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a*
%
COPYRIGHTED IN 1937 BY
WILLIAM B. DANA
COMPANY, N=W YORK.
'•'uedW^k^eY"eta?Copy-
VOL. 145.
ENTERED A3 SECOND-Cl ASS MATTER JUNE 23,
NEW YORK,
1879, ATTHE POST OFFICEWilliam B.DanaYORK, UNDER THE ACT OP MARCH 3, 1873.
AT NEW YORK, NEW Co.,Publishers,,
NO. 3766
William
Spruce Sta., N.Y.Citv
AUGUST 28, 1937
TRUST
BROOKLYN
THE CHASE
COMPANY
NATIONAL BANK
1866
Chartered
cor.
OF
THE
OF
CITY
NEW YORK
Kidder, Peabody & Co.
George V.
McLaughlin
For
Member Federal
tra-
ditionally a bankers' bank.
PHILADELPHIA
BROOKLYN
NEW YORK
The chase is
BOSTON
NEW^YORK
President
years
many
Deposit Insurance
served
Corporation
it has
large number
a
of banks and bankers as
New York
and
depository.
reserve
Weld & Co.
White,
Members New
York Stock
Member
Exchange
Amsterdam
London
AND
INSURANCE
Facilities
Quotations
United States
STOCKS
Correspondent
■
Federal Defesit Insurance Corf oration
BANK
Boston
New York
v
correspondent
Government
Corporation
Paris
Securities
The
FIRST BOSTON
Hallgarten & Go.
Established 1850
corporation
CHICAGO
AND OTHER
Wall Street, New York
Telephone: BOwIing
FRANCISCO
Green 9-5000
Chicago
Philadelphia
Boston
SAN
PHILADELPHIA
YORK
NEW
& Co.
Incorporated
63
BOSTON
NEW YORK
Brown Harriman
San Francisco
Washington
Representatives in other leading
PRINCIPAL CITIES
Cities
London
Chicago
wertheim
120
& Co.
New
York
Amsterdam
London
& CO.
CARL M. LOEB
61
The
Broadway
BROADWAY
NEW
NewYorkTrust
Municipal Bonds
Company
Capital Funds
YORK
State and
.
.
$37,500,000
Barr Brothers & Co.
INC.
Chicago
New York
Amsterdam
Berlin
Paris
London
ioo
broadway
57TH ST. &
40TH ST. &
EDWARD B. SMITH & CO.
NEW
YORK
Service to
Banks and
Dealers since
188 8
New York
31 Nassau Street
BOSTON
PHILADELPHIA
CLEVELAND
FIFTH AVE.
MADISON AVE.
LONDON
European
Representative's Office:
8 KING
WILLIAM
STREET
LONDON. E. C
4
HORN BLOWER
WEEKS
&
Established 1888
40
Wall Street
'
Correspondent
Edward B. Smith &
Minneapolis
CHICAGO
NEW YORK
*
Members New
Co., Inc.
„
St. Louis
Member of the
Federal Reserve System,
the New York Clearing
House Association
and of the Federal Deposit Insurance
Corporation
York, Boston, Chicago,
Cleveland, Philadelphia and
Detroit Stock Exchanges
a
Financial
Chronicle
Aug. 28, 1937
baker, weeks
A. G. Becker & Co.
& harden
Incorporated
J. & W.
Seligman & Co.
Investment Securities
Established 1893
Members
New York Stock Exchange
New York Curb Exchange
No. 64 Wall Street
Philadelphia Stock Exchange
Investment Securities
NEW YORK
Chicago Board of Trade
Commercial Paper
52 WALL STREET, NEW YORK
New York
Graybar Building, New York
Commercial Trust Bldg., Philadelphia
Chicago
Buhl
And Other Cities
Londori
Building, Detroit
Correspondenta
SELIGMAN BROTHERS
6 Lothbury, London, E. C. 2
Bourse Building, Amsterdam
Dividends
Leading Out-of-Town
Investment Bankers and Brokers
BIRMINGHAM
(OMMERCIAL JnVESIMNTJRUST
CORPORATION
NEWARK
New
MARX & CO
Convertible Preference
Stock,
$4.25 Series of
1935, Dividend
Jersey State & Municipal Bonds
A
regular quarterly dividend of
$1.06)* oil the
Convertible Preference
Stock, $4.25 Seriee of
COMMERCIAL INVESTMENT
Newark Bank & Insurance Stocks
TRUST
BIRMINGHAM, ALABAMA
CORPORATION has been declared
payable
SOUTHERN
MUNICIPAL
CORPORATION
AND
BONDS
J. S. RIPPEL & CO.
18 Clinton St.
Common
Newark, N. J.
stockholders
of
Stock—Regular Dividend
regular quarterly dividend of
$1.00 per share
in cash has been
declared on the Common Stock
of COMMERCIAL
INVESTMENT TRUST
CORPORATION, payable October I, 1937, to
stockholders of record at the
close of business
September 10,1937. The transfer books
will not
HARTFORD
close
MICHIGAN MUNICIPALS
to
A
DETROIT
CORPORATION
October 1, 1937,
record at the close of
business on September
10,
1937. The transfer
books will not close. Checks
will be mailed.
Checks will be mailed.
JOHN I. SNYDER, Treasurer
August 26,1937.
Specialists in Connecticut
Securities
BONDS
WATLING, LERCHEN & HAYES
PUTNAM & CO.
Members
Members New York Stock
Exchange
6 CENTRAL ROW
HARTFORD
New York Stock Exch.
Detroit Stock Exchange
334 BUHL
New
York
Curb.
Assoc.
Chicago Stock Exch.
BLDG.,
DETROIT
Tel. 5-0151,
A. T. T.
Teletype—Hartford 35
UNION
PALM
AND
BEACH
AND
WEST
PALM
CARBIDE
CARBON
BEACH
CORPORATION
DETROIT REAL ESTATE BONDS
Specializing in
A cash dividend of
Eighty cents
(80c) per share on the out¬
standing capital stock of this
Corporation has been declared,
payable
October
1,
1937,
to
FLORIDA BONDS
Charles A. Parcells & Co.
Members of Detroit Stock
PENOBSCOT
Exchange
BUILDING, DETROIT, MICH.
CARLBERG & COOK, INC.
stockholders of record
close of business
Palm Beach—West Palm
Bell System
Beach, Fla..
Teletype: W-Palm Beach No. 84
the
at
September 3,
1937.
ROBERT W.
WHITE, Tneasurer
MIAMI
ST.
LOUIS
E.
We buy and sell for
own
Florida
Bell System
PONT
DE
NEMOURS & CO.
dividend of $1.50
Debenture
Stock
October 25, 1937,
Municipal Bonds
Ingraham Bldg.,
DU
The Board of Directors has this
day declared a
a share
on
the outstanding
of
this
account
(jORRIGAN.Mi^K £(lo.
I.
Wilmington, Delaware, August 16, 1937
our
i5r/x
Co.
&
SAINT LOUIS
8O9OUVT st
MIAMI
Teletype MMI 80
Company,
payable
to stockholders of record at
business on October 8,
1937; also
dividend of One Dollar and
Thirty-five Cents
($1.35) a share on the outstanding Preferred
the
close
of
Stock—$4.50 Cumulative of this
Company, said
dividend to cover the period from the date of
original issue, July 7, 1937, to and
including
October 25,1937, on which date the dividend
shall
be payable to stockholders of record
as shown
the books of the Company at the
close of
business on October 8,1937; also a third
quarterly
"interim" dividend for the year 1937 of One
Dollar and Fifty Cents ($1.50) a share on
on
Members
St. Louis Stock
Exchange
the
MILWAUKEE
outstanding Common Stock of this Company,
payable September
15,
1937, to stockholders
at the close of business on
August 25,
1937.
of record
W.
Missouri and
WISCONSIN
CORPORATION SECURITIES
Teletype—Milwaukee 92
EDGAR, RICKER&CO.
750 North Water
Street,
Milwaukee, Wis.
F.
RASKOB, Secretary
Southwestern
Stocks and Bonds
NATIONAL
DAIRY
PRODUCTS
CORPORATION
Smith, Moore & Go.
St. Louis
The First Boston
St. Louis Stock
Corp. Wire
Exchange
Dividends of $1.75 per share on the Preferred A
and Preferred B stock and
30? per sh re on the
Common stock have been declared payable October
1, 1937,
to
holders of record September 1,
A. A.
August 19, 1937
For other dividends
1937.
STICKLER
Treasurer
see
pages
ill and
v.
Volume
This
is
m
Financial Chronicle
145
he construed as an
and is not
announcemen
an
The
offer to sell or
offering is made
~
solicitation of an offer to buy the securities herein mentioned•
only by the Prospectus.
The Ohio Public Service Company
$28,900,00(1
Bonds, 4% Series due 1962
First Mortgage
To be due August 1, 1962
August 1, 1937
To be dated
Price 102$&% and
accrued interest
$1,600,000 Serial Notes
To be dated
Rate
3%
August 1,1938
160,000
3%
August 1, 1939
160,000
3%
3}4%
August 1, 1940
August 1, 1941
August 1, 1942
3)4%
160,000
$160,000
160,000 3%%
160,000 4%
160,000 4%
160,000 4%
101.36%
101.87%
102.11%
101.84%
101.13%
Price
Maturity
Rate
Amount
Price
Maturity
Amount
$160,000
160,000
August 1, 1937
August
August
August
August
August
1,
1,
1,
1,
1,
1943
1944
1945
1946
1947
101.86%
101.52%
102.39%
101.50%
100.00%
and accrued interest
\The Prospectus may
be obtainei• in any State in which this announcement is circulated only
licensed and offering these securities in such
and such other dealers as are
from the undersigned
State.
HALSEY, STUART & CO. INC.
CHICAGO, 201 South La Salle Street
AND
•
NEW YORK, 35 Wall Street
OTHER PRINCIPAL
CITIES
August 26, 1937
Dividends
INTERNATIONAL SALT
COMPANY
475 Fifth Avenue
quarterly dividend of THIRTY-SEVEN
ONE-HALF
CENTS a share has been
declared on the capital stock of this Company,
IMPORTANT NOTICE TO HOLDERS OF
A
and
The
payable October 1, 1937, to stockholders of record
at the close of business on September 15, 1937.
The stock transfer books of the Company will
not
Pure
Oil Company
COMMON
SHARES
be closed.
H.
J.
OSBORN, Secretary.
The Board of Directors of
INTERNATIONAL HARVESTER
COMPANY
International Harvester
Company
declared a
quarterly dividend of
sixty-two and one-half cents (62J^c.) per share
on the common stock payable October 15, 1937,
to all holders of record at the close of business on
September 20, 1937.
The
Directors
of the
SANFORD B.
WHITE,
Secretary
For other dividends see page v.
The Pure Oil Company on August 23,1937, author¬
Shareholders of record on September 3, 1937 the
ized the offering to Common
right to subscribe to 5% Cumulative Convertible Preferred Shares at $100 per
share at the rate of one-ninth (1/9) of one 5% Cumulative Convertible Preferred
Share for each Common Share held by them on said record date, or in the alter¬
native, the right to subscribe for Common Shares at the price of $22.22 2/9 per
share at the rate of one-half (}4) Common Share for each Common Share held
on said record date. This offering terminates at 3 P. M. Eastern Daylight Saving
Time, September 24, 1937.
Subject to the registration statement which has been filed with the Securities
and Exchange Commission becoming effective August 30,1937, as contemplated,
subscription warrants evidencing the right to subscribe to 5% Cumulative
Convertible Preferred Shares and to Common Shares, together with a pros¬
of the offering, will be mailed to shareholders as
possible after September 3, 1937.
construed as an offer to sell or to buy such shares,
as the offering will be made only by the Prospectus.
Owners of Common Shares standing in the name of others should have such
shares transferred to their own name on or before September 3,1937, and share¬
holders who have not received notice of this offering are urged to acquaint
themselves with its provisions, which may be secured by addressing: Treasury
Department, The Pure Oil Company, 35 East Wacker Drive, Chicago, Illinois.
pectus containing the terms
promptly
as
This notice is not to be
Harper & Turner
INC.
Investment Bankers
STOCK
EXCHANGE
BUILDING
PHILADELPHIA
Business
Established 1912
THE PURE OIL COMPANY
By RAWLEIGH WARNER
Vice Pres. & Treas.
Thf
oiiitntivial §
Vol. 145
AUGUST 28, 1937
No. 3766.
CONTENTS
Editorials
page
Financial Situation
1303
Congress and the Roosevelt Program
1315
The Costs and Risks of
1317
Neutrality
Comment and Review
Gross
and
Net
Earnings of United States Railroads
for the Six Months Ended June 30
1318
Text of Amended Farm Credit Act of 1937-
1325
Week on the European Stock
Exchanges
Foreign Political and Economic Situation
1307
1307
Foreign Exchange Rates and Comment
1312 & 1358
Course of the Bond Market
1328
Indications of Business Activity
1330
Week
on
the New York Stock
1305
Week
on
the New York Curb
Exchange
Exchange..
1357
News
Current Events and Discussions
1339
Bank and Trust
1357
Company Items
General Corporation and Investment News
1406
Dry Goods Trade
1451
State and
1452
Municipal Department
Stocks and Bonds
Foreign Stock Exchange Quotations
....
1360 & 1371
Dividends Declared
1363
Auction Sales
1405
New York Stock
Exchange—Stock Quotations.
.1372
Exchange—Bond Quotations ..1372 & 1382
New York Curb Exchange—Stock
Quotations
1388
New York Stock
New York Curb Exchange—Bond
Quotations
Other Exchanges^-Stock and Bond
Quotations
Canadian Markets—Stock and Bond Quotations.
Over-the-Counter Securities—Stock & Bond
1392
1394
1399
Quotations .1402
Reports
Foreign Bank Statements
1311
Course of Bank Clearings
1358
Federal Reserve Bank Statements
1369
General Corporation and Investment News
.1406
Commodities
The Commercial Markets and the
Crops
1442
Cotton.
1444
Breadstuff s
1449
Published Every Saturday
Morning by the William B. Dana Company, 25 Spruce Street, New York City
Herbert
D. Seibert, Chairman of the Board and
Editor; William Dana Seibert, President and
Treasurer; William D. Riggs, Business
Manager.
Other offices:
Chicago—In charge of Fred H. Gray, Western
Representative 208 South La Salle Street (Telephone
State 0613).
London—Edwards & Smith, 1 Drapers' Gardens,
London, E. C
Copyright 1937 by William B. Dana Company.
Entered as second-class matter June 23.
1879, at the post office at New York, N. Y
under the Act of March 3, 1879.
Subscriptions
in United States and
Possessions, $15.00 per year. $9.00 for 6 months; in Dominion
of Canada $16 50 per year. $9.75 for 6 months;
South and Central America,
Spain. Mexico and Cuba. $18.50 per year, $10.75
for 6 months- Great Britain. Continental Europe
(except Spain)
Asia. Australia and Africa, $20.00 per year, $11.50 for
6 months
Transient display advertising matter. 45 cents
per agate line
Contract and card rates on request.
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
few
during the
past
situation
it exists
as
Of
of last week
remarks
particularly
and
country
community.
summon
his Roanoke Island address
convincing on the point, but his
alists
Words
degree
one
refrain
to
from
or
calling of
the
of
and
Congress,
and
vate
many
the
in
"The
public
those who shape
if
"The
summon
can now
ating
considering
his
even
Court issue,
Supreme
varied
his
push
or
and
sweeping program in Con¬
and of
an
as
and
per¬
flationary position of bank
fit of the
special bene¬
government bond
market reveals
no
credit
one
form
New
non-
talked
has
more
seats of
a growing
responsibility
would
This has
us
markets,
has
long
prevailed
where increasing
about fall recovery,
been
in
doubts
the
are
securities
in evidence
at least in the measure that had
rather confidently
gloom
expected.
Apparently the
prevalent in the securities markets is not
altogether shared by industrial and trade interests
as
such.
Their volume of business is holding up
well,
all things considered, and, so far as can be
determined,
the
long seemed to
to be the kernel of
current
are
expectation is
such
problems, and
we
accordingly somewhat
heartened by the
broaden¬
ing realization that a solu¬
description of the
tion
of
first
must
found for this
all be
that
the
riddle, and
solution
need
is
such
of
both
and imperative.
diagnosticians
naturally done nothing
during the past week to relieve the depression of
that
more
intelligence.
The Kernel of Our Problems
"underprivileged" and
any ever did
so much to
the "submerged third" harder.
things in the Far East, has
mind
government which
proceed with
constructive
if
this, along with the increasingly grave state
All
regimes at
Washington and other
a
about the
make the lot of
Deal
the
the
the
doubtful
is
it
of
installation
that there is
apt
of
upon
of things
possible the
makes
that
and upon production
competition
with the
an
to
state
political
other shoulders, to
in
hold
the
it
as
done
be
people and bring about the
for
diverted
upon
order
in
can
demagogues
from its inception.
of
in
much what
so
house
what
weaken
light of which the President's
fine words must be judged.
No national Administration in history has
and
another
or
is
each man,
facts
philosophy that in
governed the
into
nonetheless afford
loss of
faith in the monetary
to
owes
haps extension, of the in¬
credit for the
their
question
ought to be done to set
the
contend that society
regardless of his own efforts,
an
easy
living, and to expound the soft
philosophy that by right each of us, regard¬
less of foolish
mistakes, rash speculation,
incompetency or plain laziness, should be
maintained by the industrious and thrifty."
This speaker we feel certain did not think
of himself as in any way replying *o the
statements made by the President's message
received a few hours earlier by the group to
which
his
words
were
addressed.
They
on
inducement to
the maintenance,
expended
and
enterprises
enter
"I regret to report
policy of lower rediscount
rates
employment of labor, are
tendency everywhere to shove
announced
recently
The
longer
no
people themselves.
Congress itself.
to suffer in
The
which
had
Court
verses
sharply
so
upon
thoughtful men's minds is
assertions of which he apparently
government
creative
re¬
he has recently
preme
to
Su¬
the
of
decisions
the
continuous
regardless of
tunity quite
being daily
minds.
going into creative enterprise that makes
the first oppor¬
at
gress
and will assist
of the
solution is
a
impressed
challenge" or to assist the life insurance
companies or others in "meeting the chal¬
lenge"?
A private citizen addressing this same con¬
vention in the evening of the same day that
the President's message was made public said:
"The
savings of the people, instead of
that he is not determined
to
not
tires, but just what is being done by
and his Administration to "meet the
him
the
on
need to find
never
from
retreat
position
vague
if the urgency
even
objectives.
Here of
that the President is
ever
of the
difficulties is to be found,
the individual and the
of
three
or
where the solution
meeting the challenge."
course we have the President reiter¬
in
hope what¬
any
security
asking,
are
two
gathered together,
are
to
serves
life insurance companies can
left who
any,
progress
too
whenever
safety of society are pressing problems of the
leaders of our times.
They must be met, and
few,
are
our
ex¬
>
find that indus¬
we
companies
responsibility for others.
civilization will fail to meet its
the poli¬
There
ernment.
insurance
any
help the
underprivileged to safeguard against want
and to lighten the weight of physical and
moral degradation among the people, our
of the National Gov¬
cies
Thus
other business express the
growth of the spirit of social and
"Unless
of
Bourbonism,
say
permanently
trialists
records of life
economic
supply the public
a
panded volume of goods.
Tuesday last, President Roose¬
on
than
relative
phasize the tenacity, not
to
Denver
more
have served to em¬
press,
general making prepara¬
with
velt said:
accounts, both pri¬
other
Deeds
message
a
Life
at
extra session
an
another causing industri¬
enlarging their capacity and
to the National Association of
Underwriters in convention assembled
In
cussions concerning
or
is,
The inability to
tions to
out of the dis¬
come
that
prosperity
least, theirs.
in
various reports that
have
solidity and the per¬
of
measure
not
however,
is,
industrial leaders
among
newly enacted court meas¬
ure,
It
the
about
this
in many if not
year
strong faith in the longer outlook is without
question in
occasion of the signing of the
the
doubt
of
for the moment at
business
the
upon
of
note
even
moderately
least
at
business.
of
detect
to
manence
course,
was
upon
a
him from his
swerve
branches
difficult
his plans and his ideas upon
determination to press
the
most
nothing that has
today to
be
will
profits
good for the remainder of the
occurred
months and nothing in the
President has permitted
and
activity
THE pastfurther has been characterized by abun¬
week confirmation of the fact that the
dant
general that
both
mentators have
views
as
to
for
what
some
pressing
Political
and
corn-
time past been giving their
is necessary to
unseat both the
personnel and the philosophies of the New Deal.
Some
of
these
most of them
discussions have
been helpful,
but
have either started from false premises
or
else have revealed a
of
thought
on
distinctly superficial quality
the part of their authors.
Any
ap¬
proach to the problem in hand may profitably begin,
therefore, with a clearing away of the underbrush
that tends
are
We
so-called con¬
develop and adopt a new economic
continually to" obstruct the view.
constantly being told that the
servatives need to
1304
and
Financial
social
build
philosophy,
constructive
a
the New Deal.
idea
forward
and
Those who
usually add
the opposition
of
Here
have
we
the warning that
a
falsehood.
those
who
purely partisan
Era of the
late
politics
make great
of
as
So far
still
under
economic
and social
and understand it.
bahaves
It
philosophies,
throttled; that all
they
no
Act
would
permitted
the
were
visions
demand
still
to
create
natural
of that
Industrial
that
outgrowth
of
of
Deal
and
now
but
in
not
must endure
substance
undesirable
an
,
u
,
.
and
is
sort
that
and
men
the
a
m
they
,
are
of
ideas
social
passes
such
as
say,
require
devised
yet
New Deal
as
Iheir
men
y
believe,
to
philosophy,
not
validity.
of
,
plain words
has
man
notion
Adam
is
developed and perfected what has
longer applicable to
no
em.
e
apply
and
upon
valueless what
the
must,
a
for
a
new
industrial
wholly obsolete and
developed
to every
as
set of principles
modern
to
century and
their efforts to
conditions
t ey seem to assert,
so
wholly
applicable
highly
commonsense
a
half
product
was
of
con-
choice
apply the simple rules of
day business life.
Confusion
of
faire
in action.
doctrines for the
themselves
They thus blame the system for the result
of deviations from it.
The New Era
prophets and
their followers in
public office laid what is usually
termed
law
economic
This is the
New
upon
the
to
shelf—or
,
.
Era
With
essence
and
.
rurnishes
the
of
New
is
not
re dedicate
to
.
ourselves
,
the
to
thought
.
develop
..
in championing the
,
We
of
certain
need
j
giye
embodiment
bugi
^
wits in Jayi
our
to
j
gQ
hod
race
of
ancient
myths.
hag been
thoge of
a
it
aU
bowed
gratis.
H
thig
before.
the
But after
a
tQ
reyert
Hg
as
applied to business
mercantilism
ht
onsla
tQ
had for
idolg
forward with
of
number of decadeg had ela
began
tionalism
the
before
to
human
It
same
came
Nationalistic
d
glv(;
ought
The
about
down to
today when Adam gmith
^
It is
do just
As for the
program
bjg exposjfjon 0f commonsense as
and
in
feft the field t0 the New Deal
d
hig
centurieg
theory.
disposition to
underlying philogophy such
embod
We need
commonsense
economic
or
^ that hag for
and itg
called
of
want
from
come
out programs that wiI1
time-tested
to
sometimes
more
commonsense
light.headed reformers of the day.
tQ
(o
_TT
old.
.
creeds but
new
,
cause
despjte ^he derision that is
the
Philosophy
.
.
,
.
the
■■
.
need
we
..
had
logic.
d mankind
i(Jeag
earMer
ain became rampant.
his
Na.
Prohibitive tariff
gystemg) and ^ embargoes and quota restrictions,
again devoloped.
such for
principles
„
,
.
,
were
Thought
This in our view is
simply nonsense.
Those who
expound it almost invariably mistake the deviations
of public policies from the
principles set forth by
laissez
the
Smith
the laissez faire system of economic
as
civilization which has rendered
in
Both
,
What
long line of other distinguished and learned
now
minimum
a
the other hand, represent the very negation
no matter what terms are used in de-
on
,TT1
•
m
from
unimportance
appear
and
that what
without
is
formulate and
minds
Deal,
salvation.
own
liberalism.
true
uQurage
rather
economic
who further
sidered
active
themselves
save
national
What
mind
older
thought,
work out his
seems
x-
most
,,
to
an
course,
become known
based
,
are
industry and modern society
new
of
that
one
what
1
those who
instances
the
philosophy
there held to
even
such conditions prevailing, the individual is left to
History
not quite
is
,
vows.
some
that
attempted ancl
consistent with the real needs of the situation.
.
,
01
itica
po
new
assuming,
we
1
conservatives
entirely
one
tion is
TI.
change
01
.
that modern
an
to
only in certain limited areas, where practical considerations preclude full and free competition, anything in the nature of government control or regula-
scribing either of them,
,.
in
we
need
preach and possibly
now
.
perpetua
policies
relatively simple principles of fair and honest dealing
are
vigorously and impartially enforced, and that
to them.
1
advising
change
a
indeed
.
,
taking
the
do
programs,
the mmds
m
upon
very
fair field but
a
of liberalism,
new
this
.
be
of
credit
their
in
provided
men are
economic and social philosophy different
.
to
of the
about
about what is
or
favors at the hands of government; that certain
they
from what
But
pro-
else would substitute other about
or
develop
wholly
the
measures
notions
inflationary
are
equally
is
harbor
who would either insist
or
form
in
themselves
banking that
essence,
that
of
some
be
kind
Act, who although objecting strenu-
ously to the inflationary ideas and
New
the
There is nothing
off when it makes certain that competition is not
Recovery
they themselves
monopolies
same,
Sound public
way.
was.
about modern industry and trade,
themselves in the form, perhaps, of
virtually
prohibitive tariff duties, who at the same time that
National
old
same
called modern civilization, that requires revision or
limitation of the plain truth that mankind is best
for
the
enter-
Human nature is still the
the
in
policy is just what it always
who, while denouncing subsidies when granted
the farmer, are still insistent
upon special favors
denounce
philosophy of economic
new
stood by those who have taken the trouble to know
the
in need of
are
no
prise that is not already well known and well under-
popular during the New
so
to
headway.
need
We
as
Those
to
course,
philosophy of the New Era, they do not deserve
is
grounds other
on
are
720s, they certainly
their
revising
well
as
expound it.
the President
influence of the fallacies
product of laissez
a
if those who
oppose -the New
nothing better to offer in its place than
wholly dissimilar practices and the delirious
the not
are
There
challenge that of the New Deal,
than
Of
faire.
of action with
program
able and forceful leaders to
oppose
the New Era and its aftermath
making appreciable
half-truths which
than
certainly great need for
which to
day economic and social physicians from labeling
until
Deal have
of those
one
This perfectly obvious
fact does not, however, prevent manyof the present-
*
deceiving
more
quent depression resulted.
replace
to the New Deal does something of
lasting headway.
often
to
Aug. 28, 1937
they did—and the collapse of 1929 and the subse-
philosophy
action
fond of putting this
are
this sort it will not succeed in
or
that
upon
program
Chronicle
were
example
evolved which
and which
abuses.
anisms
had
when
as
were
and
In the
Meanwhile
were
are
unknown in earlier times
susceptible to
management
during the World War
been
learned
peace
centuries
was
had
mechanisms,
new
the modern commercial bank,
by
types of
new
mech-
put
aside what
hard experience,
and failed
declared
taught.
new
of these
to
we
remember
Utopian
what
philosophers
the
had
meanwhile appeared with enticing pictures of socialis-
tic
perfection which had
will
be.
laissez
the fact
us
and never
been realized
never
By the time that the post-war era was
well under way we
from
not very
long, long distance
a
The New Deal
general.
toward
further
steps
many
had drifted
of
took
guild
faire, although probably realization
was
to
return
a
socialism, mercantilism and the various other isms
to be found abandoned
eval
and
medinothing
in the weird ideas that pass as
new
and social
to the
There is
economic
along the highways of
earlyA modern times.
especially
philosophy today, popular misconceptions
contrary notwithstanding.
What the intelligent
need
most
formulate
is
Smith,
time to
this
not
give clear expression to the essence of
or
commonsense
applied to public policies, but to
as
current
direction.
His
of
"conservatives'' of the day
Adam
an
influence
that
the
thought
task
author
of
in the
right
difficult
than
effectively
will
be
more
Wealth
"The
Nations,"
of
since his audience must under conditions of modern
democracy be composed not of
of
group
minded
highly
in
men
control
with
rent
relatively small
public-
of government,
but
misinformed, emotional
restricted
narrow,
careful,
capable of
a
well-trained,
intelligent,
horde of ill-trained,
women
vision
The
vast
and
Time and
fully understand, but they
"confused alarms of
not
may
later will tire of the
or
shipment to the United States are reported almost
everyday.
The combined condition statement of the 12 Federal Reserve banks shows total reserves at $9,150,236,000, an increase for the weekly period of
$5,117,000. Gold certificate holdings increased a
mere $2,000 to $8,831,948,000, but "other cash"
moved upward more briskly. Federal Reserve notes
in actual circulation dropped $3,7.11,000 to $4,234,680,000.
Deposits with the 12 banks moved up
$7,017,000 to $7,246,695,000 as the net result of a
decline of member bank balances by $14,328,000 to
$6,729,546,000; an increase of United States Treasury general account balances by $5,196,000 to $160,885,000; a gain of foreign bank deposits by $603,000
to $200,205,000, and an increase of other deposits by
$15,546,000 to $156,059,000'. The reserve ratio re¬
mained
unchanged
at
79.7%.
Discounts by the
System increased $415,000 to $18,703,000, while industrial advances continued their slow
with a drop of $78,000 to $20,929,000.
subsidence
Open market
bankers' bills were up $4,000 to
$3,077,000, but holdings of United States Government securities were quite unchanged in total at
holdings
of
$2,526,190,000.
thought about cur¬
systematic
however, again be on)hisAside.
would,
masses
sooner
a
men
wholly in-
problems in their broader aspects.
experience
1305
Financial Chronicle
Volume 145
.
The New York Stock Market
ORICES of securities receded sharply and perI
sistently on the New York stock market this
week, with the financial district hard put to it to
The marweek, but in the later
sessions quotations were lowered drastically. Highgrade bonds joined the downward procession, despite the move toward lower rediscount rates, in
which the Federal Reserve Bank of New York joined
on Thursday by ordering a reduction to 1% from
iy2%. Equities of all descriptions and bonds with
a
speculative tinge likewise receded. Trading was
struggle and strife where ignorant armies clash by
find adequate reasons for the movement.
night," ancl will presently return willingly to saner
ket lacked a trend early in the
tested
courses
by their
more
fully
convincingly
and | more
jTime and
saved by the emerforceful leader imbued with zeal and
own
rather limited experience.
great expense would, however, be
gence
of
a
understanding.
Federal Reserve Bank Statement
DETAILS of this week by the announcement, on nearly to the million-sharewhile, but it the liquidabanking statistics are far over- extremely limited for a figure when picked up
shadowed
Thursday, of a reduction to 1% from
this
occasion for
The
move
1%% of the
York rediscount rate,
Federal Reserve Bank of New
all too plainly is the
unsettlement that lias existed of late in the market
for United States Government
rate is the lowest in all
The
new
announced well along in the course
the fact that it is
of
securities.
central bank history, and
major economic upswing makes it plain that
a
from
any
sound money viewpoint it can only be
The banking report
regarded as sheer perversity.
made
available
yesterday shows excess reserves of
member banks at
$760,000,000, which is another in-
dication of the real essence of the
tion.
By
simply
means
of this move the Reserve Bank
institutions to discount,
sell, their overlarge holdings of Treas-
invites
rather than
member
The rate recession is a partial
taken when reserve
obligations.
ury
bank rate reduc-
nullification of the sound step
requirements
were
doubled.
In other respects the
The excess reserve aggregate represents a decline of $20,000,000
for the weekly period to Wednesday night, with
bank
the
report is colorless this week.
drop occasioned largely by modest shiftings of
accounts.
move
The
monetary gold
stock continues to
upward, with $14,000,000 added in the week,
making the aggregate $12,541,000,000.
The inactive
exceeds $1,300,000,000, and fresh engagements of the metal for
gold
fund
of the Treasury now
tion was at its height.
ments in China doubtless
The disquieting develophad something to do with
carried levels of some market
Threats of a railroad
strike, affecting the operating unions, proved perturbing, although it quickly was indicated that
mediation would be brought to bear. An indication
the recession, which
leaders off 5 points or more.
that he has no intention of
dropping the fight to pack the Supreme Court also
by President Roosevelt
troubled the market. Trade reports remain fairly
good, but indications for the future are less favorable, as advance orders for autumn business are
appearing slowly at best.
A
Small gains in stock quotations were noted last
Saturday, as a natural rally after the long preceding
decline. At least a little relief over the end of the
Congressional session was manifested in a mild upswing. The market again turned uncertain on Mon-
with the slow subsidence stripping
leading issues. All interests
plainly were in a mood to await further developments. Rallying tendencies were noted on Tuesday,
with industrial stocks in best demand. The metal
issues joined the movement, while railroad stocks
were benefited by talk of an application for a general advance in freight rates. Quotations drifted
lower on Wednesday, partly because Administration leaders started to study the possibility of an
day, however,
1 to 2 points off
1306
Financial
Chronicle
extra session of
group
Congress this autumn. The utility
steady, but other classes of issues were
was
marked
downward.
Thursday's
that
news
been
shot
the
British
Further
Ambassador
by Japanese aviators.
to
the
on
pared with the close
This evidence of
Electric closed
the
growing seriousness of the Sino-Japanese war
occasioned liquidation of
securities, and the thin
negotiations reached
immediate
strike
a
deadlock in
threat
But the entire market
hit
the
rail
stocks
joined the downward
market
was
liberal
a
hard.
In the listed bond market the trend
investment
United
speculative
States
slowly
when
and
at
Treasury
issues
Sino-Japanese incidents became
concerting.
gave
by the Federal Reserve Bank of New York
bonds
with
a
tinge dropped
Japanese issues remained unsettled
section.
Commodity
markets
changes small and of
High-
rapidly.
in the
foreign
of
a
little
a
Eastman
the
New
and
touched
new
touched
new
change
our
markets.
French
at
Stock
Sterling
francs
touched
York
Exchange
high levels for the
low levels.
likewise
Stock
11
stocks
while 125 stocks
year
On the New York Curb Ex¬
low
new
high
new
levels.
Exchange
levels and
Call
loans
remained
79
the
on
unchanged
1%.
On
the
York
half-day session
shares;
Tuesday, 500,440
shares;
Stock
on
Exchange the sales at
Saturday last
Monday they
on
were
shares;
on
were
the sales last
280,580
575,020 shares;
Wednesday,
Thursday, 965,980 shares, and
on
889,800 shares.
on
on
498,410
Friday,
On the New York Curb Exchange
Saturday
were
64,920 shares;
on
Mon¬
day, 138,930 shares;
on Tuesday, 126,240 shares; on
Wednesday, 139,405 shares; on Thursday, 213,000
shares, and on Friday, 178,045 shares.
The
sharp
stock
market
declines
in
the
present week experienced
share
prices.
China, coupled with the railway
The
conflict
wage
home, tended to influence traders
sidelines
183
41
against
The
steel
week.
43,
and
stocks
National
sustained
against 114%
on
to
in
dispute at
keep to the
not
sustained,!
however, for on Monday, after showing early
strength, prices receded to about the lowest levels
Moderately higher prices prevailed
Tuesday, with half the ground regained that
cn
on
the
preceding day.
trading continued dull and indecisive.
brought
on
was
Little of note occurred
Wednesday to alter the market's
ments
on
course,
and
New develop¬
by the reported attack
on
the
this
yesterday at 108%
97%, and Youngstown Sheet & Tube at 86 against
90.
In the motor
group,
Auburn Auto closed yester¬
on
Friday of last week;
General Motors at 53% against 56%;
108%
against
against 4.
Rubber
112%,
and
Hupp
Chrysler at
Motors
3%
at
In the rubber group, Goodyear Tire &
closed
yesterday at 38% against 40%
Friday of last week; United States Rubber
at
on
54%
against 58, and B. F. Goodrich at 35% against 38.
railroad
clines.
stocks
also
shared
in
the
week's
de¬
Pennsylvania RR. closed yesterday at 34
against 36
on
& Santa Fe at
Friday of last week; Atchison Topeka
72% against 76%; New York Central
at 35
against 38%; Union Pacific at 116% against
120; Southern Pacific at 38% against 44; Southern
Railway at 26 against 28%, and Northern Pacific
at 28%
against 28%. Among the oil stocks, Stand¬
ard
Oil
66%
on
of
N. J.
closed
yesterday at 63% against
Friday of last week; Shell Union Oil at 24%
against 25%, and Atlantic Refining at 27 against
28%.
In
the
copper
group,
Anaconda
closed yesterday at 55 against 57% on
Copper
Friday of last
week; American Smelting & Refining at 87%
against 91, and Phelps Dodge at 46 against 50%.
spect to autumn trade that
was
declined
30
Friday of last wek; Inland Steel
declining prices.
The advance
at
against 117; Bethlehem Steel at 92% against
tions for the time
lost
Standard
Distillers
wide
United States Steel closed
at 104
and
day.
National
against 188%;
await
further
developments.
On
Saturday last recovery set in after about a week of
of the
63%;
Mfg. at 145% against 151; Lorillard at 20% against
21%; U. S. Industrial Alcohol at 32% against 35%;
Canada Dry at 22% against 25;
Schenley Distillers
The
the New
at
day at 15% against 15%
5 stocks touched
stocks
New
York
against
against 30.
by the Tokio authorities.
On
61%
11% against 11%; Westinghouse Elec. &
For¬
declined despite efforts at control
yen
Kodak
Brands at
at
dollar, and fresh engagements
ground,
The
at
25% against 25%; Texas Gulf Sulphur at 38
against 38%; Continental Can at 57% against 59%;
with
were
gold for shipment to this country also attested
dipped.
Nemours at 154 against
160%;
Register at 33% against 34%; Inter¬
Nickel
quiet,
movement of funds toward
lost
Friday of last
on
at
eign exchange markets reflected persistent strength
for the United States
Western Union closed
Dairy Products at 19% against 20; National Biscuit
particular moment.
no
Fri¬
on
I. du Pont de
national
dis¬
slightly lower, while
were
speculative
E
rates
and other
regional banks failed to stem the decline.
yesterday at 52 against 55%
166% against 168%.
National Cash
way
ever more
com¬
General
week; Allied Chemical & Dye at 225 against 235;
soft, both
Even the reduction of rediscount
grade corporate issues
Tel. at
accentuated
was
week ago.
yesterday at 45% against 46%
losing ground.
obligations
first, but the decline
a
Montgomery Ward & Co. at 59% against 61; Woolworth at 46% against 47%, and American Tel. &
^
was
Friday
Sears, Roebuck & Co. at 90% against 94;
114%;
proces¬
year.
mostly lower when
were
on
40%; J. I. Case Threshing Machine at 165 against
172%; International Harvester at 111 against
an
movement occasioned
sprinkling of lows for the
sent
Thursday.
on
3414 against 35%; Columbia Gas & Elec. at 11%
against 12%; Public Service of N. J. at 40% against
Once again the entire
affected, and the
soldiers
points
at
sion, with leading issues off 1 to 3 points.
Fresh
declines developed
yesterday, carrying the market
to lowest levels of the week.
Japanese
or more
day of last week; Consolidated Edison Co. of N. Y.
Rail wage
Chicago, and
by
liquidation claimed yesterday's market and
equities at the close
Japan had
market made sizable declines inevitable.
Ambassador
English
stocks down from 1 to 3
dealings brought
pronounced weakness, which was accentuated
Aug. 28, 1937
Trade and industrial reports show no great varia¬
exists.
The
being, and it is chiefly with
little
uncertainty
re¬
now
backlog of steel orders, for instance, is
diminishing steadily, and
a
a
recession in this
some
industry.
interests anticipate
For the week ending
today, however, steel operations
were
estimated by
the American Iron and Steel Institute at
83.8% of
capacity against 83.2% last week and 72.5% at this
time
last
year.
Production
of electric
power
is
reported by the Edison Electric Institute at 2,304,-
)
Volume
Financial
145
21
in the previous
032,000 kilowatt hours in the week ended Aug.
against 2,300,547,000 kilowatt hours
week and
2,093,928,000 kilowatt hours in the corre¬
Car loadings of revenue
sponding week of 1936.
freight
are
Railroads
This
was an
781,247
increase
of
week and
American
21.'
of 3,865 cars over the preceding
cars over the similar week of
reported by the Association of
at
45,771
cars
for the week to Aug.
.v/f;. '/A////'-
last year.
indicating the course of the
As
commodity mar¬
in Chicago
closed yesterday at 106%c. as against 104%c. the
close on Friday of last week.
September corn at
Chicago closed yesterday at 95%c. as against 94%c.
the close on Friday of last week.
September oats
at Chicago closed yesterday at 28%c. as against
29%c. the close on Friday of last week.
The spot price for cotton here in New York closed
yesterday at 9.60c. as against 10.08c. the close on
Friday of last week.
The spot price for rubber
yesterday was 18.31c. as against 18.25c. the close on
Friday of last week. Domestic copper closed yester¬
day at 14c., the close on Friday of last week.
kets, the September option for wheat
price of bar silver yesterday was
In London the
and
China,
vailed
on
transfers
on
foreign
exchanges,
London closed yesterday
cable
at $4.97% as
against $4.98 15/16 the close on Friday of last week,
and cable transfers on Paris closed yesterday at
Friday of
3.74%c. as against 3.75%c. the close on
last week.
European Stock Markets
SMALL dealingsthe foremost European financial
were reported this week on stock
exchanges in
firm. The summer
holiday atmosphere kept the trading to modest pro¬
portions, while an additional reason for aloofness
appeared in the ever more threatening aspects of the
Sino-Japanese war. On the London market a degree
of uncertainty was occasioned by the devastation in
China, and particularly by the shooting of the Brit¬
centers, with prices steady to
ish Ambassador on
The Paris
maintained.
were
sustained
well
Thursday, but prices in general
recovery
of rente quotations, with
also in
lin
listless throughout,
at
Much
and
Shanghai
the
Japanese
the
navy
of
caused
was
European
by
property
uneasiness increased when
proposed to blockade the
There is a general determina¬
entire Chinese coast.
tion, however/to avoid the
of that
and only small varia¬
concern
destruction
immense
the
some
occurred.
tions
Trading at Ber¬
demand.
equities
was
Bourse witnessed a
diplomatic complications
struggle, which cheered the markets a little.
European trade reports suggest a
continuance of the
this year. Mone¬
followed closely, with confi¬
good level of activity achieved early
tary developments are
dence in
governmental actions not pronounced.
On the London Stock
account
ward
an
was
were
in
held steady
industrial
reglected.
downturn in the
on
a new
and
stocks,
a
little buying
Fresh gains on a small scale ap¬
peared in gilt-edged and industrial stocks, but atten¬
tion centered rather on Far Eastern issues which
rallied
sharply
stocks
also
After a good opening on
the London
recessions in
groups.
Gilt-edged issues receded, while indus¬
and commodity stocks were spotty.
Foreign
Thursday, prices drifted downward on
closings showed small net
market and
most
trial
regarding the Far
securities reflected
nervousness
Eastern
Liquidation on a modest scale
position.
appeared yesterday, and fractional
noted in
Paris
The
recovery
the
Bourse
displayed a tendency toward
The demand for
issues increased because
in
market
the
that
circulated
of
tion
securities drifted
buying of rentes occurred on Tues¬
Fresh
giving
were
foreign
while
request,
French Treasury
of reassuring moves toward
French bank and other equities
balanced budget.
lower.
with rentes leading
in trading on Monday,
movement.
were
recessions were
gilt-edged and industrial stocks.
Reports
good tone.
a
10%
reduc¬
discontinued,
which
arbitrary
the
might
coupons
be
for rentes.
French
equities were neglected, while foreign issues resumed
their downward course.
The session on Wednesday
was more active, with securities of all descriptions
in demand.
Rentes made further gains, and ad¬
vances were registered also in
bank, railroad and
industrial equities.
International securities were
excellent
brought
demand
Cabinet would move to
the Bourse a fur¬
ther fillip on Thursday.
Rentes and French equities
continued to
advance, but international issues
'drifted lower.
The upturn in rentes and French
stocks came to a halt yesterday, when small declines
steady.
Assurances that the
stimulate economic recovery gave
International issues were maintained.
appeared.
Little business was
toward lower levels.
were
More interest was taken in
neglected.
eral list on
the gen¬
Tuesday and small price advances were
noted in most
departments.
motor shares were
Armaments stocks and
mostly in demand. Fixed-interest
remained dull. Public
participation increased
Wednesday and the tone was cheerful.
in stocks were modified, however, by late
moderately
Advances
the market otherwise
the Far East, but
ders from
issues
in
most movements
One or two munitions
sharply, presumably on heavy or¬
stocks advanced
was
done on the Berlin Boerse
session of the week, and
the initial
on
profit-taking.
Bonds dipped slightly, owing to open-.
another Reich loan.
ing of books on
the Boerse
On Thursday
slumped into its customary apathy,
with
prices lower all around.
Leading issues showed
losses to 2 points, while other stocks dropped frac¬
tionally.
were
The tone improved
yesterday, but gains
fractional.
Sino-Japanese War
was
but commodity issues
Anglo-American
short covering.
on
improved.
Japanese and Chinese issues led a
OPEN butinvolving numerous grave international
Japan, undeclared warfare between China and
foreign section. Trends were mixed
incidents,
Tuesday, with business again dull.
sues
fortnightly
increase of commitments was discernible.
British funds
noted
Exchange
started Monday, but no tendency to¬
gain in
market, and there was also a modest
day,
the
of
matter
the
trading favorites
Firmness pre-'
Wednesday in all departments of the Lon¬
the recession in New York.
trading volume.
of last week.
In
on
soft, Far
in
Anglo-American
while
dipped
•
tumbling further on the events
issues
Eastern
don
commodity
But foreign securities were quite
group.
a
pence per ounce as
of the oil stocks did well in the
some
against 19 15/16 pence per
ounce on Friday of last week, and spot silver in New
York closed yesterday at 44%c., the close on Friday
19%
1307
Chronicle
Gilt-edged is¬
and domestic industrial stocks were supported,
claimed the attention of the
week, with the
where
world this
liveliest apprehension existing every¬
regarding a possible spread
of the conflict to
1
1308
Financial
other countries and
start
of
seems
to
even
the conflict
July 7
on
remote, for its
other continents.
near
Aug. 28, 1937
a statement thereafter was issued that
"appropriate
steps" would be taken after all details of the shoot¬
The
Peiping
now
of warfare expanded
area
Chronicle
ing were available.
so
It
the
welter
indemnification and for
of
reports regarding the struggle at Shan¬
ghai, the large-scale campaigns in northern China,
possibility of Russian involvement, the declara¬
tion
by Japan of
Chinese, and the perfectly
ments
invisible to the
enormous destruction of
officials
The United States and British Govern¬
conferred
continually
indifferent results.
The effect of the
eign lives and interests
war
of
a
dents
was the critical
wounding by a Japanese air¬
plane gunner, Thursday, of the British Ambassador
to
China, Sir Hughe Knatchbull-Hugessen.
far the most attention this
ests
are
war
was
Shanghai attracted by
week, since foreign inter¬
exceptionally important in the
carried
relentless
in
on
the
The
area.
of the Nine-Power
observance
pact and in equally callous
by China
troops of the regular
of
army
the
engagement
ing
the cruiser
with
Al¬
though
de¬
bombs fell
Hundreds
in
the
were
Settlement, whether planned
thousands
center
of
the
slain, including
were
wounded,
among
troops, and a continuous bombardment developed,
airplanes taking an important part in the man¬
with
Foreign military advisers pointed out the
a
this basis
withdrawals
corre¬
guns as
landed
ments
were
just the
started
further 27,500 were
ported injured by the thickly populated
re¬
was
were
decimated
and encircling
move¬
by the invaders to drive the de¬
fenders far from the port.
Strategically speaking,
Shanghai represented only
in progress
now
ing
,
on
beleagued
has
developed in
of
port
minor phase of the
between Japan and China.
grand scale
a
the
a
war
Fight¬
northern
China, where the Japanese aim to add large slices to
their
Sea
puppet State of Manchukuo.
From the Yellow
Tientsin to the Great Wall at
near
miles.
a
But the
Important Japanese forces
same,
estimated by
Thursday at 14,000, while
noted.
were
they tried to disembark from the
civilian
were
bitter-end-defense of
Japanese troops and others
transports in the rivers.
week,
German, while
some
opposing armies face each other
Shanghai
Japanese
concentrated in the Whangpoo and Yang¬
Rivers, to cover landing parties of Nipponese
navy was
Military and
at
Chinese
Most of the
spondents of the New York Times.
fatalities
the
stubbornly the native quarters surrounding
the International Settlement.
were
Monday, when
them two
strategically inadvisable,
by machine
or
shopping district.
one
fended
many
Airplane bombings
were repeated several times this
buildings,
indicated, Thursday, when exploding mines killed
Augusta, late last week, kill¬
the chief incident
reported on
of
on
American sailor and wounding many others,
probably was of Chinese origin, but both sides deny
inadvertent,
destruction
petroleum plants, dairies and other enterprises.
skill and determination of the Chinese defense
one
of the International
immense
side and
one
non-
miles away from the port.
stoutly that they fired the shot.
was
losers throughout
were
keep
to
opposing forces
waged the bitter conflict, and many a luckless for¬
eigner met incidental death in the battle. The shell
on
and thus
Chapei and other native quarters of the port, and
On land and water and in the air the
that fell
the
dangers to Chinese forces of
fury all week, in utter disregard by Japan
car
Shanghai favored first
of
euvers.
large treaty port with
apology, the Japa¬
traveling in the machine.
at
other, but foreigners
tze
Incidents in and around
were
war
because
utmost
sharpness and clarity, however, by killings
number of foreigners.
Culminating such inci¬
demand for
a
against repeti¬
variators, who believed that Chinese
then the
for¬
upon
driven home with the
was
The
the problem, with
on
In their
flown from the radiator of the
was
senseless murders of
property.
assurances
insisted that the British flag on the automobile
nese
naval blockade of all China, the
foreigners and non-combatant
a
steps would consist principally of
tion of such incidents.
the
surmised, however, that
was
rapidly that the incident is all but forgotten in the
Intense
where the
Nankou, the
of 150
over an area
activity is reported at Nankou Pass,
Japanese
are
trying to break through and
For¬
drive the Chinese out of Inner Mongolia as well as
eigners by the thousands fled the dreadful scene,
with the
Philippine Islands the immediate refuge
chanized armies of Japan have been at a distinct
for
of the Americans who
most
area.
moved away
from
the carnage.
All
incidents
were
involving the
personages
of
overshadowed in the gravest possible
manner,
Thursday, when the British Ambassador
to China
was
disadvantage in this
wounded
critically by
tank and
Japanese airplane, while Sir Hughe was
traveling by automobile from Nanking to Shanghai,
\
that
a
machine
a
for conferences with British naval and other
officials
in the
treaty port.
This incident heightened mark¬
edly the tension surrounding the Sino-Japanese
war,
as no first class nation can
afford to regard lightly
an
occurrence of
Hughe,
other
able.
this sort.
Two bullets struck
narrowly missing his spine, and the
piercing his liver, making recovery question¬
That Japanese aviators were
guilty of this
one
no
war
had been declared and
"friendly" rela¬
tions
uninterrupted.
Profuse apologies were ten¬
by the Japanese Government to Britain, but it
unlikely that they will suffice. An emergency
dered
is
Cabinet
meeting promptly
was
held in London, and
to
me¬
con¬
The sturdy
such
are ac¬
obstacles, however, and for the
being the advantage of mobility rests with the
defenders.
The
Japanese claimed
on
Wednesday
they had taken not only Nankou Pass, but also
the town of
mitted
on
the
Kalgan in Inner Mongolia.
They ad¬
following day that their claims
were a
little too sanquine, as the Pass and the town both
remained in Chinese hands.
Sir
shooting was established beyond any doubt, with
the international
aspect rendered graver by the fact
that
The
owing to heavy and
airplane movements difficult.
customed
time
in
area,
proper.
Manchurian ponies of the Chinese defenders
gun-
er
provinces of China
tinuous rainfall which mired the ground and made
other
foreigners
the northern
International aspects of the
caused much
anxiety.
Sino-Japanese
war
Moscow keeps silent regard¬
ing the conflict, but the Russian bear looms
as
a
possible ally ofthe Chinese after the rivers freeze and
Soviet forces can be employed to best effect.
In
Washington
and London the problem apparently is
subjected to hourly review, but the results are not
especially edifying.
made
a
peculiar
which the
to
Secretary of State Cordell Hull
pronouncement
Monday,
on
bitterly fighting contestants
"refrain from resort to war."
This
were
was
the
in
urged
plain
Volume
alternative
which
is disclosed
now
nothing more than a
as
Government made
it known
on
farce.
Wed¬
Hull. But
practical and decisive
nesday that they support the view of Mr.
the
took
also
London
more
The problem
will be defended.
Shanghai
interests in
step of declaring that British
of foreign reactions
when the
of the Chinese
coast, right down to the southern tip of Chinese terri¬
tory.
In the initial declaration it was stated that
vessels of non-belligerents would not be molested,
but the Japanese have a habit of changing their
views rapidly on such matters, and by Thursday it
was indicated that foreign ships might be stopped
and the full wartime right of "preemption" em¬
complicated immensely on Wednesday,
was
Japanese announced a naval blockade
traband cargoes
that
ese
could be seized on payment
costs, but it appears to have
able
semi-con¬
of suit¬
Under this right contraband or
ployed.
ment of
use
escaped the J apan¬
involves acknowledge
of this privilege
interesting and significant effects
Sino-Japanese conflict have been the
the
Nations 110 longer use money
reactions.
of
financial
for their
entire national economy
wartime uses. Nevertheless,
preserved and old habits are evident,
struggles, of course, as the
always is subjugated to
old forms are
chants have
ony
shipped to the refuge of the British
which might otherwise be
the basis of forced loans to
is
is
confiscated or made
the Nanking regime.
the Island Empire is
than Japan, since
war
a
fighting in alien ground and must
its
materials, in any event.
war
Another
was
afforded
on
Monday, when Tokio an¬
for placing the Japanese
nounced plans
full wartime
footing,
so
government "finds it necessary to
vestment
Empire 011
far as finances are con¬
Finance Minister Okinobu Kaya
cerned.
the
requirements of
the
of
import most of
Large shipments
States comprise one
the situation.
Japanese gold to the United
indication
a
It
generally conceded, on the other hand, that China
in a much better position to finance the costs
of
of
col¬
immense ammounts of sil¬
at Hongkong, of late,
ver,
Chinese mer¬
Sino-Japanese conflict.
the
in
even
stated that
readjust in¬
capital" in order to add to the available
funds for financing
the war with China.
justment seems for the time
This reda-
being to extend only to
which are to subscribe to 200,-
Japanese banks,
€00,000 yen of deficit bonds.
But the rate of mili¬
in China leaves little doubt of the
upon Japanese economy, and it is
tary expenditures
ultimate effects
quite in keeping that prices
bled
mant
of securities have tum¬
markets.
10% to 30% lately in Japanese
and
obviously was being ren¬
aid
extensive
sympathizers.
British
compromise proposal for withdrawing all foreign
participants from Spain, while granting belligerent
rights to the rebels.
Valencia lodged with the
League of Nations, Monday, a protest against
alleged sinkings of Spanish ships by Italian war¬
dered both sides
by respective foreign
Nothing has been heard in some time of the
ships.
Rebel
with speed their resumed
troops pushed
offensive in the Basque area
along the shore of the
able to announce by
Santander, largest re¬
Bay of Biscay, and they were
Wednesday the capture of
maining city of the strip in the hands of the loyal¬
ists.
Little resistance was offered by the Basques,
part of the defending force
and
of continuing
obvious intention
where
It seems
Coast.
the
on
that General Franco's forces
escaped with the
the struggle else¬
unlikely, however,
will have much trouble
clearing the territory of their
opponents, and they
again to
turn their attention
then expected to
are
state of war.
a
Not the least
1309
Chronicle
legislation,
invoking the neutrality
to
British
The
Financial
145
Some 80,000 rebel troops were
the Madrid sector.
employed in the Basque drive, so that
other
for
force
fronts
may
prove
for
an
pressure
011
launched
on
Santander, but this move was only
Santander fell. By Thurs¬
the day that
entered the situation, in the
Catalan Government at
considering capitulation to General
day a fresh element
of
form
reports that the
Barcelona was
guarantee of autonomy. It
Catalonians
internal revolutionary reforms more
Franco, in return for a
has been known
consider their
important
for some time that the
than prosecution of the war, whereas
win the struggle with the
Valencia wants first to
rebels.
with the League of Nations
aggression by Italy," Valencia
of the world on Monday to curi¬
attending the sinking of four
By lodging a protest
againsht "flagrant
called the attention
ous
circumstances
loyalist merchant ships.
The direct charge was
made in the communication that Italian destroyers
torpedoed two Spanish ships, and it was stated
Italian submarines sank two further vessels.
cisco
Franco, while fresh
Serious blows
indications appeared of
ranks of the loyalist groups.
unquestionably were sustained by the
loyalist regime as a result of the occurrences,
it would be
operating in Turkish waters, if it
its identity when challenged.
Left
offensive
front
of
refuses to estab¬
Italy made no
hide the intense concern felt
with regard to the course of the Spanish war and
the participation therein of Italian legions.
The
fall of Santander was hailed in Rome as an Italian
victory, and great
tention that
emphasis was placed on the con¬
Italian forces first entered the
but
by the Valencia authori¬
vigorously, the
regime started on Thursday another
Belatedly, but none the less
elected
The
examination of the matter by
the League Council, but no demand was made for a
special session of the Council. The submarine sink¬
ings mentioned in the Spanish note occurred off the
Dardanelles, and Turkey took an immediate interest
in the charges.
Istanbul announced on Thursday
that Turkish warships will attack any submarine
urged immediate
note
city.
European Amity
premature to predict a collapse of the
long and tenacious defense
ties.
that
effort, meanwhile, to
IMPORTANT victories were gained General Fran¬
Spain by the insurgent forces of this week in
differences within the
great im¬
The loyalists made frantic preparations
offensive of their owTn, intended to relieve the
portance.
lish
Spanish War
release of the
of
against the rebels, this time on the Aragon
northeastern
Spain.
The international
aspects of the war showed little change, as the Non¬
intervention Committee of London remained dor¬
ONLY a little state of amity made this which
week
toward that progress was in Europe
all
nations concerned
even
while they are
Efforts
were
claim they desire
made to
end the curious
one-sided
Czechoslovakia and Portu¬
occasioned by the latter country when the
diplomatic rift between
gal,
ardently,
engaged in arming to the teeth.
1310
Financial
Czechs requested assurances as to the
ments
ordered
by Lisbon.
mained at his post
of the
use
of
Portuguese
cratic
in Lisbon, despite the withdrawal
matter concerned
it would be
through
in
rapid adjustment.
Europe exert their influence
views
these
between
cannot
In
days, and for this
the
small
be viewed
other
position
and
as
a
flaunt
the
reason
their
strain
widely separated countries
tempest in
respects,
reflected
and
the
modest
teapot.
a
European
Premier
a
Mediterranean problems.
real
In
a
speech delivered at Palermo, Sicily, he emphasized
the peaceful intentions of
Italy toward other na¬
tions
to.
having interests in the Sea.
believe, he informed
a
Anglo-Italian differences
serious
and
problems
France.
added
that
were
There is
vociferous
can
be
reason
gathering, that
adjusted, while
held to exist between
With his usual
no
Italy
brusqueness, II Duce
Bolshevism would not
be
tolerated
by
Borne in the Mediterranean
area, and this point was
used to drive home the
continuing importance of the
Berlin-Rome axis.
The only real concession in the
speech
was
admission that Italy might resume
an
collaboration
with
the
League of Nations if that
body confirms the general belief, next month, that
Ethiopian delegates will be excluded. Speeches by
Premier Mussolini
are
many and varied, and it may
be that the latest address will be
overshadowed in
importance by
efforts of the democratic
new
tries to
engineer
States.
coun¬
Berlin reports of
a
rapprochement with the fascist
Wednesday indicate that
representatives of England, France and the United
States will for the first time
put in a brief appear¬
next month at the Nazi
Congress in Nurem¬
tendered
is
the
included
in
its
by Peru is, of course, commendable,
that any move toward
payment of
debts must
be
applauded.
annual
of
newly-appointed
British
desired,
rather decided economic im¬
a
The last
years.
report of the Foreign Bondholders Protec¬
tive Council called attention to that advance and to
capacity of Peru to make substantial payments
external debts.
Peruvian
Provision
and also for
a
like
now
transferred,
repatriation
price levels caused by
In the official statement
officials last
to the
made in the 1936
to be used in the
sum
of external bonds at the low
the default.
as
was
budget for the payment
Wednesday, deep silence
by Peruvian
was
preserved
sum
designed for bond repatriation, pos¬
sibly because the Securities and Exchange Commis¬
sion and the
Foreign Bondholders Protective Coun¬
cil alike
are
view
such
of
to
reason
from
record
on
suppose,
taking
severely adverse
a
There is
no
however, that Peru will refrain
engaging in the purchase of its dollar
sterling bonds with
1936
as
questionable practices.
the $500,000 included in
budget for the
and
the
Despite its obvious
purpose.
inadequacy,
the payment now offered by Peru
assuredly should be accepted by the bondholders,
especially since no strings are attached, as was the
with
the
Chilean offer.
A start
having been
made, it is earnestly to be hoped that Peru will
case
recognize the advisability of making payments here¬
after that
are
materially larger and
in keeping
more
with economic conditions and with the dictates of
a
sound and sensible financial
policy.
Palestine
smoothing the ruf¬
fled feathers of German totalitarian
State leaders.
The
long
But it also is
obvious that the payment leaves much to be
ance
berg, with the obvious intent
reservation,
sum
might have
Peru
especially in view of
the
on
careful
a
whether the
that
sense
overdue
on
understanding
to
This action
in the
Italy views warmly the British
toward
Grayson
important
an
budget for external debt service.
Banito Mussolini made it
plain late last week that
moves
by
as
provement in Peru during recent
diplomatic
improvement.
headed
both for Peru and holders of its obliga¬
as
maximum
pay¬
With reference to this
The committee makes
however,
Actually, it is
of this nature that the larger Powers
moves
forward step
further
no
Murphy commends the offer
tions.
the
only Czechoslovakia and Portugal,
occasion for humor.
an
If
Moreover,
protective committee
a
M.-P.
were
justifiable, while the demo¬
Europe attempted to smooth the
a
be expected by the bondholders
against
such surrendered coupons.
Germany and Italy considered
difficulty by urging
1937
payments.
can
offer
measure
States of
28,
lump-sum
re¬
Portuguese Minister from Prague, and the
quite characteristic.
Au?.
ments
arma¬
The Czech Minister
reactions to this situation in other countries
the
Chronicle
Ambassador
to
ALTHOUGH quite
to the British
the
a
stir of opposition
was
raised
proposal to partition Palestine
Reich, Sir Neville Henderson, is said to have taken
into Jewish and Arab
the initiative in this matter.
the
date, recent events suggest that there is
Peruvian Debts
are
efforts to pay
debt service
their external
on
obligations.
The period of complete default
by Peru
1931, and early in 1932 came to an end
started in
with the
been
formal
deposited
announcement
with
the
that
paying
$500,000 had
agency
for that
country in New York City, for purchase and cancel¬
lation of the oldest
unpaid
or
partially paid
coupons
National Government dollar and
sterling bonds.
American issues affected total about
un
$81,500,000,
consisting of
one
bonds floated in
floated
pons
issue of secured 7% sinking fund
1927, and two issues
in 1927 and
1928.
In
every
due in the latter half of 1931
and the offer
with the
stipulates that such
are
of
6% bonds
instance,
cou¬
partially paid,
coupons,
together
subsequent completely unpaid coupon, must
in pairs, to receive the small prorated
be presented
a
good deal
to be said for the tentative British solution of
this
PERU was of defaulting countries that lengthen¬
added last Wednesday to the
ing list
making
some
States, with a small strip of
Holy Land to be retained under British man¬
thorny problem.
mission,
The suggestion of the Royal Com¬
approved
aroused intense
by
the
London
opposition not only
citizens, but also
Government,
among
private
among governments that have
an
interest in the question.
It would appear, however,
that
step
distinct
a
proposal
was
forward
made.
For
one
was
taken when the
thing, recent reports
from Jerusalem indicate that both Jews and
Arabs
are now
of each
taking
more
realistic and reasonable views
other's aims and
desires.
If the
partitionment brings the factions to
ing, nothing
more
an
could be asked, and the essential
British purpose thus would be achieved.
evidence,
moreover,
considered
judge.
It
without
was
threat of
understand¬
There is
that the proposal itself is not
merit
by
those
best
able
to
placed before the League of Nations
Mandate Commission officially at the end of
July
by the British Colonial Secretary, W. G. A. Ormsby-
Volume
report last
The Commission issued a
Gore.
in which
the
approved in prin¬
partitionment was
appeal
included a timely
This report
for self-rule.
THE statement for the week ended Aug. 25 showed
another gain in gold holdings of £85,556, which
brought the total
As the
is to be
Public
but the full text
report so far is available,
published early next month.
Banks
Foreign Central
Discount Rates of
THERE have been noofchanges during the week in
the discount rates
of the foreign central
any
Present
banks.
at
rates
shown in the table
which follows:
CENTRAL BANKS
OF FOREIGN
DISCOUNT RATES
Effect
Dale
Established
Rale
4
Aug. 28
1935
4 M
Nov. 29
1935
Belgium
2
May
Bulgaria
6
Canada
2*
Aug. 15 1935
Mar. 11 1935
Chile
4
Jan.
Colombia..
4
July
Lithuania..
3
Jan.
1 1936
3J4
Morocco
4
Jan.
2 1937
5
Norway
4
5
1 1935
4«
India...
15 1935
2H
Ireland
3
June 30
7
Italy
4 H
May
Czechoslo¬
6 1936
Jan.
14 1937
Feb.
1 1935
5H
July
May 28
1 1936
1935
5 1936
4H
Dec.
3H
Oct.
25 1933
6
6
4
Oct.
19 1936
3H
2
June 30 1932
2H
Sept. 25 1934
Dec.
4 1934
5H
Rumania
.
Portugal
5
4H
4
_
Aug.
4H
.
Dec.
11 1937
7 1934
May
15 1933
4
10 1935
5«
4 H
South Africa
4
Aug
3 1937
5
Spain
5
July
Sept. 30 1932
Jan.
4 1937
5
Sweden
2 Yi
Dec.
1 1933
3
4
7
Switzerland
1H
Nov. 25 1936
2
6
Greece
comparisons for
items with
OF
preceding years:
ENGLAND'S COMPARATIVE
Aug. 25
STATEMENT
Aug. 29
1936
Aug. 30
1934
Aug. 28
1935
Aug. 26
4
3 H
4
.
while those on other
increased £1,700,000
1933
6
6H
Estonia
.
week ago; last year
6«
England
France
a
Loans on Government
40.00%.
was
1937
Apr.
5
Denmark..
Germany
23.9%
securities
securities
decreased £3,855,343.
Of the latter amount, £1,869,407 was a loss to discounts and advances, and
£1,985,936 to securities.
The discount rate remains
unchanged at 2%.
Below we show the various
it
5
3
3.29
Poland
Finland
vanced to 25.6% from
3.65
Jugoslavia
5
£2,793,000.
other
deposits rose £3,786,197.
Of the latter amount,
£4,319,642 was a gain to bankers' accounts, and
£53.3,445 to other accounts.
The reserve ratio ad¬
BANK
Java
Japan
4H
18 1933
18 1936
attended by a contraction of
decreased £3,164,000, while
deposits
1932
July
3
24 1935
gain in gold was
£2,708,000 in circulation, reserves rose
3 M
4
vakia
2K
2
Batavia
Danzig
2 1936
Hungary
July
....
Rale
Dec.
Holland
4~
10 1935
3K
Austria
vious
r
Auo. 27
1 1936
Mar.
Argentina..
Dale
Established
Effect
Country
vious
Aug. 27
Pre¬
Rate in
Pre¬
Rale in
Country
leading centers are
the
high of £327,-
to another new
up
compared with £245,844,482 a year ago.
861,436,
disputants to recognize all that Great Britain
done for both sides.
Only a summary of the
to the
England Statement
Bank of
Monday
ciple, subject to the reservation that the British
mandate should continue until both States are ready
has
1311
Financial Chronicle
145
379,283,726 374,003,359
488,266,000 443,409,298 399,564,647
41,959,840
9,359,708 33,991,138
25;376,000 17,229,570
118,962,714 122,354,975
128,816,892 138,751,659 133,388,938
79,424,559
96,935,098 83,746,689
92,819,213 100,911,403
Bankers' accounts.
42,930,416
35,216,025
35,997,679 37,840,256 36,453,840
Other accounts
83,195,963
84,758,310 81,274,999 83,184,709
Government secure.. 108,838,000
14,959,223 21,670,669
23,960,361 27,015,752 25,195,136
Other securities
9,973,041
5,615,506
9,201,652 12,934,587
4,317,646
Disct. & advances11,697,628
9,343,717
19,642,715 17,814,100 12,260,549
Securities
77,662,884
73,052,127
39,594,000 62,435,184 54,518,914
Reserve notes & coin
192,335,853 191,666,243
327,861,436 245,844,482 194,083,561
Circulation
Public deposits
__
Other deposits
Coin and bullion
Foreign Money Rates
Proportion of reserve
40.00%
38.19%
47.75%
47.26%
25.6%
2%
2%
2%
2%
2%
to liabilities
Bank rate
IN LONDON open market discount rates9-16% on
bills
Friday
9-16% as against for short
on
9-16% for three monthsof last week. Money
Friday was J^%. At Paris the
Friday of last week, and
bills
on
as
to
against 9-16% on Friday
call at London
open
on
market rate was raised on
43^% and
on
mains at
Saturday from 4%
the Thursday the rate was
1%.
reduced
In Switzerland the rate re¬
43^% to 434%.
from
>
total up to 55,717,154,399
francs, compared with 54,674,051,812 francs a year
ago.
A contraction of 688,000,000 in note circula¬
tion reduced the total of notes outstanding to 88,-
francs, which brought the
Circulation last year aggregated
and the previous year 80,685,062,380 francs.
French commercial bills dis¬
counted showed a loss of 264,000,000 francs, advances
216,755,435 francs.
83,617,299,440 francs
is
at
now
53.14%,
as
Below
The
reserve
marks, compared wi
to
abroad
and
000
An increase was
marks.
preceding
227,000 marks, in
1.83%
with 1.58% last quarter and
Bills of exchange and checks
decrease of 175,620,000 marks and other
of 2,507,000 marks.
Below we furnish a
compared
1.65%,
year
a
showed
a
liabilities
BANK
COMPARATIVE STATEMENT
REICHSBANK'S
for Week
Reichsmarks
Assets—
+ 217,000
bullion
Gold and
Investments
+ 388,189
Aug. 21, 1936
Aug. 23, 1935
Francs
Francs
Francs
55,717,154,399 54,674,051,812 71,608,646,858
7,720,354
7,187,135
16,678,327
bills
discounted.,
Adv. against secure.
Note circulation
Credit current accts
Temp, ad vs. with¬
out int. to State..
—28,000,000
8,282,826,481 6,127,132,603 6,503,902,444
1,241,186,278
1,228,657,798
899,167,402
3,890,120,159 3,464,239,951 3,120,910,782
88,216,755,435 83,617,299,440 80.685,062,380
16,638,467,473 8,582,220,686 13,947,292,430
No change
23,878,126,645 14,333,423,000
—264,000,000
No change
—76,000,000
—688,000,000
Propor'n of gold on
hand to sight liab.
+0.36%
53.14%
59.30%
75.67%
b Includes bills discounted abroad,
c Rep¬
resenting drafts on Treasury on 10-billlon-franc credit opened at Bank.
Since the statement of June 29, 1937, gold valuation has been at rate of 43 rag.
a
Includes bills purchased in France,
to that time and subsequent to Sept.
franc; prior to Sept. 26, 1936, there were
gold, 0.9 fine, per franc; previous
gold valuation was 49 mg. per
of gold to the
franc.
_——
_
+ 227,000
circulation
daily matur. oblig
Notes in
Other
Other
liabilities
26,
1936!
mg!
65.5
curr.
—175,620,000
+ 36,711,000
+ 3,555,000
+21,000
+ 24,215,000
Other assets.,—
Propor'n of
French commercial
b Bills bought abr'd
c
No change
1937
Liabilities—
Francs
a
+ 175,000
abr'd
checks.
and other coin—
Advances
Aug. 19,
COMPARATIVE STATEMENT
Changes
Silver
Changes
for Week
Gold holdings
different items for three years:
comparison of the
Bills of exch. &
OF FRANCE'S
Credit bals. abroad.
ago.
Res've In for'n currency
years:
recorded in deposits abroad
175,000 marks, in reserves
Of which depos.
for
marks.
in foreign currency of
silver and other coin of 36,711,000
marks, in advances of 3,555,000 marks, in investments
of 21,000 marks, in other assets of 24,215,000 marks,
and in other daily maturing obligations of 57,836,000
marks.
The Bank's reserve ratio stands now at
of
tem¬
recorded
State
down to 4,590,000,000
total
notes in circulation aggregated 4,138,442,marks and the previous year 3,638,468,000
The items of credit
no change.
furnish the various items with comparisons
advances
we
and creditor
against 59.30% a year
and 75.67% two years ago.
balances
abroad, bills bought
ago
porary
total of which is now 69,529,000
h 70,428,000 marks a year ago
and 94,755,000 marks two years
ago. A con¬
traction in note circulation of 166,000,000 marks
217,000 marks, the
Last year
THE weekly statement gold holdings19ofshowed a
further increase in dated Aug.
388,189
against securities of 76,000,000 francs,
current accounts of 28,000,000 francs.
Statement
THE statement for gain thirdgold and of August
quarter bullion of
showed another the
in
brought the
Bank of France Statement
ratio
Bank of Germany
were
Reichsmarks
Reichsmarks
Reichsmarks
94,755,000
70,428,000
69,529,000
29,620,000
22,531,000
19,672,000
5,371,000
5,527,000
6,208,000
4,696,045,000 4,268,732,000 3,539,213,000
226,719,000
196,342,000
221,993,000
31,864,000
41,484,000
33,739,000
663,827,000
529,162,000
403,413,000
678,984,000
560,364,000
733,562,000
3,638,468,000
—166,000,000 4,590,000,000 4,138,442,000
768,698,000
692,917,000
682,895,000
+ 57,836,000
225,469,000
217,119,000
248,400,000
—2,507,000
gold & for'n
to note
Aug. 23, 1937 Aug. 23, 1936 Aug. 23, 1935
1.65%
circul'n.
New York Money
1.83%
2.75%
Market
MONEY market conditions in New this week,
subjected to intensive review York were
the Federal Reserve Bank of
The drop, an¬
and effective yesterday, is to 1%
owing to reduction by
New
York
of its
nounced Thursday
rediscount rate.
1312
from
Financial
l1/2%, and the
level is the lowest
new
posted in central bank annals.
reductions to 1 y2%
of
This
from 2% by the regional banks
Chicago, Atlanta and Minneapolis, while Rich-
mond also announced
reduction
a
Thursday.
It
accepted in the market that the lower rates
tended
that
to
offset
was
in¬
are
trend toward tighter
any
might develop
For the time
money
loans expand this autumn.
as
being the cut remains ineffective
in
a
market sense, however, as rates in other de¬
money
partments
•
ever
followed
move
are
In other
under the rediscount level.
issues of
in 117
that Bank from
Minneapolis reduced the rates of those institutions
from
average,
basis.
2% to 134%-
Bank
and
The change at the Richmond
Aug. 26, effective Aug. 27, and
the Minneapolis Bank was made on
Aug. 23,
that at
effective
on
Aug. 24.
taken
by the
which
cut
A week
rates
paper
discount rates
other
no
of the
changes this
Federal Reserve
banks.
DISCOUNT RATES
OF
FEDERAL RESERVE
BANKS
Rate in
Federal Reserve Bank
Effect
Date
Boston
Previous
Established
Rate
on
Aug. 27
2
Feb.
8 1934
2X
IX
New York
1
Philadelphia
2
Jan.
IX
May 11 1935
2
IX
Aug- 27 1937
2
Richmond.
Atlanta
."A:
'
•
Aug. 27 1937
17 1935
2 X
loans
on
for all
the New York Stock
done.
Call
Exchange held to 1%
transactions, while time loans
offered
were
IX
Aug. 21 1937
2
Chicago
IX
Aug. 21 1937
2
St. Louis
unchanged, with little business
2
Jan.
2X
Minneapolis
Kansas City
IX
Aug. 24 1937
2
2
May
10 1935
2X
Dallas
2
May
8 1935
2 X
2
Feb.
16 1934
2H
San Francisco
•_
3 1935
1%% for maturities to 90 days, and 1%% for
four to
six months'
datings.
New York
Course of Sterling Exchange
Money Rates
DEALING in detail witUFcall loan rates on|4he
StockjExchange from^day to day, 1% was the
ruling quotation all through the week for both new
loans
and
continues
renewals.
quiet,
this week.
no
The
market
for
time
money
transactions having been reported
Bates continued nominal at
134% up to
days and 134% for four to six months' maturities.
90
The
market for
prime commercial
quite active this week.
has been
paper
Paper has been fairly plentiful
and the demand has been
at
was
2% to 134%> effective
There have been
Cleveland
commercial
were
at
similar action
ago
Chicago and Atlanta Reserve Banks
their rates from
Aug. 21.
Treasury sold last Monday two
discount bills, one series of
$50,000,000' due
Bankers' bills
made
was
The
$50,000,000 due in 273 days going at 0.524%
both computed on an annual bank discount
134% to 1%, effective Aug. 27, while
the directors of the Reserve Banks of Richmond and
days going at 0.332% average, and another
series of
Aug. 28, 1937
week in the
respects the money market remained in
the doldrums.
Chronicle
good.
Rates
are
unchanged
1% for all maturities.
Bankers'
undertone although currently there is
STERLING exchange continues to display
a firm
re¬
some
cession from the
high $4.9934 touched
Aug. 18.
on
The reduction in the rediscount rate of several of the
Federal
the
Reserve
foreign
banks
exchange
have
can
bearing
no
The
quotations.
upon
for
range
bankers' sight this week has been between $4.97 3-16
and $4.99
1-16, compared with
$4.98 1-16 and $4.99 7-16
cable transfers has been between
compared
$4.9934
a
with
week
a
a
range
last]week.
of
range
of between
The
range
for
$4.97)4 an(f $4.9934>
between
$4.9834 an(f
ago.
The Sino-Japanese conflict continued to have
depressing influence on London financial markets
Acceptances
British interests in China
are
very
no
effect
large.
a
as
However,
THERE has been little or no change in the market
prime bankers' acceptances during the week.
the conflict has
The demand continues
general unrest in many parts of the world contributes
out
and
transactions
account.
The
good, but few bills
There
official
has
have
been
quotations
been
no
limited
that
on
change in the rates.
issued
as
coming
are
by the
Federal
Reserve Bank of New York for bills
up to and in¬
cluding 90 days
J4%
bid and 7-16% asked;
months, 9-16% bid and J4%
months, %% bid and 9-16%
are
for bills running for four
asked for five and six
asked.
The
Bank is
bill-buying rate of the New York Reserve
34% for bills running from 1 to 90 days,
practically
to the firmness of
seeks
refuge
as
sterling,
well
as
on
as money
sterling.
from all sections
profit in London.
_The slightly firmer dollarjs due in large
to
a
The
measure
further movement of foreign funds into American
investments.
The dollar is likewise
improved
as a
result of the virtual cessation of tourist requirements
for
European currencies, while
on
commercial account
the normal seasonal pressure on sterling has set in.
The important influence which tourist demand
24% for 91-
to 120-day bills and 1% for 121- to 180The Federal Reserve Bank's holdings of
acceptances increased from $3,073,000 to $3,077,000.
has had
day bills.
the fact that the number of visitors from abroad to
Open market dealers
reached
those reported
York.
as
The
are
quoting the
by the Federal Reserve
rates
for
open
rates
same
as
Bank of New
market acceptances
are
follows:
with
Britain
-180 Days—
Bid
Asked,
Prime eligible bills.
'16
90 Days
Bid>'
Prime eligible bills.
Asked
x
7i6
150 Days
Bid
Asked
VI
'16
60 Days—
Bid
Asked
X
716
FOR DELIVERY WITHIN THIRTY
120 Days
Bid
Asked
*16
Asked
IIZIIIIIIIIIZIZI
H% bid
Discount Rates of the Federal Reserve Banks
THREEdiscount rates, and the this weekhave
Federal Reserve banks changes lowered
their
re¬
ceived the approval of the Board of Governors of the
Federal Reserve
System.
York Reserve Bank
on
The directors of the New
Aug. 26 lowered the
rate of
had
same
116,317,
as
compared
period in 1936 and with
been
43,273
figures
tween
%% bid
during the first six months of 1937
all time record of
visitors and in
were
all
probability the
exceeded in July and August.
Under present conditions of close cooperation be¬
716
DAYS
Eligible member banks
Eligible non-member banks
totaled
June
x
be judged from
regarded as the boom year of
holiday travel in the British Isles.
The June figures
—30 Days
X
may
100,881 in the corresponding period of 1930, which
X
Bid
an
97,198 in the
hitherto
SPOT DELIVERY
Great
sterling exchange
on
the
exchange
equalization
Britain and the United States
no
funds
of
relationship between sterling and the dollar
expected, however trade
The British authorities
London gold
Great
important change in
can
be
or
other factors may vary.
are
actively maintaining the
price at close to dollar parity.
De-
hoarding of gold in London has practically ceased.
In
fact, foreign interests
London gold supplies.
are
For
again building
some
up
their
weeks, however, it
Volume
Open market
observers^on the other
has been evident to market
side, that the British exchange equalization
and
fund is
gold coming to
that smaller amounts than usual are 011
so
offer in the bullion market from
total
first
London open
July
gold imported into Great Britain during
months
seven
of
1937.
Exports
exchange
total £155,-
Tuesday
£18,887,757, making the seven month
months
imports^of
£105,059,638 for the same period in 1936.
To
July 31 exports of gold from England to the United
The net gold imports in seven
529,037.
amounted
against only £12,-
States amounted to £143,255,401,
Total imports of gold from France
954,212 last year.
£105,712,698.
Argentina has decided to repatriate a portion of the
gold it has accumulated in London as a result of the
country's favorable trade balance. At present the
plan of the Argentine Government is to import
1,920,000 troy ounces, approximately 200,000,000
pesos, or 167,200,000.
This movement can hardly
have any effect on sterling exchange.
The British
authorities have put themselves in an exceptionally
strong position against the removal of foreign-owned
gold from London, so that the exchange rates could
hardly be disturbed were such an outward movement
Great Britain up to July 31 were
to
become
to
There
general.
tion of such
an
to be no expecta¬
seems
exodus of gold from either London
New York for some years to come.
or
political disturbances
before such
be necessary
If the Sino-Japanese
a
on
the Continent would
movement could occur.
conflict is prolonged, it might
Britain's in¬
Japan lies principally in holdings of Nippon¬
terest in
ese
loans and this may be seriously affected by the
£97,000,
£334,000,
imposed
Japanese finance
on
result of the
China is large in respect to
York,
3,205.000 from Canada
946,000 from India
None
675,000 from Belgium
278,000 from Holland
$9,951,000 total
Net Change in Gold
Earmarked for Foreign Account
Decrease: $1,125,000
above
The
figures
received from Belgium.
metal
the
change
or
There
gold
in
seven-year
high and their expansion
tionately
large
as
as
the rise in imports.
visible balance continues to grow,
was
propor¬
The adverse
but this fact
causes
anxiety in London as invisible exports entirely off¬
no
set this factor.
The invisible exports increased from
£293,000,000 in 1935 to £328,000,000 in 1936.
suming
a
similar expansion this year, the invisible
exports should show a small
a
As¬
credit
on
balance, against
deficiency of £19,000,000 in 1936, a credit of £33,-
gold held earmarked
on Friday that
received at San Francisco from
exports of the metal or change in
for
foreign account.
$27,800 of gold was
It
was
Important items in the invisible trade would
be
increase
an
income from
gory
in
shipping earnings and increased
foreign investments.
In the latter cate¬
British holdings of securities of United States
companies should in the opinion of London constitute
a
fair contribution toward an increase from
overseas
investments.
British pig iron
tons, the
1920.
tinues
returns
Gold held in the inactive fund, as
highest monthly figure since September,
industry
con¬
make satisfactory progress.
rendered to
the
The official
Electricity Commissioners
that 1,588,000,000 units of electricity were
generated by authorized undertakers in Britain dur¬
ing July, 1937, an increase over the corresponding
figures for July, 1936, of 13.2%.
show
indicated in the
daily Treasury statements issued during the week
ended last Wednesday, was as follows.
The day-to¬
day changes are our own calculations:
GOLD HELD IN THE TREASURY'S
INACTIVE FUND
Daily Change
*'
Amount
Date—
+$271,034
+7,683,766
+2,341,023
+2,482,700
+942.027
+521,874
$1,295,962,372
1,303,646,138
1,305,987,161
1,308.469,861
1,309,411,888
August 19
August 20..
August 21
August 23...
1,309,933,762
August 25
Increase for
the Week Ended Wednesday
$14,242,424
discount of
on
was
par.
tables show the mean London check
Paris, the London open market gold price,
and the price
paid for gold by the United States:
MEAN LONDON
CHECK RATE ON PARIS
Wednesday", Aug. 25
Thursday,
Aug. 26..
132.83
132.87
132.84
Saturday, Aug. 21
Aug. 23
Tuesday, Aug. 24..
Monday,
LONDON OPEN
Friday,
Aug. 23..
Tuesday, Aug. 24
132.82
132.86
132.88
Aug. 27
MARKET GOLD PRICE
139s. 4d.
139s. 4d.
139s. 4Kd.
Saturday, Aug. 21
Monday,
week
the
Montreal funds ranged between
1-64% and
The following
rate
throughout
exchange
Wednesday, Aug. 25
139s. 6d.
Thursday,
Aug. 26
139s. 7d.
Friday,
Aug. 27
139s. 8d.
PRICE PAID FOR GOLD BY THE UNITED STATES
(FEDERAL RESERVE BANK)
$35.00
35.00
35.00
Saturday, Aug. 21
Monday,
Tuesday,
Aug. 23
Aug. 24
Referring to
on
Wednesday, Aug. 25
$35.00
Thursday,
Aug. 26
35.00
Friday,
Aug. 27
35.00
day-to-day rates sterling exchange
Saturday last
was
previous day's range.
firm, slightly better than the
Bankers' sight was $4.98 13-16
@$4.99 1-16; cable transfers $4.98%@$4.99On
Monday the pound, while still firm,
production in July reached 729,300
In all other fields British home
to
reported
China.
000,000 in 1935, and a deficiency of £7,000,000 in
1934.
exports of
were no
held earmarked for
On Friday there were no imports or
foreign account.
a
a
the week ended on
for
are
On Thursday S3,344,900 of gold was
Wednesday.
Canadian
Exports reached
AUG. X9-AUG. 25, INCLUSIVE
Exports
relatively steady.
impression.
follows:
was as
Import
favorable
a
gold movement"for
$4,847,000 from England
Britain's foreign trade statement for July
Great
on
reported by the Federal
as
GOLD MOVEMENT AT NEW YORK,
actually invested.
and money
£280,000,
Wednesday
25,
Reserve Bank of New
as
were
At the Port of New York the
The British interest in
both business transacted
costly military operations.
made
as a
each
the
follows: On
Friday, £89.000.
August 24
strain
19-32%
offer in the
Monday £184,000, on
on
on
on
the week ended Aug.
conceivably check British exports, which have been
steadily increasing in recent months.
fund,
equalization
Thursday £195,000,
French situation and all fear of
confidence in the
serious
Recovery of
on
market at the hour of price fixing
Saturday last
against net
£56,456,121,
to
Gold
23-32%.
day, not accounting for amounts absorbed by
for the
totaled only
£44,055,856, making £211,985,158
reached
Two- and three-
9-16%, four-months' bills
are
and six-months' bills
The
day to day.
rates in London continue easy
money
unchanged from recent weeks.
months' bills
absorbing the greater part of the
London,
1313
Chronicle
Financial
145
easier.
The
range was
was
slightly
$4.983^®$4.99 for bankers'
sight and $4.98 9-16@$4.99 1-16 for cable transfers.
On Tuesday sterling was slightly easier.
Bankers'
sight was $4.983^@$4.98 11-16 and cable transfers
were
$4.98 9-16@$4.98%.
On Wednesday sterling
was
easier.
The
range was
$4.98 1-16@$4.98^ for
bankers'sight and $4.983^@$4.98 7-16 for cable trans¬
fers.
On Thursday exchange was
steady.
The
range
1314
$4.97 15-16@$4.98%
was
-
Financial
$4.98@$4.98 5-16 for
f°r
cable
bankers'
transfers.
sight
On
and
Friday
sterling was,easier in relatively light trading.
and
$4.97%@$4.97% for cable transfers.
quotations
on
Friday
Closing
$4.97% for demand and
were
$4.97% for cable transfers.
finished
at
Commercial sight bills
$4.97%, sixty-day bills
$4.96 9-16,
at
ninety-day bills at $4.96 1-16, documents for
ment
pay¬
(60 days) at $4.96%, and seven-day grain bills
at
$4.96%.
at
totaled
from
end the Government is anxious to reduce the import
surplus in order to relieve exchanges.
decree raising certain
francs
the market not
on
forward
delivery in order to check the rise in the
sterling premiums.
new
According to Paris advices this
activity and the strength of the foreign exchange
market seemed to indicate fears of further devalua¬
tion of the franc have become
On Aug. 26 the French Cabinet
of decrees
new
decrees would
a
Popular Front took
at least to be in
The
Cabinet's
Even the national
program
power, appears
on
the
indicates
money
a
realistic
more
rates.
The decrees also
an
investigation of production
hope of correcting bur¬
dens arising from the
application of the 40-hour week.
It is understood that
a
mend reequipment
special commission will
few
prove
some
raw
materials
while prices for finished goods
years,
extent.
same
Belgian foreign trade returns
for
the
first
five
imports increased to
11,720,000,000 belgas from 8,732,000,000 belgas in
the
same
period
a
earlier.
year
Exports increased
10,684,000,000 belgas from 7,950,000,000 belgas,
that the import balance grew to
1,036,000,000
belgas in the first five months of this year from
so
782,000,000 belgas in the
adverse
hardly account for the
rumors
action
is
seems
belga
balance,
pressure on
probability the
that the
period last
same
commercial
pressure
year.
however,
can
the belga.
is due to recurrent
be again devalued.
may
Such
extremely unlikely, but enough attention
being paid to the
of French
to
rumors
cause an
outward
move¬
from Belgium where it had
money
recently taken refuge.
The
following table shows the relation of the leading
European currencies to the United States dollar:
Old Dollar
more
to
majority of manufacturing nations the im¬
recom¬
of industry generally with
continue
five months of 1937 showed that
ment
duction and construction.
methods in industries in the
Brussels
Belgian exchange for commercial account
the past
over
In all
and
commerce
Some gold has already
Belgian business and fi¬
port balance is due to higher prices of
as
aimed to encourage an increase in national pro¬
One decree orders
in the
as
The
principle of aiding
industry by lower
to
Nevertheless,
The Belgian trade balance showed
pressure on
pro¬
approach toward financial and business problems,
it is based
are
profitable.
from
reports
optimistic.
danger.
action
relatively steady.
engaged at Brussels.
nancial
to
large portion of the radical
new
cents-, the level at which gold shipments from Belgium
to New York are
series
a
to be the practical
week, keystone of the social reform
which the
some
appear
of ex-Premier Leon Blum.
40-hour
on
approved
especially in smaller lines of business.
abandonment of
gram
are
have not advanced to the
lately.
designed to relieve the industrial and finan¬
cial structure,
The
acute
more
few
a
belga has been frequently ruling around 16.84
ex¬
only for spot but also for
Hence the
duties and creating
quotas to avoid dumping.
been
change equalization fund apparently has had to buy
13,-
while
year,
000,000 francs.
are
tively steady, but for several days the French
period last
same
12,907,000,000 francs, against 8,308,As the tourist season draws to an
exports were
Belgian francs
THE French franc situation Spot francs change
shows little rela¬
the past few weeks.
consumer.
July French imports
23,482,000,000 francs, compared with
809,000,000 francs in the
the
Continental and Other Foreign Exchange
designed to prevent
are
undue rise in prices to the French
For the seven months ended
$4.97%.
Cotton and grain for payment finished
Aug. 28, 1937
Still other decrees
balance.
an
The
$4.97 3-16@$4.97 13-16 for bankers' sight
range was
Chronicle
New Dollar
Parity
b France
(franc)
Parity
'
Range
This Week
a
3.92
6.63
3.74H to
3.75^
modern machinery in an effort to make up for lower
Belgium (belga)
Italy (lira)
13.90
16.95
5.26
8.91
production resulting from the present strict limit
working hours.
Switzerland (franc)
19.30
32.67
22.95
Holland (guilder)
40.20
68.06
55.14^ to 55.20
The
of the
Cabinet
10% tax
on
a
approved in principle the abolition
on
designed to lift the present
at
money
from
rates
commerce
Under this plan the State will grant
bonuses
on
the present
and
high interest rates.
ent banks and loan institutions demand
on
first-class securities.
industry.
aid by advancing
The State
now
At
pres¬
6% to 10%
proposes
to
part of the burden of high interest and hopes
carry
to reduce to
Another
trades
4% and 6% the charge
on
advances for
and industrial purposes.
commercial
decree
by cheaper
rates for such purposes,
together with technical aid from the Credit Foncier
de France.
Thus far the government's plan for supporting the
French rentes market
seems
not to
transfers at
cable
have been alto¬
to
It is believed that the special fund
support rentes is being sparingly used in
time
should
prove more
approach when its active
a
transfers,
as
to
on
"float"
on
June 30.
Paris closed
Friday
Friday of last week. H
on
the French center finished at
Friday of last week; cable
on
Antwerp belgas
bankers' sight and at 16.84% for
against
16.85 and 16.85%.
were
Final
40.19 for bankers'
sight bills and 40.20 for cable transfers, in comparison
for bankers'
Italian lire closed at
fers, against 5.26% and 5.26%.
closed at 18.88,
against 0.74;
on
Austrian schillings
against 18.88; exchange
slovakia at 3.49%, against
3.49;
on
on
Czecho¬
Bucharest at 0.74,
Poland at 18.93, against 18.93; and
Finland at 2.21, against 2.21.
closed at
5.26%
sight bills and at 5.26% for cable trans¬
0.91%, against 0.91%
■
Greek exchange
.
-4
EXCHANGE on the countries of importance from
neutral during the
presents
few features
war
so
reduction in the mounting unfavorable import
on
on
quotations for Berlin marks
the
would
effectual.
Other decrees aim to increase tariff rates
effect
case
use
5.26)4
to 22.98
3.74% against 3.75%.
closed at 16.84 for
on
gether successful.
sight bills
3.74%, against 3.75%
with 40.23 and 40.23.
plans to aid building and allied
money
132.91, against 132.85
New York
5.26^ to
before devaluation of the European currencies
as
The London check rate
*
high
parity
between Sept. 25 and Oct. 3, 1936.
b The franc cut from gold and allowed to
income from government securities
and issued other decrees
New dollar
16.8334 to 16.85
no
those of recent weeks.
move
in close
The Scandinavian currencies
sympathy with the fluctuations in the
<
Volume
Financial
145
Holland guilder are
firmness, due partly to the fact
generally inclined to
that
both
countries
There
European funds.
a
refugee centers
are
can
consistent movement of
there is
the
Dutch funds
which
should be adverse to both the franc and the guilder,
is offset by other movements of funds, and in the
case
of Holland
business
conditions in Dutch
lends strong support to the
exceptional advance in
an
there, together with almost boom
colonial
possessions,
guilder.
Friday at
55.14, against 55.18% on Friday of last week; cable
transfers at 55.14%, against 55.19; and commercial
sight bills at 55.09, against 55.14. Swiss francs closed
Amsterday finished on
Bankers' sight on
22.95% for cable trans¬
fers, against 22.97 and 22.9734- Copenhagen checks
finished at 22.20 and cable transfers at 22.20, against
22.95% for checks and at
at
Checks on Sweden
22.27J4 and 22.273425.65 and cable
transfers at 25.65, against
closed at
25.72 and
25.7234; while checks on Norway finished at 25.00
and cable transfers at 25.00, against 25.0734 and
quoted in New
Spanish pesetas are not
25.0734-
same
continued to peg
THE South is, of
firm.
This American currencies are generally
due largely to the very
course,
of
of most
countries in the past few
in the export business
South American
the
A recent statement of the Foreign
Protective Council, Inc., of New
years.
holders
enjoyed
showed that Peru had
a
Bond¬
York,
marked economic
in a position
scale. As noted
above in the review of sterling exchange, the Argen¬
tine Government through the Central Bank of Argen¬
tina has decided to repatriate approximately $67,200,1933 and that it was
since
advance
to resume
debt service on a large
under earmark at
held in London. The metal held
the Bank of England represents in
part the gold of
Argentina's exchange equalization
000 of its
fund,
gold
now
and foreign currencies
in
accumulated by the
control.
Argentine paper pesos closed on Friday, official
quotations, at 33.16 for bankers' sight bills, against
33.23 on Friday of last week; cable'transfers at 33.16,
system of exchange
The unofficial or free market close
was 30.15@ 30.20, against 30.15@30.25.
Brazilian
milreis, official rates, were 8.88, against 8.90.
The
unofficial or free market in milreis is 6.40@6.50,
against 33.23.
Chilean exchange is nominally
quoted at 5.19, against 5.19. Peru is nominal at 25%,
against 6.40@6.45.
the
yen
The Japanese authorities
to sterling at
the rate of
.
yesterday were
29.03, against 29.12 on Friday of last week.
Hong¬
kong closed at 3L20@31%, against 31 5-16@31.29;
Shanghai (nominal) at 30.20, against 29%; Manila at
50.20, against 50.25; Singapore at 5834? against
58.60; Bombay at 37.58, against 37.68; and Calcutta
at
37.58, against 37.68.
Gold Bullion in European
Banks
THE following table indicates the amounts of gold
(converted into pounds sterling at par
bullion
of
respective dates of most recent statements,
to
of
reported
exchange) in the principal European banks as
us
are
by special cable yesterday
shown for the
(Friday); comparisons
corresponding dates in the previous
four years:
1937
Nat. Belg'm
Switzerland
Sweden
_
1934
£
£
245,844,482
437,392,414
2,297,000
88,092,000
42,575,000
54,900,000
106,714,000
49,811,000
24,081,000
6,553,000
6,604,000
6,549,000
.
6,602,000
Norway
194,083,561
572,869,175
3,230,950
90,772,000
54,694,000
48,818,000
100,606,000
45,554,000
19,817,000
7,394,000
6,602,000
192,335,853
654,075,967
2,901,500
90,575,000
68,812,000
71,950,000
75,418,000
62,887,000
15,408,000
7,397,000
6,577,000
1933
£
191,666,243
657,813,700
12,666,200
90,390,000
75,643,000
67,979,000
76,855,000
61,462,000
13,922,000
7,397,000
6,569,000
1,262,363,143
1,066,988,042 1,064,863,896 1,144,440,686 I,248,337,320
1,258,633,516
1,067,575,668 1,065,209,729 1,149,923,555 II,245,055,353
Total week.
Prev. week.
a
1935
£
327,861,436
293,248,181
2,493,425
c87,323,000
a25,232,000
105,490,000
102,896,000
83,403,000
25,890,000
England
Denmark
1936
£
Bants of—
Spaln
'
year.
Closing quotations for yen checks
•
Italy
Netherlands
recovery
as
Is. 2d. per yen.
Germany b.
substantial
amounted to
1937
of
approximately $208,800,000,
period last
France
York.
—•—
months
seven
yen,
compared with 299,000,000 yen, or $86,710,000
but this movement,
into American investments,
first
720,000,000
for uneasy
be no doubt that
both Swiss and
the
for
The Swiss franc and the
pound.
1315
Chronicle
Amount held
Dec.
31, 1936, latest figure available,
b Gold holdings
exclusive of gold held abroad, the amount of which
of the
Is now
figure available.
1937, at 43 milligrams
of 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 mgs., approximately 125 francs equaled
£1 sterling at par; on basis of 49 mgs. about 165 francs equaled £1 sterling, and at
Bank of Germany are
reported at £983,025.
c Amount held Aug. 1, 1936, latest
The gold of the Bank of France was revalued on July 23,
43 mgs., there are
about 190 francs to £1.
Congress and the Roosevelt Program
The first
impression that a good many people have
probably drawn regarding the work of the first ses¬
sion of the 75th Congress is that Congress not only
administered
a
severe
rebuke to Mr. Roosevelt but
also
applied the brakes, with considerable success, to
the
further
prosecution of his program.
number of measures whose
tration
others
was
believed to desire failed of passage,
tion
and
different from
Of the
bills to which the Administra¬
committed—the court-packing
emerged in a form appreciably
that in which
four
A large
enactment the Adminis¬
or
they were first put forward.
five leading
was
definitely
proposal, housing, crop control
with the ever-normal
scheme, wages and hours regulation, and
reorganization^of the executive departments—
granary
the
against 26.00.
only the housing
«—
bill received the approval of both
in a considerably amended form.
houses, and even so
EXCHANGE and the Far Eastern countries is Sinoirregular on uncertain owing to the dull,
However, the dullness and un¬
Japanese conflict.
certainty
operations.
Straits
Indian
largely confined to the area of military
are
Thus
far
Hongkong,
Dutch
the
exchange
not affected.
are
Singapore, the
East Indies,
Settlements,
and
A Reuters dis¬
patch from Shanghai on Aug. 21 stated that both
and foreign banks in Shanghai were to
the native
open
for normal business on Aug. 23,
banks limiting
the accounts.
the Chinese
withdrawals to a fixed percentage of
Japan continues to ship gold to the
United States.
Thus far this year such shipments
'
have reached
is
$136,000,000 and $200,000,000 or more
likely to be shipped.
The Japanese trade deficit
output of the session,
Administration meas¬
ures, with what appeared to be in prospect when the
session got well under way, it is easy to read into
the result, at first thought, a serious defeat for Mr.
Roosevelt and a substantial check to his plans.
A more careful examination of the record, however,
will tend to qualify this first impression.
It is true
that Mr. Roosevent failed to get from Congress all
that he wanted, and that the demand upon which he
insisted longest and most aggressively was emphati¬
cally refused. Looking at the work of the session as
a whole, however, and not merely at what passed or
failed to pass through the legislative mill in the
Comparing the net legislative
in what may fairly be called
1316
Financial
hurry and confusion of the
last ten
twelve days,
gains, from the standpoint of the New Deal, are
from negligible.
the
far
One of Mr. Roosevelt's most
as
Chronicle
or
adoption of the ever-normal granary plan has been
successfully driven.
There
conspicuous purposes,
everybody knows, is to establish Federal
vate
control
important branches of industry and business.
long step in that direction was taken in the
of
Guffey-Vinson Bituminous Coal Act, signed
by Mr.
on
April 26. This Act sets up a National
Commission with
bituminous
code
virtually complete authority over
industry, and provides for a
coal
dealing with unfair practices and marketing
arrangements.
imposed
An excise tax of 1 cent per ton is
all bituminous coal produced and mar¬
on
keted, and
additional tax at the rate of
19.5%
an
which is to be remitted in the
certified to
are
the
case
of
producers who
Commission'as code members.
Producers who comply
with the code, and who thus
the penalty tax of 19.5%, are exempt from
prosecution under the anti-trust laws. The Commis¬
escape
sion
is
impowered to establish for
maximum and minimum coal
regulate interstate
code
members
prices, and not only to
commerce
in
coal
but
also
to
regulate intrastate traffic in that commodity if it
finds that interstate traffic is
subjected to unjust
or
unreasonable discrimination.
lishment of Federal control
the Nation
electrical
and the
in
and
production and distribution of
"little TVA's" failed of considera¬
seven
Congress because of the prolonged illness
absence
of
its
secondary
Norris, but the approval
the
of
The grandiose proposal for the
energy.
creation of
tion
the water power
over
on
Senator
sponsor,
August 20 of the Act for
completion, maintenance and operation of the
Bonneville
Dam,
the Columbia River, adds
on
an¬
other link to the Federal chain of which the Tennes¬
Valley Authority
see
the Federal Power
was
the first.
will offer preferred
and
bodies, and until Jan. 1, 1941, will
other
reserve
public
at least
produced for sale to such public
bodies and to cooperative societies.
the
Thereafter, if
applications of public bodies and cooperatives
conflict with those of
will be
private agencies, the former
preferred.
rejection of the Agricultural Adjustment
Act by the Supreme
Court, there has been no direct
Federal control of
agricultural production, and Mr.
espousal
normal granary
of
Secretary Wallace's
crop
the
were
accepted
a
was
control
year's cotton
to the crop
paid to
Federal
accompanied by provisions for
000,000.
of this
Federal support for cotton prices,
or conservation program
in return for
year.
for next
subsidy applicable
The subsidy, which will be
a
who accept control of production
is estimated to cost approximately $150,-
To pacify the grain
resolution
growers
of the West,
also passed
pledging Congress to
farm legislation the first order of busi¬
was
make general
at
crop
made when Southern members,
growers
next year,
ness
approve a
control afforded material for compromise, and
compromise
who insisted upon
a
ever-
plan failed to receive the approval of
Congress. His refusal, however, to
subsidy unless it
its next session.
Mr. Roosevelt's action in
signing the resolution, notwithstanding that his sig¬
nature
was
not necessary,
means that
an
entering
wedge for the resumption of crop control and the
Housing Authority, with
a capital
initial appropriation for the next
an
fiscal year
of $26,000,000, and authority to issue, up
July 1, 1939, $500,000,000 in notes, bonds
obligations. An emergency relief appropria¬
after
or
or
other
tion of
$1,500,000,000 has been voted, to be expended
"in the discretion
President
for
a
although with
projects, while
signed to "plug
enable the
direction" of the
undertakings,
broad restrictions
some
amounts that
may
mum
of
and under the
long list of public
the maxi¬
on
be devoted to certain
a new revenue
classes
Act, ostensibly de¬
loopholes" in the tax laws, will
some
Treasury to punish
wealthy indi¬
some
viduals.
None of these
gains, nor all of them, perhaps, to¬
likely to be regarded by Mr. Roosevelt as
satisfactory compensation for the rejection or fail¬
gether,
are
of other
ure
measures
which his heart
on
was
set.
They make it clear, however, that the extent of his
"defeat" should not be overrated.
checked, but
Black-Connery
only
for
time-being.
and hours bill is still
wages
calendar, and its supporters
reorganization
of
the
will be under consideration
during the
gress
the
convenes.
departments
committee of Con¬
a
recess, and while it seems
has called for will be
recommended, Washington ob¬
predict that he will get
he wants.
The
improb¬
sweeping changes which Mr. Roosevelt
able that the
servers
executive
by
on
be counted upon to
can
it for action when Congress again
press
The
Mr. Roosevelt has
the
The Federal power
dropped, and
a
good deal of what
project lias not been
"death sentence" still threatens the
a
utility holding companies.
That Mr. Roosevelt has not abandoned
any
of his
objectives is clearly indicated by the statement
main
which
accompanied his approval of the compromise
court bill.
visions
He lias approved the bill because its
pro¬
"possess merit and
are either a part
of, or
with, the plans originally submitted to
Congress." He still insists, however, upon "the
consistent
the
necessity of
careful and thoroughgoing reforma¬
a
tion of
Since the
Roosevelt's
$1,000,000,
to
Commission, which is to fix and
revise rates for the sale of
power,
rates in contracts with States
half of the power
Under the Act
to the list of
An important field of pri¬
enterprise has been invaded by the creation of
been
Another of Mr. Roosevelt's ambitions is the estab¬
other items to be added
United States
a
Roosevelt
the
are
Administration gains.
of-all
A
Aug. 28, 1937
our
sential
objectives" of the "tentative plans" which he
submitted
our
judicial processes," declares that the "es¬
are
"recognized
citizens," and
building
dence
process, not
and
only to
part of
our
main
plans"
it
to the
underlying
was
as an
to make it
man
purpose
essential and hon¬
Ignoring the fact,
in the
of
the
bring to
has
seemed
an
end
that
the part of
many
legal profession
a
a
street, that
"tentative
possible to pack the Supreme
Court, the statement affirms that "we
to
an up¬
the indepen¬
preserve
institutions."
plain from the first
the
desirable by most of
integrity of the judiciary, but to rein¬
force it and
strengthen
ored
as
himself speaking "for
sees
have wanted
trying period during which it
veritable
conspiracy existed
on
of the most gifted members of the
to take
advantage of the technicali¬
ties of the law and the conservatism of the
courts to
render measures of social and economic reform ster¬
ile
or
abortive."
The court
:
:
fight, then, is to be pressed, and with it
the battle for the "reforms" to which the Constitu¬
tion,
as
opposed.
interpreted by the Supreme Court, stands
Mr.
Roosevelt's
Roanoke
Island
speech
Volume
■
1
'
•'
.
■
;
Financial
145
"
■
••
ideas
are the
only true expression of the popular will, and
pillories all those who dissent as persons who "do
not yet dare openly to condemn the American form
of government by popular majority," whose "every
act shows their opposition to the very fundamentals
of democracy," and who "in their hearts . . . distrust
majority rule because an enlightened majority will
The
parades, by implication, the claim that his own
not tolerate the abuses which a
privileged minority
whole."
Senator Guffey of Pennsylvania, in a radio speech
on
Aug. 20 which is widely believed to have had
seek
would
foist upon
to
Wheeler
the people as a
approval, bitterly attacked Senator
Mr. Roosevelt's
Senator O'Mahoney of Wyo¬
of Montana,
their op¬
"I dis¬
ingrates and ingratitude" and that "I believe
the twenty-seven million who voted for Mr.
ming, and Senator Burke of Nebraska for
position to the court bill, and declared that
like
that
Roosevelt likewise dislike
and
those
ingrates and ingratitude
they will bury in the oblivion of
that
public
now
defeat
who come within these classi¬
men
Such words
members of
are
an
open
challenge not only to all
Congress who have opposed Mr. Roose¬
velt, but to the 17,000,000 voters who in November,
1936, registered their opposition to the New Deal
and its titular leader.
They
are
notice that the bat¬
subjection of the courts to Executive dom¬
tle for the
ination, for Federal control of industry, business
agriculture, for subsidized government competi¬
with
States to Federal authority
is to be waged
increasing vigor, and that those in public life
who resist
of the
are
to be marked for oblivion.
The voice
majority is to be the voice of Mr. Roosevelt
and his thick and thin
supporters, and the dissent¬
ing minority is to be smeared as hopelessly reac¬
This is American democracy as Mr. Roose¬
tionary.
velt conceives
wrhich
Act.
by
of the provisions of its Neutrality
reason
Unlike other
Powers, which enjoy at least some
liberty of action in interpreting neutral obligations
international
under
chosen to
law,
the
it, and the idea of good government
country is, if possible, to be forced to
some
of whose
provisions are mandatory.
The
theory of the statute, expounded with unctuous
fervor while the measure was under debate, and
loudly acclaimed by pacifists as a solution of the
problems that
foreign
a
the United States
a
by prohibiting absolutely the exportation of
war
and
arms
The situation in China becomes
cult for
under
munitions, putting loans to belligerents
ban, and, in the discretion of the President,
a
forbidding
or
limiting other forms of trade and re¬
stricting the right of American citizens to travel.
The Act
was
designed, however, for a state of war
formally existing by declaration of one or other
claimed
such by the
as
which
States
United
the
ally engaged in war on a large scale.
extended to include a civil war,
not
a
in China may or may
war
civil
not be, it is certainly
war.
ate and one of the
principal sponsors for the Neu¬
justification of
trality Act, issued on Monday in
Roosevelt's
President
in effect,
as
reluctance
to
proclaim the
is not entirely convincing. Alluding,
tone which has no
a
Pittman, Chair¬
Foreign Relations Committee of the Sen¬
of the
place in serious discussion,
editorial writers and columnists who are
to "some
required to write learned articles daily on every
subject of present interest," and who
foreign Powers.
Neutrality
and
increasingly diffi¬
upon
The desperate fighting at
"ridicule the
in rela¬
by fleeing Chinese troops are among the
foreign civilians has become a dangerous operation.
A blockade of some 800 miles of the
has been
Chinese coast
proclaimed by the Japanese, and while for¬
exist.
the fact that a state of war does not formally
"Until there is a declaration of war," he said,
facts develop that
side conquers, or
one
nations is interfered
sary
and unwise for the President, in whom is
authority and responsibility, to declare
that
a
state of war exists."
Neither
list "or
a
grave
problem for Anglo-Japanese
diplomacy. Yet with land, sea and air forces fighting
continued, has issued a contraband
attempted in any way to interfere with the
implements of war to the other country.
up
to the present
citizens
or
exports to either
added, although
war
and diplomatic relations, in
least, are being maintained.
such circumstances,
What, under
it may fairly be asked, are the
obligations of neutrality, and how long may foreign
be
expected to stand the strain to which
thpir relations with China and Japan are being sub¬
jected?
time no
their property has arisen by virtue of
and a determined effort by the Japanese to
invade China from the north, neither party has for¬
declared
ammunition and
Certainly
danger to the lives of our
transportation by neutrals of arms,
desperately for mastery over a rapidly widening
area,
Japanese Government,
the Chinese nor
tion, the right to take over cargoes that may be ad¬
day creates
the free commerce of neutral
with, then it would be unneces¬
vested the
Senator Pittman
shooting of the British Ambassador on Thurs¬
make it obvious that
going to be carried to a point where
eign vessels are in terms exempted from its opera¬
contraband has been specifically claimed.
of the Act toward China
Japan," Senator Pittman laid principal stress
invasion
possibilities.
Foreign naval vessels in the Whangpoo River are
caught between two fires, and the evacuation of
tlement, and occupation by the Japanese or
Powers
It has been
and has accordingly
long statement which Senator
The
man
Act
regarding
applied to the war in Spain, but whatever else
been
the
such conflict is
form at
have
might
China,
obligations
which, without formally declaring war, actu¬
Powers
"or until
mally
It did not con¬
President.
account of the treaty
take
it
did
nor
in
of
belligerents, and formally recognized and pro¬
the
Shanghai seriously endangers the International Set¬
The
would present, is that
war
and should isolate itself from
can
tion to the non-enforcement
The Costs and Risks of
judged
has
Neutrality Act and criticize the President
swallow.
,
States
United
the
embody its conception of neutral policy in
statute
a
private enterprise, and for subordination
tion with
of the
position of the United States is peculiarly dif¬
ficult
template such a situation as has developed in
fications."
and
1317
Chronicle
'•
'
'
.
country."
"Every country," he
with what application to the present
situation is not apparent,
"in times of war has its
actively and lawlessly
Both China and Japan
expect our Government to furnish its own police
force for the purpose of protecting our
citizens
guerrillas, bandits and pirates
engaged in murder and loot.
against such lawless
removed from danger
forces until they can be safely
zones." As an explanation of
{Continued on page 1329)
1318
Financial
Gross and Net
Chronicle
Au<r. 28, 1937
Earnings of the United States Railroads for the Six Months
Ended June 30
Financial
of the
results
railroad
transportation
less increased to $528,201,763 in the six months from
business for the first six months of this
year are
$451,648,720,
somewhat less
present the results in tabular form:
be
encouraging than might reasonably
expected, in view of the general economic progress
of the Nation.
Our .tabulations
of gross and net
gain of $76,553,043,
a
material
the
gain
over
improvement
advanced.
year
the
The
period of 1936.
same
and less marked
was uneven
But
returns and the visible
revenue
Before
of
tors
imply quite plainly that the principal carriers
in
of the
country deserve better treatment at the hands
proceeding to
detailed
the
regulatory body than has been accorded of
late, especially in view of the slow implementation
of
the
tition
Motor
still
Carriers Act
afforded
transportation.
and
the
severe
compe-
by motor and other modes of
The competition has its favorable
aspects, of course, but in
respects it remains
some
freight
trable.
Although both
tlie railroads
pared to the
the
half-year,
certain
are
important changes which must
study of the rail-
situation, since they modify materially
of the basic elements.
the
com-
and increasing maintenance
wages
be taken into consideration in any
road
as
curtailing the fundamental improvement,
are
There
tol-
period of 1936, it is evident that
same
abnormally high
costs
for
more
and net earnings of
gross
advanced
find
or
railroads
had
At the very
discontinue
to
some
start of this year
the
a
the
heavily burdened carriers.
limited
period
as
a
Commission
increases in
June
on
freight rates
modities which remain
railroads.
In
its
a
brief for
general
leisurely
consideration
a
is
answered only
been
have
not
June
on
5
of large
penditure
of
the
limited number of
Meanwhile, the
line.
problem again has raised its head, with the
non-operating unions demand-
ing exaggerated increases of compensation.
concessions
in
the
have been wrung
form
of
added
wages
more
As in other recent years, moreover,
again met in the first half of 1937
adverse weather
the
earnings.
important
Floods kept the net
the railroads
some
severely
revenues
down in
of the country, but it must be re-
areas
ously adverse this
problem
difficult.
conditions, which cut heavily into
marked that the weather conditions
the
Some
already
from the railroads and the prob-
lems of the carriers thus rendered
were
year
than last.
were
less seri-
Such aspects of
overshadowed by the strikes which
developed in the motor, steel and other basic industries, with resultant effects
on
both gross and net
earnings of the principal carriers.
Some increases
others
brief
apparently
presented
It
was
pointed out that the
sums
out to meet
in
overcoming
more money
must be poured
public demands and expectations with
respect to improved facilities and service.
lining and air-conditioning of
among
passenger
Stream-
trains
field of passenger transportation, it is noted.
add to the costs of the materials purchased so lib-
erally by the carriers.
It is
proper
to note, in connection with the rev-
side of the picture, that the fears entertained
enue
a year ago
with respect to the order for
lowering of
passenger
Despite all
un-
a
general
fares to the basic levels of 2c.
mile in coaches and 3c.
a
mile in Pullman
cars now
The important Eastern roads,
with the exception of the Baltimore & Ohio, took
exception to this order when it first was issued and
made effective
on
Western carriers
June 2, 1936.
had put such rates into practice voluntarily and
thus
were not
duced
revenues
tertained
in
affected.
the
a
a
transportation,
since
favorable comparison.
It is
were
not
question, however, whether passenger fare
revenues
would not have increased more under the
old rates than they did under the lower charges,
for the
business
improvement of the country un-
doubtedly made for added travel, apart from the
question of the variation in rates,
So far
as
maintenance, labor and other costs are
concerned, the railroads struggled under numerous
disadvantages in the first six months of 1937, with
general upward trend of prices
gross
of
against the
same
in the first half of
period of 1936.
improvement is
The
en-
justified,
East,
actual returns make
still
The apprehensions of re-
from passenger
made
business
The
railroads also called attention to the steady upward
railroads
widespread
are
the "revolutionary transformations" in the
the alleviating aspects few and far between.
this year, as
ex-
deferred
factors, however, it remains true that the
progress
are
by the
fortunate
some
even
suggests the need for urgency
maintenance, while still
a
wage
discouraging,
performance of essential functions requires the
have been dispelled.
Brotherhoods and the
and
The
connection.
this
advances, and it is to be hoped that further action
same
im-
The question of
in part by the ICC.
permitted
will
develop along the
entirely
consideration.
under
com-
peculiarly the sphere of the
appeal the ICC has granted
the
some
general commodity and goods price advances, which
a
the heavy bulk
on
of
fundamental
of
are
counter-move
As
5
which
of assistance to
means
the Class I railroads filed with the Interstate Commerce
+10.94
trend of taxation and the inroads made by such
levies upon their earnings. Likewise significant are
the heavy increases of expenditures attributable to
emergency
freight surcharges on certain commodities, granted
for
advisable to note
incidents
rates
carriers
escape
+70,553,043
of the business fac-
though the appeal of the Class I carriers has been
in
carriers
451,648,720
a survey
portance in the railroad picture.
unequal, with the railroads struggling under burother
it is
revenues,
dens
that
We
importance which contributed to the gain
trend
of
528,201,703
Net earnings
the
as
16.94%.
m.862
'1166.504 /nc' (+-^2Dm- (~
2083.2*50,357 iWi+osi +213.L.273 +if.v
1,41(795685i%) +I37ufo2%)° +9'66
Gross earnlngB
earnings for the half-year, presented herewith, show
a
or
The
added to the current
maintenance charges and also made more expensive
in
the deferred charges to which reference was made
earnings during the initial six months of 1937
in the brief of the carriers for higher freight rates,
reflected
$2,083,250,357 against $1,869,614,084 in the
period
11.42%.
of
last
year,
Operating
a
expenses
of the increases in gross,
gain
of
same
$213,636,273,
absorbed
a
or
huge share
but net earnings neverthe-
Labor costs
were
at the highest rates in history, but
in this respect the position was quite the same in
the first half of this
period of 1936.
year
and in the corresponding
Indicative, however, was the de-
Volume
145
cision of the National Mediation
in
Washington
receive
operating unions
workers is
non-operating
ad¬
the non-operating
making demands for large
are
hardly
On the other
favorable augury.
a
The
hour in wages.
an
well, and the decision on
vances as
announced
750,000 to 800,€00 are to
increase of 5c.
an
Board,
Aug. 4, whereunder
on
workers to the number of
ratings were
to a
degree by refunding high-coupon callable bonds, and
this process can be expected to continue.
Turning now to a month-by-month comparison of
earnings for the first six months of this year with
hand, railroads with unimpaired credit
in
able
the
to reduce debt charges
recent years
same
of 1936,
period
find that revenues
we
but then
out, owing to operation of ordinary seasonal
factors and to the widespread strikes in the steel,
spurted sharply in the first few months
leveled
motor and other
In the case
important industries.
earnings, each and every month showed a
corresponding month
of gross
substantial advance over the
Net earnings were more difficult to
of last year.
.maintain,
such
June
in
and
however,
actually dropped somewhat under the
the similar
revenues
figures for
Aggregate results, more¬
period of 1936.
remain far under the levels current during the
over,
1319
Financial Chronicle
^
.
of railroads in that
There
try.
far
so
important section of the coun¬
little severe cold, however, and
was
in
weather conditions are concerned the com¬
as
parison favors the first half of this year.
Before
consideration of
rail1
road revenues, it is desirable to note that a sharp
contrast in agricultural conditions now is develop¬
ing, with every assurance that operating statistics
will show this change in the latter half of 1937.
Large crops of cotton, corn, wheat and other prod¬
ucts are being harvested currently, whereas in 1936
a severe drought topped the destructive effects of
the Roosevelt plow-under absurdities and reduced
turning to our customary
leading trade statistics and their effect upon
sharply the offerings of bulk freight for
on
'carriage
the railroads.
leading trade statistics are considered
railroad revenues, those
When the
in relation to their effect on
>
pertaining to the automobile industry, which re¬
cords
be
According
figures released by the Bureau of the Census,
a
large increase in production, are found to
outstanding in the order of importance.
to the
turned out in the first
the number of motor vehicles
half
aggregated 2,788,849 as against only
1937
of
2,488,560 cars in the first six months of last year;
1933;
2,198,589 in
less than 3,225,443 cars
period from 1923 to 1929, but for this the absurdi¬
ties of the Boosevelt Administration are partly to
2,218,255 in 1935; 1,714,263 in 1934; 990,114 in
and pigof much
freight, while droughts added to the lack of freight.
The general business improvement in the first quar¬
ter of this year is reflected in the succession of
1930, but comparing with no
blame, since crop-restriction, plow-under
killing
and net earnings over
material increases of gross
the
same
railroads
the
robbed
programs
February was no excep¬
period of 1936.
this year
In the second quarter,
tion, although that month had only 28 days
against 29 days in 1936.
those for
month of 1936.
In the
the
same
we
show the comparisons of the
different months of the half-
totals for each of the
yearly periods:
Increase
Grose Earnings
(+)
Mileage
or
Decrease (—)
Month
Year
Year
Year
Year
Oiun
Preceding
Given
Cent
Per
Amount
Preced'g
$330,968,057 $298,664,465 -f-$32,303,592
+21,226,647
321,2-47,925 300,021,278
+69,335,247
377,085,227 307,749,980
January
February
March
April
_______
June
+ 10.81
235,990
+ 7.07
+22.53
233,515
234,285
236,158
236.607
+38,136,014
+31,630,038
+20,951,175
+ 12.19
236.093
236,389
-+-9.87
235,873
236,357
+6.34
235,744
236,281
312,822,778
350,958,792
352,044,249
351,047,025
320,414,211
330,095,850
Inc.
Net Earnings
(+)
or
236,857
Dec.
(—)
Month
Year
February
March
April
May
June.
Preceding
$77,941,340
77,743,876
111,515,431
89,529,494
85,335,430
86,067.895
January
Year
Given
$67,380,721
64,603,857
71.708,880
+ $10,560,619
-t-15.67
+ 13,140,009
+20.34
39,806,551
78,326,822
+ 11,202,672
+4,598,257
—2,782.401
of 1936.
industry—the
production of iron-—we find the output of pig iron
Turning to another important basic
+55.51
+ 14.30
+5.69
—3.13
always must be taken
conditions
Weather
into
severe
was
the
when the early months
1936,
in
than
devastating
floods and severe
cold in
cold.
So
February, 1936, it will be
at
a
first
standstill for
adverse
three
thereafter
some
days, and to a less degree
conditions prevailed
months
caused
of
that
year.
throughout the
Raging floods
tremendous damage
to the rail¬
roads, both directly through washouts and inunda¬
tion of many
loss of traffic.
miles of track, and indirectly through
In mid-January of
swept the Ohio Valley and
i
1937, floods again
impaired the earnings
gross
makes
tons were turned out.
current
the
corresponding period of 1930.
have already stated, the output
21,640,960 gross tons.
Steel production,
Back in
reached
the
in
1929,
as we
likewise, was on a greatly increased scale in the
first six months of the present year, and, although
was
retarded by labor strikes, was prac¬
tically equal (less than 1%
below) the output of
29,036,247 gross tons in the first half of 1929. The
tabulations of the American Iron and Steel Insti¬
tute show
that
no
less than 28,764,633 gross tons
of
six months of
against but 21,276,097 tons in the same
ingots were produced in the first
as
in 1935; 16,402,554 in
7,697,210 in 1932; 15,559,860
23,578,619 in 1930, and 29,036,247 in 1929.
period of 1936; 16,042,651
1934; 8,874,388 in 1933;
in
1931;
In the case of
recalled, that traffic in the entire State of Iowa was
these
Age"
18,261,312
1937
year
21,640,960
"Iron
The elements were less unfavorable
brought
despite labor troubles
production, was the highest
The
year's output
19,706,593 gross tons, which compares with only
13,528,226 tons in 1936; 9,799,000 in 1935; 9,798,313
in
1934; 4,441,003 (all-time low production) in
1933; 5,168,814 in 1932; 11,105,373 in 1931, and
when
steel
this
1937,
high of the same period of 1929,
since the all-time
consideration in statistical studies of railroad oper¬
ating results.
curtailed
have
output
80,737,173
88,850,296
of
half
first
the
Per Cent
Amount
-r
the
for
compared with the corresponding months
as
in
following table
in 1937 was the
half-year since 1929.
Moreover,
without exception, all the months comprising the
first half of the current year showed large increases
which
under
Thus it will be
the automobile output
that
largest
significant that net earnings in June were
is
May
seen
months of 1929.
six
first
the
in
variation occurred in railroad earnings, but
little
it
871,448 in 1932 ; 1,572,935 in 1931, and
another great basic
industry—the
while the bituminous
than in the first half
substantial falling off in the
mining of coal—we find that
output was very much larger
of 1936, there was a
production of hard coal. The United States Bureau
of Mines reports that 221,915,000 net tons of soft,
or
bituminous, coal was mined in the
in the first
United States
against
six months of the current year as
only 200,831,000 net tons
in the same period a year
1320
Financial
189,223,000 net tons
ago;
1934; 145,210,000 in 1933
1935;
in
182,308,000 in
144,588,000 in 1932, and
;
189,797,000 in 1931, but comparing with 230,634,000
257,847,000 in 1929. On the other hand,
in 1930 and
the
Chronicle
is
Aug. 28, 1937
The
seen.
figures
roads of the entire
items of
ous
this
in
relate to the rail¬
case
country, and include all the vari¬
freight.
In the first half of 1937 the
aggregate number of
loaded
cars
18,928,106
was
as
output of Pennsylvania anthracite, or hard coal,
reached only 27,588,000 net tons in the first six
against only 16,483,794
months of the
1934; 13,344,300 in 1933, and 14,107,820 in 1932, but
comparing with 19,020,485 cars in 1931; 23,216,874
present year as against 29,569,000 last
28,645,000 in 1935, and 32,766,000 in 1934, but
year;
comparing with only 22,387,000 tons in 1933 and
24,162,000
further
cite
in
1932.
in
back,
we
Continuing
the
1931; 33,193,000
1930, and 35,517,000 net tons in 1929.
As to the
building industry, there
less to say, a
the statistics
construction
east
of the
months
since
in
the
present year involved
than
1931)
$1,494,132,300
37
States
In the
contracts
(the
outlay of
an
highest
amount
against $1,237,340,800 in the first
as
half of 1936.
tion
awarded
Rocky Mountains during the first six
of the
less
no
it is need¬
According to
compiled by the F. W. Dodge Corp.,
contracts
had
previous
a
money
(1935) construc¬
year
1930, and
far
So
value of only
$696,-
506,800; in 1934, of $854,101,900; in 1933, of but
$432,113,400, and in 1932, of only $667,079,700. In
immediately preceding 1932, however, we
15,160,729 in 1935; 15,436,623 in
;
less than 25,516,953
no
weather
as
conditions
affecting the traffic and
of the
contradistinction
cold
tense
and
in
to
many
traffic
operating
which
winter
too,
year,
occurred
in
was
the
the devastating floods
England, Middle and
States, and greatly handicapped the roads
traversing those sections of the country.
In the
Central
present year, on the other hand—with the excep¬
tion of the very
disastrous flood, beginning in mid-
January, which swept through the Ohio Valley area,
devastating many of the Central and Southern
States
of which the Pocahontas carriers
ferers—there
in 1929 of
less than
no
industry—which is
trade—likewise
so
in 1930, $2,638,013,300, and
;
$3,667,983,000.
The lumber
closely allied to the building
showed
a
large increase,
tional Lumber Manufacturers Association
that in the 26 weeks of this
year an average
identical
]umber
mills
turned
out
6,234,282,000
of 560
with
1935.
The Western
of
1937, as
of
year,
as
low
Going further back,
find that for
we
an aver¬
of
record
in
While
the
present
the
all
figures dealing with the grain traffic
roads, here
that in
even
the
we
the
Western
find that the movement fell far below
the first six months of last
year,
at that, it was still very
same1 period
although,
much larger than in
of 1935, when the movement
the smallest in all recent
years.
to
over
to
(It
was
seems proper
state, however, that the small movement in 1935
was
the
age
under the crop control plan).
result, obviously, of the curtailment of
grain movement in
a
acre¬
We analyze the
separate paragraph further
along in this article, and therefore need only say
here that for the 26 weeks ended June
26, 1937, the
as
1936; of
ing
reached
only 170,630,000
805,000 bushels in the
bushels
same
as
paring with but 128,957,000 bushels in the
same
the
particularly heavy
oats and barley.
The receipts
primary markets for the
aggregated only 54,514,000 bushels
same
weeks of
barley, 21,732,000 against 39,161,000.
the receipts of which
were
ern
Add¬
only 7,113,000
primary markets of the five staples, wheat,
oats, barley and rye, combined,
630,000 bushels
as
corn,
totaled only 170,-
against 250,805,000 in the
same
period of 1936, but comparing with only 128,957,000
bushels in 1935.
Going further back, comparison is
with 197,921,000 bushels in 1934; 297,450,000 bushels
in
1933; 205,354,000 in 1932; 329,847,000 in 1931;
328,514,000 in 1930, and 361,385,000 bushels in 1929.
details
form,
against 250,-
weeks of 1936, but com¬
receipts
less degree to
against 10,665,000 bushels, the receipts at the West¬
usual
combined,
was
or
but 61,689,000 bushels against 103,-
corn,
rye,
The
rye,
grain
on
preceding.
620,000; of oats, but 25,582,000 against 37,862,000,
and of
receipts at the Western primary markets of the five
oats, barley and
the
cereals, it
the Western
at
smallest
immediately
in
very
previous
reach the
means
against 59,497,000 bushels in the
items, wheat,
corn,
off
was
the
movement—the
years
of corn,
case
of
movement
extended in greater
all the different
of wheat
1935
falling
year
26 weeks of 1937
the trade statistics
earnings of the roads to any
the
the
3,174,487,000 feet in 1933; 2,806,164,000 feet in 1932,
and 5,218,633,000 feet in 1931.
from
unusual Aveather
although it did not by any
level
in the
Turning aside
the chief suf¬
were
no
have already indicated,
than
of 637 identical mills the cut of lumber aggre¬
gated 4,106,391,000 feet in the first half of 1934;
age
practically
grain traffic in the first six months
we
smaller
much
feet
4,091,335,000 feet turned out by 704 mills in
were
appreciable extent.
(the largest quantity in all recent years)
compared with only 5,717,863,000 feet produced by
582 identical mills in the similar
period of 1936, and
(especially Kentucky), and from the effects
conditions to affect the
the Na¬
reporting
1936, when in¬
New
tion
1
of
snowstorms
hampered
States and added greatly to the
of the roads.
Another adverse
costs
feature last
the
tremendous
find that in the first half of 1931 the
money valua¬
$1,792,494,700
influence
an
of the railroads
revenues
the years
was
in 1929.
cars
are
country, the winter of 1937, taking it as a
was a mild one everywhere and in direct
whole,
was,
marked improvement.
in
comparisons
find that 31,542,000 tons of anthra¬
mined in the first half of
were
half-year of 1936
in the corresponding
cars
of
are
the
Western
grain traffic, in
set out in the table
we now
our
present:
WESTERN FLOUR AND GRAIN RECEIPTS
6 Mos. Ended
June 26
Flour
Wheat
Corn
Oats
Barley
Rye
(Bhls.)
(Bush.)
(Bush.)
(Bush.)
(Bush.)
(Bush.)
Chicago—
period of 1935.
In preceding
years
comparison is
197,921,000
bushels
in
1934;
297,450,000
in
1933; 205,354,000 in 1932; 329,847,000 in 1931; 328,-
514,000 in 1930, and
It
no
less than 361,385,000 in 1929.
is, however, in the statistics showing the load¬
1937
5,157,000
5,480,000
20,753,000
5,689,000
5,188,000
2,286,000
1936
with
4,839,000
4,878,000
29,527,000
9,868,000
6,661,000
2,275,000
1937
11,079,000
1,969,000
2*218,000
7,027,000
1,968,000
1936
18,318,000
6,059,000
8,249,000 15,431,000
3,171,000
75,000
2,197,000
2,112,000
Minneapolis—
Dvlu'h—
1937
3,070,000
105,000
1936
4,058,000
1,602,000
791,000
2,248,000
698,000
Milwaukee—
ings of railroad
revenue
freight measured by the
it were,
cars
moved that
a
composite picture, as
of the railroad traffic movement
as a
whole
1937
362,000
274,000
1,775,000
185,000 -5,442,000
359,000
1936
number of
386,000
347,000
3,372,000
556,000
10,613,000
249,000
1937
1,870,000
1,010,000
115,000
2,746,000
1,938,000
'2,987,000
3.329,000
76,000
1936
135,000
93,000
Toledo—
I
Volume
6
Mos.
•>
Rye
Barley
Flour
Wheat
Corn
Oats
(Barrels)
(Bushels)
(Bushels)
(Bushels)
Ended
June 26
1321
Financial Chronicle
145
(Bushels)
(Bushels)
What has been said above
the railroads
Detroit—
67,000
2,000
54,000
103,000
371,000
677,000
1937
3,976,000
1936
3,431,000
11,388,000
22,993,000
63,000
327,000
80,000
590,000
6,841,000
4,349,000
1937
'
1936
Indianapolis & Omaha—
397,000
727,000
St. Louis—
1937
2,916,000
3,974,000
2,876,000
4,891,000
12,073,000
1937
1,056,000
586,000
1936
959,000
798,000
7,603,000
11,270,000
1937
317,000
14,639,000
1936
363,000
13,698,000
1,211,000
4,055,000
4,396,000
10,515,000
1936
.
167,000
1,343,000
439,000
1,841,000
1,873,000
1,043.000
1,184,000
Peoria—
1,081,000
1,396,000
our
attention
tems,
Turning
separate roads and sys¬
find the exhibits in consonance with the
we
showing
for
roads
the
collectively.
great
The
majority of the roads and systems are able to report
gains in both
and net earnings, and in many
are for large amounts.
Only
gross
instances the increases
Kansas City—
927,000
5,207,000
11,030,000
the
to
now
applies exclusively to
country as a whole.
of the
one
1,608,000
road
reports
amount in
St. Joseph—
887,000
1937
524,000
562,000
1936
756,000
2,245,000
1,340,000
1937
8,630,000
48,000
29,000
1936
4,564,000
125,000
46,000
76,000
17,000
180,000
88,000
record
a
decrease in gross earnings for an
a
$500,000, and but seven roads
of
excess
decrease of more than that
amount in the
Wichita—
net.
Sioux City—
"
...
1936
345,000
752,000
...
1937
554,000
422,000
1,283,000
157,000
all—
Total
61,689,000 25,582,000
9.423,000 59,497,000 103,620,000 37,862,000
9,808,000 54,514,000
1937
1936
hand,
livestock movement,
Western
The
appears
the
on
the other
than in
to have been slightly larger
the first half of
was
21,732,000 7,113,000
39,161,000 10,665,000
1936, which, it is proper to state,
all recent
smallest in
years.4
During the
1937 the livestock receipts both
first six months of
those
at
Chicago and Omaha fell somewhat below
of
1936, but at Kansas City the receipts were con¬
siderably larger.
At Chicago the receipts
comprised
42,657 cars in the
1936; 42,162 in 1935; 67,049 in
only 42,092 carloads as against
first six months of
1934; 69,101 in 1933; 76,467 in 1932;
96,298 in 1931;
Omaha
against
11,831 cars in 1936; 11,238 in 1935; 17,407 in 1934;
18,492 in 1933; 25,173 in 1932; 36,446 in 1931; 42,743
in 1930, and 39,153 cars in 1929; but at Kansas
City they aggregated 32,352 cars as against only
30,191 cars in 1936, but comparing with 33,308 cars
in 1935; 40,909 cars in 1934; 39,052 in 1933; 41,640
in 1932; 45,054 in 1931, and 50,206 and 51,006 cars,
99,502 in 1930, and 106,072 cars in 1929; at
receipts were only 11,298 carloads as
the
now
to the cotton traffic over Western
roads, this, so far as the
overland shipments of the
a greatly increased
of the port receipts, was
Gross shipments overland
staple are concerned, was on
but, in
scale,
the case
smaller than last year.
in
the first six months of
gated 776,560 bales
the present year aggre¬
(the largest quantity for the
against only 452,305
1934;
200,751 in 1933; 218,967 in 1932; 428,553 in 1931;
314,365 in 1930, and 475,570 in 1929. On the other
hand, the receipts of cotton at the Southern outports were only 1,214,779 bales as against 1,324,806
period in all recent years) as
in
bales
bales
but
1936; 345,035 in 1935; 316,248 in
1936, but comparing with
in the first half of
760,373 bales in 1935.
latter, three report an increase in
of the gross,
In the years immediately
1,806,866 bales in
1934; 2,667,753 bales in 1933; 3,394,799 in 1932;
1,613,175 in 1931; 1,485,129 in 1930, and no less
than 1,929,832 bales in 1929.
Full details of the
port movement of cotton are set out in the following
preceding 1935, the receipts were:
Western, with a gain in gross of $1,263,571 and a
$831,420; the Chicago & North West¬
loss in net of
ern,
which
decrease in net.
PORTS FROM JAN. 1 TO JUNE 30,
1936, 1935,1934, 1933 AND 1932
Lack of space prevents our
Houston,
&c—
Corpus Christi
Beaumont
New
Orleans
Mobile.
Pensacola
Savannah
288,521
4,438
11,065
608,805
16,304
6,783
472,272
139,385
67,333
1,150
41,963
20,270
26,654
372,263
1934
1935
172,587
173,565
9,353
95
679
556,416
34,363
22,027
2,303
738
Wilmington
9,899
6,447
19,912
17,323
877
162
Jacksonville...
Total
1933
563,066
1932
790,03 <
936,245
32,640
3,314
843,980
27,112
10,628
764,079 1,209,551
66,707
138,668
252,369
40,247
21,757
36,672
15,593
38,701
50,915
14,483
Lake Charles.
Norfolk.
108,000
396,864
15,300
298,179
23,089
14,814
8,010
98,984
19,435
30,288
32,811
76,385
2,733
5,046
14,418
12,954
6,842
38,274
44,015
26,585
15,222
17,927
14,287
16,794
11,158
613
2,515
2,384
6,353
Brunswick
Charleston
1,214,779 1,324,806
and
$678,874
naming
roads and sys¬
tems distinguished for gains in both gross and net
earnings alike, so we shall confine ourselves, there¬
fore, to mentioning only a few of the more outstand¬
ing.
The Pennsylvania RR. (which heads the list
in the case of the gross) reports $29,531,337 increase
in gross and $2,983,100 increase in net; the New
York Central, with a gain of $15,215,948 in gross,
shows a gain in net of $5,841,599 (these figures
cover the operations of the New York Central and
its leased lines; including the Pittsburgh & Lake
Erie, the result is an increase of
$21,013,976 gain in gross and $4,594,893
tem shows
net; the Atchison
increase in
with
$18,059,339 in gross
$6,293,626 in net); the Southern Pacific Sys¬
and of
gains in
Topeka & Santa Fe,
and net of $11,588,498 and
gross
$4,490,690, respectively; the Union
Pacific, report¬
and $1,833,783 in net; the
Ohio, which, with $8,545,643 gain in
&
Baltimore
gross,
shows $2,526,938 in the case
Ry., reporting $5,897,294
Southern
760,373 1,806,866 2,667,753 3,394,799
of the net; the
gain in gross and
Missabe & Northern,
$5,832,626 in gross and of
$4,497,843 in net, and the Boston & Maine, with
$2,118,489 gain in gross, accompanied by a gain of
$3,636,016 in net. In the following table we bring
together without further comment all changes for
the separate roads and systems for amounts in ex¬
cess of $500,000, whether increases or decreases, and
$2,983,832 in net; the Duluth
showing
a
gain
of
and net:
in both gross
CHANGES
PRINCIPAL
IN
MONTHS
GROSS EARNINGS FOR THE SIX
ENDED JUNE 30,
1937
Increase
Increase
Virginian
Pennsylvania
$29,531,337 Central of New Jersey—
Southern Pacific (2 roads) 21,013,976
New York Central..
al5.215,948 Wheeling & Lake Erie—
Wabash
Atch Top & Santa Fe--- 11,588,498
Western Maryland
Union Pacific
Denver & Rio Gr West-Baltimore & Ohio
8,545,643
Southern
Duluth Missabe
5,897,294
& Nor..
Norfolk & Western
Great
Northern
Northern Pacific.
Atlantic Coast Line
Seaboard Air Line.
N Y N H &
Hartford---
5,832,626
5.249,905
4,321,001
4,195,085
ibolf'fZr
3,844,565
3,726,905
3,688.676
3.468.699
Erie
Fran (2 rds.)
Eastern..
Lake Erie—
Louisville & Nashville—
NO Texas & Mex (3 rds.)
St Louis-San
Elgin Joliet &
Bessemer &
192,955
155,373
gross
separately (with their increases) the
RECEIPTS OF COTTON AT SOUTHERN
Galveston
in
porting $1,840,361 increase in gross and
Erie (2 roads)
Pitts & Lake
1936
gain
$822,203 loss in net, and the Illinois Central, re-,
Missouri Pacific
1937
$671,135
shows
table:
1937,
the
namely the Denver & Rio Grande
ing $9,476,776 in gross
respectively, in 1930 and 1929.
Coming
case
Of these
Reading
Chic Burl & Quincy--Chic R I & Pac (2 rds.)..
Lehigh Valley
N Y Chicago & St Louis _
2,843,391
2,833.931
2,818,850
2,810,634
2,798,945
2,720,339
2,669,361
2,537,659
2,325,041
2,315,931
2,284,406
2,199,023
Central of Georgia
Mobile & Ohio
$1,359,413
1,319,021
1,309,947
1,274.062
1,272,898
1,263,571
1,249,695
1,193,420
Colorado & Sou (2rds.)__
Delaware & Hudson
Yazoo & Miss Valley
Cine N O & Texas Pac__
Nashville Chat & St L—
Rich Fred & Potomac—
Spokane Portl & Seattle.
Missouri-Kansas-Texas
1,138,781
1,083,756
1,072,227
899,815
860,404
835,804
775,382
International Great Nor.
Grand Trunk Western..
767,100
716,903
703,860
.
Chicago Great Western.
703,457
Alabama Great Southern
678,902
Chicago & North West-Chicago & Eastern 111
Florida East Coast
671,135
Alton
MStP&SSM
Clinchfield
Maine Central
653,795
630,840
618,984
608.445
597,065
591,772
Pere Marquette
573,689
557,519
2,118,489 Central Vermont
1,871,768
Total (70 roads)
$206,938,805
Illinois Central
1,840,361
Western Pacific
1.569,283
St Louis-Southwestern.1,436,268
TIT
Chic Mil St P & Pac
1,421,653 N Y Ontario & Western
$976,061
a These figures cover the operations of the New York Central and the
leased lines—Cleveland Cincinnati Chicago & St. Louis, Michigan Central,
Cincinnati Northern and Evansville Indianapolis & Terre Haute.
In¬
cluding Pittsburgh & Lake Erie, the result is an increase of $18,059,339.
Texas &
Pacific
Maine
Del Lack & Western
Boston &
D
1322
Financial
Chronicle
Aug. 28, 1937
PRINCIPAL CHANGES IN NET EARNINGS FOR THE
SIX MONTHS
ENDED JUNE 30,
1937
Southern
Increase
New York Central
a$5,841,599
Southern Pacific (2 rds.).
4,594,893
Duluth Missabe & Nor__
4,497,843
Atch
Top & Santa Fe__.
4,490,690
3,636,016
2,983,832
2,983,100
2,526,938
2,310,897
2,306,265
2,296,653
2.172,750
2,127,349
2,091,419
1,968,669
1,874,852
1,833,783
1,808,935
1.786,418
Boston & Maine
Southern
Pennsylvania
Baltimore & Ohio
Norfolk & Western
Atlantic
Coast
Line
Seaboard Air Line
Bessemer & Lake Erie
N Y N H & Hartford
N O Tex & Mex (3 rds.)_
Erie (2 roads)
Del Lack & Western
Union Pacific
Northern
Pacific.
Chic R I & Pac (2 rds.)
--
Reading
1,695,170
1,389.454
1,375,189
1,246,931
Great Northern
Central of New Jersey
Missouri Pacific—
St L-San Fran (2 rds.)__
Delaware & Hudson
Elgin Joliet & Eastern.
1,174,994
1,153,381
1,141,989
1,090,847
_
Texas & Pacific
These figures
a
SOUTHERN DISTRICT
$975,112
926,288
838,142
828,222
722,524
679,718
640,842
604,161
599,112
571,639
556,236
542,770
540,731
539,249
529,486
_
Maine
Central
Virginian
Missouri-Kansas-Texas
Colorado & Sou (2 roads)
N Y Chicago & St Louis.
_
Rich Fred & Potomac
Mobile & Ohio
Yazoo & Miss Valley
Central Vermont
Alton.
Central of Georgia
Nash Chat & St Louis
Western
Maryland
$74,495,088
V;->
DBCTBCLSB
Chesapeake & Ohio
Denver & R G Western.
Chicago & North West..
Illinois Central
Long
$1,264,645
831,420
822.203
678,874
Island-648,239
Chic St P Minn & Om
N Y Ontario & Western.
Total (7 roads).
513,605
501,994
eastern boundary of
Pocahontas
are
arranged in groups
or
clearly brought out, in
and
much
as
comprising these districts,
it
as
of
the
Region-—Comprises the
west of a line from
as
all the
below.
Interstate
As
able
Our summary
we
Southwestern Region—Comprises the section
a
line
boundary
Mississippi
River
Paso
and by the Rio Grande to the Gulf of Mexico.
We
add
now
months.
our
detailed
statement for the
six
It shows the results for each road
sepa¬
rately, classified in districts and regions the
same
in the
foregoing summary:
Eastern District
-Gross-
1937
Region—
Commission.
1937
.
The
Boston & Maine
$
New England region (10
roads)
85,236,704
403,135,890
roads) ..448,931,683
Inc.
(+)
or
Dec. (—)
%
77,330,701
371,411,495
396,586,245
1,561,989
6,967,983
742,211
3,347,924
638,885
2,790.405
7,373
612,124
937,304,277
Dul Winn & Pac—See
Can Pac
1,443,506
Pac
1,250,826
329,520
119,106
+210,414
605,474
487,614
77,412
-217,529
+140,117
Lines In
Dul So Sh & Atl—^See Northwestern region.
Minn St P & S S M—See Northwestern region.
Spokane International—See Northwestern region.
6,577,198
5,985,426
1,988,728
Maine Central.....
New Haven System—
N Y N H & Hartf 41,285,346
37,558,441
N Y Connecting
845,328,441
Total (10 roads)..
1,160,304
160,561
1,076,830
48,330
+112,231
85,236,704
77,330,701
23,017,560
14,855,426
+8,162,134
1936
1937
$
$
$
658,539
585,690
10.88
86,866
4,749,786
24,957
2,049,212
2,069,117
1, 169,673
1,166,170
+3,503
43,416,055
39.929,338
13,247,565
381,260
1,753,559
845,985
399,278
1,682,649
775,828
1,996,750
23,618,308
—37,650
11,271,200
—29,954
516,475
219,488
519,441
5,882,692
1,402,438
379,006
+1,976,365
—7,696
1,012,048
—501,994
+91,975,836
201,362,043
+ 18,562,069
9.21
319,261,225
145,487,682
+47,568,845
14.89
+ 19,620,385
13.48
666,110,950
+85,751,299
12.87
—2083250357 1869,614,084 +213,636,273
11.42
Earnings—V"'
Inc.
$
Erie
NYSusq&West
Montour....
1,977,570
25,934,239
2,300,356
1,201,657
2,303,802
658,915
267,161
527,621
6,236,419
1,350,712
.■■■■■■"
23,017,560
105,762,006
+61,909
1,009,537
,525,648
%
14,855,426 +8,162,134
26,552
92,646,656 +13115,350
24,937 119,148,583 105,782,193 +13366,390
54.94
14.15
58,287
58,562 247,928,149 213,284,275 +34643,874
16.24
Southern region
Pocahontas region..
3S.747
38,932
6,010
57,298,775 +12971,937
53,185,668 +2,478,635
Total............
44,793
44,942
125,935,015 110,484,443 +15450,572
13.98
+ 8,180
+ 353,727
—51,726
+ 146,642
NY Ont & West.
3 423,875
4,399,936
510,054
171,616,006
9,599,992
N Y Chic & St Louis 21
885,050
19,600,644
Pere Marquette
16 339,447
15,765,758
Pitts & Shawmut
316,506
265,391
Pitts ShaW & Nor..
508,677
502,632
Pitts & West Va
2 196,560
1,813,463
47,032,776
2,384,681
7,544,596
4,061,208
—11,455
52,041
N Y Central Lines—
41,191,177 + 5,841,599
1,932,654
6,903,754
4,142,503
—19,983
58,237
+ 452,027
+ 640,842
—81,295
+ 8,528
22.63
6,046
—142,440
+ 47,673
New Haven System—
NYNHA Hartford- -See New England region.
.186 831,954
Pitts & Lake Erie. 12 443,383
(+) orDec.i—)
.$
3, 501,312
Erie System—
Lehigh & New Eng.
Lehigh Valley
Monongahela.
7,073
+265,493
+1,153,381
+1,874,582
3, 039,621
6, 624,638
New Jersey &NY
$
3,235,819
1,886,249
12,318,578
24,448,940
305,225
Lehigh & Hud River
1936
+225,209
13,402,334
„
NY Central
6,985
38,774
Del Lack <fc Western 26,320,708
Detroit <fe Mackinac
420,678
Dul Winn & Pac—See Northwestern region.
Grand Trk West. 13,007,628
12,303,768
6.46
1936
Inc. or Dec.
Can Nat Lines in N E—See New England region
Central Vermont—See New England region.
10.02
-Net
263,983
1936
Can Nat System—
+35,909,138
i
+83,474
-Net
1937
358,174,693
1937
m
1,396,488
1,632,803
Del & Hudson
165,108,067
1937
+2,127,349
-Gross-
11.77
District and Region
+ 838,142
8,179,041
1,457,262
1,796,262
+28,269,483
+ 7,639,655
6Mos.End.juneSO—Mileage-—•
1,150,586
10,306,390
13.19
751,862,249
-
+556,236
+ 52,345,438
8.54
Western District—
(137roads)
+170,910
55,888
Lines in
Maine
Can
394,083,831
Tota. (53 roads)
+ 63,537
Northwester^ region
Can Pac System-
240,010,929
118,163,764
Northwestern region
(15roads) ....219,924,112
Central Western region (16
roads) .366,830,070
Southwestern region (22 roads)
+287,245
+3,636,016
Lines in
New England—
268,280,412
125,803,419
roads)
%
1,274,744
3,331,967
System—
Can Nat
Det <fc Tol Sh Line._
roads)
Inc. or Dec.
10.22
Southern District—
Southern region (28
roads)
Pocahontas region (4
%
+7,906,003
+31,724,395
#
roads)
1936
$
3,431,436
22,158,377
Cambria & Indiana.
Earnings■—-—-—
1936
!;$•:
Great Lakes region (24
roads)
Central Eastern region (18
1937
$
Region—
-Gross
6 Mos. Ended. June 30—
Eastern District—
-Net1936
3,704,655
24,276,866
Great Lakes
New England region.
Great Lakes region..
lying between the
N Y Ont & West—See Great Lakes region.
Commerce
SUMMARY BY GROUPS
Eastern District—
Northwestern Region
Louis, and north of
south of St. Louis and a line from St. Louis to Kansas
City and thence to El
Vermont.
previously explained,
District and Region
Total all districts
to St.
Grand Trunk Western—See Great Lakes
region.
are
boundaries of the different
groups and regions are
indicated in the footnote to the table:
Total (32
section south of the
Chicago to Peoria and thence
from St. Louis to Kansas City and thence to El Paso and
by the Mexican
to the Pacific.
Rutland..
Total (52
boundary of
Maryland and
adjoining Canada lying west of the
Great Lakes Region, north of a line from Chicago to Omaha and
thence to Portland
Central Vermont...
the roads to conform with the classification
group
corner of
EARNINGS OF UNITED STATES RAILROADS FROM
JAN. 1 TO JUNE 30
single exception; increases in
a
and net earnings alike.
is
southern
Parkersburg, W. Va.,
and by the Columbia River to the Pacific.
as
Eastern, the
Western—together with
record, without
groups
the
WESTERN DISTRICT
Bangor & Aroostook
three districts—the
the
various regions
by
of
Northwestern Region—Comprises the section
Can Nat
is found that all
both gross
north
thence by the Potomac River to its mouth.
New England
Southern
south
geo¬
compared with the first six months of
very
section
Parkersburg to the southwestern
custom, the very favorable character of the
1936, is
to
Region—Comprises the
and south of a line from
$5,260,980
graphical divisions, according to their location,
as
Mississippi River and
following the
Kentucky and the southern boundary of Virginia to the
Atlantic.
Virginia, east of Kentucky and the Ohio River north to
as
When the roads
exhibits,
of the
cover
Michigan Central,
Cincinnati Northern, and Evansville
Indianapolis & Terre Haute.
In¬
cluding Pittsburgh & Lake Erie, the result is an increase of
$6,293,626.
our
section east
of the Ohio River to a point near Kenova, W.
Va., and a line thence
Central Western
Total (49 roads)
the operations of the New York Central
and the
leased lines—Cleveland Cincinnati
Chicago & St. Louis,
is
Region—Comprises the
Increase
Wheeling & Lake Erie.
Louisville & Nashville._
26,508
Central Eastern reg'n 24,794
Total.
12.63
Southern District—
46,091
Cent. West, region..
Southwestern region.
42,287,760
29,768
46,307
56,820
29,873
70,614,737
41,436,102
35,359,387 +6,928,373
58,806,597 +11808,140
33,714,018 +7,722,084
20.07
133,000
154,338,599
127,880,002 +26458,597
20.68
districts.235,852 236,504 528,201,763 451.648.720
+76553,043
16.94
56,913
'
19.59
22.90
1937
NOTE—Our grouping of the roads
conforms to the classification of the Interstate
Commerce Commission, and the
following indicates the confines of the different
groups and regions:
I
EASTERN
1,135,517
Great
Lakes
Region—Comprises the New England States.
Region—Comprises the
section
on
the Canadian boundary between
New England and the westerly shore of
Lake Michigan to
line from Chicago via Pittsburgh to New York.
Chicago, and north of
a
Chicago through Peoria
to the mouth of the Ohio
Va., and
a
to St. Louis and the
River, and north of the Ohio River
line thence to the southwestern
River to its mouth.
329,907
+ 75,479
5,218,170
+ 492\532
corner
to
92,646,656+13,115,350
-Net
1936
1937
1936
1,102,159
416,482
410,902
21,833,107
—1,525
4,061,084
1,975,508
19,306,169
—14,222
1,888,334
1,693,630
667,901
Inc. or Dec.
$
+5,580
Alton—See Central Western region
Bait & Ohio
88,011,669
783,196
8,378,112
8,231,743
Chic & III Midland.
1,942,326
Chic Ind & Louisv.
5,179,553
Det Tol & Ironton..
4,312,921
Elgin Joliet & East.
11,776,274
Illinois Terminal...
3,122,344
Staten Isl Rap Tr
Bessemer &L Erie..
Chic & East Illinois.
79,466,026
790,067
5,567,478
7,577,948
1,677,855
4,934,794
+2,526,938
+ 12,697
+ 2,172,750
+ 281,878
1,148,449
539,013
945,736
2,154,647
2,723,323
1,060,118
520,571
241,557
118,753
+122,804
Pennsylvania System
Long Island..... 12,160,445
12,055,565
Pennsylvania
234,499,503 204,968,166
Reading System—
2,037,391
58,614,732
2,685,630
55,631,632
—648,239
+2,983,100
—190,397
4,893,113
—84,675
3,517,924
8,838,922
2,610,205
1,756,152
—105,722
+1,375,189
+1,695,170
+529,486
+975,112
Penn Read SSL.
Central of N J...
4,083,222
8,957,424
2,919,285
916,850
2,263,972
3,865,312
+ 128,888
—28,886
+ 109,325
+ 1,141,989
+ 88,331
-See Southwestern region
730,021
2,671,477
16,791,667
31,768,321
Western Maryland.
9,118,261
Wheeling & L Erie..
8,318,333
Reading
Central Eastern, Region—Comprises the section
south of the Great Lakes Region
east of a line from
—6,196
—6,124
405,386
$
Missouri Pac System
Missouri Illinois..
DISTRICT
615,657
5,710,702
Region—
Akron Canton & Y.
Bait & Ohio System-
_
New England
1,919,740
22,181,125
-Gross-
4.66
132,772
Total all
065,471
23 455,187
Central Eastern
region
Total
2
Wabash
Total (24 roads)—403,135,890 371,411,495 105,762,006
70,270,712
55,664,303
Western District—
Northwestern
Wabash System—
Ann Arbor
609,533
2,540,330
15,472,646
29,098,960
7,845,363
7,008,386
10,534,092
3,139,691
2,731,264
Mississippi River
Parkersburg, W.
of Maryland and by the Potomac
Total (18
roads)..448,931,683 396,586,245 119,148,583 105,782,193 + 13,366,390
Tota' Eastern Dis¬
trict (52
roads).937,304,277 845,328,441 247,928,149 213,284,275+34,643.874
Volume
Southern
—-Net
1937
1936
1937
Southern
Atl Coast Line System-
1,599,154
835,821
23,313,558
1,092,464
2,993,286
1,734,681
1,946,486
Atlanta & W Point
920,649
Atl Coast Line
27,258,434
Charles A W Caro
1,326,563
Clinchfteld
3,590,351
Atl Blrm A Coast_
1,910,656
Georgia
253,503
122,707
8,169,678
469,824
1.741,045
388,644
11,761,550
1,262,729
Loulsv A Nashv__
45,482,858
7,511,330
855,216
639,712
Columbus A Greenv
Florida East Coast.
5,873,277
640,592
Georgia & Florida
42,683,913
Nash Chat A St L
6,650,926
741,873
522,399
5,242,437
528,606
60,740
3,825,571
3,433,857
1,367,028
West Ry of Ala__
__
Gulf Mobile A Nor_
1936
Inc. or
103,478
101,392
2,022,990
half-year's
+ 134,338
119,165
+24,369
98,338
5,863,413 -t-2,306,265
+ 131,934
337,890
+463,098
2,277,947
+125,424
263,220
-j-926,288
10,835.262
+539,249
723.480
+61,851
41,627
+62,422
38,970
-r246,905
1,776,085
-t-58,214
2,526
+ 143,582
1,223,446
Illinois Central System-
+540,731
—678,874
2,489,362
1,015,682
112,192
10,160,384
1,917,723
62,816
103,153
—40,337
1,556,413
7,5"8,651
8,818,346
Central of Georgia
+60,778
830,804
719,922
172,970
48,695,337
Yazoo AIV'Iss Vail
7,884,895
449,674
Mississippi Central.
Norfolk A Southern.
2,617,191
46,854,97**
9,481,510
6,812,668
429,063
2,209,195
19,230,743
677,250
426,536
+250,714
5,510,246
3,213,593
+2,296,653
1,063,612
3,461,930
731,017
+332,595
175,508
3,048,330
151,875
873,295
378,469
150,508
+413,600
+ 130,161
+599,112
+260,223
+25,000
15,093,017
12,109.185
+2,983.832
307,635
305,464
+2,171
Island
Illinois Central
23,075,308
Seaboard Air Line..
3,058,310
7,912,405
1,145,235
4,908.990
1,265,815
351,664
45,010,351
1,159,966
3,737,212
8,812,220
1,281,706
6,102,410
1,622,181
Southern.
Gt
Cin NO ATP...
Ga South A Fla__
Mobile A Ohio...
N O A Northeast.
400,523
North Alabama._
50,907,645
1.263,265
Southern.
Tennessee Central..
282,036
1,472,407
638,692
70,270,712
1937
1936
1937
Pocahontas
$
$
$
Region—
Chesapeake A Ohio.
48,056,994
4,710,692
63,283,884
42,807,089
3,874,888
9,557,316
8,197,903
27,306,793
21,718,081
1,427,220
5,212,209
(4 roads)-.125,803,419
118,163,764
55,664,303
63,478,417
Norfolk A Western.
Rich Fred A Potom.
Virginian
Total
57,298,775+12.971,937
Net
-Gross-
—
1936
Inc. or Dec.
$
$
28,571,438 —1,264,645
19,407,184 +2,310,897
823,059
+604,161
4,383,987
+828,222
53,185,668 +2,478,635
Total Southern Dis¬
trict (32
substantial
11.42%, in
gross
roads)...394,083,831 358,174,693 125,935,015 110,484,443 + 15,450,572
1936:
of
Region—
1936
Inc. or Dec.
$
E—See New England region.
England region,
163,450
Dul Winn A Pac.
733,073
685,976
Grand Trunk Western—See Great Lakes region
121,161
+42,289
England region.
England region.
1,333,308
12,207,991
391,177
337,895
42,432,390
41,761,255
8,165,678
8,422,905
9,019,258
8,315,801
51,680,315
50,258,662
11,349,748
5,517,122
41,207,930
36,886,929
842,899
780,207
1,309,325
926,513
3,861,080
4,202,888
30,399,579
26,204,494
4,295,479
3,520,097
C P I ines in Me—See New
C P Lines in Vt—See New
MStPASSM..
Spokane
Internat
Chic A North West.
Chic St P M A O.
Chic Great Western
Chic Mil St PA Pac
Dul Missabe A Nor.
Great Northern
Green Bay A West.
Lake
Sup A Ishpem.
Minn A St Louis...
Northern
Pacific...
Spok Port A Seattle
Total (15
385,182
1,990,417
70,102
70,601
—499
2 ,520,889
3,343,092
472,343
985,948
—822,203
—513,605
1 ,851,966
9 ,215,370
6 ,456,512
11 ,925,046
205,855
686,756
388,739
4 ,550,761
1 ,430,223
42,287,760
roads)..219,924,112 201,362,043
Atch Top
35,359,387 +6,928,373
1936
1937
'■
$
Region—
+ 52,888
1,799,078
+ 134,637
9,080,733
1,958,669 +4,497,843
10,535,592 + 1,389,454
+ 19,798
186,057
+312,474
374,282
—332,863
721,602
2,741,826 + 1,808,935
+ 365,076
1,065,147
-Net-
-Gross-
Central Western
ASFe... 81,085,321
—37,370
+ 11,519
2 ,001,936
347,812
1937
1936
S
$
$
<
Inc. or Dec.
$
69,496,823
14,447,916
9,957,226
+4,490,690
7,525,247
2,038.918
1,496,148
+542,770
Bait A Ohio System—
and
net
Central Eastern region.
Bait A Ohio—See
Staten Isl Rap
Tr—See Central Eastern region.
Burlimrton Route—
46,500,905
3,702,088
3,369,466
Den A Rio Gr West. 12,203,918
Denver A Salt Lake_
1,264,002
Ch Burl A Quincy
Colo A
Southern.
Ft Worth ADC.
Nevada
714,789
1,312,063
252,382
—831.420
161,822
1,235,691
274,985
9,308,165
541,440
1,155,528
480,643
326,713
10,940,347
335,977
Northern..
+ 316,755
9,624,920
780,419
43,963,246
3,234,428
2,698,345
120,455
+ 41,367
+ 238,979
+ 440,739
+ 74,331
Rock Island System—
2,045,473
34,654,169
633,257
506,188
36,736,598
4,196,702
2,537,353
+127,069
+1,659,349
1,807,446
1,653,079
77,271
89,238
-11,967
68,140,055
region.
1,145,131
65,681,095
519,180
6,053,931
19,982,397
17,120,919
+2,861,478
roads)..366,830,070 319,261,225
70,614,737
ChicR I A Gulf..
Chic R IA Pac..
2,288,085
Sou Pac System—
Pacific
Northwest
St L Southwestern- -See Southwestern region,
Pacific.
Southern
84,847,954
Texas A N O—See Southwestern
Tol Peoria A West..
Union Pacific
Utah
Western
7,623,214
Pacific
Total (16
1,139,426
75,157,871
623,568
320,371
16,174,693
104,201
108,966
$
Region—
Burl-Rock Island...
643,131
397,354
Ft Smith A Western
—18,472
14,340,910 +1,833,783
136,496
—32,295
338,843
33,982
+74,984
58,806,597 + 11,808,140
—Net
Gross
1937
Southwestern
—
1936
Inc. or Dec.
$
$
1937
$
82,780
—68,148
49,137
41,972
+7,165
4,385,814
38,055
2,366,113
557,044
932,645
159,929
* 291,643
68,111
3,780,121
3,329,098
—80,223
+ 1,056,716
1,193,608
853,938
5,787,032
1,084,455
region
41,421,556
10,128,038
1,112,194
762,282
2,932,422
1,989,673
671,371
100,416
12,939,937
4,992,123
272,623
93,046
374,556
854,095
+ 479,382
8,881,107
359,597
+ 1,246,931
1936
$
386,132
357,697
+150,928
Frisco Lines—
24,680,436
St L San Fr A Tex
688,237
St I^San Fran...
Kansas City South.
Kansas Okla A
Louisiana A
Gulf
Ark...
La Ark A Texas
Midland Valley....
Missouri A Arkansas
Mo-Kansas-Texas-.
6,821,197
1,096,005
2,886,089
646,640
685,134
548,502
15,275,501
21,947,385
587,357
6,356,861
1,171,970
2,762,332
623,269
692,058
494,329
14,508,401
2,345,291
604,112
1,045,687
152,788
+ 118,278
+ 20,822
—47,068
—113,042
+ 7,141
296,657
—5,014
103,257
3,057,597
+ 722,524
—35,146
Missouri Pac System—
BeaumSLAW..
Gt Nor.
Internat
1,745,218
6,503,935
+ 230,360
Missouri Illinois—See Central Eastern
45,110,232
Tex A Mex__
1,573,695
Brownsv A M
4,639,650
Missouri Pacific..
N O
St L
S A Uvalde A Gulf
662,188
Texas A Pacific..
15,138,960
Okla C-Ada-Atoka
.
260,429
780,321
+ 402,685
+ 1,209,352
238,201
—137,785
3,901,276
139,618
+ 1.090,847
—46,572
Southern Pacific System—
region.
9,227,899
2,626,461
Western region.
19,364,170
5,849,763
677,079
244,515
Northwestern Pac—See Central Western
St L Southwestern
10,664,167
Southern Pacific—See Central
Texas A New Orl.
Texas Mexican
Total (22
Total
Total
roads)..165,108,067 145,487,682
Western
trlct (53
all
23,670,247
771,120
41,436,102
3,037,942
—411.481
4,116,348
202,869
+1,733,415
+41,646
33,714,018 +7,722,084
Dis—
roads)...751,862,249 666,110,950
154,338,599 127,880,002 + 26,458,597
districts
(137 roads)
..2083250357
net.
in
But
(14.53%)
in
gross
these
in both gross
($214,374,745 and $71,353,026,
respectively),
alike
gains, in turn, came after a loss in gross
and these
earnings
of $30,In the same
six months of 1932, however, there was a decrease of $584,780,093 in gross and of $149,889,660 in net; also a decrease
$168,965,008, accompanied by a gain in the net
of
679,039 in the corresponding period of 1933.
$503,786,279 in gross and of $147,407,933 in net
of
first half of 1931, and a decrease
in the
of $324,823,450 in gross and
On the other
1929 recorded
$151,648,890 gain in gross and $114,947,201 gain in net,
which, in turn, came after $116,628,506 loss in gross and
$13,059,449 loss in net in the first half of 1928.
In 1927,
also, conditions were not altogether favorable, so that our
tables then likewise showed some shrinkage in both gross
and net earnings.
The Mississippi River floods, the coal
miners' strike, the slump in the automobile trade, the de¬
$199,587,164 in net in the first half of
hand,
our
tabulations
1930.
for the first half of
impaired status of the agricul¬
of suc¬
crops of spring ivheat, all imposed a state of
general trade in that year and left their mark
tural classes,
on
railroad
on
especially in the Northwest, by reason
revenues.
However,
the
decrease
was
very
less than one-third of
1%, and $16,035,003 in the net, or 2.20%.
In the two years
preceding, on the other hand—1926 and 1925—the situation
was
different.
Then the returns were distinguished for
quite considerable improvement.
Especially was this the
case in
1926, when our compilations recorded $131,448,135
increase in gross and $71,056,875 increase in net.
There
were increases also in 1925 over 1924, but they were much
more
moderate, at least in the gross, having been only
$23,096,456 in that item, but $58,807,728 in the net.
How¬
ever, these increases came after a big falling off in both
gross and net in 1924.
This latter year was the year of a
Presidential election, when, pending the outcome, a tremen¬
dous slump in business occurred, which involved a corre¬
sponding contraction in the traffic and the revenues of the
railroads.
The falling off in the gross in 1924 amounted to
no
8,144,231
Alton
earnings in the first six
$237,256,748
slight—only $9,132,430 in the gross, or
Can Pac System—
1,419,745
12,816,436
or
follows
there were substantial increases
(1934)
year
quietude
Central Vermont—See New
Dul So Sh A Atl._
namely,
(20.16%)
$75,765,722
cessive poor
Can Nat System—
C N Lines in N
$213,636,273,
pression in the South, the
-Net-
1937
1936
$
1937
$
Northwestern
of
cumulative
gains come on top of very poor results in the first half
of 1935, when our compilations showed a slight increase in
gross —$5,259,590—accompanied by a loss of $41,593,457 in
net.
On the other hand, in the first half of the preceding
and
Western District
-Gross-
improvement
and $76,553,043, or 16.94%, in net,
sizable gains in both gross and net
months
of
roads)..268,280,412 240,010,929
Total (28
the fact that the present
-T-571,639
Southern System—
Ala
Stress lias already been laid on
Dec.
$
$
$
$
Region—
Years
Results for Earlier
District
-Gross-
Gulf A Ship
1323
Financial Chronicle
145
1869614084 528.201.763 451,648,720 + 76,553,043
less than
$225,987,341; in the net it was $54,000,364.
the 1924 shrinkage in gross and net
But in noting
it is
important not to overlook the fact that this followed pro¬
digious gains in gross and net alike in the year preceding,
that is, 1923, the addition to the gross that year having
been $480,926,565 and to the net $117,564,651.
Moreover,
this improvement, at least in the net, came after large in¬
creases in 1922 and the year before, too, the improvement,
however, in those two years following entirely as a result
of savings
in expenses, gross
earnings in both 1922 and
1921
recorded losses. In 1922, as against $63,299,701 de¬
crease
in gross, the saving in expenses was $281,731,725,
affording, therefore, a gain in net earnings of $218,332,024.
In 1921, in like manner, though there was $67,476,090 loss
in gross, this was turned into a gain of $141,808,030 in net
by a reduction of $209,284,120 in expenses.
The 1921 reduc¬
tion in expenses would have been very much greater than
actually recorded except that the railroads were operating
under much higher wage scales
the United States Labor
Board having in July, 1920, awarded an increase of 20%.
On the other hand, the decrease of 12% made by the Labor
having
Board,
effective July 1, 1921, was a
in the first half of 1922.
factor in lowering
expenses
particularly remembered, though, that pre¬
had been mounting up in a fright¬
ful way, until in 1920 a point was reached where even the
strongest and best managed properties were barely able
to meet ordinary running expenses, not to mention taxes
and fixed charges.
And it is these prodigiously inflated ex¬
It
must
be
viously to 1921 expenses
pense
accounts that furnished
the basis for the savings and
effected in 1921 and 1922 and in the
immediately succeeding years. -As compared with 1920, the
roads in both 1921 and 1922 also had the advantage of much
more favorable weather conditions.
In 1921 the winter was
exceptionally mild, and much the same was true of the
winter of 1922, though this last is declared to have been a
hard
one
in certain special sections—in Wyoming and
Montana, for instance, and contiguous territory.
In 1920,
on the other hand, not only was the winter unusually severe,
but many other adverse influences and conditions existed
at the time, all combining to cut down the net, and in our
review of the earnings for this half-year period we were
prompted to say that it was not likely that we would ever
economies that were
1324
Financial
Chronicle
Aug. 28, 1937
be called upon to record a poorer statement of net
In
of United States railroads for any
ditions with which the roads had to contend.
that for the first half of 1920.
induced
earnings
period of six months than
Rising costs of operation—
wage
the
of
accounts
and
railroads,
by
heavy
extra
another—had been
then
we
years,
pointed
but
out,
be said
unquestionably, might
in
1920
to have
the
was
against
as
than $425,461,941,
an
addition to expenses of
It
should
be
merely
furthermore, that the falling off in
one of a long series of losses in net.
In the first six months of 1919 the
the
not
was
usually
our
119932064508623754
an
addition
of
$212,222,155 to
$7,155,748 in net.
In
fololwing
the
we
leaving
a
furnish
expenses,
the
loss
|
repeated
heavy
snowstorms
oc¬
of
winter
Barring this, however, the winter of 1927
drawbacks
impose
In
1926,
of
likewise,
great consequence
any
the
winter
disturbing influence.
on
the
as
the
on
was,
weather conditions
whole, quite
1926
in
did
was
The situation in that
favorable.
yet
any¬
whole
not
it had been in
1925,
In
with
interfere
January
railroad
(+) or
Decrease (—)
Cent
suffered
roads
by reason of heavy falls of
1926, taking the country as a whole,
stated, quite mild, but in February there were some
severely
The winter of
snow.
Per
was, as
+$120,332,208
+ 179,089,522
11.44
big
15.27
proaching
—28,958,798
2.16
1,309,006,353
1,366,304,199
I,486,c43,7u6
1,447,464,542
+56,349,506
+ 136,168,743
4.30
drifts to tie up traffic and interfere seriously with the run¬
9.97
ning of trains.
5.72
of any consequence
—85,033,426
—39,998,560
1,403,448,334
2,602,347,511
3,086,129,793
2,865,94/,474
2,887,608,623
3,022,413,801
3,011,796,048
2,901,379,728
3,057,560,980
2,184,221,360
1,599,138,566
1,430,226,671
1,632,996,080
1,870,19. ,058
2,083,250,357
however,
there
words,
In this city there was, in 1926,
fall
2.38
18.46
7.31
18.74
26.78
10.57
this
fall
0.81
no
no
ap¬
big
snowfall
there were two very heavy
Feb. 3-4, when 10.3 inches of
month
one
on
9-10,
Feb.
when
whole month
the
of
the snowfall
February the
was
snow¬
in 1926 aggregated 25.7 inches,
city
being the
February since 1899, when the
27.5 inches, and comparing with only 0.8 inch in
heaviest
4.55
was
for
record
on
any
February, 1925 (when, however, the fall was extremely
heavy in January), and with 11.5 inches in February, 1924,
and 17.9 inches in February, 1923.
The February snow¬
0.30
3.86
5.22
10.61
+2i4,374,145
in
For
nothing
were
during the winter until February, but
namely,
11.6 inches.
—168,965,008
1,599,191,879
1,*13,361,745
1,627,736,490
1,652,939,310
1,869,614,084
1,627,736,490
snow
15.39
—584,780,093
3,062,220,645
2,6,.8,007,639
2,183,918,659
with,
In other
fell, and another
12.81
—63,399,701
3,020,982,478
3,018,uU8,234
2,905,912,090
East,
the
blizzard.
last-mentioned
snowstorms,
9.62
+480,926,565
2,890,965,666
this
a
2.46
11.78
—225,987,341
+23,096,456
-fl3i,448,135
—9,132,430
—116,62o,506
+ 151,648,890
—324,823,-50
—503,786,279
2,864,512,167
in
snowstorms
in
23.37
—67,476,090
3,091,934,815
2,737,397,195
2.76
+328,012,578
+205,066,407
+ 181,848,062
+265,635,870
+358,015,357
1,741,329,277
1,889,489,295
2,074,114,256
2,326,657,150
2,738,845,138
2,065,747,212
2,605,203,228
2,339,750,126
2,684,672,507
2,671,369,048
storms of 1926 seem to have extended all over New
and
all
16.17
+5,259,590
0.32
14.53
reported
in
England
New England roads virtually
through New York State.
in
as
+*37,*56,74o
+2i3,63o,273
for
and
net,
that
large
month
in
as
well
doubt the circumstance mentioned
no
was
losses
gross
part responsible for this, in addition to which, however,
11.42
these roads must have had their coal traffic reduced by the
NET EARNINGS
anthracite miners' strike.
In both 1925 and 1924 the railroads enjoyed quite remark¬
Year
Year
Given
Jan. 1 to June 30
Preceding
Increase
(+) or
Decrease (—)
Cent
+$76,640,239
25.98
9.91
Per
able
$294,951,102
371,562,668
404,569,430
375,407,6-18
408,380,483
was
from bad weather and from the often ex¬
exemption
treme
$371,591,341
somewhat
of
373,442,875
—50,660,208
1^.84
the month in 1925,
347,068,207
393,225,007
562,838,773
540,911,505
265,32o,l44
263,0*9,2 3
+47,6lo,o43
+ 1v,6,141,381
13.55
was
42.28
—7.150,747
—275,205,583
60.88
—316,985
0.12
—67,446,584
25.o4
310,890,365
169,082,335
+ 141,808,030
83.87
53u,420,6J1
.649,131,565
597,828,199
650,663,661
727.9u5.072
711,888,665
700,846,779
3l2,uo8,62/
531,566,924
+^.18,332,0*4
+ 117,36*,641
.9.96
*2.x2
651,828,o63
—54,000,364
8.28
5u/,8oo,833
+58,80/,728
9.84
656,848,197
+ 7x,0o6,8/5
10.82
727,923,568
—16,03o,003
2.40
1.83
373,370,171
400,242,544
343,830,677
394,083,4o8
559,4/6,894
555,683,025
265,705,922
265,007,169
195,082,649
1919.L
1925...
1926
1927..
713,906,228
6.36
"
0.54
certain
on
lines here in
the
East, though not to
any
whole.
repeated snowstorms in these parts in
There
were
7.18
1.27
drawback
a
394,49o,88j
378.862.0o3
In January, 1925, bad weather
rigors of the winter.
+36,817,815
—25,717,o77
—<.,007,477
+26,788,669
1918...
great extent for the country as a
and in New York City the fall of snow
the heaviest of any January
weather
in the history of the local
This compared with
but with 21.9 inches in
bureau, reaching 26.2 inches.
only 2.6 inches in January, 1924,
January, 1923, this latter having also been a month of very
heavy snowfalls.
A storm which came toward the end of
the
month
tended
in
ous
in
into
New
it
ported
1925—that
Jan.
Thursday,
is,
29,
and
ex¬
Friday, Jan. 30—proved particularly mischiev¬
York
as
the
The
State.
worst
in
its
New
York
history,
Central
especially
RR.
re¬
between
817,600,221
702,603,020
—i.3,Oo9,*49
-fl.4,947,201
16.36
Albany
and
618,567,281
818,104,445
—199,1/87,164
24.39
running
of
471,189,438
618,697,371
—147,407,933
23.83
321,4oO,7Ul
471,340,361
321,462,887
—149,889,660
31.80
+30,6.9,u39
+ 71,353,026
—4i,593,4o7
+ 7o,76o,722
+76,553,043
9.40
this way
was
very
much circumscribed, being confined
largely to New York and New England, while elsewhere in
352,131,926
417,993,.0o
376,399,748
451,625,515
528,201,763
193/
In
regard
to
affecting
the
different
years,
winter
1937
of
the part
traffic
375,859,793
451,648,720
played
and
earnings
already
a
mild
one
20.58
of
the
pointed
roads
sufferers,
ditions
with
there
which
were
practically
the roads
had
therefore, that the present
seen,
distinction
tense
to
1936 with
its
to
year
no
because of
in
the
the
all parts of
was
tremendous
greatly to the operating
It
con¬
will
be
in direct contra¬
snowfalls
cold, which embraced practically the
added
unusual
contend.
expense
entire
causing considerable delay in the
area of disturbance, however, in
16.94
and, with the exception of the disastrous floods
(beginning in mid-January) which swept the Ohio Valley
area, and from which the Pocahontas carriers were the
main
The
the northern part of the country the winter was compara¬
tively mild, and little complaint was heard of obstruction
9.95
that
out
in practically
Rochester,
trains.
.0.16
by weather conditions in
have
we
was
346 ,u40,179
*17,993,205
the country,
and
the
1,339,539,563
1,310,580,765
1,365,355,8o9
1,502,472,942
1,401,010,280
1,407,465,982
1,731,460,912
1,946,395,684
2,071,3^7,977
19j5
Rocky
and
half-
Increase
Preceding
l,3ol,570,837
1925...
were
$1,051,853,195
1,172,481,315
$1,172,185,403
1920.
encountered
during
In fact, it may be said
Mountain States, particularly
snow
respect was not so extremely good
of
land
'
In 1927, too, the winter
operations to any great extent over any large sections of
the country.
On the other hand, in February the New Eng¬
Year
Given
the
through
not much of a
GROSS EARNINGS
Jan\ 1 to June 30
of
Wyoming,
Dakota.
not
where.
yearly comparisons back to 1909:
Year
of
and
all
South
did
concurrent with
was
to
1927, making railroad
operations difficult; even towards the middle of April
an
unusually severe spring blizzard was reported, seri¬
ously interrupting traffic, the latter extending also into
$457,054,265, or about 34%, with the result that a gain of
$181,848,682 in gross was turned into a loss of no less than
$275,205,583 in the net, or over 50%.
Not only that, but
gain of $205,066,407 in gross
some
curred
equally bad, huge increases in expenses acting to cause
heavy losses in the net.
For instance, in 1918 the addition
to
expenses
(over 1917)
reached the prodigious sum of
a
west
way
In contradistinction to this, the
February and March.
Colorado
a
falls
heavy
in
that
coincident increase in expenses of
$265,952,855.
leaving
net
slightly
smaller,
namely,
by
$316,985.
In the preceding two years the results were
in 1917
latitude all the
of
in any part of the country, if we except a
in the Rocky Mountain regions, where un¬
area
January,
compilations then showed $265,635,870 addition
earnings with
parallels
same
severe
limited
for the transportation of passen¬
gers and freight barely sufficed to meet the great rise in ex¬
gross
many
seriously
does
parts of the country in that year.
(as compared with 1918)
to
operations.
in
Utah,
higher rates than in force
penses ;
the northern
winter of 1928 ranked as one of the mildest on record,
complaints of obstruction to railroad operations from snow
or
ice or extreme cold having been entirely absent in all
leaving the net diminished in amount of
noted,
was
railroad
State of Washington.
the
$67,446,584.
net in 1920
while in
Particularly
much
less
no
in 1929,
Wyoming, Montana, Idaho and, as a matter of fact, along
earnings in the first half of 1920
gain in gross earnings of $358,015,357,
a
con¬
However, in
remark apply to Wisconsin and Iowa, Colorado,
this
on
compilations showed
our
111999202048336475
367
that
influences
with
interfered
of the roads failing to earn bare operat¬
Altogether, the result of this array of un¬
ing expenses.
unusual
no
quite severe, extreme cold accompanied
by repeated heavy snowfalls having
was
instances
and its apex, many
favorable
unusual conditions, but
ter
movement,
its climax
reached
were
part of the eastern half of the country weather conditions
were not much of a drawback, in the western half the win¬
expenses
one kind
feature of railroad affairs for
many
a
there
In 1933, as in 1932 and in 1931 and 1930, there were
storms.
no
arising out of special unfavorable circumstances of
or
(1935)
previous year
1934 the winter was quite severe, with frequent heavy snow¬
increases, advancing prices for material,
fuel, supplies and everything else entering into the operating
by
the
and
in¬
country
of the roads.
snow
and ice
or
because of extreme cold.
After this heavy snowstorm
part of January
of
the
country
in New York State the latter
(1925), from which, as noted, other parts
were exempt, mild
weather developed in
February, and this
said to have been a condition
States and even Canada, the
winter nearly everywhere having been an open one and
spring having come unusually early virtually everywhere.
Nor, as already stated, was there much severe winter
common
to
weather in
was
of
may
the whole
be
United
1924, but in 1923, on the other hand, the winter
severity in many parts of the northern half
of unusual
the
United
New England and in
suffered from repeated
snowstorms, and from the depth of the accumulated snow¬
falls, with a resulting large increase in operating expenses.
States,
especially in
northern New York, where the roads
Volume
1325
Financial Chronicle
145
Enacted Into Law—Amends Various Farm
Text of Farm Credit Act of 1937 as
Credit Measures
and borrowers
national farm loan associa¬
through agencies in the district; in the case of an
election by production credit associations, such notice shall be sent to all
production credit associations in the district; and in the case of an election
by cooperatives which are stockholders or subscribers to the guaranty fund
of the ban i for cooperatives of the district, such notice shall be sent to all
cooperatives which arj stockholders or subscribers to the guaranty fund at
the time of sending notice.
After receipt of such notice those entitled
to nominate the director shall forward nominations of residents of the
district to the Farm Credit Administration.
The Farm Credit Adminitration shall, from the nominations received within 30 days after the sending
of such notice, prepare a list of candidates for such elected director consisting
election of
an
giving below the text of the Farm Credit Act of
1937, signed by President Rosevelt on Aug. 19, and amend¬
ing the Federal Farm Loan Act, the Emergency Farm Mort¬
gage Act, of 1933, the Farm Credit Act of 1933, the Federal
Farm
Mortgage Corporation Act and the Agricultural
Marketing Act.
The signing of the measure by the President
is referred to elsewhere in our issue of to-day.
The text
We
are
follows:
A
II. K. 7909]
A BILL
;
Federal
To amend the
Farm Credit Act
Farm Mortgage Corporation Act, to
Federal
the
to amend the
by the Senate and the House of
Be it enacted
Farm
of 1933, to
amend the
Marketing Act, and for other purposes.
Agricultural
States of America
2.
Corporation Act
1020d) is amended by adding at the
(b) of the Federal Farm Mortgage
4
Section
(U. S. C., 1934 edition, title 12, sec.
end thereof the following new paragraph:
"When in the judgment of the directors conditions
justify it, the corpora¬
unpaid obligation
of any such
obligation, together with interest thereon, at a rate not exceeding 5% per
annum, dining such period and in such amounts as may be agreed upon
extend, in whole or in part, any
tion shall have power to
under
the
at the date of
Sec.
3.
of any
terms
and to accept payment
making such extension."
Section
(48 Stat. 47),
mortgage,
as
31
Act of 1933
of the Emergency Farm Mortgage
(a)
amended, is amended by striking out all
prior to the first
proviso and inserting in lieu thereof the following:
authorized and directed
to make available to the Land Bank Commissioner until July 1, 1938, out
of the funds of the Corporation, the sum of $2,000,000, to be used for the
purpose of making loans to the joint-stock land banks organized and doing
business under the Federal Farm Ixjan Act, as amended.
Loans made by
The Federal Farm Mortgage Corporation is
"(a)
the Land Bank Commissioner under this section shall
and
be made in the name
behalf of the Corporation and shall bear interest
on
at a rate not to
section to any
for a period of
1 year from the date on which the loan is made, postponement of the fore¬
closure of first mortgages held by such bank on account of (1) default in
the payment of interest and principal due under the terms of the mortgage,
and (2) unpaid delinquent taxes, excluding interest and penalties, which
exceed 4%
per annum.
No loan shall be-made under this
joint-stock land bank except for the purpose of obtaining,
may
be secured by the lien of said mortgages."
Sec. 4.
The first sentence of section 4 (b) of the
Corporation Act,
as
Federal Farm Mortgage
amended (U, S. C., 1934 edition, title 12, sec.
1020d),
authorized to
purchase from time to time, for cash, such consolidated farm loan bonds
at such prices and upon such terms as may be approved by the board of
directors of the corporation; to make loans to Federal land banks and joint
stock land banks on the security of real-estate mortgages, sheriff's cer¬
tificates, sales contracts, and real estate, upon such terms and conditions
as shall be prescribed by the board of directions or the corporation:
Pro¬
vided, however, That loans outstanding to joint-stock land banks under
is amended
to
read
as
follows:
"The corporation is further
this subsection shall not at any one time exceed in
to make loans to
loans made under section
loan bonds; and to invest its funds in mortgage
of the Emergency
Sec.
the aggregate $10,000,000;
of consolidated farm-
Federal land banks on the security
United States,
There shall be 12 districts in the continental
5. (a)
32
Farm Mortgage Act of 1933, as amended."
excluding Alaska, which shall be known as farm credit
districts, and may
bank
boun¬
daries of the respective farm credit districts.
Such boundaries may be
readjusted from time to time in the discretion of the Farm Credit Admin¬
istration, provided that said districts shall be apportioned with due regard
be designated
The boundaries of the 12 Federal land
by number.
districts existing as of the date
of enactment of this act shall be the
to the farm credit needs of the country
and no such district shall contain a
bank dis¬
trict" and "land bank district" wherever usedinthe Federal Farm Loan Act|
or in any act amendatory thereof or supplementary thereto, are changed to
fractional part of any
State.
The designations "Federal land
"farm credit district" and shall hereafter be deemed to
refer to the farm
credit districts provided for in this section.
seven
be in each farm credit district a farm credit board,
shall be composed of
There shall
(b)
Each farm credit board shall include in its
members.
of the city in which the
production credit
district
as
are
Federal land bank, Federal intermediate
elected directors of whom
one
ciations and borrowers through
shall be chosen by national
chosen by cooperatives
as
fund of the regional
Three of the seven members shall be
bank for cooperatives in the district.
ernor
farm-loan asso¬
agencies, one shall be chosen by production
of the district and one shall be
which are stockholders or subscribers to the guaranty
known
credit bank,
regional bank for cooperatives of the
Three of the members of said board shall be known
corporation and
located.
credit associations
title the name
district directors, of whom two shall
be appointed by the Gov¬
be known as
of the Farm Credit Administration and one, who shall
the third district director, shall
be chosen as hereafter in this section pro¬
The seventh member of such board shall be known as director at
vided.
large and shall be appointed by the Governor
of the Farm Credit Adminis¬
tration.
(c)
The directors of the Federal Land Bank'of each district
in office on
credit board of the district and shall serve as
members thereof for the re¬
maining portions of the terms for which they were
appointed as directors of the bank.
be selected in the manner in which such
Federal
Land
respectively elected or
Except as otherwise provided by this
act, the successor to each original member
of the
who are
the date of enactment of this act shall constitute the farm
of the farm credit board shall
member was selected as a director
Bank.
Each third district director shall be selected as follows: Each national
borrower through agencies in the district shall
(d)
farm loan association and
nominate, in the manner provided herein for
for elected directors, one
persons
the nomination of candidates
candidate for such director and from
having the greatest number of votes as nominees the
such director.
of the Farm Credit Administration shall appoint
district director who is removed from
three
Governor
No third
office pursuant to section 17 (h) of
the Federal Farm Loan Act may be nominated to
(e)
the
succeed himself.
At least 2 months before an election of an elected director the Farm
Administration shall cause notice in writing to be sent to those
Credit
entitled to nominate candidates for such elected
director.
In the case of
director the Farm
organization entitled to
candidates nominated in accord¬
Credit Administration shall mail to each person or
elect the elected director the list of the 1 j
with
the
of
election
In the . case of an
and borrowers
paragraph of this section.
preceding
by national farm loan associations
director
a
association shall cast the
candidates on the list.
In voting
through agencies, the directors of each farm loan
the
number
association and each
be entitled to cast one vote.
In voting
under this section each production credit association shall be entitled to
cast a number of votes equal to the number of the class B stockholders of
such association.
In voting under this section each cooperative which is a
holder of stock in, or a subscriber to the guaranty fund of, the bank for
cooperatives shall be entitled to cast one vote.
The votes shall be forwarded
to the Farm Credit Administration and no vote shall be counted unless
under the section each such association
of votes equal to the
shall be entitled to cast a
number of stockholders of such
borrower through agencies shall
received by it within
In
of
case
a
30 days after the sending of such list of candidates.
Administration shall determine the choice.
tie the Farm Credit
the list of candidates is
The nominations from which
votes of the
prepared, and the
be tabulated and preserved
candidate for at least 1 year
respective voters, as counted, shall
subject to examination by any
and shall be
after the result of the election is
announced.
shall be 3 years. Any vacancies
shall be filled for the unexpired
selection of such directors.
(h) Members of each farm-credit board shall have been, for at least 2
years, residents of the district for which they are appointed or elected.
From and after the date of enactment of this act, no person shall be eligible
The terms of office of all directors
(g)
that may occur
in the farm-credit board
term in the manner
provided herein for the original
for election or appointment as a
member of any district farm credit
board,
appointed as a member of any
to continue to serve as
such, if in either case said person is an officer or employee of any Federal
land bank, Federal intermediate credit bank, production credit corporation,
or bank for cooperatives.
No district director, excepting any third district
director selected as hereinabove specified, shall, during his continuance in
and
no
person
district farm
hereafter
credit
elected
board,
shall
or
be
eligible
of any institution, association,
of lending money or of making or
selling land mortgage loans, except an institution or association under the
office, be
a
director, officer, or employee
partnership engaged in the business
or
supervision of the Farm Credit
Administration.
appointment or election as an
(i) No person shall be eligible for
istrative or executive official
of a Federal land bank,
admin¬
Federal intermediate
organized pursuant to the Farm
Credit Act of 1933, or as a member of any farm credit board, or shall con¬
tinue to hold office as such member, if such person has been finally adjudged
guilty of a felony, or finally adjudged liable in damages in any civil pro¬
ceeding for fraud, in any State or Federal court.
(j) Subject to the approval of the Farm Credit Administration, members
of each farm credit board shall receive such compensation as may be author¬
ized by the board, including a reasonable allowance for necessary expenses
in attending meetings of said board and directors' meetings.
Such com¬
pensation shall be paid by the Federal land bank of the district, and such
bank shall be reimbursed therefor by the Federal intermediate credit bank,
credit bank, or of any
corporation or bank
production credit corporation,
and bank for cooperatives
board subject to the
of the district
be fixed by the farm credit
and in such manner as may
in such proportion
approval of the Farm Credit
Administration.
Except
Administration, no member of any
allowances for any services
rendered such institutions, in his capacity as director as otherwise, for more
than 30 days in any 1 calendar year, exclusive of the period for which com¬
pensation is paid for attendance at meetings of said board and at directors'
of the Farm Credit
with the approval
farm credit board
shall receive compensation or
meetings.
contained in this section shall be construed to abrogate or
paragraph of section 4 of the Federal Farm Loan Act,
or to affect the applicability of any other act of Congress
agricultural credit laws of the United States may be made
(k) Nothing
shall be selected as hereinafter specified and
which
number of votes.
10 nominees receiving the highest
vote of such association for one of
"Farm Credit Act of 1937."
Sec.
by national farm loan associations
borrowers
and
At least 1 month before the election of an elected
(f)
ance
United
be cited as the
Representatives of the
That this act may
in Congress assembled.
tions
of the
Emergency
Loan Act, to amend the
Farm
Mortgage Act of 1933,
amend
SESSION
CONGRESS—FIRST
SEVENTY-FIFTH
director
a
through agencies, such notice shall be sent to all
repeal the second
as
amended,
under
which
applicable to Territories or insular possessions
Sec. 6. Each farm credit board provided for
of the United States.
in this act shall have power,
the Farm Credit Administration—
officers and employees for the Federal
subject to the approval of
(a)
To employ joint
Federal intermediate
credit bank, production credit
land bank,
corporation, and regional
The salaries or other compensation
of all such joint officers and employees shall be fixed by the district farm
credit board and shall be paid by the Federal land bank of the district.
Such bank shall be reimbursed therefor by the other three institutions in
the district, in such amounts and upon such conditions as the board shall
determine.
Officers and employees appointed by the district farm credit
board shall be officers and employees of the district institutions served by
bank for cooperatives in its
district.
them.
(b) To authorize the
acquisition and disposal of such
property, real or
be necessary or convenient for the transaction of the
bank, the Federal intermedtae credit bank,
the bank for cooperatives, and the production credit corporation, located
in its district, upon such terms and conditions as it shall fix, and to prorate
among such institutions the cost of purchases, rentals, construction, repairs,
alterations, maintenance, and operation, in such amounts and in such
manner as it shall determine,
Any lease, or any contract for the purchase
or sale of property, or any deed or conveyance of property, or any contract
for the construction, repair, or alteration of buildings, authorized by a
district farm credit board under this subsection shall be executed by the
officers of the institution or institutions concerned pursuant to the direction
of such board.
No provision of law relative to the acquisition or disposal
personal, as may
business
of the Federal land
of property,
real or personal, by or for the United States, or relative to
leases by or for the United States, including
making of contracts or
provisions set out
edition, and the
in title 40 and title 41
supplements thereto, and
corporations wholly
of the United States Code,
including provisions
owned by the United States,
the
the
1934
applicable to
shall be deemed or held
1326
Financial
applicable
to
any
authorized
or
made
lease,
by
purchase,
sale,
deed,
conveyance,
Chronicle
contract
or
on the principal
of the mortgage
pledged as collateral security, and the land bank shall forthwith notify
district farm credit board. Federal land bank,
bank, production credit corporation or bank
a
Federal intermediate credit
the farm loan registrar of its receipt of such payment and account to him
for cooperatives under this subsection
therefor.
No corporation under the supervision of the Farm Credit Adminis¬
(c)
of which
tration,
elected
corporation
member
any
of the
board
of
directors
appointed by private interests, shall be subject to the provisions
of Congress approved March 14, 1936
(49 Stat. 1161, 1162)
or
Sec. 7.
Act,
(b)
(a)
The first paragraph of section 4 of the Federal Farm Loan
Section
of the
4
Federal
Farm
Loan
as
cepted
(U. S. C., 1934 edition,
678 to 683), both inclusive, and inserting in lieu thereof the
of
farm
the
credit
board
of each
provided for in the Farm Credit Act of 1937 shall be
of the Federal land bank located in that district.
farm
ex
credit
district
officio the directors
To suspend
large,
or
or
director
or other official appointed
by the Farm Credit Administration under authority of section 3 of this
Act,
as amended, the cause of such
suspension or removal to be communicated
v
forthwith
in
writing by said Administration to the person suspended
removed, and in
Federal
land
case
bank,
or
of a district director or director at
large to the proper
Federal intermediate credit bank, production credit
corporation, and regional bank for cooperatives."
Sec.
10.
Section
201
(b)
of the
Federal
Act,
as
amended
in
the same city as the Federal land bank of the district.
The members of
the several farm credit boards of the farm credit
districts provided for in
the Farm Credit Act of 1937 shall be ex officio the
directors of the several
Federal intermediate credit banks herein
provided for and shall have power,
subject to the approval of the Farm Credit Administration, to
employ and
fix the compensation of such officers and
employees of such Federal inter¬
as
may
be necessary to carry
on
the business authorized
by this title."
Sec. 11.
The second and third sentences of section 2 of the Farm Credit
Act of 1933 (U. S. C., 1934 edition, title
12, sec. 1134)
follows:
as
"One such corporation and one such
are
bank.
The members of the several
credit districts provided for in
officio the
bank shall be established
farm
credit
a
Federal
the Farm Credit Act of 1937
directors of the respective production credit
shall be
ex
corporations and
Sec. 12. Paragraph "Fourth" of section 12 of the Federal Farm Loan
Act, as amended (U. S. C., 1934 edition, title 12, sec. 771), is further
amended by striking out "incurred
prior to Jan. 1, 1933," from subpara¬
graph (d) thereof, and by inserting in lieu thereof the following: "incurred
,
prior to Jan. 1, 1937."
Sec.
13.
Emergency Farm Mortgage Act of 1933, as
C., 1934 edition, Supplement II, title 12, sec. 1016), is
further amended by striking out so much of the
sixth sentence thereof as
S.
follows the colon after the word
"other", and by inserting in lieu thereof
the following: "Refinancing, in connection with
proceedings under Chapter
VIII of the Bankruptcy Act of July
1,1898,
secured
or
any part
of them.
any
as
all provisions
unsecured, of the farmer,
as
amended,
or Which is secured
of the farm property accepted
as
any
by
indebtedness,
a
lien
on
all
or
security for the loan."
the
edition, Supp. II, title 12.
1016), is further amended by striking out the proviso at the end thereof
by inserting in lieu thereof the following:
"Provided, That when in
judgment of the Land Bank Commissioner conditions
justify it, any
mortgage made under this section
may
provide that during the
first 3
years
the loan is in effect payments of interest
only may be required if the bor¬
rower shall not be in default with
respect to
any other condition or covenant
of his mortgage."
Sec. 15. (a) Paragraph "Eighth" of section 13 of
the Federal Farm Loan
Act (U. S. C., 1934 edition, title 12, sec.
781) is amended to read as follows:
.
"Eighth.
gage
To buy and sell United States bonds and Federal Farm Mort¬
Corporation bonds."
(b)
and
payable at
may
be necessary to pay
remaining uncredited when
payments
by the land bank."
j
subcommittee consisting of three
a
period of 1 year or until their
a
have
successors
pleasure the members of the subcom¬
The subcommittee, if appointed, shall have such
powers and to
perform the functions of the bond
the bond committee may authorize and shall be subject
The committee shall select
mittee.
one
expenses
of the bond
to
com¬
of the members of the subcommittee
to be chairman and one of the members of the subcommittee to be
secretary
of the subcommittee."
Sec. 19.
Paragraph "Tenth" of section 13 of the Federal Farm Loan Act,
amended (U. S. C., 1934 edition, title 12, sec. 781.) is further amended
by striking out in the fourth sentence thereof the following: "made prior
as
to the
said
expiration of 5
paragraph
the
from May 12, 1933," and adding at the end of
years
following: "The
unexpended
balances
of
funds
the
Fourth Deficiency Act, fiscal year 1933, approved
(48 Stat. 279), the Emergency Appropriation Act, fiscal year
1935, approved June 19, 1934 (48 Stat. 1060). the Second
Deficiency
June 16, 1933
Appropriation Act, fiscal
year 1935, approved August 12, 1935 (49 Stat.
592), the First Deficiency Appropriation Act, fiscal year 1936, approved
22, 1936, the Treasury Department Appropriation Act, 1937, ap¬
proved June 23, 1936, and the Treasury Department Appropriation Act,
June
1938, approved May 14, 1937, ft>r the purpose of enabling the Secretary of
Treasury to make subscriptions to the paid-in surplus of the Federal
land banks, as provided for in this
paragraph, and the proceeds of all re¬
the
payments on account of such paid-in surplus, shall be held in the Treasury
of the United States as a
revolving fund, and shall be available for sub¬
scriptions to paid-in surplus made pursuant to this paragraph,
Sec.
20.
Examiners
appointed pursuant to
of the Federal Farm Loan Act, as amended
the
Sec. 21.
Act
The second
sentence
and
as
farm credit examiners.
paragraph of section 7 of the Federal Farm Loan
(U. S. C., 1934 edition, title 12,
the first
amended."
as
provisions of section 3
(U. S. C., 1934 edition, title 12,
656), shall hereafter be designated and known
sec.
712) is amended by striking out
sec.
inserting in lieu thereof the following:
"The board
of directors of every national farm-loan
association shall consist of not less
than five
nor
more
than
each year at an annual
loan
members, who shall be elected by the share¬
seven
holders of the association
Elections of such directors shall be held once
meeting of the shareholders.
association shall at
for
the first annual meeting
Every national farm-
of its shareholders sub¬
term of 3 years, two directors for a term of 2
years,
a
of its board of directors for
chosen
to
serve
Paragraph "Fifteenth" of
section 13 of the Federal Farm Loan
Act,
amended (U. S. C., 1934
edition, title 12, sec. 781), is further amended
by striking out, after the word "value" in said
paragraph, the comma and
words "and to purchase Federal Farm
Mortgage Corporation bonds
at or below par."
as
for
term of 1 year.
a
of
terms
3 years,
and the remainder
Thereafter directors shall be
and the shareholders of each asso¬
ciation shall annually elect as
many directors as may
be necessary to fill the
places of those directors whose terms expire during the year.
that
may
other
occur
cause
a
special
in
the
board of directors
shall be filled at
the election of
The fourth sentence of section 32 of the
Emergency Farm Mort¬
gage Act of 1933, as amended (U. S. C., 1934
and
due
they have been accepted has been paid
of law relating to the duties and
a
Sec. 14.
sec.
as
sequent to the enactment of the Farm Credit Act of 1937 elect two directors
Section 32 of the
(U.
or
authority to exercise the
boards of the farm
Banks for Cooperatives."
amended
mittee
amended to read
in each farm credit district in the
city in which there is located
land
far
appropriated by the
Farm Loan
(U. S. C., 1934 edition, title 12, sec. 1022), is amended to read as follows:
"(b) One such institution shall be established in each farm credit district
mediate credit banks
become
shall
so
The seventeenth paragraph of section 21 of the Federal Farm
subcommittee and may dismiss at
committee
to remove for cause any district director
borrower's
a
been appointed, may from among their number fill
any vacancies on the
determined by
registrar, appraiser, examiner,
or any
loan
of which
on account
members, to hold office for
in the charter of any national farm loan association
may be readjusted from
time to time to meet the farm-loan needs of the
"(h)
such
appoint from among their number
may
Sec. 8. The ninth paragraph of section 7 of the Federal
Farm Loan Act
(U. d. C., 1934 edition, title 12, sec. 719) is amended by
adding at the end
thereof the following sentence: "The boundaries of the
territory designated
at
18.
Sec.
Section 23 of the Farm Credit Act of 1935 (U. S. C., 1934 edition,
Supp. II, title 12, sec. 682a) is repealed.
Sec. 17 (h) of the Federal Farm Loan Act
(U. S. C., 1934 edition,
title 12, sec. 831) is amended to read as follows:
which
Loan Act, as amended (U. S. C., 1934 edition, title
12, sec. 883), is further
amended by adding at the end thereof the following:
"The bond committee
(c)
Sec. 9.
on
accepted shall forthwith be credited upon the
so
in full shall be refunded to the borrower
Administration."
as
under
Any balances of conditional
the indebtedness
officers
locality,
indebtedness
and the payments
it in full.
Any compensation that
the Farm Credit Administration."
time after 5 years from the date
any
borrower's indebtedness under the loan
be provided by the board of directors of any Federal land bank for
or employees shall be
subject to the approval of the Farm Credit
may
accepted, and at
be credited upon such indebtedness
account of his indebtedness under such loan and not yet credited
equals or exceeds his total indebtedness under the loan, all un¬
matured
once,
members
any event
on
thereon
following:
"The
in
may
loan was made the aggregate of the borrower's conditional payments ac¬
amended, is further
amended by striking out paragraphs 9 to 17 thereof
title 12, sees.
of the bank
If at
maturity.
671), is repealed.
sec.
Act,
land bank for subse¬
and when it matures if it is not otherwise paid by the borrower at or before
as
amended (U. S. C., 1934 edition, title 12,
as
a
the terms and conditions upon which the payment has been
the option
29a, 30b-30m, 31a).
sees.
Every conditional payment accepted by
quent credit upon indebtedness of a borrower shall be credited upon such in¬
debtedness as the borrower may from time to time direct in accordance with
is
of the acts
(U. S. C. title 5,
Aug. 28, 1937
though it were a present payment
as
director to
the
next
serve out
through
annual
Any vacancy
death, resignation, or
meeting of shareholders
the unexpired portion
such election the
the time
remaining directors shall have
being by appointing
meeting of shareholders.
a
power to
by
of the term, or
meeting of shareholders may be called for this purpose.
Until
fill the vacancy for
temporary director to serve until the next
All directors shall hold office until their successors
elected and have qualified."
are
Sec. 22.
Act,
as
The fourteenth paragraph of section 7 of the Federal Farm Loan
amended (12 U. S. C., 1934 edition, title 12, sec. 723 (c)
amended
by adding at the end thereof:
stock may be transferred
to the Federal Farm
), is further
"Any borrower's interest in such
hypothecated, by him
or
or
by operation of law,
Mortgage Corporal ion."
Sec. 23. Effective 30 days after the date of
the
enactment
of this
act,
the second paragraph of section 8 of the Federal Farm Loan Act
(U. S.
C.,
1934 edition, title 12, sec. 732) is amended to read as follows:
4
'Every shareholder shall
be
entitled
to
one
vote,
elections of directors and in
deciding all questions
and
at
no
at all
more,
of share¬
meetings
holders."
the
(c) Section 22 of the Federal Farm Loan Act, as amended
(U. S. C.,
1934 edition, title 12, sec. 897), is further amended
by inserting under the
heading "In the case of a joint stock land bank" at the end thereof the
following:
"(e)
To purchase Federal Farm Mortgage Corporation bonds."
Sec. 16. Section 13 of the Federal Farm Loan
Act, as amended (U. S. C.,
1934 edition, title 12, sec. 897), is further amended
by adding at the end
thereof the following paragraph:
"Seventeenth.
terms
To make
and conditions
as
loans
may be
to
other
Federal land
banks
upon
such
approved by the Farm Credit Adminis¬
tration."
Sec. 24.
the first sentence of the fifth
paragraph of section 9 of the Federal Farm
Loan Act, as amended (U. S.
C., 1934 edition, Supp. II, title 12,
is further amended
Sec' 17. Section 13 of the Federal Farm Loan Act as
amended (U. S. C.,
1934 edition, title 12, sec. 781), is further amended
by adding at the end
"Eighteenth.
quent credit upon their indebtedness to the land bank; and to allow interest
on
such payments.
to such
terms
payments so accepted shall be subject
and conditions, not inconsistent with the
provisions of this
paragraph and with
tion by the
All conditional
any
rules
or
regulations prescribed for its efficient
execu¬
Farm Credit Administration,
of their acceptance.
credit upon a
If
a
as may be agreed upon at the time
conditional payment is accepted for subsequent
first mortgage which is at the time
collateral security
for
an issue
or
is thereafter
pledged
as
of farm-loan bonds, all requirements, condi¬
tions, and limitations set forth in the seventh, eighth, and ninth paragraphs
of section 22 of this act, as amended, shall
apply to such payment the same
"majority."
Sec. 25. (a) Section 9 of the Federal Farm Loan
Act, as amended (U. S.
C., 1934 edition, title 12,
at the end
sec.
741 to 745), is further amended by adding
thereof the following new paragraphs:
"Any other provisions of law
more
to the contrary nothwithstanding, two or
national farm loan associations may with the approval of tne Farm
Credit
Administration, and by
an agreement not
and regulations
prescribed
that
inconsistent with
any
rules
by the said ; ministration, provide for a com¬
board of directors to be elected by the shareholders of the associations
are
any such
-
parties to the agreement: Provided, however, That each member of
board shall be
agreement and shall be
To accept conditional payments from borrowers for subse¬
745),
sec.
by striking out the word "two-thirds" and inserting in
lieu thereof the word
mon
thereof the following new paragraph:
Effective 30 days after the date of the enactment of this act
a
shareholder in
a
bona fide
an
association that is
a
party to the
Ident of the territory within
:
which
such association is authorized to do business: And
-provided further, That no
such agreement shall
provide for a term of office in excess of 3 years
member of such board.
The number of members of the
for any
common
board
of directors shall be
specified in. the agreement and shall be five or more.
The agreement
may provide that any director may be elected by the share¬
holders of
one or more
that in the
of the associations which
balloting for
any
meeting of its shareholders
.any
director
or
at
a
an
are
parties to the agreement;
association may vote at
a
separate
joint meeting with the shareholders of
other
association or associations participating in the election of the
director; and that the candidate receiving the highest aggregate number
of votes at such
meeting or meetings shall be declared elected.
Whenever
Volume
Financial
145
M.;/
two or more national
provided for in the
be ex officio the members of the board of directors of each
is a party to the agreement, any provisions of this act to
ment, the members of the common
agreement shall
association that
the contrary
■
board of directors
nothwithstanding.
""Whenever
national farm loan
a
agreement, the power of approving
association has
entered into such an
through the as¬
applications for loans
membership in the as¬
sociation shall be vested in the loan committee of the association in lieu of
being vested in its board of directors.
The loan committee of any such
association shall be elected annually by the shareholders of the association,
instead of by its board of directors, and the shareholders shall in addition
annually elect two alternates to serve as members of the loan committee
sociation
of admitting persons to
the power
and
regular members may be absent or
at such times as
disqualified."
capital stock of a national farmimpaired, the Farm Credit Administration may au¬
land bank of the district in which such association is
(b) Whenever it shall appear that the
loan
is
association
thorize the Federal
located to make loans to applicants
through such association
subject to the
specified for direct loans in paragraphs 12 to 16,
inclusive, of section 7 of the Federal Farm Loan Act, as amended
requirements and conditions
both
(U. S. C., 1934 edition, title 12, sec.
723), except as herein
otherwise specifi¬
association to elect to membership
to said paragraphs on lands situated
cally provided, and may authorize such
borrowers having loans made pursuant
the association.
within the chartered territory of
membership
admitted to
association and the rate of interest on
be one-fourth of 1 percent per
at such time for direct
loans.
loans but it shall not become liable
gage
Borrowers
shall be entitled to vote
their loans shall
annum less than the rate of interest provided
The association shall endorse all such mort¬
the association pursuant hereto
in
and hold office in the
therefor except as
hereinafter pro-
vided.
membership in an
association pursuant hereto whose loans are in good standing, as defined by
the Farm Credit Administration, and aggregate not less than $20,000:
First. The association shall become liable for the payment of said loans:
Provided, however. That, any other provisions of law to the contrary not¬
withstanding, the shareholders who have become members pursuant to this
subsection shall not be held responsible, through the amount paid in and
represented by their shares or otherwise, for any contracts, debts, or en¬
gagements of the association entered into before the date on which the first
member was admitted to the association pursuant to this subsection and the
shareholders of such association who were members prior to said date
When
there
are
shall not be held
10
or
borrowers admitted to
more
responsible, through the amount paid in and
represented
endorsed by such association
provision shall not be construed to relieve any
by their shares or otherwise, for any mortgages
on or
after said date, but this
other liability with respect to
stock held by shareholders who were
members
prior to said date.
such borrower on each such loan
Second. The interest rate paid by each
shall, beginning with the next regular installment
1%
date, be reduced
shall
bank held by each of said borrowers
be
exchanged
for association stock in
the manner provided for in
Federal Farm Loan Act, as amended
C., 1934 edition, title 12, sec. 723, subsec. (d) ).
paragraph 15 of section 7 of the
S.
M of
per annum.
Third. The stock in the Federal land
The
Fourth.
(U.
may//thereafter admit new members, endorse
the payment of such loans as provided in
association
their loans, and become liable for
paragraph "First" of this subsection.
Fifth.
loan
At
the next
annual meeting of stockholders,
committee of such
become stockholders pursuant to
elected shall have the powers
vided in subsection (a)
committee so
of this section: Provided, however, That in
the event
members shall be ad¬
provided in the Federal Farm Loan
mitted to the association as otherwise
as
members who
this subsection and any loan
specified for loan committees elected as pro¬
such stockholders fail to elect the loan committee, new
Act,
and thereafter, the
association may be elected by the
amended.
Farm
capital-stock
records; shall keep all capital losses or gains, reserves (including legal re¬
serves) and dividends received from the Federal land bank on stock owned
by the association in connection with loans for which it becomes liable as
provided in this subsection separate and apart from capital losses or gains,
reserves (including legal reserves), and dividends received from the Federal
regulations prescribed by the
Sixth. In accordance with rules and
Credit Administration, the association
1327
Chronicle
/„)/;
■ .
,
farm loan associations have entered into such an agree¬
:
:
:
shall maintain separate
and stockholders for the
Administration may,
hereinabove in this section
provided, appoint a conservator for such association and require of him
such bond and security as the Administration may deem proper.
The
person so appointed shall be a land bank appraiser appointed under the
authority of section 3 of this act: Provided, however, That the Farm Credit
Administration may, in its discretion, appoint some other qualified person.
Any land bank appraiser appointed as a conservator shall serve without any
additional compensation.
Any other person appointed as a conservator
shall receive such compensation as the Farm Credit Administration may
authorize.
Such compensation and all necessary and proper expenses of
any such conservatorship shall be paid out of the assets of such association
and that it will be to the best interest of its creditors
the Farm Credit
association to continue in business,
in its
discretion, in lieu of appointing a receiver as
and shall be
a
lien thereon which shall
be prior to any other lien.
"The conservator, under the direction
when directed
may,
so to
condition of the association and
mitted to continue in business
action as may be
pending final determination of the financial
the conditions under which it may be per¬
Such conservator shall at the earliest prac¬
ahall be necessary to
enable him
financial condition of such
association.
ticable date make such investigations as
to prepare an accurate
report on the
association's assets and deter¬
mine its indebtedness: Provided, That in determining said indebtedness
contingent liabilities incurred by the association under the provisions of
this act on endorsed mortgages shall be estimated and included as a debt.
On the basis of said evaluation of the association's assets and indebtedness,
the conservator shall determine the fair book value of the outstanding stock
of said association and the claims of any retired shareholders based on their
In preparing such report
he shall value the
Upon its completion said report shall be sub¬
and said bank shall thereupon
previous stock ownership.
mitted to the Federal land bank of the district
approval thereof or note any
indicate its
such
report together with its
on
stock owned by the association in
of the association; and shall segregate any
connection with other loans
undivided profits of the association
like manner when so required by
Subject to the
Loan Act with respect to the de¬
claration of dividends, dividends may be declared exclusively on association
stock owned by borrowers with loans for which the association becomes
liable as provided in this subsection or exclusively on association stock
owned by borrowers with other loans through the association.
If the loan of any borrower who was admitted to membership pursuant
hereto is not in good standing at the time when there are ten or more bor¬
rowers with loans aggregating not less than $20,000 which are in good stand¬
ing, the provisions of paragraphs "First", "Second", and "Third" of this
subsection shall be applicable to his loan at such time as it shall be placed in
resulting from its business operations in
rules and regulations
other
of the Farm Credit Administration.
provisions of the Federal Farm
stock owned by shareholders
with loans which were made prior to the date on which the first member
was admitted to the association pursuant to this subsection, the holders of
If and when all impairment
is removed in the
such stock and the holders of
suant to rules
stock issued on and after said date may, pur¬
and regulations of the Farm
sistent with the provisions
Credit Administration and con¬
of the Federal Farm Loan Act, as amended, agree
and liabilities which shall thence¬
forth attach to their respective shares of stock and otherwise agree as to the
future applicability, if any, of the special provisions contained in this sub¬
as
to the
rights, powers, privileges, duties,
section.
.r,,r.
(c) Section 11 of the Federal Farm
edition, title 12, sec. 761), is
Loan Act, as amended (U. S. C., 1934
amended by adding a paragraph at the end
thereof reading as follows:
"Fifth. Whenever a Federal land bank
farm loan
shall have empowered any national
association of its district to collect and pay over to
the dues, interest,
amortization instalments, and other sums
the terms, conditions,
said bank
payable under
and covenant^,the mortgages taken from its share¬
approval of said bank, enter into an
agreement with another association operating in the same or adjacent terri¬
tory to make such collections, for and on behalf of the association thus
empowered to do so, on any or all of said loans, and immediately pay the
holders, such association may, with the
amounts so
collected to said land bank.
Such agreements shall be made
such consideration as may be ap¬
proved by the Farm Credit Administration."
(d) Section 29 of the Federal Farm Loan Act, as amended (U. S. C., 1934
edition, title 12. sec. 961-966), is further amended by adding at the end
upon
such terms and conditions and for
thereof the following new paragraphs:
evidence that any national farm loan as¬
meet its outstanding obligations of any description
"Upon receiving satisfactory
sociation has failed to
submit
Farm Credit Ad¬
ministration for consideration.
"If said
whole or in part, by the
report is approved, in
Farm Credit
of the Federal land bank of the dis¬
decide whether such association shall
off and retire its capital stock at its fair book value,
Administration, upon recommendation
trict, said Administration shall then
be permitted to pay
connection with which such
claims of any
full, but have not
received credit for, or the proceeds of their stock in such association.
At
the same time the Farm Credit Administration shall also decide whether it
will permit said association to admit new members pursuant to section 25
(b) of the Farm Credit Act of 1937
If the decision of said Administration
is in the affirmative, it may terminate the conservatorship and turn the
affairs of the association back to its board of directors.
If said report is
not approved or the decision of said Administration is in the negative, it
may,
in its| discretion , terminate the conservatorship and permit such
association to resume the transaction of its business subject to such terms,
conditions, restrictions, and limitations as it may prescribe for the protection
of the rights of creditors and stockholders, or said Administration may ap¬
point a receiver for the association as elsewhere provided in this section.
"Any settlement made with a retiring or retired shareholder on the basis
of the fair book value of the stock of the association pursuant to this section
shall be made only on condition that said shareholder agrees to accept such
settlement as payment in full.
If any shareholder or former shareholder
does not desire to settle on such basis, he may, in lieu thereof, be given a
upon
full payment of the mortgage loans in
stock
was
issued originally, and to
of its stockholders who have
settle on the same basis the
previously paid their loans in
participation certificate which will entitle him to share pro rata, on the basis
of the number of shares of stock which he owned in the association, in the
made after all of its
The Federal land bank of the
district may pay to the association from the proceeds of bank stock retired in
connection with the payment in full of loans endorsed by such association
an amount sufficient to permit the association
to make the settlements
distribution of any assets
of the association which is
indebtedness to creditors has
provided for in this section
been satisfied.
and any balance of such
and applied as a credit on
tained by the bank
proceeds shall be re¬
the indebtedness of the as- ,
sociation to it.
"After any
determination by the Farm
Credit Administration as herein
book value of the stock of a national farm-loan as¬
thereof, periodically thereafter any
increase in the fair book value of said stock resulting from earnings of the
association and actual recoveries in excess of the valuations used by the
Farm Credit Administration in determining the fair book value of the stock
of such association, as herein provided, shall, under rules and regulations of
the Farm Credit Administration, be apportioned ratably on a per-share
basis to all outstanding stock or participation certificates having a fair book
value less than par until the fair book value of all such stock or participation
certificates is equal to the par value thereof.
provided, that the fair
less
is
sociation
"In the event that
of
an
the par value
than
the indebtedness, as
association which has
determined by the conservator,
been under conservatorship pursuant
to this
of the earnings of such association, the Farm
Credit Administration may, in its discretion, again appoint a conservator
for the association, or it may appoint a receiver as elsewhere provided in
section increases in
excess
this section."
Farm Loan Act, as amended
12, sec. 1023), is amended by adding to the
thereof the following paragraph:
"Each Federal intermediate credit bank shall have power to acquire
Sec. 26. Section
good standing.
exceptions thereto and
.exceptions, if any, to the
,
land bank
Administration,
of the books, records, and assets
association, and take such
such assets
necessary to conserve
of the Farm Credit
do, take possession
of every description of such
S. C.,
dispose of such
for the
201 (c) of the Federal
1934 edition, title
property, real or personal, as may
transaction of its business,
for revenue
(U.
end
and
be necessary or convenient
which, however, may be leased to others
purposes."
Act, as amended (U.
II, title 12, sec. 1041), is further amended by
striking out the comma after the word "banks" and the following: "when
chartered and established,"; and by inserting after the comma which fol¬
lows the word "cash," the following: "United States Government bonds,
Federal Farm Mortgage Corporation bonds".
Sec. 28. Section 203 (b) of the Federal Farm Loan Act, as amended (I).
Sec. 27
S.
C.
Section 203 (a)
of the Federal Farm Loan
1934 edition, Supp.
title 12, sec. 1042), is amended to read as follows:
of title I of this act relating to the preparation and
far as applicable, govern the preparation
and issue of debentures or other such obligations issued under the preceding
section; but the Farm Credit Administration shall prescribe rules and regu¬
lations governing the receipt, custody, substitution, and release of the cash,
obligations of the United States Government, and notes or other obligations
securing such debentures, the right of substitution being hereby granted,
and in the event such notes or other obligations are seemed by warehouse
receipts, shipping documents, or other similar credit instruments, may
permit the substitution of trust receipts therefor in such manner and subject
to such conditions as may be approved by the said Administration.
Rates
of interest upon debentures and other such obligations issued under the
S.
C.,
1934 edition,
"(b) The provisions
issue of
farm-loan bonds shall, so
the Farm Credit Ad¬
bank making the
preceding section shall, subject to the approval of
ministration, be fixed by the Federal intermediate credit
issue, not
exceeding 6 percent per annum.
1328
Financial
Sec. 29.
Section 204 (c) of the Federal Farm Loan Act, as amended
(IT.
S. O., 1934 edition, title 12, sec.
1053) is amended to read
"(c) Subject to the approval of the Farm Credit Administration, a Federal
intermediate credit bank may buy for its own account any debentures or
similar obligations issued by or for the benefit and account of such bank
other Federal intermediate credit bank
such debentures
any
such debentures
or
or
obligations issued by it
account."
Section 206
(b) of the Federal Farm Loan Act,
as
amended (U.
S. C. 1934 edition, title 12, sec. 1072), is further amended to read
as
follows:
37.
Sec
Section
4
of
of doubtful
assets
value; second,
reserves
against unforeseen losses and
the elimination
to
of any
impairment
of its paid-in capital and paid-in surplus; third, to the creation and
main¬
tenance of reserves
in such amount
against unforeseen losses and assets of doubtful value
its board of directors may
as
prescribe; fourth, to the pay¬
or private sale to the
Administration
deem in the
may
of
or
result
a
as
Credit
for
amended; may lease
Administration
the
operation,
upkeep,
intermediate credit bank be dissolved
of
ment
all
debts
and
or
go
account of such
on
other
obligations as hereinbefore provided, any
surplus remaining shall be paid to and become the property of the United
States and shall be similarly applied."
Sec.
31.
Section
208
(e)
Sec.
of the Federal Farm Loan Act,
amended
as
1095), is amended to read
sec.
Sec.
prescribe,
may
are
severally authorized under such conditions
district
39
relating
by
discounted
or
as a
contemplates making loans
contemplates discounting paper,
templates using
or
shall have and, upon order or approval of the Farm
Administration,
shall
exercise
the
following
rights,
and
powers,
(a) To conduct, transact, and operate its business in
any
State in the
continental United States, in the District of Columbia, and in Puerto Rico.
(b) To borrow money (other than by way of discount) from any other
regional agricultural credit corporation, the Reconstruction Finance Cor¬
poration, or any Federal intermediate credit bank, and to give security
therefor.
of its available funds
any
to any
other regional agricultural
credit corporation at such rates of interest and
upon such terms and con¬
ditions as may be approved
by the Farm Credit Administration.
or
or
purchase from any other regional agricultural credit
any corporation formed
by consolidation
or merger as
pro¬
vided in section 33 of this act,
any part of or all the assets of any such cor¬
poration, upon such terms and conditions
Credit
and
as
may
be approved by the Farm
Administration, including the assumption of liabilities of
corporation, in whole
Sec.
33.
(a)
The
or
regional
ditions
(b)
to,
as
any
such
Farm
Credit
Administration
agricultural
credit
corporations,
have
shall
or
merger
such
on
the
The
Farm
the
to
purchase,
sale,
and
or
use
Federal intermediate credit bank
debentures issued by any such
mean
consolidated
of debentures issued
security,
as
of any
account
debentures
issued
by
such
the
application
banks
bank
acting
together.
40
(a)
If
provision
any
of this
act,
or
thereof
to
any person or circumstances, is held invalid, the remainder of the act,
and the application of such provisions to other
persons or circumstances,
shall not be affected thereby.
(b)
The right
to
alter,
amend,
repeal
or
reserved.
this act
is
hereby
V'.V'
expressly
:
The Course of the Bond Market
The
chief
action
in
this
week's
bond
market has
been
steady,
although
The price average of eight bonds stood at 108.25
Friday,
0.61
decline
point
from
high-grade corporate bonds
New
which
York
had
reductions
rates
of
Federal
Administration is
for,
credit corporations which
and
may
in
government
week
a
been
maintained
earlier
in
the
week
York is the lowest
Federal Reserve
central
System
of
sale
to
only
from
1934,
of two or
and
terms
con¬
fix
the
authorized
capital
of,
to
grant
regional
charters
1% rate in New
in
ever
effect
or
in the
It
countries.
is
the part of the Board
on
by
banks
re¬
of
in
place
move
The government's September financing is to
exchange
an
offer
for
the
than
more
$800,-
*
High-grade railroad bonds have been slightly lower this
week.
Kansas City Terminal 4s, 1960, declined % to 108%;
road
bonds
agricultural
be formed by the consolidation of two
1%%,
followed
securities for funds needed to
of government
include
The
rate
rediscounting
encourage
the fall crops.
2,
1%% in the rediscount
to
in foreign
ported to represent an effort
Governors
Feb.
bsftiks.
bank
or
on
addition,
A decline to 1% in
discount rate,
since
other Reserve
two
In
ago.
a
long-term
off slightly and the lower-
were
Reserve
Union Pacific 4s, 2008, at
Credit
by-laws
down
slow,
grade corporate list eased moderately.
power
it shall direct.
prescribe
personal,
or
result of any loan made
or as a
000,000 of notes which will fall due.
in part.
authority to order and effect the consolidation
more
of
"debenture" and debentures", when used in any
whenever enacted, except the Federal Farm Loan Act,
for the benefit and
or
the
corporation
"Any and all funds derived from the
disposition of any property, real
on account
con¬
instruments,
authority:
To sell to
amended
as
1141d), is further amended by adding
sec.
following:
or other
Marketing Act,
issues.
heretofore granted,
(d)
Agricultural
The terms
individually
for which it has
or
which it is using or
or
as a custodian of securities or other credit
depositary."
(c) To lend
jifi
#
the
all
Sec. 32. Each regional agricultural credit
corporation, created under the
authority of section 201 (e) of the Emergency Relief and Construction Act
of 1932 (U. S. C., 1934 edition, title
12, sec. 1148), in addition to the powers
Credit
of
banks, shall be deemed to
reports, records, or other information they may have relating to the con¬
dition of any institution to which the
Administration, such district bank or
or
insurance,
district bank
corporation operating under its supervision, in confidence,
corporation has made
as
and
expenses
the request of the Farm Credit Administration,
upon
to make available to the Farm Credit Administration or
any
or
as
6
thereof the
of Congress,
act
Currency, the Board of Governors of the Federal Reserve System, and the
Federal Reserve banks
they
disposition,
repair,
property."
Section
the end
Sec.
"(e) The executive departments, boards, commissions, and independent
establishments of the Government, the Reconstruction Finance
Corpora¬
tion, the Federal Deposit Insurance Corporation, the Comptroller of the
public interest;
part of said revolving fund."
a
follows:
as
of 5 years,
excess
the
pursuant to the provisions of this act, shall be covered into and become
or
(U. S. C., 1934 edition, Supp. II, title 12,
38.
(U. S. C., 1934 edition, title 12,
Federal
into liquidation, after the pay¬
such property, pending
any
deem in
maintenance,
acquired by the United States
a
may
Provided,' That section 3709 of the
Revised Statutes shall not be construed to
apply to any purchase or service
sale, lease, operation,
Should
or
and protection of any such property;
States by Federal intermediate credit banks shall, in the discretion of the
of the outstanding bonded indebtedness of the United States under
regu¬
real
on account
incur and pay, from the said revolving fund, obligations and
Secretary of the Treasury, be used to supplement the gold
lations to be prescribed by the Secretary of the
Treasury.
the Farm Credit
as
loans made from the revolving fund authorized
as
such terms and for such period, not in
on
Farm
may
of any
at
against outstanding United States notes, or shall be applied to the reduction
highest responsible bidder,
public interest, any property,
personal, or any interest therein, acquired by the United States
of the amount then remaining to the United States as a
franchise tax; and, fifth, to the payment of the remaining net
earnings into
its surplus account.
The amounts paid as franchise taxes to the United
held
4(
amended
as
subsection:
ment of 25 percent
reserve
Act,
new
the
of its
Marketing
such terms and after such public advertisement
been paid or provided for, shall apply its net earnings then
remaining, first,
excess
Agricultural
following
"(7) may sell at public
by section 6 of this act,
losses in
the
at the end thereof the
its sale,
any
other
or
1141b), is further amended by adding
after all its necessary expenses and costs of operation for such fiscal
year have
making up
debenture,
sec
"(b) Subject only to review and approval by the Farm Credit Administra¬
tion, each Federal intermediate credit bank, at the end of its fiscal year,
to
Federal inter¬
or any
(U. S. C., 1934 edition, title 12,
upon
Sec. 30.
such bank
any
rediscount paper with, any and all such banks and commercial banks."
or
for its benefit and
or
(c) to buy from, and sell to,
obligation, or any interest therein; and (d) to borrow from, and discount
or
banks, and (1) hold until maturity
similar obligations or (2) retire before maturity any
similar
or
this act;
Aug. 28, 1937
mediate credit bank any note, draft, bill of exchange,
follows:
as
Chronicle
have
been
4%s, 1963, at 62%
107% lost %.
somewhat
unchanged.
were
Second-grade rail¬
Illinois Central
steady.
Erie 5s,
1975, at 67
more
regional agricultural credit corporations, and to approve or pre¬
scribe such amendments to the charter and
by-laws of any regional agri¬
cultural credit corporation as it may from time to time deem
necessary.
Corporations
formed
by the consolidation of
two
or
more
regional agri¬
cultural credit corporations, as herein
provided, shall have all the rights,
powers,
authority, and exemptions; shall be subject
the same super¬
to
vision and control; and shall have their
expenses paid in the same manner
as
provided by law in respect to regional agricultural credit corporations
organized under section 201 (e) of the Emergency Relief and Construction
Act of 1932.
Sec. 34
construed
to the
Nothing contained in
sections
32 and 33 of this act shall be
as
limiting the rights, powers, and authority heretofore granted
regional agricultural credit corporations, the Farm Credit Adminis¬
tration
the Governor thereof by any acts of
Congress or Executive orders.
Sec. 35.
Section 34 of the Farm Credit Act of 1933, as amended
or
(U. S.
C.t
1934 edition,
read
as
Supp.
II,
title
12,
sec.
1134j), is further amended to
follows:
"Sec. 34
Subject to such terms and conditions
as
may
be prescribed
by the Chairman of Its Board of Directors, the Central Bank is authorized:
(a) to make loans to cooperative associations as defined in the Agricultural
Marketing Act,
as amended, for any of the purposes and subject to the
conditions and limitations set forth in such
act, as amended; (b) to make
loans (by way of discoimt or
otherwise) to banks for cooperatives organized
under section
or
any
2 of this act;
(c) to buy from, and sell to,
Federal intermediate credit bank
debenture,
or
other obligation,
from, and discount
or
or any
any note,
any
such bank
draft, bill of exchange,
interest therein; and (d) to borrow
rediscount paper with, any and all such banks and
commercial banks."
Sec. 36.
C.,
read
Section 41 of the Farm Credit Act of 1933, as amended (U. S.
1934 edition,
as
Supp.
II, title
12,
sec.
1134c), is further amended to
follows:
"Sec. 41.
Subject to such terms and conditions
as
may
be prescribed
by the Farm Credit Administration, the banks for cooperatives
ized
(a) to make loans to cooperative associations
as
are
author¬
defined in the Agri¬
were
in
amended; (b) to
make loans (by way of discount or otherwise) to any bank organized under
Defaulted railroad bonds moved to lower levels
sympathy with the stock market.
Western
5s, 1955
(assented
Denver & Rio Grande
bonds),
10%
at
off 2%
were
points; Missouri Pacific 5s, 1977, dropped 1% to 34%.
Activity in utility bonds has been restricted and
ments have held in rather
speculative
firm despite
a
narrow
investment
Prime
groups.
softness in the
move¬
in the
range, even
issues
more
have
been
government bond market and
lower grades have held well in the face of conflicting news.
Weakness in the stock market found reflection among specu¬
lative holding
Electric 6s,
Utilities
company
1944,
Power
International Hydro-
debentures.
81%
at
& Light
were
%
up
since
5%s, 1947, at 44%
a
week
were
ago;
1%;
up
Cities Service Power & Light 5%s, 1952, declined 2 to 63 ;
Standard Gas & Electric 6s, 1935, fell 1% to 69; United
Light & Power 6s, 1975, closed at 70, off 5.
of some weeks
financing
was
After
a
lapse
resumed, $28,900,000 mortgage
bonds and $1,600,000 serial notes of Ohio Public Service Co.
having been offered, principally for refunding
The
most
industrial
of
these
list
have
has
shown
of
been
numerous
modest
purposes.
declines,
proportions.
but
Rubber
company loans have been irregular, Goodyear Tire & Rubber
5s, 1957, closing at 104, down 1.
hem Steel
4%s, 1960, receding
several
cultural Marketing Act, as amended, for any of the pimposes and subject
to the conditions and limitations set forth in such act, as
1.
up
advances
among
the
The steels softened, Bethle¬
% to 104.
oils,
Texas
There have been
Corp. 3%s,
1951,
rising % to 103%.
In the non-ferrous metal section Ana¬
conda
1950,
Copper 4%s,
closed
1
point
lower
at
105%.
Volume
1953, continued, a
of United Drug 5s,
The recent weakness
An
*been recorded hy this issue.
decline of 1% to 95 having
improved tone has been noted in the coal group.
have
Among foreign bonds Japanese issues
hold
in
of the week, they rallied
part
early
MOODY'S BOND
(Based
U.
All
S.
on
Govt.
Daily
Bonds
tic
sessions, advancing from one to more than
later
Changes
given
are
in
PRICES (REVISED)
in
the
v
1937
Corp.
120 Domestic
Corporate by Groups *
*
For-
A
Baa
U.
Aug. 27— 108.28
100.70
113.89
109.44
99.66
84.01
92.59
101.58
109.24
113.89
109.64
99.66
84.28
92.59
101.58
Aug. 27..
26-
100.88
109.24
26— 108.36
92.90
101.76
3.27
3.48
5.01
84.41
4.02
109.64
3.95
113.89
99.66
25„
100.88
109.24
25— 108.55
92.75
101.76
109.44
3.48
4.02
5.01
84.41
3.27
113.89
109.64
3.95
100.88
99.66
24-
24— 108.65
92.90
101.76
109.44
23-
3.94
3.27
3.48
5.01
84.41
4.01
99.83
101.76
109.44
21-
3.95
3.27
3.48
4.01
Aa
Aaa
Corp.*
R.
P.
R.
108.72
101.06
113.89
109.64
108.71
100.88
113.89
109.64
99.83
84.28
92.59
20— 108.86
23
21
R.
R.
Baa
Aa
Aaa
Indus.
Averages
30
tic
Averages
(REVISED)
Individual Closing Prices)
on
by Ratings
Domes¬
Daily
were
120 Domestic Corporate *
120
All
120 Domestic
the list
AVERAGES
YIELD
BOND
(Based
Corporate by Groups
of
balance
following tables:
the
Average Yields)
by Ratings
Domes¬
noticeably in
four
unim¬
pressive, except for renewed weakness in the Cuban Public
Works 5%s, 1945, which declined 2% points to 61 y2.
Moody's computed bond prices and bond yield averages
the
points.
MOODY'S
120 Domestic Corporate *
120
1937
continued to
Suffering further losses
the market.
of
the interest
the
1329
Financial Chronicle
145
U.
P.
eigns
Indus.
3.96
3.27
3.49
4.02
5.04
4.45
3.91
3.27
3.48
4.02
5.02
4.45
3.91
3.50
4.43
3.90
3.50
4.44
3.90
3.49
4.43
3.90
3.49
5.02
4.45
3.90
3.49
5.01
4.44
3.89
5.28
3.50
3.95
3.48
100.00
92.75
101.94
109.64
3.94
3.26
3.47
114.09
109.84
20-
101.06
84.41
4.00
109.64
3.46
3.99
4.43
109.64
3.92
3.45
4.99
3.87
3.48
93.37
102.30
4.40
84.69
3.97
100.53
3.27
113.89
110.24
18—
101.41
3.25
3.47
93.53
4.98
84.83
3.96
100.70
3.44
110.43
3.91
114.30
17-
101.58
109.84
3.87
17— 109.18
102.30
4.39
16-
3.90
3.23
3.44
3.96
4.98
4.38
3.87
3.46
14-
...
5.33
3.48
102.12
3.88
92.90
5.00
84.55
3.26
114.09
100.18
3.93
101.23
110.04
19„
108.99
18— 109.12
...
—
19
...
109.21
101.76
114.72
110.43
100.70
84.83
93.69
102.30
110.04
110.24
3.43
3.45
102.30
3.87
93.85
4.37
84.96
4.97
100.88
3.95
110.63
3.23
101.76
114.72
3.90
14.. 109.15
110.24
3.22
3.43
3.45
102.30
3.87
94.01
4.36
84.83
4.98
100.88
3.95
110.63
3.90
101.76
114.93
13-
13— 109.12
3.45
101.94
84.83
110.24
3.88
12— 109.23
102.12
4.36
94.01
4.98
100.88
3.42
3.95
110.83
3.89
3.22
114.93
12-
3.22
3.41
4.37
84.55
93.85
5.00
100.88
3.95
111.03
3.90
101.76
114.93
11—
109.44
110.43
3.44
102.12
3.88
3.45
101.76
84.55
102.12
4.37
3.88
93.85
5.00
110.88
3.22
3.95
110.83
3.90
3.42
114.93
10-
10— 109.57
110.24
110.04
3.42
3.96
3.88
3.46
102.12
4.37
84.55
93.85
5.00
100.70
3.23
101.76
110.83
3.90
109.55
114.72
9-
9—
110.04
3.42
3.96
3.88
3.46
102.12
4.37
84.55
93.85
5.00
100.70
3.23
101.76
110.83
3.90
109.53
114.72
7-
7—
3.23
3.41
5.09
110.24
3.45
111.03
3.90
101.76
114.72
6-
6.. 109.49
102.12
3.88
93.85
4.37
84.55
6.00
100.88
3.95
5„
3.90
3.23
3.42
3.96
5.00
4.36
...
110.04
3.46
102.12
3.88
94.01
4_.
3.90
3.22
3.42
3.96
5.01
4.38
3.88
3.46
3.88
3.46
3.47
16
—
11
—
5.. 109.50
101.76
114.72
110.83
100.70
84.55
4.. 109.50
101.76
114.93
110.83
100.70
84.41
93.69
102.12
110.04
84.41
93.53
110.04
3.22
3.97
5.01
100.53
3.43
110.63
3.91
101.58
114.93
3„
3.. 109.49
102.12
4.39
3.91
3.24
3.42
3.96
5.01
4.38
3.88
2.. 109.48
101.58
114.51
2..
Weekly—
July 30— 109.52
101.58
23.. 109.22
101.76
108.90
5.08
...
...
...
110.83
100.70
84.41
93.69
102.12
109.84
July 30-
3.91
3.23
3.96
3.47
5.13
109.84
3.89
84.28
101.94
4.37
100.70
93.85
5.02
110.63
3.43
114.72
23-
3.90
3.95
3.90
5.13
109.24
3.50
101.76
4.30
85.10
94.97
4.96
100.88
3.43
110.63
3.26
114.09
16-
3.45
4.30
5.20
85.24
94.97
4.95
100.53
3.97
110.24
3.27
113.89
3.91
101.58
108.85
3.52
101.58
3.91
3.50
5.15
101.58
95.13
101.06
3.94
85.24
3.97
4.29
100 53
3.27
4.95
110 24
3.91
3.45
113 89
9-
9.. 108.59
109.24
3.95
5.17
100.00
83.87
4.00
109.84
3.47
113.68
3.28
100.38
2-
108.39
108.66
3.53
100.18
4.34
3.99
94.33
5.05
June 25..
3.96
3.29
3.48
4.01
5.05
4.34
4.01
3.53
5.12
108.66
3.92
3.27
3.45
3.98
4.96
4.29
3.96
3.50
5.13
3.50
5.11
5.19
16—
;,,
2„
Weekly—
June 25—
108.36
100.70
113.48
109.64
99.83
93.87
94.33
99.83
108.44
101.41
113.89
110.24
100.35
85.10
95.13
100.70
109.24
18-
18—
109.24
11—
3.90
4.24
85.65
95.95
4.92
100.70
3.96
110.43
3.44
101.76
113.89
3.27
11.. 108.53
100.88
3.95
3.91
3.29
3.45
3.98
4.92
4.27
3.96
3.51
108.59
101 58
113 48
110 24
100.35
85.65
95.46
100.70
109.05
4—
108.85
May 28..
3.92
3.98
3.97
3.52
95.62
100.53
4.26
100.35
85.65
4.92
110.04
3.46
101.41
113.27
3.30
May 28.. 108.73
21
108.22
21..
3.91
5.27
108.66
3.53
100.88
3.95
95.46
4.27
86.07
4.89
100.35
3.98
109.84
3.47
113.07
3.31
101.58
14..
3.93
5.38
108.27
3.55
109.44
3.49
101.23
112.25
3.35
14— 107.97
100.88
3.95
95.13
4.29
86.21
4.88
99.83
4.01
3.91
3.34
3.51
3.99
4.81
4.25
5.37
108.08
7-
3.56
101.23
3.93
95.78
3.39
3.55
4.03
4.86
4.30
3.96
3.62
5.41
3.64
5.31
4—
—
108.03
101.58
112.45
109.05
100.18
87.21
Apr. 30.. 107.59
100.70
111.43
108.27
99.48
86.50
94.97
100.70
106.92
Apr. 30..
3.96
94.29
106.54
23..
3.96
4.03
4.28
99.48
86.92
4.83
107.69
3.58
100.70
111.23
3.40
23.. 107.17
100.70
3.96
3.64
5.33
99.48
100.70
106 54
3.96
95.62
4.26
87.21
4.81
107.88
4.03
111.03
3.57
100.70
3.96
3.41
16— 107.79
16-
5.33
107.23
99.48
109.64
107.11
98.45
85.65
94.49
105.41
4.04
3.70
99.31
4.33
95.13
99.83
106.17
7—
9..
86.64
9-
4.03
3.48
3.61
4.09
2„
•
4.92
3.99
3.43
3.59
4.07
4.85
4.29
4.01
3.66
5.36
3.93
3.37
3.53
4.03
4.76
4.23
3.96
3.60
5.33
5.26
:.
2__
107.19
100.18
110.63
107.49
98.80
Mar. 25—
108.40
101.23
111.84
108.27
99.48
87.93
96.11
100.70
107.30
100.88
107.30
3.93
3.95
96.11
4.23
87.93
4.76
99.14
4.05
101.23
108.46
3.54
109.32
111.84
3.37
19..
19„
3.60
3.55
5.30
102.30
112.86
89.40
108.27
3.90
101.76
4.15
97.45
4.66
100.35
3.98
109.24
3.50
110.76
3.87
3.32
12..
12..
90.75
109.44
3.79
5.24
101.76
3.90
103.74
110.43
4.55
111.82
114.09
3.26
5—
5..
3.49
103.38
4.09
3.81
98.45
4.57
3.78
4.47
5.13
114.72
102 12
98.62
109.84
4.08
90.59
4.58
110.83
3.88
103.93
3.23
112.18
3.78
3.42
Feb. 26..
Feb. 26-
104.11
3.77
5 13
114.30
110.83
3.42
104.11
3.25
112.12
19-
3.49
19—
109.44
3.77
98.97
4.06
91.05
4.55
102.48
3.86
3.75
3.22
3.41
3.84
4.52
3.76
5.18
91.51
110.04
11-
3.46
104.30
4.02
99.66
3.72
3.18
3.37
3.81
4.51
4.00
3.72
3.43
5.19
3.39
5.34
103.93
Mar. 25..
11..
104.48
114.93
111 03
102.84
5..
112.34
105.04
115.78
111.84
103.38
91.66
ICO.OO
105.04
110.63
29..
112.21
105.41
116.64
112.25
103.56
91.51
100.00
105.04
111.43
22„
112.39
106.17
117.72
113.27
104 30
92.38
101.23
15..
Jan.
112.20
112.53
106.36
118.16
113.48
104.48
92.28
101.23
106.17
112.25
15-
3.65
101 23
106.17
112.25
8-
3.65
91.97
105.79
5..
112.05
29..
3.70
3.14
3.35
3.80
4.52
4.00
22..
Jan.
3.72
3.66
3.09
3.30
3.76
4.47
3.93
3.68
3.36
5.39
3.07
3.29
3 75
4.47
3.93
3.66
3.35
5.41
3.08
3.27
3 75
4.49
3.93
3.66
3.35
5.43
3.27
3.74
4.46
3.92
3.66
3.34
5.08
3.61
4.10
5.14
4.45
4.04
3.70
5.43
4.20
3.85
3.47
5.71
4.96
4.30
3.97
6.88
112.71
106 36
117.94
113.89
104.48
Hlgh 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
107.11
98 28
82 66
92.59
99.31
105.41
High 1937
4.03
3.48
8—
Low
1
109.64
99.48
1937 107.01
1
Yr. Ago
level
These
or
106.73
94.97
100.53
basis of one "typical"
They merely serve to
the bond market.
prices are computed from average yields on the
the average movement
of actual price qutatloons.
yield averages, the latter being the truer picture of
clared that "China contends that she is
only defend¬
ing her territory against invasion and is ready to
her
troops
from
Shanghai
as
soon
as
Japan shall withdraw her armed forces from Shang¬
Japan, on the other hand, contends that she
hai.
carrying war to China, but is simply conduct¬
is not
ing military operations for the purpose of protecting '
Senator Pittman
could not,
the blockade which
the blockade
imply.
of
course,
While
a
his
than
statement
a
a
civil
war,
blockade of
ration of
a
war.
ade is aimed
seems
to
blockade of the coasts of rebel terri¬
tory may be resorted to by a Government
ing
have fore¬
Japan has established, but
undoubtedly makes the situation much
dangerous
more
3.63
4.51
5.60
4.41
Aug .27*35
30 years), and do not purport to show either the average
comprehensive way the relative levels and the relative movement of
(4% coupon, maturing in
•ate in a more
waters, and it is unlikely
chant vessels
in combat¬
there appear to be no precedents for
foreign coast where there is no decla¬
It is true that the
Japanese block¬
primarily at Chinese shipping, but the
That is the
declare war against the other. As long as an
war continues, and American citizens
may
undeclared
would be bound to
Act prohibiting the
of the
American
claimed.
with
was
to
as
contraband,
Herein lies
foreign Powers.
an
has
been
specifically
acute danger of collision
continue to obtain
could
The French Foreign Office
reported unofficially on Thursday as refusing
recognize the right of Japan to search foreign ves-
command of
non-prohibited
United States if it was prepared to
m
for them on
■
the spot and transport them in its
vessels.
The United
lated
would then be transferred
nations, while Japan, with its
sea,
own
automatically
The trade in which Americans
could not legally engage
to other
the
exportation of
and restricting the articles that
vessels may carry would
effective.
become
Neutrality Act, he
recognize, and thereupon the pro¬
and munitions
arms
A
would at once create a
war" which, under the
"state of
visions
well conclude that the
do nothing and await events.
declaration of war, however,
pay
regarded
the war areas can be evacuated,
who desire to leave
President Roosevelt may very
and
appraisal, goods that may be
respects even
States is exposed.
possibility that either China or Japan
ooods from the
an
some
serious, to which the United
more
right to halt and search foreign vessels, and to seize
purchase, at
submit to having its mer¬
examined.
another danger, in
is
There
that any
halted and their cargoes
safest course is to
her nationals."
seen
3.98
3.90
foreign Power would long
(Continued from page 1317)
grounds of the conflict, Senator Pittman de¬
withdraw
3.44
sels in Chinese
The Costs and Risks of Neutrality
tlie
3.21
3.84
Aug.27'36
4.73
2 Yrs.Ago
'85.10
76.88
91.61
101.76
109.84
-r
.'
93.21
102.66
96.61
[88.36
100.35
110.43
•
>
Aug .27*35 107.18
*
115.14
102.84
Aug .27*36 110.91
2 Yrs.Ago
Yr. Ago
a
legis¬
hoped
out of war, finds itself actually in
than before of being drawn in. If it
States, in other words, having
neutrality policy which it was fondly
would keep
it
neater danger
1330
Financial Chronicle
to invoke the
were
that neither
Neutrality Act notwithstanding
nor China has declared war, its
Japan
action would
unquestionably be viewed by Japan as
implying that Japan Avas the aggressor, and not only
aa?ou1(1
relations
with
Japan
American interests in
periled.
be
embittered,
but
China would be further im¬
Moreover, since the action of the United
the
explosive material that is
Europe.
If Japan,
contemplates
Whatever
international
common
policy
de¬
seems
The likelihood that other Powers Avould
is
recognize
existing if the United States did so
war as
obviously lessened by the political situation in
Europe.
The
ests for
firm
a
of British commercial inter¬
pressure
policy in China is undoubtedly
con¬
siderable, for British investments in China
are
large
Shanghai have already been great.
commercial interests, in
comparison with
and the losses at
French
those of Great
ertheless
Britain,
small, but they
are
important, and
ward into the Canton
spread of the
a
area
Avould
are nev¬
south¬
Avar
serious ap¬
cause
prehension in France regarding the safety of IndoChina.
Neither Great Britain
has either
military
in the Far
war
to
believe,
punitive treatment
a
of
gains, it has chosen
favorable
a
undertaking.
letting matters drift until the air
the
ultimate
of
purposes
better to take its disclaimers about
is
clearer.
Japan, it is
making
war upon
China at their face value until it is certain that the
state of
a
widely about
seem
We think that Mr. Roosevelt has been well advised
find
a
than
more
moment for its
in
Avhich
as some observers
territorial and other
action
sirable.
might touch off
scattered
China, and hopes, by successful campaigning, to win
States would not
necessarily be followed by similar
by other Powers, the United States might
itself playing a lone hand in a situation in
Aug. 28, 1937
ward forcible intervention in China
nor
France, hoAvever,
naval forces to spare for
or
East, and
any movement
a
looking to¬
view is untenable.
The
Nine-PoAver
binds
Treaty, which
Japan and other Powers to respect the terri¬
torial
integrity of China,
North
seems
China, but there is
obligation aaTithout
no
and
Avar,
due for violation in
to enforce the
Avay
of the European
none
signatories is prepared to
to
adopt
go to Avar Avith Japan or
embargo policy that Avould discrimi¬
any
nate in favor of China.
if it is
The
Neutrality Act, in turn,
applied at all, must be applied
as
a
whole,
and it is not to the interest of the United States to
put itself in
as
either
Japan.
a
an
or
an
enemy
of either China
For this country, if not for others,
of "watchful
under
one
position where it could be regarded
ally
Avaiting"
the
appears to be the
a
or
policy
only safe
circumstances.
Indications of Business Activity
THE
STATE
OF
TRADE—COMMERCIAL
EPITOME
Friday Night, Aug. 27, 1937.
Business
activity
is
reported
holding
as
only slightly off from the previous week.
the
Far
East, especially
bassador,
and
are
outlook
undoubtedly causing much
yet
for
optimism
the
next
quarters.
many
concerning
several
Bank
being
shooting of the British Am¬
trade circles, promising, as they
cussions,
in
the
steady,
Developments in
the
months
lending
in official
concern
do, widespread reper¬
domestic
continues
officials
business
to
are
prevail
especially
for the country as a whole.
Residential contracts at
close of July totaled
$122,134,100, or a 47% gain, the
the
Dodge
survey shoAved.
This
was
here
stood
for
vance
at
Avhole.
a
$93,144,100,
the
same
as
the increase
Non-residential contracts
32% increase, against an ad¬
Temperatures during
abnormally high in most sections of
a
country of only 20%.
much of the week
the
exactly the
as
in the Eastern States
were
country,
according to government reports, though the
latter part of the period an extensive
high-pressure area
over eastern Canada and Northwestern
States, with a mod¬
erate
depression
the
over
much cooler Aveatlier and
Middle Atlantic area,
brought
widespread showers to the eastern
optimistic because of continuing and insistent inquiries for
portions of the country.
credit
that
continued
until
the inquiries suggest that a
buying movement almost rival¬
peratures
on
ing that of the early spring
some northern Rocky
Unusually high temperatures prevailed
the Northeastern States, Avith maximum
readings of 96
degrees at Portland, Me., and Albany, N. Y., and 94 in
lines
for
the fall.
of Commerce" points
tive
week
business
Some
bank
seems
officials
in prospect.
assert
The "Journal
to the fact that for the sixth
activity
has held
steady
at
consecu¬
the
level
established following the early July
recession, caused largely
by the Fourth of July holiday.
Its weekly business index
declined
fractionally to 102.4 and compares with
figure of 102.6 for the previous week
period
a year
revised
a
and 91.2 for the
same
Car loadings gained, while electric out¬
ago.
put and petroleum runs to stills continued at record levels.
Automotive activity experienced a
coal
nous
orders,
production
noted
week
a
lower.
was
has
ago,
sharp drop and bitumi¬
Improvement in steel
not carried
impressive manner, the "Iron Age" reports.
steel business thus far in August has
gate
ahead
of
that
received
for
through
in
an
While aggre¬
been
running
the
corresponding period in
July, the gain is moderate, being estimated by a leading com¬
pany at 15%, the review observes.
Most of the betterment
this month, it adds, has come from the automobile
industry,
from which larger orders are
expected next month Avhen
production
of
the
models gets
new
into
full swing.
Some
major industries upon which steel companies depend for a
large part of their volume, the "Iron Age" states, are shoAving little or no indications of a substantial pickup.
This
is
particularly true of the railroads
tion.
and
building construc¬
Production of electricity in the United States totaled
2,304,032,000 kilowatt hours
gain
of
Freight
3,865
an
in the week ended Aug. 21, a
corresponding Aveek a year ago.
loadings of 781,247 cars showed an increase of
or .05%, compared Avitli the preceding week;
10%
car
cars,
increase
of
over
the
45,771,
or
Retail sales for the Aveek
the like
period for last
Building
at
a
construction
faster
pace
than
6.2%, compared with a year ago.
were 5% to
15% heavier than in
year,
according to Dun & Bradstreet.
the
in
the
metropolitan
average
F. W. Dodge Corp. announced today.
the first
area
OA^er
seven
was
the
37
area
is
Eastern
gaining
States,
Total construction for
months of the year in the Greater New York
$515,532,400.
same
for
This
period last
represented
year against
a
a
45%
increase
gain of only 19%
In the Northwest
the close of
the
warm
weather
the
week, Avith maximum tem¬
reaching 100 degrees or higher in
23d
parts of the northern Great Plains and
Mountain districts.
in
other localities that are relatively cool normally.
Temperatures in parts of New England were higher than
many
in
the extreme
Southern
States.
Latest advices state that
prolonged rains brought floods to up-State New York and
several
other
Eastern
suffered
area
Avannth.
A
only
24-hour
.Pennsylvania drove
uation
of
brought
1935.
entire
fears
of
States
today,
intermittent
but
the
metropolitan
drizzles
and
discomfiting
doAvnpour in northern New York
and
streams out of their
families
in
repetition
a
banks, forced evac¬
vicinity of Elmira, and
the
of
the
disastrous
flood
of
At Ithaca,
N. Y., nearly one-fourth of the city was
Avater, the Tompkins County Fair was flooded to a
depth of six feet, and scores of families in the lowlands
around Cayuga Lake Inlet were marooned.
Railroads and
under
highways
here,
The
were
Avith
impassable.
temperatures
forecast
was
for
cloudy and somewhat
Today is
ranging
showers
warmer.
was
from
raining and
70
to
80
warm
degrees.
tonight.
Saturday partly
Overnight at Boston it was
68 to 76
degrees; Baltimore, 70 to 80; Pittsburgh, 66 to 76;
Portland, Me., 66 to 78; Chicago, 68 to 80; Cincinnati, 64
to 88;
Cleveland, 68 to 76; Detroit, 66 to 84; Charleston,
78 to 88;
Mihvaukee, 72 to 86: Savannah, 74 to 90; Dallas,
78 to 92; Kansas
City, 72 to 98; Springfield, Mo., 72 to 92;
Oklahoma City. 74 to 94; Salt Lake City, 62 to
98; Seattle,
5 ! to 70;
Montreal, 68 to 84, and Winnipeg, 56 to 92.
Moody's Commodity Index Drops
to New Low
Moody's Index of Staple Commodity Prices continued
sharp decline this week, closing at 196.0 this Friday,
compared with 200.4
a
week ago.
level for 1937.
The principal factors
This represents
in this week's decline
a new
were
its
as
low
lower
prices for hogs, cotton and steel scrap.
There were also
declines for hides, coffee and
sugar, and moderate advances
Volume
Financial
145
cocoa,
corn, rubber and wheat.
There were no net
changes for silk, silver, copper, lead and wool.
The movement of the Index during the week, with com¬
parisons, is as follows:.
for
Fri.
Aug. 21
Mon.
Aug.
Aug.
Wed.
Aug.
Thurs. Aug.
Frl.
Aug.
Tues.
ont'n
20b.U
200.4 2 Weeks Ago, Aug. 13
Month Ago, July 27
199.0 Year Ago, Aug. 27
198.0 1930 High—Dec. 28
197.0
Low—May 12
196.7 1937 High—April 5.
196.0
Low—Aug. 27
Aug. 20-
Sat.
No Index
23
24-..
25
26........
27
1331
Chronicle
!»«•»
208.7
1§2.7
228.1
196-0
week of
1936, and 26.6% over those for the corresponding
Loadings for the week ended Aug. 7, 1937,
showed a gain of 5.7% when compared with 1936 and a rise
of 32.2% when comparison is made with the same week of
week of 1935.
1935.
The first 18 major railroads to report for the week ended
Aug. 21, 1937, loaded a total of 357,581 cars of revenue
freight on their own lines, compared with 360,497 cars in
the preceding week and 345,840 cars in the seven days
ended Aug. 22, 1936.
A comparative table follows:
♦
REVENUE FREIGHT
Commodity
Weekly Index of Wholesale Commodity
from the plateau along which it had been
moving for the last two months, under the weight of lower
wheat, cotton and hog prices," the "Annalist" said on Aug. 26
in reporting that its index declined to 93.7 on Aug. 24 from
94.6 (revised) on Aug. 17.
The "Annalist" also noted:
The decline, in view of its causes, was sharpest in the farm products
group, which fell 2.4% during the week, as against a 1.0% loss for the index
"The
AND RECEIVED
LOADED
Prices Dropped During Week
Ended Aug. 24 According to "Annalist" Index
Wholesale
'Annalist'
The food and textile groups were also
whole.
lower.
should
prevent the export of our surplus from the 1937-38 season and the decline in
cotton the prospects for a large crop here.
The lower hog prices were pri¬
marily the result of diminished demand, as a result of the extreme advance
The weakness in wheat reflected fears lest
larger European crops
early in the month.
apples, bananas,
Advances were
and poultry and their products, butter, coffee and rubber.
Other losses were suffered by corn, rye, flour, cows, eggs,
cotton
scored
tin and our bituminous coal
textiles,
by steers
THE
"ANNALIST"
WEEKLY
OF
INDEX
PRICES
composite.
WHOLESALE
COMMODITY
(1926=100)
Weeks Ended—
Aug. 21 Aug. 14 Aug. 22 Aug. 21 Aug. 14 Aug. 22
1937
1937
1936
1936
1937
1937
5,934
5,873
5,102
15,227
11,159
Atchison Topeka & Santa Fe Ry.
Baltimore & Ohio RR
23,385
24,229
33,259
21,174
33,505
16,786
16,015
Chesapeake & Ohio Ry
Chicago Burlington A Quincy RR.
Chicago Milw St Paul & Pac Ry„
Chicago A North Western Ry
23,539
16,824
23,708
24,066
10,756
10,438
17,011
16,576
21,868
21,720
22,578
8,595
8,593
8,411
16,968
17,366
17,682
10,737
10,874
10,832
3,149
3,492
2,436
1,622
1,539
1,622
International Great Northern RR
2,373
2,128
2,429
2,288
Mlssourl-Kansas-Texas
5,313
4,901
2,973
8,900
39,046
2,979
1,736
2,645
8,661
38,623
9,556
33,857
Gulf Coast Lines..
8,234
8,301
8,171
Missouri Pacific RR
16,185
2,249
5,174
16,695
New York Central Lines
41,898
42,155
NewYork Chicago A St Louis Ry.
Norfolk & Western Ry
5,522
23,194
69,741
5,559
23,527
39,628
5,222
22,726
4,677
4,301
71,051
67,599
44,107
44,447
5,369
5,897
5,175
4,642
4,834
6,781
6,574
35,146
RR
Pennsylvania RR.
Pere Marquette Ry
Pittsburgh & Lake Erie RR
35,990
5,625
Southern Pacific Lines..
Wabash Ry
x
16,974
8,785
38,623
9,675
9,670
7,103
6,814
7,244
30,549
5,818
5,685
4,403
41,761
4,873
6,670
x8,497
x8,716
x8,440
8,141
8,039
7,837
357,581 360,497 345,840 202,436 201,625 195,836
Total
1937 Aug. 17, 1937 Aug. 25, 1936
Aug. 24,
Received from Connections
Weeks Ended—
Loaded on Own Lines
Prices broke away
as a
FROM CONNECTIONS
(Number of Cars)
Excludes
interchanged between S. P. Co .-Pacific Lines and
cars
Texas A New
Orleans RR. Co.
89.3
80.9
85.6
Textile products.
_
Metals
.
Building materials-
88.3
109.2
88.8
70.4
-
70.4
89.5
Preliminary,
79.4
a94.6
84.7
Revised.
a
Aug. 21, 1937
Aug. 14, 1937
Aug. 22, 1936
26,282
27,497
24,966
31,913
14,501
31,862
31,566
14,518
14,091
72,696
68.0
93.7
All commodities
Weeks Ended—
85.9
80.5
Miscellaneous
(Number of Cars)
66.5
89.5
________
Chemicals
73,877
70.623
Chicago Rock Island A Pacific Ry.
Illinois Central System
St. Louis-San Francisco Ry
Total
Commodity
Prices Again Lower During
Aug.
21,
According to National
Wholesale
week ended Aug. 14,
Fertilizer Association
The
index
lower
wholesale commodity price level, according to the
compiled by the National Fertilizer Association, was
in the week ended Aug. 21, making the fifth con¬
secutive week in which the index moved downward.
index last week
week, 88.6
The Association of American Railroads in
Ended
Week
and 80.1 a year ago, based on the
100.
In reporting the foregoing, an
issued Aug. 23 by the Association also said:
month
a
This
87.2, compared with 87.5 in the preceding
was
The current decline in the general price level during
due primarily to
This
was an
with
some
substantial
groups
actually
losses
whereas
showed the largest recession as a result
grains, and livestock.
industrial prices held
steady,
of downturns in the prices of cotton,
Changes in the food group were somewhat mixed,
but declines in several of the more heavily weighted items offset rises in
butter, eggs, lambs, and ham.
Textile prices receded still further last week,
fibers,
with lower prices quoted for cotton, cotton goods,
A sharp
yarns,
and silk.
advance in the price of southern pine offset declines in linseed oil
thereby causing the building material index to rise 1.6%
and zinc oxide
above last week.
Rubier and cattle feed price decreases were sufficient to
Price changes in mixed
lower the miscellaneous commodity group index.
fertilizers which
occurred during the past month were upward, causing a
moderate advance in the fertilizer price index.
30 advanced; in the preceding week there were 30 declines and 15 advances;
in the
second preceding week there were 29 declines and 21 advances.
WEEKLY WHOLESALE
above the preceding week, 16,417 cars
cars
in
above the corresponding week in 1936 and 8,518 cars above the
cars
week in
1935.
amounted to 116,251 cars, an increase of 4,747 cars above
Coal loading
week, but a decrease of 782 cars below the corresponding week
It was, however, an increase of 26,357 cars above the same week
the preceding
in 1936.
in
1935.
Grain and grain products loading
cars
below the preceding
Latest
to
the
Preced'g
Week
Per Cent
Each Group
Week
Aug. 21, Aug. 14,
Group
the Western districts alone, grain
ended Aug. 14 totaled
30,577
ing week and 2,260 cars
cars, an
Live stock loading amounted to
in 1936.
1935.
It
increase of 675 cars above the preced¬
above the corresponding week in 1936.
week but
a
14,616 cars, an increase of 1,079 cars
decrease of 631 cars below the same week
however, an increase of 338 cars above the same week in
was,
In the Western districts alone, loading
below the corresponding week in
loading totaled 40,932 cars, a decrease of 212 cars below
preceding week but an increase of 4,371 cars above the same week in
Month
Year
the
Ago
Ago
1936 and 10,389 cars above the same
July 24, Aug. 22,
1937
1937
1936
Ore loading
week in 1935.
amounted to 74,471 cars, a decrease of 1,062 cars below the
preceding week but an increase of 18,339 cars
86.0
85.2
85.9
82.0
Fats and oils
72.0
73.4
77.6
81.3
Cottonseed oil
25.3
76.4
Foods
99.3
89.0
80.0
57.8
66.9
66.5
89.3
91.9
103.5
104.6
Livestock.
10.8
86.0
86.6
55.5
Grains
17.3
77.4
85.1
Cotton
23.0
91.2
92.3
90.4
75.6
86.5
86.5
86.5
79.7
Farm
products
Fuels
Miscellaneous commodities.
8.2
Textiles
7.1
Metals
6.1
Building materials.
Chemicals and drugs
1.3
_
86.2
86.7
of live stock for the week
11,594 cars, an increase of 1,267 cars above the pre¬
1936.
1937
Total Index
totaled 43,391 cars, a decrease of 2,927
week buo an increase of 635 cars above the corre¬
1936 and 470 cars above the same week in 1935.
In
and grain products loading for the week
sponding week in
Forest products
Bears
166,396
of
decrease of 1,973 cars below the preceding week, but an increase
1,051
ceding week, but a decrease of 502 cars
(1926-1928=100)
week in 1935.
than carload lot freight totaled
less
of 7,962
above the corresponding week
1936 and 72,817 cars above the corresponding
Loading of merchandise
ended Aug. 14 totaled
COMMODITY PRICE INDEX
Compiled by The National Fertilizer Association.
14 was an increase of
1%, above the preceding week.
cars, or
above the preceding
Forty price series included in the index declined during the week and
777 382
correspond¬
163,377 cars, or 26.6%, above the cor¬
Miscellaneous freight loading totaled 311,556 cars, an increase
The farm product group index
advancing.
increase of 40,804 cars, or 5.5%, above the
Loading of revenue freight for the week of Aug.
7.676
same
showed
textiles
reviewing the
follows:
responding week in 1935.
the past few weeks
lower agricultural prices; only grains, foodstuffs, and
as
Loading of revenue freight for the week ended Aug. 14 totaled
cars.
cars, a
was
reported
ing week in 1936, and an increase of
ago,
1926-1928 average as
announcement
CONNECTIONS
RECEIPTS FROM
TOTAL LOADINGS AND
70.9
90.7
109.2
-
a74.4
*90.6
.
Fuels
86.5
*73.9
Food products
♦
100.4
98.0
Farm products
88.1
77.8
74.1
75.2
77.9
69.5
106.2
106.2
105.7
84.6
87.5
86.1
88.8
81.8
95.6
95.6
95.6
in 1936 and
above the corresponding week
39,500 cars above the corresponding week in 1935.
amounted to 9,769 cars, an increase of 62 cars above the
Coke loading
preceding week,
1,404 cars above the same week in 1936 and 4,988 cars
above the same week in
1935.
All districts, except the Southern, which
increases in the
number of
the corresponding
cars
showed
a
small decrease, reported
loaded with revenue freight, compared with
week in 1936.
All districts, however, reported increases
94.6
.3
Fertilizer materials
.3
Fertilizers
79.9
78.6
78.6
Farm machinery
96.4
96.4
96.4
Loading of revenue freight in 1937
compared with the two previous years
follows:
73.7
.3
compared with the corresponding week in 1935.
92.6
72.3
72.3
72.2
67.3
2,766,107
87.2
87.5
88.6
80.1
777,382
24,287,282
21,621.592
19,176,980
4 weeks in February
2,778,255
3,003,498
4 weeks in April
All groups combined.
2,955,241
3,897,704
2,976,522
3,812,088
5 weeks In May
Revenue
Freight Car Loadings Up 3,865 Cars in Week
Ending Aug. 21
Loadings of revenue freight for the week ended Aug. 21,
1937, totaled 781,247 cars. This is an increase of 3,865 cars
or 0.5% from the preceding week; an increase of
45,771 cars,
or 6.2% from' the total for the like week of
1936, and an
increase of 155,473 cars, or 24.8% over the total
loadings
for the corresponding week of 1935.
For the week ended
Aug. 14, 1937, loadings were 5.5% above those for the like
4 weeks In June
5 weeks In July
Week of Aug.
7--
Week of Aug. 14
Total
1935
2,974,553
2,512,137
2,415,147
2,543,651
3,351,564
2,786,742
3,572,849
728,371
736,578
3,316,886
4 weeks in March
100.0
1936
1937
5 weeks in January
—
769,706
*
2,330,492
2,408,319
2,302,101
2,887,975
2,465,735
2,820,169
582,077
614,005
we undertake to show also the loadings
roads and systems for the week ended Aug. 14.
During this period a total of 79 roads showed increases
when compared with the same week last year:
In the
following
for separate
1332
Financial
REVENUE
FREIGHT
LOADEDfANDfRECEIVED
Total Revenue
Railroads
from Connections
1936
1935
1937
Chicago Indianapolis & Loulsv
626
1,096
929
263
8,041
1,702
1,086
1,579
1,398
294
8,326
1,672
-
531
813
& Maine
8,983
8,876
2,328
2,262
1,156
27
28
22
113
70
1,129
4,806
9,366
1,076
4,479
1,012
3,628
8,772
8,001
2,005
6.940
6,395
2,048
6,445
6,511
Central Indiana
Central Vermont
Delaware & Hudson
Delaware Lackawanna & West
453
Lehigh Valley
Monongahela
Montour
1,287
2,398
13,722
3,103
11,568
13,914
2,860
169
170
6,563
1,945
1,491
8,615
1,184
5,959
2,582
1,005
7.941
1,680
2,982
3,728
2,528
N. Y. Chicago & St. Louis
40,813
10,442
992
New York Ontario & Western.
915
Norfolk Southern......
984
865
8,073
20,865
6,534
17,263
2,609
3,651
13,917
2,670
3,395
13,225
Tennessee Central
460
7,252
20,761
456
323
678
685
Winston-Salem
170
177
152
871
784
98,213
98,250
81,804
60,408
57,524
2,526
10,874
3,023
8,593
4,508
2,126
11,088
2,989
7,936
Seaboard Air Line..
Southern System
Southbound...
1,531
5,498
6,759
6,259
1,721
1,211
7,517
1,713
Total
o
Northwestern District—
823
753
704
22,440
2,728
21,022
4,376
20,282
1,063
8,675
21,146
18,563
2,254
19,862
3,831
8,857
Belt Ry. of Chicago
& Northern Western..
Great Western
Chicago
Chicago
Chicago
Chicago
2,596
2,314
227
.23
44
38,623
10,693
1,648
9,675
7,155
4,834
39,077
Duluth Missabe & Northern...
10,396
Duluth South Shore & Atlantic.
1,628
9,606
Elgin Jollet & Eastern
Ft. Dodge Des Moines & South.
6,868
Great Northern.
4,726
Green Bay & Western...
266
M11 w. St. P. & Pacific.
St. P. Minn. & Omaha
345
258
246
206
Lake Superior & Ishpeming
Minneapolis & St. Louis
781
1,246
Minn. St. Paul <fc S. S. M.
7,108
3,376
148,983
4,882
5,283
5,053
372
5,005
143
224
29
632
646
592
5,685
4,850
5,742
4,811
5,689
3,539
2,008
1,000
8,039
3,605
151,532
147,375
126,500
152,740
24
861
2,880
23,114
4,485
15,545
1,354
7,323
4,121
228
296
777
483
496
5,670
7,056
4,985
530
...
471
422
214
140
27,440
21,659
19,924
3,323
3,036
562
...
571
478
513
541
2,514
2,197
1,920
1,961
5,489
9,617
2,705
4,095
3,546
2,211
7,852
11,330
Northern Pacific...
8,092
10,551
85
117
1,591
1,627
2,609
3,419
336
359
319
359
308
1,896
1,418
1,873
1,645
1,193
137,112
124,432
102,521
51,889
46,959
24,229
3,650
20,473
3,212
18,780
3,347
5,934
2,318
2,181
604
305
205
117
54
17,011
2,345
14,074
2,582
1,025
3,311
16,436
1,428
12,926
2,814
1,035
3,145
15,330
1,409
8,301
11,235
2,084
8,096
2,685
7,800
1,054
7,670
767
1,653
3,044
Spokane International....
Spokane Portland & Seattle—
Total.
Allegheny District—
Central Western District—
Akron Canton & Youngstown..
577
494
761
608
32,640
5,866
25,465
3,798
16,015
3,443
15,599
2,399
190
Bessemer & Lake Erie
Buffalo Creek & Gauley
564
33,259
6,752
Baltimore & Ohio
360
160
9
7
Cambria & Indiana
1,169
6,286
1,300
878
15
18
5,888
5,290
10,127
9,722
Atch. Top & Sante Fe System..
Alton
Bingham & Garfield
565
827
678
51
35
240
312
288
43
38
Chicago
Chlcago
Chicago
Chicago
136
82
52
17
29
879
732
2,028
1,442
71,051
13,010
17,470
1,373
67,128
13,651
13,992
55,759
10,381
1,945
1,366
44,447
15,895
Pennsylvania..
Llgonier Valley
Long Island
Penn-Reading Seashore Lines..
Pennsylvania System
1,219
7,509
1,261
41,153
15,352
5,712
28
33
35
3,646
3,544
3,064
5~,911
5",596
156,491
148,439
114,828
107,554
99,557
Reading Co
(Pittsburgh)
West Virginia Northern
Western Maryland
6,535
Burlington & Qulncy..
& Illinois Midland
Rock Island & Pacific.
& Eastern Illinois
Denver & Rio Grande Western.
440
Denver & Salt Lake
Fort Worth & Denver
Illinois
Nevada
Northern
North Western Pacific
23,813
19,512
23,145
17,703
894
999
638
10,438
4,301
1,197
10,810
32
1,717
677
111
90
1,218
1,254
649
472
204
268
47
111
24,260
21,430
282
5,565
1,301
5,303
349
12,761
8,795
8,810
361
242
231
10
6
1,624
1,884
1,708
2,331
2,578
120,028
Total
108,846
97,902
54,044
51,250
4,447
1,185
4,370
1,085
4,475
3,908
3,505
920
689
52,604
51,865
41,358
16,856
16,954
Southwestern
Total
874
1,317
14,373
Western Pacific
23,708
23,527
13
864
1,518
293
Pocahontas District—
Norfolk & Western
607
1,265
1,931
15,429
Utah
Chesapeake & Ohio
2,231
1,262
2,969
517
26,699
(Pacific)
Toledo Peoria & Western
Union Pacific System.....
Norfolk & Portsmouth Belt Line
Virginian
692
2,331
1,327
117
Peoria & Pekin Union
5,251
981
1,128
2,027
1,974
1,105
City
Terminal
Southern Pacific
Total
...
Colorado & Southern
670
Central RR. of New Jersey
Cornwall
Union
1,198
1,180
327.
328
1,279
Cumberland &
958
380
345
327
Total
950
346
416
1,036
Wabash
1936
1937
Piedmont Northern
Pittsburgh & Shawmut
Pittsburgh Shawmut & North..
Pittsburgh & West Virginia
Wheeling & Lake Erie
from Connections
1935
Richmond Fred. & Potomac...
5,559
6,663
5,897
Rutland
1936
14
Total Loads Received
District—(Concl.)
Pere Marquette
Pittsburgh & Lake Erie
AUG.
Freight Loaded
1937
34,129
9,658
1,248
2,371
42,155
10,737
New York Central Lines
N. Y. N. H. & Hartford
ENDED
1937
28,
1,023
2,259
14,015
1,088
7,220
2,953
4,263
Maine Central
CARS)—WEEK
Railroads
136
244
205
Grand Trunk Western
114
2,235
286
13,506
4,831
Erie
Lehigh & Hudson River.*
Lehigh & New England
229
1,795
338
Detroit & Toledo Shore Line..
412
2,614
Detroit & Mackinac
Detroit Toledo & Ironton
OF
1936
Southern
489
Bangor & Aroostook..
Boston
(NUMBER
Total Revenue
Eastern District—
Ann Arbor
Aug.
Total Loads Received
Freight Loaded
1937
Chronicle
CONNECTIONS
FROM
District—
Alton & Southern
223
206
150
5,191
Burlington-Rock Island
205
149
189
307
Fort Smith & Western
173
156
131
236
234
3,492
2,599
2,318
2,161
1,539
2,288
1,213
2,206
1,156
Gulf Coast Lines
Southern District—
Alabama Tennessee & Northern
308
204
222
172
237
Atl. & W. P —W. RR. of Ala..
721
843
607
1,200
1,141
Atlanta
777
936
772
634
628
8,041
4,175
8,019
3,832
7,394
4,081
2,286
4,074
3,638
441
361
351
978
935
1,277
972
1,771
1,484
Birmingham & Coast..
Atlantic
Central
Coast
of
Line
Georgia....
Charleston & Western Carolina
Cllnchfield
1,430
2,248
International-Great Northern
Kansas Oklahoma & Gulf
Kansas
2,249
__
Louisiana & Arkansas
190
204
2,088
1,703
1,211
Louisiana Arkansas & Texas
120
154
122
114
243
201
961
903
836
692
708
230
253
Missouri & Arkansas
275
155
115
308
254
5,174
16,695
4,729
16,462
4,750
13,550
2,979
8,785
2,838
8,396
45
58
37
11
314
256
Missouri-Kansas-Texas Lines..
155
170
133
551
384
Missouri Pacific
453
460
379
444
485
Natchez & Southern
Gainesville Midland
323
36
41
26
93
7 83
993
Georgia
Georgia & Florida..
885
777
1,440
1,371
710
692
686
526
426
1,826
21,148
20,465
1,677
21,619
21,451
1,454
17,672
16,236
Macon Dublin & Savannah....
1,067
11,602
4,867
1,019
10,495
4,890
163
175
124
276
278
Mississippi Central
225
167
170
388
394
1,906
2,681
1,701
3,098
1,664
1,883
2,036
1,740
2,215
Gulf Mobile & Northern
Illinois Central System
Louisville
& Nashville
Mobile & Ohio
Nashville-Chattanooga &
St. L.
Note—Previous year's figures revised.
Decrease of
ing
2,431
0.2% in Wholesale Commodity Prices Dur¬
Ended Aug. 21
Reported by United
Week
States Department of Labor
Declines more than offset the Increases of last week, and
placed the allcommodity index at 87.3% of the 1926 average, the low
point reached since
early in July.
The all-commodity index is 0.2% below the level of a month
,
a
year ago.
Wholesale prices of raw materials fell
0.2%, largely because of weakening
for agricultural commodities.
The current index—85.0—is
prices
0.8%
below the corresponding week of last month and
3.9% above that of last
Semi-manufactured articles averaged
0.1% higher during the week
year.
are
86.6—is
group
It is
0.3% below the corresponding week of July.
14.6% above a year ago.
The index for
This week's index—
the
finished
products
declined 0.2% to the level of the
corresponding week of last month.
7.8% above
a year ago.
respectively.
are
131
86
113
7,433
2,001
4,355
4,088
6,931
2,660
3,634
2,503
19,554
19,172
281
199
75
80
38
32
28
33
55
61,402
Total
1,966
3,151
3,844
276
Terminal RR. Assn. of St. Louis
Wichita Falls & Southern
Wether ford M. W. & N. W
2,367
4,197
3,180
5,614
3,900
2,809
Texas & New Orleans
Texas & Pacific
The
57,371
49,092
61,293
56,663
following is from Commissioner Lubfn's
Aug. 26:
8.0% above
7.8%.
lower
were
a year ago
announce¬
of
ment
in grains and 1.2% in livestock and poultry prices
on
barley,
corn,
rye,
wheat, hogs,
ewes,
0.5%.
Quotations
live poultry
in the
Chicago market, fresh apples at Chicago, timothy hay, peanuts, flaxseed,
timothy seed, dried beans, and white potatoes at Portland, Oregon. Higher
prices
were
reported for oats, cows,
eggs,
oranges, sweet potatoes, and white potatoes
week's farm products index—87.1—is
apples at New York, lemons,
in the eastern markets.
This
1.5% below the corresponding week
3.0% above that for last year.
of last month and
Continued declines in prices of cotton goods, together with
falling prices
for woolen goods, caused the textile
products group index to decrease 0.4%.
Raw silk and manila
hemp, on the other
As
a
Non-agricultural
commodity
while industrial commodity prices are up
result of lower
hand, averaged higher.
Clothing
prices for fats and oils, the chemicals and drugs group
index also declined
0.4%.
and
No changes were reported in prices for drugs
pharmaceuticals, fertilizer materials, and mixed fertilizers.
Wholesale building material prices decreased 0.3%, due to weakening
prices for certain paint materials and gravel.
Quotations on yellow pine
lath
and flooring, chinawood oil, rosin, and
turpentine were higher. Average
prices for brick and tile, cement, and structural steel were steady.
Wholesale prices of cattle feed decreased 4.0% during the
week; and
crude
rubber declined 1.0%.
Automobile tires and tubes, and paper and
pulp remained unchanged at last week's level.
Due to
advancing prices for dairy products and fruits and vegetables, the
foods group index
meats
The index for the large group of "all
commodities other than farm prod¬
ucts" declined 0.2%, and "all commodities
other than farm products and
foods" decreased 0.1%.
Compared with a month ago each group shows a
decline of 0.1%
and 0.5%,
prices
108
8,640
2,373
and knit goods prices remained firm.
products, textile products, building materials, chemicals and
drugs, and miscellaneous commodities groups declined
during the week.
Foods advanced fractionally, and hides and
leather products, fuel and light¬
ing materials, metals and metal products, and
housefurnishing goods re¬
mained unchanged at last week's level.
and
16
113
Decreases of 2.9%
commodity prices, as measured by the index of
Statistics, United States Department of
Labor, covering 784 price series, declined 0.2% during the
week ended Aug. 21,
according to an announcement made
Aug. 26 by Commissioner Lubin.
