
~208
15.565
Oklahoma—
15 towns *
42
79
1,414
3,128
S. C.,Greenville
Tenn., Memphis
Texas, Abllene.
2,630
10,692
142
3,330
7
8
288
419 79,601
2,547i 37,061
20,292 334,074
34
34
Total American
Bremen stock
Havre stock
Other Continental stock
Indian afloat for Europe
Egypt, Brazil, &c., afloat
Stock in Alexandria, Egypt
Stock in Bombay, India
Total East India, &c
Total American
437,000
48,000
54,000
45,000
78,000
49,000
211,000
90,000
765,000
331,000
35,000
77,000
21,000
69,000
85,000
169,000
75,000
571,000
598,000
48,000
54,000
30,000
51,000
52,000
178,000
719,000
915,000
1,676,000 1,777,000 1,433,000 2,105,000
2,599,125 2,924,096 2,729,019 4,489,148
Total visible supply
4,275,125 4,701,096 4,162,019
Middling uplands, Liverpool
5.78d.
6.74d.
6.33d.
Middling uplands, New York
10.08c.
12.03c.
11.10c.
Egypt, good Sakel, Liverpool
9.lid.
10.64d.
8.44d.
Broach, fine, Liverpool
5.08d.
5.44d.
5.31d.
Peruvian Tanguis, g'd fair, L'pool
6.98d.
7.54d.
C.P.Oomra No.l staple.s'fine.Liv
5.lid.
5.54d.
6,594,148
9.37d.
5.49d.
imports for past week have been 53,000 bales.
figures for 1937 show
141,796
of
bales,
113,106
a
loss
bales
decrease from
a
76
39
41
""30
336
368
201
2,244
194
603
63
2,009
3,748
4,536
Paris
564
of 425,971 from
1935,
over
and
1936,
an
159
801
39
141
9,819
2,962
2",250
5,851
4,158
5,230
1~389
1,327
664
1,749
419
600
172
577
2
3
2
5,332
2,507
Texarkana
Total, 56 towns
?
2,0S9
51
52
96
749
225
430
58
44,678
18,174
25.916 788,408
35,941
87,032
The
above
decreased
totals
during
show
that
the week
the
7,742
interior
bales
the
Quotations for Middling Cotton at Other Markets—
are
the closing quotations for middling cotton at
Southern and other principal cotton markets for each day
Below
of the week:
1
.
Closing Quotations for Middling Cotton
Overland Movement for the Week and Since Aug. 1—
telegraphic
The results for the week and since
Saturday Monday
Tuesday
10.39
_
10.22
Wed'day Thursday
10.22
10.06
10.56
10.44
10.45
10.06
1936
Since
1,737
Aug. 1
4,116
2,720
Since
Week
9.90
775
-
Via Louisville—
80
4,308
1,180
11,115
4,220
418
399
..
..
178.
Savannah
10.70
10.56
10.40
10.17
10.09
Norfolk
10.75
10.60
10.60
10.45
10.25
Montgomery
10.25
10.10
10.10
9.95
10.10
9.62
10.50
9.65
10.27
10.55
10.40
10.40
10.25
10.00
9.95
Houston
Little Rock..
Dallas
10.35
10.20
10.20
10.05
9.85
9.75
10.15
10.35
10.35
10.20
9.95
9.90
10.10
9.87
9.84
9.67
9.44
Fort Worth
10.10
9.87
9.84
9.67
9.44
9.34
9.34
Augusta
Memphis.
11.20
_
_
10.67
10.66
-
.
10.18
3,729
3,000
10,692
9,948
3,380
3,645
1,062
10,873
8,088
9,321
27,654
12,979
2,032
closing quotations
leading contracts in the New Orleans cotton market for
the past week have been
35,776
569
New Orleans Contract Market—The
for
as
follows:
Monday
Tuesday
Aug. 14
Aug. 16
Aug. 17
Wednesday
Aug. 18
Thursday
Friday
Aug. 19
Aug. 20
10.12
9.88-
Deduct Shipments—
-
9.74
9.99
9.68
10.07
10.57
Saturday
-
Friday
Aug. 1
67
.-
Via Rock Island.
9.83
10.03
9.97
10.27
10.19
_
follows:
on
Week Ended
of
We give below a statement showing the overland movement
for the week and since Aug. 1, as made up from
1937
have
are
week last year.
same
Orleans
Mobile
Week
stocks
and
tonight
343,768 bales less than at the same period last year.
The
receipts of all the towns have been 17,767 bales less than
Galveston.
Aug. 20—
Shipped—
48,4151132176
* Includes the combined totals of 15 towns In Oklahoma.
New
years are as
3,073
286
..
Waco
Aug. 20
decrease
a
155
3,690
San Antonio.
last
2.319,023 bales from 1934.
reports Friday night.
Aug. 1 in the last two
76
1,607
7.12d.
Continental
of
674
35S
13.50c.
The
increase
196
762
Robstown....
421,000
73,000
39,000
40,000
25,000
63,000
175.000
74,000
766,000
Manchester stock
week
975
""745
657
Austin
2,599,125 2,924,096 2,729,019 4,489,148
East Indian, Brazil, &c.—
Liverpool stock
above
172
"541
Brennam
Dallas
U. S. exports today
380
1,721
178
575
235
786
1,632
6,614
6,488
22,124
Aug. (1937)
September
October
10.41
..
10.28-10.29 10.30
9.89
9.83-
9.86
9.96-
9.98
November
Total to be deducted.
-
2.379
9,221
7,103
24,631
6,942
18,433
5,876
11,145
December- 10.49-10.50 10.33-10.34 10.32
10.15-10.16 10.00
Jan..^ (38) 10.54
Leaving total net overland *
-
10.21
February
Including movement by rail to Canada.
The
foregoing shows the week's
this year has been 6,942 bales,
the week last year, and that for
aggregate net overland exhibits an
of 7,288 bales.
10.05
10.37
10.37
10.44
10.43-10.44 1028&1028G 10.09
10.01
_
March
*
10.62
10.08-10.09
April
net overland movement
against 5,876 bales for
the season to date the
increase
over
a
year ago
May...
10.64
10.49
10.49
10.36
10.21
10.18& .19a
10.66
10.51
10.51
10.39
10.24
10,22
June
July
—
Tone—
Spot
Steady,
Options... Barely stdy
b Bid,
_•
a
Asked.
Steady.
Steady.
Steady.
Steady.
Steady.
Steady.
Steady.
Steady.
Steady.
Steady.
Volume
First
Bale
Florida
of
Sea
Cotton—The first
Island
reported
Aug. 17 in the Florida Times Union as follows:
bale of 1937 Sea Island cotton sold in Florida
under date of
was
W. O. O'Hara, supervisor of Rural Rehabilitation at Brooksville, said
the first bale of Sea Island cotton sold in Florida this year brought 32 cents
a
further details
by T. A. Word and weighed 450 pounds.
Agents
he said. The staple
was reported to be 1H inches.
O'Hara said the seed was worth $2 a bushel for planting.
Word has two
more bales picicea, he aaaea.
>re oaies picked, ne added.
was
valent 500-pound bales.
I—COTTON
Approximately 20,000 acres were planted to the long-staple cotton
Florida
jrlda
this year.
Sea Island was a staple crop in the State prior to
in
the
the crop and
GINNED,
DESTROYED
grown
IN
Linters
1937
are
not included.
EXPORTED,
IMPORTED,
STATES
UNITED
THE
ENDED JULY 31,
for the E. A. Shaw Company of Boston purchased it,
World War, when boll weevils caused it to be abandoned.
The Federal Government is assisting in rehabilitation of
O'Hara predicted 50,000 acres would be planted next year
concerning[the supply and the distribution.
The quantities are given in running bales, except that round
bales are counted as half bales and foreign cotton in equi¬
pound on Aug. 17.
The bale
1285
Financial Chronicle
145
FOR
CONSUMED, AND
THE 12 MONTHS
(BALES)
12,243,229
Ginnlngs, from Aug. 1, 1936 to July 31, 1937
Net imports
Net exports....
Consumed
.......
...
.............
7,944,803
Destroyed (baled cotton)
45,000
......
II—STOCKS OF COTTON IN THE UNITED STATES JULY
First
Bale
1937
12, reports the first
Savannah''News" under date of Aug.
bale of 1937 cotton from South Carolina
The first
here
bale of
Cotton
new
afternoon
the
on
crop
Cotton—The
of
as
In
Elsewhere (partially estimated)
cotton from South Carolina was received
12.
It was consigned to the Savannah
and was sold for 14 cents a pound.
The
III—SUPPLY
imports and exports of cotton for the month of July, 1937
and 1936.
Cotton consumed amounted to 583,066 bales of
lint and 74,517 bales of linters, compared with 681,394 bales
of lint and 66,618 bales of linters in June, 1937, and 607,056
bales of lint and 70,962 bales of linters in July, 1936.
It
will be seen that there is a decrease in July, 1937, when
total lint and linters
The following is the
AND
COTTON CONSUMED, ON HAND, IMPORTED
AND EXPORTED, AND ACTIVE COTTON SPINDLES
REPORT
JULY
500-pound balesj
31,
1937
(BALES)
-
■
hand Aug. 1, 1936, total
on
5,409,389
...
In consuming establishments
896,724
*.
In public storages and at compresses
Elsewhere (partially estimated) a
Imports (total less 5,643 re-exports,
Ginnlngs during 12 months, total
3,937,665
575,000
year
ended June 30)
Spinales
In Con¬
12
Months
Year
17,900,009
Aggregate supply
Distribution—
Destroyed (baled cotton)
Stocks on hand July 31, 1937, total...
In
5,432,668
ended June)
Net exports (total less 7,376 re-Imports, year
Consumed
7,944,803
45,000
4,497,605
......
1
...
1,289,707
consuming establishments
In public storages
2,807,798
and at compresses
suming
Storage
July 31
United States
-{
Cotton-growing States..
-I
1937
(Number)
(bales)
24,391,782
23,251,764
1,010,488 2,725,560 17,751,056
706,506 3,893,720 17.147,788
80,790 1,070,946
73,892 5,907,954
224,970
152,718
SI,408
3S,079 5,394,700
831,573
732,772
54,249
17,529
251,552
8,346
709,276
18,068
183,786
37,500
5,866
1937
31,918
6,149
66,982
25,628
1937
12,354
7,668
102,566
35,313
1936
64,339
16,067
1937
960
20,837
1936
Amer.-Egyptlan cotton.
76,829
1936
Other foreign cotton
5,906
1,755
21,376
4,290
6,891
Includes
cotton
for
export
on
Note—Foreign
in
above
items
are
179,395 bales
consumed;
STATISTICS FOR LINTERS
SUPPLY AND DISTRIBUTION
(Not included in cotton statistics above)
Stocks of linters Aug.
12
months ended July
1936, were 266,517 running bales; production during
1937, 1,131,295; Imports 50,000 (partially estimated);
1,
31,
consumption. 817,302; destroyed, 1,000; and stocks July 31, 1937,
373.7461
Weather Reports by Telegraph—Reports to us by tele¬
graph this evening indicate that in most parts of the cotton
belt bolls are rapidly maturing and a great deal of cotton
is now being gathered.
Dry weather in the eastern half
of the belt and in much of the southwest and showers over
the
12,899
16,126
20,776
15,140
included
cottons
72,961 on hand Aug. 1, 1936, and 100,906 on hand July 31, 1937.
exports, 270,400;
Included Above—
Egyptian cotton
19,967
shipboard but not cleared; cotton coastwise;
cotton in transit to ports, interior towns, and mills; cotton on farms, &c.
b Due
a
July
1936 507,580 5,335,801
1936
17,919,976
Excess of distribution over supply b
During
1937 484,747 6,622,305
1936
States...
presses
(bales)
1937 583,066 7,944,803 1,289,707 2,807,798
1936 607,056 6,351,160
896,724 3,937,665
1937
England States...
ments
(bales)
(.bales)
400,000
Aggregate distribution
Active
Public
Establish¬ & at Com¬
Ended
July
In
247,391
12,243,229
...
12,100,246
142,983
Crop of 1936 after July 31, 1936
Crop of 1937 to Aug. 1, 1937
principally to the inclusion in all distribution items of the "city crop," which con¬
pickings from cotton damaged by fire and weather.
Cotton
July 31
During—
other
STATES FOR THE
sists of rebaled samples and
Cotton on Hand
Cotton Consumed
All
Stocks
OF
[Cotton In running bales, counting round as half bales, except foreign, which is in
New
5,409,389
AND
FOREIGN
12 MONTHS ENDED
DOMESTIC
OF
DISTRIBUTION
Elsewhere (partially estimated) a
statement:
JULY
...
COTTON IN THE UNITED
Supply—
Cotton Consumed and on Hand,
&c., in July1—Under date of Aug. 14, 1937, the Census
Bureau issued its report showing cotton consumed in the
United States, cotton on hand, active cotton spindles and
on
year in the
combined of 20,445 bales, or 3.05%.
a
Total
Factorage Company,
by G. L. Webb, of Ridgeland.
compared with the previous
......
....
896,724
3,937,665
575,000
4,497,505
In public storages and at compresses
follows:
of Aug.
Report
1936
1937
1,289,707
2,807,798
400,000
consuming establishments..
cotton was grown
Census
31, 1936, AND
(BALES)
1937
,
Carolina's
South
247,391
5,432,668
northwest,
desired.
ditions
described as furnishing just the con¬
Favorable weather prevails in the entire
are
belt.
cotton
Raili
1,104
Rainfall
Inches
Days
-Thermometer
74,517
1936
70,962
12 Mos. End.
\
1936
72
85
0.52
100
86
1.18
2
0.50
102
94
72
74
2
1937
98
1.66
98
1
0.26
0.14
3
*
July
84
1.22
2
35,161
Imports of Foreign Cotton (500-lb. Bales)
Country of Production
68
1
Amarillo
56,424
236,479
181,356
817,302
734,204
79
100
2
1937
Low
91
July 31
1936
1937
2.02
0.02
3
Texas—Galveston.
Not Included Above—
Linters
High
2
69
Dallas.
Mean
85
88
82
100
70
78
72
96
68
82
88
86
107
107
6,033
Peru
65.602
75,268
1,741
51,437
1,549
1,125
25,914
Henrietta—..
dry
112
74
Kerville
4,741
3,024
Egypt
dry
dry
100
68
84
100
70
85
88
Lampasas
93
20,305
18,960
Total
74
98
98
70
70
57,655
3
2.16
102
1,134
1
0.08
98
Taylor
1
0.38
72
Weather ford
2
0.12
102
102
70
86
2
0.11
100
70
85
3
0.80
96
70
83
3
0.43
96
70
83
0.22
96
70
83
1
0.22
97
69
83
3
2.15
94
69
0.15
97
67
87
82
0.60
92
76
83
0.32
99
0.12
98
72
69
86
1
2
299
102
0.44
4
7,919
All other
13*609
0.68
0.02
3
T.907
British India.
1
1
1.16
94
68
81
3
0.12
94
4
0.38
93
70
71
82
82
2
1.18
94
82
2
92
92
70
81
6
0.60
087
4.72
70
72
90
72
2
0.03
88
74
81
5
3.30
1.23
0.12
92
70
81
91
72
82
94
3,387
27,391
79,115
18,082
Mexico
2
2
...
China
154,817
253,034
imported during 11 months ended June 30, 1937, amounted to 45,182
equivalent 500-pound bales.
Linters
Exports of Domestic Cotton Excluding Linters
(Running Bales—See Note for Linters)
Luling
Nacogdoches.
Oklahoma—Oklahoma CityArkansas—Eldorado
Fort Smith
Pine Bluff-..
Country to Which Exported
12 Mos. End.
July
1936
1937
1937
July 31
1936
24,336
France
60,213
1,144,362
12,746
6,139
655,248
680,927
397,636
379,896
24,879
649,697
2,220
1,750
20,367
15,870
279
765,485
207,114
157.236
559.237
10,603
23,136
Italy
Germany
Spain
Belgium
~~1~,698
_
11,377
28,000
Other Europe
153,959
508,393
300
1,550,499
13,957
18*214
9,694
306,640
4,340
Japan
2,084
59,374
China
Canada
Mississippi—Greenwood.
1,409,547
2,608
United Kingdom
1
1,479,167
36,452
248,288
49,217
Alabama-
•
2
Florida-
3
Georgia-
2
70
74
84
84
86
86
87
84
82
81
124,312
Total
156,262
5,440,044
5,972,566
24,363 bales during July in
1937 and 19,331 bales in 1936; 270,400 bales for the 12 months ended July 31 in 1937
and 240,708 bales In 1936.
The distribution for July 1937 follows:
United King¬
dom, 7,296; Netherlands, 1,751; Belgium, 70; France, 4,214; Germany, 5,156;
Italy, 80; Canada, 669; Japan, 5127.
Note.—Linters
exported, not Included above,
were
WORLD STATISTICS
exclusivo of linters, grown in 1936,
as
compiled from various sources was 30,386,000 bales, counting American in
running bales and foreign in bales of 478 pounds lint, while the consumption of cotton
(exclusive of linters in the United States) for the year ended July 31, 1936, was
27,631,000 bales.
The total number of spinning cotton spindles, both active and
idle, Is about 152,000,000.
The world's production of commercial cotton,
Supply and
Cotton
in
the
Distribution
United
of
Domestic and Foreign
States, Season of
1936-37—The
preliminary report for the serveral items of the supply and
66
80
Augusta
1
0.14
92
66
79
Macon
All other
1
086
90
66
2
0.70
89
72
81
94
65
80
90
64
South
Carolina—Charleston..
2
and
Number II the comparative figures of
July 31, 1936, and 1937; and Number III
distribution;
stocks held
on
0.17
78
3
2.11
92
64
77
78
1
,
North Carolina- -Ashevilie
Charlotte.
0.24
90
62
71
1
0.22
92
66
79
2
1.27
93
64
79
Raleigh.
1
92
62
Weldon.
1
0-10
0.32
95
62
77
79
2
0.20
88
66
77
Tennessee—Memphis.
1
0.02
93
Chattanooga
1
0.08
96
1
0.14
96
70
70
70
83
.
Nashville
.
83
83
been received by tele¬
The following statement has also
graph, showing the height of rivers at the points named at
8 a. m. of the dates given:
Nashville
Shreveport
Vicksburg
Aug. 21. 193&
Feet
1.9
1.6
1.2
Above zero of gauge-
New Orleans
Memphis
Aug. 20, 1937
Feet
♦
distribution of cotton in the United States for the 12 months
ended July 31, 1937, are presented in the following tabular
statements.
Number I shows the principal items of supply
dry
Greenwood
;
Above zero of gaugeAbvoe zero of gauge.
Above zero of gauge.
Above zero of guage.
8.1
9.5
9.0
1.8
2.0
8.5
—2.1
1286
Financial
Receipts
from
Plantations—The following table
the
indicates the actual movement each week from the
planta¬
tions.
The figures do not include overland
receipts
Southern consumption; they are
simply
nor
statement of the
a
weekly movement from the plantations of that part of the
crop which finally reaches the market through the outports.
Week
Stocks at Interior Town
Receipts at Ports
1937
i
Receipts from Plantations
1
Ended
1937
1936
1935
1937
1936
1935
Chronicle
According to the foregoing, Bombay appears to show a
compared with last year in the week's receipts of
4,000 bales.
Exports from all India ports record a decrease
of 10,000 bales during the week, and since Aug. 1 show an
increase of 15,000 bales.
World's Supply and
45,482' 18,627 1.162,62611.651,649 1,328.412
28-
Nil
4,060
25,457
52,4/0, 21,846 1,107,259jl,594.234 1.301.899
Nil
Nil
1,106
Nil
4-
23,761
47,072
82,597
39.972
Nil
7.151
for the last two seasons from all sources from which statistics
obtainable; also
Nil
Nil
Nil
Nil
Nil
Nil
amounts
or
of
out
gone
Nil
Nil
the takings
sight for the like period:
Nil
Nil
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
are
28,231
1937
decrease
May
21-
Aug. 21,
June
11-
23.325
18-
15,944
25-
18,907 1,064,9461,554,313 1,269,564
14,317 1.030,5201,517.033 1,244,820
13,466
998,70511,465.362 1,218,931
8,706
964,3921,424,612 1.201,295
19.653 21,698
July
2-
15,752
9—
17,059
16-
17.371
23..
28,601
30-
55,199
21,952
13,381
16,973
28,419
39,742
9,188
930,9691,384,1541,181,353
Nil
Nil
Nil
13,918
903.027 l,349,502il,161,421
Nil
Nil
Nil
20,715
37,205
873,77211,301,7651,145,008
Nil
Nil
4,302
848,935,1,255,364'1,133,563
3,764
Nil
25,760
46,866
828,147|1,206,417,1,121,546
811,1821,167,40l!l,111,532
34,411
Nil
34,849
39,236
79,061
Nil
6..
68,215
13-
94,093
38,915
52,891
61,492
20- 149,210
76,336
96,074
56,583
796,150ll, 144,6501,097,283
788,4081,132,176 1,094,124141,468
141,468
The above statement shows:
from
the
,
plantations
since
30,140
63,862
47,243
92,915
(1) That the total receipts
Aug. 1, 1937, are 253,120
bales; in 1936
were nil
bales and in 1935 were 54,679
(2) That, although the receipts at the outports the
past week were 149,210 bales, the actual movement from
bales.
plantations
Week
141,468
was
bales,
stock
interior
at
towns
1936
-
Week
Season
Season
4,755,000
4,416,921
supply Aug. 13
Visible supply Aug.
1
American in sight to Aug. 20Bombay receipts to Aug. 19_ _
Other India ship'ts to Aug. 19.
Alexandria receipts to Aug. 18
Other supply to Aug. 18 *&-Visible
46,569
Aug
1937
Cotton Takings,
Week and Season
4,899",258
4,339,022
671,553
32,000
24,000
2,200
_
283,416
16,000
8,000
1,800
5,000
194",738
475,309
73,000
20,000
1,800
Visible supply Aug.
5,084,775
4,985,138
5,492,367
4,275,125
4,275,125
4,701,096
4,701,096
456,006
212,206
243,800
20
16,000
4.731,131
Total supply
Deduct—
20,000
8,000
1.400
6,000
809,650
489,850
319,800
284,042
223,642
60,400
791,271
642,471
148,800
20~a—
Total takings to Aug.
Of which American
Of which other
23,000
Brazil, Smyrna, West Indies, &c.
Aug. 1 the total estimated consumption by
bales in 1937 and 375,000 bales in 1936—takings
not being available—and the aggregate amount taken by Northern and
foreign spinners, 409,650 bales in 1937 and 416,271 bales in 1936, of which
89,850 bales and 267.471 bales American,
b Estimated.
*
Embraces receipts in Europe from
a
This total embraces since
Southern mills, 400,000
having increased 7,742 bales during the week.
Manchester Market—Our report received by cable to¬
night from Manchester states that the market in both yarns
and cloths is steady.
Merchants are not willing to pay
present prices.
We give prices today below and leave those
forgprevious weeks of this and last year for comparison.
^
up
To
To
8% Ebs. Shirt¬
Cotton
ings, Common
MiddVg
to Finest
XJpVds
32s Cap
Twist
d.
d.
8% Lbs. Shirt¬
MiddVg
Upl'ds
to Finest
(1.
s.
£
d.
.
s.
d.
441
Syros, 92
14—Laura C, 30014—Laura C, 300
To Venice—Aug.
To Trieste—Aug.
300
300
Japan—Aug. 14—Volunteer, 850
To
d.
a.
s.
Bremen—Aug. 12—Kerstenmiies, 66
21-
14%@15% 10
14
10
@15
28-
6
@10
9
7.29
6
@10
9
7.36
@10
@10
@10
@10
8
7.06
9
6.92
9
6.95
@10
9
6.87
@10
9
6.98
9
9%@11%
9%@11%
9
1*6©
1*6@
9
9
6.57
4*6
4*6
9
6.64
10
6
11- 13%@14% 10
10
6
10
6
4—
14@15
18- 13% @15
25— 13% @15
6
7.31
9
9
0
3
6.68
9
1*6© 9
1*6 @ 9
4*6
4*6
6.82
To Tallin—Aug.
9
7.00
To
9
1*6®
9
4*6
7.18-
To
9
6
@
9 10*6
9
9%@11%
9%@11%
10% @11%
10%@11%
9
@10
@
9
10
6
16- 13% @ 14 % 10
6
@10
9
6.85
6
@10
9
6.60
10%@11%
11
@12*6
11%@12%
11
@12%
7%
6.12
10% @12
10
13*|@14%
23-
10
30- 12%@14% 10
4%@10
7.18
To
0
7.58
To
@10
2
2
7*6
9 10*6@10
9 10 *6 @10
5
7.47
To
7.33
To
7.10
To
Aug.
Alexandria
ceive
weekly
dria, Egypt.
4% @10
7**
6.20
10% @12
10
4*6@10
7*6
16,563
13—Tabor,50-13—Tabor, 100
13—Tabor, 200-To Malmo—Aug. 13—Tabor, 141 —
To Ghent—Aug. 19—Syros, 1,375
To Havre—Aug. 19—Syros, 4,996— —
To Rotterdam—Aug. 19— Syros, 1,019
7.02
3
@10
6
5.93
4*6@10
7*6
6.92
3
@10
6
10%@11% 10
10%@11% 10
1*6@10
4*6
6.74
10
12%@14
5.78
Shipments—We now re¬
cable of the movements of cotton at Alexan¬
a
The following
the receipts and shipments
are
the
past week and for the corresponding week of the
previous two years:
25
200
To Puerto
To Buena
Colombia—Aug. 13—Velma Lykes, 33
Ventura—Aug. 13—Velma Lykes, 80
Copenhagen—Aug. 14—Uddeholm,
14—U ddeholm .247---
200
50
33
80
-
200
247
827
100
1,360
1,000
-
To Oslo—Aug.
To Bremen—Aug.
This
1
Aug.
9,000
1,300
9,000
Liverpool
To Manchester, &c
3", odd
To Continent & India
This
Since
Week
Exports (Bales)—•
9,000
To America
#00
11,300
3,000
Total exports
Aug.
Week
1
2,000
3,000
5,000
1,000
Liverpool—Aug. 14—West Tacook, 1,723
To Manchester—Aug. 14—West Tacook, 635
NEW ORLEANS—To Habana—Aug. 14—Metapan, 200--
Aug.
8,000
23,000
27,200
Note-^-h. cantar is 99 lbs.
Egyptian bales weigh about 750 lbs.
This statement shows that the receipts for the week ended Aug. 18 were
9,000 cantars and the foreign shipments 3,000 bales.
receipts
and the shipments from all India
India Cotton Movement from All Ports—The
of Indian cotton at Bombay
Liverpool—Aug. 13—West Hobomac, 3,713To Manchester—Aug. 13—West Hobomac, 3,240—
To Havre—Aug. 14——Indiana, 222—
To Dunkirk—Aug. 14—Indiana, 200—
To Bremen—Aug. 14—Chemnitz, 347—
To Ghent—Aug. 14—American Press, 25-----
3,713
have been
as
cabled,
follows:
To Rotterdam—Aug.
1935
1936
1937
NORFOLK—To Rotterdam—Aug.
904
368
23
—
17—Tiradentes, 14
14
To Hamburg—Aug. 20—City of Hamburg, 192- — -JACKSONVILLE—To Bremen—Aug. 14—Llanishen, 67
192
67
-
58,292
Total
*
Freights—Current rates for cotton from New
York, as furnished by Lambert & Barrows, Inc., are as
follows, quotations being in cents per pound:
Cotton
High
Since
Since
Since
233
17—Llanishen,,904
To Hamburg—Aug. 17—Llanishen, 368-To Genoa—Aug. 16—Monbaldo, 23-------—
Aug. 19
Receipts—
3.240
222
200
347
25
330
To Rotterdam—Aug. 14—American Press, 330—
SAVANNAH—To Bremen—Aug. 17—Llanishen, 233
.
ports for the week and for the season from Aug. 1 as
635
200
To
1,800
3,700
20,700
1,000
2,666
1,723
1
5,000
1,000
4,000
6,000
11,000
2,000
11,000
To
Since
This
Since
Week
14—Kerstenmiies, 1,360
14—Kerstenmiies, 1,000
To Hamburg—Aug.
1,000
3,700
7,000
9,000
10,500
Since Aug. 1
for three years,
4,996
1,019
—
To Gdynia—Aug. 14—Uddeholm, 827--—
To Gorhenburg—Aug. 14—Uddeholm, 100
This week
50
100
200
141
— -
-
Antwerp—Aug. 19—Syros, 25To Dunkirk—Aug. 19—Syros, 200——
-HOUSTON—To Havana—Aug. 13—Velma Lykes, 50
Receipts (cantars)—
To
3,524
600
5,422
3,828
100
200
To
1935
1936
13—
To Vasa—Aug.
To
1937
Alexandria, Egypt,
Aug. 18
100
108
----
To Gelfe—Aug.
and
Receipts
267
18—Kerstenmiies, 100--
Hamburg—Aug. (?)—City of Joliet, 108------Gdynia—Aug.
(?)—City of Joliet, l,307-_-Aug.
Tabor, 2,217
Oporto—Aug. (?)—City of Joliet, 600
Genoa—Aug. 16—MonteUo, 5,422.
Japan—Aug. 15—Anubis, 3,828
...
Gothenburg—Aug. 13—Tabor, 100
Abo—Aug. 13—Tabor, 200---
To Uddevalla—Aug.
6..
13— 12%@13% 10
20- 12*g @13% 10
for
—
1,855
July
2— 13%@14%
9„ 13% @14%
850
66
677
12—MonteUo, 677
To Puerto Colombia—Aug. 15—Velma Lykes, 267
CORPUS CHRISTI—To Bremen—Aug. 18—Kerstenmiies, 6,858
4ug. (?)—City of Joliet, 7,850—Aug. 16—Kellerwald,
To Genoa—Aug.
June
103
92
—
To
d.
May-
50
262
Gdynia—Aug.
'
Cotton
ings, Common
Bales
16—Uddeholm, 50
16—Uddeholm, 262
,
Gothenburg—Aug. 16—Uddeholm, 103
Ghent—Aug. 14—Elizabeth Von Belgie, 92
Havre—Aug. 14—Elizabeth Von Belgie, 349-.-Aug. 12—
GALVESTON—To Oslo—Aug.
1936
Twist
made
as
from mail and telegraphic reports, are as follows:
To
32s Cap
The shipments in detail,
reached 58,252 bales.
To
1937
shown on a previous page, the
the United States the past week have
News—As
Shipping
exports of cotton from
Bombay
—
Week
Aug. 1
16,000
32,000
20,00(
Week
Aug. 1
73,000
13,000
Aug. 1
Density
High
Standard
Density
High
Stand-
Stand
Density
ard
ard
38,000
.42c.
.57c.
Trieste
d.45c.
.60o.
Piraeus
.850.
1.00
Manchester .42c.
Week
.57c.
Flume
d.45c.
.600.
Salonlca
.850.
1.00
Liverpool
Antwerp
39*£c.
.54% c. Barcelona
Havre
Since Aug.
For the Week
.36c.
Rotterdam
1
.39% c. .54% o. Shanghai
Genoa
Exports
Great
Conti¬
nent
China
Great
Jap'nJk
Britain
From—
Total
Conti¬
Britain
nent
Japan
Total
d.45c.
.60c.
Bombay x
.53c.
.68c.
Bremen
Stockholm
.52c.
.67o.
Hamburg
*■
Bombay—
1937—
2,000
61,000
55,000
24,000
3,000
10" 000
1935
3,000
1,000
—
3,000
5,000
—
2,000
6,000
1937—
2,000
16,000
—
-
-
-
3,000
6,000
23,000
21,000
14,000
20,000
Total stocks
5,000
34,000
7,000
23,000
35,000
Only small lots,
Forwarded
42,000
x
24,000
19,000
8,000
10,000
1935-
Is open,
4,000
9,000
Other India1936i
Rate
8,000
1936
'
76,000
65,000
42,000
2,000
1,000
13,000
13,000
3,000
1,000
10,000
6,000
11,000
21,000
14,000
1937
L 1936
1935
5,000
2,000
9,000
13,000
lo'ooo
1,000
25,000
61,000
55,000
100,000
85,000
24,000
84,000
*
*
*
.50c.
.37o.
.37c.
Venice
♦
Copenhag'n.52o.
.67c.
*
Naples
d.45c.
.600.
Leghorn
d.45o.
.60c.
.52c.
.670.
,65c.
.53c.
d.45o.
Gothenb'g
.600.
.53o.
d Direct steamer
Liverpool—By cable from Liverpool we have the following statement of the week's imports, stocks, &e., at that port:
Of which American
Total all—
L
Japan
Oslo
&
China
.51c.
*
Total imports
Of which American—
Amount afloat
Of which American
—
—
July 30
62,000
819,000
284,000
Aug. 6
40,000
780,000
277,000
Aug. 13
52,000
764,000
269,000
45,000
Aug. 20
47,000
752,000
258,000
38,000
8,000
116,000
27,000
10,000
117,000
34,000
11,000
30,000
116,000
27,000
3,000
122,000
33,000
Volume
Financial
145
Liverpool market for spots and futures
day of the past week and the daily closing prices of
spot cotton have been as follows:
The tone of the
each
Thursday
Friday
Moderate
More
Moderate
demand.
aemand.
demand
5.96d.
5.93d.
5.78d
Saturday
Monday
Tuesday
Wednesday
Quiet.
Spot
Quiet.
Quiet.
Chronicle
1287
larged arrivals of domestic spring wheat in the Northwest,
more than
triple the quantity of a year ago, and reports
that
European importers are turning to Russia for sup¬
plies, did much to put the market under pressure,
^lany
stop-loss orders to sell were forced into execution by the
decline
Market,
\
\
1
12:15
P. M.
Futures.
(
Market,
(
opened
Market,
[
j
P. M.
pts. stdy.,
decline.
advance.
4
6 pts.
1 pt.
to
Steady,
7 to 10 pts. 3 to
5 pts.
decline.
Argentina.
September wheat led the downturn
Chicago Board, dropping to $1.06%, where it was
off 23c. from the season's high, recorded a little more than
Quiet but
the
on
a
month
ago.
decline.
Steady,
DAILY CLOSING
Quiet but
un¬
16 to 18 pts 12 to 16 pts changed to stdy., 1 pt. stdy., 13 to unch. to 1
14 pts. dec. pt. decline
3 pts. dec.
advance.
decline.
advance.
Prices of futures at
in
crop
Barely stdy
decline.
dec.
Steady,
Steday,
Firm,
Quiet,
Quiet but
Barely stdy
Firm,
11 to 13 pts 9 to 11
[
5.91d.
5.95d.
6.08d.
Mid.Upl'ds
in prices, which
were
adversely influenced also
by suggestions that there is still a chance for a big wheat
Liverpool for each day are given
below:
Sat.
DAILY
-.125%
CLOSING
PRICES
Sat.
m%
May
Fri.
Thurs.
Wed.
Tues.
Mon.
Sat.
to
Close Noon Close Noon Close Noon Close Noon Close Noon Close
Aug. 20
New Contract
October (1937)
December
d.
d.
d.
5.92
—
5.77
d.
d.
5.73
5.76
5.78
5.79
5.93
5.79
-
5.65
5.77
-
.
d.
d.
d.
d.
d.