In issuing the announce¬
ment, Mr. Lubin stated:
It is 7.1 % above that of
474
8,644
2,765
8,447
4,863
St. Louis-San Francisco
St. Louis Southwestern...
caused the farm products
group as a whole to decline
the Bureau of Labor
The farm
Quanah Acme & Pacific
523
* Previous figures.
Wholesale
ago.
907
1,051
Litchfield & Madison..
Florida East Coast
211
1,430
1,743
1,973
1,116
Midland Valley
Columbus & Greenville
Durham & Southern
321
2,051
200
2,073
1,573
City Southern
185
prices
were
were
rose
0.3%.
Cereal products prices declined sharply and
fractionally lower.
reported were butter,
Individual
rye
food
items
for
which
flour, canned pears, ham,
higher
mess
pork,
dressed poultry, cocoa beans,
eggs, pepper, raw sugar, and cottonseed oil.
Prices were lower for wheat
flour, corn meal, rice, raisins, canned corn,
peas, and
oil, and
ago
tomatoes, mutton, fresh pork, copra, lard, edible tallow, coconut
peanut oil.
and 4.8% above
The current food index—86.8—is 0.9% above a month
a year ago.
"
Financial Chronicle
Volume 145
A minor advance in leather prices did not
and leather products group as a
the hides
Average
unchanged.
remained at 78.9.
affect the index for
the fuel
and lighting materials group
Wholesale prices for kerosene advanced slightly and those
for coal and coke
did Hot change.
The
metals
and
metal
unchanged at 95.5,
products group index was
Pig tin
and plumb¬
although prices of terne plate and zinc sheets averaged higher.
was^fractionally lower.
Agricultural Implement, motor vehicle,
ing and heating fixture prices were stationary.
^
Housefurnishing goods prices
92.7% of the 1926
level
and fur¬
remained at last week's
as a group
Wholesale prices of both furniture
average.
1333
Production
During
Week
Aug.
Ended
21
Maintains Record Setting Pace
It remained at 108.6.
whole.
prices for shoes, hides and skins, and other leather products were
The index for
Electric
The Edison Electric Institute, in its
weekly statement,
disclosed that the production of electricity by the electric
light and
power industry of the United States for the week
Aug. 21, 1937, continued at a record breaking rate
and again established a new all-time
high mark.
Output
totaled 2,304,032,000 kwh., or 10.0% above the 2,093,928,000 kwh. produced in the
corresponding week of 1936.
The
ended
Institute's statement follows:
PERCENTAGE INCREASE OVER PREVIOUS YEAR
nishings were steady.
784 price series,
their relative importance in the country's markets,
The index of the Bureau of Labor Statistics includes
weighted according to
and is based on the average for the year 1926 as
100.
of com¬
five weeks and for Aug. 22, 1936, Aug. 24, 1935,
jj» The following table
shows the index numbers for the main groups
modities for the past
Major Geographic
Regions
New England..
Middle Atlantic
-
Aug.
Aug.
Aug.
July
21
14
7
31
July
24
Aug.
Aug.
Aug.
Aug.
1935
1934
-
1937
87.5
87.4
87.5
87.5
81.5
80.8
76.9
9.0
14.0
12,0
87.5
86.9
87.7
88.4
84.6
80.7
71.8
7.1
,2.8
7.5
9.8
12.7
11.4
20.2
16.7
12.9
13.5
8.1
86.5
86.3
86.5
Total United States.
86.0
82.8
86.1
75.5
90.2
84.6
70.7
71.1
78.6
77.0
75.4
75.2
78.8
8.9
7.9
'
7.4
8.8
8.0
Per
66.7
78.9
78.9
8.2
(THOUSANDS OF KILOWATT-HOURS)
74.2
Fuel and lighting materials..
DATA FOR RECENT WEEKS
92.8
70.4
,
65.0
94.3
78.9
7.4
v
;
10.6
.
10.0
58.2
Hides and leather products.. 108.6 108.6 109.1 108.4 107.6
77.9
77.4
77.6
Textile products
76.9
76.6
_
1937
10.1
4.1
Pacific Coast.
69.6
87.1
_
1937
87.3
.
1937
1937
86.8
Farm products.
Foods._
31,
10.1
12.3
__
Southern States..
1933
1937
All commodities.-.
6.5
26
25
24
22
1936
7.2
Week Ended
July
6.8
.
Rocky Mountain
Commodity Groups
Aug. 7, 1937
1937
0.9
-
.
(1926—100)
Week Ended
14,
1937 Aug.
5.3
_
Central Industrial
West Central
Aug. 25, 1934, and Aug. 26, 1933:
Week Ended
Week Ended
Aug. 21,
Cent
Change
Week Ended
1937
1937
1936
1935
1932
1929
from
1936
95.5
95.4
95.4
95.4
86.3
86.0
85.9
81.2
Building materials
96.4
96.7
96.7
96.7
96.8
86.9
85.1
86.4
80.7
Chemicals and drugs.
81.7
82.0
82.4
83.6
83.8
79.5
79.3
76.0
72.5
June 12
Housefurnishing goods..
92.7
92.7
92.8
92.7
91.6
82.6
81.7
82.9
76.9
June
Miscellaneous
67.2
70.1
65.2
June 26.
Metals and inetal products
95.5
..
77.2
77.4
77.4
78.2
79.2
71.6
Raw materials
85.0
85.2
84.9
85.3
85.7
81.8
Semi-manufactured articles..
86.6
86.5
86.5
86.7
86.9
75.6
Finished products
88.9
89.1
89.1
89.1
88.9
82.5
87.3
87.5
87.5
87.5
87.4
80.8
All
-.
commodities
other
commodities
farm
*
July
...
3
July
10
#
'jiv
July 17.——.
2,131,092
2,214,166
2,213,783
2,238,332
2,238,268
2,096,266
2,298,005
2,258,776
July
.
other
5
19
*
than
farm products.»_
All
*:.
*
June
72.0
77.9
85.9
products and foods..
86.0
86.0
86.2
86.3
74.4
78.4
78.1
79.7
24........
July
31
Aug.
80.7
than
7
....
Aug.
14
....
2,300,547
....
2,304,032
Aug. 21
Not computed.
2,256,335
2,261,725
Aug. 28
DATA
June Sales of Electricity to and Revenues from
Consumers
FOR
RECENT
1,922,108
+ 10.9
1,381,452
1,615,085
1,945,018
+ 13.8
1,724,491
1,435,471
1,989,798
2,005,243
+ 11.3
1,742,506
+ 11.6
1,774,654
1,441,532
1,440,541
1.628.520
2,029,639
1,956,230
2,029,704
+ 10.3
1,772,138
+ 7.2
1,655,420
1,456,961
1,341,730
+ 13.2
1,766,010
1,415,704
2,099,712
2,008,284
2,079,137
+ 7.8
1,807,037
1,433,993
1,689,925
1,699,227
1,702,501
1,723,428
1,592,075
1,711,625
1,727,225
+8.0
1.823.521
+ 8.8
2,079,149
2,093,928
2,125,502
+ 10.6
1,821,398
1,819,371
1,440,386
1,426,986
1,415,122
1,431,910
1,436,440
1,723,031
1,724,728
1,729,667
1,733,110
1,750,056
MONTHS
+ 10.0
1,832,695
1,839,815
(THOUSANDS
OF
KILOWATT-HOURS)
Ultimate
Per
Cent
.
Change
The
following statistics, covering 100% of the electric
light and power industry, were released on Aug. 23 by the
Month of
1936
1937
1937
DISPOSAL OF ENERGY
AND
9,791,969
8,926,760
9,908,259
9,584,251
February
March....
—
April.,..
May
i-iww
June
Percent
1937
1936
Change
By fuel
.
6.072,623,000
Total kilowatt-hours generated——
Additions to Supply—
-
Energy purchased from other sources
Total
-
-
3,490,627,000
5,573,337,000
2,932,266,000
+ 19.0
9,563,250,000
8,505,603,000
303,702,000
172,341,000
113,951,000
+ 43.9
42,042,000
41,848,000
109,900,000
+ 3.1
+ 13.0
8,025,886
+ 11.2
7,762,513
7,048,495
8,375,493
8,336,990
8,532,355
8,640,147
9,163,490
+ 18.3
7,500,566
+ 15.0
7,382,224
7,544,845
7,404,174
7,796,665
+ 13.7
+ 13.6
9,275,973
7,011,736
7,585,334
6,494,091
6,850,855
7,380,263
7,285,359
7,486,635
7,220,279
7,484,727
6,771,684
6,294,302
6,219,554
6,130,077
6,112,175
8,078,451
7,795,422
8,388,495
6,317,733
8,197,215
6,507,804
December
9,237,905
9,850,317
7,773,878
7,523,395
8,133,485
7,681,822
8,521,021-
6,638,424
7,871,121
Total-.
107035 740
...
6,310,667
6,633,865
+0.5
151,748,000
8,640,147,000
1,376,044,000
7,264.103,000
8,664,110
+ 76.2
286,292,000
;
'-!■ v
9,262,845
9,670,229
August.—...
+ 12.4
412,082,000
--------------
Net International Imports -
July
October
108,380,000
..
By water power.—--
9,703,394
9,818,888
September—---.
Kilowatt-hours Generated *(Net):
Y'-'.)
'
1936
January
SALES
'^
Month of June
•
AND
CONSUMERS
TO ULTIMATE
1929
from
Edison Electric Institute:
SOURCE
1932
1935
-
-.—
__
Deductions from Supply—
Energy used In electric railway departments
114,402,000
Energy used in electric and other depts
+ 9.0
November..
93,420,266 77,442,112 90,277,153
—4.9
+ 4.1
July Business Activity in California Reported
Year Ago by Bank of America
Above
Activity in major lines of California business in July was
corresponding month of last year, with em¬
ployment and weekly payrolls in manufacturing industries
registering the most substantial gains, according to the
current "Business Review" of the Bank of America (Cali¬
fornia).
An announcement by the bank bearing on its
publication also had the following to say:
well above the
Total
-
Total energy for distribution.—————
156,444,000
9,818,888,000
Energy lost In transmission, distribution, &c
1,491,867,000
Kilowatt-hours sold to ultimate consumers..
8,327,021,000
Sales to Ultimate Consumers
+ 13.6
+ 8.4
+ 14.6
(Kwh.)—
Domestic service
1,341,801,000
Commercial—-Small light and power (retail).
1,463,154,000
4,889,332,000
136,088,000
Large light and power (wholesale)
Municipal street lighting
Railroads—Street and interurban
Electrified steam-.
326,917,000
97,656 000
—...
72,073,000
Municipal and miscellaneous
1,144,307,000
1,274,511,000
4,196,958,000
159,124,000
346,241,000
74,498,000
68,464,000
—14.5
7,264,103,000
+14.6
$164,007,200
+ 8.9
+ 17.3
+ 14.8
+ 16.5
—5.6
+31.1
+ 5.3
Recording the seventh consecutive gain this
month
in
1936, July employment rose 8.2%
ahead of July.
28.1% above the same month of last year.
Total sales to ultimate consumers
Total revenue from ultimate consumers.-..
8,327,021,000
•5178,538,700
Despite
were
the corresponding
.
,
was
14.3%
6.7% over June and
.
1.7 % decline from last month in the permits of 32 California
a
cities, July building activity in four cities scored gains ranging from 70%
to
12 Months Ended June 39
year over
above June and
Weekly payrolls in July
1936.
335%
.
Compared with the corresponding months of 1936 and
.
1935, July permit values showed percentage gains of 2.9 and 84.5, respec¬
Percent
1937
1936
Change
tively.
Prices received by California farmers for 24 principal products in July
were
Kilowatt-hours Generated *(Net):
By fuel.....—
72,649,417,000 61,680,435,000
+ 17.8
39,623,968,000 36,889,461,000
+ 7.4
112,273,385,000 98,569,896,000
3,913,892,000
3,239,779,000
Energy used in electric railway & other depts 2,128,737,000
2,181,955.000
Total energy for distribution
114,058,540,000 99,627,720.000
Energy lost in transmission, distribution, &c 17,906,029,000 16,684,316.000
Kilowatt-hours sold to ultimate consumers.. 96,152,511,000 82,943,404,000
Total revenue from ultimate consumers
82,134,371,300 $1,972,559,800
+13.9
-----------
By water power.
changed from June of this year.
were
Total kilo watt-hours generated.
Purchased energy
(net)
—
+ 20.8
—2.4
+ 14.5
the highest for that month since 1930.
Avge.
35.3%
consumption per customer (kwh.)
kilowatt-hour (cents)..
Average monthly bill per domestic customer
Basic Information
+ 8.2
reported in the grain and fruit groups, which gained 30.2% and 23.5%,
sales
dipped to the July, 1936, level of 101.
+ 9.3
—6.6
$2.82
+ 2.1
winter months
Total generating capacity in kilowatts
Number of Customers—
Farms in Eastern area (Included with
large).
-
(852,131)
(286,204)
22,105,787
(626,271)
(233,767)
21,333,916
3,777,444
495,783
26,576,647
consumers
Total ultimate consumers
25,669,281
Commission, with deductions lor
not considered electric light and power enterprises.
499,400
33,477,500
3,851,151
549,378
70,331
Large light and power.
As reported to the Federal Power
_
Says
H.
H.
62,138
certain plants
Last Year Looked For
is
highly encouraging, Henry H.
of
Manager
the National
Association
Heimann,
of
Credit
that the Christmas trade season this year
should equal or better last year's because of four important
"The stimulants to better business in the months
factors.
ahead," he says, "are":
1.
areas
2.
Commercial—Small light and power
♦
23,966,500
9,011,600
34,222,200
domestic)
Farms in Western area (Included with commercial,
Domestic service
Other ultimate
1936
9,521,200
615,400
Internal combustion
Encouraging,
declares
Men,
24,085,600
Business
Pointing out that the outlook for business in the fall and
Executive
of June 30
Water power
Fall
Better Christmas Trade Than
697
Generating capacity (kw.)- -Steam.
for
Outlook
Heimann, of National Association of Credit Men—
4.86c.
1937
un¬
July, 1936, prices
Receding two points from its June level, the index of department store
37.4%
52.88
as
over
+ 7.3
762
revenue per
1936. but remained
+ 15.9
4.54c.
aim.
Average
Largest advances
respectively.
Important Factors—
Per cent of energy generated by water power
Domestic Service (Residential Use)—
Standing at 127% of its 1910-
1915 level, the index was 10 points ahead of July,
3.
4.
tive
Since the farmers are going to have an
will
be
particularly
Interest rates
In
are
territories
increased income, the farming
for
increased
business.
conducive to healthy business expansion.
the heavy goods
Labor,
good
industry,, needs
are
far from satisfied.
receiving a more generous share,
will
satisfy
more
consump¬
wants.
"Bank
available
credit
for business,"
today
at
attractive
Mr.
Heimann
interest
rates
observes,
and
the
"is
only
phase of the credit situation that gives business real con¬
cern is the continuing inability of the Federal and some of
1334
Financial
the State governments to adopt
reduction programs."
In part,
In
restricted
the
areas
budget-balancing and
he
healthy state
of
debt-
also said:
upset
then
Accounts
it
receivable,
should
not
considering
cause
somewhat in the next year
considerable
normal
period.
attributes
In
of
the
against
For
expansion
Canadian Business
sound.
are
failures
is
it
one
of
to
rise.
begin
the
Bank of
In
the period
witnessed
it
exports.
of
it appears
higher
that this country will import
the first half, of the year
with 1936,
and
$150,000,000.
nearly
far this year,
1893
Compared
44%
imports
33%
higher
imports
have
exports
Although
for
an
risen
the remaining months
are
expected to
decline in
will make abroad in view of
our
excellent
harvest, compared with recent
years,
see
a
with
to
and portions of Alberta, the latest Government
crop survey on July
31 estimated the spring wheat crop at 35% of the
long-time average, and
crop experts forecast its yield at between 175,000,000 and
wan
import balance of around $50,000,000 at the year's end.
an
harvests
poorer
in
other
countries.
Current
estimates
point
200,000,000
bushels.
"Total volume of industrial
production and distribution of
change from June to
July, When allowance is made for the usual summer declines."
This was noted by the Board of Governors of the
Federal
Reserve System in issuing as follows on
Aug. 26 its summary
of general business and financial conditions in the
United
States, based upon statistics for July and the first three weeks
of August:
showed little
consumers
The Board's seasonally adjusted index of industrial
production was 114%
of the 1923-1925 average in
July, the same as in June and 4 points lower
than in March, April, and
May.
At steel mills, where output in June had
been curtailed by strikes,
activity increased considerably in the early part
of July and was maintained at the
higher level between the middle of
July
and the third week of August.
Lumber production also increased in July,
of plate glass showed
output
a substantial decrease.
Automobile
Output of non-durable manufactures de¬
assemblies declined seasonally.
creased
ton
considerably, owing largely to
and
woolen
milling and
textile
sugar
mills.
Meat
refining increased.
a
declined,
while flour
was
Construction contracts awarded,
maintained
construction
awards
for
as reported by the F. W. Dodge
Corp.,
July at the level reached in June.
Non-residential
further, reflecting principally a large volume of
in
expanded
iron
building showed
and
a
steel
plants and for railroad projects.
Residential
seasonal decline.
Factory employment increased somewhat from the
middle of June to the
middle of July, when a decline is
usual, and factory payrolls decreased
than seasonally.
The largest increases in employment were in the
steel industry and in the food
industries, particularly at
less
canning factories.
Other manufacturing industries
as
a group
showed somewhat less than the
usual seasonal decline.
,
Agriculture
A cotton crop of 15,593,000
bales, representing an Increase of 3,200,000
over last
season, was forecast by the Department of Agriculture on the
bales
basis
of Aug.
crops will be
for
average
1 conditions.
Official estimates indicate that
considerably larger than last
1928-1932.
Preliminary
.
export trade
increased nearly
Nations.
24%
and she
It also records
as
to
rose
one
fourth
of the
place among the exporting
satisfactory features of the first
half of 1937 the virtual restoration of
pre-depression relationships between
prices for manufactured goods and basic materials
including farm products,
which has paved the way for a more normal
primary and secondary producers.
The
interchange of goods between
basic conditions which
In the first half of 1937 the volume of
retail sales
were
re¬
in the same period of 1936,
maintained.
In
was
7.4% higher than
and the enlargement of retail trade is
being
...
the
manufacturing field the textile industries have been
adversely
affected by strikes, but the great
majority of other establishments have been
well employed and in the
mining industry there is renewed confidence with
a rise in the
price of certain base metals and a
lessening of apprehension
about the fate of the price of gold.
marked decline in activity at cot¬
packing also
At mines, output of anthracite
reduced in July, while output of most other minerals
showed little change.
were
.
.
sponsible for this improvement in Canadian business still
persist.
Production and Employment
while
The Bureau of
Statistics in a survey of business con¬
ditions in Canada during the first half of 1937 finds
that with a level of
business about 12% greater than in the same
period of 1936 a greater mea¬
sure of prosperity was enjoyed than in
any year since 1930.
It asserts that
the newsprint, mining and power industries reached
new high records with
marked gains over their output for 1936, that the
increase in the volume of
manufactured goods was nearly 14% and that with
facilities for the pro¬
duction of minerals and other natural products on a
large scale Canada has
been in a position to share fully in the revival of
International trade which
is in progress, with the result that in the
period in question her
Summary of Business Conditions in United States by
Board of Governors of Federal Reserve
SystemLittle Change Noted in Industrial Production
from
June to July
commodities to
satisfactory
substantially higher than last
Taking into account the deterioration of the grain crops in Saskatche¬
year.
improvement that coin¬
an
cides
business
the aggregate farm income for 1937 should be
the
we
finds the level of
provinces are good, and
so
rise, because of the crop sales which
summer
Generally speaking, the crops outside the drought areas in the
prairie
as the prices of farm products are now
import
rapidly
waning of the
operations throughout Canada being maintained at a stable
and satisfactory level," states the Bank of Montreal in
its
"Business Summary" of Aug. 23.
The Bank said that har¬
vesting in Canada "is now well under way everywhere."
It added:
general,
a
liability
prosperity brings to
of
Reported at Satisfactory Level by
Montreal—Harvesting Found Well Under
Way
"The
seemingly
certain proportion of failures as
a
profits which
the first time since
balance
business,
...
than
more
of
if business
failures increase
They have been at a low rate for a
that
prosperity
and)
assets
of
volume
concern
two.
or
periods
the business world must absorb
business.
the
unusual
any
early in 1935.
York Bank reduced its rate to 1% from 1H %.
Ed.]
by unnecessary labor difficulties or such natural disasters as floods
and droughts.
But the normal credit factors are ready to support and are
supporting growing business.
But
The 2% rates had been in effect
[Since this review was issued the Reserve Bank of
Richmond also lowered its discount rate to 1^% from
2%, while the New
and
now
Aug. 28, 1937
Atlanta, Chicago, and Minneapolis.
since
credit has been
of
Chronicle
estimates
by
the
Also Noted in Delaware Factories
Factory employment in Pennsylvania decreased less than
1% and payrolls declined more than 4% from June to
July,
according to preliminary indexes compiled by the Federal
Reserve
the
Department
Bank
of Philadelphia on the basis of
reports re¬
2,347 plants employing in the latter month some
588,000 workers, receiving compensation of
approximately
ceived from
$15,400,000
a week.
The decrease in wage payments was
about in line with seasonal
expectations, while the fractional
decline in employment was less than
usually occurs, said
an
announcement
issued by
the Bank, Aug. 19, which
continued:
other major
and about equal to
season
Factory Employment and Payrolls in Pennsylvania De¬
clined Slightly from June to
July, According to
Philadelphia Federal Reserve Bank—Decreases
The
and
index
that
of
of
Agriculture indicate that cash farm income,
including Government pay¬
ments, will total $9,000,000,000 for the calendar
year 1937, an increase of
14% over 1936.
Distribution
Distribution of commodities to
consumers in July continued at the level
of other recent months, when allowance is
made for the usual summer de¬
cline.
Sales at department stores and
variety stores showed slightly less
than the seasonal decrease in
July, while mail order sales declined somewhat
more than
seasonally.
Freight-car loadings increased, reflecting in part
larger shipments of grains and forest products.
were
of
employment
payrolls
higher
by
11%
in
July
98.6;
was
was
91.8%
compared with
a
of the
year
1923-25
average
these
indexes
ago,
and
28%, respectively.
On the basis of current
it is estimated that nearly 988,000 workers were
employed in July by all manufacturing industries in Pennsylvania and
that wage disbursements totaled about
$25,200,000 a week.
reports
and
census
data,
Employee-hours actually worked in over 90% of the reporting plants
declined 5% from June to July but were 14%
greater than a year before.
Average hourly earnings have increased substantially since the autumn of
last year, and in
July were nearly 20% higher than a year earlier.
Increases
in
employment
from June to July were reported in the
industries which manufacture non-ferrous metal, food and lumber
products,
declines in four of the remaining seven groups were of less than.
and
Commodity Prices
seasonal
From the middle of July to the third week
of August prices of grains and
cotton declined
increase.
substantially, while livestock
Automobile prices
advanced, and there
were
were
raised
increases
including hides, zinc, lead, and steel
clined somewhat.
/
;;
and meats showed
further
a
group,
by most producers, carpet prices
in several
industrial
raw
As to
materials,
Cotton goods and rubber de¬
scrap.
employment conditions in factories in Delaware, the
Philadelphia Reserve Bank stated:
1
In
Bank Credit
proportions.
Payrolls decreased in all but the food products
the falling off being most pronounced in the case of transportation
and stone, clay and glass products.
equipment,
78 Delaware factories
employment was about 1% and wage disburse¬
nearly 2% smaller in July than in June; working time, as
by employee-hours actually worked in 74 plants, showed virtually
change in this interval.
Compared with a year earlier, the number
ments
Were
From the middle of July to
Aug. 4, excess reserves of member banks
were
sharply reduced from $960,000,000 to $700,000,000, but subse¬
measured
quently they increased
of
member
$780,000,000
on
Aug.
18.
These
bank reserves reflected
principally fluctuations in
Treasury deposits
crease
to
at
changes in
the volume
of
Reserve banks, together with a seasonal in¬
in money in circulation.
Excess reserves at New York
City banks
$130,000,000.
"
,
Total loans and investments of
reporting member banks increased
what during the four weeks
ending Aug.
18, reflecting principally
crease
of
$150,000,000 in
commercial
decline in holdings of United
at New
States
loans
offset
in
part
by
Government obligations,
York City banks.
a
in¬
further
principally
Credit Corporation on Aug. 2.
United States Government deposits at
reporting banks increased during
the period, reflecting purchases
by banks of
Treasury bills
\
Rates
on
a
book-credit
Bankers'
clines at New
balances and other demand
deposits showed further de¬
York City banks.
,'
Money Rates
Treasury bills declined slightly after the middle of July, and
open-market yields on Treasury notes and bonds also declined until
early
in August, but later there was a rise in
yields.
In the latter part of August
discount rates were reduced from 2% to 1
^ % at the Federal Reserve banks
on
employed
was
19% larger and the amount of compensation
.
—♦
Declines Noted in Employment and Payrolls in Penn¬
sylvania Anthracite Collieries from Mid-June to
Mid-July
some¬
an
The growth in commercial loans occurred both
in New York City and in other cities and
included the purchase by banks of
a large portion of the
$60,000,000 of 9-month notes sold by the Commodity
basis.
wage earners
29% greater.
Federal
declined from $230,060,000 to about
$40,000,000 and subsequently increased
to
no
Employment in Pennsylvania anthracite mines declined
12% and payrolls dropped about 31% from the middle of
June to the middle of
July, according to indexes compiled
by the Federal Reserve Bank of Philadelphia on the basis of
reports to the Anthracite Institute by 26 companies employ¬
ing nearly 63,000 workers who receive approximately $1,-
430,000
a week.
Working time, as measured by employeeactually worked in the collieries of 21 companies, was
28% less in July than in June, said an announcement by the
Bank, which added:
hours
The index of
employment in July was 44.2 relative to the 1923-25 aver"
or about 7%
lower than a year ago.
That of wage payments was
29.6 and showed a decrease of
age
5%
following indexes
as
compared with
a year earlier.
The
indicate the trend of employment and payrolls during the
past three and one-half
years.
Voltune
Financial Chronicle
145
Prepared by the Department of Research and Statistics of the Federal Reserve
Bank of Philadelphia.
1923-25 Average = 100
Harvesting operations in Canada
1937
1934
1935
1936
1937
1934
1935
1936
January
62.3
61.1
57.9
53.2
59.4
48.1
45.8
35.9
February.
61.4
62.7
60.1
51.8
55.2
53.9
64.7
34.5
31.8
Manitoba, Saskatchewan and
"are well under way" in
Alberta," said the
Southern
Bank of Montreal in
its report on Canadian crops issued
Aug. 26. "In central and northern Alberta crops are
ripening
slowly and warm, dry weather is necessary to hasten matur¬
ity." the bank noted, adding:
March
65.7
50.0
51.5
48.0
69.2
32 7
35.9
April..
May
56.6
51.6
48.9
53.0
43.3
42 0
24.1
62.0
52.4
53.9
50.1
53.7
41
8
47.5
37.3
June. ......
56.0
55.6
50.3
50.2
44.7
55.5
35.3
42.8
July
....
52.2
48.5
47.5
44.2
35.4
31.6
31.3
29.6
August
September..
48.2
37.9
40.4
33.3
23.8
26.4
55.4
45.2
46.8
32.2
29.3
October
56.9
57.7
49.0
40.4
47.1
40.8
damaged stocked grains, but have been beneficial
59.0
45.7
50.6
42.8
23.9
33.8
corn, the outlook for
December..
59.8
56.3
53.9
43.9
46.7
46.5
apples, is
Average
58.0
52.0
50.9
46.7
39.9
38.4
November.
_
39.4
53.7
Re¬
ported Well Under Way by Bank of Montreal
Payrolls
Employment
1335
Harvesting of Canadian Crops in Some Sections
In Quebec
province, while heavy storms have done some damage, pros¬
pects continue favourable for
average yields of grain and for satisfactory
crops of roots, apples and small fruits.
In Ontario, frequent rains have
to
roots, pastures and
which,
as well as for fruits of all kinds
except late
In the Maritime Provinces grain cutting has begun
and the outlook remains
favourable for crops in general. In British Columbia
satisfactory.
cool weather and intermittent rains
have retarded late
and delayed the
Weekly
Report
of
Ended
Lumber Movement—Week
Aug. 14, 1937
The lumber industry during tlie week ended Aug. 14,
stood at
80% of the 1929 weekly
71%
1929
of
shipments.
25% greater than
was
The week's reported
to
that
slightly
and
less
the
of
and
shipments
Reported production was nearly
preceding
week;
shipments slightly
heavier and
were
production
business booked and 15% heavier
new
than reported shipments.
equal
1937,
of production and
average
corresponding week of 1936.
business
new
was
* Production
heavier.
orders less than
new
in
National production reported
for the week ended Aug. 14,1937,
to
The
Agricultural Adjustment Administration announced
Aug. 16 that the quota of syrups and sugar mixtures of
7,970,558 gallons, of 72% total sugar content, which could
on
be imported from Cuba
been exhausted.
The
during the calendar
year
1937 has
quota was established pursuant to
provisions of the Jones-Costigan Act and Public Resolution
No. 109 of June
19, 1936, by General Syrup Quota Regula¬
tions, Series 2, No. 1, of Dec. 12, 1936.
Sugar Exports from Cuba Increased During" FirsUSeven
Months of Year
3% greater than shipments of that week;
were' 3%
below that week's orders, according
were
orders
new
Cuba Exhausts 1937
Sirup and Sugar Mixture Quota,
AAA Announces
by 3% fewer mills was 1%
less than the output (revised figure) of the preceding week;
shipments
haying operations
ripening of field tomatoes, but in general prospects remain
good for grain, roots and fruit.
reports to the National Lumber Manufacturers Associa¬
Exports of
of
sugar from Cuba
during the first
seven
months
this
year totaled 1,871,300 long tons compared with
1,838,195 long tons exported during the corresponding period
of last year,
according to a report to the Department of
Commerce by Walter J.
Donnelly, American Commercial
Attache, Habana. In noting this, an announcement by the
^
tion
from
regional associations covering the operations of
important hardwood and softwood mills.
Production in the
week
ended
for 'both
Aug.
1937
14,
1937,
and 1936
shown
was
by
mills
reporting
7% above output in the corre¬
shipments were 11% above last
as
sponding week of 1936;
year's shipments of the same week, and new orders were
15% below orders of the 1936 week. The Association fur¬
ther reported :
During the week ended Aug.
feet
of
hardwoods
booked
and
orders
of
Mills,
558;
were:
1937, 639 mills produced 278,191,000
combined; shipped 241,891,000 feet;
14,
softwoods
221,807,000
feet.
production,
Revised figures for
281,202,000
feet;
department, Aug. 18, also said:
Shipments to the United States aggregated 1,476,108 long tons as
pared to 1,278,114 tons in the like months of
1936, the report states.
The stock of sugar in Cuba on
July 31, 1937, totaled 1,393,559
tons, which
was
supply in Cuba
shipments,
234,859,000
regions but Northern hardwoods reported orders below production
the week
ended
below
ments
sponding
hemlock
Aug.
14, 1937.
production.
week
and
of
All regions but West Coast reported
All regions reported orders below those of
1936
Northern
Southern
except
Southern
hardwoods.
Northern
hardwoods
Northern
cypress,
hut
All
Southern
pine,
pine,
ship¬
corre¬
Northern
Western
Lumber
orders
mills
the
mills.
same
feet,
reported
totaled
for
the
210,848,000
Shipments
from
95
hardwood
19% below production.
8,544,000 feet,
or
Production
Shipments
a
feet
and
feet and
246,028,000
In
reported production last week and
;
and
case
year
a
of
ago
were,
received,
Automobile Production
Last
jn
84
identical
July 0.6% Lower than
Year
made in the United States and reported as complete units
of vehicles) for July, 1937.
Canadian production
figures
supplied by the Dominion Bureau of Statistics.
Figures of automobile production in June, 1937, 1936 and
1935 appeared in the issue of the "Chronicle" of
July 24,
1937, page 519.
have been
NUMBER OF VEHICLES (INCLUDING CHASSIS)
United States (Factory Sales)
Canada
(Production)
Year and
Month
Total (All
Passenger
Trucks,
Vehicles)
Cars
&c.
Total(.All Pass'ger
Cars ■
Vehicles)
Trucks
1937—
497,298
438,834
July
mos.
end. July.
85,904
78,559
23,841
360,275
17,941
17,919
12,513
5,428
3,227,683
2,647,233
580,450
146,512
109,336
37,176
452,978
440,731
375,337
371,922
77,631
16,400
*12,846
*3,554
68,809
10,475
*7,901
*2,574
2,929,291
2,413,384
515,907
116,423
356,340
332,109
294,182
274,344
62,158
57,765
15,745
13,188
12,118
9,371
3,627
3,817
2,550,364
2,121,771
428,593
124,461
98,772
25,689
411,394
5,922
1936—
Tot. 7
-
mos.
at
The
Peak for Fifth Successive Week
Texas
Railroad
Commission
this
week slashed
the
production allowable for September by 110,000
barrels daily from the maximum allowable of
1,551,734 pro¬
duction as of Aug. 18.
The new allowable is 28,134 barrels
daily higher than the estimated market demand for Septem¬
ber
on
the basis of recent calculations of the Bureau of
Mines.
Surprisingly enough, the Commission kept the allowable
of the East Texas field at the same
figures, production being
maintained on a daily well allowable of
2.32% of its average
hourly potential.
In taking this action, the Commission
ignored the warning of its chief petroleum engineer, V. C.
Cottingliam.
The latter recently asserted that the bottomhole pressure of wells in the field
dropped sharply in the pre¬
ceding 30 days and that to prevent physical waste the daily
allowable should be kept within
450,000 barrels daily.
On Thursday at the monthly market demand
hearing,
Oklahoma's statewide oil allowable for
September was estab¬
lished at 600,000 barrels daily, a decrease of
33,600 barrels
from the estimate made for next month
by the Bureau of
purchasers called for an actual
approximately 50,000 barrels daily from this month
on the premise that government
figures would show that the
State over-produced
approximately 20,000 barrels daily this
Mines. Recommendations of
month.
State Conservation Officer W. J.
June
July
Aug. 14 Week—Prora¬
Pipe Lines Talked in Mid-Continent—Drilling Campaign Under Way in East Texas—Output
tion of
cut of
June
Tot. 7
September
Daily—Oklahoma
Orders Cut of 33,600
Barrels—Domestic, Alien Crude
Stocks Up 815,000 Barrels in
State's oil
figures in the
factory sales of automobiles manufactured in
the United States (including foreign assemblies from
parts
v
Temporarily Abolishes[Ban][on Sugar
Importations
Petroleum and Its Products—Texas Slashes
Allowable
by 110,000 Barrels
12,003,000 feet and 9,903,000
The Bureau of the Census has issued the
iV;
according to the report.
C. E. Gilden, Belize, made public
Aug. 13 by the
Foodstuffs Division, Department of •Commerce,
It has been
announced that licenses will be granted
permitting monthly
importations of 1,800 bags of 100 pounds each, during the
period from Aug. 16 to Dec. 31, 1937, according to the
mills
table below of
*
long
of the available
Consul
208,556,000
hardwoods,
' :
|
excess
The prohibition on the importation of
sugar into British
Honduras has been temporarily abolished after the
govern¬
ment determined that the local mill is not
yet ready to
meet the local demand,
according to a report from Vice-
261,731,000
respectively,
was
10,121,000 feet.
♦
year ago,
report.
feet; shipments, 7,754,000 feet and 8,602,000 feet, and orders, 10,396,000
feet and
a
were
13,443,000 feet.
was
shipments
orders
date
feet,
week
same
Reports
feet,
the
233,347,000
10,959,000
as
449 identical softwood mills
205,517,000
feet.
were
264,748,000 feet.
business
Production
Mitt
it was 245,646,000; feet
year ago
week
same
was
reported for the
as
36% below production.
week's production of
Last
230,866,000
14, 1937, by 463
20% below the production of
or
mills give new
Identical
feet, and
ended Aug.
week
feet,
reported for the
as
12% below production.
or
Reports
or
reported
hemlock.
softwood
same
British Honduras
in
pine
shipments above those of last year's
week, and all reported production above the 1936 week except cypress and
and
the
the preceding week
feet; orders, 228,865,000 feet.
All
approximately 200,000 long tons in
on
com¬
end. July.
*92,866 *23,557
1935—
June
July
Tot. 7 mos. end. July.
^ * For the United States revised as a result of correspondence.
Armstrong introduced at
compilation submitted by Tax Commissioner
showing that stocks of crude petroleum in
Oklahoma had been increased.by
5,543,277 barrels during
the meeting a
C. C. Brown
the five months ended with June 1.
Domestic and foreign crude oil stocks at the close of
the
week ended Aug. 14, according to the Bureau of
Mines,
aggregated 308,737,000 barrels, an increase of 815,000 barrels
over the preceding week.
Breaking down this figure it was
1336
Financial Chronicle
disclosed that domestic supply spurted 1,074,000 barrels
while
the alien stocks were 259,000 barrels lower.
A herald of
proration of pipe lines
was
discerned
on
September
the
waning consumption season.
follow-up to the announced policy of major
purchasers, which since the first of the year, have frowned on
buying oil to store above the ground. Somewhat the same
reasoning is said to prevail in the ranks of Oklahoma
pro¬
move was a
is being launched in the East Texas field.
were 62, against 45 the
week before.
but Upshur County have benefited.
program
New locations last week
All
areas
"For the first time in years there has been a decided addi¬
to stocks produced ahead of current
tion
For the fifth successive week crude-oil
out the Nation established a new
weekly report of the American Petroleum Institute.
For the
Aug. 21 period daily average output aberage 3,729,350 bar¬
an increase of 10,750 barrels over the
With the seasonal heavy
consumption
the industry.
Each month since the first of the year pro¬
ducers have far exceeded their quotas as recommended
by the
Bureau.
If it continues
overflowing the dam at this rate,
the American industry is in a fair
preceding week.
period by automobile
drawing to
way to end the year with
increase of 45,000,000 barrels in crude and
manufactured
products above ground."
Changes in the retail gasoline price structure were few and
far between during the week.
In New York City, branded
gasoline was reported to be available in some sections at as
low as six gallons for 90 cents.
No changes were reported in
gasoline in tank cars and barges, although the undertone
a close, some observers are
beginning to show
chagrin at the spectacle of continued high-production weeks
particularly in view of the fact that crude produced now in
an
,
instances will not reach market until cold
weather is
here.
Associated with this
feeling is the fear that prices
most
have to be brought down.
may
Texas' contribution to the week's
aggregate was 1,540,250
barrels, an increase of 10,000 barrels.
This figure com¬
pared with the Bureau of Mines August figure of 1,395,200
and the State allowable of
1,510,317.
California was on the
minus side of the
pools dotted news from the oil fields this
The "Oil & Gas Journal" in its
summary of oilfield
no actual
change.
Grade C bunker fuel
static, with the inside level at $1.35 a barrel, re¬
finery.
Kerosene was quiet.
Meanwhile, the refined industry appeared to be gearing
oil
opened in
pool of that
was
county
was a
well in
a
an active
holiday period.
Ideal motoring weather
during the Aug. 21 week aided in bringing down total stocks
of gasoline 1,827,000
barrels, according to American Petro¬
leum Institute figures.
A huge slash in inventories
County, gave indications
deeper formation than any other well
within many miles.
Well completions were
put at 635 for the week ended Aug.
21 by the "Journal,"
compared with 614 a week earlier.
Of
the latest total 462 were oil
wells, 44 gas wells and 129 dry
holes.
For the year to
started
soon near
88.9% of
capacity and 3,415,000 barrels of crude daily -vvere run to
This compared with
operations of 83% and runs to
stills of 3,340,000 barrels in the
preceding week.
increasingly unfavorable attitude towards foreign
oil interests in Mexico which
amount to about $500,000,000.
But
t
despite this, foreign interests
Mexico.
are
still
U. S. Gasoline (Above 65
New York—
attracted
Socony-Vacuum.
.
Prices of Typical Crudes
per Barrel
(All gravities where A. P. I.
degrees
Bradford, Pa
32.82
are not
1.25
Corning, Pa
Eldorado, Ark., 40.
Rusk, Texas, 40 and
1.42
Darst
1.35
Western Kentucky..
Mid-Cont't, Okla., 40 and above..
Rodessa, Ark., 40 and above.:.
Smackover, Ark., 24 and over
1.40
Central Field, Mich
Sunburst, Mont
1.30
Huntington, Calif, 30 and
Lime (Ohio Oil
REFINED
Co.).
..$1.27
1.35
over
Creek.1.09
1.42
1.22
1.25
Kettleman Hills, 39 and
0.90
over....
Petrolia, Canada
PRODUCTS—OIL-TANKER
1.21
1.30
over
2.1
RATE FALLS TO NEW LOW
—STANDARD OIL OF NEW JERSEY
WARNS AGAINST HEAVY
CRUDE
RUNS—IDEAL
STOCKS OF
NEW
CONDITIONS
Shell Eastern
.07 M
.
.07 %
Kerosene, 41-43 Water White, Tank Car, F.O.B. Refinery
New York
I North Texas
(Bayonne)
$.05%
|
$.04
Los Angeles..
I New
Orleans_$.05 >$-.05
| Tulsa
.03K-.05
.03>$-.04
Fuel OB, F.O.B. Refinery or Terminal
N. Y.
(Bayonne)—
California 24 plus D
Bunker C.
$1.35
Diesel 28-30 D_.__ 2.20
New Orleans C
$1.00-1.25
$.105
Phila., Bunker C
1.35
Gas OH, F.O.B. Refinery or Terminal
N. Y.
(Bayonne)—
27plus
IChicago—
28-30 D
(Tulsa
I
$.053
$.02>$-.03
I
Gasoline, Service Station, Tax Included
z
New York
*
Brooklyn.......
z
$.19
INewark.._$.165|
.19
IBoston...........
.18
I
Buffalo.....
Chicago.
$1.75
.177
Not including 2% city sales tax.
Daily
Average
Crude
Oil
Production
Ended Aug. 21 Again Sets
The
daily
American
Petroleum
a
During
Week
New All-Time Peak
Institute
estimates that the
crude oil production for the week ended
Aug. 21, 1937, was 3,729,350 barrels.
This again estab¬
lished a new high mark for
daily production and indicated a
gain of 10,750 barrels from the output of the previous wreek,
average gross
also of record breaking proportion.
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. 21, 1937, is estimated at
3,672,750 barrels.
The daily average output for the week
ended Aug. 22,
1936, totaled 3,069,600 barrels.
Further
details, as reported by the Institute, follow:
was
week's
shown)
Illinois
.08 X
Chicago.
$.05
-.05 X
Orleans. .06 >$-.07
Gulf ports...
.05H
Tulsa
05H-.05 %
New
.07 H
which
Wells
at
Other Cities—,
.08
_
Texas.-$.07 H
Gulf............ .08M
Warner-Quinlan.
This
was
suggested by the fact that they obtained
drilling permits granted from July 1 to Aug. 19.
Fifteen were granted to
Royal Dutch Shell.
There were no crude oil
price changes.
J__$0.7X
Tide Water Oil Co
Richfield OIKCal.)
to
37 of the 43
Octane), Tank Car Lots, F.O.B. Refinery
New York—
Stand. Oil N.
Boise
follows the
unfinished
stills.
a 14-hour battle to control
its flow.
Officials of
the Niagara Oil* Co., a
subsidiary of the Forest Oil Co., of
Bradford, which drilled the well, said
deep test will be
and
67,260,000 barrels, as contrasted with the previous week's
estimate of 69,087,000 barrels.
Stocks of gas and fuel oil
were
placed at 110,493,000 barrels, against 109,644,000
barrels the week before.
Refineries operated at
lines after
City, Cimarron County, Okla.
The question of
representations to the Mexican Govern¬
ment regarding the
position of foreign oil companies operating
in Mexico is under consideration
by the British Government,
according to a Reuter's cable from London.
The move
finished
The institute estimated
that total stocks in the United States on
Aug. 21 aggregated
Aug. 21 well completions number
same period a
year ago.
interesting news, as reported by
the United Press, that
streaming oil from the first "gusher"
well struck in that
territory in 40 years was turned into pipe
leased and the first
of
gasoline occurred during the week.
19,528, against 15,799 in the
Out of Bradford came the
daily production would
approximate 1,000 barrels.
Oil, the dispatch said, was
struck at a depth of 1,629 feet in the
second Bradford sand,
Launching of an extensive drilling program by which it is
hoped to discover a field like that of the famous East Texas
field is being studied.
The idea is based on the
theory of
petroleum engineers that a group of counties in five
States,
Texas, Oklahoma, Kansas, New Mexico and
Colorado, are
all a part of one great oil
pool.
Some of the major oil units
are
reported to have been attracted by geological results.
Rights to several thousand acres in the area have been
was
itself for
was
extended one-quarter mile
eastward;
The
"Journal" said that in West
Texas, a wildcat well six miles
west of the Bennett
pool, Yoakum
that it
.
Fuel oil showed
developments reports a new oil producing area in Pratt
County, Kansas. A Stafford County discovery well flowed
,
shade easier
slashing in the Pittsburgh area by independents was
brought to a head on Thursday when the Gulf and Atlantic
Refining companies finally capitulated.
Gasoline in the
territory was reduced from 18 to 16 cents a gallon, the latter
in itself being 2 cents below normal.
new
385 barrels of oil in three hours and a new
area
northeastern Ellis
County, while the Bemis
a
Price
ledger during the week, its production being
week.
said to be
was
off 1,400 to 675,000 barrels.
Reports of
requirements.
Continuance of this trend toward
over-production may dim
and even alter the present otherwise favorable outlook
of
production through¬
high mark, according to the
rels,
or prompt
a third 70,000-barrel boat was hired at 36 cents a
barrel.
According to the information available all the vessels will be
used to transport fuel oil to the North Atlantic seaboard.
The "Lam j),"organ of the Standard Oil Co. of New
Jersey,
issued a warning to the refined petroleum
industry this week.
Asserting that crude oil is running into stills at the rate of
3,425,000 barrels daily and that this is too fast even for the
tremendous current consumption, the magazine added that
"indications are that at the end of the
year our domestic
stock of gasoline will be higher by 4,000,000 barrels."
ducers, some of whom have asked than a September allowable
be fixed which is under the recommendation of the
Bureau of
Mines.
Apprehension that a tax may come in the wake of
heavy "above ground" stocks is said to be behind the move.
Information out of Tyler is to the effect that an
ambitious
drilling
28,
lifting, mixed cargo of gasoline and
fuel oils.
The slump in the demand for boats in recent weeks
is mentioned as the depressant.
After touching the new low the market firmed, with three
fixtures reported on Thursday.
Two 70,000-barrel steamers
were chartered for September loading at 35 cents a barrel and
petroleum horizon this week.
It was viewed in the action of
pipe line companies in sharply paring their takings in Kansas
fields in company with the
Their
Aug.
REDUCE
TOTAL
GASOLINE—RETAIL GASOLINE UNSETTLED
Imports of petroleum for domestic use and receipts in bond at
principal
United States ports for the week ended
Aug. 21, totaled 1,379,000 barrels,
a
IN
YORK.
daily average of 197,000 barrels, compared with a daily average of 236,714
barrels for the week ended
Aug. 14 and 192,000 barrels daily for the four
weeks ended
Oil-tanker
freight rates from the Gulf of Mexico to north
Cape Hatteras continued on the toboggan this week.
As a
consequence, on Wednesday the rate broke to
29-30c., a new
of
low
on
barrel
the
movement.
independent
The
tanker,
it
charter involved
was
reported,
a
100,000either early
Aug. 21.
Receipts of California
ended Aug.
oil at Atlantic and Gulf Coast ports for the week
21, totaled 361,000 barrels,
a daily average of 51,571 barrels,
daily average of 9,714 barrels for the week ended Aug. 14,
and 17,179 barrels for the four
weeks ended Aug. 21.
compared with
a
Reports received from refining companies owning 88.9% of the 4,119,000
daily potential refining capacity of the United States,
barrel estimated
Volume
Financial
145
Mines
Bureau of
whole ran to stills, on a
indicate that the industry as a
1337
Chronicle
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, 67,260,000 barrels of finished and
unfinished gasoline and 110,493,000 barrels of gas and fuel oil.
Cracked gasoline production by companies owning 94.8% of the potential
charging capacity of all cracking units indicates that the industry as a whole,
1929
1936
1937
Calendar year to date f—
basis, 3,415,000 barrels of crude oil
on
produced an average
Bureau of Mines' basis,
a
barrels daily
of 730,000
CRUDE OIL
DAILY AVERAGE
276,239,000
1,420,000
252,132,000
1,296,000
324,607,000
h31,440,000
Total, Including mine fuel
Daily average
h34,789,000
185,500
h42,107,000
Total, Including mine fuel
Dally average
167,600
Commercial production.!
M.,
Change
Week
Devi- of
State
Interior
Allowable
Ended
Calcu¬
Aug. 1
Aug. 21
1937
lations
Ended
Ended
Previous
Aug. 21
Aug. 22
Week
1937
1936
from
(August)
Oklahoma.
633,400
200,500
+ 4,700
653,600
194,050 —12,000
633,400
Kansas
200,500
648,550
200,600
605,300
167,000
79,550
74,500
33,700
228,400
126,750
471,300
832,800
4,315
22,248
181,299,000
153,016,000
143,750,000
87,650
75,250
+ 4,500
+ 250
36,063
248,737
124,842
470,734
33,700
242,750
128,450
472,400
—50
261,652
273,500
226,550
......
West Central Texas
West Texas..........
East Central Texas...
—
Southwest Texas
222,449
Coastal Texas
Includes for purposes of
65,950
81,400
64,440
Panhandle Texas.
+ 2,050
+ 800
+ 1,000
+ 2,900
1,450
—
432,300
161,050
262,350
219,100
and State sources or of
Week Ended
86,800
+ 250
88,400
174,350
August
State
234,350
262,750
+ 1,400
+ 3,550
32,250
29,100
+ 2,700
122,150
112,550
+ 650
44,850
+ 1,800
58,100
30,600
40,750
17,100
4,950
78,000
lchigan
39,900
35,750
124,750
45,500
Wyoming
52,800
60,500
Montana..
17,700
17,550
—400
4,900
5,350
—100
18,050
5,250
113,950
—150
114,200
121,900
Eastern
M
Colorado
2,850,100
Total East of Calif.
*612,800
612,800
California.
3,054,350 + 12,150 3,002,400 2,493,100
576,500
670,350
675,000 —1,400
STOCKS OF FINISHED AND
3
226
240
216
134
354
58
.61
35
29
77
89
82
80
60
117
1
1
1
619
679
816
461
914
1,363
220
Alabama
220
253
176
296
440
27
17
48
25
64
70
97
145
_
Colorado
Georgia and North Carolina
Illinois...
Indiana
Iowa
.
(Figures in Thousands of Barrels
Stocks of
Crude Runs
Capacity
to Stills
UNFINISHED
92
741
692
482
873
765
137
126
96
209
217
27
29
31
22
48
44
3
Kentucky—Eastern
2
3
1
17
21
57
Maryland
Michigan
Stocks
Unfin'd
Finished
District
New Mexico
..... _
C.
P.
Aver¬
P.
Oper¬
At Re¬
age
ated
fineries
Terms., Nap'tha
&c..
Distil.
669
669 100.0
579
86.5
Appalachian.
Ind.,111., Ky
129
88.4
103
79.8
987
529
489
92.4
442
90.4
7,036
12,903
847
903
6,741
504
3,390
383
84.7
327
85.4
201
56.6
136
67.7
3,700
1,254
2,469
355
160
353
1,748
793
757
95.5
745
98.5
4,998
306
1,805
9,441
La. Gulf
174
168
96.6
137
81.5
913
635
321
2,670
63.7
42
72.4
83
100
89
62
69.7
52
83.9
1,333
821
746
90.9
547
73.3
8,227
2,376
1,493
3,662
88.9
3,111
85.0
33,563
22,904
304
2,590
720
23,624
7,483 110,493
Reported
457
Est. Unreptd
226
98
17
375
401
227
445
871
2,048
2,115
1,216
2,764
3,734
100
96
77
73
102
118
15
18
14
14
22
23
63
83
248
Texas
68,
lo
3,070
xEst.tot.U.S.
Aug. 21 '37
4,119
4,119
3,415
36,153
Aug. 14 '37
4,119
4,119
3,340
37,544
24,007
7,536 109,644
z3,014
33,948
20,022
x
Estimated Bureau of Mines'
basis,
z
States
weekly coal
total production of soft coal for the
ended Aug. 14 is estimated at 7,000,000 net tons.
This
increase of 230,000 tons, or 3.0% from the output in
report stated that the
week
is
an
the
preceding week.
The cumulative production of bitu¬
1937 to date is 276,239,000
minous coal for the calendar year
tons.
This is 9.6%
Crude oil
ahead of 1936.
production in 1937 which is shown below for
comparison in terms of equivalent coal
is 18.5% ahead of
1936.
weekly anthracite report of the U.S.
the aforementioned
ESTIMATED UNITED
COKE
227
30
31
23
17
36
47
1,883
1,715
1,222
2,127
1,515
486
465
297
676
875
72
106
154
.
1
7,380
85
97
95
Wvoming
Other Western States.c
7,718
organizations follows:
7,634
WITH DATA ON
565
653
473
1,063
1,926
8,283
8,287
5,423
10,808
13,464
...
and
Includes operations on the
on
the
&
B.
in Kanawha,
O.
including the Panhandle
Quiet Week in
Metals—Foreign Prices Move Lower as
Buying Interest
Lags
the London market for non-ferrous metals
easier, and business here moving along in an uneventful way,
traders relaxed a bit further in the last week.
Demand for
reports that with
lead, and zinc for
domestic consumption was quiet
developments in the Far East so far have had an unsettling
business.
Tungsten has advanced in price in
China.
Antimony was unchanged. The publication further
influence on
reported:
Quiet
The
+
■ +.
Copper
Aug. 7, 1937 e
Aug. 15, 1937
a
Total, including mine fuel
d7,600,000
7,380,000
7,775,000
Dally average
dl,267,000
1,230,000
1,296,000
566,000
428,000
655,000
Commercial production.!
business.
disturb traders.
The Sino-Japanese
market.
difficulties had a depressing
but exchange
All
Japan was
hazards greatly
the same
Coal equivalent of
restricted business.
industry in this country have
activity in the first seven
Jan., 1936
Smelter output
---
Exports
Stocks
..
Canada produced
lb. in May
71,300
109,200
624,000
604,966 lb.,
61,100
58,oqp
30,000
9,667
5,000
5,849,000
4,918,000
37,^50
does not include
42,549,292 lb. of copper during June,
against 41,561,784
June last year, according to the Dominion
Production in the first half of 1937 totaled 243,-
which compares with
205,637,311 lb. in the same
and 215,022,358 lb. in the Jan.-June period of 1935.
Stocks of copper in London official warehouses on Aug.
year
week.
117,741
consumers-
and 31,421,070 lb. in
of Statistics.
408,000
d5,957,000
§££'£§0
567,078
572,553
218,705
(b)
July, 1937
397,118
410,165
398,821
24,054
(a)
July 31
Domestic copper only,
b Refined copper;
stocks at their plants or warehouses.
20,198 long tons, an
weekly output.
unsettled because of
interested in obtaining raw materials,
experienced a
months of 1937, contrasted with
period last year. The seven months' totals of the United States
issued by the Copper Institute, in short tons, make the following
branches of the copper
sharp upturn in
statistics
influence on the foreign
Commodity prices abroad were
weakness in securities.
539,000
10,183
Daily average
Crude petroleum: c
the last week.
parity, which
Domestic sales in the last week totaled
7,990 tons, against 12,609 tons in the week previous.
Sales to consumers
here since the first of the month totaled 60,476 tons.
The price of 14c.,
Connecticut Valley, was generally regarded as firm.
New business in
copper products was slow, but this was more or less seasonal and did not
export
Bureau
Beehive coke:
United States total
-
prevailed in all divisions of the copper market during
declined,, moving slightly below domestic
94,300
Dally average
...
London price
discouraged
a
Pennsylvania anthracite: b
Total, including mine fuel
issue of Aug. 26
Mineral Markets" in its
and
"Metal
Deliveries, refined
Bituminous coal:
11,538
433
Refined production
Aiiff. 14, 1937
s4
9,745
showing:
COAL AND BEEHIVE
PRODUCTION OF CRUDE
PETROLEUM
Week Ended—
4,950
7,813
STATES PRODUCTION OF
(IN NET TONS)
s5
*
*
*
N. & W.; C. & O.; Virginian; K. & M.; B. C. & G.,
Mason and Clay Counties,
b Rest of State,
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,
p Preliminary,
r Revised,
s Alaska, Georgia, North Carolina and South
Dakota included with "other Western States."
* Less than 1,000 tons.
a
copper
Bureau of Mines
disclosed that total production of Pennsylvania anthracite
during the week ended Aug. 14 is estimated at 566,000 tons.
Compared with the preceding week this shows a gain of
138,000 tons or 32.2%. The consolidated report of both of
The
156
but
Commission of the United
Department of the Interior in its current
217
just about sufficient in volume to keep prices on a firm
basis.
The industry is counting on a revival in buying early
this fall.
Arrival of foreign zinc is attracting attention. The
1936 daily average.
Weekly Coal Production Statistics
Tlie National Bituminous Coal
249
1,738
..i .
.
Virginia—Southern, a
copper,
August,
43
258
496
Virginia
'.*£ «
Washington.....
6,478 111,517
U.S. B. of M.
xAug. 21 *36
24
42
34
Utah.
7,163 107,423
320
s20
379
58
Mtn.
California--.
91
sl2
2,035
Pennsylvania bituminous
Total bituminous coal
452
Rocky
49
14
19
Pennsylvania anthracite, d
Texas Gulf_.
No. La.-Ark.
37
Oil
Inland Texas
Mo
21
19
Fuel
244
Kan.,
Okla.,
29
Gas
1.342
12,122
1,395
3,358
4,889
146
42
30
329
Grand total..
East Coast-.
42
__......
_
and
in
C.
Daily
Reporting
50
44
39
29
Northern, b
Finished and
Unfinished Gasoline
of
Total
100
86
Tennessee
of 42 Gallons Each)
Daily Refining
tial
81
173
s
s
671
Missouri..
Kansas and
West
Rate
*
397
95
Ohio
which
WEEK ENDED AUG. 21, 1937
GASOLINE AND GAS AND FUEL OIL,
Poten¬
s
2
North and South Dakota
California Oil Producers.
Note—The figures Indicated above do not Include any estimate of any oil
might have been surreptitiously produced
♦Recommendation of Central Committee of
CRUDE RUNS TO STILLS AND
1923
s
2
Montana
3,729,350 + 10,750 3,672,750 3,069,600
3,462,900
p
120
114,000
100,800
New Mexico
1929
1935
r
2
Arkansas and Oklahoma.
29,100
1937
1937 p
Alaska
Arkansas
1936
Avge.
Aug. 10 Aug. 10
Aug. 8
153,700
263,100
264,550
253,900
Total Louisiana....
July 31
Aug. 7
80,650
+ 1,150
■
Coastal Louisiana
;
based on railroad carloadlngs and river ship¬
revision on receipt of monthly tonnage reports from district
final annual returns from the operators.)
(The current weekly estimates are
ments and are subject to
184,850
176,300
North Louisiana
Tons]
[In Thousands of Net
1,495,650 1,173,400
1,395,200 1,510,317 1,540,250 + 10,000
Total Texas
COAL, BY STATES
WEEKLY PRODUCTION OF
ESTIMATED
61,150
26,550
181,050
60,500
ft
4,293,900
2,228,900
11,549
historical comparison and statistical convenience the
production of lignite and anthracite and scmi-anthraclte outside of Pennsylvania,
b Includes washery and dredge coal and coal shipped by truck from authorized
operations,
c Total barrels produced during the week converted to equivalent coal
assuming 6,000,000 B.t.u. per barrel of oil ana
13,100 B. t. u. per pound of coal,
d Subject to revision,
e Revised.
fSum of 33 full weeks ending Aug. 14, 1937,
and corresponding 33 weeks of 1936 and 1929.
Note that method of computing
the cumulation differs slightly from that used in previous reports of this series,
ft Comparable data not yet available,
h Sum of 32 weeks ending Aug. 7.
i Ex¬
cludes.mine fuel.' ■
a
Week
Weeks
224,600
ft
ft
Beehive coke:
Crude petroleum: c
Coal equivalent of weekly output
Four
B. of
1,661,000
Pennsylvania anthracite: b
Daily average
PRODUCTION
(Figures in Barrels)
East Texas....
a
United States total
during the week.
North Texas...
Bituminous coal:
increase of 1,255 tons over
time last
14 amounted to
the figures for the preceding
1338
Financial
Chronicle
Lead,
Sales of lead
were
in fair volume
tion, as there is no evidence that consumers are adding to their steel in¬
ventories, but on the contrary are reducing them, while at the
during the week, considering the heavy
Producers sold 3,328 tons, compared
there
buying during the last two months.
with
2,200 tons in the previous week.
August
will be
50,000
around
The trade believes deliveries
here remains firm, with prices at 6.50c., New
basis of the American Smelting & Refining Co. and at
contract
6.35c., St
settling
week
was
two
about the zinc shortage seems
tional tonnages
to be passing.
London prices
of foreign metal.
were
Included in
the receipts
began
at New York were
13,587 slabs from Belgium,
to
arrive
One of the largest gas pip*,
15,947 slabs from Germany,
This adds up to the equivalent of
each
day except
the past
on
Aug. 24,
exports
Quotations held above 59c.
when the price declined to 58.875c.
week, but the tone is
a
a
Invoking of the Neutrality Act by the United States in the Chinese-
Com¬
virtually suspended.
reported by Netherland East
for steel, premiums
ranging from $5 or $6
International Tin
Malaya, however, reported
seasonal
a
shipments
high
as
$12
as
THE
"IRON
AGE"
COMPOSITE PRICES
Due to the warlike
differential
Finished
Chinese
on
tin may narrow.
a
Lb.
One week ago
Chinese tin, 99%, was nominally quoted as follows:
Aug. 19th, 58.375c.;
20th, 58.250c.; 2ist., 58.250c.; 23d, 58.250c.; 24th, 57.625c.; 25th, 57.875c.
METALS
as steel
easing in export demand
an
finished steel to
semi finished for the Far East have generally been waived by American
on
Aug. 24, 1937, 2.605c.
OF
With
on
mills.
Total decline in production for July compared to June was 1,619
though four countries recorded increases.
18-and
ton, reflecting sales in
of tin for July, by the
was
of
tons
situation also prevailing in
to China have been
situation in China, some in the trade believe the
DAILY PRICES
weaker,
now
Japanese situation would operate chiefly against Japan,
Indies, Nigeria, Bolivia, and Siam.
even
Va.—16,000
The "Iron Age" composite scrap price has risen to $20.58.
other centers.
This
decline for the month, producing only 5,665 tons, compared with 7,899 tons
tons,
time has been placed by
some
W.
inquiries but little business.
many
mittee, shows that increased production
in June.
line orders in
Charleston,
Steel scrap at Pittsburgh has advanced 50 cents
brought in
The report on
Co.,
other markets.
Tin
reaction
Gas
Pig iron contracting for fourth quarter has been substantial at Cleveland,
particularly from automotive foundries, but has not expanded much in
about 1,070 tons.
Business in tin passed another quiet week.
A further slight
20-in. seamless to be furnished by National Tube Co.
quantity.
6,414 slabs of electrolytic from Poland, and
6,869 slabs of electrolytic from Norway.
Fuel
United
the
in
Pennsylvania
Losses wipe out the Pittsburgh gain, leaving the
decline is not unlikely before fall business attains larger volume.
Forward
scarce.
here
unchanged.
estimated rate for the country unchanged from last week.
the books of producers now exceeds 108,000 tons.
on
points in the Cleveland-Lorain, Youngstown and eastern
is virtually
The market here
continued at 7%c., St. Louis, with prompt material still
During the last week foreign zinc
No additional rail business of importance is
districts and five points in the St. Louis district, while elsewhere production
addi¬
on
easier, yesterday's
spot quotation there being the equivalent of about 5.30c.
business
Demand last
Importers found buyers disinterested in taking
quiet.
few weeks.
a
83% by the starting up of a mill there, but there have been declines of
to
scare
upon
Ingot output in the Pittsburgh district has been advanced their points
Zinc
The
dependent
more
insight.
hand down to 111,103 tons.
on
within
orders
Louis.
The July statistics showed a drop in stocks of refined lead of 2,267 tons,
bringing the total
finished
day-to-day business.
The Ensley rail mill of the Tennessee Coal, Iron &
Railroad Co. has been shut down and other rail mills will complete their
but the undertone
York, the
time
same
or
Meanwhile, mills are reaching the end of their backlogs in many items,
excepting plates and sheets, and from now on will be
45,000 tons, indicating another moderate decrease in stocks for August.
Prices abroad have been unsettled during the week,
important accumulations of either semi-finished
no
are
steel at the mills.
in
and production slightly higher than
tons
Aug. 28, 1937
Steel
fBased
2.605c.-!
One month ago
-2.605c.
One year ago
on steel bars,
beams, tank plates
black pipe, sheets and hot
wire, rails,
rolled strips.
2.159c. I
These products represent
85% of the United States output.
("E. & M. J." QUOTATIONS)
High
Low
1937
Straits
Electrolytic Cower
Tin
Lead
Zinc
2.605c.
Mar.
9
2.330c.
1936
2.330c.
Dec.
28
2.084c.
Mar. 10
1935
2.130c.
Oct.
1
2.124c.
Jan.
Apr.
24
2.008c.
1934
2.199c.
Mar.
2
8
New York
St. Louis
St. Louis
Jan.
2
1933
2.015c.
Oct.
3
1.867c.
Apr.
18
1932
New York
Dom.,Refy. Exp., Refy.
-,1.977c.
Oct.
4
1.926c.
Feb.
2
2.037c
Jan.
13
1.945c.
Dec.
29
2.273c.
Jan.
7
2.018c.
Dec.
9
19
13.775
13.850
59.625
6.50
6.35
7.25
1931
Aug. 20
13.775
13.825
59.500
6.50
6.35
7.25
1930
Aug. 21
13.775
13.800
59.500
6.50
6.35
7.25
Aug.
Aug. 23
13.775
13.725
59.500
6.50
6.35
7.25
Aug. 24
13.775
13.700
58.875
6.50
6.35
7.25
Aug. 25
13.775
13.700
59.125
6.50
6.35
7.25
...
Average
13.775
13.767
59.354
6.50
6.35
7.25
Pig Iron
Aug. 24, 1937, $23.25
Based
$23.25
One month ago
on
average of basic iron at
Philadelphia,
18.73
__
Valley
furnace and foundry irons at Chicago,
23.25
One year ago
Average prices for calendar week ended Aug. 21 are:
Domestic copper f.o.brefinery, 13.775c.; export copper, 13.850c.; Straits tin, 59.604c.; New York lead.
6.500c.; St. Louis lead, 6.350c.; St. Louis zinc, 7.250c., and silver, 44.750c.
Gross Ton
a
One week ago
Southern iron at Cincinnati.
Buffalo,
Valley,
High
and
Low
1937
$23.25
$20.25
Feb.
16
1936
19.73
Nov. 24
18.73
Aug.
11
1935
18.84
Nov.
17.83
May
14
16.90
Jan.
27
13.56
Jan.
Mar.
9
The above quotations are "M. & M. M.'s"
appraisal of the major United States
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.
1934
17.90
Copper, lead and zinc quotations are based on sales for both prompt and future
deliveries; tin quotations are for prompt delivery only.
1933
16.90
Dec.
1932.......
14.81
Jan.
13.56
Dec.
6
1931
15.90
Jan.
14.79
Dec.
15
1930...
18.21
Jan.
15.90
Dec.
16
markets, based
Daily London Prices
Copper, Std.
Copper
Steel
Lead
Tin, Std.
3M
Spot
Aug. 24, 1937, $20.58
Wd)
3M
Spot
19
20.
56%
56916
57
63
265%
263%
56i316
62%
263%
262%
Aug. 23.
56716
56%
264
262%
Aug. 24
5515,6
Aug. 25
5515,6
56%
563,6
62%
62%
62%
Aug.
Aug.
3M
Spot
260
259
227,6
227,6
22%
22%
262%
261%
22
3M
Spot
229,6
22%
24%
245,6
24%
2315,6
23%
225,6
22%
22i,6
247,6
One week ago
One month ago
24
2315,6
Prices for lead and zinc afe the official buyer's prices for the first session of the
London Metal Exchange; prices for
copper and tin are the official closing buyers'
3
Based
on
No.
1
heavy melting steel
quotations at Pittsburgh, Philadelphia
and Chicago.
$20.50
20.08
One year ago
15.58.
*
24%
24%
Gross Ton
a
May
Scrap
Zinc
Electro
5
High
Low
1937
$21.92
$17.08
June
1936
17.75
Dec.
21
12.67
June
1935
13.42
Dec.
10
10.33
Apr.
1934
13,00
Mar. 13
9.50
Sept. 25
1933
12.25
Mar. 30
15
9
23
Steel
Business
Gaining, But Not
July Totals
Impressively,
Over
impressive manner.
While aggregate business
August has been running ahead of that received
corresponding period in July, the gain is moderate,
being estimated by a leading company at 15%.
Most of the
an
thus far in
in the
this
month
has
from
come
6.43
July
6
6
8.50
Dec.
29
15.00
Feb.
18
11.25
Dec.
9
the
automobile
in¬
dustry, from which larger orders are expected next month
when production of new models
gets into full swing.
The
"Age" further remarked:
Some of the other major industries
upon which steel companies depend
for a large part of their volume are
showing little or no indications of a sub¬
stantial pick-up.
This is particularly true of the railroads and building
construction.
Although railroad
equipment buying has been given
a
slight
1936—
Aug.
Aug.
Aug.
Aug.
Aug.
1936—
3
17
31
Oct.
19
wages
and freigh rates.
Several of the railroad
to the end of their orders within
a
month
or
so
unless
Oct.
Nov.
9
steel
at Port
Huron, Mich., and 2,000 tons for
N. J.
Almost half of the 15,000 tons in
elevated
highway,
New
York,
calling
a
new
for
Rockaway Beach, N. Y., will take 4,000
The Government's
shipbuilding
Bendix aviation plant at Bendix.
tons.
A
at
industry hoped
to aid this fall's steel volume, has been
postponed at least two months because of continued labor strife.
These
praisal
are
the negative factors
of autumn steel
probability of
that must
prospects.
On
the
be reckoned
more
with
in
favorable side
Still
on
81.6% May 31
its
in
76.6%
75.9%
June 28
75.0%
July
5
67.3%
July
12
July
19
82.7%
82.5%
July
26
84.3%
Aug, \ 2
Aug.
9
85.5%
84.6%
83.2%
Aug. 16
Aug.
23.....83.8%
77.4%
summary
of
the
iron
and
Aug. 23, stated:
at the crossroads for this season and the next 10 days to
are
expected
are
for
ing and
active period.
an
a
to indicate the trend for
turn
to the
the fall months.
Most
right, with resumption of satisfactory buy¬
Although the production rate is declining from the level of early August,
production at that time
was
beyond ordinary midsummer experience and
slackening of the present is to
a more
normal condition.
of the present decline is attributed to need for
repair to
ment, which
has
had
any
ap¬
are
the
Finishing departments
pointing to heavy consumption of steel, production of ingots at 83%
of capacity stands out as the most important element in
the present situa¬
15
Feb.
Cleveland,
7._.__76.2"t
14
June 21
90.7%
89.9%
90.3%
91.3%
92.3%
91.0%
91.2%
90.0%
91.0%
Weakening of demand
large automotive output in the last four months of the year
and good miscellaneous demand for steel
brought about by increased farm
spending power and high wage rates.
June
89.6%
to
a
June
14
28
weeks
the
program, which the steel
would get under way soon
enough
boulevard
markets,
1937—
82.5%
85.8%
87.3%
88.9%
Dec. 21
indications
inquiries is for the West Side
7,200
tons of piling.
of
Steelmaking is
two
Dec.
Dec.
74.0%
"Steel"
the recent volume has been
disappointing to structural mills <- nd fabricators,
the week's lettings of less than
17,500 tons include 5,200 tons for a General
Motors plant at Trenton, N. J., 4,900 tons for
the second section of a bridge
12
2
further business develops
immediately.
Building construction, although featured occasionally
by a few sizable
projects, is not showing marked gains in the aggregate; on the
contrary,
5
Nov.
76.6% Mar. 15
7
79.2% Mar. 22
77.0% Mar. 29
5
77.0% Apr.
1937—
Apr. 12
4
Jan.
79.4% Apr. 19
Jan. 11
78.8% Apr. 26
75.9%! Jan. 18.....80.6% May 3
.74.2% ! Jan. 25
77.9% May 10
1
74.3% ! Feb.
79.6% May 17
8
74.7% Feb.
80.6% May 24
26
come
Dec.
71.5%
68.2%
72.5%
74.4%
75.4%
75.3%
7
Sept. 14.
Sept. 21
Sept. 28
Oct.
is clouded by delays
Nov. 30
74.1% Feb. 22
1
74.3% Mar.
75.9% Mar. 8
Nov. 23
24.....72.5%
Sept.
1937—
Nov. 16
71.4%
70.0%
72.2%
10
Oct.
year
shops will
3
Steel Institute on Aug. 23 an¬
telegraphic reports which it has received indi¬
cated that the operating rate of steel companies
having 98%
of the steel capacity of the
industry will be 83.8% of capa¬
city for the week beginning Aug. 23, compared with 83.2%
one week
ago, 84.3%.one month ago, and 72.5% one year
ago.
This represents an increase of 0.6 point, or 0.7%
from the estimate for the week ended Aug. 16, 1937. Weekly
indicated rates of steel operations since Aug. 3, 1936, follow:
in settlement
car
8
The American Iron and
boost by the placing of 600
freight cars by the Texas & Pacific and by a
number of small locomotive
orders, the outlook for substantial purchases
in time to become a part of steel mill
schedules this
of railroad
Aug.
nounced that
The "Iron Age" in its issue of
Aug. 26 said that improve¬
in steel orders, noted a week
ago, has not carried
betterment
Jan.
12
Jan.
1932
.
ment
through in
6.75
Jan.
11.33
1930
All are in pounds sterling per long ton (2,240 lb.)
8.50
1931...
prices.
place
equipment
in
unusually
severe
treatment
for deliveries has been welcomed
condition
continue at
for
a
an
expected
However, part
steelmaking equip¬
for
several
as
active
an
fall
At Chicago a rise of
New
Louis
a
campaign.
high rate.
Steelworks operations last week declined 3 points to 81%
At St.
months.
opportunity
of capacity.
% point to 86.5 brought the highest point of the year.
rise of 7 points to
84%, at Cincinnati 4 points to 93 and in
England 10 points to 75 reflected rising activity. Pittsburgh declined
3.5 to 79.5, Eastern Pennsylvania 4 to 65, Youngstown 5 to 73,
Wheeling
Volume
4.8 to 89.2, Cleveland 5.5 to 79.5,
No change was
Detroit 5 to 95.
on
by the Sino-Japanese struggle at
Interruption to trade in China
situation believe
face,
as
to
Japan will retire as soon as she can
Shanghai
familiar with the
do so without loss of
best customers.
China is one of her
of automotive production is evident,
Seasonal tapering
through not at a
93,339 units, compared with 103,250 the
preceding week.
Practically all this shrinkage was in General Motors
lines, a drop from 41,865 to 32,954; Ford was steady with 26,000 each week
and Chrysler made 26,600 compared with 26,900 the previous week; pro¬
duction by all other makers totaled 7,785, compared with 8,425 the week
before.
Assemblies of 1937 models will be practically ended by the begin¬
rapid rate, last week producing
an
advance at Pittsburgh
of the 1938 models will appear.
With this
by the automobile industry.
Practically all pig iron producers have opened books for fourth quarter
81
1936
72^+2
50^ + 1^
20
—2^
49
—2 y2
1333—1
1931
32
1930
58
1929
89
—1
1928
76
1927
68
and
1934
be made later, as was done during
increase in price may
1933
first quarter
made it plain that present
opening of books for fourth quarter does not preclude a later advance, which
probably would be effective immediately on announcement.
While scrap is marking time in the absence of large buying, much strength
is evident, as yard stocks are small and relatively little material is coming
In fact, some producers have
year.
Independents
S. Steel
84^+1
75 H + 1H
—1
69
1932
This action is somewhat earlier than usual
beginning to make reservations, in view of the fact that
83
1935
of this
U.
1937
delivery without change in price.
an
the composite price
few cents higher than at
Industry
specifications for steel will be resumed
consumers are
a
same
ning of September and first
transition
awaiting heavy
believe considerably
Steel ingot production for the week ended Aug. 23 is
placed at 83% of capacity, according to the "Wall Street
Journal" of Aug. 27.
This compares with 83% in the pre¬
vious week and 84% two weeks ago.
The "Journal" fur¬
ther reported:
U. S. Steel is estimated at 81%, against 82% in the previous week and
83% two weeks ago.
Leading independents are credited with 843^%,
compared with 83^% in the preceding week and 84^% two weeks ago.
The following table gives a comparison of the percentage of production
with the nearest corresponding week of previous years, together with the
approximate changes, in points, from the week immediately preceding; 4k
great effect on trade as observers
is not expected to have
Some scrap observers
of scrap rose
the end of April.
influence brought a rise of 4 cents in the iron and steel composite,
$40.36.
The finished steel composite remains unchanged at $61.70.
Because of
17 cents last week, to $20. 50,
The
schedules in that area.
aid production
has advanced 50 cents
underlying strength
higher prices will prevail by mid-autumn.
and should
reach mills this week
tonnage purchase, indicating the
a
demand to bring a higher range.
jt- Some quickening of buying has appeared in almost every market area
and in many lines of production but it has not been sufficient to balance
shipments, through in some instances it has come close to that point.
Shipyard strikes in eastern Pennsylvania were ended late last week by
workers voting to return.
This will release considerable plate tonnage,
which has been held back since the strike started in June.
Specifications
material are expected to begin to
Heavy melting steel at Pittsburgh
into the market.
made in
Birmingham 96.
the rate at Buffalo at 86 and
for ship
1339
Financial Chronicle
145
+2 K
57
41
19
+2
20^—2
50^—2 H
—3
47
—2
14
—1
30
—1
66
+4
51
+2
94
—1
85
+1
77
—1
+2
69
+ +£
12^—1
34^— y2
—1
+333
—V/2
75J4+3
66
+3
Current Events and Discussions
-Chicago-
New York City
the
with
Week
The
Federal Reserve Banks
Aug. 25
1937
During the week ended Aug. 25 member bank reserve
balances decreased $14,000,000.
The reduction in member
bank reserves resulted from increases of $16,000,000 in
U, S. Govt, direct obligations
$5,000,000
in
United States Government
of holdings in bills and securities were an increase
bonds and a decrease of $5,000,000
States
United
Aug. 25 in
com¬
parison with the preceding week and with the corresponding
date last year, will be found on pages 1370 and 1371.
Changes in the amount of Reserve bank credit outstand¬
ing and related items during the week and the year ended
Aug. 25, 1937, were as follows:
Increase
(+)
1937
19,000,000
3,000,000
2,526,000,000
or
Aug. 18, 1937
+ 1,000,000
Aug.
25,
Decrease
(—)
Aug. 26, 1936
S
Bills discounted
Bills bought
U. S. Government securities
+ 96,000,000
—8,000
21,000,000
$15,000,000 commitm'ts—Aug. 25)
Other Reserve bank credit
—4,000,000
Total Reserve bank credit
Gold stock
Treasury currency
+12,000,000
Including
(not
advances
Industrial
............
—1,000,000
2,565,000,000
12,541,000,000
2,577,000,000
+ 14,000,000
+100,000,000
+1,846.000,000
+76,000,000
....
6,730,000.000
6,495,000,000
3,683,000,000
Money iri circulation
Treasury cash
Treasury deposits with F. R
—14,000,000
—5,000,000
+311.000,000
+ 11,000,000
+1,273.000,000
161,000,000
+ 5,000,000
+18,000,000
614,000,000
Member bank reserve balances
+ 16,000,000
+22,000,000
bank..
Fed¬
+398,000,000
Non-member deposits and other
eral
Reserve accounts...
2,937
Other securities
Reserve with Fed. Res.
banks..
Cash in vault
Balances with domestic
banks._
Other assets—net
398
966
2,408
50
65
454
United States Govt, deposits
65
451
923
917
440
1,132
2,412
51
71
454
100
99
91
280
285
297
583
582
556
26
26
32
124
139
197
63
62
70
1,526
1,520
1,516
444
5,998
720
284
6,348
569
448
448
191
55
55
101
1,829
1,870
2,321
512
528
615
Inter-bank deposits:
Domestic banks
...
Borrowings
524
9 :
530
24
Other liabilities
378
374
374
2
341
Capital account
1,479
1,483
1,427
Foreign banks
1,119
3,800
317
deposits—adjusted
6,049
deposits.732
Demand
Time
403
969
2,388
49
Aug. 26
1936
7
7
5
"l7
17
""21
241
227
241
♦Comparable figures not available.
in
United States Treasury bills.
The statement in full for the week ended
2,940
Obligations fully guaranteed by
deposits and other Federal Reserve accounts
and
$5,000,000 in Treasury deposits with the Federal
Reserve banks, offset in part by decreases of $5,000,000 in
money in circulation and $3,000,000 in Treasury cash other
than inactive gold.
Excess reserves of member banks on
Aug. 25 were estimated to be approximately $760,000,000, a
decrease of $20,000,000 for the week. Inactive gold included
in the gold stock and in Treasury cash amounted to $1,310,000,000 on Aug. 25, an increase of $14,000,000 for the week.
After noting these facts the Board of Governors of the
Federal Reserve System proceeds as follows:
The principal changes
^
$
*5
^4.sscts~~~m
nonmember
of
Aug. 18 Aug. 26 Aug. 25 Aug. 18
1937
1937
1937
1936
Complete Returns of the Member Banks of the Federal
Reserve System for the Preceding Week
explained above, the statements of the New York and
given out on Thursday simul¬
taneously with the figures for the Reserve banks themselves,
and covering the same week, instead of being held until
the following Monday, before which time the statistics cover¬
ing the entire body of reporting member banks in 101 cities
cannot be compiled.
"
j'
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. 18:
The condition statement of weekly reporting member banks in 101 lead¬
ing cities shows the following principal changes for the week ended Aug. 18:
Increases of $32,000,000 in commercial, industrial and agricultural loans
and $22,000,000 in holdings of United States Government direct obliga¬
tions; decreases of $37,000,000 in holdings of obligations fully guaranteed
by the United States Government and $29,000,000 in "other securities";
and an increase of $72 000 000 in reserve balances with Federal Reserve
As
Chicago member banks are
banks.
and agricultural loans increased $29,000,000 at
banks in New York City and $32,000,000 at all reporting
member banks, and declined $5,000,000 in the Chicago district.
Loans to
brokers and dealers declined $7,000,000 and loans to banks increased $4,000,000 at reporting member banks in New York City.
"Other loans"
declined $9,000,000 in the Chicago district and $6,000,000 at all reporting
Commercial, industrial
of
Returns
Member
Banks
in
New
York
City
and
Chicago—Brokers' Loans
Below is the statement of the Board of Governors of the
System for the New York City member
banks for. the cur¬
week, issued in advance of full statements of the member
Federal
Reserve
banks and also for the Chicago member
rent
banks, which latter will not be available until the coming
Monday:
ASSETS AND LIABILITIES OF
WEEKLY REPORTING MEMBER BANKS
CENTRAL RESERVE CITIES
IN
(In Millions of Dollars)
New York City
Aug. 25
Loans and Investments—total..
Loans—total
Commercial,
Industrial,
1937
$
j.\ SijCtu
Aug. 18
1937
Chicago
Aug. 26 Aug. 25
1936
1937
Aug. 18
Aug. 26
1937
1936
5
8,340
4,036
^
8,330
4,021
8,585
3,213
2,010
707
2,007
706
2 074
567
and
to
brokers and
Other loans
32
442
*
*
*
unsee'd
163
Otherwise secured &
163
dealers
1,140
1,136
Open market paper
Loans
241
1,547
239
1,562
32
440
30
971
53
*
♦
30
52
34
...
Real estate loans
Loans to banks
...
267
269
134
102
135
103
75
*
132
33
75
14
2
14
2
234
Otherwise secured &
unsee'd
195
230
197
*
*
24
36
24
36
15
5
*
*
$34,000,000 at all reporting member banks.
banks increased $18,000,000 in the San
domestic
Deposits credited
Francisco district,
member
in New
Borrowings of
Aug. 18, a
weekly reporting member banks
decline of $4,000,000 being shown
amounted to $39,000,000
for member banks in New
York City
*
Other loans:
On securities
City and
to
on
for purchasing or
carrying securities
States Government direct obligations increased $16,City and $22,000,000 at all reporting member banks.
Holdings of obligations fully guaranteed by the United States Government
declined $29,000,000 in New York City and $37,000,000 at all reporting
member banks.
Holdings of "other securities" declined $12,000,000 in
the San Francisco district, $5,000,000 in New York City and $29,000,000
at all reporting member banks.
Demand deposits—adjusted increased $30,000,000 in New York City
and $17,000,000 in the Cleveland district, and declined in most of the other
districts, all reporting member banks showing a net increase of $16,000,000
for the week.
Government deposits increased $26,000,000 in New York
Holdings of United
000,000 in New York
York City.
*
,
member banks.
$12,000,000 in New York City and $35,000,000 at all reporting
banks.
Deposits credited to foreign banks declined $13,000,000
agricultural loans;
On securities
reporting member
A summary
of the principal assets and
week and year
liabilities of the
banks, together with changes
ended Aug. 18, 1937, follows:
reporting member
for the
'
'
-.n,
1340
Increase
(+)
Decrease
or
(—•)
SitlC€
Aug. 18, 1937
$
Assets—
Loans and investments—total
Aug. 11, 1937
'•
Aug. 19, 1936
peador on Aug. 11, stood by and "regarded the
t]J>
—28,000,000
+ 16,000,000
9,933,000,000
+47,000,000
+1,546,000,000
Commercial, Industrial, and agri¬
A
+ 1,000,000
+31,000,000
—2,000,000
587,000,000
*
Otherwise secured and unsec'd 3,993,000,000
Open market paper...
468,000,000
Loans to brokers and dealers in
securities.
1,350,000,000
Other
loans
for
purchasing
carrying securities.
+242,000,000
+ 19,000,000
+ 76,000,000
+2",boo",000
Other loans:
719,000,000
•
—11,000,000
8,231,000,000
+22,000,000 —1,101,000,000
1,139,000,000
—37,000,000
3,000,000,000
5,194,000,000
292,000,000
—29,000,000
+ 72,000,000
—11,000,000
1,709,000,000
+29,000,000
—81,000,000
—579,000,000
14,930,000,000
+ 16,000,000
+ 136,000,000
Reserve with Fed, Res. banks
Cash in vault
Balances with domestic banks
—93,000,000
—323,000,000
+310,000,000
deposits—adjusted
Time deposits
United States Government
—2,000,000
+34,000,000
+35,000,000
—736,000,000
—10,000,000
—3,000,000
craft could still be
vessel,
39,000,000
of Jews and Arabs
in
Palestine
Control
Until Each
Group
Ready for Statehood
a
public at Geneva
Aug. 23.
The report suggested that
autonomy and full power to
regulate immigration while remaining under Great Britain's
mandate for defense, foreign affairs,
etc., or that a separate
States
on
should
receive
was
effects
its
on
on
on
its
division of
It appeals to both peoples to recognize all that Britain has
done
It criticizes Britain for having too
tardily taken decisive measures
against the 1936 disturbances, finds that the mandate
obligations had not
appeared irreconcilable,
admits that
the
general
previously
situation,
however, has become worse and considers that the mandate became "almost
unworkable" when the Royal Commission and Government
declared it to be.
It strongly favors the proposed British mandate
over
holy places.
The League communique
says the text of the report and the minutes of
the commission s meetings will be
published about Sept. 5.
A demand for
protection of American interests in case of
any political change in Palestine was referred to in the
"Chronicle" of Aug. 21, page 1181.
Spanish
Government
Asks
Inquiry
in
into
Note
to
Alleged
League
of
Nations
Attacks
by Italy on
Troops
Capture Santander and Gain Control of Northwest
Spain
The League of Nations revealed on
Aug. 23 that the
Spanish Government had appealed to the League against
"additional particularly flagrant aggression
by Italy," and
had accused Italian
warships of sinking four of its merchant
Merchant
vessels.
attacks
The
be
Article XI
The
Vessels—Rebel
of
civil
asked
note
placed
the
war
that
the
on
the
League
issue
their
by these
agenda under
crew's
in
Spain
was
last
referred
series
to
in
Rebel forces
con¬
the northwestern half of
Spain.
The British Government on
Aug. 26 sent a note to the
Spanish rebel authorities, threatening the
insurgents with
reprisals for submarine attacks on British
ships in the
Mediterrenean, and warning against a repetition of these
attacks. On the same
day the Turkish Government notified
other European Nations that
Turkish warships would attack
submarine in Turkish
waters if it refused
to reveal
its
identity when challenged.
The protest to the
described
as
League by the Spanish Government was
follows in a Geneva
dispatch of Aug. 23 by
Clarence K. Streit
to the New York
"Times":
mature
a
that "the situation ought to be examined
day's delay by the Council," Valencia explains that after "more
reflection" the Government decided not to
sponsibility of asking
take
on
itself the re¬
a special Council session but to leave the
responsibility
to the Council's
President, acting on the Secretary General's advice. The
Council's President, Antonio J.
Quevedo of Ecuador, is consulting member
of the Council.
the secretariat
it
is
believed
since the regular Council session
that no special meeting will be called
begins Sept. 10, with the Assembly opening
Sept. 13.
Foreign
Minister
Jose
Giral
Pereira
of
Valencia
devotes
most
of
his
telegram to details of the sinking of the trawler Campeador and the steamer
de Abasolo, allegedly by Italian
destroyers, and of the steamer
Conde
Ciudad
de
Cadiz
and
Armuru
off the
a
the
torpedo,
warning and watched
no
Soviet vessel,
a
with
which
the
she
ship's sinking and
did
not
interfere,"
"The Ciudad de Cadiz's
captain considers it
was not a
The note says
Armuru
or
Valencia has not yet received details of the sinking of the
the pursuit of the Aldecoa,
allegedly by an Italian destroyer.
Secretary Hull Appeals
from
to China and
War—President
Roosevelt
Japan to Refrain
Approves State¬
of
ment
Policy—Evacuation of Americans from
Continues—Japanese Intensify Attack on
Shanghai and Campaign in North China—British
Ambassador to China is Shot
by Japanese Machine
China
.
v-
■
;
Secretary of State Hull, in
issued
on
a new declaration of
policy
Aug. 23, urged China and Japan to "refrain from
He said th^t'tihe appeal was made without
attempting "to pass judgment regarding the merits of the
controversy."
On the following day, President Roosevelt
revealed at his press conference that on the
original copy of
resort to war."
Mr. Hull's statement of Far Eastern
policy he had written:
"0. K., I heartly approve.
F. D. R."
He added that he
had read the statement before it was made
public.
Later this week (Aug. 27),
Secretary Hull made knowm at
Washington that this Government had served notice upon
China and Japan would demand
respect of all its rights and
interests in the Far East.
In part the Associated Press ac¬
counts from Washington
reporting this added:
The
Secretary added that the government of Japan and China were re¬
quested to observe these rights to the extent that
they would be responsible
for damages to this
Government, or its citizens, as a result of hostile
opera¬
tions.
Although Mr. Hull did
Powers
with
a
reported
not
directly connect this notice
threat
to the
conflicting
by Japan to blockade Chinese ports, the
Secretary of State
said
announcement that
Japan intended to enforce
American consular officials had
a
blockade.
confirmed
an
an-
The blockade plans
announced
by Japan through press dispatches yesterday have been confirmed
by American diplomats in the Far East who said
Japan intended to enforce
"a
peaceful blockade."
The
The Secretary added, in
Secretary declared his information from the
a press
position of having been officially informed of
peaceful blockade intentions.
The
as
foreign shipping.
conference discussion, that this Govern¬
1
Government, Mr. Hull said, is continuing to assemble "full facts"
to the effects of the
operation
of such
a
blockade.
Mr. Hull explained on
Aug. 24 that the appropriation of
$500,000 that Congress voted for relief and evacuation needs
in China would be
largely used through the International
Red Cross.
Additional hundreds of American citizens
evacuated from China this week.
Government officials indicated this week that
action
no
were
further
likely writh regard to the shelling of the United
States crusier Augusta in
Shanghai harbor, mentioned in
the "Chronicle" of
Aug. 21, pages 1180-81.
It was said that
such an incident is one of the hazards
ordinarily suffered by
American warships anchored in a war zone.
was
The Japanese landed thousands of
troops in China this
week, and continued their attack upon Shanghai, as well as
their
campaign in North China.
Several hundred nersons
killed, and thousands were injured, on Aug. 23 when a
fell in the heart of Shanghai's
shopping district.
Several Americans were
among the injured.
Numerous fires
broke out in various
parts of the city, as the Japanese con¬
tinued their bombardment from
airplanes and battleships.
The
effect of
Sino-Japanese hostilities was suddenly
widened on Aug. 26 when Sir Hughe
Knatchbull-Hugessen,
British Ambassador to China, was shot
by Japanese airplane
machine gun bullets as he was en route
by automobile from
Nanking to Shanghai. The Ambassador's car flew the Union
Jack, but Japanese officials later explained that the aviator
had been unable to
recognize it.
The Ambassador's con¬
dition was described as serious and he was
given a blood
were
bomb
Although expressing the belief
without
gave
by
ment considers it is now in the
of
by the sub¬
came to
Spanish submarine."
the
military victories this week, and
recorded a notable
triumph on Aug. 24 when Santander,
which was the last
remaining loyalist stronghold on the
northwest Spanish coast, surrendered to General Franco's
troops. Capture of the city was the climax of a drive which
began Aug. 9, and gave the insurgents
complete control of
any
rescue
Far East showed
Japan did not intend to interfere with
covenant.
"Chronicle" of Aug. 21, pages 1181-82.
tinued
raised
Council
15 off Tenedos at
flag.
"The submarine
the
partition policy will de¬
Arab-Jewish relations than
sunk Aug.
two torpedoes fired at 300 meters
C-3, "a modern vessel with large caliber guns," which
Gun
of any
"The Conde de Abasalo's
captain
was
surface and followed her without flying any
flag until she fired
when she hoisted the Spanish
insurgent
follows:
success
the
her
Italian torpedo boat."
an
The Ciudad de Cadiz, says the note,
mandate be established for each State.
A Geneva
dispatch
of Aug. 23 to the New York "Times"
summarized the report
The commission holds that the
on
her course, came alongside, extinguished
torpedo that destroyed the ship's engines.
continues the note.
self-government, the
Mandates Commission of the League of Nations said in
its
report on Palestine, according to the official summary made
Italian
"The attacking vessel was a torpedo boat of the newest
type with two
believed she
marine
Jewish and Arab States in Palestine should continue
under
mandate until they are ready for
for each.
The
-■
changed
lights and fired
funnels and two decks," the note adds.
League Mandates Commission Urges Foreign
In
by the light of the burning vessel.
seen
The note says the Conde de Abasolo met eight Italian
warships and two
Italian seaplanes during the day. Then, again at
nightfall, a vessel thought
to be a merchant ship because of her
lights turned
daylight by eight shots and
territory.
Tunis in
crew unaccounted for.
The Italian warships, the note says, closely
accompanied the ship until
+ 168,000,000
+35,000,000
+213,000,000
Comparable figures not available.
more
reached
crew
nightfall, when at about 8 o'clock three torpedoes hit her.
—288,000,000
5,014,000,000
579,000,000
Foreign banks
Borrowings
pend
of the Clintonia
after the torpedoing. That leaves three members of the
Spanish
5,227,000,000
532,000,000
deposits
Inter-bank deposits:
Domestic banks
as
crew
searchlights
Liabilities—
both
were
of this grave charge, possibly leaving that to the British Govern¬
Thirty of the 42 members of the Campeador's
fully
guaranteed by
United States Government..
Other securities
Is
lifebelts
says Senor Giral, and three were picked up by the British
ship
Dido, which preceded the Clintonia and arrived at the scene 30 minutes
+5,000,000
815,000,000
Otherwise secured and unsec'd
U. S. Govt, direct obligations
*
with
boats,
On securities
Demand
sailors
ment.
1,165,000,000
139,000,000
when four
"They were already dead," continues the account, "undoubtedly killed
—4,000,000
-
sea
Senor Giral offers no evidence from the captain or
in support
Real estate loans
Loans to banks
searchlight turned on the
by machine gun fire from the two Italian destroyers."
or
-
indifference,"
perceived."
—6,000,000
697,000,000
...
with
scene
the crew struggled to save themselves and "the fire
spread as oil
covered the sea's surface, endangering the lives of persons
trying to escape."
while
cultural loans:
On securities
Aug. 28, 1937
On the testimony of the tanker's crew, he
charges the Saetta
and another Italian destroyer, after torpedoing and
setting fire the Cam¬
submarines.
.
22,303,000,000
Loans—total
Obligations
.
Financial Chronicle
Dardanelles, allegedly by Italian
transfusion.
It
was
intimated
that Great
Britain
would
Volume
international
avoid making an
protest to Tokyo but would
incident of the affair.
.
bullet went through the spine,
one
Surgeons
the
at
hospital
country
here,
shot twice
the other through the liver.
that he had been
Ambassador was
which the
to
Surgeons,
at
first hopeful that his condition was not critical, became
loss of blood and resorted to a blood transfusion.
Two
ar
his
United State Marines volunteered as blood donors
The
for
dwarfed
incident
accepted.
being fought
and one was
the savage battle
the moment
watched to see what
Ambassador. British-Japanese
twenty-mile front north of the city, and all China
on a
Britain would do about the shooting
relations
The
of her
a
as
extremely urgent
commanders-in-chief of the British fleet and garrison
decided
had
Ambassador
conference with the
to
and consular and other officials.
His
The trip was to be a
flew a British Union
car
Jack from
chief British
Chinese
Ambassador's
E. Hall Patch, British adviser to
Col. W. A. Lovat-Fraser,
fast one.
military attache in China, an expert driver,
was
for an
here
come
plain notification of its British status.
its radiator as
given
a
came
form of
the
in
a
statement to the press,
studied, formal announcement
took the wheel and the
Also in the car were the
seat in the rear.
private secretary, W. C. G. Graham, and
of the long course
conduct of the Nation's
foreign affairs.
Policy Applies to World
The
policy of this
Government,
as
outlined in his statement of July
16 to all foreign Governments, applies not
throughout the world, Mr. Hull said.
treaties and the
alone to the Pacific area but
This policy embraces the
It
was
Kellogg-Briand Pact of Paris, he added.
that Secretary of State
the basis of these obligations
on
principles
the Washington Conference
Henry
L. Stimson made his vigorous representations to
Manchuria by Japanese troops in
however,
Japan over the invasion of
The lead of the United States,
1931.
by interested Nations
followed by the League of Nations or
was not
individually.
Mr. Hull returned tonight to much
brought to the most dangerous point in many years.
were
chauffeur
intended
outlined in such International engagements as
taken, said that his condition was serious.
alarmed
Hull's statement
was
on
United States Maiine officers were advised
and that
Mr.
but it
the Ro sevelt Administration would pursue in its
Press copyright advices by H. R. Ekins from
Aug. 26 described the incident as follows:
) United
Shanghai
1341
Financial Chronicle
145
the same position Mr. Stimson
took.
He said that this country is trying to pursue a course
midway between
extreme isolation and entangling alliances in dealing as cooperatively as
possible with the peaceful adjustment of the Sino-Japanese dispute.
While this aspect was not stressed, it is known that he and his advisers
believe that, especially in regard to Shanghai, the United States must
preserve as much of a united front with other interested powers as is possible
in view of domestic public employment.
The Secretary of State repeared
that this Government had been in constant consultation
with "interested
of the situation.
been made public.
cautious about the British proposal
a^British Treasury official.
airplane swept
along, high over the road. Its pilot dived the plane toward the British car
and its whipping flag.
There was a burst of machine gun bullets and the
governments"
Ambassador
Japanese Nationals there, in return for evacuation of the area
also
the Chinese Finance Ministry, who is
The big car had roared through
Just
slumped in his seat.
ahead of the
and
Mr. Graham and the chauffeur,
Pausing only to recover from the shock, he
halt.
raced for the
Word
a
great bomb
burst.
brought the car to a
took the wheel again
and
wounded
ready and
and surgeons
The operating room was
and nurses were waiting.
the Ambassador was taken to it at once.
The
run
was
of fifty miles, and when
one
the British envoy arrived
he
It
was
2:30 P. M. when the Ambassador was
wounded, and 6:30 o'clock
weak from
They said
bullet, the spinal cord had not
the Country Hospital said that he was
this evening surgeons at
still retained hope of saving his life.
loss of blood, but that they
that, although the spine was touched by a
been
internationalize
Far East.
,
announced that
of emergency
asked and
that (2) this Government had given orders for a regiment of marines to
prepare to proceed to Shanghai.
The Secretary then discussed at some
length the principles of policy on which this Government was proceeding,
fc The situation at Shanghai is in many respects unique.
Shanghai is a
great cosmopolitan center, with a population of over 3,000,000, a part of
which has been developed by the Nationals of many countries, at which
there have prevailed mutually advantageous contacts of all types and varie¬
At his press conference on
Aug. 17, the Secretary of State
(1) legislative action to make available funds for purposes
relief necessitated
by the situation in the Far East had been
ties between and among the Chinese
are
and people of almost all other countries
multiplicity of rights and interests
including the United
At Shanghai, there exists a
of inevitable concern to many countries,
States.
In the present situation,
the American Government is engaged in
ing in every way possible an orderly and
Government
to
facilitat¬
safe removal of American citizens
Further, it is the policy of the
danger.
from areas where there is special
American
very
Shanghai, providing a neutral police
force to protect
by both
Pittman Hits at Critics
A
detailed defense and explanation of
President Roosevelt's reluctance
of bringing the
tonight by Senator
Key Pittman of Nevada, Chairman of the Foreign Relations Committee.
Mr. Pittman was one of the authors and sponsors of the neutrality legislation
declaring
of war to exist in China, for purposes
a state
Neutrality Act into effect, were made over the radio
Bennett C. Clark
President is letting
the neutrality legislation die of attrition because of his unwillingness to bring
it into operation.
Mr. Pittman remined his listeners that the law was
fashioned not for the purpose of determining and punishing an aggressor,
but for the sole purpose of protecting lives and property of American Na¬
The speaker struck
Gerald
While
is the statement issued on Aug. 23 by Secre¬
tary Hull regarding the policies of the United States in the
which
was
never
P.
back at critics, such as Senators
Nye and others, who claim that the
tionals.
severed.
The following
of the world.
of pacific settlement
have produced has
Japanese and Chinese military forces.
and
had lost much blood.
means
The American Government
to
in
Country Hospital here.
telephoned ahead that the Ambassador had been
was
discover
to
these consultations
Mr.
safe
himself by concussion as were
affected
Lovat-Fraser,
Lieut-Col.
Hall Patch
in the middle of the road,
car
What
Wusih when a Japanese
Nationals appropriate protection pri¬
afford its
uncontrolled elements.
For that purpose it
maintained small detachments of armed forces in China,
marily against mobs or other
has for many years
sending the present small reinforcement.
and for that purpose it is
be of assistance toward maintenance
These
It is their function to
armed forces there have no mission of aggression.
of order and security.
there
was
no
indication
that
Mr.
Pittman's discussion of the
accredited as the Administra¬
affairs. The general
tone of his address reflected faithfully the present frame of mind of President
Roosevelt and Secretary Hull, as well as that can be determined by their
public utterances and by private estimates of the a vice they are getting
from their experts.
v.
v
-\.Y
subject
was
officially inspired, he is generally
Congressional spokesman on foreign
tion's principal
Canadian
Exchanges
Montreal
Stock
Alter
Margin
Curb
and
and
Requirements—
Markets
Toronto
Act
and the Montreal Stock
have recently announced amendments
in minimum margin requirements as applying to stocks
selling at SI per share and under S3 per share, it is learned
from the Toronto "Financial Post" of Aug. 21, which added:
The
Toronto
Stock Exchange,
and Curb Exchanges
Effective Sept. 1, next,
of 65 cents per share must
50% of the selling price Avith a minimum margin
be maintained on such stocks.
The schedule of margin requirements as
under $1—cash;
Avith
minimum margin of 65 cents per
a
amended follows: Stocks selling
stocks selling at SI and under
S3—50% of selling price,
share; stocks selling at S3 and
$10—40% of selling price; stocks selling at.
under
$10 and over—35% of
selling price.
It has been the
these forces
desire and the intention of the American Government to remove
when
performance of their function of protection is no
longer called for,
Coffee
far beyond merely the immediate
question of protection of the Nationals and interests of the United States.
The conditions which prevail in that area are intimately connected with
and have a direct and fundamental relationship to the general principles of
present situation in the Pacific area go
policy to which attention was called in the statement
statement
This Government is firmly
ments.
of July 16, which
of approval from more than 50 Govern¬
has evoked expressions
of the opinion that the principles sum¬
marized in that statement should effectively govern
International relation¬
ships.
When there unfortunately
existence
of serious
Without attempting to pass
versy, Ave
arises in any part of the world the threat or
hostilities,
matter is of concern
the
basic.
It
That statement of principles is
July 16.
embraces
elsewhere, the principles set forth in the
comprehensive and
including
principles embodied in many treaties,
the
the Washington conference treaties
and the Kellogg-Briand Pact of Paris.
East Ave have
been urging upon both the Chinese and the Japanese Governments the im¬
portance of refraining from hostilities and of maintaining peace.
We have
been participating constantly in consultation Avith interested
govern¬
From the
ments
beginning of the present controversy in the Far
directed toward
peaceful adjustment.
believe in political alliances or
It does believe in
isolation.
This Government does not
entanglements, nor does it believe in extreme
forth in the statement of July 16.
and policies and within the range
solicitous
attention
to
every
objectives set
In the light of our well-defined attitude
thereof, this Government is giving most
phase of the Far Eastern situation, toward
safeguarding the lives and Avelfare of our people and making efective the
policies—especially the policy of peace—in which this country
believes and
to which it is committed.
This
Government
revitalized,
is
in reference
to
to
see
kept alive, strengthened and
the Pacific area and
to all the world, these
on
Secretary Hull's appeal to the Chinese
and Japanese Governments a Washington dispatch of Aug. 23
to the New York "Times" had the following to say in part:
Coffee Conference, in
Havana, Cuba, adjourned on
merce :
It
was
would
in
countries of the Congress Avould
the United States, which
estimated $600,000 annually to be used to advertise coffee
agreed that each of the member
contribute
5c.
for each bag of coffee exported to
yield an
this country,
Mr. Donnelly reported.
of coffee
prevent demoralization of
coffee markets and to refer the problem of
price parities to the PanAmerican
office in New York with instructions to attempt to resolve
such problems within 60 days, according to the report.
The question of a Avorld coffee conference Avas discussed but no definite
plans Avere formulated, the report stated.
It
Avas
further
inferior to Type
agreed
by
the
delegates that the exportation
8 Avould be prohibited in order to
At its final
session, Aug. 19, the conference
also adopted
resolutions.
A United Press dispatch from
Havana, Aug. 19, said that these resolutions provided:
Internal reorganization of the Pan-American Coffee Bureau in New York.
Efforts for closer cooperation by the governments of all producing coun¬
tries for carrying out measures regarding the distribution and consumption
several
of
endeavoring
fundamental principles.
Commenting
session
Aug. 19 after adopting sev¬
eral motions designed to aid the coffee industry and to pro¬
mote sales in the United States, the United States Depart¬
ment of Commerce announced on Aug. 21 that it was in¬
formed in a report by Walter J. Donnelly, American Com¬
mercial Attache, Havana.
The conference, which convened
on
Aug. 9, was represented by delegates from the LatinAmerican countries and technical advisers representing the
coffee industry in the United States.
The following is
from the announcement issued by the Department of Com¬
in
International cooperation for the purpose of
seeking through pacific methods the achievement of those
United States
Second 'Pan-American
The
peoples of the world, should
We consider applicable throughout
in International relationships.
the world, in the Pacific area as
We urge that
principles which, in the
from resort to war.
opinion not alone of our people, but of most
statement of
the
to all Nations.
judgement regarding the merits of the contro¬
appeal to the parties to refrain
they settle their differences in accordance with
govern
Foster Sales in
of concern to this Government in the
The issues and problems which are
Proposals Adopted by Second Pan-American
Conference Designed to Aid Industry and
Several
and such remains its desire and expectation.
other
coffee.
An
agreeement
to
hold similar
Pan-American coffee conferences every
The first Avas held in 1936 at Bogota, Colombia.
Joint action by all producing countries to obtain reduced freight rates.
Coordination of coffee statistics.
Efforts toward cooperation by the 15 countries represented at the con¬
year.
ference to
obtain a reduction of European
restrictions on coffee imports.
1342
Financial
In
noting that the two major problems confronting the
conference regarding price parity and export
quotas were
set aside
for
later
discussion
by the Pan-American Coffee
Bureau in New York, the United Press advices
quoted said:
The
decision
quotas,
by
a
postpone the questions regarding price
parity and export
which Brazil and Colombia were
deadlocked, was
over
considered
delegates
least.
to
to have
Although all
Pan-American
be
increased
questions
for
two
months
at
in
pronouncing the parley
general accord by producing countries
sidetracking temporarily consideration of the two
by
had
which
cooperation
unanimous
were
they believed chances of
success,
would
saved
delegates
threatened
Chronicle
Aug. 28, 1937
centage of the net amount of unpaid interest represented
by the two coupons.
Bondholders desiring to avail themselves of the
offer should write
to the
paying agency for the Republic of Peru, 21 West Street, New York
City,
stating what bonds they hold and requesting appropriate letters of
trans¬
mittal
be used in offering their coupons.
co
The Committee
These
rulings
were announced as
follows by the Exchange:
a
to
wreck
the
*
Securities of the New York Stock Ex¬
change issued on Aug. 26 several rulings affecting the bonds.
on
NEW
conference.
STOCK STOCK EXCHANGE
Committee on Securities
Aug. 26, 1937.
France Approves in Principle Abolition of
10% Tax on
Revenue from Government Bonds—Other
Decrees
Issued
with
View
to
Increasing
Production
Through Easier Money Rates—Wheat Prices Fixed
Crop
for 1937
A
series
of
construction
decrees
to
increase
national
production
and
through easier
money rates was promulgated
Aug. 25 by the French Cabinet, which said United
Press
on
accounts
10%
from
tax
same
on
The
we
Cabinet first
The
gation's
with modern
The
would
expected
to
in
act
accordance
recommend
with
the
reequipment
of
decreed
a
reduction
equipment, and
new
to
certain
on
loans
ordered similar
types
of
to
Decrees
certain
also
Special
shall
signed
are
on
for
in
the
tax-
40-hour
conditions under
which
in
allowing delays in payments by hard-pressed debtors of
were
approved.
Courts will show
more
leniency to
debtors of goodi faith.
Ministers accepted
rentes
week
the short¬
apply to Algeria.
the small business class
The
and
in principle abolition
of the
asked
Treasury
officials
to
suggest
Radical
Socialist
members
of
the
10% tax
further
Cabinet
en
reorganization of railroads into a national
system.
differences would be ironed out soon.
A decision
It
must
end
and
of
this
economics
The
month, when the
beginning Aug. 30, 1937,
delivery in
a
must carry the
Aug. 26, 1937
Notice having been received that the
Republic of Peru has made
to
purchase the June
1,
1931,
both together, for the
coupons,
vian national
(stamped $4.46 paid)
sum
and
Dec.
an
1,
offer
1931,
of $5 97, from
Republic of Peru Peru¬
loan, 6% external sinking fund gold
bonds, first series, due
1960:
The Committee
$5.97
per
Securities rules that the bonds be
quoted ex-interest
on
$1,000 bond
on
Aug. 30. 1937;
That the bonds shall continue to be dealt
in "Flat" and to be
settlement of transactions made
beginning Aug. 30, 1937,
delivery in
a
must
carry
the
June 1, 1932, and subsequent coupons.
Aug. 26, 1937.
Notice having been received that the
Republic of Peru has made
an
offer
to
purchase the April 1, 1931, (stamped $15.70
paid) and Oct. 1, 1931, cou¬
both together, for the sum of $4.76, from
Republic of Peru Peruvian
national loan, 6% external sinking fund
gold bonds, second series, due 1961:
The Committee
Government's
the wheat
plenary
price for the 1937
($0.75)
per
ber and
iVz francs each month after February,
plus
increase
an
of
1
franc
each
on
$4.76 per $1,000 bond
Securities rules that the bonds be
quoted ex-interest
Aug. 30, 1937;
on
That the bonds shall continue to be dealt
in "Flat" and to be
settlement of transactions made
beginning Aug. 30, 1937,
April 1, 1932, and subsequent
could
was
be
not
reached
in
crop
month
at
agree
before
finance
180 francs
after
delivery in
L.
FISHER,
carry
the
Secretary.
in
expected that
powers
a
must
coupons.
Govern¬
on
easement
expire.
Ministers also fixed
quintal,
Aug. 30, 1937;
Sept. 1,1932, and subsequent coupons.
Cuba
Socialist and
on
That the bonds shall continue to be dealt in
"Flat" and to be
ROBERT
taxation.
the
$5.60 per $1,000 bond
settlement of transactions made
the
construction
placed
modifying application of the
One decree stipulated
measures
The Committee on Securities rules that the bonds
be quoted ex-interest
pons,
were
industries.
week
ment
industry
industrialists
reduction
building
new
investi¬
classification.
exempt
ened
promised it
also
Addition
a
a decree ordering
investigation of production
attempt to remedy burdens caused by the 40-hour
machinery.
purchase of
of
secured
7% sinking fund goid bonds, due 1959:
from
an
which is
Cabinet
loans.
principle abolition
offer
an
purchase the Sept. 1, 1931. (stamped $17.94 paid) and March
1, 1932,
coupons, both together, for the sum of $5.60, from
Republic of Peru
adopted
Cabinet
report,
in
Government bonds.
From the
as published in the New York
"Journal of
quote:
methods of industries in
week.
approved
revenue
advices,
Commerce"
Paris
Notice having been received that the
Republic of Peru has made
to
Septem¬
Planning to Send Commercial Counsellors
Washington and London
to
A bill has
recently been introduced in the Cuban Senate
authorizing the appointment of Commercial Counsellors in
Washington and London to observe and report upon economic
matters and to keep the Cuban
Government informed con¬
cerning legislation and resolutions of government depart¬
ments and comments of
1938.
newspapers on relations between the
countries, according to a report to the Department of
Commerce from Walter J.
Donnelly, American Commercial
Attache, Habana, and made known by the Commerce
two
Peru
Deposits
Certain
tective
Made
$500,000 in New York for Purchase of
Coupons on Three External Loans—Pro¬
Committee
Effort
"Satisfied"
Renew
to
Exchange Rules
on
Government Had
Service—New York Stock
Bonds
The
Republic of Peru, which has been in default on its out¬
standing external dollar loans since 1931, on
Aug. 24 an¬
nounced that it had deposited in New York
the sum of $500,000 (the equivalent of Peruvian
soles 2,000,000) for the
purchase and cancellation of certain coupons of three loans.
Announcement of the offer was made for the
Republic by
Pedro Morales de la Torre, Director of
Public Credit of Peru.
The three issues affected are the
Peruvian national loan
6%
sinking fund gold bonds, first series, due on Dec.
1,
1960, outstanding in amount of
$48,383,000, and second
series, due Oct. 1, 1961, outstanding in amount of
$24,469,-
external
500,
and the secured 7% sinking fund
gold bonds, 1927
(tobacco loan), due Sept. 1,
1959, outstanding in amount
of $8,728,000. No provision is
made in the offer for
coupons
the Province of Callao or
City of Lima loans.
In a circular to bondholders
issued in connection with the
offer, the protective committee for Peru National Loan Ex¬
ternal Sinking Fund Gold
on
Bonds, of which Grayson M. P.
Murphy is Chairman,
comments that it
obviously is not
within the province of the
committee to determine whether
or not the amount
offered is the maximum that
safely could
be included in the 1936
budget.
The circular then states
in part:
ment of Peru has made a
sincere effort to renew service on
its external
tions placed in the United
States to
the
internal
furthermore, has
circumstances
as
large
an extent as
prevailing in
1936.
obliga¬
appeared feasible
The
assenting
bondholders.
were
larger, it nevertheless
com¬
statement
bearing on the offer, emanating from the
Embassy in Washington, was reported as follows
Washington, Aug. 24:
in Associated Press advices from
sum
Britain, according
to
the report.
Conclusion of
Arrangements for Chinese Credits Con¬
firmed By Finance Minister
Kung
According to wireless advices
from Paris
on
Aug. 20 to the
Minister, H. H. Kung,
summarized the results of his
European mission before sailing
New
York
"Times"
the
Chinese
for China aboard the German liner
Scharnhorst from
Italy,
Mr
on
Aug. 19.
works in
Czechoslovakia
Genoa,
Continuing the advices said in part:
Kung confirmed that
an
he had concluded with
agreement for
the Skoda munitions
"the concession to China of
a
long-term commercial credit amounting to £10,000,000 for
buying industrial
products of Czechoslovakia."
The industrial
stood to
products to
be bought from
be chiefly armaments and
ment, such
as
some
Czechoslovakia
are
under¬
materials for economic develop¬
railroad construction.
He also mentioned the
agreement reached with French banks for a loan
increase the foreign currency reserves of China and loans
obtained in
Great Britain
amounting to £27,000,000 for construction of railroads and
consolidation of the domestic public debt.
to
Aside from this £10,000,000
contract, Sellier & Bellot, well-known
Czechoslovak munitions manufacturers, are
negotiating with the Chinese
Government.
Dr.
Kung's negotiations in Berlin
are
believed to have
paved the way
important arms contracts which, if not actually
concluded, may await
settlement of the Sino-Japanese difficulties.
The
Czechoslovakian
ferred to in
of $500,000. available
as
the result of
an
appropriation of 2,000,-
000 sold for the purpose in Peru's
1936 budget, has been
deposited in New
York and will be used to
purchase the two oldest
unpaid coupons from
national loan and tobacco;loan bonds.
On the oldest coupon of each
issue, a partial payment was made several
from the service moneys which had been transmitted
prior to the
date when world conditions forced Peru to
discontinue payments. Accord¬
years ago
ingly the obligation of the government on the two oldest
their full face amount and the amounts to
be
,
coupons is less than
paid for the various classes of
coupons have been adjusted so that each class
should receive the
Argentina
While the committee
Peruvian Government and believes that re¬
sumption of service payments,
though small in amount at present, is an
important step forward, both for the
Government of Peru and for the holders
of its obligations, after
several years of
complete default.
The
The Department said:
our
Credit
Aug. 21 issue,
granted to
1182.
China
was
re¬
page
not attached
wishes that the initial amount of
interest
mends the current offer of the
A
Aug. 13.
activities of Latin American missions in
the United States while the Coun¬
sellor in London will
report on economic activities of European missions
accredited to the government of Great
government,
to the
acceptance by bondholders of the sum
offered any conditions
tending to alter the loan contract or otherwise to
future rights of
affect the
Peruvian
on
The Commercial Counsellor in
Washington will also report on economic
for
Subject to that reservation, the committee
is satisfied that the Govern¬
under
Department
same
per¬
to
Recall Gold Held Under Earmark at Bank
of England
It
was made known in
press advices from Buenos Aires on
Aug. 25 that Argentina's Minister of Finance, Dr. Acevedo,
has issued a decree
instructing the Central Bank, in its ca¬
pacity of financial agent for the Federal Government, to
import 1,920,000 ounces (troy) of gold, which is deposited
with the Bank of
England.
The press advices as contained
in the New York "Sun" of
Aug. 25, continued:
The bullion
represents in part the gold of Argentina's exchange equaliza¬
fund, and foreign currencies accumulated under the system of
tion
exchange
control and
strengthened
by the country's large favorable trade balance.
The magnitude attained
by the exchange equalization fund, the Minister
pointed out, had enabled the
application of 500,000,000 pesos to the re¬
patriation of the foreign debt.
The present intention is to reinforce the
country's gold stock without depleting too much gold and exchange
holdings
abroad which may later be needed to meet unfavorable
contingencies in the
balance of payments
or to provide for other Government financial operations
in overseas financial
centers.
The Value of the gold imports will be 200,000,-
000 pesos in
Argentine currency.
Volume
of Balance of Jan. 1, 1^35
Carlsbad (Czechoslovakia)
Municipal External Loan of 1924 8% Gold Bonds
—New York Stock Exchange Rules on Bonds
Funds Available for Payment
Interest
fiscal agent, is notifying
C. B. Richards & Co., as
holders
City of Carlsbad, Czechoslovakia, Municipal External
Loan of 1924 30-year 8% sinking fund gold bonds due Jan. 1,
1954, that funds are available at the office of Central Hanover
Bank & Trust Co., paying agent, to effect the payment of the
balance of interest due Jan. 1, 1935, amounting to $15 for
and $7.50 for each $20 coupon.
Holders
payment on account will be paid
in full upon presentation of their coupons.
The New York Stock Exchange on Aug. 26 announced as
follows rules affecting the bonds adopted by its Committee
each $40 coupon
who have not received any
Securities:
?;
■
...
;/
STOCK EXCHANGE
NEW YORK
Committee
balance of the interest
City of Carlsbad external 8% 30year sinking fund gold bonds, due 1954, on surrender of coupons;
The Committee on Securities rules that the bonds be quoted ex-interest
that payment of the
Notice having been received
Aug. 27, 1937;
be dealt in "Flat" and to be a
That the bonds shall continue to
delivery
the
27, 1937, must carry
made beginning Aug.
July 1, 1935, and subsequent coupons.
FISHER,
L.
ROBERT
Secretary
July Sales
National Securities Exchanges
by SEC Above June
on
sales
value of
The dollar
sion announced
of 21.2%
increase
sales
Stock
857,633,
$173,584,573,
Total
value
all
of
99.8%
sales
of
value
2.5%
of
increase
Total principal amount of
1.8% from June.
accounted for 95.9% of the
exchanges, 95.3% of stock 6ales and
all
on
exchanges
exempt
was
$815,248,
an
'
President Benson of Chicago
Stock Exchange in Letter
Members Indicates That Consideration Is Being
Given
Incident
Problems
to
to
Small
Dues for
Relatively
Trading—Petition to
of
Volume
Waive
Balance of Year
addressed to members
letter
A
of the Chicago Stock Ex¬
change, on Aug. 13, by President Tliaddeus It. Benson, re¬
viewed the activities of the Exchange in the past year and
"to determine so
plans
explained
far as possible the im¬
of any contributing factors to the present rela¬
tively small volume on the Exchange."
"From the standpoint of new listings," said Mr. Benson,
"we have been reasonably successful in our new business
portance
efforts, having added 22 new corporations to our
list last
He noted that "our volume
of trading is running in practically the same relation to last
year in the corresponding period as the percentage of the
New York Stock Exchange, which is 84.3%, and the New
York Curb Exchange, which is 84.9%.
Ours is 84.1% of
last year."
Reference was made by Mr. Benson to the pre¬
sentation of a petition "to waive the dues for the balance
of the fiscal year with the legitimate plea that they are a
hardship in view of the small volume," and he said "it
has been suggested a survey of expenses be made to deter¬
mine whether or not they can be reduced."
He went on
and 26
year
so
far this year."
state:
to
I
should
that
such
will
they
not get
to the roots
of
accomplish
interested
be
the
corresponding to
right
suggestions do
convinced
am
problem—nor
in
our
what every member of the Exchange
accomplishing: namely, a volume of business
Chicago Stock
the
importance
Exchange has every
questionnaire is now going out to all
members of the Exchange not now reporting periodic financial condition
calling for a report of financial condition.
I do not know what the
questionnaire will disclose, but I am convinced that if there is determined
to be any relation to the financial condition of members who do not deal
with the public and our volume, corrective measures should be taken.
My purpose in writing is to tell you we are endeavoring to get to the
fundamentals of our problems.
We are making progress, but are also
considering the employment of an outside organization to conduct a Gurvey
to give up an entirely new and impersonal point of view.
In the meantime, there is business to be had and potential, trade in the
302
one
stock
listed
on
issues
our
these plans,
in
step
of
fine
as
Exchange,
a
if
a
a
group
of corporations as we
is
effort
little
have
expended and
ever
facts
had
about
ascertained.
them
period from Jan. 1, 1926 to Oct. 1, 1929, all
deposits increased $2,755,000,000 due mainly
to expansion in speculative loans of $2,673,000,000, with
the result that new capital issues totalled $30,669,000,000,
new
construction contracts totalled $23,910,000,000 and
the Federal debt was reduced $3,528,000,000.
In the 45
45
months
member bank
1937, all member
due to expansion
bonds of $5,830,000,000 and gold imports of $4,576,000,000. The result of
1933 to March 31,
bank deposits increased $11,476,000,000
of member bank holdings of Government
months from June 30,
of financing recovery has been new capital
only $5,812,000,000 and new construction con¬
tracts of only $7,542,000,000 while the Federal debt has
increased $12,189,000,000.
The regulations which have
curbed trading volume and prevented new capital financing
have not prevented violent price fluctuations, which was
one of the objectives of the regulations, Mr. Dennis states.
On a volume of 2,055,316,878 shares in the 27 months from
July 1, 1927 to Oct. 1, 1929 the market averages advanced
113% as compared with an 84% advance in the 27 months
from Jan. 1, 1935 to March 1, 1937, during which time only
1,036,948,327 shares changed hands.
method
of
New
want
you
to know
by saying :
Reserve
Bank
Reduces
Discount
1^2% to 1%—Rate Smallest Ever Fixed
by A Central Bank—Minneapolis and Richmond
Institutions Also Lower Rates from 2% to 13^%
York on Aug. 26 lowered
1^2% to 1%, effective yesterday
(Aug. 27). The 1% rate is the lowest on record ever to be
charged by any central bank, here or abroad, for loans to its
member banks.
The 13^% rate of the New York Reserve
The Federal Reserve Bank of New
discount
its
rate
from
2, 1934 when it was re¬
Bank had been in effect since Feb.
2%.
The reduction to 1% was approved on
Aug. 26 by the Board of Governors of the Federal Reserve
from
duced
The
J:,
.
this
Board
week also approved
ing effective on Aug. 21.
\
In commenting on the change in its rate made by the
Federal Reserve Bank of New York, the New York "Times"
4
of Aug. 27
said:
anticipating a large increase in the demand
with the movement of crops and
the seasonal expansion of business.
By cutting their rediscount rates the
Reserve Banks hope to achieve the double objective of keeping interest rates
from rising sharply this Fall under the impact of the crop-moving demands
and of protecting the government securities market from further heavy
liquidation by commercial banks.
Up to now banks have shown a strong tendency to meet a rising demand
for loans by selling out their holdings of government securities.
As the new
The new policy
is directed at
for bank credit this
Autumn in connection
interpreted by bankers, the Federal Reserve authorities are seeking
attractive for the banks to go into debt to the Reserve Banks
raising money to make loans than to sell out their "Governments" on a
policy is
to make it more
in
falling market.
has been a mixed one.
should money rates rise to a point where it
would be profitable to borrow money from the Reserve Banks and relend it
to business and the farmer, they would be quite willing to discount, there is
a widespread disposition to look upon the Reserve System's new policy as
The response
While most
of bankers to this turn of events
of them agree that,
"rescue" the government bond market The suspicion
Wall Street that the move is as much directed at
setting the stage for the Treasury's quarterly financing next month as at
relieving the anticipated credit needs of the Autumn season.
primarily an effort to
is
frequently expressed in
Federal Deposit
.
in
their
responsibility
The procedure
it
is
to
efforts
its
to
get
community
the
to
that
goes
beyond
its own
membership.
for the time being will be largely fact-finding procedure from
expected
to
problems.
determine
basic
Insurance Corp. Bars Payment of
In-
by Insured Banks on Demand Deposits of
States and Municipalities—Failure of Congress to
terest
Act
on
Bill to Extend Time for Such Payments
payment by banks insured with the Federal Deposit
Insurance Corporation of interest on demand deposits of
The
Municipalities and other public agencies, was barred,
22, it was indicated in Washington press ad¬
vices that day which pointed out that Congress had failed
to act on a bill to extend beyond Aug. 23 the time within which
States,
effective Aug.
such
payments were
advices Aug. 22, we
permitted.
From the Associated Press
take the following:
reached the House calendar last week but was not
called up for
action.
the officials of the Exchange are working in your
fundamentals, bearing in mind,
however, that the Chicago Stock Exchange is a public institution with a
interests
which
Federal
York
Rate from
The bill
Benson concluded
Mr.
I
Co.
expect to attain.
to
As
&
the action of the
directors of the Federal Reserve Banks of Richmond and
Minneapolis in reducing the discount rates of those institu¬
tions by Yi of 1%.
The rate of the Richmond Bank was
lowered on Aug. 26 from 2%, which had been in effect since
May 9, 1935, to 1^%. effective yesterday (Aug. 27); the
rate of the Minneapolis Bank was also cut from 2% to 13^%
on Aug. 23, effective Aug. 24.
The 2% rate of the Minne¬
apolis institution had been in effect since May 14, 1935. A
week ago, as noted in these columns of Aug. 21, page 1186,
the Chicago and Atlanta Reserve Banks on Aug. 20 reduced
their discount rates from 2% to 13^ %, the new rate becom¬
+.
to
Pierce
trading are responsible for the small
amount of new capital financing, it is asserted in a study of
their historic relationship by Lawrence Dennis, economist
of E. A. Pierce & Co.
According to the study, during the
System.
June.
over
A.
E.
on
Exchanges
sales.
bond
of
were
of
decrease of
a
registered
on
warrants)
June's total.
over
York
New
sales
dollar
The
9.9%
or
leading
and
rights
(including
July
in
$207,044,325,
was
two
warrants) had a value of $1,242,Bond sales were valued at
and
rights
of
stock
of
shares,
sold
The
sales in July, 1936.
25.1% over June.
decrease of 0.7% from June.
a
sales
41,864,046
bonds
(including
increase
an
of
value
the
from
said:
Commission
The
over
31.2%
of
decrease
Dennis
Exchange Commis¬
19, amounted to $1,416,447,139, an
the value of sales in June and a
Aug.
on
Reported
Trading Responsible For Small Amount
on
Capital Financing According to Lawrence
Restrictions
all registered securities ex¬
on
changes during July, the Securities and
New
issues
($15) due Jan. 1, 1935, is being made on
in settlement of transactions
of
this
Securities
on
Aug. 26, 1937.
$15 per $1,000 bond on
Restrictions
of
City
on
of
on
1343
Financial Chronicle
145
policies
that
will
solve
basic
Several States have laws
compelling State fiscal officers to deposit
funds
them. Although admitting
that this requirement would cause "some confusion," FDIC authorities as¬
serted that in most cases public funds could be placed with banks as time
with
institutions which will pay interest on
deposits, on which the no-interest requirement does not apply.
'•
Authorities said the requirement that insured banks cease paying
on
public demand deposits was
interest
written into the law because in many
States
1344
Financial
banks had bidden for such deposits.
This, itj, was asserted
was an
unsound
banking practice.
4,
$213,462,000
Tendered
Offering
to
of
$100,000,000
of
Two Series of
for
for
Treasury Bills—$50,043,000 Accepted
117-Day Bills at Rate of 0.332% and $50,001,000
273-Day Bills at Rate of 0.524%
Tenders of $213,462,000 were received at the Federal Re¬
serve banks and the branches thereof
up to 2
Eastern
p. m.,
Standard Time, Aug. 23, to the offering of
$100,000,000, or
thereabouts, of two series of Treasury bills, dated Aug. 25,
1937, it
was announced on Aug. 23 by Acting
Secretary of
Treasury Taylor.
Of the tenders received, Mr. Taylor
said, $100,044,000 were accepted for the two series.
As
noted in our issue of Aug. 21,
page 1188, the tenders to the
offering were invited on Aug. 19.
the
The two series of bills
offered in amount of
$50,000,117-day securities, maturing Dec.
1937, and the other 273-day bills, maturing May 25,
000 each.
20,
1938.
able
as
One series
were
was
Details of the bids to the two series
follows on Aug. 23 by Acting
were
made avail¬
Secretary Taylor:
117-Day Treasury Bills, Maturing Dec. 20, 1937
Total applied for, $95,371,000
Total accepted, $50,043,0 00
Range:
High
Chronicle
Mr.
Taylor also announced on Aug. 23 that the Treasury
three additional special issues of
Treasury bills,
the amount to $50,000,000, thereby
obtaining an
additional $150,000,000 for its working balance.
These
issues will be dated Sept. 1, Sept. 8 and Sept. 15, and will be
timed to mature around the Dec. 15 financing date;
including
the three issues to be offered, there will mature about Dec.
15 approximately $500,000,000 of Treasury bills.
In announcing the policy of the Treasury relative to its
mid-September financing, Acting Secretary'Taylor failed to
make known the type of security that will be offered.
As
previously noted in the "Chronicle" of July 24, page 531,
details of the financing will be made public on
Sept. 7,
shortly after the return to Washington of Secretary of the
Treasury Morgenthau who is vacationing in Hawaii.
The
following is taken from Washington advices, Aug. 23, ap¬
pearing in the New York "Times" of Aug. 24:
will offer
each
to
The general policy of the Treasury as outlined today
apparently is aimed
at
99.883—Equivalent rate 0.360%.
(91% of the amount bid for at the
in
low price was accepted)
about
Total accepted, $50,001,000
Range (excepting one bid of $10,000):
High
99.651—Equivalent rate approximately 0.460%.
Low
99.583—Equivalent rate approximately 0.550%.
at the low price was
goes
Sept
on
Offering of $100,000,000 of Treasury Bills in Two
Series—Both to be Dated Sept. 1,
1937—$50,000,000
of 110-Day Bills and
$50,000,000 of 273-Day Bills
Announcement of a new offering of two series of
Treasury
bills, both to be dated Sept. 1, 1937, in amount of $100,000,000, or thereabouts, was made on Aug. 27 by Acting
Secretary
Tenders to the offering
or
the branches
thereof, up to 2 p. m., Eastern Standard Time, Monday,
Aug. 30, but not at the Treasury Department, Washington.
There is
maturity of Treasury bills on Sept. 1 in amount
of<$50,057,000.
The new bills to be dated Sept. 1 will be
110-day bills, maturing Dec. 20, 1937, and 273-day bills,
maturing June 1, 1938; each series will be offering in amount
a
of $50,000,000, or thereabouts.
The bills will be sold
on
bidder, and on their respective
maturity dates will be payable without interest at their face
amount.
Bidders are required to specify the particular series
for which each tender is made,
Acting Secretary Taylor
pointed out.
His announcement of Aug. 26 also said:
The bills will be issued in bearer form only, and in amounts
of
$1,000,
$10,000,
$100,000,
the policy
or
denomina¬
$500,000, and $1,000,000
(maturity
amount less than
an
multiples of $1,000.
basis of 100, with not
more
$1,000 will be considered.
Each tender
The price offered must be expressed on the
than three decimal places, e.g.,
Frac¬
99.125.
tions must not be used.
Tenders will be accepted without cash
deposit from incorporated banks
and trust companies and from
responsible and recognized dealers in invest¬
ment
of
securities.
Tenders from others must be accompanied by a
deposit
amount of Treasury bills applied for, unless the tenders
10% of the face
are
accompained by
bank
or
an
guaranty of payment by an incorporated
express
announced
Immediately after the closing hour for receipt of tenders
probably
at the Federal Reserve banks
on
the following morning.
reserves the
right
to
reject any
allot less than the amount
applied
shall be final.
series will be
or
on
Aug. 30,
branches thereof
acceptance
was
ing
on
months
recent
Sept. 15, it
not
was
rigid
a
Sept.
with
the
there
as
the
of
sale
was
bill
may not
The sales
of three
which
of the middle
as
of
excess
Aug.
on
maturities
19,
and
It also is hoped that relatively 1'ttle
bill
of
Sept.
the
16,
17
issues
of $50,000,000
each
in
excess
will result in another increase of $150,000,000
probably went just above $37,000,000,000 for
today with the sale of
Retirement
on
cash borrow¬
no
$1,000,000,000 balance
fall far below that level
being continued in
additional
bill maturities,
public debt
the first time
fund
a
be needed to meet gold inflow.
money will
the
policy of
working balance of $1,033,294,418
a
issues
heavy income tax payments due
of regular
in
$1,000,000 000 and when the question
one
However, the balance
of
around
was asserted that the
$350,000 000
and
a
$50,000,000 bill issue for cash.
of
Treasury
bills
of the
out
18, however, will reduce the
gross
general
public debt
by that amount.
President Leaves Washington For Three Weeks' Vaca¬
tion—Goes to Hyde Park, N. Y. and Will Later
Long Island Sound
on
President Roosevelt left Washington on Aug. 26, going to
his Hyde Park, N. Y. home, where he will remain for about
a. week, and then go aboard the
yacht Potomac at Pougli-
keepsie for
cruise
Long Island Sound.
The President,
Washington on Sept. 17, has with
awaiting his signature, which were
passed by Congress in the closing days.
a
on
who expects to return to
him more than 100 bills
President
parts of tenders, and to
for, and his action in
not
any
specifically refer to
such respect
a
particular
Those submitting tenders will be advised
Payment at the price offered for
must be made at the Federal Reserve Banks in cash
on Sept
1, 1937, provided, however,
qualified depositary will be permitted to make payment by credit for
Treasury bills maturing Dec. 20, 1937, allotted to it for itself and its custo¬
up to any amount
deposits when
so
for which it shall be qualified in excess of existing
notified by the Federal Reserve bank of its district.
Treasury bills will be exempt,
gain from the sale
or
as
other disposition thereof will also be
exempt, from all
No loss from the sale
disposition of the Treasury bills shall be allowed
United States
or
.
to principal and interest, and any
taxation, except estate and inheritance taxes.
recognized, for the
purposes
any
of
any
tax now
as a
or
deduction,
hereafter
or
or
other
otherwise
imposed by the
of its possessions.
Treasury Department Circular No. 418, as amended, and this notice
prescribe the terms of the Treasury bills and govern the conditions of their
issue.
Sept. 15 Financing of Treasury to Be Limited to Re¬
funding of $817,483,500 of 334% Notes—$350,569,000
Maturing
Bills to
Be
Paid
in
Cash—Treasury
Plans to Sell Three Additional
Special Bill Issues
The Treasury will limit its Sept. 15
quarterly financing
operation to the offering of securities in exchange for $817,483,500 of 334% Treasury notes of series A-1937, which
mature on that date, it was made known in
Washington
Aug. 23 by Wayne C. Taylor, Acting Secretary of the Treas¬
ury.
Mr. Taylor specified that the Treasury will not offer
Commends
Life
Underwriters
rejection thereof.
or
Roosevelt
Insurance
Com¬
panies for Their Part in Safeguarding the Security
of
Homei—Merle Thorpe at Convention of Life
Which Incite Envy and Hate
or
any
of
Today it
policy.
raised whether this could be accomplished if there was
was
all tenders
other immediately available funds
The
money
rate from 2 to 1)6%
Friday by the Chicago and Atlanta banks.
on
The Secretary of the Treasury expres¬
or
Any tender which does
subject to rejection.
Treasury bills allotted
mers
made
The policy of the Treasury has been to keep the
general fund working
balance in
the closing hour will be opened and public announcement of the ac¬
ceptable prices for each series will follow as soon as possible thereafter,
of the
easy
Minneapolis bank had cut its
moves
trust company.
1937, all tenders received
or
following through its
the
that
following similar
up to
sly
relatively short term, possibly
a
be awaiting the reaction in the money
to
market to
of the Federal Reserve System in dropping the discount rates at
Cruise
No tender for
said
are
various banks in
value).
must be in
shipped into the United States
10 years.
or
a
discount basis to the highest
tions
the
15 will be determined by the status of the money market when
offering are made early next month. The Treasury, it is
Officials
Treasury Wayne C. Taylor.
on
avoiding that.
the details of the
accepted)
will be received at the Federal Reserve banks,
cash
new
even
success of efforts to bring
budget and the extent to which gold that
or inactive fund is
understood, would like to employ bonds of
8
of the
possible,
as
will depend upon the
actual balance of the
an
into the sterilized
quickly
as
The type of security to be used as an exchange for the notes
maturing
Average price 99.603—Equivalent rate approximately 0.524%.
(14% of the amount bid for
of maturities and,
excess
What actually occurs
273-Day Treasury Bills, Maturing May 25, 1938
Total applied for, $118,091,000
getting along without going into the market for any
quarterly financing dates, thus restricting cash borrowing to sales of bills
Average price 99.892—Equivalent rate approximately 0.332%.
New
1937
tax collections.
100
Low
Aug. 28,
securities for cash subscription at that time.
There also
becomes due around Sept. 15 seven issues of
Treasury bills
totaling $350,569,000 which, the Acting Secretary said, will
be paid off in cash with funds from the
Treasury's working
balance, which will be reimbursed by mid-September income
any
Criticizes
"Demagogic
Slogans"
In
commending what is contributed by life insurance
companies in the way of safeguarding the security of the
American home,
President Roosevelt in a message to
Theodore N. Riehle, President of the National Association
Life Underwriters, read at the Convention of the latter
at Denver on
Aug. 24, said:
of
The records of life insurance
companies, more than any other business,
express
the
relative
growth
of the spirit of social and economic
respon¬
sibility for others.
Unless
our
progress
serves
to
help
the
underprivileged,
to
safeguard
against want and to lighten the weight of physical and moral degradation
among the people, our civilization will fail to meet its objectives.
The security of the individual and the safety of
society are pressing
problems of the leaders of our times.
They must be met, and life insurance
companies
can
and will assist in
meeting the challenge.
Speaking at the Convention Merle Thorpe, editor of the
Nation's Business, criticized "demagogic slogans "with which
"we belabor Wall Street" and
Press accounts, said:
With all
our
intelligence,
according to the Associated
we cannot seem
to realize that capital is merely
the savings of the
people collected by managements, of which insurance is
one, and
brought to
trade and
an
effective focus where those savings are pumped into
industry.
'The savings of the people," he said later, "instead of going into creative
enterprise that makes for continuous employment of labor,
government and
expended
upon
are
non-creative enterprise and
diverted to
upon
produc¬
tion which enter into
competition with the people themselves.
"A Cabinet official
says we must not return to the 'vomit of capitalism/
Another speaks
phrases
are
of
'the
unregenerate adherents of the
old order.'
Such
popular, but they are inciting people to envy and hate; they
Volume
dulling their senses to the loss of independence
are
through the
inevitable
State socialism.
alternative,
1345
Financial Chronicle
145
everywhere to shove
each man,
regardless of his own efforts, an easy living, and to expound the soft philo¬
sophy that by right, each of us, regardless of foolish mistakes, rash specula¬
tion, incompetency or plain laziness, should be maintained by the industrious
that there is a growing tendency
"I regret to report
contend that society owes
responsibility onto other shoulders, to
and the thrifty."*
appropriated for relief and employment be
"The PWA has informed us, however,
ployment has
now reached
of the
WPA in regard
of
Probably
Will
Congress
Called,
Be
Secretary
Wallace Says
to the re-employment
few days whether
sign the recently enacted sugar control bill, it was indicated
had held several conferences
late this week after the President
regarding the measure with Secretary of Agriculture Wallace.
Passage of the bill by the Senate and House was reported in
the "Chronicle" of Aug. 21, page 1193.
Approval by the
House on Aug. 20 of the conference report on the bill was
given by a standing vote of 198 to 23. President Roosevelt
also discussed the bill this week with several Senators and
Congressmen. As passed by Congress, it contains limitations
imports of refined sugar from insular possessions that
on
Mr. Wallace said on
opposed by the Administration.
were
Aug. 25 that if the President vetoed the bill it would probably
be necessary to call a special session of Congress this fall, so
that Congress could revise the bill before expiration on Dec.
31 of the present sugar-quota system.
Consideration of the measure was discussed
"There
be
to
seems
which way the President
There still is no definite indication
the
on
There
measure.
are
insistent
reports
will move
from government depart¬
President will veto the measure and
interested Representatives and Senators
not for quotation, that the
ments,
just as persistent reports from
still here that the measure will be
Wallace
approved.
whether
President, Secretary Wallace re¬
discuss probable action on the measure.
In answer to a question
he though the present draft of the measure less objectionable than
original form, the Secretary replied:
its
"Yes, somewhat."
(Dem.,
legislation in the
could shed
probable action by the President, stating that if they knew
Late this evening Senators Adams
light on
(Dem., Colo.) and O'Mahoney
be at the department.
they would not
Senator
Adams
the President
declared that he has had no doubt all the
time that
Both he and Senator O'Mahoney
will sign the legislation.
admitted that they would be glad to see the
President's signature on the
legislation, however.
the Interior
At
of the
head
Ernest Gruening,
Insular Possessions Bureau, leader in that
Department it was learned that Dr.
and
Territories
department's fight for elimination of restrictions on refining in
and Puerto Rico, as provided in the present draft of the bill, is
tomorrow
While it Is
for Hawaii.
observers
feel that
he
President has made up
would
Hawaii
leaving
his first visit to the islands since he
named head of the Interior Department bureau
was
every
not be
administering them,
leaving the battlefront unless the
his mind concerning the legislation and is
ready
to act soon.
Jones
Marvin
Jones
of
House
the
those
Iglesias
that
Rico has
of Puerto
thrown his weight behind
He has communicated with the President to
opposed to a veto.
the effect
inasmuch as everything that could be done
departments has been done to
by executive
aid the island, he felt that the people there
have a quota law than no legislation
believe that it would be far better to
at all.
Roosevelt
Tells WPA
Demonstrators Relief
Except "for Cause"
Rolls Will Not Be Cut Further
—Regrets
He
Reinstate
Cannot
Who Have Failed to Secure
Further
Those
Droped
Employment
dismissals from Works Progress Administration
President Roosevelt said on Aug.
President of the
who headed hundreds of per¬
sons who marched to Washington in protest against WPA
dismissals.
The President, in a letter which was signed by
Marvin H. Mclntyre, White House Secretary, denied with
"regret" the group's appeal that the Government reinstate
to relief rolls all ousted WPA employees unable to find work.
The letter signed by Mr. Mclntyre read as follows:.
rolls will not be necessary,
24 in
a
letter addressed to David Lasser,
Workers Alliance of America,
"The President has your
steps be taken
letter of Aug. 23, in which you request that
immediately to see that workers dropped from WPA pro¬
jects and who have not secured other
employment are immediately rein¬
stated.
"I
our
am
directed by the President to say that
power to agree
the request which you
to this request.
make may thus be
within our power to give you a
I can assure you that
Roosevelt on Aug. 24 approved a number of
obligation" grants and loans under the new two-year
extension program of the WPA.
These were described as
follows in a Washington dispatch of Aug. 24 to the New
York "Herald Tribune":
A'
'I
President
"moral
■
The
allotments
approved
aggregating $42,construction of
$98,317,039, with the sponsoring
today provide for
grants
812,177 and loans amounting to $5,303,800 to aid in the
648 projects which are estimated to cost
communities paying the
The allotments
were
difference.
for projects for which
communities have held
of allotments prior to enactment of the
Congress at its last session, wrote into
tinuing the PWA.
that allotments could be made "for projects which
vision
thorized,
or
for the financing of which bonds and other
bond
law con¬
the law a provhave been au¬
obligations have been
of this joint
authorized, at elections held prior to the date of the enactment
resolution."
Washington account Aug. 19 to the New
1,500,000 workers have left WPA
employment in the last 18 months and 1,527,450 were re¬
ported at work on projects during the week ended Aug. 14,
a decrease of
129,000 in the last four weeks, according to
Harry L. Hopkins, Administrator.
The account in part
York
a
about
"Times"
added:
Employment totaled 1,656,533 during the week
a
ended July 17, as against
previous all-time high of 3,100,000, he said today.
In New York State the number of WPA employees had dropped from
223,858 to 195,746 in the four-week period, the data
137,528 were employed in New York City on Aug.
on
Of these,
showed.
14, as against 160,698
July 17, a decrease of 23,170.
In
the
58,218,
a
State,
exclusive of New
York
City,
WPA workers numbered
work on July 17.
Hopkins said the "great
decrease of 4,942 from the number reported at
Of those
who
have
left
the
WPA rolls,
Mr.
industry.
he declared, upholds
corresponding increase
majority" had left voluntarily, resigning to take jobs in private
Nothing in his records from any part of the country,
reports that reductions in WPA employment meant a
in direct relief rolls.
In its Aug. 25
issue the "Times" stated:
The combined rolls of the Emergency
Relief Bureau and the WPA in this
peak of 425,229 cases in February, 1936, now include
than 300,000 cases, according to statistics made public yesterday by
the two agencies.
With 35,000 persons dropped since
he regrets it is not within
The 1937 Relief Act requires that funds
July 1, the WPA has
133,000 em¬
B. Somervell, local administrator, announced.
The ERB, which has accepted 17,783 dismissed WPA workers as eligible
for home relief, with 2,692 additional applications to be investigated, re¬
ployees, Lieut. Col. Brehon
ported that 162,093 families and single persons were
receiving aid from the
bureau.
The joint
1,000.000 men, women
public relief in the five boroughts
total of 295,093 cases represent about
and children, or the smallest
number on
in three years.
President
Reform
Roosevelt
Indicates
Judicial
ing the Supreme
In
in
Signing Bill
Procedure of
Providing
for
Lower Courts
that He Will Press His Proposals Respect¬
of
Court—Text of Bill Signed
approving this week the bill passed by Congress
proposing
procedure in the lower Federal Courts,
President Roosevelt gave indications in a statement which he
issued that he would continue to press for enactment the
changes in judicial
sought by him in presenting to Congress in
the reorganization of the United
States Supreme Court.
In what he has to say regarding the
bill he has signed, the President states that the measure
"contains meritorious provisions and registers a moderate
and limited advance into a field which calls for further and
more complete exploration."
"On the side of omission,"
the President points to seven particulars wherein it fails to
legislate, stating among other things that "it leaves entirely
untouched any method of relieving the burden now imposed
on the Supreme Court."
He likewise says "it provides for
no flow of new blood to any of the Federal benches" and he
also states that "it does not touch the problem of aged and
infirm judges who fail to take advantage of the opportunity
accorded them to retire or resign on full pay."
"All of
these," according to the President, "are objectives which are
of necessity a part of any complete and rounded plan for the
reform of judicial processes."
Several provisions in the bill
which he says "are definitely a step in the right direction"
are noted by the President in his statement issued on Aug.
25, which we give in full herewith:
objectives
»
President
available resources.
for cause"
fewer
Agriculture
original legislation and leader of House
Commissioner
no
possible effort will be made to this end."
legislation law.
the
our
city, which reached a
Defends Action
Committee, co¬
conferees in the con
ference with the Senate that arrived at the present "compromise" of the
bill, revealed today that he bad told the departments of State and In¬
terior that the "compromise" was the best that could be obtained and
had expressed hope it would meet with their approval.
He denied, however, reports that he had recommended that the measure
be accepted by the Departments and approved by the President.
The
Agriculture Committee chairman said that he communicated with the
Departments immediately after House and Senate conferees arrived at
their decision and that he had not communicated with them further.
Meanwhile, representatives of continental producers and refiners, in
and out of Congress, are continuing their drive for Presidential approval
of the measure.
It is understood that a flood of telegrams has been re¬
ceived at the White House from individual producers and their trade
organizations urging that the domestic industry be safeguarded by making
Chairman
author of the
that
see
sincere hope that
our
to believe that
The marchers had planned their demonstration before the
adjournment of Congress, but arrived in Washington too
late for their purpose to be achieved.
After the receipt of
President Roosevelt's letter, the demonstration was aban¬
doned.
Harry L. Hopkins, head of the WPA, told the group
on Aug. 21 that PWA rolls would not be cut further "except
Following their conference the Senators
beet sugar industry.
reason
fulfilled in greater part, even though it is not
visited the Secretary to stress the need of the
Wyo.)
no
"It is
According to
Is Noncommittal
Following his luncheon today with the
fused to
will be taken to
in view of these cir¬
employment the WPA
major needs of the unemployed.
Every Care
barriers are placed in the way of filling every
every
elections in anticipation
"Journal of Commerce":
policy
continuing increase in private
job made possible by
23 to the New York
dispatch of Aug.
Washington
ing
in the follow¬
Moreover, the
of persons with temporary
definite and categorical reply in the affirmative.
President Roosevelt will decide within a
to
further
only for cause.
private employment will be definitely adhered to.
should be able to meet the
Action on
New Sugar
Control Bill—If Measure Is Vetoed, Special Session
Debates
months'
WPA em¬
dismissals will not be
that the reduction in
the point where
necessary and will therefore be made
cumstances and the
Roosevelt
President
allocated over the twele
period of the fiscal year.
February his proposals for
1346
Financial
Chronicle
On the fifth day of
the necessity
processes
^
of
February I brought to the attention of the Congress
careful and thoroughgoing reformation of our judicial
a
bill
Aug.
adopted by Congress and signed by the President
as
follows:
SEVENTY-FIFTH
These objectives, recognized as desirable by most of our citizens, were
on the necessities of a great and growing nation.
Many of us
CONGRESS—FIRST
H.
have viewed with concern the widening chasm between the
people on the
R.
AN
uncertain processes
ACT
and
independence
Supreme Court of the United States, and regulation of the issuance
of injunctions, in certain cases involving the constitutionality
for an upbuilding process, not only to
of
integrity
the
judiciary,
but
strengthen it as an essential and honored part of
In
to
reinforce
it
by the Senate and House of Representatives of the United States
Be it enacted
and
of America in Congress assembled.
our institutions.
for and confidence in speedy and fundamental justice
That whenever the
constitutionality of any Act of Congress is drawn in
United States in
question in any court of the
as
represented by the Federal courts.
thereof,
such officer or employee, is not
as
The court shall, upon a showing by the
of the law and the conservatism of the courts to render measures of
social
and economic reform sterile or abortive.
United States to intervene and become
through the
processes
in
government,
order
to
succeed,
of law, it is necessary for it to attain
a
must
States
above, therefore, let
high degree
R. 2260. which is
bill effectuating certain changes in judicial procedure.
torious provisions
which
for
calls
On
the
side
It
contains
and registers a moderate and limited advance into
further and
relieving the burden
now
leaves
it
method
any
of
rtrrjj-M
It provides no increase in the personnel of the lower courts—an
increase
confessedly necessary.
It provides no effective means of assigning district judges to
pressure areas.
It sets up no flexible machinery, with methods of administration
readily
adaptable to needs as they arise.
the crowded
It leaves untouched
condition
of the
dockets in
lower
our
courts.
It
provides for no flow of new blood to any of the Federal benches
It does not touch the problem of aged and infirm judges who fail to take
advantage of the opportunity accorded them to retire or resign on full pay.
All of these
objectives which
are
and rounded plan
are
of necessity
for the reform of judicial
a part
of any complete
definitely
on
a
the
step
hand,
other
contains
direction.
in the right
provisions
provides
that
which
the
are
Attorney
General shall be given notice of constitutional questions involved in
private
litigation and accords the Government
tionality of the law of the land.
idly by,
a
the right to defend the constitu¬
No longer
must the Government stand
helpless spectator, while acts of Congress
thereof,
are
stricken down by
such officer
as
has intervened
States
taken directly to
States
or
matters.
relax the rigid system within circuits of assigning
either
a
part of, or consistent
It has sponsored improvements in the rules of
practice
procedure in the lower courts.
The bill
in
moves
the same
general
direction of reform, and I have therefore given it my approval.
It
courts.
reported in
a
The former, as Chairman of the Senate Judiciary
Committee, championed
the original court
promise
plan.
bill in the Senate.
Both
members
are
The latter
of
a
was
joint
co-author of the
Congressional
com¬
Committee
investigating district conditions in the judiciary, and proposals to reorganize
the judicial branch.
Emerging from
a
15-minute
conference
with
Mr.
Ashurst said the Committee would meet here Nov.
gathered by members during the Congressional
the Committee would include the
Ashurst said with
some
1
Senator
to sift information
When asked whether
recess.
Supreme Court in
Roosevelt,
its
investigation, Mr.
emphasis:
"We will not be afraid to touch
or
avoid any
President
that
the present
bill does
touch
was
announced
Aug. 25 the President
had affixed his signature was in the nature of a
compromise
measure; in providing for procedural reform in the lower
courts the bill included
some
on
of the provisions of President
Roosevelt's original court reorganization
program but em¬
no
provisions for enlargement of the Supreme Court
nor for the
appointment of additional lower court
bodied
justices.
completed on Aug. 11, when the
House accepted the conference report
adopted by the Senate
on Aug. 10.
The provisions of the bill as contained in the con¬
ference
report
were
identical with
the
bill which the
Senate passed on Aug. 7, as was noted in our
Aug. 14 issue,
page 1033; the Aug. 7 action of the Senate followed the agree¬
ment reached by the Senate
Judiciary Committee on July 22
submit
a
on
the bill
new
court
bill
following the abandonment by
Supreme Court pro¬
posals, as noted in our July 31 issue, page 689. The original
Congressional action on the bill which has just been placed
on the statute books
appears to have been taken in April of
this year, at which time it was stated in these columns
April
10 (page 2404) a minor portion of President
Roosevelt's
Supreme Court/reorganization program was approved by the
House on April 7 when it adopted a measure to
permit the,
Government
a
to intervene in any
private suit where the
Federal statute is involved.
The text of the
proceeding
or
be
application
upon
any
by any party to the suit
such appeal
or
proceeding
States.
In the event that
the record shall be made
an
appeal is taken under
and the
up
the Supreme
as
case
docketed in
the
be prescribed by the proper
may
Appeals under this section shall be heard by the Supreme Court
all other matters
of
not
a
like character.
This section shall not
construed to be in derogation of any right of direct appeal to the
be
Supreme
Court of the United States under existing provisions of law.
whole
No
interlocutory
in part,
or
or
or
be
suspending
or
re¬
execution of, or setting aside, in
the ground that such Act
upon
granted by any district court of the United States,
by
or
circuit judge acting
any
same
circuit
a
as
shall be presented to
and shall be heard and determined
judge,
or
Act of Congress
any
injunction
permanent
or
thereof is repugnant to the Constitution of the United States shall
judge thereof,
judge.
When
or
by
circuit or district judge,
by three judges, of whom at least
any
he shall immediately request
such
any
district judge, unless the
a
one
application is presented to
the senior
circuit
judge
in
(or
a
his
absence, the presiding circuit judge) of the circuit in which such district
court is located to
designate two other judges to participate in hearing and
determining such application.
or
It shall be the duty of the senior circuit
the presiding circuit judge, as the
case may
be, to designate two
other judges from such circuit for such purpose, and it shall be the duty of
the
judges
so
designated to participate in such hearing and determination.
Such application shall not be heard or determined before at least five days'
notice of the
hearing has been given to the Attorney General and to such
other persons as may be defendants in
where
irreparable
of
reason
damage
would
delay in giving notice,
the suit:
otherwise
the court
Provided, That in
ensue
so
the
to
cases
petitioner
by
composed of three judges
hearing, allow a temporary stay or suspension, in whole or in part,
of the operation of such Act for not more than 60 days from the date of the
may, on
order
case
of said
court
pending the application for the injunction, in which
such order shall contain
a
specific finding, based
evidence sub¬
upon
mitted to the court making the order and identified by reference thereto,
that such irreparable damage would result to the petitioner and specifying
the nature of the damage.
application, upon
in whole
or
a
The said court
may, at
the time of hearing such
like finding, continue the temporary stay or suspension,
in part, until decision upon the application.
hereinbefore provided for.
Court
The hearing
upon
injunction shall be
of the
United
An appeal may be taken directly to the Supreme
States
upon
application
therefor
or
notice
thereof
within 30 days after the entry of the order, decree, or judgment granting or
denying, after notice and hearing,
in such
case.
In the event that
record shall be made up and
the
an
an
interlocutory
or permanent
injunction
appeal is taken under this section, the
case
docketed in the Supreme Court of the
United States within 60 days from the time such appeal is allowed, under
such rules
as
be prescribed by the proper courts.
may
section shall be heard
Appeals under this
by the Supreme Court of the United States at the
earliest possible time and shall take precedence over all other matters not
of
a
like character.
Sec. 4.
Section
edition, title 28,
was
Senate leaders of the Administration's
validity of
suit
hearing at the earliest practicable day after the expiration of the notice
not
questions of congestion or of retirement of justices who stay beyond the
legal retirement age, or of new blood in the courts is entirely in accord with
the thought I expressed on the Senate floor when the measure was
passed."
Final action
such
to
given precedence and shall be in every way expedited and be assigned for a
"We will take up all proposals on any and all of the courts.
The bill to which it
party
any such application for an interlocutory or permanent
subject."
Senator Hatch declared:
"The statement of the
and in which the decision is
of the United States at the earliest possible time and shall take
precedence
over
judge
Washington dispatch Aug. 25 to the
New York "Times" that not long after the statement was
released, the President called to the White House Senators
Ashurst, of Arizona, and Hatch of New Mexico. Continuing
the dispatch said:
was
other
any
appeal is allowed, under such rules
shall
the
Department of Justice has made great
advances in that portion of the field of judicial reform which relates to
crime and criminals.
party, or in which the United
a
party,
the Supreme Court of the United States by the United
application for the
with, the plans originally submitted to the Congress.
Administration
a
straining the enforcement, operation,
district judges to congested areas.
this
become
this section, shall also be or be treated as taken directly to
be issued
Under
employee, is
or
and
taken previously, or taken within 60 days after notice of an appeal under
any part
are
party as to court
therefore or notice thereof within 30 days after the entry of a final or inter¬
operation of Federal statutes.
All of these provisions possess merit and
a
of the facts and law
locutory judgment, decree, or order; and in the event that
intolerable situations created by the reckless granting
by the lower courts of injunctions to restrain Government officials in the
tends slightly to
a proper presentation
is taken, any appeal or cross-appeal
Sec. 3.
Supreme Court in such
It seeks to improve
It
for
against the constitutionality of any Act of Congress, an appeal may
the courts.
It expedites appeals to the
and the liabilities of
a party
Supreme Court of the United States within 60 days from the time such
several
It
In any such suit
In any suit or proceeding in any court of the United States to
2.
this section,
bill,
proceeding) and argument
which the United States, or any agency thereof, or any officer or employee
Court of the United
processes.
Provisions Endorsed
The
the rights of
costs to the extent necessary
Sec.
entirely untouched
imposed on the Supreme Court.
or
relating to the constitutionality of such Act.
complete exploration.
more
of omission,
field
probable interest, permit the
a
party for presentation of evidence
proceeding the United States shall, subject to the applicable provisions
of law, have all
a
meri¬
a
a
the question of the constitutionality of sueh Act.
upon
or
us examine H
Attorney General that the United
legal interest or may have
a
(if evidence is otherwise receivable in such suit
act
of cooperation among its three coordinate branches.
In the light of the
has
party, the court having jurisdic¬
a
proceeding shall certify such fact to the Attorney General.
tion of the suit or
gifted members of the legal profession to take advantage of the technicalities
representative
suit or proceeding to
any
which the United States, or any agency thereof, or any officer or employee
We have wanted to bring to an end a trying period during which it has
seemed that a veritable conspiracy existed on the part of
many of the most
Because
of Acts
and for other purposes.
of Congress,
the
preserve
I spoke in behalf of the American people in their desire for
effect,
increased respect
provide for intervention by the United States, direct appeals to the
To
of the law.
I spoke, therefore,
to
SESSION
2260
side and the courts and the bar on the other—a chasm
recognized and
deplored by many of our ablest and most enlightened judges and lawyers.
It can hardly be doubted that our people are restive under the slow and
and
1937
and submitted tentative plans outlining essential objectives.
predicated
one
28,
13
sec.
Sec. 13. Whenever
of the
Judicial
Code,
as
amended
(U.
S.
C.,
1934
17), is hereby amended to read as follows:
any
district
judge
by
reason
of any
disability
or
absence from his
district or the accumulation or urgency of business is
unable to perform speedily the work of his district, the senior circuit judge
of that circuit,
or, in his absence, the circuit justice thereof, shall designate
and assign any district judge of
any district court within
circuit to act as district judge in such district and to
the same judicial
discharge all the
judge thereof for such time as the business of the said
district court may require.
Whenever it is found impracticable to designate
and assign another district judge within the same judicial circuit as above
provided and a certificate of the needs of any such district is presented by
said senior circuit judge or said circuit justice to the Chief Justice of the
United States, he, or in his absence the senior associate justice, shall
designate and assign a district judge of an adjoining judicial circuit if
practicable, or if not practicable, then of any judicial circuit, to perform the
duties of district judge and hold a district court in any such district as
above provided: Provided, however, That before any such designation or
assignment is made the senior circuit judge of the circuit from which the
designated or assigned judge is to be taken shall consent thereto.
All
designations and assignments made hereunder shall be filed in the office
judicial duties of
a
of the clerk and entered
on the minutes of both the court from and to which
judge is designated and assigned, as well as on the minutes of the Supreme
Court of the United States, to the clerk of which both of such other clerks
shall immediately report the fact and period of assignment.
a
Sec. 5.
Whenever any judge is designated and assigned to duty outside
of his district
or
circuit his subsistence allowance shall be $10 per diem.
Sec. 6.
Rico, the
Appeals,
circuit
United States; the term
Customs Court, the United States Court of Customs
United
appeals, and the Supreme Court of the
for
District
the
the term
Columbia;
of
Court of the
"circuit court of
the District
States" includes
United
of the
court
States
and Patent
of the United States, any
the Court of Claims, any district court
"district
States" means
United States
of the United
As used in this Act, the term "court
the courts of record of Alaska, Hawaii, and Puerto
court of
the District of
Columbia; the term
Chief Justice of the United States Court
appeals" includes the United States Court of Appeals for
Columbia; the term "circuit" includes the District of
"senior circuit judge" includes the
of Appeals for the
"judge" includes
District of Columbia; and the term
/
justice.
.
.
.
Bill Designed to Prevent Tax
President Roosevelt Signs
Evasion
his signature
Roosevelt affixed
President
on
the Administration bill designed to prevent tax
avoidances.
Aimed at closing loop
in
stated
as
Aug. 26 to
evasion and
holes in the Federal tax
completed action on the hill on Aug. 20 when
Aug. 21 issue, page 1194, minor Senate
laws Congress
our
recofrd
vote.
Earlier in the week (Aug. 16) the bill was passed by
the House, while the Senate had adopted it, in slightly
amended form, on Aug. 19.
The following regarding the
Senate changes, to which the House agreed as stated above,
was reported in the "Wall Street Journal" of Aug. 20 from
amendments
agreed to by the House without a
were
its Washington bureau.
Harrison
Chairman
Congressional
after
said
action
Senate
on
that Treasury
bill
the
experts explained the Senate amendments
tax
ating companies.
Ameri¬
can
Bankers Association, permits banks handling small trust accounts to
deduct up ■ to $1,000 in income from trusts which may be laid aside to
The second amendment, very
the
maintain
full
amount
technical in nature, sponsored by the
the trust
of
this
provision,
of the trust
between
amounts
at
The
par.
in the
aside funds
where such bonds
reduce the number of
and the amounts paid for bonds by trustees
par
called
amendment would
Senate
manner
prevent any conflict between
trustees are required to lay
prescribed in the amendment.
subsidies
to
the
opposed by the Department "they are not
relatively of
impair substantially the efficacy of
accomplish its major purpose." In part the letter
sufficient -importance to
the bill to
said:
."While two amendments to the bill were adopted before its passage to
which the Department was opposed, viz., the restoration to personal holding
of the
companies
credit
amounts used to
to
retire indebtedness incurred
1, 1934, and a special and discriminatory provision to
mineral royalty companies to escape classification as per¬
January
to
so-called
enable
cost a substantial sum
in revenue, they are not relatively of sufficient importance to impair sub¬
stantially the efficacy of the bill to accomplish its major purposes.
The
few other amendments are minor and unobjectionable in character.
holding companies, andi these amendments may
sonal
from the decision of the
joint committee to postpone serious consideration of the problem of taxa¬
tion of income of spouses living in community property states and the
problem of percentage depletion until the next session of Congress."
"The
only major omission
in the bill results
under the bill on personal
the Treasury Department main¬
tained, have been used by wealthy persons to avoid taxes.
From Associated Press advices from Washington Aug. 23
Heavy
surtaxes are imposed
holding companies, which
we
quote:
to which
as
new
surtaxes
range
from
65%
on
$1,000,000.
Officials
said
individuals to
was
the
new
rates" undoubtedly
"pressure
personal holding companies.
dissolve their
will
By
will make tax savings
The
force many
doing, it
new
law
also
levies
income directly and in many
by paying the levies on individual incomes.
increased taxes on Americans having foreign
New York "Times," said:
Adoption of the cotton payment amendment which was sponsored by
Senator
Byrnes marked
The
bill must
law
requires owners of
Officials
activities.
said
the
foreign personal
law
machinery in the Internal Revenue
present
It
be
one
of the last steps in the working out
cotton
loan
to
go
reach
tomorrow to
an
agreement on the
and other amend¬
the maritime authorization,
amendment,
ments voted into the bill
of an
the same basis as in 1935.
conference where every effort will be made
convene
by the Senate.
Farm Aid Promised
P Senator Byrnes explained that
an
agreement had been reached
last
the
week under which the Administration would make the cotton loans, on
be passed.
meet the views of the Administration, will
will make
be necessary
difference between the market price and 12 cents a pound,
provides that the Secretary of Agriculture
The amendment
such
subsidiary
to make up
which
control legislation, to
that in the next session of Congress crop
assurance
the
assures
payments
the
to
cotton
growers
may
as
12-cent rate.
to the planters a minimum
The authorization for the
can
be
administered
with
existing
Bureau and will entail few changes in
,
applies to
demonstrated
1937 incomes, andi its revenue-producing power
on
the income tax deadline next March 15.
thus will
Officials
collections by more than $100,000,000.
♦
President
Roosevelt
priation
Signs
Third
Bill—Appropriation
Deficiency
for
Appro¬
Maritime
Com¬
$115,000,000—Provides $250,000 to
Finance
Sugar Production
Control—Authorizes
Use of $65,000,000 for Subsidies to Cotton Farmers
mission Fixed at
"
The
of the $65,000,000 for the
indicated is carried in the bill agreed on in con¬
report; reference to this and other features of the
report were contained in Associated Press advices as follows,
from Washington, Aug. 21:
purpose
ference
on
House spokesmen sought specific approval was an
which
$65,000,000 already available
authorization for the Administration to use
from customs receipts to
fund would be used
peg
cotton prices at
12 cents per pound.
for subsidies up to 3 cents a pound to
This
make up the
difference between the market price and 12 cents.
presented the recommenda¬
trouble" over
Representative Woodrum of West Virginia
tions to the House.
He said the conferees had had "a lot of
provisions for six naval auxiliary
vessels.
They agreed, he said, to permit
and specifications,
vessels.
for the purchase
timber adjoining Yosemite National Park, and
appropriation of a small amount for expenditure on plans
with a stipulation
Other
of 6,700 acres
an
that the navy cannot contract for more than two
disputed points were a $2,005,000 appropriation
of sugar pine
authorization
liamentary union
for
a
Congressional delegation to attend an inter-par¬
conference in Europe next month.
The House voted 165 to
then
,
63 to retain the Yosemite acreage allotment
agreed to the appropriation for the
and
inter-parliamentary conference
delegation.
Items stricken
out the
out by the conference committee in an
effort to carry
President's budget-balancing program included:
$210,000 for a District of Columbia armory.
$1,000,000 to assist farmers in planting timber on
the Norris Farm
their waste land under
Forestry Act.
$500,000 for the construction of small reservoirs.
$743,265 for the purchase of additional
Smoky Mountain National
land in Tennessee for the Great
Park.
$325,000 for the purchase of
additional.land for the Tahoe National
Forest, Nevada.
building at Glasgow, Mont.
improvement of Indian River Inlet
Del., and $505,000 for the improvement of Flushing Bay, N. Y.,
were also stricken out, but these projects will not be abandoned, since the
conference committee made equal sums available for them out of the
River and Harbors Appropriation Bill already passed.
signing" by President Roosevelt of the Third DeAppropriation bill, as passed by Congress, was
announced
A conference report on the bill
was
approved by the Senate and House just before the
adjournment of Congress on Aug. 21—the measure having
gone to conference after the bill had been adopted by th
on
Aug. 26.
Appropriations of $160,000 for the
and Bay,
Roosevelt Signs Measure Making Technical
Farm Credit Acts—FFMC Authorized
Extend Mortage Loans
President
Changes in
to
signed the Farm Credit
making certain changes of a technical and ad¬
ministrative character in the operation of the farm credit
Act of 1937
system by the Federal Government through the Farm Credit
Administration.
The bill, which had been adopted by the
House on Aug.
2 and by the Senate on Aug. 16, contains 40
Federal Farm Loan Act, the Emer¬
sections amending the
tax collection system.
have estimated it will increase
ficiency
use
President Roosevelt on Aug. 19,
holding companies to file
monthly reports with the Treasury giving data on the companies' operations.
Fifies and jail sentences may be imposed for failure to comply.
In addition,
all persons helping to form foreign holding corporations must report their
the
now
before the both houses
probable that few of these
companies, and authorities said it was
holding
will be formed in the future.
The
an
so
explained, these persons will receive their
cases
a
growers;
$100,000 for the construction of a Federal
undistributed net income of less
than $2,000 to 75% on income over this figure.
The levies formerly began
at 8% on income of less than $2,000 and increased! to 48% on income over
The
bill for the payment of
amendment making pro¬
was added to the bill by the Senate on Aug. 20,
dispatch on that date from Washington to the
cotton
vision for this
An item
signing of the bill the President made public a
letter from Acting Secretary of the Treasury Taylor in
which it was stated that while two amendments to the bill
With
prior
additional funds for this
when Congress reconvenes.
item in this issue the use of
that
$65,000,000 is authorized in the
beneficiary in full at the maturity
would have to be laid aside to make up the difference
'reports required by trust handlers and would
Federal and state laws since under state laws
were
indicated
purpose will be forthcoming
As we indicate in another
trusts, and in order to pay off a
some
are
explaining the amend¬
In
corpus.
that bonds have been purchased above par
ment, Undersecretary Magill said
for
on
Aug. 20, in a form differing from thafe approved
by the House on Aug. 17. One particular in which the two
bills differed had to do with the funds authorized for the
Maritime Commission, the House having placed the sum at
$75,000,000, while the Senate fixed it at $150,000,000.
In
conference the amount authorized was $115,000,000.
As
passed by the House, Aug. 17, total appropriations of
$98,880,000 were carried in the bill, as noted in our Aug. 21
issue, page 1195; as adopted by the Senate, Aug. 21, the
appropriations totaled $150,000,000, the amount having
been lowered considerably in conference, when (we quote
from Washington advices Aug. 22 to the New York "Journal
of Commerce") the $50,000,000 authorization for a sugar
production control program was cut to the bone, the con¬
ferees leaving only $250,000 for "administrative expenses."
It was added that the tenor of conversations surrounding
Senate
agreement whereby the loans are to be made upon
to House
leaders in the hope of winning their approval and avoiding the necessity of
a conference between the two Houses.
Only two amendments of any conse¬
quence were adopted by the Senate to the bill, it was said.
One exempts
from the personal holding company classification oil and gas royalty com¬
panies which is designed to protect royalty companies which are also oper¬
and
J1347
Financial Chronicle
Volume 145
Farm Mortgage Act of 1933, the Farm Credit Act of
Mortgage Corporation Act and the
Agricultural Marketing Act. One provision of the bill per¬
mits the Federal Farm Mortgage Corporation to extend the
time within which outstanding mortgage loans may be re¬
gency
1933, the Federal Farm
paid, while another restores the method of choosing the di¬
farm credit associations.
In discussing the latter
rectors of
provision on the floor of the Senate on
Barkley, of Kentucky, explained:
Prior to the Emergency
of three directors
loan
Aug. 16, Senator
appointment
three by the farm-
Act of 1933, the law provided for the
by the Farm Credit Administration,
associations, and a seventh from a
list to be submitted
by farm-loan
Under the Act of 1933 the Federal Government put quite a
large sum of money into the farm-loan banks in order that they might func¬
tion, and it was felt that a majority of the directors, four out of seven,
ought to represent the Government.
That is the existing status. The bill
organizations.
.
1348
Financial
restores the selection to the method which existed for 19
years
and in fact gives the farm organizations
four out of
Chronicle
prior to 1933,
"Tolls
directors instead
seven
The
following regarding the provision permitting the
to extend existing mortgage
obligations, is from a
Washington dispatch appearing in the "Wall Street Journal"
of Aug. 16:
made during
the depression
be extended.
loans
This
high
as
second mortgages and which
on
Official figures reveal that in
82% delinquent.
are
prescribed by the
displacement tonnage, tolls may be levied on
passengers at
$1.50 per each passenger.
The levy of tolls is subject to
the provisions of article XIX of the convention between
the United States
paid in 10 annual instalments after the first three-year moratorium
of America and the
on
bill.
Sec. 2.
Banking and Currency of the Senate recently that there has
Such
loans
Banks will postpone for
$25,000,000 originally
provides this
sum
conditioned
are
one
year
made
was
any
on
an
agreement
that
the
foreclosure proceedings.
available
for
these loans,
bill
be cut to $2,000,000.
A new section of law is provided in the bill which
would authorize the
FFMC to make loans to Federal Land Banks on
security of assets not ac¬
ceptable as collateral for farm loan bonds.
These assets are
largely of real property taken
over
upon
composed
abandonment of farms by land
bank borrowers.
Under existing law the Federal Land Banks
may make loans to refinance
indebtedness incurred for non-agricultural
purposes prior to Jan. 1, 1933.
The bill provides a change which would
permit loans for this purpose where
such debts is incurred prior to Jan.
1, 1937.
Another provision would permit
FFMC bonds at any price.
Under
the
Federal Land banks to
purchase
existing law they could only be bought
below par.
Still another
provision
would permit
Land banks to
borrow from
one
another with the approval of the FCA.
The Land banks would be permitted to
accept conditional payments on
loans which may be held unapplied with interest for
the borrower who may
direct from time to time when to
apply such payments to his loan.
Under
this provision it is believed that borrowers in
good crop years will pay into
Land bank funds for future application to loans.
new
provision for the disposition of Federal intermediate credit bank
earnings is contained in the bill.
After paying the expenses, each bank
shall apply remaining funds: First, to restore losses
in excess of its reserves
which may have occurred
during the current
year;
This act shall take effect and be enforced
second, to eliminate any
President
Roosevelt
Appropriation
In
a
velt
vetoed
Vetoes
for
bill which
a
appropriation
Bill
for
would
Federal
have
a
with
and
affection"
certain
accorded
"if
that
he
ter."
the
could
desire the enactment
of
the type
of
he
view
that
Associated Press advices from
States and territories involved
Washington
on
Aug. 25 said:
Arkansas, Delaware, Georgia, Florida,
Illinois, Kansas, Missouri, Montana, Nebraska,
Nevada, North Dakota,
Washington, Wyoming, Hawaii and Alaska.
Under the Social
ment
Security Act States
were
other 13
required to pass unemploy¬
year.
Only 35 did
States and two territories
paid into the Federal
In the complying States
employers paid
ment insurance tax into State
so.
The
the House
I
proposed,
payments.
cooperation
memorial
to
without my
with
Will
Will
Rogers
the
was
full
measure
the
in
everywhere
State
approval
of
beloved
a
H.
Oklahoma
figure
admiration
accorded
Yet
I
it
President
Roosevelt Signs Panama Canal Tolls Bill—
Present System of
Computing Charges
Effective March 1, 1938
Revises
on
Aug. 25 that President Roosevelt
the Canal.
At present, tolls are
computed first on the ton¬
nage determined under the Rules for the
Measurement of
Vessels for the Panama
Canal, and then the amount collected
is limited by the
tonnage determined under another set of
rules.
The new law provides that the
rate of tolls on laden
vessels shall not exceed
$1, nor be less than 75 cents per net
vessel-ton as determined under the
Panama Canal rules.
In
addition, the bill also allows the levying of tolls
on passengers
"at rates not to exceed $1.50 for
each passenger."
The new law, which will
become effective on March
cepted
to
R.
6482,
in
I
am
fellow
is
him.
and
He
in
for
was
national
our
affection
large part because of
that
if
he
could
permanent
as
set
which
love
well
aware
of
care
who
memorial
he
in
knew
would
is
to
care
of
the
have
You
his devotion
not
and
to
children
afford
thought,
my
I
fellow
the
shared
personal
for him
last
that
desire
to
his
the
in
Claremore, Okla.,
The
memory.
type
of
that
Act.
depth
desired
into
of
a
Will
who
Rogers's
living
the hearts
cannot
I
at
forbear
knew
to
him
those
for
his
education
left behind.
he
mention
through
He contributed
providing
love
memorial—something
of
Will
the
Rogers's
years
are
generously to the
for
boys
and
girls
it.
a
Congress,
of
means
time, would be
memorial to
upon
further
perpetuating
more
in
Will
consonance
Will
next
session
may
Rogers should properly
deliberation,
Rogers's
could
memory
with sound: Federal
FRANKLIN D.
The White
I
countrymen
my
friendship
be
therefore, that the Congress at the
believe the
appropriate
same
would
childhood.
reconsider the form that
assume.
more
children.
to
this
joy and gladness
handicapped
could
It
the
of
permanent
and
years
designing and construction
thoughts in mind I
deep
he
life
his
long
many
personal
my
speak
forth
who
one
that
man,
that would
carry
With these
"providing
a
legislation of this character.
nowhere
sure,
Act
an
constructing
devise
which,
a
at
practice.
ROOSEVELT.
House, Aug. 21, 1937.
Bill
finally enacted
1,
on
Aug. 20 wheft the House
ac¬
amendment of the Senate which had
approved the
measure on
Aug. 19. The House had previously
passed the
bill on July 30.
The text of the new law follows:
an
SEVENTY-FIFTH CONGRESS- -FIRST
H.
R.
A
SESSION
5417
BILL
To provide for the measurement of
vessels using the Panama
Canal, and
for other purposes.
Be it enacted, &c., That section 412 of title 2
of the Canal Zone
Code, ap¬
to read as follows:
proved June 19, 1934, is hereby amended
Providing for Census
Unemployment Sent
of
to
Partial
on
Employment and
President
Signature—Cost Estimated
at
Roosevelt
for
$5,000,000
Aug. 21 passed
a Senate bill
providing for
partial employment, unemployment
The measure, which had been
adopted by
Aug. 7, was sent to the White House for
President Roosevelt's signature.
It is estimated
taking of
a census
of
and occupations.
the Senate on
that the
would involve a cost of
approximately $5,000,000.
The legislation
instructs the President to cause the
census
to be taken on or
census
had
signed the Panama Canal Tolls bill,
revising the present sys¬
tem of computing tolls
charged vessels availing themselves of
was
in
suitable
a
memorial
the
1938,
is
certain
am
Tlie House
.
disclosed
fails
•
from which they were paid.
was
Act
in
Rogers."
Treasury.
In the other 13 States and two
territories, however, the entire tax was paid
into the Federal Treasury until those
States and territories also
complied.
Under the bill signed today
90% of these tax payments to the Federal
Treasury will be turned into the unemployment accounts of the
States
It
the
and
of Representatives:
herewith
return
for
90% of the Federal unemploy¬
unemployment funds and were credited for
the
is
to
dent's veto message follows:
To
are
compensation laws by the end of last
he
last
the
legislation of this charac¬
observes that
memorial
that
be
Mr.
The Act provides for the
by Congress, which it is announced
was signed
by President Roosevelt on Aug. 25, an outlay of
$30,000,000 is authorized to States and territories late in
complying with the Social Security Act in reporting this
states
would
expressing
Rogers would have desired "a living
memorial," the President ventures the belief that
Congress,
"upon further deliberation, could devise a more
appropriate
means of
perpetuating Will Rogers memory."
The Presi¬
the
♦
bill passed
of
memorial, at Claremore,
humorist,
speak
Federal
The President further
specify
of
a
State
Okla., to the late Will Rogers, the humorist The
President,
indicating that lie shares "in full measure the admiration
enactment of Federal
Under
$500,000
a
the
in
surplus.
Approved By President Approves Outlay of $30,000,000 for States and Territories
Late in Complying
with Social
Security Act
Rogers
President Roose¬
authorized
cooperation
Oklahoma for the construction of
go to
Bill
Will
to
friend.
V
1,
Authorizing' $500,000
Memorial
to the House, on Aug. 21,
message
impairment of paid-in capital; third, to create and maintain such
reserves as
may be found advisable and finally to
pay 25% of the amount remaining
to the Treasury as a franchise
tax, the remainder of earnings would
.
and after March
on
.1
Land
new
Republic
proclaimed March 30, 1922."
1938.
Whereas
the
Republic of Panama, entered into Nov. 18, 1903, and of
article I of the treaty between the United States of America
and the
of Colombia
improvement in Land Bank Commissioner loan payments.
some
of the
A
changed
rates not to exceed
Liquidation loans to the Joint Stock Land Banks would be made
by the
Federal Farm Mortgage Corp. instead of the RFC under
another provision
a
measurements shall not be
measurement or
to
As to other provisions of the bill, we also take the
following
from the Washington advices to the "Wall Street
Journal":
or
by proclama¬
displacement ton¬
on
per net vessel-ton as determined under the aforesaid
rules, and on vessels
in ballast without passengers or cargo the rate
may be less than the rate of
tolls for vessels with passengers or cargo.
In addition to the tolls based on
these
of these
some
Committee
at
to time
except after public hearing and six months public notice of such
change.
The rate of tolls on laden vessels shall not exceed
$1, nor less than 75 cents
...
principal payments, which may be declared at the option of the borrower
Governor Myers of the Farm Credit Administration stated
before the
been
Provided, That the basic rules of
nage:
delinquent loans and extend the period of pay¬
Under existing law, Land Bank Commissioner loans are
supposed
ments.
to be
by him from time
tion, and tolls on other floating craft shall be based
de¬
now
some areas
Army and Navy transports, colliers, hospital
President and as may be modified
were
provision of law would permit the mortgage corporation
new
refinance
on
may
are as
1937
on net vessel-tons of 100
cubic
feet each of actual earning capacity determined in accordance with
the Rules
for the Measurement of Vessels for the Panama Canal
FFMC
linquent
merchant vessels
on
28,
ships, supply ships, and yachts shall be based
of the Government having four out of the seven.
Under this provision risky Land Bank Commissioner
loans, which
Aug.
before
administrative
committee
April 1, 1938, and appoints
consisting of "the Secretary
Commerce, the Secretary of Labor, the Works Progress
ministrator, the Chairman of the Social
Security Board,
an
of
Ad¬
the
Chairman of the Central Statistical
Board, and the Director
the Census, or their
authorized representatives."
The
bill, sponsored by former Senator
of
Hugo L. Black, of Ala¬
bama, recently appointed to the United States
Supreme
Court, authorizies the committee "to call
upon the other
departments or agencies of the Federal
Government for
information relating to, and for
assistance
with
the census
.
.
.
and to cooperate with
in
connection
and
to
information secured by such State and local
agencies
use
the
as may
have data pertinent to
this census."
The purpose of the
census, as expressed in the bill, is "to
provide
information
geographical
concerning the numbers, classes, and
distribution of persons in the United States
partially employed and unemployed and their
dependents
and income, and
concerning industries and occupations of
partially employed and
unemployed persons to aid in the
formulation
and
of
a
program for
unemployment
States."
relief
,
reemployment, social security,
for
the
people
of
the
United
Volume
Wagner-Steagall Housing Bill Sent to President Fol¬
lowing Adoption of Conference Report by Congress
the adoption
The
conferees.
1195,
bill,
went
stated
as
in these columns
conference
to
the
differences between
the
of the report agreed on by
Congress
by
18 to
Aug.
on
^ug. 21,
adjust the
adopted by the House on
measure
6.
Agreement was reached by the conferees on Aug. 20; the
Senate accepted the conference report without a record vote
on Aug.
21, while the House likewise adopted the report
on Aug. 21 by a standing vote of 128 to 48.
In explaining
that
in
day
the
passed
the one
and
House,
Senate
by the
Aug.
on
Aug. 21, the action of the conferees on
on
Representative
Steagall stated that the Senate bill provided the sum of
$700,000,000 for the purpose of making loans by the Federal
Housing Authority—that under the House bill this amount
was reduced to
$500,000,000, and that the House provision
was adopted.
Mr. Steagall also pointed out that the Senate
bill provided for a board consisting of an administrator and
two assistants, the administration to be under the board and
subject to the general supervision of the Secretary of the
the
of
provisions
varying
under the supervision
istrator
bills,
two
he said, provided for an admin¬
The House bill,
Interior.
the
of the Secretary of the In¬
board of nine members to serve
except expenses incurred in attend¬
ing meetings and remuneration for the time spent in con¬
ference.
The conference report provides for an adminis¬
and
terior,
without
supervision of the Secretary of the Interior
provision for an advisory board.
From
under
trator
advisory
an
compensation
and eliminates the
Steagall's statement before the House,
Representative
Aug. 21,
the cost of construction
Senate bill
In the
to
of
$5,000
of
a
family unit was limited
The House bill provided for limitation
and to $1,000 a room.
$4,000,
family unit as a maximum and required that the
per
on
also quote:
we
construction
similar projects undertaken by
private enterprise in the particular communities to be served.
The conference report provides a general limit of $4,000, as provided
in the Senate bill, and retains the other restrictions and limitations imposed
in the House bill.
A proviso is added that permits projects for dwelling
units to cost as much as $5,000 in cities where the population exceeds
of
limit of $1,000
is provided, and in the case where construction of family units may reach
$5,000 in cities of over 500,000 population a room limitation of $1,250 is
provided.
Chairman of the conferees, in a state¬
before the Senate on Aug. 21 regarding the changes
ment
Walsh,
the conferees, indicated that the latter "had a
great deal of trouble" over the nrovisions in the bill relat¬
made
by
service laws and
civil
ing to
the Classification Act.
He
said:
institution
government
this
that
of
up
provision
So far as
relating to
for
it is the first time
of the Congress in the setting
The Senate inserted the usual
the civil service laws and the
compliance
with
Classification Act.
Strange to
this difference was one of the most bitterly fought and
of the bill, and the result of our deliberations was
say,
features
contested
reached which provides that all employees whose
excess of $1,980 shall be exempt from the civil
service laws, and all employees of the Authority drawing less than $1,980
will have to comply with the civil service laws.
But we were successful
that
compromise
a
salaries
in
or
was
in
are
wages
contain a provision that all of the em¬
must comply with the Classification Act.
the conference report
having
ployees under the Authority
alluded
to
he said:
which
contained
which
clearance
as
perhaps should
parking areas,
Senate
The
left
removal
the
of
bill
conferees
to
Senate
It was briefer than
and eliminated some
The Senate defined slum-
be eliminated.
adaptation of such area to public purposes,
other recreational or community facili¬
language
the
as
I
have
just
read
merely "the demolition and
from any slum area."
bill were referred to in our item
In a dispatch, Aug. 21, from Washington
the New York "Times" it was.stated:
week ago.
a
acquire property by con¬
demnation, it being presumed that the local authorities sponsoring such
projects shall have been endowed with the power to acquire through rights
of eminent domain, or by purchase or donation, property upon which to
No
erect
It
provision
is
made
for
the authority
to
units.
was
requiring
necessary
From
"Herald
provided that any contract
for a loan may contain a condition
maintenance of open spaces a
for the safety of health of children.
the
Aug.
playground
where
21, to the New
Washington
advices,
Tribune"
deemed
York
take the following:
we
request for delay of the housing bill so that
study its complicated' details was made by
Senator William H.
King, Democrat of Utah.
He added that the bill
"indorsed the spoils system."
Senator Robert F. Wagner, Democrat of
New York,
author of the bill, said that it had been pending for three
years, and that there had been extensive hearings last year and again this
year, and that further study was unnecessary.
In
the Senate
people
might
[Aug. 21]
have time
Roosevelt.
of President
approval
a
of
farm
program
is believed to have been
adopted in view of President Roosevelt's declared intentions
to veto any
insure
plan for
farmers
renewal of Federal loans on crops to
a
against
unless
declines
price
Congress
farm control program at the session just ended.
These views of the President were referred to in our issues
adopted
a
of Aug. 14, page 1031, and Aug. 7, page
The
853.
cotton subsidies, which
will be made available from tariff receipts, was contained
in
a
$65,000,000
20
on
was
Reference to
with
the
House,
approved the measure of Aug. 17, as noted
issue of Aug. 21, page
our
the bill
rider to the Third De¬
a
conference
sent to
and was
which had earlier
in
Aug. 20 as
The deficiency bill was passed by the Senate
ficiency bill.
Aug.
for
sponsored by Senator Byrnes of South Caro¬
measure
lina, and offered
on
authorized
A conference report on
1195.
accepted by the Senate and House on Aug. 21.
the deficiency, bill, which was signed by Presi¬
dent Roosevelt
on
Aug. 26, is made elsewhere in our issue
of today.
"
■
t
Congress to give immediate con¬
sideration to farm legislation at the next session was signed
by the President on Aug. 25.
It was adopted on Aug. 21
when
the
Senate approved an amendment made to the
resolution by the House in adopting the pledge the pre¬
ceding day.
The House adopted the pledge after the rules
had been suspended by a vote of 193 to 36.
The text of the
resolution containing the pledge follows:
The resolution pledging
SENATE JOINT RESOLUTION
Whereas
the
Whereas
a
to
207
expressing the views of the Congress as to a program
the relief and benefit of agriculture.
resolution
Joint
whole Nation suffers when
the
Nation
felt
has
and
still
for
depressed; and
unfavorable economic
agriculture is
feels the
of two different kinds of misfortune in agriculture; and
first of these misfortunes was the ruinous decline in farm
consequences
Whereas the
and
1929 to 1932 ;
prices from
of misfortune was the drought of 1934
Whereas
a
of
methods
consumers
the
and
also
for
developing
and
Agricultural Adjustment Act,
the
(b)
protect agriculture and
against the consequences of drought, and (c) safeguard farmers
business of the Nation against the consequences of farm-price
and
Whereas
it is the sense of
be based
should
(a) provide not only for soil
improving the crop-adjustment
permanent farm program should
but
conservation
followed
of 1936; and
drought
the
by
upon
Congress that the permanent farm legislation
the following fundamental principles:
entitled to their fair share of the national income:
should be afforded protection against the consequences of
pestilence causing abnormally high prices by storage of reserve
supplies of big crop years for use in time of crop failure;
(3) That if consumers are given the protection of such an ever-normal granary
plan, farmers should be safeguarded against undue price declines by a system
of loans supplementing their national soil-conservation program;
(4) That control of agricultural surpluses above the ever normal granary
supply is necessary to safeguard the Nation's investment in loans and to protect
farmers against a price collapse due to bumper yields resulting in production beyond
(1) That farmers are
(2)
That consumers
drought, floods, and
all domestic and
foreign need;
That the present
(5)
Soil Conservation Act should be continued, its
operations
and provisions made for reduced payments to large operators on a
graduated scale to promote the interest of individual farming;
(6) That, linked with control of agricultural surpluses, there should be research
simplified,
into
new
uses
for agricultural
commodities and the products thereof, and search
and abroad; and
outlets, and new markets at home
should be made for applications to the Interstate Commerce
Commission for correction of discriminations now existing against agricultural
products in the freight-rate schedules:
Now, therefore, be it
(7)
That provision
production of farm products should be a
that therefore legislation carrying out the fore¬
going principles will be first to engage the attention of the Congress
upon
its reconvening, and that it is the sense of the Congress that a
permanent farm program based upon these principles should be enacted
That abundant
blessing and not a
as
as
soon
curse,
possible after Congress reconvenes.
or
eliminated
Other provisions of the
of
the
slum-clearance
defining
buildings
by
"the demolition and removal of buildings from any
meaning
including parks,
the House definition.
passed
bill
and may embrace the
slum area,
and
the
in
activities
ties."
the
sideration
Resolved, kc.,
conferees accepted
Senate
The
that
Farmers—Congress
containing the pledge of Congress for the con¬
for new uses, new
provisions in the bill,
Senator Walsh
the definition therein of "slum-clearance," as to
other
Among
$65,000,000 for
The resolution
permanent
the civil service laws
memory goes,
my
this
government activity.
requiring
provision
providing
measure
by either branch
done
been
has
permanent
a
every
Act.
Classification
the
or
posals have received
decline;
the
from
removed
House
The
of
their cotton and 12c. a pound, and at the same time pledged
that general farm legislation would "be first to engage the
attention of the Congress upon its reconvening."
Both pro¬
Whereas the second kind
Senator
Use
Cotton
to
In
its
closing hours, Congress authorized the use of
$65,000,000 for the payment of subsidies to cotton farmers,
amounting to the difference between the price received for
In the case of the $4,000 limitation a room-cost
500,000.
Subsidies
the host of
not exceed
could
projects
Authorizes
Payment
Also
Pledges to Consider Farm Legislation Early Next
Session—Both
Measures
Signed
by
President
Roosevelt—House Authorizes Study of Program
of
21, following
President Roosevelt for his signature on Aug.
page
Congress
Wagner-Steagall "low-cost" housing bill was sent to
The
1349
Financial Chronicle
145
The
House 011 Aug.
20 also authorized its Committee on
Agriculture to "hold such hearings as the committee may
determine, in connection with the consideration and prepara¬
tion of a bill or
conservation
pense
bills providing for a permanent agricultural
adjustment program," and fixed the ex¬
and
of the investigation at $5,000,
fund of the House.
the sum to be paid from
the contingent
In
reporting that Senator
Byrnes had brought before the
20, the rider to the deficiency bill authoriz¬
ing the use of the $65,000,000 fund for payment of sub¬
sidies to cotton farmers, a Washington dispatch of Aug. 20
to the New York "Journal of Commerce" of Aug. 21 said:
The Byrnes amendment provides that the $65,000,000
shall be made
available from the fund of annual customs receipts given to the Secretary
of Agriculture for such purposes.
Payments to producers participating in
the 1938 agricultural conservation program would be made at a rate per
pound equal to the difference between 12c. and the average price of %
middling cotton on the 10 designated spot markets.
In no instance would
payments exceed 3c. per pound.
Senator Byrnes (Dem., S. C.) explained that Department of Agriculture
officials, after taking into consideration other operations under Section 32
of the Agricultural Adjustment Act, regard' this amount as being available
for
this particular purpose without interfering with the necessities of
Senate, on Aug.
1350
other
the
He added that if such
cropa
movement
in
the
his
held
conferences
the
at
the
is not
it
was
in line
House of
with the general
program
in
series
a
tended
tomorrow
Deficiency Appropriation bill.
Under the 1935 program,
this
in
view
be
of
37,000 loans
made to cotton farmers.
were
increased.
year's
greater
it is expected
crop,
that this
It
will
conference
report
the
on
its
has
whatever
relation
no
to
plans being
respect to cotton loans by the Commodity Credit
be
to
announced
the
on
of
return
Secretary
formulated
Corp. which
of
are
loan
Agriculture
be
President
9c.
on
10c.
or
pound
per
of
cotton
to
probably will
Corporation
would
bill
a
the
biggest
set
but
marshals,
it,
control
meas¬
for
reasons
non-
a
dam
minimum
to
measure
Booneville
House.
not approving
the
as
White
the
to
although
$2,000
signed
authority for the
bill
control
sign
to
create
project
a
all
pay
temporary
the
on
of
annual
Columbia
■-•V./'V
which,
it
is
stated,
of the Securities and
ers
will be brought before the
The bills broadening the pow¬
Exchange Commission,
another item, are among measures
in
we note
as
which go over to the
session.
next
loans.
cotton
he
indicated
flood
next session for final action.
However, since Senator Byrnes's subsidy program is designed' to encourage
sell their cotton rather than hold it, it would obviate the need
Commodity Credit
compliance with
of
one
advices:
same
$34,000,000
a
States
United
measures
based
policy
was
The bill giving the President power to reorganize govern¬
ment agencies, passed by the Senate Aug. 13, is one of the
expected
farmers to
the
sent
provisions.
Mr. Roosevelt vetoed
for
adopted.
for
voluntary
or
term.
make
to
with
Wallace
the
or
River.
Washington.
A
Senate
administrative
noted:
measure
whether
noted in the
was
The
deficiency hill as finally
agreed to authorizes the use of the $65,000,000 as proposed.
Washington advices to the "Wall Street Journal" of Aug. 20
The
of
,>
The
The
special term this fall
a
agreement on a general farm bill.
However,
number
issue
coiftpulsory
ures
expected to meet with any opposition.
made known,
vigorously for legislation this
The unsettled
a
as
whether it be
regular session next January.
Congressmen made that promise in return for Mr. Roosevelt's agreement
to
approve
price-pegging loans on this year's cotton crops.
A Middle
West farm bloc, led by Representative Eicher, Iowa Democrat,
had con¬
week.
Representatives
of the Third
the conference report
It
is
House last
White
be before
matter will
of
part
amendment
Aug. 28, 1937
at the next session,
business
in
from the general funds
Senator Byrnes assured
relief.
between the legislative and executive departments
upon
The
farm
he would join
case,
outright appropriation
an
his
that
colleagues
of
make
to
not the
were
Treasury to provide adequate
agreed
Chronicle
Financial
In
describing the closing hours of Congress, a special dis¬
patch, Aug. 21, by Turner Catledge, from Washington to
Adjournment of First Session of 75th Congress—Hous¬
ing Bill, Sugar Control Bill, Bill to Prevent Tax
the New York "Times" said:
Congress
Evasion and Farm Credit Measure Passed in
Closing
Days—Other
Legislation
Enacted—Bill
to
Re¬
organize Supreme Court and Wage and Hour Bill
Among
Measures
Which
Failed—Statement
of
Appropriations
Th'e first session of the
sine
die
6:55
p.
which
the Senate winding
and the
House adjourning
final
action
bluntly
its
up
at
session
7:23.
District
as was the
bill, which
of
Columbia
session
defeat of
bill,
ganization
rider
to,;-a
which
and
the
of the
United
bills,
and,
States
Supreme Court.
journed, but is scheduled to be taken
Regarding this bill, Associated
ington, Aug. 21, said:
The
wage-hour
Rules
refused
It
bill
to
smothers
it
only
come
fate.
was
members
by ^the
the
of
Senate
House.
opposed
the
to
"must"
"ought"
or
looks
with
on
empowered
fix
to
short
as
Southern
minimum
legislation,
Congressmen
manufacturers who
wages
40c.
hour
an
and
to
it
fostered
was
largely
by
Mr.
note
but
.
.
.
all
to
members
Roosevelt's
short
best
his
letter,
ad¬
be good enought to extend to the
you
to
create
Senate
before
to
their
them
the
on
the
it
development.
private
measures
session
consumed
were
in
major
Southern Ohio.
useless
When
it
House attempted
observed that
Bankhead,
who
it
already in adjournment.
Representative
Rayburn,
reports from "enemies,
sit-down Congress
Democratic
the
foreign
or
domestic,
made by those either
are
willingly attempting to distort the facts."
are
Mr.
the
Rayburn
backs,
exhausting
Federal
and
the
on
opposition
Its
consider
formal
farm
anti-lynching
or
over
duly
legislation
the
as
the
as
of
program
cut the
apathy
farm
of
legisla¬
reorganization
core
very
to these
as
luck."
"good
dissension
of the
measures
which
in
the court plan.
for the next session, whenever
program
a
resolution
measure
by colleagues,
general
on
one-half months
five and
fury and vitality
By
come.
to
Congress to act
departments of the government
program.
besieged
then
were
exclaiming "good-bye," and
hours bill,
and
wages
the
and
on
disinclination of
or
executive
may
itself
small
approval.
the Senate spent its
Northern
in
Rayburn moved adjournment, and members shouted, yelled and other¬
followed
hamstring the South in its growing industrial
.'
Speaker
of
a
.
explained,
passing
but the remaining
everything
.
upon
legislation.
items,
other
he
adjourned sine die, the
Senate
any
who
or
each
judgeship in
new
adjournment
Congress has been
remedial
minor
by
House
had
a
of
happy vacation.
session hinged
dropped,
.
a
advice
on
bills
prices
of
a
special
a
enactment
inserted
the
of
will have
you
farm
batch
a
Congress has already set itself
complained
wished
If
immediate
the
send
Administration's
work
a
to
slapped
tion,
of
as
bill
business
The refusal
had
bill.
high
as
read
necessity for
through
moments
Speaker Bankhead
hours.
40
as
short
a
members,
Speaker had admonished the House to "preserve the good order with
you convened over seven months ago."
Mr.
by the late Representative Connery, Massachusetts
Democrat, and' Senator Black, would have set up a Labor Standards Board,
week
the
amendments
that
wise showed
written
measure,
a
this
The
over
disfavor,
for
ignorant of the facts
who
Administration
the
which said:
by the President.
over
Shortly
debate.
the
and
situation.
ran
to
few
useless
that
House
The
Barkley expressed
Congress, will
that
leader, told the House that
at the next session.
Passed
floor
Mr.
vacation
price
need
last
which
the
its
of
for
up
those bills
President's
a
The
let
reached
was
for
the President
general, clearing the slate of
sought
further
no
Another
be
learned
was
Press accounts from Wash¬
peculiar
a
never
majority
a
in
debate
reor¬
believed to be the first time the Rules Committee, which normally
was
killed
met
objections, it
Committee,
up
quit
said
chambers
The
last, witnessed the
major proposals—the
Lewis
agreeing
items
by
the
Administration,
the
wage
bill, failed of enactment at the session just ad¬
hour
Southern
5
Jan.
on
of the President's
end
vacation
that during the coming months all of
would
Both
the
to
Senate
session's
a
praise for what had been accomplished.
any
pleasant
a
agricultural
there
President
the
at
happy
a
Vice-President Garner,
Senator
advocated
measure
and
which convened
one
to
"I hope
Miller-Tydings resale price
attached
was
tax
for
Senate my regards and good wishes?
signed despite his opposition to the resale price legislation.
The
wishes
leaders
"Before the adjournment of
Act, approved by the President on
also among the legislation passed in the clos¬
maintenance
for
was
ing days of Congress,
the
wishes
dressed
on
A farm Credit
was
The President seemed to realize the situation,
the
to
expressing
Before
at
Bills
the sugar control bill, the bill designed to prevent tax
or avoidance, and the Third
Deficiency Appropria¬
tion bill.
letter
Letter from
evasion
Aug. 19,
the situation.
noticeably lacking in
completed by Congress on the eve
of adjournment included the Wagner-Steagall
housing meas¬
ure,
happy mood when it quit, despite efforts of Senator
Rayburn, the Democratic leaders, to put a
no
Representative
on
usual
his
for
in
was
and
Seventy-fifth Congress adjourned
Aug. 21,
on
m.,
Barkley
good front
passed,
the
item
first
second
Senate
bound
has
business,
of
and
a
matter.
'
As to the
The debate
reform
of
From
if
have
in passage only of a procedure
up
time,
any
court
70
over
bill,
its
Congress
in
on,
Roosevelt's
those
broke
was
the notable feature
proposal
to
and
out,
add
six
to
raged
the
on
defeated
in
the
the
was
of
let
of
Roosevelt
the
warring
Court
be
known
been
had
that
court
interstate
cision
didi
and
commerce
the
the
its
tax
President's
most
stand
Labor
desired
of
the
Relations
pieces
Amendment
as
pacified
were
able
was
Democrat,
whose
to
waged in vain.
one
interpretation
the
of
Act
to
one
stamped
de¬
on
legislation.
Senator
been
one
Hugo
of
L.
Devanter,
the
Alabama
Black,
seeing eye-to-eye
with
law
Congress gave Mr. Roosevelt—legislation to permit Supreme
justices to retire at 70 with full pay—was credited with playing a
part in Justice Van Devanter's resignation.
Senator Connally, Texas Demo¬
constitutional
amendment
yesterday
to
require
all
future
justices to retire at 75.
Respecting
Press
The
session
to
the
had
general
also
the
the
White
The
crop
control
by
House
control
the
wayside.
legislation,
the
Associated
say:
legislation
President
Congress did
Committee
dislodge
early
next
the
binding,
the
Black-Connery
session
and
bring
some
of the legislation passed at the
session,
to
Commerce," noted the following:
Pittman-McReynolds neutrality resolution giving the President dis¬
embargo exports.
power to
Vinson-Guffey bill
stabilize
and
prices
for
regulation of the soft coal industry
acts of competition.
Federal
eliminate unfair
The Somers resolution extending for two years
the power of the President to devalue the dollar.
The
Bankhead-Jones
Bonneville
Dam
Farm
the stabilization fund and
Tenant Act
was
likewise
one
enacted, as were the following:
Act,
Emergency Relief Appropriation Act of 1937,
World
War
Veterans'
Pension
Act,
Marketing Agreement Act of
1937,
The session appropriated (it was noted by the Associated
Press) the biggest peace-time fund for military purposes on
expenditures from
and build more naval
auxiliary vessels, it shoved the total figure past the billion-
dollar
The
pledge,
in
asked
for
resolution
mark.
Navy
of
yesterday, to make such legislation the first order of
It
two
added:
$516,258,808.
gets
35,000-ton
The Army gets
anti-aircraft
this
sent
authorizing
With that money it is continuing con¬
and more than a score of lighter
battleships
fighting vessels.
tanks,
Roosevelt
By
available funds to improve Army posts
struction
following to
crop
fell
Rules
less
action.
record—$931,521,962.
One
a
the
the
none
Municipal Debt Adjustment Act.
Van
the Administration.
propoed
Indicating
but
pledged its members to
has
from
for
Agricultural
Proposed
replace him with
legislative record has
The
approval
Court
crat,
bill
floor
of the measures
welfare,
general
Constitution.
Through the retirement of conservative Justice Willis
President
leadership
the
cretionary
that
resulted, that the Supreme
interpreting
on
clauses
power
Wagner
good had
policy of "political"
a
to
proceedure
formal
less
Ralph L. Cherry, in advices from Washington, Aug. 22, to
House
words reporters heard at the White House.
use
liberalize
upholding
of
believed
changed from
"judicial" judgment, to
The
he
it
requests
r
groups
the surface by efforts to restore harmony.
Roosevelt, however, did not regard the battle
it
House
wage-hour
The
into
parv
White
unremitting
an
important
,
Democratic
somewhat
the New York "Journal of
face
most
By
the
Supreme
did not retire,
behalf,
the
arguments
justices
on
Mr.
one
passed
went unfilled.
only
of
bill, winding
February
Mr.
in
It
He
early
of
The
that
court
could
session.
merits
battle
the
that
on
measure
the
Court
President's court bill, the same advices stated:
A
$415,263,154.
guns,
comparative
presented
for
the
That will go for more man-power, planes,
artillery and
ammunition.
statement of appropriations,
"Congressional Record" of Aug. 19 by
statistical
Volume
made dur¬
total appropriations
Senator Carter Glass, shows
This statement, and also
one which presents a comparison of budget estimates, said
Senator Glass, were compiled by the clerks of the Appropria¬
tions Committee of the respective houses.
We are making
Bill
to Repeal Clause in
Revenue Law Providing for
Publicity of Corporation Salaries over $15,000
ing the session of $9,38^,488,893.
here for
room
Glass:
Mr.
of these tables:
one
the first
appropriations made during
This table shows the
1.
$9,389,488,893.06.
2. This table shows the appropriations made during the first session of
the Seventy-fifth Congress to be less than same passed during the second
session of the Seventy-fourth Congress, $946,910,379.59.
session
Seventy-fifth Congress to be
the
of
Compen¬
sation Payment Act from the appropriations of the Seventy-fourth Congress,
second session, leaves appropriations amounting to $8,099,399,272.65.
By
taking into account this deduction, the appropriations made during the first
session of the Seventy-fifth Congress would be in excess of the appropria¬
the
of
tions
$1,290,089,620.41.
session,
previous
SEVENTYDURING
COMPARISON OF APPROPRIATIONS MADE DURING THE
FOURTH CONGRESS, SECOND SESSION, WITH SAME MADE
THE SEVENTY-FIFTH CONGRESS, FIRST SESSION
Increase
or
(+)
Decrease
Seventy-fourth
Session,
Congress,
Congress,
Second Session
+456,815,602.00
630,381,208.00
+ 2,341,731.00
45,915,641.00
957,738,963.00 —2,439,012,942.00
+ 18,153,142.80
132,732,499.85
+ 771,308.78
24,085,736.78
+ 32,158,295.00
415,263,154.00
—10,287,724.00
516,258,808.00
173,565,606.00
43,573,910.00
83,396,751,905.00
114,579,357.05
23,314,428.00
383,104,859.00
526,546,532.00
Independent offices
Interior
Legislative branch
Military
Navy
$
$
$
Regular Annual Acts—
116,370,395.00
18,584,080.00
40,882,565.00
Justice
Commerce
Labor
7,775,022.00
+ 1,843,800.00
189,341,985.00
War, Civil functions.
+
194,536,063.00
507,242,087.00
+ 3,674,964.00
+
5,194,078.00
5,959,673,869.05 4,546,481,403.63 —1,413,192,465.42
Tot., reg. annual Acts
Supple¬
of the Act entitled
1
amended to read
as
Appropria¬
1936.
—368,232,462.64
—2,375,417,776.83
+ 948,975,868.89
948*975,868*89
1,500,000,000.00 + 1,500,000,000.00
+ 81,737,540.14
81,737,540.14
bl 16,820,588.40
+ 116,820,588.40
368,232,462.64
2,375,417,776.83
First Deficiency Act, 1936.
First Deficiency Act,
1937.
Act, 1937
1937..
Second Deficiency,
Tkird Deficiency,
1937
Every contract, combination in the
1.
the producer or distrbutor of
tributed by others, when contracts or
applied to intrastate
as
section
5,
now
2,585,194.09
476,966,707.00
+474,381,512.91
805,000,000.00
860,000,000.00
+ 55,000,000.00
580,125,000.00
582,515,000.00
130,716,645.00
+ 17,334,267.00
131,982,592.04
145,275,140.00
+ 13,292,547.96
Permanents & Indefinites
Interest on the public debt
Sinking fund & other debtretirement funds_______
Trust funds
Indefinites
Total,
and
permanents
1,630,489,970.04 1,718,506,785.00
+ 88,016,814.96
810,336,399,272.65 9,389,488,893.06
—946,910,379.59
indefinites
Grand total
a
b
+ 2,390,000.00
permanents and
All other
This
includes
sum
$2,237,000,000 for Adjusted Compensation Payment Act.
Approximated.
second table,
the
As to
amended and supplemented, of the
table
This
the
the
shows
during the Seventy-fifth
3.
This
table
reduced
been
This
4.
made
appropriations
the Seventy-fifth
during
supplemental estimates submitted
and
Congress, first session, to be $9,585,619,909.57.
the regular and supplemental estimates have
$196,131,016.51.
table
by making
regular
that
shows
also
shows
1914: Provided further. That the
lawful any contract or agreement, pro
viding for the establishment or maintenance of minimum resale prices on
any commodity herein involved, between manufacturers, or between pro¬
ducers, or between wholesalers, or between brokers, or between factors,
or between retailers, or between persons,
firms, or corporations in com¬
purposes,' approved Sept. 26,
other
preceding proviso shall not make
Every person who shall make any contract or
petition with each other.
in
engage
any
combination or
one year,
or
by both
conspiracy hereby declared to be illegal
thereof, shall
exceeding
said punishments, in the discretion of the court."
of a misdemeanor, and, on conviction
exceeding $5,000, or by imprisonment not
Appeals Court Rules for'Federal Government in Suit
Against Guaranty Trust Co. for $11,000,000 as
Depositary—Ruling
of
Lower
Tribunal
Reversed
Is
Circuit Court of Appeals in New York
2-to-l decision on Aug. 16, reversed a ruling by the
District Court, which had dismissed a suit by the Federal
Government to collect more than $11,000,000 from the
Guaranty Trust Co., as a depositary for the State of Russia
under the Litvinov agreement.
The suit had previously
been dismissed by Federal Judge Francis G. Caffey, who
contended that claims of Soviet Russia against nationals in
the United States had been outlawed, in the case of the
City, in
a
present suit, by the State's statute of limitations.
Guaranty
Trust Co. on Dec. 17, 1917 had a deposit of $4,976,722 as a
depositary for the State of Russia, and on Feb. 25, 1918 the
account was closed, and against it were charged sums of
which were then due from the State of Russia as a
to certain nationalized concerns which had owed
company
money.
The New York "Herald
Tribune" of Aug. 17 summarized other details of the case as
money
the
trust
follows:
The
all
"Litvinov
accounts
Agreement" turned over to the American Government
of the Russian Government,
United States.
within
the
estimates have,
regular and supplemental
unexpended balances available in lieu of direct appro¬
certain
Act entitled 'An Act to
and
to define its powers and duties,
successor
first session, to be $9,389,488,893.06.
Congress,
2.
shows
table
This
1.
quote the following from the
we
Record":
"Congressional
resale, and the making of such
be an unfair method of compeition under
agreements shall not
as
The United States
carry¬
ing appropriations
agreements of that description are
transactions, under any statute, law, or
or
Federal Trade Commission,
create a
free and open
general class produced or dis¬
hereafter in effect in any State, territory, or the
Columbia in which such resale is to be made, or to which the
contracts or
—96,116,242.04
113,382,378.00
Acts
Miscellaneous
such commodity and which is in
competition with commodities of the same
Russian
2,743,650,239.47 2,647,533,997.43
supplemental Acts
1890, is
monopolies," approved July 2,
form of trust or other¬
wise, or conspiracy, in restraint of trade or commerce among the several
States, or with foreign nations, is hereby declared to be illegal: Provided,
That nothing herein contained shall render illegal, contracts or agreements
prescribing minimum prices for the resale of a commodity which bears, or
the label or container of which bears, the trade mark, brand, or name of
and
deficiency
Total,
"An Act to protect trade and commerce
follows:
be punished by fine not
Supplemental
Work Relief
President Roosevelt on Aug. 17—not Aug. 18 as originally
reported. Its signing was noted in our Aug. 21 issue, page
855.
Congressional action on the measure had been com¬
pleted on Aug. 4. The following is the text of the amend¬
shall be deemed guilty
mental Acts—
tion Act,
We are giving below the text of the Miller-Tydings resale
price maintenance legislation amending the existing anti¬
trust laws, which had been attached as a rider to the District
of Columbia Tax Bill.
The tax measure was signed by
for
+ 510,917,051.00
719,182,390.00
784,259,553.00
Senate failed to
Resale
Price Maintenance
Anti-Trust Laws
Miller-Tydings
District of
—275,000.00
211,940,303.00
780,584,589.00
Treasury
Post Office
the
Measure Amending
commodity is to be transported for such
—341,360.00
992,524,892.00 1,503,441,943.00
Treasury and Post Office..
Congress
9,756,992.00
+
43,032,242.00
23,628,500.00
275,000.00
Great Lakes Exposition.
of
Doughton bill,
+ 754,530.00
+
126,127,387.00
17,829,550.00
41,223,925.00
35,257,220.00
21,784,700.00
and Labor
and
of
public policy
State
Deficiency
Text
lawful
Commerce,
State, Justice,
the
$15,000 annually.
"Section
fourth Congress,
Second Session
Agriculture
District of Columbia.
of
on
against unlawful restraints and
Compared
with Seventy-
First Session
session
recent
passed on April 27 last
by the House, repealing the section of the 1936 Revenue Act
providing for the publicity of corporation salaries in excess
Section
Seventy-fifth
Congress, First
Appropriations,
Seventy-fifth
Appropriations,
the
take action
ment to the anti-trust laws:
(—)
Appropriations
Title of Act
Fails of Enactment by Congress
At
for Adjusted
by deducting $2,237,000,000
shows
table
This
3.
1351
Financial Chronicle
145
priations, been reduced $85,613,166.51.
Study of Existing Tax Laws to Be Made by Subcom¬
mittee of House Ways and Means Committee
the
recover
the sum, and
including nationalized credits,
The United States sued Guaranty Trust to
Guaranty contested the action on the
grounds that the
of limitations had extinguished Russia's right to
the funds before the agreement with the Federal Govermnent was made.
The trust company won in the lower court, but yesterday's appeal was
New York State statute
decided in favor
of the Government by a 2-to-l decision, the
majority
subcommittee, which is headed by Representative Fred W.
based on the grounds that as no statute of limitations applies
to the Federal Government, neither could one apply to any foreign sovereign.
The Government was represented by Leon E. Spencer, Assistant United
States Attorney.
Judge Thomas "W. Swan wrote the opinion, in which
Presiding Judge Martiri T. Manton concurred, with an opinion of his own.
Judge Harrie B. Chase dissented without opinion.
"The question,whether a foreign sovereign is affected by a State statute
of limitations," wrote Judge Swan, "is one upon which no direct authority
Vinson
membership
has been
Representatives Cooper of Tennessee, McCormack of Massa¬
chusetts, Disney of Oklahoma, Buck of California, Duncan
"It is,
A
subcommittee
Ways and
Federal
tax
laws with
elimination
the
named
was
on
21
Aug.
by
Means Committee to undertake a
(Dem.
of
a
any
view
House
suggesting revisions and
to
inequities
Kentucky)
of
the
study of the
which
includes
may
in
its
exist.
The
Missouri, all Democrats, and Representatives Treadway
of Massachusetts and Crowther and Reed of New York, Re¬
of
publicans.
is
Doughton
Chairman
Committee
ex-officio
an
In his announcement of the
Mr.
tee
the
for
system and
It
is
matter
be
a
of
the
and
Means
subcommittee.
appointment of the subcommit¬
Doughton said:
subcommittee
The
laws
of the Ways
member
of
the
hoped
that
codification
the
of
make
a
thorough
study
of
existing
comprehensive revisions
subcommittee will be able
all
our
Internal
long step toward the simplification
found."
Statute Held
Inapplicable
of course, a settled law that a
State statute of limitations cannot
applicable to the
United States, and to declare that the principle is
bar the
foreign government is to accord to the other
less than sovereign power.
In our opinion the State statute is inapplicable
to a foreign sovereign and the judgment appealed from must be reversed."
Judge Manton noted that a foreign sovereign, without its consent, is not
amenable to suit in our courts and that its property is not subject to their
States
United
but
not
to
a
process.
to
suggesting
in
our
tax
tax
Revenue
to
take
Laws,
of our tax system.
up
which
The Court
States by
ruled that the alleged cause of action turned over to
Russia had been unaffected by the limitations statute.
of the decision
to eliminate such inequities andi injustices as may exist.
also
of
expects
purpose
opinion being
the
will
action,
Last
United
is to reinstate the Government's suit as a
the United
The effect
bona fide cause of
which may be brought to trial.
night it was stated that the
States
Supreme Court.
defendant would probably appeal to the
1352
Financial
Chronicle
Senator Connally Proposes
—Size
Would
Court
of
Nine
Be
at
Connally of Texas, who was one of the leaders in
the Congressional opposition to President Roosevelt's Court
reorganization proposals, on Aug. 20, introduced an amend¬
ment to the Constitution permanently fixing the number of
Supreme Court Justices at nine, requiring that Justices be
chosen in rotation from the different judicial
circuits, and
providing that all Justices shall retire at the age of 75. Under
the proposed amendment, retirement of Justices would be
optional at the age of 70.
The amendment would not apply
to the present membership of the Supreme Court.
It was
discussed as follows in a Washington dispatch of
Aug. 20
the
have
inter-American
of
tion
attain
70
provides
made
of
is given that
assurance
the
and
of 75
of
desire
its
already
to
Court
Associate
shall
consist
Justices,"
he
of judges when they
judges hereafter appointed must retire
For Justices so resigning or
retiring,
retirement.
or
"The amendment does not in any wise affect the tenure of Justices
the
on
Court, but requirements
to enforced resignation
as
now
retirement
or
apply only to Justices hereafter appointed.
when there is
Judge then serving
a
the Court from such circuit.
on
be
should
and
The
The
policy,
American
of
or
United
States, and in the
of time nine of such circuits will be repre¬
course
the Court.
on
"Section
legislative
on
provides that
no
Justice
of the
that Court, shall be eligible thereafter
Supreme
hold any
ro
executive office under the Government of the United States."
or
States
the offer
nations
—Chandler and Lea Bills Those
Which Action
on
Late Session
The
have
of
Congressional action
the three bills designed to widen
on
Exchange Commission, the
enactment of which was urged* upon Congress
by President
Roosevelt on May 23, has gone over to the next session,
despite, it is said, strenuous efforts to obtain the passage
of at least one—the
ties
and
issuance
Chandler bill.
29 issue, page 3597, propose to give the Securi¬
Commission greater control over the
of bonds and
debentures, reorganization and pro¬
A dispatch, Aug. 21, from Washington
tective committees.
to
ths
1.
New
bill
A
York
"Times"
with
the
Federal
Bankruptcy Act
the
Federal
courts
is
involved,
the
follows
as
and
for
specific
liabilities
so
to make the
as
major reorganizations
providing
with
trustee,
where
in
the
or
77b
$3,000,000
eligibility,
more
an
of
of
subcommittee
a
made
by
of
the
the Senate, and is in the
Judiciary Committee, which has
Senate
A bill
2.
by Senator Barkley of Kentucky prescribing eligibility require¬
ments for the corporate trustee under indenture and
giving the SEC author¬
ity to prescribe minimum requirements of an indenture under which securi¬
ties
ings
Committee to
A
bill
the
over
and
of
setting
committees
protective
referred
was
subcommittee
House
Interstate and
be
have
the
bill
by
the
headed by
Senate Banking
Senator
has not yet been reported
by Representative
solicitation
ganizations
to
bill
a
The bill
held.
were
3.
This
issued.
are
rency
Lea
proxies,
forth
which
Foreign
of
California
assents
deposits
eligibility
solicit.
two
in the
next
without
in
the
House.
In
appears
giving
in
It
in
all
still
major
Aug.
our
Hearings
with
were
held
to
shape
be
in
with
various
best
the
before
the
by
revisions
hearings
retains
necessity
because
one
of
for
of
position
the
the
the
for
major
court
to
extensive
features
name
issue,
the
it,
full
full
a
sub¬
action
early
hearing
which
for
its
independent
an
page
857,
features
its
of
was
made
to
,
they
the
in
our
Aug. 21
issue, page
United
States
1196,
would
a
joint
pointed out that the vessels were desired for training pur¬
the
time the continued
in contravention
of
the
in
the
naval
such
to
of
to
way
the
of
of
other
the
course,
American
understanding,
promote
relationships
purposes
vessels
envisaged,
between
all
the United States consider
of
supporting
the
and
principles
that
they
concerned for
more
of
have
the
that
the
the
shared
they
goodits
in
therefore
and
safeguarding aqd
no
good-neighbor
in
moment
consider
avoidance
they
details
not
international
that
of
the
of all
all
The
into
a
to
the
The
the
Peace at
American
themselves
temporary
Buenos
Aires
drawn
application,
into
should
be
discussions
upper¬
matter
no
how
and
about
beneficial
be.
of
Brazil
and
the
of
in
nations
of
two
behalf
of
the
of
any
Continent
resolution
leases
was
Walsh
to
that
as
in
in
(Dem., Mass.)
be
of
more
broad
program
peace
among
than
sufficient
to
they would deprecate the initiation
could1
any
way
legitimately be considered by
detrimental to the cause of
the
the
President
Senate
by
to
make
Chairman
such
David
of the Naval Affairs Committee, but
the United Press, in reporting that no action was taken
the Senate Foreign Relations
Committee,
that the
the
understanding.
authorize
introduced
and the
behalf
should
peace
policy which
ideals
in
governments
world
other countries
inter-American friendship and
were
of
effort
should
governments and statesmen,
be
to
divert attention from the high
good neighbor policy comprises.
pursuance
A
parts
every
any controversy
efforts
Americas
the
other
bend
their
allowed
or
should
form of dispute and
and of the United States are not disposed
with respect to the pending proposal, nor to
understanding with regard to it, and their only regret is
question of such limited importance should even for a few days be
modify
which
of
to
Governments
enter
that
relationships in
governments
arousing of any
the
of
permit
they believe them
to
recognized,
foundations indispensable to the exist¬
The larger and all-important objectives of the recent
proposals
or
universally
as
the creation of the
the minds
should
policy
disposition to encourage international controversy
minor and temporary phase of that policy.
proposal would have to
go
said
over
by
indications
to the next
session.
Shortening of
Instalment
Payment
Period
and
Cur¬
tailment of Capital Loans Urged on Sales Finance
Companies by National Automobile Dealers' Asso¬
ciation
In a resolution adopted at Detroit on Aug. 17 by the
National Automobile Dealers' Association, the shortening of
the
instalment
period
paying
and
curtailment
loans to dealers is urged upon the sales finance
A. N. Benson, general manager of the N.A.D.A.,
as
of capital
companies.
is reported
stating that the general practice by dealers and finance
companies of granting long-term financing, with low
payments, had reached
the
crucial point.
down
He is further quoted
Banking
Corporation recently pointed out that one of
outstanding problems in the industry today, is the restriction and stop¬
of credit inflation which had
during the past two
to
liable
intended
be
a
follows—
in
create
a
originally,
serious
to
years.
been
induced! by a too liberal extension
Long-term financing, if left unchecked,
situation.
stimulate sales
The very purpose for which
it was
during the era of recovery,
would
vain.
"Based
if
a
on
actual
business
repossession ratio of 1932, it is not illogical to assume
recession
should
occur
the
industry
is
bound
to take a
terrific wallop."
adhere
was
said:
were
employed for combat
any
be
proposal
this
of
in
all the
the
world peace.
of
most in
that
indicating that the
and
in
Conference for the Maintenance of
page
issued by the two governments on Aug. 19,
despite objections which had been raised.
The statement
poses,
at
increasingly widespread application,
entirely
critical
this
world
"The Automobile
reference
plan to lease to the Brazilian Government six obsolete
warships
The
initiated
was
governments feel
concentrate upon
held
Governments
to the
training
service
and
part
is
statement
be
of
Proposal of United States to Lease to Brazil Six Obsolete
War
Ships—Joint Statement in Defense of Ar¬
rangements Points to Peace Objectives of Both
noted
for
beneficial
of terms
was
if
to
prove
governments
possible misapprehension
event
Staes
waters.
of Brazil and
in
to some
toward
as
changes in the Lea bill.
As
all
no
government.
neighborly
a
policy since it
essential
reor¬
members
for
reorganizations.
7
officers
they have nevertheless
SEC control
the
connection
requirements
it is possible that it will be reported in that body
as
public
fought—the
sponsors
trustee
session,
further
both
purposes,
avoid
United
Brazil
States
of this relationship between the American republics.
To
end, while conscious of the absolute soundness of their position in the
proposal above referred to, and of the harmony of that proposal with the
by the subcommittee.
Commerce Committee and the next step will
whipped into
bill
Chandler
to
by the Government of
destroyers of the United
Cur¬
and
and hear¬
Wagner
committee.
The
nations
further expansion
inde¬
passed
was
report.
a
training
either
mutually
their
played
reorganiza¬
in
bill
This
or
Houseyafter extensive hearings, sent to
hands
not
American
nations.
make it clear to all
SEC and advisory body
appointment
for
more.
status
Section
to amend
where
mandatory
requirements
$250,000
are
the
Congress:
by Representative Chandler of Tennessee
to
tions
reported
the adjournment of
of
pendent
The bills, as was noted
Exchange
of the measures
of
desire
and
governments
neighbor
ence
the powers of the Securities and
in our May
the
to
American
in
might
as
friendliness
At
Barkley Trust Indenture Bill and Other Measures
Broadening Powers of SEC Go Over to Next Session
at
advised
by Brazil should
their
United
relative
»
Failed
other
that
5 of the resolution
Court, after service
all
to
republics, of lending its officers to them for instruction
receiving
development and
sented
of
governments were of the opinion, after very full consideration,
proposal of the United States would be in entire harmony with its
welcomed in many previous instances by the governments of other
the
10 judicial circuits in the
form
two
of the United
now
This
that the
sections
are
first
was
order
obligations
of this provision is to require that appointments be made from all
There
in
returned
purpose
States.
establishments.
cost
temporarily certain
that
vessels
such
of
American
"The amendment also provides that no person shall be
appointed as a
Justice of the Supreme Court from any judicial circuit of the United States
naval
or
might be leased should: in
merely
they will receive for life the compensation which they
republics
American
practice.
States
secure
accord
which
vessels
of
said.
the
of
^merican countries to receive instruc¬
nominal
at
commission for
of
out
entire
in
United
the
international
years.
receiving at the time of resignation
are
Supreme
eight
to lease
international
or
When
was
voluntary resignation
and that
age
age
years
the
for
attaining the
upon
that
Chief Justice
one
governments
already out of commission solely for training purposes are
Naturally, speculation as to possible interpretations andi abuses
could arise can be applicable to any law, principle, policy of govern¬
use
is
be
detrimental to
understanding.
principle involved in the proposal of the Government of
States
United
that
Senator Connolly's Explanation
amendment
legitimately
way
identical.
ardent member of the Court plan opposition, explained the
amendment
to the Senate without starting much excitement.
judges;
friendship and
sufficient
deprecate the
would
could
any
the
among
than
ago, and is today incorporated
policy of cooperation between all of the American nations.
an
"The
they
in.
as
peace
more
alike destroyers
An additional clause in it forbids Justices to
accept any other
"Provision
of
be
which
Continent
several
past
years
many
The policy and
the
ment
nine
policy
any
of the
that
reciprocal assistance became generalized long
likely to crop up in this
drawn that its provisions, except
that limiting the size of the Court, do not apply to the Court as
now con¬
Senator Connally, who
of
pursuance
behalf
should
peace
countries
permitted officers from other
and training in their military
in the
so
office after they have held office on the Court.
world
other
the nations
in
governments
of
1937
The statement follows in full:
New York "Herald Tribune":
stituted.
two
all
to
the
or
cause
For
The last aftermath of the Court fight which is
Congress, the Connally Amendment, is
behalf
considered by
Senator
to the
the
in
clear
it
make
initiation
-
.
of
and
Americas
to
Permanently Fixed
,^A-'
efforts
The
Constitutional Amendment
Requiring Supreme Court Justices to Retire at 75
Aug. 28,
Membership in Production Credit Associations at New
High—FCA Also Reports Loans During July at
Peak for Month
Farmer-stockholders in 550 production credit associations
under the Farm Credit Administration now number upward
Volume
high for these cooperative short-term farm
organizations in their less than four years' existence,
it was announced on Aug. 15 by S. M. Garwood, Credit
Commissioner of the FCA.
Mr. Garwood said that stock
in these associations held by farmer-borrowers amounted to
$11,816,000, which is an increase of almost $1,650,000 over
the same figure for last year at this time.
He added:
The steady growth of these cooperative short-term credit agencies which
make loans only on a sound business basis is attested by the continous
increase in the average size of production loans made, indicating the in¬
creased
participation of largo-scale operators.
The last report for all
production crediCassociations showed the average size of loan to be $1,211.
For a comparable period last year the average was $904.
In some of the
western livestock States the average loan over the first half of this year
Leaders in a Quandary
of 258,000, a new
credit
ran
high as $28,000.
as
The
titular
had advance
peak for the
month of
when 8,964 loans were
July was set last month
$18,860,000.
closed for
When
President Roosevelt's
opposed
who
reorganization bill will be rewarded by "oblivion,"
Senator Guffey of Pennsylvania predicted in a radio address
on Aug. 20.
Senator Guffey specifically referred to the two
leaders of the Democratic opposition, Senators Burke of
Nebraska and O'Mahoney of Wyoming, as destined to
suffer defeat in their campaigns for re-election. In defeating
the bill designed to enlarge the membership of the Supreme
Court, he said, Congress "has failed to grasp the greatest
opportunity for the establishment of a true democracy in
this Nation that has ever been afforded to any Congress."
court
Senator
Guffey
Justice Hughes
also criticized remarks made by Chief
in his recent speech before Amherst College
Alumni.
Guffey's address, as
Senator
of
the
reported in a Washington
York "Herald Tribune,"
follows in part:
In
of
view
Mr.
Guffey's
long-standing support of the President,
hand of James A. Farley, Democratic National
and his post as chairman of the Democratic Senatorial Cam¬
position at the right
Chairman,
tonight, although ostensibly addressed to
regarded as the opening shot in a political
Roosevelt administration aims at nothing less than
his speech
Committee,
paign
the voters of Pennsylvania, was
battle
the
which
in
who "bolted" on the court
reform issue—and especially against those who signed the celebrated ma¬
jority report of the Senate Judiciary Committee accusing the President of
being "a violator of every sacred tradition of American democracy."
Senator Guffey was a caller at the White House today.
The language
and construction of his speech indicated that he had had the assistance of
the most proficient literary specialists in the Presidential fold.
political extermination of the Democrats
the
Robinson
Quotes
Burton
Burke and
Rush
jumped
who
Senators to order under
a
up
rule
fully of others.
Senator Johnson of California
rules of the
Guffey in
two acts in my
forum where they
the floor.
on
I regret.
that
him the day before his death: "There are
just
that
You are responsible for one, the seating of Rush Holt; the other
when I attended the funeral of the late Senator Kendrick, of
Miller of that State and urged upon him the
C. O'Mahoney to the then existing Senatorial
of the Roosevelt administration."
Senator Guffey flatly predicted that when Senator O'Mahoney seeks
renomination in the Democratic primary of 1940 he will be returned to
"his home on the range, where the deer and the antelope roam."
As for Senator Burke, he said: "I doubt if he has the courage to even
Wyoming, I visited Governor
of Joseph
appointment
I did that at the request
vacancy.
Democratic primaries in his state in 1940."
consider entering the
As for the other
people
fire broke out. Senators
their offices and in the cloak¬
doubted that those assailed by him would attempt to
and
no
one
answer.
U'/Y
■
completed than Senator
"ingrates," Senate Guffey predicted that the "27,000,000
defeat."
Wheeler, but
predicted that he would "have plenty to do" explaining why, "when the
first opportunity that has been given to the representatives of the people
in generations to smash this autocracy of money and to substitute a real
democracy for the sham democracy under which we have existed—he cast
did not flatly predict oblivion for Senator
his lot Avith Wall Street
began:
feel
"I
highly
supporters
Senate for
Senator
of
Roosevelt
Mr.
Wheeler's
for
assertion that
Presidential nomination,
the
deliver upon the floor
Democrats for Mr. Roosevelt in the
battle of 1932.
on Aug. 21 the three Senators named by
Guffey (Messrs. Wheeler, O'Mahoney and Burke)
struck back at tile Pennsylvanian it was noted in a Wash¬
In
the Senate
Senator
ington
which
dispatch Aug. 21 to the New York "Times," from
we
take the following:
Wheeler
ator
could
he
rule on
Lewis made
shouted for Mr.
Garner
the point
tawdry and demagoguery of the A\rorst
Senator
Guffey
as
O'Mahoney
Chairman of the Democratic
court bill opponents,
This
Mr.
was
petition
was
Senatorial Campaign Committee,
Senator, Van Nuys of Indiana, another of the
had prepared and Avas circulating a petition to that end.
dropped later Avhen Senator Barkley revealed that
from the post a Aveek
Guffey had submitted his resignation
asked to let it wait until the session
The Pennsylvanian sat
ago
and
ended.
quietly in his seat in the back row of the Demo¬
cratic side throughout the
defend himself.
tongue-lashing.
He made no move to speak or
His face Avas red and cast in a half-smile.
Other Democratic Senators sat mute
had
kind."
called upon his party colleagues to dethrone Mr.
and within the hour another
in their places, contemplating what
happened to efforts for party harmony.
of order, but
motion that the Montanan
a
The motion
feet immediately,
transgressing the rules
was
Vice-President
was
carried.
be
.
.
.
record straight," that he
Progressive ticket
in 1924, advocated a constitutional amendment to empower Congress to
override Supreme Court decisions, but he declared that they never at any
time advocated "packing the Supreme Court."
"The position I have always taken is that Ave should have a constitutional
amendment," he continued, "and I thought that I had made myself plain
"in order to keep the
Mr. Wheeler recalled,
when running on the
and the elder Senator La Follette,
to
everybody except the Senator
from Pennsylvania.
Sees No Cause for
Gratitude
include me among those who he said
were ingrates to the President of the United States, because I am sine that
no matter how much I have disagreed with the President he would never
for a moment suggest that I had been ungrateful to him or that he was
glad that the Senator did not
am
responsible for my election or
election
that
or
that the Senator from
election either directly or
tributed anything to my
them and that
ide in on the
indirectly.
knoAVs that I did not
I did not need any
lengthy debate Senators
In the
Pennsylvania ever con¬
need any contribution
help and that I did not need to
coattails of the President of the United States.
"I think likewise every one
rom
that he ever contributed anything to my
National Committee ever contributed
Democratic
the
anything to my election or
Holt also attacked the
O'Mahoney, Burke and
speech of Senator Guffey.
Opens Hearings on Marine Labor
Union Leaders Oppose Fixing
Wages by Law
Maritime Commission
Conditions—Two
Minimum
United
The
States
Maritime
Commission on Aug. 23
opened in Washington a general hearing on marine labor
conditions, and heard two union leaders oppose minimum
wage fixing as imposing "regimentation." Harry Lundeberg,
President of the Sailors Union of the Pacific, and Mervin
Rathborne, President of the American Radio Telegraphists'
Association, testified that minimum wage fixing was likely
to result in lowering the salaries of men who were making
higher
Another
wages.
witness at the hearing, Ralph
Maritime Union, urged
representing the National
Emerson,
working conditions of seamen be made comparable
with those of shore workers.
He criticized the Maritime
Bureau as "inefficient."
follows in a Washington
dispatch of Aug. 23 to the New York "Herald Tribune":
Inspection and Navigation
The
The
wages,
hearing was reported in part as
opposed not only the fixing of minimum
improve working conditions of seamen by
Pacific Sailors Union chief
but any other attempt to
Government action.
experience with
Government boards is that the seaman
he said.
replying to a question by Joseph
always
loses in the long run,
He Avas
opened the hearing as
methods to avoid
part of a Commission
costly labor disputes which
P. Kennedy, Chairman, Avho
study for the Avorking out of
have hampered the merchant
discouraged investment in shipbuilding.
seaman prefers to rely on his own economic strength,"
marine and
"The
holding that sailors were now "strangled '
there had been no legislative effort to increase Avages or
conditions from 1921 through 1934.
"Now that we have asserted our economic strength,
berg told him,
is
anxious
to do
Mr. Lunde¬
by laws and that
improve working
the Government
"If the Government does
We are not ready for regimentation
everything for\us," he said.
everything for us, Avhy
have a union?
yet."
A
"bossism," challenged him to come into their States
defeat them and characterized his radio address as "cheap,
They accused him of
in an attempt to
yield to the Senators to
LaFollette was on his
Senator
would have been afraid
whom he referred."
complaining that Sen¬
by the nature of his remarks.
Wheeler to take his seat until
before he could do so Senator
permitted to proceed "in order."
of the Senate, because he
that he would have had to
derided
Senator O'Mahoney had been a major
State by State throughout the West, Senator
Guffey named the men Avho had lined up delegates for Mr. Roosevelt. Even
in Wyoming Senator Guffey classed Senator O'Mahoney's service as less
important than that of the late Senator Hendrick.
pre-con vent ion
from Penn¬
singled me out as one of three members of the
broadcasting a speech which every one knows
which every one knows he would not have dared to
the purpose of
that he did not write and
"Our
them—Senator Guffey, himself one of the earliest
factor in rounding up Northwestern
President, that the Senator
Mr.
honored,
sylvania (Mr. Guffey) has
instead of Washington."
Naming names—lots of
-V;
for no sooner had the opening
Wheeler rose, his face flushed, and
that
who" voted for Mr. Roosevelt" will bury them "in the oblivion of
Senator Guffey
Gun
assembled when the new
talking of the Guffey radio speech in
had been
rooms,
of the stricter
had been attacked by Senator
could not reply and should have the right
\ m A;, .nIU- v'
Wheeler Fires Opening
of West Virginia.
Joseph T. Robinson, majority
than a quarter of century service in the Senate
more
objected to this invocation
Senate, saying that the Senators
a
to answer
Guffey quoted the late Senator
leader, as having said to
was
especially
fire
Holt, insurgent Democrat
D.
Senator
Guffey's speech.
Senator La Follette, Wisconsin
two or three times to call the attacking
that prevents Senators speaking disrespect¬
1
at Senators O'Mahoney,
K, Wheeler, of Montana, and, incidentally. Senator
his
directed
Guffey
Senator
hastened to announce that the
do with Senator
Guffey's only defense came from
Progressive,
"I
Senator
Committee,
Democratic National
committee had had nothing to
dispatch of Aug. 20 to the New
his
the
Michelson, publicity director
heated Charles
the debate became
They were right in their assumptions,
Attacks Democrats Who Opposed
Court-Reorganization
Bill—Predicts Defeat of
Senators Burke, O'Mahoney and Others
Democrats
Senator Barkley had
the Senate away from
storm, but was unable to do so.
Guffey
Senate
perplexed.
obviously
were
warning and attempted to steer
roll call been
Senator
leaders
The Senate had just
Garwood added that a new
Mr.
1353
Financial Chronicle
145
dispatch from its Washington bureau
"Journal of Commerce" had the
New York
in part:
Aug. 23 to the
following to say
s.
roll as a
the Commission "phice a sailor on the pay
technical adviser, until regulations in question have been pro¬
mulgated
.
Mr.
Lundeberg suggested that
rather solve their
said that "Ave have never gotten a
break from a Government board '
He added:
"We hope some day to take this power away from you.
Of course, we
may strike a good board yet.
You might do all right."
He proposed a minimum wage of $90 per month for able bodied sea¬
men, to be accompanied by a $1 per hour overtime wage.
"If an A. B. S. isn't wortli $90 a month," he told Chairman Kennedy
Returning
to his
labor difficulties
'he isn't
contention that the unions would
alone, Mr. Lundeberg
worth anything."
1354
Financial Chronicle
Joseph Curran, appearing for the deck division
Union, stressed previous testimony that
seamen
of
are
National Maritime
becoming
and
more
more
dissatisfied regarding overtime working conditions.
He charged
ship operators with failure to compensate the men for work
beyond
pre¬
scribed hours.
"The
men
not
are
as
worried about the extra pay as
they are
is becoming worse
and
fact that the overtime situation
clared.
over
the
he
some
provision for this situa¬
tion, whereby excessive overtime will be discouraged."
Ralph Emerson, of N. M. U.'s maritime committee, proposed
straight work week to provide for
no
overtime, regardless of whether the
seamen
a
44-hour
than twelve additional hours
more
are
at sea
or
in port.
.
members of the association.
Twelve ships were reported tied up last night.
the
was
The Clyde Mallory Line
principal victim, with the Medina and Cherokee in New York, the
Pawnee in New Orleans, the Colorado in Tampa and the
Henry R
Galveston.
The Bull Line had the Almena and the
in
and City
for
New York
and
the
Savannah
of Birmingham in New York,
Line had
with
possible departure about midnight.
a
the
City of Atlanta
the latter reported loading
The list
supplied by the
was
n. m.u.
.
Mrs. Ilerrick Calls Parley
branched off into other topics surrounding current
maritime labor prob¬
He referred specifically to reports that Senator
Royal S. Copeland
(Dem., N. Y ), chairman of the Senate Commerce Committee, is
proposing
abolition of union hiring halls and establishment of such halls
under Federal
supervision.
Lundberg handed Chairman Kennedy
Mrs.
ations
Elinore M.
Herrick, regional director of the National Labor Re-
Board, summoned spokesmen of the ship lines and rival unions to
a resolution
After two hours the
truce.
return the
to
adopted by all branches
condemning the proposal, adding that
a
passes it
■
Building and urged a
delegates departed, the longshore union refusing
had received earlier in the day and the N. M. u.
Railroads
strike will be called
and
Unions
law becomes effective.
effect.
Accept
Mediation
in
Wage Dispute
"I don't think you'll have to
worry about that," the chairman observed
quietly
-■
>
^'
.
a
conference at 5 p. m. at her office in the Wool worth
announcing that its strikes would continue in
Submits Strike Resolution
a
Mallory
Marjory in New York
and the Angelina in Norfolk; the Waterman Line had the Alfoundria and
the witness
lems,
the minute such
this port are
...
Lundenberg testimony became doubly significant when
of his union
official of
an
demanding that its spokesmen be
a
-
ask, he told the commission.
The
Shipping Association,
proposed conference at which the longshore union
will ask for passes to their ships.
All deep-sea ship lines operating from
Wacosta in
.
Jerry King, secretary of the N. M. U. Atlantic and Gulf district com¬
seamen today are facing
rapidly rising living costs on
inadequate salaries. The seamen feel that $100 a month is not too much
mittee, declared that
to
McCarthy,
York
New
the
permitted to attend
de¬
worse,"
"We hope the commission will make
Aug. 28, 1937
The possibility of an extension of the strike to the
deep-sea lines developed
late in the day when the N. M. u. wrote A. J.
The
■
"Big Five" railroad operating unions and the railroad
on Aug. 20 agreed to accept the services of a
managements
mediator from the National Mediation Board in
Shipyards Strike Ends in Defeat for C.I.O. Leaders—
Thousands
Return
Work
to
in
New
York
Yards
Thousands of workers in New York
shipyards, who had
been on strike for nine
weeks, returned to their
jobs on
Aug. 20, under an agreement reported in the "Chronicle" of
Aug. 21, page 1199. Conclusion of the strike was
generally
regarded as a defeat for the Committee for Industrial
Organization, which had sponsored it, as well as a loss of
prestige for John L. Lewis, C.I.O. head. The strike had beeD
called by the Industrial Union of Marine
and Shipbuilding
Workers of America, a C.I.O. affiliate.
The New York
"Sun" of Aug. 20, in
commenting on the ending of the
walkout, said in part:
The strike against the
shipyards proved to be as complete a fiasco as the
While not as comparable from the
standpoint of national
significance as his defeat by Republic
Steel, his present shipyard retreat
steel walkout.
cannot
both
be
underestimated,
instances
defeat
came
principal of the C. I. O.
Mr.
several
Lewis and the C.
labor
the
on
authorities
issue
of
the
believe,
closed
because
shop,
a
in
cardinal
C.
I.
O.
union
Shipyards, Inc.,
started
Staten
on
O.
its
strike
with
a
walkout
against the United
Island, the union demanded first
and
last
a
Stick to Their Resolves
When the strike
spread to plants in Brooklyn and Hoboken the owners
took the same stand oh the closed
shop and they stuck to it.
They kept
their plants open, invited the
workers to return to their jobs and the men
to work.
and
The return-to-work movement
grew by leaps
bounds.
It has been a fact for weeks
that the principal yards have
been operating with close to their
normal number of
the pickets have been
employees.
Most of
imported from other industries.
So the back bone of the strike
collapsed last night when the
obviously tired of
railroads
broken.
was
men
The last prop supporting it
voted to end the walkout.
weeks of idleness without
pay
They were
checks.
Four
Lines—Walkout
A. F. of L.—Union Files
Involves
Contest
with
Aug. 20 called strikes
operating in the coastwise trade and
foreign service, but soon after the announcement
charges
investigated.
by the union was described
Aug. 21:
The strike called
The National
the lines
Maritime
follows in
Telegrams to the two groups from
stated that Dr. William M. Leiserson.
N.
M.
U.
Union, which issued the strike order, charged
seamen who
announced
now
last
unit
to
board
their
have membership in the N. M. U.
night that the strike
was
in
effect
each
separately
group
in
an
effort
to
compose
the differ¬
ences.
Officials of the unions, after they had been notified that
mediation board was offering its services, announced
the
that consideration
of a time and date for calling a strike
(which had originally been scheduled to start on Sept. 6)
had been indefinitely postponed.
William Green Charges C. I. O. Leaders with
Attempt
to Form Third Political
Party—Says C. I. O. Seeks
Political Domination of United States
The Committee for Industrial
Organization, headed by
John L. Lewis, "aims at political as well as economic" control
of the United States, William
Green, President of the
American Federation of Labor
Two Lines in
instrument of the C.
inform its affiliated
passes
had
I.
O., and that the Federation might
unions
that they must sever any con¬
League. He asserted that leaders of the
C. I. 0. are
seeking to form a third political party, backed
by radical elements in the country. Mr. Lewis declined to
discuss an investigation which the Federation authorized
into the relations of the
League with the C. I. O.
In a dispatch from Atlantic
City Aug. 23 to the New
York "Times" Mr. Green was
reported as follows:
nection with
were
the
Green said he has believed always that the leaders of the C.
been
I.
O.
planning to launch
a third political party and that when that is done
"we will know whether the country is
ready for such a movement "
He
said that such
as
a
party undoubtedly would take in the many small parties
the Socialist and the Communist.
FTom the
same
dispatch
After the session Daniel
we
also quote:
Tobin, General President of the International
Brotherhood of Teamsters and
Chauffeurs
the labor division of the national
of America
and
Chairman
Democratic campaign in both
of
1932 and
1936, issued
ing
as a
a statement.
He made it clear, however, that he was not speak¬
Vice President of the A. F. of L. but only as an individual.
Denies Third Party Talk
"You ask
me
what
I think of the possibilities of John Lewis forming a
third party," he
said, in part. "There will be no third party in 1938 or 1940
It may come in ten or
twelve years if the majority party now in power
forgets that the workers
and
capable, but like
of the nation put them in power
most of
of his greatest mistakes
is to
Labor.
us
he has made
pull
away
some
John Lewis is able
serious mistakes.
One
from the American Federation of
If he stayed within, in
time, a short time, he could win over suffi¬
"He will not make the mistake of
starting
those
who
a
third party.
issued,
according to
He has too much
know what has happened to ali third parties in our
country for
forty
The third party in our country has wiped out nearly all
years.
started
nationally with
a
them.
third
Lewis
party
nor
any
other
until they first
man
cement
can
and
get
anywhere
make
as
one
voice the present American labor movement.
"And
in
in recent
my
opinion
Mr
it
would
be
an
injustice
the
to
working
gamble, especially when we have made such
people
progress
years"
Green had
no
comment on Tobin's statement.
Under date of Aug. 24 advices from Paterson, N. J. to the
"Times" said:
of the C. I.
previously been informed by the
no
meeting of the
a
Labor's Non-Partisan
League of New Jersey is not
Uncertainty
The actual status of the dispute remained
uncertain last night, however,
as Joseph P. Ryan, President of
the longshore
union, said he had received
passes from the Newtex and Morgan lines as
well as those on which the
strike was called.
The N. M. U. had
Morgan and Newtex lines that
declared at
,
Federation's Executive Council on Aug. 23. He intimated
that the Labor Non-Partisan
League had become the political
to risk all on such a
on
Rico lines had been released
upon receipt of information from their officials
that passes had not been given the
longshoremen.
Board
of the members of
one
the board, would start mediation proceedings in
Chicago on
It is expected that Dr. Leiserson will confer with
the past
ships of the Clyde Mallory, Bull Savannah and Waterman
lines, and that
the ships of the Eastern, New York &
Cuba Mail and New York & Puerto
officials.
the Mediation
the
Aug. 28.
on
seamen's
The
20%
a
the carriers would accept the offer and sent
copies of
acceptance to the presidents of the five brotherhoods.
sense not to
which the strike was effective had
issued passes to the
International Longshoremen's
Union, an A. F. of L. affiliate, which would
permit the organizers of its newly formed
ships and approach
attempt
for
cient votes to
put most of his ideas through.
as
the New York "Times" of
that
demands
Chairman of the Carriers Conference Com¬
mittee, informed the Mediation Board in Washington that
affiliate of the Com¬
an
on
canceled the strike in three of the
lines.
The walkout
featured the contest between the C. I.
O. and the American
Federation of Labor for
representation of maritime workers.
A strike of
longshoremen in New York City is referred to
elsewhere in this issue of the
"Chronicle."
The National
Maritime Union on
Aug. 16 filed with the National Labor
Relations Board complaints
charging the Clyde-Mallory
Line and the Colombian Line with
intimidation and coercion
against seamen.
The NLRB announced that the
would be
employes
LI. A. Enochs,
such
Charges with NLRB
The National Maritime
Union,
mittee for Industrial
Organization,
on the
ships of five lines
two in the
the
grant
an
the refusal of
wage increase.
Mr
C. I. O. Union Calls Strike of
Maritime Workers Affect¬
ing
to
over
being beaten in most instances where
are
closed shop.
Officials of the plant replied with the statement that
they
would be willing to discuss matters of
wages and working conditions but
"under no circumstances" would
they ever recognize the closed shop.
began to filter back
the
arising
movement.
I.
employers of labor put up a real, determined fight, an observer said
today,
adding that Mr. Lewis found a tartar in Mr.
Girdler, a man who would
not give an inch of ground in
spite of all the pressure the union could muster.
He found equally determined foes in
the shipyard owners here.
When
the
to settle differences between them
O., the American Federation of Labor
organization, but
Carl
rather
seeks
to
aid
and
represent
Holderman, State Chairman of the League,
the action of the A. F.
of L. at Atlantic City in
to decide if the
or
the political agent
any other one labor
all laboring groups,
stated today in reply to
ordering
an
investigation
League is "part and parcel of the C. I. O.
Holderman is New Jersey regional director of the Textile Workers
Organizing Committee of the C. I. O., but he pointed out that his two
Mr
Volume
145
Partisan League before he
as
became active in the C. I. O.
Jersey," he said, "the Non-Partisan
•'In New
single union. Our officers
be
will
.
itself to
A. P. of L. as
well
O."
from the O.I
There
'
League confines
and members are from the
Non-
with the
He became affiliated
positions are separate and distinct.
no
third party movement in
no
time,
New Jersey at this
The League will support
Mr. Holderman declared.
less of their party
1355
Financial Chronicle
■;
friends of labor
regard¬
affiliations.
John
with dele¬
Both groups
Brophy, director of the C. I. O., has been conferring
gates and officers in
The Mortimer group is willing to have
Detroit
organization staff,
Martin-Frankensteen
Hall to remain
taken.
chief of the
vice presidencies, but the
if a roll call vote is
is
of the
one
assume
caucus
Frankensteen, now
unwilling
to
permit
officers and wishes to eliminate them
as
One compromise suggested is the
from three to
situation.
effort to adjust the internal
an
contend that they are confident of a majority
either Mortimer or
entirely.
enlargement of the list
of vice-presidents
four, retaining Mortimer and Hall and adding
Frankensteen
and another pro-Martin man.
Labor, According to
lation of Importance to
Presi¬
of the American
William Green, President
Federation of
Labor, in referring on Aug. 22 at Atlantic City to the enact¬
ment by Congress of the Wagner-Steagall Housing Bill,
stated that it was "the only thing of importance to organized
accomplished by the recent session of Congress.
Mr.
Green's remarks were contained in a dispatch from Atlantic
labor"
also quoted
City to the New York "Times," which in part
as saying:
tomorrow or
Ambassador
soon
Executive Council of the Federation,
Green
Mr.
not
was
enactment, Mr. Green asserted
where high
the
resulting
will
program
"But
as
Too Low
There is a shortage of
capital.
be launched in all the larger cities.
of the bill
a
places
homes;
1934,
by
the
Commission
Meehan
the
for
of
being
and
amended,
as
from
exchanges
opinion
the
protection of
securities
that it is
necessary
and
investors to expel the respondent from
which he is a member, all as more
of
of the Commission:
19(a)(3) of said Act:
*
That, effective Oct. 19, 1937, respondent, Michael J. Meehan, a member,
as
that term is defined in said Act, of the New York Stock Exchange,
the New York Curb Exchange, and the Board of Trade of the City of
and
will be increased work in the building trades
Altogether it will be
job opportunities in building materials.
2
stock market.
the
on
expelled
pursuant to Section
It is ordered,
helpful to the whole unemployment problem."
very
Aug.
on
Aug. 2 issue, page 867) that Mr.
our
fully set forth in the Findings and Opinion
considerable amount of slum clearance.
a
"Other good effects
creation of
is
national
the
along
direct outcome of the bill
practices
appropriate
will
than 150,000
housing program
We estimate that more
homes will be built in the next year as a
with
generally
which the next Congress
t;V;
and the rent problem is becoming serious.
result of the enactment
a
announcement
Under the order Mr.
membership in the New York
Stock Exchange, the New York Curb Exchange, and the
Chicago Board of Trade. The order of expulsion, citing "the
matter of Michael J. Meehan," reads as follows:
This matter, after appropriate notice and hearing and argument by
counsel, having been duly considered by the Commission, and the Commis¬
sion having found that the respondent, Michael J. Meehan,
has violated
Section 9(a)(1) and Section 9(a)(2) of the Securities Exchange Act of
tion
Meehan
"Nevertheless,
stimulate building construction generally and
the need for housing is great
the
adjudged guilty of violating two sections of the
Securities Exchange Act of 1934 which prohibit manipula¬
land costs must be figured in," he explained.
also revive construction by private
19, expelling Michael
been
had
yesterday.
(from $1,000 to $1,250) is too low in
effective Oct.
order,
(referred to in
the Housing Bill "its number one
and steadily pressed for its final
that "the measure finally passed is
Room Cost Seen
"The limit on cost a room
formal
follows
demand" at the beginning of the session
satisfactory to us, but it contains some limitations
by SEC Expelling M. J. Meehan from
Exchanges, Effective Oct. 19
J.
three
security exchanges was issued by the Securities and Ex¬
change Commission on Aug. 19.
The issuance of the order
A
which continues in the hotel tomorrow.
should amend."
interference.
Meehan, of M. J. Meehan & Co., from membership in
press
present for the opening session
Declaring that his organization made
convention
reached before he
who will address the
L. Lewis
hoping that some settlement is
is
Three Securities
conference in the Hotel
after he arrived to attend the annual session of the
contention was made at a
Green's
Friday,
here to avoid any appearance of
Issuance of Order
him
Mr.
learned today that John
was
comes
F. of L.
Green of A.
dent
Congressional Legis¬
Housing Bill Only
Enactment of
It
securities
national
Chicago,
exchanges,
be and
hereby is expelled from
said exchanges;
President—John L. Lewis
I. O. Representative to Seek Harmony
Homer
C.
by the Findings and Opinion of
herein, or his counsel, and
be transmitted by registered mail to the Secretary of the New York Stock
Exchange, to the Secretary of the New York Curb Exchange, to the
Secretary of the Board of Trade of the City of Chicago, and to the firm
That
A. Annual Convention Faces Revolt Against
U. A. W.
Martin,
Dissension
among
several factions featured
the annual
convention of the United Automobile Workers of America,
revolved
of
Aug. 24.
The controversy
about Homer Martin, U. A. W. A. President,
which opened in
Milwaukee
on
authority were threatened by a strong group
distribute them among the President and
equal ranking Vice-Presidents.
John L. Lewis, head of
the Committee for Industrial Organization, endeavored to
create harmony among the delegates by sending to the con¬
vention Ora Gassaway of the United Mine Workers, who
urged a peaceful solution of the situation.
The convention was opened on Aug. 23 with a message of
greeting from President Roosevelt, who wrote to Mr. Martin:
So
bitter
has
or
the
Commission
speak
on
died
Ora
Wednesday
and
for a possible compro¬
the problem of selecting officers.
Gassaway,
a
member of the executive board of the
United Mine
Workers, has been here for a week helping to draft Constitutional changes
would keep the authority now
which
rather than divide it among
vested in the President in his hands
other officers.
Conflict Over Authority
bution
to
principal issues before the convention concerns the distri¬
of the
One
of authority.
have
the
The
"progressive" caucus,
Vice-Presidents
take
orders
their
now
under
in control,
wishes
assignment
of the
President, while the "unity" caucus desires to have each Vice-President and
executive officer cast one vote so that a
majority would conceivably outvote
the President.
By making the local unions and districts more autonomous, the "unity"
according to its opponents, would tend to move in the direction of a
group,
federated organization
loose
group
rather than a centralized body.
The unity
was
a
demonstration of nearly an hour and a half
Martin when he entered the meeting this afternoon at the
an
Mr.
on
Aug. 26 that Mr. Lewis himself
the dissension within the union ranks. •
A
Milwaukee dispatch of Aug.
"Progressive"
The
T. Frankensteen, has
group
25 by Mr. Stark to the
further as follows:
was
.
started his
father felt the youth might suffer a breakdown.
education in the Pittsburgh public schools.
He had
appointed Secretary of the Treasury
Mellon its first President.
and Andrew
led by President Homer Martin and Richard
Formed
"unity" caucus, be eliminated from the list of officers
Nevertheless,
compromise arrangement
be possible under which at least Mr. Mortimer may retain his official
status.
In 1889 he
Wynham Mortimer and Ed Hall, members
belief has been expressed in C. 1, O. circles that
may
.
Oil
Enterprises
told inquirers that it will not compromise in its in¬
sistence that two vice presidents,
the
of America's greatest financiers
entered the banking house of his father a year after he left
University of Pennsylvania, now University of Pittsburgh, in
March 4, 1921, by President
Harding during the critical post-war period, and thereafter was regarded
as the "power behind the Presidential throne" during the Administrations
of Presidents Harding,
Coolidge and Hoover.
Upon retirement of Judge Mellon from the private banking house of
T. Mellon & Sons in Pittsburgh, Andrew Mellon became senior partner
of the firm in 1886.
In 1902 the firm became the Mellon National Bank
He
would visit the convention in Milwaukee in an effort to end
"Times" discussed the controversy
Mellon, one
when he
1873, because his
union should conclude on a note of harmony.
announced
son-in-laAv, David K. E.
received his earlier
pointing out that despite a few possible fist fights during the sessions the
was
formerly Secretary of the Treasury,
served as Ambassador to Great Britain,
Aug. 26 at the home of his
the Western
address
by Mr. Gassaway, who enunciated the prevailing demand for "unity" by
It
on
career
for President
end of
Britain
follows:
maintains that its proposals would mean more democracy and rank
and file control of the constituent groups.
There
Mellon Former Secretary of the
N. Y. Mr. Mellon, who was 82
years of age, was born in Pittsburgh Pa.—a son of Judge
Thomas and Sarah Jane Megley Mellon.
Early this year
announcement was made of the offer by Mr. Mellon to the
Federal Government of his collection of art works valued at
$19,000,000; at the same time he offered to defray the cost
of building a gallery in Washington to house the collection;
the offer and the enactment of legislation by Congress au¬
thorizing its acceptance was noted in these columns Jan. 16,
page 385 and March 27, page 2047.
As Secretary of the Treasury Mr. Mellon served for 11
years,—from 1921 to 1932, resigning in February of that year
to take the post of Ambassador to Great Britain, to which
he was named by former President Hoover, Mr. Mellon
held that post until March 1933.
Stating that Mr. Mellon
was described by some supporters as "the greatest Secretary
of the Treasury since Alexander Hamilton" an account from
Southampton to the New York "Journal of Commerce" re¬
porting Mr. Mellon's death, indicated his activities as
It is expected that he will favor any
under way.
that the limit of his intervention may be a suggestion
and possible legal differences between'
over the authority of the move was
Bruce, at Southampton,
While some delegates hope that Mr. Lewis may be the arbiter
changes that mean the building up of a strong structural organization
SEC
Andrew W. Mellon,
there
of personalities
exchanges
Treasury and Former Ambassador to Great
—Also Prominent as Pittsburgh Banker
prefers to stay aloof from the exchange
mise on
the
Andrew W.
Death of
L. Lewis, Chairman
in the dispute, it is known that he
now
and
and Avho had also
the struggle become for office and leadership that
the first instance of the
avoided.
members of the U. A. W.
considerable speculation on the attitude of John
Thursday.
expulsion of Mr. Meehan offered
exchange
an
kept out of the direct picture,
were
wishes for a successful convention."
of the Committee for Industrial Organization, who will
19, to the New York
the following:
member and finding him guilty of a manipulation
charge, the procedure of the SEC was of interest.
It was noted that the
SEC did not ask the exchanges in question to expel Mr.
Meehan, but
rather the Federal agency took action in its own right.
Thus the exchanges
New York "Times":
was
New York City.
Washington account, Aug.
a
Since the
ousting
opening of the convention was described as follows
Milwaukee dispatch of Aug. 23 by Louis Stark to the
a
J. Meehan & Co.,
M.
The
in
of this order, accompanied'
"Herald Tribune" Ave take
four
"WiU you please extend my greetings to the
copy
From
whose power and
which sought to
and my good
a
Commission, be served upon the respondent
the
Sends
-
•
'
'
helped organize the Union T^ust Go.
of Pittsburgh and the
Pittsburgh. He was first President of the Union
following decade he helped organize the Mellon oil
Union
Savings Bank of
Trust
Co.
In the
producing and
lines, were
refining enterprises
When these properties, including
Corporation.
disposed of, he organized the Gulf Oil
pipe
1356
Financial Chronicle
An early investor in the Aluminum Co. of
America, Mr. Mellon
After
was ac¬
tive in that industry's development when uses for the
metal
He
organizer of the
was
States
Steel
Corportion
the
Mr.
Hull
returned
to
the University
of
McClintic-Marshall Construction Co., later merged
with Bethlehem
Steel, and the Standard Steel Car Co., afterward merged with
the
Illinois
Constitutional
Convention
in
and Union
League
private practice
He
was
formerly
Mr* Hull was a
1920,
delegate to the Republican National Convention.
a
was
the
of
member
Koppers
Niagara Palls,
at
in 1933
Chicago, having offices at 105 South La Salle Street.
President of the Raymond Concrete Pile Co., of Chicago.
Other enterprises in which he took an active part
included the
& Coke Co. of Pittsburgh, the Carborundum Co.
Gas
House
in
were sought
Co., later merged into the
United
Steel
Union
Aug. 28, 1937
leaving the
He
and
was
in
a
1916
member
Clubs.
Pullman
Corporation.
Because
of
roughly at
his
personal
$500,000,000—his appointment
criticized in
was
capable
Death of Sir Gervase
Wealth—Melion's
holdings
as
quarters
Others viewed with satisfaction
that so
financier should be in charge of the Nation's
financial interests.
a
some
he took office, by approximately
Nation's loans
to
was
$26,000,000,000
when
$8,000,000,000, and engineered liquidation
foreign Nations which totaled
than
more
000,000,000
$12
Sir Gervase
Beckett, well-khown banker and father-in-law
of British Foreign Secretary Anthony Eden, died at his home
in London on Aug. 24.
He was 71 years old.
A brief
summary of his career follows, as contained in the New York
"Times" of Aug. 25:
-
Sir Gervase, first Baronet, whose title was created in
1921, was a former
,
From Associated Press advices from
we take the
following:
■
Southampton Aug. 26
captain of the Yorkshire Hussars.
son
.
In
of
spite
weakening
health,
Mr.
Mellon
remained
in
Washington
throughout the winter and into the excessive heat of June
arrangements for his last great
to
complete
undertaking, the National Gallery of Art.
of the gallery
already is under way in
Excavation for the foundation
Washington.
cational
The building will be completed by the A.
charitable trust.
It will cost upwards of
and
Mellon edu¬
$15,000,000, plus
endowment of $5,000,000 for salaries and future
art
an
W.
In
May, he went to Pittsburgh to speak
few words at the dedication
a
building of the Mellon Institute of Industrial
Research, joint
gift by him and his brother, Richard B. Mellon.
new
Another institution
to which he gave
generously, the Cathedral of Learn¬
ing at the University of Pittsburgh, his alma
mater, is nearing completion.
He had intended
announcing his plans for the National Gallery upon
'
his return from England as Ambassador in
the spring of 1933 but deferred
until hearings on his income tax case
before the Board of Tax
Appeals were
concluded
'
•
,;V.\
,
,
In
1934,
Federal Grand Jury in Pittsburgh refused
a
*
evasion in 1931, but the
Treasury renewed its charges with
$3,000,000 in additional taxes and penalties.
Mr. Mellon
a
the Board of Tax
made June 11, 1936, and
Appeals is pending.
He
Death
Meanwhile, another
a
suit arose out
Lord Runciman
the
be
told
by historians.
My greatest
S.
a
Parker Gilbert, partner of J. P.
time
Under-Secretary of the
Morgan & Co., and
Treasury during Mr.
Melion's administration said:
Mr. Mellon will long be remembered for
his
of the
to
Treasury and his devoted
which
he
was
called.
Treasury he brought
generation, and
business
banker
of
distinction, when
in
as
banking. Few
in
men
to
came
development of constructive enterprise
on
time have had
our
range of interests, and none has devoted himself
had
the many fields
he
the
to it the full powers of one of the finest minds of his
more
wide
as
a
conscientiously to the
sound and
enduring lines.
He
a
tranquillity of spirit and a nobility of character which prevailed over
things, and to all that have known him the news of his
passing brings a
all
deep
of personal grief and
sense
National loss.
Ogden L. Mills former Secretary of the Treasury, Arthur
A. Ballantine, former under
Secretary of the Treasury,
Governor Lehman of New York were also
among others who
Republican, Had Served from
Morton
Denison Hull, former Republican
Representative
Congress from the Second Illinois District, died on
Aug. 21 at his summer home in Bennington, Vt.,
following
protracted illness.
&
He
70 years
was
Democratic landslide of 1933.
Mr.
old.
vard in 1889.
was
A
native
of
He
admitted to the bar in 1892, and the
was
opened law offices in
year
elected to tlie Illinois
Chicago.
In 1906 he
Legislature, serving in the House
from 1906 to 1914 and in the Senate from 1915
to 1922.
following,
bearing
member of
the
Mr.
on
Hull's
United States
career
House
of
while
he
The
was
a
Representatives, is
from the New York "Herald Tribune" of
Aug. 22:
Morton
the
live
to
Denison
Second
Hull
Illinois
up
he
to
James
late
R.
elected
was
District,
name
Mann,
Chicago,
made
for
by
his
in
House
1923,
of
and
predecessor
from
Representatives
immediately
from
this
set
out
district,
the
26
cub
the
to
in
years a power
in Republican Congressional
Congress he led the fight to limit the action
the McFadden branch banking bill.
Besides his active fight
the banking bill he also was a
champion of neutrality legislation,
circles.
of
While still
a
.
on
particularly bills aimed at quashing
American
"security" and
As
late
authority
the
war
Foreign Affairs Committee he
neutrality.
.
as
to
Kellogg
the
at
age
of
and commanded
ship owner.
a
senior partner of the firm of Walter Runci¬
was
Runciman
made Chairman of the old Anchor
was
In recent years he delighted in
entertaining his friends by singing
booming voice the rousing chanteys he learned at sea in his youth.
old sailing ships and the
who
men
sailed with them.
"It is
great pity we didn't keep the old sailing days alive," he said
a
"Otherwise, I have nothing to complain about in the
present generation."
He
was
than
.
in
severe
strike of 1926.
.
.
his
criticism of the
leaders
of the
great British coal
After pointing out that the strike had caused
$2,000,000,000 in
and investments, with
money
of markets, he said that what
England needed
was a
a
loss of
more
incalculable loss
an
Mussolini to deal with
her industrial situation.
Representative William B. Barry Becomes Member of
House Banking and Currency
Committee, Succeed¬
ing M. J. Kennedy, Who Has Been Named to InterState and Foreign Commerce Committee
Representative William B. Barry was named
House Banking and Currency Committee
of the
member
a
Aug. 20
by the Ways and Means Committee to succeed Representa¬
J. Kennedy, who resigned to became a member
of the House Interstate and
Foreign Commerce Committee.
on
tive Martin
A vacancy on the latter was created
sentative
City.
Theodore
A.
Mr.
Barry
said
would
place
Owners'
he
in
resigning
was
:
membership
the
in
Committees
Printing in order to accept the assignment
He
him
Loan
dispatch from Washington
a
"Times" stated
Education and
committee.
by the death of Repre¬
(Democrat) of New York
Peyser
Under date of Aug. 21,
to the New York
Senate
said
his
appointment
now
to
to
position
a
Corporation,
foresaw
.
1932
need
of
a
.
profiteers.
went
to
changed
As
Geneva
a
in
conception
member
1929
of
the
of
to
the
study
laws
of
his
fight
for
pending before
Appointment of
of
the
Banking
measure
that
for
on
on
the
Committee
the
Home
committee.
M.
an
pact.
Hull
sponsored
economic
a
bill
boycott
giving the President blanket
against
any
nation
violating
FCC—Takes
F.
R.
McNinch
Temporary
as
Leave
as
Chairman of FPC—Nomination of T. A. M. Craven
Member
as
Vote
to
Power
cations
FCC
Also
Confirmed—Senate
Fails
Investigation
President
McNinch
of
Roosevelt
of
North
on
Aug.
17 appointed
Frank R.
Chairman
of the
Federal
Carolina,
Commission, as Chairman of the Federal Communi¬
Commission, to put, according to announcement
emanating from the White House, "the affairs of the FCC
in order."
Senate
At the
the
name
time the President also sent to
same
of
T.
A.
M.
Craven
of
the
the
District
of
»Columbia to be a member of the FCC for a seven-year term.
Before adjourning, the Senate approved both nominations,
that
on
of
McNinch
Mr.
Aug. 21.
on
Aug. 20 and that of Mr. Craven
Mr. McNinch, it was made known, will take a
temporary leave of absence from tlie FPC without
will
not
pay,
but
resign.
He succeeds to tlie post of the Communi¬
cations Commission left vacant by the death of Chairman
Aiming
S.
Prall.
Commission's
chief
Mr.
Craven,
engineer,
wlio
was
succeeds
demands
body.
A resolution
the Senate
Committee,
on
as
for
a
Congressional
calling for
an
heretofore
Irvin
Texas, recently resigned.
The appointments of Mr. McNinch and
lowed
.
impose
peace
the
.
Approves
Chairman
Chicago, where
his permanent
following
sailor
a
Co., Ltd., and Chairman and Managing Director of the Moor Line
He often regretted the passing of the
Hull had
residence, Mr. Hull was graduated
the Phillips Eketer
Academy in 1885 and from Har¬
from
Lord Runciman became
sea,
Two years ago Lord
Line.
served in the House from 1923 until he
was defeated in the
lie made
He had been
1933
to
to
a
in the history of England to
V
At the time of his death he
major
1923
men
name appeared on the 1933
Baron Runciman of Shoreston in Sea-
new
ships in the British merchant service befoie he became
Patents,
tive from Illinois—A
of
of cargo steamships.
voiced their worth of Mr. Mellon.
Death of M. D. Hull, Former United States
Representa¬
Head
85 when his
was
He received his master mariner's certificate in 1871
many
rich experience of long years of constructive
activity in
a
well
as
A
distinguished administration
service to his country in
as
1906.
Running away to
his innate
was
Former
town inhabited mostly by mariners and fishermen.
a
baronet since
several years ago.
Melion's public service will
of the oldest
one
New Year's honor list
had the following
modesty.
His lifelong benefactions were
studiously withheld from the public.
For years he forbade mention of the
great gift he had prepared for the American
people.
The new Art Gallery
at Washington is
likely to excel any such collection in the world."
for
was
He
in his
impression of him
Runciman—Father of
be raised to the peerage.
a
decision by
Lord
of
Trade, died on Aug. 13 at his home in Newcastle-on-Tyne,
England.
He was 90 years old, and had been seriously ill
since last April.
The New York "Herald Tribune" of Aug.14
gave the following brief biography of Lord Runciman:
Besides his daughter, Mrs. Bruce, Mr: Mellon
leaves a
son, Paul.
Former President Hoover one of the
many who
have paid tribute to Mr. Melion's
in tribute:
director of the Yorkshire Conservative
Newspaper Co., which
Lord Runciman, wealthy shipowner and the father of
Viscount Runciman, former President of the British Board of
man
'Mr.
Conservative Member
was a
M. P. for North Leeds from 1923
was
British Board of Trade
April 1937, when the U.S.
Government named Mr. Mellon, 36 other
persons, and 37 corporations in a
complaint intended to break the alleged
monopoly of the Aluminum Co. of
America and its affiliates.
to say
was a
houses,
of the magnitude of his business
enterprise in
memory
He
publishes the "Yorkshire Post."
12.
case were
He
Whitby Division Yorks (now Scarborough and Whitby
to 1929.
suit for
refund of $139,000.
a
Final arguments in that
was educated at Eton.
Division) from 1906 to 1922.
countered with
claim for
He
Grimthorpe.
of Parliament for
him for
to indict
tax
a
He was born on Jan. 14, 1866, second
of the late William Beckett, M. P., and brother of the second Baron
acquisitions
Engrossed in that project, Mr. Mellon rarely left his
apartment in Wash¬
ington during the winter
He took short walks on fine
days and, on one
occasion, visited President Roosevelt at the latter's
request to discuss plans
for the gallery.
of the
Beckett, British Banker
estimated
Secretary of the Treasury
Mr. Mellon reduced the National debt, which
of the
were
Stewart
Mr. Craven
investigation
of
the
of
fol¬
the
inquiry was reported to
Aug. 11 by the Senate's Interstate Commerce
noted in our issue of Aug. 14. page 1033, hut
Volume
Financial
145
before
action 011 the legislation
the Senate failed to take any
adjourning.
Chronicle
He said the
'
reason
for the change was to
is not only a bank engaged in
make clear that the institution
making loans, but is
Oath
Takes
Graves
Dixie
Office
of
in
sworn
Gov. Graves of Alabama, was
member of the United States Senate on Aug. 20,
as a
on Aug. 19 took the
of the United States.
oath of
succeeding Hugo L. Black, who
office
noted in
Black's
issue of
our
named
was
Justice
Associate
as
term
would
Senator
as
As was
Mrs. Graves
week ago, page 1191,
a
Senator from Alabama by
as
her husband.
in January
expire
Mr.
1939.
Washington Aug. 19 the New York "Herald Tribune"
regarding Mrs. Graves' appointment:
From
had the following to say
There
was
Governor from running for office or being
prohibits
within
year
than
to
man
behind
Other
"the
as
detailed
committee
can
the
Governor,"
Before
April 26,
Governor
would make no
"the state executive
for a primary election and for the run-off primary,
arrange
addition to
Graves
1938, he said,
if that action is necessary."
In
described sometimes
appointment of his wife,
announce
comment.
1
Levitt, brought to re¬
suit of Albert
the
on the Supreme Court
bench, (referred to in our item on page 1191), Patrick Henry
Kelley, a Boston lawyer, also filed an action with the
Supreme Court in Washington on Aug. 20 in which the Court
is asked to take such steps as may be necessary to establish
the validity of a charge that Mr. Black was illegally appointed
to the Supreme Court, in support of which the following
Constitutional provision is cited that:
strain Mr. Black from
"No Senator
taking his seat
Representative shall during the time for which he was
or
civil office under the authority of the United
elected be appointed to any
States
which
shall
have
been
created
have been increased during such
ABOUT
ITEMS
the
or
whereof shall
emoluments
time."
BANKS,
&c.
COMPANIES,
TRUST
Arthur Hamilton Hay, general partner
in the New York
brokerage firm of Clark, Dodge & Co., died at his home in
Westfield, N. J., on Aug. 19. He was 53 years old. Mr. Hay
was born in New York City and had attended the Trinity
School. He joined Clark, Dodge & Co. about 35 years ago,
becoming a partner in 1934.
Manufacturers Trust Co., New York, announced
this week
the
appointment of II. W. Auburn as European representa¬
tive.
Offices will be opened on Sept. 1 at No. 1 Cornliill,
London, England.
The offices will be purely representative
and will not conduct
a
regular banking business.
Mr.
is well
Auburn
known
to
British and Continental
to
due to his many years of
his association with
bankers,
banking experience in London and
various
international bankers'
com¬
mittees.
*
At
to
close
the
Labor Day
25,
Aug.
meeting,
a
the New York
of the Governing
Stock Exchange,
Exchange
Committee of
the petition of the members
Sept. 4, the
on
(Monday, Sept. 6)
was
Saturday preceding-
not granted.
New
according
York
State
York
20
Aug.
the
to
State
Banking Department
"Weekly
Department,
Banking
on
of
Bulletin"
approved
Aug.
the
plans
17,
New
of
the
Peoples Bank of Johnston, Johnston, N. Y., to increase its
capital stock from ,$350,000, consisting of 14,000 shares of
the par value
shares of
and
of $25 each, to $490,000, to consist of 14,000
stock of the par value of $15 each share,
common
40,000 shares of preferred stock "A" of the par value of
$5 each, and 2,000 shares of preferred stock "B" of the
value of $40 each.
-'"V"
The following, dated Aug. 17, is from the
Bulletin" of the New York
&
Farmers
Mechanics'
business
and
of
tendent of Banks and
William
W.
Bank,
this
its
"•
Aug. 20 "Weekly
State Banking Department:
Fo^t
institution
Plain,
has
N.
been
Y.—Liquidation
of
the
completed by the Superin¬
corporate existence deemed: terminated.
until two
Butter,
years
ago
identified with
(N. J.) Memorial Hospital at the age of 6S years.
been a Vice-President of the Securities
formerly
He had
Savings
of
Newark, and with its merger with the Howard
Savings Institution of Newark he became a Vice-President
of that bank,
retiring,
as
indicated above, two
years ago.
^
-1
President of the First National Bank of
Aug; 24. Mr. Cook, who was 53
years of age, was a member of the Bergen County Bar
Association; for 12 years he was Vice-President of the Fort
Lee Board of Education,
and
had also formerly
been
Borough Attorney for Fort Lee.
Cook,
Joseph
Fort Lee, N. J., died on
*
It
is
learned
Stockholders
from
of
the
the
Cincinnati
Cincinnati
"Enquirer"
Morris
Plan
that the
Bank
voted
Aug. 17 to the Executive Committee to change
the bank's name to the Guardian Bank and Savings Company.
The advices from which we quote added:
authority
on
Final legal steps
will not be completed for several months, it was said.
The bank is contemplating several new services,
which will be inauguarated
coincident with the change in name, it was said.
Herbert
F.
Koch, Executive Vice President, said
in the method of doing
changes in minor fractions.
^
Trading was extremely quiet during the two-hour session
on
Saturday.
The unsettled conditions abroad, together
with the hot weather, kept many traders away from the curb
market and the transfers slumped to approximately 65,000
shares, the smallest turnover since the
middle of June. Some
among
the public utilities and
checked the modest advances.
Oil stocks were in light de¬
profit-taking
mand and
more
appeared
some
small gains were registered by a few of the
In other parts of the list, trading was
active issues.
light and the trend generally downward.
Prominent among
the stocks closing on the side of the decline were Hudson Bay
Mining & Smelting, 1 point to 31; Jones & Laughlin, 1 point
to 110; Lynch Corp., 1 34 points to 5334; Sherwin-Williams
pref., 1 34 points to 10734; Sunray Oil, pref., 234 points to
4334* and Valspar pref., 4 points to 57.
Declining prices were again apparent on Monday, though
the losses were small and ranged from fractions to about a
point.
Mining
and
Newmont Mining
stocks were generally lower,
dipping 234 points to 151, while
metal
Aluminum Co. of America
fell back 2 points to 103.
weak, Creole Petroleum dropping
Oil stocks were
1 34 points to 36, followed
by many other active issues with fractional losses.
Public
utility shares slippped back despite the improved output and
stocks were generally down.
Pepperell Manufac¬
rubber
turing moved against the trend and forged ahead 2 % points
to 12234Other stocks conspicuous on the down side were
Babcock & Wilcox, 3 points to 124; Brown Co. pref., 334
points to 75; General Tire & Rubber, 134 points to 24, and
Niagara Hudson (1) pref., 1 point to 86.
Some improvement was apparent on Tuesday, though
there were numerous soft spots scattered through the list.
The advances were largely fractional, but the gains generally
outnumbered the losses.
Oil stocks attracted a moderate
of
speculative attention and were represented on
Creole Petroleum, which advanced
the side of the advance by
1
point to 37, and numerous
other active issues with frac¬
The demand for public utilities was slightly
stronger and industrial specialties were a shade better.
The
principal changes on the side of the advance were Aluminum
Co. of America, 234 points to 15334; Niles-Bement-Pond,
tional gains.
234 points to 6014; Pepperell Manufacturing, 234 points to
125, and Southern New England Telephone, 8 points to 163.
Public utility preferred stocks were slightly higher on
though the list, as a whole, was generally
with a strong tendency toward higher levels.'
Pepperell Manufacturing Co. was the outstanding stock of
the day and climbed up to 132% at its peak, but dropped
back to 129, where it closed with a net gain of 4 points on the
day.
In the industrial specialties group Carrier Corp. was
the strong stock as it climbed up to 66 with a gain of 2 34
points.
In the closing hour it fell back to 65 with a net ad¬
vance of 134 points.
Other gains included Brown Co. pref.,
4 points to 79; Columbia Gas & Electric pref., 3 points to 70;
irregular,
.
New Jersey banking affairs, died on Aug. 25 at the Orange
Bank
EXCHANGE
a
Wednesday,
,
♦—
affairs
par
CURB
few selected stocks in the specialties group
and occasional upward spurts among the oil shares and min¬
ing and metal issues, prices on the New York Curb Exchange
have been irregular during most of the present week. Profittaking appeared from time to time, and while it was usually
of short duration, it served to check any prolonged upward
movement.