5.78
5.76
-
-
5.60
5.63
6.64
-_
—
d.
5.64
6.96
5.82
5.81
5.78
5.80
5.83
5.81
5.69
5.67
5.64
5.66
5.99
5.87
5.86
5.83
5.84
5.87
5.85
5.74
5.71
5.68
5.70
—
May___.
6.03
5.91
5.90
5.87
5.88
5.90
5.89
5.78
5.75
5 72
5.74
July
6.06
5.93
5.93
5.90
5.90
5.93
5.91
5.80
5.78
5 75
5.77
October.
6.06
December
6.07
January (1939)..
6.07
March
6.08
May
-
5.93
-
-
5.94
-
5.95
-
5.96
5.91
^
-
-
-
•
.
-
«.
5.92
-
—
5.94
-
5.97
...
•
-
.
-
-
5.79
5.92
5.93
-
-
5.80
-
.
5.95
-
5.96
5.95
..
--
5.78
_.
—
5.79
5.80
5.81
5.94
5.93
-
-
-
„
5.81
5.82
5.83
—
—
5 82
BREADSTUFFS
Friday Night, Aug. 20, 1937
Flour—The outstanding feature of the week in the flour
trade
was
the
announcement
by
leading
mills
that
they
$7.40 per barrel, or
precisely $1.30 under the old crop offering still in force the
day before the announcement,
it is stated that the reduc¬
tion was no surprise, and it is explained by the transition
from two years of short durum crops to a year of big
offering
were
new
crop
semolina
at
production, almost 30,000,000 bushels of spring wheat being
of the durum variety, which is in excess of requirements.
Wheat—On the 14th inst.
prices closed %c. to lc. down.
early news was decidedly bearish, and this was reflected
in sagging wheat prices in a thin, narrow trading market
today. Failure of export demand for North American wheat
to expand, was the dominating influence, although there were
other factors, including a more than expected decline in
wheat at Liverpool and less-pessimistic survey of Canadian
wheat production.
Recent estimates indicate North America
will have 240,000,000 bushels of wheat for sale abroad during
the 1937-38 season.
Report that Italy bought a few loads
of domestic hard winter wheat for September shipment, fell
flat as a market influence today.
Loss of 134 to 134c. at
Liverpool, more than due, and declines of more than a cent
in wheat at Winnipeg and Minneapolis, where hedging
pressure is increasing, were market factors.
On the 16th
inst. prices closed 34c. to %e. down.
Reports of rains in the
drought stricken areas of Australia, together with persistent
scantiness of export demand for wheat from North America,
were the influences causing prices to drift lower.
There were
also forecasts of showery weather in dry sections of Argentina.
The action of wheat was in sharp contrast to the action of
corn, which showed substantial upward movements.
On the
17th inst. prices closed 1 to 234c. net higher.
The extreme
advance during the session was 334c. a bushel in Chicago.
The market derived its chief stimulus today from disquieting
crop reports from the Southern Hemisphere and Oriental war
developments.
Argentina and Australia sent word that
wheat crop prospects were being sharply reduced by drought
and suggestions were numerous that North America may be
called upon to furnish breadstuff supplies to Japan and China
alike. One report current was that Japan had commandeered
6,000,000 bushels of wheat.
There was considerable profit
taking in the late session on the Chicago Board of Trade,
which cut down somewhat the early gains.
A bearish item
was the report that in the last few days 1,000,000 bushels of
wheat had been bought to come here from the Southwest.
An authoritative estimate placed the Australian wheat crop
at only 140,000,000 bushels, or 10,000,000 less than last year,
despite larger acreage this year.
On the 18th inst. prices
closed 124c. to 2c. lower.
The factor largely responsible for
the heaviness in today's wheat market, was the slashing of
approximately 100,000,000 bushels from estimated world
import needs compared with last year. With export business
in wheat from North America now practically at a standstill,
lowest prices of the day were reached just before the close.
The
An item that did much to increase bearish sentiment
notice that
account
was
of
piling up of domestic stocks of
wheat, 500,000 to 1,000,000 bushels will be moved to
Montreal from Chicago to make more room there for arrivals.
A leading British wheat trade authority, who made the
newest
estimate of world import requirements, figured
probable shipments from the United States as 136,000,000
and from Canada 64,000,000.
The total amount needed is
placed by him at 496,000,000 bushels, a reduction of 40,000,000 from his latest previous estimate.
on
On the 19th inst. prices closed
values
and
suffered
reached
a
new
2% to 3%c. lower. Wheat
heavy fall today on the Chicago Board,
low levels for the season.
Greatly en¬
-112%
—.114%
v
NEW YORK
IN
Wed.
Tues.
124%
123%
Tues.
Fri.
Thurs.
123
FUTURES
Mon.
120%
CHICAGO
IN
Wed.
117
Fri.
Thurs.
112%
110%
114
111%
112%
113%
112 %
107
109
114%
111
109
When
Made
116
Season's High and
Season's
When Made
September
129%
July 16, 1937 September
December
131%
July
6,1937 December
May
—-122%-July 29, 1937 May
5.62
March
January (1938)
-
Mon.
WHEAT
OF
September
December
Aug. 14
OF WHEAT
PRICES
No. 2 red—
Low
ana
100%
106%
108%
104%
104%
106*1
Aug. 20, 1937
Aug: 20, 1937
Aug. 20, 1937
DAILY CLOSING PRICES OF BONDED WHEAT AT WINNIPEG
Sat.
Mon.
Tues.
Wed.
Thurs. Fri.
October.
129%
125%
December..
May
.127
126%
124
125%
129
126%
127%
126%
123%
124%
124%
120%
122
122%
119
120%
Corn—On the 14th inst. prices closed %e. up to un¬
changed.
Independent strength in corn, with September
leading in a2c. maximum advance, gave way later to reactions
from the early highs.
Good premium for actual corn over
the September price strengthened the market. Traders said
selling of new corn contracts was restrained by talk of a
government loan to" farmers
sections also
Need of rains in
on corn.
factor.
some
On the 16th inst.
prices closed
24c. to 234c. net higher. Serious crop damage reports from
widespread areas in the Southwest, West and Northwest,
were the chief factors
responsible for the substantial rise in
values today. Scorching winds, simultaneous with a dearth of
moisture, were asserted to have done injury of 15 to 40% to
the corn crop in parts of Missouri, Nebraska, Iowa, South
Dakota and Minnesota.
Temperatures in excess of 100
degrees and as high as 110 were noted, setting a new record
for August at various places.
Corn trade specialists said a
further menace to the corn crop, unless there is better than
normal rainfall hereafter, is that a large share of the acreage
is characterized
by shallow rooting and excessive growth.
December and May corn contracts, representing the new
crop, scored the sharpest net gains, 234®. a bushel.
On the
17th inst. prices closed unchanged to ]/&q. lower.
Rains in
Iowa and parts of Nebraska tended to ease apprehension
relative to the likelihood of corn crop damage.
Besides,
showers were predicted for practically all corn belt states
and there were further purchases today of Texas corn to be
shipped to Chicago. On the 18th inst. prices closed %e. off
to %c. up.
Good rains in parts of the corn belt tended to
pull the corn market lower, but the effect was offset by con¬
firmation of crop damage, especially in Kansas and Nebraska.
On
19th
the
Rains and
the
time.
inst.
were
highly
as
a
prices
cooler weather
belt
corn
upon
was
closed 1% to l%c. net lower.
major producing sections of
in
reported, these conditions being looked
for corn crop progress at this
favorable
The extreme weakness
tributed
as
influence in
an
DAILY CLOSING
displayed by wheat also
the decline
OF
PRICES
Sat.
No. 2 yellow
—
DAILY CLOSING PRICES
--122%
OF
May
98%
66%
67%
—
Season's High and
Sept. (new)
116%
Dec. (new)— 86%
May.
74
con¬
corn.
120%
120%
120%
119%
Fri.
116
FUTURES IN CHICAGO
Mon.
Tues.
Wed. Thurs. Fri.
CORN
Sat.
September
December
of
CORN IN NEW YORK
Mon.
Tues.
Wed.
Thurs.
99
68%
69%
98%
67%
69
99%
67%
68%
98
65%
66%
94%
64%
65%
When Made
I
Seanson's Low and When Made
July
9, 1937 [Sept. (new)
89%
July 30, 1937
July
8, 1937[Dec. (new)
64
Aug. 4, 1937
July 29, 19371 May
65%
Aug. 4, 1937
Oats—On the 14th inst.
prices closed unchanged to 34c.
entirely devoid
of feature.
unchanged to
34c. off.
There was very little of noteworthy interest to
this market, trading being very light.
On the 17th inst.
prices closed 34 to 34c. net higher.
A better demand influ¬
enced by the sharp upturn in wheat values, was responsible
for the improvement in oat values today.
On the 18th inst.
prices closed 24c. decline to 34c. advance.
Trading was
light, with fluctuations irregular.
dull trading affair,
On the 16th inst. prices closed
This market
down.
On
the
There
was
19th
an
inst.
was a
prices
closed
DAILY CLOSING PRICES
OF
Sat.
38%
No. 2 white
DAILY
unchanged
CLOSING
PRICES
Sat.
September
May...
OATS
Mon.
38%
OF OATS
December
-
29%
29%
31
IN
May-
%c.
off.
NEW YORK
Tues.
Wed.
39%
Thurs.
41%
41%
Fri.
41%
FUTURES
Mon.
29%
Tues.
29%
IN CHICAGO
Wed.
Thurs. Fri.
29%
29%
29%
29%
31
31%
30%
Season's Low and
When Made
27
47%
Apr.
6,1937 September
41%
July
6.1937 December28%
30%
33%--July 29. 1937 May
Season's High and
September.
December
to
excellent demand for cash oats reported.
29%
29%
30%
Wehn
29%
29
30%
Made
Aug. 4, 1937
Aug. 4, 1937
Aug. 20, 1937
DAILY CLOSING PRICES OF OATS FUTURES IN WINNIPEG
Sat. Mon.
Tues.' Wed.
Thurs. Fri.
October.-.
December
—
—
49%
45%
48%
45
48
44%
46%
43%
46.
43%
45%
43%
Rye—On the 14th inst. prices closed 34c. up to 34c.
Trading was relatively light, with fluctuations
irregular, reflecting evening up operations over the week-end.
On the 16th inst. prices closed 24 to 2£4c. net lower.
The
down.
1288
Financial
decline in this grain was attributed to the weakness in wheat
and also to the extreme weakness of the September delivery,
this latter due
largely to liquidation in anticipation of first
for this option.
On the 17th inst. prices closed
Kc. off to He. up.
Trading was more or less mixed in this
grain, with prices fluctuating within a narrow range.
On the
18th inst. prices closed %c. to lc.net lower.
Hedge selling
was chiefly responsible for the decline in values of rye.
Chronicle
The
Aug. 21, 1937
destination of these exports for the week and since
July 1, 1937, is as below:
notice day
On
19th
the
declines
inst.
prices
registered
were
%
closed
largely
sympathy
Yet
heavy declines in wheat and corn.
lc. lower.
to
in
a
These
with
good demand
the
was
CLOSING
RYE
Sat.
September
-
Season's High and
When
96
May
Made
I
81%
79
79%
84
Since
July 1 to—
Aug. 14
July 1
1937
1937
Barrels
United
Kingdom.
Continent
So. & Cent. Amer.
West Indies.
DAILY CLOSING PRICES
OF
RYE FUTURES
Sat.
October
Mon.
90%
88%
December
Thurs.
80%
78%
79
73%
74%
76
May
Tues.
88%
86%
80
77%
75%
70%
77%
78%
Made
June 14, 1936
Aug. 20, 1937
Aug. 20, 1937
IN
41,620
2,120
13,500
22,500
Thurs.
DAILY CLOSING PRICES OF
87%
85%
BARLEY FUTURES IN
Sat.
Mon.
October
60 %
December
58%
85%
82%
84
81%
Tues.
59%
57%
Wed.
57%
56
WINNIPEG
Thurs. Fri.
56%
55%
55%
54%
55%
54%
Total 1936
143,500
5.85@6 20
4.90@5.40
5.80@6 05
-_6.00@6.25
5 15@5.40
Oats, good
2.50
3.30
Cornflour
Coarse
4.75
Fancy pearl, Nos.2,4&7 6.90@7.25
Corn, New York—
No. 2 yellow, all rail
Philadelphia
116
of the last three years:
Corn
Oats
bush 56 lbs
2,582,000
2,583,000
Galveston
Fort Worth
110,000
1,851,000
132,000
103,000
2,877,000
740,000
235,000
55,000
15,000
35,000
37,000
44,000
1,847,000
12,000
73,000
140,000
4,241,000
1,219,000
488,000
332,000
299,000
98,000
43,000
179,000
Sioux City..
438,000
76,000
4,000
34,000
514,000
2,000
408,000
2,727,000
Buffalo.....
13,000
274,000
122,000
456,000
102,000
217,000
224,000
5,000
127,000
Kansas City.
Tot. wk. 1937
393,000
18,121,000
Same wk. '36.
487,000
Same wk. *35.
343,000
9,112,000
17,291,000
254,000
235,000
Oats
Rye
Barley
Bushels
Bushels
355,000
14,000
227,000
20,000
409,000
31,000
803,000
40,000
58,000
134,000
154,000
1,371,000
482,000
767,000
2,747,000
5,446,000
1,921,000
4,391,000
7,202,000
4,678,000
795,000
40,521,000
42,300,000
4,653,000
14,468,000
13,802,000
2,333,000
1,375,000
21,033,000
1,861,000 11,240,000
1935
1,017,000
56,026,000
4,463,000
14,902,000
1,579,000
4,022,000
receipts of flour and grain at the seaboard ports for
Saturday, Aug. 14, 1937, follow:
Wheat
Corn
bbls 196 lbs bush 60 lbs
Oats
26,000
bush 56 lbs
15,000
9,000
320,000
Rye
300,000
332,000
3,210,000
394:666
32:660
Minneapolis
3,886,000
2,404,000
645,000
256,000
2,462,000
496,000
115,000
187,000
105,000
"
35:666
Boston
18,000
Galveston
"LOOO
33,000
afloat
Total Aug.
Tot. wk. '37
Since Jan. 1*37
Week 1936_
—
Since'Jan.1'36
801,000
176,000
4,000
5,920,000
9,772,000
7,125,000
6.021,000
4,506,000 48,691,000
1,610.000
1,219,000
6.370,000
New
York
1936... 75,824,000
has
98,000 bushels
Argentine corn
3,000
4,294,000
3,034,000
8,978,000
aPhladelphia has
In bond.
313,000 bushels Argentine corn In bond, b Baltimore has 203,000 bushels Argentine
corn in bond,
c Chicago has 163,000 bushels Argentine corn In bond, d Buffalo has
781,000 bushels Argentine corn in bond, In store; 186,000 bushels afloat, and 14,000
bushels Rumanian corn In bond, in store.
Oats—On Lakes, 66,000 bushels; total,
Barley—Duluth, 195,000 bushels; Buffalo,
Note—Bonded grain not included above:
66,000 bushels, against none in
1936.
146,000;
afloat,
Duluth,
136,000;
on
Lakes,
1,442,000; total, 4,761,000
bushels, against 20,503,000 bushels in 1936.
Wheat
Corn
Oats
Rye
Barley
Buehsls
Canadian—
Bushels
Bushels
Bushels
Bushels
Lake, bay, river and sea¬
board
Ft. William & Pt. Arthur
24,000
628,000
171,000
641,000
270,000
7,097,000
4,759,000
608,000
& other
1,450,000
251,000
1,291,000
2,361,000
12,511,000
Total Aug.
14,1937... 24,367,000
Total Aug. 7,1937.— 25,008,000
Total Aug. 15,1936... 49,943,000
American
110,291,000
Canadian
446.000
2,317,000
355,000
3,743,000
1,657,000
2,527,000
2,012,000
1,839,000
9,772,000
2,361,000
1,610,000
446,000
4,294,000
2,527,000
..
..
..
24,367,000
Total Aug. 14,1937—134,658,000
Total Aug. 7,1937.-126,992,000
Total Aug. 15,1936.-125,767,000
ended Aug. 13, and since
shown in the following:
Corn
Wheat
Since
Week
July 1,
July 1,
Aug. 13,
1937
1937
1936
1937
Bushels
Bushels
Bushels
336,000
Oth. countr's
179:666
9,000
536,000
18,318,000
3,640,000
6,023,000
11,115,000
4,936,000
2,936,000
6,443,000!
46,968,00(.
2,518,000
704,000
876,000
Australia
1,473,000
Total
243,000
8,579,000
2,453,000
300,000
210,000
130,000
26,007,000
3,336,000
2,671,000
1,261,000
235,000
9,297,000
2,747,000
131,000
2,891,000
135,000
75,160,000
4,641,000
92,000
2,684,000
3,253,000
Since
Since
July 1,
1937
July 1,
Bushels
Bushels
43,000
1,000
1936
1,000
31,938,000
3,360,000
7,044,000
7,010,000
4,480,000
1,566:666
7,813:666
1,957:666
54,032,000
9,324,000
59,833,000
42,581,000
204,000
2,407,000
4,082,000
7.614,000
49,570,000
36,541,000
200,000
179,000
49,296,000
2,056,000 6,821,000
1,574,000 5,046,000
8,027,000 10,817,000
July 1, 1937, and July 1, 1936, are
India
96:666
5,920,000 11,133,000
7,125,000
8,338,000
4,506,000 52,434,000
Since
Week
Exports
Argentina...
144:606
5,920,000
The world's shipment of wheat and corn, as furnished by
Broomhall to the New York Produce Exchange, for the week
Black Sea
326:666
Churchill
256,000
14,1937...110,291,000
7,1937...101,984,000
Total Aug. 15,
North Amer.
2,000
Halifax
1,000
29,000
4,000
235,000
177,000
5,100,000
290,000
806,000
Total Aug.
*
46,000
Bushels
Barley
1,000
Montreal
323,000
1,220,000
12,000
10,000
22,000
150,000
New Orleans *
75,000
3,736,000
85,000
13,000
2,000
84,000
15,000
.
Baltimore
3,000
2,021,000
1,000
37,000
40,000
187,000
15,000
Milwaukee
Chicago c
bush 32 lbs bush 56 lbs bush 48 lbs
63,000
66,000
189,000
22,000
Philadelphia
44:606
252,000
346,000
293,000
ii'666
13,675,000
Peoria
Aug. 13,
131,000
14,000
118,000
61,000
18,000
17,000
77,000
553,000
1,194,000
208,000
1,978.000
the week ended
New York
5,000
Summary—
61,000
38,000
40,000
1-
Flour
14,000
12,000
118,000
6,074,000
elevator stocks
1936
Receipts at—
1,000
32,000
61,000
1937
Total
70,000
52,000
6,000
32,554,000
8,715,000
1,132,000
7,182,000
Other Canadian
9,052,000
2,099,000
5,658,000
1,038,000
Sinde Aug.
Barley
38,000
1,526,000
44,000
Wichita
in
and
7,059,000
Hutchinson
bush 32 lbs bush 56 lbs bush 48 lbs
~8~,666
327,000
1,193,000
241,000
Peoria
Rye
985,000
356,000
St. Joseph..
stocks
Bushels
1,826,000
61,000
2,418,000
10,275,000
2,290,000
Wichita
Buffalo
Wheat
Omaha
the
160,000; on Lakes, 121,000; Chicago, 5,000; total, 481,000 bushels, against 473,000
in 1936.
Wheat—New York, 1,724,000 bushels; Albany, 805,000; Buffalo, 508,000;
ibis 196 lbs bush 60 lbs
...
comprising
1,351,000
a
New Orleans
41 %
Rye, No. 2,f.o.b. bond N. Y__ 97%
Barley, New York—
47% lbs. malting
71
Chicago, cash
64@84
1,000
623,000
Detroit
All the statements below regarding the movement of grain
—receipts, exports, visible supply, &c.—are prepared by us
from figures collected by the New York Produce Exchange.
First we give the receipts at Western lake and river ports
for the week ended last Saturday and since Aug. 1 for each
St. Louis
69,000
Corn
New York *
Buffalo d
No. 2 white
3,176,000
Bushels
Duluth
Oats, New York—
15,040,000
20,089,000
2,000
130,000
On Lakes
GRAIN
Indianapolis.
17,000
16:666
2,391,000
Bushels
United States—
Omaha
Barley goods—
Wheat, New York—"
No.2r d, c.i.f., domestic.-.117
Manitoba No. l.f.o.b. N.Y._133%
Toledo
69:666
6,000
GRAIN STOCKS
Sioux City
16,000
17:666
50,000
Wheat
Indianapolis
Duluth
9,349,000
5,620,000
seaboard ports Saturday, Aug. 14, were as follows:
St. Louis
Milwaukee..
Bushels
supply of grain,
Kansas City
Rye flour patents
4.95@ 5.20
6.35@6.75 Seminola, bbl., Nos.l-3_ 7.30@
Minneapolis.
Bushels
at principal points of accumulation at lake
Spring patents
Clears, first spring
211,000
1937
Bushels
25:516
617,645
780,331
visible
The
granary
Spring oats, high protein _6.95@7.35
Chicago
1937
*
L9I4
St. Joseph
follows:
were as
FLOUR
Flour
Aug. 14,
1937
1,468,000
909,000
13,000
1,000
53,075
81,654
92,561
Total 1937
Baltimore b
Receipts at—
Since
July 1,
July 1,
Bushels
84,500
Fri.
DAILY CLOSING PRICES OF BARLEY FUTURES IN CHICAGO
Sat. Mon.
Tues.
Wed. Thurs. Fri.
Hard winter patents
Hard winter clears
Week
1937
311,054
WINNIPEG
Wed.
89%
87%
Fri.
September
Soft winter straights
Hard winter straights
Corn
Since
Aug. 14,
Barrels
Boston
Closing quotations
Week
CHICAGO
Season's Low and When
Dec. 29, 19361 September
6, 19371 December
Aug. 10, 19371May
103%
December
IN
Wed.
Tues.
81
78%
80
80%
May
FUTURES
Mon.
83 X
79%
-
September
Week
Other countries.—
OF
PRICES
December
Wheat
and Since
Brit. No. Am. Col.
reported for cash rye.
DAILY
Flour
Exports for Week
36,000
*
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. 14, 1937, are shown in
for the week
the annexed
statement:
Wheat
Exports from—
Corn
Flour
Oats
Rye
Barley
Ended Aug. 18 The
bulletin issued by the
Department of Agriculture, indicating the influence of the
Weather
general
Bushels
New York..
Bushels
158,000
Barrels
Bushels
Bushels
Bushels
112,000
33,654
~3~666
Baltimore
~3~666
New Orleans.
Galveston
Montreal
*17,000
578,000
1,220,000
96,000
179,000
81,654
144,000
96,000
179,000
92,561
19,000
320"666
Churchill
Total week 1937.
144,000
2,000
Halifax
Same week 1936
8,000
35~666
2,391,000
3,176,000
♦Argentine corn.
17,000
32,000
of
the weather
weather for the week ended Aug.
The week
was
18, follows:
characterized by abnormally warm
weather in most sec¬
of the country, generous showers in much of the East and scanty
precipitation in nearly all sections west of the Mississippi River.
Some
heavy rains occurred in southeastern districts.
Chart I shows that for the week, as a whole, nearly normal temperatures
tions
prevailed in most eastern sections, along the west Gulf coast,
northwest, and Pacific coast districts. In the extreme northeast
in the far
the weekly
abnormally high, while a very warm week was
experienced throughout the interior of the country, especially from the
middle and upper Mississippi Valley westward to the Rocky Mountains.
In the central and northern Great Plains the temperatures averaged from
8 degrees to as much as 11 degrees above normal.
oll
Maximum temperatures reached 100 degrees, or higher, m nearly all
sections between the Mississippi River and the Rocky Mountains.
The
highest reported in this area was 108 degrees at Huron, S. Dak., and Val¬
entine, Nebr., on the 16th, and at Oklahoma City, Okla., on thei 11th.
East of the Mississippi River the maxima were mostly in the law 90 s.
Data in the table and supplemental records not published, show that
mean
Albany
Report for the Week
summary
temperatures
were
widespread and mostly fairiy generaous rams
east of the Mississippi River, except in central
locally elsewhere.
occurredrather generally
and southern Illinois, ana
Volume
Financial
145
Between the Mississippi River and Rocky Mountains rainfall was mostly
light, except in a few limited areas, principally in north and northwestern
Iowa and the central counties of Kansas.
West of the Rocky Mountains
there was very little rainfall, except very locally.
►• Widespread showers during the week maintained favorable crop growth
rather generally from Indiana, central Kentucky, and the lower Missis¬
Valley eastward, and the condition of vegetation continues mostly
favorable in these areas, except for some local dryness.
In much of Illinois
and Wisconsin, and rather generally between the Mississippi River and
the Rocky Mountains, however, there is now a general need of moisture,
although showers of the week were helpful in northern Illinois, northern
and parts of western Iowa, southern Minnesota and central Kansas.
In the Great Plains area rainfall has been scanty and temperatures high
for a number of weeks and late crops have suffered decidedly.
Rain is
badly needed practically everywhere from Texas and New Mexico north¬
ward to the Canadian border, the need being especially pronounced for
pastures and corn.
West of the Rocky Mountains conditions continue
mostly favorable, although the lower range needs moisture in the eastern
Great Basin; the range shows improvement in Arizona.
In the Pacific
Northwest the latter part of the week was much cooler, with some frost
damage reported in parts of eastern Washington and Oregon.
sippi
Grains—Threshing winter wheat is now largely confined to
areas, although this work is still in progress in Missouri
Harvesting and threshing advanced rapidly in the Northwest
under generally favorable conditions and with satisfactory results, except
in Montana where some was cut only for seed.
In the spring wheat region
harvesting and threshing are well along with quite variable results, as
yields are reported good to excellent in southern Minnesota and generally
poor to locally very good in South Dakota.
The bulk of oats has been
threshed with satisfactory results quite generally, although m parts of the
Lake region some rust injury was noted.
Rice is good to excellent in Arkan¬
sas, while harvest of the early crop is well advanced in Louisiana; normal de¬
Small
scattered late
and Iowa.
velopment is reported in
California, with the
crop
Corn—In the eastern States and much> f the Ohio Valley showers dur¬
ing the week were helpful to the corn crop and progress continued mostly
satisfactory, except in a few local areas where moisture is insufficient.
In much of Kentucky the crop shows improvement, while good to excellent
progress was reported in nearly all parts of Indiana and Ohio.
While
rain is needed in much of Illinois, progress in that State continues generally
fair to good with much in the roasting-ear stage and unusually well developed
in many localities.
Rain in the extreme north was beneficial, though
further moisture is needed generally there and as well as some other local¬
ities, with firing reported on the higher grounds.
In Missouri possibly two-thirds of the corn crop continues in good con¬
dition, though there is some firing and curling in localities.
In the Great
Plains the crop has suffered decidedly in most places.
In Oklahoma corn
continues fair in the east, but very pooi to poor in the west.
In Kansas
considerable corn in southeastern counties will make a crop, but the western
portion of the State is a failure.
In Nebraska hot, dry weather and desic¬
cating winds have caused rapid deterioration and the condition is now
generally poor, except some small eastern areas; large sections will make
only fodder.
In Minnesota corn is still mostly fair to good, though rain is needed,
with some permanent harm on light soils in the south.
Iowa had good rain
in northern and some western counties, arresting irreparable domage ,but
in several counties hot winds proved very unfavorable; plants are firing
in large areas of the north and west; the earliest fields are denting.
,
,
Cotton—In the Cotton Belt temperatures during the week ranged from
much above normal in the northwest to about normal in the more eastern
There
was
considerable
rainfall
east
of the
Mississippi River
but the western belt continued mostly dry, with only local areas receiving
substantial moisture.
Except for too much rain in
localities,
was mostly favorable for cotton from the Mississippi Valley
eastward, but in the western belt droughty conditions have been intensi¬
fied and good rains are now badly needed rather generally.
In Texas there is general need for rain. Progress and condition of cotton
are mostly good in the south and extreme west,but poor to only fair else¬
where, with shedding and premature opening rather widespread in the
northern half of the State, because of continued hot, dry weather; picking
has become general well into northern sections.
In Oklahoma, progress
continued fair to good in the east, but elsewhere deterioration to poor
advance was reported, with much damage in the extreme south-central
and southwestern portions and heavy shedding in some western counties;
bolls are opening rapidly, with picking begun in the south and east.
In the central States of the belt progress continued mostly satisfactory,
though rather poor to poor in a few sections, especially parts of northern
Arkansas and Mississippi and northwestern Louisiana where rain is needed.
In the eastern belt there was too much rain in some places, with increased
weevil activity noted, though progress was good in most localities.
In
up-State South Carolina bolls are forming freely and much cotton is open
in southern Georgia.
some eastern
the weather
The
Weather
Bureau furnished
the following resume of
conditions in the different {States:
Virginia—Richmond;
Temperatures
about normal; scattered showers
highly beneficial to crops, except tobacco.
Cotton doing nicely.
Corn
growing best in years.
Peanut growth extraordinary.
Tobacco averages
fair to good; harvesting continues.
Southeastern truck favored by heavy
rain and now growing finely.
Peaches being marketed.
Apples good.
North Carolina—Raleigh: Progress of cotton good in Piedmont, but
poor to fair in most of coastal plain account of cloudiness awid frequent
showers; favorable for weevil activity.
Much early tobacco cured; rains
delayed ripening; growth of late good.
Advance of corn, sweet potatoes,
peanuts and hay good to excellent.
South
Carolina—Columbia;
Moderate temperatures; light to heavy
activity, except during sunshiny weather
of last few days.
Cotton setting bolls freely up-State, with opening begun;
picking and some ginning in east and south. Plowing under cover crops,
and planting cabbage and turnips on coast.
Tobacco marketing advanced.
showers.
Favorable for
weevil
More sunshine needed.
Florida—Jacksonville:
Moderate
with showers.
Prog¬
ress of cotton fairly good and condition fair; picking and ginning short
staple;
long staple opening.
Tobacco curing and marketing about completed.
Truck scarce; seed beds good.
Citrus groves excellent, but long bloom
period indicates irregular maturing.
temperatures
Alabama—Montgomery: Showers, mostly moderate to locally heavy,
in northwest and locally elsewhere in north where most needed.
Progress and condition of dot ton very good, except locally in north; open¬
ing very rapidly in south and beginning to open in north; picking general
in south and beginning in north; heavy shedding in some dry sections of
north, but shedding mostly slight.
Corn, potatoes, sweet potatoes, cane,
peanuts and other miscellaneous crops mostly good.
but light
Mississippi—Vicksburg: Picking early planted cotton in south and cen¬
tral and beginning in north with progress rather slow and ginning slow;
frequent showers, locally heavy, were only moderately favorable for check¬
ing weevil activity.
Progress of later-planted corn fair, except locally poor
account previous dryness.
Progress of gardens and pastures mostly good.
Louisiana—New Orleans:
Warm, with scattered light to locally heavy
but needs rain
locally; heavy shedding in some dry localities of northwest; good advance
in picking and ginning; favorable for checking weevil activity.
Harvest
of early rice well advanced; late varieties heading.
Late corn, cane and
other crops generally good.
Condition of cotton good; progress fair to good,
Texas—Houston:
Averaged
south and hot elsewhere.
slightly
warm
on
coast
and
in
extreme
Moderate to heavy rains on upper coast and in
mostly light and scattered elsewhere.
Progress and
generally good in south and extreme west, but only
poor to fair elsewhere; some shedding and premature opening rather wide¬
spread in northern half due to continued hot, dry weather; picking becom¬
ing general well to northward and progressing rapidly in south where much
ginning completed.
Late corn, truck and ranges need rain badly, ex¬
cept in upper coast areas.
adjacent
condition
areas,
state
and
in
but abundant
extreme
moisture
now
needed
over
practically entire
urgently in central and
east, but poor
west.
Progress of cotton fair to good
deteriorated elsewhere, with marked deterioratioh in
or
south-central
and
southwest;
heavy
shedding
in
some
western
counties; opening rapidly in south and
picking fair advance in south and
Progress and condition of corn fair in east, bur very poor
to poor elsewhere.
Pastures very poor and gone in some western areas.
east-central.
Stock water
becoming scarce in some localities.
Arkansas—Little Rock: Progress of cotton good to excellent in east,
south
most
and
some
western
portions due to moderate showers,
but poor
central
in
and northern portions due to
light showers; blooming and
slowing in north and rapidly in south; picking advancing
slowly in some localities; few reports of
opening prematurely, also heavy
shedding' condition fair where too dry, but very good to excellent else¬
setting
bolls
where.
Late
corn poor
to very good.
Rice good to excellent.
Tennessee—^Nashville: Conditions improved somewhat by scattered
showers, but still irregular in central and south.
Average condition of corn
fair; progress fair in east, but poor elsewhere; early
maturing and late silk¬
ing.
Condition of cotton good; progress fair to good
according to amount
4.J?°lsture:
still forming.
Tobacco improved but still irregular;
cutting started.
Hay and truck improved where moisture sufficient.
Kentucky—Louisville: Moderate to heavy showers in east ahd westcentral, but more rain needed in extreme west and some southern loaclities.
Progress and condition of late corn mostly very good and
improving, ex¬
cept in extreme west where deteriorating.
Late tobacco improving in
same
districts; showers and renewed growth delayed cutting of early to¬
bacco.
Pastures much improved in north, but need more rain in south.
THE DRY GOODS TRADE
New York, Friday Night,
Aug. 20, 1937
during the past week continued in its previous
spotty fashion, largely due to seasonal causes, such as
Retail trade
excessive heat and vacation influences.
met
with
somewhat less
a
Promotional events
satisfactory
especially
apparel division, whereas consumer buying of home
furnishings maintained a fairly satisfactory volume.
Sales
of department stores in the
metropolitan area during the
first half of August
according to the usual survey of the
Federal Reserve Bank of New York,
registered a gain of
2.2% over the corresponding period of last year.
For stores
in New York and Brooklyn the increase amounted to
2.3%,
while in Northern New
Jersey the gain was limited to 1.6%.
Trading in the wholesale dry goods markets remained
inactive as merchants preferred to await
price reductions
held imminent in view of the
protracted decline in raw
cotton values.
It is generally expected that,
following these
revisions, a broader buying movement will make its ap¬
response,
in the
it is believed that
accumulated buyers needs
early substantial replenishment purchases.
Business in silk goods expanded
moderately as converters
entered the market to cover
nearby requirements.
Trading
in rayon yarns again felt the effects of labor unrest in the
silk industry.
Requests for deferred deliveries became
more
numerous, with the result that total shipments de¬
clined moderately.
Confidence prevails, however, that as
soon as the strike troubles are
fully eliminated, the market
will regain its previous strength' and
activity, inasmuch as
the statistical position of the
industry as a whole remains
pearance
will
as
necessitate
sound.
Domestic
markets
Cotton
Goods—Trading in the
gray
cloths
started
the period under review at a
moderately
accelerated pace, chiefly under the influence of a mild
rally
in raw cotton prices based on reports that an
agreement
on cotton loans will be reached.
Rumors of contemplated
curtailment
influence.
measures
Later
in
desultory
previous
downward
of the mills also exerted
the
state
movement.
a
steadying
trading relapsed in its
cotton prices resumed their
period,
as
Another
intermittent
moderate
buying spurt occurred during the middle of the week, but
a further sharp decline in raw cotton values
again caused
buyers to withdraw from the market.