Transfers have been light and most of the
Except for
amount
—r*
The
THE
appointed*
after leaving the Governorship
a
a
the
The Alabama Con¬
precedent for appointment of a wife.
no
stitution
"News" of Aug. IS, that
following changes have been made in the personnel of
the Madison-Crawford National Bank of Chicago: Glenn
M. Johnson, heretofore Vice-President and Cashier, has
been relieved of the Cashiership, while continuing as a
Vice-President; E. J. Morris, formerly an Assistant Cashier,
has been promoted to the Cashiership, while Richard T.
Ummach,
formerly Assistant to Vice-President E. B<
Knudtson, and A. J. Crusnow, heretofore Manager of the
discount department, have been made Assistant Cashiers.
It is learned from the Chicago
Black
Succeeding Hugo L.
chain or system.
Senator
as
Mrs. Dixie Graves, wife of
'
equipped to hande a
that the bank is a
general individual banking service, and to emphasize
local institution and is not connected with any
Mrs.
1357
business
was to
The bank will continue to operate the Morris
"no material change
be inferred from the change in
Plan system of loans.'
name.
Singer Manufacturing Co., 4 points to 309; Newmont Mining
Co., 2 points to 103, and American Meter, 1 point to 40.
Reactionary price movements were apparent on Thursday
and a long list of stocks registered losses ranging from 1 to 3
or more points.
Oil issues were fairly steady during the early
trading but fell off as the day progressed. Mining and metal
shares were under pressure and public utilities gave ground
all along the line.
Pepperell Manufacturing Co. was es¬
pecially weak and dropped from its high of 130% to 124 but
came back in the final hour and closed at 12534 with a loss
Other weak spots were Aluminium Ltd., 4
Babcock & Wilcox 3 points to 120, General
Public Service pref., 3 points to 6834; Newmont Mining,
3 points to 100: Pittsburgh Plate Glass, 234 points to 119 and
Sherwin-Williams Co., 234 points to 125.
Pivotal issues sagged all long the line on Friday as the
market continued its downward movement.
There were a
few scattered stocks that held out against the declines but
these were generally among lower priced issues. Outstanding
market favorites moving toward lower levels were Alu r inum
Co. of America, 2 34 pou is to 145 !4; Carrier Corp., 3 34 points
to 6034; Pepperell Manufacturing Co., 4% points to 12234;
of
3% points.
points to 114,
1358
Financial
Childs Co., pref., 2 points to
80; Jones &
to 100 and St.
Regis Paper
Laughlin, 2% points
pref., 3% points to 108. As com¬
pared with Friday of last week prices were generally lower,
Aluminum Co. of America
closing last night at 14534 against
15334 on Friday a week ago; American Cyanamid B at 3434
against 35%; Carrier Corp., at 61 against 62%; New Jersey
Zinc at 79, against
8134; Sherwin-Williams Co., at 126,
against 130; South Penn Oil at 50, against 52, and United
Shoe Machinery at
86%, against 87%.
DAILY
TRANSACTIONS
AT
NEW
THE
YORK
CURB
EXCHANGE
Chronicle
during the past week
Aug. 27,
of
Shares)
1937
Saturday
Foreign
Domestic
.
Quotations:
Per Fine
139s. 8d.
7
9
Aug- 10
Aug. 11__
The
Total
64,920
$435,000
$8,000
Monday
$10,000
$453,000
138,930
762,000
126,240
139,405
213,000
178,045
1,047,000
1,024,000
16,000
19,000
13,000
809.000
Tuesday
Wednesday
Thursday
31,000
19,000
37,000
892,000
22,000
23,000
1,072,000
1,083,000
6,000
921,000
860,540
$5,088,000
$115,000
$101,000
$5,304,000
Friday
£_
Total
Sales at
928,000
12,000
1937
Jan. 1 to Aug. 27
Stocks—No. of shares.
1936
1937
860,540
1,239,185
74,972,302
87,816,326
$5,088,000
115,000
101,000
$9,382,000
$295,356,000
8,809,000
7,214,000
$554,527,000
100,000
$5,304,000
Bonds
Domestic
Foreign government
Foreign corporate
f
_
_
Total..
$9,648,000
$311,379,000
$575,244,000
166,000
12,069,000
8,648,000
12s. 2.lid.
139s. 4d.
12s. 2.33d.
139s. 5d.
12s. 2.25d.
12s. ?.16d.
_139s. 5.75d.
______
following
12s. 2.18d.
the United
were
on
Kingdom imports and exports of gold,
July 31 to mid-day on Aug. 9:
Imports
Exports
British South Africa
£1,978,147
6,737
3,160
421,029
7,843
10,893
6,698
7,827
10,207,954
Tanganyika Territory
Kenya
British India
British
1.98d.
12s. 2.25d.
_139s. 6d.
-
Malaya
Australia
British Guiana.
Siarn..
:
France
Germany.
United States of America.
India
£392,838
9,973
3 700
70,965
13,550
28,550
49,542
British
Anglo-Egyptian Sudan._
France
Germany
Netherlands
Yugoslavia
Other countries
3,027
22,605
15,723
Other countries
16,718
1936
WA
12s.
139s. 6^d.
139s, 5d.
_____
Netherlands
Week Ended Aug. 27
New York Curb
Exchange
966,000
Equivalent Value
of £ Sterling
Ounce
5
6
Aug.
Aug.
Aug.
Aug.
registered from mid-day
Foreign
Corporate
Government
was
Prices ruled at
year.
Bonds {Par Value)
(Number
Week Ended
daily fixing
about £920,000, which was absorbed
by a general
or
slightly below dollar parity, but touched lower
l^els
the firmness of sterling against the dollar; the price of
139s. 4d. fixed on the 9th inst. is the lowest
quotation so far recorded this
demand.
Average
Stocks
Aug. 28, 1937
In the open niarket the amount of bar
gold disposed of at the
£12,705,334
£572,145
Gold shipments from
Bombay last week amounted to about £332,000;
the SS. Iianchi carries about
£249,500 and the SS. President Adams about
£82,500.
The Southern Rhodesian
gold output for June, 1937, amounted to 66,330
fine ounces, as compared with
68,448 fine ounces for May, 1937, and 67,729
fine ounces for June, 1936.
The Transvaal gold output for
July,
1937, established
a
monthly
new
record at 996,545 fine ounces; this
compares with 979,069 fine ounces for
June, 1937 and 967,,993 fine ounces for July, 1936.
SILVER
There have been only small movements in
prices during the past week
and the market has been
quiet, but with the Indian Bazaars limiting their
buying orders to prices slightly under those current the
tendency was
inclined to be dull.
Sales on China account have been
small, but yesterday, offerings, which
included re-selling from India, were made rather more
freely and prices
dipped to 19 %d. for cash and 19 15-lCd.for two months' delivery, at which
prices India both bought and sold.
Cash regained 1-16d. today, 19 15-16d.
being fixed for both deliveries.
Although the market may be steady at about the present level, no marked
recovery is anticipated until demand from India shows some
improvement.
The
following
the United Kingdom imports and exports of silver,
were
registered from mid-day
July 31 to mid-day
on
on
Aug. 9:
Imports
Exports
British India
£16,113
10,889
Japan
Canada
FOREIGN
EXCHANGE
RATES
give below
FOREIGN
a
record for the week just passed:
EXCHANGE
RATES
CERTIFIED
BANKS TO TREASURY
AUG. 21,
BY
UNDER TARIFF
FEDERAL
ACT OF
Europe—
$
Austria, schilling
Belgium, belga
Bulgaria, lev
Aug. 24
$
$
Aug. 25
Aug. 26 I Aug. 27
$
!
$
.188583*
.188528*
.188550*
.188550*
.188533*
188514*
.168434
.
Arabia
Egypt
Netherlands,
Denmark
Other countries
£71,060
£256,696
Coin at face value.
x
IN
RESERVE
Unit
Aug. 23
Other countries
.168400
.168362
.168317
.168375
LONDON
-Bar Silver per Oz. Std.Cash
2 Mos.
20d.
20 l-16d.
1930
Noon Buying Rate for Cable
Transfers in New York
Value in United States Money
Aug. 21
Belgium
France.______
Norway
Germany
£217,075
14,080
13,746
2,780
2,920
1,765
4,330
Dependencies.__
Quotations during the week:
1937, TO AUG. 27, 1937, INCLUSIVE
Country and Monetary
Aden &
15,493
x5,600
10,988
3,095
2,927
2,157
3,798
Irish Free State
Pursuant to the requirements of Section 522 of the Tariff
Act of 1930, the Federal Reserve Bank is now
certifying
daily to the Secretary of the Treasury the buying rate for
cable transfers in the different countries of the world.
We
British India.
Aug.
Aug.
Aug.
Aug.
5
6—20d.
7.__20d.
NEW
YORK
4
19 15-16d.
Aug.
9__
45 cents
19 15-16d.
Aug. 10..
45 cents
20 l-16d.
20d.
9.__20d.
20d.
Aug. 10—19%d
Aug.
IN
{Per Ounce .999 Fine)
Aug.
Aug.
Aug.
Aug.
11 —19 15-16d.
19.969d.
Average
__45 cents
5
45 cents
6
.45 cents
7
__.45 cents
20.000d.
The highest rate of
exchange on New York recorded during the period
from the 5th to the 11th
August was $4.99% and the lowest $4.97%.
168380
.012875*
.012825*
.012850*
.012850*
.012875*
Czechoslo'kla, koruna .034865
Denmark, krone
.222708
England, poundsterl'g4 .989666
Finland, markka
.022015
.034879
.034878
.034893
.034909
.222650
.222538
.222354
.222295
.987583
.985875
.981916
.979958
012850*
!
!
4 .973041
.021995
.022010
.022010
.022000
.022000
France, franc
.037555
.037530
.037537
.037510
.037478
.037425
Germany, relclismark
.402219
.402189
.402078
.401978
.401928
.401914
Greece, drachma
.009114*
.009115*
.009109*
Holland, guilder
Hungary, pengo
.551792
.551789
.197550*
.197550*
1
COURSE
034910
221933
.009112*
.009117*
.009110*
.551757
.551682
.551682
.551432
.197550*
.197550*
.197525*
.197525*
Italy, lira
Norway, krone
.052605
.052604
.052604
.052604
.052603
.250668
.250627
.250500
.250304
.250210
.249893
Poland, zloty
Portugal, escudo
Rumania, leu
Spain, peseta
Sweden, krona
.188975
.188980
.188975
.189060
.188975
.188975
.045004*
Switzerland, franc._
Yugoslavia, dinar
.229671
.023030*
Chefoo (yuan) dol'r
.298500*
Hankow(yuan)
dol'r
.299000*
Shanghai (yuan) dol
Tientsin (yuan) dol'r
Hongkong, dollar..
.052601
.045077*
.045068*
.045072*
.045054*
.045054*
.007267*
.007253*
.007282*
.007282*
.007282*
.067571*
.068571*
.068928*
.067875*
.065666*
.257200
.257172
.257025
.256831
.256745
1
.256383
.229662
.229650
.229589
.229569
!
.229475
.022980*
.022980*
.023020
.022990*
.299125*
.299750
.299750
.297500
i
.300000
.300000
.3O0OOO
I
.299375*
.300000
.300000
300000
.299000*
.299375*
.300000
.300000
.300000
.311187
.311468
.311656
.311625
.311312
.376435
.376450
.376416
.376182
.375840
.290820
.290725
.290750
.290637
.290415
.585000
.585000
.584750
.584187
CLEARINGS
.299895
.299000*
BANK
clearings this week will show a decrease 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. 28)
bank clearings from all cities of the United States from which
it is possible to obtain
weekly returns will be 2.2% below
those for the corresponding week last
year.
Our preliminary
total stands at $5,278,913,111, against $5,395,130,102 for
.299729
.299375*
OF
Bank
Asia—
.007225*
.065833*
the
same
week in 1936.
week ended
At this center there is loss for the
Friday of 11.3%.
Our comparative
summary
for the week follows:
.023016*
I
China—
India, rupee
Japan, yen
_
Singapore (S. S.) dol'r
Australasia—
Australia, pound
New Zealand, pound
Africa—
.299895
Clearings—Returns by Telegraph
Week Ending Aug. 28
.375385
I
.290028
.583937,1
.583312
Kansas City
St. Louis.
3 .973854* 3.973303* 3.972500* 3.969947*
3.969821*
4 .005625* 4.003541* 4.004687* 4.006770* 3.998958*
San
3.962946*
3.993645*
North America—
4.946125* 4.943437* 4.941354* 4.937589*4.934642* 4.927187*
-
—
...
Detroit.
....
_
...
__
_
_
Baltimore
New Orleans
Canada, dollar
Cuba, peso
Mexico, peso.
.277500
.277500
.277500
.277500
.277500
.277500
Newfoundland,
.997285
.997522
.997265
.997246
.997246
-
—6.5
82,705,510
70,100,000
124,672,000
71,138,152
+ 16.3
108,897,000
+00.0
95,742,088
+ 16.4
84,141,275
77,354,386
62,266,652
47,296,071
29,876,000
$3,644,139,974
654,954,285
.....
Francisco
Pittsburgh
+ 16.0
159,776,000
81,649,473
49.023,957
33,497,000
...
—11.3
214,064,164
111,445,525
Boston.
|
...
262,000,000
149,374,000
Philadelphia
$2,648,693,144
261,000,000
Chicago
1936
$2,348,142,755
248,388,479
New York
.299895
.311000
i
Cleveland
South Africa, pound.
Per
1937
Argentina,
peso
999142
.999843
.999166
.999843
.999843
.999166
.999166
.999166
$3,842,103,657
619,812,890
Twelve cities, five days
Other cities, five days
.332520*'
+ 8.8
+ 31.1
+ 3.7
+ 12.1
.332316*
.332150*
.332050*
.331600*
Brazil (official) mllreis
(Free) mllrels
.087321*j .087338*,
.087321*
.087321*.
.087305*
.064214
Chile, peso.
Colombia, peso
Uruguay, peso
.064437
.051200*
.051200*
.051200*
.569905*1 .570131*
.791500*1 .791666*
.570131*
.570131*1 .570131*
.570131*
.791666*
.791666*
.791666*
+ 5.7
All cities, one
day
—1.4
$4,399,094,259
879,818,852
$4,461,916,547
933,213,555
—5.7
$5,278,913,111
$5,395,130,102
—2.2
.087321*
.063525
—5.2
'
Total all cities, five days..
.332466*
+ 7.8
.999819
.999166
.999891
—0.4
65,000,000
.997232
dollar
South America—
999879
Cent
.051725*1
063687
I
I .064611
.051325*
.791666*
.064428
.051325*
•Nominal rates; firm rates not available
THE
ENGLISH
GOLD
AND
SILVER
MARKETS
We
reprint the following from the weekly circular of
Samuel Montagu & Co. of London, written under date of
Aug. 11, 1937:
GOLD
The Bank of England gold reserve against notes amounted to
£326,406,625 on Aug. 4 showing no change as compared with the previous
Wednesday.
•
Total all cities for week
Complete and exact details for the week covered by the
foregoing will appear in our issue of next week.
We cannot
furnish them today, inasmuch as the week ends today
(Saturday) and the Saturday figures will not be available
until noon today.
Accordingly, in the above the last day
of the week in all
cases
In the elaborate
has to be estimated.
detailed
statement, however, which we
present further below, we are able to give final and complete
for the week previous—the week ended Aug. 21.
For that week there was an increase of
8.5%, the aggregate
of
clearings for the whole
result^
country
having amounted
to
Volume
.15,469,373,775, against $5,042,469,908 in the same week
in 1936.
Outside of this city there was an increase of 11.7%,
the bank clearings at this center having recorded a gain of
5.7%.
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 register an increase of 6.0%, in the
Boston Reserve District of 7.2%, and in the Philadelphia
Reserve District of 9.3%.
The Cleveland Reserve.District
has managed to enlarge its totals by 14.3%, the Richmond
Reserve District by 5.0%, and the Atlanta Reserve District
by 14.0%.
In the Chicago Reserve District there is an
improvement of 10.6%, in the St. Louis Reserve District
of 10.0%, and in the Minneapolis Reserve District of 6.6%.
In the Kansas City Reserve District the increase is 7.6%,
in the Dallas Reserve District 35.1%, and in the San
In the following we
furnish
a summary
by Federal Reserve
districts:
SUMMARY OF BANK
CLEARINGS
Inc.or
1937
1936
Dec.
1935
1934
Federal Reserve Dists.
S
S
%
S
S
2nd
New
4th
10
7th
Chicago
8t.
170,519,631
101,461,356
85,123,032
109,329,028
353,877,515
306,693,122
131,592,805
+ 10.0
+6.6
109,434,650
91,294,655
114,313,118
93,453,269
79,716,433
155,497,156
"
99
99
Seventh Feder al Reserve D Istrict
Mich.—AnnArbor
S
Chi cago—
+ 36.7
353,030
259,233
+ 1.6
74,133,977
+ 53.2
2,259,280
1,091,278
67,122,849
1,279,474
297,432
96,202,285
94,705,941
2,530,267
1,466,182
1,045,381
14,533,000
1,213,505
4,555,073
Rapids.
3,875,244
1,586,575
Lansing
Ind.—Ft.
%
$
406,628
Detroit..
Grand
—
Wayne
1,096,408
Indianapolis...
15,850,000
South Bend
1,469,722
4,437,780
+ 7.6
52,860,369 +35.1
254,563,448 + 19.7
136,131,245
110,697,446
1934
1935
'
+ 8.2
830,678
+4.9
671,132
536,330
+ 9.1
10,729,000
+ 21.1
11,862,000
794,324
—2.6
585,435
4,204,437
3,070,070
14,181,230
—0.5
—1.5
929,865
6,581,874
12,579,925
564,930
3,225,425
20,681,039
1,113,737
8,581,300
3,437,193
—1.6
—6.2
2,882,715
287,450
364,712
—21.2
271,120
327,142,033
777,144
283,574,568
750,245
+ 15.4
1,215,002
3,941,493
1,209,962
1,150,101
+ 5.6
229,272,031
539,227
2,318,016
649,573
882,406
197,001,854
—8.5
492,368,722
445,151,131
+ 10.6
353,877,515
306,693,122
73,700,000
61,100,000
23,693,350
11,649,300
19,471,251
10,401,404
Terre Haute...
Wis.—M ilwaukee
20,349,917
1,107,659
8,453,292
Iowa—Cedar Rap
Des Moines
Sioux City
111.—Bloomington
Chicago
Decatur
Peoria
3,608,308
1,277,850
Springfield
cities)
+ 3.6
+ 5.6
Eighth Federa 1 Reserve Dis trict—St. Lo uis—
+ 5.2
Mo.—St. Louis.
88,600,000
93,200,000
+22.7
28,038,117
14,434,688
34,403,625
16,612,575
+ 15.1
5,512,977
2,503,427
531,793
475,973
1,891,751
492,596
724,827
90,319,834
121,888,989
9*
4
Minneapolis 7
10th KansasCity 10
201,356,465
158,264,576
• 9
Louis..
248,910,229
144,813,200
»1
9ch
2,454,266,082
315,868,865
130,494,478
18
8th
6
_
+6.0
+9.3
266,797,666 + 14.3
+5.0
124,299,152
138,800,474 + 14.0
445,151,131 + 10.6
3,042,037,004
331,883,923
304,852,631
II
Richmond
Atlanta
2,815,441,295
492,368,722
M
Cleveland.. 5
6th
6th
$
$
Dec.
1936
.
167,490,236
362,814,135
»»
1937
Ky.—Louisville..
193,380,509
222,247,303
2,983,936,919
•»
York. 13
3rd Philadelphia 10
Inc. or
Tenn.—Memphis
+ 7.2
238,247,382
12 cities
21
at-
Total (18
Week End. Aug. 21, 1937
Boston
Week Ended Aug.
Clearings
Rockford
Francisco Reserve District 19.7%.
1st
1359
Financial Chronicle
145
144,519,223
40,073,673
34,616,122
218,713,722
187,936,131
III.—J'ksonville.-
X
X
X
X
X
597,000
520,000
+ 14.8
392,000
322,000
144,813,200
131,592,805
+ 10.0
109,434,650
91,294,655
Reserve Dls trict—Minn
eapolis
+ 7.2
2,554,199
62,826.348
2,399,658
54,332,288
18,697,083
1,535,226
Qulncy...
Total (4 cities).
Ninth Federal
Minn.—Duluth..
3,739,379
Minneapolis...
83,484,854
28,087,736
3,487,591
78,829,917
25,546,418
St. Paul
+ 5.9
22,515,709
1,799,729
+ 9.9
1
6
71,404,163
99
Fran__ll
12th San
304,791,424
5,469,373,775
Outside N. Y. City.
5,042,469,908
+8.5
4,915,117,301
4,027,582,953
2,599,004,058
..112 cities
Total
,
,
2,326,921,690
+ 11.7
1,967,806,282
D.—Fargo...
2,226,066
2,262,515
—1.6
S. D.—Aberdeen.
841,561
704,327
+ 19.5
Mont.—Billings
11th Dallas
793,863
691,124
+ 14.9
572,194
393,458
2,715,530
2,791,226
—2.7
2,496,289
1,839,122
121,888,989
114,313,118
+6.6
93,453,269
79,716,433
N.
.
32 cities
We
now
add
our
+8.1
337,685,615
364.970,589
314,401,967
Helena
....
270,669,683
detailed statement showing last week's
Reserve Dis trict—Kans
Tenth Federal
figures for each city separately for the four years:
Lincoln
1936
Dec.
1935
+ 8.0
99,429
+ 7.8
2,177,414
+ 1.4
31,306,733
1,736,444
$
First
Federal
692,186
701,320
—1.3
660,247
710,367
—7.1
155,497,156
144,519,223
+ 7.6
136,131,245
Colo.—Colo. Spgs
—9.9
476,827
477,347
River
574,414
1,993,986
206,145,000
586,262
Portland......
+ 0.4
1,487.756
+ 7.5
665,541
—11.9
167,411,935
497,626
145,975,481
553,406
309,967
737,997
+ 26.6
258,238
New Bedford-
Worcester
+ 11.9
559,083
+ 10.3
2,137,161
+ 7.8
1,020,760
1,966,261
898,466
9,861,308
3,661,632
1,715,246
9,375,651
3,134,366
+ 5.2
8,999,916
2,768,496
6,398,578
3,029,539
Dallas
+ 16.8
9,158,400
461,678
9,147,100
355,309
+0.1
7,408,900
353,811
5,957,500
239,211
Galveston
+ 29.9
+ 10.7
1,870,309
2,111,729
76,206,427
2,811,472
500,276
496,834
383,515
2,532,918
+ 10.0
271,190
1,986,770
825,686
2,793,936
1,849,338
Springfield
—16.5
71,634
49,089
1,549,472
25,030,204
1,339,742
191,712,024
392,504
Lowell..-.—..
w
3,315,625
Wichita.
517,652
Mass.—-Boston
Fall
2,923,314
109,335,408
St. Joseph....
8
%
Reserve Dist rict—Boston
+ 30.5
2,586,910
93,888,269
3,151,980
587,130
484,588
Mo.—Kan. City.
1937
112,348
138,214
2,509,778
32,177,415
2,285,196
3,500,465
99,393,740
2,993,828
2,982,251
Kan.—Topeka...
1934
_
—0.9
32,626,267
Omaha..
Inc. or
City
108,900
2,704,695
Hastings
Clearings at—
as
107,924
149,239
Neb.—Fremont..
Week Ended Aug. 21
Me.—Bangor
519,598
1,644,319,372
Total (7 cities).
Canada
688,801
Pueblo
Total (10 cities)
Eleventh Fede ral
Reserve
District—Da lias—
1,469,043
53,437,841
Texas—Austin...
110,697,446
895,210
+ 64.1
723,201
670,006
+ 33.6
30,160,323
5,312,312
25,977,830
4,537,013
1*357,000
Hartford
R.I.-—Providence
N.H.—Manches'r
193,380.509
5,175, 114
950,075
+47.8
1,348,000
641,361
3,765,455
3,213,300
+ 17.2
1,888,476
2,074,273
71,404,163
52,860,369
+ 35.1
40,073,673
34,616,122
Ft.
7,926,479
3,855,000
Worth..
+ 62.9
x
5,275,201
+ 7.2
York-
4,413,574
965,001
32,200,000
+ 42.8
636,877
-+-35.4
+ 5.7
454, 397
N. Y.—Albany..
238,247,382
6,302,758
1,247,480
Binghamton
Buffalo
35,100,000
482,342
Elmira
542,952
735,370
2,870,369,717 2,715,548,218
Rochester
6,467,932
7,696,912
3,693,116
5,101,964
Syracuse..—
2,366,327
Westchester Co
2,731,007
Jamestown
New York
—
+ 29.3
794, 639
558,486
+ 9.0
25,900, 000
—24.3
460 371
21,278,692
332,628
,947,311,
019
+ 19.0
5,486, 155
+ 38.1
3,469, 968
+ 15.4
Conn.—Stam fo rd
4,689,456
2,421,716
+ 37.0
1,980, 536
4,376 099
N. J.—Montclair
288,435
*400,000
—27.9
350, 000
16,512,035
28,273,548
+ 5.9
+ 12.1
Newark
17,488,495
Northern N. J.
31,702,983
359,803
,383,263,581
4,731,107
2,666,134
1,562,545
Twelfth Feder al Reserve D istrict—San
Total (13 cities) 2,983,936,919 2,815,441,296
24,293,761
Ore.—Portland
.
.
L. City
Calif.—L'g Beach
2,380,313
Pasadena.___.
San Francisco.
13,515, 164
203,230
12,417,622
32,763, 542
19,236,740
9,787,000
+ 2.6
29,718,123
9,297,000
841,551
+ 7.8
494,306
622,294
39,058,950
16,936,029
4,181,928
Yakima
San Jose.—
32,595,367
+ 19.8
15,045,756
+ 12.6
27,899,212
13,444,205
-
Santa Barbara-
3,844,471
176,073,000
3,519,874
1,591,996
2,388,660
7,654,000
3,110,407
1,554,242
+ 13.2
+ 2.4
1,031,829
2,131,655
+ 12.1
1,549,098
20,774,505
11,011,949
2,623,256
1,782,516
114,900,000
2,083,576
925,736
1,264,538
254,563,448
+ 19.7
218,713,722
187,936,131
+ 8.5 4,915,117,301
4,027,582,953
3,359,039
3,653,093
+ 14.5
2,957,928
+ 30.0
2,548,254
145,502,367
+21.0
126,797,073
2,575,583
+6.0 3,042,037,004 2.454,266,082
304,791,424
Total (11 cities)
Third Federal
SCO—
+ 23.7
10,039,000
906,943
Spokane
Utah—S.
Franci
37,384,082
46,250,523
Wash.—Seattle..
Stockton..
Reserve Dist rict—Philad elphia
362,962
+ 33.8
267,417
529,611
*400,000
+ 32.4
218,180
306,463
269,374
1,127,877
321,000,000
+ 13.8
248,182
879,223
211,841
887,962
1,205,854
961,200
+ 25.5
306,000,000
982,840
241,000,000
940,179
2,111,120
1,478,434
+ 8.2
—7.9
1,789,274
Wrilkes-Barre_.
2,284,817
1,362,117
2,124,696
829,206
York
1,711,341
1,279,956
+ 33.7
Pa.—-Altoona—.
Bethlehem
Chester
Lancaster.—
Reading
— —
Scranton..
485,747
1,467,179
351,000,000
Philadelphia
—
N. J.—Trenton..
2,461,000
2,893,000
Total (10 cities)
362,814,135
331,883,923
Fourth
+ 30.1
+ 9.3
+ 14.9
+
9.3
854,706
1,086,043
3,543,000
315,868,865
262,087
816,258
x
x
Cincinnati...
61,111,141
Cleveland..-.
104,747,655
Columbus..
Mansfield
+ 15.3
41,678,011
34,049,075
+ 25.6
59,720,761
64,597,159
+8.2
8,664,500
1,279,890
7,076,500
896,875
x
Youngstown
Pa.—Pittsburgh
.
127,062,959
119,389,032
+ 9.7
x
+ 6.4
5,469,373,775 5,042,469,908
cities)
Outside New York 2,599,004,058 2,326,921,690
x
Week Ended Aug.
73,900,022
304,852,631
266,797,666
+ 14.3
201,356,465
170,519,631
Fifth Federal
Reserve Dist rict
-Richm ond-
+ 41.5
142,865
Md.—Baltimore
.
D.C.—Washing'n
2,563,000
+ 0.1
1,844,000
2,176,000
39,321,372
Richmond
S. C.—Charleston
324,700
2,564,000
Va.—Norfolk-
459,494
40,523,556
845,480
—3.0
1,104,311
+ 30.6
66,098,942
62,341,842
+ 6.0
20,946,359
17,700,574
+ 18.3
36,258,267
844,444
47,356,156
15,015,624
29,947,232
599,912
40,253,495
11,992,160
154,233
130,494,478
124,299,152
+ 5.0
101,461,356
85,123,032
Ottawa
Quebec
Hamilton
...
—
St. John..
———
Edmonton
Regit) a
Brandon
Sixth Federal
Saskatoon
4,423,186
3,391,652
+ 30.4
17,174,987
14,904,550
+ 15.2
53,700,000
+ 6.0
Fla.—Jack'ville—
56,900,000
1,068,620
858,221
19,576,000
Ala.—Birm'kam.
20,446,731
18,142,438
1,243,733
Ga.—Atlanta
Augusta
Macon
1,628,298
Mobile...
Miss.—Jackson.
.
x
929,540
+ 15.0
2,731,003
11,627,736
41,100,000
953,483
2,033,961
9,780,285
33,400,000
774,148
804,988
+6.6
782,255
684,263
14,090,000
+38.9
+ 12.7
+ 30.9
12,848,000
14,500,851
10,416,000
11,519,114
920,493
x
x
1,118,457
x
149,805
—8.6
86,968
88,026
36,051,637
31,443,768
+ 14.7
23,580,275
William....
Hat—
Peterborough.—.
fr
Total (10 cities)
158,264,576
138,800,474
—
109,329,028
3,064,153
336,310
—10.2
312,373
414,712
242,277
401,530
1,361,773
533,890
671,541
1,186,238
399,288
+ 24.3
+ 6.1
+ 11.1
+ 29.7
—6.1
+ 9.8
+ 3.5
+ 1.8
431,562
+ 6.0
1,522,652
662,167
809,010
+ 22.0
726,934
691,122
823,600
—11.7
686,258
+0.7
234,061
263,299
—11.1
—2.1
+ 1.1
+ 9.3
3,500,358
635,267
682,148
518,648
567,390
408,843
251,769
540,989
215,495
524,758
630,716
567,816
644,531
1,047,654
1,014,135
+ 3.3
896,802
461,669
837,989
Windsor.
3,007,869
+26.9
1,859,530
319,742
637,813
1,708,714
250,360
602,219
566,459
+0.2
547,519
Prince Albert
379,363
2,370,539
345,404
Moncton—
758,010
757,932
537,973
528,340
+ 1.8
539,216
484,399
+ 11.3
341,873
340,450
442,555
422,891
+ 4.6
473,663
402,535
959,626
998,560
—3.9
711,602
676,557
364,970,589
337,685,615
+8.1
314,401,967
270,669,683
Kingston
Chatham
...
Sudbury..
Total (32
+ 14.0
+ 4.7
—37.8
—2.3
+ 15.7
Kitchener—
Sherbrooke....—
20,703,544
Vicksburg
3,802,301
2,136,987
4,150,160
4,954,509
1,728,173
1,667,904
2,757,319
3,736,665
4,733,053
884,492
-
Sarnia..--------
x
136,896
La.—New Orleans
—0.6
+ 26.6
669,368
Moose Jaw..
Medicine
Reserve Dist rict—Atlant
Nashville...—
2,821,632
17,689,469
13,608,576
114,987,657
93,018,357
55,046,437
457,453
New Westminster
Tenn.—Knoxville
95,784,268
76,905,671
45,762,792
12,936,513
4,087,988
3,524,904
1,866,752
3,133,241
4,689,238
1,839,163
1,243,999
2,246,820
91,190,818
87,443,019
68,411,934
14,598,669
13,892,160
3.544.556
2.076.557
3,597,727
5,533,021
1,866,648
1,461,590
2,595,487
3,564,755
112,364,634
107,634,462
68,411,934
17,584,657
14,439,828
4,815,579
2,374,534
5,383,238
4,650,069
1,896,813
1,726,144
2,807,623
3,913,234
1,187,920
Lethbridge
Fort
1934
301,864
Vancouver
Brantford.
Total (6 cities).
1935
2,943,828
.—-
Winnipeg
London
Dec.
%
Victoria
W.Va.—Hunt'ton
1936
1937
Canada—
Calgary-.......
Total (5 cities).
19
Inc. or
Halifax...
x
90,013,303
+ 11.7 1,967,806,282 1,644,319,372
Clearings at-
Montreal
9,120,100
1,880,078
2,061,976
(112
total
Toronto.
x
52,984,599
83,423,857
9,868,900
Grand
1,838,000
248,910,229
Feder al Reserve D istrict—Clev eland-
Ohio—Canton
t
+ 38.2
167,490,236
222,247,303
Feder al Reserve D istrict—New
Total (12 cities)
Second
Wichita Falls..
Total (6 cities).
—
New Haven...
40,006,669
5,736,216
2,366,000
642,954
La.—Shreveport.
Conn.
I
cities)
90,319,834
*
Estimated,
x
Figures not available.
/
+ 9.8
+ 0.1
484,486
464,765
Financial
1360
THE
Aug.
Chronicle
LONDON STOCK EXCHANGE
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Sat.,
Wed.,
Aug. 25
Tues.,
Aug. 24
Mon.,
Aug. 21
Aug. 23
118/Sh
440/-
261/3
261/3
54/-
54/-
£18%
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109/9
21/9
27/9
5/9
22/27/9
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Gaumont Pictures A.
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Gold
Exploration &
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Hudson Bay Mln & Sm
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View South
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Box
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7/6
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7/6
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REPORT ON GOVERNMENTAL CORPO¬
RATIONS AND CREDIT AGENCIES AS OF JUNE
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The
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monthly report of the Treasury Department, showing
as of June
30, 1937, of governmental
corporations and credit agencies, financed wholly or in part
by the United States, was contained in the Department's
"Daily Statement" for July 31, 1937.
The report is the
37th such to be issued
by the Treasury; the last previous one,
for May 31, 1937,
appeared in our issue of July 17, 1937,
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30, 1937
and liabilities
terest of the United States
as
case
a
of that date of
which compares with
The Government's
of
agencies
proprietary in¬
$2,720,935,018
$2,668,518,375, May 31, 1937.
proprietary interest in agencies financed
partly from Government funds and partly from private
funds as of June 30 was shown to be
$1,222,423,022.
This
compares with $1,220,785,988 as of May 31, 1937.
In the
case of these Government
agencies, the Government's pro-,
prietary interest is the excess of assets over liabilities, ex¬
clusive
§
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of
inter-agency
items,
less
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FOOTNOTES FOR ACCOMPANYING TABLE
I
Non-stock (or includes nonstock
proprietary Interests),
b Excess
inter-agency assets (deduct).
Deficit (deduct)
d Exclusive of
•8
i
3
Adjusted for lnter-agency items and items In transit.
I
.
I
Also includes real estate and other
property held for sale,
f
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inter-agency assets and liabilities (except bond investments).
e
a.'
Includes
U. S. Housing Corporation. U. S.
Railroad Administration. U. S.
Spruce Production Corporation, and notes received on account of sale of
surplus war
I
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! !
'
Credit
deducting estimated
amount of uncollectible
obligations held by the
'
Includes $4,236,816
due to
Federal
Land
banks from
the U.
S.
Treasury for
Shares of State building and
loan associations,
$32,539,600; shares of Federal
savings and loan associations, $150,481,400.
r-
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not
classified.
United States.
In liquidation.
Represents capital stock,
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EXCHANGE
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day of the past week:
Hapag...i.._..............
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each
Deutsche Bank und Dlsconto-Gesell.
Deutsche Erdoel (5%)._.
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£46%
£5%6
202/6
67/43/162/6
31/31/3
68/43/162/6
31/6
31/3
31/3
30/10%
Areas
I
!
i in
J
—
21/9
27/6
5/9
2/175/162/6
18/6
81/16/3
48/9
£46%
£5%
£5>732
Triplex Safety Glass...*
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!—*—*t-*
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£18%
109/6
4/6
34/152/152/6
18/6
81/3
16/6
48/9
£7%
£47
Shell Transport
So Kalgurli Gold M...
Unilever
4/6
34/153/1%
153/1%
152/6
81/9
Rand Mines
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Fr
55/£18%
109/6
22/27/6
5/9
2/6
175/162/6
Gold
Metal
Rand
55/£18%
110/22/3
27/9
5/9
2/3 i
175/162/6
2/6
175/-
4/6
34/152/6
152/6
Imp Tob of G B & I..
JO
INHN
75/7%
108/6
Gaumont Pictures ord.
x in
X
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260/54/9
De Beers
Electric & Musical Ind.
Ford Ltd
N.QN
36
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■
.
a.
.118/1J4
7/9
430/-
Distillers Co
Courtaulds 8 & Co....
00
•n
Fri.,
119/4%
8/430/-
■'1
m* in
oo
Aug. 27
260/-
265/-
Crown Mines
Thurs.,
Aug. 26
8/440/-
117/6Canadian Marconi..8/Central Mln & Invest.
440/Cons Goldflelds of S A.
75/British Amer Tobacco.
N
CO "C
Quotations of representative stocks as received by cable
each day of the past week:
1937
28
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1361
Financial Chronicle
145
Volume
-Month
EXPENDITURES
Through the courtesy of the Secretary of the Treasury,
enabled to place before our readers today the details
of Government receipts and disbursements for July, 1937
d39,650,382
i
-Month of
Funds
Melting losses, &c.
Internal revenue:
Miscellaneous
internal revenue
...
Investments.
$39,120,834
200,809,819
—
29,066,000
—
—
—
200,000
46,357
—
...
Benefit
<110,000,000
(net)..,...
Investments and transfers
payments.—
3,129,936
........
Proceeds of
;....
..
_
Other miscellaneous.
10,586,967
2,199,234
4,816,633
4,772.831
16,585,642
2,165,737
3,486,208
14,586,070
Panama Canal tolls, &c
Seigniorage
$17,266,152
Total.
....
50,000
dl,•000,000
Investments and transfers (net)
Benefit payments
Miscellaneous receipts:
All other
6,202,000
Railroad retirement account:
31,580,452
40,648,801
Government-owned securities:
Principal—foreign obligations . _ _ .
Interest—foreign obligations
—
13,595*975
Old-age reeserve account:
32,139
Customs
6,072,295
Other
53,081,739
_.
carriers and their employees.
Taxes upon
amended)....—.—
Unemployment trust fund:
361,348
Unjust enrichment tax
Taxes under Social Security Act...
13b,
For retirement of National banks notes
1936
$57,140,978
221,071,975
Income tax
Federal Reserve Act, as
July
1937
111,190
Chargeable against increment on gold:
Payments to Federal Reserve banks (Sec.
General and Special
d5,410,261
30,141
agencies (net)
are
Receipts—
$25,998,153
Transactions in checking accounts of governmental
and 1936:
.
$29,371,805
Trust accounts
,
A^e
of July1936
1937
Expenditures—
GOVERNMENT RECEIPTS AND
$40,547,057
"$37,630,078
Excess of receipts or credits.
$11,707,742
Excess of expenditures......
__
..
Public Debt Accounts
$293,886,770
$409,160,637
Total receipts
Receipts:
Market operations:
Cash—Treasury bills
Expenditures—
General:
,
Departmental .a...
3,631,995
18,158,281
13,742,897
—
>
3,470,465
1,570,781
.....
d634,266
630,411
—29,485,534
4,495,262
--
!.
Public highways.a
.....—
work.a
River and harbor
$60,168,787
.....
Public buildings.a..
Reclamation projects.a b
Panama Canal.a.
...
Railroad Retirement Act
Social Security Act
(U. S. share)..
District of Columbia
National defense:
.......
Civilian Conservation Corps.a
Administration.....
Authority
debt--
Farm Credit
Tennessee Valley
Interest on the public
Refunds—Customs
—----
.—
.... .
Internal revenue.
..:—...........
.
products
Processing tax on farm
1,750
_...
...
2,866,628
8,642,097
3,659,212
$212,814,000
$254,589,000
155,200
22,838,302
1,828,099
30,031,831
13,476,816
316,322
162,051,064
36,922,263
1,516,471
6,293,099
1,948,668
19,170,967
2,501,079
2,883,388
1,615,189
13,330,248
d5,5l6
2,040
$301,638,286
... .....
2,289,780
127,350,140
Administration
Administration
All other.........
—,
Aid to home owners:
Home Loan system..
Emergency housing..—...
Administration..
Administration ......... .
Federal Housing
Miscellaneous:
Industrial Recovery.
Subtotal........
3. Revolving
Expenditures—•
Market operations:
Cash—Treasury bills...—
Certiricates of indebtedness
Treasury bonds...—
United States savings bonds
dSl ,202,865
...
dl,215,249
Administration
Public works:
to States,
1,778,244
409,936,800
1,494,200
2,624,650
889,520
18,613
7,212,645
15,624,275
$239,765,495
$688,279,290
Adjusted service bonds...--——--—
First Liberty bonds—
Fourth Liberty bonds..
.
Postal Savings bonds—
Other debt items
——————..
National bank notes & Fed. Res.
bank notes.
Subtotal
46,301
Loans to railroads..
d76,580
29,537,915
739,345
d4S,732
d443,244
dlS.771,523
dl75,572,577
$2,130,134
Bank of Washington..
Reconstruction Finance Corporation—
Direct loans and expenditures.
Subtotal.
d$215,806,273
-
..
Treasury bonds
dS67,213,994
d2,853,718
19,184,815
!.
municipals., &c
Miscellaneous:
Export Import
1,141,100
550,950
884,950
712,460
4,488,177
11,900,600
Exchanges—Treasury notes.
Agricultural aid:
Commodity Credit Corporation
Loans & grants
196,950
976,150
10,000
....
Treas ury notes-
funds (net): e
Farm Credit
363,000
500,000
$785,033
654,613
Rural Electrification
Administration for
$6,252,000
*4*3*,70*0*666
$50,815,000
harbor work.-—..--—.—..
Resettlement
(notes)
—
Civil service retirement fund (notes)
-Foreign Service retirement fund (notes)
Canal Zone retirement fund (notes)
Alaska Railroad retirement fund (notes)——.
Postal Savings System (notes)
Govt, life insur. fund (adjusted service bonds).
Old-age reserve account
$388,601,033
Reclamation projects.b.
Works Progress
$29,066,000
41,000,000
71,300,000
367,000
469,000
189,000
(certificates)
Unemployment trust fund
$532,365,465
...
River and
Subtotal.
Special series:
$142,391,000
(including work relief):
_
Treasury bonds...—_..
33,111,436
38,614,935
48,834,861
37,627,565
1,889,157
116,374
59,662
9,882,836
2,107,197
2,982,610
$198,009,494
Relief...'
_
Exchanges—Treasury notes-
$1,656,948
35,022,999
and relief:
Agricultural aid—Federal Land banks.—
Public highways..
$62,483,000
$249,385,879
Recovery
Public works
$1,584,050
132
$337,380
Subtotal......
2.
25,199*034
$388,390,415
Subtotal
3,510,063
48,985,049
23,906,640
31,883,404
d902,536
3,702,793
12,286,335
1,305,381
1,714,523
590,255
Veterans' Administration.a
—Agricultural Adjustment Administration—
$250,104,000
$275,303,034
Adjusted service bonds
84,711
11,891,563
32,958,084
46,230,057
_
.........
Navy
38,124,415
unclassified sales)..
U. S. savings bonds (incl.
2,527,757
a
Army_._«.w.___._.
Treasury bonds
902*512
—
Postal deficiency.c___
$350,266,000
----
...
Treasury notes
$39,217,702
1,517,983
5,954,210
8,550,995
d
1
Special series:
Adjusted service certificate fund (certificates)..
Unemployment trust fund (certificates)
Civil service retirement fund (notes)- — .—--Foreign Service retirement fund (notes).. — —
$1,500,000
18,000
Canal Zone retirement
20,000
fund (notes)-—•—
Postal Savings System
$35,000,000
50,000
(notes)——
Corporation (notes).
Federal Deposit Insurance
4.
accounts., &c.:
Old-age reserve account—
Railroad retirement account...—
Adjusted service certificate fund....i—...
Government
employees' retirement funds
United States share)
....
.
Transfers to trust
Subtotal
5.
Total
30,116.051
Excess of expenditures-
$658,545,042
$5,039,400
Increase
(+) or decrease (—) in
Market
$249,384,406
Summary
Excess of
Excess
1
«
expenditures————.- —
of
$249,384,406
30,550
—
retirements— —
Less public debt
1
public debt
(excluding
expenditures
$249,353,856
retirements)
Trust accounts,
Less national
(+)
Increase
—37,630,078
—
$211,723,778
6,072,295
bank note retirements——
Total excess of
$205,651,483
expenditures
$417,108,643
Trust Accounts,
Increment on
►
Total..
reduction In the
weight
of the gold dollar....
Seigniorage
Unemployment trust fund.
Total—.—.
$29, 890,215
13, 595,975
$116 294,240
—451, 042,496
—-$334,748,256
33,778,543,494
$33,443,795,238
$19,411,999
31,525
201,071
2,623,078
6,603,167
$28,839,319
Pre-War
Gross debt
+ $150,208,970
—$350,493,256
+$140,873,000
+$15,745,000
+ S291,081,970
-$334,748,256
—
....... ... -
are
classified receipts and expenditures appearing
statement for the 15th of each month.
"*~b GeneraTexpenditures under this caption for the fiscal year" 1937 are included
in "Departmental."
"Recovery and relief expenditures" under this caption for
the fiscal year 1937 include only Boulder Canyon project, other reclamation projects
for that year being included in "Public Works—All other."
c The expenditures under this classification for this month and the fiscal year 1938
have been reduced by $634,266.02 on account of the transfer of that amount by the
Post Office Department to the U. S. Maritime Commission pursuant to the Act
of June 29, 1936 (49 Stat. 1988).
These transferred funds were expended by the
U. S. Maritime Commission will be classified on this page as "Departmental," and
on page 7 on the 15th of the month as "Departmental—U. S. Maritime Commission."
be shown in
will
on page
d Excess
e
the statement of
7 of the daily Treasury
of credits
Details are shown
(deduct),
in supplementary statement.
DEBT STATEMENT
fund
statements)
Dec. 31,
Lowest
1930,
Post-War
July 31, 1936,
a
Debt
Year Ago
306,803,319.55
$33,443,795,237.73
2,230,467,707.60
$36,424,613,732.29
2,553,473,897.31
$36,715,695,702.64
2,638,904,384.85
fund..
$15,719,283,767.52
$31,213,327,530.13
$34,076,791,317.79
$25,478,592,113.25
$33,871,139,834.98
$1,207,827,886.23
260.25
281.63
250.18
129.66
2.557
2.582
12.36
capita
Computed rate of interest per annum on interest-bearlng debt outstanding (per cent)
July 31, 1937
$16,026,087,087.07
r*.
Subject to revision
30,1937,
Last Month
$26,596,701,648.01
1,118,109,534.76
—-
balance In general
June
74,216,460.05
$1,282,044,346.28
—
NetJ>alance in general
Aug. 31, 1919,
When War Debt
Was at its Peak
Debt
a
— — — — — —
.....
March 31, 1917,
Gross debt per
—46,301
—15,624,275
Additional expenditures on these accounts for the months and the fiscal years
included under "Recovery and relief expenditures," the classification of which
a
(On the basis of daily Treasury
Gross debt less net
—155,200
—1,141,100
-329,041,380
+ 11 707,741
COMPARATIVE PUBLIC
^
—S4,485,000
.————.——.
— — .
... —
SI 18 182,474
........
Increment resulting from
Subtotal.—
Special series..------------
Gold, &c.
Receipts—
Trust accounts.
——- -
—
S123.221.874
5,039,400
$54,896,230
Public debt this date.
—
_
Y
13,548,524
29,525,210
public debt..
of month or year
-—196,950
notes....——976,150
Bonds.
-- -- -+ 21,161,328
Other debit items
.—.—-———-——18,613
Nat'l bank notes and Federal Res. bank notes
•—7,212,645
$123,221*874
+85,430,487
+$291,081,970
36,424,613.732
$36,715,695,703
gen'l fundbalance
) or decrease (—) in the
Public debt at beginning
+$137,452,000
—
Treasury
$11,790,971
( + ) or decrease (—) in
Increase ( +
'
&c., excess of
increment on gold,
receipts (—) or expenditures
public debt:!
operations—Treasury bills.
Certificates of indebtedness
_
-------- --
-
Excess of expenditures
$3*3*4*,*72*8,256
$76,851,351
$30,550
&c.)
expenditures
Excess of receipts
$35,070,000
$723,349,290
$291,0S1,970
46,735,300
73,225,000
$125,255,000
(sinking fund,
.
————-
-
Debt retirements
$1,518,000
$241,2S3,495
Subtotal.
$42,000,000
10,000,000
2.395
4.196
3.750
a
283.71
2.579
1362
Financial
COMPLETE PUBLIC DEBT OF THE UNITED STATES
Chronicle
The statement of the public debt and Treasury cash hold¬
ings of the United States, as officially issued as of April 30,
1937, delayed in publication, has now been received, and as
interest attaches to the details of available cash and the
gross
and net debt on that date, we append a
summary thereof,
making comparison with the same date in 1936:
CASH
AVAILABLE TO PAY
h Excess of credits
TREASURY CASH AND
Balance end of month by dally statements, <fec
States
—7,035,629
—20,418,722
...
1,694,477,184
Deduct outstanding obligations:
Matured Interest obligations
Discount accrued on War Savings certificates
Settlement on warrant checks
Balance, deficit (—) or surplus (+)
DEBT
Payable
Outstanding (outside
of Treasury)..... 2,902,752,379.00
Gold
31,940,601
Fed. Res. notes...
Gold
10,886,516,158.46
.M.-S,
J.-D.
J.-D.
M.-S.
J.-D.
E.-A.
J -D
1955-1960
M.-S
1945-1947
M.-S.
1948-1951
M -S.
1951-1954
J.-D.
21*s Treasury bonds of 1956 59.
454,135,200
352,993,950
544,914.050
818,646.000
Note—Reserve
834,474,100
1,400,570,500
Silver
Silver dollars
Assets—
$
3s Adjusted Service bonds of 1945.
a
Total
Assets—
$
67,873,844
119,086,360
120,881,020
34,298,016,253 30,600,547,954
519,707,413
650,259,748
126,315,940
174,569,355
1,558,146,711.68
44,600,491.73
2,032,709.00
Federal Reserve notes..
14,285,830.00
Fed. Reserve bank notes
257,047.50
National bank notes..591,671.50
$34,940,629,364.65, and tbe net amount of
Subsidiary silver coin..
.
Minor coin
&c., was $3,410,241.88.
CONTINGENT
(cost val.)
LIABILITIES
OF
THE
3,472,520.04
courts,
8TATES.
Amount of Contingent
Principal
a
A^R. 30,
1937
To
Liability
Interest
To
3% bonds of 1944-49
....
31*% bonds of 1944-64
3% bonds of 1942-47
14*% bonds of 1937..
24*% bonds of 1942-47
IM% bonds of 1939
Redemption
bank
of
500,915,000.00
of
of
$
874,011,117,46
98,435,690.99
22,383,913.19
100,372,305.00
*1,422,184,500.00 15,203,482.78 1,437,387,982.78
Federal Housing Administration:
22,041,420.53
12,397,045.42
179,820,240.63
Balance today:
30,695,986.27
Inact. gold (as above) 1 ,213,246,148.54
Increment on gold (as
Treas¬
500,673.58
above)
Seigniorage (silver) see
other
note 1.
2,336,347.40
140,966,414.49
369,236,304.88
Working balance
914,455,516.94
To credit of Treas¬
urer
U.S
1,964,787.89
238,571,126.10
103,613,830.04
408,460.09
ex¬
other
Philippine Treasury:
862,085,600.00 11,925,517.46
98,028,600.00
407,090,99
236,482,200.00
2,088,926.10
22,325,000.00
58,913.19
103,141,100.00
472,730.04
100,122,000.00
250,305.00
notes(5% fund
Items,
changes, &c—
U. S
credit
Nat.
lawful money)
depositaries:
credit
79,707,705.37
of
Uncollected
Govt, officers...
S
5,038,578.66
disbursing
Deposits for:
bank
U. S
urer
Total
Guaranteed bv the United States •
Federal Farm Mortgage Corn :
other
credit
Foreign
59,300.000.00
officers. <tc
247,092,154.68
To credit of Treas¬
urer
lawful
reserve,
money.
Other deposits
Postmasters, clerks of
Fed. Reserve banks.-
and
2,743,070.35
Savings
System:
5%
Special depos. acct. of
To
10,581,005.63
Postal
590,536.98
Collections. &c
account of obliga¬
out¬
Post Office Dept
Board
of
Trustees,
Unclassified—
Nat.
checks
officers:
5,633,664.65
3,556,370.73
389,655,076.43
value).......
Govt, officers
UNTTED
1,367,360,135.73
Deposits of Government
depositaries:
on
1,171,922.00
44,600,491.73
standing
(recolnage
dally Treasury statements, was
public debt redemption and receipts
b No reduction Is made
Detail—
,
Silver bullion
a34,944.039,606 31,425,377,057
+ 1115 848,484 +1684,911,159
tions of foreign governments or other Investments.
1,321,587,722.00
1890
FUND
Treasurer's
Silver (as above)
United States notes
b33,828,191,122 29,740,465,898
-
by
Liabilities—
Gold (as above)
196,692.190
sales of Govt.secur.
-
of
notes
Total
1,367,360,135.73
GENERAL
Total gross debt April 30, 1937, on the basis of
In transit,
Treasury
Deposits In:
Net debt
secured
$
Silver ctfs. outstanding.
outstanding
Silver bullion
Total debt
$1,171,922 of
also
1,223,496,850
10,377,380,150 12,383,152,450
2,353,151,000
1,952,862,000
Deduct Treasury surplus or add Treasury deficit
and
are
Silver in general fund
1,214,453,900
409,575.800
__J.-J
Matured, Interest ceased
notes
Liabilities—
1,035,884.900
491,377,100
189,043.639
353,990,204
149,641,125
62,809,675
Bearing no Interest
States
Treasury notes of 1890
862,088,821.73
505,271,314.00
1,626,688,150
U. 8. Savings bonds, series B
U. 8. Savings bonds, series C_._
Unclassified sales
Aggregate of Interest-bearing debt
$346,681,016 of United
12,444,662,870.14
.
2,611,155,700
U. 8. Savings bonds, series A
-
Total.
SILVER
1,518.858.800
981,848,050
_.J.-D. 1,786,504,040
2Mb Postal Savings bonds
against
755,476,000
M.-S.
24*8 Treasury bonds of 1949-1953
12,444,662,870.14
Treasury notes of 1890 outstanding.
sliver dollars in the Treasury.
2,611,112,650
1,214,428,950
1,223,496,850
...J.-D.
34*8 Treasury bonds of 1949-1952
Total.......
834,463,200
1,400,534,750
...A.-O.
3s Treasury bonds of 1946-1948
1,558,146,711.68
489,087,100
1,518,737,650
1,035,874,900
491,375,100
A.-O.
81*8 Treasury bonds of 1944-1946.
140,966,414.49
203,934,148.65
1,036,762.000
818,627,500
755,476.000
41*8-3Mb Treasury bonds of 1943-1945.
In
weight, of
the gold dollar....
758,955,800
544.870,050
8Kb Treasury bonds of 1946-1949
8s Treasury bonds of 1951-1955
tion
In working balance..
259,150.000
352,993,950
84*8 Treasury bonds of 1941-1943
M.-S.
result, from reduc¬
49,800,000
489,080,100
454,135,200
3l*s Treasury bonds of 1940-1943
1.213,246,148.54
Balance of Increment
28,894,500
A.-O.
&Hb Treasury bonds of 1941...
Gold in general fund:
$
3**s Treasury bonds of 1946-1956
9,281,911.75
156,039,430.93
1,800,000,000.00
reserve-
Exch. stabillza'n fund.
736,640,638
1937 April 30, 1936
3Ha Treasury bonds of 1943-1947
fund—Bd.
Inactive
268,738,000
758.955,800
J.-D. 1,036.702,900
4**s Treasury bonds of 1947-1952
3s Treasury bonds of 1944-1954....
ctf.
of Govs., F. R.Sys 6,018,442.436.78
Redemption
fund—
3,711,985
1,378,233
49,800,000
28,894,500
Q.-J.
Certificates of Indebtedness.
$
Gold certificates:
699,609,819
$
Q -M
-
3s convertible bonds of 1946-1947
LIABILITIES
Liabilities—
.12,444,662,870.14
OUTSTANDING
Interest April 30,
Title of Loan—
Treasury notes
Treasury bills
$
Gold
i-1115848,484 +1684,911,159
INTEREST-BEARING
2Hb Treasury bonds of
21*8 Treasury bonds of
21*8 Treasury bonds of
21*8 Treasury bonds of
AND
2,421,551,797
578,628,700
—
3s of 1961
ASSETS
GOLD
A ssets—
31,915,135
542,260,484
3,626,925
826,156
Disbursing officers' checks
Total
CURRENT
2,441,970,519
over
under disbursements on belated Items
or
holdings of the Government as the items stood
1937, are set out in the following.
The figures
entirely from the daily statement of the United
Treasury of July 31, 1937.
taken
$
1,701,512,813
receipts
Add or Deduct—Excess or deficiency of
CURRENT LIABILITIES
July 31,
April 30, 1937 April
30, 1936
$
(deduct).
The cash
are
MATURING OBLIGATIONS
Aug. 28, 1937
include $15,000,000 face amount of series H bonds and accrued Interest
thereon, held by Treasury and refiected in the public debt,
g Does not
Total
2,638,904,384.85
2,818.724,625.481
Total...
2,818,724,625.48
Note 1—Tbls item represents seigniorage resulting from the Issuance of sliver
certificates equal to the cost of the silver acquired under the Silver Purchase Act of
1934 and the amount returned for the sliver received under the President's
proclama¬
tion dated Aug. 9,1934.
Note 2—The amount to the credit or disbursing officers and certain agencies
today
3% debentures
84,662.90
570.75
85,233.85
1,036,518,250.00
24* % bonds, series B, 1939-49. 1,198.866,125.00
1 4*% bonds, series D, 1937
49,843,000.00
2% bonds, series E, 1938
49,532,100.00
IM% bonds, series F, 1939
325,254,750.00
21*% bonds, series G, 1942-44. 327,129,075.00
h34,601.88
8,242,204.61
181,719.27
206,383.75
2,032,842.19
2,453,468.06
1,036,483,748.12
was
$2,373,627,288.93.
Home Owners' Loan Corporation:
3% bonds, series A, 1944-52
.
1,207,108,329.61
50,024,719.27
49,738,483.75
327,287,592.19
329,582,543.06
CHANGES
NATIONAL
BANK
NOTES
deposit therefor:
f2,987,143,300.00 13,082,116.00 63000,225,416.00
Amount Bonds
on
Reconstruction Finance Corp.:
2% notes, series H
11*% notes, series K
IN
We give below tables which show all the monthly changes
in National bank notes and in bonds and legal tenders on
National Bank Circulation
Afloat
on-
Deposit to
Secure Circula¬
84,478,000.00
165,706,666.67
560,075.14
935,514.29
166,642,180.96
250,184,666.67
1,495,589.43
c251,680,256.10
85,038,075.14
Bank Notes
31 1937.
Bonas
Tenders
$
July
Tennessee Valley Authority
Legal
tion'for National
$
Total
a265 ,492,159
b600,000
upon guarantees..
266,092,159
4,689,378,888.53
b600.000
a271 ,564,454
272.164,454
May 31 1937.
Total, based
June 30 1937.
b600,000
a'277 ,484,675
278.084.675
Apr.
b600,000
a283 .639,865
284,239,865
30 1937.
Mar. 31 1937.
On Credit of the United States:
Secretary of Agriculture..
b600,000
a290 ,584,270
291.184.270
b600,000
beoo.ooo
a297 ,476.385
298,076.385
305,431,788
313,738,265
321,812,120
328.659.920
339.115,395
348,388.855
Feb.
Funds due depositors
30 1937.
Dec.
Postal Savings System:
28 1937.
Jan
......
31
Nov. 30 1936.
1936.
beoo.ooo
a328 ,059.920
beoo.ooo
a338 515,395
1,301,623,034.46
8ept. 30 1936.
Aug. 31 1936.
beoo.ooo
July
beoo.ooo
a347 786,855
a357 525.840
Oct.
United States
Other Obligations:
*
a
Res
notes (fare amount)
e4195,119,544.15
Includes only bonds Issued and
outstanding,
After deducting amounts of funds
States to meet Interest payments.
c Does
not Include $3,610,000,000
face
amount
of
notes
and
accrued
e
In
actual
circulation,
face value of $1,052,156,010 held
exclusive of
as
•
investments, and
redemption
fund
a32l 212.120
358.125.840
1937, secured by
Includes proceeds for called bonds redeemed by Secretary of the Treasury
The
by $600,000 U. S. 2% Consols, 1930. deposited with the U. 8. Treasurer
following shows the amount of National bank notes
afloat and the amount of legal tender deposits July 1, 1937,
and
Aug. 2, 1937, and their increase
July:
or
decrease during the
month of
National Bank Notes—Total Afloat—
Amount afloat, July 1, 1937
$272,164,454
6,072,295
...
deposited
in the Treasury and $285,924,915 of their own
Federal Reserve notes held by the
The collateral security for Federal Reserve notes issued are
(1) $4,521,132,130 in gold certificates and credits with the Treasurer of the United States
payable in gold certificates, (2) United States Government securities of a face
(3) commercial paper of a face amount of $12,038,000.
value
of $60,000,000, and
only unmatured bonds issued and
outstanding.
Funds have been
deposited with the Treasurer of the United States for payment of matured bonds
which have not been presented for redemption.
1936.
Net decrease during July
$9,595,400.85
Issuing banks.
f Includes
31
b Secured
Interest
Government
a
other assets.
31
$2,279,181 Federal Reserve bank notes, outstanding Aug. 2,
lawful money, against
$2,307,460 on Aug. 1, 1936.
a
deposited with the Treasurer of the United
thereon, held by Treasury and reflected In the
public debt.
d Figures as of Feb. 28,
1937—figures as of April 30, 1937, not available.
Offset
by cash in designated depository banks and accrued interest
amounting to $133,883,170.75, which is secured by the pledge of collateral as
provided in the Regulations
of the Postal Savings System having a face
value of $137,661,793.25, cash In pos¬
session of System amounting to
$102,603,126.25, and Government and
guaranteed securities with
b600,000
beoo.ooo
1,269,854,093.00 31,768,941.46 dl301,623,034.46
Total, based upon credit of the
Fed
1936.
a304 ,831,788
a313 ,138,265
Amount of bank notes afloat Aug. 2, 1937
$266,092,159
Legal Tender Notes—
Amount deposited to redeem National bank notes, July 1, 1937
Net amount of bank notes redeemed in July
Amount
a
on
$271,564,454
6,072,295
deposit to redeem National bank notes, Aug. 2, 1937-. a$265,492,159
Includes proceeds for called bonds redeemed by
Secretary of the Treasury.
Volume
as
Gold,
per oz_.
p
Al?7lt» of XtXCVCCLSQ
fine oz,139s
139s. 4d.
4d.
Consols, 2%%. Holiday
British 3% %
War Loan...
Frl.,
Aug. 25
Aug. 26
19 13-16d.
19%d.
Aug. 27
I9%d.
Wed.,
Tues.,
Aug. 23
19 15-16(1.
19 15-16(1.
first
1960-90
Holiday
110%
The
price of silver
100%
100%
100%
110%
100%
100%
110%
British 4%
States
Bar N.Y.
on
the
S.
110%
.
the United
(in cents) in
ounce
days has been:
same
show
44%
44%
44%
44%
follow with
we
a
second table in which
dividends
50.00
50.00
50.00
50.00
50.00
77.57
77.57
77.57
77.57
77.57
77.57
are:
44%
50.00
Share
Name of Company
Aero Supply Mfg. Co., class
Aetna Ball Bearing Mfg. Co
Akron Brass Co.
—The Board of Governors of the New York Curb
the transfer
Exchange has approved
G. Friedmann (deceased)
of the regular membership of Paul
(.quarterly)
American Hawaiian Steamship (quar.)
American Home Products (monthly)
American Ice Co. (Jersey City,
N.J.) preferred-
American Machine & Metals
Reinecke of Friedmann & Torney.
to Maurice C.
—.-
(bi-mo.)
American Power & Light Co., $6 pref. (quar.)__
$5 preferred (quarterly)
American Safety Razor (quar.)_
American News N. Y. Corp.
York Stock Exchange,
with the firm at its
—Eastman, Dillon & Co., members of the New
announce
that Cecil H. Hackett has become associated
Rockefeller Center office.
American Seal-Kap Corp
American Sumatra Tobacco Corp___
American Tobacco Co., pref. (quar.)
—
—
Anaconda Copper Mining Co
Mam ham
1 Pittsburgh Stock Exchange
j,jew
I
BANK
Tel.
_
(Associate)
York Curb Exchange
Extra
A. T
Court-6800
& T
(quarterly)
(monthly).
Railroad Co
Bell Telephone of Canada (quar.)
Beneficial Loan Society (Del.) _ - B-G Foods, preferred
Preferred A
BROADWAY, NEW YORK
120
—— — -
Baldwin Co
Pitb-391
Tel
■-
Babcock & Wilcox Co—
PITTSBURGH, PA.
BLDG.,
pref. (quar.) —
Appalachian Electric Power, $7
Arnold Constable Corp—
Art Metal Works, Inc. (quar.)
Atlas Press Co. (quar.)
H. S. EDWARDS & CO.
UNION
—
sad,
Barkers Bread Ltd.
Beech Creek
Specialists in Pittsburgh Listed and Unlisted Stocks and Bonds
(semi-ann.)
Bird Archer Co.
Pittsburgh Stock Exchange
sales lists
Aug. 21 to Aug. 27, both inclusive, compiled from official
8% preferred (semi-ann.)
preierrea (.semi-ann.j
—
Black & Decker Mfg. Co. (quar.)
—
Extras
Sales
Friday
Last
Sale
Par
Stocks—
Armstrong Cork Co.
Price
Week's Range
Range Since Jan. 1, 1937
for
Week
of Prices
Low
High
Low
Shares
High
62%
23%
*
Blaw-Knox Co.
63%
127
2%
2%
1,570
July
Apr
1% June
10% June
2%
20
70%
29%
54%
21%
Carnegie Metals
1
Columbia Gas & Elec
*
12%
12%
54
Consolidated Ice Co com.*
50c
50c
200
50c
Mar
33%
20%
33%
20%
30
30%
July
20%
14
14
10
Copperweld Steel
Duquesne Brewing......5
Electric Products...
*
-
Follansbee Bros.
42%
*
11%
Home (Jos) com
Jeannet Glass
pref
107%
10%
Mesto Machine Co.
5
62
100
10
60
10%
60%
670
10
June
8%
4%
3,937
7%
Jan
623
4%
Aug
Mountain Fuel Supply Co.
'"7%
7%
4%
4%
5c
com..25c
70
2
2
121
121
112
Pltts'g Screw & Bolt Corp *
Pittsburgh Steel Fdry
*
14
Renner Co
15
1
Rund MfgCo
5
15
50
15
25%
1%
18%
20
16%
1%
15%
Shamrock Oil & Gas.....*
100
100
25
400
6
6
110
Preferred
1%
10
110
52%
30
90c
90c
1
*
Westlnghouse Air Brake.. *
Westlnghouse El & Mfg .50
197
141
Jan
Jan
Feb
Feb
Mar
Jan
29%
2%
Aug
July
Aug
19
Aug
135
Aug
Apr
Mar
Jan
7%
July
85c
Mar
Mar
30
Feb
3
Jan
19%
June
46%
50
51%
Victor Brewing Co
Apr
4%
147%
Feb
110
150
5%
5%
41%
40%
149% 151%
United Engine & Fdry...5
Waverly OilclA
6
Aug
25c
114% May
12% June
25%
1%
18%
.—5
Plymouth Oil Co
285
14%
10
5c June
1,400
Pittsburgh Plate Glass..25
Mar
Jan
109%
14%
72%
12%
58% June
1,620
5c
Pittsburgh Oil & Gas—.-*
Feb
99
Apr
10%
59%
Feb
Aug
58%
11%
Aug
104
Aug
50
25% June
40% June
11% Aug
210
60
107
Natl Firepr'lng Corp com. *
Phoenix Oil Corp
375
Jan
Apr
34%
24%
14%
Jan
44%
11%
Feb
20%
1.00
Jan
10
109%
60
*
Koppers Gas & Coke pf 100
Lone Star Gas Co
..*
18
14%
36%
34
pref_.100
Harb-Walker Refrac
593
1,044
Mar
Mar
4
Jan
June
61%
Mar
1.25
40% June
132% May
Feb
8%
56%
163%
Jan
Jan
Feb
Jan
♦No par value.
Bloomingdale Bros., Inc
Boston & Albany RR. Co_
~- 7-.
Brazilian Traction Light & Power, pref. (quar.)
Brewer (C.) &Co., Ltd. (monthly)
Briggs & Stratton Corp. (quar.)-----Bright (T. G.) & Co., Ltd., 6% pref. (quar.) —
Common
(quarterly) ------- - - - - - -,- - - - r - 7 - Tobacco Co., Ltd. (interim)__
pref. (quarterly)-(participating dividend)
British American
Budd Wheel Co.,
Preferred
Bullard Co
- - -
Cable & Wire
40c
(Holding), Ltd.—-
$1% conv. pref. (initial, quar.)
2%%
5%% preferred (semi-annual)
37 %c
Canada & Dominion Sugar Co. (quar.)
—
t*30c
Canada Northern Power Corp., Ltd., common.
tl%%
7 % cuinul. preferred (quarterly—
t$2
Canada Permanent Mtge. (Toronto, Ont.) (qu.)
i$3%
Canada Starch Co., Ltd., 7% pref. (semi-ann.) —
$%
Canadian Cottons, Ltd. (quarterly)
$1 %
(quarterly)
- - - - - - Wirebound Boxes, class A (quar.)—.
Capitol Life Insurance (Denver) (s.-a.)-Preferred
37%c
$5
Canadian
Cariboo Gold Quartz
Prior
2%c
Mining Co. (quar.)
Chapman Ice Cream Co. - - Chicago Pneumatic Tool, $3
Cluett, Peabody & Co.,
Commercial Credit Co.
Extra.
following information regarding National banks is
Comptroller of the Currency, Treasury
Department:
The
(
CHANGE
OF
LOCATION
AND
TITLE
Aug. 16—Location of the First National Bank of Ethan, Ethan, County
of Davison, S. Dak., changed to Armour, County of Douglas, S. Dak.,
and title changed to "First National Bank in Armour."
50c
BRANCH
AUTHORIZED
Aug. 10—The First National Bank of Portland, Ore.
Location of branch:
Town of Malin, Klamath County, Ore.
Certificate No. 1362A.
Aug. 18—The First National Bank of Louisville, Ky.
Location of branch:
602 South Fourth St., Louisville, Ky., Certificate No. 1363A.
VOLUNTARY
LIQUIDATIONS
jf\.Tfl/OUTbtr
13—The First National Bank of Mabank, Tex
29, 1937.
Liq. agent, J. C. Gibbs, Mabank,
Texas.
Succeeded by Security State Bank of Mabank, Texas.
Aug. 16—The First National Bank of Klamath Falls, Ore
Effective June 24, 1937.
Liq. agent, J. H. Mackie, care of the
liquidating bank.
Absorbed by the First National Bank of
Portland, Ore., Charter No. 1553.
Aug. 19—The Altona National Bank, Altona, 111
Effective July 21, 1937.
Liq. agents: C. C. Saywer and D. N.
McMaster, both of Altona, 111.
Absorbed by First Galesburg National Bank & Trust Co., Galesburg, 111., Charter
Aug.
$50,000
25,000
CAPITAL
STOCK
Ami.
Aug. 17—The Calumet National Bank of Hammond, Hammond,
lnd.
From $200,000 to $250,000
Aug. 19—The Franklin National Bank, Franklin, Ohio.
From
$60,000 to $100,000
PREFERRED
STOCK
$50,000
40,000
25c
75c
Amount
Aug. 10—The First National Bank of
City, lnd.
Class B sold locally
t$8
$1
87 %c
Michigan RR. Co. 8% pref
Common (semi-ann.)- —
De Long Hook & Eye (quarterly) __
Detroit City Gas Co. 6% pref. (quar.)
Detroit Paper Products
—
$1%
$1%
6%c
Controller & Mfg. (quarterly)Electric Products Corp
Faultless Rubber Co. (quar.)
Fohs Oil Co
----.
Fox (Peter) Brewing6% pref. (quar.)__
Gannett Co. 6% preferred (quar.)
Geminer Mfg. Co. class A
Michigan City, Michigan
$50,000
Oct.
60c
Oct.
Oct.
— .
75c
$1,125
40c
75c
$1
$1
50c
$1
Oct.
Oct.
Aug.
Sept.
Oct.
Sept.
Oct.
Sept.
15c
—
Oct.
$1%
t$4
Oct.
25c
Sept.
Sept.
Sept.
Sept.
Sept.
Sept.
Sept.
Sept.
Sept.
Sept.
Sept.
Sept.
Sept.
Sept.
15
7
17
17
15
16
10
28
20
20
15
20
10
10
10
10
10
10
15
Aug. 27
Sept. 10
Sept. 10
Sept. 16
Sept. 14
Aug.
1
Sept. 2
Sept. 16
Sept. 16
Sept. 20
Aug. 25
Sept. 3
Sept. 15
Sept. 15
Aug. 24
Aug. 28
Oct.
8
Sept.
Sept.
Aug.
Sept.
Sept.
Sept.
Sept.
Sept.
Sept.
Sept.
Sept.
Aug.
Sept.
15
15
23
1
20
20
15
1
15
15
3
25
15
15
Oct.
Oct.
Aug.
Aug.
Aug.
Aug.
Aug.
Aug.
9
9
9
25c
Oct.
$1%
Oct.
10
10
17
15
15
7
Preferred..
General Plastics, Inc. —
7% preferred (quarterly)
6% preferred (quarterly).
General Railway Signal
—_ — — —
$1
$1%
37%c
25c
Sept.
Sept.
Sept.
Sept.
Sept.
Sept.
Sept.
$1%
Nov.
Oct.
5c
Sept.
Sept.
Sept. 11
Sept. 11
Sept. 10
(interim)
25c
preferred (quar.)
$1%
$1%
(quar.)
—
Razor Co. (quar.).
Preferred (quarterly)
Goebel Brewing Co. (quar.)
--
Oct.
Oct.
25c
Electric
—
Sept.
Sept.
Aug.
Sept.
$1%
25c
Oil Fields (monthly)
Draper Corp ----- — - - - - - - - - - - - - - - -----Nemours (E. I.) & Co., 6% deb
Eastern Gas & Fuel Assoc., 6% pref
4%% preferred (quarterly)
—
El Dorado Oil Works (quar.) —
Electro Bleach Gas Co. (quar.)-______
Extra
Oct.
Sept.
Sept.
Sept.
Sept.
Aug.
25c
(quarterly)
———
—
5c
Sept.
Oct.
Oct.
60c
Goldblatt Bros
Optional payment
Oct.
62 %c
25c
Oct.
1
l-50th sh. common for
each share held.
Preferred (quarterly)
ISSUED
Sept.
$3%
Gillette Safety
of Increase
Oct.
Oct.
Co. (quar.)
Georgia Power Co. $6
INCREASED
Sept.
Sept.
Sept.
$1%
$1,125
Dayton &
$5 preferred
COMMON
Sept.
Oct.
Martin Mfg. Co. 7% pref. (s.-a.)
Cuban-American Sugar, preferred-.-
Preferred (quarterly)
General Theatres Equipment
No. 241.
Oct.
Sept.
75c
General Fire
200,000
Aug.
Oct.
Extinguisher Co. -------General Outdoor Advertising preferred
Effective June
Oct.
Oct.
Du Pont de
Aug. 7—The National Bank & Trust Co. of Norwich, N. Y.
Location of
branches: Villages of Sherburne and Earlville, Chenango County, N. Y.
Certificates Nos. 1360A and 1361A.
Oct.
75c
Corp. $6 pref—
Connecticut Light & Power (quar.)- —----Consolidated Biscuit Co. (dividend omitted).
Consolidated Rendering (irregular) _
Consumers Power Co., $5 pref. (quar.)
Dominguez
Oct.
$1.06%
ConmionweaSh&^outhern
Corp.
Sept. 30
Sept.
Aug.
Sept.
Sept.
Sept.
Aug.
Sept.
Aug.
Aug.
Oct.
$1.06%
$1
4%% preferred (quarterly)-Commercial Investment Trust (quar.)
Detroit Steel
Sept. 30
Oct.
Oct.
Oct.
Inc., pref. (quar.) —
(quar.)
Crunden
from the office of the
Oct.
Oct.
75c
- -- -
-- t
Crowell Publishing
Aug. 20
Sept.
1
Aug. 15
62%c
-----
- -
Sept.
Sept.
Sept.
75c
pref. (quar.).
preferred (quarterly)
'Clorox Chemical Co
10c
- - - - ------
$4% preferred (quarterly)- -- -Continental Diamond Fibre Co
NATIONAL BANKS
Sept. 30 Sept.
Oct.
1 Sept.
Sept. 25 Sept.
Sept. 15 Sept.
Oct.
1 Sept.
Oct.
1 Sept.
Sept. 25 Sept.
Oct.
1 Sept.
Sept. 15 Sept.
Oct.
1 Sept.
Oct.
1 Sept.
20
15
15
12%c
3
25c
15
20c
14*
50c
7
15c
15
50c
4
$1%
7
$1%
7
50c
Sept. 30 Sept.10
20c
Sept. 10 Aug. 30
25c
Sept. 15 Sept.
1
Oct.
1 Sept. 10
$1%
50c
Sept. 27 Sept. 7
Oct.
1 Sept.
$1%
1
12%c
Sept. 20 Sept. 10
20c
Sept. 21 Sept. 10
10c
Sept. 15 Sept.
1
5c
Sept. 15 Sept.
1
Oct.
1 Sept. 20
$1
15c
Sept. 25 Sept. 20
$1%
Sept. 15 Aug. 31
8c
Sept. 1 Aug. 24
Oct.
50c
1 Sept. 15
Oct. 15 Sept. 23
$2
20c
Sept. 1 Aug. 20
Oct. ' 1 Sept. 20
t$3%
$2
Sept. 5 Aug. 15
$4
Sept. 5 Aug. 15
25c
Sept. 30 Sept. 17
50c
Sept. 30 Sept. 17
37 %c
Stpt. 25 Sept. 15
$2
Sept. 30 Aug. 31
Oct.
1 Sept. 15
1
Sept. 25 Sept. 20
$1%
Sept. 15 SeDt. 3
$1%
Sept. 15 Aug. 31
7 %c
Sept. 15 Aug. 31
lOd.
Sept. 30 Sept. 4
$1%
Sept. 30 Sept. 16
25c
Sept. 30 Sept. 16
25c
Sept. 30 Sept. 15
t$2%
A
Holders
Payable of Record
75c
Abraham & Straus
NOTICES
CURRENT
When
Per
Treasury
(newly mined)
Then
the
The dividends announced this week
Closed
(for.)
U. S. Treasury.
U.
110%
per
we
previously announced, but which
have not yet been paid.
Further details and record of past
dividend payments in many cases are given under the com¬
pany name in our "General Corporation and Investment
News Department" in the week when declared.
we
Holiday
grouped in two separate tables.
In the
bring together all the dividends announced the
are
current week.
74%
74 7-16
74%
74%
Dividends
139s. 8d.
139s. 7d.
139s.4%d. 139s. 6d.
74%
Aug. 10—-The First National Bank of Michigan City, Michigan
City, lnd.
From $62,500 to $75,000
$12,500
DIVIDENDS
Thurs.,
Aug. 24
19%d.
Mon.,
Sai.,
Aug. 21
Silver,
OOMMON^OAPITAL STOCK INCREASED
London,
follows the past week:
daily closing quotations for securities, &c., at
reported by cable, have been as
1363
Chronicle
CABLE
FINANCIAL MARKET—PER
ENGLISH
The
Financial
145
Grand Rapids
Varnish (quar.)
Group No. 1 Oil
Hall Lamp Co
Corp. (quar.)
$50
10c
1 Sept. 10
Sept. 30 Sept. 20
Sept. 30 Sept. 10
Sept. 15 Sept. 4
1364
Financial
Per
Name of Company
Haloid Co.
(quar.)
25c
---
Hamilton United Theatres,
tSIM
Ltd,.,, 7% pref
Hawaiian Agricultural Co. (mo.)
Helme (G. W.) Co. common (quar.)
Preferred
(quar.)
— -
20c
—
— — — —
Hollinger Consol. Gold Mines, Ltd
Honolulu Oil Corp., Ltd. (quar.)
Honomu Sugar Co. (mo.)
Idaho-Maryland Mines (extra)
Illinois Bell Tolep. (quar.)_
Indianapolis Power & Light Co. 6M% pref. (qu.)
6% preferred (quar.)
Industrial Credit Corp. of Lynn (quar.)
7% preferred (quar.)
10c
25c
$2
-
_
—
International Salt Co—-
SIM
SIM
25c
87 Mc
37 M
$2
SI
-
International Silver preferred—
Interstate Natural Gas
Irving (John) Shoe Corp. (quar.)
— —6% preferred (quarterly)
KansasOioy Power & Light 1st pref B (quar.)_
Kansas Power Co. $6 cum. pref. (quar.)
$7 cum. pref. (quar.)
—
Katz Drug Co. common—omitted
Preferred (quar.)
—
Kings County Lighting Co. 7% pref. ser. B (qu.)
6% preferred series C (quar.)
5% preferred series D (quar.)
Kleinert (I. B.) Rubber Co. (quar.)
Special
Kreuger (G.) Brewing Co. (quar.)
Lava Cap Gold Mining—
—
Lazarus (P. & R.) Co
Leslie Salt Co. (quar.)
Special
Lincoln Service Corp. (quar.)
7% preferred (quarterly)
—
Lindsay Light & Chemical Co. pref. (qu.)
Liquid Carbonic Corp., new (quar.)
Long Island Lighting Co. 7% pref. series A (qu.)
6% preferred series B (quar.)
Lorillard (P.) Co. (quar.)___
Preferred (quar.)
Louisiana Land & Exploration Co
Mathieson Alkali Works (quar.)
Preferred (quar.)_
Mayer (Oscar) & Co., Inc
8% 2nd preferred (quarterly)
8% 2nd preferred (extra)
_
McColl-Frontenac Oil preferred (quar.)
Memphis Power & Light $7 pref. (quar.)
$6 preferred (quar.)
:
Merrimac Hat Corp
Preferred (quar.)
12Mc
37 Mc
SIM
SIM
$1125
SIM
SIM
$1£
-
.
—
common..
Mid vale Co. of Dela__
Mid-West Rubber Reclaiming
Oct.
25c
$2
SIM
SIM
25c
SI
si
—
Extra
(quar.)
Extra
National Bearing Metals Corp. pref. (quar.)
National Bond & Investment Co. (quar.)
—
5% preferred (quar.)
National Breweries, Ltd. (quar.)
Preferred (quar.)
National Gypsum, 1st pref. (quar.).
2nd preferred (quarterly)
National Malleable & Steel Casting
National Oats Co. (quar.)
North American Co. common (quar.)
...
__
Preferred (quar.).
Paramount Pi tures, Inc.,
2d preferred
SIM
1 Aug.
1st pref. (quar.)
1 Oct.
18
1 Sept. 15
Oct.
1
Oct.
1
Sept. 18
1
Sept.
1
Oct.
1
75c
Oct.
1
Sept. 15
Sept.
Sept.
Sept.
Aug.
Sept.
Sept.
Sept.
Sept.
Sept.
Oct.
1
15c
Oct.
1
Sept. 20
40c
Sept. 30 Sept,
1 Sept.
Oct.
Sept. 30 Sept.
Oct.
Sept.
1 Sept.
Oct.
Sept. 1 Aug.
1 Aug.
Sept.
Sept. 15 Sept.
1 Sept.
Oct.
Sept. 30 Sept.
Sept. 14 Sept.
Sept. 30 Sept.
Sept. 30 Sept.
Sept. 15 Sept.
Sept. 30 Sept.
Aug. 25 Aug.
Oct.
1 Sept.
Oct.
1 Sept.
Oct.
1 Sept.
Oct.
1 Sept.
Oct.
1 Sept.
Sept. 25 Sept.
SIM
SIM
tSIM
—
10c
50c
37 Mc
I
50c
8Mc
3Mc
Extra
Pittsburgh Metallurgical (quar.)
Plymouth Oil Co. (quar.)
25c
35c
__
Prentiss Wafers Products Co
^
Public Service Co. of Okla. 7% prior lien (qu.)__
6% prior lien (quar.)
Pure Oil Co. 5%% preferred (quar.)
6% preferred (quar.)
8% preferred (quar.)
Quaker Oats Co. (quar.)
Preferred (quar.)
Queens Borough Gas & Electric Co.:
6% preferred (quar.)
Ray-O-Vac (quar.)
Republic Steel Corp. 6% preferred (quar.)
6% preferred A (quar.)
SIM
SIM
1M%
1M%
2%
SIM
SIM
—
SIM
50c
Richardson Co
40c
River Raisin Paper Co
Riverside Silk Mills class A
15c
(quar.)
50c
Roberts Public Markets, Inc. (quar.)
Rochester Telep. 6M% preferred (quar.)
20c
SIM
Ruberoid Co. common
_
_
_______
of
15c
25c
Nov. 30 Nov.
16
16
4*
21
15
15
15.
15
1
18
23
15
15
15
20
20
10
17
20
3
15
15
3
8
21
20
20
10
10
10
1
1
Opt.
1 Sept. 15
Sept. 15 Sept. 7
Oct.
1 Sept. 13
Oct.
1 Sept. 13
Sept. 14 Sept. 4
Sept. 15 Sept. 10
Oct.
1 Sept. 15
Oct.
1 Sept. 20
Oct.
1 Sept. 20
Sept. 30 Sept. 15
Oct.
1 Sept. 15
South
St. Helen's Pulp & Paper Co
20c
San Joaquin
Light & Power 7% pref. A (qu.)__
prior preferred B (quar.)
preferred B (quar.)
prior preferred A (quar.)___
San Jose Water Works
Scranton Electric $6 preferred (quar.).
Scranton Lace Co__
SIM
SIM
SIM
SIM
37 Mc
SIM
60c
Sheep Creek Gold Mining, Ltd. ,(quar.)
Sept.
Sept.
Sept.
Sept.
Sept.
Sept.
Oct.
Sept.
2c
lc
Extra
Oct.
Oct.
Shell Union Oil Corp., 5M% pref. (quar.)
Oct.
Sherwood, Swan & Co. 6% pref. class A (qu:)
City StockyardsT$l M pref. (quar.)
Siscoe Gold Mines (quar.)
South Porto Rico Sugar Co., com. (quar.)
15c
Sept.
37 M c Aug.
Sioux
—
30
21 Sept. 10
21 Sept. 10
50c
Corp. $7 preferred (quar.)
Penney (J. C.) Co. common
Pennsylvania Water & Power Co. (quar.)
Preferred (quar.)___
Peoples Water & Gas Co. $6 preferred
So preferred (quar.)
Pepeekeo Sugar Co
Perfect Circle (quar.)__
Perfection Stove Co. (quar.)__
Petroleum Corp. of America
Pictorial Paper Package (quar.)
—
30
Oct.
SIM
-
Preferred (quar.)
29
30c
Opt. div. of cash or 6% cum. conv. pref. stock
Parke, Davis & Co
Extra
1
15
29
Aug. 20
Sept. 15
Sept.
1
Sept 14
Sept. 14
Sept. 10
Sept. 10
Oct.
25c
—
5c
Sept.
50c
___
Oct.
80c
Oct.
2%
Oct.
SIM
Oct.
Aug.
Aug.
Aug.
Aug.
Aug.
Aug.
Sept.
Sept.
Sept.
Sept.
Sept.
Sept.
Sept.
Sept.
Sept.
Sept.
25
31
31
31
31
20
1
15
30
30
10
4
15
15
15
15
Southwestern Gas & Electric Co.—
1
Sept.
3
Oct.
1 Sept.
l Sept.
7
7
30 Oct.
Oct.
Oct.
15
25c
Oct.
20c
—
Warren (S. D.) Co
—._
West Coast Telep.
Extra.
5c
_
Below
we
1
S<ept.l0
Sept.15 Aug. 31
Sept.15 Aug. 31
Oct.
1 Sept. 15
Sept. 20 Aug. 20
Oct.
1 Sept.
8
Oct.
1 Sept.
8
Oct.
Yellow Truck & Coach Mfg., pref
and
Oct.
Sept. 24 Sept. 3
1 Sept. 15
t$2 Oct.
l Sept.
1
£1.16z3 Oct.
Oct.
1 Sept.
1
Sept.
1 Aug. 20
25c
Sept.15 Sept. 5
Oct.
1 Sept. 10
SIM
Oct. • 1 Sept.10
SIM
10c
Sept. 20 Sept. 10
Oct.
1 Sept.14
tSl
75c
Sept.27 Sept. 18
37 Mc
Sept.
1 Aug. 20
Oct.
20c
1 Sept. 15
Oct.
1 Sept. 24
SIM
Oct.
1 Sept. 24
SIM
27 Mc
Aug. 20 July 30
SIM
Sept. 15 Aug. 31
Co. 6% preferred (quar.)._.
(Geo.), Ltd. (quar.)
Wheeling Steel Corp., $5 pref. (initial)
6% preferred.
— - —
Winters & Crampton Corp
Wisconsin Michigan Power 6% pref. (quar.)
Wisconsin Power & Light Co.—
SI.125
6% cum. pref. (quar.)
$1.31 M
7% cum. pref. (quar.)___
Wood (Alan) Steel 7% preferred
tSIM
Woolf Bros., Inc., 7% preferred (quar.)
SIM
10c
Wright-Hargreaves Mines, Ltd. (quar.)
Weston
1 Sept. 15
give the dividends announced in previous weeks
not
yet paid.
The list does not include dividends an¬
nounced this week, these being given in the preceding table.
Per
Name of
1 Sept. 15
Share
Company
Abbotts Dairies, Tnc. (quarterly)-.
Acme Steel Co. (quar.)
Addressograph-Multigraph Corp
Agnew-Surpass Shoe Stores (s.-a.)
-
Extra.
7% preferred (quarterly)
Agricultural Insurance Co. (N. Y.) (quar.)
Ahlberg Bearing Co. class B (quar.)
Alabama Mills, Inc., common
Alabama & Vicksburg Ry. Co. (s.-a.)
Alabama Water Service, 6% pref. (quar.)
Alexander & Baldwin, Ltd. (quar.)
Allegheny Steel Co.
Preferred (quarterly)
Allen Industries, Inc. (quarterly)
Allied Laboratories, Inc
Allied Products Corp., class A (quar.)
Allied Stores 5% preferred (quar.)
Alpha Portland Cement
Aluminium, Ltd
6% preferred
6% preferred (quarterly)
Aluminum Manufacturing, Inc. (quar.)
Quarterly
...
7% preferred (quar.)
7% preferred (quar.)
'
Amalgamated Leather Cos., pref. (quar.) —
40c
SIM
25c
15c
43 Mc
SIM
25c
t$4
SIM
50c
50c
SIM
$1 M
—
Agricultural Chemical
75c
$4
75c
American Arch Co. (increased)
American Bank Note Co
25c
75c
Preferred (quarterly)
17 Mc
American Box Board 7% pref. (quar.)
American Business Shares (quar.)
2C
American Capital Corp. $5M prior pref. (quar.)
—
50c
SIM
(quarterly)
American Chicle Co. (quar.)
American Cigarette & Cigar, stock div
1-40th sh. of Am. Tobacco cl. P for each sh.
Amer. Cigarette & Cigar com. held.
SI
—
(qnar.)
American Dock Co., 8% preferred (quar.)_—..
American Electric Securities Corp., partic. pref.
American Envelope Co., 7% pref. A (quar.) —
7% preferred A (quarterly)
American General Corp., S3 pref. (quar.)
$2 M preferred (quarterly)
75c
20c
J.) (s.-a.)
American Investment Co. of Illinois (quar.)—
American Laundry Machinery (quar.)
Extra
American Metal Co
Extra
-
-
Preferred (quar.)
American Paper Goods, 7% preferred (quarterly)
7% preferred (quarterly)
—
Amer. Radiator & Standard Sanitary (quar.) —
Preferred (quarterly)
American Ship Building Co
American Smelting & Refining Co. (quar.)
American Steel Foundries
American Sugar Refining (quarterly)
Preferred (quarterly
American Telep. & Teleg. (quar.)
American Tobacco Co. (quarterly)
Common B (quarterly)
American Toll Bridge Co. (quar.)
__
Quarterly.
American Water Works <fe Electric Co
SIM
$2
7Mc
SIM
SIM
75c
62 Mc
50c
$2 preferred (quarterly)
American Hide & Leather preferred (quar.)
American Home Products Corp., (monthly)
American I. G. Chemical, class A (interim)
Class B (interim)
American Indemnity Co
American Insurance Co. (Newark, N.
Extra
Aug. 16
1
Aug. 16
Sept. 15
1 Sept. 20
1 Aug. 20
Sept.
—
Preferred
1
11 Aug. 27
22 Sept.
2
1 Aug. 16
1
Nov.
Oct.
,
Preferred
30 Sept. 14
30 Sept. 14
Oct.
— —
American Chain & Cable Co_
Holders
Oct.
—
American
When
Payable of Record
Sept.
Sept.
Sept.
Sept.
Sept.
Sept.
Sept.
Abbott Laboratories (quar.)
Extra
_
7% cumulative preferred (quar.)
Oct.
20
50c
(quar.)
Payable to common stockholders
Porto Rico Sugar Co.
1
7
7
Sept. 7
Aug. 31
Aug. 24
] Sept. 15
Sept. 15 Sept. 10
l Sept.
7
Oct.
1 Sept. 10
1 Aug. 20
1 Aug. 20
Sept.
Sept.
Sept.
&1.27M Sept.
Oct.
tSIM
Sept.
SIM
25c
Sept.
10c
Sept.
25c
Sept.
25c
Sept.
Nov.
SIM
36c
Sept.
Sept.
SIM
25c
.___
common
1 Aug. 20
50c
Pathe Film
7%
6%
6%
Oct.
7
1
Sept. 15 Sept.
Sept. 30 Sept. 7
Sept. 30 Sept. 7
Sept. 1 Aug. 24
Sept. 1 Aug. 24
Sept. 1 Aug. 24
Oct. 15 Sept. 30
Oct.
1 Sept. 11
Oct.
1 Sept. 11
Sept. 1 Aug. 23
Sept. 1 Aug. 23
Oct.
1 Sept. 16
Oct.
1 Sept. 18
10
Sept.
Oct.
50c
—
25 Sept. 20
1 Sept. 15
1 Sept. 15
1
1
21
10
25c
28 Aug. 31
44c
—
———
—
Sept. 9
30 Sept. 10
25 Sept. 15
1 Sept. 15
1 Sept. 15
20
20
20c
(quar.)
Upressit Metal Cap Corp. 8% pref-Utah Power & Light Co., $7 pref—
$6 preferred
Valley Mould & Iron Co. preferred (quar.)_
Victor Equipment pref. (quar.)
Virginia Public Service, 7% pref
6% preferred (quar.)
— Wailuku Sugar Co
—
Ward Baking Corp. 7% preferred
16
20 Sept.
Sept.
Sept.
Sept.
Sept.
Aug.
Sept.
Sept.
Sept.
80c
Corp.
———
Sept. 4
Aug. 31
Aug. 31
Aug. 31
Aug.
7
United Elastic Corp.
Sept. 15
Sept. 15
SIM
Park & Tilford, Inc., common (quar.)
Russell & Co.
1
30 Sept. 15
30 Sept. 15
SI M
—
(quar.)
Muskegon Piston Ring
Oct.
Sept.
—
Mueller Brass Co.
Oct.
Oct.
25c
_
Sept. 15
Sept. 15
Sept. 15
Sept. 9
Sept. 15
Sept. 15
Aug. 16
Aug. 25
Sept. 30
Sept. 30
Sept. 15
Sept. 15
Sept. 1
Sept. 30
Sept. 30
Sept. 20
Sept.15
Sept. 15
Sept. 7
Sept. 1
Corporation, S3 cum. pref. (quar.)_____
United Dyewood Corp., com. (quar.)—
1
10c
_
Holders
When
Payable of Record
SIM
$2
—
Union Pacific RR
5
SIM
66c
pref. (quar.)
Ltd. (quar.)
Traders Building Association,
Truax-Traer Coal Co. (quar.)
Union Carbide & Carbon
—
75c
15 Dec.
37Mc
SIM
■—
—
Toronto Elevators, Ltd.,
28 Aug. 31
30c
—
-
20c
21 Oct.
1
-
S3
15c
50c
50c
25c
25c
Union Premier Food Stores (quar.)
United-Carr Fastener (quar.)
Co.—
—
—
21c
United
Sept.
Sept.
Sept.
Sept.
$4 preferred (quarterly)
Minneapolis Gas Light Co. (Dela.)—
6% preferred (quarterly)
5M% preferred (quarterly)-.5% preferred (quarterly)
Preferred (quarterly).
Monarch Knitting Co. 7% pref.
Monarch Life Insur. Co. (Springf, Mass.)
— —
75c
25c
49c
1
Oct.
40c
—
1 Sept. 15
1 Sept. 15
Oct.
Dec.
1M%
15c
-
—
Sterchi Bros. Stores, Inc., 6% pref. (quar.) —_
5% preferred (quar.)
Telephone Bond & Share Co. 7% 1st preferred.
1st S3 preferred—
Terre Haute Electric 6% preferred (s.-a.)
Texon Oil & Land Co. (quar.)_
Timken-Detroit Axle (interim)
Todd Shipyards Corp. (quar.)—
Tokheim Oil Tank & Pump Co
Extra
25c
Oct.
25c
87 Mc
60c
-----
Oct.
50c
5c
SIM
—
Stanley Co
1
50c
SIM
-
12 Oct.
Extra
Standard Screw Co———
Sept. 30 Sept.18
Oct.
1 Sept.
6
Oct.
1 Sept.
6
Sept. 1 Aug. 16
Sept. 1 Aug. 16
Oct.
1 Sept. 15*
Oct.
1 Sept. 15*
Sept. 15 Aug. 31
Sept. 15 Aug. 31
Sept. 15 Aug. 31
Otc.
1 Sept. 14
Oct.
1 Sept. 20
Oct.
1 Sept. 20
25c
12Mc
—_ —
_
8% preferred (quar.)
Sparks Withington Co., pref. (quar.).
Sperry Corp
_ _
Standard Oil (Ky.) (quar.)
10
10
14
26
3
4
Sept.
Sept.
Sept.
Sept.
Sept.
15c
_
—
Southwestern Portland Cement (quar.)_
Semi-annual-
-
Mesta Machine Co.
Oct.
SIM
SIM
J5c
Per
Share
Name of Company
Sept. 30 Sept. 15
Sept. 30'Aug. 31
25
Sept. 30 Sept.
Oct.
1 Sept.
Oct.
1 Sept.
Sept. 25 Sept.
Sept. 9 Aug.
Sept. 15 Sept.
Sept. 10 Sept.
SI M
Aug. 28. 1937
Holders
Payable of Record
10c
—.
__
Hercules Powder Co. (quar.)
—
When
Share
Chronicle
—
1 Oct.
1 Sept.
Sept. 1 Aug.
Sept. 15 Sept.
Sept. 16 Sept.
1 Aug.
Sept.
Sept. 4 Aug.
1 Sept.
Oct.
Oct
1 Sept.
1 Sept.
Oct.
Sept. 25 Sept.
1 Aug.
Sept.
Sept. 1 Aug.
Sept. 30 Sept.
Dec
31
Dec.
15
8
20
5
1
18
20
15
10
21
1
14
14
16
15
Sept. 30 Sept. 15
Dec.
31
Dec.
Oct.
1 Sept.
Sept. 30 Sept.
1 Aug.
Sept.
Oct.
1 Sept.
Oct.
1 Sept.
Sept. 10 Aug.
1 Aug.
Sept.
1 Aug.
Sept.
Sept. 15 Sept.
Sept. 15 Sept.
Sept. 15 Sept.
Sept. 15 Sept.
15
17
10
20
13
13
18
16
14
7
7
1
3
Sept. 30 Sept. 15
Aug. 31 Aug. 15
Sept. 1 Aug. 20*
Sept.
1 Aug. 25
Dec.
1
Nov. 25
Sept. 1 Aug. 18
Sept.
1 Aug. 18
Sept.
1 Aug. 18
Sept. 30 Sept.22
Sept.
1 Aug. 14*
Sept. 15 Sept. 10
Sept. 15 Sept. 10
Oct.
1 Sept.
1
Oct.
1 Sept.
7
Oct.
1 Sept.
7
Sept. 1 Aug. 10
Sept.
1 Aug. 20
Sept. 1 Aug. 20
Sept. 1 Aug. 20
Sept. 1 Aug. 20
Sept. 1 Aug. 20
Sept. 15 Sept. 5
5
Dec. 15 Dec.
Sept. 30 Aug. 27
Sept.
1 Aug. 24
Nov.
1 Oct.
Aug. 31 Aug.
Sept. 30 Sept.
Oct.
2 Sept.
Oct.
2 Sept.
Oct. 15 Sept.
Sept. 1 Aug.
Sept. 1 Aug.
Sept. 15 Sept.
Dec.
15 Dec.
15
6
15
7
7
15
10
10
1
1
Sept. 15 Aug. 20
Sept.
Sept.
Nov.
Anaconda Wire & Cable Co.
Anglo-Canadian Telephone class
Archer-Daniels-Midland
jlll.).
$6 preferred (quar.).
7% preferred (quar.).
Oct.
preferred (quar.)—.
(interim)
Artloom Corp. 7% preferred
Asbestos Mfg. Co., $1.40 prer. (quar.) —
Associated Dry Goods Corp. 1st preferred.
Armour & Co. (Del.)
Armstrong Cork Co.
2nd preferred
Associates Investment Co.
Sept. 1
Sept. 1
Sept. 30
Sept. 30
Sept. 1
1
Sept.
Sept. 15
1
Sept.
Sept. 10
Aug. 30
Sept. 15
Sept. 15
Sept. 15
(quar.)
5% preferred (quar.)
Atchison Topeka & Santa Fe
Atlanta & Charlotte Air Line
Ry. (s.-a.)_.
preferred (quarterly)
Atlas Tack Corp
Automobile Finance Co
Extra
Preferred
H
Avery (B. F.) & Sons Co. (interim)
Balfour Building, vot. trust ctfs. (qu.)—
Baltimore Radio Show, Inc. (quar.)
6% preferred (quarterly)
Bangor & Aroostook RR. Co., common...
preferred
Bangor Hydro-Electric, 7% pref. (quar.).
6% pref. (quar.)
Cumulative convertible
Oct.
Oct.
Sept.
Aug.
Sept.
Sept.
(quar.)
Barber (W. H.) Co. (quar.)
Barlow & Seelig Mfg. Co., common A
Basic Dolomite, Inc. (initial quar.)
Bath Iron Works Corp., payable in stock
Baton Rouge Electric Co. $6 pref. (quar.)
Bayuk Cigars, Inc
Preferred (quarterly)
Beaumont Mills. Inc., $1H cum. preferred—
Beaunit Mills. Inc
Beech-Nut Packing Co. (quar.)
Bank of Toronto
Extra..
;
A (quar.)
Bellows & Co..class
Class A
Oct.
Oct.
Sept. 15 Sept.
—
Dec.
Berghoff Brewing (quarterly)
Berkshire Fine Spinning Assn.—
$5 preferred (adjustment)
7 % old preferred (resumed)
Bethlehem Steel Corp. 7% preferred
(quar.)
Bigelow-Sanford Carpet Co. (interim)..
Preferred (quar.)
Biltmore Hats, Ltd., 7% pref. (quar.)
Birmingham Water Works Co., 6% pref. (quar.)
Black Clawson Co. (quar.)
6% preferred (quar.)
Blue Ridge Corp. $3 conv. pref. (quar.)
Payable at rate of 1-32 sh. of com. or cash.
Bohn Aluminum & Brass Corp
Bond & Share Trading Corp 6% pref (quar.)-.
Borden Co. (quarterly)
—
Boston Elevated Ry. (quarterly)
UK
Bearing
Sons (quar.)
Bridgeport Gas Light Co. (quar.)
Brillo Mfg. Co., Inc., common (quar.)
Class A (quarterly) —
Bristol-Myers Co (quar.)
Brooklyn Edison Co. (quarterly)
Brach (E. J.) &
Brooklyn-Manhattan
(quar.)-—(quar.)
Preferred
Brooklyn Teleg. & Messenger
Brooklyn Union Gas
Brown Fence & Wire Co
Class B (old)
Preferred A (seml-ann.)
Preferred
A
Extra
—
(quar.) —
:
Brown Shoe Co.
(quar.) —
Co—
Bucyrus-Monighan, class A (quar.)
Bullock's, Inc
Bunker Hill & Sullivan Ming.
& Cone. Co
preferred (quar.)
Bunte Bros,
Burd Piston Ring Co.
(quar.)
Burroughs Adding Machine
Butler Bros, (quarterly)
Preferred (quarterly,
_
.
_
.
pref. (quarterly)
Sugar Estate (quar.)
—
Butler Water Co., 7%
Calamba
Extra
Preferred
(quar.)
—
preferred A
Calumet & Heel a Consol. Copper Co
Campbell, Wyant & Cannon Foundry
Campe Corp. (quar.)
Canada Cement Co., preferred
Canada Vinegars, Ltd. (quar.)
Canada Wire & Cable, preferred
Canadian Industries, Ltd., class A&B
7 % preferred (quar.)
Canadian Western Natural Gas, Light, Heat &
Power 6% preferred (quar.)
Canfield Oil Co., 7% pref. (quar.)
—
California Art Tile,
Common
(quarterly)
Carbons Consolidated, Inc.
(resumed)
Carlow & Se6lig Manufacturing
Class A (quarterly)
Co. class A
pref. (quar.)
Carolina Telep. & Teleg. (quar.)
—
Carpenter Steel Co. (interim)
Carter (Wm.) Co. preferred (quar.)
Case (J. I.), preferred (quar.)
Celluloid Corp. participating preferred
Central Arkansas Public Service 7 % pref
Central Illinois Light Co., 4H% pf- (quar.) —
Central Illinois Public Service $6 preferred
6% preferred
Central Massachusetts Light & Power (quar.) —
Central Mississippi Valley Electric Prop.—
6% preferred (quar.)
Central Ohio Lt. & Power, $6 pref. (qu.)
Central Power Co., 7% preferred
6% preferred
Centrifugal Pipe Corp. (quar.)
Century Ribbon Mills, preferred (quar.)
Champion Paper & Fibre, pref. (quar.)
Chartered Investors $5 prer. (quar )
Chesapeake Corp. (quar.)
'
Carman &
Carnation Co., 5%
Chesapeake & Ohio Ry.
Preferred (quar.)
Chestnut Hill RR.
(quar.)_
(quqr.)
35c
25c
10c
t30c
t$6
—
Cook Paint & Varnish
(quarterly)
Co. (quar.)
$4 preferred (quarterly)
Common (extra)
6
1
I Aug. 21
Oct.
1 Sept.
1
Aug. 31 Aug. 16
Aug. 31 Aug. 16
Aug. 31 Aug. 16
Feb. 28.Feb. 14
(semi-ann.)
Buckeye Pipe Line
Special
Continental Steel Corp.
Preferred (quarterly)
Sept.
—
(quar.)
Bruce (E. L.) Co. 7% cum. pref.
3H% cum. pref. (quar.)
Sept. 15
Aug. 21
1 Aug. 14
Oct.
1 Sept. 10
1
Sept. 25 Sept.
Sept. ljAug. 14
Sept. 30 Sept 16
Oct.
lSept. 15
Oct.
llSept. 15
Sept.
1 Aug. 16
Aug.
4-15-38 Apr
Co. (quar.)
Brown Rubber Co., Inc., com.
H % pref -.
pref. (quar.)—
7% pref. (quar.).
Consolidated Edison Co. of N. Y. (quar.)..
Consol. Gas Elec. Light & Power Co. of Bait.—
Common (quarterly)
Series A 5% preferred (quarterly)
Consolidated Oil Corp., preferred (quar.)-;
Consolidated Paper Co. (quar.)
Consol. Retail Stores 8% preferred (quar.).
Consumers Glass Co. (quar.)—
7% preferred (quar.)
Continental Casualty Co. (quar.)
Continental Oil Co. (Del.)
15 Oct.
1
1-15-38 Dec. 31
—
(quar.)
Consolidated Cigar Corp.
Sept.
Sept.
Sept. 15 Sept. 1
Sept. 15 Sept. 1
Sept.
1 Aug. 20
1 Sept. 25
Oct.
1 Sept. 30
Oct.
Sept. 15 Aug. 27
Oct.
1 Sept. 20
Sept. 1 Aug. 11
Aug. 14
Sept.
Aug. 25
Sept.
Aug. 15
Sept.
July 31
Sept.
Aug. 13
Sept.
Aug. 13
Sept.
Sept. 15 Sept. 1
Oct.
1 Sept. 15
Oct.
1 Sept.15
Oct.
1 Sept. 15
Sept . 1 Aug. 24
1
Sept. 16 Sept.
7
Aug. 28 Aug.
Sept.
1 Aug. 14
Sept. 20 Aug. 31
Sept.
1 Aug. 16
Sept. 7 Aug. 10
Oct. 30 Sept. 30
Oct. 15 Sept. 30
preferred (quarterly)
preferred (quarterly)
Curtis Publishing Co. $7 preferred
Cushman's Sons, Inc., 7% preferred—
Cutler-Hammer, Inc
Dayton Power & Light Co., 4H% pref.
Dayton Rubber class A.
Cuneo Press,
Decca Records (new,
Nov. 15 Nov. 10
Sept. 15 Aug. 30
Sept. 15 Aug. 30
Sept.
1 Aug. 10
1 Nov
10
1 Aug
10
1 Nov
10
25c
Sept. 15 Aug. 25
Oct.
1 Sept.11
Oct.
1 Sept. 11
Oct.
1 Sept.
4
6
Sept.
1 Aug.
Sept.
1 Aug. 20
20
10
14
13
27
18
18
17
Aug. 25
Aug. 18
Sept. 15
Sept.15
Aug. 14
1 Aug.
1 Sept.
Sept.
1 Aug.
Sept. 30 Sept.
Sept. 10 Aug.
Sept. 10 Aug.
Sept. 10 Aug.
Oct.
1 Sept.
Sept.
Oct.
Sept. 10
Sept.
1
Oct.
1
1
Sept.
1
Dec.
1 Nov. 15
Oct.
1 Aug 15
Sept. 15 Sept. 4
Sept. 15 Sept. 4
Sept. 30 D,ec. 24
Sept.
Dec.
Vtar. 15
31
1
Sept. 15 Sept.
Sept.
1 Aug. 14
Sept
1 Aug. 16
Sept.
1 Aug. 16
6
Sept. 15 Aug.
Sept.15
Sept.15
Aug. 16
,Sept.
Aug. 21
Sept.
Sept. 17
Oct.
Sept. 15 Aug. 31
Sept.
1
Sept.
1 Aug. 16
Sept. 30 Sept. 8
Sept. 30 Sept. 8
Oct.
Sept. 15
Sept. 15
Oct.
Aug. 20
Sept.
Aug. 20
Sept.
Aug. 20
Sept.
Aug. 31 Aug. 14
Sept.
1 Aug. 16
Oct. 15 Sept 30
Oct.
Oct.
(quar.)_
initial)
Preferred
Preferred (quarterly)
Co. of N. Y.
Sept. 15
1
Sept. 15 Sept.
Sept.
1 Aug. 10
Sept. 7 Aug. 20*
Sept. 15 Aug. 31*
Oct.
1 lSept. 13
Sept.
1 I Aug. 13
Sept. 30 Sept. 16
Aug. 31 Aug. 21
Aug. 31 Aug.21
Sept. 30 8ept. 20
Sept. 15 Sept. 1
1 Aug.31
Sept.
1 Aug. 16
Sept. 15 Aug 23
Sept.
1 Aug. 20
Sept.
1 Aug. 16
Aug. 30 Aug 25
Aug. 14
Sept.
Aug. 14
Sept.
Aug. 14
Sept.
Aug. 20
Sept
Nov.20
Dec.
1
Oct.
Oct.
Dec. 23 Dec. 23
Oct.
Deere & Co
Dentists Supply
1 Mar. 20
Sept. 30 Sept. 15
Sept.
1 Aug. 23
Sept.
1 Aug. 20
_
Copperweld Steel Co. (quar.)
Corrugated Paper Box Co., 7% pref. (qu.)
Cosmos Imperial Mills, 5% preferred (quar.)_.
Crane Co.. 7% preferred
New 5% pref.(initial, quar.)
Creameries of Amer., Inc., pref. (quar.)
Crown Cork & Seal Co., common (quar.)
$2H cum. preferred (quar.)
Crown Zellerbach Corp. (resumed)
$5 con v. preferred (quar.)
Crucible Steel Co. of America, preferred
Crum & Forster Insurance Shares A&B
Preferred (quar.)_
Crum & Forster,
1 Aug. 16
Oct.
Dec.
$1
(quarterly)
Inc.
Sept.
Dec.
1K%
Connecticut Light & Power Co , 5
Connecticut River Power Co. 6%
Oct.
(quar.)
Preferred
Quarterly
Congoleum-Nairn.
Oct.
31|Aug.
Transit—
Preferred
3
3
27
15
15
15
20
10
27
20
20
6
25
Oct.
1 Sept.30
Sept. 10 Aug. 10
Sept. 30 Sept.
Sept.
1 Aug.
Sept. 15 Aug.
Sept. 30 Sept.
Sept.
1 Aug.
Aug. 28 Aug
Sept. 16 Aug.
Sept.
$5.85
UH
\2He
Compania Swift Internacional
Compo Shoe Machinery (quar.)
Compressed Industrial Gases (quar.).
Confederation Life Assoc. (Ont.) (quarterly) —
20
1 Sept.
Sept. 30 Sept. 10
Sept. 30 Sept. 10
Sept.
1 Aug. 15
Sept.
1 Aug. 14
50c
preferred
Commonwealth Utilities, 7% pref. A (qu.)
6 % preferred B (quarterly) —
6H% preferred C (quarterly).
6 H % preferred C (quarterly).
1
Holders
When
Payable of Record
50c
Columbus Auto Parts,
1
Sept. 15 Sept.
1 Aug. 25
Sept.
1 Aug. 25
Sept.
1 Aug.
6
Sept.
37 He
40c
50c
UK
87 He
87 He
Quarterly
1 Aug.
1 Sept.
Sept. 15 Aug.
1 Aug.
Sept.
1 Aug.
Sept.
Sept. 15 Aug.
M
Columbus & Xenia RR. Co
1 Aug. 25
Oct.
UK
(quar.)
Columbia Pictures Corp., com.
16
16
11
11
1
Oct.
-
$1K
$1*
(qu.).
Colgate-Palmolive-Peet, pref. (quar.)
Common (quarterly)
Collins & Aikman Corp., common
Preferred (quarterly)
Colonial Finance Co. (Lima, Ohio)
5H% preferred (quar.)
Colt's Patent Fire Arms Mfg. (quar.)
Columbia Broadcasting class A&B (quar.)
Columbian Carbon Co. (special)
Sept.
Sept.
5% preferred (quar.)
UK
$3H
50e
Coca-Cola Co. (quar.)
Coca-Cola International Corp.
15
18 Dec.
15c
25c
50c
(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.)
Coast Counties Gas & Elec. Co. 6% pref
Sept. 13 Aug. 20
Sept. 15 Sept. 4
Bendix Aviation Corp
Bower Rolleot
1 Sept.
1 Sept.
1 Aug.
37m
City Ice & Fuel (quar.)
15 Sept. 30
1 Aug.
$1H
$1
-----
Cincinnati Union Terminal Co.. 5% pref.
1 Aug. 13
Sept. 15 Aug. 31
(quar.)
Common
Preferred
Sept. 15
July 30
Aug. 20
Sept.
Sept.
75c
7% preferred (quarterly)
Chrysler Corp., common
Cincinnati, New Orleans & Texas Pacific Ry—
Sept.
—
_
Christiana Securities Co
20
20
10
31
16
31
31
31
25
21
16
16
31
31
1 Sept. 10
1 Sept. 10
1 Aug. 14
31 Aug. 16
1 Aug. 19
15 Sept.
1
Oct.
50c
,
Chicago Corp., pref. (quar.)
Chicago District Electric Generating, $6 pfd
Chicago Flexible Shaft (quar.)
Chicago Mail Order Co. (quar.)
Chicago Rivet & Machine
Chicago Venetian Blind (quar.)
Chicago Yellow Cab
Chile Copper Co
Aug. 13
Aug. 13
Sept. 15
Dec. 30 Dec.
$1
-
Extra
Aug.
Aug.
Aug.
Aug.
Aug.
Aug.
Aug.
Sept. 1 Aug.
Aug. 31 Aug.
Sept. 1 Aug.
1 Aug.
Sept.
1 Aug.
Oct.
1 Aug.
Oct.
Atlantic Refining Co., common
Atlas Corp., 6%
Atlas Powder Co
1 Oct.
Chesebrough Mfg. Co
1*
13
14
21
25
10
10
1 Sept.10
1 Aug. 10
1 Aug. 16
Sept. 15 Sept.
Sept. 13 Aug.
1 Aug.
Sept.
1 Aug.
Sept.
Sept. 15 Aug.
1 Sept
Oct.
1 Sept.
Oct.
preferred.
American Woolen Co.
Per
Share
Name of Company
Payable of Record
Share
Company
Holders
When
Per
Name of
Armour & Co.
1365
Financial Chronicle
145
Volume
(quar.)
Quarterly
_
7% preferred (quarterly)
7% preferred (quarterly)
Denver Union Stockyards, 5 H% pref.
Detroit Gasket & Mfg., pref. (quar.).
Detroit Harvester
(quar.) —
Co. (quar.)
Extra
Detroit Hillsdale & Southwestern
Devonian Oil Co. (quar.).
RR. (».-a.)—
Extra.
Diamond Match Co
Aug. 20
Aug. 14
Sept.
1
Sept.
1
Sept.
1
Sept. 20
1-5-38
Aug.16
Sept.15
Dec
20
Sept. 15 Aug. 31
Sept. 15 Aug. 31
Sept.
1 Aug. 14
Dec.
1 Nov. 15
Common.
Common stk.
dif. of 4-50ths of a sh. of Pan
Corp. for each sh. of Dia¬
Amer. Match
Sept.
1 Aug. 14
Sept. 30 Sept. 20
Sept. 30 Sept. 20
Sept.
1 Aug. 20
Sept.
1 Aug. 19
Sept. 1 Aug. 19
Sept.
1 Aug. 14
Oct.
1 Sept. 20
Oct.
1 Sept. 23
Sept. 20 Sept. 6
Sept. 15 Sept. 10
Oct.
1 Sept. 12
Aug. 30 Aug. 16
Sept.
1 Aug. 16
Oct.
1 Sept. 20
Sept. 15 Aug. 20
Sept. 15 Aug. 20
Aug. 31 July 15
mond Match com. stk.
three
Oct.
Oct.
1 Aug. 14
1 Aug. 20
15 Sept. 30
15 Sept. 30
Nov. 15 Nov.
6
Sept.
1 Aug. 20
Oct.
1 Sept. 15
Sept
Oct.
Oct.
Oct.
Sept.
1 Aug.
1
1 Sept. 8
1 Sept.
8
1 Sept.
8
4 Aug. 20
Payable In
2-50ths; the
of Pan Am.
of Diamond
Sept.
1 Aug. 14
Marl'38 Feb 15*38
Sept.
1 Aug. 13
Sept.
1 Aug. 13
Oct.
1 Sept. 10
Oct.
1 Sept. 10
Preferred (semi-ann.)—
Preferred (sem-ann )
Dictaphone Corp—T
Preferred (quar.)
Dixie-Vortex Co., (quarterly)
Class A (quarterly)
Doctor Pepper
Sept.
„
^
Investment Corp., 5% pref. .
Dominion-Scottish Investments, Ltd., 5% pref.
Dominion Tar & Chemical, 5H% Pref. (quar.) —
Driver-Harris Co., 7% pref (quar.) —
Mills 7% preferred-(quar.)...
Nemours (E. I.) (interim).
du Pont de
$4 H
preferred (initial
—
Duquesne Light Co., 5%
Duro Test Corp. (quar.)
Extra
pref. (quar.).
----.
Interim
————
Eastern
v—
—
Corp
Utilities Assoc.
1
Sept.
1 Aug.14
Sept. 1 Aug. 20
Sept. 15 Aug. 25
Oct.
1 Sept. 20
1
Sept. 15 Aug. 25
Oct.
Oct.
25 Oct.
Oct.
15
8
Sept.15
Sept. 25 Sept.15
Sept. 25 Sept.15
Sept. 25 Sept.15
1 Sept. 15
Oct.
1 Sept. 15
Sept. 30 Sept. 24
Oct.
Eagle Picher Lead
Preferred (quar.)
Eastern Footwear
1
Dec.
Co. (qnarterly)
Quarterly
Dominion & Anglo
Dunean
Sept.
Sept.
held.
installments, the ist of
2d & 3d of l-50th each.
Pref. stk. div. »f l-50th of a sh
Match Corp. for each sh.
Match preferred stock held.
(quarterly) —
Kodak Co. (quar.)
Preferred (quarterly)
Eastman
Nov. 15 Nov.
Oct.
1 Sept.
Oct.
-
1
9
4
1366
Financial Chronicle
Per
Name of Company
When
Share
East St. Louis & Interurban Water Co.—
7% preferred (quarterly)
—
....—
Eddy Paper Corp
Edison Bros. Stores (quar.)
Preferred (quar.)
Electric Shareholdings,
preferred
Optional div. of 44-1,000th of
a
sh. of
Holders
com.
20
20
10
10
17
10
31
31
5
Sept.
Dec.
Hecla
Mining Co
Corp.
Heyden Chemical Corp.
Hibbard, Spencer. Bartlett <& Co. (monthly)
Hires (Chas. E.) Co. class A common
(quar.)
Extra
—
62 He
75c
87 He
87 He
80c
80c
50c
25c
25c
—-—— —
Preferred (quar.)
Fa jardo Sugar
Falconbridge Nickel Mines, (quar.)
Fansteel Metallurgical Corp. $5 pref. (quar.)—
-—------—
pref. (quar.)_
Firestone Tire & Rubber, 6% preferred A (quar.)
First Bank Stock Corp.
(s.-a.)
Fiscal Fund, Inc. (bank stock
series)
Insurance stock series
Fishman (M. H.) Co., Inc
6H % preferred (s.-a.)
Fitz Simons & Connell
Dredge & Dock—
Florida Power Corp., 7%
pref. A (quar.)_
7% preferred (quar.)
Florsheim Shoe Co. class A (quar.)-.-—
(quar.)
-
Ford Motor Co. of Canada A & B
(quar.)
Foreign Light & Power, 1st pref. (qu.)
Franklin Rayon Corp., common
Freeport Sulphur Co
Preferred (quar.)
Fuller Brush Co., 7% preferred (quar.)
Gas Securities Co. 6% preferred
(monthly)
General American Corp
General Box Co. (increased)
General Cigar Co., Inc
7% preferred (quar.)
7% preferred (quar.)
7% preferred (quar.)
7% preferred (quar.)
General Gas & Electric
Corp. (Del.)—
$5 prior preferred (quar.)
General Motors Corp
$5 preferred (quar.)
General Public Utilities,
Inc., $5 pf. (quar.)
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.) Co., 6% 1st
pref. (quar.)
Goodrich (B. F.) Co.. common
$5 cumulative preferred.
Goodyear Tire & Rubber..
Preferred (quarterly)
G or ham Mfg. Co., com.
voting trust ctfs
Gosnold Mills Corp.
(resumed)
Gossard (H. W.) Co
Grace National Bank (N.
Y.) (s -a.)
Grand Union Co., $3 conv.
preferred
Grant (W. T.) Co
Great Atlantic & Pacific Tea
(quar.)
Extra
Preferred (quar.)
Great Northern Paper Co.
Extra
(quar.)_.
Special
-
Green Mountain Power
Co., $6 preferred
Greyhound Corp. (quar.)
Preferred
$1H
25c
2 H%
2H%
15c
$24
25c
$14
87 He
50c
25c
t25c
$1H
50c
50c
$5H preferred (quarterly)
Hackensack Water Co. preferred A
(quar.)
Hale Bros. Stores, Inc
Hamilton Watch Co
6% preferred (quar.)
Hammermill Paper
Extra
Common B
(quar.)
-
Extra
7% preferred (quar.).
(M. A.) Co., common.
u)
Hanna
$5 cumulative preferred (quar.)__
Harbison-Walker Refractories
Preferred (quar.)
Harrisburg Gas Co. 7% pref. (quar.).
Hart-Carter Co
$2 conv. prererred.
$2 conv. preferred (quar.)
Aug.
Aug.
Aug.
Aug.
Aug.
Sept.
Sept.
17 Dec.
Oct.
Sept. 30
Sept. 30
Sept. 1
Sept. 1
Oct.
1
Sept.
Sept.
Aug.
Sept.
Aug.
Aug.
Sept.
Sept.
Sept.
Aug.
Aug.
Sept.
Aug.
Aug.
Aug.
15
12
12
12
16
8
15
15
10
10
19
20
16
27
1
20
20
20
14
20
Sept. 15
16
Sept. 15
16
Sept.
14
Sept.
Aug. 20
Sept.
Aug. 21
Sept.
Aug. 14
Sept.
Aug. 14
Oct.
Sept. 15
Oct.
Sept 15
Sept. 18 Aug. 28
Oct.
Sept. 20
Sept.
Aug. 27*
Sept.
Aug. 13
Nov.
Oct.
Oct.
50c
Sept.
Sept.
Sept. 22
Aug. 14
Aug. 14
$1*4
75c
2c
50c
$14
$14
$14
$14
15
Oct.
Sept. 15
Sept. 15 Aug. 27
Sept. 1 Aug. 20
Dec.
1 Nov. 20
3-1-38
2-18-38
5-20-38
6-1-38
Sept. 15 Aug. 16
Sept. 13 Aug. 12
$14
$14
Oct.
1 Oct.
4
1 Sept.20
50c
Oct.
1 Sept. 14
20c
Sept.
Sept.
Sept.
Sept. 15
$14
$2H
30c
50c
$1H
50c
$14
50c
$14
50c
$1
25c
$3
50c
35c
$1H
$14
25c
12c
30c
60c
$14
75c
$14
134c
$14
434c
25c
60c
$1H
6% preferred (quar.)
Hancock Oil of Calif., A. & B.
(quar.)
Class A & B (extra)
Hanes (P. H.) Knitting Co.
(quar.)
Sept.
Sept.
Sept.
Sept.
Sept.
Sept.30
Sept. 30
l1^
2(
(quar.)
Griggs, Cooper & Co. 7% preferred
(quar.)
Gulf States Utilities, $6
pref. (quar.)
Nov. 30
Sept.
Sept.
87 He
15c
_
Great Western Electro Chemical
preferred (qu.)_
Great Western Sugar
(quar.)
Preferred (quar.)
Greene Cananea Copper
—
(quarterly)
Dec.
50c
$1H
25c
20c
15c
15c
15c
15c
$14
25c
$14
50c
$1H
$14
Nov.
Aug.
Aug.
Aug.
Aug.
L Sept.
14
20
31
31
Oct.
20
Sept. llAug. 23
Sept. 30 Sept. 18
Sept.30 Sept. 18
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
Sept. 1 Aug. 16
Oct
1 Sept. 21
..
Oct.
Oct.
Sept.
Sept.
Sept.
Sept.
Sept.
Sept.
Sept.
1
Sept. 21
1 Oct.
1
15
15
30
1
15
1
15
Aug. 31
Aug. 31
Sept. 16
Aug. 16
Sept. 3
Aug. 13
Sept. 1
Oct.
Sept. 15
Sept.
Aug. 16
Sept.
Aug. 16
Sept.
Aug. 20
Sept.
Aug. 20
Sept.
Aug. 20
Sept.
Aug. 20
Oct.
Sept. 20
Sept. 30 Sept. 18
Sept. l Aug. 14
Sept. 1 Aug. 13
Oct.
Oct.
Preferred
t$124
t$4.41
50c
(semi-annual)
20 Oct.
6
15 Sept. 30
Sept. 1 Aug. 14
Sept. 1 Aug. 14
1
1
1
1
$2
(N. Y.) pref. (quar.)
Nov.
62 He
$14
$1H
(monthly)
10c
Huttlg 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)
Indianapolis Water Co., 5% pref. ser. A. (qu.)_
indiana Security Corp. 6% preferred
(quar.).-.
Indiana Water Co. 5% preferred A
(quar.)
Ingersoll-Rand Co. (increased)
Inland Steel Co. (quar.)
—
.
_
Extra
$14
$14
$1H
50c
$34
$34
37 He
Aug. 31
Sept. 15
9 Sept. 22
1 Sept. 20
J50c
,
(quar.)
60c
Interstate Home Equipment
(quar.)
iron Fireman Mfg. Co.
(quar.)
11c
30c
30c
Quarterly
Ironwood & Bessemer Ry. & Light pref
Jaeger Machine Co
Jarvis (W. B.) Co. (quar.)
Jewel Tea Co.. Inc.
(quar.)
Joslin-Schmidt Corp. 7% pref. (quar.)
Kansas Utilities Co. 7% preferred
(quar.)
Kaufmann Dept. Stores, pref.
(quar.)
Kayser (Julius) & Co
Kellogg (S.) & Sons (quar.)
Kemper-Thomas Co.—
7% special preferred (quar.)
7% special preferrred (quar.)
Kendall Co. $6 partic. pref.
(quar.)
Kennecott Copper Corp
Special
Kimberly-Clark Corp. (quar.)
—
$14
25c
50c
$1
$14
$14
$14
50c
40c
$14
$14
$1H
50c
25c
25c
_______
Preferred (quar.)
Kingston Products Corp. (quar.)
Preferred (quar.)
Klein (D. E.) &
Co., Inc. (quar.)
Kobacker Stores, Inc., common
Preferred (quar.)
Kresge (S. S.) Co
Kroehler Mfg. Co. 6% pref. A
(quar.)
6% preferred A (quar.)-.
Kroger Grocery & Baking (quar.)
6% preferred (quar.)
7% preferred (quar.)
Kysor Heater Co.
10c
$14
25c
50c
$14
30c
$1H
$1H
40c
$1
$1
—
Extra
Lake of the Woods Milling, pref.
(qu.)
Lake Shore Mines, Ltd.
(quar.)
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)
15c
15c
$14
$14
$1H
Dec.
1
Sept. 1
Sept.
1
Sept. 1
Sept. 20
Oct.
Oct
1
1
Sept. 30
Sept. 1
Sept. 30
Sept.
16
20
14
3
20
20
10
20
15
1
Dec.
Nov. 10
Aug.
Aug.
Aug.
Sept.
Sept.
Sept.
Sept.
Aug.
Sept.
1
Sept. 1 Aug. 10
Sept. 30 Sept. 3
Sept. 30 Sept. 3
Oct.
1 Sept.11
Oct.
1 Sept. 11
Oct.
1 Sept. 11
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
1 Oct. 20
Nov.
Sept. 15 Sept. 1
Sept.15 Sept. 1
Sept.
1 Aug. 14
Sept. 15 Sept. 1
Sept.
Aug. 16
Sept.
Aug. 16
25c
Nov. 15 Nov
Sept.15 Svpt
5
Dec.
5
5
15 Dec
62 He
Aug. 31 Aug. 21
Sept. 1 Aug. 14
Oct.
1 Sept. 15
37>|c
Nov.
1 Oct.
Oct.
1 Sept. 14
50c
5c
Lessing's, Inc. (quar.)
Le Tourneau, Inc.
(quar.)
Quarterly.
Lexington Water Co. 7% preferred (quar.)
25c
25c
$14
$1H
(irregular)
40c
Special-.
40c
Liggett & Myers Tobacce (quar.)
Common B (quar.)
Preferred (quarterly)
Lily Tulip Cup Corp
$1
$14
37 He
(qu.)
Sept.10 Sept. 3
Sert.
1 Aug. 16
Dec.
1
Nov. 15
Sept. 1 Aug. 20
Sept. 15 Aug. 31
Sept.
Aug.
2
Sept.
Aug.
2
Sept.
Aug. 17
Sept.
Aug. 17
Oct.
Sept.10
Sept. 15 Sept. 1
30c
Nov.
Sept.
1 Aug.
Sept. 1 Aug.
Aug. 30 Aug.
Sept.
1 Aug.
Oct.
1 Sept.
Sept. 10 Aug.
$14
Co. (resumed)
10c
50c
$14
—
Monthly
Monthly
Monthly
Monthly
50c
50c
$1.10
$1.10
J25c
$3H
75c
75c
75c
75c
8% preferred
(quar.)
8% preferred (quar.)
Star Cement
Corp
Ix)ose-Wiles Biscuit Co., 5% preferred (quar.)_
Lord & Taylor 1st
pref. (quar.)
Louisville Gas & Electric, class A & B
(qua,.)
Ludlow Mfg. Assoc
l
Lunkenheimer Co., preferred (quarterly)
Preferred (quar.)
Lone
—
— —
75c
$2
$2
75c
$14
S1H
37Hc
$2
$14
$14
t$3
50c
20c
50c
25c
14
Sept. 15 Aug. 31
25c
.—
Preferred (quar.)
Little Miami RR.,
special guaranteed (quar.)
Special guaranteed (quar.)
Original capital
Original capital
Loblaw Groceterias class A & B
(quar.)
Lockhart Power Co
7% pref. (s.-a.)
Lock Joint Pipe Co.
(monthly)—
Macfadden Publications, Inc.,
preferred
Macy (R. H.) & Co. (quar.)
Madison Square Garden
Corp
Magma Copper Co
Manhattan Shirt Co.
(quar.)
Oct.
1 Sept. 20
15 Sept. 20
Sept.
1 Aug.
5
Sept. 20 Aug. 31
Sept. 30 Aug. 31
Sept.
1 Aug. 24
Sept. 15 Aug. 16
Sept. 1 Aug. 10
Oct.
$14
$14
$1
75c
;
Lindsay Light & Chemical
50c
$1H
.
Link Belt Co.
(quar.)
Oct.
Oct.
Oct.
15c
Lincoln National Life Insurance Co.
Lincoln Stores, Inc. (quar.)
Preferred (quar.)___
Sept.
Sept.
Sept.
Oct.
6im
Mining.
Life Savers Corp
1 Aug. 16
9 Aug. 17
1 Sept. 11*
1 Sept. 15
1 Sept. 11
1 Aug.
9
1 Aug. 13
1 Aug. 13
Oct.
Oct.
37 He
25c
Extra
7% preferred (quar.)
Lib by-Owens-Ford Glass
Sept.
Sept.
3c
International Harvester (quar.)
—
20
30 Dec.
Sept.
1 Aug. 16
Aug. 31 Aug. 20*
Oct
1 Sept. 30
1-3-38 Dec. 31
$1H
S1H
Interlake Steamship Co
International Business Machine Corp
International Cellucotton Products Co
Extra
15
15
1
20
20
14
20
Oct.
Institutional Security, Ltd.—Bank Group shares, class A—
International Nickel of Canada
International Safety Razor, class A
Sept. 30 Sept.
Sept. 30 Sept.
Oct.
1 Sept.
Sept. 1 Aug.
Sept.
1 Aug.
Sept. 5 Aug.
Sept. 30 Sept.
3
$14
$1H
$1
50c
14
12
25
Dec.
434c
Huntington Water Corp., 7% pref. (quar.)
6% preferred (quarterly)
Hutchinson Sugar Plantation
16
16
10
25
28
12
15
11
5 Oct.
50c
Preferred (initial)
Humber Oil & Refining Co. (quar.)
International
Sept.
Aug.
Aug.
Aug.
Aug.
Aug.
Aug.
Sept.
Aug.
Aug.
Aug.
$14
$14
Hotel Barbizon, Inc., vot. tr. ctfs. (quar.)
Houston Oil Field Material
,
1
1
1
1
4
1
Oct.
10c
(quar.)
Horn & Hardart
1 Nov. 15
Sept.
Sept.
Sept.
Sept.
Sept.
Sept.
Sept.
Sept.
$1.05
Holt (Henry) & Co. $1.80 class A
Hooven & Allison Co. 5% pref.
—
Aug. 31
Dec.
Sept.
25c
(quar.)
10 Nov. 30
Sept.
Oct.
pref—
Feltman & Curme Shoe Stores,
pref
Finance Co. of Amer. (Bait.), common A & B__
7 % pref. and 7 %
pref. class A
First Holding Corp. (Calif.), 6%
Class B
Dec.
Oct.
Oct.
Extra.
Federal Compress & Warehouse Co
Federal Insurance (Jersey City)
(quar.)
Federal Light & Traction pref. (quar.)
Federal Mining & Smelting Co.,
23
Sept. 15 Aug. 31
Sept.
1 Aug. 20
Sept. 10 Aug. 31
Dec.
—
1
30
30
20
21
21
16
1
1
15
11
21
Dec.
Sept.
Oct.
1-2-
25
10
10
16
16
Sept.
Sept.
Sept.
Sept.
Aug.
Aug.
Aug.
Sept.
Sept.
Sept.
Sept.
Sept.
Oct.
—
$5 preferred (quar.)
Farmers & Traders Life Insurance (N. Y.)
Aug.
Sept.
Sept.
Aug.
Aug.
Sept.
Sept.
Aug.
Sept.
Sept.
— -
—
Nov. 10
Oct.
Oct.
Oct.
'
Extra-
Nov. 10
Aug. 10
1 Aug. 12
1 Aug. 23
1 Sept. 17
Sept. 15 Sept. 1
Sept. 15 Aug. 14
Sept. 8 Aug. 26
Sept. 1 Aug. 20
Sept. 24 Sept. 14
Sept. 1 Aug. 14
—
Management stock
Hobart Manufacturing class A (quar.)
Hoe (R.) & Co., 6 H % Prior preferred
7% cumulative preferred
HolophaneCo
Aug. 10
Sept.
'Dec.
Sept.
Sept.
Sept.
Sept.
Sept.
Sept.
„
—
Sept.
Sept.
Hewitt Rubber
Class A common
Holders
Payable of Record
Oct.
—
Class B common
Electrographic Corp. (quar.)
Quarterly
Preferred (quarterly)
Preferred (quarterly)
Electricmaster, Inc. (quar.)
Electric Storage Battery (quar.)
Preferred (quarterly)
Electrolux Corp. (quarterly)
Elgin National Watch
El Paso Electric Co. (Texas) $6 pref.
(qu.)
7% preferred A (quarterly)
E JPaso Natural Gas Co., common
(quar.)
Ely & Walker Dry Goods Co
Empire & Bay State Telegraph (quar.)
Empire Capital Co. (quar.)
Empire Power Corp., $6 cum. pref. (quar.)
Participating stock
Emporium Capwell Corp. (quar.)
7% preferred (semi-ann.)
4H % cumul. preferred A (quarterly)
4H% cumul. preferred A (quarterly)
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.)
Guaranteed betterment (quar.)__
Guaranteed betterment (quar.)—
Faber Coe & Gregg, Inc. (quar.)
Fairbanks, Morse & Co. (quar.)
Share
Hawaiian Sumatra Plantation
Hazel-Atlas Glass Co. (quar.)
Hazeltine Corp. (quar.)
stock or, at option of holder in cash.
—
Name of Company
Hathaway Manufacturing Co. (quar.)
Aug.
Aug.
Aug.
Aug.
Aug.
Aug.
Aug.
Aug.
Aug.
When
Per
Payable of Record
Sept.
Sept.
Sept.
Sept.
Sept.
Aug.
Sept.
Sept.
Sept.
6% preferred (quarterly)
East Shore Public Service Co., $6 pref. (quar.)
$6H preferred (quarterly)
Eckhardt Becker Brewing Co
Aug. 28, 1937
Dec.
1 Oct.
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. 30 Oct. 20
Nov. 30 Nov. 20
Dec. 31 Dec. 20
Oct
1 Sept. 28
1-3-38 Dec.
Sept. 30 Sept.
Oct.
1 Sept.
Sept.
1 Aug
Sept. 25 Aug.
Sept. 1 Aug.
Oct.
1 Sept
1-3-38 Dec
31
10
17*
17
31
14
21
21
Sept. 21 Aug. 31
Sept. 1 Aug. 13
Aug. 31 Aug. 16
Sept. 15 Aug. 27
Sept. 1 Aug. 10
Volume
Magnin (I.) & Co. (quar.)
6% preferred (quar.*
Martin Custom Made Tires, 8% pref. (quar.)
Maryland Fund, Inc. (quar.)
-
-—
—
10c
5c
2Xc
—
_—— —
6
Sept. 15 Sept.
Aug.
1
31
31
1
15
16
20
20
20
18
31
25c
MasoniteCorp. (quar.)
Preferred (quar.)
May Dept Stores (quar.)
May Hosiery Mills class A (quar.)
Class A (extra)
$4 preferred (quar.)
McCahn Sugar Refining & Molasses, pf. (quar.)
McCiatchy Newspapers, 7% pref. (quar.)
7% preferred (quarterly)
McCoJl-Frontenac Oil (quar.)
Mclntyre Porcupine Mines
McKesson & Robbins, $3, pref. (quar.)
McWiliiams Dredging Co
Mead Corp
$6 preferred (quar.)
—
$5X preferred B (quar.)
Memphis Natural Gas Co., common
Pre,erred (quarterly)
—
Mercantile Acceptance Corp. of Calif.—
6% preferred (quar.)
6% preferred (quar.)
5% preferred (quar.)
5% preferred (quar.)
Merck & Co., Inc
50c
50c
Sill
43 Xc
43 Xc
10c
75c
25c
50c
SIX
20c
Sept.
Sept.
Sept.
Sept.
Sept.
Sept.
Sept.
Sept.
SIX
Aug.
Aug.
Aug.
Aug.
Aug.
Aug.
Aug.
Oct.
1 Aug.
Sept. 10 Aug.
Sept. 11 Aug.
Oct.
1 Sept.
Sept.
—
Sept. 15
Sept.10
Sept. 15
Sept.
1
Sept. 15
Sept. 15
Sept.
1
(quarterly)
Mid-West Refining (quar.)
Extra
-
------
Miluor, Inc
Sept.
Sept.
Sept.
Oct.
Sept.
Sept.
Oct.
(quar.)
Extra
Mouongahela West Penn Public Service—
Preferred
(quarterly)
44?|c
(quar.)
Monroe Loan Society, common
5X% preferred (initial)
(quar.)
Monsanto Chemical Co.
$4X
preferred
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.)
Ouarterly
Moran
SIX
50c
$1.64
65c
(quar.)
7% preferred (quar.)
$1X
(quar.)--
Morris Plan Insurance Society
fi
Quarterly
$1
Motor Products Co.
(quar.)
Development (quar.) —
MullinsMfg 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.)
0% pref. (quar.)
Nachman Springfilled Corp. (quar.)
National Bearing Metal (irregular)
Motor Wheel Corn., common
Mt. Diablo Oil Mining &
8/
90c
SIX
lit
37Xc
50c
$1X
Preferred
(quar.)
National Casualty Co. (Detroit) (quar.).
National Container Corp. (Del.) (initial)--;
National Dairy Products
Class A and B (quar.)
National Lead Co. (quar.)
Preferred A (quar.)
Preferred B (quar.)
National Power & Light Co. (quar.)
National Pressure Cooker Co. (quar.)
25c
25c
30c
12Xc
SIX
15c
15c
10c
50c
National Standard Co. (quar.)
22 Xc
50c
Extra
National Sugar Refining Co. of
National Supply Co., preferred
N. J
SIX
SIX
(quar.)
SIX
6% preferred (quar.)
SIX
SIX
(quar.)
7% preferred (quar.)
Neisner Bros., Inc. (quar.)
50c
New Amsterdam Casualty
30c
New Bedford Cordage
50c
(s.-a.)
Co. (quar.)
Newberry (J. J.) Co. (quar.)
5% preferred A (quar.)
New England Gas & Electric Assoc. $5X pref—
New England Telep. & Teleg
New Jersey Zinc Co
Newmont Mining Corp
New York Air Brake Co.
(quar.)
New York & Queens Elec. Lt. & Pow. (quar.)
—
Preferred (quar.)
Niagara Share Corp. of Md., class A pref. (qu.)_
Niles Bement Pond Co
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. 0% pref. (qu.)
0% preferred (quar.)
Northern RR. Co. of N. J., 4% pref
1-2-38 Jan.
Dec.
SIX
50c
18 Dec.
Oct.
1 Sept.
1 Sept.
Sept. 30 Sept.
Sept. 15 Aug.
I Oct.
Sept.
1 July
Sept. 1 Aug.
Sept.
1 Aug.
Sept. 24 Sept.
Sept. 24 Sept.
Oct.
1 Sept.
Oct.
1 Sept.
Sept.
1 Aug.
Sept.
1 Aug.
Sept. 1 Aug.
Dec.
(quar.) —
50c
SIX
SIX
25c
25c
10c
SIX
30c
45c
25c
(semi-annual)
SIX
SIX
$6 preferred (quar.)
50c
Philadelphia Electric Power. 8% pref. (quar.) —
Philadelphia Suburban Water Co. pref. (quar.)_
SIX
a
(quar.)
50c
25c
Extra
Phoenix Finance Corp.. 8%
pref. (quar.)
preferred (quarterly) —
Phoenix Hosiery Co., preferred
Phoenix Securities, $3 conv. pref. A (quar.) —
Photo Engravers & Electrotypers (s.-a.)
Pick (Albert) Co. (Interim)
Pillsbury Flour Mills (quar.)
Pioneer Mill Co., Ltd
Pioneer Gold Mines of B. C. (quar.)
Pittsburgh Bessemer & Lake Erie RR. (s -a.)—
Pittsburgh Coke & Iron, $5 preferred (quar.) —
Pittsburgh Ft. Wayne & Chicago Ry. Co. (qu.)7% preferred (quar.)
Pittsburgh Youngstown & Ashtabula Ry. Gc>.—
7% preferred
7% preferred (quar
Pleasant Valley Wine
Plymouth Fund, Inc., class A (quar.)-Poor & Co. class A (quar.)
—
8%
2
10
1
17
10
13
31
16
1
1
10
27
14
26
15
15
10
10
1
20
13
13
20
1 Nov. 20
Sept. 15 Aug. 31
Oct.
1 Sept.
1
Sept. 1 Aug. 10
Oct.
1 Sept. 16
Sept.
1 Aug. 16
Oct.
1 Aug. 31
Sept. 30 Sept. 10
Sept 10 Aug. 20
Sept. 15 Aug. 31
Sept.
1 Aug. 12
Sept. 14 Aug. 30
Sept.
1 Aug. 23
Sept. 21 Sept. 9
Sept. 15 Sept. 4
Nov. 15 Nov.
55c
$2
25c
Pfeiffer Brewing Co
Sept. 20
Aug. 20
Aug. 15
Aug. 14
Sept.
1
Aug. 21
Aug. 14
Sept. 18
Sept. 15 Sept.
Sept.
1 Aug.
Oct. 15 Sept.
Aug. 31 Aug
Sept. 15 Aug.
Sept. 1 Aug.
25c
SIX
$1X
preferred (quar.)
Phelps, Dodge Corp
Philadelphia Co. 5% Dref.
$5 preferred (quar.)
1
Sept. 18 Aug. 31
Sept.
1 Aug. 10
Sept 10 Aug. 27
Sept.
1 Aug. 16
Sept. 1 Aug. 10
Sept.
1 Aug. 17
1 Nov. 10
Sept.
1 Aug. 21
Dec.
1
Nov. 20
Sept. 1 Aug. 20
Sept. 1 Aug. 20
Sept. 1 Aug. 27
Sept.
1 Aug. 14
SIX
20c
Sept. 15 Sept. 4
Sept. 1 Aug. 20
SIX
Sept. 15 Aug. 31
SIX
Sept. 1 Aug.
SIX
5
58 l-3c, Sept.
1 Aug. 14
50c
Sept. 1 Aug. 14
41 2-3c. Sept.
1 Aug. 14
t$l
Sept. 1 Aug. 15
70c
Sept. 30 Sept. 15
(quar.j-
ClSl'SS
'
A
m. wm mm wm wm m. wm
mm wm mm
mm mm .m mm wm mm m. mm mm
mm'wm
mm mm mm mm
•mm mm
(quar.)--
...
mm wm mm
Portland
&~0~gd"ensburg Ry. (quar.)
Potomac
Electric Power, 6% pref.
(quarterly)
5X% preferred
—
Powdrell & Alexander, Inc
Prentice-Hall, Inc., pref.
Common...
—
(quar.)
;
Procter & Gamble
—
(quar.)
pref (quar.)
Co., 5% pref.
6% pref. (quar.)
Public National Bank & Trust (s.-a.)
Public Elec. Ltg. Co.,
Semi-annual
—----—---
Public Service Co.
6% preferred
5% preferred
-
of Colorado, 7% pfd.
(mo.) —
(monthly)
(monthly)
Public Service Corp. of
6% preferred
0% preferred
& Gas 7% pref.
(quar.) —
SIX
SIX
SIX
$1X
SIX
5c
lXc
37Xc
t62Xc
S2X
SIX
SIX
20c
$1.20
SIX
SIX
SIX
37 Xc
37 Xc
58 l-3c
50c
SIX
SIX
15c
Quaker Oats, preferred (quar.)
Quaker State Oil Refining (quar.)
Radio Corp. of Amer., $3X cumul. conv.
Rapid Electrotype Co. (quar.)
Quarterly
2%
SIX
25c
-
1st pf.
—
Remington
Sept.
1 Aug. 20
Dec.
1 Nov. 20
Sept. 1 Aug. 20
Sept. 1 Aug. 15
Sept. 1 Aug. 14
Sept.
1 Aug. 14
Aug. 31 Aug. 20
Sept.
1 Aug. 16
Sept. 1 Aug. 16
Sept.15 Sept. 1
Sept.
1 Aug. 20
Sept.
1 Aug. 20
Sept.15 Aug. 25
Nov.
1
Sept.
1 Aug. 20
1 Sept. 21
Oct.
1-3-38
Dec. 21
Aug. 14
Aug. 14
Aug. 14
Sept.
Sept.
Sept.
Sept.
Aug.
Sept.
Sept.
Sept.
Aug. 16
Aug. 31
Aug
2
Aug. 31
Oct.
1 Sept. 8
Sept. 15 Sept. 1
1
1
1
30
30
30
30
31
30
Sept.30
Sept. 30
Sept. 1
Sept. 15
Aug 31
Sept. 15
Sept.
Sept.
Sept.
Sept.
Sept.
Sept.
Sept
Aug.
Sept.
15 Dec.
1
60c
Dec.
Sept.15 Aug. 31
Sept. 9 Aug. 19
Oct. 14 Sept. 23
Sept.15 Aug. 31
Sept. 15 Aug. 31
50c
(qu.)—
— _
Rand, Inc., interim
Reno Gold
60c
SIX
12Xc
stock.
Mills, non-cumu.. pref.
87 Xc
50c
Common
Non-cumulative preferred (quarterly)
Reliance Grain Co. 6X % pref. (quar.)
5
50c
Raybestos-Manhattan, Inc
Reading Co. 1st preferred (quarterly)
2nd preferred (quarterly)
Reeves (Daniel) pref. (quar.)
Mines, Ltd.. (quar.)
Republic Portland Cement
5% preferred (quar.)
5% preferred (quar.) —
Reynolds Metals Co., common.
5X% cumul. conv. pref. (quarterly).
Rlke Kumler Co
(quar.).
Ritter Dental Mfg. (quar.)
$7 preferred (quar.)
Rochester Button Co SIX preferred (quarterly)
Rochester Gas & Electric 6% pref. C and D
5% preferred E (quar.)
Holland Paper Co.. Ltd , preferred (quar.)
Rand, Inc
(quar.)-.—
-----Reynolds (R. J.) Tobacco Co., com. & cl. B com.
Rice- Stix Dry Goods Co. 1st <fc 2d pref (quar.) —
Rich's, Inc., 6X % Wet. (quar.)
Remington
10c
75c
$2
$5 preferred (quar.)—
Purity Bakeries Corp
Pyrene Mfg. Co. common
Rex Hide, Inc.
40c
tlOc
50c
50c
(monthly)
(quar.)
Payable in cash or pref.
50c
SIX
SIX
(monthly)
Regent Knitting
75c
12Xc
65c
(quar.)
7% preferred (quar.)
$5 preferred (quar.)
8% preferred
Public Service Elec
50c
"0c
87 Xc
Nov. 15 Nov.
412-3 c
N. J. (quar.)
Aug. 14
Aug. 18
Aug. 20
Aug. 20
Aug. 20
Sept. 1
1 Sept. 15
5
2-15-38 Feb.
Sept.
1 Aug. 20
Aug. 20
Sept. 1
Oct.
1 Sept. 15
Oct.
1 Sept. 15
Sept. 1 Aug. 20
Sept. 1 Aug. 20
Sept.15 Aug. 31
Oct.
1 Sept. 8
Oct.
1 Sept. 8
Sept.15 Sept. 1
Sept. 1 Aug. 31
Oct.
1 Sept. 10
Sept.15 Sept. 4
Sept.15 Sept. 4
Sept. 1 Aug. 20
Sept.15 Aug. 31
Sept. 10 Aug. 20
Sept. 1 Aug. 10
Oct.
1 Sept. 1
Oct.
1 Sept. 1
Oct.
1 Sept. 10
Sept. 1 Aug. 12*
Sept. 4 Aug. 20
6
Sept. 1 Aug.
6
Sept. 1 Aug
Oct
10 Sept. 30
1-10-38 Dec. 31
Sept. 1 Aug. 20
Oct.
1 Sept. 15
Sept. 1 Aug. 14
1
Sept.
1 Aug.
Sept. 1 Aug. 14
Sept. 1 Aug. 21
Oct.
1 Sept. 1
Oct.
1 Sept. 15
Sept. 1 Aug. 20
Oct.
1 Sept. 10
Oct.
5 Sept. 10
75c
—
—
Prosperity Co., Inc.. 5%
Oct.
40c
pref. (qu.)_
1
1 Aug. 14
1 Aug. 10
1
Sept. 1
Sept. 1
Sept.
1
Sept. 1
Sept. 15
SIX
SIX
SIX
37Xc
Extra
Sept.
1 Aug. 16
Sept. 30 Sept. 15
Sept. 30 Sept. 15
Sept. 30 Sept. 15
1 Aug. 27
Sept
Dec.
1 Nov. 26
Sept. 30
Sept.10
Sept. 1
Sept.
1
Sept. 15
Sept.
1
Sept.
1
Sept. 28
25c
$6.60 preferred (monthly)
Pennsylvania Salt Mfg. Co.
Peoples Drug Stores, Inc
Special.
Dec.
preferred (quarterly)
Northwestern Public Service Co. 7% pref
6% preferred
Northwestern Utilities 6% pref. (quar.)
Nova Scotia Light & Power 6% pref. (quar.)
Oahu Sugar Co., Ltd. (monthly)
Ogilvie Flour Mills, pref. (quar.)
Ohio Oil Co.. pref. (quar.)
Ohio Power 6% pref. (quar.)
Ohio Public Service Co., 7% pref. (mo.)
6% preferred (monthly)
5% preferred (monthly)
Ohio River Sand Co. preferred
Ohio Water Service, series A (increased)
4%
60c
50c
87 Xc
class A (quar.)
7% preferred (quar.).
'.).
7% preferred (quar
Penn State Water Corp., $7 pref. (quar.)
Pennsylvania Gas & Electric, class a (quar.)
Pennsylvania Glass Sand
Preferred (quar.)
Penna. Power Co., $6 preferred (quar.)
15 Sept. 10
1 Sept. 17
1
1 Oct
Nov.
Extra
25c
6X% preferred
Peoples Telephone Co. (Butler, Pa.)
Pet Milk Co. (quar.)
Petroleum Exploration (quar.)
15 Oct.
Sept.
40c
Peninsular Telephone (quar.)
1 Nov. 10
Oct.
—
Neiman-Marcus Co. 7% pref.
lc
40c
National Biscuit Co. (quar.)
Nebraska Power Co. 7% pref.
40c
Oct.
50c
Extra
Pfaudler Co. 6%
Oct.
Sept.
Sept.
$2X Par common.
Philadelphia & Norristown RR.
Phillips Petroleum Co. (quar.)
Oct.
!iB
$1
50c
37 Xc
Co. (quar.)
Pender (David) Grocery
Penick & Ford, Ltd
1 Aug. 20
1 Aug. 20
Sept. 15 Aug. 25
Oct.
S3X
Class B
20
20
31
15
1
31
4
21
31
31
15
Sept.
Sept.
50c
215
•
15
15
15
Sept. 10 Aug. 30
Aug. 28 Aug. 18
Sept. 27 Sept. 10
50c
(quar.)
turned in for each to
1 Sept. 15
Dec.
1 Oct.
Parkersburg Rig & Reel Co
Patterson-Sargent Co. (quar.)
1 Aug. 25
1 Aug. 20
1 Aug. 19
1 Sept. 20
1 Aug. 20
1
13 Sept.
1 Sept. 15
15 Sept. 10
Oct.
$13*
35c
Towing Corp., 7% pref. (quar.)-
Morris Finance Co. class A (quar.)
Aug.
Aug.
Aug.
1 Oct.
1 Oct.
Nov.
Parker-Wolverine Co
15
Sept.
Sept. 15 Sept.10
Sept.
1 Aug. 24
Sept.
1 Aug. 24
Extra
Monarch Machine Tool Co.
Aug.
Nov.
(quar.) —
No par common, 37 Xc. payable to no par
common
stockholders when said stock is
1 Nov. 15
Dec.
Increased
Milwaukee Gas Light Co. 7% pref. A (quar.) —
Minneapolis-Honeywell Regulator, pref. (quar.)Mississippi Valley Public Service 7% pref. A(qu)
6% preferred B (quar.)
—
Missouri Utilities Co. 7% pref. (quar.)
Mock, Judson, Voehringer Co
Preferred (quar.)
Mohawk Carpet Mills, Inc. (quar.)
Sept.
Aug.
Sept.
Nov.
16Xc
SIX
Parker Rust-Proof Co. com. $2X Par
5
1 Sept. 15
1 Sept. 15
Sept. 15 Aug. 25
Oct. 10 Sept. 20
Meyer-Blanke Co
7% preferred (quar.)
Michigan Citias Natural Gas_
Michigan Steel Tube Products
Micromatic Hone Corp
Middlesex Water Co.
Parker Pen
Dec.
pref. (quar.)
20c
Pacific Mills
5
Oct.
(quar.)
8% preferred (quar.)
6X% preferred (quar.)
5% preferred (quar.)
Oct.
Messinger Corp. (quar.)
40c
Paauhau Sugar Plantation Co. (monthly)
Pacific Finance of Calif, (quar.)
5
Oct.
$2.25
SIX
six
Paraffine Co.'s, Inc
Preferred (quar.)
30 Oct.
10c
10c
50c
Preferred (quar.)
Otis Steel Co. 1st preferred
Aug. 31
Aug. 31
Aug. 31
Aug. 20
Aug. 20
Aug.
6
Aug. 31
Aug. 31
Sept. 1
Aug. 14
1 Sept. 15
45c
mx
preferred (quar.)
Otis Elevator Co. (increased)
5
1 Sept. 15
Sept. 15
Sept. 15
Sept.15
Sept.
1
Sept.
1
Aug. 30
Sept. 20
Sept. 20
Sept. 15
Sept. 6
25c
43 Xc
Oswego & Syracuse RR. (semi-annual)
Pantheon Oil Co.
1 Sept. 15
1 Dec. 15
Oct.
Oct.
Oshkosh B'Gosh, Inc
Preferred (quar.)
_
Jan.
$2
7% partic. pref. (quar.)
Ontario Silknit, Ltd., 7%
Oct.
(quarterly)
Mergenthaler Linotype Co
Merrimac Mills Co. (initial)-.
10c
Distilling Co. 8% pref. (quar.)
8% preferred (quar.)
1
Aug. 14
Aug. 14
10 Sept. 1
Sept. 20
Sept.
iig
(quar.)
Omnibus Corp., pref. (quar.)
Oneida Ltd. (quar.)
Sept.
Dec.
(quar.)
7% preferred (quar.)
Oklahoma Natural Gas 6% pref.
Old Joe
Aug. 15
Aug.
3
Sept.
1
Aug. 21
15
1
15
1
20
Sept.
Preferred
Metal Textile Corp. partic.
Meteor Motor Car Co
Sept.
Oklahoma Gas & Electric 6% pref.
Nov. 30 Nov. 30
10%
-
Aug.
Sept.15
Sept.15
Sept. 10
Sept. 1
Sept.
1
Aug. 30
Aug. 30
Aug. 30
Sept.
1
Aug. 31
Sept.
1 Aug. 20
Sept.
1 Aug. 20
Sept. 15 Aug. 31
Sept.15 Aug. 31
Sept. 30 Sept. 15
37Xc
Participating preferred
Nov. 15 Nov.
Payable of Record
25c
Oils & Industries, Inc
Sept. 15 Aug. 31
25c
SIX
Holders
When
Per
Share
Name of Company
Payable of Record
Share
Company
Holders
When
Per
Name of
Extra-
1367
Financial Chronicle
145
40c
Sept.
Aug.
5
Dec.
Nov. 15
Sept.
40c
Aug. 31
Sept. 9
Sept. 10
Aug. 25
Aug. 20
35c
Oct.
3c
Oct.
25c
Sept.
SIX
SIX
Sept.
Dec.
Nov
25c
Sept.
Aug. 23*
Sept. 30*
Aug. 27
SIX
Oct.
25c
Sept.
25c
Oct.
SIX
37Xc
Oct.
SIX
SIX
six
35c
Sept.
Sept.
Sept.
Sept.
Oct.
25c
Sept.
75c
Oct.
SIX
SIX
Oct.
Sept.
20
Sept. 15
Sept. 15
Aug. 20
Aug. 13
Aug. 13
Aug. 16
Sept. 10
Aug. 31
Sept. 4
Sept. 15
Sept. 20
1368
Financial
Per
Name of Company
Share
Roeser &
Pendleton, Inc. (quar.)
Quarterly
Quarterly
Quarterly
Roxborough Knitting Mills, Inc.—
Participating preferred (quar.)
Royal Bank of Canada (quar.)
Rustless Iron & Steel $2)4 preferred (quar.)
Ruud Mfg. Co. (quar.)
25c
25c
25c
25c
8c
$2
62&
Extra
10c
Quarterly
15c
Extra
10c
St. Joseph Lead Co. (quar.)
San Francisco Remedial Loan Assoc. (quar.)
50c
—
Quarterly
Savage Arms Corp
2nd preferred (quarterly)
75c
75c
50c
Savannah Electric & Power 8% pref. A (quar.)..
7X% preferred B (quar.)
7% preferred O (quar.)
6X% preferred D (quar.)
6% preferred (semi-annual)
8avannab Gas, 7% pref. (quar.)
Schenley Distillers Corp. (quar.)
Preferred (quar.)_.
Schiff Co., common
7% preferred (quar.)
5X% preferred (quar.)
Scott Paper Co., common (quarterly)
$1X
$1!i
—
-
50c
SIX
SIX
40c
Seaboard Oil Co. of Del
Sears Roebuck & Co. (quar.)
Second Investment Corp. (R. I.) conv. pref
25c
75c
t37)4c
$3 prior preferred (quar.)
75c
Second Standard Royalties, Ltd., preferred
Securities Acceptance Corp. (quar.)
lc
20c
6% preferred (quarterly)
Seeman Bros., Inc., common
Selected American Shares, Inc
Serrick Corp. A
Class B (quar.)
Servel, Inc. (quar.)
3734c
6234c
20c
23c
-
30c
25c
Extra
60c
Preferred (quarterly)
Preferred (quarterly)
Sharon Steel Corp. (quar.)
Preferred
(quar.)
$154
$i
AAA (qu.)
SIX
lc
__
—.—
75c
2c
50c
50c
MX
t87c
$1
25c
10c
;
Preferred (quarterly)
15c
Sontag Chain Stores (new) (quar.)
7% preferred (quar.)__
Soundview Pulp Co
South Bend Lathe Works (quar.)
25c
40c
South Carolina Power Co., $6 pref. (quar.)
Southern Acid & Sulphur Co. 7% pref. (quar.)..
Sou. Calif. Edison. Ltd., 6% pref. ser. B (qu.)._
Southern Colorado Power, preferred
Southern Counties Gas of Calif. 6% pref. (quar.)
Southern Pipe Line Co
Southland Royalty Oil
$134
$1%
3734c
$1
10c
South Shore Utilities Assoc. preferred (quar.)..
Southwestern Consol. Gas Utilities Corp
Southwest Natural Gas Co., $6 pref. A (qu.)..-.
Spang, Chalfant & Co., Inc., pref
Spear & Co. 1st & 2d pref. (quar.)
3734c
50c
MX
MX
MX
Spencer Kellogg & Sons, Inc. (quar.)
40c
Spiegel, Inc., $4)4 convertible preferred (qu.)._ $1,125
Square D Co. (quarterly)
55c
Staley (A. E.) Mfg. Co., $5 pref. (quar.)
MX
Standard Brands. Inc., $4)4 pref. (quar.)
$1,125
Standard Cap & Seal Corp. (quarterly)
40c
-—
Extra
20c
$1.60 preferred (quarterly)
Standard Oil Co. or Calif, (quar.)
—
Extra
40c
25c
25c
Standard Oil Co. of Indiana (quar.)
Extra
(Ohio), common
5% cumulative preferred
Standard Steel Spring Co. stock dividend—
Stecher-Traung Lithograph 7)4% pref. (quar.).
7 J4 % preferred (quar.)
Sterling Brewers, Inc
Sterling Products, Inc. (quar.)
Stix, Baer & Fuller, 7% preferred (quar.)
7% preferred (quar.)
Storkline Furniture Corp. (quar.)
Strawbridge & Clothier preferred A (quar.)
Preferred
Strom berg-Carlson
Telep. Mfg
6)4% preferred (auar.)
Stuart (D. A.) Oil Co., Ltd., class A pref
Sun Oil Co. (quar.)
Preferred (quar.)
Superheater Co. (increased)..
Superior Portland Cement, Inc., class A
Represents three-month dividends.
Sutherland Paper Co. (quar.)
Extra
Swift & Co. (quar.)
Sylvanite Gold Mines, Ltd. (quar.)
Tacony-Palmyra Bridge Co. (quar.)
Preferred (quar.)
Talcott (James), Inc.. common
5)4% partic. preference (quar.)
Tamblyn (G.) Ltd (quarterly)
Tappan Stove Co
Taylor & Fenn Co. (quar.)
Technicolor, Inc. (interim)
Tecumseh Products Co
Special stock dividend
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-NexMexico UtilitiesCo.,7%pf. (qu.)
Texas Pacific Coal & Oil Co. (quar.)
Tex-O-Kan. Flour Mills Co., 7% pref. (quar.).
Thatcher Mfg
Thermoid Co., $3 pref (quar.)
Tidewater Assoc. Oil Co. (quar.)
Extra
Tide Water Power Co. $6 preferred (quar.)
1 Mar. 10
1 June 10
1
Sept. 1
Sept. 1
Sept. 1
Sept.16
Sept.16
Sept. 10
10
14
July 31
Aug. 15
Sept. 6
Sept. 6
Aug.
25c
25c
25c
SIX
100%
$154
*15c
95c
43Xc
43Xc
$15*
1234c
MX
20c
25c
M
8234c
40c
Oct.
Oct.
Oct.
Oct.
15 Dec.
1
1 Sept. 15
1 Sept. 15
1 Sept. 15
1
Sept.15
Sept.15
Sept. 15
Sept.15
Sept. 1
Sept. 1
1
Aug.
Aug.
Aug.
Sept.
Sept.
Aug.
Aug.
Aug.
Aug
Sept.
Sept.
Aug.
Aug.
Aug.
Aug.
Aug.
Aug.
Sept.
31
31
31
1
1
16
14
14
16
10
10
25
31
25
25
18
18
17
15 Sept. 15
1 Sept. 15
Sept. 24
Sept. 1
Sept. 1
Sept. 1
Sept. 1
Aug. 30
Sept. 15
Sept.30
Sept. 21
Sept. 1
Nov.
Sept.
Aug.
Aug.
Aug.
Aug.
Aug.
Aug.
Sept.
Sept.
Aug.
3
21
14
2
16
16
31
1
10
20
1 Nov.
Sept.15 Aug.
Sept. 15 Sept.
Oct.
1 Sept.
Sept. 1 Aug.
Sept. 1 Aug.
Sept. 1 Aug.
Sept. 1 Aug.
Oct.
1 Sept.
Oct.
1 Sept.
Sept.15 Aug.
Sept.15 Aug.
Oct. 15 Sept.
Sept. 1 Aug.
Sept. 15 Aug.
Sept. 1 Aug.
Sept. 1 Aug.
1
19*
1
15
20
20
15
14
15
10
20
31
13
16*
31
17
16
Oct.
1 Sept. 20
Oct.
1 Sept 20
Sept. 1 Aug. 16
Sept. 30 Sept. 15
Sept.15 Sept. 1
Sept.30
Sept. 20 Sept. 10
Sept.15 Sept. 1
Sept. 1 Aug. 14
Sept. 1 Aug. 14
Sept. 1 Aug. 14
Sept.15 Aug. 16
Sept. 15 Aug. 16
Sept.15 Aug. 16
Sept. 15 Aug. 16
Sept. 15 Aug. 31
Oct. 15 Sept. 30
Aug. 30 A.ug. 10
Sept. 30 Sept. 23
Dec.
31
Dec.
18
Sept. 15 Sept. 1
Sept. 1 Aug 16*
Sept. 30 Sept. 15
Dec.
31 Dec.
Aug. 30 Aug.
Sept. 1 Aug.
Oct.
1 Sept.
Sept. 1 Aug.
Sept.
1 Aug.
Sept. 15 Aug.
Sept. 15 Aug.
Sept. 1 Aug.
Oct.
Sept.
15 Oct.
15
19
14
15
10
10
16
25
10
1
1 Aug. 23
6854c
Oct.
Oct.
20c
Oct.
1
20c
Sept.
Sept.
Sept.
Sept.
Sept.
Sept.
5c
50c
SIX
15c
Sept. 30 Sept.
Sept. 30 Sept.
Oct.
1 Sept.
Sept. 30 Aug.
Sept. 30 Sept.
Nov.
1 Sept.
50c
15 Aug.
19 Aug
1 Aug.
25 Sept.
25 Sept.
1 Aug.
Oct.
1 Sept.
Oct.
1 Sept.
Oct.
1 Sept.
Oct.
1 Sept.
Sept. 1 Aug.
Oct.
1 Sept.
Sept. 1 Aug.
50c
Oct.
HP
50c
1234c
20%
2734c
$1.80
$154
m
60c
60c
$154
Sept.
50c
Oct.
50c
Sept.
Sept.
Sept.
Sept.
MX
10c
MX
25c
Oct.
75c
25c
Sept.
Sept.
Sept.
Sept.
10c
MX
MX
Underwood Elliott Fisher..;
Sept.15
Sept.15
Sept.15
Sept. 15
Sept. 15
Sept.15
Sept. 1
Sept. 1
Sept. 1
Oct.
1
Oct.
50c
41 2-3 c
(quar.)
Trans-Lux Corp. (semi-annually)
Transue & Williams Steel Forging
1 Sept. 15
Sept. 1 Aug. 20
Sept. 30 Sept. 16
Oct.
1 Sept. 17
Oct.
25c
25c
58 1-3 c
6% preferred (monthly)
5% preferred (monthly)
6
Aug. 30 Aug. 16
Aug. 30 Aug. 16
Oct.
1 Sept. 15
1 Sept.
31
2
30
4
4
21
15
15
15
15
14
15
14
15
20
10
1
20
1 Aug.
1 Sept.
15 Sept.
1 Aug.
1 Aug. 11
1 Aug. 15
1 Sept. 15
15 Sept. 3
1 Aug. 10
1 Aug. 10
1 Aug.10
10c
15c
$1
50c
Special
Union Gas Co. of Canada (quar.)
Union Tank Car Co. (quar.)..
J15c
40c
—
United Biscuit Co. of America common (qu.)
Preferred (quar.)
United Gas & Electric Corp., common
Preferred (quar.)
United Dyewood
Oct.
$1,125
MX
75c
Title Insurance Corp. of St. Louis (quar.)_
Toledo Edison Co. 7% preferred (monthly)
6
Sept. 20 Sept. 9
Sept. 30 Sept. 15
Dec.
Tide Water Assoc. Oil, $4)4 pref. (quar.)
Tlmken-Detroit Axle Co.. preferred (quar.)
Trane Co., $6 first preferred
.
40c
_
$15*
50c
1%%
—
Corp. (quar.)
25c
Extra
25c
Preferred (quarterly)
Preferred (quarterly)
n
United Gas Corp., pref. (quar.)
United Gas Improvement (quar.)
$154
25c
Preferred (quarterly)
SIX
United Light & Rys., 7% pref. (mo.)
58 l-3c
58 l-3c
7% preferred (monthly)
53c
6.36% preferred (monthly)
53c
6.36% preferred (monthly)
50c
6% preferred (monthly)
50c
6% preferred (monthly)
United N. J. RR. & Canal (quar.)
$234
United States Envelope Co
$234
Preferred (semi-annual)
$334
United States Graphite Co. (quar.)
60c
50c
Quarterly
United States Guarantee Co. (quar.)
30c
United States Gypsum Co. (quar.)
50c
Preferred (quarterly)
United States Leather Co., prior preferred
mx
United States Pipe & Foundry Co., com. (quar.)
76c
Common (quarterly)
75c
United States Playing Card Co. (quar.
25c
Extra.
25c
United States Plywood Corp., pref. (quar.)
United States Rubber Reclaiming, 8% pref
3734c
fx5c
United States Steel Corp., preferred
Preferred (quarterly)
United States Tobacco Co., common
SIX
Preferred
SIX
six
United Wall Paper Factories pref. (quar.)
Universal Insurance Co. (quar.)
Uiica Clinton & Binghamton RR
25c
Debenture (semi-ann.)
$234
Vagabond Coach Co. (monthly)
Valley Mould & Iron Co. preferred (quar.)
Vanadium Alloy Steel
10c
$134
60c
Van Raalte Co., Inc
75c
1st preferred (quarterly)
SIX
Vapor Car Heating Co., inc. 7% pref. (quar.)__
7% preferred (quar.)__
Veeder-Root, Inc. (quar.)
!iS
—
50c
Extra
$1
50c
Vick Chemical Co. (quar.)
Extra
10c
Vicksburg Shreveport & Pacific Ry. (s.-an.)
234%
234%
$134
Preferred (semi-annual)
Victor Monaghan Co. (quar.)
7% preferred (quar.)
Viking Pump Co. (special)
Preferred (quar.)
Virginia Coal & Iron Co. (quar.)
Virginia Electric & Power, pref. (quar )
Virginia Fire & Marine Insurance (s.-a.)
Virginian Ry
Vogt Mfg. Corp
Vulcan Detinnlng, preferred (quarterly
Wagner Electric Corp.. common.Waialua Agricultural Co
Walgreen Co., 434% preferred w w (quar.)
Walker (Hiram) Gooderham & Worts, Ltd.(qu.)
$1 preferred (quar.)
Waitham Watch, prior preferred (quar.)
Washington Ry. & Electric Co
5% preferred (quarterly)
5% preferred (quarterly)
5% preferred (semi-ann.)
Washington Water Power $6 pref. (quar.)
Weill (Raphael) & Co. 8% preferred (s.-a.)
Weisbaum Bros. Brower (quar.)
Quarterly
Wellington Fund, Inc. (quar )
$1|4
._
Extra
Sept
Sept.
Sept.
Aug.
Sept.
Sept.
Sept.
Sept.
Sept.
Sept.
Sept.
Sept.
Sept.
Sept.
Sept.
1 Sept.10
1 Aug 20
4 Aug. 17
4 Aug. 17
31 Aug. 21
1 Aug. 14
1 Aug. 14
1 Aug. 14
1 Sept. 1
1 Aug. 14
3 Aug. 28
30 Sept. 11
30 Sept. 11
15 Aug. 20
1 Aug. 16
1 Aug. 16*
1 Oct. 15*
Sept. 15 Sept. 1
Sept. 15 Sept. 1
Oct.
1 Sept. 10
Oct.
1 Sept.10
Oct.
1 Sept. 10
Nov.
1—3—38 Dec.
25c
,
$134
50c
$2
40c
80c
$1,125
50c
25c
SIX
$9
liS
8 Nov. 24
Dec.
Sept. 30 Sept.
1 Sept.
1 Sept.
Oct.
1 Sept.
Sept. 20 Aug.
Oct.
Oct.
18
15
15
10
31*
Dec.
20 Nov. 30*
Oct.
Oct.
Sept.
Sept.
Aug.
Aug.
Sept.
Sept.
Sept.
Sept.
il
11
1
15
30
30
15
15
1
1
Dec.
27 Dec.
Sept.
Sept.
Aug.
Sept.
Aug.
Aug.
Aug.
Aug.
Aug.
Aug.
15
15
20
1
2
2
30
30
20
14
16
Sept. 30 Sept. 15
Sept. 1 Aug. 20
Sept. 2 Aug. 20
Sept.
1 Aug. 18
Sept. 1 Aug. 18
Sept. 10 Sept. 1
Dec.
10 Dec.
1
Sept. 15 Sept. 1
Sept. 15 Sept. 1
Sept. 1 Aug. 16
Sept.
1 Aug. 16
Oct.
1 Sept.
8
Oct.
1 Sept.
8
Sept. 1
Oct.
1
Sept.
Sept.
Sept.
Sept.
Sept.
Sept.
Sept.
15
15
1
20
1
25
1
20 Oct.
Sept.
Sept.
Aug.
Aug.
Aug.
Sept.
Aug.
Sept.
Aug.
Aug.
Aug.
Aug.
Oct.
2 Sept.
Aug. 31 Aug.
Sept.
1 Aug.
Sept.
Aug.
Sept
Sept.
Sept
1
1
21
31
20
11
18
11
20
31
15
15
15
1
21
26
20
20
18
16
16
Dec.
1
Nov. 15
$2 34
Dec
1
Nov. 15
$134
$4
10c
Sept. 15 Aug. 25
Sept.
1 Aug.
1
9
Sept.
1 Aug.
10c
Dec.
1
Nov.
9
15c
Sept. 30 Sept. 15
Sept. 30 Sept. 15
10c
Sept. 1 Aug. 20
40c
Sept. 1 Aug. 19
t3734c Sept. 1 AUg. 12
Oct. 30 Sept 30
25c
10c
Wentworth Mfg. Co
Western Auto Supply Co.
(quar.)
Western Public Service, pref. A
Westlnghouse 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)
West Penn Flectric Co., class A
Westvaco Chlorine Products (quar.)
West Virginia Water Service Co. $6 pref
Wheeling Electric Co., 6% pref. (quar.)
Whltaker Paper Co
7% preferred (quar.)
White Villa Grocers, Inc. (semi-ann.)
6% preferred (quar.)
Whitman (Wm.) & Co., Inc., 7% pref. (quar.)..
Wiliiamsport Water Co. (quar.)..
Willson Products, Inc. (quar.)
Special
Wilson & Co. (quar.)
Winstead Hosiery Co. (quarterly)
25c
$1
$1
Extra...
;
Winter & Hirsch, Inc., 7% preferred (quar.)
Wisconsin Public Service Co. 7% preferred.
634% preferred
6% preferred
Wolverine Tube, pref. (quar.)
1-30-38
Oct.
10c
30c
1 Sept.
Sept. 15 Aug.
Oct.
1 Sept.
Sept. 30 Sept.
Sept. 1 Aug.
Oct.
1 Sept.
Sept. 1 Aug.
Oct.
1 Sept.
Oct.
Sept.
Oct.
Oct.
Sept.
Sept.
Sept.
Sept.
Nov.
Nov.
Sept.
Sept.
Sept.
Sept.
Sept.
Sept.
Sept.
Sept.
Sept.
Sept.
Wrigley (Wm.) Jr. Co. (monthly)
Monthly
1
1 Oct.
1 Oct.
22
31
15
17
10
15 ]
5
20 '
20 |
14
15
11.1
20
31
31
14
16
16
1 Aug. 25
20 Aug. 31
20
20
1
15
1
1
30
1
1
Yale & Towne Mfg. Co
Yellow Checker Cab Consul. A
Youngstown Steel Door Co
Oct.
1
Youngstown Sheet
Preferred (quar.)
Oct.
1
Oct.
1
Sept. 1
Sept. 15
(quar.)
Sept.
1 Aug.
1 Sept.
1 Sept.
1 Aug.
10 Aug.
10 Aug.
1 Aug.
Oct.
aocount of accumulated
9
9
lip
—
Transfer books not closed for this dividend.
31
1-3-38 Dec. 15
Dec.
1 Nov. 15
Woodall Industries, Inc. (quar.)
Wood (A.) Steel 7% preferred
Woolworth (F. W.) Co. (quar.
Worcester Salt common (quar..
& Tube
Dec
Aug. 31 Aug.
Aug. 31 Aug.
$134
-
t On
10
Sept. 1 Aug. 12
Sept 30 Aug. 31
Sept. 30 Aug. 31
Sept.
1 Aug. 16
Oct.
1 Sept. 15
Sept. 1 Aug. 16
Oct.
1 Sept. 15
Sept. 1 Aug. 16
Oct.
1 Sept. 15
Oct. 10 Sept. 20
Sept. 1 Aug. 16
Sept. 1 Aug. 16
1
Sept. 15 Sept.
Oct
25c
60c
_
*
Holders
Payable of Record
Timken Roller Bearing (quar.)
Extra
16 Dec.
20
20
1
16
15
17
1 Sept. 15
1 Sept. 15
20c
30c
When
Name of Company
16 Dec.
Oct.
-
Sloss-Sheffield Steel & Iron pref. (quar.)
Smith-Alsop Paint & Varnish 7% pref
Smith (8. Morgan) Co. (quar.)
Socony-Vacuum Oil Co
Standard Oil Co.
3 Dec.
Apr.
July
1-3-38 Dec. 20
Sigma Mines, Ltd. (initial)
Simmons-Boardman Publishing Corp. (quar.)
Simon (Wm.) Breweries (extra)
Simonds Saw & Steel (new) (initial)
Skelly Oil Co
Corp
Oct.
Jan.
Dec.
Dec.
Aug. 28, 1937
Holders
Payable of Record
Oct.
Shattuck (Frank G.) (quar.)
Shepard-Niles Crane 8 Hoist Co
Sherwin Williams Co., 5% pref. ser.
Sonotone
43 He
75c
When
Chronicle
Aug.
Aug.
Aug.
Sept.
Aug.
Aug.
Sept.
Aug
Sept.
Sept.
Aug.
Sept.
Sept.
Sept.
31
31
23
1
14
10
20
20
20
10
28
1
11
11
\
dividends.
t Payable in Canadian funds, and in tne case oi non-residents of Can tda
deduction of a tax of 5% of the amount of such dividend wll be made.
Volume
Financial
145
weekly statement issued by the
Clearing House is given in full below:
MEMBERS
OF
ASSOCIATION
OF THE
Time
Deposits.
Deposits.
Average
Average
Profits
Members
previous week and the corresponding
Aug. 25, 1937 Aug. 18, 1937 Aug. 26,1936
Net Demand
Undivided
Capital
in comparison with the
date last year:
AUG. 21, 1937
SATURDAY,
Surplus and
•
Clearing House
following shows the condition of the Federal Reserve
Bank of New York at the close of business Aug. 25, 1937,
CLEARING HOUSE
NEW YORK
ENDED
WEEK
THE
FOR
York
New
The
New York City
The
STATEMENT
Condition of the Federal Reserve Bank of
York City
Weekly Return of the New
Clearing House
1369
Chronicle
$
$
$
.
Assets—
$
Bank of N Y A Trust Co
138,933,000
13,102,300
409,228,000
25,769,700
57,496,600 al,480,746,000
423,741,000
54,132,100
179,891,500 61,376,707,000
443,465,000
43,503,300
684,497,000
68,112,400
246,015,000
17,508,900
433,372,000
107,641,600
468,586,000
60,956,200
41,193,000
4,054,900
6,000,000
Bank of Manhattan Co.
20,000,000
National City Bank
77,500,000
Chem Bank & Trust Co.
20,000,000
Guaranty Trust Co
90,000,000
Manufacturers Trust Co
42,777,000
Cent Hanover BkATr Co
21,000,000
Corn Exch Bank Tr Co.
15,000,000
First National Bank
10,000,000
50,000,000
Irving Trust Co
Bk & Tr Co
Continental
4,000,000
100,270,000
Chase National Bank
500,000
Fifth Avenue Bank
Bankers Trust Co
25,000,000
Title Guar <fc Trust Co..
10,000,000
Marine Midland Tr Co..
5,000,000
12,500,000
7,000,000
7,000,000
New York Trust Co
Comm'l Nat Bk A Tr Co
Public Nat Bk A Tr Oo.
Gold certificates on hand and due from
$
■
128,220,000 Cl,831,767,000
50,868,000
3,553,200
d739,734,000
75,366,200
15,370,000
1,295,900
87,476,000
9,012,200
266,560,000
28,136,700
Redemption fund—F. R.
Other cash
notes
-u—
f
3,289,867,000 3,278,462,000 3,234,773,000
1,627,000
1,743,000
1,555,000
72,122,000
77,269,000
76,445,000
3,367,867,000 3,357,474,000 3,308,522,000
Total reserves.
Bills discounted:
Secured
by U.
direct
3,859,000
S. Govt, obligations,
fully guaranteed
or
Other bills discounted..
350,000
Total
69,970,000
As
894,463,200
523,547.000
per
•
•
1,103,000
7,100,000
211,543,000
332,270,000
181,216,000
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
743,187,000
739,604,000
673,963,000
84,000
91,000
83,000
5,093,000
9,185,000
124,256,000
10,854,000
33,655,000
United States Government securities:
26,724,000
Bonds
1.646.000
49,924,000
9,291,505,000
;
5,486,000
Industrial advances
566,000
I
1,086,000
3,263,000
77,539,000
National, June 30, 1937; State, June 30,
official reports:
5,199,000
\
1,092,000
5,422,000
Bills bought In open market.
....
Treasury notes
728,478,000
Total U. 8. Government securities.-
*
2,294,000
2,905,000
8,003,000
11,644,000
bills discounted
.
29,081:665
Treasury bills
Totals
5,514,000
2,489,000
6,406,000
5,238.000
....
2,848,000
75,708.000
8,092,800
8,616,700
United States Treasury.*
10,426,000
48,212,000
193,092,000
23,916,000
83,716,000
100,448,000
57,048,000
23,389,000
1937; trust
companies, June 30, 1937.
branches as follows:
Includes deposits In foreign
a
$278,214,000; 6 $92,638,000;
Total bills and securities.
$127,323,000; d $42,036,000.
C
Due from foreign banks
"Times" publishes regularly each week
returns of a number of banks and trust companies which
are
not members of the New York Clearing House.
The
The
are
Uncollected Items
Bank premises
All other assets
the figures for the week ended Aug. 20:
INSTITUTIONS NOT IN
WEEK ENDED FIRDAY, AUG. 20,
1937
10,038,000
12,443,000
4,274,969,000 4,282,373.000 4,160,518,000
.
Liabilities—
STATE BANKS—AVERAGE FIGURES
AND
Loans,
Disc, and
Dep. Other
Y. and
Bants and
Gross
Trust Cos.
Deposits
N.
Including
Bant Notes
Elsewhere
Foreign bank
72,216,000
75,318,000
Other deposits
89,672,000
76,042,000
Grace National
23,484,700
124,800
7,057,000
1,936,800
23,978,000
475,000
8,409,000
877,000
30,175,000
6,250,070
238,398
1,851,701
75,649
6,101,922
35,759,000
187,104,000
28,706,200
Sterling National...
Trade Bank of N. Y.
•
3,084,646,000 3,070,302,000 3,098,388,000
Total deposits
$
$
$
$
$
817,210,000
939,160,000
936,444,000
F. R. notes in actual circulation
Deposits—Member bank reserve acc't.. 2,890,900,000 2,878,992,000 2,844,247,000
31,278,000
39,950,000
U. S. Treasurer—General account
31,858,000
Res. Dep.,
Other Cash,
Investments
Manhattan—
Total assets
157,630,000
CLEARING HOUSE WITH THE CLOSING OF
BUSINESS FOR THE
NATIONAL
6,020,000
135,034,000
10,038,000
12,739,000
Federal Reserve notes of other banks
New York
following
-
Brootlgn—
People's National
210,000
754,000
120,000
4,897,000
Capital paid in
Surplus (Section 7)
Surplus (Section 13b)
5,397,000
51,474,000
7,744,000
1
9,117,000
1,294,000
Reserve for contingencies..
Bants and
Deposits
$
*6,087,100
8,942,214
Fiduciary
10,987,686
20,300,700
*6,603,300
Lawyers
3,943,300
27,771,900 *12,091,100
75,753,788 20,498,833
763,649
838,600
727,400
23,476,600
10,966,554
deposit
83,801,000
83.8%
29,980,469
2,847,647
Industrial
make
to
84.5%
83.7%
895,000
5,349.000
purchased
ad-
9,020,000
t "Other cash" does not Include Federal Reserve notes or a bank's own
81,758,946
Federal
Reserve bant notes
x
56,000 113,837,000
34,750.000
6.276,355
3,088,000
Kings County
6,032,000
and
697,000
bills
bances
38,293,100
15,862,638
Brooklyn
*
to
reserve
5,338,000
Commitments
10,173,893
Brooklyn—
These are certificates given by the United
States Treasury for the gold taken
devalued from
the extent of the
over from
the Reserve banks when the dollar was, on Jan. 31, 1934,
100
33,346,757
to
cents
59.00 cents, these certificates being worth less to
difference, the difference Itself having been appropriated as profit by the Treasury
Empire, $3,645,400: Fidu¬
$6,333,600; Lawyers, $11,429,500.
Includes'amount with Federal Reserve as follows:
ciary, $804,707; Fulton,
total
for foreign correspondents
66,104,200
2,263,418
12,709
442,200
9,859,300
1,845,430
193,482
*1,179,907
Fulton
United States
of
Contingent liability on
S
$
S
S
Federation..
Ratio
F. R. note liabilities combined
56,530,500
Manhattan—
8,849,000
Gross
Trust Cos.
Elsewhere
Investments
Empire
Y. and
N.
Cash
Disc, and
Dep. Other
121,289,000
50,181,000
50,825,000
7,744,000
4,274,969,000 4,282,373,000 4,160,518,000
Total liabilities.
Res. Dep..
Loans
T
All other liabilities
FIGURES
TRUST COMPANIES—AVERAGE
152,390,000
51,074,000
51,474,000
7,744,000
9,117,000
1,112,000
133,178,000
51,072,000
Deferred availability items.
under the provisions of
the Gold Reserve Act of 1934.
Weekly Return for the Member Banks of the Federal Reserve System
issued by the Board of Governors of the Federal Reserve System, giving the principal
obtained.
These figures are always a week behind those for the Reserve banks themselves.
The comment of the Board of Governors of
the Federal Reserve System upon the figures for the latest week appears in our 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.
Following is the weekly statement
items of the resources
and liabilities of the reporting member banks in 101 leading cities from which weekly returns are
Commencing with the statement
announcement of the
of May 19, 1937, various ohanges were made in the breakdown of loans as reported In this statement, which were
York of April 20, 1937, as follows:
desoribed In an
Federal Reserve Bank of New
confined to the classification of loan9 and dlsoounts. This classification has been changed 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 carrying securities.
The revised form
also eliminates the distinction between loans to brokers and dealers In securities looated In New York City and those located outside New York Glty
Provision has been
made also to lnolude "acceptances of own bank purchased or discounted" with "acceptances and commercial paper bought In open market" under the revised caption
lopen 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.
The
changes
In the report form are
-
ASSETS AND LIABILITIES
OF WEEKLY REPORTING MEMBER BANKS IN 101 LEADING CITIES, BY
DISTRICTS, ON AUG. 18,1937 (In Millions of Dollars)
Atlanta
Chicago
St. Louis
S
S
S
Minneap. Kan. City
San Fran.
Dallas
Federal Reserve Districts—
Total
Boston
New York
Phila.
ASSETS
$
S
$
%
1,325
9,204
1,179
1,912
638
546
3,085
671
397
729
500
716
4,464
474
714
242
262
1,031
308
174
290
227
Loans and
22,303
9,933
Investments—total
Loans—total
Commercial, Indus, and agricul. loans:
Cleveland Richmond
$
%
2,117
1,031
587
44
44
14
10
49
55
9
19
13
37
171
245
92
121
581
131
81
163
130
328
177
26
19
12
4
54
11
7
27
3
35
42
1,150
27
22
4
7
61
6
2
4
3
22
37
349
38
38
19
16
92
13
9
14
15
57
1,165
85
243
60
178
29
27
82
46
6
20
21
368
139
5
103
2
8
1
1
2
719
Other loans for purchasing or
254
1,662
93
697
Open market paper
Loans to brokers and dealers..—
39
288
468
Otherwise secured and unsecured..
3,993
1,350
On securities
67
263
48
12
14
9
73
carrying
securities.
Real estate loans
Loans to banks
3
2
6
6
122
30
25
47
Other loans:
On securities
Otherwise secured and
unsecured..
obligations
United States Government
Obligations fully guar, by U. S
Govt.
Reserve with Federal
Reserve Bank..
9
815
60
263
58
43
40
46
59
26
51
28
32
109
8,231
444
3,155
327
868
297
174
1,442
217
167
267
194
679
1,139
22
34
187
46
12
46
29
124
3,000
Other securities
143
5,194
241
448
99
60
32
1,137
279
270
67
76
425
100
44
126
50
283
131
107
793
132
79
177
109
337
.
2,513
238
337
292
16
36
17
11
58
10
5
12
10
20
134
120
170
108
104
293
79
68
201
150
203
81
523
87
106
41
39
94
23
17
23
27
209
14,930
5,227
961
6,522
818
1,118
426
337
2,267
397
266
506
392
920
278
1,123
280
731
199
183
862
184
122
144
120
1,001
532
36
291
18
15
11
14
73
8
2
9
18
37
5,014
Other assets—net
65
79
1,270
domestic banks
32
1,709
Cash in vault
Balances with
S
S
S
S
205
1,939
272
334
185
172
732
231
113
389
180
262
11
532
5
LIABILITIES
Demand deposits—adjusted
Time deposits
United States Government
deposits..
Inter-bank deposits:
Domestic banks....—
Other liabilities
Capital account
1
1
•
17
1
1
2
39
3
30
1
4
838
28
386
19
17
21
7
19
8
6
3
4
320
3,609
236
1,616
228
345
91
88
362
87
56
91
80
329
579
Foreign banks
Borrowings
—
-
8
:
«•
—.
_
m
1
1370
Financial
Chronicle
Aug. 28, 1937
Weekly Return of the Board of Governors of the Federal Reserve System
The
following
was
issued by the Board of Governors
showing the condition of the twelve Reserve banks
for the
System
as a
week last year.
of the Federal Reserve
at the close of business on
System
Wednesday.
Thursday afternoon, Aug. 26,
on
The first table presents the results
whole in comparison with the figures for the eight preceding weeks and with those of the corresponding
The second table shows the
resources and liabilities separately for each of the twelve banks.
The Federal
(third table following) gives details regarding transactions in Federal Reserve notes between the
Reserve Agents and the Federal Reserve banks. The comments
of the Board of Governors of the Federal Reserve System upon the
Reserve note statement
returns
for the latest week
in
appear
department of "Current Events and Discussions
our
COMBINED RESOURCES AND LIABILITIES
Three ciphers (000) omitted
on
FEDERAL RESERVE BANKS AT THE CLOSE OF
Aug. 25,
1937
hand and due from U. S. Treas.x
Aug. 18,
1937
1937
Aug. 4,
1937
$
ASSETS
Gold ctfs.
OF THE
$
$
$
8,831,948
9,423
308,865
8,831,946
Aug.
11,
28.
July
1937
$
July 21,
1937
BUSINESS
14,
July
AUGUST
July 7
25,
June
1937
1937
Aug. 26,
1937
$
$
1937
30,
$
$
1936
S
8,833,399
8,833.899
8,833.905
8,835,407
8,835,406
t8,835,907
9,784
9,936
9,976
9,549
10,399
10,471
14,070
303,051
8,832,398
10,784
306,903
312,308
323,657
318,928
307.824
277.661
t312,309
282,936
9,150,236
9,145,119
9,150,085
9,155,491
9,167,492
9,162,809
9.152,780
9,123,466
9,158,687
8,571,038
11,312
13,755
11,674
8,619
11,718
9,623
7.042
4,533
5,023
10,026
5,377
10,316
7,391
4,901
3,553
3,328
3,395
2.887
3,638
3,600
18,703
18,288
16,697
15,403
15,217
12,172
15,046
13,018
9,929
7,238
3,077
3,072
3,078
3,201
3,280
3,596
3,669
3,801
3,095
20,929
3,073
21,007
21,043
21,082
21,596
21,665
21,759
21,783
22,152
28,554
737,073
732,508
732,508
732,508
732.508
732,508
732.508
732.508
732.508
324,721
1,157,713
631,404
1,157,713
1,157,713
1,165,713
635,969
630,969
1,162.713
630,969
1,165,713
635,969
1,157,713
635,969
1,162,713
Treasury bills
627,969
627,969
1.170,713
622.969
1,496,719
608,787
Tota
2,526,190
2,526,190
2,526,190
2,526,190
2,526,190
2,526,190
2,526,190
2,526,190
2,526,190
2,430,227
Redemption fund (Federal Reserve notes)
Other cash *
Total reserves...
10,122
8,264,032
Bills 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...
Other securities
Foreign loans
181
on
gold
Total bills and securities
2,568,899
2,568,558
2,567,002
2,565,753
2,566,204
2.563,307
2,566,591
2,564,660
2,562,072
2,469,295
Gold held abroad
Duo from foreign banks
"""220
"""227
""227
24,200
25,444
580,791
643,160
Bank premises
45,479
45,501
All other assets
44,726
43,966
25,686
582,630
45,502
43,520
12,414,551
12,471,975
Federal Reserve notes in actual circulation.
4,234,680
Deposits—Member banks'
6,729,546
...
Federal Reserve notes of other banks
U ncollected items
Total assets
•
"""222
""222
"""222
""219
""219
219
"219
28,198
32,396
28,917
26,890
21,950
23,933
601,649
582,875
645.445
759,714
638,313
664,235
25,093
528,322
48,055
45,500
45,572
45,582
45.601
45,601
45,615
42,692
44,769
43,588
42,945
41,977
41.720
43,586
12,414,652
12,439,505
12,439,530
12,489.870
12,594,740
12,436,186
12,496,481
11,685,608
4,238,391
4,228,043
4,222,016
4,193,413
4,197,871
4,213,898
4,252,417
4,206,477
3,993,664
6,681,124
6,635,764
6,775.505
227,818
6,858,300
6,927.951
6,826,707
6,331,502
183.743
90,232
100,937
6,900,288
92,813
185,042
161,864
159,009
172,325
157.400
98,174
.,=■
LIABILITIES
reserve account
United States Treasurer—General account—
\
160,885
Foreign banks
V
200,205
6,743,874
155,689
199,602
Other deposits
140,513
252,690
193,493
133,626
308,778
195,093
156,059
124,926
120,372
95,966
115,621
112,381
127,671
238,258
Total deposits
143,424
7,246,695
7,239,678
7,260,933
7,264,561
7,308,737
7,299,873
7,292,813
7,212,350
7,278,172
6,811,358
Deferred availability items
584,978
606,265
132,442
645,176
741.434
625.371
664,852
532,971
132,531
145,854
27,490
578,259
132,530
589.461
Capital paid in
Surplus (Section 7)
Surplus (Section 13-B)
646,593
132,533
132,407
132,514
132.459
132,355
132,302
130,170
145,854
145,854
27,490
145,854
145,854
145,854
145,854
145.854
145,501
27,490
27,490
145,854
27,490
27,490
27,490
27,490
35,871
35,871
35,872
35.906
35,906
35,906
27,088
34,235
5,672
35,873
5,004
6,297
5,220
4,886
4,443
5,428
10,621
12,489,870
12,594,740
12,436.186
12,496,481
11,685,608
79.3%
Contingent
liability on
foreign correspondents
12,439,530
79.7%
79.7%
79.6%
79.7%
79.7%
79.7%
79.5%
79.6%
79.7%
2,478
2,780
2,917
3,212
3,587
4,150
4,138
4,015
15,249
15,304
15,366
15,726
15,859
16,171
16,110
16,331
16.0S3
14,237
12,554
12,877
11,053
8,044
5,320
426
447
12,304
511
9,624
397
283
151
162
596
803
914
920
829
915
774
918
761
562
724
742
666
945
663
806
559
414
399
206
141
139
222
260
824
822
788
843
842
359
593
18,703
18,288
16,697
15,403
15,217
12,172
15.046
13,018
9,929
7,238
569
1,286
238
262
208
273
1,455
438
232
978
1,333
90
178
177
271
225
190
1,256
1,523
1,598
391
1,555
89
90
173
232
324
348
419
495
784
142
2,567
2,549
2,549
2,550
1,627
1,627
1,627
24
3,077
3,073
3,072
3,078
3,201
3,280
3,596
3,669
3,801
3,095
936
783
636
657
1,149
1,216
749
784
849
1,493
224
426
534
251
94
87
736
767
246
297
649
691
672
861
656
674
657
341
721
564
445
446
524
792
844
808
969
813
711
18,556
18,662
18,755
18,788
18,905
18,844
18.809
18,922
19,523
25,303
20,929
purchased
12,439,505
362
bills
12,414,652
16,546
21,007
21,043
21,082
21,596
21,665
21,759
21,783
22,152
28,554
28,546
Ratio of total reserves to deposits and Federal
Reserve note liabilities combined
12,471,975
15,179
Total liabilities
35,838
6,485
1,932
.
27,490
35,838
5,598
12,414,551
Reserve for contingencies
All other liabilities
20,246
104,170
29,447
43,375
18,246
38,628
27,447
142,926
35,561
38,628
57,993
35,063
32,247
37,930
33,045
61,621
153,359
35,561
85,786
66,075
79,282
148.926
72,006
2,247,174
2.243,102
2,243,381
2,155,223
2,526.190
2,526,190
2,526,190
2,430,227
for
_
Commitments to make Industrial advances
>
23,355
Maturity Distribution of Bills and
Short-term Securities—
1-15 days bills discounted
16-30 days bills discounted
31-60 days bills discounted
61-90 days bills discounted
Over 90 days bills discounted
Total bills discounted
1-15 days bills bought in open market
16-30 days bills bought In open market
31-60 days bills bought in open market
61-90 days bills bought in open market
Over 90 days bills bought in
open market
Total bills bought In open market
1- U days Industrial advances
16-30 days industrial advances
31-60 days industrial advances...
61-90 days industrial advances.
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
2,276,299
65,661
58,034
2,278,079
30,546
138,834
56,472
2,270,891
140,359
57,821
2,266,389
2,259,453
2,526,190
61-90 days U. S. Government securities
Over 90 days U. S. Government securities
33,045
43,375
127,416
65,661
2,256,693
2,526,190
2,526,190
2,526,190
2,526,190
2,526,190
106,880
...
Total U. S. Government securities
54,736
59,729
57,736
146,834
.
381
750
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
Gold ctfs.
on
hand and due from U. 8. Treas..
By eligible paper
4,532,357
310,341
4,523,643
330,230
4,540,032
342,161
4,552,646
316,402
338,748
4,550,404
298,047
4,508,973
302,496
4,302,908
309,244
4,238,391
4,228,043
4,222,016
4,193,413
4,197,871
4.213,898
4,252,417
4,206,477
3,993,664
4,594,632
4,593,632
17,907
20,000
4,593,632
16,117
4,580,632
14,531
20,000
4,585,632
11,677
20,000
4,563,632
12,844
4,552,632
4,306,338
14,860
20,000
4,582,132
14,579
20,000
4,587,632
20,000
20,000
20,000
9,984
20.000
5,777
73,000
4,631.539
4,629.749
4.616.711
4.615.163
4.617.309
4.622.492
4.596.476
4,582.616
4,385,115
18,277
Total collateral..
"Other cash'
4,544,445
316,110
Security for
United States Government securities....
•
4,554,501
4,632,909
Collateral Held by Agent as
Notes Issued to Bank—
4,560,971
326,291
4,234,680
In actual circulation
does not Include
Federal Reserve notes,
f Revised figure.
These are certificates given by the United
States Treasury for the gold taken over from the
Reserve banks when the dollar was devalued from 100 cents to 59.06
Jan. 31, 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 provisions of the Gold Reserve Act of 1934*
x
cents on
Volume
Financial Chronicle
145
1371
Weekly Return of the Board of Governors of the Federal Reserve System (
WEEKLY STATEMENT OP RESOURCES
Three Ciphers
(000)
THE 12 FEDERAL
LIABILITIES OF EACH OP
AND
Omitted
Feaeral Reserve Agent at—
Total
Boston
New York
$
$
$
Cleveland Richmond
Phila.
RESOURCES
$
Gold
certificates
hand
on
BUSINESS AUG. 25 1937
CLOSE OP
RESERVE BANKS AT
and
%
$
Kan. City
San Fran.
Dallas
$
Minneap.
I
'5
$
due
721,785
434,691 3,289,867
396
1,555
76,445
32,727
495,807
453
686
909
1,182
308,865
22,194
15,490
18,992
15,685
9,150,236
from United States Treasury
Redemption fund—Fed. Res.
Si.
Chicago
$
Louis
S
Atlanta.
$
467,814 3,367,867
518,514
737,961
312,782
8,831,948
9,423
notes..
Other cash *
Total reserves
292,881
689,798
180,655
296,011
192,791
271
271,432
1,053
570
268
384
1,690
44,826
15,199
6,502
17,455
13,529
29,821
253,259 1,774,875
287,684
199,863
313,734
194,568
721.315
341
410
58
770
443
95
55
112
605
109
436
465
170
1,375
552
236.392 1,729,778
Bills discounted:
Secured by U. S. Govt, obligations.
direct and(or) fully guaranteed..
11,312
7,391
Total bills discounted..
Bills bought In open market
Industrial advances
U
205
6,406
950
421
780
448
148
5,238
50
44
248
687
18,703
Other bills discounted
353
11,644
1,000
465
1,028
1,135
80
3,077
1,157,713
2,526,190
184,109
2,568,899
Total bills and securities
108
384
86
60
87
87
218
1,951
187
814
298
744
600
1,194
32,385
81,229
2,092
63,912
332,270
181,216
97,767
112,702
60,968
50,865
127,585
53,322
61,466
33,251
27,741
69,584
725,029
213,336
245,922
133,034
110,991
278,398
743,187
46,017
187,641
Due from foreign banks.
Fed. Res. notes of other banks
120
830
218,496
247,510
136,133
112,421
279,676
1,092
5,422
211,543
53,717
84,375
631,404
Total U. S. Govt, securities
293
71,754
2,955
737,073
Treasury notes
Treasury bills
318
3,842
62,247
224
20,929
S. Government securities—Bonds.
80
-
38,815
23,977
36,216
51,046
37,660
56,886
28,779
45,202
27,840|
20,539
31,025
24,653
54,750
111,385
82,176
124,127
98,634
219,049
112,205
83,445
124,984
101,290
221,911
32,499
100,387
220
84
22
20
9
8
26
4
3
6
6
583
6.020
968
2,070
3,551
1,733
1,271
2,817
135,034
45,279
49,915
19,025
76,432
25,427
17,774
1,715
29,891
478
56,841
1,670
60,722
1,324
580,791
Uncollected items
16
24,200
33,723
30.728
4,640
4,203
2,360
1,744
1,493
1,593
3,190
1,251
2,036
1,747
3,381
3,369
475,556
333,063
983,537
340,434
Bank premises
45,479
A Mother resources
44,726
16
10,038
4,867
6,280
2,746
2,209
12,739
5,155
4,828
2,819
1,745
718,667 4,274,969
793,301 1,058,991
505,728
390,737 2,143,403
431,157
305,442
4,234,680
286,304
936.444
315,478
440,728
196,170
168,195
974,716
179,082
137,919
166,744
92,166
Mi
Total resources
3,024
2,748
*1
6,729,546
327.595 2,890,900
363,351
458,497
220,440
174,992
985,703
197,655
130,506
177,925
547,741
7,448
28.311
12,983
254,241
8,262
5,809
6.564
11,724
5,809
14,221
234
3,927
11,017
,
12,414,551
LIABILITIES
F. R. notes In actual circulation
Deposits:
Member bank reserve account
U. S. Treasurer—General account.
160,885
6,242
Foreign bank
200,205
Other
156,059
deposits
Total deposits
Deferred availability Items
Capital paid in
Surplus (Section 7)
Surplus (Section 13-B)
7,010
3,125
4,311
23,234
1,824
6,009
20,925
6,308
4,607
2,394
399,762
526,160
245,160
191,381 1,045,424
214,567
140,674
268,546
194,225
584,703
35,567
33,948
10,165
9,645
1,996
2,037
133,178
44,619
60,190
49,203
18,452
78,305
26,972
17,411
9,367
51,072
12,258
12,931
4,874
4,350
12,854
3,843
2,892
9,826
51,474
13,362
14,323
4,869
5,616
21,504
4,655
3,116
30,280
4,050
3,613
27,490
2,874
1,570
7,744
4,325
1,007
3,422
754
1,416
545
1,003
1,142
35,838
9,117
3,000
3,121
1,497
1,691
2,041
941
426
1,294
497
531
233
298
7,777
1,407
1,199
6,485
_
56,853
132,531
Total liabilities
294
386
240
270
609
793,301 1,058,991
505,728
390,737 2,143,403
431,157
305,442
475,556
333,063
983,537
12,414,551
718,667 4,274,969
on bills purchased
for foreign correspondents
Commitments to make Indus .advances
*
3,167
8,612
9,334
145,854
Reserve for contingencies
All other liabilities
Contingent liability
4,595
18,427
89,672
351,447 3,084,646
584,978
34,663
19,629
2,988
7,246,695
5,068
14,622
31,858
72,216
"Other cash"
does
not
include
141
697
189
178
S3
68
224
58
45
56
56
137
1,959
5,338
152
935
1,891
313
10
1,039
54
122
302
3,064
NOTE
STATEMENT
Minneap
Kan. Citi
Dallas
S
S
$
RESERVE
"
(000) Omitted
Total
actual circulation
by
Boston
New York
Phila.
Clevelano
Richmonc
Atlanta
Chicago
S
Issued to F. R. Bank by F. R. Agent
Held by Federal Reserve Bank
held
1,847
Federal Reserve notes.
Federal Reserve Bank of—
in
1,262
-
1,932
Federal Reserve notes:
Collateral
3,851
15,179
FEDERAL
Three Ciphers
3,875
S
s
S
S
S
S
$
4,560,971
326,291
327,069 1,037,814
40,765
101,370
4.234.6S0
286,304
334,014
936,444
465,346
206,044
18,536
24,618
9,574
440,728
196,47C
315,478
Ageut as security
St.
LowL
S
186,492 1,005,731
18.297
31,025
9,464
177,63(
101,841
386,696
5,80'
10,89$
9,68c
46,262
137,911
179,085
974,710
$
143,720
188,540
168,191:
San Fran.
166,74-
92,16f
,
Gold
certificates on
band
from United States
and
£
Treasury
336,000 1,040,000
4.594,632
18,277
U. S. Government securities
337,000
467,500
206,000
171,000 1,020,000
SO
1,095
20.000
Total collateral
353
Government
York Stock Exchange—See
11,387
950
465
1,028
336,353 1,051,387
Securities
following
on
337,950
the
467,965
New
page.
207,028
192,095 1,020,080
Rates
quoted
are
Transactions
Asked
Bid
1 1937.
0.30 %
Jan.
19 1938.
8 1937.
0.30%
Jan.
26 1938.
0.30%
0.30%
0.30%
0.32%
0.32%
0.32%
0.32%
Feb.
2 1938.
0 1937.
Oct.
13 1937.
Oct.
20 1937.
Oct.
27 1937.
Nov.
3 1937
Nov. 17 1937
No< 24 1937
Deo.
1 1937
Deo.
8 1937
15 1937
22 1937
Dec.
29 1937
Jan.
5 1938
Jan.
12 1938
each
0.42%
0.42%
PARIS
Aug. 21
Aug. 23
Francs
Francs
6,600
6,800
Mar.
2 1938.
0.49%
Banque de 1'Unlon Parlslenne—
1,216
428
1,230
434
1,279
448
Mar.
9 1938
314
April
6 1938
April 13
April 20
April 27
May
4
1938
1938
1938.
May 11 1938
May 18 1938
May 25 1938.
1,240
50
564
50
1,280
51
580
580
——
Comptolr Natlonale d'Escompte
694
210
694
210
692
210
690
210
210
—
225
226
231
236
Credit Commercial de France--
467
467
475
485
1,400
1,280
301
490
1,420
1,260
304
487
1,420
1,440
1,240
1,270
301
495
300
503
Coty S A
Courrieres-
-
—-
Credit Lyonnalse
Eaux
32ds of
Int.
Asked
—
1 X%
991
99.4
Sept. 15 1939...
1 H%
100.2
100.4
Mar. 15 1942...
Deo.
15 1939-..
100 2
100.4
June
June
15 1941—
l%%
1H%
IX %
IX %
IX %
IX %
Dec.
15 1940—
Maturity
Mar. 15 1940.
Rate
—
15 1939
99.18
99.22
100.16
100.18
Feb.
1 1938...
99.31
June
15 1938...
99.30
8ept. 15 1938...
100.5
Mar. 15 1938...
100.
Sept. 15 1937—
1H%
IX %
2X%
2X%
2X%
2X%
305
25,300
625
1,230
Generale Transatlantlque
Lyonnalse cap
HOLI-
DAY
Bid
Asked
100.16
100.18
100.2
100.4
101.17
101.19
101.31
102.1
100.30
101
101.30
102
3%
101.16
101.18
3X%
100.11
100.13
1,280
55
1,430
1,260
626
626
626
636
1,010
1,010
1,020
1,040
685
692
731
790
788
831
700
853
368
24
1,785
368
23
1,785
368
22
1,825
375
23
1,866
368
74.30
74.90
73.90
77.90
78.80
96.90
74.80
75.70
74.60
78.80
79.70
99.70
75.30
76.00
74.80
79.30
80.10
98.40
75.60
76.40
75.10
79.90
80.70
99.10
6,180
1,905
Schneider & Cie
1,195
6,220
1,850
1,200
6,210
Saint Gobain C & C
6,260
1,860
75.25
76.00
74.80
79.90
80.30
99.70
6,110
1,940
1,200
71
70
71
NordRy
-
——
Orleans Ry 6%
Patbe Capital
Pecblney
more
310
25,400
602
550
d'Electriclte
Generate
Cle
Energie Electrlque du Nord
or
308
25,200
601
Citroen B
Cle
0.51%
0.51%
0.51%
0.53%
0.55%
0.56%
0.58%
1938
--
306
52
Cie Dlstr d'Electriclte
25,300
1,220
Canal de Suez cap
0.49%
0.49%
0.51%
601
Canadian Pacific
0.49%
Mar. 23 1938,
Mar. 30 1938
6,700
25,300
0.49%
Mar. 16 1938.
Bid
99.29
Francs
6,900
1,215
424
Int.
100.3
Francs
6,600
Banque de Paris et Des Pays Bas
Rate
„
Aug. 26 Aug. 27
Bank ot France
-
-
Rentes, Perpetual 3%
Rentes
—
Francs
0.44%
0.47%
4%. 1917
1918
Rentes 4^%, 1932 A
Rentes 434%, 1932 B
Rentes 5%, 1920
Royal Dutch
Rentes 4%,
15 1940.
Francs
23 1938.
Figures after decimal point represent one
Mar. 15 1941
Aug. 24 Aug. 25
9 1938.
point.
June
BOURSE
16 1938.
Quotations for United States Treasury Notes—Friday,
Aug. 27
Mar. 15 1939.
Exchange*
day of the past week:
0.44%
0.44%
Lyon(PLM)
15 1941
Stock
1387.
Quotations of representative stocks as received by cable
Asked
L'Air Llquide
Dec.
page
Averages—See page 1387.
Kuhlmann.
Maturity
York
New
Energle Electrique du Littoral--
a
399,549
Feb.
0.35%
0.35%
0.40%
0.40%
0.40%
0.40%
0.40%
Dec.
103,871
Feb.
0.33%
Dec.
•180,17(
145,460
Feb.
0.33%
0.33%
0.33%
Nov. 10 1937
1,371
for discount at purchase.
Sept. 15 1937.
Oct.
190,992
the
at
THE
Sept. 22 1937.
Sept. 29 1937.
17(
549
Treasury Bills—Friday, Aug. 27
Bid
Sept.
Sept.
399,000
461>
360
Daily, Weekly and Yearly—See
Stock and Bond
United States
102,50(
180,00(
145,00(
190,632
20.00C
4,632,909
States
jmd
due
Eligible paper
United
340,434
teji'-'Jdl
for notes Issued to banks:
Societe Francalse Ford
Societe Generale Fonciere
Societe Lyonnalse
-
Union
d'Electriclte
W agon-Li ts
73
124
124
124
1,261
1,240
73
124
1,280
1,275
Societe Marseillaise.
Tubize Artlfical Silk, pref
1,190
1,020
474
474
198
187
189
201
376
377
375
394
103
103
106
110
/
;
1372
Aug. 28,
Stock and Bond Sales—New York Stock
1937
Exchange
DAILY, WEEKLY AND YEARLY
Occupying Altogether Sixteen Pages—Page One
NOTICE—Cash and deferred delivery sales are disregarded In the
day's range, unless
account Is taken of such sales in computing the range for the
they
the only transactions of the day.
are
No
year.
United States Government Securities
Below
furnish
York Stock Exchange
the New
on
daily record of the transactions in Treasury, Home Owners' Loan and Federal Farm Mortgage
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, 21 Aug. 23 Aug. 24 Aug. 25 Aug. 26 Aug. 27
High
116.15
116.9
116.6
116.15
116.3
116.5
116.2
Close
116.15
116.9
116.5
116.2
Total sales in $1,000 units...
9
Daily Record of U. S. Bond Prices Aug.21 Aug. 23 Aug. 24 Aug. 25 Aug. 26 Aug. 27
116.2
Low.
Treasury
4MB, 1947-62
8
100.21
100.11
100.3
100.15
100.14
100.9
100
100.1
100.15
100.14
100.11
100
100.4
Total sales in $1,000 units...
29
131
2
High
30
High
106.10
106.8
106.3
105.22
99.24
99.25
99.20
105.29
106.6
106.6
106.1
105.22
105.29
106.6
106.1
Low.
99.18
99.19
99.17
99.19
99.9
99.10
Close
99.24
99.19
99.17
99.19
99.10
99.10
Total sales in $1,000 units...
8
320
699
14
194
111.20
111.22
111.20
99.19
99.13
99.10
99.8
99.4
111.22
111.2
(High
99.19
111.20
111.21
111.20
111.22
111.5
2
2
2
111.21
-{Low.
111.20
111.21
(.Close
111.20
Total tales in $1,000 units...
1
110.10
110.16
2Mb, 1951-54
111.5
111.4
110.10
110.16
Low.
99.16
99.13
99.10
99.10
98.31
99.4
Close
99.17
99.13
99.12
99.10
98.31
99.4
40
19
344
19
50
—
110.16
110.4
Total sales in $1,000 units...
2
9
107.2
Federal Farm Mortgage
3 Ma. 1944-64.
102.25
102.22
Low.
102.16
102.18
Close
102.18
102.18
Total sales in $1,000 units...
35
32
102.19
102.14
102.12
102.16
102.15
102.10
102.8
102.19
102.15
102.12
56
10
104.2
103.30
103.21
{Low.
104.2
103.28
103.18
(Close
104.2
103.30
62
Total sales in $1,000 units...
(High
( Low.
105.20
(ClOBt
Total sales in $1,000 units...
102.18
102.21
102.20
102.12
102.18
102.21
102.20
102.12
51
1
10
(High
{Low.
105.19
105.18
105.16
105.17
105.19
105.19
105.16
14
15
8
106
106.3
102.4
102.6
101.26
102.18
102.4
102.6
101.26
1
106
106.3
102.12
102.12
9
2
(High
{Low.
(Close
Total sales in $1,000 units..
High
102.14
102.6
102.6
102
101.23
101.28
Low.
102.14
102.6
102
102
101.22
101.26
Close
102.14
102.6
102
102
101.22
101.26
Total sales in $1,000 units...
7
1
81
High
100.20
100.13
100.14
3s, series A, 1944-52
1
105.3
105.4
104.28
104.28
104.14
105
105.3
104.28
104.27
104.14
104.12
Low.
100.10
100.8
105
105.3
104.28
104.28
104.14
104.12
.Close
100.16
100.10
1
26
1
15
Total tales in $1,000 units-
43
345
104.1'
Close
2Mb. series B. 1939-49.
104.4
Low.
104.1
Home Owners' Loan
106.8
106.6
Low.
106.7
106.6
Close
106.8
106.6
Total sales in $1,000 units...
30
106.2
105.30
100.9
100.10
100.6
100
100.13
100.6
31
100.2
100
100
100.5
100.2
100.4
24
48
99.27
100
99.21
105.30
Low.
99.29
99.29
99.27
99.20
99.20
Close
99.29
99.29
99.28
99.21
99.20
66
42
48
116
51
Total sales in $1,000 units.
105.28
106.2
105.30
105.26
105.28
106.2
105.30
105.26
105.28
1
31
5
1
100.3
High
2MB. 1942-44
15
(High
(High
106.5
106.3
{Low.
106.2
106.1
106
105.24
106.2
106.1
106
105.24
above
table
includes
only
sales
of
coupon
Transactions in registered bonds were:
105.25
3
Note—The
bonds.
105.24
(Close
28
106.2
Total sales in $1,000 units...
105.26
26
(High
100.18
100.17
100.14
100.19
{Low.
100.14
100.12
100.8
100.9
(Close
100.18
100.12
100.11
100.9
60
279
435
Total sales in $1,000 units.
1
Treasury 2J^s 1955-1960
99.30
100
United States
100.2
100.3
102.12
102.10
102.12
102.8
102.3
Treasury Bills—See previous
102.2
102.10
102.12
102.10
102.3
102.2
Total sales in $1,000 units...
52
903
25
11
102.15
102.12
102.10
to
99.27
102.2
102.3
page.
65
161
102.14
102.14
99.27
.....
100.4
100.4
39
105.25
(High
-(Low.
(Close
2MB, 1945-47
68
50
405
..
Home Owners' Loan
104.12
Total sales in $1,000 units...
2 Ms. 1955-60.
102.12
102.13
Home Owners' Loan
High
3 MS. 1944-46
7
102.17
102.14
2Mb. 1942-47.
105.28
25
10
{Low.
105.28
110
56
(High
Federal Farm Mortgage
105.28
106.4
101.26
102.18
105.17
166
106.4
102.6
(Close
105.17
106.3
6
102.11
Total sales in $1,000 units...
105.16
106
102.18
Total sales in $1,000 units...
3s. 1942-47
105.19
106.5
Close
8Mb, 1941
25
85
Low.
Federal Farm Mortgage
20
High
{Low.
3Ms. 1949-52
269
63
(Close
105.20
(High
$1,OOO^tMiis.
97.18
40
16
97.21
102.12
3s, 1944-49
105.20
■{Low
I Close
1946-49.
97.17
97.18
97.24
102.20
x
Total sales in
97.16
97.30
102.21
Federal Farm Mortgage
2
105.21
Total sales in $1,000 units...
3%s,
97.28
98.4
102.20
103.18
32
(High
3 Ms, 1941-43.
98.1
98.2
98.2
High
102.8
40
(High
3H8. 1940-43
98.5
98.2
Close
102.18
3s, 1951-65
98.11
98.6
98.6
Total sales in $1,000 units-
Total sales in $1,000 units...
3S. 1946-48
-
Total sales in $1,000 units...
107.2
Close
2Mb, 1949-53.
107.2
Low.
98.12
Low.
Close
(High
110.4
110.10
61
Total sales in $1,000 units...
2Mb. 1956-59
111.4
5
110.4
Low.
Close
■
99.12
1
111.20
3HS. 1943-47
99.18
105.29
fHigh
(High
17
99.20
1
3
High
26
105.22
106.10
3 MB. 1946-66.
100.4
39
Close
Total sales in $1,000 units...
4s, 1944-54
100.18
Close
2 Ms, 1948-51
Low.
3Ms. 1043-45
High
Low.
Treasury
25
United
States
Treasury
Notes,
&c.—See
previous
page.
8
New York Stock Record
LOW
AND
HIGH
SALE
PRICES—PER
SHARE, NOT PER
CENT
Ranoe Since Jan. 1
stocks
Sales
On Basis of
new york stock
Saturday
Aug. 21
Monday
Aug. 23
$ per share
$ per share
*56
4934
62l2
*80
84
181s
*24%
181s
25
33%
t
33%
*4834
48l2
*56
82l2
1734
Tuesday
Aug, 24
$
4834
62i2
82%
48%
25%
25%
*25%
32i2
32%
*2
33
238
6878
69%
6934
69i2
*2i8
1178
258
1134
212
33
33
214
9Si2
2%
*
1134
234
33i2
2%
3278
35
*30
35
36
*30
3234
1*30
33
*30
34
34
3314
3478
101
*1734
18
234
3434
*
101
*1734
233
1634
23i8
20
*16l2
2338
*75
79
*75
68i2
*22i2
7014
25
512
397fi
94
*1638
23
1938
*538
*385s
*93i2
95
96i2
*27
28%
61
61
*
1912
68%
*23
18
234
*30
3278
*30
34%
*
25%
31
*2
69%
2%
2%
98%
11%
2%
33
*29
*29
*30
31
35
35
18
233
*
100
"17%
232
17%
233
18
1634
1634
23%
23%
19%
1934
*16%
23%
19%
17%
23%
19%
79
*75
79
70
25U
*24
68
5%
69%
67%
69%
25
24
24
538
38%
*38%
41
93
93
93
93
96
97%
97
97%
27
27%
27
*59
63
5%
5%
5%
41
27
*38%
*91%
97%
26%
26%
63
*59
63
92%
97%
Bid and asked prices; no sales on this day.
6,300
2%
800
*38%
90%
*26
30%
33%
1,700
------
500
1,300
300
16%
16%
16%
23
22
22%
3,000
19%
18%
16,000
77%
*7334
18%
78%
66
16,100
23
63%
*21
5%
5
41
91%
95
25%
26%
62%
5%
7
64%June 17
97
Mar 11
11
June 16
2%June 17
Vicksburg|rr-Co__100
$2.50 prior
1,200
conv
10
2%June 17
29% Aug 27
29
Aug 26
29
Aug 27
29
Aug 26
pref.No par
Allegheny Steel Co
No par
Alleg 4 West Ry 6% gt<t—100
Allen Industries Inc
1
30%June 17
103
Apr 26
17% July 9
22% Jan
*1% Jan
68
Apr
80%
5%
100%
15%
5%
59
93
94
1,800
Am AgrlcChem (Del)..No
par
83
25%
26
1,400
American Bank Note......10
20%June 30
63
20
delivery,
6%
Preferred
n New stock,
59
..50
r
Cash sale,
x
June 28
Jan
Apr
Ex-dlv.
5
8
y
5% Nov
61% Nov
60% Nov
12%
Jan
60
27
Apr
64% Nov
40% Oct
Feb 11
26% July
103
Nov
Nov
23
Aug
Jan
20% Nov
9
69
Jan
90
Nov
83% Jan 22
35%
Jan
81
Deo
39% Jan 28
19% May
Amalgam Leather Cos Ino
(
6% conv preferred
80
Apr
Jan
Jan
17% Aug 14
33% Jan 16
21% Mar 6
1
60
2%
12%
12%
111% Dee
9
4%June28
34% Jan 5
No pat
17% Sept
18
11
245"" Aug
June
......
July
Feb
57
Amerada Corp..
Mar
13
" "Jan
allla-Chalmers Mfg
100
91
25
98
85
1,700
Feb
37% Oct
21% Jan
88% Nov
6% Apr
167
June 21
91
Jan
Feb
35%
Jan 26
110
74
1
2
Nov
16% Nov
23% Apr 12
258% Mar 9
May 14
21% Aug
7
25
22
58% Feb 17
52% Feb 18
45% Mar 15
June 28
No par
Alpha Portland Cem...No par
Jan
Jan
Jan
Feb
Feb
59% Feb
15
16% Aug 20
Jan
4% Jan 26
20
41
a Def.
6
36
Allied Stores Corp.....No par
5% preferred
100
June 17
90%
t In receivership,
9% Apr
17% June
215
*38%
*59
22% Mar 11
28% Feb 3
Allied Chemical <& Dye-No par
Allied Kid Co
5
Allied Mills Co Inc
.No par
100
67
74%
Air Reduction Inc
..No par
Air Way El Appliance.-No par
300
33
23%
70
Apr
4
Ala &
6 m %Pref a without war 100
17%
Mar
69
Jan
June 26
8,900
100
42
15
June 16
Alaska Juneau Gold MIe
227
8
6
Aug 13
2
200
17%
Mar
Mar
28
200
225
55
10
No par
3,400
Highest
$ per share $ per share
share
69
Address Multlgr Corp
Advance Rumely
11%
2%
per
85
44%June 29
July 6
Jan 6
22%June
1,400
18
%
No par
29%
230
share
Adams-millls
29%
*
per
63 «4
..No par
29
95
*59
Express
29%
100
5
Adams
29
35
65%
*22%
100
98%
29%
Year 1936
Lowest
Highest
57
25
29
30
16%
Abbott Laboratories...no par
No par
Abraham & Straus
Acme Steel Co
32%
32
34
22%
18%
*75%
1,500
S
Allegheny Corp
No par
5m %Pref a with $30 war 100
5m %Pret a with $40 war 100
29
*17"
600
68%
2%
2%
226
5,700
67%
*
2%
*
26
Par
700
300
2
2%
29
Shares
62%
79%
17%
Lowest
Week
3034
"11%
31
48%
Range for Previous
100-Share Lots
exchange
2
11%
*29
share
the
30%
"11%
32%
35
*25
2%
98%
33
3278
20
*75
2%
33
35
31
79%
17%
32%
2%
68%
*56
25%
33
per
48%
62%
79
26
70
2%
$
17%
*2%
~n%
Friday
Aug. 27
48%
*78%
17%
2312
77
48%
*56
18
69%
*
33%
5%
38%
*60
*2
1178
2%
100
18
233.
33
2%
98%
1178
[*30
234
62%
80%
25
2U
98i2
*
48%
*56
82
25
2%
3278
*48
62%
*79
1778
6934
*30
48%
*56
33%
238
258
$ per share
1734
*2
1178
$ per share
1734
69
*
Aug. 25
Thursday
Aug. 26
80%
17%
238
*2
per share
Wednesday
Mar
8% Mar 13
6%
4
Oct
52% Mar 15
114% Mar 11
31% Nov
75
Jan
101% Jan 22
41% Jan 16
49
July
36
Deo
4
65
Jan
75% Feb
Ex-rlght?.
"34"
Nov
34% Nov
5%
Dec
39% Dee
125% Mar
89
Nov
65% Apr
73
Nov
H Called for redemption.
Volume
AND
LOW
Saturday
Monday
Aug. 23
Aug. 24
*61
*62*4
6312
*127
131
131
107l2
107
107
*158
160
48
48
80
*140
47%
48*2
4434
*77*8
32l2
79
79
79
77*8
23*2
26
23*2
*23*2
26*2
*90*2
734
*12*4
26*2
93*2
26*4
*90*2
734
24
26s4
93*2
778
*12
9212
92*2
734
8
*12*4
7*4
13
8
13
92
*90*2
734
*123S
48
49
48
20*4
2138
20
41*8
40
40
*3634
1534
15%
16
16
16%
16%
*16*4
1634
7*8
41%
*43*4
7*8
7*8
7%
7%
7*4
44%
3%
43%
*3%
*25
14
*48
49%
19%
8%
*8%
53
53
*117% 122%
68%
68%
10%
10%
58
58
50
50
21%
21%
156
38
38%
*99% 100
28*2
27*2
26*2
26*2
*48
*40*4
43
42%
4234
43
3%
*3%
3*4
3%
26%
14%
24%
13%
47%
2512
2412
1378
13*2
141% 141% *141
49*4
91
92
91%
9178
*
133
54%
"54%
16
*15%
16
*44
44%
"54"
55%
*15%
54%
*126
169
126
127
77
76*2
76*4
79*4
78*2
137*2 137%
13%
13%
*76
79
79
*136
139
13%
*13
17%
18*4
17%
500
734
*91%
*67
68
18
17%
43%
42%
43%
3*8
900
American Home Products
3%
700
American Ice
24%
24%
1,100
pref
100
13*2
13%
1,400
Amer Internat Corp
No par
5,900
American Locomotive. _A% par
3%
25
13%
47
10*4
10*4
65
65
14%
13%
14
57
58%
57
58%
*6712
23
64
55%
~60~"
54%
56.200
*67*4
83%
*22%
23
*7%
*7
8%
41%
26
*23%
24%
41%
8*2
4234
*41%
*118*4
*118*4
*120
1083S 108% *108% 108% *108%
12
12
3-11%
12*4
12*4
io8~34
12
91
91
91
*91
92
110
*103
110
*103
106
90*2
*103
62%
.62%
18*4
*8212
85%
107
*95
*100
55
*51%
*51%
18%
1834
85%
85%
107
*100
61*4
6,700
13
1,100
9
700
*95
90
*85
90
*85
90
100
107
*100
107
107
107
100
*51%
55
*51%
55
*51%
95*2
95*2
*94
95*2
*94
95%
87
*86
87
*86
87
*86
87
76*4
72%
*92%
74%
71%
74*4
94
93
93
48*2
4534
47*4
95
87
*86
75*2
77%
*94%
97*2
*94%
96
*94%
50
50
50
49
*17
19
*16
18
*16
18
*23%
28%
25
*2338
25
*22%
27%
24
28%
110
15*4
27%
*108
15%
28%
110
15%
76
*108
15%
75
7634
96
94%
94%
49%
48%
50
47
*15%
18
*15
17%
23
23
*22%
23
28
110
27%
*108
15%
15%
*50
27%
110
27%
*108
*15
22%
27%
109%
30%
*29*8
27
*26
30%
*26
30*2
26%
29%
*2634
26%
108
27%
108
15%
14%
15
14%
14%
50*2
50
50%
50
50
29%
27
29%
27
29%
27
28%
2634
28%
25%
29%
27%
28%
25%
*
*
40
*36
40*4
40*4
38*2
38%
*38*2
39%
"23"
24%
23%
23%
25
"24% 24%
24*2
24%
24%
15%
13%
14%
15%
*14%
*14%
15%
*14.%
14%
14%
114
114
*110% 115
*110*4 114%
*110*4 114%
114% 114% *110*4 115
24
24
24
24%
23*2
25
24%
25
24*2
*25
24%
25*2
102*9 *101
103% *101% 102% *101% 102%
*99
102% *100
102% *100
112
112
*112
114*2 *112
114%
114%
*112
114% *112
114% *112
12%
12%
12%
12%
12%
12%
12%
12%
12%
12%
12%
*12%
*86%
*86%
*86%
*86%
*86%
*87*2
19
19%
19*2
1834
19%
19%
20
19%
19%
19%
19%
19*2
*38*2
24%
39%
*14*2
15%
25
....
»
-
21%
21>%
21%
21%
21%
21%
21%
*57%
59*2
57lo
57%
58
58
-.97%
98*2
18%
95%
99*4
95*2
98%
97%
18%
18%
*18%
18%
1S%
18%
*117*2 118% *117
118
*60
63
*62
63
*26*2
27
*27
27*2
*23
23%
23
23*4
*25*8
27%
*25%
29
*76
80
*78
80
33
33%
32%
34%
*58
*116%
*11634 118
60%
62*2
62%
*27*8
23%
25%
*78
33
27*2
27*2
23*2
23*4
25*8
59
21%
56
21%
58%
20%
21%
57
57
91
98%
X92
95
18%
19
19
94%
18%
18%
*115% 116%
118
*115% 117
*58
60
61%
*56%
61%
27
27
27%
27%
26%
23
23%
21%
23*2
22%
*23
25
24%
24% 24*2
80
78
78
33%
32%
34
*Bld and asked prices: no sales on
*24%
21%
this day
Preferred...
*76
31%
80
32%
*76
30%
t In receivership,
1
No par
...........
100
1
26
80
32%
25
Copper Mining..50
$5 prior conv pref
Anaconda
Anchor Cap Corp
No par
$6 conv pref
100
Co.-Nc par
warrants..100
pref without warrants 100
$5
Atcb Topeka <fe Santa
Fe.-lOO
-100
5% preferred
700
600
Atlas Powder
10,600
200
14,400
Atlantic Coast Line
3,000
200
140
4,900
4,000
2,100
12,800
10
17,500
44
Jan
24
May
28
Jan
5538 Nov
Jan
Deo
35
Feb 23
2434 Aug
4
Jan
15%
2
78
Deo
60
Dec
89*2
26% Mar
Feb 13
97
May
111
Jan
37% Jan 12
9
June
43
Nov
10% Feb 10
3
July
7
Nov
111
8
1
4
June 30
46
Feb 18
37
Apr
60
Jan
8
118
May
122
Jan
121% Feb
111
Mar
1
Jan
6
126
Jan
7%
Jan
66*4
99% Mar
4
Jan
4% June
105*4
6
13% Feb 27
4
110%
Jan
Aug
104
70*2 Mar 13
Feb
16*4 Feb 27
17% Jan 21
July 23
643s July 12
11 June 18
47*4
7%
Jan
Jan
95
8%
100
101
82% Aug 20
Aug 27
125
107
Jan
128
Deo
62% Mar
18% Nov
22%
Feb
108
May
27% Nov
12%
Apr
Jan 28
95
Dec
112
Oct
9
98
Feb
124
Oct
9
09
Jan
7
9084
Jan
24®4 Mar
153s Apr 28
Jan
84
Mar
5
57*2 Feb 18
49% Mar 24
92
June 18
106
Feb 18
5
4
88
June 29
June 30
104
Aug
69*2 Jan
94*4 May
Feb
21% Apr
11
Apr
65*2 Mar 17
44% Jan 26
Mar 13
14*2 Aug
29
2034 Aug
44
Jan 18
37
Mar 11
9
7
26% Aug 27
107
May 21
14% Aug 26
Aug 13
Apr
13%
116% Feb 6,
18*2 Mar 6
52% Mar 10
26% June
109
Sept
88*2 Aug
107
Oct
49
Dec
31%
Oct
54*4 Nov
35*8
Apr
118*2
Deo
94
Mar 11
48
Jan
84
NOV
Jan 13
zll2
Jan
131
Nov
14
June
No par
Avia n Corp of Del (The)
3
JBaidwln Loco Works.No par
$5 prior A
A^86nt6d
Vot tr ctfs
•
••
aaaia
issued. 13
100
Preferred
Baltimore & Ohio........
100
...100
Aroostook.—...50
5% prererred
100
4% preferred..
Conv
Inc
......-.10
Brothers—.—No par
Barber Co
Barker
50
5Mi% preferred
Barnslall Oil
Bayuk Cigars Inc
...No par
Biaw-Knox Co
Bloomlngdale Brothers.No par
Blumenthal & Co pref
100
Boeing Airplane Co.
a Def. delivery,
n
New stock,
13%June 16
5%June 16
30 June 16
6%May 18
434 June 30
18*8 Jan
36% Feb
9*2 Feb
62*2 Mar
9*4 Jan
11*4 Jan
9*2 Jan
9
2
1
26
12
29
30
2334 Aug 18
26% June
30*8
10%
29%June
46*2
3
Apr
Feb
64*4 Mar
5% June
Jan
Jan
784 Mar
11*4
Deo
2% July
2*8 July
---5
r Cash sale,
9%
Dec
70
20% Aug 12
June 29
120
Feb
5
29*2
Apr
94%
Deo
73%June 30
•*•••*
when
Co....———5
No par
1st preferred
20
100
Beatrice Creamery..
25
900
$5 preferred w w
No par
20
"""166 Beech-Nut Packing Co
Belding-Hemlnway ...No par
1,000
Belgian Nat Rys part pref
6
"5", loo Bendlx Aviation..
Beneficial Indus Loan..No par
1,700
best & Co
No par
1,500
stblehem Steel (Dei).No par
42,901Q--B«t
700
5% preferred
20
7% preferred
..100
500
Blgelow-Sanf Carp Inc. No par
Black & Decker Mfg Co No par
700
20
Feb 23
133
20
2,800
Feb
7*4 Mar
Feb 23
10*4 Aug 27
"""loo
500
3*2 July
Oct
Feb
11*2
70*4
68%June 17
Bangor A
6,400
62*4 Sept
27%
109% Sept
113»4 Apr 26
2,300
600
Jan
-.100
Preferred assented
1,400
Apr
7% Sept
No par
Auburn Automobile.—No par
Austin Nichols
No par
Atlas Tack Corp
100
25",400
Deo
No par
6% conv preferred—
20
100
Mar
18
19%
97
Apr 10
2
60
Feb
150
69% Mar 10
Feb
93
104
Jan
8% June
79% Feb 23
81% Jan
85
Jan
Feb
185
8% June 17
95
Mar 2
5% pref with
26%
190% Nov
102%
136
14% Jan 18
Jan 12
May 21
June 22
Jan
Jan
63% Aug
145
Sept
88*2 Mar
4
79
6% Jan
39% July
116%May
7
Deo
36
20
7
47%May 13
106
Jan
Dec
64
Apr
92*4
Feb
73%
145U
Mar
1
107
Nov
162% Mar
87
20% Feb 3
29% Jan 13
Jan 13
Jan
20% Mar
Dec
45%
103
149*2
8
Jan 28
99% Feb
44*2 Jan
79
Jan
Jan
129
150% Jan 26
No par
Preferred
100
Associated Dry Goods
1
6% 1st preferred
,100
7% 2d preferred
100
Artloom Corp
RR...100
Atl G A W I SS Lines.-No par
5% preferred
100
Atlantic Refining
25
4% conv pref series A... 100
Atlas Corp
1
6% preferred
60
"""400
99
96
300
4,800
187
Jan
24% Dec
48*4 Apr
26% Jan 20
7% preferred
-.100
Armstrong Cork Co.-.No par
Arnold Constable Corp
6
10
7,700
6
Illinois
Armour & Co of
"""116
17%
23
50*2
50
50*4
*50
50*4
75
so
76%
77%
80
77%
*77*2
78
78
*77*2
80
*78
120
120
♦116*4 121% *116% 121% *116% 121% *116*4 121% *116% 121%
10%
10%
*10
11%
11
11%
*10%
11
*934
*834
11%
*8%
17
*16
17
15%
*16
15%
17
*16
16
16*4
15%
15%
5%
*5%
5%
5%
*5%
6*8
6*2
*5%
6%
6*2
5%
*5%
*33
33
34
35*4
32%
*32%
33%
35
34%
33%
34%
*34%
6
6
6%
6%
6*9
6%
6%
6%
6%
6%
6%
6*2
5
5
5%
5%
5%
5*8
5
5*8
5
5*8
5*4
5*4
5
5
4%
434
4%
5
5
4%
5
5
4%
4%
21
22
2138
21%
20%
22%
22%
22%
2134
22%
21%
22%
*90
99
*85
99
99
99
*93
*92*2
93
93
*92is 100
*88
91
92
*85
97%
*93
*92*2
99
98%
98
*91%
*92%
22%
24*2
25%
26%
24%
26
25%
27
26%
26%
26%
26%
29
29
29
30
28%
30*2
30*2
30*4
30*2
30
30*2
30*2
44*2
42%
*41%
*42%
*42%
44*2
44*2
45
*42%
44*2
*42*4
*42*4
*106% 109% *106% 110
*106*4 ho
109
110
109
*106*4 ho
*107
50
No par
Amer Zinc Lead & Smelt
Assoc Investment
55
*94
95
15%
"moo
*86
55
87
*108
18
17%
18*8
17%
105
*51%
76*2
50
*95
105
55
87
94
18%
*95
8%
*100
85%
76*2
94
105
18%
1834
107
*94
*85
200
13
105
18%
18*4
*82*2
110
17,300
1,000
59%
9%
Inc
$6 1st preferred
American Woolen
l",366
13*2
*95
105
Am Type Founders
Am Water Wks & Elec.No par
7% preferred
100
Armour&Co(DeI)pf 7% gtdlOO
500
62%
*9
100
10
6% preferred
1,000
"
13%
9%
9*4
....25
Common class B
73*4 Jan 21
143% Jan 13
25% Jan 25
Mining
20
A P W Paper Co
No par
Archer Daniels Mldl'd.N# par
60%
9
25
68*2 Jan 29
Feb 5
148
June 17
37
18
14%
9
*95
103% *103
Co. —100
Amer Telep & Teleg
American Tobacco
Andes Copper
63%
*14
9%
Am Sumatra Tobacco..No par
6684
124%June30
21%June 14
15934June 29
73*4June 12
74 % May 18
128% May 13
11% June 28
15*4 June 17
88 June 25
784June 28
64% June 29
6% Jan 2
18
14
14%
9
105
*95
103
Refining.. 100
100
Preferred.....
Jan
136% Jan
57% Mar
13338 Jan
20% Apr
164
56% Jan 11
105
62%
14
9*2
American Sugar
25%
MarlO
10534 Mar 11
Jan 28
79%May 13
138% Apr 14
52*4June 23
131% July 1
48*2 Aug 27
15% Aug 27
No par
14-%
61%
14*2
9*2
105
No par
American Stores
58
Jan 23
41
$6.50 conv preferred-No par
63
63
62%
*14
*120
*120
*118%
109
109*4
10834 108%
10834 10834
11*4
11%
11%
11%
11%
1134
91
91
*90%
90*4
91%
*90*2
*103
100
Anaconda W & Cable..No par
""906
*100% 109% *100*2 109% *102
*23
25
Snuff
Amer Steel Foundries.-No par
"""266
56%
60
56*2
*60
100
Preferred
American
56 preferred
83
*67
83
82%
*67%
21%
21
21*4
22%
22%
22%
109% *102% 109% *102% 109%
109% *102l2
25
*22
25
*22
27
26
*23%
*23%
7
7
7
7
7%
7%
7%
*7%
43
41%
43
41%
42% 43
4234
42%
*67
83%
23%
*67*4
*22%
83*2
*22lo
58*4
56%
58%
56*2
67
*61
67
Co.No par
Amer Smelting & Refg.No par
*140
*140
*140
m
*61
800
1,500
1,700
11,900
10%
14%
pref
6% preferred
100
6534
*140
200
conv
Amer Ship Building
200
3,200
17,200
10%
62
28% Nov
17%
13*2
101% Aug 18
~39% ~Oct
12%
65
Jan
Nov
37
23% July
45*4 Mar 11
Dec
93%
1034
27%
165% Aug
Apr
800
14%
Jan
18
77*4
67*2
Apr
31
138%
10%
74*2 Sept
Feb
I884
170
3
77
14*4
36%
Apr 16
31%May 13
153
Feb
137
67
14% July
87% Sept
Feb 20
76*2
14%
Nov
Feb
Feb
29
600
10%
69
*35%
7*2
Feb 15
157
200
67
Jan
16% Jan 13
75
36
44
14%
July
64% Nov
9738 Aug 27
126%
10%
134
Jan 12
29*2 Feb 3
Jan 21
800
12%
16%
Dec
22% Apr 27
15%
*91
118
87% Jan 18
"5",000
13
27
1
26*4 June 14
51%
17%
Feb
15
68% Mar 10
129% Feb
1
72%
25
122% Nov
29% Jan
Apr
Apr
100
79
93
May
10
18%June 17
4
77
12%
16%
21
48%
American Safety RaKor.-18.50
76%
93
8
13% Jan 20
40*4 June 17
6,900
1,200
3,300
1838
6
29% Mar
125
Jan
16*8 Nov
Deo
Apr
9%
American Seating Co ..No par
136% 137
13*4
Feb
23*8 Apr
66
Apr
500
22%
22%
166*2 168%
76%
76%
169
4
24
16*2 Sept
58% Feb
Jan
600
15%
22%
22%
27% Feb 15
17% Mar 11
49% June 28
100
8% Mar
2*8 Sept
No par
American Rolling Mill
"48%
44
June
v
No par
3,800
56%
*125
61% Nov
5% Jan
$8 preferred
133
44
Jan
$5 preferred
19,800
142
56
46
37
Am Rad <fc etand San'y. No par
Preferred
21% July
Oct
43
50
Deo
50% Deo
Oct
60% June 16
7 June 17
Amer Power & Light...No par
*140
*
100
6% conv preferred
22*2
4%
112
Amer News N Y Corp..No par
144
67
62
Amer Metal Co Ltd...No par
II,400
14%
65"
Amer Mach & Mdials.-No par
89*2
56*2
100
20
Jan
Deo
31%
2*2 Jan
Amer Mach A Fdy Co..No par
100
13
Feb
60*8
11*4 Mar 13
5
17*8 Jan 7
12 *4 June 30
37 June 30
101*4June 28
18%June 28
7%June 30
43%June 16
11,800
2,300
I,300
25,100
Apr
5
Deo
984 Mar
5534 Mar 13
62% Mar 3
434 Mar 16
40% June 17
500
25
8%
21
1
5,500
*14%
Jan
6*2 Apr
29*4 Jan
12
Apr
Feb
Sept
934
58% Jan 22
7
5%June17
No par
non-cum
35*8 NOV
32
Aug
14*4 Aug
50
Preferred
300
2,300
87
10%
*62
6%
91
67
*140
*140
6% preferred
Deo
36%June 28
10
American Hide & Leather... 1
100
10*2
•'
Amer Hawaiian S8 Co
16*4
101
38*2 Jan 22
37
No par
3534 Dec
Apr
3% Apr
68% Jan 18
Oct
113%
89
13% Jan 22
18%May 18
May 20
nrcferred A ...No par
$6 preferred
48*2
66%
,
$7 2d
48
9334
*91
93%
*91
No par
*40*4
43*2
126
-
15
1,500
4,700
1,100
200
44
77
13%
17%
13%
13%
93%
*10*2
93%
10%
17 preferred
6*2 June 16
45
May 19
Deo
120*4 Deo
Nov
,
20*2 July
16*4 Jan
13% Jan 28
17
Jan 18
10%June 29
Ne par
600
15%
79
78*2
137% 13778
*76%
137
No par
Amer European Sees
Amer & For n Power
10,700
2,000
*1534
78%
77%
5%June 30
6%
168
23*4
Encaustic Tiling.. 1
American
Deo
60%
100
7*2 July
33% Jan 21
99*4 Mar 2
88%June 14
Deo
174
Nov
27
3
30% Mar 31
Deo
137*2 July
87% May
23% Mar
7
100
6% 1st preferred
16%
53
168% 169*4
137
18*4
*91%
14%
20
13% Jan
Corp..20
6*4
"ll'
*125% 127
23*4
*22%
127
23%
168*2 169*2
Jan 25
16%
133
168*2 169
76*4
75*4
23%
169%
Aug 12
29
16%
*55
*
126
*125
126
23
23%
*22%
Apr 25
112
June 15
95
13
44*2
*44
44*2
*44*4
150
Apr 26
25
20*4
39
16
16
16
Jan 25
98
70% Deo
Apr
111
115
share
per
141
30% Apr
57
20%June 17
25
June 17
1,700
per
104*2 Feb 4
3334 Aug 25
100
Am Comm'l Alcohol
734
5
share
80% Feb 18
per
No par
47
5434
'
100
American Crystal Sugar....10
49
*140
133
~54%
54%
15%
44%
44%
*
133
4
19%
89%
56*2
*55
56
*55
56
*
144
142*4 142% *140
142%
*55
56
133
Feb
47
*47
49*4
93
90%
49
71
Co)25
American Colortype Co
10
300
19%
49
43*2 Aug 27
73
Aug 27
28 June 14
Am Coal Co of N J(Alleg
10
111
50
No par
5% preferred
American Chicle
100
47
44%
46%
4734
47*2
47%
109*2 109%
*108
111
113
109% 109% *110
19
19*2
19
1834
18%
18%
18%
18%
8%
8*4
*8*2
834
834
*8%
8%
8%
8%
8%
50
51%
51*8
63*2
53
5412
53
55
53%
53%
119
*119
119% 11934 *107*2 122*2 *107%
122%
122% *119
66
*64
66
66
69
*63
*66
69
69
*66%
9%
9%
10
9*2
10
1038
9%
10%
9%
10*4
59
57*2
60
58%
59
6038
60*8
60%
59%
59*2
49%
49%
50
50*2
5034
51
51
60%
51%
50%
20%
19%
Xl9%
21
21
213g
20%
21%
21%
21*4
*147*2 156
*147*2 156
156
156
*147% 156
*153*2 156
37%
35%
37
38
3 884
38
38%
37%
38*4
38%
98%
97%
97*2
99
9978
99
99%
98%
99*2
100*4
27*4
27*4
*27
28
28
28
*28
29
29
*27%
26
26
26
26
2634
*26
26%
26%
26*2
26*2
93
*54
3%
*47
May
1,800
7*4
43
*25*2
14%
19
50
91*2
*
4378
3*4
14%
47*4
111
113
19%
156
*40*2
26%
14%
48%
3%
*25
26*8
14
*111
44
43*4
152% Apr 12
162
*3634
7
43
42
Dec
100
9
9
110
Jan
7%
*16*4
*40*4
42
Jan
174
1,100
7%
20*4
4034
20
41
121
25
26
26
48
20*4
21
40*2
90*4June 15
i
May
Am Chain «fe Cable lue.No par
300
150
*12
4734
49
19*2
41
7*4
124
Can
American Car <k Fdy
Preferred
15,600
13
7*2
40
48
*38
41%
32%
*90*2
12*2
77s
48*2
*2078
7*8
75*8
31%
95
734
12*4
7*2
738
49
21*4
7*8
73
26*4
26
26*4
92
7*2
738
*4634
7*2
738
26*4
Feb 18
$
share
per
125
-.100
Preferred
200
400
*140
40
160
conv pre!
American
1,900
110
110*8 *107
109*2 109*2 *107
*2534
3534
*2534
3534
*2534
3534
14*4
1412
*14%
15%
*14%
15%
223g
23
23
23
23
23*2
13
2338
26
6H%
2,400
45
43*2
77*8
3234
150
*145
150
150
280
46*2
31*2
3334
3234
33*4
150
*140
150
*108*2 110*8 *108*2 110% *108*2 110%
29
29
*2534
29
*2584
29
*15
*15
16
1538
*14*2
15*4
23*4
160
49
33*2
32*4
3314
150
*157
160
*47
*77*8
*140
160
*157
*157
67% Apr 28
Mar 25
share
Apr
$
Am Brake Shoe <fc Fdy.No par
1,000
60*2
127
102l2 10638
159*2 159*2
Highest
Lowest
Highest
Lowest
Par
Shares
60*2
107
78
48*4
*77%
31%
106
On Basis of
Week
Aug. 27
127
48*4
160
*157
127
107*% 108
107*4 *107*2 108*4
EXCHANGE
126*4
127
127
130
134
*127
617s
6112
6178
6178
63
NEW YORK STOCK
the
$ per share
$ per share
61
61
$ per share
$ per share
$ per share
$ per share
STOCKS
for
Friday
Thursday
Aug. 26
Wednesday
Aug. 25
Tuesday
Aug. 21
Range for Previous
Year 1936
1
100-Share Lots
Range Since Jan.
Sales
CENT
NOT PER
SHARE,
PRICES—PER
SALE
HIGH
1373
Record —Continued—Page 2
New York Stock
145
120
Feb
5
33*4 July
94%
Deo
4%June29
4
27%June 28
38%May 13
100%May 11
20% Jan
27%June29
27% Nov
47% Mar 17
21
Apr
Apr
Feb 11
39
Deo
49*2
40% Mar 17
15%
45
110% Feb
9
Oct
Feb
8
43% Mar
41%
22
June 28
32
Jan 21
!
34
June 29
42
23
Aug 27
24% Nov
38% Deo
28% Nov
Jan:21
13%June 28
June 17
35*4 Feb 1
20*4 Jan 16
Aug 16
111
115
21%June28
101
June 28
28% Feb
10534 Mar
105
Feb
6
11*4 June 23
84
Jan 16
13*4
14*8
Jan
Jan
16% June
110
May
28*4 Deo
22*4 Nov
115
18
Jan
8
100
Aug
105
July
11434 July 14
85
Feb
112
Dec
8
13
Dec
16*4 Mar
4
15% Feb
June
89% May
18%June 30
88*8 July
30*2 Feb 11
83
21%
Jan
32%
20% Apr 29
23*4 Jan
5
20
Jan
25*4
47%June 14
62% Jan
8
48
Jan
72
73
Jao
4
105% Mar 11
20
Jan 18
17
June 22
108
June 17
129*2 Feb 16
x51%May 14
10
24
June 14
2134 Aug 27
June 23
22
75
July
8
27 *8 June 28
x Ex-dlv.
Deo
28'% Nov
e
69% Feb
38
Jan 21
45%
16*8
Apr
Apr
107% July
Deo
28%
Dec
*34%
24%
Deo
18*4 May
94*2 Jan 16
77*4 July
y Ex-rlghts.
Deo
6512
7
3
Dec
Jan
14*2 July
4934 Mar
77%
20
135% Nov
23
29% Mar 10
32*2 Jan
Oct
Oct
Nov
16%
Apr
Deo
38*2 Nov
120
3738
Oct
Dec
If Called for redemption.
New York Stock
Record—Continued—Page 3
1374
LOW
AND
HIGH
Saturday
Aug. 21
SALE PRICES—PER
Monday
Aug. 23
$ per share
Tuesday
Aug. 24
$ per share
45
4578
88
4334
*23l4
45
88
*87
88
44
*43
Wednesday
44
4534
$ per share
46
*4514
*87
88
*87
43
43
42
23%
23%
23%
2334
23
23%
23
23
2358
2334
24
23%
46%
47
47%
48
47%
2334
4934
*8%
9%
2%
33i2
1734
45%
*8%
2%
33%
175s
44%
912
834
238
*2
2
33l2
1738
34
1734
44%
3812
3%
*47%
39%
3%
45%
4934
39%
3%
*1578
1834
18%
*16
I8I4
49
19
60
2934
4334
18%
*42
♦17%
32
1578
*3H4
20
6%
20
61%
28%
3534
*50%
3%
1934
39
3812
3%
38%
3%
1778
19l2
58%
283g
43i2
18%
978
8134
83S
5514
34
8234
838
57l2
34i2
16%
16
29
29
2834
29
*5
10
56
*5
72
*10912 HO
*53l8
56
*1634
17i2
*67
6834
49%
4978
93
*91%
3
*2l2
*6%
714
2
3", 900
1,100
5% conv preferred
6,800
Butte Copper & Zinc
2,200
Byers Co (A M)
3%
15t2
31%
2514
*51
3i2
"310
15
31
31%
2412
2234
*338
*2478
1%
378
314
*10%
25l2
*42
25
178
378
314
1178
25l2
4234
*2i8
238
578
434
*5i2
*412
*13%
15
*40
47
*40
*96"
97
"96%
*31
31%
678
*
120
110
*108
110
17
17
54
54
49%
50
*91%
*234
94
7%
2i4
2
10%
10%
*5
858
25
378
338
11
25
42%
4214
42l2
*2%
214
558
412
1038
2%
512
434
*13%
*1634
978
63
*54
*54
15
17
9,500
■
8%
2
334
3%
*13%
14
47
30%
6%
97
30%
6%
310
104
35%
96
95
95%
*103
104%
37
110
35%
38
38%
37
75%
30%
75%
*75l8
634
100
31%
7%
100
1978
*12%
1978
13%
54
13,100
38
31
800
75%
31
300
7
4,300
150
678
197g
1978
500
12%
1'2%
200
*9
10
*95
40
50
48%
4978
4738
48
10.700
94
91%
*90%
234
92
100
1834
66
*63%
65
300
2
10
10
934
*5%
978
838
24%
934
*5%
5
*434
*13
1634
*978
*54
ii
8%
2434
24
178
134
378
3%
3%
1078
*1038
26
3%
25
1%
3%
3%
1078
2-'
400
300
3%
*43
4434
2%
63
5
*13
1634
*934
*52%
4%
13
13
17
800
17%
934
9%
100
1,700
'
*54
62
107
109%
42",660
1734
800
84v8
73
190
*70
83%
*65
*70
*70
73
73
73
1734
83%
m
73
88
*86
*86
88
*85
88
*85
51
*10834 112
39
*34
36
*18
19%
2314
2312
28%
2834
*28
*118
122
*2812
29%
*39
42
12%
*94
1234
9512
*80
85
103
103
*10278 103%
51%
51%
5078
51
*10834 112
*10834 112
*31
135s
106
14
2i2
234
*5334
5484
»
'
2,200
'
-
_
-
-
40
2,500
88
34%
1812
*31
39
*31
39
3412
34%
18%
*197g
34%
19%
2434
23i2
28%
28i2
*34%
1834
*1978
35
18i2
*20
24
*18%
28%
23l2
28%
28
28
*117
122
28
*4038
1238
9378
2838
41%
12%
94
*18%
28%
*27%
*118
122
*28
28
41%
1258
9378
12%
*93
13%
2i2
*54
105
105
1358
258
55
55
105
13%
2l2
55
*18
*28%
*2734
119
*38
*80
105
103% 103% *103
103%
103% 103%
49
*50%
50%
48
50%
47%
*10834 112
*10834 112
*10834 112
39
81
81
82i2
*62
62
63
63
6234
6212
106
*103
106
*103% 105% *105
61
62
61%
*6214
6278
62%
*105
-
...
*102i8 103
*2U4
*181S
*27l2
-
800
2,300
.
*28
*39%
12%
*93
82%
6334
106
1834
2434
23%
2834
28%
119
2834
41%
12%
93%
82%
64%
106
34
17%
*18%
21%
x2778
x27
39
34
62%
93%
93%
90
62%
62%
104
62%
61%
62
6134
60%
*103
105% *103
105% *103
105%
13%
1378
1338
1378
13%
13%
2%
234
2%
234
2%
2%
54
54%
54%
54
54
54%
a
200
1,100
500
30
4,600
300
5,100
200
8,500
June 28
Nov
8i2June 16
98i4 Aug 16
Jan
110
Dec
39?8
86
Dec
Sept
Jan
37%
Dec
6% Nov
14% Mar. 3
100
32%
9%
Dec
2484 Jan 11
par
25%
1
100
ChampPap & Fib Co 6% pf 100
Common
No par
5
Chesapeake Corp
No
Chesapeake & Ohio Ry
Preferred series A
tChic & East 111 Ry Co.
6% preferred..
par
25
_100
—
lOO
100
2
60
May 13
lli2June 18
48i2June 19
107
July 13
35% Jan 4
14i8June 16
65i2 Aug 26
473s Aug 27
9014 Aug 16
2i4June 26
6I4 Aug 27
2
5
7
July
9
Aup 27
Jan 26
35
Apr
57
Feb
A or
12
Nov
97% May
4784 j au
108
Oct
86% Mar 10
74
JNOV
23% Feb 10
8% June
Jan 15
115
82
111
Jan 14
Feb 10
Feb
4
6%
57% Sept
101
Mar
63i4June 10
19
Aug
48
22%
Jan
6
59
Jan
4
51
Jan
Feb 13
90i2Mar
6878 Mar
100
484 Mar 16
4
Mar
1% May
278 Jan
1% Apr
8
18% Mar 6
12%May 19
32
184 June 26
Jan 20
4
Jan
6
May
25% May
3U Mar 18
111
Deo
3884 Dec
69% Apr
100
Nov
7784 Nov
June 25
7i4Mar 17
6% Mar 4
19% Feb 17
634 May
3%
Jan
8%
2%
14%
Dec
Feb
par
21
Apr 28
preferred.__No par
35
June 14
2
June 25
3% Mar 17
4i2June 29
10% Feb 19
884 Mar 8
1%
Jan
278
578
478
Feb
Feb
Feb
12% Oct
2478 Dec
4434 Aug 25
JChlc Rock Isl & Pacific-..100
7% preferred
100
6% preferred.
100
Deo
12
33 78 Nov
Apr
278 Apr
2% Apr
9i4June 26
100
19% Mar
72% Dec
Mar 11
13% Mar 17
June 17
884 June 26
21
Jan 28
J3
conv
No par
Chllds Co.
Chile Copper Co
378June 28
No par
10
Aug 27
1584May
1
9i4June 17
46i2 Jan 22
25
Chrysler Corp
City Ice & Fuel.
63d}% preferred..
City Investing Co
City Stores
Clark
13
94
5
.No par
June 30
17UJune28
Feb
9
27% Jan 14
22% Jan 29
1678 Mar 3
80
Mar 11
135% Feb 11
21% Feb 18
100
80
June 25
92
Feb 18
100
60
Feb 16
74
July 15
5
634june 21
Equipment
No par
C C C A St Louis
Ry 5% pf 100
32i4 Apr
98
Clev El Tllum $4.50
pf. No par
Clev Graph Bronze Co
Colgate-Palraollve-Peet
6% preferred
Collins & Alkman
7
May 21
10234June 21
35
(The).l
Clev & Pitts RR Co
7% gtd_60
Special guar 4%
50
Cluett Pcabody & Co._.No
par
Preferred
100
86
5
Jan
Apr 23
45
5
90
113
7
107%
Jan
48% Aug 16
33
32% Oct
30% Jan
1434 Dec
51
Dec
13884 Nov
23
Jan
8934 Nov
Mar
Jan
50
Nov
Nov
13% Nov
46% Mar
Feb
98
Oct
Jan
11134
Deo
July
47%
Oct
82
Feb
90
Deo
Mar
51
Oct
2978 July 15
l3278June 3
170% Apr 2
48
Apr
124
Jan
129
July
84
Jan
134
Nov
June
1
Jan 18
90
59
June
9
32
30
Oct
48
Dec
36%
Feb
29
Jan 14
19%
Jan
3778 Mar
Jan 25
16
Jan
36
Aug
June 28
108
75
July
8
5684 Apr
8
101
69%
Mar 15
114
6058 Aug 27
10378May 19
120
Jan
8
Jan 14
Jan
8
Jan 12
94
Jan
31
May
39%
Dec
14
Jan
90%
8034
Jan
Jan
44
Jan
100% July
80% Jan 26
55
Jan
Jan 25
97
Jan
13
June 22
21% Jan 21
900
par
2
$6 preferred series...No
May 19
var
46
June 23
4% Jan 13
75% Jan 13
y
Ex-rlghts
Mar
2
2
80
Ex-div.
Feb
6684 Nov
Dec
June 14
x
106%
19
5
10
par
Dec
Aug
39% Apr
8% Jan
28% Sept
27% Mar
30
100
Nov
104% Jan 6
6234 Feb 13
11234 Mar 11
45
Apr 12
517g Feb 10
par
10
58
100
17
28
Dec
21%
13
Jan
77%
June
55%
2534 Mar 19
Aug 13
Cash sale,
Jan
Feb
Jan
2334
par
r
Jan
Jan
Aug 10
Commercial Solvents. No
Commonw'lth & Sou._.No
New stock,
7
85%
15%
7278
Jan
38
434 % conv preferred
100
Comm'l Invest. Trust.-No
par
$4.25 conv pf ser '35. No
n
17% Sept
434
par
6% preferred series A...100
5% preferred
100
_
Jan
25
103% Apr
26
26
18
26l2 Aug 27
No par
Commercial Credit. _:
July
48
15*8June
14i2June
z2778 Aug
x27
Aug
111
May
t c No par
c
Jan
8
1
31% Aug
12534 Apr 1
39% Jan 20
46% Jan 20
2078 Jan 14
v
8
Jan 14
102
2.50
preferred. No
Columbia Gas & Elec__No
3
Apr
50% Feb 26
122i2 Jan 6
56i2 Jan 29
1738 Aug 6
100
conv
48
1% Apr
3% Apr
3%
1934
2384 June 28
125% Aug 11
No par
Class B...
10% Mar
12% Apr
47i8 Mar 31
Colorado & Southern..
100
4% 1st preferred..
100
4% 2d preferred
100
Columbia Broad SysIncclA2.50
Columbian Carbon
Columbia Plet v t
33
23,000
Def. delivery,
z91
May
June
$2.75
27,800
Jan
54
7
18
June 17
2834
5484
2184 May
Dec
Jan 12
Feb
July
Apr
Jan
934
June
19
11
19
June 28
10
Oct
Dec
186
106
Central Vloleta Sugar Co
15
600
Nov
143
8
8212
39U
12%
107U
4134
53
10384
Jan
9
June 29
26
300
634 May
92% Jan
116
June
96
31
28%
t In receivership,
June 17
6i2June 17
par
21%
104
73 84 May 18
30
Jan
4814 Mar
Central Foundry Co
1
Central Til Lt 4^% prcf--100
Central RR of New Jersey. 100
Colo Fuel & Iron
Corp.No par
28
6334
115
290
*27
105
6
36i2 Jan 13
600
2778
1
106i2 Jan
par
47i2June 14
27%
Feb
100
10734 July 10
22
*80
100
105l4 Aug 11
4H4May 20
9
No par
17
90
912 Apr 20
19134 Aug 3
12934 Jan 22
6
5% preferred
100
Central Aguirre Assoo.-lVc par
'
*20%
*18%
*81
June 17
17%
*31
93
85
4534
2
10212 July
2658 Jan
var
18
93
612 Aug 27
35%June
par
var
23
21%
100
8
5% conv preferred
.100
Colonial Beacon Oil...No
122
117% 117% *114
2738 27%
26%
27%
*39% 41%
*38
41%
1134
12
1238
11%
105
5% preferred
Cclanese Corp of Amer. No
7% preferred
Celotex Co
No
July
10
31
Feb
6834 Nov
18% Feb
1
47
33%
31
62%
Bid and asked prices: no sales on this day,
*31
Apr
1284 May
4
Class A....—.....No
1,700
16
37
Jan
No par
Coca-Cola Co (The)...No
300
3034 Dec
60
Aug
July
Caterpillar Tractor
100
6,900
Apr
138
1,300
'
*31
-m-m
------
*49%
*50^4
*50%
*50
*50
*26%
26l2
2534 26%
25%
26
25
25% 26
24
25%
25_%
*125% 12938 *125% 12938 *125% 12938 *125%
129% *125% 1297S *125% 1297g
150
151% 152io
151% 151% 151% *151% 156%
152
152
152% 152%
*5734
58l2
58%
58% *5734
58%
*5734
58%
*5734
58
58%
*5734
18
1838
18%
1838
18
18%
18%
18
18%
1734
1734
17%
51
-
Nov
16% Nov
40% Apr
112
Chicago Yellow Cab
Chickasha Cotton Oil
1,500
6
Jan 9
Mar 11
Jan 2
3
Jan
Carriers & General Corp.__ 1
Case (J I) Co
100
Preferred
.100
Chicago Pneumat Tool. No
1,700
■
4%
14%
10
8
Jan
Jan
June 23
700
"4% "4%
1634
62
Jan
Jan
Mar
%
6
30
30
Preferred
400
434
10%
107g
Jan 14
17i2
6D2
18%
52i4
3i4June 17
3 300
Aug 27
54
3
2 100
22
61
{Chicago & North West'n. 100
2'%
5
29% Deo
88% Dec
3384 Oct
4834 Dec
Jan 11
38i4 Mar 19
Aug 3
IU4 Aug 26
JChlc Mil St P & Pac_.No par
5% preferred
100
25
434
16% Apr
54% June
Apr
30% Apr
91
5
200
44%
33% Nov
6% Mar
54
Chicago Mall Order Co
6,000
2%
Jan
2212 Aug 26
2.200
3%
3%
43%
1634 Nov
Dec
20% Jan 12
37% Feb 13
2 200
1(>78
2%
5%
5%
14%
1634
10%
Dec
2%
Apr 29
4% preferred
100
JChlc Ind ALoulsv 4% pref 100
*10%
22%
4434
13%
29%
June 28
l'!4
3%
2
12
tChlcago Great Western.. 100
-•«'
-
24
13.1
1
18i4 Mar
Carpenter Steel Co
800
83g
2-.
45U Feb
Jan *100
1,500
978
Mar
Jan
Checker Cab
t.%
Oct
9
91
Preferred
3(0
34%
33% Dec
3184 Nov
87
1,800
b%
Apr
2% Jan
8% Jan
14% Apr
1
8
Cerro de Pasco Copper.No par
2
25
Feb
Jan 18
Certain-Teed Products
6% prior preferred
7
Dec
Dec
Feb
2,000
*1634
3
59%
35%
106
3,200
51%
Mar
Jan
Apr
102
13
53
14
Apr
11%
2034
2
June
Sept
2
Aug 10
71
109
8%
115
1578 May
115% Sept
94l2 July 28
106
51
Dec
95
1234
51
Jan
6% Feb 25
1
68%
109
Dec
2134
$3 preferred A
10
Carolina Clinch & Ohio Ry. 100
Stamped
100
Century Ribbon Mills.-No
108% 110%
1734
1734
83%
84%
*70
*4878
40
*99% 101
8
8
8
8
8i8
*7
8%
778
778
7%
7%
45
44i2
45i2
4478
4478
*4334 45
4334 4334 240
42%
*100% 102
*100% 102
*100l2 102
*100% 102
*100% 102
*100% 102
110
110
*110
112
*110
110% 110
110
*109
112
*109
112
45
*45% 4712
45l2
44l2
45%
*44% 46
43
44% 44%
43%
*8 534
200
18%
*778
44%
88
100
36
111% 113%
1778
1778
84% 84%
*84
*85
1,800
108% 108%
2
2%
10
1,000
3,600
104
9534
2
2ig
512
434
63
100
164% 167
*117% 120
7
25%
4334
1738
10
Jan
85
24
5
Jan
36i4 Mar 3
914 Feb 25
3384 Mar 9
133sJune 29
96
*95b>
Canada Dry Ginger Ale
Canada Southern Ry
Oct
65%
22%
Jan
4
44
70
9%
Feb 15
52
Jan
Oct
57
8% May
107% Sent
Mar
Sept
106
Sept
"78
Apr
July
Mar
4514 Jan 18
18% July 14
Mar 22
23s
Capital Admin class A
47%
2
*5%
2434
1%
334
3%
*1038
13
65i4 Mar
Dec
45
7
48U Feb
1
500
14
69
3
Jan
2
100
Canadian Pacific Ry_._____25
Cannon Mills
No par
53%
*1634
65%
19
98
348s Mar
200
44
91%
*234
*6%
2534
42%
15
180
9,300
111% 113%
1734
1734
84
84i2
*84
75
10%
11
1058
26
1038
2
24i2
1058
*1634
*66%
49%
*91%
*234
*634
23
*
Jan 11
50
Calumet & Hecla Cons Cop. .5
Campbell W & C Fdy._No par
44
118
*108
5678
24i2
7
61
Aug 20
25i4June29
34
Aug 27
__50
______ —
8,300
2
3
2414
178
334
3%
1%
111% 114%
*17%
1734
*65
*54
234
1121-4 11378
*17%
1758
85
54
94
65
*978
*54
118
No par
5% preferred
2,600
11%
96%
California Packing
15
11%
31%
634
634
166% 170
100
2934
113s
96
Jan
24i4 Feb 3
117% Mar 12
143g Jan 11
4i2 Apr 28
17i8June29
No par
Callahan Zinc-Lead
47
13%
Partlc preferred
100
46
*
96
634
11%
5
No par
8.200
*56
*30
70
4l2
*13I2
16%
*978
23
'V-
14%
*66
558
22%
*56
10
Byron Jackson Co
3%
14%
2934
30%
15
30
700
314
4i8June
100
570
1,500
22%
30
*q
1012
*9
10%
*9
10%
10%
106
9934 *95
*95
*95% 101%
106
71
7234
71
7012
71
68
71
13
13%
13%
13
*13% 13%
1278
5314
*51%
52i2
51
51%
51%
51%
109i2 *109
110
*109
110
*109
110
25
,
52
48
1834
*978
*338
24%
1%
378
*314
52
3%
15
*44
*1634
*2
52%
3t4
1434
11%
97
*108
34
44%
14%
96
109
6512
2712
34
11%
44%
*13%
96%
*2978
31%
634
6;
172l2 175
3H2
64
27%
*51%
56
45
63
28%
34%
*2734
2434
56
11%
534
18%
*34
31%
56
45
97
*31'
638
19%
63
25%
11%
45
3i2
15%
15%
50
7
1534
31%
6%
19%
19%
40% Jan
97% Feb
44% May
Jan 12
1278June 29
28i4June 21
15
31
20
33
53
2414 Jan
1578
31%
No par
Jan
3812 Jan 14
fBush Term Bldg gu pf ctfs 100
15%
3034
6
50%
12%
51%
58%
Butler Bros
16
32
6%
Jan
4%
102i2 Jan 2
5284 Jan 14
1514 Aug 27
22i2June 30
par
41
Jan 13
3538 Feb 9
1184 Jan 29
1578
5
Jan 23
8
39
32
5%
1878 Feb
647g Mar
69
9
1578
*5
td2% July
43% Apr
Dec
9
32
1878
66I4
4978
*658
1
11% Jan
5% Nov
47
June
1534
*91%
234
10
Burl'ngton Mills Corp,
Burroughs Add Mach-.No
32
*1634
66I4
4912
2
10
54
700
3.200
32%
634
1934
38t2
1378
1514
2878
Debentures
77
53
15%
2734
JBush Terminal
172
174%
117% 118
96
9512
97%
96%
104% *104
10434 *104
104%
3534
36l2
36l8
3738
3678
3734
72
53
15%
29
200
3712 *37%
*37%
37
3978
37%
>5 77
*75i2
77
77
77
*75%
32
32
*3058
32
*3034
32
*30%
738
7%
7i2
738
7%
7%
7%
*100
101i2 *100
101% 100
101
100% *100
*1934 20% *1934
20% *1934
20%
*1984 20%
13
*10i4
*10l2
1212
1212
12% *10%
14%
*13
15%
Apr
1% July
6
47
50i8 Apr 9
3034June 28
28
Nov
32% Aug
5312 Feb 13
7hiJune 17
..No par
500
173i2 175
11512 11512 *116
*9514
70%
1314
52%
109%
No par
..No par
Bullard Co.
5
678
*9
Budd Wheel
Bulova Watch
1,200
26
96
10%
9934
3,500
3,200
32
47
Jan
34
June 16
8%
54i2
2178
20
7i8June 17
58
32
*25
1934
1434June28
101
Aug 10
5438
*167g
638
19%
26f4June 12
43i2 July 1
1634June 17
June
25%
5058 Aug 25
15i2June 17
18i2June 17
Aug 27
39
1584 Mar 23
4i2 Jan 11
5978 Feb 11
3378
—
Jan 22
Aug 14
23*4 Feb 23
56
55
*3234
2178
*13%
109
100
26
634
Jan 18
share
per
63% Mar
100% Apr
Aug 16
58
100
*167S
6%
25
Highest
share $
40% Dec
80% June
46l2 Apr 13
28
No par
7% preferred
*25
*40
36
460
5%
2178
1458
110
7.900
26
48
96
9634
104l2 *104
10
9i2
81
8
5
*25
*40
115
9
Bucyrus-Erle Co
7% preferred
Budd (E G) Mfg
$ per
4818 Feb 13
93
z3734 Aug 13
234June 17
Bruns-Balke-Collender.No par
*1678
14i2
115
4,300
share
per
39%Iune 17
4134 July
1
No par
26
a56
*9534
*2978
11900,
Lowest
3112 Aug 27
15
Apr 28
Brooklyn Union Gas-_.No par
Brown Shoe Co
105
80
8I4
900
June 24
Aug 25
lhtJune 18
$6 prerfered series A.No par
300
$
8
$6 preferred
No par
Bklyn-Manb Transit---No par
1,400
558
2178
"ll%
48
978
82
8%
500
1,000
200
9,700
share
3878 Apr 28
5
100
Brlggs & Stratton
*1678
11%
*44l2
*13%
173
*914
*9514
912
81
Corp
Brlggs
1738
1678
*104
1,800
173.
1
"■
f
105
Borg-Warner
*25
*51
2434
*17%
173.'
17
16
34i2
*16
*51
32i4
634
17434
*3714
*7512
*30%
738
10%
82%
8%
56%
34%
978
8234
8I4
m
*104
64
97
35%
105
2834
3478
5212
3%
15%
96
*104
*104
28%
43i2
44
17%
18*
1734
104
19
29
*42ig
18%
1
18
104
3%
29
44
18
63
*2978
*108
58
1958
2834
34i2
*9l"
9634
*16
1978
58%
*43
4834
*45
16%
193g
58%
18%
*56
n
3U
63
25%
Manufacturing .No par
No par
Bristol-Myers Co
5
Brooklyn & Queens Tr.No par
16%
287S
34%
Tl%
700
338
63
*56
Bridgeport Brass Co.-.No par
5,600
4958
I8I4
1978
59%
29%
2834
34%
31
5,000
44%
3H2
*16
63
31
16%
4212
49%
17%
3538
30%
JBotany Cons Mills class A.50
Bower Roller Bearing Co. 17
50i2
28
3%
Boston & Maine RR
300
51
34l2
147S
600
39
28
1514
17,100
Year 1936
Highest
23
Aug 23
2H2June 25
15
238
3212
17%
33
*38%
Borden Co (The)
Range for Previous
84l2 Aug 4
4138Mar 12
1
Bond Stores Inc—
8
50
44
5%
1678
1,700
6,600
per
37
5
No par
Class B
160
$
No par
48
8
*2
*38%
3%
62
!
2i2
45
45
48
38%
3%
16%
1958
3534
61%
~~3%
1H2
*44i2
*13%
*2ig
50
45
38%
*3U
2812
15
25
4718
8%
Bohn Aluminum & Brass
Bon Ami class A
2678
16%
1678
6%
4334
2438
23%
43%
45
*47
2914
6l2
*41%
2334
23%
4638
2334
23%
48%
8%
23i8
17
*1784
29
1558
30
33
*43
29
32
88
1758
45l2
18%
*5
3,100
*87
34
4334
2834
*25
45
87
44
17%
59
16
5
44%
Par
.
87
33%
29
16
17i2
2678
1578
45%
Lowest
Shares
17%
59%
16
5
share
per
1714
29
19
16
17i2
8
*2
16%
19%
58%
*28i2
1818
18i8 *17% 18
*10312 105
*10334 105
10
1038
978
10%
82% 83
*82i2 84i2
838
8i2
812
8%
55
55
54% 5458
*34
3434
3412 3514
*25
'
$
Aug. 28, 1937
Range Since Jan. 1
On Basis of 100-Share Lots
Week
34
5978
28%
1834
58%
28i4
4334
1734
60
*2838
•
Aug. 27
33%
38%
3%
*47
834
the
*4112
2334
88
4214
24i8
2378
50%
8l2
238
49
2
44%
stocks
new york stock
exchange
Friday
$ per share
46
Sales
for
Thursday
Aug. 26
Aug. 25
$ per share
46
SHARE, NOT PER CENT
14% June
2% Apr
59%
Apr
136% Aug
z45%
51%
Jan
Jan
23% July
10834 Oct
103
Aug
8478 Sept
128
Nov
9184 Nov
136
Nov
24%
Feb
5%
Feb
82
Feb
f Called for redemption.
NEW YORK
for
J
Tuesday
Wednesday
Thursday
Friday
Aug. 23
Aug. 24
Aug. 25
Aug. 26
Aug. 27
Week
Aug. 21
$ per share
Shares
12%
12%
*11%
3734
3734
3734
*13
15
*13
18%
*13
18%
*13%
14
*13%
14
14
*22
22%
*22
22%
*13%
21%
1234
*13
14
*13
*14
15%
15%
22%
*21%
21%
37%
38
12%
21
13%
*12%
*83%
86
"83%
84
*83%
86
"84"
*83%
90
*83%
90
*83%
90
*8312
2%
90
*83%
90
*3
11%
34%
12%
12%
12%
12%
35%
35
36
9
*8%
12
35%
*8%
92%
92
27%
2812
2334
24%
24%
28%
2334
3%
91%
3%
91%
3
3
3
3
59%
*18%
5934
18%
*37%
38%
2%
45%
28%
63
*28%
*62%
65%
3
234
*90%
92%
90
59%
58%
59%
57%
59
18
18%
15
15%
14%
15%
38%
38%
38%
38
93
38%
2%
44%
38%
44
29
*62%
63
28%
62%
28%
62%
65%
65
65
43
43%
*28%
29
28
28
*6234
63
623S
62%
65%
64
66
*38
39
46%
400
38%
38%
*38-2
39%
800
41i8June 29
38
Aug 23
39
$2.25 eonv pref ww..No par
Pref ex-warrants
No par
21%
15,300
5
16%June 28
No par
Crucible Steel of America.. 100
Preferred.
.......lOO
Cuba Co (The).......No par
94% July 28
21%
99%
*99%
9934
98%
9834
72%
*110
111
113
10%
10%
67%
534
67%
69
69
1%
1%
1%
11%
934
934
9%
9%
9
9
120
122
39%
19%
67%
*65%
71
50
*46%
47%
7334
74
*14
15%
*14
69
71
534
*
71
76
"77"
79
15%
*14
15%
*14
19
*18
19
71
*65%
*46%
78%
*
47%
18%
71
*65%
46%
47%
7934
46%
4,100
71
*
•
10
55
78
79%
"77"
77%
4,400
15%
*14
15%
*14
15%
100
18
*17%
1_
*17%
19
*103
104
104
104
132
135
135
130% 133
25%
25%
19
*17%
104% *10334 104% *10334 104%
133% 134
133
133% 134
25%
25%
25%
25%
25%
25%
20%
20% 20%
20%
20%
20%
15
15%
15%
*53s
35%
15
203s
20
20
20
34%
36%
33%
34%
32%
20%
33%
14%
14%
1334
14%
6,600
1434
15%
15%
*9
18
*9
*19
19%
19
19
*19
19%
*61%
63
62%
*60
63
*60
*26%
2634
26%
26%
26%
*33
33%
3334
3334
*3334
*61
*15%
16
15%
23
*22%
22%
86%
*83%
86%
20
*19
*36
36%
36%
36%
*3812
41%
8%
5434
3834
38
38%
41%
4134
16
27%
26%
26%
33%
33%
21%
85%
*19%
20
*19%
20
36
36
19%
*38
41%
19%
36
36
*37
37%
*37%
41%
40
41%
40
35%
42%
41%
41%
*8%
9
*8%
9%
*8%
55
*8%
54%
9%
54%
55%
54%
5534
51%
27%
27%
*%
34
*1%
5
*15%
27%
34
*%
*1%
1%
*434
45
*43%
27%
45
*43%
1»4
16
*434
5%
160
*158
33%
12%
39%
33%
12
39%
39%
3834
39
39
3834
39%
11%
5%
5%
5%
21%
2034
21%
1934
2034
75
*74
75
71
73%
72%
*68%
75
68
70
35
35
*35
36%
*1
1%
11%
11%
21%
5%
5%
72
*72
75
72
70
72
*68%
35%
*68%
34%
35%
1%
1%
1%
*434
27
26%
*53%
5%
1%
1%
*484
27%
57
35
35
5%
2634
*53%
5%
11%
32%
11%
3734
11%
5%
19%
72%
68%
3434
*1
Eastman
1,700
1,800
38%
3,000
11,300
3,700
32,800
72%
1,700
68%
800
35
700
300
1%
1%
*434
5%
2634
434
434
*4%
434
26%
4,400
53
25%
*52%
2534
53
55%
100
27
25%
57
*53%
*108% 110% *108% 110% *108% 110% *109% 110%
10%
1034
*9%
1034
*9%
11
*9%
*9%
109% 109%
10%
*984
109
934
109
20
200
934
*55%
56%
56%
*5634
58
*5634
58
*57
58
*60
65
*60%
65
*60%
65
*60%
63
*60
61%
*60
63
*64
66
*64
65%
*64
65%
*65
72
*65%
*434
69%
5
1,000
1334
14%
2,800
21
21
2,000
15
15%
78%
600
734
1934
234
3%
434
*434
5
*434
5
65%
*434
66
4%
*14%
14%
15%
14%
1434
14%
14%
*2134
14%
22%
21%
21%
21%
*16%
*7634
78%
*734
2034
8
*734
2034
21%
234
17%
3%
*3
3%
3
22
22
59%
59%
22
5
14%
21
21%
2134
*2134
16%
*16%
17
*16%
16%
16
*7634
78%
*77
78%
*73.i
8%
*7%
8
*7634
*734
21%
20%
20%
*2034
21
3
*234
3%
234
234
20
*234
3%
22%
3%
3%
3%
3%
3%
3%
23%
*22%
23%
22%
59%
*5934
61
22%
*59%
23%
60
61
58%
:
—
^
_
*145
--
-
-
*145
----
5
14
78%
8%
16%
*77
*145
*145
5
*140
*49%
5134
49
49%
48%
49%
48%
48%
48%
*18%
20%
19
19
19
19
18%
18%
17%
16
78%
7%
2034
*7634
3%
3%
22%
58%
234
3%
----
48%
17%
734
19%
*21%
5534
*140
"""300
6%
*47%
50
17
17
*88
91
*88
91
*88
91
*88
90
*88
90
*88
145
*135
145
*120
145
*120
145
*110
140
*125
110
*98
110
*98
106
*98
106
634
634
634
*7%
734
7%
7%
7%
7%
*7%
7%
3%
3%
3%
3%
*3%
3%
3%
334
634
♦
634
634
7
634
Bid and asked prices; no
sales on this day.