While unfilled re¬
quirements of users are believed to have increased sub¬
stantially, it is held likely that large-scale covering purchases
will be deferred until
a
steadier tone is restored to the cotton
Business in fine
market.
goods continued quiet, with sales
limited to occasional lots of staples weaves for spot delivery.
A fair call existed for carded piques.
Closing prices in print
were as follows:
39-inch 80s, 7%c.; 39-inch 72-76s,
7Mc.; 39-inch 68-72s, 6^c.; 38J£-inch 64-60s, 5%c.; 38^inch 60-48s, 4% to 5c.
local losses by winds and bolls rotting in south; still blooming
in middle where picking fair advance and ginning started; moderately fav¬
orable for checking weevil activity in north, but activity favored in south.
showers.
tered
with light to heavy showers in scat¬
cloths
Georgia—Atlanta; Moderate temperature, with frequent showers, fav¬
orable for unmatured corn, vegetables, and minor crops.
Picking cotton
slow advance in south where much now open and considerable damage by
wet weather;
1289
Oklahoma-—Oklahoma City: Hot,
heading in earlier sections.
Plowing for winter wheat is in progress in tne Northeast, while much
has been done in parts of the Ohio Valley, although the soil is too dry for
this work in parts of Illinois.
Good progress was made in preparing the
soil in Kansas, while plowing is well advanced in Nebraska.
sections.
chronicle
areas and
of cotton
Woolen Goods—Trading in men's wear fabrics continued
dull, with backlogs of unfilled orders showing a further
reduction, and with additional reports of curtailment plans
by a number of mills circulating in the market.
Clothing
manufacturers appear to be well covered on their fall re¬
quirements and, in view of the disappointing volume of
sales, little inclination exists to add to previous com¬
mitments.
Activity in tropical worsteds also slowed down
retail
perceptibly, and no general expansion in activities is antici¬
pated until after the end of the vacation season when a
clearer view will be had of the
active
future
Although business in women's
buying.
than
heretofore,
no
reduction
course
of
cosumer
wear
goods
in
unfilled
was
less
orders
as garment manufacturers started to
needs, following the establishment of the
appeared to develop,
cover
new
their
fall
price lists for that season.
Foreign
with little
Dry
Goods—Trading in linens remained dull
being shown either in dress goods and
interest
suitings or in household items. Business in burlap continued
quiet.
actual
While inquiries showed a moderate increase, little
business
was
consummated.
Prices
Domestically lightweights were
at 5.35c.
ruled
slightly
Calcutta market.
quoted at 4.00c., heavies
easier, in line with the lower trend in the
Chronicle
Financial
and
Aug. 21, 1937
City Department
Page
Name
.
309
Specialists in
Hardeman County, Tenn
(2 issues)
805 Hartington, Neb.
Illinois & Missouri Bonds
Havcrstraw, N. Y
806
Haverstraw, N. Y. (2 issues)
307
Healdsburg,
483
Hennepin County, Minn
480 Herington,
WIRE
Hubbard,
1939-1943
20,000
25,000
102.03
1.97
21-6
l34
2%
1940-1043
lb"o"36*
2" 40
1938-1950
f/27,400
7*22,000
100.90
2.64
1939-1952
(111,000
101.09
4
S. D., Towa__
Iowa
1940-1946
7.000
101.44
1942-1943
143,000
1938-1952
30,000
803
Hyde Park, Pa
Ida High School District, La
810
Iowa Co., Wis.
IN
JULY
Ironton, School District, Ohio.._.4
Irvington, N.J—...
644
We
detailed list of the municipal
present herewith our
crowded condition of
given
The review of the month's sales was
of
the
clude
loans
Administration
640 Jefferson County, Idaho
641 Jeffersontown, Ky
This total does not in¬
actually made
grants
or
or
and the number of separate
641
Rate
Name
Page
issues
Maturity
Aitkin, Minn
807 Akron, Ohio
-.6
4)4
--2)4
2)4
-
802
Allen Sch. Twp., Iowa
803
Androscoggin Co., Me. (2 iss.)
641
Ascension Parish S. D
641
Ascension Parish S.
,
.
155 Beverly, Mass..
313 Biglerville S. D., Pa
483 Bound Brook, N. J. (2 iss.)
6
5
3)4
..2)4
4
1)4
2)4
Bozeman, Mont. (3 iss.)
805
Bozeman, Mont.
802 Brazil. Ind
Bridgeport, Conn
Bristol, S. Dak
309
Brockton, Mass
309
100.12
Brunswick, Me
—....
„
20,000
r35,000
H57.000
40,000
-
-
30,000
1938-1954
35,000
100.57
Chambers Co. Rd. Precinct
490
Cody, Wyo
313
308
485
485
486
3)4
3)4
3
308 Converse, Ind
4)4
487 Conyngham Twp. S. D., Pa
4
640 Cook Co. Forest Pres've Dist., 111-4
806
Columbus Co.. N. C
639 Contra
Costa Co., Calif
101
Cowley Co., Kan
310
1.18
2.76
802
Madison School Township, Ind
3
310 Madison County, Miss
3)6-3??
1938-1951
35,000
101.25
2.82
1941-1957
7*75,000
100.11
805 Madison Township, Mo
308 Malta Township High S. D., Ill
1.48
309
2.44
647
1.79
478
Maricopa Co. S. D., No. 44, Ariz.4??
1938-1955
35,000
641
67,000
100.53
2.46
2)?
1)6
1938-1947
1950-1955
Marshall County, Kan
478 Marin County, Calif
1940-1953
7,000
100
4.00
808 Maryville, Tenn.
479 Metamora School District, 111
4
4
De Baea Co. S. D. 20, N.
10,000
100.30
3.69
66,000
106
2.40
1942-1947
t/250.000
100.02
2.74
1953-1967
45,000
143
313
487
issues)
306
Mobile, Ala
Too". 90 "
3T5
648
100.61
3.67
648 Monmouth, Ore
1938-1957
48,000
100.60
2.94
1938-1948
8,000
105.06
640 Mount Auburn, 111..
311 Mountainside, N. J
21,000
12,000
1944-1950
575,000
1942-1957
376,000
1-10 yrs.
50,000
102.39
100.26
55,000
97.50
808
</3,000
Too"""
Too
802
Newcastle, Pa.
New Harmony, Ind
.
New Comerstown, Ohio
New Oxford School District,
1942-1947
7*6,000
488
Newport,
1939-1955
180,000
30,000
210,000
35,000
"3". 20
484
100
4.00
100.16
4.48
804 Northfield, Minn
484 Northfield, N. J
81,000
100.004
1938-1944
18,800
45,000
648
—
24,000
625,000
802
Franklin County,
807
Oskaloosa Ind. S. D., Iowa
101
805
Overton, Neb
Paris, 111
French Ind. School District,
100.14
2.98
28,000
2??
.—4)6
90,000
100
10,000
101.10
660,000
25,000
101.06
•
.
802
r25.000
4.00
40,000
100.53
1.29
161
35,000
100.10
3.16
161
1939-1952
45.000
100.39
1939-1950
6,000
100
4.50
488
11,000
100
5.00
808
...3??-4
-.4)6
644
Glendive,
489
Gorman School District, Texas—
.........5
Granite Sch.
....
Too""""
Too
100
-.4
Hamblen County, Tenn
3)6
2-20 years
296,000
1940-1962
35,000
1945
210,000
1940-1942
30,000
1940
60,000
1938-1949
1942-1973 rl,324,000
21,000
1949-1951
-— —
....
7.000
1938-1957
r27,300
100,000
100
...
—
Reconstruction
Richland Parish R. D. No. 1,
489
Richmond, Va
309
L92
7*613,000
7*25,000
481
308
3". 96
103.13
100.63
472
-
100.21
3,800
25,000
309
-
645
37,500
4)6
649
2.75
100
125,000
4.00
-
805
Gregory County, S. Dak
Grosse lie Township, Mich
100.13
1938-1953
1941-1967
.....
-
5,000
..
482
1.90
19,000
1938-1947
1940
1938-1941
Portsmouth, Ohio..
,—3)?
1943-1951
Portsmouth, Ohio
3)?
1943-1951
Princeton School City, Ind.
3
1938-1952
Providence, R. I
2
1938-1947
Pulaski, Tenn.
——3)6
1938-1952
Queensburg, N. Y
3.20 1938-1955
Quinter, Kan.
4
1947
Railway, N. J
2.70 1938-1944
Rapides Parish S. D„ La. (2 iss.).4)6
1938-1947
14,500
..
Dist., Okla
809 Grays Harbor Co. S. D. No. 46,
Wash
1938-1942
... —
.
Finance
—
100.32
2.47
99.01
102.61
2~31
102.18
2.25
100.88
3.35
100
3.97
101.36
2.63
8,000
Pine
1938-1939
1942-1947
Gates County, N. C
2.50
100.41
803
Tob'.bb"
1939-1951
Gas City, Ind
104.51
(3 iss.)
1938-1941
312
LOO
70,000
157,000
165,000
3-3)?
641
2.32
loo"""
40,000
1942-1947
1943-1956
1938-1947
306
58,000
7,500
4
4
101.03
25,000
6,330
4
.3
2
2.80
__._1)6
Garfield County, Mont
Gardner, Mass
646 Gaston County, N. C
Mont...
17,000
County, Minn
...—
-Pittsburgh, Pa
1.60
311 Pleasant Valley Sch. Dist., N. Y.3
Gallatin Co. High S. D., Mont
805
4.15
1938-1952
1939-1947
808
25,000
1938-1947
1938-1957
483
642
100.34
85,000
——3??
1940-1965
520,000
4??-5
1938-1977
3)? 20-50 years (f5,000,000
Philadelphia School District, Pa..1)6
1938-1967 (12,000,000
16,000
Pike County, Ala
3)6
1938-1945
H57.000
Pike County, Ky
4)6
1943-1964
r5,000
Pinal County High S. D., Ariz—4)6
—
306
4.50
7*14,000
Philadelphia, Pa
1.50
4.00
100
10,000
52,000
Park Ridge, 111.
Perth Amboy, N. J.
162
162
100
600,000
rd60,000
4
805
1938-1960
Kan
(2
......
640
Texas3?f
Franklin County, Ohio
15 years
iss.).3??-4
Orleans Levee Dist., La.
641
270,000
3)6
2
1)6
2)6
2)6
1.97
1939-1943
—3
3
3)6
Orangeburg County, S. C
642
107~31~ 3~37~
6.00
1942-1950
1-10 years
1938-1943
4
--
Too" 47" 2~313
802
4.00
1,500,000
(/18.000
7*116,000
1-20 years
1938-1967
4
649
1940-1944
100
100
100.17
1,500,000
...
Oconto County, Wis
810 Oconto County, Wis
lbb"83"
..
Fairfield School District, 111
1940-1944
485 No. Hempstead S. D. No. 7, N. Y.2)6
809 Nueces County, Texas.... —----3)6
270,000
7*668,000
5.00
10.000
4
Pa...3)6
2
810
1940-1963
100
10,000
75,000
—
I
Too". 31"
Too". 76"
3.58
1938-1947
North Arlington, N. J—
1939-1948
1948-1955
102.40
1,225,000
—
648
1942-1957
2.53
5,000
—
Municipal Univ. of Wichita, Kan.2)6
R.
1.87
102.53
1943-1944
District
3
159 Newbrugh, N. Y. (2 issues)
311 New Castle F. D. No. 1. N. Y
38,000
100.19
7*48,000
1942
487 Murray Co. S. D. No. 1, Okla
640 Nebraska Township, 111...
2,500
Framingham, Mass. (2 issues)
309 Franklin County, Iowa....
641
2.04
30,000
1938-1946
12,500
—4)6
4K
-
312
_
155
488
98". lb"
2~25
1938-1943
11,000
—
No. 90, Minn
1938-1947
Eureka, Calif..
487
-
5,000
Fveletli. Minn
802
100
1938-1947
4.50
lbb""""
...
1939-1947
.......
804 Mower County Ind School
4.00
100
14,800
—
5-20 years
Molalla, Ore
30,000
15,000
Edna, Calif
804
(State of).-
Missouri
d50,000
—
Escanaba, Mich
307
(State of)..
'
-
"yrs"
10-30
2)£
4)?-43?
312 Erie Co., Ohio
156
3.06
805 Missouri
«.
4.44
6
Minnesota (State of)
-
2.93
2.32
100.48
.4
Michigamme Township, Mich
643
-
100,42
101
19,500
-.2
3
3
5
______ — ...
.
310
3.06
'■
7,500
10,000
320,
No.
644
100.01
2\i
4
Edna, Kan
....
D.
7*30,000
—
.'.
Ecorse, Mich
480
_
S.
1938-1950
3
802 East Peoria, 111..
East Stroudsburg, Pa
.
Con.
1939-1953
7*180,000
310
Wash
4.15
rl,500,000
Co., Tenn_.
313
Meridian
1939-1947
.4)4
Dickson City, Pa
East Deer Twp., Pa
800
Too" 03*
1938-1939
1942-1947
3
Dickenson Co., Va.
649 Dyer
639 Merced County, Calif....... ... .5
640 Meeker, Colo
490
1939-1951
3)4
M
312 Dennison, Ohio
308 Des Moines, Ioea (5
639
2.36
75,000
30,000
1931X1948
1938-1947
1939-1957
Iowa. .2)6
Manning School District,
3'4
Dayton, Ohio..
311
— ...
Manhattan, Kan
802 Maple Grove School Dist., Iowa..3
....
4
314 Davenport, Wash
6,500
3)6
2.95
100.01
2.24
101.27
2.69
100 75
3.86
100.07
100.40
12,000
100.06
100.15
107.56
100,000
5.90
5,000,000
30,000
104.13
1,400,000
100,000
1.49
101.27
35,000
__
101.76~
1939-1977
2.20
100.009
4,000
119,000
641
1948-1958
100.14
5,500
1938-1947
19,000
1938-1947
2.90
400,000
45,000
1938-1957
4
3
3
Dannebrog, Neb
—
1957
150,000
35,000
1938-1947
6
of)
1942 1943
—4)4
Texas...5
(State
Maricopa Co. School Distret, Ariz.4)6
639 Maricopa Co. Sch. Dist., Ariz
4)6
1940-1966
649 Cowlitz Co. S. D. 131, Wash....4
802 Crystal Lake, 111
313 Dallas Co. U. S. D. 12
Los Angeles County, Calif..
Louisiana
100
1939-1955
100.05
20,000
3)4-4
2)4
647 Coos Co., Ore
802
*125,000
—
1938-1949
1938-1944
643
480
— .
...2
802 Madison Civil Township, Ind
3
2 08
101.76
Centreville, Md
.
2.89
100.95
193S-1942
100.11
5.00
102.84
dl2,000
4.75
1938-1944
1938-1942
1959-1962
1941-1960
1)6
.
100
r700,000
2.80
100
r100,000
7*87,000
803 Lynnfield, Mass......
313
4
1938-1967
2 \i
Lorain, Ohio
6.00
481
1938-1947
35,000
2.74
1939-1947
100
115,000
—
—
N. J
3.00
1942-1957
9,500
180,000
1,
No.
100
487
.. —
D.
100.06
Buffalo S. IX, Texas
2,Tex_2??
Charlestovrn, Ind
.4
Chattanooga, Tenn_.
4-4)4
Cherokee Ind. S. D., Iowa
2%
Charlotte, N. C
3-3)4
Charlotte, N. C
-.3)4
Cincinnati, Ohio.
1)4
Cleveland, Miss
4
S.
100
4,500
4*65
7*</14,500
1944-1953
2.80
15,000
1-9 years
2.72
205.000
1939-1957
3??-4
167,000
28,900
9,200
100.17
100
200,000
1938-1947
1.652,000
1938-1952
20 years
4.00
School Dist, Texas
Loarain, Ohio
481
100
2,
School District, Texas
486
801
1.99
20,000
3,500
486
2.04
24,000
647
No
1944-1958
25,000
808
S. D.
2.90
809 Liberty
98
2.49
100.07
2-20 years
4
...
.3??-4
803 Lowell, Mass
2%
806 Lynbrook, N. Y. (3 issues).......2)?
4
Buzzard's Bay Wat. Dist., Mass..2)?
California (State of)
..3)4
Calvert Co., Md..........—.—3)4
Camillus, N. Y
3
Camp Hill S. D., Pa
2)4
Casselton, N. Dak
__4
Catawissa, Pa......
..3)4
484
.
En
Brunswick Twp., Mo
481
...
Too" 21"
313
639
—
Lewis & Clark Co.
484 Linwood,
17,500
804
642
-
Larchmont, N. Y
4.00
100
100.07
50,000
1-5 years
2??
Too
101.25
2.57
36,000
194C-1946
2
Mont
lbb""""
4.14
100.22
2)6
«
644
100.86
700,000
80,000
70,000
10 20 yrs.
7*207,000
1938-1953
Mont
-
....
30,000
-
....1)4
»-3
-.2)4
Bertha, Minn
808
100.59
125,000
100,59
1939-1951
Laredo, Texas (3 Issues)
4%
312 Lenoir City. N. C. (2 issues)..4)?-4)6
310 Lewis & Clark Co. S. D. No. 3.
~2~22
IOO.25"
60,000
125,000
1938-1947
Beloit, Wis
311
35,000
10,000
649
1938-1957
—
1938-1947
1938-1957
1938-1953
1940-1947
1939-1947
484 Beach Haven, N. J--.:
b'oo
loo""
...
313 La Porte Ind.
(2 issues)
4,000
2
4
--4)4
2)4
Auburn, Me
808 Batson Ind. S. D., Texas
805
15,000
2.73
2.60
648 Lake Norden, S. Dak
4
308 Lake Co. Sch. Dist. No. 108, I1I..2)6
Basts
2.81
100.07
125,000
Ore
684,000
--
309
310
1939
1940-1962
4
La
D., La_. 4)?-4??
649 Ashland, W. Va
809
Price
100
dlO.OOO
—_
:
—-
808 Knoxvllle, Tenn....4
r$58,000
Ackley Intl. S. D., Iowa
864
478
Amount.
...
647 Klamath Co. U. H.
316.
was
1-12 years
.
School District No. 164,
Wash...
promised to States and municipalities during July.
The
number of municipalities issuing bonds in July was 273
r300.000
1941-1943
3T6
4)i
2??-3
649 King Co.
2.49
25.000
3)?
643 Kansas City, Mo
311 Kensington, N. Y
639 Kern Co., Calif
800 Kern County, Calir..
Relief Administration or Public
Emergency
1.49
100.06
..4)6
805 Jefferson Township, Mo
487 Johnstown, Pa
975
page
The total awards during
7.
stand at $86,854,596,.
Federal
Works
of Aug.
"Chronicle"
the month
on
100.07
46,000
District
No. 3. Mo
at the usual time.
25,000
r/47.500
1958
._
640 Jacksonville, Fla...—
2.70-3
487 Jefferson Co. High School District
No. 1, Ore
25?
columns prevented our publishing
our
Co. Water Impt.
643 Jackson
during the month of July, which the
2" 49
1938-1947
2)6
...
1.83
lbb'io"
1939-1951
1938-1943
...2
......
lbb" 84 ~
50,000
..2)6
Irvington, N. J-
3" 70
40,000
2
S07 Jackson Co. S. D. No. 59, Ore....
bond issues put out
35,000
3-3)6
(2 Issues)
644 Irvington, N. J
SALES
BOND
MUNICIPAL
2.91
2%
Hornick Con.
648
2.53
109.81
2)6
802
Broadway
100.18
46,000
Kan
Hood River County, Ore..
641
ST. LOUIS
2.64
16,000
1938-1956
644
314 N.
DIRECT
CHICAGO
1938-1942
2.60
486
105 W. Adams St.
3.85
101.83
8,000
4
807
STIFEL, NICOLAUS &. CO., Inc.
100.25
16,000
7*27,000
2.40
Calif
2". 98
r8,000
3
311
2.68
100,000
1940 1947
1943-1950
1939-1944
4
...3
Basis
100.12"
820,000
1957
Hardy Ind. School District, Iowa.3
487 Harrison Township, Pa
Price
100.41
1939-1949
5
807 Harney Co, S. D. No. 4, Ore
Amount
Maturity
Rate
Ind...2??
802 Hamilton Civil Township,
488
5,000
3,000,000
98""""
100T5"
100.25
3.24
100.055
1.49
100.34
3.42
100
4.50
100
4.50
Tob'os"
"l~57
100
3.00
r68,000
100.01
3.18
r72,000
100.01
33,000
101.05
4,600
3.18
100
Too
25,000
100.60
3.42
9,000
100.20
600,000
rl9,000
3.18
98
27,700
100.18
2~65
40,000
100.43
4.42
107.41
2.20
—
3,839,150
La..6
—
r48,000
3
1938-1957
Corp
-
-
1,500,000
Volume
Page
Rate
Amount
Maturity
3.20
2.70
Name
1938-1957
1940-1959
806
Rockland, N. Y
311
Rockville Centre, N. Y.
649
478
649
Sacramento County, Calif.
St. Albans, Vt
809
St. Albans, Vt
310
Salem, Mass
639
San Diego County, Calif...
San Diego County, Calif
San Francisco, Calif. (2 Issues) ...4
$15,000
100,000
12,500
15,000
735,000
712,000
45,000
r400,000
36,000
1,357,000
135,000
105,000
65,000
35,000
Royston School District, Texas—
478
801
1938-1955
1954-1960
1951-1953
1938-1942
1-10 years
1940-1957
1937-1963
1938-1957
1938-1957
1-20 years
1946-1950
1938-1949
1939-1942
3%
2%
3
1*4
2%
5
Santa Clara Co. S. D., Calif
Santa Clara Co. S. D., Calif
478
808
2-5
2-2 ^
Seymour, Texas
4A
Slkeston, Mo
3
Sioux City, Iowa.-......---——3
Sioux City, Iowa (2 issues)
2
Siskiyou County, Calif
5
Silverton, Ore........--
483
Skene Cons. S. D., Miss
478
809
...
805
309
309
801
1941-1947
1938-1947
1957-1977
1938-1948
1939-1940
1939-1948
Sonora, Texas.
313
806
Spartanburg County, S. C...
5A
Springfield, Ohio
2A
Stamford, Conn
i
\A
Stanly Co., N. C. (2 issues)...2^-43^
Stillwater, N. Y
3.10
Stillwater Co. S. D. 52, Mont
4
Stillwater Co. S. D. 5, Mont
4
Stratford, Conn
-~2lA
Syracuse, N. Y__
..2.10
480
Tama, Iowa
802
Tampico Twp., III..
642
Tangipahoa Parish S. D. 102, La.
482
Taunton, Mass..
807
645
483
805
479
-
5,500
2,000
105,000
1,500,000
5,500
15,000
125,000
1947
....
1939-1957
1-10 years
—1%
50,000
25,000
55,000
719,500
1938-1942
| 809 Taylor Co. R. D. 7, Texas
2%
645 Teaneck Twp., N. Y. (2 issues).,2%
309 Tonganoxie, Kan.
3A
643 Traverse Co. S. D. 36, Minn
5
645 Trlborough Bridge Auth., N. Y..4
645 Trlborough Bridge Auth., N. Y..4
1938-1945
...
11,000
1938-1948
807 Tulsa, Okla
-
805 Union City, N. J
-
Union City, Ohio
640 Ventura County, Calif.
1939-1948
1938-1948
1-5 years
1-20 years
647
--3
.4
4A
4
Vermilion Parish S. D„ La
309
481
Vermilion Parish S. D., La.
641
Wakeeney, Kan
310
Walden, N. Y
809
1938-1947
Wakefield, Mass. (2 issues)
646
—
Wapato, Wash
650
4
1938-1947
6
Wapello County, Iowa
2A
1949-1952
Warsaw, Ind..__
............4
1938-1947
Washington, Kan
3
1-19 years
Washington, Wis
3
1942-1952
Watersmeet Twp. S. D., Mich...5
.....—
Watertown, N. Y. (2 issues)
.1.70 1938-1947
Waterville, Me
3A
1957
WaurlkaS. D., Okla
3-3A 1940-1949
Westerly, R. I..
— -.2
1943-1947
Westford, Wis
:4
484
West Orange, N.
641
802
641
490
-
804
646
481
807
488
———3A
J
490 West Virginia (State of)
647 Whiteville, N. C
488
Willmar, Minn
802
2^-3^
4
2A
Wilkes-Barre, Pa
804
1937-1941
1938-1962
1940-1950
1943-1957
Wilson County, Kan.
1938-1945
1938-1947
1941-1948
1-10 years
4
2A
2
..3
3
Winnebago County, Wis
490 Wishram S. D. 92, Wash
650
805
Woodsville Fire Dist., N. H
482
Worcester, Mass. (4 issues)...—
-1A
1938-1947
1938-1947
2-22 yrs.
1943-1962
Wyandotte County, Kan
2
809 Yakima Co. S. D. 2, Wash.....-.4
802
...3-5
Total bond sales for July (273 municipalities, covering
316 separate issues)
i
$86,845,596
Yolo Co., Calif
801
d Subject to
k Not
Dealer
2.74
1.40
MERICKA & CO.
WM. J.
2.63
4.97
INCORPORATED
2.82
Union Trait Bldg.
One Wall Street
135 S. La Sail*St
CLEVELAND
NEW YORK
CHICAGO
100.00
101
2.82
100.44
1.90
PUBLIC WORKS ADMINISTRATION
New
101.40
98.60
100.63
3.14
100
2.50
101.06
1.58
fob" of
3.09
100
4.00
100
4.00
100.82
2.38
100.45
2.05
100.58
2.40
Approved for School Construction—The
following is the text of the opening statement regarding the
list of new allotments for school projects throughout the
country, approved by the above Federal agency, as made
available in a press release (No. 3209), on Aug. 18:
Presidential approval of 280 allotments for school construction projects
announced
was
100.12
1.72
100.14
2.70
100.11
2.72
100""
5.66
100.44
2.96
100
2.50
Allotments
today by Public Works Administrator Ickes.
allotments, totaling $18,033,458, launching the fourth construc¬
provide for grants of $17,091,658 and loans of $941,800 for school construction at a total estimated
cost of $37,714,378 in 41 States.
This list represents the first survey of all so-called fire-hazard school
applications. Preference has been given to applications calling for demoli¬
tion of the old school building or buildings.
All applications for replace¬
ment of buildings burned down have been approved.
Two classes of appli¬
cations have not been approved, namely:
(a) Where the primary object of the application is to care for an over¬
crowded conditions, and
(b) Where the fire hazard can and should be corrected by minor altera¬
tions such as protecting pipes, widening exits or narrow stairs, replacing
wooden fire escapes, &c.
In all these cases, it is felt that the primary obligation to meet these
These
tion program of the Public Works Administration,
needs is
on
the school authorities and not on the Federal
The next lists to be examined
102.77
4.00
104.10
2~. 20
101.45
100.76
100.002
106.71
are
Actfof
istrator for the purpose of making loans or grants or
total of $359,000,000.
A portion of this could be used
1.73
100
100.52
The allotments
2.79
4.64
100.10
106.13
Government.
those where there exists a serious hazard
2~88
2.59
102.80
100.58
are
be corrected by small local expenditures.
the first to be made in compliance with the
cannot
Congress signed June 29, 1937, which extended the PWA two more years,
for the purpose of creating permanent and useful public works in order to
continue the program of employing men not only at the site of construction
but also in the factories, mines and forests which furnish and fabricate
the raw materials into the products needed in school construction and the
railroads which transport them.
The PWA since its creation June 16, 1933, has made possible the con¬
struction, alteration or repair of 6,344 school buildings estimated to cost
$550,000,000 through grants totaling $214,000,000. More than one million
and a quarter students were provided for.
Title II of the Public Works Extension Act made available to the Admin¬
100.33
101
to health which
1.699
3.05
loans and grants a
"for school projects
replace, eliminate or ameliorate existing school facilities or condi¬
tions which, in the determination of the Administrator, are hazardous to
life, safety or health of school children.
to
...
.
100.05
100.71
Too
"WE OFFER SUBJECT—
2.32
100.61
$15,000 DELAND Imp. 6% Bonds
3.91
100.58
2.45
100.12
3.97
Due—Jan. 1, 1955
Priae—5.25
100.78
100.30
100.77
1.60
Ba.U"
1.95
Thomas M. Cook & Company
Harvey Building
100.29
Too
100
WEST
PALM
BEACH,
FLORIDA
100.44
News Items
call in and during the earlier years and to mature in the later year.
$52,813,596 temporary loans or funds obtained by States and
Government,
Markets
2.81
including
municipalities from agencies of the Federal
BONDS
MUNICIPAL
3.72
60,600
299,000
127,000
4,041
14,500
5,000
40,000
6,000
20,000
15,000
66,000
6,000
4,500
171,000
20,000
88,000
<745,000
50,000
300,000
50,000
15,000
65,000
10,000
25,000
1,000,000
20,000
400,000
<732,000
9,500
550,000
23,000
58,000
547,000
229,250
[717,000
50,000
1939-1944
1939-1958
r—3
2A
Calif
100.17
100.06
102.46
100.28
101.03
100.29
112.17
100.16
100.007
3.17
2.66
1942-1968 d9,500,000
—4A
307 Tulare County,
Basis
1977 <ZI8,500,000
Ohio-..-......2^
802
Price
100.29
100.36
100
.
1938-1952
1946-1947
1938-1948
_.
Troy, Idaho.....
57,000
17,000
10 years
2XA
3.12
647 Trumbull County,
150,000
<£90,000
250,000
135,000
300,000
1938-1945
1940-1956
2A
^A
649
479
585,000
69,417
5,000
7,308
r5,000
-5A
804 Somerville, Mass
487
1291
Financial Chronicle
145
r Refunding bonds.
Tax Law Upheld—The State's new
upheld recently by the Special Court
Appeals in a 6-to-l decision.
The dissenting judge is
Kentucky—Income
The following items included in our totals for the previous
months should be eliminated from the same.
We give the
number of the issue of our paper in which reasons for
eliminations may be found.
(No such eliminations
July.)
page
these
in
following additional sales for
We have also learned of the
previous months:
Rate
3A
Reaver S. D., Okla
3-3A
Fremont, Mich—--5
Grandview, Wash
1
Name
Page
487 Alex S. D., Okla
312
482
809
-
Maturity
1940-1950
1942-1957
Amount
S11.000
16,000
35,000
5,000
—-
--
163 Kenedy, Texas.
Knox Co., Ind
453
6
S. C._._._
153 Lexington Sch. Twp., Ind.
4J^
313 Laurens Co.,
-
--
154 London, Ky
20,000
12,463
150,000
57,181
8,000
20,000
1938-1947
1-20 yrs.
1939-1961
—
1938-1957
......3
163 Marshall Co., Tenn
...3
154 Otis, Kan.
Pawnee, Okla
161
—
—4
4
3
4
156 Proctorknott, Minn.
153 Savanna Park Dist., 111.
Scott Twp., Pa
648
314 Uniontown, Wash
164 Waukesha Co. S. D.
3,500
35,000
14,900
12,000
25,000
4,500
30,000
1938-1944
1942-1959
1940-1965
1942-1962
10-15 yrs.
1, Wis
308 White Hall, 111
159
Yaphank Fire Dist., N. Y__
483
Yazoo City, Miss..
100
Basis
3.25
100
100
Too
100
6.00
6
.3.30
.3
4,000
1938-1942
1941-1946
6,500
18,000
100.15
2.98
or
RFC
and
DEBENTURES
SOLD
BY
4.00
100
Too
loo"
Too
100
3.30
100
3.00
PWA loans) for that
CANADIAN MUNICIPALITIES IN JULY
810 Fredericton, N. B_.______
650 Greater
B
C
Water
Vancouver
S. (2 iss.)
650 Ingersoll, Ont
810
490
810
810
810
Kapuskasing, Ont.
Moncton, N. B
Nova Scotia (Prov. of)
Nova Scotia (Prov. of)
Ontario (Prov. of)...
810 Ontario (Prov. of)
490
Ottawa, Ont.
490 Ottawa, Ont.
(2 iss.)
490 Ottawa, Ont
810 Port Arthur, Ont. (2
iss.)
Temporary
1938-1962
Price
99.11'
Basis
IZII
055,000
1938-1952
18,500
101.27
10 years
27,000
102.33
15 years
47,000
1952
62,000
96" 57"
3.05
2" 78
1 528,000
1941
1946
710 000,000
1944
that
the
Act
was
constitutional
higher rates on the larger income brackets.
Reject 1% Retail Sales Tax—An Associated
dispatch from Portland on Aug. 16 reported as follows
proposed 1 % retail sales tax by the voters
throughout the State at the election on that date:
the defeat of a
1%
retail sales tax to finance old age assistance and education equalization.
Returns from nearly two-thirds of the State showed opposition had been
registered to the extent of approximately two to one.
The vote in 380 out of 632 precincts in the State showed 25,282 for the
tax and 44,540 against it.
Nearly every large city and town voted heavily against the tax which
has been fought by merchants and leaders of grange and labor organizations.
Some rural areas leaned toward the tax program but the large city vote
overwhelmed that support.
Indicative of the vote in the cities was
one
vote
against the tax.
Bangor's more than three to
Biddeford swamped it, 2,954 to 206 and its twin
city, Saco, likewise opposed it, 1,025 to 248.
Among large towns favoring the tax were Fort Kent in northern Aroo¬
stook County and Dover-Foxcroft in Piscataquis County, the latter by a
two to one vote.
Municipal Finance Conference Scheduled—The thirtyfinance conference will be held in
Sept. 13 to 16, it was announced on Aug. 18 by
the Municipal Finance Officers' Association.
It is expected
that hundreds of delegates from the United States and
Canada will discuss finance problems ranging from municipal
revenues to waterworks accounting.
second annual municipal
Boston from
710 ,000,000
W.
Charles F. Hurley of Massachusetts, and Mayor Frederick
Mansfield, of Boston, will welcome delegates at the opening session
The response will be given by Charles J. Fox, City Audit¬
2.20
623,000
100.30
20 years
67,105
100.30
1-20 yrs.
148,600
100.58
or,
100.30
140,370
in Faneuil Hall.
2.85
5 years
10-15 yrs.
'
considered
Governor
2 549,000
1940
Canadian debentures sold in July
loan; not included in total for month.
Total long-term
*
-3A
Dist.,
4
—-3 A
5
3A
2A
3A
2
2A
2
2A
3
-.4
Amount
.*25,000,000
42,500
.
-
4
490 Hantsport, N.
Maturity
Rate
Name
490 Canada (Dominion of)
have
for the exemption of State banks from the
tax,
which exemption was so unwarranted as to render the entire
Act void in his estimation.
On the application of the tax
to salaries of public officials it was ruled by the Court,
in a 4-to-3 decision, that public officers are subject to the levy.
The said income tax, together with increased taxes on
whiskey, beer and cigarettes, replaced the State's retail
sales tax.
The new income tax is a graduated levy, exacting
Maine voters today rejected in a Statewide referendum a proposed
100
month $126,477,700.
Page
to
except
on
(except as indicated) are for June.
These additional June issues will make the total sales (not
temporary
said
was
Maine—Voters
All of the above sales
including
of
tax law
Press
78,000
New Hartford Con. S. D. Iowa
153
Price
income
$26 308,075
/
Boston, and D. P. Turnbull, President
of the Municipal Finance Of¬
ficers Association, will deliver the opening address.
Addresses will then be heard on municipal revenues, pensions and civil ser¬
3.92
vice in practice, and the purpose and value of municipal audits.
Respective
speakers will be Mark Graves, President the New York State Tax Com¬
mission; Herbert Fallin, Budget Director, Baltimore, and F. H. Elwell,
Director School of Commerce, the University of Wisconsin.
1292
Financial Chronicle
Aug. 21, 1937
New
Hampshire—Income
Tax
Proposal Defeated—A
proposal to levy a 3 % income tax in the State was killed on
Aug. 19 in the House of Representatives, according to an
Associated Press dispatch from Concord
New
York
State—Bond
Issue
Given
on
that date.
First
Position
bond issue and six
on
proposed constitutional amendments will
the official ballot at the Nov. 2 election.
The
proposed bond issue, which
was
adopted by the Legislature
ARIZONA
TOMBSTONE, Ariz.—BONDS VOTED—At
the election held on Aug. 10
145, p. 977—the voters approved the issuance of the $17,000 4% gas
distribution system bonds by a count of 99 to 2,
according to the Town
.Clerk.
Due serially in 15 years, without option of
prior maturity.
We
are informed that this is a Public Works Administration
project but no
funds have been received as yet, therefore the offering date is indefinite.
—V.
the recommendation of Governor
on
Lehman, and must now
be submitted for popular approval, will have the first
po¬
sition.
If approved at the polls the
proceeds of the bonds
will be used to finance the construction of State institutions.
y
1926
to
1930.
It
declared
law which extended
immunity from taxation
for 1926-30 to those persons
holdings for 1932.
the
reason
unconstitutional
a
on
The Court said the law
void "for
that it confers
Pennsylvania—Redisricting Bills Signed-— Realignment of
unevenly divided legislative districts on the basis of the 1930
census, delayed six years in violation of the
Constitution,
was provided in bills
signed recently by Governor Earle.
House
sponsored
by Representative Frank J. Zappala,
Allegheny, will increase the Chambers membership from 208 to 209.
By shifting district boundaries to deprive Philadelphia, Cambria, and
Dauphin counties of one representative each, it will add an
Assembly area
to each of four counties:
Allegheny, Lehigh, Delaware and Luzerne.
The Senatorial Reapportionment
Act, introduced by Senator William B.
Rodgers, also of Allegheny County, shifts boundaries of districts rather
than increasing or decreasing their
number, the Constitution fixing mem¬
bership of the upper branch at 50.
measure,
^
United
States—Instalment Tax Payment Plan
Finding
Acceptance—The following report on the recent trend
toward instalment payments of taxes in the various munici¬
palities throughout the country, is taken from the Aug. 12
issue of "Just A Moment," the official
organ of the Buffalo
Municipal Research Bureau, Inc.:
There is apparent a growing tendency
among the 309 cities of the United
States having 30,000 or more population to increase the
number of dates
on which partial payments of taxes without
penalty may be made.
For
example, the number of cities collecting four times a year increased from
three in 1932 to 53 in 1936.
Of the 309, however, 150 collect twice a
year as does the City of Buffalo.
Of the remainder, 11 collect in three, 53 in
four, 15 in five or more payments.
instances, seven permit 10 and three permit 12 instalments.
1923, of 165 cities reporting, about three-fourths collected once a year
and the remainder semi-annually: none
permitted more.
The theory of multiple payments is a sound one in the
As extreme
In
light of human
psychology.
It is easier for the average individual to hold back $25 of
his income to pay a months rent than to accumulate
$150 or $300 to pay
his rent for six months
are
or
a
year at one time.
Perhaps that is why rents
payable monthly.
The same thing is true of taxes, and these cities
recognizing the fact, in the hope of reducing the amount of tax
delinquency,
v
Los Angeles
•
Teletype: LA 477
SAN FRANCISCO
j
SANTA ANA
CALIFORNIA
ALAMEDA
COUNTY
(P.
O.
Oakland),
Calif.—NILES
SCHOOL
DISTRICT BOND OFFERING—Sealed bids will be received until
10
a.
m.
Aug. 24 by G. E. Wade, County Clerk, for the purchase of an issue of
$100,000 school bonds.
Interest rate is not to exceed
4%, payable F. & A.
Denom. $1,000.
Dated Aug. 15, 1937.
Due $5,000 from Aug. 15, 1938
to 1957 incl.
Principal and interest payable in lawful money.
Rate of
interest to be in multiples of
of 1%, and it shall not be necessary for
on
such rate to be uniform for all of the bonds.
Split rate interest bids will
be accepted.
For the convenience of the Board of
Supervisors,
requested,
are
interest
but not required,
to
cost
the
district
on
bidders
to submit a calculation of the total net
basis of their respective bids, which
the
estimate, however, shall not be conclusive either on the bidder or on the
A $5,000 certified check, payable to the Chairman of the Board
of Supervisors, must accompany the bid.
(This report supersedes the offering notice given in these columns recently
—V. 145, p. 1138.)!
district.
CALIFORNIA (State of)—ALL WARRANTS RETIRED—On
Aug. 17
State Comptroller Harry B. Riley called in for
payment $37,268,920 out¬
standing registered warrants, marking the first time in three years that the
State has had
no warrant debt.
A week before, the
Comptroller's office
$9,169,915 warrants.
The Comptroller said that the State
its obligations at least
temporarily through borrowing
about $5,000,000 from other special funds.
A special news dispatch from Sacramento
reported in part as follows:
had redeemed
was
Wider
BONDS
Los Angeles Stock Exchange
Spring Street
Telephone: VAndike 2201
.
six-year-old
intangibles
was
MUNICIPAL
MEMBERS,
650 So.
who listed in full their taxable
special benefits upon delinquent
taxpayers not enjoyed by non-delinquent taxpayers charged
with the same obligation."
The
CALIFORNIA
Revel Miller & Co.
Ohio—Old Tax Immunity Law Ruled Invalid—The State
Supreme Court recently ruled that the Legislature had no
power
to "forgive" owners of stocks, bonds and other
intangible property who failed to list it for taxation from
are
of $123,750 in school building bonds.
suance
on
Ballot—Edward J. Flynn, Secretary of State, on
Aug. 18
designated the order in which a proposed $40,000,000 State
appear
ALASKA
ANCHORAGE, Alaska—BOND1ELECTION—It is reported, that an
election will be held on ..ug. 26 in order to have the voters
pass on the is¬
able
to
meet
State of California will operate without
issuing registered warrants until
Nov. 15, State Comptroller
Harry B. Riley announced.
Intrafund
borrowings of $5,000,000, authorized by Governor Frank F. Merriam,
will permit general fund and relief
operations to continue without warrant
next
issuance for the first time in two and one-half years.
More than $46,000,000 in outstanding warrants had been
paid off by
Aug. 17, and largest amount expected to be outstanding during the coming
year is $28,000,000.
After August, 1938, no more warrants are expected
to be issued.
Interest requirements during the 1937-1938 fiscal
year are
estimated to be less than $500,000, savings of interest on intrafund
borrowings
between now and Nov. 15, 1937, being estimated at $25,000.
By August,
1938, State is expected to be operating on a cash basis, with a surplus of
about $31,000,000 estimated to accrue by July 30, 1939.
CHOWCHILLA, Calif.—BOND ELECTION—An
on
Sept.
21
to
vote
on
a
election will be held
proposed bond issue of $60,000 for
sewer
im¬
provements.
ESCONDIDO, Calif—BOND ELECTION—A special election is called
for
Sept. 14 at which
a
proposal to issue $48,000 water system improvement
bonds will be voted upon.
HIGHLAND PARK PUBLIC UTILITY DISTRICT (P. O. Highland
Park), Calif.—BONDS VOTED—The inssuance of $25,000 revenue fund¬
ing bonds
was
approved by the voters of the district
at
a
recent
election.
LOS ANGELES COUNTY (P. O. Los
Angeles), Calif.—EL MONTE
SCHOOL BONDS SOLD—The $250,000 school
building bonds of El Monte
Union
Bond Proposals and Negotiations
ALABAMA
JEFFERSON COUNTY (P. O.
Birmingham), Ala.—BOND OFFERING
—It is stated by R. E. Smith, President pro tern of the
County Commission,
that he will sell at public auction on Aug. 24 at 10 a.
m., a $500,000 issue
of coupon court house and jail bonds.
Interest rate is not to exceed 4%,
payable M. & N.
Denom. $1,000.
Dated May 1, 1937.
Due on May 1
as follows:
$45,000, 1952; $55,000, 1953 to 1959, and $70,000 in 1960.
Bidders must bid for all of said bonds and state a
single rate of interest,
and will not be permitted to bid different rates for
portions of said issue.
Prin. and int. payable at the Chemical Bank & Trust
Co., New York.
The bonds will be sold subject to the
approval of Clay, Dillon & Vandewater of New York.
interest
will
be
No bid for less than 95% of par value and accrued
A $10,000 certified check, payable to the
considered.
county, must accompany the bid.
JEFFERSON COUNTY (P. O.
Birmingham), Ala.— WARRANTS
SOLD—It is said that $108,000 school warrants were purchased
recently by
Ward, Sterne «S. Co. of Birmingham.
High School District offered on Aug. 17—V. 145, p. 977—were
a syndicate composed of the William
R. Staats Co., Banks,
Huntley & Co. and Griffith-Wagenseller & Durst, all of Los Angeles, as
3^s, at par plus a premium of $3,155, equal to 101.262, a basis of about
3.11%.
Dated Aug. 1, 1937.
Due on Aug. 1 as follows: $11,000, 1938
to 1942; and $13,000, 1943 to 1957.
A group composed of Blyth & Co.,
Redfield, Royce & Co. and Kaiser & Co. submitted the second high bid,
offering a premium of $1,541 for 3 Ms.
awarded to
LOS
ANGELES
COUNTY
(P.
O.
Los
Angeles), Calif.—SURVEY
MADE ON DISTRICT BOND PAYMENTS—All Los Angeles
County
school and high school district bond issues totaling about $100,000,000, as
well
as all drainage, water and sanitation district
bonds, were up to date in
principal and interest on Aug. 1, according to a survey just completed
by Gatzert Co. of Los Angeles, specialists in municipal and district bonds.
Thirty-five of the 68 Los Angeles County acquisition and improvement
districts (Mattoon Act) were in default of principal or interest or both.
Past-due principal and interest of these districts total $758,802.50.
Of the
26 road improvement districts in Los Angeles County, 12 are in default
of principal or interest or both.
Four of the 36 municipal improvement
both
districts and all five of the acquisition and improvement districts in the
City of Los Angeles were in default of principal and interest on Aug. 1.
Upon request, Gatzert Co. will gladly mail, free of charge, reports on all
district bond issues.
LOS ANGELES COUNTY
(P. O. Los Angeles), Calif.—OFFERING
OF TOPANGA SCHOOL BONDS—L. E.
Lampton, County Clerk, will
receive bids until 2 p. m. Aug. 24 for the purchase at not less than par of
$15,000 school building bonds of Topanga School District.
Bidders are
to name rate
of interest, not to exceed 5%.
Denom. $1,000.
Dated
Aug. 1, 1937.
Principal and semi-annual interest payable at the County
Treasury.
Due $1,000 yearly on Aug. 1 from 1938 to 1952 incl.
Certified
check for 3% of amount of bonds bid for, payable to the Chairman of the
Board of County Supervisors, required.
LOS
ANGELES
COUNTY
(P.
O.
Los Angeles),
Calif.—HUDSON
SCHOOL BONDS DEFEATED—At a recent election the voters of Hudson
School District voted down a proposal to issue $40,000 bonds.
"MADERA
COUNTY (P. O. Madera), Calif.—RIPPERDAM SCHOOL
OFFERED—County Clerk L. W. Cooper will receive bids until
Aug. 31, for the purchase of an issue of $40,000 3Yi% bonds of
Ripperdam School District.
Denom. $1,000.
Certified check for 10%,
BONDS
10
a.
m.
required.
'
MONTEREY COUNTY (P. O. Salinas), Calif.—BOND ELECTION
IN SPRECKELS SCHOOL DISTRICT—An election will be held on Sept. 3
in Spreckels School District for the purpose of voting on a
proposal to
issue $85,000 school building bonds.
NEVADA IRRIGATION DISTRICT
(P. O. Grass Valley), Calif.—
held on Aug. 11
145, p. 639—the voters are stated to have approved the plan for
refunding the district's outstanding debt, a modification of the plan con¬
summated in 1932.
The new plan will lower the interest rate from 4%
to 3% and will defer payment of a large block of coupons until the bonds
mature.
We understand that about 80% of the bondholders had given
their approval of the plan previously.
BOND REFUNDING PLAN APPROVED—AX, the election
—V.
ARKANSAS
GURDON, Ark.—BOND REFUNDING APPROVED—The city council
has approved a plan for refinancing of an $18,000 issue of street improvement
district bonds at a saving of $700 to taxpayers.
The bonds will bear 4%
interest.
'
•
PLACER COUNTY (P. O. Auburn),
SCHOOL
Calif.—OFFERING OF ALPHA
BONDS—A. S. Fleming, County Clerk, will receive bids until
10 A. M. Sept. 8 for the purchase of $5,000 5% bonds of Alpha Elementary
School District.
Dated Sept. 8, 1937.
Cert, check for 10% required.
Volume
Financial Chronicle
145
1293
DELAWARE
CALIFORNIA
l"T SAN
DIEGO COUNTY
IN ESCONDIDO
SCHOOL DISTRICT—The election
Escondido Elementary School District resulted
proposal to issue $130,000 school building bonds.
SAN
VOTED
(P. O. San Diego), Calif.—BONDS
JOAQUIN COUNTY (P. O.
held on Aug.
of the
the approval
in
10 in
Bridge bonds. 4j^s
$1,000
Jail construction
80,000
First refunding road, 3s
Second refunding road, 3s
Third refunding road, 4Hs-.i
750.000
-
850,000
700,000
-
Stockton), Calif.—BOND ELEC¬
TION IN TRACY SCHOOL DISTRICT— The
$2,381,000
Trustees announce
School
that an election will be held in September for the purpose of voting on a
proposition to issue $50,000 school building bonds.
SAN JOSE, Calif .— WATER PURCHASE
NEGOTIATIONS AUTHOR¬
the cost of purchasing, which is expected to
Clyde C. Pierce Corporation
be ready about Sept. 1.
B&rnett National Bank Building
(P. O. San Luis Obispo), Calif.—
EJECTION IN SHANDON SCHOOL DISTRICT—A proposal to issue
$30,000 school improvement bonds will be voted upon at an election to be
held in Shandon Union High School District on Sept. 3.
SAN
LUIS
SANGER,
election
OBISPO
COUNTY
Calif.—BOND
13 to vote
Sept.
on
BONDS
FLORIDA
IZED—It is stated by John J. Lynch, City Clerk, that the City Council
has authorized negotiations with San Francisco for the purchase of Hetch
Hetchy water—V. 145, p. 1138—but that the proposed election to vote
on $5,000,000 of bonds for
the project awaits appraisal and a report on
FLORIDA
JACKSONVILLE
Branch Office: TAMPA
First National Bank Building
T. S. Pierce, Resident Manager
ELECTION—The city will hold a special
proposal to issue $50,000 water system
on a
extension bonds.
FLORIDA
COUNTY
SANTA CLARA
(P. O.
San Jose),
Calif.—ALUM ROCK
SCHOOL DISTRICT BOND SALE—'The $35,000 issue of school bonds of¬
fered for sale on Aug. 16—V. 145, p. 1138—was awarded to Dean Witter
premium of $22.00, equal to 100.06
Dated Aug. 1, 1937.
Due from Aug. 1, 1938 to
& Co. of San Francisco, as 2 Hs, paying a
basis of about 2.49%.
1949 incl.
a
BARBERVILLE SCHOOL DISTRICT (P. O. De Land) Fla —BONDS
VOTED—At an election held on Aug. 10 the voters approved the i&uance of
$10,000 in 6% semi-annual auditorium bonds, according to the Superin¬
of Public Instruction.
Dated July 1, 1937.
Due
tendent of the Board
$500 from July 1,1940 to 1959 incl.
BRADENTON, Fla.—REPORT ON BOND REFUNDING—It is said
old bonds for back taxes and
exchanged about $2,285,500 bonds for refunding bonds which were issued
in the aggregate of $2,441,000.
It is reported that claims aggregating
$48,000 are pending, leaving about $71,000 bonds that were refused or
that the city officials have retired $36,500
Rocky 'Moun tainiMunicipals
ARIZONA—COLORADO—IDAHO—MONTANA
cannot be located.
MEXICO—WYOMING
NEW
CORAL GABLES,
Fla .—REPORT ON VALIDATION OFREFUNDING
made public recently by the bondholders'
PLAN— The following notice was
protective committee for the above city:
To the Holders of Certificates of Deposit:
On July 30, 1937, the Supreme Court of the State of Florida rendered a
decision in the case of the City of Coral Gables vs. The State of Florida
DONALD F. BROWN & COMPANY
DENVER
et al., affirming the decision of the Circuit Court for Dade County, Fla.,
validating the refunding bonds and tax participation certificates to be
Telephone: Keystone 2395—Teletype: Dnvr 580
issued in exchange for the outstanding indebtedness of
terms of the plan for tne readjustment and refunding
the city, under the
of the indebtedness
City of Coral Gables, which plan was adopted by this commniittee
Feb. 5, 1937.
Accordingly, steps are now being taken by the city and the committee
to consummate at an early date the exchange of
securities called for
under the plan.
The committee expects that it will be able to forward to
you within the next 60 days definite instructions with regard to the actual
exchange of new securities for those now on deposit with the committee.
Please do not forward your certificates of deposit to the committee or to
its depositary until you receive further definite notice of exchange.
of the
COLORADO
...
,
COUNTY
ARAPAHOE
SCHOOL
DISTRICTS
Colo.— WARRANT PAYMENT NOTICE— It
Treasurer
that
he is
is
(P.
stated
O.
Littleton),
by
the
County
District
1937, and District
paying school district warrants as follows:
No. 12, up to Feb. 1, 1937; District No. 18, up to July 1,
No. 28, all warrants.
COLORADO, State of—ASSESSED VALUES TO BE INCREASED—
The following is the text of a Denver report to the "Wall Street Journal" of
Aug. 11:
An increase of about 3% in various classes of property was indicated here,
when the State Tax Commission
began study of abstracts of assessed
valuations from six counties.
The difference, which does not show up on the tax valuation assessment
abstracts as an increase due to the fact automobile assessments are no
longer included in the abstracts, according to John R. Seaman, Chairman
of the Commission, was agreed on at a conference held some time ago.
Total valuation of the State last year was approximately $1,100 million
dollars, which will be materially increased this year, the Commission said.
WDENVER (City and County), Colo.—BOND CALL—John F. McGuireT
Manager of Revenue, is said to be calling for payment on Aug. 31, various
sanitary sewer, improvement, surfacing, alley paving and street paving
bonds.
Interest to cease 30 days after Aug. 31.
DENVER,
Colo.—BOND
SALE—An
issue
of
$7,500
4%
bonds
of
Part B, East Side Sanitary Sewer District No 1 bonds has been sold to the
J. K. Mullen Investment Co. of Denver.
Denom. $1,000, $500 and $100.
Dated July 1, 1937.
Interest payable Jan. 1 and July 1. Due July 1, 1952;
callable at any time.
GLENWOOD
ance
has
SPRINGS, Colo.—BONDS AUTHORIZED—.An ordin¬
been passed authorizing the issuance of $69,000 refunding bonds.
O. Miami), Fla.—BOND OFFERING—Sealed
Aug. 25, by E. B. Leatherman, Clerk
Commissioners, for the purchase of two issues of
refunding bonds, aggregating $913,000, divided as follows:
DADE
CONNECTICUT
1947 incl.
Day, Stoddard & Williams, Inc., of New Haven, was second high,
offering 100.816 on 1 %% bonds. E. B. Smith & Co. offered 100.773, while
Putnam & Co. submitted
a
bid of 100.606.
BONDS OFFERED FOR INVESTMENT—'The successful bidder offered
the above bonds for
public subscription at prices to yield from 0.50%
1.70%, according to maturity.
to
SHELTON, Conn.—BONDS AUTHORIZED—A bond issue of $59,000
for relief expenditures has been approved by the Board of Aldermen.
Interest rate is not to exceed
REHOBOTH SCHOOL DISTRICT NO. Ill (P. O. Rehoboth Beach).
Del.—BOND OFFERING DETAILS—In connection with the offering of
$160,000 school bonds scheduled to take place on Sept. 1—V. 145, p. 1138—
we now learn that principal and interest on the bonds are to be payable at
the Farmers Bank of the State of Delaware, at Georgetown, and that the
district will furnish to the purchaser of the bonds the legal opinion of Houston
Wiison, Solicitor of the Board of School Trustees.
Financial Statement (as of July 1, 1937), (Adjusted to reflect the issuance
of these bonds)—
Assessed valuation. 1937 (100% of actual)
Real property
$3,908,960
28,760
Permanent
population,
dents, 6,000.
Per capital school
$26.66.
1937
(estimate)
Commissioners,
$3,937,620
$160,000
district debt, $114.28—including
School district and overlapping net debt:
Rehoboth School district
City of Rehoboth beach, 100%
Sussex County, 10.3%,.
Total school district and net overlapping
-
debt
summer
summer
resi¬
residents,
$160.000
181,500
8,343
$349,843
Ratio of school district and net overlapping debt to assessed valuation
debt including net overlapping debt—permanent popula¬
tion, $250.
Total per capita debt including net overlapping debt—including summer
residents, $58.50.
The City of Rehoboth Beach, under its charter, is authorized to issue
bonds or other evidence of indebtedness up to fifteen (15%) per cent of its
assessed valuation.
The Assessment Board of that city has fixed the
assessed valuation of real and personal property at $3,992,000.
Sussex County can create no indebtedness excepting that authorized by
special legislative Acts.
The following bonds, for the payment of which
the faith and credit of Sussex County are pledged, are now outstanding-
accompany
bid.
Secretary of the Bondholders' Refunding Association:
To the owners of bonds issued by the City of Daytona
Daytona, Florida-.
,
Beach, Seabreeze, and
.
issued under the terms of the Plan of Re-adjustment
Holders of Obliga¬
Beach, Seabreeze, and Daytona" will be
ready to exchange on Aug. 16, 1937.
The new bonds have been validated
by the Supreme Court of the State of Florida.
They will be unconditionally
approved as to legality by Messrs. Chapman & Cutler, of Chicago, and
Giles J. Patterson, Esq., Jacksonville, Florida.
The Jan. 1 and July 1, 1937 coupons from the refunding bonds will be
paid in cash at the rate of
per annum, and the same coupons from
the Interest Refunding Bonds at 3% per annum, when the bonds are ex¬
changed.
From these payments a deduction, at the rate of 1 % of the par
value of Refunding Bonds and Interest Refunding Bonds issued, will be
made in full payment of the bondholders' share of the refunding costs.
Interest coupons and accrued interest on past due bonds maturing prior
to July 1,1936 will be funded at the rate of 3% per annum with 3% Refund¬
ing Bonds due July 1, 1946.
Interest accruing from the date of the first
interest coupon maturing in 1936 to July 1,1936 will be funded on the same
The Refunding Bonds
set forth in our letter
of the
baThe
of July 15,1936 addressed to "The
City of Daytona
holders of
approximately 80% of the $3,055,000 presently outstand¬
prompt cooperation in forwarding your securities
National Bank and Trust Co. of Chicago.
SCHOOL DISTRICT (P. O. Tampa), Fla.—BOND ELEC¬
TION— It is reported that an election will be held on Sept. 14 in order to
vote on the issuance of $20,000 in school building bonds.
DOVER
FLORIDA
State
of—ATTORNEY GENERAL RULES ON UN¬
EMPLOYMENT RELIEF TAX—Florida's unemployment compensation
tax, levied by
under
a
the Legislature last May, will be collected
ruling on Aug. 5 by Attorney
from last Jan. 1,
General Cary D. Landis.
Legislature made the levy retroactive so Floridataxpayers could obtain their 90% credit for the State tax on the Federal
Mr.
tax
Landis said
the
for the entire year.
the Attorney General said,
1, 1937.
Employers of eight or more persons
Should any court hold tMs provision invalid,
alternative section makes the tax start July
an
Federal tax this year is 2%.
will pay to the
to pay
The
8.90%.
Total per capita
must
The
will be furnished
Board of County
DAYTONA BEACH, Fla.—REFUNDING BONDS READY FOR EX¬
CHANGE—The following letter was sent out on Aug. 14 by Robert M. Hart,
4.07%.
1,400—including
Prin. and
(including homesteads), within the county.
all the taxable property
approving opinion of Masslich & Mitchell of New York,
the purchaser.
A certified check for 1%, payable to the
The
Total
Dated Sept. 1, 1937.
payable in New York City.
It is said that these bonds are general
obligations of the county, payable from an unlimited tax to be levied upon
int.
and would appreciate your
to the Continental Illinois
Personal property
1940 to
Rate to be stated in
4%, payable M. & S.
Denom. $1,000.
multiples of U of 1%.
$41,000,
ing bonds have already indicated their acceptance of the Refunding Plan.
We desire to complete the exchange of all bonds within the next thirty days
DELAWARE
Total bonded debt (this issue)
Ratio of bonded debt to assessed valuation,
!
The school district has no floating debt.
(P.
$332,000 highwray and bridge bonds.
Due on Sept. 1 as follows:
1940 to 1943, and $42,000, 1944 to 1947, all inclusive.
581,000 building bonds.
Due on Sept. 1 as follows:
$72,000,
1942, and $73,000, 1943 to 1947, all inclusive.
tions
GREENWICH, Conn.—BOND SALE—The $250,000 issue o coupon or
registered Grass Island Sewage Disposal Plant bonds offered for sale on
Aug. 16—V. 145i p. 978—was awarded to Dougherty, Corkran & Co. of
Philadelphia, paying a price of 100.8699 on l^s, a net interest cost of
about 1.585%
Dated Aug. 1, 1937.
Due $25,000 from Aug. 1, 1938 to
COUNTY
bids will be received until 10 a. m. on
of the Board of County
State 1.8% of their
payrolls for the
year
and will continue
the Federal Government 2-10 of 1%.
Industrial Commission plans to start collecting the
Florida tax in
September for all of the year.
"The unemployment compensation law does not impose any new tax on
Florida employers," said Wendell C. Heaton, Industrial Commissioner.
"Under the Florida law
employers of this State may deduct 90% of the
Federal tax and contribute it to the State unemployment compensation
fund.
The remaining 10% will continue to be paid to the Federal Govern¬
ment."
OVERSEAS ROAD AND TOLL
BRIDGE DISTRICT, Fla.—BOND
AUTHORIZED—The district authorities have authorized the sale
$500,000 bonds to the Federal Emergency Administrator of Public Works
at par, it is said.
SALE
of
TAMPA, Fla.—ADDITIONAL OFFERING OF REFUNDING BONDS
MADE—The "Wall Street Journal" of Aug. 13 carried the following
TO BE
report on refinancing contemplated by
"Second step in refunding operation
the above city:
through which Tampa, Florida, is
schedule is expected to be taken before the end of
asked on $2,107,000 bonds.
rearranging its maturity
the year when bids are
"The additional financing
will complete
the refunding of the city's callable
between now and the date
bonds, and unless the municipal market weakens
of offering, the city will expect a substantial
saving in annual interest
The new issue will replace outstanding 5% obligations.
"Tampa, one of the few municipalities in Florida which were not forced
into default following the real estate boom of the late 1920s, undertook the
charges.
1294
Financial
Chronicle
Aug.
FLORIDA
ILLINOIS
first part of its refunding program in June this year when
$3,637,000 bonds
were refinanced through sale of a like amount of bonds
to a
to
syndicate headed
by Graham, Parsons & Co.
basis of about 3%.
Interest payable Jan. 1 and July 1.
July 1 as follows: $2,000, 1942 to 1946: $3,000, 1947 to 1951; and
104.531,
Due
on
$5,000 in
VOLUSIA
COUNTY SPECIAL TAX SCHOOL
DISTRICT NO
8
(P. O. DeLand), Fla.—BOND ELECTION—An election is to be held on
Sept. 7 for the purpose of voting on a proposal to issue $30,000 school build¬
ing bonds.
GEORGIA
of the denomination of $1,000
each, except
which will be $500 each.
Dated
are
$50,000 water¬
works bonds
Sept. 1, 1937.
Prin
and
semi-ann. int. (March and Sept.) payable at the
City Comptroller's office
Augusta, or at the Bank of the Manhattan Co., New York.
Due $31 000
yearly on Sept. 1 from 1938 to 1967, $10,000 of water works bonds in'the
denomination of $500 being included in the maturities for
the years 1942
1947, 1952, 1957 and 1962.
Bonds are registerable as to
principal only'
interest only, or as to principal and interest.
The bonds are divided into
five issues, as follows:
$400,000 water works bonds, payable $13,000 yearly from 1938 to 1957 and
$14,000 yearly from 1958 to 1967.
200,000vhospital bonds, payable $7,000 yearly from 1938 to 1957 and $6 000 yearly from 1958 to 1967.
100,000 sewer bonds, payable $3,000 yearly from 1938 to 1957 and
$4 000
yearly from 1958 to 1967.
60,000 prison bonds, payable $2,000 yearly from 1938 to 1967.
170,000 street improvement bonds, payable $6,000 yearly from 1938 to
1957 and $5,000 yearly from 1957 to 1967.
Cert, check for 2% of amount of bonds,
payable to the City Council,
required.
Bonds have been validated by the Superrior Court of Richmond
County, and their legality approved by Storey, Thorndike, Palmer &
Dodge
of Boston.
Certificate is signed by the First National Bank
of Boston.
The bonds will be delivered to the purchaser at the
Citizens &
National Bank, Augusta, or in New York.
Southern
t
CONSOLIDATED SCHOOL DISTRICT
(P. O. Bishop),
Ga.—BONDS DEFEATED—It is stated by the
Secretary-Treasurer of
the School Board that at an election held on
Aug. 11 the voters defeated a
proposal to issue $12,000 in school construction bonds.
1952.
SHEFFIELD, III.—BOND OFFERING—P. J. Hand, Village Clerk, will
$10,000 4 M % coupon
Dated Sept. 1,
1937.
Prin. and semi-ann. int. (June 1 and Dec. 1) payable at the First National
Bank of Chicago.
Due $1,000 yearly on Dec. 1 from 1947 to 1956.
Cert,
check for 2% payable to the Village Treasurer required.
Purchaser is to
bear expense of printing the bonds.
AUGUSTA,
Ga.—BOND OFFERING—As previously announced in our
145, p. 1139—J. W. Westmoreland, Clerk of Council
will
receive bids until noon Sept. 2 for the purchase of
$930,000 coupon bonds
a
receive bids until 8 p. m. Aug. 20 for the purchase of
water works improvement bonds.
Denom. $1,000.
columns—V.
All the bonds
21,
SHILOH
Aug. 11,
an
TOWNSHIP
election
on
(P.
O.
Paris),
111.—BONDS VOTED— On
the question of issuing $60,000 road improvement
bonds resulted in approval of the proposal.
SULLIVAN, 111.—BONDS VOTED—A proposition calling for the
of $25,000 bonds to finance the oiling of streets was
approved
by the voters at a recent election.
issuance
WAYNE CITY SCHOOL DISTRICT NO.
226, 111.—BONDS VOTED
a recent election the issuance of $25,000 school
building bonds was
—At
approved by the voters.
WOODSTOCK, III.—CERTIFICATE SALE— The $125,000 electric light
revenue certificates of indebtedness offered on Aug. 17—V. 145, p.
1139—were awarded to Blair, Bonner & Co. of Chicago at par, the certifi¬
cates to bear interest at 2.35% for the first seven maturities and 2
75%
thereafter.
Stifel, Nicolaus & Co. of St. Louis bid par for 3% certificates.
Dated Sept 1, 1937.
Due on Sept. 1 as follows: $12,000, 1939 to
plant
and $13,000,1944 to
1943;
1948: optional
on any
interest payment date.
INDIANA
BARTHOLOMEW COUNTY
(P. O. Columbus), Ind.—BOND SALE
$8,971 5% Francis M. Overstreet et al public drain bonds offered on
Aug. 16—V. 145, p. 802—were awarded to the Indianapolis Bond & Share
Corp. of Indianapolis at par plus a premium of $139, equal to 101.549, a
—The
basis of about 4.68%.
Dated June 15, 1937.
Due $448.50
and Dec. 15 in each of the years from 1938 to 1947.
on
June 15
BISHOP
NAHUNTA, Ga.—BOND SALE—The $7,000 issue
of 5% coupon semiAug. 2—V. 145. p. 479—was
purchased by Johnson, Lane, Space & Co. of Savannah,
according to the
City Clerk.
Dated Oct. 30, 1936.
Due $500 from Oct. 30, 1943 to
ann.
works bonds offered for sale
water
on
1956 incl.
HAWAII
HAWAII,
Territory
of—BOND
$1,500.
(June 30 and
Due $1,500 yearly on
Dated
Sept. 7, 1937.
Principal and semi-annual
Dec. 30) payable at the Hope State Bank, Hope.
June 30 from 1938 to 1949, incl.
interest
HOBART, Ind.—BOND OFFERING—Laura Ii. Bracken, City Clerk,
will receive bids until 8 P. M. Sept. 22 for the purchase at not less than
par
of $21,000 3% street rebuilding bonds.
Denom. $500.
Dated Sept. 1,
1937.
Interest payable March 1 and Sept. 1.
Due $1,000
yearly
OFFERING
SEEN
LIKELY—The
following report is taken from the "Wall Street Journal" of Aug. 18:
Investment houses with Pacific Coast connections are
discussing the pos¬
sibility of an early offering of bonds by the Territory of Hawaii.
Reports
are that W. C. McGonagle, Territorial
Treasurer, will arrive in New York
before the end of this month to arrange details of the sale and
that the offer¬
ing many be made early in September.
No advance intimation has been
given as to the probable financing,
but a perusual of the territory's
outstanding obligations and previous financ¬
ing operations undertaken by the Treasurer indicate that it will include
a
HAWCREEK TOWNSHIP (P. O. Hope), Ind.—BOND OFFERING—
John W. Foust, Township Trustee, will receive bids until 7:30
p. m. Sept. 7
for the purchase at not less than par of $18,000 school
building bonds.
Bidders are to name rate of interest, not to exceed 5%.
Denom.
from 1938 to 1958, incl.
on
Sept. 1
Cert, check for $100, required.
INDIANAPOLIS, Ind.—NOTE
SALE— The $125,000 temporary loan
notes offered on Aug. 18—V. 145, p. 1139—-were awarded to the Union
Trust
Co., the Indiana National Bank, the Fletcher Trust Co., the Merchants
National Bank, the American National Bank, and the Indiana Trust
Co.,
all of Indianapolis, jointly, on a 1%% interest basis,
plus a premium of
$23.46.
The notes mature Nov. 10, 1937.