*96% 106
634
6%
7%
3%
No par
w..No par
No par
Equitable Office Bidg. -No par
Erie Railroad
-100
4% 1st preferred
100
4% 2d preferred
100
700
$5>S preferred w
$6 preferred
510
RR Co...
Eureka Vacuum
Evans Products
Cleaner
Co
50
5
5
Buffet Corp .No par
Fairbanks Co—.... —----25
Exchange
8%
-100
preferred
Co.No par
1,500
Fairbanks Morse &
l",506
preferred.
100
Fajardo Sug Co of Pr Rlco.20
Federal Light & Traction. .15
6%
1,100
$6
100
preferred
Federal Min &
Smelt Co... 100
100
Preferred
*96% 106
"MOO
6%
6%
7%
7
7%
900
3%
3%
3%
1,600
t In receivership,
50
-3
Natural Gas
$5 conv preferred
145
*98
3
Inn Am shares..-
Corp
50
5% .preferred-...
-100
Engineers Public Service
1
90
*135
Aug 27
June 29
Aug
a Def. deihery.
Truck..No par
Screw,Works.-No par
Federal Motor
Federal
Federal Water
n
11%
13
June
2138
Jan
42
Jan
63
Dec
2
4
30%
40%
37%
Oct
Oct
76% Feb 19
36% Feb
40% Feb
23
Apr 10
29
Mar 17
2
18%
Apr
Serv A..No par
New stock.
iCash sale.
Jan
Mar
9
93
Dec
95%
Feb
9
19
Oct
Jan 25
40
Aug
Jan
34%
96
41%
June 15
4634 Feb 17
51
Jan 28
41%
Jan
Deo
Nov
25
40%
Deo
61% June
12% Dec
8
7%
Apr
77% Jan 25
14334 July 13
55
Jan 16
50%
Jan
82%
Oct
29
Jan
51
Dec
7
5
5%
Jan
% May
1% Jan
4% July
36%
Dec
13% Aug
18%
12% Mar
39% Jan
112
138 Jan
Jan 16
17% Jan 19
Aug 11
May 28
Jan
Dec
Feb
120
Apr
18434 Nov
129
Feb
136%
Mar
17
198
5
rlll% June
5% July
Deo
Deo
116
Deo
1238
Aug 16
156
Apr
185
Aug
Jan 11
163
29%June15
1034June 17
3434 Apr 28
9%May 14
4%June 15
14%June14
62 May 18
58%June15
32%June 28
Oct
133
115% Jan 22
Apr 29
Apr 2
Jan
114
135% Feb 19
9%June17
Jan
884
Jan 18
180%
5
134
3
Jan 19
122
148% Apr 28
130%June 29
Aug
Oct
Aug
43
25
June 21
110
Feb
Apr
May
30
Feb
May
4
19
May 13
22
153
128
116%
9
4
Aug 10
150
Endicott-Johnson
"
"
10% Feb 18
Jan
7
June 16
-100
preferred
El Paso
380
mm
Feb
14
Light-No par
$7 preferred
No par
$6 preferred
No par
Elec Storage Battery..No par
fElk Horn Coal Corp..No par
1,100
58%
Oct
23%
93s
8% Aug 21
5
preferred
Erie & Pitts
24
5434
Apr
4% Jan
47% May 17
Electric Power &
200
—
Jan
14%
11534 July 27
deb
100
5% 1st pf-100
Boat
Electric
""206
56%
55%
55%
8684
Kodak (N J)-No par
Elec & Mus
200
2534
57
26%
58% Mar 17
24% Mar 17
35
Eitlngon
5%
Apr
38%May 13
Eaton
II84
11%
33% Nov
19%
Jan
34
Manufacturing Co
4
Schtld
No par
Electric Auto-Lite (The)
5
32%
21
Dec
3238 Nov
5
151
6% cum
130
10834
Jan
5
2014 Apr 28
80 June 16
18 June 28
100
Rolling Mills
Eastern
1%
*5338
57
1134
5%
12%
5%
11%
5%
20
11%
20%
72
*434
160
33%
11%
70
*34%
*1%
160
32%
3 834
5%
161
*158
Jan
29
33
Nemours(E I)& Co 20
1,400
185
12%
39%
11%
183
Dec
52
Jan
3134Mar
Aug 27
il434June 14
6% non-voting
Duquesne Light
2,500
187%
183
33%
12%
21
40
Du P de
800
108%
27
26
1
preferred..
8%
52,00
5
Dec
143% July 23
59
No par
Silk
19% Nov
5
107
109
5
9% Apr
19
Aug
25
International..
Duplan
--
134% 134%
12
12%
■—
*113
114%
113% 114
1134
11%
11%
IIS4
134% 134%
33%
12%
5%
2034
161
157
161
12%
11%
Dunhlll
*14%
Feb
8%
200
*116% 120
152% 15634
158%
7% Apr
Jan 16
18%
24
3%June 29
4%
15
Dec
3% Feb 19
6%
*116% 120
8834
%June 25
li4June 29
100
100
Jan
43%
24%June 22
1®4
16
Jan
90% Mar 10
No par
*1%
*434
5
7012
Atlantic--.100
preferred
100
1%
*434
36% May
4
JDuluth S S &
1%
Jan
Jan 14
110
No par
Class B
Dec
90
Feb 27
4314 Aug 27
7C0
------
9% Mar
21%
1334June28
200
27
Jan
Sept
1778June 24
32% Aug 27
800.
34
160% 161
33% 33%
12%
200
6,900
117% 117%
43%
43%
*%
33%
160
33%
2,700
9%
34
15
*116% 120
159
159
160% 161% a-15834 159%
160% 160%
134% 13434 *134% 134% *134% 134%
134% 134%
*112
114% 114%
114%
114%
*112
114% *112
12
12
12
12
12
12%
*12
12%
188
187
186
186% 18634
186
189
189
300
Jan
86
25
Car Co..2
Distil Corp-Seagr's Ltd No par
5% pref with warrants-.100
Dlxle-Vortex Co
No par
Class A.
No par
Doehler Die CastlngCo No par
Dome Mines Ltd..-—-No par
Dominion Stores Ltd.-No par
Douglas Aircraft
No par
*%
184
4%
*14%
*116% 120
*116% 120
*116% 120
290
•
37%
40%
53
27
27
27
*8%
51
4434
*43%
16
16
*14%
16
*15%
*1%
4%
1%
484
434
*llo
9%
53
118
118
*118% 120
11734 118
4434
*43%
44%
*43%
28
*27
28
*27%
h
%
*%
*%
118% 120
600
19%
35%
3834
5,000
------
Jan
Apr
Deo
114
62
99%June 28
15%
20%
*83%
4
10%
Deo
44%
24%
59
1043s Jan
6% participating
15%
4
6
14% Mar
73%May 21
Diamond T Motor
85%
83s Mar
2334 Mar
zl2%June 17
18
Aug 25
600
21%
June 17
Dec
20
129
67*8 Aug 19
700
153s
8%
122
15%
Delaware Lack &
pref
6
Dec
46% Aug 19
500
21%
99% Mar
109% Jan
338
Sept
Oct
Dec
125
6%
63%
1
Aug 16
16%May 13
1
Cushman's Sons 7% pref.. 100
$8 preferred
...No par
Cutler-Hammer Inc..-No par
Davega Stores Corp
5
Conv 5% pref..
—25
Dayton Pow & Lt 4H % Pf-100
Deere & Co
No par
Preferred..
20
Diesel-Wemmer-Gllbert
10
Delaware A Hudson
100
34
*83%
55%
*120
26%
*33%
...1
—
Match
9
20% Feb 11
5
......No par
A
6684
Jan
Jan
35% May
16% June
Mar
Deo
19%
Apr
95% Apr
1% Sept
4
65
2634
61
16
38%
493s Nov
58% Nov
28
14% Jan 12
Jan 11
43
Diamond
*59
10
19%
60
60
*19
85%
36%
91% Nov
Dec
7% May
3
17% Jan
2
3778May 21
8%June 17
100
800
16
19%
*19
700
5%
110
100
22%
*83%
3534
3538 Sept
44
127
Curtiss-Wright.
Class
3
734 June 15
Western..50
tDenv & Rio Gr West 6%pfl00
Detroit Edison
100
Det & Mackinac Ry Co—100
5% non-cum preferred. .100
Devoe & "laynolds A ..No par
16
86%
*38
25%
22
15%
22%
*83%
19%
1934
25
*9%
34
34
34
»4
16
*9%
132
130
5
6
*5%
110% li
63
*26%
26%
15%
22%
15%
*22%
*83%
*19%
20
-
-
25%
18
*9
-
3,900
1,800
1,300
9,400
6
*5%
112% 113
16
*9%
*19
19%
113%
-
20%
6
*5%
5%
5%
112%
113% 113% *109
6
*113
*104
lOi
25%
36
35
15
*34%
36
*35%
37% Nov
Jan
46% July
Mar 10
Jan 11
135
109% July 21
Packing
Preferred
May 20
834 July
Jan
8184 Mar
4
l%May 28
115
Curtis Pub Co (The).—No par
1.800
18,400
3,600
18%
18
*17%
Deo
Nov
Mar
43%
3
8
47% Jan 28
50
Preferred
Cudahy
100% Feb
10
..100
Sugar
Cuban-American
-
534
5%
18%
*65%
5%
-
70%
70
71%
5%
18%
19%
-
—
Jan
51
100
Cuba RR 6% pref
1,250
-
9%
9%
69
5%
5%
19
19%
10
9%
30
18i2June 15
June 29
$5 conv pref
3 800
38%
*38
38%
*38
10%
71
5%
19
19%
*65%
*46%
7334
10%
123
121
11934 122
*38
39%
10%
*70
19
1,200
1%
*934
10%
117%
534
5%
1%
1134
10%
10%
19
1%
115
9%
72
129
9%
*38
39%
4,500
69
*120
129
*934
1%
9%
115
*38
71
*117
10
*10
9%
76
129
73%
Crown Zellerbach Corp
800
99
12
*1%
1%
12%
9
738 Mar
50%
140
10834 Apr 15
20%
*125
Dec
15% Mar
25% Apr 13
20%
9834
22%
*9%
5%
46%
46
56%
46
21%
*1%
39%
74
73
68
22%
76
Jan 15
2818 Aug 24
Crosley Radio Corp...Aro par
Crown Cork & Seal....No par
39
129
Jan 16
2834
Cream of Wheat ctfs..-No par
38%
75
37
Oct
82% June
Aug 13
100
47
*125
Jan 28
115
1,100
4,300
*46%
76
35
121
Deo
Apr
170
Oct
3
Mar
69%
Nov
19
46%
129
41
136
28
76%
74
4
46
July
3
18*2
72%
76%
*125
5% conv pref
56% Feb
Aug
4
10% Mar 16
4
100%June 17
113i2May
100
-100
preferred
Jan
June 29
*27%
75
99%
9
40
2,000
9934
1%
6
Co................25
158
19
19%
20%
10
Coty Inc.............No par
Jan 15
Jan 14
17H2
28
*27
29%
19%
20%
9
400
V%
71%
4
Jan
44%
Apr
63% Aug
*
*27%
19%
*9884
Nov
24»8 Mar
46
Feb
55%
Feb 13
18%
72%
28%
19
2034
Nov
87%
Dec
25
8
77
54%May 13
153
Apr 14
12,600
112% 112%
*112
6D4 Aug
Corn Products Refining
Crane
35% Mar
June 14
25
Preferred.100
114
113
112
28%
100%
75%
Corn Exch Bank Trust Co..20
600
113
4
109
28% June
230
1162932 116z932
20%
*125% 129
July 19
June 17
z25
3,000
116% 116% 116% 1162932 *1162932117
38
38
49
6,100
4634
*46%
39J4May 14
1
.5
Motors..
Continental Oil of Del
65%
8
6334
4234 Jan 23
3% Feb 11
63%
48
49
67%
Jan
Jan
Dec
35% Nov
Jan
1%
1412 Aug 27
Continental Steel Corp .No par
7%
8%
7%
48%
49%
49%
26% Mar
1038
35%May 13
2 May 13
400
27
1534 May
Continental Insurance...$2.50
Continental
160% 160%
160% 160%
16134 16134
8%
8%
50
Deo
Deo
10934 Feb 17
z81
20
9%
37%
2
Continental Diamond Fibre..5
4,600
9,800
Jan
1%
June
12% June
17% June
35% Apr
2% Apr
3,800
2,300
2,000
2634
62%
64%
1234 Nov
69% Jan 9
2534 Jan 23
2%
43%
43
6534
100
Continental Can Inc
Deo
106% June
5% Jan 15
212 June 17
June 18
No par
B
preferred
8%
38%
2%
2%
238
44%
76%
46%
38%
7434
4634
2%
2%
44
Class
48%
7434
*38
3
2%
75
*1%
*9%
22%
*28%
74%
*46%
75%
21%
45%
113
20%
23%
23
18i8June 17
18%
...
*99
92
20% Jan
Continental Bak class A No par
300
17%
Jan
92% Aug 16
Consumers PCo$4.50pfNo par
Container Corp of America.20
2%
9% Nov
3s May
3738 Apr 13
3734 Jan 14
200
90
July
109
5% Sept
101
1% Feb 27
4
Oct
48%
Apr
11% Apr
10578 Jan 23
10% Jan 4
Aug 24
Jan
Feb
20%
3%
13% Feb 26
1778 Apr 5
6
8,200
2,300
4,900
27%
22%
2%
100
5% preferred v t o
102
Jan 12
108
Feb
7%
Apr
Apr
15%
27%
9
49% Jan 23
6
27%
18%
3734
50
50%
*116%
*1162%2
113
113
113% 113%
29
29
*28
*28%
19%
19%
1934
*19%
Nov
Jan 20
13% Apr
9234
183,1
162
165% *160
8%
8%
8%
49% 4934
50%
4934
Nov
94
5234 Apr
26%
59
8%
95
Feb
4% Sept
Feb 24
28%
2%
8
7%
Nov
Jan
73%
%May 13
818 Jan 26
28%
60
165% *160
*160
85
72%
33
44%
59%
65
6534 June
5
1834 Jan
6
"*91%
44%
65%
Aug
Deo
Mar
634
4i2June 30
9234
*91%
2%
3,200
5,100
1,630
104
47%
92
38
200
preferred.....
"19%
Mar 11
14i2May 14
No par
No par
Consol RR of Cuba 6% pf.100
^ConsolidatedTextile..No par
Consol Coal Co (Del) v t C..25
$5
84
5
Consol Oil Corp..
45%
6OI.1
38
Consol Laundries Corp
200
31,800
Jan
June
92
99i2June 15
8% Aug 18
92347r*90%
11
48
92
*18%
1,700
33%
8
95
31i2June 14
No par
$5 preferred
11%
45%
92
59%
%
10%
$2 partic pref
.No par
Consol Edison of N Y..No par
1,000
13,800
2534 Mar
Jan
Aug
7
July
18% Jan 15
87
Mar 2
218 June 18
10 June 29
1
Consol Film Industries
900
23%
2834
23%
*91
%
11%
%
100
100
28%
92
2%
45%
%
100
preferred
3
92%
2738
20
83%
3
11%
*92
92%
27%
24%
*90
7%
No par
QVj % prior pref w w
6^% prior prf ex-war..
30
3
3
2%
11%
13
11%
11%
11%
3434
3334
34%
35%
33%
103% 10338 103% *103% 103%
8%
9
8%
8%
8%
14%
15
14%
14%
14%
105% *104% 105% *104% 105%
6%
6
6
*534
6
103%
Consolidated Cigar
26
2012 Aug 27
9%June 14
76
Aug 2
8312 Apr 9
8312 Aug 27
_.l
15
22
June 21
12
4H % Pref_ 100
share $ per share
7
July
15% Deo
44% Jan
30% Aug
per
16
19% Jan 23
Jan 14
12%June 29
No par
Consol Aircraft Corp
1,800
86
*83%
83%
Cigar
Conn Ry & Ltg
.76
*
76
2%
1434
15%
14%
15%
*104% 105% *10412 105% *104% 105% *104%
6
*6
6%
634
*5%
634
*534
%
34
%
%
34
%
%
11%
11%
11%
11%
11%
11%
11%
4634
46
45
46%
46%
45% 4634
15
*
76
*11%
3434
103% 103%
8%
*8%
15
14%
103% 103%
8%
*8%
103% 1033#
3
3
35%
*
76
3
3
3%
13%
*
76
800
1234
12%
84
13
13
*-
19% Feb 11
45% Mar 11
34
10
21%
20%
13%
*83%
1234
76
15%
15%
*14
4
11% Aug
Congoieum-lNalrn Inc.-No par
Congress
\
share
per
June 28
Conde Nasi Pub Inc.-.No par
100
2,600
*13
21%
86
1234
*.
12%
3634
$
I per share
Highest
Loioest
Highest
Lowest
Par
37%
*11
12%
37
14
12%
37%
13
*11
15%
*12%
37%
1234
3734
37%
$ per share
$ per share
$ per share
$ per share
share
*12%
100-Share Lots
On Basis of
STOCK
EXCHANGE
Monday
the
Saturday
$ per
Range for Previous
Year 1936
Range Since Jan, 1
STOCKS
Sales
SHARE, NOT PER CENT
SALE PRICES—PER
HIGH
AND
LOW
1375
Record—Continued—Page 4
New York Stock
145
Volume
152
July
166
Mar
28%
Jan
40% Nov
Mar 17
534
45% Feb 11
16
Feb 23
3034
Apr
Apr
10
Apr
15% Nov
47% Nov
173g Feb
37% Feb 11
16
5
Dec
734
Feb
26% Jan 14
6%
Jan
25%
Deo
92% Jan
7
3234
Jan
94%
Dec
Jan
8
29%
3938
Jan
Dec
87%
Dec
Feb
Deo
7% Feb
87
6
44% Jan 16
55%
1
June
2
2
Jan 19
%
Jan
1%
3
June 15
8
Jan 18
1%
Jan
6%
21% Apr 28
53
Aug 26
105%June10
29
Jan 18
60
Feb 11
115% Jan 19
Feb
48
Jan
89% June
86% Feb
55
Jan
97
July 31
81
4%June 28
1
i7538May:27
7%June 17
29
18 June!
234June:30
3
23
June!
20«4 Apr
2
49%May 18
31
150
Marl
45%June 14
Deo
16%
8434
60
19%June:29
14%June:28
Feb
July
Jan
78% Jan
13%June:29
Dec
69
Jan
Aug 17
4
29%
116
7%
June 15
Aug
53% July
Aug
45%
1734 Jan 16
8
55
65
2234 Nov
110
Jan
984
23%
353s
28%
Jan
Mar
Mar
Mar
5%
il
16
Apr¬
Apr
Apr
10%
Oct
June
Deo
18% Sept
Oct
34%
1134
Jan
29
Oct
Jan
68
Jan
69
Jan
Jan
34% Mar
634 Jan
5% Jan
12
Jan
15% Aug
80
14%
23% July
438
Jan
2% June
40%
Jan
8% Mar
434 Mar
Jan
8%
Apr
25
Deo
71% Jan
210% Jan
3434
Jan
Jan
31%
Jan
Feb
7134
210%
Deo
122%
28
70
Dec
61%
Deo
Dec
1834
Apr
2784
88%May:25
66% Jan!27
103
Jan
84
Jan
101%
Deo
150
Mar
37
Aug
92
Mar
9
129
Apr
69% Mar
7% Jan
16®4 June:28
94% Apr
6%JuneI24
5% Jan 4
3
June 14
1 Ex-dlv.
29% Jan
11% Feb
11% Feb
6
Jan
y Ex-rights.
3
2%
123% Nov
12% Mar
Apr
6
Deo
Jan
6
Oct
^ Called fo rredemption
New York Stock
1376
LOW
AND
HIGH
SALE
PRICES—PER
SHARE,
NOT PER
Monday
Tuesday
Wednesday
Aug.2\
Thursday
Aug. 23
Aug. 24
Aug. 25
Aug. 26
*93
40
39
$ per share
33is
32
95%
*93
40
39
3214
95%
*39%
*30%
33%
96
*39%
*30%
$ per share
39%
*30%
*33*2 33%
33%
*102*2 10334 *103
103%
41% 41%
41%
41%
29% 29*2
28% 2938
*46
*31
*93
95*2
40
*30%
39
*30
35
31
31
*4%
47%
4%
48%
47
4*2
47*2
43%
"42%
*109
42
43
40%
42
110
*9%
*69
109
11%
109
72
*62
39%
31
*4%
31
31
4*4
32
32
4
*107
*40
27
47%
*47
48
"40%
4l"
"37"
39%
72
*62
72
*69
72
4%
12%
12*2
*33
*23%
25*2
*434
12*4
25%
5*8
12%
24
25
5%
12%
*434
34
32
33
32%
5*8
13%
33%
23%
12%
35
*98
26
*434
5
*33
23%
23*2
24
24
*98
100
23*2
100*?
1134
13%
*96
*98
100
12
12
*1184
1334
14
14
105
1134
1334
*96
105
*68
6934
*11%
1134
*8%
133*2
8*2
23%
*98
12*4
14%
100
1134
14%
14%
12%
33%
105
68
68
6734
6734
66
67
1134
1134
1134
11%
11%
133
8%
133
8*4
105
132
8%
132
8%
*132
55%
*115
56
54%
56
37%
37
37*4
55%
36%
37%
2
2%
2
2
2
55*2
*50
55*2
62%
*50
55%
50*2
50*2
63
62%
*119% 120
57
56*4
11934 1193.!
120
62*4
62*4
62%
51
50*4
51
*50
11
11%
11*4
11*4
11%
*16l->
17
17.%
17%
*17*4
17%
108*4 10834 *108% 109*4 *108% 10934
3
3
3%
3%
3
3
42
42%
42
42
42% 42%
3%
*31%
57%
60
73*2
21%
*82
*42%
*5078
*4%
34
80
40*2
10
38%
80
41%
*33
39
2034
4934
3434
*135
21%
42
*50%
4%
*
3%
10%
52*2
4%
80
39%
41%
*119*2 122
9%
*82
9*4
84
3%
10
3
*17%
34
*33
49%
50*8
35%
35%
21
*135
*5034
3334
*66%
1434
64%
3334
*593.i
80
1434
*66*2
14%
*10*4
1034
*2%
2%
22
137
64*2
14*4
*73%
14%
22
83
42*4
42%
43
52*2
4*2
*50%
5*8
21%
49%
34%
*135
10
34%
137
*95
100
152*4 152%
31
3078
160% 160%
*130
131
59
59
434
116
11%
434
116
1134
4*2
80
32
31%
64%
32
*36
47
*36
111
47%
13%
13%
1034
10%
10%
10*4
10%
500
2%
2%
2%
2%
2%'
500
44
*40
44
*40
44
*40
80
44
*9
11
*9
9
9
""loo
42
*37
42
*38
42
100
30
30
*29
30
*29
30
34
*31
33
*31
33
3234
3234
*13%
14
13%
*29%
13%
13
13
101
30*4 3034
105*4 105%
101
101
105
*100%
10%
94
4%
1134
*91
94
91
4*2
4%
4*2
4*2
*112
*110% 117
116%
11%
11%
11%
11%
*91
4*2
96
38%
*36
*111
47%
383S
47
4*2
1,100
116%
200
11%
11%
*97
105
*97% 105
*150*4 154
*150% 154
30
30%
30*2
30
3,500
*112
161
161
161
163
*129
130
*129
130
58
58
*36
23
23
64
*63
64*4
*63
64*4
*63
*91%
93
*91%
93
*91%
93
*91%
14%
1434
7934
1434
80
23
14%
14%
80
81
*3%
*10%
4*2
*3%
3%
12*2
12%
15%
1534
*10%
1534
4%
22%
4*4
4%
4*4
24
42
23
16
23%
22%
14%
8034
3%
*10
15%
4
22%
23
14%
81%
3*2
12
1534
4%
23%
2234
80
*3*2
*10%
15%
4
23%
*111
47%
38%
22%
64*4
9234
1434
82
4
12%
15%
4%
23%
*36%
*56%
*36%
*56*2
40
*38
40
*38
40
5S78
59%
59%
*57
15
59*4
15*2
*14%
16
*56*2
*14%
15%
*14
15%
20
*57%
57%
47
*35
2134
*63
"111
47%
38%
*35
2134
91%
14%
77
78
15%
3%
3*2
12
15%
4
Gen Realty & Utilities
$5 conv preferred
Gotham Silk Hose
Preferred
"3",800
100
3,600
400
15%
"2", 300
4
13,000
37
59%
15%
14
22*2
J4
4,100
600
40
Mar
76
Deo
20
Nov
155
Oct
7
Oct
11«4
Jan
Jan
28
Deo
60%
Deo
18%
Jan
534
Jan
1
19
Jan 19
5% Jan 13
65% Feb 4
117*2 Jan 22
105
Jan
3*2
106
Jan
2
Apr
Aug 21
Aug 27
1938 Aug 27
684
Jan 20
Feb
1
Feb 23
Apr
Apr
July
13%June
70
Aug
Mar
9
80%June 29
39% Apr 30
90% Mar
9
84
Oct
61*2 Jan 28
37*2
Dec
50% Aug 27
58%
52*4 Sept
3% Jan
4
June 14
5
Aug 25
.
31
Jan
Jan 18
6% Feb 25
Aug 12
100
6»4
8*4 Feb 19
116
Feb 17
Jan
6*4 Nov
116
Feb
4
50% Mar 11
13%
77%June29
8734 Mar 11
74
2734 Jan
100
4
Jan
4
7'4May 18
July 29
Jan
Aug
77
Nov
123% Nov
69%
15*4
47% Mar 11
141
Mar 11
96
5
434 Feb
2
Jan
xlOO
Dec
8*2 Apr
Deo
Deo
June
6%
67
Feb
Deo
118% Mar
4% Deo
48%
71
Deo
Deo
89
Deo
31*4
Dec
44% Nov
19%
Oct
90
Jan
27% Nov
92
Nov
55%
56
Jan
Deo
7*2
10%
118
Feb
Feb
Oot
35*2
De«
86*2 Nov
31%
Apr
105%
Deo
1% July
9
15
Jan
Sept
21% July
13*2 Jan 18
110
Apr
32*2 Apr
14
73
Oct
Jan
123
Mar 20
110
Jan
Jan
Feb
71
70*2
14% Deo
96% July
4% Feb
11*4 Mar
Apr
Apr
z25% Nov
77
Jan
2
June
Jan 12
5% Jan 22
3%
6%
Jan
17
June 12
2734 Feb
1
16
x32
June 15
48% Feb
8
24% Aug
44
2812
52% Nov
2238 Oct
34%June 29
1734June28
40% Jan 4
34
132
June
1
July 21
47% Jan 5
28% Mar 8
56»4May 20
4212 Jan 2
145% Mar 2
Jan
16
Jan
32*4
Jan
31
Jan
136
Jan
Deo
46%
42%
Oct
Deo
149% Aug
64*4 Mar 10
60*2 Mar
65
39% Nov
98
par
10
10% Aug 17
11 *2 Mar 18
par
100
1
100
2
t C..25
5
66
19*4 Mar
434
40
Aug 24
30*2
Jan
62%
June 29
69% Mar
3434 Feb
6
27
8
30
Jan
34%
36
7
33
June
25% Apr
Jan
24
20% Feb 10
6
Jan
Jan
2
31
Feb 16
14
Jan
9
108
Feb 18
*104
Dec
98
May 14
105
Jan 22
100
June
40
June 17
128
Apr 13
103
June
10%June 22
ll%June 30
9638 Aug 25
6
68% Mar
5
30%
37
15%
32
Deo
Deo
Oct
Deo
Aug
Deo
Nov
125% Nov
10512 Mar
Jan
55
Deo
Feb 26
120
Jan
135%
Deo
1734 Jan 11
12
Jan
104
Nov
140
107
Feb 26
8
Jan 14
117% Aug 13
15%
Jan 25
126
Feb
9
166
Jan
6
39% Feb 11
18% Nov
115
Jan
Apr
9
Mar
99% Dec
12% Aug
117
May
150% July
25% Apr
133
Mar
4%
21%
Jan
141
Jan
165
Deo
41
Oot
144%May 17
185
3
84
Jan
150
Deo
125
135*2 Feb 2
6734 Jan 21
126
Aug
135
Apr
4
111
102
32% July 13
35%May 13
37
May 22
677a July 31
101
Aug
101% July
21
Jan 27
Aug 26
Aug
6
Feb
Jan 19
June
5234 Feb
120*2 Jan
3034Mar
43% Jan
11434 Mar
6
Jan
7
Oct
544
Feb
27% Feb 11
73
Jan 11
94
17%
Jan 22
678July 1
13%June,17
16% Jan 21
23% Feb 17
May 11
June 28
Aug 26
Aug 10
57
RR Sec ctfs series A...
1000
13% June 30
39% June
22% July
54*4 June
44*4
33
Feb
Mar
Mar 20
100
3
Oct
Deo
Dec
90% Mar 10
5% Jan 21
21
Deo
Dec
407
5
2«4June 15
36
Jan
33»4
42%
115
June 29
6% preferred series A...100
Leased lines 4%
....100
19%
4934
124
Feb
18
4
Jan
Feb
108
41
Jan
80
119
3
50%June 29
6234
Jan
June
9
June
57% Mar 25
88*2 June 11
12
Apr 8
30%
108
9
46% Aug 24
Jan
Sept
4
35
9
58% Sept
4
100
Hudson Motor Car
.No par
Hupp Motor Car Corp
;
1
Illinois Central
100
1% July
July
9%
6
29
Household Fin com stk. No par
5% preferred
100
Jan 11
Oct
Jan
17% Nov
9
110
12.50
434
Dec
Jan
100
Ho par
14*4
17% Mar
No par
cl A.No par
8
69
July 27
5
16% Feb
95
Feb 27
May 17
par
May
Aug 27
May 14
No par
65
June 17
4
prererred...No par
Apr
3
9
91
Hlnde & Dauche
Paper Co. 10
Holland Furance
No par
22
Mar
40
100
100
v
15% Feb
53%
4%
39% Mar 10
25
Manhattan.
118
30% July
.2
_
70% Feb 11
122% Feb 2
60*2 Jan 9
Feb 11
25
.
Oct
Deo
27%June 2
65% June 18
12%May 13
Hecker Prod Corp v t c.No
par
Holly Sugar Corp
7% preferred
Homestake Mining
116
Feb
152
5934 Apr 24
Hanna (M A) Co ?5
pf.No par
Harbison-Walk Refrac.No par
5% conv preferred..No
Hollander & Sons (A)
1
124
43%
20%
88%
29%
6*2 Jan 4
2%June 14
10
Helme (G W)
Jan
July
Aug 12
3
100
w.
14
68
33
26% Apr 17
1278 Aug 20
w
Jan
17
25
Hayes Body Corp..
Hazel-Atlas Glass Co
69*2 June
Jan 25
25
6% preferred
Hat Corp of America cl A
64*2 Jan 29
6578 Jan 18
128*4 Nov
3384
Gulf Mobile & Northern.. 100
6% preferred
100
preferred
334
140
Jan
Dec
20%June 28
1
Water
Jan 13
Jan
70*2
32*2
5
Guantanamo Sugar....No par
8% preferred
100
5% preferred
65
14% Nov
104% Apr
534
4
6
81
P
Greyhound Corp (The).No
5% preferred
Howe Sound Co
Hudson &
100
Feb 11
32% Mar
Jan
Jan
June 29
100
Great Western Sugar. .No par
Preferred
100
Green Bay & West RR Co. 100
Green (H L) Co Inc
....1
Greene Cananea Copper
100
Class B
141
88
No par
Grand Union Co tr ctfs
1
13 conv pref series
No par
Houdallle-Hershey
4
Jan
Apr
10'4 Apr
Jan 14
Feb
14
97
Nov
105*2 Aug
17% Nov
42%
48
..No par
2,800
5
Feb 17
26*2 May
6% cum preferred
Hershey Chocolate
100
9
Jan
Nov
15% Dec
8% May
33%
Hercules Powder
600
Mar
30
11% May
100
1
7
100
900
163
Jan 28
4
800
600
Jan 16
Feb
48% Jan
70*4 Feb
June 17
3*2
21%
June 28
z24
12%
*35
3
No par
77*2
*55
par
Aug
1,900
3%
23%
par
No-par
Graham-Paige Motors
Granby Consol M S &
conv
33
106*4
19%
16%
105%
86*2
19%
3
Apr 26
30% Aug 26
53% Aug 27
GUdden Co (The).
No par
4conv preferred
60
Gobel (Adolf)
1
5% preferred
No
Goodyear Tire & Rubb.No
June 21
May
*10%
59*4
104
Gillette Safety Razor. .No par
$5 conv preferred
No par
Glmbel Brothers
No par
16 preferred
No par
Houston Oil of Texas
37
3
1
Goebel Brewing Co
1
Gold & Stock Telegraph Co 100
Goodrich Co (B F)
No par
1
39*2 Aug 27
Gen Theat Equip Corp.No par
Gen Time Lnstru Corp .No par
6,400
3%
106
16 preferred
No par
General Refractories
No par
Gen Steel Cast $6 pref. No par
14%
22%
*14
100
July
42%May 21
8%May 17
15% Apr 13
No par
6338
15
113
No par
Railway Signal
6% preferred...
8
Mar 22
May 1
48%June14
1
Gen Public Service
June
117
par
No par
Gen
13%
75*2
93
60
10
No par
No
63%
*91%
36
*56
100
Common
$4
7% Aug
Jan
Deo
140
100
Feb
334
Jan
100
400
Deo
63*2
78
48
Preferred
Hercules Motors
38%
21
14%
3*2
20
10
47
22*2
6334
91%
*10%
46%
600
78
Apr"
Jan 18
No par
preferred
6H% preferred
Jan
31*2
Nov
180
91
47%
8
55
101
40
4
44
Hamilton Watch Co ...No
900
Jan
Feb
700
1,000
Oct
Feb
Apr
Apr
700
*100% 101
41
4134
35%
Nov xl35
34*2
General Printing Ink
$6 preferred
6%
23*2 July
108
33%
31
3034
*29%
105% *105% 106
150
9734
?39%June 21
May 13
l%May 19
Hackensack
10
Feb
July
9
7% preferred class A
Hall Printing
4234
42
42
42% 42.%
132
130*2 *130
*130
132
*130
132
11%
11%
11%
1134
11%
11%
11%
*63
2234
~~6~466
*37%
*27%
*111
46*2
3~200
*2%
98*2 98*o
98
97%
96%
152% 152% *150% 154
*150*4 154
31
31
3034 31
31
3034
160% 160%
160
161
161
161
130
130
129*2 129* *129% 130
59*2 59*2
*58% 60
60
*58%
111
47%
38%
1Q
~
2%
*66
*101% 10634 *102
105
*103
105
*101% 10634 *101% 10634 "101% 105
33% 33% *3234 34% *3234 34% *33
*33
34%
33*2
*3234
33%
40
40
40
40*2
*40% 42*4 *40% 42*4
40
40% 40%
3934
*105
105% 105
105% *105
10534 *105
10534 *105
10534
10534 10534
*23 %
24% *23 % 24
23% 23*2 *23%
23%
23
23%
23%
2234
30%
30*4
30
*29% 2934
30%
29
30*4 30*4
29%
*28%
29%
*111
112
47*2
1,300
135
10%
*110*2 120
11%
97%
*66
135
*5034
14%
*29
4%
64*2
63
64% Jan 21
No par
3,800
19,700
9
44*4 Feb
Gt Nor Iron Ore
Prop.No par
Great Northern pref
100
20%
48%
34%
Deo
152
No par
20
Deo
45%
127
9534 July
Aug 26
Granite City Steel
47%
34%
Apr
24%
49%June 14
Grant (W T)
1334
*31
11%
137
*5034
31»4
500
120
36
1,500
14%
34
117
*135
64*2
32%
100
80
30
458
1,400
19
14%
*10*4
13
12% 12%
13
*29
31
*29% 30%
29% 30
*105% 105% *105% 105% *105*4 105*2
11%
32%
137
*234
*18
*66
*31
117
*5034
2%
19
14*2
*29
*91
*135
2%
*18
80
1278
94
700
49
34
*91
2%
34%
30
94
11,600
48
*31
11%
30
3%
9%
21%
50%
*27%
4234
82
3%
9%
35
11%
130
900
1,200
33
40
131% 131%
*11% 12
*80
3%
9%
24,900
9
3834
*9
12
39%
116
834
38
40
43%
600
33
11%
132
80
38*2
20*2
42%
*91
20
33%
*40
*131%
*1134
5,500
17,400
33
*10
43
38%
116
82
9%
5
37
38%
20%
2%
43
80
9%
3%
2,000
100
39
*40
43*2
5
"34%
33
234
101
4%
3834
20*2
49%
34%
*2%
102
300
33
33%
39*2
2134
50*2
34%
10*4
102
1,600
50%
4%
3
11%
43%
104
200
41%
50%
19
44
*101
83%
41%
3
*10
12%
3%
10%
10,000
I
117
834
81
500
20%
*18
33%
*42
3%
*9%
116
73*2
19%
3
32%
*66%
14%
*10*4
44
7934
38%
300
2,900
73
5%
38%
7934
39%
2,200
14*8
*81
100
640
35
14
42%
52%
4%
5
25
*3334
82
*50%
4*8
1,000
1,500
58
24
73%
21%
"3",200
55
*54
35%
14%
900
3%
30%
19
*40
*40
2434
9
3%
30%
53%
24%
*3334
14*8
73*2
20%
80
83
"3*4
3%
31
56
1,100
103
Aug
122
General Motors Corp
$5 preferred
70
lis4 Mar
4812 Deo
June
17
Gen Outdoor Adv A...No par
600
32
106
49
900
1,900
3% Aug
4
16 conv pref series A.No par
General Mills
No par
6%
Dec
25% Mar
126% Mar 31
52% Jan 23
400
55,700
52
*_
57
*79%
40%
122
*49
103
37
9
1434
1034
80
52
11
11%
1134
11
*16
16%
16%
17
108*2 108% *108% 10934
3
3
3
3%
41*2
41%
41
39*2
100
*82
64%
33*2
*61
220
45
100
62%
118% 119% *118
120
56
5434
53%
55%
120
120
120
120%
10534 Nov
58% Nov
4238 Deo
6634 Deo
34% Deo
Aug 27
Gen'l Gas & Elec A
1,400
Feb
Apr
3
15% July 19
June 14
39%June 14
112% Apr 28
40
..No par
No par
70
62%
20
100*2
40% Sept
Deo
36%
32
100
7% preferred
General Electric
5,700
5%
122
84
No par
2
62
Aug 25
7%June 29
4934 Nov
Jan
Jan
No par
preferred
General Cigar Inc
50
39
*82
cum
10'4June 23
5
50
100
41
7%
Aug 2
Aug 27
132
No par
Class A
50*2
*50
38%
121% 121%
9%
9%
*50*4
33
100
39*4
160
No par
General Foods
42
4%
5
100
122
10%May 13
61
5
3,900
82
52%
4*4
Baking
$8 1st preferred
38,100
*54
74
2134
83
41
*38%
2078
50%
3434
14%
40
*33
38%
*3334
36
80
34
3
36
SO
38%
10*4
25
99
"37%
19%
39%
137
*
3%
9%
*2%
*17%
*2%
18
3%
25
5
39%
80
58
74%
General
54
*._
56%
22
122
30
37
30*2
55%
5%
99
~38%
3%
43
83
1,500
51
"3%
21%
*82*8
4134
52%
4*2
11%
36%
1%
3%
*73%
22
98
2
31%
57%
14%
16 preferred
No par
Gen Am Transportation..
5
55
31%
*25%
*34*2
83%
42*4
5
9*2
84
*2%
18
*73%
5%
*938
3io
14%
76*s
*82
52%
4%
*121% 126
*82
36
14%
73*2
2134
83*2
4234
25%
2.700
"l~,806
65
37
"3%
58*2
26*4
June 17
53%
3634
*49 ;
103
57
11
1,000
Apr
20%
48*2 Jan
7% Mar
Apr 26
May 13
600
122
3%
57
36
*3
*41%
10
95
117% 117% *115% 120
33
32
*3234
32
*31% 34
57% '57%
60
24*9
53
*11*2
1134
17*4
17%
108% 108%
*
103
"3%
3*9
31%
57%
57%
*57
24*2
35%
14%
99
"37%
31
58%
*
103
"1%
3%
5%
*
*
60
24%
35%
6234
120
*49
preferred
22
20
1%
*119% 120
119% 119%
56
56%
57%
57%
56%
57%
120
120
120
120% *11934 120*2
50
{3
Gamewell Co (The)
No par
Gannet Co conv J6 pf.-No par
Gar Wood Industries Inc
3
Gen Amer Investors
No par
180
Cable
'
11
103
56
1,200
100
Bronze
2
54%
37*8
34%
23%
ll'4June 14
32
Aug 24
38
z24%
30% Sept
Mar 25
73
4%June14
1
46% Nov
115% Nov
32% Jan 13
Aug 25
Gair Co Inc (Robert)
9
share
per
Jan
Dec
Jan 18
Feb 19
Mar 11
Jan
117
June 14
24
General
122
2%
37%
2
14
125
7,800
45
$6 2d preferred
No par
Gabriel Co (The) cl A ..No par
20*2
105
18% Jan 12
24%May 14
Fuller (G A) prior pref.No par'
150
200
9
Jan 14
83
105%June 22
General
49%
125
10
100
4
Mar
Highest
share S
per
54% Feb
9
6% conv preferred
600
48
June
Mar
Apr
135
7% June 16
Free port Sulphur Co
1,100
24%
50
*117% 122% *117% 122% *117% 122% *117% 122%
33
33
33
33
33%
33%
33
3334
3,100
1,000
25
50
*115
55
51
25
50
125
F'k'nSlmon&CoInc7% pf 100
24
25
50
..
10
128
June 23
$7 conv
24
24%
50
*115
100
200
preferred ...No par
Francisco Sugar Co
No par
10
S
68% Feb
39% Mar
9% Feb
58
Apr
Aug 27
*45
24%
50
June 21
36
8
24
108
snare
52% Mar
46*4 Feb
Apr 12
10
Lowest
107% Feb
Aug 23
334 Aug 27
47
Aug 24
preferred...100
Foster-Wheeler.
132
53
50
6,700
8
25
63
46
per
4334
108%
45%
3984
41%
31
J Follansbee Brothers..No par
Food Machinery Corp
100
"
11*4
133
8%
*49
*50*4
Florence Stove Co.....No par
132
8*2
June 17
101%June 30
39%June21
26%June 30
Florshelm Shoe class A-No par
13%
61
*24
125
6% preferred series A—100
First Natlopal Stores.-No par
Fllntkote Co (The)
No par
100
11
11%
11%
13%
14%
13%
13%
*100% 105
*100% 105
8%
25%
54%
37%
100
800
4,100
11%
*11%
133
31
•
*98
"*8%
36 May 12
39% Apr 23
5
23%
1
6
Fidel Phen Fire Ins N Y..2.50
25
100
%
FUene's (Wm) Sons Co .No par
300
38
*33
100
31*2 July
92*2July
10U
2,700
*4%
12%
33*2
23%
23
share
Firestone Tire <fe Rubber... 10
800
*23
4%
13*2
1134
*98
preferred.'
per
900
"
48*2
36~
24*4
*98
11%
Federated Dept Stores. No par
4conv
24*4
4%
%
4
*47
68*2
68*2
11%
*
13
Par
37
334
Year 1936
Highest
2,500
39
69
25
2734
*434
*110
39%
*32
438
47%
Lowest
100
69
*62
6834
2934
29%
30*4
*29% 30
29% 29*2
28*2 29%
2838
29*2
113% *106% 11378 *106% 11378 *106% 11378 *106%
113% *106*2 113%
45
*40
45
*40*2 45
*40
45
*40
45
*40
45
2934
*
*33
Range for Previous
EXCHANGE
1,300
*103*2 10834 *103% 10834 *103*2 108
*103% 10834
1078
1078
*978
1078
*9
9%
9%
11
11
*978
95
33%
3378
3234
33*4
32%
32%
*102% 104
*102% 104
*102% 10334
42
*41%
42
41%
41%
40*4
41%
29%
29%
29%
2734
29
27%
28*4
48
*46
4
*4578 4934
*46
4 34
4*2
49*2
*4%
*49
31%
*93
39
*33
39%
Aug. 28, 1937
Range Since Jan. 1
On Basis of 100 Share Lots
STOCK
Shares
*31
95%
39%
*93
*39%
YORK
Week
S per share
$ per share
32
32
32
39
*45
NEW
the
33%
42
46
STOCKS
Sales
Friday
Aug. 27
103
29
46
per share
32
95%
40
33%
103
48
$
32
CENT
for
Saturday
$ per share
*32
32%
Record—Continued—Page 5
6%
48'4
£78% Nov
Jan
13%
Deo
Jan
65
Deo
3% June
8*2 Apr
13% May
17% Feb
22% Nov
5%
Jan
4% Aug 17
38
Mar 17
18% Apr
29*2
67% Mar 11
30
June
72
Jan 20
68
Jan
54% Sept
73% Oct
25% Mar 11
11
May
20
Oct
Oot
Volume
Monday
,.
Aug. 24
Aug. 21
*13
1534
14i2
STOCKS
for
NEW YORK STOCK
Friday
the
Week
Indian Refining
*104
678
20U
578
578
*47
11234 114
13l4
1212
1034
1034
12
m8
*1158
1038
*1534
2812
*27&8
128
69
69
*50i8
*25%
5078
2612
*42
43l2
4612
99
99
IOI4
10%
2514
*
17
2778
128
46
*4434
99
97%
98
10%
10
10%
24
17
*1534
16l2
*1534
1634
1634
30
*24
29%
*25%
2978
*29
30
29
2134
*2134
22
21
2134
I6I4
*41
41i4
40
*5
16
*5
16
12%
12%
12
15%
*15%
39%
39%
558
*5
45%
*45
""800
34
*30l8
213g
34
*30
*1812
21
*12
21
*30i8
32
*30%
32
19
19%
*1914
*12
1334
*1214
*2334
24
24
2
2
*3038
35
*24
19%
19%
19%
19%
18%
*11%
19%
1334
1914
1334
*1134
1334
23%
*11%
13%
*11%
♦
2
2
2
32
*
170
"l334
14
"12%
13%
2
2
2
11
IH4
11
11%
11
11
11
11%
10%
11
*4034
4134
41
4138
41
4U2
1438
4H2
4134
40%
41%
14%
*4314
68%
*14.38
1434
43%
*4312
43%
6814
1214
69
68
68
1214
2812
12U
2812
1214
I2I4
28
28
14
*1334
14%
68%
43%
43%
66%
68%
*27%
*97
99
*98% 100
200
99
600
Series
300
99%
160
2
*634
1%
1%
178
54
5314
5312
53%
7
29
29
*105
106
2U2
2134
139
*130
*20
658
2912
*105
21
*134
20l2
871S
1912
87i8
87is
35
3 518
2312
32i2
*12712 130i2 *12712
35
*3H2
45
45
43i2
47i8
47i8
47
1
1
1
*12i2
1314
*12-38
*48i2
51
*6
"
*512
6i2
4812
634
29i2
106
21l2
139
2034
*134
160
*21
22
*21
2134
2134
200
61
61
58
60%
5634
57%
1,700
60
59
60
60
1,700
24i4
82%
2478
25
25%
6,300
9
2
53%
*658
6%
2934
2934
106
*105
2034
21
139
*134
6%
6
6
6t4
512
5%
*5%
17%
17%
*17l2
19
19
*11
19
1338
*12%
13%
*9l2
*1938
*4
10
1978
4i8
10
10
*18
26
*18
2578
*8
*8
*53
*3614
2
42
*2%
*40
*63
13%
26
*18
4-%
10
*1%
*9
*17
3
*2%
*40
42
26
10
1938
*18
9%
1834
9%
1834
3
42
2%
*40
2%
40%
25%
9,700
2134
20
21
3,200
26%
26
2638
2134
21%
21%
25%
2034
*75g
8%
*734
8
*734
8
50
54
36i2
3612
*36%
36%
37
36%
155
155
155
*150
157
64
62
62
63
63
9%
36%
36%
36%
*154
61%
100
25
2558
*6158
100
40%
21%
*52
30
340
42
8
53
*2'%
9
53%
36%
157
62%
*7%
52
35%
*154
60%
7%
200
52
800
35%
900
157
60%
130
500
9%
100
37
*35%
44%
*31%
44%
*32
*31%
44%
*31%
44%
*3112
3412
44i2
*31%
*10334 105
*10334 105
*10334 105
*10334 105
*10334 105
*10334 105
300
10
*9
38
*36
*9
*36l2
934
38
*9%
*36%
*9
9%
36%
9%
36%
9%
*9
36%
Bid and asked prices; no sales on
this day.
J In receivership,
Feb
Jan
Jan
24%
Jan
Oct
107
6338 Nov
Oct
24%
46% Dec
738 Jan
Jan
3% May
938 Mar
Feb 30
61
Apr
30
6
2
Jan 16
NOV
32% Nov
20% Apr
18% Nov
4% Apr
Jan 13
74%
Feb
135
Dec
47%
Jan 23
3534 Aug
51
Nov
Jan 14
19% June
28
Jan
15%June 15
24%
27%
Jan 14
20% Apr
33%
Jan
3
41%
Jan 14
32
23%June
147
Mar
1
June
50% July
15% July
6
1734 Mar
24
8
4
2634 Feb
18% Nov
1834 Deo
45% Nov
Jan
7%
27% Mar 11
12
51% Feb
Feb
3138 Aug 25
Jan 6
1
15% Apr
1
94%
203
July
180
22
Oct
4
Feb
Apr
19
Oct
89
May
12
Jan
14
z40
No par
Jan
79
2
934 Jan 2
25% Feb 25
93
May 20
38% May
9
58%
2
July
58% July
Jan 16
Jan
47%
15% Mar
2
7
May
29
Aug
5
25
May
113% Feb
4
97
Mar
zl834May 28
80% Nov
13
Nov
Jan
31%
115
Jan
5
116%
Jan
Oct
170%
Dec
19
Jan 13
23%May
Nov
65
9734 Mar
Jan 28
175
94%June 14
May 20
12334 Nov
2134 Nov
160
114
151
Nov
Apr
Jan
July
8%
24% Mar 17
1234 Aug 26
25
100
No par
Jan
64%
par
par
Apr
23%
Feb
25%
Jan
534June 17
28%June17
Aug 2
par
25
100
June 26
20
127
Louisville Gas & El
Nashville——100
Ludlum Steel
1
Mac Andrews & Forbes
10
6% preferred
No par
Mack Trucks Inc
No par
Macy (R H) Co Inc
No par
Rights....
No par
Madison Square. Gard—No par
82% July
Louisville <fc
Modified 5% guar
—100^
25
Exploration.. 1
5
100
6% preferred
100
6% prior preferred
100
6% 2d preferred
100
Marlln-Rockwell Corp
1
Marhsall Field & Co ...No par
Martin (Glenn L) Co
1
Martin-Parry Corp
No par
Masonlte Corp
...No par
Mathleson Alkali Wks.No par
7% preferred
100
May Department Stores.-.10
Maytag Co
..No par
53 preferred w w
No par
53 preferred ex-warr. No par
56 1st cum pref
No par
Manhattan Shirt
30%May
4038June
n
New stock,
104%
63% Nov
Feb
Deo
55
Deo
108% July
67%
Apr
3%
Jan
Jan
61%
35%
3'%
107
Oct
45
Jan
113
Sept
Apr
21%
8
140
Dec
Jan 13
20
May
Jan
57%
Mar 17
Feb
Deo
8% Mar
May
2:3834
22% July
4134 Mar 11
36
Feb 11
Oct
33
26%
Jan
Jan
151
30%
102%
Oct
Oct
35
Feb
42
Jan
134% Nov
127%
Jan
27%
Jan
49%
40%
Apr
65% Nov
1% Aug 12
Jan 20
8%
Jan
15%
Mar 10
34%
Jan
57
Nov
1%
Jan
9
Dec
7
Jan 12
Mar 30
30
Jan 11
7%
Jan
Feb
132%
62% Mar
58% Mar
34 Aug 12
9
8
8
153g
63
7%
334May 17
4%May 14
14 June 28
Oct
Deo
35% Deo
12% Aug 10
21% Apr 6
16% Jan 11
7
June
15%June 14
39
Jan 14
32
Dec
57%
12%
Dec
23%
F'eb
17% May
2434
Deo
14
June 24
Jan
Jan
634 Feb
14% Feb
6% June 15'
16%
18%June 22
29%
3%June 17
9% June 29
20'
30
17
13
3% Mar 29
1% Aug 18
9
Aug 26
20
Jan 21
Aug 19
39
Jan 20
17
2% Aug 26
6% Mar 27
July 19
4
30% Mar lu
39
4
19%June 16
Jan
18%
7
May 14
48% June 28
32%May 30
142
May 17
51%June
2
5134 Mar
29% Apr 30
13% Jan 10
74
Feb
Jan
8
Nov
Jan
2%
Jan
634 Mar
8%
Apr
1234 Aug
Jan
6% July
1834 Jan
2% July
3% Mar
1%
23
Nov
45
Nov
7%
Deo
May
56% Nov
11%
Jan
25% Nov
6%
Apr
41
"l2"
Mar
5
4134
18
27% Apr
42% Nov
163
Deo
66% Mar 11
43% May
70
Nov
13% Apr
21%
165
Jan 25
153%
Jan
Feb
8
June 12
15%
34
June 23
44
Jan 11
Jan 13
43%
Dec
55
Feb
35
June
3
45
Jan 13
44
Nov
50%
Apr
97
July
8
111
Jan 22
103
Jan
110%
Oct
from Intern atlonal
r Cash sale,
99
10%June 14
42
May 23
•
Apr
Jan 20
2834
2
4
4
10
22
June 17
44
Midland Corp
Market Street Ry
a Del. delivery,
Jan
29%
127% Aug
10
100
deposit—100
Preferred
100
Pref ctfs of deposit
100
Mandel Bros
No par
t Manhattan Ry 7% guar. 100
14734
19%June 17
A ..No par
Feb
28%
7
July
July
43
May 12
110
105
10
36
3% Feb
50% May 14
100
d Change of name
*
Nov
2838
18%
71
15%
Feb
33%
1734 June
35% July
29% Jan
May 11
preferred
100
3
4634 Apr
Aug 26
Lorlllard (P) Co
1%
18%
20% Mar
36% Nov
110
Dec
28%
2
75% Mar 11
1034 Jan 26
43% Jan 8
*1%
9
693g Mar
4
10
8
14
30
June 22
1%
*17
17%
87
Jan 14
19%
July 10
Marine
9
Dec
109% Feb
June 14
Maracalbo Oil
18%
19%
1
8,100
1%
23'% Feb 11
June 16
xl05
2,200
9
Jan
2l3g Feb 11
No
Lone Star Cement Corp No
Long Bell Lumber A ...No
Loose-Wiles Biscuit
5% preferred
4
18
80
110
43%June 10
Inc
10%
134
Jan
Dec
Aug 25
86.50 preferred
Loft
934
18%
17
23%
27%
87% Aug 11
110
Jan 23
4%
11
19%
Jan 18
Jan 14
Mar
35
4
July 28
1,400
200
Jan
Jan 16
I
44%
1
June 30
26% July 26
10%
21l2
*148
19%
July
June 28
83% Feb 15
63
Aug 14
10
4
26
56'% Aug 27
*4
2612
53
*18%
9%
121
Jan
23% Aug 26
438
8
52
*9
Nov
13
51%May 14
10%
2558
2U4
66%
30
26
*18
116
9%
t Manatl Sugar
Certificates of
""loo
Dec
Apr
Apr
48% Aug
Mar 17
Jan 18
Magma Copper
19
Dec
50%
Mar 17
Liquid Carbonic Corp .No par
Loew's Inc.
..No par
""200
300
2612
2178
37
12,100
63,400
5%
26
51
"i'eoo
5%
19
18%
3
300
6%
*11
11
18
4,200
6%
*17
2
*9
*1%
900
300
*12
4-%
I8I4
"MOO
Dec
133
29
No par
7%
6
13%
10%
12
155
*148
7,800
19
*1834
4
10
18
.54l2
21
Dec
126%
121
Wks.No par
134
6
9
26i8
2134
10
19
193g
*40
1,200
*12
1938
4
10%
*9
44
*40
2034
*130
1,700
29
106
*11
2012
*2i2
6%
*2834
*105
*17
*19%
*ll2
3
2,500
12%
9%
2
*2i2
20%
139
53
6-%
19
9t2
18i8
1714
6%
29%
105
51%
19
12%
9%
934
*li2
52%
152
8
31%June 28
18
June 14
Lily Tulip Cup Corp...No par
200
2,200
19
9%
4
9,400
1%
*11
9t2
10i8
2034
*130
*5%
*15
26
2078
139
6%
28%
105
*6
6I4
19
*18
2978
106
51%
*6
*10
*12l2
1%
54
678
81%
10534 10534
1%
2
39% July
Jan
18%
Link Belt Co.
23%
58%
25%
79%
*21
6
20%June29
8% May 18
Tobacco..25
Lima Locomotive
59%
53%
*17l4
1312
160
75% May
8% June 29
36
June 17
B
9
6i4
20
*12i2
160
Liggett & Myers
161
161
20
20
20%
20%
20%
2034
20
20
2012
84
87
85%
87%
87%
87%
*87%
88
87%
32
32
31% 32
3214
35%
*3514
36
3534
*31
33
31% 31%
*31%
33%
*3H2
331a
32i2
130i2 *12712 130% *127% 130% *127% 130% *127% 130%
42
43%
44
43% 43%
*43%
44%
44%
4438
45%
46%
46
4634
47
473g
47%
4714
4738
1
"16
lsie
16
%
1S16 1
1' 16
,516 l116
*12
13
*11%
13
*123g
13
*1238
13
13l8
*44
*47
48
46%
49
*48
*48
49
*6
*512
658
*29%
*105
99
Feb 15
93% Nov
Jan
Feb
12134
Apr
3138 Nov
126
Sept
May
2
Preferred
99
9934
2
Oct
2234
June 28
105
Gl. No par
Llbby McNeill & Llbby No par
Life Savers Corp
.....5
12%
28%
98
Jan
46
5
Llbbey Owens Ford
200
88
Jan 18
Lerner Stores Corp
2,200
58%
8
334
600
12%
5
l%June 23
500
12
Apr
113
4
Jan
Nov
107
Jan
Jan
June 29
29
Lehman Corp
*27%
Jan
15
No par
Lehigh Valley Coal
93
24'% Aug
Aug
160
12%
82
6
Jan 30
Apr 15
Nov
19% Feb
37% Nov
Apr
136
5
28%
Jan 18
Oct
Feb
53%
35
11% Sept
10-%
Oct
Oct
Nov
30
Apr
126
25
100
50
2,400
28
June
87%
Jan
12U
82
8034
83
83%
82%
8514
8H2
8412
8178
*105% 10584
*10538 10534 *10538 10534 *10538 10534 *1053S 10534
2
12
50
155
July
67
13%
Feb 19
127
17
43
*42%
6434
Oct
Apr
30
44
6% conv preferred
50
(The)
No par
Lehn & Fink Prod Corp
5
2,300
3,900
Jan
19%
15
26%
12
Lehigh Valley RR
10%
61%
47
18%June30
*27%
99%
*9714
9812
98%
*98% 1001
9934
9934
*9912 10034
*9934 10034
161
*160% 161
*15812 I6U4 *160
22
*22
*22
22%
2258
2258
62
62
63
63
61%
613s
60%
60%
6H2
6H2
61%
6H2
24
2378
2438
2378
24i2
2438
53l2
~3"666
2,300
10%
4034
13%
44
68%
14
'
44
2
Dec
Jan
23
36%
No par
Lehigh Portland Cement
98%
11%
3
15% Feb 19
No par
Lee Rubber & Tire
Dec
20% Apr
334 Jan
Mar 11
Apr 29
14%June 14
37% July 9
100
.
4% conv preferred
13%
1%
10%
40%
68U
12%
2SU
*28
"l3"
preferred
Dec
8%
1%
110
Lambert Co (The)
170
4312
15
43%
*143g
-
"""700
200
32
5%
Dec
14%
52
51
—100
purer red.
(S H) & Co
23 38
Jan
Jan
57% Feb 16
2834 Jan 25
4938 Jan 4
107% Apr
Nov
136
2%
Jan 30
83,
Feb
334 Apr
Feb 16
10
Lane Bryant..
2,600
2234
1213
9%June 22
May 25
-No par
Kroger Grocery <fe Bak.No par
Laclede Gas Lt Co St Louis 100
40
13%
*28%
*_
Jan 12
91,
Feb
125%
Apr
Apr
Apr
Apr
18
101
No par
10
No par
$5 prior
Kress
19
22%
32
170
..
14
2
2
2234
22'%
*29%
3138
3138
*
170
~13%
14
23
2334
2334
*29%
2434
170
"I334
14
*1334
3038
Co.
preferred
$8
8%
35
3038
32
*
170
100
2,800
*24
*13
35
2,100
21
21
66'%
43% May
dar 10
Jan 5
6
6
6
6
733s
13534
12% June 17
Co No par
preferred
Kresge (S S) Co
Kresge Dept Stores
Kinney (G R)
140
21
*18
Dec
Nov
96
No par
1
No par
120
20%
21
21
Keystone Steel & W
Klmberly Clark
200
*13%
21%
2034
21%
21U
21%
2n8
*18
8
18%
20
No par
Kennecott Copper
400
34
19%
*30
323g
3238
*
2ll4
2H8
2138
1,400
5
*30
34
*30
34
*31
34
*30
26" 200
45
45
*26
Jan
Dec
Ian
243<
....1
B..
Class
Deo
10%
4%
13-%
25
cl A1
Jan 29
7
25
pf__100
Kelsey Hayes Wheel conv
Deo
Apr
160
9
15
City Southern
Dec
105%
Jan
148% Jan
234 Apr
Jan 18
162
194
56%
160
5
Aug
1834
115% Apr
100
4% preferred....—....100
Kaufmann Dept Stores_$12.50
Kayser (J) & Co
5
700
30%
5
5%
48
29
30%
3012
*30i8
3U2
30%
30%
3018
*291S
23
z22%
23
23%
2338
23
2278
23
2278
2278
23%
2278
*934
10
10%
*9%
1078
*978
1078
1078
*934
1034
1078
*934
*125
140
*125
140
*125
134%
*137
144l2 *110% 144l2
14412 *137
30
City P & L pf ser B No par
Kansas
2234 July
Apr
63% Apr 14
Jan 4
120
Dec
Deo
5% Mar
7% Deo
18%
15% Apr
28
Furn___10
5%
2% July
189
100
Kendall Co J6 pt pf A.No par
16
39%
15%
*5
400
59%
39%
Kalamazoo Stove &
Kelth-Albee-Orpheum
57%
16%
45i8
""566
*103% 106
4U2
5%
"""206
16%
12%
*15%
16
1234
100
112
2% Jan
9% July
9% Apr 14
11% Mar 16
June 18
1534 Aug27
25% Jan 26
$6 preferred
1
121
Jan 16
Jewel Tea Inc
.No par
67% Aug 6
Johns-Manvllle
No par
120 June 17
Preferred
100
120
Mar 18
Jones & Laugh Steel pref..100 zll7%June29
103
*101
16
45
45
*20%
2134
103
*101
17
28
28%
2134
28% Mar 11
..No par
1
Corp
Island Creek Coal
Intertype
Kan
28%
30
*28%
2134
*39%
41%
32%
111% July 16
88 June 17
934May 14
20%May27
100
Telep & T^leg....No par
Interstate Dept Stores.No par
400
*30%
16%
1234
16
16
*39%
48
*45
32
32
10
240
119% 120% *119%
*1534
16%
16%
*24
*24%
27%
*103% 106
*10312 106
*103l2 106
60
58%
60
60
6034
61%
4012
514
514
53S
48
*45
*16
13
61%
I6I4
60
*16l8
6H8
1638
5934
16
13
106
*103
106
*103
16
13
16
*1234
2,800
122%
121
122%
121
2134
103
""406
125
29
14U
6734
6734
*124
2978
*29
17l2
130
*124
125
~1634
*27
*1258
300
130
33l4
30
*16
28%
68
*124
2912
*101
*28
125
*119%
103
""166
128% 130
122% 122% *12258 124l2
32I4
1534
130
*67%
100
preferred
7%
Jan
Apr
4834 Nov
Sept
May
5% Aug 27
Inter
Deo
Jan
18%
37
24 June 15
41% July 6
3134 Jan 2
Preferred
100
"15%
27%
27%
*124
6834
*
16%
*'1534
28i4
2434
22%
24%
100
*_
16%
130
15,900
3,700
24%
7%
5
107
43%May26
International Sliver
600
45%
10%
64% Apr 20
6
5%June 17
No par
Oct
6%
Jan 20
1334
Feb
Deo
Jan
33% Feb 23
6
Jan 18
100
Shoe
6
131% Mar
No par
preferred
10%
130
*101
5%
110
Nov
16%
Jan
534
Voting trust certlfs..No par
100
Deo
122
90% Jan
Rys of Cent Am..100
99
125
103
130
45
*124
*101
Internat
1034
124
2134
100
99l2
124
3258
No par
7% pref
48
125
*31U
*119%
Class C
International
132
32
2,100
6,300
11,000
140
16% Feb 23
10% Feb 24
..No par
International Salt
132
122% 12212
Class B
100
6884
6884
100
Inter Pap & Pow cl A..No par
200
*25%
25%
*124
130
6884
Preferred...
147
Aug
88% July
55% Apr 29
127%May27
Int Nickel of Canada..No par
100
2,800
May
125
4
4
Jan
6%
10
1
Mining Corp
44
*1534
*27%
2734
2734
*125
70
Internat
106
July 30
143
May 18
8%
Int Mercantile Marlne.No par
27
100
100
*16
17
100
Int Hydro-Elec Sys cl A...25
*42
131% 132
103
100
Preferred...
100
6,300
1,100
1,500
*25%
*29
*101
Prior preferred
42%
*1534
*2538
2134
Agricultural..No par
27
25
25
25l4
100
32%' 32
*3U4
*11914 12014 *119i2
Internat
42%
135
122l2 12234
No par
Iron
43
26%
*123
125
*123
100
No par
Interlake
27,000
135
13534 13534
preferred
Intercont'l Rubber
400
46
*44
*151
6%
10
Corp..No par
62%
61
62%
6238
64%
63l2
63%
6438
*127% 13534
13078 130% *127U 13534 *127% 13534
18%
1734
1834
18%
19
19
1834
19
13
13
1334
13%
14
14
1312
14%
6%
6%
7%
634
714
7i8
7i8
738
100% 104
103
105%
106
105% 10634
106i2
6
6
*6
634
6U
6i8
6I4
6I4
6%
6%
638
*5%
638
*518
*5%
612
51%
*49%
50
50%
51%
5078
4612
*6884
47
154
d Interchemlcal
Internat Harvester....No par
IO84
*125
*125
300
Int Business Machines.No par
99
*1534
2778
45
154
t Interboro Rap Tr v t c.__100
110% 112%
110% 112%
154
154'4 *153
154
154
*152% 15434 *153
1214
1234
12%
1234
1278
1278
1278
13
*9l2
1012
1012
*1034
in2 *10
1078
III4
lll8
1H2
11%
1158
1134
1184
*11%
1178
13i8
m2
12
2478
17
300
2,300
17,100
3,300
June 28
173gMayl8
4%June 4
5%June 17
41
Jan 21
104
Aug 19
434 Feb 5
16%May 13
5
Jan 2
42
Jan 4
146%June 14
99% Apr 7
144% Apr30
1
800
*25%
*42i4
*4634
99%
10%
*
100
534
512
Insuranshares Ctfs Inc..
8,700
1038
25
25
*
19%
534
6
50
154% 155
112% 113U
99
9812
1012
900
658
20
558
658
7
20%
No par
Inspiration Cons Copper...20
13,800
4% Jan
25% May
47% Apr 20
144
Feb 5
133% Mar 27
94 June 1
.100
_
per share
15% Nov
4138 Nov
share I
per
Jan 20
22%
June 28
124
No par
preferred
152l2
64%'
6338
64i8
6314
*12714 131
*12714 131
19
1914
1914
19U
14
*14
1412
14i8
738
718
7i8
7i8
105U 10758
10612 107
7
6i2
*6i4
*614
6i2
6l2
*5i8
*5%
51
5012
*4938
49i2
25i2
2512
2512
*25i8
42%
42l2
*42l2 4312
49
475s
4758
*47l2
98l2
6
112l2 114
*150
153
19%
*47
48
156
51
13
*1134
578
48
155
11134 114
160
*150
21
6I4
2OI4
678
2H4
7
20%
15634 159l2
*47
50
*156
714
7
7
7%
21i4
6
7i4
758
21
"3" 100
109
*104
109
*7i8
20i2
6%
Inland Steel
share
per
12%June28
33
No par
Ingersoll Rand
300
*133
$
..10
Industrial Rayon
$
share
5 per
Highest
Lowest
Highest
Lowest
1,600
37
3738
37%
3734
3734
38
3734
3734
37i8
37i8
3712
38
*129i2 133
133
133
134
134
*132
133
134
132% 132i4
*134
183
*134
138
*136% 14212 *136i2 142l2 *13612 14212 *136% 142%
106
109
115% 104
116l2 117
116
116
115l2 116
11534 II6I4
2412
25l2
2434 25%
25
2512
26%
26
26%
26%
2434
2612
5
5
*5
5i8
*5
5
5
5i8
5
5
*5
Sis
*6i2
7i2
7
7
8
*7
*7
714
7U
7l2
7i2
7i2
50
50
*50
5078
*50
52
51
51
51
51
*50
5138
108
108
*106
108
*106
109
109
*105
On Basis of
Par
100
14
*13
15%
*13
Range Since Jan.
Shares
$ per share
$ per share
Range for Previous
Year 1936
1
100-S/»are Lots
EXCHANGE
Aug. 27
Thursday
Aug. 26
$ per share
13
13
$ per share
*13
14
$ per share
$ per share
Sales
CENT
SHARE, NOT PER
Wednesday
Aug. 25
Tuesday
Aug. 23
Saturday
*13
SALE PRICES—PER
HIGH
AND
LOW
1377
Record—Continued—Page 6
New York Stock
145
t
Prlntl ng Ink ICorp.
Ex-dlv.
t Ex-rlghts.
If Called for redemption
New York Stock
Record—Continued—Page 7
1378
LOW
AND
HIGH
Saturday
Aug. 21
Monday
Aug. 23
$ per share
21%
*1712
*87l2
21%
17%
*18
1914
3612
3538
*35%
35%
1338
*44%
1334
45
14%
*95i4
36
*52%
54
*18
1834
*18
36
35%
35
1334
13%
13%
441.1
13%
*44
44%
14%
44%
14
14%
21%
52%
35%
1334
45
45
45
14%
98
97
*90
97
*90
95
93
90
90
*90
*19
19%
18%
10%
*37
38%
*24
25
*59%
60
19%
31
3034
42%
4234
98
14
*95%
2534
2634
*
90
*35
10%
38%
*69%
934
38
*35
*24
25
*24
5934
60
60
60
18%
19
1834
19
3138
4258
30%
43 78
31
30%
117
*116
117
*9834 100
*98
100
100
114% 114%
*98% 100
114% 114%
114% 114%
118
*115
118
117
*115
118
*24
30%
42%
117
13
13
1338
13
13%
13%
13%
13%
12%
13
*102
*103% 108
106
*103
106
*103% 106
*10234 104
*138
158
*138
1%
*1%
1%
*138
1%
*1%
1%
*258
4l2
*2%
4%
*2%
4%
*2%
4%
*2%
4%
*3
*3
*234
4
378
378
*3
3%
3
3
27
27
2634
27
26%
26%
26%
26%
26%
26%
*6
634
6%
6%
6%
6%
6%
6%
6%
6%
22% 2234
2234
24%
22% 23%
22%
2334
21-% 22%
*3
3
3
3i8
3%
3%
3%
3%
3%
3%
6%
678
7
678
7
6%
7
6%
6%
33i4
3314
32%
33%
32%
32%
*32% 34
32%
32%
*104% 105
104% 10578 a;104% 107
107
107
105% 106%
6034
6214
60%
62%
60%
62
61%
60
62%
60%
*32% 3578
*32%
34%
*32%
35
*32%
35
*32% 35
*5578
57
*5578
57
*56
55%
57
5578
*56
57
138
138
1%
1%
1%
1%
1%
1%
138
138
3434 35
34
3334
35
3478
33%
34%
33%
33%
.
2Ho
21%
21%
21%
10
115
*115
117
21%
21%
3734
2158
20%
37
21%
*20%
38
38
38
*37
14
14
14
14
*86%
88%
*86
21%
22%
*21%
79
*77
13%
88%
2134
78
*77
78
21%
13%
13
88%
*85
*85
20%
78
*76
21%
76
*51
*90
55
95
*85
95
*90
53
3438
33%
53%
34%
53
3378
3334
3334
20
20%
20
2034
20
53%
95
53
*90
53%
34%
34
95
52%
53
33
3334
20%
20
20%
20%
*111
112% *111% 112% *111% 112% *111% 112%
*111% 112%
*106% 110
*107% 110
*107% 110
110
110
*109
110%
*18
18
18%
18%
1734
18
I
18
18
17%
17%
*6%
30%
30
30%
30
31%
*31
7%
30%
*31
31%
*31
*6%
7%
13
13
12%
36%
36%
35%
6%
13
36%
*156
159
*131
20
*156
159
13334 *131
12%
35%
*156
6%
133%
132
53
51
51
*50
10%
1%
10%
10%
10%
10%
*1%
1%
*1%
1%
*38
%
%
%
*3g
%
93
95%
93%
34%
34%
34%
95
3434
*132
9534
34%
133
*7%
*9%
*39%
*50%
al30
7%
9%
43%
53%
*105io 108
25
*19%
34%
35%
*65
70
38%
39%
*47
51
81%
23%
8
*19
*119
*119
13%
2%
*107%
24%
*52%
10%
100
*98
28%
*41
11
*47
*78
•
128
67
88%
98%
80%
*48
51
79
*76
79
79%
128
%
*
88
*119
128
%
%
88
*60
64
60
60
*84%
4%
13%
*2%
10%
*60%
88
89
88
88
*86
98%
98%
98
98
98
4lo
4%
13
13
*2U
2%
11
"4%
*2%
4%
13%
234
11
11
13%
*119
1
%
*84%
4%
12%
2%
88
4%
13%
234
11%
*1034
128
99%
*98
29%
28%
99%
29%
44%
44
44
4l->
15%
*100
102%
16%
16%
*40
40%
132
4%
4%
31%
18%
31%
18%
64%
15%
88
11
45
*4%
*31%
18%
63%
4%
32%
18%
30
27%
*44
4%
31%
28%
45
4%
31%
18%
18
1834
63%
64
63
61%
15%
15%
15%
15%
1434
1434
101% 101% *100% 104
*100% 104
*100% 104
*16
17
17
*16
*16%
16
16%
16
39%
40%
40% 40%
3934 40
39
38%
20
19%
19%
*130
138
*130
*80
89
*82
*24
25
*55
58
25
*24
58
*55
*116
29%
99%
*116
•
-
-
20
138
*24
87%
24%
*55
58
*116
May 14
129
129
19%
*130
20%
18%
132
19%
103
Mar
68
Nov
Feb 17
41%
Dec
Morris & Essex
50
Mother Lode Coalition.No par
Motor Products Corp..No par
July 13
54% Aug 3
34May 12
2738june 30
46
"""120
6934
Feb
66% Jan 18
3% Feb 26
60%
%
Jan
71
Feb
38% Jan 15
28% Apr
17%June 14
2d
Feb 13
37
Aug 24
51
Mar 15
200
~
2~906
700
10,900
"
l",406
800
19,400
100
500
w w
Aug 20
Nat Bond & Share
Corp No par
Nat Cash Register
No par
Nat Dairy Products...No par
53
Aug 24
29% Jan 5
18%June 25
.100 zl0734June
1
7% pref class A
7% pref class B
100
107
Mar 11
No par
15
June 14
'
10
3338Mar
167
2
Jan 18
3334
Jan 13
103% Feb 3
57% Aug 17
38% Feb 25
26% Feb 8
112% Mar 11
May 20
24% Mar 9
112
20% May
47%
Oct
12% Apr
9% Apr
28% Oct
19%
Dec
15% Mar
3834
Jan
Jan
164%
Dec
Dec
37%
Deo
100
Dec
107%
Dec
21
Apr
Apr
153
30%
21
10734
Oct
107
Dec
10
Apr
32% Nov
28% July
112% Mar
112
June
24% Nov
171
Jan 22
155
Jan 29
13734
7,400
1,600
900
1,000
300
10
10
No par
Nat Enam &
7%
pr
Lead
ferred A
6% preferred B
100
Nat Mall & St Cast's Co No
par
5% 2d preferred
National Steel Corp
National Supply of Del
Preferred
...25
70
10
100
2
Jan
9% Aug 26
...1
37
No par
50
100
100
Apr
7
109
Jan 11
37
Mar 17
Apr 28
4134
No par
64
Aug 27
No par
70
17,400
400
9,200
500
30
16,800
30
14%
1,700
100%
50
15%
39%
500
4,000
132
40
19
6,300
82%
82%
24
24
100
58
56%
56%
90
20
*116
96%
96%
96
96%
96%
98%
"3" 800
18%
8%
18
18
17%
18
17%
18%
3,100
8%
190
26
*7%
26
26 ~
15%
14%
15%
140
170
Def. delivery,
1
Deo
Oct
4
72
Mar 17
1734
Jan
53%
Oct
Aug 25
100
Jan 22
36%
Jan
95
Sept
3% July
15
Nov
Jan
2
10%
31% Mar 19
12%
Jan 22
25% Jan 22
10% May
May 17
135
Jan 20
119
May 19
137
Mar 12
2
Feb 10
97
90
Jan
3
Apr
Apr
6%
18%
July
7% Feb
15% Mar
99
Sept
934Mar
8
19% Feb 11
76% Jan 22
No par
73
Mar
104
93%
Apr
109% Aug
112%May
5
434 Mar
3
100
23634 Apr 29
102
Apr 8
Jan 14
210
Jan
114
Jan
8
105
May
34%
Jan 14
48%June 18
57% Feb
104% Jan
93
105
3
17% Jan 21
8
Jan 28
25%June 28
36% Mar 11
44
53% Jan 22
6% Mar 3
Aug 23
3% Jan 4
26%May 18
40
17% Jan
53% Jan
"par
No par
22% Apr
4
4
13
June 28
95
100
June 28
73
Jan 18
5
Apr 20
26% Feb 16
114
Feb 13
12%May 14
1938 Mar
No par
3334May 14
45% Jan 21
100
126
July 7
!4%May 18
112% Jan 23
..No par
1% Aug
272
9%May 18
9734June 25
Mar 23
Apr
140
Deo
Dec
May
9
June 17
9%
99% Sept
57
1% Aug 26
21
4
Feb
83
100
No par
738
2%
3
10234May
100
Sept
Jan
6% Feb 11
June
Oct
138
Jan
1
26% Feb 25
June 28
150
125
Aug 27
55
29% Nov
Jan
7
Jan
& Co.-No par
1
23%
Apr
5234
Feb
6%
Jan
98
97%
2
Jan
19
Aug
12% Aug
24% Jan
17
July
107
Jan
Mar
8
97
28
Jan 12
Dec
3634
57
Nov
Feb
Mar
4% Mar
32
18
Nov
Dec
59%
Dec
25%
115%
Mar
Feb
19% Nov
3934 Nov
123
Jan
136
June
2034 Mar
120% Nov
Jan 26
75
June
Jan
July
Jan 26
14%
Apr
12% July
Apr 29
59
8
70
75
Oct
35% July
24%
6
5434June 29
Oct
115
Apr
23 78 July
50
Aug
8
22
Jan
310%
103
3
5
Nov
106% July
Feb
Mar
2%
Jan
2438 Mar
134
par
Outboard Marine & Mfg
No par
100
Oweas-Illlnois Glass Co..12 50
Pacific Amer Fisheries Inc...5
Pacific Coast
10
r
Nov
Dec
63%June 14
prior preferred
100
$5.50 conv 1 st pref..No
New stock,
64% Nov
49%
2%June 29
8%May 18
7%
n
Jan
60
41
Jan
Aug 6
334June 15
Omnibus Corp(The)vtc No
par
1st preferred...
2d preferred
Dec
12% Nov
13%
2734
12
50
Preferred
97"
18
133
Apr
85
Telegraph...50
Outlet Co
75% Nov
3234
34June 25
Norwalk Tire & Rubb..No
par
Elevator.
6% preferred
Otis Steel
Apr
Apr
104% Apr
Feb
Deo
83
125
Northern Central Ry Co...50
Northern Pacific
100
Oppenheim Coll
10% June
Feb
78
Jan
12%June 17
100
Otis
57% Apr
19% Jan
74% Jan
7% July
Jail 18
No par
A
Feb
1%
32%
121
6% preferred.
50
North Amer Aviation
1
No Amer Edison $6
pf.No par
8% preferred
Jan
98% Feb 10
55% Mar 17
50
No
%
Dec
3
Nov
79
tNY Ontario & Western.. 100
Ohio Oil Co
Oliver Farm
Equip
Jan
40
No par
Preferred
%
41
N Y Lack & West
Ry Co.. 100
t N Y N H & Hartford... 100
Conv preferred
100
Northwestern
9% May
43
50
.
Nov
61%
14%
110
July 15
part stk.
Dec
147
Feb
July
7% preferred
171
Jan
Dec
Apr
21
10% preferred
tNY Investors Inc
Oct
54
34%June28
par
N Y & Harlem
Apr
36% Nov
9
6
Corp.-No
t Norfolk Southern
Norfolk & Western
Adjust 4% pref
North American Co
2
Aug
12% Jan 15
13% Feb 25
June 24
No par
180
137
6
17
No par
200
4138 Aug
28
5% preferred
5,000
99% Aug 14
Oct
26% June
Jan 18
57% Feb 13
New York Dock.:
Shlpbldg Corp
1
6434 Mar 10
430
N Y Steam $6
pref
$7 1st preferred
61% Jan 22
1434 Jan 14
2% Jan 18
2
July
670
N Y
Mar 11
June 17
N Y Chic & St Louis Co... 100
6% preferred series A... 100
NYC Omnibus
900
3
1
N Y Air Brake
New York Central
1,600
Jan 28
100
t New Orl Tex & Mex
400
9
3134June23
121% Feb 26
6%June12
..No par
Newberry Co (J J)
5% pref series A
July
June 17
10%
38June 25
National Tea Co......No par
Natomas Co
Neisner Bros Inc
June 14
8%June 17
%June15
100
Newport Industries
51,900
44
National Power & Lt
No par
Nat Rysof Mex 1st
4% pf.100
16,100
8,900
14%
June30
90
100
May 18
25
62% Nov
150
96
A
ser
145
9
Deo
2234 Mar
127
12,300
a
10
Mar
1838 Jan 21
108
15434 Apr 26
18%
14%
......
7% cum pref
100
Nat Bond & Invest Co.No par
24
Jan
100
240
400
190
25
par
z24% Jan 28
47% Mar 11
43
44
15
% In receivership,
Corp....No
National Biscuit.
June 29
1738June 29
ll%May 18
2234June 14
1
3038June 17
61%
25
16%June 17
30
Mar
10
25
24%
14%
5
71
79% Aug
National
58
day.
Nat Aviation
100
*24
nd asked prices, no sales on this
Nash-Kelvlnator Corp
Nashv Chatt & St Louis. .100
National Acme..
1
108% Jan 26
2034 Feb 11
3634
4,200
•
24%
14%
10%June28
58% Jan 23
161%
Jan
33% Mar
18
25%
15%
8
10
No par
May
44% May
102% July
14
Apr
37%
97%
25%
15%
Apr
Myers F & E Bros
Nov
Dec
70
21
28
8
14%
102
Murray Corp of America
Mar 13
25%June
18
25%
90
18% Apr 22
96%
17%
6
11% Aug 27
8%
25%
July
Nov
5,800
100
8
67
C)___No
Oct
27
Mar
85
8
15% Aug 16
9938 Mar 19
36% Feb 11
par
...100
Murphy Co (G
5% preferred
43%
Mar 17
138
8%
Aug 10
June 15
1934 July 30
Jan
218 Nov
38
18%
8%
12
80
par
Jan
Deo
35
98"
8%
1
par
No
33%
6%Junel7
27% Feb 5
*81
*116
B
No
19% Aug
79
29
800
134
class
Jan 23
107% Aug 27
Stamplng^No par
Nat Gypsum Co-_._.______ 1
8,500
31%
18%
Co
preferred
Munslngwear Inc
6% preferred
Nat Distillers Frod
*131
58
Mfg
conv
1
200
88
25
Mullins
31
..5
....
Co
Nat Depart Stores
138
...
Brass
700
*82
*24%
*56%
Wheel
Mueller
5% pref
7,600
*130
*116
Motor
$7
"""666
18
134
Feb
Jan
4%
3834
Feb
734
Jan
May
60
*130
Oct
4
Sept
3534
1,400
15%
Feb
Mar 10
10%
100
Jan
Dec
69
1034
28%
2
3%
Feb
29%
9%
33%
Apr 29
300
45
Mar 17
Feb
6%
May 13
2%
4%
31%
Mar 17
Mar 17
Feb
5%
85
2%
27%
2
Jan
Dec
234
48
2,500
*44
Jan
5%
14%
94
28
700
99
Mar 17
June 28
5
12% Mar
20
"2", 100
99
934
34%
6%
12%
40%
6% Jan
57% Jan
1% July
2% Aug
234 Jan
1634 June
Monsanto Chemical Co
10
Mont Ward & Co Inc..No par
Morrel (J) & Co
No par
100
97
8
17
June 29
Carpet Mills
4
Apr
6
4%
*96
No par
5% Mar
6% Jan
34
3
50
*44
Preferred series
Aug 3
2% Jan 23
14
100
110
97%
No par
108
30
.100
12%
2%
100
tMissourl Pacific
5% conv preferred
60
99
4% leased line ctfs
16% Mar 11
31
Mohawk
88
4%
12
100
21
78
*841«.
preferred
^100
86
99
7%
A
46%
1
preferred.No par
conv
Mo-Kan Texas RR
60
97%
$6.50
Lt 6%
Mission Corp
86
4%
31%
18%
64%
89
24
67
44
138
l%June
2% July
2% June
23%June
5% June
88
4%
31%
*80
7
*60%
28%
*130
Jan
*86
44
129
Dec
88%
67
98
*98
al29
Nov
120
128
4%
13
15%
132
112
Dec
88%
99%
29%
65%
*127
20%
*99
Apr
119
6,800
1
48% Sept
*65
5,400
*119
30% Nov
Mar 10
9234
%
*17% Apr
21% Jan
Mar 17
32%
33%
127% 127%
*634
6%
4634
*74%
22%
35% Mar 10
48% Mar 5
Dec
124
100
50
Nov
1684
120
400
*4634
Oct
65
Jan
4
%
9034
45
Jan
5%
4
1%
91%
94%
3234
34%
127% 130%
Jan
40%
Jan
*1
*2%
2%
*2%
2%
2
*2%
2%
1%
1%
1%
249% 249% *246
250
*247
250
*246
250
246
246
110
*107% 110
107
107% *104
107% *104
107% *104
107%
24%
24%
25%
24% 25%
25
26
24%
2534
24% 25%
5234
52%
52%
*52%
53%
53%
54
54
53%
*53
53%
11
11
11%
10%
11%
10%
11
11
10%
10%
10%
100
100
100
99%
99% *99%
9934
99%
99%
*99% 100
66%
8%
24%
*1434
131%
2%
15%
97%
35
31%
May
51
10%
*38
Jan 16
72% Mar 5
26% Feb 23
41
8
May 14
10
%
Dec
9
11
50%
%
Oct
12
Jan 13
96
10%
1%
*1
1
91
86
16% Feb
4734 Mar
108
51
249H
66
*18
34%
50
*119
1
*%
*84
10%
3138
18%
19%
47D
81
80
4%
*4%
31%
18%
*125
94%
35
*129
133
10
*7
7%
7
7
7%
7
7
9%
9%
9%
9%
9%
9%
9%
9%
9%
43%
39%
40
40
39%
*39%
43%
*39% 43%
*50%
53%
*50%
53%
*50%
*51
*52
53%
53%
53%
105% 105% *105% 108
*105% 108
*105% 108
*105% 108
*19D
25
*19%
22%
*19%
22%
*19%
22%
19%
19%
34 "
35%
36
34%
35%
36%
3334
3434
33%
34%
68%
68%
*6538
67%
65
*65%
65
64
67%
64%
38
39%
37%
39%
37% 39%
35
35%
37%
36%
%
*4%
13%
*248
94%
130
133
*50%
10%
1%
7%
*119
*2lo
88%
98%
*2%
53
10%
1%
*%
94%
36%
158%
55% Jan
6% May
93% Aug 13
Minn Moline Pow lmpl No par
300
23%
23%
23%
231.1
23%
23%
•23
22%
22%
8
8%
7%
8
8%
8%
7%
7%
7%
7%
1934
19
19%
19%
19%
18.
18%
18%
*17%
12934 *119
125
*119
125
*119
125
*119
12934 *119
129%
88
*60
*50
23%
%
*1034
al30
52%
35%
36%
156% 156%
132% 133
*156
Dec
Nov
Mar
10
12%
Deo
122
88
cum
Milw El Ry &
20
11%
Jan
Dec
Jan 22
12,300
12%
1234
108%
2834
106
20%
111%
110%
17%
17%
12%
35%
z95
Dec
June 21
111
30
101
Feb 16
49% Nov
21% Nov
11% Apr
a;95
94
*109
30
8
1434 Nov
pf--100
Minn-floneywell Regu.No par
4% conv pref ser B
100
"l~8o6
30
Jan
8% Apr
3734 Jan
131% Mar
109
Sept
1,400
1,100
1,300
31
Jan
Mar 24
Mar 17
Jan 12
Nov
Feb
21%
37%
13%
88%
20%
31
Dec
4938
110
5,100
7%
3034
24%
Oct
2
95
*634
June
38%
Jan
7,400
7%
30
46
16
Jan 14
122
1%
*6%
29%
9%
*39%
*46
81%
128
*
130
7%
30%
31%
30
30%
*31
31%
13%
12%
13
36
36%
36%
158% *156
158%
132
*132% 133%
10%
*1%
*51
*634
40% Nov
Jan 19
Juno 16
5238
33%
5238
32%
19%
25%June17
33%June 28
No par
1st pref
Dec
2,300
44,400
-76
*90
8%
1,000
*107% IO8I4 *107% 108% *107% 108% *107%
*107%
*107%
1238
12l2
1238
12%
12%
12%
12%
12%
11%
12
11%
11%
68
68
*68
*67%
70
70
*67%
70
66
68
*67%
70
18%
1838
18%
18%
18%
18%
18%
18%
1734
18%
17%
17%
*33
35
*31%
35
*31%
35
*31%
34
*31%
35
*3138
35
*21% 22%
21%
22%
*21%
22
21
21%
21
21%
2034
2034
*1134
12%
12
*11.%
12%
12%
11%
11%
11%
11%
*11%
1234
25
25% 2638
26%
25%
26
26%
26%
2538
26%
2538
25%
*151% 158
*151% 158
154% 154% *151% 158
*151% 158
*151% 158
26%
26%
*26
26%
26%
26
26
26%
*25
26%
*25%
2534
*85
92
10
Midland Steel Prod
June
23% Nov
101% Dec
108
33%
37
*86
Mid Continent Petrol
Apr 28
1434 Apr 29
1,600
3,800
3%
57
2138
*21%
58
37
100
33
14
Aug 13
25
2.901
4,600
106% 107%
58%
60%
32
June 25
5
1,300
634
1%
July 1
9%June 29
34
92
2
Mar 12
19
67
1
Mar
share
per
Feb
2% May
112% Jan 14
3434 Apr 19
Aug 24
100
5
110
6%
*56
No par
•
1st pref
conv
90
Minn St Paul & S S Marie. 100
32
38
22%
5%
"""loo
22
*37
.88%
Melville Shoe
100
3%
26%
*32%
Juno 17
93%May 11
29
Feb 11
Hiohest
share $
per
700
1%
2%
3%
6%
25
24%
106%
64%
28%
42%
42%
16%
47%
$
5,366
1234
103
*13%
*77%
5,200
100
32
No par
Merch & Mln Trans Co. No par
115
21
June 21
Mengel Co. (The).
70
*1%
2%
3%
26%
6%
95
Mesta Machine Co
5.900
600
103
100
Miami Copper..........:
"2"200
12%
1
preferred
$6 pref series A
No par
85.50 pref ser B w w'sNo par
60
29%
14l4
88l2
22%
300
1,400
conv
31%May 11
12% Jan 6
4234 July 1
12%June 1
No par
Stores.
McLellan
June 23
4038 Jan 12
16%June 21
3234May 10
,.5
preferred
conv
Mead Corp
""206
42
38
80
"MOO
116
*37
*77
$3
6%
18%
28
*1334
*86%
*21%
2,300
—5
McKesson & Robbing
July 31
84
Mclntyre Porcupine Mines. .5
McKeesport Tin Plate
10
59%
4134
Year 1936
Lowest
$ per share
36
Jan
2
14%May 20
McGraw Hill Pub Co.-No par
*98
100
113% 113%
*115
McGraw Elec Co..
116
117
*98
500
25
58%
17%
21
100
200
69%
934
35%
934
35%
Range for Previous
Highest
share
per
1
1,500
1,300
7,000
14
69%
$
No par
McCrory Stores Corp
6% conv preferred
94
59%
1834
29%
42%
44
117
100
115
30%
*43
*116
4378
117
McCall Corp.
100
92
10%
25
5938
18%
1,000
2,100
26%
38
25
*10%
Par
98
*
70
1034
38
*24
71
Lowest
600
*88
90
1937
EXCHANGE
45
13%
*95%
26%
98
26%
94%
*69%
10%
117
*114
34%
13%
14
92
*36%
*23%
5914
*86%
*50
27
71
17%
89%
52%
19%
35%
34%
13%
*17%
35%
34%
13%
*44%
*26
*68%
21%
17
18
*95%
71
21%
89
52%
98
*68%
10%
21%
17%
17%
*87
35%
*90
118
Shares
18
27%
27
7034
1034
38l4
25
5934
*114
$ per share
35%
34%
13%
*90
115
Week
36
44%
14%
*95%
2634
14
Aug. 27
Aug. 28,
Range Since Jan. 1
On Basis of 100-Share Lots
STOCK
YORK
NEW
for
the
17%
35%
13%
STOCKS
Sales
$ per share
87%
54%
19%
36
3434
CENT
Friday
21%
17%
87%
*52%
35%
93
4234
89
*34%
97
31
*87%
36
*90
117
17%
21%
PER
Thursday
Aug. 26
8 per share
21%
17%
19%
*18
*90
10%
21%
1734
*95%
70
Aug. 25
53
14i4
98
27l2
*27
Wednesday
$ per share
90
53
SHARE, NOT
Aug.24:
21%
*87%
53
PRICES—PER
Tuesday
$ per share
21%
17%
90
53
SALE
114
217
4
June 30
6% June 17
No par
23%June 22
No par
Cash sale.
Mar
115
z82% Apr 28
13
*
June 14
Ex-div.
y
June
9
79
Dec
83%
47
Jan
70
Nov
114
July
114
July
13
July
22
Deo
10334 Aug 11
23
Jan
7
Deo
15% Feb
1
3%
15
Dec
40
3
8% July
32%
Dec
2
4%
29%
Dec
Mar
27% Feb
Ex-rights.
Jan
Jan
If Called for redemption.
Volume
AND
LOW
STOCKS
Sales
NOT PER CENT
SHARE,
PRICES—PER
SALE
HIGH
NEW YORK
for
$ per share
*20
20%
2112
20%
30
30%
30%
44
3058
30%
43%
20%
3034
*20%
2058
30i8
43l2
Aug. 25
$ per share
$ per share
$ per share
*20^4
Aug. 24
Aug. 23
Aug. 21
43
43%
27%
42%
*43
*2
28%
*2
2
2
23S
2
2%
Shares
20
20
2
2
42
5,400
Pacific Finance Corp (Cal)
Pacific Gas & Electric
2,000
Pacific Ltg
2
90
270
70%
2C0
95
94
94
93
93
92
94
90
91
90
72
*67%
70
69
69
70
70
*67%
72
*68
100
*99
100
*99
*99
100
*160
26
29
*25
4%
434
4%
3912
39%
*39%
26%
26%
27%
27%
27%
*33S
3%
*338
3%
*3%
9%
9%
9%
153s
6%
15%
39%
93g
9%
15%
15%
6%
6%
48
98
98
98
4%
6%
*24%
3538
*47%
*113
36
36%
50
47
4%
116
*113
*46
48
47
*24
36
Penn
34
35%
47%
100
47%
47%
7%
*5%
7%
3038
76
*70
*75
78
*75
20%
*18%
21
17%
17%
17%
17%
17%
17%
17%
83S
83S
8%
8%
8%
8%
8%
48%
46l,i
50
28%
*27
29
*25
29
*25%
76
*70
76
*70
76
*70
76
*70~
74
mm
78
*75
78
*75
78
*75
78
75
75
*18%
20%
19
19
*16%
22
*15
21
49
*41
1
78
78
41%
40
40
78
76
76
*74
8%
*7%.
1%
*87%
*14%
1%
1%
89
88%
89%
89
14%
14
14
*1%
*88%
*13%
14
*69
78
*69
78
*69
78
*7%
8
1%
5638
58%
57
73g
59%
58%
7%
7
7%
*7%
135
14%
~14%
14%
*58
62
*60
64
14%
*13
14%
*13
2%
*2%
*15
5
5
5
*119
123
119
119
30
30
*30
32
434
434
123
*117
4%
30%
*30
*1%
1%
*1%
1%
24%
25%
24%
25%
61%
*13
*26
28
90
87
2%
24%
24%
24%
18
*17%
*5%
5%
2%
*1%
2%
1%
1%
*7%
7%
7%
7
7%
20%
17
17
20%
21%
5%
53%
*50
59
*117%
40%
41
103%
*103
41%
*20
2
50
103
20
40%
40%
132
130
130
*128
150
*140
150
*140
150
*145
151
*140
55
19%
53
54
20
*53
19%
20%
*112
103
*101
14%
17%
10%
'■m
m
-
mm
18%
19%
mm
«.
-
-
-
*100
-
-
72%
*33%
37
39%
*36%
*33
37
*33
37
*34
9
79%
*8%
*65%
2%
25
19%
*2%
*18
37
*S
9
65%
79%
*2%
2%
-
36%
37
*34
37
*34
8%
*8
*61
*2%
2%
18
17%
25%
92%
*88%
*92
5%
94%
*93
5%
5%
93
94%
5%
36%
5%
5%
37
36
37%
37%
37%
36%
36%
118%
118% *117
118% *117
11734 117% *117
*102% 103
102% 102% *102% 103
*102% 103
36
*35
35
35
*34% 35%
34% 34%
*65
81
80
*65
80
*125
130
*
130
*
130
*100
130
90
*
90
*
90
*65
*65
81
52
19%
19%
51%
19
51%
51%
19
52
37
*34
37
4% 1st preferred
4% 2d preferred
Real Silk Hosiery
2%
300
Rels (Robt)
17%
1734
500
25%
1734
24%
17%
25%
25%
12,700
92
92
90
90
*
*92
94%
20
5%
7,000
35%
64,400
*115% 118%
35%
5%
5%
34
36
116% 117
*102% 104
102% 103
34
35
35
35%
*65
80
*98
*
130
*__
90
25%
103
25%
103
51%
51%
*60%
61
80
*98
*
600
700
Rensselaer
......
2434
25
51
18%
51%
6034
60%
*17%
3,400
*61
62%
12%
*10%
12
*10%
13%
12%
12%
*1034
13
200
21
*19%
20%
*19%
20%
*19%
20%
19
19%
18
18
72
*69%
*68%
71%
33%
70
70
71%
73
71%
71%
36%
35
35
34
34
34
34
*4
57
*4%
4%
*4%
4%
58-%
583«
58%
2%
534
58%
2%
2%
5%
5%
*2%
5%
4%
58
3
5%
*4
57
*2%
4%
58
2%
5%
578
*4
55%
*2%
5%
434
56%
234
5%
*4
54%
*2%
5
4%
55%
4,500
234
100
5%
2,200
*11%
13
*11%
13
*11%
13
*11%
13
*11%
13
*11%
*20
34
*20
34
*20
34
*20
34
*20
34
*20
34
Bid and asked prices: no sales cn
this day
X In receivership
a Def
Corp...No par
preferred.. —100
prior pref ser A. 100
Brass——5
10
100
100
preferred
ii% preferred
St Louis
6%
5%
delivery.
114
Apr
Co..-No par
—100
pref
1
class B.10
10
n
San
Francisco..100
100
Southwestern..100
preferred
preferred
New stock,
—100
r Cash sale,
69%
Deo
16
Aug
103
May
133%
Apr
Feb 15
91% May
117%
Mar
23% Feb 25
9% May
107
1234 Mar
June 17
80
Jan
Jan
6
16% Oct
9% May
7
83%
Jan
18% Jan 21
103
24% Mar
20% Nov
Oct
19%
14% Jan
108% June
July
Jan 15
68%
Apr
80
10% Apr 19
37% Aug 25
6% June 17
May 18
32 June 26
5
Jan
28%
Jan
10% Nov
38% Nov
8
Jan
50%
39
Jan
50
Deo
8
1338 Jan 16
37
Jan
47
Nov
49
Mar
4334 Jan
7% June 17
Apr 28
2
June 14
20
June 14
Oct
35%
Jan 11
47
June 26
34% July 29
62
144% July
36%
4
3
112% Feb 27
29
36
50% Nov
72% Feb
7
Jan
128
Feb
122%
24% Feb
Aug 27'
83
Jan 20
4% Mar
5
Mar
5
2238 Feb
8
30
16%June 15
17% July 30
9%
Jan
16%
65% Oct
1% Apr
100
12% May
16
Aug
31
4%
Jan
Dec
Dec
Dec
24% Nov
35% Mar 31
5
X St Louis
13
Jan
5
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
+
112
Aug 25
Rhine
_
July
113% Jan 25
Apr 28
Common
700
72
36%
July
164
May 19
5)4% conv
1,200
33%
35%
Apr
Apr
Apr
130
146
93
Reynolds Spring
Reynolds (R J) Tob
400
113%
June 24
80
Reynolds Metals
40
62%
*10%
July
21
6% conv
Revere Copper A
Class A
100
113
warrants.-25
& Sar RR Co...100
6% conv
5
900
100
Republic Steel
7%
1,700
No par
& Co
Motor Car
Reo
90
*102% 105
5
Preferred with
130
Feb
63
Corp...No par
Reliance Mfg Co
10
Remington Rand
1
300
94%
5%
103%
103
Reliable Stores
1.100
2
30
112% Feb 8
128% Jan 21
140% Jan 20
162% Jan 25
3
8
7%June 29
100
preferred
1st
""760
Dec
13% Aug
16
Apr
50
.—50
Preferred
Deo
Dec
Apr
......
10
23
17%
61
61
*2
*18
17%
52
51%
8%
66
18%
18%
19
*61
2%
23
17%
19
*7%
8%
Raybestus
*61
61
*1034
5%
90
25% 25%
25%
25%
25%
25%
25%
104%
104% *103
104% *103
104% *103
20
*2%
*
Reading.
100
17%
17%
558
700
*18
26%
92%
93
2,800
66
.100
100
No par
Manhattan.No par
--50
36%
Dee
Dec
39
16%June 14
tRadlo-Ketth-Orph
42
56 '
40% May
118% Jan
107% June 28
99
Jan
7
Ref Corp..10
33%
Dec
115%
4
147%May 11
June 17
No par
33%
*36%
28%
73%
52% Jan 21
51
40
2
19
19
36
10,100
Deo
65% Jan 15
4
124
of Amer. ..No par
$5 preferred B
No par
$3.50 conv 1st pref.. No par
3", 300
8%
Dec
3%
13%
28%
Oct
110
37
*8
24
*18%
73%
8%
8%
Deo
11%
3634June 17
No par
No par
Quaker State Oil
29%
Jan
57%
55% Jan
Radio Corp
_
Jan
1% Jan
6% May
Feb 11
114% Mar 25
pf $5.No par
preferred..
Feb
Deo
26% Mar
May
4%
86
99% July
preferred
Apr
3%
12
Oct
Oct
50
41%
27%
20
17%
1734
z\ 12% July
8% conv
Jan
Feb 10
—-.100
100
100
Purity Bakeries
Jan
112% Nov
1% Apr
11%
31
preferred........No par
Pure Oil lThe)
21
5
Oct
Jan
Aug 24
18
No par
Pullman Inc
Apr
June 26
17%June 17
..5
2d pref.......-.50
34
*61
2%
*19
*18%
26%
5%
35%
l%June 29
6% Ajlg 27
33%
8%
19%
18
93
*67%
par
36%
66
25
25%
*89
*18
4%June15
Dec
9%
2%
Jan 12
3
30%
58%
29% Apr 22
21% Apr 14
33% Feb 4
11% Jan 22
3% Jan 22
15% Jan 20
31% Feb 11
16%June 29
Pub Ser El & Gas
55,200
47% Mar
Dec
June
14
8% Feb
1
July 14
Oct
43s
1% May
141
20% Aug 27
par
*36%
37
*18
24
90%
26
92
61
par
par
:
73
73%
8%
37%
92
26
72
37%
*33%
36%
65%
*100
*100
39%
37
26%
21
25%
-
8%
19%
*17%
-
8%
*1834
*17%
*91%
-
75%
74
8%
33%
37
*100
73%
8%
72%
8%
33%
*5134
Creek
8% preferred.
19%
Jan 12
24% Mar 22
148
4,400
28
June 22
1
5% Pf (ser of Feb. I *29) .100
Pub Serv Corp of N J ..No par
"166
Jan 12
2
3% Jan
5
5% conv
5,400
Mar 10
4
197% Apr 29
29 June 17
*145
151
18%
•
100
25
100
100
7% preferred.
20%
*36%
38
*19%
Dec
$5
19%
39%
25%
110
6% preferred......
20%
36%
*103
Jan
122
2%June 21
16
July 26
1
500
52
*37
*
49
100
pref
300
51
8%
36%
9334
Dec
400
52%
*71%
19%
29
131
103
51%
8%
2%
Dec
131
53
72%
*18
23%
114% 114%
52%
8%
36%
*3338
*65%
40%
53
7234
*8%
8
Procter A Gamble
3,100
800
112% 112%
112% 112%
112% 112%
112% 112%
*101% 102% *101% 102% *101% 102%
*101% 103
14
14 %
14%
14
14%
1,600
13%
14
13%
13%
17
500
17%
17%
17%
17%
17%
17%
17%
*17%
11
11% 121,500
11%
10%
11% 11%
10%
10% 11%
*17%
10%
__
Mar
103
1334
17%
10-%
*14
43
112% 112%
11238
*101
52%
19%
Dec
24%June 29
84 June 28
5% conv 1st pref_.__
200
112% 112% *11138 112%
*111-% 112% *1113S 112% *111% 112% *111% 112%
13%
400
59%
103
132
*140
Apr
100
118
40%
103
103
*102% 103%
117% *114% 116% *114% 116%
130% 130%
13034 13034
*127
7%
tPostal Tel & Cable 7% pf.100
Pressed Steel Car Co Inc
1
3,900
54
58%
*117
117
May
187
176
8
Pocahon..No
No
Tob cl A. No
Claas B___.
-No
2,100
21
*49
50%
5934
59%
117
41%
*18
20%
160
Feb
155
7
400
18%
Mar
Jan 18
175
Porto Rie Am
300
6%
18
103%
*103
103
115-% 115% *115
*11434 115%
6%
50%
60%
118
40%
41
40%
41%
7
*19
54
59%
*116
*1%
18%
20%
*51
50%
60
*115%
2
6%
20
*19
20%
2
1%
7%
19%
58%
59%
118
118
20
19%
54
*50%
60
60
*5%
5%
Deo
Jan
Apr 12
Poor & Co class B
700
5
Deo
77
Mar
Pond
3,100
*434
7
19%
20%
17%
22
1%
7%
17%
21%
96% Aug 26
18%
35% Apr
20
Plymouth Oil Co
2,000
18
*5%
62% Aug
7% June
2
76% Jan 22
14% Aug 16
100% Aug 14
18% Jan
Conv pref unstamped
Pittsburgh & West Va
Plttston Co (The)
No par
300
22%
5%
22
5%
25
Dec
190
6% preferred
Pittsburgh United
90
1%
Dec
4934
June 14
7% cum
30
30
27%
174% Apr 23
preferred..100
Pitts Term Coal Corp
"T2",300
117
*29
25%
18
20%
117
30
2434
21%
21
119
30
1%
18
*19
119
1%
21%
20
4%
1%
m'
400
2%
4
1%
m
Jan
12
"180
20
*15%
4%
m
Deo
Jan
8
Pittsburgh Steel Co ..'..No par
'
m
Feb
July
PIttsb Screw & Bolt...No par
3,500
87
*1%
18
1934
20
4%
28%
2%
2%
*2%
*15%
32
165
$5 conv pref...
Pitts Ft W & Chicago
13%
*24
*87
20
No par
100
40
Dec
84
70
Feb 17
Aug 27
7% gtd conv
13%
90%
21%
5%
14%
28
*30
21%
100
Deo
11%
Aug 10
June 17
14
Mar
5% July
38%
56
8
52
Nov
5238
May
68
6
July 26
117
Aug 10
June
16
88
Jan
7% Apr
18%
37%
2838June 17
40
July 16
117
Oct
Mar
2034 Apr 5
3338 Jan 18
14% Aug 26
100
25
54% Aug
102%
Mar
66
9% Jan 20
74% Jan 13
3
10
*178
14
.100
87% Jan
64
4
Pitts Coke & Iron CorpNo par
200
14
14
14%
.......
June
1
95% July 19
20
Jan 16
7
July 30
44
shares"
Co__100
Pittsburgh Coal of Pa.
100
(3% preferred
100
""706
14
*55
14%
21%
*5%
*1%
*17%
3% Jan
10134 July
Apr
6
Pirelli Co of Italy "Am
"l4"
25
24%
*17%
21%
1% July
3% Feb
June 11
49% Jan
P'tts C C & St L RR
14%
4%
*4%
*120% 123
1%
*1%
16% Mar
— —
8% conv pref
Pillshury Flour Mills
135
61%
*2%
20
600
.
.
Pierce Oil
46
*43
*178
*15
20
29%
*28%
*
96%
97
96%
96%
*9534
1/2% *166
172%
172% *166
90
2%
*2%
2%
2%
*17
20
*17
""166
135
.
Phillips Petroleum
Phoenix Hosiery._
Preferred
15%
*55
-
-
91
90%
12
Jan
7% Feb
14
1134June 17
72
July 8
No par
100
No par
5
7% preferred
500
*14~
14%
*13
14%
7
14%
60
97
97
97
97
*9611
96%
172% *166
172% *166
172% *166
*177
*177
*176%
14
14%
14%
14%
14%
14%
14%
*26
28
*27
29
*25
*26% 29%
92
Jan
8%
100% Jan
7% Aug 11
50
Phillips Jones Corp
55
46
*--
'
*88
3%
Jan 12
Aug 11
17,666
58%
60
*14%
*166
90
Jan
4
_
*13%
29%
29%
135
_
*45
*43
46
*43
i
14%
14%
30
*29%
*
62
90
Jan
81%
June 28
400
55
*45
46
«*■«•
45%
8
2
76
38%June 23
78
30
-
5634
*72
*43
mm
Jan
78
*72
*29
-
19%
25%
78
46
—
10% June
59% Mar 10
54% Jan 14
40
7% preferred..
Dec
Mar
Deo
13% Feb 19
June 14
25
50
m+*'
18%
1238 June
21% Mar 11
Nov
738May 17
par
Corp
*72
291.4
-
Nov
1
*14%
*176
Dec
31
14
14%
*1334
96%
90
Jan
14
55
14%
m
122
Jan
16
14
*13%
14%
m
m
Jan
56
Jan 11
No par
tPhila Rapid Tran Co
50
80
m
64%
8
25
16%June17
$6 preferred.
100
8%
7
Jan
2
13%
*45
62
Philadelphia Co 6% pref
Jan
91
June
15
15
"l4%
1,000
87
June 28
19
5
Petroleum Corp of Am
Oct
7% Feb
46% Aug
75
par
*13%
7%
*.
No
Milk
70
55
135
Pet
Phillip Morris & Co Ltd... 10
*14
*-_-_
5% Prior preferred
5% preferred
Phila & Read C & I....No par
*45
28%
100
100
100
Pere Marquette
17
Jan
Oct
58
Apr
Pfelffer Brewing Co...No
*7%
1%
45
Jan
25%
3,700
16
135
4
5
3,500
55
*43
Apr
4
1%
*14
46
38
6
Mar
48% Mar
4%
91%
*45
30
100
1%
16
30
59% Nov
11634 June
88%
55
*43
Feb
Mar
89
*46
♦
30
110
87%
1%
27% July
116% Jan 27
65% Feb
m
Deo
74
Jan
June
Aug 27
Phelps-Dodge
5%
10% Mar
Jan
2834
July 15
7,400
"*4%
8%
*7%
1%
89
58%
*7
8%
4%
4%
4%
2
1
June 28
2,000
78
12% Feb
76% Feb
Feb
73
112% Nov
6% Jan
47
2,900
39%
*
78
3% June
638 Jan 23
112
50
89
*1%
1%
57%
7%
738
7%
7%
59
57%
58%
57%
8%
40
Mar
1%
No par
8%
39%
48%
*39%
Jan
Aug
69
28% Apr
17%
8%
46
11% Apr
17% Nov
334 Deo
50% Mar 17
63
Mar 9
47%
17%
8%
*
5%
*4%
*7%
4%
4%
5%
*4%
5%
49%
8%
48%
41%
4338
*74
50%
43
18
17%
18
48%
8%
49%
60
8
5
28% Aug 23
71
Aug 3
200
29
738 Feb 18
Jan 9
64
10334 Mar
Apr
10
Jan
6% June
43%June 25
-
-
-
4%
100
100
29
-
Apr
23
34
6% conv preferred
100
*
Jan
47% Mar
32% Nov
4034 May
17
Peoria & Eastern
■
28%
*
*4%
*734
7%
7%
Dec
5%
People's GLiC (Chic) _.100
800
46%
*534
47%
*5%
*70
*40
46%
47%
7%
*5%
Dec
2% July
29% Feb 10
22
Peoples Drug Stores
10
116
*113
116
*113
47%
8
Deo
22%
37%
Jan 13
cNonpar
Pennsylvania RR
12,400
47%
par
pref ser A...No par
conv
174
Jan
10% May
3%June30
5%June16
43% July 6
10
June
8% Aug
5
10% Jan
June 16
85
No par
Penn G1 Sand Corp v t
...
36
49%
*15
25
48
35
*5%
*28%
$7
100
48
*42%
*2334
C)
Coal & Coke Corp
Penn-Dlxle Cement...No
1,100
6%
63g
634
*47%
(J
Penney
1,000
*23%
113
113
5,000
3%
No par
Dec
23% Mar 11
5
2
38%May 13
14% Feb
3% Jan
3
Corp
Penlck & Ford
99%
25
48
Peerless
400
3%
48
36%
*47%
1,700
98%
*44
26%
2,300
4%
6%
6%
48
*44
No par
6%
48
*46%
99%
*4
4%
Pathe Film Corp...
Feb
Dec
25
17%
7% Jan 14
234June 17
6%May 18
Parmelee Transporta'n.No par
97%
109%
59
5
8% Feb 25
44% Feb 3
29% Aug 25
34% Jan
June 16
23
Jan
7% Aug
2634 Jan 28
36%June 30
Patlno Mines & EnterprNo par
6%
6%
*47%
*5%
No par
20,400
18%
200% Jan 28
15%
15
15%
48
98%
100%
6%
6%
116
*113
116
15%
4%
26%
35V 36%
*47% 48
36%
*47%
50
10%
Apr
July
June 29
1
3%
9%
99
*24%
26%
*24%
26%
*3%
67
2834 Jan 28
2.50
Apr
74% Apr
4%
Jan
103
16%June14
121
Oct
Jan
13S
109% Mar 18
6
Jan
61%June 29
99 June 4
C M
28
27%
60
Dec
13%
20%
6%
4% Jan 25
121
May 13
90
Mar 10
June 28
2
23%
Jan
12% Aug
lis4 Apr
Jan 20
17%
rl5%June14
24% July 28
4
May 14
Parker Rust Proof Co
4
6%
6
1238 Feb 18
.1
4,200
28%
15%
2934 Apr
10
Parke Davis & Co
*3-%
*46
July
100
1,200
27%
6%
Dec
152
1
6% 1st preferred
6% 2d preferred
7,300
9%
9%
153
Jan
100
4%
4
9%
Jan
140
100
39%
4%
47
48
*42
47
47
*39
118
2
No par
Park
29%
99
*6%
6%
6%
6%
50
39
39
Deo
9
4
Jan
10
preferred
Utah
July
47%
Jan
Park-Tilford Inc
100
58»4 July
44% Jan
Paramount Pictures Inc
300
27
9%
15%
6%
6%
4%
4%
4%
4%
*47
*24
*338
48
98
4,100
27
4%
28%
16
6%
*46
99
4%
39
3%
9%
*15%
6%
48
*47
48
20%
183S
20%
27
4%
39%
*24%
4%
39%
28%
434
39%
434
158
19%
*24%
4%
Dec
14% May
149
2
Apr 28
20%May 14
7%June17
10% July 2
No par
8% conv preferred
conv
4484
100
Corp
Parafflne Co Inc
4%
41
152
June 28
25
tPanhandle Prod & Ref No par
55~, 900
Jan
133
800
22%
14834 148%
Dec
3034
38
134%June
Pan-Amer. Petrol & Transp._5
100
20%
20%
29
*152
161
161
157% 157%
20%
20%
161
20%
20%
*26
20%
26
*156
165
20%
Oil
share
39% Nov
30
Jan 12
5384 Jan 14
28%June 17
40%June 21
600
20%
22%
2134
23%
22%
23%
*99
100
*99
100
22%
23%
22%
23-%
20
100
Packard Motor Car
2
2
93%
22%
Pac Western
20,600
per
Aug 26
10
Highest
$ per share I per
share
3234 Jan 14
$
share
per
25
No par
Telep & Teleg
6% preferred..
~i"600
*11%
8%
$
No par
Pacific
10
24
8%
15%
23%
Corp
Pacific Mills
1,000
143% 143%
139%
*67%
*99
1,800
27
X27
*
Par
Lowest
Highest
Lowest
31
2
Year 1936
100-Share Lots
EXCHANGE
42%
30
29%
Range for Previous
Range Since Jan. 1
On Basis of
STOCK
Week
$ per share
20
20%
30%
42%
42%
42%
27%
27%
27%
147
*143% 147
*
139%
139%
24%
23%
24%
8%
8%
8%
11%
12%
14%
147
*141
147
the
Aug. 27
$ per share
30%
27%
27%
*142%
*141% 147
*
*
*
139%
139U *_.__ 139%
24%
*25
26
*22
26
23% 23%
8%
8%
8%
8%
8%
834
8%
*12
12
12
14%
*12% 14% *12%
28%
28%
28i2
*141
Friday
Thursday
Aug. 26
Wednesday
Tuesday
Monday
Saturday
1379
New York Stock Record—Continued—page 8
145
Jan
2
27% Jan
4
109
Jan 19
97%June 21
32
June 29
71
Jan 21
12634June 10
89
June 10
22%May 18
July 21
101
zl6%June 14
49
May 17
29% Mar
9
94% Jan 30
Feb 18
110% Mar 10
4938 Apr 14
104%
Oct
39%
Dec
24% June
79%
Deo
98
Apr 14
139
Apr 17
9534 Jan 26
30% Jan 14
Jan 27
Aug
x Ex-dlv.
4
29%
128
Dec
Dec
90
Apr
138
Oct
92
Dec
98
Nov
Feb
Jan
22% May
8
105
Apr
117
34% Jan 22
25
July
36% Nov
8
50
Apr
60% Nov
112
58
Jan
Jan
Jan 26
11
May
8% Mar
34
Feb 23
20
Apr
78% May
10
Apr
14
Apr 27
Nov
90% Nov
77
31% Feb
June 28
25
114
4% July
16% Apr
67
3%June17
4334 Jan 29
23s June 29
434June 28
Dec
9% Feb 18
47% Mar 11
124
Apr 23
1134May 28
18
Aug 27
30
Aug
81
99% Sept
59%June 30
60
"l7%
110
4
86% Mar 10
38
June
Mar 11
4% Mar 17
11% Feb 25
2034 Mar
5
37% Mar 11
y Ex-rights
65%
13%
Feb
Jan
19%
Feb
35
Mar
32
Jan
7584
Deo
June
10%
Feb
July
503s
Dec
4
9% Feb 19
65
58% Sept
834 Nov
53s
22
3% Mar
1%
Jan
238
Jan
7%
Jan
15
Oct
Jan
37
O01
18
634
Dec
? Called for redemption.
New York Stock
1380
LOW
AND
HIGH
SALE
Saturday
MondM
Aug. 21
Auq.2Z
$ :per share
35
Tuesday
Aug. 24
$ per share
35
3414
PRICES—PER
34%
9612
*95
96
*105
10578
105
105
*105
109
109
26
26
4234
108
108
92%
91
91
*90
92
2
1»4
*1334
41%
138
434
*1334
15
42
1%
ll2
5
5
*38*4
*734
9334
2834
39%
8%
9534
2938
1%
1412
42
*1334
*41%
1%
478
37%
*734
1%
5
37%
38%
838
*734
94
13%
36
361.1
*103,s 104l2
10%
10»8
95%
2834
13%
35%
13%
29
10
56
36
10%
*3378
2578
3U
5214
314
143.4
*3%
105
60
42%
92
92
*91
*1%
134
13s
478
1%
14
42 U
1%
1%
1%
434
38
36
$
*7%
95%
92%
42%
1%
478
36%
8%
10%
10
10
934
*56%
*32%
35
24%
25%
104% 104%
14%
14%
44%
46
3%
3%
52
*52
3%
*3%
53
52
*3%
51
151%
106
106
2634
27
28
29
29
21
21
21
21
25%
*106
27
28
28
26%
27%
19%
1978
*21
21%
20%
20%
20l2
2078
2034
2138
20%
21%
21%
21%
20%
21
*112
113
*112
113
*112
113
*112
113
*112
113
*112
113
4
4
4
4i8
3%
4
4
3%
3%
378
3%
378
*3412
3434
34% 34%
34%
34%
34% 36%
*143
145
2414
*143
4414
24%
4478
28l2
29
42
30
4034
57
*7i8
738
*98%
99l2
*143
*55
98%
7
24
678
24%
24
42%
28%
24%
4434
44
42
29%
145
*143
*51
7%
62%
98%
7%
22%
57
*7
63
*94
98%
7%
22:
*55%
98%
98%
678
*92
22
*19
76
76
*73%
*2712
1734
28
18
18
3234
1734
32%
50
49
24
24
86
87
87
87
87
42
42
43
43%
1134
43%
11%
3234
2378
*86
88
*42
4212
42
"66%
35%
6634
43%
*65
65%
18
18
*14%
15%
22%
1334
22%
14
*68%
*118
72
121
18%
37
40
45
4734
48
*2%
3
2%
2%
44%
43%
45%
43%
45%
43%
4534
66%
35%
6734
44
44
43%
46%
35%
6758
4334
*
45
*
*
"66%
4334
66
65%
66
43%
65%
17%
*14%
18
17%
17%
15
15
15
22
22%
22
13%
67%
14%
68%
3*67
68
*66
*118
121
*118
*118
121
18%
18%
1834
45
35%
*31
34%
*15
17%
24%
4%
33%
*31
3134
17
17%
13
1378
24%
*31%
17%
13%
12
*11%
38%
*13
11%
44
52
62
52
7
7
38%
13%
H%
443.j
38
38
86
*834
9
*3%
*7%
334
13%
6134
6%
7
*50%
6%
60
61%
6%
6%
38%
13%
11%
*42
*37%
*84
86
*84
20%
*96%
25%
*64%
25%
65
16
8%
*11%
*15%
3678
1178
23
8%
*9%
97%
97%
25%
64
63%
64
16%
13%
18%
16
16%
1278
12%
*17%
8%
*101
8%
105
1134
12
18
*45
71
*65%
16%
*3%
17
*88
89%
3%
9%
71
1634
*3%
*87%
37%
46%
91
71
17
3%
88%
77
78
78
99% 100
100
101
24%
24%
*118% 120
*90% 92
*2634 28
28%
28%
24%
24%
11934 120
92
92
16%
42
66%
67
16%
17%
15%
2134
Jan
Apr
2
150
Jan
32% Jan 13
65% Mar 11
43% Mar 17
25
Feb
23% Jan
1284 Apr
60% Mar
6
19
65% Jan 20
34
11% Mar 16
58% Feb
5
77% Mar 17
104% Jan 7
July 31
5%June 14
June 14
9% Jan 28
1
35
Aug 14
June 29
50
Jan 18
26% July
44
Apr 30
1
684 June 17
No par
No par
5% May 18
13
June 14
No par
33
June 17
28%
95%
48%
16%
128%
12%
1438
32%
65
Jan
Jan
684 July
63%
101%
584
6%
73%
2984
June
Mar
Apr
Jan
June
May
15% Apr
13% Jan
44
Jan
Feb 11
Apr 28
Mar
8
Jan 20
Feb
8
2184 Apr
1438 Apr
120%
Jan 22
Mar
Mar
8
Jan 12
Jan
9% July
5% Apr
8
9% Jan
2434 Apr
36%June 17
6
4
Jan 11
2
Feb
3 9%June 17
50
Feb 19
35
Aug
13%
Standard Oil of Kansas.... 10
Standard Oil of New Jersey.25
3,200
19,300
*14%
20%
13
16,700
500
118
Starrett Co
(The) L S__No
Sterling Products Inc..
Stewart-Warner
Stokely Bros & Co Inc
900
700
6,400
72
2% Aug
72% Jan
7
2634 Apr
Stone & Webster
10
4%
31%
*29%
*15%
23%
31%
16
12%
*10%
4%
31%
16%
12%
11
25
76
Mar
9
55%
Mar
5
2484 May
3284
Jan
Mar
Jan
48
75
Jan 29
65
21
Feb 11
16% Apr
1
14
17% Jan 20
June 29
17
June 17
33% Jan 29
1
12
June 14
20
65
May 27
77% Jan 11
..100
118
10
6
Aug
17% July 23
37%June 29
4%June 17
28%June 25
2134June 14
31
July
1
13
Jan
8
Feb 17
125
Jan
4
Jan
14%
9%
70
Jan
Jan
Dec
118
Jan
27
Jan
20% July 12
61% Feb
734 Mar
3
2
47% Mar 11
3
Jan
9% July
Jan 25
23
Jan 20
6% Jan
20% Apr
28% Apr
15% May 14
39%
20%
28%
33%
2334
1
ll%May 14
17% Jan 21
...9
10%June 26
1534 Jan
8
...50
48%June 28
57% Feb
3
29%June 16
Symington-Gould Corp ww__l
Without warrants
200
9
16% Aug 27
Sweets Co of Amer
(The)...50
Swift & Co
25
Swift International Ltd
800
2,800
1,400
3,000
2,300
Feb
34% Jan 2
62% July 22
Superheater Co (The) ..No par
Superior Oil
1
Superior Steel
100
Sutherland Paper Co
10
100
16%
2334
36% July 12
No par
6% preferred
Sunshine Mining Co
1,000
30%
50
30%May 14
63%May 18
5
No par
Sun Oil
9,500
31%
40%June14
10
par
Studebaker Corp (The)
600
118
*67%
12%
*17%
8%
*101
11%
*15%
36%
46
9%
*65%
16%
*3%
87%
*77%
99%
24%
119
2734
2734
90%
*26%
28
28%
28%
5
97%
25%
97
97
2434
25%
64%
18
8%
64
16%
12%
*17%
8
20%
7
12%
1234
3,700
5934
58%
59%
28,500
5,100
3,100
4,700
5,700
634
38%
12%
11%
41%
Talcott Inc (James)
62
6%
634
200
5)4% preferred
Telautograph Corp
5
Mar
8
Mar 31
Jan 20
Jan
15
Nov
1238 Nov
900
Texas & Pacific Ry Co
38
37
37
400
Thatcher Mfg
63
*62
63
200
*8%
*83%
8%
*3%
*734
27%
4%
9%
86
8%
3%
20
4%
$3.60
conv
19
19%
96%
700
24%
5,300
61%
62
1578
16%
12%
14,000
2,600
Jan
ll%May 13
16% Jan 22
15% Jan 28
54% Mar 6
28
June 30
48
Feb 19
33% Apr
61% Aug 2
9
Aug 19
84
Aug 18
64
Jan 13
59
734 June 17
No par
....
32
No par
Preferred
com
10
June 29
June 14
41% Aug 26
pref.....No par
The Fair
$3.50
96%
23%
33
100
Thompson Prods Inc..No
Thompson-Starrett Co. No
96%
Nov
Mar 30
6
Oil...lb
2,300
1,800
20
2434
6334
6
44
50% Jan 18
Trust... 1
Therrnoid Co
Third Avenue
Ry
Thompson (J R)
21
*17
Texas Pacific Coal &
Texas Pacific Land
1,600
1,000
9
27%
Mar 15
3334June 17
1
12%
40
9%
8%
15%
65%
9%
100
12%
10%
*36%
200
10% Apr 28
Texas Corp
(The)
25
Texas Gulf
Produc'g Co No par
Texas Gulf Sulphur...No
par
38%
10%
6%June 16
5
Tennessee Corp
38
8%
3%
834
28%
434
18%
96%
24%
52
*6lo
84
4%
*17%
19%
22
20
*50%
7
13%
8%
3%
*734
2734
28%
19%
52
84
3%
834
*8
25
25
3%
2734
434
*18%
63%
19%
*96%
*8%
86
8%
9
22
*62
9%
8%
27%
4%
2038
*15%
3638
934
*19
8%
3%
1934
46
46
77
*18%
37
18
10%
41%
37%
44
86
434
105
11%
*42
39
*80
5
*101
12%
63
27
17%
634
38
13
9
5
13
*6%
12%
58%
*62
27
16%
11
*50%
7
13%
61%
6%
38%
*37%
*18%
1978
200
6534
1,200
52
10
5
16
38%
13%
11%
4334
*50%
*6%
13%
59%
634
38%
1234
62
*734
40
63%
42
2,500
11
*9
9
*34
18%
13
155
Mar
3% July
26
Standard Oil of Calif..No par'
Standard Oil of Indiana
25
7,300
42
17
Sept
12% May
No par
Stand Investing Corp ..No
par
6,600
18
3134
21
110
6%June 28
19%June 14
1
40% June
June2o
80% July 2
27% Apr 26
11% Aug 27
No par
19% Jan
97% Dec
54
Sept
49
...No par 120,5i6
$4 preferred
$6 cum prior pref
$7 cum prior pref
100
43
45%
42
24
4
Jan
Jan
£3% June
'
4134
44%
18%
*15
24
Dec
834 July
1934
37%June2
2
Stand Comm Tobacco
JStand Gas & El Co
900
3
Mar 29
No par
11 Preferred
100
433.4
1
No par
preferred A..No par
Standard Brands.
5,800
40
4334
*2%
conv
Spiegel Inc
6,000
43
11
62
9
8%
19
18%
4%
$3
10,200
43
17%
13%
10
334
121
12
62%
884
*3%
67
23%
31%
16%
12%
*9
*61%
22%
13%
67
31%
39
27
12%
17%
8%
6%
13%
5
97%
52
13%
27
23
17
13
*11%
17%
15%
Splcer Mfg Co
150
102
'
*3%
*7%
27%
9
17%
13%
11%
66%
17%
15%
21%
13%
34
24%
31%
11%
35
66%
4234
66%
*30%
23%
31%
13%
35
65%
4234
*31
24%
32
43%
45%
32
24%
31%
17
*35
3
35%
17
17%
13%
1134
43
45%
4%
17
38%
13%
11%
43%
934
5
17
38%
13%
62
18%
44%
■■f
32
32
7%
18%
45%
*2%
*118
121
17
61%
7%
11%
*43%
4%
*32%
*29%
15%
2234
13%
69%
32
13%
39%
18%
4%
*32%
18
17%
24%
60
*9%
*84
3334
13%
45
*37%
*50%
7
434
68
33
17%
24%
3134
7
137
44
*34
*50%
*684
13%
60%
15%
22%
13%
18%
44%
4%
4%
*11
*66%
1734
22%
13%
8
141
Jan
43% Jan
30% Apr
1434 Apr
6% Feb 26
42% Jan 12
2334 Jan 12
Sperry Corp (The) vtc
""7% "7% ~i"66o
19%
38%
44
9,000
1,400
"
45%
"66%
47
*45
39
3
47
8
18%
*36%
8%
20
43%
45%
46%
*4278
8%
19
*2%
4334
46
8%
3%June 14
32%June 17
16
15,400
19
9
2
1134
8%
18%
*3634
Aug 14
June
Jan
Conv $4.50 pref
8%
1934
3734
Feb 15
36
Square D Co class B
"""266
1734
.No par
Spencer Kellogg & Sons No par
434
8
Jan 11
2
500
11%
115
Jan
July
Feb 16
Feb
360
"7% ""7%
Mar
54%
40%
29%
23%
94
86
""7% "7%
120
Feb 26
42%
11%
MarlO
31
85%
*41%
11%
1134
197
17% June 14
75 May 22
26% Aug 5
86%
4234
11%
"~7% "7%
%6 Apr 28
4% Apr 21
60% Apr 22
102% Feb 4
93
1
$5.50 preferred
28%
31%
Marl6
Spang Chalfant & Co 6% pflOO
Sparks Withlngton
No par
49
3034
Mar 18
58
Spear & Co
4,100
23%
33
16% Jan 15
110
par
100
31
8%
I8S4
3734
4338
1st preferred
22%
8
*
Spalding (A G) & Bros .No
49
*3134
19%June21
100
5% preferred..
100
Mobile & Ohio Stk tr ctfs 100
50
33
28%
17%
Aug 25
38% Aug 27
31%
18
28%
June 17
27% Aug 27
100
2334
17%
96
25
22%May 13
50
18
Jan 27
98% Apr 29
85% Jan 2
25
22%
85%
4234
8
*45
42
100
.100
50
11%
3
25
24
11«4
42
May 13
%28 May 10
3% Aug 10
.100
50
*7%
46%
10
2334
8%
*2%
June 29
24%
1178
46%
Mar 20
12
8
Jan
Jan
89
1
34% Feb 19
105% Feb 2
17% Mar 11
40
Southern Railway
30
Feb
Jan 21
50
23%
29
*73%
*27%
17%
76
14
Southern Calif Edison
Southern Pacific Co...
26,900
14,400
11%
9% Apr 28
102
15%
2O84
MarlO
Jan
Apr
17% Feb 10
120
100
%
2
30% Aug
3% July
59% Jan
42% Mar 10
5
Feb
South Am Gold & Platinum. 1
So Porto Rico Sugar...No par
3,300
4
Feb
65
Solvay Am Corp 5 ]4 % pref 100
~2~906
1
98% Aug 18
34
44
*50
*7%
778
*38
91,900
6
July 21
Snider Packing Corp. ..No par
Socony Vacuum Oil Co Inc. 15
"
2
May 13
56
Dec
1% May
7% June
2
32% Aug 27
$6 preferred
No par
Smith (A O) Corp
10
Smith & Cor Typewr..No par
600
9
24% Aug 27
32%
76
1134
1'9%
90
400
Feb
No par
50
*73%
23%
8534
19
6%
Jan
June
37% July
93
2% Jan
4
Jan
11
Mar 17
8% Jan
54% Apr
11% Mar
684June 29
July
Mar 15
pref serA.No par
Co. No par
conv
6% preferred
76
28
95
Skelly Oil Co
22
634
Jan 11
l%June24
No par
No par
*19%
*73%
*27%
1734
*3134
*19%
*73%
*27%
x88
27
23% Feb 10
45% Jan 14
June 17
Sloss Sheff Steel & Iron
"""206
62%
98%
6%
l%June24
12%June 28
12
8% preferred
8
*634
2
Aug 23
29
5,100
*55
Mar
Jan 13
27%
51%
98%
3%
38%June 30
91
par
57
*19
7%
28%
*49
7
63
110% Sept
1
Slmms Petroleum
3,500
39%
3
par
No
No
5}4% conv preferred
"3"400
*50
Feb
Silver King Coalition Mines.5
Simmons Co
No par
1,800
393s
57
Aug
113
Apr 28
$3.50
500
38%
25%
108
81
145
22%
7
*28
1712
*93
36
6
26
700
24%
40%
26%
24%
28
7
22
78
39%
*50
8
*58
62%
98%
6%
3934
*52
8
*7%
*58
42%
*143
24%
41%
28%
57
34%
145
24% 124
43%
40%
28%
25%
*19l2
*73%
*20
36%
4134
57
7%
63
145
42%
*51
*58
7
*143
24%
4334
2878
43
*4878
35%
145
Jan
—1
Sheaffer (W A) Pen
Shell Union Oil
1,300
3,900
107%
26%
27%
19%
21%
Dec
113
Aug 26
Sharpe & Dokme
40
338
50%
96
36
100
148
21
3%
6
June 29
(FG)__
share
Mar
Line...No par
Sharon Steel Corp
$5 conv pref...
$ per
103
5
100
par
share
9
99
9
104%June 29
14% Jan 4
100
No
per
46
July
July
4
Shattuck
320
153
*106
2914
par
$
May 19
95
100
400
44%
100
share
per
Lowest
31
Seagrave Corp
No par
Sears, Roebuck & Co..No par
17,600
102
102
153
107
2634
43
Air
100
100
Servel Inc
1,400
56
56%
32%
32%
24% 25%
104% 104%
13%
14
Year 1936
Highest
Seaboard Oil Co of Del. No par
500
10
$
No par
4-2% preferred
5,300
1,700
4,900
150
*99% 102% *100
157
107
21
*934
JSeaboard
"ll" 700
148
*99% 102%
157
107
153
8%
92%
27%
13%
35%
101%
*100
102
160
107% *107
107%
25
*29%
31%
29%
*28%
29% *28% 29
3,800
1,200
1,400
50
102
153
100
3%
*106
29%
*7%
Par
'
5% preferred
6% preferred
7% preferred
Savage Arms Corp
No
Schenley Distillers Corp
5)4% preferred
JSchulte Retail Stores
8% preferred
Scott Paper Co
450
13g
52
*153
102%
41
v
Safeway Stores
Rights...
3%
52
57
200
478
89%
56%
26%
3,600
37
27%
13%
33%
934
200
1%
36
94
28%
27%
28%
13
al3%
13%
13%
36%
35% 36%
34%
35
104% *100% 104% *101% 102
1,100
6,500
13%
1%
4%
13%
80
93
1%
13%
40%
14
5
*4%
*37%
*734
94%
28%
37%
8%
1%
14%
43
42%
'•
Shares
41
35
25%
4634
51
5214
105
share
92
56%
56%
33% 33%
25% 26
104% 104% *104% 10434
14%
14%
1434
1434
46
46% *46
46%
25% 2578
10434 10434
46%
30
*55%
34l2
2538
*14
1,600
96
*3378
34l2
*104l2 10434
14
14%
*4678
47
34
*95
108% 108%
24% 24%
41
41%
*14
95
10
56
57
1«4
29
104
102% 102%
$
per
Range for Previous
100-Share Lots
Lowest
95%
96
105% 105%
3334
1937
exchange
$ per share
34
35
42%
42
14%
94
105%
*91
42
2834
*13%
36%
13%
3634
96
10834 *108
109
*24%
25%
24% 24%
20
42%
134
3438
*108
43
*56
34%
109
Range Since Jan. 1
Week
1 0578 *105
*25%
42%
*41l2
Aug. 27
*95
28
4258
*1%
the
Aug. 28,
On Basis of
stock
new york
for
Aug.2Q
9
stocks
Sales
Friday
$ per share
25l2
42l2
*91
CENT
Aug. 25
96
*108
Record—Continued—Page
Thursday
34%
*95
NOT PER
Wednesday
$ per share
3514
*95
SHARE,
100
3
25
June 22
7%June17
23
par
Mar 22
Tide Water Assoc Oil
$4.50 conv pref
3%June 17
No par
pref
par
17% June 16
10
15%June 17
No par
91% May 20
1734June 14
Timken Detroit Axle
Tlmken Roller
3
Apr 22
1334 Mar
1
93% Jan
13% Feb
4
3
8% Jan 13
15%
28%
10%
4034
21%
98%
Mar
5
Feb 11
Jan 25
Jan 25
Feb 4
684 May
5% Apr
28%
Jan
7% Jan
9% June
Jan
Mar
884 June
85
Oct
8% May
3%
Jan
8%
24%
4%
Jan
26
Jan
Jan
Apr
14»4
Jan
28% Feb 11
12%
Jan
June 23
79
Feb
4
56
15% Aug 12
11% Aug 27
10
Bearing.No
Jan 12
Mar
17
Aug
2
55
par
Aug 13
Apr
'
16%
16
13
12%
18%
xl7
8%
8
16%
12%
17
1178
23,300
9,700
17
200
8
*1578
8%
3,600
*101% 105
*101
105
*101
105
11%
11%
11%
11%
11%
11%
*15% 18
18
17
*1234
*14%
36%
36% 3678
36%
3534
35%
35%
46
*45% 46% *43%
46%
*43% 46%
9%
*9%
9%
9
9%
9%
9%
72
71% *67
*67
71
*67
71
16%
*1678
17%
16%
16%
16%
16%
3%
*3
3%
3%
3%
3%
3%
88
89
88%
88
87%
87% 88
80
*77% 80
7778
7778
77%
77%
99
100%
97
101%
96
99%
99%
24%
24% 24%
23%
2478
23% 24%
120
119
119%
116
115% 11778
116%
90%
90% 90%
90
90
90%
90%
27%
27% 27%
27
*27
*26%
27%
28%
2778
28%
26%
2778
26% 27%
18
2
inc. 5
~2,300
Transue & Williams St'l No
par
Tri-Contlnental Cor p..No par
$6 preferred
...No par
Truax Traer Coal
No
"MOO
Truscon Steel
20th Cen Fox Film
105
11%
Transamerica Corp
Transcont & West'n Air
200
1,500
50
16
101%June 28
8% Jan 11
par
.10
CorpNo
14
June 12
3034June 29
par
$1.50 preferred
No par
Twin City
Rap Trans..No par
Preferred
June 14
7%June 28
39
June 28
8%June 28
12
Jan 11
14%
Jan 22
10% May
Mar
8
Jan 21
Mar
3
26% Mar
8
40% Mar 13
50
Mar 13
17% Jan 22
Apr 29
94
Jan 20
1
16%June 14
25
2% June 17
400
_No par
Under Elliott Fisher Co No
par
Union Bag &
11,400
4,200
2,900
Union Carbide &
Carb.No par
Union Oil California
.25
Union Pacific
100
7%
93
Jan
Jan
Jan
4% Jan
7% Apr
22%June
31% Apr
884 May
Mar 29
2,000
300
1,400
600
200
9,500
ioo
22%
27%
11%
109%
Twin Coach Co
Ulen &
66
Co.....
Pap Corp No
4% preferred
63
Feb 17
0% Jan 25
100% Jan 8
91% Mar 27
95
Apr 28
111
73
par
June 14
22%June 28
115% Aug 26
100
90
Aug 27
2434Juue 14
Union Tank
Car......No par
United Aircraft
Corp.......5
23%May 18
Feb 20
28% Feb
4
14834 Mar 16
9934 Jan 13
31% Feb
35% Mar
4
5
65%
Jan
2%
74%
38%
71%
2084
108%
90%
22%
June
June
May
Jan
Aug
Jan
Jan
Jan
20% Apr
v
*
Bid and asked prices; no sales on thl* day,
t In receivership,
a
Def. delivery,
n
New stock,
r
Cash sale
r
Ex-dtv.
v
Ex-rights.
T Called for redemption
Volume
15
15
155g
15*8
23
87*8
*32*4
37
5*8
5
37*4
3634
37
5i8
3638
36i2
1134
Hi2
11
22
22
22
*22
22*4
*22
22i2
*20
22
97
*93*g
97
*93*8
97
*9318
97
*93*s
1078
21
11*2
*21
*93'g
97
11*2
IL'%
13*8
13'g
76*4
13
76*4
76*4
*108
5234
75*2
53*4
*5234
133g
51
10*2
10*2
*17*2
18
*17*2
18*2
*92*2
95
*92l2
96
11
*10*2
*134
16*4
1734
*15i2
165
19
19*8
*57*2
60*8
36
1034
18
15l2
16
258
163g
1038
*103g
18*2
I8I4
*100
*101
112
*101
54
54
5412
54
54
*52
117g
11*2
1134
113g
1158
577g
59*2
112
535g
56*2
89*2
92
87
87
130*4 130*4
*128*2 130
5*4
70*8
18*2
73
31*8
5*8
I8I4
$6 conv pref. A
19
600
100
Universal Leaf Tob
*68
73
*69
73
*145
147
*145
147
60
61
2
U8
2
Us
2
U8
U8
1*2
138
1*2
1*2
112
1*2
u2
31*4
*3634
377g
31
43
*4078
85*2
8*2
*23
*40
8512
9
*712
95
*
"7*2
77g
54*4
*195g
1934
*19*2
1934
26*2
26*8
2612
6
6
6
69*2
147g
*67i2
687g
6878
*67*2
14*2
147g
14
62ig
*60
69*2
147g
62*s
*58l2
62 *s
*58
34
58
58
27
93
*90
1438
1434
1414
147g
49
49
4858
*193g
1934
*1912
1934
*26
28
*26
28
*558
6*4
*538
*6712
69i2
143.,
*6712
62i2
*58
*58
*5o
143g
77g
*7i2
143g
34
34
34
3.1
145g
49*2
7
25
*20
23
*38i2
41
*3812
40*4
*38*2
*30
32
*30
3114
3012
397g
30l2
47l2
47
4678
*4*4
47*2
434
2
*13g
4114
41 >4
*80*8
8212
*96i2 100
38*2
30*2
47*4
100
100*2
*92
94
2
99
2834
28
8
8
234
67g
4634
29
28
92l2
120*8
113*2
*82
82lg
10334
105
105
105
93l2
120
*113
29
28*2
8
101
121
8*8
163s
7h
*12h
23g
*2*8
734
*123g
*2i8
8*8
8*8
*1234
163g
*1238
23g
*2*8
23g
63g
6*2
6
6*8
534
4734
40*2
405g
150*2 152
159*2 160
46
465g
4512
*2*8
23g
*2*8
6*2
6*2
6*2
47*2
4658
473.,
*6*4
47
1638
4678
*100
-
58*4
-
-
-
59*2
*100
58
-
-
-
-
*100
*100
58
5834
*119
125
*119
124
*117
124
*119
126
*119
124
*117
124
*20U
2378
*1434
*4l2
22*2
24
15*4
55g
*20*4
235g
1458
4*2
*33
37
*34
4
4
*4
97g
95g
95g
*7978
81*2
*80
47*4
4712
47
40
40
40
*20*4
223g
58*4
5834
20
24
37
34
4
95g
934
82
*80
47
4712
40*2
39*2
*4*2
*4*8
9*2
934
82
*803S
47
47*2
108
108
10634 107
109
108
108
*105*4 112
90*4
90*4
9234
53*2
*50
2258
227g
*50
22*4
53
2234
90
—
—
-
-
58
23
4*2
33
4
9*8
97g
80
47*4
46*2
2334
15*2
4*2
33
4*8
9l2
80
4738
"""600
800
"5^200
9
79l2
46*4
93g
80
400
5,300
700
700
300
1,400
5,600
400
4612
8,700
38
2,900
106
210
106
*50
22*4
6984
50*4
50*4
22
203s
127
127
40
40
90*2
91*4
99*8
89*s
9134
8834
903g
89
99*4
99*4
40*4
5*4
41 h
40*2
5*4
5*4
43
5*4
Bid and asked prices; no sales on
*98*2
9034
86*4
99*4
*98*2
42l2
4358
*5*4
55g
this day,
.
50
49*4
21
5258
2258
6958
4058
5*4
88
99*2
*126
2U2
127
5
9*4
Apr
1838
Dec
Apr
69
Dec
Dec
44
Apr
Jan
Nov
52
7h Nov
Nov
105
is4 Feb 17
1
12*4 Jan 25
45g
Jpn
278
1234
2U2 Aug 27
35*4 Jan 16
1578
Jan
3858 Dec
21
Apr
3758
Dec
19*2
Apr
39*2
Dec
11*4
284
Feb
*2 June
7% pref. 100
100
preferred
Supply Co.-.10
Maryland
100
2d preferred
638 Feb
MarlO
Feb
934 Feb
1
2*4 Jan
6
6*8 June
1
Aug
Mar 17
335g June
5238
Dec
Feb
8334
Dec
Sept
July 15
Aug 27
80
Mar 13
89
July 14
108
Aug 26
9134
Jan
107
90i2June 17
81
July 1
118
Apr 10
IIOI2 Apr 9
24 June 21
109
Feb 11
96
Jan
110
Apr
103
Aug 26
87
Feb
102
Sept
Jan
124*2 Sept
56
84*2 Feb
78
4
123*2 Mar
9
116*2
115*2 Jan
8
11184
Jan
11684
Dec
8*8
Apr
12*8
Feb
Apr
23*4 Sept
29*2 July 12
73s June 17
II84 Mar
5
1378June 17
100
23*2 Mar
6
2
June 25
434 Mar 17
Aug 27
6
1675s Jan 22
preferred..
50
Weston Elec Instrum't.No par
Class A
—No par
1st
38
130*4 Apr 12
143 May 14
21
19
Prod.-No par
5% conv preferred
30
Wheeling & L Erie Ry. Co.100
preferred--.100
98*2
June 17
27*4 Feb 23
3478 Jan 7
Apr 13
115
Jan 18
126
38
Jan
4
65
Aug
6
Mar 11
20
June 29
1
ctf.-No par
White Sewing 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
W orthingtonP& M (Del) No par
Preferred A 7%
—100
20
June 17
333g Feb 16
14U Aug 25
1878 Jan 25
684 Mar 22
Preferred
White Motor
99
107
Preferred rets
Co
White Rk MIn Spr
28,900
53g
2
29*2May 27
90
Jan 18
114
Corp...No par
100
Jan 22
WhiteDenflMfgCo(The SS)20
300
42*4
170
126*4 Aug 14
125*8 Aug 16
23*2May 15
210
98*2
57s4 Mar
3038 Jan 22
39 May 6
May 17
3534 July
Westvaco Chlor
Wheeling Steel
7% pref A stamped
Preferred B 6%
100
100
B stamped 100
Aeronautical...No par
Wrlgley (Wm) Jr (Del) .No par
Yale <fe Towne Mfg Co
25
Yellow Truck & Coach cl B..1
Preferred.
100
Young Spring & Wire ..No par
Youngstown S & T
No par
5H% preferred
100
Zenith Radio Corp
No par
Zonlte Products Corp
1
1,100
Def. delivery,
New stock,
r Cash
sale.
May 20
July
8
33gJune 17
15
178 Nov
5*8 Aug
72*2 May
34s4 Jan
94*2 Jan
123*2 Jan
225s June
35*2 Oct
1984 June
3184 Nov
34
99
3*4
305sJune 18
Jan 22
Jan
4
Oct
Oct
Jan
39
Jan
32
July
35*4
91
Jan
July *120
183g Feb
1384 July
47
81
3334
Oct
Nov
Oct
Feb
4484
10514 July 19
76S4June 30
160
Dec
6538 Jan 20
77
153*2
3978
June 14
8i2June 16
Feb
*5078 Dec
109*4
43'4June 29
Aug 20
Feb
978
96*8 Nov
July
84
16
June 17
4
4
21*2 July
46*8 Jan 4
6*4 Jan 25
12*4 Feb 27
9134Mar 2
25
284
Apr
Apr
Jan
283g Nov
175g NuV
684 NOV
43
Nov
5*4 Mar
Jan
65s June
11
June
87
Jan
Apr
71
Nov
23*8
Apr
3634
112*2 Mar 25
112
Aug 6
56
Apr
8684 Dec
Mar 10
47
Jan
*8084 ~6"ct
Jan
140«4 Sept
100
82*2 July 12
6% preferred
n
Jan
1
40
11*4 Mar 17
15,200
a
2
Jan
18
83*2 Jan 22
21,100
87*4
*5*8
99*8 Mar
5i2June 25
400
85*4
40&s
Jan
Apr
41i2June 28
800
5*4
1078
2*8
473s
100
""566
395g
42*4
4934 Nov
20
Nov
8
5038 Feb 1
1034 Feb 26
July 17
92
70
Dec
Aug 11
May 18
128
Mar
6
625s
6558 July 2
48 June 15
76
Jan
7
63
Aug
79
Feb
62*2 Jan 27
333s
Apr
51
Nov
20*8 Jan 4
123
Apr 28
373g Feb 16
142
Jan 23
884
Jan
83*2
Jan
90
Wright
39*4
t In receivership,
Dec
Apr
1978 Jan
Telegraph-100
Westingh'se Air Brake.No par
Westlnghouse El & Mfg
50
*91l2 1097s
*6884
123s
preferred
6%
200
6934
100
100
Western Union
40
87
40
100
*86*s
128
5*2
70
90
*9034 10984
69*2
69*2
40
41
7,100
*86*2
*127
♦
8,800
6,300
90
40*8
5*2
4*8
Jan
100
"moo
90
*94*4 1097g
99l2
6%
No par
A ..No par
preferred
preferred..
West Penn Power
500
40*8
40
36
4
Dec
5*2
26*8
1778
Western Pacific
87
3934
*99
7%
6%
par
Western Auto
87
3934
99*8
43g
*30*2
2338
143a
43g
Nov
92*2 Aug 18
1834 Mar 11
5158July 15
tgMay 18
56
par
Snowdrift No par
Western
88
40
128
Wesson Oil &
50
88
128
128
Wells Fargo & Co
91
40
129
2234
1414
19
39*4
69*2 Jan 23
par
No par
1
Webster Elsenlohr
700
*1434
784 Mar
Jan
5084 Aug 10
{Warner
200
20
Feb
4*2
1038 Mar
Apr
9*8
38*4 Feb 19
115*2
*19*4
No par
5i8June2l
67i2 Aug 10
lDsMay 13
4ig June
8
46
*87
*90*4 9234
*94*4 1083.,
6934
6934
53
*50*4
22
2258
24
Class B
4
Jan
5
30
Feb
3334 Apr 28
120*8 120*8
20
*104
90
.No par
A...No par
No par
Preferred
100
Warner Bros Pictures
5
Ward Baking class
Jan
May 5
June 17
19
5M% conv
"57"
III4
Jan
2*4 Aug
Mar 17
42i4June 29
4
May 14
114
82
195s Feb 11
49
26I4 June 28
122
4*4
6*2 July 15
11*2 July 28
2478June 24
84i2June 24
1
121
*19*4
434
100
5
122
34
preferred B
par
121
*127
128
54
137*2 June
No par
No par
pref with warrants 100
*100
37
40
37
40
40*8
106
*104
io6s4 10634 *103
106
105i2 10512 *101
40
109l2
*94*4 10834
70
*6834
56
14l4
4
4*4
*100
2412
14*4
*4i2
4*2
*87*2
20*4
1412
434
*1438
39
9234
125
*34
15
91*2
-
-
24
24
24
*108
*94*2 109
69*4
69*4
-
59*4
12034 12034
*121
223g
*108
*90*4
*90*4
«
Aug
5%
4%
38
40
393g
41
39*8
40*2 41
4134
4134
4138
14734 150
145*2 149
149l2 152
150*4 152
149*4 150
160
159*2 159*2 *15478 160
*159
*159*2 161
*155*2 161
*24
26
*25
24*2
24l2
2412
26
2534
*24*2
25*2
*24*8
*2434
*38
*38
*38
*38
38*4
*38
38*4
38*4
38*4
*38
38*4
38*4
21
1978
20*4
197g
20*4
1934
1934
21
20
*197g
*20
20*8
30*8
30*8
*2934
2934
2934
2934
*2934
2934
2934 30
30*8
*2934
103
*100
1093g *100
10938
1093s *100
1093g *102
*102
1093S *102
120
10*8 Mar 16
1838 Mar 16
42i2 Apr 28
Dec
Aug
122*2 Jan 11
No par
Dec
70
5
W Ltd No par
1334
41*2
Mar 12
2
16
Apr
May
131*2 Aug
86
Feb
Wayne Pump Co
23g
6*8
4
3*8 Jan
Co
Dec
5884 Dec
14
11734 Feb
71s July 15
8*2
114*2 May
*114*2
100
Waldorf System
15
46
98
Aug
48*4 July
Mar
109
Feb 15
—100
100
-
1,400
8
6
115
preferred A
1,100
28
743s Apr
48i2Junel7
105 June 29
6U Apr 28
Waukesha Motor Co
80
11312
27*2
8*8
Sept
5%
{Wabash Railway
1,2301
2,740
102
8
84
116
4*8 Jan
2834 Aug
6
7
$4 conv preferred
*120
28
Sept
1234 Apr
4
West Penn El class
108*2
113*2 *113
84
June 17
493g Nov
Jan
Feb
5
100
105
2734
28*2
Feb 26
Mar 18
7
Jan
510
10534
113*2 *113
Aug
88
85
Mar
MOO
103
121
80
700
2,800
300
102
99*2 103
May
300
100
~
108
*120
72
100
4014
82ig
*80l2
Mar 27
2834
*110*4
5
Quinlan
No
{Warren Bros
No
$3 convertible pref--No
Warren Fdy & Plpe.-.-No
2,800
2
40
80
No par
$3.85 conv pref—
5
*138
81*4
81*4
9978
120
*414
2
41
163g
*125g
*6*4
4634
92*2
113*2 *113
*8
16*2
99
120
4114
100
2U2
395g
2934
4634
43g
43g
*13s
100
100
99
94
*12*2
*2*8
*97
121
41
23
41
100
82 ig
*82
99
121
*113
113
113
434
*13g
*92
*120*2 121*4
*28
*414
32,600
7
45
2
400
"2~3<)6
7
634
Apr
100
Preferred
"""306
69
1438
62ig
*58
40
Mar
1234 Jan
100
578
h
46*2
434
100
62*8
30
*414
*97
143g
69
May 12
37
Walgreen
Dec
47
445g Jan 20
135
Preferred--
Dec
305s
40i4June 17
80
Mar 27
20i8June 17
1934
26
*512
*6712
1378
38*2
*13g
*81'g
*193s
3938Mar 11
Oct
57
Apr
115
1233a Aug 25
70
Feb 17
Walk (H) Good &
*23
June
16*4
24i8June 14
32
June 29
No par
Walworth Co
578
30
100
7,500
1934
58*2 Jan 20
258
July
103i2 Aug 19
preferred-
2,000
48
2
1,500
1,200
1
Virginia Ry Co 6% pref...100
Vulcan Detinning
100
5%
6*2 Mar
Jan
5
preferred..
6%
3*8
47g Jan 13
258 Jan 20
5
Chem
14
31*4
4112
Va-Carollna
5738
100
Vicks Shr & Pac Ry Co com 100
483g
39l2
434
41
13g Aug 24
48
Jan 4
133g
3034
*13«
4134
82*g
Apr
1
No par
100
Sales
48
26
*21
*414
*41l4
Aug
ISsJune 17
14*4
*38*~2
47
Nov
1,000
9U2
Nov
92
48*2
34
7*8
9U2
48
*21
47
94
*5*2
23
*-.
25
*
20
1U2
102
May 17
115
Virginia Iron Coal & Coke.100
1,10
26
634
2U2
*38i2
2914
7*4
7*8
8!g
75g
1414
49
14l2
49*8
1414
4812
93
*9U2
1U2
25l2
6784 May
21
165
100
11*2
2634
June 11
Jan
.......
7
*5i8
26
6
117g
*2634
48l2
14*2
7
"liss
July
884 Nov
Apr
40
*
7
Apr
July
168
Mar
30
7*4
7*4
100
117g
"5
68
Va El & Pow $6 pref
23
27
9
8*8 Feb 5
84*2 Jan 11
144
9*4 Feb
I8I4 Aug 23
80
127
*25i2
'<1
Oct
50
1,900
111
23
113.4
160
153
5% non-cum pref
*122
27
93
*90
93
*90
►
27
6*8
131
5
Jan 18
1st preferred...
Vick Chemical Co
■
23
6
7l2
1178
2678
*26U
117g
27
-
127
*5i8
11*2
25*2
*91*2
137g
4734
*1938
834
117g
-
22
2714
9
Jan
Jan 19
7%
3,400
126
*124
1233g
*1233g 126
81
81
*82
86 ig
90
86lg
86*8
*86*8
8834
*86*s
8834
*86*8
*11734 125
*11734 125
*11734 125
*11734 125
*11734 125
*11734 125
4
*4
4e
4
4*8
4*8
4*8
4*8
4*8
4*8
4*8
4*g
8
8
8
8
7*2
*734
7*2
734
7*2
8
*8
8*2
*7i2
*1134
'nm
_
1233g *122
*23
27*4
*12338 126
Mar
169
Apr
797g Dec
15484 Nov
Jan 21
85*2
51
115*2
86
Van Raalte Co Inc
100
111
Jan 22
136
Vanadium Corp of Am.No par
400
*._.
8*8
Jan
75*8
Jan
463s
108
{Utilities Pow & Light A
7,500
42
10384 Nov
68*2
164
Vadsco
20
*40*4
55
56*4
56*2
5512
110*2 III
*110*2 111
714
8*2
*738
7*8
111
*23
263.,
""734
83g
8*4
83S
57
56i2
111
Mar 11
7538 Jan 18
126*2Marll
Apr 29
100
Preferred..
3512
85*2
*
105
Jan
72*4 July
June 17
47
493g Nov
101
Nov
May 13
-
-
105
95
*._.
-
Dec
Jan
142i4May 17
55
Aug 18
;
3134
35*2
105
42
95
9
*7*4
9
27*4
42
85*2
"838
36*4
2,000
49*2
30*2
3134
105
95
57*2
*5634
*1105g 111
*110*2 111
31*8
105
#
95
*
""83g
*35l2
*48
49*2
105
*
*____
8h
*48
377g
32i2
*36
3634
3634
*104
*103*2 105
*40
407s
4078
*103*2 105
49l2
327g
*48
49i2
325g
Dec
19*4
Apr
May 15
No par
preferred
8%
11,000
1*2
u8
1*2
637s
Jan
758
163s
Feb 18
65
Jan
Jan
Sept
Universal Pictures 1st pref. 100
80
110
62*4
U8
*56*4
104
Jan
Apr
Universal-Cyclops Steel Corp 1
60
2 li2
150
No par
70*8
Jan
72*4 Mar 9
193g Jan 12
723gMar31
5*4
5*8
*18
71
147
100
United Stockyards Corp
Mar 30
112
4
120
No par
Preferred
978
183s
126i2June 14
100
U S Tobacco
Apr
59
Oct
Aug
4*4
118
78
Jan
Aug
10
15*8 Mar 13
665s June 21
75
Jan 4
50
Feb
205g Nov
62*4 Nov
169*4
31*4 Aug
4
81i2June 17
.100
*63
78
*48
Preferred
87s
49
9
Jan
3938
125*4 Nov
2238 Mar 17
44U Jan
8% 1st preferred
...100
U S Smelting Ref & Min
50
May
160
Mar 22
70
4358 Feb
44i2June 14
10 May 13
20
No par
No par
U S Steel Corp
Preferred
Jan
89
100
3
23*2 Mar 22
378May 17
147
49*2
3234
class A .No par
80*4 May
Feb 10
x5*2June 30
60
*48
No par
conv
19
185g
Feb
June 18
2334 Nov
24*4 June
347g Jan 13
137
172
1
147
U8
u2
100
preferred
70*8
*63
9
100*2 Feb
United Stores class A ..No par
63
56*2
*7*8
5i2
70*8
I8I4
*68ig
2434 Mar
June 11
800
73
85*2
*23
5I4
*68
185g
June 30
3,800
148
95
Apr'
15
63s
73
375g
10
-
*60
32*4
*36*2
Jan
20*2 Jan 19
400
160
63g
6*2
5*4
63S
Oh
63s
*155
160
147
49*2
56
*155
160
73
1*2
Nov
5
1075g lllSg 137,900
1097S 112*8
2,300
128*2 129
129*2 131*4
100
128*2 128*2 *1245g 130
63
63
2
""838
71*4
5*2
70*8
5*8
185g
18*2
*68*g
62
"...
87
71*4
*148*4 152
*103*4 105
43
*4078
*
86
7138
6*2
*65
70*8
18*4
*149*4 154
*
5*4
*65
90
*155
160
6*2
6*2
6*2
5*g
638
*155
160
*155
160
*87
*70*8
II 5I4
88
112*8 115
13134 132*4 *13H2 132
*128*2 130
*128*2 130
U27g 1167g
131
131*4
*128*2 130
100
1,200
88
725g
113
113*4 July
"20" "Feb
5,300
*71
Jan
Jan
U S Rubber....
94
72h
Jan
1938
14*8 Nov
109
Jan
U S Pipe & Foundry
U S Realty & Impt
5634
*71
Nov
Apr
1,900
92
70*2
87
Jan
2
Prior preferred-
55*2
89
Dec
66*2
Jan 14
92
100
No par
6*4 Jan 2
1318 Apr 23
583g
70*2
June
8*4
5084 Nov
13
4,000
20,600
<
29*2 Aug
105
32 *g June
2
8684 Mar 19
17
Jan
91
Partic &
9312
92*4
*13g
U
Mar
11378 Jan 14
16*8 Feb 8
1
4
U S Leather
5034
10&8
63
Feb
9*4
4878 Aug
16*2 Feb
July
2,200
4,400
93*2
89
*48
4978
11*8
Jan
4
28
56*2
713g
2
52
107g
15
93
U S Industrial Alcohol.Wo par
93
92
58
100
58*2
95*2
*68*g
1,100
92
*70*2
*18*8
50*2
Apr
Apr
1084 Apr
8
3
100
113g
53g
40*4
Mar
9*2 Mar 11
3,400
5678
*88*s
5*8
20
105
105
8*2 Jan 14
467g Jan 14
•16
1158May 17
U S Freight
No par
147g Aug 27
U S Gypsum
20 3l03i2June 14
156
May 10
7% preferred
...100
U S Hoffman Mach Corp
153sJune29
5
6338 Jan 11
5M% conv pref
50
400
17*2
35*8 Nov
358 Jan 28
Conv
59*4
96
*67*8
17
Jan
1*2 Apr 29
$6 first preferred..
900
10
85g
10*4
9684 Nov
225g
Mar 17
35
2634 Apr 19
l0238July
6*2 Jan
10
U S Dlstrlb Corp
90
17
*15
Jan
106*4 Feb 26
U S & Foreign Secur___JVo par
100
200
17g
178
68
45*2June 17
73
Aug 27
11
June 14
No par
United Paper board-.
5634
114*2 11578
No par
3,400
96
54ig
113g
No par
$5 preferred
300
1634
I6I4
*90
1734
173g
*101
105
112
112
*6*2
11,800
1,300
16
10*4
1834
1134
*155
13
5
United Gas Improvt
3,700
74U
1278
258
*15
1034
18
535g
94
73
96
*134
*134
25g
10*4
10*2
18*8
10*2
18*2
*103
*90
96
United Eng & Fdy
United Fruit
10812 108*2
9*2
93s
15
16
16
16
147g
157g
157g
16ig
no
110
112
114
11312 113l2 *103
113l2 113l2
165
*161
165
*161
165
*161
165
160*2 160*2 *160
18
183g
19
*19
1834
*19
18*g
193g
193g
1912
57*2
57*2
60*8
*57*2
60*8
*5712
*5712 60*8
*57*2 60*8
32
3234
323g
3434
35
3534
353g
3534
35*8
35l2
115
*10*4
18*4
51
3
4
1838 Jhn
Jan
Feb
91
95i8 Aug 17
55sJune 17
6
335g Nov
117
Oct
1034June 29
5
10
100
37*4 Nov
Apr
16*2
111
32*4June 15
No par
United Electric Coal Cos
600
51
51
4
No par
preferred
United Dyewood Corp.
Preferred
'V,700
114
*114
*160
35*2
134
*163g
17l2
*16*2
*90
9212
15*2
16
16
92*2
134
2*2
*134
51
51
51
51*4
8i4
'8h
8*4
834
8&S
$3
13
24*4 Mar
6
Apr 30
June 17
29
Highest
share $ per share
Jan
25*2 Sept
per
11734 Feb
113*2Marl6
6934 Apr 28
No par
United Drug Inc
200
97
8*2
100
United Corp
2,300
3,300
21
*93*s
7478
75*2
75*4
76*2
75l2
7634
13
1278
13'8
1314
13*8
133g
108*2 108*2 *10734 108*2 *10712 108*2
10
10*2
1058
105«
10*2
lOSg
16*2
1758
17*2
*17l2
177s
17*2
1077g 10778
108*2
8*2
8*2
8*4
5234
834
8*4
834
113s
11*2
113g
22*4June 17
5
United Carr Fast Corp No par
23,000
3678
11
per
14U Aug 27
17 June 21
No par
United Carbon
100
5
478
3634
III4
5
5*8
3734
*33
3414
*33
34
34
34
5
5*4
5*8
3634
"""566
87l4
34
86
87
87
No par
Preferred-
*113l2
*113i2
88
*87
88
Un Air Lines Transport
United Biscuit
"l~5o6
2234
22i2
$
share
243s Jan 12
3114 Feb 10
30*4 Jan 11
$
% per share
United Amer Bosch
22
*19
2314
*2278
2412
Par
Lowest
Highest
Lowest
5,100
1478
14I4
15
22
*19
22
*11312
•
*87
34
*32*4
5*8
3634
*23
*113*2
87*s
34
*18
23
23
2234
88
23
1412
15*4
1478
15*4
*19
23
*19
*113*2
5
Shares
$ per share
23
36*2
$ per share
Aug. 25
$ per share
Year 1936
100-Share Lots
On Basis of
Week
Aug. 24
155g
*113*2
*87*g
*32*4
Aug. 27
$ per share
22
225g
ihe
$ per share
$ per share
*19
Friday
Aug. 23
Aug. 21
YORK STOCK
EXCHANGE
Thursday
Aug. 26
Range for Previous
Range Since Jan. 1
STOCKS
NEW
for
Wednesday
Tuesday
Monday
Sales
SHARE, NOT PER CENT
SALE PRICES—PER
HIGH
AND
LOW
Saturday
1381
Record—Concluded—Page 10
New York Stock
145
3578June21
7434 June 17
97®4June 2
30
June 17
478June 18
1
Ex-div.
465g Feb 15
10178Mar
115
6
Jan 27
4358 Aug 25
9*4 Jan 16
y Ex-rlghts.
42*4 July
4184
105
Jan
Jan
11*8 Jan
584 July
23*4 Dec
163*2 Dec
55
87«4
122
Apr
Oct
Aug
423g Nov
93g
Jan
K Called for redemption.
1382
Aug. 28, 1937
NEW YORK
STOCK
EXCHANGE
~L
Bond Record,
v
Friday, Weekly and Yearly
NOTICE
Prices are ''and Interest"—except for
Income and defaulted
bonds.
Casb and deferred delivery sales are
unless they are the only transactions of the
disregarded In the week's range,
week, and when selling outside of
the regular weekly range are shown In a
footnote In the week In which they
occur.
No account Is taken of such sales In
computing the range for the year.
Friday
BONDS
N. Y. STOCK
Week's
Last
Inter st Period
EXCHANGE
Week Ended Aug. 27
Range or
Friday
Sale
Price
Bid
&
Low
U. S.
Friday
Range
Bonds Sold
Asked
High
No.
116.15
48
106.10
49
Government
BONDS
Since
Y.
N.
Jan. 1
Low
A
116.2
O
A
O
105.29 105.22
J
D
111.4
M
S
D
J
Treasury 3s
M
S
J
D
J
D
M
S
111.2
------
102.8
111.21
15
110.4
110.16
12
107.2
107.2
102.8
------
103.8
105.17 105.16
1
102.22
175
104.2
95
105.21
223
113.16121.14
104.2
109.26
109.12115.20
107.12114.9
104.28110.18
101
106.28
102.10107.30
104.20107.27
104.24108.24
137
D
105.18
104.12 104.12
106.5
J
105.4
450
J
D
104.1
104.4
15
106.8
72
102.24108.18
104.24108.24
106.5
69
104
104.30
104.1
Treasury 3}*s
Aug. 16 1941 F A 105.28 105.26
A O 105.25 105.24
Treasury 3}*S--_Apr. 15 1944
M
S 100.2
Treasury 2}*s
Mar. 15 195599.30
M S 102.2
Treasury 2%S--.Sept. 15 1945
102.2
M
S
J
D
100.4
100
99.10
99.9
100.18 1039
102.15 1044
100.18
205
99.25 1296
102.20108.24
100.18106.16
96.6
S
102.12 102.12
102.21
68
M N
101.26 101.26
102.12 102.12
101.7
3s-.---^—--.Jan.
2?*s
102.18
74
102.17
11
15 194:
Mar.
Home Owners'
J
J
M
1 194:
S
*101
1 194
M N
101.26 101.22
1 193
F
A
100.4
J
J
100
99.20
99.20
102.14
189
100.20
515
100.3
323
101.8
105.23
104.10
99.24105.3
98.28103.2
98.16102.31
F
A
A
O
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M
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------
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16}*
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7
5
9
M N
100716
100
100
44
11
100?* 100Z732
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S
Extl 6s Pub Wks May 1927.1961 M N
1002=32
1011/i
10
1 OO^lOO27^
7
94
101}*
93?*
102
A
J
J
108
107}*
108
25
M
S
107}*
107
107}*
30
M N
102}*
102}*
103
72
J
104
104
104
12
F
External 5s of 1927—
♦Bavaria (Free State) 6}*s_.
J
F
A
M
External sf6s
S
J
J
J
D
M
S
25
25
109}*
------
117}*
------
90
94?*
371
25
109}*
108?*
117}*
109}*
109}*
118}*
7-104
2
7-104
16
7
73
3
A
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25
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25}*
12
J
D
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25
18
J
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49
49
49?*
18
6Ms of 1926...
A
O
40}*
49
A
O
40 }4
40}*
38
D
40
40}*
40}*
39?*
41
f 6J*s of 1927--.
♦External sinking fund 6s.
Brazil (U S of) external 8s
♦External
s f
♦External
s
J
M
S
F
A
*101}*
102}*
J
Budapest (City of)—
♦6s July 1 1935 coupon
D
102}*
on...
J
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Buenos Aires (City) 6}*s B-2-.
External s f 6s ser C-2
J
J
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stamped.....
♦6}*s stamped
A
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101}*
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100}*
O
A
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1961 M
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S
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1961 M
S
1961 F
A
92
S
83
M
F
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-
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5
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1
4
28
18
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-
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108}*
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-
-
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-
6
-
1
92
3
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76
84
13
83}*
4
87?*
67
59 }*
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3
27
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J
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16
-
83}*
83}*
O
M N
40}*
91?*
A
A
27?*
Bulgaria (Kingdom of)—
♦Sink fund 7s July coup off.
M N
A
5s.
F
30
30
O
M N
25-year
0
114
.1961 J
J
J
J
J
♦Farm Loan
s
f 6s._.
S
J
A
f
43
39?*
O
A
♦Farm Loan 6s ser V
93?*
O
M N
20}*
20
A
O
20
F
A
20
19}*
19}*
♦Ry ref extl s f 6s
Jan 1961 J
J
♦Extl slnklag fund 6s.-Sept 1961 M S
♦External sinking fund 6s
1962 M S
20
s
♦Extl slnklDg fund 6s_..Feb 1961
M N
J
♦Sink fund 6?*s of 1926
♦Guar s f 6s
'Guar
s
f 6s
D
1961 J
1961
38?*
40}*
15
20}*
20}*
20}*
18
19
1
53
--I960 M S
20}*
45
20
10
20
2
19}*
17}*
17?*
17}*
17}*
15}*
19}*
17?*
1962 M N
♦Chilean Cons Munlc 7s
♦Chinese (Hukuang Ry) 5s
1951 J D
♦Cologne (City) Germany 5 }*s. 1950 M S
4
20
O
A
39?*
1
20
17
17}*
17}*
45
18
19
*
17}*
15}*
55
*24 }*
26?*
7
26
3
__
1387.
106}*
107}*
103
25
101}*
62
60
60
75}*
75?*
77}*
76
76
76
102}* 105
56}*
68?*
103}* 105}*
103?* 105}*
104?* 107 J*
100}* 103
97?* 101}*
2
45
60
74}*
82}*
72
82
79}*
*75
*76}*
73
82
20
1
78
75
76
76
76
77
77
81?*
81}*
74 H
81
76
*23
100 % 103
100
102?*
1005* 103}*
lOObe 102?*
1002=32102?*
96?*
90J*
104?*
104?*
99}*
98
18}*
108
102 H
25}*
19?*
26
57
55 H
98
66 H
99
102
115
28?*
27?*
1968 F
108}*
*107?*
*101?*
30
30
27}*
*25}*
34}*
29?*
"35 }*
Hungarian Cons Municipal Loan—
♦7}*s unmatured coup on
1945
111
102 H
♦7s unmatured coupon on
5
20}*
18?*
31}*
28}*
_35}*
"46
25}*
27}*
25}*
30}*
8
23}*
30}*
27?*
33
100}*
24}*
33
1
23}*
34
40
15
33
42
31?*
12
27?*
35}*
99}*
24}*
100}*
24?*
6
*18
J
1946
J
22?*
M N
M N
F
A
18
18}*
Irish Free State extl
Italy (Kingdom of) extl 7s
1951 J
Italian Cred Consortium 7sser
B,*47 M
Italian Public
Utility extl 7s.-.1952 J
59
105
23}*
22?*
*22}*
*22}*
59
42?*
59}*
35
47}*
35
47
35}*
47?*
99}* 103}*
99}* 103?*
101
105}*
33}*
100
23}*
22?*
21}*
21}*
16"
60
102
D
39
♦7s with all unmat
coup
85?*
J
"74"
82}*
68}*
114}*
4
85}*
85}*
112
82}*
82}*
6
73
74}*
82}*
68}*
19
74}*
61}*
1957 A
O
*41
A
24
*99
D
*11?*
*4}*
231
Lower Austria 'Province)
7}*s.l950 J
99?* 102}*
97?* 106
82}* 92
92
83}*
75}*
84}*
75?*
77
86 J*
78}*
88
♦Medellin (Colombia) 6}*s
1954
♦Mexican Irrlg assenting 4}*s_1943
♦Mexico (US) extl 5s of 1899 £ 1945
♦Assenting 5s of 1899
1945
J
M N
Q
J
J
aoy8
:
1954
56
65}*
♦§Treas 6s of '13 assent(large) '33
♦§Small
J
28}*
22
30
Milan (City,
Italy) extl 6}*s... 1952 A
Mlnas Geraes
O
92?*
95
50 J*
60
35
54}*
26?*
26}*
40
of 1904
4?*
"4?*
.1958 M
5?*
6
S
D
Norway 20-year extl 6s
20-year external 6s
6}*
6
11
5}*
9
4?*
4?*
9?*
9}*
5
5
4?*
4?*
30
1
32
8
18?*
25
♦Nuremburg (City)
25
Oriental Devel guar 6s.
Extl deb 5 }*s
15?*
15?*
24}*
24?*
24?*
24}*
21?*
21?*
15?*
21}*
18?*
18}*
15?*
22
15
21}*
53}*
73
18}*
26}*
s
extl 6s
"74}*
70}*
82
6
25
34
25?*
74}*
27?*
25?*
1
24 H
33
74 X
5
65}*
60}*
65
s
104}*
104
11
107?*
107}*
10
105
21
104
A
107?*
106}*
"15
1
103
103}*
20
100?*
100}*
100 J*
101
*102?*
*24?*
~26~~
105
D
1952 F
A
S
66
O
D
106}*
1963 M N
♦7s Sept coupod off
♦Peru (Rep of) external
s
O
A
1953 J
f 5s ser A
s
1965
107?*
106}*
104?*
102?*
1955 A
♦Stamped..
Pernambuco (State of)—
♦Nat Loan extl
♦Nat Loan extl
104}*
103}*
1958 M N
Oslo (City) s f 4}*s.
Panama (Rep) extl 5}*s
♦Extl
A
1953 M
1947 M
7s
1959 M
f 6s 1st ser..1960 J
f 6s 2d ser..1961 A
54}*
102?*
106}*
*65
67
113
60?*
102?*
19
106}*
4
2
74 H
101?* 105}*
101 ?* 105 ■
104 J* 107?*
105?* 109
101}* 105}*
99}* 103}*
95}* 100}*
102}* 103}*
17
25}*
59
85
53}* 79?*
97}* 103
104}* 107
71
68
85
61
60 H
76
25}*
25 H
25}*
22?*
20}*
18?*
20}*
21
18}*
19?*
19}*
17}*
30?*
28
26
60?*
S
S
D
O
18?*
18
19}*
17?*
26
1940 A
O
60
60
47
f 7s
62}*
1947 A
O
74}*
75
60
80
g 8s
1950 J
J
54}*
55
45}*
64
♦Poland (Rep of)
gold 6s
s
61
"60?*
—1963 M N
13
27?*
25?*
74}*
A
f 5s.-.1970 J
13 H
7
*60
1956 MS
9
7
23
N
O
4?*
"74"
1943
loan
extl
8}*
8
11?*
11?*
1963
18?*
18?*
18}*
s f ext
17
74?*
1944 F
External sink fund 4}*s
External s f 4}*s
Municipal Bank
"
26
100}*
4}*
aOH
4?*
*6
S
1959 M
4s
89?*
42
11
8}*
J
♦Montevideo (City) 7s.
1952 J
♦6s series A
1959 M
New So Wales
(State )extl 5s..1957
External s f 5s
Apr 1958
40}*
48}*
25}*
94
61
12}*
7}*
5
1954
of 1910 large
of 1910 small
18?*
30 }*
115}*
93}*
71}*
82}*
71}* 100}*
95
(State)—
97
30}*
30}*
30 J*
27?*
62}*
7}*
6}*
♦4s of 1904
21}*
96?* 103}*
98?* 100
80
80}*
20}*
6}*
♦Assenting 5s large.
♦Assenting 5s small.:
♦Assentirg 4s
♦Assenting 4s
♦Assenting 4s
114}*
101}*
111
102}*
*6
Q
21?*
21?*
47}*
25
107
29?*
19?*
24
D
300
42
1947 F
t7s
s
113}*
S
17
15}*
102?*
100
1960 M N
Japanese Govt 30-yr s f 6}*s._.1954 F A
Extl sinking fund
5}*s
1965 M N
Jugoslavia State Mtge Bank—
♦Leipzig (Germany)
26?*
f 5s
s
96}* 101?*
105
25}*
25
4
20
105
♦Hungarian Land M.Inst 7}*s_1961
♦Sinking fund 7}*s ser B
1961
♦Hungary (Kingdom of) 7}*s._1944
36
37
95}*
(Republic) s f 6s ser A
1952
♦Hamburg (State) 6s
1946
♦Heidelberg (German) extl 7}*s '50
Helslngfors (City) ext 6}*s
I960
100}* 124
209
31}*
A
Haiti
100}*
105?* 109
17}*
25}*
105
124H
98
119?*
105}* 130
25}*
108}*
♦7s unstamped
1949
German Prov & Communal Bks
♦(Cons Agrlc Loan) 6}*s
1958 J D
♦Greek Government 8 f ser 7s. .1964 M N
25}*
99}*
106}*
*24}*
102
O
♦Sink fund secured 6s
56}*
106}*
D
♦5}*s unstamped
1965
♦5}*s 8tamp(Canad'an Holder)'65
♦German Rep extl 7s stamped. 1949 A
110}*
110
103 H
104}*
105}* 110}*
115?* 118}*
99
56}*
J
D
♦Stabilization loan
page
43
6
102 H
100%
1965 J
♦External sink fund
For footnotes see
27
36}*
100}* 105}*
103}*
97?* 102
39
103
1949
6}*s
4
183
106}*
J
1949 J
6}*s
19?*
19?*
D
98}* 102
100?* 102J*
f
94}*
101}*
103}*
64?*
101
J
90
101
A
1941
German Govt International—
♦5}*s of 1930 stamped
s
57}*
43
13
33}*
103?*
3
1967 J
7}*s unstamped.-.--.
s f
78
99
104}*
104}*
1948 J
7s unstamped
♦Sec extl
31
80
95
O
A
100}*
77
1932
External 7s stamped
♦Sec extl
50
93
70?*
104
1942 J
30}*
72}*
96?*
104}*
Finland (Republic) ext 6s
1945 M S
♦Frankfort (City of) s f 6}*s
1953 M N
French Republic 7}*s stamped.1941 J D
111
44
99}*
20
30 H
96}* 101}*
O
...1955 F
Apr 15 1962
♦El Salvador 8s ctfs of dep
Estonia (Republic of) 7s
104 J* 110}*
-99
61}*
38
31
20
O
-
13
100
101}*
103
38
25 H
83
32}*
103?*
61}*
25}*
23 }*
96
J
§#Stamped extd to Sept 1 1935.. M S
Dominican Rep Cust Ad 5}*s_.1942 M S
1st ser 5}*s of 1926
1940 A O
2d series sink fund 5}*s
1940 A O
37
98?*
93}*
57}*
42}*
39?*
38?*
40}*
99?*
J
M
J
£
114
99}*
J
J
30
0
9
19
113}*
99}*
A
33*s.
7-year 2}*s-.
30-year 3s...
♦Chile (Rep)—Extl
Denmark 20-year extl 6s
20}*
10 ?*
11
Argentine (National Government)-
M N
100 H
20 X
11}*
1
------
100?*
30
High
20}*
30
22}*
6
13}*
12}*
12}*
.*11?*
12}*
11?*
11?*
11}*
11}*
11?*
101}*
101}*
100?*
100?* 100'=32
J
23
12
*12
96
23
100}*
100}*
72
♦Dresden (City) external 7S.-.1945 M N
97
12}*
12}*,
——————
7
13
99?*
A
Customs Admins 5}*s 2d ser.1961 M S
5}*s 1st series
1969 A O
5}*s 2nd series
1969 A O
Agricultural Mtge Bank (Colombia)
Low
*103
D
Czechoslovakia (Rep of) 8s.--.1951 A
Sinking fund 8s ser B
1942 A
External gold 5}*s
External g 4 }*s
Jan. 1
27}*
27}*
23?*
23?*
*75
"72"
S
1949 F
Deutsche Bk Am part ctf 6s
Foreign Govt. & Municipals-
Akershus (Dept) Ext 5s
23}*
101}*
106.10
100.11105.17
99.6
101.16
Loan Corp—
3s series A
May
2?*s series B._Aug.
101.22
Since
§3
High
23}*
23}*
23}*
100?*
100
A
Sinking fund 5}*s...Jan 15 1953 J
♦Public wks 5}*s
June 30 1945 J
498
Mortgage Corp—
1944 M
External loan 4}*s_
475
98.12
Range
*2
Asked
27
1951 M N
103.18
99.19
97.16
&
26?*
J
1949 F
103.17
98.31
97.18
M
Federal Farm
♦7s Nov 1 1936 coupon on
Cuba (Republic) 5s of 1904
External 5s of 1914 ser A
104.16
99.4
Bid
27
O
♦Sinking fund 7s of 1927
1947 F A
Copenhagen (City) 5s
1952 J D
25-year gold 4}*s
1953 M N
♦Cordoba (City) 78—
1957 F A
♦7s stamped
1957 F A
Cordoba (Prov) Argentina 7S..1942 J
J
Costa Rica (Republic of)—
98.4
S
D
Price
♦Colombia Mtge Bank 6}*s___1947 A O
♦Sinking fund 7s of 1926
1946 M N
98
M
or
Friday
Low
99.2
J
Range
Sale
(Cont.)
Colombia (Republic of)
♦6s Apr 1 1935 coup on.-Oct 1961 A
♦6s July 1 1935 coup on. .Jan 1961 J
109.25
99
------
3*
Week's
Last
High
Foreign Govt. & Mun.
Treasury 4}*s...Oct. 15 19'
Treasury 3}*s__.Oct. 15 19'
Treasury 4s
-.Dec. 15 19'
£1
STOCK EXCHANGE
Week Ended Aug. 27
Volume
Friday
Friday
Range or
Sale
Friday
Bid
&
Asked
N. Y. STOCK EXCHANGE
Week Ended Aug. 27
Price
Foreign Govt. & Munic. (Concl.)
1961
1966
♦7 Ms July coupon off
D
J
♦External
s
f 7s.-1941
1947
92
25M
O
24M
25 M
O
109M
110M
A
111M
111M
109
*32 M
36M
111M
S
17%
21M
♦8s April coupon off
♦6s June coupon off
♦7s May coupon off
♦7s June coupon off
1946
1968
1966
1967
Rome (City) extl 6 Ms
1952
1952
off. .1957
♦Extl 0Ms May coupon
*25
26
*24
26
34 M
22 %
29
40
25M
23 %
33
1st M 5s series II
1st g 4Ms series JJ__
M N
25
32 M
25 M
32 M
83 M
{♦Boston & N Y Air Line 1st 4s 1955
31M
27
35 %
26
25
75 M
72 M
40 %
41%
29 M
25 M
*22
Ml N
*26 M
IVI N
25M
34 %
Bklyn Union El 1st g 5s
*37M
31M
26M
F
1946 F
F
Sydney (City) s f 5 Ms
..1955
Taiwan Elec Powsf5Ms
...1971 J
M
Tokyo City 5s loan of 1912
1952
A
External s f 5 Ms guar
1961 -Trondhjem (City) 1st 5 Ms.
1957 M
♦Uruguay (Republic) extl 8s...1946 F
Vienna
(City of) 6s
25
25
62
54 %
21
32 M
32 M
4
104%
"il"
*07%
104 M
104%
24
56M
62 M
"100M
90 M
98H
101M 106
78 H
56 M
69M
69M
66 M
69 M
66M
73 M
65
"92
80 %
56 M
101M
67M
-
39 M
{{♦Abltlbl Pow & Paper 1st 5s. 1953
4s
1948
Coll trust 4s of 1907—.....1947
10-year deb 4 Ms 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
Adams Express coll tr g
♦5s stamped
"~2
63 %
Allegh Val gen guar g4s
Allied Stores Corp deb 4 Ha
4 Ms
57
63 %
70 %
16
63 %
78
70 M
Guaranteed gold 5s
83 M
Guaranteed gold 5s
82
53 %
92 M 100
57
39 %
60M
67 M
67M
56 M
100
Am
Internat Corp conv
Amer
86 M
F
Adjustment gold 4s.
Stamped 4s
Conv gold 4s of 1909
91
8
95
1
109
3
98 M
98M
12
101M
1st & cons g 6s ser
♦Ref &
72 M
♦Ref &
93 M 120 M
♦Chatt
98 M
101M
♦Mid Ga & Atl Dlv pur m
97
100 M
♦Mobile Dlv 1st g
44
105 M 109 M
25
103M 106M
112
113
85
103M
103M
61
99 M
100M
106
99 M
101
112M
103M
99M
98M
J
A
105M
O
Jan
4s
I960
1996
1943
1951
1951
98 %
106M
108
103
105M
106M
10
104 M 107
36 M
36
36
98 M
136
98
98 M
54
111
103%
105
103 %
D
107
J
D
*104
J
D
J
J
10SM
107
109M
108M
J
U2%
113M
112M
112 M
112M
D
J
J
J
J
111%
111M
S
102
101M
90 M
90 M
104M
104M
106M 116
"I
104 M 109M
103 M 110
"24
5s
118
118
A
Ml N
D
*94 M
Ml N
105M
F
106M
j
Ml N
4
58
5
20
118M
23
112
119M
113
113M
10
109 %
116
116M
117M
8
118M
T18M
116M
118M
5
116M
3
113M
113M
124M
114M
13
113M
3
110M
116
125
6
120 M
128 M
95
115
89 M
21M
o
f
A
j
118M
D
j
M S
104
107M
j
102M
*67
D
103
103 M
110M
112
100M
101
d
107 M
d
110M
M n
d
D
112M
6
110
115M
44
106
110M
35
99 %
70
31
2
100
13
97M
82
96 M
1
93
24
40
17
78 %
24 M
81M
36 M
14 M
23M
25
M n
24 M
25
O
14M
15M
9
4
'.
O
14M
15
14
23M
D
*24 M
29
27
40
J
*12M
23
24
31
11M
23 M
J
HM
11M
*
J
*97~"
M S
M
S
97
Ml
o
96
102
105M
1
102
102 %
22
104
104 M
11
*
j
J
J
j
J
j
F
a
49M
*
25
48
44 %
104
101
107M
104
93
1
93
101
108M
93
104M
95 M
88
....
1
90
90
120M
82
1
121
2
120 M
9
74 M
83 M
108
106M
109
120M
121
15
116M 128M
96 M
97 M
76
97
97M
60
*106
109M
107 M
111
*108
111
108
111M
*115M
117M
108
120M
*111
112M
109 M
115
108
108
*108 %
-----
95
....
47%
107M
18
47%
108M
27
104 M
110
111M
5
108 M
113M
49
A
S
110M
111M
42
107M 117M
109
109M
41
106M 116M
A
115M
116M
18
114
119
O
101M
101M
8
100
101M
1st gold 5s
1982
West 1st 4s...1959
Louisv ref 6s
1947
♦Refunding g 5s series B
1947
♦Refunding 4s series C
1947
♦1st & gen 5s series A
1966
♦1st & gen 6s series B._May 1966
Chic Ind & Sou 50-yr 4s
1956
Chic L S & East 1st 4 Ms
1969
28
28
Ml N
29
92
28
27
Ml N
27 M
13
27
*117M
118M
-
-
117
-
M
S
36
J
j
26
J
j
*10
29M
J
j
*20
25M
Ml N
*11M
14M
J
j
13M
4
j
J
13M
103M
103 M
5
j
D
106
106
Ml N
A
O
J
D
A
O
J
D
M N
J
J
J
*103M
*103 M
76%
142
107 M
75
87 %
88
241
89 M
56
99 M
100M
97 %
95
95M
*
S
74%
F
A
61H
Ml
S
75M
100M
48
75
106M
103
102 H
105M
106M
J
104
104
74 %
75
Ml
105 M 107 M
90%
101M
85 M
74 M
105 M
94M
116 M
87 % 103 M
99 M 105
95
107 %
99 M
72 M
93 M
"72 M
75 M
47
61M
74 M
326
60 M
73M
76 M
70
113M
J
*113
J
*108M
J
*109M
82 M
73 M
93 M
111
116
103
110M
Chic Milw & St. Paul—
♦Gen 4s series A
May
1 1989
11989
♦Gen 4Ms series C...May 1 1989
♦Gen 4 Ms series E.—May 1 1989
♦Gen 4M's series F-.-May 1 1989
{♦Chic Milw St P & Pac 5s A..1975
♦Conv adj 5s
Jan 1 2000
{♦Chic & No West gen g 3 Ms.-1987
♦General 4s
1987
♦Stpd 4s non-p Fed lnc tax 1987
♦Gen 4Ms stpd Fed lnc tax..1987
♦Gen g 3 Ms
series B_.May
109 M 116M
♦Gen 5s stpd
1987
♦4
U2M
36
103 M
66
26
1
....
____
*111M
.
36
51M
25%
44 M
27 M
43
23
38 %
26
46 M
45 M
124
39 M
11
26 M
13
26 M
100M 107M
110M 111M
106 M
99 % 108M
88
88 M
58 M
A
Ml
{♦Chic Ind &
31
102M
111
111
{♦Chicago Great
62 M
102 M
95 M
Chicago & Erie
*40M
96 M
105 M
21
60 M
83 %
125 M
107
107M
99 M
70
92
88 M
106M
*106M
90
14
78 M
106 M 112M
45
71M
88 M
121
94M
*88 M
109
45
50
107
107
125M
99 M 104M
100M 108M
75 M
63
68
"~50"
General 4s...
{{♦Chicago & East 111 1st 6S...1934
{♦C & E 111 Ry (.new Co) gen 53.1951
♦Certificates of deposit
1
97
104
A
1958
..1977
..1971
140 M 244
101M
105M
f
a
34
20
102M
S
ref gu gold 4s.
1
11M
32 M
91
70
106M
97 M
82
45
70
83 M
108M 111M
*20M
*79M
Illinois
54
105M
105 M
103
A
113M
42
99 M
102 M 105M
90
44
118M
110M 116M
5
82
82
118M
114M 121
72
96M
A
42
113
17
103 %
J
114M
105M
114M 121
104M
114M
107M
j
103
118M
94 %
94 %
100M 103M
45
*40M
73 M
27
j
A
RR ref g 3s
1949
Q—111 Dlv 3MS---1949
Division 4s.
1949
1987
Fed lnc tax
Ms stamped
{♦Secured 6Ms
1936
May 1 2037
ref 4Mb stpd.May 1 2037
ref 4Ms ser C.May 1 2037
♦Conv 4Ms
67
104M
21M
103M
j
J
114
102 M 106M
83
58
J
105
90M
5
MN
J
31
59M
3
O
♦1st &
t£=
-
32
17
-
93
16M
-
-
100M
21M
111
99 %
75 M
85
---
—
»-
102
1012,32
100
-
105
18M
20
O
j
87 M
-
-
79
76
j
105 M
-
117
o
Chic Burl &
♦1st &
1387.
108 M 110M
103M
A
♦1st ref g 5s
page
100
66M
100M
Chic & Alton
99
103M 106M
100
.1949 A o
Through Short L 1st gu 4s... 1954 F a
"93 M
Guaranteed g 5s.—....
1960 Ml N
{♦Cent RR & Bkg of Ga coll 5s 1937 Ml N
"96"
5s extended to May 1 1942
M n
Central Steel 1st g s f 8s
1941 Ml S "_827
Certain-teed Prod 5 Ms A
1948 M S
Champion Pap & Fibre deb 4Ms '50 Ml N
'm'%
Ches & Ohio 1st con g 5s
1939 Ml S
General gold 4Ms..
—1992 M n
Ref & impt mtge 3 Ms ser D..1996
F a
Ref & impt M 3 Ms ser E
1996
j
Craig Valley 1st 5s
May 1940
j
Potts Creek Branch 1st 4s.-.1946
J
R & A Dlv 1st con g 4s
1989
J
2d consol gold 4s
1989 Ml S
Warm Spring V 1st g 5s
1941
1st
12
132M
1
O
107
116
109
2
*88 M
08
111
111M
103
*17
105
110
106
51
100M
J
6s
Ms series B
& ref 5s series A
90
100
76
A
1946
58.1947
—1946
1st & ref 4
122M
113
106M
a"6
j
111
1
*15M
J
4
58
106M
106M
O
a
115M
*99
108
108
109M
105M
M S
j
98
110M
J
a
83
"~32
94 M
94
A
f
55
100
a
j
104M 108
118M 118M
*114M
loo" "
100
Ml N
1941
Gen mortgage 5s
1941
Cent Hud G & E 1st & ref 3 Ms. 1965
Cent 111 Elec & Gas 1st 5s
1951
Cent Illinois Light 3Ms.-^----1966
{♦Cent New Eng 1st gu 4s
1961
Central of N J gen g 5s
1987
General 4s
1987
Cent Pacific 1st
104
123
112M
f
110
19
92 M
D
99 M
112
102 H
Ml N
95
102
113
M
105
94 M 100M
"32
...
J
42 M
74
112
106M
*106 M
110M
102
107 M
*106
J
S
111
107
D
200
31
101
101
98
98
110
120
60
98 M
Nov
M N
42
67%
110M
96M 102M
96 M 102M
2
22
J
O
111M 114
103M 113
130
129 M
106M
1940
1948
1995
1948
1995
87 M
105M
D
J
100
106M
M N
J
102^
87
105
J
Ml
93 M
70
106M
J
J
3
105
J
A
114
5s
♦Mac & Nor Dlv 1st g
105M
78
81M
86M
101M
112M
5s..Nov 1945
..1945
gen 5 Ms series B
1959
gen 5s series C
1959
Dlv pur money g 4s. .1951
112M
101M
97 M
78
78
*
A.Dec 15 1952
107 M
72
36
j
J
{♦Central of Ga 1st g
♦Consol gold 5s
93 M
18M
5
73 M
101M
72
54 M
deb 5s w w 1950
Celotex Corp deb 4 Ms ww
1947
Cart & Adir 1st gu gold 4s
1981
♦Cent Branch U P 1st g 4s
1948
56
4
22
101
*
1938
5s
7
Ml N
Carriers & Gen Corp
96 M
106%
J
Q
74 M
71H
/
see
22 M
72
101M
Ml N
—1949
{♦Car Cent 1st guar 4s
84M
100
O
1941
Southwest Dlv 1st 3Ms-5s_.1950
Tol & Cin Dlv 1st ref 4s A...1959
Ref & gen 5s series D
2000
For footnotes
22
22
j
1944
Caro Clinch & Ohio 1st
79
81
4
A
5s—1940
...
35
100
MN
May 1 1945
Oct 1952
1948
Second mortgage 4s
1948
Atl Gulf & W I SS coll tr 5s
1959
Auburn Auto conv deb 4MS---1939
Austin & N W 1st gu g 5s
1941
...
107
*102 M
J
gold 4s
stamped
59
76
101
85
74
IVI N
10-year coll tr 5s
4s
85
110
"27
99M
D
J
Atl & Dan 1st g 4s
M 5s series F
99 M
76
105 %
59
74
98 M
IVI
series B
1944
Atl Coast Line 1st cons 4s July 1952
General unified 4 Ms A.
1964
Ref & gen
98M 105 %
104 M
101
64
99M
Ml
4s—1958
1962
1946
A L 1st 4 Ms A
1944
Bangor & Aroostook 1st 5s
Con ref 4s
24 M
"22"
Ml N
Dec 1 1954
1960
trust 4 Ms
Central Foundry mtge
A
4 Ms
2
99M
O
F
1st 30-year 5s
Conv
93 M
108%
A
Trans-Con Short L 1st
P L E & W Va Sys ref
27
"4
75
104
95
Ml
Atl Knox & Nor 1st g 5s
July
Refund & gen 5s series A
1st gold 5s.
..July
Ref & gen 6s series C
68
"56"
56M
A
...I960
1948
1965
5s assented
41M
41M
110M 115
*
A
..1955
{Baldwin Loco Works 1st
83
108M
84 X
A
1995
1995
1955
Bait & Ohio 1st g 4s
104M
91
91
J
1995
L & N coll
6
20
103M
1967
General 4s
Atl & Charl
101M
67
{Ann Arbor 1st g 4s
...1955 IVI S
Ark & Mem Bridge & Term 58.1964
F A
Armour & Co (Del) 4s series B.1955
J
J
1st M s f 4s ser C (Del)
1957
Atchison Top & Santa Fe—
Cal-Arlz 1st & ref 4 Ms
Collateral
*65
debentures
1961
debentures
1966
Founders conv deb. 1950
Amer Wat Wks & Elec 6s ser A. 1975
Anaconda Cop Mln s f deb 4 Ms 1950
♦Anglo-Chilean Nitrate—
4s of 1910
18
deb stk perpet
5s equip trust ctfs
Coll trust gold 5s
106
A
3Ms
3Ms
Rocky Mtn Dlv 1st 4s
109M
99
A
4 Mb.-1939
Conv deb 4 Ms
84
1
104
104M
A
♦Am Type
Conv gold
72
83
1955
Conv 4s of 1905
O
1946
97 M
107 %
2030
1953
1949
5MS--1949
5 f Income deb—
34 M
a
*23
gold 4Ms
f A
Guaranteed gold 4 Ms
1956
M S
Guaranteed gold 4Ms.-Sept 1951
j
Canadian Northern deb 6 Ms—1946
101 M
*113M
5MS-1--1943
Convertible debenture
Guar
101
A
Telep & Teleg—
20-year sinking fund
20
1957
July 1969
Oct 1969
1970
June 15 1955
Guaranteed gold 5s
96 M
96M
D
1951
Alplne-Montan Steel 7s
Am & Foreign Pow deb 5s
American Ice s f deb 5s
Amer I G Chem conv 5 Ms
a
Canadian Nat gold 4 Ms
101M
S
1950
debentures ....
85M
F
72
52
T>{
.1998
1942
Allegh & West 1st gu 4s
69%
1942
1962
♦Camaguey Sugar 7s ctfs
Canada Sou cons gu 5s A
103
67 M
*99M
J
1949
.1950
....1950
♦Coll & conv 5s
34
1955
Consol 5s..
67 M
*
IVI
5s.-.1944
.
70 M
{♦Bush Term Bldgs 5s gu
1960
M n
Cal G & E Corp unif & ref 5s... 1937
J
j
Cal Pack conv deb 5s.-—
1940
Canadian Pac Ry 4%
3Ms---—1946
Coll & conv 5s
70 M
..1952
Coll trust 4 Ms
Alleghany Corp coll trust
91M
o
f deb 3Ms
99 M
COMPANIES
Alb & Susq 1st guar
90
a
1957
{Bush Terminal 1st 4s
112
107
*108M
77 H
♦Certificates of deposit
57
30
62 M
"62 M
O
N
A
31M
30 M
99 M
75 M
Buffalo Gen Elec 4 Ms ser B
40 M
51
65
57
65
25 M
92 M
16
Bruns & West 1st gu g
INDUSTRIAL
AND
RAILROAD
6
30 M
53
1958 F
1961 J
Yokohama (City) extl 6s
30 M
s
100M 100 M
33
1950
4s.___._1938
1981
f Buff Roch & Pitts gen g 5s
1937
Consol 4 Ms
1957
{ {♦Burl C R & Nor 1st & coll 5s 1934
Brown Shoe
98
19M
29 M
.19521A O
1952 M N
(City) external 7s
♦Warsaw
33
29 M
1960 Ml N
...1964 IVI N
Venetian Prov Mtge Bank 7a.
97
81
118
78 M
1947
1st Hen & ref 5s series B
91
Syria (Province of) 7s
....
34 M
22
"32 M
f 6s
35 M
24
32 M
1958
♦Slleslan Landowners Assn 6S..1947
f 6s
25
14
34
IVI N
A
s
7
26M
25
20
-
"76%
1950
28M
«
77M
69%
1945
96 M
29M
s
Bklyn Un Gas 1st cons g 5s
1st Hen & ref 6s series A
Debenture gold 5s
*25
♦7s Nov 1 1935 coupon on___1962 IVI N
J D
♦Silesia
♦External
44
43 M
*25
~97~"
♦Sinking fund g 6Ms..
Serbs Croats & Slovenes (Kingdom)
♦External
29 M
25
1940
(Prov of) extl 7s
34
•
26 M
75 M
1950
26 M
1945
1946
on...1962
36 M
38 M
30
-
27
18M
2
104M
97M
28""
18M
m
,
77 M
S
♦Certificates of deposit
1941
Bklyn Edison cons mtge 3MS--1966
Bklyn Manhat Transit 4 Ms
1966
Bklyn Qu Co & Sub con gtd 58.1491
1st 5s stamped
1941
131
20"~
76
M
1934
{{♦Botany Cons Mills 6Ms
D
j
120
•
Ml N
Brooklyn City RR 1st 5s
21M
41M
27
75
♦External 6s July coupon off. 1968
♦8s Nov 1 1935 coupon
96M
..1961
26 M
26
75
1936
f 7s
1955
25M
26
O
A
1967
25 M
26M
D
J
♦External 7s Sept coupon off 1956
s
..1944
Boston & Maine 1st 5s A C
104
104
D..1960
E
1966
ser
33
20%
31
Secured
4Ms
26
25
25
♦External 8s July coupon off. 1950
♦Saxon State Mtge Inst 7s
M
25%
San Paulo (State of)—
§♦83 July coupon off
cons
Big Sandy 1st 4s...
D
32
4
26
♦Berlin Elec El & Undergr 6 Ms 1956
78 M
103M
115M 121M
-
27
1955
Cons mtge 3Ms series
»
14
-
1959
Beth Steel
-
28
♦Deb sinking fund 6 Ms
29M
0
1953
Sao Paulo (City of, Brazil)—
♦8s May coupon off
27%
29
Roumania (Kingdom of) Monopolies
♦7s August coupon off
1959
♦Saarbruecken (City) 6s.
*104M
♦Debenture 6s
32 M
-
118M
126M
126
126%
71
102
Sm'm*
-
118
...1960
25
25
72
High
1ww
No.
High
3M8..1943
cons
28M
1946
♦6 Ms Aug coupon off...
1953
Rio Grande do Sul (State of)—
Since
*102
1948
Range
Jan. 1
Asked
*
♦Berlin City Elec Co deb 6Ms..l95)
Belvldere Delaware
113
Rio de Janeiro (City of)—
♦8s April coupon off
Bell Telep of Pa 5s series B_
1st & ref 5s series C
F
A
Low
100
A
1950 M
♦Rhlne-Maln-Danube 7a A
98
24 M
25
Bid
Price
Battle Creek & Stur 1st gu 3s..1989
Beech Creek ext 1st g 3 Ms
1951
25 %
16M
25 M
109
113M
1952 A
f 6s
s
25M
98
S
♦Prussia (Free State) extl 6 Ms. 1951 M
Queensland (State) extl
25-year external 6s
33 %
31
27
25
25M
1952 IVI N
Prague (Greater City) 7 Ms
EXCHANGE
High
Low
No.
STOCK
Week Ended Aug. 27
Jan. 1
28 %
*25M
Friday
00
N. Y,
Since
Porto Alegre (City of)—
♦8a June coupon off
Range or
Sale
BONDS
Range
High
Low
Week's
Last
Week's
Last
*>•«
BONDS
1383
Record—Continued- Page 2
New York Bond
145
series A
...1949
J
47
50
14
49
69 M
48M
50
5
48M
69 M
64
71M
36 %
47
*
J
49
J
-
J
47 M
46
48
*47
53
-
-
-
-
23 M
242
20 M
O
7
7%
226
M n
33
33%
14
6M
32 M
34 M
35M
13
34
f
A
20M
-
*34
M n
.
34
39M
38
38
38M
""28
M n
J
D
J
D
J
D
M n
12%
-
22 M
6
-
-
4
49 M
52 M
52 M
39
36
*30M
M n
Ml N
57 M
54 M
37M
56
37
M n
M n
66
6
"49""
.
J
52
41%
42
3
39
61
22 M
20M
22%
2
18 %
38
22
14
19M
36 %
21M
22
9
20
36 %
13M
15
60
12%
24%
New York Bond
Record—Continued—Page 3
1384
Aug. 28,
Friday
CO
BONDS
N.
Bennett ''Bros. &
V
members
{
W
<s
gtf &££
Detroit Edison Co 4Ms ser D._ 1961
Gen & ref 5s ser E
F
%AILROAD 'BONDS
^ew York, CN^. Y.
T>Igby 4-5200
Connections
*3V(. Y. 1-761
'Bell System
1995 J
1995 J
Dow Chemical deb 3s
Randolph 7711
—1951 J
tDul & Iron Range 1st 5s
Teletype •>- Cgo. 543
<0
STOCK
Friday
T3
BONDS
Y.
Range
Sale
Week Ended Aug. 27
or
Price
Range
Is
§8
Friday
Since
1956 M N
1939 J
&
Asked
Low
{{♦Chicago Railways 1st 5s stpd
Feb 1 1937 25% par paid
y
{♦Chic R I & P Ry gen 4s
F
-
A
1988 J
62 M
5
32 M
31M
46
62 M
30 M
19
30 H
43 M
42 M
15M
26 M
15M
18
86
14
14
16
M
17M
53
16
♦Certificates of deposit..
15M
14
22 M
16
15M
1952 M S
{♦Secured 4 Ms series A
15M
15M
16
18
15
25 M
22 M
-I960 M N
Ch St L & New Orleans 5s
1951 J
9
D
Chic T H & S'eastern 1st 5s... 1960 J
9
D
10
139
D
3 Ms
June 15 1951 J
Memphis DIv 1st g 4s
1951 J
Gold
Inc
Chicago Union Station—
Guaranteed 4s
S
O
1st mtge 4s series D
1963 J
J
107M
1963 J
J
107
{♦Choc Okla & Gulf
107 %
9
104
108 M
108
3
31
104 M 113
103
111M
S104M
103M
102 M
86
O
105 M
104
28
102 M
18
103 M
101M
86
1966 F A
4s.-.1942 M N
"ioiM
Cln Un Term 1st gu 5s ser C...1957 IVI N
1st mtge guar 3Ms series D..1971 IVI N
108"
con gu
Clearfield & Mah 1st gu 4s
1943 J
g
22
*104
1940 J
104 M
107
95
107
106 M 108
105M
110M 110M
*104
*109
109M
106 M
106 M
1
.....
*107
....
Ink
"I
109 M
107
110M
24
1973
1st s f 4 Ms series C.
1977
Coal River Ry 1st gu 4s
1945
Colo Fuel & Iron Co gen 8 f 5s..1943
♦5s income mtge
1970
102
102 M
*109M
5s series B guar
Colo & South 4 Ms series A
110M
Debenture 5s
Jan 15 1961 J
Columoia AHV 1st ext g 4s. .1948 A
101
J
Columbus Ry Pow & Lt 4s
1965 M N
Commercial Credit deb 3Ms—1951 A O
Commercial Invest Tr deb 3 Ms 1951 J
Conn <fc Passum Rlv 1st 4s
1943 A
Conn Ry & L 1st & ref 4 Ms
1951 J
99M
97M
■■
F
104M
s
102
98M
48
109
105M 112M
104M 107 M
104 M
*25M
31
106
105M
106
103 M
102 M
26
18M
105M 108 M
100M 107 M
31M
41M
103 M
32 M
*28
35
33
41M
34
35 M
40
34
40 M
33 M
68M
68 M
*104M
i03M
102 M
101M
63 M
100 M
104 M
101M
22
101M
D
D
70
106
103 M
102 M
100 M
25
105
101 J*
101M
36
2
20
F
A
102
102
102
A
101M
101M
101M
30
105 H
i05m
105 H
105 M
105M
46M
47 M
16
1950 M N
D
1952 J
J
7Ms series A extended to 1946...
J
6s series B extended to 1946
J
47
*49
D
D
Dayton Pow & Lt 1st & ref 3 Ms I960 A
O
Del & Hudson 1st & ref 4s
1943 IVI N
Del Power & Light 1st 4 Ms.—1971 J
J
1st & ref 4Mb
1969 J
J
1st mortgage 4Ms
-.1969 J
J
105
1936 J
J
2
103
103 M
87 M
106 M
24 M
107M
107
24 M
t
"l"3M
10M
16M
10 M
16M
*5M
*42
26 M
45
14
13M
18
6M
71
100M 103M
99 M 102M
104
107
103 M 106
16
2
"3
2
84
45
65
64 M
56
79
62 M
48
55
95
M
104 M 107
101H 104
104M 106 H
106M 108M
106M 108M
24 M
36 M
27 M
38
"II
13M
23
26
10M
16 H
5M
22 H
32 M
50 M
57 M
4
12
105M
F
A
El Paso Nat Gas 4 Ms ser A
1951 J
5s stamped
iiik
1965 A
Series
105M
J
105M
J
1996 J
J
98 M
75
-
-
"1
-
-
-
-
M
111M
94
1
105M
-
—
—
109
106 M
~2
106 M
105M
105M
98 M
105M
105M
1
1
98 M
75 M
75
25
25
O
77
77
1
1953 A
O
O
76 H
79 M
9
1953 A
75 M
69 M
"96
4s series D
*.
Ref & impt 5s of 1927
1967 IVI N
68
Ref & Impt 5s of 1930
1975
67
A
O
Erie & Jersey 1st s f 6s...—1955 J
Genessee River 1st
~67~~
66
J
J
f 6s
8
1957 J
N Y & Erie RR ext 1st 4s
1938 IVI
92
118M
118M
3
7
-
-
—
-
s
Ernesto Breda 7s
1954 F
A
Fairbanks Morse deb 4s
1956 J
D
Federal Light & Traction 1st 5s 1942 IVI
5s International series
1942 IVI
f 5s stamped
69
118M
118M
*108 M
1947 IVI N
3d mtge 4 Ms
1st lien
—
109
...1953 A
B
conv
J
1996 J
Conv 4s series A
Gen
O
1940 J
Erie RR 1st cons g 4s prior
1st consol gen lien g 4s
-
*104 M
*106 M
1940 J
Series C 3 Ms
41
104 M
U1M
O
Erie & Pitts g gu 3 Ms ser B
2
106 M
108 M
D
1965 A
9
----
-
-
*113
108M
El Paso & S W 1st 5s
-
104 M
*131M
......
IVI N
74
"02 M
S
74
102 M
s
1
103
*100
5
103
*100
-
-
-
-
102 M
1942 IVI
.1942 IVI
s
100
100
101H
""6
s
103M
103 M
D
103 M
2
1954 J
1946 J
J
1943 J
J
{♦Florida East Coast 1st 4 Ms.-1959 J
D
s
1st lien 6s stamped.
30-year deb 6s series B
Fiat deb
s
f 7s
{♦Fla Cent & Penln 5s
♦1st & ref 5sseries A..
94 M
owner. M N
1941 J
Gas & El of Berg Co cons g 53.-1949 J
2H
74
.
1947 J
66
♦Sinking fund deb 6 Ms
103
101M
J
J
1st mtge 4Ms
......1956
Goodyear Tire & Rub 1st 5s...1957
J
Gouv & Oswegatchle 1st 5s
*30
*32
28M
J
A
J
cons g
18
-
14
35
----
40
-
-
—
-
3
27
101M
104 M
98 M
95
54
----
104 M
108 M
--
-
-
----
-
-
-
-
78M
26
71
74 M
10
113M
115M
109 M
104M
H5M
109 M
104M
J
4
114M
117
34
11134
15
105
14
104
104
104 M
26
120 M
107 M
120M
126M
326
107
108
J
J
93 %
93
------
*60
11M
11M
103
94 M
77
74 M
-
O
95 M
*93 M
J
-
7
-
-
--
161"
101
96
J
—
11H
*105M
O
2
96
7
-----
-----
93 M
O
O
1946 A
M
93 %
98 M
4
102 M
104 M
14
1
104 M
1952 J
J
108
108
108
2
J
28
28
2
1999 J
J
1944 A
4 Ms
O
98 M
101M
104 M
.1949 J
cons g
O
1937 M N
5s
Houston Oil sink fund 5Ms A.. 1940 IVI N
Hudson Coal 1st s f 5s ser A... 1962 J D
Hudson Co Gas 1st g 5s
Hudson & Manhat 1st 5s
1949 M N
------
118M
—
-
-
102 M
43
75
102 M
41H
120
------
A. 1957 F
A
68 M
67
O
29M
Illinois Bell Telep 3 Ms ser
B...1970 A
Illinois Central 1st
gold 4s
1951 J
1st gold 3 Ms
1951 J
Extended 1st gold 3Ms--
—
-1951 A
O
J
J
106 M
______
M
105M
*110M
104
1951 IVI
104
s
1952 A
O
Refunding 4s
1955 M N
*89
*
1953 M N
71
Refunding 5s
~7t"
1955 M N
86
86
1 1966 F
J
A
1950 J
D
J
J
Louisv Div & Term
g 3 Ms... 1953 J
Omaha Dlv 1st gold 3s
1951 F
St Louis Dlv & Term
g 3s...1951 J
Gold 3 Ms
A
1951
*
62 M
......
......
62 M
*104 M
*
26
3
69M
52
30 M
73
15
106M
-----
—
--
-
104
5
*
*
1951
J
J
J
J
A
90
-
12
6
64
109
106M
—
—
-
—
-
—
-
—
—-
-
-
"5
93 M
~90"
—
~5
97 M
*97
90
20
—
88
91
93 M
----
-
71H
83
------
J
93
74 M
74 M
95
"97"
J
g 3MS---1951
Western Lines 1st g 4s
1951
F
"9
43
74 M
*73 M
73 M
Purchased lines 3 Ms
Collateral trust gold 4s
40-year 4Ms
Aug
Cairo Bridge gold 4s
Litchfield Div 1st gold 3s
103
O
Collateral trust gold 4s
1952 J
5
_
120
29
ser
5
94
*63
-
10
119
94
-
Income 5s Feb 1957 A
Springfield Div 1st
29
---
J
1961 A
♦Hoe (R) & Co 1st
mtge
{♦Housatonlc Ry
103 M
101M
101M
81X
-
J
1966 A
Hackensack Water 1st 4s
1st
-
3
75
.
J
1952 J
♦Harpen Mining 6s
Hocking Val
-
-
74 M
1940 M N
Stamped
-
--
78
Feb
Gulf States Steel s f 4 Ms
Gulf States Utll 4s series C
10-year deb 4Ms..
-
-
*92
Feb
Gulf Mob & Nor 1st 5
Ms B
1950 A
1st mtge 5s series C
1950 A
Gulf & S I 1st ref & ter 5s Feb 1952 J
-
28M
*108 M
D
J
4s
-
104
D
Great Northern 4Ms series A..1961 J
General 5Ms series B._
1952 J
General 5s series C
1973 J
gu
-
42
104 M
*95 M
*102 M
J
ctfs B_
*
a39M
101
101
104
1950 J
♦Green Bay & West deb ctfs A
28
s
General 4 Ms series D_.
1976 J
General 4Ms series E
^..1977 J
General mtge 4s series G
1946 J
Gen mtge 4s series H
1946 J
Gen mtge 3Ms series I......1967 J
-
104M
104M
D
1942 J
1st & gen s f 6 Ms
16k
IVI N
Grand R & I ext 1st gu g 4Ms.-1941 J
Grays Point Term 1st gu 5s
1947 J
Gt Cons El Pow (Japan) 7s
1944 F
-
3
*
J
Gotham Silk Hosiery deb 5s w w '46 IVI
-
12
101M
J
♦Good Hope Steel & Ir sec 7s.-1945 A O
Goodrich (B F) conv deb 6s
1945 J D
-
102"
106 M
*39M
A
{♦Ga & Ala Ry 1st consSs Oct 1 '45 J
{{♦Ga Caro & Nor 1st ext 6s..1934 J
6
a39M
*37 M
102 M
A
......1951 F
1
95 M
102
D
Gen Pub Serv deb 5Ms—
1939 J
Gen Steel Cast 5 Ms with warr.1949 J
66 M
106 M
f deb 6s.......-.1948 IVI N
Gen Motors Accept Corp deb 3s *46 F
%
*117M
J
1940 J
4
95 M
------
J
♦Gen Elec (Germany) 7s Jan 15 1945 J
2M
108" "_5
108
«
A
f 5 Ms A
3
*2M
*106
D
Gen Amer Investors deb 5s A.. 1952 F
♦Debentures
10
16
O
Greenbrier Ry 1st
47
*
J
Galv Hous & Hend 1st 5 Ms A..1938 A
15-year 3Ms deb.
14
1314
t-o
/g
1982
Fort St U D Co 1st g 4 Ms
s
5
13
Framerlcan Ind Dev 20-yr 7 Ms 1942 J
J
Francisco Sugar coll trust 6S...1956 M N
♦20-year
71M
2
M
13M
{{♦Proof of claim filed by owner M N
♦Certificates of deposit
s
2
M
1952
{{♦Proof of claim filed by
V (Amended) 1st cons 2-4s
Gen Cable 1st
7
70
71M
14
94
70
1974 M S
94
90
93 M
♦Certificates of deposit
Fonda Johns & Glov 4 Ms
1st gold 3s
sterling
101M 108
85
Electric Auto Lite conv 4s..... 1952
-
36
*107
J
♦Adjustment
46 H
*105M
107
105 M
4
42
105
102
4
1
107
98 M 108M
96 M 103M
103
48
104 M
85 M
71M
103 M 110M
99 M 107 M
97
51M
61M
105M
85M
1951 IVI N
{♦Consol gold 4M8
J
1936 J
{♦Den & R G West gen 5s. Aug 1955 F A
♦Assented (subj to plan)
♦Ref & impt 5s ser B__.Apr 1978 A O
{♦Des M <fe Ft Dodge 4s ctfs.._1935 J
J
{♦Des Plains Val 1st gu 4Ms—1947 IVI S
*59 M
48
f 5s—1951 M N
1387.
100M
105 M
104 M 106
kfc
1942 J
page
94
99 M
100M 108M
Cuba RR 1st 5s g
s
108 H
102M 106M
101
107M
J
see
106 M
104 M
1943 J
Stamped as to Penna tax
{♦Den & R G 1st cons g 4s
105M
114M
105
105
1951 J
Den Gas & El 1st & ref
96 M
109
.1951 F
f 4s
105M
104 %
Crown Willamette Paper 6s
Cuba Nor Ry 1st 5Ms..
For footnotes
52
97 M
98
104 M
1946 J
f deb 3 Ms
s
--
104
1966 M N
Crown Cork & Seal
-
102 M
I
1956
Copenhagen Telep 5s.-Feb 15 1954
Crane Co
27
-
104 M
Consumers Power 3 Ms-May 1 1965 IVI N
1st mtge 3Ms._
May 1 1965 IVI N
1st mtge 3 Ms
1970 M N
1st mtge 3Ms
77 M
104
1960 J
Container Corp 1st 6s
15-year deb 5s
108
A
1951 J
f 5s
s
104
96
97 M
-.1955 A
♦Consolidation Coal
112M
A
1951 J
{♦Consol Ry non-conv deb 4s_.1954 J
♦Debenture 4s
1955 J
-
104M 111^
99 M 105 M
109
*107
Consol Oil conv deb 3 M8
♦Debenture 4s
113
*106M
of Upper Wuertemberg 7s—1956 J
♦Debenture 4s
108
76M
102 M
*105
♦Consolidated Hydro-Elec Works
CodsoI Gas (N Y) deb 4Ms;
108M 116 J*
111H 115
106
102 M
111M
106M
56 M
113M
106
J
4Ms——
1951
s f 3Ms A
1961
Consol Edison (N Y) deb 3MS-1946
3 Ms debentures
1956
guar
Conn Rlv Pow
102 M
100
105
106
53
101M
*112M
*109M
A
1955 F
3
109
35
65
*100 M
99 M
O
Columbus & Tol 1st ext 4s
62 M
101
57
104 M
84 M
83 M
62 M
21
----
104
83 M
1980 IVI N
Columbia G & E deb 5s—May 1952 IVI N
Debenture 5s
Apr 15 1952 A O
Stamped
108
113"
107
109 M
ink
s f
104M
109 M
*107M
•
Gen 4 Ms series A
1977
Gen & ref mtge 4Ms series B.1981
1st
98 H
IOI" 103"
*109
A
Cleve Short Line 1st gu 4 Ms—1961
Cleve Union Term gu 5 Ms
1972
118
103M 106 M
91M 103
93
*108M
O
—_—1950 F
107M
90
97
O
1942 J ' J
1948 M N
97
116
*101M
Cleve-Cliffs Iron 1st mtge 4Ms. 1950 M N
Cleve Elec Ilium 1st M 3Ms—1965 J
J
Series A 4 Ms guar
105 M 109 M
101
110M
•104 M
J
Cleve & Pgh gen gu 4 Ms ser B.1942 A
Series B 3 Ms guar
1942 A
104M 108H
Q9
*
1990
1940 M S
4s
97 M 104M
101
116M
90
M N
W W Val Dlv 1st g 4s
Series C 3 Ms guar
Series D 3 Ms guar
"l8
40 M
104 M 104 M
100 M
1939
Spr & Col Dlv 1st
108"
104M
*110
90 M
Cln Wabash & M Dlv 1st 4s. 1991
St L Dlv. 1st coll tr g 4s
"29
*104M
1977
Cairo Dlv 1st gold 4s
35
101M
107 M
104
104 M
99 M 105 M
80 H
94
13
*105
J
107 M
101M 108M
100M 108M
35
161"
Cleve Cln Chic & St L gen 4S.1.1993
General 5s series B
1993
Ref <fc impt 4 Ms series E
30
86 M
*
Cincinnati Gas & Elec 3Ms
Cln Leb & Nor 1st
99 X
91
107 M
106 M
5s...1952 IVI N
cons
87 M
75 M
78 M
105
J
1962 M S
1943 A
'
94 M
98 M
90
107 M
1951 M S
4s.-.1952 J
con
91
*
113M
94 M
90
*89
1st mtge 3 Ms series E
3 Ms guaranteed
1st & ref M 4Ms ser D
Childs Co deb 5s
16
105
90
1944 A
Chic & West Indiana
9
*94M
D
..Dec 1 1960 M
5s
gu
83 M
14
♦Certificates of deposit
♦Conv g 4Ms.----
High
30 M
31M
30 %
O
1934 A
Low
62 M
J
♦Certificates of deposit
{♦Refunding gold 4s
High
Jan. 1
101M
-
36
J
1st cons g 5s.. 1995 J
Ed El ill (N Y)
1
55
161M
105 >8
....
116
*100"32
O
Elgin Joliet & East 1st g 5s..,..1941
Bid
*38
J
Ed El 111 Bklyn 1st cons 4s
85
48
*
O
East T Va & Ga Dlv 1st 5s
Week's
Last
EXCHANGE
-
60
48
J
-
39
60
D
1937 A
-
104 M
60
{{♦Dul Sou Shore & Atl g 5s... 1937 J
Duquesne Light 1st M 3 Ms
1965 J
6
-
26
*58
D
Detroit Term & Tunnel 4Ms._1961 IVI N
La Salle St.
No.
High
108
109M
D
—1995 J
East Ry Minn Nor Dlv 1st 4s__1948 A
N.
113M
104
104
D
0
cqt>2
109
------
D
♦1st 4s assented
135 So.
Asked
*107
S
♦Second gold 4s...
♦2d 4s assented..
0
tfr
113M
O
O
♦Detroit & Mac 1st lien g 4s... 1995 J
Chicago,1 III.
Vrirate Wire
Bid
A
-.1952 A
—1965 A
Gen & ref mtge 3Ms ser G...1966 M
One Wall Street
or
Friday
Price
Nft,
Low
Gen & ref M 4s ser F
:
Range
Sale
Week Ended Aug. 27
Johnson
Week's
Last
J}
STOCK EXCHANGE
Y.
"j
1937
Volume
Friday
Y.
Week's
Last
Range or
Sale
69
Friday
Asked
Bid
&
fc'S
BONDS
N.
STOCK EXCHANGE
Week Ended Aug.
27
Price
Nk,
1963
1963
Illinois Steel deb 4%s
1940
Ind Bloom & West 1st ext 43—1940
Ind 111 & Iowa 1st g 4s
1950
C
D
72%
72%
J
D
69
69
A
O
A
O
J
J
J
{♦Ind & Louisville 1st gu 4s—1956 J
Ind Union Ry 3%s series B—.1986 IVI
107%
--
_>
69%
105%
3
2
101
1932
M
♦Certificates of deposit
{♦10-year conv 7% notes
62
63%
32
22
23%
11
21
21 %
K
67%
O
115
67%
69%
34
66%
A
47
64%
21
1932
of deposit.
§♦ 10-year 6s
105%
22%
J
61
62
A
66%
69
20
S
♦Certificates of deposit—
105%
D. H. SlLBERBERG 6k Co.
98% 10534
101%
61
F
5s—1966
87 %
10634 108
104)4 104 J4
10034 107
29 34 43
-
103%
FOR BANKS AND DEALERS
91%
66
73
22
30%
*100
S
J
1961
Inland Steel 3%s series D
{Interboro Rap Tran 1st
103%
*
BROKERS IN BONDS
High
Low
73%
70%
107%
*101
103%
J
♦Certificates
Since
Jan. 1
N
Joint 1st ref 5s series A
1st & ref 4%s series
Range
<2
High
Low
III Cent and Chic St L &
1385
Record—Continued—Page 4
New York Bond
145
55
Members New York Stock Exchange
108
97
5334
95%
20
56
18
NEW YORK
Wall St.
52 34
6134
63
9134
A. T. & T. Tele. N. Y. 1-1598
Telephone WHlteball 4-2900
91
61
Friday
1947
Int Agric Corp 5s stamped 1942..
{♦Int-Grt Nor 1st 6s ser A--.-1952
♦Adjustment 6s ser A..July 1952
♦1st 5s series B
1956
Interlake Iron conv deb 4s
O
100%
100
101%
IVI N
100%
100%
100%
15
*30%
31%
9%
10%
J
J
A
O
J
*
J
O
A
J
*28
O
J
1941
Int Merc Marine s f 6s
J
A
IVI
-----
-
81%
80%
76%
102
101
97
s
IVI N
100
26%
40%
71%
90
47
154
77%
97%
87%
87%
25
86%
99%
9
66
66
68%
58
J
J
88%
87
89%
217
F
A
70%
70%
73%
77
4s. 1951
IVI
S
5%
5%
5%
24
1st 4s...
Jones & Laughlin Steel 4%s A..1961
Kanawha & Mich 1st gu g 4s..
D
93%
IVI
s
103%
93%
103%
104%
A
O
A
O
{{♦K C Ft S & M Ry ref g
♦Certificates of
4s.
J
1st gold 3s
Ref & lmpt 5s
Apr
Kansas City Term 1st 4s
Kansas Gas & Electric 4%s.—
82%
83%
1st 6s...
♦Ctfs w w stmp (par $645)..
♦Ctfs w w stmp (par S925)_.
♦Ctfs with warr (par $925)-Kelth (B F) Corp 1st 6s
Kentucky Central gold 4s
Kentucky & Ind Term 4%s——
84%
J
108%
108%
1)
104%
104%
44
-
«
-
*16%
M N
s
J
J
J
J
J
J
————-
53
100
102% 105
40
44
11%
31
25
35
....
96% 100
98%
1st cons 5s gu as
A
O
F
A
96%
96%
Kings Co Lighting 1st 5s.——.
1st & ref 6%s———— ———
J
J
*105%
109%
95% 108%
109% 114
J
J
112%
113
19
112% 119%
Kinney (G R) 5%s ext to
J
D
*99%
101
coll tr 4s..
3%s collateral trust notes.
{♦Kreuger & Toll secured 5s
Uniform ctfs of deposit
Laclede Gas Light ref & ext 5s.
Coll & ref 5 Mis series C
Coll & ref 5%s series D
J
J
105
105^
5
101% 102
102% 111%
F
A
99%
11
Purchase money 6s
4s...
Kings County Elev 1st g
Kresge Foundation
IVI
A
O
F
F
Coll tr 6s series B
65
95
95%
22
90
64% T 65%
50
56%
70%
64
64
65
20
56
55
55%
6
gold 5s_...,
3%s
Ltd—
Lake Sh & Mich So g
Lautaro Nitrate Co
50%
101
102
j
94
J
J
J
4s A--.
4s
A
O
M
S
Lehigh Val Coal 1st & ref s f 5s.
1st & ref s f 5s-_—--------
F
A
F
A
1st & ref s f 5s
F
A
1st & ref s f 5s
F
A
Secured 6% gold notes
J
J
F
A
J
J
Lehigh C & Nav s f 4%s Aj —
Cons sink fund 4%s ser C__.
Lehigh & N Y 1st gu g
Leh Val Harbor Term gu
5s
94
100
4
91%
*91%
100%
7
70
-
56%
•
-
109%
35%
92% 106%
90
104%
100
105%
70
94%
95
100%
30%
59
78
.
98%
3
46%
77
49
1
47%
75
94
-
46%
49
--i mim
-
1
94
1
94
100%
100
15
98
107
93
93%
11
93
-
Monongahela West Penn
1st mtge 4%s
Montana Power 1st
103%
O
113
O
*119
O
129%
130%
22
A
121%
121%
6
*108
99%
-
-
-
100%
124
74
741
1
*102%
105*
J
D
101%
101%
4
*
103
109
Gen & ref s
129%
Gen & ref s
102%
129%
136
117
126%
108
-
D
108
97% 101%
69%
79%
101% 106%
101% 103%
S
IVI
s
IVI
s
A
O
128
128
128
1
126% 135
F
A
120
119%
120
5
116% 124%
82
100%
1
J
J
;
A
102% 108
1(*%
85
102%
46
100
101%
102%
10
100
85
82%
21
101
101%
109%
109%
106%
107
107%
101%
108%
20
3
106%
104%
99% 102%
106
112%
N
0
104
O
104
A
O
100
A
O
99%
F
A
s
M
S
*112%
J
J
32
19
41%
16
30
14%
13%
14%
30
12%
28%
80
82
80
95%
95
95
48
61%
96%
•
97
98%
84%
85%
21
J
68%
68%
71%
60
84%
68%
J
J
60%
60%
63
38
60%
76
J
J
69
79%
A
O
F
A
69%
-
-
-
105%
22
104
104%
54
102% 105%
103%
103%
10
100
D
.
-
-
-
-
93
99
102
106
78%
79
4
105%
77%
86%
67
79
67
6
55
*
deposit,
69
O
deposit.
J
IVI
D
S
M N
M
J
N
J
90
54
37
37
38%
35
A
"60"
34%
61%
"l9
60
80
34%
"60
36%
,16
31%
48%
45%
35
33
S
14
14
IVI
S
34%
34%
15%
165
14
24
36%
192
49
"33
31%
31%
31%
32%
~29
10
48%
45%
18%
31%
48%
46%
31%
49%
30
47
92%
92% 100
83%
M
M N
34%
M N
93
97
36%
A
A
36%
13
34%
34%
12
35%
O
F
10%
10%
36%
87
92%
92%
I
47
38
36
54%
39%
M S
27%
26%
27%
89
80
4s. 1991
F
M
S
29%
39%
84
98%
108%
108%
105
111%
105%
105%
100
108%
102%
102%
101
110%
94%
*101%
95%
92
99%
IVI N
A
O
A
O
—
& ref
105%
34
35
12
4
90%
32
57%
27%
53
21
16%
92%
33%
*83
93
82%
90
*65%
75
75
78%
*30
37
32
41
*16%
3%s.l966
5s
1941
A
1955
f 5s series B
1955
f 4%s series C—1955
f 5s series D
1955
*
Gen & ref 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
National Rys of
By4914
1957
on—1957
off
1957
coup
♦4% July 1914 coup
1965
f 4s
{♦Naugatuck RR 1st g
86%
86"
"87%
*92%
1
92%
82%
80
79%
86
24
85%
4s-.--.1954
5s.-.1948
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
New Orleans Term 1st gu 4s—.1953
1961
97%
4
92
102
82
84
45
82
97
M N
*115
117
IVI N
*107
M N
F
A
"§2%
90%
90%
9
39%
15
35
2
95
J
35
35
D
101
101
101
103%
103
103%
105%
106
IVI N
IVI N
112% 119
106% 111
91%
J
J
90
144
24
99% 107
106%
103
J
J
*2%
4
*3%
*2%
3%
AO
O
2%
3%
•
6%
4
4
*2%
"3%
*3%
5
A
O
O
*2%
J
D
"e"
*2%
A
7%
"3%
4%
*3%
J
"6%
4%
-
J
4
2%
*3%
*2%
J
4
4
J
J
A
98%
63%
101
4
J
3%
106%
IVI N
J
J
F
J
52
84
"52"
3
52%
3
123%
123%
8
.120%
A
O
102% 107%
77
93%
118
122%
52%
'123%
M N
A
3%
107
*118%
52
J
D
106%
*78%
D
{♦New England RR guar 5s. —1945
♦Consol guar 4s
1945 J
J
& Tel 5s A-.1952
%s series B
84
93
New England Tel
N J Junction RR guar
80%
93
M N
J
1st g 4
98% 104%
85%
79%
86%
79%
86%
Mexico—
♦4%s Jan 1914 coup on
♦4%s
102
♦IIIII
*11111
Morris & Essex 1st gu
Nat Steel 1st coll s
-
981
103%
100
O
88%
28%
94% 100%
109% 115
96
104%
A
'"~7
27%
27%
20
99% 108%
12
*97%
104%
57
~36~~
85%
96%
110% 115
50
A
D
6
27%
2
106% 111
*113%
>J
18
1
23
55%
84%
A 60
Pub Serv
Newark Consol Gas cons
1387.
1
18
"36"
90%
105% 109%
IVI N
page
18%
A
98
90%
105% 111%
7
IVI N
IVI N
37%
M S
60
100
90%
J
19
20
M N
No 4 on *57
♦4s April 1914 coupon on. —1977
♦4s April 1914 coupon off
1977
♦Assent warr & rets 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
*109%
IVI
F
8%
45
18
♦Assent warr & rets
39
](¥>%
92%
A
20%
35
93%
Louisville & Nashville RR107
10
3
18%
Gen & ref s f 5s series
116
13
122
O
J
4%
20
Montreal Tram 1st & ref
86
S
21%
25
18
J
1965
76%
S
57
11
8
19%
20%
J
Monongahela Ry 1st M 4s ser
57%
M
46%
57
1938
♦Secured 5% notes.
Mohawk & Malone 1st gu g
49
IVI
31
12%
1977
15
J
32
32
♦Ref & lmpt 4%s__
42
102
99%
91%
5
{♦Mobile & Ohio gen gold 4s.-.1938
♦Montgomery Div 1st g 5S..1947
60
99%
77
4%
M S
51%
IVI
see
*11%
MN
57%
A
For footnotes
"§r%
*
4%--July 1938
49
A
85
90
83%
90
*
deposit-
♦Certificates of
Mo Pac 3d 7s ext at
50
F
83
~90"
*77
~90~
"32"
90%
105
99% 105
63
J
D
s
1981
72
J
♦Certificates of
103%
41%
100
35
♦1st & ref 5s series I
45%
M N
♦Certificates of
102%
108
101
103
103
IVI
1949
1980
83
F
ianhat Ry (N Y) cons g 4
102
J
G———1978
49.%
A
Maine Central RR 4s ser A.
i02~
34%
5%s
♦1st & ref g 5s series H
♦Certificates of deposit
45%
A
Paducah & Mem Div 4s
J
—1975
1977
gold
45%
A
A...
J
104% 110%
40
deposit
♦Certificates of
♦Conv
103% 105%
103%
98%
IM N
5s.
D
—
5%
28"
24%
105%
*37
♦Certificates of deposit
IVI N
Louisiana & Ark 1st 5s ser
J
105
J
5s ser A.
IVI N
Loews Inc s f deb 3%s.
O
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
M-K-T RR pr lien
6s debentures
5s.
J
A
*107%
104%
♦Certificates of deposit—
46%
46%
-
4
95
*50
..
-
70
95
70
J
D
99%
98
105%
J
gold 4s
98
20
16%
*92
1990
Mo Kan & Tex 1st
98%
21
*104%
J
♦1st & ref 5s series F
34%
J
M S
J
♦General 4s.
103
J
—
70
33%
3
"§6%
—1949
1st ref 5%s series B
-.-1978
1st Chicago Term s f 4s——1941
{♦Mo-Ill RR 1st 5s series A.. —1959
5 %s———
68%
102
4%
*26%
J
70%
100% 106%
8%
D
J
49
104%
9
J
1946
49
*101
100% 104%
1938
to int
57
33%
♦1st mtge income reg
Lehigh & New Eng RR
l
1st cons 5s
♦1st & ref 5s series
3% to..
102%
8%
J
*51%
D
5s 1937 extended at
102
A
4s int gu.1938
1938
*98%
J
J
29%
30%
,---
J
J
102%
RR—
Lake Erie & Western
2d
98
25
A
J
1
M St P & SS M con g
25-year
30%
A
F
146% 161
1
64%
A
Coll tr 6s series A
149
99%
A
F
149
S
C
1st & ref 6s series A
O
_
O
D
101% 102%
J
A
P 5s
A
F
1939
M S
{♦Mil Spar & N W 1st gu 4s.—1947
J
J
{♦Milw & State Line 1st 3%s.-1941
{♦Minn & St Louis 5s ctfs
1934 M N
M S
♦1st & ref gold 4s
1949
♦Ref & ext 50-yr 5s ser A—.1962 Q F
107% 108%
J
4%s unguaranteed
Kings County El L &
106
{♦Milw & No 1st ext 4 %s(1880) 1934
1st ext 4%s
1939 J
101%
5
108%
1961
1971
107
101
108
IVI N
109%
100%
109%
S
1952
1979
1940
1st gold 3%s
Ref & lmpt 4%s series
*
95
-
103% 107%
*2%
*101
*
—
-
108
7
103
105
*2%
*103
110
87% 100
97
97
104%
M S
115%
97% 101%
99% 107%
109% 109%
109%
High
97% 103%
(VI
Con ext 4%s————
25
21
I
1977 M S
1st mtge 5s
109%
106
5
Low
103%
93
90
90
105"
1977
♦Miag Mill Mach 1st s f 7s
1956
Michigan Central Detroit & Bay
City Air Line 4s
1940
Jack Lans & Sag 3%s
1951
{♦Mid of N J 1st ext 5s
Milw El Ry & Lt 1st 5s B
95
14
.
26
98%
—
J
J
Plain.-...-.-—
79
*20
—
64
22
44
*20
IVI
106
42%
82%
D—
♦4s (Sept 1914 coupon)
101% 108
46
66%
18
105
M N
100
5
109
J
9%
ser
♦Mex Internat 1st 4s asstd
93% 102%
5
84
94%
80%
3
21
49
J
♦Karstadt (Rudolph)
67
46
J
J
94%
45%
O
A
Since
High
103%
103%
O
A
1947
f 6s
s
1968
Metrop Wat Sew & D 5%s
1950
{{♦Met West Side El (Chic) 4s,1938
Metrop Ed 1st 4%s
75
79
102
49
45 H
deposit
Kan City Sou
S tamped.——
*100
102
63%
Marlon Steam Shovel
D
Market St Ry 7s ser A..-April 1940 Q J
Mead Corp 1st 6s with warr__1945 M N
95
94
96%
J
{♦Iowa Central Ry 1st & ref
89%
102%
83
1
A
James Frank & Clear
A I Namm & Son 1st 6s.-—-1943 J
95% 101%
F
Debenture 5s
Range
Jan. 1
Mfrs Tr Co ctfs of partic in
99
31
J
1st lien & ref 6%s.
No.
Price
27
Week Ended Aug.
71
9
102
97
------
cqcr.
40%
27
83
Friday
Bid
&
Asked
STOCK EXCHANGE
17%
31%
N. Y.
42%
934
Range or
Sale
BONDS
102
27%
Week's
Last
Low
104%
32%
9%
J
C
♦1st g 5s series
94
139
A
107
82
121%
3
107%
"20
100% 101
104% 108%
88%
24
84
3
70
*101
107
52
74%
52%
118% 127%
116% 125%
98
J
88%
70
70
99%
28
85%
92% 103%
92
J
J
A
O
99%
98%
J
D
98%
98
99%
64
J
J
92%
91%
92%
4
103
90% 100%
New York Bond Record—Continued—Page 5
1386
bonds
N.
Y.
STOCK
Last
EXCHANGE
Range
Sale
27
Week Ended Aug.
Bid
cfe
Low
n-c
*45
49
♦1st 5s series B
♦Certificates
♦1st 5s series C
1956 F
♦1st 4*s series D
1956
1954
♦1st 5 Ms series A
♦Certificates of deposit
*48
o
A
50*
A
Ref & Impt 5s series C
Conv secured 3*s
"~2
48
60
J ♦Park-Lexington 6 *s ctfs
55 M
Parmelee Trans deb 6s
1944 a
50 M
62 M
Pat & Passaic G & E cons 5s—1949 ivi
47
57
Debenture 4s
"31
105M
107M
113
104
64
94
97
106 M
A
'~87*
86 M
f
88 M
88 M
89 M
2013
gold 3 Ms
1998
Mich Cent coll gold 3 Ms
1998
UN Y Chic & St L 1st g 4s
1937
Ref 5 Ms series A
1974
Ref 4 Ms series C
1978
3-year 6s
Oct 1 1938
1st guar 5s series B__
M
18
100'332l02m
97 M
84 M
15
92* 105
192
97M
F
31
102 M
103 M
114
108 M
'102*
F
108 M
2
*108M
a
A
o
a
"59
59 M
62
*55 M
100 *
64
ioi~~
O
N Y Gas El Lt H & Pow g 5S..1948
101*
101M
101M
~~7
14
.1946 ivi N
.2000 ivi N
98 M
-1973 ivi N
~97~"
4 Ms series B
1943 J
.1941
4s
{♦N Y & N E (Bost Term) 4s.. .1939
{♦NYNH&H n-c deb 4s_ —. .1947
98 M
4
1
98 M
1
"34
55M
55
109M
109M
72M
72
j
116* 125 M
109* H7M
-
100 *
a
*29
36
109*
98
33
26
13
33
45
36 M
53
38
61
36 M
53
60
36 M
18M
18M
55M
19*
22
18M
36
38
20
36
55
92 *
92*
92 M
19
90 M
99 M
1992 M S
18M
18M
19 M
47
18 M
1955 j
46 M
13*
13 M
13M
12
12M
42 *
39
101 *
D
^♦N Y Providence & Boston 4s_1942 a
55*
JN Y Rys prior lien 6s stamp. .1958 j
*99*
*77
1947 ivi N
1st mtge 5s
1st mtge 5s
1951
1956
t*5N Y Susq & West 1st ref 5s. 1937
§*2d gold 4 Ms
1937
♦General gold 5s
1940
♦Terminal 1st gold 5s
1943
N Y Telep 1st & gen s f 4 Ms—1939
ref mtge 3Ms ser B
1967
N Y Trap Rock 1st 6s
1946
6s stamped
-.1946
f»N Y Westell & Bost 1st 4 Ms. 1946
Niagara Falls Power 3 Ms
1966
Niag Lock & O Pow 1st 5s A...1955
Niagara Share (Mo) deb 5 Ms.-1950
Nord Ry ext sink fund 6 Ms
1950
{^♦Norfolk South 1st & ref 5s..1961
ivi N
M n
j
J
f
a
J
j
J
M
a
A
5s—1941 ivi N
1996 O A
—1961
f
1957 ivi
1974 ivi
guar
107 *
107 M
92 M
28
25
13
15M
79 M
13
90
65
101M
101*
50
*82 M
87 M
"16 *
91
69 *
106M
106M 109M
101M 101M
2047 J
2047 J
Ref & impt 5s series C_—.2047 J
Ref & impt 5s series D———2047 J
Nor Ry of Calif guar g 5s.
.1938 A
Northwestern Teleg 4 Ms ext—1944 j
Norweg Hydro-El Nit 5Ms.--.1957
~25M
79
23
110M
73
116*
101M
49
101
73
104
»
O
1990
O
90
90
105M
88
119
U3M
113*
*
91
112
19
90
♦Conv deb 6s
99
26*
108
113
106
94
1
91
101
93 M
94 *
29
91
113*
113M
100
94
A
D
115M
90
101M
D
*118
10
121
*112
j
113*
113*
*112 M
98*
103 M
23
103 M
24
1949 m
S
§*Philippine Ry 1st s f 4s
1937 J
Pillsbury Flour Mills 20-yr 6s..l943iA
j
23 H
23 *
O
107 M
107 M
Pirelli Co (Italy) conv 7s
1952:m N
Pitts Coke & Iron conv 4 Ms A.1952 ivi S
117*
15*
113
100 M
106*
112*
116*
109* 116*
96 M 103*
115* 126
106* 115*
H3M 123
98* 107
103* 111*
103* 111*
103* 111*
116* 121*
109
"2
16
Apr
1967 J
5s series A
10
11
*100M
116
81
42
11
79
27
191
107*
7
101
129
112
100
103*
243*
103*
106* 119*
107
113*
119
108* 117
91* 106*
102
104*
22*
50*
9*
18*
106
26*
30
108*
85* 101
104 M
104*
104
*120
104 M
125
*120
122
119
72 M
83
83
87
87
72 M
104*
102 M 106M
101
105M
101M 106 M
99M 107
120
125M
72 M
2
104
107
75
121
no*
109 M
100
j
120
72 M
81M
101M 112M
82*
95 M
25
110*
214
10 J*
44
99
101
110M
33
99 M
103 M
00 *
*107M
100*
94 M
106
109M 112
1977 j
J
20
103*
105*
99M
66
109*
d
D
a
o
97
J
106
1997 j
J
d
106M
106M
107M
1st & ref mtge 3*s ser H...1961
1st & ref mtge 3 Ma ser I
1966
Pac RR of Mo 1st ext g 4s
1938
d
103 M
102 M
103 M
*63
D
75
99 M
a
*98
j
O
j
98M
96 M
.01
101M
100*
*106M
*35 M
101M
109
100 *
66 M
19*
27*
66
s
f 7s..-
♦Cons mtge 6s of 1930
Richm Term Ry 1st gen 5s
♦Rima Steel 1st s f 7s—
82
36*
36 M
100*
100 M
98
65 M
16*
21
25*
1
102
19
103
21M
103*
101*
102
20*
103 M
1947
3
2
54
20
*109
99*
166"
*96
99
*92
"17
97*
107* 109*
16
28*
20*
25*
19
32*
20*
34*
102* 103*
99* 104*
107
112*
97
101«32
96
103*
98* 102
m N
*♦8 L Peor & N W 1st gu 5s—.1948 J
St L Rocky Mt & P 5s stpd.-.1955 J
J* St L-San Fran pr lien 4s A—1950 J
♦Certificates of deposit
1950
57*
♦Certificates of deposit
♦Con M 4 Ms series A
♦Ctfs of deposit stamped
1978
73 M
2!&
72*
88*
32*
31*
48
73*
89*
*82*
83
82
85
21*
23
21*
19*
19*
20*
18
22
23*
22
21
22
17*
20*
22
20
37*
33*
36*
33*
33*
19M
20*
18
30*
j"i
"21"
m's
77
21M
j
-
75
32 M
j
j
73 M
*73*
1933
♦Prior lien 5s series B
75M
4
"l
19
1949
1941
58
100M
33M
109*
60
91
91*
69*
84
32*
52*
116* 117
St Louis Iron Mt & Southern—
♦§Riv & G Div 1st g 4s
105*
53*
10
16
♦Certificates of deposit
99
33
109 M
S
Saguenay Power Ltd 1st M 4Ms '66
107 M
104M
108M 108M
72 M
70 M
*117*
St Jos & Grand Island 1st 4s__ 1947
St Jos Ry Lt Ht & Pr 1st 5s—1937 M n
St Lawr & Adir 1st g 5s.
j
1996 J
2d gold 6s
1966 A O
94 M 100M
97 M 102M
102 M
"76"
66
103* 104*
25*
33
1949
1977
o
1st con 4 Ms
s f deb 4s
45
89 M
70
§t*R I Ark & Louis 1st 4MS-1934 m
♦Ruhr Chemical s f 6s
1948 a
Safeway Stores
111
*52*
..1955
S
♦Rut-Canadian 1st gu g 4s
41*
*40
*104
1962 m
♦Rutland RR
65
41*
1952
♦1st con & coll trust 4s A
Roch G & E 4 Ms series D
Gen mtge 5s series E
:
114
103
27 *
m N
t*RIo Grande June 1st gu 5s..1939
f^Rio Grande West 1st gold 4s. 1939
121M
92 M
o
m N
1955 a
♦Certificates of deposit
123
103M 107M
102 M
*30*
♦Direct mtge 6s
1952 m N
♦Cons mtge 6s of 1928——-1953 F a
116
99 *
12
32
40*
40*
107M 115
37
67M
95* 100
100* 106
103
94* 100
130*
1
113
44
66M
108
90
5
109M 109M
101* 106 M
97M 100
36*
—
71
33
41*
96 M
101M
97 M
118*
97*
103*
97
26*
♦Rheinelbe Union
117
D
95*
117*
97 M
27*
120
1964
96 *
117*
27*
*119M
1946
212
19*
*119
Pacific Coast Co 1st g 5s
115*
112
127
19*
J
Pacific Gas & El 4s series G
105
112
3
33 M
87 M
106
479
2
J
"92"
107*
169"
25*
27*
110M 115
106*
153
105
108*
105* 108
27*
11
90
107 M
*108
153M
105* 126*
89* 104*
25*
27*
113*
106
107
36
27*
H3M
*111M
109M
*102*
100
32
A
91
2
97
106*
26*
1945 ivi N
J
107*
96*
106
19
1943 f
J
107M
107*
107
107M
18
Ontario Power N F 1st g 5s
s
*110
J
J
24
Ontario Transmission 1st 5s
1961
28*
90
96* 101
1
103*
1962 j
17
"5
100 M
1963 ivi
98
85*
97
26 M
103
Oslo Gas & El Wks extl 5s
100
13*
25*
100
Otis Steel 1st mtge A 4 Ms
106
92
26*
105M
106
100
12
25*
109M 112M
14
2
95*
15
26M
21
109*
186
103*
25M
21
115
20
54*
75*
105* 108*
74
88*
18*
45*
J
100
"§
99M
83
18*
*13*
j
Purch money 1st M conv 5 Ms '54 M n
Gen mtge 4 Ms series C
1956 m N
Revere Cop & Br 1st mtge 4Ms. 1956 j
J
58
743*
95
Remington Rand deb 4Ms w w.1956 m S
Rensselaer & Saratoga 6s gu... 1941 m N
Republic Steel Corp 4 Ms ser A. 1950 M s
Gen mtge 4 Ms series B_
1961 f A
61
107M
74*
103 *
1997 j
Gen & ref 4 Ms series A
Gen & ref 4Ms series B
60
*106*
18*
J^Radio-Keith-Orph pt pd ctfs
for deb 6s & com stk (65% pd)...
§*Debenture gold 6s.———1941
Reading Co Jersey Cent coll 4s_1951
110*
119* 124*
*110
60
j
"74 M
1948 j
108
*118*
6s._ 1942
f deb 5s
97*
M n
20
38
s
84*
*110
D
I960 M s
96
84*
♦Rhine-Westphalia El Pr 7s... 1950
104M 104M
100 M
*107
D
D
96*
38
♦Rhine-Ruhr Water Service 6S-1953 j
26
1387.
84*
113
86
110
111*
d
5J*Pan-Am Pet Co (Cal) conv 6s *40
♦Certificates of deposit
Panhandle Eastern Pipe L 4s..1952 ivi S
Paramount Broadway Corp—
1st M s f g 3s loan ctfs
1955 f A
O
123*
107*
109M
100*
d
A
124
J
103*
1955
*83"
125*
124*
1946 j
103
1966
o
Potomac Elec Pow 1st M 3 Ms. 1966
Purity Bakeries
84*
*
a
1948 j
-
conv
~85~~
107
*103
1962 f A
——1974 j D
1st 4 Ms series D
116*
107 M
113*
113*
104*
112*
1960
A
ser
111
117
1959
1st mtge 4 Ms series B
1st mtge 4Ms series C
Pitts Y & Ash 1st 4s
113
117*
116*
107"
122
116
o
j
110
1'17*
117*
Pitts Va & Char 1st 4s guar..—1943 M n
Pitts & W Va 1st 4Ms ser A... 1958 J
d
mRichfield Oil of Calif 6s—1944
*16M
03*
*177
a
D
82 M
105M
J
F
ivi N
t^Providence Sec guar deb 4s. .1957 ivi N
^♦Providence Term 1st 4s
1956 MS
73*
Pacific Tel & Tel 3Ms ser B...1966
Series
Series
Gen mtge 5s series A
1970 j
Gen mtge 5s series B
1975 a
Gen 4*s series C_.————1977 J
t*Postal Teleg & Cable coll 5s. 1953
103 M
Ref mtge 3Ms ser C
Paducah & 111 1st s f g 4 Ms
114*
114*
111
*106
Pressed Steel Car deb 5s. ——-1951
73 M
1938
111
109
109
31
100
j
110
*108M
22
IK*
4s
1946
5s.-.1946
1946
110
*111
97 M 109*
23 M
32 M
100
—
d
111
A
27
122
111
f
26*
69
111
100*
M n
101
104
100 M
*109M
a
24
112
107* 111*
109
113*
109
113*
111
113*
108
112*
J
F
25M
79*
117M
108*
111
111
M n
—
Porto Rican Am Ton
79
100
Series
Series
104
104M
j
o
a99
108 M
M n
1945
1949
1953
G 4s guar.
— --—-1957
H cons guar 4s
— 1960
I cons 4*s..
—-—1963
J cons guar 4Ms._.-.1964
100
104
j
a
a99
a99
O
1942
1942
101M
105
O
A
Series D 4s guar
Series E 3 Ms guar gold
Series F 4s guar gold.
100
103 M
j
1940
Pitts C C C & St L 4 Ms A
Series B 4 Ms guar
Port Gen Elec lst4Ms
1st 5s 1935 extended to 1950
d
5
74
120
100
108
"16
75
1977 J
1981 j
108
d
page
113M
113M
37
.1974 f
22*
109M
10*
A
see
sec
10
122
1943 M n
General 5s series B
General g 4 Ms series C
General 4 Ms series D
106
1966
footnotes
Phila Bait & Wash 1st g 4s
100
1946
For
conv
102 M
116M
j
Phelps Dodge
111
113
116M
j
107*
J
M n
—1947 f
2d ext gold 5s
97* 102
103* 105*
103* 107
109* 111
107 *
1980 ivi S
3 Ms deb—1952 j D
1st gen 5s series B
Oklahoma Gas & Elec 3*s
4s debentures
g
"2
107
1956 J
5s
1st gen 5s series C
109*
11*
con
105M
105M
103 M
—1956 J
94 M
F
—
cons g
99* 106*
18
105M
Pere Marquette 1st ser A
98
117
S
j
1948 J
1943 M s
.1965 M n
1st mtge 3*s
——1972 j
J
Ohio Indiana & West 5s.-Apr 1 1938
J
Ohio Public Service 7 Ms A
1946 A O
Guar stpd cons 5s
Ore-Wash RR & Nav-4s
*34
99M
101
a
83
117M
4s
Oregon RR & Nav
April
100 M
101M
s
Ohio Connecting Ry 1st 4s
Ohio Edison 1st mtge 4s
Ore Short Line 1st
♦Income 4s
87 M
M
11M
5s—
April 1 1937 incl coupons. .1945
North Pacific prior lien 4s
1997 Q
Gen lien ry & id g 3s Jan
2047 Q
1st & ref 7s series B
107
107*
102 M
106
1943 a
104 M
*70
gu g
104
104 * 110
105M
Peoria & Eastern 1st cons 4s—1940 a
88
sale of April 1 '33 to
♦Og & L Cham 1st
99
120
1947 M s
10*
103*
107*
♦Oct 1937 and sub coupons. .1945
Ref & impt 4 Ms series A
Ref & inapt 6s series B
Peop Gas L & C 1st cons 6s
85
*80
as to
108*
28
coupons. 1945
♦Stpd
102 M
98 M
28
31
A
Deb 5 Ms series B....Aug 15 1963 F a
Deb 5s series C
Nov 15 1969 N ivi
North Cent gen & ref 5s
1974 ivi S
95
109M
103M 105M
104M 108M
98
107 M
24
Norf & W Ry 1st cons g 4s
17
107
o
f
105 M
106
9
101M
s
A
"l4
107 M
O
ivi N
71
101M
79
105 M
106 M
*61 1
d
j"j
♦Certificates of deposit
♦Oct. 1 1934 &sub
"l3"
ivi N
M n
100
103*
105M
*9M
28
A
F
80
80
104 M
*102 *
105M
*105M
1951 ivi N
N Y Steam 6s series A
6
105*
106 M
104 M
J
N Y & Richm Gas 1st 6s A
^Northern Ohio Ry 1st
96
104
....
104
1952 a O
e
Series C 4 Ms guar
O
N Y & Putnam 1st con gu 4s—1993 A. o
N Y Queens El Lt & Pow 3 Ms. -1965 M n
Gen & ref 4 Ms series A
85
37 M
56
♦1st & ref 4 Ms ser of 1927. .. 1967 J
d
♦Harlem R & Pt Ches 1st 4s. 1954 ivi N
No Am Edison deb 5s ser A
101M 106*
1981 a O
1984 J
j
D
Gen mtge 4Ms series
Conv deb 3Ms
47 M
47
33
g
d
.1970 a O
12
34
§J*Norfolk & South 1st
D
1968 J
—
J
33
North Amer Co deb 5s
1965 j
General 5s series B
S
32 *
4s
General 4 Ms series A.
Debenture g 4Ms
General 4Ms series
J*Phila & Reading C & I ref 5s. 1973 j
1956 j
Y Ont & West ref g
stpd dollar May 1 1948 ivi N
1970 a O
4 Ms
1960 F a
Gen mtge 3Ms ser C
Consol sinking fund
Phila Electric 1st & ref 3*s.._1967 ivi
1956 m N
♦General 4s
109M
113M
112M
98 M
119M
109M
Phila Co
1948 j
O
1948 ivi N
Consol gold 4s
4s sterl
111
101M
*109 M
33
♦Conv debenture 3 Ms
♦Conv
debenture 6s
1940 a
101M
47
♦Non-conv debenture 4s
1957 ivi N
O
105M
1943 ivi N
46 M
32 M
32 M
♦Debenture 4s
4 Ms series B
...
1981 j
Pennsylvania P & L 1st 4*8—.1981 a
Pennsylvania RR cons g 4s
44 M
32 M
50*
77*
116* 122*
*105M
105*
31M
.1955
98 M
d
32
31M
102
102
O
4
33
31M
104
98M
1st M 4MS--1960 J
1st 4s series B
98
♦Non-conv debenture 3Ms.. .1954
103
3
104M
*105M
1st g 4 Ms series C
105 M
99 M 102
*100
*26
97* 101*
105M 106M
106
108M
107 M
90
39 M
55
2
8
*107 M
PaOhio&Det 1st & ref 4 Ms A_ 1977 a
94 M
103
*105M
M
♦Collateral trust 6s
Penn Glass Sand
99 M 107
103*
*95~~
♦Non-conv debenture 3Ms.. .1947
♦Non-conv debenture 4s
106
97* 105*
'98M
97
*
.1973 ivi N
N Y & Long Branch gen
80 M
95*
96 M 100M
100
105*
22
*102
N Y L E & W Coal & RR 5*s .1942 ivi N
N Y L E & W Dock & Impt 5s
97 M
~49
114
a
Penn-Dixie Cement 1st 6s A—1941 M
Peoria & Pekln Un 1st 5 Ms- —-1974 F
N Y & Harlem gold 3 Ms
._
98 M
55 M
60
97
105M
22
114
N Y Lack & West 4s ser A
5s
Guar 3 Ms trust ctfs C
Refunding gold 5s
122
122
1949
88 M
88
109
58 M
59 M
F
N Y & Erie—See Erie RR
Purchase money gold 4s
104 M 108*
85
96 M
61
82 M
82*
Certificates of deposit
E
105
33
A
1965
1966
5
86
103
11
109M
89 M
a
1953
1953
1951
1938
106 M
88
96M
89*
lOOi^ 1007,6
f
A
—1946 F
N Y Dock 1st gold 4s
Serial 5% notes
1963 F
84
105 M
Lake Shore coll
A
28-year 4s
126
m N
126
High
99 M 105*
86
100M 101*
104 M
d
97 M
96 M
45
--
A
d
96 M
Low
62
63M
all9M all9M
*95M
S
f
B—1941
1944 J
96 *
51
96
Jan. 1
34
1937 M s
Guar 3 Ms coll trust ser
1942 J
o
No.
57 M
1952 ivi N
A
134
High
100M
92M
*
Guar 3 Ms trust ctfs D
88
96
96M
Guar 4s ser E trust ctfs
87
97 *
s
o
1942 M
♦Paulista Ry 1st ref s f 7s
90 M
84
96 *
87
103 M
s
1968 ivi
Paris-Orleans RR ext 5 Ms
Penn Co gu 3 Ms coll tr A
102*
cqc?
100
100*
ivi
1947
113M
95
106M
99 M 104M
O
96*
54 M
110
O
Ref & Impt 4 Ms ser A
N Y & Greenwood L gu g
46M
Asked
90M
1953 J
46 M
1955 j
3Ms conv debentures
Since
&
Low
Paramount Pictures deb 6s
Range
Friday
High
51M
A
102*
Range or
Bid
Price
Nft,
59 M
49M
53
Last
Sale
Aug.27
44 M
a
1942 j
N Y Edison 3*s ser D
1st lien & ref 3*s ser
49 M
Week's
Friday
-CJ
STOCK EXCHANGE
Week Ended
48
*110
N Y Cent & Hud River M 3 Ms.1997 J
4s collateral trust
Low
A
1946
2013
2013
1952
10-year 3*s sec s f
N Y Connect 1st gu 4 Ms
No.
56
Newport & C Bdge gen gu 4*sl945 J
N Y Cent RR 4s series A
1998 f
Ref & impt 4 Ms series
50 M
Y.
"~~7
50
49 M
A
N.
Jan. 1
49
49M
*
of deposit.
Since
«o
bonds
Range
Asked
High
inc 5S..1935
1954
O Tex & Mex
or
Friday
Price
Aug. 28, 1937
Week's
Friday
20M
20
Friday
Last
Range or
Sale
Friday
EXCHANGE
Y. STOCK
Bid
Price
Week Ended Aug. 27
&
44 M
J
*42 M.
1990
J
29M
St Paul & Duluth 1st con g 4s.-1968 J
{♦St Paul E Gr Trk 1st 4MS---1947 J
*
25
1
100M
26
liOM
HOM
2
108
HOM
1
120M
100
100
1943
San Antonio Pub Serv 1st 6S..1952
San Diego Consol G & E 4s—1965
Santa Fe Pres & Phen 1st 5s. -1942
{♦Schulco Co guar 6 Ms
1946
108M
6
114
*113M
♦Stamped
1989
31
6
*113
———
-
25M
1959
14M
—
—
-
-
-
28
*21M
{{♦Seaboard Air Line 1st g 4s.-1950
{♦Gold 4s stamped
1950
♦Adjustment 5s
Oct 1949
-
5
----
25
26
25
♦Certificates of
36 M
♦Silesia Elec Corp 6 Ms
Silesian-Am Corp coll tr
7s
18*
149
12 M
23*
17M
37
11*
22*
-
9M
9M
9M
105M
105M
105M
99 %
6*
93
99
M
*98 M
95 M
64
*18
8
62
100M
IOOM
65
1O0
i05M
10oM
62
*122
1963 A
1962 A
1961 IVI
M
25M
82 M
100* 102M
97 M
102*
100* 107 M
130
118
....
.
73
68
8
102
iOOM
99 M
100 M
61
106M
106 M
106 *
20
107
107 M
22
101* 107 M
105M
105*
5
103M 106*
100
100 M
30
107
-1965 F
Southern Colo Power 6s A—-.1947 J
100
D
1946 J
98* 100M
107*
105
100M 100*
♦Ref & gen 5s series D
1980 A
line4*s— —1951
So Pac coll 4s (Cent Pac coll)..1949
1st 4*s (Oregon Lines) A—1977
Gold 4*3
1968
Gold 4*s
-.1969
Gold 4*8.—
1981
10-year secured 3*8
-.__1946
100M
100M
A
101 M
66
97M 101M
J
92 H
92 M
93
74
91M
M
IVI
9l M
9iM
83M
93 M
79
91M 100M
83
84 M
11
81
98
82 M
82 M
84*
80
81
97*
80 M
97*
99 M
84 M
43
99 M
98 M
99M
82
96* 102 M
108 M
107 M
108*
6
106M 109*
83
83
J
Walker(Hiram) G&W deb 4Ms. 1945 J
*100M
5s—1937
4s. -—. .1955
So Pac RR 1st ref guar
1st 4s stamped-.
-1955
Southern Ry 1st cons g 5s..
1994
Devel & gen 4s series A
1956
Devel & gen 6s
1956
Devel & gen 6*8.---.1956
Mem Div 1st g 5s
1996
St Louis Div lstg4s-.-----.1951
reor
103
108*
103M
105
113
100
1OO
102 *
124
100
58
71
89
100M 100M
A
72
7iM
73 M
A
91M
9i M
93
13
A
94
94
95
35
♦
J
4s.._..l938
3 Ms ser B—.1964
Mobile & Ohio coll tr
101* 105M
93 M 103
97
*103
—
-
-
-
—
-
101M 105
-
9iM
91
91M
M
112M
85*
105M
91M 110M
102 M
*96
J
1938 M
lien g 5s
103M
103M
J
-
East Tenn
101
—
J
- -
.T
-
8
88
95 M
35
102
27
99
106M
105M
S'western Gas & Elec 4s ser D..1960 M N
102M
102 M
103
♦{Spokane Internat 1st g 5s...1955 J
F
Staley (A E) Mfg 1st M 4s.....1946
Standard Oil N J deb 3s
1961 J
M
21 M
105M
105M
105M
2
97 M
97 M
97*
115
95
102
1
103
103
159
S-western Bell Tel
J
4*s
1943
♦Studebaker Corp conv deb 6s.1945
Swift & Co 1st M 3*s
1950
Tenn Coal Iron & RR gen 5s.-.1951
Staten Island Ry 1st
Tenn Cop & Chem deb 6s
Tennessee Corp deb 6s ser
Tenn Elec Pow 1st 6s ser
Term Assn of St L
20
20*
J
103
J
103
20 M
40
101* 106 M
52
101
105M
15
102* 107*
119
119
1
117
126
103M
A...-1947
113M
104M
104
2
103
105
.
92 M
17
~85~
104"
10
106
109M
115
107 M
107 M
107*
116M
2
..1944
1953
116M
116M
109 M
109M
110
31
105 M 111M
105M
105M
106
40
103* 108 M
Texas Corp deb 3 Ms
103M
103M
103M
55
100
108
108
1
105
1st
cons
gold 5s-_._.
s
f g 4s
105 M
110
Texas & Pac 1st gold 5s
1951
—.1943
_._2000
120
120
120
10
118
Gen & ref 5s series B
1977
101M
101 M
104M
22
101
101M
101M
103M
47
100
s
..1939 J
f 5s
103
16
100
99 M
95 M
93
100M
51
53*
44*
54
55
54
70
77
52 M
100
*
*100"
55 M
76
80
100
102 M
106
101M
*106*
110M
15
106M
106 M
119M
110M
105*
J
2
HO*
106
105M
106
106
107
4s. —-1943 A O
{♦Western Pac 1st 5s ser A——1946 IVI S
♦5s assented—
1946 IVI S
Western Union coll trust 5s
1938 J
J
Funding & real est g 4 Ms
1950 IVI N
25-year gold 5s.
1951 J
109M
109M
109M
Western Maryland 1st 4s
1st & ref 5 Ms series A
West N Y & Pa gen gold
30-year 5s
32
101M
9
87
87
87 M
12
100M 104M
87
111*
89*
89M
90
71
88M 107 M
87
87
88 M
60
87
25M
25M
3
19
25 M
91M
92
12
89
100M
91*
Conv deb 3Ms
104M
40
32M
47
38 M
40 M
31
47
12
12M
12
62
103M 104
103*
103M
102
102
103*
100 *
100 M
100 M
100M 100M
108 M
J
108M
108 M
106M
J
103M
99
22
Certificates of deposit...
22 M
21M
21*
22
22 M
115
35 M
20 M
32 M
15M
14M
25 M
*15
20
15 M
24
*11
19
15M
{♦Sup & Dul div & term 1st 4s '36 IVI N
...
1943 J
{♦Wor & Conn East 1st 4 Ms
J
Youngstown Sheet & Tube—
fConvdeb3Ms
141M
1961 IVI N
103
103M
98 M
105
included in the yearly
current week and not
Cash sales transacted during the
123M 162 M
145M
102 M
1951 F A
1st mtge sf 4s ser C
e
103 M
102M 105
40
1947 A
♦Certificates of deposit..
97 M
101M
104
{♦Wis Cent50-yr 1st gen 4s——1949 J
♦
113M
100M
1938 J
Winston-Salem S B 1st 4s.....I960
107
104
1942 J
Wilson & Co 1st M 4s series A. .1955
96
105
106
100*
{♦Wickwire Spencer St't 1st 7s. 1935
♦Ctf dep Chase Nat Bank.
J
J
♦Ctfs for col & ref conv 7s A-1935 M N
109M
112M
*112
1949 M
40 M
39*
107
86 *
*106"
Wheeling Steel 4 Ms series A—.1966 F
White Sew Mach deb 6s.—...1940 M N
28 M
28 M
85
*
1966 M
♦Wilkes-Barre & East gu 5s
3
29
31*
101
2361 J
.2361 J
RR 1st consol 4s.
49
31
30
1960 IVI
Wheeling & L E Ry 4s ser D
109 *
97* 106M
105M 108*
106
111*
30 M
♦Westphalia Un El Power 6s... 1953 J
West Shore 1st 4s guar
HOM
102
195
100M
98 M
123M
106M
58
1966 J
J
1952 A O
1977J
J
127M
117
123
*119
S
104* 108M
116
*120 M
D
1961 J
110M H2M
*109M
J
Westchester Ltg 5s stpd gtd—1950 J
West Penn Power 1st 5s ser E_ -1963 IVI
range:
No sales.
•
' ./.-'.v./.;
.
.•
during current week, a Deferred delivery sale; only
transaction during current week,
n Under-the-rule sale: only transaction during
current week,
x Ex-interest.
{ Negotiability impaired by maturity,
f Accrued
interest payable at exchange rate of 34.8484.
Cash sale: only transaction
nearing maturity.
reported as being in bankruptcy, receivership, or reorganized
Act, or securities assumed by such companies.
{ Companies
under
Section 77 of the Bankruptcy
*
♦
Bonds selling flat.
z
Deferred delivery sales
current week.
No sales transacted during
Friday's bid and asked price.
108M
week and not included
transacted during the current
in the yearly range:
108
103
90
94
94*
*96
128M
106M
Gen & ref 5s series C...—-1979
40
77 M
—
Wash Water Power
118M
1939
Texarkana & Ft S gu 5*s A..-1950
Gen refund
85M
109M
.
f Bonds called for redemption or
_90"
90
83M
104
106M
85
44
28
106*
106*
{♦Warner-Quinlan Co deb 6s. .1939 IVI S
{♦Warren Bros Co deb 6s.
1941 IVI S
Warren RR 1st ref gu g 3 Ms
2000 F A
Washington Cent 1st gold 4s.
1948 Q-M
Wash 'term 1st gu 3Ms
1945 F A
1st 40-year guar 4s
..1945 F A
r
108
108
J
B—1944
C
1944
lstg4*s
31
43 *
39 M
26M
26
109*
105M
106*
41
25
"29"
♦Certificates of deposit
Wilmar & Sioux Falls 5s
1950 A
San Fran Term 1st 4s
So Pac of Cal 1st con gu g
44
25
26
25
25
O
Registered
Southern Natural Gas—
1st mtge pipe
44*
41M
26 M
27 M
23*
1st mtge 4s ser H
1st mtge 3 Ms series 1
50*
18M
73 M
73
100M
100
100
27
73 M
IOOM
102
66 M
89 M
....
63
14M
105 M 117*
5
67
14 M
6*
18
99M
38*
27
-
99 M
28
26 M
O
89
71M
97 M
26 M
86
106M
25
1939 M S
-
60
91M
*26M
26M
1978 A O
1955 A
-
81
60 M
60M
♦Certificates of deposit--
1955 A
10*
60
*
A
Warner Bros Pict deb 6s.
28M
97
-
Walworth Co 1st M 4s.
6s debentures.
8M
82 M
60
~60~
25 M
1976 F
♦Certificates of deposit.
20
6M
8
J
M
F
F
South Bell Tel & Tel 3*s.
Southern Kraft Corp 4*s
1939 J
J
1941 A O
1941 IVI S
5 Ms A. 1975 M S
gen
78*
95
*65
60
♦Omaha Div 1st g 3 Ms
♦Toledo & Chic Div g 4s
{♦Wabash Ry ref &
104M
*
13*
20 M
66 M
South & North Ala ltR gu 5s...
-
J
10M
*26 M
1951 J
Socony-Vacuum Oil 3 Ms.—.-1950 A
-
J
1941 J
11M
16M
Skelly Oil deb 4s.
1st mtge & ref 4s
—1954 J
♦1st lien g term 4s._
♦Det & Chic Ext 1st 5s
♦Des Moines Div 1st g 4s
21
9
Simmons Co conv deb 4s—...1952 A
Southern Calif Gas 4 Ms
103*
64 M
20
8M
16M
Shinyetsu El Pow 1st 6MS--./--1952 J
1935
1951
1946
1941
83
10
15*
16M
tSharon Steel conv deb 4*8—1951 IVI
Shell Union Oil deb 3*8
-.1951 IVI
♦Debentures! 6^8---
107M
36
64*
14M
17
♦Certificates of
♦{Siemens & Halske s f 7s
101
87
64M
14M
deposit-
6s series A
cons
74
83
D
O
7M
1945 M S
deposit
{♦Alt&Birm 1st gu 4s—---1933 M~
{♦Seaboard All Fla 6s A ctfs...1935 F
♦Series B certificates.------1935 F
♦1st &
104
83
43M
.
{♦Refunding 4s
110
93 M 101M
104
44
2
67
51M
103
S
14
-
20
104 M 109M
2
95
95
A
♦Ref & gen 4 Ms series C
24
"~2
106M
High
41*
Low
39
♦Certificates of deposit
113M 121
25
35 M
-
-
58*
106M
24
♦51
S
J
1939 F
♦Ref & gen 5s series B
24 M
12
No.
High
1939 IVI N
25
6
31
30
Scioto V & N E 1st gu 4s
26 M
108M
1966 IVI
27M
26 M
21*
108M
21*
108M
O
1958 A
41*
43
26
M
Asked
Virginian Ry3Ms series A
U5
110
----
30
31
-.1946
103 %
108* H2M
105* HOM
99 %
26M
*26
26 M
♦Stamped
♦Guar s f 6Ms series B
5s.-.1949 M
.....2003 J
Jan. 1
&
Bid
♦{Wabash RR 1st gold 5s
27
101M 106M
113
124
102
120M
S A & Ar Pass 1st gu g 4s
Va Iron Coal & Coke 1st g
Since
Friday
Sale
Price
Low
Va & Southwest 1st gu 4s
1st cons 5s
Range
Range or
Last
c c
Nft,
♦Vertientes Sugar 7s ctfs
1942 J D
Virginia El & Pow 4s ser A.....1955 M N
♦2d gold 5s
102
1940
1972
{Pacific ext gu 4s (large)
54
15 M
8
St Paul Minn & Man—
St Paul Un Dep 5s guar
29
103M 109M
21M
37
....
16M
15M
15M
{♦St Paul & K C Sh L gu 4*8-1941
42 M
2
30
74M
65 M
48*
2
STOCK EXCHANGE
Week Ended Aug. 27
100
80
12
52 M
{♦1st terminal & unifying 53.1952
♦Gen & ref g 5s series A
Y.
High
Low
No.
84
52 M
N.
Since
Jan. 1
High
83 M
<»
BONDS
Range
K2
Asked
Low
{St L SW 1st 4s bond ctfs- —-1989 M N
J
♦2d g4s inc bond ctfs.Nov 1989 J
Week's
Friday
Week's
BONDS
N.
1387
Record—Concluded—Page 6
New York Bond
Volume 145
Tex & N O con gold 5s
-
-
M.
103
1980
Gen & ref 5s series D
-
*109M
A...1964
Tex Pac Mo Pac Ter 5*s
Third Ave Ry 1st ref
4s-I960
♦Adj inc 5s._
...Jan 1960
{♦Third Ave RR 1st g 5s
1937
Tide Water Asso Oil 3 Ms.
.1952
.
J
40 M
45 M
67
14M
16
72
42M
A
llOM
14M
J
100M
...
100M
69
101
Tokyo Elec Light Co Ltd—
1950
Tol St Louis & West 1st 4s
58 M
66 M
1st 6s dollar series.—..-----1953 J
Tol & Ohio Cent ref & imp 3Ms 1960 J
*102M
*103
Toronto Ham &
*104%
IVI
Tri-Cont Corp 5s coriv deb A..1953 J
Tyrol Hydro-Elec Pow 7 Ms.
Guar
sec s
1955
*119M
114M
J
IVI N
-
-
-
*98M
s
3 Ms debentures
TJnion Pac RR 1st & Id gr 4s
1st lien & ref 4s.
1st lien & ref 5s
U N J RR & Can gen 4s.
1944
♦Sec
s
f 6 Ms series C
-
102M 107*
120
116
114M
101 M
80 M
1
118
State,
United
Total
Number of
Miscell.
Municipal &
States
Bond
Week Ended
Shares
Bonds
Bonds
Aug. 27, 1937
For'n Bonds
Saturday...
.—
560.440
Wednesday
....
Thursday.——
Friday..
—
...
498,410
S
S
90
965,980
889,800
75
97*
14
23
16
15
41
116M 121*
108
114M
H3M
113*
37
110
107 %
115
73
107
114M
A
s
IVI
s
6
103
109*
111M 116M
95 M
96*
23
107M
8
92* 101M
105M 109
96 M
67
29M
13
28
*
107
106M
31H
A-.1951
1951
*31
107*
64
31*
1
25
Week Ended Aug.
7,403,000
5,721,000
Jan. 1 to Aug.
27
27
1936
1937
1936
1937
Exchange
3,770,230
5,438,130
265,496,225
314,689,269
$7,170,000
5,299,000
23,723,000
$3,250,000
4,857,000
34,484,000
$297,030,000
237,615,000
$196,373,000
1,466,724,000
212,940,000
1,817,447,000
$36,192,000
$42,591,000
$2,001,369,000
$2,226,760,000
of shares.
Stocks—No
Bonds
Government
State and foreign
170M
31M
1
98
99M
22
Railroad and
industrial
Total-..--—
114M
36*
105* 107M
22
33 M
24
-----
31M
♦Sink fund deb 6Ms ser A...1947
101M
120
128M
------
93 M
111
*111M
29M
401,000
95 M 103*
95
95
------
34
107M
O
IVI
1,106,000
964,000
Stock
New York
116M
97
96
96
418,000
941,000
100
13
HOM
107M
2,908,000
1,850,000
836.000
101M
90
119*
------
926,000
1,116,000
4,356,000
575,020
Tuesday
$2,999,000
7,370,000
6,833,000
5,866,000
$487,000
$1,996,000
3,536,000
3,867,000
4,612,000
5,356,000
280,580
Monday
Sales
$516,000
123
113
1
....
113M
O
Yearly
Railroad &
-
-----
99
*13M
J
{ {♦United Rys St L 1st g 4s
1934 J
U S Pipe & Fdy conv deb 3 Ms. 1946 IVI N
J
U S Rubber 1st & ref 5s ser A. .1947 J
♦Un Steel Works Corp 6 Ms
-
108M
97 M 103
109M
..1971 M N
35-year 3Ms debenture
83
55
118
1970 A
United^, Biscuit of Am deb 5s.-.1950
United'Drug Co (Del) 5S-....-1953
-
4
109M
1942
1952
1947
June 2008 M
June 2008 M
34-year 3 Ms deb
97* 101M
York Stock Exchange,
Stocks,
Sales at
f 7s
Union Oil of Calif 6s series A
-
99
A
1945
J:{♦Union Elev Ry (Chic) 5s...l945
Ujigawa Elec Power
46 M
101M
101
98 M
78
-1952 F
f 7s.
252
104
98 M
98 M
—...1942 M
D
Buff 1st g 4s.-1946 J
-1949
14
24 at 15M.
Daily, Weekly and
73 M
'
A
Tol W V & Ohio 4s ser C_
Trenton G & El 1st g 5s.
66M
40*
84
89 M
*86
J
Transactions at the New
107 M 109 M
,
„
S. L. 4Ms 1941, Aug.
St. Paul & Kan. City
22
M
32 M
32 M
Utah Lt & Trac 1st & ref 5s
1944
Utah Power & Light 1st 5s
1944
101 M
101
102M
66
1947
44 M
43
45M
48
41
42 M
45
93
41
compiled by Dow, Jones &
Co.:
69
43 M
as
are
96 M 105M
98
106*
.1959
Stock and Bond Averages
the daily closing averages of representative
stocks and bonds listed on the New York Stock Exchange
Below
67 M
{♦Util Power & Light 5 Ms
♦Debenture 5s...
Vanadium Corp of Am conv
Vandalla
cons g
4s series A
Cons s f 4s series B.__.. j
5S.1941
1955
al03
A
103*
11
98M HI
110* 111
10
Date
J
*3
3
♦2M
4
4
20
20
Total
10
10
First
Second
10
Grade
Utili¬
40
Rails
ties
Bonds
Rail¬
Utili¬
70
Indus¬
Grade
trials
roads
ties
Stocks
trials
Rails
Total
100.02
49.40
27.23
59.84
108.43
81.24
103.64
175.91
106.78
Aug. 27.
27.45
60.74
108.40
103.90
100.19
50.37
81.67
178.52
106.81
Aug. 26.
27.83
61.89
106.73
104.16
100.44
25.
Aug. 24.
Aug- 23.
Aug. 21.
51.60
82.36
181.70
108.53
62.14
106.80
108.49
82.40
104.15
182.39
27.78
100.46
52.01
27.77
61.96
106.87
108.49
104.24
100.49
51.77
82.36
181.88
27.83
62.47
106.89
108.36
104.14
100 .36
52.10
82.04
183.74
5M
J
30
Indus¬
110M 113M
1957 M N
{♦Vera Cruz & P 1st gu4Ms—1934 J
J
{♦July coupon off....
O al03
Bonds
Stocks
AUg.
New York Curb
1388
Exchange—Weekly and Yearly Record
Aug. 28, 1937
NOTICE—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 weekly range are shown in a footnote in the week In which they occur.
No account Is taken of such sales in computing the range for the year.
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. 21, 1937) and ending the present Friday (Aug. 27, 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
Par
Week's Range
for
Sale
STOCKS
of Prices
Low
Price
High
20
48
48
50 %
Supply Mfg class A_*
23
23
24
Acme Wire v t c com
Aero
Class B____...—
4
4%
1
common..5
1
'14%
42
May
Jan
Conv preferred
Warrants
_
3%
3%
*
-*
$6 preferred
Aluminium Co common..*
6%
100
preference
Aluminum Goods Mfg
100
Amer Box Board Co com.l
Jan
2d preferred
8#
8#
9%
300
Aeronautical—1
4%
4%
1,200
65%
65%
65%
50
59# June
2# June
3# June
1# Aug
18# Aug
5%
77
Jan
Bridgeport Gas Light Co.*
Bridgeport Machine
*
*17%
17%
3%
145%
116
ISM
15%
21% 21%
145% 153%
116
116%
100
100
15
Aug
100
21
1,450
120
July
Apr
250
111
Apr
16# June
7
112 Hi
Bright Star Elec clB
Jan
24
16#
26#
177#
119#
17#
14#
Brill Corp class B
July
Feb
Mar
Mar
Jan
Feb
Jan
140
Mar
June
131
May
19
June
1%
200
64
20
20
1.500
1# June
32#
3#
62
Jan
75
17%
Feb
24#
%
33%
8
916
34%
3
3%
6#
July
#
Aug
Aug
Aug
42
3
Aug
600
2,100
300
33
1,100
Jan
Mar
11
82
7%
Jan
Apr
Mar
1#
Feb
Feb
89#
5#
31%
31%
32%
350
"4% "fi"
1,600
4%
Amer Cyanamid class A. 10
Class B n-v
10
"34k
34%
Amer Foreign Pow warr—
Amer Fork & Hoe com—*
"2%
2%
18%
Amer Gas & Elec com....*
"32k
com—1
$2 preferred
1
1
$2.50 preferred
Amer Hard Rubber com.50
Amer Invest (111) com
Amer Laundry
5
109
32%
U9
5
200
2%
500
100
110
10
10
10%
30
30
4,300
200
50
35#
"29"
22
100
17
24
100
z20
29
17
29%
18%
6% preferred
25
Amer Mfg Co common 100
27
27
27
400
2,700
Amer Maracaibo Co.
1
*
1!
38
Amer Pneumatic Service
1%
38
%
1%
4,900
40
%
600
1
Seal-Kap com
2
Superpower Corp com*
*
Preferred
*
American Thread pref
Anchor Post Fence
"8% "8%
1%
94
29
1%
93%
1%
94
29
30
""166
9,800
"3% "3%
*
Angostura Wupperman__l
Apex Elec Mfg Co com...*
6
Appalachian El Pow pref.*
106%
1
Arkansas Nat Gas com...*
6
6
105% 106%
1%
1%
1%
30
1,700
6%
6%
7
2,500
*
6%
6%
7
10,400
8%
8%
9
1,000
Arkansas P & L $7 pref...*
Art Metal Works com
5
"12"
Ashland Oil & Ref Co
Associated
Elec
1
-£1
1
$5 preferred
5%
12 K
12%
1%
2%
2%
*
"""566
19%
3m
Atlas Corp warrants
8%
5
8%
2
22
1%
11
Avery (BF)
13%
5
10
*
{Baldwin Locomotive warr
Baldwin Rubber Co com.l
Bardstown Distill Inc
1
Stainless Steel... 1
121
1%
13%
2%
4%
Barlow & Seelig Mfg A...5
Bath Iron Works Corp.-.l
7% 1st pref
com..
Bellanca Aircraft
1%
Bell Tel of Canada
6# May
6# May
8# Apr
76# June
Jan
Mar
10#
Feb
Feb
Apr
Jan
3
Jan
99
Jan
Jan
Jan
Jan
12#
13%
10#
B non-voting
Carolina P & L $7 pref...*
$6 preferred.
.—— *
Carrier Corp.
Jan
Feb
Feb
Jan
8%
800
40
2%
23
1,600
800
Bliss (E W) &Co com
*
5
1
Blue Ridge Corp com
$3 opt conv pref
*
*
Blumenthal (S) & Co
K
100
4# Aug
# June
1%
IK
%
5%
1%
900
1
5%
600
28%
28%
200
%
5%
.
%
300
500
Jan
#
Jan
5
May
28% Aug
16# June
7
6%
6%
75
500
1#
61
200
1#
2%
2,200
"i"% "1%
T266
31#
Mar
Mar
93
Aug
5% May
Apr
4#
155
May
Jan
1#
27
200
5%
2%
60-
8#
2%
2#
Jan
26# July
8% July
24
Mar
Mar
26
May
66
June
97%
Jan
4,600
30
Jan
67#
Aug
8#
100
July
14%
38%
42#
July
5
Aug
10#
Jan
2#
Ju
3,700
1
June
Aug
7# June
47
Jan
June
1# June
19
Jan
7
13#
57#
88
4
29#
3%
9
11#
16#
Apr
Feb
Mar
May
Jan
Mar
Mar
Feb
Mar
22# July
114# June
1% Aug
11
June
43
Aug
156
4#
14#
Jan
Jan
Mar
July
2#
3#
Aug
5
Mar
Jan
8
Feb
15%
9#
8#
Aug
Aug
21
Feb
Mar
11#
11%
June
Aug
Apr
103
Jan
May
6% pref without
7% preferred
23# June
10# June
Centrifugal Pipe.
11
*
5
Strip Co
Chic Rivet & Mach
Chief Consol Mining
1
Childs Co preferred
100
Cities Service common
*
Preferred
*
Preferred B
'*16
80
2%
*
39
Jan
2%
Feb
12%
34%
34#
100
12%
12%
200
12%
4,600
13
150
34
2%
Mar
6% conv pref
£1
Colorado Fuel & Iron warr.
Colt's Patent Fire Arms.25
1393.
2#
50
3%
42%
3%
37
43
40
9%
"32"
100
June
July
Jan
June
41
Aug
Conv 5% preferred. .100
Jan
Jan
Columbia Oil & Gas
1
Columbia Pictures com..*
Jan
3i6
200
40"
40
40
14
13#
14%
100
Apr
July
June
Aug
3# June
37
Aug
40
2,000
Aug
2# June
39
39
100
§2" """166
9
Aug
Aug
7# June
3# Aug
32
Aug
#
Jan
7# Aug
37# June
1%
15
1,200
10
700
5
4
Feb
1,000
1
May
300
7%
7%
100
4#
4%
2,400
4
14
70
75
2%
1#
14%
13
12# June
71#
Jan
110#
Jan
52#v Jan
50
9%
1#
5
1,700
10
8%
1#
29,000
5% income stock A...£1
Feb
14%
24#
4
100
Jan
14# Aug
7# * Apr
3#
Jan
4#
Jan
3#
Jan
11# June
12%
14%
1,000
69%
72%
200
56
Feb
70
12%
71
100
62
June
Commonwealth Edison—
Aug
2#
2%
1,900
45%
500
2%
42#
July
45%
"H"
i?8
June
4# May
1,100
39
14%
4
"16
40
*
Club Alum Utensil Co
"""766
82
39
100
17#
37
City Auto Stamping
*
City & Suburban Homes 10
Clayton & Lambert Mfg..*
Cleveland Elec Ilium
*
Cleveland Tractor com
*
Clinchfield Coal Corp..100
80
3%
Preferred BB
*
Cities Serv P & L $7 pref- *
$6 preferred
115
16#
Cockshutt Plow Co com..*
Cohn & Rosenberger Inc.*
Colon Development ord
19
200
115
.4
Feb
Jan
13%
10
"I#
Aug
700
13
5
Charis Corp
Cherry-Burrell Corp com.*
Chesebrough Mfg
25
Chicago Flexible Shaft Co 5
*
% June
12% Aug
34% Aug
5%
Chamberlin Metal Weather
Feb
1J4
e
25
June
18
June
28
1,300
2,000
82
28
""120
2,300
50
100
Conv preferred
100
Conv pref opt ser '29.100
'118% 120"
1%
12%
400
"260
10
5
2%
15%
25
6%
May
15%
Jan
108#
7# June
Jan
39#
Jan
93#
xl4 # June
May
12# July
13
Clark Controller Co
1
Claude Neon Lights Ihc..l
113% June
125
13
June
Aug
2,900
100
warr
11
14%
Feb
Feb
June
700
41
Jan
June
2,300
14%
13%
F'eb
June
1%
5#
119
"13% "14%
83%
13%
39
3#
102#
8
84%
3%
1
com.
27# Aug
4% May
18# July
8% Mar
169# July
125# Mar
5% Mar
13%
Jan
1# June
87# June
1#
Cent States Elec
zl8
39
35
2,000
*
com
July
100
Jan
23# May
2#
4
12%
3%
Jan
Jan
Apr
Jan
1%
Feb
# May
5
118
June
1
161
1# June
"2#
7% 1st partic pref... 100
Celluloid Corp common. 15
$7 div preferred
--*
22#
2%
1#
8%
7#
Feb
27
100
1%
Feb
28
159
119%
Apr
82
2%
2%
6
Mar
7
45
15
1%
16
13%
20
Apr
Cent P <fc L 7 % pref
100
Cent & South West Util 50c
Jan
1%
Jan
Apr
100
Jan
Mar
Jan
Feb
Apr
July
Jan
May
6#
15%
9%
1#
24
13%
90
700
Jan
73
6%
26
15%
1,200
600
Jan
Aug
1#
%
5%
32#
Apr
*
27%
3,400
F"eb
40
26
Catalin Corp of Amer
1
Celanese Corp of America
17
17
200
14
June
Mar
4%
48#
43#
Columbia Gas & Elec—
common
Warrants
4%
8%
Commonwealth
page
4%
K
Carter (J W) Co common. 1
Casco Products
*
Castle (A M) com
10
New
For footnotes see
Mar
4%
2%
*
Bliss & Laughlln com
8
Feb
Cent Hud G & E
Blrdsboro Steel Foundry &
Machine Co com
Mar
4
Cent Maine Pow 7% pf 100
Cent Ohio Steel Prod
1
Jan
80
*
pref
Mar
5$
32
Jan
13%
3
Jan
38#
100
Jan
Jan
4%
Mar
Aug
Aug
33
5#
Aug
13%
Jan
Apr
Mar
5
June
June
Aug
4
Apr
70
Aug
Mar
1#
13%
2%
Feb
June
3#
3
7
400
zl5#
28#
12#
Feb
June
24
100
13#
5
1,200
85
Feb
Mar
1,100
Apr
500
1%
9#
June
June
2,700
126
2#
39
45# June
1%
2%
17#
i,6
4,300
1%
Mar
93
10#
1%
120
25
22% June
Jan
1,700
50
Mar
100
5
Feb
Mar
26#
500
27
1
Mar
31
250
32
common
com
Feb
23%
Class B
Carnegie Metals
12#
Feb
Mar
49
Feb
5%
1
Blckfords Inc common...*
29%
Canadian Indust 7% pf 100
Canadian Marconi
1
Carnation Co
77
23
__*
Capital City Products
*
Carib Syndicate
25c
Carman & Co class A....*
Feb
100% 100%
29%
30%
3%
3%
Cables & Wireless Ltd—
Feb
Feb
Apr
6#
.
6% preferred..
100
Canadian Indus Alcohol A*
3#
7#
16#
48
48
Canadian Car & Fdy pfd 25
Jan
11
3i6
_
Jan
Apr
30#
51#
25#
106#
31#
Canadian Dredge & Dock*
Canadian Hydro-Elec—
Jan
Jan
25# May
100
Warrants..
Jan
Mar
44
15#
8%
3m
700
*
*
Purchase warrants
200
Jan
108#
July
June
96
June
5,800
100
6# % pf.100
11#
$3 convertible pref ..._.*
Apr
Mar
35
June
10
2%
20%
10
Berkey & Gay Furniture. 1
conv
53
3
June
11%
14%
5%
11
15%
9%
1
com
Benson & Hedges com
Conv pref
$2.50
Mar
2#
July
100
20
pref
Beech Aircraft Corp
1
Bell Aircraft Corp com—1
Bell Tel of Pa
Jan
2%
59
June
300
100
Beaunit Mills Inc
conv
Jan
July
82
1
1%
Baumann (L) & Co com..*
$1.50
Jan
Tobacco—
common
Babcock & Wilcox Co
Barium
Jan
26%
5%
Automatic Voting Mach-.*
Class A
11#
Canada Cement Co com..*
Canadian Canners com
*
87
*
Automatic Products
11#
Burma Corp Am aep rets
Burry Biscuit Corp.. 12#c
Cable Elec Prod vtc
*
Jan
101#
12%
32
48
—
1
Axton-Flsher
Jan
Feb
Jan
5%
26# June
5
Atlantic Coast Line Co..50
Austin Silver Mines
900
*
common
26#
28#
54#
59#
4#
5#
8%
42#
110#
5#
Atlantic Gas Light pref. 100
Atlas Plywood Corp
79%
Aug
Jan
June
38
Aug
1,700
Assoc Tel & Tel class A...*
Atlantic Coast Fisheries..*
75
Mar
Mar
Feb
18
Burco Inc
30#
14#
5#
36#
21#
8# May
76
Jan
Jan
Jan
32
*
Buckeye Pipe Line
50
Buff Niag & East Pr pref25
Aug
Jan
1#
100
200
8
Jan
Mar
33
70
Aug
42
1#
35%
#
7#
2#
32#
Apr
..*
Jan
5# May
1# June
*
c common
1#
35%
Jan
Jan
Feb
19
Mar
July
Apr
37
Feb
100
*
37
36#
23%
#
#
5%
Option warrants
Assoc Laundries of Amer. *
V t
"11% "l2""
5%
1
...
35%
Brown Fence & Wire com. 1
Class A pref
Aug
9# May
May
22# May
23#
Jan
-*
100
1st preferred
Common
Class A...
—
46
31
$5 1st preferred
._*
Bunker Hill & Sullivan 2.50
Industries
Amer deposit rets
Assoc Gas & Elec—
Class B_____
Brown Co 6% pref
108# Apr
% May
2#
Jan
6#
Jan
z30%
Am dep rets ord reg.-10s
British Col Power class A
Calamba Sugar Estate._20
24# June
4# May
500
23%
bearer£l
£1
Jan
Mar
3
200
Amer dep rets reg
British Celanese Ltd—
Mar
600
""600
Am dep rets ord
Mar
28
*
32
July
#
Registered
37
26#
32#
1#
Jan
Jan
12
10
British Amer Tobacco—
$6 preferred
Bruce (E L) Co..
Jan
48#
112#
50
*
July
8
100
47
Brown Forman Distillery .1
41#
5#
4#
400
47
10
Brillo Mfg Co common.
Class A
Mar
47
24
3%
9%
3%
8%
8%
"166
British Amer Oil coupon. _*
July
May
Aug
38
*
.100
16
T.366
#
*
A
7% preferred
Apr
June
Jan
June
June
Apr
600
18
*
Am dep rets A ord sh._£l
Am dep rets B ord shs. £1
Amer dep rets pref shs £1
Aug
Aug
88
10
Common class A
Preferred
June
June
700
5
Arcturus Radio Tube
17
38
Amer
1st preferred
24#
300
Amer Potash & Chemical.*
Am
June
82
100
100
Amer Meter Co
9%
30
21%
17
Preferred
106
1,500
24
21%
25
Amer Lt & Trac com
11,200
18%
34
30
*
Mach___20
36%
30
31# June
3 # May
Jan
33#
26% Apr
4% Apr
1# June
17 # June
28# June
Cilooq
26
-100
Preferred
Aug
June
31
Breeze Corp
Jan
120
18%
3
Mar
100
500
64
18%
98#
Jan
700
123
21
1%
"64
June
5#
5%
2#
22%
112X 119
123
"21%
1
American General Corp 10c
100
Brewster
Jan
11
56#
Aug
4#
1#
20#
3#
18#
8#
4#
100
3%
Jan
Class A with warrants 25
*
22%
June
Am Cities Power & Lt—
Preferred
"25
22%
3%
24#
80
%
Amer Equities Co
Brazilian Tr Lt & Pow—*
22%
87
*
25
100
100
7% 1st preferred
Jan
Jan
10c
Class A
600
June
85.50 prior pref
— *
Amer Centrifugal Corp. . -1
Class B
200
72#
TVs
S3 preferred
%
4#
67
American Capital—
Class A common..-10c
Common class B
4%
Bowman-Biltmore com—*
90
American Beverage com.-l
American Book Co
{Botany Consol Mills Co.*
—*
5
Aug
13# June
%
Apr
150
1937
High
28#
10
16
!
Bourjois Inc..
Low
100
30
15%
%
4%
16
25
100
6% preferred
American Airlines Inc._.10
5%
30
Borne Scrymser Co.....25
700
Aluminum Industries com*
Aluminium Ltd common.*
5%
100
7% 1st preferred
Range Since Jan. 1
Shares
%
3%
Aug
5#
34#
1%
Bohack (H C) Co com..
High
79%
*
—
Jan
May
Low
75 %
10
--25
__
May
6#
Mar
Price
%
79%
pref
conv
Week
74
Allied Internat Invest com*
$3
Feb
4
%
for
of Prices
74
Alliance Invest common. _*
Class A
38
22
Aug
600
Alles & Fisher Inc com...*
Allied Products com
Jan
Apr
June
25# June
_
pref
56#
24
11
2%
3#
Week's Range
Sale
Par
3# June
14# Feb
900
*
Gt Southern. .50
Alabama
Ala Power $7
2~500
2%
Last
High
21
2 Hi
"3%
Air Investors common.
Low
450
2,400
Sales
STOCKS
Continued)
300
4%
"l3% '14%
Air Devices Corp com
Range Since Jan. 1 1937
Shares
Agfa Ansco Corp com
Alnswortli Mfg
Friday
Week
..25
71
6#
6%
7%
5,300
5# June
29
31%
31%
%
%
7,200
33
104#
10#
Jan
Jan
June
30#
39
Jan
Aug
33
Aug
& Southern
%
8,300
3,6 June
7,s
Jan
Volume
of Prices
(Continued)
for
Price
High
Low
1h
3634
275
32
June
04
2534
25 j4
50
24
June
34
%
V*
200
Tek
iok"
"Too
434
5
1034
1,700
5,900
1,500
Community Water Serv__l
im
ext to 1940..
o
1
Consol Biscuit Co
"ox
Consol Copper Mines
5
Consol G E L P Bait com *
934
Consol Min A Smelt Ltd.
2
154
6
.
716
8034,
80 54
pf 100
716
81m
91
%
"1934
19
"IB"
15
22
Cord Corp
Corroon a Reynolds—
"4 %
4 34
Mar
200
34
Aug
300
73 34
Apr
100
Creole Petroluem
1254
Croft Brewing Co
10234
Jan
300
54 July
1654 June
234
Jan
300
600
1,100
33
834 June
1
*
Crown Cent Petroleum
1
Feb
15
Jan
0134
Mar
Apr
Aug
35
Aug
6234
Jan
10
May
1854
Jan
1734
July
2
5)4
11,100
400
June
654
Jan
734
Feb
9454
Jan
Mar
July
July
1234
20*600
4
Aug
23
June
Mar
com v
54
234
Darby Petroleum
Feb
Jan
Feb
10
5
Jan
Gilchrist
June
25
Feb
Jan
Glen Alden Coal
54 June
200
4
May
June
June
50
July
1034
Aug
254
June
13
Jan
15
5034
10834
1634
Feb
Feb
1
Feb
Gorham Inc class A
Feb
1534
Jan
Jan
28 34
Apr
Vtc agreement extended
Grand National Films Inc 1
24
July
33
Apr
Grand Rapids Varnish-
ls.« July
75
u34
1334
200
75
7734
20
100
1734
100
Detroit Gray Iron Fdy
1
Det Mich Stove Co com__l
234
234
1734
234
434
534
50
4
534
1,600
400
400
l»l«
300
Feb
4 54
1
434
700
2334
454
"566
com....
22
July
"To
__.10G
1134
"ok "1034
3", 100
23k
""166
234 June
334 Juno
534 Aug
May
Feb
334 May
11
Feb
1034
43 34
July
64
July
3154
July
30
"ik
8634
Jan
Feb
July
*
Guardian Investors
34
1
5554
Gypsum Lime A Alabas..*
Hall Lamp Co
*
1334
Haloid Co
16
..5
Apr
10 34
Jan
Hartford
2954
Jan
July
Aug
Mar
Hazeltlne Corp
Hearn Dept Store com...6
81
Aug
82
Aug
Jan
50
Apr
105 34
234
234
200
1
1
200
July
Jan
Aug
254 June
68
654
1
*
"1934
634
834
1934
634
934
2134
1,000
1,400
2,900
Apr
1
Aug
554 June
654
1734
Jan
May
96
Jan
4234
Jan
May
534
6
Feb
Hewitt Rubber
Feb
4434
7
h
Mar
Hoe (R) A Co class A
1054
Jan
Feb
Holllnger Consol G M
Holophane Co com
*
334
»
334
334
59
200
38
June
71
Jan
50
19
Aug
2634
Feb
Horn A Hardart
1,100
3
June
034
Jan
...100
Hud Bay Mln A Smelt
♦
834
700
834
1934
834
25
59
59
82 34
Jan
59
Aug
8234
Jan
Humble Oil A Ref..
Jan
2
l
234
234
.6
1634
1634
6254
1934
234
1834
6334
6934
100
23
Jan
70
*
•
Mar
May
300
134
June
434
Jan
42,900
1334
June
Jan
500
56 34
June
28 34
80
900
1
534
534
634
500
i
554
554
554
900
934
934
100
66 34
18
45
*
Option warrants
1734
.
•
July
8734
Jan
1134
Jan
954
Jan
Illinois Iowa Power Co
June
80
Jan
634 June
14
Jan
334
334
*
Electrographlo Corp com.l
Electro! Ino vtc.
12
12
Elec Shovel Coal <4 pref..*
"1634
50
200
2 34
700
2
800
1
900
Jan
May
98 54
Jan
12
Aug
2234
Feb
Imperial Chem Indust—
Am dep rets ord reg—£1
1754
Feb
June
534
Mar
July
4034
Mar
Imperial 011 (Can) coup..!*
Registered
July
60
Jan
Imperial Tobacoo of Can.5
1334 June
2
77
Mar
July
81
Feb
2534
July
3134
Feb
13
June
1954
Mar
154 June
254
4734
Jan
Non-voting class A
Feb
ClftSS B
300
5,700
50
30
Aug
54 June
354
1934
1734
100
Ex-cell-O Corp
3
Falrchlld Aviation
1
Falstaff Brewing
1
To"
Fanny Farmer Candy
1
Fansteel
1934
1734
"l6
1934
18
5
1034
2534
34
27,300
100
900
900
18
1734
334
Aug
$
July
4534
Aug
July
2754
8
54
115-4
2434
434
934
24J4
500
1934
Apr
Metallurgical
Fedders M fj: Co
*
11
11
11
200
11
Aug
5
1454
1434
15
1,000
12
June
2534
1734
1634
Ferro Enamel
1
3754
3734
3934
600
35
June
47
Flat Amer dep rots
For footnotes see page 1393
1,300
,
June
95
Jan
Apr
Feb
1254
Aug
1734
June
734
16
Aug
24
Aug
1524
May
70
Jan
154
134
June
Jan
Jan
Aug
Jan
334
Anr
4
Jan
Feb
June
15
1,000
15
June
1834
Feb
1634
1,200
13
June
17 34
Feb
51
300
46
May
62
Feb
18
2,500
1554
6 5*
June
2534
Mar
934
Apr
754
June
11
May
1034
Mar
28 t*
Jan
1234
June
163*
July
3934
June
4734
5054
1734
300
7 34
100
934
June
Apr
Jan
1554
400
36
Jan
45
June
30
500
24
June
36
Apr
12
1234
200
1054
June
24 34
24j4
100
19
Jan
100
7
July
10
June
1534
3334
1134
1934
20
2434
Apr
7
7
7
834
2934
104
29
1054
2234
8054
3354
8 2 34
1034
2234
15
31
1524
3034
so 54
Aug
112
5,400
2534 June
42
3,600
72
87
100
17
Aug
Jan
%
1,100
July
Jan
Jan
Aug
June
1054
Jan
4154
29
102
600
Jan
Feb
July
650
June
Aug
22 34
9
60
3134
103 34 104
Mar
Jan
Feb
Feb
1234
July
23
Mar
2
Feb
8
354
354
48
15
Aug
2734
Feb
24
100
Feb
26
Apr
8
June
13
Feb
8
100
8%
100
334
June
5H
Jan
50
433*
June
63 34
Mar
34
June
1134 May
754
June
48
25
6
23
Aug
3354
May
1334
May
34
July
22
July
June
6234
Feb
834 June
954
2434
Mar
934
934
934
200
2054
20%
2034
1,800
20
June
20%
2024
300
20
July
24
Feb
1434
1434
100
14
Jan
16
Mar
"934
900
22 34
30
3634 Mar
75*
Jan
1834 June
1434
"
10
Indiana Service 6%
7% preferred
834
pref 100
100
22 34
mm
mm
19
100
8
Jan
1334 June
Feb
Feb
Mar
Mar
Feb
Mar
Aug
Feb
34
Mar
Feb
1834
Feb
May
39 34
106
Jan
Mar
Jan
Jan
Jan
9554
234
234
100
2
June
434
2
2%
500
134 June
434
Jan
^
'*u June
254
Feb
Vtc common
.100
of No AmerlO
International Cigar Mach
Internat Holding A Inv._*
23
1 634
6754
June
2234
Feb
950
6434
June
7534
July
23
23 34
400
22 34
June
285*
Feb
Apr
434
Feb
16 34
50
9
254
234
20
234
2934
2934
34
3134
34
1,000
2534
A stock purch warr—
A.
Internatlonal Petroleum—*
25
254
Internat Hydro-Eleo—
Pref $3 50 series
Jan
6634
1634
Insurance Co
Internat Metal Indus
Registered
9154
15
36
*
mm mm mm mm
7% preferred
June
445*
Mar
9534
Indpls P A L 0 34 % pref 100
Indian Ter Ilium OH—
mm
8~
20j4
Industrial Finance—
European Electrio Corp—
Option warrants
Evans Wallower Lead
Jan
90
Illuminating Shares cl A..*
June
14
2
Jan
July
52
54 June
40
30
Jan
134
June
1634
150
40
134
"266
"l6
900
8% preferred
1334
0
0334
60
454
550
500
Indiana Pipe Line
30
7i« June
Mar
28
Imperial Tobacco of Great
Britain and Ireland..£1
134
Jan
434
1634
72
2534
Illinois Zinc
Feb
Empire Power Part Stk..*
Jan
10
25
7 54
2
Feb
100
1,500
734
74
1354
300
934
7234
Emsco Derrick A Equip..6
Apr
24 34
July
com
10c
Eureka Pipe Line com...60
Feb
200
47
7
June
Equity Corp
128
1334
834
35
50
Jan
11734
23
40
42
42
Jan
July
*
634% preferred..... 100
7% preferred
100
..100
8
July
.50
Preferred
41
1634
Aug
May
800
3034
1634
234
]
Elgin Nat Watch Co... 16
Empire Dlst El 0% pref 100
Empire Gas A Fuel Co—
3334
16
7% pref stamped
68
324
i
200
Apr
8034
554
134
134
C*fs of deposit
Shareholding-
Jan
38
11954
3734
854
Common
June
Feb
Feb
July
130
IHuylere of Delaware Inc—
100
7% pref unstamped-.100
Hydro Electric Securities. ♦
Hygrade Food Prod
6
Hygrade Sylvanla Corp.
June
754
23
Hussman-Llgonler Co...
24
19
1334
Feb
654
51
Hummel-Ross Fibre Corp 5
*1534 June
Storee. *
Bros Stores
Elsler Electric Corp
Elec Bond A Share
$0 preferred
*
preferred
Aug
734 June
54
Jan
Hormel (Geo A) Co com..*
Horn (A C) Co com
1
5%
Feb
Feb
107
34 June
Jan
*
61
Easy Washing Mach "B"
$6 preferred
6
*
Holt (Henry) A Co cl A..*
Jan
»
June
3954
1634
16
10
Jan
19
AUt,
15K
com
1034
46
19
Malleable Iron.25
Feb
2334
July
Heyden Chemical
10
Hires (C E) Co cl A._._.
80
454 June
61
15%
June
1,700
Jan
June
500
2
55A
6
»
34 % prfur preferred. 100
6% preferred
100
Feb
38
434
25
w w
Herder's Inc
4
$0 preferred series B
Preferred
Mar
2734
Aug
16
1834
2254
*
1J4
054
79
1234
28
July
14
734
Heller Co
111
Aug
July
9
10
60
25c
Class A
^'ue i Assoc—
Eastern States Corp
*7 preferred series A
0% preferred
Hecla Mining Co
Helena Rubensteln
Feb
40
13
134
2*34
Apr
Feb
lltf
66
2234
1"
Jan
16
Jan
88
8634
134
12
May
9534
4534
834
8
"16"
*
434 June
1934 Aug
90
106
100
Jan
July
Mar
25
Harvard Brewing Co
1
Hat Corp of Am cl B com. 1
34
June
834
Apr
Apr
June
Hamilton Bridge Co com.*
Apr
5 34
72
34
Aug
84
Gulf Oil Corp
25
Gulf States Utll $5.50 pref
$6 preferred
Elec Light
Hartman Tobacco Co
Apr
June
154
100
Ma'
Jan
Aug
Aug
Feb
107
1254
200
20
96
300
4,500
Mar
Mar
3,700
3
34
i
Jan
38 34
1434
234
5634
1
6134
534
55
1954
2254
Jan
95
5
854
89
Aug
July
1854
2,100
Grocery Sts Prod com._26c
Jan
Feb
1534
22
100
Aug
100
_
1134
Feb
June
32
1354
4 34
34
37
Duro-Test Corp com
Duval Texas Sulphur
Corp
200
39
107
1
7% preferred
250
1154
1354
100
preferred
7534
39
37
Common
10
Gt Northern Paper
25
Greenfield Tap A Die..
106
Durham Hosiery cl B com*
0%
98
4,100
May
July
10
w w
2534
87
76 34
30
.10
8034
8034
♦
pref
2234
June
Jan
Jan
Mar
46
"600
60
30
81
81
Dublller Condenser Corp.l
Duke Power Co
100
conv
"llli "ill4
Non-vot
June
Jan
*i«
9634
100 34
134
7% 1st preferred
534
Feb
100
'16 June
Apr
Aug
40
70
1354
stock
Aug
2134
Gray Telep Pay Station. 10
com
Feb
68 34
Jan
1634
Jan
83
Feb
Douglas (W L) Shoe Co—
$0
Mar
10
15
Dominion Textile Co com.*
Elec P A L 2d pref A._
Jan
134
234
9
Domln Tar A Chem com.*
Electric
0434
33
26
Dominion Steel A Coal B 25
Class A
2524
Jan
June
134
14
Aug
23
4734
Diamond Shoe Corp com.*
Distilled Liquors Corp...6
Distiller"! Co Lrd
__£1
Elec Power Assoo com
June
60
JUIi.
2854
47 %
10
com.
17 34
2,300
1134
1034
75
Detroit Paper Prod
Detroit Steel Products..
y
600
134
Great Atl A Pac Tea—
1134
1334
17 A
EoonomyGrocer
23
*
May
..20
Edison
June
*
$3 preferredGorham Mfg Co—
1334
1931
.si
Feb
1954
-_k —
1134 June
Aug
654
Jan
100
._*
200
500
Eastern
3
Jan
800
"23k
.
%7 preferred
Goldfleld Consol Mines
700
'16
2,400
Common
"934
*
Godchaux Sugars class A.*
Class B
24
7 54
t
1134
*
1154
1 734
East Gut
Company
23
734
Eagle Plcher Lead
Mar
1134
1134
1654
preferred
98
Jan
1434
434
Gladding McBean & Co..*
734
7%
Jan
*
June
16 H
Driver Harris Co
Preferred
June
254
Detroit Gasket A Mfg coml
Draper Corp
July
75
75
*
*
19 34
Derby Oil A Ref Corp com*
Preferred
*
preferred
Georgia Power J6 pref
C) com
Gilbert (A
1134
Dennlson Mfg 7% pref. 100
7%
2134
116
40.000
Am dep rets ord reg—_£1
com..
19
Aug
34
1 034
34
Dejay Stores
Dlvco-Twln Truck
Aug
1834
Warrants
12 34
Defiance Spark Plug com
De Haviland Aircraft Co—
com
Aug
16 54
100
10H
1034
'16
Dayton Rubber Mfg com.
Class A
36
1034
400
*
200
50
200
1
400
Davenport Hosiery Mills.
ww
Mar
134
1134 June
1434
Feb
2154
24
98
100
com..
116
6
com
6% preferred A
1,700
104 34
Cusl Mexlcao Mining.,60c
2334
$3 preferred
254
Jan
Jan
Jan
2154
2234
6834
70
"1554
Gen Water G A E
6
1034
300
Aug
Aug
Feb
8954
General Telephone com.20
$3 conv pref
♦
Jan
12
534
July
254
834
100
»
Feb
Jan
Feb
June
834
2954
3134
134
2234
1
J6 preferred
Aug
11
1034
1734
1834
4
2154
Gen Outdoor Adv 6% pflOO
Gen Pub Serv 10 pref—..*
Gen Rayon Co A stock...*
134
Aug
Aug
July
2134
*
*
com
20
to.*
100
5
Gen Investment
3834
1
11
1
dep rets ord reg.£l
Gen Flreprooflng com
*
Gen G A E 16 conv pf B
*
Aug
54
1134
76
1654
1834
Amer
Mar
1
854
1034
Gamewell Co 56 pre!
General Alloys Co
May
154 June
Mjar
Aug
034
2,600
Gen Electric Co Ltd—
54
1334
2%
20
854
1
Conv preferred
12
3,300
1,100
Mar
65
Jan
85a
254
9
254
15
Common
Fruehauf Trailer Co
2834
6,100
92
May
22
General Tire & Rubber...5
Jan
1454
Mar
June
30 K
1034
900
24
23
Fox (Peter) Brewing
5
Franklin Rayon Corp com 1
Froedtert Grain & Malt-
100
2
654
654
Ford Motor of France—
Amer dep rets
lOOfrcs
4,100
Cuneo Press Inc
634% preferred
Curtis Mfg Co
534
28
18 34
70
25
200
*
K
14m
ui6
4,800
Warrants
40
preferred-
Class B
3734
K
35
1934
*
10
May
34
434 June
100
434
24
1234
234
20
26
com.,
2134
Aug
6
Drug Co com_.25r
Preferred
June
27
.5K
Hi
Crown Cork Internat A..*
Dobeckmun Co
Feb
2034
15
100
454
A
Crowley, Mliner a Co
De Vllblss Co
Mar
Feb
May
1234
54
35 j4
6
*
0% pref
Jan
Aug
0
1234
Crocker Wheeler Elec
Cuban Tobacco
Mar
136
85
_.£1
Cramp (Wm) A Sons Ship
a Eng Bldg Corp...100
6%
July
Jan
1034
1,000
1854
4
1334
1134
Ford Motor of Can cl A__*
1234
24
50
5% conv preferred
Courtaulds Ltd
Mar
*
Feb
86
S0 preferred A
Cosden Petroleum com__.l
11434
Ford Motor Co Ltd—
Mar
534
1
Common
June
Jan
1134
Mar
2
33
6
109H
77
4
30
"ilk"
Jan
20
4334
11434
18
18
*
com
S3 prior preference
Copper Range Co
*
Copperweld Steel com...10
8254
77
Aug
$4
preferred
Cooper Bessemer
May
41
July
100
1534
0554
74
*
134
54
Cook Paint A Vorn com..*
30
11!
]
112 34
2,600
9
9
Continental Secur Cor p.. 5
134
74
300
125
934
834
90
K
Cont Roll A Steel Fdy...*
Crystal OH Ref
Jan
234
8%
Continental Oil ofMex__.l
Crown
Mar
Aug
16
...100
....
Florida P <fe L $7 pref
Ford Hotels Co Inc
High
34
34
16
100
Flak Rubber Corp
*6 preferred
Low
11234 11234
Fldello Brewery
1
Fire Association (Phlla).lO
First National Stores—
7% 1st preferred
Range Since Jan. 1 1937
Week
Shares
600
Am dep rets ord reg..£l
10
Cont G A E 7 % prior
1154
89 34
634 June
91
Jan
Jan
96
Consol Steel Corp com..
Jan
11
June
04
..100
preferred
Consol Royalty Oil
Jan
1734
Aug
754
1
Consol Retail Stores
17
May
434
Jan
Mar
Low
Price
1,400
11334
113
1
Warrants
8%
76
74
74
100
5% pref class A
Consol Gas Utilities
34
14*4
Jan
254
June
1434 June
Compo Shoe Mach vto..l
Jan
234
Aug
134
100
134
32
Community P A L $0 pref *
Community Pub Service 25
New v t
Shares
of Prices
High
Sale
Par
for
Week's Range
Last
(Continued)
High
LOW
32
1
Commonw Dlstribut
STOCKS
Jan. 1 1937
Week
Sale
Par
Range Since
Week's Range
Last
Sales
Friday
Sales
Friday
STOCKS
1389
Exchange—Continued—Page 2
New York Curb
145
3534
34
3534
Jan
Apr
44
Jan
13
May
254
1834
Mar
33 34
June
3934
Mar
3334
July
38
Mar
34
200
3,800
Jan
New York Curb
1390
STOCKS
Last
(Continued)
Sale
Par
international Products..
6% preferred
Week's^Range
of Prices
High
Low
*
-
5%
for
Range Since Jan. 1 1937
400
4%
13
12%
13%
i'iioo
Jan
11
15%
May
Aug
%
—
17%
Class B
17%
1%
1%
1%
Feb
400
15%
June
4,100
1%
Aug
'16
1
Old warrants
17%
1%
Jan
--
New warrants
16
International Vitamin
...1
Interstate Hosiery Mills..*
Interstate Power $7 pref.*
10%
1
%
Iron Fireman Mfg v t C..10
23
Irving Air Chute
10%
1
—
Italian Superpower A
Warrants
Jacobs (F L) Co
%
Jan
500
4%
Aug
100
5%
34%
Aug
37%
10%
%
80
1,400
22
23%
500
10%
11
400
1
5%
37%
9%
%
700
*
Jeannette Glass Co
700
4%
'5%
4%
Interstate Home Equip—1
Investors Royalty
16
4%
15%
5%%
preferred
6% preferred
73%
7% preferred
100
Naumburg_._2.60
90%
5%
Jones A Laughlln Steel. 100
Julian A Kokenge com...*
73%
50
95
95
92
5%
110
20
500
♦
7i«
Jan
19% June
"i6
Jan
Nat Service common
Feb
10%
%
Aug
Jan
16
Jan
27%
18%
2%
%
18%
Feb
Feb
108
108
65
65
400
50
Jan
Nebraska Pow 7% pref.100
Nehl Corp common
*
96%
June
100
Jan
4%
June
Jan
90%
25%
9%
126%
Apr
July
Jan
30
Jan
114%
28%
Jan
12
Aug
12
Mar
107
4%
July
June
Aug
June
5
Aug
9%
"50%
Lakey Foundry A Mach_. 1
Lane Bryant 7% pref..100
Lefcourt Realty com
1
11%
50%
5
5
95
95
2%
14%
"8%
7%
...*
*
50%
5%
95
2%
Leonard Oil Develop
.25
Le Tourneau (R G) Inc..l
2%
14%
8%
1%
1
1
37
37
39
29%
.
29%
24%
27
*
*
50
1,200
Jan
Nestle-Le Mur Co cl A..
Nv-Callf Elec
New Engl Pow
50
300
100
"24%
*
4%
4%
Jan
Aug
Apr
12%
Jan
Jan
N
Aug
78%
Feb
N Y Pr A Lt
59%
9%
Mar
June
June
Aug
2%
13%
May
7%
'5i«
Apr
110
July
Jan
Feb
Feb
4%
Jan
30%
34
3%
June
7
Mar
24
May
June
Jan
22%
18%
16%
June
14%
Jan
July
6%
Jan
Aug
,
Feb
July
M ar
4
13
2,800
95
Apr
1
700
1
June
2%
Jan
800
38
55%
Aug
5%
10%
Feb
60
76
25
300
MoCord Rad & Mfg B
————
Co
Apr
June
Jan
82
25%
10
Jan
Jan
May
Jan
Mar
33%
22%
3%
Mar
Common......
...
J6 preferred..
Jan
7%
14%
8
14%
1%
Nor European Oil com...1
Nor Ind Pub Ser6% pf.100
7% preferred
16
*
7%
7%
4%
1516
.
Ohio Edison $6 pre!
Ohio Oil 0% pref
18%
101%
Jau
125
July
4%
June
7
Jan
July
73
Apr
Aug
Jan
5
June
25%
5%
%
62
June
May
Jan
May
716
Jan
63%
Feb
Mar
Mar
k
2%
80%
2%
Aug
Jan
37
Aug
100
5%
Jan
Jan
Jan
Feb
May
1%
Apr
11%
13%
2,100
10%
June
Apr
60%
1,200
40
May
Aug
Jan
Aug
4%
Jan
1%
June
3%
Jan
900
2%
Jan
11%
18%
Mar
11% June
Ohio Power 6% pref--.100
Ohio PS 7% 1st pref.-.100
6% 1st preferred
Feb
7%
3%
7%
3%
""366
500
200
7%
Mid-West Abrasive comSOc
9%
Ollstocks Ltd
com...
Feb
Oklahoma Nat Gas oom_15
S3 preferred
51%
4%
5%
5%
100
5
Apr
%
%
1,900
%
79
%
Jan
76
78%
79
40
87%
July
Apr
8%
9
500
7%
Jan
21%
1%
22%
600
16%
June
1%
200
1%
June
24
25%
200
24
30
1%
30%
500
30
56%
56%
25
48%
100
110%
107%
111
106%
102%
110% 110%
107
109
101
40
13
13%
12%
3%
200
13%
700
28%
300
25
3%
3%
3%
1,000
7%
7%
7%
100
*
29%
27%
500
105% 106%
175
29%
27%
27
300
July
June
7%
July
10%
Aug
10
28
4%
14%
Mar
2% June
*
May
June
Jan
5%
*
43
41
43%
62
62
65
100
300
8%
24%
54%
Apr
75%
38
13
Aug
5
Feb
Penn Mex Fuel Co
33%
May
43
Jan
1
88
May
98
Jan
Pennroad Corp vto
Pa Gas A Elec class A
109
July
118
Feb
Pa Pr & Lt 57 pref
Penn Salt Mfg Co
Penn Traffic Co.
$2.80 preferred..!
55 preferred
56 preferred
June
16%
Feb
8%
Mar
11%
Apr
May
22
Monroe Loan
Soc A
1
Montana Dakota Utll... 10
June
3%
7%
144% 146
100
45%
45%
275
3%
45%
30%
200
*
*
100
*
For footnotes tee page 1393.
4%
Feb
6%
72
*
6
140
Pa Water A Power Co
50
3%
4,700
168
95%
90
170%
June
Jan
Mar
89
May
82
May
112
162
Jan
179
2%
Apr
8
Feb
Apr
5
Jan
'2~200
9%
June
13
1,100
5%
June
7%
June
3
*138
June
155%
Feb
17%
Aug
28%
Jan
18
Apr
July
20
Mar
91
97%
Mar
15%
July
23
May
Feb
June
Feb
Aug
113
4%
73
119% 132%
1,725
6%
9%
*
6%
500
9%
100
June
96
109
June
151
31%
122%
Phlla Elec Co 55 pref
*
Phila El Power 8% pref .25
com
17%
75
*
100
8%
5%
May
3%
60
200
2.50
42%
6%
""26
93%
90
169
..*
Pharis Tire & Rubber coml
10%
140%
93%
*
Peppered Mfg Co
Perfect Circle Co
3%
June
12
3%
*
Philadelphia Co
184
110
42%
Jan
Aug
May
Aug
Jan
3
9%
109%
43
12%
30%
June
Feb
June
June
30
30%
53
5
17
3
Apr
65
37
Aug
July
June
1
157
44
,
*
May
45%
25%
June
June
4%
10%
600
33
29
180
Mountain States Pow com*
Mountain Sts Tel A Tel 100
30
30%
Moore (Tom) Distillery.. 1
Mtge Bk of Col Am shs
Mountain City Cop com 5c
Mountain Producers
10
June
134%
25
28
*
31%
144%
Montreal Lt Ht A Pow_. *
Moody Investors pref
•
Moore Corp Ltd com
*
Class A 7% pref
100
May
27
100
Aug
11%
21%
27
Penn Edison Co—
June
500
Mar
July
Jan
2%
8,600
59
5%
June
200
10%
1,000
6,300
7
3%
12%
7%
20
8%
11%
9%
89
Apr
*
300
12%
32%
29%
107%
Aug
May
*
2,000
2.60
6%
*
9%
Voehrlnger C
0
5
4
6%
10
12%
Molybdenum Corp
1
Monarch Machine Tool..*
32%
100
20
5%
*
8%
11%
Aug
Mar
Mar
20%
103
65
105%
30%
Mar
14%
May
Pender (D) Grocery A
90
Apr
26
29
-Jan
112
97%
3
Patchogue-PlymouthMUls*
71
June
9%
103
Parkersburg Rig & Reel-.l
100
111%
111**
Feb
83%
110
May
104%
14%
Feb
Peninsular Telep com
Preferred
67
June
June
7
Jan
35%
12%
9%
2
Mar
0%
37
Apr
June
10
12%
41
June
% June
24
Jan
96%
103%
92 %
100
4%
May
Aug
Aug
97
111
let pf.25
Pacific Tin spec stock
Pan Amer Airways
50%
Jan
Aug
28
Pacific Public Service
51 30 1st preferred
Jan
2
103
*
51%
100
50
-
7%
77
Jan
2
6% conv pref
100
Oldetyme Distillers——1
Overseas Securities
Pacific Can Co com
June
.10
Pantepec Oil of Venez....l
Paramount Motors Corp.1
6%
June
2%
Jan
June
10
Aug
Jan
Jan
20
Minnesota Mining A Mfg.*
Minn P & L 7% pref..
10U
Apr
Aug
15
3%
1%
600
600
98
60%;
11%
8
200
3
Feb
Feb
July
49%
5
3%
11%
16
May
July
22
2%
10
Feb
Feb
6
May
81%
Midwest Piping & Sup..
Mining Corp of Can
%
2%
2%
Va
1,300
50
115
2
100
Pacific G A E6%
1%
3%
"2% "2%
*
Class B_
....
*16
300
15
*
6%% 1st pref erred.. .25
Pacific Ltg $6 pref
*
Pacific P & L 7 % pref. -100
20
shs.—
Nachman-Sprlngfllled
Feb
95
100
Jan
100
Products—
*
Feb
Aug
57%
11%
*
Feb
Feb
2,400
300
Feb
94
79%
2%
100
Parker Pen Co
*
100
Aug
July
6%
1
to...
Montgomery Ward A
June
98
Northern Pipe Line
10
Nor Sts Pow com el A.. 100
Ohio Brass Co cl B com
Feb
75
1C
Midwest Oil Co
81%
75%
65
35
Mar
400
Middle States Petrol—
pref
Feb
100
May
1,200
100
10%
47%
55%
88
>7%
14%
25
June
47%
98%
14%
44%
2
1
125
78
prior pref erred... 60
Jan
32
Michigan Steel Tube..2 60
Michigan Sugar Co
86
78
Jan
9%
47%
6%
Aug
2,600
1%
2%
82
78
No Am Utility Securities. ♦
Nor Cent Texas Otl
6
June
39
1%
10,400
35%
6%
62%
2
13
50
Novadel-AgeneCorp
2%
12%
600
Aug
Metropolitan'Edison pref.*
12%
05
200
Mar
425
Feb
Aug
June
51
16%
3", 500
5%
4%
24
48%
25%
76
200
50
Jan
"6% ~~7%
4%
47
Feb
71%
Mar
47
8%
73
Jan
12%
50
92%
Mexico-Ohio OH...
»
Michigan Bumper Corp.,1
t o.
1
18%
55
300
105%
June
-_*
1,700
5%
June
7%
North Amer Rayon cl A..*
Class B com.
*
11%
Metal Textile Corp com..*
Part preferred
*
Preferred
May
Jan
Feb
25
1
Michigan Gas & Oil
60
June
15%
100
25
0%% A preferred...100
Murray Ohio Mfg Co
Muskogee Co com
0% preferred
May
5 Nor Texas Elec 6% pf-100
Northwest Engineering. .*
5%
97%
120
7%
Apr
5%
Mar
20
28
2%
June
24
4%
1
3
123
115%
300
28
6
12
*
com
Miss River Pow pref
11%
6%
500
5%
Feb
Mar
June
•
8%
28
*
200
123
Mar
15%
166%
8%
.
3%
Participating preferred.*
Mock, Jud.
Common
Class A pref
14
*
200
Nineteen Hundred Corp B1
10
Merrltt Chapman <fe Scott*
Warrants
.
.6
common
14%
Merchants A Mfg ci A...1
Mldvale Co.
Class B
"lo""
200
34
13%
Niagara Share—
Nlplsalng Ml nee—
Noma Electric
8%
6%
28% June
12% June
6%
Nor Amer Lt A Pow—
17
6%
16
200
Jan
20%
21
Aug
2%
Jan
Apr
2% June
21
July
9
100
80
5%
Memphis Nat Gas com...5
Memphis P A L $1 pref...*
non-cum dlv
5% 2d pref cl B
Class A opt w*rr
Class B opt warr
Aug
100
*
3%
100
100
100
June
500
100
200
9
166"
8%
100
3%
6%
Dredging...*
Mead Johnson & Co
$2
5% 1st pref
5% 2d pref cl A
5% 2d preferred
62%
3%
McColl-Frontenac pref. 100
Midland Steel
100
...10
Mar
6%
*
37
Power—
93
3%
1
conv
Jan
Feb
135%
Jan
100
5
Apr
1
Master Electric Co
v
3%
1
May Hosiery Mills pref
v
New York Transit Co
N Y Water Serv 6% pf
39
June
3%
....
•
Niagara Hudson
Common
Jan
5
92
9
13%
.1
Jan
65%
15
1,400
Shipbuilding Corp—
Founders shares
Apr
Apr
Jan
$6 preferred
N Y
Feb
Aug
113%
7% pref..100
13%
2%
12%
3
105
June
3%
10
20
10%
1,000
Y Merchandise
Nlles-Bement Pond
1
96
N Y A Honduras RosarlolO
21%
65%
3%
Class A
Auction Co com
2%
35
88
26
Warrants..--------—-I.—
Aug
12%
Class B
30%
94%
*
9%
65%
Midland Ol!
140%
N Y City Omnibus—
Feb
100
Iron
Aug
98
—*
Louisiana Land A Explor 1
Louisiana P A L $6 pref..*
Mesabl
115
June
80%
Mercantile Stores
30
June
100
McWilliams
117%
115
*1
4%
Jan
July
18
1,700
c
4%
23%
89%
6%
72
111%
2%
Apr
July
N Y
95
Mar
June
100
2,400
Massey Harris common..*
1%
10%
70
950
4%
81%
Mass Utll Assoc v t
80%
19%
19%
100
600
10%
*
June
10
2%
26%
'.*
Aug
10
25
34
Communication ordregJEl
10
12
10
80%
3%
80%
Margay Oil Corp
59%
Jan
2%
10%
Marlon Steam Shovel
112%
Jan
80
78%
25
Marconi Intl Marine—
June
32
24
6,000
100
102
100
79
3%
61
10
50
24
10%
61
107
50
72
Feb
46%
2%
107
50
*
65
28%
24
New Process common
26
3%
Aug
Mar
100
Newraont Mining Corp.lO.
Jan
9%
12%
200
Jan
4,200
Mapes Consol Mfg Co...*
20%
25
l!
*
52%
800
28
Jan
New Mex A Ariz Land
*
*
1 %
Jan
75%
Feb
Long Island Ltg—
...
1,100
Aug
Aug
New Jersey Zinc
2,100
$5conv preferred
1%
21
7%
10
25%
13%
17%
106
22%
50
700
Jan
2,200
Mantle Radio <fc Tel
500
7%
Apr
13
54
24
74%
Feb
14%
1
10
%
1
New England Tel A Tel 100
12%
Lucky Tiger Comb g m._10
Lynch Corp common..
5
57%
25%
New Haven Clock Co
14%
7% preferred
6% pref class B
Loudon Packing.
7%
June
19
*
Feb
12%
Common
Jan
12%
100
Assoc
21
22% June
1
Aug
5
6% preferred
July
23
6
316
*
June
2,000
1,300
2,200
100
New Bradford Oil.
Jan
Mar
Jan
100
com
7% preferred...
91%
May
Aug
*
June
600
*
Mangel Stores..
Nelson (Herman) Corp...6
19%
13%
47
11 %
*
...
10%
9%
1,600
*
,
_....
Feb
Aug
1%
_
Neptune Meter class A
Aug
3%
88%
05%
8%
8%
Feb
Mar
1st preferred.
11%
1
Lackawanna RR (N J).100
Lake Shores Mines Ltd... 1
64
10%
20%
85
%
7%
20%
21%
,*
12%
500
Jan
13%
""966
*
16%
KoppersCo0% pref ..100
Aircraft.
23%
Nebel (Oscar* Co com
,si«
11%
33%
49
24
Jan
National Transit
Aug
200
*
—
National Sugar Refining..*
National Tea 5%% pref. 10
89
1
Kress (S H) & Co pref.-.10
Lone Star Gas Corp
316
June
1%
12
6
July
6%
June
40
Locke Stee. Chain
69
"12% "14%
66
20
Lockheed
67%
900
10%
3%
"12%
1%
2,700
2,100
B
38%
1%
40%
4%
5%
Loblaw Groceterias A
38%
68%
"16"
54
1
45
June
900
6
12.50
105%
1
June
11%
14%
6%
39
6
Nat Union Radio Corp___i
Navarro Oil Co
*
40
Klein (D Emll) Co com...*
Klelnert (I B) Rubber... 10
43
200
Jan
57%
40%
18
1,300
14
57
4%
June
12%
15%
June
19
40 %
15
43%
15
June
57
Line Material Co.
Jan
Feb
3%
'"206
11%
13
.
Lion Oil Refining..
Lit Brothers com
"l6"
July
♦
Kings Co Ltg 7% pref B100
Lehigh Coal & Nav
*
1
Conv part preferred
National Steel Car Ltd
Jan
High
44%
14%
June
Co—25
200
Kreuger Brewing.
4
Nat Rubber Mach
23%
Kobacker Stores Inc
Nat Mfg & Stores com...*
National Oil Products
National P <fc L S6 pref.. .»
23%
common
15%
National Refining
23%
5% preferred D.....100
Kingston Products
1
5,700
43
12
♦
Jan
Kennedys Inc
5
Kimberly-Clark Co preflOO
Kingsbury
Breweries..
1
.
50
Mar
900
Kansas G A E 7 % pref. 100
Ken-Rad Tube<fc Lamp A *
Kir by Petroleum
$3 conv pref
National Fuel Gas
108%
Jonas &
Class
"l6~
National Container (Del).l
Feb
2
1
June
7
Jan
Mar
1%
75
1,500
100
Preferred
1%
6
100
Klrkld Lake G M Co Ltd
Feb
July
1
14%
Low
0%
1
Feb
7
Range Since Jan. 1 1937
Nations Candy Co com..*
42%
24%
Jan
Jersey Central Pow A Lt—
Knott Corp
Nat Bellas Hess com
6% June
»
14%
21%
3%
%
H
7%
for
Week
Shares
27
National City Lines com__l
—
Range
of Prices
High
National Baking Co com.l
June
Bafety Razor B. *
Week's
Low
Nat Auto Fibre A v t c—*
Mar
103
1937
28,
Sales
Sale
Price
Apr
8%
International Utility—
Class A
Last
Par
High
July
100
1
STOCKS
(Continued)
Low
Aug.
3
Friday
Week
Shares
100
Internat Radio Corp
Internat
Price
Exchange—Continued—Page
Sales
Friday
Mar
37
6%
8%
June
Aug
111
June
8%
20
110%
31
June
Phillips Packing Co
Phoenix Securities—
Common
*
8
8
8%
200
8
Aug
15%
1
7%
7%
7%
1,500
0
Jan
11%
Mar
Conv pref ser A
Pierce Governor com
Pines Wlnterfront
10
Aug
40
Mar
*
33
33
35
400
33
22
23
300
19%
1
2%
2V&
100
Pioneer Gold Mines Ltd.-l
3%
4%
1,900
Jan
2% June
3%
June
34
33%
3%
Feb
6%
Jan
Feb
Volume
Range Since
Last
Week's Range
for
Sale
of Prices
Low
High
STOCKS
Jan. 1 1937
Week
Par
Price
Postage
21
88
Jan
May
1%
200
14%
May
Aug
Feb
8
"4%
'"300
4%
Aug
6%
1%
9%
300
1%
June
4%
Jan
8%
June
Feb
June
12%
33%
1,300
32
2
June
4%
Jan
28
May
35%
Feb
H
700
3ie
%
Mar
16%
11
11
3,000
12
"ioo
5?
99 %
100
99%
*
Jan
Jan
Standard Oil (Ohio)
6% preferred
6% preferred..
105
Feb
Preferred
6 % preferred.
.
-
Quebec Power Co
"134"
"30
134
18%
18%
_25
6
16
15
♦
(Daniel)
Jan
Jan
.20
26% June
Sterling Aluminum Prod.l
9%
Jan
25
Apr
8
Jan
14%
Feb
Sterling Brewers Inc
Sterling Inc
124%
Jan
150
Jan
Stetson (J B) Co com
Stinnes (Hugo) Corp
Jan
Stroock
July
17
June
28%
%
July
Feb
200
24%
Jan
49
Mar
Jan
4
Jan
53%
7%
Mar
100
400
10
Jan
32
Feb
.....
June
Taggart Corp com.
46%
July
8%
Feb
Tampa Electric Co com..
1,200
1%
Apr
Tastyeast Inc class A
100
22%
June
Mar
1%
.1
1%
9X
4%
9%
■
Jan
4%
4%
2%
Feb
Teck Hughes
July
Mar
4%
200
%
300
916
X
July
July
27%
200
2%
"2%
"Too
5%
5%
6%
1,000
"x
%
%
2
Thew Shove iCoal Co
•
4%
Feb
Tobacco Prod
Jan
Tobacco
June
June
Jan
18
%
1
Jan
Am
dep rets ord reg...£l
%
June
19%
200
18
July
Apr
55%
90
Jan
110%
July
July
14%
Apr
19%
4%
pref
18%
13%
14%
51
51
51
Mines
1
"12%
St Lawrence Corp Ltd..
A
118%
June
17%
June
51
5
3%
Lt.100
10%
46%
115
316
12%
200
4
200
118%
5
*
Petrol
Haynes com__l
1,900
50
J
*
Rustless Iron 4 Hteel
125
3
12%
Mai
4
7% preferred..
100
4%
8,700
3%
200
40%
June
50
Jan
19
16
June
22%
Feb
Apr
Apr
17
Feb
98
Jan
119
Aug
50
117% 118%
100
7%
5%
6
8%
108
108
5%
42%
3%
20%
43
29
29
3%
20
20
*|
42%
Manufacturing.26
flcranton Lace Co com
Apr
Transwestern Oil Co
28%
200
33%
June
41
800
%
June
2%
Jan
3% June
Feb
18%
4% July
53% July
5%
Mar
5%
5%
900
13,600
500
1,100
Aug
64%
75
55
Apr
66
3%
300
3
Apr
16%
2%
100
70
200
100
200
%
June
4
June
5%
9%
Aug
13%
800
1%
June
8
May
65
6
July
May
69
Feb
800
3
Apr
400
20
Aug
26
May
May
65
Mar
400
38%
41%
Aug
4%
Jan
29
June
54% May
78%
15%
100
60
7%
*
2%
2%
2%
300
June
5%
Jan
May
60%
Jan
Unlon Stockyards
2
1%
1,300
1%
Feb
United
5%
4,000
5
June
Aug
4%
5
2
6%
9%
Mar
Lock &
H'ware
1
Selberllng Rubber com...*
Selby Shoe Co
..*
Selected
Industries
21%
2%
1,300
96
200
3%
3%
90%
97%
98
500
92%
United Chem'cals com
Jan
United
Amer
dep
16%
16%
16%
500
Sentry Safety Control
Leather com
%
1
',.*
8
Corp.-l
"~2%
2%
Mining..6
15%
15%
Seversky
Aircraft
Shattuck
Denn
27%
Shawlnlgan Wat & Pow..*
Sherwlu-Wlillams
com..26
6% cum pref ser AAA 100
126~
108%
125
101%
104
8
3%
16%
Jan
%
Apr
3,000
2%
Aug
2,500
15%
Apr
28%
500
100
28
500
129
600
50
22%
100
8
Feb
Jan
Mar
Jan
Feb
107%
22%
Apr
33%
Feb
June
25%
154%
Mar
Aug
Aug
114
28%
Feb
Apr
%
10
*
10
100
10
May
Aug
1
Jan
10% Aug
pref
29%
♦
Simmons Hard're & Paint *
Simplicity Pattern
1
com
Singer Mfg Co
3%
10
3%
10
304
100
Aug
3%
June
3%
1,000
10%
400
10
Aug
40
295
Apr
312
36
Feb
7%
Feb
13%
July
370
Jan
5%
Amer dep rec ord reg.£l
98
3%
3%
100
Solar Mfg Co
l
5
5
5
100
Sonotone Corp
Ross Mfg com
1
2
2
2%
South Coast Corp com
1
.
Smith
(H)
Southern
Calif
1
July
Jan
June
2,700
$
Apr
Aug
9%
10%
10,200
6%
4%
9%
Apr
4%
100
4%
July
6%
100
Apr
Jan
3%
29%
Mar
7
Mar
2%
10%
5%
Aug
Jan
Aug
July
Edison—
5% original preferred.26
6% preferred B
26
5%% pref series C...2';
Southern Colo Pow ol A.26
7% preferred
2
20%
Paoer Mill—*
July
*
39%
Milk Producta ..*
100
For footnotes see page
1393
*
70
26%
35
35
28%
35
28%
100
26%
26%
200
5%
300
5
35
26%
Aug
41%
Jan
June
29%
Mar
24% June
4% May
28
65
83
July
8%
Jan
Feb
Mar
2%
"70%
5%
5%
39%
6%
7%
United N J RR A Canal 100
500
46
2,200
"70% "70%
""95
7%
100
""!% ~T%~
""800
July
%
Apr
June
30%
Mar
13%
Feb
Jan
5%
100
5%
2%
2%
600
26
86%
87%
250
39%
com.—1
1
B
._*
*
U S P aying Card... ..10
U S Radiator com
1
U S Rubber Reclaiming. _*
U S Stores Corp com
*
*
17 conv 1st pref
United Ptores v to
*
United Verde Exten—50c
United Wall Paper
*
Universa
Consol Oil—10
Universal Corp vtc
1
Un,versa) Insurance
8
Universa
Pictures com._l
Universal Products
*
39%
13%
12%
1%
78%
Int'l Securities..*
with warr..
July
85
Jan
52% May
June
2
Jan
Mar
%
xll
Mar
7% June
108
May
1%
June
13%
124
3%
Feb
Jan
Jan
94
Jan
4% June
11%
Jan
5
June
11%
33%
June
75%
Jan
June
45
Feb
55
May
75
Aug
5%
Jan
8%
Jan
Feb
Apr
253
Aug
1%
July
2
July
9%
..25
Preferred...
6% June
47
12
Mar
5%
July
June
2%
May
4%
Mar
96%
Jan
47%
Jan
15
Aug
June
245
"l%
5%
United Shoe Mach com
1st pref
7%
"§6%
-1
U S Fob Co class
6,300
1C
Preferred
United Shipyards cl A—
United Specialties
6,200
6
Molasses Co—
Am dep rets ord rcg
U S Lines pref
Jan
10%
Apr
.
25
5%
$3 preferred
United
18%
July
84
5%
$0 1st preferred
20,900
200
114
2
*
U 8 and
81nger Mfg Co Ltd—
Sioux City G 4 E 7% pflOO
Skinner Organ com
*
9%
114
Lt A Pow coil A.*
Common class B
United
13% June
xll
pref non-voting.*
ClassB.
Slmmous-Broadman Pub—
Conv
9
Opt'on warrants
United G A E 7% pref. 100
United
Feb
500
-.
United Profit Sharing—
Shreveport El Dorado Pipe
Line stamped.
25
com
Aug
118
100
200
1
49%
July
2%
1%
12%
6%
107% 108%
22%
Sherwln Williams of Can
%
%
7
50
1
7
..*
July
$7
114%
3%
85
United Gas Cory com.__l
1st
Jan
May
200
United Elastic Corp
1%
£1
rec
Corp warrants
Mar
June
Feb
4%
400
Aug
100
Jan
Prov Stores—
6%
17%
3%
July
3%
Transpon
Mar
Aug
96
Aug
Aug
%
3%
9%
.
4%
28%
2% June
21
6
$6 60 prior stock
26
Allotment
certificates.
Sllex Co
30
A.rcraft
Warrants
Feb
10%
3%
S3 cum A part pref
2%
Conv stock
Seton
Aug
Inc—
Common
Helfrldge
2%
Feb
Feb
9%
June
Union Oil of Calif deb rts..
44%
Segal
Feb
May
11%
13%
4%
*
Securities Corp general... •
Reeman Bros Inc
*
86
700
200
10
10
190
preferred
Union Investment com
Jan
Jan
Mar
9%
31%
1%
■
6%
112
Jan
Apr
3
Jan
800
Union Elec Light A Pow
Union Gas 0.' Canada
25
Feb
1,900
2,100
1%
65
6%
Feb
4%
6
May
Jan
2
10%
65
5%
Mar
*16
1%
4
1
Work£..l
80c diw preferred.-....*
Ulen A Co 7%% pref..26
5% preferred
2
Unexcelled Mfg Co
10
Feb
105
9%
—.
....
Lamp
Feb
July
115
%
-
Jan
3
Jan
*
A
18%
July
%
21%
*
*
99
July
74
June
92%
21
Class
Jan
600
21
Tung-Sol
2%
51
Jan
Jan
4%
July
July
16%
%
Tublze Chatlllon Corp..-J
Jan
Mar
64%
Trunt Pork Stores....
Apr
Mar
18%
10%
68
10
Jan
73
Jan
Apr
Apr
Jan
7%
12%
16%
38%
Jan
June
43%
Jan
11%
117%
Feb
100
9%
June
0%
77%
112
150
100
June
Aug
13
Trt-Continentai warrants..
700
5
34
60
Jan
97
May
Jan
Jan
%
Scranton Spring Brook—_.
Water Service pref
10
Feb
16%
34
1%
3%
30%
5%
33%
15ie
3%
June
Apr
7,800
Apr
9%
%
58
Schlff Co common
Mar
46
900
100
50
5%
.1
8
141
Jan
10
.
Common
June
Jan
Feb
Mar
43%
Traas Lux Plct Screen-
Jan
7%
108
1
Savoy Oil Co
6%
Jan
June
3%
111
50
___6
Bamson Uni.ed Corp »m
Sanfod Mills com
Jau
July
.
Feb
Mar
4
.100
Tonopah Belmont Devel 1
Tonopab Mining
Ne« 1
preferred A
Feb
28
Toledo Edison 6% pref. 100
12
7%
Feb
May
May
2%
Am dep rets def reg...£l
Todd Shipyards Corp
•
•
Rt Regis Paper com
600
7
64%
Exports...*
2%
Royallte Oil Co Ltd
Safety Car Heat &
%
Securities Trust
Mar
40
Royal Typewriter
Russeks Fifth Ave
20%
16%
Tobacco and Allied Stocks*
11%
20
100
Tlshman Realty A Const. *
Aug
13%
2%
22%
3%
1
Aug
15%
Aug
Mar
June
13
27%
June
7%
6%
27%
5%
33%
Jan
4%
58
58
*
Aug
5
Aug
5%
101
5%
June
2%
Feb
"l% "l%
5%
1
26
MOO
..6
pref
Gold
Mines...;
14
27%
13%
May
July
7% 1st pf.100
L 7% pref..100
TUo Roofing Inc
—
June
8%
1%
Tenn El Pow
June
13%
7%
Texon Oil A Land Co
%
16
Technicolor Inc common.*
June
Teras P A
Mar
"TOO
9%
29%
June
1%
8%
Co-
Rossla International
117%
1
Taylor Distilling Co
1,500
Feb
15%
11
3%
300
1X
10
2,000
Jan
44
1
32%
5%
6%
5
Jan
10
19
100
June
25
6
2,000
1,300
Finch Oil Cor p.'.15
",6
25
9%
9%
S3.30 class A partlclpat. *
Swiss Am Elec pref
Feb
39%
43
4%
5%
%
"Too
1
100
%
"13"
"l3"
13%
Apr
15
6%% conv pref
60
Superior Ptld Cement B._*
Aug
Feb
107
May
19%
200
%
Feb
July
8
1,400
10%
%
Machinery
Sunray Drug Co
Sunray Oil
18
Feb
Feb
21%
22%
"l%
5
*
*
(S) A Co
jStutz Motor Car
Swan
May
16
6
Root Petroleum Co
Hcovllie
Jan
9%
4%
1
.1
4%
com
pref
2d preferred
35
1
♦
Roosevelt Field Inc
conv
Jan
Mar
10
93
35
9%
50
Jan
25%
25
Feb
107
100
Bros Stoies
preferred
Jan
Apr
Feb
17%
60%
125%
Mar
4% June
3,800
4%
4%
*
90%
June
Jan
8
93
6
Amer dep rets ord reg.£l
$2
4%
1
35
Rome Cable Corp com...5
Anthony
pref
.
June
63%
36
June
16%
20
Works com
"13"
36
15%
Voting trust ctfs
Rt
6%%
Jan
June
5
Wholesale Phosp
4 Acid
8terch
Jan
23
100
30
30
6
*
Rio Grande Valley Gas
Consol
2,000
4%
200
Reybarn Co Inc.
Ryerson &
716
35
*
.
Reynolds Investing
Rice stlx Dry Goods
conv
16%
%
1
*
Reliance Elec & Enging._6
Ltd
Aug
16%
Mar
com...
Relter Foster Oil....
Rart
%
1
106%
6
33%
»
50c
Roller Bit Co
Feb
Lead...l
.Sliver
Sullivan
S3 conv preferred
Red Bank Oil Co
25
Aug
41
Common
June
May
Raymond Concrete Pile—
Raytheon Nlfg com
Jan
14%
8teln (A- A Co common..*
% June
%
%
Jan
69%
Feb
Class A
Class B
JaD
June
103
17%
Ry & Light Secur com...*
Rainbow Luminous Prod-
105%
36
Starrett (The, Corp v t c
8teel Co of Canada ord
109
*
100
*
Quaker Oats com
375
June
100
Apr
99
TOO
102%
40
Aug
60
Apr
Mar
46
June
25
38%
93
100
'11%
33
300
103
7%
117%
100
Aug
13%
7%
120
June
20%
June
May
Apr
Jan
Apr
Aug
9%
June
June
92
"W
300
2
Standard
....
2,300
9%
36%
May
03%
2%
20
28
5
20%
Jan
5%
21
Jan
June
500
Products Co
Standard
1st
.
19
June
2,000
Feb
99
Pyrene Manufacturing.. 10
41
36
Standard Steel Spring com*
Standard Tubecl B......1
1%
SB pref erred
Pyle National Co com
4
50
Apr
2%
JaD
175
100
Aug
27
3%
Mar
97
63%/ 65%
28
30%
4%
42
Jan
23%
2%
98
97
63%
21%
2%
77
...
..
100
500
Standard
Puget Hound P &. L—
$5 preferred
400
24%
*
Common class B
112
100
100
7% prior lien pref
20%
1
Aug
July
July
..*
Jan
Jan
Pub Service of Okla—
6% prior Hen pref
Apr
Jan
%
19%
103
100
41
Pub Util Secur $7 pt pf_.
Mar
Ja>
1
103
109
117%
97
"
36
26
00m
July
100
.100
7% preferred..
1%
12%
4%
200
9%
June
60
Common
Mar
516
20%
20%
26
Standard P & L
May
June
75
Pub Serv of Nor 111 com.
Ryan
(Neb)
19%
40
1
15%
68%
90
June
% May
8 %• Feb
3%
Feb
1,000
42
June
'25%
42
*
39
46%
56
10%
4%
•
June
25
'
$6 preferred
conv
Oil
Apr
Aug
Apr
24%
98
45
45
$7 prior pref
Rolls Royce
Standard
Mar
Aug
20
Standard Invest 15% pref*
Standard Oil (Ky)._._ 10
11%
Jan
8%
Mar
Feb
42
S16
...10
preferred
5%
11%
9%
9%
com
*
Standard Brewing Co
*
Standard Cap <fe Seal com.l
14%
Public service ol indlaua-
1,000
7%
Jan
%
100
99%
3,000
Jan
26
50
Stahl-Meyer Inc
June
10%
9%
52%
9%
9%
50
dep rets ord reg._£l
Am dep rets ord bearer £1
Spencer Chain Stores
*
Conv
Aug
163
2
500
Am
106
1st pflOO
preferred
Richmond
Co.1.6
Penn Oil..
26
80 West Pa Pipe Line..50
Spanish A Gen Corp—
Standard Dredging CoCommon
High
July
5
South
June
....
.
Pub Serof Col 7%
12.50
Mar
154%
10
3%
3
..
99
50 preferred
51 .20
Feb
17%
June
8%
♦
Jan
Aug
500
15%
15%
Jan
41
Aug
30%
S16
316
%
16
Prosperity Co class B—
Reeves
Feb
100
34
34
Providence Gas
Reed
Feb
July
700
2%
2%
1
200
32
30%
2%
J
Prudential Investors
Apr
19
Low
Shares
163
163
Engl Tel.. 100
Southern Pipe Line
10
Southern Union Gas
•
Southland Royalty
Week
of Prices
High
Low
New
Conv preferred
SPropper McCallumHos'y*
6%
2%
114%
18%
*
-
-
147%
Feb
6
Pressed Metals of Amer..*
Producers CorD
June
300
4%
1%
8%
4%
6
6
Mining
16%
l'hob
*
...l'OO
6% 1st pref
Mar
June
June
121%
1%
14%
1%
14%
Power Corp of Can com..
Premier Gold
June
17
60
U8~
118
Co.l
Plough inc
-*
Pneumatic Scale Corp. -.10
Polaris Mining Co
25c
Pratt & Lambert Co
Jan
Feb
86%
100
86 %
Pleasant Valley Wine
Powdrell & Alexander
0%
27%
116%
12
21
Pittsburgh ForglngB
1
Pittsburgh & Lake Erie.60
Pittsburgh Metallurgical^
Pittsburgh Plate Glass..26
Potrero Sugar com
Aug
7%
1,000
7%
7%
7%
•
Sale
Price
Range Since Jan. 1 1937
for
Week's Range
Last
Par
High
Low
Shares
(Continued)
South
Meter
Sales
Friday
Sales
Friday
STOCKS
(Continued)
Pitney-Bowee
1391
New York Curb Exchange—Continued—Page 4
145
"2%
2%
~~8
80
43
13%
8
1%
79
2%
July
10%
June
700
1%
Aug
78 %
Aug
2%
500
600
516
7%
%
3%
7%
ni6
3%
3%
3%
4
17%
3
3
Feo
Mar
93%
Jan
June
4%
Mar
34%
Feb
4
400
6%
June
10
Mar
5%
Aug
14
Mar
200
3i6
June
1%
60
4%
June
18%
Jan
600
%
July
1%
4%
Feb
1,800
1,800
3%
Jan
3% June
3%
""500
3
Jan
Aug
18
150
15%
May
7
7
100
6%
July
24
24
100
23%
Apr
17%
18%
Jan
June
25
12%
~3
7% May
400
7
16
Apr
12%
50
9%
7
37%
100
400
13%
26
26
84
Jan
Feb
0
Jan
18
July
8%
22%
Apr
Jan
19
Jan
35%
Feb
New York Curb
1392
of Prices
High
Sale
Par
Utah Pow A Lt 57 pref— *
Utah Radio Products
Low
Price
64H
64 %
*
stock
300
4
600
4
67
100
67
3%
%
"~3
100
o conv
pref
28%
Jan
Community Pr A Lt 6s '57
10%
Feb
Community P S 6s
73
Feb
Conn Light A Pow 7s
33
Apr
(Balt) 3%s ser N—1971
Consol Gas (Bait City)—
6
55
Apr
Mar
23
June
6
Apr
""166
"~6~% "6k
6H
""500
2
1%
3,600
pref-_100
Aug
Jan
1%
83% June
9%
3%
100
Jan
June
18%
5
20
20
7% preferred
21H
800
100
Wahl (The; Co common.. •
Waitt A Bond class A... •
Class B
July
Apr
10
23
Aug
98
Aug
17%
95% July
2% June
7% July
1
1
WeUlngton Oil Co
100
2%
m
400
7
4
4%
1.25
1
'
8H
Cartridge 6% pf 100
Co
Cont'l Gas A El 6s
1958
Crucible Steel 6s
1940
7% 1st preferred
100
Western Tab A Sta
West N J & Seashore RR 50
Weyenberg Shoe Mfg
80
80
3%
60
3%
200
1
11%
7%
Williams (RC)4Co
*
Williams Oh-O-Mat Ht..*
7%
{Wll-low Cafeterias Ino..l
K
Conv preferred
Wilson-Jones Co
*
Wlllson Products
8
300
X
2H
2 ys
2,300
400
1
*
2%
19
6
58 1st series B
19
100
%
2%
19
13%
Winnipeg Electrio cl B—*
Woodley
Mar
Dixie Gulf Gas 6%s._1937
Eastern Gas A Fuel 4s. 1956
Empire Oil A Ref 5 %s_ 1942
Feb
Jan
Jan
Erie Lighting 6s
-1967
Federal Water Serv 5%s '54
Finland Residential Mtge
May
16% May
June
95
Jan
4%
July
Aug
8%
18%
Feb
Feb
9%
10
500
8%
May
12%
Jan
Florida Power A Lt 5s. 1954
Jan
18
6
6%
69
2%
69
2%
6%
74
2%
1,700
1,500
1,300
July
Apr
5% June
61%
Apr
2% June
23%
*103% 105
103
1946
103
1967
84 %
102 5,6
H Aluminum Co sf deb 5s'62
Aluminium Ltd deb 5s 1948
*90%
84%
91%
84%
102 5,6 103
106% 106 %
Amer G A El deb 5S-.2028
"166k"
106 % 107%
Am Pow A Lt deb 6s__2016
Amer Radiator 4%s..l947
Am Roll Mill deb 5s. 1948
93 K
92%
93%
105% 105%
102% 102%
*105% 106%
104 Hi 104%
Amer Heating 6s stp._1946
Appalachian El Pr 58.1956
Appalachian Power 6s. 1941
'07 % 107%
114
2024
6%
Ark-Louisiana Gas 4s 1951
Jan
Mar
102
101
102
98%
98
98%
48%
48Hi
50
73
Conv deb 5%s---.-1938
Conv deb 4%s C...1948
73
73
*49
102
"47k
1950
49%
Debenture 5s_
1968
■_
Conv deb o%s
1977
Assoc TAT deb 5%s A '55
Gas Lt 4%s.l955
Jan
104%
Apr
105%
Mar
Feb
107%
Apr
106% May
103
Mar
13%
12%
Jan
Mar
2
May
4%
4%
100
Jan
102
84,000
2,000
10,000
2,000
33,000
78%
102%
Apr
May
July
116
101
90%
106
*65
105
105
105%
76%
tl02%
$104% 104%
104% 104%
$94
100
91%
93%
9,000
3,000
92% June
95%
96%
104%
103%
Mar
Jan
Jan
Jan
Jan
Feb
Mar
Jan
83
June
93%
Jan
Jan
73%
108%
Feb
Mar
93%
Jan
103% June
71
July
101%
12,000
Jan
103%
....
92
79% June
Jan
63
70
75%
Jan
91
106
Jan
Georgia Power ref 5s.. 1967
105%
99%
Jan
Georgia Pow A
Jan
♦Gesfurel
95
Jan
107
65,656
18,000
76% May
102's16 Aug
4,000
21,000
102
53,000
85
1,000
3,000
105%
103%
102%
103
2i"QO6
June
104%
May
Mar
103%
Aug
102%
Feb
105% Mar
105% June
94
Jan
"58:660
87
Apr
100%
Jan
15,000
96
June
101%
Jan
104%
102%
Jan
101%
101%
104%
99%
Jan
96
Jan
Grand Trunk West 48-1950
Gt Nor Pow 5s stpd.,1950
June
106%
Jan
Grocery Store Prod 6s. 1945
Jan
106%
Mar
104%
108%
Aug
Jan
Mar
May
Hackensack Water 5s. 1938
Mar
June
Jan
107
29,000
June
104%
Jan
38,000
47
June
87%
Jan
7,000
51
68
45
Apr
May
Jan
41
June
61
Jan
5,000
45%
43,000
44%
65%
65%
Jan
48%
1
48 %
53
Aug
60 %
Jan
98
Apr
60
82%
99%
9 9%
1.000
15,000
2,000
May
79% June
6s series B
warrants.. 1938
1171
♦6s stamped w w.1938
♦6s without warrantsl938
J171
5s series A...1955
1960
1998
Birmingham Elec 4 Vis 1968
Birmingham Gas 5s... 1959
Broad River Pow 6s_.1954
Canada Northern Pr 5s '53
♦Canadian Pac Ry 6s. 1942
Carolina Pr A Lt 5s.-.1956
166
182
Jan
103
240
Mar
Indiana
10,000
110
Mar
115%
Jan
1st A ref 4 His ser F.1967
99 X
1968
102
"98k
113
Mar
124
Jan
Indiana A Mich Elec 6s *55
18,000
114%
Mar
126
Jan
Apr
145
101% 102
97
97%
99
98%
79
Cent Pow A Lt 1st 5s. 1956
Cent States Elec 5s
1948
5%s ex-warrants... 1954
Cent States P <k L 5%a '53
"94k
Chic Dlst Elec Gen 4%s'70
105%
1961
53 %
53
53%
105 %
Chicago A Illinois
Chic Pneu Tools 6%s.l942
{♦Chic Rys 5s ctfs
1927
Cincinnati St Ry 5 Vis A '52
1943
Cities Serv PA L5%S-1952
5Ha
1949
♦Coxnmers APrlvat 5%s'37
93
June
105%
113%
July
105
Jan
38,000
94%
Mar
98
Mar
104%
104%
Jan
24,000
10,000
93
May
103%
86%
Feb
Agu
110%
July
108
Aug
Feb
55,000
2,000
21,000
27,000
33,000
12,000
9,000
94
*106%
87%
106%
94%
2,000
3,000
Apr
104%
Jan
16,000
76%
July
94
Feb
48,000
89
Mar
99
1950
"69"
68
"69"
i3~ooo
1963
68%
68
69%
64
64
13,000
1,000
40,000
6s A1952
ser
72%
Jan
53
54
53%
54%
16,000
105% 106
105% 105%
34,000
6,000
104%
Mar
107
46%
June
46
June
50%
June
75%
Jan
103%
Apr
106%
Aug
72%
Jan
June
97
15,000
92
Apr
100
Jan
108
5.000
106
Mar
110
l"65%
101932
105% 105%
1955
1957
*73%
1952
*70
5s.. 1951
Interstate Power 6s.
__
1957
Debenture 6s
1952
Interstate Public Service—
6s series
D
67
67
68
*107% 109
51%
51%
54
37%
37%
40
82
82
4 %s series F
1958
Iowa-Neb LAP 5s...1957
75%
100
75
75%
99% 100
99% 100%
6s series B
1961
Iowa Pow A Lt 4
%s._1958
Iowa Pub Serv 5s
1957
Zsarco Hydro Elec 7s. 1952
Isotta
Fraschlnl 7S-..1942
106
103%
9,000
Apr
Feb
106
Jan
100
June
106%
95% June
91% June
106%
104%
Jan
99%
Jan
90
Apr
91
June
Jan
96% July
81% June
86
105%
Aug
June
Mar
Feb
109%
61% June
62% June
59% June
105
Jan
106%
Jan
99
107%
101
Jan
June
Jan
107% June
111
June
79%
Jan
78
Jan
82%
Jan
83%
Apr
106%
Apr
77
Jan
July
83%
81
Feb
105
Mar
109
May
50,000
49
June
76%
35,000
27
June
69%
Jan
17,000
14,000
10,000
7,000
76% June
96
Jan
106
5,000
103% 104
73
77
77
33,000
6,000
1,000
58%
16,000
48%
Superpower 6s. 1963
Jacksonville Gas 5s...1942
Stamped
Mar
May
56%
Italian
65
66
71%
"77"
103%
71%
77
75
1956
Jan
9,000
A. 1957
7s series F.___
Jan
80%
94%
54%
48%
104% 104%
Feb
Jan
72
June
88%
Jan
92
June
104%
Feb
92
July
104%
Feb
106% May
105%
Jan
79%
Feb
104%
99%
66
Apr
Mar
Jan
72
Jan
80
Feb
50
June
71
Feb
2,000
46
Mar
66%
Jan
2,000
21,000
103
Mar
105%
105%
Apr
Jersey Central Pow A Lt—
22,000
62 %
Aug
Aug
104
84
5s series B___
4 %s series C
Jan
Jan
Jan
105
104% 105
82
83
Jan
101%
102%
102% 102%
1947
*95%
101%
100% 101%
8,000
91%
13,000
11,000
2,000
3,000
62
65
63,000
62%
66
48,000
....
103
Jan
1st mtge 5s ser
H...1961
6%s series D
1948
1955
91%
June
104%
Apr
5s series
1969
61% June
62% June
46% June
88%
91%
89%
95%
96
3,000
103% 105
12,000
59%
99%
100
Apr
79%
80
Apr
93% June
Jan
Jan
Jan
Aug
1
ake Sup Dist Pow 3
%s '66
Lehigh Pow Secur 6S..2026
90
100
88%
100
100%
«
Leonard Tietz
103%
7%s__.1946
*27%
"iol"
101
Mar
June
121%
Jan
100
Mar
104 %
Jan
80% June
94% June
99%
Jan
July
July
107%
103%
99%
Jan
88
79%
93
Jan
Jan
26:660
Mar
101%
100%
May
111%
Jan
18%
29
102
97%
113
96%
*117% 118%
5%s series F
27,000
102%
Kentucky Utilities Co—
July
June
105%
1961
Kansas Power 6s...
65% June
101%
104%
Kansas Elec Pow
3%s.l906
Kansas Gas A Elec 63.2022
Jan
68
July
.1947
Feb
2,000
72%
70% 187;000
101% 101%
46,000
*59%
106%
106%
*111
1957
Lexington Utilities 6s. 1952
For footnotes see page 1393
104
33%
106% 106%
94
8 %s series C
7s series E
Jan
Jan
72
63%
Feb
103% June
88%
6,000
5s-
Jan
Feb
68
63
Mar
Mar
"s'ooo
■itd'poliH P L 5s
96
72
Aug
105
International Power Sec—
1,000
68
27%
104%
July
"87%
Jan
92
1950
Feb
June
97%
Jan
2,000
1966
Cities Service Gas 6%s '42
Cities
Service
Gas
Pipe
Jan
June
76
85%
Jan
94%
53%
101932 101 s,6
62%
63
94%
94%
96%
96%
1955
34
77
97
104
108
1940
Mar
106
1,000
85
114%
Mar
May
18,000
102%
Jan
2,000'
97
Indiana Service 5s
1st lien A ref 6s
108
7,000
78
85
♦Indianapolis Gas
101
98
Apr
Aug
31
"78%
1951
Jan
12",555
6,000
Jan
98
1953
Jan
Mar
Jan
109%
20% Mar
95
May
101% May
97%
1947
99
29,000
100
Jan
75%
Mar
96%
5s series C
88%
101%
62
Jan
102
6s series A
May
Jan
103
94%
June
23
106% 107%
107%' 107% 107%
103
Feb
47
6 %s series B
June
fM
97
Midland Ry 4His A 1956
Chic Jet Ry A Union Stock
78
Jan
89%
108
$104% 105%
97
97%
*20
78%
Indiana Gen Serv 5S..1948
Indiana Hydro-Eleo 5s *58
13,000
37,000
June
89%
Electric Corp—
Feb
104%
99%
99%
June
94%
Mar
103
107
Aug
93%
International Salt
1956
Jan
83%
48%
93%
225
111%
Jan
106%
97%
227
2,000
105
96%
Jan
29,000
Mar
99% 100
June
112
Aug
Aug
97%
96%
June
112
65%
99%
158
July
75
70
1st A ref 5 %s ser B. 1954
135
88
76
1st A ref 68 ser C...1956
8 f deb 5%s
May 1957
Mar
Jan
102
Jan
240
21%
105%
101
Jan
140
76%
67%
Aug
Feb
12,000
130
31
91%
97,000
14,000
Mar
69
178
"5,000
Jan
105 %
180
113 % 113%
116% 120
120 %
120% 120%
1135% 140
'~89~~
89
88%
73%
72%
73%
190
92%
103% 103%
111% 111%
99%
88
106%
165
113%
119%
Cedar Rapids M A P 5s '63
Central 111 Public Service—
4HIb series H
1981
Cent Ohio Lt A Pr 6s.. 1950
Cent Power 5s ser D..1957
158
May
June
*27%
97%
1949
172
♦6sstamped x W..1938
Bell Telep of Canada—
1st M 6s series B...1957
182
Jan
84
68
*104% 105
*103
103%
Idaho Power 5s._._._1947
111 Northern Utll 5s.. .1957
111 Pow A L 1st 6s ser A '53
{Baldwin Locom Works—
Feb
Feb
97
97
$35
♦& Bt. Ry. 6%s
1938
Heller (W E) 4s w w.,1946
Houston Gulf Gas 6s. .1943
Jan
49%
June
May
80
97
♦Hungarian Ital Bk7%s '63
Hygrade Food 6s A...1949
62%
66,555
26
25%
71%
29%
*107% 108%
6%s with warrants-1943
50
Jan
Jan
Mar
96
75%
1977
1947
May
49
16
Aug
21%
Apr
84% June
20
60
83%
47
20
-86%
77
Jan
Jan
$65
101
♦Hamburg Elec 7s
1935
Hamburg El Underground
Jan
,100
28,000
52
5s series A
July
Jan
52
Hall Print 6s stpd
Feb
Aug
May
$55
$100%
110% June
Apr
Mar
82%
Guardian Investors 5s. 1948
Mar
99
90
87
Mar
Apr
98%
70%
$83
106
98%
93%
100%
4,000
1,000
75
Guantanamo A West 6s '58
Jan
53,000
70%
29%
Glen Alden Coal 4s...1965
Gobel (Adolf) 4%s...l941
107% June
108% June
Apr
119%
102%
48:655
96%
1963
109
1,000
$14
$14
86%
Lt 6s.. 1978
6s
96% 98
103% 103%
101% 101%
101% 101%
$92
93%
100
$99
84
82%
$72
Gen Wat Wks A El 5s. 1943
92% June
83
May
82%
{♦Gen Vending Corp 6s_'37
♦Certificates of deposit.
108%
49%
60
81
Atlanta
Jan
Jan
109%
109
1941
98% May
48%
1949
Line 6s.
80
105%
Jan
Mar
General Bronze 6s....1940
General Pub Serv 5s..1953
Mar
47%
Conv deb 4%s
Conv deb 6s
Conv deb 5s
7,000
Aug
Jan
June
101%
100%
103%
Deb 6s series B
Associated Gas A El Co—
Cities Service 5s
July
10,000
Gatineau Power 1st 5s_ 1958
Deb gold 6s.June 15 1941
Apr
8%
80%
4%
22,000
1,000
U13%
Arkansas Pr A Lt 6s._1956
Associated Elec 4%s--1963
6s series B
July
101%
82,000
96%
ex-warr
3,000
103%
96%
1968
1st A ref 4 Hs
Yards 6s
104%
Aug
{100
100%
86%
87%
104% 105%
82%
82%
84%
stamped. 1944
5s
Jan
Gen Pub Utll 6 %s A. 1956
♦General Rayon 6s A. 1948
1st A ref 5s.
6s series B
98%
Feb
Jan
Gary Electric A Gas—
..1961
6s series G...
June
86%
First Bohemian Glass 7a '57
;_1956
6s series E
78%
102
97
5,000
104%
Firestone Tire A Rub 5s '42
11%
1942
Bethlehem Steel 6s
12
Ercole Marelli Eleo Mfg—
6 %s series A
1953
Co—
6s series C
65,000
~
June
1952
July
400
1st A ref 5s_
1st M
Mar
June
Empire Dlst El 5s
June
9%
1»%
1%
200
1st A ref 6s
♦6s with
93%
6
103% 104
96%
96%
90%
91%
BONDS
Registered
Aug
6
106
76
Jan
74%
2
1950
10
5,000
4,000
11,000
El Paso Elec 5s A
Jan
125%
28,000
Elmira Wat Lt A RR 6s '56
9%
109%
Apr
7%
2%
2%
Apr
24
July
6%
Mar
4 Hi
5
Debenture 6s
6%
6%
2%
6%
Mar
11%
6% preferred
£1
Wright-Hargreavee Ltd..*
Power
6%
6?
4%
5
1st & ref 5s.
87
102% 102%
100
*99
95}
1
Abbott's Dairy 6s
106%
Aug 1 1952
♦Certificates of deposit
Ltd—
Yukon Goifl Co
106%
Aug 1 1952
♦Certificates of deposit
11%
Youngstown Steel Door..*
Alabama
-1950
Banks 6s-5s stpd.._1961
Firestone Cot Mills 5s. 1948
Petroleum
Woolworth (F W)
Amer dep rots
1949
2
com
85
85
102%
Edison El Ill(Bost)3%s '65
Elec Power A Light 5s. 2030
6
Wiso Pr A Lt 7% pret-100
Wolverine Portl Cement. 10
Wolverine Tube
62
Aug
Aug
Aug
Mar
105
118
75
♦Deb 7s
Feb
Aug
Aug
74%
♦6 %8
Jan
June
14
Jan
Apr
Jan
Detroit Internat Bridge—
Mar
Aug
July
_
Det City Gas 6s ser A.1947
Apr
9
June
Feb
66
117
June
14,000
Jan
104%
98%
106
Mar
76%
3%
38,000
lToOO
Apr
60
West Texas Utli J6 pref--*
West Vt Coal A Coke
*
102% 102%
1,000
13,000
26,000
*32
Jan
130
66
Jan
90%
101
103
Aug
July
May
Aug
Jan
106%
104% June
May
66
13%
102%
21%
Mar
112
107%
126
108% 108%
106% 106%
105% 106%
Mar
Feb
Apr
Mar
Mar
June
103
7%
25%
8%
113%
Apr
113% May
112% July
96
Denver Gas A Eleo 6s
13%
98
*
*
Jan
71% June
Delaware El Pow 5 %s_ 1959
Aug
Feb
72%
73%
99% 100%
130
*123
107%
102%
100%
102%
Jan
Aug
7% June
111%
107%
105%
103%
Aug
Western Maryland Ry—
Westmoreland Coal Co
Apr
Feb
5
July
16%
Jan
107%
Cuban Telephone 7 %s 1941
Cuban Tobacco 5s
1944
7%
101
..20
110%
110%
3,000
2,000
86,000
26,000
10,000
13,000
23,000
112
107% 108
j121
123%
6s ser A stamped—1943
Jan
Jan
Mar
102%
1939
Jan
4
400
10,000
19,000
112% 112%
103
"73"
1954
4%
9%
10%
400
1,500
High
Consol Gas Utll Co—
11%
2%
8%
TVs
4%
8%
TVs
1
Wentworth Mfg
Western Air Express
June
2%
2%
9 k.
■
112% 112%
111%
111%
106%
104%
106%
104%
A '61
Gen mtge 4%s
Jan
*
Walker M injng Co
Wayne Knit Mills
6
Welsbaum Bros-Brower..l
112%
112%
1960
5s
Feb
*
Wagner Baking ▼ t e
1st 4
Jan
11
Waco Aircraft Co
Low
Consol Gas El Lt & Power-
Fpb
12
Vogt Manufacturing
Grocery
Mar
June
2
200
Van Norman Mach Tool.5
Western
Aug
3%s series H
1965
Com'wealth Subsld 5%s '48
300
Venezuelan Petrol
West
1st M 4b series F_.—1981
Jan
2Hi
17
~57~"
1953
1964
G._ .1956
%s series D
1957
Jan
16Hi
"57~
Range Since Jan. 1 1937
High\ Shares
Low
1st 4 %s series
Feb
16%
5
1st M 6s series A
1st M 6s series B
Jan
Apr
2
9,300
%
for
J Week
Commonwealth Edison—
Jan
Jan
6
89%
of Prices
Price
6%
1%
3%
500
916
Venesueia Mex Oil Co.. 10
Va Pub Serv 7%
80%
4%
H June
2% June
3X
H
Valspar Corp v t c #om..l
v t
200
Aug
Aug
H
2
preferred
56% June
Feb
2%
Week's Range
Sale
High
Sales
I
Last
BONDS
(Continued)
Low
4
Class B
7%
250
28,1937
Friday
Range Since Jan. 1 1937
67
"I
*
Utility A Ind Corp com__5
Conv preferred
7
SUtll Pow & Lt common. .1
65H
for
Week
Shares
4
*
Utility Equities Corp
Priority
Week's Range
Last
STOCKS
(Concluded)
Exchange—Continued—Page 5
Sales
Friday
Mar
26%
July
100
June
105
Jan
Jan
Range Since
Last
Week's Range
for
(Continued)
Sale
of Prices
Low
High
8,000
1034
Mar
8,000
103
Aug
1,000
1044
1034
105
1054
"1054
105 4 106 4
26,000
Feb
June
107
May
1064
May
July
105
87
954
*934
♦Manitoba Power 64sl951
Mansfield Mln A Smelt—
1952
i*MoCallum Hoa'y 6 4s '41
"1004
90
107
101
Aug
Mar
Jan
|*Stand Gas 4 Elec 6sl935
1054 1054
924
*90
-
--
-
884
82
884
118
91
107 4
July
994
Jan
July
Mar
97
June
974
1004
1024
94
*54
Jan
794
16,000
74
May
1,000
44
May
51
1084
444
444
1084 109
June
110
1164
Deb
116,4 h64
794
5a series B...
84
694
71
69
69
714
94
94
944
964
964
974
91
804
106
■■
.
Central
Jan
Tenn Public Service 5s 1970
*103
Elec 5 4s '51
.
195<
Ternl Hydro-El 0 4s.. 1953
106 4
107
1014
Aug
994
Jan
Apr
1214
Jan
June
844
Jan
Tide Water Power 5s
June
85
Jan
♦TIetz
99
994
*1114
844
Jan
Toledo Edison 5s
1014
Jan
Twin City Rap Tr 64s
1024
Jan
June
954
Jan
Jan
May
1044
Feb
♦United Industrial 6
Mar
1094
Jan
1074
29,000
96
June
1044
100
Apr
1044
May
1104
Apr
112 4
July
Aug
864
Feb
75
91
504
17,000
47
1074 1074
49
2,000
484
Aug
s
1064
97
98
18,000
28,000
8,000
11,000
4,000
984
1034 1034
;/.
.
974
98
1084 1084
...
"1084
V-
Apr
1004
Jan
May
694
108
Jan
May
Jan
6s series A
1952
1044
Ss'd"
Utlca Gas A Elec
Va Pub Serv 54s
944
1024
May
104 4
Jan
Feb
1054
Jan
934
June
105
Jan
1114
Waldorf-Astoria
♦
Jan
Jan
1004
Mar
1054
May
4s'57
A..1946
11,000
1044
Aug
107
Apr
West Texas Utll 5s A
Apr
1004
Jan
West Newspaper Un 6s
964
May
108 4
Jan
86
June
100
Jan
Paclflc Ltg A Pow 6s.
"74"
Pacific Pow A Ltg 6a.
984
984
*114
1154
June
108
Jan
Mar
119
Jan
Yadkin River Power
73 4
103
924
iiii--
984
934
5s
93 4
-
944
113
-
Mar
1024
Jan
Mar
117
704
994
Mar
103
Aug
97
97
July
105 4
Jan
96
June
1054
88
June
103
Jan
994
June
100
Mar
4,000
104
11,000
June
934
93
109
Apr
Buenos
1064
Jan
-
Jan
June
Mar
884
Mar
12
July
52,000
144
42,000
10,000
1084
Mar
2,000
11,000
874
Aug
108
24
714
714
107
77
Feb
Jan
108
Jan
2,000
714
2,000
6,000
18 4
70
25
......
85
Jan
Jan
108
July
104
Apr
109
Jan
-
j 91
......
I9f
1054 1054
1955
1953
Jan
105 4
105 4
Feb
108
Apr
Feb
107
Apr
Apr
1024
Jan
June
May
1074
100 4
Jan
17,000
814
22 4
June
87
♦Lima
Mar
104
Feb
♦Medellln 7s series E. 1951
July
102
Feb
96
'
------
Mar
25
July
147
♦Maranhao
7s
Mtge Bk of Bogota 7s.
♦Issue of May 1927
Mar
95
114
June
21
Feb
274
Aug
July
*50
Mar
105
July
101
Mar
1044
June
1044 1044
16.000
Mar
1034 June
1054 May
♦Russian Govt 0 4s—1919
102
5,000
99
Mar
105 4
24 4
♦0 4s
certificates
-
♦5 4 s certificates
Jan
324
3,000
24 4
Jan
33
July
-
1,000
134
July
21
Feb
904
June
964
Apr
234
1,000
22
Apr
274
23 4
23 4
5,000
214
Feb
27 4
Feb
23,000
154
Jan
21 4
Mar
174
*144
984
244
.....
244
*254
*1
1
Aug
the
----
254
Aug
range,
IO84
184
May
Mar
♦
14
------
Jan
Jan
Apr
14
July
1
22,000
Jan
2
Apr
Jan
814
Mar
15
2,000
144
144
Aug
204
Mar
Aug
204
Mar
'
1961
*144
14
14
14
1
3,000
154
-
14
June
July
KH
Apr
Apr
Bonds being traded flat
5 Reported In receivership
Jan
Jan
f Called for redemption
May
Cash saiee transacted during
e
304
10,000
3C 4
Aug
38,000
47
Mar
the current week ana not
Included In
wee""Ay or
yearly range:
35
No sales.
102 4 1024
11,000
12,000
1044
1044 105
*68
694
*104
*88 4
"984
354
x
34
1074 1074
104
1044
4g series B_.
May
rule sales not Included In
304
1024
214
------
No par value,
28 4
1104
June
34
a Deferred delivery sale9 not included In year's range,
n Under
year's range,
r Cash sales not Included In year's
Ex-divldend.
v Ex-Interest.
t Friday's bid and asked price.
No sales were transacted during current week.
•
Jan
~1,666
*110
1004
June
114
624
Jan
35
Aug
Apr
234
1.000
May
11
14
134
954
77
694
Wks 6s.-It...
27
July
4,000
14,000
------
254
14
1
1034
Joaquin L A P 6s B
18
99
*1
13,000
132
174
Feb
1919
1921
1921
754
------
Aug
14,000
74
*1274 130
-
14
15
107
-
95
1949
8,000
-
14
♦Santiago 7s
12,000
-
95
14
♦Santa Fe 7s stamped. 1945
40,000
Mar
324
Jan
13
17
25
Aug
Jan
106 4
4,000
Aug
Mar
96
1084
Aug
254
254
294
984
124
Feb
254
Jan
26
May
-
77
Jan
17
Jan
May
♦7s
Apr
17
Apr
70
924
Jan
1044 May
50
"2I666
18
73
105
Feb
174
10,000
10s
Jan
1014
214
25,000
105
102 4
Apr
254
784
107
274
Apr
97
*23 4
*204
834
284
26 4
Mar
99
2,000
25
*24
♦Rio de Janeiro 0 48--1959
*1034 103 4
20
74
25
254
Apr
June
6.000
------
101
99
99
08.1931
1931
101
Apr
194
35
*25
1004 1014
23 4
7,000
31,000
4,000
1004
Aug
844
3,000
234
Mtge Bk of Denmark 5s "72
♦Parana (State) 7s
1958
6s stamped
944
2.000
124
1947
♦Issue of Oct 1927
Jan
Feb
Mar
94
*26
1004
Mendoza 4s stamped.. 1951
Mar
Feb
30
124
195H
81
July
Apr
1034
Jan
94
77 4
"1084
4,000
"9",000
92 4
814
J*St L Gas A Coke 0s..'47
Southeast PAL
Feb
105 4
1034
*924
124
1939
1949
(City: Peru 6 4s.'58
Aug
*24
4
794
Mar
5,000
87
87
7s
1054
284
Pub
May
16,000
77
190
♦Schulte Real Est 6s..1951
Jan
494
1034
954
95 4
♦Hanover (Prov) 0 4s.
1124
*1014 102
Sauda Falls 5s.
Jan
994
105 4 1054
..1947
6s
♦Secured
♦Hanover (City)
Queens Boro Gas A Elec—
♦Saxon
Jan
1144
65",000
104 4 104 4
*1074 108
1054 1064
1952
External 6 4s
♦54s
1044
1st A ref 4 4s ser D. 195
San
1064
July
June
61
78
B.11
June
91
944
58
1952
64s
Apr
103 4
Feb
6,000
934
814
San Antonio P 8 5a
95
May
Mar
1034
Mar
1064
834
1034
103 4
Jan
107
294
1084
1034
108
Apr
25
1,000
105
June
July
June
Jan
24.000
1114 112
Jan
324
105
44,000
994 104
*1054 108
58
Aug
103
iolooo
Danzig Port A Waterways
Pub Serv of Oklahoma—
^Quebec Power 5s
1054
*106 4 1074
"934
4
1044
21,000
1054 106
106
25
8,000
26
254
Apr
102 4 102 4
E.
4s series I
101
1952
1947
1948
♦Mtge Bk of Chile
1034
4
June
184
July
129
*133 4 134
103
series
Jan
80
22
984
63
-
-
7,000
30
105
A Mb
Jan
1024
1,000
18
-
Pub Serv of Nor Illinois—
112
Mar
104 4
♦German Con Munlc 7s *47
Aug
June
1054
Public Service of N J—
0% perpetual certificate
103
June
2,000
974
-
*994 100
*25
Feb
June
25
6s-.-.
Jan
107
24
994
June
(Province)—
Aires
Danish
Mar
Jan
1074
72
994
Apr
Apr
'
994
107
23 4
♦6s series A
Jan
Feb
1024
20,000
*70
Mar
92
♦Prov Banks 6s B..1951
Jan
624
1004
1074 1074
......
304
112
1,000
108
1024 1024
1074
100
2,000
74
Feb
25
♦Cauca Valley 7s
105
934
72 4
106
23 4
♦7 4s stamped
1114
108
Pittsburgh Steel 0s..
Jan
Jan
*23 4
♦7s stamped
1114
1074
1,000
874
102
1951
May
Mar
1004
14
874
Jan
June
1947
♦Baden 7s..
111
934
Jan
103
1054
1024
Cent Bk of German State A
Ill
Jan
894
July
..1946
7s
♦20-year 7s...
Jan
Peoples Gas L A Coke—
Phlla Elec Pow 54s.
Jan
1044
Agricultural Mtge Bk (Col)
1054
1,000
1074 1074
.
694 June
7,000
71
115
Jan
894 June
105
May
1,000
108 4 1084
1
June
AND MUNICIPALITIES—
14,000
108
104
D.
15,000
103
Jan
964
Jan
974
107
6s series
June
FOREIGN GOVERNMENT
904
24,000
1004 101
79
87
1937
York Rys Co 5s
♦20-year
1004
9,000
83
107
Jan
Penn Ohio Edison—
x-w
July
7,000
1966
33", 000
944
994
93 4
Jan
1014
924
5s "41
5,000
45,000
30,000
74 4
103
"9",000
Jan
944
914
Wheeling Elec Co 5s_.1941
Wlsc-Mlnn Lt A Pow 5s '44
115
Aug
894
June
5,000
West United G A E 5 4s '55
10,000
1024
28
June
71
774
4 104 4
11,000
'44
96
Wise Pow A Lt 4s
98 4
0s series A
1957
16,000
18.000
4,000
Mar
Feb
964
103 4
1044 1044
18,000
6,000
July
102 4
West Penn Traction 5s '60
117
27
954
1054
West Penn Elec 5s
Apr
116
794
Mar
102 4
2030
Feb
1064
1044 1044
1174
Mar
964
1958
48...1951
1104
Jan
Mar
102 4
1954
Mar
Jan
June
69
6,000
73
*1054 109
j106 4 110
Wash Gas Light 5s
Wash Ry A Elec
55
204
194
284
70
944
664
Hotel—
5s Income deb
June
Pacific Gas A Elec Co-
June
111
1,000
1074 1094
1074
1946
Feb
494 June
1,000
814
1st ref 5s series B...1950
Apr
24,000
54
75
714
104
814
1952
E
series
Vamma Water Pow 6
Jan
1064
25,000
77
70
1956
1074
116
Jan
94
1034
1044
Apr
974
5,000
894
Jan
109
1064
94
12,000
89
89
Feb
113
1044
*914
_
103 4
1004 1014
101
6s conv debs
Feb
Aug
July
196 4
_
1094
994
Feb
90
1944
4
109 4
99
99
Jan
404
100
103
22,000
*26
Wash Water Power 5s-1960
54s series E
72"066
June
Utah Pow A Lt 6s A..2022
103 4
kla Nat Gas 4 4i
106
May
104
88
Jan
Ohio Public Service Co—
1094
Feb
30
1084
j 73
1973
107
Mar
1044
-—«.
*1054 1054
Jan
80
United Lt A Rys (Me)—
1054
994
103
*1054 106
iiiiii
Jan
854
Jan
984 June
13,000
55,000
*274
64s "52
June
100
18,000
1034
1014 1014
1014
June
66
~2"666
714
1974
1959
54s
68
103
103
644
914
52 4
1945
f 08
Un Lt A Rys (Del)
8—
Indiana P
5s series D.
984
4,000
1144 1144
4s.'41
6 4s
Jau
1,000
944
Mar
1074 June
May
104
76
764
United Lt A Pow 0S— .1975
13,000
94 4
......
108
1094
Mar
784
1044
108
United El Serv 7s ex-w 1956
103
2,000
Jan
1004
714
914
United Elec N J 4s. -.1949
92
July
Apr
75
107
5,000
3,000
102
*—-
'62
6s series A
75
Aug
May
70
104"
104 4
Conv 6s 4th stamp. 1950
-
100
Ulen Co—
No Amer Lt A Pow—
Northern
...1962
July
June
854
----
Jan
1064
Mar
82 4
704
1979
June
105
100
494
Mar
1024
Leonard
72
47,000
May
102
1,000
107
37
2.000
107
101
Jan
July
4,000
30 4
2022
♦1st
1034 1034
......
Texas Power A Lt 5s.. 1956
994
107 4
2,000
J*Texas Gas Utll 6s. .1945
904
9,000
56
45
68
704
Texas Elec Service 6s. 1960
Jan
89
-
Apr
3,000
107
"76"
Jan
see
37
52
824
May
(L.)
444
324
107
107"
110
654
3,000
7,000
1084 109
......
1054
1264
6s
Aug
45
1957
Mar
June
1054 1064
1054 1054
1954
Jan
90
July
62
30
1.000
9,000
51
1970
6s series B
102
93
26.000
30
Tennessee Elec Pow 5s 1956
Penn A Ohio—
44s stamped.
1st 4 4s.
Syracuse Ltc 54s
Jan
New Orleans Pub Serv—
Y
68
July
654
654
10,000
18,000
42,000
30,000
914
79
Conv deb 5a
Ext
954
654
July
113
1,000
17,000
71
70
Conv deb 5s
New York
954
654
804
42,000
1194 1194
N
954
fStandard Pow A Lt 081957
♦Starrett Corp Inc 5s. 1950
99
1064
3,000
3,000
83
834
100
Mar
Standard Investg 54s 1939
111
17,000
100
95
Mar
Feb
78
4,000
Jan
Mar
Jan
14 4
107
12,000
Mar
Mar
2d stamped 4s
1946
Super Power of 111 44s '08
1074
974
Mar
90
Feb
Aug
95
95
634 June
1004
July
106
June
654
44.000
Jan
June
Ma\
674
684
Aug
5
1004
6,000
674
Jan
834
6.000
674
June
101
Jan
90
Stlnnes (Hugo) Corp—
2d stamped 4s
1940
-
1044
954
Jan
-
June
June
Feb
-
86
65 4
Apr
5,000
2,000
Jan
674
634
e6s.Dec 1 1966
30,000
Jan
6.000
1094
844
7
90
Jan
104
22,000
1004
1014 1014
90
1034
Mar
704
Debentu
904
"1014
Nat Pow A Lt fia A..
May
994
684
Feb
92
934
2,000
674
May
654
2,000
87
704
84
1,000
Jan
July
684
107
3,000
73 4
67
2,000
98
1024
5,000
694
31,000
654
3,000
764
664
Mar
98
19'
...
1044
67
Jan
994
Jan
May
106
694
♦Certificates of deposit
Debenture 6s
1951
June
Dakota Power-
:
69
1935
Feb
10*
Jan
1104
664
♦Convertible 6s
774
654
54s
June
Jan
Mar
104
1044 1044
69
704
974
♦Certificates of deposit
Jan
May
80
106
June
June
June
1004
1084 1084
Montana
i
90
83
1024 1044
.
104
1014
-
81
814
1014 1014
974
984
ii-"ii
Mb
-
1,000
11,000
22,000
13,000
4,000
814
104
Mar
108
984
974
1024 102 4
91
914
So'west Pub Serv 6s. .1945
Apr
July
July
Apr
103
76
So'west Pow & Lt 6S..2022
90
108
994
106
S'western Lt & Pow 6s 1957
Jan
Mar
11,000
1,000
Aug
1074
994
1034
104
8'western Assoc Tel 5s 1901
00
Mar
49,000
103
106"
36,000
1024 103 4
Sou Counties Gas 4 4s 1968
Sou Indiana Ry 4s
1951
Feb
83
2,000
6,000
High
Low
1064 1074
1064
1024
1945
July
105
14,000
14,000
96
89 4
106 4
Metropolitan Ed 4a E.1971
Debenture 34s
Ref M 34s.May 1 1960
Ref M 34s B July 1 '60
1st A ref mtge 4s... 1900
Aug
274
Week
Sou Calif Edison Ltd—
May
50
94
Shares
984
15, 000
1004 101
96
Jan
Range Since Jan. 1 1937
for
of Prices
Low
High
22 4
*274
♦7a without warr'ts.1941
Marlon Res Pow 4 Ms.
Feb
Apr
1054
105
103
Lone Star Gas 5a
Week's Range
Sale
Price
100
103
1942
Long Island Ltg 6S...1945
Louisiana Pow A Lt 5a '57
Llbby McN A LIbby 6s '42
Shares
Last
High
Low
1054
105
5s
BONDS
(Concluded)
Jan. 1 1937
Week
Price
Sales
Friday
Sales
Friday
BONDS
M Inn P A L 4
1393
New York Curb Exchange—Concluded—Page 6
145
Volume
984
1,000
m-»-
-
-
3,000
Jan
May
Feb
1044
105 4
July
72
20,666
y
Mar
Jan
week and ujk mem
No sales.
z
Deferred delivery
In weekly
Jan
1094
Under-the-rule sales transacted during tne current
or yearly range:
weekly
Feb
101
90
984
1034
107 4
105
or
sales transacted during the
current week and not
Included
yearly range:
3STo 8ft 163
•
Abbreviations
Used Above—"cod," certificates
wthout warrants.
consolidated
non-voting stock
warrants; * x-w"
of deposit; ••cons,"
."cum," cumulative; "conv," convertible; "m." mortgage; "n-v."
*v t 0," voting trust certificates; "w i." when Issued: "w w." with
1394
Financial
Chronicle
Aug.
1937
Other Stock Exchanges
Sales
Friday
Last
New York Real Estate Securities
Closing bid and asked quotations, Friday, Aug. 27
Unlisted Bonds
Bid
B'way & 38th St Bldg 7s 45
Bryant Park Bldg 63*s 45.
Drake (The) 6s
1939
11 Weet 42d St 6 3*8-1945
Ask
94
Unlisted Bonds
Park
1948
Place Dodge Corp—
283*
Baltimore Stock
on
3
3
39
60c
200
50c May
23*
460
2
Mar
6V*
Jan
25
105*
Jan
245*
May
400
234
May
Aug
33*
Jan
50
63*
Mar
113*
33*
July
x6
Mar
1143* June
142
Mar
17
17
4%
.17
3
3
3%
Linotype..*
40
40
43%
225
8%
3%
1,335
116%
335
Nat'l Tunnel A Mines
823*
New England Tel & Tel 100
7%
3%
*
North
3%
115
116
NYNH4H RR(The) 100
15
4
4
4%
142
1%
17
2,225
159
143*
13%
50
52c
55c
95
283*
34%
7%
23%
283*
363*
26
392
73*
350
2414
170
Reece Folding Macli Co. 10
2%
2%
100
25*
Feb
June
RR
Pennsylvania
Broadway
IX
14%
13%
50
Mining Co.—
25
Shawmut Assn tr ctfs
*
Stocks-
Par
for
High
& Min'g_.25
21
Bait Transit Co
t c. *
com v
1st pref vte
21
*
Bros
Co
Co
*
13*
13*
4X
*
260
Mar
115*
Jan
Apr
Mar
253*
33*
25c
3,400
Jan
Feb
60
690
42%
Aug
113*
65*
Mar
33
Mar
98
10
363*
13*
43
73*
113*
July
6 3*
Jan
2%
Jan
June
Feb
19%
Jan
Feb
12 3*
35
Jan
46
Feb
89
Feb
325
150
Jan
3*
46
Apr
115
12
40
1.00
Feb
84
1,600
2
1%
Jan
Feb
May
Mar
253*
88
"l%
11%
Jan
413*
June
25c
32
42
"46"
Jan
34 3*
861*
*
Warren (S D)
63*
23
311*
"863*
...26
1
60
345* June
Bonds—
Range Since Jan. 1, 1937
Eastern Mass St Ry—
Series A
Shares
21%
1%
4%
*~26c
5
Low
High
41*8
1948
18
155
Jan
1
Series B 5's
233*
781*
781*
4.000
76
July
831*
2,000
82
July
95
Jan
91
91
91
50
91
Aug
101
Jan
Apr
3
1948
831*
.^.1948
Series D 6's
Arundel Corp
Jan
56
30c
warren
Sales
Low
44%
50
5
Waldorf System Inc..
Exchange
Week
Price
Jan
June
25
173* June
342
United Shoe Macb Corp.25
Aug. 21 to Aug. 27, both inclusive, compiled from official sales lists
of Prices
May
1%
350
50%
Utah Metal A Tunnel
Week's Range
21%
July
221*
373*
Preferred.
Sale
July
50o
Mar
16%
335*
50%
Union Twist Drill Co
Last
Jan
163*
12 3*
35%
Union Cop Ld
Chicago Board of Trade
Friday
95*
23*
293*
494
Torrlngton Co (new)
*
Mar
Jan
June
14
Subur El Sec Co 2nd pref. *
York, Pa.
Apr
Aug
354
68c
203*
203*
Jan
Feb
133*
*
Stone A Webster
New York Curb Exchange (Associate)
Baltimore Stock
650
Reece Button Hole MachlO
Members New York, Baltimore and Chicago Stock
Exchanges
'
40
1X
14%
13%
2.50
Butte.
Qulncy
Jan
60c
14
NEW YORK
Louisville, Ky.
High
7
Aug
Exchange
BALTIMORE, MD.
Hagerstown, Md.
Low
3
20
4%
100
Certificates of deposit...
Old Dominion Co
25
Established 1853
Calvert St.
3
60c
Narragansett Racing Ass n
Inc
1
SteinBros.&Boyce
S.
Range Since Jan. 1, 1937
Shares
4%
Pacific Mills Co
6
High
1
Old Colony RR
Orders Executed
Low
Co ..25
29
10 East 40th St Bldg 5s 53.
2124-34 Bdwy Bldgs5 3*s'43
250 W 39th St Bldgs 6s 1937
10
Price
A...
Mergenthaier
6
Pennsylvania Bldg ctfs
63* 1941 and ctfs
Week
Mass Utilities vto......»
6
Income bonds v t c
Fox Theatre & Ofice Bldg
Ask
for
of Prices
Maine Central common 100
Majestic Apts 6s
45
38
Hathaway Bakeries cl
Helvetia Oil CO t c
Isle Royal Copper
Internat Commerce Bldg—
63*8
1943
34
500 Fifth Ave 63*8..-1949
Par
Stocks
Bid
393*
(Concluded)
Week's Range
Sale
Exchange
Jan
Aug
230
39*
Jan
9
JaD
*
27
27
27%
257
243*
June
38
Jan
Consol Gas E L & Pow. —♦
75
75
76
122
64
June
893*
Jan
113%
25
112
Apr
29%
29%
40
38%
119% 1193*
38%
38%
58
213* June
343* June
Aug
1193*
Black A Decker
5%
com
preferred
100
._
113 H
Eastern Sugar Assoc com. 1
Preferred...... _______1
Fidelity & DepositFidelity & Guar Fire
20
10
Finance Co of Am class A. *
Houston Oil pref..
Mfrs Finance
100
123*
213*
24
102
38
Aug
485*
123*
Aug
135*
Mar
193*
Apr
235*
Aug
1
July
Jan
33*
July
25*
45*
Jan
Jan
43*
Apr
3%
Merch & Miners Transp..*
Monon WPennPS7% pf.25
3X
3%
425
3%
3%
1,400
243*
25%
200
26%
44
Com class A
44
14
143*
24
24
National Marine Bank..30
New Vinsterdara Casualty r>
14 3*
Northern Central Ry___50
Seaboard Comm'l
i
70
3
24
Aug
41
25
253*
July
275*
15
44
133*
973*
Apr
223*
Western National Bank.20
Feb
Chicago Stock Exchange
Feb
Mar
95
Aug
15
Jan
183*
June
293*
Jan
34
Apr
37
Jan
Aug. 21 to Aug. 27, both inclusive, compiled from official sales lists
Feb
21
145
23%
34%
34%
104
49
10
Last
Stocks—
Par
Week's Range
for
Sale
Common (new)
City's 4s Eng House
'57
116% 1163*
$2,000
116%
Aug
116%
Aug
115
Aug
33*s New Sewge Imp.'80
115
Bait Transit Co 4s (flat) 76
A 6s flat
1975
29
303*
8,500
27 %
July
413*
Jan
36
36
1,000
31%
July
48
Jan
...
Finance Co of Amer 4% '42
4%
115
300
108
Jan
99%
99%
3,000
993*
Aug
99%
Aug
96
...1947
96
4,000
96
Aug
96
Aug
*
Adams (J D) Mfg com
of Prices
Week
Price
Advance Alum Castings..6
Aetna Ball Bearing oom..l
Townsend, Anthony
Established
and Tyson
Low
High
New
UNLISTED TRADING
Bangor
Aug. 21 to Aug. 27, both inclusive, compiled from official sales lists
Friday
Sales
Last
Par
for
Sale
Stocks—
Week's Range
of Prices
Low
High
Price
;
*
-.100
Shares
99c
Boston A Albany
Boston Edison Co
Elevated
lu<>
100
..
"136"
Low
High
520
1695*
1,307
108
130
133
30
80c
July
1595* June
1073* May
23*
"24"
100
Jan
Feb
1303*
259
128 3*
July
147
313
127 3*
June
160
60
347
593*
24
24
320
24
Aug
Aug
85*
8X
98
85*
53*
Jan
Jan
187 34
139
Maine—
Common
Aug
173*
Apr
123*
Aug
20
July
233*
263*
Feb
50
683*
683*
140
61
June
84 34
113*
123*
23*
3,300
7
J&n
133*
Feb
Mar
1
683*
113*
2
*
com
.5
1
93*
69 V*
Jan
"39"
Prior lien pref
305*
Jan
145*
105*
563*
Mar
Mar
20
Mar
18 3*
Mar
10
52
12
Jan
243*
Mar
11
33
10
July
21
Mar
100
12
13
90
11
July
23
Mar
Chicago Vellow
.100
15
15
43
143*
Jan
29
Mar
( ltles service
Co com
61
33
100
100
133*
50
145*
153*
125*
1,031
115
Employers Croup
June
93*
July
Ra»or
For footnotes
see
*
Mar
613*
65
445*
138
14*"
page 1398
Aug
22
Aug
195*
350
183*
July
303*
Feb
14 3*
Feb
Feb
Feb
1,050
50
93*
Jan
14 3*
Feb
89
413*
900
32 3*
JaD
43 3*
Mar
383*
Apr
503*
Aug
11
9
113*
123*
16
32
800
113*
313*
383*
46 3*
Aug
Feb
Apr
153*
263* June
283*
Feb
Aug
30 34
Mar
13
July
June
183*
Mar
283* June
3634
Mar
40
550
293* June
43
July
153*
250
15
19
13*
153*
200
153*
113*
13*
300
153*
383*
1,550
13
Aug
43 3*
"62"
33*
Chic Rivet & Mach
cap..4
Chic Towel conv pref
*
JaD
Compressed
Consolidated Biscuit com.l
Consumers Co—
Jan
35 V*
69
Jan
June
38
Aug
51
Jan
105
4
Aug
7
Jan
19
June
203*
230
415*
42 3*
15c
500
35
15*
Aug
395* June
15c
33*
Mar
26 54
Mar
47
Mar
May
15c May
10
10
June
143*
Jan
308
14
July
20%
Feb
*8134
33*
4,150
23* June
863* June
634
Jan
60
1103*
Mar
50
47
23*
533*
43*
54
63*
85
43*
150
5
40
72
8,250
33*
Julv
June
71
June
20%
Jan
85
63*
June
Feb
Feb
Jan
Feb
Mar
Feb
43 3*
433*
550
43
June
48
24
»
Jan
81
12
533* June
63*
43*
Chic Elec Mfg A
*
Chic Flexible Shaft com-.5
Chic & N W Ry com
100
17 3*
553* June
300
250
85
*
Jan
13
"85"~
..
19
Feb
Feb
663*
99
Cab Co..*
334
62 3*
23*
Preferred
Jan
134 June
13
62 3*
993*
533*
20 3*
170
14
203*
17
Apr
May
10
923
123*
145*
350
350
113*
4
15c
233*
18
Jan
2
123*
20%
Jan
17
18
39
195*
413*
193*
Aug
19
50
July
38
15*
Feb
153*
550
12
4
38
•
General Capital Corp
*
Georgian Inc (The) com..*
Gilchrist Co
*
593*
443*
100
143*
50
1,900
24
50
20
May
32
Feb
61
62
250
53
Jan
77
Mar
3
June
33*
173*
1043*
33*
173*
1043*
150
no
10
143*
100
Apr
Jan
6%
Mar
37%
Feb
108
Feb
Jan
250
13 3*
Aug
2734
33*
7,400
23*
June
63*
Jan
15*
13*
300
23*
Mar
315*
423*
333*
433*
10,850
303*
Aug.
333*
Aug
800
3834
June
4834
Feb
13 3*
13 3*
23*
23*
Club Aluminum Uten Co.*
123*
"i%
Jan
Aug
9 3*
East Gas A Fuel Assn—
Adjustment
Mar
100
113*
Cherry Burrell Corp com.*
Chicago Corp common
*
14
East Mass St Ry com
1st preferred
Mar
500
503*
Cent States Pr & Lt pref. *
105*
61%
Mar
9
16
27
*
11
100
;10n
9
Jan
93*
]
133*
434% prior pref.
6% cum pref
Feb
Aug
123*
.__*
105*
12
9
Jan
153*
203*
22
113*
*
Preferred.
Class B 1st pref
Class C 1st pref std
CI D 1st pref stpd
13%
12%
573*
27
*
Common.
Jan
Mar
Class A 1st preferred .100
CI B 1st pref stpd
100
25
Mar
5
33*
Feb
123*
30
$1.50 conv pref
Cent 111 Pub Serv pref
Central S W—
50
Range
48%
50
19
1
preferred
187
Boston Personal Prop Tr.*
Calumet A Hecla
25
100
1,200
203*
10
Butler Brothers
12
.
434
*
Bruce Co (E L) com
Burd Piston Ring com
34
100
June
53*
153*
15J*
113*
11
63*
1%
83*
20
473*
33
63*
600
*
Class A
loo
10
53*
6
conv
52
600
8
5
com
2
51
pref. *
cnnv
Preferred stamped-..100
Prior pref
100
1st pref stpd
Jan
550
Cen Cold Storrage com..20
Central Illinois beeCommon
1
115
593*
133
..100
Boston-Herald-Traveller. *
1.00
167
108
167%
May
113*
153*
213*
Castle (A M) common..10
'
Bigelo-Sanf Carp pref. .100
Mar
143*
105*
Range Since Jan. 1, 1937
Amer Pneumatic Service-
Amei Tel A Tel....
12%
Aug
10
5%
Week
June
7
123*
213*
25
Class A
Exchange
Feb
123*
Allied Products Corp comlO
Brown Fence A Wire com. 1
Boston Stock
173*
Jan
45
Allied Laboratories com..*
Borg Warner Corp—
(New) com
Lewiston
Aug
634
550
700
Berghoff Brewing Co
Portland
Feb
103*
1,750
850
Blnks Mfg Co capital
1
Bliss A Laugblln Inc cap.5
N. Y. Tel. CAnal 6-1541
66 3*
20
10%
83*
Bendlx Aviation
DEPARTMENT
30 State St., Boston
June
113*
13 3*
Backstay Welt Co com
*
Barlow&SeeligMfgAcom 5
Bastlan-Blesslng Co com.*
Belden Mfg Co com....10
Private Wire System
Boston Tel. LAF 7010
49
10
8
Autora Washer
York Curb Exchange (Asso.)
48
13
Automatic Products
1887
Members
Gillette Safety
Range Since Jan. 1, 1937
Shares
8
Asbestos Mfg Co com
Associates Invest com
New York Stock Exchange
Boston Stock Exchange
Copper
High
13
Amer Pub Serv Co pref. 100
Armour A Co common...5
Boston A
Low
113*
48
*
Adams Royalty Co com..*
Class A
Boston
Sales
Friday
Abbott Laboratories—
Bonds—
Common
Chicago Curb Exchange
St., CHICAGO
Jan
899
16
Chicago Stock Exchange
(Associate)
10 So. La Salle
Feb
13*
1033*
95
16
New York Curb
June
183*
% May
Members
New York Stock Exchange
Jan
45
Aug
32
95
22 %
Jan
705
500
A 10
com
U m Fidelity A Guar
'
98
Owings Mills Distillery... 1
Phillips Packing Co preflOO
Paul H. Davis &€&a
Jan
20
1
Unlisted
Jan
Apr
415
1
1
48
136
SECURITIES
Listed and
Jan
12%
3%
Mar Tex Oil
CHICAGO
Jan
503*
22%
12%
21%
2dpreferred25
195
115
14
13* May
Commonwealth Edison—
New
V t c
25
Ind Gases cap*
pref part shs
50
Cord Corp cap stock
5
Cunningham Drg Stores2%
Curtis Lighting Inc com..*
32
433*
4
13
Dixie Vortex Co
Class A
com
.*
*
12 3*
5
1,250
60
193*
63*
63*
190
223*
63*
9
13
5
213*
1,350
213*
43*
""63*
I >ayton
Runner VI fg com *
Decker & Cohn com
10
Dexter Co (The) com
6
4
223*
150
63*
43*
9
9
4
123*
Aug
11
July
13 3*
Jan
July
June
5*4
Feb
June
Jan
263*
103*
Feb
19 %
Jan
2
Apr
100
53*
May
113*
70
83*
July
173*
Jan
100
2
183*
5
Feb
Jan
193*
193*
100
18
June
25
Feb
36
36
100
35
July
41
Feb
Volume
Sales
Friday
for
of Prices
Low
High
Week
Price
Par
Dodge Mfg Corp com
Week's Range
Sale
.stocks (Concluded)
*
Eddy Paper Corp (The).. •
Elec Household Utll cap. f
38
7
6*
"35""
1,550
150
35
12
20* June
May
41*
29*
Active Trading
Aug
Aug
26*
Aug
12*
40*
Mar
150
11
Aug
z4*
July
UNION
Gen
14
700
3*
4*
34*
12
18*
3,850
4*
23*
Aug
20
450
5*
20
14
19
Mar
July
3*
34*
Gossard Co (H W) com..*
Great Lakes D & D com..*
11*
17*
17 H
Hamilton Mfg cl A pref. 10
11*
11*
Harnischfeger Corp com. 10
13
3* June
10*
42*
Mar
Cincinnati Stock Exchange
July
Jan
11
July
12*
750
17*
Aug
29*
250
13
20
9* May
12* Aug
CIn. 363
Phone Cherry 6711—Bell Sys. Tel.
Jan
July
34
CINCINNATI
BLDG.
Feb
500
11*
13
50
TRUST
5* May
Household Utll—
Common
Goldblatt Bros Inc com.."
& CO.
5* May
Aug
250
14*
5*
20
common
Unlisted Securities
BALLINGER
Jan
20
Gardner Denver Co—
Gen Candy Corp A
5
General Finance Corp com 1
Markets in
and Ohio Listed and
Jan
June
6*
31
250
4*
4*
1
50
35
11
Fltz Simons & Con D & D *
Fuller Mfg Co com
1,350
Cincinnati Stock Exchange
Members
HlO*
Low
Shares
26*
24*
37*
24*
Elgin National Watch._ 15
1, 1937
Range Since Jan
Last
New
1395
Financial Chronicle
145
Aug. 21 to Aug. 27, both inclusive, compiled from official sales lists
Sales
Friday
Range Since Jan. 1, 1937
Last
14
Apr
20
Mar
7M
7*
7*
1,100
8*
Aug
11*
8
8
8*
200
8
Aug
13*
Mar
Houdaille-Hershey clB—*
Hupp Motor com (new)__l
100
19
June
'I'm
3
Par
for
of Prices
Week
Price
High
Low
Low
Shares
High
Jan
Heln-Wern Mot Pts com.3
Stocks—
Week's Range
Sale
Helleman Brew Co G cap
Illinois Brick Co cap
111 North Utll pref
1
23
36
Indep Pneum Tool v t c._*
Indiana Steel Prod com__l
8)4
Iron Flrem Mfg com v t C-*
Jarvls (W B) Co cap.
'
Feb
4*
Aug
150
11*
June
19*
Jan
108
30
99*
May
111*
35
'ids"
100
27*
May
12
108
10
23
3*
11*
37
4*
"25"
400
35
Aug
8*
450
8
June
22*
8
22*
1
1,950
250
27*
25
2,150
55
Aug
16*
Feb
Cincinnati Un Stock Yd__*
June
10*
750
23*
210
17*
Dow Drug pref..
Mar
28*
Feb
Eagle-Picher Lead
Jan
29*
3
5
June
350
5*
Aug
7*
Mar
1*
600
1*
Aug
3*
Jan
3*
1,600
1*
Jan
3*
Aug
8
La Salle Ext Univ com
60
5*
1*
3
1*
30*
5*
50
Kingsbury Breweries cap.]
8
300
7*
Jan
13*
29
20
June
34*
Feb
Mar
16* June
19*
July
Common
*
Preferred
Le Rol Co com..
Lunkenheimer
16*
Llbby McN & Llbby...lO
Lincoln Printing
16*
16*
160
12
10
12
12
200
8
100
*
Lincoln Print $3.50 pref..*
10
com
4*
Lion OH Refining Co com. *
Loudon Packing
24*
4
24*
Procter & Gamble
300
16*
Jan
33*
July
350
6*
US Printing..
100
22
48*
Feb
Wurlitzer pref
10
41
54
42
Aug
57*
June
4*
10
21
Apr
2,350
19
Jan
43*
2
2*
300
s
*
Common
700
50
July
Jan
4*
25
June
June
3*
650
2* June
8*
8*
9*
4,000
7* June
3
3
3*
800
3
1
Apr
Mar
30*
60
210
214
12
211
Feb
5
18
July
23
25
June
213
214
27
100
18*
25*
3*
June
1*
9*
55*
120
1*
9*
18*
25*
3*
18*
25*
3*
50
June
4*
July
16*
65*
Jan
215
Feb
Feb
Jan
Mar
23*
34*
6*
12
12
115
115
25
3*
Apr
Jan
Feb
Feb
34
12
Aug
21
Jan
21
12
116*
92
Jan
134
Apr
Ohio Listed and Unlisted Securities
Feb
7
Members Cleveland Stock
Jan
31*
1*
Exchange
Jan
5
Jan
15*
June
7*
Jan
*
*
*
750
* June
1*
SILLIS
Jan
*
5*
5*
5*
150
3* June
12*
Jan
100
4*
60
3
9*
Mar
100
100
2
10
1* June
1* June
2* June
Conv preferred A
Midland Utll—
7% prior lien
7% preferred A
6% preferred A
6% prior lien.
Modlne Mfg Co com
1
100
3*
38
*
Monroe Chemical Co com *
145"
Montg Ward & Co cl A.._*
Nat Rep Inv Tr
conv
National Standard
Nat Union Radio
145
27*
14
1*
1
"41*
North American Car com20
5*
41*
135* June
156
32
Jan
Aug
17
13*
Apr
12*
Jan
36*
200
1*
Jan
37* June
3*
Feb
Feb
37
550
750
Feb
City Ice & Fuel
Jan
9*
16*
20
57* June
81
Jan
60
July
850
18*
1*
22
1*
19*
200
18
Mar
July
July
2*
Jan
24*
Mar
36
Jan
50
30
May
5*
350
5
Aug
7*
Mar
2*
2*
150
2* June
3*
Feb
2*
1
2*
34*
5*
1
2*
100
2*
Aug
5*
Feb
Prima Co com
*
1*
1*
800
1*
June
3*
Jan
Process Corp com
*
2
2
100
1* June
4*
Jan
com
Common
Common
60
87*
•
Preferred
400
70
91
50
74
118
110
June
99*
1
133
135
,
Jan
Jan
150
60
121
Apr
5*
5*
5*
550
4
Jan
7*
Feb
2
2
2
250
June
3*
36*
Feb
100
Jan
6% pref v t c
Reliance Mfg Co com
5
17*
10
18*
120
1*
15*
July
Jan
Rollins Hos Mills—
Common
2*
1
Serrlck Corp cl B com
2*
6,900
2*
July
2*
July
37
38*
300
34
May
42
Apr
23
24*
350
19*
June
28*
Feb
"92*
92*
12*
12*
92*
13
600
37
*
com
Bchwltzer-Cummlus cap.. 1
Sears-Roebuck & Co cap.*
2*
1
50
81* May
10* June
98
Aug
14*
Mar
Aug
50
Mar
Commercial Bookbinding.*
50*
51
35
30
Jan
55
July
Mills...*
*
Great Lakes Towing..100
Halle Bros pref....
.100
Interlake Steamship.... _*
28
com
26
Mar
Van Dorn Iron
27*
Mar
Vlcliek Tool.
20
95
July
72*
20
72
July
107
83*
Apr
5*
Jan
Jan
20*
33*
500
15*
300
30
Swift & Co
25
23*
23*
June
28*
20
June
28*
Mar
2
23*
23
Utah Radio Products com *
3*
Thompson (J R) com
250
8
8
25
Trane Co (The) com
23*
3*
400
4,250
4
7*
20
2*
5
7
H
350
3*
600
*
3
Common.
»
26
Wieboldt Stores Inc com..*
Williams Oil-O-Matlc cm.*
"T*
Radio Corp com
see
27
Jan
100
7
Aug
100
41
Apr
8* June
58* Mar
40
125
34*
Aug
60
7
5*
16
Jan
6*
120
6
Aug
5*
1*
6*
4*
1*
505
75
20
30
9*
15*
9*
16*
25
25
50
118
25
Mar
Feb
11*
Mar
35
Mar
14* June
12* Feb
10* Mar
Feb
2*
Feb
30*
10* May
20* Mar
23
34
4* June
1*
Apr
29* May
Feb
6
June
3*
7*
57*
Feb
Mar
6*
60
7*
10*
5*
25
6*
45*
6*
200
Apr
100
38
July
July
9*
62
6*
44
10*
5*
4* June
22
30
"9*
50
50
23
6
July
64*
10*
Aug
25
13*
Mar
7*
10*
5*
10*
3*
25*
285
65
Jan
July
5*
Mar
Apr
8*
Jan
95
5*
Aug
14
25
10*
Aug
Aug
15*
5*
17*
Feb
26
July
90
Jan
105
July
150
269
10
105
105
44
365
Detroit Stock
Aug. 21 to Aug. 27,
3
Feb
Jan
Jan
Exchange
both inclusive, compiled from official sales lists
Sales
Week'.s Range
for
of Prices
Low
High
Week
20
July
100
2
June
500
025
June
20*
350
2
Feb
Aug
Price
Par
Range Since Jan. 1, 1937
Shares
High
Low
Jan
6*
24*
5
Auto City Brew com
——- -
1
1
*
1
Feb
Baldwin Rubber com
Jan
Bower
Feb
26*
Mar
250
6
June
12*
8*
900
8*
May
12
10*
350
9*
June
15*
Feb
40
42*
9,700
June
42*
Aug
Feb
Mar
....—-
10
Det-Cripple Creek gold..l
Detroit Edison com
100
Detroit Gray Iron com...5
Det-Mlch Stove com
1
Det & Cleve Nav com..
1,225
July
1
Aug
"2*
_
13*
32*
2*
13*
950
34
414
2*
9*
28*
19
13*
32*
Consolidated Paper com. 10
49*
8*
30
June
Sale
10*
1398
13
Last
41*
»
page
183
Friday
3*
27
8*
20*
7*
42*
Apr
20
7*
Jan
20
Mar
8*
2
com
14
July
10*
Wisconsin Bankshs com..*
Jan
4*
* June
2* June
19*
9
15*
3*
25*
50
125
26*
19*
*
Feb
11
Feb
20
*
30
25
Allen Elec.
Walgreen Co common
May
73*
May
July
Viking Pump Co—
Wahl Co (The) com
50
Mar
23
2
Stocks-
Common....
June
58
20
23*
June
Utll & lnd Corp—
Convertible pref
46
772
Inc
*
WestResInvCorp6 % pf. 100
Mar
20
24*
21*
22*
20
1,100
2,050
500
60
3
Mar
550
18*
32
Sundstrand Mach Tool Co*
46
57*
23*
10*
Feb
May
June
4*
18
4
1*
Weinberger Drug
31*
4*
Mar
23
5
*
*
Warren Refining
18
4*
54
3
Jan
31*
*
49*
22*
Feb
5
—1
Upson Walton
Jan
16
Convertible preferred..*
Aug
33
34*
Troxel
Jan
98
June
12
10
—--- —
Apr
72
27
50
42
pref—.....100
19*
98
35
12
38
34*
*
*
*
25
---*
Nestle LeMur cum Cl A. _*
Nineteen Hun Corp Cl A_*
Ohio Confection Cl A
*
Packer Corporation
*
Patterson-Sargent
*
Peerless Corporation
3
Richman.
-*
Seiberling Rubber
- - *
22
350
Feb
28*
42
National Tile
50
23*
Swift International
Standard Dredge com
For footnotes
20
_*
Metropolitan Pav Brick.
Monarch Mach Tool
Mar
22*
S'west Gas & Elec 7% pf 100
St Louis Nat Stockyds cap*
Woodall Indust
*
*
McKee A G Class B
35
22*
*
So Bend Lathe VV ks cap. .5
Slvyer steel Castings
Jan
46
58
Tran...*
7*
28* June
23*
31*
63*
...
80
32
23*
30
Jan
112
12
Foote-Burt
Apr
31*
23*
Preferred
103* June
38
Federal Knitting
40
16*
35
*
Mar
June
Jan
250
34*
Common
Mar
101*
32
8% cum
Slgnode Steel Strap—
8
June
40
National Refining
50c
t c
Feb
Aug
85
10
Jan
125*
40*
3
90
285
122
Apr
June
Aug
516
249
109* June
109
30
Feb
39*
Lima Cord
114
45
Jan
Feb
21
44
Leland Electric
130
June
17* June
110
Jan
580
10
10
38
38
Cliffs Corp v t c_-
Jan
120
30*
3*
130
40
*
100
Cleveland Railway
99
112*
30
3
pref.*
Cleve Elec 111, $4.50
120
112
18
33*
14*
110
Cleve Cliffs Iron pref
Medusa Portland Cement
112
"30*
10*
Aug
96
Lamson & Sessions
Raytheon Mfg—
Sangamo Electric
.. .
10*
High
Low
14
96
June
119
100
com
91
118
100
7% pref
Quaker Oats Co
87*
91
»
.
Cleve Builders Realty j.—*
Kelley Isl Lime &
Public Service of Nor 111—
6% preferred
.
14
18
10*
Shares
10
14
*
Clark Controller
Mar
34*
*
Pictorial Paper Pack com.5
Price
Akron Brass...——*
5* June
10* June
24* June
Week
Airway Elec Appl pref. 100
58
for
of Prices
Low
High
Feb
18*
Penn El Switch conv A..10
Par
Stocks-
July
June
5*
Range Since Jan. 1, 1937
Week's Range
Sale
4
11*
58
Sales
Last
28
900
21
compiled from official sales lis
Friday
160
25
1*
„
Feb
27* May
Cleveland Stock Exchange
Aug. 21 to Aug. 27, both inclusive,
50
1*
43
58
I*
Peabody < oal Co B com..6
Potter Co
Jan
20
6*
650
4*
20
Northwest Util Pr Co pf 100
Ontario Mfg Co com
_*
Pines Wlnterfront com
46*
Jan
11*
5*
June
Feb
GLEV. 565 & 566
Jan
9*
10
25
Northwest Bancorp com.. *
Northwest Eng Co com..*
35
8*
A.T. A T
Telephone GHerry 5050
Feb
5
Aug
50
100
34
32
June
50
6*
4*
32
Noolltt-Sparks lnd com..5
Perfect Circle Co com
50
38
14
10
com
3*
10
50
27*
pref.*
com.
1*
38
145
Union Trust Building, Cleveland
4
*
6*
National Bottling Co pref *
Nat Pressure Cooker Co. .2
Zenith
1*
9*
58*
Jan
Jan
25
*
Common
^
Mar
1*
9*
58*
100
Preferred
Midland United Co—
v
37
Jan
Food Prod-
Middle West Corp cap
6
Stock purchase warrants
Common
Aug
Feb
Mar
2
42
5*
Jan
132
Apr
Mar
110
52*
Prior preferred
12
24
25
_*
5
Mer & Mfrs Sec cl A com. 1
31
June
30
10
56
Jan
Aug
U S Playing Card.
250
3* June
38* Mar
McGraw Electric
22*
26*
5*
28
June
9
18* June
131* May
30
*
450
54*
22*
27
10
*
Randall A
26*
52*
24*
5*
26*
10
27
30
100
8% preferred
Jan
24*
49*
132
*
2
Apr
May
132
.2.50
Feb
40
21*
*
Feb
36
22
132
Jan
52*
25*
Apr
Jan
27*
3
50
45
Mar
1*
52
50
*
Aug
50
10
Jan
26*
*
1*
23*
45*
21*
July
4*
29
4
29
10
4
52*
Marshall Field common..*
'
100
21*
21*
38
26*
Mapes Cons Mfg cap
111
9
104
29
27
10
*
com
103* Aug
17* May
103*
21*
10
Magnavox
a
McQuay-Norris Mfg com.*
Marhatt-Dear'n Corp com*
Jan
27
National Pumps
McCord Rad & MfgA
Lynch Corp com
3*
22
*
Jan
*
5
com
Aug
*
Mar
■-
16
Kahn com
12*
40 1
40
59
1*
23*
15*
Jan
Jan
16*
45
Jan
Jan
Jan
10*
16
1*
23*
Aug
9*
200
13*
100
45
...
Jan
108
June
21*
#
4*
26*
4
7*
25
106
85
Hilton Dare
Kroger
111
80
Hobart A...
7*
Co—
Common
Lindsay Light
25
June
107
10
Julian & Kokenge
Leath & Co—
June
92
29
Hatfield
Feb
63
91
104
10
1st preferred
25
Feb
Jan
7* July
98* June
6* July
5
16
Gibson Art.......
43*
Apr
5
3*
35*
91
.
100
12*
Apr
29
Ky Utll Jr cum pref
Kerlyn Oil Co cl A com..5
Mickelberry
_
36*
2*
3*
July
May
Aug
2
25
115
109* 109*
7*
7*
102* 104*
7
6*
109*
7*
104*
6*
*
20*
10*
7*
100
Churngold
Feb
23
com...... I
6,400
Preferred
Jan
24*
1*
125
55
5
5
Feb
10*
9*
Champion Paper & Fibre. *
29*
23
Co
150
53
52*
*
27
Ken-Rad T & Lamp com A *
......
10* May
7
19* June
Kellogg Switch & Sup com*
Katz Drug
Mar
49
Prior pref
Burger Brewing
50
28*
1*
3*
2*
28*
1*
3*
2*
28*
1*
3*
2*
Cincinnati G & E pref. .100
Cincinnati Street Ry
50
Cincinnati Telephone.
50
45* June
7*
Aug
8* June
Joslyn Mfg & Supply com 5
Aug
American Laundry Mach20
American Products
19
150
18
July
628
2
June
2*
3.6
111
.
2*
100
69
2*
4*
150
1,074
Apr
3
15*
34*
22
3*
Feb
July
Feb
Aug
Jan
Mar
i,6 May
250
113$
Jan
2*
110
May
June
Jan
145*
3* May
2* Aug
3* June
11
Feb
•<
1396
«
Financial
Chronicle
Aug. 28,
r
Friday
Sales
Last
Stocks
(Concluded)
Par
Week's Range
for
Sale
Watling, Lerchen & Hayes
of Prices
Week
Price
Sou Calif-Edison Ltd...25
Members
1937
Low
Orig preferred
6% preferred B
5%% preferred C
Shares
24%
24
24%
Range Since Jan. 1 1937
High
1,200
Low
22%
Cigh
May
Jan
32%
Detroit Stock
Exchange
Telephone: Randolph 5530
35
20
28
200
26%
June
29%
Jan
26%
30%
26%
30%
26%
400
25
June
28%
Mar
30%
200
29%
31
Aug
42
42
44
500
40
4%
41%
15%
23%
41%
15%
23%
Universal Consol Oil
DETROIT
35
28
Sunray Oil Corp
Chicago Stock Exchange
Building
35
28
Standard Oil Co of Calif..*
New York Curb Associate
Exchange
Buhl
25
25
25
Sou Calif Gas,6% pref A.25
Union Oil of California..25
New York Stock
15%
15%
Superior Oil Co (The)
Transamerica
Friday
Sales
Last
Week's Range
Sale
Stocks
(Concluded)
Par
Detroit Paper Prod com__l
Federal Mogul com
_*
Fruehauf Trailer
3
com
Gemmer Mfg A
General Motors
High
5%
16%
im
11%
38%
16%
*
Gar Wood Ind
of Prices
Low
Price
11%
*
com
10
55
1
5
General Finance
Hoover Ball & Bear
Hosklns Mfg com
com.
10
*
Hurd Lock & Mfg com___l
Kingston Products com__l
Kinsel Drug com
1
Mahon Co (R C) A pref..*
Masco Screw Prod com___l
McClanahan Oil com____l
""Vs
*
com
Micromatlc Hone
1
Murray Corp com
__10
Muskegon Pist Rg com2.50
___*
com
Parker-Wolverine
Penln Metal Prod com___l
Prudential Investing com.*
18%
4%
4
Reo Motor
4%
5%
6%
1
3
Union Investment com
United Shirt Dist com.
*
10
1%
%
%
2%
2%
10%
21%
Jan
12%
44%
Feb
Feb
June
1,677
13%
3%
1,195
1,369
4
5
Jan
916
10
7
1
36%
3%
28%
1%
4%
1
Wayne Screw Prod com..4
.1
125
1,050
210
100
125
150
200
11
June
4% June
98
Aug. 21
to
Aug
Jan
Feb
Feb
Jan
Last
Sale
Assoc Gas & Electric A
Bandlnl Petroleum Co
Price
Aug
23c
19c
24c
15,000
19c
Aug
24c
20c
24c
3,400
20c
Aug
82 %c
Feb
3c
3c
3c
4,000
l%c
Jan
9c
Feb
37c
37c
43c
14,100
37c
Feb
48C
Jan
10c
10c
11 %c
9,400
7c
July
15c
Jan
June
5%
8%
68%
Mar
17%
34%
12%
Feb
2%
5%
2%
5%
2%
5%
100
60%
60%
61%
500
11
11
11
100
2%
5%
52%
9%
*
25%
25%
25%
100
24%
8%
8%
8%
200
8
10%
of Prices
1
2%
2%
1
5
5
Barnhart-Morrow Consol.l
Berkey & Gay Furniture. 1
45
40
2%
5%
10%
11%
1,600
8
June
12%
Jan
8%
8%
100
7
June
10
Apr
5
5%
200
4% June
8%
Jan
14%
200
11% May
17%
Feb
14%
14%
Established 1874
DeHaven & Townsend
Members
New
York Stock Exchange
Philadelphia Stock Exchange
PHILADELPHIA
NEW YORK
1513 Walnut Street
30 Broad Street
,
Jan
I
Feb
Aug
!
Philadelphia Stock Exchange
Feb
2% June
10% June
8
Feb
Friday
13
Jan
Last
Week's Range
for
11
Feb
Sale
of Prices
Week
38%
8%
Feb
Mar
29
Mar
7
May
34% June
3% Aug
25%
Jan
Stocks-
Par
American Stores._
.*
July
Aug
Jan
American Tel & T61
Feb
Bell Tel Co of Pa pref. .100
is,6
July
11
Aug. 21 to Aug. 27, both inclusive, compiled from official sales list8
1%
7%
June
Feb
Budd (E G) Mfg Co
Feb
Budd Wheel Co
18
100
Sales
Price
Low
15%
166%
118%
*
9%
35
Pennsylvania RR
50
Penna SaltManuf.__-_.50
Range Since Jan. 1, 1937
__25
50
Low
2% June
3% July
40
5%
9%
Aug
1%
1%
200
100
90c
July
3%
July
8c
90
1% June
95c
Aug
3%
3%
8c
Consolidated Oil Corp
Consolidated Steel pref..:.-
15
3%
400
8c
1,100
8c
32
9%
7%
2%
9%
3%
34%
34%
32
9%
55
10%
15
14%
29
32%
13%
41
Tacony-Palmyra Bridge.. *
Devel.l
Tonopah Mining
1
600
9%
Jan
Jan
Apr
3%
Preferred.
United Gas Imp com
Preferred
4%
4%
36%
...»
13
Westmoreland Inc
__*
112
May
130
487
109
187
1,312
85
31%
29
185
3
June
105
June
1,469
June
723
164
34%
Aug
575
104
Z38
41
103
500
13
Jan
*
130
Feb
Apr
Feb
Jan
Feb
Jan
Jan
Aug
Apr
May
16%
Mar
60
33
June
10%
June
102
June
9%
10% $1,000
June
Jan
37%
13%
10%
Jan
Mar
Feb
~ June
13
Feb
Apr
xk
June
4
13
Aug
8%
46%
17%
114%
14%
4
1,054
41
Feb
,5if May
May
June
112
5%
4,599
Jan
Feb
45%
35%
July
500
Feb
20
Jan
29%
Mar
14%
5%
50%
178%
117%
35%
7%
13%
3%
Jan
164%
108% June
31% June
4% Mar
7% July
1% Aug
12% Apr
142
903
Feb
Mar
24%
5%
Aug
2%
Jan
13
Apr
13
Jan
Mar
134%
20%
44%
70%
41%
14%
Aug
7%
429
Feb
26%
187%
127%
14%
7% June
7% June
94% July
9% June
33% June
48% June
219
8%
14
12%
107% 108
*
...
June
161
Aug
Jan
Jan
Jan
Jan
Feb
7%
Jan
17C
Feb
43
Jan
Bonds—
Elec & Peoples tr ctfs 4s.'45
10
Feb
12%
July
*
High
15%
159%
Jan
2.25
Jan
50
Low
233
10%
3%
36%
170
171%
114% 115%
33
32%
5
4%
8
7%
1%
1%
15
13%
41
43%
34%
35%
%
116
%
H
4%
4%
"3%
__50
United Corp com
High
95c
32
13
50
Salt Dome Oil Corp
Scott Paper
Union Traction
a
Shares
1%
Central Investment
100
Claude Neon Elec Prod
13%
2%
Phil & Rd Coal & Iron
Tonopah-Belmont
315
-
29
*
.50
Mitten Bk Sec Corp pf. .25
Nat'l Power & Light
..*
Pennroad Corp vtc
1
Phila Elec Pow pref
Phila Rapid Transit
119%
~29~~
Lehigh Coal & Nav
Lehigh Valley
455
9%
10%
8%
8%
108% 113%
9%
10%
34%
35%
54%
57%
*
,
Range Since Jan. 1,.'1937
Shares
16%
169%
118
5
com.
High
15%
*
Horn & Hard (N Y) com.
Teletype L.A. 290
95c
Warrants..
Bolsa Chica Oil A com..10
Buckeye Union OH pref ..l
Jan
Jan
5
10
1
2,700
1,500
Apr
8%
June
4%
%
100
May
Jan
Mar
11%
5
200
for
June
June
*
July
Week
High
100
*
|
'
Mar
Sales
Week's Range
39c June
June
-v.
Phila Electric of Pa $5 pf.*
Low
Feb
Aug
4%
Radio-Keith-Orpheum
28%
111%
Aug. 27, both inclusive, compiled from official sales lists
Par
Apr
13%
5% June
8%
Feb
Angeles Stock Exchange
Stocks—
July
9
Jan
San Francisco Stock Exchange
Friday
18%
100
Preferred
Los
Feb
Jan
July
Jan
Chicago Board of Trade
Angeles
28%
7
Feb
MEMBERS
Los
June
11%
16
Mar
Wm. Cavalier & Co.
Exchange
23
200
6
.
523 W. 6th St.
2,100
15%
200
Electric Storage BatterylOO
General Motors
.10
Los Angeles Stock
24%
6
4%
Curtis Pub Co
Exchange
Aug
8%
Chrysler Corp
New York Stock
16%
102%
600
300
Aug
Radio Corp of America
103
Aug
19% June
1,925
1,500
Wolverine Tube com_____2
5
1,800
4%
Jan
5%
6%
9%
5%
6%
4% May
Mar
8%
United Corp (The) (Del).*
Warner Bros Pictures Inc.5
Feb
.19
Jan
July
100
235
Jan
55
Packard Motor Car Co—*
Feb
July
June
June
16
37%
15%
North American Aviation. 1
Jan
Apr
13
8
1,000
North American Co
Feb
June
June
June
Feb
43
8%
.
CurtLss-Wright Corp
1
Montgomery Ward&Co Inc*
July
2%
1%
1%
4%
4%
20%
Aug
Aug
5
4%
_.
Cities Service Co.
Feb
22%
1%
8%
1%
June
Unlisted—
4%
Feb
2%
Feb
5% June
22
3%
Zenda Gold Mining Co—1
Feb
28
June
37
1,090
7
Feb
736
98
36%
3%
28%
*
com
4% Aug
% May
22
1,040
4%
7
__.*
Wolverine Brew
160
25
*
com
300
5%
111% 1113*
5%
5%
3
3%
10% 10%
5%
Warner Aircraft
250
600
98
1
Walker & Co A
1,400
24
24
Tlvoli Brewing com
Tom Moore Dist com
Universal Cooler B
13i6 June
346
Stearns&Co(Fred'k)pfdlOO
Timken-Det Axle com..10
Preferred
100
U S Graphite com
37
Aug
800
4%
Tom Reed Gold Mines...1
Feb
500
3,130
8%
30%
19%
4%
4%
4
326
2,423
3%
2%
12%
16%
com
5
Rickel (H W) com
2
River Raisin Paper com..*
Standard Tube B com
1
8
1,306
1,050
1%
%
39
"m
850
1
8%
39
*
com
"if
990
25%
3%
2%
12%
16%
"2%
Packard Motor Car com..*
Parke-Davis
4%
1
1
com
Mid-West Abrasive com50c
1
4%
%
25%
1%
%
"25H
Michigan Sugar
5%
16%
20%
200
Feb
49%
Imperial Development.25c
Feb
5
June
Cardinal Gold Mining Co.l
Mar
70
3%
Jan
% Aug
4% Mar
15% July
17% May
)516
4%
43
490
1
5%
16%
20%
16%
Feb
38
July
Mining—
Jan
48% June
2,088
1,778
1
23
July
41
Blk Mammoth Cons M_10c
Jan
July
125
Feb
••
10
21%
19%
551
4
6
High
5% Aug
15% June
18% Aug
11% June
57%
5%
3%
3%
1
com
380
10
__1
Yosemite-Portland
Low
38%
5
Graham-Paige com
1
Grand Valley Brew com__l
310
1,080
Corp
Wellington Oil Co
Week
Shares
25
*
Weber Showcse&Fix 1st pf*
Range Since Jan. 1 1937
12
55
Goebel Brewing com
5%
17%
is%
for
—1
35
500
14%
May
17%
300
16
June
24%
1.05
1,200
60c
Jan
1%
*
24%
24%
24%
100
22%
July
26%
Aug
55%
55%
8%
56%
400
70
400
48%
8%
June
8%
Mar
11%
39%
39%
Jan
46
24%
24%
1,600
32 %
21
Jan
27% Aug
22%.
1363.
page
Mar
10
Globe Grain & Milling Co25
Goodyear Tire & Rubber. *
Hancock Oil Co A com
*
Pittsburgh Stock Exchange—See
Feb
1.00
17%
97%c
17%
1
Exeter Oil Co A
com
General Metals Corp
General Mot Corp com
_
_
17%
Mar
Feb
*
15%
15%
8%
39%
25%
15%
200
1
15%
95c
95c
95c
100
95c
Aug
1%
9c
9c
9c
1,500
8c
Jan
18c
Mar
1
24c
22c
24c
700
16c June
72 %c
Jan
16%
Aug
Internat'l Cinema Inc
Jade Oil Co
ST. LOUIS MARKETS
Jan
10c
Hudson Motor Car Co
Kinner Air & Mot Ltd
Krumbsen Cream
16
Lincoln Petroleum Co__10c
Lockheed Aircraft Corp__l
16
16
100
50
16
Aug
Jan
Mar
I. M. SIMON &CO.
Business Established
Enquiries Invited
1874
all
on
Mid-Western and Southern
Securities
MEMBERS
25c
25c
25c
2,425
12%
3%
12%
300
21c
Aug
60c
Feb
1,900
9%
Jan
3% June
16%
6%
Feb
5% June
10
Los Angeles Investment. 10
Mascot Oil Co
5%
12%
3%
5%
5%
400
85c
85c
90c
Menasco Mfg Co..
1
Mid-Western Oil Co.._10c
2,100
75c
June
1.45
2%
2%
2%
4%
New York Curb (Associate)
Chicago
Jan
12c
New York Stock Exchange
St. Louis Stock Exchange
Mar
Los Angeles Indust Inc
2
Occidental Pet Corp..
Oceanic Oil Co
Corp
June
lc
Jan
300
23
5,800
13
July
34
1,]00
33
June
1.20
com 10
20%
30%
29%
27%
36
29%
27%
28%
6% 1st preferred
25
5%% 1st preferred
25
Pacific Indemnity Co___10
Republic Petroleum com.l
5%% preferred
50
Rice Ranch Oil Co
Corp
2%
15,600
12c
60c
1
Pacific Gas & Elec com..25
Richfield Oil
200
15c
60c 62 %c
22
23
34
Mt Diablo Oil Min & Dev 1
Nordon Corp Ltd
5
Pacific Finance
4
1
28%
7
1.20
20%
1,000
19%
Jan
32
Jan
30%
30%
29%
300
37%
Jan
100
28% June
32%
Jan
Last
27%
200
26
Mar
28%
Jan
Sale
28%
7%
100
27
May
35
Feb
900
43
300
42%
6%
42%
May
6% June
40
20c
20c
3,850
8%
8%
10,000
3%
3%
100
3
7
400
6%
July
7
pagt
15c
2%
43
42%
14c
15c
s
36
*
50
June
2%
««•«
13%
June
20c
43
36
11%
11% fll%
1398
St. Louis Stock
Feb
20
7
25c
Feb
2.00
29
36
18c
July
87 %c
8% June
300
2
147
38
7,000
June
June
2c
Jan
Mar
3%
.
56
15c
100
35
May
48
100
11
July
14%
Aug. 21
to
Exchange
Aug. 27, both inclusive, compiled from official sales lists
Sales
Friday
Stocks—
Par
Price
Week's Range
of
Prices
Low
High
Range Since Jan. 1, 1937
for
Week
Low
Shares
High
Feb
July
Mar
10% May
3% July
9%
St. Louis, Mo.
Apr
Jan
2%
Security Co units of ben int
80
Trade
of
Telephone Central 3350
70c
Roberts Pub Markets Inc.2
Signal Oil & Gas Co A..
Sontag Drug Stores
315 North Fourth St.,
300
Ryan Aeronautical Co
Sierra Trading Corp
Feb
1.30
3%
1
97 %c
45
Board
Chicago Stock Exchange
23c June
Aug
8%
com.
Warrants
For footnotes
60c
Feb
Jan
American Inv
Brown Shoe
Columbia Brew
Dr Pepper
Elder Mfg A
Jan
com
20
25
24%
*
25
156
44%
34%
37%
3%
251
43
Aug
49%
71
30
July
37
Jan
95
36% June
3% Aug
40
May
6
Mar
*
44
43
1
34%
34%
Cocoa-Cola Bottling com.l
Feb
Mar
com
Burkart Mfg com
Feb
Aug
com
37
5
3%
"3l"
50
July
Aug
Feb
31
32%
210
25
Jan
48
Feb
..100
71
71
1
71
Aug
76
June
Common..
*
Ely & Walker D Gds com25
18
19
34
18
Aug
21%
27%
99%
July
32
Feb
Jan
106
Apr
2nd pref
com
*
100
28
28
50
100
100
40
Mar
Volume
Week's Range
Last
Sale
(Concluded)
1
Falstaff Brew com
1,625
8
32
Aug
34
2*$
22*$
2*$
22*$
398
2*$ June
16**
Jan
5
16
16
254
13
June
20**
100
85
85
10
75
June
90
26
26
100
Feb
26
Aug
Hussmann-Ligonier com..*
Huttig S & D com
Preferred
1**
100
Hydraulic Pr Br com
1st
pref erred.
10
Aug
16
Feb
Aug
36
Apr
S J L & P 7 % pr pref
Jan
22
Mar
100
Schlesinger & S (B F)pfl00
24
24
24
80
24
Aug
32*$
Mar
Shell Union Oil
Mar
Signal Oil & Gas A
Soundvlew Pulp Co
5
Southern Calif Gas pref
Southern Pacific Co...100
10
18*$
12**
12
100
18*$
12
112**
30
7
Jan
Aug
89**
75
2,148
71
Aug
79
Aug
Aug
4*$
13**
Aug
Feb
43
43
25*$
18
25*$
18*$
4*$
16,320
4*$
7**
6** June
100
June
50
Apr
24
July
33
Mar
1,640
15
May
19*$ June
10** May
20
41*$
8*$
62*$
30*$
38**
1*$
**
7*$
42*$
114
Apr
8
120
June
Feb
Aug
33**
34
Aug
1,225
30*$
43*$
2*$
r
Apr
24*$
315
65
12*$
100
8?„
24*$
35*$
34
Aug
10
50
120
8*$
24*$
Jan
140
2,332
120
Jan
40
Feb
48*$
69*$
Feb
Mar
July
30**
38**
*$
*$
7*$
39*$
Aug
40
535
Aug
30*$
65**
2*$
Aug
Mar
Jan
Standard Oil of Calif
38**
1*$
**
7*$
42*$
Feb
Super Mold Corp of CallflO
20
20
21
332
15
Jan
49*$
Feb
21*$ June
Telephone Inv Corp
44
44
44
110
42
Jan
46
Feb
19*$
15**
23*$
19*$
135
16
June
21*$
Feb
Aug
17*$
Jan
28**
Feb
So Pac Golden Gate A...*
May
116
B___
106
18
60c
Aug
2.00
9
July
Mar
114**
4*$
July
July
183$
117*$
83*
Mar
Tide Water Assd Oil com.*
1,654
580
June
Aug
June
1
Jan
Aug
12
Feb
Mar
279
10
30
115** 115**
69
5**
5
12
25
12
30c
30c
"23*|
13**
23*$
100
102
Southwest'n Bell Tel pf 100
122
43
12*$ June
19
100
125
Jan
Union Oil Co of Calif...25
19*$
15*$
23*$
Jan
Union Sugar Co com
25
22
Universal Consol Oil
..10
15
19**
Apr
Mar
102
Mar
11**
13*$
49**
43*$
Preferred.
Waialua
Mar
Rights
Agricultural ..^20
.........__
_
_.
Jan
Western Pipe & Steel
Feb
.
.
Yosemlte Ptld Cment pf
10
1,705
June
16
6,938
15**
24*$
22*$
2,326
23
June
330
18
Apr
24
Feb
14*$
7*$
16*$
16
1,160
19
July
685
Aug
Aug
9**
18**
July
16*$
179
11*$
7*$
16*$
Jan
8
44
45
300
44
Aug
75
Jan
5*$
28*$
7*$
16*$
44**
5*$
28*$
Victor Equipment
Aug
128
*
1,400
8
22
293$
Jan
100*$ July
1173* June
8*$ July
9*$ Aug
38*$ June
10
Transamerica Corp
70c
Jan
Spring Valley Water Co..*
Feb
16
Apr
25c
62
122*$
9**
9**
9*$
9*$
43
44*$
Stlx Baer & Fuller com .10
29
11
10
121
...1
Aug
25
102
102
July
Mar
119
35
13**
23*$
5
13**
June
480
30c
15
Aug
Mar
..*
103
.10
Wagner Electric com
13
com..
545
St. Louis Bk Bldg Eq com *
Sterling Alum com
Aug
70
4*$
7**
8*.
24*$
35*$
62*$
30*$
65c
100
Securities Inv pref
22*$
26*$
Mar
Aug
12
10
8*
25
9*$
-
Feb
17
70
71
120
116** 115*$
8**
8**
109*$ 109*$
18
18*$
60c
St Louis Pub Serv com..
Aug
15
314
17
43
20
284
43
17*$
17*$
58
18**
70
Richfield Oil
32*$
14*$
Rice-Stix Dry Goods com
Scullin Steel pref
Rlieem Mfg
145
*
cooi5
Scruggs-V-B Inc com
Jan
1
17
41*$ June
July
25*$
1
com
Jan
Apr
11
18
Petroleum
Preferred
Roos Bros
16**
100
*
St Louis Car com
Republic
Jan
J$n
150
133
43
Rights..
Feb
152*$
10
11**
72*$
4**
7**
Rainier Pulp & Paper (new)
10
17
1st pref
July
35
43
......
23
June
135**
104
11**
70
..100
161
com.25
Piping & Sup com
Nicholas Beazley Airp
135
10**
33*$
Mo Port'd Cement
National Oats Co com
135
11**
42*$
McQuay-Norris com
Meyer Blanke com
Natl Candy com
Feb
3*$
49*$
135
163*
20
Natl Bear'g Metals pref
100
6%
6
July
1
146
10**
32*$
Key Co com._
Knapp Monarch pref
Laclede-Christy CI Pr com*
Midwest
17**
175
IX
141*$
High
Low
Shares
160
143*$
*Ih
43
International Shoe com ._*
Laclede Steel com
2
of Prices
High
100
com..
Range Since Jan. 1 1937
for
Week
Low
Price
Ry Equip & Rlty com....*
Apr
Hyde Park Brew com—10
"2*$
Hamilton-Br'n Shoe com.*
Par
6% pref
Apr
32
Briesedleck-West Br com.*
(Concluded)
Pacific Tel & Tel
Mar
11*$
30*$
Jan
200
10*$
9%
10*$
Mar
125
May
100
10
Stocks
High
Low
Shares
120
120
100
Emerson Elec pref
Sale
Week
of Prices
High
Week's Range
Last
1 1937
Range Since Jan.
for
Low
Price
Par
Sales
Friday
Sales
Friday
Stocks
1397
Chronicle
Financial
145
6*$
28*$
5*$
28*$
Aug
7
July
150
4
417
4
4
4
1,650
Aug
Aug
Aug
40**
4*$
Mar
Aug
Bonds—
Jan
31
4,000
30*$
Aug
81
81
1,000
80
July
91
Jan
91**
92
4,000
88
Jan
102
May
92
92
92
1,000
92
Aug
95
June
29
29
30
4,000
26
June
92
tScullin St 6s unassent 1941
AfiQPTltPd
fUnited
33*$
30*$
tCity & Suburban 5s c-d's
St Louis Car 6s extd
Railways
48.-1934
36*$
STRASSBURGER & CO.
MONTGOMERY STREET
133
Jan
SAN
FRANCISCO
(Since 1880)
Stock
Exchange—Chicago
(Associate)
Members: New York Stock Exchange—San Francisco
Francisco
Exchange—San
& Co.
Dean Witter
Direct Private Wire
Private Leased Wires
MUNICIPAL AND CORPORATION BONDS
San Francisco
(AssoJ, San Francisco Curb Exchange, Honolulu Stock Exchange
Francisco Stock
Aug. 21 to Aug. 27, both inclusive, compiled from
Sale
Par
Alaska-Mexican.
official sales lists
Sale
Par
Stocks—
Price
of Prices
High
Low
Week
Low
Shares
Feb
11*$
11*$
11*$
123
11
June
15**
Anglo-Calif Nat'l Bk S F 20
Assoc Insur Fund Inc—10
243$
4*$
24*$
4*$
25
515
23*$
Jan
31*$
200
4*$
Aug
7*$
Mar
16
Calamba Sugar com
212
29
7
Calaveras Cem Co com—*
35
8
485
Calif Cotton Mills com. 100
92*$
*$
32*$
California Packing com..*
34
34
Callfornia-Engels Mining. 1
Preferred
a-
.50
.
52*$
■
52*$
110
923$
60
%
32*$
34*$
52*$
Clorox Chemical Co
10
Cst Cos G&E 6% 1st
pf 100
10
Feb
27
June
7
June
42**
48
105
10
462
Jan
Mar
53
Aug
100** May
87
Jan
101*$ May
9*$
39*$
Aug
June
101*$ May
35
Jan
Creameries of Amer Inc..*
6
com—5
21
*
99
S3 pref 100
*
40
40
40
23
23
19*$
41*$
19*$
430
16*$ June
41
23*$
19**
41*$
14
14
14
200
14
Aug
80
June
Crown Zeller Corp
Preferred
Di Giorgio Fruit
Eldorado
Oil Works
Emporium Capwell Corp. *
4*$ cum pref ww
50
Emsco Derrick & Equip..5
6
22*$
99**
4,633
6,729
5*$
16**
June
June
59
Mar
Jan
210
39
June
85*$
47
180
47
Aug
43*
18*$
145
4
Jan
*
com..*
35
35
35
15**
16*$
210
34*$
14*$
July
15**
Gladding McBean & Co. _*
Golden State Co Ltd
*
17
17
17
430
17
Aug
Honolulu
Hunt Bros Acorn
10
Langendorf Utd Bak A—*
Leslie Salt Co
10
LeTourneau (R G). Inc—1
Lockheed Aircraft
Mag<anavox Co Ltd
Magnin (I) & Co com
1
2*$
*
Marchant Cal Mach com. 5
6*$
6*$
100
20
1,253
Feb
Jan
41
41
2
18**
23**
37*$
12*$
2
18**
23*$
18
18
30
750
2*$
133$
132
250
12
41
27C
37*$ May
38**
133$
2
18*$
24?*
1,036
1,170
761
200
1,092
24*$
10*$
16*$
11*$
24*$
10*$
16*$
11*$
24*$
10**
725
17
130
Pac Lighting Corp com
6% pref
25
*
*
Pac Pub Ser(non-vot)com*
(Non-voting) pref
*
303*
29**
273*
42*$
106*$
5*$
21*$
For footnotes see nave 1398
30*$ 303$
29** 30
27*$ 27**
42*$ 43**
106*$ 106*$
5*$
53$
21*$ 213$
28
18
Aug
Mar
Feb
23
930
25
23*$
June
Jan
172
14
30
25
June
Feb
85*$ Aug
12*$ May
28*$ June
85*$
30
1st pref
5*$% pref.
17
22*$
Feb
10
85*$
13**
30
6%
5
330
85*$
13**
Pacific G&E com
45*$
16*$
Jan
33
100
10
Feb
Aug
Occidental Intr Co
9**
42
Aug
North Amer Oil Consol. .10
10
Feb
9
23
*
June
Jan
9*$
1 *$ May
4*$
16*$
23
9
23
Pacific Can Co
July
Aug
67
9
23
113$
May
31
965
*
9*$
30
July
Jan
38*$
13** May
Feb
44*$
Feb
13*$
10C
*
Apr
53*$
Nat'l Automotive Fibres.*
15
Jan
22
10
O'Connor Moffatt AA
Feb
July
225
Paauhau Sugar
Apr
Mar
18*$
31*$
8**
June
835
*
Jan
15
37*$
12*$
10
620
1,464
1,426
10*$
26**
8**
25**
620
41
50
1,200
290
June
June
19**
102*$
16*$
29**
15*$
Calif Art Tile A
100
Cal-Ore Pow 1927
pref.
Calif-Pacific Trading
Calwa Co com
2
Cardinal Gold.
2
Central Eureka
2
38c
32c
Carson Hill Gold
2
16*$
81*$
5*$
1*$
186**
Jan
Aug
97c
Feb
19
June
Feb
6
June
27*$
H*$
Apr
68c
300
7
6*$ Aug
14** June
49** Aug
10
183
24
110
6
200
7*$ Aug
8*$ June
1,676
May
13
Mar
13
Mar
13**
12*$ May
17** Apr
Mar
June
June
June
18
25**
95**
Mar
2
Mar
25c
Aug
50c
July
225
15*$
80*$
5*$
1*$
1,500
32
100
8
24c
20c
25c
7,100
20c
Aug
82c
Feb
1.40
1.50
1,300
40c
Jan
1.90
Mar
1*$
1*$
300
40c
Jan
1.90
Mar
2*$ June
5*$
3*$
5**
8*$
...
1,309
Cities Service
2*$
2**
Claude Neon Lights
2
2
10
5
100
Columbia River Packer.
70c
Jan
3
Mar
107
8*$
24
Jan
Jan
Jan
Jan
Jan
Mar
Mar
Mar
100
5
June
Dominguez Oil Fields.
Electric Bond & Share—5
50
50
10
49
June
17
17
17
25
16*$
General Metals.........
24
24
25
565
21
June
27
Aug
77
77
120
66*$ May
79
July
Curtiss-Wright
2
Corp
5*$
1
Great West El Chem com.
2
1
2
International
2,500
40
5*$
5?*
2,150
95c
865
87c
50
9*$
48c
87c
87c
Cinema. .1
International Tel & Tel...
10
10
Jan
28*$
Jan
11
3.60
Jan
1.60
Mar
17**
Mar
Apr
7*$
Jan
Aug
1.85
Mar
May
15*$
Feb
48c
48c
57c
4,281
Aug
1.25
Mar
4.05
4.05
4.30
2,273
4.00 June
7*$
Mar
22c
20c
23c
2,762
10c June
72c
Feb
10
15c
15c
15c
100
Aug
50c
Mar
30*$
6*$
30*$
6*$
145
36c
40c
12,600
33*
60*$
3**
60*$
40
50
10*$c
353* 35*$
120
Preferred
Motors
Marine
Bancorporation.
McBryde Sugar Co
5
M J & M & M Consol
1
36c
Monolith Ptld Cement
Montgomery Ward & Co.
Mountain
...20
Occidental Pete
2
Pac Coast Aggregates. 10
2
Pac Western Oil
"ii
Feb
2
June
Feb
51
May
3**
68**
17*$c
9*$c June
34?* June
44
2.75
1,334
2.15
July
4.15
Jan
21*$ June
8X Aug
26** June
7*$ June
14*$ Aug
29**
12*$
37*$
Apr
345
15
50c
50c
3**
3**
Wallboard...
38
135
250
10c
15
3**
Feb
Jan
Jan
Mar
50c
Aug
9*$
18
Aug
27
Mar
35
6
June
10
May
38
IS
37
July
41*$
York Stock Exchange
Cortlandt 7-4150
—
offices In San Francisco
Del
Monte
Feb
130
Broadway, New York
Private wire to own
Jan
12*$
20*$
Schwabacher & Go.
Members New
Feb
7
6*$
Shasta Water Co com
15
2,421
Feb
21
21
Barbara
Jan
82c
500
Swan Co
Santa
Mar
July
83$
29**
11*$
Preferred.
111
Mar
32c
23
50c
Sears Paint Co com
Sherwood
Jan
63c
600
83*
29**
10**
Riverside Cment A
Schumacher
Feb
10*$
36c
36c
15
20
Radio Corp of America...
34
Aug
5*$ June
87
23
"8**
Pioneer Mill Co
June
2.60
2.65
10
Packard Motors
28
36c
1
2
12c
20
10c
City Copper.5c
Oahu Sugar Co
2
10
54
Kinner Airpl & Motor. .1
Italo Petroleum
2
95c
12*$
5*$
July
June
80c
90c
91c
Idaho-Maryland Min
5*$
123*
1
..20
Holly Development
Honokaa Sugar Co
Jan
Jan
Feb
Feb
Jan
32*$
29**
53*$
Jan
Aug
Aug
Aug
Jan
130
June
1.45
—.
Preferred
Feb
38
Jan
Aug
24
Jan
18*$
Feb
31
200
Jan
Mar
June
Jan
Feb
18*$
52**
9**
Mar
28
Feb
Feb
Aug
Mar
June
103** May
5
Bunker Hill & Sullivan. .10
2
6*$
15*$
49**
6*$
7*$
8*$
29**
85
Aug
Mar
32
13*$ May
11*$ Aug
9** Aug
28*$ June
28*$ Mar
596
"8**
Kleiber
40
35*$
26*$
11
B
Mar
378
2
1
Bancamerica-Blair
Mar
475
18
*
Jan
Mar
17
28
Oliver United Filters A
Mar
37*$
10*$
1C
22
Mar
17
28
6% pref..
7
6*$
3
Corp.....
American & Foreign Pow__
Mar
37*$
29*$
2*$
13*$
11
No Amer Inv com
6*$
Jan
24**
47*$
19**
96*$
57*$
Apr
17
28
Natomas Co
17*$
108*$
37*$
29**
2*$
133$
Meier Frank
Market St Ry pr pref. .100
Apr
27
4**
18*$
6*$
6*$ May
25
Jan
47
*
Apr
July
84*$
.5
Oil Corp Ltd—*
Mar
June
43*
18*$
Hawaiian Pineapple
46
22
47
Hale Bros Stores Inc..
Mar
106**
36
84*$
...
Feb
94
com—10
com—2*$
preferred..
25
General Paint Corp
Feb
July
10
Foster & Kleiser
Galland Merc Laundry
56
Apr
290
Food Macli Corp
A
106*$
99**
104**
12*$
Feb
790
170
Fireman's Fund Insur—25
Jan
m
42*$
5*$
20**
98*$
42*$
Consol Chem Indust A—*
Mar
160
330
32c
50
Preferred..
Aviation
249
22*$
15*$
80*$
5*$
1*$
6**
5
..5
Mar
46*$
48*$
May
200
32*$
12*$
105
Jan
50
60
20
104
Aug
Aug
357
103*$ 104
10
9*$
43*$ 43*$
92*$
Aug
97
104
Jan
194**
6*$
34
104
104
July
32*$
94
95$
43*$
Feb
214
100
104
104
25
Jan
675
94
*
Preferred..
Claude Neon Elec Prods._*
June
13
200
104
Calif Water Service preflOO
Caterpillar Tractor
400
29
7
7
923$
b/8
32*$
..100
7% preferred..
670
212
7*$
28**
8
5
20
Bishop Oil Co
16
212
Eng Co.5
Bank of California N A..80
22
Atlas Corp com...
Feb
43$
163$
1,075
2,710
50c
Jan
6c
73c
68c
Arkansas Nat'l Gas A
Alaska Juneau Gold M..10
Atlas Imp Diesel
69c
55
High
50c
Jan
45
6**
6*$
14*$
49**
6*$
7*$
8*$
29**
167*$
1
Argonaut Mining
High
100
22
100
Anglo National Corp
10c
167*$ 169*$
Anglo-Amer Mines
2
Low
300
10c
10c
45
American Toll Bridge
Range Since Jan. 1, 1937
for
Range Since Jan. 1, 1937
for
Week
Shares
15c
15c
5
American Tel & Tel
Week's Range
Last
of Prices
High
Low
Price
_..5
_
Gold
Alaska-United
Sales
Friday
Week's Range
Last
long Beach
Exchange
official sales lists
Sales
Friday
Stocks-
San
Exchange
Aug. 21 to Aug. 27, both inclusive, compiled from
Los Angeles
Ppsadena
Beverly Hills
Stockton "Fresno
Sacramento
Oakland
Honolulu
NewYork
Portland
Tacoma
Seattle
Francisco Curb
San
Members: NewYork Stock Exchange, SanFranciscoStock Exchange, Chicago Board ofTrade
New York Curb Exchange
Curb
Board of Trade—New York Curb Exchange
—
—
Hollywood
Los Angeles —
Beverly Hills
—
Jan
1398
Financial
Friday
Week's Range
Sale
Par
(Concluded)
So Calif Edison
5%%
25
15
15
25
Pref
Stearman-Hammond' 1.25
z
1.45
Studebaker
U S Petroleum
1
Utah-Idaho Sugar
Warner Brothers
•
-
-
10
1.95
550
1.55
1,550
1.25
1.75
32%
28%
29%
Exchange—Curb Section
Friday
Jan
Mar
Jan
Stocks—
Jan
Par
2.70
14%
Aug
Beath A
3.75
Feb
Brett Trethewey
2.90
Feb
Canada Bud
Jan
126%
Mar
Aug
Canadian Marconi
18
Feb
Low
Canada Malting
3.00
Price
*
Aug
11% May
Week
115%
25
77%
2.80
150
2.75
14%
245
A. M. Castle A Co. split Its
common stock
9
range
for
1.75
24
5%c
6%c
10,400
5.00
Ex-dlvldend.
y
380
3,790
t In default.
zLlsted.
{Company In bankruptcy, receivership
reorganisation.
♦
85c
4,335
55c
48
49%
165
47% Jun«
58%
Apr
42
120
29
43
Aug
13 %c
1946
/24
26
1946
/25
93%
28
Bank of Columbia
7% 1947
Bank of Columbia
7% 1948
Barrauquilla 8s'35-40-46-48
Bavaria 6%s to
_1945
/20
/20
23
Hungarian Cent Mut 7s '37
23
/24%
/25
26
Hungarian Ital Bk 7 %s '32
Hungarian Discount & Ex¬
Bavarian
1945
(Colombia) 6%s '47
8s
.1945
Bolivia
27
Palatinate Cons
Cities 7% to-.
Bogota
94%
(Republic) 8s. 1947
7s
1958
7s
1969
6s—
1940
Brandenburg Elec 6s..
1953
Brazil funding 5%.1931-51
Brazil funding scrip
British
53%
13
Land M Bk Warsaw 8s '41
26%
79%
80%
Leipzig O'land Pr 6%s '46
Leipzig Trade Fair 7s 1953
Luneberg Power Light &
Magdeburg 6s
1934
Chile Govt 6s assented
7s assented
Chilean Nitrate 5s
66
100%
15
90%
Jan
23c
3.900
19c
June
2%c
10,500
]%c
July
35c
2,600
22c
100
Natl
16
(A & B)
1946-1947
(C & D)
.1948-1949
Nat Central Savings Bk of
Hungary 7 %s
..1962
14
/14%
/9%
15%
11%
/23
/17
/17
19
19
/70
1953
/23
/89
/62
64
/77
82
/27
/30%
32%
72
City
Savings Bank
Budapest 7s
Issue of 1934 4%...1946
Cordoba 7s stamped.
1937
_
Costa Rica
funding 5% '51
Costa Rica Pac Ry 7
%s '49
5s
1949
Cundinamarca 6
%sl" 1959
Dortmund Mun Util 6s '48
Duesseldorf 7s to
1945
Dulsburg 7% to
1945
East Prussian Pow 6s. 1953
Electric Pr (Germ) 6%s '50
6%s
1953
European Mortgage & In¬
vestment 7%s
1966
7%s Income
1966
7s
1967
7s
.1967
Income
Frankfurt 7s to.
1945
French Nat Mail SS 6s '52
Gelsenklrchen Mln 6s .1934
6s
1937
6s
1940
German Atl Cable 7s.. 1945
German Building & Landbank 6%%
1948
30
27%
/35
/29
/35
32
Royal Dutch 4s
1945
Saarbruecken M Bk 6s '47
Salvador 7%
1957
28
Int ctfs of dep Jan 1
'38
German defaulted
coupons:
July to Dec 1933
Jan to June 1935
July to Dec 1935
Jan to June 1936
July to Dec 1936
...
Jan to June 1937
July to Aug 1937
German scrip
German Dawes coupons:
...
Dec 1934 stamped
June 1 '35 to June 1 *37.
1954
1960-1990
Guatemala 8s
1948
Hanover Harz Water Wks
6%
1957
6%
1957
4s scrip
8s
1948
8s ctfs of dep
Santa Catharlna
1948
1947
Santa Fe 7s stamped.1942
Sao Paulo
35%
6%s
1951
Saxon State Mtge 6s. .1947
Serbian 5s
1956
/5 8
2d series 5s
/19%
/12%
/15%
1956
Nov 1932 to May 1935
State Mtge
Bk
5s.
1956
24
2d series 5s
20
13%
16
106
/23%
97%
26%
For footnotes see page 1404.
1.55
45
36c 41 %c
49
36,050
5
1
36c
47%
Bid
*
Fund
Ask
1945
to
Jan
Par
Bid
Ask
Investors..*
2%
29%
1.13
1.24
11%
12%
1.02
1.13
J
24.13
27%
1
47
Incorporated
Amerex Holding Corp...
Business Shares.50<
Corp
Amer Gen Equities Inc25<
Am Insurance Stock Corp 1
Assoc Stand Oil Shares. .1
Invest Co. of Amer
10
com.
Investors Fund C
45
l
14.87
15.78
Keystone Gust Fd Inc B-2.
29.23
31.92
Series B-3
19.54
21.43
5%
6
Scries K-l
22.83
24.94
7%
8%
Series K-2
18.73
20 50
24.97
27.36
11.26
12.47
3%
4%
•4.90
L
23.37
]
m.'
•»
—
25.00
4.45
4.85
40%
42%
Class B.
6
8
27.42
5.15
26
/25%
/25%
5.51
Series S-2._
Series S-4
Major Shares Corp
*
10c
9.18
10.06
1
Maryland Fund Inc
3%
27.33
29.06
10
15.75
17.22
4.68
4.78
Mass Investors Trust
Mutual Invest Fund
Nation Wide Securities
Voting trust certificates.
National Investors Corp..
1.96
2.12
7.29
7.54
I
18.09
19.45
N Y Bank Trust Shares.. 1
N Y Stocks Inc—
3%
New England
Fund
Consol Funds Corp cl A.l
Continental Shares pf.l
17%
Bank stocks
11.14
Corporate Trust Shares.. 1
/87%
/85%
2.87
Building supplies
11 07
11.96
2.73
Electrical equipment
Insurance stocks
12.09
13.05
10.53
11.38
Machinery stocks
12.79
13.81
Railroad
12.51
13.51
14.64
15.80
59%
63%
Series A A
9%
1
Accumulative series... 1
1
3.51
..1
11%
19
2.73
Series A A mod
Series ACC mod
/23
3.51
-
-
•
-
-
-
-
117
Common B shares
34
36
111
„
_
Steel stocks
No Amer Bond Trust ctfs.
No Amer Tr Shares 1953.*
_
_
2.66
1
3.37
1
Series 1956
~
2.35
equipments
Series 1955
6.13
Deposited Bank Shs ser A1
Deposited Insur Shs A...1
Deposited Insur Shs ser B1
3.31
Series 1958
1
Northern Securities.. 100
Pacific Southern Inv pref. *
3.11
76
.
3.44
•
-
_
«.
3.21
40
16
Class A
___*
15
*
3
Plymouth Fund Inc A. 10c
■
«.
7.05
«
«
-
7.85
1.87
2.02
33.54
36.04
35%
38%
26
27.06
29.14
3%
.78
.89
Quarterly Inc Shares
17.14
18.78
Representative Trust Shs.
Republic Investors Fund..
12.96
13.46
1.25
Royalties Management-.1
24
Selected Amer
Selected
Income
Shares-
Sovereign Invest Inc
%
15.24
5.29
1.15
20.35
21.42
Standard Am Trust Shares
Standard Utilities Inc
*
3.95
10c
3.41
3.72
26"
Insurance stock serleslOc
Fixed Trust Shares A... 10
3.76
4.09
12.62
State Street Invest Corp.* 117
10.42
Super Corp of Am Tr Shs A
Spencer Trask Fund
B
10
4.70
5.00
Fundamental Investlnc._2
Fundamental Tr Shares A.
13%
Foundation Trust Shs A.l
23.17
24.46
B
6.03
5.53
2
6.75
4.15
.78
.84
120
3.98
AA
-
-
4.13
BB
...
2.63
B
2.63
C
_
■
1.05
*
com.
Fiscal Fund Inc—
Bank stock series
36"
1.40
%
13.99
Shares.2%
25
165
83
38
Class B
Equit Inv Corp (Mass)..5
Equity Corp conv pref
1
Fidelity Fund Inc..
*
12.03
'
28.30
/23
/98% 100%
7.55
/26%
28
General Capital Corp
41.49
44.61
/86
90
General Investors Trust.*
Group Securities—
£6.61
7.19
Supervised Shares
2.10
Trustee Stand Invest Shs.
27
Agricultural shares
Automobile shares
Building shares
Chemical shares
29
Food shares
53%
54%
Investing shares
53%
54%
Merchandise shares
/12%
/22
/25%
/25
/26
13%
24
27%
56
57
*
No
par
13%
27
C
13.72
1
2.94
2.72
,
14.92
2.99
.1
Trustee Stand Oil Shs A.l
Series D——
Series
B
....
7.34
1.61
Trusteed Amer Bank Shs B
.85
1.38
1.50
Trusteed
Shares
1.45
1.59
1.81
U S El Lt & Pr Shares A..
16%
16%
2.54
2.64
.97
1.05
1.44
1.57
1.33
1.45
2.02
2.19
1.03
1.13
40c
60c
24
26
Industry
B
Voting trust ctfs.
Un N Y Bank Trust C-3-*
Un N Y Tr Shs ser F
*
Wellington
Fund..
1
3%
.94
4
1%
1%
18.00
19.74
Investm't Banking Corps
.53
.93
1.69
1.83
1.56
1.70
Bancamerlca-Blalr
First Boston
Corp.l
8%
9%
10
24%
26%
10c
2%
3%
Corp
Schoelkopf, Hutton &
Pomeroy Inc
com
/ Flat price.
NOTICES
—-Campagnoli & Co., Inc. has prepared for distribution
a
study of the
piano industry, which includes an analysis of American Piano Corp.
—Bryan,
Penington &
Colket
have prepared for
distribution
a
com¬
prehensive analysis of the Boeing Airplane Co,
—John D.
24
26
Series
7.55
.3
.1
CURRENT
74
{86.54 91.14
/25
f22
/24
1.04
D
1.67
...
value.
1.66
1.48
Tobacco shares
Guardian inv Trust com.*
$7 Preferred
*
Huron Holding
1
Corp
27
2.12
1.53
...
1.49
1.96
Institutional Securities Ltd
Bank Group shares.
Insurance Group Shares
/42
/12%
1.37
shares
RR equipment shares—.
Steel shares
395
54
1.94
.95
Petroleum
/60
70
1947
Mar
Insuranshares Corp of Del
25.50
1955
Unterelbe Electric 6s. .1953
Jan
680
62%
Aug
10.33
/53
/59
/47
Vesten Elec Ry 7s
3.50
Jan
June
20c
46
18.99
22%
/40%
/34%
/12
/61
/5 5
Jan
Feb
Mar
9%
Aug
9.40
20%
/23
Feb
8%
34
Apr
17.85
Bullock Fund Ltd
/30
/22
/22
/24
/2 3
Jan
122
Apr
1.00
140
Feb
%c
Fund Inc..Ah
27%
1946
Tolima 7s
-.1947
Union of Soviet Soc Repub
7% gold ruble
1943
60
47%
27
/25
/67
1946
5
Jan
16o
12
2% Junt
25%
4%
Jan
3%
Aug
109
130
1.55
2
305
.63
Stettin Pub Util 7s.-.1946
Stlnnes 7s unstamped. 1936
1936
8
6%
27%
36.44
54
Certificates 4s
115
6%
.43
/60
7s unstamped
55
27%
4%
34.07
1956
Wurtemberg 7s
1953
115
British Type Invest A...]
Oct 1932 to April 1935
Oct 1935 to Oct 1936..
Toho Electric 7s
109% 110%
55%
July
July
Broad St Invest Co Inc-.f
Coupons—
Certificates 4s
/51%
4c
2%c
3%
6%
Bankers Nat Invest
Jugoslavia
30
10%
10,100
18,500
Corp 1
Basic Industry Shares.. 1(
Nov 1935 to Nov 1936
/42
Stem & Halske deb 6s .2930 /345
7s
1940
/98
7
5c
3 %c
27%
Amer
Coupons—
/41
/39%
/38%
/37
/35%
/28
/22
/6%
3%
115
.100
6c
July
4c June
4c
Mining shares
(Brazil) 6s__1943
%c
2%C
Boston Fund Inc
/SO
Scrip
]
3%
»
__
3,500
2%c
t
28
(Brazil)
8%
Great Britain & Ireland—
4s
7s ctfs of dep
Santander (Colom) 7s. 1948
/9%
Apr 15 '35 to Apr,15 '37.
German Young coupons:
Dec 1 '34 stamped
(Austria) 8s
1941
/40
Jan to June 1934
July to Dec 1934
Graz
1941
Westph Elec 7% '36
Saxon Pub Works 7S..1945
/35
/93
Jan
Feb
-
-.1
..
J&n
11c
D.
/25%
/25
Jan
Aug
/28
/22
Rio de Janeiro 6 %
1933
Rom Cath Church 6 %s '46
R C Church Welfare 7s '46
29%
57%
3%c
4.80
26%
/26%
Apr
5,500
/25
/24%
/25%
26
40
11%
5s
32"
65
4c
B.
6s
/30
Jan
49
3 %c
«.
m
*
C.
Rhine
/24
100%
/82
/67
/60
37%
Feb
/22 %
26
27%
Apr
12c
many) 7s
1946
Prov Bk Westphalia 6s '33
Prov Bk Westphalia 6s '36
26
Feb
69c
29
6.65
24
/24
/24
14%
4%c
July
362
May
/22
27
Apr
2 60
1968
Protestant Church (Ger¬
/13%
/25
55c
2,000
4§"~
35
Jan
Mar
15,270
/43
/32
Feb
108
2c
26
Panama 5% scrip
Porto Alegre 7%
18%
4.60
/24
/43
1945
May
4%e
/25
1952
12
515
2c
28
to
41%
31
56
Oberpfals Elec 7 %
1946
Oldenburg-Free State 7%
June
4.05
54
Panama City 6%s
German
Conversion Office
Funding 3s
1946
North German Lloyd 6s '47
4s
1947
50c June
Amer & Continental
6%%
National Hungarian A Ind
Mtge 7%
1948
63
25%
4%c
-
...1
83
Panama
30c
•
4.30
26
Bank
1%C
56
Feb
31
30
81
15%
/14
/12
20c
/25
/24
/24
Municipal Gas & Elec Corp
Recklinghausen 7s.. 1947
Jan
27
/25
/25
1945
Apr
1.75
/60
/42
/25
/50
/27
1948
Mannheim & Palat 7s. 1941
Meridionals Elec 7s
1957
Nassau Landbank 6%s '38
1968
Colombia scrip issue of '33
Water 7%
Munic Bk Hessen 7s to '45
6%s
1953
/26
Buenos Aires scrip
/6 3
Burmeister & Wain 6s. 1940 /111
Caldas (Colombia) 7%s '46
/14%
Call (Colombia) 7s._.1947
1946
1943
Munich 7s to
/23
Corp—
Ceara (Brazil) 8s
1947
Central German Power
Nov 1932 to May 1935
Nov 1935 to Nov 1936
Koholyt 6 %s
90%
83
13%
*
Affiliated
Coupons—
9%
Hungarian Bank
1944
1956
Jan
610
1,629
*
-
1
United Fuel pref
54%
5s
Apr
450
4%c
L
*
r
/23
/26%
53%
ser
18%
Investing Companies
Jugoslavia 5s Funding 1956
27%
Callao (Peru) 7 %s
Cauca Valley 7 %s
1948
3.55 May
Jan
75c
31
*
Administered
Jugoslavia 2d
18%
25%
1962
1936
Ap'
12%
26"
21
/23%
7%s
change Bank 7s
Ilseder Steel 6s
Jai
90o
100
•No par value.
/6 8
/83
/23
/23
/23
21%
1940
Brown Coal Ind
1939
/19%
/19
/17
/9%
/8%
/8%
/H
/24%
/92
/25%
6s
stamped-1939
6s unstamped
lOo
1,550
35c
...1
Selections
Ritchie Gold
29%
54%
(Germany) 7s 1935
Bremen
Hansa SS 6s
Housing A Real Imp 7s '46
4,000
48
Stop & Shop
Temlskamlng Mines..
1972
.
Argentine 4s
14c
32%
14%
*
Stand Paving
Anhalt 7s to
Feb
1.10
60c
100%
*
Shawinlgan W <k P—
Antloqula 8%
May
80%
2c
Prairie Cities
Asfc
3 60
14%
23c
Porcupine Crown
Bid
Feb
Apr
30%
I
(Robert) Simpson pref. 100
Rogers Majestic
Ask
Mar
2%
1.01
National Steel Car
Foreign Unlisted Dollar Bonds
May
95%
Jan
80%
1
Montreal L H <V P
19%
Jan
30%
13%
*
Robb Montbray
Bid
13 %c
15% June
89
14%
.100
Mandy
Tel. HAnover 2-5422
Feb
75c
48
*
Pend Oreille
St., N. Y.
10.00
3.00 June
Mar
1%
...
Night Hawk.
52 William
Jan
31c
20
Malrobic
BRAUNL
Jan
3%
25
Juin
25
Kirkland Townslte;
WALTER E.
5c
2
75c
.100
Inter Metals A
Oil
Jun*
22% June
18%
1.01
Hudson Bay M & S...
Inactive Exchanges
Feb
92
*
Bridge
Honey Dew
Foreign Stocks, Bonds and Coupons
50
38%
17
*
Preferred
Jai
41%
*
Preferred
100
Apr
92
*
Hamilton
1
1,560
Feb
10%
92
Foothills Oil
or
2.00
Jan
21c
July
2
Dom Found & Steel-
Ex-rights
3%c June
17%
Dominion Bridge
x
34
4.75
•
Daihousle Oil
year,
15
37
10
Aug
8
24
.
East Crest Oil
In
185
1.85
6
—
.
10,800
5%c
l
Coast Copper
Consolidated Paper..
Stock dividend of 100% paid Sept. 1, 1936.
Inoluded
High
4
9%
9
__*
Corrugated Box pref.. .100
Cash sale—Not
Low
70
10c
37
Canadian Wirebound.
1937.
4
8c
1
Central Manitoba
on
4
Crown Dominion Oil..
r
Range Since Jan. 1 1937
Shares
High
1
Jan
for
of Prices
*
Jan
Week's Range
Mar
d Stock split up on a two-for-one basis.
Haiti
Sales
Last
Sale
b Ex-stock dividend.
0
1937
Aug. 21 to Aug. 27, both inclusive, compiled from official sales lists
44
1.25 June
13
Aug
14
a
May
June
320
1.35
14%
March 9.
on
24% June
26% June
65
2.75
Cash sale,
c
255
13%
o 00
-
5
No par value,
two-for-one basis
1.35
108%
22 %
210
Toronto Stock
High
147
4,020
1.85
.100
U S Steel com
Low
1.65
13
1.85
1
Shares
24%
26%
28%
25%
1.30
13
Texas Consol Oil
z
23%
26%
27%
Range Since Jan. 1 1937
Week
High
23%
..25
6%
pref..
S P Gold Gt Fer6% pref 100
for
of Prices
Low
Price
Aug. 28,
Sales
Last
Stocks
Chronicle
a
Harrison, Vice-President, Lazard Freres & Co., has left for
vacation in the Adirondacks.
—Harold M. Thomas is
now
M
associated with E. P. Frazee & Co.
52
BUILDING
ALDRED
RDYAL BANK BUILD'NG
CONNECT OFFICES
PRIVATE WIRES
145
TORONTO
YORK
NEW
MONTREAL
Vo'"me
AND UNLISTED
Montreal Stock Exchange
Provincial and Municipal Issues
1 1948
68
43*8
5s
1 1953
Oct
48
1003* 1013*
963*
953*
12 1949
July
0s
563*
/55
Oct
1 1950
Prov of British Columbia—
43*8
43*8
Province
Province of Manitoba—
43*8
5s
88
90
88
90
2 1959
Dec
6s
43*8
91 '
15 1954
June
89
105 3*
15 1900
15 1901
Apr
Apr
104
5s
Feb
May
1193* 1203*
106 3* 107 3*
Dry den
1143* 116
108
19
116
163*
*
*
1.75
1.75
18
18
19
"393*
393*
16
925
10
"22 3*
22 3*
23
265
223*
Aug
31
Apr
»
143*
143*
16
1,080
83*
Jan
18
Mar
255
73*
Jan
153*
183*
183*
Mar
*
113*
113*
113*
Gypsum Lime & Alabas..*
Hamilton Bridge
*
Preferred
100
76
75
12 3*
12 3*
133*
1,000
15
153*
145
81
81
12
123*
100
74
74
•
28
293*
1033* 104
203* 203*
143*
2,101
36 3*
36 3*
70
61
643*
5,286
18 3*
183*
100
34 3*
353*
815
Gurd,
Charles
"81"
6
Howard Smith Paper
104
100
Preferred
203*
Imperial Oil Ltd..
Imperial Tobacco of Can.6
Gundy
""613*
*
Internat- Pet Co Ltd
*
International
Inc.
Sept
43*8
Dec
5s
5a
1
114
1944
Dec
1 1954
1073* 107 J*
43*8
15 1942 /no 3* 1113*
1013* 1013*
15 1944
July
Ast
Bid
1043* 1043*
July
1 1900
1023* 1033*
1143*
National
Canadian Northern Ry—
113
113 3*
116
43*8
Sept
1 1951
45*8
June 15 1955
43*8
Feb
1 I960
43*8-.....July
1 1957
1 1940
1243* 125
1163*
1133* 1133*
03*8
July
1 1909
5s
Oct
1
1909
Feb
1
1970
Jan
1 1902
3s
Jan
1 1902
1063* 1073*
963*
953*
Sale
Par
Stocks-
Price
of Prices
High
Low
109
100
1937
Weet
Amal Electric
195
25
3
210
29
Apr
30
11
Jan
16
*
Brazilian Tr Lt & Power..*
2.00
45
10
54
Feb
57
20
21J*
1,118
17
Apr
233*
Apr
2.00
100
July
5.75
2.00
169
170
894
1.75
157
May
170
Mar
Feb
413*
413*
898
60
49
320
43
50
593*
643*
19
603*
46
2,915
Jan
Feb
Apr
37 X
423*
Feb
Feb
Mar
433*
393*
Apr
573*
Jan
40
Apr
54
Feb
54M June
83
Feb
Jan
37
39
Feb
22
23
650
18
June
403*
403*
44
2,747
35
72
72
73
605
Apr
Apr
193*
295
"36"
103*
643*
Jan
183*
July
633*
333*
Apr
Feb
483*
Apr
Mar
79
Jan
253*
*
193*
17
June
Regent Knitting
*
Rolland Paper v t—.....
10
10
10
50
8
Apr
11
June
283*
28 3*
29 3*
225
25
Jan
33
Apr
Apr
Power
193*
123*
12 3*
13J*
2,923
Jan
15
preferred
313*
313*
35
2,080
25
Jan
393*
24
24
24
75
22
Mar
25
June
90
90
96
910
68
Feb
98
Aug
273*
273*
22 3*
22 3*
*
50
Mills..*
St Lawrence Paper pref 100
Shawinlgan W A; Pow
*
Sherwln Williams of Can.*
Preferred
...100
Simon (H) & Sons
Preferred—
Simpsons pref
13 3*
100
Winnipeg Electric
333*
Feb
535
23
June
30
Apr
10
T—i <M 00
Mar
130
20
14
Jan
16
Jan
131
101
Jan
110
Aug
100
1003*
Aug
1083*
Feb
July
183*
963*
Mar
883*
Mar
13 3*
110
*
14
295
12
843*
86 3*
438
77
80
80
80
150
150
150
73*
*
*
73*
28
28
43*
43*
B
Apr
253*
14
...
A
2,186
843*
*
43*
43*
29
66
Apr
233*
1003* 1003*
*
...25
Tobacco pref..100
Wabasso Cotton
110
110
83*
283*
120
120
*
100
83*
87
5
1,265
25
28
May
723* May
Jan
1553*
63*
Jan
Feb
Feb
159
Mar
June
113*
21
May
35
3
June
103*
Jan
33*
June
10
Jan
43
Jan
823*
Jan
53*
326
5
631
29
25
24
601
July
Jan
143* June
575
104
Jan
145
20
May
1,504
2
July
93*
July
73
Mar
22 3*
-100
66
~~
66
50
65
Aug
Aug
59
17
Banks—
llVs
663*
100
Preferred
Woods Mfg pref
Canada
Nova Scotia
50
100
100
......100
...100
Royal —
June
111
63
150
Jan
1613*
60
219
Jan
241
Feb
335
335
52
314
Jan
340
Mar
195
195
1973*
1,680
195
Aug
226
Feb
31
Aug
Jan
153*
3,606
33
65
25
Feb
45
47
195
45
Aug
613*
Jan
143*
153*
837
133*
Apr
213*
Feb
253*
243*
Apr
26 3*
1,110
23
Apr
243*
470
23
July
31
HANSON BROS Canadian Government
117
126
23
33
Feb
94
Public Utility and
Mar
110
Aug
Apr
Municipal
INCORPORATED
ESTABLISHED 1883
Mar
30
Aug
117
117
*
25
25
91
Aug
Apr
133*
100
June
Jan
1843*
220
58 3*
Feb
293*
63*
183*
53*
4
60
58
183
220
59
183
Apr
Canadian Car «& Foundry—
243*
403*
100
22
Jan
5
32
253*
May
Jan
Canadlenne
22
*
80
June
Montreal
110
25
8
23
Jan
21
Preferred 7%
Cndn Foreign Invest
Apr
90
363*
Jan
Jan
109
Preferred
Mar
110
Apr
May
Mar
21
Canadian Celanese
48
May
29
58
393*
113*
109
143*
Jan
105
2,296
20
303*
100
"45"
38
5
313*
10
Jan
Can North Power Corp..*
*
25
303*
35
Apr
16
Canadian Car & Foundry.*
Mar
62
July
153*
Canadian Bronze..
Mar
15
24
73*
*
Canad Wire & Cable cl B .*
163*
Apr
62
183*
Canada Cement
143*
Jan
15
Feb
83*
83*
24
343*
60
100
48
June
8
100
Penmans
*
Power Corp of Canada—*
Price Bros & Co Ltd
*
Price Bros & Co pref.-.100
6
85
Preferred
1,910
Power...100
265
63*
43*
2,090
12
Traction
7,748
613*
Preferred
113*
113*
99
73*
63*
Canada Steamship (new).*
25
8
8
10
Jan
July
35 3*
613*
153*
Mar
873*
263*
73*
*
Mills
22
5
243*
*
Silk
Jan
Jan
Building Products A
Bruck
153*
88
35
243*
British Col Power Corp A.*
B
»
10
413*
Steel Co of Canada
45
169
18
88
Apr
Mar
AUg
109
665
100
AUg
30
United Steel Corp
143*
Telephone
27
Jan
Tuckett
30
Bawlf Northern Grain.
Aug
July
Jan
133*
~2o"~
253*
15
Jan
30
Teleg pref.
*
A_•
Jan
450
30
Jan
23*
Jan
4
12
14
23*
Mar
98
27
"46"
100
110
30
23*
June
June
Jan
433*
pref-.100
Jan
83*
86 3*
Apr
Mar
Aug
"403*
Products..
1053* June
♦
*
Bathurat Pow & Paper
Bell
12
110
Corp pref.50
Breweries
Absoc Tel &
113*
106
Apr
43*
95
243*
393*
123*
90
*
Southern Canada Power..
High
7
Alberta Pacific Grain A
Associated
113*
*
Preferred
333*
75
48
Preferred
Agnew-Surpass Shoe
Jan
45
»
Low
18
Mar
85
official sales lists
Range Since Jan. 1
Shares
Apr
Mar
St Lawrence Corp
Sales
for
54
243*
153*
383*
733*
17
A
Weet's Range
333*
Apr
106
.
30
Montreal Stock Exchange
Last
Jan
108 3* 108 3*
St Lawrence Flour
Friday
June
13 J*
19
1183* 118 3*
Aug. 21 to Aug. 27, both inclusive, compiled from
Apr
203*
17
1183* 1183*
6s
4s
99 3*
Apr
July
30
N S Steel & Coal
Quebec
Grand Trunk Pacific Ry—
1123* 113 3*
116
1163*
6s
July
50
2,690
43
Niagara Wire new
Noranda Mines Ltd
Ottawa
AM
Bid
Ast
Bid
Canadian National Ry—
343*
25
303*
*
.25
....
Ottawa L H A
Bonds
Jan
100
100
National Steel Car Corp..
Ontario Stee
Government Guaranteed
183*
28
8
*
Ottawa Car Mfg
Dominion
805
12
Breweries
Preferred
74
103*
Mtl L H A P Consol
1 1940
Jan
88
Montreal Tramways...100
Sept
Jan
Apr
56
20
18
.
Montreal Cottons pref.
Pacific Ry—
Apr
153*
25
Montreal Cottons._—100
43*8
May
253*
*
*
McCoIl-Frontenac Oil
Ast
Apr
90
Jan
10 J*
25
100
Lindsay (CW)
Railway Bonds
633*
325
Feb
"88~
Power pf.100
Lang & Sons (John A)
Private wires to Toronto and Montreal
113* June
Jan
123*
60
63*
Lake Sulphite
Co.,
Canadian
353*
*
International Power
Massey-Harrls.
0s
143*
143*
*
Lake of the Woods
943*
Jan
163*
143*
*
Intl Nickel of Canada
943*
June
July
General Steel Wares
Industrial Acceptance
Bid
40
June
Foundation Co of Can
English Electric B
Bonds
Pacific Ry—
Jan
Mar
83*
43* May
30
Jan
24
84
Int Paper & Power A__
4a perpetual debenturea.
95
July
81
Wood,
Canadian
393*
Apr
5.00
July
81
Canadian
&
1.50
53*
*
—*
20
Jan
17
5
975
25
5
High
Low
133*
670
1.75
1
Holt Renfrew pref.
New York
173*
Electrolux Corp
Holllnger Gold Mines
14 Wall St.
Weet
79
117
1
Par
Paper
Eastern Dairies.
109
Mar
Price
15 1940
1 1951
Nov
Oct
53*8
43*8.
Stocks (Concluded)
1943
June 15
5a
105
15 19
Sept
Mar
43*8
1063*
Province of Nova Scotia
43*8
English Electric A
Shares
Enamel & Heating Prod--*
1093* 1103*
for
of Prices
Low
High
117
Prov of Saskatchewan—
Prov of New Brunswick—
43*8.
43*s
2 1950
1 1958
1 1901
Weet's Range
Sale
109 3* 1103*
1063* 1073*
1163*
Range Since Jan. 1 1937
Last
1103* 1113*
Jan
Quebec—
4s
1 1941
Aug
of
Sales
Friday
1942
1943
1959
1902
15 1905
1
Sept 15
May
1
June
1
Oct
5s
58
/56
Ast
Bid
Ast
Bid
Province of Alberta—
Jan
1399
Canadian Markets
LISTED
6s
Cable Address Hartwal
'
UTILITY AND INDUSTRIAL STOCKS AND BONDS
CANADIAN
IN
Teletype ny 1-395
Bell System
2-0980
SPECIALIZING
security dealers association
new york
members
HAnover
Telephone
32
Feb
913*
500
71
Apr
Canadian Indust Alchol..*
63*
63*
63*
1,635
5
Apr
83*
Canadian Ind Alcohol cl B*
5
43*
5
270
Apr
13
10
113*
143*
113*
173*
223*
1003*
Mar
Montreal
Industrial Bonds
330 Bay St., Toronto
Sparks St., Ottawa
Jan
13
73*
233*
255 St. James St.,
56
Can Hydro-Elect
pref.
.
100
Canadian Locomotive
Canadian Pacific
Ry
*
25
"115*
*
143*
Cockshutt Plow
Con Mln & Smelt new
91
*
803*
80
843*
21
21
21
223*
25
Crown Cork & Seal Co
223*
Distill Corp Seagrams
Dominion Glass
Preferred
July
Montreal Curb Market
Jan
Mar
2,972
72
Apr
50
18
Jan
22
203*
Apr
29
Mar
683*
233*
Mar
Mar
Last
Sale
473*
49
390
47
May
203*
203*
700
19
June
15
110
Jan
118
Mar
AbltibI Pow & Paper
140
Mar
6% cum pref
Asbestos Corp Ltd
145
100
100
*
215*
»
145
213*
233*
10
140
Mar
8,901
13
Jan
June
"803*
123*
133*
875
12
90
13
100
Textile
115
91
15
86
July
79 3*
81
371
73
Jan
285*
183*
Mar
Mar
Apr
91
Aug
853*
July
Sales
Friday
203*
115
official sales lists
27, both inclusive, compiled from
Jan
10
Aug. 21 to Aug.
_48~"
Dom Tar & Chemical
53*% new pref
July
Jan
*
Dominion Steel & Coal B 25
Dominion
645
113*
133*
July
25
Dominion Bridge
Dominion Coal pre
15
3,304
43*
123*
Par
Stocks—
Bathurst Pr & Pap
•
No par
value.
Co_.»
100
Price
53*
* "79"
class B »
Weet's Range
of Prices
High
Low
53*
6
for
Range Since Jan. 1 1937
Weet
Shares
2,650
High
Low
5
July
153*
Apr
593*
593*
544
413*
Jan
80
Apr
78
85
728
78
Aug
92
July
120
7
Feb
12 3*
93*
93*
Apr
1400
Financial
Chronicle
Aug. 28, 1937
Canadian Markets—Listed and Unlisted
Montreal
Curb
Market
Sales
Friday
Last
for
Sale
Stocks (Concluded)
Weel's Range
of Prices
Low
High
Weel
Price
Par
Beauharnois Power Corp
8
8
B C Packers Ltd
*
Canada Bud Breweries
*
26%
Feb
22
Mar
Cndn Marconi Co
Apr
10
Jan
39
112
June
19
1.80
3%
8%
2%
4%
2
60
60
*
"l5%
15 %
15
15%
8%
Aug
for
21
Jan
Sale
of Prices
Weel
July
6%
44%
42
45
45
*
45
12%
73%
"42 %
Frelman (A J) 6% cm pflOO
Gateneau Power
"l2%
13%
73 %
106 >2
Apr
Apr
July
Apr
12%
Apr
19%
Apr
Aztec Mining
29%
Feb
Bank of Montreal—..100
30
50
Apr
29%
Arno
Beaufort Gold
July
14
Aug
Jan
Aug
75%
Barker's Bread
Aug
110
Mar
July
11
Jan
Apr
20
*
Jan
*
21%
3%
Feb
Bear tie Gold
June
Feb
Beatty Bros A
July
87
Aug
27
16% June
170
51
19
Apr
17
Mar
169
73%
Mar
Big Missouri
100%
9%
Mar
Biltmore Hats
Feb
Blue Ribbon..
July
165
19
Apr
30
Jan
15
99
Jan
110
Mar
99
July
107
34%
May
Preferred
151
105
JaD
Feb
59%
Mar
108
Feb
......
Feb
37%
37%
10
34
July
15 %c 16%c
5,500
1,120
6.40 May
9.00
5
24% May
26%
Mar
10
30%
Mar
9%
Mar
26%
Mar
......
50
*
British Dominion Oil
Bouscadlllac Gold Mines. 1
23c
Jan
65c
Feb
Burry Biscuit
Aug
79c
Aug
220
82
June
98
Feb
44
146
Jan
160
July
1,083
2
July
7
20c
75c
80c.
4,400
42
35
8c
1.12
1.20
2.65
2.80
1,900
3,270
7.50
7.70
320
7,900
May
6.40
Feb
73c
Aug
1.70
Mar
90c June
2.28
Feb
47 %c
65c
Mar
2.70
Feb
Aug
Aug
65o
3.60
Feb
Canadian
Mar
71c
June
2.10
Apr
3.60
Apr
7.00 June
12.75
Feb
4,000
12c
35
1.92
1,720
1.35
475
25%
32c
29,850
1.40
1.40
50
50%
337
5c
Lamaque Contact G M__*
51%
5c
Lebel Oro Mines
1
18%c
19c
1,700
1,500
Lee Gold
1
3c
3c
1,000
5.50
5.90
315
36%
36%
20
"478
45c
50c
300
3%c
3%c
4%c
5,000
1.80
1.83
872
60c
June
Canadian Dredge
4.10
Feb
41%
Feb
Cndn General Electric..50
Canadian Ind Alcohol A.. *
20c June
Mar
47
June
4o
May
12c June
2%c
July
4.25
June
33% June
42c June
57c
Feb
1.64
Apr
14%
19%
11%
15%
26
26
26
40%
208
6%
1.27
118
Jan
6.50
Feb
5.65
5.65
300
17
17
July
Feb
9.10
June
P R.
25
11%
*
1.65
1
Chemical Research
Chromium Mining
*
75c
75c
•
75c
80c
Commonwealth Petroleum*
Cockshutt Plow
*
May
5
80%
100
Consumers Gas
Mar
197%
Cosmos
*
1.24
1,100
1.15
Aug
1.27
Aug
Dark water
43c
43c
500
38c
Aug
85c
Feb
50c
50c
Davies Petroleum
60c
50c June
2.00
Feb
Dist
Mines...-...!
25
52c
3%
400
2.80 June
6.85
Feb
10c
6,600
7%c June
22o
Feb
Dome Mines
60c
38c June
1.13
Feb
Sherrltt-Gordon
2.50
2.60
Dominion Bank
1
2.95
4,150
5,900
4.00
Feb
Slscoe Gold Mines Ltd._.l
Sladen Mai...
1
Apr
3.70
3.70
3.90
26
3.20 June
6.65
Jan
Dominion Coal pref
Dominion Explorers
Dom Steel Coal B
26
Preferred
1.07
1.04
2.50
Jan
1.24
1.20
1.38
June
2.90
Mar
1.30
1.44
4,725
1.00 June
2.25
Jan
3.20
3.20
100
2.59 June
4.70
Feb
Preferred
50c
52c
15,250
47c June
2.15
Jan
Apr
Dorval Slscoe
Eastern Steel
Jan
East Malartic
1
Easy Washing
1
*
......_*
1
Abltibl
6% preferred
Acme Gas & Oil
*
100
5%
57
*
5%
57
6
60
14c
14c
255
41%
.1
3c
3%c
4,400
Ajax Oil & Gas
.1
30c
30c
700
Preferred
*
100
2%
15
2%
15
2%
15
July
Mar
11c
Alton Mines Ltd
Alberta Pacific Grain
6
396
4,000
65
125
May
3o July
29c
Apr
2% Aug
15
Aug
15%
Apr
80
Apr
*
Foundation Pete....
Francoeur
*
20c
Jan
Gatineau Power
*
10%c
Jan
General Steel Wares.....*
Gillies Lake Gold
1
57c
Jan
6%
43%
Jan
Jan
*
No par value.
»
7
4c
7,000
5,282
210
May
July
May
Jau
Jan
24
Mar
15o
12%
Jan
28%
Mar
8%
July
12%
Mar
18
Apr
240
11% June
115
88
Aug
1.21
16,900
6%
6%
85
4%
2.69
2.64
2.80
7,190
2.10
39%
39%
39%
25
30
Apr
15%
13
16
234
10
June
7
8
32
38o
Aug
18% June
65o
5%
June
116
1.22
24
Jan
Jan
Feb
Jan
2.05
Jan
Jan
9%
Jan
Apr
3.06
Apr
July
40
16%
8
July
Jan
Aug
1,480
7.05 June
25%
5,150
19
11c
23,800
7o
June
54c
Ian
18c
800
18c
Aug
26c
July
24%
2,475
6,300
9,900
21% June
29%
Jan
7.50
8.00
24%
24%
9%c
9%c
18c
22%
67c
61
250
July
1.10
25c
Jau
Aug
38%
1.12
67c
Jan
90%
87
25
26c
2 96
Mar
19%
"23%
Mar
Mar
27%
28%
19%
7.50
100%
211
Apr
Aug
5,650
8
Feb
20
19
90
2.08
858
205
9
Jan
Feb
Aug
214
13%
Jan
23
40
30
23%
2 14
Jan
Aug
43
21%
3.50
Jan
33
2,065
6%
June
1.75
22,800
50c
25c
Ford A.
31c
Aug
May
45c
45c
*
25
14,650
Apr
22
87
13%
88%
100
......
Eldorado Mines
1
English Electric A
*
English Electric B..._...*
Fanny Farmer
57c
72
197%
42
8%
*
Federal Kirkland
Firestone Petroleum
High
6%
21%
Dom Stores
Falconbrldge-
Low
1
Dominion Tar..
Equitable Life.
Wee I
50c
5
87
»
Shares
99
25
40%
100
1.37
High
2,652
80
25
222% 226
20%
21
100
...*
2,375
7,050
44,035
of Prices
84%
197% 199%
22%
60c
Low
40c
20%
8%c
Sale
57c 109,930
Aug
Aug
21
60c
Range Since Jan. 1 1937
May
19%
...»
3%
Sales
1.00
25
40
1
Exchange
1,227
34
1
Aug. 21 to Aug. 27, both inclusive, compiled from official sales lists
1.42
20%
37
Shawkey
73 %o
8.10
1.40
*
Seagrams
Jan
Feb
19%
44%C
2.01
1.66
5.2d
24c
45c
Mar
Mar
June
13%
1
4
91c
100
20%
17%
2.10 June
550
"Til
43c
Price
Jan
July
235
*
17
Aug
1% June
2.45
*
Quebec Gold Mining Corpl
Par
135
1.41
15
35c
Conlaurum Mines
Cons Bakeries
July
11%
14
5
Cons Chlbougamau
Cons Smelters-
35c
150
2.45
14%
Coniagas Mines
Red Crest
Stocks—
July
Feb
2.51
for
115
Jan
Mar
70c June
Weel's Range
100
Feb
95c
2.55
Last
2,196
1.65
Jan
2.30
22%
900
Friday
160
116% 118
11%
11%
3
2%
7%
June
Jan
1.05
Toronto Stock
26,826
4% June
85o
Aug
2.10 June
4.60
5.95 June
60
8%
Jan
1.00
June
4%
1.35
Apr
Jan
4.05
30c
Aug
ft
1.22
4%
1.47
4.25
4,800
200
May
38
1.44
Feb
38c
47
209
10
1,347
Apr
3.80
6.75
May
203% June
121
6%
Apr
June
33c
Jan
75c
1.90
6.75
32
60c
1,210
3,105
*
Apr
2,400
2,200
2.50
Cad
23%
75
Jan
43c
2.25
Wood
Feb
June
2.25
W right-Hargreaves
Jan
21%
9o
Jan
50c
12%
Apr
30,500
Feb
1
Mar
14
12c 17%c
Mar
...1
10
14c
42c
Sylvanlte Gold
Thompson Cad
18% May
165
..1
1.10
90c
20%
305
375
6,580
July
76 %c June
Aug
4,912
13%
1.18
23%
1.05
June
Stadacona-Rouyn
*
Sullivan Cons Mines Ltd.l
42
209
Jan
Jan
Jan
2.85
2.15
1.80
40%
208
14%
95c
June
3%
70
2.65
June
Read-Authler Mine
21
95c
15c
Reward
20
3%
2.65
40c
1,900
210
1
6.60
......
34
Aug
2% June
1
1.43 May
1.43
July
180
Central Patricia
Central Porcupine
Jan
5.20
19
1
Castle Trethewey
Feb
15
Aug
103
800
Jan
967
100
Aug
Jan
10c
200
Apr
79
8.60
42
3,300
1.50
18
July
Canadian Wineries
Cariboo Gold
3,400
1.21
July
50
o
50c
1.50
9
130
3
11
Apr
1,832
•
185
2%
Feb
Apr
Aug
Jan
20c
*
100
110%
Jan
6.00
Powell-RouynGold
*
15%
76%
34
59%
23
Jan
18c
Preston-East Dome M...1
,
Aug
14% June
101
May
30o
50c
5~65
85
15
49
7%c
5.55
1
13%
110
14%
*
27 %c
1.19
May
B
Canadian Malartlc
Canadian Oil pref
Aug
2%c
*
Jan
69
18c
Pickle Crow Gold
Placer Development
"~n%
Canad Car & Foundry..
Preferred
__25
Apr
50c
"
Canadian Canners 1st pf .20
2nd preferred
...*
Feb
*5" 55
Pend-Orellle
20%
June
97 %c
84%
185
3
*
x
Feb
Parkhlll Gd M Ltd new._l
PatoGold
Perron Gold Mines Ltd... 1
Preferred
*
58
Pandora Cad
O'Brien Gold Mines Ltd..l
Breweries
60c
1
9c June
110
10
250
19%
Can Bank of Commerce 100
Jan
15c
Jan
15%
76
*
B
50%
75c
33
84%
49
15%
32%
Can Wire & Cable A
Jan
2.03
51c
49
14%
new
Apr
11c
23c
51c
•
June
70c
1.80
1
50
Can Steamship (new)
Preferred
2.47
6%c
39
11c
31
*
Calmont Oils.
Jan
14c
<
"~70c
"328
Feb
2.10
..i
Normetals
Mar
5
2.65
*
1.75
155
1.12
Murphy
Apr
4
7c
5.50
40c
Jan
152
41%
i
Feb
5
"~7c
5
0 55
152
2.60
Graham-Bousquet Gold-.l
Macassa Mines
Apr
»
75c
Mclntyre-Porcupine
3,750
Jan
2.00
100
25c June
McWatters Gold M Ltd
55c
Mar
8c
44%
Canada Permanent
40o
"51M
13,100
18
Aug
110
19,600
1
2.60
14% June
4%c
39% May
Canada Cement pref... 100
Canada Packers....
*
75,750
3,200
Lake Shore Mines
2.45
Feb
Jan
59c
1
30
265
23c
13c
40c
Kirkland Lake Gold
1,610
41%
Jan
Mar
Canada Cement.
44c
1.80
19
4%c
41
Feb
6%c
74%
11c June
11,300
4%c
"41
12.50
Jan
Canada Bread B
44c
1
15c
2c June
51
Jan
39c
Hudson Bay Mln <fe Smelt *
55
Feb
June
Feb
Central Cadlum.
Home Oil
25
13 %c
8.25
1,500
Jan
65
15c
72c
6c
16%c
,
34c
J-M Consolidated Gold
13%c
18%
3c
63
Aug
Apr
1.16
19o
100
2,900
2,050
18c
Francoeur Gold M Ltd
*
(FN)
Calgary & Edm
3c
62
12%c
Burt
255
10%c 10%c
3c
37
July
J
4c
Cartler-Malartlc G M Ltd 1
*
2,900
Apr
3c June
2,950
6c
4c
,
300
Eldorado Gold M Ltd
40c
1.10
Mar
3,100
Falconbrldge Nickel M.._*
37c
"~37c
20c June
20 %c
55c
East Malartlc
3,900
Aug
1.35
*
1
45c
39
May
55c
.*
40c
Aug
41c
1.25
Duparquet Mining Co
July
7
15 %c
2.45
Dalhousle Oil Co
Apr
34%
600
1.25
Dome Mines Ltd
21%
106
Feb
500
6c
1
118
2,601
Jan
52c
1
Chlbougamau
7
23
36%
Mar
29c
15%c 15%c
24c
23c
2.50
Consol
*
Jan
Jan
40
12c June
22%
1
Burlington Steel
June
Can Malartlc Gd M Ltd.*
Calmont Oil Ltd
7
7.625
38c
35
35
*
20c
4c
Calgary & Edmonton
24%
26
*
2 %c
8.00
24%
24%
"23"
45%c
Brazil Gold & Diamond Ml
Brownlee Mines (1936)—1
7.40
"24%
5
Oh
2,600
2,200
9c
15%c
24%
Brewers & Distillers
10,400
Jan
Feb
Brazilian.....
30c
Jan
1.70
72c
Brantford Cordage pref.25
68c
38c June
6%
J
30c
130,276
Feb
16%
-J
Jan
69c
Jan
176
July
Buffalo-Canadian
4%c
Apr
July
Bobjo Mines
July
Aug
154
June
Building Products
Bunker Hill
l%c
254
4
.»
500
9%
10
Brown Oil Corp
Feb
21%
Jan
55
Feb
1.90
1.75
Apr
6
25
July
Apr
Apr
15
5,150
51%
75c
60c
1.00
155
861
53c
Apr
8,200
6,456
4%
B A
1.17
Feb
1.25
19
Feb
12%
Brit Columbia Power A..*
20
Aug
7%
51c
Jan
18% June
Apr
10
25
12%
4%
Jan
60
24%
52c
3%
19%
Apr
Mar
i7
12%
*
1.15
42
May
650
1
Apr
100
June
48
Jan
_....^*
June
48
15
July
25o
9%
7%
8%
169
170
61c
1
Aug
43%
258
1.12
18%
8
10
25
21%
20
1.17
*
BIdgood K'rkland
Aug
6
*
.
Bel Tel Co of Canada
June
89%
51
Jan
37%
.
Beauharnois
75
5,800
29c
9%
1.25
245
20
27c
B
15%
•
10%
44
27c
...
Bathurst Power A
66%
975
10%
44
Preferred.—---.--.-50
Base Metals Mln
65c
52c
Jan
76
1.76
'528
1
1.86
Aug
64c
Big Missouri Mines Corp.l
Bob jo Mines Ltd
64c June
Apr
Feb
Mar
300
30c
245
340
200
*
Jan
490
273
370
2c
..1
Bidgood-Klrkland
8,600
Feb
60
May
2%
3c
78c
Feb
16c
7c May
June
16%c June
220
Aug
Feb
June
1.05
3c
74c
11
67
15c
25c
305
2%
*
Mines
Feb
Aug
July
250
1,851
106% 106%
2c
1.16
6c
38
46
1
26o
7%c July
132
Buffalo-Ankerite.-
Gold
5,900
2,100
14,300
3,600
340
Mines—
Alexandria
32c
8%c
8%c
255
785
1.06
Feb
335
43
1.06
1.42
250
100
1.05
Aldermac Copper Corp...*
35o June
Bank of Nova Scotia—100
June
21%
106%
19%
7,275
Bank of Toronto
100
pf.*
45c
Feb
Jan
6%
48
Feb
Apr
40
106%
8.75
50
100
"~2~X
6.00 June
49
Bralorne Mines
pref. .100
Jan
5.85
Feb
Feb
40
United Distil of Can Ltd.*
4 % c
June
100
*
1.89
Aug
11%
73%
95
103
June
1%C
8c
"~74c
Bankfleid Cons
73o
2,000
1,110
573
58%
20
32c
31,340
95c
260
1.50
103
Page-Hersey Tubes Ltd..*
Power Corp of Canada—
6% cum 1st pref
100
Feb
—oU
...
Apr
26c
50c
Bans ot Canada
Cigh
29c
45
25
210
1.70
6%
111
48,770
21% June
2,430
85
20
59%
32c 40 %c
220
220
Bagamac Mines
110
95
Melchers Distilleries pref. *
Mitchell (Robt) Co Ltd..*
11c
58%
Jan
18
57%
10c
"59%
Apr
j Jan
6
57%
Massey-Harr 5% cu pf 1UU
McColl-F Oil 6% cm pf 100
8c
13
18
31%
30c
19
35
30
40c
30
19
30
Maritime T & T Co Ltd. 10
40c
Apr
8% June
25
1.40
5.65
Ashley Gold...
Astorla-Rouyn
6
80
2c
8
187
74%
1.40
1.40
1.45
1.18
2c
5.65
Argosy Gold Mines
Arntfleld Gold
18
80
1.07
2c
Anglo-Huronlan Ltd-...
73
19
MacLaren Pow & Paper..*
1.08
1
24%
6
Lake St John P&P
500
—*
9
1,060
104% 107
Internat'l Paints
Aug
33c
8c
5
33c
Alexandria Gold
June
Low
33c
8c
Jan
13%
Range Since Jan. 1 1937
Shares
High
J
Aidermac Copper
4
Jan
13%
Low
1
Feb
Apr
Apr
15
43
1
10%
645
22%
*
Price
Par
A P Consol Oils
59
20
9
Jan
11%
Jan
Sales
Jan
16
Stocks (Continued)
Apr
.
3%
Jan
7%
June
175
302
9
3%
Aug
7
1,208
24
8%
23
Preferred
Weel's Range
2%
35
8%
9
6
GenSteelWares7%cm oflOO
(Can) A_*
Intl Paints 5% cm pref__20
Internat'l Util Corp A
*
Internatl Utilities Corp B. 1
Last
1.50
18,431
8%
.16%
15%
8%
*
Ford Motor Co of Can A.. *
Mar
16
675
17 %
Exchange
Friday
47
1
60
Toronto Stock
Jan
Jan
Apr
85
17
Jan
Aug
1,025
Donnacona Paper A
WA. 3401-8
23%
177
X
Dominion Stores Ltd
Waikervllle Brewery Ltd.*
Walker-Good & Worts (H)*
25
4%
18%
Don Paper B
Eastern Dalrles7%cmpfl00
Royalite Oil Co Ltd
38%
6
Ltd..*
Voting trust ctfs
10
8%
"2%
Dominion Eng Works Ltd*
Fraser Cos Ltd
Aug
50
8%
-
Fairchlld Aircraft Ltd
17%
2%
14%
3
1.80
"_3%
Commercial Alcohols Ltd. *
cum
35
400
4
*
West, Toronto.
Feb
20
15 King Street
Apr
Jan
Commodity Exchange, Inc.
New York Curb (Associate)
Jan
34
109
16
"i(T~
Catelli Food Prod Ltd.
Walker-G & W $1
9
75
61
6
Can VIckers Ltd
50
Apr
37
2 X
20%
41H
1
Canadian Pow & Pap Inc.*
274
9
111
16
*
Canadian Lt & Pow Co. 100
P
16%
9%
2%
Cndn Dredge & Dock
Canadian
Mar
20%
41%
20%
Members Toronto Stock Exchange
Jan
Apr
Breweries
Preferred
Can
9%
Feb
19
Canada Vinegars Ltd__.
Southern
June
7%
21%
16%
111
Can Nor P 7% cum preflOO
Consolidated Paper
6
10
1,775
36 X
Canada Malting Co Ltd--*
Preferred
878
7
23
X
16%
9%
Co.
&
STOCK BROKERS
High
7
"22 K
*
Canadian
8%
Low
22
Brewers & Distill of Van.
Brit Amer Oil Co Ltd
Duncanson, White
Range Since Jan. 1 1937
Shares
29c
75c
Apr
20%c June
50c
June
12.90
May
25%
July
1.25
1.58
Feb
Feb
13
13
13
40
13
Aug
14%
14%
16
400
8
Jan
18%
Apr
35c
33c
Aug
05c
May
42c 170,800
28c
14
Aug
Volume
Financial
145
1401
Chronicle
Canadian Markets —Listed and Unlisted
Toronto Stock Exchange
Stocks (Concluded)
Sudbury
Winnipeg Grain Exchange
Hamilton
Kirkland Lake
Montreal Curb Market
Sarnia
North Bay
Owen Sound
Bourlamaque
(Inc.)
Power Corp
Prairie Royalties
*
5.50
5.75
3.95
4.15
1.35
1.50
23*
24c
2.12
*
2.12
34
33*
Sale
Stocks
Par
(Continued)
of Prices
High
Glenora
God's Lake Mines
4*c
8,000
62c
7,400
8c
_
Gold Eagle
8C
3*o
500
Goodflsh Mining
1
22c
22c
500
36c 38 *C
4,300
2.00
40c
Aug
85c
5,500
9c
July
48c
Jan
3.30
3.30
3.80
1,165
2.85 June
6 85
Feb
1.95
Feb
Authler
.......
...l
Red Crest Gold
12c 14 *c
45c
45c
56c
1,700
*
33c
32c
37C
47,750
29o June
1.78
86c
90c
6,510
72c June
1.35
Jan
15c
16c
20,100
9o June
48*0
Feb
Jan
Royallte Oil
St Anthony
Jan
St Lawrence Corp
08
Apr
51,450
7*o
July
22c
Apr
10
82
May
97*
Aug
52
52*
A
•
...
...
12c 13 *c
6,300
03o
Feb
Sherrltt Gordon
15 *c 19 *c
6,200
16c June
67c
Feb
SUverwood
Grandoro Mines
1,100
Apr
18c
Jan
Great T*akeft Paper
Preferred
*
Simpsons B__
Simpsons pref.
Great West Saddlery,
*
13*
Apr
26*
Apr
33 *
1.50
Mar
53*
Aug
Feb
Jan
25
Aug
95c
20,820
65c June
1.26
12*
♦
12*
11* June
18*
13*
1,260
3c
3c
3c
4,500
2*
25
5*
2*
5*
5*
400
1.30
Gypsum Lime A Alab.
1
Halorow Swayze.
Hamilton Theatres... ...1
1.30
---
*
Harding Carpets
-
7c
July
Highwood Sarcee
»
1.24
Steel of Canada
*
Sudbury Basin
Sudbury Contact
Supersilk pref
*
June
7
Jan
3.44
Jan
12*0
Aug
330
Feb
160
Jan
90c
Mar
21*
21*
21*
125
June
22*
Feb
12
12
12*
1,160
10*0
Apr
16*c
140
1.90
50c
52c
5,200
36c
40c
14,590
221* 222*
66
4,700
222
Imperial Bank
20*
—6
International Milling pflOO
Intl Mining Corp
...1
20*
21
14*
Imperial Oil
14*
14*
------
-
-
61*
International Pete
»
35
Intl Utilities A
*
— „
100
140
25
100
11c
-
international Nickel..
—,
„
lie
61*
34*
17*
64*
9,741
35*
2,514
17*
100
10
internal Utll B
-
1.40
1.40
1.70
3.925
Jacola Mines.
1
44c
32c
51c
73,011
1.03
1.12
18,700
.1
29 *c
22c
1.03
Jelllcoe Cons
Kirkland
70,300
26
26*
50
2.30
l
...1
32c
26
•
2.25
2.50
20,360
1.55
1.68
300
------
1
Lake ^hore.
50*
Lake Sulphite
-
-
4*C
Lamaque Contaot
66c
1
Lapa Cadillac
Laura Secord
------
1.20
Cap Gold
17 *C
Lebel Oro—
Apr
405
»
14,800
14,550
76c June
2.49
Jan
48c
2.50
Feb
19c
Aug
Aug
15c July
16c
5,000
1.23
1.37
25,941
90c June
2.85
Apr
86*
80
77* June
96
Feb
4.30
4.30
4.50
1,025
3.00 June
6.90
Feb
19*c
19 *c
15c June
40* C
23c
3,100
218
Aug
251*
Jan
20
Apr
24*
Mar
Teck Hughes
Texas Canadian
13*
Jan
15*
Mar
July
97
105
19*0
Jan
Toburn Gold.
73*
Feb
Toronto Elevators
39*
Mar
Feb
Toronto General TrustslOO
June
3.15
Feb
Towagmac
25c June
53c
Mar
70c
June
21*
2.15
59c
19c June
25
Aug
39
Jan
9,375
70
10
15*
Jan
20
52*
5.30
5.20
5.35
29,434
5,023
1.80
2,900
1.70
1.70
-----
109
Jan
Feb
4.55 June
6.00
Jan
10
Feb
70
104
Mar
2.35
2.50
•165
50*
5
90
90
1.10
1.20
94c
1.06
16*
16*
16*
46
Apr
52
Jan
Jan
110
73o June
2.00
Feb
50o June
3,000
37,750
1.10
Aug
20c
21c
2,026
10,000
13
20c.
♦
8
8
8*
2,160
6
-
Jan
4.05
Aug
48* July
86* Mar
25
25
1.10
Jan
Aug
Apr
110
1.85 June
1,840
27*
*
United Oils
2.35
14*
Apr
1.60
375
50*
------
55*
28*0
15
25*
Jan
10*
Aug
6c June
109
14*
------
2.35
»
Union Gas
United Steel
Jan
19
Apr
Apr
700
Feb
May
11*
Mar
17c
9.10 May
6.00 June
•
7.60
8.00
1,050
Walte Amulet.
»
3.40
3.35
3.80
Feb
Apr
48
48
49*
5,648
1,482
4.65
•
42
May
62*
July
Feb
*
19*
19*
19*
460
19
May
20
Jan
*
5*
5*
5*
55
5
June
12*
Jan
48
15
45
Aug
90
Jan
13*
14
2,059
97
97*
46* June
69*
26
27
Aug
4c
68c
June
28c
Feb
1.33
iJan
May
68
July
Jan
Aug
77
Jan
Preferred
West Canada Flour
•
WestoQS
100
Preferred
Jan
Jan
Winnipeg Eleo A
Feb
B...
5.50
1,370
4.85
June
8 40
Jan
Preferred
1,049
350
23
Apr
25
Feb
Wood Cadillac.
Jan
23*
Aug
Wright Hargreaves...
5.70
5.50
5.90
5,115
4.15 June
8.00
Jan
1.85
1.85
1.98
6.055
1.65
May
4.85
69c
75c
15,600
55o
June
I 20
Mar
3c
4*
2c
—.1
•
Macassa Mines
Aug
97
Aug
18*
106*
Jan
Jan
100 June
30c
Mar
4,400
1*C
1,500
2*c
5*
Jan
5c
Aug
73
3
June
3
Aug
10
23
Jan
10
340
5
40
27*
27*
10
35c
37c
7,200
July
30o June
6.60
6.55
6.75
8,670
5.85 June
31c
27c
35c
50,700
5*
5*
95
------
*
Madsen Red Lake
...J
Manitoba A East
*
3 *c
3*c
15,100
2c
June
Malargo Mines
1
14*c
14c
15c
10,027
lie
June
5
4*
5
70
4*
Aug
8*
50*
8*
Jan
16*
74
par
------
Jan
Jan
77c
Feb
8.10
Jan
20c June
52c
Feb
3* May
7*
Apr
value.
Mar
14*
•No
Mar
Aug
Zimmerknlt
13*
Jan
69c
5
4*
.100
Ymlr Yankee Girl
...J
5
*
1 35
MacLeod Cockshutt— ...1
2.10 June
40
,
14c 14*c
•
White Eagle
7*C
14c
♦
July
30c
July
June
21
13*
------
1
Whitewater Mines
June
68c June
45
100
Preferred
30
1
7.60
Western Canadian Flour—
45c
23
310
7c
25*
Exploration._•
7,550
25
16*
52*
6*c
*
65c
22*
16*
52*
16*
50
61c
24*
Feb
Walkers
lie
24*
4.80
Apr
Ventures
2*c
23
2.70
Apr
500
*
4,305
Feb
18,800
5.25
3.30
2 65
30,833
5.25
3.00
3 30
17*c 20*C
3c
Jan
3.00
Apr
1.25
1.20
3.25
1.35
8,250
70c
66c
70
1.03 June
97c
Feb
June
2,100
1
Preferred
Feb
85
July
1.43
2.00 June
1.10
5c
Feb
80
60
1.28
Uchl Gold
1.25
Feb
4*C
*
*
Tip Top TaUors
Tip Top Tailors pref.. .100
Aug
July
305
*
Apr
33* June
15* June
lie
64*
90c
3.567
Feb
83
83
------
50
Tashota
40c
27
Preferred
Jan
Jan
1,100
»
B
Jan
6.65
6 *C
»
Tamblyns
87o
72e
18,870
52
1
July
60c
50*
Sylvanlte Gold
May
1.37
26
|Jan
100
62c
Loblaw A
Feb
3.15 June
1.36
30
1.25
3c
Leltch Gold
Little Long Lac
Feb
110
5,832
85*
15c
Sullivan Cons
30c
1 70
1
Lee Gold
19
60c
1.26
1
Lake
1
15c
June
Aug
17
Jan
2,175
,
95
148
100
Stadacona..
4*
1.00 June
99
Apr
Aug
7* June
Feb
1.60
1.50
10
3.95
1 90
90
8*
Jan
July
5,600
1.80
Laguna Gold
16,003
1.50
8*
Apr
3
7,480
36c
Kirk. Hud Bay
2.95
1.50
55c
46,350
50c
Kerr Addison
2.60
2.63
48c
22c
1.80
Kelvlnator
Aug
50c
1.37
Howey Gold
J M Consolidated
92o
Slave Lake
South End Petroleum. _25c
18c
Homestead OIL.
..
Fe*»
Mar
1.18
15c 19 *C
Home Oil Co
Imperial Tobacco
1.10
57c
1.02
18c
..5
Holllnger Cons
2.40
40c June
1,500
1.05
16c
*
Hinde A Dauch
Apr
3,950
92c
1
•
Harker
4,273
65c
3.90
July
Jan
1.64
3.70
•
Hard Rock
Lava
2c
Aug
92c
3.70
2
1.25
36*
60c
*
Sladen Malartlc
1.50
Jan
Apr
Apr
1.50
Siscoe Gold..
82c
Mar
32o
15
60c
*
321
1.50
60
Jan
9H
32*
1.53
1
..
Dairies..
1,830
88c
...1
Mar
Apr
50
33
227
12o June
105
50c
18c
_
12*
32*
July
35
21,400
Feb
1
..
12c
Gunnar Gold
18c
12*
Aug
192*
970
43
16 *c
450
"t
1
San Antonio
Shawkey Gold
Sheep Creek
1
3.35
40
18c
*
50
*
6*c
92
194* 199
40
...1
preferred
Jau
57
15c
...1
195
Feb
54*
7*c
23*
52*
Jan
1
30c
94
48*
10
1
1,000
*
1.02
54*
7*c
22*
Aug
Feb
100
12c
49
July
94
48*
Jan
42c
1
*
1.47
1.70
Granada Mines
...
Feb
55c June
1.27 139,190
10c
July
9c June
Graham Bousquet
Jan
36c
42c
June
30
12c
July
4.50
July
27c
1.50
June
6c
54*
Preferred.
29o
22o
155
12c
Royal Bank.
94
•
Goodyear Tire
Aug
1.95 June
500
2,500
42c
Jan
30c
July
40o June
18
36c
1
Feb
Reno Gold
1937
High
Low
22c
Goldale Mines
Feb
33*
Red Lake G Shore
Range Since Jan. 1
for
Week
Shares
4*c
1
F'b
2.20
June
*
Read
60 *c
4*c
*
Golconda.
6.85
75c June
3.65 June
18
1
Roche Long Lao
...1
Feb
Quemont Mines...
Sales
Low
Jan
9.20
Quebec Mining
Exchange
Week's Range
Last
24c
2.27
34
1.10
1.15
Prospectors Air
Price
3*0
4.90 June
275
22
Jan
Apr
11,500
22
July
2.50
70c June
lMo
7,650
1,910
1.35
Preston E Dome
Friday
4,150
2,500
25o
Pressed Metals...
Toronto Stock
1.10
l*c
4.05
...1
Premier
Timmlns
1.00
l*c
High
35c
22o June
17,000
5.60
Pioneer Gold
Powell Rouyn
Canadian Commodity Exchange
Chicago Board of Trade
Low
Shares
32c
28c
...1
Pickle Crow
The Toronto Stock Exchange
Noranda
Ottawa
Price
1.01
Pet Cobalt Mines
Montreal
Week
28c
Perron Gold
MEMBERS
Cobalt
for
of Prices
Low
High
Payore Gold
OFFICES
Toronto
Par
Week's Range
Sale
TORONTO
WAverley 7881
11 KING ST. W.
Range Since Jan. 1 1937
Last
GRAIN
BONDS
STOCKS
Sales
Friday
F. O'HEARN & CO.
Mar
•
Maple Leaf Milling
•
Massey Harris
10*
Preferred
11*
2,085
57
58*
330
11*
95*
*
McColl Frontenac
10
57
.100
Preferred.
11*
12
95
4,900
1,130
32*
May
1.25
1.34
8,025
1.00
June
2.03
28c 29 *c
21,500
17c
Jan
57c
Feb
48c
48c
53c
10,100
35c June
1.18
Jan
31c
30c 32 *c
3,850
26c
Apr
630
Mar
10c
11c
4,100
lOo
Apr
390
Feb
3.40
5.00
Feb
1.25
McVlttie Graham
...1
*
•
-
S«« Page 1398
Jan
28c
-1
Merland OH
*
Mining Corp
♦
3.40
Mlnto Gold
♦
10c
Model Oils.
1
Moore
May
24c
36*
.
Monarch
July
18c
95*
24c
*
5
Moneta
86*
101
Toronto Stock Exchanoe—Curb Section
Jan
35*
100
Mclntyre Mines
McKenile Red Lake..
Mercury Oils
Apr
Feb
Mar
35
McDougall-Segur
McWatters Gold
1,490
16c
36c
II
...
—
2.70 June
3.60
2,846
9c 10*c
3,250
8c
Aug
53c
500
45c
July
53c
Mar
44c June
42*
Jan
Government
32c
32c
37c
14,450
30c
Aug
56c
July
1.68
1.65
1.82
22,510
95c
June
I 98
Apr
45*
260
41
5
172
Royalties
*
Corp
45*
.100
A
Morris Kirkland..
180
Preferred
9*
185
—
130
33c
*
New Golden Rose..
.
4*c
-.1
55c
130
33c
1
Newbeo Mines
Norgold Mines
5c
4,500
6,315
600
3*c
3
12c
Feb
50c June
1.49
Jan
3.60
Feb
64*
500
3*c
1.20
1.76
1.75
1.95
7,601
*
68C
68c
70c
1,700
1 30
1.30
July
3*c May
2 26
Aug
June
83
Feb
Aug
Apr
16*0
Jan
2.23
July
60c June
95c
Apr
200
1.30
Aug
4.00
3*
3*
20
3*
Aue
4*
Jan
1
21c
21c
23c
4,400
21c
Aug
23c
Aug
O'Brien Gold
1
5.55
5.50
5.95
7,160
5.60
June
13.26
Jan
Okalta Oils
*
1.57
1.57
1.65
3,900
1.05
Apr
4.10
Feb
Olga OH A Gas
*
3 *C
3*c
3*0
2,100
3c
July
12c
Jan
Omega Gold
1
55c
55c
57c
9,400
45c
July
1.28
Jan
North Star pref
NordonOil
...5
..
Ontario Loan
50
_
_
110* 110*
_
2
106
Jan
112
15
Jan
18
1.80
Aug
Ontario Steel
*
Orange Crush.
*
1.80
1.80
1.80
100
Oro Plata Mining
•
1.70
1.70
1.95
21,600
85c June
Pacaita Oils
•
20c
19c
23c
60,600
10c
Page Hersey
♦
106*
55
Pamour Porcupine
•
...
17
106
2.75
105
17
2.75
2.95
25
7,195
98
Mar
Feb
Feb
118
1.90 June
7*c
100
5*
Apr
19c
2,783
15c
June
...I
16c
16c
180
6,300
11c
Aug
Paulore Gold
1
20c
20c
22c
4,500
12c
Paymaster Cons
1
60c
60c 63 *c
17,600
Jan
Mar
2.20
18c
are:
Aug
3.50
43*c
7*c
Parta nen-Mal artic
Jan
Apr
18C
1
Pautepec Oil
Park hill..
•
HAnover 2-6363
NY 1-208
—
—
—
—
—
—
4.00
9*
40
Industrial and Public Utility
—
————
—
—
—
-J
Mar
Jan
Jan
Feb
41c
Apr
July
46c
Jan
49c June
1.38
Jan
Bonds
'53
6s. 1946
Beauharnois Pr Corp 5s '73
Bell Tel Co. of Can 5s. 1955
Burns & Co 5s
.1958
Calgary Power Co 5s.-I960
Canada Bread 6s...—1941
Canada North Pow 5s. 1953
Canadian Inter Pap 6s »49
Canadian Lt & Pow 5s 1949
Canadian Vlokera Co 08 '47
Cedar Rapids M A P 5s '53
Consol Pap Corp 5*s 1901
5*s ex-stock
-1961
Dom Gas A Eleo 6*8.1945
Donnaconna Paper Co—
Abitlbi P A Pap ctfs 5s
80
4a
1950
62*
7s 1942
6s—.1949
Fraser Co 6s.. .Jan 1 1950
Gatlneau Power 6s—1966
Gt Lakes Pap Co 1st 5s '55
Int Pr A Pap of Nfld 5s '68
Lake St John Pr A Pap Co
5*s
1J01
5a
—.1961
No par vMue.
Maple
Leaf
101* 102*
95
92
Milling—
2*8 to '38—5*8 to '49
-
-
-
-
76
Massey-Harrls Co 5s
96*
74
McColl Frontenac Oil 6s '49
104
Minn A Ont Paper 6s.
/74*
1947
103* 103*
1945
Montreal Island Pr 5*8 '57
101* 102
101*
1939
1956
1973
Montreal Tramway fie 1941
Ottawa Valley Pow 5*s '70
Power Corp of Can 4*s '59
97*
69
98
104*
75
Montreal L H A P (S50
108
96*
par value) 3s
97
112
112*
94*
/94*
67*
/67
84
85*
3*s
3*s,
6s
87*
99
_
Dec
Provincial Pap Ltd
1
1957
5*8 '47
Saguenay Power 4*8 A ,'06
70,.
Eastern Dariea
•
62*
113* 113*
86*
-
East Kootenay Pow
MacLaren-Que Pr 5*s '61
Manitoba Power 5* a. 1951
f 96*
Alberta Pao Grain
Ask
Bid
Bid
Apr
Feb
3,547
•
140
1.05
*C
Normetal
*
Feb
580
2.32
New York
—
Feb
10c
II
53c
North Canada Mln...
North Star Oil
1.25
July
Jan
Aug
4*C
64
•
Bell System Tele.
Aug
June
July
30o June
2.30
30 Broad Street
Feb
5,100
60
...1
130
45*
190
S8e
38c
60*
*
7,800
25
2.30
Nlplsslng
Noranda Mines
60c
2*c
8*
65c
4*C
9*
-
130
Naybob Gold
100
41,100
65c
3 *c
.
[July
July
3*c
...1
National Grocers
26c
June
20c
24c
*
Muirheads
Murphy Mines
180
24c
...1
.
45
180
Corporation
•
New York, Montreal and Toronto
Royal Securities Corporation
Feb
,25c
Porcupine.... ...1
Municipal
•
Private wire connection between
33*0 May
1.15
SECURITIES
CANADIAN
104
_
103
103*
97*
98*
102* 103*
4*s
1960
Shawlnlgan W A P 4*8 '67
Smith H Pa Mills 4*s '51
ser B.
95*
100* 101*
104*
---
99
100
102
104
102
101* 102*
101* 102*
104
104*
104
—
5*8 '52
90
86
»
50*
99*
94*
80
United Secure Ltd
Winnipeg Elec 0s.Oct 2 '54
f Flat price
99*
50
United Grain Grow 5s, 1948
101* 102*
84
104
Nominal.
93
Financial
1402
Quotations
on
New York
Bid
Bid
1 1954
105% 106%
<j4%S Apr
1 1954
a3%s Nov
1 1960
a3%s Mar
15 1976
a3%s Jan
105% 106%
104% 105%
iz4%s
97%
1 1977
1
43 %s May
1975
-
97 %
1 1964
1 1957
1975
1
a3%s July
a4s
May
15 1972
1 1974
Feb
114% 115%
15 1976
a4%s Jan
1 1977
a4%s Nov
115
1 1981
a4%s Mar
a4%s May
1 1957
a4%s Nov
a4%s Mar
116% 117
115% 116%
115% 116%
116% 117%
117
118%
117% 118%
118% 120
120% 122
1 1957
a4s
Nov
1 1958
110
a4s
May
May
1 1959
110
111%
111%
a4s
1977
110
111%
a4s
Oct
1
1980
110% 111%
a4%s June
1
1960
113% 114%
a4%s July
1 1967
1 1962
113% 114%
a4%s Dec
«4%s D*c
15 1971
1
fl4%s Sepa4%s Mar
1 1963
1 1965
1
1979
Bid
Bank of Manhattan Co. 10
66
Bensonhurst National.. .50
95
13.55
Par
Ask
32
Bank of Yorktown__66 2-3
34
Klngsboro National.
Ask
Bid
100
65
100
100
115
125
National Bronx Bank...50
50
55
18
20
-.
Merchants Bank
mmm
52
National Safety Bank. 12 %
12%
45
47
Penn Exchange
10
13%
.100
182
187
Peoples National
60
58
100
985
1025
Public National
25
42%
44%
First National of N Y—100 2200
2260
Sterling Nat Bank & Tr.25
34
36
Trade Bank
30
37
Chase
City (National)
116
115% 116%
115% 116%
15 1978..
Par
Ask
113% 114%
113% 115
114% 115%
1 1966
a4 %s June
103% 104%
105
106%
110% 111%
1937
23,
New York Bank Stocks
City Bonds
Ask
a4%8 Mar
o4%s Apr
Jan
a3%s July
Aug.
Over-the-Counter Securities—Friday August 27
101% 102%
a3s
Chronicle
Commercial National
_
Fifth Avenue
50
100
Flatbush National
30
40
New York Trust
Bid
-
Par
Ask
Bid
Italiana.100
105
115
Fulton
.100
240
255
459
467
Guaranty
.100
322
327
10
Bankers
100
Brooklyn
20
Central Hanover
Bid
3s 1974
3s 1981
4%s April 1940 to 1949.
Hlghway Improvement—
48 Mar & Sept 1958 to '67
5s Jan & Mar 1964 to 71
52.85
Highway Imp 4%s Sept *63
131%
mmm
Canal Imp 4%s Jan 1964..
131%
mmm
Can & High Imp 4%s 1965
129
mmm
Kings County
Lawyers
..25
Manufacturers
..20
10
Barge C T 4s Jan '42 & '46
15%
1825
46
43
80
90
25
16
-18
16
17%
Corn Exch Bk & Tr
20
62%
63%
Underwriters
10
30
31
United States
62
Preferred
51%
.20
53%
50
Title Guarantee & Tr. -.20
52
133
New York..
136
11%
100
93
12%
103
1770
1820
110%
Barge C T 4%s Jan 1 1945.
60
50
Empire
124%
52.10
14%
100 1775
122% 125%
Chemical Bank & Trust. 10
Colonial Trust
Ask
124%
Canal Imp 4s J&J '60 to '67
Canal & Highway—
Irving
13%
126
Continental Bank & Tr.10
Bid
World War Bonus—
52.75 less 1
69
12%
121
Clinton Trust
Ask
52.70 less 1
67
7
Bronx County
New York State Bonds
«...
Companies
Ask
Bk of New York & Tr.. 100
Banca
Comm
--.12%
15%
114
Chicago & San Francisco Banks
Par
Port of New York
Bid
Ask
American National Bank
Authority Bonds
& Trust..
Par
Bid
Ask
Harris Trust & Savings. 100
—100
245
270
400
430
Northern Trust Co
100
720
760
BankofAmerlcaNT&SA12i8
56
58
Continental Illinois Bank
Bid
Bayonne Bridge 4s series C
1939-53.
J&J 3
Gen & ref 4s Mar 11975
106
Gen & ref 2d ser 3%s '65
Gen & ref 3d ser 3 %s 76
104% 105%
101% 102%
Gen & ref 4th ser 3s
1976
Gen & ref 3%s
1977
97%
Bid
Ask
Port of New York-
107
98%
Holland Tunnel 4%s ser E
1938-1941
M&S
1942-1960
M&S
Ask
33 1-3
135
140
100
& Trust
308
312
First National
61.00
Insurance
2.00
111% 112%
Inland Terminal 4%s ser D
101
1938-1941
M&S
1942 1960
-M&S
SAN
FRANCISCO
60.50
Par
61.50
Bid
Companies
Ask
Par
Bid
Ask
93
97
Home
10
3%
Aetna Fire.
10
46%
48%
Homestead lire
10
17%
10
28
29%
Importers & Exporters. -.5
25
84
86
Ins Co of North Amer...10
7%
66%
68
American Alliance
10
21%
22%
Knickerbocker
15
17
38
40%
Lincoln Fire
5
4%
10
13%
14,%
Maryland Casualty
1
5
American of Newark--.2%
American Re-Insurance. 10
108
10
Agricultural
110% 111%
Aetna Cas & Surety
Aetna Life
George Washington Bridge
4%s ser B 1940-53.M N
12%
39%
14
Mass Bonding & Ins.. 12%
Merch Fire Assur com.-.5
Ask
American Reserve
10
26%
3.00
American Surety
25
51%
28%
53%
Automobile
10
32
34
2.25
109%
American Equitable
American Home
United States Insular Bonds
Philippine Government—
4s 1946
Bid
Ask
Bid
100
101%
Honolulu 5s
53.50
1959
105
107
U S Panama 3s June 1 1961
113
4%s July 1952
5s
April 1955
105
107
100% 102
41%
Govt of Puerto Rico—
5s
5
4%s Oct
1952
108
110
1941
110
112%
Hawaii 4 %s Oct 1956
115% 117%
Baltimore Amer
2%
25
8%
7%
101% 104%
National Liberty
National Union Fire
100
633
New Amsterdam Cas
109
Conversion 3s 1947
111
Camden Fire
3%s 1955 opt 1945. -M&N
102% 102%
109
109%
4s 1946 opt 1944
J&J
Bid
4s 1957 opt 1937
Ask
5
Federal
.10
1009|« 1011316
102% 102%
Fidelity & Dep of Md_._20
4%S 1957 opt Nov 1937—.
100% 100i3,6
103% 104
4%s 1958 opt 1938
-M&N
Fire Assn of Phila
9%
141
15
20%
10
32%
25%
New Hampshire Fire
10
47
48%
26%
New Jersey
20
47
49%
20%
22%
28%
4
46%
36%
4%
48
6%
5%
42%
40%
119% 124
Fireman*8 Fd of San Fran25
4s 1958 opt 1938
New Brunswick Fire
13%
35%
26%
5
M&N
M&N
8%
136
8
18%
Employers Re-Insurance 10
Ask
2
2
13%
19%
65%
24%
2%
Excess
Bid
7
24
5
10
Continental Casualty
Eagle Fire
Federal Land Bank Bonds
645
6
55
11
20
Bankers & Shippers
Boston
3.50
4%
63%
18%
63%
10
112%
8%
52
Merch & Mfra Fire New'k.5
111
d3.75
4%
19
60%
Merchants (Providence)-.5
National Casualty
10
108
City of New York
10
Connecticut Gen Life. -.10
100% 100%
100% 100%
100% 100%
..5
111
U S conversion 3s 1946
Carolina
3s 1955 opt 1945—... J&J
3s 1956 opt 1946_;
J&J
3s 1956 opt 1946
M&N
Security
National Fire
4%s July 1958
5s
July 1948
Feb
5%s Aug
117
Fire
10
73%
85
75
New York Fire
2
Northern
12.50
North River
95
2.50
Northwestern
26%
34%
98
28%
National.25
123
128
Pacific Fire
25
126
129
Phoenix.
10
82%
84%
5
18%
20%
Providence-Washington. 10
33%
35%
Preferred Accident
87
Firemen's of Newark
5
11%
13%
Y).2
7%
9
Franklin Fire
-
5
30%
32%
Republic (Texas)
10
24%
26
10
27
28%
Reinsurance Corp (N
38%
40
Revere (Paul) Fire
Rhode Island
---10
25
27
Rossia
Gibraltar Fire & Marine. 10
25
27
St Paul Fire & Marine..25
Glens Falls Fire
45%
47%
Seaboard Fire & Marine..5
19
21
Seaboard Surety
10
10%
29%
30%
62%
65%
Security New Haven
10
33
34
Springfield Fire & Mar..25
Stuyvesant
5
118
Sun
100
680
730
..100
476
486
General Reinsurance Corp5
Georgia Home
Joint Stock Land Bank Bonds
5
Globe & Republic
5
Globe & Rutgers Fire
Bid
Bid
Ask
Atlanta 5s
100
101
Atlantic 5s
100
102
Burlington 5s.
/50
—
California 5s
100
Chicago 4%s & 5s
/5%
Dallas 5s
100
Denver 5s
96
First Carollnas 5s
w
-
-
102
100
Maryland-Virginia 5s
Mississippi-Tennessee 5s
102
100
102
..
New York 5s
99% 100%
97%
100
99% 100%
66
/63
Oregon-Washington 5s
First of New Orleans 5s.
—
First Texas of Houston 5s.
First Trust of Chicago 4 %s
99
Pacific Coast of Portland 5s
100
100
102
Pac Coast of Salt Lake 5s__
100
95
97
Pac Coast of San Fran 5s._
100
Pennsylvania 5s
100
99% 100%
99% 100%
102
100%
Fletcher 3 %s.
Fremont 4%s
100
102%
Phoenix 4%s
/27%
San Antonio 5s
100
102
102
Southern Minnesota 5s
/17%
87
Tennessee 5s.
100
97
Iowa of Sioux City 4%s
100
St Louis 6s.
85
Kentucky 5s
99
Union of Detroit 4 %s
5s
100
Southwest 5s
...
La Fayette 5s
99% 101
Lincoln 4 %s
89
92
89
•
—
...
-
-
85
98%
30
102
87
19
101
99%
99% 100%
92
5s
Life Assurance
26%
Travelers
8%
34%
73%
36%
75%
U S Fidelity & Guar Co..2
23
U S Fire
4
54%
65%
67%
U S Guarantee
10
34%
10
Hartford Steam Boiler. .10
Home
5
36%
Westchester Fire
54%
33%
2.50
12%
121
9%
24%
56%
58%
35%
—
-
101
101
Potomac 5s
81
81
100
-
Illinois Midwest 5s
25
9%
9
11%
217
Surety Guaranteed Mortgage Bonds and Debentures
109
100
Greensboro 5s
26
8%
10%
212
109
78
Greenbrier 5s.
93
24%
5
101
107
77
5s—
101
107
5s
90
5
15
Hartford Fire
North Carolina 5s
Ohio-Pennsylvania 5a
6%
102
2d preferred
Great Amer Indemnity... 1
Halifax Fire
10
Hanover Fire
10
Great American
102
100
98
First of Fort Wayne 4 %s..
First of Montgomery 5s
Ask
Louisville 5s
15
8
.—5
Virginia-Carolina 5s
100
102
Virginian 5s
100
101
Bid
Allied Mtge Cos Inc—
All series 2-5s
.1953
3-6s
1953
47
47
Series B 2-5a
49
76
1954
77
Corp
3-69
---
74
.1953
46%
Potomac Deb Corp 3-6s '53
Franklin Deb Co
48
36%
46%
49%
49%
46%
49%
3-6s
1953
—
Potomac Maryland Deben¬
1953
81
—
ture
Corp 3-6s
Potomac
part
Bond
Potomac
1945
Nat Bondholders
53%
(all
Issues )2-5s
1953
Potomac Cons Deb Corp—
Empire Properties Corp—
Inc 2 -5s
-.1954
—
Potomac
Interstate Deb Corp 2-5s'55
Mortgage Bond Co of Md
Joint Stock Land Bank Stocks
mmmm
56
Ask
Corp—
Series A 3-6s
79
Cont'l Inv Bd Corp 2-5s '53
Contl Inv DebCorp 3 6s '53
2-3s
Bid
Nat Union Mtge
Arundel Bond Corp 2-5s '53
Arundel Deb Corp 3-6s '53
Associated Mtge Cos Inc—
Debenture
Ask
82
.
1953
(Central Funding series)
/34
Par
Bid
Ask
Nat Cons Bd Corp 2-5s '53
74
Atlanta
52
60
New York
100
14
16
Atlantic
38
Nat Deben Corp 3-68.1953
46%
45
North Carolina
100
45
Realty
72
Atlantic
Deb Corp 3-6s
ctfs
1953
46%
49%
49
Par
Dallas
Bid
Ask
72
76
Pennsylvania
100
25
20
Potomac
100
67
65
.San Antonio
100
45
10
Virginia
Des Moines
100
First Carollnas
100
6
Fremont
100
1%
3
Lincoln
100
6
8
5
Virginia-Carolina
100
1.40
50
&
Mortgage
Par
Teleg (N J) co
Bid
112
Par
Ask
115
New York Mutual Tel. 100
100
Bell Telep of Canada..100
Bell Telep of Pa pref._100
Cuban Telep 7% pref--100
168% 170%
Pac & Atl Telegraph
117% 119%
PeninsuJar Telep com
41
—
Preferred A
Ask
Bid
Ask
61
66
Franklin Telegraph
40
45
97
99%
So & Atl Telegraph
Gen Telep Allied
F I C 1 %s
.40%
FIC l%s—Nov
15 1937 b .45%
15 1937 b .50%
FIC l%s—Dec
15 1937 b .55%
mm
m
mm
-
Bid
i
24
Ask
100
25
*
18
...
20
100
26%
28%
109% 114
100
110
Rochester Telepnone—
$6.50 1st pref
—
Corp—
$6 preferred
38%
120% 122%
Emp & Bay State Tel. .100
Bid
15 1937 b
50
36%
Unified Deben Corp 5s 1955
Telephone and Telegraph Stocks
1.70
Intermediate Credit Bank Debentures
Oct
47
50
Preferred
F I C 1 %s
1953
55
Am Dist
Federal
49%
Bond
deb 3-6s
72
60
Realty
mm
29
15
Denver
37
*
Sou New Engl Telep
25
20%
24
15 1938 6.60%
15 1938 6 .65%
165
167%
F I C l%s...Mar
Int Ocean Telegraph.-.100
85
95
S'western Bell Tel pref. 100
120
123
FIC1%S—Apr
15 1938 6.65%
Mtn States Tel & Tel..100
138
142
Wisconsin Teiep 7% pf.100
113% 116
FI C
Jan
May 15 1938 6 .70%
For footnotes see
page
1404
100
Volume
Financial
145
Quotations on Over-the-Counter
1403
Chronicle
Securities—Friday August 27—Continued
RAILROAD BONDS
Guaranteed Railroad Stocks
BOUGHT
SOLD
.
QUOTED
.
Monthly
Earnings and Special Studies
3oscpb KJalker $ Sons
Mtmbtn Nrw
York Stock Excbongo
Dtalcrtin
120 Broadway
j|
e. sloane&co.
john
Members New York Security Dealers Association
f©!. REctOlt
"ST
NEW YORK
Bulletin
Request
on
41 Broad St., N.
Y.
-
HAnover 2-2455
-
1-624
Bell Syst. Teletype NY
2-6600
J
[«lncl85sl|_
Railroad Bonds
Guaranteed Railroad Stocks
Asted
Bid
&
(Guarantor In Parenthesis)
Dividend
Asted
Bid
Par in Dollars
64
653*
1945
64
66
1953
1957
Akron Canton A Youngstown
6s
96
99
99
101
1945
534s
Augusta Union Station 1st 4s
Birmingham Terminal 1st 4s
100
6.00
94
98
100
100
50
100
10.50
164
170
100
100
100
2.85
55
60
4.00
94
100
5 00
95 H
(N Y Central)..100
Pittsburgh (Pennsylvania)
50
stock..
-—60
6.00
100
103
3.50
86
88
2.00
50
53
(Pennsylvania)
pref (N Y Central)
Georgia RR A Banking (L A N-A C L)._
Lackawanna RR of N J (Del Lack A Western)
25
100
100
2.00
45
100
Michigan Central (New York Central)
100
50
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
98
100
(Illinois Central)
Alabama A Vlcksburg
Hudson)
(Buff Roch & Pitts)
Albany & Susquehanna (Delaware &
Allegheny & Western
Beech Creek (New York Central)
Boston A Albany (New
York Central)
Haven)
Boston A Providence (New
Canada Southern (New York
Central)
N-A C L) 4%
Carolina Cllnchfleld & Ohio (L &
Common 5% stamped
6.00
Betterman
Delaware
Fort Wayne A Jackson
Morris A Essex (Del Lack A
Western)
(D L A W)
New York Lackawanna A Western
Northern Central (Pennsylvania)
Northern RR of N J (Erie)
42
128
132
8.50
132
137
1950
1942
60
65
76
82
Prior lien 434 s
1944
79
Convertible 5s
Prior lien 4s
84
1940-45
94
97
1961
100
102
96
Chateaugay Ore A Iron 1st ref 4s
88
Choctaw A Memphis 1st 6s
Cincinnati Indianapolis A Western 1st 5s
Cleveland Terminal A Valley 1st 4s...
1942
1949
1965
1995
85
98
46
54
97
99
91
93
48
Georgia Southern A Florida 1st 5s
1945
64
66
Goshen A Deckertown 1st
1978
.1946
94
99
1978
99
.1939
1949
*15
10134
103
1965
104
107
5.50
85
90
10.00
190
195
4.00
65
50.00
900
1050
634s
68
Hoboken Ferry 1st 5s
Kansas Oklahoma A Gulf 1st 5s.
4.00
58
63
Macon Terminal 1st 5s
4.50
60
Western)
10534
1043*
April 1, 1943
434s
Buffalo Creek 1st ref 5s
-
Oswego A Syracuse (Del Lack A
101
38
8.75
Cleve Clnn Chicago A St Louis pref
Cleveland A
98
2.00
Boston A Albany 1st
Boston A Maine 3s
60
65
Maryland A Pennsylvania 1st 4s.
Meridian Terminal 1st 4s..__
83
78
10034
•
20
1951
1.50
43
80
86
Montgomery A Erie 1st 5s
7.00
176
7.00
176
181
6.82
92
95
45
50
65
72
94
96
66
69
172
100
100
100
95
...1949
1956
Minneapolis St Laul A Sault Ste Marie 2d 4s
3.00
70
93
1946
1966
1951
50
50
Pittsburgh Fort Wayne A Chicago (Pennsylvania)..100
65
—1955
....
.......
Pittsburgh Bessemer A Lake Erie (U
S Steel)
Preferred
...
Preferred
———
Rensselaer A Saratoga (Delaware
A Hudson)
St Louis Bridge 1st pref (Terminal
Second preferred.
....
New York A Hoboken Ferry general 5s
Piedmont A Northern Ry 1st mtge
Portland RR 1st
142
33*8
334s
RR)
—————100
6.00
3.00
71
100
100
6.00
142
10.00
246
6.00
86
89
5.00
90
5.00
79
83"
Somerset Ry 1st ref 4s
5.00
82
87
Southern Illinois A Missouri Bridge 1st 4s
3.50
47
50
Canal (Pennsylvania)
Utlca Chenango A Susquehanna (DLA W)
100
Valley (Delaware Lackawanna A Western)
100
Vlcksburg Shreveport A Pacific (Illinois Central)... 100
Preferred..
..............100
Warren RR of N J (Del Lack A Western)
50
United New Jersey RR A
....
Consolidated 5s.
1945
90
92
..1957
86
91
1951
95
1955
1955
91
....
434s
Rock island Frisco Terminal
St Clair Madison A St Louis 1st 4s
Shreveport Bridge A Terminal 1st 5s
64
61
3.00
50
(Pennsylvania)
Toledo Terminal RR
_
434s
EQUIPMENT TRUST CERTIFICATES
EST.
Bid
Ask
61.70
1.10
62.65
2.10
63.75
334s Dec 1
2.00
2.25
New Orl Tex A Mex
62.75
5s
2.25
New York Central
62.90
1936-1944..
2.25
62.90
Canadian Pacific 434 s
Cent RR New Jersey
(
434 s.
2.25
62.90
434 S—
5s
2.25
62.75
2.10
62.76
1.75
2.00
434s..
63.80
2.75
434s—
62.65
2.00
62.00
2.75
63.75
2.75
61.75
Pacific 434s
2.00
63.75
5s
Northern
2.25
62.50
6s
N Y N H A Hartf 434s
1.25
63.00
5s.
N Y Chic A St L 434s
Canadian National
Utility Stocks
Par
Ask
Bid
1.20
pref..*
Arkansas Pr A Lt 7 % pref*
Associated Gas A Electric
Original preferred
.*
$6.50 preferred
*
$7 preferred
*
Atlantic City El 6% pref.*
Bangor Hydro-EI 7% pf 100
Birmingham Elec $7 pref.*
Alabama Power $7
74
7534
79
81
62.00
62.50
1.75
5s
5s
61.75
1.00
4s series
64.00
3.00
23*s series G
$7
1134
934
1834
20
19
21
112
130
Nebraska Pow 7% pref. 100
Newark Consol Gas
100
73
4.50
Pere
4.75
5s
non
90
92
92
1937-50
2.50
5s
63.90
2.75
534S——
63.90
2.75
434s._
62.25
1.50
62.25
1.50
434JS
62.75
2.00
5s
62.25
1.20
1.10
10034
9934
101
Erie RR
534 s
Great Northern
2.00
Dallas Pr A Lt
2.00
2.10
Derby Gas A El $7
Essex Hudson
Gas
62.75
434s——
434 s
61.75
1.20
61.65
6s
Hocking Valley 5s
1.00
5s...
Southern Ry
434s
5s
Pacific
4s
2.00
63.00
5s.
Internat Great Nor
Long
5s
1.50
Ry
4>£s
—1
4348
5s
1.50
61.50
1.00
61.50
61.70
1.00
2.25
2.00
97
100
1.50
5s
97
100
61.75
434 s
63.75
1.10
534a
97
100
99
101
61.75
1.10
63.00
2.25
63.00
For footnotes see page
2.25
63.75
534s
Minn St P A SS M 4s
3.00
1404.
434 s
6s
Western
5s
61.70
Wabash Ry
Maryland 434s..
5s
Western Pacific 5s
534s
86
82
85
15
1.00
7% pref 100
50
55
983*
993*
89 34
112
pref--*
185
62.75
2.25
62.65
2.00
63.75
2.75
63.75
2.75
1043* 1063*
120
_
_
38~~
75
60
6134
603*
$6
eum
613*
preferred
100
preferred... 100
10934 1113*
1013*
cum
77
Ohio Edison $6 pref..
903*
98 34
*
$7 preferred
*
7%
100
preferred
Okla G A E 7% pref—100
80
106
99 34
108
11034 113
96
98
104
107
106 34 109
59
'
'
mm
m
Pacific Pow A Lt 7%
pf 100
68
65
pref...*
933*
36 3*
37 3*
Philadelphia Co $5 pref..*
7034
363*
373*
Pub Serv of Colo 7% pf
37
9434
39
Penn Pow A Lt $7
120
185
«
-
-
»
—
-
100
106
73
109
Queens Borough G A E—
100
1
65
534
6
100
6% preferred
Republic Natural Gas
973*
99
6634
Rochester Gas A Elec—
*
100
106
108
108
110
Gas...*
Interstate Power $7 pref—*
Jamaica Water Supply—
734% preferred
50
Jer Cent P A L 7% pf—100
Kan Gas A El 7% pref. 100
Kings Co Ltg 7% pref. .100
Long Island Ltg 6% pf.100
7% preferred..
100
Memphis Pr A Lt $7 pref.*
28
30
9
11
7% preferred
3434
74 34
7%
Idaho Power—
$6 preferred..
43
32 34
Nor States Pr $7 pref. .100
115
55
100
Federal Water Serv Corp—
$6 cum preferred
$6.50 cum preferred
$7 cum preferred
Gas A Elec of Bergen. .100
Hudson County Gas.-.100
Interstate Natural
5
39
37
Ohio Power 6% pref
100
Ohio Pub Serv 6% pf__ 100
100
7% preferred
3
17
1.00
62.50
5s
Maine Central
2.25
62.25
5s.
Virginia
2.25
62.75
434s„
Island 434 s
5s.
Loulsv A Nash
2.40
62.40
434 s
62.80
62.80
434s
Union Pacific
Illinois Central
...
83 34
Continental Gas A El—
2.50
2.00
62.80
-
Pacific
62.75
62.50
534s
63.50
63.00
St Louis Southwestern 53—
Texas
pref.. 100
Consol Elec A Gas $6 pref.
Consol Traction (N J) -100
Consumers Power $5 pref.*
963*
933*
101
1.75
61.75
Cent Pr A Lt 7%
100
5s
Southern
6s
$6 preferred
2.10
71
113
New York Power A Light
..100
-100
2.25
99
St Louls-San Fran 4s
84
7% preferred
2.00
62.70
5s
93
82
Central Maine Power—
62.70
67
no
New Orl Pub Serv $7 pref*
91
*
2.00
62.85
Marquette 434s
Co 434s
434s
63.75
Denver A R G West
62.75
call
Reading
90
Chicago R I A Pac 434s.._
1937 49
60
69 34
534 % P*-*
N E Pow Assn 6% pref. 100
New Eng Pub Serv Co—
$7 prior lien pref
*
New Eng G A E
$7 pref*
25
100
preferred.
Nassau A Suff Ltg pref. 100
-
135
71
Miss RIv Pow 6% pref. 100
Mountain States Pr com. *
7%
-
•
23 34
preferred
62.00
3.00
64.85
65.25
4J^s.
os
Ast
56
64
preferred
.
2234
Si.60 preferred
Carolina Pr A Lt
6%
Dec 1
64.00
Chic Mllw A St Paul
1.00
E due
Jan A July
Chicago A Nor West 434s.
1.25
61.50
Pennsylvania RR 4348
43^8
Mississippi Power $6 pref..
Mississippi P A L $6 pf—.*
Buffalo Niagara Eastern-
Chesapeake A Ohio
Bid
2.00
534s
Par
3.00
63.00
63.00
434s
62.75
434s
N.Y.
Teletype N.Y. 1-1146
Ast
5s
Missouri Pacific
62.50
5s
ONE WALL ST.,
exchange
Public
Boston A Maine
ELECTRIC
Equipment Bonds
Bid
434s
68
Tel. DIgby 4-2800
1908
n.y. stock exchange
and n.y. curb
Line 434s.
99
66
Bmtell Brothers
Philadelphia, Pa.
members
Baltlmore A Ohio
112
95
5% PREFERRED
Stroud & Company Inc.
Atlantic Coast
109
WASHINGTON RAILWAY &
Quotations-Appraisals Upon Request
Private Wires to New York
85
1957
..1966
1954
434s
Toronto Hamilton A Buffalo
67
1951
Washington County Ry 1st 33d»s
Railroad
93
250
Tuone RR St Louis (Terminal RR)
West Jersey A Sea Shore
40
$6 preferred C
Sioux City G A E $7
pf.100
1093* 111
B.25
South Jersey Gas A EI. 100
Tenn Elec Pow 6% pref 100
7% preferred..