The Indianapolis Bond &,
Share Corp. of Indianapolis
plus $7.80 premium.
was
the second best
bidder, at 2% interest,
KOKOMO, Ind.—WARRANT SALE—The $70,000 city
refunding.
expense
time
warrants offered
on Aug. 14—V. 145, p. 979—were awarded to the Union
Bank & Trust Co., Kokomo, on a 1 M % interest basis.
Due Nov. 14, 1937.
IDAHO
MOUNTAIN HOME, Idaho.—MATURITY—It is now
reported by the
Village Clerk that the $30,000 street improvement bonds purchased
by
Sudler, Wegener & Co. of Boise, as 4s, paying a premium of $25.00
equal
to 100.08, as noted in these columns
recently—V. 145, p. 979—are due on
Aug. 1 as follows: $3,000, 1939 to 1942: $3,500, 1943 to 1956, and
$4,000
in 1947, giving a basis of about 3.98%.
MILLCREEK
TOWNSHIP
SCHOOL TOWNSHIP
(P. O. Kingman),
Ind.—BOND SALE—The $8,000 4% school bonds offered on
Aug. 17—V. 145, p. 802—were awarded to McNurlen & Huncilman of
Indianapolis at par plus a premium of $285, equal to 103.56, a basis of
about 3.31%.
Dated July 16, 1937.
Due as follows:
$400, July 1, 1938;
$400 Jan. 1 and July 1 from 1939 to 1947, incl., and $400 Jan. 1, 1948.
MONROE COUNTY (P. O. Bloomington), Ind.—BOND OFFERING
—William C. East, County Auditor, will receive bids until 2 p. m.
(Central
Standard Time) Sept. 3 for the purchase at not less than par of $12,500
Municipal Bonds of
house and jail heating equipment bonds.
Bidders are to name rate
a multiple of
24%. but not to exceed 4%.
Denom. $500.
court
ILLINOIS INDIANA
MICHIGAN
IOWA WISCONSIN
Bought—Sold—Quoted
of interest in
Dated Sept. 1, 1937.
Interest payable Jan. 1 and July 1.
Due $1,000
July 1, 1938, and $1,500 each six months from Jan. 1, 1939 to Jan. 1, 1944
incl.
Certified check for 3% of amount of bonds bid for, payable to the
Board
3*ne.
MUNICIPAL BOND DEALERS
135 So. La Salle St.,
Chicago
State 0540
Teletype CGO. 437
ILLINOIS
CHICAGO,
registerable
as
III.—CERTIFICATE SALE—The
$500,000
3%
coupon,
to principal,
water works system certificates of indebted¬
Aug. 16—V. 145, p. 979—were awarded to Harris, Hall &
Co. of Chicago on a bid of 103.137, a basis of about
2.72%.
The bankers
ness
offered
on
reoffered the certificates for investment at
1937.
Due May
1,
a
price
ot
104.50.
Dated May 1,
1951.
CHICAGO, 111 —SCHOOL WATTANTS CALLED—The Board of Edu¬
of the city of Chicago is calling for
redemption $1,086,000 Of tax
cation
on which interest will stop
Aug. 17.
The warrants
called include $875,000 of 2 Ms from the 1936 educational fund with numbers
E-1409 to E-1434, $203,000 of 124s numbers B-633 to B-835 from the
1936
building fund and $8,000 of 2s with numbers P-61 to P-68 from the 1936
anticipation warrants
playground fund.
COOK
of
County
Commissioners,
opinion
of Matson,
MUNCIE SCHOOL CITY, Ind.—HIGH BID—High bid for the $120,on Aug. 17—V. 145 p. 641—was submitted
by the First National Bank of Chicago, offering par plus a premium of
$1,837, equal to 101.53, for 2Ms, a basis of about 2.38%.
The Illinois Co.
of Chicago was second high bidder, at 101.38 for
2Ms.
The bids were taken
under advisement.
Dated Sept. 1, 1937.
Due $20,000 yearly on Dec. 31
from 1949 to 1954.
Other bids were:
Name—
Canner Securities,
Pretn. Bid
Chicago
—
Northern Trust Co., Chicago
Brown, Harriman & Co., Chicago
Boatmen's National Bank, St. .Louis
Stranahan, Harris & Co., Toledo----—-----—_
Harris Trust Co., Chicago
Bartlett, Knight & Co., Chicago
Fletcher Trust Co., Indianapolis.:—
Merchants
National Bank, Muncie__—-City Securities Corp., Indianapolis— -
Otis & Co., Cleveland
$696.69
638.00
408.00
2,112.00
1,616.00
1,487.00
715.00
506.60
1,428.00
1,280.00
932.00
Int. Rate
2M%
2M%
2M%
224%
224%
224%
2%%
224%
3%
3%
3%
COUNTY
(P. O. Chicago), III.— WARRANTS CALLED—
County Treasurer Horace G. Lindheimer gives notice that funds are avail¬
the payment of the following described tax
warrants, interest on
which will cease Aug. 16:
Corporate Tax warrants Nos. 1 to 400, in the demon, of $1,000 each.
Corporate Tax warrants Nos. 401 to 445, in the denom. of $10,000 each.
Highway Tax warrants Nos. 1 to 100.
IOWA
BOYDEN SCHOOL DISTRICT (P. O. Boyden), Iowa—MATURITY
—It is
111.—BOND SALE ARRANGED—City Clerk
Sam
Clark
informs
us that the city has contracted with the
Municipal Bond Corp. of
Chicago for the sale of an issue of $43,000 4% refunding bonds.
HALL TOWNSHIP SCHOOL DISTRICT
(P. O. Peru), 111.—BOND
ELECTION—An election is scheduled for Aug. 21 at which the voters of
district
struction of
will
a
be
new
asked
to
approve
a
$7,()uO bond issue to finance
con¬
gymnasium.
MOLINE, 111—BONDS REFUNDED—The city has refunded $143,000
outstanding 6% public benefit special assessment bonds into 3% bonds,
arranging the refinancing through the White-Phillips Corp. of Davenport.
PARIS, 111.—BOND SALE DETAILS—The $165,000 sewage disposal
plant bonds awarded on July 19 to N. L. Rogers & Co. of Peoria at a price
of 98 for 4s—V. 145, p. 802—are coupon bonds in the denomination of
$1,000.
Dated Sept. 1, 1937.
Interest is payable semi-annually on Mar. 1
and Sept: 1.
The bonds mature Sept. 1, 1969.
PEORIA, III.—BOND SALE—The $322,500 judgment funding bonds
offered on Aug. 20 were awarded to the Harris Trust &
Savings Bank of
Chicago on a bid of 100.61 for 2 Ms, a basis of about 2.18%.
Dated Aug. 1,
1937.
Due on Dec. 1 as follows: $17,000, 1938 to 1955, and $16,500
in 1956.
PERRYTON TOWNSHIP (P. O. Aledo),
voters of the township recently approved
graveling bonds by a vote of 205 to 24.
a
111.—BONDS VOTED—The
proposition to issue $39,500 road
PLYMOUTH, 111.—BONDS NOT SOLD—The $30,000 revenue and $8,000 general obligation water bonds offered on July 16—V. 145, p. 480—
not sold.
SAUNEMIN HIGH SCHOOL DISTRICT NO. 2 10, (P. O.
Saunemin),
111.—BOND SALE—The district has disposed ot an issue of $30,000
school building bonds at a price of par plus a premium of $1,359,30, equal
now
reported by the Secretary of the Board of School Directors that
D. Beh Co. of Des
the $6,000 refunding bonds purchased by the Carleton
Moines,
—are
DUQUOIN,
were
Legal
000 improvement bonds offered
able for
the
required.
Ross, McCord & Clifford of Indianapolis will be furnished by the county.
Bids must be made on forms obtained from the County Auditor.
as
3s, at
a
price of 100.85, as noted here recently—V. 145, p. 1140
from Nov. 1, 1946 to 1957, giving a basis of about
due $500 annually
2.93%.
COLESBURG
CONSOLIDATED SCHOOL DISTRICT (P. O. Coles-
burg), Iowa—BOND OFFERING—J. R. Grimes, Secretary of the Board
of
Directors, will receive bids until 2p.m. Aug. 21 for the purchase of an
issue of $10,000 school refunding bonds, which are to bear interest at no
more than 3%, payable semi-annually.
Due Sept. 1, 1950; redeemable
on any interest date on and after Sept. 1, 1940.
FAIRFIELD, Iowa—BOND OFFERING—Sealed bids will be received
Aug. 23 by R. H. Spence, City Clerk, for the purchase
a $5,580.23 issue of coupon street improvement bonds.
Denom. $600,
for $780.23.
Dated Sept. 1, 1937.
Due on May 1 as follows:
$600,
until 7:30 p. m. on
of
one
1938 to 1945, and $780.23 in 1946.
Bonds and attorneys' opinion will be
furnished by the city.
IOWA
FALLS
INDEPENDENT
SCHOOL
DISTRICT
(P. O. Iowa
Falls), Iowa—BOND ELECTION—An election is to be held on Sept. 13
of issuing $50,000 school gymnasium
for the purpose of voting on the question
and auditorium bonds.
LYON
COUNTY
(P.
O.
Rock Rapids), Iowa—CERTIFICATE
OFFERING—L. J. Dehn, County Treasurer, will receive bids until 2p.m.
Aug. 24 for the purchase of an issue of $20,000 5% secondary road con¬
struction anticipation certificates.
MANNING, Iowa—BOND OFFERING—As previously reported in these
columns—V. 145, p. 1140—O. V. Schelldorf, Town Clerk, will receive bids
until 2P.M. Aug. 23 for the purchase of $135,000 electric light plant revenue
bonds.
Bidders are to name rate of interest.
Dated Sept. 1, 1937.
Princi¬
pal and semi-annual interest (March 1 and Sept. 1) payable at the Town
Treasurer's office.
Due $5,000 on Sept. 1 in 1938, 1939 and 1940; and
$5,000 on March 1 and Sept. 1 in each of the years from 1941 to 1952, incl.;
subject to call after 1942.
Cert, check for $2,500, required.
Legality of
the
issue is approved
by Stipp, Perry, Bannister & Storzinger of Des Moines.
•
Volume
Financial
145
Chronicle
1295
LOUISIANA
IOWA
rCOUNTY (P. O. Muscatine), Iowa—BOND OFFER¬
ING—The County Supervisors on Sept.
an issue of $30,000
county relief bonds.
NEVADA
INDEPENDENT
VOTED—The
of
voters
the
14 at 10 A. M. will offer for
SCHOOL
District
DISTRICT,
have
approved
a
sale
I owa—BONDS
proposal to issue
$30,000 school building bonds.
WEST
LIBERTY, Iowa—BOND OFFERING—As previously reported
145, p. 1140—Chas. J. Mackey, Town Clerk, will
2 p. m. Sept. 14 for the purchase of an issue of $17,000
coupon electric light plant revenue bonds.
Interest ratejwill be determined
at time of sale.
Other details, including denomination and date of bonds
will be determined at the time of sale.
Interest payable Jan. and July.
Principal and interest payable at the West Liberty State Bank, West
Liberty.
The bonds will be called on any interest payment date on and
MORGAN
La.—BOND
OFFERING PLANS—The $50,000
coupon wharf bonds recently approved by the voters—V. 145, p. 980—
will be offered for sale in late September or early October.
CITY,
OAK GROVE
SCHOOL
DISTRICT
NO.
39, Sabine Parish, La.—
BOND ELECTION—The Parish School Board has ordered that an election
be held in the district on Aug. 31 at which a proposal to issue $20,000 school
building bonds will be voted upon.
these columns—V.
in
receive bids until
after Jan. 1,
1939.
RAPIDES
PARISH
(P.
O.
Alexandria),
La.—BOND ELECTION—
Alexandria on Aug. 10:
The following is taken from a news dispatch out of
"A proposal to vote a bond issue of $351,814.89 to be devoted to con¬
struction of a new court house and jail for Rapides Parish will be submitted
to the taxpayers of the parish at an election which was called by the police
jury at its meeting today.
The body set Tuesday, Sept. 14, as the date
of the election.
It is proposed to spend nearly $600,000 in the purchase
of the site and the erection of the court house and jail.
The bond issue,
will be supplemented by a loan and grant from the Federal
Public Works Administration, of 45% of the total amount, which is estimatef
.f carried,
KANSAS
CALDWELL,
Kan .—BOND
ELECTION
to be
is stated
POSTPONED—It
appioximately $235,000.
R. J. Sasser informed
police jury that permission
the
President
had
by the City Clerk that the election previously scheduled for Aug. 15 to vote
tm the issuance of fair and community building bonds, noted here recently
been obtained from the State Bond and Tax Commission to call the election.
—V.
election called and there was
145, p. 980—has been postponed to Sept. 3, and the amount increased
from $15,000 to $20,000.
He
explained the work which
the subject."
on
GREAT BEND, Kan.-BONDS AUTHORIZED—An ordinance has been
passed authorizing the issuance of $125,000 public building bonds.
HOWARD
Board
SCHOOL
of Education
DISTRICT,
hold
will
on
Aug. 23
MARYLAND
ELECTION—'The
"the question of
Kan .—BOND
election
an
BALTIMORE COUNTY
on
On
issuing $45,000 school building bonds.
a
had been done in the effort to have the
general discussion by members of the jury
OFFERING—
(P. O. Towson), Md.—BOND
Sept. 14 at 11 a. m. the County Commissioners will offer for sale an
Metropolitan District bonds, which are to bear interest
no more than 5%.
Bidders are to name interest rate in a multiple of
issue of $385,000
LAWRENCE,
Kan.—BOND
SALE—The City Council has sold
Estes, Payne & Co. of Topeka.
a
block of $6,500 fire engine bonds to
WICHITA,
Kan.—BONDS
at
.YATES CENTER, Kan.—MATURITY—In connection with the award
the $27,000 4% semi-ann. refunding bonds to the Columbian Securities
Corp. of Topeka, noted in these columns recently—V. 145, p. 980—it is
oi
MMAuB-1 -follows: $I'000'1942:
15, 1937.
Interest payable March
from" 1942 to 1972.
Dated Sept.
M%.
resolution has been
passed by the city authorities authorizing the issuance of $146,000 re¬
funding bonds.
AUTHORIZED—A
and September.
Due serially on Sept. 15
CALVERT COUNTY (P. O. Prince
Frederick), Md.—BOND SALE—
school bonds offered on Aug. 17—V. 145, p. 803—were
Legg & Co., Baker, Watts & Co., the Mercantile
Trust Co., Stein Bros. & Boyce and Strother, Brogden & Co., all of Balti
more, jointly, at a price of 105.269, a basis of about 3.03%.
Dated July 1,
1937.
Due $1,000 yearly on July 1 from 1939 to, 1963, incl.
,
The $25,000
awarded to Mackubin,
_
MASSACHUSETTS
KENTUCKY
ALLEN
COUNTY (P. O. Scottsville), Ky.—BONDS AUTHORIZED
On Aug. 12 the County Court adopted a resolution to issue $75,000 warrant
funding bonds.
ASHLAND, Ky.—BONDS AUTHORIZED—An ordinance has
passed authorizing the issuance of $30,000 school refunding bonds.
ERLANGER, Ky.—BONDS SOLD
$175,000
on
semi-ann.
Aug, 6 to Reynolds
1?37•
PRIVATELY— It
water works revenue bonds
were
Co. of New York. Denom. $1,000.
been
reported that
sold privately
Dated Aug. 1,
Due on Aug. 1 as follows: $3,000, 1940 to 1944; $4,000, 1945 to 1949:
$5,000, 1950 to 1970, and $7,000, 1971 to 1975.
by Chapman & Cutler of Chicago.
HENDERSON,
that
is
the
$74,100
Legality to be approved
Ky.—BOND SALE DETAILS—We
$74,000), funding
(not
are
bonds purchased
informed
Aug. 2 by
now
on
Charles A. Hinsch & Co., Inc. of Cincinnati, as 3a^s, at a price of 101.357,
as
noted in these columns—V. 145, p. 980—are dated Aug.
16, 1937,
and
mature
19o7.
on
uenora.
Aug. 15 as follows:
$1,000, one at $100.
the Northern Trust Co.,
of Chicago.
Chicago.
$7,000,
1947 to
mond City Council last night.
Proceeds of the sale are to De
applied to the cost of constructing a com¬
plete filtration plant, new pumping station and new standpipe for the city
water works system.
The cost of the improvements is estimated at ap¬
proximately $90,000.
Ky.—BOND
SALE
AUTHORIZED—It
is
reported
that the City Council voted on Aug. 10 to sell to the Bankers Bond Co. of
block of $10,000 water
a
Order of the City Council
$5,000 annually, Sept. 1,
1938 to Sept. 1, 1942, inclusive.
^
2,000,000 Municipal Relief Loan, Act of 1937 bonds.
Orders of the City
Council of Boston of June 1, 1937, and Aug. 11, 1937.
Payable
$200,000 annually, Sept. 1, 1938 to Sept. 1, 1947, inclusive.
200,000 Commonwealth Avenue Underpass Loan. Act of 1937 bonds.
Chapter 173, Acts of Massachusetts 1937.
Payable $20,000
annually, Sept. 1, 1938 to Sept. 1, 1947, inclusive.
100,000 Boston Airport Improvement Loan bonds.
Order or the City
Council of Boston of June 29. 1937.
Payable $10,000 annually.
1947, inclusive.
Sept. 1, 1938 to Sept. 1,
50,000 New \rork Hall, Plans, &c.
Boston of Dec.
12, 1935.
,
^
Order of the City Council of
bonds.
Payable $5,000 annually, Sept. 1,
1938 to Sept. 1, 1947, inclusive.
""
■
_
125,000 Sewerage Loan bonds.
Orders of the City Council of Boston of
April 8, 1937, and July 16, 1937.
Payable $5,000 annua y,
Sept. 1, 1938 to Sept. 1, 1942, inclusive, and $4,000 annually,
Sept. 1, 1943. to Sept. 1. 1967, inc.usive.
_
the following to say:
Permission to seil the last $70,000 of a $460,000 water revenue bond issue
of 1930 was granted the Richmond Water & Gas Commission by the Rich¬
SCOTTSVILLE,
$25,000 Police Communications System bonds.
of Boston of March 2, 1934.
Payable
1956, and $4,100 in
Prin. and int. (F.&A. 15) payable at
Legal approval by Chapman & Cutler
RICHMOND, Ky.—WATER BOND SALE AUTHORIZED—A special
report from Richmond to the Louisville "Courier Journal" of Aug. 11 had
Louisville,
BOSTON, Mass.—BOND OFFERING—John H. Dorsey, City Trea¬
surer, will receive bids until noon (Eastern Daylight Saving Time) Aug. 26,
for the purchase at not less than par of $2,500,000 coupon serial bonds.
Bidders are to specify rate of interest, in a multiple of H%, the bidders
having the privilege of naming different rate for the different issues, which
are descrioed as follows:
revenue
Offerings
bonds.
bond certificates of $1,000 each, with
March 1 and Sept. 1 at the office of the
A 1 loans will be issued in coupon
interest
payable semi-annually on
City Treasurer, Boston.
The bonds will be dated Sept. 1, 1937, and
„
will be ready for delivery and
about Sept. 27, 1937.
T;.
„
Each proposal must be accompanied by a certified check on a Boston
national bank or trust company, or by cash, equal to 1% of the amount
of loans bid for, the check made payable to the City of Boston
John ±1.
payment on or
Dorsey, City Treasurer.
FALL
RIVER,
Mass.—NOTE
antici¬
1141—were
SALE—'The $300,000 revenue
pation temporary loan notes offered on Aug. 16—V. 145, p.
awarded to Leavitt & Co. of New York on a 0.893%discount basis, Boston
delivery.
Leavitt & Co. also bid 0.869% discount. New York delivery.
Notes are dated Aug. 18, 1937, and will mature Feb. 28, 1938.
Other
Wanted:
LOUISIANA &. MISSISSIPPI
bidders were:
.
Discount
\rnmP
MUNICIPALS
Bond
WHITNEY
Bell
Department
BANK
ORLEANS, LA.
Teletype N. O. 182
PARISH
(P.
Raymond 6409
TION—An election will be held
O.
on
at the
a
La.—BOND ELEC¬
$55,000 bond issue
to
finance repairs to the court house and jail will be voted upon.
EAST CARROLL PARISH SCHOOL DISTRICT NO. B (P. O. Lake
Providence) La.—BONDS OFFERED FOR INVESTMENT—The $50,000
4% and 3M% school bonds purchased
on Aug. 11 by Dane & Weil, and
Nusloch, Baudean & Smith, both of New Orleans, as noted in these columns
1140—were reoffered for public subscription at prices to yield
1.75% to 3.80% on the 4% bonds, and priced at par on the 3
bonds.
Tne 4s mature from 1938 to 1958, while the 3%s mature from
1959 to 1967. Legality to be approved by Chapman & Cutler, of Chicago.
—V. 145, p.
from
EVANGELINE PARISH SCHOOL DISTRICTS (P. O. Ville Platte)
La-—BONDS SOLD—The following report is taken from a Ville Platte
dispatch to the New Orleans "Times-Picayune" of Aug. 11:
School bonds were sold here this morning from the issues of Pine Prairie
and Mamou districts, completing the all-school bonds sales for Evangeline
Parish, said Superintendent P. V. Launey. These bonds included a $20,000
issue for the Pine Prairie auditorium addition, bought by Ernest M. Loeb
Inc., New Orleans, and a $60,000 high school bond issue bought by Coulurite
& Derbes, Inc., New Orleans.
A total of over $300,000 in school bonds has been sold in Evangeline
Parish
entire
within
new
the past
plants
at
These
Vidrine, Ville
year.
for the erection of additions or
Platte, Chataignier, Basile, Chicot
were
Mamou and Pine Prairie.
School
Board that the $90,000 school bonds purchased by Barrow,
Leary & Co. of Shreveport, at a price of 100.17, as noted in these columns
recently—V. 145, p. 1140—were sold as follows: $37,500 as 4)^s, $28,500
as 4Ms, and $24,000 as 4s.
MANDEVILLE, La.—BOND OFFERING—Sealed bids will be received
p. m. on Sept. 7, by Louis L. Manint, Town Secretary, for the
until 8
purchase of
extension
a
$48,000 issue of
bonds.
Interest
coupon or registered street, drain and park
rate is not to exceed 5%, payable M. & S
Denominations $1,000 and $500.
Dated Sept. 1, 1937.
Due on Sept. 1 as
$500 from 1938 to 1941; $1,000, 1942 to 1960; $2,000, 1961 to
1989, and $3,000, 1970 to 1972.
Prin. and" int. payable at the National
City Bank, New York. Bidders to name the rate of i.terest in multiples of
M of 1%.
The approving opinion of Thomson, Wood & Hoffman, of
New York, will be furnished the purchaser.
A certified check for $1,000;
follows:
payable to the Mayor and Board of Aldermen, must accompany the bid.
/o
Inasmuch as 14 municipalities have not yet
it is not possible to obtain this year's average.
reported
for the four western counties—Berkshire, rrankin
Hampden, and Hampshire—shows a drop of approximately 30 cents
thfiryear, the figures being:
For 1936, $33 and for 1937 $32.70. Two of
these counties show a rise in the average municipal tax rate this year
—Franklin County from $31.43 to $31.72, and Hampshire from $32.94
to $33.57; while the other two show drops—Berkshire from $35.05 to
$33.48, and Hampden from $33.60 to $32.13.
.
Six of the 32 Berkshire municipalities reported a higher tax rate for
this year than in 1936; 18 reported decreases, and eight have the same rate.
Fourteen Franklin County towns reported a r,se in the rate, 10 had a drop,
and two the same rate as last year.
Nine of the Hampden minucipalities
reported a higher rate this year, 11 reported a lower one, and three have
the same rate as in 1936.
Twelve of the Hampshire County municipalities
reported a higher rate this year, eight a lower one and three no change.
The greatest change in Berkshire County, and second greatest change in
the State, was in Savoy, with a drop of $12, from $56 to $44, this accom¬
plished by aid given by the Legislature.
It was paralleled as to amount
of change by Hawley in Franklin County, with a rise of $12, from $30 to
$42.
Hinsdale, in Berkshire County, reported a drop of $7 in its rate
However, the average
fr°In
addition to the $12 rise in Hawley, the Town
reported the greatest change in the State, a drop from $23.50
$13.50 less this year.
Orange reported a boost
Franklin County, in
Monroe
1936 to $10 this year, or
of
in
of
and Shutesbury a rise of $5.60,
the rate of New Salem in that
county dropped $6, while Leverett reported a drop of $10.
No municipality in Hampden County reported a drastic change, tne
outstanding town in this respect being Hampden, with a drop of $6 from
last year's rate, while Blandford reported a $5 drop and Tolland a $5 rise.
NORTH ADAMS, Mass.—NOTE SALE—On Aug. 12 City Treasurer
Adrien Bonvouloir issued $50,000 tax anticipation notes to the Merchants
National Bank of Boston on a .45% basis.
The notes run for two months.
$7
in
while
FRANKLIN PARISH SCHOOL DISTRICT NO. 7 (P. O. Winnsboro),
La.—BONu SALE DETAILS—It is reported by the Superintendent of the
Parish
1
-
State House.
their 1937 rates,
Donaldsonville),
Sept. 28 at which
ll. 1 o /o
MASSACHUSETTS
(State
of)—MUNICIPAL
TAXES LOWER
THROUGHOUT THE STATE—The average tax rate for the 355 munici¬
palities of the State probably will be a few cents less this year than in 193b,
according to statistics in the office of the Director of Municipal Taxes
LOUISIANA
ASCENSION
—
-
_
NATIONAL
NEW
Co., Boston-------Fall River National Bank, Fall River
Faxon & Co., New York Merchants National Bank of Boston
Bank of the Manhattan Co., New Y^ork
C. F. Childs &
its rate.
Whately, one of $5.80,
Colrain's rate rose $8 in contrast,
.
PLYMOUTH COUNTY (P. O. Plymouth), Mass.—NOTE SALE—
$51,000 notes described below, which were offered on Aug. 16—V. 145,
1141— were awarded to the Rockland Trust Co. of Rockland on a bid
of 100.5157 for 1 J^s, a basis of about 1.31 %:
$16 000 county tuberculosis hospital notes.
Denom. $4,000. Due $4,000
yearly from 1938 to 1941.
35,000 county jail and house of correction notes.
Denom. $7,000. uue
$7,000 yearly from 1938 to 1942.
Dated Aug. 17, 1937.
The National Bank of Wareham bid 100.199 for lj^s.
The
p.
1296
Financial
MASSACHUSETTS
RANDOLPH, Mass.—NOTE SALE—Om Aug. 10 $40,000 2%
notes
$32,000 are for school purposes and $8,000 for purchase of fire
equipment, were sold to Tyler & Co. of Boston at a price of 101.299, a
basis of about 1.71%.
Due on Aug. 1 as follows:
$6,000, 1938 and 1939:
$5,000 in 1940; $4,000 in 1941 and 1942, and $3,000,1943 to 1947.
Aug. 21, 1937
Dated July 1, 1937.
$1,000.
of which
Principal and semi-annual interest payaole
at the Bank of Pickford.
Due $2,000 yearly on March 1 from 1939 to
1953,
incl.
Certified check for 2% of amount of bonds bid for,
payable to
Clayton T. Morrison, Treasurer of the Board of Education, required.
The
district will furnish the printed bonds and the legal
opinion of Miller,
Canfield, Paddock & Stone, of Detroit.
PONTIAC,
Mich.—BOND
TENDERS
ASKED—E.
H.
Tinsman,
Finance, is calling for tenders of bonds to the city, to be received
5 p. m. (Eastern Standard Time) Aug. 30.
Tenders should fully
Director of
WALTHAM, Mass.—BOND SALjE—The $50,000
coupon municipal relief
Aug. 18—V. 145, p. 1141—were awarded to Edward
B. Smith & Co. of Boston on a bid of 100.056 for
l%s, a basis of about 1.74%
Dated Aug. 1, 1937.
Due $5,000 yearly on Aug. 1 from 1938 to 1947.
The First Boston Corp., second high bidder, offered a
price of 100.803 for
2% bonds.
loan bonds offered
Chronicle
on
until
describe the bonds and state the price at which the bonds
so
offered.
REESE SCHOOL DISTRICT, Mich.—BONDS VOTED—The voters of
the district have approved a proposed bond issue of $15,000 for construction
of a school building addition.
WATERFORD
We
offered to the
are
The city has available $110,000 for the purchase of bonds
city.
TOWNSHIP
(P.
O.
Pontiac),
Mich.—BONDS.
VOTED—The voters of the township at a recent election approved a proposal
water system bonds.
Buy for Our Own Account
to issue $120,000
WAYNE COUNTY (P. O. Detroit). Mich.—PWA GRANT APPROVED
—Administrator Harold L. Ickes on Aug. 18 announced Presidential
ap¬
proval of a grant of $900,000 to the above county for a disposal plant esti¬
mated to cost $2,000,000.
MICHIGAN MUNICIPALS
.
Cray, McFawn & Company
DETROIT
MINNESOTA
Telephone CHerry 6828
A. T. T. Tel. DET 347
ADRIAN, Minn.—BOND OFFERING—F. J. Forkenbrock, Village Clerk,
bids until Aug. 31, for the purchase of an issue of $30,000
municipal power plant equipment bonds.
will receive
MICHIGAN
^.COLUMBIA
DEARBORN, Mich.—PWA
APPROVES GRANT—The following state¬
(Press Release No. 3206), was made public by the PWA on
Aug. 18:
"Administrator Harold L. Ickes today announced Presidential
approval
of a grant of $101,250 to the
city of Dearborn, Wayne County,
Michigan,
for a
project to cost $225,000.
It consists of the construction of a trunk
sewer in the southern
part of the city to serve as an outlet for a large area.
The applicant states the present facilities are
inadequate.
"The system is to care for the
sewerage from a Veteran's Hospital built
upon land donated by Henry Ford.
The hospital has brought into the
Dearborn neighborhood about 500 new
residents, and the city wishes to
build a sewer not only large
enough to take care of the hospital, but also to
take care of the increase in
population of that particular section."
ment
GLADSTONE, Mich.—BOND
Clerk, will receive bids
for
the purchase
until
OFFERING—E.
5p.m.
H.
Waterhouse, City
(Eastern Standard Time) Aug. 24
of $16,200 special assessment street
paving
bonds.
GRASS
LAKE,
Mich.—BOND
OFFERING—Helen
and
McCall,
sewer
Village
Clerk, will receive bids until 8 p. m. (Eastern Standard
Time) Aug. 23
for the purchase of $55,000 water works
bonds.
Interest rate is not to
Dated Oct. 1, 1937.
Due as follows:
$1,000, 1940 to
exceed 6%.
1946;
$1,500,1947 to 1951; $2,000,1952 to 1954; $2,500,1955 to
1962, and $3,000
1963 to 1967.
The bonds are general obligations of the
village.
Certified
check for $2,000, payable to the
Village required.
HOUGHTON, Mich.—BONDS AUTHORIZED—The City Council
voted to issue $20,000
HUDSON,
has
refunding' bonds.
Mich.—BOND SALE—An
works revenue bonds has been taken
payable January and July.
issue of $11,000 434%
water
by the City Treasurer at par.
Interest
MICHIGAN, gt t
of—REPORT ON STATUS OF LOCAL BOND
REFUNDINGS—Matthew Carey, 2149 Union Guardian
Building, Detroit,
reports the following to be the status of
refundings in municipalities in which
refunding has been approved by the Public Debt Commission and in
which
bonds are ready for
exchange:
Total Rfdg.
Bonds
Exchanged to Date
.
..
Municipalities—
Authorized
Warren Village, Macomb
County
School Districts—
Lincoln Park (includes Ecorse
Twp.
School Districts No. 5 and 10)
$142,000
2,059.000
64,000
btjtl
Series "B"
Livonia Twp.
r*
School District No. 6,
Wayne County
Oakland Twp. School District No.
2,
Oakland County
Royal Oak Twp. School District No. 8,
Oakland County
Series "A"
Series "B"
Taylor Twp. School District No. 5,
Wayne CountyTroy Twp. School District No. 2,
Oakland County
Warren Twp. School District No.
8,
Macomb
Per Cent
Just started
a
1,977,480
64,000
aaa
100'
33,000
33,000
100%
37,000
100%
1,265,000
115,000
98%
100%
INDEPENDENT
24, at which the
$25,000 school building bonds.
SCHOOL
DISTRICT
FERGUS
It is
said
FALLS,
that
Minn.—BOND
election
an
voters will pass on
NO.
5,
a special
proposal to issue
will
be
a
ELECTION CONTEMPLATED—
held
in
September
the issuance of
on
$80,000 in water system bonds.
HENNEPIN COUNTY
(P. O. Minneapolis), Minn.—BOND SALE—
The $30,000 234% courthouse repair and improvement bonds offered on
Aug. 16—V. 145, p. 981—were awarded to the Northwestern National Bank
& Trust Co. of Minneapolis at par plus a
premium of $829.20, equal to
102.764, a basis of about 1.78%.
Dated Aug. 15, 1937.
Due $6,000
yearly on Aug. 15 from 1939 to 1943.
The First National Bank & Trust
Co. of Minneapolis bid a premium of $724.56 for the issue.
I*HIBBING, Minn.—BOND OFFERING—V. L. Cole, Village Recorder,
will receive bids until 9:30 a, m. Aug. 27 for the
purchase of $10,000 3%
sewage,
pump
and
pump
house bonds.
Denom. $500.
MINNEAPOLIS, Minn.—BONDS OFFERED FOR INVESTMENT—
Phelps, Fenn & Co. and Wells-Dickey Co., Minneapolis, reoffered a new
issue of $875,000 234%
bonds, to be dated Sept. 1, 1937 and due Sept. 1,
1940 to 1967 incl.
The bonds are priced to yield from 1.50% to 2.45%
for the maturities from 1940 to 1959
inclusive, and are priced at par for the
The bonds are said to be legal investments for savings
1960-67 maturities.
banks and trust funds in New York,
Massachusetts, Connecticut and certain
other States.
ST. PAUL, Minn.—BOND ELECTION CONTEMPLATED—'The
City
Council is said to be considering calling a special election for a vote on a
$435,000 bond issue to be used for improvements at the municipal airport.
It is reported that if the election is held it will
probably be about Oct. 10.
■gfigifffiijn
r"i~•i
illi■ ii■
V
Il—to
—I
—
•
~
SOUTH ST. PAUL, Minn.—BOND SALE NOT YET CONSUMMATED
—The sale of $66,000 sewer and fire equipment bonds, awarded on Aug. 2
to Allison-Williams Co. of Minneapolis and M. H.
Bishop & Co. of Min¬
p.
981—has not yet been completed.
Representatives
public.
At the close of the meeting the Mayor and City Attorney discussed
the matter and decided that the city still hold the bond companies to their
contracts, feeling the request was not a final notice of withdrawal.
_____
BOND
1,286,000*
115,000
67,000
62,000
30,000
94%
70,000
69,000
OFFERING—E. L. Sloan, City Recorder, will receive bids until
Sept. 7, for the purchase of $16,000 fire fighting equipment bonds
and $50,000 sewage system bonds, bearing 4% interest.
Certified check
for 2%, required.
The city originally disposed of these bonds on Aug. 2,
but the sale was not completed.!
<
8 p. m.
93%
32.000
County
MONROE
LAKE
the request was based on an opinion of their attorney, who ruled that, as
the resolution did not contain the phrase that the bonds were "necessary
and expedient," they could not recommend the resale of the bonds to the
99%
41,000
35,000
---$3,992,480
$3,829,480
„
WARREN,
Minn.—PRICE PAID—It
is now stated by the Village
Clerk that the $6,000 3% semi-ann. street improvement bonds purchased
by the State, as noted here recently—V. 145, p. 981—were sold at par.
Due in 20 years.
85%
.
MISSISSIPPI
96%
After deducting $30,000 authorized but used
for taxes prior to refunding
COUNTY
(P. O. Monroe), Mich.—BOND* TENDERS
ASKED-—F. E. Gillespie, Clerk of the Board of
Monroe County Road
Commissioners, announced that the Board will consider tenders of bonds
at 11 a. m. (Eastern Standard
Time) Aug. 25.
The bonds are county
highway improvement bonds, dated May 1, 1937, and further described
as
.
ELBOW
Minn.-—BOND ELECTION—The Board of Education has called
election for Aug.
of the buyers appeared at a recent meeting of the City Council and asked
release from their contracts to purchase the bonds.
The spokesman said
96'
37,000
Waterford, West Bloomfield & White
Lake Twps., School District No.
2,
Fract'l, Oakland County
T°tal--r-,---7
*
100%
DETROIT LAKES, Minn.—CERTIFICATE OFFERING—E. J.
Bestick,
City Clerk, will receive bids until 8 P. M. Aug. 23 for the purchase of an
of $21,000 street improvement certificates.
issue
neapolis—V. 145,
Series "A"
Qoruod
Amount
$46,000
142,000
Troy Township, Oakland County
HEIGHTS, Minn .—CERTIFICATE OFFERING—A. J.
Netkow, City Manager, will receive bids until 8 p. m. Aug. 30, for the
purchase of $18,500 local improvement certificates of indebtedness.
follows:
AMORY, Miss.—CORRECTION—It is
now reported by O. H. Owens,
City Clerk, that the report given in these columns last April, to the effect
had been purchased by
that $17,000 4% semi-ann. swimming pool bonds
the Public Works Administration, was erroneous.
""BRUCE,
voters
Miss.—BONDS VOTED—At an election held on Aug. 4 the
approved the issuance of $30,000 in grading and graveling bonds
District No. 2 by a small majority, according to report.
for Supervisors
CALHOUN
COUNTY
SUPERVISORS
DISTRICT
NO.
2
(P. O.
Aug. 3 the
noad Asst.
Amount
Rate of
Road Asst.
Amount
Dist. No.
34
Par Value
Interest
May 1
Dist. No.
Par Value
4%
1940
57
4X
4%
1940
58
500
5
1944
1940
59
1940
1940
60
8,000
10,000
6
4X
4X
1943
DEFEATED—At a recent election the voters turned down a proposal to
issue $45,000 in bonds for the construction of a new high school, according
to newspaper
42
$4,000
7,500
2,000
1,000
5,000
7,000
1,500
9,000
43
6,000
45
1,000
4,000
11,000
5,000
5,000
4,000
3,000
2,000
14,000
8,000
35
36
37
39
40
41
47
47
48
49
50
50
51
51
52
Maturity
of
1,000
534
Maturity
May 1
4 X
1940
61
5,000
5X
62
1,000
62
2,000
AX
1940
63
4.X
1940
64
4X
1940
65
4X
1940
65
5X
5X
4%
534
4 X
4%
1940
1939
4%
19
1
66
4%
1941
67
4%
4%
1941
67
1940
68
4 H
1941
68
NOXUBEE
1941
4%
1940
69
4,000
3,000
6,000
1,000
1,000
3,000
4,000
2,000
3,000
4,000
4X
1941
70
4,000
434
1942
5X
1941
71
4X
1942
72A
3,000
4,000
2,000
4,000
4X
1943
434
1944
4X
1942
1,500
4%
1940
1940
72A
55
1941
72B
56
11,000
4,000
4%
hX
6
5,000
5)4
1941
1943
1940
1942
1943
6
1941
4X
1942
4X
4X
1943
4 X
1943
.
1942
"^J
8?V?
a
.
$200,000
shall be submitted in writing, sealed and marked "Tender
shall describe the bonds tendered, stipulating lowest price
which owner will sell to the
sinking fund.
interest will be considered.
advices.
COUNTY
(P.
O.
Macon),
Miss.—BOND OFFERING—
Denom. $1,000.
Due as follows:
$1,000, 1938 to 1942; $2,000, 1952;
$3,000, 1953 to 1960, and $1,000 in 1961.
The bonds are to be issued in
accordance with the provisions of the acts of the State Legislature, Chapter
143, Laws of 1934, as amended by Chapter 279, Laws of 1936, and are
callable bonds.
The Board of Supervisors will obtain the opinion of the
State Bond Attorney as to the validity of said bonds and have them
validated in the Chancery Court of the County, also have them printed
and engraved.
Further legal opinion must be obtained at the purchasers
expense.
1940
57
on
>
Sealed bids will be received until 2 p. m. on Sept. 6, by Kate B. Augustus,
Clerk of the Board of Supervisors, for the purchase of a $50,000 issue of
Road District No. 1 refunding bonds.
Bidders to name the rate of interest.
1943
4%
3,000
approved the issuance of the $30,000 road bonds.
MAGNOLIA SCHOOL DISTRICT (P. O. Magnolia), Miss.—BONDS
1941
1940
4%
54
Pittsboro), Miss.—BONDS VOTED—At the election held
voters
1942
4 X
53
t»
Rate
Interest
of
at
No tenders at price above par and
A $300 certified check must accompany the bid.
SHELBY SEPARATE ROAD DISTRICT (P. O. Cleveland), Miss.—
BOND SALE DETAILS—We are now informed by E. B. Nelson, Chancery
Clerk, that the $209,000 refunding bonds purchased by Leftwich & Ross,
of Memphis, and associates, as noted here recently—V. 145, p. 982—were
awarded as follows: $52,000 as 534s, the remaining $157,000 as 53is, at a
price of par, plus printing and legal expenses.
Coupon bonds, dated
July 1, 1937.
Denom. $1,000.
Due serially.
Interest payable J. & J.
TUPELO, Miss.—CITY REPORTS PROFIT ON POWER SALES—An
Press
dispatch from Tupelo on Aug. 8 reported as follows:
Mayor J. P. Nanney announced today that Tupelo, the nation's first
TVA city, realized a profit of $33,578 on its power dealings with the Govern¬
ment during the year ending June 30, 1937.
Local revenues from power, he said, increased from $119,155 in the
Associated
m£AJP£L!°£
i/0!,1
TOWNSHIP
FRACTIONAL
O. Napoleon), Mich.—BONDS NOT
bonds offered
on
PICKFORD
DISTRICT
SOLD—'The $20,000 school
Aug. 16—V. 145, p. 1141—were
rejected.
SCHOOL
not
sold,
as
all bids
were
SCHOOL* DISTRICT (P. O. Pickford),
*7OFFERING—George Raynard, Secretary of the Board of
TOWNSHIP
Education, will receive bids until 10 a. m. (Eastern Standard
Time) Aug. 23,
for the purchase of $30,000
coupon public school bonds.
Bidders are to
name rate
of interest, in
a
multiple of 34 %, but not to exceed 5%.
Denom.
previous year to $135,385 for last year.
The mayor said that $8,618 was appropriated to redeem bonds and other
long-term debts and
profits
were
a
surplus of
$27,960 remained.
He said tmost of the
spent for expansion.
Mayor Nanney declared
again, possibly in 1938
that
power
rates
in
Tupelo
will be lowered
Volume
Financial Chronicle
145
1297
MISSOURI
MUNICIPAL BONDS
ANDREW-NODAWAY DARINAGE DISTRICT (P. O. Savannah),
Mo.-ADDITIONAL INFORMATION—In connection with the sale of
the $90,000 4% semi-ann. refunding bonds to the First Trust Co. of St.
Joseph, as noted in these columns in June—V. 144, p. 4052—the following
information is furnished by Grover C. Sparks, District Attorney:
"The principal of the original issue was not discounted.
The borrowers
were enabled, with cash on hand, to reduce the outstanding issue or $116,000 down to $90,000, issue also bearihg 5%.
There was something like
$20,000 of interest defaulted.
This was settled with the owners of bonds
at 50c on the dollar, and the new issue of $90,000 bears interest at 4% per
annum.
The bonds fall due in regular order, the last maturities being in
New
Jersey and General Market Issues
B. J. Van Ingen &
57
WILLIAM
Co. Inc.
Telephone: John 4-6364
STREET, N. Y.
A. T. & T.: N. Y. 1-730
Newark Tel.: Market 3-3124
1947.
"I
might add,
however, that
on
1, last, the district
Aug.
retir d
an
additional $11,500 principal, taking up all of the issue which would fall due
1938, under the new maturities, and also $3,000 falling due in 1939.
"There is no doubt but that these bonds at this time are a sound in¬
in
$30,000 Linden, N. J., Imp. 3s
vestment, and will continue to be so, because the debt is reduced now to
the point that the district will not again default."
MADISON
Due
and
(P.
O.
Trenton),
Colyer, Robinson $ Company
'
$1,000, 1940 to 1945 inch
1180
MARYVILLE, Mo.—BOND SALE—The $40,000 water works improve¬
ment bonds offered on Aug. 18 were awarded to Callender, Burke & McDon¬
ald of Kansas City.
Dated Sept. 15,1937.
Due $4,000 yearly on Sept. 15
rom
July 1, 1947-50
To yield 2.65%-2.80%
Mo .—BOND SALE DE¬
TAILS—It is reported that the $6,500 3M% semi-ann. road bonds pur¬
chased by the Trenton Trust Co.. as noted in these columns recently—V.
145, p. 805—were sold at par, and mature on July 1 as follows: $500 in 1939,
TOWNSHIP
INCORPORATED
Raymond Blvd., Newark
New
York
Wire:
REctor 2-2055
MArket 3-1718
A.
T. & T. Teletype
NWRK 24
1938 to 1947.
MISSOURI, State of—BOND OFFERING—It is reported that bids will
be received until 9 a. m. on Aug. 21, by the State Treasurer, for the pur¬
chase of a $3,000,000 building bond issue.
(A similar issue of bonds was
sold privately in July to a syndicate headed by Baum, Berheimer & Co.
of Kansas
City,
as
NEW
JERSEY
exceed
$1,000.
Cert, check for 2% required.
Legality of the issue ap¬
proved by Hawkins, Delafield & Longfellow of New York.
noted in these columns—V. 145, p. 805.)
BOUND BROOK, N. J .—BONDS AUTHORIZED—An ordinance was
passed by the Borough Council on Aug. 3 authorizing the issuance of $39,825
improvement bonds.
In connection with the above report we quote in part as follows from a
special dispatch out of Jefferson City to the New York "Herald Tribune"
of Aug. 20:
street
Smarting under criticism of its recent private, closed-door sale of $3,000,000 of State building bonds to a Kansas City bond firm without com¬
petitive bids, the State Board of Fund Commissioners has issued a defensive
ordinance providing for the issuance of $198,000 refunding bonds has been
GLASSBORO,
statement
announcing it would receive new bids on the bonds on Saturday,
but under unusual restrictions.
The statement was issued from the office of Governor Lloyd C. Stark
after more than six hours of executive conference by elective State officials,
developed at times into an indignation meeting over newspaper
criticism of the sale of the bonds July 20 to Baum, Bernheimer & Co., of
Kansas City, for a premium of $100,000 without other bond firms being
notified
or being given an opportunity to bid.
Replying to charges by "certain newspapers" that the State had received
$50,000 less in premiums in the Baum, Bernheimer deal that it would
have received if the bonds had been sold at public sale with competitive
bids, the board announced it would be in session here at 9 a. m. on Satur¬
day, in Governor Stark's office, to receive bids from "any financially
responsible purchaser."
However, the offer to receive bids was encompassed with conditions
unparalleled in previous State bond sales.
(R. W. Winn, State Treasurer, confirms the report that the bonds will
HAMILTON
(P.
O.
Mays
Landing),
N.
J .—BOND
awarded to H. B. Boland & Co. of New York and the First National Bank
of Highland Park on
Dated Aug. 1, 1937.
a bid of 100.06 for 3M's, a basis of about 3.24%.
Due on Aug. 1 as follows: $5,000, 1938 and 1939;
$10,000, 1940 to 1945; $15,000, 1946 to 1949; $16,000 in 1950, and $17,000
COUNTY
(P. O. Clayton), Mo.—BONDS VOTED—At
the election held on Aug. 17—V. 145, p. 483—the voters approved the
issuance of the $800,000 in bonds by a count of 13,476 to 3,532
The
general obligation bonds will be used to retire the county's outstanding
debt and to place the county on a pay-as-you-go basis for the first time in
in 1951.
'
V'.v:
JERSEY
par
■'
CITY, N. J.—PRICE PAID—The $135,000 tax
recently issued to
12 years.
Sinking Fund—V.
the
145,
p.
survey
bonds
1142—were placed at
for 3Ms.
MIDDLESEX COUNTY (P. O. New Brunswick), N. J.—The Board
to a resolution providing
authority for the issuance of $88,000 improvement bonds.
MONTANA
of Chosen Freeholders has given final approval
ROOSEVELT COUNTY SCHOOL DISTRICT NO.
16
(P. O. Bain
ville),
Mont.—BONDS NOT SOLD—The $6,000 issue of not to exceed
semi-ann, gymnasium and auditorium bonds offered on July 31—
145, p. 483—was not sold as no bids were received, it is stated by
Earl J. Summers, District Clerk.
Dated June 1, 1937.
Interest paya-
NUTLEY, N. J.—BONDS AUTHORIZED—On Aug. 17
6%
a
bond issue of
$33,000 to meet the town's share of the cost of the Joint-Outlet Sewerage
V.
able J.
TOWNSHIP
HIGHLAND PARK, N. J .—BOND SALE—The $163,000 coupon or
registered refunding bonds offered on Aug. 20—V. 145, p. 1142—were
a. m. on Aug. 21, and that they will mature from 1940 to
1944, bearing interest at the rate of 3% per annum.)
project was authorized.
PARK RIDGE, N.
& D.
Council
3—BONDS AUTHORIZED—On Aug. 6 the Borough
the issuance of $21,000 street
adopted an ordinance authorizing
improvement bonds.
BONDS REOFFERED—The salt. District Clerk will receive sealed bids
until 7 p. m. on
check for $600,
ON FIRST READING—An
SALE—The township has sold a block of $123,500 4% refunding bonds to
Christensen & Co. of Atlantic City at a price of 95.425.
be offered at 9
LOUIS
J.—BONDS PASSED
FAIRVIEW, N. J.—BONDS AUTHORIZED—SOLD—In connection
with reports given in these columns that the borough had sold $300,000
refunding bonds to Campbell & Co. of New York and that the State
Funding Commission had given the borough authority to issue $306,000
refunding bonds, we can now state that on Aug. 17 the Borough Council
adopted a resolution authorizing the issuance of $306,000 4M% refunding
bonds to Campbell & Co. at a price of 98.50.
The bonds are dated Aug. 1,
1937 and mature serially on Aug. 1 as follows:
$5,000, 1938 and 1939;
$6,000, 1940 to 1942; $20,000, 1943; $40,000, 1944; $50,000, 1945; $55,000,
1946; $50,000, 1947, and $55,000 in 1948.
which
ST.
N.
passed by the Borough Council on first reading.
The Council will give the
question final consideration at a meeting on Aug. 24.
Sept. 18, for th-e purchase of the above bonds.
A certified
payable to the Clerk, must accompany the bid.
RARITAN, N. J.—BOND OFFERING—As previously reported in these
145, p. 1143—Angelo J. Soriano, Town Clerk, will receive
p. m. (Daylight Saving Time) Aug. 24, for the purchase at
columns—V.
bids until 8
NEBRASKA
not less
than par of $145,000 coupon, registerable as to principal only or
to both principal and interest, bonds, described as follows:
$120,000 sewage disposal and improvement bonds.
25,000 incinerator bonds.
The bonds will be sold as one issue, no more bonds being sold than will
as
OMAHA, Neb.—REPORT ON PROPOSED MISSOURI RIVER BRIDGE
CONSTRUCTION—In
letter dated Aug.
a
12,
we were
informed by Henry
F. Kieser, Chairman of the Board of Trustees, the Omaha-Council Bluffs
Missouri River Bridge, that the said board will take such astion as is neces¬
sary for the sale of the bonds and the construction of the Dodge Street
Bridge in the
produce
Bidders
a sum equal to
are to name a
the amount of the offering, plus a premium of $1,000.
single rate of interest, for all the bonds, not to exceed
He states that the fiscal agents for the
board is the firm of John Nuveen & Co. of Chicago, while the bond attorneys
are Chapman & Cutler of
Chicago.
The local attorneys for the board are
Munger, Crossman & Barton, of Omaha.
The engineers are Robinson &
Steinman, New York.
Mr. Kieser states that the bond issue will proba¬
bly be close to $2,000,000.
6%, in a multiple of M% or 1-10%.
Denom. $1,000.
Dated Sept. 1,
1937.
Principal and semi-annual interest (March 1 and Sept. 1) payable
at the Raritan State Bank, Raritan.
Due yearly on Sept. 1 as follows:
$4,000, 1938 to 1942; $10,000, 1943 to 1954; and $10,000 in 1955. Certified
check for 2% of amount of bonds offered, payable to the Town Treasurer,
required,
City'Clerk
RIDGEWOOD, N. 3.—BOND OFFERING POSTPONED—'The offering
exceed 3% coupon or registered improvement bonds
taken place on Aug. 24—V. 145, p. 1143—has been
postponed indefinitely.
very near
future.
WAYNE, Neb.—CORRECTION—We
are
informed by the
that the report given in these columns recently to the effect that an elec¬
tion would be held on Aug. 17 on the issuance of $25,000 in park warrants—
V. 145, p. 982—was incorrect as the city
securities for the purchase of a park.
of $163,000 not to
which was to have
will pay cash and not issue any
TOWNSHIP,
SH AMONG
.
WEEPING WATER SCHOOL DISTRICT NO. 22 (P. O. Weeping
PASSED
Water), Neb.—BONDS VOTED—The voters of the district at a recent
election approved a proposal to issue $50,000 school building bonds.
and
hospital
the First
(P. O. Pioche), Nev.—BONDS VOTED—The
Aug. 9 approved the issuance of $87,500 courthouse
HAMPSHIRE
bonds.
Halsey Stuart & Co
First National Bank, Boston
Ballau, Addams and Wittemore
Goldman, Sachs & Co_
Chase, Whiteside & Co. and Graham, Parsons & Co
Burr & Co
Faxon & Co
National Shawmut Bank
The City has already
received authority from the State Municipal
of the bonds.
WOODBINE,
N.
J.—BONDS
APPROVED—The
State Municipal
borough to issue $34,000
Finance Commission has approved a plan for the
Price Bid
G, F. Childs & Co. and Mackey Dunne and Co..
17 the City
Finance Commission for the issuance
OF BIDS—The following is an official
$175,000 3% coupon bonds awarded on
Aug. 12 to the first Boston Corp., as noted in detail in our issue of Aug. 13:
the
Names of Other Bidders—
Due May 1, 1947.
N. 3.—BONDS AUTHORIZED—On Aug.
Commission gave final approval to two ordinances providing for the issu¬
ance of $2,655,000 general refunding bonds and $625,000 water refunding
MANCHESTER, N. H.—LIST
for
curb and sidwewalk bonds has been sold to
Denom. $500.
Dated
Interest payable May 1 and Nov. 1.
WILDWOOD,
NEW
County,
N.
J.—BONDS
3 the Township committee
providing authority for the issuance of
Final consideration will be given the
National Bank of Spring Lake at par.
May 1, 1937.
bonds.
list of the bids received
Burlington
READING—On Aug.
A block of $6,500 5% coupon
COUNTY
voters of the county on
FIRS1'
SPRING LAKE HEIGHTS (P. O. Lake Como), N. 3—BOND SALE—
NEVADA
LINCOLN
ON
first reading to an ordinance
$21,500 general refunding bonds.
proposal on Aug. 19.
gave
refunding bonds.
$102,869
102.245
102.500
102.791
NEW
MEXICO
COUNTY (P. O. Portales), N. Mex.—BOND SALE—
The State of New Mexico has agreed to purchase the $100,000 3M % court¬
house bonds which were approved by the voters this past spring.
ROOSEVELT
102.533
102.820
102.577
102.510
102.790
NEW
YORK
UNION FREE SCHOOL DISTRICT NO. 4 (P. O. Eden),
N.
Y.—BOND SALE—The $7,000 coupon, fully registerable, general
obligation, unlimited tax, school building bonds offered on Aug. 13 we
awarded to C. E. Weinig & Co. of Buffalo as 2.40s, at par plus a premium of
$17 99, equal to 100.257, a basis of about 2.33%.
Dated Aug. 1, 1937.
Due $1,000 yearly on Aug. 1 from 1938 to 1944.
The Marine Trust Co. of
Buffalo bid a premium of $14.70 for 2.40s.
EDEN
NEW
JERSEY
BERLIN, N. J.—BONDS EXCHANGED—The borough has exchanged
with the holders of outstanding bonds a new issue Of $32,000 4% refunding
bonds.
The new bonds mature $2,000 yearly from 1939 to 1951 and
$3,000 in 1952 and 1953.
BOONTON, N. J.—BOND OFFERING—Town Clerk Albert P. Smith
until 8:30 p. m. Sept. 9 for the purchase of an issue of
$85,000 coupon, registeranble, refunding bonds. Bidders are to name rate
of interest, in a multiple of %%, but not to exceed 6%.
Denom. $1,000.
Dated Oct. 1, 1937.
Prin. and semi-ann. int. (April 1 and Oct. 1) payable
at the Chemical Bank & Trust Co., New York.
Due $5,000 yearly on
Oct. 1 from 1939 to 1955 inch
No more bonds will be issued than will
bring a price equal to the amount of the offering, plus a premium not to
will receive bids
.
FREEPORT, N. Y.—BOND OFFERING—Howard E. Pearsall, Village
Clerk, will receive bids
until 1 p. m. (Eastern Standard Time) Sept. 1 for
of $200,000 coupon or registered, general obligation, unlimited
bonds, series D.
Bidders are to name rate of interest, in a
multiple of X % or 1-10%, but not to exceed 4%. Denom. $1,000. Dated
Aug
1, 1937.
Principal and semi-annual interest (Feb. 1 and Aug. 1)
payable at the Freeport Bank, Freeport, with New York exchange. Due on
Aug. 1 as follows:
$8,000, 1940 to 1950; $12,000, 1951 to 1957; $10,000,
the purchase
tax,
water
1298
Financial
NEW
YORK
HEMPSTEAD, N.Y.—BOND OFFERING— Eugene P. Parsons,
will receive bids until 3 p.
(Eastern
m.
Standard Time)
Village
Sept. 16
for the purchase of $28,5u0 coupon fire equipment bonds.
Bidders are to
name rate of interest, not to exceed 6%.
Denorns. $1,000, except one for
$500. Dated Aug. 1, 1937. Principal and semi-annual interest
(Feb. 1 and
Aug. 1) payable at the West Hempstead National Bank or at the Bank of
New York & Trust Co., New York.
Due $4,500 Aug. 1, 1938 and
$6,000
yearly on Aug. 1 from 1939 to 1942.
Certified check for $570, required.
Approving opinion by Hawkins, Delafield & Longfellow, New York.
HOOSICK (P.
O. Hoosick Falls), N. Y.—BOND OFFERING—V.
Briggs Shaw, Town Supervisor, will receive bids until 11 A. M. (Daylight
Saving Time) Aug. 30 for the purchase at not less than par of $30,000 coupon
fully registerable, general obligation, unlimited tax, home relief bonds.
Bidders are to specify rate of interest, in a multiple of
%% or 1-10%,
but not to exceed 4%.
Denom. $1,000.
Dated Aug. 1, 1937.
Principal
and semi-annual interest (Feb. 1 and Aug.
1) payable at the Peoples-First
National Bank, Hoosick Falls, with New York
exchange.
Due $3,000
yearly on Feb. 1 from 1938 to 1947, incl.
Cert, check for $600, payable
to the Town, required.
Approving opinion of Clay, Dillon & Vandewater
of New York will be furnished by the town.
Treasurer, will receive bids until 2 P. M. (Daylight Saving Time) Aug. 27
for the purchase at not less than par of $500,000 coupon,
fully registerable,
general obligation, unlimited tax, improvement bonds.
Bidders are to
specify rate of interest, in a multiple of y±% or 1-10%, but not to exceed
5%.
Denom. $1,000.
Dated Aug. 1, 1937.
Principal and semi-annual
interest (Feb. 1 and Aug. 1) payable at the American
Bank, Lackawanna,
or at the Manufacturers Trust Co., New York.
Due on Feb. 1 as follows:
$55,000, 1939 to 1946; and $60,000 in 1947.
Cert, check for $10,000,
payable to the City, required.
Approving opinion of Clay, Dillon & Vande¬
water of New York will be furnished
by the city.
MAMARONECK, N. Y.—BOND SALE—The $75,000
incinerator
piant
bonds offered
on
Aug.
17—V.
coupon
145,
p.
or
regis¬
983—were
awarded to
Ira Haupt & Co. of New York on a bid of 100.255 for
2.90s,
a basis of about
2.87%.
Dated Aug. 1,1937.
Due $5,000 yearly on Aug. 1
from 1938 to 1952, incl.
MECHANICVILLE, N. Y.—BONDS PROPOSED—An ordinance auth¬
orizing the issuance of $40,000 sewage disposal plant bonds was introduced
in the City Council recently.
The proposition will be given final con¬
sideration by the Council at its Aug. 27 meeting.
NEW
YORK,
N.
the Hudson
on
River tunnel:
Administrator Harold jl. ickes
a
PWA allotment of
Mid-town
today announced Presidential approval of
$29,100,000 to the Port of New York Authority for the
second tube of the Lincoln Tunnel,
formerly known as the
Hudson Tunnel.
construction of
a
The
allotment is conditional.
It provides that the Authority may receive
a.'grant limited to $3,100,000, but it only becomes eligible for that grant, or
part of that grant, to the extent that it employs labor certified as obtained
from relief rolls.
thority
may
may
For each pay roll
obtain $1.15
borrow from PWA
as
dollar spent for such labor,
grant up to the fixed limit.
The Port
the Au¬
Authority
secured, interest bearing collateral up to $26,000,000 to make up the difference between the grant and the estimated con¬
on
struction cost if it finds such
a
loan to its
advantage.
The project is another segment of the Lincoln Tunnel.
The improvement
in its entirety consists of two parallel two-lane, vehicular toll tubes under the
Hudson River with plazas and approaches at the
portals to connect Man¬
hattan Island with the New Jersey side.
The improvement extends from
in Manhattan, to junctions with New
Jersey Routes No. 1 and No. 3 in
vicinity of Thirty-Ninth Street between Ninth and Tenth Aves.,
North Bergen, which lies west of Pleasant
Avenue, Union City.
The north tube of the Lincoln Tunnel—the one for which the new allot¬
ment has been made—will aid in
greatly
the
tween
reducing the traffic problem be¬
City and its New Jersey neighbors.
One of the PWA s
allot a loan of $12,300,000 and a grant of
$4,780,000
Authority for the construction of the tunnel estimated to cost
New York
first acts in 1933
to the same
meet in
Albany on April 5, 1938 and remain in session until its business is
finished.
The
Convention, by
will recommend
to
amendment of this
was to
$43,835,000.
This is now more than 75% completed.
The original papers
the allotment showed that PWA
prepared to provide a total loan of
$37,500,000, but the gradual improvement in the municipal bond market
obviated PWA spurchase of the bonds.
on
It was recently that the Authority decided to
press its plans for the second
It requested a loan of $29,100,000 from the
PWA, secured by the
Authority s obligations.
The Authority offered short-term notes, bearing
4% interest, payable in four years, secured by General Refunding bonds.
tube.
a
majority vote will determine what changes if any
people.
Such changes may be in the form of
or
it
the
that section of the present Constitution or may be a
re-writing of the whole document.
In afcy event, the result of its delibera¬
tions will be submitted to popular vote at an election which shall be held
not less than six weeks after the Convention adjourns.
The sort of subjects which are likely to come before the Convention may
inferred in part from an article by Charles Poletti, Counsel to the
Governor, in which he enumerates several possible matters for consideration:
1. The establishment of a State budget reserve.
be
2. Amplification and modification of powers to enable the Legislature to
enact social and labor legislation and provide greater means of social security.
3.
Review of the system of law enforcement.
4.
Re-arrangement of the judicial system.
5.
Reduction of the debt
of the units of government in the State, and
clarifying the extent, use and function of State aid.
6. Composition of the Legislature, viz. one or two houses, how many
members, the basis of representation.
7. Reapportionment.
8. A re-study of the Home Rule Amendment.
Serious gaps exist.
In
much mandatory legislation has circumscribed the freedom
the municipalities would have.
too
of action which, it was supposed,
NISKAYUNA UNION FREE SCHOOL DISTRICT NO. 5 (P. O.
Niskayuna), N. Y —BOND OFFERING—Harry A. Winne, District Clerk,
until 10 a. m. (Eastern Standard Time) Aug. 26, at the
office of Roy W. Peters, 505 State Street, Schenectady, for the purchase
at not less than par of $24,000 coupon, fully registerable, general obli¬
gation, unlimited tax, school building improvement bonds.
Bidders are
to specify rate of interest, in a multiple of
or 1-10%, but not to ex¬
ceed 5%.
Denom. $1,000.
Dated Sept. 1, 1937.
Prin. and semi-ann.
int. (March 1 & Sept. 1) payable at the Schenectady Trust Co., Schenec¬
tady, with New York exchange.
Due $6,000 yearly on Sept. 1 from 1938
to 1941 incl.
Cert, check for $500, payable to Orvil E. Smith, District
Treasurer, required.
Approving opinion of Clay, Dillon &
Vandewater
will receive bids
of New York.
;
ONEONTA, N. Y.—BOND SALp—The $23,225 coupon, fully registerable, general obligation, unlimited tax, normal school extension bonds
offered on Aug. 13—V. 145, p. 806—were awarded to Sherwood & Co. of
New York on a bid of 100.14 for 1.70s, a basis of about 1.65%.
Dated
July 15, 1937.
Due on July 15, as follows:
$4,225, 1938; $5,000, 1939 to
1941, and $4,000 in 1942.
Other bidders
Y.—PWA ANNOUNCES APPROVAL OF ALLOT¬
MENT FOR MID-TOWN TUNNEL—The
following is the text of a state¬
ment (Press Release No. 3207) made public by the Public Works Adminis¬
tration on Aug. 18, reporting approval of a
large allotment for additional
construction
districts of the State will elect three delegates, and the voters of the State
15 delegates-at-large.
These 168 will constitute the Convention which will
practice,
LACKAWANNA, N. Y.—BOND OFFERING—Thomas C. Murphy, City
tered
Au%. 21, 1937
the whole document and see what changes, if any, might be made
in the light of experience and changed ideas.
Accordingly, in November, 1937, the voters in each of the 51 senate
go over
1958 and 1959, and $8,000 in 1960.
Certified check for $4,000, payable to
the village, required.
The bonds are being approved as to legality by Clay, Dillon & Vandewater
of New York, a copy of whose opinion will be furnished by the
village.
Clerk,
Chronicle
were:
Name—-
Int. Rate
Rutter &
Co., New York
Marine Trust Co., Buffalo
Manufacturers &
Traders
Trust Co., Buffalo
Geo. B. Gibbons & Co., New York
Roosevelt & Weigold, New York
Cranberry &
Co.,
New York
Wilbur National Bank, Oneonta, and Citizens Nat.
Bank & Trust Co., Oneonta
*
PELHAM,
Price Bid
1.70%
1.80%
1.80%
1.90%
1.90%
2%
.100.01
100.069
100.039
100.16
2%
100 1
100.12
100.119
N.
Y.—BOND SALE—The $40,000 coupon or registered
street
improvement bonds offered on Aug. 16—V. 145, p. 984—were
awarded to Barr Bros, of New York as 2.30s, at par plus a premium of
$71.60, equal to 100.179, a basis of about 2.47%.
Dated July 1, 1937.
Due $4,000 yearly on July 1 from 1938 to 1947.
A. C. Allyn & Co. of New
York were second high, bidding 100.144 for 2.30s.
PORT OF NEW YORK AUTHORITY, N. Y—$15,000,000 BOND
3M%"coupon, registerable, genera, and refunding
bonds, fifth series, which were offered on Aug. 18—V. 145, p. 1143—were
awarded to a syndicate managed by the National City Bank, Brown, Harriman & Co. and the Chase National Bank of New York, at a price of 99.5179,
a basis of about
3.271%.
Other members of the successful syndicate in¬
cluded the First Boston Corp., Edward B. Smith & Co., Kidder, Pea body
& Co., the Chemical Bank & Trust Co. and White, Weld & Co.
The
bankers reoffered the bonds for investment at a price of 101, to yield about
3.20%.
The success of the sale was greeted by the Port Authority, through Frank
C. Ferguson, Chairman, as marking another important step in the successful
history of Port Authority financing.
SALE—The $15,000,000
Two other bids
were
received.
An offer of 99.2286
was
received from a
banking syndicate headed by the Bankers Trust Co. and Blyth & Co., Inc.
The third proposal of 97.719 was from Speyer & Co., Ladenburg, Thalman
& Co., Hayden, Stone & Co., Halsey, Stuart & Co,. Inc., and associates.
The finance committee of the Port Authority acted immediately following
receipt of the proposals.
The City Bank Farmers Trust Co. was named
paying agent for the issue and the Chase National Bank was appointed
Construction of the second tube will make it
possible for each tube to
carry two lanes of traffic going in the same direction.
With only one twolane tube it would have been necessary to have traffic in
opposite directions
in a single tube.
Port Authority
registrar.
will warrant the two tubes.
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 thereafter 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 win be made into the
"Fifth Series, 3%%, due 1977 sinking fund," commencing in 1942.
The
moneys in the sinking fund wi.l 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, registerable as to principal, or as to both principal
and interest, and when so registered reconvertible into coupon form upon
experts have estimated increasing traffic
The project provides for—
The acquisition of land and necessary easement for New York
to the Northerly tube and for the portion of the New
Approach
Jersey approaches
lying westward of New York Avenue, Union City, New Jersey.
The construction of the New York Plaza and
Approach to the Northerly
tube, the section of this tube between its New York portal and junction
with the subaquenous section at a point located on 29th Street
approximately
midway between 11th and 12th Avenues, New York City.
The furnishing and delivery of the cast iron and cast steel
lining, and the
construction of the complete finish
pavement, and equipment of the entire
Northerly tube.
The construction of the New
Jersey and the New York Ventilation Build¬
ings for the Northerly tube.
The construction of treatment of the rock cliff in the
vicinity of the New
Jersey Ventilation Building.
The construction of highways westward of Pleasant
Avenue, Union City,
New Jersey, including the depressed
highway, the marginal streets flanking
this highway, the extensions of the
hignway on viaducts and fills westward
to junction on the Jersey side, and all
necessary bridges and adjustments
required for intersecting streets.
All appurtenant mechanical and electrical
equipment and the construction
of incidental work necessary for completion of the
project.