100
Texas Pow A Lt 7% pf-100
Toledo Edison 7% pf A 100
55
59
United G A E (Conn) 7% pf
65
66 3*
Utah Pow A Lt $7
803*
82
Utlca Gas A El 7%
6634
69
Virginia Ry
55
91
_
Sou Calif Edison pref
-
-
93
pref—*
pf-100
..100
96
97 34
2734
185
2834
.
54
62
99
56
64
1003*
103 34 10534
84
86
63 34
65
94
96
180
185
•
Financial
1404
Chronicle
1937
Aug. 28,
1
Quotations on Over-the-Counter Securities—Friday August 27-Continued
of
Securities
Specialists in —
the
Associated Gas & Electric System
Water Works Securities
s. a. o'brien & co.
Complete Statistical Information—Inquiries Invtt&t*
Swart. Brent & Co.
Members New York Curb Exchange
75 FEDERAL ST., BOSTON
BROADWAY, NEW YORK
150
INCORPORATED
HANcock 8920
COrtlandt 7-1868
40
New York and Boston
Bell System Teletype—N. Y. 1-1074
Direct Private Telephone between
Public
Tel. HAnover 2-0510
Water Bonds
Ask
Bid
Bid
1948
80
83
Cumberl'd Co PAL 3 Ms '66
74
75 M
Dallas Pow A Lt 3 Mi-1967
97%
103% 103%
98
99 M
loderated Util 5 M8—1957
70
73
53
54 M
Green Mountain Pow 5s *48
103
104
Houston Lt A Pow 3 Ms '66
Income deb
Corp—
3%s—1978
33
34
Iowa Sou Utll 5Ms--.1950
3%s—1978
33 M
34%
Kan City Pub Serv
1978
Income deb 4s
Income deb 4%s—1978
4s_1957
99
36%
36 M
37%
Kan Pow A Lt 1st 4 Ms '65
Keystone Telep 5 Ms--1955
99
1973
65
66
68
Metrop Edison 4s ser G '65
Conv deb 5s.
1973
73
75
Missouri Pow A Lt 3%8 '66
Conv deb 5Ms.T--.1973
84
86
Mtn States Pow 1st 6s 1938
8-year 8s with warr.1940
95
97
Narragansett Elec 3 Ms '66
8s without warrants 1940
95
Newport N A Ham 5s. 1944
97
N Y State El A G
Assoc Gas A Elec Co—
Cons re! deb 4 Ms.-1958
46
Sink fund Income 4s 1983
43
—
■
»
-
105% 106
105% 106%
1965
Northern N Y Utll 58.1955
96
97
101%
97%
68%
48 M
Parr Shoals Power 5a. .1952
94
49M
50M
Pennsylvania Elec 5s. 1962
100% 102
59
61
Penn Telep
104%
97%
98%
Peonies LAP 5Ma. ..1941
Sink fund lnc 4 %-6 %s'86
47 M
Sink fund lnc 5-6s.-1986
Sink fund lnc 5 *6-6 %s'86
-
-
Corp 1st 4a '65
Public Serv of Colo 68.1961
Bellows Falls Hy El 5s 1958
108 M
.
76
/73
104% 106
72
98%
46
77
1st lien coll trust 6s. 1946
Central
G '60
ser
Tel Bond A Share 58.-1958
78 M
80 M
102% 103 M
Union Elec (Mo)
3%s.l962
Utlca Gas A El Co 5s
-1957
-
Colorado
-1967
—
5s.-.1953
Power
Conn Lt A Power 3 Ms 1956
3 Ms series F-.
1966
3 Ms series G
-.1966
fiVs
Western Pub Serv 5 Ms '60
103% 104%
Wisconsin G A EI 3 Ms 1966
104 M
Wise Mich Pow 3 %s. -1961
102
•
_
_
_
102 M
Conn River Pr 3 M8 A. 1961
Consol E A G 6s A
89
92
1951
City of New Castle Water
103
1st coll trust 4Ma.. 1966
Peoria Water Works Co—
95 M
96 M
5 Ms series A
48 M
103% 104
85
87%
100% 101%
101
101%
101
1st A ref 5s
—
1st 5s series C
1957
105
Prior lien
104
106
108
97
100
102
104
70 M
74%
6s series A
1946
73
78
Connellsvllle Water 5s 1939
100
5s
Richmond W W Co 5s. 1957
Roanoke W W 5s
1950
Consol Water of Utlca—
4Ms-
1958
95%
1958
98
Davenport Water Co 5s '61
105
St
Joseph Watisser 19A'66
Gas A
100
1942
6s series B_
1942
101%
5s series D
1960
103
101
1958
Water Serv 5s
lat Aref 5s A
93
„.jenango Val 4s ser B 1961
97
South Bay Cons Wat 5s '50
South Pittsburgh Water—
5s series A
1952
98% 100 M
6sserle8 B
1952
98
Hackensack Wat Co 5s '77
104
5 Ms series B
1st mtge 5s
5s series A
109
1977
5s series B
1954
101
6s
1954
103
5s
1962
I960
Terre Haute Water 5s B "56
68 series A
1949
Texarkana Wat 1st 5s. 1958
103%
Union Water Serv &%s '51
W Va Water Serv 4s..1961
101
103
98
100
100% 101%
Western N Y Water Co—
5s series B
.--.-1958
93%
1957
1951
1st mtge 5 Ms
104%
1950
Westmoreland Water 5s '52
103%
104
93
B'way Barclay 1st 2s
.
1956
43 %
106"
5s series B
1956
101
5s series C
1960
104
6s series A.
95"
1949
104
1952
102 M
729%
32%
18
Haytlan Corp Amer
26
29
Savannah Sug Ref com.-.l
1
37
40
West Indies Sugar
Chesebrough Bldg 1st 6s '48
Munson Bldg 1st 6 Ms. 1939
N Y Athletic Club—
63
65%
1 st mtge 2s stmp A reg'56
61
64
1st A gen 6s
58%
61
Court A Remsen st Off Big
6s
Apr 28 1940
Dorset (The) 1st 6s--.1941
/38
/33
41
...1945
1946
N Y Eve Journal 6 Ms.1937
N Y Title A Mtge Co—
6 Ms series BK
36
5 Ms series C-2
1st A rel 5 Ms
1947
-
Eqult Off Bldg deb 5s
1952
Deb 5s 1952 legended..
50 Bway Bldg 1st 3s lnc '46
600 Fifth Avenue—
6 Ms unstamped
1949
/6%
73%
8%
76%
73
76
54
56
37%
62d A Madison Off Bldg—
6s
.Nov 1947
/49M
40
/51%
Film Center Bldg 1st 6s '43
40 Wall St
Corp 6s
1958
60 M
1939
42 Bway 1st 6s
53"
71%
1400 Broadway Bldg—
1st 3 M-6 Ms stamped 1948
Fox Theatre A Off Bldg—
As
Oliver Cromwell (The)—
1st 6s
Nov 15 1939
I Park Avenue—
1st 6s—Nov 6 1935 1939
2nd mtge 6s
1951
103 E 57th St 1st 6s
1941
165 Bway Bldg 1st 5 Ms '51
31
/29%
31
6Ms
.Oct 1
.
1941
^
(NO
£
/22%
/9
52%
/51
56 M
53
/16%
18%
1945
/16%
18%
1956
33%
3-5Ms deb lnc (w s). 1956
Park PI (Newark) 6s '37
/24%
3s with stock
68
57 M
51
66 M
69 M
616 Madison Av
lst6%s'38
61 Bway Bldg
49 M
Syracuse Hotel (Syracuse)
1st 6 Ms
Oct 23 1940
93 M
95
London Terrace Apts 6s '40
/47%
50 M
Bauman—
Sherneth
3M
6s 1961
Textile Bldg—
1st 3-5s (w s)
Trinity Bldgs Corp—
1st 5 Ms
36
/34
/50
36%
51
69%
...
85
61%
64%
95
Bldg 1st 4s 1941
1st 6 Ms
Oct 19
Westlnghouse Bldg—
..
48
79
Walbrldge Bldg (Buffalo)
3l"
7%
*
C) commqtr--
Kress (S
Miller
3 M
12M
Ask
34 M
35M
5 %
4%
♦
28
H) 6% pre!
11%
11M
(1) Sons common..*
12
6M% preferred..'.. 100
Murphy (G C) $5 pref.100
12%
*
pref
preferred
*
No
Flat
selling
par
40
45
107
109
Reeves (Daniel) pref--.100
14
98 M
30
104 M 107 M
United Cigar-Whelen Stores
11
9M
24
••
_
vaiue
price
on
n
New
■
•
Common
31
84
1M
1H
93
"V.able
Nominal quotati
Yorh
on
t Quotations
per
Curb
Stock
b
w i
n.
Exchange
York
New
$5 preferred
41
39
no.-
*•„;.
Itu"»
a
t Now listed
t
Basle
When
prioe
d Coupon
lBsued
Ex rights*
e
Ex dividend
t
Now
v
Ex-stock dividends
Exchange
100 gold rouble bond, equivalent to 77.4234 grams of pure gold
CURRENT
—Funeral services
trader,
1939
I Park A ve
3
7% preferred
-?" \ J
Diamond Shoe pref
v 10
Flshman (M II, Go Inc.
*
Kobaeker Stores
Jrt
/
45%
64 M
93
Inc common..*
v;/f
1958
64%
1948
Bid
Par
■'13 M
were
held
for
Charles
NOTICES
Callahan,
Wednesday, Aug.
well
known
18, in Brooklyn.
cently helped to form the firm of Callahan & Cornell.
corporate
Mr.
bond,
Callahan
1st fee A leasehold 4s '48
Co.
15 years he
with the Bankers Co. in the corporate bond division.
was
/24
67 M
29
70 M
and before that with
Winthrop, Mitchell & Co.
For
—Frank Altschul, Chairman of Lazard Freres & Co., returned from
Europe yesterday (Monday) on the Queen Mary.
Randolph P. Compton,
Vice-President,
—
1938
re¬
Prior to that he was
with Cassatt &
1936
Metropolitan Chain Prop—
6s
3.60
Corp—
1942
/29
52.40
105
conv
Botiack (H
t4 sk
HM
95
"j
73
53%
49
Bldg
Majestic Apts 1st 6s.. 1948
103%
49%
Income
70 M
I)
93
103
A
Bin
♦
26%
44%
58 M
68%
(Bklyn)
:*■
..100
preferred
$2.50
Realty ext 1st 5Ms-1945
Lincoln Bldg lnc 5 Ms 1963
Loew's Theatre Rlty Corp
1st 6s
1947
6s
7%
54
60
1st
f revenue 1977-AAO
Cnc^ Store Stocks
74
/52
68
1st 6 Ms (L
s
4s serial revenue 1942-68
1007,6
1005,6
12
■
Par
Roxy Theatre—
66
Ludwlg
4s
101»«
100*32
91
Reynolds Investing 5a. 1948
July 1936
Blckfords Inc
90%
1st fee A l'hold 6 Ms. 1940
Savoy Plaza Corp—
1946
/46
Ask
Trlborough Bridge—
1938
April
B/G Foods
12
46
Lewis Morris Apt Bldg—
1st 6Ms
Apr 15 1937
102% 104%
96%
Banks
Borland Shoe Stores
65 M
64
1948
Bid
Home Owners' Loan Corp
2s
-.Aug 15 1938 101*3*
1 Ma
-June
1 1939 1001,6
•
56
/43
1st 4-5s extended to
8
'
l%s
1 Ms
13
68
1944
Lefcourt Manhattan
Federal Home Loan
25
65
1949
Hotel Lexington 1st 6s 1943
Hotel St George 4s
1950
7
Corp.-l
1001,6 IOOS32
1939
52%
/54
5Ms unstamped
Graybar Bldg 5s
55%
Sept 1
43
1943
42
Fuller Bldg deb 6s
Harrlman Bldg 1st 6s. 1951
Hearst Brisbane Prop 6s '42
36
41
Co—
5Ms double stpd...l961
Realty Assoc Sec Corp—
1 Ms
55
to
62
5s
/10
1 %
%
34
Ask
95%
River Bridge 7s
l'v
Federal Farm Mtge Corp—
100
99
6s
1st
39
Bid
Invest 3a..1946
Bear Mountain-Hudson
32%
28%
lO
5 Ms series Q
19th A Walnut Sts (Phlla)
1st 6s.
July 7 1939
Prudence
*
Miscellaneous Bonds
Associates
72%
/31 %
CO
5Ms series F-l
East Ambassador Hotels—
Ask
Bid
Par
16
1
99% 101
Metropol Playhouses Inc—
42
Broadway Motors Bldg-r4-6s
1948
Chanln Bldg lnc 4s.-.1945
1st
1947
5 f deb 5s
1st leasehold 6 Ms.-1944
104M
Certificates
40
B'way A 4 1st Street—
Ask
10
Metropolitan Corp (Can)—
6s..
Bid
Par
Preferred
Bid
49 M
101
99
101 M 103 M
Wichita Water—
99
Sugar Stocks
Syste
1-,
•588
Ask
/40M
/45%
97 M 100
98
95
1950
lat mtge 5s
98%
104%
NY
Real Estate Bonds and Title Co. Mortgage
1st 6s "41
99~"
97
101
103
104
W Co 5s. .1958
Eastern Sugar Assoc
Broadmoor (The)
105
& CO.
Broadway, N.Y.
Bid
102 M
..I960
101% 103%
1966
Cuban Atlantic Sugar
1941
77
74
102M 104 M
Sprlngfl. City Wat 4s A '56
Monmouth Consol W 5s '56
Issues
li
1
m"
1955
5sseries B._
Huntington Water—
INCORPORATED
6s...Jan
94 H
92 M
1967
103%
Lexington Wat Co 5 Ma *40
Long Island Wat 5Ms. 1955
Markets
BArclay 7
1st
101 M 103 M
1961
W'msport Water 5s
Alden
93
90
99 M 101M
105
Scranton-Spring Brook
Middlesex Wat Co 5 Ms '57
150
105
Water Co
4 Ma
—
5s series A
5s
2360
104
Roch A L Ont Wat 5s. 1938
97%
101
Scranton
Kokorao W
BAKER
99 M 101M
100
1948
1946
Joplln W W Co 5s
AMOTT,
102 M
100
Pblia Suburb Wat 4s_. 1965
Indianapolis W W Securs—
-
lOl"
98
Pinedas Water Co 5 Ma *59
Pittsburgh Sub Wat 5s *58
Plalnfleld Union Wat 5s '61
...
Indianapolis Water—
Estate
106
100%
5 Ms series B
1st mtge 3 Ms
Reports
-.1948
73 M
70 M
1948
1st consol 5s
100%
Illinois Water Serv 5s A '52
50
Real
1950
1st consol 4s
1954
Clinton W Wks Co 5s. 1939
103% 104
50
47 M
1941
105"
5s series B
100% 101
104 M 105
1962
1962
6s series B
1961
92 M
102
100% 102
(Wash)—
5s
Wisconsin Pub Serv—
1st mtge 4s
84
101
1951
Wat Co
Greenwich Water A Gas—
Westchester Ltg 3MS-1967
Western Mass Co 3%s 1946
5%
104% 105%
106 M
5s 1953
...
Public Utility-
Income 5 Ms with stk '52
Clnn Gas A El 3 Ms
98
90
Ore-Wash Wat Serv 6s 1957
Penna State Water—
103% 104%
119
80
102 M
77
75
80
76
Newport Water Co
E St L A Interurb Water—
94
75
98%
1958
.
1951
5 Ms
1951
New York Wat Serv 6s '51
102 M 104%
105
Wat Serv 4 Ms '58
Citizens
75
44
-
104
Ohio Cities Water 5Ms '53
Ohio Valley Water 6s. 1954
Ohio Water Service 5s. 1958
"
Sou Cities Utll 5s A.
104 M 105
92
103
58 series B
Community Water Service
Sioux City Gas A El 4s 1966
Buffalo Niagara Electric—
Central G A E5%S--
101
-.1954
Butler Water Co 5s—1957
-
Cent Ark Pub Serv 5s. 1948
103
1st mtge 5s
Pub Utll Cons 5 Ms--.1948
102 M 104
Blackstone VGA E 4s 1965
102
1954
5s series B
5%s series A
97%
67
-
1957
5s
45
Cent Maine Pr 4s
101 M 103 M
5s series C
City Water (Chattanooga)
North'n States Pow 3 Ms'67
43
1946
105
New Jersey Water 58.1950
New Rochelle Water—
101
---
Old Dom Pr 5s May 15 '51
'
55
Sink fund lnc 4-5S-. 1986
1967
M uncle Water Works 5s '65
Chester
96
101% 101%
~
48
Sink fund Inc 5Ms.-1983
3%« series C
102
102
Calif Water Service 4s 1961
99% 100
93%
Atk
Ashtabula Wat Wks 5s '58
37%
100%
Corp—
4s
48
Sink fund Inc 4 %s.. 1983
Bid
Monongahela Valley Water
5 Ms
1950
Morgantown Water 5s 1965
100%
67
1973
City Elec 3Ms '64
100%
105
109
43
Conv deb 4 %s
Atlantic
98
1956
Alton Water Co 5s
102% 103%
42
Conv deb 4s
Sink fund Income 6s 1983
Ask
Alabama Wat Serv 58.1957
Atlantic County Wat 5s '58
98%
Associated Electric 5s. 1961
Income det)
Bid
Ask
Amer Wat Wks A El 5s '75
Assoc Gas A Elec
NEW YORK
Teletype: New York 1-1073
Utility Bonds
Amer Utility Service 6s '64
Amer States P 8 5 Ms.
EXCHANGE PLACE,
also returned from abroad yesterday on the S. S. California.
—Announcement
is
made
of the
removal
of the
New
York
offices of
Butler, Wick & Co., members of the New York Stock Exchange, to the
ground floor of the R. C. A. Building, 30 Rockefeller Plaza.
Volume
Financial
145
Quotations
Over-the-Counter Securities—Friday August 27- Continued
on
Industrial Stocks and Bonds—Continued
Industrial Stocks and Bonds
American
*
Arch
American
62
..100
Book....
Foundation Co For aba— *
46%
43%
American
3%
*
4%
5H
Amer Maize Products.... *
20
22%
American Mfg 5% pref.100
80
84
American Republics com
15
67
Remington Arms
26%
Scovlll Mfg
25
42
43
28
30
Singer Manufacturing.. 100
Singer Mfg Ltd
Skenandoa Rayo* Corp
312
318
Andlan
53
Art Metal Construction.10
27%
Bankers Indus Service A_*
53
Great Northern
28%
1st preferred
Burdlnes Inc
Chilton Co
...
*
33%
10
48
*
.*
15%
41%
Crowell Publishing com..*
$7 preferred
100
100
100
100
240
2d 8 % preferred.
Macfadden Publlca'n com *
7
49%
*
68
71
39
40%
Dennison Mfg class A...10
Dentists' Supply Co of N Y
*
56
t
60
68%
71%
*
Nat Paper A Type com.
preferred
5%
IOO
118
Dixon (Jos) Crucible
IOO
Douglas Shoe preferred. IOO
Draper Corp
*
65
68
17
34%
50
United Artists Theat com *
United Merch A Mfg com *
United Piece Dye Works.*
80
83
7%
...
100
com w
28%
Chicago Stock Yds 5s. 1961
95
99% 100%
24
2%s '42
Cont 1 Roll A Steel Fdy—
26%
1st cony
6%
5
s
f 6s
1940
101
99
Cudahy Pack conv 4s. 1950
42%
40%
98
1st 3%s
102%
1%
87
.
com v
t c 1
69
10
11
Willys Overland Motors. .1
*
99
1
1
pref
106
108
/26
27
76
80
1st 6 %s assented.
29
.1942
Wltherbee Sherman 6s 1944
.*
Conversion
3%
2%
Wilson A Co
Ohio Match Co
6%
i%
preferred
10
WJR The Goodwill Sta_. 5
45
Scovlll Mfg 5%s
1945
Standard Textile Products
107
104
19%
35%
Petroleum
90
28%
33%
Pathe Film 7%
/42
37""
18%
Wickwire Spencer Steel..*
WUcoxA Gibbs common 50
14%
165
1946
26
25
50%
103% 104
1939
Nat Radiator 5s
101
41
14
Conv 6s
24
26
20
Pharmacal
90
1948
*
preferred
cum
39
Norwich
85
Conv deb 6s
White Rock Mln Spring—
$7 1st preferred
100
91
67
89
25
48
22
West Dairies Inc
100
/87
/23
N Y Shipbuilding 6s..1946
45%
41
$3
1937
11%
9%
102% 103%
Haytlan Corp 8s
1938
Kelsey Hayes Wheel Co—
15%
1
102%
102J
1955
Deep Rock OH 7 s
5
4
14
,28%
5
1__
96
27%
7 39
Ohio Leather common...*
Preferred wi
Wire Fabrics 7s. .1942
35
Yeast—100
49
Follansbee Steel
Bonds—
Am
West Va Pulp A Pap com.*
Preferred
100
8
100
Follansbee Bros pref
98
14%
9%
30%
*
100
preferred.
20%
7
24%
100
13
Kopper Co 4s ser A...1951
(Glenn L) —
18%
6
106
95%
94
17%
103%
preferred
23%
Martin
30
Preferred
American Tobacco 4s. 1951
16
103
106
..
*
Preferred 6%%
Northwestern
110% 110%
127
7%
165
100
New Haven Clock—
Du Pont (E 1) 4%% pref.*
Federal Bake Sh&ps
*
*
$3 conv preferred
Welch Grape Juice com..5
18
46
111
New Britain Machine
32%
.
..100
100
100
6
5%
Warren Northam—
105
90
*
Preferred
Dictaphone Corp
*
common
Tennessee Products
Preferred
-116
100
Muskegon Piston Ring.—
National Casket
-*
57
Devoe A Raynolds B com *
10%
9%
100
preferred..
6%
4%
3%
*
7% preferred
Young (J S) Co com
Mock Judson A Voehrlnger
...
55
York Ice Machinery
5%
4%
Taylor Wharton Iron A
Trlco Products Corp
*
Tubize Chatlllon cum pf.10
110
.1
Merck A Co Inc com
44
108%
preferred
Preferred
8
17%
25%
59%
Commercial Credit
Stromberg-Carlson Tel Mfg
Sylvania Indus Corp
*
Steel
56
120
1st 6%
Preferred
Preferred
1%
28%
26
36%
6
*
preferred
lVa
1%
1%
Co..20
Lord A Taylor com
24
5%
common
Molybdenum
Columbia Baking com
cum
22
..IOO
common
14 %
*
com
Standard Brands 4% % pf *
Standard Screw.
100
Lawrence Portl Cement 100
Hotels
Climax
$3
Lawyers Mortgage
41
1
KUdun Mining Corp....
7%
55
52
13%
Harrlsburg Steel Corp—5
12
72
39
Paper..25
55
6
Beneficial Indus Loan pf. *
Bowman-Blltmore
10%
69
49%
100
Preferred
9H
7%
Great Lakes SB Co com..*
t—
M1114%% pflOO
Corp...*
National
Fire
Ask
24
com
Worcester Salt
52
05
16%
*
Woodward Iron
6%
5%
48
Bid
10
100
Par
Ask
Bid
25%
*
Extinguisher.-.*
Golden Cycle Corp
.10
Good Humor Corp
1
Graton A Knight com
*
32%
Amer Roll
Petroleum Heat A Power.*
Publication Corp com
*
Gen
105
31%
25
Hardware
shares
American
Par
_
Garlock Packing com
100
pref erred... 100
cum
3 %
64%
American Hard Rubber—
8%
Ask
Bid
Par
Ask
Bid
Par
1405
Chronicle
Utd Cig-Whelan St Corp—
5s
1952
conv
3 %s 1947
t—
53~"
/49
Woodward Iron—
5%
6%
11%
12%
1st 5s
1962
32
34
2d conv Inc 58
1962
103% 104
105% 110%
For footnotes see page 1404.
Tennessee Products Common
Woodward
& CO.
EDWARDS
S.
H.
| Pittsburgh StockExchange (Associate)
Exchange
Members
New York Curb
120 Broadway,
United
Teletype N. Y. 1-869
Union
Bank
Cigar Stores
New York
Tel. REctor 2-7890
Iron
Follansbee Bros.
SELIGSBERG & CO.
Building, Pittsburgh
Members New York Stock & Curb Exchanges
50 Broad
Wickwire Spencer
St., New York
Telephone Bowling Green 9-8200
Steel Co.
STOCK
COMMON
Bought—Sold—Quoted
QUAW & FOLEY
Members New York Curb Exchange
30 Broad St.,
Hanover 2-9030
N. Y.
CLIMAX MOLYBDENUM COMPANY
C.
UNTERBERG
E.
Members
61
{
Commodity Exchange, Inc.
BOwling Green 9-3565
Broadway, New York
Teletype
AUCTION
The
& CO.
/ New York Security Dealers Association
MomKo„D
following securities
were
N.
Y.
1-1666
SALES
sold at auction
on
Wednesday
|f.5g-
of the current week:
By Adrian H. Muller & Son, New York:
No
Sales
CURRENT
By R. L. Day & Co., Boston:
Shares
$100.f
70%
.......
14%
120 Qutncy Market Cold Storage A Wareho""
Co., common, par $100
preferred ,»par $100.
Torpedo Boat Co., common, par $10; 50 Santa Fe Gold A Copper
8
100 Shaffer Oil A Refining Co., 7%
25
.
-
Bonds—
|>
$1,000 Colonial Marble Corp., 6%s, Jan., 1947 coupif
Federal National Bank, Receivers Certificate 2657
.35% of wh'c1
"
'
Per Cent
njy 1930 and sub on__$5 lot
f
l'roof of
5een
paid.
Claim for
$25 lot
$ per Share
19 United Merchants A Manufacturers,
Inc., par $1
10 Naumkeag Steam Cotton Co., par $100.
50 Wiggin Terminals, Inc., preferred, voting trust
Mandeville,
Maurice
151^
and
commodity
of the mart's clearing house committee,
chairman
Goffe &
Carkener,
Kansas City,
Inc.,
qualified as a sub-broker; S. Friedman & Sons, Chicago, as an associate
broker; and Jacob Dworestsky, Brooklyn, Eisner & Chudacoff, Los Angeles,
Robert Heath, San Francisco, and
—In
contrast
to the National
be held at Atlantic City from
Traders
G. Owen, Cincinnati,
as
solicitors.
Bathing Beauty Contest and Jubilee to
Sept. 6 to Sept. 11, the National Security
Association convening at
in front
of the Hotel Traymore at
the same time for their fourth annual
attired in
be
Herbert
the most
H. Blizzard,
suggests "go up to the attic,
11:30
ancient,
a. m. on
antiquated
Executive
Sept. 11.
and
Contestants
obsolete
Director of the
bathing
Convention
par $100
and ask grandmother or granddad to search
70
through their trunks and wardrobes, locate that striped, long sleeve, mutton
19
;
ctfs.,
stock
Other recent additions to the Exchange's list of clearing house
representatives includes
member
costumes.
Stocks
Co.,
the Chicago Mercantile Exchange as cor¬
on
respondents representing James E. Bennett & Co., clearing house members,
must
By Crockett & Co., Boston:
Shares
&
Whitehouse
and
orders for execution
convention will hold a gay 90's bathing beauty contest on the beach directly
Balance
•
Co.,
brokers, New York City, have qualified to accept butter, egg and potato
futures
announced.
Mining Co., par $10; 10 Queen City Cotton Co., par $100; 14 Monadnock
Mills, par $25
$40 lot«
10,000 Ford Silver-Lead Mines, Inc, par $1
VS5 lot
200 Thermatomic Corp., common
$3 lot
350 Cheney Blgelow Wire Works, common
t__
$45 lot
10 Dennison Manufacturing Co., $7 pref., par $100;
;iey Pharmaceutical
A, par $1; 25 Falrhaven Mills, preferred, par $100w>. '
$760 lot
$774.27 Commercial Department
due $503.30..
&
—Goodbody
$ per Share
Storks
20 Naumkeag Steam Cotton Co., par
6 Boston Casualty Co., par $25
100 Lake
NOTICES
d'001
leg bathing
20 Exolon Co., common
gi
suit."
15
3 Columbian National Life Insurance Co., par $100
100 Temblor Oil, par $5
15 Lamson A Hubbard
3%
3
..III
Corp., common
50 Wiggin Terminals, Inc., common, voting trust ctfs., par $10
1 Otis Co., par $45.
5 Boston Storage Co. ($50
goc.
3%
24
_
I.Ill
paid In liquidation), par $100
Bond—
7%
per Cen
$1,000 Eaton Paper Corp., 1st 5%s, May 1, 1943
—On Wednesday,
inent
uptown
Shares
Stocks
$ per Share
Co., par $50
127 Philadelphia Co. for Guaranteeing Mortgages
45
_
__IIIl21%
I"
50
111$!
lot
brokerage field, plan to
reopen
their
The office will be under the
Both Mr. Moody and Mr. Sayles have been associated with
Manager,
the firm for a
number of years in the main office at 26 Broadway.
W.
Taylor, formerly
Vice-President of E.H. Rollins &
Sons,
Maguire &
Co., Inc.
Mr. Taylor, who has had many years of experience in financing
public utility and industrial companies and has served on numerous re¬
organization committees, formerly headed his own firm of W. W. Taylor
Inc., has been
7 Liberty Title A Trust Co., par $50
banking and
office located at 252 Park Ave.
—Walter
40 Philadelphia National Bank, par $20...
2 Little Schuylkill Navigation, RR. and Coal
Sept. 1st, Laidlaw & Co. for nearly a century prom¬
management of Horace W. Moody; and Philip L. Sayles will be Assistant
...67% A int
By Barnes & Lofland, Philadelphia:
private
the
in
& Co. in
elected Vice-President and Director of Russell
New York for over 10 years.
Financial
1406
Chronicle
Aug. 28,
1937
General Corporation and Investment News
RAILROAD—PUBLIC
UTILITY—INDUSTRIAL—MISCELLANEOUS
tional machinery and equipment.
McGowen, Cassady & White, Inc., will
be principal underwriter.—
H. A. Lomason is President of the company.
Filed Aug. 24, 1937.
Ambassador Pictures, Inc. (2-3368, Form A-l), of New York, N. Y.,
has filed a registration statement covering 1,176,000 shares of $1 par capital
stock, of which 600,000 shares are to be offered through underwriters at
$2.50 per share; 125,000 shares will be optioned to underwriters as part
compensation; 250,000 shares will be optioned to Maurice Conn, President
of the company, and others for services; 50,000 shares will be optioned to
employees and distributors; and 151,000 shares are outstanding and held
by Mr. Conn.
None of the optioned shares are presently to be offered.
Underwriters are C. B. Ewart & Co., Inc.
Proceeds will be used for pro¬
duction costs and working capital.
Filed Aug. 25, 1937.
RIGHTS-SCRIP
Specialists since 1917
McDonnell & To.
The last
Members
New York Stock
120
Bell Teletype
OF
NY 1-1640
SECURITIES
Member
UNDER
bondholders plan of reorganization, according to an announcement made
Aug. 23 by J. E. Fortin, Secretary-Treasurer of the association, following
The
following additional registration statements (Nos.
3368, inclusive, have been filed with the Securities
Exchange Commission under the Securities Act of 1933
The total involved is approximately $15,324,857.
and
Atlantic Gas Light Co. (2-3357, Form A-2) of Atlanta, Ga., has filed a
registration statement covering $875,000 of general mortgage 4K % bonds
due 1955. The bonds were sold through underwriters on July 22, and of the
total amount registered $625,000 principal amount will be offered to the
public at 100 H and the remaining $250,000 will be sold privately at 99 M.
Proceeds will be used to acquire assets of Georgia Natural Gas Corp.
Underwriters are Chandler & Co., Inc., and G. L. Ohrstrom & Co., Inc.
W. W. Winter is President of the company. Filed Aug. 20, 1937.
a meeting.
The Dominion Mortgage & Investments Association includes
all the life insurance companies in Canada as well as trust companies and
mortgage loan companies.
It is understood that their holdings of Abitibi
bonds aggregate $8,000,000 or more, out of a total outstanding of about
$48,000,000.
The meeting was of members of the association who
of the company.
The formal resolution states
bonds
James N. White is
Edgar P. Lewis & Sons, Inc. (2-3359, Form A-2) of Maiden, Mass.,
a registration statement covering 300,000 shares no par common
35,000 shares $10 par 85c. cumulative convertible preferred stock.
Of the preferred being registered 19,751 shares are to be issued in exchange
for a like number of shares of old preferred now outstanding, and the
remaining 15,239 shares are to be offered to the public at $16.50 each.
Of the common stock being registered, 105,000 shares are reserved for
conversion of the preferred and 195,000 shares are to be issued in exchange
for 65,000 shares of no par common now outstanding.
Of the new common stock being registered 31,740 shares are to be sold
by stockholders through the underwriter at $5 per share.
Proceeds will be used to repay loans, for equipment, and working capital.
Wilson, Ebert & Co., Inc., will be underwriter. Edgar P. Lewis is President
of the company. Filed Aug. 20, 1937.
Druggists Display Corp. (2-3360, Form A-l) of Washington,
D. C., has filed
20 cents class A
a registration statement covering 325,000 shares of $1 par
common stock with warrants, and 325,000 shares, $1 par,
stock reserved for exercise of warrants.
The class A stock will be offered to the public at $3 per share, and the
warrants for the class A for purchase of the $1 par common are exercisable
at $3 per share.
Proceeds will be used mainly for manufacture of display cabinets.
No
underwriter is named.
Filed Aug. 20, 1937.
Ontario for Oct.
committee
Addressograph-Multigraph Corp.—Earnings—
Shares of
Aircraft Engineering Corp. (2-3361, Form A-2) of BethN. Y., has filed a registration statement covering 140,000 shares of
$1 par common stock, of which 95,000 shares will be offered through under¬
writers; 5,000 shares will be offered to certain employees at $7.65 a share and
40,000 shares will be reserved for 80 warrants to be issued to the under¬
writers.
were
named
as
underwriters; others to be named
Proceeds will be used for working capital.
L. It. Grumman is President of the company.
Filed Aug. 21, 1937.
Horni Signal Manufacturing Corp. (2-3362, Form A-l) of New
York,
N. Y., has filed a registration statement covering 34,187 shares of $1 par
$1 participating preferred stock which will be offered through underwriters
first to stockholders at $5 per share and the unsubscribed portion of which
will be offered to the public at $7 per share.
A. D. Braham & Co., Inc.,
named
as
underwriter.
and working
capital.
Aug. 21, 1937.
Proceeds will be used for inventory, machinery
Stephen J. Nagy is President of the company.
Filed
Louisville
Drying Machinery Co. (2-3364, Form A2) of Louisville,
Ky., has filed a registration statement covering 70,000 shares of $1 par
common stock of which
10,000 are to be offered by the issuer, 33,300 by
A. W. Lissauer, President and 26,700 by Julius Credo.
The issuer's part
of the proceeds is to be used to retire 7% cumulative preferred stock for
debt retirement, expansion and working capital. Underwriter is to be named
by amendment.
A. W. Lissauer is President of the company.
Filed
Aug. 23, 1937.
Nyari River Fruit Co., Inc. (2-3365, Form Al) of New York, N. Y.,
a registration statement
covering land purchase agreement for
5,000 acres to be sold at $75 each.
Proceeds will be used for clearing,
planting and cultivating.
No underwriter was named in the registration
statement.
Clive H. Dye is President of the company.
Filed Aug. 23,1937.
has filed
Alexander's
Department Stores,
Inc.
(2-3366,
Form
A2)
of New
York, N. Y., has filed a registration statement covering 350,000 shares of
$1 par common stock, of which 210,000 shares are outstanding.
Of these
new shares 100,000 are to be sold
by the issuer through underwriters at
$6.62a share; 12,500 are optioned to underwriters at $6.25 a share and
12,500 at $7, and 7,500 optioned to J. N. Lewis at $6.25 a share and 7,500
shares at $7.
The optioned shares may be offered at the market.
Of the outstanding shares, which are not to be sold at this time, 8,736
are to be donated to the issuer and reserved for conversion of
4,368 shares
of $12.50 par value 6% cumulative preferred.
The issuer's part of the pro¬
ceeds from shares sold is to be used for
buildings, additions, equipment and
working capital. Thomas & Griffith and George E. McCrystal were named
as
underwriters.
George Farkas is President of the company.
Filed
Aug. 23,1937.
Douglas Sr Lomason Co. (2-3367, Form A2) of Detroit, Mich., has
filed a registration statement covering 206,900 shares of common stock,
$2 par value.
Of the shares registered, 9,000 shares
being offered by the company
and 56,823 shares by present stockholders.
As to the remaining 141,077
shares, of which 55,855 are held in the treasury and 85,222 are outstanding,
the statement says it is not known whether
they will be offered for sale.
The maximum offering price of the shares will be $13.25 each.
Proceeds received by the company will be used for additional cash work¬
ing capital and for replacement of funds used in the acquisition of addi¬
are
753,599
$1.85
Earnings per share
145, p. 929.
Aero
746,313
$1.05
Supply Mfg. Co., Inc.—Accumulated Dividends—
The directors have declared
dividend of $2.25 per
share on account of
class A stock, no par value, payable
15. This compares with $$1.12>3 paid on
July 1, last; 75 cents paid on April 1, last; $375 paid on Dec. 15, 1936,
and $1.50 on Oct. 1, 1936.
Arrearages after the payment of the current
dividend will amount to 37H cents per share.—V. 144, p. 4332.
accumulations
the
on
$1.50
a
cum.
1 to holders of record Sept.
Oct.
Aetna Ball
Bearing Mfg. Co.—Larger Dividend—
The directors
on Aug. 21 declared a dividend of 40 cents per share on the
stock, payable Sept. 25 to holders of record Sept. 15.
An initial
dividend of 25 cents was paid on June 25 last.—V. 145, p. 1086.
common
Aetna Standard Engineering
7 Months Ended July 31—
Net
income
after
operating
Co.—Earnings—
1936
1937
normal
expenses,
Federal income taxes, deprec., & other charges,
but before prov. for Fed. surtax on undistrib.
$138,981
$0.64
earnings
per
share
177,062 shs.
on
com.
stock
loss$l 1,836
Nil
—V. 133, p. 1929.
•V
Air
Devices
Corp.—To
Move
: •:
.
I
,
■
..
_
'
•.
,
-
:
Offices—Consolidation-—
Personnel—
Directors have approved action of company's
general offices from Chicago to Meriden, Conn.
Board also ratified
consolidation
the
of the
in moving
officers
the
Connecticut
Telephone &
Electric Corp. with the Air Devices Corp. as well as the determination
to consolidate all future manufacturing activities at Meriden.
This procedure was taken not only to facilitate manufacturing, but to
effect substantial economies in operations.
Vincent Bendix resigned as Chairman of the Board and as a director,
together with V. W. Kliesrath and George C. Fleener.
Hal P. Shearer, President of the Connecticut Telephone & Electric
Corp., was elected a director and Vice-President of the Air Devices and
O. A. Cuneen was elected Treasurer and Assistant Secretary, both effective
Sept. 1.—V. 144,
p.
3161.
Alabama Great Southern RR.—Earnings—
1937'
1936
1935
July—
Bullard Co.
(2-3363, Form A-2) of Bridgeport, Conn., has filed a reg¬
istration statement covering 40,000 shares of 5% cum. conv. pref. stock,
$40 par value, and an undetermined number of shares of common stock,
no par value, to be reserved for conversion of the
preferred.
Hornblower &
Weeks and C. B. Ewart & Co., Inc., will be underwriters.
Proceeds will
be used for additional equipment and working capital.
E. P. Bullard is
President of the company.
Filed Aug. 23, 1937.
stock
comn on
1936
$787,751
—V.
page,
was
1937
profit after charges, deprec. & Fed. inc. taxes,
on undistributed profits
$1,400,268
Earnings
Hemphill, Noyes & Co.
by amendment.
15 in favor of Joseph P. Ripley, who is chairman of the
sponsoring the plan.—V. 145, p. 1086.
7 Months Ended July 31—
Net
J. Rutledge McGhee is President of the company.
Grumman
meeting
bondholders' representative committee, and that they tender their proxies
the meeting called pursuant to the order of the Supreme Court of
but before surtax
and
common
the
that
for
Filed Aug. 20, 1937.
has filed
Retail
holders of the
are
recommends to individual member companies that they support the plan of
sale of assets and reorganization dated July 21,1937, and sponsored by the
► First Investment Counsel Corp. (2-3358, Form A-2)
of Boston,
Mass., has filed a registration statement covering 55,000 shares of no par
class A capital stock to be offered to the public at the market.
Proceeds
No underwriter is named.
companies of the Doininion Mortgage & Investments Asso¬
holding first mortgage bonds of the company will support the
ciation
ACT
3357 to
President of the company.
given
was
Abitibi Power & Paper Co., Ltd.—Association Holding
$8,000,000 Bonds io Support Plan—
STATEMENTS
REGISTRATION
will be used for investment.
previous list of registration statements
1246.
issue of Aug. 21, page
Telephone REctor 2-7815-30
Broadway, New York
FILING
n our
New York Curb Exchange
Exchange
Gross from railway
Net from
Net after rents.
—V.
i
$559,116
137,029
71,512
$428,619
54,231
40,243
$402,631
75,607
39,504
4,366,229
1,239,241
754,462
_
From Jan. 1—
Gross from railway
Net from railway
Net after rents
1934
$629,016
175,629
114,699
.
railway
3,617,427
868,047
2,880,356
345,319
115,728
2,850,806
599,626
388,161
441,550
145, p. 747.
Alabama Power Co.—Earnings—
>•.
Period End. July 31—
Gross revenue
x
Oper. exps. & taxes
Prov. for retire,
reserve.
Gross income
Int. & other fixed chgs.
Net
Divs.
1937—Month—1936
1937—12 Mos.—1936
$1,664,662
$1,562,315 $20,183,089 $17,587,546
825,334
764,884
8,993,327
7,981,209
227,325
140,500
2,256,081
1,580,756
$612,003
383,065
pref. stock
Balance
x
$8,933,680
4,814,158
$8,025,580
4,848,917
$254,783
195,178
$4,119,522
2,342,138
$3,176,663
$33,759
income
on
$656,931
402,148
$228,937
195,178
_
$59,605
$1,777,384
$834,525
No provision was made in
1936 for Federal surtax on undistributed
Erofits asmade for such tax in for that year was distributed.
all taxable income 1937.—V. 145, p. 747.
been
as
Alexander's
SEC—
Department
' '
■
■
.
See list given
on
-
2,342,138
Stores,
>
No provision
Inc.—Registers
with
,
first page of this department.
Allis-Chalmers Mfg. Co.—Debentures to Be
holders at 102—Underwriters Named-—
The company in a
and Max W. Babb,
Offered Stock¬
letter signed by Otto H. Falk, Chairman of the Board,
President, seut to common stockholders, states that it
right to subscribe to an issue of $25,321,500
of 15-year 4% convertible sinking fund debentures at the rate of $500 of
debentures for each 35 shares of common stock held.
The subscription
price of the debentures will be 102, plus accrued interest.
Subject to the
effectiveness of a registration statement now on file with the Securities and
Exchange Commission, stockholders of record Sept. 2 will be entitled to
subscribe.
Rights will expire on Sept. 22 and it is expected that trading
proposes to offer to them the
.
Volume
in these
Financial
145
subscription rights
on
Chronicle
1407
will be au¬
the New York Stock Exchange
thorized.
The debentures are convertible into common stock of the company at
$75 per. share on or before Sept. 1, 1939; at $80 thereafter and on or before
Sept. 1, 1941; at $85 thereafter and on or before Sept. 1, 1943; at $90 there¬
after and
Aug.
1
1,
before Sept. 1, 1945, and at $95
on or
1952.
.
The letter to stockholders further states that the company
into
We Invite
Inquiries in
Milwaukee & Wisconsin Issues
thereafter and on or before
.
.
has entered
agreement with underwriters for the purchase by them of any
of the debentures not subscribed for by common stockholders.
The underwriting group is headed by Hayden, Stone & Co. and includes
an
Blyth & Co., Inc.; the First Boston Corp.; Edward B. Smith & Co*I Brown
Harriman & Co., Inc.; Glore, Forgan & Co.; Kidder, Peabody & Co.; Gold¬
man, Sachs & Co.; the Securities Co. of Milwaukee, Inc.; Lazard Freres
& Co., Inc.; Halsey, Stuart & Co., Inc.; W. E. Hutton & Co.; H. M.
Byllesby & Co., Inc.; the Milwaukee Co.; Paine, Webber & Co.; Hemphill,
Noyes & Co.; Hornblower & Weeks; G. M.-P. Murphy & Co.; BancamericaBlair Corp.; Cassatt & Co., Inc.; Estabrook & Co.; Lee Higginson Corp.;
Laurence M. Marks & Co.; F. S. Moseley & Co.; F. S. Smithers & Co.;
Butler, Herrick & Marshall; Swan, Culbertson & Fritz; E. H. Rollins &
Sons, Inc.; Johnston, Lemon & Co.; J. E. Swan & Co.; Mellon Securities
Corp. and Kuhn, Loeb & Co.
Proceeds of the issue will be employed to improve the company's working
capital position, including payment of approximately $12,000,000 of current
bank loans, and to finance certain plant improvements expected to total
between $6,000,000 and $8,000,000 during the remainder of this year and
in 1938.—V. 145, p. 1087.
Allied Mills, Inc.
American & Foreign Power Co., Inc. (& Subs.)—Earns.
[Before Exchange Adjustments]
Period End. June 30—
Net oper. revenues
17,889,348
5,255,208
4,710,538
19,934,057
9,656
12,280
45,171
49,890
5,245,552
131,313
4,698,258
87,849
19,888,886
835,956
17,839,458
836,173
5,376,865
4,786,107
20,724,842
18,675,631
971,939
Crl5,860
997,239
Crl5,712
3,865,008
Cr65,750
4,220,098
Cr43,832
4,420,786
667,606
3,804,580
667,082
16,925,584
2,664,021
14,499,365
2,679,679
3,753,180
3,137,498
14,261,563
11,819,686
96,579
54,967
511,919
456,302
3,082,531
13,749,644
11,363.384
3,656,601
21,120
3,082,531
5,829
13,749,644
69,115
11,363,384
22,739
al86,670
3,088,360
b 116,975
,13,818,759
a689,714
11,386,123
b732,978
3,491,051
2,971,385
13,129,045
10,653,145
1,601,703
1,785,759
6,711,049
7,176,984
1,889,348
1,185,626
6,417,996'
3,476,161
Rent for lease of plants
Operating income
Other income (net)
30,101,267J
Gross income.
profit from
x$5,313,816 x$3,079,20l
1,909,555
1,741,491
1.191.825
665,756
630,334
598,137
2,114,751
621,714
expenses
Administrative expenses
N et
13,886,515
60,041,470
54,746,360
b8,142,006 a35,407,039 b32,521,545
1,033,971
4,700,374
4,335,467
3,677,721
1934
Gross profit from oper $5,821,903 x$6,030,691
Selling
1937—12 Mos.—1936
1937—3 Mos.—1936
Operating revenues
16,004,347
Oper. exps. (incl, taxes). a9,490,346
Prop, retire, res. approp.
1,258,793
(net)
1935
Not available
1936
MILWAUKEE, WIS.
Toletjrpa Milw. 483
(& Subs.)- —Earnings—
Years End. June 30—
1937
Net sales......
$35,923,1701
Cost of sales
iL®Bwa & ffl®.
Phone Daly 1312
.
Total profit
Depreciation
Interest and exchange.
_
$3,085,437
176,866
$3,455,379
178,430
$2,941,990
140,626
$1,289,239
187,747
$3,262,304
377,231
20,046
$3,633,810
361,051
27,389
$3,082,616
362,786
55,569
$1,476,985
293,934
y54,920
5,000
oper.
Miscellaneous income
6,000
442,298
125,000
Int.
to
public
&
other
deductions
Int. charged to constr..
12,000
Balance
c
Pref. divs. to public
Balance
Portion
applicable
minority interests
to
.
Writedown of invest, to
quoted value
Provision for taxes
Net equity of Amer. &
For. Pow. Co. Inc.
167,686
*508,606
667,829
25,000
1,466
7,837
$2,354,955
Shs.cap.stk. out. (no par)
942,879
Earnings per share
z$2.50
$2,539,702
886,888
$2,090,963
886,888
$888,445
886,888
$2.86
$2.35
$1.00
Prov. for contingencies.
Loss on bldgs. & mach'y
Net profit
x
60,000
After deducting all manufacturing expense,
of
incl. reductions of inven¬
number
in
subs.
U.
S.
r
currency), before ex¬
change adjustments
3,656,601
Amer. ft For.Poiv. Co. Inc.—
Net equity of Am. & For.
Pow. Co. Inc. in inOther income
Includes $14,878 provision for surtax on undistributed earnings.
Consolidated Balance Sheet June 30
1937
Assets—
1936
$
1,474,648
1,829,685
Inventories
5,163,994
Prepaid insur., &c.
153,888
Investments, &c_.
40,182
b Plant & equipm't 4,486,586
Accts.A notes
Liabilities—
1.919,036
2,184,748
3,269.004
141,055
57,474
rec
Expenses, incl. taxes
4,425,271
1936
1937
$
Cash
a
income
available
tories to lower of cost or market,
y Interest only,
z On average
of shares (886,888 shares) earnings per share was $2.66.
a
in
(not all of which is
abandoned
S
$
Accounts payable.
Reserves
Bal.
$139,659
$143,157
301,451
298,602
349,731
Accrued liabilities.
260,119
Prov. for taxes
591,154
c Capital stock...
5,685,711
d Surplus
6,167,391
11,996,589'
..13,148,984
After
Total
to
__
and
public
613,049
4,565,891
6,029,656
Balance,
....13,148,984 11,996,589
before excb.
adjustments
a
Total
applic. to int. &
other deductions.
Interest
not
Includes provision for Federal surtax on undistributed profits,
include any provision for Federal surtax on undistributed
Full dividend requirements
b Does
profits,
applicable to the respective periods whether
for bad debts of $203,693 in 1937 and $193,375 in 1936.
b After depreciation of
$2,394,842 in 1937 and $2,087,316 in 1936.
c Rep¬
resented by $886,888 no par shares,
d Initial surplus $662,250 in 1937
and 1936; discount on stock
statement.
1935; earned surplus, $5,337,818 in 1937 and $5,200,083 in 1936.—V. 145,
99.
represent full requirements for the respective periods, paid or accrued
(where not paid), on securities held by the public.
The 4'portion applicable
a
reserve
purchased for treasury, $167,323 in 1936 and
p.
c
earned or unearned.
Note—All intercompany transactions have been eliminated in the above
Interest and preferred dividend deductions of subsidiaries
minority interests" is the calculated portion of the balance of surplus or
periods (before exchange adjustments) applicable
minority holdings by tne public of common stocks of subsidiaries.
The
"net equity of American & Foreign Power Co. Inc. in income of subsidi¬
aries (not all of which is available in U. S
currency), before exchange
adjustments" includes interest and preferred dividends paid or earned on
securities held, and the amounts (before exchange adjustments) applicable
to common stocks held by American & Foreign Power Co. Inc.—V. 144,
to
Ambassador Pictures,
SEC—
A
Inc.,
N. Y. City—Registers with
to
registration statement covering 1,176,000 shares ($1 par) capital stock
was filed Aug. 26 with the Securities and
Exchange Commission. Of the
stock registered, 600,000 shares will be publicly offered by C. B. Ewart &
Co., Inc.,
as
principal underwriters when the registration statement becomes
effective.
I
Net proceeds from the sale of this stock, together with proceeds from
distribution agreements to be made and income expected from pictures
already released, will be used in connection with financing the company's
1937-1938 program, which calls for completion of eight pictures now being
made and production of 36 new pictures.
Any reserve in excess of expendi¬
tures will be for further expansion in ensuing years.
r* Company was organized in Delaware May 3, 1937, as a consolidation of
five motion picture enterprises initiated by Maurice Conn and known as
Ambassador Pictures, Inc., Conn Pictures Corp., Melody Pictures Corp.,
Conn Studios Corp., and Television Pictures, Inc.
The company's main
office is in New York and its only subsidiary, Conn Pictures, Inc., is located
in Hollywood.
1
|fAuthorized capitalization consists of 2,000,000 shares ($1 par) capital
stock, of which 751,000 shares will be outstanding upon completion of the
proposed sale of stock.
See also list given on first page of this department.
American Cities Power & Light
Corp.—Earnings—
x
12 Months Ended July 31, 1937—
alncome dividends; Cash.....
Interest
on
Corporation
$1,825,890
109,170
2,000
securities
Miscellaneous other income
deficit for the respective
;
Corp.
ft Sub.
$1,735,027
281,658
2,000
p.
3827.
American Gas & Power
$1,937,061
Miscellaneous income deductions
63,155
Expenses (securities and Exchange Commission)..
17,013
Interest on bank loans
166,603
.Provision for Federal normal income tax
15,390
...
Provision for Federal surtax
,
Net cash income.
b Profits realized
securities
Net income
sale of securities (net)
1,654,041
Total profit
$3,328,941
$1,678,966
1,614,638
$3,293,604
x American
Cities Power & Light Corp. and wholly-owned
subsidiary
(consolidated),
a Dividend
income of American Cities Power & Light
Corp. includes dividend received from its wholly-owned subsidiary which
dividend is eliminated in consolidation,
b Computed on basis of average
book amounts based on April 29, 1933, market prices as to investments
acquired prior to that date and cost as to subsequent purchases.
Profits
realized on sales of securities are regularly credited directly to earned
surplus and undistributed profits.
No Federal taxes are payable on these
profits.—V. 145, p. 596.
American
Eagle Fire Ins. Co.—Balance Sheet June 30—
1937
1936
$
Assets—
$
Bonds and stocks.13,696,457
Prems. in course of
)
on
718,253
985,671
Interest accrued..
Cash
13,549,001
705,454
29,949
collection
708,009
39,307
deposit &
in office
1937
1936
$
Liabilities—
$
Unearned prems.. 3,143,488
Losses in process of
adjustment
Reserve
for
3,159,897
659,439
739,575
198,590
175,140
claims
Cash
.
capital.
Net surplus
.
.
.
American-Hawaiian Steamship Co. (& Subs.)—Earns.
.
.10,216,014
200,000
1,000,000
9,739,959
$1,514,300
1,381,815
$1,264,052
1,128,082
$8,158,203
7,855,880
$8,803,212
7,867,409
$132,485
1,220
$135,970
2,109
$302,323
35,412
$935,803
32.946
$133,705
67,392
$138,079
58,267
$337,734
455,130
$968,749
400,367
$66,312
Net profit from oper.
$79,812 loss$117,396
17,363
5,764
$568,382
23,636
$66,313
$97,175 loss$ll 1,631
$592,018
_
Total profit before deprec.
Prov. for
Total
15,417,531
760.
15,014,5711
Total.
& Fed .inc.tax.
depreciation..
Balance, income
Non-recurring items
Total income
.
Exps. incident to mari¬
time strike
Net profit before Fed'l
income taxes—
158,583
$66,312
.15,417.531
15,014,571
$97,175 loss$270,214
$592,018
Consolidated Balance Sheet June 30
1937
$
Assets—
Fixed
plant,
1936
$
shore plant
5,500,898
Investment at cost 1,000,000
Unexpired Ins., &c.
238,027
Mixed claim award
& accrued int
2,004,978
Marketable secur. 1,301,882
Accts.receiv., incl.
5,398,418
1,000,000
126,005
Insurance
fund
on
1,320,896
$
1936
$
4,550,000
4,550,000
300,059
470,444
330,494
341,597
53,089
31,983
1,043,132
revenue
disbursem't
incompleted
voyages
payable.
Res've for Federal
income tax
Res. for P. & I. ins.
.
934,460
Res. for coll. mixed
675,871
73,581
hand
over
of
Accounts
1,939,557
disaster & other
on
Liabilities—
Excess
&
Supplies..
1937
Capital stock
ves¬
sels in comm.
Total
-V. 144, p.
1937—7 Mos.—1936
1937—Month—1936
Period End. July 31—
Operating earnings
Operating expenses.
604,575
55,226
claim award and
accrued interest. 2,004,978
Surplus
Cash in banks and
200,000
1,000,000
$17,793
202,061
—V. 144, p. 4165.
claims recov'able
taxes
and expenses
for all other
Res.
$273,640
291,433
$263,682
Balance, deficit
Profit on reacquired
$481,471
384,660
370,451
$17,856
281,538
-
Conditional interest—_
$683,532
$756,612
380,299
394,168
Gross income..
Unconditional interest-
•
1,014
$1,674,899
...
on
$2,018,685
122,792
17,012
166,754
32,146
1936
1937
$786,448
29,836
Operating expenses
Other income
Total income.
Co.—Earnings—
12 Months Ended June 30—
480,398
494,460
3,457,067
1,939,557
4,145,878
924,060
1,013,903
.11,770,097 12,382,642*
Total...
11,770,097 12,382,642
Note—The income account for month and six months ended June 30,
was
given in "Chronicle" of July 31, page 748.—V. 145, p.
748.
1408
Financial
American Ice
Co.—Preferred Dividend—-
The directors have declared
$5
dividend of 50 cents per share
a
Chronicle
on
the 6%
pref. stock, par $100 payable Sept. 25 to holders of record Sept. 7.
Dividends of 50 cents per share were paid on June 25 and March 25, last:
Dec. 19, July 25, April 25 and Jan. 25, 1936, and on Oct. 25, 1935; prior
thereto regular quarterly dividends of $1.50 per share were distributed.—
V. 145, p. 748.
non-cuin.
Aug. 28,
1937
pref. stock, both payable Oct. 1 to holders of record Sept. 7.
Similar payments were made on July 1 and April 1, last, Dec. 18 and Oct. 1,
1936; dividends of 75 cents and 62% cents per share, respectively, were
paid on July 1, 1936: dividends of 37% cents and 31% cents per share
paid on April 1 and Jan. 2, 1936, and dividends of 75 cents and 62% cents
cum.
Ser share paid were omitted, prior to which the15, 1935. The dividends due
uly 1, 1935, on the respective issues on Nov. company paid dividends on
both issues at only one-quarter the full rate in the nine previous quarters.—
American Investment Co. of 111.
Consolidated Income Account for
Interest
or
Operating
discount earned
(& Subs.)—Earnings—
$874,741
437,792
60,418
-
(before interest)
expenses
Provision for losses
Income before interest, income taxes, &c_
$376,530
14,015
■
Other income and credits
Interest on borrowed money
Stock registration and listing expenses
$390,545
34,093
1,884
1,392
45,983
5,336
1,190
;
Sundry—Mainly loss on real estate disposed of
Provision for Federal normal income tax
profits tax
excess
Provision for State income taxes
Net inc. (before amort, of
devel. costs) carried to
surp. acct__
Cash preferred dividends
Cash convertible preference dividends
Cash common dividends__
Does
...
$300,666
29,765
19,417
xl53,031
_
stock dividend, 999,447% shares (25%
$49,711.
Note—No provision has been made in the above income account for
Federal surtax, if any, on undistributed profits for the six months ended
June 30, 1937, owing to the impracticability of determining or accurately
estimating the amount of the tax at this time.
x
shares
include
not
Consolidated Balance Sheet June 30, 1937
x
Liabilities—
hand and in banks
011
Notes
$542,612
payable
$3,128,160
Preferred dividends payable.
Instalm. loans rec. and accr.
current Interest on loans
5,714,892
14,882
_
value of life insur__
42,239
& add'l compensa'n
Employees thrift accounts
Common stock subscripts,rec.
Real estate owned and equities
62,867
34,242
Accrued Interest payable
General and capital stock taxes
Cash
surr.
Sundry
assets,
incl.
stock at cost..
Deferred
4,832
____
1,124
14,590
.
income..
89,751
16,505
51,499
Cum. pref. stock ($25 par)...
807,125
116,146
Cum.conv.pref.stock ($25 par)
y Common stock
Surplus
204,125
1,709,925
530,351
__
Total..
$6,569,3311
After
31,140
21,651
Income tax accruals & reserves
Deferred charges
x
Acer. exps.
treasury
Furniture and fixtures
for
losses
Total
$6,569,331
no
American Utilities Service
Corp. (& Subs.)—Earnings
Year Ended June 30—
1937
1936
$3,669,406
Subsidiary Companies—
Gross earnings.
2,603,756
$3,428,429
2,522,604
$1,065,650
17,849
$905,825
11,766
$1,083,499
352,577
$917,591
322,774
Operating expenses, maintenance, and taxes
Net earnings before provision for retirements...
Other income—interest, rentals, &c
Net
earnings, including other
provision for retirements
income,
before
_____
Provision for retirements
American Power & Light Go.
Net oper. revenues
public
&
347,550
$74,255
To accomplish its program the company is seeking the approval
Commission to reorganize its system in the following respects:
of the year.—V.
145, p.
1248.
(& Subs.)—Earnings—
1937—3 Mos —1936
1937—12 Mos.—1936
$8,670,640 $37,555,258 $35,939,738
36,793
177,294
234,274
$8,707,433 $37,732,552 $36,174,012
other
Balance
Pref. divs. to public-.
$5,372,010
1,792,894
$4,720,877 $22,003,061 $20,138,609
1,792,701
7,171,249
7,170,598
$3,579,116
$2,928,176 $14,831,812 $12,968,011
Portion
.
...
applicable
.
P. &
L.
3,988,646
15,978,850
Cr249,359
Cr2,090
16,042,522
Cr7,119
to
minority interests
equity
20,045
16,547
82,930
"
of Amer.
86,239
~~
Co. in inc.
of subsidiaries..
$3,559,071
1,911,629 $14,748,882 $12,881,772
American Pow.
Lt. Co.—
Net equity of A. P. & L.
Co. in inc. of subs, (as
shown
above)
$3,573,452
107,057
$2,916,662 $14,787,194 $12,901,313
145,076
438,537
385,384
other deductions... $3,466,395
$2,771,586 $14,348,657 $12,515,929
Total
Balance
r
*
-
before int.
&
Int. & other deductions.
Balance carried to
sol, earned
x
725,943
725,929
2,913,137
2,916,737
con-
surplus.
$2,740,452
$2,045,657 $11,435,520
$9,599,192
Full dividend requirements applicable to
respective periods, whether
earned
or
unearned.
All intercompany transactions have been eliminated from the above
statement.
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
Note
interests
is
the calculated portion of the balance of
minority holdings
by the public of
common
income applicable to
of subsidiaries.
The
in income of subsidiaries"
stock
of American Power & Light Co.
•
includes interest and preferred
dividends, paid or earned, on securties held,
plus the proportion of earnings which accrued to common stocks held by
American Power & Light Co., less losses where income accounts of individ¬
ual
subsidiaries
have
resulted
in
Accumulated Dividends—
The
ar
$6
Service Co.
Financing Required to Comply with Provisions of Section 11
$44,000,000
with others
bring about
the dissolution of such company, and $7,000,000 for the purchase from an
affiliated company of the common stock of Monongahela West Penn
Public Service Co. for corporate realignment purposes.
The $7,000,000
will be used by the affiliate company for additions to its electric plant and
property.
American Water Works states that it proposes to raise such
funds through the sale of $40,000,000 of a new issue of collateral trust bonds
and the balance through the sale of its common stock.
*
In order to carry out the plan of simplification, approximately
will be required for the redemption of securities (outstanding
than American Water Works) of the West Penn Electric Co. to
simplification under Section
directors
cun1.
hdve declared
pref. stock and
a
deficits
for
the
respective
periods.
V
a
dividend of $1.50 per share on the no
dividend of $1.25 per share on the no par
11(e)
of the Act.
Applicant proposes to
the sale of its
in connection
file other applications at a later date, particularly covering
own bonds and stock when the financing to be carried out
with the plan has been definitely determined.
The
-------
Expenses, incl. taxes...
of the
By the purchase by the West Penn Electric Co. from West Penn
Power Co. of 583,999 23-25 shares of common stock of Monongahela West
Penn Public Service Co., constituting all of the outstanding common stock
of such company except 98 2-25 shares now owned by the applicant.
(2) By the redemption by the West Penn Electric Co. of all of its securities
outstanding with others than the applicant through funds to be advanced
to such company by the applicant, and by the dissolution of such company
and the distribution of its assets to the applicant as the then owner of all
of its outstanding securities.
(3) By the purchase by Monongahela West Penn Public Service Co. from
Monongahela Securities Co. of al1 of the outstanding securities and open
account indebtedness of Monterey Utilities Corp.
(4) By the purchase by South Penn Power Co. of all of the property and
franchises of its wholly owned subsidiaries, Ayr Township Electric Co.,
Licking Creek Township Electric Co. and Todd Township Electric Co.
(5) By the purchase by Monongahela West Penn Public Service Co.
from the West Penn Electric Co. (prior to its dissolution) of all of the out¬
standing securities and open account indebtedness of West Virginia Public
(1)
The Commission has been asked at this time to pass only upon the plan
$2,911,629 $14,748,882 $12,881,772
5,033
38,312
19,541
income
With
of
$3,559,071
14,381
Other
Distribution of Voting Power
$421,805
Int. charged to constr'n.
..
Corporate Structure
continued existence of each of
companies in its holding company system will not unduly or unneces¬
sarily complicate the structure, applicant seeks approval for several re¬
alignments and to dissolve the West Penn Electric Co., its largest inter¬
mediate holding company.
Three small Pennsylvania township operating
companies are to be merged into the South Penn Power Co.
The appli¬
cation states that upon the completion of such corporate realignment, the
four principal subsidiary companies of American Water Works, namely
West Penn Power Co., Monongahela West Penn Public Service Co., The
Potomac Edison Co. and West Penn Rys., will be its direct subs, and that
there will be no subsidiary holding companies in the system which in turn
will have subsidiaries that are holding companies.
In order that the corporate structure and
the
472,301
50,496
3,989,081
Cr74,678
Balance
parts
capitalization of each of its subsidiary companies will consist of a single
class of capital stock, or of common stock and a single class of preferred
a single issue of first mortgage bonds.
In most cases preferred
stocks are entitled to vote in the event of dividend defaults.
Applicant
further states that the plan is fair and equitable to all persons who will be
affected by such plan and that no vote of the stockholders, except that of
the applicant itself and its subsidiaries as stockholders of their subsidiary
companies, will be necessary to authorize the several steps of the reor¬
ganization plan.
Details of Reorga nization
$9,286,413
Gross income.
Integrated System and Other Businesses
Water Works contends that its electric properties extending
of five contiguous States, namely Pennsylvania, Ohio, West
"Virginia, Maryland and Virginia are either physically interconnected by a
backbone of high tension transmission lines or capable of physical inter¬
connection, and that its other businesses, including water, transportation
and miscellaneous activities are reasonably incidental
or
economically
necessary or appropriate in its operations.
The gas properties of the com¬
pany, which it states are of minor importance, are located in the same terri¬
tory served by the electric properties.
American
over
stock and of
$9,259,848
26,565
deductions
applicant asks the Commission to find that upon carrying out its
the operations of the American Water Works holding-company
system will be limited to a single integrated public-utility system and to
such other businesses as are reasonably incidental or economically necessary
or appropriate to its operations; also that the corporate structure or con¬
tinued existence of any company in the American Water Works system
does not unduly or unnecessarily complicate the structure, or unfairly or
inequitably distribute voting power among its security holders and that
the plan of simplification is fair and equitable to the persons affected.
85,388
Operatingrevenues.... .$23,940,857 $2,1,668,783 $95,833,810 $87,131,571
Oper. exps. (incl. taxes). 12,625,839
11,328,976
50,108,013
44,690,410
Prop, retire. & deple'n
reserve appropriations
2,055,170
1,669,167
8,170,539
6,501,423
Other income (net)
by the Commission follows:
The
plan,
$186,906
liability is not determinable until the end
Net
Findings Requested by Applicant
A statement issued
28,270
8,857
Note—No provision has been made for liability, if any, for Federal surtax
on undistributed profits for the six months ended June
30, 1937, as such
x
mission an application (File No. 54-1) under Sectiqn 11(e) of the Act, in
which it submits a voluntary plan to the Commission for corporate sim¬
plification of its system.
This is the first application of its kind where a
registered holding company has submitted a simplification program so as to
comply with the provisions of Section 11.
$532,798
345,892
income, before interest on
Util. Service Corp
funded debt of Amer. Util. Service Corp
Period End. July 31—
Subsidiaries—
of the principal public utility holding companies in the
respect to the fair and equitable distribution of voting-power
its security holders, American Water Works states that after the
dissolution of the West Penn Electric Co., with a few exceptions, the stock
net
Consolidated net income
to
The company, one
country, which is registered under the Public Utility Holding Company
of 1935, on Aug. 25 filed with the Securities and Exchange Com¬
Act
591,400
58,602
funded debt of Amer.
Int.
SEC—$40,000,000 Collateral Trust Bonds to Be Issued—
79,469
_
on
Works & Electric Co., Inc.—Submits
Simplification of Corporate Structure to
among
Equity of minority stockholders in net income of
subsidiary companies
Miscellaneous charges (net)
Balance of net income of subsidiary cos. applicable
to American Utilities Service Corp..
Exps. & taxes of Amer. Utilities Service Corp
Interest
Voluntary Plan for
33,158
26,894
Interest and amortization of discount & expense on
funded debt (less int. charged to construction)..
Consolidated
Seal-Kap Corp. of Del.—Larger Dividend—
of
$318,492.
y Represented by 260,597%
par shares (incl. scrip for 29% shares exchangeable prior to Jan. 2,
1938.)—V. 145, p. 1087.
reserves
931.
common
Assets—
Cash
p.
The directors have declared a dividend of 20 cents per share on the
capital stock, no par value, payable Sept. 10 to holders of record Aug. 30.
This compares with 10 cents paid on Dec. 10, 1936, 20 cents on Sept. 1,
1936, and on April 1, 1935, and $3 per share on April 10, 1934.—V. 144,
p. 1097.
treasury stock),
on
145,
American
American Water
Total income and credits
Provision for Federal
V.
the 6 Months Ended June 30, 1937
financial
statements
filed
with
the application show
consolidated
assets of
$384,644,218 and consolidated gross revenues of $52,053,052. H.
Hobart Porter, is President.
The Commission has set the application down for hearing on Sept. 14.
The application is a public document and may be examined by anyone
interested at the Washington office of
the Commission.
H. Hobart Porter, President of American
has issued the following statement:
Water Works,
The statement issued by the Securities and Exchange Commission in
reference to the filing with them by the company of its plan of reorganization
under the requirements of the Public Utility Holding Company Act leaves
little that
can be added by the company at this time.
Immediately following the filing of the temporary registration statement
February, 1937, the staff of the company further developed a compre¬
hensive and intensive study of the various steps which it would be required
to take in order to comply with the many provisions of the Act.
The plan
which has been adopted and which the company has filed with the Securities
and Exchange Commission is a most constructive one for the company.
Upon approval of the plan by the SEC and its consummation, the com¬
in
pany will have assured its future existence with relation to the terms of the
Public Utility Holding Company Act in that the company will have
itself from
freed
the penalty of the so-called "death sentence" provision.
The
of an
intermediate
holding company and other corporate
changes will result in the strengthening of the company's corporate structure
and will permit the more direct flow of earnings from the subsidiaries to the
elimination
Volume
Financial
145
Chronicle
including the holders
parent company to the benefit of its security holders,
of its common stock.
properties are well-maintained, the demands for our services are
steadily increasing, and our building program for increased capacity to
meet this
demand is proceeding in good order, and with the proposed
reorganization plan completed, I view the company's future with conOur
Merges Another Unit—
Omnibus Finance Corp. has been merged into the United Coach Co., it
announced by the Associated Gas & Electric System.
This brings to
349 the total of companies which have been merged, dissolved or otherwise
eliminated from the System.—V. 145, p. 1249.
was
Associated Gas & Electric Corp.
idence.
simplification program of American Water Works
the West Penn Electric Co., a subsidiary, has filed with the SEC applica¬
tion (File No. 46-68) for the approval of the acquisition of 583,999 23-25ths
In connection with the
of Monongahela West Penn Public Service Co.
for a consideration of $7,000,000.
The West Penn states that thisis an
integral part of the simplification program of the American Water Works
shares of the common stock
holding
system.
The Commission has set the application down for hearing at
as
company
^
the same time
hearing on the American Water Works application.
the
kwh.,
Gas
Transportation...
Heating
Water
kilowatt hours, an increase of 7.6% over the output
watt hours for the corresponding period of 1936.
1937
47,181,000
46,759,000
46,707.000
47,032,000
July 31
.50,318,000
Aug. 7
50,291,000
Aug. 14
50,767,000
Aug. 21...-50,626,000
—V. 145, p. 1248.
of 47,032,000 kilo¬
36,946,000
32,758,000
31,950,000
31,136,000
31,342,000
38,145,000
36,622,000
37,243,000
38,696,000
34,675,000
35,394,000
36,370,000
capital
Sept. 7. A like amount
was paid on June 28, last, and dividends of 25 cents per share were paid on
March 9, last: Dec. 1, Oct. 19, July 20 and on April 20, 1936, this latter
being the first dividend paid since Aug 17, 1931, when a dividend of Z7H
cents per share was distributed.
In addition, an extra dividend of 25 cents
The directors have declared
share
a
dividend of 50 cents per share on the
paid on Dec. 21, 1936.
was
Debentures Called—
'v-v.
A total of $2,720,000 4sinking fund debentures, due Oct. 1, 1950
has been called for redemption on Oct. 1 at 105 and interest.
Payment will
be made at the Guaranty Trust Co., New York City.—V. 145, p. 1089.
.
$113757,223
58,348,409
11,751,999
$8,795,213
3,067,330
Net operating revenue
$46,589,253
11,003,173
$43,656,815
8,666,562
$2,932,438
7%
2,336,611 27%
Provision for retirements
Net oper. revenues
Rent from lease of plant
$3,239,227
$2,733,999
5,753
4,505
126,695
93,937
$326,201
$303,570
$2,827,936
484
Dr834
$3,365,922
18,192
$326,685
$302,736
151,161
6,811
Cr298
$3,384,114
1,815,579
97,770
Cr 16,755
$2,839,803
1,815,275
76,884
Crl 1,021
$145,062
$1,487,520
$958,665
949,265
949,266
$538,255
Associates Investment Co., South Bend,
151,339
7,172
Cr3,806
mortgage bonds.
deduc'ns..
Other int. &
Int. chgd. to construc'n.
$171,980
income
11,867
Dividends applicable to preferred stocks for the
x
Ind.—Earns.
[Including wholly-owned subsidiary, Associates Discount Corp.]
6 Months
12 Months
Operating revenues
$5,374,480 $10,489,865
Operating expenses
2,604,267
4,887,889
Net income from operations
Other income
1,001
period, whether paid or unpaid
$5,601,976
2,166
$2,771,215
454,394
13,500
$5,604,142
742,255
15,750
$2,770,213
Gross income
Interest
Amortization of discount
10-year 3% debs
Exps. in connection with the issuance & sale of 10yr. 3% debs, (entire amt. charged to exp. in 1936)
Exps. in connection with application to list com.
and pref. stocks on N. Y. Stock Exchange—net
on
32,603
5,317
25
Miscellaneous income deductions
Provision for Federal income taxes
452.300
-
xl
,125,914
y$l,851,021 y$3,682,278
150,000
300,000
516,534
1,276,581
dividends
x Including provision™oif $^39,000 for the surtax on undistributed profits
for the six months ended Dec. 31, 1936.
y No provision has been made
for the surtax on undistributed profits for the six months ended June 30,
1937; based upon dividends paid between Jan. 1 and .June 30, 1937, this
approximately $345,000.
Notes—(1) The net income shown above does not include the parent
company's equity in the undistributed earnings of non-consolidated sub¬
Associates Building Co., year ended June 30,
sidiary companies, as follows:
1937, $33,152; Emmco Insurance Co. Inc., year ended June 30, 1937'
(this company was inactive to August, 1936), $16,697.
(2) The expenses
set forth in the above summary include expenses to June 15, 1937, of
associated organizations, Associates Investment Co. of Illinois and Associate
Discount Co., which have been assumed and paid by Associates Investment
Co.
The expenses so assumed and paid were incurred by the associated
organizations in connection with the purchase of notes receivable which
were
in turn purchased from them by the Associates Investment Co.
(3)
The results of operations of Associates Discount Corp. are include
surtax would amount to
$9,399
(net)
Net
2%
Period Ended June 30—
Common
1937—12 Mos.—1936
$8,632,744 $7,530,325
4,739,617
4,205,926
653,900
590,400
$299,065
$320,448
Operating income
Other income (net)
on
$595,827
$35,586,080 $34,990,253
Preferred dividends
Co.—Earnings—
1937—Month—1936
$875,136
$740,779
444,988
386.514
109,700
55,200
July 31—
Operating revenues
Oper.exps. (incl.taxes).
Prop, retire, res. approp.
Int.
8%
5%
2,795,445 24%
x Decrease.
Note—No provision is included for Federal surtax on undistributed
profits, if any, of the corporation and (or) its subsidiaries, for the year 1937.
—V. 145, p. 1089.
Net income
Arkansas Power & Light
Period End.
548,169
x29,920
53,093
129,781
61,415,739
14,547,444
stock, par $50, payable Sept. 27 to holders of record
per
$7,919,701
174,389
—
Copper Mining Co.—To Pay 50-Cent Div.—■
Anaconda
Total gross oper. revs....$122,552,436
1933
1934
1935
1936
Amount
1937
' 1936
$98,835,277 $90,915,576
13,342,613
13,168,224
6,187,098
5,638,929
1,580,160
1,610,080
1,304,190
1,251,097
1,303,098
1,173,317
Oper. expenses & maint.
Provision for taxes.
Operating income
' *
Output of electric energy of the electric properties of American Water
Works & Electric Co. for the week ended Aug. 21, 1937 totaled 50,626,000
Week Ended—
12 Months Ended July 31—
Electric
Water
against 205,427,177 kwh. for the corresponding month of 1936, an increase
of 5 3<7
For the seven months ended July 31, 1937, power output totaled 1,526,412,502 kwh., as against 1,355,150,126 kwh. for the same period last year,
an increase of 12.6%.
of Properties Irrespective of
-Increase-
„
Ice
power output of the electric subsidiaries of the American
Works & Electric Co. for the month of July totaled 216,423,765
(& Subs.)—Earnings
Consolidated Statement of Earnings and Expenses
Dates of Acquisition
July Power OutputThe
Weekly Power Output—
1409
...
.
above for the
to June
.
.
period from June 16, 1937, date of beginning of operations,
30, 1937.
Consolidated Balance Sheet June 30,1937
and unpaid to July 31, 1937 amounted to
Latest dividends, amounting to $1.75 a share on $7 pref.
stock and $1.50 a share on $6 pref. stock, were paid on July 1, 1937.
Divi¬
Dividends accumulated
x
$1,265,687.
dends
on
these stocks
are
cumulative.
on
hand
and
748.
Accounts
Accts.
70,151,922
b Funds withheld from auto¬
in
&
696,931
119,899
-
Dec. 1,1946
10-year 3%
are
in¬
to
assure the payment of operating expenses,
with much less
sibility of earning the fixed interest charges on such securities as would
required for securing sufficient new capital to affect a reorganization.
The Bureau recommended that the Commission refuse either to approve
.
the company's
plan or to submit a plan of its own at this time,-but without
prejudice to further proceedings.—V. 115, p. 182.
Armstrong Cork Co.—Consolidated Balance Sheet—
$
1,860.678
Accts.
5,550,506
4,064,292
accrued expenses 2,282,737
Due to for'n subs.
236,251
3,002,371
Due from for. subs
511,333
Advs.for purchases
5,898,404
204,311
Prov. for State inc.
rec.
U. S. Govt. & oth.
securities
of
raw
materials
inventories.
Notes & accts.
188,629
Indebt. of empl'ees
Prepaid
31,831
515,599
expenses.
Invest, in and adv.
515,887
1,055,809
482,611
Income Statement
for 6 Months Ended June 30, 1937
Net
earnings
3,333,340
1,027,227
x Prop., pl't & eq.18,246,988
Paid-up licenses..
84,990
Deb. disc. & exp._
870,955
Goodwill
1
$486,875
Net
381,021
$105,855
71,951
income
—V.
income tax
145, p. 748.
15-yr. 4% debs... 8,400,000
8,700,000
216,066 Miscell. reserves..
879,117
493,268
60,504 Res. for wage earns
unempl. benefits
300,000
312,791
300,000
y Capital stock
7,623,465
7,623,465
4,665,472 Paid-in and capital
surplus
1,167,229
18,481,901 18,481,901
17,030,083 Earned surplus...11,184,436
9,208,029
95,608
1,004,948
Atlanta Gas Light
See list given on
Co.—Registers with SEC-—
first page of this department.—Y. 145, p. 932.
Atlantic Refining Co. (&
1
After
51,105,212
47,350,544!
Total
51,105,212 47,350,544
$14,349,599 in 1937 ($13,398,150 in
for revaluations effected as of Jan. 1.1933 of $4,637,651 in 1937 and $5,230,089 in 1936.
y Represented by 1,209,124 no par
x
reserve
1936), and less
for depreciation of
reserve
shares,
Note—The income account for six months ended June 30, was given in
"Chronicle" of Aug. 21, page 1248.
Art Metal Construction
Gross operating income
Costs and expense
insurance & other reserves
Federal income tax, &ic
Intangible development costs
Depletion and lease amortization
Associated
common
Period End. July SI—
Sales
1937—13 Weeks—1936
1937—26 Weeks—1936
$12,347,793 $11,248,996 $26,054,666 $23,581,091
—V. 145, p. 932.
Associated Gas & Electric
For the week ended
Preferred dividends
Surplus
Co.—Weekly Output—
$531,905
12,233
417,300
3,391
$3,835,169
102,672
592,581
2,525
$3,436,756
296,000
1,331,999
$3,137,391
147,325
1,332,000
$1,808,757
$1,658,066df$1,077,572
—
-
Net profit
681,987
$3,681,575
foreign exchange
Interest
241,428
$961,438
335,651
370,409
$255,378
1,332", 950
Note—No provision made for surtax on undistributed profits.
»
Aug. 20, Associated Gas & Electric System reports
of 92,649,607 units (kwh.).
This is an increase of 9.3 %,
or 7,920,916 units, higher than that for the compraable week a year
ago.
Gross output, including sales to other utilitkes, reached a new high of
105,605,982 units for the week.
net electric output
$3,153,182
.
969,252
Profit
Loss on
Common dividends
Dry Goods Corp.—Sales—
$2,712,323
Net operating income
Prop, earns, affil. cos not consol
Non-operating income
Minority interest
Co.—Registrar—
The Manufacturers Trust Co. is registrar for 320,570 shares of
stock.—V. 144, p. 3828.
Subs.)-1—Earnings—
1937
1936
1935
$61,991,780 $54,488,270 $48,966,068
40,845.621
50,285,419
42,902,343
140,415
203,434
.202,644
2,403,750
2,452,510
1,864,391
545,008
642,665
543,996
607,817
784,780
622,327
4,367,892
5,022,428
4,611,268
6 Months Ended June 30—
Depreciation, &c
Total
$571,088
73,570
10,641
—
...
to foreign subs..
Other investments
p.
Associated Telephone & Telegraph Co.—Earnings—
Dividend on preferred stocks
661,495
145,
1249.
Interest and other deductions
1,377,254
168,128
corp.
loan taxes
14,964,350 10,770,156
rec.
$79,835,309
Total
b Generally held until collection of the related
Represented by 418,152 no-par shares.—V.
Provision for Fed'l
76,570
non-current
payable and
cap.stk.&
c
1936
$
2,700,521
Notes & accts
receivable,
Taxes
1937
Liabilities—
$
$
Depreciated value,
Salaries, directors' fees, legal and other expenses
1936
1937
Assets—
a
Dividends and interest received
Consolidated Balance Sheet June 30
Cash
$79,835,309
Total
notes
4,534,788
debentures, due
12,000,000
5% cum. pref. stk. ($100 par)
6,000,000
c Com. stock (incl. cap. surp.)
2,792,338
Earned surplus
8,244,988
Interurban Ry.—Bureau Opposes Plan
The Bureau held that the probable future earnings of the road
1,745,369
Unearned income
Interstate Commerce Commission Bureau of Finance has recommended
that the Commission refuse at this time to approve a plan of reorganization
of the company which operates 64 miles of electric line in Kansas.
sufficient
687,717
repossessed automobiles.
385,672
Office furnit & equipment.
Deferred charges
Arkansas Valley
dealers..
Res. for losses on receivables
11,953
subsidiary
companies (not consol.)...
a
mobile
96,444
receivable—
Investments
payable
$42,343,500
payable & accr. taxes.
1,486,609
$8,372,487
receivable...
Notes
Notes
demand
deposits...
Repossessed automobiles
Note—No provision was made for Federal surtax on undistributed profits
for 1936, inasmuch as the company reported no undistributed adjusted net
income for that year.
No such provision has been made to date for 1937.—
V. 145, p.
Lia bilities——
A ssctii
Cash
Consolidated Earning Statement for Year Ended June 30, 1937
Gross operating income,
$120,629,826; costs, operating and general
$97,167,138; taxes, $4,881,785; insurance doubtful receivables,
$574,865; intangible development costs, $1,199,234; depletion, lease amortiz.
and abandonments, $1,483,965; deprec., retirements & other amortiz.,
$9,791,827; net operating income, $5,531,009; non-operating income, net,
$2,640,234; income before interest charges, $8,171,244: interest, discount
expenses,
1410
Financial
and
premium on long-term debt, $460,156; other interest, $62,999; net
income for period, $7,648,089; income applicable to
minority interests,
$6,527; dividends on preferred stock, $592,000; balance applicable to com¬
mon stock, $7,049,561; earned per sh. on 2,663,999 shs. common
stock, $2.65
Consolidated Balance Sheet June 30
1937
1936
;-:,v $
Prop., plant &
equipment. .121,281,084
Investments
5,399,252
Cash
4,383,165
1937
Assets—
Liabilities—
a
Market secur
Notes
&
$
4% pref.stock..
112,421,548
4,992,753
11,920,175
1,212,543
_
b Com.
.
14,800,000
66,599,975
accts.
receivable
11,116,326
Oil Inventories.. 22,534,416
Matl. & supplies
3,579,293
Due from empl.
52,152
Oth. curr. assets
146,756
Deferred items.
11,361,956
20,977,519
2,661,209
Other
and
5,351,283
47,774
222,498
875,165
721,569
payable
liability
75,733
4,346,688
—
8,145,979
Total assets
$96,125,983
Deferred
credits
Reserves
164,984
13,934
351,212
8,403,151
8,601,449
14,164
14,765
56,450,451
10,449,630
56,820,454
10,449,630
c
166,693,140
Deduct: Excess
336,338
336,312
169,613,579
Total
5,090,250
Net assets applicable to:
Minority interests in a subsidiary company.....
$116,089
Capital stocks of Atlas Corporation
y90,919,645 $9J ,035,734
x
cost treas.stk.
169,613,579
$380,238
1,199,231
3,510,781
4,037,246
422,108
20,623
408,136
Cap. & surpl. of
minority int..
After
(cost x$7,906,934)
Dividend payable Sept. 1, 1937 on 6% pref. stock
Earned surplus.
Paid-in surplus,
a
6,066,139
assets at management's valuations
$57,327 of deferred charges
Accounts payable and accrued taxes and expenses
Provision for prior years'taxes and for contingencies
Accrued liability
Other curr. liab.
74,086,914
non-
(cost
x$5,875,614)
$
14,800,000
66,600,000
22,793
Fed.inc.taxes..
Tax
1937
28,
July 31, 1937 last sale or bid prices (cost x$77,236,242).-
Notes and loans
399,566
Total
at
Investments in and receivables from controlled but
consolidated companies, at management's valuations
468,610
payable.
Aur.
Condensed Consolidated Statement of Financial Condition at
July 31, 1937
Cash, dividends receivable and interest accrued
$7,826,951
Investments for which market quotations are available priced
7,292,350
stock..
Purch. obllgat'ns
Accts.
1936
Chronicle
166,693,140
depreciation, depletion and amortization,
b Par $25 and ex¬
c Excess of cost of treasury stock over par deducted
597.
cludes treasury shares,
from surplus.—V. 144, p.
Costs
as
shown above represent amounts based
on Oct. 31. 1936 market
in the abasence thereof, appraisals by the board of directors
acquired at inception of the company tnrough consolida¬
tion which became effective on that date, and costs of
subsequent purchases,
y Represented by:
Par value of 506,984 15-100 shares of 6%
preferred stock and 3,608,759 88-100 shares of common stock
outstanding after deducting shares held in treasury
43,393,007
Surplus and net unrealized depreciation per statement annexed
47,526,638
quotations
or,
of investments
$90,919,645
are 1,951,073 shares of the unissued
common stock reserved
outstanding option warrants to purchase such stock, at any
time, at
$25 per share.—V. 144, p. 4334.
Note—There
for
Atchison
Topeka & Santa Fe Ry. System—Earnings—
[Includes Gulf, Colorado & Santa Fe Ry., Panhandle & Santa
Fe Ry.
1937—Month—1936
1937—7 Mos.—1936
Railway oper. revenues.$18,821,711 $15,688,531 $99,907,032
$85,185,354
Railway oper. expenses. 12,427,899
10,898,758
79,065,304
70,438,355
Railway tax accruals
xl ,808,794
xl,222,051
y7,070,852
y7,620,459
Other debits or credits._
Dr26,077
Crl21,830
Dr256,840
Cr297,904
Period End. July 31—
Net ry. oper. income.
Average miles operated.
$4,558,941
13,562
$3,689,553 $13,514,037
13,228
13,491
$7,424,444
13,233
cruals
y
Atlantic Coast Line RR.July—
1937
$3,076,823
251,275
18,364
Gross from railway
Net from railway
Net after rents
From Jan.
1936
1935
movement and control of air in winter and summer will be
built at Auburn
air-conditioning
366,335
129,187
$2,430,475
def88,874
def282,962
$2,301,756
defl54,169
def314,818
30,335,257
26,200,701
6,229,748
2,299,809
24,520,758
5,123,083
1,413,165
25,311,776
6,685,746
3,061,216
8,420,953
3,917,809
Net after rents—
748.
extra dividend of five cents
per share in
regular quarterly dividend of 10 cents per share on the com¬
mon stock, both payable Sept. 15 to holders of
record Sept. 1.
An initial
dividend of 10 cents was paid on June 15 last.—V.
144, p. 3661.
Odium, President,
Report—
in part:
says
The asset value of the common stock
the condensed statement of financial
as of July 31,
1937, as indicated by
condition, was approximately $18.17
per share.
Since Jan. 31, 1937 company has acquired for
retirement 342,927 77-100
shares of its previously outstanding common stock.
Much work has been done during the
past six months in connection with
the reorganization of
Radio-Keith-Orpheum Corp. and Utilities Power &
Light Corp. and considerable progress has been made.
In the case of
Radio-Keith-Orpheum Corp., the plan of reorganization is now
awaiting
the special master's report to the court.
In the case of Utilities Power &
Light Corp., two plans of reorganization have been filed with or submitted
to the court, a special master has been
appointed and a date in October has
been set for hearings before the court with
respect to such plans.
Also,
company has submitted a proposal for recapitalization to the
directors of
Utilities Power & Light Corp.
concerning which final action has not as yet
been taken.
A trustee for Utilities Power & Light
Corp. has been appointed, but the
making such appointment was stayed by the court to
give the various
parties in interest an opportunity to appeal from the order if
they so desire.
Company owns approximately one-half the outstanding debentures of
Utilities Power & Light Corp.
Inasmuch as that company, directly or in
100% owned subsidiaries, has cash and marketable securities
(entirely
apart from its controlling interest in valuable
subsidiaries) sufficient in
order
themselves to
more
than
cover
of
the present market value of the total
issue
outstanding debentures, management views with confidence the outlook
for this major investment.
There have been certain changes in the amounts
of marketable securities
owned, but no substantial change in the general character of
company's
portfolio since the last report.
Condensed Consolidated Income and
Surplus and Net Unrealized Depreciation
Accounts for 9 Months Ended
July 31, 1937 (Company
and Investment
Company
Subsidiaries)
Itxcotlic Account—*
Income from dividends, interest,
fees, &c
Expenses
*
$2,683,357
972,946
_
Balance
Net profit on sales of securities
Total
on
$1,710,410
27,291
the basis of average cost
_
Provision for Federal income taxes
Amount of net income applicable to
____
_I
minority interest
Net income for the nine months ended
July 31, 1937
Capital Surplus—
Capital surplus at Oct. 31, 1936 (date of inception of
company
through statutory consolidation) less provision for
$1,737,701
161,169
1,180
on
expenses ot consolidation
$1,575 352
was paid on July
15 last.
April 15 last.
See also V. 143, p.
payments.—V. 145, p. 932.
Axelson
common
from
6 Mos. End.
—Years
June 30, '37 Dec. 31, '36
Net income after oper. exps., normal
Fed. inc. taxes,
of
therefor)
b% preferred stock and common
stock, charged to capital surplus in accordance
on
$320,079
$1.10
with resolutions of the board of
directors
over par value
($50 per share of
pref. stock and $5 per share of common
stock)
of capital stocks in treasury...
$1.23
Baltimore & Ohio RR.—Reconstruction Loan—
on Aug. 19 found the
company
earnings, reasonably to be expected
charges without a reduction thereof through judicial re¬
organization and approved conditionally a loan of not to exceed
$5,000,000
to the company, by the Reconstruction
Finance Corporation.
The report of the Commission says in
part:
to meet its fixed
""during 1937 the applicant's requirements for construction and maturing
obligations other than $3,000,000 of bank loans are stated to amount to
$20,294,000, consisting of Buffalo Rochester & Pittsburgh
bonds, $4,427,000; Ohio River RR. bonds, $2,941,000; equipment-trust
maturities,
$6,037,000; Public Works Administration loan, $500,000;
payments and dis¬
count—equipment trust, $2,750,000; construction, cars, and
facilities, $3,639,000.
Of the total amount, $11,156,000 has been
paid, leaving $9,138,000 to be met during the remainder of the year.
Total operating revenues estimated
by the applicant for 1937 amount to
increase of about 6.7% over 1936.
Depreciation of $7,245,353 is in¬
in the operating expenses estimated
by the applicant for 1937.
Net income of $5,016,755 is estimated
by it for the same year.
With the aid
of $3,000,000 of bank
loans, the applicant has met the cash requirements
to date and it
anticipates no difficulty in providing from its own resources
the remainder of its direct requirements for the
year if the additional RFC
loan is obtained.
The applicant has filed a forecast of cash
receipts and
disbursements by months from August to
an
cluded
December, inclusive, 1937,
Aug. 1, 1937, of $8,012,423 will be increased
to
the year
The board of directors
of the
$11,855,423 at the end of
Reconstruction
Finance Corporation has
approved the loan of $5,000,000 to the road with which to meet
maturity
Sept. 1 of approximately that amount of general
mortgage bonds of the
Buffalo Rochester & Pittsburgh
Ry.
'
Earnings for July and Year to Date
Period End. July 31—
Ry. oper. revenues
Ry. oper. expenses
1937—Month—1936
1937—7 Mos.—1936
$14,420,491 $14,535,536 $102432,160 $94,001,562
11,105,956
10,640,111
77,284,518
70,799,968
iNet rev. fr. ry.
opers. $3,314,535
Railway tax accruals.937,086
Equip., rents (net)
228,121
Joint facility rents
(net).
215,890
$3,895,425 $25,147,642 $23,201,594
902,789
6,595,319
5,838,971
288,984
1,717,559
1,599,056
190,027
1,137,466
1,135 687
Netry. oper. income.
—V. 145, p. 932.
$2,513,625 $15,697,298 $14,627,880
$1,933,438
Bangor & Aroostook RR.—Earnings—
Period End. July SI—
Gross oper. revenues...
exps.
maint. &
1937—Month—1936
$269,082
$249,946
(incl.
deprec.)
rev.
funded debt.
Other deductions
on
Net income
6,912,633
1937—7 Afos.—1936
$3,973,737
$3,681,382
314,623
300,431
2,457,289
2,457,123
def$45,541
xCr40,287
def$50,485
21,538
$1,516,448
x346,965
$1,224,259
def$5,254
21,440
def$72,023
$1,169,483
33,770
$857,291
8,681
$^6,186
59,017
3,474
def$6l,617
$1,135,713
413,158
$848,610
Unrealized Depreciation—
Excess of costs over amounts at which
investments and other
assets are carried in the annexed
condensed consolidated
statement of financial condition at
July 31, 1937, less portion
def$46,305 def$123,752
Total surplus and net unrealized
depreciation at July 31
1937, per annexed condensed consolidated
statement of
financial condition
14,107
414,007
14,028
$708,448
$420,575
Bangor Gas Light Co.—Earnings—
Years Ended June 30—
$50,267,772
operating
Operating
revenues
expenses
„
applicable to minority interests
58,828
3,307
12,348,760
Gross
Net
10,406
366,968
x Tax
accruals for 1937 includes
adjustment, account repeal of excise
Tax Act of 1935
(pension tax), credit to cancel accruals in 1936, $64,988.—
V. 145, p. 598.
$48,692,420
Total surplus at July 31, 1937
ex¬
clusive of the Buffalo Rochester &
Pittsburgh bond maturity of $4,427,000.
If this disbursement and the
receipt of the $5,000,000 loan are not taken
into account, the estimate indicates that
the opening cash balance on
Gross income
*3,086 527
$168,098
$0.58
The Interstate Commerce Commission
the basis of present and prospective
Interest
Capital surplus at July 31, 1937
$359,881
on
Other income
$2,349,600
Ended
Dec. 31, '35
deprec., other chgs.
& surtax on undistributed
earnings.
Earns, per sh. on 291,886 shs
—V. 145, p. 102.
Operating income
conversion
stock into 6 % preferred stock
(repre¬
excess of the par value of
preferred
over the par value of the
common
Excess of cost
under
Aug. 31.
regular quarterly of like
An extra of five cents was
paid on
1864, for detailed record of previous
Q41 180
the
stock issued
stock exchanged
merchandised
Manufacturing Co., Inc.—Earnings—
from opers..
Tax accruals
senting the
Dividends
and
Period—
Net
,
resulting
Ind.,
the common stock, both payable Sept. 15 to holders
of record
dividend of ten cents in addition to a
An extra
amount
Operating
estimated
Deduct:
Adjustment
Connersville,
Automobile Finance Co.—Extra Dividend—
an
a
Atlas Corp.—Semi-Annual
F. B.
in
The directors on July 1 declared an extra dividend of
five cents per
share in addition to the regular quarterly dividend of ten
cents per share
Atlas Press Co.—Extra Dividend—
The directors have declared
addition to
plants
1934
$2,887,143
1—
Gross from railway
Net from railway
—V. 145, p.
-Earnings-
Co.—Buys New Trade Name—
the "aerofan" name.—V. 145, p. 1249.
Includes for
1937 and 1936, respectively, $341,983 and
$300,414 ac¬
of Railroad Retirement and Unemployment Insurance
taxes.
Includes for 1937 and 1936, respectively, $2,248,876 and $1,516,165
accruals of Railroad Retirement and
Unemployment Insurance taxes, with
a credit in 1937 of
$2,234,364 reversing charges in 1936 account Railroad
Retirement taxes.—V. 145, p. 748.
x
Auburn Automobile
This company has bought from the Russell Electric
Co. the trade name
"aerofan," together with the goodwill and exclusive patent license on the
fans formerly manufactured by Russell.
A complete line of electric fans, air circulators and
other units for the
Net operating income
income
Non-operating
2,741,134
$47,526,638
Gross income
Interest deductions_
Provision for retirement and
replacement
Net income
'
1937
1936
$134,878
96,688
$134,503.
100,424
$38,189
$34,079
684
100
$38,873
22,776
6,157
$34,179
22,037
5,667
$9,939
$6,474
Volume
B-G
Called—
Belgian National RyPreferred Stock
notifying holders of
Railways Co. par¬
ticipating preferred stock that they have been advised by their agent in
Brussels that there has been drawn for redemption on Sept. 1, 1937, at par
of 500 Belgian francs each, 726 Belgian shares underlying the outstanding
American certificates.
In respect of each drawn share there will be issued
The City Bank Farmers Trust Co., as depositary, is
American certificates representing Belgian National
profit participating share entitling the holder to a full participation in
super dividend for the year ending Dec. 31, 1937, declared by the
company.
As each American share represents five Belgian shares, holders
of American shares will be entitled to receive on redemption of American
one
of 2,500 Belgian francs, less expenses
profit participating shares.—V. 143, p. 1551.
shares the equivalent
of the depositary,
Foods, Inc.—Accumulated Dividend—
The directors have declared
Oct.
1
$17.50
per
30—
1937
277,800
v
Tons ore milled—
Metal production
$1,203,319
195,238
(gross)
Marketing charges
share.—V. 144,
of
1936
269,380
SI, 179,487
197,685
the above figures
no
585,226
S410.761
Operating profit for period
In
$981,802
597,319
—.
$7,330,938
5,473,154
$6,402,126
4,883,752
2,201
480,000
483,443
limited-term
Prop, retire,
314
depre¬
Net
$2,301,407
after operating expenses, normal Federal income
depreciation and other charges, but before provision for
Federal surtax on undistributed earnings
Earnings per share on 300,000 shares
—V. 145, p. 428.
income
123,384
SO.41
Steel Corp.—Foreign
Sues Bank for
Group
24 by Harry Hoffman, of 30 Pine St.,
solicitor and attorney for N. V. Anglo-Continentale Trust
Suit was filed Aug.
Trust
Co),
Handels,
Hydropress
Mondiale
Steel Co. has refused in
the past to pay in Amsterdam, Holland, guilders on the coupons detached
from Lackawanna bonds, and that the holder of the bonds and the coupons
take payment either in United States dollars or in certain
foreign currencies, including guilders in Amsterdam.
The value of the
guilder before Sept. 30, 1936, is stated to be approximately 68 cents and the
present value is stated to be approximately 55 cents, so that each $25
coupon would have been worth. according to the contentions of the plain¬
tiffs, approximately $42 prior to Sept. 30, 1936, and approximately $34
had the option to
that date.
complaint states that the
redemption on Sept. 1,
mon
property may fall under the lien of other mortgages of the
Bethlehem Steel Co. containing "after acquired property clauses.
There is annexed to the compaint a copy of a supplemental indenture made
Oct. 10, 1922, by Bethlehem Steel Co. of New York, assuming the mort¬
gage and agreeing to perform its terms and conditions, and also a letter
written by the Bethlehem Steel Co. to the New York Stock Exchange on
Jan. 11, 1934, in which it advises the New York Stock Exchange that the
mortgaged
apparent purpose of providing for payment of the interest and the principal
of the bonds in foreign countries was to facilitiate their sale and distribution
countries and that in accordnace with such purpose Bethlehem
Steel Co. had made or would make provision whereby the owners of such
bonds residing in foreign countries would receive in the currencies of such
countries the amounts specified in the coupons.
This was confirmed on Jan. 22, 1934, in a letter from the Bethlehem Steel
such
Dembitzer, of Paris, a copy of which is attached to the
of Debentures Named—
Fed. & prov. inc. taxes.
30,000
23,626
15,411
10,294
$66,206
71,678
$59,504
71,874
$75,259
55,261
$186,992
59,700
Total surplus
Preferred dividends
$137,885
59,700
$131,378
59,700
$130,519
58,645
$78,185
$71,678
$71,874
$127,292
Balance, June 30
Consolidated Balance Sheet June 30
1937
$14,353
515,875
$10,320
468,826
1,025,753
1,057,644
50,110
51,149
1,733,434
1,735,849
rights & goodwill
28,048
54,890
Deferred charges..
49,791
1936
1937
Liabilities—
I
1936
31,112
Assets—
Cash
x
Accts. receivable
Inventory
z
Federal
mach. & equip..
Tr-marks,
$3,417,363 $3,409,792
Total
x
for
i
Preferred stock
y
Common stock-
Surplus
|
201,989
93,011
190,612
275,632
98,011
269,586
1,492,500
income
_
patent
$356,810
Incl.
Mtge. on land sub
Min. int. in sub.co.
buildings,
Land,
pay.,
tax
cust.cos..
$472,892
advances
Bank
Accts.
Stocks & bonds of
1,492,500
839,067
127.292
839,067
78,185
$3,417,363 $3,409,792
Total
After reserve,
y Represented by 63,475 no par shares,
z After reserve
depreciation of $486,109 in 1937 and $466,947 in 1936.—V. 145, p. 750.
Boston
Elevated Ry.—Earnings—-
Month of July—
Total receipts from
Interest on
direct operation of the road—
332
1,550,457
146,024
103,597
235,384
328,374
6,121
FederalT state and municipal tax accruals
leased roads
Subway, tunnel and rapid transit
Interest on bonds and notes
line rentals
.
Miscellaneous items
service over receipts.
1250.
Excess of cost of
—V.
145,
p.
Boston
$341,671
$457,518
—
Fund, Inc.—Earnings—
Statement of Income
and Undivided Earnings 3 Months
(Exclusive of gains or losses on investment
Income
$1,962,863
1,545,856
87,020
103,602
234,732
326,188
7,134
$1,912,438
Total receipts
Total operating expenses
Rent for
1936
$1,956,707
6,155
1937
$1,912,106
&c—
deposits, income from securities,
Ended July 31, 1937
securities)
$7,332
1.544
dividends
Expenses
$5,788
Net income
Portion of net proceeds from sales and repurchases of capital
stock representing participation in undivided earnings
-
-
—
—
-
Interest deductions
Provision for retirements and replacements
Amortization of debt discount and expense
securities (net)
Interest on indebtedness of American Gas & Power
Co.—accrued (credit)
Discount on reacquired
-
accruals
3,675
$9,464
Total
Undivided earnings, May
822
1, 1937-
$10,286
7,021
Total
share.
a
Undivided earnings, July
1936
$2,074,299
1,503,176
$1,874,672
1,356,309
$571,125
11,048
$518,362
6,411
$582,171
394,412
213,602
7,747
Cr6,948
$524,773
388,538
173,583
14,233
Cr3,051
a65,217
a65,229
$38,574
20,100
$16,698
3,030
$3,265
31, 1937--
Balance Sheet July 31, 1937
Assets—
a
market quota-
Secur., at
tions
Cash
Dividends receivable
Liabilities—
Accrued expenses
$1,415,475 Accrued taxes
71,430 Distrib. pay., 18 cents
1,450 Undivided earnings
$446
609
a
sh
b Capital stock
Surplus (excl. of undivided
earnings)
10,531
3,265
293,585
1,179,917
-.$1,488,3551
Total
$1,488,355
a Cost
$1,346,642.
b Authorized 1,000,000 shares of a par value of
$5 each; outstanding 58,717 shares.—Y. 145, p. 750.
Total
Boston &
1937
Non-operating income
$154,589
$108,807
78,185
Net income
Previous surplus
Distribution- -12 cents
Birmingham Gas Co .-—Earnings—
Years Ended June 30—
Gross operating revenues
account of prior year
1935
$102,756
32,211
11,041
„
has filed an amendment with the Securities and Exchange
Commission, giving underwriters and percentages of unsubscribed for
debentures which tney will underwrite in connection with the proposed
issue of $48,000,000
15-year sinking fund convertible debentures, due
1952.
The group includes the following: Kuhn Loeb & Co., Edward B.
Smith & Co. and Mellon Securities Corp., 15.63% each; Brown Harriman
& Co., Inc., 12.50%; The First Boston Corp., 8.33%; J. & W. Seligman
&
Co., 5.10%; G. M.-P. Murphy Co., 2.30%; Bonbright & Co., Inc.,
1.77%; Goldman, Sachs & Co., Kidder, Peabody & Co., Lazard Freres
& Co., Inc., Lee Higginson Corp., Lehman Bros., and Dean Witter & Co.,
1.77% each; Charles D.Barney & Co., Clarke, Dodge & Co., Glore, Forgan
& Co., Hallgarten & Co., Hayden, Stone & Co., Hemphill, Noyes & Co.,
W. E. Hutton & Co., and White, Weld & Co., 1.04% each; Parrish & Co.
and Schroeder, Rockefeller & Co., Inc., 0.52% each and Blyth & Co.,
3.13%.—V. 145, p. 1249.
Net operating income
$209,525
73,441
27,277
Depreciation
1934
1936
$168,894
82,687
20,001
1937
Years End. June 30—
The corporation
Operating expenses—
^
Ltd.—Earnings—
.
,
complaint alleges, however, that on Aug. 7, 1934, in spite of the
announcement that it would pay, Bethlehem reversed its position and
thereafter refused to pay, except upon being furnished with certain affi¬
davits and information, which the plaintiffs declared to De unauthorized.
3998.
Co.—Extra Dividend—
dividend of 50 cents per share in
quarterly dividend of 25 cents per share on the com¬
stock, both payable Sept. 30 to holders of record Sept. 17.—V. 145,
Profit for year
The
on
Federal surtax on undistributed profits
145, p. 599.
Blue Ribbon Corp.,
for
Received
pref. stock
Dividends
933.
p.
Bethlehem Steel Co. has called these
1937, and that it proposes to pay to
bonds only the cable rate of exchange, which it is
stated is equivalent to payment only of the face dollar amount of the bonds.
The complaint also states that the Bethlehem Steel Co. has offered to pay
to foreign holders who supply certain proof satisfactory to the Bethlehem
Steel Co., in foreign currencies, but the complaint alleges that this require¬
ment is unauthorized and that the plaintiffs intend to present their bonds
and coupons in Amsterdam,
Holland, on Sept. 1, 1937, and demand
guilders and which the complaint alleges will be refused.
The bill of complaint asks for an injunction against the Central Hanover
Bank A Trust Co., as substituted and successor trustee, restraining it
from canceling and satisfying the mortgage and from delivering to the
Bethlehem Steel Co. the stocks pledged under the mortgage, and states
that if the bank is permitted to cancel and satisfy the mortgage or to deliver
up the pledged stocks, irreparable injury will be caused and that the
a
$2,878
1937 amounted to
July 31,
unpaid to
The directors have declared an extra
domestic holders of these
—V. 144, p.
and
Note—No provision was made for
Maatschappij
A.G.,
Pennsylvania.
complaint states that the Bethlehem
Gross income
accumulated
Organization expenses._
Anglo-Continentale Treuhand, A.G.,
Trust Co., as
Feb. 16, 1910,
between Lackawanna Steel Co. and Union Trust Co. of New York.
The suit irfvolves an issue of bonds originally made by Lackawanna
Steel Co., the entire properties of which were purchased by Bethlehem
Steel Co. of New York, Inc., which subsequently became merged into
Handels-und Verwaltungs, A.G., ana
Net income-...
429,203
$351,242
-
New York, as
foreign corporations, against Central Hanover Bank &
substituted or successor trustee under an indenture dated
Underwriters
$432,081
429,174
Writ, off shs. held by co_
Steel 5s in 68-Cent Guilders
Payment of Lackawanna
Corp. to Dr. Joseph
complaint.
$780,416
addition to the regular
y$149,369
x$242,410
$60,587
$33,672
299,997
270,000
270,000
270,000
$0.49
$0.89
$0.22
$0.12
x After
loss on reduction of aluminum kegs to scrap value but before
provision for Federal surtax on undistributed profits,
y After provision
for .surtax on undistributed profits.—V. 144, p. 2987.
in
$44,394
stocks for the
$63,608
for 1936, inasmuch as the company reported no undistributed adjusted net
income for that year.
No such provision has been made to date for 1937.
1934
1935
1936
1937
30—
and other charges
The
549,000
51,684
Black & Decker Mfg.
Shares outstanding
bonds
$1,381,100
45,750
4,165
Latest dividends, amounting to $1.75 a share on $7
and $1.50 a share on $6 pref. stock, were paid on July 1, 1937.
on these stocks are cumulative.
Earnings per share
after
$94,309
income
Dividends
—V.
Net inc. after depr., taxes
82
$250,352.
Berghoff Brewing Corp.—Earnings—
The bill of
$1,031,140
45,750
4,368
Dividends applicable to preferred
x
Ended, June 30, 1937
taxes,
Bethlehem Steel Co. of
$1,375,583
5,517
$113,726
on mortgage bonds.
Other int. & deductions-
x
3,791
$1,031,222
549,000
50,141
Balance
Net sales
(Anglo-Continental
Dr7
period, whether paid or unpaid
Earnings for Six Months
Bethlehem
$94,316
793
Int.
Belmont Radio Corp.—Earnings—
b Mos. End. June
40,000
$112,933
Net oper. revenues
ciation.—V. 145, p. 933.
Net
316
40,000
res. approp.
Other income (net)
S396.575
allowance has been made for taxes or
1937—12 Mos.—1936 1
1937—Month—1936
$628,364
$555,028
475,117
420,396
Period End. July 31—
Operating revenues
Oper.exps. (incl. taxes).
Gross income
SI,008,080
Metal production (net)
Operating costs
3997.
p.
Birmingham Electric Co.—Earnings—
investments
Ltd.—■Earnings—
Beattie Gold Mines,
of
the 7% cumulative
of record Sept. 20.
on
holders
to
Amort,
6 Months Ended June
dividend of $3.50 per share on account
a
preferred stock, par $100, payable
A similar payment was made on
July 1 and on April 1, last; a dividend of $8.75 was paid on Dec. 21, 1936,
and dividends of $1.75 per share were paid on Oct. 1 and July 1, 1936.
Accumulations after the payment or the current dividend will amount to
accumulations
any
and five
1411
Financial Chronicle
145
Maine RR.—Earnings— .
1937—Month—1936
1937—'7 Mos.—1936
$3,851,400 $3,818,283 $28,128,266 $25,976,660
Period End. July 31—
Operating revenues
Operating expenses
Net oper. revenue
Equip, rents (Dr.)
Joint facil. rents (Dr.)._
Net ry. oper.
income-
Other income.
Gross income
(rentals, in¬
&c.)-_-_
2,884,009
2,858,902
20,192,892
21,685,312
$967,391
289,143
179,750
13,515
$959,381
294,595
164,431
10,850
$7,935,374
2,131,854
1,331,933
$4,291,348
1,930,309
1,309,067
83,870
59,583
$484,983
143,669
$489,505
129,892
$4,387,717
679,376
$992,388
372,845
$628,652
$619,397
$5,067,093
$1,665,233
623,587
634,695
4,407,322
4,437,969
$5,065
def$15,298
Deductions
terest,
Net
-V.
income
145,
p.
750.
$659,771def$2772,736
Financial
1412
Brazilian
Period End.
Gross
earns,
Operating
Traction, Light & Power Co.,
Chronicle
Ltd.—Earnings
1937
1936
1935
1934
$923,035
363,223
$686,809
301,767
$200,179
167,396
$318,194
166,597
Net earnings before deprec'n & amortiza'n.- $2,034,905
145, p. 750.
$559,812
4,339
$385,042
14,344
$32,783
Other income
413
$151,597
57,096
Federal and other taxes.
$564,150
b97,280
$399,386
b58,748
$33,196
bl ,200
$208,693
a 1,628
$466,870
138,000
$340,638
69,000
$31,996
$207,065
Dividends.
$328,870
$271,638
$31,996
$207,065
276,000
$1.69
276,000
$1.23
276,000
$0.12
276,000
June 30—
6 Mos. End.
^
$3,574,702
1,539,797
expenses
profit
Gross
Selling & gen. expenses-
Operating profit.
$1,554,043 $12,188,403
1937
Bullard Co.—Earnings—
1937—Month—1936
1937—7 Mos.—1936
$2,775,741 $22409,307 $17,999,216
1,221,698
9,920,904
8,154,159
July 31—
from oper..
An*. 28,
$9,845,057
—V.
Briggs & Stratton Corp.—Dividend Increased—
The directors have declared a dividend of $1.25 per share on the capital
stock, payable Sept. 15 to holders of record Sept. 3.
Previously regular
quarterly dividends of 75 cents per share were distributed.—V. 145, p. 750.
Brill
Surplus
com.
stock out¬
standing (no par)
Earnings per share
Corp.—Transfer Agent—
Shares
The Manufacturers Trust Co. is transfer agent for 225,000 shares class A
stock, 400,000 shares class B stock, and 45,000 shares preferred stock of
this corporation.—V. 144, p. 4170.
4
./
Brown Co.
tion
(Maine)—Bondholders' Committee Say Solicita¬
of Acceptance Is Premature—-Outlines Views on Plan—
or
if any, is not determinable until the close of the
of the company on Dec. 31.
Balance Sheet June 30
1937
Assets—
1936
Liabilities—
Prepaid
1,348,385
966,074
15,262
-
10,758
expenses.
consideration, he says, but the committee believes that the proposal
acceptance of any modifications should be delayed until the completion
or
of the survey.
Discussing the position of the bondholders under the company's proposal,
the letter points out that "the company's present fixed
charges will be
substantially increased under the present plan.
It should also be noted
that the proposed maturities and sinking fund requirements
through 1942
will aggregate approximately $8,750,000.
It is obviously unsafe for the
bondholders to rely upon the conversion of debt into stock to eliminate
any of these maturities.
The question whether the
reorganized company will be freed under
the plan from the threat of further financial embarrassment
through fixed
charges and early maturities for which there may be no adequate margin
of earnings is manifestly
vital—particularly if the bondholders in order to
provide the funds for the proposed expansion are required to accept the
risk involved in the sale of $6,500,000 of first
mortgage bonds of the Can¬
adian subsidiary.
It would seem apparent that sole reliance should not be
placed upon the estimates of the proponents of the present plan, however
carefully prepared.
any way commensurate with the risks which
the senior security—viz., the
they
are
asking the holders of
present bondholders—to take."
The letter also calls particular attention to the
security afforded by the
Canadian subsidiary.
It states: "At present all of the stock and all of the
first mortgage bonds
$3,264,766 $2,659,398
Co. to pledge as additional
security all further funded debt and stock of the
Canadian subsidiary. Under the
plan, it is proposed to issue and sell to the
public $6,500,000 of Canadian subsidiary bonds which will rank on a parity
with the bonds already
pledged as part of
your security.
The
serious risks to present Brown
committee
is convinced that this involves
Co. bond¬
holders. In the event of default, the holders of the
publicly held Canadian
subsidiary bonds will control
any foreclosure proceedings under the Can¬
adian subsidiary's mortgage and such
proceedings will be in a foreign
country and will not be subject to the jurisdiction cf the Court which may
at the time be
supervising the general reorganization of the Brown Co.
If such default should
occur, there is real risk that in order to protect the
equity represented by the pledged stock, it would be necessary to provide
the money to pay off the
$6,500,000 of publicly held bonds of the Canadian
subsidiary. It should be realized that in time of difficulties, it is not easy
to provide such a large sum."
F. P.
Carpenter Approves Reorganization—Represents Largest
Block of Preferred Stock
Outstanding—
Frank P. Carpenter,
leading New England industrialist and largest
preferred stockholder of the company, on
Aug. 20 announced that he favored
the plan for reorganization.
He said that he had sent his acceptance of the
plan, now on file in the U. S. District Court at
Portland, Me., to H. J.
Brown, President of the company.
The Carpenter family holds
6,200 stares of preferred stock, the largest
Plans Stock Increase—
Stockholders at a special meeting on Sept. 7 will be asked
to increase the common stock from 300,000 to 330,000 no par shares, and
to issue
40,000 shares of $40 par convertible stock, to pay a 5% comulative
dividend.
If the
new set-up is authorized the company summarizes its
prospects
earning $920,000 in 1937, with an approximate distribution to stock¬
as
follows:
$690,000 to common holders, $80,000 to preferred
holders, $13,400 to the United States Government and $136,000 retained
in the business.
The company has at present 276,000 shares outstanding.
as
holders
Registers with SEC—
See list given on
first page of this department.—V. 145,
Bulova Watch
145,
p.
3 Mos. End. June 30—
The New
York Curb Exchange has
approved the original listing applica¬
of the company to list
200,000 outstanding shares common stock
(par $1), with authority to add to the list
upon official notice of issuance,
tion
25,000 additional shares of
Budd Wheel
stock.—V.
common
145,
p.
------
Other charges.
Depreciation and taxes._
x
_
com.
hand
$249,791
premium)
Stores, &c_
Mining properties.
a
165,874
Ltd.—Balance
Sheet
in
&
1,631
782,040
Res. for repairs & replacements
14,537
28,082
82,472
Paid-in surplus..
Earned surplus
$2,105,514
for
Capital stock
Capital surplus
4,880
701,679
168,126
420,379
Stockholders will be asked to authorize the issuance of this
Canada Bread
profit
Buffalo Rochester &
was
given
Pittsburgh Ry.—Bonds—
in
Co., Ltd. (& Subs.)- -Earnings1937
before bond int.,
deprec.,
income and
corporation taxes
bonds, due Sept. 1, 1937.—V. 134,
p.
4654.
1936
1935
1934
Int. earned
on
$472,479
4,709
4,301
$342,826
6,386
$296,406
7,869
$460,591
57,567
197,705
$349,212
58,120
216,967
$304,275
58,743
235.351
25,000
54*,25l
Depreciation
Spec. prov. for bad debts
$456,290
$477,189
50,693
165,159
investm'ts
39,415
"16",109
Income and corp. taxes.
Loss
on
Prem.
sale of invests.
or
disct.
or held
on
4,017
_
2,592
bonds
by co.)._
16,176
2,425
Cr472
2,610
$163,478
$55,895
loss$17,428
pref. stock
$186,891
125,000
Net addition to surp..
$61,891
$100,978
$55,895
def$17,428
Dividends
on
62,500
1937
Cash
159,018
160,278
redemp.fund
Bonds guar, by the
Dom. of Canada
$293,367
150,375
118,107
62,584
1937
1936
Accts. pay., wages
&oth. accr. chgs
$216,126
Taxes due & accr'd
57,767
109,192
Bond int. accrued.
18,870
Div.
Mtges. receivable,
20,200
b Bldgs. &
equlp't 2,201,102
34,375
20J50
2,193,701
391,330
75,496
pref. shs_.
754,900
911,300
1,250,000
1,250,000
1,250,000
25,000
1.250,000
130,171
75,580
5%
500,000
6% s. f.
gold bds.,due '41
cum.
partic.red
class B
pref. stk.
($50 par)
8,069
500,000
$214,457
40,513
22,782
21,875
1st pref. cum. red.
stock ($100 par)
73,223
Prepd. lnsur.,taxes
& other charges.
Def. moving exps.
on
lst mtge.
381,185
Goodwill
Liabilities—
1936
$130,738
Accts. receivable
c
Common stock
__
Earned surplus
25,000
$3,737,210 $3,811,508
$3,737,210 $3,811,508
Total
After reserve for doubtful accounts of
$50,000 in
b After reserve for
1936.
546,932 in
1936.
c
1937 and $45,000 in
depreciation of $2,611,997 in 1937 and $2,Represented by 200,000 no par shares.—V. 144, p.
the
The Interstate Commerce Commission on
Aug. 17 authorized the com¬
pany to issue not exceeding $5,183,000 consolidated
mortgage 4H% bonds,
85.4% of par to the Baltimore & Ohio RR., and
the proceeds used to pay and
retire, or to acquire and deposit with the
trustee of the consolidated mortgage,
$4,427,000 of general mortgage 5%
to be sold at not less than
preferred
on
4337
.
30
new
oper.
a
$2,105,514
b Less amounts written
June
Foundry Co.—To Issue
628,869
Total
c 701,679 shares of $1 each
Earnings statement for six months ended
"Chronicle" Aug. 21, page 1251.
$144,716
67,459
41,259
at a special meeting Sept. 21.
At present company's capitalization consists
of 500,000 shares of capital stock of which 348,000 shares are
outstanding.
—V. 145, p. 751.
Total
depreciation of $337,607.
79,184
47,874
75,663
to make necessary expenditures for modernization,
improvement and
expansion of its manufacturing facilities.
Company proposes to offer its stockholders the right to subscribe to
34,800 shares of a new $50 par convertible preferred stock on the basis of
one share of the new preferred for each
10 shares of capital stock held.
Land
22,508
Total
off, $898,112.
and
c
to
other mining companies
After reserve
1,693
Provincial taxes
36,783
advances
Prepaid insurance, &c
Organization expense
*
36,702
Reserve
development
Investment
$59,081
Accrued payroll
Unclaimed dividends
Due trustee
Dominion
$248,344
25,206
as
Bond
Accts. payable & accrued liab-
for
$334,399
Consolidated Balance Sheet June 30
71,215
559,639
Buildings, mach'y & equip..
b Mine
175,043
$139,076
5,640
The company plans to raise about $1,750,000 of new
capital later this
in order to place itself in a position to pay out a sizable portion of its
earnings to stockholders, and thereby avoid a stiff surtax penalty, as well
Net profit.
Liabilities—
on
$229,085
19,259
stk. outst'g
Inventories
Assets—
$321,937
12,462
year
a
Invests, at cost, plus accr. int.
Gold bullion in transit (incl.
$800,187
7,495
Campbell Wyant & Cannon
Preferred Stock—
(red.
June 30, 1937—
Cash in banks and
$400,563
261,487
per
Assets—
Mines,
1934
$529,4^5
300,370
$566,351
$233,530
$121,286
$35,998
324,881
275,000
275,000
275,000
share
$1.74
$0.69
$0.28
Nil
Includes provision for doubtful notes and accounts receivable.
Note—No provision made for surtax on undistributed profits.—V.
145,
p. 750.
Similar payments were made on June
30 last.—V. 145, p. 600.
Gold
1935
404,616
x
Co.—Participating Dividend—
Ankerite
1936
$726,553
Net profit
Shs. of
Earnings
Sept. 30 to holders of record Sept. 16.
Buffalo
1937
$807,682
69,795
171,536
Profit from operationsi
Other income
1250.
The directors have declared a
participating dividend of 25 cents per
share in addition to the
regular quarterly dividend of $1.75 per share on
the 1st pref. stock, both payable
1092.
$1,448,172
647,985
Expenses.
1250.
Inc.—Listing—
p.
Go.—Earnings—
Bond interest
Brown Rubber Co..
$3,264,766 $2,659,398
An increase of more than $1,500,000 in this company's capital stock has
Years End. June 30—
acceptance by bondholders and stockholders.—v.
1,629,054
Total
been proposed.
Consolidated
Reorganization Plan Favored by Local Commission—•
98,679
a81,450
1,363,121
a Includes
$22,702 for prior years,
x Represented by
276,000 no-par
y Less reserves for depreciation of $2,797,228 in
1937 and $2,814,844 in 1936.
z Less reserve for bad debts, &c., of $12,366 in 1937
and $6,667 in 1936.
block outstanding.
Pointing out that the company is the pulse and backbone of Northern
New England, the Board of
County Commissioners of Coos County,
in session at Berlin, N.
H., Aug. 25, unanimously adopted a resolution
approving the reorganization plan of the
company and urged its immediate
173,170
192,038
shares,
(aggregating $3,821,000) of the Canadian subsidiary
are pledged to secure the bonds which
you hold.
In addition, the mortgage
of the Brown Co. contains covenants
which, in effect, require the Brown
&c
taxes,
Earned surplus
The committee concludes that "if the
proposed expansion proves success¬
ful, the benefits will accrue primarily to the common stockholders. If the
expansion program is not successful, the burdens under the plan will fall
mainly upon the bondholders.
Bondholders should, therefore, consider
carefully whether the common stockholders are making a contribution in
9,730
100,000
Provision for Fed!
develop¬
Total
$1,051,125
65,023
payrolls,
Income tax
plan by signing any form of acceptance or approval now.
There are already indications that modifications of the present plan
may be
1936
109,649
Notes payable
Accrued
ment of a new
under
payable.
Customer's deposit
92,008
-
Receivables
Inventories
Accounts
467,334
-
Cash
1
292,343
362,358
Patents
z
1937
Common stock..$1,051,125
x
Land, bldgs., ma¬
chinery &equip.Sl,246,416 $1,123,222
y
out that the present method of solicitation has not been submitted
to, or
approved by, the Court.
In the judgment of the committee,
Mr. Adams states, bondholders
should reserve complete freedom of action until the results of a
survey now
being made are available, and should not seriously weaken their position
plan
the amount of such tax,
as
fiscal year
Asserting that the present solicitation of acceptances for the company's
plan of reorganization is definitely premature and not in the interests of the
bondholders, the bondholders' protective committee, (Charles Francis
Adams, Chairman), has sent a letter to bondholders advising them to take
no action at this time in connection with the
company's plan.
It points
when the time arrives for either modification of the present
$0.75
b Federal income tax only.
N0te—No provision has been made for the surtax on undistributed profits
Federal capital stock tax only,
a
Canada Dry Ginger
Rights to New StockCompany
proposes
to
offer
Ale,
to
Inc.-—To
the holders
Offer
Stockholders
of capital stock
($5 par)
of
record Sept. 2 rights to subscribe at
$17 per share for an aggregate of 102,526
shares of unissued
capital stock at the rate of one new share for each five
shares of capital stock held.
Payment in full for the number of shares sub¬
scribed for may be made at
any time at or before 3 p. m. (Eastern Daylight
Saving Time) Sept. 22, 1937, when the warrants and the rights evidenced
thereby will become void.
and warrants was
Commission under tne
become effective,
ine
proposed offering and mailing of warrants to stockholders will be made only
in tne event that such registration statement becomes effective.
Company has entered into an agreement with certain underwriters
whereby, subject to certain conditions, such of the 102,526 shares of capital
stock as are not subscribed for by shareholders or their assigns will do pur¬
Balance Sheet June 30
with respect to these shares
A registration statement
Aug. 6 with the Securities and Exchange
Securities Act of 1933, as amended, but has not yet
filed
1413
Financial Chronicle
145
Volume
Assets—
on
the same price as that at which shares are
As compensation to the underwriters ror
the company has agreed to pay to them an
equal to SO.80 per share in respect of each of the shares of capital
be offered to stockholders.—V. 145, p. 1092.
chased by such underwriters at
being offered to stockholders.
$18,800
8,780
49,886
Accrued interest..
37,350
44,817
Cash surrender val.
Fed. normal tax..
36,827
21,312
life ins. policies,
Land, building &
equlpm't, furn.,
35,324
Lease commission.
5,000
10,000
fixts. & lmpts..
Deferred charges
9,626,144
Accts. receivable.
a
_
27,185
Notes
stock to
Canadian National
104,880
__
in
9,917,289
125,107
Week Ended Aug. 21—
Gross
—V.
1937
$3,668,070
.
revenues
145,
$7,626,847
1936
$3,555,412
$87,204
$958,899
Net revenue
$2,562,243
7ncreo.se
$112,658
1251.
p.
decrease
$40,000
1936
$2,602,000
1937
$2,562,000
4
-V. 145, p. 1251.
Canadian Wirebound Boxes,
have declared a dividend of
Cape & Vineyard Electric
Co.—Earnings—
Operating revenue (electric)
Operating expenses
$1,094,377
551,396
—
for
3168.
551,509
119,077
renewals, and repiace-
for retirements,
14,554
112,109
Other taxes
(& Subs.) —Earnings—
1937—12 Mos —1936
$6,914,999
2,452,310
706,749
253,910
$6,280,431
2,278,225
683,106
149,374
$269,584
3,664
$254,656
3,316
$3,502,030
39,419
$3,169,726
45,907
$257,972
114,500
5,675
27,118
$3,541,449
1,315,310
64,470
303,179
$3,215,633
1,440,944
78,246
deductions
$273,248
107,112
6,170
14,964
income
$144,972
$110,679
$1,858,490
$1,436,559
108,099
108,099
1,297,182
1,297,182
July 31—
Operating revenues
Operating expenses.
Net oper. income
Non-oper. income (net).
Gross income
Bond interest
Other interest
Other
Net
Pref. div. requirements.
Note—Preferred
have been
dividends
2^9,884
paid at one-half of the regular
October, 1934, and arrearage for quarters ending Sept. 30, 1934,
Dec. 31, 1934 and March 31,1935, were paid Jan. 1,1937, AprL 1,1937 and
July 1, 1937.—V. 145, p. 601.
rate since
New
Central
Power
York
Corp.—Proposed Change in
Issued—See Niagara
Name—Bond Issue of $50,364,500 to Be
Hudson Public Service Corp. below.
61,508
10,000
106,816
88,781
capital
Federal income taxes
\
1937—Month—1936
$560,509
$529,461
200,114 i
206,132
60,286
55,836
30,525
12,837
Period End
$1,032,238
122,924
Maintenance
ments of fixed
reserve
1935
1936
Years Ended Dec. 31—
Provision
After
1936.—V. 144, p.
946,904
$9,793,929 $10240,606
depreciation of $3,151,928 in 1937 and $2,783,143
Central Maine Power Co.
-Accumulated Div.-
Ltd.
37^c. per share on account
of accumulations on the $1.50 cumulative class A participating stock, no
par value, payable Oct. 1, to holders of record Sept. 15.
A dividend of
$1.37>$ was paid on July 2, last: dividends of 373^ cents were paid on
April 1 and Jan. 2, last, Oct. 1 and July 1, 1936: 25 cents per share paid in
each of the seven preceding quarters and on June 30, 1934, and 37 H cents
per share distributed on April 1 and Jan. 2,1934. Accruals after the current
payment will amount to $2.25 per share.—V. 145, p. 271.
The directors
a
n
5,775,300
234,252
Total
$9,793,929 $10240,606
Fed. taxes (incl. income)
Canadian Pacific Ry.—Earnings—
12,450
5,775,300
234,252
Cap. stk. assessm't
743,945
Deficit
563 shares
State & munic. taxes
Week Ended Aug. 21—
Traffic earnings
4,517,000
bonds... 4,428,000
15,284
Stated capital, 58,-
Total
1937—7 Mo.s.—1936
$111659,299 $100757,723
104,032,452 98,195,480
560,000
1944
1st mtge.
Ry.—Earnings—
1937—Month—1936
$16,662,985 $15,296,295
15,704,086
15,209,091
7,000
(curr.)
Def'd rental inc
[All inclusive system]
Period End. July 31—
Operating revenues
Operating expenses
pay.
payable, due
Notes
their respective commitments,
amount
$5,377
$5,860
payable.
Accounts
$121,137
1936
1937
Liabilities—
1936
1937
Cash
Central Power
Co.—Preferred Dividend—
of $1.75 per share on the 7%
have declared a dividend
The directors
pref. stock and $1.50 per share on the 6% cum. pref. stock, both of
$100 par value, payable Oct. 15 to holders of record Sept. 30.
Similar
payments were made on July 15 and on April 15, last. Dividends on both
issues are in arrears. See also V. 144, p. 100.—V. 145, p. 935.
cum.
$204,613
1.508
$206,121
28,333
75.978
funded debt
:
Interest on unfunded debt
Amortization of debt discount and expense.
Interest
Dr477
$182,851
(net).
income
Other
$183,329
on
-
-
651
Cr6l7
Crl ,796
$101,775
Interest charged to
$82,251
construction
Net income
•
MM—-'
------
furnished in connection with any offering oi securi¬
ties or for the purpose of promoting or influencing the sale or purchase of
securities.—V. 142, p. 619.
This statement is not
Period End. July 31—
1937—Month—1936
Operating revenues
$180,917
$163,275
Operating expenses—107,146
112,488
Tc. taxes—
15,012
12,123
State & munic. taxes...
8,982
5,034
Fed. taxes (incl. income)
$355,639
$316,985
$5,061,048
17.078
205 700
205.656
debt disc't & expense.
$4,085,946
32,549
$338,467
$299,907
$4,855,348
764
1,126
33,020
$339,231
191,667
6,002
$301,033
191,667
5,416
Crl,088
$4,888,368
2,300.000
70,036
Cr481
58,061
Crl ,088
$105,038
stocks for the
$2,518,813
$1,761,522
1,255.237
1,255,237
$1,263,576
$506,285
Other income (net)
Int.
charged to constr..
$141,562
Income
Net
x
Dividends applicable to preferred
period, whether paid or unpaid
Balance
x
$4,118,495
2,300.000
pref. stocks were paid on July 1, 1937.
of these dividends there were no accumulated unpaid
Regular dividends on $7 and $6
After the payment
dividends at that date.
Note—No provision was made
for 1936, inasmuch as
income for that year.
—V.
145, P.
v
for Federal surtax on undistributed profits
the company reported no undistributed adjusted net
No such provision has been made to date for 9137.
Cessna Aircraft
payable
$4,907,248
Accounts
15,179,272^
Cash
Reserve for Federal taxes
Accrued payroll and expenses
Notes, warrants & accounts
receivable
16,503,764
1
18,938,215
c M iscellaneous pro perties...
59,765
Prepaid Ins., taxes, <fcc
26,910
(estimated)
Pats., trade-marks & goodwill
Land, bldgs., mach'y & eq.
$55,615,176 I
Total
5% preferred stock ($100 par)
Earned
13,733,577
surplus
surplus
20.407,310
$55,615,176
Total
Less Reserves,
Central of Georgia
Gross from
railway
Net from railway
after rents
Net
From Jan.
Net from
railway
after rents
Net
—V.
145,
p.
181,170
60,938
1936
$1,385,496
270,343
149,694
1935
1934
$1,216,703
176,432
63,583
$1,149,711
196,832
94,510
10,229,000
1,737,583
8,954,147
1,286,025
858,423
417,786
8,270,262
978,081
220.875
7,839,913
1,077,286
273.620
1937
$605,331
1936
1935
1934
$490,790
$374,362
$162,183
44,169
43,347
41,236
8,952
153
159
46
368
Total income
taxes
Insurance
Miscellaneous expense..
Interest
Federal income tax
Deprec. & amortization.
Net
x
No
income
195,735
$534,296
81,476
2,440
7,785
10,559
103,983
21,203
184,979
x$204,284
$121,870
$649,654
90,089
5,352
9,167
13,324
94,878
36,823
$415,645
62,214
1,362
11,853
9,690
83,830
11,367
174,272
$171,503
90,735
1,074
7,382
7,777
86,024
141",084
$61,056 loss$162,574
provision has been made for surtax on undistributed net income.
-
54,000
-
18,797
$8,747
$18,928
$443,888
$227,136
—
—
—
—
8,990
•
$377,381
$227,136
months
ended July 31,
1937 amounted to
Chanin Building, N. Y. City.—Interest—
payment of $30 per $1,000 first leasehold mortgage bond and
$1,000 second leasehold mortgage bond will be made Sept. 1,
1937, according to a report on the property prepared by Eli T. Watson
Interest
of $17.50 per
Sept. 1, 1937 on the $6,194,800 first mortgage
semi-annual basic interest at the rate of 4% plus the full
1% payment.
The payment on the $2,962,500 second
ortgage bonds includes semi-annual basic interest at the rate of 2% per
annun
plus % of 1% additional interest
Semi-annual interest on the $2,500,000 third mortgage bonds will be
$30
payment on
bonds includes
i-
.,
income of the
over
building
the gross
income
$L470,069 for the previous fiscal year ended July 31, 1936.
Net oper¬
ating income after operating expenses, taxes, and ground rent, amounted
to $505,049 for the year to July 31, 1937, compared with $481,536 for the
preceding year.
$61,948
will
be
available for sinking fund retirements of the first mortgage
bonds out of the earnings for the year to July 31, 1937.—V. 144, p. 4000; Y.
of
142,
p.
4170.
Chesapeake Corp.—New Director—
P.
board.—V.
Kirby
145. p.
was
Aug.
on
17
elected
a
director
to fill
a
vacancy
on
the
272.
Chesapeake & Ohio Ry.- -Earnings—
July—
Net from
railway
railway
Net after rents
From Jan. 1—
1937
1936
$10,608,465 $11,186,874
4,616,725
5,262,786
3,738,302
3,899,748
74,086,882
31,923,518
23,669,123
railway
railway
Net after rents.
—V. 145, p.1092.
Chicago
ment Trust
Miscellaneous income.
Other
-
Co.—Sales—
Gross from
of property addit'ns
made by lessee
Property taxes
-
725
the seven
Net from
Central Investment Corp.- -Earning\
Income—Rentals
Pro rata of cost value
for
sales
Gross from
751.
6 Mos. End. June 30—
—
the full year 1936 and $45,848 for the full year 1935.
■>
A large backlog of orders on hand at the present time include planes
equipped with floats and skis for delivery to Mid-Canadian Aircraft, Ltd.,
of Winnipeg, Canada, to be used for charter, ambulance and freight work
in the far north.
Other orders include deliveries to be made in South
America, Africa, and Australia, as well as in the United States.—V. 144,
p. 2989.
Allan
Ry.—Earnings—
1937
$1,410,654
1—
Gross from railway
—
■
6,014,776
estimated Realizable values,
July—
-
9,411,200
d Common stock
Capital
$3,0°6.669
606,223
2,*15,420
b After reserve for depreciation of $11,695,120. c At
d Represented by 1,882,240 no par shares.
Note—The income account for 7 and 12 months ended July 31 was given
in "Chronicle" of Aug. 21, page 1251.—V. 145, p. 1251.
a
-
additional annual
Liabilities—
Assets—
Inventories
-
$177,919, it was reported on Aug. 24 by Dwane L. Wallace, President.
This compares with $62,204 for the same period of the previous year, or an
increase of 186%.
Sales of $177,919 for the first seven months compare with $141,567 for
The
b
$693,748
304,214
3,163
2,390
& Co.
935.
Caterpillar Tractor Co.— Balance Sheet July 31, 1937—
a
$768,511
249,436
$28,035
$18,928
requirements.
p. 1252.
145,
Gross
mortgage bonds.
Other int. & deduc'ns
-
income.
Pref. div.
—V.
on
$687,964
5,784
1,710
deductions
Net
(net)
Int.
$765,011
3,500
Acceleration of amort. of
Rent
Operating income
188
interest
147,560
84,765
$4,291,602
17,172
20,417
Bond interest
Other
Other
Net oper. revenues..
for lease of plant
$50,350
Gross income.
1937—Month—1936
1937—12 Mos.—1936
$977,145
$864,137 $11,754,159 $10,315,891
531,506
467,152
5,713.111
5.064,289
90,000
80,000
980,000
960,000
164,472
60,701
$35,194
25,346
376
573
(net)_
1937—12 Mos.—1936
$2,107,397 $1,910,499
1,117,213
990,210
$33,630
1,564
$49,777
income
Net oper.
Non-oper. income
Carolina Power & Light Co.—Earnings—
Period End. July 31—
Operating revenues
Oper.exps. (incl. taxes).
Prop, retire, res. approp.
•
Central Vermont Public Service Corp.—Earnings—
102,397
74,470,758
33,834,224
26,688,153
1935
$8,128,384
3,095,688
2,124,737
62,720,390
26,208,894
19,857,617
1934
$8,876,222
3,736,946
2,709,388
63,971,008
28,016,155
21,114,114
Milwaukee St. Paul & Pacific RR.—Equip¬
Certificates—
Commerce Commission on Aug. 17 authorized the com¬
obligation and liability in respect of not exceeding $1,certificates, series R, to be issued by the Con¬
Bank & Trust Co. of Chicago, as trustee, and
102.444 and accrued dividends in connection with the procurement
The Interstate
pany to assume
920,000 equipment trust
tinental. Illinois National
sold at
of certain equipment.
The report of the Commission
The certificates were
says in part:
offered for sale through competitive
bidding, and
65 bankers, banks, trust com¬
In response thereto three bids were
and accrued dividends, was made by
Salomon Brothers & Hutzler of New York, and has been accepted.
On
this basis the average annual cost of the proceeds to the railroad trustees
in addition
requests for bids were sent to
panies and life insurance companies.
received.
The highest bid, 102.444
will be
approximately 3.39%.
1414
Financial
Chronicle
Earnings for July and Year to Date
July—
Net after rents...
From Jan. 1—
Gross from railway
1935
506,632
„
—V.
p.
60,016,120
11,293,343
1,354,257
314,738
48,734,770
6,688,387
3,048.640
20,655
rents
ments as may
$7,583,749
Commonwealth & Southern Corp.—Accumulated Div.—
„
61,066,524
10,899,123
railway
Net after
reported be materially changed depending upon fluctuating factors during
the remainder of this year.
The above figures are subject to such adjust¬
be found necessary on the basis of later information and the
figures for 1937 are also subject to final audit.—V. 145, p. 1094.
1934
$9,757,458
$7,357,098
2,212,610
def63,748
925,463 def1082,949
4,868,271
Net from
145,
1936
1937
$9,386,209
1,683,753
Gross from railway
Net from railway
share
on
From Jan.
Net after
10,107,912
1,387,841
7,968,837
def61,114
def423,037
8,175,352
1,318,505
306,209
129,600
def75,424
401,893
168,611
9,716,581
601,943
def600,203
^
rents
657,3 62
Chickasha Cotton Oil Co.—To Reduce
The company has notified the New
in authorized capital stock
Y
5,953,380
75,311,874
961,769
13,949,025
The directors have declared a dividend of $28.50 per share on the common
stock, payable Sept. 16 to holders of record Aug. 25.
This compares with
$39.10 paid on Dec. 16, 1936 and $30.50 paid on Sept. 16, 1936.
See
V. 142, p. 3668, for record of previous dividend distributions.—V. 143,
p. 1393.
Cincinnati New Orleans & Texas Pac. Ry.July—
Gross from railway
Net from railway..
Net after rents
145,
P.
1936
$1,607,016
724,138
548,540
1935
$1,247,152
466,643
370,126
10,385,828
4,184,756
3,111,576
Net after rents
From Jan. 1—•
—V.
9,519,421
3,772,468
2,770,057
7,653,269
2,572,294
1,874,665
$677,681
749,866
749,761
Balance
$31,705
def$72,079
1934
$1,119,576
450,634
326,945
7,463,062
2,952,136
2,131,467
Colon
Gas and Electric
of July was 717,796,651 kwh., as compared with
663,958,296 kwh. for July, 1936, an increase of 8.11%.
For the seven
31, 1937, the output was 5,006,075,392 kwh., as com¬
pared with 4,318,972,978 kwh. for the corresponding period in 1936,
an increase of 15.91%.
Total output for the year ended July 31, 1937,
was
8,479,729,285 kwh., as compared with 7,143,848,352 kwh. for the
year ended July 31, 1936, an increase of 18.70%.
Oas Output—Gas output of the Commonwealth & Southern
Corp. system
for the month of July was 964,281,300 cubic feet, as compared with
805,411,600 cubic feet for July, 1936. an increase of 19.73%.
For the seven
months ended July 31, 1937, the output was 8,745,081,000 cubic
feet, as
compared with 7,709,153,600 cubic feet for the corresponding period in
1936, an increase of 13.44%.
Total output for the year ended July 31,
1937, was 14,364,599,400 cubic feet, as compared with 12,568,581,800
cubic feet for the year ended July 31, 1936, an increase of 14.29%.—
Y. 145, p. 754.
£577,029
2,533
32,344
Total income
£611,905
Average common shares outstanding
share
,
937.
Earnings per
—V. 145, p.
(including intangible
194,851
47,804
Administration and general expenses, &c
Provision for depreciation, less adjustment in respect of retire¬
ments
104,399
£264,531
ended Dec. 31, 1936,
for depletion of the cost of the concession and development expenditures,
pursuant to the policy adopted by the management as from Jan. 1, 1936.
Balance Sheet Dec. 31, 1936
Assets—
Properties,
Liabilities—
plant
&
equip't
....£3,020,050
Materials In stock & in transit.
107,815
H, (less reserves)
Oil in stock
Accts.
receivable
from
ciated companies
Trade debtors and
in
6% redeem, conv. pref. stock
5% redeemable income stock
1,555
investment
9,903
Consolidated Edison Co. of New
32,565
14,245
34,177
Drafts payable
Accts. pay. to associated cos..
Trade
creditors
and sundry
accruals
Sinking fund
26,901
66,133
reserve
Capital surplus
d Earned surplus
c
Total...
£4,153,481
714,498
82,319
Total
£4,153,481
Authorized, 2,530,000 shares (of which 330,000 shares are held for con¬
of preference stock),
£126,500.
Issued, 2,191,140 shares (incl.
7 shares allotted and unpaid), £109,557.
Issuable under plan of reorgan¬
ization, principally for unsurrendered capital stock of Colon Oil Corp.,
sion on July 1 authorized the company to issue 92,134 additional shares of
its preferred stock to be exchanged for 39,871 shares of $7 series and
58,070
shares of $6 series preferred stock of the Steam company, within a
period
£46,158 of series A retired pursuant to provisions of purchase fund.
c Resulting from
capital contribution, recapitalization and operation of
purchase fund under Colon Oil Corp. plan of reorganization dated Feb. 28,
1936, after applying, pursuant to resolution of board of directors, deficit
from operations as at Dec. 31, 1935, amounting to £217,976.
d Profit for year, £264,531; deduct: int. on redeemable convertible prefer¬
ence stock at 6% per annum from June 1, 1936, to Dec. 31, 1936, £23,100;
int. on redeemable income stock series A and B, at 5% per annum from
April 1,1936, to Dec. 31,1936, £92,980;provision for sinking fund, £66,133;
total as above.—V
144,p. 4174.
Sept. 1.
In its amended petition to the Commission, Consolidated Edison stated
that 12,004 shares, or 30%, of the Steam company's $7 preferred had been
deposited in favor of acceptance of the offer of exchange and that 12,834
shares, or 22%, of the $6 preferred of the subsidiary had been deposited also,
or 26% of all preferred shares outstanding of the Steam
company.
Consolidated Edison expressed the belief in its petition to the Commis¬
sion that if the period within which acceptance of its offer to
exchange one
share of its preferred stock for each share of the Steam
company's $7 pref.
and nine-tenths of a share of its preferred for each share of the Steam
com-
Eany's $6 dividend pref. were extended, that it might be expected that
olders of a substantial number of additional shares of the Steam
company's
preferred would be deposited in exchange for the preferred stock of Con¬
solidated Edison.
The exchange is to become effective when holders of two-thirds of the
company's
preferred
stocks
have manifested
their
willingness
Consolidated Rendering Co.—$1 Dividend—
The directors have declared
dividend of $1 per share on the common
a
stock,
no par value, payable Sept. 7 to holders of record Aug. 27.
This
compares with 50 cents paid on March 1 last; $1.50 paid on Nov. 16, 1936;
$1 paid on Aug. 10, 1936, and 25 cents per share distributed on June 1
and March 2, 1936, and on Dec. 2,1935, this latter payment
being the first
made since Jan. 6,1930, when $1 per share was distributed.—V. 144,
p.1273.
Consumers Power
Period End. July 31—
Gross revenue.--
Oper.
x
exps.
& taxes.__
Prov. for retire, res've._
Gross income
Int. & other fixed chgs..
Net
Divs.
income
pref. stock
on
Co.—Earnings—
1937—Month—1936
1937—12 Mos.—-1936
$3,021,402
$2,569,574 $35,628,003 $32,012,531
1,655,774
1.388,156
18,004,148
15,853,612
335,500
262,500
3,511,000
3,025,000
$1,030,128
365,217
$664,911
285,533
Amort, of pref. stk. exp.
Balance
x
$918,918 $14,112,855 $13,133,919
333,277
4,244,943
4,844,233
$585,641
350,686
$9,867,912
4,139,708
261,113
$8,289,686
4,208,004
$234,954
$5,467,091
$4,081,682
65,278
$314,100
No provision was made in
1936
for Federal surtax
on
undistributed
Erofits asmade for such tax in for that year was distributed.
all taxable income 1937.—V. 145, p. 755.
been
as
Colorado & Southern
Gross from railway
Net from railway
Net after rents
Ry.—Earning
1937
$708,721
195,370
113,175
1936
$635,966
133,458
35,188
4,410,809
3,870,394
975,789
471,589
674,898
1935
Continental Credit
1934
$528,198
82,213
2,944
$497,351
122,724
47,666
1—
Gross from railway
3,148,763
264,698
def221,719
2,956,013
368,947
def135.771
on
Earnings
—V.
undistributed earnings
share on class B stock
p.
$72,079
Co.—Dividend
Halved—
a
Fibre
dividend of 25 cents per share on the com¬
mon
The directors on Aug. 26 declared a regular quarterly dividend of $1 per
share and an extra or special dividend of 50 cents per share on the common
stock, par $10, both payable Sept. 30 to holders of record Sept. 10.
An extra dividend of $2 per share was paid on Dec. 15, 1936.
See V. 143,
p. 3461 for detailed record of previous dividend payments.—V. 145, p. 936.
stock, payable Sept. 30 to holders of record Sept. 16.
Previously,
dividends of 50 cents per share were distributed each three months.—V.
145,
P.
1253.
Continental Insurance Co.—Balance Sheet June 30—
1937
1936
1937
Liabilities—
Co.—Earnings—
*
Period Ended
July 31—
1937—Month—1936x
1937—7 Mos.—1936x
Operating revenues
$6,929,185
,595,782 $50,357,024 $47,855,241
Net income
928,013
769,145
8,677,639
5,870,495
Shs. outstanding July 31
1,612,630
1,609,728
1,612,630
1,609,728
Per share earnings
$0.58
$0.48
$5.38
$3.65
x As adjusted.
Note—The amount accrued for Federal surtax upon estimated undis¬
tributed profits for 1937 applicable to the periods shown herein has been
calculated on the basis of the present rate of dividend disbursement.. The
amount of accrual for surtax may, however, for the 1937
periods now
$0.26
948.
The directors have declared
Commonwealth Edison
9 Months
$35,028
$0.16
__
per
142,
Continental-Diamond
—V. 145, p. 753.
Commercial Credit Co.—Extra Dividend—
3 Months
deprec. & other chgs., but before prov. for Fed.
surtax
85,967
No provision
Corp.—Earnings-
Period Ended June 30—
Net inc. after oper. exps., normal Fed. inc. taxes,
From Jan.
Net from railway.
Net after rents
to
aCC1253the exchange of shares offered by the parent company.—V. 145.
a
£443.
b Series A and B authorized under plan in the aggregate principal amount
of £2,500,000; principal amounts issued and outstanding after deducting
York, Inc.-—Exchange
the company may issue shares of its $5 preferred stock in exchange for the
preferred shares of the New York Steam Corp. to Oct. 1.
The Commis¬
version
July—
$3.32
The New York P. S. Commission has extended the period within which
Steam
series A and B
199,677
810,000
87,130
2,315,609
Interest declared:
payments
hand
660,000
Series B
1,119
on
£110,000
Series A
asso¬
advance..
Cash in banks and
a Ordinary shares (Is. par)...
6% redeem, conv. pref. stock.
b 5% redeemable income stock:
13,265
$3.56
Period Extended—
not later than
Profit for year
year
1936
The directors have decided to omit the quarterly dividend
ordinarily due
this time on the common stock.
The last previous payment was the
15-cent distribution made on June 23, last.—V. 145, p. 755.
321
.
provision has been made during the
1937
$19,382,810 $18,301,665
4,637,888
4,610,457
1,148,203
1,147,891
Net income after charges and taxes
Consolidated Biscuit Co.—Dividend Omitted—
Oil proceeds from sale of crude oil to associated company
Interest on investment
Note—No
31—
Gross oper. revenues
at
Miscellaneous income.
expenses
Light & Power Co.—Earnings—
12 Months Ended July
Year Ended Dec. 31, 1936
Drilling, production and field
drilling expenditure)
Output—
months ended July
Development Co., Ltd.—Earnings—
Director's fee
$1,963,957
Electric Output—Electric output of the Commonwealth & Southern
Corp.
Connecticut
Earnings for
$6,663,562
includes
system for the month
Valley Ry.—Bonds Called—
is notifying holders of its 5% 50-year gold bonds due
Jan. 1, 1938 that they may receive immediate payment of the principal
and interest to maturity by presenting their bonds at the office of the
trustee, Central Hanover Bank & Trust Co., 70 Broadway, New York.
—V. 145, p. 1252.
company
$15,660,911 $10,960,990
8,997,349
8,997,033
provision for Federal surtax on undistributed profits for 1936.
has been made for such tax in 1937.
y Reflects deduction for
stock dividend requirement at the rate of $6 per share per
annum.
Dividends Avere paid in full to Jan. 1, 1935, and at the rate of
$3 per share per annum since that date.
x
753.
Cleveland & Mahoning
The
Earmngs—
1937
$1,573,608
722,826
524,841
66,554,049
11,036,587
$3,909,209 $55,140,625 $51,644,291
3,231,528
39,479,714
40,683,301
$781,571
144, p. 1595.
Gross from railway
Net from railway
the
on
No provision
full preferred
Capital Stock—
$28.50 Dividend—
!
Net income
York Stock Exchange of a proposed
from $6,000,000 to $2,550,000.—
Christiana Securities Co.—To Pay
$4,040,119
3,258,548
Divs. on pref. stock..
y
—V. 145, p. 1093.
decrease
share
1,344,745
Int. & other fixed charges
1—•
Gross from railway
Net from railway
per
6,598,484
Gross income
1934
$1,259,103
233,546
81,497
$1,685,007
Net after rents
cents
Oper. exps. and taxes.
x
•Earnings
1935
$1,245,583
69,789
def100.448
1936
1937
$1,550,903
railway
Net from railway
of 75
Prov. for retir. reserve--
Sept. 20.—V .145,p.l252.
"
dividend
Consolidated Earnings for Month and 12 Months Ended July 31
an
Chicago St. Paul Minneapolis & Omaha Ry.
July—
a
Period End. July 31—
1937—Month—1936
1937—12 Mos.—-1936
Gross revenue
-$11,983,349 $10,824,359 $144401,525 $129234,928
initial quarterly dividend of 62 3^ cents per
the $2.50 cumulative convertible preferred stock, payable Oct. 1,
Gross from
have declared
preferred stock, $6 series, payable Oct. 1 to holders of record Sept. 10.
A payment of like amount (which is one-half of the regular rate) was made
in each of the ten preceding quarters.
936.
to holders of record
directors
The
48,535,963
9,890,197
2,903,167
Chicago Pneumatic Tool Co.—Initial Pref. Div.—•
The directors have declared
Aug. 28, 1937
Bonds & stocks...91,513,22 7 87,002,439
Real estate
Prem. in
course
collection
Acer. Int., &c
Cash
1,684,688
1,768,307
3,153,739
2,874,130
249,106
2,085,068
of
adjustment
244,882
3,276,577
All other claims
Cash
99,873,114 93,9 79,051
S
3,081,274
271,225
expenses
capital.
Net surplus
-V. 144, p. 2294.
2,963,029
1936
20,226,509
Res. for taxes and
Res. for dividends
Total
$
Unearned prems_.20 ,450,094
Loss in process of
Total
1,251,800
1,800,000
1,169,757
000,000
4,873,989
66,788,766 61,575,722
800,000
.
600,000
99,873,114 93,979,051
Continental Roll & Steel
Foundry Co.—Earnings
$1,222,967
operating plant expense
$1,537,010
239,985
496,32b
2,836
profit from operations
$797,861
$561,244
$806,190
128,714
Corp. sub.,
months.
Mfg. Co., is the
The Vultee Division of the Aviation Mfg. Co., an Aviation
is booked to present capacity for more than the next 20
The Stinson Aircraft Corp., a subsidiary of Aviation
largest manufacturer in this country of cabin planes for individual use.
Mr. Manning stated that further decisions of the board as to future
policy would be based upon careful investment and studies which are now
being made of the position and prospects of each company in which Cord
Corp. has a substantial investment.
In reply to a question, Mr. Manning stated that no decision has as yet
been reached regording any change in the name, of the corporation.—V.
$566,323
131,476
sales
Depreciation
.
Selling, administrative and general expenses—_—
Non
ioo^ncr
1937
6 Months Ended June 30—
Gross profit on
Net
Miscellaneous
profit
Interest charges
Prov. for normal Federal & State
431,808
5,492
5,079
made for Federal surtax on
145,p.1095.
Crane Co.
51,b00
117,000
Income taxes._
profit. _1
Note—No provision
214,332
8,328
income
Net
Net
1415
Finanoial Chronicle
145
Volume
$560,475
$383,247
undistributed profits.—
(and Subs.)—Earnings
Consolidated Income Account for the
Provision for
1937
$94,046,223
78,659,867
2,156,946
12 Months Ended June 30,
Gross sales, less returns and allowances
Cost of sales, incl. selling, administrative
and general expenses
depreciation
V. 144, p. 107.
Continental
mittee
Com¬
Inc.—Preferred Stockholders'
Shares
Persuaded No Fair Plan Possible—
for Reorganization
The preferred stockholders committee for reorganization of the company
(Frank A. Scott, Chairman), in a letter dated Aug. 4 addressed to
says in part:
.
,
Under date of Aug. 17, 1936, this committee sent yo -i a s ggested plan
preferred
stockholders
reorganizing its capital and
from its receivers and be
placed in a position to function constructively for the benef t of stockhoiaers.
The holders of a substantial percentage of the preferred stock sent in
proxies promptly, and the committee contim ed Its efforts (undertaken
prior vO the communication of Aug. 17, 1936) to work oat with other stock¬
holders and their representatives the basis for a sound financial structure
for reviving the charter of your company and
stock structure so that it might reclaim its assets
and
a
constructive, harmonious program which would be
and would assure the successful operation
stockholders
if it
were
In
Net operating
Other income
spite of the continuation of
months
such efforts intensively for many
such program has been developed,
that none can be developed.
no
and this committee is now
1937 tve market quotations on t*»e securities s*own on f~e
30, 1937 indicate a net or break-up value for each
preferred stock of approximately $27. On Aug. 2,
1937 the market for the stock was quoted by a local broker at $17 or $18
per share.
On July 6, 1937, Palmer Securities owning 7,800 shares of preferred stock
for which it paid $622,500, filed its petition in the Circuit Court of Baiti-,
more, asking that the Maryland receiver of the company be directed to
wind up its affairs and distribute its remaining assets to its preferred stock¬
holders.
The Court has set the matter for hearing on Oct. 4, 1937, and
directed the Maryland receiver to send notice of such hearing to each
stockholder and creditor of the company.
The Palmer petition asks that the Maryland receiver apply to the Cleve¬
land receiver for any assets not needed in the winding up of his affairs
(including the prosecution of the suit against Foreign Utilities, Ltd., et al,
which would not be interfered with) and distribute them as rapidly as
they could be released.
This committee concurs in the objects sought by the petition.
From its
intimate contacts and experience over the past year, it is persuaded that no
fair reorganization of the company can
be worked out.
To revive the
corporation and return its assets to it without such reorganization would,
we believe, largely destroy the present apparent equity of the preferred
stockholders in the assets, because, with the large existing capital deficit,
no dividends could be paid to any stockholders and the assets would be
thereby placed in the control of the common stockholders, who would have
no possible equity in them.
This committee is therefore canceling all of the proxies it has received
Cash discounts
out last year. It recommends
petition for the winding up
and the distribution of its assets to
ferred stockholders.—V. 145, p. 1253.
of the affairs of the company
Coos Bay
Earnings for 7 Months Ended
other
_x$92,913
$1.46
chgs., but before surtax on undistributed earnings
Earnings per share on 63,500 shares capital stock
profit from disposal of capital
Includes $15,856
assets.—V. 143, p. 1872.
Copper Range Co.—Earnings—
Earnings for 6 Months Ended June
30, 1937
Sales
._
$3,320,984
Approximate profit before depletion, income and undistributed
profits taxes
The directors have decided to buy the remaining options on
316,974
the Globe
Range mines.
In addition to $144,stock given for options already held,
$123,000 will be paid for the last of the options.—V. 144, p. 4176.
property adjoining the present Copper
000 and 3,000 shares of Copper Range
another
Cord
Corp.—To
Liquidate
Miscellaneous Holdings—To
Which It Holds Substantial
Concentrate Attention on Units in
Losses
the first attended by most
of the new directors who were
the purchase of E. L. Cord's holdings in the corporation.
The newly elected directors are C. Colburn Darling, Gerald Donovan,
Victor Emanuel, Tom M. Girdler and Henry Lockhart Jr., and L. B.
Manning.
R. S. Pruitt, Vice-President and General Counsel of the cor¬
since
poration, is also a member of the board.
All efforts in the future, Mr. Manning declares, will
be directed towards
improving the business, operating efficiency and financial position of the
operating companies in which the corporation holds large investments.
principal companies in which the corporation holds substantial invest¬
Automobile Co., Aviation Corp., Checker Cab Mfg. Co.,
New York Shipbuilding Co., Columbia Axle Co., and Lycoming Mfg. Co.
The Auburn Automobile Co. has not manufactured Auburn or Dusenberg cars for some time and now has under consideration various suggestions
concerning the Cord car. Auburn is now manufacturing bodies, parts and
equipment, which type of business Auburn has been building up for the past
several years.
The company is also manufacturing a varied line of pro¬
The
ments are Auburn
stampings.
the debentures of which Aviation Corp. has a
enjoying a rapid growth of business and
than any other airline in the world.
Discussing the business of the Checker Cab Mfg. Co., Mr. Manning said
the company had recently signed long-term contracts with two large-nonaffiliated fleet operators to supply their entire taxicab requirements.
The Cord Corp. owns about 26>£% of the founders shares of New York
Shipbuilding Corp., which owns one of the largest shipbuilding plants in
America with complete equipment and ways capable of building the largest
naval and merchant vessels.
It is hoped that despite rather unprofitable
results from operations during the past several years that this company
will in future obtain its fair share of shipbuilding from the navy and mer¬
American
in
Airlines,
substantial investment, has been
now
carries more passengers
chant marine.
Co., all of the common
The Columbia Axle
stock of which is owned by
Cord Corp., makes a dual-ratio unit or two-speed axle which, when in¬
with a universal transmission, provides six speeds forward and
stalled
and better performance for automobiles. The
recently completed contracts with three major
of this device as optional equipment on their
results in gasoline economy
Columbia
Axle
Co.
has
automobile companies for use
1938 product.
Co., Jr. Manning said, will continue to manufacture
Spencer heaters and automobile and marine engines.
The company has
recently introduced a gas engine using either natural or artificial gas, which
permits individual generation of power at low cost.
The Aviation Mfg.
Co. (Lycoming Division) builds aviation engines, propellers and other
equipment for at my and navy transport and private use, and expects to
introduce presently a complete automatic, controllable-pitch propeller,
one of the most important features of which are the new hollow steel blades
The Lycoming Mfg.
developed
57,477
193,886
disposition of fixed assets
or
deductions
under
a
142,724
_
120,603
Minority stockholders' interest in net income of subsidiaries
Provision for Federal normal and foreign income taxes
1,992,686
profits & special credits $9,859,196
reductions of general tax
Net inc. before Fed. surtax on undist.
Special
Refunds
credits:
and
85,157
accruals for prior years
undistributed profits.. $9,944,354
Net income before Federal surtax on
—V. 145, p. 938.
•
'
'
•
.
'
.
.
' ■»
-
.
•
Corp. (& Subs.)—Earnings—
31—
1937
1936
$14,172,051 $11,657,426
9,126,130
8,008,030
Crown Zellerbach
3 Months Ended July
Net sales
Cost of
goods sold
Gross profit
Other operating
a
...
$5,690,834
Total
Profit from
...
operations.
Other expense, net
Depreciation
Depletion.
b Interest on bonds and debentures and notes pay.
jortion, Pac. Mills, Lt
Minority stockholders' proportion, Pac. Mills, Ltd.
United States and
Net
$4,059,906
1,479,625
Canadian income taxes.
profit
1,310,439
1,211,209
Cr5,627
808,283
203,693
230,942
17,039
449,168
$2,749,467
$2,507,711
Operating expenses
c
$3,649,396
410,510
$5,045,921
644,913
.......
income, net
$1,290,304
Drl9,364
792,967
132,966
270,433
10,016
233,417
Including net equity in consolidated earnings of Fibreboard Products,
and its subsidiaries,
b Incurred in connection with redemption of
bonds and debentures,
c But exclusive of United States surtax on un¬
distributed profits.
On the basis of the new capital stocks outstanding as a result of the merger
of Crown Willamette Paper Co., the profit of $2,507,711 is equivalent to
over 81c. per share on 2,261,199 shares of common stock (par $5) outstand¬
ing, after deducting full dividend requirements on $5 cumulative convertible
preference stock and compares with 27c. per share earned in the same period
of 1936—V. 145, p. 1254.
a
Inc.
Cuban American Sugar Co.—Accumulated Dividend—
declared a dividend of $8 per share on account of
on the 7% preferred stock, par $100, payable Sept. 15,
to holders of record Sept. 2.
Dividends of $2.50 were paid on Aug. 16,
July 15, June 15 and May 15, last, this latter being the first dividend paid
by the company on the preferred stock since Jan. 2, 1929, when a regular
quarterly dividend of $1.75 per share was distributed.—V. 145, p. 605.
Cumberland County Power & Light Co.—Earnings—
llncluding Cumberland Securities Corp.]
Period End. July 31—
1937—Month—1936
1937—12 Mos.—1936
Operating revenue
$383,921
$364,905 $4,584,812 $4,250,666
224,642
31,236
239,387
State & munic. taxes—
(incl. inc.)
26,612
18,273
2,658,753
363,726
167,285
2.577,277
338,069
180,070
operating income_
Non-oper. inc. (net)
$101,431
5,5u6
$77,419
5,764
$1,395,048
56,482
$1,155,250
57,906
$106,937
32,792
$83,183
$1,213,156
543,274
6,137
$1,451,530
424,819
3,002
207,593
$32,572
19,997
$816,116
281.214
$535,132
239,964
Operating expenses
Federal taxes
Net
Bond interest
29,826
44,244
230
6,916
deductions.
Net income.
$67,229
24,580
_
requirements.
—V. 145, p. 605.
Pref. div.
;•
3,112
131,638
Light Co.—Earnings—
1937—Month—1936
1937—12 Mos.—1936
Operating revenues
$603,298
$570,370 $6,369,013 $5,858,551
Oper. exps. (incl. taxes).
314,726
292,296
3,315,763
3.087,990
Prop, retire, res. approp.
78,366
86,969
679,049
577,352
Dallas Power &
stantial investment.
The meeting was
469,809
.
sale
Miscellaneous
Other
Following a meeting of the directors of the corporation held m New York
Aug. 20, L. B. Manning, President, announced that the board had decided
to liquidate gradually over a period of time the miscellaneous, extraneous
investment holdings of the corporation, and to concentrate attention in
future on the various operating units in which the corporation holds sub¬
duction
on
Other interest
Interests—
elected
±
accumulations
July 31, 1937
normal Fed. inc. taxes, deprec. &
sales
The directors have
Lumber Co. (& Subs.)—Earnings—
Net inc. after oper. exps.,
x
the pref-
on
Interest paid
As of Aug. 2,
in support of the plan for reorganization sent
the support of the Palmer Securities Corp.
989,445
$14,218,855
1,382,472
Amortization of debt discount and expense
persuaded
receiver's report of June
share of the outstanding
$13,229,409
-
Total income
fair to preferred
of the company
revived.
profit
new
patented
process.
Period End. July
31—
$210,206
$191,105
;$2,374,201
45
811
1,676
$2,193,209
4,583
$210,251
46,667
b32,141
Net oper. revenues—
$191,916
:$2,375,877
$2,197,792
60,208
5,544
753,583
b82,395
722,500
89,115
$126,164
$1,539,899
$1,386,177
507,386
507,386
Other income
Gross
income
bonds
Other int. <fc deductions.
Int. on mtge.
$131,443
Net income
a
Divs.
applic.
to pref.
whether paid or
,
stocks
for
the
period,
unpaid
$1,032,513
$878,791
Regular dividends on 7% and $6 preferred stocks were paid on May 1,
1937.
After the payment of these dividends there were no accumulated
unpaid dividends at that date.
Regular dividends on these stocks were
declared for payment on Aug. 2, 1937.
b Includes amount required to
amortize debt discount and expense over the life of the outstanding debt
plus an additional amortization of $27,000.
Note—Includes provision made during December, 1936, of $28 for Federal
surtax on undistributed profits for 1936.
No such provision has been made
Balance....
a
to date
for 1937.—V. 145, p.
757.
(Ky.)—Preferred Stock
Offered—Bartlett & Gordon, Inc., Chicago; Stein Bros. &
Boyce, and James C. Willson & Co. in July offered at $25
per share 30,000 shares of 6% cum. convertible preferred
Daviess
County
Distilling Co.
stock.
In addition, 10,000 shares were offered to meet the conversion privilege
accorded the holders of the*10,000 shares of 7% cumulative preferred stock
outstanding on the basis of one share of new 6% cumulative
convertible
preferred stock for one share of 7 % cumulative preferred stock, which con¬
version privilege exists for a period of 90 days after the effective date of
registration (April 28, 1937) under the Securities Act of 1933, as
After the
expiration of the conversion
amended.
period there will be offered to the
1416
For
Financial
Chronicle
period of two years after the effective date of registration, the
6%
cum. conv. pref. stock may be converted at the option of the
holders thereof
into common stock on the basis of 1H shares of common stock for
one share
of such preferred stock; and for an additional period of three
years there¬
after, on the basis of one share of common stock for one share of such
preferred stock.
History and Business—Company organized in Kentucky Sept. 15, 1933.
Was originally incorporated in Kentucky in 1873 and was
reincorporated
because the corporate life fixed in the original articles expired.
The distillery manufactured whiskey in the spring of 1874 and
continued
on until the adoption of the 18th
Amendment, which caused it to discon¬
tinue the distillation of whiskey in 1917.
After that year the company con¬
tinued to sell, until late in the fall of 1927, in accordance with
the Govern¬
ment rules and regulations in force from time to time, the
whiskey which
it had in storage and which had been produced and
accumulated prior to
the advent of national prohibition.
In the fall of 1927 company sold its
entire remaining stock of whiskeys and from that time it
was inactive
until it was reorganized in September, 1933.
The original distillery site was sold to a meat
packing company in 1928.
In 1933 the company purchased its present
location, which is about onea
struction work is progressing on schedule.
This plant, designed to produce
about 100 tons of liner board and chipboard per day, will furnish more
than
company's present requirements for manufacture of corrugated
shipping containers.
This will take care of expansion of company's
fabrication business.
There is a ready market for any excess not
presently
required by the operations of your company.
"In the opinion of the management, this mill strengthens the
competitive
position of company, provides control over costs and delivery time of raw
materials, broadens available markets for finished products, and will
augment net earnings.
"Company has no bank loans or funded debt.
"Sales volume has been well maintained, actual net sales in first
six
months of 1937 having been but $3,286 less than for the same
period last
year, when sales volume and net earnings surpassed those of any similar
period in the history of your company.
"During the first six months of 1937 the business of company was
affected by unsettled labor conditions in the Detroit area, which
resulted
in higher labor costs* and substantial increase in the cost of raw
materials.
These added expenses, without concurrent increase in sales
prices of finished
goods, have necessarily resulted in narrowing profit margins.
for future business are considered
1937
management profit-sharing bonuses and Federal
income taxes,
Initial
manufacturing,
whiskey storage and bottling
Total
income
Detroit Steel
Provision for Federal income and
ex-
$348,395
5,951
98,750
$517,567
17,500
$131,693
17,500
$282,443
8,750
Preferred dividends
—V. 144, p. 2994.
revenues
exps.
Prop, retire,
(incl. taxes).
res. approp.
mtge. bonds
Other int. & deductions.
on
Domestic
Assets—
Cash
Total....
103,901
page
1255.
Dominion Steel & Coal
Corp., Ltd.—Acquisition—
of
1255.
on
Douglas & Lomason Co.—Registers with SEC—
New Stock—
See list given
on
first page of this department.
Eagle Lock Co.—New Management Installed—
Stockholders at a special meeting held Aug. 18 ousted the old
directors
of this
company and elected a new management.
The vote was 35,761 to
27,719.
Victorious stockholders claim to be seeking a more modern
and
aggressive management.
The following new directors were elected:
Eliot Farley, Herbert C.
House, Robert Redfield, Allan K. Smith, C. Denison
Talcott, Charles J.
Thornton and Paul Curtis.
J
1
Defeated directors were:
H. B. Plumb, President: F. P. Wilcox,
director;
B. Hough, Treasurer: H. D.
Allen, Superintendent; R. G. Plumb,
Vice-President; N. C. Brainard, director, and H. R. Clow, Secretary of the
O.
RR.—Earning
Mr. Thornton, who headed the new
group, stated no effort would be made
organize under the new board of directors for a few weeks.
The new
directors would be pleased, he added, to have President Plumb
and VicePresident Brainard continue as directors and he and Paul
Cuftis stand
ready to resign to make places for them on the board.—V.
145, p. 1096.
to
1936
1935
1934
$1,966,245
301,634
158,223
$1,678,775
def60,335
defl52,689
$1,694,471
15,364,076
3,311,911
2,282,258
14,284,823
2,187,874
1,317,309
13,539,386
1,628,500
1,085,162
14,075,531
1,693,069
1,293,930
def8,294
def75,646
Eagle-Picher Lead Co. (& Subs.)—Earnings—
6 Months Ended June 30—
1937
Net sales.
$12,433,201
1,098,903
on
Aug. 13 authorized the
of a line of narrow-gauge
Southern Ry. extending northerly
$1,417,758
10,920
Net operating profitincome
$1,002,076
31,638
$1,033,715
6,459
$1,406,837
464,926
86,499
Cr9,542
119,000
$1,027,256
426,982
22,306
9,971,453
Expenses
RR.—Acquisition—
1936
$9,273,578
7,296,599
974,902
$1,362,844
54,913
Production and manufacturing costs
Other
-
company
owned
by
Gunnison
to
from
the
Colorado
Baldwin,
&
17.82
a connection with said
line at
in the State ox Colorado.—V.
145,
miles,
and
branch
a
line
extending
.
ciation, depletion and
non-prod, develop.
Depreciation,
depletion
757.
1937—Month—1936
1937—7 Mos.—1936
$77,460
$663,011
34,333
35,922
277,631
242,651
$42,538
x$385,379
Federal
Note—July, 1937, earnings
income taxes.
are
145,
Detroit & Mackinac
Net after rents
below normal due to
p.
railway
—Vai45rrpn757'"
shut-down of all
Ry.—Earnings—
193 7
1936
$80,367
12,818
3,969
$78,722
21,983
15.541
1935
$48,953
2,967
20,970
501,045
99,684
383,947
46,940
324,959
9,119
44,152
16,525
defl 1,123
49,350
$338,520
directors
have
Associates—Preferred Dividend—
declared
a
dividend of 75 cents per share on the
$100, payable Oct. 1 to holders of record Sept. 15.
was made on July 1 and on
April 1 last and prior thereto
regular quarterly dividends of $1.50 per share were
distributed.—V. 145,
p. 758.
par
Eastern
Manufacturing Co.—Earnings—
Period End. July 31—
Grossincome
The letter states:
"Heretofore, the business of company has been affected
by fluctuations
from
outside
sources.
To
minimize
1937—Month—1936
$556,020
$529,106
profit after all de¬
ductions incl. taxes &
allowances
for
bond
int. which was not
pd.
—V. 144, p. 4004.
Corp.—Acquisition—
purchased
$745,954
277.
Eastern Gas & Fuel
The
326,416
27,660
Frankiln, President of the corporation, has sent a letter
announcing the purchase of the plant of Western Board
Kalamazoo, Mich., and reporting the
earnings for the
p.
6% preferred stock,
1934
$53,119
4,740
1,376
at
materials
145,
Net
Detroit Paper Products
months of 1937.
Balance transferred to surplus
—V.
68",666
171,447
Similar payment
605.
tJ(L7%m
Gross from railway
a
Kansas, pending readjustment of poten¬
(est.)
to reserves for normal metal inven¬
tory price fluctuation
x$173,783
wells in some of the newer
pools in
tials and allowables.—V.
^July—
projects
$415,434
$41,171
Gross from railway
Net from railway
Provision for depreciation and
depletion
Loss on abandonment of
Profit from sale of capital assets
Prov. for Fed. & State income taxes
Appropriated
$75,504
develop..
Net profitx After
provision for
Total income
Interest on notes payable
Castleton, to Kubler, 1.56 miles, all
p.
Derby Oil & Refining Corp. ( &
Subs.)—Earnings—
Period End. July 31—
Net profit before depre¬
raw
5H% debentures.
given in "Chronicle"
Aug. 21,
103,901
initial dividend of 30 cents
per share on
payable Aug. 30 to holders of record Aug. 25.
Interstate Commerce Commission
acquisition by the trustees of the
of
delivered to holders of warrants attached to the
20-year
Note—The income acct. for year ended June
30, was
$121,481
an
The
six
$2,141,566'
Total
$1,621,687 $2,141,566
Represented by 5,000 no par shares, y Represented by 75,000 no
par
of which 25,000 shares are held in the
company's treasury to be
$225,382
Denver & Rio Grande Western
cost
75,000
$158,938
the
for
—V. 145, p. 757.
first
1,052,439
968,313
$1,621,687
$14,117
period,
stock
177,260
Net from railway
Net after rents.
in
$577,263
26,742
2,490,000
25.000
This company will take over control of the Graham Nail &
Wire Corp.
Toronto, Ont., on Sept. 1, it was announced on Aug. 24 in Montreal.
This will furnish an additional outlet for the
output of Dominion's mines.
No new financing is involved.—Y. 145,
272 290
From Jan. 1—
Gross from railway
Paper Co.
Loans payable
Accts. payable
20-year 5X% debs$2,490,000
x $6 cum.
pf. stock
25,000
y Common stock.
75,000
Deficit
17,898
$536,957
286,230
25,345
$1,961,742
from railway
Net from railway
Net after rents...
Seymour H.
$68,493
2,055,175
$470,064
286,230
24,896
1937
Gross
&
Sheet
1936
company.
July—
to stockholders
Balance
1937
$40,666
23,852
2,697
paid
stock,
—
of
Delaware & Hudson
Net from
$25,636
1,596,150
p.
common
Corp.
Liabilities—
$520,290
16,667
2,265
.
—V. 144, p. 1955.
TOTft
deposit...
1936
$457,564
12,500
Decca Records Co.—Initial Dividend
r
on
1937
$38,583
2,083
$55,037
& non-prod,
Investors
shares
The directors have declared
from
Foreign
$706,353
186,063
and unpaid
to July 31, 1937, amounted to
Latest dividend amounting to $1.75 a share on
7% preferred
on Nov. 1, 1933.
Dividends on this stock are cumulative.
.~.Nole—includes provision of $35,001 made during the last 12 months
($30,000 in 1936 and $5,001 in 1937) for Federal
surtax on undistributed
profits.—V. 145, p. 757.
railroad
&
June 30—
$643,627
186,063
Dividends accumulated
new
3,798,775
1,984,063
1.413,862
$54,088
15,505
$389,629.
the
5,184,524
2,856,308
2,081,857
—V. 145, p. 757.
1937—12 Mos.—1936
$3,057,514
$2,641,580
2,303,520
1,830,844
110,367
104,383
Balance
was
4,727,347
2,476,466
1,733,212
Co.—Earnings—
$2,070
to pref.
whether paid or unpaid
stock
4,813,375
2,450.918
1,578,773
$28,187
23,852
Gross income
x
$396,847
163,109
95,119
$27,146
1,041
Other income..
Net income
Divs. applic.
1934
$467,184
217,147
165,070
$42,651
15,505
Operating income....
x
1935
$644,125
321,813
234,386
From Jan. 1—
Gross from railway
Net from railway
Net after rents
x
Net oper. revenues
1936
$500,454
186,946
118,697
Acct. receivable
1937—Month—1936
$251,521
$277,880
197,246
200,572
11,624
23,220
Rent for lease of plant._
Int.
1937
railway
Net from railway
Net after rents
Investments
Period End. July 31—
Oper.
July—
48,000
12,000
28,641
Net income
Dallas Ry. & Terminal
an
a
Gross from
38.570
$636,213
6,646
Provision for State income tax..
Operating
to
,
profits taxes.
cess
Corp.—Extra Dividend—•
extra dividend of 25 cents
per share in
regular quarterly dividend of like amount on the common
stock, payable Sept. 29 to holders of record Sept. 15.—V. 144, p. 277-
$309,825
13,250
Deductions from gross income.
a$135,388
Detroit Toledo & Ironton R R.—Earnings—
$620,888
15,325
$210,956
50,621
$86,271
Dividend—
The directors have declared
addition
Year Ended 6 Mos.End.
June 30 '36
Dec. 31 '36
$208,319
2,637
Income from other than operations..
Preferred
The directors have declared an initial dividend, accrued since
the date
of issuance, July 19, 1937, on the 6% pref. stock of the
company, payable
Oct. 1 to holders of record Sept. 20.—V. 145, p. 1096.
Income Account for Stated Periods
from
but before surtax.
Before provisions for management profit-sharing bonus.
a
to be used for corporate
purposes.
income
1936
Net profit after all charges, including provision for
Purpose—Net proceeds from the sale of 30,000 shares of
preferred stock
Gross
Prospects
good."
Earnings for 6 Months Ended June 30
of preferred stock,
z
This figure assumes that the entire issue of
10,000
shares of 7% cum. pref. stock will be
exchanged.
Underwriter—Bartlett & Gordon, Inc., the underwriter,
Chicago, is to
purchase from the company at $25 per share 30,000 shares of the
preferred
stock.
Oct. 22 '34 to
June 30 '35
1937
28,
has purchased the paper mill located at Kalamazoo, Mich.,
formerly known as the Western Board & Paper Co.
Upon completion
of a program of engineering and construction work now under
way, this
plant will be operated as the raw materials division of company.
Con¬
fourth of a mile west of its original site.
The present location is the one
formerly occupied by the Rock Spring Distilling Co. and later known as
The Hill and Hill Distilling Co., whiqh was one of the two
concentration
warehouses in western Kentucky during the era of prohibition.
Company produces a high grade Bourbon whiskey and operates under a
Federal sour mash survey.
The distillery has a daily mashing capacity
of 3,126 bushels of grain and is producing
approximately 15,000 gallons,
or about 310
barrels, of whiskey per day.
Capitalization—
Authorized
Outstanding
7% cumulative preferred stock ($25 par)
10,000 shs.
x None
6% cum. conv. pref. stock ($25 par)
40,000 shs.
z40,000 shs.
Common stock ($1 par)
y250,000 shs.
200,000 shs.
x The
10,000 shares of 7% cum. pref. stock which are
outstanding before
the sale of the 6% preferred stock will be retired
by exchange,
y Of this
amount, 50,000 shares are set aside for the conversion of the
40,000 shares
are
Aug.
this company
32,868
1937—7 Mos.—1936
$4,150,011
$3,658,574
227,527
loss$19,589
213
Equity Corp.—Registration Allowed—
The Securities and
Exchange Commission announced Aug. 23 the listing
a stop order
against the registration of 10,000,000 shares of common stock
350,000 shares of $3 conv. pref. stock of the
corporation.
The registra¬
tion became
effective June 5, 1934, but stop order
proceedings by the SEC
were begun in a
few months on the
charge that the statements contained
untrue statements and
omitted necessary facts.
The corporation filed
of
and
Volume
Financial
145
amendments
which
—V.
p.
have
correcting the
been judged as
now
1937—Month-—1936
$665,611
$663,110
356,224
386,422
28,645
a21,599
60,416
a63,718
68,713
b78,433
Period End. July 31—•
Operating revenues
Operation
Maintenance.
Retire,
accruals
res.
Taxes (incl.
income)
1937—12
Mos.—1936
$8,432,557
$8,689,332
4,267,409
a315,726
a738,695
bl ,098,973
338,610
725,000
975,081
$2,216,140
152,944
$119,406
43,961
$162,185
44,077
!$2,384,628
525,339
$2,369,084
$75,445
$118,108
$1,859,289
$1,805,499
77,652
Balance..
Int. & amortization....
77,652
10,730
$1,781,637
$1,717,117
31,538
563,585
Taxes
i
B. V.G.&E.Oo
P. G. Co. of N.J
Balance
— _
....
Applicable to minority interest.
27,772
_ ..
as
$1,753,865
Other income from subsidiary
$1,685,579
$1,685,579
309,824
$2,063,689
133,402
A.
shown above
$1,753,865
30~9~824
Applicable toE.U.A
Earnings to sub. companies applic. to E. U.
$1,995,371
107,436
companies
Non-subsidiary income
Total
Expenses, taxes and interest.
Balance
$1,930,287
.
f>r32
$1,887,935
4
1,255
Amount not available for divs. & surplus.
$1,929,032
$1,887,931
a The
accruals for retirement reserve have been increased to provide
for certain charges heretofore included in maintenance which are now being
made to the reserve.
Also, since Jan. 1, 1937 accrued depreciation of
transportation equipment amounting to $18,305 has been apportioned
to other accounts,
b No provision has been made for the Federal surtax
on undistributed net income for the year 1937, since any liability for such
tax cannot be determined until the end of the year.
Note—Blackstone Valley Gas & Electric Co. on Jan. 1, 1937 adopted
the Federal Power Commission System of Accounts, hence previous year's
figures are not exactly comparative, especially between operation and
and non-operating income—net.—V. 145, p. 940.
Balance available for divs. &
Ebasco Services,
surplus.
Inc.—Weekly Input—
For the week ended Aug.
input of
$11,215
$186,158
3
6
178
180
Balance
Retirem't res've accruals:
$11,231
5,000
$11,222
5,000
$186,336
60,000
$183,979
$6,231
$6,222
$123,979
960
783
$126,336
11,480
$5,271
$5,439
$114,856
$111,913
105,889
112,508
Gross incomeInterest charges.
income
Dividends declared
•
No provision has been made for the Federal surtax on
net income for the year 1937, since any liability for such tax
a
termined until the end of the year.—V.
Amount
115,300,000 2,065,000
52,123,000 9,685,000
74,709,000 4,325,000
18.6
5.8
Registrar,
Bank
the
5,776
5,000
46,000
$95,716
40,435
44,000
No other options are
outstanding.
Listing—Company has agreed to make
the San Francisco Cuib Exchange.
$800
charges
Renewals
Total sin-plus
-V. 145, p. 758.
$1,067
$11,835
on
$6,622
demand deposits
City, is reported by Eli T. Watson & Co., Inc.
Current occupancy
72%, up 12% from the 60% occupancy reported in De¬
55% in September, 1935.
improvement in the building is reflected in a substantial
pickup in earnings for the eight months ended April 30, 1937. when gross
income amounted to $253,923.
On an annual basis, this gross income would
equal $381,000 compared with the $344,350 gross income produced for the
year ended Aug. 31, 1936.—V. 141, p. 592.
181
$133,944
Par value of 20,700 shares
1937
$
189,052
35,545,440
195,540
5,850,754
5,495,217
229,440
2,632,657
263,967
Cash
All other assets
182,071
1937
for
$
12,230,685
16,775.216
Aexp 1,611,340
1,412,471
all
other
1,000,000
900,000
2,250,000
2,250,000
12,704,060 10,304,933
liabilities
Cash capital
Net surplus
48,117,228 43,873,305
Total
$
Prems. in course
of
collection
Cash
2,291,139
180,208
2,532,633
The directors have declared a
with 50 cents
$
Unearned prems
Loss of process
._
79,307.282 74,417,332
Total
1936
$
Liabilities
..15,474,626 15,685,281
of
adjustment
2,582,501
2,687,407
1,600,000
1,600,000
2,150,426 Other claims
Reserve for divs
1,200,000
831,558
149,643
969,100
917,000
1,930,460 Res. for tax & exp.
Cash capital.
3,750,000 3,464,825
Net surplus ......53,731,054 49,231,261
72,648,613 68,448,496
1,654,688
1,738,307
Real estate
June 30—
1937
1936
$
Bonds&stocks
Total
79,307,282 74,417,332
935.
—V. 144, p.
Fire Association
Equity Fund, Inc.—Earnings—
1936
$
Unearned prems ..13,325,586
Reserve for claims. 17,226,241
230,244
1937
stock,
of Philadelphia—Balance Sheet June
30,
1937—
30,1937
$162,757
22,531
Dividends
Y.—Bal. Sheet June 30—
Liabilities—
Fidelity-Phenix Fire Ins. Co.—Bal. Sheet
Assets—
dividend of $1 per share on the common
payable Sept. 30 to holders of record Sept. 20.
This compares
paid on July 8, last; 25 cents paid on April 26, last, and a
dividend of 75 cents per, share distributed on Dec. 21, 1936.—V. 144, p.
pursuant
of Corporations.
144, p. 773.
—V.
Int. & rents accur.
Profit from sale of securities
2,224,793
48,117,228 43,873,305
Total
..$133,944
Total
Res. fortax.
overdue)..
The occupany
for Six Months Ended June
Earned surplus
Res.
Int. & rents accur.
57,960
11,275
Contributed surplus
1936
$
Premiums In course
N. Y.
4343.
Capital stock (par $1)
Fidelity & Casualty Co. of N.
Real estate
payable—trade
payable
of capital stock issued to organizers
permit of California Commissioner
cember, 1936, and 17% from the
Income Account
Taxes
81,298
16,164
20,700
$5,000
5,536
12,773
41,400
payable to bank
Accounts
7,279
I
(net)
Total
of the building is
Corp.—Dividend Doubled—
Note
1,699
receivable—trade
of collection (not
reorganization approved and confirmed by the New York State
Supreme Court under the provisions of the Burchill Act, new securities of
80 Broad Street, Inc., which has acquired the above property, will shortly
be issued to the holders of the present
bonds.
$1,820,000 new 4% income bonds will be issued in respect of the $2,800,000 present bonds, or at the rate of $650 new bond per $1,000 present bond.
A substantial improvement in occupancy of the building at 80 Broad St.,
Electric Products
21,1937
Liabilities—
Other assets
to
7,623
$48,759
...
Net income-
Bonds & stocks ...38,951,358
a
3,422
$20,475
Assets—
Accounts
34,415
1,717
149
Interest expense
Cash
$378,983
285,467
$98,056
64,156
9,854
& allowances)
Provision for Federal income taxes
Assets—
(Maritime Exchange Build¬
1937
1936
Gross sales (less freight out, returns
Cost of goods sold
ing), N. Y. City.—Reorganization—
Under
Ended April 30
Income Account—Years
$11,281
80 Broad Street Building
application for listing of the shares
on
x
Fixed
Transfer agent,
Francisco.
San
Authorized
Outstanding
75,000 shs.
41,400 shs.
Business—Company was organized as a California corporation May 28,
1935, to engage in the reduction of sardines for fish oil and fish meal.
From the profits realized in the reduction operations, the company saw
the advisability of entering the sardine canning field, and the canning
plant was completed in January, 1936.
Option—There is outstanding an option to James A. Lawson to purchase
3,500 shares of company's stock on or before July 19, 1940, at $5 per share.
x
$98,269
40,435
$11,577
Operation surplus
California,
Deferred charges
$9,843
5,776
3,000
42,987
of
Capitalization—
Capital stock ($1 par)
$406,147
310,431
$52,830
44,718
145, p. 759.
American Trust Co., San Francisco.
Fixed assets at cost
$403,602
305,332
$56,295
revenue
Oper. expenditure
undistributed
cannot be de¬
represent new financing.
Inventory.
1937—7 Mos.—1936
12,066
Packing
Due from officers
1937—Month—1936
Period End. July 31—
Total
h
60,000
Co. (California)—Stock Offered—
Mason Brothers and Murray A. Schutz & Co., San Francisco,
in July offered 17,600 shares of common stock (par $1) at
$6 per share.
Offering was made exclusively to bona fide
residents of the State of California.
Offering does not
Farallone
Balance Sheet July
1936
Ry.—Earnings—
~
$183,799
468,916
64,313
157,525
$11,228
Net oper. revenues.
Increase
Edmonton Street
$874,553
General and administrative expenses
19, 1937, the kilowatt-hour system
operating companies which are subsidiaries of American Power & Light
Co.; Electric Power & Light Corp., and National Power & Light Co.. as
compared with the corresponding week during 1936, was as follows:
the
Operating Subsidiaries of—
1937
American Power & Light Co..117,365,000
Electric Power & Light Corp.. 61,808,000
National Power & Light Co... 79,034,000
—V. 145. p. 1256.
$867,980
449,589
80,307
al51,926
Non-oper. income (net).
Net
Balance.,
Pref. div. deductions:
1937—12 Mos.—1936
1937—Month—1936
$66,944
$66,869
38,197
39,702
5,724
3,937
all,795
12,015
4,177,726
$2,268,528
116,100
$151,613
10,572
$112,939
6,467
Net oper. revenues...
Non-oper. inc. (net)
Period End. July 31—
Operating revenues
Operation
Maintenance
( & Subs.)—Earnings
Associates
Utilities
Eastern
Fall River Gas Works Co.—Earnings-
deficiencies.
1256.
145,
1417
Chronicle
Liabilities—
.$18,763,674 Premium reserve
$9,583,846
558,295 Losses in process of adjustm't 1,317,273
Real estate
258,882 Reserve for commissions, exCash In banks and office....
990,580
penses, taxes and other
Prems. in course of collec'n.
1,603,169
liabilities
517,246
Other assets
296,174 Capital
.
2,000,000
Surplus
9,052,409
Assets—
Bonds and
stocks
Mortgage loans
$185,288
3,658
Total income
Expenses
30,209
Management fee
Federal capital stock tax, &c.
21
$151,400
51,077
Net income
Dividends
to
stockholders—
Balance Sheet June
a
Marketable
b Account
Dividends
secur. at cost.
_
receivable
$194,807
1,257,020
10,570
3,000
receivable
Federal and State taxes
155
fund receivable
Capital stock ($0.20 par)...
Paid-in surplus
78,298
1.262,930
2,973
138,709
Drl9,493
Earned surplus..;
Treasury stock
30—
Gross oper. revenue
a
Oper. exps.,
taxes......
a
Value
at
market
June 30,1937, &c.
c
$1,465,552
Total
quotations $1,726,850.
b For treasury stock sold
Represented by 3,855 shares at cost.—V. 144, p. 2996.
1937
Quarter Ended July 31—
depreciation
1936
$4,834
28,377
Depreciation
Net loss
$15,151
26,825
$23,543
Profit before
$11,674
-V. 145, p.1256.
12 Months Ended June 30—
Pref.
1937
1936
$760,639
earnings
share on 200,000 shs. of com. stock
4178.
Fed. surtax on undistributed
$2.55
$2.28
Earnings per
—V. 144, p.
Balance
$872,779
$3,386,297
$3,437,184
110,345
46,242
108,347
46,355
440,957
185,248
433,351
185,687
Dr91
Cr387
Cr493
183,112
143,706
174,527
114,916
702,258
551,846
734,537
457,099
$428,542
$1,506,375
$1,627,003
66,561
for
66,561
266,244
266,244
$230,049
$361,981
$1,240,131
$1,360,759
common
_
for normal Federal income tax for each period.
months ended June 30, 1937, include provision for possible lia-
Includes provisions
The three
$3,336,307
100,877
Fed. Lt. &
stock and surplus.
„
4,991,734
$3,256,228
130,069
$296,610
income
divs.,
Traction Co
$705,861
normal Federal inc.
deprec. & other chgs., but before prov. for
Net income after oper. exps.,
taxes,
sub. cos—
Propor. of net inc. of a
sub. co. applicable to
minority interest
Int.. disct. & other chgs.
of Fed. Lt. & Tr. Co..
Prov. for depreciation..
5,929,974
$844,771
28,008
$780,015
Total income
1,217,824
$731,970
48,044
Int., disct. & other chgs.
of sub. companies
Net
Family Loan Society, Inc.-^—Earnings—
1937—12 Mos.—1936
$9,186,202 $8,328,041
1,526,662
-
Net oper. revenue
Pref. divs. of
Exchange Buffet Corp.—Earnings—
(& Subs.)—Earnings—
1937—3 Mos.—1936
$2,258,632 $2,062,595
maint. &
Other income
$1,465,5521
Total
$22,470,774
Total
2826.
Period End. June
508
c
p.
$1,627
Account payable for expense.
Capital surplus..
Federal excess profits tax re¬
144,
Federal Light & Traction Co.
Liabilities—
Asscfs—
Cash in banks
.$22,470,774
Total
—V.
30, 1937
1418
Financial
bility for Federal surtax on undistributed profits.
The 12 months ended
June 30, 1937 include provision for possible liability for Federal surtax on
undistributed profits for the calendar year 1936 and for the six months
ended June 30, 1937.
No provision for Federal surtax on undistributed
profits has been made in the 3 months or the 12 months ended June 30,1936.
Note—(1) Includes profit and loss adjustments made to June 30, 1937
(2) The balance of $1,240,131 is equal to $2.36 per share on the 524,903
shares of common stock outstanding.—V. 144, p. 3671.
First American Fire Insurance Co.—Bal. Sheet June 30
Assets—
Bond & stocks
Premiums In
Int., &c. accrued
Cash on
380,035
358,404
12,709
.
12,105
546,558
...
Total
1937
prem
435,510
$4,995,522 $4,763,047
1936
$938,997
122,604
58,475
50,000
1,000,000
2,837,882
1,000,000
2,607,300
process of
adjustment
Res. for tax. & exp
Res. for all other
Cash capital
Net surplus
General Finance Corp.—15-Cent Dividend—
The directors have declared
a quarterly dividend of 15 cents per share
the common stock, payable Sept. 20 to holders of record Sept. 10.
A
like payment was made on June 21, last, and dividends of 10 cents per
hare had been paid in previous quarters.—V. 145, p. 1258.
on
General Fire Extinguisher Co.—25-Cent Dividend—
The directors declared a dividend of 25 cents per share on the common
stock,
$4,995,522 $4,763,047
First Investment Caunsee
Florida East Coast Ry.
Earnings—
$307,182
defl62,228
defl96,260
5,621,359
1,691,613
818,121
5,296,927
1,159,037
344,175
5,302,867
1,627,149
745,400
1935
p.
No dividends
were
Subs.)—Earnings
1937
1936
$23,760,250 $21,937,052
Operating expenses.
12,505,769
11,448,020
Net income after all deducts, except prov. for Fed.
surtax on undistributed profits
6,380,919
6,711,440
—V. 144, p.2301.
1934
_
$282,480
General Outdoor Advertising Co.— -Earnings—
Period End. June 30—
1937—3 Mos.—1936
1937—6 Mos.—1936
$3,899,482
3,085,270
$6,359,954
5,594,317
$5,644,339
5,109,546
$573,004
19,919
$765,637
48,085
$534,793
35,831
$831,789
241,153
1,456
$592,923
231,703
2,920
$813,722
477,538
3,610
$570,624
463,472
5,786
$589,180
Expenses
$3,330,750
2,757,746
$814,212
17,577
Operating revenues
$358,300
$332,574
144, p. 3837.
$101,366
—V. 145, p. 759.
Florida Power & Light
Period End. July 31—
Operating revenues
Oper. exps. (incl. taxes).
Prop, retire, res. approp.
Net oper. revenues
Co.—Earnings—
1937—Month—1936
$994,463
593,698
510,697
66,667
33,333
$334,098
Operating income
Other income-
1937—12 Mos.- -1936
Total income
7,085,256
400,000
$5,432,624
2,650
221
6,806,377
833,333
$324,499
221
Bent from lease of plant.
Profit
Note—No mention made of taxes.—V.
2,650
$324,720
8,414
$5,435,274
444,463
$4,748,411
349,449
$346,624
216,667
110,000
19,292
$333,134
216,667
110,000
25,035
$5,879,737
2,600,000
1,320,000
287,012
$5,097,860
2,600,000
1,320,000
270,460
$665
def$18,568
Dividends applicable to preferred stocks for the
period, whether paid or unpaid
$1,672,725
$907,400
1,153,008
Accumulated
1,153,008
Gross income
Int.
Int.
on
mortgage
bonds.
debentures
on
Other int. & deduc'ns..
Net
x
Deprec. & amortization.
Interest, &c
$4,745,761
$334,319
12,305
Other income (net)
income
Balance.
paid in the
3672.
6 Months Ended June 30—
defl55,895
def252,427
6,256,586
1,903,805
975,458
From Jan. 1—
Gross from railway
Net from railway
Net after rents
$378,922
def84,472
defl78,990
1936
A like
Gross income
1937
$383,309
defll9,185
def213,407
July—
Gross from railway
Net from railway
Net after rents
1934 or 1933.—v. 144,
General Motors Acceptance Corp. (&
Corp.—Registers with SEC—
of this department.—V. 138, p. 1752.
value, payable Sept. 10 to holders of record Aug. 25.
dividend of 10 cents per share in 1935.
years
144. p. 773.
See list given on first page
no par
Sayment was made on June 10 last. per dividend of paid during 1936 and
A share were 20 cents was paid on
larch 10 last; dividends totaling $1
a
Total
Aug. 28, 1937
of corporation and subsidiaries for the six months ended
June 30, 1937, amounted to $40,868 compared with $17,866, for the first
six months of 1936.
Incorporated in Pennsylvania in 1933, the company engages in financing
the purchase of new and used motor vehicles upon deferred payments and
upon making loans secured by first liens on used motor vehicles.—V. 145,
p. 941.
income
Net
112,525
54,225
50,000
Losses In
$926,560
claims
deposit &
In office
-V.
7,500
course
of collection
Liabilities—
$3,927,8971 Unearned
$4,070,351
7,500
Real estate
I
1937
1937
Chronicle
last, and dividends of $3 per share were paid on Dec. 26, Nov. 25, Nov. 15,
and on Oct. 15. 1936, this latter being the first dividend paid since
May 15,
1933, when a regular quarterly dividend of $1.50 per share was disbursed.—
V- 144, p. 3837.
General Public
$519,717 def$245,608
_
Dividends accumulated and unpaid to July 31, 1937, amounted to
$5,284,620.
Latest regular quarterly dividends paid Jan. 3, 1933.
Divi¬
dends on preferred stocks are cumulative.
Notes—(1) Income account includes full revenues without consideration
Preferred Dividends—
The directors on Aug. 25 declared a dividend of $3 per share on account of
accumulations on the 6% cumulative preferred stock, par $100.
Half of
this dividend, or $1.50 will be paid on Sept. 25 to holders of record
Sept. 15,
and the balance, $1.50 per share will be paid on Oct. 25 to holders of record
Oct. 15. A dividend of $1.50 was paid on July 26, June 25 and on March 29,
Utilities, Inc. (& Subs.)—Earnings—
Comparative Consolidated Earnings Statement
x
of rate reduction in litigation, for which a reserve has been provided
by
appropriations from surplus in amount of $581,144 for the 12 months ended
July 31, 1937, and of $816,680 for the 12 months ended July 31, 1936.
(2) No provision was made for Federal surtax on undistributed profits
for 1936, inasmuch as the company reported no undistributed adjusted net
income for that year.
—V.
145,
p.
No such provision has been made to date f
937.
760.
Fohs Oil Co.-
■To Vote
on
Stock
Split-Up—Regular Dividend
Declared—
i
Stockholders at a special meeting to be held on Sept. 15 will be asked to
approve a splut-up in company's capital stock in the ratio of seven shares
of new $1 par stock for each share of no par capital stock now outstanding.
Directors have declared
a
regular quarterly dividend of $1 per share on
the 109,801 shares of no par capital
to holders of record Sept. 1.
stock
now
outstanding payable Sept. 15
expired.
William B. Paul, counsel for the
been
filed.
This
leaves
company states
the fiele clear
Operating profit
Other income
1937
$63,076 loss$ll 1,062
102,102
33,263
57,921
$121,438
78,284
income
$199,722
Depreciation
Income
.
Net profit
Earnings
x$71,842
per share on common stock.
Before surtax
Unfilled orders
x
on
June 30
$154,260
147,127
31,828
127,880
taxes
a year
on
on
undistributed earnings.
June 30 last totaled
The directors
1936
$30,892
$43,992
$179,361
6,176
$1,877,647
36,629
$1,762,613
46,768
$201,132
$185,538
$1,914,276
$1,809,381
7,686
6,065
92,972
67,909
$193,446
36,551
$179,473
34,452
$1,821,304
455,968
$1,741,473
416,619
$156,894
$145,021
$1,365,335
$1,324,853
71,353
1,040
72,026
856,462
18,280
$84,501
$72,994
$478,243
$454,543
3,242
3,242
38,910
38,910
$81,259
$69,751
$439,333
$415,633
'
__
Charges of subs.
Charges of Gen. Pub.
Utilities, Inc.:
Int.
funded debt..
on
Federal income tax
Federal
870,309-
undistributed
profits
Net
tax
12,350
income
Divs.
on Gen. Pub. Util.,
Inc., $5 pref. stock...
Balance avail, for
mon
com¬
stock & surplu
Federal
ibeen made in the above statement for
undistributed profits taxes other than reflecting the accrual for the calendar
year 1936 in the figures fo ithe 12 months ended July 31, 1937.—V. 145,
761.
p.
General Reinsurance Corp.
(& Subs.)—Earnings—
Consolidated Statement of Earnings for
the First 6 Months of 1937
General
Interest, dividends and
Allocated
rents
oper.
Herbert
Insurance
Clough,
Corp.
$220,553
57,098
expense
Underwriting and other
North Star
Reinsurance
Up Accruals—
have
on
May 24, last; one of $5 was paid on Dec. 21, 1936, and
was paid on Nov. 16, 1936.—V.
145, p. 1098.
one
of $4
per
Acceptance
Corp., Bethlehem, Pa.—Stock
Offered—Public offering was made Aug. 27 of 12,500 shares
of 6% convertible cumulative preferred stock ($20 par) and
10,000 shares of class A common stock ($5 par) by Warren
W. York & Co. of Allentown and Philadelphia and Masland,
Fernon & Anderson of Philadelphia.
The preferred stock
was
offered at $21 per share and the class A common at
$15.50 per share, both by means of a prospectus.
The preferred shares are convertible on or before April 1, 1939, into
1M shares and thereafter into one share of the class A common stock of the
company. They are subject to redemption, in whole or in part, on 30 days'
notice, at $22.50 per share, plus accrued dividends.
Net proceeds from this financing will be used to increase the company's
working capital in order to maintain its present volume of business and
make possible its expansion.
A part may be used to reduce outstanding
collateral trust notes.
Net earnings
to be allocated
gain—
Co.
$72,684
11,415
$163,455
300,771
$61,269
-84,262
Inc.
$1,132'
349
$782'
3,560*
$464,226
—$22,993
$4,343
c$464,226
to
Reinsurance shares.
a
share
General
$197,046
4,086
Amount
1937
declared a dividend of $4 per share on account of
the $3 cum. purtic. pref. class A stock, payable Sept. 10
to holders of record Sept. 3.
This payment wipes out all back dividends
on the A stock.
A dividend of $3 was paid on July 1, last; one of $2 was paid
on
421,803
470,837
Net investment income
$10,456,900 against $6,165,860
4006.
Gemmer Mfg. Co.—Clears
accumulations
455.619
534,328
Exps. & taxes (other than
Fed. income) of Gen.
Pub. Util., Inc. (excl.
oper. divisions)
a
p.
35,643
45,174
previous.—V. 144, p. 3332.
(Peter) Fox Brewing Co.—Earnings—
144,
39,080
44,087
.
Net oper. income
Nil
Nil
1937—12 Mos.—1936
$5,261,861
$4,800,365
2,124,306
1,931,097
269,960
214,014
Fed¬
Non-oper. income
def$8,960
142,353
loss$24,695 loss$151,313
$0.03
Month of July—
Net income after charges and Federal income taxes
but before surtax on undistributed profits
—V.
(other than
eral income)
Depreciation
Note—No provision ha
1935
1936
Non-recurring credits
Total
Taxes
that no appeals
Corp. (& Subs.)—Earnings—
6 Months Ended June 30—
1937—Month—1936
$494,865
$457,256
196,241
180,337
18,411
16,740
expenses
Maintenance
from
legal uncertainties for
completion of the reorganization and the new financing.
Warrants evidencing the present security holders rights to subscribe for
all the new securities will expire Aug. 30.
The then unsubscribed portion of
the $4,000,000 of 5% 1st mtge. conv. bonds and 7,000 shares of common
stock of Follansbee Steel Corp. the new company, are underwritten by
Donoho & Co., members of the New York Stock Exchange, subject to the
conditions approved by the Court in the confirmation order.—V.
145,
p. 760.
Foster Wheeler
Operating
Balance
Follansbee Bros. Co.—Plan Status—
The statutory 30-day period allowed for appeal from the order of the
Federal Court confirming the plan of reorganization of the company has
have
Period End. July 31—
Gross oper. revenues
b—$22,027
$4,343
General
;
Before net gain from sale of assets and Federal income tax thereon,
b General Reinsurance Corp. owns
ing of North Star Insurance Co.
95.80% of the capital stock outstand¬
c The total amount
(including North Star Ins. Co. and Herbert Clough,
Inc.) is $446,543, equivalent to $2.23 per share of General ReinsuranceCorp. stock outstanding (200,000 shares outstanding).
Financial Statement June 30, 1937
Assefs—
Liabilities—
Investments—Bonds
$7,291,095
l
Preferred stocks
Common stocks
North Star Ins.
180,625
4,041,394
Reserve for claims and claim
expenses
Reserve for unearned prems.
for
commissions,
$5,608,372
2,315,162
Reserve
Co. stock
(95.80% of total)
Herbert Clough, Inc., stock
2,236,510
taxes & other liabilities
91,207
196,283
Real estate
919,335
,
'
Voluntary reserve
(100%)
Mortgage loans
800,000•
1,000,0005,554,442
308,000
Cash In banks and offices
Prems. In course of collection
(not
over
Accrued
90 days due)
interest.
Other admitted assets
Total....
Capital...
Surplus
...
757,902
870,117
51,379
172,798
Total
$16,197,311
Note—Securities carried at $860,807.69 in the above statement are de¬
as required by law.—V. 144, p. 4008.
$16,197,310
posited
General Theatres Equipment
Corp.—Dividend—
The directors on Aug. 24 declared an interim dividend of 25 cents pershare on the capital stock, payable Sept. 28 to holders of record Sept. 17-
Volume
Financial
145
A similar payment was made on
last, ana com¬
distribution of
June 28 and on March 31,
and an initial
145, p. 762.
with 90 cents paid on Dec. 15, 1936,
share paid on Dec. 10, 1936.—V.
pares
$1.10
per
angsrGeorgia & Florida RR.'—Earnings—
1936
1937
1936
$49,800
Gross earnings
?
—V. 145, p. 1259.
14—•
1936
—Jan. 1 to Aug.
Week Ended Aug. 14—•
$47,800
Period—
o
Period End. July
Mos.—1936
1937—Month—1936
,180,387 $28,314,907 $25,202,672
$2,328,212
1,188,448
14,433,895
12,574,436
1,242,004
31—
& taxes
exps.
230,000
$856,207
Gross income
$858,189
512,791
on
$11,573,512 $11,066,986
6,413,803
6,303,515
245,862
$345,399
245,870
$74,877
pref. stock
Balance
$99,528
$2,209,944
provision was made in 1936 for Federal surtax on
rofits as all taxable income for that year was distributed.
as been made for such tax in 1937.—V.
145, p. 763.
No
x
E
Net from railway
Net after rents
No provision
„
From Jan. 1—
Net after rents
1.147.1^7
llZ»9?o
90,512
1,107,711
108,429
12,201
1,340,113
179,846
25,869
1,479,459
320,069
175,651
Net from railway
59,705,092
1,894,249
$4,395,179
Net profit on foreign exchange
519,616
18,132
Profit
368,589
136,667
218,602
securities sold
on
Miscellaneous income
$5,977,985
Total profit
between
Difference
and
cost
face
value
_
Cr1,604
28,006
1,268,893
1,463,394
700,000
550,000
Provision for Federal income tax
Provision for contingencies
500,000
$2,727,181
$3,510,696
Net loss applic. to subs, capital stock not
dividends
Earnings
Note—No
for 1937
share
per
or
on common
provision
$2,727,606
$3,510,698
1,030,078
651,626
dividends
Common
424
2
owned._
Profit for the six months
Preferred
has
$4,768,581
of com¬
pany's bonds acquired
Interest on bonds, debentures, bills payable, &c__
,
Gross from railway
$1.47
$1.90
stock
made
been
the undistributed profits tax
for
1936.
145, p. 763.
—V.
Giddings & Lewis Machine
Gross sales
—
Net profit
before taxes
Earnings per share
On the 100,000 shares,
Consolidated Balance Sheet June
Tool Co.—Earnings—
$2 par, to be outstanding upon
$825,700
197,088
x$1.97
completion of
the present financing.
The balance sheet dated
$
1,522,040
$
1,720,518
bds__15,101,938 14,251,504
State, railroad and
oth. bds. & stks.14,080,065 12,740,454
Real estate
1,000,000
1,538,934
Cash
U. S. Govt.
Prems. In course
3,588,123
collection
accrued
uncollec.
sundry
3,370,499
Res.
Int. & rents due &
654,206
prems.
but
tire. of
36,385,348 34,246,551
Globe
2,197,346
2,500,000
5,000,000
2,500,000
5,000,000
1,989,000
Co., Inc
600,000
600,000
27,226,133
24,162,458
Mln. Int. In subs
21,799
1.726
982,367
675,926
Sund. accr. liab.
c3,497,369
1,649,950
Pension reserve.
Bond, indebt. of
Other notes and
Cash
6,809,221
8,786,337
Prepd. accts., &c
2,950,42 1
811,054
subsidiaries
Res.
for
_
305,303
246,971
_
680,000
unreal,
foreign exch'ge
2,539,977
376,098
9,270~425
profits
5,292,065
813,637
Other reserves..
146,642,686
Total
146,642,686 133,186,609
Total
133,186,609
...36,385,348 34,246,551
Knitting Works—Pays Initial Common Dividend
paid an initial dividend of 25 cents per share on the common
24.—V. 145, p. 1259.
Aug. 1 to holders of record July
Goodall Securities Corp.—Pays Si.50 Dividend—
paid a dividend of $1.50 per share on its common stock,
par value, on Aug. 2 to holders of record July 27.
This compares with
$2.50 paid on Feb. 1, last; $1 paid on Dec. 1, 1936; 60 cents paid on Sept. 1,
1936; dividends of 50 cents per share paid on June 1 and March 2, 1936 and
on Dec. 2,
1935, and a dividend of 60 cents per share paid on Sept. 3,
The company
after
de-
buildings, machinery and sundry equipment,
ducting reserve of $47,157,454 for depreciation and special reserves in 1937
and $44,858,076 in 1936.
b 1,303,255 no-par shares in 1936 and 1,156,101
no-par shares in 1936.
c Including provision for Federal taxes.—V. 145,
p. 1259.
Real
a
estate,
Corp.—To Increase Prices—
Graham Paige Motors
this company's
The company
on
2~4~666
Rubber
for
30, 1937, market quotations for all bonds and
total admitted assets would be increased
to $36,929,239
and the voluntary reserve for contingencies, including
fluctuation in market value of securities, to $3,907,975.—V. 144, p. 1109.
stock
Hood
debentures...
2,200,000
Total
15-yr.
accts. receiv..
.
4 H%
Trade notes and
Note—On the basis of June
owned,
Accts.
Surplus
2,200,000
reported
Capital
Surplus
stocks
1,130,684
6,357,606
7% gold notes of
802,375
.
not
Voluntary res.
Total
of agent for re¬
bonds
In¬
contingencies... 3,364,083
700,848
Sundry bals. due.
19,798,800
10,068,554
payable.
1st M. bds 27,000,000
Mtges. payable.
M. gold
Pur. fd. in hands
596,500
853,800
accts...
19,798,800
income tax
and
for losses
curred
207,306
615,811
193,855
_
677,896
Res. for comm's on
Res. for taxes
of
7,456,690
8,863,530
17,156,500
Prov. for Federal
accts. receiv..
7,813,439
5,451,081
gold debs
fund
year 6 34 % 1st
for unearned
premiums
and
15-yr. 6% conv.
trustees for 25
$
13,976,129 13,641,807
Reserve for claims
Res.
1936
$
Liabilities—
loans
bills payable.
25-yr.lstM.6J4s
6% conv. gold
1937
1936
1937
4,542,049
43,864,781
Cash in hands of
sinking
24,721,872
Bank
6,017,186
51,978,297
cos
39,316,910
29,430,800
44,025,837
Preferred stock.
48,941,630
50,079,060
Inv. in & adv. to
Co.—Balance Sheet June 30—;
Globe Indemnity
$
b Common stock
&
Plants
Inventory
July 31, 1937 reveals that the company has
retired and canceled $56,000 first mortgage bonds and serial debentures out
of an original issue of $321,000.
Current assets, which included $55,185 of
cash, totaled $415,121 as compared with total current liabilities of $52,946.
Unfilled orders on hand as of Aug. 1, 1937 totaled $977,300 and these
will keep the company operating at virtual capacity through March, 1938.
Almost all orders presently being accepted are for delivery after March of
next year.—V. 145, p. 113.
Assets—
Real estate
other
1936
1937
Liabilities—
Assets—
a
30
1936
1937
Months Ended July 31, 1937
Earnings for Seven
x
1934
$lI?'o?n
30,319
21,132
$65,994,520
$5,089,779
Profit
1935
$161,709
14,497
2,421
1936
$194,879
27,971
6,685
1937
$197,753
38,033
18,769
$1,813,037
undistributed
Ry.—Earnings—
Georgia Southern & Florida
July—
Gross from railway...._
$4,763,472
2,950,434
$5,159,709
2,949,765
$320,740
Net income
(discounts, transportation and excise
deducted)
.$78,566,619
Mfg., selling ,and general administration expenses. 71,645,662
Provision for depreciation
1,831,178
Profit
535,468
Int. & other fixed chgs__
1936
1937
sales
tax
1,561,250
2,307,500
133,750
Prov. for retire, reserve,
Divs.
(B. F.) Goodrich Co. (& Subs .)—Earnings—
Net
1937—12
revenue.
xlOper.
reserved for employees, 38,960
June 30, 1937; of such 38,960
shares, 13,560 had been allotted to specific employees, and will be sub¬
scribed, paid for and issued over a period of one to five years; the balance
of 25,400 is reserved for issuance to employees at the discretion of the
board of directors.—V. 144, p. 3673
6 Months Ended June 30—
Georgia Power Co.—Earnings—
Gross
Note—Of the 150,000 shares originally
had not been issued or subscribed for at
$696,414
$834,492
1419
Chronicle
will increase retail car prices $35 to $50 on Sept. 15.
A
Robert C. Graham, Executive Vice-President, reads as follows:
"In common with the rest of the industry, we find the increased cost of
labor and materials will make necessary a revision of our price schedules.
We have established Sept. 15 as the date in order that buyers will have an
opportunity of getting cars at present prices if they so desire.
Ample
stocks are in dealers' hands and delivery at current prices can be made on
nearly all models."—V. 145, p. 942.
This company
statement by
no
1935.—V 144, p,
Grand Rapids
Varnish Corp. (& Subs.)—Earnings—
Goebel Brewing
11,688
goods soid
Provision for depreciation
Co.—Extra Dividend—
540,746
10,091
$419,605
208,358
70,695
Cost of
declared an extra dividend of 15 cents per share in
addition to the regular quarterly dividend of 5 cents per share on the
common stock, par $1, both payable Sept. 30 to holders of record Sept. 11.
Previous extra distributions were as follows: 10 cents on June 30, last;
5 cents on March 31, last; 20 cents on Dec. 18, 1936; 10 cents on Sept. 30,
1936; 5 cents on June 30, and March 31, 1936; 10 cents on Dec. 20, 1935,
and 5 cents on Sept. 30, 1935.
1936
$888,473
1937
$1,086,198
6 Months Ended June 30—
Net sales
1280.
$337,636
169,467
62,293
654,905
.....
The directors have
Earnings for Six Months
Net sales
$2,308,321
864,578
1
-
Cost of sales
Gross profit
Selling and advertising
Shipping and delivering
$1,443,743
725,657
—
Net
Loss on sale of
$376,177
profit and income
452
3,430
55,126
capital assets and sundries
taxes
Provision for estimated Federal income
$317,168
Dividends paid
339,090
Earnings per share on capital stock—
;
$0.23
Notes—Provision for depreciation of physical properties in the amount
of $62,502 for the six months is included in the above statement.
No provision made for surtax on undistributed profits.
The earnings for the three months ending June 30, 1937 were $189,645
after depreciation and Federal income taxes, equal to 14c. per share on
1,359,040 common shares of stock outstanding.
Net income
Balance Sheet June 30,
$357,430
Cash
Bonds—Government and City
of Detroit
Notes & accts. receivable
Int.receivable (accrdon bds.).
1
Buildings and equipment
Bottles and cartons
Prepaid
other expense
a
Deposits on barrels,
bottles, &c
income tax and
undistrib. profits.
128,039
53,952
$135,469
19,500
7,350
$105,433
13,900
7,600
on
133,000 shares of capitalL
'
$83,933
39,900
■
$0.63
$0.81
(nopar).
Consolidated Balance Sheet June 30
on
a
1937
Accounts
220,188
224,661
251,819
9,885
deposit
367,440
Inventories
8,088
.
plant &
equipment
b Property,
311,238
9,875
Deferred charges..
29,828
payable-
Commissions
Customers' notes
Other assets
$25,000
48,977
Accrued expenses.
Note payable
and
and accts. rec__
51,370
40,714
1936
$23,230
1936
$95,000
Liabilities—
1937
$44,427
Assets—'*
Cash on hand
14,083
3,778
21,670
11,469
26,850
5,000
381,499
325,072
21,500
5,000
381,499
247,483
$961,258
$774,534
Federal income tax
V
255,984
8,954
and
payrolls
payable
Prov. for Fed. inc.
tax and surtax on
undist.
profits
(estimated)
Reserve for conting
Capital stock
Earned surplus...
c
$961,258
$774,534
Total
doubtful discounts, &c., of $17,000 in 1936 and
$11,500 in 1937.
b After allowance for depreciation of $187,913 in 1936
and $210,124 in 1937.
c Represented by 133,000 no par shares.—V. 145,
p.
After allowance for
1259.
Provision for
surtax on
Earned surplus
151,274
2,000
1,525,064
Great Northern
July—
Gross from railway
Net from railway
Net after rents
1—
railway
Net from railway
Net after rents
—V. 145, p. 763.
Total
$3,438,719
Ry.—Earnings—
1937
$9,187,201
3,607,201
2,62 5,527
1935
1934
1936
$9,040,108
3,685,950
2,710,986
$7,058,077
2,498,944
1,771,389
$6,694,852
1,924,730
45,927,037
14,221,542
9,520,246
39,148,723
12,276,878
7,559,475
36,496,523
1,244,967
From Jan.
Gross from
depreciation of $318,416.
$210,022
cartons,
Accrued taxes and expenses
issued
15,998
753
...--.--$3,438,719
After reserve for
stock
a
payable..
9,327
259,474 Compensation insur. reserve..
1,359,040
2,029,560 Capital stock (par $1).
134,673 Stock subscribed for but not
insurance, taxes and
'
Subscriptions to capital stock.
Total
203,437
42,918
2,312
392,164
Land
a
paid
Total
.
Accts. and contracts
480
$105,395
4,197
4,159
$108,619
66,500
profit
Earnings per share
1937
Liabilities—
Assets—
Inventories
Net
Cash dividends
14,514
_
(estimated)
undistributed profits (est.)
Provision for Federal income tax
Provision for surtax on
$361,662
operating profit
Total operating
Bad debts
$718,086
150,261
116,752
Other deductions.
89,411
Administrative expense
Other income
503
$140,049
4,669
9,249
Provision for depreciation
Other income
Ended June 30, 1937
Sales, less allowances
Federal and State excise taxes
Selling and advertising expense
Administrative and general expense.
50,395,131
15,532,247
11,365,878
9,063,346
4,420,688
1420
Financial
Great Western Electro-Chemical
Chronicle
Earnings for 6 Months Ended June 30,
A oQPft}-
1937
and
tributed
other
but
charges,
before surtax
on
undis¬
$248,842
335,252
538,107
Inventories
744,466
609,964
50,806
54,353
Deferred charges..
Grocery Stores Products Co.—Exchange Offer—Rights—
prospectus',
a
of its
shares
capital stock in exchange for the 8% cumulative preferred stock of
Co., a subsidiary, on which there are dividend
arrearages
A registration statement covering the capital shares
recently became effective.
The holder of each share of preferred stock of the Foulds
Milling Co. is
offered in exchange 15 shares of capital stock of Grocery Store
Products Co
Holders of the Foulds Milling Co. preferred stock who
accept the offer
of exchange are asked to transmit their stcok for exchange within
60 days.
Grocery Store Products Co. owns 100% of the common stock of the
Foulds Milling Co. and 771 shares of the preferred stock out
of a total
number of 12,000 shares outstanding.
Upon completion of the exchange
offer the corporation proposes to consolidate Foulds
Milling, through pur¬
chase of the company's assets, with its
subsidiary, Grocery Products Manu¬
facturing Corp., or with another subsidiary.
Included in the capital shares covered by the registration
statement
are
18,435 shares to be issued in exchange for Foulds Milling
preferred
stock; 47,795 to be offered later to stockholders of Grocery Store
Products
Co. on the basis of one new share for each 3 1-3 shares
held, and 13,700 to
be reserved for issuance under employees' and officers'
stock purchase
plan.
The company, through its subsidiaries,
manufactures, packs and dis¬
tributes popular brands of food products,
among which are "Kitchen
Bouquet" flavorings and "Foulds" macaroni, spaghetti, noodles and allied
Hanover Fire Insurance Co. of N. Y.—Financial
1937
$1,210,998
Indus. & misc. bds.
9 ,592,820
8,946,113
Aircraft
516,470
205,651
367,234
208,894
Net surplus
Real estate &mtges
bals. not
90 days due
1,020,541
272,164
17,781,882
17,042,663
Agency
over
Jncome
Dividends
on
int. &oth. assets
Total
Haverhill Gas Light
Period End. July
31-
department.—V. 145,
Taxes
adjustment
Res.
for
555,144
507,200
4,000,000
7,880,701
514,500
4,000,000
.17,781,882
all
710,296
17,042,663
other
...
7,518,968
'
Total.
Co.—Earnings-
$6,768
Non-oper. income (net).
1260.
p.
$559,458
352,827
22,698
87,058
$93,736
$96,875
Interest
62
82
$10,098
2,917
$93,798
35,000
$96,957
35,000
$7,181
174
Gross income
$6,307
$10,098
$3,858
1937
812
$565,389
360,093
27,090
a84,469
$6,774
2,917
Retirem't res've accruals
6 Months Ended June 30,
stocks
1937—12 Mos.—1936
6
Balance
Interest earned
185
$58,798
2,274
$61,957
2,764
charges.
60
Net
Gross income
on
premiums
Losses in process of
1937—Month—1936
$46,332
$44,669
28,848
27,142
3,477
1,932
a7,239
5,496
Operating revenues
Operation
defl4 938
Miscellaneous income
Interest
unearned
Bills receiv. accr'd
Corp.—Earnings—
Account for
for
Capital
in office
Engineering Corp.—Registers with
Investors
Res.
Cash on deposit &
Net oper. revenues—
Guardian
4,454,051
899,269
225,353
—
Public utility bds.
SEC—
See list given on first page of this
1936
4,683,685
liabilities
Railroad bonds
Maintenance
Grumman
1937
TAabilities—
Stocks
Municipal bonds..
6,728
—V. 145, p. 1260.
$
$2,142,196
1 ,056,998
1,278,150
959,216
1,119,732
1 ,266,214
1,390,410
263,189
418,501
$974,163
39,927
98,085
Consolidated earned surplus June 30
1936
$
Assets—
U. S. Govt. bonds_$2 ,675,430
1936
and
taxes
State-
-y. 144,p. 454.
1937
after provision for bond interest
$3,139,016 $3,112,443
ment June 30—
Earnings for Six Months Ended June 30
Federal income
Total..
$2,165,150 in 1937 and $1,944,108
b Represented by 193,559 shares (no par),
c Represented by
24,000 shares (no par).—V. 145, p. 1100.
1936.
n
products.
Net income
1936
After depreciation and depletion of
a
the Foulds Milling
of $24 per share.
Net sales
$3,139,016 $3,112,4431
Total
1937
com.stk.$1,161,354 $1,161,354
144,000
144,000
Accounts payable.
321,409
401,445
Taxes payable
203,954
286,206
Capital surplus
722,254
710,944
Earned surplus... ' 586,045
408,494
Class B com.stk.
c
6,414
Accts. & notes rec.
«2 76
The company is offering for exchange by means of
Liabilities—
b Class A
231,293
investments
Other
earnings
145, P. 610.
1936
341,093
Cash
Earns, per share on 69,260 shs. of common stock
—V.
1937
-
Plant, prop., &c.$1,667,399 $1,672,312
a
Net income after operating expenses, Federal normal
taxes, de¬
preciation
Aug. 28, 1937
Balance Sheet June 30
Co.—Earnings—
General expenses
Taxes: Capital stock, State & franchise, &c
income
$3,684
$6,996
$56,524
$59,193
58,968
58,968
provision has been made for 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.—V. 145,
p. 764.
Dividends declared
$7,179
51,425
9,398
2,642
5 % gold debentures
a
No
.
Net loss, excl. of net profit realized on sale of investments
$56,286
Harshaw Chemical
Balance Sheet June 30, 1937
Assets—
A statement
registering 59,458 common shares (no par) of the company,
has been filed with the Securities and
Exchange Commission.
The re¬
gistration statement also covers
118,915 subscription rights entitling
present stockholders to purchase the registered shares at the rate of one
Liabilities—
Cash
$8,857
Investments
Accounts payable
Stocks loaned
3,878,602
Accounts receivable
6,758
Dividends receivable
2,265
Co., Cleveland—Registers with SEC
$1,438
Prov. for cap. stock tax
Accrued deb. interest
4,626
1,787
additional share for each
two shares
owned.
The unsubscribed portion of
1,061
the shares registered will
subsequently be offered publicly by an under¬
writing group under the management of Mitchell, Herrick & Co. and in¬
cluding Field, Richards & Shepard, Inc.; Otis & Co.; Hayden, Miller & Co.;
Hawley, Huller & Co.; the First Cleveland Corp., and Granbery, Marache &
43,050
59,997
509,915
1,202,431
Net proceeds to the company will be used to retire bank loans of
approxi¬
mately $650,000, to make plant and laboratory additions and improvements
requiring about $500,000, to acquire inventories, and for other corporate
Total
$3,898,937
Less depreciation,
b Before provision for depreciation of $1,646,260
in indicated market value of investments as
compared with book value.—
The company, which was
incorporated in Ohio in 1897, manufactures
chemical products used by some 15,000 customers.
Its products include
chemicals for treating metallic surfaces used
Interest accrued
648
Furniture & fixtures
a
Def. assets <fc expenses..
Res. for contingencies
608
20-yr. 5% gold debs.
1st $7 pref. stock
17,142
_
1,198
490
A.. 2,057,000
sers.
1st $6 pref. stock
$3 2nd pref. stock
Common stock (par
b
$1)
Surplus
Lord.
purposes.
$3,898,9371
a
V.142,
p.
July—
1937
railway
Net from railway
Net after rents
Jan.
Gross from railway
145,
p.
1936
1935
1934
$590,645
220,434
$504,164
159,169
82,993
$394,556
84,162
8,773
4,456,392
1,583,781
825,921
4,024,502
1,443,880
689,578
3,308,189
1,016,348
3,081,065
890,107
316,262
110,793
1—
Net from railway......
Net after rents.
—V.
RR.—Earning
$630,821
216,753
112,714
from
From
principally by the automotive
and allied industries; opacifiers, colors and other chemicals
used in the
manufacture of ceramics; driers and pigments for
paints, floor coverings,
plastics and printing ink; tartar products used in foods and
beverages, and
fluorine derivatives for the metal,
glass and other industries. The company
is also a refiner of glycerine.
3854.
Gulf Mobile & Northern
Gross
487,179
Capitalization consists of 10,000 shares of 7% preferred stock ($100 par)
authorized and outstanding, and 200,000 authorized common shares
(no
par) of which 118,915 shares are outstanding.
Balance sheet as of June 30 shows total assets of $5,223,803, current
assets of $3,565,921, and current liabilities
$1,413,916.
Net profits after all
charges and provision for Federal taxes, except the
undistributed profits tax for the first half of 1937, were
$46,865 in 1934;
$283,964 in 1935, $412,318 in 1936 and $383,395 for the first six months
of 1937.
1100.
(C. M.) Hall Lamp Co.—10-Cent Dividend—
The
directors
have
declared
a
dividend
of
10
cents
per
share
on
the
Hawaiian
stock, no par value, payable Sept. 15 to holders of record
Sept. 4.
A like payment was made on June 15 and on
May 5 last and compares
with 20 cents paid on Dec. 15,
1936; 10 cents paid on June 30 and March
common
31, 1936; Dec. 10 and July 15, 1935; Dec. 28, Sept. 15 and June 15,
1934,
and on July 20, 1933.
Dividends of 5 cents per share were paid on Dec. 23,
1932, and on July 1, 1932.—V. 144, p. 4009.
Hamburger Distillery, Inc., Pittsburgh—Stock Offering
Financing for this company, which, with its predecessors, has an unin¬
terrupted record of operations for over 50 years,
except for the Prohibition
era, is expected to be carried out shortly in the form of an issue of
40,000
shares
annual
of cumulative
convertible preferred stock, entitled to cumulative
dividends of $1.38 per share, and
10,000 shares of common stock.
Of the issue, which is part of a total of
40,000 shares of preferred and 225,000
common registered with the
Securities and Exchange Commission,
35,000 shares of preferred and 8,750 shares of common are to be
publicly
offered by Henrotin, Moss & Lewis,
Inc., principal underwriter, and Central
1 ennsylvania Co., Inc.,
Harrisburg, Pa., in units of 1 share of preferred
and M share of common.
The remainder of 5,000 shares of
preferred and
1,250 shares of common will be offered to
employees of the company.
The proceeds of this
financing are to be used by the company in part to
erect an additional warehouse for
70,000 barrels of whiskey, to supplement
its present warehouse
capacity of 63,000 barrels, and to provide additional
working capital to be expended largely to increase production and to finance
sales ot its products to its customers.
shares of
The authorized capitalization of the
company consists of 40,000 shares
($25 par) convertible preferred stock, all of which is to be
outstanding upon
completion of this financing, and 225,000 shares
($1 par) common stock,
of which 145,000 shares are to be
outstanding and the remainder of 80,000
shares reserved for conversion of the
preferred stock.—V. 144, p. 3000.
Hamilton
United
Theatres, Ltd.—Accumulated Div.—
The directors have declared
accumulations
on
the
7%
a dividend of $1.50
per share on account of
cumulative preferred stock, par $100, payable
Sept. 30 to holders of record
—V. 144, p. 3674.
Aug. 31, leaving
arrearages
of $7
per
share.
(The) Hancock Oil Co. of Calif.—Earnings—
Years Ended June HO—•
1937
Gross operating income. $7,694,390
a Costs, oper. &
gen. exp
6,600,801
1936
1935
1934
$6,947,603
6,049,198
$5,614,331
& abandonments
Miscel. charges, etc
170,260
92,866
4,937,496
180,491
$4,385,695
4,044,066
80,983
395,180
Dr24,255
Intangible develop, exps.
Depreciation, depletion
352,821
Dr40,460
280,406
Cr42,748
$503,894
326,342
$412,256
217,559
$258,685
119,657
1936
1935
1934
$3,111,937
149,375
$1,786,318
141,971
$1,257,575
93,166
Miscell. oper. losses....
$4,175,540
10,619
$3,261,312
11,851
$1,928,289
18,542
$1,350,741
Financial income.
$4,164,921
72,894
$3,249,461
64,434
$1,909,747
92,119
$1,350,741
66,554
$4,237,815
3,067
$3,313,895
28,775
20,851
$2,001,866
173,582
141,723
$1,417,295
250,730
Interest paid and accrued
Other financial charges.
Income and excise taxes
a959,288
Preferred
Common
$177,552
$194,697
$139,028
$24,928
$2.32
$1.90
$1.19
$0.31
216,345
$1,338,187
$950,220
2,503',867
$771,593
$2,038,564
$1,129,687
dividends
_
208,500
$950,220
Includes $88,492 undistributed profits tax.
Comparative Balance Sheet May 31
1937
1936
Assess—
Cash
on
$
hand and
balances in bks. 3,45 8,629
Accts. and other
1,831,400
receivables
2,108,882
Inventories.
1,545,684
Growing crops (cur¬
rent crop)
1,200,000
Deferred assets
1,757,848
Investments
51,202
2,048,707
1,952,524
Plant & property 9.179,442
1937
Liabilities—
$
Accounts payable.
Accrued liabilities.
,465,829
1936
$
798,033
416,505
8,836,637
x
y
Goodwill,
Accrued
income
558,425
&
excise taxes
912,876
660,086
1,048,426
1,200,000
,063,270
Common stock
1,566,914
Reserves
,564,385
,579,996
4,565,826
,156,908
4,436,818
Paid in surplus...
Earned surplus
5,561,690
51,202
patent
rts., tr. marks &
contracts
Total
x
19,301,688 17,487,383'
After
reserve
Hearn
_
on
class A and B shares..
348,374
$2,596,060
1,500
555,996
dividends
Balance, surplus
a
668,208
$3,275,460
$68,295
43,367
Balance, surplus
Earnings per share
1937
finished product
$4,051,035
Miscell. oper. revenues.
124,505
214,598
Cr22,247
Net income
Class A and B dividends
Pineapple Co., Ltd.—Earnings—
Years End. May 31—
Gross profit from sale of
depreciation
'
.
,
Total......
Company
Feb. 1
to
for
Total
19,301,688 17,487,383
doubtful
of $6,360,144 in
accounts of $50,000.
y After reserve for
1937and$5,925,912in 1936. —V. 145,p. 1260.
Department Stores, Inc.—-Sales—
reports gross sales for the first six months of its fiscal year,
July 31, 1937, of $8,855,400, compared with $7,689,300 for the
corresponding six months of 1936, a gain of $1,166,100, or 15.2%.—V.
145, p. 114.
Volume
Financial
145
1421
Chronicle
from
(Walter E.) Heller & Co.—Tenders—
The company will until Oct. 15 receive bids for the sale to it of sufficient
7% cumulative preferred stock to exhaust the sum of $17,928 at prices not
exceeding $25 per share and accrued dividends.
,
The company will also receive until Oct. 15 bids for the sale to it or
sufficient 10^-year 4% notes due Oct. 1, 1946, to exhaust the sum of $23,b55
at a price not exceeding par and accrued interest.—V. 145, p. 610.
July 31, 1936 to Feb. 28, 1937, $164,150; to capital surplus accountnet loss from Feb. 28 to
July 31, 1936, $83,388; total, $80,762.
Balance Sheet Feb. 28, 1937
Assets—
Liabilities—
Cash...'
(less
Notes
$217,622
Customers'
reserve)
of its
coin-
Sundry accounts receivable...
than in the
$4,150,000
on
the
1,110,725
Prepaid expenses
46,925
a Property, plant &
equipm't. 2,219,867
Mining Co. (& Subs.)—Earnings—
Earnings Jor 6 Months Ended June 30,
1937
depreciation, depletion and normal Federal
$3,384,43 8
but before surtax on undistributed profits
$1.68
Earns, per share on 2,uu9,28u shs. of capital stock outstanding..
—V. 145, p. 282.
profit
after
income taxes,
Honolulu Rapid Transit
rev.
from transp..
Operating expenses
Net
Rev. other than transp.
Net
23,965
$35,248
8,971
11,795
87,617
Crl50
Drl85
Cr33
$72,339
$86,586
$14,548
$14,890
765.
Total
a
$3,972,103
After
for
reserve
Houston
$3,972,103
Total
$1,442,248.—
of
obsolescence
and
depreciation
Idaho Power Co.—Asks Consent
for $18,000,000 Bonds—
The company, a subsidiary of the Electric Bond
with the Federal Power Commission an application
& Share Co., has filed
for authority to issue
bonds due in 1967.
Of the total, $15,475,000 would be used to retire certain obligations.
The balance would be
used to provide additional capital and for other corporate purposes.—V.
145, p. 765.
$18,000,000 first-mortgage 3H%
Illinois Art Industries,
The Securities and Exchange
Inc.—Delisting—
Commission has issued an order granting
the application of the Chicago Curb Exchange to withdraw
and registration the no par value cumulative preferred stock
from listing
of this com¬
In its application, the Exchange stated that delisting was sought
because there have been delays in filing amendments to, and failure to
correct deficiencies in the company's registration statement as well as
required by the Exchange.
failure to file notices and reports
-Balance Sheet
Indianapolis Water Co.
$20,309,925
2,605,267
capital
Cash
Notes
July 31,1937—
Liabilities—
Assets—
261
receivable
320,035
receivable
Materials and supplies
117,599
21,872
12,224
1,103
1,226,533
Investments—general
Prepayments
Unamort. debt disct. & exp__
258,923
Undistributed debits..
Preferred
$1,054,900
5,250,000
13,827,000
stock
Common stock
Funded
indebtedness
92,761
39,315
Consumers' deposits
Other current liabilities
extension
Main
38,280
deposits
509,347
Accrued
taxes
Accrued
interest
55,354
25,794
Other accrued liabilities
1,717,947
Reserves
2,263,044
Corporate surplus
Signal Manufacturing Corp.—Registers with
SEC
of this department.—V. 145, p. 1260.
See list given on first page
"Chronicle" of Aug. 21, page
1937—Month—1936
1937—12 Mos.—1936
$958,588
$847,462 $10,273,502 $9,248,357
168,190
442,378
91,523
4,915,638
1,518,624
4,344,404
1,166,508
$323,769
$313,561
$3,839,240
4,162
1,941
16,860
$3,737,445
13,594
$326,931
$315,502
108,125
7,490
$3,856,100
1,130,000
121,127
$3,751,039
1,297,500
95,312
466,629
Net oper. revenues
Other income.
Int.
80,208
on mortgage bonds.
Other int. & deductions.
12,360
$24,873,744
Total
Note—The income account for
Lighting & Power Co.—Earnings—
Period End. July 31—
Operating revenues
Oper. exps. (incl. taxes).
Prop, retire, res. approp.
$199,887
$2,604,973
315,078
315,078
$2,289,895
$2,043,149
12 months ended July 31 was given in
<
Securities
Works
Co.—Balance
Liabilities—
Assets—
Indianapolis Water Co. stock
(499,935 shares)
$6,000,000
Cash
61,564
$2,000,000
3,598,500
Capital stock, common
Secured 5% gold notes..
Taxes
6,910
accrued
45 Unmatured interest on funded
debt accrued
343
110,786 Other accrued accounts
2,799 Sin-plus
11,000
Coupons receivable
Sinking fund
Unamort. debt disct. & exp...
Special deposits
14,994
1,087
565,045
$2,358,227
applicable to preferred stocks for the
period, whether paid or unpaid
$24,873,744
Total
1261.
Indianapolis Water
Sheet July 31, 1937—
Reacquired securities
$235,363
Net income
Dividends
Balance
Regular dividends on 7 % and $6 pref. stocks were paid on May 1,1937.
the payment of these dividends there were no accumulated unpaid
dividends at that date.
Regular dividends on these stocks were declared
for payment on Aug. 2, 1937.
]\ote—No provision was made for Federal surtax on undistributed profits
for 1936, inasmuch as the company reported no undistributed adjusted net
income for that year.
No such provision has been made to date for 1937.—
V. 145, p. 943.
x
Houston Oil Field Material Co., Inc.—Dividends—
an initial dividend of 43 % cents per share on
company's new preferred stock, covering the period from June 16,
1937, to Sept. 30, 1937, and a dividend of 50 cents per share on the com¬
mon stock, both payable Sept. 30 to holders of record Sept. 15, 1937.
The authorized capital stock of the company was increased early this
year from 142,320 shares of $1 par common stock to 25,000 shares of $1.50
dividend cumulative convertible preferred stock, $20 par value, and 300,000
shares of $1 par common stock.—V. 145, p. 943.
The directors have declared
the
1937—Month—1936
July 31—
Oper. expenses & taxes..
$598,736
421,027
$601,802
400,155
Operating income
Non-operating income..
$177,708
12,791
$201,646
$190,500
289,897
$226,241
Gross oper. revenue
$1,748,198
167,298
$1,700,825
2,033,763
$1,915,497
2,187,330
$99,397
$79,114
$332,937
adj. income bonds at 5%.—V. 145, p. 1261.
$271,832
Gross income
Income
charges
Deficit
a
inc. int.
on
Hudson Motor Car
305 355
Co.—August Sales Eight-Year High—
Sales of Hudson automobiles for the first half of
August
are
higher than
for eight years, reports William R. Tracy, Vice-President in charge of sales.
"Our total sales for the first two weeks of August of this year were 4,644
cars," stated Mr. Tracy.
"This is over 20% higher than sales of the same
period last year and in fact exceeds the sale during the same period for
every year back to 1929.
"There is every indication for a continuation of fine sales volume
throughout the late summer and fall.
Our retail sales in the United States
for the two weeks ended Aug. 14 exceed the sales made during the two first
full weeks in July.
From all parts of the country we are receiving reports
of good crop expectations with fine prices for farm products.
This will be
an important influence in maintaining the present strong demand for our
cars."—V. 145, p. 943.
Hunt Brothers Packing Co.
(of Dela.)—Earnings—
Earnings for the Year Ended Feb. 28, 1937
Sales
J
(net)
Gross profit on goods sold
Selling, general and administrative expenses
Jr., receiver, in his monthly report states:
Traffic—The Subway Division during the month of July carried 55,703,229 passengers, a decrease of 3,175,136, or approximately 5.39%, as com¬
pared with July, 1936.
All lines on this division showed a decline as com¬
pared with the corresponding month of last year.
Nearly one-half the
above-stated loss was due to irregularity of the calendar.
The extra Satur¬
day in July this year accounted for approximately 1% and the Fourth of
July holiday being celebrated on Monday instead of Saturday, as in July,
ly
1936, decreased the traffic 1.5%.
The balance of the loss, nearly 3%,
represents the real loss in rate of traffic compared with July, 1936.
The
only line which approached last year's traffic was the Pelham Bay Park
line, where the loss was only slightly in excess of that caused by the calendar.
The other lines on the divison showed considerable loss.
There is an en¬
tirely new factor this summer which has perhaps accelerated
decline.
This is the extension of vacations with pay to many
of workers in the city who have not enjoyed this privilege before,
$474,994
382,193
$92,801
50,927
22,240
Miscellaneous other income.
Total incomeInterest and miscellaneous
$165,967
75,745
9,460
charges
Provision for Federal income tax
Net
income
Manhattan
Division during July carried 16,363,503
approximately 4.34%, as compared with July,
fewer passengers than in the corresponding
although the loss on the Ninth Avenue Line was small.
The traffic was off on this division at a rate of slightly less than 2%, after
making allowance for the calendar irregularity previously mentioned.
As
has been the case for many months past, the loss on the Second Avenue Line
was greater than on any other line of this division.
The loss in percentage
on the main lines, namely, the Third Avenue and the Sixth Avenue lines,
was the same, 4.31%,
indicating that the factors causing the loss were
independent of competition from new lines, one of these lines being adjacent
to the City Subway while the other is remote.
The number of passengers carried on the entire system in July was 72,066,732, a loss of 3,917,081, approximately 5.16% as compared with July, 1936,
Subway Division Operations
All lines
the division carried
on
month of last year,
1937
Net
$807,099
the
operations
$1,115,465
172 »772
142,239
Income from
$634,327
218,707
$973,225
218,707
Balance
$415,619
$754,517
operation
Current rent deductions
Used for
Cr21,883
Balance—City and company
Payable to city under contract
Fixed
No. 3
62,435
$437,503
purchase of assets of enterprise.
$692,082
—
$437,503
from operation
$692,082
848,699
operation
Non-operating income.
Net deficit from
870,040
$411,196
charges
$177,958
deficit
Month of
780
July—
expenses
$177,234
1937
$868,128
895,548
1936
$907,620
853,339
$54,281
....... — ..........
Division
Gross operating revenue—
Operating
724
$410,415
def$27.419
Balance,
.
Operations
-
________
jointly-operated lines:
Queensboro Line
Lexington Avenue Line.......
White Plains Road Line
Rental of
4,974
3,737
4,986
3.565
6,539
3,891
3,485
6,610
$18,816
Balance of net
-
of
2,103,174
operating revenue
Other rent items
results
$3,218,639
2,254,281
Taxes
determined for the periods
prior to and subsequent to July 31, 1936, the date of the reclassification
of the capital stock as established by the board of directors, and transferred
to surplus accounts as follows:
To earned surplus account—Net income
dividends
Note—The
1936
$3,061,381
Month of July—
Gross operating revenue
Operating expenses
$80,762
27,169
Preferred
thousands
and whose
decrease of 741,945, or
Manhattan
Net operating profit
Non-rccurring income
the traffic
places in industry have not been taken by a comparable number of sugstitutes because the normal summer slowing up of business does not make
Gross income
$5,026,489
4,414,656
136,839
Cost of goods sold
Provision for depreciation
Interborough Rapid Transit Co.—July Earnings-—
Thomas E. Murray
The
1937—7 Mos —1936
$4,578,923
$4,547,249
2,964,169
2,799,051
$1,614,753
86,072
24,594
$6,186,538
Total....
—V. 145, P. 765.
it) necessary.
Hudson & Manhattan RR.—Income Statement—
Period End.
$6,186,538
Total
After
a
362,532
136,981
V. 144, p. 1282.
Special deposits
Net revenue
p.
82,571
Dr5,424
Cr67
Replacements
x
1,505,650
surplus
from July 31 '36
Capital
Accounts
16
Profit and loss
Horni
$208,455
53,394
$237,918
58,424
Depreciation
145,
905,650
Earned surp.
Fixed
$36,783
8,430
oper..
$190,093
18,362
$213,953
13",462
from
rev.
Taxes asign. to ry. oper.
Interest
—V.
9,658
30,227
payable
pany.
1937—7 Mos —1936
$575,904
$659,119
385,810
440,165
$32,780
2,468
$33,285
3,498
from transp.
rev.
Co., LtdL-
Earnings—
1937—Month—1936
$102,164
$89,679
68,878
56,899
Period End. July 31—
Gross
82,161
payrolls, taxes and exps.
Prov. for Fed. income tax
Deferred account
same
Homestake
Net
Acer,
6% cum. pref. stock (par $10).
Common stock (par $10)..
same
period of the 1929-1930 fiscal year.
Heavy purchases of magazine presses have been the most important
factor in the company's improved business to date, but the company
stated that a pick-up in newspaper press buying is anticipated.
The company also announced that it is proceeding with plans for the con¬
struction of a new factory at Croydon, England, which will consolidate
under one roof all manufacturing operations now being conducted at several
points in London.
Land has already been purchased and it is expected
that construction of the plant will be started in 1938.—V. 145, p. 1100.
payable—trade
Accounts
101,476
date a year ago.
Orders accepted
from the start of the New York company's fiscal year on Oct. 1, 1936, to
the middle of August, 1937 amounted to $6,430,000, which compare with
$3,554,000 in the same period of the preceding fiscal year, and were greater
pared with
$785,000
75,000
79,244
Loan for betterments
275,488
Inventories..
(R.) Hoe & Co., Inc.—Large Unfilled Orders—
This company announced that its unfilled orders, including those
British subsidiary, currently stand at approximately $7,400,000, as
payable—Banks:
Secured by merchandise
receivable
accts.
$18,973
def$46,236
def$46,236
$35,307
were
operating revenue
-
1422
Financial
Comparative Statement of Results from Operations for
-1937
Manh'n Ry.
Division
Rev. from transporta'n_$10,566,291 $39,982,400
Other st. ry. oper. rev__
639,058
3,611,271
$43,593,670 $11,853,055 $44,600,022
4,150,773
1,898,519
4,086,888
4,585,216
"
'
~
1,872,419
4,630,829
4,128
689
978
5,377,468
14,481,755
5,560,038
14,847,813
1,153,801
2,202,981
1,139,406
2,111,176
Transportation expenses
General expenses
Net oper. revenue
$916,925 $18,168,817
2,250,958
2,057,359
Taxes
Income from oper._loss$l,334,033
on
5
Nos.
1
at
7%
2,624,491
304,570
50,000
227,883
stock
guar,
2,624,491
on
Man. Ry. cash rental
Other oper. rent ded'ns.
Deferred
■■
■
.
for joint oper. of Queensboro Subway Line..
Deferred charges to income for pre-receiver-
847,103
Deposit with
the
trustee
under
city
to
378,806
6,241,000
378,806
11,090,553
623,671
11,714,225
--—-
..
78,922
78,922
74,501,657 225,454,793 299,956,450
75,213
def$3,724,727 $13,323,524def$3164,621
accounts
360,280,851 297,101,636 594,00 1,41
Liabilities
$14,538,006
•
-
Estate
Receiver
$
under
contract No. 3
6,241,000
consolidated
mortgage of Manhattan Ry. Co
Total—all
Payable
54,989,000
1,334,000
Guaranty Trust Co., trustee in special trust
under agreement dated Sept. 1, 1922
Balance—city and
company
847,103
54,989,000
1,334,000
collateral
indentures
Total
163,442
4,714,772
Amount receivable when earned by N. Y. Rap.
Transit Corp. under supplementary agreem't
$13,486,966def$3164,621 $14,462,793
of the enterprise
4,295,147
4,714,772
covering Transit Commis¬
sion's objections to contract No.
3
(see
Note 4)
and equipment under contract No. 3
—
735,122
645,000
1,793,290
charges
Collier Advertising Service, Inc., def'd rental.
Advances from corporate fund for construction
304,570
50,000
227,462
t
Balance
def$3,724,727
Used for purch. of assets
735,122
645,000
1,793,290
•
1,626,400
1,263,000
4,295,147
has first lien—Mat'l & supplies i
company
Securities depos. with State Indus. Comm.
Deficits, Contract No. 3
First & ref. mtge. 5% bonds, reacquired
-
rental
-
2
&
(rental)
Man.
1,808,240
1,626,400
1,263,000
Securities depos. with State Indus. Comm.
Elevated extensions—on which Interborough
Bankers
city bonds,
on
Consolidated
1929:
30,
ship tort claims (see Note 7)
Trust Co., trustee under
:
1,808,240
f.
s.
contracts
Div.
:
Man. Ry. bonds
(rental)
Int. &
$1,381,984 $18,922,337
2,156,333
1,835,053
$16,111,458 loss$774,349 $17,087,284
Current Rent Deduc'ns—
Int.
Receiver
Contract No. 3—on which City of N. Y. has
first lien—Material and supplies
3,889,170
1,852,584
1,902,038
2,534
Traffic
{Concluded)
$
$10,870,166 $40,710,852
982,889
-
Assets of enterprise under agreement of Aug.
Gross oper. revenue.-$11,205,350
Maint. of way & struc-Maint. of equipment
Aug. 28, 1937
Assets-
Estate
1936
Manh'n Ry.
Subway
Division
Division
Subway
Division
Chronicle
Years Ended June 30
$
Consolidated
$
Capital stock—350,000 shares at $100 each...
Company's
inc.
gross
from operation
def$3,724,727 $13,323,524def$3164,621 $14,538,006
Company s Fixed Charges—
Int. on 5% bonds
$1,563,077
Int. on 1st & ref. 5%
bonds,
collateral
to
7% notes.
1,271,800
Sink, fund on 5% bonds.
547,644
Int. on 10-yr. 6% notes.
112,653
Int. on unfunded dt.,&c.
473,803
172,683,000
172,683,000
30,031,294
30,031,294
Default under coll. indenture of Sept.
1, 1922,
$1,563,077
$6,850,773
1,477,650
1,271,800
533,788
1,477,650
Manhattan
1,560,575
517,347
1,961
Accts. pay. from construction &
equip, funds.
Receiver for Interborough Rapid Transit Co..
Current Liabilities—
1,608,877
517,347
31,486
112,653
360,537
Default under indenture of Oct.
1, 1922, pro¬
viding for the issue of 10-year 6% notes
13,839,472
Rapid Transit Subway Construction Co
7,192,840
$2,837,391def $7006,477
23,641
52,818
$2,861,032def $6,953658
$4,129,700
25,587
Passengers carried
211,325,828 799,647,996 217,403,315 814,217,041
Daily aver. pass, carr'd.
578,975
2,190,816
593,998
2,224,637
Car mileage
54,343,530 173,946,982
54,772,653 174,071,454
Comparative statement of income account for the system
was given in the "Chronicle" of
Aug. 21, page 1261.
SHEET JUNE 30,
Receiver
Consolidated
$
$
$
Subway Division—
60,571,542
127,660,004
.188,231,546
44,630,687
232,862,233
Elevated certificates
188,231,546
232,862,233
44,630,687
Estate of Interborough Rapid Transit Co
Construction and equipment funds (held for
acct. of contract No. 3 and related Elevated
63,381,075
certificates)
498,928
498,928
4,878,045
489,493
923,461
1,016,597
6,803,403
6,834,108
12,984,042
14,443,294
137,011
1,696,251
8,718
100,002
Total
Items awaiting distribution
1,144,310
Deferred liability—Div. rental at 5% on Man.
Ry. stock (payable if and when declared
profit
be
and
551,941
Notel)
from
1935 (see
4,091,000
_
suspense
incident
24,596,858
loss—Special
sinking
withdrawn
fund under court order of
July 9,
in
100,002
24,596,858
to
bonds to
1,116,330
sun¬
93,137
default
to
315,000
4,406.000
on
10-year 7% notes
2,296,272
2,296,272
Reserves—
For
depreciation:
Prior to operation under contract No. 3 and
certificates, incl. int.
Total
3,672,423
468,425
8,718
Trustee for voluntary relief fund
Accruals
Contracts Nos. 1 and 2 and cost of leases... 60,571,542
Contract No. 3
127,660,004
(audited vouchers and
accounts)
ture of Sept. 1, 1922
Taxes—due and accrued
trust
Estate
5,712,580
Distribution in process under collateral inden¬
earned)
Deferred credit
1937
Assets
Sub-total
open
10,590,625
5,712,580
1,205,622
1,205,622
21,068
Accounts payable
dry
1,116,330
9,385,003
137,011
Balance
Outstanding checks Issued prior to receivership
$4,155,287
312,705
266,326
63,381,075
1st & ref.
on
Due for wages
$2,861,032def$9736,108
46,379
377,323
mtge. 5% bonds—
Accrued (see Note 1)
Interest and rentals (due and accrued)
Less amount on deposit
$4,155,287
2,782,450
13,839,472
7,333,458
377,323
1,459,252
account
140,619
30,706
Ry. Co., lease
Sinking fund
Bal., before ded'g 5%
Manh. div. rental def$7,625,415
rental
at
5% on
Man. mod. guar. stk.
2,782,450
(Payable if earned)
sifter ded'g 5%
Man. div. rental def$10,407,865
Manhattan Division:
35,000,000
securing 10-year 7% notes
Div.
BALANCE
Funded debt—1st & ref. mtge. 5% gold bonds
due Jan. 1, 1966
.
$6,850,773
Co.'s net op. income def$7,693,703
Non-oper. income.
68,288
GENERAL
35,000,000
on
invest, of portion
thereof
1,667,338
Elevated Extensions certificates
Railroad and equipment
1,667,338
400,000
3,630,498
89,735
2,954,056
...
Existing railroads
Existing equipment
89,735
2,954,056
7,074,289
8,741,627
400,000
3,630,498
Investments—
Securities of assoc. cos. (stocks and bonds)
U. S. Govt, bonds deposited with City of N. Y.
account 59th Street Tunnel
Real estate mortgage
Real estate
12,789,636
12,789,636
12,000
200,000
235,070
Total
13,024,705
200,000
235,070
212,000
13,236,705
10,252
126,759
10,252
126,759
137,011
137,011
Voluntary Relief Fund—
Cash
Securities
Total
Current Assets—
Special deposits for specific purp. (see Note 3).
Accounts receivable (incl. interest accrued)
3,492,670
695,727
5,676
Due corporate cash from construction funds._
106,121
on
1st
& ref.
accrued prior to Jan.
mtge. 5%
Receiver's 1st lien on prop. decl. by agreement
It of Aug. 30,1929, to be assets of the Elevated
5,216,487
41,832
21,713,092
22,028,092
53,249,123
57,655,123
4,091,000
315,000
incident
to
default
216,328
Deferred Charges—
Accounts
1,380,122
25,013
480,092
241,847
721,939
7,316,136
9,702,597
Investments, replacements and cash de¬
posited account
80,155
7,306,419
7,386,574
2,306,306
reserves
9,717
2,316,023
Accounts per Contra—
Deferred credit accruals under Elevated Exten¬
sions certificate
209,300,663 209,300,663
Reserves for cost of items which under agree¬
ment of Aug. 30,1929, have become assets of
the enterprise:
1,626,400
645,000
1,793,290
4,295,147
4,295,147
4,714,772
378,806
trial Commission
1,263,000
735,122
645,000
1,793,289
Elevated Extensions—Material & supplies
Securities deposited with State Indus¬
1,626,400
1,263,000
735,122
trial Commission
under contract No. 3
197,031
rental
89,775
396,013
4,656,219
2,307,463
396,013
6,963,682
10,491,225
10,491,225
35,088,083
4,714,772
378,806
845,941
845,941
Rapid
847", 103
tort claims (see Note 7)
Released by Bankers Trust Co., trustee..—
Issued and held in special trust
Deferred credit—advances from corporate fund
for construction and
equipment
tract No. 3
Contingent liability
847,103
54,989,000
54,989,000
1,334,000
6,241,000
1,334,000
6,241,000
under con¬
-
11,090,553
623,671
11,714,225
78,922
78,922
to replace Manhattan Ry.
property....
Total
—
74,501,657 225,454,793 299,956,450
Deficit
Total—all
208,454,722 208,454,722
York
1st & ref. mtge.
5% gold bonds:
Pledged as collateral to 10-year 7% notes—
Co.
24,596,858
New
Deferred advertising rental
Pre-receivership
89,775
account
Transit Corp
72,886,133sur57462,134
Contra—
certificate in suspense (see Note 4)
216,834
2,386,461
Less
Deferred
264,050
264,050
197,031
35,088,083
per
480,092
216,834
25,013
Deferred credit accruals under contract No. 3.
24,596,858
Deficits under Elevated extensions certificate
payable from future earnings
Deficits accruals under Elevated extensions
...
Transit Commission's objections to accounting
Article 7 of agreement with Transit Commis¬
sion dated Aug. 30, 1929
Unamortized debt discount and expense
Deferred charge to profit & loss for div. rental
at 5% on Manhattan Ry.
stock, payable if
480,092
bonds....
Sub-total.
14,363
14,363
on
10-year 6% notes
Special deposit with N. Y. Trust Co. under
92,223
35,590
Contract No. 3—Material and supplies—
Securities deposited with State Indus¬
1,380,122
Subway Division..
suspense
92,223
35,590
Replacement of property retired
Capital account (additions and betterments)
Amortization of debt discount and expense
4,406,000
enterprise
to be replaced from
depre¬
ciation reserve—Manhattan Division
in
1 and 2
Balance
5,110,366
Capital retirements
Accruals
Contracts Nos.
Contract No. 3
For account Manhattan
Ry. Co.:
17,130
orders for receivership
court
exps. of Manhat. Ry. Co. (see Note 6)
Federal taxes paid under protest
extensions
334,867
216,328
Amount of sinking fund deposit in excess of
accruals to Jan. 1, 1937 (see Note 1)
Payments under
560,649
bonds,
Amount deposited with trustee
23,740
87,477
For replacement of
property provided by City
i
retired from service:
8,718
106,725
554,973
334,867
41,832
1, 1937
23,740
87,477
Subway
695,727
31,536,031
35,627,031
__
Due from associated companies
Accounts in Suspense—
of cost
3,492,670
17,130
"Prepayments (Ins., rents, taxes, &c.)_
Total
8,718
6,279
100,446
1,667,338
excess
of capital retired—Manhattan
account second mortgage
Cash (see Note 2)
Inv. in I. R. T. Co. 1st & ref. mtge. 5% bonds.
Bank bals. equiv. to outstanding checks
Sinking fund
Sub-total
Cost of replacements "in kind" in
12,000
accounts.
15,423,998
.360,280,851 297,101,636 594,001,413
Notes—(1) The "amount of sinking fund deposit in excess of accruals to Jan. 1,
1937" consists of
$4,406,000 of bonds paid into the sinking fund from the special
trust which under the order of the court of July 9,1935, are to be withdrawn from the
Volume
When and if the $4,406,000 of special trust bonds are
sinking fund.
1423
Financial Chronicle
145
International Utilities Corp.—Earnings—
withdrawn
reduced by that amount, the
the special trust bonds
then In the hands of the trustee under the special trust are to be returned to the Interborough receiver under the court order of July 9, 1935.
When this transaction is
completed, the deferred credit to profit nad loss of $4,406,000 will become an actual
credit.
As of June 30, 1937, there were $67,259,000 par value of 1st & ref. mtge.
5% bonds in the sinking fund (which Included the $4,406,000 of bonds hereinabove
referred to), pursuant to the provisions of the mortgage.
(2) The separation of the cash In the hands of the receiver into three separate
funds in accordance with the agreement of Aug. 30, 1929, resulted as of June 30,
1937, in the following:
from the sinking fund the outstanding bonds will be
[Including American Equities Co.]
Months Ended June 30, 1937
$196,407
special trust bonds will be correspondingly Increased and all
Cash
x
y
$2,034,071
77,265
1,381,334
Corporate
Manhattan Division
Division
Subway
Bankers
with
balance
Trust
Sept. 1,
Co.,
under
trustee,
$100,446
1922
6,279
Special deposits to meet interest and dividend rentals
$106,725
(4) Pending final adjudication of Transit Commission's objections Nos. 41 to
72, inclusive, with Interest claimed thereon to Dec. 31, 1933, and blanket objections
in the balance sheet and the contractual accounting, the transfers to suspense
$845,941,
a total
11,330
•-
8,792
11,053
3,222
to the items in the contract accounting which have
been
specifically objected to and objections in advance.
The effect on the general bal¬
ance sheet is reflected only to the extent of the items objected to on both the asset
contra."
(5) All payments which the court ordered to be paid by Interborough
receiver
stk. of Amer. Equities Co—__
10,472
x$225,170
x Consolidated net
earnings are stated exclusive of net profit on sales of
securities amounting to $610,886 and net loss on sale of investments in
subsidiaries amounting to $794,289, which amounts have been carried
directly to capital surplus.
After taking into account reserves heretofore
provided against investments in the subsidiaries sold, the net charge to
capital surplus in respect of loss on their sale amounted to $383.
Note—No provision has beep made for any possible Federal surtax on
undistributed profits.—V. 145, p. 439.
International Vitamin
Corp .—Balance SheetJune 30
Balance Sheet
Assets—
1937
$98,539
U. S. Treas. bonds
104,088
Notes
x
&
$279,655
Accts. pay.
Divs.
118,653
237,984
y
Prop., pl't&eqt.
32,864
Co. consolidated and second mortgage bonds
and taxes assessed against the Manhattan Ry. Co. have been charged against the
accruals of such items on the books of the Interborough Rapid Transit Co. and the
z
Patents...
65,674
receiver.
These charges against the accruals are not the final disposition of the items
because the court reserved the right to determine in the future the question as to
Sundry
or property such payments with or without interest are finally to be
charged pending the disposition of the question whether the Manhattan lease shall
90,473
180,816
39,058
73,555
(trade)
liabilities..
Accr'd
accts.
receivable
1937
1936
$61,870
48,272
Liabilities—
1936
Cash
Inventories
and liability side under the caption "accounts per
cap.
Consolidated net earnings
on
certifi¬
$5,141,089, this transfer being in accordance with the pro¬
as
$357,345
disbursements & of
agency fees & exps., exps. of div.
stockholders' notices & reports
Taxes—Other than Federal income tax
3, $4,295,147, and under the Elevated Extensions
of
visions of the contracts
& teleg., legal &
87,306
Transfer
advance, similar to those contained in the specific objections, all account¬
ing will be maintained on the current basis modified only to the extent of reflecting
cate
„
auditing fees, &c
to items in
account of contract No.
4,065
136,847
Gen. & adminis. exps., inci. salaries, rents, telep.
Proport. applic. to min. int. in
to
of
upon
collateral indenture dated
Total
„
20,025
-
.
Provision for Federal income tax
$3,492,670
$6,000,000.
(3) Unexpended
Other interest and dividends
Interest
settlement of Transit Commission's objections
accounting under Contract No. 3.
y Includes advances from corporate cash
Subject to reduction
*
Consolidated Income Account for the 6
Income—Dividends from subsidiaries
Interest on funded debt of and on amounts due from subs
Miscellaneous income from subsidiaries
$51,014
35,067
July 1,
pay.
1936
25,375
203,000
Cap. stk. (par $1).
Capital surplus—
204,000
118,883
114,258
Earned surplus—
251,789
248,066
$684,814
$676,781
Prepaid
covering interest
Manhattan Ry.
on
what fund
Cash sur. value of
life insurance...
Int.
on
Man. Ry. Co. consol. mortgage bonds.
Int.
on
Man. Ry. Co. 2d mtge. bonds
1,018
592
24,092
12,630
$684,814
exps.
&
deferred charges
Total
Such payments to June 30, 1937, are as follows:
Total
Interest
Principal
1,900
and
$676,781
of the Inter¬
be affirmed and adopted or disaffirmed and rejected by the receiver
borough Rapid Transit Co.
advs.
claims...
After
x
in
1937.
y
271,380
in
1937.
z
Real estate and special franchise taxes assessed
Total
for doubtful accounts, &c., of $3,863 in 1936 and $5,135
After reserve for depreciation of $40,714 in 1936 and $46,652
After reserve for amortization of $31,524 in 1936 and $39,405
reserve
$8,136,600
$8,136,600
271,380
1937.
Note—The corporation granted an option for the purchase of 25,000
of its authorized but unissued capital stock at a price of $5,625 per
in
2,233,714
77,703
Federal taxes assessed against Man. Ry. Co..
270,022
2,503,736
5,399
83,103
2,988
against the Manhattan Ry. Co
95
3,084
3,090
55,101
Ninth Avenue special franchise tax
Compensation to City of N. Y. under third-
52,012
tracking certificate
expiring Dec. 31, 1938.
To June 30, 1937, this option has
to the extent of 4,000 shares.
Note—The income account for year ended
shares
share,
been exercised
June 30 was given in "Chroni¬
cle" of Aug. 21, page 1262.
1
(6)
$278,607 $11,053,005
$10,774,398
The above payments are exclusive of allowances made by the Court for com¬
pensation and expenses of the following:
$57,000
106,881
31,446
12,500
i
8,500
Receiver of Manhattan Ry. Co
Counsel for receiver of the Manhattan Ry. Co
Engineers for receiver of the Manhtaan Railway Co
Accountants for receiver of the Manhtatan Railway Co
Special Master
$216,328
sheet
receivership
expenses of the Manhattan Ry. Co.," the court having also reserved the right to
determine in the future as to what fund or property these payments are finally to
The aggregate of these last mentioned payments is reflected in the balance
on the assets side and
be
designated as "payments under court orders for
charged.
(7) The amount shown in these accounts represents the total of the pre-receivership tort claims, the settlement of which was approved by order of the Court dated
March 30, 1936, on Interborough receiver's application No. 104.
The order spe¬
cifically provides that they are claims against the estate of the Interborough Rapid
Transit Co. but not against the receiver, and payments are not to be made by the
James River Bridge Corp.—To Reorganize—
inability to meet its bonded indebtedness as
granted permission by Judge Robert N. Pollard
U. S. District Court to reorganize under Section 77-B of the National
This company, claiming
it matures, was on Aug. 11
of
Bankruptcy Act.
Judge Pollard granted the petition after reviewing a table of losses
presented by Gerould Rumble, attorney for the corporation, showing that
the operation of toll bridges across the James River, the Nansemond River,
and Crittenden Creek has resulted in a net deficit of more than $200,000
year since 1929.
The Court ordered the corporation to
per
file a plan of reorganization within
hearing on the plan for Sept. 7 in Norfolk District Court.
Judge Pollard acted in the matter because Judge Luther B. Way, who
also resides in the Eastern Virginia District, is on vacation.
Under Section 77-B, the order will permit the corporation to retain
possession and management of the physical properties and assets at the
discretion of the Court or until the Court appoints a receiver.
Operation of the bridge system, a short-cut route from Richmond, Va.;
to Portsmouth and Norfolk, will continue as heretofore pending further
instructions of the Court, Mr. Rumble said.
The company's petition stated that its peak loss was
in 1933, when
it showed a net operating deficit of $355,493.
Losses however, have been
reduced each succeeding year and in 1936 the figure had dropped to $288,020.
A construction program was launched in 1928 and. financed through the
issuance of $4,500,000 in 6% 1st mtge. sinking fund gold bonds and $1,850,000 gold debenture bonds bearing 7% interest.
Interest charges
aggregated $422,000 per year.—V. 135, p. 3365.
30 days and set a
.
receiver, but
be subject to the further order of the Court.—V. 145, p. 1261.
are to
Indiana Service
Corp.—Earnings—
Net income after oper. exps., normal
Fed. income
taxes, deprec. & other charges, but before pro¬
vision for Fed. surtax on undistributed earnings.
—V.
144,
1936
1937
7 Months Ended July 31—
$72,542
$141,454
2656.
p.
Jewel Tea Co.,
1937
6 Months Ended June 30—
1936
$298,100
29,327
$83,715
26,591
35,483
30,343
$64,810
Profit from operations
General & sales expenses & miscellaneous taxes—
Shut-down expenses (Mexican plants & California
$56,934
S
x
Capital assets... 2,509,132
1
Goodwill.
Inventories..
Accts. receivable
Investments
Trust funds
Life
Prov.
for
U.
normal
S.
income
tax
$26,780
$233,289
also foreignt
-
•
.
Miscell.
$26,780
$200,289
Net income before depreciation
Depreciation (including $12,000 in 1937 applicable
to California properties)
stock
33,988
45,851
1,946,715
1
2,025,593
183,612
2,989,632
443,164
invest.
..
46,659
1,469,783
155,751
137,511
194,487
356,015
456,042
280,000
408,771
&c.
565,770
460,332
Sundry accruals..
53,972
30,835
Accrued wages and
bonuses
Divs.
payable
Trading
stamps
185,080
156,709
&
34,121
6,780
Liabs. for real est.
1,035,952
Res. for conting..
34,200
deposits
7,502
Deferred charges.. 1,069,853
Federal taxes
Loans to empl
$78,265
Earned surplus, June 30
does
include
not
provision for U.
any
73,331
purchases
285,000
285,000
Res. for auto acci¬
and
fire
183,267
174,255
238,156
544,514
2,400,439
236,378
losses
Res. for alter.,
im¬
& devel'p
Surety deposits
prove.
Note—Above
59,219
outstanding
loss$7,207
92,542
$154,437
76,172
deficit, Jan. 1.
$
4,935,462
248,676
acceptances
payable.
Accounts
dents
Earned
July 11,'36
Letters of credit &
held
for employees
33,000
income & other taxes..'
Com.
Liabilities—
Common stock. 4,935,462
y
837,627
Cash
Net income before taxes and depreciation
2,960,731
237,274
1,8S5,701
544,514
policies
insur.
Jwty/17,'37
$
J«lyll,'36
$
Assets—
z
properties)
Inc.—Balance Sheet—■
Jwij/17,'37
Intercontinental Rubber Co. (& Subs.)—Earnings—
def$99,750
Surplus
S. tax on undis¬
443,164
2,576,472
tributed profits.
Comparative Consolidated Balance Sheet
June 30 '37
Assets—
Cash
on
Dec
Drafts
$430,655
$254,428
payable
Accounts payable.
74,402
demand deposit.
97,178
Minority int.in sub
Sundry
Accts. .trade accept
& notes receiv'le
Shrub & rubber
hand, &c
a
on
108,615
95,517
(net). 3,328,993
100,740
81.337
Materials & suppl.
Fixed assets
3,363,367
reserves..
$5,313
29,426
$11,053
41,702
51,984
7,200
22,445
7,200
Intercont.
2,980,020
1,003,312
78,265
2,980,020
1,003,312
def76,172
36,477
shares
at
doubtful accounts.
Note—The income account
"Chronicle" of Aug. 21, page
for 28 weeks ended July
1262.
17, was given in
56,914
1936
1935
1934
$1,765,175
$1,491,163
$1,382,502
416,346
229,366
391,522
335,183
220,018
352,618
330,078
199,849
316,213
341,598
199,596
$906,642
20,992
$818,450
22,791
$608,618
$525,095
49,931
53,994
$927,634
40,630
$841,241
43,148
$658,549
23,894
$579,089
127,176
116,495
82,619
78,045
1937
30—
profit from opers. $1,983,658
431,303
Shipping & selling exp__
6 Mos. End. June
Gross
-
Admin. & gen. expense.
16.718
98,014
Prepaid & def'chgs
Treas. stock (172
10,297,218 10,367,095
for
Advertising—
Advs., claims and
deposits
Total
x After
depreciation of $1,353,038 in 1937 and $1,283,338 in 1936.
Represented by 280,000 shares no par value, z After deducting reserve
(Mead) Johnson & Co. (& Subs.)—Earnings
Rub¬
ber Co
Capital surplus
1
&c
y
Cap. stk.(no par)
Earned surplus
Pat'ts, trade names
10,297,218 10,367,095
Total
June 30 '37 Dec. 31 '36
Liabilities—
31 '36
hand and
Operating profit—..
Other income
stated
860
value)
860
Total income
Other
$4,173,538 $3,971,546«
Total
$4,173,538 $3,971,546
Total
a Authorized,
604,000 shares: issued to June 30, 1937, 595,577 shares;
remaining to be issued to complete exchanges under 1926 reorganization
plan, 427 shares; total, 596,004 shares, stated at $5 per share.—V. 144,
p. 2830.
International Silver Co.—Accumulated Dividend—
The directors
have declared a
the 7% cum.
dividend of $2 per share on account of
pref. stock,
A like amount
compares witty $4 paid on May 1 last, and on
of $1 paid on Oct. 1, 1935.
See also V. 143,
dividend payments.—V. 145, p. 766.
accumulations
on
holders of record
Sept.
15.
par
was
$100, payable Oct. 1 to
paid on July 1 last and
Dec. 15, 1936, and a dividend
p.
3845, for detailed record of
deductions
U. S. and Can.
Prov. for
income
taxes
Soya Pro¬
(unconsoli¬
subsidiary)
71,635
Loss of Amer.
ducts Corp.
dated
23,640
Net
$736,187
59,500
495,000
$681,599
59,500
412,500
$552,035
59,500
330,000
$429,409
Surplus
persh.on 165,000
stk. (no par)
$181,687
$209,599
$162,535
$39,909
$4.10
$3.77
$2.98
$2.24
profit
Preferred dividends
Common dividends
Earns,
shs. com.
59,500
330,000
1424
Financial Chronicle
Consolidated Balance Sheet June 30
Assets—
1936
1937
Land, bldgs.
TAaMlities—
1,769,628
629,876
689,594
285,688
692,714
221,577
1,708,040
x
mar¬
ketable securs..
in
Common stock..
Accts. pay. &accr.
1,367,972
544,548
1,842,446
Govt. & oth.
Invest.
Pref. stock
eq.$2,501,762 $2,286,949
Cash
expenses
Amer.
Soya Prod. Corp.
Accts. receivable..
Inventories
Dividends payable
instal. of
Federal
tax....
156,000
99,420
Federal capital stk.
paid
Goodwill.
136,265
115,551
taxes
Surplus
1
1
40,403
...
130,835
117,008
4 879,673
....
Deferred assets
173,583
$8,106,290 $7,378,8051
Represented by 165,000
Total
Co., Inc.—To Pay Si Div.•—
The directors have declared a dividend of $1
per share on tlwe common
stock, payable Sept. 15 to holders of record Aug. 31.
A dividend of $1 75
was paid on Dec. 15, 1936, this latter
being the first distribution made since
1931—V. 143, p. 3469.
City Power & Light Co.
Period End. June 30—
Gross earnings
...
expenses
Interest
-Earnings-
1937—Month —1936
$1,438,039
727,956
earnings
Amort, of disct. & prem.
Depreciation
of limited-term,
1937—12 Mos—1936
$ 1,343,846 $17,329,454
668,858
$710,082
115,434
8,496
187,291
charges
$674,988
133,321
9,115
184,059
Amort,
investments
4,015
Fed. & State inc.
is et
taxes._
mon
$8,918,302
1,455,412
103,815
2,232,629
$8,443,697
1,614,103
109,321
2,212,682
325", 166
$341,858
$4,648,035
$4,182,423
$0.61
$8.38
after income tax.
$0.58
if any, imposed on undistributed profits.—V.
Kansas Gas & Electric
Period Ende July 31
Operating revenues
Oper. exps. (incl. taxes).
145, p. 117.
1937—12 Mos.—1936
$6,084,298
3.175,976
Amortiz. of limited-term
investments
$5,595,515
2,912.293
93
50,000
600,000
600,000
$183,637
1,574
$179,322
$2,308,229
16,444
$2,082,759
13,601
$185,211
$180,455
60,000
15,000
7,573
$2,324,673
720,000
180,000
102,492
Cr2,034
$2,096,360
720,000
Crl4
Other income (net)
Gross income
$97,896
$1,324,215
$1,106,839
Int.
on
mortgage bonds.
on
debenture bonds
15,000
Other int. & deductions.
Int. charged to constr..
1,133
60,000
Int.
7,280
Net income
x
$102,931
Dividends applicable to preferred stocks for the
period, whether paid
or
x
„
180,000
90,020
Cr499
520,784
520,784
$803,431
-
$586,055
Regular dividends
on 7% and $6 preferred stocks were paid on
July 1,
After the payment of these dividends there were no
accumulated
unpaid dividends at that date.
Note—No provision was made for Federal surtax on undistributed
profits
for 1936, inasmuch as the company reported no undistributed
1937.
income for that year.
—V. 145, p.
No such provision has been made
adjusted net
1937.
to date for
767.
(Rudolph) Karstadt, Inc.—Earnings—
11 Mos. End. —Years Ended Jan. 31—
Dec. 31 '36
1936
1935
Reichsmarks Reichsmarks Reichsmarks
Gross profit
Net
profit
82,308,012
carried
79,033,040
71,666,317
26,150
forward
3,199
158,078
xl ,328,645
2,879,595
2,428,980
10,603,593
3,111,072
2,369.171
14,391,748
from
preceding period
Income from investments
Interest receivable
213,307
xl,166,053
2,630,860
2,433,905
4,147,455
Rents receivable
Other ordinary income
Extraordinary income
Total income
Wages, salaries and social charges
Deprec. of buildings & equipment
Transfer to
res.
for adjust, of assets.
_
Depreciation on investments
Other depreciations.
Interest and taxes
Appropriations to
reserves
92,925,742
39,839,842
6,636,028
75,462
305,001
185,012
19,844,618
2,750,000
Prov. for red. of outstanding scrip...
All other
Losses
21,575,602
investments
on
96,435,132
40,819,860
6,450,950
145,820
145,384
262,217
16,607,162
194,082
864.818
92,597,211
38,710,027
14,693,895
877,100
200,511
1,745,672
16.029,946
Net oper. income
Other income (net)
$4,057,803
2,380,059
$1,677,743
$801,077
549,226
$1,627,200
1,098,294
$331,340
$528,905
$627,674
114,016
114.016
228,033
228,033
$137,833
Int. & other deductions.
$880,411
549,070
$251,850
Gross income
$1,577,845
$217,324
$300,872
$399,641
49,354
45,780
$1,723,524
1,095,850
Net inc. bef. Kentucky
Divs.
6%
on
pref. stock
of Kentucky Utils. Co.
Bal. before divs.
on
7%
junior pref. stock of
Kentucky Utils. Co.
Note—No provision has been made for Federal undistributed
profits tax.
The balance of $300,873 for the six months ended June 30,
1937, includes
Lexington Utilities Co. and subsidiary
company
amounting
to $20,651 in excess of preferred stock dividend
requirements for the period
which is not available, for the payment of dividends on its common
stock,
all of which is owned by Kentucky Utilities
Co., until
certain.requirements
Such restricted net income in the six months ended June
30, 1936,
are met.
amounted to $91,405.—V. 145, p. 612.
(I. B.) Kleinert Rubber Co.—To Pay Special Dividend—
The directors have declared
addition
to
a
special dividend of 15 cents per share in
the regular
quarterly dividend of 15 cents per share on the
$10, both payable Sept. 30 to holders of record Sept. 15.
This compares with 30 cents paid on
April 30, last; a special dividend of
40 cents paid on Dec. 24, 1936; 20 cents paid on Oct.
31, 1936, and 10 cents
paid on April 30, 1936 and on Oct. 31, 1935, this latter dividend being the
first payment made since Dec. 1,1930 when a dividend of
25 cents per
share was distributed.—V. 144, p. 2659.
common
stock,
par
(G.) Krueger Brewing Co.—Dividend Halved—
The directors have declared
a dividend of 12 H
cents per share on the
stock, payable Sept. 16 to holders of record Sept. 9.
Previously
regular quarterly dividends of 25 cents per share were distributed.
In
addition, a special dividend of 50 cents was paid on Jan. 15 last.—V. 144,
p. 1284.
Kreuger
&
Toll
Co .—Realization
Company Receives
$4,400,000 for Jugoslavian $}£% Bonds—Distribution of
Moneys to Be Recommended—
Grayson M.-P. Murphy, President of the company, announced Aug. 24
that negotiations for the sale, for $4,400,000, of the
company's holdings of
$22,000,000 principal amount of Jugoslavian Monopolies loan 6)4% Donds
had culminated successfully.