It has been estimated by PWA officials,
working in close cooperation with
representatives of the Port Authority, that it will require 1,130 laborers,
490 semi-skilled and 240 skilled workers, and 109 supervisors continuously
over a period of three and a half years to
complete the project.
All in all, the Lincoln Tunnels will be the
largest subaqueous project ever
built.
The South tube will be more than 8,000 feet
long more than a mile
and a half in length.
The walls are made of giant 33-ft. rings of iron, each
bolted to thejiext to form a tube.
It is lined with two feet of concrete,
with ample provisions for fresh air and the removal of motor
gas.
It has
been estimated that the Tunnels will carry an
average of 500,000 vehicles
month, including trucks, busses and other heavy motor vehicles.
This
per
is
probably a heavier paving strain than that of any street in the world.
The Tunnel system is but one of the several PWA
projects in New York
City designed for relieving its traffic congestion.
The Tri-borough Bridge,
linking Manhattan, the Queens, and the Bronx, has been declared by the
Authority in charge of it, as thoroughly justifying the $44,200,000 which
PWA allotted for its construction.
More than 9,500,000 motor vehicles
used the bridge during the first 50 weeks after it was
put into operation.
of the larger projects is the East River Vehicular Tunnel which
connects Manhattan and Queens, and for which the PWA made a loan of
Another
$47,130,000 and
NEW
a grant
of $11,235,000.
YORKv State of—REPORT ON PROPOSED CONSTITUTIONAL
CONVENTION—We quote in part as follows from an article appearing in
the official news organ of the Buffalo Municipal Research
Bureau, Inc.,
issue of Aug. 5th:
The present Constitution of the State of New York was
approved by the
voters of the State in November,
1894.
Amendments to it have been
adopted at elections in 19 of the 42 years which have since passed.
In November, 1936, the people decided by a vote of
1,413,604 to 1,-
190,275 to hold
a
Constitutional Convention in 1938, the intent being to
The bonds
are
dated
Aug.
15,
1937 and mature 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
payment of a nominal fee.
Exempt in the opinion of counsel from Federal and New York State
Legal in the opinion of counsel for investment in New York
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 de¬
posited.
The bonds form part of $25,000,000 general and refunding bonds, fifth
series, 3M%, due 1977, authorized (1) to raise funds for Lincoln (Midtown
Hudson) Tunnel construction purposes and (2) to refund outstanding bonds
of the following issues to wit:
George Washington Bridge (series B) 4>£%
bonds, Bayonne Bridge (series C) 4% bonds, Inland Terminal (series D)
4y±% bonds, and Holland Tunnel (series E) 4M% bonds.
The proceeds
of the 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 sinking fund.
The remaining $10,000,000
of bonds are expected to be applied to general refunding purposes.
(The official advertisement of the public offering appears on page IV
of this issue.)
The Speyer & Co. syndicate was made up as follows: Ladenburg, Thaiman & Co.; Hayden, Stone & Co.; Halsey, Stuart & Co.; Hallgarten & Co.;
Bancamerica-Blair Corp.; Graham, Parsons & Co.; Estabrook & Co.;
Cassatt & Co.; Kean, Taylor & Co.; E. H. Rollins & Sons; J. S. Bache &
Co.; Otis & Co.; A. C. Allyn & Co.; B. J. Van Ingen & Co.; Burr & Co.;
Van Alstyne, Noel & Co.; Morse Bros. & Co.; Jackson & Curtis; G. M.-P.
Murphy & Co.; Schlater, Noyes & Gardner; Schoellkopf, Hutton & Pomeincome taxes.
and New Jersey for State
roy; Starkweather
(& Co.; Piper, Jaffray &
Hopwood; Bear, Stearns & Co.;
Arrowsmith & Co.; H. L. Schwamm & Co.; Shields & Co.; Edward Lowber
Stokes & Co.; Baer, Cohen & Co.; Brooke, Stokes & Co.; Hawley, Huller
& Co.; Jenks,
Gwynne & Co.; Merrill, Turben & Co.; Schmidt, Poole &
Co.; Van Decenter, Spear & Co.; Charles Clark & Co.; Lobdell & Co.;
Ira Haupt & Co. and Dyer, Hudson & Co.
Other members of the Bankers Trust Co. group were: Blyth & Co.;
Manufacturers Trust Co.; Stone & Webster and Blodget; Northern Trust
Co.; Goldman, Sachs & Co.; Phelps, Fenn & Co.; Salomon Bros. & Hutzler;
R. W. Pressprich & Co.; J. & W. Seligman & Co.; L. F. Rothschild & Co.;
Hemphill, Noyes & Co.; A. G. Becker & Co.; Kelley, Richardson & Co.;
Mercantile Commerce Bank Trust; Harris Trust & Savings Bank; Eldredge
& Co.; J. S. Ripple & Co.; Equitable Securities Corp.; Francis I. du Pont
Volume
Financial
145
N. Y.—BOND ELECTION—An election will be
village on Aug. 28, for the purpose of voting on a proposal
works improvement and extension bonds.
SALTAIRE,
held in
to issue
$15,000 water
SCHENECTADY, N. Y.—BONDS AUTHORIZED—'The City Council
has passed an ordinance providing authority for the issuance of $100,000
Works Progress Administration projects completion bonds.
DISTRICT NO. 1 (P. O. Somers),
Harmon, District Clerk, will re¬
ceive bids until 10:30 a. m. (Eastern Standard Time) Aug. 27 for the pur¬
chase at not less than par of $87,000 coupon, fully registerable, general
obligation, unlimited tax, school building bonds.
Bidders are to specify
rate of interest, in a multiple of *4% or 1-10%, but not to exceed 5%.
Denom. $1,000.
Dated May 1, 1937.
Prin. and semi-ann. int. (May 1 &
Nov. 1) payable at Mount Kisco Nat. Bank & Trust Co., Mt. Kisco,
with New York exchange.
Due $3,000 yearly on Nov. 1 from 1938 to
1966 incl.
Cert, check for $1,800, payable to Sarah Paulsen, District
Treasurer, required.
Approving opinion of Clay, Dillon & Yandewater
of New York will be furnished by the district.
CENTRAL
SOMERS
N.
SCHOOL
W.
OFFERING—Fred
Y.—BOND
R. F. D. No. 2), N. Y.—
Supervisor,
will receive
bids until 2 p. m. (Eastern Standard Time) Aug. 20, for the purchase of
$4,000 registered highway bonds.
Bidders are to specify rate of interest,
in a multiple of M % or 1-10%, but not to exceed 6%.
Denom. $1,000.
Dated Aug. 2, 1937.
Principal and semi-annual interest (M. & S.) payable
at
the First
Trust Co., Tonawanda, with New York exchange.
Due
$1,000 yearly on March 1 from 1938 to 1941.
Certified check for $400,
payable to the Town Supervisor, required.
WHEATFIELD (P. O. North Tonawanda,
BOND OFFERING— Herman P. Stieg, Towns
COUNTY, N. C. Sch. 23/4s
Dak.—CERTIFICATE
FORTHUN SCHOOL DISTRICT NO. 7
Aug. 17—V. 145, p. 985—were not sold as no
according to the District Dlerk.
on
GARRISON, N. Dak.—BOND OFFERING—Sealed bids will be received
on Aug. 27, by H. T. Holtz, City Auditor, for the purchase of
$8,000 issue of municipal auditorium bonds.
Interest rate is not to ex¬
ceed 6%, payable M. & W. Denom. $500.
Due $500 from No. 1, 1940
an
These bonds were approved by the voters at an election held
A certified check for 2% of the amount of the bid is required.
to 1955 incl.
on
Aug. 10.
Steele County, N.
District Clerk, will
until 2 p. m.
Aug. 24 for the purchase at not less than par of $15,000 certificates of
indebtedness.
Due in not more than two years.
Certified check for 2%
HOPE
SPECIAL
bids at the
of amount of
McLEAN
bid, required.
at
by the Board of County Commissioners, as
columns last April, were purchased by the Bank of North
NELSON
COUNTY
(P.
Lakota),
O.
Dak.—BOND SALE—The
N.
has recently disposed of $50,000 4% certificate funding bonds,
$10,000 of the issue being taken by the Bank of North Dakota and $40,000
by the State Land Department. Due as follows: $3,000, 1939 to 1946, and
$2,000, 1947 to 1959.
county
O. Rolette), N. Dak.—BOND SALE DE¬
the sale of the $78,000 (not $76,500), 4%
V. W. Brewer & Co. of Minneapolis, as noted
it is now stated by the County Auditor that
the bonds were sold at a price of 94.87, and mature from June 1, 1942 to
1957, giving a basis of about 4.54%.
COUNTY
connection
(P.
with
semi-ann. funding bonds to
in these columns last May,
OHIO
MUNICIPALS
MITCHELL, HERRICK & CO.
CAROLINA
COUNTY
700
CUYAHOGA
BUILDING, CLEVELAND
COLUMBUS
CINCINNATI
AKRON
CANTON
SPRINGFIELD
(P. O. Edenton), N. C.—BOND OFFERING—
11 a. in. (Eastern Standard Time) on
received until
OHIO MUNICIPALS
$500,000 City ol Cleveland, Ohio, unlimited tax 2*4%
bonds, due Sept. 1, 1943 to 1952, price to yield 2.10-2.60.
McALISTER, SMITH & PATE, Inc.
COUNTY
(P.
O.
Durham),
N.
NEW YORK
67 BROAD STREET
Telephone WHitehall 4-6765
par
GREENVILLE, S.
$55,000 school building bonds.
Due on Sept. 1 as follows: $2,000, 1939
and 1940 and $3,000, 1941 to 1957 incl.
Denom. $1,000.
Dated Sept. 1, 1937.
Delivery on or about Sept. 21,
place of purchaser's choice.
Legality to be approved by Masslich &
of New York.
A certified check for 2% payable to the State
CHARLESTON, S. C.
C.
OHIO
C.—BOND OFFERING—
It is reported that sealed bids will be received until 11a. m. on Sept. 7,
by W. E. Easterling, Secretary of the Local Government Commission, at
his office in Raleigh, for the purchase of two issues of not to exceed 6%
bonds aggregating $72,000, divided as follows:
$17,000 county home bonds.
Due $1,000 from Sept, 1, 1939 to 1955 incl.
at
noted in these
Dakota, of Bis¬
marck.
place
DURHAM
Washburn), N. Dak.—BONDS SOLD—
that the $142,000 warrant funding bonds
O.
(P.
It is stated by the County Auditor
and accrued interest will be entertained.
Delivery will be
of purchaser s choice.
The approving opinion of Reed,
lloyt & Washburn, of New York, will be furnished.
A certified check for
$1,800, payable to the State Treasurer, must accompany the bid.
than
County Auditor in Finley
authorized
W. E. Easterling, Secretary of the Local Government Com¬
mission, at his office in Raleigh, for the purchase of a $90,000 issue of
coupon or registered school bonds.
Interest rate is not to exceed 6%,
payable M. & S. Denom. $1,000. Dated Sept. 15,1937. Due on March 15
as follows:
$3,000, 1939 to 1948; $4,000, 1949, and $7,000, 1950 to 1957.
Prin. and int. payable in lawful money in New York City.
Interest rate
to be stated in multiples of H of 1 %.
No bid may name more than two
rates and each bid must specify the amount of bonds of each rate.
The
lowest interest cost to the county will determine the award.
No bid for
made
OFFERING— O.
office of the
COUNTY
Aug. 31, by
less
DISTRICT NO. 10,
M. Jensen,
SCHOOL
Dak .—CERTIFICATE
receive
COUNTY
be
indebtedness of¬
bids were received,
until 2 P. M.
(P. O. Concord), N. C.—NOTES SOLD—It
reported that $20,000 revenue anticipation notes were purchased recently
by tne Cabarrus Bank & Trust Co. of Concord.
will
(P. O. Bowbells), N. Dak.—
CERTIFICATES NOT SOLD—The $3,000 certificates of
fered
is
bids
Bailey,
A. T. T. Tel. Rich. Va. 83
NORTH
CHOWAN
SALE—Dooley
Sept. 1 for the purchase at not
$6,000 certificates of indebtedness.
"
Richmond, Va.
Phone 3-9137
Sealed
Burke County.
District Clerk, will
less than par of
FLAXTON SPECIAL SCHOOL DISTRICT NO. 29,
N.
receive bids until 8 p. m.
F. W. CRAIGIE & COMPANY
CABARRUS
Renville County, N.
Board of
will receive bids at the County Auditor's office in Mohal
until 7 p. m. Sept. 3 for the purchase of an issue of $6,000 certificates Of
ndebtedness, which are to bear interest at no more than 7%.
Education,
TAILS—In
August 1960-61 at Par and Interest
NO. 2,
COLQUHOUN SCHOOL DISTRICT
Dak.—CERTIFICATE OFFERING—F. M. White, Clerk of the
ROLETTE
$40,000.00
MECKLENBURG
DAKOTA
NORTH
YORK
NEW
Washburn & Co.; Hannahs, Ballin & Lee; First of Michigan Corp.;
Hayden, Miller & Co.; Newton, Abbe & Co.; J. N. Hynson & Co.; Baker,
Weeks & Hardin; Field, Richardson & Shepard; Jackley & Co.', Wheelock
& Cummins; Stern Bros.; James H. Causey & Co.; I. Newton Perry & Co.;
Mitchell, Herrick & Co.; Robinson-Miller Co.; Lawrence Marks & Co.;
Battles & Co.; First Cleveland Corp.; Dougherty, Cockran & Co., and
Fidelity & Columbia Trust Co.
& Co.;
the
1299
Chronicle
ALLIANCE, Ohio—BONDS VOTED—At an election held on Aug. 10
the proposal to issue $45,000 street, alley
and sewer improvement bonds.
the voters of the city approved
ASHTABULA, Ohio—BONDS AUTHORIZED—'The City Council has
authorized the issuance of $27,200 special assessment street
improvement
bonds.
COLUMBIANA
COUNTY (P. O. Lisbon), Ohio—BONDS SOLD—
3% bonds has been purchased by the County Sinking
Mitchell
An issue of $80,000
Treasurer, must accompany the bid.
fund.
SCHOOL DISTRICT (P. O. Shelby), N. C.—
11 a. m. (Eastern
Aug. 31, by W. E. Easterling, Secretary of the local
Government Commission, at his office in Raleigh, for the purchase of a
$25,000 issue of coupon school building bonds.
Interest rate is not to exceed
6%, payable M. & N.
Denom. $1,000.
Dated May 1, 1937.
Due on
May 1 as follows:
$1,000, 1938 to 1952, and $2,000, 1953 to 1957.
Prin.
and int. payable in legal tender in New York City.
Interest rate to be
stated in multiples of M of 1%.
No bid may name more than two rates
and each bid must specify the amount of bonds of each rate.
The award
of the bonds will be determined by the lowest interest cost to the district.
No bid of less than par and accrued interest will be entertained.
Bids must
be on a form to be furnished by the above Secretary.
The approving opinion
of Masslich & Mitchell of New York, will be furnished.
A $500 certified
check, payable to the State Treasurer, must accompany the bid.
CUYAHOGA COUNTY
APPROVED—Administrator
KINGS MOUNTAIN
BOND
OFFERING—Sealed bids will be received until
Standard
Time)
on
KINGSTON, N. C.—BOND SALE ASKED—The city has made appli¬
Commission for authority to offer for sale
light plant improvement bonds, the unsold
cation to the Local Government
a
block
of
$50,000
electric
portion of an issue of $125,000 authorized by the voters.
NEW
HANOVER
COUNTY
O.
(P.
Wilmington) N. C.—BOND
(Eastern Standard
OFFERING—Sealed bids will be received until 11 a. m.
Time), on Aug. 24, by W. E. Easterling, Secretary of the Local Govern,ment Commission, at his office in Raleigh, for the purchase of a $79,000
issue of coupon school building bonds.
Interest rate is not to exceed 6%,
payable J. & J.
Denom. $1,000.
Dated July 1, 1937. Due on July 1 as
$3,000, 1939 to 1945* $4,000, 1946 and 1947; $5,000, 1948 to 1951,
and $6,0u0, 1952 to 1956, all incl.
Interest rate or rates to be named ia
multiples of M of 1%.
No bid may name more than two rates and each
must specify the amount of bonds of each rate.
The lowest interest cost
to the county will determine the award of the bonds.
No bid of less than par
and accrued interest will be entertained. The bonds may be registered as to
follows:
principal only. Prin. and int. payable in lawful money in New York City.
Delivery at place of purchaser's choice. The approving opinion of Thomson,
Wood & Hoffman of New York, will be furnished.
A certified check for
$1,580, payable to the State Treasurer, must accompany the bid.
(The above issue was authorized on July 6 to take the place of the $46,000
bonds which were withdrawn after being awarded on June 8, as noted in
these columns—V. 145, p. 486.)
(P. O. Cleveland), Ohio—PWA GRANT
Ickes on Aug.
18 announced Presidential
approval of a grant of $2,205,405 to the Board of County Commissioners
for the construction of a bridge in Cleveland, estimated to cost $5,566,000.
EAST
CLEVELAND,
Ohio—BOND SALE—An issue of $44,360 5%
bonds recently authorized by the Council
Treasury Investment Fund. Denom.
1, 1937. Interest payable April 1
$3,360 in 1939; $5,000 in 1940;
$4,000 in 1941; $5,000 in 1942; $4,000 in 1943; $5,000 in 1944; $4,000 in
1945; $5,000 in 1946; $4,000 in 1947; and $5,000 in 1948.
special
assessment refunding
will be taken up by the city for its
$1,000, except one for $360. Dated Oct.
and Oct. 1.
Due on Oct. 1 as follows:
FAIRFIELD, Ohio—BOND SALE—The $8,000 sewerage system con¬
bonds offered on Aug. 14—V. 145, p. 985—were awarded to
struction
Ryan, Sutherland & Co. of Toledo, as 3 Ms, at par plus a
equal to 100.675, a basis of about 3.14%.
Dated July 1,
yearly on Oct. 1 from 1939 to 1948. Other bidders were:
premium of $54,
1937. Due $800
Int. Rate
Name—
Seasongood & Mayer, CincinnatiSaunders, Stiver & Co., Cleveland
Fox, Einhorn & Co., Cincinnati
Mitchell, Herrick & Co., Cleveland
First National Bank, Osborn
.
;
—
4%
3*4%
3H%
3*4%
3*4%
Premium
$53.85
29.00
13.13
11.60
None
HAMILTON COUNTY (P. O. Cincinnati), Ohio—BOND ELECTION
—The County Commissioners have decided that a $3,500,000 bond issue
for a new public library should be submitted to the voters for their approval
at the general election in November.
Ohio—BONDS SOLD—A block
been issued to the Sinking Fund
1938 to 1944.
HARDIN COUNTY (P. O. Kenton).
$10,100 2%% poor relief bonds has
Commission at par.
Due serially from
of
Ohio—BOND OFFER ING—Ralph F. Mittendorf, City
receive bids until noon Sept. 9, for the purchase of the follow¬
IRONTON,
Auditor, will
ing 6% bonds:
$21,617.72 bonds. Denom. $1,000, except one for $617.72.
Due $3,617.72
Oct. 1, 1944, and $3,000 yearly on Oct, 1 from 1945 to 1950.
15 550.00 bonds.
Denom. $1,000, except one for $550.
Due $1,550
Oct. 1, 1944, and $2,000 yearly on Oct. 1 from 1945 to 1951.
1, 1937.
Principal and semi-annual interest payable at the
National Bank of Iron ton.
Certified checks for $216.18 and $155
required with bids on the larger and smaller issues, respectively.
Dated Oct.
First
NORTH
BULL
N.
BUTTE
SCHOOL
DAKOTA
DISTRICT
NO. 42, Williams County,
Lee, Clerk of the Board of
Dak.—CERTIFICATE OFFERING—J. A.
Education, will receive bids at the County Auditor's office in Williston
until 7 p. m. Aug. 24 for the purchase of $2,800 certificat&s of indebtedness.
SCHOOL DISTRICT NO. 25, Rolette County, N.
OFFERING—Ross Brennan, District Clerk, will
receive bids until 2 p. m. Aug. 30 at the office of the County Auditor in
Rolla for the purchase at not less than par of $1,000 not to exceed 7%
interast
certificates of indebtednass.
Interest payable semi-annually.
Dated Aug. 30, 1937 and payable Aug. 30, 1938.
Certified check for 5%
of amount of bid, required.
CARPENTER
Dak .—CERTIFICATE
I
are
KENTON, Ohio—BOND SALE—The City Council has authorized the
$50,000 first mortgage, water revenue bonds to the Kenton Savings
sale of
Bank of Kenton.
KENTON, Ohio.—BOND OFFERING—Merle Fleming, City Auditor,
bids until noon Sept. 4 for the purchase at not less than par of
will receive
coupon debt funding bonds.
Denom. $2,000, except one
$2,800.
Dated April 1, 1937.
Interest payable April 1 and Oct. 1
$2,800 April 1, 1938 and $2,000 yearly on April 1 from 1939 to 1946.
CeiT. check for $500 payable to the City, required.
$18 000 4:*47o
for
Due
McCONNELSVILLE, Ohio—BONDS VOTED—The electors on Aug
of a proposal to issue $21,000 refunding bonds.
voted approval
•
ir
1300
Financial
Chronicle
Aug. 21, 1937
OHIO
OREGON
MASSILLON CITY SCHOOL DISTRICT (P. O.
Massillon), Ohio—
BOND SALE—The $64,400 refunding bonds offered on
Aug. 19—Y.
985—were awarded to the BancOhio Securities Co. of Columbus
plus a premium of $420, equal to 100.652, a basis of about
p.
at par
Dated
BAKER COUNTY UNION SCHOOL DISTRICT (P. O.
Richland),
Ore.—BONDS VOTED—The voters of the district have
approved a propssition to issue $15,000 school improvement bonds.
145,
as
2 Ms
2.67%.
COOS COUNTY (P. O. Coquille), Ore —BOND AWARD DEFERRED
the County Clerk that the award of the $27,000 refunding
bonds, offered for sale on Aug. 16—V. 145, p. 986, is being held up because
of the illness of the County Judge.
The highest bid received was a tender
of 100.05 on 3 M % bonds, offered by the Coos Bay National Bank of Marshfield.
Due $3,000 from Sept. 1, 1939 to 1947 incl.
Sept. 1, 1937.
Due on Sept. 1 as follows: $4,000, 1939 to 1944;
$5,000, 1945 to 1951: and $5,400 in 1952.
Gillis, Wood & Co. of Cleve¬
land offered a premium of $406.55 for 2 Ms.
—It is stated by
MINERVA, Ohio—NOTE SALE—The village has disposed of an issue
of $20,000 2-year electric light, and water
system notes, issued against
receipts of the plant.
ENTERPRISE, Ore.—BONDS VOTED—At the election held on Aug. 9
—V. 145, P. 647—the voters approved the issuance of the $40,000 in
Irriga¬
tion District power plant revenue bonds.
NELSONVILLE, Ohio—BOND ELECTION—As
a result of a petition
referundum to give the voters an opportunity to decide whether or
not $90,000 municipal light
plant improvement bonds should be issued, the
question will be placed on the ballot at the November general elections.
for
a
JOHN DAY, Ore.—BOND ELECTION—It is said that an election will
on Aug. 26 in order to vote oh the issuance of
$25,000 in not to ex¬
ceed 4% semi-ann. refunding and water works improvement bonds.
Due
in 20 years.
be held
NORWOOD,
Ohio—BOND
OFFERING—A.
M.
Schoenberger,
City
Auditor, will receive bids until noon Sept. 7, for the purchase of $10,000
4% park and playground improvement bonds.
Denom. $1,000.
Dated
April 1, 1937.
Principal and semi-annual interest payable at the First
National Bank of Norwood.
Due $2,000 yearly on Oct. 1 from 1938 to
1942, incl.
Certified check for 5% of amount of bid, required.
PHILLIPSBURG
district
has sold
State Teachers
a
JUNCTION CITY,
placed
on
SCHOOL
block
DISTRICT, Ohio—BONDS
of $10,000
KLAMATH
expense.
ROSS
TOWNSHIP
RURAL
SCHOOL
DISTRICT
(P. O. East
Toledo R. F. No. 1), Ohio—BOND SALE—The Board
of Education in
May awarded to Ryan, Sutherland & Co. of Toledo an issue of $130,000
3M% school bonds at a price of 100.46, a basis of about
April 1 and Oct. 1 in each of the
SANDUSKY
COUNTY
(P.
O.
Fremont),
ORIZED—The County Commissioners
of $36,000 road improvement bonds.
SEBRING,
3.20%.
Due
from 1938 to 1957 incl.
years
on
Ohio—BONDS
Ohio—BONDS AUTHORIZED—The Village Council has
an ordinance authorizing the issuance of $31,000
refunding
recently adopted
bonds.
SHAKER HEIGHTS (P. O.
Cleveland), Ohio—BOND OFFERING—
Finance, will receive bids until noon (Eastern
Standard Time) Sept. 13, for the
purchase at not less than par of $300,000
3% coupon refunding bonds.
Denom. $1,000.
Dated Oct. 1, 1937.
Interest payable April 1 and Oct. 1.
Due $20,000 each six months from
Oct. 1,1944 to Oct. 1,1951, incl.
Certified check for $4,000, required.
E. P. Rudolph, Director of
.
SUGAR
GROVE,
Ohio—BOND
OFFERING—William J. Matheny,
Village Clerk, will receive bids until noon (Eastern Standard Time)
Sept. 4,
for the purchase of $16,500
4% coupon, registerable, water works bonds.
Denoms. $800 and $900.
Dated June 1, 1937.
Interest payable April 1
and Oct. 1.
Due on Oct. 1 as follows:
$800, 1938 to 1952, and $900, 1953
Certified check for 1% of amount of bonds bid
for, payable to
1957.
to
the Village Treasurer, required.
UTICA, Ohio—BOND ELECTION—An election will be held in the
village on Aug. 31 for the purpose of voting on a
proposed bond issue of
$36,000 for sewer improvements.
WHEELERSBURG SCHOOL
DISTRICT, Ohio—BOND ELECTION
—An election will be held on
Sept. 17, for the
posal to issue $22,000 school building bonds.
purpose of voting on
a
pro¬
SPRINGS, Ohio—BOND SALE— The $30,000 sewage dis¬
posal plant bonds which were offered on Aug. 13 were
disposed of as follows:
$10,000 general obligation bonds to Mitchell, Herrick & Co. of Cleveland
as 3Ms, at
par plus a premium of $12.60, equal to 100.126.
Due
1 to 10 years.
20,000 mortgage revenue sewage disposal
plant bonds to the Miami
Deposit Bank of Yellow Springs as 4s. Due one to 20 years. Int.
payable semi-annually.
CALL—Ruth
P.
Bathiany,
City
MULTNOMAH COUNTY SCHOOL DISTRICT NO. 2 (P. O. Gresham), Ore.—BOND CALL—Francis Lambert, County Treasurer, states
1 to 10, and 20 to 26, of 5M% bonds, dated
Sept. 1, 1922, are
being called for payment at the Chase National Bank, New York City, on
Sept. 2, on which date interest shall cease.
Denom. $1,000.
that Nos.
MULTNOMAH
Portland),
COUNTY
Ore.—BOND
SCHOOL
DISTRICT
NO.
17
(P. Ot
OFFERING—Sybil G. Nelson, Clerk of the
school board, will receive bids until 8 p. m. Aug. 30, for the
purchase of
an issue of $29,000
6% bonds.
Dated Sept. 1, 1937.
Certified check for
$1,000, required.
OREGON
(State
of)—HIGHWAY
BONDS
AUTHORIZED—'The
State Highway Commission has voted to sell $1,000,000 short-term
highway
bonds bearing interest at a rate not to exceed 1%.
The sale will assure use this year of
approximately $1,500,000 in 193738 Federal aid "match" money, the total allocation of which is $5,000,000
for the biennium.
SWEET HOME, Ore.—BOND OFFERING—Sealed bids will be received
Aug. 31 by George L. Corner, City Recorder, for the purchase of a
$40,000 issue of water bonds.
Interest rate is not to exceed
5%, payable
until
F. & A.
Denom. $500.
Dated Aug. 15, 1937.
Due on Aug. 15 as follows:
$1,500, 1939 to 1941; $2,000, 1942 to 1945; $2,500 1946 to 1950, and
$3,000, 1951 to 1955. Prin. and int. payable at the City Treasurer's office.
The approving opinion of Teal, Winfree, McCulloch, Shuler &
Kelley of
Portland will be furnished.
It is said that these bonds are general
obliga¬
tions, but will be additionally secured by a pledge of the net revenues of
the system.
A certified check for $1,000 must accompany the bid.
(These
are the
bonds originally offered on Aug. 10—V. 141, p. 986.)
WASHINGTON COUNTY SCHOOL DISTRICT
NO.
15
(P. O.
Forest Grove), Ore.—BONDS VOTED—At the election held
Aug. 6-—V.
145, p. 808—the voters approved the issuance of the $50,000 in grade school
building bonds by a count of 67 to 10.
Due in 20 years, witnout option
of prior retirement.
It is stated by the District Clerk that the bonds will
be offered soon but a definite date has not been set.
firms may purchase the bonds.
It is felt that local
WASHINGTON COUNTY SCHOOL DIST.
Home),
P. M.
YELLOW
Ore.—BOND
LANE COUNTY UNION HIGH SCHOOL DISTRICT NO. 7
(P. OEugene), Ore.—BOND OFFERING—W. E. Hensen, Clerk of the Board of
Directors, will receive bids until 8 p. m. Aug. 27 for the purchase of $6,000
5% coupon gymnasium construction bonds.
Denom. $1,000.
AUTH¬
Aug. 14 authorized the issuance
FALLS,
Treasurer; is said to be calling for payment on Sept. 1, on which date inter¬
est shall cease, Nos. 31 to 45, of general obligation rail road
refunding
bonds, dated March 1, 1917.
Payable at the fiscal agency of the State
in New York, or at the City Treasurer's office in Klamath Falls.
Retirement System.
(P. O. Ravenna), Ohio—BOND OFFERING—
E. R. Wascko, Clerk, Board of County
Commissioners, will receive bids
until noon (Eastern Standard Time) Sept. 13 for the
purchase of $25,000
6% coupon emergency poor relief bonds. Denom. $1,000, except one for
each of the amounts, $400,
$100, $300, $500, $700 and $100.
Dated
Sept. 1, 1937. Principal and semi-annual interest (March 1 and
Sept. 1)
payable at the County Treasurer's office.
Due on March 1 as follows:
$3,400, 1938; $3,100, 1939; $3,300, 1934; $3,500, 1941; $3,700, 1942;
$3,900,
1943, and $4,100, 1944. Certified check for 1% of amount of bonds bid
for,
payable to the County Treasurer, required. Approving opinion of
Squire,
Sanders & Dempsey of Cleveland
may be obtained by purchaser at his own
on
the ballot.
SOLD—The
gymnasium-auditorium bonds to the
PORTAGE COUNTY
$3,250
Ore.—BOND ELECTION— The City Council has
called an election for Sept. 7 at which alternate measures, calling for a bond
issue of $70,000 or a special tax levy not to exceed $50,000 will be
on
of school
NO. 92 (P.O. Garden
Ore.—BOND OFFERING—Sealed bids will be received until 4
Aug. 21, by the District Clerk, for the purchase of a $2,500 issue
bonds.
Interest rate is not to exceed 6%, payable F. & A. Dated
Aug. 15, 1937.
Due $500 from Aug. 15, 1942 to 1946 incl.
Prin. and int.
payable at the fiscal agency of the State in New York City, or at the County
Treasurers office.
The approving opinion of Teal, Winfree, McCulloch,
Shuler & Kelley, of Portland, will be furnished.
A $200 certified check
must accompany the bid.
City of Philadelphia
4% Bonds due January 1, 1967
R. J. EDWARDS, Inc.
Price:
Municipal Bonds Since 1892
Oklahoma
AT&T
Ok
Long Distance 158
OKLAHOMA
BLACKWELL, Okla.— BONDS VOTED—The
the
approval of the
bonds.
proposal
to
OKLAHOMA,
State
issue
recent election resulted in
$300,000
of—DIVERSION
municipal
power
plant
pay $13,000,000
deficit, for payment of $4,000,000 deficit of State High¬
way Department.
Income from this source is estimated at
$350,000 to
$400,000 per month.
Governor Marland expressed view that the
deparrevenue
ment should not
award construction contracts based
until current deficit has been retired.
on
this
new
revenue
Supply
flood control project of the War
Department.
His estimates include $2,000,000 for the water system and sewage
disposal improvements and $2,357,000 for participation in the flood control
project.
ELECTION
Board
a
DISTRICT (P. O. Oklahoma City),
CONTEMPLATED—It is reported that the
has approved the
holding of an election in the near
bond issue of approximately
$2,000,000, to be used in a proposed
school construction program.
SAPULPA, Okla.—BOND EXCHANGE—We are informed by A. H.
Chapman, City Clerk, that $74,800 refunding bonds are
being issued on an
exchange basis and will not be offered for public sale
by the city.
The
owners of the bonds are:
Board of Education,
Muskogee, Okla., $54,800;
Kiowa County, Okla., $20,000.
TULSA,
the text of
Okla.;—BOND ISSUE
a
CONTEMPLATED—'The following is
special dispatch from Tulsa to the "Wall Street Journal" of
Aug. 19:
City Commission, has submitted
to the Chamber of Commerce and other
civic organizations preliminary draft of
plans for water system improve¬
ment for which bond issue of
$600,000 may be proposed.
W. F. Graham,
Water Commissioner, and W. F.
McMurry, Water Department Superin¬
tendent, expect to present detailed plans within a short time.
_
issue would be payable out of Water
Department revenue.
SCHOOL
DISTRICT, Pa.—BOND OFFERING—U. G.
Fry, Secretary, Board of School Directors, will receive bids until 8 p.m.
Sept. 7 for the purchase of an issue of $67,000 coupon school bonds, to
interest at no more than 3%.
Due on Oct. 1 as follows: $3,000,
1940 to 1961 and $4,000 in
1962.
Cert, check for 2% required.
(A similar amount of bonds, but differing in details, was awarded on
July 23 to Schmidt, Poole & Co. of Philadelphia—V. 145, p. 808).
bear
EAST VINCENT TOWNSHIP SCHOOL DISTRICT, Chester Coun¬
ty, Pa.—BOND ELECTION—An election will be held on Sept. 14 for the
$35,000 bonds.
purpose of voting on the question of issuing
ELK LICK TOWNSHIP SCHOOL DISTRICT (P. O.
Boynton, Pa.
—BOND ELECTION—At the September 14 primary election a proposition
to issue $25,000 school building bonds wh. be submitted to the voters for
FARRELL SCHOOL DISTRICT,
Pa.—BOND SALE—The $250,000
145, p. 1146,
both of Phila¬
delphia, on a bid of 100.578 for 2 Ms, a basis of about 2.70%.
The bankers
are reoffering the bonds to investors at
prices to yield from 1% to 2.71%,
according to maturity.
Dated Aug. 1, 1937.
Due $10,000 yearly on
Aug. 1, from 1938 to 1962.
coupon high school building bonds offered on Aug. 16—V.
were awarded to
Brown, Harriman & Co. and Cassatt & Co.,
KISKI TOWNSHIP SCHOOL DISTRICT
(P. O. Vandergrift), Pa.