Cable advices from one of the company's
European directors reported that the bonds had been delivered to the
purchasing Jugoslavian bank and that the contract price had been deposited
in London for the company's account.
Mr. Murphy intends to recommend to the board of directors of Kreutoll
at an early
meeting that a distribution be made from these moneys on the
company's stock.
All of the company's capital stock is held by the two
protective committees in proportion to the amount of Kreuger & Toll
5% secured debentures deposited with each. The protective committees,
Mr. Murphy stated, undoubtedly would redistribute
promptly to the
holders of their certificates of deposit any distribution received on their
Kreutoll shares.—V. 145, p. 117.
Kroger Grocery & Baking Co.—Sales—
Period End. Aug. 14—
Sales.....
Stores in operation
1937—4 Weeks—1936
1937—32 Weeks—1936
.$17,981,309 $18,851,515 $154,774396 $145,038573
4,184
4,230
—V. 145, p. 767.
Laird & Co.—Earnings—
20,384,930
42,653
20,066,548
36,309
Month
1,694,956
776,150
237,199
7 Months
$46,318
32,551
$108,865
117,569
$155
Expenses (net).
$377,067
268.202
$13,766
13,921
Cost
Gross profit.
x
2,654,268
$857,683
22,728
Period Ended July 31—
19,220
Balance, profit
1937—6 Mos.—1936
$4,232,113
$775,100
25,976
Sales
10,800",656
expenditures
1937—3 Mos.—-1936
$2,129,026
$2,037,423
1,353,925
1,179,739
common
unpaid-
Balance
Nil
$1.79
Kentucky Utilities (& Subs.)—Earnings—
Operating revenues
Oper. exps. & taxes
463
50,000
^
Net oper. revenues.
1936
loss$23,369
30,
net income of
Co.—Earnings—
1937—Month—1936
$519,906
$485,465
286,269
256,143
res. approp.
1
substantially improved earnings, the financial statement
1937 discloses an increase for the year of $112,112 in net
current assets, bringing the amount to
$559,397 as against $447,285 at the
close of the previous fiscal year.—V. 143, p. 2212.
of June
as
$7.51
com¬
Note—No deduction is made in the foregoing statements for
the surtax,
Prop, retire,
per share on 48,462 shs. common stock
excl. of 1,538 shs. held in treasury
Utilities pref. divs..
16,611
461,798
6,633
$322,845
share
per
$16,205,876
8,411,151
7,762,179
~
72,000
income
Earnings
1937
$113,521
Earnings
Period End. June 30—
Kansas
Net
Kaynee Co.—Earnings—
In addition to
Interstate Natural Gas
Operating
have decided to omit the payment of a dividend on the
company's common stock at this time.
Dividends of 25 cents per share
previously paid on June 15 and March 15 last.—V. 144, p. 3676.
were
Years Ended June 30—
Net profit after prov. for deprec. & all taxes incl.
the undistributed profits tax
$8,106,290 $7,378,805
shares.—V. 144, p. 4011.
no par
The directors
4,347,022
46,275
156,431
26,000
Reserve for income
pa¬
tents & formulae
Total
The extension is to be accomplishment pursuant to the terms of a pro¬
posed supplemental indenture to be dated July 31, 1937, between the
the First National Bank of Kansas City, substitute trustee under
the first mortgage, and the Kansas City Southern Ry., which wili provide
for the extension of the maturity date to Aug. 1, 1950, for the continued
payment of interest on the bonds during the period of extension at the
rate of 6% per annum payable semi-annually on Feb. 1 and Aug. 1, and
for the redemption of the bonds, at the
option of the company, at any
time at par and accrued interest.—V. 125, p. 2669.
Katz Drug Co.—Common Dividend Omitted—
June 30
172,536
103,251
Other assets
x
550,000
273,605
265,750
1937
company,
tax for year end.
In advance
Trade-marks,
550,000
382,780
307,000
Unpaid
Cash val.of life Ins.
& premiums
1937
1936
si ,700,000
$1,700,000
Aug. 28,
$8,705
Includes dividends.
Net loss.
Balance Sheet (.Currency in German
Reichsmarks)
Dec. 31 *36 Jan. 31 *36
Propery, buildings and equipment
88,405,001
94,164,001
Investments
5,192,005
4,867,569
Current and other assets
Assets—
Funds dep. with trustees for 1st
mtge.
collateral 6% sinking fund bonds..
Suspense items in debit
Total
Liabilities—
*35
69,207,039
62,722,151
100,136,871
3,837,663
64,860,405
480,637
367,779
546,944
395,094
4,732,459
515,649
;
reserves
Welfare funds
28,854,000
1,000,000
1,500,000
3,500,000
8,388,420
800,000
28,854,000
766,000
1,509,411
3,100,000
6,856,333
14,627,277
10,436,400
5,897,132
26,174,866
23,223,530
21,378,948
16,150,449
11,291,400
6,824,575
27,560,456
27,650,741
15,866,272
21,124,320
21,030,000
7,677,312
30,098,121
33,265,964
18,316,936
1,464,561
1,694,956
10,800,000
1,733,294
776,150
1,247,450
237,199
Long-term indebtedness placed under
coll. 6% s. f. bonds
Reichsmark bonds
Other loans secured by
mortgages.
Indebtedness to banks
Long-term indebtedness
Other liabilities
Liability to scrip holders subject to
approval of increase of capital stock
Suspense items in credit
Net profit
Total
-V. 144, p.
Kansas
.163,652,462
1964.
162,695,760 174,083,049
City Shreveport & Gulf Ternrnal Co.—Bonds
The Interstate Commerce Commission
Aug. 17 authorized the com¬
to extend from Aug. 1, 1937, to Aug. 1, 1950, the
maturity of not
exceeding $150,000 of 1st mtge. bonds.
pany
on
Earnings
1937
1936
1935
1934
$3,658,403
816,834
347,241
$3,948,634
1,235,450
858,443
$2,996,499
def230,007
$3,030,109
334,116
27,834
29,592,642
7,053,253
3,583,287
27,566,942
7,118,142
4,472,572
23,747,731
5,145,318
2,883,308
24,108,630
5,747,844
3,319,381
July—
Gross from railway
Net from railway
Net after rents
From Jan. 1—
Gross from railway
Net from railway
Net after rents.
145,
Lake
p.
768.
Period End. June 30—
Operating
122,082
Superior District Power Co.— -Earningsrevenues
Operation
Maintenance
Depreciation
allocation plan:
1st mtge.
Lehigh Valley RR
—V.
36,000,000
4,000,000
2,000,000
4,000,000
11,354,792
1,400,000
reserve
Reserve for pensions
Other
31
163,652,462 162,695,760 174,083,049
Capital stock
Statutory reserve
General
,
Jan.
State, local, &c., taxes
Fed. & State inc. taxes.-
1937—3 Mos.—1936
$480,016
$418,382
131,327
107,007
19,417
22,068
75,005
51,278
60,125
46,481
22,533
3,812
1936—6 Afos.—1936
$965,972
291,274
42,795
149,970
113,921
44,333
$855,511
236,936
38,211
102,179
93,068
7,625
Net oper. Income..
Other income (net)--.
$171,607
8,657
$187,733
$323,677
16,964
$377,490
4,849
Gross income
Int. & other deductions-
$180,265
64,428
$192,583
79,734
$340,642
127,254
$393,676
160,019
Net inc. before pf. divsi
Pref. stock dividends
$115,837
59,179
$112,848
59,179
$213,388
118,358
$233,656
118,358
$56,658
$53,669
$95,029
$115,298
Balance
Note—No
145, p. 945.
provision
made
for
Federal
undistributed
profits
16,185
tax.—V.
Leslie Salt Co.—Special Dividend—
The directors have declared a special dividend of 50 cents
per share in
addition to the regular quarterly dividend of 50 cents per share on the com-
Volume
The special dividend will be paid on
regular quarterly distribution
1.—V. 143, p. 4005.
pany's capital stock.
ers
1425
Financial Chronicle
145
of record Oct. 5 and the
Oct. 21 to
hold¬
Loomis-Sayles Mutual Fund, Inc.—Earnings—
will be made on
1937
Income Account 6 Months Ended June 30,
Dec. 15 to holders of record Dec.
Income—Dividends
Le Tourneau Foundation— Notes Offered—An
issue of $2,000,000 10-year 4% collateral trust convertible
Interest on bonds
(The)
offered publicly Aug.
103 and accrued interest.
notes
at
was
26 by Dean Witter
& Co.
$36,992
3,874
,
$40,867
25,933
Total
Deductions
$14,933
Net income
July 1, 1947.
Interest payable J. & J. Bearer
of $1,000, with interest coupons attached.
Prin¬
cipal and interest payable at the head office of American Trust Co. in San
Francisco, Calif., or at Bankers Trust Co. in New York.
Closed issue,
secured by pledge with American Trust Co., under the indenture, of
(1) 250,000 common shares of R. G. LeTourneau, Inc., 50,000 of
may be used for conversion of notes, and (2) additional collateral consisting
of cash and (or) acceptable securities (as defined in indenture) representing
an original pledge of $2,000,000, with right of substitution of securities as
provided in the indenture.
Convertible into common shares of R. G. LeTourneau, Inc., as follows:
From July 1,1937, to and incl. Jan. 1,1940, each $1,000 note is convertible
into 25 shares; thereafter and to and incl. July 1, 1942, into 22 shares;
thereafter to and incl. Jan. 1, 1945, into 20 shares; thereafter to and incl.
June 30, 1947, into 18 shares.
The conversion privileges with respect to
the notes called for redemption will cease on the sixth day prior to the date
Dated July 1, 1937; due
notes, each of the denom.
which
for redemption.
Beginning July 1,1937,
fixed
Net profit on securities sold
586.221
-
-
.$601,155
Total
47,144
Dividends paid
..$554,011
market quotations, was
compared with an excess
Profit
Note—The
of securities
value
$384,671 in excess of cost
of $1,089,357 at Dec. 31,
as
held,
based on
of June 30, 1937, as
1936.
Comparative Balance Sheet June
Assets—
stocks$l,084,285 $1,771,322
Pref. stocks....
55,805
95,950
Bonds
157,353
881,992
305,159
excluding
49,473
1,945,992
.
23,574
5,350
3,889
Capital stock
12,204
2,364,422
and State taxes
x
1936
$23,574
4,762
23,259
Cash in bank.....
Cash
1937
$23,259
Dividend payable.
Provision lor Fed.
Common
the notes are subject to redemption as a whole or
time (but not concurrently with an offer for sale or exchange
by the Foundation of other obligations or preferred stock bearing a conver¬
sion privilege less favorable than the conversion privilege appertaining to
the notes) on at least 40 days' published notice, as follows; at 105% up to
and incl. June 30, 1938; thereafter at prices periodically reducing to 100^ %
up to and incl. June 30, 1946; and at 100% on July 1, 1946, and
to maturity; in each case plus accrued interest.
Sinking fund for purchase or redemption of notes payable semi-annually,
Jan. 1 and July 1, beginning Jan. 1, 1938, from cash dividends on the
pledged common shares of R. G. LeTourneau, Inc., not exceeding
ror each year ending June 30.
The Foundation may deliver to the trustee
notes purchased by the Foundation within 90 days prior to such delivery
and be reimbursed therefor at cost, not exceeding current redemption price
30
Liabilities—
1936
1937
Securities, at cost:
4,651
1,572
V. 144, p. 3842.
in part at any
thereafter
$75,000
The
interest.
incorporated on June 13, 1935, in
Foundation was
LeTourneau
The three
LeTourneau
of the
of
California, as a non-profit corporation for religious purposes.
original members of tne Foundation were Mr. and Mrs. R. G.
and. Miss Amy Inglis, who have been at all times and now are all
members and directors thereof.
Provision is made for the admission
other members of vaiious classes.
In pursuance of its objectives, the Foun¬
expend income and principal of its funds.
Its present
personal proprietary interest in its assets or income.
dation may
have
no
members
manufactures heavy earth-moving equipment,
with plants located at Peoria, 111., and Stockton, Calif.
It has 450,000
common shares ($1 par) outstanding (including 1,021 shares in its treasury).
The common shares are listed on the New York Curb Exchange and San
G. LeTourneau, Inc.,
R.
Exchange.
Notes are exempt from registration under
amended.
100,000 of the 250,000 common
Francisco
Stock
the Securities Act of 1933, as
shares of R. G. LeTourneau,
Inc., pledged to secure payment of these notes have been registered under
the Securities Act of 1933, as amended, and conversions are to be made with
such
shares.
registered
Lexington Utilities Co.
286,631
10,969
$143,213
10,325
$220,352
22,191
$288,410
21,441
$122,299
$153,538
$242,543
$309,851
55,285
2,586
56,134
110,983
4,262
General interest
3,356
Amortizat'n of bond dis¬
&
amortiz.
*
7,379
7,383
14,759
14,766
3,871
1,260
1,853
1,320
8,911
2,520
3,707
2,640
$51,918
$83,492
$101,109
Notes—(1) Dividend requirements at full cumulative rates for a threeperiod on preferred stock outstanding June 30, 1937, amounted
$40,228.
(2) Cumulative preferred stock dividends not declared or
accrued at June 30. 1937, aggregated $60,343, or $2.43% per share.
Divi¬
dends totaling $2.12H Per share were paid Aug. 10, 1937.
(3) No provi¬
sion has been made for Federal undistributed profits tax.—V. 144, p. 4012.
months'
to
Inc.—Registers with SEC—
(Edgar P.) Lewis & Sons,
See list given on
first page of this
department.—V. 144, p. 283.
Liquid Carbonic Corp.—To
The directors on
The
to the
Loomis-Sayles Second Fund, Inc.- -Earnings—
Balance of o rganization expenses
charged off
«»
Miscellaneous expenses
334,542
$432,949
411,839
Dividends paid.
of inc.
Excess
profs,
realized
&
Securities,
company's
p. 1263.
Inc.—Formed to Operate as Mutual
offered at initial price of $5.75.
Fund.—1,000,000 shares to be
fund of the "open end" mutual fund type.
Listed Securities, Inc., was announced Aug. 27 by its national distributor.
The First Mutual Corp., 40 Exchange Place, New York.
Registration
with the Securities and Exchange Commission under the Securities Act of
1933 has just become effective for the sale of 1,000,000 shares at an initial
offering price of $6,75, it was stated.
A total of 5,000,000 shares are
authorized by the Fund.
The company intends to qualify its shares for
distribution in approximately 30 States.
Directors of the new fund, in addition to Mr. Spafford, are Milton W.
Harrison, Dale Parker, and Glenn Saxon.
Reed B. Dawson is Secretary.
Investments of Listed Securities, Inc., will be made by the directors in
securities of those companies listed on the New York Stock Exchange or the
New York Curb," Commander Spafford has stated.
" Selected bank and
insurance stocks may also be purchased in limited quantities.
As nearly as
possible the principles of investment to be followed will be those used by the
trustees of large estates, foundations and endowments, the board having
had long experience in this field."
Mr. Spafford further stated that by operating as a mutual fund under the
Revenue Act of 1936, the Fund would not have to pay any Federal income
taxes; that the company could not buy on margin; borrow money on its
securities or sell short; that there would always be a ready market for the
stock of the Fund at actual liquidating value through the Fund itself and
that many special legal safeguards had been incorporated in the charter of
the Fund which fully protected the investor.
Formation of a new investment
"
Loblaw Groceterias Co., Ltd.—Earnings—
1947—4 Wks —1936
1937—8 IFArs1936
Sales..
$1,490,799
$1,276,588
$2,997,779 $2,548,732
profit after deprec.,
43,638
107,315
96,967
284.
1937
Capital
Surplus
Par
Value
Together
59,799
$597,990
$1,340,052
$1,938,042
72,755
727,550
2,530,531
3,258,081
132,554
$1,325,540
$3,870,583
$5,196,123
Shs. issued during the
ended June 30,
1937 (net)
yr.
outstanding June
Bal.
30,1937
...
Surplus:
Balance, June30, 1936
Excess of inc. & realized
profs, over exps. &
paid for the year ending
divs.
as
$102,867
per
June 30, 1937,
21,110
statement attached
Balance June
$123,977
30,1937.
capital stock equity asof
Comparative Balance Sheet June
1936
cost..$5,144,133 $1,939,595
1967
Assets—
Cash
Acer. int.
Prov.
lor
12,314
5,327
7,352
Total..
of the sees. of the
liquidating value per share, on the
market quotations for the sees. & after
for State tax on unrealized profits, was
The
—V. 144, p.
basis of
allowing
Louisiana Power &
31—
Oper. exps. (incl. taxes).
Prop, retire, res. approp.
revenues...
lease of plant
Net opef.
Operating income
(net)
Other income
Gross income
bonds.
int. & deductions.
Net
mortgage
income
Dividends applicable to
38.18
$649,680
434,416
55,500
$580,224
359,923
47,500
$7,608,629
4,923,474
766,000
$6,641,063
4,087,740
492,500
$159,764
$172,801
:$1,919,155
1$2,060,823
178
Cr2,710
537
$172,623
4,127
$1,921,865
21,724
:$2,060,286
30,955
$161,334
72,963
4,463
$176,750
$1,943,589
875,396
53,028
1$2,091,241
875,000
47,161
$1,015,165
$1,169,080
72,917
4,206
$83,908
$99,627
preferred stock for the
paid or unpaid..
Balance
356,532
356,532
$658,633
period, whether
the
41.28
$38.31
Light Co.—Earnings—
1937—12 Mos—1936
1937—Month—1936
(net)
Other
$41.30
$159,764
1,570
Operating revenues
on
$5,297,993
1936
$2,189,937
4349.
Period End. July
Int.
$5,331,934 $2,084,017
1937N
Fund, based on market
quotations at the respective dates, amounted to.
The net asset value per share on the basis of market
quotations for the securities, was
for
28,150
2,040,909
2,026
Notes—
Rent
$11,833
5,320,100
equity
($10 par)
$5,331,934 $2,084,017
The value
1936
$14,958
Fed'l &
Cap. stock
receiv'le
Total
1937
payable
14,958
payable...
receivable..
Divs.
30
Liabilities-—
Divs.
State taxes
lor
dep.
on
122,111
168,134
Cash in bank.....
$5,320,100
June30,1937-.-.
$812,548
Regular dividend on $6 pref. stock was paid on May 1, 1937.
After
payment of this dividend there were no accumulated unpaid
date.
Regular dividend on this stock was declared for payment on
dividends
at that
Locke Steel Chain Co.—Earnings—
30—
«
profit after depreciation, Federal income taxes
Year Ended June
1937
1936
Net
p.
r»
Cap. stock & cap. surpl:
Bal. outstanding June
x
49,503
income taxes, &c
144,
-
-
Stock Equity as of June 30,
Shares
Period End. July 24—
—V.
&
exps.
over
for the year
$250,342 at June 30, 1936.
Statement of Capital
x
and surtax on
$140,845
37,994
$21,110
$102,850
Note—The value of securities held, based on market quotations, was
$153,860 in excess of cost as of June 30, 1937 as compared with an excess of
divs. paid
Securities at
pated for the year ending Sept. 30 and will, of course, reflect the
tax position under the surtax on undistributed profits.—V. 145,
undistributed profits
Earnings per share on
stock ($5 par)
def$6,265
147,110
$98,407
profs, on sees, sold, shown below).
profit on securities sold
div.
145, p.
430
L
Pay 40-Cent Dividend—
announced following the directors meeting that a special meeting
will be held Sept. 16 for the purpose of considering an extra dividend to be
payable and of record the same dates of the 40-cent disbursement now
ordered.
This proposed extra will be determined by profits then antici¬
—V.
'
~
1,868
9,000
1,228
profs. & cap. stk. taxes..
Prov. for Fed. inc. excess
dividend of 40 cents per share on the
stock now outstanding, payaole Sept. 25 to hold¬
was
Net
$40,382
11,005
2,981
3,488
5,136
23,606
Provision for Massachusetts excise tax
Total
company's stock was split up on a 2-for-l basis on July 19 last.
Prior
split-up regular quarterly dividends of 65 cents per share were dis¬
Listed
...
fees and expenses
$35,624
4,758
$158,683
40,471
7,708
Total income
Management fees
Custodian and transfer agent
tributed.
It
1936
1937
$150,454
8,229
Interest on bonds.
Aug. 26 declared a
larger amount of capital
ers of record Sept. 20.
$2,399,885 $2,019,039
Total...
Years Ended June 30—
30,1936---..
in¬
deductions
Taxes assumed on int—
come
Net inc. before pf. divs
1
fund, based on market quota¬
amounted to $2,446,898 on June 30, 1937 and
$2,584,144 on June 30, 1936.
The net asset value per share, on the basis
of market quotations for the securities, was $118 on June 30, 1937, and
$108 on June 30, 1936.
The liquidating value per share, on the basis of
market quotations for the securities and State tax only on unrealized profits
as at June3o, 1937 was $118 and $107 on June 30, 1936.
x Represented by
23,259 no par shares in 1937 and 23,539 in 1936.—
Notes—The value of the securities of the
$172,350
count and expense
Miscell.
$2,399,885 $2,019,039
Total
tions at the respective dates,
112,359
4,029
long-
&
debt..
term
$848,612
560,202
$846,989
626,637
$111,331
Gross income
int. rec'ie
1937—6 Mos.—1936
$429,845
Other income (net)
funded
Accrued
-Earnings—
$424,169
312,838
Net oper. income
on
(& Subs.)-
1937—3 Mos.—1936
Operating revenues
Oper. expenses and taxes
Int.
Dividends rec'ie..
Net
Period End. June 30—
dep. lor
payable...
on
div.
$190,494
$176,545
$1.73
$1.60
Federal surtax on
provision made during December, 1936, of $31,860
undistributed profits for 1936.
No such provision
date for
See list given on
for
has
1937.—-V. 145, p. 769.
Louisville Drying Machinery
110,000 shares of common
4012.
AXj$ofe-l-Includes
been made to
first page of this
Co.- -Registers with SEC-
department.
1426
Financial Chronicle
Louisville Gas & Electric Co.
Years Ended June 30—
(Del.) (& Subs.)—Earns.
1937
Operating revenues
Operating expenses, maintenance and taxes
Net oper. rev.
& other income
$5,133,147
301,356
$5,276,507
380,945
$5,434,503
1,200,000
37,000
$5,657,453
$4,197,503
1,092.952
152,827
"
50,000
18,956
—
$4,595,453
(before approp.
for retirement reserve)
retirement reserve
Amortiz. of contractual capita] expenditures
Appropriation for
Gross income
Interest charges (net)
Amortization of debt discount and expense
Amortization of flood expense
-
Other income deductions
.
—
1,025,000
37,000
1,411,594
124,492
13",647
Balance
$2,882,768
Divs. on pref. stock of Louisville Gas & Elec.
Co.
(Ky.)
Net income.
Dividends
1,354,920
$1,527,848
1,013,980
-
on common
$3,045,719
1,354,920
stock
Note—No provision was mqde by Louisville Gas
& Electric Co.
(Ky.) for
Federal income taxes or for surtax on
undistributed profits for 1936 as
that
company will claim as a deduction in its final
income tax return the un¬
amortized discount and expense and
redemption premium and expense on
bonds redeemed in 1936, which will
result in no taxable
income.
It is
estimated that no surtax on undistributed
profits will be incurred
by the
other companies consolidated herein for the
year 1936.—V. 145,
p. 440.
Louisville & Nashville RR.—Earnings—
July—
1937
Gross from railway.
Net from railway.
1936
7,513,013
1,852,073
1,295,521
_
Net after rents
From Jan. 1—
Gross from railway.
Net from railway.
52,995,871
13,613,623
9,588,649
_
Net after rents.
—V. 145, p. 769.
1935
7,247,562
1,997,444
1,614,784
1934
5,710,778
1,270,008
953,813
49,931,475
5,431,882
853,169
524,492
42,034,661
9,457,334
7,219,471
12,832,706
9.756,548
41,077,657
9,871,698
7,477,593
Ludlum Steel Co.—To Increase Stock—
Stockholders at a special
meeting to be held on Sept. 23 will vote on a
proposed increase in authorized common stock to
1,000,000 shares from
500,000 shares and on the elimination of
provisions for $6.50 convertible
preferred stock.
J. J. Coleman has been
appointed Comptroller by H. G.
Batcheller,
President. Mr. Coleman succeeds the late
W. H. Tucks Sr.—V.
145.p. 769.
Lufkin Rule
Co.—Offering Increased,—
The company has filed
amendment with the Securities
and Exchange
Commission changing the number of shares
($5 par) common stock to be
offered from 70.870 to
80,000, of which 16,000 will be offered
by the com¬
pany and 64,000 by stockholders.
The company originally
registered 313,853 shares, of which
70,870 shares
were to have been
offered, 16,000 by the company and
54,870 by stock¬
holders.—V.
145,
p.
an
1103.
Lumbermen's Insurance Co. of
Sheet June 30, 1937—
Assets—
Philadelphia—Balance
Liabilities—
Bonds and stocks
$4,462,353
Mortgage loans
Real estate
Cash in banks and office
Premiums in course of collect'n
Other assets
Total
115,279
146,440
213,212
222,623
30,069
.$5,189,9771
Premium reserve
Losses in process of
Reserve
for
adjustment
commissions,
$1,516,685
154,927
ex¬
penses, taxes & other liab__
Capital
Surplus...
Total
110,942
1,000,000
2,407,423
$5,189,977
—V. 143, p. 3151.
McCormick's, Ltd.—Weston Merger Voted—
Holders of bonds and preferred and
common shares on
Aug. 24, approved
proposal to merge this company with
George Weston, Ldt.
Bonds
guaranteed by Weston's will be
exchanged for McCormich bonds and
pre¬
ferred shares and also for common
shares if the holders so
elect.
They
have the choice of
accepting Weston common shares and a cash
adjustment
instead of bonds.
A summary of the
approved plan follows:
The plan of reorganization
offers present
5H% prior lien bonds
guaranteed
prior lien sinking fund
bonds, due July
with par value of the old and
new issues
Holders of
% sinking fund
1st mtge.
sinking fund 5M% bonds,
with warrants
1,
equal.
mortgage bonds will receive for each
$100
principal amount $90 of new 4% guaranteed
sinking fund mortgage bonds,
due July 1, 1952,
bearing interest from July 1, 1937.
On the present bonds
no interest is
payable except out of available income until
after May 1, 1940,
and then only if net current
assets have reached
$650,000.
Holders of the present
6% non-cumulative participating redeemable
preferred shares will receive for each
$50 par value held $25
principal
amount of new 4% guaranteed
sinking fund mortgage bonds.
The present
shares do not have dividends
payable until May 1, 1940.
The holders, others than
George Weston Ltd., of the present common
shares are offered for each
five shares held $25
principal amount of new
4% guaranteed sinking fund
mortgage bonds.
For each three shares
held and not provided for under the
offer described in the last sentence
they
are offered one share of
George Weston, and for each share held and not
provided for under these two offers
just decribed there is a cash
adjustment
of $5.
On the present shares no
dividends are payable unless in the
same
year a 6% dividend has been
paid on the preferred shares.
Instead of the
exchange offered for common shares,
shareholders can elect to take one
share of George Weston for
each three shares
held, and for each
share not provided for
by this offer a cash adjustment of $5.
Payment of principal and interest on the
new 4
% and the 414 % bonds
will be guaranteed
by
common
George Weston.
principal capital structure of McCormick's
Ltd., issued and out¬
standing is as follows: $263,000,
5K% prior lien bonds; $895,250, 5H%
sinking fund mortgage bonds;
17,905, 6% non-cumulative redeemable
participating preferred shares of $50 par
value, and 113,600 no-par-value
common shares.—V.
145, p. 769.
adjusted
Outstanding
A
ser.
$300,000
30,000 shs.
bl50,000 shs.
$295,000
al2,500 shs.
90,000 shs.
5,250 shares were issued to
satisfy open account indebtedness in the amount
of $52,500.
3,750 shares were issued in satisfaction of
equipment and
royalty obligations amounting to $37,500.
b
Company has reserved sufficient shares (now
2,950) of common stock
for issuance under the
warrants attached to its series A bonds; has
granted
Merlin A. Cudlip, Vice-Pres.
to
and Treas., an option for 10
years after
Jan. 1, 1937, for 10,000
shares of common stock at $10 per
share; has
reserved 2,000 shares for issuance
under the warrants to be attached to
series B bonds, which will
be immediately authorized and
issued; and
may grant options for three years after Jan.
1, 1937 to its management and
employees for 15,000 shares at $10
per share, which shares have been
reserved for that
purpose.
Earnings for Stated Periods
Year Ended
Gross sales, less returns,
Cost of goods sold
4 Mos. End.
Dec. 31, '36
&c
Apr. 30,'37
$999,693
897,611
29,698
8,456
10,000
$1,641,865
1,512,202
Selling, administrative and general expenses
Interest paid, &c.
deductions, less other income.
59,888
27,523
7,000
9,600
Normal tax
Surtax
on
undistributed profits
Net profit
Pref. div. requirements (Feb. 4 to
April 30, 1937)
x
$25,650
$25,650
Net profit applicable to common
stock
x No provision
made for surtax on
$53,927
1,623
$52,304
undistributed profits.
proceeds ($337,500) will (together
with the net proceeds of the
proposed sale of $200,000 series B bonds) be
used for the erection
upon the recently acquired real estate of modern
buildings for housing the new cold rolling mill, which has
Purpose of Issue—The estimated
net
been ordered from
the United Engineering &
Foundry Co.; for the skin pass mill, which has
been ordered from the E. W. Bliss
Co.; for the annealing furnaces, which
have been ordered from the Surface
Combustion Corp.; for the necessary
electrical equipment, which has been
ordered from General Electric Co.;
and for the other expenses in connection
with the installation of the new cold
rolling mill and additional working capital.
Mahoning Coal RR.- EarningsPeriod End. Ju.ie 30—
Income from lease of road
L
and equipment
1937-—3 Mos —1936
1937—6 Mos.—1936
$459,306
17,272
$316,442
17,257
$730,230
$476,578
$333,699
46,201
9,152
1,629
$764,798
105,848
15,567
2,930
$512,694
68,029
7,376
1,517
Net income
Preferred* dividend
$399,654
8,266
$276,717
8,266
$640,452
16,533
$422,288
16,533
Net after pref. divs
Net income per share on
com. stock (par $50)
$391,387
$268,450
$623,918
$405,754
$13.05
$8.95
$20.80
$13.53
1937—Month—1936
$967,454
$964,041
744,800
738,872
$7,544,652
5,333,270
$6,948,467
5,573,712
$1,374,755
$512,923
275,127
Other income
Total income
Taxes
Interest charges
Other deductions
—Y. 144, p. 4013.
Maine Central
68,307
18,991
3,107
RR.—Earning
Period End. July 31—
Operating
Operating
$478,179
34.515
34,568
revenues
expenses
1937—7 Mos.—1936
Equipment rents.
Joint facil. rents (Dr.)...
$222,654
67,638
Dr3,241
26,583
$224,169
65,726
28,389
$2,211,382
485,537
Drl82,314
203,493
Net ry. oper. income.
Other income
$125,192
44,023
$130,756
39,337
$1,340,038
251,972
$169,215
$170,093
$1,592,010
$788,050
168,066
169,271
1,213,010
1,189,222
$1,149
$822
Deductions (rentals
terest, &c.)
Cr702
in¬
Net income
452,669
Dr201,565
207,598
$379,000 def$401,172
Stock Increase Voted-—
An additional issue of
100,000 shares of prior preference stock, par value
$100 each, was unanimously
approved by the stockholders at a special
meeting held on Aug. 25.
The new issue, which, if
approved by the Interstate Commerce Commis¬
sion, will be in addition to the 9,167 shares of prior preference stock here¬
tofore authorized, will be issued to the extent
required solely for the purpose
of exchange for
general mortgage bonds, series A, 4M%. due Dec. 1, 1960.
These bonds, under an agreement in
1935, when the stockholders approved
a
refinancing plan, are, at the election of the holders, exchangeable for the
6% cumulative prior preference stock.—V. 145, p. 946.
„
Manila Electric
Co.—Earnings—
12 Months Ended June 30—
Operating
Operating
,
1937
$5,149,741
1,918,858
454,114
581,095
151,705
Provision for retirements
Provision for taxes
$1,839,211
9,768
$2,075,284
108,422
1,008,284
104,100
expenses
Maintenance
1936
$4,807,574
1,835,176
451,612
532,323
149,252
$2,043,968
31,316
revenues
$1,848,979
118,041
The
McLouth Steel
Corp. (Detroit, Mich.)—Stock Offered—
Campbell, McCarthy & Co. (Inc.) Detroit are
offering 25,000
shares of
common
stock
(no par) at $15
sold to residents of State of
per
share.
Stock
Michigan only.
company.
The present business consists
of the manufacture and sale of hot
rolled
strip steel and the auxiliary operations of
pickling.
slitting, shearing, edging, and
primarily in the Detroit area
Company sells its
present products
to automobile manufacturers
and automobile
The
directors
have
determined
to
will enable the
company to broaden its market
to manufacture and sell both
hot and cold rolled
it to utilize more
Gross
Interest
Interest
;
income
funded debt
on
on
unfunded debt...
Amortization of debt discount and expense
Amortization of miscellaneous suspense.
Interest charged to construction
company's
operations
to
as the result of its
ability
strip steel, and will permit
effectively its hot rolling mill by
producing its
own cold
rolling requirements.
own
hot
935,124
Crl,781
Balance of income
—V. 145, p. 1265.
$856,259
.
102,075
18,000
Cr9,948
$685,688
Marlin-Rockwell Corp. (& Subs.)—
■Earnings—
Period End. June 30—
Gross.
1937—3 Mos*r-1936
1937—6 Mos.—1936
$1,139,057
$924,655
36,600
47,400
263,865
232,936
$564,176
18,300
134,892
$520,459
23,700
Other income.
$410,984
34,341
$376,189
22,418
$838,592
51,566
$644,319
45,517
Other expense.
Federal taxes..
$445,325
2,107
66,253
$398,607
2,129
59,114
$890,158
4,553
134,698
$689,836
4,860
102,549
Dividends.
$376,965
169,622
$337,364
169,622
$750,907
339,244
$582,427
339,244
$207,343
$167,742
339,244
$411,663
$243,183
339,244
$1.11
$0.99
Depreciation
Selling & adminis.
exp._
accessory companies.
expand
Include the cold rolling of
strip steel.
This will require the installation of a
4-high reversing cold mill and a 2-high tension skin
pass mill, together with
the necessary
annealing furnaces and electrical equipment. This installation
rolled steel for its
Operating income
Other income
—
National Bank of
Detroit, Detroit, transfer agent.
History and Business—Corporation was
incorp. April 27,1934 in Michigan
to engage in the
manufacture of hot rolled
strip steel with a new type of
rolling mill under a license agreement with
Cold Metal Process Co. of
Youngstown, Ohio.
The operations of
corporation are an outgrowth of
Cadillac Steel Corp. and
Consolidated Steel Corp.
In 1934 the
company began the installation of a new
type of hot rolling
strip mill.
The mill has operated
efficiently for a period of more than 12
months and produces a
commercially standard product.
In March 1935 the
company purchased the assets of Cadillac Steel
Corp.
and on Aug. 25, 1936
Consolidated Steel Corp. was
merged with the
to
follows:
a All issued in
Feb., 1937 in exchange for obligations and equipment of
the corporation owing to five of
its creditors.
3,500 shares were issued to
discharge real estate mortgage Indebtedness in the
amount of $35,000.
Gross income
new 4 %%
1952, plus $2.50,
and
as
Authorized
par)
Net oper. revenues
Taxes
the
authorized
Preferred stock (no
par)
Common stock (no
$1,690,799
1,351,977
-
presently
reflect the sale of the
25,000 shares of common stock is
1936
—$10,322,383 $10,788,890
5,189,236
5,512,383
Net oper. rev. (before approp. for retire.
res.)
Other income
Aug. 28, 1937
Capitalization—Capitalization
Surplus.
Shares
common
Earnings
stock..
per share
Note—No mention is made
surtaxes
on
taxes.—V.
undistributed
145,
p.
285.
as
to
profits
120,570
whether
has
been
339,244
339,244
$1.71
provision for Federal
included in item of Federal
or
_
not
'.21
Volume
Financial
145
1427
Chronicle
paid
,j
pref. stock and $2 a share on $6 pref. stock, were
July 1,1937.
Dividends on these stocks are cumulative.
Note—No provision was made for Federal surtax on undistributed
for 1936, inasmuch as the company reported no undistributed adjusted
income for that year.
No such provision has been made to date for
.
Co.—Reorganization—
Manati Sugar
°n
reorganization of the company, pre¬
viously approved by the U.S. District Court, have been approved by stocKtechnicalities relating
Various
to
holders.—V. 145, p. 1103.
1936
stocks.$2,862,182 $2,717,408
Sheet June 30—
Bonds and
158,208
10,246
135,032
Interest
12,634
accrued._
Cash
20,600
of
adjustment
190,425
403,113
25,000
capital
1,000,000
$3,412,962 $3,076,288
Total
—V.
1,652,449
!..$3,412,962 $3,076,288
Total...;
144, p. 780.
(Oscar) Mayer & Co., Inc.—Dividend—
declared an extra dividend of 25 cents per share in
addition to the regular quarterly dividend of $2 per share on the 8% cum.
partic. second pref. stock, par $100, both payable Sept. 1 to holders
record Aug. 24.
Similar payments were made on June 1, last and on
Dec. 1, 1934.—V. 144, p. 4013.
The directors have
Mississippi Power & Lighu Co.—Earnings—
1937—12 Mos.—1936
$6,549,794 $5,424,042
4,494,360
3,647,866
441,500
392,500
1937—Month—1936
$482,027
$420,518
333,306
286,856
58,333
31,667
$90,388
$101,995
CV962
Dr3,598
$90,614
$102,957
$1,383,676
!$1,613,934
Cr226
Net oper. revenues
for lease of plant
Rent
(net).--..
Operating income
Crl49
$1,383,825
$1,610,336
Mo,?.-1936
Operating revenues
Oper. exps. (incl. taxes)
Prop, retire, res. approp.
$628,266
392,249
57,850
$565,757
360,425
55,814
$8,343,333
5,394,358
701,662
$7,483,748
4,797,320
Net oper. revenues...
Other income (net)
$178,167
$149,518
$2,247,313
31,148
$2,003,988
331
.
$2,030,876
$2,278,461
737,375
3,093
42,564
737,375
38,818
$85,287
$1,498,522
$1,254,683
394,876
394,876
?
77,577
70,009
Net income
$14,289
$27,345
Dividends applicable to pref stock for period,
whether paid or unpaid
$717,240
$498,305
403,608
403,608
$313,632
$94,697
26,888
$113,619
mtge. bonds:
2,189
$1,386,014
817,700
on mtge. bonds
Other int. & deductions.
682,440
$149,849
61,448
3,114
$178,160
61,448
Gross Income
2,181
i$1,612,517
817,700
Int.
x
Dr7
316
$103,273
68,142
7,786
Other income (net)
Gross income
1937—12
1937—Month- -1936
Period End. July 31—
117
$90,731
68,142
8,300
Balance,
Memphis Power & Light Co. —Earnings—
on
$231,772
$0.46
111.
p.
Period End. July 31—
Operating revenues
Oper. exps. (incl. taxes)
Prop, retire, res. approp.
of
Interest
144,
25,000
1,000,000
1,944,638
claims
Net surplus
1936
$186,012
$0.37
undistributed earns.
shares of capital stock
on
Earns, per share on 500,000
—V.
Res've for all other
Cash
1937
Net income after operating expenses, normal Fed'*
income taxes, depreciation, and other charges,
but before Federal surtax
and expenses
in office. J
770.
p.
7 Months Ended Ju'.y 31-
taxes
for
Reserve
deposit &
on
17,146
24,560
Losses in process
Premium in course
of collection
1936
$361,092
45,740
Unearned prems..
145,
Minneapolis Brewing Co.—Earnings—
1937
$373,024
Liabilities—
1937
net
1937.
—V.
Maryland Insurance Co.—Balance
Assets—
profits
1937, amounted to
$622,229, after giving effect to a dividend of $1.50 a share on $6 pref.
stock declared for payment on Aug. 2, 1937.
Dividends on this stock are
Dividends
x
and
accumulated
July 31,
unpaid to
cumulative.
Net income
x
Dividends
applicable to pref. stocks for
unpaid
period,
whether paid or
Note—No provision was made for
for 1936, inasmuch as the company
—V. 145, p.
$859,807
paid on July 1,
no accumulated
$1,103,646
Balance.
Regular dividends on the $7 and $6 pref. stocks were
1937.
After the payment of these dividends there were
unpaid dividends at that date.
Note—Includes provision of $136,199 made during ihe last
($46,199 in 1936 and $90,000 in 1937) for Federal surtax on
profits.—V. 145, p. 946.
x
12 months
$
Assets—
Bonds, stocks, Ac, .12,536,108
885,572
Bd. A mtge. loans.
Interest
Ac_.
Cash
$6,252,829
1,039,520
331,613
648,935
53,900,444
12.792,697
7,232,975
49,888,564
11,573,694
5,157,370
40,873,857
6,605,004
1,824,258
42.606,350
9,789,212
4,540,905
939,154
Taxes, &c.
639,371
Voluntary reserve.
22,132
3,934,000
345,117
300,508
1,414,276
1,000,000
1,000,000
2,500,000
9.200.941
Capital
Surplus
1935
$755,448
132,052
45,094
1934
$688,788
84,246
defl0,844
4,835,219
502,315
defl34,094
5.084,532
767,328
36,544
From Jan. 1—
Gross from railway
423,796
300,378
2,323,117
.
$
4,115,000
12,272,903 Unearned prems..
1,095,174 Losses payable
21,086
.
accrued.
1936
$
LlaMlltles—
1,080,278
693,954
.
Prems. rec.,
1937
1936
S
Net from railway
Net after rents
1105.
—V. 145, p.
2,500,000
RR.—Earnings
1937
1936
$1,065,987
$923,833
railway......
239,993
226,741
rents
126,952
129,329
Mobile & Ohio
8,303,385
July—
Gross from railway
17,540,115 16,383,010
Total
—v.
145,
p.
Total..........17,540,115 16.383,010
Y.—Financial State-
Corp. of N
Assets—
1936
1937
<fec.$1,848,151 $1,493,546
319,193
334,583
249,312
8,418
211,183
Bd. & mtge. loans.
252,211
5,783
Real estate
Prems. rec., Ac
Interest
accrued..
Cash
6,009
—V. 144, p.
1937
Liabilities—
Unearned
Taxes, Ac
Capital
Net surplus
$422,000
552,854
96,211
$384,000
700,000
865,192
prems..
payable...
Losses
1936
600,000
468,540
122,724
743,210
226,342
$2,636,257 $2,318,474
Total
From Jan. 1—
.$2,636,257 $2,318,474
Total
1287.
f Midland Utilities
Net after rents
—V. 145, p.
6% debentures, headed by Melvin L. Emerich
has filed with the Securities and Exchange Commission a plan of reorgan
ization for the company, which is in bankruptcy.
This is a step preparatory
to the solicitation of deposits of debentures in favor of the plan.—V. 144,
preceding quarters as against $1 paid in each of the four preceding quarters,
and $3 per share paid on Feb. 20, 1934.
The current dividend will be paid
in Canadian funds.
Non-residents of Canada will be subject to a 5% tax.
After the payment of the current dividend accruals will amount to $49
3679.
Pay Larger Dividend—
The directors on Aug. 26 declared a dividend of $1.50 per share on the
capital stock, no par value, payable Oct. 1 to holders of record Sept. 18.
This compares with $1.25 paid on July 1 last; 75 cents paid on April 3 last:
$3 on Dec. 19,1936; $1 on Oct. 1, 1936; 50 cents on July 1 and Anril 1. 1936;
$1 on Dec. 7, 1935 and on Nov. 7, 1934; 50 cents on Jan. 1, 1933; 75 cents
on Oct. 1, 1932, and from Jan. 1, 1930 to and incl. July 1, 1932, quarterly
Oper. exps. (incl.
Prop, retire, and
made.—V. 144, p. 3679.
$4,558,491
3,046,090
Operating expenses
Net operating income
Non-operating income
income
Gross
deductions
Provision for retirements and replacements
Amortization of debt discount ana expense
Amortization of preferred stock expense
Interest
Balance
a
—
Int. on indebtedness
of Amer. Gas & Pow.
Co..
$1,547,424
487,609
$714,061
94,992
$752,763
47,496
$809,053
151,134
—
$1,549,157
£>rl,733
$1,515,987
465,808
245,219
86,056
4,841
and taxes
$4,495,882
2.946,724
$1,512,400
3,586
Gross operating revenues
151,577
59,583
1,199,158
718,751
$459,675
$343,070
2,669
$6,625,219
24,417
$5,241,224
$345,739
128,467
52,083
23,708
$6,649,636
1,788,772
$5,278,753
1,578,019
613,413
359,592
Crl86,600
625,000
283,843
$141,481
$4,074,459
$2,791,891
957,109
956,507
$800,259
3,481
$463,156
162,012
44,125
34,515
Gross income
Int. on mtge.
bonds
debentures._
Interest on
deductions.
charged to construe.
Other int. &
Net
1936
deple¬
Cr20,681
$243,185
M
income..
_
Balance
x
the
$3,117,350 $1,835,384
$6 pref. stock was paid on May 1, 1937. After
-
-
Regular dividend on
Dividends on preferred stocks
Income payments on
dividends
payment of this dividend there were no accumulated unpaid
Regular dividend on this stock was declared for payment
at that date.
241.305
65,745
^^ot^l-No provision
for
net
was
614.
Bankers Corp.—Earnings—
Motor
6 Months
$566,364
preferred dividends...
Common stock dividends.
a Received on account of prior year accruals
—V. 145, p. 443.
Net income after
Minnesota Power &
Period End. July 31—
Operating revenues.-...
Oper. exps. (incl. taxes).
Prop, retire, res. approp.
ncome
Int. on mortgage
income
period, whether paid or
$3,002,046
$3,016,140
543
844
1,188
$284,076
137,679
$3,002,890
1,640,682
68,533
Cr5,007
$3,017,328
1,655,878
62,839
Crl,503
136,217
5,816
Cr223
5.414
Crl45
$140,538
$141,128
preferred stocks for the
unpaid
$1,298,682
$1,300,114
990,734
990,629
on
1,500
36,304
$32,386
$0.40
$0.33
1937
1936
Sundry accts. pay.
$365,224
84,519
$300,069
64,984
Corporation bonds
Stocks, stk. warr'ts
and partic. ctfs.
Notes receivable..
224,397
270,445
3,614
47,134
Interest rec.
2,361
1,622
3,882
90,301
3,387
Acer.
Claims agst.
banks
in
invest.
Acer,
90,704
taxes.
Fed.
$3,659
$4,358
6,000
8,057
12,953
8,300
inc.
stk. taxes
social secur.
35
taxes
186,319
1,045
80,007
612,421
112,258
$776,525
$826,448
Deferred credit
(par $1)
79,218
Capital surplus...
Earned surplus
488.341
Com. stk.
A adv. to
wholly-owned af¬
46.232
accounts
1,396
739
Prepd. ins. &exps.
$309,485
prop,
Accrued
& cap.
closed
.*—« —
.
Real estate
Acer.
1936
1937
Ha billtles—
deposit &
hand
831
1,130
$776,525
$826,448
Property
Total
accumulated and unpaid to July
5,500
$25,932
filiated company
31, 1937, amounted to
Latest dividends, aggregating $2.33 a share on 7% pref. stock.
Dividends
9,500
period
Assets—
Cash on
Inv.
$307,948
Balance
$475,031.
$5,991,459
2,570,319
405,000
$283,533
bonds.
Dividends applicable to
x
1937—12 Mos.—1936
$6,737,508
3,265,462
470,000
$39,386
Balance Sheet June 30
$282,314
34
Other int. & deductions.
Net
$542,337
225,054
33,750
34,203
$71,737
Operating profit
Provision for Federal income taxes
Provision for bad debts—
—
Prov. to adj. sec. val. to cost or market.
Earnings per share...
Light Co.—Earnings—
$575,671
254,607
38,750
— — --
39,213
Profit for the
1937—Month—1936
Int. charged to constr..
x
682,000
29,249
$282,348
Net oper. revenues—
Other income
Grossi
$515,097
682,000
4,009
1936
$73,589
1937
$109,949
Ended June 30—
Expenses
183,159
102.002
on
made for Federal surtax on undistributed profits,
1936, inasmuch as the companies reported no undistrubted adjusted
income
for that year.
No such provision has been made to date
1937.—V. 145, p.
91,554
participation units
37,529
pref. stock for period,
Dividends applicable to
whether paid or unpaid
Gross income
Net income
1937—12 Mos—1936
$14,819,174 $12,130,692
6,994,797
6,170,717
approp..
reserve
Other income (net)
x
,
taxes)
Net oper. revenues—
tion
Int.
Minneapolis Gas Light Co.—Earnings—
Years Ended June 30—
1937
Co. (& Subs.)—Earnings—
Period End. July 31—
1937—Month—1936
$1,233,140
$1,006,670
Operating revenues
604,017
621,888
Mid vale Co.—To
distributions of $1 per share were
share.—V. 144, p. 4352.
Montana Power
Committee for $6,000,000
p.
771.
Monarch Knitting Co., Ltd.—Accumulated Dividends—
The directors have declared a dividend of $1.75 per share on account
of accumulations on the 7% cum. pref. stock, par $100, payable Oct. 1
to holders of record Sept. 15.
A like dividend was paid in each of the 10
per
Co.—Committee Files Plan—
5,832,823
1,100,036
394,811
7,168,397
1,712,400
849,705
Gross from railway.....
Net from railway
mentJune 30—
Bonds, stocks,
Net from
Net after
>
770.
Merchants Indemnity
$6,539,866
1,446,183
$8,467,008
2,692,587
1,707,905
Net after rents
1937
1934
1935
1936
1937
2,664,659
3,033,901
$8,790,212
Gross from railway.
Net from railway
Sheet June 30—
Real estate
Missouri Pacific RR.—E aminos—
July—
N. Y.—Balance
of
Corp.
Assurance
Fire
947.
Missouri-Kansas Pipeline Co.—New President, &c.—
W. G. Maguire was elected President of this company at a meeting held
Aug. 17. A. F. Dixon and H. P. Childs were named Vice-Presidents and
H. L. Toller, Treasurer.—V. 144, p. 4014.
undistributed
Merchants
Federal surtax on undistributed profits
reported no undistributed adjusted net
has been made to date for 1937.
No such provision
income for that year.
—V. 145, p. 286.
Total...
1428
Financial Chronicle
Morris Finance
Co.—-Earnings-
The
6 Months Ended June 30—
Gross income from operations.
Operating
1937
Gross
on
$272,776
33,413
30,500
67,500
$155,072
17,500
40,250
Interest on collateral trust notes, &c
Commissions and fees on collateral trust notes
Provision for Federal income taxes (incl. the surtax
$269,937
2,838
$227,754
39,130
3,053
income
$442,351
172,414
$221,157
6,598
Net income from operations.
Other income credits
$169,679
17,500
24,500
undistributed profits)
Net income
Cash dividends paid on
preferred capital stock
Cash dividends paid on common
capital stock
Net surplus for six months..
.
Cash on
deposit...
$440,049
6,000,391
10,336
6,057
38,094
63,365
102,482
7% cum. pref. stk.
(par $100)
x
112,347
208,477.
life insurance
$6,034,748 $6,604,7741
Total
Represented by 5,000 shares class A stock,
class B stock, no par.—V. 144,
p. 4188.
6,444
& taxes.
Total
The 3 %
a
The directors have
$887,495
$629,482
91,000
$987,580
Prem.
on
$759,495
550,666
350,000
$538,482
7,500
240,000
25,000
$437,580
$409,495
$265,982
200,000
shs. com. stk. (no par)
$4.94
$3.80
$2.65
x No
provision has been made for excess
profits tax or for
undistributed profits.—V. 144, p. 3845.
From Jan.
—V.
debentures
ga!
1935
8,722,638
1,463,760
865,121
Period—
7,856,670
7,209,177
905,867
521,358
669,780
253,470
Year End.
Prov. for Fed. inc. tax..
shs.
com.
$319,357
2
4,101
104,009
35,938
92,032
30,222
$145,109
$216,020
$152,789
$175,309
$1.57
$1.00
$1.10
Includes $23,400 estimated
provision for surtax
a
Assets—
1937
on
expenses.
35,671
715,929
13,807
Other assets
Plant & equipment
Deferred charges
_
1,006,467
.
Cap. stk. acquired
by sub. at cost..
800,438
21,581
Prov. for Fed. tax.
Divs.
on
pref. stk.
Long-term debt
1936
$525,953
$86,317
250,000
50*271
42,355
61,959
6,098
250,000
Reserve
stock
727,985
738,271
Common stock__
538,638
617,018
pref.
$3,190,486 $2,200,348'
Total
118,959
Represented by 33,264 no-par shares in
1937 and 33,734
y Represented by 89,929
no-par shares.—V.
no-par shares
143, p. 3474.
3 Months
exps., normal Fed. inc.
taxes, deprec. & other chrgs., but
before surtax
undistributed profits
Earnings per share on 84,825 shares
State, munic.
$16,219
$0.19
$42,101
$0.50
National Lead Co.—Insures
Employees—
The company has provided for
its 5,000
employees approximately
000,000 of group life insurance, it was
announced on
$5,837,651
6,216
by the Metropolitan
$5,831,435
5,108,645
$10,940,080
1,678,296
3,273,670
$5,988,114
1936
1937
185,402
1,497,022
rec.
Junior
value) ...125,839,095 125,839,095
gold debs.,
par
6%
series A...
gold
9,500,000
Divs. declared
Accts.
sec.
accts..
Conting.
ofBirmingh'm
for
Electric Co
Accts. rec., subs.
500,000
inv.
644,237
4,202
183,077
8,419
sec.
2,592,917
2,621,134
147,456
Unamort'd
147,456
419,574
cash
in junior
of Birm.
Electric
Co...
Reserve.
Sundry debits..
8,293
382,675
liabil.
add'l
177,800
15,000,000
419,574
276,973
395,350
__
payable.
Accrued
9,500,000
15,000,000
debs.,
series B
199,178
$
Cap. stock (no
5%
&
debt
disct. &exp..
x
1936
$
Liabilities—
Conting. right to
Surplus.
177,800
500,000
281,378
5,988,114
281,378
5,837,652
157,878,285 157,768,6661
Total
Aug.
Life Insurance Co.
18.
$18,-
The plan
National Lead
157,878,285 157,768,666
x
Represented by 279,716 shares $6 pref. stock (value in
liquidation $100
share) and, 5,456,117 shares of common stock.
Note—The consolidated income account for 3 and 12
months ended
June 30, was given in "Chronicle" of
Aug. 21, page 1267.—Y. 145, p. 1267.
a
Nebraska Power Co.—EarningsOper. exps. (incl. taxes).
Prop, retire't res. approp
Net oper revenues
Other income
Int.
on
mtge. bonds
Int.
on
deb. bonds
x
;
cost.
$5,295,759
1,355,924
oth .short-term
6 Months
on
employees share the
.
sees.
Other int. & deductions.
Int. charged to
construc.
Co.—Earnings-
Period Ended June 30—■
Net income after oper.
underwritten
$6,466,379
1,357,734
$
.$3,190,486 $2,200,348
in 1936.
and its
$1,332,667
337,207
1937—Month—1936
$656,050
369,279
44,167
$606,865
354,492
37,500
1937—12 Mos.—1936
$7,222,564
$6,997,531
3,990,643
3,771,423
534,167
450,000
$242,604
573
$214,873
5,350
$2,697,754
122,968
$2,776,108
264,230
$243,177
61,875
17,500
8,634
$220,223
61,875
17,500
7,284
$3,040,338
742,500
Cr220
Cr692
$2,820,722
742,500
210,000
100,286
Cr41,985
$1,809,921
$2,003,096
538,638
93,111
663,670
conv.
Earned surplus
was
$1,501,219
338,303
140,764,969
10,509,030
2,650,000
Period End. July 31—
Cum.
1,921
—V. 144, p. 1290.
$5,486,143
190,384
$
Cash
Operating revenues
x
National Brush
$6,676,508
a210,129
stock
1937
6,184
30,716
Capital surplus
x
$1,377,967
45,300
141,784,608
10.780,042
250,000
44,688
y
Total
$5,426,201
59,942
Investments
Total
1937
Accounts payableNotes payable
Accruals
416,731
$6,581,281
95,227
undistributed profits.
Liabilities—
$194,269
100,559
Accts. & notes rec.
Inventories
Prepaid
1936
$231,057
584.272
1,235,543
32,588
Co.—Earnings—
Balance Sheet June 30 (<Company Only)
Consolidated Balance Sheet
April 30
Cash
distributed during
1
Accts. rec., other
$0.79
stk. (no par)
were
$1,336,094
41,873
Assets-r
Year End.
Net
profit carried to
surplus account
Earns per sh. on 89,929
share
$6 preferred stock
on
on common
Short-term notes
$275,046
com¬
&
securities
$375,376
Cr3,134
120,542
41,9*8
the
Includes Federal surtax of $1,411 on
undistributed profits for the year
No provision has been made to date for
1937.
a
U. S. Govt.
10 Mos. End.
on
1936.
100,949
39,947
April 30 '37 Avril 30 '36 April 30 *35 June 30 '34
$374,344
2,517
168,338
a58,379
cents per
Earned surplus, June 30, 1937
7,622,132
1,201,270
747,750
Net profit before int.,deprec., spec, chgs., &c.
Miscell. charges—net...
Provision for deprec
dividend of 50 cents per share
Total
$1,023,722
Year End.
a
carried to earned
Dividends
Dividends
1934
$1,037,546
119,237
71,506
Pay
surplus
$1,162,916
$995,460
$5,108,645
$3,939,835
Summary of Earned Surplus for the 12 Months Ended June 30,1937
Battery Co. (& Subs.)—Earnings
'
Co.—To
$1,539,005
37,786
taxes
Time deposits_
National
Castings
Earned surplus, July 1, 1936
Deduct miscellaneous adjustment
o
1936
145, p. 771.
Steel
Balance
$1,205,744
182,387
137,144
1—
&
Bal. from statement of income for 12
months ended June 30, '37
1266.
47,547
$5,106,140 $5,073,640
on
1937
Gross from railway
Net from railway
Net after rents
Total
$1,508,133
30,872
other deductions—
Int. & other deducts
$2.19
$1,211,308
201,031
149,834
Gross from railway
Net from railway
Net after rents
Dec.
Net inc. before int.
Nashville Chattanooga & St. Louis
Ry.—Earnings—
July—
on
Total income
$288,401
surtax
168,908
2,580,226
Period End. June 30—
Gross income:
(A. I.) Namm & Son—Trustee—
The Manufacturers Trust Co. is
trustee for $800,000
6%
this company.—V. 145,
p.
paid
was
Exps., incl.
on
168.908
Comparative Statement of Income (Company
Only)
1937—3 Mos.—1936
1937—12 Mos.—1936
$483,401
45,000
150,000
pf. stk. ret'd..
34,288
Sept. 18 to holder of record Sept. 4.
July 24 and on April 17, last; a dividend of
15, 1936, 65 cents per share on Oct.
23, 1936, and
82,146
Surplus
Earns, persh.
$1
$563,401
80,000
Preferred dividends
Common dividends
Malleable
Other.
128.000
34,288
on
previously dividends of 10 and 25
1936.—V. 145, p. 614.
$523,006
40,396
$1,172,580
xl85,000
Total income
Federal taxes
75,000
Series of 1932...
B stock (50
Dividend—
1934
$613,800
15,683
135,600
75,000
stock, no par value, payable
A similar amount was
paid on
$1,013,667
408,516
$879,849
7,646
2,088,000
al35,600
coupon
interest
mon
-Earnings—
1935
2,088,000
3,361
National Power & Light
$1,151,612
20,968
Operating profit..
Other income
3,267
The directors have declared
declared a dividend of 50 cents
per share on the com¬
mon stock,
payable Sept. 30 to holders of record Sept. 10.
Previously
regular quarterly dividends of 25 cents
per share were distributed.
In
addition, an extra dividend of 25 cents was paid on Dec.
19, Sept. 30 and
June30,1936.—V. 143, p. 285.
$1,173,552
491,455
68,297
conv
accordance with
National
Muskegon Piston Ring Co.—Dividend Doubled—
1936
5,253
notes are secured by interest
coupons evidencing de¬
$1,888,000 principal amount of collateral trust
bonds,
terms of adjustment
agreement dated Aug. 1, 1932.
The holders of $114,300 out of
$135,600 principal amount of said notes
outstanding with the public accepted a plan (formulated on
April 28, 1937,
and declared effective on June
8, 1937), providing for the extension of the
maturity thereof from May 1, 1937 to May 1, 1944.
The annual interest
on these notes due
May 1, 1937, was paid on June 8, 1937.—V.
143, p. 436.
common
$1,454,282
515,926
58,507
23,592
due May 1937..
CI. A stk. ($1 par):
.$5,106,140 $5,073,6401
50-Cent
1937
23,592
bds.
on
cents par)
par $1, both payable Sept. 29 to holders of record
Sept. 14.
Similar
payments were made on June 29 and March 29,
last, and on Dec. 28, 1936,
and dividends of 20 cents
per share were distributed in each of the four
preceding quarters, the Dec. 2, 1935, dividend being the initial
distribution
on this stock.—V.
145, p. 123.
$1,804,484
591,757
61,116
$10,320
Capital surplus... 2,586,374
Operating deficit..
21,065
in
the
1935
$10,320
5,123
Class
The directors have declared an extra dividend of
10 cents per share in
addition to the regular
quarterly dividend of 25 cents
(F. E.) Myers & Bro. Co.
ins.
500,000
350,000
118,735
454,476
ferred
on
1936
Original issue...
5,092
Prepaid
Mueller Brass Co.—Extra Dividend—
stock,
int.
f.
s.
Other notes recelv.
$50, and 10,000 shares
par
31
15-yr. coll. tr. 6%
4,615
$6,034,748 $6,604,774
x
Dec.
Coupon notes, 3%,
4,615
prems.
434
loss$66,958
& coupon notes.
2,408
...
123,238
350,000
118,735
630,905
Capital surplus...
Total
1,754
of
sub., past due..
life
4,154
$26,483
Note pay., bank..
Accrued expenses.
Acer.
1,211
val.
surr.
374,200
500,000
Com. cap. stock.
Earned surplus...
Expenses
Depreciation.
4,427
125,280
com¬
Liabilities—
.
less reserve
Cash
1935
$5,053,414 $5,053,263
36,133
4,201
Restric'd bk. bal.,
$4,363,300
136,140
Reserve for losses.
Unearned income.
9 Mos. End. July 31
2,827
125,280
4,068
9,326
controlled company.
Note rec. of former
18,973
on
purch.
1936
361,139
175,555
246,023
rom
1936
Investments
withheld
from dealers
15,216
comm.
receiv'les
Includes income
Balance Sheet
$454,475
1937
accrued taxes...
Funds
on coll.
trust notes
9,607
3,728
525
Assets—
30
Coll. tr. notes
pay.$3,516,250
Accts.
payable &
4,783
Accts. receivable..
Prep'd
June
Liabilities—
Repos'd chattels..
Prep'd int.
10,573
4,101
Net income
a
1935
$90,000
Other interest
Cash
1936
$687,631
5,252,142
1936
a$180,690
6,833
Tax refunds and other exps. on coll. trust
bonds._
Compensation and expenses of protective
mittee for 6% collateral trust bonds
Interest on 6% collateral trust bonds
;
Interest on 3% coupon notes
$127,679
326,796
$630,905
_
Balance Sheet
Notes receivable..
Corp.—Annual Report—
.
Earned surplus June 30
1937
National Food Products
Years Ended Dec. 31—
group
Income—Dividends from subsidiary
company
Premiums on life insurance
policies
Salaries,
taxes, transfer agency fees, legal and
accounting fees and other expenses
2,183
$97,322
533,583
Earned surplus Jan. 1
Assets—
a
retirement annuity program
installed by the
company last January and supersedes a death benefit
plan
operated by the company_for several years.—V.
145, p^_948._
1936
$334,314
113,157
expenses
Aug. 28, 1937
insurance plan supplements
Net income
$155,388
$134,256
Dividends applicable to preferred stocks for the
period, whether paid or unpaid
Balance
210,000
88,602
Cr3,860
499,100
(499,100
$1,310,821
$1,503,996
x
Regular dividends on 7% and 6% preferred stocks were
paid on
June 1, 1937.
After the payment of these dividends there were no
accumu¬
lated unpaid dividends at
that date.
Note—No provision was made for Federal surtax on
undistributed profits
1936, inasmuch as the company reported no undistributed
adjusted
income for that year.
No such provision has been made to date for
1937.—V. 145, p. 948.
for
net
Volume
Financial
145
^New York Chicago & St. Louis RR.- —Earnings—
National Tea Co.—Sales—
1937—32 Wks.-—1936
$39,029,937 $37,447,822
1937—4 IFts.—1936
$4,623,972
$4,812,646
Period End, Aug. 14—
Sales.
duty—
i926
a$923,295
a275,390
1,201,017
643,161
_
$647,904
418,173
Gross profit
Selling and administrative expenses.
$557,856
13,344
26,479
purchasas, &c.
Net profit on other sales...
on
$229,730
$597,679
46,231
Profit from operation
$252,763
Total income
Cash discounts allowed
7,128
al5,905
22,067
1935
1936
1937
$2,522,690
576,119
208,500
$2,584,843
676,170
239,774
25,240,288
8,530,127
4,991,381
Net after rents
$3,511,874
1,271,508
732,471
23,112,518
8,175,262
4,889,917
19,092,051
5,797,153
3,232,371
19,816,636
6,620,835
3,612,221
—V. 145, p.1107.
NY PA NJ Utilities Co. (&
Subs.)—Earnings—
Gas
$55,607,284 $60,025,623
7,935,250
8,054,677
2,575,318
2,622,234
revenue
Miscellaneous
revenue
...
$66,117,852 $70,702,534
29,483,083 30,542,377
5,859,613
5,317,797
5,020,318
6,451,768
1.397,101
1,645,927
5,650,781
6,970,201
Total operating revenues....
Operating
9,700
42,500
17,000
124,250
;
expenses..___
Provision for retirements......
Federal income taxes.
Other taxes
$410,199
$178,496
Preferred dividends
138,388
86,625
a These
amounts differ from those shown in semi-annual report at
June 30, 1936 because of reclassification made to conform with that used in
1937.
The difference represents sales and cost of sales of other than
period
Net income for the
product.
Note—No provision made for
Federal surtax on undistributed net
1937
income.
Consolidated Balance Sheet June 30,
1937
Assets—
$587,357
Cash
1936
$315,097
Accrued
sions, taxes, Ac.
Prov. for Fed'l and
45,770
State inc. taxes.
202,396
69,813
9,383
9,950
29,450
49,826
44,816
329,745
Fixed assets
& Good-will,
credit
Customer's
307,802
d 1st pref.
e
$8
2,039,648
marks, &c
2,039,648
f Common stock
.
$3,434,329
$3,060,1761
After allowance for doubtful
a
stock
and
700,000
165,432
674
$8,921,262
NY PA NJ Utilities Co.:
Interest on funded debt
Dividends
818,361
2,768,704
52,332
unfunded debt
on
Amortization of debt discount
and expense
18,414
preferred stock
on
150,000
830,750
1,008,218
def71,494
117,851
Drl76,000 Z>rl76,000
$3,434,329 $3,060,176
Total
notes
507,100
_
Capital surplus...
Earned surplus
Total
470,488
2,956,759
cumu¬
pref. stock
Treasury
1,496,250
stock.. 1,496,250
conv.
lative
trade¬
Cr58,103
;
on
Balance
Interest
2,298
balances
(not current)
c
8,498,444
356,753
preferred stock
Minority interest in net earnings
41,524
39,287
taxes
•
commis¬
190,734
Prepaid insur. and
Advertising mat'l.
b Notes receivable
$17,035
122,677
183,487
195,596
Inventories..
$21,146,277
Gross income
Subsidiary companies:
Interest on funded debt
Interest on unfunded debt
Dividends
$67,311
payable.
$18,706,955 $19,774,463
1,371,814
Operating income
Otherincome
Interest charged to construction
Amortization of debt discount and expense
1936
1937
Liabilities—
Accounts
Notes, accept'cas
& accts. receiv'le
a
1937
1936
12 Months Ended June 30—
Electric revenue
Maintenance
possible losses on current uncollect¬
ible acceptances and accounts receivable
Provision for Federal and State income taxes
Allowance for
1934
$3,355,238
985,531
632,337
Gross from railway
Net from railway
Net from railway
Net after rents
1937
$1,664,340
463,323
Net sales of product..
Cost of sales
^
From Jan. 1—
Gross from railway
(Del.)—Earnings—
6 Months Ended June 30—
Discount
1.241
1,244
Stores in operation
—V. 145, p. 948.
Nehi Corp.
1429
Chronicle
accounts
of $40,609 in
1937
$40,850 in 1936.
b After allowance for doubtful notes of $29,575 in
1937 ($51,875 in 1936).
c After reserve for depreciation of $203,252 in
1937 and $254,330 in 1936.
d Represented by 19.000 no par shares,
e Represented
by 5,071 no par shares in 1937 and 7,000 no par shares
in 1936.
f Represented by 165,432 no par shares in 1937 (150,000 no par
shares in 1936).
g Includes $899,547 at which similar items were carried
on
the balance sheet of a predecessor company merged with Nehi, Inc.
in 1928, and an increase of $1,140,101 at the same time, in book valuation
thereof, reflected in revised capitalization of Nehi, Inc., a wholly owned
subsidiary of Nehi Corp.—V. 145, p. 287.
Balance
$5,263,450
—
Includes operations of all properties now part of the NY PA
Co. consolidation irrespective of dates of acquisition, with
owned and annual requirements on securities
outstanding, as indicated, at June 30, 1937.
(2) No provision is made in
this statement for Federal surtax on undistributed profits, if any, for the
Note
(1)
NJ Utilities
annual income on securities
1937.—V. 145, p. 1109.
year
and
Niagara Fire Insurance
.
after rents
Net
Prems.
434,087
447,707
Cash on
145,
$235,043
1,500,858
465,189
86,720
39,499
'
151,000
$185,419
$256,735
609
$256,735
$186,028
567
291
$257,302
204,468
18,163
$186,319
Other Int. & deductions.
Int. charged to constr..
Gross income
Int.
on
bonds
mtge.
1,285,153
298,560
60,503
309,105
41,758
$3,673,845
1,776
$3,153,795
6,702
$3,675,621
14,145
$3,160,497
25,328
$3,689,766
2,466,203
$3,185,825
2,603.602
216,168
243.885
Cr511
$35,022
Net income
x
209,424
17.154
Dividends applicable to pref. stock
def$40,259
for period,
$980,189
$366,055
544,586
unpaid
Balance.
544,586
$435,603
whether paid or
def$l78,531
accumulated and unpaid to July 31, 1937, amounted to
Latest dividend, amounting to 87H cents a share on $7 pref.
Dividends
x
$2,427,946.
stock, was paid April 1, 1933.
Dividends on this stock are cumulative.
Note—Includes provision of $438,600 made during the 12 months ended
July 31, 1937, and $195,100 made during the 12 months ended July
1936, for Federal surtax on undistributed profits.—V. 145, p. 949.
Newton Steel Co.—Plant
31,
Sold—
Joseph J. Nazarre, Commissioner of the Monroe County (Mich.) Circuit
Court, accepted on Aug. 24 a bid of $2,500,000 made by the Central Na¬
tional Bank of Cleveland for the company's plant at Monroe.
The bank
was the only bidder.
It held a judgment of $4,057,344 against Newton
Steel for delinquent bonds and interest.
It is said the plant will be leased to the Republic Steel Corp., which has
been operating it and which owns about $3,000,000 of Newton Steel bonds.
The sale is subject to confirmation by the Circuit Court.—V. 144, p. 4354.
New York Central RR.—Earninas—
1937
1936
.
1935
1934
$30,720,572 $29,416,616 $23,816,638 $23,824,080
7,048,675
7,740,484
4,519,811
5,142,114
3,204,426
4,255,844
1,765,347
1,825,455
July—
Gross from railway
Net from railway
Net after rents
From Jan.
Gross
from
—V.
217,552,526 201^32,622 174,299,343 175,344,723
54,081,451
48,931,661
39,927,952
45,084,904
25,779,620
23,944,396
16,805,021
18,993,139
railway
after rents
145,
p.
1107.
New York New Haven &
The
Interstate
Commerce
Hartford
Commission on Aug. 17 issued a certificate
Earnings for July and Year to Date
Period End. July 31—
aJNet ry. oper. income.
_
Net def. after charges.
The leases of the
1937—Month—1936
1937—7 Mos—1936
$6,450,851 $48,131,495 $44,009,292
203,240
440,746
3,918,136
2,504,158
b769,898
b506,675 b2,871,283
b4,793,172
"16,846,149
Total oper. revenue
a
for
all
other
400,000
400,000
2,000,000
2,000,000
17,377,009 16,231,346
25,978,425 25,035,796
Total
25,978,425 25,035,796
following companies were rejected on dates stated
below, but net railway operating income
includes the results of operations
properties: Old Colony RR., June 2, 1936; Hartford & Connecticut
Western RR., July 31, 1936; Providence Warren & Bristol RR., Feb. 11,
1937.
b Effective as of those dates no charges for the stated leased rentals
are included covering the Old Colony RR.; Hartford & Connecticut Western
RR., and Providence Warren & Bristol RR. leases,
c Before guaranties
on separately operated properties.—V.
145, p. 1108.
of these
309,600
200,000
Reserve for divs..
Cash capital
783.
Niagara Hudson Public
Name—To Refund $36,364,500
Service Corp.—To Change
Bonds—Issuance of $50,364,-
Contemplated—
500 Bonds
month as a consolidation
serving large areas of the central
have called a special meeting of
stockholders to be held on Sept. 15 at Syracuse, N. Y.
The meeting has
been called to consider the changing of the name of the corporation to Central
New York Power Corp. and to authorize the execution of a new mortgage
upon the property of the corporation in connection with th« proposed
refunding of $36,364,500 of callable bonds of the corporation and the
obtaining of additional funds for extensions and improvements to the plant
and property of the company.
The close of business on Aug. 30, 1937 has
been fixed as the date for the determination of stockholders entitled to
The directors
of this corporation, formed last
of 12 electric and gas operating companies
and northern sections of New York State,
notice of and to vote at
In commenting upon
the meeting.
the proposed change in name,
John L. Haley,
corporation, an
of the
it
found to
of the State of
Niagara
satisfactory
available.
been obtained to the use of the name
President, stated: ' Upon the formation of the consolidated
effort was made to provide a name which would be descriptive
territory served.
Due to prior use by other corporations
was
oe impossible to obtain approval of the Secretary of State
New York to the use of the names then proposed, and the name
Hudson Public Service Corp. was decided upon for use until a
name indicative of the corporation's operating territory should be
Since the
consolidation consent has
Power Corp.'
Central New York
In the event
of authorization of
the proposed mortgage by the
stock¬
holders, and approval by the P. S. Commission, the corporation
templates the issueance and public offering of not to exceed
principal amount of 3%% bonds to be secured by the mortgage.
proposed that $36,364,500 out of the proceeds of the
together with any premium realized, will be applied towards
con¬
$50,364,500
It is
sale of these bonds,
the redemp¬
tion of
$36,364,500 aggregate principal amount of the outstanding redeem¬
heretofore issued by certain of the constituent companies which,
able bonds
corporation. The out¬
from 5% to 6%.
July 31, 1937, were consolidated to form the
standing bonds to be redeemed bear interest ranging
on
of the proceeds will be applied towards the construction of
additional generating and distribution facilities made necessary by the
growing business of the corporation.
The descriptions of the bonds to be redeemed, the amounts presently
outstanding, and the proposed dates of redemption are set forth in the
following table:
.
.
Principal
Proposed
Amount of
Date of
The balance
of Issue—
Bonds
Light & Power Co., 1st mtge. 5Hs,
A, 1956.
$999,500
Northern N. Y. Utilities, Inc., 1st & ref. 5s '63*1,737,000
Northern New York Utilities, Inc., 1st lien and
Name
Mai one
Series??^ ms!-
RR.—Abandonment
permitting abandonment by the trustees of the company of a line of railroad
extending from the point of switch at East Thompson to a point about
2,080 feet east of Webster station, approximately 5.47 miles, all in Wind¬
ham County, Conn., and Worcester County, Mass.
c
1,011,839
Net surplus
-V. 144, p.
357,760
series
1—
Net from railway.
Net
taxes
claims
1,295,372
Cr351
Operating income
Other income (net).....
1,026,108
...
47,333
7,931
Inc.—Earnings—
Period End. July 31—
1937—Month—1936
1937—12 Mos.—1936
Operating
revenues
$1,404,364 $1,287,673 $17,810,578 $16,307,370
Oper. exps. (incl. taxes)
970,629
925,254 12,012,733
11,029.575
Prop, retire, res. approp.
177,000
177,000
2,124,000
2,124,000
__
for
and expenses
$179,288
New Orleans Public Service
Net oper. revenues
Rent from lease of plant
adjustment
Reserve
1934
$196,484
52,768
17,541
772.
p.
1,021,225
61,243
deposit &
Total
Gross from railway
Net from railway
Net after rents
1,031,766
60,878
collection
Interest accrued..
Res.
1—
From Jan.
—V.
1935
$292,135
135,981
83,454
1,914,316
774,672
388,857
railway
Net from railway
S
5,447,143
-Earnings—
1936
1937
July—
Gross from
1936
1937
Liabilities—
$
Ȥ
*5
8tocks...23,859,672 22,941,488 Unearned prems.. 5,409,568
Losses in process of "'
in course of
Asscts~~~~'
Bonds &
in office
New Orleans & Northeastern RR.-
Co.—Balance Sheet June 30—
1936
1937
.
Rome Gas,
Syracuse
'514°7n
3.624.000
?955?_?::::::::::::::::::::: IiSHJoo
Co., 1st ref. 5s.
Inc., 1st & ref. bonds:
5% series B,
1954
,
1957
Electric Co., gen. mtge.
5^% series C, 1949.
5% series D, 1956
,...
5% series E, due Jan. 1, 1952
Watertown Light & Power Co., 1st 5s
Utica Gas &
656,000
Dec.
Feb.
..
5,000,000
...
3,300,000
6,000,000
2,000,000
bonds:
Dec.
6,202,500
Elec. Light & Power
Lighting Co
series
Redemption
Nov. 15, 1937
Jan. 1, 1938
Jan.
1. 1937
i;18?
1, 1937
1, 1938
1,1938
„
Dec. 15, 1937
Apr. 1,1938
Jan. 1, 1938
Jan. 1,1938
1.279,500
5% bonds shown above,
$5,927,500 of such bonds are pledged under the first lien and refundinr
mortgage of Northern New York Utilities, Inc.
Such pledged bonds will
also be called for redemption, and the funds received by the trustee under
the first lien and refunding mortgage upon the redemption of such bonds
will be used, together with other funds, to redeem the series C, D and E
bonds outstanding' under said first lien and refunding mortgage.
The
series A bonds and B bonds outstanding under said first lien and refunding
mortgage are non-callable.—Y. 145. p. 949.
*In addition to
1959
the $1,737,000 1st andref. mtge.
1430
Financial
Norfolk Southern
Chronicle
RR.—Reorganization Plan Filed Court—•
A plan for the reorganization of the
company has been filed with the
U. S. District Court for the Southern District of
Virginia by protective
committees representing holders of the 1st ref. mtge. 5s of
1961, 1st mtge
6s of 1943, Raleigh & Southport Ry. 1st mtge. 5s of
1965, and Aberdeen
& Asheboro RR. 1st mtge. 5s of 1940.
The plan, to be effective July 1, 1938, proposes the
formation of a new
company with an outstanding capitalization of $4,181,671 1st
mtge. 4H%
series A bonds, $1,178,000 equipment trust
certificates,
$6,905,671
Interest, sinking fund, &c., on income bonds, however, will
bring the
charges to approximately $786,000.
In addition to these
charges
must be considered rental of the Durham & South
Carolina RR.
The
lease calls for annual payment of $83,000 but has not
been confirmed
by
receivers and negotiations
fixed
are
&
Electric
Corp.
1937—3 Mos.—1936
$541,403
$515,936
(1)
new
Equipment
trust
certificates,
under way.
$1,178,000,
following treatment
be
to
assumed
by
company.
(&
Subs.)-
1937—12 Mos.—1936
238,074
31,602
40,067
51,474
11,812
232,033
42,073
28,423
49,392
22,653
$168,373
100,878
$141,362
92,591
$696,368
388,968
$638,457
368,763
$269,252
93,482
$233,954
94,367
867
14,123
16,738
1,085,336
375,282
3,215
67,214
$1,007,221
395,683
862
59
7,155
1,323
772
2,921
1,576
3,998
$159,461
91,579
$121,150
91,569
$629,549
366,301
$529,403
364,385
$67,881
$29,581
$263,247
$165,018
Provision for retirem'ts.
General taxes
Prov. for Fed. inc. tax..
Gross income
Bond interest
Other
interest.
Amort, of dt. disc. & exp.
Unrecovered discount on
bonds retired
Minority interest
Terms of Proposed Plan
Securities of the existing company will receive the
under the plan proposed:
28,
$2,190,070
962,176
138,676
162,205
206,669
23,974
Maintenance
Operating income
Interest charges annually on present capital
aggregate $837,000.
Under
the proposed set-up fixed interest charges will be
reduced to $235,000.
lease
Period End. June 30—
>
Operating revenues
Operating expenses—
Other income
Fixed Interest Charges at $235,000
new
Water
$2,164,894965,253
132,188
153,501
216,563
58,932
gen.
mtge. 5% conv. income bonds, and 60,671 shares no-par common.
for a
Aug.
Northeastern
Net
Divs.
the
(2)
Holders of Norfolk Southern 1st 5s of 1941 will receive:
Principal
1, 1938, total of $1,910,146 in new 1st
mtge.
bonds; one-half interest, $225,146 in income bonds.
This
would
be
115.416% in new 1st mtge. bonds and 15.416% in incomes.
(3) Holders of Norfolk Southern 1st gen. 5s of 1954 will
receive:
40%
of principal, $330,000, in new 1st
mtge. bonds; 60%, $495,000, in income
bonds; for each $100 of accrued interest, $247,500 to July
1, 1938,
income..
on
pref. stock
Balance
3,940
72,621
—V. 144, p. 4017.
and one-half interest to July
also receive one share of new
they will
common.
(4) Holders of Raleigh & Cape Fear 1st 5s of 1943 will
receive:
Prin¬
cipal, $137,000 in new 1st mtge. bonds; accrued interest, $43,383 to
July 1,
1938, in new common at rate of one share for each $100.
(5) Holders of Aberdeen & Asheboro 1st 5s of 1940 will receive:
50%
of principal, $82,000 in new 1st
mtge. bonds; 50% of principal,
$82,000,
and accrued interest, $49,200, in income
bonds.
(6) Holders of Raleigh & Southport 1st 5s of 1965 will
receive:
10%
of principal, $37,400, in new 1st
mtge. bonds; 50%, $187,000, in income
bonds; 40%, $149,600, in new common stock at rate of one share
for each
$100, and unpaid interest, $113,758, in new common at rate of
one share
for each $400.
(Del.) (& Subs.)—Earnings
1937
1936
..$35,537,191 $33,833,992
14,929,242
14,671,367
Retirement reserves——...
2,900,000.
2,900,000
Net income after int. charges, amortization of debt,
discount and expenses, other income deductions,
divs. on pref. stock of sub. held by public and
minority interest in income of subsidiaries
5,689,806
5,163,549
—V. 145, p. 616.
Net
operating revenue and other income
_____
Northern States Power Co.
Electric output of the Northern
(Minn.)—Weekly Output—
States
Power
Co.
system ^or the week
ended
Aug. 21, 1937, totaled 26,060,362 kilowatt hours,
4.1% over the corresponding week last year.
an
increase
of
Earnings for 12 months Ended June 30 (Incl. Subs.)
.
(7) Holders of Norfolk Southern 1st & ref. 5s of 1961 will receive:
10%
principal, $1,160,400, in new 1st mtge. bonds; 50%,
$5,802,000, in
of
Northern States Power Co.
12 Months Ended June 30—
Gross operating revenues
1937
Gross.
1936
,....$30,735,198 $29,382,891
10,889,297
10,436,614
income bonds; 40%, $4,641,600, in new common
at rate of one share for
each $100, and for accrued
interest, $3,722,650, one share of common
for each $400.
Net oper. revenue & other inc. after taxes & deprec.
Net income after int., amortization of debt disct.
(8) Hoiders of Suffolk & Carolina 1st 5s of 1952, $642,000:
It is pro¬
posed to abandon most of mileage securing this issue.
Certain
—V. 145, p. 1268.
property
will be paid for with $67,725 1st
mtge.
bonds, $35,325 income bonds and 259.31 shares common stock.
(9) Holders of common stock will receive warrants
entitling them to
purchase during three years, at a price of $10 in the first
year, $15 in the
second and $20 the third,
1,600 shares of new common, or at the rate of
one share for each 100 held.
(10) Preferred claims of general creditors will be paid in cash.
Unse¬
cured claims not entitled to
preference will receive 1-5 share of new common
for each $100 of principal and interest.
(11) All bonds and stock of the Roper Lumber Co. are
to be taken
the
over
Norfolk
by
Southern 1st
&
pledged under
5s
ref.
of
1961.
Such
securities
and
option to purchase, option being subject
approval.
plan
How Income Would Be Applied
for the application of available
provides
after payment of fixed
(1) To
operating
each
the extent that any
charges for depreciation of way and structures
made and available for the
purposes of such fund.
to
To interest
on
are
the income bonds.
fTo the sinking fund for the 1st mtge. bonds.
sinking fund for the income bonds.
of the above items are
contingent and non-cumulative, but must be
paid to the extent that they are earned in
any year except that during the
first three years after the affective date of
the plan interest earned on the
income bonds may be withheld from
payjnent, in which event the amount
withheld shall accumulate.
Reorganization Managers—The reorganization managers shall serve with¬
out compensation.
They shall include Carroll M. Shanks and W. D. Dexter
Jr.—V. 145, p. 1108.
Norfolk & Western
Period End. July 31—
Railway
Railway
Net ry.
accruals.._
$3,303,183
1,156,469
$25,021,263 $22,984,767
8,284,170
7,129,730
income.
$2,146,714
oper.
Railway tax
Railway
expenses.
revenue..
oper.
Equipment rents (net)..
Joint facility rents (net)
12,240,421 $16,737,093 $15,855,038
261,159
2,208,481
1,947,763
Dr42,626
Dr86,695
Drl87,699
285,296
Drl4,350
_
Net ry. oper. income.
Other inc. items (bal.)..
$3,577,583
1,337,163
$2,417,659
63,308
$2,458,953
69,901
$18,858,879
597,910
on
$2,480,968
178,817
$2,528,855
178,817
Note—Figures appearing in above have been compiled from those shown
the books of the subsidiary
companies and of A. F. Townsend, receiver
Northern
Texas
Traction Co., after
inter-company eliminations.—
V. 145, p. 1268.
July—
Net
$2,350,038
$18,205,071 $16,708,137
p.
773.
Investments:
Bonds
Real estate...
.....
Bal. due from ceding cos
Accrued Interest
Total
Res. for claims & claim exps..
1,861,101
Mortgage loans
Res. for unearned premiums._
Res. for commissions, taxes,&c
38,500
7,500
314,508
212,717
Voluntary
$191,981
1,251,659
78,076
Capital
550,000
600,000
Surplus
1,734,490
Total
$4,406,206
reserve.
..
19,616
$4,406,206
!
The income statement is
given under General Reinsurance Corp. above.
—V. 144, p. 1970.
Northern Alabama Ry.July—
.
Gross from railway
Net from railway
Net
after
rents
From Jan. 1—
Gross from railway
Net from railway
Net after rents
—V.
145,
p.
1937
$64,170
27,657
6,452
464,694
203,165
76,380
773.
Earnings—
1936
1935
1934
$46,906
18,505
2,505
$29,875
2,658
defl 1,222
$42,640
13,756
398,570
321,142
110,115
defl ,277
318,275
169,014
58,817
Northern Indiana Public Service
Period End. July 31—
Net income after int., de-
def471
108,232
15,729
Co.—Earnings
1937—Month—1936
1937—7 Mos
1936
prec'n,
Fed.
income
taxes, &c
—V. 145, p. 950.
2,202,282
2,209,049
191,772
69,034
1,769,282
def4,075
defl49,506
1,869,270
173,141
def2,041
$157,911
$95,247
$1,^37,040
$8Q6,674
206,160
15,286
Corp. (& Subs.)—Earnings-
Earnings for 6 Months Ended June 30, 1937
Net
income
$913,465
after
operating expenses, normal Federal income
but before provision
on undistributed
earnings
Earnings per share on 300,000 shares
—V.
143, p. 3475.
taxes, depreciation and other charges,
for Federal surtax
$196,524
$0.66
Nyari River Fruit Co., Inc.—Registers with SEC—
See list given
on
first page of this department,
Ohio Edison
Co.—Earnings—
Period End. July 31—
1937—Month—1936
1937—12 Mos—1936
Gross revenue.________ $1,555,026
$1,386,286 $19,177,161 $16,840,705
x Oper.
exps. and taxes.
749,204
685,329
9,201,015
7,814,012
Prov. for retir. reserve-.
200,000
125,000
1,900,000
1,375,000
Gross income
;
Int. & other fixed chgs__
on
No
profits
pref. stock....
$605,822
256,433
$575,957
278,887
$8,076,146
3,271.509
$7,651,692
$349,389
155,577
$297,069
155,577
$4,804,638
1,866,923
$3,761,811
1,866,908
$193,812
Net income
$141,492
$2,937,715
provision
as
Ohio
Notes
$1,952,263
Common stocks
Cash in banks
64,453
$409,077
131,141
99,^78
Sales
$17,615,101
344,719
Liabilities—
1934
$329,327
54,620
31,723
after rents
Nu-Enamel
Financial Statement June 30,
f> Assets—
1935
$375,970
102,534
83,683
95,870
was made in
1936 for Federal surtax on
all taxable income for that year was
distributed.
has been made for such tax in
North Star Insurance Co.
1937—
1936
$394,836
From Jan. 1—
Gross from railway
Net from railway
Net after rents
—V. 145, p. 774.
x
Net income
—V. 145
RR.-—Earnings—
1937
Gross from railway
Net from railway
$19,456,788 $17,959,820
1,251,717
1,251,683
,302,151
funded debt.
$35,352
undistributed
on
of
Divs.
Gross income
Interest
surtax
on
1937—'7 Mos.—1936
$55,897,791 $50,539,270
30,876,527
27,554,503
oper.
$28,955
provision has been made for the Federal
net income.
Ry.—Earnings—
1937—Month—1936
$7,840,797
$7,732,181
4,537,614
4,154,597
oper. revenues.
$35,352
14,681
9,556
640
Balance before depreciation
No
1936
$119,726
60,135
$29,596
Net operating revenues
Miscellaneous interest paid.
To the
so
1937
$119,236
64,446
12,970
al2,223
Taxes
a
4,787,002
Co.—Earnings of Subs.—
Maintenance
year,
of 2%% ol
revenues, provided that during each of the years 1938-42,
incl.,
such fund shall be credited with not less
than $150,000, if earned, and
provided further that the credit in any year to such fund shall be reduced
6,017,012
revenues
Northwestern Pacific
income
charges, in the following order:
depreciation and obsolescence fund consisting
a
Texas Electric
Month of July—
Railway, bus & miscell. oper.
Operation.
any
Rental is estimated at about $50,000
annually, with
all taxes to be paid
by the lessee.
The
Northern
new company
contracts executed by the lumber
company are to be held by the trustees
under the bonds for the benefit of bondholders
who will receive certificates
of beneficial interest.
The Lumber company has given to a
subsidiary
of Union Bag &
Paper Co. a five-months' option to enter into a 99-year
lease of its property with a further
to court
and expense and other income deductions.
Public
3,889,882
$1,894,903
undistributed
No provision
1937.—V. 145, p. 774.
Service
Co.—$30,500,000
of
Offered—Halsey, Staurt & Co., Inc., headed
27 underwriters which offered
Bonds
and
a group
of
Aug. 26 a $28,900,000 1st
mortgage bonds, 4% series, dated Aug. 1, 1937, and maturing
Aug. 1, 1962, at 102% and accrued interest.
Halsey, Stuart
& Co.,
Inc., alone offered simultaneously a $1,600,000
serial notes,
maturing
The notes are
on
$160,000 each Aug. 1 from 1938 to 1947
priced as follows: 3% notes due 1938, 101.36;
1939, 101.87; 3s due 1940, 102.11; 3^s due 1941,
101.84; 3^s due 1942, 101.13; 3%s due 1943, 101.86; 3%s
due 1944,
101.52; 4s due 1945, 102.39; 4s due 1946, 101.50;
4s due
1947, 100, plus accrued interest in each case.
Associated with Halsey, Stuart & Co., Inc. in the
group
offering the bonds are The First Boston Corp.; Lehman
Brothers; Arthur Perry & Co., Inc.; Goldman, Sachs & Co.;
W. C.
Langley & Co.; Bancamerica-Blair Corp.; Hallgarten &
Co.; Ladenburg, Thalmann & Co.; A. C. Allyn &
Co., Inc.;
Central Republic Co.; Coffin &
Purr, Inc.; Graham, Parsons
& Co.; Otis &
Co.; 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.; Stone & Webster and
Blodget, Inc.; A AG.
Becker & Co., Inc.;
Newton, Abbe & Co.; Blair, Bonner &
3s
due
Financial
Co.; Sills, Troxell & Minton, Inc., and Lawrence Stern &
Co., Inc.
First Mortgage Bonds—Dated Aug. 1, 1937; due Aug. 1,!962.
Coupon
bonds in denom. of $1,000, registerable as to principal.
Registered Donas
indenoms. of $1,000, $5,000, $25,000 and $100,000., Coupon and registered
'
1431
Chronicle
5lA% series,
Volume
145
well as the several denoms., interchangeable.
Interest (b • « a. D
payable at otfice of Halsey, Stuart & Co., Inc., Chicago, and office or agency
of company in New York.
Red. as a whole or in part at any time on notice
published not less than 30 days prior to the date fixed for redemption at
10734%, to and incl. Aug. 1, 1938; thereafter at successive reductions in
such redemption price of 34% during each successive 12 months period to
and incl. Aug. 1, 1943; thereafter at successive reductions in such redemp¬
bonds,
price of 34 % during each successive 12 months' period to and mci.
Aug. 1, 1961; thereafter at 100%; plus in each case accrued int. to thedate
of redemption.
Company will agree to reimburse individual r^ident
holders, upon proper application within 60 days after payment, for the per¬
sonal property tax in Pa., not exceeding five mills per annum and lor tne
Mass. income tax on the interest not exceeding 6% of such interest per
annum.
Legal investment, in the opinion of counsel, for savings banks in
York and
Massachusetts.
Serial Notes—Dated Aug. 1, 1937; due $160,000 each Aug. 1, 1938—1947,
inclusive, the respective maturities to bear interest at following annual
rata: 1938, 1939, 1940-3%; 1941, 3^%; 1942. 3>4%;
1945, 1946 and 1947—4%.
Coupon notes in denoms. of $1,000, $5,000
and $10,000, registerable as to principal and in each maturity, inter¬
changeable.
Int. (P. & A. 1), payable at office of Halsey, Stuart & Co.,
Inc. in Chicago, and office or agency of company in New York.
*ced.
at any time as a whole as to each maturity on notice published not less tnan
30 days prior to the date fixed for redemption at 102 %, except that the notes
maturing Aug. 1, 1947 shall be red. after Aug. 1, 1946 at 101%; plus in
each case accrued interest to the date of redemption.
Company will
agree to reimburse undividual resident holders, upon proper application
within 60 days after payment, for the personal property tax in Pa., not
exceeding five mills per annum and for the Mass. income tax on the interest
not exceeding 6% of such interest per annum.
I* Company—Incorp. Oct. 11, 1921 in Ohio.
Is engaged in the production,
price of
The first preferred stock,
5series, will be redeemable on any divi¬
dend-paying date at 30 days' notice at $108.50 per share plus accrued
dividends.—V.
145,
1269.
p.
Old Dominion Power Co. (&
as
tion
New
was made Aug. 27 by Otis & Co. at a
$92.50 per share plus accrued dividends.
Period End. June 30—
1937—6 Mos.—1936
$375,214
$349,134
286,768
279,842
$170,252
134,459
$171,434
132,089
$35,792
$39,345
48
30
105
60
$35,841
41,705
Oper. expenses & taxes._
$39,375
41,728
$88,551
83,342
$69,352
83,448
Net oper. income
Other income
Subs.)—Earnings—
1937—3 Mos.—1936
Total oper. revenue
(net)___«
Gross income
Interest deductions
...
Net deficit before pre¬
ferred dividends..
Note—No provision has
tax.—V. 144, p. 3513.
$5,863
been made
_
$69,292
$88,446
$2,353
prof$5,208
$14,095
Federal undistributed profits
for
Orange & Rockland Electric Co.—
1943,1944—3^%;
Period End. July 31—
Operating
11,011
$64,031
42,242
12,306
$750,510
463,943
138,612
$725,513
427,220
98,263
$10,256
2,557
$9,483
2,557
$147,955
31,298
$200,030
35,241
$12,813
3,950
$12,040
3,950
32
83
$179,253
47,400
1,487
$67,359
46,092
Depreciation
a
Operating income
Other income
Gross income
Int.
.
Cr215
$130,581
80,088
$181,538
90,420
$542
$50,493
$91,118
interest
Other
$7,236
6,694
$2,091
Other
$235,271
47,400
1,977
4,356
$8,748
6,657
funded debt.
on
1937—12 Mos.—1936
1937—Month—1936
revenues
Oper. exps., incl. taxes._
deductions.
771
83
,
Balance
Surchase, transmission, distribution and sale of 2,100 square milesterritory
aving an estimated
of approximately electric energy in a
located
Divs. accr'd
wholly within Ohio.
The principal properties of the company are inter¬
connected through a 233-mile high-voltage transmission system.
It also
owns and operates an interurban electric railway, the total operating revenue
from which aggregates less than 2 % of the total operating revenue of the com¬
pany.
Through a wholly owned subsidiary, the company sells electric
appliances in its territory.
All of the company's common stock is owned of record or beneficially
by Oities Service Power & Light Co.
Company is advised that as of
May 31, 1937, Cities Service Co. owned of record or beneficially all the
common stock of Cities Service Power & Light Co.
a Excluding depreciation of
transportation, shop, stores and laboratory
equipment and depreciation of non-operating property, sich depreciation
being distributed among the various operating property, operating expense,
or other accounts applicable.
Note—Federal income taxes included in operating expenses.—V. 145,
p. 774.
area
>
Purpose of Issue—Company will apply the net proceeds
preferred stock
*
1,600,000
*15,369,700
6,139,000
($100 par)
Common stock ($100 par)
-
ExclusiveIof'l65~sharesIinltheiTreasury.il
fa*
Balance
$3,661,988
3,679,929
4,033,322
4,276,954
* a After
appropriations for replacements, but before interest, Federal
income tax., &c.
Appropriations for replacements were as follows: 1934,
$525,000; 1935, $540,000; 1936, $540,000; 12 months ended May 31,
Sept.
Sept.
Sept.
May
30,
30,
30,
31,
1934
1935
1936
1937
1937. $665,000.
c
Before interest
Oper. Revs.
$8,394,256
8,478,441
9,448,898
10,414,570
Earnings
$3,965,104
3,990,511
4,409,080
4,595,438
Income
$303,116
310,582
375,758
318,484
3 Months Ended June 30—
Gross earnings
in the Pacific Coast
1936
1937
*
$667,608
570,905
$33,732
(net).
Net income.
Net loss for period
Includes
a
a
b Included
a
•
$50,371
69,918
a128,304
Net income from operations
Interest and bond discount
$560,454
510,083
$96,703
62,971
Operating expenses (incl. deprec., depl. and taxes)
loss$19,547
b225,030
$94,572
$244,577
write-off of Carbonado Mine Property, $111,345.
write-down to the 1933 appraisal of Terminal property
Reconstruction Finance Corporation Loan.
An appropria¬
covering practically all of such write-down, was made in
for revaluation.
any provision for income or
undistributed profits tax.—V. 144, p. 3346.
covered
by
tion of $219,413,
c
b Deductions (net) and provision for Federal income tax.
on funded debt and amortization of bond discount and
expense.
Co.—Earnings—
the December, 1936, accounts from reserve
Note—The above figures do not include
ConsolidatedllncomeZAccounts 12 Months Ended
Cross
a Net
hOlherUk
w\2 Mos. Ended—
Pacific Coast
[Including the company's proportionate interest
Cement Corp.]
$28,900,000
1st mortgage bonds, 4% series due 1962
Serial notes, due $160,000 annually 1938-1947
1st
Balance
(estimated at
$31,883,545, after deducting expenses but excluding accrued interest and
dividends) from the sale of the bonds, the serial notes and 16,000 shares
of first prefered stock 534% (offered by Otis & Co., Cleveland and by
separate prospectus) as follows: (a) $30,091,174 to the payment onf redemp¬
tion (excluding accrued interest) of all the presently outstanding bonds
on its property; (b) the deposit of $1,500,000 with the trustee of the first
mortgage indenture for subsequent withdrawal by the company to reimburse
it for expenditure of an equal amount for certain contemplated additions,
improvements and betterments; (c) any balance to be added to working
capital.
Capitalization to Be Outstanding After Financing
pref. stk.
on
Pacific
July 3 '37 June 27 *36 June 29 *35 June 30 '34
$28,865,968 $25,222,839 $24,416,777 $21,390,782
operating profit after
deducting cost of goods
1,559,110
167,326
sold
1,143,068
2,284,416
636,991
634,610
589,054
Plant depreciation
619,826
Cr21,431
Cr39,275
Cr35,137
Int. & other inc. (net)..
Cr36,999
53,569
146,742
57,792
Other charges
86,735
Net
Prov.
*
► The annual interest requirements on the $28,900,000 first mortgage bonds
offered will amount to $1,156,000.
Maximum annual interest requirements
on the serial notes offered will amount to $56,400.
4% Series Due 1962—The bonds, in the opinion of counsel for
to liens for
defects of
minor character, on all properties owned or hereafter acquired by the
company
(with certain exceptions specified in the indenture), subject.
Mills—Earnings—
6 Months Ended—
Net sMes
Fed.
for
normal
192,318
income tax
325,000
Inventory adjustment._
Flood expense at Law¬
471,820
rence
Bonds of
the company, will be* secured by a first mortgage, subject only
certain taxes and assessments and various encumbrances and
Net profit
Earns, per
sh. on 396,123
„
$0.15
Nil
$2.24
provision has been made for surtax on undistributed profits.
$2.77
shares capital stock—
No
x
$889,980
x$59,538 loss$574,751
x$l,097,537
Balance Sheet
principal amount, ranking pari passu with these bonds, may be issued for
any of the purposes and upon the respective conditions stated in the in¬
denture; the issuance of bonds for property additions being limited to not
more than 60% of the lesser of cost or fair value (as therein defined)
pro¬
vided the company's net earnings (as defined) for 12 consecutive months
in the 15 months immediately preceding shall have been equal to at least
July 3 *37
Insur.
prems.
*
Halsey, Stuart & Co., Inc., Chicago
First Boston Corp., New York
Lehman Brothers, New York
Arthur Perry & Co., Inc., Boston
Goldman, Sachs & Co., New York
W.iC. Langley & Co., New York
Bancamerica-Blair Corp., New York.
Hallgarten & Co., New York
Ladenburg, Thalmann & Co., New York.
A. C. Allyn & Co., New York
Central Republic Co., Chicago
Coffin & Burr, Inc., Boston
Graham, Parsons & Co., New York
Otis & Co., Cleveland
:
H. M. Byllesby & Co., Inc., Chicago
Hay den, Stone & Co., New York
Lee Higginson Co., New York
Paine, Webber & Co., New York.
E. H. Rollins & Sons, Inc., New York
Schroder Rockefeller & Co., Inc., New York
Shields & Co., New York
Stone & Webster and Blodget, Inc., New York.
A. G. Becker & Co., Inc., Chicago
Newton, Abbe & Co., Boston
Blair, Bonner & Co., Chicago
Sills, Troxell & Minton, Inc., Chicago
,.
Lawrence Stern & Co., Inc., Chicago
Is
$10,000,000
2,500,000
1,400,000
1,400,000
1,000,000
321,450
of ^cumulative JFirst preferred stock,
277,468
185,843
y
General reserve. 12,000,000
Disct.
2,354
and
Capital stock
500,000
19,806,150 19,806,150
300,000
Other reserves
y
49,845,345 45,893,056
Total
12,000,000
doubt¬
ful accounts
72,657
22,848,317 22,608,858
Plant
4,319,358
5,548,106
Surplus
..49,845,345 45,893,056
Total.
depreciation of $21,959,690 in 1937 ($21,808,171 in
General reserve of $12,000,000 and^ $5,277,461 of the surplus,
from reduction of capital stock as of
After reserve for
x
1936).
y
both created out of the surplus arising
-V. 144, p. 3685.
Aug. 7. 1934
'
Pan American
Airways Corp.—Listing—
application of the corporation to list 1,437,144 shares of capital stock
$5), upon official notice of issuance in substitution for 718,572
shares of capital stock common (par $10) has also been approved by the
New York Curb Exchange.
Authority was also granted to the company to
list 36,116 additional shares of capital stock common, par value $5, upon
official notice of issuance.—V. 145, p. 447.
The
common (par
Pan-American Petroleum & Transport Co.
Net
(& Subs.)
1937—6 Mos.—1936
1937—3 Mos.—1936
Period End. June 30—
profit after deprecia-
and other charges
y$l,676,438
sh. on 4,702,944 shs. common stock
y$993,168 y$2,545,936 y$l,601,012
Earns, per
(par
$5)
Before
4018.
y
p.
„
_,
$0.36
$0.21
$0.54
$0.34
provision for possible surtax on undistributed profits.—V. 144,
Panhandle Eastern Pipe Line Co.—Revenues—
S8&7
—V. 145, p.
Paramount
The
S4,«58
1269.
Pictures, Inc.—Paying Agent—
for $12,500,000 2>K%
Manufacturers Tj-ust Co. is paying agent
debentures.—V. 145, p. 951.
convertible
,200.000
16,000 Shares\of First Preferred {Stock Offered—Public offer¬
ing of jl6,000 ^shares
x
1,000,000
900,000
900,000
900,000
750,000
750,000
700,000
700,000
700,000
500,000
500,000
500,000
500,000
500,000
500,000
500,000
500,000
300,000
300,000
250,000
250,000
$
7,000,000
2,086,043
181,505
372,823
Fed. & State taxes
on
deps. mutual cos
invest'ts
Prepaid items
in certain instances to the trustee
and particularly provides that, without the deposit of cash or the mort¬
gaging or pledging of any other proprties, all the street railway property,
grants and franchises may be released from the lien of the indenture when
the company has completed certain additions, improvements and better¬
ments to its electric property at a cost of $1,500,000.
The provisions of
the indenture may be modified (subject to certain limitations set forth in
the indenture) with the consent of holders of 75% of the outstanding bonds
of each of the series to be affected by the proposed modification.
Underwriters of Bonds—The names of the principal underwriters of the
bonds and the respective amounts of bonds which they severally have
agreed to purchase, are as follows:
June 27'36
Liabilities—
$
$
9,850,000
1,006,550
1,897,095 Notes payable
Accts. receivable._ 6,289,210
6,129,383 Sundry accts. pay. 1,721,675
246,591
Inventory
19,191,621 14,907,595 Accrued items
Cash..
Other
without notice other than application
July 3 '37
June 27'36
$
Assets—
Paris-Orleans RR.—Interest Payment—
announced that Sept. 1 and subsequent coupons on the
external sinking fund bonds, due 1968, will be payable
and after their respective maturity dates only in dollars, at the rate of
The company
company's 5K%
on
1432
Financial
100% of their face amount,
upon presentation
at the New York
office of
J. P. Morgan & Co.
Matured coupons not yet presented for
payment will
be payable only in dollars at this rate, and all
previous notices
offering payment on the optional basis of the dollar equivalent of
French
francs are revoked.—V. 144, p. 3013.
likewise
Park &
Aug. 20 declared a quarterly dividend of
$1, payable Sept.
This dividend will be payable in cash, but
shall have the option to elect to receive
6% cum. conv. pref.
on
the outstanding common stock, par
on
of record
Sept. 1.
Pet Milk Co.
50 cents per
20 to holders
stockholders
stock in lieu
of the cash dividend in the ratio of 50 cents of
par value of pref. stock for
each 50 cents of dividend.
Option is to be exercised by written notice
addressed to the corporation in care of the transfer
agent, Central Hanover
Bank & Trust Co., 70 Broadway, New York
City.
Notice must be
received by the transfer agent not later than
Sept. 14.—V. 145,
p. 1270.
Parker-Wolverine
Co.—Earnings—
Earnings for 6 Months Ended June 30,
Net
profit after depreciation
before
undistributed
Earnings
per
share
and
profits
Federal
1937
taxes,
but
surtax....^
120,000 shares of
on
income
$232,124
com.
stock
—V. 145, p. 1270.
outstanding
SI.93
Pennsylvania RR. Regional System—Earnings—
[Excludes L. I. RR. and B. & E. RR.]
"
Period End. July 31—■
1937—Month—1936
1937—7 Mos.—1936
Railway oper. revenues.$40,071,820 $37,855,562 $275013,984
$243292,572
Railway oper. expenses. 28,601,071
25,972,348 205,018,427 175,861,123
Net rev. from ry.opers$ll,470,749 $11,883,214
$69,995,557 $67,431,449
Railway taxes
3,015,200
2,453,271
18,570,700
15,106,845
Unemployment ins. taxes
383,098
166.935
2,610,510
1,115,849
Railroad retirem't taxes.
501,528
572,368
3,507,166
2,726,434
Equip, rents—Dr. bal._
492,449
604,341
1,808.670
4,282,311
Jt. facil. rents—Dr. bal.
147,867
216,777
1,106,947
1,471,169
Net ry. oper. income.
$7,869,522 $42,391,564 $42,728,841
Earnings of Company Only
Net
1937—Month—1936
1937—7 Mos.—1936
revenues_$39,968,080 $37,748,225 $274467,583 $242716,391
expenses. 28,505,564
25,878,159 204,390,335 175,214,693
oper.
oper.
from ry.opers$l 1,462,516
rev.
$11,870,066 $70,077,248 $67,501,698
3,002,374
2,441,376
18,513,541
15,054,252
382,814
166,775
2,608,046
1,114,884
500,576
571,066
3,500,526
2,720,512
490,848
602,801
1,799,084
4,273,826
148,192
217,079
1,109,140
1,473,288
Railway taxes
Unemployment ins. taxes
Railroad retirem't taxes.
Equip, rents—Dr. bal__
Jt. facil. rents—Dr. bal.
Net ry. oper. income.
(& Subs.)—Earnings—
3 Months Ended June 30—
Net
1,937,712
$7,870,970 $42,546,911 $42,864,936
-V. 145, p. 775.
x
undistributed
After
distributed
Corp.—Earning
Year Ended June 30—
Gross operating revenues
Operating
William
Mr.
profits tax.
expenses and taxes.
$4,819
$5,527
96
_
$4,915
6,270
1,034
$5,527
6,270
5,388
$1,675
933
The company voting trustees for the
class A common stock and six sub¬
sidiary companies were directed by the Securities and
Exchange Commis¬
sion Aug. 20 to show cause
why declarations filed under the Public
Utility
Act of
1935 should be declared effective.
The declarations covered new securities
to be issued under a
reorganiza¬
tion plan for Peoples
Light & Power Corp.
The plan in general provides
for the creation of Peoples
Light & Power Co. to take over the assets of
Peoples Light & Power Corp.
It had been confirmed by the U. S. District
Court for the District of Delaware.
In effect the
Commission, by its show-cause order, places the burden of
proof upon the company to show that the securities
to be issued meet the
requirements of Section 7 of the Public
Utility Act of 1935.
This is the
first time that the Commission has
proceeded under such section of the Act,
although it has allowed declarations to become effective on
upward of $1,000,000.000
of securities to date.
The Commission's order does not
specifically state in what respects the
securities to be issued fail to meet the
requirements of Section 7.
It is understood that briefs
giving the details of the proceedings will be
made available at the time of
public hearing on the show-cause order,
Sept. 15.
The subsidiaries named in the
Commission's order are: Mississippi Public
Service Co., Texas Public Service
Co., West Coast Power Co., Kansas
Public Service Co., California Public
Service Co. and Western States
Utilities Co.—V. 144, p. 3514.
the product was the same as for the second quarter of last
year.
Third
quarter prospects are good.
There was a small advance in selling price
during July and costs for the third quarter will be substantially lower than
for the same period last year when the
widespread drouth caused ab¬
normally high prices for frash milk.
"The larger ite.u of merchandise in the
inventory, more than double
that of the same date in 1936, is due partly to higher unit cost, but chiefly
to larger stock provided to meet the demands of
expanding business.
"The material and supplias account,
exceeding that of last year by
approximately 80%, is con prised largely of tin plate purchased prior to
price advance of that article, and carried also as protection against possible
disturbance of production in the steel industry."—V. 144, p. 3514.
Petroleum
The
directors
Corp. of America—50-Cent Dividend—
declared a dividend of 50 cents per share on the
$5, payable Sept. 14 to holders of record Sept. 3.
This
on Dec. 24, 1936; 25 cents
paid on Sept. 30 and on May 29, 1936; 33 cents paid on Oct. 31, 1935;
00 cents paid on mpril 30, 1934, and 25 cents per share distributed on
Jan. 31 anu June 1, 1931.—V. 145, p. 775.
capital stock,
have
par
Philadelphia National
March 1
last, and
—V. 145, p. 1112.
a
of $1.50 were paid on June 1
dividend of $13.50 was
paid on Dec. 1, 1936.
•
Pepeekeo Sugar Co .— To Pay 10 -Cent Dividend—
directors
have
declared
a
dividend
of
10
capital stock,
cents
per
share
on
the
par $20, payable Aug. 15 to holders of
record Aug. 10.
This
with 20 cents per share
distributed each month previously.
In
extra
an
dividend
of
$1
share
per
—V. 143, p. 4164..
SSCtS
\
'
V-'
■->
■
'
was
paid
on
Dec.
15,
1936.
Marquette Ry.—Earnings—
Period End. July 31—
Total oper. revenues
Total oper. expenses....
-i— '
■»
Bonds and stocks
Railway tax
accruals
Net ry. oper. incom e
1937—Month—1936
1937—'7 Mos—1936
$2,666,187
$2,551,311 $19,005,633 $18,317,069
2,075,677
1,949,634
14,353,916
13,572,889
$590,510
57,095
Operating income
Equip. rents (net)
Joint facil. rents (net)..
.
_
Dividend income
Other income
Total income
Misc. ded'ns fr. income.
Rent for leased roads and
equipment
Net
Real estate
Income applied to sink'g
& other reserve funds.
$601,677
214,775
$4,651,718
1,044,007
bal.
$533,415
$386,902
12,027
65,710
59,659
Cr424
$3,607,711
275,910
315,663
$3,640,312
389,852
295,344
Sheet
taxes
$549,930
Capital
27,437
Other assets
-J
:
Premium reserve.
Losses in process of adjustment
Reserve for commissions, exps.,
64,157
Prems. in course of collection.
Surplus.
$2,937,869
63,432
Hf
& other liabilities..__
39,721
1,000.000
_
.V..
.
.
... .
.. .
.. -
Total
_
1,284,786
$2,937,869
Philadelphia Rapid Transit Co.—Earnings—
Earnings for 7 Months Ended July 31. 1937
$20,442,102
Profit after allowing for Federal and State taxes,
depreciation
and renewals, city rentals and bond interest
charges
Deficit after allowance for 7 months' accruals of $4,084,470 in
rentals to underlying companies, as
Charles
E.
2,260,470
provided in leases
1,824,000
Ebert, Vice-President, says:
providing car and bus service for Philadelphia is rising much
"The cost of
rapidly than the revenue of the P. R. T. System.
For the seven
months ended July 31, system passenger revenue was
$129,863 more than
in the same period, last year, or an increase of
slightly
$455,678
$327,667
2,364
17,718
$3,016,137
41,807
221,585
$2,955,115
80,694
38,789
$368,820
3,096
$3,279,530
41,995
5,716
269,887
41,945
1,910,716
1,919,357
July running $59,746 behind.
$90,122
$1,284,874
$1,257,105
2,861
2,725
$1,282,013
$1,254,380
5,197
•
profit & loss.
145, p. 775.
$190,227
$90,122
increase
"There is no indication that the situation will
improve, since revenues
have taken a downward turn while
expenses continue upward.
It empha¬
sizes clearly the urgent need for
speedy action on tbe reorganization plan,
which will produce the double benefit of
reducing impossible fixed charges
keep its revenue in line with rising expenses
through additional passengers attracted by new vehicles and better service.
and enabling tbe
company to
"For the first
months of this year the company's passenger revenue
compared with $19,872,322 last year.
Operating ex¬
$15,730,395, compared with $15,030,147 in 1936.
P. R. T. cars and buses carried
400,382,948 passengers, compared with
398,089,275 last year, and operated 45,924,973 miles, as against 44,999,862
in 1936.
Thus, although passengers in 1937 were only slightly more than
Yi of 1% greater, service as measured by car and bus miles operated was
increased almost 1,000,000 miles, or more than
2%.
P. R. T. gross rev¬
enue was $20,442,102 for the first seven months of this
year."—V. 144,
p. 4019.
was
seven
$20,002,185,
penses
and taxes
were
Philadelphia & Reading Coal & Iron Corp. (& Subs.)
—Earnings—
income
Cost of sales
deple.
prec.,
1937
1936
1935
$39,195,112 $39,141,990
incl.
&
1934
$38,754,774 $45,906,600
de-
exp_.
40,667,789
39,636,676
Loss from operation..
Other income
$1,472,677
221,537
$494,686
204,189
$1,402,493 pf$3608,740
305,376
277,515
$1,251,140
x2,996,284
1,456,651
$290,497
3,087,337
863.460
$1,097,117 pf$3886,255
3.166,385
3,206,291
757,740
670.326
Total loss
Interest
Other charges
Net loss
Includes
$5,704,075
interest
accrued,
but
mortgage 5% bonds and $1,457,400
bonds.—V. 144, p. 4020.
40,157,267
42,297,860
$4,241,294
$5,021,242
prof$9,638
paid of $610,296 on refunding
20-year convertible 6% debenture
not
on
Philadelphia Suburban Water Co.—Bal.Sheet July 31 '37
Liabilities—
$25,705,459
2,082,920
receivable
Accounts
1,032
receivable
128,891
Materials and supplies
87,822
Other current assets
175,311
5,116
...
Prepayments
7,998
Special deposits
Unamort. debt disct. & exp._
385
280,131
16,825
Preferred
stock
..
Common stock
Funded
..
Consumers' deposits
147,988
Other current liabilities...
Main extension
55,009
deposits...
475,112
Dividends declared
48,000
Accrued
taxes
203,107
Accrued
interest...
311,943
Other accrued liabilities...
Reserves
12,365
..
..
Commerce Commission for
permission to extend to Jan. 1,
Total
2,267,732
2,363,135
..$28,491,893
Note—The income account for 12 months ended July 31
"Chronicle" of Aug. 21, page 1271.
Pines Winterfront
$3,200,000
2,500,000
indebtedness.....
Surplus
$28,491,893
Perkiomen RR.—Would Extend
Bonds—
The road, a wholly-owned
subsidiary of the Reading Co., has applied
the Interstate
Against this slight
40,110
41,196
Yi of 1 %,
of $129,863,
5%,
charges,
principally for new track, operating expenses of the Delaware River bridge
line and allowances for
employees' vacations.
Undistributed debits
$475,760
$190,227
221,958
than
operating expenses and taxes jumped $700,248, an increase of almost
the result of social security taxes, nigher maintenance and renewal
$3,257,767
2.364
more
This increase was accumulated in the early months of the
year, for 1937
in June and July were both below the same months last
year,
revenues
Investments—general
transfer¬
able to
to
Liabilities—
.
123,447
$4,744,180
1,103,868
,
—V.
—i- '
•
43,900
Cash in banks and office
Notes
5,739
274,597
debt
income
Income
.
$2,602,536
76,391
Assets—
Net oper. revenue
on
-Balance
Co.-
; ;
Mortgage loans...
x
Interest
Insurance
June 30, 1937—
12 Mos. End. June 30
Net sales & other
oper.
Peoples Water & Gas Co .—Accumulated Dividend—
The directors have declared a
dividend of $3 per share on account of
accumulations on the $6 cum.
pref. stock, no par value, payable Sept. 1
to holders of record
Aug. 20.
Dividends
Pere
un-
T.
more
_
Peoples Light & Power Corp.—SEC
Hearing on Issue
Approved by Court—Company Ordered to Show Cause
Why
Its Declaration Should Be Made
Effective—
addition
on
"The lower profits shown for the quarter as compared to the same
quarter of 1936 are due to higher costs chiefly due to higher prices paid
to the farmers for fresh milk and higher labor costs.
The selling price of
$17,027
11,499
H/t
Net loss
compares
$0.33
tax
for
Nardin, Vice-President and General Manager, has
issued the following statement in connection with the report for the period
ended June 30, 1937:
1936
Gross income
j
Interest deductions.
Provision for retirements and
replacements.
The
$1.17
Before provision
Gross revenue
Non-operating income.
on
y
$169,448
-V. 143, p. 3158.
1937
$17,852
13,033
Net operating income.
and
1935
1936
x$529,898
profits.
Total
Penobscot Valley Gas
1937
deduct, all chgs. incl.
prov. for Federal income tax
y$255,514
Earns,
per
sh. on 441,354 shs.
(no
.57
par) common stock
prof, after
compares witn 40 cents paid on May 29 last and
$6,930,607
Period End. July 31—
Railway
Railway
Aug. 28, 1937
1951, the maturity of $1,924,500 of 5% bonds due Jan. 1, 1938, with the
interest reduced during the period of extension to 3H%The bonds
consist of $799,500 of first series and $1,125,000 of second series.
Reading
Co. has asked authority to guarantee the payment of principal and interests
of the issues as extended.—V. 120, p. 2939.
'
Tilford, Inc.—Optional Dividend—
The directors
share
Chronicle
was
given in
Co.—Subscription Rights—
Holders of capital stock of record Aug. 14 were offered the
right to sub¬
scribe at par to $100
principal amount of secured 8-year 3% notes, witn
warrants, for each 85 shares of stock held.
The right to subscribe expired
at 5 o'clock
p. m. Central Standard Time on Aug. 28 in
Chicago and
are
in non-negotiable form.
Detachable stock purchase warrants attached to
the notes give the holder the
right to purchase 25 shares of capital stock
for each $100 face value of notes at
$2 per share for the first three years, at
$3 per share for the next three
years, and at $4 per share for the next two
years.—V. 145, p.
952.
'
Volume
Financial
145
Earnings for 6 Months Ended June 30, 1937
Gross operating income
Cost of goods sold
$3,941,390
2,910,463
Gross profit
Administrative and selling expense
$1,030,927
997,148
Operating profit
$33,779
10,057
on
Unmi'
y should
Notes—(1) No provision has been made in this statement for surtax on
undistributed profits.
(2) Depreciation charges in the amount of $82,736
are included in the above costs and
expenses.—V. 144, p. 1296
be presented either with the
quent coupons attached or
with talon attached
due
on and
after Sept. 1, 1934.
Bonds when
presented must be
oy ownership
certificates,
trustee.—V. 145, p. 291.
Operating
Operating
revenues
Net from railway
after rents..
Net
1934
$2,042,346
623,779
604,636
$1,419,050
337,603
389,558
$1,301,676
214,790
289,461
14,576,793
2,922,058
2,865,166
From Jan. 1—
Gross from railway
1935
$2,133,410
537,377
545,681
Gross from railway
Net from railway
Net after rents
1936
11,642,338
2,556,433
2,780,672
9,201,117
1,783,355
2,099,974
9,324,725
1,828,785
2,209,950
July—
1937
1936
$87,589
def7,850
$90,815
16,753
8,057
$56,426
defl4,490
defl9,179
$47,982
def22,419
def29,745
596,266
57,577
def25,422
593,447
74,990
18,150
584,212
63,659
7,512
570.830
34,257
defl9,725
Gross from railway
Net from railway._____
Net after rents.
5.536
From Jan. 1—
Gross from railway
Net from railway
Net after rents
1934
1935
776.
Pittsburgh United Corp.—Earnings—
Net
profit
after
chgs. & Fed. inc.
x
1936
$134,551
$41,603
Co.—Earnings—
Period End. June 30—
x
1937
lo^after^office expenses
Poor &
1937—3 Mos.—1936
1937—6 Mos —1936
all
tax__
$380,000
$215,000
$950,000
$334,000
Before provision for surtax
on undistributed profits for the 12 months
1937.
Net profit was $1,034,000 (after surtax of $58,000)
compared with $306,000 for like period of 1936 (oefore surtax).
Net billings for the first six months this year were over
75% greater than
for the same period in 1936.
Net profit for the first half of 1937 exceeds
that of any like period since 1929.
As of June 30, 1937 the accumulated
unpaid dividends on the class A
stock amounted to $5.75 per share.
A dividend of $1 per share has been
ended June 30,
declared, being 37Hc. on the regular quarterly dividend and the balance
of 62He. applying on accrued and unpaid cumulative
dividends; said
dividend is payable Sept. 1, 1937 to holders of class A of record
Aug. 14.
This will reduce the arrearage on this stock Sept.
30, 1937 to $5.12H per
share on the 160,000 shares of stock
outstanding, a reduction in the ac¬
cumulation amounting to
year.—V. 145,
p.
$1.37H
per
share for the first nine months of the
Pressed Steel Car
Co., Inc.—Earnings—
6 Months
$218,653
x$606,416
$0.37
$1.14
Prudence-Bonds
of
the
Corp.-—Acceptances to Plan
Prudence
Bondholders'
Protective
Association,
holding bonds of the Prudence-Bonds Corp., are advised that as of Aug. 19
acceptances of the amended plan of reorganization totaling
approximately
$33,374,539 from about 23,835 owners are on file with the trustees.
This
is over 92 % of the number desired to
present the general plan for confirma¬
tion, and in some of the series the totals exceed the desired two-thirds.
The general plan has been approved by the special master and
tentatively
approved by the Court.
The Association recommends that the bondholders
accept the plan.
The General Committee for Prudence Securities (E. John
Burns, Chair¬
man), in a letter to holders of Prudence-Bonds Corp. first mortgage col¬
lateral
1937—12 Mos.—1936
$459,583
257,855
68,562
$5,172,803
2,562.924
737,954
121,027
$1,750,897
$2,018,983
5,940
35,999
39,172
Gross income._______
$156,082
$129,744
52,440
2,359
9,068
7,000
$2,054,982
652,389
19,738
91,596
50,700
$1,790,069
$58,877
$1,240,559
602,455
$930,577
551,726
56,018
1,038
interest
Other
deductions.
6,509
Prov. for special res've__
Net
income
Pref. div. requirements.
$92,517
52,176
46,613
635,213
10,986
111,488
101,805
Note—The above figures include the operating results of New Hampshire
Power Co. from March 31, 1936.—V.
145, p. 619.
Thomas N.McCarter Jr., Vice-Pres. and director of the Niagara Hudson
Public Service Corp., a subsidiary of Niagara Hudson Power Corp.; will
become associated with this
company on Sept. 1, as Assistant
dent in charge of the Southern Division.—V. 145, p. 1271.
Pure Oil
Vice-Presi¬
Co.—Subscription Rights to New Pref. Stock—
Pursuant to the authority granted at the special meeting of shareholders
March 26, 1937, the directors at a meeting held Aug. 23 created and
on
authorized
1,990,995
an
issue of 442,443 5% cumulative convertible pref.
shares and
shares, and directed the offer to common shareholders
pref. and common shares.
President Henry M. Dawes, in a letter sent to common stockholders on
Aug. 23 advised them that the company plans to send to common share¬
holders of record Sept. 3, 1937, subscription warrants evidencing their
right to subscribe to 5% cumulative convertible pref. shares and common
common
shares.
.
.
■
(1) Stockholders are given the right to subscribe for one 5% cumulative
convertible pref. share at $100 per share for each nine common shares
held on Sept. 3, 1937.
The cumulative convertible pref. shares will bear
dividends from Oct. 1, 1937, and each pref. share may be exchanged for
4H common shares at any time on or before Oct. 1,1940. After that date
the exchange rate will change until the right of exchange finally expires on
Oct.
(2)
1, 1947.
Stockholders
are
also given the right to subscribe for one common
share at $22.22 2-9 per share for each two common shares held on Sept. 3,
1937.
They may take advantage of the offers to subscribe referred to in either
(1) or (2) above, or in part for aach but not for all of both.
Stockholders may exercise the right to purchase only a part of the shares
granted by the subscription warrant, if they so desire.
The right to subscribe to the pref. and common shares will expire at
3 p. m. Eastern Daylight Saving Time, Sept. 24, and will be void after
that date.
The company will make application for the rights to be
ing on the New York Stock Exchange.
admitted to trad¬
Stock—
The company has listed the following underwriters in connection with
of 442,443 shares ($100 par) 5% cumulative convertible
preferred stock which will be offered first to stockholders:
Edward B. Smith & Co., 13.562%; First Boston Corp.. 9.041%; Kidder,
Peabody & Co., 5.651%; Lehman Bros., 4.521%; Brown, Harrimam&
Co., Inc., 4.521%; Glore, Forgan & Co., 4.521%; Central Republic Co.,
3.390%; Lee Higginson Corp., 3.390%; Goldman, Sachs & Co., 2.938%;
Charles D. Barney & Co., 2.938%; Harris, Hall & Co., Inc., 2.260%;
Hayden, Stone & Co., 2.260%; W. E. Hutton & Co., 2.260%; Cassatt &
Co., Inc., 2.260%; E. W. Clark & Co., 2.260%; Graham, Parsons & Co.,
2.260%; J. & W. Seligman & Co., 2.260%; White, Weld & Co., 2.260%;
Bancamerica-Blair Corp., 1.130%; Biddle, Whelen & Co., 1.130%; Alex.
Brown & Sons, 1.130%; H. M. Byllesby & Co., Inc., 1.130%; Estabrook &
Co., 1.130%; Hayden, Miller & Co., 1.130%; Jackson & Curtis, 1.130%;
F. S. Moseley & Co., 1.130%; E. H. Rollins & Sons, Inc., 1.130%; The
Securities Co.
of Milwaukee, Inc., 1.130%; Tucker, Anthony & Co.,
1.130%; Wertheim & Co., 1.130%; Whiting, Weeks & Knowles, Inc.,
1.130%; Janney & Co., .678%; Bacon, Whipple & Co., .452%; Battles
& Co., Inc., .452%; Blair, Bonner & Co., .452%; Merrill, Turben & Co.,
452%; Stroud & Co
Inc., .452%; Wells-Dickey Co., .452%* Kleinwort
its proposed issue
3 Months
—V. 144, p. 4021, 3689.
members
$504,206
252,436
77,629
Underwriters of Preferred,
Including non-recurring profits of $185,073 arising from sale of patents.
The
1937—Month—1936
Non-oper. income (net).
952.
Period Ended June 30—
Net profit after deprec., int., normal Fed. & State
inc. taxes, but before surtax on undistrib.
profits
Earns, per sh. on 415,379 shs. com. stock ($1
par)
x
of the
of the alternative right to subscribe for the new
6 Months Ended June 30—
Net
office
Public Service Corp. of New Jersey—New Officer—
Pittsburgh Shawmut & Northern RR.—Earnings—
145, p.
the
9,362
—V. 145, p. 1112.
—V.
at
$123,804
Other
1937
obtained
23,839
Bondinterest
Pittsburgh & Lake Erie RR.—Earnings—
be
$150,302
5,780
Net oper. income
stock, both payable Sept. 30 to holders of record Sept. 15.
An
dividend of 21M cents was paid on Dec. 22, 1936.—V. 145, p. 776.
July—
may
$5,885,088
2,815,062
842,442
; 208,601
expenses
State & munic. taxes.__
Fed. taxes (incl.
common
extra
accompanied by letters of transmittal and
which
[Including Manchester Street Ry.]
Period End. July 31—
income)
Pictorial Paper Package Corp.—Extra Dividend—
The directors have declared an extra dividend of 3
% cents per share in
addition to the regular quarterly dividend of
8% cents per snare on the
Sept. 1, 1934, and subse¬
representing interest coupons
Public Service Co, of New
Hampshire—Earnings—
$20,211
26,128
preferred stock
Pre®6nt0d to the corporate trust department of Central Hanover
Aru®t Co,- for appropriate notation of such payment. If in bearer
rL
3,510
Net profit
Dividends
1433
hoiders °f the first
mortgage collateral bonds, 18th series, the sum of $5
"ond of the original
principal amount of $100.
These bonds
Phillips Packing Co., Inc. (& Subs.)—Earnings—
Other deductions (net)
Federal and State income taxes
(est)
Chronicle
,
Sons &
Co., .552%; and Kuhn, Loeb & Co., 7.911%.—V. 145, p. 1112.
bonds states in substance:
Previous letters have set forth the reasons why we disapprove the
plans
which the Prudence-Bonds Corp., the Prudence Co., Inc., and the
Recon¬
Corporation were striving to put through.
struction Finance
Special Master James G. Moore in his report filed on March 12, last, and
approved on -April 27, 1937, by Judge Inch, recommends the amended
general plan, the provisions of which are calculated to give fair treatment
to bondholders.
The basic objection the committee had to the Individual Series Plans was
that they provided for the payment of only so much interest as was
actually
earned by the collateral, while at the same time providing that all collec¬
tions of principal would be applied to the purchase of bonds, and
thus, in
its opinion, produced an unwarranted equity for Prudence-Bonds
Corp.,
the debtor.
The
Prudence Co., Inc., as a general creditor for
approximately
$1,000,000 and the RFC, as pledgee of the stock of Prudence-Bonds
Corp.,
Quarterly Income Shares, Inc.—Net Assets—
preliminary report for the quarter ended July 15, 1937, Ross Beason,
of company states that assets of the fund amounted to $42,at the close of the quarter, a decrease of $1,461,799 since the
quarter ended April 15, 1937.
During the past year unrealized apprecia¬
tion in the market value of securities held has increased from $13,101,786
on July 16, 1936 to $14,679,376 at the close of the latest quarter.—V. 144,
In a
President
628 208
p.
1122.
Radio-Keith-Orpheum Corp. (& Subs.)—Earnings—
26
taxes
—V. 144, p.
holders and the net effect of the general plan will be that bondholders will
be dealing with themselves and not with the persons and
Submit Merger
companies who
are
Rainier
& Paper Co.—Three Pulp Concerns to
Plans to Stockholders—
Pulp
of Rainier Pulp & Paper Co..
& Paper Co., and Olympic Forest Products Co., filed
Exchange Commission, disclose plans for a consolida¬
tion of the three companies
Each of the three companies is undergoing a capital reorganization in¬
volving the sale of additional securities.
Each manufactures principally
bleached sulphite pulp by processes developed by Rainier.
A single manage¬
Amendments to the registration statements
Grays Harbor Pulp
with the Securities and
the three companies.
that,
completion of the present financing by each company, a plan of con¬
solidation will be submitted to stockholders.
i
Terms of the proposed consolidation must await completion of the fin¬
ancing now pending inasmuch as conversion of shares and sale of new stock
is involved, which makes it impossible at this time to determine exactly how
many shares each of the three companies will have outstanding upon com¬
pletion.—V. 145, p.1272.
ment directs
Amendments to SEC registration statements state that it is expected
upon
Period End. July 31—
Railway oper. revenues.
1937—Month—1936
1937—7 Mos—1936
$4,496,786
$4,608,304 $36,265,107 $33,707,264
yesterday.
Wildermuth, counsel for the
3,273,531
reorganization, reported to the Court that the required consents
from two-thirds of the holders of the company's $55,000,000 in bonds had
not yet been obtained.
Net rev. from ry. oper.
$1,223,255
trustees in
Payment
on
$734,492
2672.
Railway oper. expenses.
Railway tax
24,507,760
23.365,847
267,907
446,002
3,078,508
2,839,310
$1,056,493
Cr40,921
Dr4,256
$8,678,839
Cr290,131
011,499
$7,502,107
Cr229,691
Dr28,528
income- $1,053,300
$1,093,158
$8,980,469
$7,703,270
Equipment rents (net)
ac¬
3,105,809
$1,502,495 $11,757,347 $10,341,417
$955,348
Cr93,399
Cr4,553
accruals
Railway oper. income
18th Series Bonds—
Central Hanover Bank & Trust Co., as trustee, announces that, in
$1,448,783
Reading Co.—Earnings—
Hearing to Confirm Plan Postponed—
A hearing on a motion to confirm the general plan of reorganization
o[
the corporation which was scheduled for Aug. 27 has been adjourned until
Oct. 15 by Judge Robert A. Inch in the Federal Court, Brooklyn,
The adjournment was ordered when George C.
June 27 '36
deprec., normal Fed. income
but before surtax and sub. pref. divs
would benefit undeservedly from such equity.
The amended general plan, as recommended by Mr.
Moore, serves to
eliminate these companies whose interests were definitely adverse to bond¬
opposed to the best interest of bondholders.
The amended general plan dated March 11,1937, provides as follows:
(1) The debtor and other interests adverse to bondholders are entirely
eliminated unless they pay all the expenses of the reorganization
proceed¬
ings, and in such case they are to get only class B stock, which would have
no ownership or voting rights until all the outstanding bonds had
been paid
in full and then the class B stockholders would be entitled to one-half the
surplus collateral, if any.
(2) Title to the collateral will be taken by the New company, which will
have 113,000 shares of class A stock, all of which will be delivered to bond¬
holders, so that each bondholder will receive one share of stock for each $500
in bonds held by him.
The new company will assume payment of the bonds.
(3) The new company will have seven directors, all of whom will be ap¬
pointed to serve the best interests of bondholders.
The first set of direc¬
tors will be appointed by Judge Inch.
Elections of directors will occur
each three years thereafter.
July 3 '37
Weeks Ended—
Net income after int.,
Joint facility rents
_ _
(net)
cordance with the order of the U.S. District Court for the Eastern
District
York, dated Aug. 6, 1937, in the proceedings pending therein for
the reorganization of Prudence-Bonds Corp., there will be paid to the
of New
Net ry. oper.
-v
145.
t>.
777.
Financial Chronicle
1434
Reliance
of
Co.
Insurance
Philadelphia—Balance
Reynolds Spring Co.—Earnings—
Sheet June 30, 1937—
Premium reserve..
$3,294,964
96,858
Mortgage loans
Real estate
Losses In process of
Cash In banks and offices
Prems. In course of collection.
Other assets
taxes
146,468
Capital
1,000.000
1,936,212
Surplus
Total
$4,096,427
Total
$937,509
76,238
adjustment
for comm., exps.,
and other liabilities
Res.
142,965
290,790
245,972
24,877
...
$4,096,427
—V. 144. p. 2843.
Corp.—Earnings
Net
$144,944
$0.55
777.
p.
profit
delivery, gen., adminis.,
Government and State beer taxes
391,233
392,809
Net earnings from operations
Other income
$67,305
8,832
deducting deprec. & Fed. inc. taxes.
$76,137
37,142
4,709
Provision for depreciation
Federal normal tax for first, half 1937
Net profit
$34,285
Assets—
Liabilities—
Current liabilities
106,378
188,999
/
285
134,062
Land
Customers' cash deps. on con¬
tainers
Capital stock outstanding
Capital sutplus
Paid-in surplus
Earned surplus
343.185
293,247
Other assets
33,618
9,376
25,897
z$420,477
$246,911
$169,827
------
income
after
(Wis.) Paper Co.—Earnings—
taxes, depreciation and other charges but
Federal surtax on undistributed profits
—
Richmond Fredericksburg & Potomac
66,585
4,460,873
966,161
355,357
143,102
5,377,854
railway.
1,599,668
797,027
Net after rents
Revenues—Natural
gas
sales
...
233,554
1936
xl935
$1,058,194
556,464
309,776
$2,992,831
1,149,630
741,513
313,451
Rochester Button
Expenses.
Prov. for depletion and depreciation.
Interest...
income
$1,924,434 \ $1,870,474
813,906
u,
837,374
502,814
g. 579,059
310,668
335,643
before
income
$400,724
253,455
Cost of sales
$147,269
$1,149,242
438,643
$70,486
5,693
2,531
Profit
Reserve for Federal income tax.
$67,324
15,000
Net profit
282,589
taxes,
$788,235
Figures for the year ended June 30,
the predecessor companies.
x
1935,
are
$297,045
$118,397
thejcombined results "of
on
Dividends
on common
$52,324
10,167
preferred stock
108,209
stock
Note—This statement does not give any effect to undistributed profits tax.
Balance Sheet July 31, 1937
kissers—
1936
$
1937
$
Properties
(net).. 10,321,441
Invest.
Liabilities—
wholly-
8,978,984
1936
$
Long-term debt
Inactive
Fees and
15,000
15,000
hand
166.989
510.523
expenses
321,544
5,589
Prov.
curr.
2,736
45,582
Other assets.
36,615
50,000
llabll..
Obllg.
345,141
expenses.
Funds with sinking
fund trustees...
payable
production
for
218,215
338,129
176,925
In
10,933,507
Total
9,974,074
42,652
23,382
1,543,753
2,434,223
659,034
776,552
10,933,507
Earned surplus
Accounts receivable
9,974,074
143,834
—V. 144, p. 1452.
3 Mos.End. 3 Mos.End.
June 30, '37 Mar. 31,'37
_
,
Gross sales, crude oil products
6 Mos.End.
June 1937
$254,421
37,814
J
Net sales
$195,890
30,743
$450,311
68,557
$216,607
Less royalties paid
$165,146
44,274
16,066
16,413
29,933
$381,753
95,443
35,216
42,035
69,516
Production costs, excl. of taxes......
General expense
51,169
19,149
25,622
39,583
Depletion
Depreciation
before
items & taxes
$81,083
_x
t
Federal
$58,460
income tax
r-**
x
$139,543
9,378
9,157
17,191
—
Net profit
per
share
Before tax
on
$103,818
$0-29
326,667 shares capital stock
on undistributed profits.—V. 145, p. 1272.
Republic Steel Corp.—Accumulated Dividend—
"^1
The directors have declared a dividend of
$1.50 per share on account
the 6% cum. pref. stock,
of accumulations on
to holders of record
$100, payable Oct. 1
Sept. 13.
Similar payment was made on July 1 and
on April 1 last.
A dividend of $12 was paid on Dec. 19, 1936, this latter
being the first distribution made on this issue since Oct. 1, 1930, when
a regular
quarterly dividend was paid.—V. 145, p. 1272.
Retail
par
Druggists Display Corp.— -Registers with SEC
See list given
on
first page of this department.
Revere Copper &
Brass, Inc. (&
6 Months Ended June 30—
Gross sales, less returns & allowances
f
Cost of goods sold, excl. of
deprec
.
Operating
expenses
Subs.)—Earnings—
1937
1936
Una vail-1 $15,314,401
1935
$11,709,433
12,165,746
9,028,462
1,159,572
1,314,531
jable
Oper. profit before depreciation... $3,756,434
Non-operating income
113,264
Total income
$3,869,698
Non-operating charges
Depreciation
323.598
652,091
Interest on bonds
Amort. of bond prem. & other exps
Provision for Federal income taxes
189,195
33,976
548,000
Net profit for period
Earns, per sh. om7% pref. stock
Earns, per sh. on cl. A stock
Eari)s.
la'Y"'
sh.
stock
per «=>"• VU vuui^uu 01/V7V.O.
on common
A"-11
p.
619.
Reserve for Federal taxes
652,361
Preferred stock ($20 par)
Common stock ($1 par)
Land, buildings, machinery
and equipment
Deferred charges
6,666
Capital
Earned
Total
$1,599,370
69,576
payable
surplus
surplus
40,741
...
227,400
130,625
668,355
414,604
$1,599,370
Total
x After allowance for doubtful accounts of $34,290.
for depreciation of $198,664.—V. 145, p. 619.
y
Afterf allowance
The directors on Aug. 24 declared a dividend of 15 cents per share on
the 397,806 shares of no par value common stock now outstanding payable
Sept. 30 to holders of record Sept. 15.
A dividend of 45 cents was paid on the 132,602 shares outstanding on
June 30, last.
Since then the company's stock has been split up three-forone.—V. 145, p. 777.
"
Rutland RR.-
Earnings—
1937
1936
1935
1934
$300,074
27,619
3,431
$307,322
41,895
27,267
$276,065
5,108
defl7,443
$275,003
11,705
def6,487
2,096,336
Gross from railway
Net from railway
Net after rents
From Jan. 1—
Gross from railway
1,940,125
90,225
1,832,925
12,421
defll2,047
1,910,806
107,077
defl2,720
Net from railway
Net after rents
188,180
33,461
def918
—V. 145, p. 1273.
Saco-Lowell
Shops—Recapitalization Plan Operative—
At the recent adjourned stockholders' meeting
President-David F. Ed¬
standing.
The
company was voted the right to adopt the name of the old com¬
Recapitalization will be achieved under laws of the State of Maine,
new
pany.
where the principal Saco-Lowell plants are situated.
Announcement was
made that the new securities may be ready in a day or two for registration
with the Securities and Exchange Commission at Washington, and that
they should be available for exchange for the old about the middle of Sep¬
tember.
The meeting adjourned to 11 a. m., Sept. 14.—V. 145, p. 292.
St. Augustine Gas Co.-
-Earnings—
Years Ended June 30—
Gross operating revenues
Operating
1937
Gross
Interest
Net income after preferred
$1,834,122
70,833
$1,521,398
78,125
$1,904,956
144,650
641,339
197,446
30,889
157,200
$1,599,524
147,071
605,434
251,970
81,450
$2.56
$733,430
$7.70
$1.66
„
Nil
on
$513,598
$5.39
$0.75
Nil
undistributed
$13,520
,—Bonds
Offered—
Hospital,
Alton, 111.Dempsey-Tegeler & Co., St. Louis, are offering $350,000
first mortgage real estate bonds, maturing serially Novem¬
ber, 1937, to May, 1947.
Joseph
Dated May 15,1937; due semi-annually Nov. 15,1937, through May 15,
1947.
Principal and interest (M. & N.) payable at Mercantile-Commerce
Bank & Trust Co., St. Louis, trustee.
$1,000 denom.
Any or all bonds may
maker,
$2,122,838
dividends
$18,310
4,790
$12,597
preferred stock
6,056
3,843
$28,838
6,470
4,057
$17,347
4,750
Net income
53
$27,246
deductions
on
$28,785
445
income
Dividends
$84,007
55,222
$26,801
Net operating income..
1936
$78,708
51,906
expenses
Non-operating income
St.
Note—No provision has been made for Federal surtax
profits.—V. 145,
14,515
540,179
Inventory.:
Provision for retirements and replacements.
*
'
$33,553
payable
accounts
Dividends
wards announced directors had declared the recapitalization plan operative
as of
Aug. 23.
Assents to the plan represent over 95% of all stock out¬
extraordinary
Other expense (net of other
income)
Abandonments
Taxes, including provision for normal
Accrued
211,404
July—
Republic Petroleum Co.—Earnings—
Period—
Accounts
Ruberoid Co.—15-Cent Dividend—
claims.
Capital stock
Capital surplus.
x
128
270,879
litig. exps., &c_.
35,792
19,716
86.923
Reorg. expenses..
8,332,500
200,000
(reorganization)
Other
Other curr. assets.
Liabilities—
$188,631
receivable
$
5,697,500
Bank loans
subs, not consol.
Cash In banks and
Notes
y
Consolidated Balance Sheet June 30
1937
profit
76,782
expense
Operating profit.
Cash
&c., charges.
Earnings
849,319
339,230
Co.—Earnings—
Assets—
L
3,851,745
Earnings for 3 Months Ended July 31, 1937
Dividends
Total
Oper.
def23,777
Other income
Earnings—-
$1,258,154
1,388,497
346,179
Other
Prepaid
29,271
Net sales..
....$1,165,103
1937
Oil production
on
$426,701
Other deductions..
Years Ended June 30—
owned
1934
4,022,568
766,476
286,307
1936
$585,985
$667,162
172,448
91,764
Net after rents
RR.- -Earnings
1935
$480,304
35,009
defl8,270
1937
July—
Gross from railway
Net from railway
$1.38
19,595
21,300
515,000
122,303
110,050
448.
p.
In
$207,193
Earnings per share on 150,000 shares of capital stock after giving
effect to 5 for 1 stock split
—V. 145, p. 448.
Manufacturing profit
Selling, administrative and general
Total
$1,165,103
Repbulic Natural Gas Co. (Del.)
Net
normal Federal income
before provision for
operating expenses,
—V. 145. p. 777.
1
Total
1
33,524
4,565
39,362
6,192
Goodwill
145,
41,809
2,705
72,837
Earnings for 7 Months Ended July 31, 1937
Net
Net from
$143,301
Res. for contingencies.
56,000
Bldgs. (less deprec. $113,696).
Equip. (less deprec. $116,688).
—V.
7
$36,752
Scrip (City of Youngstown)...
Packaging & distrlb. equipm't.
$395,826
157,108
_
From Jan. 1—
Gross from railway
Balance Sheet, June 30, 1937
Cash
$484,336
159,973
145,000
♦
72,500
43,500
x290,000
x290,000
xl45,000
yl48,000
$0.84
$1.45
$1.70_
$1.14
x Represented by shares of $1 par.
y No par shares,
z Before surtax
N
on undistributed profits.—V. 144, p. 4022.
Rhinelander
$851,347
Receivables (less res. $27,962)_
Inventories
$761,114
223,286
Shs. cap. stk. outstdg
Earned per share
Co.—Earnings—
Net profit before
$548,142
206,601
4,198
46,903
5,793
41,537
-
Earnings for the 6 Months Ended June 30, 1937
Net sales
Costs of mfg., bottling & racking; sales,
& financial exps
$392,048
3,778
Dividends
but not including
provision for indistributed profits tax
Earnings per share on 240,000 shares of common stock—
145,
$479,115
5,222
Federal taxes
Net profit after normal Federal income taxes,
Renner
$761,114
Gross profit
Expenses
Idle plant expense (net).
Depreciation
Earnings for 3 Months Ended June 30, 1937
—V.
1934
$1,912,918
1,520,870
1936
$3,311,847
2,550,733
Other income
Interest
Reliance Steel
1935
$2,726,869
2,247,755
z$243,110
Cost of sales
1937
$3,727,750
3,179,608
$548,142
6 Mos, End. June 30—
Sales
Liabilities—
Bonds and stocks
Aug. 28, 1937
Bonds in coupon form—$500 and
be prepaid at the option of the
interest payment date prior to maturity, at 100 and accrued
interest on 30 days' notice.
Principal and interest unconditionally guar¬
anteed
by the corporation Daughters of Charity of St. Vincent de Paul
(St. Louis Province) Normandy, St. Louis County, Mo.
Bonds maturing Nov. 15, 1937, to and including May 15, 1940, bear
on any
interest at the rate of 3% from May 15, 1937.
1940, and subsequently, bear interest at the rate
Bonds maturing Nov. 15,
of 4% from May 15,1937.
Financial
Volume 145
These bonds
the
direct
secured by a
buildings and equipment.
The land, buildings (with the new hospital
completed) and tne equipment offered as security, will represent an invest¬
ment by the
Daughters of Chairty of St. Vincent de Paul of an amount
are
in
of
excess
$750,000.
Central Hanover Bank & Trupt Co., as trustee, is notifying
first mortgage 5% sinking fund gold bonds series A, due Oct. 1,
1955, that
__
300
$95,035
1937—7 Mos —1936
$4,752,395 $36,202,929 $32,765,239
15,700
143,029
101,562
$5,087,450
3,490,461
$4,736,695 $36,059,900 $32,663,677
3,150,740
23,723,514
21,683,161
$1,596,989
437,908
$1,585,955 $12,336,386 $10,980,516
607,933
4,558,073
4,161.926
1937—Month—1936
-
..
Net operating revs..
taxes
-
Net oper. income
$1,159,081
—V. 145, p. 956.
$6,818,590
$7,778,313
$978,022
Southern Pacific Co.—Earninqs—
July—
1
1936
1937
Q*J K
1934
$15,298,447 $13,531,982 $10,944,302 $11,113,981
3,547,699
3,145,388
4,049,233
3.869,718
2,228,779
2,301,906
1,883,172
1,546,580
Net after rents....
From Jan. 1—
Gross from railway
Net from railway
Net after rents.
$175,767
455
Net operating income
Non-operating income
$175,528
$104,228
28,230
__
$464,548
289,019
$185,922
43,155
1,531
32,920
3,632
_
$475,308
294,398
$180,910
5,012
;
$5,106,806
18,356
..
Gross from railway
Net from railway
1936
1937
Telep. & Teleg. Co.—Earnings—
-
Operating
~
Co.—Earnings—
expenses and taxes
Period End. July 31-
.
,
Years Ended June 30—
Gross operating revenues
Bell
Operating revenues
Uncollectible oper. rev.
holders of
$45,500 principal amount of bonds have been drawn by lot for redemption
through the sinking fund on Oct. 1, 1937.
The bonds called will be payable at 107 Yi % of principal amount and
accrued interest to Oct. 1, 1937, after which date interest will cease.—V.
121, p. 2040.
Savannah Gas
1435
oouthern
Operating revenues..
Operating expenses
Sauda Falls Co., Ltd.—Bonds Called—
Operating
Chronicle
obligation of Saint Joseph s Hospital, and
first deed of trust in the nature of a mortgage on land,
are
238
100,146,401
24,031,630
11,176,466
64.594,591
17,777,309
9,287.592
67,795,637
16,847,992
7.695,342
81,672,037
20,990,637
10,678,233
—V. 145, p. 1274.
Gross income
Interest
on
long-term debt
Interest on other debt
Provision for retirement & replacements.
Amortiz. of debt discount and expenses
Discount
t
on
...
reacquired securities—Net
Net income
Preferred dividends.
_
47,731
29,808
Weeks Ended July 16—
1936 T.
Sales
$255,382,085$217,531.666$178,122,304
19,750,441
15,248,636
9,071,071
4,560,000
2,614,351
1,598,554
Net profit
Shares capital stock
x$15,190,441x$12,634.285
5,502,320
4,859,968
share
on
$7,472,517
4,804,943
$2.76
$2.60
$1.55
undistributed profits.—V. 145, p. 1273.
1937—3 Mos.—1936
x
1937—9 Mos.—1936
I
int. and Fed'l taxes..x$2,158,946
Shs.com. stk.out. (par $1)
1,781,426
Earnings
$2,122,306 x$4,451.375
1,781,426
1,781,426
>*«'
$3,
1,792,511
1,781,426
share
$1.20
$1.18
$2.48
After estimated undistributed profits taxes.—V.
145, p. 620.
per
53.155,143
14,628,250
9,496,798
46,085,213
10,633.926
6,257.546
45,818,328
11,876,664
7,345,097
—Third
Week
1937'
August— •—Tan. 1 to Aug. 21
1937
1936
1936
$2,463,581 $86,218,525 $78,123,636
$2,442,215
Southern United Ice Co.—Earnings—
6 Months Ended June 30—
Operating
$2.11
(State, local, &c.)
30,029
Net operating income
$115,849
43,062
$115,576
Gross
Interest
$158,911
55,933
$122,373
56,699
income
on
long-term debt
a
Liabilities—
Stock In six suburban banks at
net asset value of the shares
shown
as
30.
1937
$34,723
accrued
39,394
312,455
Total
a
Capital
no par
Period End. July 31—
value 5,000,000
surplus
2,403,376
after above provision for tax
Total
836,095
$8,442,471
(cost), $5,659,405.
b Other than excess profits tax
undistributed profits, on the indicated
appreciation, if realized,
of securities, other than bank stocks.
$77,260
$667,918
150
100
850
700
Operating revenues.
Operating expenses...
$98,246
58,022
$77,160
48,807
$667,068
399,605
$545,118
339,223
$40,224
8,410
$28,353
5,748
$267,463
51,399
$205,895
34,600
$31,814
$22,605
$216,064
$171,295'
Operating taxes
Net operating income.
—V. 145, p. 956.
W
Sparks-Withington Co. (& Subs.)-
Costs and expenses
Note—The income account for six months ended June
30.
"Chronicle
of Aug. 21, page 1273.
$545,818
$98,396
Operating revenues
Uncollectible oper. rev..
Unrealized appreciation of se¬
curities other than bank stks.
$8,442,4711
1937—7 Mos.—1936
1937—Month—1936
Net operating revs.
$56,000
At book amounts
or surtax on
loss$30,145
Telephone Co.—Earnings—
also
147,000
Common shares of
interest
Cash
Southwestern Associated
and
1,654
94,764
—V. 143, p. 1091.
»
taxes
taxes
1,448,122
and
receivable
for
management participation in
earnings
b Estimated possible income
by statements of
condition of the banks June
Notes
Reserved
"
1,147
67,103
~
-Balance Sheet June 30, 1937-
Securities, at quoted market
prices
$6,642,500
6,797
5
General interest
Amortization of debt discount and expense
Provisions for retirements
Net income.
Shawmut AssociationAssefs—
$506,421
341,345
21,784
27,715
353,582
30,107
Maintenance
Taxes
1936
1937
$529,567
revenues
Operation
Non-operating income
Servel, Inc. (& Subs.)—Earnings—
Period Ended July 31—
Net profit after deprec.,
1934
$6,075,936
1,193,654
583,007
*1935
Normal Fed. tax and employ, fund.,
per
From Jan. 1—
Gross from railway
Net from railway
Gross earnings
(est)
—V. 145, p. 1274.
1937
Before provision for surtax
1935
$6,633,919
1,470,612
805,892
Period—
Profit
x
1936
$8,144,792
2,519,065
1,737,555
58.999,939
17,202,147
10,433.623
Net after rents
$65,227
$75,997
Sears, Roebuck & Co.—Earnings—
Earnings
1937
$8,092,294
2,109,129
1,166,124
July—
„
Gross from railway
Net from railway
Net after rents
Net income after pref. dividends.
-V. 126, p. 2965.
24
Southern Ry.—Earninqs—
1.164
29,434
2,102
1937
$6,892,671
6,200,094
Operating profit
$692,577
Years End. June 30—
given in
was
Net sales
Sheep Creek Gold Mines, Ltd.—Extra Dividend—
The directors have declared an extra dividend of one cent
per share in
addition to the regular quarterly dividend of two cents
per share on the
stock, both payable Oct. 15 to holders of record Sept. 30.
Like
payments were made on July 15, last.—V. 144, p. 4199.
Earnings—
»•
1934
$4,850,830
4,986,995
f 1935
$5,411,047
5,475,285
1936
$5,504,329
5,177,248
28,677
$327,081
18,666
loss$64,2391oss$136,165
3,040
x34,029
$721,255
88,764
$345,747
103,844
loss$61,198 loss$102,136
106,540
108,411
121,996
44,427
Other income
27,481
59,861
common
Sierra Pacific Electric Co.
Period End.
July 31—
Operating revenues
Operation.
Maintenance
Taxes
on
accts.
107,000
receivable
1937—12 Mos.—1936
$1,775,795
$1,675,633
642,391
668,175
105,445
74,671
a248,670
224,675
Provision for U. S. and
Canadian income taxes
Other deductions
'..
Net profit
Retirement accruals
Gross income
Interest & amortiz., &c_
$75,537
1,342
$779,289
4,253
$708,111
3,904
$86,907
7,718
Balance
$85,610
1,298
$76,879
8,333
$783,542
96,174
$712,015
100,000
$79,189
10,361
$68,546
10,370
$68,828
$58,176
$687,367
126,982
98,199
determined until the end of the year.
.15
A
Q 9 fit c
■■
$363,700
$363,700
2,251,685
1
stock. 2,251,685
Loans from RFC,
current..
224,462
1
Loans
Pref. 6% stock...
mach'y & equip.$1,297,754 $1,319,853
1
Pats. & pat. rights
Trade
mark and
-
goodwill
816,125
Cash
rec.
&
722,078
365,183
Other assets
48,302
52,465
cents
per
share
on
the
stock, par $1, payable Sept. 15 to holders of record Sept. 1.
compares with five cents per share paid on Oct. 15, and
April 15,
1936, this latter being the initial distribution on the issue.—V.
145, p. 956.
common
This
349,170
&
122,278
27,481
payable.
Contingent reserve
150"666
133,000
45,681
39,145
496,617
496,617
10,000
Contract
367,868
$4,394,790 $4,070,798
Total
After
depreciation,
y
$4,394,790 $4,070,798
Total
Represented
by
900,674
no
par
shares.—V.
Spencer Chain Stores, Inc.—Stock Increase Voted—New
Name—
Issuance of 60,000
shares of
new
$1.50 cumulative convertible preferred
and 120,000 shares'of additional common stock for conver¬
has been approved by stockholders atra special meeting held
Aug. 23.
Stockholdesr also approved change in name^to the Spencer Shoe
Corp., effective immediately.
sion purposes
South Porto Rico Sugar Co.—Extra Dividend—
The directors
on Aug. 25 declared an extra dividend of 80 cents
per share
regular quarterly dividend of 50 cents per share on the com¬
stock, no par value, both payable Oct. 1 to holders of record
Sept. 15.
The company states that advice has been received that American
Coloniai
Stockholders authorized directors to Issue 83,201 common'share3, now
terms as they may
authorized but not issued, from time to time on such
a
mon
Bank & Trust Co. of Porto Rico will make a distribution on
Oct. 1 of 25
cents a share on the common stock to stock of record
Sept. 15 out of profits
of Russell & Co. for its fiscal year ended May 31, 1936.
With the exception
that the extra dividend amounted to $1 per share
distributed on the common stock on Oct. 1, 1936.
Co., a sugar producing organization, is controlled by South
Porto Rico Sugar Co.
It is a Porto Rican company partnership,
beneficially
owned by common stockholders of South Porto Rico
and
similar amounts
Russell
S.
taxes.
inc.
stock ($20 par)
Merge Three Units—
See American Water Works & Electric Co. above.
in addition to
372,498
payable..
for U.
Can.
145, P. 1274.
Corp.—10 Cent Dividend—
South Penn Power Co.—To
Prov.
$307 149
x
10
accts.
433,460
July 1, 1936)...
S0.61
of
318,611
Capital surplus
Ea,rnin|s Per share
dividend
81,389
RFC,
Earned surpl. (since
—V. 144, p. 4361.
a
from
current
Miscell. oper. res.
profit after operating expenses, normal Federal income and
foreign taxes, depreciation and other charges, but before
Federal surtax on undistributed profits
declared
not
629,351
Net
have
Common
Accts. and accrued
662.586
1,204,836
Earnings for 6 Months Ended June 30, 1937
directors
y
913,590
accounts
after res'ves
Inventories...
Deferred charges..
The
1936
1937
Liabilities—
1936
1937
—
buildings,
Land,
Simplicity Pattern Co., Inc.—Earnings—
Sonotone
Nil
Nil
Consolidated Balance Sheet June 30
Notes
Note—The subsidiary company on Jan. 1, 1937,
adopted the Federal
Commission system of accounts, hence previous
year's figures are
not exactly comparative.—V.
145, p. 955.
Power
def$167,738 def$344,381
$154,561
) .49
-x Included adjustment of Canadian assets to current rate of exchange, &c.
$612,015
126,652
$560,385
$485,363
Pref. divs. declared
209,419
209.226
Com divs. declared.
396,550
206.000
a No
provision has been made for the Federal surtax on undistributed
net income for the year
1937, since any liability for such tax cannou be
$367,868
Surplus for year
Earns, persh. on 900,674
shs. com. stk. (no par)
x
income
26,834
$154,561 loss$167,738 loss$344,381
$466,067 V
—
Preferred dividends
Net oper. revenues
Non-oper. income (net).
Net
(& Subs.) —Earnings
1937—Month—1936
$164,248
$151,801
46,846
44,158
8,274
6,066
a23,519
26,040
Profit
Depreciation
for loss
Prov.
were
&
Sugar,
oividends are declared by Russell they are passed
assed along to them
c ase with the 25-cent payment just ordered .- -V. 143, p. 3482.
when
as
is the
^Cancellation of the
and
1,908 shares of class A stock, the entire amount issued
reacquired by the company, was also voted.
Underwriters of the 6O.0OO shares of new preferred stock will be Childs,
Jeffries & Thorndike, Inc., and Herrick, Heinzelmann & Ripley, Inc.—
V. 145,
p.1274.
Spencer Shoe Corp.—New Nam$—
See Spencer
Chain Stores, Inc., above,
Sperry Corp.—To Pay 60-Cent Dividend—
The directors on Aug.
common
20 declared
a
dividend of 60c.
per
share on the
stock voting trust certificates, par $1, payable Sept. 9 to holders
1436
Financial
of record Aug. 31.
This compares with $1 paid on Aug. 20, 1936 and
25 cents paid on July 1, 1935 and on Dec. 29, 1934, this latter being the
initial distribution on the issue.
6 Mos. End. June 30—
x
1937
1936
1935
Gross inc. from opers__
$2,696,425
159,242
751,531
$1,504,447
109,009
48^,583
$1,598,816
85,322
454,049
188,973
145,286
113,453
89,851
$1,596,679
235,749
$767,568
1,144,588
$945,992
90,949
$634,525
383,677
$1,832,428
$1,912,156
$1,036,942
$1,018,202
23,818
438,143
42,128
212,721
17,765
209,425
14,392
129,065
y$l,370,467
$1,657,305
$809,752
$874,745
Depreciation
Selling and gen. expenses
Research & development
expenses
Operating income
Other income
Gross income
Transfer
JLVM4
$1,233,548
Chronicle
Statement of Consolidated Income (Company and Subsidiaries)
[Exclusive of Deep Rock Oil Corp., debtor under Section 77-B of the
Bankruptcy Act, as amended, and Beaver Valley Traction Co.
(subsidiary of Philadelphia Co.), in receivership, and subsidiaries of such
companies.]
66,737
442,435
Period End. June 30—
Pub. Util. Cos.—
Net income
x
Includes
income from
°Ptaxes!X.P-S-1
1937
1936
4,260.143
4,979,197
aacts. rec., accr.
1,846,906
Prov.
in
ventories, &c
3,115,517
3,774,458
Deposits
Contracts in prog¬
34,094
$3,446,572 $46,728,760 $45,476,167
Retirement &deplet. res.
$1,001,691
$962,982 $12,704,295 $11,915,478
36,344
employees
498,651
22,975
17,492
&
22,612
3,198,274
299,605
Deferred charges..
2,410,844
187,213
ments purchased
$102,287
972,437
$102,465
1,047,454
$1,227,551
11,939,113
$1,230,009
13,035,235
112,130
115,051
1,393,888
11,769
9,333
135,180
1,281,332
121,747
by sub...
Approp. for special res..
Fed. & State tax on int.
5,766
41,667
5,766
41,667
69,192
500,000
69,192
500,000
funded debt.—
32,014
33,707
Crl2,522
27,571
3,754
05,272
392,747
132,147
096,664
380,702
23,939
048,709
$1,132,718 $18,294,311
$16,930,242
expense-
,
1
14,741,974
352,222
250,414
54,931
413,931
7,601
on
118,995
From. Jan.
.
66,385
1,949,111
3,664,248
4,706,166
Total
c
Par
value
016,871
475,851
808,029
$489,041
$385,314
$8,879,281
$7,490,033
_
$1.
d Including
1936
applic. to company
Other inc. of company:
Divs.
from non-affil.
on
1935
1934
33,403
34,682
$557,126
415,777
92,117
33,570
303,359
302,144
427,470
$445,049
$9,676,518
$8,424,249
110
Exps. & taxes of Stand.
Inc.
22,266
38,742
259,816
281,422
$534,860
$406,307
$9,416,702
$8,142,827
$368,247
7,001
$368,247
$4,418,970
62,411
$4,418,970
125,411
cbgs. of Stand. Gas
& Elec. Co.:
$42,839
Int.
on
funded debt.
_
Other interest..
Fed. & State tax
459,721
376,999
420,238
25.053
34,682
______
Total
def 1,204
def7,875
204,492
______
indebt. of affil.
Consol. net income—_
$59,873
10,774
4,855
8,632,180
Inc. .of non-utility subs.
Gas&Elec. Co
$77,882
21,516
12,669
5,896
railway
railway..
10,407
undistrib.
Balance of income b__
.14,741,974 14,191,952
1—
Gross from
8,939,179
companies
14,034
_
764,275
Other interest
1937
Net after rents.
764,262
of for'n
Int.
$68,544
railway
in
net income——
51,985
Capital stock
2,015,565
Capital surplus... 4,204,246
Earned surplus.__ 5,080,211
depreciation,
781.
July—
ints.
Min.
p.
Gross from railway
$1,263,710
stocks held
by public-..—
Divs. on cap.
Spokane International Ry.—Earnings—
Net from
guar.
Balance
_
exchange
14,191,9521
145,
stock
chgd. to construct'n
Int.
1
b After
reserves,
accrued royalties.—V.
—
Other interest
50,000
Patents
After
37,000
37,000
3,083
$2,480,507 $33,987,465 $33,523,689
Amortiz. of debt disct. &
guar¬
develop¬
Total
$2,562,965
Gross income
Other income deducts—_
conting.
apprec.
36,781
receivable,
non-current
a
1,807,253
c
b Plant & equipm't
3,083
capital expenditures._
475,882
Res. for unrealized
subs. cos___
Patents &
758,104
products
Deferred income.
Res've for
of
Life ins. policies..
Accts.
455,856
266,981
anteed
1,066,841
420,905
officers
from
&
706,186
sales
on
service
contract..
of contractual
Amortiz.
Divs. on pref.
Prov. for instalm't
Dep. on purchased
Investments
47,675,898'
54,297,908
$3,567,739
•
690,040
income
contracts
975,910
ress
Due
for
franchise & cap.
stock taxes...__
in¬
progress,
$
837.611
royalties,
wages, taxes, &c
1,713,253
Contracts
1936
Si
Accounts payable.
Accrued
aNotes,acceptance,
—
4,127,472
Total revenue—.—
Other income—Net
Int. on funded debt
1937
Liabilities—*
$
interest, &c__
& work
4,675,984
$3,533,645
Rents for lease of props.
Consolidated Balance Sheet June 30
Cash
—
undistributed net income.
on
Assets—
-
-
$7,561,944 $100937,832 $92,968,603
$3,434,472 $46,639,924 $45,292,705
12,100
88,836
183,462
1936; $93,173 in 1935, and $67,187 in 1934.
for Federal surtax
$8,209,629
Net oper. revenue
royalties: $189,934 in 1937; $90,138 in
y No provision has been made
patent
1937—12 Mos.—1936
1937—Month—1936
Sub
Operating revenues
.
_
1937
Federal
legal and
fees,
miscell. expenses
Provision for taxes
Aug. 28,
on
10,377
int.
funded debt
84,136
Net after rents
36,151
9,646
def29,125
4,054
5,176
69,535
59,787
17,790
213,641
197,757
$397,108
$401,590
$4,764,557
$4,801,925
Consol. net income—_
283,036
2,154
def42,061
17,806
Total
Net from
$137,752
on
c
Amortiz. of debt disc't
& expense
—V. 145, p. 781.
Standard Fuel Co., Ltd. (&
Years Ended
Subs.)
April 30—
1937
Profit from operations
Income from investments
Total income
...
_
-Earnings—
1936
$90,866
4,987
$209,896
$224,154
2,475
4,500
1,399
36,421
35,206
2,752
4,500
1,399
$134,295
313,058
.
$218,806
5,347
38,324
$95,853
—
1935
$204,723
5,173
$143,875
333,355
Res.
for deprec. & obsol. of bldgs.,
mach. & equipment....._
Prov. for Doin. & Prov. inc. taxes
Prov. for other Prov. taxes
38,124
12,465
2,551
4,500
1,399
___...._
Fees paid in directors
Written-off
r
on
...
acct. of
Net profit
prelim. exps__
$36,814
344,804
....
Balance at credit
as at
May 1
_
28,901
.
a Including $100,004 for the 12 months ended June 30, 1936, for amortiz.
of extraordinary operating expenses deferred in 1931.
b Of sub. public
utility companies applicable to Standard Gas & Electric Co.
c Including
amortiz. of exps. in connection with proposed extension of notes due
Oct. 1, 1935
d For the 12 months ended June 30, 1937 includes approxim¬
ately $2,552,000 of undistributed earnings of subsidiary companies applicable
to capital stocks held by Standard Gas & Electric Co.
Of this amount
approximately $1,410,000 is not available for distribution to Standard Gas
&
Electric
Co.
the
in
form
of
divs.
on
common
stock
of certair
of the
subsidiary companies due principally to accumulation of dividends on
preferred stocks in prior periods and to the retention of surplus for other
purposes.
Comparable amounts for the 12 months ended June 30, 1936 are
approximately $1,330,000 and $248,000, respectively.
Unrealized balance of claim & exps. rei'
Church St. dock prop, exprop. now
Statement of Income (Company Only)
Period End. June 30—
1937—Month—1936
1937—12 Months—1936
written off
Dr61,150
Adjusts, (net) applic. to prior
$4,717 d$4,652,145 d$3.340,902
"625
Cr
years._
Divs. from public
affiliates
utility
$505,652
$507,008
$6,196,243
$6,023,254
Divs. from engineering &
$382,243
Dividends paid
102,228
Bal. at credit
Earnings
per
$447,353
.102,550
management affiliate.
as
_
at
on
April 30
50,000 shs.
$280,015
$344,804
$313,058
$1.14
$1.32
com.
on
on
indebt. of affils—
Prot.
Assets—
1937
1936
$716,663
Liabilities—
$371,194
reserve
329,296
355,911
143,523
494,081
Cash in banks and
(sec'd)
$254,086
Bonds, shares and
35,379
mtge.at cost, less
reserve
96,847
36,582
978,557
947,535
1
Properties
1
Goodwill
275,469
sink,
fund
stock
$2,312,067 $2,304,585'
(par $100)
pref.
1,187,000
200,000
Represented by 59,000
no par
1,191,500
280,015
Common stock..
Total
344,803
$2,312,067 $2,304,585
shares.—V. 143. p. 1729.
a
an
extra dividend
quarterly dividend of 25
payments were made
paid
on
on
Dec. 15, 1936.
—V. 144, p. 3518.
f
June 15 last.
cents
funded debt
a
on
$7,094,624
281,422
$538,886
368,247
10,377
$6,864,289
4,418,970
62,411
$6,813,202
4,418.970
125,411
int.
funded debt.
4,054
5,176
69,535
59,787
17,806
17,790
213,641
197,757
$397,108
$401,590
$4,764,557
$4,801,925
$165,248
$137,296
$2,099,732
$2,011,277
Amortiz. of debt disc't
& expense....
Total
_.__
Net income.
a
Including
amortization
of
expenses
in
connection
with
proposed
extension of notes due Oct. 1, 1935.
months
of 15
per
An extra dividend of 25 cents
was
See V. 143, p. 3649, for detailed dividend record.
December, 1936, to February, 1937, incl.
Dividends on such
are $35,323 for the months of June,
1937 and June,
1936, $317,911 for the 12 months ended June 30, 1937 and $423,882 for the
12 months ended June 30, 1936.
stock included therein
Trustee
Is
Asked
for Company—Committee for 6% Notes
New Management—-
Petitions Federal Court in Delaware for
Stanley Co. of America—Resumes Common Dividend—
The directors have declared
dividend of $3 per share on the common
holders of record Aug. 23.
This will be the
a
stock, payable A.ug. 25 to
first dividend paid since April 2,
1928, when 75 cents
tributed.—V. 142, p. 137.
per
share
was
dis¬
Standard Gas & Electric Co.—Financial Statement—
Bernard W. Lynch, President, says:
\
On Aug. 18, 1937, a plan of reorganization of this
company was filed
in the U. S. District Court for the District of
Delaware, in which was
r
incorporated modifications of the plan filed on May 17, 1937.
With the
the company filed a petition for authority to propose the
plan in accordance with the provisions of Section 77-B.
Public utility operating companies of the system
reported electric output
for the 12 months ended June 30,1937 amounting to
5,496,325,362 kilowatthours, an increase of 14.75% over the output for the 12 months ended
June 30, 1936.
Gas output of 48,210,933,000 cubic feet has been reported
for the 12 months ended June 30, 1937, an increase of
13.46% over the 12
months ended June 30, 1936.
Sales of gas and electric appliances by com¬
modified plan
panies in the system for the year ended June 30, 1937 increased 18.84%
over the previous period.
on
$7,124,105
259,816
$562,356
368,247
.7,001
Gross income—
$577,628
38,742
Note—Above figures do not include any dividends on Louisville Gas &
Electric Co. (Del.) class B common stock owned by Standard for the three
cents per share in
share on the Common
stock, par $10, both payable Sept. 15 to holders of record
Aug. 31.
Similar
to
110
__.
$584,622
22,266
200,000
Standard Oil Co. of Kentucky—Extra Dividend—
The directors have declared
addition
376,999
130,625
420,238
25,053
10,885
34,682
28,125
Other interest
on
Earned surplus
f
278,213
red.
cumul.
148,332
302,144
160,894
431,765
—
sees,
—
Fed. & State tax
mach. & equip..
6 3-12%
x
x
33,750
Total....
Int.
& Provincial tax
99,278
47,179
redernp. of
Expenses & taxes
2~7~565
15,118
Municipal taxes..
Res. for deprec. &
obsol. of bldgs.,
Deferred charges-
Total
1936
$228,751
65,000
_
Prov.for Dominion
hand
on
1937
Accounts payable.
Bank loan
on
I
by an affiliate.
Consolidated Balance Sheet April 30
Inventories
33,403
10,885
34,682
fund. dt. of affil.
Int.
—
Int. on bank balances
Nil
_
Accounts rec., less
...
Dividends from others—
Int.
share
stock (no par)
$416,079
103,021
New developments in
the proposed plan of reorganization of the com¬
pany appeared Aug. 20.
Three distinct events
to be a race against time.
They were:
took place in what appeared
(1) The filing of a petition by the McAneny committee for the company's
6% notes and debentures in the Federal District Court in Wilmington, Del.,
requesting Judge John P. Nields to appoint an independent trustee to man¬
age the entire affairs of the company.
No action will be taken on the pe¬
tition until the return of Judge Nields, who is on vacation.
(2) The presentation to the Court of a petition by C9unsel for the Delavan Corp. and Emma A. Graham, calling for the appointment of a special
trustee, or the
uthorization of a stockholder, to bring suit on behalf of
the shareholders of Standard Gas & Electric Co. for $100,000,000 against
certain officers and directors now or formeady identified with the company,
the Standard Power & Light Corp., H. M. Byllesby, Ladenburg, Thalmann
& Co. and others.
,
(3) The stand taken by the Gerard committee for the $6 and $7 pre¬
ferred stock of Standard Gas & Electric Co. that "it is opposed to the re¬
classification of the recently issued $5 preferred stock
Power Co. of
of the Northern States
Minn., and will recommend a revision of the terms tendered
The company is a subsidiary of the Standard Gas system.
In presenting its demands for the appointment of an independent trustee
to manage the corporate affairs and litigate the $100,000,000 lawsuit,
the McAneny committee asked the Court to consider the question of apbefore the SEC."
Financial Chronicle
Volume 145
pointing
the
a
plan
trustee "in the light of the facts and circumstances
of reorganization."
surrounding
Weekly Output—
1437
Sun-Glow
Industries, Inc.—Earnings
Period End. June 30—
income
after oper¬
1937—6 Mos.—1936
1937—3 Mos.—1936
Net
Electric output of the public utility operating companies in the
Standard
ating expenses, depre¬
ciation & other
charges
Gas & Electric Co. system for the week ended Aug. 21,
1937, totaled 113,412,299 kilowatt hours, an increase of 9.7% compared with the correspond¬
ing week last year.—V. 145, p. 1275.
but before Fed.
tax &
surtax
$56,663
$85,972
$37,973
$41,201
—V. 145, p. 1275.
Standard Steel Spring Co.—Listing
Sunray Oil Corp. (& Subs.)—Earnings—
stock has also been approved by the Board of Governors.
Permission was
also given to the company to add to the list upon official notice of issuance,
99,856 additional shares of common stock (par $5) as a stock dividend of
100% on the 99,856 shares of (no par) common stock presently outstand¬
ing, and 20,000 additional shares of common stock (par $5) upon exercise
of common stock purchase warrants.—V. 145, p. 957.
6 Mos. End.
June30, '37
.$1,304,500
$1,712,731
a660,462
__
Year End.
Dec. 31, '36
Period—
Sales.
6 Mos. End.
b826,683
303,844
Jwne30,'37
$3,017,231
1,487,146
548,925
____
Selling and general
245,080
expenses
Operating profit
discounts,
Net inc. before Fed. taxes
on
undistributed profits.
46,833
$561,100
$945,881
147,911
26,878
_
_
Net income for the year
_
Operating deficit .June 30, 1936-.-
$236,331
720,160
____.
Operating deficit, June 30, 1937----
$483,829
Includes charge for deprec. of plant in amount of $23,017.
b Includes
charge for deprec. of plant in amount of $25,751.
c Preferred divs.
($6
per share), $22,292; common dividends $3.60 per share, $528,116.
Assess—
1937
a
rec.
(cust'rs)
Liabilities—
1936
§714,596
Acct.s.
475,305
Acer.
38,503
1,455*266
1,349,170
196,652
232,052
Pref.
(cost)
Mlscell.
notes
accts.
e
14,375
19,067
47,750
47,750
Sinking
fund
c
$157,797
f271,208
stock
1,500,000
1,500,000
(par
Common stock._
fund
for.,
pref.
86,087
Land
81,333
1,723,670
Total—
a
12,451
468
a5,000
§579,578
§265,862
74*775
shares —V. 145, p. 1275.
no par
Total..
revenue
$398,229
234,367
$385,604
225,132
55,074,818
2,748,886
$4,848,972
2,688,605
$163,862
$160,472
129,382
$2,325,932
1,550,846
$2,160,367
129,359
$34,503
Gross income
Int .& other fixed charges
$31,090
$775,086
$609,474
pref. stock
on
No provision was
made in 1936 for Federal surtax on
all taxable income for that year was distributed.
been made for such tax in 1937.—V. 145, p. 783.
Period End. July 31—
Operating revenues
Oper. exps (incl. taxes)
Prop, retire't res. approp
_
Inc.—Earnings—
1,550,894
undistributed
as
Tennessee Public Service
§4,561,810 S4,120.812
Represented by 3,301 shares at
e Represented by 150,000 no-par
undistributed profits
-V. 144, p. 4025
Co.—Earnings—
1937—Month—1936
1937—12 Mos.—1936
$1,354,528
$1,254,888 $15,776,416 $14,271,579
x
851,299
764,283
9,441,598
8,162,607
Oper. expenses & taxes
Prov. for retire, reserve.
105,000
105,000
1,260,000
1,260,000
Period End. July 31—
Gross
has
1,010
on
25,000
125,000
125,000
101,400
stock
Total
Tennessee Electric Power
x
f Includes Federal surtax
Sterling,
Represented by 5,000
a
41,450
able, not curr..
Pref. stock* §10 par
§265,862
§579,578
profits
securities sold,
b At cost.
c
d After reserve for depreciation,
shares.
Notes & accts. pay¬
20,328
Balance...
..$4,561,810 §4,120,812
20A12
Paid in surplus
Earned surplus
11,936
For
cost,
103,329
3,799
Accruals
45,391
§100,990
6,150
12,495
205,331
note
contr.,
Common
737,668
__
180,768
equipment, net.
Deferred expenses.
Divs.
River Nat. Bk.,
in liquidation.
107,807
Land, buildings &
378,618
858,216
to
§2,733
payable
payable.
Mach.
188,748
108,404
Net income
81,333
369,137
..
Buildings
Mach'y <fc equip.
Deferred charges__
Deposit in Millers
Notes
§5,534
Accounts
net....
Inventories
86,087
d
Stock
Liabilities—
1936
1937
$81,328
receiv.,
65,303
1,960,001
138,039
Treas. stk.—com
65,303
Surplus
65,303
184,869
Additional
Tecumseh Products Co.—Balance Sheet June 30—
Assets—
Cash
129,192
607,500
Offer
Co.—To
The company proposes to offer to present common holders at $22 a share
28,700 shares of authorized and unissued common stock. This will raise the
company a gross sum of $631,400.
Date of offering and of which holders
must be of record and details of proposed financing are not
available.
There are outstanding 287,000 shares of common stock.—V. 145, p.
1275.
§95,146
stock
65,303
stk.—pref
d
Paper
Present Holders-
Total
Reserve for sinking
for
preferred stock,
b Treas.
$0.13
State
§100)
and
receivable
Mlscell. securities-
$261,172
1,910,248
$0.27
____________
Note—No provision has been nude for surtax on undistributed earnings.
1117.
1936
607,500
Fed.,
and town taxes.
Marketable securi¬
ties
1937
Accts. payable and
accrued expenses
§612,307
321,967
Accts. receivable
Inventories
per share
Balance Sheet June 30
,
Cash
$572,060
2,005,135
Net profit for periodShares of common stock outstanding
Earnings
Notes and accounts
Net increase in operating surplus.
a
$747,629
91,391
83,310
271,756
40,000
Non-oper. charges (incl. interest and discount)
Capital extinguishments, leases abandoned, &c__
Depletion and depreciation (approximate)
State and Federal income taxes (approximate)
Sutherland
$771,091
Cr23,316
Dr7,671
c550,408
Operating surplus credits.________
Operating surplus charges
Dividends declared.
$733,754
13,874
.,377,511
22,845
130,170
592,436
60,000
;
1,158,529
$1,340,387
37,124
—V. 145, p.
inc. &
on
1,379,894
Net operating income
Other income
bad
profits taxes.___.
excess
$1,892,284
$992,714
26,452
$384,781
charges (cash
debts, &c.)__
Surtax
$587,552
20,380
956
_.
Other
Income and
$981,159
9,362
2,192
$405,162
.
4,112
1,236
$582,203
$398,956
5,249
Income from securities
Other income_
1936
1937
$2,720,281
operating
refinery),
and general
expenses, taxes, &c
Total income
(L. S.) Starrett Co .—Earnings—
Cost of sales
6 Months Ended June 30—
Gross operating income
Costs (including oil sold to
(including
No provision
Co.—Earnings—
1937—12
1937—Month—1936
$312,030
$274,157
222,585
195,868
31,516
31,058
vfos—1936
$3,651,048
2,574,631
374,499
$3,176,511
2,327.463
353,739
1937
Sales (less discts., returns & allow
1936
$495,309
98,676
$47,231
8,208
$701,918
$66,135
1,224
$55,439
$800,216
12,779
$593,985
$67,359
32,417
373
$56,360
32,417
$812,995
389,000
5,086
$601,249
389,000
3,774
$23,591
Dividends applicable to preferred stock for the
period, whether paid or unpaid
—
$418,909
$208,475
297.618
297,618
$121,291
def$89,143
Net oper. revenues—
1935
$2,484,399
929,305
$1,765,974
656,966
$1,661,499
604,074
$1,555,094
1,117,108
22,090
$1,109,007
860,631
15,922
$1,057,425
819,838
12,157
$415,896
94,134
Cost of goods sold
$57,929
8,206
Balance
Years Ended May 31—
$232,454
40,983
$225,429
44,730
Rent from lease of plant.
Operating income
Operating
expenses
Provision for depreciation
Operating profit
Other income
Income deductions
Prov. for Fed. inc. &
profits tax
excess
Net income—
Cash dividend on
common
Cash dividend
$510,030
11,584
28,882
$273,438
3,270
22,378
$270,159
1,828
20,753
preferred stock
$469,564
$247,789
$247,577
56,187
y398,000
164,786
12,375
No. of shares of common stock outst__
421,964
400,000
Earnings per share—
$0.99
$0.48
x$0.48
x Based on common shares outstanding May 31,
1936.
y Stock div.
on
1936
Cash__
§230,988
2,355,814
260,289
23,893
341,306
Accts. receivable-_
Other assets
Fixed assets
§152,586
1,521,919
190,703
34,393
5,523
Organ, expense
214,697
5,802
1,623
12,766
Ins.prems.unexpd
Prepaid expenses.
2,601
12,766
Liabilities—
Accounts
payable-
Notes payable ___•_
Accrued liabilities.
Other
curr.
Deferred
SI.50
liabils.
credits
cum.
Net
x
§3,232,204 §2,135,469
__
Com. stk. (§1 par)
§100,398
'350,000
68,391
6,441
783, 622.
9,708
500
600
900,000
400,000
Dec.
Period—
Revenues—
Loss
717,346
on
$965,047
687,399
Notes
$16,757
$14,131
Gross income
Int.
$16,757
$210,307
payable
—
-
and expense.
reorganization expenses—
Amort, of debt discount
Amort, of
454
454
8,467
8,069
chgd. to construct,.
1
725
$210,843
5,450
98,544
$230,373
5,450
94,941
34
$5,270
applic. to pref. stock for
whether paid or unpaid.
Divs.
Balance.
$8,234
the
$106,874
$130,016
period,
I
Property, pipe line, equip't,'
leaseholds & contracts
$2,153,178
Note of Texas Gas Distributing
a
35,000
35,000
$95,016
Regular div. on 7% pref. stock was paid on July 1, 1937.
After the
payment of this dividend there were no accumulated unpaid divs. at
x
Apr. 1, 1945
Cash
.
tributing Co
Prepayments
Note—No provision was made for Federal surtax on undistributed profits
for 1936, inasmuch as the company reported no undistributed adjusted net
income for that year. No such provision has been made to date for 1937.—
Deferred charges.
145, p. 782.
—-——
receivable
Materials and supplies
Int. receiv. on Texas Gas Dis¬
tributing Co. note...
Indebtedness of Texas Gas Dis¬
that date.
y.
40,833
1,755
1,192
14,891
6,344
$199,736
$51,078
745
485
Total
a
After reserve for
1936
Liabilities—
400,000
40,035
23,285
7,408
§57,220
| Common stock (par §1)
1st mtge. bonds due Sept. 1 '51 2,922,000
Notes
4,000
14,547
payable
Accounts
Co., with int. at 2 % per ann.
Accounts
$71,874
102,270
485
Balance Sheet Dec. 31,
due
—
Net income
x
19,480
19,480
102,270
40,833
1,755
1,937
21,235
$250,814
deficit
$229,648
25
$14,191
$24,024
$38,794
$62,818
from Sept. 1, 1936f. bonds
Assets—
Int. on mtge. bonds
Other interest
5 Mos. End.
July 31 '36 Dec. 31 '36
$149,039
$95,572
73,694
39,531
113,354
80,065
785
785
48,000
536
60
7 Mos. End.
'36
deductions:
1st mtge. bonds
lst mtge. 6% s.
10-year notes
Receiver's certificates—
1937—12 Mos.—1936
31
$244,610
113,224
193,419
sale of assets
Deficit
Net corporate
_.
_
Operating expenses
Provision for depreciation & depletion
Superior Water, Light & Power Co. —Earnings—
Net oper. revenues.
Other income
Earnings—
Year End.
40,643
862,725
421,964
1,418,785
$983,663
725,356
48,000
1937, amounted to
and unpaid to July 31,
Texas Gas Utilities Co.-
§67,171
§3,232,204 §2,135,469
1937—Month—1936
$78,075
$76,766
59,944
56,009
4,000
4,000
7.264
No such provision has been made to date for 1937.
income for that year.
—V. 145, p. 957.
Period End. July 31—
Operating revenues
Oper. exps. (incl. taxes).
Prop, retire, res. approp.
accumulated
•
$706,843.
Latest dividend amounting to $6 a share on the $6 preferred
stock, was paid on Dec. 12. 1936.
Dividends on this stock are cumulative.
Note—No provision was made for Federal surtax on undistributed profits
for 1936, inasmuch as the company reported no undistributed adjusted net
Interest
Total
352
$34,569
income
Dividends
x
921
1936
conv.
preferred stock.
Surplus..
Total
1937
-
Interest on mtge. bondsOther int. & deductions.
—V. 145, p.
Balance Sheet May 31
1937
Assets—
-
Gross income—
__
stock
.
Mdse. inventories.
Other income.
98,298
payable.
500
Consumers' deposit
Indebtedness to Texas Gas Dis¬
tributing Co
:
Accrued liabilities
Corporate deficit
1,186
26,658
127,097
2,287
27,329
999
244,492
.-.§2,899,014
Total...I
depreciation of $579,875.—V. 143, p. 1249.
$2,899,014
1438
Financial Chronicle
Texas & New Orleans RR. —Earnings
July—
Gross from railway..
1937
$3,652,156
719,444
173,303
From Jan. 1—
Gross from railway.
_
Net from railway
Net after rents
—V. 145. p. 783.
...
—
_
1936
1935
1934
$3,130,037
447,104
92,444
$2,651,271
231,578
def92,906
$2,515,393
27.322,403
6,569,207
2,812,341
...
Net from railway—
Net after rents
22,494,207
4,563,452
1,637,491
19,097,398
Texas Power & Light
Period End. July 31—
Operating revenues
Oper. exps., (incl. taxes)
Prop, retire, res. approp.
146,976
def281,829
18,045.015
2,491,379
def539,258
3,068.368
723,921
Other income (net).
$373,460
$4,485,037
$4,544,352
Dr'S
622
8,433
$374,082
177,708
10,000
16,870
$4,493,470
2.132,500
120,000
199,133
$4,552,068
2,140,574
120,000
157,425
$225,449
$169,504
Dividends applicable to preferred stocks for the
period, whether paid or unpaid
$2,041,837
x
State & munic. taxes
Federal taxes (incl. inc)_
Net opef. income
Non-oper. income (net)
$2,134,069
865,050
865,050
Regular dividends
x
1937.
income
Pref. div. requirements.
—V. 145, p. 624.
7% and $6 preferred stocks
on
After the payment of these
dividends there
were
$1,269,019
paid
May 1,
on
on
no accumulated
these stocks were
$632,132
2,166
$551,021
3,674
$634,298
150,694
99,463
60,048
$554,695
234,236
32,154
30,195
$1,911
20,790
$324,093
249,475
$258,110
249,475
Union Investment Co.
•ConsoL Bal. Sheet—June 30
A sscts
>
1937
Liabilities—
$843,869
Notes and accts. receivable...
7,676,110
Repossessed
merchandise—at
value
24,012
Accts. receivable,
other notes
investments
building and
Coll. trust notes payable
$5,526,874
Accts. payable and accruals..
58,509
Divs. payable—July 1, 1937.Reserves for Fed. <fc State taxes
Mtge. payable on bldg. k. site.
56,149
68,540
99,683
170,000
Reserve for losses
287,465
Reserves withheld from dealers
24,236
29,468
Cash value of life insur. policies
site—less
Deferred disct. on notes ree'le.
depreciation of $23,153
Furniture & equipment—less
251,846
depreciation of $20,959
were
unpaid dividends at that date.
Regular dividends
declared for payment on Aug. 2, 1937.
386
$26,411
19,519
2,700
2,281
Cash on hand and In banks.__
and
$1,176,787
$26,025
$2,353,285
1,543,153
178,770
80,341
$15,247
20,790
Other interest
Net
$2,501,663
1,611,989
193,623
63,919
Dr81
Other deductions
Office
Balance
$36,789
i
1937—12 Mos.—1936
$193,235
146,162
15,022
6,026
$36,708
11,166
8,160
2,135
_
Bond interest
market
INet income
$212,525
148,965
17,269
9,502
Operating revenues
Operating expenses
7,716
$433,258
177,708
10,000
20,101
Gross income
Int. on mortgage bonds.
Int. on debenture bonds.
Other int. & deductions.
1937—Month—1936
Gross income
1937—Month—1936
1937—12 Mos.—1936
$947,013
$831,190 $10,541,219
$9,442,298
446,935
411,069
5,361,490
4,374,238
66,817
46,661
694,692
523,708
Co.—Earnings—
[Including Berwick & Salmon Falls Electric Co.]
Period End. July 31—
Co.—Earnings-
$433,261
Aug. 28, 1937
Twin State Gas & Electric
15,380
54,598
Deferred charges
10-year
5%
March 15, 1946
1st
pref. stock—7.6%
303,947
due
debs.,
conv.
181,000
cum.
(1948 redemption)
750,000
Common stock
Note—No provision was made for Federal surtax on
undistributed profits
for 1936, inasmuch as the company
reported no undistributed adjusted net
income for that year.
No such provision has been made to date for
x732,152
Capital surplus
Earned surplus
369,767
315,435
1937.
Total
Period End. June 30—
Net profit after deprec.,
Fed. income taxes, &c.
Shares of
common
1937—3 Mos.—1936
$355,539
283,510
$574,059
292,890
283,510
$1.21
$2.45
$1.93
undistributed profits.—V. 144,
Earnings
per share
$1.53
Note—No provision made for surtax
$744,004
on
Timken Detroit Axle Co.
6 Mos. End. June 30—
Gross profit on sales
1937
(& Subs.)- —Earnings—
1936
1,116.330
$2,549,383
1,121,197
1935
$1,944,998
1,142,338
$1,766,217
1.152,292
$1,453,486
103,975
$1,428,186
86,542
$802,660
71.925
$613,925
95,791
Total income
$1,557,461
Prov. for bad debts, &c_
25,261
Prov. to reduce market
sees, to indicated mar¬
ket value
10,543
Exp. of closed branches.
12,358
Loss on plant assets
$1,514,728
34,797
$874,585
12,908
$709,716
38,171
$2,569,816
Expenses
16,369
~
Miscell. deductions
x
187
578
35~288
359,280
351,233
1,462
85,000
360,074
14,366
57,088
$397,425
87,607
980,000
$204,729
96,977
980,234
$0.11
200",000
Net profit
Preferred dividends
Shs. com. stk. (par $10)-
share
per
25,979
7*210
Interest expenses
Federal & State tax
Earnings
1934
357,286
Deprec. and amortiz
200",000
x$944,803
y76,842
981,500
$0.88
x$904,095
84,935
980,000
$0.84
No
provision was made for Federal surtax
y Preferred dividends declared but not paid.
$0.31
on
1937
x
$
Land, bldgs., &c.
less depreciation 4,948,289
1937
7% pref. stock
1
704,348
3,972,654
5,482,249
103,845
3,891,502
3,902,162
602,871
130,434
571,325
92,665
780,462
838,572
115,024
accts.
Notes, accts., &c.,
Govt. & other
_
Deferred assets
Total
x
1,520,685
payable—
1,269,861
taxes..
declared on
$4,111,515 $19,852,444 $18,452,425
$2,956,094 $11,170,150 $10,995,587
701,541
3,741,318
3,513,482
58,215
341,555
320,750
Union
Street
17,798,144 17,233,730
pref. stock
Fed.
&
tax
State
2,779,262
6.4c.
6.6c.
—V.
144,
p.
$4,231
7,456,838
5,802,071
5,888,383
6.5c.
loss$ 1,848
$1,301
6.4c.
loss$4,904
1276.
(& Subs.)—Earnings—
1937
depreciation)
1936
1935
1934
$1,210,450
26,161
$950,444
38,760
4,000
$542,167
76,784
$746,209
$1,236,611
$993,204
$618,951
$950,632
101,688
Other income
Profit
sale of inv. (net)
on
Interest deductions
sale of inv.
on
204,423
Net
305,509
410,270
324,145
164,853
188,298
699,520
2,501,737
2,489,989
payable
Capital surplus
Earned surplus
Total..
678,769
17,798,144 17,233,730
an
«—*■■■
-gg
55555^55
—
Tokheim Oil Tank &
Pump Co.—Extra Dividend—
—
1117.
Balance, surplus
Shs.cap.stk.out.(no par)
Earnings per share
Note—No mention
tributed profits.
$118,827
1,172,753
$0.70
def$89,352
1,162,544
$0.52
$85,025
1,200.000
43,919
-s
$0.82
made
of provision
1937—3 Mos.—1936
Earnings
1937—6
Mos,--193}
$487,141
prof$79,090
stock
Nji
Nil
$0.22
).12
Net loss for the 12 months ended
June 30, 1937, was $350,000 against
profit of $6,831, or 1 cent a share, on
623,135 shares in 12 months
ended June 30. 1936.—V.
144, p. 1805.
x-w.
net
Trenton Valley Distillers
Corp.—SEC Stock Compl aint—
Harry Low, former President of the
corporation was arraigned before
States Commissioner Garett W.
Cotter, Aug. 25, on a complaint
°c
Se?urities and Exchange Commission charging him with vi olating
the Securities Act of 1933.
The complaint charged that in a
registration
statement filed for the Trenton
Valley Distillers' Corp., in January, 1936,
Mr. Low omitted to disclose a material
fact.
He is charged with omitting
to reveal that of 273,000 shares of
the corporation's stock described in the
registration statement, he had an option to
buy 45,000 shares at $1 a share,
fe This is the first case of this kind under the
Securities Act. —V. 145, p. 624.
United
Co., Elyria, Ohio—Earnings—
Earnings for 6 Months Ended June 30, 1937
profit after provision for Federal income tax
(including
$2,026 for surtax)
Earnings per share on 74,750 shares common (par
$
134.
$0.67
on
1937
Goodwill, pats.,&c
Employees' stock
undis-
Acer. int.
on
457,732
8,141
Res. for annuities.
8,440
inv_.
8,741
95,256
Miscell. reserve...
95,306
Mat'l & supplies..
1,197,012
5,100,328
Surplus
59,081
447,254
379,230
179,772
5,612,255
17,079
325,732
428,614
162,584
4,998,014
8,516,819
1,529,036
Rex. for taxes
967,780
Cash & securities.
Accts. receivable..
Other assets
S
Capital stock
30,000,000 30,000,000
Accounts payable.
850.872
500,059
278,705
17,510
Deposits
1938
$
b
Accrued accounts.
acquisition plan.
Deferred charges..
1,525,898
60,891
Total
53,242
37,528,466 36,432,082
After depreciation,
Total
37,528,466 36,432,082
b Represented by 1,200,000 shares,
Union Water Service Co. (&
Operating
no par
value*
Operation
General expense charged to constr'n.
Provision for uncollectible accounts..
Maintenance
General taxes
Net
earnings before
$36,211
Subs.)—Earnings1937
revenues
1936
1935
$494,906
125,170
Cr6,403
4,356
23,555
58,318
$482,798
121,588
Cr2,926
8.137
24.479
59.093
$471,339
119,404
Cr5,001
9,402
19,179
59,246
$289,910
470
$272,426
$269,107
999
384
$290,380
141,481
1,899
190
Cr212
7,366
3,716
$273,425
142,092
1,951
$269,491
142,092
1,796
3,071
provision for
Fed. income tax & retirements &
replacements
Other income
-
Gross corporate income
Interest on funded debt
Miscellaneous interest
Amortization of debt expense
Interest charged to construction
Provision for Federal income tax
Provision for Federal surtax
Net income.
$0.48
SI)IIIIIIII
'Net sales for the period were
12% in excess of the similar 1936 period,
President J. W. Brandt stated.—V.
145,
p.
surtax
Liabilities—
-
29,248,885 24,790,823
Prov. for retirements & replacements
in lieu of depreciation
Net
t
Federal
1936
$
Fixed assets
12 Months Ended June 30—
$127,208prof$137,850
for
—V. 145, p. 452.
deprec.,
Troxel Mfg.
a
a
Transcontinental & Western Air, Inc.
Fed'l inc. taxes, &c
Earns, per sh. on capital
$805,025
720,000
Consolidated Balance Sheet June 30
The directors have declared an
extra dividend of 25 cents per share in
addition to the regular
quarterly dividend of like amount on the common
stock, both payable Sept. 15 to holders of record
Sept. 7.
Similar payments
were made on
July 14 last.
An initial dividend of 25 cents was paid on
Period End. June 30—
$607,454
696.806
$28,923
1,183,767
Dividends paid
171,498
$821,706
702,879
252,304
Deferred income..
Assets—
-
,
p.
261",455
income..
1,452
10,045
$975,206
946,283
Provision for taxes
76.842
interim dividend of 50 cents per share
Sept. 20 to holders of record Sept. 10.
This
compares with a quarterly dividend of 25 cents and an extra dividend of
$1.25 paid on Dec. 21, 1936 and a
quarterly dividend of 25 cents in addi¬
tion to an extra dividend of 25 cents
paid on Sept. 21, 1936; these latter
were the first dividends
paid since April 1, 1931 when a payment of 20
cents per share was made.—V.
145, p. 958.
April 30 last.—V. 145,
"
(net)
1937
The directors have declared
the common stock payable
8.682,294
1937—6 Mos.—1936
2,888,084
Net income.
inc.
on
after
1937—3 Mos.—1936
Average fare.
After allowance for depreciation and
obsolescence.
loss
1,155,421
Ry .—Corrected Earnings—
Period End. June 30—
Revenue fare passengers
Interim Dividend—
Net
$2,591,295
794,043
41.961
Net of items..
$1,755,291
$2,196,338
$7,087,277
$7,161,355
Note—Approximately $286,700 was credited to railway tax accruals in
July (similar amount was credited in June), representing one-seventh of the
amount (approximately $1,801,000)
charged to that account from March 1
to Dec. 31, 1936, incl., that would have been
payable under the provisions
of the Taxing Act (companion to the Railroad Retirement Act of
1935),
which was repealed by the Carrier's Taxing Act of 1937, and one-seventh
of the difference (approximately $206,000) between the amount
charged to
railway tax accruals from Jan. 1 to May 31, 1937, incl., under the repealed
act, based on a tax rate of 33^ %, and the amount accruing for that period
under the new act, based on a tax rate of
2%%.
The balance of approx¬
imately $1,433,600 will be credited to railway tax accruals in equal pro¬
portions in each of the months August to December, 1937, incl.—V. 145,
p. 1276.
Loss
89,589
Reserves
Time deposit & int.
thereon
Other assets
2,249,000
9,800,000
security
Divs.
sec.
Net rev. from ry. opers $3,677,751
Railway tax accruals...
1,086,456
(after
Fed. & State social
1,093,122
receivable
1937—Month—1936
1937—7 Mos.—1936
$14,018,886 $13,830,645 $89,176,757 $79,511,740
10,341,135
9,719,130
69,324,313
61,059,315
Accts. and accrued
and patterns
Inventories
$
2,195,500
9,815,000
Common stock
4,927,823
1,470,966
Dies, Jigs, fixtures
Cash
oper. revenues
oper. expenses.
6 Mos. End. June 30—
Profit
from
operations
1936
$
Liabilities—
1,403,560
Goodwill & pats__
RR.—Earnings—
Union Tank Car Co.
1936
$
$8,919,520
145, p. 452.
ui
Consolidated Balance Sheet June 30
Assets—
Ry.
Ry.
Total
shares.—V.
par
Ry. operating income.
Equipment rents (net)—
Joint facility rents (net).
p. 4026.
Other income
Union Pacific
1937—6 Mos.—1936
Period End. July 31—
$459,774
292,890
stock.
Operating profit
...$8,919,520
Represented by 167,594 no
x
Thompson Products, Inc. (& Subs.)- -Earnings—
Preferred dividends
Common dividends
233
Cr787
10,511
Cr459
11,317
31,050
31,550
31,000
$104,890
36,000
4,950
$87,873
36,000
10,000
$80,673
Note—No provision has been made in respect to possible Federal tax
undistributed income for the six months ended June 30, 1937.
on
Volume
Financial
145
Chronicle
1439
Balance Sheet Dec. 31
Balance Sheet June 30
Assets—
1937
1936
1937
Liabilities—
1936
Assets-
1st lien
ment, &c
Investments
$2,568,500 $2,583,500
1,738
Due affiliated cos.
2,191
7,784
Accounts payable.
5,600
Cash
Notes
&
Accrued liabilities.
39
receivable.
Unbilled
Mat'ls & supplies-
Security &
105" 842
91,428
12,508
30,501
revenue.
115,461
259,574
820,355
114,309
262,648
800,255
600,000
820,000
84,632
260,088
Reserves
y
Deferred charges &
600,000
Common stock..
820,000
Capital surplus...
14,161
$6 cum. pref. stk.
z
13,971
84,632
318,752
Earned surplus...
10,645
prepaid accounts
Notes
receivable
Special dep. for
unclaimed
19,483
$5,662,273 $5,628,145
of
8,403
13,326
149,361
coupons
700
132,571
1,091
199,290
199,290
red'ns
Advs. for coup,
10% cum. pref. stock
224,210
13,423
(par $10)
—
13,004
17,741
Total
(no par).—V. 144, p. 4027.
...$803,479
Common stock
59,229
59,229
Capital surplus
Earned surplus
b Treasury stock
Furn., fix. & lmpts..
Represented by 9,900 shares
z
1,673
12,623
Unpd. cash & stk. dlvs.
Prov. for redemption
28,499
270.145
Dr569
28,499
249,694
Dr568
a
..$5,662,273 $5,628,145
Total
-
24,611
expenses
and other taxes
5,041
Inv. In part-owned sub.
& affiliated corp
257,766
Prepaid & def'd items.
19,837
t
and
on
capital stock
$53,799
Prov. for inc., franch.,
57,127
pay. of
dlvs.
payable, trade. $63,810
Accrued salaries, wages
12,751
Represented by 6,000 shares (no par),
y
Acc'ts
1935
1936
Liabilities—
1935
$95,068 $126,617
Marketable securities!
32,788
19,995
x Accounts
receivable. 217,506
168,990
y Inventories
148,034
118.083
93,191
Def'd liabilities...
11,236
31,898
organ¬
ization expense.
Total
67,206
Unearned revenue.
warrants
receivable
Accts.
5M % gold
bonds
$5,323,228 $5,274,223
1,200
1,200
178,752
176,832
1936
Cash
Plant, prop., equip¬
$751,2291
$803,479 $751,229
Total....
After allowance for doubtful accounts of $14,746 in 1936 and $6,288
1935.
y After allowance for
obsolescence, &c., of $2,500.
z After
allowance for depreciation of $21,636 in 1936 and $19,235 in 1935.
a Repx
United Elastic Corp.—Larger
in
Dividend—
a dividend of 20
cents per share on the
value, payable Sept. 24 to holders of record Sept. 3.
This compares with dividends of 15 cents paid in each of the four preceding
quarters; 10 cents paid each three months from Sept. 24, 1934 to and incl.
June 24, 1936; 20 cents paid on June 23, 1934; 25 cents on March 24, 1934,
and on Dec. 23, 1933; 20 cents disbursed on Sept. 23, 1933, and 10 cents
per share paid each quarter from June 24, 1932 to and incl. June 24, 1933.
In addition, a special dividend of 15 cents was paid on Dec. 24, 1936.—V.
144, p. 122.
The directors
common
stock,
have declared
resented
no par
1935.
p.
United Fuel Investments, Ltd. (&
Subs.)—Earnings—
1935
1936
1937
Profit from
operations before charg¬
ing depreciation or bond interest.
$1,048,681
on bonds
284,944
Bond and loan expenses and discount
absorbed
!
19,157
Organization expenses written off
Provision for depreciation
221", 706
$875,110
351,313
_
_
$862,060
358,811
22,156
7,181
220,263
_
Interest
20,042
1,795
219,633
....
profits, less losses for all
companies for year before prov. for
Dominion of Canada income taxes.
$522,873
$274,196
$261,778
1937
Assets—
$
Property
Administrative expenses
15,927
3,230
17,196
6,620
37,808
7,208
33,273
17,051
53,734
10,438
50,469
23,671
$54,599
10,320
56.171
29,520
Net profit before int.,
deprec. & Fed. taxes
Mtge. bonds interest
$79,905
68,955
i,a$196,897
$276,802
68,955
170,230
3.789
$327,015
238.975
$
9,828,025
Mainten. & utility
170", 230
Income bonds interest-Gold notes interest
3,789
a
$
$
Deprec. bfdgs. & equip't
Trusteeship exp. & fees.
9,000,000
100,000
100,000
1,014,181
Consolidated earn.
6,378,955
Res. for sink, fund
11,210
641,520
12,395
Gen. mtge. 6H%Hamilton by-prod.
450.000
3,181,500
3,500,000
65
65
a
$26,481
325,307
407,615
Co. bonds
Deferred charges &
Accounts
Prepaid expenses
and
Spare
equipment
83,605
sund.
85,021
65,781
47,942
Stores
Union
1,569,000
$173,396
84,033
115.860
Interest collected—Income bond investment
Cr2,475
accr.
167,450
182,979
8,121
chgs.
first
101,301
Reserve for taxes.
111,800
2,858,521
through sinking fund of $231,000
cumulative income bonds, scrip attached
5H%
mtge.
2,656,392
13,179
deposits
Prior period
18,586,264 18,314,8921
18,586,264 18,314,89
Total
14,606
adjustments
Deficit—June 30, 1937
Comparative Balance Sheet
Cash
p.
625.
51,854
pay. on inc.
bonds at 2)4%
1,873,827
18,679
Apr. 15, 1937
108,625
Accrued liabilities.
Aug. 21, '37 Aug. 14, *37 Aug. 22, '36
89,538,587
89,106,859
85,561,210
Electric output of system (kwh.)
21,356
28,869
11,841
3,223
4,345,000
4,114,000
61,605
434,500
411,400
221,371
190,300
Phys. props,
Improvement Co.—Weekly Output—
Week Ended—
Int.
140,760
(net) 1,896,451
Unexpired lnsur'ce
15,453
Prepd. taxes (real
Accounts receiv'le.
Investments
United Gas
shares.—V. 145,
no par
property)
on
1st mtge. cum. Inc.
15,1948
Int.
United Milk Products
Scrip certificates..
1936
Reserve for Federal income tax
1
1935
$640,964
100,740
87,356
Depreciation
$356,525
par).
34,130
93,490
29,800
Deficit
2,646,239
$452,868
$233,234
592
10,174
disposed of
Net income in 1935 of sub. co. dissolved June 29
Capital
.$2,362,101 $2,249,471
Total
Sundry non-operating net income
fixed assets
35
"
^
^
^
6,903
$442,694
Preferred dividends.
197,216
Common dividends-
78,523
$16,546 surtax
of $7,065 sale of fixed assets.
on
Balance Sheet Dec. 31
rec.
Inventories
or
449,982
119,935
129,632
restricted bks.
chgs.
129,660
1935
$63,197
350,496
285,575
[Including Kentucky Power & Light
1937—3 Mos
dry other assets.
79.202
1,363,432
1,392,153
Brands & tr.-mks.
1
1
.$3,242,226 $3,246,146
85,155
cum.,
partlc.
1,646,910
pref. stock
174,495
Common stock..
466,656
Capital surplus
Earned surplus
426,261
Total
16,140
29,800
69,296
16,810
90,878
78,893
16,953
35,910
36,530
10,258
4,997
23,710
2,971
21,122
10,828
$60,628
$90,633
Fed. & State inc., taxes.
Other income
6#
(net)—--
$35,002
oo'Qoi~
Drl24
1936
1935
$59,941
48,576
$90,564
45,716
$21,085
Interest deductions.
$34,878
22,671
$12,207
$11,364
$44,847
174,495
Net income.
497,002
259,306
$3,242,226 $3,246,146
1934
Note—No
145,
p.
provision made for
Federal undistributed profits tax.-
1933
U. S. Bobbin &
Shuttle Co.—Balance Sheet Dec. 31—
1936
Assets—
Cash & accts. rec.
with
interest
$369,071
1935
$257,782
$199,598
11,809
$426,883
$211,406
$216,325
332,777
12,525
al7,574
162,681
2,400
5,800
172,895
5,934
$64,007
19,929
23,628
$40,526
19,929
$29,646
19,929
$78,006
19,929
$20,450
249,694
$20,597
218,598
10,500
$9,717
203,920
4,961
$58,077
144,608
$270,145
$249,694
$218,598
$202,685
1,235
$270,145
,236,606
$249,694
236,611
$218,598
236,608
$203,920
224,605
-J.18
$0.09
$0.04
$0.26
& accr'd
depreciation, &c
Prov. for uncoil, accts._
Prov. for Federal taxes
Net profits.
dividends
Preferred
Common dividends
Balance, surplus
Previous surplus
Cred. applic. to prior yrs.
Profit
i
f
on
Mach'y & equip,
x
Investments
Prepaid expense..
Unexpired insur..
Shs.com.stk.out. (no par)
a
Includes $5,014 surtax on
undistributed profits.
479,044
10.436
15,773
Total
x
After
_.
Common
$2,216
6,176
1935
$5,353
5,214
8,115
Other accruals
stock...
Preferred stock
846,958
456,242
1936
1
payable.
payable.
514
1,263,600
616,200
245,560
1,263,600
616,200
264,181
852,409
7,883
Surplus
485,739
7,883
14,307
202
4,589
8,584
10,759
$2,141,867 $2,155,0631
Total
.$2,141,867 $2,155,063
reserves.—V. 144, p. 4202.
United Specialties Co.—Earnings—
consolidated net income of $106,202 of company and subsidiaries for
months ended June 30, 1937, as published and as shown on page 41
company's prospectus, does not reflect the inome of the parent com¬
pany and the two subsidiary companies for the full six months' period ended
June 30, 1937, in the opinion of Haskins & Sells, auditois for the company.
All of the outstanding capital stock of Mitchell Specialty Co, was acquired
on Jan. 25, 1937, and all of the outstanding stock of United Air Cleaner Co.
was acquired on Feb. 26, 1937.
To determine the consolidated net income
of United Specialties Co. and its subsidiaries for the six months' period, it was
necessary to take the income of the parent company for the full six months
period and the incomes of the subsidiaries from the dates they were acquired.
The
the six
of the
r**
Earns, per sh. on com..
26,776
12,752
x
7.850,
securities sold.
Profit & loss surplus._
interest
bldgs.
xReal est. &
avail¬
able
Admin. & gen. expenses,
26,407
403,331
Inventory
Drl9,351
$235,676)
Liabilities—
Accounts
Wages
Marketable secure.
$417,018
9,865
-V.
136.
accrued
Not
Total income
l)r69
$48,008
26,922
Notes receiv.
Calendar Years—
Dr686
*
l
Profit-Sharing Corp.—Earnings—
Gross income from oper
Other income (net)
$345,840
$313,339
104,011
39,122
10,907
18,339
11,479
1,551
Gross income
1,932,165
x After reserve for depreciation of $363,012 in 1936 and $264,837 in 1935.
y Represented
by 34,899 no-par shares,
z After
reserve for doubtful
accounts.—V.1I45, p. 960.
United
1937—6 Afos.—1936
miscell.
Net oper. income.
29,053
y
|
Co.—Subsidiary]
-1936
$160,498
41,870
Federal taxes
$3
91,336
mach., eq., &c__
Depreciation
State, local &
.
$157,523
42,217
27,896
8,373
17,955
Operating revenues
Power & gas purchased.
Operation
l
accrued
xReal est., bldgs.,
$2,362,101 $2,249,471
Total
United Public Service Corp.—Earnings—
$51,662
Res. for Fed. taxes
& sun¬
Total
1936
payable
Accounts payableLocal, State & Fed.
cap. stock taxes
Deposits in closed
Def.
(
Dlvs.
$904,969 $1,211,726
315,008
301,333
34,130
2,511.679
After giving
Maintenance
Liabilities—
1935
1936
Assets—
170,535
($1
effect to the issue of new securities and cash payments in
reorganization dated April 15, 1935, and amend¬
ments thereto; and to the payment of all costs of reorganization as directed
by order of Court entered March 3. 1937.)—V. 144, p 1817.
a
$240,730
151,862
8,725
$166,955
$80,143
undistributed profits,
b Including profit
stock
accordance with plan of
Period End. June 30—
Balance, surplus
Includes
accr'd on Inc.
bonds
Co.—Earnings—
Years Ended Dec. 31—'<
Net earnings from operations
Trade accts.
due April
bonds
—V. 145, p. 1277.
Cash
$2,511,679
-
Liabilities—
aDsc.31,'36 June30/37
aZ)ec.31/36 June 30/37
$2,215
$80,517 Accounts payable.
$3,125
$107,295
Assets—
Represented by 100,000
168,274
thereto and interest accrued thereon
deprec. &
...
1,105
$2,694,560
Profit realized upon cancellation
Co. of
Ltd...
renewals
2,646,239
-
Reorganization expenses incurred subsequent to Dec. 31, 1936—
Total deficit
3,778
13,484
74,207
69,636
Res. for
23,192
$47,215
Deficit—Dec. 31, 1936
1,610,500
Acer. Int. on bonds
Total
Months Ended June 30, 1937
Operating and administrative expenses
Interest accrued at 5H % per annum on income bonds
Depreciation
T
&
pay.
Gas
Canada,
Meter
z
$44,334
provided in supplemental
Net loss
bonds
sinking funds
Bond discount
a
$72,033
$45,552
Available for int. charges and sinking fund as
Rental income
United Gas & Fuel
(less
Inventories
on
5,571
112,068
1,685
450,000
605,808
384,698
468,852
surplus
757,730
Cash with trustees
Loss
2,333
103.527
70,724
1,494
Income Accountj6
9,000,000
shares ($100 par)
Common shares.
468,655
rec.
839
32,803
indenture dated April 15, 1936.
6,378,955
830,062
reserve)
a
13,650
Amortiz. of bond disc't,
6% cum. red. pref.
9,784,014
of subs.
&c.
for
(real estate)
Insurance
1936
Liabilities—
paid on
Cash
Accts.
shares in 1935.—V. 144,
Jan.1/36 to Apr.l6,'36to
Year Ended
Apr. 15, *36 Dec. 31, '36 Total for '36 Dec. 31/35
$477,625
$415,115
$292,237
$122,878
— —
"
,
Period—
Rental income
Net loss
1937
1936
in
shares in 1936 and 236,916 no par shares
United Post Offices Corp.—Earnings—
„
Consolidated Balance Sheet March 31, 1937
acquis,
par
&c_
Combined
Premiums
no
:
Taxes
Years Ended March 31-
by 236,917
b Represented by 311 shares in 1936 and 305
3025.
1
1440
Financial
Chronicle
In the absence of an accurate division of the
subsidiaries' incomes before
and after acquisition by the
parent, the book incomes of the
subsidiaries
were pro-rated on a time basis and the
total income for the
six months was
reduced by the pro-rated incomes up to the dates of
acquisition
The income, therefore, of the parent and the two
subsdiaires for the full
six months to June 30,
1937, was $154,463, whereas the income of
the narent
company for the full six months, consolidated with the
earnings of the
subsidiaries from the dates in 1937 on which
they were acquired on the a hove
basis of pro-ration, was $106,202.—V.
145,
p.
by Oct. 11, and a hearing upon such plan will be held before
Special Master on Oct. 15.—V. 145, p. 1277.
Virginia Electric & Power Co.—Registrar—
The
Manufacturers
Trust
preferred stock.—VI 145,
p.
Co.
is
registrar
for
250,000
shares
of
1120.
Vento Steel Products
°ve
1277.
Aug. 28, 1937
must be filed
6%
Co.—Earnings—
Earnings for 6 Months Ended June 30, 1937
United States Freight Co.—New
Net
earnings for period.
Earned surplus Dec. 31, 1936
Transfer Agent—
The company has notified the New York
Stock Exchange that
by reso¬
lutions adopted on July 30, 1937, the
appointment Of the Equitable Trust
Co. of New York as transfer agent of the common
stock of the corporation
was
terminated, effective at the close of business Aug.
14, and the Chase
National Bank of the City of JNew York
appointed transfer agent effective
at the opening of business
Aug. 16. 1937.—V.
145,
United States Playing Card Co.
(&
Calendar Years—
Net income
1936
Dividends
of
capital
$986,863
221,090
61,500
$1,110,417
$704,273
789,104
$800,440
690,466
394,552
$1.78
394,552
$2.03
394,552
$1.04
per share
Balance Shee
1936
Assets—
1936
securities
4,182,201
4,306,789
96,302
105,300
33,336
37,712
558,550
1,941,931
790,890
3,945,520
1,182,128
4,982,838
receivable
yLand, bldgs.,
and goodwill
Deferred charges.
surplus
1,182,128
4,799,444
Earned surplus
Total
1
84,526
for
reserve
cash
discounts
11,323,620
and
1937
_
Interest paid
Profit.
^x
$429,744
Including $132,522
profit
on
1935
$76,633
1934
$43,880
42,243
7,398
$228,225
31,030
2,861
loss$5,761
$194,334
kfctt
,
.
Oper. exps. (incl. taxes).
-Earnings-
1937—Month -1936
$90,669
$88,310
91,394
82,976
Net oper. revenues
1937—12 Mos.—1936
11,154,542
1,058,119
$1,108,703
969,451
def$725
52,824
$139,252
488,447
$52,268
$628,023
$627,699
$52,268
51,858
738
$628,023
622,300
9,664
$628,642
621,988
569
$328
Other income
$96,423
531,600
$52,099
51,858
Operating income....
$5,334
46,934
$52,099
Rent from lease of plant.
$328
$3,941
t,941
943
Gross income
on
mtge. bonds.
Other int. & deductions.
Balance, deficit.
10,595
Notes— (1) No provision has been made
in the above statement for unpaid
cumulative interest on the
6% income demand note, payable if earned,
amounting to $1,476,000 for the period from Jan. 1, 1934 to Dec. 31, 1936.
Pr°vision was made for Federal surtax on undistributed
profits for
1936, masu-uch as the company reported no undistributed
adjusted net
income for that
No such provision has been made to date for 1937.
year.
—V.
145,
p.
961.
Utah Power & Light Co.
(&
Period End. July 31—
revenues
Net oper. revenues
Other income (net)
$347,458
$330,182
393
Gross income
Int. on mtge. bonds
Int.
on deb. bonds.
Other int. & deductions.
Int. charged to construe.
x
223
$347,851
195,879
25,000
$330,405
195,879
25,000
15,801
16,965
Crl ,346
$*,545,687
4,057
$3,847,197
$4,549,744
$3,868,213
2,355,387
2,350,550
300,000
204,960
21,016
300,000
Crl,645
206,823
CY3.609
$1,695,879
$1,009,612
1,704,761
1,704,761
$8,882
Net income.
$111,171
$93,907
Dividends applicable to
preferred stocks for the
period, whether paid or unpaid.
$695,149
Balance, deficit.
•l2'^°0,790.
accumulated and unpaid to
July 31, 1937, amounted to
Latest dividends, amounting to 87M cents a share on the
a share on $6
preferred stock, were paid
7* Dividends on these stocks are cumulative.
$7 preferred stock and 75 cents
onnr,y
^-1-
.
Note—No provision
made for Federal surtax on undistributed
profits
companies reported no undistributed adjusted net
During 1937 provision for Federal surtax on undis¬
was
lor 1936, inasmuch as the
income
lor that year.
tributed profits has been made in
the amount of $4,000.
Preferred Dividends—
The
directors have declared dividends of
$1,16 2-3 per share on the
$7 cumulative preferred
stock, no par value, and $1 per share on the no-par
$6 cumulative preferred
stock, both payable Oct. 1 to holders of record
Sept. 1.
See V. 144, p. 3522 for
detailed record of previous dividend
payments.—V. 145, p. 961.
Utilities Power & Light
Corp.—Time for
Notice is
Filing—
being sent to creditors and stockholders of the
corporation that
participate in any plan of reorganization, claims will have to be
filed with Charles True
Adams, Special Master, by Sept. 30.
Chase Na¬
tional Bank, as trustee, will file
aggregate claims on behalf of all bond¬
holders, while the debtor corporation will file claims on
in order to
holders.
behalf of all stock¬
Objections to the plan of reorganization
presented by the bankruptcy
trustee of Public Utilities Securities
Corp. and Webster Securities Corp.
$3,245,067
683,954
231,952
$3,250,333
786,858
306,776
27,306,742
6,547,868
3,020,032
26,308,044
6,257,552
2,847,351
23,540,426
22.744,192
6,037,085
2,673,225
1—
5,509,288
2.459.086
have declared
on
Warner
share.—V. 145,
p.
dividend will amount
786.
Quinlan Co.—Plan Confirmed by Court—
Federal Judge Hulbert has confirmed a
plan of reorganization under
Section 77-B of the Federal Bankruptcy Act for the
company.
Under the plan unsecured creditors and stockholders are to receive
70%
of their claims in bonds of a new
company, or the alternative of 55% in
cash within 60 days.
Secured creditors will be paid in full in cash.
The plan provides for sale of
company's 200-odd service stations to
Cities Service Co. for $4,180,000, subject to existing
mortgages of $1,950,000
proceeds to
go
with remaining assets to the new company, all of the
by Cities Service Co,
common
stock of which is to be held
Cities Service Co. claims, totaling over $7,000,000 or about
50% of the
total claims filed are to be subordinated under the
plan to claims of all other
creditors. '
'
'
<
.
In June, 1936. Judge Hulbert blocked a plan
proposed by Cities Service
Co., under which creditors of Warner-Quinlan would have received 30%
to 35% on their claims.
The Court then appointed trustees who proposed
the confirmed plan.
Judge Hulbert stated that in his opinion the transfer
to Cities Service Co.
of all rights to the
Warner-Quinlan
name,
included
in the confirmed plan, was ill-advised but that he would confirm the
plan
in its entirety because of the unanimous
approval of the various groups of
creditors.—V. 145, p. 962; V. 144, p. 3698.
Washington
Assurance
of
Corp.
N.
Y.—Financial
Statement June 30—
Assets—
1937
1936
Liabilities—
Bonds, stocks, &c.$l,440,683 $1,476,339
Unearned
Bd. & mtge. loans.
192,251
207,855
Losses
Prems. receiv. &c.
Interest accrued..
48,114
39,344
5,637
7,524
267,422
33,521
,
Cash
Total.....
$1,954,107 $1,764,5831
1937
prems..
$183,900
payable...
12,995
Taxes, &c
Total.
16,272
14,910
15,000
500,000
500,000
1,242,302
1,091,411
...
Capital.
Net surplus
1936
$141,900
.
.$1,954,107 $1,764,583
—V. 144, p. 1127.
Wayne Pump Co.— To Issue Rights for Additional Stock—
Subs.)—Earnings—
1937—Month—1936
1937—12 Mos—1936
$1,094,655
$947,296 $12,700,244 $11,150,028
Oper. e.cps. (incl. taxes).
683,255
554,839
7,395,592
6,555,532
Prop, retire't res. approp
63,942
62,275
758,965
747,299
Operating
1934
$4,126,919
1,039,382
522,874
Accumulations after the payment of the current
1936; $1 was paid on April 1,
1936; $3 on Dec. 30, 1935; $1 on Oct. 1 and
April 1, 1935; $2 per share
paid on Dec. 28, Oct. 1, July 1, and
April 1, 1934; $3 on Jan. 8, 1934;
$2 on Oct. 1 and July 1, 1933; $1 on
April 1, 1933; $2 on Dec. 28, Oct. 1.
and July 1,
1932, and $1 per share on April 1, 1932.
The dividends have been
accumulating on this stock since Jan. 1, 1925.
Dividends prior to Jan.
1, 1925, were waived by the pref. stockholders.
—V. 144, p. 3697.
Interest
1935
$3,851,555
837,166
412,809
a dividend of $1
per share on account of
the 7% cum. pref. stock,
par $100, payable Oct. 1 to
Sept. 14. Like amount was paid on July 1, last.
A dividend of $1.75 was paid on
April 1 last; $4 was paid on Dec. 24, 1936;
$1.75 paid on Oct. 1, 1936; 75 cents paid on July 1, 1936; 50 cents
paid in
each of the 11 preceding quarters; on
April 1 and July 1, 1933, distributions
of 25 cents each were made; 50 cents
per share paid on Jan. 3, 1933; $1 per
share on July 1 and Oct. 1, 1932, and $1.75
per share in previous quarters.
to $19,75 per
a dividend of $2 per share on the
8% cum.
pref. stock, par $100,
payable on account of accumulations, on Oct. 1 to
holders of record
Sept. 15.
Similar amount was paid on July 1 and
April 1
last, and on Dec. 23, Oct. 1, and on July 1,
revenues
Date
holders of record
Upressit Metal Cap Corp.—Accumulated Dividend—
Period End. July 31—
to
Ward Baking Co.—Accumulated Dividend—
sale of securities.—V. 144, p. 4203.
Utah Light & Traction Co.-
an
1936
—V. 145, p. 1278.
The directors have declared
Operating
completing details of the plan of reorganization,
Net from railway
Net after rents,.
The directors
$146,506
54,448
15,425
______
$473,673
1937
accumulations
1936
x$495,360
65,616
35,978
Total
Earnings for July and Year
From Jan.
11,060,984
Corp.—Earnings—
Inc. from interest, &c___
Expense & franch, tax.
are
Gross from railway
Total
1936 and $69,780 in 1935.
1936 and $3,553,540 in 1935.—V.
145, p. 784.
United Stores
•
Net after rents
doubtful accounts of $77,529 in
y After reserve for depreciation of
$3,454,488 in
6 Mos. End. June 30—
11,763
Wabash Ry.—Reorganization—
Receivers of road
Gross from railway
11,060,984 11,323,620'
5,000
Surplus
outline of which has been presented to the court of
jurisdiction.
It is expected that this data, together with the mechanical details for the setting
up of a new company to purchase the assets of the present
company, and
also the appointment of a reorganization
manager, will be ready shortly.
Net after rents
1
214,430
appreciation of patents)
a
$473,673
July—
3,797,791
81,562
_
Capital stock (par $1)
Capital surplus (arising from
a
Consists of capital surplus
arising from appreciation of fixed assets,
less earned surplus deficit at Dec. 31, 1935, and reorganization
expense.
Note—No provision has been made for Federal income and excess
profits
taxes for the year 1937.
197,276
ma¬
chinery, &c
3,609,719
Patents, trade-mk.
Less
reserves
Paid-in
461,478
9,132
37,000
$
Capital stock...
Notes and accts.
Inventories
x
695,625
3,945,520
2,000
Long-term liabilities
1935)
61,500
Special
10,760
$158,370
Accrued liabilities
5,256
Total
163,468
66,378
Notes & accounts payable
Mtge. pay. due within 1 year.
Earned surplus (since Dec. 31,
1,972,933
Other securities
Accrd. int. receiv.
x
174,613
197,276
Federal income tax
557,091
$5,000 appreciation)
Deferred and prepaid items.__
1935
Accounts payable.
Dividends payable
Liabilities—
557,381
XJ. S. & Can. Govt.
Patents and trade-marks (incl.
Dec. 31
1935
$
Cflslx
i
_
—
$682,071
230,336
42,010
231,699
78,277
stock
(par $10)
Earnings
125,513
145,163
Other assets..3,894
Fixed assets
158,825
-
$409,725
394,552
394,552
$1.66
Net income
$24,262
(net)-..-
Inventories
1933
$656,635
789,104
Federal income tax
Shares
1934
1937
Liabilities—
Cash
Subs.)—Earnings—
1935
$35,978
Balance Sheet June 30,
Assess—
Receivables
$940,509
217,496
66,378
Depreciation
Surplus June 30, 1937
elective
961.
p.
$26,768
9,210
__
The directors at a special meeting held Aug. 26 adopted a plan for the
issuance of rights to stockholders to subscribe to additional stock of the
company.
The
plan
contemplates offering to stockholders rights to subscribe to
additional share for each 10 shares held, at a price to be fixed by the
board of directors, but not to exceed $40 per share.
one
The presently authorized capital stock of the company consists of 291,709
shares, of which 289,658 3-5 shares are issued and outstanding.
Under
this plan an additional 28,966 shares may be issued, and if all of these
additional shares are issued, the total issued and outstanding stock will be318,624 shares.
In order to provide additional authorized shares for issu¬
ance at this time, as well as for possible issuance in the future if the com¬
pany should require still more capital, it is proposed, under the plan, to
increase the authorized capital stock to 350,000 shares.
Arrangements are being made for a meeting of stockholders to approve
the plan and act on the increase of capital stock.
This meeting will be
held on Sept. 29.
A registration statement under the Securities Act is being prepared and
will be filed shortly.
Subject to the authorization of the increased stock
and approval of the plan by stockholders, and the registration statement
becoming effective, it is expected that the rights will be offered about
the middle of October, to expire about the middle of November, 1937.
It is expected that the rights will be admitted to trading on the New York
Stock Exchange.
B. F. Geyer, President of the company, stated:
"In November, 1936, the preferred stock of Wayne company of
approxi¬
mately $900,000 was retired, which made it possible to combine Wayne
company with the Wayne Pump Co.
This gave us a much sounder capital
structure with a capital stock consisting of one class of stock and no senior
securitias.
However, the growth of the company's business and the in¬
crease in its receivaoles, and the amount of dividends being paid this
year
make it very desirable that additional working capital be raised.
Under
the plan approved by the board of director today, it is
expected that the
company wi'l obtain additional working capital of about $1,000,000.
The
rights to subscribe to the additional stock will be issued directly to stock¬
holders.
It is not planned to have any underwriting.
The fu.1 benefits of
the issuance of these additional shares will be enjoyed by the company and
its stockholders.
The sound capital structure of the company, which con¬
sists of only one class of stock with no senior securities, wll continue."
.....
To
Pay SI Special Dividend—
The directors at the special meeting held Aug. 26 declared a special
dividend of $1 per share in addition to the regular quarterly dividend of
50 cents per share on the company's capital stock.
The special dividend
will be paid on Nov. 10 to holders of record Oct. 13, and the regular
quarterly
Volume
Financial
145
distribution will be made
p. 294.
on
Chronicle
17.—V. 145,
Oct. 1 to t.olders of record Sept.
(George) Weston, Ltd.—Merger Voted—
See
Wellington Fund, Inc.—Earnings—
Income Account for Fiscal
Income from interest, dividends, &c__
1441
McCormick's, Ltd., above.—V. 144,
p.
2504.
Westvaco Chlorine Products Corp. (& Subs.)—Earns.
Year Ended June 30, 1937
$133,541
Expenses
19,515
$114,026
66
Oidinary net income before income tax
for Pennsylvania income tax
Provision
Period End. June 30—
deprec.,
Fed. inc. taxes, &c
—V. 144, p. 4031.
$118,585
Dividends paid from surplus from ordinary income (exclusive of
special dividends paid from surplus from security transactions
as shown
below)...
Federal taxes, prior years
Period End. July 31—
1937—Month—1936
Operating revenues
Operating expenses
103,425
3,107
Surplus from ordinary operations since Sept. 1,1935
$411,356
339,362
$0.78
$290,969
284,962
$0.75
Western Maryland
Ry.—Earnings—
4,592
Total income
per share
1937—6 Mos.—1936
$128,270
284,962
$0.31
$189,482
339,362
$0.34
Shares common stock
Earnings
$113,993
Ordinary net income
Surplus from ordinary net income, July 1, 1936
1937—3 Mos.—1936
Net profit after
$1,495,389
982,926
Net operating revenue;
$12,053
$512,463
120,000
Operating income
1937—7 Mos.—1936
$1,306,689 $10,613,650
848,101
6,961,496
$9,152,052
6,083,259
$458,588
100,000
$3,068,793
670,000
$358,588
$392,463
20,808
$3,652,154
835,000
Drl 1,058
16,219
Drl3,228
$2,817,154
167,445
Dr88,617
$2,398,793
166,417
Dr94,362
Other income
$402,213
5,373
$361,579
5,914
$2,895,982
54,285
$2,470,848
44,685
Gross income
Fixed charges
$407,586
261,305
$367,493
262,981
$2,950,267
1,831,368
$2,515,533
1,845,719
$146,281
$104,512
$1,118,899
Equipment
Surplus from Security Transactions
profits from security transactions during year
Management fee
Provision for Pennsylvania income tax
rents.._____
Joint facility rents (net).
Net
.
53,303
Net ry. oper. income.
1 »0lb
Net income from security transactions
$67,802
15,448
Surplus from security transactions July 1, 1936.
Total,
pecial dividends paid from surplus from security transactions..
Special d
Fed
federal income tax, prior year I
$83,249
82,257
Net income
101
„
.
Period—
Surplus from security transactions since Sept. 1,1935Assets—
V/:,-
or
divs.
accr.
Gross earnings.
7,656
Provision for State taxes
19,284
3,372
Miscell. current liabilities
25
581,221
Accrued divs. on shares sold.
60
974,875
Capital stock ($1 par)
Investment securities at cost—
Bonds..
....
Preferred
$25,176
Liability for securities
a
Provision for Federal taxes..
and
receivable
stocks
Common stocks
1,489,499
Office furniture & fixtures..
2,908,325
262,179
__
Capital surplus......
12,944
Earned surplus
Total...
on
when issued basis.
Wentworth Mfg.
-V.
145,
p.
262,489
$175,692
26,162
less other deductions
$201,855
29,866
_
surplus.
$687,192
24,985
92,245
6,749
_
charges to surplus—net
...
Earned surplus July 31, 1937.
business
6,417,693
1,239,303
598,833
22.303
143.095
def927,325
Wheeling Steel Corp.—Initial Preferred Dividend—
Aug. 25 declared an initial quarterly dividend of $1.25
$5 preferred stock payable Oct. 1 to holders of record
on
same
account of accumulations
on
likewise payable Oct. 1 to
was made 011
July 1, last.
In
connection
with
time declared a dividend of $1.50 per share on
the 6% cumulative preferred stock, par $100,
holders
of record
the dividend
declared
Fixed assets.
379,982
50,746
$1,743,443
Similar payment
6%
preferred stock,
the board announced that exchanges of
6% preferred into the $5 cumulative
convertible prior preferred stock and common stock can be made
through
Sept. 29 with
an
adjustment of dividend
made after the record date of
on
Sept. 24 and
such
on or
exchanges as might be
before Sept. 29.—V. 145,
1121.
Wichita Falls & Southern RR.—RFC Loan Extended—
The Interstate Commerce Commission on
Aug. 17 found the company
to be in need of financial reorganization in the public interest at this
not
time, and approved the extension of time of payment for a period not to
exceed three months of a loan of $300,000 by the Reconstruction Finance
Corporation, maturing Aug. 18, 1937.—V. 145, p. 964.
Period—
ac¬
$117,874
9,985
I
......
Dec. 31, '36
June 30, '37 June 30, '37
$2,025,566 $21,982,924 $24,008,490
2,203,115
19,817,611
22,020,726
Net sales._—;
Cost of sales.
539,190
def$177,549
563,213
660
:..._
Sell.,
and
engineer.,
Other income
At cost less accrued depreciation.—V. 145,
p. 1278.
(Raphael) Weill & Co.—Earnings—
Interest
Earnings for the Year Ended Jan. 30, 1937
Gross sales from trading
Cost of goods sold and operating expense
$6,743,011
6,660,911
I
1,376,953
$1,012,630
63,911
$610,810
77,258
def$388,473
3,324
3,833
$1,076,541
$688,067
6,322
9,976
117,000
def$395,630
43,469
$950,400
advertising
expenses
SI,743,443
Total
$1,987,763
1,152,683
def$401,820
13,347
admin.,
general
$2,165,312
224/271
512,520
Earned surplus..
Capital surplus
Total
the
Quarter End. 6 Mos. End. 9 Mos. End.
payable,
$1 cum. div. conv. pref. stock
Common stock ($1.25 par)
charges and prepaid
expenses
Sept. 24.
on
Willys-Overland Motors, Inc.(& Subs.)—Earnings—
accounts
crued taxes and other exps.
Dividends payable
19,150
a
6,223.449
552.628
def258,169
Liabilities—
Trade
$1,293,564
Property not used in conduct
Deferred
def80,938
7.335,885
1934
$563,213
Assets—
Current assets
of
def73,558
$1,184,991
305.795
185,058
def840,215
Net after rents
Balance Sheet July 31, 1937
a
16.280
1935
—V. 145, p. 963.
$171,988
515,203
profits.
Earned surplus, balance Oct. 31, 1936.
_
$879,628
109,113
Gross from railway
Net from railway.
p.
Preferred dividends
Common dividends
1936
$1,281,954
8,923.455
after rents
From Jan. 1—
The directors at the
$438,182
_
Net income before Federal surtax on undistributed
Other
$9,751,618
Sept. 24.
expenses
Net income before Federal income taxes
Provision for Federal income taxes
i
1936
$308,469 $11,321,005
1937
The directors
Net operating income
Tota
$669,814
Aug. 14
per share on the new
CoEarnings—
Gross income from operations
Other income,
to
$1,300,241
def86,663
def22,357
Net
1268.
Earnings for 9 Months Ended July 31, 1937
Selling, general and administrative
1
1937
Western Pacific R R.—Earnings—
July—
$3,413,563
Total
$3,413,563
Purchased
a
~an.
14—
1936
$300,084
Gross from railway
Net from railway
193,825
Surplus paid In on stock out¬
standing and subscribed
1
.
1937 •
Liabilities—
$348,682
Interest and
—Week End. Aug.
—V. 145, p. 1279.
Balance Sheet June 30, 1937
Cash
'
.
paid
^
Miscellaneous income deductions
Provision for normal Fed. income tax.
2,998
6,143
117,000
I
Profit
Profit
on
on
trading
discount, exchange, securities, &c.
$82,100
222,880
cash
Net earnings before deducting Federal income tax
$304,980
Balance Sheet Jan. 30, 1937
Assets—
Liabilities—
Cash
Accounts
$409,477
Bond
investments.
United
States securities, <fcc—
Notes
receivable
(secured)
Accounts receivable
564,963
Reserves
j__
—
Preferred stock
1,136,377
Surplus
Other assets..
138,409
230,900
655,300
—
Common stock.....
1,969,600
691,897
288,465
Notes—(1)
-V.
144,
p.
$3,739,291
Total.
296.
The directors have declared a dividend of 75 cents per share on account
of accumulations on the
6% cum. pref. stock, par $25, payable Sept. 1
to holders of record Aug. 20.
Similar payment was made on June 1 last,
and compares with 37H cents paid on March 1 last; 75 cents paid on
_
_
_
.
no
June
hand &
deposit.
30,'37 Dec. 31,'36
$2,374,746 $1,136,385
—
receivable.
88,234
294,570
_
Inventories
2,916.664
Misc. accts. reeeiv.
8,879
24,417
Gross income
Liabilities—
June SO,'37 Dec. 31/36
$100,000
Property, plant &
equipment (net) 10,881,953 11,165,054
Deferred charges__
268,764
505,610
1,064,022
for
Fed.
48,118
43,468
464,152
Taxes
Prov.
$190,729
1,428,252
218,885
in¬
come tax
117,000
Liability for work¬
men's compensa¬
tion claims..
68,167
73,726
($10 par).
Com. stk. ($1 par)
3,207,890
2,046,207
3,231,100
Capital surplus—
8,938,961
8,922,283
415,063
def439,099
6% conv.cum.pref.
stock
2,039,675
Subs.)—Earnings—
1937
1936
$40,328,879 $36,428,001
22,413,001
19,177,492
revemies
taxes
.$17,915,878 $17,250,509
5,744,726
5,537,223
2,804,754
2,804,062
depletion._
3,309,628
2,956,324
—
Interest and amortization
$777,764
Earned surplus—
12 Months Ended. June 30—
Subsidiary preferred dividends
Reserve for renewal, retirement and
$415,063
Accounts payable.
Dividend declared
211,712
share paid on Dec. 1, Sept. 1,
April 1, 1936, this latter being the first payment made on the
preferred stock since June 1, 1932, when a regular quarterly dividend of
373^ cents per share was distributed.—V. 144, p. 3699.
Operating expense, maintenance and
$854,162
$632,034
deduction has been made for surtax
2,280,389
21,222
Dec. 21, 1936, and dividends of 37
Ya cents per
Gross
$554,770
139,707
Note payable
on
June 1, and
West Penn Electric Co. (&
96,238
Consolidated Balance Sheet
on
Drafts
Telephone Co.—Accumulated Dividend—
_
In the above statement
Accts. receivable.
West Coast
-
undistributed profits.
Assets—
,739,291
LclA._
(2) For the period beginning Oct. 8, 1936, when
Willys-Overland Motors, Inc., took over operations, except that its de¬
preciation and taxes, and operating results of subsidiaries have been included
from Sept. 1, 1936.
on
Cash
Total
IIUJUJUC
Balance transferred to earned surp_def$439,099
Deprec. & amort, have been charged
to cost of sales in the amounts of
$145,730
$53,185
pay.—Merchandise.
Special accts. (stockholders, &c
122,850
1,217,159
Merchandise
rcuridl
Dividends paid on preferred stock.
Net income
!
x$6,056,770
$5,952,900
Note—No deduction for surtax on undistributed profits has been made for
ended June 30, 1936.
In year ended June 30, 1937, there has been
deducted surtax applicable to the earnings for entire calendar
year 1936.
Surtax for 1937 will not be determined until Dec., 1937.
s
year
Total
-Y.
$16,833,811$15,344,790
Total
$16,833,811$15,344,790
145, p. 1122.
Windsor Hotel of Sault Ste. Marie, Ltd.—Sale—
approval has been given to the action of holders of the 6 Hi % first
voting to accept an offer for the purchase of the property
proceedings.
Bondholders will receive approximately 38 cents on the dollar for their
bonds which have been in default since June 1, 1933.
Actual purchase
price will amount to approximately 40 cents on the dollar, but deduction
of expenses is expected to reduce the amount which bondholders will
receive.
Nothing will remain for distribution to holders of preferred or
common stock, but general creditors will be paid in full.—V. 131, p. 646
Court
mortgage bonds in
under judicial sale
To Be Dissolved—
See American Water Works & Electric Co., Inc., above.—V. 144, p. 3523
West Penn Power Co. (&
Subs.)—Earnings—
[Exclusive of Mononglhela West Penn Public Service Co.
Period End. June 30—
x Net income
1937—6 Mos —1936
and
its
Subs.]
1937—12 Mos.—1936
$3,678,564
$3,831,178
$7,261,343
$7,304,902
x After Federal income
taxes, interest, amortization, reserve for renewals
and retirements,
&c. but before surtax on undistributed profits.—Y.
144, p. 4031.
Wisconsin Power & Light
Co.—Preferred Dividends—
The directors have declared a dividend of $1.12 Y per share on the
6% cum. pref. stock (par $100), and a dividend of $1.31 K per share on
the 7% cum. pref. stock (par $100), both payable Sept. 15 to holders of
record Aug. 31.
Similar amounts were paid on June 15 and on March 15
last.
Dividends of 75 cents and 87^ cents per share respectively were
paid on Dec. 15. Sept. 15, June 15, March 16, 1936, and on Dec. 16, 1935,
prior to which dividends were paid 011 the 6% and 7% cum. pref. stocks
on Sept.
16 and June 15, 1935, at the rates of 50 cents and 58 1-3 cents
per share, respectively.—V. 145, p. 1122.
1442
Financial
Chronicle
Winters & Crampton Corp.—Dividend—'
The directors have declared
common
a dividend of 27 M cents per share on the
stock, payable Aug. 20 to holders of record July 30.—V. 145, p. 787.
The directors
(Alan) Wood Steel Co.—Pittsburgh Group Buys Stock—
The sale of 90,000 shares, or 45%, of the common stack of the
company,
a large plant in Oonshohocken, Pa., has been made to a
holdingcom-
1937
to
on
stock,
Aug. 25 declared
an extra
dividend of 5 cents per share in
the regular quarterly
dividend of 10 cents per share on the
value, both payable Oct. 1 to holders of record
Sept. 8. Like amounts were distributed in each of the 14 preceding quar¬
ters, prior to which the company made quarterly distributions of 5 cents
no
par
Ser share, and in addition paid an extra dividend of 5 cents per share on
2, 1934.
an.
?any affiliated with the Hillman interests of Pittsburgh.
The remaining
10,000 shares, or 55%, Is owned by the Koppers company.
Of the stock
acquired, 60,000 shares were purchased by the Neville Ooke & Chemical
Co., 18,000 by the Hillman interests, and 12,000 by Riter & Co. and Hemp¬
hill, Noyes & Co.
(New York "Times.")
The company paid a special interim dividend of 10 cents
per
common stock on Feb. 1. 1937.—V.
144, p. 3860.
share
on
the
Yellow Truck & Coach Mfg. Co.—Accumulated Div.—
The directors have declared a dividend of $1.75 per share on account of
on the 7% cumulative
preferred stock, par $100, payable
Earnings for 6 Months Ended June 30, 1937
Net profit after depreciation, amort., int. &
Earns, per share on 200,000 shares common
addition
common
with
Aug. 28,
Wright-Hargreaves Mines, Ltd.—Extra Dividend-—
accumulations
Fed. income taxes__
stock
$770,119
$2.59
Accumulated Dividend—
The directors have declared a dividend of $1.75 per share on account of
accumulations on the 7% cumulative preferred stocks, par $100, payable
Oct. 1 to holders of record Sept. 14.
A dividend of $1 will be paid on
Sept. 1, next, similar payment was made on Aug. 2, and on July 1, last,
and compares with 50 cents paid on April 1, last, and on Dec. 15, 1936,
this latter
being the first payment made since Jan. 2, 1935, when $1.75
per share was distributed.
A dividend of $.50 was paid on June 15, 1934,
and prior thereto no distributions were made since April 1, 1931, when a
egular qu arterlydividend of $1.75 per share was paid.—V. 145, p. 964.
1 to holders of record Sept. 15.
Similar amount was paid on July 1
on April 1, last.
A dividend of $35 per share was paid on Dec. 26,
1936, this latter being the first payment made on the preferred stock since
Jan. 1, 1928, when a regular quarterly dividend of $1.75 per share was
Oct.
and
paid.—v, 145, p. 965.
Youngstown Steel Door Co. (& Subs.)—Earnings-—
Earnings for 12 Months Ended July 31, 1937
Net profit after depreciation, amortization, of patents, Federal
and Canadian income and excess profits taxes but before surtax
on
undistributed
Earnings per share
144, p, 1279.
profits
on
„
332,960 shares of
common
stock,
no par..
$2,397,748
$7.20
—V.
The Commercial Markets and the Crops
COTTON—SUGAR—COFFEE—GRAIN
PROVISIONS—RUBBER—HIDES—METALS—DRY
GOODS—WOOL—ETC.
Santos coffee
COMMERCIAL EPITOME
prices closed
as
follows:
March
Friday Night, Aug. 27, 1937
Coffee—On the 23d inst. futures closed 38 to 43
net
points
higher in the Santos contract, with sales of 163 lots.
The Rio contract closed 18 to 27
lots.
the
points higher, with sales of 45
Coffee futures sky-rocketed on the
week-end
news
that
opening today
Brazil would aim to
on
stabilize the
open-market dollar rate at 15.20 milreis to the dollar, and
that Congress had approved a new issue of 500,000 centos
($35,000,000) to be used to carry out the coffee destruction
program.
In addition to the improvement in the openmarket dollar rate, terme prices in Brazil were firmer also.
The Rio market was up 75 to 300 reis, although the spot at
17.200 was unchanged.
Santos C contracts were/125 to 150
reis higher and cost and freight offerings were up 10 to 15
points.
Havre finished 4% to 5H francs higher.
On the
24th inst. futuresTclosed 8 to 14 points down in the Santos
contract,
2 to
8
with sales of 80 lots.
points lower
The
Rio
closed
contract
sales of only 36 lots.
Cables from
Brazil were a shade improved, but otherwise there was
nothing to stimulate interest.
Rio terme prices were 59 to
225 reis lower, and the spot price unchanged at 17.200milreis
on
to the dollar.
The open-market dollar rate showed
provement of 10 reis at 15.14 to the dollar.
Santos C
im¬
con¬
were
125 to 400 reis higher, wnile the B from the
21 opening was 50 to 250 reis higher.
Havre was
23^ francs higher.
On the 25th inst. futures closed
9 points higher in the Santos contract, with sales of 64
tracts
Aug.
1
to
2 to
lots.
with
The Rio contract closed
sales
of
57 lots.
In
Santos contract showed net
unchanged to 6 points lower,
the early trading Drices in the
declines* of 10 to 12 points, but
subsequently recovered and closed with slight net gains.
cables were irregular.
The open-market dollar
was unchanged at 15.140 milreis to the
dollar, but Rio
terme prices were 50 to 275 reis weaker.
Santos B contracts
were unchanged to
125 reis higher and the C contract un¬
changed to 100 reis up.
Brazilian
rate
On the 26th inst. futures closed 1 point lower to 2
points
higher in the Santos contract, with sales of 109 contracts.
The Rio contract closed 14 to 17 points down, with sales of
Coffee futures continued to
sag, with some
50 contracts.
September liquidation in anticipation of first notice day to¬
Santos contracts opened
unchanged to 5 points
lower, while Rio contracts were 1 to 4 points lower at the
opening.
Rio de Janeiro futures were unchanged, but the
spot No. 7 price was off 200 reis at 17 milreis per 10 kilos.
The free market exchange rate was 20 reis weaker at 15.16
morrow.
milreis to the
were
dollar.
Cost and freight offers from Brazil
light and about unchanged, with Santos 4s at from
10.90 to 11.15 cents.
At Havre futures
3 to
4\i francs
higher.
Today futures closed 23 to 28 points down in the
Santos contract, with sales of 175 contracts.
The Rio con¬
tract closed
were
19 to 23 points off, with sales of 81
Coffee futures
contracts.
highly irregular in the early trading due
seventeen transferable notices against
September Santos and a like amount against the lower-priced
Rio contract.
Santos opened 5 to 9
points lower, while Rio
opened 1 to 12 points higher. The markets later developed
considerable weakness as a result of rather
heavy selling and
closed at the lows of the day.
Rio de Janeiro futures were 75
to 200 reis lower, while the spot No. 7
price declined 2$) reis
to
were
issuance
the
of
and at 16.8 milreis per 10 kilos was at the lowest in recent
months.
Cost and freight offers from Brazil were
light and
about
unchanged with Santos 4s
At Harve the futures market
was
at from
10.90
y2 franc either
to
11.15c.
way.
Rio coffee prices closed as follows:
December
May
September
-.6.00
March
5.94 July
6.08
5.94
5.94
9.39
December
May
July
9.36
September,
9.66
---9.86
9.37
Cocoa—On the 23d inst. futures closed 1 to 3 points net
higher.
The opening range was 2 points down to 4 points
up.
Transactions totaled 524 lots, or 7,022 tons.
London
came in unchanged on the outside and
4yd. to 10yd. higher
on
the
Terminal
cocoa
market, where 260 tons were
transacted.
Local closing: Sept., 8.12; Oct., 8.15; Nov.,
8.18; Dec., 8.23; Jan., 8.27; May, 8.47.
On the 24th inst.
futures closed 1 to 10 points net lower.
Opening sales were
unchanged to 1 point down.
Transactions totaled 798 lots
or 10,693 tons.
London came in 6d. to 9d. higher on the
outside, while futures on the Terminal Cocoa Market closed
barely steady, with losses of l^jd. to 6d., with transactions
totaling only 320 tons.
Local closing: Sept., 8.10; Oct.,
8.14; Dec., 8.20; Jan., 8.23; March, 8.30; May, 8.41.
On
the 25th inst. futures closed 1 point lower to 7 points higher.
Transactions totaled 1,173 contracts, or 15,718 tons. London
came in
unchanged for actuals and 3d. firmer to unchanged
on the Terminal Cocoa
Market, with 280 tons trading. The
feature of the trading in the local market was liquidation of
the September delivery on the eve of its first notice day.
Local closing: Sept.* 8.10; Oct., 8.13; Nov., 8.17; Dec.,
8.23; March, 8.35.
On the 25th inst. futures closed 4 to 7 points up.
At one
time prices were 8 to 10 points net higher as buying omthe
part of manufacturers broadened with a number of other
manufacturers besides the leader appearing on the supporting
side.
Licensed warehouse stocks increased 7,600 bags. To¬
will be the first notice day for September contracts,
delivery of late has drawn a good deal of support from
the manufacturing interests.
Local closing: Sept., 8.14;
Dec., 8.27; Jan., 8.31; March, 8.41; May, 8.51; July, 8.61.
Today futures closed unchanged to 2 points down.
Trans¬
morrow
which
actions totaled 766 contracts.
a
The
cocoa
market moved
over
good amount of activity. By the
late afternoon the list was unchanged with transactions total¬
ing 700 lots. During the morning on the first day for Septem¬
ber notices, 1,034 were issued but all were stopped by the
leading manufacturers.
Local closing: Sept., 8.13; Dec.,
8.27; March, 8.39; May, 8.50; July, 8.61.
narrow
range
despite
a
Sugar—On the 23d. inst. futures closed 2 to 6 points off.
prevailed throughout most of the session due
largely to the fear that President Roosevelt will veto the
sugar bill.
Transactions totaled 546 lots, or 27,300 tons.
After the market had closed, Secretary Wallace, who had
luncheon with the President, was quoted in the press as
saying that the bill was less objectionable to him (the
Heaviness
President) than it was formerly.
That was interpreted
favorably by not a few in the sugar trade, that perhaps the
President will sign the bill.
Great pressure is being brought
to bear for favorable action on the measure.
Everything
appears to be hanging on the eventual outcome, especially
in the market for raws where conditions are
extremely quiet.
The world sugar contract closed y2 to iy
points off.
The
opening range was l/2 to iy points higher. Total sales were
552 lots, or 27,600 tons. London market sellers were
asking
6s. 5yd.,
equal to 1.12 f.o.b. Cuba with freight at 27s. 6d.
On the 24th inst. futures closed 3 to 7 points
up.
The market
opened 7 to 8 points higher in the distant months and 1
point up on September.
Transactions totaled 398 lots, or
19,900 tons.
Trade houses with Cuban producing connec¬
tions were prominent on the supporting side, their aggressive
buying at the opening promoting the sharp spurt. Thereafter
some new short
selling developed on the bulge, along with
profit taking and hedge selling.
Wall St. buying counter¬
acted more or less this selling pressure referred to.
There
was no business
reported in the raw sugar market. Nominal
Volume
DAILY CLOSING PRICES OF
unchanged at 3.60c. for prompt
for prompt arrivals and 3.55c.
delayed arrivals. The world contract market closed weak
at 234 to 7 points lower on a turnover of 507 lots.
Actuals
in the London market were lower, being offered at 6s. 434d.,
equal to 1.11c. f.o.b. Cuba, based on a freight rate of 27s. 6d.
On the 25th inst. futures closed 1 point higher to 1 point
lower.
Prices fluctuated within a range of 3 points during
the session, with transactions totaling 257 lots, or 12,850
asking levels for
sugar were
deliveries from warehouse
Sat.
September
Views
as
to whether the President
December
on
The
news
would sign or veto
Sept. 1.
that
the
point
up
to
unchanged.
White House had announced that
the
President would do nothing on the sugar
bill until his arrival
at Hyde Park early to-morrow, served to curtail interest.
In the raw market offers ranged from 3.50 to 3.60 cents
depending on shipping positions. However, buyers appeared
to be on the sidelines.
World sugar contracts lost a part of
yesterday's gains when London failed to reflect more than
a small
part of the recovery made yesterday.
The world
contract opened 3 to 34 points lower and closed 134 t° 2
points lower, with sales of 181 contracts. In London futures
were 34 to
34 d higher, while raws there were still offered at
6s 3d per cwt.
Today futures closed 1 point up to 1 point
down in the domestic market, with sales of 199 contracts.
Domestic sugar futures opened unchanged and moved within
extremely narrow range during the rest of the session.
Trading was slow pending the decision of the President on
the sugar bill.
In the actual market refiners were reported
ready to take more prompt sugar at 3.55c., the price at
which two lots sold late yesterday. Offers were held 5 points
higher. World sugar contract market opened unchanged to
34 point higher and in early afternoon was 1 to 2 points
higher on scattered buying which found little on offer.
London futures were unchanged to % pence lower, while
raws were still offered at 6s.
3d per cwt., equal to about
1.08c. per pound f. o. b. Cuba. It was reported that the new
British India sugar acreage was estimated at 3,804,000 acres
against 4,431,000 acres on the previous crop.
Prices follow:
an
July-September
2.38
January
2.34
2.49
March
2.35
D ecember
2.38
May
2.36
-
Lard—On the 23d inst. futures closed 2 to 5 points down.
The opening prices were 12 to 17 points lower, this decline
extending to a maximum of 17 to 20 points.
Heavy short
covering and trade buying developed at these levels, which
resulted in a sharp rally in which most of the early losses
were recovered.
Hog prices at Chicago were mostly 10c. to
25c. lower, the top price registering $12.65 and some of the
sales ranging from $10.85 to $12.50.
Western hog receipts
today were 46,000 head, against 57,100 for the same day a
year ago.
There were no export clearances of lard reported.
Liverpool lard futures were 9d. higher to 3d. lower, while spot
lard was 6d. higher.
On the 24th inst. futures closed un¬
changed to 7 points up.
The market was heavy at the
opening due to selling influenced by the decline in hogs.
Trade buying caused a recovery in prices later in the session
and prices rallied about 15 to 20 points from the low levels
of the day.
Hog marketings were above expectations at the
leading Western packing centers, and totaled 47,600 head,
against 40,993 a week ago and 56,565 a year ago.
Chicago
hog prices closed 25 to 40c. lower, due to the heavy receipts,
the top price registering $12.35, with the majority of sales
ranging from $11.75 to $12.35.
Liverpool lard futures were
6
to
9d.
lower.
On
points net lower.
the 25th inst. futures closed
The market
12
to
10.57
10.60
on
the
near
Rosins:
on
10.35
10.42
10.62
10.65
Wed.
10.25
10.35
10.55
11.55
Thurs.
10.32
10.42
10.60
10.65
Fri.
10.32
10.40
10.60
11.60
including switches, 178 contracts.
rrices closed as follows:
7.59@ 7.62 January
February
7.60©
March
7.60©
7.58@ 7.61 April
September
October
November
December
Rubber—On the 23d inst.
7.61©
7.61©
7.65© 7.66
7.65@
-
—
futures closed 5 to
9 points
higher.
The opening range was 2 to 12 points higher than
the previous finals.
Transactions totaled 2,950 tons.
Out¬
side prices were quoted on a spot basis of 18 5-16c. for stand¬
ard sheets, up 1-16c. per pound.
The London and Singa¬
pore markets closed quiet and firm, prices unchanged to
7-32d. higherLocal closing: Aug., 18.27; Sept., 18.28;
Dec., 18.47; Jan., 18.53; March, 18.66: May, 18.74.
On
the 24th inst. futures closed 8 to 11 points net higher.
Trad¬
ing was fairly active, with transactions totaling 2,040 tons.
The opening range was 6 points lower to 3 points advance.
London and Singapore closed steady and easier, prices ranging
unchanged to 34d. higher.
Local closing: Aug., 18.35;
Sept., 18.36; Dec., 18.56; Jan., 18.61; March, 18.76.
On
the 25th inst. futures closed 6 to 9 points down.
The opening
range was 3 to 6 points down.
Transactions totaled 2,520
tons.
The outside market again was a very quiet affair.
Outside prices receded to a spot basis of 18.3c. for standard
sheets.
Crepes are now quoted at 1934c. per pound.
Lon¬
don and Singapore closed dull, prices ranging unchanged to
34d. lower.
Local closing: Aug., 18.27; Sept., 18.29; Dec.,
18.49; Jan., 18.55; March, 18.68; May, 18.76.
On the 26th inst. futures closed 1 to 6 points up.
Initial
prices were 3 to 7 points lower. The market was fairly
steady during the session, with, transactions totaling 227
contracts. London and Singapore closed dull, prices on the
former ranging l-16d lower to l-16d higher, while the latter
declined l-16d to 3-32d.
Local closing: Sept. 18.31; Oct.
18.40; Dec. 18.50; March 18.70; July 18.90.
Today futures
closed 1 to 3 points down. Transactions totaled 374 contracts.
The opening range was 3 points down to 3 points up. Trading
was fairly active with the tone steady.
London and Singa¬
pore
closed dull and steady respectively, the former ranging
l-16d lower to l-16d higher, while the latter advanced
to
34d.
3-32d
Local closing: Sept. 18.30; Dec. 18.49; Jan. 18.55;
March 18.68; May
18.77.
Hides—On the 23d inst. futures closed 5 to 6 points up.
Opening prices were unchanged to 4 points decline.
Trans¬
actions totaled 6,480,000 pounds.
No new developments
were reported in the condition of the domestic spot hide mar¬
ket.
Local closing: Sept. 16.25; Dec. 16.66; March 17.05;
June 17.38.
On the 24th inst. futures closed 9 points net
7
higher.
The
Prices started off with declines of 5 to 11 points.
market strengthened considerably as the session pro¬
gressed, and substantial gains were shown at the close.
Trading continued heavy, the turnover totaling 9,280,000
pounds. The unusually large volume was distributed,
partly to the liquidation of old September.
Local closing:
Sept. 16.34; Dec. 16.75; March 17.14; June 17.47.
On the
25th inst. futures
closed 15 to 19 points off.
Transactions
totaled 13,960,000 pounds.
Today's session recorded the
second heaviest turnover in the history of hide futures trading
on
the local Exchange.
September liquidations by longs
Friday
day for this position.
Underlying conditions
in the domestic spot market h&ve been reported noticeably
less favorable of late.
No trading was reported in the
domestic spot hide market.
The Argentine market for
frigorifico hides was also reported easier.
A few days ago
frigorifico steer hides were reported available at 103 pesos,
while sellers will now do business at 101 and possibly 100
was
held mainly responsible for the large Volume.
is first notice
the
delivery. Domestic hog prices closed fairly
steady, with prices at Chicago about 10c. higher. The top
price there was reported as $15, with some sales ranging from
$10.25 to $11.95. Total hog receipts for the Western run
were 31,000 head, against 42,000 for the same day last
year.
Today futures closed unchanged to 5 points down. This
market was dull and devoid of any special feature.
$9.25 to $10.25.
Crude, S. E., 734c.
distant January
Tues.
10.35
10.47
10.57
11.57
Cottonseed Oil, sales,
was
months and Is 6d lower
Mon.
FUTURES IN CHICAGO
Oils—Linseed oil has received little attention from buyers
recently, even though china wood and perilla oils have risen
sharply.
Quotations; China Wood: Tanks, nearby 18c.
nominal; drums 1834c. nominal. Coconut: Sept-Dec. 434c.;
Jan-Mar. 434c.; Coast Sept-Dec. 434c.
Corn: West tanks,
old crop, 734 to 734c.
Olive: Denatured, Nearby $1.30 to
$1.35; Shipment, new crop $1.10. Soy Bean: Tanks, West,
Aug.-Sept. no bid, 9c. off'd; Oct.-for'd 8 to 834c. Edible:
76 degrees
1034c.
Lard: Prime, 1234c.; extra winter,
strained, 1234c.
Cod: Crude, Japanese 62c.; Norwegian,
light filtered 43c.; yellow 44c.
Turpentine: 3734 to 4134c.
heavy throughout most of
the session, due largely to the weakness in hogs, which were
off 25c. at Chicago.
Western hog marketings totaled 38,500
head, against 49,000 head for the same day a year ago.
Closing hog prices were 10 to 25c. lower, and some of the
sales reported ranged from $10.25 to $12.
The top price
for the day was $12.10.
Export shipments of lard from the
Port of New York totaled 1,400 tons, destined for Liverpool.
Liverpool lard futures were quiet, 3d. lower to 3d. higher,
with the spot position unchanged.
On the 26th inst. futures closed 5 to 12 points higher.
A
barely steady undertone featured the lard market early.
The weakness of the Liverpool lard market influenced con¬
siderable selling. However, this resulted in but a temporary
setback, prices showing considerable firmness at the close.
Liverpool lard futures closed weak, final prices there being
9d to Is lower
LARD
Pork—Export, mess, $36.1234 per barrrl (per 200 pounds);
family, $35.1234 (40-50 pieces to bale), nominal, per bar¬
rel.
Beef: (export) steady.
Family (export), $23 to $24
per barrel (200 pounds), nominal.
Cut Meats: Pickled hams,
picnic, loose, c. a. f.—4 to 6 lbs., 19Mc.; 6 to 8 lbs., 1834c.;
8 to 10 lbs., 1634c.
Skinned, loose, c. a. f.—14 to 16 lbs.,
2334c.; 18 to 20 lbs., 2134c. Bellies: Clear, f. o. b. New York
—6 to 8 lbs., 2534c.; 8 to 12 lbs., 2534c.; 10 to 12 lbs., 2134c.
Bellies: Clear, dry salted, boxed, N. Y.—16 to 18 lbs., 1834c.;
18 to 20 lbs., 1834c.; 20 to 25 lbs., 1834c.; 25 to 30 lbs.,
1834c.
Butter: Creamery, firsts to higher than extra and
premium marks: 2734c. to 34c.
Cheese: State, held, '36,
23 to 24c.
Eggs: Mixed colors, checks to special packs—
17 to 2334c.
jiaiJ 4
Initial prices
day for Sep¬
tember, but none was issued.
Both buyers and sellers con¬
tinued to hold back in the market for raws, pending action
by President Roosevelt on the sugar bill.
Raws nominally
were held at 3.60c. for prompt arrivals and 3.55c. for delayed
positions. The world sugar contract after early declines of
1 to 2 points for active positions, rebounded a maximum of
5 points from the lows to end with net gains of 1 34 to 3 34
points.
Recovery reflected reassuring London reports that
the world sugar agreement would become operative as
On the 26th inst. futures closed 1
10.50
January
the sugar bill dominated the price movement.
were 1 to 2 points lower.
It was first notice
scheduled
10.40
October
or
for
tons.
1443
Chronicle
Financial
145
'
pesos,
it is said.
Stocks of certificated hides in warehouses
1444
Financial
licensed by the Exchange remained unchanged at
843,091
hides.
Local closing: Sept. 16.19; Dec. 16.59; March
16.95;
June
17.28.
points down. Trans¬
opened 15 points
points higher. Heaviness prevailed during most
of the session, with transactions
during the morning totaling
8,760,000 pounds.
There were 6,360,000 pounds tendered
for delivery against September contracts
to-day.
Local
closing: Sept. 16.12; Dec. 16.54; March 16.93.
To-day
futures closed 21 to 22 points down.
Transactions totaled
58 contracts. The market opened 2 to 8
points down except
December, which was 1 point advance. An easy trend was
in evidence during the
day in a dull trading market. Local
closing: Sept. 17.04; Dec. 16.33; March 16.72; June 17.04.
actions totaled 238 contracts.
The market
lower to 3
Ocean Freights—-Predictions are current in well
informed
circles that ocean freight rates on most world trade routes
likely to advance in the next few months even from cur¬
high levels.
Charters included: Trips: Trip across,
delivery St. Lawrence, August-September, $2.75.
River
Plate round, delivery and
redelivery U. K.—Continent,
mid-September 8s. 6d. Grain booked: Thirty loads, Gulf to
Rotterdam, September, 25c.
Two loads, New York to
Hamburg, second half, September, 17c.
Five loads, New
York to Marseilles, September, 22.
Five loads, New York
to Sweden, basis, 23c.
Scrap: North Atlantic to Rotterdam,
September, 25s. Grain: San Lorenzo to Antwerp, Septem¬
are
rent
ber 1-15, 33s.
Durban to Rotterdam, prompt, 36s; Maize.
to
Antwerp-Rotterdam, 3s. 3d., option light.
months, delivery United Kingdom Conti¬
nent, early September, 9s. 6d.
24 months, general trading,
October, $2.50.
12 months European Trade,
commencing
January $2.50.
Time:
12
to
Aug. 28, 1937
sellers
former
into
buyers on the advance.
Sales totaled
Certificated stocks totaled 2,090 bales.
There
1,750 bales.
15 transferable notice sales,
bringing the total up to
159,
At Yokohama grade D was 10 yen
higher at 855 and
at Kobe the advance also was 10
yen, the price there being
were
On the 26th inst. futures closed 7 to 2
Montreal
Chronicle
The yen was
855.
unchanged at 29 3U
hama and Kobe totaled
4,125
were
bales.
Spot sales at Yoko¬
Futures transactions
futures advanced 3 to 5
1,000 bales.
Yokohama
points, while Kobe was 2 to 8 points higher. Local closing:
Aug., 1.83H; Oct., 1.81 y2; Nov., 1.813^; Dec., 1.803^; Jan.,
1.79
3^; March,
On the 26th inst. futures closed
1]/2 points down to 1 point
Transactions totaled 198 contracts. The opening range
unchanged to 1 cent decline. The price of crack double
up.
was
extra in the New York
spot market remained unchanged at
The Yokohama Bourse closed 5 yen lower to 3 yen
higher, while the price of Grade D in the outside market ad¬
vanced 234 yen to 85734 yen a bale.
Local closing: Sept.,
1.82; Nov., 1.80; Dec., 1.81; Jan., 1.8034; Feb., 1.7934;
March, 1.7934; April, 1.77 34*
To-day futures closed un¬
changed to 334c. down. Transactions totaled 171 contracts.
The market opened 34c. decline to lc. advance.
Undertone
was fairly
steady during the early trading but later developed
$1.94 31b
weakness.
market
The price of crack XX in the New York
spot
34 cent to $1.94.
The Yokohama Bourse
declined
closed 4 to 5 yen lower, while the
price of Grade D in the
outside market declined 5 yen to
85234 yen a bale.
Local
closing: Sept., 1.8134; Oct., 1.82; Nov., 1.8034; Dec., 1.7934;
Jan., 1.7834; March, 1.76; April, 1.7434*
18
Coal—Local operators' representatives state that there
is
no
improvement in the volume of coal business and none is
expected until after Labor Day. It is said that New York
coal sellers have been lamenting the fact that some of their
best customers in New
Jersey among the woolen mills and
paper board manufacturers in New Jersey have closed down
cotTon
Friday Night, Aug. 27, 1937
Movement of the Crop, as indicated
by our tele¬
from the South tonight, is given below.
For the
week ending this evening the total
receipts have reached
221,570 bales, against 149,210 bales last week and 94,093
bales the previous week, making the total
receipts since
Aug. 1, 1937, 506,602 bales, against 304,770 bales for the
same period of
1936, showing an increase since Aug. 1, 1937,
The
grams
this week, both for vacations and because of
poor orders on
This, of course, does not give a very hopeful outlook
for the immediate future as far as the
of 201,832 bales.
concerned.
Galveston
books.
purchase of coal is
Moreover, it is stated that there
is
a
natural
in business while the trade awaits Government action
regulations and prices about Oct. 1. A good
steady steel
pace is expected over the rest of the year with small steel
companies who do not own coal mines, and a good coal
pause
on
demand is expected from this
Metals—The
report of Copper, Tin, Lead, Zinc, Steel
Pig Iron, usually appearing here, will be found in the
articles appearing at the end of the
department headed
"Indications of Business
Activity," where they
are
covered
fully.
Orleans
Wed.
14,019
2,286
6,267
542
802
_
Pensacola, &c
10,815
4,537
Thurs.
3,033
5,181
6,474
6,463
11,262
4,948
1,093
9,741
Fri.
5,841
7.348
9,071
4,659
41,882
56,722
64,844
24,511
10,403
3,923
907
845
3,922
._
Total
13,703
27,607
4,433
•
3,922
^
Jacksonville
165
631
307
Lake Charles
1,311
73
2,119
9,663
724
2,326
9,288
5,400
9,288
184
944
2,646
1,407
165
2,012
226
506
Savannah
506
563
•
_
-
Wilrrington
-
-
:i
8
Norfolk
■
•
•«*
W'
8
42
'
-» —
Baltimore
Totals this week.
quite general that wool is
higher when mill demand resumes.! Most of tlie
already completed deliveries on old con¬
tracts, and any large resumption of purchasing by
topmakers
total
move
wool houses have
and
__
Corpus Christi._
Mobile.
Tues.
244
Houston
New
Mon.
3,309
4,293
10,348
2,428
21,560
33,583
30,370
34,422
30,504
71,131 221,570
The
Wool—The belief appears to be
to
Sat.
Charleston
source.
and
more
Receipts at—
facturers is regarded as
unlikely to appear before
the latter half of September when the
holidays will be out of
the way and the
strong situation in wool will
man
have
full
produced
effect on goods buyers in the New York market.
The
market is very firm,
according to advices from wool centers.
Delaine and graded
territory staple are quoted, scoured
basis, $1.01 to $1.04; choice 12 months Texas and
original
bag territory bulk staple, 98c. to $1; average 12 months
Texas and good to
average original bag territory, 96c. to 98c.;
to fair original Colorado and New Mexico
wools,
93 to 95c.
Advices state that there seems less
average
expectation of
heavy importing of Australians, nor does there seem any
for
looking for anything but a strong high opening in
the immediate future.
The situation is reported as
very im¬
pressive in the West. Producers are holding their
wools, and,
as a matter of
fact, are asking prices which would bring the
cost of wool, landed
Boston, to approximately $1 per pound.
reason
It is stated there has been no
material increase in Eastern
stocks and the farmers still have their
wool.
following table shows the week's total receipts, the
since Aug. 1, 1937, and the stocks tonight,
compared
with last
vear:
1937
Receipts to
Aug. 27
1936
Since Ang
W <:k
Galveston,
This
1,1937
^his
W.:ek
Slock
Since
Aug
1, 1936
1937
1936
41,882
64,601
14,928
19,899
349,956
339,928
Houston
56" 722
64,844
114,325
222,923
17",051
Corpus Christi
45,665
30,088
152,574
33,039
4,473
4,454
53,459
6,277
5,758
313,384
186,810
13,337
256,318
42,990
7,897
1,718
136,812
166,296
128,755
25,814
272,726
81,503
10,263
2,164
153,063
24,127
27,624
8,570
18,331
30,803
22,403
9,699
23,930
"""loo
""497
3,176
694
850
650
Texas
______
City
50
Beaumont
96
New Orleans,
Mobile
24,511
4,433
Pensacola, &c_
3,922
42,933
7,471
4,248
Jacksonville
Savannah
Brunswick
Charleston
165
212
348
428
9,663
14,922
9,066
13,011
5",400
"8",329
4",847
"(f, 354
Lake
9,288
22,750
7,139
13,412
8
22
226
1,232
'"10
886
506
2,538
345
2,066
Charles
Wilmington
Norfolk
558
Newport News
New York
Boston
Baltimore
Philadelphia
Totals
221,570
In order that
Silk—On the 23d inst. futures closed
3^c. to lH>c. lower,
exception of the August position, which stiffened
506,602 141.365
comparison
may
304.770 1,392,000 1,269,238
be made with other
years,
with the
under
short
covering.
Transactions
Crack double extra
price was
Grade D rose 23T to 842
3T
totaled
1.92Tb off 1Ub
yen,
2,480 bales.
At Yokohama
while at Kobe the price was
stationary at 845 yen. Yokohama
lower, while at Kobe they were 6
futures
were
9 to 2 yen
yen down to 1 yen up.
Spot sales for these markets totaled 9oO bales; futures sales
were 3,525 bales.
Local closing: Aug,
1.82^; Oct., 1.80;
Nov., 1.79; Dec., 1.78; Jan., 1.77; March,
1.76H* On the
24th inst. futures closed
3^e. to 13^c. higher.
The market
firmed
considerably today as a result largely of stronger
Japanese cables. Crack double extra advanced 3^e- to 1-93.
Grade D at Yokohama
again rose 234> yen to 845; at Kobe
there was no
change, with the price still 845 yen.
The yen
was
unchanged at 293¥c*
At Yokohama futures advanced
5 to 3 yen, while at Kobe
they were up 5 to off 2. Spot sales
at these Japanese centers totaled
975 bales; futures sales
4,475 bales.
Local closing: Aug.,
1.84; Oct., 1.81; Nov.,
1-793^; Dec., 1 -783^; Jan., 1.78; March, 1.773^.
On the
25th inst. futures closed
3^c. off to 23^c. up.
Continued
higher Japanese cables were an important factor that turned
Receipts at—
1937
Galveston
Houston.
New
Orleans.
Mobile
Savannah....
Brunswick
Charleston
Wilmington
_
1936
1935
1934
41,882
56,722
24,511
4,433
9,663
14,928
17,051
33,039
4,473
9,066
43,603
16,757
27,684
3,007
19,608
20,994
38,266
12,656
4,905
7,347
"5",400
"4",847
"3",348
"l",968
8
_
Norfolk
,226
828
""To
'""972
314
1933
27,000
73,453
20,549
2,785
13,709
1,100
8,231
742
474
1932
13,689
62,457
16,834
2,987
10,906
3,950
9,284
554
480
N'port News.
78",725
57",951
44~, 159
35",255
58,576
33",412
Total this wk_
221,5/0
141,365
159,138
122,533
206,619
154,553
Since Aug. 1__
506,602
304,770
384,248
317,364
563,513
462,061
All others
The
the week ending this evening reach a
total of 38,712 bales, of which 12,280 were to Great Birain,
8,692 to France, 5,197 to Germany, 4,722 to Italy, 827
to Japan, 6,994 to other destinations.
In the corresponding
week
exports for
last
total exports were 41,651 bales.
For the
exports have been 179,563 bales,
against 149,982 bales in the same period of the previous
season.
Below are the exports for the week.
season
to
year
date aggregate
Volume
Financial
145
Aug. 27, 1937
Ger¬
Great
Exports from—
France
Britain
Other
China
Japan
Italy
many
New Orleans
5,080
650
"166
550
Beaumont
1,194
6,659
20,634
"400
5,459
9,287
Corpus Christ!__
"§27
2,589
3/233
Houston
4" 680
.
50
"~50
Lake Charles
Charleston
.
report
influenced heavy selling. However,
later, when it was denied, the market rallied and advanced
about $1 a bale from the early lows.
There was less pressure
827
6,994
38,712
11,300
16,800
8,899
9,143
41,651
ally, however,
7,528
8,126
4,862
Total 1935
9,984
13,666
12,272
4,993
"166
Exported to-
From
Aug. 1, 1937, to-
Galveston.
3,183
3,641
5,918
296
27,257
12,564
Total
2,035
3,147
25,719
1,380
18,392
3,828
1~345
7,800
17,565
105,081
6441
29,997
650
100
550
Beaumont
"266
11,968
104
__
Lake Charles..
l"H6
3,613
5~320
4,095
Orleans
Mobile
"248
2434
"~42
"346
6,865
""23
"904
1,528
"601
Savannah.....
_
67
433
"433
Peoscaola, &c.
Charleston..
104
67
Jacksonville...
"681
.
Los Angeles...
150
Francisco.
....
3,358
2,677
"75
Norfolk
602
1,345
40,256
25,252
45,901
Total 1936
45,035
17,221
31,948
Total 1935
39,172
32,072
23,489
680
200
8,883
26,669
8,144
25,490
3,338
2,097
—-
458
•
19,522
Total
"957
"420
1,886
222
San
Other
850
1,277
1,648
China
Japan
Italy
many
441
17,321
—
Corpus Christ!.
New
France
1,549
____
Houston
Ger¬
Great
Britain
39,549
179,563
20.965
"266
54,183
149,982
34,695
209,30 V
NUTE—Exports to Canada—It, has never been our practice to include in the
of cotton shipments to Canada, the reason being that virtually
destined to the Dominion comes overland and it is impossible to give
returns concerning the same from week to week, while reports from the customs
above table reports
all the cotton
border are always very slow in coming to hand.
In view,
inquiries we are receiving regarding the matter, we will
say that for the month of June the exports to the Dominion the present season
have been 22,903 bales.
In the corresponding month of the preceding season the
exports were 14,007 bales.
For the 11 months ended June 30, 1937, there were
262,799 bales exported, as against 217,827 bales for the 11 months of 1935-36.
districts on the Canadian
however, of the numerous
In addition to above exports, our
telegrams tonight also
give us the following amounts of cotton on
cleared, at the ports named:
On
Ger¬
Great
France
Other
Foreign
wise
Leaving
Stock
Coast¬
many
Total
800
Orleans..
1,000
2,057
2,200
5,119
700
5,400
1,849
249
700
169
100
126
13,310
1,095
700
Houston.
700
4,036
Galveston.
New
shipboard, not
Shipboard Not Cleared for—
Aug. 27 at—
Britain
700
Savannah
"648
Charleston.
"37
"250
Mobile
Norfolk..
Other ports
648
287
344,556
300,074
255,223
136,112
23,479
42,703
18,331
250,082
buying and covering.
Traders gener¬
disposed to await definite action,
with the result that the net changes were small and the
market showed no definite trend.
The opinion still pre¬
vailed that the market will eventually sell around whatever
were more
for the loan.
{Southern spot markets,
officially reported, were 5 points lower to 5 points higher.
Average price of middling at the 10 designated spot markets
was 9.61c.
On the 25th inst. prices closed 5 to 11 points
down.
In the early session prices rose 5 to 10 points sub¬
sequently reacting 12 to 18 points.
The market finally
closed at about the lows of the day.
There was a fair volume
of trading, with liquidation and hedging conspicuous.
In
view of the extensive decline in values, it would appear that
the market was in a strong technical position, but traders
do not appear disposed to test the market out on the upside.
Most selling was based apparently on continued favorable
crop prospects.
The weekly weather and crop bulletin
indicated weevil activities in the Eastern belt, but made no
mention of actual damage, while rains in the West improved
crop prospects.
A leading Southern crop reporting bureau
stated that there had been no noticeable loss or change in
level is decided upon
as
prospects since the last
crop
Total 1936
Total 1935
5,786
7,102
5,459
2,718
2,066
2,574
3,157
2,070
3,112
.
8,182
5.575
12,570
1,597 21,440 1,370,560
4,368 *21,181 1,248,067
525
24,240 1,162,993
estimate.
Southern spot mar¬
officially reported, were 5 to 10 points lower.
Aver¬
price of middling at the 10 designated spot markets was
kets,
age
as
9.54C.
.
.
The
Octo¬
ber and again sold 'at new low levels for the movement.
Trading was comparatively moderate, with traders con¬
cerned over possible repercussions in the Sino-Japanese situ¬
ation from the wounding of the British Ambassador.
This,
together with the uncertainty over market developments
and Washington's definite action on the cotton loan, was
sufficient to cause traders generally to take to the side¬
prices closed 4 to 7 points down.
On the 26th inst.
resistance point of 9%c. for
market broke through the
for
lines
a
waiting.
watchful
little
Further rains
were
reported in the eastern half of the cotton belt, with showers
in Texas and Oklahoma.
Conditions were favorable except
for
possible
increase
of boll weevil activity in the East,
forecast. Demand for spot cotton
where more showers were
continued quiet,
Total 1937..
up
to sell and fair trade
66,958
Total 1936.
Aug. 27, 1937
the present crop
This
4,722
936
Exports from—
12c.
5,197
8,692
to
771
"16
12,280
Total
subsidy
and provide a
cotton from
"281
490
San Francisco
being ginned rapidly and consequently is coming on the mar¬
ket in the way of hedges.
Southern spot markets as officially
reported were 5 to 25 points lower.
Average price of
middling cotton at the 10 designated spot markets was
9.61e.
On the 24th inst. prices closed unchanged to 2 points
lower.
The market opened barely steady at 4 to 9 points
lower and was heavy during most of the early session under
renewed liquidation and Southern selling.
Washington in¬
dicated that the Government would lend farmers 9c. on their
903
903
Norfolk
2,765
""42
"346
2,377
Mobile
Total
5"§88
425
769
Galveston
1445
Chronicle
with prices easing and spot
markets quot¬
middling at 9.49c. Southern spot mar¬
reported, were unchanged to 7 points
ing average price of
kets,
as
officially
lower.
Speculation in cotton for future delivery was moderately
with the trend of values almost stead¬
active the past week,
Sentiment appears to be decidedly bearish,
uncertainty prevailing, especially as
concerns action 011 the cotton loan by the Administration
and the grave situation brought on by war developments in
the Far East, traders are inclined to hold aloof from the
market, at least until the situation is somewhat clarified.
On the 21st inst. prices closed 9 to 12 points net lower.
There was a continuation of the downward movement today,
as a result of which new low levels were reached and values
closed at practically the lows of the day.
Beneficial rains
over Oklahoma and west Texas were believed to have broken
the drought there, which had threatened to cause damage
to the growing crop.
This influenced heavy selling and the
market found relatively little support.
The opening range
was barely steady and 4 to 7 points under the previous finals,
these declines influenced by the decline in Liverpool and
bearish weather reports. Long cotton continued to come out,
and there was vigorous selling by domestic and foreign com¬
mission houses.
Hedging operations increased, especially
toward the close.
In the latter part of the session, houses
with trade connections were noticed as buyers on the scale
down and there was active covering, with demand from
these sources of sufficient volume to keep the market from
ily downward.
end
with
so
much
dropping precipitately.
Southern spot markets, as officially
reported, were 8 to 12 points lower, with middling quotations
ranging from 9.25 to 10.09c.
On the 23d inst. prices closed
7 to 14 points down.
Outside of occasional slight rallies
there appeared to be very little let-up to the downward trend
of values, prices for all active months again declining to new
lows for the season.
There was a slight rally toward the
covering, but the net losses at the end were quite sub¬
stantial.
Further rains over the Western Belt were believed
to have broken the
drought thoroughly in that section.
close
on
Hedge selling increased in volume and prices gave way with
trade price-fixing and Wall Street
covering on a scale-down.
The opening range was un¬
changed to 3 points lower.
Houses with Southern connec¬
tions were conspicuous on the selling side.
The Census
Bureau report on ginning was taken as a confirmation of the
big crop prospects and also showed that the crop is now
little opposition, except
12 to 17 points net lower.
Today prices closed
quiet morning, with small changes featuring the
cotton again went lower in the late afternoon 011
After a
dealings,
renewed
By the start of the last hour active positions
10 to 14 points under the preceding close, with October
liquidation.
were
quoted at 9.38c., off 10 points.
The market opened barely
steady 2 points lower to 1 point higher.
Several deliveries
sold at new lows at the start, but as December touched
resistance developed through trade and
well as additional short covering. Ral¬
lies were restricted to a few points as offerings from vari¬
ous Southern points, including New
Orleans, Memphis and
other hedge selling through
spot houses easily supplied
contracts.
Nervousness continued over the Far Eastern situ¬
ation and uncertainty was in evidence in absence of official
announcements of cotton loan terms.
9.50c.,
moderate
foreign buying as
Premiums and Discounts
table below gives
for Grade and
the premiums and discounts
Staple—The
for grade and
grade, Middling y8, established
Sept. 1, 1937. Premiums and
discounts for grades and staples are the average quotations
of 10 markets, designated by the Secretary of Agriculture,
and staple premiums represent 60% of the average premiums
over %-inch cotton at the 10 markets on Aug. 25.
staple in relation to the base
for deliveries on contract
on
Vs
15-16
1 In. eft
Vs
15 16
Ingh
Inch
Longer
Inch
Inch
1
In. -ft
Longer
Spotted—
White—
0.39 on 0.64 on
0.67 on 0.95
.24
on
Good Mid
.15
St. Good Mld._ 0.60 on 0.88
0.53 on 0.81
Good Mid
17
on
St. Mid
.06 off 0.18
10 on
Mid
.68 off 0.45 off 0.24 off
0.64
91
on
♦St. Low Mid..
.55 off 1.35 off 1.18 off
0.28
52
on
♦Low Mid
.29 off 2.15 off 2.04 off
Mid. Fair
St. Mid
0.35
on
Basis
Mid
St. Low Mid
0.63 off 0.37
12 off
1.48 off 1.30
11 off
Good Ord. 2.19 off 2.09
2.72 off 2.67
♦Good Ord
99 off
St. Mid
63 off
♦Mid
♦St
yiid
♦St. Low Mid..
Extra White—
Good Mid
0.53
on
0.81
1.10
on
St. Mid
0.35
on
0.64
0.19
on
0.52
on
on
0.44 on
Tinged—
Good
Low Mid
on
♦Low Mid
.43 off 0.21 off 0.01
on
.69 off 0.47 off 0 24 off
59 off 1.46 off 1.27 off
33 off 2.22 off 2.09 off
.85 off 2.78 off 2.71 off
Yel. Stained—
St. Low Mid
0.61 off 0.36
0.11 off
♦St. Mid
.24 off 1.04 off 0.85 off
.81 off 1.70 off 1.57 off
Low Mid
1.46 off 1.27
1 09 off
♦Mid
.48 off 2.42 off 2.32 off
Good Ord. 2 16 off 2.03
1.92 off
2.69 off 2.60
2.56 off
Mid.
♦St.
♦
Even
0.28
Good Mid
Gray—
St. Mid
*
Not deliverable on future
contract.
57 off 0.34 off 0.13 off
80 off 0.57 off 0.37 off
♦Mid
Good Ord
38
Good Mid
off'1.22
off 1.04 off
1446
Financial Chronicle
The official quotation for middling upland cotton
in the
New York market each day for the past week has been:
Aug. 21 to Aug. 27—
Middling upland
Sat.
Mon. Tues.
9.99
9.86
Wed.
9.85
Thurs.
9.78 *
Fri.
9.73
9.60
Futures—The
highest, lowest and closing prices
New York for the past week have been as follows:
Saturday
Aug. 21
of
2,264,913 bales from 1934.
Tuesday
Wednesday
Thursday
Aug. 23
Aug. 24
Friday
Aug. 25
Aug. 26
Aug. 27
Interior
the
Towns the movement—that
is, the
receipts for the week and since Aug. 1, the shipments for
the week and the stocks tonight, and the same items for the
corresponding period of the previous year—is set out in
detail below:
9.43- 9.43
9.69m
9.55m
9.72- 9.79
9.74
.
9.55m
9.48m
9.38m
9.30m
9.56- 9.76
9.50- 9.68
9.53- 9.68
9.61
9.60
9.53
9.46- 9.60
9.48
9.33- 9.50
9.35
Movement to Aug.
Oct.—
Range
_.
Closing
Receipts
Towns
—
27, 1937
Movement to Aug. 28, 1936
Ships-
Weet
Range..
9.74n
_
9.62m
9.61m
9.54m
9.50m
9.37m
Dec.—
|
24
Ala., Blrming'm
Aug.
Weet
Season
Stocks
ments
.
Nov.—
Closing
1937
28,
figures for 1937 show an increase over last
98,931 bales, a loss of 374,269 from 1936, an
162,340 bales over
1935, and a decrease of
of
week
increase
At
Monday
—
Closing
Aug.
above
at
Sep*. (1937)
Range
The
27
730
150
Receipts
13,661
Ship¬
Season
45
Slocks
ments
Weet
Aug.
Weet
450
28
539
9.75- 9.82
9.59- 9.78
9.55-
9.72
9.56- 9.71
9.51- 9.64
9.38- 9.54
Closing.
9.75-9.76
9.63
9.63- 9.64
9.56- 9.57
9.52
9.39- 9.40
9.79- 9.84
9.65- 9.82
9.60- 9.76
9.63- 9.75
9.56- 9.68
Closing.
9.79-
9.70
9.68
9.63
9.56
9.81
9.44- 9.58
9.44- 9.45
187:
5,676
37
144
1,983
2,620
244
2,096
675
3.659
873
25,935
17,376
1,524
3,128
3,019
3,600
1,096
30,170
9,555
50,133
54,573
60.464
Eufaula
Jan. (1938)
Range..
283
Montgomery
Selma
Range..
214
1
Forest City
3
—
Hope.
Closing.
9.84m
261!
565
675
660
21
32
_-!
5,211
4,035
193
425
425
8*266
8,504
7,453
30,414
93
104
309
9,173
6
9.72m
9.67m
9.60m
9.47m
Jonesboro
9.89- 9.85
9.72- 9.92
9.69- 9.86
9.71- 9.86
9.65- 9.79
9.50- 9.67
Newport.—
1
1
9.90
9.76- 9.78
9.76- 9.77
9.71
9.65- 9.66
9.50- 9.51
Pine Bluff...
210
510
93
Little Rock—
—
April—
103
Ridge
Ga., Albany
Range..
9.82m
9.94m
9.82m
9.75m
9.70m
4,975
2,154
173
39.670
3
406
21
90
728
256
10,554
26.759
30
2
10,461
917j
18;
1,390
498
15,962
54
450
18,166
74.663
557,
5,106
"304
9,956
6
9,500
11,832
10,005
"846
1,260
592
35
100
315
3,545
3,138
8,181
1,319
79,999
69,341
700
33,000
500
557
2,100
18,394
235
70L
368
500
16,008
Athens
9.54m
1,349
I
Walnut
Closing.
May—
33,054
2,366
———
9.73m
March—
Range__
Closing.
1
178
3
171
Helena.
Range..
3
3,850
Ark..Blytheviile
Feb.—
24
Atlanta...
1,290
5,102
600
2,100
1,048
1,506
1
1
La., Shreveport
2,817
3,569
530
4,735
4*771
Miss.Clarksdale
850
6,675
1*041
1,005
288(
3,614
4,184
4.876
148
19,295
5.091
6
Range..
9.98-10.06
9.82-10.00
9.77- 9.97
9.80- 9.98
9.75- 9.88
9.58- 9.77
Augusta...
Closing.
9.99-10.01
9.88- 9.89
9.88
9.80
9.75
9.58- 9.60
Columbus
June—
Macon
Range
Closing. 10.01M
July—
Rome
_.
9.92m
9.92m
Range.. 10.02-10.08
9.88-10.04
9.85-10.02
9.85-10.01
9.80- 9.89
9.63- 9.82
Closing
9.96
9.96
9.85
9.80
9.63
9.82m
•'
9.77m
9.60m
Columbus
109
_.
931
5,771
3,410
11,270
5,753;
3,263
87,777
300
33,500
25.616
38
12,211
19,972
997
3,772
4,408
*478
2,033
Greenwood.
19,609
11,045
8.100
Jackson
10.03
.
Aug.—
9,704
1,062
1,102
2,005
61,
4,567
2,137
573
13,118
8,199
770
2,425,
""39!
59
59,
124
123
'816
156
210
36
2,358
1,975
2,298
151
1,759
2,813
1,512
2,444
Range..
Natchez—
55
61
Closing
Vicksburg...
29
31
City—
1,018
1,089
14
Mo., St. Louis.
1,250
4,559
1,250
1,737
2,702
N.C.,Gr'nsboro
12
214
2,272
530
13,601
1,381
2,852
80
832
104
54,061
373
661
489
2,948
54,984
1,277
9,806
6,591223,418
14,640
49,389
.
Yazoo
n
Nominal.
Range for future prices at New York for week ending
Aug. 27, 1937, and since trading began on each option:
Oklahoma—
351
I
15 towns *
753
79,485
35,592
Option for—
Range for Week
Sept. 1937Oct.
1937-
Nov. 1937
Dec.
Aug. 26
9.33
Aug. 27
9.38
Aug. 27
9.82
Aug. 27
9.84 Aug. 21
9,50 Aug. 27
9.89 Aug. 21
.
1937—
Jan.
1938—
Feb.
1938
9.44
Aug. 21
June
July
1938—
9.58
Aug. 27 10.06
Aug. 21
1938—
of Option
Mar.
3
Mar.
7 1937
Apr.
July
9.38 Aug. 27 1937 13.93 Apr.
9.44 Aug. 27 1937 13.94
Apr.
1937
5 1937
12 1937
5 1937
5 1937
July 26 1937 13.85 Mar. 31 1937
9.50 Aug. 27 1937 13.97 Apr.
5 1937
9.58 Aug. 27 1937
11.50
9.6*3*
Aug. 27 10.08 Aug. 21
July
12.9*6*
23 1937 11.83
15,531
1*032
*1*777
116
150
45
Austin
766
940
163
239,
Brennam
Since Beginning
1938—
May 1938—
4,966
4,839
127
600
1,439
2,201
672
2,374
188
229!
70
Dallas.
2,640
3,008
2.127
900
3,984
1,434
2,037,
650
4,532
2*418
1,378
1,519'
43
4,408
6,003
1,692
6,922,
733
1,382
1,036
1,636
329
5,495
1.284
Texas, Abilene.
11.15
.
Mar. 1938—
Apr.
9.43
Range
11.50 Aug. 29 1936 12.92
9.43 Aug. 26
9.43 Aug. 26 1937 13.95
9.79 Aug. 21
9.33 Aug. 27 1937 13.98
11.87 June 17 1937 12.40
2,336
Tenn., Mem phis
Aug. 1937
S. C.,Greenville
May 21 1937
July 21 1937
9.63 Aug. 27 1937 11.36 July
27 1937
Paris.'
972
Supply of Cotton tonight, as made up by
cable and telegraph, is as follows.
Foreign stocks as well
as afloat are this week's
returns, and consequently all foreign
figures are brought down to Thursday evening.
To make
the total show the complete figures for
tonight (Friday) we
add the item of exports from the United
States, for Friday
only.
Aug. 27—
Stock at
1937
Liverpool
bales
621,000
Stock at Manchester
106,000
Total Great Britain
Stock at Bremen—
Stock at Havre
727,000
1935
1934
447,000
69,000
899,000
748,000
148,000
128,000
516,000
207,000
72,000
85,000
9,000
ib.000
17,000
7,000
6,000
58,000
50,000
11,000
6,000
41,000
69,000
10,000
9,000
984,000
393,000
511,000
25,000
59,000
51,000
12,000
11,000
277,000
410,000
424.000
702.000
100,000
—
136,000
11,000
Stock at Rotterdam
Stock at Barcelona
Stock at Genoa
Stock at Venice and Mestre
Stock at Trieste
Total Continental stocks
Total
1936
666,000
82,000
European stocks
1,004,000 1,158,000
940,000 1,686,000
54,000
54,000
41,000
65,000
157,000
83.000
118,000
118,000
147,000
202,000
166,000
179,000
89,000
93,000
69,000
168,000
722,000
735,000
550,000
901,000
—1,392,000 1,269,238 1,187,233 2,402,242
806,649 1,140,781 1,119,686 1,102,173
2,407
13,306
20,797
17,554
Europe
Egypt, Brazil,&c.,afl't for Europe
Stock in Alexandria, Egypt
Stock in Bombay, India
Stock in U. S. ports
Stock in U. S. interior towns
U. S. exports today
Total visible supply
4,374,056 4,748,325 4,211,716 6,638,969
Of the above, totals of American and other
descriptions are as follows:
^3l 71X Bri/ CCL 71""-""
bales.
Manchester stock
Bremen stock
Havre stock
Other Continental stock
American afloat for Europe
U. S. port stock
U. S. interioi stock
U. S. exports today
Liverpool stock
Manchester stock
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-
206,000
214,000
129,000
289,000
33,000
34,000
19,000
41,000
59,000
93,000
113,000
339,000
93,000
82,000
49,000
119,000
14,000
57,000
78,000
104,000
157,000
83,000
li8,000
118,000
1,392,000 1,269,238 1,187,233 2,402,242
806,649 1,140,781 1,119,686 1,102,173
2,407
13,306
20,797
17,554
2,763,056 2,986,325.2,833,716 4,531,969
415,000
73,000
42,000
43,000
26,000
54,000
147,000
89,000
722,000
452,000
48,000
55,000
46,000
77,000
54,000
202,000
93,000
735,000
318,000
50,000
94,000
23,000
67,000
41,000
166,000
69,000
550,000
610,000
44,000
53,000
32,000
55,000
65,000
179,000
168,000
901,000
1,611,000 1,762,000 1,378,000 2,107,000
2,763,056 2,986,325 2,833,716 4,531,969
,638,969
7.lid.
—13.35c.
-
,
Egypt, good Sakel, Liverpool
Broach, fine, Liverpool
Peruvian Tanguis, g'd fair, L'pool
C.P.Oomra No.l staple,s'fine,Liv
Continental
22
1,065^
2,108
650
8,332
4*267;
4,528
919
1,349
50,959
95,637
63,219
150,251
..
Waco
Total, 56 towns
*
1,773
32,718 806,6491
Includes the combined totals of
The
above
totals
show
at
that
the
18,241
the
interior
bales
same
receipts at all the towns have been
the
607
5,878
2,819
54,614140,781
15 towns in Oklahoma.
during the week
334,132 bales less than
104
702|
1,046
stocks
and
have
tonight
are
period last year.
The
12,260 bales less than
week last year.
same
New York Quotations for 32 Years
quotations for middling upland at New York on
Aug. 27 for each of the past 32 years have been as follows:
The
m
9.60c.
1929
18.70c.
1936
1913
1928
1927
1921
1920
15.60c
11.88c.
11.05c.
13.25c.
19.00c.
1935
1934
1919
-33.50c.
32.25c.
1912
22.60c.
1926 -—-19.05c.
1933
9.60c.
1925
23.05c.
1918
1917
1932
36.45c.
23.10c.
9.20c.
1924
26.40c.
1916
15.80c.
7.05c.
11.70c.
1923
25.80c.
22.75c.
1915
1914
9.65c.
1922
1931«
1930
1911
12.55c.
11.30c.
-
1910
-.-13.15c.
16.90c.
1909
1908
1907
12.85c.
—-
9.70c.
13.55c.
1906
10.00c.
Market and Sales at New York
The total sales of cotton on the
spot each
For
the
which show at
closed
day during the
indicated in the following statement.
the reader, we also add columns
glance how the market for spot and futures
are
convenience
on same
a
of
days.
Futures
Spot Market
Saturday...
Monday
Tuesday
Wednesday
Thursday
Friday
...
.
SALES
Market
Closed
Closed
Quiet, Opts, dec
Quiet, 13 pts. dec.—
Steady, 1 pt dec...
Steady. 7 pts. dec..
Steady, 5 pts. dec__
Quiet, 13 pts. dec__
Spot
Steady
Steady
Steady
Steady
Steady.
Steady
Contr'ct
Total
300
*250
*250
300
200
300
200
1.050
2.980
Total week_
Since Aug. 1
300
1.050
2.980
Overland Movement for the Week and Since
Aug. 1—
We give below a statement
showing the overland movement
for the week and since
Aug. 1, as made up from
telegraphic
Total American..
East Indian, Brazil, &c.—
-
19
8,046
Texarkana
_.
Liverpool stock
12,389
3.660
week at New York
India cotton afloat for Europe—
American cotton afloat for
698
Robstown
San Antonio.
increased
The Visible
1,131
2,570
2,746
21,020327,694
10.42d.
4.95d.
6.83d.
4.98d.
10.58d.
5.48d.
7.50d.
5.49d.
8.40d.
5.19d.
1937
Aug. 27—1
Shipped—
5.46d.
-1936
Since
Week
Via St. Louis
Via Mounds, &c
Via Rock Island
Via Louisville.
1,250
850
Since
Aug. 1
Week
5,366
3,570
2,852
2,380
312
95
Total gross overland
Deduct Shipments—
Overland to N. Y., Boston, &c-—
Between interior towns
273
3,586
2,016
14,278
11,964
7,797
Via Virginia points
Via other routes, &c____
35,451
506
2,538
—-
3,345
,
Aug. 1
13,967
6,600
730
1,165
14,218
3,000
11,088
11,889
47,768
345
2,066
209
784
376
Inland, &c., from South
1,162
5,301
11,915
9,009
31,133
Total to be deducted
6,016
15,237
9,730
34,361
Leaving total
1,781
20,214
2,159
13,407
9.29d.
imports for past week have been 68,000 bales.
reports Friday night.
The results for the week and since
Aug. 1 in the last two years are as follows:
♦Including
net overland *
movement
by rail to Canada.
Volume
movement
bales for
to date the
foregoing shows the week's net overland
has been 1,781 bales, against 2,159
The
this
year
the
week
last
and that for the season
exhibits an increase over a year
year,
aggregate net overland
of
ago
6,807 bales.
1936-
1937
In Sight and
1,781
Aug. 27-135,000
358,351
18,241
Total marketed
Interior stocks in excess
Total in sight Aug
.
irin^ week...
1,061,816
*13,671
304,770
13.407
500,000
268,524
8,605
535,000
818,177
*65,636
277,129
•376,592
752,541
1,048", 145
'
North, spinn's* takings to
141,365
2,159
125,000
506,602
20,214
221,570
Receipts at ports to Aug. 27
Aug. 1
Week
Aug. 1
Week
Net overland to Aug. 27
Southern consumption to
Since
Since
Spinners
Takings
*
1447
Financial Chronicle
145
15,215
Aug. 27 15,215
85,786
29,058
68,569
Decrease.
Movement into
sight in previous years:
Since
Bales
Week—
740,521
665,069
1,082,281
1933
-338,084
-
Bales
Aug. 1—
1935.
1934.
268,073
203,902
1935—Aug. 30
1934—Aug. 31
1933—Sept. 1
February, and 23,251,764 for July, 1936.
The aggregate
spindle hours reported for the month was
7,665,035,632.
Since the inauguration of this inquiry in
1921, the average hours of operation for the day shift for all
of the mills was used in computing the monthly percentage
of activity.
The hours of employment and of productive
machinery are not uniform throughout the industry.
How¬
ever, in order that the statistics may be comparable with
for
number of active
those for
earlier
the same method^of
months and years,
computing the percentage of activity has been used.
Com¬
puted on this basis the cotton spindles in the United States
were operated during July, 1937, at 121.9% capacity on,a
single-shift basis.
This percentage compares with 137.0
for June; 137.7 for May; 146.7 for April; 148.3 for March;
144.8 for February, and 119.8 for July, 1936.
The average
number of active spindle hours per spindle in place for the
month was 284.
The total number of cotton spinning
of active
in place,
spindles in place, the number active, the number
spindle hours, and the average hours per spindle
by States, are shown in the following statement:
Active Spindle Hours
Quotations for Middling Cotton at Other Markets—
Below are the closing quotations for middling cotton at
Southern and other principal cotton markets for each day
for July
Spinning Spindles
State
Average per
In Place
Active Dur¬
July 31
ing July
Total
United States
26,987,716
24,391,782
7,665,035,632
284 *
18,896,138
7,172,582
17,751,056
5,907,954
5,929,989,364
1,573,585,216
314
Cotton growing States
918,996
732,772
161,461,052
176
1,902,642
1,786,058
297
of the week:
Closing Quotations for
Middling Cotton on—
Week Ended
Tuesday
Saturday Monday
Aug. 27
Friday
Wed'day Thursday
9.39
Galveston
9.64
9.51
9.91
9.72
9.72
Mobile
9.58
9.46
9.45
9.38
9.60
9.33
9.50
New Oroeans...
9.44
9.67
9.60
9.86
9.85
9.78
9.85
9.85
9.80
9.75
9.65
9.50
9.45
9.50
9.40
9.40
9.30
10.09
9.96
9.95
9.88
9.83
9.70
9.85
9.65
9.55
9.50
9.40
Memphis
9.70
9.45
9.40
9.40
9.25
9.25
8.99
9.35
8.93
8.80
8.99
8.93
8.80
Montgomery
Augusta
Houston
9.65
9.53
9.53
Little Rock
9.80
9.45
945
Dallas
9.25
Fort Worths
9.25
9.07
9.07
9.05
9.05
669,144
629,376
3,309,350
Georgia
9.99
3,081,028
1,047,321,457
316
198,225,846
804,535,163
55,005,068
149,582,425
60,044,077
279
1,685,432,647
232,754,034
2,036,964,470
279
202,354,778
78,928,288
213,372,472
171,766,467
320
710,264
658,100
4,000,132
3,134,944
206,164
166,968
677,474
466,180
574,866
6,040,004
1,017,056
5,618,572
Rhode Island
South Carolina.
5,684,826
5,513,420
Maine
Massachusetts.
Mississippi
New Hampshire
New York
North Carolina..
306,184
832,012
587,816
255,180
212,236
Virginia
669,552
629,004
All other States
747,660
661,198
Tennessee
Market—The closing quotations
the past
Weather Reports
Saturday
Monday
Tuesday
Aug. 21
Aug. 23
Aug. 24
Aug. 26
Aug. 25
Friday
Aug. 27
9.76- 9.77
9.56- 9.57
9.58- 9.59
9.52
9.44- 9.45
9.34fr-.35a
9.86- 9.87
9.71
9.73
9.67
9.59- 9.60
9.47- 9.48
December.
9.90
9.76
9.75
9.70
9.62
9.51
Jan.
9.97
9.83
9.84
9.80
9.72
9.58 6-. 59a
10.07
9.93
9.93
9.81
9.66
10.11
10.01
10.00
9.85
November
(1938)
February
—
—
_
March
April
.
May
267
221
129
229
358
309
319
230
by Telegraph—Reports to us
by tele¬
that in most of the cotton belt
conditions are more favorable to the crop than is usually
the case at this time of the year.
Too much rain is again
reported in the eastern section of the cotton belt, although
the.moisture has been scattered rather generally.
In the
northwestern portion, where there has been heavy pre¬
cipitation of late, the weather is dry with only moderately
9.70
October
201
graph this evening denote
Thursday
Wednesday
Sept (193 7)
244
cotton market for
leading contracts in the New Orleans
week have been as follows:
for
632,088
Texas
New Orleans Contract
219
565,315,156
163,433,284
Connecticut
10.00
Norfolk
All other States
Alabama
9.20
9.73
Savannah
New England States.
9.25
9.51
4
Spindle in Place,
high temperatures.
-Thermometer
Spot
Options
Steady.
Steady.
Quiet.
Steady.
Steady.
Steady.
Quiet.
Steady.
Barely stdy
79
85
66
81
3.02
98
72
85
4
Austin.
Low
0.03
0.01
90
96
1
Amarillo.
Steady.
Steady.
Steady.
High
2.45
98
70
84
2
Tone—
Inches
1
August
Rainfall
2
9.93
Rain
Days
June
July
1.12
100
72
86
0.06
94
76
85
90
78
84
_
Aug. 16—
report issued on Aug. 23, compiled from the
individual returns of the ginners,
shows 514,675 running
Corpus Christi.
as half bales and excluding
of 1937 prior to Aug. 16, com¬
pared with 208,509 bales from the crop of 1936 and 317,139
bales from the crop of 1935.
Below is the report in full:
1
Brownsville—
Kerrville_.
Crqp of 1937 Prior to
Cotton Ginned from
The
census
bales of cotton (counting
round
BALES OF COTTON GINNED FROM THE GROWTH
1937 PRIOR TO AUG. 16, 1937, AND COMPARATIVE STATISTICS
THE CORRESPONDING DATE IN 1936 AND 1935
OF
0Counting round as
94
68
81
100
66
83
68
dry
0.02
102
1
0.34
102
74
88
1.74
94
70
82
0.30
04
68
81
Antonio
2.36
94
72
83
98
74
86
1
0.90
100
70
85
3
0.78
98
68
83
3
.
San
dry
,
Taylor.
Weatherford
-
1.60
94
70
82
2.43
93
70
82
1
0.22
96
72
84
2
0.62
92
72
82
2
1.95
95
72
84
2
0.33
92
70
81
5
2.18
95
68
82
27,115
3
0.30
92
74
83
5
2.37
94
70
82
Oklahoma—Oklahoma City..
.
Fort Smith.
1935
1936
1,256
18,726
77,812
32,624
6,398
22,676
7,608
4,695
2,659
447,784
153,767
1,720
Louisiana-
3,129
19,947
197,318
1.498
Georgia
Louisiana.
Mississippi
6
The statistics in this report
include 5,094 round bales for
1936 and 892 for 1935.
The statistics for 1937 in this report are
against the individual returns of
the ginners being
Consumption, Stocks, Imports and Exports—United States
the month of July, 1937, amounted to 583,066
bales.
Cotton on hand in consuming establishments on July 31, was
1,289,707 bales, and in public storages and at compresses 2,807,798 bales.
The number of active consuming cotton spindles for the month was 24,391,782.
The total imports for the month of July, 1937, were 18,960
bales and the exports of domestic cotton, excluding linters, were 124,312
North
the consumption of cotton
(exclusive of linters in the United States) for
bales. The total number
idle, is about 152,000,000.
the year ending July 31, 1936, was 27,631,000
of spinning cotton spindles, both active and
Activity in the Cotton Spinning Industry for July,
1937—The Bureau of the Census announced on Aug. 20, that,
according to preliminary figures, 26,987,716 cotton spinning
spindles were in place in the United States on July 31, 1937,
of which 24,391,782 were operated at some time during the
month, compared with 24,555,716 for June; 24,659,296 for
May, 24,728,466 for April;
24,638,578 for March; 24,536,254
88
70
79
3
0.68
94
72
0.63
91
73
83
82
1.74
94
70
82
0.19
92
72
82
0.31
94
70
82
1
0.01
89
78
2.00
91
76
69
2.31
88
70
80
79
4
92
62
77
4
1.52
0.89
90
70
80
2.36
90
70
0.03
90
62
80
76
0.36
90
72
79
2.82
94
68
81
0.41
94
68
81
3
World Statistics
of commercial cotton, exclusive of linters, grown
from various sources, was 30,386,000 bales, counting
bales and foreign in bales of 478 pounds lint, while
The world's production
in 1936, as compiled
American in running
4.26
5
ngton
—Memphis.
Tennessee—.
76
4
Cotton consumed during
88
2
Carolinar—Asheville—
.
0.89
6
transmitted by mail.
0.18
94
70
76
6
subject to revision when checked
.
94
5
1937; 487 for
81
1.52
2
the season
of 1936 and 1935.
counted in the supply for
68
3
,
94
3
of 1937 ginned prior to Aug. 1
82
2.74
4
*317,139
73
6
which was
of 1936-37, compared with 41,130 and 94,346
♦Includes 142,983 bales ol the crop
balanes of the crops
*208,509
*514,675
United States.
81
1.63
2
Florida-
81
72
5
Alabama—J
70
90
93
5
Vicksbi
92
2.68
5
Mississippi-
0.95
5
5
471
States
85
1
4
6
6,337
1,114
Florida
other
0.06
2
5,669
Alabama..
All
72
half bales and excluding linters)
1937
Texas.
94
2
Running Bales
State
2.02
1
Lampasas.
Luling
OF
TO
83
2
El Paso
linters) ginned from the crop
NUMBER
dry
Mean
The
85
•
>■
a. m.
of the
New Orleans
Memphis
Nashville
Shreveport
Vicksburg
also been received by tele¬
height of rivers at the points named at
dates given:
Above zero
Above zero
Above zero
Above zero
Above zero
Aug. 27, 1937 Aug. 28.
Feet
Feet
of gaugeof gaugeof gaugeof gaugeof gauge-
8.9
4.1
The figures do not
Southern
consumption; they
1936
2.0
0.3
9.0
2.0
3.0
2.2
6.3
9.5
table
planta¬
include overland receipts nor
are simply a statement of the
Receipts from the Plantations—The following
indicates the actual movement each week from the
tions.
82
following statement has
graph, showing the
8
82
'
1448
weekly
Financial
movement from the
crop which
Week I
1936
1935
I
Market—Our report received
by cable to¬
night from Manchester states that the market in both
yarns
steady.
Demand for home trade is
improving.
We give prices today below and leave those for
previous
weeks of this and last year for
comparison.
and cloths is
Stocks at interior Towns
Ended |
Aug. 28, 1937
Manchester
finally reaches the market through the
outports.
Receipts at Ports
1937
Chronicle
plantations of that part of the
1937
1936
Receipts from Plantations
1935
1936
1935
May
28..
25,457
52,470
21,846 1,107.259 1,594.234 1,301,899
4..
23,761
11..
23.325
47,072
32,597
18,907 1,064,946 1,554,313 1,269,564
14,317 1,030,5201,517 933 1,244,820
13,466
998,7051,465,3621,218,931
June
Nil
Nil
7,151
Nil
Nil
Nil
Nil
Nil
Nil
Nil
Nil
Nil,
Nil
Nil
Nil
39.972
21,698
8,706
964,3921,424,61211,201,295
15,752
21,952
13,381
9,188
930,9691,384,1541,181,353
13,918
903.027:1,349,502 1,161,421
Nil
2..
9..
17,059
17.371
16..
23..
16.973
873,7721,301,7651.145,008
28,419, 37,205
39,742 46,866
28,601
55,199
t
30..
20,715
848,935 1,255,364 1,133,563
828,1471,206,417,1,121,546
Aug.
Nil
Nil
Nil
6_.
*68,215
38,915
56,583
13..
94,093
52,891
76,336
811,182 1,167,40111,111,532' 39,236
61,492
796,1501,144,6501,097,283 79,061
788,408 1,132,176 1,094,124 141,468
20.. 149,210
96,074
27- 221,570141,365159,138
Twist
Nil
1936
nil
were
4_
in
1935
16
193675
last two
seasons
from all
sources
obtainable; also the takings
sight for the like period:
are
Cotton Takings,
Week and Season
V
Visible supply Aug. 20
1936
Season
Week
4,275,125
Visible supply Aug. 1
American in sight to Aug. 27Bombay receipts to Aug. 26-Other India ship'ts to Aug. 26
376",592
10,000
7,000
9,000
9,000
Alexandria receipts to Aug. 25
Other supply to Aug. 25 *b
4,701,096
4,339",022
4,899",258
277", 129
Of which other
80,000
34,000
8,200
32,000
5,805,999
31,000
11,200
25,000
5,496,367
5,014,625
4,374,056
4,748,325
4,748,325
312,661
212,661
100,000
1,122,311
702,511
419,800
266,300
214,900
51,400
1,057,674
857,474
—
200,200
*
Embraces receipts in Europe from
Brazil, Smyrna, W est Indies, &c.
This total embraces since
Aug. 1 the total estimated consumption
by
mills, 535,000 bales in 1937 and
500,000 bales in 1936—takings
not being available—and the
aggregate amount taken by Northern and
foreign spinners, 587,311 bales in 1937 and
557,674 bales in 1936, of
which 167,511 bales and 357,474 bales
American,
b Estimated.
a
Southern
India Cotton Movement from All
Ports—The
of Indian cotton at
receipts
Bombay and the shipments from all India
ports for the week and for the season from
Aug. 1 as cabled,
for three years, have been
as
Since
Bombay
10,000
—
42,000
7,000
Great
Conti¬
Aug. 1
7,000
45,000
Since Aug. 1
Jap'n&
nent
Week
80.00C
Exports
Britain
Since
Aug. 1
For the Week
From—
1935
Since
Week
China
Great
Conti¬
Britain
Total
6,000
2,000
...
3,000
3,000
7,000
15,000
13,000
nent
13,000
20,000
16,000
2,000
3,000
2,000
Other India-
4,000
-
3,000
12,000
2,000
3,000
4,000
Japan
1937
4,000
14,000
9,000
5,000
1,000
6,000
1935
20,000
34,000
68,000
89,000
70,000
85,000
37,000
58,000
24,000
16,000
22,000
9,000
21,000
20,000
26,000
Alexandria
weekly
dria, Egypt.
for
a
Receipts
and
past week and for
previous two years:
Alexandria, Egypt,
Aug. 25
43,000
28,000
41,000
To
1
Exports (Bales)—
To
To
To
Liverpool.
Manchester,
&c
Continent & India—
68,000
70,000
37,000
120,00
119,000
104,000
re¬
9
6.85
9
6.60
7%
6.12
10% @12
10
5
4% @10
7%
6.20
10% @12
10
6
5.93
10% @11% 10
6
5.78
4%
5.63
10%@11% 10
10%@11% 10
4% @10
4%@ 10
1%@10
1 %@ 10
@10
@10
32,000
41,000
This
Week
2,000
2,000
5,000
Since
Aug.
This
1
Week
2,900
3,300
2,000
13,950
3",666
100
9,000
1%@
9
9
6
@
9 10%
9
9
7.18
@10
0
7.68
10%@10
2
7.47
9 10%@10
2
7 33
7%
7.10
9
@10
7%
7.02
7%
6.92
4%
6.74
6
6.70
Bales
748
21
18
407
2,635
598
1,543
1,046
827
Valparaiso—Aug. 24—Cefalu, 300
19—Montello, 1,642
Aug. 25—Monbaldo,
1.161
300
To
2,803
To
100
629
Vejle—Aug. 23—Delaware, 100
Venice—Aug. 20—Clara, 629
To Genoa—Aug.
21—Waban, 948
To Venice—Aug.
21—Waban, 300--MOBILE—To Genoa—Aug.
21—Monbaldo, 42
To Bremen—Aug.
18—Warrior. 346
To Liverpool—Aug. 23—West
lvyska, 483
To Manchester—Aug.
23—West Kyska, 1,894
LAKE CHARLES'—To
Manchester—Aug, 20—Custodian, 50
CORPUS CHR1STI—To
Aalborg—Aug. 20—Uddeholm, 100
To Gdynia—Aug.
20—Uddeholm, 2,588
To Ledz—Aug.
20—Uddeholm, 35
To Malmo—Aug.
20—Uddeholm, 100
To
Stockholm—Aug. 20—Uddeholm, 100
To
Uddevalla—Aug. 20—Uddeholm, 100
To
Varburg—Aug. 20—Uddeholm, 200
To
Norkoping—Aug. 20—Uddeholm, 350-To Gefle—Aug.
20—Uddeholm, 150
To
Gothenburg—Aug. 20—Uddeholm, 311
To Abo—Aug.
20—Uddeholm, 50
To
Tallin—Aug. 20—Uddeholm, 150
To
Wasa—Aug. 20—Uddeholm, 100
948
300
42
346
483
1,894
50
100
2,588
35
100
100
100
200
350
150
311
-
—
50
150
100
5,697
3,590
-
To
Liverpool—Aug. 22—West Tacook, 5,697
Manchester—Aug. 22—West Tacook, 3,590
Ghent—Aug. 21—Elizabeth Van Belgia, 1,554
To
Havre—Aug. 21—Elizabeth Van Belgia, 4,824
To
Dunkirk—Aug. 21—Elizabeth Van Belgie, 635
BEAUMONT—To Liverpool—Aug.
25—Custodian, 550
To
Bremen—Aug. 24—Keller wald, 100
CHARLESTON—To Bremen—Aug. 18—Leianishon, 29
To
Hamburg—Aug. 18—Leianishon, 874
SAN FRANCISCO—To
Great Britain— (?)—(?), 16
NORFOLK—To Antwerp—Aug. 27—Black
Condor, 281
To
Bremen—Aug. 27—City of Newport News, 344
To
Hamburg—Aug. 27—City of Newport News, 146-
1,554
4,824
635
550
-
100
29
874
16
281
344
146
38,712
York,
as
Freights—Current
for
rates
from
cotton
furnished
by Lambert & Barrows, Inc.,
follows, quotations being in cents per pound:
Density
.42c.
,36c.
Stand-
Stand-
High
as
Stand-
ard
.57c.
Trieste
d.45c.
,60c.
Piraeus
.85c.
1.00
,57c.
Flume
d.45c.
.60c.
Salonica
.85c.
1.00
Density
ard
.54%c. Barcelona
,51c.
Rotterdam .39% c.
d.45c.
Genoa
High
New
are
x
.50c.
Venice
*
Copenhag*n.52c.
.67c.
*
Japan
Bombay
ard
*
.54%c. Shanghai
.60c.
Density
Naples
d.45c.
.60c.
Leghorn
d.45c.
.600.
.65c.
Oslo
,53c.
.68c.
Bremen
Stockholm
.37c.
.51?
,52c.
.67c.
Hamburg
.37c.
d.45c.
,60c.
.533
*
Rate is open,
x
Only small lots,
Gotlienb'g
.52c.
.67c
d Direct steamer
Liverpool—By cable from Liverpool we have the following statement of the week's imports, stocks,
&c., at that port:
Aug. 6.
40,000
Total stocks
Of which American.
780,000
277,000
16,000
8,000
116,000
27,000
.
Total imports
Of which American
Amount afloat.___
Aug. 13
52,000
764,000
269,000
45,000
Aug. 20
47,000
752,000
258,000
38,000
10,000
117,000
34,000
116,000
30,000
11,000
Aug. 27
52,000
727,000
239,000
34,000
4,000
111,000
38,000
The tone of the
Liverpool market for spots and futures
day of the past week and the daily closing prices of
spot cotton have been as follows:
1935
each
20,250
5,000
2,000
5,700
Since
Aug.
1
6,000
6,000
14,000
2,000
28,000
This
Week
Spot
Since
Aug.
9,000 bales.
Saturday
Monday
Tuesday
Wednesday
Market, f
1
Quiet.
Quiet.
1
P. M.
Thursday
Friday
A fair
12:15
Moderate
1,000
2,800
Mid.Upl'ds
3,700
24,700
1,000
5.75d.
Futures. '
32,200
business
doing.
Quiet but
5.000
A fair
business
doing.
Quiet.
demand.
4",066
Market
Market,
5.71d.
f
1
3
dec. 2
pts.
5.68d.
5.64d.
5.62d.
5.63d.
Steady, un¬ Steady, un¬ Barely stdy Barely stdy Quiet
but
to changed to changed to 2 to 7 pts. 4 to 6
pts. st'y; 3 to 5
stdy.,
■
opened
Note—A cantar is 99 lbs.
Egyptian bales weigh about 750 lbs.
This statement shows that the
receipts for the week ended Aug. 25 were
45,000 cantars and the foreign shipments
@10
6
@10
4%@10
6
Forwarded
now
1936
To America
Total exports
6.98
Of which American
45,000
55,000
-
9
9
NEW ORLEANS—To
To Genoa—Aug.
Manchester.42c.
Antwerp
39%c.
Receipts (cantars)—
Since Aug.
@10
10%@11%
11
@12%
11%@12%
11
@12%
Bremen—Aug. 20—Keller wald, 1,543
Hamburg—Aug. 20—Keller wald, 1,046
Japan—Aug. 18—Stemmestad, 827
To
Liverpool
receipts and shipments
corresponding week of the
1937
This week
7.18
6.87
Copenhagen—Aug. 25—Delaware, 18.
Gdynia—Aug. 25—Delaware, 407
HOUSTON—To Havre—Aug.
25—Louisiane, 2,635
To Dunkirk—Aug.
25—Bouisiane, 598
46,000
Shipments—We
the
4%
6.95
7.00
To
34,000
cable of the movements of cotton at Alexan¬
The following are the
the
6.68
6.82
9
1%@10
31,000
According to the foregoing, Bombay appears to show an
increase compared with last
year in the week's receipts of
3,000 bales.
Exports from all India ports record a decrease
of 14,000 bales
during the week, and since Aug. 1 show an
increase of 1,000 bales.
ceive
3
4%
4%
9
3
Havre
7,000
15,000
13,000
9
9
9
6.64
Total
Total all—
1936
@
1%@
1%@
Total
12,000
19,000
7,000
0
4%
GALVESTON—To Bremen—Aug.
21—Kellerwald, 748
To Hamburg—Aug. 21—Keller
wald, 21
&
China
19,000
18,000
24,000
9
9
9
9
@10
6
d.
1%@
@10
10
High
7,000
14,000
1,000
1935
7.06
6.92
3
Cotton
1937
9% @11%
9%@11%
10%@11%
10%@11%
8
d.
s.
9
Shipping News—As shown on a previous
page,
the
exports of cotton from the United States the past week have
reached 38,712 bales.
The shipments in detail, as made
up from mail and telegraphic reports, are as follows:
Bombay—
1936
7.31
9
9
10
To
1936
Aug. 1
d.
s.
9% @11%
@10
6
10
—
To
Week
d.
7.36
@10
20- 12% @13% 10
follows:
1937
Aug. 26
Receipts—
@10
27- 11%@13% 10
752,541
7,000
14,000
1,048,145
42,000
6,400
9,000
Total takings to Aug. 27 a
Of which American
6
10
6- 12%@14
13
12%@13%
Season
4,374,056
Visible supply Aug. 27
Upl'ds
d.
9
6
10
—
To
4,686,717
Total supply
Deduct—
Middl'g
to Finest
To
1937
Week
of
out
gone
@10
6
10
30- 12% @14% 10
from which statistics
amounts
or
ings, Common
Twist
Aug.
bales.
Takings of Cotton—The follow¬
ing brief but comprehensive statement indicates at a
glance
the world's
supply of cotton for the week and since Aug. 1
for the
d.
s.
6
10
14® 15
-
13% @14%
23_. 13%@14%
past week
World's Supply and
d.
2— 13%@14%
9
9„ 13%@14% 10
were
54,679
(2) That, although the receipts at the
outports the
were 221,570 bales, the actual
movement from
plantations was 239,811 bales, stock at interior
towns
having increased 18,241 bales during the week.
10
Cotton
32s Cap
July
47,243
92,915
(1) That the total receipts
Aug. 1, 1937, are 492,931 bales;
and
S.
ll- 13%@14 % 10
806,6491,140.7811,119,686239,811 149,970184,700
bales
Upl'ds
@15
14
lS— 13% @15
25- 1334 @15
The above statement shows:
from the plantations since
in
Middl'g
to Finest
:
June
46,569
30,140
ings, Common
:
d.
28-
34,849
63,862
;
8% Lbs. Shirt¬
May-
4,302
25.760
Nil
3,764
34,411
Cotton
32s Cap
Nil
15,944
19,653
1936
8% Lbs. Shirt¬
Nil
Nil
18..
25-.
July
1937
Nil
Nil
Quiet but
pts.
dec. 1
Barely stdy
4
stdy..3 to 5 2 to
P. M.
pts. decline
7
pt.
adv.
Quiet,
decline.
decline.
pts.
Steady,
Steady,
Barely st'y;
decl.
pts. 2 to 3 pts. 2 to 3 pts. 1 to 6 pts. 3 to 6 pts.
decline.
decline.
decline.
decline.
decline.
Volume
Financial
145
Prices of futures at Liverpool for each
day
are
given below:
Chronicle
1449
lost in the provinces of Santa Fe and Cordoba
because of
the drought.
Aug. 21
Mon.
Sat.
Fri.
Thurs.
Wed.
Tues.
to
Close Nooni Close Noon Close Noon Close Noon Close Noon Close
Aug. 27
New Contract
October (1937)
December
d.
_.
d.
d.
d.
5.57
5.53
5.50
5.47
5.46
5.49
5.51
5.58
d.
d.
5.48
d.
d.
d.
d.
d.
5.42
5.46
of Canadian wheat
5.41
the
prices
nipeg
5.43
5.43
5.45
5.47
5.48
These provinces usually seed between 30 and
40% of the total Argentine wheat area.
Export demand
for American wheat remained
disappointing, although sales
"5.46
5.45
5.55
5.50
5.49
6.57
5.54
5.52
5.58
5.56
"5.58
5.54
'5.52
5.51
*5.50
5.50
"5.46
March
5.65
5.63
5.59
5.57
5.56
5.55
5.55
5.51
May
July
5.70
5.68
5.64
5.61
5.61
5.60
5.60
5.56
5.73
5.72
5.68
5.65
5.65
5.64
5.64
5.60
5.61
October
5.75
5.71
5.68
5.67
5.63
5.59
December
5.76
5.72
5.70
5.69
5.64
5.60
January (1939)
5.77
5.73
5.71
5.70
5.65
5.61
March
5.78
5.76
5.74
5.72
5.67
5.63
Argentina,
May
5.79
5.77
5.75
5.74
5.68
5.65
tional
(1938).
_.
5.49
estimated at, 300,000 bushels.
3c.,
of
all
grains
almost 2c.
today.
bushel.
a
rumors
Wheat
lost
upturn
showing
DAILY CLOSING
recently,
strength
OP
PRICES
to 10c. per barrel
patents about 5
brands
ing.
of family flour
rose
However, it is said there is still
for flour,
ment
in
but yesterday most
odd-lot
sales,
with
The advertised
higher.
10c., effective Saturday morn¬
a
110
general demand
sellers reported an improve¬
fairly good total of orders
Wheat—On the 21st inst.
prices closed 34c. to 1 cent net
American
values
However, uncertainty over Russia's 1937
and estimate that the Soviet nation may have
approximately 32,000,000 bushels for export, were unsettling
features.
Trade specialists were of the belief that a, break of
around 25 cents a bushel since the season's highs were reached
last month, has eliminated many weak holders who have
taken
losses, thus strengthening the market's technical
position.
Liverpool wheat was off 1*4 cents on reported
rain in Argentina.
On the 23d inst. prices closed pgc. to
34c. off.
From a bad early slump of almost 2 cents a bushel
to the lowest level in more than a year, wheat prices came
back strong, recovering most of their early losses.
The pro¬
nounced strength in corn had a wholesome influence on wheat
today.
wheat surplus
values.
Bureau
Another item that seemed to have
an
influence
was a
of
Agricultural Economics report indicating heavy
Russian wheat crop damage because of delayed and inefficent
harvesting.
The market's weakness that brought on another
wave of
liquidation during the first two hours was a reflection
of bearisli trade developments, including a heavy movement
of spring wheat, a sharp decline in Liverpool prices and lag¬
ging export demand for North American grain.
Rains in
Argentina and Australia and good European harvest weather
caused a drop of 1 34 to 2 cents at Liverpool, which in turn
influenced considerable early selling on the Chicago Board.
Export business in North American wheat again was dis¬
appointing.
On the 24th inst. prices closed 34c higher to
34c. lower.
The persistent commercial selling to prevent
losses in handling the marketing of spring wheat, was the
chief factor operating against
tvalues in the wheat market
today.
Prices shot up 134 cents in the first 20 minutes on
buying for the account of Eastern sources, holding the up¬
turn farily well until the final hour, when the gain was
wiped
out.
An advance of 1 34 to 1 34 cents at Liverpool, influenced
partly by reports of needed rains in Argentina—acted as a
stimulus to the opening on the Chicago Board.
Other items
favoring the upward side were a 2-cent rise at Minneapolis
despite hedge selling accompanying the harvest, and reports
of
a
brisk demand for cash wheat at that center.
ment of wheat in the Northwest
was
PRICES
The
move¬
said to be about 10
days
Although North American export sales
estimated at approximately 750,000 bushels,
were
of
150,000
which
United
were
volume of trade still
was
regarded
States
as
winter
wheat—the
disappointing.
On the
25th inst. prices closed 34c. to 34c. up.
Trading was quiet
and prices fluctuated nervously over a range of about 134c.,
but there
was no
pronounced selling
pressure.
Further small
sales of North American wheat for export were reported, but
the business was disappointing and this, together with other
unsettling factors, comprised a bearish market picture which
lent no encouragement to those inclined to the upward side.
Wheat lost an early advance of 134c. a bushel, but closed
slightly higher than yesterday.
Export sales totaled 600,000
bushels of North American wheat, including 100,000 bushels
of domestic hard winter.
active and mills
very
were
Flour business the last week
was
credited with buying both cash and
futures.
On
109%
Season's High and
September._ —129%
December
131%
May
122%
26tli
inst.
prices closed 1% to 134 c. higher.
A
buying orders swept the wheat pit at the start
trading, and in a few minutes had whipped prices almost
234c. a bushel higher.
This strength and enthusiasm, how¬
wave
of
of
ever,
petered
out
later and quotations
receded
to around
the
opening levels, although well above Wednesday's close.
The advance was the best of the week.
Strength displayed
by the Liverpool market had a cheerful effect on traders
here and played no little part in the early buoyancy on the
Chicago Board.
Liverpool advices said the strength there
was
due
where it
chiefly to continued hot, dry weather in Argentina,
was
estimated 1,700,000 acres of wheat had been
YORK
Thurs.
Fri.
117?*
1191*
119?*
IN
CHICAGO
Wed.
104%
106%
109%
Thurs.
Fri.
105%
107%
109%
106%
108%
110%
106%
108%
111%
When
Made
I
Season s Low and
July 16, 1937 | September
100%
July
6, 1937(December
105%
July 29, 19371May
108%
Made
When
Aug. 20, 1937
Aug. 23, 1937
Aug. 23, 1937
DAILY CLOSING PRICES OF BONDED WHEAT AT WINNIPEG
Mon.
121%
118%
119%
Wed.' Thurs.
Tues.
122
__123%
_119%
121%
______
May____
118%
120%
122%
119
120%
123%
120%
122%
Fri.
124%
121
122%
Corn—On the 21st inst.
prices closed 134°. down to 34c.
The September option showed pronounced weakness,
further selling causing a drop of 234c. to within about 4c.
of the season's low for this contract, but later the delivery
up.
rallied about
on short covering.
New crop contracts,
higher in the face of beneficial rains in im¬
portant producing areas.
It was stated that expectations
of government announcement soon regarding its corn loan
policy influenced buying.
On the 23d inst. prices closed
34c. to 234c. net higher. September corn at one time shot
up more than 4c. from an early low, or 334c. over Saturday's
close.
The sharp upturn in this delivery was attributed
partly to buying by Eastern shorts.
New crop contracts,
which were weak early in the session, firmed with the
September contract.
Receipts at Chicago were only 3 cars.
On the 24tli inst. prices closed 34c. off to lc. up.
The
September delivery rose to 9834c., up 234c., at one stage,
but failed to hold this gain.
Short covering was the factor
responsible for the upturn, with offerings light early in the
session.
New crop contracts rose in sympathy, but later
lost all the gain.
On the 25th inst. prices closed 134c. up
to 34c. down.
September corn was lifted by short covering.
Local receipts continued very light.
New crop contracts,
however, were lower, reflecting reports of good progress in
the main belt.
One report said many stalks in Iowa, Illinois
and Indiana have 2 to 3 ears with pollination almost perfect.
however,
cent
a
were
On the 2Gth
inst. prices closed
Much of the interest in
There
delivery.
be
may
made
si-id the open
corn
%c. lower to 134c. higher.
was
centered in the September
only six days remaining until delivery
are
September contracts, and some traders
interest in this month was pretty large.
The
on
September position rose 3c. a bushel at one time, reaching
high of $1.01%, but lost almost 2c. of the advance at
the close.
Today prices closed 2% to 4c. down.
Corn's
a
break
accompanied
cereal
for
and
a
immediate
fall of 4c.
a
bushel in prices of the
Corn
delivery.
receipts were
larger
ample -to supply a substantial portion of
interest in September.
Open interest in corn was
apparently
the open
50,245,000 bushels.
DAILY
CLOSING
OF
PRICES
.115%
CLOSING PRICES OF
DAILY
Mon.
93%
December
65%
May
66%
High and
Season's
July
86%
74
July
July
Wed.
119
Thurs.
120%
97%
65%
66%
8, 1937 Dec. (new)
29,1937 May
__
116%
Thurs.
98%
65%
66%
9,1937 Sept. (new)... 89%
Fri.
121%
CHICAGO
Wed.
Tues.
96%
„65%
66%
Seanson's Low and
When Made
116%
NEW YORK
Tues.
118%
CORN FUTURES IN
Sat.
September
Sept. (new)
Dec. (new)
May
OQRN IN
Mon.
Sat.
No. 2 yellow
99%
65%
66%
Fri.
95%
63%
64
When Made
July 30, 1937
Aug. 27, 1937
Aug. 27, 1937
63
64
Oats—On the 21st inst. prices closed unchanged to
34c.
light and featureless.
On the 23d inst.
prices closed unchanged to 34c. off.
Trading in this grain
was dull and apparently unaffected by the strength in wheat
and corn.
There was nothing of interest concerning oats.
On the 24th inst. prices closed unchanged to 34c. up.
There
was very little of interest in this department of the grains.
On the 25th inst. prices closed 34 to 34c. lower.
Trading in
this grain was quiet.
down.
On
Trading
the
There
the
104%
106%
109%
___107
May_
Tues.
Mon.
105%
__
December
ahead of last year.
over-night
behind
NEW
FUTURES
WHEAT
OP
117%
117%
Sat.
September
December.
Export sales of approximately 700,000 bushels of
grain and cables indicating Russia is not
dumping her wheat on the world market, were factors re¬
sponsible in large measure for the improvement in wheat
North
CLOSING
October
higher.
of
gain
Wed.
IN
Tues.
Mon.
Sat.
being worked for shipments within 30 days.
factors
were
WHEAT
-117%
leading
standard bakery
early
an
prices of the leading bread grain early in
Open interest in wheat was 137,701,000 bushels.
No. 2 red
DAILY
wheat
of
all
of
Sat.
Flour—With
from
High wheat prices abroad, drought in
Germany is buying wheat, and interna¬
complications in the Far East
the session.
BREADS!UFFS
flour mills have been putting their ideas on
Win¬
reacted
Today prices closed %€. lower to %c. higher.
A 4c. drop
ih September corn, the limit in one session, unsettled prices
the
Friday Night, Aug. 27, 1937
also
but
peaks.
5.61
January
were
advanced almost
was
was
26th
inst. prices closed -unchanged to 34c. up.
nothing noteworthy in the trading in this grain.
Today prices closed unchanged to 34c. higher.
very
on
Trading
was
light, interest of the trade apparently being focused
the
wheat and corn markets.
DAILY CLOSING PRICES
OF
Sat.
41
No. 2 white
DAILY
IN
NEW YORK
Tues.
41
41
Wed.
Thurs.
40%
CLOSING PRICES OF OATS FUTURES IN
Sat.
September.
29
December
29
May
30%
Season's
OATS
Mon.
High and
September
47%
December
4i%
May
33%
Mon.
Tues.
29
28%
30%
29
28%
30%
_____
Fri.
40%
CHICAGO
Wed.
Thurs.
28%
28%
30%
When Made
I
Season's Low and
Apr.
6, 1937[September
27
July
6, 1937 lDecember
28%
July 29, 19371May
30%
40%
28%
28%
30%
Fri.
28%
29%
30%
Made
Aug. 4,1937
Aug. 23, 1937
Aug. 23, 1937
When
Aug. 28,
Financial Chronicle
1450
OP OATS FUTURES IN WINNIPEG
DAILY CLOSING PRICES
Sat.
December
Tues.
Mon.
46 %
43%
46%
44
October
Wed.
46%
44%
Thurs.
46%
43 %
Fri.
46%
44%
Wheat
Rye—On the 21st inst. prices closed 3^c. 0ff to 34c. up.
was nothing significant in the trading or in the news
Corn
Flour
Oats
Rye
Barley
Bushels
Exports from—
47%
45
Bushels
Barrels
Bushels
Bushels
Bushels
36,270
204,000
118,000
New York
There
Philadelphia
On the 23d inst. prices closed % to 134c. lower.
The weakness of rye in the face of the strength in wheat and
corn, was rather surprising, and was attributed to rather
heavy hedge selling of rye.
Some rye contracts sank to
new lows for the season.
On the 24th inst. prices closed
Baltimore
on
1937
80,000
This market derived its strength chiefly
from buying influenced by the sale of approximately 200,000
bushels for export to Norway and Sweden.
On the 25th inst.
prices closed 2 34 to 2 34c. higher.
Short covering and buying,
stimulated by further export sales of rye, lifted prices of that
grain more than 2c.
■■
:
——
"2:660
rye.
*12:660
"2:660
697,000
1,110,000
284,000
Galveston
Montreal..
——
—
Sorel
4,000
-
85:666
80:666
205:666
85,000
67:660
80,000
205,000
81,000
"MOO
357:666
284,000
Churchill
34 to 1 £4c. higher.
*
114,270
98,771
12,000
3,136,000
Total week 1937—
Same week
3,276.000
1936
9,000
Argentine corn.
these exports for the week and since
The destination of
■
On
there
26th
the
Selling
was
little feature to
was
closed
unchanged
closed
prices
inst.
absence.
conspicuous by its
to
34c.
the rye market.
DAILY
RYE
OP
PRICES
CLOSING
Sat.
FUTURES
Tues.
Mon.
Season's High and
74%
75%
77%
75%
75%
78%
78%
December
96 v
May
84
Made
I
Season's Low and
Dec. 29. 19361 September
73%
May 6, 19371 December
73%
Aug. 10, 1937|May__
73%
j
Fri.
79%
77%
77%
When Made
When
103%
September
Thurs.
79%
77%
76%
1.....
CHICAGO
79%
75%
75%
December
May
IN
Wed.
77%
7 6%
September
June 14, 1936
Aug. 23, 1937
Aug. 23, 1937
HFAlLY"CLOSiNG'PRICES OP RYF FUTURES IN WINNIPEG
83%
Wed.
83%
81%
85%
83
_
December
Tues.
Mon.
Sat.
October
and Since
81%
Thurs.
85%
82%
86%
84
Fri.
Since
Week
Since
Week
Since
July 1 to—
Aug. 21
July 1
Aug. 21
July 1
Aug. 21
1937
1937
1937
1937
1937
Bushels
Bushels
Bushels
Barrels
Continent
So. & Cent. Am..
West indies
Sat.
55%
54%
October
December
Tues.
Mon.
55%
54%
55%
54%
Wed.
Thurs.
54%
54
54%
53%
Fri.
55%
53%
Total 1937
Total 1936
Coarse
5.05@5.30
Fancy pearl, Nos.2,4&7 6.90@7.25
4.76
GRAIN
Oats, New York—
No. 2 white.
of the last three years:
I
Oats
bush 56 lbs
bush 32 lbs
__
Boston
New Orleans
Galveston..Fort Worth..
....
—
_
— — —
171,000
136,000
lOLOOO
36,000
908,000
16,000
2,690,000
120.000
135.0001
15,000
820,000
Peoria
Kansas City..
43,000
Joseph...
Wichita
'
Chicago.c..
.
443,000
480,000
33,000
35,000
40,000
1,341,000
4,355,000
1,639,000
5,951,000
2,128,000
8,426,000
1937
1,173,000
1936
1,768,000
1,389,000
54,380,000
50,353,000
5,994,000
18,823,000
70,881,000
6,102,000
19,753,000
23,161,000
23,328,000
1,772,000
621,000
873,000
3,181,000
4,792,000
1,687,000
204,000
1,000
3,000
2,025,000
55,000
3,977,000
288,000
354,000
427,000
3,140,000
"3_,000
552",000
afloat-
On Canal
York
*
Oats
Rye
Barley
Bushels
Bushels
Bushels
Oats
Rye
148,000
256,000
16,184,000
1,541,000
346,000
2,593,000
1937-—27,411,000
Aug. 14, 1937. —24,367,000
2,363,000
750,000
3,803,000
2,527,000
636,000
6,766,000
4,461,000
Total Aug. 21,
9,000
Total Aug.
2,361,000
446,000
5,798,000 13,780,000
2,728,000
5,680,000
2,363,000
750,000
3,803,000
21,1937-—144,159,000
14,1937.--134,658,000
5,798.000 16,143,000
5,920,000 11,133,000
3,478,000
2,056,000
9,483,000
Broomhall to
and since July 1, 1937, and July 1,
•
Wheat
Week
Exports
Aug. 20,
1,
Since
Since
July 1,
Since
July
Aug. 20,
1937
July 1,
Bushels
'
1937
1936
Bushels
Bushels
Bushels
17,000
22,188,000 36,700,000
9,000
4,440,000
4,600,000
7,931,000 7,389,000
6,876,000
853,000
a ana nnn
917,000 12,032,000
472,000
5,288,000
352,000
5,288,000 2,141,000
3,448,000
512,000
3,870,000
Black Sea...
960,000
6,000
"l.OOO
Australia
1,000
23,000
34,000
India
New Orleans *
40,000
42,000
108,000
22,000
Argentina
Oth. countr's
253,000
67,000
Churchill
85:666
1,110,000
284,000
213:660
HLOOO
80:666
"4:666
205:666
"2:660
general
357,000
_
"5:660
Halifax
Total week '37
225,000
Since Jan.1 '37
8,804,000
...
Since Jan.l '36
282,000|
2,766.000
52,062,000
2,852,000
9,579,000' 78,012,000
117,000
26,695,000
149,000
3,485,000
92,000
2,983,000
37,000
15,000!
4,678,000
2,699,000
688,000
205,000
2,788,000, 1,466,000
98,000
3,351,000
Receipts do not include grain passing through New Orleans for foreign ports on
through bills of lading.
from the several seaboard ports for the week
Saturday, Aug. 21, 1937, are shown in the annexed
The exports
statement:
7,464,000
Weather
284:666
Sorel
Three Rivers
Total
54,432,000
1936, are
Corn
Week
1937
156,000
Boston
6,821,000
shipment of wheat and corn, as furnished by
the New York Produce Exchange, for the week
The world's
210,000
Montreal
657.000
116,748,000
27,411,000
Barley
bush 32 lbs bush 56 lbs bush 48 lbs
553,000
186,000
board
7,000
ended
Corn
Bushels
Lake, bay, river and sea¬
178,000
*
bushels Argentine corn in
Wheat
251,000
Week 1936
299,000
6,000
351,000
129,000
Buehsls
Canadian—
13,000
Galveston
200,000
5,000
1,000
21,1937.—116,748,000
14,1937...110,291,000
New York also has 84,000
79,000
22,000
_
673,000
5,798,000 13,780,000 2,728,000 5,680,000
5,920,000 9,772,000 1,610,000 4,294,000
bond, a Philadelphia also
has 313,000 bushels Argentine corn in bond,
b Baltimore also has 178,000 bushels
in Argentine corn in bond,
c Chicago also has 163,000 bushels Argentine in bond,
d Duluth also has 100,000 bushels Argentine corn in bond. . e Buffalo also has
84,000 bushels Argentine and 14,000 bushels Rumanian corn in bond.
Note—Bonded grain not include
above: Oats—On Lakes, 86.000 bushels: total,
86,000 bushels, against none in 1936.
Barley—Duluth 196,000 bushels: Buffalo,
140,000: on Lakes, 316,000; total, 652,000 bushels, against 594,000 in 1936.
Wheat
—New York, 1,622,000 bushels; New York afloat, 71,000; Albany, 672,000; Buffalo,
176,000; Buffalo afloat, 60,000; Duluth, 136,000; on Lakes, 621,000; total, 3,358,000
bushels, against 20,377,000 bushels in 1936.
Total Aug.
Baltimore
Philadelphia.
3,360,000
898,000
4,000
37,000
—
North Amer.
New
452:606
943,000
434,000
880,000
——-
-
85,000
4,922.000
152",000
1,726,000
180,000
5,958,000
Buffalo.e
4,105,000 7,572,000
2,482,000 16,032,000
2,452,000 5,709,000
receipts of flour and grain at the seaboard ports for
Saturday, Aug. 21, 1937, follow:
Corn
35,000
4,632,000
—
...
the week ended
bush 56 lbs
---
— -
ended Aug. 20,
Since Aug. 1—
Wheat
84,000
30,000
Canadian
88,000
8,053,000
14,855,000
bush 60 lbs
34,000
Summary—
41,000
13,859,000
Flour
1,000
129,000
51,000
41,000
Detroit
Total
46,000
393,000
372,000
bbls 196 lbs
sYooo
630,000
1,415,000
29,000
438,000
American
199,000
378,000
Receipts at—
141,000
9,000
105,000
53:666
Same week,'36
Total
18,000
233,000
elevator stocks
21:606
Total week *37
1935
5,000
6,000
———.14,470,000
_
Total Aug.
Same week,"35
137,000
28:660
39,000
4,000
3,000,
50,000
68,000
53,000
50,000
235,000
Fort William &Pt. Arthur
1,000
242,000
17,000
32,000
718,000
Other Canadian and other
2,000
1,163,000
Buffalo
-
369,000
2,000
Oh Lakes....---— —
"
25,000
377,000
258,000
13,000
1,000
210,000
61,000
Sioux City
Barley
Bushels
1,000
160,000
19,000
290,000
Omaha
Rye
Bushels
_.
73.000
32,000
158,000
108,000
236,000
93,000
58,000
Oats
Bushels
— -
595,000
7.000
Indianapolis..
St. Louis
Corn
—
1,694,000
11,000
Toledo
comprising the stocks in
accumulation at lake and
644,000
6,374,000
34,505,000
9,029,000
Sioux City.1,161,000
St. Louis..--------7,293,000
Indianapolis
2,089,000
Peoria......
———11,000
Omaha
bush 56 lbs bush 48 lbs
239,000
1,000
Bushels
2,006,000
108,000
2,370,000
10,394,000
2,320,000
6,952,000
Baltimore. b._
71,000
39,000
592,000;
194,0001
16:666
of grain,
2,000
85,000
1,479,000
iiw—-----
210,000
1,046,000
Duluth
Milwaukee
Barley
81.000
Bushels
United States—
2,944,000
322,000
587,000
365.000!
Minneapolis
Rye
12,000
15:666
GRAIN STOCKS
159,000
759,000
595,000
2,296,000
4,041,000,
203,000
Chicago
St.
Corn
Wheat
bush 60 lbs
23,365,000
SYOOO
Wheat
Total Aug.
Flour
3,276.000
l"2",666
Saturday, Aug. 21, were as follows:
Duluth.d
40%
Rye, No. 2, f.o.b. bond N. Y_. 99%
Barley, New York—
47% lbs. malting
73
Chicago, cash
59 @90
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
bbls 196 lbs
18,176,000
supply
seaboard ports
Minneapolis
All the statements below
Receipts at—
3,136,000
at principal points of
Milwaukee
116%
9,000
Kansas City
6.00@6.25
Corn, New York—
No. 2 yellow, all rail
57,000
3,000
St. Joseph
4.85@ 5.00
Spring oats, high protein -6.55 @7.05 Rye flour patents
Spring patents
6.15@6.60 Seminola,bbl.,Nos.l-3_ 7.15@
2.50
Clears, first spring
5.75@6.10 Oats, good
3.30
Soft winter straights
5.20@5.40 Cornflour
Hard winter straights
5.80@6 05 Barley goods—
Wheat, New York—
No.2r d, c.i.f., domestic
119%
Manitoba No. l.f.o.b. N.Y..135
7,000
167,000
27:666
visible
granary
Hutchinson.
PLOUR
Hard winter patents
Hard winter clears
7,241,000
731,915
879,102
Wichita
4
Closing quotations were as follows:
10,854,000
1,621,000
2,090
Philadelphia, a-
WINNIPEG
OP BARLEY FUTURES IN
1,505,000
114,270
98,771
Other countries
The
382,034
58,275
97,000
Col.
Brit. No. Am.
Bushels
Barrels
70,980
5,200
12,500
23,500
Kingdom.
United
New York*
:
DAILY CLOSING PRICES
I
July 1
1937
86%
84%
DAILY CLOSING PRICES OP BARLEY FUTURES IN CHICAGO
Sat. Mon.
Tues.
Wed.
Thurs. Fri.
September
Week
sym¬
pathy with the sharp break in corn and the heaviness of
wheat.
-V':
:v
y.
■/:•
Corn
Wheat
Flour
Exports for Week
Today prices
This market ruled heavy in
% to %c. down.
up.
Outside of this,
63,134,000
9.556.00C
Since
July
1,
1937
1936
Bushels
Bushels
60,000
1,000
2,416,000
4,406,000
44,435,000
56,959,000
9,954:606
2,095:666
69,389,000
50,927,000
Week Ended Aug. 25—The
of the weather bulletin issued by the
Report for the
summary
Department of Agriculture, indicating the influence of the
weather for the week ended Aug. 25, follows:
Temperatures during much of the week were abnormally high in most
sections of the country, though the latter part of the period an extensive
high-pressure area over eastern Canada and northeastern States, with a
moderate depression over the middle Atlantic area, brought much cooler
weather and widespread showers to the eastern portions of the country.
In the Northwest warm weather continued until the close of the week,
with maximum temperatures on the 23rd reaching 100 degs., or higher, in
part of the northern Great Plains and some northern Rocky Mountain
Unusually high temperatures prevailed in the northeastern States with
96 degs. at Portland, Me,, and Albany, N. Y., and
localities that are relatively cool normally. Tempera-
maximum readings of
94 degs. in many other
Volume
Financial
145
England were higher than in the extreme southern
States.
In the Midwest, while above normal warmth continued, maximum
temperatures of 100 degs., or higher, were not reported from as many
stations as during last week.
The highest reported foi the country was
106 degs. at Bedding, Calif., on the 19th and 20th.
Temperatures averaged above normal throughout practically the entire
United States, only three stations reporting cooler than normal weatner.
In the South, the averages were only slightly above normal, but from tne
Ohio Valley eastward and northeastward, in the northern Plains, ana
much of the Far West the weekly means were from 4 degs. to as mucn as
10 degs. above normal.
Precipitation was substantial to heavy in nearly all parts of the country
from the eastern Great Plains eastward, with unusually heavy rainaxll in
nearly all of Oklahoma and most of northern and western Texas. Througnout the Mississippi and Ohio Valleys the weekly totals were from 0.5 men
to more than 2 inches, except in a few local areas, while in the Atlantic
States moderate to rather heavy amounts occurred generally. The heaviest
rainfall was reported from Oklahoma where some stations had more than
six inches, but most of south-central and southern Texas had very little.
In the northern and much of the western Great Plains and also rather
generally from the Rocky Mountains westward, except in some southern
districts, precipitation was light.
While beneficial showers were rather general over the eastern hair of
the country, rainfall of the week was especially timely and helpful in
northern Illinois, most of Iowa and Missouri, Arkansas, the eastern portions
of [Nebraska and Kansas, southeastern New Mesico, most of northern and
western
Texas, and generally in Oklahoma.
The drought was broken
practically everywhere in the last-named State and droughty or near
droughty conditions were relieved in many places of other States named.
The rainfall in the Ohio and Mississippi Valleys and the Plains States was
especially favorable for fall grazing and conditioning the soil for plowing
and the seeding of winter wheat.
Some seeding already has been started
tures in
parts of New
locally in .Nebraska and Kansas.
East of the Mississippi River there are
few limited dry areas, such
as locally in northern south Carolina, parts of Tennessee, southern Illinois,
and western
Kentucky, but generally soil-moisture conditions in this
still
a
considerably better, for the region as a whole, than in
this time; crop development continues satisfactory.
area are
year at
Chronicle
fairly'good, but favorable for weevil activity, moderate shedding
localities; picking good advance, except hindered locally by showers.
Texas—Houston: Averaged slightly warm.
Heavy rains general in
northern third and on
upper coast; mostly light to moderate elsewhere,
except in central, southwest, and Rio Grande Valley where dry.
Condi¬
tion of cotton
improved considerably in northwest and slightly in north¬
east following
rains; premature opening practically stopped in northwest,
but continued in
northeast; elsewhere progress and condition continue
good, except in southwest where too dry; picking progressed rapidly in
south and made fair
progress in north prior to rains and completed in
Rio Grande
Valley.
Truck, ranges, and late corn improved where rains
fell.
Oklahoma—Oklahoma City: Drought broken over practically entire,
State by heavy to excessive rains.
Stock water replenished and much'
plowing where soil moist enough.
Rains too late for much corn in west
where condition poor, but beneficial elsewhere, with condition fair.
Prog¬
ress and condition of cotton fair to
good in east, but poor to fairly good
in west; moisture will benefit late
cotton, but much beyond redemption
extreme west and south-central.
Small
Grains—Harvesting and threshing small grains
are now largely
spring wheat belt and in the Northwest.
In
and barley harvests are completed, while about
three-fourths
wheat has been cut and considerable threshing
accomplished; yields ot the latter range from fair to excellent.
Harvesting
is completed in Minnesota, while rapid progress was made in Montana.
In the Pacific Northwest harvest has been completed in earlier
districts,
while late spring wheat is ripening slowly in some later areas.
Considerable plowing has been done in the Ohio
Valley, although in
some sections
the weather was too sultry for best
working conditions.
Heavy rains were of much benefit in Oklahoma and much plowing is
being done where the soil is now dry enough.
Early winter wheat seeding
has begun in northwestern Kansas and is expected to be
general in one to
three weeks.
Plowing continues in Nebraska, with planting begun, but
it was too dry for this work in most of South Dakota.
in the
areas
Dakota
rye, oat,
of spring
Corn—East of the Mississippi
River the
corn
crop
continues to make
advance.
Rainfall during the week was beneficial in the
Atlantic area, in Ohio, Indiana, much of
Kentucky, and northern Illinois.
The moisture was especially helpful in most northern counties of
satisfactory
and elsewhere in
that
State progress
Illinois,
continues mostly fair to good, with
much past the roasting ear stage.
In Missouri, northern Texas, eastern
rains
Oklahoma, and eastern Kansas,
However, in much of western Oklahoma they came
helpful.
were
too late to be of benefit.
helped,
In Nebraska
but elsewhere the
In South
Dakota
crop
is
poor
in the eastern third
some corn
and much
is
was
being cut for silage.
is in satisfactory condition only in the more eastern
corn
sections, but is in better shape generally in North Dakota and Minnesota.
In Iowa lower temperatures, with rainfall in much of the
State, were very
favorable and the improvement will largely offset
previous damage in
dry sections, though in some localities fields of corn are poor to failure
in the midst of areas of good to excellent.
Cotton—In
most sections,
spread,
the cotton belt the wreek had nearly normal warmth in
while moderate to substantial rainfall was
unusually wide¬
covering all
but limited
areas
of
the
western
belt.
Pastures
poor.
too
wet; heavy shedding in portions
other sections; picking
of hills, but condition very good in
good advance in south and fair in central.
Weather
late potatoes, sweet potatoes,
favorable last of week for late corn,
tomatoes, vegetables, melons and fruit.
very
Tennessee—Nashville: All crops suffering from dryness and warmth
last 2 days when scattered showers in west and light to moderate
until
rains elsewhere.
Considerable deterioration of corn, especially late; average
condition poor to fair; early mostly mature.
Average condition of cotton
fair
to good; opening started in west.
Tobacco being topped and cut;
improved where moisture sufficient, but deteriorating elsewhere.
Pastures
very poor in central and only fair elsewhere.
an average
Utah, much of New Mexico, and southwest Texas, though the range
improved by showers during the week in Arizona. Also, much of [Nebraska
and South Dakota is still unfavorably dry. In North Dakota and Minnesota
a good rain would be helpful.
In the Pacific area conditions continue mostly
favorable, except for some sunburn of fruit in California; showers in the
north were helpful. Farm work made satisfactory advance quiete generally.
North
Livestock fair to good.
Arkansas—Little Rock: Cotton deteriorated in portions of highlands
first of week due to warm,
dry weather; progress very good last of week
due to moderate to
heavy rains, except in some southern localities where
Conditions
TRADE
THE DRY GOODS
From the central Plains westward the moisture situation is variable.
Montana still needs rain, but conditions are better than at this time last
year.
Moisture is needed, especially for the range, in Wyoming, Colorado,
confined to late
1451
progress
in wet
New York,
Unfavorable
weather
conditions
served to put a damper on
week.
Some end-of-season
fairly satisfactory
Friday Night, Aug. 27, 1937
and
seasonal influences
retail business during the past
clearance
events
attracted
a
especially in the apparel division
where the temporary sudden drop in temperatures stimulated
buying; generally, however, the week was marked by a rather
disappointing volume of sales.
A number of rural districts
again registered substantial gains in business; in most other
sections, however, sales figures showed either little or no
improvement, or ranged below last year's level.
Trading in the wholesale dry goods markets remained in
its previous lull.
Although a number of further downward
price adjustments was announced, merchants continued
to observe the utmost caution in covering fall requirements.
On the one hand, a feeling of uncertainty regarding further
price developments continues, and on the other hand, retail
merchants prefer to await the post-holiday reaction of con¬
sumers
before adding to their commitments.
In some
quarters a protracted fall season with possible delivery
difficulties is anticipated, as merchandise requirements are
believed
to
have
Business
in
response,
accumulated
considerable
silk
to
a
extent.
goods expanded moderately, with prices
showing a somewhat steadier tone.
Trading in rayon yarns
remained fairly active although seasonal influences and dis¬
turbed labor conditions continued to somewhat intefere with
of business.
Statistically, no important change
previous sound condition of the market has been
reported.
the
in
flow
the
continued
favorable for cotton, especially the rainfall in heretofore
dry
sections, though there was a noticeable increase in weevil activity
western
Domestic
Cotton
some of the moister districts of the east.
In Texas cotton shows considerable
improvement in the northwest and
some in the northeast;
premature opening has
markets remained at
continues
in the
in
tinues
to
stopped in the former, but
fla
the
latter
section.
Elsewhere
in
the
State
condition
con¬
good, except
in the dry southwest.
In Oklahoma progress is fair
good in the eastern half, but less favorable in much of the
west; rainfall
beneficial to the late crop, but much is
beyond help in the
west and some south-central portions.
In the central States of the belt cotton continues
satisfactory
ment in most sections; rains of the week were
was
extreme
develop¬
helpful in some "heretofore
dry areas, though with complaint of too much in southern Arkansas and
of opening in Mississippi, with increased weevil
activity in
wetter areas; local ginning is
reported as far north as southeastern Mis¬
retardation
In
souri.
weevil
the .eastern
activity
belt most reports are fairly favorable, except for
moister sections; early plants are beginning to open
in
northward to eastern North Carolina.
The
Weather
Bureau furnished
the
following
resume
of
conditions in the different States:
Virginia—Richmond: Temperatures somewhat above normal; heavy
days.
Cotton doing nicely.
Corn still growing rapidlyearly varieties ripening.
Peanuts excellent.
Tobacco ranges from poor
to
good; harvesting and curing continue.
Apples beginning to color.
showers last two
Truck excellent.
North
Carolina—Raleigh: Fair and rather
warm
through Friday; showers
latter part of week,
generally favorable for crops.
Progress of cotton
very good, except fair in southeast where reports of favorable weather for
weevil activity; early
opening
curing mostly done
on
on
coastal plain.
Late tobacco improved-
coastal plain and well advanced in eastern
Piedmont.'
South
Carolina—Columbia: Seasonal temperatures and
sunshiny begin¬
ning of week, then light to heavy showers.
Cotton maturing; still bloom¬
ing up-State with scattered opening elsewhere; picking and
ginning fair
advance; moderately favorable for checking weevil
activity.
Old corn
made.
Tobacco marketing far advanced.
Truck planting continues on
coast.
Crops and pastures good growth.
Georgia—Atlanta: Picking cotton good advance and weather favorable
for checking weevil
activity until Saturday night, after which frequent
rains; ginning started in central and active in south; few bolls
open to
mountain
eastern
area.
counties,
Too
but
dry before Sunday in a few northern and middlegenerally favorable in southern half for peanuts
sugar cane, sweet potatoes and truck.
Florida—-Jacksonville: Progress of cotton rather poor; condition fairpicking and ginning slow to fair advance.
Sweet potatoes good and being
Preparing land for fall plantings; seed beds good.
Citrus
good and new fruit sizing well.
harvested.
Alabama—Montgomery: Well-distributed showers.
Cotton continued
very good
progress
and condition; opening steadily and
picking good
advance, ginning keeping pace.
Fall potatoes coming up to good stands
in
most localities.
Late corn needs rain in places, but
generally good
Vegetables and miscellaneous crops fair to good.
Mississippi—Vicksburg: Frequent moderate
to
heavy rains and pick¬
ing early cotton rather slow advance; conditions moderately favorable
for weevil activity; opening
delayed and about average shedding.
Prog¬
ress of late corn fair to
very good, with early planted matured or approach¬
ing maturity.
Progress of gardens and pastures generally good.
Louisiana—New Orleans: Temperatures somewhat below
normal; frequent
locally heavy.
Dry conditions relieved in most sections and
especially helpful to late corn, rice, and cane, which are doing
well.
Planting fall gardens and potatoes.
Condition of cotton good;
showers,
moisture
Goods—Trading in the gray cloths
virtual standstill.
Chief causes for
a
continued downward trend
over the Govern¬
ment's intentions in regard to cotton loans and the un¬
satisfactory movement of finished goods in distributive
channels.
While prices suffered some additional recessions,
largely as a result of second-hand pressure, mills in general
continued to observe a waiting attitude and follow a policy
of curtailment rather than accept the current low price bids
of buyers.
Little doubt is felt that converters' needs have
been allowed to accumulate in an unusual degree, and
the current stagnation were the
raw
cotton market, the
uncertainty
sporadic requests for quick deliveries appeared to indicate
needs is but a question of
time.
Business in fine goods continued in its previous
desultory fashion, with sales confined to occasional small
spot
lots.
Inquiries for some constructions expanded
moderately, but price bids were too low to be of interest
to sellers.
Closing prices in print cloths were as follows:
39-inch 80s, 7% to 7%c.; 39-inch 72-76s, 7^c.; 39-inch
68-72s, 6%c.; 38J^-inch 64-60s, 5^c.; 38M-inch 60-48s, 4%c.
that the release of these pent-up
fabrics remained
clothing manufacturers continued their waiting
pending a clarification of the reatil outlook.
Additional reports of curtailed operations by a number
Woolen Goods—Trading in mens' wear
inactive,
attitude,
as
A small volume of spot
received, but in the main these purchases referred
of mills circulated in the market.
orders
was
to fill-in lots
required by small-sized clothing establishments.
from retail clothing centers again made a dis¬
appointing showing, reflecting in part seasonal influences,
and partly the continued resistance of consumers to the
higher priced demands.
Business in womens' wear goods
turned less active than heretofore as garment manufacturers
awaited the response of buyers to their adjusted price lists.
Reports
Foreign Dry Goods—Trading in linens continued in its
seasonal lull with few new orders
being received both in the
suitings divisions or for household items.
Senti¬
ment in the foreign primary markets was reported to be
dress and
adversely affected by the serious trend in the Far Eastern
situation.
Business in burlap remained stagnant, although
a moderate increase in inquiries was reported.
Prices held
fairly
steady.
Domestically lightweights were quoted at
3.95c., heavies at 5.35c.
Aug. 28, 1937
Chronicle
Financial
1452
Massachusetts.—Municipal Financial Statistics Revised—
Tyler & Co., Inc., 75 Federal St., Boston, are making free
distribution of the 16th edition of their booklet in the quar¬
Specialists in
terly series, giving up-to-date financial statistics of the
Commonwealth, its counties, cities, towns and districts.
This edition contains an outline map of the Commonwealth,
Illinois & Missouri Bonds
The statistics given
subdivisions.
showing all its political
population, assessed valuation, gross and net debt,
net debt ratio and per capita, tax levy, tax collections, tax
titles and a comparison of tax rates.
show
STIFEL, NICOLAUS & CO., Inc.
105 W.
314 N.
DIRECT
Adams St.
Broadway
ST. LOUIS
WIRE
CHICAGO
'
PUBLIC WORKS ADMINISTRATION
recently—V.
Approved—The following is the
text of the opening remarks on a list of new allotments for
school projects throughout the country approved by the
above Federafl agency, as made available in a press release
(No. 3213), on Aug. 19:
Additional School Projects
approval of 59 Public Works Administration school con¬
struction projects was announced today by Public Works Administrator
Presidential
.
Ickes.
These
allotments,
furthering
the fourth
PWA
construction program
inaugurated by other projects announced this week, makes possible ad¬
ditional school building construction estimated to have a total cost in excess
of $7,500,000.
The allotments were for $3,428,303, with grants amounting
to $3,341,703 and loans amounting to $86,600, for building in 27 States.
The allotments include schools classified as health
hazards in a list
recently authorized for approval by Congress in the Public Works Adminis¬
tration Extension Act.
Among the approved applications are those de¬
signed to overcome dangerous conditions to eliminate scattered, unsanitary
schools so that students may be concentrated in healthier surroundings,
and to overcome conditions which endanger the lives of pupils.
The PWA in each instance considered the social, legal, and engineering
justification of the school building projects embraced in today's list and
also sought to determine whether the community could finance the con¬
struction without Federal aid.
If this could not be done, but communities
were able to finance a majority of the costs, and a real, established need
existed, then the applications received were eligible for approval of all the
examining divisions of PWA.
In these allotments the PWA's policy of assisting communities in elim¬
inating health menaces was continued.
Since its creation in June of 1933,
it has made almost 1,000 allotments for the construction of sewer systems
estimated to cost $334,400,000; there have been 1,690 allotments for
waterworks estimated to cost $186,300,000, and 24 allotments for garbage
and rubbish disposal plants estimated to cost in excess of $8,533,000.
Additional Allotments
Approved—The following statement
this joint resolution."
The more than $98,000,000
worth of construction added to the new pro¬
gram will provide a vast amount of work both at the sites of the projects
and indirectly in the manufacture, fabrication and transportation of ma¬
terials and supplies.
A number of sanitary sewer
projects for which bond elections have been
held and for which grants for the balance of the funds were requested, were
disallowed in the review of these projects on the basis of public policy,
because raw sewage would be discharged into streams or other bodies of
water at points where it would create pollution.
As a matter of policy, the PWA is not making allotments for this type of
project.
on
Projects Approved—Administrator Harold
Aug. 25 announced Presidential approval of
projects in 32 States in the category
L.
117
of "projects for which
appropriations have been made by the Legislatures of the
States."
It is stated that the construction of useful public
projects estimated to cost
$31,681,851 will result from these
There were no loans.
totaled $14,247,577.
grants, which
Aug. 16,
on
Act.
The New York
p.
1137—was approved by President
as the Municipal Debt Adjustment
V- f
"Times" of Aug. 22 summarized
visions of the measure as
'
the
pro¬
follows:
Act by providing legislation to take the place
1934, recently held unconstitutional by the Supreme Court.
Amends the Bankruptcy
of the Act of
Provides procedure by
which the indebtedness of insolvent
taxing agencies,
irrigation, reclamation, road, and sewer
boroughs and municipalities, may effect com¬
positions with their creditors.
These compositions would be approvable
only when the districts or agencies filed voluntary proceedings in bank¬
ruptcy accompanied by plans approved by 51 % of all of the creditors of the
district or town.
The plan of composition could not be confirmed unless
accepted in writing by creditors holding at least 66 2-3% of the aggregate
amount of the indebtedness of the petitioning district or taxing agency,
unless the judge was satisfied that the taxing district was authorized by
law to carry out the plan, and there had been a finding by the Court that
the plan was fair, equitable and for the best interest of the creditors.
The
jurisdiction conferred by the Act would terminate June 30, 1940.
such
levee,
drainage,
local
as
districts, as well as towns,
In connection with the above report we
reprint herewith
appearing in the August issue of the "Florida
Municipal Record" of Jacksonville:
Marking a hew era for cities harassed by debt, President Roosevelt
placed his signature to the Wilcox Municipal Bankruptcy Hill Monday,
Aug. 16, thereby making it a law.
Tne new law that went into effect
immediately after the President affixed his signature gives all municipali¬
article
an
the right to seek redress from the courts in adjusting
taxable assets fall below a reasonable ability to pay
indebtedness.
The Wilcox measure accords cities practically
the same privileges as individuals in scaling down obligations and making
new agreements with creditors.
West Palm Beach is taking advantage of the new law by entering suit
ties and tax districts
their debts when their
off bonded
19 against its creditors, in order to gain a fair settlement of their
This is the first suit to be entered since the Wilcox
bonded indebtedness.
public construction in every State
today was added to the new public works program.
Presidential approval of 648 allotments for PWA projects for which bond
elections were held prior to the recent two-year extension of PWA was ananounced by Administrator Harold L. Ickes.
The allotments totaling $48,115,977 provide for grants of $42,812,177
and loans of $5,303,800 for the construction of schools, waterworks, sewage
systems and many other types of useful projects estimated to cost $98,317,039.
The difference between the total allotted by PWA and the total cost
of construction will be borne by the local communities.
The allotments announced today fall into the so-called "moral obligation"
category, that is, where communities held bond elections prior to enactment
of the law continuing the PWA.
Congress, at its last session, wrote into
the law a provision that allotments could be made "for projects which have
been authorized, or for the financing of which bonds and other obligations
have been authorized, at elections held prior to the date of the enactment of
Nearly $100,000,000 worth of new
Additional
145,
Roosevelt
Aug.
introduced the list that was made public Aug. 24:
Ickes
Municipal
Bankruptcy
Bill
Signed—The revised
municipal bankruptcy bill, which was drawn up to replace
the original 1934 measure declared unconstitutional by the
United States Supreme Court, as reported in these columns
13111 l)6Ctl II1C
ct
law
Mark Wilcox of Florida offered the present law as a
successful in having passed in 1934.
In a
decision, the original bankruptcy law was declared
unconstitutional by the United States Supreme Court in the spring of 1936.
The astute lawyer-Congressman from West Palm Beach did not let the
Courts unfavorable reversal deter his efforts to alleviate the hardships
being experienced by debt-burdened municipalities; instead, he set about
with renewred energy to redraft the bill to meet the high tribunal's objec¬
Congressman J.
substitute for the one he was
monentous five-to-four
tions.
Wilcox placed his bill in the
Early this year Congressman
municipal
with¬
mandamus
proceedings on the part of very small minorities have frequently
to fail in making amicable adjustments in the settlement of
caused cities
their debts.
*
bill
"This
was
conceived,"
Congressman
Wilcox related to the com¬
permitting those distressed municipalities and
those distressed taxing districts, the drainage districts, the levee districts,
and the irrigation districts of the country, to get together with majority
creditors, and, where they agreed with their credicors—with the vast
majority of them—on some plan that was fair and reasonable and accept¬
able to the creditors, they had the privilege of going into court and asking
for a confirmation of the plan."
Continuing, the Congressman brought
out the fact that the bill was not framed for tne purpose of allowing a gov¬
ernmental unit to reduce or default in payment of its just* obligations, but
to assist these taxing bodies in adjusting their debt loads so that they could
be carried without increasing hardships.
. '
Senators Pepper and Andrews of Florida, who introduced the bank¬
ruptcy measure in the Senate, secured the assistance of Senator Alben Barkley, newly appointed majority leader, to promote the bill to a quick vote in
that body,
immediate action was given tne Wilcox bill after a oenate com¬
mittee completed its study.
Senate approval came on Aug. 9, and the
measure was dispatched to the Wnite House for the President s signature.
The Florida .League of Municipalities, an active supporter and advocate
of the bankruptcy bill, sent telegrams commending the efforts of the State s
mittee, "for the purpose of
Representatives in tne House when the measure was
body.
Last week congratulatory messages were sent to
five
and
WE OFFER SUBJECT—
$15,000 DELAND Imp. 6% Bonds
legislative
successful
hopper of the House and was successful in piloting it through to
by a 123 to 16 vote.
In his plea before the sub-committee the
Representative urged the Congress to see the futility of
governments trying to effectuate agreements with their creditors
out
the aid of compelling legal instrumentalities,
lie pointed out that
passage
Florida
to
Senator
Andrews,
steering the measure to
expressing appreciation
successful culmination in
passed by tnat
Senator Pepper
for their fine work in
the Senate.
Due—Jan. 1, 1955
Priae—5.25
Basis"
Proposals and Negotiations
Bond
Thomas M. Cook & Company
ALABAMA
Harvey Building
WEST PALM
BEACH, FLORIDA
ALABAMA,
Associated
follows
News Items
Municipal Association Convention—The
American Municipal Association, which is the National
Federation of State Leagues of Municipalities, will hold its
14th annual convention on Oct. 13 to 15, at the Blackstone
American
Hotel, in Chicago. It is said that the discussions planned
days will cover a wide range of present-day
for the three
problems which confront municipal officials, stressing public
problem of local government personnel.
The session will be.opened by Andrew Joyner Jr., City
finance and the
Manager
N. C., who will officiate as the
Addresses will be macfe by numerous
of Greensboro,
presiding officer.
prominent governmental
authorities.
on
State
Press
of—HOMESTEAD TAX
dispatch from
various angles
OPINIONS GIVEN—An
on Aug. 11 reported as
homestead tax exemption law, inter¬
Montgomery
of the new
preted by the Attorney General:
.
,
Opinions clarifying application of Alabama s new
tax exemption law were distributed to tax assessors of four
day by Attorney General Albert A. Carmichael.
.
„
The rulings held that one of two joint owners of a farm
,
,
homestead ad valorem
counties "W ednes.
.
occupied as a
provided for, which
exemption may be divided half and half with the other owner.
An owner who cultivates a farm, but resides in a rented house off the
farm, is entitled to the exemption out of the farm, provided he cultivates
both tracts in common and in connection with each other for the support
homestead
of his
A
is
entitled
family.
widow
occupies.
A wife may
the
homestead exemption
„
living on
without leaving a will,
she
to
may
,
.
,
.
,
...
,
husband who died
out of the property
,
, .
,
,
which she
and a
property that he and his wife
claim homestead exemption out of her property on
although her husband owns an adjoining tract;
and her husband live,
husband
,
the homestead of her deceased
is entitled to claim exemption
claim exemption
occupy, though his wife owns
An opinion rendered to
out of his
contiguous property.
Deputy Tax Assessor J. E. McAdory, of Jefferson
County, held that property, used as a homestead before and since sale to
the State in 1934 for taxes, which was redeemed from the State after Oct. 1,
Volume
1936,
on
Financial
145
the
annual
Instalment
is exempt from
payment plan,
lien for
State taxes.
The
new
law is effective on taxes due Oct.
1453
Chronicle
Ala.—REF UNDING PLAN PRESENTED TO BOND¬
Berney Perry, of Milhous, Gaines & Mayes, Inc., Bir¬
as refunding agent for the City of Bessemer, is presenting
Bessemer bonds a refunding plan agreed to by the city and the
BESSEMER,
Revel Miller & Co.
HOLDERS—W.
mingham, acting
to holders of
Ala.—BONDS NOT
SOLD—We understand that the $500,000 issue of not to exceed 4% semiann. coupon court house and jail bonds offered on Aug. 24—V. 145, p. 1*9^
—was not sold as the county officials rejected the only bid received, a tender
of par for 3Ms, submitted by a group headed by Watkins, Morrow Ac Co.
of Birmingham.
It is reported that the rejection was made because or a
legal tecnnicality_ and at the suggestion of the county attorney.
IfcT BONDS SOLD—The above"bonds were later sold privately "to a group
composed of McAlister", Smith Ac Pate, Greenville, Watkins, Morrow Ac
Co., Birmingham, Mackey, Dunn & Co., New York, Seasongood & Mayer,
Cincinnati, Kalman Ac Co., St. Paul, and Fox, Einhorn Ac Co., Cincinnati,
at
a
the
(P.
COUNTY
O.
Birmingham),
price of 98 for 3 Ms, a basis of about 3.65%.
The bankers are reoffering
bonds to investors at 100.50 for bonds maturing from 1952 to 1954,
maturities from 1955 to 1957, and at par for 1958 to I960
100.25 for
at
Due
maturities.
and $70,000 in
MADISON
on
as
follows: $45,000, 1952; $55,000,
1953 to 1959
1960.
COUNTY
County has sold
son
May 1
on
(P.
Huntsville),
O.
Ala.—BOND SALE—The
bonds to the Hender¬
issue of $100,000 3% road paving
an
National Bank of Huntsville at par.
and after May 1,
Due in 1957, subject to redemption
(P. O. Ajo), Ariz.—
10 a. m. on Sept. 14,
by Gladstone Mackenzie, Clerk of the Board of County Supervisors, for
of an issue of $108,000 3M% coupon school building bonds.
$1,000.
i^ated Oct. 15, 1937.
r>ue $27,000 from Oct. 15, 1938
to
1941 inel.
Prim and int. (A. Ac. O. 15) payable at the office of the
County Treasurer in Tucson.
These bonds were approved by the voters
at an election held on July 24.
A certified check for 5% of the bid, payablr
to the idistrict, is required.
the purchase
Denom.
SALT
RIVER PROJECT AGRICULTURAL
IMPROVEMENT
AND
Phoenix), Ariz.;—BOND OFFERING—It
be received by A. W. McGrath, Secretary,
Board of district Directors, at his office in the Water Users
Building,
Phoenix, until 11 a. m. on Sept. 7, for the purchase of $3,197,000 4% district
bonds.
Coupon bonds in the denomination of $1,000 each, registerable
as
to principal only.
Dated Oct. 1, 1937.
Due on Jan. 1 as follows:
$100,000, 1948 to 1954; $200,000, 1955 to 1957; $250,000, 1958 to 1960;
$247,000, 1961 and $300,000, 1962 to 1964.
The district reserves the right
to redeem the bonds on Jan.
1, 1945, or on any interest payment date
thereafter upon 45 days' notice at par and accrued interest plus a premium
of M of 1% of tne principal for each year or fraction of year of the term
thereof which has not expired at the date of redemption, provided the
premium shall not exceed 3% of the principal.
Principal and interest
(J. Ac J.) payable at the Harris Trust Ac Savings Bank, Cnicago.
Bonds are payable from taxes levied upon all taxable real property within
the district wituout limitation of rate or amount and payment of the bonds,
both principal and interest, is further secured by Salt River Valley Water
Users' Association whose executed guaranty of payment will be indorsed
upon each bond.
No proposal will be considered at less than par value and
accrued interest of said bonds.
The district will furnish printed bonds
and the approving opinion of Chapman Ac Cutler, of Chicago.
Proposals
must be accompanied with a certified or cashier's check for $60,000.00
drawn upon a bank or trust company for that amount payable to the order
DISTRICT
(P.
SANTA ANA
CALIFORNIA
The executive committee of the board will meet in the office of Controller
Harry B. Riley at 11.30 a.m.
Offerings should be addressed to Teachers
Retirement Investment
Fund Board, care of Harry B. Riley, State Controller, State Capitol,
Sacramento, Calif.
Offerings should be firm from 11.30 to 12.30 o clock.
CALIFORNIA
of)—WARRANT
(State
OFFERING— State
Comp¬
troller Harry B. Riley will receive bids until 11:30 a. m. Aug. 31, for the
purchase of an issue of $2,000,000 registered general fund warrants, the
proceeds of which are to be used for unemployment relief.
Bidders are to
specify rate of interest, in
a
multiple of M%•
The warrants will be sold in
be dated and delivered Sept. 2,
blocks of not less than $50,000, and will
1937.
ANGELES
TOPANGA
(P. O. Los Angeles), Calif.—SALE OF
DISTRICT BONDS—The $15,000 school building
COUNTY
SCHOOL
offered on Aug. 24—V. 145, P. 1292—
Co. of Los Angeles, as 4Ms, at par plus
Dated Aug. 1,
bonds of Topanga School District,
were awarded to Banks, Huntley &
premium of $15, equal to 100.10, a basis of about 4.73%.
1937.
Due $1,000 yearly on Aug. 1 from 1938 to 1952.
a
Co. of San Francisco bid
a
Dean Witter &
premium of $87 for 5% bonds.
Aug. 23—V. 145, p. 1138—were awarded to Redfield, Royce & Co.
Angeles at par plus a premium of $180, equal to 100-51, a basis of
3.44%.
Dated Aug. 23, 1937.
Due $1,000, Aug. 23, 1940; and
$2,000, yearly on Aug. 23 from 1941 to 1957.
fered
15
BONd OFFERING—Sealed bids will be received until
POWER
Los Angeles
Teletype: LA 477
MADERA COUNTY (P. O. Madera), Calif.—CHOWCHILLA SCHOOL
BONDS SOLD—The $35,000 3M% Chowchilla School District bonds of¬
DISTRICT NO.
COUNTY SCHOOL
•
SAN FRANCISCO
LOS
ARIZONA
PIMA
Spring Street
Telephone: VAndike 2201
k
1939.
COUNTY (P. O. Decatur), Ala.— WARRANT SALE—
On Aug. 21 the County Board of Education sold $65,000 3M% warraDts to
J. Mills Thornton of Montgomery at par less a discount of $190, equal
to 99.707, a basis of about 3.54%.
Due serially on Jan. 15 from 1939 to
1954.
Marx Ac Co. of Birmingham was second high bidders, offering to
take the warrants at a discount of $195.
MORGAN
Lot Angeles Stock Exchange
MEMBERS
650 So,
Bessemer bondholders' committee.
JEFFERSON
BONDS
MUNICIPAL
CALIFORNIA
1 of this year.
O.
is announced that sealed bids will
on
of Los
about
PLACER COUNTY (P. O. Auburn), Calif.—ALPHA BOND OFFER¬
columns—V. 145, p. 1292—A. S.
Fleming, County Clerk, will receive bids until 10 a. m. Sept. 8, for the
purchase at not less than par of $5,000 bonds of Alpha Elementary School
District.
Interest rate is not to exceed 5%, payable semi-annually on
March 8 and Sept. 8.
Denom. $300, except one for $500.
Dated Sept. 8,
1937.
Principal and interest payable at the County Treasurer's office.
Due $300 yearly 011 Sept. 8 from 1938 to 1952, and $500 Sept. 8, 1953.
Certified check for 10% of amount of bonds bid for, payable to the Chair¬
man of the Board of Supervisors, required.
ING—As previously reported in these
(P. O. San Jose), Calif.—OTHER BIDS
following is an official list of the other
Alum Rock School District bonds awarded on
Aug. 16 to Dean Witter Ac Co. of San Francisco, as 2Ms, at a price of 100.06,
a basis of about 2.49%, as noted in these columns—V. 145, p. 1293:
SANTA CLARA
COUNTY
ON ALUM ROCK BONDS—The
bids received for the $35,000
Rate Bid
Bidder—
2M%
2M%
Brush, Slocumb & Co
Heller, Bruce & Co
Kaiser & Co
2M %
3%
3%
Lawson. Levy & Williams
Premium
$65.00
3%
Bankamerica Co
—
R. H. Moid ton & Co
_____
31.00
131.00
505.00
213.00
13.00
SELMA, CaliL—BOND ELECTION—A proposed $20,000 bond issue for
installation of an electrolier system will be submitted to the voters at an
electionscheduledforOct.il.
Rocky Mountain Municipals
of the district.
ARIZONA—COLORADO—IDAHO—MONTANA
NEW
BONDS
ARKANSAS
MEXICO—WYOMING
DONALD F. BROWN & COMPANY
DENVER
Largest Retail Distributors
2395—Teletype: Dnvr 580
Telephone: Keystone
WALTON, SULLIVAN & CO.
LITTLE
COLORADO
ROCK, ARK.
DISTRICT NO. 29 (P. O. Louisville),
School Board has set August 30 as the
BOULDER COUNTY SCHOOL
Colo.—BOND ELECTION—The
date of an election at
ARKANSAS
ing bonds will
ARKANSAS, State o'—REPORT ON SAT J'. 1 BOND PAYMENTS—
Interest and principal payments to be made Sept. 1 on eight debt issues
will total $196,117.62, and funds for the purpose have been segregated by
State Treasurer tuarl page.
Description of the debt payments follows:
Principal 011 the 1931 issue of general obligation bonds, $90,000.
Principal on $415,000 of University of Arkansas 4M% bonds of 1925,
$40,006.
Seu.i-annual
interest on
$581,000 of 1931 general obligation issue,
which a proposition to issue $50,000 high school
build¬
be voted upon.
Colo.—BOND SALE—Campbell, Weller, Jacobs & Co.
of Denver have purchased an issue of $30,000 4% general obligation water
extension bonds.
Dated Aug. 15, 1937.
Principal and semi-annual inter¬
est (Feb. 15 and Aug. 15) payable at the Town Treasurers office.
Due
BUENA VISTA,
15, 1952; optional Aug. 15, 1947.
PASO COUNTY SCHOOL DISTRICT NO. 13 (P. O. Colorado
Springs), Colo.—BONDS OFFERED—Staled bids were received until
3 p. n
on Aug. 27, by W. E. Kohler, District Secretary, for the purchase of
a $7,500 issue of not to exceed 4M% sen i-ann. building Ponds.
Denom.
$500.
Dated Sept. 1, 1937.
Due $500 from Sept. 1, 1938 to 1952, incl.
These bonds were approved at the election held on Aug. 21.
Aug-
EL
.
$14,575.
Sen i-annual
interest
on
4M%
University of Arkansas bonds of 1925,
$9,337.50.
Interest due common school
fund on $<8,784.42 of 4% notes of the State
Interest
due
common
school fund
$318,500 of 5%
on
school bonds,
$15,925.
Semi-annual
Seu.i-annuai
BAYOU
Charles
issuance
interest
to
the
common
school fund
on
$135,000 of 4%
certificates, $2,560.
$4,568.75.
Colo.—BONDS AUTHORIZED—It is
stated by
that the City Council has authorized the
$550,000 in electric light plant and distribution
system bonds, payable solely from revenues realized.
It is the intention
of the city to acquire the electric distribution system through a condem¬
nation suit now pending in the Federal district Court and then to con¬
ENGLEWOOD,
Debt Board, $3,151.37.
interest 011
Principal,
METO
A.
M. and N.
College 4.25%
bonds of 1928,
struct a
$10,000.
DRAINAGE
DISTRICT
(P.
O.
H.
Smith, City Clerk,
of not to exceed
generating plant.
3 has been set as the date for an election to vote on
the said bonds.
It is said that Sept.
Lonoke),
Ark.—
DELINQUENT LANDOWNERS MAY FACE EVICTION—Landowners
in the above district, who are delinquent in payment of drainage taxes,
have been notified by the Board of Commissioners that if the proposed
Reconstruction Finance Corporation refunding loan is not consummated
delinquent landowners will be ordered to vacate their premises on or before
the issuance of
LAS
ANIMAS
COUNTY
(P.
O. Trinidad), Colo.—WARRANTS
said to have been called for payment,
CALLED—The following warrants are
interest ceasing 011
Aug. 14:
registered to and including Oct. 8, 1936.
and including June 30, 1936.
specials registered—Jan. 12, 1937, ending with
Ordinary county revenue,
Jan. 1,1938.
Road fund, registered to
Bayou Meto Drainage District has outstanding bonds of $392,000, of
which amount $156,000 is in default. The total indebtedness, including
interest, amounted to $475,355 as of March 1, 1937.
.
The district applied for and was granted a loan through the Reconstruc¬
tion Finance Corporation for $237,500 representing 60 cents on each dollar
of the indebtedness.
It was necessary tnat the landowners raise approxi¬
County
mately $50,000 to meet requirements of the RFC.
It was proposed that
enter into an escrow agreement whereby 25 cents on each dollar
No.
high
15216.
PROWERS COUNTY SCHOOL DISTRICT NO. 6 (P. O. Holly),
Colo.—BOND SALE—An issue of $75,000 3% school bonds has been sold,
C. Sudler & Co., and Donald F. Brown & Co., both of Denver, at
to Amos
a
price of 100.164.
landowners
CONNECTICUT
would be paid to the First State Bank at Lonoke to be held until the amount
required was available.
of
Oakland), Calif.—NILES SCHOOL
bonds of Niles School District, which
were offered on Aug. 24—V. 145, p. 1292—were awarded to the William R.
Staats Co. of Los Angeles and Donnellan & Co. of San Francisco, as 2Ms,
at par plus a premium of $28, equal to 100.028, a basis of about 2.74%.
Dated Aug. 15, 1937. Due $5,000 yearly 011 Aug. 15 from 1938 to 1957, incl.
COUNTY
(P.
O.
BOND SALE—The $100,000 school
Kaiser Ac Co. of San Francisco Avere second high,
on
bidding
a
premium of $33
$15,000 4s and $85,000 2Ms.
CALIFORNIA (State of)—BOND TENDERS ASKED— State Controller
Harry B. Riley announces that the Teachers Retirement Investment Fund
Board will purchase bonds for investmrnt on Wednesday, Sept. 1.
About
$200,000 will be available.
HAVEN, Conn.—PLANS BOND ISSUE—The city proposes to
construction of a public bath house at one
the municipal playgrounds.
Civic groups are reported in opposition
the plan.
NEW
issue
CALIFORNIA
ALAMEDA
school,
to
$50,000 bonds to finance
FLORIDA
BROWARD COUNTY PORT AUTHORITY (P. O. Fort Lauderdale),
Fla.—REFUNDING PLAN OPERATIVE—The refunding plan for the
Broward County Port Authority has recently been declared operative with
more than 75% of the outstanding obligations committed to the plan of
readjustment.
The Broward County Port Authority has agreed to assume
the refunding bonds of the cities of Fort Lauderdale and Hollywood, which
are to be issued in lieu of the $3,837,000 outstanding harbor obligations of
the two cities, dated Sept. 1, 1926 and June 15, 1926, respectively.
The
Broward County Bondowners' Association of Chicago is planning to effect
1454
Financial
Chronicle
Aug. 28, 1937
Consummation of the refunding program is expected to result in the city's
immediately instituting
and also in
FLORIDA
BONDS
a program of tax collections on delinquent taxes
complete reassessment of properties on the city tax rolls, it
a
stated.
was
Accomplishment of the refunding program will cost the city nothing
except the cost of validating the refunding bonds.
Whatever other cost
be incurred will be borne by the readjustment agents and charged
must
Clyde C. Pierce Corporation
Barnett National Bank
Bondholders'
Bank
Building
at the conferences with
the city
Florida Municipal
R. E. Crummer and Hewen A.
Lasseter, President and Vice-President, respectively, of R. E. Crummer &
Co.
The above persons also represented Mr. Lyon.
The bondholder iepresentatives probably represented $2,000,000 of the
par value of the outstanding bonds of the city.
Bondholders' Protective committee, and
Branch Office: TAMPA
Jlrst National
representatives present
officials were George W. Simons, Jr., representing the
FLORIDA
JACKSONVILLE
participating bondholders.
to
Building
.
T. S. Pierce, Resident Manager
^
CHARLOTTE COUNTY (P. O. Punta Gorda), Fla.—BOND TEND¬
ERS INVITED—It is stated by E. H. Scott, Clerk of the Board of County
Commissioners, that he will consider sealed offerings on Sept. 7, at 10 a.m.,
of road and bridge refunding bonds, dated Dec. 1, 1936, and court house
refunding bonds, dated Dec. 1, 1936.
lit,The amount of bonds to be purchased will be determined.
Offerings
must be firm for at least 10 days or the same will not be considered.
COUNTY
(P. O.
Miami), Fla— BOND SALE— The $913,000
refunding bonds which were offered on Aug. 25—V. 145, p. 1293—were
awarded to a group comprised of B. J. Van lngen & Co. of New York, John
Nuveen & Co. of Chicago and the Natco Corp. of Miami on a bid of 99.57
for 3%s, a basis of about 3.82%.
The bankers are re-offering the bonds for
investment at prices to yield from 2.50% to 3.70%, according to maturity.
The bonds
described
are
as
Denom. $1,000.
Dated Sept. 1, 1937.
Prin. and semi-annual interest
(M. & S.) payable in New York City.
These bonds are general obligations
payable from an unlimited tax to be levied upon all the tax¬
able property (including homesteads), within the county.
The bonds are
approved as to legality by Masslich & Mitchell of New York.
of the county,
FERNANDINA, Fla.—BOND SALE—'The $175,000 43^% general im¬
D.
F.
bonds offered
McKae
Co.
6c
equal to 100.563,
May 1, 1952.
a
on Aug. 23—V. 145, p. 978—were awarded to
of Jacksonville at par plus a premium of $985.50,-
basis of about 4.45%.
Dated
May
1,
1937.
Due
$3,000 Sarasota County, Venice Special Tax School District No. 8, school
building 6% bonds, Nos. 11-16, incl., denom. $500, dated Aug. 1,
1923, due on Aug. 1, 1943, with Feb. 1, 1933 and S. C. A.
1,000 Sarasota County, Special Tax School District No. 10, school build¬
ing 6% bonds, No. 2, dated Feb. 1, 1928, and due Feb. 1, 1931,
P D
C A.
All bids and tenders shall be submitted in duplicate and must be firm for
15 days.
31,1919
2, 1923-..
1, 192515, 1926
Jan. 2, 1928
May
July
July
July
— .
Amount Out-
•
Issue
standing
$45,000
186,000
346,000
407,000
623,000
$80,000
220,000
6%
6%
6%
6%
6%
400,000
500,000
V:
>
650,000
$1,607,000
bonds will be dated July 1, 1937, mature July 1, 1967,
payable semi-annually, at the rate of 3% per annum for
the first three years; 3H% Per annum for the next succeeding two years;
4% per annum for the next succeeding five years; 5% per annum for the
next succeeding five years, and 6% per annum thereafter, with said bonds
being callable at par upon any interest payment date.
and
bear interest,
GULF COUNTY (P.
It is
O. Wewahitchka), Fla.—BOND ELECTION—
reported that an election is scheduled for Sept. 14 to vote on the is¬
of $200,000 in canal bonds.
suance
HILLSBOROUGH COUNTY (P. O. Tampa), Fla.—TO TEST BONDS
REFUNDING—The County Commissioners
have adopted a
BEFORE
resolution
providing for procedure to determine validity of $1,598,000 of
boom-time paving bonds and a program to refund the ooligations in event
they are found valid.
County Attorney Tillman said action would be brought by
or a taxpayer in Circuit Court to determine validity of the
action then would be carried to the State Supreme Court
final ruling.
bondholder
a
bonds.
for
a
The
The Commissioners voted
who
to send
the resolution
to
Norman
S.
Taber,
employed by the county
a year ago to direct refunding operations.
questions and details in connection with
the bonds, including various court decisions regarding the Hillsborough
obligations and in similar cases in other counties.
Preparation of the resolution was begun after the Board received a letter
from Mr. Taber, threatening to terminate his services unless definite
was
The
action
resolution
was
The
sets
forth
all
taken within 30 days.
authorizes refunding
resolution
of the bonds "if and when they
by the courts."
The county contends a Florida Supreme
the obligations were invalid.
A Federal Court
suit brought a contrary ruling on the question, however.
Commissioners
had delayed refunding
of the bonds because of the
disputed legal question of whether they are county-wide obligations since
they were issued for sub-division paving.
shall be validated
FLORIDA, State of—REPORT ON COMPTROLLER'S REFUSAL
TO
DISBURSE GAS TAX MONEYS FOR ROAD AND BRIDGE BOND
PAYMENTS—The following article is taken from the August quotation
bulletin issued by A. B. Morrison & Co., Congress Building, Miami:
We have had a number of inquiries from investors owning Florida County
Boad and Special Koad and Bridge District bonds in those counties where
the gasoline tax plays an important part in the servicing of same, as to the
probable effects of the Florida State Comptroller's action in refusing to
disburse gas tax moneys as called for by special Acts of the Legislature in
an attempt to re-allocate the
3% gasoline tax which was set aside by the
Legislative Acts of 1931 to be repaid to the counties for road expenditures
made by them for roads turned into the State road
system.
There
Rate
Assistant
FLORIDA, State of—BOND TENDERS INVITED—It is announced
by W. V. Knott, State Treasurer, that pursuant to Chapter 18852, Laws
of Florida, he will receive until 10 a. ui. (Eastern Standard Time), on
Sept. 15, sealed bids and (or) tenders for trade for:
No
Authorized
•
Date
The refunding
follows:
$332,000 highway and bridge bonds.
Due on Sept. 1 as follows: $41,000,
1940 to 1943, and $42,000, 1944 to 1947, all inclusive.
581,000 building bonds.
Due on Sept
1 as follows: $72,000, 1940 to
1942, and $73,000, 1943 to 1947, all inclusive.
provement
PLAN
To BONDHOLDERS—Li. E. Crummer & Co., Inc., of
Chicago, and Spitzer-Rorick & Co., Inc., of Toledo, fiscal agents for the
district, have drawn up a plan for the refinancing of the district's outstand¬
ing indebtedness, and in a communication forwarded to all known bond¬
holders under date of Aug. 14, 1937, are asking for approval of the program.
The plan of refunding contemplates that refunding bonds shall be issued
on a basis of par for par for the securities which are generally and
approxi¬
mately described in the following chart:
PRESENTED
ex¬
change instructions to bondholders shortly before that time.
DADE
DTSYRItT^FU^REFLJNDING
~FORTHPIERCE~PORT
FLORIDA
the exchange of these bonds on or about Oct. 20 and will furnish full
^
a large number
of counties in the State of Florida that are
by the State Comptroller's stand that these special Acts are
unconstitutional, and his refusal to appropriate moneys as directed by these
special Acts until such time as directed to do so by the courts.
Counties
are
Court
indicated
HOLLYWOOD,
Fla.—REFUNDING
PLAN
OPERATIVE—Holly¬
the refunding
wood's refunding plan has
been declared operative and
bonds have been validated by the Circuit Court of Broward,
that the
with
bonds
new
Bondowners
full
can
be delivered about Oct.
1.
it is expected
The Broward County
Association of Chicago, fiscal agent, will furnish bondnolders
exchange
instructions
shortly
before
the refunding
bonds
are
actually available for delivery.
affected
affected have been reluctant
decision
INDIAN RIVER COUNTY (P. O.
Vero Beach), Fla.—BOND SALE—•
The $7,000 4% general obligation court
V.
145,
house bonds oiferea on Aug. 17—
801—were awarded to the Indian River Citrus Bank of Vero
par.
Dated Sept. 1, 1935.
Due $1,000 yearly on Sept. 1 from
p.
bring the matter to a head by getting a
court ruling on the validity of these special Acts as it is the belief that
part,
if not all of them, are not constitutional.
The following counties have already received their full share of the
Beach at
gasoline tax, returnable to them under the original allocation law of 1931.
PROGRAM—T he following letter is being sent out to depositors of record
These
counteis
Baker,
to
Calhoun,
Gulf, Jackson, Liberty, Wakulla,
and Washington.
Up until the present time these seven counties have con¬
tinued to receive their regular gas tax allotment under special Acts.
The following counties still receive returns under the original 1931 law,
but the total to which they are entitled will have been exceeded before the
1939 Legislature would regularly convene.
These are:
Dade, Dixie,
Franklin, Gadsden, Hamilton, Holmes and Santa Rosa. The allocation for
are:
most of these
counties would
1938.
are
There
of counties
mentioned
cease sometime between April and December,
special Acts already passed which would allow this group
continue receiving gas tax funds after the expiration dates
above.
They now receive the gas tax funds in the regular
to
but if the State Comptroller continues his present stand and
be forced to fall back on ad valorem tax levies in the
majority of instances, by next year at the latest.
In addition to the two groups mentioned above, there are quite a number
of other counties adversely affected by the Comptroller's stand.
Included
in this category, are the counties of:
Brevard, Broward, DeSoto, Duval,
Flagler, Hardee, Monroe, Okaloosa, Okeechobee, Osceola, Pasco, St. Johns,
St. Lucie,
Seminole, Taylor, and Union.
These counties have special
Acts now on the books, under which at least a portion of the gas tax funds
which they receive, are diverted in some direction other than debt service
manner
attitude they will
on
road bonds.
If the State Comptroller's interpretation of the law is upheld by the courts,
many of the counties of the State will be forced to rearrange their budgets.
In many instances this will result in increases in millages, either this
year
or next.
In some of the counties where they have been relying upon gas
tax
for the servicing of their road bonds, and not making an ad
valorem tax levy it is a question how quickly tax payers would respond with
payments on an increased tax bill.
The larger countries probably would be less affected since their taxing
power is more readily adjustable to an emergency of this kind.
We have in
mind, Dade County particularly, as in our opinion, Dade County can
successfuky service its bonds, regardless of the outcome of the present gas
tax controversy. ' Smaller counties are in a much more serious position since
most of them are in a less favorable position in ability to levy and collect
money
ad valorem levies.
Inasmuch
LAKELAND, Fla.—REPORT ON PRESENT STATUS OF REFUNDING
by A. R. Carver, City Attorney:
"According to the records in my office, you have approved Lakeland's
refunding program and you are entiled to know the present status of
the validation proceedings.
"The Atlantic Coast cine RR. Co., as a taxpayer, intervened in the
validation proceedings, but despite its protest tne Circuit Court entered
a
decree validating the bonds.
The railroad company nas appealed to
the Supreme Court from the decree of the Circuit Court.
Tnxs appeal
will doubtless delay the refunding program for a period of 60 or possibly
90 days, but you may rest assured that the city is doing everything within
its power to expedite matters, and that as soon as the oonds are validated
and approved by New York counsel selected for tnat purpose, you will
be notified and a definite date will then bet set for maning the exchange."
MIAMI,
Fla.—BONDS SOLD—It is reported that $15,000 street im¬
recently by Robert H. Cook, Inc., of
provement bonds were purchased
Miami at a price of 95.25.
MOUNT
DORA,
Fla.—BOND
of
J.
Johnson,
bonds numbered 129, 161, 162, 151,
15, 120, 2, 101, 48 and 134, selected by lot to be paid from the sinking
fund, will be redeemed for cash, at the Chase National Bank of New Vork,
on Oct. 1, on which date interest ceases, or as soon thereafter as bonds may
be presented.
Dated Oct. 1, 1932.
Due in 20 years.
Coupons due on
Oct. 1, 1937, attached to these bonds, should be detached and collected
in the usual manner.
VOLUSIA
COUNTY
(P. O. De Land),
Fla.—BOND TENDERS
INVITED—It is stated by J. J. Crume, Chairman of the Board of County
Commissioners, that on Sept. 2 at 10 a. m. ne will open and consider
sealed offerings of road and bridge refunding bonds dated Jan. 1, 1936,
of the following special road and bridge districts:
Oran0e City-Enterprise;
Orange City-Lake Helen; De Land-Lake Helen; Commissioners Districts
Nos. 2 and 3; De Leon Springs-Glen wood; De Leon-Seville; Daytona
Beach; Halifax; New Smyrna; Turnbulll.
The amount of bonds of each
issue to be purchased will be determined by the Cnairman and offerings
must be firm for at least 10 days in order to be considered.
at least 28 out of the
stand
REDEMPTION—Wm.
Town Treasurer, states that refunding
there
are so many counties vitally interested in the outcome,
67, it is quite possible that should the Comptroller's
by the court that a general re-vamping of the 1931 law
might be made either by a specially called Legislature or the regular session
as
1949 to 1955.
GEORGIA
be upheld
1939.
FORT
PIERCE, Fla.—REFUNDING PROGRAM AGREED UPON—
Aug. 18 Fort Pierce City Commission submitted a bond refunding
proposal to R. E. Crummer & Co., the Florida Municipal Bondholders'
Protective Committee and R. P. Lyon, Jr., calling for the issuance of 35year refunding bonds in par exchange for the principal of the outstanding
city bonds and all matured interest to July 1, 1937, the utility bonds being
excepted from the program but special assessment bonds being included.
Representatives of the three bond groups attended a long conference
with city commission members and attaches in the city attorney's office
and gave assurance that the terms of the proposal would be acceptable to
the three groups.
It is now only necessary that the groups identified in the
proposal agree among themselves on the mechanics for handling the program,
concerning which the representatives expressed no doubt.
The refunding bonds will bear interest at 1M% for the first year, 2%
for the next three years, 2H% for the next three years, 3% for the next
three years, 4% for the next five years, 5% thereafter.
Annual tax levies to support the refunding bonds will be $110,000 for the
first five years; $120,000 for the next five years; $130,000 for the next
ten years; $140,000 thereafter.
On
DAWSON, Ga.—BOND OFFERING—Sealed bids will be received until
7:30 p. m. on Sept. 7, by R. R. Jones, City Clerk, for the purchase of a
$27,500 issue of 4% coupon school building bonds.
Denom. $1,000, one
for $500.
Bated July 1, 1937.
Due on Jan. 1 as follows:
$3,000, 1951 to
1954; $5,000, 1955 and 1956, and $5,500 in 1957.
Lrin. and int. (J. & J.)
payable at the City Treasurer's office.
These are the bonds approved by
the voters at the election held on May 28.
The bonds are offered subject
to the legality of the issue, the purchaser to pay for legal opinion as to
validity of the bonds and the printing expenses.
A $1,000 certified check
must accompany
the bid.
of—REPORT ON TREASURY PAYMENTS TO
IN 1936—The Savannah "News" of Aug.
14 carried the
following report:
"Georgia Treasury payments to counties amounted to nearly $7,250,000
more in 1936 than county tax collectors gathered in for the State, a report
of Comptroller General William B. Harrison revealed yesterday in Atlanta,
says the Associated Press.
Chatham received $155,960, or $90,000 less
GEORGIA,
State
COUNTIES
_
than it
,
n_n
paid in.
"While
counties
received
road and school purposes,
for Confederate pensions,
the State $3,849,415.25 for
and inheritance taxes.
$11,097,732.17
tax collectors sent
property, poll, occupational, professional
Financial Chronicle
Volume 145
"With the exception of $4,092,513.75 for common schools, all of the
money given by the State was derived from gasoline or tobacco taxes,
income from which
was not tabulated by counties.
"Only six of the 159 counties paid more into the Treasury through their
received from the State, an analysis of the report
,
,
tax collectors than they
showed.
"Officials of the Comptroller's office pointed out the
State's new program
for seven-month support of schools, rural post road repair, and payment
of social security benefits, will increase materially the amount of money
going to counties this year.
"Figures for the 'big city' counties which paid more than they
are:
,
County—
Bibb
Chatham
De Kalb
—
Fulton
Muscogee
Richmond
.
.
.
received
'
.
Paid
$165,360.28
241,186.16
137,894.37
1,018,904.59
155,027.10
174,828.91
7A
$136,908.76
155,960.42
563,435.22
110>373.75
117,253.30
HAWAII
HAWAII, Territory of—BOND OFFERING— It is stated by W. C.
McGonagle, Territorial Treasurer, that he will receive sealed bids at the
Bankers Trust Co., 16 Wall St., New York, at 10 a. m. (Eastern Standard
Time), on Sept. 14, for the purchase of the following coupon bonds aggre¬
gating $4,500,000:
$3,000,000 public improvement bonds.
Due on Nov. 1 as follows*
$107,000, 1939 to 1965, and $111,000 in 1966.
Proceeds of
this issue will be expended on public improvements which will
outlast the life of the bonds.
,
1,500,000 refunding bonds.
Due on Nov. 1 as follows:
$170,000, 1939
to 1946, and $140,000 in 1947.
Proceeds of this issue will be
used to call at par, and cancel, a like amount of term bonds
which would mature 10 years hence (1947).
A sinking fund of
$796,419 has accumulated against the issue and will be used as
required for the new serial maturities.
Denom. $1,000.
Dated Nov. 1, 1937.
One rate of interest for all ma¬
turities of either issue is required.
Rate to be stated in multiples of *4 or
l-10th of 1%.
Bids specifying net yield basis without naming interest
are
not acceptable.
No price less than par plus accrued interest
will be considered and no offer for less than all of both or either issue will be
rates
Prin. and int. for both issues payable in any coin or currency of
the United States, which at the time of payment, is legal tender for public
and private debts, at the Bankers Trust Co., New York City, or at the office
of the Territorial Treasurer in Honolulu.
The approving opinion of
Thomson, Wood & Hoffman of New York, will be furnished.
Definitive
bonds which must be sent to Hawaii for signature will be ready for delivery
in New York, on, or about Nov. 1, 1937.
Interim receipts will b3 issued
accepted.
if conditions
warrant
such
action.
It is stated that
issues are tax
both
obligations of
exempt, except State and inheritance taxes, and are general
the Territory,
payable from consolidated revenues.
2% of the par value of the bonds bid for, drawn on
the Treasurer, is required.
A certified check for
a bank satisfactory to
1455
EAST
CHICAGO.
Ind.—BOND OFFERING—M.
A.
McCormick.
City Comptroller, will receive sealed bids until 2 p.m. (Central Standard
Time) on Sept. 13, for the purchase of $110,000 not to exceed 4% interest
Park district bonds.
Denom. $1,000.
Due $5,000 each Jan. 1 from 1939
to 1960, incl.
Interest payable J. & J.
Principal and semi-annual interest
payable at the First National Bank of East Chicago.
Said bonds will not in
any respect become obligations and indebtedness
City of East Chicago, Indiana, but shall be and constitute the in¬
debtedness of the
park district of the City of East Chicago, Indiana, as a
special taxing district.
Said bonds with interest thereon shall be payable out
or special taxes levied
upon all of the taxable property of the park district
of the
the City of East Chicago, Indiana.
The approving opinion of Matson,
Ross, McCord & Clifford, bond counsel of Indianapolis, will be furnished
purchaser without cost.
or
to the
The purpose of the issue will be to finance the construction of
house in Lees Park, a swimming pool at Koscuiszko Park and a
bath¬
a
swimming
pool at Washington Park; the entire project will cost $145,550, $35,550 of
which sum is being given the City of East Chicago, Indiana, by the United
States of America through the Public Works Administration.
INDIANAPOLIS.
Ind.—NOTE
OFFERING—Walter
C.
Boetcher,
City Controller, will receive sealed bids until 11 a. m. on Sept. 10 for the
purchase of $100,000 not to exceed 6% interest notes issued on behalf of
and for the
use
of the Board of Public Works and Sanitation of the Indian¬
apolis Sanitary District.
The issue will be put out in the form of notes or
consist of $50,000 dated Sept. 10, 1937, and $50,000
11, 1937.
The entire $100,000 will be payable, together with
interest, on Nov. 10, 1937.
Payment of the notes or warrants will be
made to the bearer at the County Treasurer's office or at one of the au¬
thorized depositories in Indianapolis. The debt to be created will be
payable
solely out of taxes actually levied and now in the process of collection on
behalf of the Indianapolis Sanitary District.
warrants
and
will
dated Oct.
INDIANAPOLIS SANITARY DISTRICT, Ind.—BOND OFFERING
POSTPONED—The offering of $148,000 coupon bonds scheduled for Aug. 23
—V. 145, p. 1139—has been postponed.'
MILLCREEK TOWNSHIP SCHOOL DISTRICT (P. O.
Ind.—OTHER BIDS—The following other bids were received
Kingman),
Aug. 17,
on
when $8,000 4% school bonds were awarded to McNurlen & Huncilman of
Indianapolis, at par plus a premium of $285, equal to 103.56, a basis of
about 3.31%, as previously reported in these columns—V. 145, p. 1294:
Bidder—
Premium
Fountain Trust Co., Fountain
A. S. Huyck & Co
MUNCIE
$256.00
90.40
4
SCHOOL
CITY,
Ind.—BOND
A WARD—Award of the
$120,000 improvement bonds, for which bids were opened on Aug. 17—
V. 145, p. 1294—has been made to the high bidder, the First National Bank
of Chicago.
The bank bid 101.53 for 2)4s, a basis of about 2.38%. Dated
Sept; 1, 1937. Due $20,000 yearly on Dec. 31 from 1949 to 1954.
MUNCIE
SCHOOL CITY,
Ind.—BOND SALE—The $40,000
coupon
school funding bonds offered Aug 24—V. 145, p. 1139—were awarded to
the Fletcher Trust Co. of Indianapolis, as 2%s, at par plus a premium of
$612, equal to 100.53,
July 1, 1951.
a
basis
of about
2.705%.
Dated
Sept.
1,
1937
and due
RAY SCHOOL TOWNSHIP
Municipal Bonds of
ILLINOIS INDIANA MICHIGAN IOWA WISCONSIN
(P. O. Paragon), Ind.—BOND OFFER¬
ING—Township Trustee Elmer S. Applegate will receive bids until
7:30 p. m. Aug. 30, for the purchase of $2,500 3% school bonds,
Denom.
$500.
Dated Sept. 1, 1937.
Interest payable semi-annually.
Due $500
each six months from July 1, 1939 to July 1, 1941, inclusive.
Bought—Sold—Quoted
IOWA
FAIRFIELD,
Iowa—BOND SALE—The $5,580.23 issue of coupon
street improvement bonds offered for sale on Aug. 23—V. 145, p. 1294—
was purchased by the Carleton D. Beh Co. of Des
Moines, as 4s at par,
according to the City Clerk.
Dated Sept. 1, 1937.
Due from May 1,
MUNICIPAL BOND DEALERS
135 So. La Salle St.,
Chicago
State 0540
Teletype CGO. 437
1938 to 1946.
KENSETT
ILLINOIS
ATWOOD
SCHOOL
DISTRICT, III.—
gave
At a recent
their consent to the proposed
ALTON, 111.—-BOND SALE CONTRACT—'The H. C. Speer
Sons Co. of Chicago has contracted to purchase an issue of $29,000 4*4%
funding bonds.
LEVEE
AND
SANITARY
DISTRICT
(P.
O.
East St.
Louis), III.—PRICE PAID—The district received a price of 100.106 for the
$500,000 4*4% right-of-way bonds which it sold on May 1 to A. C. Allyn
& Co. of Chicago at private sale—V. 144, p. 3214.
FAIRFIELD SCHOOL
DISTRICT, III.—BOND SALE DETAILS—As
previously reported in these columns—V. 145, p. 802, the White-Phillips
Corp. of Davenport purchased an issue of $25,000 3*4% 1-20 year school
building bonds.
Bankers paid a price of 100.50.
GIBSON
CITY,
received.
(P. O. Kensett), Iowa—BOND
T. Rone, Secretary, Board of Directors, will receive
Sept. 2 for the purchase at not less than par of $3,250
school building bonds. Bidders are to name rate of interest. Dated Sept. 1,
1937. Interest payable March 1 and Sept. 1. Due $1,250, March 1,1939;
and $1,000 on March 1 in 1940 and 1941.
The purchaser is to furnish
attorney's opinion.
OFFERING—Carl
I» EAST
SIDE
was
TOWNSHIP
bids until 8 p. m.
special election the voters of the district
issuance of $50,000 auditorium bonds.
EAST
No other bid
SCHOOL
111.—BONDS VOTED—A proposal to issue $21,000
city hall construction bonds has been approved by the voters.
PEORIA, 111.—ADDITIONAL SALE DETAILS—N. L. Rogers & Co.
of Peoria
were associated with the Harris Trust & Savings Bank of
Chicago
Aug. 20 of $322,500 judgment funding bonds as 2)4 s,
plus a premium of $2,119, equal to 100.61, abasis of about 2.18%.
—V. 145, p. 1294.
Other bids were as follows:
in the purchase on
at par
•.
Bidder—
Int. Rate
1
Premium
Blyth & Co., Inc
2*4%
2*4%
Northern Trust Co., Chicago
2*4%
First National Bank of Chicago
2*4%
Lazard Freres & Co., Inc
2*4%
White-Phillips Corp. (for $187,000 2Hs and $135,500 2Ms)
Central Republic Co. (for $136,000 2%s and $186,500 2*4s).„
Bancamerica-Blair Corp. (for $85,000 2s, $119,000 2Ks, and
$118,500 2^8)
$577.27
545.00
Brown Harriman & Co
RIDGWAY, 111.—BONDS SOLD—An issue of $2,500 5%
LYON COUNTY (P. O.
Rock Rapids)
Iowa—CERTIFICATES NOT
SOLD—The $20,000 issue of not to exceed 5% semi-ann. secondary road
certificates offered on Aug. 24—V. 145, p. 1294—was not sold as no bids
were received.
CERTIFICATES
Treasurer that
no
TO
bids
legal requirements.
BE
were
REOFFERED—It
received
because
is
stated
by
question
a
the County
regarding
arose
He states that another offering will be held in about
two weeks.
MANNING, Iowa—BOND SALE—The $135,000 issue of electric light
plant revenue bonds offered for sale on Aug. 23—V. 145, p. 1294—was
awarded to the Carleton D. Beh Co. of Des Moines, as 3)4&, paying a pre¬
mium of $1,145, equal to 100.848, a basis of about 3.32%.
Dated Sept. I,
1937.
Due $5,000 on Sept. 1 in 1938 to 1940. and $5,000 on March and
Sept. 1 from 1941 to 1952; subject to call after 1942.
OELWEIN, Iowa—BOND SALE—City Clerk C. D. Shippy informs
sold an issue of $14,000 funding bonds.
us
that the city has
TOWNSHIP
INDEPENDENT
SCHOOL
DISTRICT
NO. 4 (P. O. Kalona), Iowa—BOND OFFERING—Chas A. Gingerich,
Secretary of the Board of Education, will receive bids until 2 p. m. Sept. 3,
for the purchase of $3,000 bonds.
SHARON
452.00
439.00
120.00
332.00
110.00
27.75
,
coupon sewer
KANSAS
AUGUSTA SCHOOL DISTRICT NO. IS (P. O. Augusta), Kan.—
BONDS TO BE OFFERED—The $61,270 school building bonds which were
approved by the voters in April are now being prepared for sale in the
near
future.
DODGE CITY, Kan.—BONDS AUTHORIZED—An ordinance has been
and street
adopted authorizing the issuance of $146,000 refunding bonds.
plus
FORD COUNTY (P. O. Dodge City), Kan.—DETAILS OF REFUND¬
ING—The $43,000 2*4% refunding bonds recently issued by the county
were
handled by the Columbian Securities Corp. of Topeka.
Denom.
$1,000.
Dated Aug. 1, 1937.
Interest payable Feb. 1 and Aug. 1.
Due
bonds was sold last May to J. C. Murphy of Ridgway, at
par
premium of $15, equal to 100.60, a basis of about 4.88%.
Dated
1, 1937.
Due $250 each Feb. 1 from 1938 to 1947, incl. Denom.
$250.
Interest payable annually.
a
Feb.
SAUNEMIN HIGH SCHOOL DISTRICT NO. 210 (P. O. Saunemin),
111.—PURCHASER—The Municipal Bond Corp. of Chicago purchased the
$30,000 3)4% school building bond issue reported sold in these columns
recently—V. 145, p. 1294.
Price paid was 104.531.
SHEFFIELD, 111.—BONDS NOT SOLD—All bids
were
rejected at the
Aug. "20 offering of $10,000 4*4 % coupon water works improvement bonds.
C. Speer & Sons Co. of Chicago was the highest bidder.
Bonds are
H.
dated Sept.
1, 1937 and mature $1,000 annually
on
Dec. 1 from 1947 to
1956, inclusive.
Bids submitted were
as
1,
1947.
GALENA, Kan.—BONDS AUTHORIZED—An ordinance has been
passed providing authority for the issuance of $15,000 refunding bonds.
KANSAS CITY, Kan.—BONDS SOLD—A $24,672 issue of 2 H%
improvement bonds was purchased on Aug. 17 by Stern Bros. & Co. of
Kansas City, at a price of 101.021.
The Lathrop-Hawk-Herrick Co. bid
101.02 for the bonds.
OVERLAND
follows:
Bidder—
Premium
H. C. Speer & Sons
Co., Chicago
White-Phillips Corp., Davenport
Ballman & Main, Chicago
A. S. Huyck & Co., Chicago
Paine, Webber & Co., Chicago
Channer Securities Co., Chicago
N. S. Rogers & Co., Peoria
$1,000.00
878.00
885.00
-
612.20
607.00
c75.00
500.00
SULLIVAN, III.—BONDS SOLD—The City Sinking Fund
the $25,000 3% street improvement
—V. 145, p. 1294.
Aug.
bonds approved at
will purchase
election
a recent
WAUKEGAN SCHOOL DISTRICT, III.—BOND SALE—The
$25,000
school
building bonds which were recently approved by the voters have
been disposed of by the district.
PARK
SCHOOL
TOWNSHIP,
Bartholomew
County,
$55,000 bonds.
(P.
O.
Overland
Park),
POTTER SCHOOL DISTRICT, Kan.—BONDS VOTED—At
a
recent
election the voters of the district approved a proposal to issue $38,000 high
school construction
bonds.
SUBLETTE, Kan .—ADDITIONAL INFORMATION— It is stated by
City Clerk that the $15,000 refunding bonds being handled by the
Branch Co. of Wichita, on an exchange basis for outstanding
bonds, as noted here recently—V. 145, p. 1140—are 5% bonds, dated
July 1, 1937.
Registered bonds, in the denomination of $500 each. Due
from 1942 to 1971 incl.
Interest payable F. & A.
the
Vernon H.
WAKEENEY,
Kan.—BOND ELECTION—An
26 at which a proposal
will be submitted to a vote.
Ind.
—BOND OFFERING—The Advisory Board and Trustee of the
Township
will receive bids unti 7:30 p. m. Sept. 13, for the purchase of an issue
of
DISTRICT
15-year school building bonds at par, provided that the State School Fund
Commission does not take them up at the price.
Aug.
INDIANA
COLUMBUS
SCHOOL
Kan.—BOND SALE—The School Board has arranged with the City
National Bank & Trust Co. of Kansas City for the sale of $70,000 2%%
to
issue
election
$20,000 municipal
was
held
on
building bonds
KENTUCKY
LOUISVILLE, Ky.—BOND OFFERING—Sealed
until noon on Sept. 8,
bids
will
be
received
by John R. Lindsay, Director of Finance, for the
Financial
1456
a $250,000 issue of coupon grade crossing elimination bonds.
$1,000.
Dated April 1, 1925.
Due on April 1, 1965.
No bid
Chronicle
urchase of
E
)enoxn.
for less than par and accrued interest
will be considered.
These bonds are
part of a $5,000,000 issue, being offered in accordance with the provisions of
Ordinance 81, Series 1930.
Purchaser to pay all expenses of legal opinion.
Legality of bonds heretofore sold in the amount of $900,000 has been ap¬
proved by Masslicix & Mitchell of New York.
These bonds are said to be
direct obligations of the city, secured by unlimited ad valorem taxes,
levied against all taxable property in the city.
Prin. and int. (A. & O.)
payable at the Chemical Bank & Trust Co., New York.
Bidding forms to
be furnished by the city.
A $5,000 certified check, payable to the city,
must accompany
the bid.
Aug. 28,
1937
1936 w"1
$90,178,450 $84,357,890
119,091,115 111,527,037
17.225
17.20
Assessed Value, &c.—
Assessed value, real property
Assessed value, all property
State and county tax rate per $1,000-_
Note—Basis
Property
of assessment.
is
assessed
legally
100%
at
of
actual value (actually, about 60%).
Bonded Debt—July 1.1937, $10,499,600 (including $2,510,000
for schools).
Note—Montgomery County also has a contingent liability by reason of
guaranteeing certain bonds, for which, however, no general county tax has
ever
been required, the bonds being completely self-supporting.
These
bonds are guaranteed as to payment of principal and interest by endorse¬
ment.
Ky.—BOND SALE CONTEMPLATED—It is said that
arrangements are being completed by the Board of Education to offer an
$80,000 bond issue which will be used to meet the city's share of the cost of
construction of a school building estimated at $150,000.
MAYFIELD,
Following debt of this kind was outstanding as of July 1, 1937:
Washington Suburban Sanitary District net debt
$12,265,000
Maryland-National Capital Park and Planning Commission
609,000
Tax Collections—
1937
Fiscal Years to June 30—
Tax levy
LOUISIANA
BERNICE CONSOLIDATED SCHOOL DISTRICT, WARD NO. 4
(P. O. Farmerville), La.—BOND OFFERING—Sealed bids will be received
until 2 p. m. on Sept. 7, by the Secretary of the Parish School Board, for
the purchase of a $25,000 issue of school bonds.
Interest rate is not to
exceed 6%, payable M. & S.
Denom. $500. Dated Sept. 1, 1937.
Due
from Sept. 1, 1939 to 1957.
These bonds were approved by the voters at
the election held on Aug. 2.
PARISH
SCHOOL
DISTRICT
NO.
26
(P.
O.
Lake
1937
1935
1936
$1,534,949
1,512,465
-
-
Collected July 1,
Percent collected
BENTON, La.—BONDS VOTED—On Aug. 17 the voters approved the
proposition to issue $25,000 water works construction bonds.
CALCASIEU
7
$885,018
873,275
$1,378,596
1,365,465
99%
98.5%
98.6%
(Final delinquent date on 1937 taxes, Jan. 1, 1938)
Levy 1936
Debt Due in Fiscal Years—
Interest
Levy 1937
Levy 1938
$361,500
$293,500
472,836
Total
"
-
456,523
440,696
$791,023
$802,196
1937
-
$334,500
$766,336
Principal
1936
Receipts & Disbursements—
Years Ended June 30—
*
;
1935
$97,183
4,235,220
$93,987
4,446,501
$1,251,520
3,458,327
$4,332,403
$4,540,488
$4,709,847
4,046,448
4,443,305
4,615,860
$285,855
$97,183
$93,987
Cash
beginning of year
Receipts for year
—
—
Charles), La.—BOND SALE—The $60,000 issue of building and equip¬
24—V. 145, p. 641—was awarded to
Moore & Hyams, of New Orleans, paying a premium of $191.16, equal to
100.318, a net interest cost of about 4.13%, on the bonds divided as follows:
$38,500 as 4s, maturing on Aug. 15: $2,500, 1938; $3,000, 1939 to 1941;
$3,500, 1942 to 1944; $4,000, 1945 to 1947, and $4,500 in 1938; the re¬
maining $21,500 as 4Ms, maturing on Aug. 15: $5,000, 1949 and 1950;
$5,500, 1951, and $6,000 in 1952.
ment bonds offered for sale on Aug.
CALDWELL PARISH SCHOOL DISTRICT NO. 14 (P. O. Columbia)
Total—
Expenditures
Cash balance end of year
*
Proceeds of new debt issues included.
Note—Deposits are secured partly by collateral security, partly by
personal bonds of directors. As of July 1, 1937, $45,558 of county's funds
were
in closed banks.
/
La .—BOND
SALE—The $50,000 school bonds offered on Aug. 25—V.
145, p. 1140—were awarded to Weil & Co. of New Orleans, as 4s, at par
plus a premium of $101.25, equal to 100.2025.
Dated Aug. 1, 1937.
Due
serially on Aug. 1 from 1937 to 1952.
Scharff & Jones of New Orleans
offered a premium of $11 for 4% bonds.
PARISH SCHOOL DISTRICT NO. 3 (P. O.
La.—BOND OFFERING—Sealed bids will be received until
14, by the Secretary of the Parish School Board, for the
purchase of a $50,000 issue of building bonds. Interest rate is not to exceed
6%, payable M. & S.
Denom. $1,000.
Dated Sept. 1, 1937.
Due on
Sept. 1 as follows: $2,000, 1939 to 1948; $3,000, 1949 to 1954, and $4,000,
1955 to 1957.
Payable at a place designated by the purchaser.
Legality
approved by Campbell & Holmes, of New Orleans. Authority for issuance
is Article XIV, Section 14, State Constitution, 1921, and Act 46 of 1921, as
amended.
It is said that these bonds will be general obligations of the
district.
A $1,000 certified check, payable to the Treasurer, must accom¬
pany the bid.
EAST
FELICIANA
Clinton)
2 p. m. on Sept.
JACKSON PARISH (P. O.
Jonesboro), La.—PWA GRANT AUTHOR¬
following statement (Press Release No. 3212) was made avail¬
Aug. 19 by the above Federal agency:
"Public Works Administrator Harold L. Ickes today announced the
allotment of a grant of $112,5u0 to the Parish of Jackson, Jonesboro, La.,
for the construction of a combination court house and jail building, includ¬
ing the necessary equipment, estimated to cost $250,U00.
The structure
contemplated is four stories in height, measuring 111 feet by 70 feet. ' The
first floor will contain the offices of the Sheriff, Tax Collector, Assessor,
Clerk of Court, School Board and vaults for storage of records.
On the
second floor will be located offices for the Judge, District Attorney, Police
Jury, Home and Farm agents, the court rooms, the jury rooms, vault for
record storage and library.
Located on the third floor will be offices for
the public health service, grand jury and living room, laboratory, witness
room, the upper part of court room, the ceiling height of court room extend¬
ing two stories.
The fourth floor houses the jail, which sets back from the
main lines of building.
All modern jail equipment is contemplated, includ¬
ing an execution chamber.
This project will replace an old building which
was destroyed."
IZED—The
able
on
LAFAYETTE, La.—CERTIFICATES SOLD—The First National Bank
of Lafayette is reported to have purchased $10,808.32 paving certificates.
NEW
ORLEANS,
La.—HIGH BID—High bid for the $500,000 New
Orleans Public Belt RR. bonds offered on Aug1. 25—V.
145, p. 1140—was
Co., New York;
submitted by a group comprised of Graham, Parsons &
Stranahan, Harris & Co., Toledo; Edward Jones & Co., New Orleans, and
T. J. Feibleman, New Orleans.
The bid was 100.08 for 3M% bonds run¬
ning from 1942 to 1945 and 3M% bonds running from 1946 to 1966, for a
net interest basis of about 3.262%.
It is said that the award has been held
up pending a decision by the city as to whether or not the bid complies with
the terms of the offering.
The second high bid, offering a premium of
$412.50 for $500,000 3 M % bonds, was submitted by the Equitable Securities
Corp. of Nashville, the Hibernia National Bank in New Orleans, Scharff
& Jones, New Orleans, and Nusloch, Beaudean & Smith, New Orleans.
The bonds are dated April 1, 1928, and will mature $20,000 yearly on April 1
from 1942 to 1966.
bonds to
the amount of the certified check and awarded the above
the Graham, Parsons & Co. group on the bid previously described.
by
ORLEANS
$25,000 Police Communications System bonds as 2Ms. Order of the City
Council of Boston of March 2, 1934.
Payable $5,000 annually,
Sept. 1, 1938 to Sept. 1, 1942, inclusive.
2,000,000 Municipal Relief Loan, Act of 1937 bonds as 2Ms.
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, incl.
200,000 Commonwealth Avenue Underpass Loan, Act of 1937 bonds
as
3s.
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 as 3s.
Order of the"
City Council of Boston of June 29, 1937.
Payable $10,000
annually, Sept. 1, 1938 to Sept. 1, 1947, inclusive.
50,000 New York Hall, Plans, &c. bonds as 2Ms.
Order of the City
Council of Boston of Dec. 12, 1935.
Payable $5,000 annually,
Sept. 1, 1938 to Sept. 1, 1947, inclusive.
125,000 Sewerage Loan bonds as 3s.
Orders of the City Council of
Boston of April 8, 1937, and July 16, 1937.
Payable $5,000
annually, Sept. 1, 1938 to Sept. 1, 1942, inclusive, and $4,000
annually, Sept. 1, 1943, to Sept. 1, 1967, inclusive.
All loans will be issued in coupon bond certificates of $1,000 each, with
semi-annually on March 1 and Sept. 1 at the office of the
City Treasurer, Boston.
The bonds will be dated Sept. 1, 1937, and will be ready for delivery and
payment on or about Sept. 27, 1937.
interest payable
BONDS PUBLICLY OFFERED—Phelps, Fenn & Co. of New York and
re-offered the bonds for public investment as follows:
$2,075,000 2Ms were priced to yield from 1.40% to 2.70%, according to ma¬
turity; in the case of the $425,000 3s, the 1938 to 1957 maturities afforded
investors yields of from 1.40% to 2.95%, and the 1958 to 1967 maturities
were priced at par.
All of the bonds are legal investments for savings banks
associates
and trust funds in the States of New York and Massachusetts and
from direct taxation in the State of Massachusetts.
LEVEE
DISTRICT
(P.
O.
New
Orleans),
La .—BOND
SALE—The $2,280,000 issue of refunding bonds offered for sale on Aug. 23
—V. 145, p. 980—was awarded to a syndicate composed of R. W. Press-
prich & Co.; Eldredge & Co., both of New York; Stranahan, Harris & Co.
of Toledo; Kelley, Richardson & Co. of Chicago; The Equitable Securities
Corp., Nashville; the American Bank & Trust Co., and Scharff & Jones,
both of New Orleans, paying a premium of $1,500, equal to 100.065, a net
interest cost of about 4.15%, on the bonds divided as follows:
$327,000
as
3Ms, maturing on April 1:
$155,000, 1938, and $172,000 in 1939;
$1,532,000 as 4Ms, maturing on April 1: $50,000, 1940; $65,000, 1941;
$50,000, 1942; $74,000, 1943; $75,000, 1944; $79,000, 1945; $80,000, 1946;
$88,000, 1947; $89,000, 1948; $92,000, 1949; $99,000, 1950; $103,000, 1951;
$107,000, 1952; $112,000, 1953; $118,000,
1954; $123,000, 1955, and
$128,000 in 1956; the remaining $421,000 as 4s, maturing on April 1:
$134,000, 1957; $141,000, 1958, and $146,000 in 1959.
BONDS OFFERED FOR
INVESTMENT—The, successful bidders offered
the above bonds for public subscription at prices to yield from 1.25% on
the 1938 maturity to 4.05% on the 1956 maturity, and at a price of 100.50
on 1957, 1958 and 1959 maturities.
It is stated that the bonds are callable
in whole or in part on any interest payment date, in inverse numerical order,
of $4,800,000
**RAPIDES PARISH (P. O. Alexandria), La.—BONDS DEFEATED—
defeated
$40,000 levee and highway bonds.
PARISH
(P.
ANCE CONTEMPLA TED—It is
are
a
proposal to issue
i
O. Franklinton),
BRIDGEWATER, Mass.—NOTE SALE—The issue of $50,000
were
as
reported that the officials
of the parish
planning to issue $50,000 court house addition bonds.
MONTGOMERY
COUNTY
STA TEMENT—The following is
(P.
O.
Rockville),
0.48%
0.555%
:
EASTHAMPTON,
Mass.—NOTE
Md.—FINANCIAL
the latest public report
on
the financial
condition of the county.
Figures are as of July 1, 1937:
Montgomery County—Rockville is the county seat.
Organized in 1776.
of which 70.5% represents farm lands, having a
value (including buildings)
of approximately $25,000,000 as of July 1,
1937.
Principal farm products are corn, wheat, rye, hay and apples.
County embraces many Washington, D. C., residential suburban com¬
$19,000
municipal
HAVERHILL, Mass.—NOTE SALE—The $300,000
revenue anticipa-
tipn temporary loan notes offered on Aug. 24 were awarded to the First
Boston Corp. of Boston on a 0.85% discount basis.
The notes are dated
Aug. 25, 1937, and will mature $150,000 on each of the dates June 24
and Aug. 15, 1938.
Frederick M. Swan & Co. of Boston were next best
bidders at 0.858%.
•
Financial Statement as of
1936
$2,291,716.56
Uncollected
$997.92
$2,227,427.23
Taxes
$151,796.92
*$1,536,352.79
1,499,642.11
22,000.00
408,536.24
300,000.00
189,791.69
148,741.35
$4,172.81
Gross debt as of July 31,1937
Net debt as of July 31, 1937-
Sinking funds
on
July 31,1937
Levy
1935
$1,972,182.16
~
i
hand
Notes outstanding from 1936 revenue
Tax titles.
Loan against tax titles
Including tax title loans.
Treasurer, will receive bids until 11 a. m. (Daylight Saving Time) Aug. 31,
following coupon, fully registerable, bonds:
for the purchase of the
$75,000 municipal relief loan bonds.
Due
1938 to 1942, and $7,000, 1943 to
375,000 municipal relief loan bonds.
Due
1938 to 1942, and $37,000, 1943 to
137,000 municipal relief loan bonds.
Due
1938 to 1944, and $13,000, 1945 to
Bidders
munities.
1937, 60,000; 1930 , 49,206; 1920, 34,921; 1910, 32,089.
SALE—The
relief notes offered on Aug. 20 were awarded to the Second National Bank of
Boston on a bid of 100.362 for lMs, a basis of about .135%. Dated Sept. 1,
1937. Due $4,000on Sept. 1 from 1938 to 1941; and $3,000, Sept. 1,1942.
WORCESTER, Mass.—BOND OFFERING—Harold J. Tunison, City
Area 490 square miles,
Population:
Discount
v
:
Faxon & Co—
x
MARYLAND
revenue
follows:
Bidder
Bridgewater Trust Co
Cash
La.—BOND ISSU¬
(P. O. Boston), Mass.—
Treasurer of Board of Trustees,
Elevated Railway bonds will be
notes offered Aug. 25 was awarded to Jackson & Curtis of Boston, at 0.477%
discount, plus a premium of 60 cents.
Due Dec. 10, 1937.
Other bids
1934
WASHINGTON
DISTRICT
METROPOLITAN
BOND OFFERING SOON—Joseph Wiggin,
reports that an offering
made about Sept. 15.
Tax
The voters of the parish at a recent election
free
$112 premium.
at 110 and interest.
PI NEVILLE,
La.—BONDS DEFEATED—At the election held on
Aug. 17—V. 145, p. 803—the voters defeated the issuance of the $40,000
in levee and highway bonds, according to report.
are
NOTE SALE—The $3,000,000 notes offered on Aug. 26 were awarded to
Halsey, Stuart & Co. on a 1.48% interest basis, plus a premium of $215.
The bankers are reoffering the notes, which are dated Aug. 20, 1937, and
payable July 15, 1938, to investors to yield 1.25%.
A First Boston Corp.
syndicate was second high bidder for the notes, at 1.55% interest plus
BOSTON
BONDS A WARDED—The city officials decided to waive the formality
involved
MASSACHUSETTS
BOSTON, Mass.—BOND SALE— The $2,500,000 coupon bonds offered
Aug. 26—V. 145, p. 1295—were awarded to a syndicate composed of Phelps,
Fenn & Co.; Goldman, Sachs & Co., both of New York; Stranahan, Harris
& Co., Inc., Toledo; O. D. Barney & Co., New York; Schoellkopf, Button
& Pomeroy, Inc., Buffalo; Whiting, Weeks & Knowles, Boston; W. H.
Newbold's Son & Co., Pittsburgh; Milwaukee Co., Milwaukee; Wheeiock
& Cummins, Des Moines, and Martin & Chambers, New York.
The
bankers paid a price of par for a combination of $2,075,000 2Ms and
$425,000 3s.
The bonds were awarded as follows:
are
to
specify
a
on July 1
1947.
as
follows:
$8,000,
follows:
$38,000,
1947.
July 1 as follows:
1947.
$14,000,
on July 1 as
on
single rate of interest for all the bonds, making
Denom. $1,000.
Dated July 1, 1937. Prin-
choice from l%% and 2%.
.
Financial
Volume 145
1 and July 1) payable at the First
National Bank of Boston.
Certified check for 1% of amount of bonds bid
for, payable to to the city, required.
The bonds will be certified by the
First National Bank of Boston; the legal opinion of Ropes, Gray, Boy den &
Perkins of Boston will be furnished by the city.
Delivery will be made on
or about Sept. 15.
cipal and semi-annual interest
We
(Jan.
DETROIT LAKES, Minn.—CERTIFICATES NOT SOLD—It is stated
by E. J. Bestick, City Clerk, that the $12,500 2% semi-ann. certificates of
on July 19—V. 145, p. 483—were not sold.
CERTIFICATE OFFERING—Sealed bids will be received until 8 p.m.
on Aug. 23, by the above City Clerk for the purchase of three issues of
certificates aggregating $21,000, divided as follows:
indebtedness offered
DETROIT
A.T.T. TeL DET 347
$1,000 storm sewer certificates.
Due on July 1 as follows: $350,1939 and
1940, and $300 in 1941.
5,000 sanitary sewer certificates. Due $500 from July 1,1939 to 1948, incl.
15,000 curb and gutter construction certificates.
Due $1,500 from July 1,
MICHIGAN
1939 to 1948.
CITY, Mich.—BOND OFFERING—J. Harry Nelson, City Man¬
will receive sealed bids until 4 p. m. (Eastern Standard Time) on
Aug. 30 for the purchase of $51,000 not to exceed 3% interest special
assessment bonds.
Dated Sept. 1, 1937.
Denom. $1,0U0.
Due Sept. 1
ager,
follows:
.$14,000, 1939: $10,000 in 1940 and 1941; .$9,000 in 1942, and
$8,000 in 1943.
Principal and semi-annual interest payable at the City
Treasurer's office.
Bids are to include printing and furnishing of bonds.
A certified check for 2 % of the amount bid must accompany each proposal.
as
DEARBORN, Mich.—BOND OFFERING—Myron A. Stevens, City
Clerk, will receive sealed bids until 4 p. m. (Eastern Standard Time) on
Sept. 7 for the purchase of $100,000 not to exceed 6% interest general
obligation sewer bonds.
Dated Sept. 1, 1937.
Due Sept. 1 as follows:
$6,000 in 1938 and 1939: $10,000, 1940; $18,000 from 1941 to 1943 incl.;
$6,000 from 1944 to 1947 incl.
Principal and interest (M. & S.) payable
at the City Treasurer's office.
The bonds may t>e registered as to principal
only and bidder may condition his tender solely on approval of validity of
issue by Thomson, Wood & Hoffman, New York City, or Berry & Stevens
of Detroit.
A certified check for $1,000 must accompany the bid.
Bonds
were approved by the Michigan Public Debt Commission on Aug. 19,1937.
r
DETROIT,
Public
Debt
Mich.—$1,500,000
Commission
against current
has
LOAN
authorized
AUTHORIZED—The
State
city to borrow $1,500,000
the
of the Department of Street Rys. and the revenues
of the department for the fiscal
year 1938-1939.
Notes will be issued and
will mature
revenues
$750,000
on or
before June 30, 1938, and $750,000 on or before
June 30,1939.
MONROE COUNTY (P. O. Monroe), Mich.—iVO BOND SALE OFFERS
RECEIVED—F. E. Gillespie, Clerk of the Board of County Road Com¬
missioners, reports that no tenders were submitted in response to the com¬
missioners offer to purchase various
par
outstanding bonds at
1296.
and interest—145, p
a
above par and accrued interest
PICKFORD
TOWNSHIP
Mich.—BOND SALE—Local
can
on
SOLD—'The
Minn.—CERTIFICATES
LAKES,
improvement certificates of indebtedness offered on
1296—were awarded to the Detroit State Bank of
Lakes on a bid of par for 3s.
Denom. $500. Dated July 1, 1937.
payable Jan. 1 and July 1.
Due yearly for 10 years beginning July
145,
p.
$21,000
Aug. 23
Detroit
Interest
1, 1939.
EVELETH, Minn.—STATE LOAN ASKED—The City Council has
adopted a resolution asking the State Board of Investment for a loan of
$270,000 to fund all outstanding certificates of indebtedness and tax
warrants.
The bonds, if issued, will bear 3% interest and mature $27,000
yearly from 1943 to 1952.
FERGUS
FALLS, Minn.—BOND ELECTION—The City Council has
proposition to issue
Sept. 27 as the date of an election to vote on a
$80,000 water works bonds.
•
1
set
,
HIBBING, Minn.—BOND OFFERING DETAILS—In connection with
the offering scheduled for 9:30 a. m. on Aug. 27, of the $10,000 3% semi¬
annual sewerage system bonds, mentioned in these columns recently—
V. 145, p. 1296—we are now informed that the bonds mature on Sept. 1
as
follows:
$4,000, 1938 and 1939, and $2,000 in 1940.
Bids will be
received by V. L. Cole, Village Recorder.
MINNEAPOLIS, Minn.—BOND SALE—'The $1,175,000 bonds offered
Aug. 24—V. 145, p. 643 and 1141—were awarded to Phelps, Fenn &
of Minneapolis on a joint bid
of 100.151 for 2.30s, a basis of about 2.27%.
The bankers reoffered the
bonds to invastors at prices to yield from 0.85% to 2.25%, according to
maturity.
The bonds are divided into two issues, as follows:
March
Co. of New York and the Wells-Dickey Co.
Due $100,000 yearly on Sept. 1 from
$1,000,000 public relief bonds.
to 1947, inclusive.
,
Dated
Sept.
1,
1938
Q
175,000 permanent improvement school bonds.
Due yearly on
as follows: $17,000, 1938 to 1942, and $18,000, 1943 to
,
Sept. 1
1947.
1937.
PAUL, Minn.—BOND OFFERING DETAILS—It is re¬
ported by E. L. Sloan, City Recorder, that the $66,000 fire fighting equip¬
ment and sewer bonds scheduled for sale on Sept. 7 as noted here recently
—V. 145, p. 1296—are divided as follows:
SOUTH
ST.
,
$50,000 trunk sewer bonds.
Due $5,000 from Jan. 1,1938 to 1947,
16,000 fire fighting equipment bonds.
Due on July 1 as follows:
1938 to 1945, and $2,000 in 1946 and 1947.
incl.
$1,500,
Recorder until 8 p. m. on Sept. 7 for the
to bear interest at no more than
Dated July 1, 1937.
Certified check for 2% of
of bonds bid for, required with bids.
Bids will be received by the City
purchase of the bonds at not less than par,
4%.
Denom.
the amount
$500.
WABASHA, Minn.—CERTIFICATE SALE—The $12,000 3% street
improvement certificates of indebtedness offered on Aug. 20
V. 145, p.
1141—were awarded to the First National Bank of Wabasha, the only
bidder.
Due in from one to four years, callable at the option of the city.
be considered.
SCHOOL
DISTRICT
banks purchased
5PhoSkb9.nds offered Aug. 23.—V. 145,
due
$2,000
DETROIT
coupon street
—V.
price of not more
OAKLAND COUNTY (P. O. Pontiac), Mich.—TENDERS WANTED
—Sealed tenders of comity highway
improvement (Covert) refunding
bonds will be received until 10 a. m. on Sept. 7 at the office of the Board of
County Road Commissioners, at which time they will be publicly opened
and read.
Information concerning the extent of available funds on each o
the several issues may be obtained on request from the Road Commissioners.
All tenders shall be submitted in writing, sealed and marked
"Tender of Bonds" and shall
specify the road assessment district number,
the bond numbers, the portion of each road (whether
county portion, town¬
ship portion, city portion, or assessment district portion), and shall stipulate
the lowest price at which the owner will sell said bonds to the
sinking fund.
Bids to be firm through Friday, Sept. 10, 1937.
Bonds purchased must have Nov. 1, 1937, and all
subsequent coupons
attached and shall be delivered to the Detroit Trust Co. of
Detroit, Mich.,
oil or before
Sept. 15, 1937, accruing interest being computed to that date
The right is reserved to reject
any and all tenders and no tenders at prices
__
(The above offering includes the said $12,500 certificates offered without
success.)
on
GLADSTONE. Mich.—BOND SALE—The $16,200 special assessment
stredt paving and sewer bonds, bearing 5% interest, offered Aug. 24—V.
145, p. 1296—were sold as follows: $13,500 to the First National Bank of
Gladstone at a price of 101, and $2,700 to the city sinking fund at par.
than
Aug. 1 from 1939 to 1944.
on
CROOKSTON, Minn.—BOND SALE—The $25,000 recreational center
on July 1 from 1938 to 1957, incl.
The Allison-Williams Co. of
Minneapolis was second high bidder, offering a premium of $780 for 4s, the
purchaser to pay for legal opinion.
Cray, McFawn & Company
1
payable $5,000 yearly
yearly
MICHIGAN MUNICIPALS
BAY
1457
The resolution authorizing the sale of the bonds will come before
the Village Council on Aug. 31, and the offering will not take place before
the latter part of September.
The bonds are to bear interest at no more than
4%, will be in the denomination of $1,000 each, dated Aug. 1, 1937, and
error.
bonds offered on Aug. 24—V. 145, p. 981—were awarded to the Crookston
Trust Co. of Crookston at a price of par for 3s, the city to pay the pur¬
chaser $750 for preparation of the bonds. Dated July 1, 1937. Due $1,250
Buy for Our Own Account
Telephone CHerry 6828
Chronicle
(P.
O.
Offerings
Pickford),
the $30,000 coupon public
p. 1296.
1 from 1939 to 1953 incl.
Wanted:
LOUISIANA &. MISSISSIPPI
Dated July 1, 1937 and
MUNICIPALS
ROYAL
Hazel
OAK TOWNSHIP SCHOOL DISTRICT NO. 8 (P. O.
Park
Station, Royal Oak), Mich.—TENDERS WANTED—
-
Sealed tenders of 1936 refunding bonds, series A, dated April 1
be received by Ralph Valom, Secretary of the Board of
1936, will
Education, up to
7 p. m. (Eastern Standard Time), Sept. 11, at which time they will be
publicly opened and the money made available Sept. 15 on the tenders
accepted.
The amount available for the retiiement of series A bonds is
$10,000.
Bonds purchased shall be delivered to the Detroit Trust Co., of
Detroit, Mich., within 10 days after acceptance of tender.
Tenders
specifying the lowest price will be accepted up to the amount available.
Tenders should fully describe securities offered, including serial
numbers,
and specify the sum for which the bond, with Oct. 1, 1937, and
subsequent
coupons attached, will be sold to the school district.
The board of educa¬
tion reserves the right to accept tenders which in the
opinion of said board
are most favorable to the district, and to purchase additional bonds
up to
the amount of money available for this purpose on Sept. 11
1937.
Endorse
on the outside of the
envelope "Tender or Bonds, Series A."
It is stated
that there is only one delivery from the Hazel Park Station on
Saturday—
a Saturday morning
delivery—so that tenders should be made promptly in
order to insure receipt in time to be considered at the boaid
meeting
Saturday night.
DETAILS
connection
OF
TENDERS
with the above call
ACCEPTED
AT
PREVIOUS
CALL—In
for
tenders, Matthew Carey, 2149 Union
Guardian Bldg., Detroit, who is refunding agent for School District
No. 8
and various other communities in Michigan, has issued the
following report
on the nature of the tenders received
by the Board of Education of School
District No, 8 on Aug. 7:
Series
$1,000.00
2,000.00
15,000.00
2,000.00
2,000.00
A
Bonds
69 M plus
70 flat
•
@
Certificates of Indebtedness
$47.50
interest
150.00
70 plus interest
70 % plus interest
600.00
2,850.00
71M
plus interest
plus interest
Plus interest
74)4 plus interest
81 plus interest
72 M
73 M
2,000.00
2.000.00
2,000.00
1,000.00
475.00
707.50
1,312.50
3,450.00
85 plus interest
90 flat
flat
90
92.45 plus interest
94.73 flat
$8,000.00
@
par
MISSISSIPPI
SCHOOL DISTRICT
sold.
GREENVILLE, Miss .—BONES AUTHORIZED—On Aug. 12 the City
adopted three resolutions authorizing the issuance of $20,000
works improvement bonds, $6,000 sewerage system bonds and
Council
water
$4,000 street repair bonds.
State
of—NOTE OFFERING—Sealed bids will be
10 a. m. on Sept. 10 by Greek L. Rice, Secretary of the
Highway Note Commission, for the purchase of a $4,000,000 issue of
highway notes, first series, sub-series D.
Interest rate is not to exceed
4%, payable A. & O.
Dated Oct. 1, 1937.
Due on Oct. 1 as follows:,
$300,000, 1938: $150,000, 1939 to 1941; $125,000, 1942; $175,000, 1943
to 1945; $200,000. 1946 to 1948; $250,000, 1949; $275,000, 1950 and 1951;
and $300,000, 1952 to 1955.
Issued in coupon form, in the denomination
of $1,000 each or, at the option of the holder, in registered form in the
denon inations of $1,000, $10,000, and $50,000.
The notes shall oe re¬
deemable in whole or in part at the option of the said Note Commission
MISSISSIPPI,
received until
State
interest payment date in the inverse
any
order of maturity at a price
plus accrued interest to
amount of the note
par
flat
par
par
plus interest
plus interest
(P. O. Bass-
field), Miss.—BONDS SOLD—We are now informed by W. J. Conoway,
District Clerk, that the $20,000 school building bonds approved by the
voters on July 30, as noted in these columns—V. 145, p. 1141—have been
of 1% of the principal
for each year or fraction thereof over the full number
note.
from the date fixed for redemption to the stated maturity of this
Prin. and int. payable at the Chemical Bank & Trust Co., New York
City.
Said
of years
vertible
interest
Raymond 5409
Teletype N. O. 182
98 plus interest
90.00
BANK
ORLEANS, LA.
BASSFIELD CONSOLIDATED
on
Bonds
plus
NATIONAL
NEW
per note equal to the principal amount thereof
the date fixed for redemption and a premium of
6,850.00
Series B
WHITNEY
Bell
Department
97)4 Plus interest
97 M plus interest
6,650.00
$29,000.00
Bond
$23,182.50
into
coupon notes shall be registerable as to principal or con¬
fully registered notes, and said registered notes shall be
coupon notes.
Bidder shall specify the rate of interest
to bear in multiples of M of 1 %.
convertible into
All tenders received were accepted, with the exception of a few
certifi¬
of indebtedness tendered at par plus accrued interest.
The accept¬
of the above tenders exhausted all the moneys in the
sinking funds
cates
the notes are
/0
that the State Highway Note Com¬
Oct. 1, retire a total of $615,000 of the 1936 highway note
for which has been issued.
We understand that increased
gasoline tax revenue has made the retirement of these notes possible.
If definitive notes shall not be ready for issuance at the time when same
are to be issued, interim certificates shah be issued in lieu of such defini¬
tive notes.
Such interim certificates shall be in the denominations of $1,000
or any multiple or multiples thereof and shall
be exchangeable without
cost to the holder thereof for the definitive notes described herein
when
the latter are ready for issuance.
The interim certificates shall provide
that the bearer thereof shall be entitled to all the rights and privileges of an
owner or holder of the notes described therein.
ADRIAN, Minn.—BONDS NOT OFFERED—Village Clerk F. J. Forkenbrock informs us that the report that the village would offer an issue of
$30,000 municipal power plant equipment bonds for sale on Aug. 31 is in
Mississippi, 1936, into which is required to be paid monthly an amount
equal to the amount produced by a l)£c. per gallon gasoline tax levied
under the statutes of Mississippi, including among others House Nill No.
38, Laws of Mississippi, 1936, and House Bill No. 94, Laws of Mississippi,
1936, and in the event the "Highway Note Sinking Fund" shall at any
ance
except $10,000 in the sinking fund for series A bonds.
The purpose of the
Sept. 11 call for tenders is to secure additional tenders with which to exhaust
the $10,000 remaining.
Matthew Carey has computed that the series A
bonds (after the payment of the April 1, 1937, coupon) figured to
—that is,
April 1,1966—are worth 65
on a
6.50 basis, and 70 on
WYANDOTTE, Mich.—BOND SALE— The city recently
a
maturity
6.00 basis.
sold
an issue
of $20,000 Bloomfield Village drainage district bonds at a
price of 68.50.
Proceeds will be placed in the City sinking fund account.
also granted by council
to
Authority was
purchase for the sinking fund $29,000 of 5%
city sewer bonds.
NOTE REDEMPTION—It is said
mission will, on
series,
call
The notes are
payable as to both principal and interest solely from the
"Highway Note Sinking Fund," provided for by
MINNESOTA
of
House Nill No. 38, Laws
1458
Financial
Chronicle
fcime be insufficient to
pay when due the principal of and
interest on the
notes, the Act
provides that the deficiency shall be paid into the
out of any funds then
fund
in the State Treasury to the
credit of the
State
Highway Fund derived from any excise tax on
gasoline, all in accordance
with the provisions of
the Act.
The
approving opinion of Thomson, Wood &
Hoffman, of New
York, to the effect that such notes
are
valid and
NEW
legally binding
FRANCONIA, N. H.—BOND SALE—Mansfield
& Co. of Hartford have
issue of $50,000 3% water works extension
and town hall
bonds.
Re-offering is being made at prices to yield from
0.80 to 2.80%, according to
maturity.
The bankers have already re-sold
the 1949 to 1957 bonds.
Entire issue is dated
Sept. 1, 1937.
Due $2,500
each on Sept. 1 from 1938 to
1957, incl.
Principal and interest (M. & S.)
payable at the Littleton National
Bank, Littleton, or at the National
Shawmut Bank, Boston.
Legality to be approved by Storey, Thorndike,
Palmer & Dodge of Boston.
purchased
NOXUBEE COUNTY
(P. O.
Macon), Miss.—CORRECTION.—In
the offering scheduled for
Sept. 6 of the $50,000 Road
District No. 1 refunding
bonds, notice of which was given in these
columns
recently—V. 145, p. 1296—it is stated
by C. Y.
that
the
bonds
not
are
callable
as
p
SHUQUALAK, Mis*.—BOND
stated by
Adams, Chancery Clerk,
previously stated.
Due from 1938
SALE NOT
Mayor W. W. Price that the
well bonds to the Public
Works
in May, was not
consummated.
CONSUMMATED—It
sale of the $5,500
Administration,
as
Debt and Tax Collection Record
I
The Town of Franconia has never
defaulted in the payment of principa
interest instalments on its
indebtedness, nor have such payments ever
been postponed or delayed.
The town ranks
among the first in the State
in the collection of taxes.
See figures below:
is
or
4% semi-annual
noted in these columns
YALOBUSHA COUNTY (P. O.
Coffeyville), Miss.—BOND
TION—An election will be
ELEC¬
held on Sept. 4,
according to report, to have the
$13,000 in school bonds.
voters pass on
a new
construction
connection with
to 1961.
HAMPSHIRE
CONCORD, N. H.—BONDS AUTHORIZED—The Board of
Aldermen
recently passed a resolution providing
authority for the issuance of $35,000
public improvement bonds.
the State, will be delivered to
obligations
the purchaser.
Each bid must be
accom¬
panied by a certified check,
payable to the State
Treasurer, in a sum equal
to 2% of the par value of the
notes bid for.
of
Aug. 28. 1937
Assessed valuation (1936)
Town owned property
New construction
Financial Statement
-
.......
-
--
--.-$1,012,806.14
43,306.47
50,000.00
1,106,112.61
.
Total property value........
Total bonded debt (incl. this
issue)
Water bonds
Net bonded
_
MISSOURI BONDS
Markets in all
64,000.00
Debt ratio
.
State, County & Town Issues
—.....—............
Tax Collections
Year—
Tax Rate
Total Tax Levy
Uncollected to Date
$30.50
1936
$31,289.60
$80.05
32.42
1935———.....
29.60
31,169.94
Uncollected all prior
years.—.
1936 taxes due in 1937; 1935 taxes due in
1936; et cetera.
Population (1930). 539.
Town is in Grafton
County.
—
SCHERCK.rRICHTER COMPANY
LANDRETH BUILDING, ST.
LOUIS,. MO.
New
SOLD—A $14,500 issue of
was purchased on
4% road bonds
Aug. 17 by the Commerce Trust Co.
of Kansas
a small
City, for
premium.
Due in 10
years.
Jersey and General Market Issues
B. J. Van Ineen & Co. Inc.
MEXICO SCHOOL DISTRICT
(P. O. Mexico),
Mo.—BONDS NOT
are now informed
by L. B. Hawthorne,
Superintendent of
Schools, that the report
SOLD—We
given in these columns
recently of a sale of $12,000
3% semi-annual school
building bonds—V. 145, p. 982—was
as no sale of bonds
erroneous
has taken place
recently.
57 WILLIAM
STREET, N. Y.
A. T. &T.:N. Y. 1-730
MIRABILE, Mo.—BONDS SOLD—The
Commerce
to
MISSOURI, State
of—BID RECEIVED FOR
BONDS—At the offering
Aug. 21 of the $3,000,000
$25,000 City of Millville, N. J.
building bonds, the private sale of which had
aroused protests from
investment houses and
prompted the State official
to advertise them at
public bidding, as noted in detail
in our issue of
Aug. 21
j
p' 1297—-only one bid was received.
The single offer was sub¬
mitted by a
4j^% Bond#, due Sept. 1, 1953-57
To yield 4X1%
£•
syndicate composed
of
the
Mercantile-Commerce
Bank
&
TiT18?1 9°-",the First National Bank of St. Louis, the Union
Trust Co., the
Mississippi Valley Trust Co., Smith, Moore &
Co., and G. H. Walker &
Co., all of
St.
their
Louis.
Their tender
offered
Colyer, Robinson $ Company
a
premium of $150,500.00,
to 105.016,
stipulating that the Sinking Fund Commission
cancel
outstanding contract with Baum, Bernheimer
INCORPORATED
1180
& Co., at the close of
business on Aug.
23, and called for early
delivery of the bonds.
p .The Commission
gave the syndicate until
Aug. 24 to eliminate the
stipulation or have the bonds
revert to Baum, Bernheimer
& Co. under the
terms of the private
sale made on
July 20.
However, because Governor
Stark was not
present at the
meeting of the Commission on Aug. 24 it was
decided to hold another
meeting on Aug. 26, at 11 a. m.
4.^"?*?^BAINING
the
Aug. 26
&
NEW
banking
any
accepted.
litigation which
that it would not
group
might
ensue
should
their
be
PLATTE COUNTY
(P. O. Platte
City), Mo.—BONDS DEFEATED
—At an election held on
Aug. 17 the voters are stated to have
defeated the
proposal to issue $500,000 of road
bonds by a vote
The plan calls for a bond issue
refunding the borough's $3,361,941 debt
the School Board's
$732,000 debt.
General obligation bonds are to
over a 40-year
period with interest at 3 >3% for the first five
years and 4% thereafter.
and
of almost two to one.
It is said that the
issue had been
purchased by Stern Bros. & Co. of
Kansas
City, subject to the outcome of the
be issued
election.
I
NEPTUNE
of
or
as
UTAH—IDAHO—NEVADA—MONTANA—WYOMING
MUNICIPALS*
^
LSALT^LAKE^CITY ■$».
MONTANA
CUSTER
as
on
COUNTY
March 8,
4s at par,
as
SCHOOL DISTRICT NO. 8
(P. O. Ismay),
is now
reported that the $21,000 school bonds
noted in these columns at
the time, were purchased
by the State Land Board.
nM}hL£2^7J„SCHOOL
BOND OFFERING—Arn
:
-
DISTRICT NO.
68
F.
until
1 p.
Johnson, District
m._ Sept. 21 for the purchase of $1,875
Amortization
(P. O. Havre), Mont.—
Clerk, will receive bids
refunding bonds.
bonds will be the first
choice and serial bonds will be the
second choice of the
School Board.
If
amortization bonds are
sold,
single bond or divided into
the entire issue may be
p.ut into one
several bonds, as the
board of trustees may
determine upon at the time of
sale, both principal and interest to be
in semi-annual
payable
instalments during a period of 10
years from the date of issue.
.If serial bonds are
issued they will be in the
amount of $100 each, except
the last bond which
will be in the
amount of $75: $200 of the serial
bonds
will become
payable
on
June 30, 1938, and
each year thereafter
until all are
in the amount of
$75.
paid,
a
like amount
on
the
same
day
except that the last instalment will be
bonds, whether
amortization or serial
bonds, will bear date of
1937, and will bear interest at a
rate not
exceeding 6%, payable
semi-annually, on June 30 and Dec.
30, and will
■r
The bonds will be sold as one
issue, no more bonds being sold than will
produce a sum equal to the amount of the
offering, plus a premium of $1,000.
Bidders are to name a
single rate of interest for all the bonds; not to exceed
6%, in a multiple of H% 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.
SECAUCUS, N. J.—BOND SALE— On Aug. 24 the Town Council sold
$10,000 4)^% school building
completion bonds, awarding $7,000 to the
Police Pension Fund and
$3,000 to the Sinking Fund.
Due $1,000 yearly
begiuning Sept. 1, 1938.
I
SHAMONG-TOWNSHIP, Burlington County, N. J .—STATE
COMMISSION APPROVES REFUNDING ISSUE—The State
Funding
Commission has approved the township's
proposal to issue $21,500 refund¬
ing bonds, mention of which
appeared previously in these columns—
v. 145, p. 1297.
at
m
m
I'
VERONA, N. J.—BONDS AUTHORIZED—On Aug. 17 the
Borough
Council adopted on final
reading an ordinance authorizing the issuance
of $50,000 street
June 30,
an^Jn^ereSj
The
i
be redeemable in full
payment date from
Donds
will
be sold for
interest, and all bidders
on
and after five years from
the date of issue,
less than their
par value with accrued
not
must
,
$12,000 sewage disposal and
improvement bonds.
25,000 incinerator bonds.
Teletype: SL K-372
Mont.—BONDS SOLD—It
offered
not to exceed 5s on
RARITAN, N. J.—BOND OFFERING POSTPONED—The offering of
$145,000 coupon, registerable, bonds which was to
take place on Aug. 24—
V. 145, p. 1297—was
postponed to Sept. 7:
Angelo J. Soriano, Town Clerk, will receive bids
until 8 p.m. (Daylight
Saving Time) on that date for the purchase at not less than
par of the bonds
described as follows:
FIRST SECURITY TRUST CO.
Bell
CITY, N. J.—BONDS SOLD—The First National Bank
Bradley Beach is reported to have purchased the issue of
$20,000 coupon
registered sewage improvement bonds which was
unsuccessfully offered
Aug. 4—V. 145, p. 1143.
Dated July 1, 1937, and
due July 1 as follows:
$1,000 in 1938; $1,500 from 1939 to 1950 incl.,
and $1,000 in 1951.
OFFERINGS WANTED
Phone Wasatch 3221
JERSEY
FORT LEE* N.
J.—REFUNDING PLAN NEARING ADOPTION—
Mayor Arthur E. Kerwein announces that the
borough's $5,000,000 debt
refunding program is now in the hands of New York financial
experts and
is being drafted into
ordinance form for introduction and
public hearing
in the near future.
assume
bid
MArket 3-1718
A. T. & T. Teletype
NWRK 24
a special electiov called
for Aug. 31 the Board of
Education will ask the voters to
approve a proposed
$32,000 bond issue for construction of an
addition to a school building.
by the Sinking Fund Commission
after a restraining order
Baum, Bernheimer & Co.
It had
liability for
Wire:
EATONTOWN, N. J.—BOND ELECTION—At
against the sale
the
York
REctor 2-2055
of the syndicate headed
by
Trust Co. was returned to
that group
had been obtained
by
been specified in the
bid of the
Raymond Blvd., Newark
New
ORDER ISSUED—The bid
Mercantile-Commerce Bank
on
Telephone: John 4-6364
Newark Tel.: Market 3-3124
Trust Co. of Kansas
have purchased
$18,500 4% road bonds.
City, is said
equal
None
MUNICIPAL BONDS
MISSOURI
KINGSTON, Mo.—BONDS
on
37,000.00
27,000.00
2.4%
-
debt....—............ ...——......
state
the lowest rate of
interest at which
thev will purchase the bonds
at par.
All bids other than
by or on behalf of the State
Board of Land Com¬
missioners must be
accompanied by a certified
check in the sum of $250
payable to the order of the Clerk.
improvement bonds.
WALDWICK, N. J.—BOND OFFERING—Charles A. Bearce, Borough
Clerk, will receive sealed bids until 8
p. m. on Sept. 3, for the purchase of
$25,000 4H% coupon or
registered improvement bonds of 1937.
Dated
Aug. 1, 1937.
Due Aug. 1 as follows:
$4,000, 1938: $2,000 from 1939
to 1947, incl. and
$1,000 from 1948 to 1950, incl.
The sum required to be
obtained through the sale is
$25,000 and no more bonds will be issued than
will produce that
amount and an additional sum of not more than
$1,000.
Principal and interest (F. & A.) payable at the North
Jersey Trust Co.,
Ridgewood. A certified check for
2%, payable to the order of the
borough,
accompany each proposal.
The approving legal opinion of Hawkins,
Delafield & Longfellow of New York
City will be furnished the successful
The bonds are payable from unlimited ad
valorem taxes which
may be levied on all of the
borough's taxable property.
must
NEBRASKA
bidder.
HARRISON, Neb.—BOND SALE
DETAILS—It is stated by the
Village Clerk that the $5,000
refunding bonds purchased by the Sioux
National
Bank of
Harrison,
as
p. 1142—were purchased as 4s,
20 years; optional in five years.
MINATARE, Neb.—BONDS
Jensen
tional
refund
a
new
is
noted
are
in
these columns
recently—V.
dated
YORK
CLARENCE WATER DISTRICT NO. 1 (P. O.
Clarence), N. Y.—
OFFERING—Earl Ebersole, Town Clerk of Clarence, will receive
sealed
BOND
REFLNDED—State
Treasurer Walter H.
Consummating the deal ordered
by the State Board of Educa¬
and Funds
whereby the Town of Minatare is
Lands
$75,500 of its bonds bearing interest
issue carrying 3H% interest
NEW
145,
Lily 10, 1937, and mature in
rates
of
4%%
permitted to
and 5%, with
bids until 3p.m.
(eastern standard time) on Sept. 7 for the purchase
not to exceed 5% interest
coupon or registered water construction
Dated Sept. 15, 1937.
Denom. $1,000.
Due $1,000 on Sept. 15
from 1939 to 1948
incl. 1 Bidder to name a single rate of
interest, in multiples
of \i or l-10th of
1%.
Principal and interest (M. & S.) payable at the
of
$10,000
bonds.
Volume
Financial
145
The bonds are general obligations of the
Water District No. 1, but if revenues
the purpose, then all of the town s
taxable property will be subject to the levy of unlimited ad valorem taxes
in order to provide for payment of both principal and interest.
A certified
check for $200, payable to the order of the town, must accompany each
proposal.
The approving legal opinion of Clay, Dillon & Vandewater _oi
New York City will be furnished the successful bidder.
Bank of Clarence, in
Clarence.
town, payable primarily from taxes on
from that source are not sufficient for
Ellen—BOND OFFERING—Chester Begor, Trustee, will
ELLENBURG COMMON SCHOOL
burg Depot),
N. Y
receive sealed bids at the law office of
DISTRICT NO. 9 (P. O.
John D. Munsil,
Ellenburg Depot,
of
(Eastern Standard Time) on Aug. 31 for the purchase
$3,955 not to exceed 6% interest school bonds.
Dated Aug. 1, 1937.
One bond for $955, others $750 each.
Due June 1 as follows: $955 in 1938,
and $750 from 1939 to 1942, incl.
Principal and interest (annually on
until
10
a.
m.
in New
price of
the bid
M8 Mm
June 1) payable at the State Bank of Ellenburg, Ellenburg Depot,
York exchange.
Bidder to name one rate of interest and state a
not less than par.
A certified check for 10% of the amount of
must accompany
GLEN
each proposal.
N. Y —BOND OFFERING—Harvey L. Doxey, Com¬
sealed bids until 2p.m. (Eastern Standard
COVE,
missioner of Finance, will receive
Sept. 16, for the purchase of $150,000 not to exceed 5% interest
coupon or registered oonds, divided as follows:
.
$90,000 incinerator bonds.
Due $30,000 July 1 from 1938 to 1940, incl.
30,000 sewer bonds of 1937.
Due $10,000 July 1 from 1938 to 1940, incl.
10,000 Glen Cove Creek improvement, series A bonds.
Due July 1 as
follows:
$4,000 in 1938, and $3,000 in 1939 and 1940.
Time)
on
.
.
20,000 works progress bonds.
Due July 1 as follows:
and $7,000 in 1939 and 1940.
$6,000 in 1938,
Denom. $1,000. Principal and
interest (J. & J.) payable at the Gien Cove Trust Co., G*en Cove, or at the
Chase National Bank, New York City.
Bidder to name a singie rate of
interest, expressed in a multiple of M or l-10th of 1%.
A certified check
for $3,000 must accompany each proposal.
The apporoving legal opinion
of Hawkins, Deiafield <1 Longfellow of New York City will be furnished the
All of the bonds
are
dated July 1, 1937.
successful bidder.
|
HARRISON, N. yT—BOND OFFERING— R. J. Funkhouser.lTown
Supervisor, will receive sealed bids until 10 a. m. (Eastern Standard Time)
on Sept. 8, for tne purchase of $17,900 not to exceed 5% interest coupon or
registered fire apparatus and building bonds of Water District No. 2 (Fire
Protection District No. 2).
Dated Aug. 1, 1937.
One bond for $900,
others $1,000 each*
Due Aug. 1 as follows: $2,900 in 1938; $3,000 in 1939,
and $4,000 from 1940 to 1942, incl.
Bidder to name a single rate of interest,
expressed in multiples of M or l-10th of 1%.
Principal and interest
(F. & A.) payable at the First National Bank of Harrison, with New
York exchange.
The bonds are general obligations of said Water District
No. 2 (Fire Protection District No. 2), all of the taxable property in said
district being subject to the levy of unlimited ad valorem taxes in order to
pay both principal and interest.
A certified check for $400, payable to the
order of tne town, must accompany each proposal.
The approving legal
opinion of Clay, Dillon & Vandewater of New York City will be furnished
the successful bidder.
Financial Statement
The assessed valuation of the property in
said water district subject to
1459
Chronicle
The State
Tax
Commission recognizes
that the new utilities tax law
presents to the utilities a problem of great magnitude, with but little time
provided for effecting a solution
Many utilities will have to prepare not
only a State return but several city returns as well.
Moreover, because of
many complications, there has been some delay on the part of State and
city authorities in promulgating their interpretations of the law and in
preparing appropriate tax return blanks for the use of the utilities."
SOMERS
CENTRAL
SCHOOL
DISTRICT
NO.
(P.
1
O. Somers),
N. Y.—BOND SALE—The $87,000 coupon or registered school
bonds
offered Aug. 27—V. 145, p. 1299—were awarded to A. C. Allyn & Co.,
Inc., and Rutter & Co., both of New York, jointly, as 3Hs, at a price of
100.535,
annually
a
basis of about 3.45%.
Dated May
Nov. 1 from 1938 to 1966 incl.
1,
1937 and due $3,000
on
WATKJNS GLEN, N. y.—BOND ELECTION—An election is scheduled
decide whether or not the village should
of a fire alarm system.
for Sept. 8 at which the voters will
issue $20,000 bonds for installation
WHEATFIELD (P. O. North Tonawanda, R. F. D. No. 2), N. Y.—
$4,000 registered highway bonds offered on Aug. 20
awarded to the Marine Trust Co. of Buffalo on a bid of 100.127 for
2.90s, a basis of about 2.83%.
Dated Aug. 2, 1937.
Due $1,000 yearly
1'
BOND SALE—The
were
on
March 1 from 1938 to 1941.
YONKERS, N. Y.—CITY TO VOTE AGAIN UPON CITY MANAGER
PLAN—A special dispatch from Yonkers on Aug. 19 to the New York
"Herald Tribune" reported as follows:
Mayor Joseph F. Loehr announced today that he would approve an
ordinance adopted unanimously by the Common Council yesterday, which
provides for a referendum on the adoption of the city manager form of
election.
10 years to get the voters to approve of the
form of government.
The Common Council insisted
last year on a special referendum on the question on Nov. 19 and it was
defeated, 17,000 to 13,000 in an election the conduct of which was con¬
demned later by the Westchester County Grand Jury.
The first attempt
to put the plan over was in 1925.
The latest plan, which is being attempted under a local law, would
include proportional representation and non-partisan ballots with elim¬
ination of party emblems.
government at the November
It is the third attempt in
city
manager
NORTH
BEAUFORT COUNTY (P. O.
CAROLINA
Washington), N. C.—NOTES SOLD—
It is reported that $20,000 revenue notes were
Bank of Aurora.
purchased recently by the
BELMONT, N. C.—BOND ELECTION—The Town Commissioners have
a special election for Sept
21 at which a proposal to issue $25,000
bonds will be submitted to the voters.
called
street improvement
^BOONE, N. C.—BONDS AUTHORIZED—On Aug. 18 the
missioners adopted an ordinance authorizing the issuance
refunding bonds.
COUNTY
CATAWBA
(P. O. Newton), N. C.—NOTES
Town Com¬
of $218,000
SOLD—It is
reported that $20,000 revenue notes were purchased on Aug. 24 by
Farmers & Merchants Bank of Newton, at 2%, plus a premium of $55.
the
reported that $25,000 antici¬
by the R. Roderick Shehyn Co. of Washing¬
DURHAM, N. C.—NOTES SOLD—It is
$30,465,080.
The total bonded debt of said Town of
Harrison, excluding the above mentioned bonds is $4,642,000, of which
$769,000 is water debt.
The total bonded debt of said district, including
the above mentioned bonds, is $47,900.
The total bonded debt of the
town incurred either on
behalf of said water district or fire protection
pation notes were purchased
ton, D. C.
$47,900, and the population of said town (1930 census) was
10,195, and it is estimated that the population in said district is 7,500.
The bonded debt above stated does not include the debt of any other sub¬
Standard Time) on Sept.
the taxing power is
district
is
division having power to levy taxes upon any or all
the taxing power of said town or district.
The
to
Jan.
1.
of the property subject
fiscal year commences
The amount of taxes of said town levied for the fiscal years com¬
1934, Jan. 1, 1935 and Jan. 1, 1936 was respectively
$1,959,337.54, $1,701,786.93 and $1,436,120.41.
The amount of such
taxes uncollected at the end of each of said fiscal years was respectively
mencing
Jan.
1,
$486,566.02, $326,791.28, and $263,037.16.
The amount of such taxes
uncollected as of Aug. 16, 1937, is respectively $168,551.45,
$210,261.43, and $210,128.95.
The taxes of the fiscal year commencing
Jan.
1, 1937 amount to $1,307,884.81 of which $990,515.36 has been
collected.
V: ;-v
remaining
HEMPSTEAD
UNION
FREE SCHOOL
DISTRICT NO.
12 (P. O.
Y.—BOND OFFERING—Frances G. Zitzmann, District
Malverne), N.
Clerk, will receive bids until 4 p. in. (Eastern Standard Time) Aug. 31 for
the purchase of $100,000 coupon, registerable, general obligation, unlimited
tax, school building bonds.
Bidders are to name rate of interest, in a
multiple of
% or 1-10%, but not to exceed 6%.
Denom. $1,000.
Date
Sept .15,1937.
Principal and semi-annual interest (March 15 and Sept. 15)
payable at the Bank of Malverne, with New York exchange.
Due $4,000
yearly on Sept. 15 from 1940 to 1964, incl.
Certified check for $2,000,
payable to Frank W. Price, District Treasurer, required.
Approving
opinion of Clay, Dillon & Vandewater of New York will be furnished by
tne district,
a
LACKAWANNA, N. Y.—BOND SALE—The $500,000 coupon;* or
registered, unlimited tax improvement bonds offered Aug. 27—V. 145, p<
1298—were awarded to a syndicate composed of E. H. Rollins & Sons, Inc.;
A. C. Allyn & Co., Inc.; Butter & Co., and Chas. D. Barney & Co., all of
New York, as 3s, at a price of 100.40, a basis of about 2.93%.
Dated
Aug. 1, 1937 and due Feb. 1 as follows: $55,000 from 1939 to 1946 incl. and
(P. O. Durham), N. C.—BOND OFFERING
offering scheduled for 11 a. m. (Eastern
7, of the two issues of not to exceed 6% semi-ann.
coupon bonds, aggregating $72,000, reported in these columns recently
—V. 145, p. 1299—it is stated by W. E. Easterling, Secretary of the
Local Government Commission, that the bonds are registerable as to
Prin. and int. (M. & S.) payable in legal tender in New
stated in multiples of
of 1%. No bid
than two rates for any issue, and each bidder must specify
in his bid the amount of bonds of each rate.
The award will be determined
by the bid offering the lowest interest cost to the county.
These bonds are
being issued for county home, and school building purposes, as previously
noted.
Bids must be on a form to be furnished by the Secretary.
The
bonds are said to be general obligations, payable from an unlimited tax.
A certified check for $1,440, payable to the State Treasurer, must accom¬
principal only.
may name more
pany
the bid.
FREMONT, N. c.—NOTE SALE— An issue of $3,500 revenue anticipa¬
tion notes was sold recently to the Bank of Fremont on a 6% interest basis,
at par.
KINSTON,
Other bidders were:
Premium Bid
Name—
Manufacturers & Traders Trust Co., Buffalo
Rutter & Co., New York
Ira Haupt & Co., New York
Marine Trust Co., Buffalo
Sage Rutty & Co., Rochester
Int. Rate
2.25%
2.30%
2.40%
2.40%
2.50%
$8.50
1.70
10.63
5.87
5.10
MIDDLEBURG, N. Y.—BONDS DEFEATED—The voters of the village
on Aug. 16 defeated a proposition to issue $13,000 water supply bonds.
11
a.
Other bids were
UNION
FREE
as
SCHOOL
DISTRICT
NO.
5
(P.
O.
follows:
Int. Rate
Co.,
W.
Rutter
C.
&
Co.
—
C.
Allyn & Co., Inc
E. Weinig & Co
Marine
Trust
Co
Adams, McEntee & Co.,
Ira Haupt & Co__
Bacon, Stevenson & Co
Sherwood
George B.
&
Inc
Co
Gibbons & Co., Inc
Premium
2%
2%
2%
2.10%
2.10%
2.20%
$43 20
2.20%
Inc
Seligman A Co
Schenectady Trust Co
A.
be received
April 15, 1937.
Due on April 15 as follows:
$2,000, 1939 to 1946; $3,000,
1947 to 1956, and $4,000 in 1957.
Bonds are registerable as to principal
only.
Prin. and int. payable in lawful money in New York.
Delivery
at place of purchaser's choice.
Interest rate to be stated in multiples of
of 1%.
No bid may name more than two rates and each bid must
specify the amount of bonds of each rate desired.
The lowest interest
cost to the city will determine
the award of the bonds. No bid for less
than par and accrued interest will be entertained.
The approving opinion
of Caldwell & Raymond of New York will be furnished.
A certified check
for $1,000, payable to the Sta.te Treasurer, must accompany the bid.
COUNTY (P. O. Wilmington), N. C.—BOND SALE
registerable as to principal, school building bonds
145, p. 1299—were awarded to the Interstate Securi¬
ties Corp., Charlotte, and Hamilton & Co., Chester, S. C., the first $29,000
bonds to bear interest at 3% and the remaining $50,000 2^%, at par plus
a premium of $12, equal to 100.015.
Dated July 1, 1937. Due on July 1
as follows:
$3,000, 1939 to 1945; $4,000, 1946 and 1947; $5,000, 1948 to
1951, and $6,000, 1952 to 1956.
The following is the official list of the bids:
$79,000 coupon,
offered on Aug. 24—V.
26.40
2.25%
2.30%
26^64
16^80
Par
36.60
18.96
45.34
4 80
2.30%
2.40%
14 40
2 00
3%
60.00
Rate
Bidder—
Stranahan Harris & Co.-—
For the 1st $34,000
For
the
the
For
the
3%^
3H%
balance
Peoples Sav. Bank & Tr.
Weil Roth & Irving, and
and Trust Co.—
Price
$79,086.90
1st $29,000
balance
3%
79,079.00
3H%
3}i%
Co., Wilmington, N. C_
Provident Savings Bank
Securities Corp., and Hamilton &
For the 1st $29,000
-
Interstate
<
9,010.00
Co.—
3%
For the balance
2M %
Equitable Securities Corp., and William B. Greene—
For the 1st $67,000
———
3H%
For the balance
3%
Wilmington Savings & Trust Co
3H%
R.
Bidder—
&
C.—BOND OFFERING—Sealed bids will
m.
Government
For
NISKAYUNA
Niskayuna), N. Y.—BOND SALE—The $24,000 coupon, fully registerable,
general obligation, unlimited tax, school building improvement bonds
offered on Aug. 26—V. 145, p. 1298—were awarded to E. H. Rollins & Sons
of New York as l^s at par plus a premium of $31.20, equal to 100.13, a
basis of about 1.70%.
Dated Sept. 1, 1937.
Due $6,000 yearly on
Sept. 1 from 1938 to 1941 incl.
The Manufacturers & Traders Trust Co.
of Buffalo bid a premium of $18.96 for l^s.
&
N.
on Sept. 7 by W. E. Easterling, Secretary of the Local
Commission, at his office in Raleigh, for the purchase of a
$50,000 issue of coupon electric light plant improvement bonds.
Interest
rate is not to exceed 6%, payable A. & O.
Denom. $1,000.
Dated
until
—The
MALVERNE, N. Y.—BOND SALE—The $8,500 coupon or registered
tax revenue bonds offered on Aug. 20—V. 145, p.
1143—were awarded
to C. E. Weinig & Co. of Buffalo on a bid of 100.058 for 2s, a basis of
about 1.97%.
Dated Sept. 1, 1937.
Due $2,500 Sept. 1, 1938, and
$2,000 on Sept. 1, in 1939, 1940 and 19*1.
Gertler
Interest rate to be
York City.
NEW HANOVER
$60,000 in 1947.
J.
COUNTY
DURHAM
DETAILS—In connection with the
& Co.—
For the 1st $55,000
79,012.00
19,008.00
79,000.00
S. Dickson
For
For
the
balance
Kirchofer & Arnold—
For the 1st $34,000
For
33^%
the balance
__
2^%
the balance
Wachovia Bank & Trust
For the 1st $39,000
<9,027.75
3H%
3%
79,035.00
3H%
334 %
79,023.00
Co., and Lewis & Hall—
—
—--
NORTH CAROLINA, State of—LOCAL BOND ISSUES AUTH¬
ORIZED—It is reported that the Local Government Commission has
authorized recently the issuance of the following bonds:
$24,000 Belmont
improvement; $100,000 Cabarrus County hospital; $24,000 Davidson
court house; $10,000 Hemp water and sewer; $10,000 Hertforn
special building fund; $12,000 Jonesboro sewer and funding;
$375,250 Kernersville funding and refunding, and $80,000 Raleigh refunding
school
County
» NEW YORK STATE—UTILITY TAX PENALTY DATE EXTENDED
—Without authority to extend the time for filing returns for the new
State utility tax, Mark Graves, Commissioner of Taxation and Finance,
announced that his Department will accept, without penalty, July returns
and tax payments due on Aug. 25, if they are filed not later than Sept. 15.
This action, which in effect represents a time extension, is necessary, in
Mr. Graves' opinion, because of the tremendous bookkeeping problem'for
many taxpayers.
He pointed out that the statute does give the Tax Com¬
mission authority to remit penalties for failing to file returns on time.
In announcing his decision, the State official declared:
County
bonds.
ROCKINGHAM COUNTY (P. O. Wentworth) N.
C —BOND OFFER¬
ING—Sealed bids will be received by W. E. Easterling, Secretary
Local Government Commission, at his office in Raleigh, until 11
of the
a. m.
Standard Time), on Aug. 31, for the purchase of a $40,000 issue
of court house bonds.
Interest rate ,is not to exceed 6%, payable F. & A.
15.
Denom. $1,000; coupon bonds, registerable as to both principal and
(Eastern
1460
Financial
Chronicle
28,
mi
Interest.
Dated Aug. 15. 1937.
Due"$2,000 from Aug. 15, 1938 to 1957,
without option of prior payment. There will be no auction. Prin. and int.
payable in lawful money in New York City.
Delivery at place of pur¬
chaser's choice.
Bidders
are
requested to
the interest rate
name
or rates,
not
OHIO
exceeding
MUNICIPALS
6% per annum in multiples of M of 1%. Each bid may name one rate for
part of the bonds (having the earliest maturities) and another rate for the
balance, but no bid may name more than two rates, and each bidder must
specify in his bid the amount of bonds of each rate
The bonds will be
awarded to the bidder offering to purchase the bonds at the lowest interest
cost to the county, such cost to be determined by
deducting the total
amount of the premium bid from the aggregate amount of interest
upon
all of the bonds until their respective maturities.
No bid for less than par
193-420 1945-8706 1952-64738.
and accrued interest will
Bids
must
MITCHELL, HERRICK & CO.
700
CANTON
CUYAHOGA
BUILDING, CLEVELAND
CINCINNATI
AKRON
COLUMBUS
SPRINGFIELD
be entertained.
be accompanied
by a certified check upon
an
incorporated
bank
or trust company, payable unconditionally to the order of the
State
Treasurer of North Carolina for $800.
The right to reject all bids is re¬
served.
The approving opinion of Reed, Hoyt & Washburn, New York
City, will be furnished the purchaser.
OHIO MUNICIPALS
$500,000 City ol Cleveland, Ohio, unlimited tax 2 Ms %
bonds, due Sept. 1, 1943 to 1952, price to yield 2.10 2.60.
Financial Statement Aug. 4, 1937
Outstanding Debt—
County bonds
County bonds for schools.
'
$1,895,000.00
Notes due State of North Carolina for schools
Bonds
now
offered.
Tax sales certificates unredeemed and owned
492,084.00
272,859.12
by county for all prior
years,
Maturity of Bonds Outstanding Incl. Bonds Now Offered, Through 1957-58
1937-38
$145,000
1944-45. .—-$202,000
1951-52
$102,000
1938-39.
157,000
188,500
102,000
162,000
189,500
102,000
.—
The county has
no
CHARLESTON, S. C.
CLEVELAND, Ohio—FINANCIAL STATEMENT—'The following is
the most recent report on
the financial condition of the above city and is
given in connection with the Aug. 10 award of $3,353,500 bonds to Malsey,
8tuart & Co., Inc. of New York and associates, complete details of which
appeared in V. 145, p. 1144:
$70,000,000.00
164,000
160,500
160,500
180,500
C.
OHIO
1.20
511,738.75
7,250.88
$70,000.00.
Estimated actual property valuation
annual instalments.
S.
1937-38
__
ment of any
GREENVILLE,
$41,000,000.00
1.25
Amount levied...
Amount uncollected to date
166,500
105,500
123,000
98,000
103,000
28,000
28,000
28,000
Financial Statistics
Assessed
Valuation
1932 for 1933
$1,247,281,380
135.276,110
Real and
public utilities.
Personal tangible (est.).
sinking fund bonds outstanding, all issues mature in
Rockingham County has never defaulted in the pay¬
census,
51,000; estimated present, 60,000.
ROWAN COUNTY (P. O.
Salisbury) N. C.—NOTES SOLD—It is
reported that $25,000 revenue notes were purchased
recently by the Wach¬
ovia Bank & Trust Co. of Winston-Salem.
SOUTHERN
Total
N. C.—NOTE SALE—An issue of $5,000 ninamonths revenue
anticipation notes has been sold to the Cabarrus Bank &
Trust Co. of Concord on a
6% interest basis, plus a premium of $73.50,
making the actual net interest cost about 4%.
1933 for 1934
$1,076,662,130
$1,382,557,490
$1,209,110,500
for 1936
CITY,
N.
C —BOND OFFERING—Sealed bids will be re¬
m, on Sept. 7 by
W. E. Easterling, Secretary of the
Commission, at his office in Raleigh, for the purchase
of a $10,000 issue of
coupon sewer plant bonds.
Bidders to name the
rate of interest.
Denom. $500.
Dated July 1, 1937.
Due as follows:
$500, 1940 to 1943, and $1,000, 1944 to 1951.
Prin. and int. (J. & J.)
payable in New York.
Legal approval by Storey, Thorndike, Palmer
& Dodge of Boston.
A certified check for $200 must
accompany the
1936 for 1937
$1,039,995,110
132,579,480
$1,035,820,250
133,106.880
$1,172,574,590
$1,168,927,130
Personal tangible (est.)
Total
as
of July 26, 1937
General bonds (tax supported)
Special assessment bonds (supported by
$7,000,000 assessments levied)
Water works bonds (self supporting)Electric light bonds (self supporting)—
Tax anticipation notes
Delinquent tax scrip.
'..mm
_
$78,115,429.68
approximately
Less:
Water works debt
Electric light debt___
Sinking fund applicable to general debt.
Tax auticipation notes
Delinquent tax scrip
—
WARREN COUNTY (P. O.
Warrenton), N. C.—BOND ELECTION—
an election to be held in
the county on Sept. 21 a proposition to issue
$20,0u0 county jail improvement bonds will be voted
upon.
At
WASHINGTON COUNTY (P. O.
Plymouth),
TEOR1ZED—The Board of County Commissioners
Net
Water works
DAKOTA
—
—
Taxes
CURRIESCHOOL DISTRICT NO.
15,
Rolette County, N. Dak.
—CER'II IICaTE OFFERING— Char]es
II. Larsen, Disterct Clerk, will
receive bids until 3 p. m.
Sept. 4 at the County Auditor's office in Rolla
for the purchase at not less than
par of $3,5JO certificates of indebtedness,
to bear.interest at no more than
7%, payable annually.
Denom. $500.
Dated Sept.4,1937.
Due Sept. 4,1939.
Certified check for 2 % of amount
of bid
levied
City
Tax
noted in
as
FARGO, N.
27.15
27.60
1934—-._
29.90
V.
t
145,
N.
the issuance of the $200,000 in convention
hall
originally scheduled for Sept. 14, as noted here recently—
p. 486—has been postponed to Sept. 28.
GASCOYNE
on
6.7635
5.5822
4.5162
6.3025
10.3864
9.1659
for
1933 for
1934 for
1935
SCHOOL
DISTRICT
NO.
22,
Bowman
29.90
1935 for
1936
32.00
1937
28.60
quired.
TWIN
N.
BUTTE
SCHOOL
DISTRICT
NO.
80, Williams County,
Henry Langseth, Clerk,
m. Aug. 30, at the County
purchase of $1,000 certificates of
Dak.—CERTIFICATE OFFERING—-Mrs.
Education, will receive bids until 8 p.
Board of
Auditor's office
indebtedness.
in
Williston
for
the
10.3428
5.5007
7.7399
11.0829
8.0414
4.8755
4.1699
14 3439
10.9091
12.2561
15.2619
13.3358
1930
for
Levy
1931.
1931 for
1933.
1933 for
1934 for
.21,021,022.00
.17,951,958.00
.15,322,746.41
.14,818,979.00
.16,903,796.88
.17,895,716.14
1932.
1932 for
1934.
1935.
1935 for
1936.
1937.
.15,588,578.43
Tax
Total
Incl. Prior
%
Delinquents Collected
93.1
19.577.421.08
Accumulated
83.9
15,054,942.28
80.9
12,406,734.22
91.7
13,593,510.80
100.1
16.923.565.09
102.3
18,315,509.09
17,000,000.00 Estimate*
Delinquents
3.423,385.46
5,677,853.26
8,811,259.66
9,835,885.70
9,716,189.56
9,327,399.73
Collections—Special Assessment
Collections Incl.
Current
Yeai Levied-
Prior
%
Col-
Total
Accumulated
Levy
Delinquents
lected
Delinquents
Year
73.2
57.8
3,527,539.06
4,757,868.86
5,687,425.55
11,989,549.65
9,620,326.56
7,443,413.56
5,389,394.56
5,109,827.42
1930for 1931-3,633,758.23 2,660,214.43
1931 for 1932.2,636,174.19 1,524,010.02
1932 for 1933-1,928,883.50
985,549.00 49.8
4.224,649.01
778,033.81 62.7
4,520,633.10
712,453.27 64.5
1935 for 1936.
4,662.817.88
655,282.00 72.2
906,912.89
l936for 1937
324,140.74 First half collection
989,935.00
Statutory tax limit 10 mills. By vote of people. 110 limit.
1933 for 1934-1,241,179.08
1934 for 1935-1,103,628.93
Debt Jan. I
Fiscal
4,318,941.00
3,498,744.00
*
OHIO
BELLVILLE, Ohio—BOND OFFERING—F.
3.8314
4.1456
Collections
Current
Year Levied—
will receive
7%.
Denom.
$500.
Dated Sept. 7, 1937,
Interest payable semi-annually. Due $2,000
Sept. 7, in 1938 and 1939.
Certified check for 5% of amount of
bid, re¬
Rate
Tax Collections— General
County,
L. Fishbein, District
Clerk,
bids at the County Auditor's office in
Bowman until 2 p. m.
Sept. 7 for the purchase at not less than
par of $4,000 certificates of in¬
debtedness, which are to bear interest at no more than
Corporation
and Pesions
Rate
1936 for
1936 for
Dak.—CERTIFICATE OFFERING—C.
Debt
6.5114
27.60
1933
N.
Dak.—BOND ELECTION POS TPONED—11 is
reported
Total
Operation
Year Levy of—
1930 for 1931
1931 for 1932
Auditor that the
that the election to vote
and armory bonds,
■
Tax Rates
Total
required.
Dak.—BONDS SOLD—It is stated by the
City
$3,800 opera house purchase bonds offered on May 24,
these columns, were
purchased at par by a local investor.
L.; "
and
collected by county.
Tax payment dates are
Time of payment has in the past been extended.
Property is subject to sale after a three year delinquency.
are
December and June 20.
1932
145, p. 807—was not sold as no bids were
received, according to the Village
Clerk.
Due from Sept. 1, 1939 to
1942.
ELLENDALE,
$2,314,081.16
800,974.12
Tax History
Dak.—BONDS NOT SOLD—The $3,000 issue of
exceed 6% semi-ann.
funding bonds offered for saie on Aug. 10—V.
33,926,871.15
Of the above sinking fund $4,755,204 is invested in City of Cleveland
bonds, $16,480.80 in closed banks, balance free cash all fully secured.
income of water works and electric light are sufficient to service out¬
standing debt.
No notes outstanding issued in anticipation of the issuance of bonds.
COURTENAY, N.
not to
$23,186,000.00
3,910,000.00
3,404,184.83
2,107,046.32
1,319,640.00
$78,077,068.85
Electric light
NORTH
1.319,640.00
-—
Other Sinking Fund
C.—BONDS AU-
CARROLL SCHOOL DISTRICT NO.
8, Slope County, N. Dak.—
CERTIFICATE OFFERING—Mrs. W. P.
Jones, Clerk of the Board of
Education, will receive bids at the County Auditor's office until 2
p. m.
Sept. 2 for the purchase of $1,000 certificates of
indebtedness, to bear
interest at no more than 7
%.
— —
debt
recently adopted several
providing authority for the issuance of the following uonds.
$60,000 general refunding bonds.
$40,874.38 interest funding bonds.
55,000 road and bridge refunding
63,500.00 school refunding bonds,
bonds.
27,572.91 interest funding bonds.
N.
-
— -
_
3,365,824.00
23.186,000.00
3,910,000.00
2,107,046.32
_______
$112,003,940.00
bid.
bond orders
$1,178,465,890
1935
— — -
TABOR
ceived until 11 a.
Local Government
1934 for 1935
$1,046,017,520
132.448,370
132,448.370
Real and public utilities
Debt Statement
PINES,
1937
City incorporated March 5, 1836.
Population U. S. Census, 1910.
560,663; 1920, 796,841; 1930, 900,429.
Assessed valuation estimated
100% of real value.
Fiscal year Jan. 1 to Dec. 31.
of its obligations.
Population—1930 U. S.
YORK
$2,891,750.00
1936-37
__
NEW
Telephone WHitehall 4-6765
40,000.00
$40,136,065.00
Assessed valuation
Kate per $100.00
BROAD STREET
67
$2,851,750.00
-
Taxes-—
McALISTER, SMITH & PATE, Inc.
914,000.00
42,750.00
;
The first half collection on real property was 115%
There is every
ndication that the total for the year will be in excess of 110%.
G.
Jackson, Village Clerk,
will receive sealed bids until 110011 on
Sept. 9 for the purchase of $8,360 3%
sewer system and sewage disposal
plant construction bonds.
Dated June
1, 1937.
Denom. $440.
Due $440 011 June 1 and Dec. 1 from
1938 to
1946, incl. and $440 June 1, 1947.
Bidder may name an interest rate other
than 3%, although where a fractional rate is
named, such fraction must be
in multiples of M of 1%.
Interest payable J. & D.
A certified check for
$100, payable to the order of the village, must accompany each
proposal.
COLD
WATER, Ohio—BOND ELECTION—The Village Council
passed a resolution to submit a proposed $15,000 bond issue for
works improvements to the voters at the November election.
DAYTON, Ohio—TO REFUND ASSESSMENT BONDS—The
has
water
Board
of
bond program committee will
Sinking Fund Trustees has agreed to accept new 4}4% refunding assess¬
bonds in exchange for its present holdings of $375,000 obligations
cf the assessment
type, bearing interest rates of 5, 5K and 6%.
The city
has announced that it will reassess the
original special assessments, involving
about $700,000, which were levied on various properties at the time the
out a schedule of
assessment debt
CINCINNATI,
Ohio—7'0 CONSIDER BOND PROGRAM—The
city's
meet this week for the
purpose of working
improvements to be financed through bond issues.
The
program includes an issue of $5,000,000 for highway construction and an
equal amount for flood control.
COLUMBIANA
COUNTY
(P.
O.
Lisbon),
Ohio—BOND
SALE
DETAILS—111 connection with the previous report in these columns
of the
sale of $80,000 bonds to the County Sinking Fund, we are advised
that the
obligations bear 3% interest, are dated Dec. 1, 1938 and mature Dec. 1,
1943.
Callable any time. Denom. $4,000.
Coupon in form with interest
payable annually in December.
Bonds were issued to pay" the State for
institutional
care
of county wards.
ment
was
created.
DESHLER, Ohio—BOND
on
SALE—'The $14,000 city hall bonds offered
June 4—V.
144, p. 3548—have been sold to Ryan, Sutherland & Co.
of Toledo, as
3s, at par plus a premium of $41, equal to 100.29, a basis of
about 2.96%.
Dated May 7, 1937.
Due yearly from Oct. 15, 1938 to
1951.
FOSTORIA, Ohio—BOND ELECTION—At the November general
elections the voters of the city will be asked to approve two bond issue
one of $50,000 for construction of an addition to the city hospital
proposals,
and the other of
$30,000 for building
a
municipal swimming pool.
Volume
issue
Government.
proposition
in
$23,000 fire
the Novem¬
OKLAHOMA, State of—HIGHWAY FUND
other
,'
^
bids submitted
at the
>
offering:
Int. Rate
2M %
Gillis Wood & Co.,
Cleveland--
Ryan, Sutherland & Co., Toledo
Saunders, Stiver & Co., Cleveland
Stranuhan, Harris & Co., Toledo-Fullerton & Co., Inc., Columbus
— —
Premium
$406.55
3%
2%%
—
238.28
"Ss-Xx
27.00
3%
Seasongood & Mayer, Cincinnati-Fox, Einhorn & Co., Inc., Cincinnati
Middendorf & Co., Cincinnati
G. Barr Ayers & Co., Columbus
Van Lahr, Doll & Isphording. Inc.. Cincinnati
Weil, Roth & Irving Co., Cincinnati
Assel, Goetz & Moerlein, Inc., Cincinnati--Otis & Co., Cleveland-Braun, Bosworth & Co., Toledo—
Field, Richards & Shepard, Inc., Cleveland
First Cleveland Corp., Cleveland
Merrill, Turben & Co., Cleveland-
3%
2%%
—
3%
—3%
2M %
-
-
3M%
3M%
2%%
2M%
2%%
'.•••'521.64
115.92
534.20
438.00
118-00
181.00
232.00
201.00
2%%
3M%
SCHOOL DISTRICT (P. O. Mt. Vernon),
BOND ELECTION—At the November general election a proposal
$340,000 school building bonds will be voted upon.
MOUNT VERNON
Ohio—BONDS
NEWARK,
passed an ordinance authorizing
sewer construction bonds.
Ohio—
to issue
AUTHORIZED—'The City Council has
the issuance of $65,000 trunk intercepting
awarded
Bidder—
Premium
$102.50
89.55
67.50
40.00
-
Securities
Hinsch &
Weil, Roth & Irving
First National Bank
OAKWOOD
Co.——
Co., Inc
Co...
of Norwood-
SCHOOL DISTRICT (P.
O. Oakwood), Ohio—BOND
to ask the voters at
ELECTION—The Board of Education has decided
the November election to approve a proposition to
■:
bonds.
issue $45,000 library
V
RITTMAN, Ohio—BONDS NOT SOLD—TO BE REOFFERED—The
4M% coupon municipal building bonds offered on Aug. 21—
145, p. 986—were not sold.
The issue will be readvertised. Dated
April 1, 1937.
Due $3,000 yearly on Oct. 1 from 1938 to 1947.
The $30,000
—V.
Ohio—LEGAL OPINION—'The legality
of the
$300,000 refunding bonds being offered for sale on Sept. 13—V. 145,
is approved by Squire, Sanders & Dempsey of Cleveland.
Financial and Tax Statement as of Aug. 1, 1937
p. 1300
HEIGHTS,
SHAKER
1936 duplicate (two-thirds of actual)
$62,208,830.00
1937 duplicate
•__
63,500,000.00
construction—263 permits, valuation
2,862,265.00
1937 building construction (Jan. 1 to July 31)—140 permits,
Tax valuation,
Tax valuation,
1936 building
2,344,000.00
562,265.50
valuation
Bonded debt—General__—-—
.a
— —
Less sinking
Net
3,188,351.50
—
Special assessmentTotal bonded debt
$3,750,617.00
84,116.00
(excluding this issue)
fund
$3,666,501.00
bonded debt (5.9% of valuation)
have been met to date.
United States Census, 1930, 17,783; estimated 1937,
Note—-All debt service requirements
Population:
Tax and Assessment Data
23,000.
'N'~'v;
1934-35
Tax rate per
$100.
-
-
General levy
(first half)
collected (first hall")
Tax collection
Per cent
—
_.
Assessment levy
Tax collection
W.
(first half)
(first half)
Per cent collected
with
E.
of
fund.
like amount of warrants."
NOT SCHEDULED—
recently, that the
in the near
future to vote on the issuance of approximately $2,000,000 in school con¬
struction bonds—V. 145, p. 1300'—we are
informed by J. G. Stearley,
Clerk of the Board of Education, that nothing definite has been decided as
OKLAHOMA CITY, Okla.—BOND ELECTION
with the report given in these columns
of Education had approved the holding of an election
In connection
Board
yet.
■
•/;
v
L
YUKON, Okla.—BONDS VOTED—The voters of
the proposed issuance of $12,000 improvement bonds.
Aug. 17 approved
OREGON
(P. O. Coquille), Ore.—BONDS AWARDED—We
are now informed by the County Clerk that the $27,000 coupon refunding
bonds offered on Aug. 16, the sale of which was deferred temporarily—V.
145, p. 1300—were awarded to the Coos Bay National Bank of Marshfield,
as 3#s, at 100.05, a basis of about 3.24%.
Due $3,000 from Sept.
COUNTY
COOS
1, 1939,
by the
3 Ms.
highest bid was an offer of 100.53 on 3 54s, tendered
State Treasurer.
The First National Bank of Portland offered par for
The second
DOUGLAS
Ohio—BOND SALE—The $25,000 coupon street, curb,
gutter and sidewalk bonds offered Aug. 23—V. 145, p. 986—were
to Granberry & Co. of Cincinnati as 2s at par plus a premium of $67.50,
equal to 100.27, a basis of about 1.95%.
Dated April 1, 1937 and due
$2,500 on Oct. 1 from 1938 to 1947 incl.
Other bids, all of which named
an interest rate of 2 M %, were as follows:
Charles A,
Commission
longer,
to 1947, incl.
NORWOOD,
BancOhio
1935-36
1936-37
$2.38
$192,547
213,684
111%
$752,889
262,064
34.8%
$2.40
$194,156
200,263
103%
$703,663
251,144
35.7%
$2.31
$180,518
103,029
114%
$627,635
136,450
43.5%
UHRICHSVILLE, Ohio—BOND OFFERING—W. R. Treadway, City
bids until noon Sept. 7 for the purchase at not less than
of $3b,U00 3M% refunding bonds.
Denom. $1,000. Dated Oct. 1,
1937,
Interest payable April 1 and Oct. 1,
Due $3,000 yearly on Oct. 1
from 1938 to 1947.
Principal and interest payable at the First National
Bank of Denison.
Certified check for $300, required.
Approving opinion
of Squire, Sanders & Dempsey of Cleveland will be furnished by the village.
Auditor, will receive
par
WADS WORTH, Ohio—BONDS SOLD—An issue of $2,206.33
funding bonds has been issued to the Sinking Fund Trustees.
,,,
injunction suit unless expenditures were adjusted to permit payment
the deficit which has existed in 1933.
.
.
„
_
"Since 1933 the State has diverted the gasoline tax to pay the deficit
which has since been reduced from $13,000,000.
This year the receipts
had been turned into the maintenance fund.
Final instalment will be
paid in December from funds now in the general revenue sinking
The deficit was funded in 1933 when Treasury notes were issued to refund
a
287.00
???•£?
115.74
2M%
Journal" of
plans to pledge $250,000 of monthly revenue, to
of projects, and to reduce personnel for 10 months
Grisso, Chairman, announced after conference
Governor Marland.
It is understood that the Governor threatened an
"The
or
•.
Bidder—
NOTES TO BE PAID—
postpone $1,500,000
each pro¬
■''
i"V■
\
without success
will
share
elimination
/"'.f-'.; ■
MASSILLON
CITY
SCHOOL
DISTRICT (P. O. Massillon)
OTHER BIDS—In connection with the previous report in these columns—
V. 145, p. 1300—of the award of $64,400 refunding bonds to the BancOhio
Securities Co. of Columbus, as 2Ms, at par plus a premium of $420, equal
to 100.65, a basis of about 2.67%, we give herewith a complete list ol the
•'/
system bonds offered for sale
that time, have been sold.
A special report from Oklahoma City to the "Wall Street
Aug. 26 had the following to say:
".ayment of $4,689,000 deficit of the State Highway Commission
be made despite the fact that the diversion of 40% of the State's
of the gasoline taxes, which has been assigned each year toward
of the deficit, has been stopped this year.
Cahill, Village
purchase ot
iJatea
Sept. 1 from
LEWISBURG, Ohio—BOND OFFERING—Edward J.
Clerk, will receive sealed bids until noon on Sept. 11 for the
$15,000 4% sewage system and disposal plant construction bonds.
Sept. 1, 1937.
Denom. $500.
Due $500 on March 1 and
1939 to 1953, incl.
Interest payable semi-annually.
Bidder may name
an interest rate other than 4%, although
where a fractional rate is namea,
such fraction must be in multiples of M of 1 %.
A certified check for $300,
payable to the order of the Village Treasurer, must accompany
posal.
reported by the City
Okla.—BONDS SOLD—It is now
KREMLIN,
Clerk that the $8,000 water
on June 15, as noted here at
November.
KENT, Ohio—BOND ELECTION—A proposition to issue
department equipment bonds will be submitted to the voters at
ber general election.
•
the Federal
matching of funds by
project is being delayed pending the
ELEC¬
COUNTY (P. O. Steubenville), Ohio—BOND
Commissioners have decided to submit a
$700,000 courthouse bonds to a vote at the general election
JEFFERSON
TION—The County
to
1461
Financial Chronicle
145
burg),
SCHOOL DISTRICT NO. 33 (P. O. RoseOFFERING—C. W. Cook, District Clerk, will re¬
Sept. 7 for the purchase of $4,500 4% coupon
COUNTY
Ore —BOND
ceive bids until 7:30 P. m.
bonds.
$1,000, except one
Denom.
required.
for $500.
Certified check for $250,
.
DISTRICT NO. 69 (P. O. Junction
City), Ore.—BOND OFFERING— Sealed bids will be received until 8 p. m.
on Sept. 1, by Ejner Hentze, District Clerk
for the purchase of a $25,000
issue of building bonds.
Interest rate is not to exceed 3% , payable M. & S.
Dated Sept. 1, 1937. Due on Sept. 1 as follows:
$1,500, 1940 to 1946;
$2,000, 1947 to 1952, and $2,500 in 1953.
Prin. and int. payable at the
County Treasurer's office.
These bonds were approved at an election held
on Aug. 2, 1937.
A certified check for $200 n ust accon pany the bid.
LANE
COUNTY
MARION
No.
Box
Clerk
SCHOOL
COUNTY SCHOOL
DISTRICT (P. O. Salem, Route 5,
Ore.—WARRANTS SOLD—It is reported by the District
warrants were purchased on Aug. 24 by Tripp &
of Portland, as 3Ms.
37),
$4,500
that
McClearey,
(P. O.
received until
purchase of a
payable
1939 to
in 1952;
thereafter.
in New
The approving opinion of Teal,
Portland, will be furnished. A
MULTNOMAH
COUNTY SCHOOL DISTRICT NO. 17
Portland), Ore— BOND OFFERING—Sealed bids will be
Aug. 30, by Sybil G, Nelson, District Clerk, for the
$29,000 issue of school bonds. Interest rate is not to exceed 6%,
M. & S.
Dated Sept. 1, 1937. Due on Sept. 1 as follows: $1,500,
1942; $2,000, 1943 to 1947; $2,500, 1948 to 1951, and $3,000
subject to call on Sept. 1, 1939, and on any interest paying date
Principal and interest payable at the fiscal agency of the State
8 p. m. on
York, or at the County Treasurer's office.
Winfree, McCulloch, Shuler & Keller, of
certified check for $1,000 must accompany
(This report supersedes
145, p. 1300.)
the bid.
the offering notice given in
these columns recently.
—V.
Ore.—BOND OFFERING—Sealed bids will be received until
m. on Sept. 7 by M. F. Solomon, City Recorder, for the
issues of 5% semi-ann. bonds aggregating $8,500, divided as follows:
NYSSA,
8 p.
two
purchase of
$7,500 city hall bonds.
on Oct. 1, 1947.
1,000 park bonds.
Denom.
for
1942 to 1956; optional
Due $500 from Oct. 1,
Due $500 on Oct.
1, 1948 and 1949.
Dated Oct. 1, 1937.
The bonds will be sold separately
than par.
A certified check for 2% of the par value of
$500.
not less
the
bonds must accompany
the bid.
REDMOND, Ore.—BOND SALE—The $2,846.02 issue of 6% semi-ann.
improvement bonds offered for sale on Aug. i0—V. 145, p.
pur¬
chased by a local investor, at par, according to the City Recorder.
May 1, 1937.
Due in 10 years, optional after six years.
807—was
Dated
Recorder,
SALEM, Ore.—BOND OFFERING—A. Warren Jones, City
receive bids until 8 p. m. Sept. 20, for the purchase of an
issue of
Bidders are to name rate of
par. Denom. $1,000. Dated
Oct. 1, 1937.
Certified check for 2%, required.
WASHINGTON COUNTY SCHOOL DISTRICT NO. 92 (P. O.
Garden Home), Ore.—BOND SALE—The $2,500 issue of school bonds
offered for sale on Aug. 21—V. 145, p. 1300—was sold as 3Ms, at a price
of 100.17, a basis of about 3.22%.
Dated Aug. 15, 1937. Due $500 from
will
$20,000 general obligation refunding bonds.
interast.
Sale will not be made at less than
Aug. 15,
1942 to 1946 incl.
4% re¬
City of Philadelphia
XENIA, Ohio—BONDS SOLD—An issue of $12,500 4% fire apparatus
purchase bonds was sold to the Board of Interest and Sinking Fund Trustees.
Dated June 1, 1937.
Denoms. $1,000 and $500.
Due $2,500 on June 1
from 1938 to 1912, incl.
YORKVILLE, Ohio—BOND ELECTION—A proposal calling for
issuance of $65,000 water system bonds will be placed on the ballot at
4^% Bonds due Dec. 1,
Price:
1975/45
109.737 & Interest to Net
3.15%
the
the
general election in November.
Moncure Biddle & Co.
Philadelphia
1520 Locust Street
R. J. EDWARDS, Inc.
WE OFFER
CITY OF
Municipal Bonds Since 1892
$12,000
Oklahoma
City,
50,000
Oklahoma
25,000
AT&T
Ok Cy
Long Distance 158
19
A.
SCHOOL
DISTRICT,
Okla.—BOND
after date of issue.
OFFERING—Coy
AUTHORITY (P. O. Oklahoma City), Okla.—
connection with the $15,000,000 water reservoir bonds authorized through the approval of an en¬
abling Act signed by Governor Marland last January, as noted in these
columns, it is stated by C. B. Sebring, Assistant State Treasurer, that the
RESERVOIR PROJECT DELAYED—In
1, 1975/45
@ 3.20%
@ 3.30%
@ 3.15%
T.
&
T.
Teletype—Phila. 22
Philadelphia
L.
PENNSYLVANIA
Cert, check for 2% of amount of bid, required.
GRAND RIVER DAM
PWA
16,1976/46
16, 1980/50
Dec.
1528 Walnut Street,
Morgan, Clerk of the Board of Education, will receive bids until 10:30 a. m.
Aug. 31 for the purchase at not less than par of $8,000 school building bonds.
Bidders are to specify rate of interest.
Due $1,000 yearly, beginning three
years
Dec.
Oct.
YARN ALL & CO.
OKLAHOMA
GATE
PHILADELPHIA BONDS
4M%
4M%
4M%
WATER CO. PURCHASE BY BONDS
the Consolidated Ambler Springs-Upper
for a price of $245,000 has
approved by the Public Utility Commission,
The borough plans to
bonds to finance the purchase.
•
AMBLER, Pa —TO FINANCE
—The purchase of the property of
Dublin
been
issue
Water Co. by
the Borough of Ambler
1462
Financial
CAMP HILL SCHOOL
DISTRICT, Pa.—FINANCIAL STATISTICS
—The following statistics are published in connection with the
offering of
$67,000 bonds taking place on Sept. 7:
Statistical
Information
Assessed valuation
$3,900,790
5,200,252
True value
Bonds, outstanding, including this issue
Floating debt
244,000
6,000
Insurance
Chronicle
Sayable Jan. 1 and July 1.
an.,;!, 1946.
1937-1938, 15M
against, 187.
mills.
1923540
1935-36
$61,845.74
45,087.66
Tax levy
$62,907.20
1936-37
$66,189.46
54,236.28
48.751.62
EAST FALLOWFIELD SCHOOL DISTRICT (P. C.
Modena), Pa.—
BOND ELECTION—The voters of the district will decide at the
general
election in November whether or not the district will issue
$45,000 school
building bonds.
GLENFIELD, Pa.—BONDS SOLD TO PWA—1The Public Works Ad¬
ministration has purchased an issue of $34,000 4% water
supply and sewer
SNOWDEN TOWNSHIP (P. O. Mt. Oliver), Pa.—BOND ELECTION
Township Road Commissioners have decided to submit a proposal
$80,000 water supply bonds to the voters at the Sept. 14 primaries.
to issue
SOLEBURY TOWNSHIP SCHOOL DISTRICT (P. O. New Ho0<),
Pa.—BOND SALE—The $30,000 3H% coupon school bonds offered on
Aug.23—V
145, p. 1146—were awarded to F. H. Rollins & Sons of
Philadelphia on a bid of 104.20, a basis of about 2.87%.
Due as follows:
$1,000, 1940 to 1942; $2,000, 1943; $1,000, 1944 to 1946; $2,000, 1947;
$1,000, 1948 and 1949; $2,000, 1950; $1,000, 1951; $2,000, 1952 and 1953;
$1,000, 1954; $2,000, 1955 to 1959.
Charles D. Barney Jt Co. of New
.
York bid 102.438 for the bonds.
Other bids were as follows:
bonds.
Bidder—
HIGHLAND
TOWNSHIP
SCHOOL
DISTRICT
(P. O. Phoenixville), Pa.—BOND ELECTION—At the Sept. 14 primary election a pro¬
position to issue $20,000 schodl building bonds will be submitted to a vote.
MOUNT CARMEL TOWNSHIP SCHOOL DISTRICT (P. O. Mount
Carmel),
sold
some
Pa.—BOND
SALE DETAILS—The $91,000 funding bonds
time ago to M. M. Freeman & Co. of Philadelphia—V.
144,
& 4056—were issued as 4s at par.
Nov. 1, 1946.
Interest payable May 1 and Nov. 1.
ue
OLD FORGE, Pa.—FINANCIAL STATEMENT—In connection
with
the unsucessful offering on Aug. 9 of the $125,000
4M% funding bonds,
noted in these columns—V. 145, p. 1146—we give herewith the
following
official information:
Statement of
Year—
Delinquent Tax Accounts
Special
32,685.51
$55,950.48
Balance due
on
$18,592.00
7,373.12
20,830.93
$41,459.15
Glover &
MacGregor...
$169 518 07
6(L889!56
_________________
__________
_.—_—
101.704
—101.70
—
Butcher & Sherrerd
101.68
Leach
101.35
Bros., Inc__
W. H. Newbold's Son & Co
Chandler & Co
Bioren
Co
&
101.30
101.216
__
____,
...—
Johnson & McLean
100-42
100.149
SWOYERVILLE, Pa.—BOND SALE—The $40,000 5% funding bonds
offered
Aug. 19—V. 145, p. 808—were awarded to the Exeter Bank.»
1937.
Due $4,000 yearly on Aug. 1 from 1938 to 1947.
on
Dated Aug. 1,
WAYNESBORO,
$539.33
4,800.84
15,683.67
20,216.95
33,810.39
56,527.72
37,939.17
102.125
101.825
Edward Lowber Stokes & Co
Pa.—BOND SALE—The
$50,000 3% coupon debt
145, p. 808—were awarded
Waynesboro at par plus a
premium of $375, equal to 100.751, a basis of about 2.72%.
This was the
only bid submitted.
Dated Sept. 1, 1937.
Due on Sept. 1 as follows:
$2,000, 1938 to 1940, and $3,000, 1941 to 1955; redeemable on and after
Sept. 1, 1940.
the
to
Total
$1,681.10
2,166.23
3,805.74
6,548.03
4,390.90
$88,635,991 $62,290.08
Rate Bid
George E. Snyder & Co
Battles & Co
revenue
Fund
$5,600.98
7,216.82
13,045.29
21,797.71
14,629.28
28,181.98
18,918.99
Payments to July 1'37
and Liens
Sinking
General
$539.33
4,800.84
8,401.59
10,833.90
16,959.36
Balance
The bonds are dated Jan. 1, 1937, and mature
—The
1934-35
Tax collected
1937
SHICKSHINNY SCHOOL DISTRICT, Pa.—BOND ELECTION—The
Board of School Directors will submit a proposal to issue $44,000 school
bonds to the electors at the Sept. 14 primary elections.
143,800
Votes in favor of this loan, 487;
Tax rate for
Aug. 28,
SHENANDOAH SCHOOL DISTRICT, Pa .—BOND SALE DETAILS
—The $80,000 operating revenue bonds purchased by the State Retire¬
ment
Fund recently—V. 144, p. 4057—were issued as 4s.
Interest is
sewer
First
WEST
bonds
bonds offered
National
Aug.
on
Bank
&
19—V.
Trust
Co.
of
LAWN, Pa.—BOND AWARD—The issue sf $20,000
Aug. 18, award of which was deferred until Aug.
school
offered
23, as
columns, was sold to Chandler & Co. of Philadelphia as
2Ms at par plus a premium of $155.80, equal to 100.779, a basis of about
2.60%.
Dated Sept. 1, 1937, and due $2,000 yearly on Sept. 1 from
1938 to 1947, inclusive.
noted in
these
$11,218.88^~$~108,628.51
1936 taxes
SOUTH
21,035 45
$129,663.96
2,000.00
5,539.93
Amount appropriated in 1937 budget.
Tax liens
Special assessment liens
15,326.75
-
premium of $26.40, equal
the only bid submitted.
a
Total delinquent taxes and liens
$152,530 64
After the issuance and sale of the bonds
contemplated, the liabilities of
the borough will be as follows:
CAROLINA
AUGUSTA ROAD WATER AND SEWER SUB-DISTRICT (P. O.
Greenville), S. C.—BOND SALE—The $20,000 water and sewer lateral
lines installation bonds offered on Aug. 24—V. 145,
p. 1301—were bid in
by the Greater Greenville Sewer District Commission, as 3M». at par plus
to
100.132,
a
Dated March
was
from 1945 to
basis of about 3.49%.
This
1, 1934.
Due $1,000 yearly
1964.
©4fi nnn nn
Bonds outstanding (old issues)
1937 bond issue....
COLUMBIA, S. C.—PURCHASER—In connection with the sale of
the $125,000 tax anticipation notes at 2%, reported in these columns last
125,000.00
..2
May, it is
now stated
by the City Clerk that they
were
purchased by the
First National Bank of Columbia.
$171,000.00
Sinking fund.
7,823.14
-
Net indebtedness
Deductible assets
«i«q
above at
as
Net indebtedness
Assessed valuation for^year
Real estate
75%
_I~II
114,322298
«q nqr coq
Personals (occupations)
1111111
Total assessed valuation
523
®q
nn
2525.00
filn oru nn
Millage—General .013, sinking fund .003.
Note—All unpaid taxes and liens have been
appropriated and restricted
to the payment of bonded indebtedness, to be
deposited in the sinking fund
as
collected.
Notes (Prepared by Saverio Rosato,
Borough Solicitor)*
There are no utilities owned or special
assessment
bonds
s
or
1937 assessment is $3,619,364, of which $523,525 is
personal
no
or injunctions pending.
Borough has defaulted in the payment of principal
last six years.
the sale of these bonds.
Current taxes
until
There
several
are
times
All defaulted bonds will be
redeemed prior
^
to
due Oct. 1, at 5% rebate.
are
May 1 of the following
°Lth? ¥lowJ?g y,earp
added after May 1 of
Lien date is May 1
are
obligations
suits
The
within the
*
year.
Current taxes are paid flat
Current taxes are delinquent
Mav 1
Pena.lty of one-half (y2%)
following year.
of the following
per cent per month is
Costs of liens and interest
year.
added to tax.
The amount of back taxes
outstanding to date is given in the financial
remaining unpaid for each year cannot be
furnished, because the Delinquent Tax Collector's Office does not
segregate
the payments for each year, but gives a
monthly report for all years toget her
statement.
The
amounts
PENNSYLVANIA (State of)—LOCAL ISSUES
APPROVED
partment of Internal Affairs
Bureau of Municipal
the following bond issues.
amount and purpose
Information includes
of issue and date approved:
MSiCi&SrdBPoS0gr-School
Northumberland
J'
A™unl
Aug
16
1937
Aug
18
1Q87
in-
debtedness.
Coppersburg Borough School District, Lehigh
Co.—Constructing, furnishing & equipping
a
approved
of the municinalitv
D°>°
District,
County—Erecting, equip¬
ping and furnishing new school building
Somerset
County—Refunding
bonded
The De¬
Affairs, has
name
«19 nnn
&1AU00
ion
(P. O. Darlington), S. C.—BOND SALE
highway reimbursement bonds offered on Aug. 24
—The
$110,000 coupon
145, p. 1146—were awarded to R. S. Dickson A Co. of Charlotte,
C., as 3Ms. at par plus a premium of $753.75, equal to 100.685, a
basis of about 3.65%.
Dated Sept. 1, 1937. Due $11,000 yearly on Sept. 1
from 1945 to 1964, inclusive.
—V.
17fi
$48,853.88
1937:
DARLINGTON COUNTY
nnn
N.
GREATER GREENVILLE SEWER DISTRICT (P. O. Greenville),
S. C.—BOND SALE—The $20,000 coupon water and sewer lines extension
offered on Aug. 24—were awarded to Thos. L. Lewis & Co. and
bonds
Henry T. Mills, both of Greenville, as 3 Ms, at par plus a premium of
$26.40, equal to 100.132, a basis of about 3.49%.
R. S. Dickson & Co.
a bid of par plus $13.75 premium for 3
Ms.
Dated Aug. 1, 1937.
Due $1,000 yearly on Aug. 1 from 1945 to 1964.
submitted
GREENVILLE COUNTY (P. O. Greenville), S. C.—BOND SALE
NOT SCHEDULED—It is stated by the Secretary of the Board of County
Commissioners that the sale of the $350,000 road and bridge improvement
bonds authorized by the Legislature last May, as noted in these columns at
the
time, has been held
up
and
no
offering date has been set
as yet.
LEE
COUNTY
(P. O. BUhopville), S. C.—BONDS SOLD—It is
by L. M. Peebles, County Treasurer, that the $60,000 coupon
funding bonds offered for sale on March 26, as noted in these columns at
the time, were purchased by G. H. Crawford & Co. of Columbia, at par,
as follows:
$3,000 as 3Ms, maturing on April 1, 1938; the remaining $57,000
as 4Ms,
maturing on April 1: $4,000, 1939; $5,000, 1940 to 1944; $6,000,
1945 and 1946, and $8,000 in 1947 and 1948.
stated
OLYMPIA SCHOOL DISTRICT NO. 4, Richland County, S. C.—
OFFERING
PLANNED— C.
M.
Lockwood,
Superintendent of
Schools, informs us that the $50,000 school building bonds recently approved
by the voters will be offered for sale about Oct. 15.
The bonds will bear
BOND
interest at 4% and will mature in 20 years.
J. B. Sylvan, Chairman.
The bids will be received by
ROCK
HILL, S. C.—BOND OFFERING—Ben R. Neely, City Clerk
Treasurer, will receive bids until 11 a. m. Sept. 3 for the purchase
$15,000 coupon, registerable as to principal only, general obligation,
unlimited tax, water works bonds.
Interest rate is not to exceed 4%.
Denom. $1,000.
Dated July 1, 1937.
Principal and semi-annual interest
payable in New York.
Due $1,000 yearly on July 1 from 1946 to 1960.
Certified check for 2% of amount of bonds bid for, payable to the city,
required.
Approving opinion of Reed. Hoyt & Washburn of New York
will be furnished by the
city.
and
of
t^u.uuu
SOUTH
school building
Aug. 19, 1937
40,000
Pa.—MAF ISSUE $2,500,000
WATER BONDS—
City Council has adopted a resolution
directing the City Solicitor to
petition Common Pleas Court for authority to issue
$2,500,000 bonds as
a charge against the
municipal water works system and not
against the
city s borrowing capacity.
The improvements
contemplated, according to
Mayor S. Davis Wilson, would ultimately cost
$5,000,000.
The Mayor
pointed out that the water bureau earns a minimum of
$4,000,000 annuallv
PHILadELPhiA
DAKOTA
EMERY, S. Dak.—PRICE PAID—It
is now reported by J. W. Hofer,
City Auditor, that the $3,500 city bonds purchased by the Security National
Bank of Emery as 4s, as noted here recently—V. 145, p. 1301—were sold
for a premium of $50, equal to 101.428, a basis of about
3.73%.
Due
$500 from July 1, 1940 to 1946, inclusive.
DAY COUNTY (P. O.
Webster), S. Dak.—BONDS NOT SOLD—
The $150,000 funding bonds offered on Aug. 25—V.
145, p. 1146—were
sold, as all bids were rejected. The Allison-Williams Co. and the First
which would be sufficient to
support a
not
before
National Bank of Minneapolis submitted a joint bid,
offering a premium
of $1,131 for 3
Ms, while John Nuveen & Co. of Chicago and Jackley &
Co. of Des Moines joined in
$70,000,000 bond issue.
STAMP FAX ORDINANCE
RECALLED—Council has also adopted a
resolution recalling the stamp tax ordinance
previously passed arnd now
the
Mayor for signature.
The recall was made at the
Mayor's
request, the latter having agreed to the request of local bankers
that the
measure
be amended to exempt
promissory notes from its provisions.
The bill imposes a tax of 5 cents per $100
valuation on certain documents
in various transactions.
RADNOR TOWNSHIP (P. O.
Wayne), Pa.—BOND SALE DETAILS
—Supplementing the previous report in these columns—V.
145, p. 986—
of the sale to the Sinking Fund of $25,000
1% road improvement bonds,
we learn that the sale price was par plus a
premium of $100, equal to 100 40
a basis of about 0.87%.
Issue matures $5,000 annually on Aug. 1 from
1938 to 1942, inclusive.
SEWARD INDEPENDENT SCHOOL
—The
DISTRICT, Pa .—BOND SALE
$11,000 coupon school funding bonds offered
Aug. 23—V. 145
986—were awarded to Singer, Deane & Scribner, Inc., of
Pittsburgh
3>^s ar par plus a premium of $7.50, equal to 100.06, a basis of about
3.49%.
Dated Aug. 10, 1937, and due $1,000 on Aug. 10 from 1938
to 1948, inclusive.
p.
as
SHAMOKIN, Pa.—BOND ELECTION—At the
votors of the
borough will be asked to approve
bonds.
a
fall primary election the
proposal to issue $100,000
offering
interest rate
was
a
premium of $975 for 3Ms.
The
considered too high.
FLANDREAU, S.
Dak.—BOND ISSUANCE CONTEMPLATED—It
City Council intends to issue $169,000 in municipal light
is said that the
and power plant bonds.
GREGORY COUNTY (P. O. Burke), S. Dak.—MATURITY—It is
now reported
by the County Auditor that the $37,500 4M% semi-ann.
funding bonds purchased by the Northwest Security National Bank of
Sioux Falls, at
par, as noted here in July, are dated July 1, 1937, and
mature on July 1 as follows:
$5,000, 1938; $8,000, 1939 to 1941, and $8,500
in 1942;
subject to redemption on any interest payment date.
PARKER, S. Dak.—BONDS SOLD—It is stated by the City Recorder
that the $23,000 electric
light and power plant revenue bonds approved
by the voters last April, as noted in these columns, were purchased
by the
First National Bank of Parker.
VIBORG, S. Dak.—BOND OFFERING— C. J. Glood, City Treasurer,
will, at 10 a. m. Aug. 30, offer for sale at public auction an issue of
$8,000
4% general obligation water works extension bonds.
Denom.
$500.
Dated July 1, 1937.
Principal and annual interest (Jan. 1) payable at the
City Treasurer's office.
Due $1,000 yearly on Jan. 1 from 1938 to 1945.
„
WATERTOWN, S. Dak.—BOND OFFERING—A.
ministration.
H. Stallman, City
of $52,UUU
General, and
Clerk, will receive bids until 2 p. m. Sept. 9, for the purchase
3% coupon bonds, divided into three issues, as follows:
$28,000 Division
St.
bonds.
bridge
-
are secured by a first and only mortgage against
properties—real, personal and mixed—owned by the district, including
of water supply, water rights, rights-of-way as acquired under
power of Eminent Domain expressly conferred by the Legislature upon the
Gulf Water Supply District.
These bonds are further secured by all the
revenues
as
well as annual and accumulated surplus therefrom, after
deducting operating expenses.
Municipal District—Gulf Water Supply District is a municipal district
created by the Legislature and under authority of Laws and Constitution
of Texas.
This Act provides that its Board of Directors shall be comprised
of one member selected by the County Commissioners Court of each of
the five (5) counties embraced by the district, these being the counties of
Bee, Karnes, Nueces, San Patricio, and Wilson.
Headquarters of the
district are at the City of Corpus Christi, seat of Nueces County.
Purpose expressed in the Act creating the district is to supply fresh pure
water for domestic consumption and industrial use to all points (municipal,
corporate, industrial and individual) within said district, with the privilege
of supplying similarly, by contract, communities and industries as well as
Government military and other reservations in the counties traversed by
the district's pipe lines, viz.:
Counties of:
(County Seat)
Bexar
San Antonio
Comal
New Braunfels
Security—These bonds
Dated Jan. 1, 1937.
Due $2,000
1951. Interest payable Jan. 1 and
all
sources
16,000 Cady St. bridge bonds. Dated Feb. 1,1937. Due $2,000 yearly on
Aug. 1 from 1938 to 1945.
Interest payable Feb. 1 and Aug. 1.
8,000 Cady St. bridge bonds, second series.
Dated Feb. 1, 1937. Due
$1,000 yearly on Aug. 1 from 1938 to 1945,
Interest payable
separately
Feb. 1 and Aug. 1.
Denom. $500.
Bidders should bid
Certified check for 5% of amount of bid, required.
each issue.
bonds have already been
opinion if
printed by the city.
Purchaser Will pay for
The
legal
is desired.
one
TENNESSEE
BROWNSVILLE, Tenn.—BOND OFFERING—As already reported in
145, p. 1301—J. O. Bomer, President of the Board of
Commissioners, will receive bids until 2 p. m. Sept. 2 for the purchase of
$25,000 coupon or registered street improvement bonds, to bear interest
at no more than 5%.
Denom. $1,000.
Dated Sept. 1, 1937.
Principal
and semi-annual interest (March 1 and Sept. 1) payable at the National
City Bank of New York.
Due Sept. 1, 1957;, callable Sept. 1, 1947.
Certified check for 3% required.
these columns—V.
CHATTANOOGA, Tenn .—BOND OFFERING— Sealed bids will be re¬
a. m. on Sept. 8, by F. K. Rosamond, City Auditor, for the
purchase of a $29,000 issue of public works bonds.
Interest rate is not to
exceed 6%, payable M. & S.
Rate to be in multiples of ^ of 1%.
Dated
Sept. 1,1937.
Due on Sept. 1 as follows: $2,000, 1940 to 1953, and $1,000
in 1954.
Prin. and int. payable in lawful money at the National City Bank,
New York.
No bid for less than par and accrued interest will be considered.
The bonds will be prepared and furnished at the city's expense and the
approving opinion of Caldwell & Raymond of New York, will be furnished.
The bonds are being issued under authority of Chaper 10, Public Acts of
Tennessee, 1935, first extra session, as amended by Chapter 37, Public
Acts of 1937.
A certified check for 2%, payable to Alvin Sbipp, City Treas¬
urer, is required.
beyond the confines of the five counties em¬
district, that can be served advantageously.
Water
that is new used in the district is from nearby wells and streams, it being
largely unpalatable, often brackish and much of it is an actual active
menace to human health.
The Legislature of Texas wisely taking cogniz¬
ance of such conditions, provided years ago in its General Laws for the
creation of Fresh Water Supply Districts, of which a number have been
and are now in actual operation (as adjacent to Dallas and Fort Worth).
The Legislature created Gulf Water Supply District by special Act, with
braced
within
the
board and liberal powers.
NO. 1 (P. O.Kountze), Texas
received until Sept. 13, by A. L.
purchase of a $225,000 issue of road bonds.
HARDIN COUNTY ROAD DISTRICT
—BOND OFFERING— Sealed bids will be
Tenn.—BOND SALE DETAILS—In connection with the
sale of the $30,000 5% semi-ann. municipal building bonds, noted in
these columns in June, it is stated by the Mayor that the bonds were
purchased by the Bank of Cowan, at par.
Dated Jan. 1, 1937. Due as
follows:
$3,000, 1942; $1.000, 1943 to 1953; $2,000, 1954 to 1959, and
Bevil, County Judge, for the
COWAN,
LACOSTE
election
on
SCHOOL
DISTRICT,
Texas—BOND REFUNDING CONTRACT MADE—
has entered into a contract with Brown-Crummer
of $72,000 6% bonds on a 3H% and 4%
basis, it was announced recently by B. N. Taylor, City Manager.
Mr. Taylor said that in refunding the bonds, a saving of $55,700 in
interest would be effected.
"If we carried the old bond issue until 1959,
when it is due, we would spend, on the basis of 6% iiterest, $86,400 in
interest alone," he explained.
"Under the refunding plan, we shall spend
only $30,700, or a net saving of $55,700 to the city."
LONGVIEW,
The City of Longview
O. Jasper), Tenn.—BOND SALE DETAILS
$100,000 4% semi-ann. county bonds
to Robinson, Webster & Gibson, of Nashville, and associates, at a price of
98.20, noted in these columns last April, it is stated by the County Judge
COUNTY (P.
are
divided
follows:
as
$25,000 school bonds.
Due on April 1 as follows:
$1,000,
$2,000, 1944 to 1951, and $3,000, in 1952.
75,000 funding bonds.
Due on April 1 as follows: $3,000,
1939 to 19-11; $5,000, 1942 to 1947; $6,000, 1948 to
1951, and $5,000 in 1952.
1938 to 1943;
1938; $4,000,
(P. O. Corpus Christi), Texas—INTEREST
reported by the Assistant County Auditor that the
purchased jointly by Mahan, Dittmar & Co. of
San Antonio and the J. R. Phillips Investment Co. of Houston at a price
of 100.222, as noted in these columns recently—V. 145, p. 1147—were
sold as 4s, giving a basis of about 3.95%.
Due from Sept. 1, 1945 to 1954;
optional on or after Sept. 1, 1942.
NUECES
1950; $7,000,
RATE—It
(P. O. Murfreesboro), Tenn.—BOND
SALE—An issue of $32,000 2%% rights-of-way purchase bonds recently
authorized by the County Court has been sold to Robinson, Webster &
Gibson of Nashville at par plus a premium of $70, equal to 100.218.
NOTE SALE—At the same time the Court Court sold $100,000 school
notes to W. N. Estes & Co. of Nashville on a 1% % interest basis.
RUTHERFORD
of Dallas for the refunding
Co.
—In connection with the sale of the
COUNTY
TENNESSEE, State of—BONDS AUTHORIZED—Idalee Richardson,
Assistant Secretary to the State Funding Board reports that a bill authoriz¬
ing $1,500,000 in State penal system bonds was approved at the recent
legislative action on the issuance and sale of these bonds.
$275,000
COUNTY
is
now
bonds
road
POTTSVILLE
}
DISTRICT,
SCHOOL
pc
Texas—BONDS AUTHORIZED—'The City Council1'Is
bonds for water plant,
QUEMADO,
said to have
approved the issuance of $70,000 in
BISHOP, Texas—BOND SALE DETAILS—We are now informed that
the $9,000 5% street paving bonds purchased by Rauscher, Pierce &
of San Antonio, as noted here recently—V. 145, p. 1147—were sold
Co.
at a
price of 96.50 and mature on Aug. 15 as follows: $500, 1938 to 1949, and
$1,000, 1950 to 1952, giving a basis of about 5.45%.
Denom. $500.
Coupon bonds, dated Aug. 15, 1937.
Interest payable F. & A. 15.
DISTRICT, Texas—BOND ELECTION—1The dis¬
Sept. 11 on the question of issuing $35,000 refunding bonds.
SCHOOL
trict will vote on
CHAMBERS COUNTY
(P. O. Anahuac), Texas—BOND CALL—
E. Williams, County Treasurer, states that the following bonds are
being called for payment on Sept. 15, at the American National Bank of
F.
Beaumont:
COCKRELL
a
won
jointly to the Brown-Crummer Co. of Wichita, and Mahan, Dittmar &
Co. of San Antonio, paying a premium of $410.00, equal to 100.22, a basis
of about 3.98%.
Dated Sept. 1, 1937.
Due from 1938 to 1962.
Texas—BOND ISSUANCE NOT SCHEDULED—
Simpson, City Clerk, that no action has been
Commissioners as to the proposal to issue $1,047,000
improvement bonds, sponsored by the local Chamber of Commerce.jgg
SAN
We
ANTONIO,
are
taken
as
informed by James
yet by the City
INDEPENDENT
VICKERY
VOTED—At
SCHOOL DISTRICT, Texas—BONDS
recent election a proposed $80,000 bond issue
school building was approved by the voters.
a
tion of a high
for construc¬
FALLS, Texas—BOND ELECTION—'The City
has set Sept. 18 as the date of a special election at which a vote
taken on a proposal to issue $350,000 water improvement bonds.
WICHITA
$6,000 5% Drainage District No. 1 bonds.
Dated Nov, 18, 1911. Due on
Nov. 18, 1951, optional any time after 20 years.
These bonds are
part of a $15,000 issue.
'/.
8,000 5H% Road District No. 1 bonds.
Dated Aug. 15, 1919. Due on
Aug. 15, 1949, optional any time after five years.
These bonds are
part of a $10,000 issue.
4,500 514% Road District No. 3 bonds.
Dated Aug. 1, 1925. Due on
Aug. 1, 1945, optional any time after five years.
These bonds are
part of a $15,000 issue.
18,000 5% Road District No. 4 bonds.
Dated April 14, 1913. Due on
April 14, 1953, optional any time after 10 years.
These bonds are
part of a $100,000 issue.
21,
distribution system.
ROAD DISTRICT NO.
(P. O. Refugio),
Ttxas—BOND SALE— The $180,000 issue of 4% semi-ann. road construc¬
tion bonds offered for sale on Aug. 25—V. 145, p. 1301—was awarded
COUNTY
REFUGIO
TEXAS
VOTED—A
of a gymnasium was
Texas—BONDS
proposed bond issue of $15,000 for construction
approved by the voters at a recent election.
city hall, fire truck, and a gas
BUNA
Texas—BONDS
VOTED—An
the issuance of $18,000 school
Aug. 14 resulted in approval of
addition construction bonds.
$3,000 in I960.
that the bonds
Seguin
Guadalupe
■
Also to any and all points
ceived unti 11
MARION
Legality of these bonds is passed upon by the State's Attorney
behalf of the underwriters, the legal opinion of competent
supplied with the bonds.
on
counsel will be
yearly on July 1 from 1938 to
on
1463
Chronicle
Financial
Volume 145
HILL, Tex.—BONDS VOTED—At an election held on Aug.
proposal to issue $25,000 water
approval of the voters.
works and sewer construction bonds
tne
Council
will be
election set for Sept. 4 a
waterworks revenue bonds will be submitted
WILLIS, Texas—BOND ELECTION—At an
proposition to issue $40,000
to a vote.
UTAH
Utah—BOND OFFERING—The city will receive bids until
10 a. m. Aug. 31 for the purchase of an issue of $200,000 sanitary sewer
refunding bonds, according to report:
OGDEN,
TINTIC SCHOOL
DISTRICT (Juab County, P. O. Nephi), Utah—
election called for Aug. 30, a proposition to
—BOND ELECTION—At an
issue
$60,000 school building
Coleman), Texas .—BONDS DEFEATED
—On Aug. 14 the voters of the county turned down a proposal to issue
$200,000 court house and jail bonds.
bonds will be submitted to a vote.
COLEMAN COUNTY (P. O.
$11,000.00
Dallas), Texas—BONDS DEFEATED—
1147—the voters defeated the
proposal to issue $1,750,000 in courthouse construction bonds, according
DALLAS
COUNTY
(P.
O.
ALEXANDRIA, Va. Impt. 3s,
At the election held on Aug. 24—V. 145, p.
M. L. McCullough,
Due
Finance Director.
DISTRICT, Texas—BONDS DEFEATED—A
proposed $35,000 bond issue for construction of a new school was defeated
by the voters at an election held on Aug. 12.
DRISCOLL
COUNTY (P. C. Lamesa), Tex.—BOND
Commissioner's Court has set Sept. 11 as the date of an
DAWSON
proposed $50,000 road bond issue will
FANNIN
COUNTY
F. W. CRAIGIE
2.70%
election at which
be submitted to a vote.
a
of 546 "for" to 765
STOCKTON, Texas—BONDS VOTED—At the election held on
Aug. 24—V. 145, p. 1301—the voters approved the issuance of the $35,000
4K% street paving bonds, according to Marvin Butts, City Secretary.
Du6 serially, optional in 10 years.
No date of sale has been set as yet.
FORT
SCHOOL DISTRICT (P. O.
Goldthwaite), Texas—BOND SALE—The $10,000 5% school bonds
offered on Aug. 5—V. 145, p. 649—have been sold to W. C. Dew of Gold¬
thwaite at par plus a premium of $230, equal to 102.30, a basis of aoout
4.73%. Dated July 1, 1937. Due $500 yearly from 1938 to 1957, incl.
GOLDTHWAITE
COUNTY
INDEPENDENT
(P.
reported that $75,000 road
National Bank of Tyler.
O. Longview), Texas—BONDS SOLD—It is
bonds have been purchased by the Peoples
(P. O. Corpus Christ!) Texas—
L. Arlitt, 504
the President
of the Board, to offer for sale $6,000,000 5% first mortgage revenue bonds
of the above district.
Denom. $1,600.
Dated Sept. 1, 1937.
Due on
Sept. 1 as follows:
$25,000, 1940 to 1942; $50,000, 1943 to 1946; $75,000,
1947 to 1950; $100,000, 1951 to 1954; $125,000, 1955 to 1958; $150,000
1959 to 1962; $175,000, 1963 to 1966, and $3,225,000 in 1967.
Prin. and
int. (M. & S.) payable at the fiscal agency in New York'City.
It is stated
that the income from these bonds is exempt from Federal income taxes.
This project is reported to have been approved by the Public Works Ad¬
GULF WATER SUPPLY DISTRICT
BONDS OFFERED FOR SALE—We are informed by John
West 14th St., Austin, that he has been commissioned by
A. T. T. Tel. Rich. Va. 83
Phone 3-9137
(P. O. Bonham) Texas—BONDS DEFEATED—
23—V. 145, p. 987—the voters defeated the
proposal to issue $200,000 in road bonds by a count
"against."
& COMPANY
Richmond, Va.
ELECTION— The
VIRGINIA
At the election held on Aug.
GREGG
December 1, 1958-61 @
SCHOOL
DANVILLE, Va.—P WA GRANTS ADDITIONAL
ELECTRIC PROJECT—The
FUNDS ON HYDRO¬
(Press
following is the text of a statement
3215), made available on Aug. 23:
Public Works Administration today made an
Release No.
The
$200,000
to match
additional grant of
to the Pinnacles Hydro-Electric Development of Danville, Va.
$250,000 which the city had previously raised, for the completion
of that State's
largest electric power project.
makes possible the construction of
complete the project.
Without
The allotment
the Big Ben Reservoir,
it, the storage reservoir
had to be abandoned and the plant would have been oper¬
ated as a run-of-the-river plant.
The existing steam plant, according to
the applicant, would have to be revamped to supply the deficiency in the
anticipated volume of power from the hydro-electric plant.
As revamped
it would have had a maximum life of ten years, when large capital expendi¬
tures would be necessary to the steam plant for the continued operation of
which is essential to
plans would have
the system.
The whole
miles
of
132
,
„n
project consists of two dams, a power house, more than 60
Kilowatt transmission lines, three substations, and a com¬
behind the
plete distribution system.
Water is to be stored in reservoirs
dams and released as required.
Transmission lines on wood poles will
transmit power to the City of Danville, where it will tie in with the
municipally owned electric system.
The present city-owned steam electric
existing
generating plant is to be retained as a reserve source of power.
Con"
struction was started on this project in November, 1935 and it is expected
that electrical energy will be delivered from this new source to the City of
Danville before 1938.
1464
Financial
Chronicle
An unusual feature of this
hydro-electric development is the manner i
which this vast undertaking is being constructed.
Every effort is being
made by the City and the PWA Administration to
cooperate with the
National Park Service in preserving the natural beauties of the
Pinnacles
region, since it is hoped that
park.
The
total
estimated
some
day this
of the
cost
area may
be made
a
ad valorem taxes.
Bidders
are
to
specify rate of interest, m a
multiple
H% or 1-10%, but not to exceed 1K%*
L)enom. $1,000 or multiples
thereof to suit the purchaser.
Dated Sept. 1, 1937.
Principl and semi¬
annual interest (March 1 and Sept. 1) payable at the office of the county s
fiscal agent in New York City, or at the County Treasurer s office in
of
national
Milwaukee, at option of holder.
Due Sept. 1, 1938: redeemable March 1,
1938.
No deposit is required.
The county will furnish the approving
opinion of Chapman & Cutler of Chicago.
The bonds will be supplied
by the county, and will be ready for delivery on or about Sept. 2.
Danville
electric development is now
contributing in the form of an outright
$3,855,454 of which the PWA is now
grant, $1,529,954.
In addition to the
hydro-electric development at the Pinnacles and the
renovation of the old steam generating plant at Danville, the
PWA allotted
funds to the City to aid in financing the construction of extensions
to the
city owned electric distribution system.
This consisted of the construction
of approximately 30 miles of distribution
system, in order to serve additional
rural customers.
Work on this rural transmission line was
completed in
May, 1935 at a total cost of $18,000, of which the PWA provided $5,500.
Aug. 28, 1937
OZAUKEE
COUNTY
(P.
O.
Port
Washington), Wis.—BOND
bids will be received until 11 a. m. on Sept. 3 by
Henry J. Adam, County Clerk, for the purchase of a $30,000 issue of
highway improvement, series I bonds.
Denom. $1,000.
Dated June 1.
1937.
Due on June 1, 1947.
Prin. and int. payable at the County Treas¬
urer's office.
Purchaser to pay for legal opinion and furnish blank bonds.
A certified check for $1,500 must accompany the bid.
OFFERING—Sealed
RIVER FALLS, Wis.—BONDS AUTHORIZED—The Common Council
NORTHWESTERN MUNICIPALS
has passed an ordinance authorizing the issuance of $55,000 city hospital
bonds.
Washington—Oregon—Idaho—Montana
SOMERSET
SCHOOL
DISTRICT,
VOTED—At
Wis .—BONDS
an
election held on Aug. 13 a proposition to issue $17,000 school building
improvement bonds was approved by the voters.
IDmmtofc Ehrlirhman & HJhtto
SEATTLE
STEVENS POINT, Wis.—BONDS SOLD—It is reported that $113,000
3% semi-annual water bonds have been purchased by the Milwaukee Co.
of Milwaukee.
SAN FRANCISCO
Teletypes SEAT 187, SEAT 188
TWO
3%
T.
COWLITZ COUNTY SCHOOL DISTRICT NO. 131
(P. O. Kelso),
Wash.—MATURITY—It is now reported by the County Treasurer that
$20,000 4% semi-ann. school bonds purchased by Warrens, Bosch &
Fioan, of Portland, at 100.261, as noted in these columns in
July—V. 145,
p. 649—are due from 1939 to 1958.
DAYTON, Wash.—BOND SALE— The $32,000 issue of revenue bonds
offered for sale on Aug. 17—V.
145, p. 1148—was awarded to Paine, ltice &
Co. of Seattle, as 4s, paying a
premium of $75, equal to 100.23, according to
the City Treasurer.
bonds
KING
are
coupon bonds in the denomination of $500 each, dated
Interest is payable Jan. 1 and July 1.
Due 1945.
COUNTY
SCHOOL DISTRICTS (P. O.
Seattle), Wash.—
OFFERING—Sealed bids will be received until 10:30 a. m. on
Sept. 11, by Ralph S. Stacy, County Treasurer, for the
purchase of a
$5,000 issue of School District No. 161 bonds.
BOND
He also reports that he will receive sealed bids
until 11 a. m. on Sept. 11,
for the purcnase of a $10,500 issue of School
District No. 202 bonds.
Interest rate is not to exceed
6%, payable semi-annually.
These bonds
period of 23 years, optional at any time after five years from
Principal and int. payable at the County Treasurer's
A certified check for
5% of the par value of the bonds, payable to
will
run
the
date
for
offics.
the
E.
Joiner
&
Co.
joint
a
and
bid,
the
Channer
offering
a
Securities
premium
of
Co., both of Chicago,
$2,157.
City Manager
E. J. Donnelly, who does not state what interest rates the bids stipulate,
the
The
interest
submitted
WASHINGTON
Juiy 1, 1937.
RIVERS, Wis.—BOND BIDS RECEIVED—'The Milwaukee Co.
a bid of $78,153.50 for the $75,000 not to exceed
grade school bonds offered on Aug. 26—V. 145, p. 1302.
of Milwaukee submitted
Teletype SF 296 )
says
that the award will be made on Sept. 7.
The bonds are scheduled
yearly on April 1 as follows:
$27,000 in 1941; $28,000 in 1942,
to mature
and $20,000 in 1943.
WYOMING
CHEYENNE,
Wyo.—BOND ELECTION—We
are
informed by J.
K.
Stoddard, City Clerk, that an election will be held on Aug. 30 in order to '
of $165,000 in 2% % airport bonds.
Due in 30 years,
vote on the issuance
optional after 10
years.
LARAMIE, Wyo.—BONDS DEFEATED—At the election held on Aug.
turned down the proposition to issue $330,000
water works improvement bonds.
20 the voters of the city
WORLAND, Wyo —BOND SALE— The $60,000 issue of water works
extension bonds offered for sale on Aug. 16—Y. 145, p. 810—was pur¬
chased by George W. Vallery & Co. of Denver as 3Hs, paying a premium
of $110. equal to 100.183, a basis of about 3.48%.
Due in 20 years;
optional in 10 years.
a
thereof.
County Treasurer, must accompany the bid.
offered for sale
Washington.
Canadian Municipals
Wash.—BOND SALE—The $2,700 issue of town bonds
Aug. 24—V. 145, p. 988—was purchased by the State of
No other bid was received,
according to the Town Clerk.
on
Information and Markets
Due in from 2 to 20 years after date of
issuance.
PORT OF OLYMPIA (P. O.
Olympia), Wash .—BIDS RECEIVED—
The $40,000 port bonds awarded on
Aug. 18 to Grande, Stolle & Co. of
Seattle on a bid of 100.47 for
2Ms—V. 145, p. 1302—were also bid for as
follows:
o
Int. Rate
,
Blyth & Co., Seattle
3%
2M% and 3%
3%
3M%
2M'% and 3%
3M%
Harold H. Huston &
Co., Seattle..
Seattle First National
Bank, Seattle.
Richards & Blum, Spokane
Wm P Harper & Son, Seattle
Ferris & Hardgrove, Seattle
SEATTLE, Wash.—BONDS CALLED—H.
to
have
Wash.—BOND CALL—H. F.
for payment on Aug.
15,
called
up to and incl.
up
up
up
follows:
L.
Tabb,
City Treasurer, is
which date interest did
on
No.
to and incl. No.
to and incl. No.
to and incl. No.
29, of Local Improvement District
14, of Local Improvement District
3, of Local Improvement District
6, of Local Improvement District
3, of Local Improvement District
2, of Local Improvement District
5, of Local Improvement District
4, of Local Improvement District
No. 1802.
No. 1803.
No.
No.
1932.
1935.
No. 1936.
No. 1997.
No. 2000'
No. 2007.
WEST VIRGINIA
WISCONSIN
ASHLAND,
Wis.—BOND SALE—The $50,000 issue of
3M% coupon
improvement bonds offered for sale on Aug. 26—V.
145,
p.
1302
was awarded to
Barney Johnson & Co. of Chicago, paying a
P^iu1^ of>750, equal to 101.50, a basis of about 3.03%. Dated July 1.
1937.
Due from July 1, 1942 to 1948.
street
CALUMET COUNTY (P. O.
Chilton), Wis.—BOND
Roland It. Miller, County
Clerk, will receive bids until 10
OFFERING—
a. m. Sept. 7,
of $30,000 3% series F highway
Denom. $1,000.
Dated July 1, 1937.
Interest
P^ble^Jan.'* J111!1
1 * Due $20,000 July 1, 1949 and $10,000 July 1,
1950.
Certified check for 5% of amount of
bonds, payable to the County
Clerk, required.
the
purchase
at
not
less
than
par
bonds.
improvement
FREDERIC
YPJ
$35,000
,.
SCHOOL DISTRICT (P. O.
Frederic), Wis.—BONDS
on Feb. 3, the voters approved the issuance of
remodeling bonds, according to report.
At an election held
m
LACROSSE, Wis.—LIST
OF BIDS—The following is an official tabula¬
bridge bonds awarded on Aug. 12
reported in detail in our issue of
tion of the bids received for the
$80,000
to Halsey, Stuart & Co. of
Chicago, as
Aug. 14—V. 145,
r,.
p.
1148:
Rate Of
Interest
^
°f
P'^dcrs—
Illinois
The
Co. of Chicago
Halsey, Stuart & Co., Inc,*
Harris Trust and Savings Bank
The Securities Co. of Milwaukee
Brown Harriman & Co
The Northern Trust
Comapny___
Bancamenca-Blair Corporation
Paine, Webber & Company
First National Bank of
Chicago
Kalman & Company.
ChannerSecurities Company
Harley, Haydon & Co., Inc
Wells-Dicky Company
*
Successful bidder.
2V%
2%
2%
2M%
---.-"111
2%
2H%
Premium
$831.20
167.20
127.00
837\15
128 00
648.00
2
~
.
118 00
2\i%
651*60
24*80
201 ".50
2%
2M %
2 M %
256.00
2V°7n
"
"
782 00
2%
120 00
/0
u,uu
MILWAUKEE COUNTY (P. O.
Milwaukee), Wis.—BOND OFFER¬
ING—As previously reported in these
columns—V. 145, p. 1148—Clarence
M. Sonnners, County Treasurer, will receive
bids until 10 a. m. (Central
Standard Time) Sept. 13 for the purchase at not
less than par of $2,000,000
coupon, registerable as to principal, relief
bonds, payable out of unlimited
"A
moratorium
on
debts,
directed
at
the
of collection
prevention
of
debts
owing corporations if the debts were contracted prior to July 1,
1936.
Exceptions were listed in the order-in-council passed by Premier
Aberhart's Social Credit Government.
IM
•
'
"A sequel to the Federal Governments' disallowance of three Acts
passed at the special session of the Alberta Legislature earlier this month
in an attempt to license bankers, the moratorium order was approved
yesterday by the Cabinet and signed today by Lieutenant Governor Bowen.
"Prohibiting the institution of court actions and providing for suspension
of all actions
now
before the courts,
owing
the moratorium
did
not
cover
debts
b^-
Act.
The moratorium
companies which are provided for under the Debt Adjustment
was declared under authority of the Postponement
of Debts Act, passed at the adjourned session of the Legislature last June. *
"A special session of the Legislature is pending to deal with the situation
created by disallowance of the three Acts to license bankers, which would
provide for a board of control, bar the courts to unlicensed bankers and
forbid any action
challenging the validity of Alberta statutes Svithout
permission of the Government.
—BONDS VOTED—It is'stated by^E. C.
Maier,
City Recorder, that the voters on July 6
approved the issuance of $3,100
m 4% semi-ann. fire
equipment bonds.
Due on Sept. 1, 1940.
It is said
that these bonds are to be offered
for sale about Sept. 15.
for
of)—DEBT MORATORIUM EFFECTIVE—
Canadian Press dispatch from Edmonton, dated Aug. 25, reported as
money for transfer outside the Province, became effective in Alberta today.
"The moratorium postoned until March 1, 1938, the necessity of paying
TUNNELTON, W. Va
semi-ann.
(Province
100.25
100.07
following bonds:
Paving, up to and incl. No.
Sewer, up to and incl. No.
Sewer, up to and incl. No.
Sewer, up to and incl. No.
Sewer,
Sewer,
Sewer,
Sewer,
CANADA
ALBERTA
A
100.00
Improvement District bonds.
SPOKANE,
6438
100.275
101.7775
100.182
Collier, City Treasurer
said to be calling for
payment from Aug. 20 to Sept. 1, various Local
said
ELGIN
WEST, TORONTO
3%
State of Washington
cease, the
ST.
Price Bid
100.525
100.00
3%
National Bank of Commerce, Seattle
is
BRAWLEY, CATHERS & CO.
KING
25
CALGARY,
No date has been set for the special session.
Alta.—BONDHOLDERS
SUPPORT
REFINANCING
to the required 60% of outstanding debentures
signified their acceptance of the refinancing plan for the City of
Calgary.
This plan was presented for approval of debenture holders
in June, 1937.
Approval forms have been coming in from British holders of Calgary
debentures in increasing numbers lately as a result of publicity given the
scheme in that country.
No time limit has been set for receiving accept¬
ances and the plan becomes effective as soon as holders of
60% of the
city's debentures have signified their acceptance.
Debenture holders' representatives also report that favorable reception
has been given their request for approval of schemes for
refinancing the
cities of Edmonton and Victoria.
The Calgary scheme, however, was
presented first and a greater volume of acceptances has been received for
the Calgary proposals.
:
v
PLAN—Holders of close
have
,
LEASIDE, Ont.—READY FOR REFUNDING—First step in removing
the town of Leaside from
the control of the Ontario
Department of Muni¬
cipal Affairs is expected to be taken this week.
The Town Council has
completed its application to the Municipal Board for permission to issue
new debentures to
replace those now held by the Canadian Bank of Com¬
merce as collateral for loans.
The Town Council has been co-operating with
Queen's Park officials and debenture holders' representatives in
preparing
the refunding plan.
The new debentures will bear interest at 4M% and mature in from 15 to
20 years.
The date of exchange has been set for Oct. 1, 1937, at which
time it is hoped to remove Leaside from the list of defaulting 11
unicipalities.
In most
respects the Leaside plan closely resembles that recently announced
for
Sudbury. Bank loans, funded over a period of five years, will be used
for the immediate
payment of the town's liabilities, including unpaid
debenture interest.
Leaside has failed to meet debenture principal payments falling due on
after Dec. 31, 1932, and on July 1, 1935, defaulted in
payment of
debenture interest.
and
ST.
COLOMBE
DE
SILLERY
PARISH
ROMAN
CATHOLIC
SCHOOL DISTRICT, Que—BOND OFFERING—Alf. Dallaire, District
Secretary-Treasurer, will receive bids until 8 p. m. (Daylight Saving
Time) Aug. 30 for the purchase of $42,000 4% school bonds.
Dated Aug. 1,
1937.
Principal and semi- annual interest payable at the Canadian National
Bank, Quebec.
ST. JOSEPH DE
GRANTHAM, Que.—BOND OFFERING—H. P.
Precourt, Municipal Secretary-Treasurer, will receive bids until 7 p. m.
Aug. 30 for the purchase of an issue of $75,000 4>£% sewerage and fire
prevention system bonds.
Dated Aug. 1,1937.
Principal and semi-annual
interest (Feb. 1 and Aug. 1) payable at the Royal Bank of Canada in
Montreal or Drummondville.
Due serially on Aug. 1 from 1938 to 1967.
STRATFORD, Ont.—DEBENTURE SALE—The city sold $70,000
4%, 10-instalment debentures to Harrison & Co., Toronto, on Aug. 17 at
104.26, a cost basis of 3.15%.
Proceeds of the issue will be used to repay
housing loans received from the Ontario Government.
@FedFRASER