—BOND
of Education
future|on
HILL
approva..
OKLAHOMA
CITY,
Okla.—ISSUANCE OF PUBLIC UTILITY
BONDS CONTEMPLATED—With the
definite amount to be determined at
a series of
conferences, City Manager W. A. Quinn estimates that a bond
issue of $4,357,000 will be
required for the dual program by which the water
distribution system and
sewage disposal facilities will be increased and an
additional water source will be created
by participation in the Fort
™9KLAJ£?$A CITY SCHOOL
Okla.—BOND
Philadelphia
FOR
HIGHWAY DEFICIT
FAVORED—Gov. E. W. Marland has announced
support of a plan to use
40% of State's share of gasoline tax, diverted since 1933 to
general
Locust Street
PENNSYLVANIA
CAMP
extension
3.40%
Moncure Biddle & Co.
1520
City, Oklahoma
Cy 19
To Net
Proposed
ELECTION—On Sept. 14 the voters of the district will go to the
polls to vote on the question of issuing $25,000 school building bonds.
LOWER MERION TOWNSHIP SCHOOL
County, Pa .—BOND ELECTION—At
a
DISTRICT, Montgomery
an election scheduled for Spet.
proposition to issue $950,000 bonds will be submitted to the voters.
14
MARION HEIGHTS SCHOOL DISTRICT, Pa.—BONDS VOTED—
a special election held on
Aug. 3 the voters of the district gave their ap¬
proval to the proposed issuance of $12,000 school bonds.
At
MOUNT
LEBANON
TOWNSHIP
SCHOOL
DISTRICT
(P.
O.
Mount Lebanon), Pa.—BOND OFFERING—Lena Z. Kenney, District
Secretary, will receive bids until 7 p.m. (Eastern Standard Time) Sept. 9
for the purchase of $441,000
coupon school building bonds.
Bidders are to
specify a single rate of interest for all the bonds, in a multiple of M%.
Denom. $1,000.
Dated Sept. 1, 1937.
Due on Sept. 1 as follows: $18,000
1938 to 1953; and $17,000, 1954 to 1962.
Cert, check for $2,000, payable
to the District
Secretary, required.
Approving opinion of Burgwin, Scully
& Churchill of
Pittsburgh will be furnished by the district.
NESCOPECK BOROUGH SCHOOL DISTRICT, Pa.—BOND ELEC¬
TION—A proposal to issue $30,000 bonds will be submitted to the voters
an election called for Sept. 14.
of the district at
Volume
Financial
145
Chronicle
1301
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:
State
Municipality and Purpose—
Amount
Date Approved
Radnor Township, Delaware County—Improv-
Aug. 10, 1937
K ing highways
$25,000
Aug. 10, 1937
70,000
Aug. 12, 1937
_
Aug. 12, 1937
245,000
PHILADELPHIA.
PA.—CITY COUNCIL
TENNESSEE
VOTES NEW TAX
LEVY
ON INSURANCE—The City Council on Aug. 12 passed two ordinances
taxing mutual fire and life insurance companies with their home offices in
Philadelphia.
The taxes had been radically changed from the four-mill
levies passed recently but withdrawn after concerted attacks by the com¬
panies affected.
The new bills place a 2% tax on all premium payments on insurance
written by the companies on Philadelphians or property inside the city.
It is said that the two taxes would not bring in more than $150,000 a year.
The four-mill levies were expected to produce about $4,000,000 a year.
PHILADELPHIA, Pa .—TAX COLLECTIONS LO WER—Report of the
Receiver of Taxes for the City of Philadelphia shows tax collections from
sources for the first seven months of 1937 totaled $69,648,074, as com-
all
Sared with $72,221,545 collected in the like period of 1936, a decrease of
2,573,471.
Decrease was due to falling off in payment of delinquencies, the col¬
lection of which including school, city and personal property taxes, amounted
in the period to $7,029,308, against $10,676,000 delinquent taxes
in the corresponding period of 1936. a decrease of $3,646,782.
collected
City and school levies on real estate in the first seven months yielded
$52,438,718, as against $52,074,782 in first seven months last year, an
increase of $363,936.
SALEM
^
,
TOWNSHIP
Pa.—BONDS VOTED—At
SCHOOL
a
O.
Honesdale),
of the district
(P.
onds.
gave their approval to the proposed issuance of $33,000 school building
TOPTON
SCHOOL
DISTRICT, Pa.—BOND OFFERING—R. L.
Rohrbach, District Secretary, will receive bids until 7 p.m. (Eastern Stand¬
ard Time) Sept. 3 for the purchase of an issue of $15,000 coupon improve¬
ment bonds.
Bidders are to specify rate of interest, making choice from
2H%, 2?^%, 3%, ZK% and 3)4%.
Denom. $1,000.
Interest payable
March 1 and Sept. 1.
Due $1,000 yearly on Sept. 1 from 1938 to 1952,
incl.
Cert, check for 2%, required.
WEST
FAIRVIEW,
Pa.—BOND
BROWNSVILLE, Tenn.—BONDS VOTED—At the election held on
Aug. 10 the voters approved the issuance of the $25,000 not to exceed 5%
semi-ann. street improvement bonds, according to the City Clerk.
Dated
Sept. 1, 1937.
Due on Sept. 1, 1957; optional on Sept. 1, 1947.
BOND OFFERING—It is reported that sealed bids will be received until
m. on Sept. 2, by John O. Bomer, President of the Board of Com¬
missioners, for the purchase of the $25,000 coupon or registered street
improvement bonds that were approved by the voters on Aug. 10.
2 p.
CENTERVILLE,
ELECTION—A
Tenn.—BOND
proposal to
COLUMBIA, Tenn.—BOND OFFERING—Bids will be received until
7:30 p. m.
purchase of
the offering
on Sept. 3, by Mayor Eldridge Denham, for the
$142,500 general obligation bonds.
(This report supersedes
notice given in these columns recently—V. 145, p. 1147.)
HAMILTON
COUNTY
that the bonds
were
approximately 2)4% and 3)4 % bases.
sold on
Tenn.—BOND SALE DETAILS—The $25,000 street bonds
sold recently to W. N. Estes & Co. of Nashville are 4% coupon bonds
in the denomination of $1,000 each, dated July 1, 1937.
Principal and
semi-annual interest (Jan. 1 and July 1) payable at the Central Hanover
Bank & Trust Co., New York.
Due July 1, 1942.
OFFERING—Bids
will
be
received
TENNESSEE, State of—REPORT ON PROGRESS OF DEBT REFIN¬
Nashville on Aug. 7
ANCING PLAN—An Associated Press dispatch from
had the following to say: •
The
States
debt
reorganization
program,
Grover Keaton
Treasurer
department
the sinking
reported today, released $384,944 last month to the highway
and the general fund which otherwise would have gone into
fund.
"Revenues
old system,"
previously pledged for bond service under the
Mr. Keaton said, "accounted for
$1,324,204 during July while the refinanc¬
$1,204,260."
reduction made available $338,346 for
the $218,402 previously devoted to this
In addition, the sinking funds retired
paid interest of $15,000.
ing plan, which pools all revenue, needed only
for street repairs,
the highway department instead of
will be received by E. E. Erb, Jr., Borough Secretary.
Coupon bonds in denomination of $500.
Dated Sept. 1, 1937.
Interest
payable semi-annually on April 1 and Oct. 1.
Due $500 yearly on April 1
from 1939 to 1953, incl.
Principal and interest payable at the Peoples
Bank, Enola.
Certified check for 2% required.
These bonds were offered on Aug. 6, but were not sold.
WEST LAWN, Pa.—HIGH BIDDER—Chandler & Co. of Philadelphia
were the high bidders for the $20,000 coupon, registerable as to principal,
improvement bonds offered on Aug. 18—V. 145, p. 986.
The offer was for
the purchase of 2%% bonds at par plus a premium of $155.80, equal to
100.779, a basis of about 2.60%.
Borough Secretary Geo. W. Wertley
states that the award will probably be made to Chandler & Co. by the
Council on Aug. 23.
Dated Sept. 1, 1937.
Due $2,000 yearly on Sept. 1
from 1938 to 1947, incl.
Mr.
CAROLINA
BAMBERG, S. C.—BOND ELECTION—Sept. 2 has been set
a
as the date
proposal to issue $30,000 sidewalk bonds
will be voted upon.
two months ago, more than $10,000,000 have been refunded at an
interest saving of $1,200,000 during the life of the bonds.
"The State debt has been decreased $621,000," Mr. Keaton reported,
some
"and sufficient cash is being
tion of
CHESTER, S. C.—BOND ELECTION—It is reported that
on
Aug. 31 in order to vote
on
an election
the issuance of $90,000 in water
and sewer extension bonds.
SOUTH
TEXAS
State
of—NOTE
SALE—The $38,000 notes
Aug. 12—V. 145,
p. 987—were purchased by the Peoples National Bank of Rock Hill, at
1 K%, Plus a premium of $48.
Dated Aug. 1, 1937.
Due $19,000 on
Aug. 1 in 1938 and 1939.
offered for sale by the State School Book Commission on
SULLIVAN'S ISLAND SCHOOL DISTRICT NO. 2 (P. O. Charles¬
ton), S. C.—BONO SALE
DETAILS—It is now reported that the
$10,000 school bonds purchased by Frost, Read & Co. of Charleston, as
noted in these columns recently—V. 145, p. 1146—were sold as 3%ths, for
a premium of $11.13, equal to
100.11, on the bonds maturing as follows:
$500, 1938 to 1947, and $1,000 from 1948 to 1952, giving a basis of about
3.36%.
,
SOUTH
BIG
STONE
INDEPENDENT
SCHOOL
DISTRICT
NO.
1
(P.
BIG
ordered
are
HURLEY, S. Dak.—BOND OFFERING—H. C. Ruden, City Auditor
will receive bids until 8 p. m. Sept. 6 for the purchase of $20,000 4% re¬
funding bonds.
Dated Sept. 1, 1937.
Principal and semi-annual interest
payable at the City Treasurer's office.
Due $2,000 Sept. 1, 1939. and
$1,000 yearly on Sept. 1 thereafter.
COUNTY
(P.
O.
Madison),
S.
Dak.—BOND
OFFERING—
I. A. Baldwin, County Auditor, will receive bids until 1 p. m. Aug. 30 for
the purchase
at not less than par of $130,000 coupon, registerable as to
principal, debt funding bonds.
Bidders are to name rate of interest, not to
exceed 3)4%, payable semi-annually.
Denom. $1,000.
Dated Sept. 1
1937.
Principal and interest payable at the office of the County Auditor
Due $13,000 yearly on Sept. 1 from 1939 to 1948, incl.; optional as follows:
maturities from 1946 to 1948 after three years, and maturities from 1943
to 1945 after five years.
Cert, check for $2,600, required.
Approving
opinion of a nationally recognized bond counsel will be furnished by the
SPRING, Texas—BOND ELECTION—'The City Commission has
an election held Aug. 26 for the purpose of voting on the question
$50,000 hospital purchase bonds.
BROWNWOOD, Texas—BOND ELECTION—A proposed $30,000 gas
will be submitted to the voters at an election
system revenue bond issue
scheduled for Aug. 31.
V.
.
DALLAS COUNTY
(P. O. Dallas), Texas—REPORT ON
the county for 1937 has
NEW TAX
been set at
RATE—The ad valorem tax rate for
valuation by the commissioner's
General fund 25 cents, the maxi¬
provided by law; interest and sinking fund, 24 cents, road and bridge
75 cents on the $100 assessed property
court.
The allocations of the tax include:
fund 21 cents, jury fund 4 cents,
and permanent improvement
fund 1 cent.
$1,750,000 courthouse bond issue is voted Aug. 23, the tax rate for
County will not be affected this year, County Auditor John L.
Crosthwait announced.
No maturities on the bonds would become due
until 1938, but the tax rate next year probably would be increased 3 cents
for retirement of the bonds.
.
.
Since 1931 Dallas County's tax rate has been steadily reduced from 92
cents on a $100 valuation to 75 cents.
It was reduced 1 cent in 1936.
If
a
Dallas
,
^
...
,
^
ELECTRA, Texas—BONDS VOTED—At the election held onAug. 14—
987—the voters approved the issuance of the $30,000 in not to
improvement bonds by a count of 135 to 25.
Due in
The offering date has not been settled as yet.
Y. 145, p.
exceed 6% waterworks
not to exceed 10 years.
DISTRICT NO. 1 (P. O. Richmond),
will be held on
ELECTION—It is stated that an election
Aug. 28 in order to vote on
the issuance of $250,000 in not to
road bonds.
exceed 5% %
,
FORT STOCKTON, Texas—BOND
tion will be held on
ELECTION—It is said that an elec¬
of $35,000 in street paving
Aug. 24 to vote on the issuance
bonds.
DISTRICT (P. O. Iraan), Texas—BONDS TO BE
A. Montgomery, Secretary of the Board of
Board has agreed to purchase $25,000
building improvement bonds.
IRAAN SCHOOL
Education,
is
stated by W.
that the State School
LONDON
NEW
SCHOOL DISTRICT, Texas—BONDS VOTED—A
construction of a new junior and senior high school
bond issue of $180,000 for
building was approved at a recent
election.
ODESSA, Texas—BOND ELECTION—An election is scheduled for
Aug. 21, at which the voters will pass on the question of issuing $130,000
waterworks and sever revenue bonds.
PARIS
INDEPENDENT SCHOOL DISTRICT (P. O. Paris),
CALL—J. M. Caviness, Secretary
$8,000 high school bonds, series A,
in 1919, are being called for payment as of
National Bank of Paris.
BOND
states that
Texas
of the Board of Trustees,
dated May 10 1909; optional
Feb. 10, 1938, at the First
PATTISON
SCHOOL DISTRICT, Texas—BONDS
the district have voted approval of a bond issue
voters of
erection of a
VOTED—The
of $15,000 for
gymnasium-auditorium.
Livingston), Texas—BONDS VOTED—At an
9 the voters approved the issuance of $50,000 in
highway construction right-of-way bonds by a count of 621 to 234.
POLK COUNTY (P. O.
election
held on Aug.
p.
987—were awarded to the Roberts County National Bank of
—BOND OFFERING—It is
Aug. 25, by T. J. Jeter,
$180,000 4% semi-ann. road
on
DISTRICT NO. 2 (P. O. Refugio), Texas
stated that bids will be received until 10 a. m.
County Judge, for the purchase of an issue of
construction bonds.
Denom. $1,000. Dated
Due as follows: $6,000, 1938 to 1947; $7,000, 1948 to 1952;
1957, and $9,000, 1958 to 1962.
A certified check for 5%
the bid.
These bonds were approved by the voters on
reported in these columns—V. 145, p. 1147.
Sisseton, as 3)4s, at par plus a premium of $90, equal to 100.50, a basis of
Due $3,000 yearly on July 1 from 1939 to 1944; optional
Sept. 1, 1937.
$8,000, 1953 to
interest date.
$63 for 4s.
must
about 3.37%.
any
,
.
COUNTY
REFUGIO COUNTY ROAD
SISSETON, INDEPENDENT SCHOOL DISTRICT (P. O. Sisseton).
Dak.—BOND SALE—The $18,000 school bonds offered on Aug. 13—
145,
.
CONSOLIDATED
SCHOOL
DISTRICT
NO. 5 (P. O. Seadrift), Texas—BOND CALL—O. B. Morgan, President
of the Board of Trustees, is reported to be calling for payment on Sept. 10,
at the Capitol National Bank of Austin, a block of $10,000 5% school
bonds, dated June 19, 1915.
Due on June 19, 1955, optional on June 19,
1935.
Interest shall cease on date called.
county.
S.
Baird),
district
$25,000 school building
SCHOOL DISTRICT (P.
O.
recent election the voters of the
of issuing
SOLD—It
informed by the City Auditor
that the $3,500 coupon city bonds offered for sale on Aug. 12—V. 145 p.
808—were purchased by the Security National Bank of Emery, as '4s.'
He states that the amount of the premium will not be known until the
regular council meeting in September, when the bid will be opened.
There
were no other bidders.
Due $500 from July 1, 1940 to 1946, inclusive.
LAKE
a
their approval to the proposed issuance of
Texas—BOND
O.
Britton), S. Dak.— WARRANTS CALLED—Henry A. Winje, District
Treasurer, is said to have called for payment all registered outstanding
warrants up to and including No. 1256.
EMERY, S. Dak.—BOND SALE—We
VOTED—At
FORT BEND COUNTY ROAD
DAKOTA
CITY,
S. Dak.—BOND OFFERING—Paul Trapp Jr.
City Auditor, will receive bids until Sept. 1, for the purchase of $3,000 4%
coupon bonds.
Denoms. $500 and $100.
BRITTON
CONSOLIDATED
BAIRD
Texas—BONDS
mum
CAROLINA,
debt reduc¬
accumulated to make possible a
1940."
than $25,000,000 before
more
CALHOUN
CAYCE, S. C —BONDS SOLD TO P WA—It is stated by the Town
Clerk that $25,500 4% water works revenue bonds were purchased at par
by the Public Works Administration.
Denom. $1,000 and $500.
Dated
Aug. 1, 1935.
Due on Aug. 1 as follows:
$1,000, 1939 to 1956; $1,500
in 1957, and $2,000, 1958 to 1960.
Prin. and int. (F. & A.) payable at the
Federal Reserve Bank, Richmond, Va.
will be held
_
bonds.
ROAD, WATER AND SEWER SUB-DISTRICT (P. O.
Greenville), S. C.—BOND OFFERING—Sealed bids will be received until
Aug. 24, according to report, by the District Commission, for the purchase
of a $20,000 issue of extension bonds.
special election at which
explained that this
a difference of $119,944.
$250,000 of general State debt and
Mr. Keaton said that since establishment of the refinancing program
AUGUSTA
a
Keaton
purpose,
gave
of
SALE
(P. O. Chattanooga), Tenn.—BOND
connection with the sale of the $64,000 road and school
bonds to the sinking fund, noted in these columns recently—V. 145, p. 1147
—it is stated by T. R. Preston, Chairman of the Sinking Fund Commission,
DETAILS—In
until 8 P. M. Sept. 1, for the purchase of an issue of $7,500 3M % coupon
bonds.
Bids for the bonds, of which $2,700 are for refunding and $4,800
SOUTH
issue
$25,000 city hall bonds will be placed before the voters for approval at an
election set for Sept. 7.
PARIS,
;
the taxpayers
DISTRICT
election
recent
TURNER COUNTY (P. O. Parker), S. Dak.—BOND OFFERING—
County Auditor will receive bids until 10 a. m. Aug. 31 for the purchase
of $50,000 coupon,
registerable as to principal, refunding bonds.
Bidders
are to name rate of
interest, not to exceed 3)4%.
Denom. $1,000. Dated
Sept. 1, 1937.
Principal and semi-annual interest (Jan. 1 and July 1)
at office of the County Treasurer.
Due Jan. 1 as follows: $2,000,
1939; $3,000, 1940; and $5,000, 1941 to 1949; optional after Jan. 1, 1943
on any interest
payment date.
Cert, check for $1,000, required.
The
approving opinion of a nationally recognized bond counsel will be furnished
by the county.
25,000
New Castle, City of, Lawrence County—Fund¬
ing floating indebtedness.
Indiana Township Sch. Dist., Allegheny County
—Erecting, constructing school building
Easton, City of, Northampton County—Fund¬
ing floating indebtedness, $104,000; refund¬
ing bonded indebtedness, $141,000
DAKOTA
SOUTH
PENNSYLVANIA
PENNSYLVANIA,
E. J. Prescott & Co. of Minneapolis bid
a
premium of
accompany
July 27, as
1302
Financial
Chronicle
Aug.
TEXAS
1937
21,
WISCONSIN
ROSENBERG INDEPENDENT SCHOOL DISTRICT (P. O. Rosen¬
berg), Texas—BOND SALE—The $47,000 issue of 4% school bonds
offered for sale on July 29—V. 145, p. 649—was purchased by the State
Department of Education. Due serially in 40 years, optional after 30 years.
SAN PATRICIO COUNTY ROAD DISTRICT NO. 5
SCHOOL
ELKHORN
DISTRICT,
Wis— BOND
ELECTION— An
election is scheduled for Aug. 31 at which time a rpoposition to issue $110,000 school building bonds will be submitted to the voters.
FREDERIC
,
Wis —ADDITIONAL INFORMATION—We
are
now
(P. O. Sinton)'
informed that the $22,000 sanitary sewerage system bonds approved by the
Aug. 3 the voters
approved
$125,000 53^% lateral road improvement
bonds by a count of 279 to 92.
Due in 30 years.
No definite date has been
set for the offering of these bonds.
the election held on Aug. 3 by a count of 129 to 32 will bear 3H %
interest and will be dated Sept. 1, 1937.
Denom. $500 and $250.
Due as
follows: $1,000, 1940 to 1951, and $1,250 from 1952 to 1959.
Prin. and
Texas—BONDS
VOTEL\—At
the issuance of the
the
election
held
on
TALCO SCHOOL DISTRICT (P. O. Talco), Texas—BONDS VOTED
on July 31—V. 145, p. 649—the voters are said to
have approved the issuance of the $186,000 in school
building and refunding
bonds.
—At the election held
WHITE
SETTLEMENT
SCHOOL
DISTRICT (P. O. Fort
Worth),
now reported by the
County Super¬
$9,000 4% semi-ann. construction bonds
purchased by the State of Texas, as noted here recently—V. 145, p. 1147—
were sold at par.
Dated Aug. 1, 1937.
Due in 30 years.
Texas—BOND SALE DETAILS—It is
intendent
of
Schools
that
the
UTAH
OGDEN, Utah—COURT DECISION PENDING ON BOND VALIDA¬
TION—It is stated by E. Ballantyne, City Recorder, that the
$2,600,000
4Yi% semi-ann. light and power plant bonds mentioned in these columns
in March, are still up before the State
Supreme Court but a decision is
expected about Oct. 1.
voters at
int. payable
KENOSHA, Wis.—BOND OFFERING—Sealed bids will be received until
2p.m. (.Central Standard Time), on Sept. 3, by A. E. Axtell, Disector of
Finance, for the purchase of four issues of refunding bonds aggregating
$61,000, divided as follows: $12,000 school, Series of 1927; $15,000 school,
2nd Series of 1923; $22,000 school, Series of 1924, and $12,000 school,
Series of 1928 bonds.
Interest rate is not to exceed 4%, payable M. & S.
Denom. $1,000.
Dated Sept. 15, 1937.
Due on Sept. 15, 1949.
No
bid for less than par and accrued interest will be considered.
Prin. and
int. payable at the City Treasurer's office.
The city will furnish its own
completed bonds and the legal opinion of Chapman & Cutler, of Chicago.
A $500 certified check must accompany the bid.
SALINA,
Utah—CONFIRMATION OF ELECTION—B. M. Thomp¬
City Recorder, confirms the report given in these columns recently
election will be held on Aug. 28 to vote on the issuance of
$35,000
son,
that
an
in water
as
the
bonds—V.
city's share of
145, p. 988.
He states that these bonds will be used
a Works Progress Administration project.
VIRGINIA
BRISTOL, Va —BONDS OFFERED FOR INVESTMENT—The $135,000 33^%
water works purchase and extension bonds purchased on Aug. 9
by Lewis & Hall, of Greensboro, N. C., as noted in detail in these columns
V. 145, p. 1147,were reoffered for public subscription at prices to
yield from
2.25% on the 1941 maturity, up to 3.30% in 1951; the 1957 maturity is
priced at 101.00, while the 1959 maturity is 100.50.
Coupon bonds, dated
Sept. 1, 1937.
Prin. and int. (M. & S.) payable at the Dominion National
Bank, or at the Washington Trust & Savings Bank, Bristol.
Legality to
be approved by Caldwell & Raymond, New York City.
bids
until 11a.m. Sept. 7 for the purchase of an issue of
$149,000 coupon refunding bonds.
Bidders are to specify rate of interest, not to
exceed 3M%.
Denom. $1,000.
Dated Sept,
7,
TWO RIVERS, Wis .—BOND OFFERING— Sealed bids will be received
a. m. on Aug. 26, by John P. Hoffman, City Clerk, for the purchase
until 11
a $75,000 issue of grade school bonds.
Interest rate is not to exceed
3%, payable A. & O. Denom. $1,000. Due on April 1 as follows: $27,000
in 1941, $28,000, 1942, and $20,000 in 1943.
The purchaser at his own
expense must print the bonds and if he desires to have an opinion of bond
attorneys as to their legality, he must pay for the same. A $2,500 certified
check, payable to the City Treasurer, must accon,pany the bid.
of
WATERLOO, Wis.—BOND SALE— The $35,000 issue of 3% coupon or
registered semi-ann. firemen's park bonds offered for sale on Aug. 16—
V. 145, p. 1148—were sold to Harley, Haydon & Co. of Madison, subject to
approval on Aug. 26, at a price of 101.21, a basis of about 2.85%.
Dated
Aug. 16, 1937.
Due on Feb. 16 from 1942 to 1955.
1937.
Principal
bids
The other
were
as
follows:
Name of Bidder—•
E.
&
&
Joiner
Premium
Co., Milwaukee
Co., Inc., Chicago
Monroe
Braun,
T.
COVINGTON, Va.—BOND OFFERING—J.JS. Mathers, Town Manager
Will receive
in lawful money at the office of the Village Treasurer.
JACKSON COUNTY (P. O. Black River Falls). Wis.—BOND SALE
18—V. 145,
p. 1148—were awarded to the Channer Securities Co., Chicago, at par plus
a premium of $2,091, equal to
102.349, a basis of about 2.75%.
Dated
Sept. 1, 1937.
Due on Sept. 1 as follows: $4,000, 1938 to 1948; and $5,000,
1949 to 1957.
Ilarley, Haydon & Co., Madison, submitted the second
high bid, offering a premium of $1,801.
—The $89,000 3% court house and jail bonds offered on Aug.
$420.00
-
-
Farmers & Merchants State Bank
380.00
375.00
Securities
Co.,
Chicago
Paine, Webber & Co., Milwaukee
Channer
370.00
270.00
and
semi-annual interest (March 7 and Sept 7) payable at the Town Treasurer's
office.
Due Sept. 7, 1957; callable Sept. 7, 1947.
OFFERINGS
WANTED
Legality approved by
Thomson, Wood & Hoffman of New York.
UTAH—IDAHO—NEVADA—MONTANA—WYOMING
municipals:
NORTHWESTERN
MUNICIPALS
FIRST SECURITY TRUST CO.
Washington—Oregon—Idaho—Montana
SALT
^Driunlufe EhrMmatt & IDhtto
SEATTLE
Teletype SF 296
//
CITY
Bell Teletype: SL K-372
WYOMING
SAN FRANCISCO
Teletypes SEAT 187, SEAT 188
LAKE
Phone Wasatch 3221
ALBANY COUNTY SCHOOL DISTRICT NO. 5 (P. O. Rock River).
Wyo.—BOND SALE—The $50,000 issue of school bonds offered for sale
Aug. 18—V. 145, p. 810—was purchased by the American National
on
WASHINGTON
BREMERTON,
Bank of
is
now
reported that the election which was scheduled for Aug. 30 to vote on the
issuance of $12,000 in athletic park bonds—V.
145, p. 809—has been post¬
poned until the latter part of September.
DOUGLAS
ville),
COUNTY SCHOOL DISTRICT NO. 21
(P. O. WaterWash.—BOND OFFERING—Sealed bids will be received until 2
by Earle W. Jenkin, County Treasurer, for the purchase
p. m. on Sept. 18,
of a $42,000 issue
of school
bonds.
Interest rate
is
not
to
exceed
6%,
payable semi-annually.
Due serially in from two to 15 years.
Prin. and
int. payable at the County Treasurer s office, the State Treasurer s
office,
or at the fiscal agency of the State in New
York.
A certified check for 5%
of the bid is required.
(These bonds
Cheyenne, as 3s, paying a premium
2.995%.
Dated July 1, 1937.
basis of about
Wash.—BOND ELECTION POSTPONED—It
were
offered
on
Aug. 14—V. 145,
p.
CHEYENNE, Wyo.-BOND ELECTION CONTEMPLATED—It is
reported that an election will be called in the near future to pass on a pro¬
posed issue of airport bonds in the amount of $150,000 or $160,000.
SWEETWATER
COUNTY
SCHOOL
DISTRICT
NO. 20 (P. O.
Wyo .—BOND SALE—The $2,500 issue of coupon school
on Aug. 7—V. 145, p. 650—was awarded to the Rock
Springs National Bank, of Rock Springs, as 4s at par. Dated Aug. 1, 1937.
Due $500 from Aug. 1, 1938 to 1942 incl.
Cheyenne)
bonds offered for sale
809—without success.).
Canadian Municipals
PORT OF OLYMPIA (P. O.
Olympia), Wash.—BOND SALE—The
$40,000 port bonds offered on Aug. 18—V. 145, p. 809—were awarded to
Grande, Stolle & Co. of Seattle as 2%s at a price of 100.47.
Dated Sept. 1,
1937.
Due serially in from 2 to 10 years. Wm. P. Harper & Son of Seattle
were second high with a bid of 100.182 for a combination
of 234s and 3s.
SOUTH BEND, Wash.—BOND SALE DETAILS—It is now stated
that the $75,000 5% water revenue bonds purchased
by H. P. Pratt & Co.
of Seattle, at a price of 96.00, as noted in these columns on
Aug. 14—V. 145,
Information and Markets
BRAWLEY, CATHERS & CO.
!
1148—are dated Aug. 15, 1937, and mature as follows: $4,000, 1938 to
1940; $5,000, 1941 to 1944; $6,000, 1945 and 1946; $7,000, 1847 to 1950,
and $3,000 in 1951.
The city reserves the right to call the last maturing
$24,000 on any interest paying date after 10 years.
of $10, equal to 100.02, a
Due from July 1, 1938 to
1957, inclusive.
25
KING
ST.
WEST, TORONTO
ELGIN 6438
p.
STEVENS COUNTY
Wash.—BOND
SCHOOL DISTRICT NO.
OFFERING—G.
E.
Wilson,
15
County
(P. O. Colville),
Treasurer
will
re¬
bids until 2 p. m. Aug. 30 for the
purchase of an issue of $25,000
bonds of School District No. 15.
Interest rate is not to exceed 6%, pay¬
able annually.
Due serially in from 2 to 20 years.
Bonds will be optional
after five years.
'
ceive
TEN I NO, Wash.—BOND ELECTION—An election will be held on
Aug*
21, according to report, to vote on the issuance of $55,000 in water system
bonds.
YAKIMA DRAINAGE DISTRICT NO.
7,
Sunnyside),
district
No.
Sub-District No. 3 (P. O.
Wash.—BONDS REFINANCED—Refinancing
of
subDrainage District No. 7 which includes city pf
3 of Yakima
Sunnyside, at 54 cents on the dollar and reduction of the district debt from
$70,500 to $38,070 is announced by Walter V. Swanson, Attorney for bond¬
holders.
worth of
will
be
Under the agreement the State of Washington will accept $38,700
bonds from the district and the original bond issue of $70,500
new
replaced
with
State
collateral
trust
bonds
giving
bondholders
a
recovery of 54 cents on the dollar.
WISCONSIN
ALLOUEZ SCHOOL DISTRICT NO. 1 (P. O. Green
Bay, Route 3),
Wis.—BOND SALE—The $14,000 3% coupon semi-ann. school
building
bonds offered for sale on Aug. 12—V. 145, p. 809—were awarded to A. S.
Huyck & Co. of Chicago, paying a premium of $298.26, equal to 102.13,
basis of about 2.60%.
Dated Aug. 1, 1937.
Due from Aug. 1, 1938 to
1947, inclusive.
a
ASHLAND,
Wis.—BOND OFFERING—Sealed bids will be received
until 10 a. m. on Aug. 26, by W. C. Morris, City
Clerk, for the purchase
of a $50,000 issue of 334% coupon street improvement bonds.
Denom.
$1,000.
uated July 1, 1937.
Due on July 1 as follows: $8,000, 1924 and
1943; $7,000, 1944 to 1947, and $6,000 in 1948.
Prin. and int. (J. & J.)
payable at the City Treasurers office.
A certified check for 2% of the
bid, payable to the city, is required.
(These are the bonds that were originally scheduled for sale on Aug. 16
and then postponed temporarily, as noted in these columns—V. 145,
p. 988.)
CALUMET COUNTY
(P. O. Chilton), Wis.—NEW BOND RESOLU¬
TION ADOPTED—The County Board of Supervisors is said to have
adopted a resolution amending a previous resolution calling for a $45,000
issue of highway bonds.
The new resolution provides for the issuance of
$30,000 in 3% highway bonds.
CANADA
CANADA, Dominion of—INCREASE IN REVENUES REPORTED—
United Press dispatch from Ottawa on Aug. 15 reported as follows:
Total ordinary revenue of the Don inion for July was $37,881,966 and
special receipts brought the grand total to $37,893,945, con pared with
$34,275,531 in July, 1936, according to figures released tonight by the
Comptroller of the Treasury.
Total receipts for the first four months of the fiscal year were $205,113,498, against $169,140,550 for the corresponding period in 1936.
Total ordinary expenditure for July was $34,939,353 compared with
$34,544,385 in the same month in 1936. Total ordinary expenditure for the
first four months of thefiscal year totaled $125,374,701 against $124,311,868
in the corresponding period in 1936.
ETOBICOKE TOWNSHIP,
Ont-REFINANCING CONSIDERED—
A plan for refinancing Etobicoke Township is now being considered.
It calls for the payment of debenture interest in full, with a proposed
four-year extension on n aturity periods on debentures.
Ever since the
municipality defaulted in June, 1933, it has paid all interest charges in
full, and actually only defaulted on principal payments.
The amount in default at the end of last year amounted to $574,780.
The debenture debt which has not yet fallen due totals $2,842,072, of
which $792,666 was owing to the township by the Village of Long Branch,
which is also in default.
During the last three years the municipal finances have improved con¬
siderably and last year after providing a sum of $50,000 to set against
uncollectable taxes owing, reported a surplus of $10,566.
The unn atured
debentures a?e made up of public utilities $1,643,514, local improvements
$291,894, schools $738,227 and miscellaneous $168,347.
SASKATCHEWAN (Province of)—SALES TAX IN OPERATION—
Every retail vendor in the Province of Saskatchewan has been licensed
new 2%
Provincial education tax, more commonly known as
the sales tax, which went into effect on Aug. 2.
The number of vendors
to collect the
licensed is between 11,000 and 12,000.
Tax returns must be made to the Provincial
retailers,
on
or
Treasurer quarterly by all
before the 20th of January, April, July and October, but
the Commissioner of Taxation may also call for a return at any time.
In
order to compensate them for additional expenses incurred in collecting the
tax each licensed vendor will be paid 4% of collections made.
Sales from
one
cent
to
Application of Tax
are exempt from the tax; from 15 to 74
15 cents
two cents tax; from $1.25 to
$1.74, three cents tax; from $1.75 to $2.24, four cents tax; from $2.25 to
$2.74, five cents tax; from $2.75 to $3.25, six cents tax.
Sales exceeding
$3.25 shall be subject to a tax of 2% calculated to the nearest cent, onehalf cent being considered one cent.
cents, one cent
tax; from 75 cents to $1.24,
@FedFRASER